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Pebblebrook Hotel Trust's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: PEB

For our portfolio on a monthly basis, April RevPAR increased 12.1%, May was up 13.4% and June climbed 13.1%. As a reminder, our RevPAR and hotel EBITDA results include all the hotels we owned as of June 30 except for the Milano but do include 49% of the results from Manhattan Collection. The vintage hotels in Seattle and Portland are not included in the second-quarter results, because we didn’t acquire these hotels until July 9.

RevPAR growth in the quarter was led by our properties benefitting from the recent renovations including the Affinia Manhattan, Sir Francis Drake and the Grand in Minneapolis as well as the W Boston. During the second quarter we invested approximately $13.4 million into our hotels as part of our capital reinvestment program which included completing our renovations at the Westin Gaslamp, Sofitel, Affinia, Monaco Seattle and Mondrian Lose Angeles. Year to date we have invested over $30 million into our hotels as part of our capital reinvestment programs.

With a healthy RevPAR growth of 12.9% in the quarter, our hotel EBITDA generated – our hotel portfolio generated $35.9 million of pro forma hotel EBITDA, extremely strong 28.6% increase over the prior year period. During the second-quarter rooms revenue increased 13.5%, which was greater than our RevPAR growth due to the added rooms in Affinia Manhattan reconfiguration.

Our food and beverage revenues were disappointingly flat to last year. This is primarily due to the renovation of the outdoor deck and pool area at Mondrian in Hollywood. They have significantly disrupted operations at SkyBar, which is closed from March through May as well as our restaurant (indiscernible) which locked all the outdoor seating from the deck replacement. Overall this renovation resulted in food and beverage revenue declining about $1.2 million or almost 30% versus the prior year quarter.

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