Updated Outlook From Pebblebrook After LaSalle Merger Disappoints; Reducing FVE to $36
Pebblebrook Hotel Trust completed its merger with LaSalle Hotel Properties midway through the fourth quarter, making direct comparisons to our estimates difficult. However, management's 2019 guidance suggests that many of the cost-saving measures and EBITDA gains they had initially laid out will take longer to realize, leading us to reduce our fair value estimate to $36 from $39. Pebblebrook's same-store results, which includes the acquired LaSalle hotels for December, saw occupancy decline 1.8%...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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