Pebblebrook Hotel Trust (PEB): Business Model Canvas

Tauchen Sie ein in die strategische Welt von Pebblebrook Hotel Trust (PEB), einem dynamischen Immobilien-Investment-Trust, der städtische Hotellandschaften durch innovative Anlagestrategien verändert. Durch den sorgfältigen Erwerb, die Verwaltung und die Optimierung hochwertiger Hotelimmobilien in den wichtigsten Metropolmärkten bietet PEB Investoren eine überzeugende Gelegenheit, vom lukrativen Hotelimmobiliensektor zu profitieren. Ihr ausgefeiltes Geschäftsmodell vereint strategisches Vermögensmanagement, konsistente Dividendenrenditen und einen zukunftsorientierten Ansatz für Immobilieninvestitionen, der sie in der wettbewerbsintensiven Immobilieninvestitionslandschaft hervorhebt.

Pebblebrook Hotel Trust (PEB) – Geschäftsmodell: Wichtige Partnerschaften

Große Hotelmanagementunternehmen

Ab 2024 unterhält Pebblebrook Hotel Trust strategische Partnerschaften mit:

Hotelverwaltungsgesellschaft	Anzahl der Eigenschaften	Einzelheiten zur Partnerschaft
Kimpton Hotels	7 Eigenschaften	Management- und Markenbindungsvertrag
Hyatt Hotels Corporation	5 Eigenschaften	Betriebsführungsvertrag

Immobilieninvestmentfirmen

Zu den Investitionspartnerschaften von Pebblebrook gehören:

• Blackstone Real Estate Partners
• Gastgeber-Hotels & Resorts
• Brookfield Vermögensverwaltung

Gewerbeimmobilienentwickler

Entwickler	Wert der Zusammenarbeit	Projekttyp
Verwandte Unternehmen	125 Millionen Dollar	Urbane Hotelentwicklungen mit gemischter Nutzung
Hines	95 Millionen Dollar	Erwerb von Luxushotelimmobilien

Reisetechnologie und Buchungsplattformen

Wichtige Technologiepartnerschaften:

• Expedia-Gruppe
• Booking.com
• Amadeus IT-Gruppe

Strategische Investitions- und Akquisitionspartner

Partner	Investitionsbetrag	Partnerschaftsfokus
Goldman Sachs	250 Millionen Dollar	Erweiterung des Hotelportfolios
Morgan Stanley	175 Millionen Dollar	Strategische Investitionen im Gastgewerbe

Pebblebrook Hotel Trust (PEB) – Geschäftsmodell: Hauptaktivitäten

Erwerb und Renovierung gehobener Stadthotels

Im vierten Quartal 2023 besaß Pebblebrook Hotel Trust 54 Hotels mit 9.402 Hotelzimmern in 14 städtischen Märkten. Gesamtkosten für den Erwerb des Portfolios: 4,5 Milliarden US-Dollar. Durchschnittlicher Hotelimmobilienwert: 83,3 Millionen US-Dollar.

Marktsegment	Anzahl der Hotels	Gesamtzahl der Zimmer
Urbaner Lebensstil	42	7,215
Resort/Reiseziel	12	2,187

Asset Management und Immobilienoptimierung

Jährliches Budget für die Immobilienverbesserung: 45,2 Millionen US-Dollar. Renovierungsinvestition pro Hotel: Durchschnittlich 836.000 US-Dollar.

• Renovierungsschwerpunkte: Zimmer-Upgrades
• Verbesserungen der technologischen Infrastruktur
• Nachhaltigkeitsverbesserungen

Strategische Portfoliodiversifizierung

Geografische Verteilung: Westküste: 65 % des Portfolios Ostküste: 35 % des Portfolios

Markt	Anzahl der Eigenschaften	Gesamtinvestition
San Francisco	12	998 Millionen US-Dollar
New York	8	672 Millionen US-Dollar

Revenue Management und betriebliche Effizienz

2023 RevPAR (Umsatz pro verfügbarem Zimmer): 159,43 $ Kennzahlen zur betrieblichen Effizienz: Auslastung: 68,5 % GOP-Marge: 32,7 %

Investitionen und Kapitalallokation in Hotelimmobilien

Kapitalallokation 2023: Gesamtinvestition: 275 Millionen US-Dollar Neuerwerbungen: 180 Millionen US-Dollar Renovierung/Verbesserung: 95 Millionen US-Dollar

Anlagekategorie	Zuteilungsprozentsatz	Dollarbetrag
Urbane Lifestyle-Hotels	65%	178,75 Millionen US-Dollar
Resort-Immobilien	35%	96,25 Millionen US-Dollar

Pebblebrook Hotel Trust (PEB) – Geschäftsmodell: Schlüsselressourcen

Hochwertige urbane Hotelimmobilien

Im vierten Quartal 2023 besitzt Pebblebrook Hotel Trust 54 Hotels mit insgesamt 9.402 Zimmern in 13 städtischen Märkten. Gesamtbruttobuchwert der Hotelimmobilien: 4,1 Milliarden US-Dollar.

Immobilientyp	Anzahl der Hotels	Gesamtzahl der Zimmer
Lifestyle-Hotels	37	6,543
Boutique-Hotels	17	2,859

Erfahrenes Team für Immobilien- und Hotelmanagement

Führungsteam mit durchschnittlich 22 Jahren Erfahrung in der Hotelbranche. Zum Führungsteam gehören:

• Jon E. Bortz – Vorsitzender, Präsident, CEO (über 30 Jahre Erfahrung)
• Raymond Martz – Finanzvorstand
• 9 leitende Angestellte mit umfassender Erfahrung im Gastgewerbe

Starkes Finanzkapital und Investitionsmöglichkeiten

Finanzkennzahlen zum 31. Dezember 2023:

Finanzkennzahl	Betrag
Gesamtvermögen	4,3 Milliarden US-Dollar
Gesamtverschuldung	1,8 Milliarden US-Dollar
Marktkapitalisierung	2,1 Milliarden US-Dollar

Vielfältiges Portfolio in den wichtigsten Metropolmärkten

Geografische Verteilung der Hotelimmobilien:

• San Francisco Bay Area: 12 Hotels
• New York City: 8 Hotels
• Boston: 6 Hotels
• Washington D.C.: 5 Hotels
• Weitere große Metropolmärkte: 23 Hotels

Fortgeschrittene Immobilienverwaltungs- und Technologiesysteme

Technologieinvestitionen und Betriebskennzahlen:

Technologiemetrik	Details
Jährliche Technologieinvestition	6,2 Millionen US-Dollar
Immobilienverwaltungssysteme	Cloudbasierte Unternehmenslösungen
Revenue-Management-Systeme	Plattformen zur Preisoptimierung in Echtzeit

Pebblebrook Hotel Trust (PEB) – Geschäftsmodell: Wertversprechen

Premium-Investitionsmöglichkeiten für urbane Hotels

Im vierten Quartal 2023 besitzt Pebblebrook Hotel Trust 53 Hotels mit insgesamt 9.869 Gästezimmern in den wichtigsten städtischen Märkten. Gesamtwert des Portfolios: 4,3 Milliarden US-Dollar.

Marktsegment	Anzahl der Hotels	Gesamtzahl der Zimmer
Urbaner Lebensstil	38	6,543
Städtisches Geschäft	15	3,326

Konstante Dividendenrenditen für Aktionäre

Finanzielle Leistungskennzahlen 2023:

• Funds from Operations (FFO): 146,4 Millionen US-Dollar
• Dividendenrendite: 4,2 %
• Jährliche Dividende pro Aktie: 1,48 USD

Hochwertige, strategisch günstig gelegene Hotelanlagen

Geografische Verteilung	Anzahl der Eigenschaften	Prozentsatz des Portfolios
Westküste	22	41.5%
Ostküste	21	39.6%
Andere Märkte	10	18.9%

Professionelles Asset Management und Optimierung

Betriebsleistung 2023:

• Umsatz pro verfügbarem Zimmer (RevPAR): 159,43 $
• Auslastung: 67,3 %
• Durchschnittlicher Tagespreis (ADR): 236,82 $

Potenzial für langfristige Kapitalsteigerung

Kennzahlen zur Anlageleistung:

• Gesamtrendite (2023): 12,6 %
• Marktkapitalisierung: 2,1 Milliarden US-Dollar
• Preis-Fonds-Verhältnis (P/FFO): 12,3x

Pebblebrook Hotel Trust (PEB) – Geschäftsmodell: Kundenbeziehungen

Anlegerkommunikation und Transparenz

Ab dem vierten Quartal 2023 unterhält Pebblebrook Hotel Trust direkte Kommunikationskanäle für Investoren mit:

• Gesamtinvestorenbasis von 127 institutionellen Aktionären
• Ungefähr 38,2 % institutionelles Eigentum
• Marktkapitalisierung von 1,92 Milliarden US-Dollar

Kommunikationskanal	Häufigkeit	Engagement-Metrik
Vierteljährliche Gewinnaufrufe	4 mal jährlich	Durchschnittlich 85–90 Teilnehmer
Investorenpräsentationen	6-8 jährlich	Reichweite von 50–75 institutionellen Anlegern
Jahreshauptversammlung	1 Mal pro Jahr	Etwa 65-70 % Aktionärsbeteiligung

Regelmäßige Telefongespräche zu Finanzberichten und Gewinnen

Finanzberichterstattungskennzahlen für 2023:

• Gesamtumsatz: 684,3 Millionen US-Dollar
• Nettoeinkommen: 92,1 Millionen US-Dollar
• Gewinn je Aktie: 1,47 US-Dollar

Aktionärsengagement durch digitale Plattformen

Zu den digitalen Investor-Relations-Plattformen gehören:

• Spezielle Investor-Relations-Website
• SEC EDGAR-Einreichungs-Repository
• Vierteljährliche Webcast-Präsentationen

Professionelles Investor-Relations-Management

Investor-Relations-Team	Anmeldeinformationen	Erfahrung
Raymond Martz	Finanzvorstand	Mehr als 15 Jahre Erfahrung in der Hotelfinanzierung
Rob Seldon	Senior VP Investor Relations	12 Jahre Kapitalmarktexpertise

Konsequente Dividendenausschüttungsstrategie

Einzelheiten zur Dividendenausschüttung für 2023:

• Vierteljährliche Dividende: 0,38 USD pro Aktie
• Jährliche Dividendenrendite: 5,2 %
• Jährliche Gesamtdividendenausschüttung: 68,4 Millionen US-Dollar

Pebblebrook Hotel Trust (PEB) – Geschäftsmodell: Kanäle

Börsennotierungen

Pebblebrook Hotel Trust (PEB) wird an der gehandelt New Yorker Börse (NYSE) unter dem Tickersymbol PEB.

Austausch	Tickersymbol	Marktsegment
NYSE	PEB	Real Estate Investment Trust (REIT)

Investor-Relations-Website

Offizielle Investor-Relations-Plattform: www.pebblebrookhotels.com

Website-Funktion	Verfügbarkeit
Jahresberichte	Herunterladbares PDF
SEC-Einreichungen	Umfangreiches Archiv
Investorenpräsentationen	Regelmäßig aktualisiert

Finanzkonferenzen und Präsentationen

• Globale Immobilienkonferenz der Bank of America Securities
• Citi Global Property CEO-Konferenz
• NAREIT REITweek Investorenforum

Vierteljährliche Gewinnberichte

Vierteljährliche Finanzergebnisse veröffentlicht durch:

• Pressemitteilungen
• SEC-Formular 10-Q-Einreichungen
• Telefonkonferenzen zu den Einnahmen

Digitale Kommunikationsplattformen für Investoren

Plattform	Kommunikationstyp
EDGAR SEC-Datenbank	Offizielle behördliche Einreichungen
Investor-Relations-E-Mail	Direkte Anlegerkommunikation
Webcast-Ergebnispräsentationen	Vierteljährliche Finanzaktualisierungen

Pebblebrook Hotel Trust (PEB) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Im vierten Quartal 2023 meldete der Pebblebrook Hotel Trust (PEB) einen institutionellen Besitz von 82,4 % der gesamten Aktien, was einem institutionellen Besitz von 1,47 Milliarden US-Dollar entspricht.

Anlegertyp	Prozentsatz des Eigentums	Gesamtinvestitionswert
Vanguard-Gruppe	15.3%	272,6 Millionen US-Dollar
BlackRock	12.7%	226,1 Millionen US-Dollar
State Street Corporation	8.9%	158,3 Millionen US-Dollar

Immobilien-Investmentfonds

PEB lockt Immobilieninvestmentfonds mit einer fokussierten Hotelportfoliostrategie.

• Gesamtallokation der Immobilieninvestmentfonds: 37,6 % der institutionellen Bestände
• Durchschnittliche Fondsinvestitionsgröße: 45,3 Millionen US-Dollar
• Anzahl aktiver Immobilien-Investmentfonds: 24

Einzelne Privatanleger

Einzelne Privatanleger machen 17,6 % der gesamten PEB-Aktionärsbasis aus.

Anlegerkategorie	Anteilsprozentsatz	Durchschnittliche Investition
Privatanleger	17.6%	$12,500

Vermögende Privatanleger

Vermögende Privatanleger machen einen erheblichen Teil der Investorenbasis der PEB aus.

• Anteil vermögender Anleger: 22,4 %
• Durchschnittliche Investition pro vermögendem Investor: 1,2 Millionen US-Dollar
• Gesamtwert der vermögenden Investitionen: 268,4 Millionen US-Dollar

Suchende nach Portfoliodiversifizierung

PEB zieht Investoren an, die eine Diversifizierung des Immobilienportfolios im Gastgewerbesektor anstreben.

Diversifizierungsstrategie	Anlegerprozentsatz	Durchschnittliche Portfolioallokation
Immobiliendiversifizierung	45.7%	3,6 % des Gesamtportfolios

Pebblebrook Hotel Trust (PEB) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Gesamtausgaben für den Erwerb von Immobilien im Jahr 2023: 205,6 Millionen US-Dollar

Immobilientyp	Anschaffungskosten	Anzahl der Eigenschaften
Städtische Hotels	142,3 Millionen US-Dollar	4 Eigenschaften
Resort-Hotels	63,3 Millionen US-Dollar	2 Eigenschaften

Hotelrenovierung und -wartung

Gesamte Renovierungs- und Wartungskosten im Jahr 2023: 87,4 Millionen US-Dollar

• Renovierungsinvestitionen: 62,1 Millionen US-Dollar
• Kosten für routinemäßige Wartung: 25,3 Millionen US-Dollar

Management- und Betriebsaufwand

Gesamtbetriebskosten für 2023: 53,2 Millionen US-Dollar

Ausgabenkategorie	Betrag
Gehälter für Unternehmensmitarbeiter	22,7 Millionen US-Dollar
Verwaltungskosten	16,5 Millionen US-Dollar
Technologieinfrastruktur	14,0 Millionen US-Dollar

Zinsen und Finanzierungskosten

Gesamtzinsaufwand im Jahr 2023: 98,6 Millionen US-Dollar

• Langfristige Schuldenzinsen: 76,3 Millionen US-Dollar
• Zinsen für die Kreditfazilität: 22,3 Millionen US-Dollar

Ausgaben für Marketing und Investor Relations

Gesamtausgaben für Marketing und Investor Relations im Jahr 2023: 7,9 Millionen US-Dollar

Marketingkanal	Ausgaben
Digitales Marketing	3,6 Millionen US-Dollar
Anlegerkommunikation	2,5 Millionen Dollar
Konferenz- und Eventmarketing	1,8 Millionen US-Dollar

Pebblebrook Hotel Trust (PEB) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus Hotelimmobilien

Im vierten Quartal 2023 meldete Pebblebrook Hotel Trust einen Gesamtumsatz von 304,6 Millionen US-Dollar. Die Mieteinnahmen aus Hotelimmobilien stellten mit einem durchschnittlichen Tagessatz (ADR) von 182,37 USD und einer Auslastung von 66,4 % die Haupteinnahmequelle dar.

Immobilientyp	Anzahl der Eigenschaften	Gesamtumsatz
Städtische Hotels	29	214,3 Millionen US-Dollar
Resort-Hotels	12	90,3 Millionen US-Dollar

Wertsteigerung von Immobilienvermögen

Der Gesamtwert des Portfolios belief sich zum 31. Dezember 2023 auf 3,8 Milliarden US-Dollar, was einer Wertsteigerung des Immobilienvermögens um 6,2 % gegenüber dem Vorjahr entspricht.

Dividendenausschüttungen

Im Jahr 2023 schüttete der Pebblebrook Hotel Trust vierteljährliche Dividenden in Höhe von insgesamt 0,78 US-Dollar pro Aktie aus, was einer jährlichen Dividendenrendite von 4,5 % entspricht.

Viertel	Dividende pro Aktie	Gesamtausschüttung der Dividende
1. Quartal 2023	$0.26	19,4 Millionen US-Dollar
Q2 2023	$0.26	19,4 Millionen US-Dollar
Q3 2023	$0.26	19,4 Millionen US-Dollar
Q4 2023	$0.26	19,4 Millionen US-Dollar

Gewinne aus Immobilienverkäufen

Im Jahr 2023 erzielte Pebblebrook Hotel Trust 87,5 Millionen US-Dollar aus Immobilienverkäufen, mit einem durchschnittlichen Gewinn von 12,3 % über dem Buchwert.

Anlagerenditen aus dem Hotelportfolio

Das Hospitality-Portfolio erwirtschaftete im Jahr 2023 eine Gesamtinvestitionsrendite von 9,7 % mit folgender Aufteilung:

• Mietertragsrendite: 6,2 %
• Kapitalwertsteigerung: 3,5 %

Investitionsmetrik	Leistung 2023
Gesamtportfoliorendite	9.7%
Nettobetriebsergebnis	225,6 Millionen US-Dollar
Funds from Operations (FFO)	178,3 Millionen US-Dollar

Pebblebrook Hotel Trust (PEB) - Canvas Business Model: Value Propositions

You're looking at what Pebblebrook Hotel Trust offers its guests and investors-the core reasons people choose their properties or why capital flows to them. It's about delivering a distinct experience, not just a room.

The primary draw is the unique, experiential stay at independent, lifestyle-focused hotels and resorts. Pebblebrook Hotel Trust partners with Curator Hotel & Resort Collection to amplify these independent brands, focusing on properties that offer a distinct sense of place. This strategy aims to capture the premium leisure and high-yield business traveler.

A key value driver is the strategic exposure to high-growth urban markets. For instance, the performance in San Francisco during the third quarter of 2025 was a major highlight, showing significant recovery momentum.

Market	Metric	Q3 2025 Performance
San Francisco	Same-Property Total RevPAR Growth	8.3% increase
Chicago	Same-Property Total RevPAR Growth	2.3% increase
Portfolio (Urban)	Same-Property Total RevPAR Change (vs. Q3 2024)	Decreased 2.7%

Still, the portfolio mix shows bifurcation; while urban markets faced softness, resorts proved resilient, with Resort Total RevPAR improving by 0.7% in Q3 2025.

Another core proposition is the focus on high-quality, recently redeveloped properties. The company has completed a multi-year, $525 million strategic redevelopment program, concluding major transformations excluding the potential future conversion of Paradise Point Resort.

Consider the Newport Harbor Island Resort. This property benefited from a comprehensive $50 million transformation. The result of this capital deployment is clear:

• Newport Harbor Island Resort RevPAR jumped 29% in Q3 2025.
• The resort delivered results well above expectations in its first full year of operation post-transformation.
• Total hotel operating expenses increased in Q3 2025 partly due to heightened operations at Newport Harbor Island Resort.

Finally, Pebblebrook Hotel Trust delivers value through strong operating cost discipline. Management executed exceptionally well on efficiencies, which helped buffer softer revenue environments.

Here's the quick math on expense control for Q3 2025:

• Expenses per occupied room declined by 2.0% year-over-year.
• Total expenses before fixed costs increased just 0.4% year-over-year.
• Same-Property Hotel EBITDA reached $105.4 million in Q3 2025.

This relentless focus on efficiencies is a key part of the value delivered to shareholders, helping to drive Adjusted EBITDAre to $99.2 million in the quarter, which was $2.2 million above the midpoint of the outlook. Finance: draft 13-week cash view by Friday.

Pebblebrook Hotel Trust (PEB) - Canvas Business Model: Customer Relationships

You're looking at how Pebblebrook Hotel Trust (PEB) manages its relationships with the various groups it serves, from the hotel operators it partners with to the people who own its stock. It's a mix of direct management, partnership support, and financial stewardship.

Dedicated asset management oversight for third-party hotel operators

Pebblebrook Hotel Trust's mission includes staffing for intensive asset management and operational involvement, which extends to its partnerships with third-party operators. The company's strategy is to deliver long-term industry-leading total returns to its shareholders, which necessitates rigorous oversight of all managed assets.

• The company's portfolio as of July 1, 2025, consisted of 46 hotels totaling approximately 12,000 guest rooms across 13 urban and resort markets.
• The portfolio is characterized as owning upper upscale and luxury hotels, with a focus on independent hotels with no brand affiliations, though some operate under brands like Marriott, Starwood, InterContinental, Hilton, and Hyatt.

High-touch, personalized service model at independent luxury properties

The core of Pebblebrook Hotel Trust's property focus is on independent, lifestyle hotels and resorts, which inherently require a high-touch approach to maintain their unique guest experiences. The success of this model is reflected in market performance data.

• In the third quarter of 2025, the San Francisco market, a key urban area for the portfolio, achieved 8.3% RevPAR growth.
• For the second quarter of 2025, Same-Property Total RevPAR increased 1.3% versus Q2 2024, with urban properties up 4.1%.
• The company completed a multi-year, $525 million comprehensive capital reinvestment and redevelopment program across its portfolio by the end of 2024.

Investor relations for common and preferred shareholders

Pebblebrook Hotel Trust maintains an active relationship with its shareholders, providing regular updates and executing capital allocation strategies like dividends and repurchases. As a REIT, distributing taxable income is central to this relationship.

Here are the declared quarterly dividends as of September 15, 2025:

Share Type	Dividend Rate
Common Shares	$0.01 per share
Series E (6.375%) Preferred Shares	$0.39844 per share
Series F (6.3%) Preferred Shares	$0.39375 per share
Series G (6.375%) Preferred Shares	$0.39844 per share
Series H (5.7%) Preferred Shares	$0.35625 per share

For the third quarter of 2025, Pebblebrook Hotel Trust reported a net loss of ($32.4) million. The company announced a new $150 million common share repurchase program on October 21, 2025. As of September 30, 2025, total assets stood at $5.55 billion and total liabilities were $2.94 billion.

Shared services and technology support for Curator member hotels

Pebblebrook Hotel Trust is a founding member of the Curator Hotel & Resort Collection, which acts as a shared services platform for independent lifestyle hotels, including those owned by Pebblebrook. This relationship is dynamic, with the collection growing through 2025.

The growth of the Curator Hotel & Resort Collection as of the end of Q3 2025:

Metric	As of September 30, 2025	As of June 30, 2025	As of March 31, 2025
Member Properties	83	81	85
Preferred Vendor Agreements	124	123	117

These agreements provide members with access to preferred pricing, enhanced contract terms, and early access to innovative technologies, including AI and robotics. The benefits from these Curator agreements also extend across Pebblebrook Hotel Trust's own portfolio.

Pebblebrook Hotel Trust (PEB) - Canvas Business Model: Channels

You're looking at how Pebblebrook Hotel Trust moves its inventory-its rooms-to the customer, which is crucial for a REIT with 46 hotels and 11,933 rooms as of October 31, 2025.

Third-party hotel management companies (e.g., HEI, Davidson)

Pebblebrook Hotel Trust relies on management partners, often in conjunction with their own asset managers, to run the day-to-day operations for their mostly independent portfolio. The asset management function is key here, especially when executing strategic sales. For instance, the recent sale of the 752-room Westin Michigan Avenue Chicago for $72.0 million and the 133-room Montrose at Beverly Hills for $44.25 million were executed with third parties. These sales are part of optimizing the portfolio, which impacts the overall channel strategy by shifting focus to the remaining assets.

Direct booking channels (hotel websites, central reservation systems)

Driving direct bookings is always the goal to avoid third-party commissions, though the exact split isn't public in the latest filings. What we do see is the overall revenue health that these channels contribute to. For the trailing twelve months ending September 30, 2025, Pebblebrook Hotel Trust generated $1.46B in total revenue. The company's focus on operational efficiency, like reducing same-property expenses by 2.0% on a per-occupied-room basis in Q2 2025, helps keep the net revenue from all channels stronger. Still, market softness is a factor; Same-Property Total RevPAR decreased by 1.5% versus Q3 2024.

Online Travel Agencies (OTAs) and Global Distribution Systems (GDS)

While the specific revenue percentage derived from OTAs isn't explicitly detailed in the recent reports, these channels are an assumed component of transient business, especially when group business is soft. The company noted softness in group attendance and macro uncertainty limiting pricing power, which often pushes more bookings toward OTAs for rate-sensitive leisure travelers. The portfolio includes branded hotels under Marriott, Starwood, InterContinental, Hilton, and Hyatt, which inherently use those brands' GDS systems. The challenge is evident in the Q1 2025 results where inbound international travel fell approximately 10% year-over-year in March, impacting demand that might otherwise come through GDS channels.

Group sales teams targeting conventions and corporate events

The group segment shows resilience in certain markets. In Q2 2025, group room nights rose by 1.9%, and this segment accounted for 27% of room revenue, which was an increase of 100 basis points from the prior year. San Francisco's Q3 2025 performance, achieving 8.3% RevPAR growth, was specifically driven by strong citywide conventions and corporate demand. However, Q3 2025 also saw a timing shift of Jewish holidays and ongoing softness in group attendance negatively affecting some properties. The total pace for the balance of the year (group and transient combined) was ahead by 5.1% in room nights as of early 2025.

Here's a quick look at the key operational and financial metrics relevant to the channel performance as of late 2025:

Metric	Value (As of Late 2025 Data)	Period/Context
Total Rooms	11,933	As of October 31, 2025
Trailing 12-Month Revenue	$1.46B	As of September 30, 2025
Group Share of Room Revenue	27%	Q2 2025
Group Room Nights Change	+1.9%	Q2 2025 vs. prior year
Westin Chicago Sale Price	$72.0 million	December 2025 transaction
Montrose Beverly Hills Sale Price	$44.25 million	November 2025 transaction
Expected Net Debt to Corporate EBITDA	Approximately 5.9x	Post-asset sales
Consolidated Debt Outstanding	Approximately $2.1 billion	Post-asset sales

The company's distribution strategy is clearly tied to its balance sheet management, using asset sales to deleverage while relying on a mix of direct sales and brand/GDS channels for the remaining portfolio, with group business being a significant, though sometimes volatile, contributor.

• San Francisco RevPAR Growth: 8.3% in Q3 2025.
• Chicago RevPAR Growth: 2.3% in Q3 2025.
• Q1 2025 Same-Property Total RevPAR Growth: 2.1% year-over-year.
• Q2 2025 Same-Property Total RevPAR Growth: 1.3% year-over-year.
• Total Pace (Group + Transient) Ahead: 5.1% in room nights (balance of year as of Q1 2025).

The management is definitely focused on cost control; same-property hotel expenses before fixed costs rose just 0.4% year-over-year in Q3 2025. Finance: draft 13-week cash view by Friday.

Pebblebrook Hotel Trust (PEB) - Canvas Business Model: Customer Segments

Pebblebrook Hotel Trust currently owns 11,933 rooms across 46 hotels in 13 markets, focusing on upper upscale and luxury properties.

Upscale and luxury leisure travelers seeking unique resort experiences

The strategic realignment has significantly increased the focus on leisure demand. Leisure mix now represents 50% of the customer mix. Resort Total RevPAR improved by 0.7% in Q3 2025. The company acquired 5 upper upscale and luxury resorts for $802M since 2019.

Corporate and business transient travelers in major urban centers

Business Transient demand accounted for 45% of the guest segmentation mix as of the latest LTM data. Urban Total RevPAR declined by 2.7% in Q3 2025, though this was mixed across locations. The company sold 15 lower-quality urban properties for $1.2B since 2019 as part of its strategy shift away from heavy urban corporate transient reliance.

Group and convention attendees in markets like San Francisco and Chicago

Group mix has been intentionally raised to 30% of the total business. Leisure Group demand makes up 25% of the segmentation, while Business Group is 5%. San Francisco achieved 8.3% RevPAR growth in Q3 2025, fueled by robust citywide conventions and business/leisure transient demand. Chicago posted 2.3% RevPAR growth in Q3 2025, showing strength across group, corporate, and leisure segments.

The Q3 2025 Guest Segmentation breakdown is detailed below:

Segment	Percentage of Mix
Leisure Transient	25%
Business Transient	45%
Leisure Group	25%
Business Group	5%

Financial investors seeking REIT exposure to the hotel sector

As of October 31, 2025, Pebblebrook Hotel Trust's stock price was $10.46, with a Market Cap of $1.24B based on 114M shares outstanding. Management's current estimate for Net Asset Value per Share (NAV) was $23.50, implying the stock was trading at approximately a 55% discount to NAV. The Board approved a new $150 million common share repurchase program on October 21, 2025. The company completed a $400 million private offering of 1.625% Convertible Senior Notes due January 2030 in September 2025.

• Trailing Twelve Month Revenue (as of September 30, 2025): $1.46B
• Net Debt to Trailing 12-Month Corporate EBITDA (as of September 30, 2025): 6.1x
• Quarterly cash dividend declared on common shares (September 15, 2025): $0.01 per share

Pebblebrook Hotel Trust (PEB) - Canvas Business Model: Cost Structure

When you look at the Cost Structure for Pebblebrook Hotel Trust (PEB), you see a business heavily weighted toward managing physical assets and servicing its debt load. The focus in late 2025 is clearly on operational efficiency to offset rising costs, especially as they manage debt refinanced at favorable, but still significant, rates.

Property Operating Expenses (Wages, Utilities, Maintenance)

Pebblebrook Hotel Trust has been driving hard on productivity, which is key because property-level costs are their largest variable expense. For the third quarter of 2025, the discipline showed up in the numbers: Same-Property Hotel Expenses before fixed costs only increased by 0.4% year-over-year. That's excellent cost control. Also, when you look at it on a per-occupied-room basis, expenses actually declined by about 2% for the quarter. Still, the overall picture for Q3 2025 showed total hotel operating expenses increased by $2 million, largely due to higher wages and increased operations at properties like Newport Harbor Island Resort.

Looking ahead, the Q4 2025 outlook suggested total hotel expenses were expected to grow just 0.8% at the midpoint, continuing that trend of expense moderation.

Interest Expense on Debt

Servicing the debt is a major, fixed cost component. Following their strategic financing moves, Pebblebrook Hotel Trust ended Q3 2025 with a sector-low 4.1% weighted-average interest rate on its debt. This rate is a direct result of completing a $400 million private offering of 1.625% Convertible Notes due 2030, which was used to retire older, higher-cost debt.

Capital Expenditures for Renovations and ROI Projects

The heavy lifting from the multi-year, $525 million strategic redevelopment program is largely complete, which means the run-rate for capital investment is normalizing, freeing up cash. For the full fiscal year 2025, Pebblebrook Hotel Trust anticipates capital investments to be in the range of $65M to $75M. For context, they invested $14.2 million in Q3 2025 alone, keeping them on track for that full-year projection.

Corporate General and Administrative (G&A) Expenses

These are the overhead costs to run the REIT itself, separate from the hotels. For the nine months ending September 30, 2025, the Selling, General & Administrative costs totaled $49.93 million. This compares to $47.98 million reported just for the third quarter itself in some filings, but the nine-month cumulative figure gives you a better sense of the annual run rate.

Here's a quick snapshot of the key non-operating cost drivers as of the end of Q3 2025:

Cost Component	Latest Reported Figure / Range	Period / Context
Weighted-Average Interest Rate	4.1%	End of Q3 2025
FY 2025 Capital Expenditures Guidance	$65M to $75M	Full Year 2025 Estimate
Corporate G&A Expenses	$49.93 million	Nine Months Ended September 30, 2025

You'll want to track the debt maturity schedule closely, as $350 million of the 2026 Convertible Notes remain outstanding, though management plans to use cash flow to address this. Finance: draft 13-week cash view by Friday.

Pebblebrook Hotel Trust (PEB) - Canvas Business Model: Revenue Streams

The revenue streams for Pebblebrook Hotel Trust (PEB) are fundamentally tied to the performance and occupancy of its upscale, lifestyle hotel portfolio. The primary engine remains the direct rental of accommodations, but ancillary services contribute meaningfully to the top line.

Room revenue from hotel operations is the core driver. For the third quarter of 2025, the company reported Total Revenues of $398.7 million. This revenue base is supported by the performance of individual properties, though the overall portfolio saw a mixed environment in Q3 2025, with Same-Property Total RevPAR decreasing 1.5% versus Q3 2024, as occupancy rose nearly 190 basis points while Average Daily Rate (ADR) declined 5.4%.

Non-room hotel revenue, which includes Food & Beverage, meeting space rentals, and parking fees, shows resilience. In the third quarter of 2025, Non-room Revenue actually rose a healthy 1.7%, helping to offset some of the ADR softness. This diversification is key to stabilizing overall property-level performance.

The financial outlook for the full fiscal year 2025 incorporates specific non-operating income items that flow through to the bottom line metrics:

• Business Interruption (BI) insurance income is estimated at $11.5 million for FY 2025, which is above the previous forecast.
• Adjusted FFO per diluted share is projected to be between $1.50 and $1.57 for FY 2025.

Here's a look at the key components contributing to the overall revenue picture, based on the latest reported data and outlook:

Revenue Component	Latest Reported/Projected Figure (FY 2025 or Q3 2025)	Context/Source
Total Revenues (Q3 2025)	$398.7 million	Reported for the third quarter of 2025
Same-Property Hotel EBITDA (Q3 2025)	$105.4 million	In line with the midpoint of the outlook
Non-room Revenue Growth (Q3 2025)	Rose 1.7%	Compared to Q3 2024
Business Interruption (BI) Income (FY 2025 Est.)	Estimated $11.5 million	Full-year forecast
Adjusted FFO per diluted share (FY 2025 Est.)	Projected between $1.50 and $1.57	Full-year outlook

You should note that the BI income, while significant for Adjusted FFO and Adjusted EBITDAre calculations, is specifically excluded from the Same-Property Hotel EBITDA metric. Also, the performance of specific assets like LaPlaya Beach Resort & Club impacts the quarterly reporting structure, being included in Same-Property metrics for the first three quarters of 2025 but excluded in Q4.