The Pebblebrook Hotel Trust said business travel demand, which recovered more slowly than leisure during the pandemic, picked up momentum in May and continued to pick up in early June.
In the week ending June 12, city hotel occupancy was 80%, the highest since the pandemic began, Pebblebrook said, and the average daily room rate was more than 13% above 2019 levels at $324. The average daily room rate across the entire portfolio was 20% above pre-pandemic levels.
At the company’s resorts, average daily rates are 58% above 2019 levels, the company said in a statement.
“The company experienced a notable increase in business travel in May, while overall portfolio occupancy remained relatively flat compared to April due to typical seasonal shifts in travel demand following the high-demand spring break travel season,” Pebblebrook said.
“The company has not experienced a decline in demand from the leisure or business travel segments due to recent economic challenges,” it said in a statement.
Email Will Feuer at Will.Feuer@wsj.com