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Pebblebrook Posts Strong RevPAR Gains for November
Bethesda, MD-Pebblebrook Hotel Trust said Tuesday its November operating results exceeded expectations. Same-property hotel RevPAR climbed 6.4% year-over-year, and non-room revenues grew by 7.5%.
In particular, the REIT said its urban same-property total RevPAR grew 10.0% Y-O-Y, led by strength in San Francisco, Washington DC and Boston. The company’s San Francisco properties delivered a “very strong” 31% RevPAR growth in November from a year ago, benefiting from “strong business transient and group travel and a favorable convention calendar,” according to an investor presentation.
Resort same-property total RevPAR was flat, and RevPAR declined just 1.4% compared with the prior year period as occupancy increased a strong 5.5%. “November resort RevPAR performance demonstrates a sequential improvement from October’s year-over-year results,” Pebblebrook said in its investor presentation.
Reportedly the largest owner of urban and resort lifestyle hotels and resorts in the U.S., Pebblebrook owns 46 hotels and resorts across 13 urban and resort markets.
Pictured: Pebblebrook’s Hotel Zephyr San Francisco.
- ◦Lease
