Pebblebrook Hotel Trust reported its financial and operating results for the second quarter ended June 30, 2025. Net income for Q2 2025 was $19.3 million, while Adjusted FFO per diluted share was $0.65. Same-Property Total RevPAR increased by 1.3% year-over-year, or 2.7% excluding Los Angeles properties, with Same-Property Total Revenues growing by 1.3% to $394.1 million.
For the first six months of 2025, Same-Property Total RevPAR increased by 1.7%, or 4.2% excluding Los Angeles properties, with total revenues reaching $710.5 million. The Company narrowed its full-year 2025 outlook, with Adjusted FFO per diluted share now expected between $1.47 and $1.59, and Same-Property Total RevPAR variance versus 2024 projected between (0.1%) and 1.7%.
LaPlaya Beach Resort & Club completed its full restoration in Q2 following hurricane damage, and the Company now expects $11.5 million in business interruption insurance income for full-year 2025, an increase of $3.0 million from the prior forecast. Capital investments in Q2 totaled $21.0 million, including the substantial completion of the Hyatt Centric Delfina Santa Monica renovation in April.
The Company's balance sheet remains strong with $267.1 million in cash and $642.1 million undrawn credit as of June 30, 2025. Pebblebrook has no significant debt maturities until December 2026, and its weighted-average interest rate is 4.2% with 96% of its debt fixed. Net debt to trailing 12-month corporate EBITDA was 5.8x, reflecting a well-capitalized balance sheet.
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