Bethesda-based Pebblebrook Hotel Trust reported higher revenue and income on a strong quarter for business at its hotels, including newly acquired hotels.
Pebblebrook?s second-quarter revenue rose to $59.6 million from $45.6 million. Net income was $5.4 million, or 10 cents per share, compared with $1.8 million, or 3 cents per share, a year ago.
Second-quarter funds from operations rose to $20.1 million, or 37 cents per share.
?Our hotels benefitted from the continued strength in business and leisure transient travel, improving group demand and health inbound international travel, all despite ongoing global uncertainty and a sluggish US economy,? said CEO Jon Bortz.
Pebblebrook spent $92.8 million acquiring three hotels last quarter. It now owns 23 hotels.
The company said revenue per available room rose 12.9 percent, while rates were up 5.4 percent and occupancy rose 7.1 percent.
Pebblebrook (NYSE: PEB) forecasts revenue per available room growth of as much as 10 percent for all of 2012.
Jeff Clabaugh covers general assignment and provides business coverage for WTOP.
Source: http://www.9tharkansas.org/2012/08/06/pebblebrook-says-business-leisure-travel-strong/
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