Pebblebrook Hotel raises Q1 adjusted FFO view 63c-65c from 51c-55c
Consensus 54c. Pebblebrook Hotel Trust provided an update on its 1Q18 performance as compared to its outlook provided on February 22, 2018. Based upon a preliminary review of operating and financial results, the company has updated its 1Q18 outlook as follows: The company sees net income of $22.2M- $23.7M, up from $14.5M-$17.5M and sees Same-Property RevPAR growth rate down 0.50%-0.25%, up from a decrease of 3.50%- 1.50%. The company also sees Same-Property EBITDA $53.3M-$54.8M, up from $48.5M-$51.5M, Adjusted EBITDA $57M-$58.5M, up from $47.1M- $50.1M, and Adjusted FFO per diluted share 63c-65c, up from 51c-55c. "We are encouraged by the improved business travel demand that we experienced during the first quarter, which was much stronger than expected," said Jon Bortz, chairman, president and CEO. "These positive business travel trends include increased short-term group and transient bookings, fewer cancellations, better group attendance and increased overall group spend, as well as solid demand from the leisure segment. These trends seem to be continuing into the second quarter."