Pebblebrook Hotel Trust provides update on impact of hurricane Ian - Insights
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Pebblebrook Hotel Trust provides update on impact of hurricane Ian

Pebblebrook Hotel Trust today announced that several of the Company’s resorts were impacted by Hurricane Ian. However, the Company does not expect the costs to repair and remediate damage from the storm to be material.

The 189-room LaPlaya Beach Resort & Club (“LaPlaya”), a waterfront, luxury resort in Naples, Florida, closed beginning September 27, 2022, following a mandatory evacuation order. The resort will remain closed as the Company completes a full review and assessment of the damage to the condition of the property, which contains four buildings on six acres, including two buildings on the Gulf of Mexico. The Company, its operator, Noble House Hotels & Resorts, and its representatives are already working diligently to assess the property and its systems, while cleaning up and making repairs to curtail damages and reopen the resort as soon as possible. At this time, the Company believes that the cost of repairing the property and recovering lost business income caused by the hurricane will not be material. The Company expects its property, flood, and business interruption insurance policies will mitigate the financial impact caused by the hurricane.

The 119-room Inn on Fifth, located in downtown Naples, Florida, also closed beginning September 27, 2022, following a mandatory evacuation order. The property reopened on October 1, 2022. At this time, the Company believes that property damage caused by the hurricane was minor and the costs to repair the property will not be material.

The Company’s remaining five other hotels and resorts in southern Florida and Georgia impacted by Hurricane Ian are open and operational. The Company believes that the cost to repair any property damage at these properties will not be material.

“We thank our management teams and associates at each of our properties impacted by Hurricane Ian who have done a terrific job protecting our guests and associates, with no injuries sustained, and mitigating further property damage,” noted Jon Bortz, Chairman, President, and Chief Executive Officer of Pebblebrook Hotel Trust. “Our thoughts are with the countless people and communities that have been impacted by this devastating storm. While it is not yet possible to know the storm’s full impact on LaPlaya until power is restored to the local area and all necessary inspections are completed, we currently do not believe there is a material financial impact. We will update our investors over the coming weeks as we learn more about the anticipated reopening of LaPlaya and the expected losses from property damage and business interruption from the storm.”

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