Pebblebrook Hotel Trust (PEB) Stock Price & How to Invest
Last updated July 2026
Short answer
PEB is Pebblebrook Hotel Trust, a lodging REIT that owns upper-upscale urban and resort lifestyle hotels in major US gateway markets, so investing in it is a leveraged bet on the recovery and pricing power of high-end business and leisure travel. It trades as a cyclical, real-estate-heavy stock whose fortunes track RevPAR (revenue per available room), coastal-market demand, and interest rates.
PEB stock price
As of 2026-07-21, Pebblebrook Hotel Trust (PEB) last closed at $19.75, up 85.1% over the past year. Over the past 52 weeks it has traded between $9.39 and $19.75.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Pebblebrook Hotel Trust's investor relations page. Walnut is informational, not investment advice.
What does Pebblebrook Hotel Trust (PEB) do?
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.
As an investment, PEB is a cyclical, capital-intensive REIT levered to the top end of the lodging cycle. Full-year 2025 revenue was roughly $1.48 billion and adjusted FFO (funds from operations) per share was about $1.58, while the company carries roughly $2.3 billion of debt, most of it fixed near a 4 percent rate. Early 2026 showed strong momentum, with same-property RevPAR up nearly 12 percent led by a sharp San Francisco and Los Angeles rebound. The stock has traded well below its net asset value in recent years, so the picture is one of recovering fundamentals weighed against leverage, coastal-market concentration, and a dividend that was cut to a token level after the pandemic.
What's driving Pebblebrook Hotel Trust (PEB)?
1. Urban and gateway-market recovery
PEB is heavily weighted toward coastal cities that lagged in the post-pandemic travel rebound. Q1 2026 showed San Francisco RevPAR up roughly 44 percent and Los Angeles up about 32 percent, suggesting group, convention, and international demand in these markets is finally normalizing. Continued recovery in urban business travel is the single largest swing factor for results.
2. RevPAR growth and margin expansion
Same-property RevPAR rose about 11.8 percent in early 2026 while expenses grew far more slowly, driving over 300 basis points of Hotel EBITDA margin expansion. Management raised its full-year RevPAR growth outlook to a range of roughly 2.75 to 4.75 percent. Pricing power on room rates, rather than just occupancy, is what lifts margins in a lodging REIT.
3. Asset management, redevelopment, and capital recycling
Pebblebrook actively renovates and repositions hotels and periodically sells assets to fund buybacks or pay down debt. Because the stock has traded at a discount to estimated private-market value, disposals near appraised value and share repurchases are levers management can pull to close that gap.
4. Balance sheet and interest-rate management
With about $2.3 billion of debt largely fixed near 4 percent but a relatively short weighted-average maturity, refinancing terms and rate direction materially affect future FFO. Extending maturities and reducing leverage would lower the risk profile and could support a higher valuation.
What are the risks to Pebblebrook Hotel Trust (PEB)?
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. Concentration in a handful of coastal gateway markets (notably San Francisco and Los Angeles) means local economic, safety, or supply issues carry outsized weight. The roughly $2.3 billion debt load with a short average maturity exposes the company to refinancing and interest-rate risk. The quarterly common dividend has been cut to about one cent, so the stock offers little income and depends on price appreciation. Rising labor and insurance costs, new hotel supply, and weather or event disruptions at resort properties add further volatility.
How is Pebblebrook Hotel Trust (PEB) valued? (approximate, JULY 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Pebblebrook Hotel Trust's investor relations page or your broker.
- Revenue (TTM): ~$1.5B
- Market cap: ~$1.5B
- Adjusted FFO/share (2025): ~$1.58
- Total debt: ~$2.3B
- Same-property RevPAR (Q1 2026): ~$216
- Dividend yield: ~0.2%
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.
Who competes with Pebblebrook Hotel Trust (PEB)?
Large full-service hotel REITs
Host Hotels & Resorts and Park Hotels & Resorts own large portfolios of upper-upscale and luxury hotels, competing with Pebblebrook for the same brands, markets, and institutional capital, though Host in particular is far larger and less levered.
Peer lifestyle and urban lodging REITs
DiamondRock Hospitality, Sunstone Hotel Investors, RLJ Lodging Trust, and Xenia Hotels & Resorts share Pebblebrook's focus on upscale, group-oriented, and gateway or resort hotels, making them the closest comparables on RevPAR and valuation.
Select-service and broader lodging alternatives
Apple Hospitality REIT and Summit Hotel Properties own more select-service and extended-stay hotels with steadier margins, offering investors a lower-volatility alternative way to own the lodging sector.
How to invest in Pebblebrook Hotel Trust (PEB)
There are three common ways to get PEB exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so PEB sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where PEB fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Pebblebrook Hotel Trust (PEB)
PEB is a cyclical, gateway-market hotel REIT whose value hinges on RevPAR trends, urban travel recovery, and its ability to manage a sizable debt load.
More on Pebblebrook Hotel Trust (PEB)
Whether PEB is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is PEB a buy?, and where the stock could go from here in the PEB stock forecast.
For income investors, whether PEB pays a dividend and how the payout looks is covered in does PEB pay a dividend?
Build a basket around PEB with Walnut
Use Pebblebrook Hotel Trust as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does Pebblebrook Hotel Trust do?
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Pebblebrook is a real estate investment trust that owns upper-upscale and luxury lifestyle hotels and resorts in major US gateway markets. It owns the real estate and hires third-party operators and brands to run the hotels rather than managing them itself.
What kind of stock is PEB?
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PEB is a lodging REIT, meaning it is a cyclical, real-estate-heavy stock tied to travel demand and interest rates. Its earnings are usually measured in FFO (funds from operations) rather than standard net income.
Where are Pebblebrook's hotels located?
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Its portfolio of roughly 46 hotels is concentrated in coastal gateway cities such as San Francisco, Los Angeles, San Diego, Boston, and Washington, D.C., along with destination resort markets. This gives it heavy exposure to urban business and group travel.
Does PEB pay a dividend?
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PEB pays only a token common dividend of about one cent per quarter, a yield near 0.2 percent, after cutting it sharply during the pandemic. It is not currently an income stock, so returns depend largely on share-price movement.
How did Pebblebrook perform recently?
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In the first quarter of 2026 same-property RevPAR rose about 11.8 percent, revenue climbed to roughly $346 million, and Hotel EBITDA jumped, driven by a strong San Francisco and Los Angeles recovery. Management raised its full-year RevPAR growth outlook.
What is RevPAR and why does it matter for PEB?
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RevPAR (revenue per available room) blends occupancy and average daily rate into one measure of hotel demand and pricing. It is the key driver of a lodging REIT's revenue and margins, so PEB's stock tends to move with RevPAR trends.
What are the main risks of investing in PEB?
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Key risks include a downturn in business or leisure travel, heavy concentration in a few coastal markets, roughly $2.3 billion of debt with a short average maturity, refinancing and interest-rate exposure, and rising labor and insurance costs.
Who are Pebblebrook's main competitors?
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Its closest peers are other upscale and gateway-focused hotel REITs such as DiamondRock, Sunstone, RLJ Lodging, and Xenia, while Host Hotels and Park Hotels are larger full-service owners and Apple Hospitality offers a select-service alternative.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Pebblebrook Hotel Trust's investor relations page or your broker before making investment decisions.