BETHESDA, Md.– Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) 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 (“Noble House”) 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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