Pebblebrook Hotel Trust (PEB) Provides Update on Impact of Hurricane Helene

Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that several of its resorts were impacted by Hurricane Helene and that repair and remediation costs net of insurance payments are expected not to be material.

The 189-room LaPlaya Beach Resort & Club (“LaPlaya”), a luxury waterfront resort in Naples, Florida, was impacted by the storm starting on September 26, 2024. The resort, which spans three buildings on six acres, including two on the Gulf of Mexico, is undergoing a thorough damage assessment. The Company, along with the operator of LaPlaya, Noble House Hotels & Resorts, is actively working on cleanup, repairs and a comprehensive assessment.

Currently, two of the three guestroom buildings at LaPlaya, including the Gulf Tower and Bay Tower, are open and operational. BALEEN Naples, LaPlaya’s primary three-meal restaurant and waterfront dining venue, is also open and accepting guests. Additionally, LaPlaya Beach Club is open and operating normally. However, the Beach House, which contains 79 guestrooms, is currently closed for repairs, with cleanup of the ground floor already underway. Initial assessments indicate that the primary impact to the Beach House is related to water infiltration on the ground floor. At this time, the Company anticipates that repair costs will not be material and expects property and flood insurance to mitigate the financial impact. September and October are part of the normal low season for Naples and LaPlaya.

The 200-room Jekyll Island Club Resort in Georgia sustained minor damage and a temporary power outage due to the hurricane. The resort did not close and is now operating normally. Based on initial assessments, repair costs are not expected to be material.

The Company’s other resorts in southern Florida affected by Hurricane Helene are fully operational, and any necessary repair costs are not expected to be material.

“We thank our management teams and associates at each of our properties impacted by Hurricane Helene, who have done a fantastic job protecting our guests—ensuring no injuries were sustained—preparing for the storm and mitigating property damage,” noted Jon Bortz, Chairman and Chief Executive Officer of Pebblebrook Hotel Trust. “Our thoughts are with the countless people and communities affected by this devastating storm. We will update our shareholders and stakeholders over the coming weeks as we learn more about the expected losses from property damage and potential business interruptions caused by the storm.”

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