Pebblebrook Hotel Trust provided an update on the impact of Hurricanes Helene and Milton, with LaPlaya Beach Resort & Club in Naples, Florida, being significantly affected by both storms on September 26 and October 9, 2024, respectively. The Gulf Tower (70 rooms), Bay Tower (40 rooms), and BALEEN Naples restaurant are scheduled to reopen on November 1, 2024.
The Beach House (79 rooms) at LaPlaya remains closed for repairs primarily due to water and sand infiltration, with a partial reopening expected over the coming months and largely operational by the end of Q1 2025. Repair costs are not expected to be material, with property, flood, and business interruption insurance expected to substantially mitigate the financial impact.
The Company estimates a negative impact on operating performance for Q3 2024 of $1.5 million on Net Income, Adjusted EBITDAre, and Adjusted FFO, and a 25 basis point variance in Same-Property RevPAR. For Q4 2024, the estimated impact is a $10.0 million reduction in Net Income, Adjusted EBITDAre, and Adjusted FFO, and a 100 basis point variance in Same-Property RevPAR.
The full-year 2024 estimated impact from the named storms is an $11.5 million reduction in Net Income, Adjusted EBITDAre, and Adjusted FFO, and a 30 basis point variance in Same-Property RevPAR. These figures reflect considerable cancellations and reduced booking volumes at affected properties.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.