Pebblebrook Hotel Trust`s executives look ahead to a brighter 2025 as they see a potentially slower 2024 than previously hoped. During the hotel real estate investment trust`s second-quarter earnings call, Pebblebrook Chairman and CEO Jon Bortz said overall hotel industry demand turning positive is encouraging. However, he is concerned about gradually slowing average daily rate growth and a slowing economy. The Federal Reserve "continues to keep its foot on the brake, and it’s clearly showing up in weakening employment growth, increasing unemployment, slower consumer spending, increasingly restrictive interest rates and a more cost-conscious consumer," he said.... RSK: The hospitality market is up and down. When we were in Door County last week, the trend was obvious. A few Vacancy signs at the low grade motels. In speaking with the restaurateurs they said customer counts were down. But in speaking with the 2 grocery stores where help wanted signs were everywhere, they were busier than ever. Both groups said people were not eating out as much but buying and preparing food at their suites, cottages and cabins more often. Inflation being the key here. | ||
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