Pebblebrook Hotel Trust Reports 2020 Results

Pebblebrook Hotel Trust (NYSE: PEB):

OPERATING STATUS OF HOTELS AND RESORTS

  • 38 hotels and resorts currently open, which is approximately three-fourths of the Company’s portfolio; these 38 properties accounted for 73% of the Company’s 2019 Hotel EBITDA
  • As expected, demand softened in November and December of 2020 compared with prior months due to the typical seasonal winter slowdown in travel and increased government restrictions in response to the dramatic rise in COVID infections nationwide.
  • The softer demand trends continued into January 2021. However, the Company is encouraged that hotel demand and booking trends for February and March have improved materially from January.
  • The Company’s remaining suspended hotels are expected to re-open in the coming months as demand recovers.

AVERAGE MONTHLY CASH BURN

  • During the fourth quarter of 2020, monthly cash burn at the Company’s hotels averaged in the range of its previous estimate of $5 to $8 million, with December running at approximately $9 million, due to typical winter seasonality and a dramatic rise in COVID-19 cases and government restrictions.
  • Total monthly corporate cash burn in the fourth quarter of 2020 averaged in the range of its previous estimate, running at $16 to $21 million.

BALANCE SHEET & LIQUIDITY

  • In December, the Company issued $500.0 million of convertible senior unsecured notes with a 1.75% coupon and reopened the securities in Q1 raising an additional $263.75 million. Proceeds from these offerings increased the Company’s liquidity and reduced near term outstanding debt.
  • On February 18, 2021, the Company and its lending partners agreed to amend its credit agreements to waive financial covenants until the first quarter of 2022 and provide substantially less restrictive covenants and increased investment flexibility through the end of the first quarter of 2023.
  • Currently, the Company has cash on hand of approximately $127 million and liquidity of approximately $770 million, which includes $643.2 million available on the Company’s $650.0 million revolving credit facility.
  • Net debt to depreciated book value at the end of Q4 2020 was 39%

Q1 2021 OUTLOOK

  • Given the uncertainties related to the pandemic, its impact on travel, and variable and unpredictable government restrictions, the Company is unable to provide an outlook for 2021 at this time.
  • Based on our January preliminary results, and February’s results and trends, the Company anticipates Q1 2021 revenues will likely be roughly in-line with Q4 2020, with Same-Property Room Revenues currently estimated to decline 80% to 81% compared with Q1 2019.

(1) See tables later in this press release for a description of Same-Property information and reconciliations from net income (loss) to non-GAAP financial measures.

"As we close what has been an unprecedented year, I am incredibly proud of our hotel team members and corporate employees in all that we accomplished throughout 2020. From the onset of COVID-19, we quickly rallied together to mitigate the pandemic's effects by successfully reducing costs and capitalizing on our strategic initiatives. Despite the challenging environment, we completed approximately $400 million of property dispositions at very attractive values. We successfully issued $750 million of highly attractive convertible notes, which significantly enhanced our liquidity, allowed us to pay down near-term debt maturities and provided for future debt to equity conversion at very favorable equity pricing. We also completed numerous transformative property renovations and redevelopments, including San Diego Mission Bay Resort, Viceroy Santa Monica Hotel, Chaminade Resort & Spa, Hotel Zena Washington DC, Le Parc Suite Hotel West Hollywood and Viceroy Washington DC. And in November, we launched Curator Hotel & Resort Collection with six industry-leading hotel operators as founding members. We believe that Curator will generate significant future value for our shareholders as we rapidly add new member hotels and increase the cost-saving offerings and benefits provided by Curator. 2020 marked the most challenging year for the hotel industry in decades, and the most challenging ever for Pebblebrook. However, our combined strategic actions and tireless hard work have set the foundation for 2021, which we expect to be a year of gradual recovery as leisure and business travel demand returns. We are cautiously optimistic that we will return to profitability in the second half of this year, and we feel confident we are in a great position for significant growth and investment opportunities in the years ahead."

-Jon E. Bortz, Chairman, President, and Chief Executive Officer of Pebblebrook Hotel Trust

Fourth Quarter and Full-Year Highlights

Fourth Quarter

Year Ended December 31,

2020

2019

2020

2019

($ in millions except per share and RevPAR data)

Net income (loss)

($173.2)

$19.6

($392.6)

$115.7

 

Same-Property Room Revenues(1)

$48.0

$235.1

$279.8

$1,019.8

Same-Property Room Revenues growth rate

(79.6%)

(72.6%)

Same-Property Total Revenues(1)

$74.0

$353.2

$429.0

$1,490.5

Same-Property Total Revenues growth rate

(79.1%)

(71.2%)

Same-Property Total Expenses(1)

$93.9

$251.8

$468.4

$1,014.5

Same-Property Total Expense growth rate

(62.7%)

(53.8%)

Same-Property EBITDA(1)

($19.9)

$101.4

($39.4)

$476.0

Same-Property EBITDA growth rate

(119.7%)

(108.3%)

 

Adjusted EBITDAre(1)

($27.9)

$100.1

($69.7)

$478.7

Adjusted EBITDAre growth rate

(127.8%)

(114.6%)

 

Adjusted FFO(1)

($65.4)

$71.3

($191.4)

$344.1

Adjusted FFO per diluted share(1)

($0.50)

$0.54

($1.46)

$2.63

Adjusted FFO per diluted share growth rate

(192.6%)

(155.5%)

(1)

See tables later in this press release for a description of same-property information and reconciliations from net income (loss) to non-GAAP financial measures, including Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre"), Adjusted EBITDAre, Funds from Operations ("FFO"), FFO per share, Adjusted FFO and Adjusted FFO per share.

 

For the details as to which hotels are included in Same-Property Room Revenues, Total Revenues, Expenses and EBITDA appearing in the table above and elsewhere in this press release, refer to the Same-Property Statistical Data table footnotes later in this press release.

“In response to the challenging operating environment caused by the COVID-19 pandemic, we shifted quickly to protect the health and safety of our guests and team members by implementing new operating standards, cleaning protocols, and social distancing measures,” noted Mr. Bortz. “As vaccine distribution progresses, we expect that travel demand will steadily recover, led first by leisure travelers, then transient business travelers in the second half of 2021, and finally group will be the last to return, particularly large group meetings, late in 2021.”

The Company’s portfolio operating trends improved through October, driven by healthy leisure travel demand and some slow recovery in business travel. However, following October’s peak performance, fundamentals weakened due primarily to a surge in COVID-19 cases and increased government restrictions. During the fourth quarter, occupancy at our open hotels declined from 37.9 percent in October to 29.0 percent in November, to 19.8 percent in December. The Company’s open hotels generated ($5.9) million of Hotel EBITDA in the quarter. The Company’s resort portfolio, of which all 8 properties were open throughout the quarter, generated $7.3 million of Hotel EBITDA, with an occupancy of 39.6 percent and an ADR of $302.16, a rate that was 14.8 percent higher than last year’s fourth quarter.

Estimated Monthly Cash Burn

The Company estimates that its monthly cash burn for the fourth quarter averaged between approximately $16.0 to $21.0 million (excluding capital investments) based on the following:

  • Average hotel-level monthly cash burn of approximately $7.0 million, which was approximately $3.0 million in October, but increased to approximately $9.0 million in December, excluding one-time expenses;
  • Corporate-level monthly G&A cash burn of $2.0 million; and
  • Corporate finance-related monthly cash burn of $12.0 million, which includes interest payments on the Company’s outstanding debt as well as both common and preferred dividend payments.

However, the first quarter’s monthly cash burn is likely to be slightly higher than the fourth quarter. Thereafter, assuming progress on reducing the impact of the virus through mitigation measures and widespread vaccinations, monthly cash burn is expected to decline, and should be eliminated sometime mid-year, as the travel recovery takes hold as the year progresses, demand gradually improves, recently reopened hotel performance ramps up, and additional hotels reopen.

Capital Investments and Strategic Property Redevelopments

In the fourth quarter, the Company completed $14.6 million of capital investments throughout its portfolio. The Company completed $125.0 million of capital investments and projects in 2020, including the completion of major renovations and property improvements at Hotel Zena Washington DC (formerly Donovan Hotel), Embassy Suites San Diego Bay – Downtown, The Westin San Diego Gaslamp Quarter, Le Parc Suite Hotel, San Diego Mission Bay Resort (formerly Hilton San Diego Resort & Spa), Viceroy Santa Monica Hotel, Chaminade Resort & Spa, Viceroy Washington DC (formerly Mason & Rook Hotel) and The Marker Key West Harbor Resort.

In 2021, the Company intends to complete the following redevelopments:

  • L’Auberge Del Mar (estimated at $10.5 million), a major redevelopment, including guestrooms and a dramatic transformation and expansion of the luxury property’s public spaces, including indoor and outdoor event and meeting spaces, bars, the pool, and the creation of an outdoor restaurant with ocean views, and the addition of a coffee café, all of which are expected to be completed in the second quarter of 2021; and
  • Southernmost Beach Resort (estimated at $15.0 million), a comprehensive guestroom renovation including all case goods, soft goods, and bathrooms, including tub to shower conversions, targeted to be completed in the third quarter of 2021.

If fundamentals strengthen, the Company will evaluate commencing additional previously planned major renovation and repositioning projects later in 2021.

Balance Sheet and Liquidity

As of December 31, 2020, the Company had $136.3 million of consolidated cash, cash equivalents, and restricted cash in addition to $603.2 million of additional undrawn availability on its senior unsecured revolving credit facility, for a total of $739.5 million of liquidity. The Company had $2.4 billion in consolidated unsecured debt at an effective weighted-average interest rate of 3.4 percent. Two billion dollars, or 84 percent of the Company's total outstanding debt, was at a weighted-average fixed interest rate of 3.6 percent, and $0.4 billion, or 16 percent, was at a weighted-average floating interest rate of 2.4 percent. Of the Company's outstanding debt, $1.8 billion was in the form of unsecured term loans, and $40.0 million was outstanding on its $650.0 million senior unsecured revolving credit facility. The Company has no loans maturing until 2022.

On December 15, 2020, the Company successfully executed a public offering of $500.0 million aggregate principal amount of convertible unsecured senior notes with a 6-year term, a 1.75% coupon and an equity conversion price up 35% (equivalent to $25.47/share). The Company also purchased a call spread option up 75% (equivalent to $33.02/share). Proceeds from this initial offering were used to reduce the Company’s outstanding debt and increase liquidity.

On February 9, 2021, the Company completed a public offering for $250.0 million aggregate principal amount of its previously issued 1.75% convertible unsecured senior notes. The notes were sold at a 5.5% premium to par (gross proceeds of $263.75 million). Proceeds from this offering were used primarily to reduce the outstanding balance on the Company’s senior unsecured revolving credit facility and $177.0 million of its 2021 and 2022 debt maturities. The Company also purchased a call spread option equivalent to that of the initial offering.

On February 18, 2021, the Company amended the agreements governing its outstanding debt, including its $650.0 million senior unsecured revolving credit facility, $1.6 billion of unsecured term loans and working capital facilities, and $100.0 million unsecured private placement senior notes. The Company’s amended credit agreements and related documents waive all financial covenants through the end of 2021 and most financial covenants through the first quarter of 2022, and provide substantially less restrictive covenants through the end of the first quarter of 2023. The amendment also provides the Company with enhanced flexibility to complete property renovations, acquisitions, and other investments during the waiver period. Approximately $21.0 million of November 2021 debt maturities were also extended to November 2022.

Common and Preferred Dividends

On December 15, 2020, the Company declared a quarterly cash dividend of $0.01 per share on its common shares as well as a regular quarterly cash dividend for the following preferred shares of beneficial interest:

  • $0.40625 per 6.50% Series C Cumulative Redeemable Preferred Share;
  • $0.39844 per 6.375% Series D Cumulative Redeemable Preferred Share;
  • $0.39844 per 6.375% Series E Cumulative Redeemable Preferred Share; and
  • $0.39375 per 6.30% Series F Cumulative Redeemable Preferred Share.

Update on Strategic Dispositions

The Company completed a total of $387.0 million of sales in 2020 and an additional $12.0 million in January 2021. On March 6, 2020, the Company sold the InterContinental Buckhead Atlanta and Sofitel Washington DC Lafayette Square for $331.0 million. On July 29, 2020, the Company sold Union Station Hotel Nashville, Autograph Collection for $56.0 million. Finally, on January 25, 2021, the Company announced the monetization of rooftop wireless leases at 11 of its hotels for $12.0 million of net proceeds.

On February 3, 2021, the Company announced that it had executed a contract to sell the Sir Francis Drake, which the Company expects will generate approximately $157.6 million of proceeds. The sale is expected to be completed during the second quarter of 2021.

Curator Hotel & Resort Collection

On November 17, 2020, the Company and six industry-leading hotel operators jointly announced the launch of Curator Hotel & Resort Collection. Curator's distinct owner-centric platform offers an alternative for independent lifestyle hotels looking to strengthen their performance, providing them with best-in-class agreements, services and technology, while allowing them to retain their unique identities.

2021 Outlook

The Company continues to be unable to provide a full-year outlook for 2021 due to the uncertainties caused by the COVID-19 pandemic. It intends to issue new guidance when it has more clarity on government restrictions, advances in health solutions, the economy, travel demand, and more predictable overall operating fundamentals and trends.

Fourth Quarter 2020 Earnings Call

The Company will conduct its quarterly analyst and investor conference call on Wednesday, February 24, 2021, at 9:00 AM ET. Please dial (877) 705-6003 approximately ten minutes before the call begins to participate in the conference call. Additionally, a live webcast of the conference call will be available through the Company's website. To access the webcast, log on to www.pebblebrookhotels.com ten minutes before the conference call. A replay of the conference call webcast will be archived and available online through the Investor Relations section of www.pebblebrookhotels.com.

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 in the United States. The Company owns 53 hotels, totaling approximately 13,200 guestrooms across 14 urban and resort markets, with a focus on the west coast gateway cities. For more information, visit www.pebblebrookhotels.com and follow us at @PebblebrookPEB.

This press release contains certain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “forecast,” “continue,” “assume,” “plan,” references to “outlook” or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections and forecasts and other forward-looking information and estimates. Examples of forward-looking statements include the following: projections and forecasts of the Company’s cash burn rate; descriptions of the Company’s plans or objectives for future capital investment projects, operations or services; forecasts of the Company’s future economic performance; forecasts of hotel industry performance; forecasts of future value of Curator to shareholders; and descriptions of assumptions underlying or relating to any of the foregoing expectations including assumptions regarding the timing of their occurrence. These forward-looking statements are subject to various risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy and the supply of hotel properties, and other factors as are described in greater detail in the Company’s filings with the SEC, including, without limitation, the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For further information about the Company's business and financial results, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained at the Investor Relations section of the Company’s website at www.pebblebrookhotels.com.

All information in this press release is as of February 23, 2021. The Company undertakes no duty to update the statements in this press release to conform the statements to actual results or changes in the Company’s expectations.

For additional information or to receive press releases via email, please visit our website at www.pebblebrookhotels.com

 
Pebblebrook Hotel Trust
Consolidated Balance Sheets
($ in thousands, except share and per-share data)
 
December 31, 2020December 31, 2019
 
ASSETS
Assets:
Investment in hotel properties, net

$

5,882,022

$

6,332,587

Cash and cash equivalents

124,274

30,098

Restricted cash

12,026

26,777

Hotel receivables (net of allowance for doubtful accounts of $183 and $738, respectively)

10,225

49,619

Prepaid expenses and other assets

47,819

59,474

Total assets

$

6,076,366

$

6,498,555

 
 
 
LIABILITIES AND EQUITY
 
Liabilities:
Unsecured revolving credit facilities

$

40,000

$

165,000

Unsecured term loans, net of unamortized deferred financing costs

1,766,545

1,964,657

Senior convertible notes, net of unamortized debt discount and deferred financing costs

374,333

-

Senior unsecured notes, net of unamortized deferred financing costs

99,593

99,563

Accounts payable, accrued expenses and other liabilities

226,446

260,166

Lease liabilities - operating leases

255,106

256,271

Deferred revenues

36,057

57,704

Accrued interest

4,653

4,694

Distribution payable

9,307

58,564

Total liabilities

2,812,040

2,866,619

Commitments and contingencies
 
Shareholders' Equity:
Preferred shares of beneficial interest, $0.01 par value (liquidation preference $510,000 at December 31, 2020 and December 31, 2019), 100,000,000 shares authorized; 20,400,000 shares issued and outstanding at December 31, 2020 and December 31, 2019

204

204

Common shares of beneficial interest, $0.01 par value, 500,000,000 shares authorized; 130,673,300 shares issued and outstanding at December 31, 2020 and 130,484,956 shares issued and outstanding at December 31, 2019

1,307

1,305

Additional paid-in capital

4,169,870

4,069,410

Accumulated other comprehensive income (loss)

(60,071

)

(24,715

)

Distributions in excess of retained earnings

(853,973

)

(424,996

)

Total shareholders' equity

3,257,337

3,621,208

Non-controlling interests

6,989

10,728

Total equity

3,264,326

3,631,936

Total liabilities and equity

$

6,076,366

$

6,498,555

 
 
Pebblebrook Hotel Trust
Consolidated Statements of Operations
($ in thousands, except share and per-share data)
 
 

Three months ended
December 31,

Year ended
December 31,

2020

2019

2020

2019

(Unaudited)
Revenues:
Room

$

48,160

$

252,048

$

287,439

$

1,103,947

Food and beverage

13,257

95,781

95,892

370,584

Other operating

12,792

31,580

59,557

137,682

Total revenues

$

74,209

$

379,409

$

442,888

$

1,612,213

 
Expenses:
Hotel operating expenses:
Room

$

16,381

$

66,148

$

91,771

$

275,855

Food and beverage

11,554

65,297

77,698

260,278

Other direct and indirect

38,501

107,418

209,957

438,035

Total hotel operating expenses

66,436

238,863

379,426

974,168

Depreciation and amortization

56,516

57,504

224,560

234,880

Real estate taxes, personal property taxes, property insurance, and ground rent

29,160

31,004

114,333

125,013

General and administrative

6,899

8,294

45,158

34,047

Transaction costs

70

1,103

10,544

8,679

Impairment loss

53,986

-

74,556

-

(Gain) loss on sale of hotel properties

-

(2,819

)

(117,401

)

(2,819

)

(Gain) loss and other operating expenses

668

2,684

4,421

8,903

Total operating expenses

213,735

336,633

735,597

1,382,871

Operating income (loss)

(139,526

)

42,776

(292,709

)

229,342

Interest expense

(28,902

)

(23,962

)

(104,098

)

(108,474

)

Other

75

6

517

29

Income (loss) before income taxes

(168,353

)

18,820

(396,290

)

120,897

Income tax (expense) benefit

(4,834

)

752

3,697

(5,172

)

Net income (loss)

(173,187

)

19,572

(392,593

)

115,725

Net income (loss) attributable to non-controlling interests

(329

)

29

(864

)

283

Net income (loss) attributable to the Company

(172,858

)

19,543

(391,729

)

115,442

Distributions to preferred shareholders

(8,139

)

(8,139

)

(32,556

)

(32,556

)

Net income (loss) attributable to common shareholders

$

(180,997

)

$

11,404

$

(424,285

)

$

82,886

 
 
Net income (loss) per share available to common shareholders, basic

$

(1.39

)

$

0.08

$

(3.25

)

$

0.63

Net income (loss) per share available to common shareholders, diluted

$

(1.39

)

$

0.08

$

(3.25

)

$

0.63

 
Weighted-average number of common shares, basic

130,673,300

130,484,956

130,610,015

130,471,670

Weighted-average number of common shares, diluted

130,673,300

130,669,494

130,610,015

130,718,306

 
Pebblebrook Hotel Trust
Reconciliation of Net Income (Loss) to FFO and Adjusted FFO
($ in thousands, except share and per-share data)
(Unaudited)
 

Three months ended
December 31,

Year ended
December 31,

2020

2019

2020

2019

 
Net income (loss)

$

(173,187

)

$

19,572

$

(392,593

)

$

115,725

Adjustments:
Depreciation and amortization

56,408

57,396

224,124

234,591

(Gain) loss on sale of hotel properties

-

(2,819

)

(117,401

)

(2,819

)

Impairment loss

53,986

-

74,556

-

FFO

$

(62,793

)

$

74,149

$

(211,314

)

$

347,497

Distribution to preferred shareholders

(8,139

)

(8,139

)

(32,556

)

(32,556

)

FFO available to common share and unit holders

$

(70,932

)

$

66,010

$

(243,870

)

$

314,941

Transaction costs

70

1,103

10,544

8,679

Non-cash ground rent

910

701

3,730

3,975

Management/franchise contract transition costs

196

1,143

814

5,927

Interest expense adjustment for acquired liabilities

1,205

213

1,981

902

Finance lease adjustment

808

1,000

3,213

3,193

Non-cash amortization of acquired intangibles

607

(290

)

(322

)

(1,340

)

Gain on insurance settlement

-

-

-

(672

)

Business interruption proceeds

-

-

-

672

Non-cash interest expense

1,380

1,379

5,502

6,140

One-time operation suspension expenses

(707

)

-

9,997

-

Non-cash canceled share-based compensation

-

-

16,001

-

Early extinguishment of debt

1,024

-

1,024

1,698

Adjusted FFO available to common share and unit holders

$

(65,439

)

$

71,259

$

(191,386

)

$

344,115

 
FFO per common share - basic

$

(0.54

)

$

0.50

$

(1.86

)

$

2.41

FFO per common share - diluted

$

(0.54

)

$

0.50

$

(1.86

)

$

2.40

Adjusted FFO per common share - basic

$

(0.50

)

$

0.54

$

(1.46

)

$

2.63

Adjusted FFO per common share - diluted

$

(0.50

)

$

0.54

$

(1.46

)

$

2.63

 
Weighted-average number of basic common shares and units

130,934,016

130,854,912

130,870,731

130,841,626

Weighted-average number of fully diluted common shares and units

130,934,016

131,039,450

130,870,731

131,088,262

 
This press release includes certain non-GAAP financial measures. These measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from similarly titled non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP.

Funds from Operations (“FFO”) - FFO represents net income (computed in accordance with GAAP), excluding gains or losses from sales of properties, plus real estate-related depreciation and amortization and after adjustments for unconsolidated partnerships. The Company considers FFO a useful measure of performance for an equity REIT because it facilitates an understanding of the Company's operating performance without giving effect to real estate depreciation and amortization, which assume that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, the Company believes that FFO provides a meaningful indication of its performance. The Company also considers FFO an appropriate performance measure given its wide use by investors and analysts. The Company computes FFO in accordance with standards established by the Board of Governors of Nareit in its March 1995 White Paper (as amended in November 1999 and April 2002), which may differ from the methodology for calculating FFO utilized by other equity REITs and, accordingly, may not be comparable to that of other REITs. Further, FFO does not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments and uncertainties, nor is it indicative of funds available to fund the Company’s cash needs, including its ability to make distributions. The Company presents FFO per diluted share calculations that are based on the outstanding dilutive common shares plus the outstanding Operating Partnership units for the periods presented.

The Company also evaluates its performance by reviewing Adjusted FFO because it believes that adjusting FFO to exclude certain recurring and non-recurring items described below provides useful supplemental information regarding the Company's ongoing operating performance and that the presentation of Adjusted FFO, when combined with the primary GAAP presentation of net income (loss), more completely describes the Company's operating performance. The Company adjusts FFO available to common share and unit holders for the following items, which may occur in any period, and refers to this measure as Adjusted FFO:

- Transaction costs: The Company excludes transaction costs expensed during the period because it believes that including these costs in FFO does not reflect the underlying financial performance of the Company and its hotels.
- Non-cash ground rent: The Company excludes the non-cash ground rent expense, which is primarily made up of the straight-line rent impact from a ground lease.
- Management/franchise contract transition costs: The Company excludes one-time management and/or franchise contract transition costs expensed during the period because it believes that including these costs in FFO does not reflect the underlying financial performance of the Company and its hotels.
- Interest expense adjustment for acquired liabilities: The Company excludes interest expense adjustment for acquired liabilities assumed in connection with acquisitions, because it believes that including these non-cash adjustments in FFO does not reflect the underlying financial performance of the Company.
- Finance lease adjustment: The Company excludes the effect of non-cash interest expense from finance leases because it believes that including these non-cash adjustments in FFO does not reflect the underlying financial performance of the Company.
- Non-cash amortization of acquired intangibles: The Company excludes the non-cash amortization of acquired intangibles, which includes but is not limited to the amortization of favorable and unfavorable leases or management agreements and above/below market real estate tax reduction agreements because it believes that including these non-cash adjustments in FFO does not reflect the underlying financial performance of the Company.
- Gain on insurance settlement: The Company excludes the gain on insurance settlement because the Company believes that including this adjustment in FFO does not reflect the underlying financial performance of the Company and its hotels.
- Business interruption proceeds: The Company includes business interruption proceeds because the Company believes that including these proceeds reflects the underlying financial performance of the Company and its hotels.
- Non-cash interest expense, one-time operation suspension expenses, non-cash canceled share-based compensation and early extinguishment of debt: The Company excludes these items because the Company believes that including these adjustments in FFO does not reflect the underlying financial performance of the Company and its hotels.

The Company’s presentation of FFO in accordance with the Nareit White Paper, and as adjusted by the Company, should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the Company’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity.
Pebblebrook Hotel Trust
Reconciliation of Net Income (Loss) to EBITDA, EBITDAre and Adjusted EBITDAre
($ in thousands)
(Unaudited)
 

Three months ended
December 31,

Year ended
December 31,

2020

2019

2020

2019

 
Net income (loss)

$

(173,187

)

$

19,572

$

(392,593

)

$

115,725

Adjustments:
Interest expense

28,902

23,962

104,098

108,474

Income tax expense (benefit)

4,834

(752

)

(3,697

)

5,172

Depreciation and amortization

56,516

57,504

224,560

234,880

EBITDA

$

(82,935

)

$

100,286

$

(67,632

)

$

464,251

(Gain) loss on sale of hotel properties

-

(2,819

)

(117,401

)

(2,819

)

Impairment loss

53,986

-

74,556

-

EBITDAre

$

(28,949

)

$

97,467

$

(110,477

)

$

461,432

Transaction costs

70

1,103

10,544

8,679

Non-cash ground rent

910

701

3,730

3,975

Management/franchise contract transition costs

196

1,143

814

5,927

Non-cash amortization of acquired intangibles

607

(290

)

(322

)

(1,340

)

Gain on insurance settlement

-

-

-

(672

)

Business interruption proceeds

-

-

-

672

One-time operation suspension expenses

(707

)

-

9,997

-

Non-cash canceled share-based compensation

-

-

16,001

-

Adjusted EBITDAre

$

(27,873

)

$

100,124

$

(69,713

)

$

478,673

 
This press release includes certain non-GAAP financial measures. These measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from similarly titled non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP.

Earnings before Interest, Taxes, and Depreciation and Amortization ("EBITDA") - The Company believes that EBITDA provides investors a useful financial measure to evaluate its operating performance, excluding the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization).

Earnings before Interest, Taxes, and Depreciation and Amortization for Real Estate ("EBITDAre") - The Company believes that EBITDAre provides investors a useful financial measure to evaluate its operating performance, and the Company presents EBITDAre in accordance with the National Association of Real Estate Investment Trusts ("Nareit") guidelines, as defined in its September 2017 white paper "Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate." EBITDAre adjusts EBITDA for the following items, which may occur in any period, and refers to these measures as Adjusted EBITDAre: (1) gains or losses on the disposition of depreciated property, including gains or losses on change of control; (2) impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate; and (3) adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates.

The Company also evaluates its performance by reviewing Adjusted EBITDAre because it believes that adjusting EBITDAre to exclude certain recurring and non-recurring items described below provides useful supplemental information regarding the Company's ongoing operating performance and that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income (loss), more completely describes the Company's operating performance. The Company adjusts EBITDAre for the following items, which may occur in any period, and refers to these measures as Adjusted EBITDAre:

- Transaction costs: The Company excludes transaction costs expensed during the period because it believes that including these costs in EBITDAre does not reflect the underlying financial performance of the Company and its hotels.
- Non-cash ground rent: The Company excludes the non-cash ground rent expense, which is primarily made up of the straight-line rent impact from a ground lease.
- Management/franchise contract transition costs: The Company excludes one-time management and/or franchise contract transition costs expensed during the period because it believes that including these costs in EBITDAre does not reflect the underlying financial performance of the Company and its hotels.
- Non-cash amortization of acquired intangibles: The Company excludes the non-cash amortization of acquired intangibles, which includes but is not limited to the amortization of favorable and unfavorable leases or management agreements and above/below market real estate tax reduction agreements because it believes that including these non-cash adjustments in EBITDAre does not reflect the underlying financial performance of the Company and its hotels.
- Gain on insurance settlement: The Company excludes the gain on insurance settlement because the Company believes that including this adjustment in EBITDAre does not reflect the underlying financial performance of the Company and its hotels.
- Business interruption proceeds: The Company includes business interruption proceeds because the Company believes that including these proceeds reflects the underlying financial performance of the Company and its hotels.
- One-time operation suspension expenses and non-cash canceled share-based compensation: The Company excludes these items because it believes that including these costs in EBITDAre does not reflect the underlying financial performance of the Company and its hotels.

The Company’s presentation of EBITDAre, and as adjusted by the Company, should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the Company’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity.
 
Pebblebrook Hotel Trust
Strategic Disposition Program Summary
(Unaudited)
 

Date of

disposition

Sales price

($ in millions)

EBITDA

multiple

Net operating

capitalization

rate

Sales price

per key

($ in thousands)

 
Hotel dispositions:
Park Central San Francisco and Park
Central New York / WestHouse New York11/30/2018

$

715.0

16.5x

5.1

%

$

443

Gild Hall, New York11/30/2018

38.8

15.8x

5.3

%

298

Embassy Suites Philadelphia Center City11/30/2018

67.0

11.0x

8.1

%

233

The Grand Hotel Minneapolis12/4/2018

30.0

8.5x

10.4

%

214

The Liaison Capitol Hill2/14/2019

111.0

16.9x

4.9

%

324

Hotel Palomar Washington, DC2/22/2019

141.5

14.9x

5.9

%

422

Onyx Hotel5/29/2019

58.3

15.3x

5.9

%

521

Hotel Amarano Burbank7/16/2019

72.9

15.8x

5.7

%

552

Rouge Hotel9/12/2019

42.0

17.4x

5.0

%

307

Hotel Madera9/26/2019

23.3

14.3x

5.7

%

284

Topaz Hotel11/22/2019

33.1

19.5x

4.4

%

334

InterContinental Buckhead Atlanta /
Sofitel Washington DC Lafayette Square3/6/2020

331.0

14.2x

6.1

%

502

Union Station Hotel Nashville, Autograph Collection7/29/2020

56.0

8.1x

11.1

%

448

 
Total / Average

$

1,720

14.8x

5.82

%

$

410

 

The EBITDA multiple and net operating capitalization rate are based on the applicable hotel's estimated trailing twelve-month operating performance for 2018. The net operating income capitalization rate is based on an assumed annual capital reserve of 4.0% of total hotel revenues. The EBITDA Multiple and net operating capitalization rate for Hotel Amarano Burbank reflect an estimated adjustment for the annualized impact of real estate taxes for California's Proposition 13 because the Company believes the adjusted hotel results for this period provide investors and analysts with an understanding of the hotel-level operating performance.

These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding.

The information above has not been audited and is presented only for comparison purposes.

 
Pebblebrook Hotel Trust
Same-Property Statistical Data
(Unaudited)
 

Three months ended
December 31,

Year ended
December 31,

2020

2019

2020

2019

 
Same-Property Occupancy

20.5%

79.4%

25.0%

82.3%

Increase/(Decrease)

(74.2%)

(69.6%)

Same-Property ADR

$195.34

$247.02

$232.61

$258.10

Increase/(Decrease)

(20.9%)

(9.9%)

Same-Property RevPAR

$40.01

$196.01

$58.13

$212.51

Increase/(Decrease)

(79.6%)

(72.6%)

 
Same-Property Total RevPAR

$61.64

$294.53

$89.14

$310.62

Increase/(Decrease)

(79.1%)

(71.3%)

 

While the operations of many of the Company's hotels were temporarily suspended beginning in March 2020, this schedule of hotel results for the three months ended December 31 includes information from all of the hotels the Company owned as of December 31, 2020 but excludes Hotel Zena Washington DC, formerly known as Donovan Hotel, for Q4 in both 2020 and 2019 because it was closed during the fourth quarter of 2019 for renovation. This schedule of hotel results for the year ended December 31 includes information from all of the hotels the Company owned as of December 31, 2020 but excludes Hotel Zena Washington DC, formerly known as Donovan Hotel, for Q1, Q2 and Q4 in both 2020 and 2019 because it was closed during the first and second quarters of 2020 and the fourth quarter of 2019 for renovation and also excludes Union Station Hotel Nashville, Autograph Collection for Q3 and Q4 in both 2020 and 2019 due to its sale in the third quarter of 2020.

Any differences are a result of rounding.

The information above has not been audited and is presented only for comparison purposes.

 
Pebblebrook Hotel Trust
Same-Property Statistical Data - by Market
(Unaudited)
 

Three months ended

December 31,

Year ended

December 31,

2020

2020

Same-Property RevPAR variance to prior-year period:
Southern Florida

(28.5%)

(35.5%)

San Diego

(64.8%)

(60.0%)

Boston

(73.6%)

(76.5%)

Portland

(79.5%)

(75.3%)

Other

(80.9%)

(75.1%)

Los Angeles

(82.3%)

(73.0%)

Washington DC

(92.5%)

(84.1%)

Seattle

(94.2%)

(85.7%)

Chicago

(98.1%)

(88.0%)

San Francisco

(98.3%)

(80.5%)

 
East Coast

(68.0%)

(69.2%)

West Coast

(84.2%)

(73.1%)

 

Notes:

While the operations of many of the Company's hotels were temporarily suspended beginning in March 2020, this schedule of hotel results for the three months ended December 31 includes information from all of the hotels the Company owned as of December 31, 2020 but excludes Hotel Zena Washington DC, formerly known as Donovan Hotel, for Q4 in both 2020 and 2019 because it was closed during the fourth quarter of 2019 for renovation. This schedule of hotel results for the year ended December 31 includes information from all of the hotels the Company owned as of December 31, 2020 but excludes Hotel Zena Washington DC, formerly known as Donovan Hotel, for Q1, Q2 and Q4 in both 2020 and 2019 because it was closed during the first and second quarters of 2020 and the fourth quarter of 2019 for renovation and also excludes Union Station Hotel Nashville, Autograph Collection for Q3 and Q4 in both 2020 and 2019 due to its sale in the third quarter of 2020.

"Other" includes Nashville, TN; New York City, NY; Philadelphia, PA; and Santa Cruz, CA.

Any differences are a result of rounding.

The information above has not been audited and is presented only for comparison purposes.

 

Pebblebrook Hotel Trust

Hotel Operational Data

Schedule of Same-Property Results

($ in thousands)

(Unaudited)

Three months ended
December 31,

Year ended
December 31,

2020

2019

2020

2019

 
Same-Property Revenues:
Room

$

48,022

$

235,083

$

279,768

$

1,019,751

Food and beverage

13,225

87,751

90,425

339,391

Other

12,727

30,399

58,834

131,367

Total hotel revenues

73,974

353,233

429,027

1,490,509

 
Same-Property Expenses:
Room

$

16,204

$

62,084

$

89,157

$

254,233

Food and beverage

11,488

60,416

74,464

239,598

Other direct

2,696

5,682

11,670

23,510

General and administrative

9,177

28,089

54,495

114,354

Information and telecommunication systems

3,229

5,340

14,810

21,151

Sales and marketing

7,799

27,046

45,182

110,247

Management fees

1,853

10,908

10,645

45,069

Property operations and maintenance

6,845

11,846

29,582

47,531

Energy and utilities

5,516

8,349

23,389

34,694

Property taxes

18,882

19,200

76,235

74,921

Other fixed expenses

10,227

12,827

38,773

49,227

Total hotel expenses

93,916

251,787

468,402

1,014,535

 
Same-Property EBITDA

$

(19,942

)

$

101,446

$

(39,375

)

$

475,974

 
Same-Property EBITDA Margin

(27.0

%)

28.7

%

(9.2

%)

31.9

%

Notes:

While the operations of many of the Company's hotels were temporarily suspended beginning in March 2020, this schedule of hotel results for the three months ended December 31 includes information from all of the hotels the Company owned as of December 31, 2020 but excludes Hotel Zena Washington DC, formerly known as Donovan Hotel, for Q4 in both 2020 and 2019 because it was closed during the fourth quarter of 2019 for renovation. This schedule of hotel results for the year ended December 31 includes information from all of the hotels the Company owned as of December 31, 2020 but excludes Hotel Zena Washington DC, formerly known as Donovan Hotel, for Q1, Q2 and Q4 in both 2020 and 2019 because it was closed during the first and second quarters of 2020 and the fourth quarter of 2019 for renovation and also excludes Union Station Hotel Nashville, Autograph Collection for Q3 and Q4 in both 2020 and 2019 due to its sale in the third quarter of 2020.

Any differences are a result of rounding.

The information above has not been audited and is presented only for comparison purposes.

 
Pebblebrook Hotel Trust
Historical Operating Data
($ in millions except ADR and RevPAR data)
(Unaudited)
 
 
Historical Operating Data:

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Full Year

2019

2019

2019

2019

2019

 
Occupancy

75%

87%

87%

79%

82%

ADR

$251

$268

$263

$247

$258

RevPAR

$189

$233

$230

$194

$211

 
Hotel Revenues

$331.5

$406.0

$398.5

$355.0

$1,491.0

Hotel EBITDA

$90.0

$147.1

$137.0

$102.0

$476.0

Hotel EBITDA Margin

27.2%

36.2%

34.4%

28.7%

31.9%

 

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

Full Year

2020

2020

2020

2020

2020

 
Occupancy

56%

3%

20%

20%

25%

ADR

$250

$266

$216

$195

$232

RevPAR

$139

$9

$42

$40

$57

 
Hotel Revenues

$252.8

$22.3

$77.0

$74.2

$426.2

Hotel EBITDA

$39.0

($40.6)

($19.3)

($20.5)

($41.3)

Hotel EBITDA Margin

15.4%

(182.2%)

(25.1%)

(27.7%)

(9.7%)

 

Notes:

These historical hotel operating results include information for all of the hotels the Company owned as of December 31, 2020 as if they were owned as of January 1, 2019. The information above does not reflect the Company's corporate general and administrative expense, interest expense, property acquisition costs, depreciation and amortization, taxes and other expenses. Any differences are a result of rounding.

The information above has not been audited and is presented only for comparison purposes.

 
Pebblebrook Hotel Trust
Historical Hotel Same-Property Hotel EBITDA by Property
(Hotel EBITDA $ in millions, Hotel EBITDA per key $ in thousands)
(Unaudited)
 

Hotel EBITDA

2020 Hotel

EBITDA

per Key

Portfolio / Hotel

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

 
Urban Lifestyle
Urban Iconic
The Liberty, a Luxury Collection Hotel, Boston

$6.1

$9.6

$13.3

$15.8

$17.2

$18.2

$18.5

$19.0

$21.4

$21.2

$0.3

$1.0

The Nines, a Luxury Collection Hotel, Portland

6.2

8.0

8.9

10.8

12.8

15.2

15.6

15.8

15.6

13.0

(0.6)

(1.8)

Hotel Colonnade Coral Gables, Autograph Collection

1.9

2.1

1.8

3.1

3.4

3.6

3.9

4.0

4.5

4.1

(0.3)

(1.9)

Sir Francis Drake

3.4

5.0

8.4

10.1

15.0

16.4

17.3

15.8

12.1

13.4

(1.2)

(2.9)

Argonaut Hotel

5.2

6.5

8.5

10.2

11.8

13.0

13.0

11.7

12.9

14.6

(1.5)

(6.0)

The Heathman Hotel

1.5

1.6

1.9

2.4

3.0

5.7

4.4

4.3

3.4

4.2

(0.9)

(6.0)

Hotel Spero

0.4

1.9

3.5

4.4

6.3

6.2

6.5

5.7

6.6

7.8

(1.5)

(6.4)

Hotel Monaco Washington DC

5.5

6.9

7.6

7.9

7.9

8.1

8.1

9.9

8.6

7.9

(1.4)

(7.6)

Mondrian Los Angeles

7.9

8.9

7.4

8.2

11.0

12.2

12.6

11.8

8.6

7.6

(2.0)

(8.5)

Hotel Monaco Seattle

2.2

2.9

3.4

5.2

6.2

6.7

6.1

6.1

6.4

5.6

(1.7)

(9.0)

Viceroy Santa Monica Hotel

3.0

5.8

6.9

7.6

8.2

8.4

7.8

7.0

6.6

6.2

(2.9)

(17.2)

Hotel Vitale

4.0

6.0

7.4

7.3

8.6

11.0

10.3

9.8

8.0

7.5

(4.0)

(20.0)

 
Urban Iconic total

$47.3

$65.2

$79.0

$93.0

$111.4

$124.7

$124.1

$120.9

$114.7

$113.1

($17.7)

($6.3)

 
Urban Contemporary
Montrose West Hollywood

$3.9

$4.3

$4.2

$5.5

$5.9

$5.9

$6.5

$5.9

$3.9

$4.7

$0.3

$2.3

Villa Florence San Francisco on Union Square

3.9

5.3

7.4

8.3

9.3

8.8

9.4

7.7

9.5

10.4

0.2

1.1

Grafton on Sunset

1.9

2.2

2.2

2.0

1.5

0.9

2.8

2.8

2.8

2.8

0.0

0.0

The Marker San Francisco

3.3

5.3

5.7

6.9

7.7

7.6

5.9

6.8

7.5

7.7

(0.1)

(0.5)

Le Parc Suite Hotel

4.2

4.5

4.7

5.3

5.6

6.1

7.0

6.1

6.1

5.8

(0.1)

(0.6)

Solamar Hotel

5.2

6.3

6.5

6.3

6.5

7.4

7.7

7.3

7.3

7.0

(0.4)

(1.7)

Chamberlain West Hollywood Hotel

1.0

3.4

3.8

4.1

4.8

4.8

5.2

4.4

3.1

3.7

(0.2)

(1.7)

Harbor Court Hotel San Francisco

2.7

4.0

3.7

4.9

5.8

6.1

5.6

3.9

4.3

5.6

(0.3)

(2.3)

Le Méridien Delfina Santa Monica

5.3

6.8

6.9

8.0

9.9

11.7

13.8

13.4

12.7

11.2

(0.8)

(2.6)

George Hotel

4.2

4.6

4.1

4.1

4.3

5.2

5.7

6.3

5.7

5.3

(0.5)

(3.6)

Hotel Chicago Downtown, Autograph Collection

5.5

5.3

7.3

8.4

8.5

10.4

12.4

12.3

12.6

12.2

(1.4)

(4.0)

Sofitel Philadelphia at Rittenhouse Square

4.3

6.0

6.7

6.5

7.4

8.6

9.2

8.6

8.3

8.0

(1.5)

(4.9)

W Los Angeles - West Beverly Hills

5.6

6.9

8.0

8.7

8.9

9.5

12.3

11.5

10.2

8.4

(2.0)

(6.7)

Hotel Vintage Portland

1.3

1.9

1.8

2.7

3.4

3.1

4.2

4.1

3.1

2.8

(0.9)

(7.7)

W Boston

3.8

4.4

5.8

6.2

8.1

9.6

9.3

9.2

7.9

8.1

(2.6)

(10.9)

Hotel Vintage Seattle

1.8

2.2

2.4

2.7

2.6

3.5

3.4

3.5

3.5

3.0

(1.5)

(12.0)

Viceroy Washington DC

3.3

3.6

3.4

3.2

3.2

3.0

3.6

5.8

5.5

4.9

(2.3)

(12.9)

Hotel Palomar Los Angeles Beverly Hills

2.3

2.9

3.9

3.8

4.5

4.2

6.2

4.0

7.4

5.7

(4.2)

(15.9)

Revere Hotel Boston Common

3.3

6.1

5.7

9.2

11.7

13.3

12.2

12.6

12.4

11.8

(6.1)

(17.1)

The Roger New York

6.2

6.4

5.0

7.5

8.2

7.3

5.8

5.7

5.3

4.1

(4.5)

(23.2)

 
Urban Contemporary total

$73.0

$92.4

$99.2

$114.3

$127.8

$137.0

$148.2

$141.9

$139.1

$133.2

($28.9)

($7.0)

 
"Unofficial Z Collection"
Hotel Zetta San Francisco

N/A

N/A

N/A

$2.8

$5.4

$6.2

$5.6

$5.5

$6.0

$6.0

($0.3)

($2.6)

Hotel Zephyr Fisherman's Wharf

7.3

8.7

11.2

12.1

12.1

12.6

16.2

13.1

13.7

16.8

(1.1)

(3.0)

The Hotel Zags

2.7

3.3

3.9

4.5

5.6

6.5

6.7

5.4

3.8

3.3

(1.0)

(5.7)

Hotel Zeppelin San Francisco

N/A

2.3

2.7

3.4

4.0

4.0

3.3

6.3

7.5

7.7

(1.2)

(6.1)

Hotel Zoe Fisherman's Wharf

N/A

N/A

5.2

6.6

7.9

8.2

7.8

3.6

7.7

8.9

(1.5)

(6.8)

Hotel Zena Washington DC

4.0

4.6

3.8

4.3

5.2

5.8

6.1

6.4

5.1

3.8

(2.3)

(12.0)

Hotel Zelos San Francisco

1.3

3.0

3.8

4.6

6.2

7.3

5.9

7.2

6.9

8.4

(2.5)

(12.4)

 
"Unofficial Z Collection" total

$15.3

$21.9

$30.6

$38.3

$46.4

$50.6

$51.6

$47.5

$50.7

$54.9

($9.9)

($6.8)

 
Urban Lifestyle total

$135.6

$179.5

$208.8

$245.6

$285.6

$312.3

$323.9

$310.3

$304.5

$301.2

($56.5)

($6.7)

 
Urban Major Brand
Embassy Suites San Diego Bay - Downtown

$7.6

$8.2

$8.8

$8.9

$9.5

$11.3

$11.3

$11.1

$11.7

$10.4

($0.2)

($0.6)

Hilton San Diego Gaslamp Quarter

7.6

8.5

8.8

8.9

9.5

10.5

10.9

11.1

11.6

10.5

(0.4)

(1.4)

The Westin San Diego Gaslamp Quarter

8.4

8.2

9.7

11.2

12.7

14.6

16.9

16.0

14.4

14.2

(1.3)

(2.9)

The Westin Copley Place, Boston

21.3

23.5

24.4

25.8

28.7

32.7

33.3

31.5

28.5

32.9

(4.4)

(5.5)

Hyatt Regency Boston Harbor

6.2

6.7

7.3

7.7

9.3

11.1

10.8

10.8

10.7

10.1

(2.2)

(8.1)

The Westin Michigan Avenue Chicago

14.7

15.8

16.7

16.0

18.0

19.4

17.9

13.1

12.0

9.9

(9.5)

(12.6)

 
Urban Major Brand total

$65.8

$70.9

$75.7

$78.5

$87.7

$99.6

$101.1

$93.6

$88.9

$88.0

($18.0)

($6.2)

 
Unique Lifestyle Resorts
LaPlaya Beach Resort & Club

$5.7

$7.6

$8.7

$10.7

$12.4

$15.7

$16.2

$11.8

$16.5

$17.7

$14.0

$74.1

Southernmost Beach Resort

9.0

10.4

10.8

14.1

17.6

19.9

21.1

17.9

19.3

20.3

12.7

48.5

The Marker Key West Harbor Resort

N/A

N/A

N/A

N/A

N/A

4.8

5.8

4.6

5.6

6.0

3.1

32.3

L'Auberge Del Mar

4.6

5.4

5.6

7.7

8.1

9.9

9.3

9.4

9.5

7.3

2.7

22.3

Paradise Point Resort & Spa

8.3

11.8

13.7

14.8

16.1

16.7

14.7

16.8

17.5

15.3

4.6

10.0

Skamania Lodge

4.4

4.8

5.2

6.0

6.8

7.7

8.1

9.0

9.5

10.3

1.2

4.6

Chaminade Resort & Spa

3.3

3.6

3.7

4.3

4.7

5.0

4.8

5.2

5.4

4.4

(1.1)

(7.1)

San Diego Mission Bay Resort

4.4

4.7

5.2

5.5

7.0

7.9

8.3

8.8

8.1

5.5

(4.2)

(11.8)

 
Unique Lifestyle Resorts total

$39.7

$48.3

$52.9

$63.1

$72.7

$87.6

$88.3

$83.5

$91.4

$86.8

$33.0

$17.3

 
Total Hotel EBITDA

$241.1

$298.7

$337.4

$387.2

$446.0

$499.5

$513.3

$487.4

$484.8

$476.0

($41.5)

($3.1)

 
 

Notes:

These historical Same-Property Hotel EBITDA results include available information for all of the hotels the Company owned or had an ownership interest in as of February 23, 2021. These historical operating results include periods prior to the Company's ownership of the hotels. The information above does not reflect the Company's corporate general and administrative expense, interest expense, property acquisition costs, depreciation and amortization, taxes and other expenses.

The parking garage at Revere Hotel Boston Common was sold on June 23, 2017. The historical results for Revere Hotel Boston Common have been adjusted to reflect the estimated impact of excluding the parking-related income.

Border indicates Hotel EBITDA for the year in which the hotel was acquired by the Company. The information above has not been audited and is presented only for comparison purposes. Any differences are a result of rounding.

Contacts:

Raymond D. Martz, Chief Financial Officer, Pebblebrook Hotel Trust - (240) 507-1330

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