Pebblebrook Hotel Trust 2025年度报告

Property Locations The Liberty, a Luxury Collection Hotel, BostonRevere Hotel Boston Common Portland, OR Estancia La Jolla Hotel & SpaHilton San Diego Gaslamp QuarterMargaritaville Hotel San Diego Gaslamp QuarterParadise Point Resort & Spa Columbia River Gorge, WA Florida & Georgia Gold Coast LaPlaya Beach Resort & ClubMargaritaville Hollywood Beach Resort San Francisco, CA Harbor Court Hotel San FranciscoHotel Zelos San Francisco Los Angeles, CA Le Parc at MelroseThe Valorian Los Angeles, Curio Collection by Hilton Washington, DC Hotel Zena Washington DCViceroy Washington DC exited the year. This reinforces that, as demand continues torecover, the portfolio is increasingly positioned to convert thatgrowth into stronger profitability and free cash flow. TO OUR FELLOW SHAREHOLDERS 2025 was a year that highlighted both how much Pebblebrook haschanged and how much opportunity still lies ahead. We mademeaningful operational improvements across our portfolio, evenas several unexpected disruptions masked that progress in ourheadline results. Our resorts continued to ramp following theirredevelopments, San Francisco’s recovery accelerated, and ourteamsexecuted with discipline on occupancy,out-of-roomrevenue growth, and cost control. At the same time, wildfires in LosAngeles, government-related disruptions in Washington, DC andSan Diego, and broader macroeconomic and policy uncertaintycreated volatility and limited pricing power in a number of ourmarkets. Even amid last year’s volatile and uncertain environment,the underlying trajectory of our portfolio improved as the yearprogressed, leaving us optimistic about 2026, yet still cautious. Performance across our urban portfolio remained mixed in 2025,but the direction improved as the year progressed. San Francisco,Chicago, and Portland led the recovery. San Diego and Washington,DC were pressured by government-related disruptions and softerconvention demand. Los Angeles was our most challenged marketin 2025 due to the early-year wildfires and other local disruptionsthat negatively impacted the market for nine months. That said,several of the markets that weighed on 2025 results now enter2026 with very easy comparisons and more favorable setups. Weexpect the recovery to continue, although it is unlikely to beperfectly linear across markets and demand segments. Reinforcingthat demand tailwind, new hotel supply across our urban marketsis expected to remain exceptionally limited over the next severalyears, which should support meaningful occupancy recovery. Andas occupancy improves, so should pricing power. Just as important, Pebblebrook today is materially different fromthe company we were when we entered the pandemic. Since thestart of 2020, we have sold 17 lower-quality urban hotels for $1.3billion and acquired five upper-upscale and luxury resorts for justover $800 million. This deliberate repositioning has improved thequality, resilience, and growth profile of our portfolio, with resortsnow representing 48% of Hotel EBITDA, up from 17% in 2019, andEast Coast markets increasing from 38% to 56%. We are less relianton traditional business transient demand, less concentrated on theWest Coast, and better aligned with the parts of lodging demandwhere we see the strongest long-term opportunity—leisure andhigh-end group. DISCIPLINED CAPITAL ALLOCATION REMAINS A COMPETITIVE ADVANTAGE Our resorts again demonstrated their resilience and the benefits ofthe very significant strategic reinvestments we have made over thelast several years. For the full year, Same-Property Resort TotalRevPAR increased 3.4%, and many of our redeveloped propertiesare still ramping toward stabilization. Newport Harbor IslandResort is a powerful example. In its first full year followingredevelopment, Newport increased Total RevPAR by $135, or38.5%, and Hotel EBITDA by $9.3 million, or 111.7%, compared toits pre-redevelopment period. We are also achieving significantcompetitive share gains and profitability improvements at otherrecently redeveloped properties, including Estancia La Jolla Hotel &Spa and Jekyll Island Club Resort, which we believe still havemeaningful runway for additional earnings growth. A REPOSITIONED PORTFOLIO WITH EMBEDDED EARNINGS UPSIDEOverthe same period,we also made substantial strategicinvestments to strengthen the long-term earnings power of ourassets. Our multi-year redevelopment program, representing over$500 million of capital investment, is now substantially complete,including $274 million of ROI-focused capital deployed from 2018through2024.These investments have enhanced the guestexperience, elevated the quality of our properties, expandedvenues and amenities, and improved our ability to capture moreon-propertyout-of-roomspend.Moreimportantlyforshareholders, much of the earnings upside from these alreadyfunded capital investments remains ahead of us, embedded inassets we already own. We also completed the restoration of LaPlaya Beach Resort & Clubdurin