Pebblebrook Hotel Trust 2024年度报告

Property Locations Boston, MA Hyatt Regency Boston HarborThe Liberty, a Luxury Collection Hotel, BostonRevere Hotel Boston CommonW BostonThe Westin Copley Place, Boston Chicago, ILHotel Chicago Downtown, Autograph CollectionThe Westin Michigan Avenue Chicago San Diego, CA Embassy Suites San Diego Bay–DowntownEstancia La Jolla Hotel & SpaHilton San Diego Gaslamp QuarterL'Auberge Del MarMargaritaville Hotel San Diego Gaslamp QuarterParadise Point Resort & SpaSan Diego Mission Bay ResortThe Westin San Diego Gaslamp Quarter Columbia River Gorge, WASkamania Lodge Florida & Georgia Gold CoastInn on Fifth Jekyll Island Club ResortLaPlayaBeach Resort & ClubMargaritaville Hollywood Beach ResortThe Marker Key West Harbor ResortSouthernmost Beach Resort Key West San Francisco, CAArgonaut Hotel Chaminade Resort & SpaHarbor Court Hotel San FranciscoHotelZelosSan FranciscoHotel Zephyr Fisherman's WharfHotel Zeppelin San FranciscoHotel Zetta San Francisco1 Hotel San Francisco Los Angeles, CAChamberlain West Hollywood Hotel Hotel Palomar Los Angeles Beverly HillsHotel Ziggy Los AngelesHyatt CentricDelfina Santa MonicaLe Parc at MelroseMondrian LosAngelesMontrose at Beverly HillsViceroy Santa Monica HotelW Los Angeles–West Beverly Hills Washington, DCGeorge HotelHotel Monaco Washington DCHotel Zena Washington DCViceroy Washington DC Newport, RINewport Harbor Island Resort Portland, ORThe Hotel ZagsThe Nines, a Luxury Collection Hotel, Portland TO OUR FELLOW SHAREHOLDERS targeted to be completed inthe second quarter of2025. As partoftherestorationprocessfollowingHurricaneIan,weimplementedsignificantstructural enhancementstofurtherfortify the resortagainst future storms,providing forgreaterdurability and resilience. Thebenefitsof these improvementswereevident in the aftermath of Helene and Milton, asthe resortexperiencedrelativelyminimal damage,reduced downtime, anda far moreefficient recovery.Building on this success, we plan toundertakeadditionalupgradesin2025tofurtherenhanceLaPlaya’s resilience, ensuring it remains a premier Gulf Coastleisuredestination whileimprovingits ability to withstand andmore quickly recover fromfuture weatherchallenges.We havetaken the best ideas from our experience with LaPlayaandstrengthened our portfoliooverall. Aswereflecton2024,wearepleasedtoreportayearcharacterizedbyresilience, reinvestment, and renewal.Througha focused investment strategy, thoughtful capital allocation, anda relentless focus onexcellence and operating efficiency, we havemademeaningful progress inenhancing the quality of ourportfolio,elevating guest experiences,improving our individualproperty operating models,and positioningPebblebrookforsustainedgrowth.Ourlifestyleresortsdeliveredstrongperformance,benefittingfromsignificantstrategicimprovements we’ve made in recent years at so many ofourresortproperties, alongside a recovery in group business and therevival of leisure travel.In addition,our urban propertiescontinued their steady recovery,drivenbyimprovingbusinessgroup, transient, and leisure travelers returning to the cities. In 2024, ourrecently redeveloped and repositioned propertiessignificantly outperformed expectations, achieving occupancygrowth of 4.7 percentage points and Total RevPAR growth of6.3%, leading to a remarkable competitive market share gain of1,100basispoints.Notably,EmbassySuitesSanDiegoDowntown, Westin San Diego Gaslamp Quarter, MargaritavilleSan Diego Gaslamp,and 1 Hotel San Francisco demonstratedimpressive market share improvements. These results validateour strategic approach to redevelopmentand the attractivereturns we can achieve on these investments, and we anticipatecontinued upside from these properties well into 2027. In 2024, our Same-Property occupancy climbed nearly threepercentagepoints,reaching71%,underscoringcontinueddemand recovery and resiliency across our markets.Our urbanhotels notably benefitted from robust demand growth in keymarkets such as San Diego, Boston, and Chicago. Although urbanoccupancy remains well below pre-pandemic levels, we see thisas a substantial growth opportunity in the years ahead, drivenbya continued normalization of business travel, growing conventionactivity,and a resurgence of leisure travel to the major urbanmarkets. Beyond reinvesting in our properties, we remain committed todisciplined capital allocation to drive shareholder value. In 2024,we repurchased nearly $15 millionofcommon sharesat anapproximate 50% discount to our most recently published NetAsset Value (“NAV”) per share. These actions underscore ourconfidenceintheintrinsicvalueofourportfolioandourdedication to maximizing shareholder returns. Our resorts achieved similarly strong results, withoccupancyrisingnearlythreepercentagepointsfrom2023.Thisperformancereinforcesourstrategicshifttoreduceourportfolio’s reliance on business transient travelers by targetingincreasedbusinessgroupandleisuretransientcustomersthroughthoughtfulstrategicacquisitionsofresortsanddispositionsofurbanh