Pebblebrook Hotel Trust (NYSE: PEB) (the “Company” or
“Pebblebrook”) today provided an update regarding the impact of
Hurricane Milton and other recent named storms on its properties,
including the expected net financial impact. Except for LaPlaya
Beach Resort & Club (“LaPlaya”), all of the Company’s southeast
resorts are fully operational.
LaPlaya, the 189-room luxury waterfront resort in Naples,
Florida, is making significant strides in its restoration efforts
following the impacts of Hurricane Helene on September 26, 2024,
and Hurricane Milton on October 9, 2024. The Gulf Tower (70 rooms)
and the Bay Tower (40 rooms), along with BALEEN Naples, the
resort’s primary restaurant and bar, are all scheduled to reopen on
November 1, 2024.
LaPlaya’s Beach House building (79 rooms) remains closed for
repairs primarily due to water and sand infiltration affecting
ground-floor guestrooms. The resort's pools are also closed for
temporary clean-up and repairs, with reopening expected in the near
future. The Company currently anticipates that repair costs will
not be material and expects that property, flood, and business
interruption insurance, net of deductibles, will substantially
mitigate the financial impact. Assuming normal and customary local
approvals, the Company is currently estimating that the Beach House
will reopen partially over the coming months and be largely
operational by the end of Q1 2025.
Pebblebrook's other resorts in southern Florida and Georgia
remain fully operational and sustained no material property damage.
However, these properties and LaPlaya experienced considerable
cancellations and reduced booking volumes both before and following
the storms, affecting operating performance in the third and fourth
quarters. The most significant impact has been at LaPlaya. Please
note that the Company continues to exclude LaPlaya from its
Same-Property reporting due to LaPlaya’s ongoing restoration
following Hurricane Ian. However, the estimated impact on LaPlaya’s
operating performance is reflected in Adjusted EBITDAre, Adjusted
FFO and Adjusted FFO per share, as shown in the table below.
Currently, the estimated impact to the Company’s operating
performance from the named storms during the third and fourth
quarters of 2024 is expected to be as follows:
Q3
2024
Q4
2024
Full
Year 2024
$ in millions, except for RevPAR
and per share data
Net Income (Loss)(1)
($1.5)
($10.0)
($11.5)
Same-Property RevPAR variance vs.
2023(2)
(25 bps)
(100 bps)
(30 bps)
Same-Property Total Revenue(2)
($1.2)
($3.0)
($4.2)
Same-Property Hotel EBITDA(2)
($1.2)
($2.5)
($3.7)
Adjusted EBITDAre(1)
($1.5)
($10.0)
($11.5)
Adjusted FFO(1)
($1.5)
($10.0)
($11.5)
Adjusted FFO per share(1)
($0.01)
($0.08)
($0.10)
(1)
No reconciliations from Net income (loss) to non-GAAP financial
measures, including Earnings Before Interest, Taxes, Depreciation
and Amortization (“EBITDA”), EBITDA for Real Estate (“EBITDAre”),
Adjusted EBITDAre, Funds from Operations (“FFO”), FFO per diluted
share, Adjusted FFO and Adjusted FFO per diluted share, are
provided in this press release because, in each case, there are no
adjustments to be made.
(2)
The Company’s Same-Property reporting includes information for
all the hotels the Company owned as of October 30, 2024, except for
LaPlaya Beach Resort & Club (excluded from all quarters) and
Newport Harbor Island Resort (excluded from Q1, Q2, Q4).
These figures represent Pebblebrook’s best estimates at this
time. The Company will continue to evaluate the storms’ impact and
provide additional updates in the future as appropriate.
About Pebblebrook Hotel
Trust
Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real
estate investment trust (“REIT”) and the largest owner of urban and
resort lifestyle hotels in the United States. The Company owns 46
hotels, totaling approximately 12,000 guest rooms across 13 urban
and resort markets. For more information, visit
www.pebblebrookhotels.com and follow @PebblebrookPEB.
This press release contains certain “forward-looking statements”
made pursuant to the safe harbor provisions of the Private
Securities Reform Act of 1995. Forward-looking statements are
generally identifiable by use of forward-looking terminology such
as “may,” “will,” “should,” “potential,” “intend,” “expect,”
“seek,” “anticipate,” “estimate,” “approximately,” “believe,”
“could,” “project,” “predict,” “forecast,” “continue,” “assume,”
“plan,” references to “outlook” or other similar words or
expressions. These forward-looking statements relate to the cost to
repair and remediate damaged property, the impact of cancellations
and reduced booking volumes, the duration of repair work and the
anticipated effects of insurance payments. These forward-looking
statements are subject to various risks and uncertainties, many of
which are beyond the Company’s control, which could cause actual
results to differ materially from such statements. These risks and
uncertainties include, but are not limited to, the state of the
U.S. economy, the results of comprehensive damage assessments and
other factors as are described in greater detail in the Company’s
filings with the Securities and Exchange Commission, including,
without limitation, the Company’s Annual Report on Form 10-K for
the year ended December 31, 2023. Unless legally required, the
Company disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise.
For further information about the Company’s business and
financial results, please refer to the “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” and
“Risk Factors” sections of the Company’s SEC filings, including,
but not limited to, its Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q, copies of which may be obtained at the
Investor Relations section of the Company’s website at
www.pebblebrookhotels.com.
All information in this press release is as of October 30, 2024.
The Company undertakes no duty to update the statements in this
press release to conform the statements to actual results or
changes in the Company’s expectations.
For additional information or to receive press
releases via email, please visit
www.pebblebrookhotels.com
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version on businesswire.com: https://www.businesswire.com/news/home/20241030738320/en/
Raymond D. Martz, Co-President and Chief Financial Officer,
Pebblebrook Hotel Trust - (240) 507-1330
Pebblebrook Hotel (NYSE:PEB)
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