Pebblebrook beat Q1 estimates by 39% on FFO and nearly 5% on revenue, but the 327 basis points of margin expansion tells a more important story about what this portfolio actually earns after years of repositioning toward resorts.
RLJ Lodging Trust posted 4.8% RevPAR growth in Q1, but the 45 basis points of margin expansion underneath it tells you something more important about what's actually working in urban select-service right now... and what most operators are still leaving on the table.
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