Pebblebrook Hotel Trust Acquires Inn on Fifth in Naples, FL for $156.0 Million


Inn on Fifth in Naples, Florida - Exterior
  Inn on 5th in Naples, Florida

Updates Q2 2022 Outlook to Replicate Acquisition

Pebblebrook Hotel Trust;

Pebblebrook Resort Agree with (NYSE: PEB) as of late introduced that it bought the AAA 4 Diamond 119-room Inn on 5th in Naples, Florida for $156.0 million on Would possibly 11, 2022. As up to now introduced, the Corporate retained Noble Space Accommodations & Motels to regulate this distinctive impartial luxurious lodge belongings on the heart of Downtown Naples.

The purchase of Inn on 5th brings the overall selection of houses within the Corporate’s portfolio to 54, together with 12 distinctive drive-to, impartial way of life lodges and six houses in South Florida.

The Corporate funded the purchase with roughly $78.0 million of money and roughly $77.6 million of perpetual most well-liked working partnership gadgets (3.104 million gadgets at $25.00 in keeping with unit) with an annual distribution fee of 6.0% and roughly $0.4 million of commonplace gadgets.

The Corporate has revised its Q2 2022 outlook to take the purchase under consideration. The Corporate’s revised outlook for Q2 2022 is as follows:

  

New Q2 2022 Outlook

As of Would possibly 12, 2022

 

Variance to Previous Outlook

As of April 26, 2022

  

Low

 

Prime

 

Low

 

Prime

 

($ and stocks/gadgets in thousands and thousands, apart from in keeping with percentage and RevPAR information)

Web source of revenue

 

$19.1

 

$29.1

 

$0.6

 

$0.6

     

Adjusted EBITDAre

 

$108.5

 

$118.5

 

$1.0

 

$1.0

     

Adjusted FFO

 

$73.5

 

$83.5

 

$0.0

 

$0.0

Adjusted FFO in keeping with diluted percentage

 

$0.56

 

$0.63

 

$0.00

 

$0.00

    

This revised Q2 2022 outlook is founded, partially, at the following estimates and assumptions:

    

Identical-Assets RevPAR

 

$209

 

$214

 

$0

 

$0

Identical-Assets RevPAR vs. 2019

 

(10.0%)

 

(8.0%)

 

0.0%

 

0.0%

Identical-Assets RevPAR vs. 2021

 

92.8%

 

97.0%

 

(4.0%)

 

(4.2%)

    

Identical-Assets EBITDA

 

$121.0

 

$131.0

 

$1.0

 

$1.0

Identical-Assets EBITDA vs. 2019

 

(18.3%)

 

(11.6%)

 

0.2%

 

0.1%

Pebblebrook Resort Agree with (NYSE: PEB) is a publicly traded actual property funding agree with (“REIT”) and the most important proprietor of city and lodge way of life resorts and lodges in america. The Corporate owns 54 resorts and lodges, totaling roughly 13,400 visitor rooms throughout 15 city and lodge markets.

Pebblebrook Resort Agree with

Reconciliation of Revised Q2 2022 Outlook Web Source of revenue (Loss) to FFO and Adjusted FFO

($ in thousands and thousands, apart from in keeping with percentage information)

(Unaudited)

     
  

3 months finishing

June 30, 2022

  

Low

 

Prime

     
Web source of revenue (loss) 

$

19

 

$

29

Changes:    
Actual property depreciation and amortization 

60

 

60

(Achieve) loss on sale of resort houses 

 

FFO 

$

79

 

$

89

Distribution to most well-liked shareholders 

(12

)

 

(12

)

FFO to be had to commonplace percentage and unit holders 

$

67

 

$

77

Non-cash flooring hire 

2

 

2

Non-cash hobby expense 

 

Amortization of share-based repayment expense 

3

 

3

Different 

2

 

2

Adjusted FFO to be had to commonplace percentage and unit holders 

$

74

 

$

84

     
FFO in keeping with commonplace percentage – diluted 

$

0.51

 

$

0.58

Adjusted FFO in keeping with commonplace percentage – diluted 

$

0.56

 

$

0.63

     
Weighted-average selection of totally diluted commonplace stocks and gadgets 

131.9

 

131.9

     

Pebblebrook Resort Agree with

Reconciliation of Revised Q2 2022 Outlook Web Source of revenue (Loss) to EBITDA, EBITDAre and Adjusted EBITDAre

($ in thousands and thousands)

(Unaudited)

     
  

3 months finishing

June 30, 2022

  

Low

 

Prime

     
Web source of revenue (loss) 

$

19

 

$

29

Changes:    
Pastime expense and source of revenue tax expense 

24

 

24

Depreciation and amortization 

60

 

60

EBITDA 

$

103

 

$

113

(Achieve) loss on sale of resort houses 

 

EBITDAre 

$

103

 

$

113

Non-cash flooring hire 

2

 

2

Amortization of share-based repayment expense 

3

 

3

Different 

1

 

1

Adjusted EBITDAre 

$

109

 

$

119

     

Pebblebrook Resort Agree with

Inn on 5th

Reconciliation of Resort Web Source of revenue to Resort EBITDA and Resort Web Running Source of revenue

March 2022 Trailing Twelve Months

(Unaudited, in thousands and thousands)

   
  

Trailing Twelve Months

  

Ended March 31, 2022

   
Resort internet source of revenue 

$8.9

   
Adjustment:  
Depreciation and amortization(1) 

3.7

   
Resort EBITDA 

$12.6

   
Adjustment:  
Capital reserve 

(0.9

)

   
Resort Web Running Source of revenue 

$11.7

    

(1) Depreciation and amortization had been estimated in keeping with a initial acquire value allocation. A metamorphosis, if any, within the allocation will have an effect on the quantity of depreciation and amortization and the ensuing trade is also subject matter.

Pebblebrook Resort Agree with
Historic Running Information – Complete Portfolio
($ in thousands and thousands, apart from ADR and RevPAR)
(Unaudited)
           
           
Historic Running Information:          
  

First Quarter

 

2d Quarter

 

3rd Quarter

 

Fourth Quarter

 

Complete 12 months

  

2019

 

2019

 

2019

 

2019

 

2019

           
Occupancy 

75%

 

87%

 

87%

 

78%

 

82%

ADR 

$254

 

$269

 

$262

 

$246

 

$258

RevPAR 

$192

 

$234

 

$227

 

$193

 

$211

           
Resort Revenues 

$349.7

 

$423.5

 

$409.0

 

$365.3

 

$1,547.5

Resort EBITDA 

$96.5

 

$150.6

 

$137.1

 

$101.0

 

$485.1

Resort EBITDA Margin 

27.6%

 

35.6%

 

33.5%

 

27.6%

 

31.4%

           
  

First Quarter

 

2d Quarter

 

3rd Quarter

 

Fourth Quarter

 

Complete 12 months

  

2021

 

2021

 

2021

 

2021

 

2021

           
Occupancy 

22%

 

41%

 

52%

 

52%

 

42%

ADR 

$260

 

$258

 

$277

 

$260

 

$265

RevPAR 

$58

 

$107

 

$146

 

$134

 

$111

           
Resort Revenues 

$110.2

 

$201.7

 

$269.2

 

$257.9

 

$839.0

Resort EBITDA 

($4.9)

 

$42.1

 

$74.3

 

$56.9

 

$168.5

Resort EBITDA Margin 

(4.4%)

 

20.9%

 

27.6%

 

22.1%

 

20.1%

           
  

First Quarter

        
  

2022

        
           
Occupancy 

48%

        
ADR 

$307

        
RevPAR 

$147

        
           
Resort Revenues 

$267.2

        
Resort EBITDA 

$61.3

        
Resort EBITDA Margin 

23.0%

        
           

The tips above has no longer been audited and has been offered just for comparability functions.



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