Episode 298: Pebblebrook CEO Says Lodging Sector Showing a Varied Recovery Path
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The hotel and lodging sector is showing a varied recovery, as it outperforms 2019 levels in some areas but struggles in others, according to Pebblebrook Hotel Trust (NYSE: PEB) Chairman, President, and CEO Jon Bortz.
Speaking on Nareit\\u2019s REIT Report, Bortz noted that strength in the market has tended to be concentrated in resorts, particularly drive-to resorts, which are often achieving higher occupancy and rates than seen in 2019.
The struggles, on the other hand, have mainly been in the urban environment, Bortz said. He noted that in San Francisco, Pebblebrook\\u2019s revenue is still down 80% from 2019 levels, while in Washington, D.C., revenue is down 70% over that same period.
Bortz said signs of recovery in business travel are already evident, \\u201cbut it\\u2019s a very slow recovery.\\u201d He said business transient travel appears to be about 40-50% back, while business group travel is about 30-40% back.\\xa0