Core Insights - Pebblebrook Hotel Trust reported stronger than expected fourth-quarter results for 2025, driven by increased demand trends and disciplined expense management despite challenges from a government shutdown [4][3]. Financial Performance - Adjusted EBITDA rose 11.1% year-over-year to $69.7 million, exceeding guidance by approximately $6 million, supported by strong hotel-level results and lower corporate G&A [2][6]. - Adjusted EPS was $0.27, which is $0.05 above the midpoint of guidance and a 35% increase from the fourth quarter of 2024 [2][3]. - Same-property total RevPAR increased by 2.9%, while same-property hotel EBITDA rose 3.9% to $64.6 million, surpassing the company's outlook by $2.2 million [3][6]. Market Performance - Redeveloped resorts and San Francisco were key growth drivers, with San Francisco's RevPAR increasing by approximately 32-38% and resort EBITDA rising by 17.4% [6][9]. - The Newport Harbor Island Resort showed significant improvement with total RevPAR up 38.5% and EBITDA increasing by $9.3 million [8]. - Other markets like Los Angeles and Washington D.C. faced disruptions, impacting overall performance [7][10]. Cost Management - Same-property expenses grew by 3%, with total expense growth at 2.2% when excluding real estate tax and other credits [11]. - Corporate staffing levels were reduced by about 10% year-over-year, contributing to streamlined operations and expected modest declines in corporate cash G&A for 2026 [12]. Capital Allocation and Outlook - Management lowered 2026 CapEx guidance to $65-75 million and completed over $116 million in asset sales, using proceeds for debt reduction and share repurchases [5][15]. - The company refinanced near-term maturities with a $450 million term loan, extending maturities and increasing the unencumbered asset base [16]. - For early 2026, January RevPAR increased by 4.6%, with February projected to exceed 15% growth, while full-year guidance for 2026 anticipates RevPAR growth of 2% to 4% [18][19].

Marriott International, Inc. (NASDAQ:MAR) is one of the stocks Jim Cramer Recently Discussed. Cramer highlighted the stock while showing a positive sentiment toward the travel industry, as he remarked: I like Booking Holdings. I like Marriott for travel. I think the travel bull market lives. They won’t be brought down by Anthropic. Hotel, Hospitality, Building Photo by Jonathan Kemper on Unsplash Marriott International, Inc. (NASDAQ:MAR) operates and franchises hotels, residences, and timeshares, rang ...

Both executives pointed to government and inbound international demand as a key drag. Stanner said those segments, which together represent about 10% to 15% of total room nights across the portfolio, declined around 20% on a blended basis during the quarter. Excluding government and international inbound segments, Stanner said fourth-quarter RevPAR increased roughly 60 basis points year over year.Conkling added that fourth-quarter pro forma RevPAR declined 1.8%, with occupancy down 0.7% and average daily ra ...

In the current market session, Wynn Resorts Inc. (NASDAQ:WYNN) stock price is at $107.90, after a 2.12% drop. However, over the past month, the company's stock increased by 0.30%, and in the past year, by 21.19%. Shareholders might be interested in knowing whether the stock is overvalued, even if the company is not performing up to par in the current session. A Look at Wynn Resorts P/E Relative to Its CompetitorsThe P/E ratio measures the current share price to the company's EPS. It is used by long-term inv ...

Financial Data and Key Metrics Changes - The fourth quarter operating results exceeded expectations, with total RevPAR growth of 7.4% in the quarter, or 12.5% including contributions from Andaz Miami Beach [5][19] - Rooms RevPAR grew by 9.6% in the quarter, with a 540 basis point benefit from Andaz Miami Beach [19] - Adjusted EBITDAre for the fourth quarter was reported at $57 million, and Adjusted FFO was $0.20 per diluted share [19][24] Business Line Data and Key Metrics Changes - Resorts led the portfolio with a 19% RevPAR growth in Maui, while Andaz Miami Beach outperformed expectations [6][7] - Montage Healdsburg achieved 15% total RevPAR growth in the quarter, and Marriott Long Beach Downtown generated 12% growth [7][8] - Urban hotels showed less robust top-line growth, but margins improved due to cost control measures [8][10] Market Data and Key Metrics Changes - The Portland market showed nearly 13% growth, while Boston and New Orleans faced softer markets [7] - Group revenue production in Orlando increased over 10% last year, indicating a strong start for 2026 [9] - The Washington D.C. market faced challenges due to government spending cuts and a government shutdown, impacting performance [10][12] Company Strategy and Development Direction - The company is focused on three strategic objectives: recycling capital, investing in the portfolio, and returning capital to shareholders [4][14] - The management team is committed to maximizing shareholder value through asset sales and stock repurchases [27] - The company plans to continue executing its capital recycling strategy while remaining disciplined in capital allocation [18][47] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, citing strong early performance from Andaz Miami Beach and positive signs in Northern California [11][12] - The company anticipates RevPAR growth of 4% to 7% for rooms and 3.5% to 6.5% for total RevPAR in 2026 [22][23] - Management highlighted potential headwinds from softer transient demand in San Diego and uncertainty in D.C. [12][13] Other Important Information - The company returned over $170 million to shareholders through dividends and share repurchases [5] - The board has reauthorized a $500 million share repurchase program [25] - The company has a strong balance sheet with over $200 million in cash and total liquidity exceeding $700 million [20][21] Q&A Session Questions and Answers Question: Can you walk through the 1.5% midpoint of 2026 RevPAR growth ex-Andaz? - Management noted that Maui is seeing growth, and the transient demand is up about 53%, which will help cover shortfalls [32][33] Question: Can you discuss the expense growth implied in guidance? - Management indicated that total expense growth is around 3%, with labor costs decreasing slightly and energy prices increasing [36][39] Question: Are you expecting to be a net seller of assets? - Management confirmed that they are looking to realize private market values for hotels and resorts, continuing their strategy of recycling assets [44][47] Question: Why is total RevPAR guidance lower than RevPAR outlook? - Management explained that larger assets in D.C. and San Diego are impacting group business and ancillary spend, affecting total RevPAR [51][52] Question: What is the impact of the sale process on operations? - Management stated that the management contracts for hotels remain in place, so day-to-day operations are not impacted [72][73]

Financial Data and Key Metrics Changes - The fourth quarter operating results exceeded expectations, with total RevPAR growth of 7.4%, or 12.5% including contributions from Andaz Miami Beach [8][31] - Adjusted EBITDAre for the fourth quarter was reported at $57 million, with Adjusted FFO of $0.20 per diluted share [32] - Full-year earnings were ahead of the midpoint of guidance, with comparable portfolio margin growth of 40 basis points on total RevPAR growth of 3.5% [17][32] Business Line Data and Key Metrics Changes - Resorts led the portfolio with a 19% RevPAR growth in Maui, while Andaz Miami Beach outperformed expectations [9][10] - Urban hotels showed mixed results, with Marriott Long Beach Downtown achieving 12% RevPAR growth, but Boston and New Orleans faced challenges [12][13] - Convention hotels reported RevPAR growth of 2.8%, with San Francisco being a standout performer [13] Market Data and Key Metrics Changes - The Wailea Beach Resort saw a significant recovery, with a RevPAR index increase of 17 points sequentially into the fourth quarter [26] - Group revenue production in Orlando increased over 10% last year, indicating a positive trend for future performance [15] - The D.C. market faced headwinds from government spending cuts and a government shutdown, impacting overall performance [16][102] Company Strategy and Development Direction - The company is focused on three strategic objectives: recycling capital, investing in the portfolio, and returning capital to shareholders [5][23] - The management team is committed to maximizing shareholder value through asset sales and stock repurchases [43][65] - The company anticipates continued growth from operations and investment projects, despite a cautious outlook for certain markets [18][20] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, expecting rooms RevPAR to increase between 4% and 7% [35] - The company noted potential headwinds from softer transient demand in San Diego and uncertainty in D.C. [20] - Positive signs of market recovery were highlighted, particularly in Northern California and Maui [19][20] Other Important Information - The company has over $200 million in cash and cash equivalents, with total liquidity exceeding $700 million [33][34] - A common dividend of $0.09 per share has been authorized for the first quarter, alongside a repurchase program reauthorized up to $500 million [40][41] Q&A Session Summary Question: Can you discuss the 1.5% midpoint of 2026 RevPAR growth ex-Andaz? - Management noted that Maui is showing growth, with a stabilization in the Kaanapali market, and transient demand is up [47][48] Question: What is the expense growth implied in guidance? - Expense growth is expected around 3%, with labor costs decreasing slightly and energy prices increasing [52][56] Question: Are you expecting to be a net seller of assets? - Management indicated a pickup in transactions and a focus on realizing private market values for assets [62][65] Question: Why is total RevPAR guidance lower than RevPAR outlook? - The impact of renovations and group business limitations in D.C. and San Diego were cited as factors [70][71] Question: What is the outlook for the San Diego market? - Management reported positive signs of recovery in transient demand, particularly from government contractors [75] Question: Can you elaborate on the operating environment's impact on guidance? - Management highlighted potential headwinds from government-related events and positive signs from transient demand recovery [101][102]

Financial Data and Key Metrics Changes - The fourth quarter operating results exceeded expectations, with total RevPAR growth of 7.4% in the quarter, or 12.5% including the contribution from Andaz Miami Beach [5][21] - Adjusted EBITDAre for the fourth quarter was reported at $57 million, with Adjusted FFO of $0.20 per diluted share [21] - The company maintained a strong balance sheet with net leverage of 3.5 times trailing earnings, or 4.7 times including preferred equity [22] Business Line Data and Key Metrics Changes - Resorts led the portfolio with a 19% RevPAR growth in Maui, while Andaz Miami Beach outperformed expectations [6][7] - Urban hotels showed mixed results, with Marriott Long Beach Downtown achieving 12% RevPAR growth, but Boston and New Orleans faced softer markets [8][9] - Convention hotels experienced RevPAR growth of 2.8%, with San Francisco being a standout performer [9] Market Data and Key Metrics Changes - The company noted a recovery in the Northern California market and positive signs in Wailea, with expectations for industry-wide lift from upcoming events [12][13] - The D.C. market faced challenges due to government spending cuts and a shutdown, impacting performance [11][76] - Transient demand in San Diego showed improvement, with early signs of recovery noted in January and February [13][55] Company Strategy and Development Direction - The company is focused on three strategic objectives: recycling capital, investing in the portfolio, and returning capital to shareholders [4][14] - Plans for 2026 include continued investment in properties and potential asset sales to realize value [29][45] - The company aims to manage costs effectively while pursuing growth opportunities in a cautious market environment [11][14] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, expecting rooms RevPAR to increase between 4% and 7% [23] - The company anticipates a strong first quarter due to contributions from Andaz and improved performance in Maui [24] - Management highlighted the importance of controlling costs and managing margins amid inflationary pressures [11][40] Other Important Information - The company returned over $170 million to shareholders through dividends and share repurchases [5] - A common dividend of $0.09 per share was authorized for the first quarter, alongside routine distributions for preferred securities [27] - The board reauthorized a share repurchase program of up to $500 million [27] Q&A Session Summary Question: Can you discuss the 1.5% midpoint of 2026 RevPAR growth excluding Andaz? - Management noted that Maui is seeing growth, and transient demand is improving, which should help cover shortfalls in group business [32][35] Question: What are the key drivers of expense growth in guidance? - Expense growth is expected around 3%, with labor costs decreasing slightly and energy prices increasing [38][40] Question: Is the company expecting to be a net seller of assets? - Management indicated a pickup in transactions and a focus on realizing private market values for assets [45][46] Question: Why is total RevPAR guidance lower than RevPAR outlook? - The company cited challenges in larger assets and group business impacting ancillary spend [50][51] Question: What external events could impact guidance? - Management highlighted potential headwinds from government-related events and positive signs from upcoming celebrations [76][78] Question: Can you elaborate on CapEx guidance? - The largest projects will be front-loaded, with significant spending on meeting space renovations and other maintenance projects [80][81]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net loss attributable to common stockholders of $46 million, or $0.67 per diluted share, and an AFFO per diluted share of -$0.02. For the full year, the net loss was $72.7 million, or $1.07 per diluted share, with an AFFO per diluted share of $0.28 [12][14] - Adjusted EBITDAre for Q4 was $28.8 million, while for the full year it was $147 million. Total assets at quarter end were $1.9 billion, with $1.1 billion in loans and a blended average interest rate of 6.7% [12][13] - The company ended the quarter with cash and cash equivalents of $124.4 million and restricted cash of $42.5 million [13] Business Line Data and Key Metrics Changes - Comparable total revenue growth for Q4 was 1.8%, while full-year comparable total revenue growth was 2.8%. Comparable Hotel EBITDA growth for Q4 was 6% and for the full year it was 3.1% [6][8] - The resort portfolio reported a comparable RevPAR of $536, a 4.1% increase over the prior year, and comparable Hotel EBITDA of $32.5 million, a 6% increase [9][19] - Excluding hotels under renovation, RevPAR growth was 2.6%, and comparable Hotel EBITDA increased 6.4% [8][18] Market Data and Key Metrics Changes - The company’s portfolio consisted of 13 hotels with 3,028 rooms as of December 31, 2025 [17] - Group room revenue increased by 7.1% for the full year, with Q4 group room revenue up 0.4% compared to the prior year [20] - The Ritz-Carlton, Sarasota achieved a RevPAR increase of 25.5% and Hotel EBITDA improvement of 48% compared to the prior year [24] Company Strategy and Development Direction - The company has initiated a sale process and engaged Robert W. Baird & Co. as its financial advisor, with no definitive timetable for completion [5] - The strategic repositioning of Cameo Beverly Hills to Hilton's luxury LXR brand reflects the company's commitment to enhancing guest experience and competitive positioning [11] - The company plans to continue redeeming non-traded preferred stock to deleverage its platform and improve cash flow per share [11] Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the portfolio's performance despite a challenging operating environment in the hospitality industry [8][28] - The company remains optimistic about sustaining operating momentum and delivering strong results in the future [20][27] - Management highlighted the importance of high-margin ancillary revenue streams and the effectiveness of targeted sales strategies [21][22] Other Important Information - The company sold the 410-room Clancy in San Francisco for $115 million, which allowed for a $65 million debt paydown and retained approximately $44 million in net proceeds [10] - Capital expenditures in 2025 totaled approximately $78 million, with anticipated spending between $25 million and $35 million in 2026 [26] Q&A Session Summary - The Q&A session included inquiries about the company's sale process, future capital expenditures, and strategies for enhancing revenue streams. Management reiterated their focus on shareholder value and operational efficiency [28]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net loss attributable to common stockholders of $46 million, or $0.67 per diluted share, and an AFFO per diluted share of -$0.02 [12] - For the full year 2025, the net loss attributable to common stockholders was $72.7 million, or $1.07 per diluted share, with an AFFO per diluted share of $0.28 [12] - Adjusted EBITDAre for Q4 was $28.8 million, while for the full year it was $147 million [12] - Total assets at quarter end were $1.9 billion, with $1.1 billion in loans and a blended average interest rate of 6.7% [12][13] Business Line Data and Key Metrics Changes - Comparable total revenue growth for Q4 was 1.8%, while full-year comparable total revenue growth was 2.8% [6][8] - Comparable Hotel EBITDA for Q4 increased by 6%, and for the full year, it grew by 3.1% [8][19] - The resort portfolio reported a comparable RevPAR of $536, a 4.1% increase over the prior year, and comparable Hotel EBITDA of $32.5 million, a 6% increase [9] Market Data and Key Metrics Changes - Comparable hotel RevPAR was flat for Q4, but ADR improved by 5.4% compared to the prior year [18] - Excluding properties under renovation, RevPAR increased by 4.6% and Total RevPAR increased by 6.3% for Q4 [18] - Group room revenue for the full year increased by 7.1%, with Q4 group room revenue up 0.4% [20] Company Strategy and Development Direction - The company has initiated a sale process and engaged Robert W. Baird & Co. as its financial advisor, with no definitive timetable for completion [5] - The company is focusing on high-margin ancillary revenue streams to drive profitability [19] - Recent renovations and strategic repositioning of properties, such as the conversion of Cameo Beverly Hills to Hilton's LXR brand, reflect the company's commitment to enhancing guest experiences [11][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining operating momentum and delivering strong results in the future [19] - The company is optimistic about opportunities ahead and plans to continue enhancing its diversified platform [27] - Management highlighted the resilience of the portfolio and the positive impact of recent renovations on future performance [11][28] Other Important Information - The company sold the 410-room Clancy in San Francisco for $115 million, which allowed for a $65 million debt paydown [10] - Approximately $149 million of non-traded preferred stock has been redeemed, representing about 32% of the original capital raise [11] - Capital expenditures in 2025 totaled approximately $78 million, with an anticipated spending of $25 million to $35 million in 2026 [26] Q&A Session Summary - The management team addressed questions regarding the impact of renovations on performance and the strategic direction of the company amidst the sale process [28]

Core Insights - Choice Hotels International, Inc. is hosting its 11th annual technology and innovation summit called "Mastery," focusing on leveraging AI and emerging technologies to solve real business challenges [1][2] Group 1: Event Overview - The Mastery summit will involve over 800 associates participating in hands-on workshops, collaborative competitions, and knowledge-sharing sessions aimed at enhancing franchisee operations [1] - Interactive challenges such as "Capture the Flag" and AWS AI league will test participants' problem-solving and AI capabilities [3] Group 2: Technological Advancements - The summit will explore advancements in AI, cloud-based platforms, data analytics, and cybersecurity to improve business intelligence and operational efficiency [2] - A notable project from the previous year involved modernizing the Hotel Suite system, which resulted in saving over $750,000 and significantly reducing project timelines through the use of generative AI [4] Group 3: Historical Context of Innovation - Choice Hotels has a long history of innovation, including launching the first hotel website with real-time rates in 1995 and the first cloud-based property management system in 2003 [6][10] - The company has consistently introduced industry-first technologies, such as the first hotel app for iOS in 2009 and the first AI mobile-first revenue management solution in 2021 [6][10] Group 4: Community Engagement - In addition to technological innovation, the Mastery event includes a community service initiative called Bey's Blessing, where associates will assemble comfort kits for the unsheltered community [7]