Investor Presentation November 2023
INVESTOR PRESENTATION NOVEMBER 2023
Business Travel Recovery: Urban Markets Lead the Way
Business travel is continuing to recover, with urban markets leading the way, and group leading the business
travel recovery. Our urban hotel performance is still substantially below 2019 levels, but this presents a significant
growth opportunity as demand continues to climb back to pre-pandemic levels, and these markets benefit from
extremely restricted new supply for many years.
Pebblebrook's Top Urban Markets by EBITDA Contribution
Occ YTD (1)
'19
'22
'23 23 vs. '22 23 vs. '19
ADR YTD(1)
'19
122
23(1) '23 vs. '22 '23 vs. '19
DC
80%
48%
65%
35%
(19%)
Boston
$290
$303
$323
6%
11%
SF
90%
47%
61%
31%
(31%)
San Diego
$226
$252
$260
3%
15%
LA
84%
65%
74%
15%
(11%)
DC
$234
$268
$276
3%
18%
Chicago
71%
56%
62%
11%
(13%)
Chicago
$198
$205
$206
0%
4%
San Diego
88%
75%
73%
(2%)
(17%)
SF
$286
$282
$269
(5%)
(6%)
Boston
89%
81%
78%
(3%)
(12%)
LA
$281
$323
$305
(5%)
9%
Average
84%
62%
69%
12%
(18%)
Average
$253
$272
$273
0%
8%
'23 23 vs. 22 '23 vs. '19
20000
0000000000002
000000000000
RevPAR YTD (1)
'19
$22
DC
$189
$129
$180
39%
(5%)
SF
$257
$132
$165
25%
(36%)
Chicago
$141
$114
$127
11%
(10%)
LA
$236 $208
$227
9%
(4%)
Boston
$257
$245
$253
5%
(2%)
San Diego (2)
$199
$188
$189
1%
(5%)
Average
$213
$169
$190
12%
(11%)
pebblebrook
TRUST
(1) Represents September YTD.
(2) Renovation disruption YTD of 327 bps from Hilton Gaslamp and Solamar.
ā
harbor court hotel san francisco
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