Pebblebrook Hotel Trust (PEB): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el mundo estratégico de Pebblebrook Hotel Trust (PEB), un fideicomiso dinámico de inversión inmobiliaria que transforma los paisajes de hospitalidad urbana a través de estrategias de inversión innovadores. Al adquirir, administrar y optimizar meticulosamente las propiedades hoteleras de alta calidad en los principales mercados metropolitanos, PEB ofrece a los inversores una oportunidad convincente para capitalizar el lucrativo sector inmobiliario de la hospitalidad. Su sofisticado modelo de negocio combina la gestión de activos estratégicos, los rendimientos de dividendos consistentes y un enfoque de pensamiento a futuro para la inversión inmobiliaria que los distingue en el panorama competitivo de inversión inmobiliaria.

Pebblebrook Hotel Trust (PEB) - Modelo de negocios: asociaciones clave

Principales compañías de gestión hotelera

A partir de 2024, Pebblebrook Hotel Trust tiene asociaciones estratégicas con:

Empresa de gestión hotelera	Número de propiedades	Detalles de la asociación
Hoteles Kimpton	7 propiedades	Acuerdo de gestión y afiliación de marca
Hyatt Hotels Corporation	5 propiedades	Contrato de gestión operacional

Empresas de inversión inmobiliaria

Las asociaciones de inversión de PebbleBrook incluyen:

• Blackstone Real Estate Partners
• Hoteles anfitriones & Resorts
• Brookfield Asset Management

Desarrolladores de propiedades comerciales

Revelador	Valor de colaboración	Tipo de proyecto
Empresas relacionadas	$ 125 millones	Desarrollos de hoteles de uso mixto urbano
Hino	$ 95 millones	Adquisiciones de propiedades de hotel de lujo

Tecnología de viajes y plataformas de reserva

Asociaciones de tecnología clave:

• Grupo de Expedia
• Booking.com
• Grupo de It de Amadeus

Socios estratégicos de inversión y adquisición

Pareja	Monto de la inversión	Enfoque de asociación
Goldman Sachs	$ 250 millones	Expansión de la cartera de hoteles
Morgan Stanley	$ 175 millones	Inversiones estratégicas de hospitalidad

Pebblebrook Hotel Trust (PEB) - Modelo de negocio: actividades clave

Adquirir y renovar hoteles urbanos de lujo

A partir del cuarto trimestre de 2023, Pebblebrook Hotel Trust poseía 54 hoteles con 9,402 habitaciones de hotel en 14 mercados urbanos. Costo total de adquisición de cartera: $ 4.5 mil millones. Valor de propiedad promedio del hotel: $ 83.3 millones.

Segmento de mercado	Número de hoteles	Recuento total de habitaciones
Estilo de vida urbano	42	7,215
Resort/destino	12	2,187

Gestión de activos y optimización de propiedades

Presupuesto anual de mejora de la propiedad: $ 45.2 millones. Inversión de renovación por hotel: promedio de $ 836,000.

• Áreas de enfoque de renovación: actualizaciones de la habitación
• Mejoras de infraestructura tecnológica
• Mejoras de sostenibilidad

Diversificación de cartera estratégica

Distribución geográfica: Costa oeste: 65% de la cartera Costa este: 35% de la cartera

Mercado	Número de propiedades	Inversión total
San Francisco	12	$ 998 millones
Nueva York	8	$ 672 millones

Gestión de ingresos y eficiencia operativa

2023 Revpar (ingresos por habitación disponible): $ 159.43 Métricas de eficiencia operativa: Tasa de ocupación: 68.5% Margen del Partido Republicano: 32.7%

Inversión y asignación de capital en bienes raíces de hospitalidad

2023 Asignación de capital: Inversión total: $ 275 millones Nuevas adquisiciones: $ 180 millones Renovación/mejora: $ 95 millones

Categoría de inversión	Porcentaje de asignación	Monto del dólar
Hoteles de estilo de vida urbano	65%	$ 178.75 millones
Propiedades del resort	35%	$ 96.25 millones

Pebblebrook Hotel Trust (PEB) - Modelo de negocios: recursos clave

Propiedades de hotel urbano de alta calidad

A partir del cuarto trimestre de 2023, Pebblebrook Hotel Trust posee 54 hoteles con 9,402 habitaciones totales en 13 mercados urbanos. Valor en libros bruto total de las propiedades del hotel: $ 4.1 mil millones.

Tipo de propiedad	Número de hoteles	Habitaciones totales
Hoteles de estilo de vida	37	6,543
Hoteles boutique	17	2,859

Equipo de gestión de bienes raíces y hospitalidad experimentados

Equipo de liderazgo con promedio de 22 años de experiencia en la industria de la hospitalidad. El equipo ejecutivo incluye:

• Jon E. Bortz - Presidente, Presidente, CEO (más de 30 años de experiencia)
• Raymond Martz - Director Financiero
• 9 ejecutivos senior con amplia experiencia en hospitalidad

Capacidades de capital financiero y de inversión sólidos

Métricas financieras al 31 de diciembre de 2023:

Métrica financiera	Cantidad
Activos totales	$ 4.3 mil millones
Deuda total	$ 1.8 mil millones
Capitalización de mercado	$ 2.1 mil millones

Cartera diversa en los principales mercados metropolitanos

Distribución geográfica de las propiedades del hotel:

• Área de la Bahía de San Francisco: 12 hoteles
• Ciudad de Nueva York: 8 hoteles
• Boston: 6 hoteles
• Washington D.C.: 5 hoteles
• Otros mercados metropolitanos importantes: 23 hoteles

Sistemas avanzados de gestión de propiedades y tecnología

Inversión tecnológica y métricas operativas:

Métrica de tecnología	Detalles
Inversión tecnológica anual	$ 6.2 millones
Sistemas de gestión de propiedades	Soluciones empresariales basadas en la nube
Sistemas de gestión de ingresos	Plataformas de optimización de precios en tiempo real

Pebblebrook Hotel Trust (PEB) - Modelo de negocio: propuestas de valor

Oportunidades de inversión hotelera urbana premium

A partir del cuarto trimestre de 2023, Pebblebrook Hotel Trust posee 53 hoteles con 9,869 habitaciones totales en los principales mercados urbanos. Valor total de la cartera: $ 4.3 mil millones.

Segmento de mercado	Número de hoteles	Habitaciones totales
Estilo de vida urbano	38	6,543
Negocio urbano	15	3,326

Devoluciones de dividendos consistentes para los accionistas

2023 Métricas de desempeño financiero:

• Fondos de Operaciones (FFO): $ 146.4 millones
• Rendimiento de dividendos: 4.2%
• Dividendo anual por acción: $ 1.48

Activos de hospitalidad de alta calidad y ubicados estratégicamente

Distribución geográfica	Número de propiedades	Porcentaje de cartera
Costa oeste	22	41.5%
Costa este	21	39.6%
Otros mercados	10	18.9%

Gestión y optimización de activos profesionales

2023 rendimiento operativo:

• Ingresos por habitación disponible (revpar): $ 159.43
• Tasa de ocupación: 67.3%
• Tasa diaria promedio (ADR): $ 236.82

Potencial para la apreciación del capital a largo plazo

Métricas de rendimiento de la inversión:

• Retorno total (2023): 12.6%
• Capitalización de mercado: $ 2.1 mil millones
• Precio a fondos de Operaciones (P/FFO) Relación: 12.3x

Pebblebrook Hotel Trust (PEB) - Modelo de negocios: relaciones con los clientes

Comunicación y transparencia de los inversores

A partir del cuarto trimestre de 2023, Pebblebrook Hotel Trust mantiene canales de comunicación directa de inversores con:

• Total de la base de inversores de 127 accionistas institucionales
• Aproximadamente el 38.2% de propiedad institucional
• Capitalización de mercado de $ 1.92 mil millones

Canal de comunicación	Frecuencia	Métrico de compromiso
Llamadas de ganancias trimestrales	4 veces anualmente	Promedio de 85-90 asistencia a los participantes
Presentaciones de inversores	6-8 anualmente	Alcance de 50-75 inversores institucionales
Reunión anual de accionistas	1 vez por año	Aproximadamente el 65-70% de participación en los accionistas

Llamadas regulares de informes financieros y ganancias

Métricas de informes financieros para 2023:

• Ingresos totales: $ 684.3 millones
• Ingresos netos: $ 92.1 millones
• Ganancias por acción: $ 1.47

Participación de los accionistas a través de plataformas digitales

Las plataformas de relaciones con los inversores digitales incluyen:

• Sitio web de relaciones con inversores dedicados
• Sec Edgar Repositorio de presentación
• Presentaciones trimestrales de transmisión web

Gestión de relaciones con inversores profesionales

Equipo de relaciones con los inversores	Cartas credenciales	Experiencia
Raymond Martz	Director financiero	Experiencia financiera hospitalaria de más de 15 años
Rob Seldon	VP VP Relaciones con inversores	12 años de experiencia en mercados de capitales

Estrategia de distribución de dividendos consistente

Detalles de distribución de dividendos para 2023:

• Dividendo trimestral: $ 0.38 por acción
• Rendimiento de dividendos anuales: 5.2%
• Distribución total de dividendos anuales: $ 68.4 millones

Pebblebrook Hotel Trust (PEB) - Modelo de negocios: canales

Listados del mercado de valores

Pebblebrook Hotel Trust (PEB) se cotiza en el Bolsa de Nueva York (NYSE) debajo del ticker símbolo Peb.

Intercambio	Símbolo de ticker	Segmento de mercado
bolsa de Nueva York	Guijarro	Fideicomiso de inversión inmobiliaria (REIT)

Sitio web de relaciones con los inversores

Plataforma oficial de relaciones con los inversores: www.pebblebrookhotels.com

Característica del sitio web	Disponibilidad
Informes anuales	PDF descargable
Presentación de la SEC	Archivo completo
Presentaciones de inversores	Actualizado regularmente

Conferencias y presentaciones financieras

• Conferencia inmobiliaria global de Bank of America Securities Global
• Conferencia de CEO de Citi Global Property
• Foro de inversores de Nareit Reitweek

Informes de ganancias trimestrales

Resultados financieros trimestrales publicados a través de:

• Comunicados de prensa
• SEC Formulario 10-Q Presentaciones
• Llamadas de conferencia de ganancias

Plataformas de comunicación de inversores digitales

Plataforma	Tipo de comunicación
Base de datos de Edgar Sec	Presentaciones regulatorias oficiales
Correo electrónico de relaciones con los inversores	Comunicación directa de los inversores
Presentaciones de ganancias de transmisión web	Actualizaciones financieras trimestrales

Pebblebrook Hotel Trust (PEB) - Modelo de negocios: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Pebblebrook Hotel Trust (PEB) informó que la propiedad institucional del 82.4% del total de acciones, que representa $ 1.47 mil millones en tenencias institucionales.

Tipo de inversor	Porcentaje de propiedad	Valor de inversión total
Grupo de vanguardia	15.3%	$ 272.6 millones
Roca negra	12.7%	$ 226.1 millones
State Street Corporation	8.9%	$ 158.3 millones

Fondos de inversión inmobiliaria

PEB atrae fondos de inversión inmobiliaria con una estrategia de cartera de hoteles enfocada.

• Asignación total del fondo de inversión inmobiliaria: 37.6% de las tenencias institucionales
• Tamaño promedio de la inversión del fondo: $ 45.3 millones
• Número de fondos activos de inversión inmobiliaria: 24

Inversores minoristas individuales

Los inversores minoristas individuales representan el 17.6% de la base total de accionistas de PEB.

Categoría de inversionista	Porcentaje de compartir	Inversión promedio
Inversores minoristas	17.6%	$12,500

Inversores privados de alto nivel de red

Los inversores privados de alto nivel de red constituyen una porción significativa de la base de inversores de PEB.

• Porcentaje de inversores de alto nivel de red: 22.4%
• Inversión promedio por inversor de alto nivel de red: $ 1.2 millones
• Valor de inversión total de alto nivel de red: $ 268.4 millones

Buscadores de diversificación de cartera

PEB atrae a los inversores que buscan diversificación de cartera de bienes raíces en el sector de la hospitalidad.

Estrategia de diversificación	Porcentaje de inversor	Asignación de cartera promedio
Diversificación inmobiliaria	45.7%	3.6% de la cartera total

Pebblebrook Hotel Trust (PEB) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

Gasto total de adquisición de propiedades en 2023: $ 205.6 millones

Tipo de propiedad	Costo de adquisición	Número de propiedades
Hoteles urbanos	$ 142.3 millones	4 propiedades
Hoteles de resort	$ 63.3 millones	2 propiedades

Renovación y mantenimiento del hotel

Gastos totales de renovación y mantenimiento en 2023: $ 87.4 millones

• Gasto de capital de renovación: $ 62.1 millones
• Costos de mantenimiento de rutina: $ 25.3 millones

Gestión y gastos generales operativos

Sobrecosidad operativa total para 2023: $ 53.2 millones

Categoría de gastos	Cantidad
Salarios del personal corporativo	$ 22.7 millones
Gastos administrativos	$ 16.5 millones
Infraestructura tecnológica	$ 14.0 millones

Costos de intereses y financiamiento

Gastos de intereses totales en 2023: $ 98.6 millones

• Intereses de la deuda a largo plazo: $ 76.3 millones
• Interés de la facilidad de crédito: $ 22.3 millones

Gastos de marketing y relaciones con los inversores

Gasto total de marketing y relaciones con los inversores en 2023: $ 7.9 millones

Canal de marketing	Gasto
Marketing digital	$ 3.6 millones
Comunicaciones de los inversores	$ 2.5 millones
Marketing de conferencias y eventos	$ 1.8 millones

Pebblebrook Hotel Trust (PEB) - Modelo de negocio: fuentes de ingresos

Ingresos de alquiler de propiedades del hotel

A partir del cuarto trimestre de 2023, Pebblebrook Hotel Trust reportó ingresos totales de $ 304.6 millones. Los ingresos por alquiler de propiedades del hotel constituyeron el flujo de ingresos primario, con una tasa diaria promedio (ADR) de $ 182.37 y una tasa de ocupación del 66.4%.

Tipo de propiedad	Número de propiedades	Ingresos totales
Hoteles urbanos	29	$ 214.3 millones
Hoteles de resort	12	$ 90.3 millones

Apreciación de activos inmobiliarios

El valor total de la cartera al 31 de diciembre de 2023 fue de $ 3.8 mil millones, lo que representa una apreciación año tras año de 6.2% en activos inmobiliarios.

Distribuciones de dividendos

En 2023, Pebblebrook Hotel Trust distribuyó dividendos trimestrales por un total de $ 0.78 por acción, con un rendimiento anual de dividendos del 4.5%.

Cuarto	Dividendo por acción	Pago total de dividendos
Q1 2023	$0.26	$ 19.4 millones
Q2 2023	$0.26	$ 19.4 millones
P3 2023	$0.26	$ 19.4 millones
P4 2023	$0.26	$ 19.4 millones

Ganancias de venta de propiedades

En 2023, Pebblebrook Hotel Trust se dio cuenta de $ 87.5 millones de las ventas de propiedades, con una ganancia promedio de 12.3% por encima del valor en libros.

Returencias de inversión de la cartera de hospitalidad

La cartera de hospitalidad generó un rendimiento de inversión total del 9.7% en 2023, con el siguiente desglose:

• Retorno de ingresos de alquiler: 6.2%
• Apreciación de capital: 3.5%

Métrico de inversión	2023 rendimiento
Retorno total de la cartera	9.7%
Ingresos operativos netos	$ 225.6 millones
Fondos de Operaciones (FFO)	$ 178.3 millones

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.