The company said these storms caused weather-related cancellations, early check-outs, reduced short-term pickup, and one-time repair/clean-up and remediation expenses.

Same-Property EBITDA declined 1%. Excluding the impact of the named storms, the company estimates that Same-Property EBITDA would have increased approximately 6% over the prior year period. 

August Same-Property Urban total revenues increased 7% year-over-year, driven by a continued rebound in group and transient business travel and improving weekend leisure demand. 

Urban occupancy enhanced by approximately 500 basis points versus the prior year while rates remained relatively flat.

Price Action: PEB shares are trading higher by 0.59% to $13.72 on the last check Friday.