Pebblebrook Hotel Trust (PEB) Reports Q4 Revenues Above Consensus

Pebblebrook Hotel Trust (NYSE: PEB) reported Q4 revenue for the quarter came in at $235.64 million versus the consensus estimate of $207.53 million.

“Our fourth quarter results conclude a transformational year for Pebblebrook, with our acquisition of LaSalle making us the largest owner of lifestyle-oriented hotels and resorts in the country,” said Jon E. Bortz, Chairman, President and Chief Executive Officer of Pebblebrook Hotel Trust. “Since the closing of the LaSalle acquisition on November 30, 2018, we have made tremendous progress integrating the legacy LaSalle hotels into our portfolio, as well as all of the former LaSalle employees who have joined our team. As we look ahead to 2019, despite softening global economic growth trends, group and transient business travel along with leisure travel demand remain solid. We are excited about the many substantive opportunities within the new, larger Pebblebrook portfolio and believe our portfolio-wide initiatives and our comprehensive best practices program, which have been enhanced and augmented with the addition of the LaSalle team, will generate significant benefits for the combined portfolio. We remain confident that the previously announced $18.0 to $20.0 million of annualized corporate synergies and expense savings will be realized, although they will be partially offset, as previously discussed, by an estimated $10.0 million of additional real estate tax expenses due to California’s Proposition 13. Finally, we continue to make great progress executing on our strategic disposition program, most recently with our sales of the Liaison Capitol Hill and Hotel Palomar Washington, DC.”

For earnings history and earnings-related data on Pebblebrook Hotel Trust (PEB) click here.

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