BETHESDA, Md.–(BUSINESS WIRE)–Pebblebrook Hotel Trust (NYSE: PEB) today announced that it acquired the AAA Four Diamond 119-room Inn on Fifth in Naples, Florida for $156.0 million on May 11, 2022. As previously announced, the Company retained Noble House Hotels & Resorts to manage this unique independent luxury resort property at the center of Downtown Naples.
The acquisition of Inn on Fifth brings the total number of properties in the Company’s portfolio to 54, including 12 unique drive-to, independent lifestyle resorts and 6 properties in South Florida.
The Company funded the acquisition with approximately $78.0 million of cash and approximately $77.6 million of perpetual preferred operating partnership units (3.104 million units at $25.00 per unit) with an annual distribution rate of 6.0% and approximately $0.4 million of common units.
The Company has revised its Q2 2022 outlook to take the acquisition into account. The Company’s revised outlook for Q2 2022 is as follows:
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New Q2 2022 Outlook |
Variance to Old Outlook |
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Low |
High |
Low |
High |
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($ and shares/units in millions, except per share and RevPAR data) |
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Net income |
$19.1 |
$29.1 |
$0.6 |
$0.6 |
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Adjusted EBITDAre |
$108.5 |
$118.5 |
$1.0 |
$1.0 |
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Adjusted FFO |
$73.5 |
$83.5 |
$0.0 |
$0.0 |
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Adjusted FFO per diluted share |
$0.56 |
$0.63 |
$0.00 |
$0.00 |
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This revised Q2 2022 outlook is based, in part, on the following estimates and assumptions: |
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Same-Property RevPAR |
$209 |
$214 |
$0 |
$0 |
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Same-Property RevPAR vs. 2019 |
(10.0%) |
(8.0%) |
0.0% |
0.0% |
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Same-Property RevPAR vs. 2021 |
92.8% |
97.0% |
(4.0%) |
(4.2%) |
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Same-Property EBITDA |
$121.0 |
$131.0 |
$1.0 |
$1.0 |
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Same-Property EBITDA vs. 2019 |
(18.3%) |
(11.6%) |
0.2% |
0.1% |
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About Pebblebrook Hotel Trust
Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) and the largest owner of urban and resort lifestyle hotels and resorts in the United States. The Company owns 54 hotels and resorts, totaling approximately 13,400 guest rooms across 15 urban and resort markets. For more information, visit www.pebblebrookhotels.com and follow us at @PebblebrookPEB.
About Noble House Hotels & Resorts
Built on a philosophy that emphasizes location, distinction, and soul, Noble House Hotels & Resorts dedicates itself to creating and managing exceptional properties that celebrate their local communities. Headquartered in Seattle, Washington and continuously growing, the Noble House portfolio features a luxury and upper upscale portfolio of 20 distinct and visually captivating hotel properties, over 60 restaurants, bars, and lounges, the Napa Valley Wine Train, and a collection of spas, marinas, and private residences throughout the U.S. and Canada. A range of beachfront resorts spanning California and Florida, luxury retreats in Jackson Hole, WY, British Columbia, and Colorado, and award-winning urban hotels in Seattle and San Francisco punctuate the diverse collection. Centered within destinations worthy of every bucket list and layered with unique amenities that inspire adventure, the curated collection of one-of-a-kind hotels, resorts, and adventures, are known for creating unforgettable travel experiences. For more information, visit www.noblehousehotels.com
