Pebblebrook Hotel Trust reported a total revenue of $1.45 billion for the fiscal year ending December 31, 2024, marking an increase of $33.4 million compared to $1.42 billion in 2023. The company's net income for the year was $16,000, a significant recovery from a net loss of $74.3 million in the previous year. This improvement in financial performance was attributed to a resurgence in group and business transient demand, alongside a healthy leisure market bolstered by cultural and entertainment events. However, the company faced challenges in certain markets, particularly in Los Angeles, which were impacted by industry strikes, and at LaPlaya Beach Resort & Club, which suffered damage from hurricanes.
In terms of operational metrics, the same-property occupancy rate increased to 71.0% in 2024 from 68.3% in 2023. Average daily rate (ADR) slightly decreased to $299.22 from $306.14, while revenue per available room (RevPAR) rose to $212.41 from $209.04. The company owned interests in 46 hotels with a total of 11,933 guest rooms as of December 31, 2024, maintaining a diversified portfolio across major U.S. cities and resort areas.
Strategically, Pebblebrook Hotel Trust did not acquire any new hotel properties in 2024 but focused on enhancing its existing assets. The company invested $128.8 million in capital improvements, including renovations at several properties. Notably, it finalized a settlement agreement with insurance carriers for damages from Hurricane Ian, totaling $146.5 million, which included business interruption insurance income of $23.8 million. The company also repurchased 1.1 million common shares for $15 million under its share repurchase program, which has $131 million remaining for future buybacks.
Looking ahead, Pebblebrook Hotel Trust anticipates continued growth in revenue and occupancy as travel demand stabilizes. The company plans to invest an additional $65 million to $75 million in capital improvements in 2025, focusing on normal hotel refurbishments and repositioning projects. The company remains committed to maintaining its REIT status, which requires distributing at least 90% of its taxable income to shareholders, and is positioned to leverage its operational strategies to enhance shareholder value in the coming years.
About Pebblebrook Hotel Trust
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