At a glance
Pebblebrook Hotel Trust is worth $2.40B. Revenue grew 1.5% to $1.48B in fiscal 2025, at a loss; over 5 years it has grown 27.2% a year. It pays a 0.19% dividend yield, and returned $278.9M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +97.1% over the past year with dividends reinvested and −0.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 75.1% in the 2020 crash (S&P 500: 33.7%) and 44.7% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Pebblebrook Hotel Trust owns upscale hotels and resorts. It is a real estate investment trust (REIT), a company that owns property and generally avoids corporate income tax by paying out most of its taxable income. As of December 31, 2025, it owned interests in 44 hotels with 11,052 guest rooms. It focuses on full-service "upper-upscale" hotels, the tier just below luxury, with restaurants, bars and meeting space, mostly in major coastal cities and resort areas.
Leisure travelers, business travelers and meeting groups pay for rooms, meals and other services. In 2025, revenue was about $1.48 billion: rooms supplied 62.4%, food and beverage 26.3% and other sources 11.3%. REIT tax rules bar Pebblebrook from running its hotels, so it leases them to a taxable subsidiary that hires outside management companies. Pebblebrook's team buys, renovates, rebrands and sells hotels and works closely with managers on pricing and costs. It also owns a majority of Curator Hotel & Resort Collection, a network for small brands and independent lifestyle hotels.
Revenue leans on a few markets. In 2025, San Diego produced 22.4% of revenue, Boston 18.7%, Southern Florida and Georgia 18.1%, Los Angeles 11% and San Francisco 10%. Results are seasonal, with stronger second and third quarters.
Price history
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PEB +97.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Room | $920.2M | 62.4% |
| Food and beverage | $388.4M | 26.3% |
| Other | $167.0M | 11.3% |
By geography
| San Diego, CA | $330.4M | 22.4% |
| Boston, MA | $275.6M | 18.7% |
| Southern Florida/Georgia | $267.0M | 18.1% |
| Los Angeles, CA | $162.4M | 11% |
| San Francisco, CA | $146.9M | 10% |
| Portland, OR | $78.5M | 5.3% |
| Chicago, IL | $78.1M | 5.3% |
| Other | $73.0M | 4.9% |
| Washington, D.C. | $63.6M | 4.3% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $402.7M, up 1% from a year earlier, and net income was $-55.0M.
- For fiscal 2025, revenue was $1.48B (+1.5% year over year; +27.2% a year from FY2020 to FY2025) with a -4.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +27.2% good |
|---|---|
| Operating margin | 3% weak |
| Free cash flow margin | 10.3% good |
| Return on equity (FY2025) | -2.7% weak |
| Return on assets (FY2025) | -1.2% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $442.9M | $-391.7M | $-201.8M |
| FY2021 | $733.0M | $-184.9M | — |
| FY2022 | $1.39B | $-87.2M | — |
| FY2023 | $1.42B | $-78.0M | $35.6M |
| FY2024 | $1.45B | $-4.2M | $146.3M |
| FY2025 | $1.48B | $-65.8M | $152.3M |
Valuation snapshot
| Market value | $2.40B |
|---|---|
| P/E ratio | — |
| Dividend yield | 0.19% |
Rank among 1514 US companies
Market value at each year end
Pebblebrook Hotel Trust’s market value went from $4.29B at the end of 2016 to $2.40B on Oct 28, 2026, down 44%; since the end of 2025 it is up 86%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.40B | +86.5% |
| 2025 | $1.29B | -20.7% |
| 2024 | $1.62B | -15.8% |
| 2023 | $1.93B | +9.4% |
| 2022 | $1.76B | -40.1% |
| 2021 | $2.94B | +19.4% |
| 2020 | $2.46B | -29.7% |
| 2019 | $3.50B | -10.4% |
| 2018 | $3.91B | -23.7% |
| 2017 | $5.13B | +19.6% |
| 2016 | $4.29B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PEB price data to Oct 28, 2026 | +90.0% | +97.1% | +22.9% | -0.1% | +0.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +90.0% |
| 2025 | -16.1% |
| 2024 | -15.0% |
| 2023 | +19.7% |
| 2022 | -40.0% |
| 2021 | +19.2% |
| 2020 | -29.7% |
| 2019 | -0.1% |
| 2018 | -20.5% |
| 2017 | +30.7% |
| 2016 | +12.3% |
| 2015 | -36.5% |
| 2014 | +52.0% |
| 2013 | +36.3% |
| 2012 | +23.0% |
| 2011 | -3.1% |
| 2010 | -7.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 64.4% over that stretch · deepest drop along the way 75.1%, back to its old high 11.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 35.1% over that stretch · deepest drop along the way 44.7%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (18 read): 6 open-market purchases ($1.8M) and 2 sales ($1.3M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 3, 2026 | Thomas Charles Fisher Co-President, C Investmt Ofcr | sell | $770K |
| Dec 15, 2025 | Jon E Bortz Chairman and CEO, Director | sell | $563K |
| Jun 12, 2026 | Jon E Bortz Chairman and CEO, Director | buy | $364K |
| Jun 11, 2026 | Jon E Bortz Chairman and CEO, Director | buy | $355K |
| Jun 10, 2026 | Jon E Bortz Chairman and CEO, Director | buy | $345K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 17.5% | Mar 31, 2025 |
| Vanguard Portfolio Management | 10.09% | Jan 30, 2026 |
| T. Rowe Price Associates, Inc. | 7.6% | Jun 30, 2026 |
| STATE STREET CORPORATION | 5.7% | Mar 31, 2026 |
| Vanguard Capital Management | 5.25% | Mar 31, 2026 |
| T. Rowe Price Investment Management, Inc. | 4.8% | Jun 30, 2026 |
| Fuller & Thaler Asset Management, Inc. | 4.28% | Mar 31, 2026 |
| BANK OF AMERICA CORP /DE/ | 3.7% | Jun 30, 2026 |
| Alyeska Investment Group, L.P. | 2.16% | Jun 30, 2026 |
ETFs with the most weight in PEB
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.51% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.35% |
| USVM VictoryShares US Small Mid Cap Value Momentum ETF | 0.27% |
| FYX First Trust Small Cap Core AlphaDEX Fund | 0.25% |
| BBRE JPMorgan BetaBuilders MSCI US REIT ETF | 0.13% |
| JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF | 0.12% |
| RWR SPDR Dow Jones REIT ETF | 0.12% |
| NUSC Nuveen ESG Small-Cap ETF | 0.11% |
What could go wrong
- Revenue is concentrated in a few markets. Pebblebrook owns only hotels, mostly in coastal cities and resorts. San Diego (22.4%), Boston (18.7%) and Southern Florida/Georgia (18.1%) led 2025 revenue, so a regional downturn would hit results hard.
- Outside managers control daily hotel operations. REIT tax rules bar Pebblebrook from running its hotels. Third-party managers set room rates and run daily operations, and Pebblebrook can't force changes, yet its leasing structure leaves it bearing rising operating costs.
- Upper-upscale hotels swing more in downturns. Its full-service upper-upscale hotels compete in a crowded tier that is generally more volatile than most other lodging segments. Business travel, group meetings and leisure trips can drop quickly when the economy weakens.
- Debt, covenants and refinancing risk. Total debt was about $2.08 billion as of June 30, 2026. Covenants and mortgage "cash trap" clauses can restrict dividends, refinancing could prove costly, and lenders can foreclose on hotels after a default.
- Storms, wildfires and climate exposure. Hotels in Florida resort towns and California face risks such as hurricanes, flooding and wildfires. Disasters or disease outbreaks can close properties and cut travel, and some losses may be uninsured or underinsured.
- Rising labor costs and union contracts. Hotels need many workers, and the company flags extra risk at hotels with unionized staff. Higher wages, strikes or rigid work rules can raise costs or disrupt service, and those costs fall on Pebblebrook.
Recent events
- Quarterly results released
- Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Investor presentation or announcement; Other company announcement
- Investor presentation or announcement
- Quarterly results released; Other company announcement
- Investor presentation or announcement; Other company announcement
- Investor presentation or announcement
- Executive or board change; Shareholder vote results; Other company announcement
- Investor presentation or announcement; Other company announcement
For income and retirement investors
Pebblebrook's dividend is tiny. Dividends were about $0.41 per share in 2020, then fell to about $0.04 a year from 2021 through 2025. The yield was 0.19% as of October 28, 2026. With net losses every year from 2020 through 2025, there are no earnings to measure the payout against; dividends used about 3.1% of 2025 free cash flow, the cash left after operating costs and capital spending. Buybacks mattered more: $253.7 million from 2021 through 2025, against $25.2 million in dividends, and the share count fell 14.1% between July 2021 and July 2026. For an income investor, returns depend mostly on the share price.
That price has swung sharply. In the 2020 COVID crash, the shares fell 75.1% and took about 12 months to recover. In the 2022 bear market, they fell 44.7% and had not regained their April 2022 high by October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
Does Pebblebrook Hotel Trust pay a dividend?
Yes, but it is very small. Dividends were about $0.04 per share a year from 2021 through 2025, down from about $0.41 in 2020. The yield was 0.19% as of October 28, 2026. In 2025, the company paid about $4.8 million in dividends but spent about $72.6 million buying back its own shares. Investors who need steady income may find the payout too small to matter.
How does Pebblebrook Hotel Trust make money?
It owns hotels and earns money when guests pay for rooms, meals and other services. In 2025, revenue was about $1.48 billion: 62.4% from rooms, 26.3% from food and beverage and 11.3% from other sources. Because REIT tax rules bar it from running hotels, Pebblebrook leases them to a taxable subsidiary that hires outside management companies. Its own team focuses on buying, renovating and selling hotels and on guiding managers on pricing and costs.
Is Pebblebrook Hotel Trust profitable?
Not on a net income basis. It reported a net loss of about $65.8 million in 2025, or $0.90 per diluted share, and posted net losses every year from 2020 through 2025. Net income for property owners is reduced by depreciation, a noncash accounting charge, so cash flow is also worth watching: free cash flow was about $152.3 million in 2025. In the quarter ended June 30, 2026, typically a strong season, net income was about $23.6 million, up 30.6% from a year earlier.
How much debt does Pebblebrook Hotel Trust have?
About $2.08 billion as of June 30, 2026, compared with about $261 million in cash and investments and about $5.28 billion in total assets. The debt includes credit facilities, term loans, convertible notes, unsecured notes and mortgages secured by hotels. The company lists refinancing risk, loan covenants and mortgage "cash trap" clauses, which can hold back cash if a hotel underperforms, among its risks. Preferred shareholders also rank ahead of common shareholders for dividends.
How has Pebblebrook stock performed over the long term?
Weakly over 10 years, despite a big rebound. As of October 28, 2026, the stock had returned 97.1% over one year and 90% year to date. But its five-year return was roughly flat, and over 10 years it gained only about 3% in total, or about 0.3% a year. It lost 40% in 2022, 15% in 2024 and 16.1% in 2025, and its worst peak-to-trough drop on record was 84.4%.