Pebblebrook Hotel Trust (NYSE:PEB) Q3 2024 Earnings Conference Call November 8, 2024 10:00 AM ET
Company Participants
Raymond Martz - Co-President, Chief Financial Officer, Treasurer and Secretary
Jon Bortz - Chairman, President and Chief Executive Officer
Thomas Fisher - Co-President and Chief Investment Officer
Conference Call Participants
Dori Kesten - Wells Fargo
Jay Kornreich - Wedbush Securities
Smedes Rose - Citi
Ari Klein - BMO Capital Markets
Duane Pfennigwerth - Evercore ISI
Gregory Miller - Truist Securities
Michael Bellisario - Baird
Operator
Greetings and welcome to Pebblebrook Hotel Trust Third Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Raymond Martz, Co-President and Chief Financial Officer. Thank you. You may begin.
Raymond Martz
Thank you, Donna, and good morning, everyone. Welcome to our third quarter 2024 earnings call and webcast. Joining me today is Jon Bortz, our Chairman and Chief Executive Officer; and Tom Fisher, our Co-President and Chief Investment Officer.
Before we begin, please note that today's comments are effective only for today, November 8, 2024. Our comments may include forward-looking statements as defined under federal securities laws, and actual results could differ materially from those discussed today. For a comprehensive analysis of potential risks, please consult our most recent SEC filings and visit our website for detailed reconciliation of any non-GAAP financial measures mentioned today.
Okay. We have a lot to cover today. So let's move to our third quarter results. We are pleased to report that despite the negative impact of two named storms on several properties this quarter, our third quarter hotel operating results were in line with our outlook.
RevPAR growth was driven by occupancy increases at both our urban and resort properties, market share recovery and gains at many of our recently redeveloped properties. The ongoing recovery of business group and transient demand along with strong resort and urban weekend leisure travel fueled our occupancy gain, even as the broader industry experienced a continued normalizing of leisure travel trends.
In the third quarter, same-property RevPAR increased by 2.2%, landing squarely in the middle of our outlook range and would have exceeded 2.4% if not for the impact of the hurricanes.
Our outperformance significantly outpaced the industry's RevPAR growth of 0.9% and a 0.5% gain in our specific markets, highlighting our portfolio's success in growing market share. This growth is largely driven by our recently redeveloped and renovated properties and the strong recovery of our urban markets.