Pebblebrook Hotel Trust Q2 2021 Earnings Call Transcript

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

Question: William Andrew Crow - Raymond James & Associates, Inc., Research Division - Analyst : Jon, we've gotten accustomed to looking at data every day, travel and activities and things like that. And you all started your commentary talking about the sequential improvement month-to-month all the way through July. But every year has a certain rhythm to it from a travel perspective. And I'm just wondering what we should be expecting from a sequential change. It seems like July might be the peak and then we go down. And in this case, are we going to go sequentially lower through the end of the year? Or how do you see that playing out?

Question: William Andrew Crow - Raymond James & Associates, Inc., Research Division - Analyst : That's good color, Jon. The second question -- follow-up question is, you didn't touch much on either Chicago or Washington, D.C. and maybe specifically what you're thinking about as far as your Chicago presence goes and whether this might be an opportunity to exit one or both of the hotels. And then on Washington, D.C., just curious how important the school groups are to overall industry occupancy or market occupancy there, whether there's any sign of school group starting to book for the fall period.

Question: Aryeh Klein - BMO Capital Markets Equity Research - Analyst : Just following up on the acquisition strategy. You reduced your exposure to San Francisco. And I guess in an ideal world post-COVID, would you look for more balance across portfolio where you maybe wouldn't have 15%, 20% exposure any given market? And then just given the pace of recovery, do you think it's tougher from here to acquire resort assets at prices that would work? And maybe we hit a lull on some more