Pebblebrook Hotel Trust
- Open
- 18.07
- Day high
- 18.16
- Day low
- 17.86
- Prev close
- 18.12
- Volume
- 422K
- Mkt cap
- $2.1B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.9
- P/S
- 1.4
- Yield
- 0.22%
- Per share
- $0.04
- ▲Insiders net buying $275K over the last 3 months (3 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
Pebblebrook Hotel Trust (PEB) is a Real Estate company listed on NYSE. The stock is up 65% over the past year. Over the trailing 3 months, insiders filed 3 open-market buys and 1 sale (SEC Form 4).
Pebblebrook Hotel Trust (PEB) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 10 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PEB earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $0.12 | $0.17 | +41.7% | $407M | +1.5% |
| Apr 29, 2026 | $-0.31 | $-0.32 | -3.2% | $346M | +4.5% |
| Feb 26, 2026 | $0.23 | $0.27 | +17.4% | $349M | +11.0% |
| Nov 5, 2025 | $0.50 | $0.51 | +2.0% | $399M | +15.5% |
| Jul 29, 2025 | $0.58 | $0.65 | +12.1% | $408M | +1.9% |
| May 1, 2025 | $0.13 | $0.16 | +23.1% | $320M | -19.5% |
| Feb 26, 2025 | $0.12 | $0.20 | +66.7% | $338M | +2.1% |
| Nov 8, 2024 | $0.53 | $0.59 | +11.3% | $405M | +23.6% |
| Jul 24, 2024 | $0.60 | $0.69 | +15.0% | $397M | -2.8% |
| Feb 21, 2024 | $0.15 | $0.21 | +40.0% | $334M | +9.0% |
| Oct 26, 2023 | $0.57 | $0.61 | +7.0% | $396M | +0.8% |
| Jul 27, 2023 | $0.56 | $0.62 | +10.7% | $384M | +1.5% |
PEB insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 4, 2026 | Fisher Thomas Charlesofficer: Co-President, C Investmt Ofcr | Sell | 40,000 | $19.25 |
| Jun 15, 2026 | BORTZ JON Edirector, officer: Chairman and CEO | Buy | 20,000 | $18.18 |
| Jun 12, 2026 | BORTZ JON Edirector, officer: Chairman and CEO | Buy | 20,000 | $17.23 |
| Jun 9, 2026 | BORTZ JON Edirector, officer: Chairman and CEO | Buy | 20,000 | $16.84 |
| Mar 2, 2026 | Jones Nina Pdirector | Grant | 3,876 | — |
| Feb 9, 2026 | Fisher Thomas Charlesofficer: Co-President, C Investmt Ofcr | Grant | 56,218 | — |
| Feb 9, 2026 | Martz Raymond Dofficer: Co-President,CFO,Treasurer,Sec | Grant | 56,218 | — |
| Feb 9, 2026 | BORTZ JON Edirector, officer: Chairman and CEO | Grant | 127,369 | — |
| Jan 5, 2026 | Donnell Cydneydirector | Grant | 14,837 | $11.46 |
| Jan 5, 2026 | SCHALL MICHAEL Jdirector | Grant | 14,837 | $11.46 |
| Jan 5, 2026 | Fisher Thomas Charlesofficer: Co-President, C Investmt Ofcr | Tax | 21,275 | $11.32 |
| Jan 5, 2026 | Jackson Ron E.director | Grant | 16,582 | $11.46 |
| Jan 5, 2026 | Miller Phillip M.director | Grant | 7,418 | $11.46 |
| Jan 5, 2026 | Simi Bonny Wdirector | Grant | 8,073 | $11.46 |
| Jan 5, 2026 | WEBB EARL Edirector | Grant | 10,211 | $11.46 |
Source: PEB SEC Form 4 filings, latest Aug 4, 2026. For informational purposes only — not investment advice.
See the full PEB insider & 13F page →Pebblebrook Hotel Trust company profile
Overview
Pebblebrook Hotel Trust (NYSE:PEB) is a publicly traded real estate investment trust (REIT) founded in 2009 that has grown to become the largest owner of urban and resort lifestyle hotels in the United States. The company went public on December 9, 2009, and has since built a portfolio of 53 premium hotels totaling approximately 13,200 guestrooms across 14 major urban and resort markets. Pebblebrook focuses primarily on west coast gateway cities and has strategically positioned itself in the upscale and luxury hotel segments, operating properties under major brand flags including Marriott, Hilton, Hyatt, and independent boutique brands.
Business
Pebblebrook Hotel Trust operates in the hospitality real estate sector as a hotel REIT, which means it owns and operates income-generating hotel properties rather than managing them directly. A REIT is a company that owns, operates, or finances income-producing real estate and is required to distribute at least 90% of its taxable income to shareholders as dividends. The company's portfolio consists of two primary segments. Urban properties represent approximately 50% of the portfolio and are located in major metropolitan markets including San Francisco, Los Angeles, Washington D.C., Boston, Chicago, and San Diego. These properties primarily serve business travelers, corporate groups, and urban leisure guests. The resort properties make up the other 50% and are located in leisure destinations such as Key West, Naples, Jekyll Island, and the Pacific Northwest. These properties cater to leisure travelers, destination weddings, corporate retreats, and vacation groups. The hotels operate across multiple market segments, from upscale to luxury, with average daily rates typically ranging from $200 to over $500 per night depending on the property and season. Key properties include flagship hotels like LaPlaya Beach Resort in Naples, Florida, the Nantucket Hotel, and various premium urban hotels in major gateway cities. The company focuses on lifestyle hotels - properties that offer unique experiences, distinctive design, and premium amenities that command rate premiums over standard business hotels.
Revenue model
Pebblebrook generates revenue primarily through hotel room rentals and ancillary services at its owned properties. The company's business model is based on collecting rental income from hotel operations, which includes room revenue (typically 65-70% of total revenue) and food & beverage, spa, parking, and other ancillary services (30-35% of total revenue). Unlike hotel management companies that earn fees, Pebblebrook owns the real estate and captures the full operating profit after paying management fees to third-party operators. The company's revenue is highly sensitive to several key performance metrics: RevPAR (Revenue Per Available Room), which combines occupancy rates and average daily rates (ADR), and Total RevPAR, which includes all revenue streams per available room. In 2024, the company generated approximately $1.45 billion in total revenue with an EBITDA margin of around 22%. Factors that increase profitability include strong economic growth driving business travel, major events and conventions in key markets, successful property renovations that justify rate premiums, and operational efficiencies that reduce costs per occupied room. Conversely, economic downturns significantly impact business travel demand, increased labor costs (particularly in unionized markets), rising interest rates that affect refinancing costs, and competitive new hotel supply in key markets can compress margins. The business is also highly seasonal, with resort properties typically performing better in winter months and urban properties showing strength during weekdays and convention periods. The company's customers are primarily business travelers (corporate transient and groups), leisure travelers, and event organizers. Business customers tend to be less price-sensitive but more economically cyclical, while leisure customers are more price-sensitive but provide demand diversification.
Competitive moat
Pebblebrook's competitive moat is moderate but location-dependent. The company's primary advantage lies in owning irreplaceable real estate in prime urban and resort locations where new hotel development is severely constrained by zoning regulations, high land costs, and lengthy permitting processes. Properties in markets like San Francisco, Nantucket, and Key West benefit from significant barriers to new supply due to geographic constraints and regulatory restrictions. However, the hotel industry is inherently commoditized with limited pricing power during economic downturns. Unlike other real estate sectors, hotels cannot lock in long-term leases and face daily pricing pressure from competitors and online booking platforms. The company's focus on lifestyle and boutique properties provides some differentiation and rate premium capability, but this advantage can erode quickly during economic stress when travelers become more price-conscious. The company's scale as the largest owner of urban lifestyle hotels provides some operational advantages through vendor negotiations and best practice sharing across properties, but these benefits are modest. Brand affiliations with major hotel companies (Marriott, Hilton, Hyatt) provide distribution and loyalty program access but also limit operational flexibility and require ongoing franchise fees. Competition comes from other hotel REITs, private hotel owners, and new supply development. The threat of disruption from alternative accommodations like Airbnb has moderated but remains relevant, particularly for leisure-focused properties. The company's greatest vulnerability is its exposure to economic cycles, as hotel demand and pricing can decline rapidly during recessions, making this a cyclical rather than defensive investment.
Risks & safety
The company presents moderate financial risk with adequate liquidity but elevated leverage ratios. • Liquidity position: Strong with $207 million cash and over $640 million available on unsecured credit facilities as of Q1 2025 • Debt levels: Net debt-to-EBITDA ratio of approximately 5.8x as of Q4 2024, down from 6.5x but still elevated for a REIT • Solvency risk: Low near-term risk given strong liquidity, but debt maturities include convertible notes due December 2026 • Cash flow: Positive operating cash flow of $275 million in 2024, but highly cyclical and sensitive to economic conditions • Valuation metrics: Trading at 0.46x book value and 5.3x EV/EBITDA as of Q1 2025, suggesting potential value but reflecting market concerns about earnings quality • Other considerations: Current ratio below 1.0x indicates working capital constraints; company generates negative net income due to depreciation but positive EBITDA and free cash flow
Recent development
Over the past several years, Pebblebrook has executed a significant portfolio transformation strategy, recycling approximately 30% of its properties since 2020. The company has strategically shifted toward a more balanced mix of urban and resort properties, moving from a predominantly urban portfolio to roughly 50% leisure-focused assets. This included major acquisitions like LaPlaya Beach Resort in Naples, Florida, and strategic dispositions of lower-performing urban assets. The company has invested heavily in property redevelopments and repositioning, completing major renovations at key properties including Newport Harbor Island Resort ($49 million), Estancia La Jolla Hotel & Spa ($26 million), Margaritaville San Diego Gaslamp, and Skamania Lodge. These investments have focused on enhancing the lifestyle positioning of properties to command rate premiums and improve market share. Operational efficiency initiatives have become a major focus, with the company creating an internal R&D group called "Curator" to drive innovations and cost savings across the portfolio. The company has implemented technology solutions, reduced workers' compensation costs by over 60%, and focused on expense management without compromising guest experience. During 2024-2025, management has intensified cost reduction efforts in response to economic uncertainty. Recent strategic moves include balance sheet optimization through debt refinancing, with the company completing a $400 million senior unsecured notes issuance and extending credit facilities to 2029. The company has also been opportunistically repurchasing shares, buying back 6.8 million shares in 2023 at an average price of $14.07, and is considering additional buybacks as a capital allocation strategy given current trading levels below book value.
PEB company profile · for informational purposes only — not investment advice.
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