Pebblebrook Hotel Trust Call to Provide Update on Second Quarter Operating Trends Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Aryeh Klein - BMO Capital Markets Equity Research - Analyst : Maybe can you just talk a little bit about what you're seeing from a performance standpoint, whether it's occupancy or ADR at your non-resort properties? Obviously, it sounds like demand trends are pretty healthy at the resort properties, but just curious what you're seeing at the non-resorts?

Question: Aryeh Klein - BMO Capital Markets Equity Research - Analyst : And then as far as the waiver agreement, any additional detail you can provide on the M&A carve-out in there? And then just broadly, when do you expect that M&A market to become more active? And has there been any kind of narrowing between bid-ask spreads that you've seen?

Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst : First off, I just wanted to say, I hope the statue in the Sir Francis Drake bar doesn't get torn down this weekend. without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. JULY 01, 2020 / 2:30PM, PEB.N - Pebblebrook Hotel Trust Call to Provide Update on Second Quarter Operating Trends

Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst : You never know, though. But yes, I know. Let's see, the other question or the first question is, on the earnings calls, all companies have kind of given initial thoughts on what talks with brands will be in the sort of new restructured operating model as we emerge from the COVID pandemic. One of the things that was talked about a lot is a pretty significant change in the F&B outlet or avenue in totality. And I'm just wondering, your non-room revenues like F&B, other, especially at some of your larger properties, how do you see that playing out? Or do you see that model sort of being re -- reconfigured to adjust for, for example, less groups, lower quantities of groups, less density, restrictions, maybe lower minimum spends, et cetera? How do you think about how that side of the business winds up shaking out as we get out of the pandemic and then maybe more, over like a long-term basis?

Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst : No, I understand. It's pretty tough. I kind of -- I was just more referring to when the sort of F&B at, call it, the -- your branded properties that have a buffet or maybe a couple of outlets. We've heard shutting down nonprofitable or reducing buffet, reducing hours, reducing amenities offered as potential things that could come out of it. And I just wonder if that's the case? And you've reduced a lot of the other revenues in the hotel, doesn't that bring down EBITDA on an absolute basis, potentially for a long-term basis or permanently? without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. JULY 01, 2020 / 2:30PM, PEB.N - Pebblebrook Hotel Trust Call to Provide Update on Second Quarter Operating Trends

Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst : All right. No, I appreciate that. Last one for me is, are you seeing any differences or disparities in your hotels that are open in terms of business travel, I'm sure there's very little of it. But have you noticed that potentially your smaller accounts, your more local or regional accounts, are back on the road as opposed to the larger Facebook, IBM, Googles of the world, just given the larger companies have HR, legal, ESG sort of implications, whereas Bob's Boating probably doesn't have that. Are you seeing those things play out? Or is it hard to discern those things from your data?