Investor Presentation November 2023
INVESTOR PRESENTATION NOVEMBER 2023
Encouraging Fundamentals for Urban Markets
Limited construction financing is expected to constrain new supply growth in urban markets for many years. This
will create a very favorable operating environment for hotels as business travel recovers from the pandemic,
and transient and group/convention, domestic leisure, and international inbound travel return to the cities.
PEB Urban Market Supply Growth
US Urban Supply Growth 2010-2019, 2023-2025(3)
2.9% 2.9%
Pre-Pandemic
3Y Supply
2.8%
2.7%
Market
Avg(1)
Forecast(2)
Boston
3.4%
0.3%
San Francisco
0.4%
0.2%
1.8%
Hollywood/Beverly Hills
1.8%
0.3%
1.7%
1.5%
2010-2019
Avg: 1.8%
San Diego CBD
1.8%
0.2%
Chicago
3.7%
0.8%
1.1%
Washington DC
3.0%
1.9%
0.8%
Portland
Santa Monica
Wtd. Average
4.9%
1.1%
0.4%
2.0%
(0.9%)
1.0%
0.7%
0.3%
1.5%
0.7%
pebblebrook
TRUST
4444
hilton san diego gaslamp quarter & san diego convention center
(1) Average from 2015-2019.
(2) 3 Year supply forecast is the average of management's supply forecast for 2023-2025.
(3) Based on U.S. Urban STR performance.
(4) Convention roomnights OTB in thousands.
'10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '23(F) '24(F) '25(F)
Convention Roomnights On-The-Books (4)
Market
Pre-Pandemic
Average(1)
2022
2023
2024
Boston
450
340
500
460
SF
837
320
620
400
San Diego
765
650
800
910
Chicago
1,132
1,150
1,050
1,200
DC
522
475
400
500
Total
3,706
2,935
3,370
3,470
Demand Change %
(21%)
15%
3%
17View entire presentation