Latest news: Pebblebrook earnings; big deal in Toronto; Canada pipeline

Pebblebrook reports. Pebblebrook Hotel Trust 2Q25 results were ahead of Street expectations with RevPAR growth of +0.6% and better performance in San Francisco, Portland, San Diego and Chicago offsetting softness in Los Angeles and Washington, D.C. RevPAR growth was -8.2% in Los Angeles, which held back portfolio-wide performance by ~160 bps and was greater than the ~50 bps expectation for 2Q25. Management noted that the recovery in the market has been negatively impacted by immigration enforcement activities deterring demand. Pebblebrook's 3Q25 RevPAR outlook is -4.0% to -1.0% and Adjusted EBITDA guidance of $93.5-$100.5 million. Pebblebrook tightened its RevPAR outlook 50 bps to -1.0% to +1.0%, which implies +2% growth in 4Q25 at the midpoints. “Our hotel teams executed exceptionally well in the second quarter, delivering a 3.1% increase in occupancy across the portfolio, excluding our Los Angeles properties,” said Pebblebrook CEO Jon Bortz. “We are very encouraged by the ongoing recoveries in San Francisco, Portland, and Chicago, reflecting the continued resilience of these markets, which more than offset softness in Los Angeles and Washington, D.C. We are particularly pleased by the continued success our teams have had identifying new efficiencies to operate more productively, as reflected in the modest 1.7% year-over-year increase in same-property expenses before fixed costs.”

Booking beats. Booking's 2Q25 results were well ahead of Street expectations on better room night and revenue growth. Guidance for 3Q25 was below expectations with 3.5% to 5.5% room nights growth likely based on macro conservatism. Gross bookings were +12.8%; room nights were +7.7%. Revenues were +16.0% and gross margins were 14.5%.

Big trade in Toronto. Ritz-Carlton Toronto trades. Pacific Reach and Dilawri Group of Companies have acquired The Ritz-Carlton, Toronto from Cadillac Fairview. The price has not been disclosed. As equal partners, Pacific Reach will asset manage and work with Dilawri to elevate the property. Marriott International will continue to manage the hotel. Planned enhancements to the property will include updates to the spa and wellness amenities, common areas, and conferencing spaces.

Refi on the Riverwalk. Sonnenblick-Eichner Co. has arranged $22.6 million of first mortgage leasehold financing on behalf of Valencia Hotel Group to refinance a maturing 10-year loan at its 213-room Hotel Valencia Riverwalk in downtown San Antonio, Texas. “We had tremendous lender interest in this financing opportunity and ultimately closed a five-year fixed-rate loan which was sized to a low debt yield for a hotel encumbered by a ground lease,” said Sonnenblick-Eichner Principal David Sonnenblick.

Excel buys in Florida. PE firm Excel Group, Arlington, Virginia, has acquired the 105-room Hampton Inn & Suites Coconut Creek and the 105-room Residence Inn Fort Lauderdale Coconut Creek in Broward County, Florida. No further deal details were released. The acquisitions of these properties are Excel’s first in South Florida in several years and are investments of Excel Fund I. Excel said acquisitions of Broward County hotel assets reflect growing opportunity in region with robust medical, industrial, tourism and entertainment demand.

JV for Donkey Hotels. Azora and the Ioannou family have formed a joint venture to develop Donkey Hotels as an institutional platform in the Greek hotel sector. The Ioannou family, still holding 49.9% of the company, will continue to run the business, with Christos Ioannou remaining chairman. The group currently operates five luxury hotels (834 rooms) in Greece, including four in Athens - the Athenaeum Intercontinental, NEW Hotel, Semiramis and Periscope - and one in Santorini, the Nous Santorini. Both parties are committed to injecting capital to strengthen Donkey Hotels' position, by upgrading existing properties, notably the Athenaeum Intercontinental, and pursuing the acquisition of new assets.

Hampton sells in Nashville. Franklin Hospitality Group has purchased the 127-key Hampton Inn & Suites Nashville/Franklin (Cool Springs) in Tennessee for an undisclosed amount from an institutional seller. Hunter Hotel Advisors facilitated the transaction on behalf of an institutional seller.

Canada's pipeline. There were 333 projects/44,764 rooms in Canada’s pipeline at the close of 2Q25, representing a 3% increase in projects and an 11% increase in rooms year-over-year (YOY), according to Lodging Econometrics. Hotels under construction stood at 68 projects/9,038 rooms, each respectively accounting for 20% of the total pipeline. Projects scheduled to start construction in the next 12 months stood at 100 projects/12,955 rooms for a 25% YOY increase by projects and a 40% YOY increase by rooms. Accounting for 50% of the projects in Canada’s total pipeline at Q2, projects in early planning stand at 165 projects for a 2% YOY increase and a record-high 22,771 rooms for an 11% YOY increase by rooms.

Amex, CWT to merge. American Express Global Business Travel will acquire competitor CWT in a transaction worth $540 million—a reduced valuation from the original $570 million deal, after the U.S. Department of Justice on Tuesday dropped its antitrust suit against the mega travel management companies. The companies expect the deal to generate approximately $155 million in identified net synergies across its operations in more than 140 countries. The purchase is made up of approximately 50 million shares to be issued at a fixed price of $7.50 per share, with the remaining consideration funded with cash on hand. CWT shareholders will own approximately 10% of the company.

Dusit to France. Dusit International, Bangkok, has signed a strategic partnership agreement with Sydel, a French real estate investment company, to establish Dusit France. The joint venture will focus on identifying opportunities for Dusit Hotels and Resorts’ nine brands. Dusit’s portfolio currently spans 294 properties across 18 countries, including 55 operating under Dusit Hotels and Resorts and 239 luxury villas under Elite Havens. In Europe, the company operates the upper-upscale Dusit Suites Athens in Greece, located in the vibrant coastal district of Glyfada on the Athenian Riviera.

Four Seasons residences in UAE. Four Seasons Hotels and Resorts and Abu Dhabi-based asset manager Alain have announced a new standalone beachfront residential offering in the UAE, Four Seasons Private Residences Abu Dhabi at Saadiyat Beach, set to open in 2029. The project will comprise 56 luxury villas, including limited beach mansions. and 60 suites, including penthouse and royal residences.

FIBRA adds. Mexican REIT FIBRA Inn will assume the operation of properties in Puebla and Nuevo Leon, which it said will allow it to accelerate decision-making and create financial efficiencies. FIBRA Inn will assume control of the Holiday Inn Puebla La Noria and the Holiday Inn Monterrey Valle starting on August1 and September 1, respectively.