Tom Fisher, co-president and CIO of Pebblebrook Hotel Trust (NYSE: PEB), sat down for a video interview during Nareit’s REITworld: 2024 Annual Conference in Las Vegas on Nov. 18-21.
Fisher reflected on the company’s strategy to navigate shifting market conditions. He highlighted Pebblebrook’s proactive approach, noting the sale of $900 million in assets since the pandemic.
"We’re going to continue to be an active seller in this market and hopefully monetize those assets," he said. Proceeds will be used for share buybacks and debt reduction, capitalizing on current market discounts.
Discussing capital markets, Fisher emphasized improving debt conditions, citing better availability, and pricing. He linked these developments to potential boosts in transaction activity, adding: "The debt markets have been improving all year...that’s going to be conducive to a more active transaction market."
Looking ahead, Fisher spotlighted recovery in urban hotel markets, particularly San Francisco, Los Angeles, and Portland. He expressed optimism about San Francisco’s 2025 convention calendar, up by 50%, and improving local political climates. He also underscored the company’s $500 million investment in repositioning properties, translating into market share and revenue gains.