- In its operating update, Pebblebrook Hotel Trust (PEB -1.0%) marked December as its best performing month compared to 2019 since the pandemic commenced.
- Total revenue was down 20% from December 2019 levels and ADR was 18% higher than December 2019.
- Weekday vs. Weekend occupancy trends:
- Currently, the company has total liquidity of ~$730M, which includes cash on hand of ~$92M with $637.9M available on the company's $650M credit facility.
- The company has no material loan maturities until 2023.
- Outlook:
- January 2022 occupancy levels are expected to be well below December 2021 due to the usual seasonal slowdown and high levels of group and transient cancellations and much slower bookings amid concerns with high levels of the highly contagious Omicron.
- Most of the group cancellations are rebooking at higher rates in Q2 and later in 2022; cancellations have extended for February, but so far are more limited thereafter.
- Based on current booking trends, the company sees February occupancy levels to improve from January, but remain lower than December 2021 levels.