UPDATE: Stifel Nicolaus Raises PT to $24 on Pebblebrook Hotel Trust
Stifel Nicolaus increases its price target on Buy-rated Pebblebrook Hotel Trust (NYSE: PEB) as the company sees sector-leading same-store growth in Q4.
Stifel Nicolaus says, "Portfolio RevPAR was +12.8% to $168.58 in 4Q11, probably the best in the sector. Occupancy was +460 bps to 77.4%. ADR was +6.1% to $217.90. Hotel EBITDA increased 39.1%, with flow through of 3.1x. Margins increased 562 bps to 28.4%. This is the first full quarter that the company had all 20 assets in its results."
PEB closed at $22.17 a share on Tuesday.
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