Wells Fargo raised the firm’s price target on Pebblebrook Hotel (PEB) to $14 from $13 and keeps an Equal Weight rating on the shares. The firm notes management expects 2025 RevPAR growth to outpace 2024, aided by group pace currently up 8.5%, TRevPAR growth to outpace RevPAR, although likely less than 50bps over, and op ex growth to increase to closer to 4%. The timing of the full re-opening of LaPlaya remains uncertain; Wells has assumed business interruption insurance proceeds of about $7M are received in Q2, however, that may be adjusted upward should the opening push more so into Q1.
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