BETHESDA, Md.--(BUSINESS WIRE)--Pebblebrook Hotel Trust (NYSE:PEB) today provided an update regarding its hotels in Florida that were impacted by Hurricane Irma.
The 157-room Hotel Colonnade Coral Gables, located in Coral Gables, Florida, remained open and operational during Hurricane Irma, remains open today and did not incur any material physical damage. The hotel has incurred some cancellations of business due to storm-related travel disruptions, however, this lost business has not been material.
The 189-room LaPlaya Beach Resort & Club (“LaPlaya”), a waterfront luxury resort located in Naples, Florida, closed starting Saturday, September 9, 2017 following a mandatory evacuation order and remains closed. The Company conducted site assessments and structural reviews of the resort to determine wind and water-related damage from Hurricane Irma. The two hotel buildings located on the beach incurred meaningful water infiltration. The Company commenced repair and restoration work at LaPlaya almost immediately following the hurricane, and repair and restoration crews are working aggressively to complete the repairs in order to reopen as soon as possible. The cost of the restoration work and lost business as a result of the resort’s closure is expected to exceed the Company’s property insurance deductible. Pebblebrook currently believes the resort will reopen during the fourth quarter. The Company does not believe that the property damage or lost business at LaPlaya was material.
“We thank our management teams and associates at Hotel Colonnade and LaPlaya who have done a terrific job protecting our guests and associates and mitigating further property damage,” said Jon Bortz, Chairman, President and Chief Executive Officer of Pebblebrook Hotel Trust. “At LaPlaya, we are working diligently to repair and restore the areas of the resort that were damaged by the hurricane. Despite not being open for typical resort guests, we are pleased to be able to accommodate relief workers, displaced residents and construction and insurance related workers in our Bay Tower, which sustained relatively minimal damage from the storm. We will update our investors over the coming weeks as we learn more about the expected reopening of the resort as well as losses from both property damage and business interruption. Fortunately, no guests or employees were injured as a result of the storm.”
About Pebblebrook Hotel Trust
Pebblebrook Hotel Trust is a publicly traded real estate investment trust (“REIT”) organized to opportunistically acquire and invest primarily in upper upscale, full-service hotels located in urban markets in major gateway cities. The Company owns 28 hotels, with a total of 6,970 guest rooms. The Company owns hotels located in 9 states and the District of Columbia, including: Los Angeles, California (Beverly Hills, Santa Monica and West Hollywood); San Diego, California; San Francisco, California; Washington, DC; Coral Gables, Florida; Naples, Florida; Buckhead, Georgia; Boston, Massachusetts; Minneapolis, Minnesota; Portland, Oregon; Philadelphia, Pennsylvania; Nashville, Tennessee; Columbia River Gorge, Washington; and Seattle, Washington. For more information, please visit us at www.pebblebrookhotels.com and follow us on Twitter at @PebblebrookPEB.
