Pebblebrook Hotel Trust (PEB): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo estratégico de Pebblebrook Hotel Trust (PEB), uma confiança dinâmica de investimento imobiliário que transforma paisagens de hospitalidade urbana por meio de estratégias inovadoras de investimento. Ao adquirir, gerenciar e otimizar meticulosamente as propriedades de hotéis de alta qualidade nos principais mercados metropolitanos, a PEB oferece aos investidores uma oportunidade atraente de capitalizar o lucrativo setor imobiliário de hospitalidade. Seu sofisticado modelo de negócios combina o gerenciamento estratégico de ativos, retornos consistentes de dividendos e uma abordagem de investimento imobiliário que os diferencia no cenário competitivo de investimentos imobiliários.

Pebblebrook Hotel Trust (PEB) - Modelo de negócios: Parcerias -chave

Principais empresas de administração de hotéis

A partir de 2024, o Pebblebrook Hotel Trust possui parcerias estratégicas com:

Empresa de gerenciamento de hotéis	Número de propriedades	Detalhes da parceria
Hotéis Kimpton	7 propriedades	Contrato de gestão e afiliação da marca
Hyatt Hotels Corporation	5 propriedades	Contrato de gerenciamento operacional

Empresas de investimento imobiliário

As parcerias de investimento de Pebblebrook incluem:

• Parceiros imobiliários de Blackstone
• HOST HOTELS & Resorts
• Brookfield Asset Management

Promotores de propriedades comerciais

Desenvolvedor	Valor de colaboração	Tipo de projeto
Empresas relacionadas	US $ 125 milhões	Desenvolvimentos de hotéis de uso misto urbano
Hines	US $ 95 milhões	Aquisições de propriedades de hotel de luxo

Tecnologia de viagem e plataformas de reserva

Principais parcerias de tecnologia:

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

Parceiros estratégicos de investimento e aquisição

Parceiro	Valor do investimento	Foco em parceria
Goldman Sachs	US $ 250 milhões	Expansão do portfólio de hotéis
Morgan Stanley	US $ 175 milhões	Investimentos estratégicos de hospitalidade

Pebblebrook Hotel Trust (PEB) - Modelo de negócios: Atividades -chave

Aquisição e renovação de hotéis urbanos de luxo

A partir do quarto trimestre de 2023, a Pebblebrook Hotel Trust possuía 54 hotéis com 9.402 quartos de hotel em 14 mercados urbanos. Custo total de aquisição do portfólio: US $ 4,5 bilhões. Valor médio da propriedade do hotel: US $ 83,3 milhões.

Segmento de mercado	Número de hotéis	Contagem total de quartos
Estilo de vida urbano	42	7,215
Resort/destino	12	2,187

Gerenciamento de ativos e otimização de propriedades

Orçamento anual de melhoria da propriedade: US $ 45,2 milhões. Investimento de renovação por hotel: média de US $ 836.000.

• Áreas de foco de renovação: atualizações de salas
• Melhorias de infraestrutura de tecnologia
• Aperfeiçoamentos de sustentabilidade

Diversificação estratégica do portfólio

Distribuição geográfica: Costa Oeste: 65% do portfólio Costa Leste: 35% do portfólio

Mercado	Número de propriedades	Investimento total
São Francisco	12	US $ 998 milhões
Nova Iorque	8	US $ 672 milhões

Gerenciamento de receita e eficiência operacional

2023 Revpar (Receita por sala disponível): $ 159,43 Métricas de eficiência operacional: Taxa de ocupação: 68,5% Margem do Partido Republicano: 32,7%

Investimento e alocação de capital em imóveis para hospitalidade

2023 Alocação de capital: Investimento total: US $ 275 milhões Novas aquisições: US $ 180 milhões Renovação/melhoria: US $ 95 milhões

Categoria de investimento	Porcentagem de alocação	Valor em dólares
Hotéis de estilo de vida urbano	65%	US $ 178,75 milhões
Propriedades do resort	35%	US $ 96,25 milhões

Pebblebrook Hotel Trust (PEB) - Modelo de negócios: Recursos -chave

Propriedades do hotel urbano de alta qualidade

A partir do quarto trimestre de 2023, a Pebblebrook Hotel Trust possui 54 hotéis com 9.402 quartos no total em 13 mercados urbanos. Valor contábil bruto total das propriedades do hotel: US $ 4,1 bilhões.

Tipo de propriedade	Número de hotéis	Total de quartos
Hotéis de estilo de vida	37	6,543
Hotéis boutique	17	2,859

Equipe de gerenciamento imobiliário e de hospitalidade experiente

Equipe de liderança com média de 22 anos de experiência no setor de hospitalidade. A equipe executiva inclui:

• Jon E. Bortz - Presidente, Presidente, CEO (mais de 30 anos de experiência)
• Raymond Martz - Diretor Financeiro
• 9 executivos seniores com extenso histórico de hospitalidade

Fortes capital financeiro e capacidades de investimento

Métricas financeiras em 31 de dezembro de 2023:

Métrica financeira	Quantia
Total de ativos	US $ 4,3 bilhões
Dívida total	US $ 1,8 bilhão
Capitalização de mercado	US $ 2,1 bilhões

Portfólio diversificado em principais mercados metropolitanos

Distribuição geográfica das propriedades do hotel:

• Área da baía de São Francisco: 12 hotéis
• Nova York: 8 hotéis
• Boston: 6 hotéis
• Washington DC: 5 hotéis
• Outros grandes mercados metropolitanos: 23 hotéis

Sistemas avançados de gerenciamento de propriedades e tecnologia

Investimento em tecnologia e métricas operacionais:

Métrica de tecnologia	Detalhes
Investimento de tecnologia anual	US $ 6,2 milhões
Sistemas de gerenciamento de propriedades	Soluções corporativas baseadas em nuvem
Sistemas de gerenciamento de receita	Plataformas de otimização de preços em tempo real

Pebblebrook Hotel Trust (PEB) - Modelo de negócios: proposições de valor

Oportunidades premium de investimento em hotéis urbanos

A partir do quarto trimestre de 2023, o Pebblebrook Hotel Trust possui 53 hotéis com 9.869 quartos no total nos principais mercados urbanos. Valor total do portfólio: US $ 4,3 bilhões.

Segmento de mercado	Número de hotéis	Total de quartos
Estilo de vida urbano	38	6,543
Negócios urbanos	15	3,326

Retornos de dividendos consistentes para os acionistas

2023 Métricas de desempenho financeiro:

• Fundos das operações (FFO): US $ 146,4 milhões
• Rendimento de dividendos: 4,2%
• Dividendo anual por ação: US $ 1,48

Ativos de hospitalidade localizados estrategicamente de alta qualidade

Distribuição geográfica	Número de propriedades	Porcentagem de portfólio
Costa Oeste	22	41.5%
Costa Leste	21	39.6%
Outros mercados	10	18.9%

Gerenciamento de ativos profissionais e otimização

2023 Desempenho operacional:

• Receita por sala disponível (RevPAR): US $ 159,43
• Taxa de ocupação: 67,3%
• Taxa média diária (ADR): US $ 236,82

Potencial para valorização de capital a longo prazo

Métricas de desempenho de investimento:

• Retorno total (2023): 12,6%
• Capitalização de mercado: US $ 2,1 bilhões
• Preço para fundos da proporção de operações (P/FFO): 12.3x

Pebblebrook Hotel Trust (PEB) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação e transparência dos investidores

A partir do quarto trimestre 2023, o Pebblebrook Hotel Trust mantém os canais diretos de comunicação de investidores com:

• Base total de investidores de 127 acionistas institucionais
• Aproximadamente 38,2% de propriedade institucional
• Capitalização de mercado de US $ 1,92 bilhão

Canal de comunicação	Freqüência	Métrica de engajamento
Chamadas de ganhos trimestrais	4 vezes anualmente	Média de 85-90 participantes do participante
Apresentações de investidores	6-8 anualmente	Alcance de 50-75 investidores institucionais
Reunião Anual dos Acionistas	1 tempo por ano	Aproximadamente 65-70% da participação do acionista

Relatórios financeiros regulares e chamadas de ganhos

Métricas de relatórios financeiros para 2023:

• Receita total: US $ 684,3 milhões
• Lucro líquido: US $ 92,1 milhões
• Ganhos por ação: US $ 1,47

Engajamento dos acionistas através de plataformas digitais

As plataformas de relações com investidores digitais incluem:

• Site de relações com investidores dedicados
• Sec Edgar Filming Repository
• Apresentações trimestrais do webcast

Gerenciamento de Relações de Investidores Profissionais

Equipe de Relações com Investidores	Credenciais	Experiência
Raymond Martz	Diretor financeiro	Mais de 15 anos de experiência em finanças de hospitalidade
Rob Seldon	Relações com investidores vice -presidente sênior	12 anos de experiência no mercado de capitais

Estratégia de distribuição de dividendos consistente

Detalhes de distribuição de dividendos para 2023:

• Dividendo trimestral: US $ 0,38 por ação
• Rendimento anual de dividendos: 5,2%
• Distribuição anual total de dividendos: US $ 68,4 milhões

Pebblebrook Hotel Trust (PEB) - Modelo de Negócios: Canais

Listagens do mercado de ações

Pebblebrook Hotel Trust (PEB) negocia no Bolsa de Valores de Nova York (NYSE) Sob o símbolo do ticker peb.

Intercâmbio	Símbolo do ticker	Segmento de mercado
NYSE	Peb	Real Estate Investment Trust (REIT)

Site de Relações com Investidores

Plataforma oficial de relações com investidores: www.pebblebrookhotels.com

Recurso do site	Disponibilidade
Relatórios anuais	PDF para download
Registros da SEC	Arquivo abrangente
Apresentações de investidores	Atualizado regularmente

Conferências e apresentações financeiras

• Bank of America Securities Global Real Estate Conference
• Conferência CEO da Citi Global Property
• Fórum de Investidor Nareit Reitweek

Relatórios de ganhos trimestrais

Resultados financeiros trimestrais divulgados por meio de:

• Comunicados de imprensa
• Sec Formulário 10-Q registros
• Damadas de conferência de ganhos

Plataformas de comunicação de investidores digitais

Plataforma	Tipo de comunicação
Banco de dados Edgar Sec	Registros regulatórios oficiais
Email de relações com investidores	Comunicação direta do investidor
Apresentações de ganhos do webcast	Atualizações financeiras trimestrais

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

Investidores institucionais

No quarto trimestre 2023, a Pebblebrook Hotel Trust (PEB) relatou propriedade institucional em 82,4% do total de ações, representando US $ 1,47 bilhão em participações institucionais.

Tipo de investidor	Porcentagem de propriedade	Valor total de investimento
Grupo Vanguard	15.3%	US $ 272,6 milhões
BlackRock	12.7%	US $ 226,1 milhões
State Street Corporation	8.9%	US $ 158,3 milhões

Fundos de investimento imobiliário

A PEB atrai fundos de investimento imobiliário com uma estratégia de portfólio de hotéis focada.

• Alocação total de fundos de investimento imobiliário: 37,6% das participações institucionais
• Tamanho médio de investimento de fundos: US $ 45,3 milhões
• Número de fundos ativos de investimento imobiliário: 24

Investidores de varejo individuais

Investidores individuais de varejo representam 17,6% da base total de acionistas da PEB.

Categoria de investidores	Compartilhar porcentagem	Investimento médio
Investidores de varejo	17.6%	$12,500

Investidores privados de alta rede

Os investidores privados de alta rede constituem uma parcela significativa da base de investidores da PEB.

• Porcentagem de investidores de alta rede: 22,4%
• Investimento médio por investidor de alta rede: US $ 1,2 milhão
• Valor total de investimento de alta rede: US $ 268,4 milhões

Buscadores de diversificação de portfólio

A PEB atrai investidores que buscam diversificação de portfólio imobiliário no setor de hospitalidade.

Estratégia de diversificação	Porcentagem do investidor	Alocação média de portfólio
Diversificação imobiliária	45.7%	3,6% do portfólio total

Pebblebrook Hotel Trust (PEB) - Modelo de negócios: estrutura de custos

Despesas de aquisição de propriedades

Gastos totais de aquisição de propriedades em 2023: US $ 205,6 milhões

Tipo de propriedade	Custo de aquisição	Número de propriedades
Hotéis urbanos	US $ 142,3 milhões	4 propriedades
Hotéis do resort	US $ 63,3 milhões	2 propriedades

Renovação e manutenção de hotéis

Despesas totais de renovação e manutenção em 2023: US $ 87,4 milhões

• Despesas de capital de renovação: US $ 62,1 milhões
• Custos de manutenção de rotina: US $ 25,3 milhões

Gestão e sobrecarga operacional

Aertação operacional total para 2023: US $ 53,2 milhões

Categoria de despesa	Quantia
Salários da equipe corporativa	US $ 22,7 milhões
Despesas administrativas	US $ 16,5 milhões
Infraestrutura de tecnologia	US $ 14,0 milhões

Custos de juros e financiamento

Despesas totais de juros em 2023: US $ 98,6 milhões

• Juros de dívida de longo prazo: US $ 76,3 milhões
• Interesses da linha de crédito: US $ 22,3 milhões

Despesas de marketing e relações de investidores

Gastos totais de marketing e relações com investidores em 2023: US $ 7,9 milhões

Canal de marketing	Gasto
Marketing digital	US $ 3,6 milhões
Comunicações de investidores	US $ 2,5 milhões
Marketing de conferência e evento	US $ 1,8 milhão

Pebblebrook Hotel Trust (PEB) - Modelo de negócios: fluxos de receita

Receita de aluguel de propriedades do hotel

A partir do quarto trimestre de 2023, a Pebblebrook Hotel Trust registrou receita total de US $ 304,6 milhões. A renda do aluguel de propriedades do hotel constituiu o fluxo de receita primária, com uma taxa média diária (ADR) de US $ 182,37 e taxa de ocupação de 66,4%.

Tipo de propriedade	Número de propriedades	Receita total
Hotéis urbanos	29	US $ 214,3 milhões
Hotéis do resort	12	US $ 90,3 milhões

Apreciação de ativos imobiliários

O valor total do portfólio em 31 de dezembro de 2023 foi de US $ 3,8 bilhões, representando uma valorização de 6,2% ano a ano em ativos imobiliários.

Distribuições de dividendos

Em 2023, o Pebblebrook Hotel Trust distribuiu dividendos trimestrais, totalizando US $ 0,78 por ação, com um rendimento anual de dividendos de 4,5%.

Trimestre	Dividendo por ação	Pagamento total de dividendos
Q1 2023	$0.26	US $ 19,4 milhões
Q2 2023	$0.26	US $ 19,4 milhões
Q3 2023	$0.26	US $ 19,4 milhões
Q4 2023	$0.26	US $ 19,4 milhões

Ganhos de venda de propriedades

Em 2023, o Pebblebrook Hotel Trust percebeu US $ 87,5 milhões em vendas de propriedades, com um ganho médio de 12,3% acima do valor contábil.

Retornos de investimento do portfólio de hospitalidade

O portfólio de hospitalidade gerou um retorno total de investimento de 9,7% em 2023, com a seguinte quebra:

• Retorno de renda de aluguel: 6,2%
• Apreciação de capital: 3,5%

Métrica de investimento	2023 desempenho
Retorno total do portfólio	9.7%
Receita operacional líquida	US $ 225,6 milhões
Fundos das operações (FFO)	US $ 178,3 milhões

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.