Pebblebrook CEO says improving demand trends exceed expectations
Hotel demand and booking trends accelerated throughout first quarter 2021, driving March same-property hotel EBITDA to a positive $1.3 million, the first time the portfolio has achieved positive hotel EBITDA since the pandemic began, reported Pebblebrook Hotel Trust in its first quarter 2021 earnings call.
“Improving demand trends during the first quarter exceeded our expectations, with rising confidence in travel as vaccination rates improved and travel restrictions eased,” said Jon E. Bortz, chairman, president, and CEO of Pebblebrook Hotel Trust. “Same-property hotel EBITDA in March turned positive due to robust pent-up leisure demand throughout the portfolio. This rapid turnaround is a remarkable accomplishment considering the currently low levels of business transient and group hotel demand. The improvements in operating trends allowed us to reopen 10 more hotels since the end of February, including seven in San Francisco, and one each in Boston, Portland, and Wash