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Mar 31, 2021
Pebblebrook Q1 2021 Earnings Report
Pebblebrook reported first quarter results, showing improving demand trends and a reduction in cash burn.
Key Takeaways
Pebblebrook Hotel Trust reported a net loss of $121.4 million for Q1 2021. However, hotel demand and booking trends accelerated throughout the quarter, with March Same-Property Hotel EBITDA turning positive. The company's total corporate cash burn declined in March, and they believe they could eliminate monthly cash burn in Q3.
Hotel demand and booking trends accelerated throughout Q1, with March Same-Property Hotel EBITDA positive.
Occupancy at open hotels increased from 19.3% in January to 34.8% in March.
Total corporate cash burn declined to approximately $12.0 million in March.
As of March 31, 2021, Pebblebrook had $124.6 million in cash on hand and $767.8 million in liquidity.
Forward Guidance
Due to the uncertainties related to the COVID-19 pandemic, its impact on travel, and variable and unpredictable government restrictions, the Company is unable to provide an outlook for 2021 at this time. For Q2 2021, the Company expects Same-Property Room Revenues and Total Revenues to be down between (66%) and (70%) compared to Q2 2019.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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