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US: Pebblebrook Hotel Trust has recorded a like-for-like increase in pro forma earnings of 28.6 per cent for Q2 2012.
The Maryland-based hotel owner’s portfolio generated $35.9 million of pro forma Hotel EBITDA for the quarter ended June 30, 2012, an improvement of 28.6 per cent compared to the same period of 2011
REVPAR was up 12.9 percent to $186.32, average daily rate was up 5.4 per cent to $219.57, and occupancy increased 7.1 per cent to 84.9 per cent.
Jon E. Bortz, chairman, president and CEO of Pebblebrook Hotel Trust said: “We’re extremely pleased with the exceptional performance of our portfolio in the second quarter. Our hotels benefitted from the continued strength in business and leisure transient travel, improving group demand, and healthy inbound international travel, all despite ongoing global uncertainty and a sluggish U.S. economy. Our favorable operating results demonstrate the benefits of owning high-quality hotels in well-located urban gateway markets. We continue to believe our properties have tremendous upside opportunities from recently completed renovations and repositionings and through our comprehensive asset management efforts focused on implementing best practices, creating more efficient operations and lowering hotel operating expenses.”
Since its initial public offering in December 2009, the company has acquired 23 properties (six through a joint venture) totalling $1.8 billion of invested capital.
