Pebblebrook Hotel Trust Q3 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, your scripted remarks were, I think, 35 minutes. So it's not fair to blame all the questions here. But I'll ask you 1 on San Francisco.

Question: William Andrew Crow - Raymond James & Associates, Inc., Research Division - Analyst : That was the statement. Jon, we find ourselves kind of what we were pre-pandemic. If you look at Vegas, it seems to be really thriving here and you look at San Francisco, what arguably the worst market in the country or one of the worst. And I'm just wondering whether we just have kind of gone back to where we were in this decline in San Francisco from a convention and meeting perspective and continues. And in the interim, we've lost a number of companies to other markets in Texas in particular. So just your thoughts on the future there and maybe how much you're willing to continue to allocate from a percentage of portfolio basis to San Francisco?

Question: Aryeh Klein - BMO Capital Markets Equity Research - Analyst : Maybe just following up on the NAV update. With resort NOI higher in 2021, I imagine the underlying cap rates probably haven't changed that much from where they were in 2019. I guess, first, is that a fair way to think about it? And then if that is the case, what if anything does that imply about the expected durability of the strength you're seeing there, at least in the eyes of investors? And do you think there's room for further cap rate compression? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 29, 2021 / 1:00PM, PEB.N - Q3 2021 Pebblebrook Hotel Trust Earnings Call