Pebblebrook Hotel Trust reported a net loss of $32.4 million for the third quarter of 2025, compared to net income of $45.1 million in the same period of 2024. Same-Property RevPAR was $232, down 3.1% from the prior year, while Same-Property Total RevPAR decreased by 1.5% to $362. Same-Property Hotel EBITDA was $105.4 million. Adjusted EBITDA re was $99.2 million, $2.2 million above the midpoint of the company's outlook. Adjusted FFO per diluted share was $0.51, $0.03 above the midpoint of the outlook. During the quarter, the company invested $14.2 million in capital improvements and continued progress on its multi-year redevelopment program, which is now largely complete. Pebblebrook expects full-year business interruption insurance recovery to total $11.6 million.