U.S. Hotel Construction Projects Up

• Pebblebrook Hotel Trust beat expectations in Q2, aided by higher business interruption insurance proceeds and share repurchases.
• U.S. hotel construction pipeline sees steady growth with significant upscale and upper midscale projects.
• Several new hotel developments and acquisitions are planned, including a boutique Kimpton Virgilio in Mexico City and the first Hyatt Centric in Winnipeg.

Pebblebrook Hotel Trust pre-announced in late June, but it still beat expectations though that was mostly due to higher-than-expected business interruption insurance proceeds. PEB repurchased 3.6 million shares in 2Q for $50 million. Their guidance was pretty much in line. According to the Q2 2023 United States Construction Pipeline Trend Report by Lodging Econometrics, at the close of the […]