By Will Feuer
Pebblebrook Hotel Trust said demand for business travel, which has been slower than leisure travel to recover during the pandemic, gained steam in May and continued to accelerate at the beginning of June.
For the week ended June 12, urban hotel occupancy was 80%, the highest level since the pandemic started and the average daily room rate was more than 13% above 2019 levels at $324, Pebblebrook said. Portfolio-wide average daily room rate was 20% above pre-pandemic levels.
At the company’s resorts, average daily rates are 58% above 2019 levels, the company said.
“In May, the company experienced a notable increase in business transient travel, while overall portfolio occupancy remained relatively flat to April due to typical seasonal shifts in leisure travel demand following the high demand spring break travel season,” Pebblebrook said.
“The company has not experienced any pullback in demand from the leisure or business travel segments due to recent economic concerns,” it said.
Write to Will Feuer at Will.Feuer@wsj.com