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Dec 31, 2025
Pebblebrook Q4 2025 Earnings Report
Pebblebrook Q4 2025 Earnings Report
Key Takeaways
Pebblebrook reported a net loss for Q4 2025, primarily due to impairment charges, but saw growth in Same-Property Hotel EBITDA and Adjusted EBITDAre. The company benefited from a strong recovery in San Francisco and resilient resort demand, while facing challenges in Washington DC and San Diego due to government-related disruptions.
Same-Property Hotel EBITDA grew 3.9% to $64.6 million, exceeding the company's outlook midpoint.
San Francisco market saw a significant recovery with Q4 RevPAR increasing by 37.9%.
The company completed $116.3 million in hotel dispositions in Q4, using proceeds to reduce debt.
Corporate staffing was reduced by approximately 10% to improve operational efficiency and free cash flow.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company is cautiously optimistic for 2026, forecasting healthy economic growth and a favorable events calendar, while remaining mindful of macroeconomic uncertainty.
Positive Outlook
- Forecasted healthy economic growth and constructive holiday calendar.
- Favorable schedule of major leisure events across many markets.
- Easy comparisons in Los Angeles and Washington, DC for the upcoming year.
- Limited new hotel supply growth in key markets.
- Expected expansion of Same-Property EBITDA margins through efficiency initiatives.
Challenges Ahead
- Macroeconomic and policy uncertainty could negatively affect demand.
- Potential for further government-related disruptions.
- Volatility in urban market recovery.
- Impact of winter storms (e.g., Winter Storm Fern) on early Q1 results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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