Pebblebrook Hotel Trust (PEB): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde stratégique de Pebblebrook Hotel Trust (PEB), une fiducie de placement immobilier dynamique qui transforme les paysages de l'hôtellerie urbaine grâce à des stratégies d'investissement innovantes. En acquérant méticuleusement, en gérant et en optimisant des propriétés hôtelières de haute qualité sur les principaux marchés métropolitains, le PEB offre aux investisseurs une opportunité impérieuse de capitaliser sur le secteur immobilier lucratif de l'hôtellerie. Leur modèle commercial sophistiqué mélange la gestion des actifs stratégiques, les rendements de dividendes cohérents et une approche avant-gardiste de l'investissement immobilier qui les distingue dans le paysage de l'investissement immobilier compétitif.

Pebblebrook Hotel Trust (PEB) - Modèle commercial: partenariats clés

Grandes sociétés de gestion hôtelière

En 2024, Pebblebrook Hotel Trust a des partenariats stratégiques avec:

Entreprise de gestion hôtelière	Nombre de propriétés	Détails du partenariat
Hôtels Kimpton	7 propriétés	Contrat de gestion et d'affiliation de la marque
Hyatt Hotels Corporation	5 propriétés	Contrat de gestion opérationnelle

Sociétés d'investissement immobilier

Les partenariats d'investissement de Pebblebrook comprennent:

• Blackstone Real Estate Partners
• Hôtels hôte & Stations balnéaires
• Brookfield Asset Management

Promoteurs de propriétés commerciales

Promoteur	Valeur de collaboration	Type de projet
Entreprises connexes	125 millions de dollars	Développements d'hôtels à usage mixte urbain
Hines	95 millions de dollars	Acquisitions de biens de l'hôtel de luxe

Technologie de voyage et plateformes de réservation

Partenariats technologiques clés:

• Groupe Expedia
• Réservation.com
• Groupe informatique amadeus

Partenaires d'investissement et d'acquisition stratégiques

Partenaire	Montant d'investissement	Focus de partenariat
Goldman Sachs	250 millions de dollars	Expansion du portefeuille d'hôtel
Morgan Stanley	175 millions de dollars	Investissements stratégiques de l'hôtellerie

Pebblebrook Hotel Trust (PEB) - Modèle d'entreprise: Activités clés

Acquérir et rénover les hôtels urbains haut de gamme

Au quatrième trimestre 2023, Pebblebrook Hotel Trust possédait 54 hôtels avec 9 402 chambres d'hôtel sur 14 marchés urbains. Coût d'acquisition du portefeuille total: 4,5 milliards de dollars. Valeur moyenne de la propriété de l'hôtel: 83,3 millions de dollars.

Segment de marché	Nombre d'hôtels	Nombre de chambres totales
Style de vie urbain	42	7,215
Resort / destination	12	2,187

Gestion des actifs et optimisation des propriétés

Budget annuel d'amélioration des biens: 45,2 millions de dollars. Investissement de rénovation par hôtel: moyenne 836 000 $.

• Zones de mise au point de rénovation: mises à niveau de la salle
• Améliorations des infrastructures technologiques
• Améliorations de la durabilité

Diversification du portefeuille stratégique

Distribution géographique: Côte ouest: 65% du portefeuille Coast East: 35% du portefeuille

Marché	Nombre de propriétés	Investissement total
San Francisco	12	998 millions de dollars
New York	8	672 millions de dollars

Gestion des revenus et efficacité opérationnelle

2023 RevPAR (Revenus par salle disponible): 159,43 $ Métriques d'efficacité opérationnelle: Taux d'occupation: 68,5% Marge GOP: 32,7%

Investissement et allocation des capitaux dans l'immobilier hôtelier

2023 Attribution du capital: Investissement total: 275 millions de dollars Nouvelles acquisitions: 180 millions de dollars Rénovation / amélioration: 95 millions de dollars

Catégorie d'investissement	Pourcentage d'allocation	Montant en dollars
Hôtels de style de vie urbain	65%	178,75 millions de dollars
Propriétés de la station	35%	96,25 millions de dollars

Pebblebrook Hotel Trust (PEB) - Modèle d'entreprise: Ressources clés

Propriétés de l'hôtel urbain de haute qualité

Au quatrième trimestre 2023, Pebblebrook Hotel Trust possède 54 hôtels avec 9 402 chambres au total sur 13 marchés urbains. Valeur comptable totale totale des propriétés de l'hôtel: 4,1 milliards de dollars.

Type de propriété	Nombre d'hôtels	Total Rooms
Hôtels de style de vie	37	6,543
Hôtels de boutique	17	2,859

Équipe expérimentée de la gestion de l'immobilier et de l'hôtellerie

Équipe de leadership avec une expérience moyenne de l'industrie hôtelière moyenne en moyenne. L'équipe de direction comprend:

• Jon E. Bortz - Président, président, PDG (plus de 30 ans d'expérience)
• Raymond Martz - directeur financier
• 9 cadres supérieurs ayant une vaste expérience en hospitalité

Capacités financières et investissements solides

Mesures financières au 31 décembre 2023:

Métrique financière	Montant
Actif total	4,3 milliards de dollars
Dette totale	1,8 milliard de dollars
Capitalisation boursière	2,1 milliards de dollars

Portfolio diversifié sur les principaux marchés métropolitains

Distribution géographique des propriétés de l'hôtel:

• Area de la baie de San Francisco: 12 hôtels
• New York: 8 hôtels
• Boston: 6 hôtels
• Washington D.C.: 5 hôtels
• Autres grands marchés métropolitains: 23 hôtels

Systèmes avancés de gestion et de technologie des propriétés

Investissement technologique et mesures opérationnelles:

Métrique technologique	Détails
Investissement technologique annuel	6,2 millions de dollars
Systèmes de gestion immobilière	Solutions d'entreprise basées sur le cloud
Systèmes de gestion des revenus	Plates-formes d'optimisation des prix en temps réel

Pebblebrook Hotel Trust (PEB) - Modèle d'entreprise: propositions de valeur

Opportunités d'investissement hôtelier urbain premium

Au quatrième trimestre 2023, Pebblebrook Hotel Trust possède 53 hôtels avec 9 869 chambres au total sur les principaux marchés urbains. Valeur du portefeuille total: 4,3 milliards de dollars.

Segment de marché	Nombre d'hôtels	Total Rooms
Style de vie urbain	38	6,543
Entreprise urbaine	15	3,326

Retours de dividendes cohérents pour les actionnaires

2023 Métriques de performance financière:

• Fonds des opérations (FFO): 146,4 millions de dollars
• Rendement des dividendes: 4,2%
• Dividende annuel par action: 1,48 $

Actifs hospitaliers de haute qualité et stratégiquement situés

Distribution géographique	Nombre de propriétés	Pourcentage de portefeuille
Côte ouest	22	41.5%
Côte est	21	39.6%
Autres marchés	10	18.9%

Gestion et optimisation des actifs professionnels

2023 Performance opérationnelle:

• Revenus par salle disponible (RevPAR): 159,43 $
• Taux d'occupation: 67,3%
• Taux quotidien moyen (ADR): 236,82 $

Potentiel d'appréciation du capital à long terme

Mesures de performance des investissements:

• Rendement total (2023): 12,6%
• Capitalisation boursière: 2,1 milliards de dollars
• Ratio Prix / Fonds des opérations (P / FFO): 12,3x

Pebblebrook Hotel Trust (PEB) - Modèle d'entreprise: relations avec les clients

Communication et transparence des investisseurs

Au quatrième trimestre 2023, Pebblebrook Hotel Trust maintient les canaux de communication des investisseurs directs avec:

• Base totale des investisseurs de 127 actionnaires institutionnels
• Environ 38,2%
• Capitalisation boursière de 1,92 milliard de dollars

Canal de communication	Fréquence	Métrique de l'engagement
Appels de résultats trimestriels	4 fois par an	Moyenne 85 à 90 participants présente
Présentations des investisseurs	6-8 par an	TEMPS de 50 à 75 investisseurs institutionnels
Réunion des actionnaires annuelle	1 fois par an	Environ 65 à 70%

Rapports financiers réguliers et appels de revenus

Métriques d'information financière pour 2023:

• Revenu total: 684,3 millions de dollars
• Revenu net: 92,1 millions de dollars
• Bénéfice par action: 1,47 $

Engagement des actionnaires via des plateformes numériques

Les plateformes de relations avec les investisseurs numériques comprennent:

• Site Web de relations avec les investisseurs dédiés
• SEC EDGAR REPOSTORE
• Présentations de webdiffaces trimestrielles

Gestion professionnelle des relations avec les investisseurs

Équipe de relations avec les investisseurs	Informations d'identification	Expérience
Raymond Martz	Directeur financier	Plus de 15 ans d'expérience en finance hospitalière
Rob Seldon	Relations avec les investisseurs de VP senior	12 ans d'expertise sur les marchés des capitaux

Stratégie de distribution de dividendes cohérente

Détails de la distribution des dividendes pour 2023:

• Dividende trimestriel: 0,38 $ par action
• Rendement annuel de dividendes: 5,2%
• Distribution annuelle totale des dividendes: 68,4 millions de dollars

Pebblebrook Hotel Trust (PEB) - Modèle d'entreprise: canaux

Listes de bourses

Pebblebrook Hotel Trust (PEB) se négocie sur le Bourse de New York (NYSE) Sous le symbole de ticker Peb.

Échange	Symbole de ticker	Segment de marché
Nyse	PEB	Trust de placement immobilier (REIT)

Site Web de relations avec les investisseurs

Plateforme officielle des relations avec les investisseurs: www.pebblebrookhotels.com

Fonctionnalité de site Web	Disponibilité
Rapports annuels	PDF téléchargeable
Dépôts de la SEC	Archives complètes
Présentations des investisseurs	Régulièrement mis à jour

Conférences et présentations financières

• Conférence sur l'immobilier mondial des Securities Bank of America
• Conférence Citi Global Property PDG
• Nareit Reitweek Investor Forum

Rapports de bénéfices trimestriels

Résultats financiers trimestriels publiés à travers:

• Communiqués de presse
• Formulaire SEC 10-Q Dispoyeurs
• Conférences téléphoniques sur les gains

Plateformes de communication des investisseurs numériques

Plate-forme	Type de communication
Base de données Edgar Sec	Dépôts réglementaires officiels
Email des relations avec les investisseurs	Communication des investisseurs directs
Présentations de bénéfices sur webdict	Mises à jour financières trimestrielles

Pebblebrook Hotel Trust (PEB) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Pebblebrook Hotel Trust (PEB) a déclaré la propriété institutionnelle à 82,4% du total des actions, ce qui représente 1,47 milliard de dollars en avoirs institutionnels.

Type d'investisseur	Pourcentage de propriété	Valeur d'investissement totale
Groupe d'avant-garde	15.3%	272,6 millions de dollars
Blackrock	12.7%	226,1 millions de dollars
State Street Corporation	8.9%	158,3 millions de dollars

Fonds d'investissement immobilier

Le PEB attire des fonds d'investissement immobilier avec une stratégie de portefeuille hôtelière ciblée.

• Attribution totale du fonds d'investissement immobilier: 37,6% des avoirs institutionnels
• Taille moyenne des investissements du fonds: 45,3 millions de dollars
• Nombre de fonds d'investissement immobilier actifs: 24

Investisseurs de détail individuels

Les investisseurs de détail individuels représentent 17,6% de la base totale des actionnaires de PEB.

Catégorie d'investisseurs	Pourcentage de partage	Investissement moyen
Investisseurs de détail	17.6%	$12,500

Investisseurs privés à haute nette

Les investisseurs privés à haute teneur ne sont une partie importante de la base des investisseurs de PEB.

• Pourcentage d'investisseurs à haute navette: 22,4%
• Investissement moyen par investisseur à haute noue: 1,2 million de dollars
• Valeur d'investissement totale à haute noue: 268,4 millions de dollars

Demandeurs de diversification de portefeuille

Le PEB attire les investisseurs à la recherche de diversification du portefeuille immobilier dans le secteur de l'hôtellerie.

Stratégie de diversification	Pourcentage d'investisseurs	Attribution moyenne du portefeuille
Diversification immobilière	45.7%	3,6% du portefeuille total

Pebblebrook Hotel Trust (PEB) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

Total des dépenses d'acquisition de propriétés en 2023: 205,6 millions de dollars

Type de propriété	Coût d'acquisition	Nombre de propriétés
Hôtels urbains	142,3 millions de dollars	4 propriétés
Hôtels de villégiature	63,3 millions de dollars	2 propriétés

Rénovation et entretien de l'hôtel

Total des dépenses de rénovation et d'entretien en 2023: 87,4 millions de dollars

• Dépenses en capital de rénovation: 62,1 millions de dollars
• Coûts de maintenance de routine: 25,3 millions de dollars

Gestion et frais généraux opérationnels

Averges opérationnelles totales pour 2023: 53,2 millions de dollars

Catégorie de dépenses	Montant
Salaires du personnel d'entreprise	22,7 millions de dollars
Frais administratifs	16,5 millions de dollars
Infrastructure technologique	14,0 millions de dollars

Coûts d'intérêt et de financement

Total des frais d'intérêt en 2023: 98,6 millions de dollars

• Intérêt de dette à long terme: 76,3 millions de dollars
• Intérêt de facilité de crédit: 22,3 millions de dollars

Dépenses de marketing et de relations avec les investisseurs

Total des dépenses de marketing et de relations avec les investisseurs en 2023: 7,9 millions de dollars

Canal de marketing	Dépense
Marketing numérique	3,6 millions de dollars
Communications des investisseurs	2,5 millions de dollars
Marketing de conférence et d'événements	1,8 million de dollars

Pebblebrook Hotel Trust (PEB) - Modèle d'entreprise: Strots de revenus

Revenu de location de biens de l'hôtel

Au quatrième trimestre 2023, Pebblebrook Hotel Trust a déclaré un chiffre d'affaires total de 304,6 millions de dollars. Les revenus de location de biens de l'hôtel constituaient la source de revenus primaire, avec un taux quotidien moyen (ADR) de 182,37 $ et un taux d'occupation de 66,4%.

Type de propriété	Nombre de propriétés	Revenus totaux
Hôtels urbains	29	214,3 millions de dollars
Hôtels de villégiature	12	90,3 millions de dollars

Appréciation des actifs immobiliers

La valeur totale du portefeuille au 31 décembre 2023 était de 3,8 milliards de dollars, ce qui représente une appréciation de 6,2% en glissement annuel des actifs immobiliers.

Distributions de dividendes

En 2023, Pebblebrook Hotel Trust a distribué des dividendes trimestriels totalisant 0,78 $ par action, avec un rendement annuel de dividendes de 4,5%.

Quart	Dividende par action	Paiement total des dividendes
Q1 2023	$0.26	19,4 millions de dollars
Q2 2023	$0.26	19,4 millions de dollars
Q3 2023	$0.26	19,4 millions de dollars
Q4 2023	$0.26	19,4 millions de dollars

Gains de vente de propriétés

En 2023, Pebblebrook Hotel Trust a réalisé 87,5 millions de dollars des ventes de biens, avec un gain moyen de 12,3% au-dessus de la valeur comptable.

Rendement des investissements du portefeuille hospitalier

Le portefeuille d'accueil a généré un rendement total d'investissement de 9,7% en 2023, avec la ventilation suivante:

• Rendement des revenus locatifs: 6,2%
• Appréciation du capital: 3,5%

Métrique d'investissement	Performance de 2023
Retour total du portefeuille	9.7%
Bénéfice d'exploitation net	225,6 millions de dollars
Fonds des opérations (FFO)	178,3 millions de dollars

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.