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How the Pandemic Both Disrupted and Aided Hotel Development in LA
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Pebblebrook Hotel Trust enters deal to buy Margaritaville Hollywood Beach Resort
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Pebblebrook Hotel Trust (PEB) Q1 2021 Earnings Call Transcript Motley Fool Transcribers © The Motley Fool Logo of jester cap with thought bubble.
Pebblebrook Hotel Trust (NYSE: PEB)
Q1 2021 Earnings Call
Greetings, and welcome to the Pebblebrook Hotel Trust first quarter earnings conference call. [Operator Instructions]
It is now my pleasure to introduce your host, Mr. Raymond Martz, Chief Financial Officer. Thank you, sir. Please go ahead.SPONSORED:
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Hotel real estate in San Diego County felt the impact of the pandemic last year, as the dollar value of properties changing hands plunged by more than 60 percent compared to 2019 sales.
In a new year-end report released this week, the Orange County brokerage firm, Atlas Hospitality Group, found that while the number of transactions statewide and in San Diego County was largely flat year over year, the value of those sales still fell sharply as some hotel owners were forced to sell amid a huge drop-off in leisure travel.
“Properties in 2020 sold at prices well below what they would have in 2019,” said Alan Reay, president of Atlas Hospitality. “No one would have sold in 2020 unless they really had to. We’re talking about the second half of the year. Sales in the first four months of 2020 were well under contract by the end of 2019. We didn’t see the full effects of the pandemic until March and April.”