Pebblebrook Hotel Trust (PEB) SEC Filings & Earnings Calls

Underperforming hotel asset sold at a loss; negative EBITDA and net operating loss indicate operational challenges.

“Trailing 12-month net operating loss of $0.8M and negative EBITDA of $0.6M.”

No new risk signals; routine dividend declaration with no change in rate.

Market-specific headwinds: Washington DC RevPAR -9.9% due to weak government demand; San Diego RevPAR -9.1% due to weaker convention calendar.

“Washington, DC RevPAR declined 9.9%, reflecting continued weakness in government-related demand, and RevPAR at the Company’s four urban San Diego hotels declined 9.1%” · word for word

Geopolitical and economic uncertainty could impact travel demand in H2 2026.

“We continue to take the year one quarter at a time and remain appropriately cautious given ongoing geopolitical, policy, and broader economic uncertainty.” · word for word

Macroeconomic uncertainty

“While the quarter was positive, we remain cautious towards the remainder of the year given an uncertain macroeconomic environment.” · word for word

Property impairment

“We recognized an impairment loss of $1.1 million in 2026 related to one hotel.” · word for word

Macroeconomic uncertainty

“While the quarter results were positive, we remain cautious towards the remainder of the year given an increasingly uncertain macroeconomic environment.” · word for word

Impairment risk

“We recognized an impairment loss of $7.7 million in 2026 related to one hotel.” · word for word

Geopolitical risks and shortened booking visibility post-March

“visibility has shortened somewhat since late March and recent geopolitical events have increased economic risks and uncertainties” · word for word

Lodging demand softness and price-sensitive consumer

“In 2025, the Company operated against a backdrop of uneven lodging demand, with continued softness in several of its markets, including those impacted by negative events, alongside rising operating costs and a more price-sensitive travel consumer.” · word for word

Hurricane exposure and weather-related disruption

“The Company also rebounded quickly from a disruptive hurricane season in the prior year and made targeted investments to reduce exposure to future severe weather events.” · word for word

Performance-based equity forfeiture risk

“the Compensation Committee determined that 0.0% of the target number of performance units had been earned for the performance period ended December 31, 2024, and therefore 100.0% were forfeited.” · word for word

Macroeconomic and policy uncertainty could negatively affect hotel demand in 2026.

“CEO: 'Yet we remain mindful of macroeconomic and policy uncertainty that could negatively affect demand, as it did in 2025.'”

Government shutdown and policy-related disruption impacted urban markets, particularly Washington, DC and San Diego.

“Urban Total RevPAR +1.7% despite government shutdown; San Diego and Washington, DC challenged by government disruptions.”

LA wildfires and local disruptions made Los Angeles the most challenging market in 2025.

“Los Angeles was our most challenging market in 2025 due to the impact of early-year wildfires and other significant local disruptions.” · word for word

Economic downturn risk

“The performance of the lodging industry has historically been closely linked to the performance of the general economy and, specifically, growth in U.S. Gross Domestic Product ("GDP").” · word for word

Wildfire disruption

“Los Angeles was our most challenged market in 2025 due to the lingering impact of early-2025 wildfires and related disruptions.” · word for word

Technology reducing business travel

“The increased use of technology that allows multiple parties from different locations to participate in meetings without traveling to a centralized location could result in decreased business travel.” · word for word

Convertible notes maturity in December 2026 ($350M) still needs to be addressed

“remaining $350 million outstanding principal amount of the Company's 1.75% Convertible Senior Notes maturing in December 2026” · word for word

Portfolio contraction; sale of a key asset reduces scale and future EBITDA potential.

“Sale of 752-room hotel; trailing EBITDA of $4.6M lost.”

One other hotel sale under contract for $72M may not close.

“there can be no assurance that the sale will be completed on the anticipated terms or timeline.” · word for word

Revenue decline and guidance cut signal demand softness in urban markets and impact from federal government shutdown.

“Same-Property Total RevPAR decreased 1.5% vs. Q3 2024; 2025 outlook midpoint reduced for RevPAR and EBITDAre; management cited federal government shutdown as negative factor.” · word for word

Leisure customer price sensitivity may pressure future pricing power.

“many leisure customers continued to be price sensitive.” · word for word

Asset impairment risk

“We recognized an impairment loss of $46.5 million in 2025 related to three hotels.” · word for word

Macroeconomic and policy risk

“We remain cautious given the broader economic backdrop and evolving trade and policy risks.” · word for word

Government shutdown risk

“We expect will temporarily soften travel demand.” · word for word