Pebblebrook Hotel Trust Reports Q3 2026 Results with Strong RevPAR Growth and Share Repurchases

Pebblebrook Hotel Trust reported financial results for the three and nine months ended September 30, 2026, in a press release filed with the SEC on October 29, 2026. For the third quarter, the company reported a net loss of $54.6 million. However, the company highlighted strong operating metrics, with Same-Property Hotel EBITDA reaching $115.2 million. This figure was $10.7 million above the high end of the company's outlook and represented a 15.1% increase compared to the same period in 2025. Adjusted EBITDA for real estate (EBITDAre) was $107.9 million, and Adjusted FFO per diluted share was $0.63, both exceeding previous guidance.

Operational performance showed broad-based growth across the portfolio. Same-Property RevPAR increased by 8.3%, driven by a 7.0% increase in Average Daily Rate (ADR) and a 1.2% increase in Occupancy. The company noted that demand remained resilient through September, continuing momentum after the World Cup and America 250 events. Specific urban markets saw significant gains, including San Francisco (+14.5%), Chicago (+12.7%), and Los Angeles (+10.7%). The company also reported that Same-Property Total Revenue grew by 6.9%, while expenses increased by only 4.0%, resulting in a 205 basis point expansion in EBITDA margin.

In terms of capital allocation, Pebblebrook completed the sale of The Hotel Zags in Portland, Oregon, for $10.0 million. The company repurchased 1.2 million common shares for $20.9 million at an average price of $18.12 per share, and 0.4 million preferred shares for $7.2 million. The company also declared a quarterly cash dividend of $0.01 per common share and specific dividends for its Series E, F, G, and H preferred shares.

The company updated its 2026 outlook, projecting a net loss of $60.5 million to $56.5 million. It raised its Same-Property RevPAR growth forecast to 7.6% to 8.0% and its Adjusted FFO per diluted share forecast to $1.88 to $1.92. The company also revised its capital investment outlook for the full year to $60 million to $70 million, citing project timing.