Tom Fisher, co-president and chief investment officer at Pebblebrook Hotel Trust (NYSE: PEB), sat down for a video interview during Nareit’s REITweek: 2025 Investor Conference in New York City on June 2-5.
Fisher discussed how shifting capital market conditions and technology are influencing the hotel sector. He noted that while “debt availability is great, debt pricing is coming in, [and] investors can underwrite it,” uncertainty surrounding tariffs, trade policy, and federal deficits has created a "wait and see" environment. Equity investors, he said, remain cautious until there’s more clarity on policy resolutions.
Fisher emphasized the company’s focus on operational efficiency: “We have an unsustainable business model when expenses are growing faster than revenues.” To address this, Pebblebrook has embraced technology, including AI, virtual agents, self-check-in, and robotics, while also beta testing new tools to cut costs and improve decision-making.
Fisher observed renewed strength in urban markets as business travel rebounds. “We’ve heard [about] ‘the doom loop’ for so long. [Now we’re looking toward] ‘the bloom loop,’” he said, referring to San Francisco.