Pebblebrook Hotel Trust 8-K, filed Oct 29, 2026

Pebblebrook Hotel Trust (PEB)

8-K 2026-10-29 For: 2026-10-29

Added on October 29, 2026

About this 8-K

Pebblebrook Hotel Trust filed this 8-K on October 29, 2026.

Pebblebrook Hotel Trust reported third-quarter Same-Property Hotel EBITDA of $115.2 million and Adjusted FFO per diluted share of $0.63, raised its 2026 Adjusted EBITDAre outlook to $363.3 million to $367.3 million, and sold The Hotel Zags for $10.0 million. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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4747 Bethesda Avenue, Suite 1100, Bethesda, Maryland									20814
(Address of principal executive offices)									(Zip Code)


Exhibit No.						Description
99.1						Press release, issued October 29, 2026, providing the results of operations for the three and nine months ended September 30, 2026.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)


	PEBBLEBROOK HOTEL TRUST

October 29, 2026	By:	/s/ Raymond D. Martz
		Name:	Raymond D. Martz
		Title:	Co-President, Chief Financial Officer, Treasurer and Secretary


Q3 FINANCIAL RESULTS						▪Net loss: ($54.6) million. ▪Same-Property Hotel EBITDA: $115.2 million, a strong $10.7 million above the high end of the Company’s outlook and 15.1% higher than Q3 2025. ▪Adjusted EBITDAre: $107.9 million, $11.4 million above the high end of the outlook, and +8.7% year-over-year. ▪Adjusted FFO per diluted share: $0.63, $0.11 more than the high end of the outlook, and a robust +23.5% versus Q3 2025.

Q3 HOTEL OPERATING RESULTS & TRENDS						▪Rate-Led Revenue Growth: Same-Property RevPAR +8.3%, driven by ADR +7.0% and Occupancy +1.2%; Same-Property Total RevPAR +6.9%. ▪Momentum Beyond Summer Events: Healthy business and leisure demand continued through September, with RevPAR growth reaccelerating well after the World Cup and America 250 events early in the quarter. ▪Broad-Based Resort and Urban Growth: Resort RevPAR +8.4% and Urban RevPAR +8.3%; San Francisco +14.5%, Chicago +12.7%, Los Angeles +10.7%, Boston +10.6%, and Washington, DC +9.1%. ▪Strong Operating Leverage and Flow-Through: Same-Property Total Revenue +6.9% versus expense growth of just 4.0%, driving 58% EBITDA flow-through and 205 basis points of EBITDA margin expansion.

DISPOSITIONS, CAPITAL ALLOCATION, & BALANCE SHEET						▪Dispositions: Sold The Hotel Zags Portland for $10.0 million after quarter-end, eliminating the hotel’s drag on Hotel EBITDA and bringing 2026 property sales to $53.5 million. ▪Share repurchases: Repurchased 1.2 million common shares for $20.9 million (average $18.12 per share) and 0.4 million preferred shares for $7.2 million at a 23% average discount to liquidation preference. ▪Capital investments: 2026 outlook reduced to $60 to $70 million, primarily reflecting project timing. ▪Balance sheet: Net debt/TTM corporate EBITDA declined to 5.1x; cash and restricted cash totaled $298 million at September 30, which does not reflect disposition proceeds received after quarter-end.

2026 OUTLOOK						▪Net loss: ($60.5) to ($56.5) million. ▪Same-Property RevPAR Growth Rate: +7.6% to +8.0%; midpoint +280 basis points from prior Outlook. ▪Same-Property Total RevPAR Growth Rate: +6.1% to +6.5%; midpoint +160 basis points. ▪Adjusted EBITDAre: $363.3 to $367.3 million; midpoint +$16.3 million. ▪Adjusted FFO per diluted share: $1.88 to $1.92; midpoint +$0.17 and +20.3% vs. 2025. ▪Free Cash Flow: $146.0 to $150.0 million; midpoint +$24.5 million.


	Third Quarter				Nine months ended September 30,
Same-Property and Corporate Highlights	2026	2025	Var		2026	2025	Var
	($ in millions except per share and RevPAR data)
Net income/(loss)	($54.6)	($32.4)	NM		($48.1)	($45.2)	NM
Same-Property RevPAR(1,2)	$257	$237	8.3	%	$244	$225	8.7	%
Same-Property Total RevPAR(1,2)	$398	$372	6.9	%	$383	$358	7.1	%
Same-Property Room Revenues(1,2)	$258.3	$238.4	8.3	%	$731.0	$672.6	8.7	%
Same-Property Total Revenues(1,2)	$400.6	$374.6	6.9	%	$1,147.7	$1,071.6	7.1	%
Same-Property Total Expenses(1,2)	$285.3	$274.5	4.0	%	$826.9	$792.0	4.4	%
Same-Property Hotel EBITDA(1,2)	$115.2	$100.1	15.1	%	$320.8	$279.7	14.7	%
Adjusted EBITDAre(1)	$107.9	$99.2	8.7	%	$297.3	$272.8	9.0	%
Adjusted FFO(1)	$71.6	$60.2	18.9	%	$186.1	$156.3	19.0	%
Adjusted FFO per diluted share(1)	$0.63	$0.51	23.5	%	$1.62	$1.30	24.6	%
Free Cash Flow(3)	$55.6	$44.7	24.4	%	$143.4	$98.8	45.1	%


Not Applicable
Former name or former address, if changed since last report



“			“Our third-quarter results far exceeded the high end of our outlook for the third consecutive quarter. Healthy business and leisure travel drove broad-based growth across our portfolio, with momentum continuing through September, well beyond the summer’s major events. Our premium portfolio continued to demonstrate significant pricing power, with Same-Property ADR increasing 7.0%, well above our expectations. “Our resorts delivered outstanding results, demonstrating guests’ willingness to spend on distinctive lifestyle experiences. Resort RevPAR increased 8.4%, food and beverage revenues jumped 11.2%, and eight of our 13 resorts achieved Hotel EBITDA growth of 20% or more. Our urban hotels also performed very well, with RevPAR climbing 8.3%, driven by double-digit RevPAR gains in San Francisco, Chicago, Los Angeles, and Boston. “We are raising our full-year outlook again to reflect both our significant third-quarter outperformance and our increasing confidence in fourth-quarter demand trends. Despite ongoing geopolitical and economic uncertainty, travel demand remains resilient. With new hotel supply extremely limited, stronger pricing power and disciplined cost control are driving higher RevPAR, total revenues, and margins. “We see substantial upside ahead. Our redeveloped resorts are still ramping up, our urban markets are recovering, pricing power is growing, and 2027 brings stronger convention calendars in our two largest markets, San Diego and Boston, along with the Super Bowl in Los Angeles. Strong free cash flow and selective hotel sales at attractive private-market valuations provide significant capital to reduce debt and repurchase common and preferred shares at meaningful discounts. Combined, these strong factors should continue to grow cash flow and Adjusted FFO per diluted share.” -Jon E. Bortz, Chairman and Chief Executive Officer of Pebblebrook Hotel Trust


The Company’s 2026 Outlook is as follows:

	2026 Outlook				Variance to Prior Outlook
	As of 10/29/26				Var to 7/29/26
	($ in millions, except per share data)
	Low		High		Low		High
Net loss	($60.5)		($56.5)		($58.8)		($62.8)

Adjusted EBITDAre	$363.3		$367.3		$18.3		$14.3

Adjusted FFO	$215.5		$219.5		$21.5		$17.5
Adjusted FFO per diluted share	$1.88		$1.92		$0.19		$0.16
Free Cash Flow (Adj. FFO less capital investments midpoint & common divs.)	$146.0		$150.0		$26.5		$22.5

This 2026 Outlook is based, in part, on the following estimates and assumptions:


	($ in millions)
	Low		High		Low		High
U.S. hotel industry RevPAR growth rate	5.5	%	6.0	%	2.0	%	1.5	%
Same-Property RevPAR growth rate	7.6	%	8.0	%	3.1	%	2.5	%
Same-Property Total RevPAR growth rate	6.1	%	6.5	%	2.0	%	1.2	%

Same-Property Total Revenue growth rate	6.1	%	6.5	%	2.0	%	1.2	%
Same-Property Total Expense growth rate	3.8	%	4.0	%	1.0	%	0.4	%

Same-Property Hotel EBITDA	$393.8		$397.8		$16.8		$12.8
Same-Property Hotel EBITDA growth rate	12.9	%	14.1	%	4.7	%	3.6	%


The Company’s Q4 2026 Outlook is as follows:

	Q4 2026 Outlook
	As of 10/29/26
	($ in millions, except per share data)
	Low		High
Net loss	($12.5)		($8.5)

Adjusted EBITDAre	$66.0		$70.0

Adjusted FFO	$29.5		$33.5
Adjusted FFO per diluted share	$0.26		$0.30

This Q4 2026 Outlook is based, in part, on the following estimates and assumptions:


	($ in millions, except RevPAR data)
	Low		High
Same-Property RevPAR	$209		$213
Same-Property RevPAR growth rate	4.0	%	6.0	%
Same-Property Total RevPAR growth rate	2.8	%	4.8	%

Same-Property Total Revenue growth rate	2.8	%	4.8	%
Same-Property Total Expense growth rate	2.1	%	3.1	%

Same-Property Hotel EBITDA	$73.0		$77.0
Same-Property Hotel EBITDA growth rate	5.7	%	11.5	%


Pebblebrook Hotel Trust
Consolidated Balance Sheets
($ in thousands, except share and per-share data)

	September 30, 2026		December 31, 2025
	(Unaudited)
ASSETS
Assets:
Investment in hotel properties, net	$	4,767,037	$	5,023,457
Hotel held for sale	9,907		—
Cash and cash equivalents	287,510		184,185
Restricted cash	10,355		12,018
Hotel receivables (net of allowance for doubtful accounts of $303 and $241, respectively)	43,134		34,184
Prepaid expenses and other assets	85,569		94,330
Total assets	$	5,203,512	$	5,348,174

LIABILITIES AND EQUITY
Liabilities:
Unsecured revolving credit facilities	$	—	$	—
Unsecured term loans, net of unamortized deferred financing costs	893,606		897,708
Convertible senior notes, net of unamortized debt premium and deferred financing costs	741,944		739,809
Unsecured senior notes, net of unamortized deferred financing costs	394,856		393,670
Mortgage loans, net of unamortized deferred financing costs	51,363		92,905
Accounts payable, accrued expenses and other liabilities	228,197		199,631
Lease liabilities - operating leases	335,726		333,068
Deferred revenues	102,770		104,900
Accrued interest	19,325		12,106
Liabilities related to hotel held for sale	638		—
Distribution payable	10,977		11,639
Total liabilities	2,779,402		2,785,436
Commitments and contingencies
Shareholders' Equity:
Preferred shares of beneficial interest, $.01 par value (liquidation preference $630,147 and $676,724 at September 30, 2026 and December 31, 2025, respectively), 100,000,000 shares authorized; 25,205,860 and 27,068,962 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively	252		271
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 111,300,549 and 113,188,134 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively	1,113		1,132
Additional paid-in capital	3,897,785		3,969,875
Accumulated other comprehensive income (loss)	9,233		605
Distributions and retained deficit	(1,578,758)		(1,503,262)
Total shareholders' equity	2,329,625		2,468,621
Non-controlling interests	94,485		94,117
Total equity	2,424,110		2,562,738
Total liabilities and equity	$	5,203,512	$	5,348,174


Pebblebrook Hotel Trust
Consolidated Statements of Operations
($ in thousands, except share and per-share data)
(Unaudited)

	For the three months ended September 30,				For the nine months ended September 30,
	2026		2025		2026		2025
Revenues:
Room	$	258,253	$	254,613	$	732,491	$	709,223
Food and beverage	96,252		96,239		289,969		288,543
Other operating	48,240		47,871		133,083		128,760
Total revenues	$	402,745	$	398,723	$	1,155,543	$	1,126,526
Expenses:
Hotel operating expenses:
Room	$	68,344	$	70,434	$	192,695	$	196,689
Food and beverage	70,632		71,011		208,477		208,237
Other direct and indirect	117,743		117,607		340,172		335,126
Total hotel operating expenses	256,719		259,052		741,344		740,052
Depreciation and amortization	51,717		57,602		155,795		172,790
Real estate taxes, personal property taxes, property insurance and ground rent	32,181		35,404		97,220		102,655
General and administrative	11,712		12,062		35,651		37,792

Impairment	77,329		46,497		86,129		46,497

Business interruption insurance income and gain on insurance settlement	—		(3,874)		—		(11,419)
Other operating expenses	705		2,188		1,730		3,216
Total operating expenses	430,363		408,931		1,117,869		1,091,583
Operating income (loss)	(27,618)		(10,208)		37,674		34,943
Interest expense	(25,949)		(20,180)		(78,319)		(74,595)
Other, net	2,154		1,037		3,408		2,056
Income (loss) before income taxes	(51,413)		(29,351)		(37,237)		(37,596)
Income tax (expense) benefit	(3,173)		(3,002)		(10,872)		(7,652)
Net income (loss)	(54,586)		(32,353)		(48,109)		(45,248)
Net income (loss) attributable to non-controlling interests	387		714		2,559		2,710
Net income (loss) attributable to the Company	(54,973)		(33,067)		(50,668)		(47,958)
Distributions to preferred shareholders	(9,725)		(10,611)		(30,071)		(31,874)
Repurchase of preferred shares	1,617		312		8,616		312
Net income (loss) attributable to common shareholders	$	(63,081)	$	(43,366)	$	(72,123)	$	(79,520)

Net income (loss) per share available to common shareholders, basic and diluted	$	(0.56)	$	(0.37)	$	(0.64)	$	(0.67)

Weighted-average number of common shares, basic and diluted	112,170,743		117,555,628		112,743,575		118,304,722


Pebblebrook Hotel Trust
Reconciliation of Net Income (Loss) to FFO, FFO Available to Common Share and Unit
Holders, and Adjusted FFO Available to Common Share and Unit Holders
($ in thousands, except share and per-share data)
(Unaudited)

	For the three months ended September 30,				For the nine months ended September 30,
	2026		2025		2026		2025
Net income (loss)	$	(54,586)	$	(32,353)	$	(48,109)	$	(45,248)
Adjustments:
Real estate depreciation and amortization	51,662		57,544		155,628		172,615

Impairment	77,329		46,497		86,129		46,497
FFO	$	74,405	$	71,688	$	193,648	$	173,864
Distribution to preferred shareholders and unit holders	(10,889)		(11,776)		(33,563)		(35,367)
Repurchase of preferred shares	1,617		312		8,616		312
FFO available to common share and unit holders	$	65,133	$	60,224	$	168,701	$	138,809
Transaction costs	53		37		113		94
Non-cash ground rent on operating and finance leases	1,709		1,788		5,140		5,450
Management/franchise contract transition costs	—		—		130		5
Interest expense adjustment for acquired liabilities	165		156		674		717
Finance lease adjustment	767		760		2,300		2,273
Non-cash amortization of acquired intangibles	(45)		(453)		(146)		(1,390)
Gain on insurance settlement	—		(1,820)		—		(1,820)
Early extinguishment of debt	—		(7,385)		627		(7,385)
Amortization of share-based compensation expense	2,563		3,521		7,432		10,262
Repurchase of preferred shares	(1,617)		(312)		(8,616)		(312)


Deferred tax provision (benefit)	2,832		2,406		8,056		5,740
Unrealized loss on investment	—		1,238		1,639		3,900
Adjusted FFO available to common share and unit holders	$	71,560	$	60,160	$	186,050	$	156,343

FFO per common share - basic	$	0.57	$	0.51	$	1.48	$	1.16
FFO per common share - diluted	$	0.57	$	0.51	$	1.47	$	1.16
Adjusted FFO per common share - basic	$	0.63	$	0.51	$	1.63	$	1.31
Adjusted FFO per common share - diluted	$	0.63	$	0.51	$	1.62	$	1.30

Weighted-average number of basic common shares and units	113,508,761		118,726,350		114,081,593		119,475,444
Weighted-average number of fully diluted common shares and units	114,379,048		119,093,161		114,973,362		119,987,469

See “Considerations Regarding Non-GAAP Financial Measures” of this press release for important considerations regarding the use of non-GAAP financial measures. Any differences are a result of rounding.


Pebblebrook Hotel Trust
Reconciliation of Net Income (Loss) to EBITDA, EBITDAre,
Adjusted EBITDAre, Hotel EBITDA, and Same-Property Hotel EBITDA
($ in thousands)
(Unaudited)

	For the three months ended September 30,				For the nine months ended September 30,
	2026		2025		2026		2025
Net income (loss)	$	(54,586)	$	(32,353)	$	(48,109)	$	(45,248)
Adjustments:
Interest expense	25,949		20,180		78,319		74,595
Income tax expense (benefit)	3,173		3,002		10,872		7,652
Depreciation and amortization	51,717		57,602		155,795		172,790
EBITDA	$	26,253	$	48,431	$	196,877	$	209,789

Impairment	77,329		46,497		86,129		46,497
EBITDAre	$	103,582	$	94,928	$	283,006	$	256,286
Transaction costs	53		37		113		94
Non-cash ground rent on operating and finance leases	1,709		1,788		5,140		5,450
Management/franchise contract transition costs	—		—		130		5
Non-cash amortization of acquired intangibles	(45)		(453)		(146)		(1,390)
Gain on insurance settlement	—		(1,820)		—		(1,820)
Amortization of share-based compensation expense	2,563		3,521		7,432		10,262

Unrealized loss on investment	—		1,238		1,639		3,900
Adjusted EBITDAre	$	107,862	$	99,239	$	297,314	$	272,787
Business interruption insurance income	—		(2,054)		—		(9,599)
Corporate general and administrative and other	7,379		8,203		23,948		24,006
Hotel EBITDA	$	115,241	$	105,388	$	321,262	$	287,194
Hotel EBITDA from non-same-property hotels	—		(5,301)		(446)		(7,531)
Same-Property Hotel EBITDA	$	115,241	$	100,087	$	320,816	$	279,663

See “Considerations Regarding Non-GAAP Financial Measures” of this press release for important considerations regarding the use of non-GAAP financial measures. Any differences are a result of rounding.


Pebblebrook Hotel Trust
Reconciliation of Q4 2026 and Full Year 2026 Outlook Net Income (Loss) to FFO, FFO Available to Common Share and Unit Holders, and Adjusted FFO Available to Common Share and Unit Holders
(in millions, except per share data)
(Unaudited)

	For the three months ending December 31, 2026				For the year ending December 31, 2026
	Low		High		Low		High

Net income (loss)	$	(13)	$	(9)	$	(61)	$	(57)
Adjustments:
Real estate depreciation and amortization	47		47		203		203

Impairment	—		—		86		86
FFO	$	34	$	38	$	228	$	232
Distribution to preferred shareholders and unit holders	(11)		(11)		(45)		(45)
Repurchase of preferred shares	—		—		9		9
FFO available to common share and unit holders	$	23	$	27	$	192	$	196
Non-cash ground rent on operating and finance leases	2		2		7		7
Amortization of share-based compensation expense	3		3		10		10
Other	2		2		7		7
Adjusted FFO available to common share and unit holders	$	30	$	34	$	216	$	220
	.
FFO per common share - diluted	$	0.20	$	0.24	$	1.68	$	1.71
Adjusted FFO per common share - diluted	$	0.26	$	0.30	$	1.88	$	1.92

Weighted-average number of fully diluted common shares and units	113.5		113.5		114.5		114.5

See “Considerations Regarding Non-GAAP Financial Measures” of this press release for important considerations regarding the use of non-GAAP financial measures. Any differences are a result of rounding.


Pebblebrook Hotel Trust
Same-Property Statistical Data
(Unaudited)

		For the three months ended September 30,				For the nine months ended September 30,
		2026		2025		2026		2025

Same-Property Occupancy		80.6	%	79.6	%	76.2	%	73.6	%
	2026 vs. 2025 Increase	1.2	%			3.5	%

Same-Property ADR		$318.52		$297.56		$320.32		$305.12
	2026 vs. 2025 Increase	7.0	%			5.0	%

Same-Property RevPAR		$256.66		$236.96		$244.01		$224.58
	2026 vs. 2025 Increase	8.3	%			8.7	%

Same-Property Total RevPAR		$398.11		$372.25		$383.13		$357.80
	2026 vs. 2025 Increase	6.9	%			7.1	%

Notes:
For the three months ended September 30, 2026, the above table of hotel operating statistics includes information from all hotels owned as of September 30, 2026. For the nine months ended September 30, 2026, the above table of hotel operating statistics includes information from all hotels owned as of September 30, 2026, except for the following: • Chamberlain West Hollywood Hotel is included in Q1 only, due to its subsequent sale. These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding. The information above has not been audited and is presented only for comparison purposes.


Pebblebrook Hotel Trust
Same-Property Statistical Data - by Market
(Unaudited)

	For the three months ended September 30,		For the nine months ended September 30,
	2026		2026
Same-Property RevPAR variance to 2025:
San Francisco	14.5	%	24.2	%
Chicago	12.7	%	11.9	%
Los Angeles	10.7	%	16.0	%
Boston	10.6	%	6.0	%
Washington, DC	9.1	%	(9.5	%)
Portland	0.1	%	(1.4	%)
San Diego Downtown	(4.5	%)	(2.4	%)

Resorts	8.4	%	9.3	%
Urban	8.3	%	8.3	%
Notes:
For the three months ended September 30, 2026, the above table includes information from all hotels owned as of September 30, 2026. For the nine months ended September 30, 2026, the above table includes information from all hotels owned as of September 30, 2026, except for the following: • Chamberlain West Hollywood Hotel is included in Q1 only, due to its subsequent sale. These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding. The information above has not been audited and is presented only for comparison purposes.


Pebblebrook Hotel Trust
Hotel Operational Data
Schedule of Same-Property Results
($ in thousands)
(Unaudited)

	For the three months ended September 30,						For the nine months ended September 30,
	2026			2025			2026			2025

Same-Property Revenues:
Room	$	258,253		$	238,430		$	730,967		$	672,617
Food and beverage	95,278			90,501			287,199			275,132
Other	47,049			45,630			129,565			123,873
Total hotel revenues	400,580			374,561			1,147,731			1,071,622

Same-Property Expenses:
Room	$	68,330		$	64,650		$	192,157		$	182,268
Food and beverage	69,236			66,958			204,711			197,842
Other direct	10,938			10,632			31,060			29,680
General and administrative	30,555			28,928			89,689			85,538
Information and telecommunication systems	6,031			5,715			18,318			17,150
Sales and marketing	28,935			26,991			84,283			79,218
Management fees	10,922			10,390			30,270			28,989
Property operations and maintenance	13,802			12,786			40,583			37,825
Energy and utilities	13,113			12,289			35,664			34,871
Property taxes	16,202			17,190			49,107			49,537
Other fixed expenses	17,275			17,945			51,073			49,041
Total hotel expenses	285,339			274,474			826,915			791,959

Same-Property Hotel EBITDA	$	115,241		$	100,087		$	320,816		$	279,663

Same-Property Hotel EBITDA Margin	28.8		%	26.7		%	28.0		%	26.1		%

Notes:
For the three months ended September 30, 2026, the above table includes information from all hotels owned as of September 30, 2026. For the nine months ended September 30, 2026, the above table includes information from all hotels owned as of September 30, 2026, except for the following: • Chamberlain West Hollywood Hotel is included in Q1 only, due to its subsequent sale. These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding. The information above has not been audited and is presented only for comparison purposes.


Pebblebrook Hotel Trust
Historical Operating Data
($ in millions except ADR and RevPAR data)
(Unaudited)

Historical Operating Data:












	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Full Year
	2025		2025		2025		2025		2025

Occupancy	63	%	78	%	80	%	69	%	73	%
ADR	$309		$314		$300		$292		$304
RevPAR	$196		$247		$240		$201		$221

Hotel Revenues	$309.0		$383.6		$373.0		$332.3		$1,397.9
Hotel EBITDA	$64.4		$115.1		$100.1		$69.1		$348.7
Hotel EBITDA Margin	20.8	%	30.0	%	26.8	%	20.8	%	24.9	%

	First Quarter		Second Quarter		Third Quarter
	2026		2026		2026

Occupancy	69	%	80	%	81	%
ADR	$318		$329		$321
RevPAR	$219		$263		$260

Hotel Revenues	$339.9		$401.9		$399.0
Hotel EBITDA	$81.7		$123.3		$115.2
Hotel EBITDA Margin	24.0	%	30.7	%	28.9	%

Notes:
These historical hotel operating results include information for all of the hotels the Company owned as of October 29, 2026. The information above does not reflect the Company's corporate general and administrative expense, interest expense, property acquisition costs, depreciation and amortization, taxes, and other expenses. These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding. The information above has not been audited and is presented only for comparison purposes.