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

So as a result of our hotels strong performance combined with our additional acquisitions generated adjusted EBITDA of $32.9 million in the quarter, an increase of $14.6 million or 80% versus last year’s second-quarter. As a reminder and as we previously discussed, our adjusted EBITDA adds back to $1.1 million of one-time charges associated with the change in hotel management companies at the Doubletree by Hilton Bethesda Hotel. This expense is recorded in the G&A line item in our income statement.

Our G&A expense was also greater in the quarter from higher-than-expected hopefully non-recurring legal costs, some additional non-capitalized expenses related to the reconcepting and relaunching initiative at several of our recently renovated hotels and restaurants and higher-than-expected corporate and business taxes (ph).

Combining these items have caused us to increase our corporate G&A estimate for the year from $12 million to $12.5 million which represents an increase of about $2 million from last quarter. We believe roughly $1.5 million of these G&A expenses are one-time in nature, so we don’t expect this expense level to represent our run rate in future.

Year to date our adjusted EBITDA was up 90% or $22.2 million versus last year. Again this reflects not only the increased number of hotels in our growing portfolio but also higher rate in growth in same store EBITDA of our existing hotels which we believe will continue during the next several years.

Turning to the acquisition side of our business, on April 9 we acquired the 108 room hotel Milano in San Francisco for $29.8 million. This hotel is located in the growing south of market and convention center submarket of San Francisco. Based on our current plan, we now expect to close the hotel in early November for a comprehensive renovation and repositioning. This hotel is expected to reopen during the end of Q1 2013 and be renamed at that time.

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