LaSalle Portfolio Should Provide Pebblebrook Higher Growth Despite Hotel Headwinds
Pebblebrook Hotel Trust reported first quarter results--the first full quarter following the completion of Pebblebrook's merger with LaSalle Hotel Properties--that were significantly ahead of our estimates. However, given that there were a lot of moving parts following the merger and that management's guidance is mostly unchanged, we don't plan any material changes to our $36 fair value estimate given that our full-year estimates still match management's updated 2019 guidance. Same-store revenue...Pebblebrook Hotel Trust is an internally managed hotel investment company. Substantially all of the company's assets are held by, and all of the operations are conducted through its Operating Partnership, Pebblebrook Hotel, L.P. The company is engaged in acquisition and investment in hotel properties located primarily in U.S. cities, including Atlanta, Boston, Chicago, Key West, Los Angeles, Miami, Nashville, Naples, New York, Philadelphia, Portland, Santa Monica, San Diego, San Francisco, Seattle and Washington, D.C., with a focus on main gateway urban markets. The company targets investments in resort properties located near its primary target markets, as well as in select destination resort markets.
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