• Performance improved throughout the year; December 2021 was the strongest month versus 2019 based on RevPAR, Total Revenue, and Hotel EBITDA, led by robust demand at the Company’s resorts and a continuing gradual recovery in business travel
  • Leisure demand remains extremely healthy, with rate premiums expected to continue throughout 2022
  • Most of the 2022 business groups that canceled in January and February are rebooking in March through June at higher overall average rates
  • Business travel demand is already improving in March and is expected to continue to accelerate its recovery into Q2
  • Labor shortage challenges have eased, and more open positions have been filled



  • In 2021, the Company completed over $270 million of hotel dispositions and reallocated $492 million into leisure-focused resorts with meaningful upside opportunities from operating changes, redevelopment projects and remerchandising underutilized indoor and outdoor spaces/areas
  • The Company’s acquisitions of Jekyll Island Club Resort, Margaritaville Hollywood Beach Resort, Estancia La Jolla Hotel & Spa and the two Key West B&Bs far exceeded the Company’s underwriting for 2021
  • Completed $83.8 million of capital investments during 2021, including the transformative repositioning of L’Auberge Del Mar and the comprehensive guestroom renovation of Southernmost Beach Resort in Key West, all geared to increase quality, enhance guest experiences and drive higher average rates, revenues, cash flow and value
  • On target to complete the transformation and redevelopment of Hotel Grafton on Sunset into Hotel Ziggy in Q1 2022 and Hotel Vitale into 1 Hotel San Francisco in Q2 2022



  • As of December 31, 2021, total liquidity of $730 million, including $92.2 million of cash on hand
  • No significant debt maturities until November 2023; 89% of total debt at fixed rates
  • Net debt to depreciated book value at the end of Q4 2021: 42%



  • Net income/(loss): ($67.7) to ($72.7) million
  • Same-Property RevPAR variance vs. 2019: (30%) to (35%); vs. 2021: +120% to +137%
  • Adjusted EBITDAre: $14.0 to $19.0 million
  • Adjusted FFO per diluted share: ($0.11) to ($0.15)


“While we faced many challenges in 2021 due to the pandemic, we nonetheless made significant progress in our recovery. Our Same-Property Hotel Revenues increased by over $280 million, or 65%, versus 2020. Same-Property Hotel EBITDA was a positive $132.1 million, compared with negative ($27.5) million in 2020. Our resorts led the recovery, amazingly surpassing 2019 levels in room rates, RevPAR, and Hotel EBITDA. We also successfully sold several urban hotels and reinvested this capital into four leisure-focused resort acquisitions. Each of these new investments offers unique upside opportunities through our redevelopment and remerchandising expertise, operator changes, and enhancements to guest experiences. This should allow us to achieve healthy revenue growth while attracting the best employees in our markets to provide elevated hotel experiences. As we look forward to 2022, we are encouraged by the rebooking of business travel from January and February to later in the first half of 2022, which indicates a high level of pent-up business travel.” – Jon E. Bortz, Chairman, President, and Chief Executive Officer of Pebblebrook Hotel Trust


View full results here.