Pebblebrook Hotel Trust : Investor Presentation HIGH RESOLUTION

chaminade resort & spa

Investor Presentation

July 2020

Forward-Looking Statements

This presentation contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of Pebblebrook Hotel Trust's (the "Company") business, financial condition, liquidity, results of operations, plans and objectives. These forward-looking statements are based on the Company's beliefs, assumptions, estimates and expectations of future performance, taking into account information currently available to the Company. These beliefs, assumptions, estimates and expectations can change as a result of many possible events or factors, not all of which are known to the Company. If a change occurs, the Company's business, prospects, financial condition, liquidity and results of operations may vary materially from these forward-looking statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy, supply and demand in the hotel industry and other factors as are described in greater detail in the Company's filings with the Securities and Exchange Commission, including, without limitation, the Company's Annual Report on Form 10-K for the year ended December 31, 2019. You should carefully consider these risks when you make an investment decision concerning the Company's securities. You are cautioned not to place undue reliance on any forward-looking statements. The Company assumes no obligation to update or revise any forward-looking statements,

whether as a result of new information, future events or otherwise.

This presentation does not constitute, and may not be used in connection with, an offer or solicitation by anyone.

The Company assumes no obligation to update or revise any of the information in this document.

The following presentation includes financial projections and forward-looking statements. These projections and forward-looking statements are based on assumptions and estimates developed by the Company and actual results may vary from the projections and such variations may be material. This presentation includes estimates and the Company makes no representation as to the accuracy of

these estimates. Additionally, this presentation should not be relied upon or regarded as a

representation by the Company, management or its employees that the forward-looking statements, or beliefs, assumptions, estimates or expectations of future performance underlying them, will be achieved.

Investor Inquiries:

Raymond D. Martz

Chief Financial Officer

1. [e-mail]

hotel zetta san francisco

le méridien delfina santa monica

2

Reasons to Invest in Pebblebrook

Focus on unique, experiential, lifestyle urban hotels and resorts

Diversified portfolio in key gateway cities and resort markets

Relentless approach to avant-gardedesign, asset management and capital allocation

Positioned for superior growth

Proven track record of delivering superior returns

to our shareholders

3

The Premier Lifestyle Lodging REIT

Carefully-selected segmentation provides strategic benefits for Pebblebrook, particularly considering a more

recent preference for leisure and resort travel

Historical Business Mix

EBITDA Contribution % by Hotel Type

Redevelopments/Renovations

Unique

Urban Major

Group,

Lifestyle

Brand, 18%

Resorts, 18%

25%

Leisure

Transient,

40%

Hotels

Renovated

Corporate

Within the

Urban

Transient,

Last 5

Lifestyle,

35%

Years, 40

64%

the marker key west

4

Pebblebrook Status Update

• 24 of the Company's hotels and resorts were open as of July 31, 2020, approximately half of its portfolio
• All 8 of Pebblebrook's resorts are experiencing a healthy recovery in occupancy, and, in total, they are achieving average daily room rates at a premium to 2019
• The Company's monthly hotel portfolio cash burn is now running at $9 to $12 million; a $6 million reduction compared to Pebblebrook's early May midpoint estimate
• The Company's total monthly corporate cash burn is now running at $19 to $24 million; a $6 million decrease compared to Pebblebrook's early May midpoint estimate
• As of June 30, 2020, Pebblebrook had $352.8 million of cash on hand and $606.0 million of liquidity, not including the net proceeds from the $56.0 million sale of Union Station Hotel Nashville, Autograph Collection, which transacted on July 29, 2020
• On July 1, 2020, Pebblebrook successfully completed amendments to credit agreements with the Company's bank and private placement groups
• The Company sold a total of $387.0 million of properties year to date with $331.0 million of sales since the first quarter of 2020 and $56.0 million of sales since the second quarter of 2020

l'auberge del mar

5

southernmost beach resort

update on operating trends

skamania lodge

the westin san diego gaslamp quarter

UPDAT E O N O PERAT ING T RENDS

Updates of Hotels and Resorts That Have Reopened

• Since mid-March, 7 properties have remained open including 1 resort and 6 urban hotels
• Between late May and late June, the Company's remaining 7 resorts reopened (all 8 resorts were open by
  June 25) in addition to 2 urban hotels, increasing the total number of open hotels and resorts to 16
• In July, the Company reopened an additional 8 urban hotels, increasing the total number of open hotels and resorts to 24, approximately half of Pebblebrook's portfolio
• 5 additional urban hotels are expected to reopen in the first half of August, bringing the total number of open hotels and resorts to 29
• The Company's remaining hotels will reopen as demand warrants and losses can be mitigated

laplaya beach resort & club

7

UPDAT E O N O PERAT ING T RENDS

Weekly Operating Trends for Open Property Portfolio

• As the Company's hotels and resorts reopen and ramp up, weekly operating trends continue to improve
• For the week ended July 26, Pebblebrook's 8 resorts ran at a 46% occupancy and $309 average rate
• The Company's resorts are not discounting guestroom rates and are averaging rates above those from 2019

	Open Hotel & Resort Total Portfolio
Week	Open	2020	2020	2019	2020 Room
Ended	Properties	Occ	ADR	ADR	Revenue(1)
May 24	8	19%	$232	$271	$558
May 31	9	17%	$214	$241	$539
Jun 7	13	19%	$234	$276	$870
Jun 14	13	26%	$248	$275	$1,397
Jun 21	13	31%	$256	$266	$1,750
Jun 28	15	36%	$263	$261	$2,311
Jul 5	23	32%	$268	$245	$3,156
Jul 12	23	25%	$239	$265	$2,493
Jul 19	23	28%	$232	$299	$2,685
Jul 26	24	29%	$236	$273	$2,792

	Open Resort Portfolio(2)
Week	Open	2020	2020		2019	2020 Room
Ended	Resorts	Occ	ADR	ADR	Revenue(1)
May 24	2	29%	$513		$408	$267
May 31	3	20%	$371		$278	$258
Jun 7	7	22%	$305		$261	$601
Jun 14	7	31%	$310		$275	$1,027
Jun 21	7	41%	$304		$271	$1,349
Jun 28	8	46%	$313		$272	$1,778
Jul 5	8	48%	$355		$311	$2,282
Jul 12	8	41%	$312		$278	$1,712
Jul 19	8	43%	$309		$313	$1,778
Jul 26	8	46%	$309		$300	$1,907

(1)	Dollars in thousands.	8
(2)	Pebblebrook resorts include Chaminade Resort & Spa, LaPlaya Beach Resort & Club, L'Auberge Del Mar, Paradise Point Resort & Spa, San Diego Mission Bay Resort, Skamania Lodge,

Southernmost Beach Resort and The Marker Key West.

UPDAT E O N O PERAT ING T RENDS

Weekend Operating Trends for Open Property Portfolio

• Weekend operating trends continue to improve due to healthy leisure demand
• For the weekend started July 24, Pebblebrook's 8 resorts ran at a 70% occupancy and $339 average rate
• The Company's resorts are not discounting guestroom rates and are averaging rates above those from 2019

	Open Hotel & Resort Total Portfolio
Weekend	Open	2020	2020	2019	2020 Room
Started	Properties	Occ	ADR	ADR	Revenue(1)
May 22	8	23%	$258	$234	$225
May 29	9	22%	$223	$238	$214
Jun 5	13	25%	$261	$278	$416
Jun 12	13	41%	$267	$253	$690
Jun 19	13	48%	$280	$277	$841
Jun 26	15	49%	$289	$259	$1,067
Jul 3	23	48%	$288	$258	$1,616
Jul 10	23	36%	$255	$269	$1,088
Jul 17	23	41%	$246	$308	$1,197
Jul 24	24	42%	$250	$287	$1,271

	Open Resort Portfolio(2)
Weekend	Open	2020	2020		2019	2020 Room
Started	Resorts	Occ	ADR	ADR	Revenue(1)
May 22	2	37%	$559		$444	$127
May 29	3	30%	$351		$300	$121
Jun 5	7	33%	$321		$289	$328
Jun 12	7	53%	$330		$316	$545
Jun 19	7	68%	$328		$309	$694
Jun 26	8	65%	$347		$303	$862
Jul 3	8	77%	$399		$346	$1,165
Jul 10	8	59%	$343		$324	$774
Jul 17	8	63%	$340		$347	$821
Jul 24	8	70%	$339		$344	$897

(1)	Dollars in thousands.	9
(2)	Pebblebrook resorts include Chaminade Resort & Spa, LaPlaya Beach Resort & Club, L'Auberge Del Mar, Paradise Point Resort & Spa, San Diego Mission Bay Resort, Skamania Lodge,

Southernmost Beach Resort and The Marker Key West.

UPDAT E O N O PERAT ING T RENDS

Updated Estimated Average Cash Burn and Liquidity

• The monthly cash burn at the Company's hotels continues to decline as additional properties reopen and operating performance ramps up
• The monthly hotel portfolio cash burn is now running at $9 to $12 million, a $6 million reduction compared to the Company's estimate from early May
• The total monthly corporate cash burn is now running at $19 to $24 million, a $6 million decrease compared to the Company's estimate from early May
• As of June 30, 2020, Pebblebrook had $352.8 million of consolidated cash, cash equivalents and restricted cash in addition to $253.2 million of additional undrawn availability on its senior unsecured revolving credit facility, for a total of $606.0 million of liquidity, not including the net proceeds from the $56.0 million sale of Union Station Hotel Nashville, Autograph Collection, which transacted on July 29, 2020
• The Company has no meaningful debt maturities until November 2022, with only $57.4 million of debt maturing in November 2021

chaminade resort & spa

10

UPDAT E O N O PERAT ING T RENDS

Covenant Waiver Agreement / Extension of Debt Maturities

• Amendments to credit agreements with the Company's bank group and private noteholders have been successfully completed
• Amendments waive all financial covenants through Q1 2021 and provide significantly less restrictive covenants through 2022
• Flexibility is provided for acquisitions, new investments and substantial capital investments in renovations and redevelopments for the Company's existing portfolio
• Amendments also extend most of the Company's 2021 debt maturities to late 2022

Debt Maturities		Ratio Highlights
			As of
$1,150.0			June 30, 2020
		Net Debt/Depreciated Book Value	37.1%
		Net Debt/Estimated Replacement Cost	< 30%
$707.6
	$510.0

			$57.4							$40.0
2020	2021	2022	2023	2024	2025
			Credit Facility(1)		Term Loans		Private Placement

Note: Debt balances shown in millions; current as of June 30, 2020.	11
(1) Maturity date of January 2023 assumes Pebblebrook chooses to exercise its two six-month options to extend debt maturity of the credit facility.

hotel spero

focus on unique, experiential, lifestyle urban hotels and resorts

mondrian los angeles

laplaya beach resort & club

F O C US O N UNIQ UE, EXPERIENT I AL , L IF EST YL E URBAN HO T EL S AND RESO RT S

Why Lifestyle Hotels?

• Ability to generate higher EBITDA per key
• More flexible marketing and operational strategies given lack of or reduced brand restrictions, especially with non-branded lifestyle properties; enhanced control over capital reinvestment projects - scope, design and timing
• Higher demand growth due to secular trends from both business and leisure travelers
• Higher multiples are consistently achieved on asset sales due to terminable management agreements and limited encumbrances of franchise or brand agreements
• Better operating performance throughout the economic cycle - more loyal guests and more flexible operating standards

argonaut hotel

george hotel

13

F O C US O N UNIQ UE, EXPERIENT I AL , L IF EST YL E URBAN HO T EL S AND RESO RT S

Powerful Mix of Urban Lifestyle, Brands and Resorts

EBITDA Contribution % by Hotel Type

64%	18%
Urban Lifestyle		Unique Lifestyle Resorts
(39 hotels / 8,431 rooms)		(8 resorts / 1,901 rooms)
Bespoke and experiential		Unique lifestyle resort
travel destinations; local,		experiences in many of the
authentic, personalized and		top drive-to resort settings in
well located in major urban		the U.S. including Key West,
markets; comprised of		Naples (Florida), San Diego,
independent, soft-branded		Santa Cruz and the Pacific
and iconic properties		Northwest
including the 7 hotels in

"The Unofficial Z Collection"

18%

Urban Major Brand

(6 hotels / 2,902 rooms)

More traditional branded

hotel experiences in

desirable urban locations including Boston, San Diego

and Chicago; focused on

key U.S. gateway markets with major brands including Westin and Hyatt

14

Note: Stats based on 2019 operating results.

F O C US O N UNIQ UE, EXPERIENT I AL , L IF EST YL E URBAN HO T EL S AND RESO RT S

Powerful Mix of Urban Lifestyle, Brands and Resorts, Continued

Urban Lifestyle		Unique Lifestyle Resorts		Urban Major Brand
(39 hotels / 8,431 rooms)		(8 resorts / 1,901 rooms)		(6 hotels / 2,902 rooms)
ADR	$259		ADR	$282		ADR	$238
RevPAR	$218		RevPAR	$210		RevPAR	$194
Total RevPAR	$302		Total RevPAR	$399		Total RevPAR	$269
EBITDA Margin	32.4%		EBITDA Margin	31.4%		EBITDA Margin	30.9%
EBITDA per Room	$36,000		EBITDA per Room	$46,000		EBITDA per Room	$30,000
Total PEB Portfolio		Peer Average(1)
(53 properties / 13,234 rooms)
ADR	$258		ADR	$225
RevPAR	$211		RevPAR	$179
Total RevPAR	$309		Total RevPAR	$296
EBITDA Margin	31.9%		EBITDA Margin	30.0%
EBITDA per Room	$36,000		EBITDA per Room	$28,100
		the liberty, a luxury collection hotel, boston

Note: Stats based on 2019 operating results.	15
(1) Peer Average includes DiamondRock Hospitality Company, Host Hotels & Resorts, Park Hotels & Resorts, Ryman Hospitality Properties, Sunstone Hotel Investors and Xenia Hotels & Resorts.

F O C US O N UNIQ UE, EXPERIENT I AL , L IF EST YL E URBAN HO T EL S AND RESO RT S

Largest Urban Lifestyle Oriented Hotel Owner

Three distinct urban approaches within the growing lifestyle segment

123

Urban Iconic	Urban Contemporary	"The Unofficial Z Collection"
(12 hotels)	(20 hotels)	(7 hotels)

Distinctive, urban, lifestyle-oriented,		Exceptional independent,		Individually-curated urban lifestyle
independent and soft branded		soft-branded and lifestyle branded		hotels created by Pebblebrook,
hotels with a sophisticated, iconic		urban hotels with unparalleled		becoming its own brand as the
design and standout features,		locations, offering authentic unique		collection grows and expands
each with a unique story and soul		experiences and
		lifestyle lodging

16

F O C US O N UNIQ UE, EXPERIENT I AL , L IF EST YL E URBAN HO T EL S AND RESO RT S

Urban Lifestyle - Urban Iconic

12 distinctive, urban, lifestyle-oriented, independent and soft-branded hotels

the liberty, a luxury collection		hotel colonnade coral gables,
hotel, boston		autograph collection

	Urban	Total PEB
	Iconic	Portfolio
ADR	$284	$258
RevPAR	$241	$211
Total RevPAR	$365	$309
EBITDA Margin	30.2%	31.9%
EBITDA per Room	$40,000	$36,000

•	Argonaut Hotel	•	Mondrian Los Angeles
•	Hotel Colonnade	•	Sir Francis Drake
	Coral Gables,	•	The Heathman Hotel
	Autograph Collection	•	The Liberty, a Luxury
•	Hotel Monaco Seattle
	Collection Hotel, Boston
•	Hotel Monaco	•	The Nines, a Luxury
	Washington DC		Collection Hotel, Portland
•	Hotel Spero	•	Viceroy Santa Monica
•	Hotel Vitale		Hotel

the heathman hotel

viceroy santa monica hotel

17

Note: Stats based on 2019 operating results.

F O C US O N UNIQ UE, EXPERIENT I AL , L IF EST YL E URBAN HO T EL S AND RESO RT S

Urban Lifestyle - Urban Contemporary

20 exceptional independent and soft or lifestyle branded urban hotels

• Chamberlain West Hollywood Hotel
• George Hotel
• Grafton on Sunset
• Harbor Court Hotel San Francisco
• Hotel Chicago Downtown, Autograph Collection
• Hotel Palomar Los Angeles Beverly Hills
• Hotel Vintage Portland
• Hotel Vintage Seattle
• Le Méridien Delfina Santa Monica
• Le Parc Suite Hotel
• Montrose West Hollywood

• Revere Hotel Boston Common
• Sofitel Philadelphia at Rittenhouse Square
• Solamar Hotel
• The Marker San Francisco
• The Roger New York
• Viceroy Washington
  DC
• Villa Florence San Francisco on Union Square / The Lydon Hotel
• W Boston
• W Los Angeles - West Beverly Hills

	Urban	Total PEB
	Contemporary	Portfolio
ADR	$246	$258
RevPAR	$206	$211
Total RevPAR	$275	$309
EBITDA Margin	32.0%	31.9%
EBITDA per Room	$32,000	$36,000

w boston

sofitel philadelphia at rittenhouse square

18

Note: Stats based on 2019 operating results.

F O C US O N UNIQ UE, EXPERIENT I AL , L IF EST YL E URBAN HO T EL S AND RESO RT S

Urban Lifestyle - "The Unofficial Z Collection"

7 individually-curated urban lifestyle hotels created by Pebblebrook

			"The Unofficial	Total PEB
•	Hotel Zelos San Francisco		Z Collection"	Portfolio
ADR	$249	$258
•	Hotel Zena Washington DC

• Hotel Zephyr Fisherman's Wharf	RevPAR	$207	$211
• Hotel Zeppelin San Francisco
Total RevPAR	$259	$309
•	Hotel Zetta San Francisco
• Hotel Zoe Fisherman's Wharf
EBITDA Margin	39.6%	31.9%
•	The Hotel Zags
		EBITDA per Room	$38,000	$36,000

hotel zeppelin san francisco

hotel zephyr fisherman's wharf

hotel zelos san francisco

19

Note: Stats based on 2019 operating results.

F O C US O N UNIQ UE, EXPERIENT I AL , L IF EST YL E URBAN HO T EL S AND RESO RT S

Unique Lifestyle Resorts

8 experiential lifestyle resorts providing unique experiences in top U.S. resort settings

	Unique	Total PEB
• Chaminade Resort & Spa	Lifestyle Resorts	Portfolio

•	LaPlaya Beach Resort & Club	ADR	$282	$258
•	L'Auberge Del Mar
RevPAR	$210	$211
• Paradise Point Resort & Spa
• San Diego Mission Bay Resort
Total RevPAR	$399	$309
•	Skamania Lodge
•	Southernmost Beach Resort	EBITDA Margin	31.4%	31.9%
• The Marker Key West
EBITDA per Room	$46,000	$36,000

paradise point resort & spa

chaminade resort & spa

san diego mission bay resort

skamania lodge

southernmost beach resort

20

Note: Stats based on 2019 operating results.

F O C US O N UNIQ UE, EXPERIENT I AL , L IF EST YL E URBAN HO T EL S AND RESO RT S

Urban Major Brand

6 major brand hotels providing more traditional branded hotel experiences in desirable urban locations

			Urban	Total PEB
			Major Brand	Portfolio
• Embassy Suites San Diego Bay - Downtown		ADR	$238	$258
• Hilton San Diego Gaslamp Quarter
RevPAR	$194	$211
• Hyatt Regency Boston Harbor
• The Westin Copley Place, Boston
	Total RevPAR	$269	$309
• The Westin Michigan Avenue Chicago
• The Westin San Diego Gaslamp Quarter		EBITDA Margin	30.9%	31.9%
		EBITDA per Room	$30,000	$36,000

hilton san diego gaslamp quarter

the westin san diego gaslamp quarter

the westin michigan avenue chicago

hyatt regency boston harbor

21

Note: Stats based on 2019 operating results.

harbor court hotel san francisco

diversified portfolio in key gateway cities and resort markets

revere hotel boston common

the roger new york

DIVERSIF IED PO RT F O L IO IN KEY G AT EW AY C IT IES AND RESO RT M ARKET S

Geographic Diversity with Focus on Growth Markets

2019A Hotel EBITDA

West Coast

60%

East Coast

35%

Central5%

Legend

Size of circle represents approximate proportion of total Hotel EBITDA

Top Markets (by % of 2019A Hotel EBITDA)(1)

	24%	17%	14%
		12%	7%
			6%	5%	5%	4%	2%
					1%	1%	1%	1%
	San Francisco	Boston	San Diego	Los Angeles	Portland	Key West	Washington,	Chicago	Naples	Seattle	Philadelphia	Santa Cruz	New York City	Miami
							DC
# of	12	5	7	9	5	2	4	2	1	2	1	1	1	1
Hotels

23

(1) Based on 2019 operating results; includes all hotels owned by the Company as of July 29, 2020.

DIVERSIF IED PO RT F O L IO IN KEY G AT EW AY C IT IES AND RESO RT M ARKET S

Broad Base of Hotel Operating Partners

Operator Diversification

(% of 2019A Hotel EBITDA(1))

6%	5%	3%	3%	2%
	2%
			3%
9%						2%
						2%
						2%
10%						1%
						1%
11%				15%
11%	12%
Marriott International, 15%			HEI Hotels & Resorts, 12%
Noble House Hotels & Resorts, 11%		Davidson Hotels & Resorts, 11%
Viceroy Hotels & Resorts, 10%			Kimpton Hotels & Restaurants, 9%
Highgate, 6%			OLS Hotels & Resorts, 5%
Sage Hospitality, 3%			Benchmark Resorts & Hotels, 3%
Access Hotels & Resorts, 3%			Accor Hotels, 2%
Hyatt Hotels, 2%			Schulte Hospitality Group, 2%
sbe, 2%			CoralTree Hospitality Group, 2%
JRK Property Holdings, 1%			Provenance Hotels, 1%

Benefits of Operator Diversification

• Ability to benchmark across many different operators and select best operator for a hotel or resort
• Short-term,terminable agreements allow for flexibility and enhanced influence over operations and capital reinvestment projects
• Broader range of operators allows for greater cross utilization of best practices and ideas across the portfolio
• Increased acquisition opportunities from broad active relationships with many operator partners
• Increased opportunities for operating synergies in markets with multiple properties with the same operator

24

(1) Based on 2019 operating results; includes all hotels owned by the Company as of July 29, 2020.

hotel monaco washington dc

relentless approach to avant-garde design, asset management and capital allocation

the marker key west

sir francis drake

REL ENT L ESS APPRO AC H T O AVANT - G ARDE DESIG N, ASSET M ANAG EM ENT AND C APIT AL AL L O C AT IO N

The Art & Science of Pebblebrook: Our Relentless Approach Generates Superior Returns

1 TRANSACT: Acquire an underperforming, under-

invested or incorrectly positioned hotel

2	VISION: Find the soul and the personality of the
	hotel and create the narrative

3 ASSESS: Examine all aspects of the hotel's offering to create a unique, inviting guest

experience while also improving the hotel's profitability

4

5

6

REPOSITION: Renovate and re-launch the hotel

with a unique experiential proposition

OPERATE: Relentlessly pursue increased efficiency and opportunities to enhance the

hotel's profitability and utilization

RE-EVALUATE: Determine if hotel has optimized market position and if not, determine additional operating changes or capital reinvestment to

further improve hotel's value

26

REL ENT L ESS APPRO AC H T O AVANT - G ARDE DESIG N, ASSET M ANAG EM ENT AND C APIT AL AL L O C AT IO N

Experiential Lifestyle Approach to Design and Execution

• An experiential lifestyle design and operating approach to our hotels drives higher room rates, food and beverage revenues and hotel profitability, which leads to higher valuation over the long term
• We find the "soul" and narrative for each property that makes it relevant and active, and delivers a truly unique and genuine local experience to our customers
• Guestrooms and public spaces are designed to have a more unique, "locally-inspired" look and feel than standard, commodity-like hotels
• Restaurants/bars feature design-forward concepts that shift the focus to more profitable uses such as beverages instead of food and flexible event space or gamerooms instead of traditional sit-down dining, which provide for a differentiated experience

hotel vintage portland

hotel palomar los angeles beverly hills

hotel zoe fisherman's wharf

27

REL ENT L ESS APPRO AC H T O AVANT - G ARDE DESIG N, ASSET M ANAG EM ENT AND C APIT AL AL L O C AT IO N

Environmental, Social & Governance (ESG) Highlights

Between 2013 and 2018, Pebblebrook reduced its greenhouse gas emission intensity (kg per sq. ft) by 24%, energy intensity (kWh per sq. ft) by 12% and water intensity (gallons per occupied room) by 5%. Since 2016, we have invested nearly $13.0 million in environmental initiatives, on top of significant investments in our hotels dating back to 2010, demonstrating a continued commitment to environmentally sustainable business practices

and social responsibility to our employees, communities and other stakeholders.

Environmental Highlights(1)

Over 93% of our properties use an environmental management system

Over 54% of our properties have a minimum of 90% LED property lighting

Over 73% of our properties have a minimum of 90% low-flow toilets

Social Highlights(1)

58% of our employees are female

33% of our independent trustees are female

43% of our independent trustees are diverse

Community Engagement(1)

24 hotel general managers on local boards and committees

Community Work Day: 90% of staff involved, 100 hours contributed

Committed to AHLA's 5-Star promise to ensure employee safety

the hotel zags

28

(1) All metrics represent year-end 2018 figures.

REL ENT L ESS APPRO AC H T O AVANT - G ARDE DESIG N, ASSET M ANAG EM ENT AND C APIT AL AL L O C AT IO N

Relentless Focus on Improving Profitability

Pebblebrook Historical

Hotel EBITDA Per Key

($s in thousands)

$37.7 $38.8 $36.8 $36.6 $36.0

$33.7

$29.3

$25.5

$22.6

$18.2

• More unique, lifestyle oriented hotels and resorts than any other publicly-owned REIT provides opportunity for profit improvement and lower risk due to operating flexibility
• Concentration in key markets allows for informational and operating synergies across properties
• Larger scale and lifestyle focus creates opportunities for portfolio-wide savings and benefits
• Utilization of best practices and initiatives from our stable of 18 management partners across the portfolio drives operational efficiencies

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

hotel vitale

Note: These historical Hotel EBITDA results include available information for all of the hotels the Company owned or had an ownership interest in as of July 29, 2020. These historical operating
results include periods prior to the Company's ownership of the hotels. The information above does not reflect the Company's corporate general and administrative expense, interest expense,	29
property acquisition costs, depreciation and amortization, taxes and other expenses.

REL ENT L ESS APPRO AC H T O AVANT - G ARDE DESIG N, ASSET M ANAG EM ENT AND C APIT AL AL L O C AT IO N

Pebblebrook Disposition Summary

16 dispositions in 2018-2020 for $1.7B of gross proceeds towards Disposition Program

		Total	Sale	Sale Cap	Sale EBITDA
Hotel	Rooms	Sale Price	Price per Key
Rate(1)	Multiple(2)
		(in millions)	(in thousands)
Park Central San Francisco and Park	1,614	$715.0	$443	5.1%	16.5x
Central New York / WestHouse New York
Gild Hall, New York	130	38.8	298	5.3%	15.8x
Embassy Suites Philadelphia City Center	288	67.0	233	8.1%	11.0x
Grand Hotel Minneapolis	140	30.0	214	10.4%	8.5x
Liaison Capitol Hill	343	111.0	324	4.9%	16.9x
Hotel Palomar Washington, DC	335	141.5	422	5.9%	14.9x
Onyx Hotel	112	58.3	521	5.9%	15.3x
Hotel Amarano Burbank	132	72.9	552	5.7%	15.8x
Rouge Hotel	137	42.0	307	5.0%	17.4x
Hotel Madera	82	23.3	284	5.7%	14.3x
Topaz Hotel	99	33.1	334	4.4%	19.5x
InterContinental Buckhead Atlanta /	659	331.0	502	6.1%	14.2x
Sofitel Washington DC Lafayette Square
Union Station Hotel Nashville	125	56.0	448	11.1%	8.1x
Total / Average	4,196	$1,720	$410	5.8%(3)	14.8x(3)

(1)	Sale Cap Rate calculated as each asset's applicable estimated or actual full year 2018 net operating income (after an assumed annual capital reserve of 4.0% of total hotel revenues)
divided by sale price.	30
(2)	Sale EBITDA Multiple calculated as sale price divided by each asset's applicable estimated or actual full year 2018 hotel EBITDA.
(3)	Excluding the sales of Grand Hotel Minneapolis, InterContinental Buckhead Atlanta and Union Station Hotel Nashville, the Total Sale Cap Rate is 5.4% and the Total Sale EBITDA Multiple is 15.8x.

the nines, a luxury collection hotel, portland

positioned for superior growth

embassy suites san diego bay - downtown

the westin copley place, boston

PO SIT IO NED F O R SUPERIO R G RO W T H

Portfolio Benefits from Demand-Driven and Supply- Constrained West Coast

• West Coast represents 60% of 2019 Hotel EBITDA portfolio-wide
• Demand growth remains strong and continues to climb
• Large clusters of knowledge-based growth industries drive strong ongoing demand growth
• Supply growth is more limited: it is harder, more expensive and more time consuming to build on the west coast, leading to better long-term market fundamentals than most urban markets on the east coast

chamberlain west hollywood hotel

32

PO SIT IO NED F O R SUPERIO R G RO W T H

2020 Capital Investments Highlights

Hotel	Amount Scope	Timing	Preview

		Complete hotel
		redevelopment and
Donovan Hotel →	$25.0	transformation, including	Q4 2019 - Q2 2020
Hotel Zena Washington DC	all guestrooms, public

spaces and food and beverage outlets

hotel zena washington dc - rendering

Complete hotel

Le Parc Suite Hotel	12.5	renovation, including
the guestrooms, lobby

and public areas

Q1 2020 - Q2 2020

le parc suite hotel

Villa Florence San Francisco		Complete
	transformation of the
on Union Square →	12.0	Q3 2020 - Q4 2020
hotel, including the

The Lydon Hotel	guestrooms and lobby

the lydon hotel

		Complete renovation of
		the public areas,
San Diego Mission Bay Resort,	11.0	creation of additional	Q1 2020 - Q2 2020
Phase 2	event venues and

upgrade of guestrooms and suites

san diego mission bay resort

33

Note: Dollars in millions.

PO SIT IO NED F O R SUPERIO R G RO W T H

2020 Capital Investments Highlights, Continued

Hotel	Amount Scope	Timing	Preview

		Lobby, public area and
		meeting space
Viceroy Santa Monica Hotel,	$10.5	renovation, including	Q1 2020 - Q2 2020
Phase 1	the redesign of the

restaurant and bar outlets and patio

viceroy santa monica hotel - rendering

	Public space, restaurant,
	lobby, porte
Chaminade Resort & Spa	9.0 cochere/entry, exterior	Q4 2019 - Q2 2020
	patio, all meeting space
	and venues renovation
		chaminade resort & spa

Mason & Rook Hotel →

Viceroy Washington DC

	Complete renovation of
	the entry, lobby,
8.0	guestrooms, restaurant	Q1 2020 - Q2 2020
and bar areas, rooftop

pool and bar venue and meeting spaces

viceroy washington dc - rendering

The Marker Key West	5.0	Luxury repositioning of	Q3 2019 - Q1 2020
the hotel

the marker key west

34

Note: Dollars in millions.

l'auberge del mar

proven track record of delivering superior returns to our shareholders

solamar hotel

hotel monaco seattle

PRO VEN T RAC K REC O RD O F DEL IVERING SUPERIO R RET URNS T O O UR SHAREH O L DE RS

Experienced and Proven Leadership

Leading hotel management team with deep industry experience and excellent long-term track record

Jon E. Bortz

Chairman,

President and

Chief Executive

Officer

• Founder of Pebblebrook Hotel Trust
• Founder, Former Chairman of the Board and Chief Executive Officer of LaSalle Hotel Properties (NYSE: LHO) from its IPO in 1998 through August 2009; Chairman of the Board of LHO from 2001 to 2009
• Founder and Former President of Jones Lang LaSalle's Hotel Investment Group
• Led transactions totaling over $13.4 billion in asset value, including overseeing 123 hotel acquisitions

Raymond D.

Martz

Executive Vice

President and

Chief Financial

Officer

• Founder of Pebblebrook Hotel Trust
• Former Chief Financial Officer of Phillips Edison and Eagle Hospitality Properties (NYSE: EHP)
• Former Treasurer at LaSalle Hotel Properties (NYSE: LHO)
• Led over $11.8 billion of capital markets transactions

Thomas C.

Fisher

Executive Vice

President and

Chief Investment

Officer

• Former Managing Director of Americas for Jones Lang LaSalle Hotels
• Executed over $16.0 billion in hotel transactions
• Led 78 hotel acquisitions totaling over $8.3 billion at Pebblebrook Hotel Trust

36

PRO VEN T RAC K REC O RD O F DEL IVERING SUPERIO R RET URNS T O O UR SHAREH O L DE RS

Strong Balance Sheet

Larger, stronger, balance sheet with staggered maturities reduces risk, provides advantages in pursuing new

investment or acquisition opportunities and allows access to a lower cost of capital

Debt Maturities

$1,150.0

$707.6

$510.0

	$57.4								$40.0
2020	2021	2022	2023	2024	2025
		Credit Facility(1)			Term Loans			Private Placement

	Balance Sheet
Cash on Hand		$352.8 million
Liquidity		$606.0 million
Debt		$2.5 billion
Preferred		$510.0 million

Debt Details

	Balance	Average	% of Total
	Interest Rate
Fixed Rate	$1.7 billion	4.2%	70%
Floating Rate	$0.7 billion	2.4%	30%
Total(2)	$2.5 billion	3.7%	100%

Ratio Highlights

	As of
	June 30, 2020
Net Debt/Depreciated Book Value	37.1%

Note: Debt balances shown in millions; current as of June 30, 2020.	37
(1)	Maturity date of January 2023 assumes Pebblebrook chooses to exercise its two six-month options to extend debt maturity of the credit facility.
(2)	Differences due to rounding.

The Premier Lifestyle Lodging REIT

Focus on unique, experiential, lifestyle urban hotels and resorts

Diversified portfolio in key gateway cities and resort markets

Relentless approach to avant-gardedesign, asset management and capital allocation

Positioned for superior growth

Proven track record of delivering superior returns

to our shareholders

38

the marker san francisco

appendix

montrose west hollywood

w los angeles - west beverly hills

A P P E N D I X

Donovan Hotel / Hotel Zena Washington DC

Before Redevelopment	After Redevelopment

donovan hotel

hotel zena washington dc - rendering

donovan hotel

hotel zena washington dc - rendering

40

A P P E N D I X

Le Parc Suite Hotel

Before Redevelopment	After Redevelopment

le parc suite hotel

le parc suite hotel

le parc suite hotel

le parc suite hotel

41

A P P E N D I X

Villa Florence San Francisco on Union Square / The Lydon Hotel

Before Redevelopment	After Redevelopment

villa florence san francisco on union square

the lydon hotel

villa florence san francisco on union square

the lydon hotel - rendering

42

A P P E N D I X

San Diego Mission Bay Resort

Before Redevelopment	After Redevelopment

san diego mission bay resort

san diego mission bay resort

san diego mission bay resort

san diego mission bay resort

43

A P P E N D I X

Viceroy Santa Monica Hotel

Before Redevelopment	After Redevelopment

viceroy santa monica hotel

viceroy santa monica hotel - rendering

viceroy santa monica hotel

viceroy santa monica hotel - rendering

44

A P P E N D I X

Chaminade Resort & Spa

Before Redevelopment	After Redevelopment

chaminade resort & spa

chaminade resort & spa

chaminade resort & spa

chaminade resort & spa

45

A P P E N D I X

Mason & Rook Hotel / Viceroy Washington DC

Before Redevelopment	After Redevelopment

mason & rook hotel

viceroy washington dc - rendering

mason & rook hotel

viceroy washington dc - rendering

46

A P P E N D I X

The Marker Key West

Before Redevelopment	After Redevelopment

the marker key west

the marker key west

the marker key west

the marker key west

47

A P P E N D I X

Historical Hotel EBITDA

											2019
											Hotel
Portfolio / Hotel	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	EBITDA
											per
											Key
Urban Lifestyle
Urban Iconic
The Liberty, a Luxury Collection Hotel, Boston	$6.1	$9.6	$13.3	$15.8	$17.2	$18.2	$18.5	$19.0	$21.4	$21.2	$71.1
Argonaut Hotel	5.2	6.5	8.5	10.2	11.8	13.0	13.0	11.7	12.9	14.6	57.9
Hotel Monaco Washington DC	5.5	6.9	7.6	7.9	7.9	8.1	8.1	9.9	8.6	7.9	42.9
The Nines, a Luxury Collection Hotel, Portland	6.2	8.0	8.9	10.8	12.8	15.2	15.6	15.8	15.6	13.0	39.3
Viceroy Santa Monica Hotel	3.0	5.8	6.9	7.6	8.2	8.4	7.8	7.0	6.6	6.2	36.7
Hotel Vitale	4.0	6.0	7.4	7.3	8.6	11.0	10.3	9.8	8.0	7.5	37.5
Hotel Spero	0.4	1.9	3.5	4.4	6.3	6.2	6.5	5.7	6.6	7.8	33.1
Sir Francis Drake	3.4	5.0	8.4	10.1	15.0	16.4	17.3	15.8	12.1	13.4	32.2
Mondrian Los Angeles	7.9	8.9	7.4	8.2	11.0	12.2	12.6	11.8	8.6	7.6	32.2
Hotel Monaco Seattle	2.2	2.9	3.4	5.2	6.2	6.7	6.1	6.1	6.4	5.6	29.6
The Heathman Hotel	1.5	1.6	1.9	2.4	3.0	5.7	4.4	4.3	3.4	4.2	27.8
Hotel Colonnade Coral Gables, Autograph Collection	1.9	2.1	1.8	3.1	3.4	3.6	3.9	4.0	4.5	4.1	26.1
Urban Iconic Total	$47.3	$65.2	$79.0	$93.0	$111.4	$124.7	$124.1	$120.9	$114.7	$113.1	$40.1

Note: These historical Hotel EBITDA results include available information for all of the hotels the Company owned or had an ownership interest in as of July 29, 2020. These historical operating	48
results include periods prior to the Company's ownership of the hotels. The information above does not reflect the Company's corporate general and administrative expense, interest expense,

property acquisition costs, depreciation and amortization, taxes and other expenses.

A P P E N D I X

Historical Hotel EBITDA, Continued

											2019
											Hotel
Portfolio / Hotel	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	EBITDA
											per
											Key
Urban Lifestyle
Urban Contemporary
Villa Florence San Francisco on Union Square /	$3.9	$5.3	$7.4	$8.3	$9.3	$8.8	$9.4	$7.7	$9.5	$10.4	$55.0
The Lydon Hotel
Harbor Court Hotel San Francisco	2.7	4.0	3.7	4.9	5.8	6.1	5.6	3.9	4.3	5.6	42.7
George Hotel	4.2	4.6	4.1	4.1	4.3	5.2	5.7	6.3	5.7	5.3	38.1
Le Parc Suite Hotel	4.2	4.5	4.7	5.3	5.6	6.1	7.0	6.1	6.1	5.8	37.7
The Marker San Francisco	3.3	5.3	5.7	6.9	7.7	7.6	5.9	6.8	7.5	7.7	37.0
Le Méridien Delfina Santa Monica	5.3	6.8	6.9	8.0	9.9	11.7	13.8	13.4	12.7	11.2	36.1
Montrose West Hollywood	3.9	4.3	4.2	5.5	5.9	5.9	6.5	5.9	3.9	4.7	35.3
Hotel Chicago Downtown, Autograph Collection	5.5	5.3	7.3	8.4	8.5	10.4	12.4	12.3	12.6	12.2	34.5
W Boston	3.8	4.4	5.8	6.2	8.1	9.6	9.3	9.2	7.9	8.1	34.0
Revere Hotel Boston Common	3.3	6.1	5.7	9.2	11.7	13.3	12.2	12.6	12.4	11.8	33.1
Chamberlain West Hollywood Hotel	1.0	3.4	3.8	4.1	4.8	4.8	5.2	4.4	3.1	3.7	32.2
Solamar Hotel	5.2	6.3	6.5	6.3	6.5	7.4	7.7	7.3	7.3	7.0	29.8
W Los Angeles - West Beverly Hills	5.6	6.9	8.0	8.7	8.9	9.5	12.3	11.5	10.2	8.4	28.3
Viceroy Washington DC	3.3	3.6	3.4	3.2	3.2	3.0	3.6	5.8	5.5	4.9	27.5
Sofitel Philadelphia at Rittenhouse Square	4.3	6.0	6.7	6.5	7.4	8.6	9.2	8.6	8.3	8.0	26.1
Grafton on Sunset	1.9	2.2	2.2	2.0	1.5	0.9	2.8	2.8	2.8	2.8	25.9

Note: These historical Hotel EBITDA results include available information for all of the hotels the Company owned or had an ownership interest in as of July 29, 2020. These historical operating
results include periods prior to the Company's ownership of the hotels. The information above does not reflect the Company's corporate general and administrative expense, interest expense,
property acquisition costs, depreciation and amortization, taxes and other expenses.	49
(1) The parking garage at Revere Hotel Boston Common was sold on June 23, 2017. The historical results for Revere Hotel Boston Common have been adjusted to reflect the estimated impact
of excluding the parking-related income.

A P P E N D I X

Historical Hotel EBITDA, Continued

											2019
											Hotel
Portfolio / Hotel	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	EBITDA
											per
											Key
Urban Lifestyle
Urban Contemporary, Continued
Hotel Vintage Seattle	1.8	2.2	2.4	2.7	2.6	3.5	3.4	3.5	3.5	3.0	24.0
Hotel Vintage Portland	1.3	1.9	1.8	2.7	3.4	3.1	4.2	4.1	3.1	2.8	23.9
Hotel Palomar Los Angeles Beverly Hills	2.3	2.9	3.9	3.8	4.5	4.2	6.2	4.0	7.4	5.7	21.6
The Roger New York	6.2	6.4	5.0	7.5	8.2	7.3	5.8	5.7	5.3	4.1	21.1
Urban Contemporary Total	$73.0	$92.4	$99.2	$114.3	$127.8	$137.0	$148.2	$141.9	$139.1	$133.2	$32.1
Urban Lifestyle
"The Unofficial Z Collection"
Hotel Zetta San Francisco	N/A	N/A	N/A	$2.8	$5.4	$6.2	$5.6	$5.5	$6.0	$6.0	$51.7
Hotel Zephyr Fisherman's Wharf	7.3	8.7	11.2	12.1	12.1	12.6	16.2	13.1	13.7	16.8	46.5
Hotel Zelos San Francisco	1.3	3.0	3.8	4.6	6.2	7.3	5.9	7.2	6.9	8.4	41.6
Hotel Zoe Fisherman's Wharf	N/A	N/A	5.2	6.6	7.9	8.2	7.8	3.6	7.7	8.9	40.3
Hotel Zeppelin San Francisco	N/A	2.3	2.7	3.4	4.0	4.0	3.3	6.3	7.5	7.7	39.3
Hotel Zena Washington DC	4.0	4.6	3.8	4.3	5.2	5.8	6.1	6.4	5.1	3.8	19.9
The Hotel Zags	2.7	3.3	3.9	4.5	5.6	6.5	6.7	5.4	3.8	3.3	19.0
"The Unofficial Z Collection" Total	$15.3	$21.9	$30.6	$38.3	$46.4	$50.6	$51.6	$47.5	$50.7	$54.9	$37.6
Urban Lifestyle Total	$135.6	$179.5	$208.8	$245.6	$285.6	$312.3	$323.9	$310.3	$304.5	$301.2	$35.7

Note: These historical Hotel EBITDA results include available information for all of the hotels the Company owned or had an ownership interest in as of July 29, 2020. These historical operating	50
results include periods prior to the Company's ownership of the hotels. The information above does not reflect the Company's corporate general and administrative expense, interest expense,

property acquisition costs, depreciation and amortization, taxes and other expenses.

A P P E N D I X

Historical Hotel EBITDA, Continued

											2019
											Hotel
Portfolio / Hotel	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	EBITDA
											per
											Key
Urban Major Brand
The Westin Copley Place, Boston	$21.3	$23.5	$24.4	$25.8	$28.7	$32.7	$33.3	$31.5	$28.5	$32.9	$41.0
Hyatt Regency Boston Harbor	6.2	6.7	7.3	7.7	9.3	11.1	10.8	10.8	10.7	10.1	37.4
Hilton San Diego Gaslamp Quarter	7.6	8.5	8.8	8.9	9.5	10.5	10.9	11.1	11.6	10.5	36.7
The Westin San Diego Gaslamp Quarter	8.4	8.2	9.7	11.2	12.7	14.6	16.9	16.0	14.4	14.2	31.6
Embassy Suites San Diego Bay - Downtown	7.6	8.2	8.8	8.9	9.5	11.3	11.3	11.1	11.7	10.4	30.5
The Westin Michigan Avenue Chicago	14.7	15.8	16.7	16.0	18.0	19.4	17.9	13.1	12.0	9.9	13.2
Urban Major Brand Total	$65.8	$70.9	$75.7	$78.5	$87.7	$99.6	$101.1	$93.6	$88.9	$88.0	$30.3
Unique Lifestyle Resorts
LaPlaya Beach Resort & Club	$5.7	$7.6	$8.7	$10.7	$12.4	$15.7	$16.2	$11.8	$16.5	$17.7	$93.7
Southernmost Beach Resort	9.0	10.4	10.8	14.1	17.6	19.9	21.1	17.9	19.3	20.3	77.5
The Marker Key West	N/A	N/A	N/A	N/A	N/A	4.8	5.8	4.6	5.6	6.0	62.5
L'Auberge Del Mar	4.6	5.4	5.6	7.7	8.1	9.9	9.3	9.4	9.5	7.3	60.3
Skamania Lodge	4.4	4.8	5.2	6.0	6.8	7.7	8.1	9.0	9.5	10.3	39.9
Paradise Point Resort & Spa	8.3	11.8	13.7	14.8	16.1	16.7	14.7	16.8	17.5	15.3	33.1
Chaminade Resort & Spa	3.3	3.6	3.7	4.3	4.7	5.0	4.8	5.2	5.4	4.4	28.2
San Diego Mission Bay Resort	4.4	4.7	5.2	5.5	7.0	7.9	8.3	8.8	8.1	5.5	15.4
Unique Lifestyle Resorts Total	$39.7	$48.3	$52.9	$63.1	$72.7	$87.6	$88.3	$83.5	$91.4	$86.8	$45.7
TOTAL	$241.1	$298.7	$337.4	$387.2	$446.0	$499.5	$513.3	$487.4	$484.8	$476.0	$36.0

Note: These historical Hotel EBITDA results include available information for all of the hotels the Company owned or had an ownership interest in as of July 29, 2020. These historical operating	51
results include periods prior to the Company's ownership of the hotels. The information above does not reflect the Company's corporate general and administrative expense, interest expense,

property acquisition costs, depreciation and amortization, taxes and other expenses.