Stifel lowered the firm’s price target on Pebblebrook Hotel (PEB) to $14.25 from $16 and keeps a Hold rating on the shares following an update on the impacts of recent Hurricanes on the company’s properties in the southeast region. The 189-room LaPlaya Beach Resort & Club in Naples, Florida was the lone property impacted and was negatively affected by both Hurricane Helene and Hurricane Milton. Stifel noted some other properties in the region did experience “considerable” cancellations and reduced booking volumes around the time of both Hurricanes. This is expected to impact Q4 results, with the most significant impact being from the LaPlaya location, the firm told investors in a research note.
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Read More on PEB:
- Pebblebrook Hotel Trust Faces Storm Impact on Resorts
- Pebblebrook Hotel price target lowered to $14 from $15 at Baird
- Pebblebrook Hotel provides update on Hurricane Milton, other storms impact
- Pebblebrook Hotel price target lowered to $14 from $15 at Truist
- Pebblebrook Hotel Mitigates Hurricane Damage with Insurance
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