Pebblebrook Hotel Trust (NYSE:PEB) Q1 2022 Earnings Conference Call April 27, 2022 9:00 AM ET
Company Participants
Jon Bortz - Chairman and CEO
Raymond Martz - CFO
Conference Call Participants
Neil Malkin - Capital One Securities
Shaun Kelley - Bank of America
Dori Kesten - Wells Fargo
Bill Crow - Raymond James
Aryeh Klein - BMO Capital Markets
Michael Bellisario - Baird
Floris Van Dijkum - Compass Point
Anthony Powell - Barclays
Jay Kornreich - SMBC
Operator
Greetings and welcome to the Pebblebrook Hotel Trust First Quarter Earnings Conference. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Raymond Martz, Chief Financial Officer. Thank you. Please go ahead.
Raymond Martz
Thank you, Donna and good morning everyone. Welcome to our first quarter 2022 earnings call and webcast. Joining me today is Jon Bortz, our Chairman and Chief Executive Officer, but before we start a reminder that many of our comments today are considered forward-looking statements under federal securities laws. These statements are subject to numerous risks and uncertainties as described in our SEC filings, future results could differ materially from those implied by our comments.
Forward-looking statements that we make today are effective only as of today, April 27, 2022, and we undertake no duty to update them later. We'll discuss non-GAAP financial measures during today's call and we provide reconciliations of these non-GAAP financial measures on our website at pebblebrookhotels.com.
Okay. So last night, we reported our Q1 results, and they were significant - and they significantly exceeded our expectations from just 60 days ago. Versus Q1 2019, same-property RevPAR was down just 23.4% with average daily rate up 19.4% and non-room revenue per occupied room up 19.6%, demonstrating our continued ability to drive room and non-room price increases across the portfolio to offset cost pressures.
Same-property revenues recovered 76.8% of 2019 and same-property hotel EBITDA recovered to 61% of Q1, 2019 marking our best quarter compared to 2019 since the pandemic. Even more encouraging for the rapidly improving demand trends as the quarter progressed. The first half of the quarter was negatively impacted by Omicron.
Demand started to reaccelerate in February, first, with strong leisure demand aided by the Super Bowl in early February, which benefited our nine hotels in West Los Angeles; and then with President's Day weekend, which helped our resorts in many of our urban properties. Business demand snapped back quickly starting in February in a much more substantial and broader way than we expected and then accelerated further into March.