The Changing Face of Pebblebrook

When the Young Gun Portfolio first bought shares in Pebblebrook Hotel Trust (NYSE: PEB) six long weeks ago, the company was a bit like Shaq in high school: impressive for its age, but you couldn't help but think how great it could be down the road. At the time of our initial purchase in mid-November, Pebblebrook had already purchased its first six hotels in just the preceding five months. CEO Jon Bortz was positively blazing through the roughly $700 million he raised in equity offerings, commenting that the pace put shareholders "well ahead of our investment plan." The long-term plans for the company to start paying a dividend, move toward being fully invested, and qualify for REIT status were still just specks on the horizon -- definitely there, but still a ways out.... Read more