PEB vs RHP: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. PEB and RHP share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined PEB and RHP exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Pebblebrook Hotel Trust is one of the largest owners of urban and resort lifestyle hotels in the United States, with a portfolio of roughly 46 upper-upscale and luxury properties concentrated in coastal gateway markets such as San Francisco, Los Angeles, San Diego, Boston, and Washington, D.C., plus destination resorts. The company does not operate the hotels directly. It owns the real estate and contracts with third-party managers and brands, aiming to add value through repositioning, renovations, and active asset management. Its results are driven by RevPAR (a blend of occupancy and average daily rate), Hotel EBITDA margins, and the health of both corporate and leisure travel.

Full PEB guide

Ryman owns seven large resorts and two small adjacent hotels, ~12,364 rooms in total, alongside more than 3 million square feet of indoor and outdoor meeting space. Five of those properties carry the Gaylord Hotels flag (Opryland in Nashville, Palms in Kissimmee, Texan in Grapevine, National at National Harbor outside Washington, and Rockies in Aurora), and five of the seven largest non-gaming convention hotels in the country are Ryman's. Marriott manages the entire portfolio under long-term agreements, so Ryman is the owner and capital allocator rather than the operator. The revenue mix explains the business better than the room count does. In the second quarter of 2026 the hotels produced $232.4 million of rooms revenue against $296.4 million of food and beverage and $76.2 million of other hotel revenue, so banquets, catering and audiovisual services out-earned the beds. Consolidated Total RevPAR of $537.69 against RevPAR of $206.52 is the same fact expressed per available room. A second segment, Opry Entertainment Group, holds the Grand Ole Opry, Ryman Auditorium, WSM 650 AM, Ole Red, Category 10, Block 21 in Austin and a majority of the festival promoter Southern Entertainment.

Full RHP guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• PEB drivers: Urban and gateway-market recovery; RevPAR growth and margin expansion.
• RHP drivers: Forward bookings at record rates; Grande Lakes and a second Orlando footprint.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: PEB is a cyclical, leveraged bet on discretionary travel, so a recession or a pullback in corporate and group demand would hit RevPAR and cash flow quickly. For RHP, the concentration is unusual for a REIT of this size.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick PEB if you believe its drivers more; RHP if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the PEB and RHP guides.

PEB. PEB trades with a market cap close to its trailing revenue and well below the roughly $2.3 billion of debt on its balance sheet, a reminder that hotel REITs are valued on enterprise value and cash flow rather than sales. With adjusted FFO around $1.58 per share for 2025, the stock has often screened cheap on a price-to-FFO and discount-to-NAV basis, reflecting market skepticism about urban lodging and leverage. The token common dividend means near-term returns depend on FFO growth and any narrowing of that valuation discount.

RHP. At ~$128.50 the shares sit at roughly 14 times the $9.13 AFFO midpoint and, using June 30 debt and cash with the post-offering share count, an enterprise value near $12.5 billion against $894 million of guided Adjusted EBITDAre. Ryman itself just agreed to pay 12.5 times trailing property EBITDAre for Grande Lakes, so the public multiple and the private-market print for comparable group assets are not far apart. The trailing P/E of ~31 is a depreciation artefact and does not describe the cash the REIT distributes.

Headline figures (approximate, JULY 2026): PEB shows revenue (ttm) ~$1.5B, market cap ~$1.5B, adjusted ffo/share (2025) ~$1.58, total debt ~$2.3B; RHP shows revenue (ttm) ~$2.74 billion for the twelve months to June 30, 2026, against $2,577.1 million in fiscal 2025 and $2,339.2 million in fiscal 2024. Second-quarter 2026 revenue of $749.0 million was an all-time quarterly record, up 13.6%, split ~81% Hospitality and ~19% Entertainment. First-half revenue reached $1,413.6 million, up 13.4%, with JW Marriott Desert Ridge (acquired June 10, 2025) contributing $134.5 million of that., earnings, ffo and affo per share Trailing twelve-month diluted EPS is ~$4.11 on net income available to common stockholders of ~$272 million. Fiscal 2025 diluted EPS was $3.77, down from $4.38 in 2024, even as revenue grew 10.2%, because depreciation and interest both rose. The REIT measures tell a different story: fiscal 2025 FFO was $7.93 per diluted share/unit and AFFO $8.46, versus $8.05 and $8.54 in 2024. Second-quarter 2026 FFO was $2.54 and AFFO $2.77 per diluted share/unit, up 18.7% and 17.9%., operating metrics Consolidated second-quarter occupancy was 72.7%, ADR $284.05, RevPAR $206.52 and Total RevPAR $537.69. On the same-store basis that excludes Desert Ridge, occupancy was 72.8% (down 1.2 points), ADR $277.19 (up 6.9%) and Total RevPAR $524.05 (up 6.5%). Consolidated Adjusted EBITDAre was $258.3 million at a 34.5% margin; excluding the OEG noncontrolling interest it was $241.9 million. Segment Adjusted EBITDAre: Hospitality $223.0 million, Entertainment $43.9 million, Corporate and Other negative $8.6 million., 2026 guidance (raised august 6, 2026) Same-store RevPAR and Total RevPAR growth of 3.50% to 4.50%, both midpoints lifted 100 basis points. Consolidated operating income of $543.8 million to $557.0 million and consolidated Adjusted EBITDAre of $878.0 million to $910.0 million, a midpoint of $894.0 million against $794.7 million in 2025. Net income available to common of $270.5 million to $273.5 million, or $4.10 to $4.11 per diluted share, and AFFO of $8.98 to $9.28 per diluted share/unit on ~68.8 million weighted diluted shares and units. Guidance predates the Grande Lakes agreement and the August share sale..

PEB and RHP are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined PEB and RHP exposure against your real portfolio. It is not an investment adviser.