logo
Plus   Neg
Share
Email

Stock Alert: Pebblebrook Hotel Rises 5% On Improving Occupancy

Shares of Pebblebrook Hotel Trust (PEB) are rising more than 5% Wednesday morning after the company updated its second-quarter operating trends.

Pebblebrook said, with every week, occupancy is improving in all of the Company's markets since June 1, as travel demand slowly recovers.

Leisure travel is recovering at a fast pace compared to the overall hotel industry which is benefiting the company's drive-to resorts.

Pebblebrook currently expects to generate positive EBITDA at its resorts for the month of June, even though 5 of them just reopened in June. This compares with its prior estimate of a monthly cash burn of $2.5 million to $3.0 million.

Monthly hotel portfolio cash burn is now estimated at $12 million to $15 million; a $3 million reduction from the previous estimate of $15 million to $18 million

Pebblebrook expects to reopen nearly half of its properties by the end of July.

PEB is currently trading at $14.44. It has traded in the range of $5.39- $29.57 in the past one year.

For comments and feedback contact: editorial@rttnews.com

RELATED NEWS
Follow RTT