Pebblebrook Hotel Trust : Update on Recent Operating Trends

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Pebblebrook Update on Recent Operating Trends

September 2022

P E B B LE B R OOK U P D A TE ON R E CE N T OP E R A TI N G TR E N D S

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, 2021. 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]

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P E B B LE B R OOK U P D A TE ON R E CE N T OP E R A TI N G TR E N D S

Updates on Portfolio and Operating Trends

• On September 14, the Company closed on the sale of Hotel Vintage Portland in Portland, Oregon for $32.9 million. The Company has now closed on the sales of all three properties that were announced to be under contract during the Q2 Earnings Call for a total of $183.9 million.
• August estimated operating results were in-line with our expectations, demonstrating recovering business demand and strong rate premiums. Same-Property ADR was up 19% vs. August 2019. August was not as strong as July, due to normal back-to-school seasonality, fewer weekends in August 2022 as compared to both August 2019 and July 2022, and traditionally slower business travel on the weekdays before and after the Labor Day Holiday weekend. Other revenues, including food and beverage, continue to be very strong.
• Leisure demand remained robust and demonstrated more normal seasonal patterns in August as family school schedules reduced overall leisure demand in the second half of August, yet resort ADR premiums remained substantial, achieving 55% growth over August 2019, highlighting our ongoing pricing power, which we expect will continue into the fourth quarter.
• Business travel demand, both group and transient, continued to recover in August, with more markets gaining rate premiums over 2019 levels. Group activity, including site visits, RFP's, proposals and bookings continue to improve. Corporate account negotiations are in the early stages for 2023, but the Company expects contract rates will increase on average by mid to upper single digit percentages next year.

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P E B B LE B R OOK U P D A TE ON R E CE N T OP E R A TI N G TR E N D S

Recent Operating Trends

In August, group and transient business travel demand and activity continued to recover, as businesses prepared for a post-Labor Day return to office and looked to book business travel for the balance of the year. As expected, August operating results were not as strong as July due to normal back-to-school seasonality.

						Variance to 2019
2022 Same-Property	Occ	ADR	RevPAR	Total	Hotel	Total	RevPAR
Portfolio(1)	Revenue	EBITDA	Revenue
January	34%	$269	$91	$57.0	($3.1)	(44%)	(44%)
February	50%	$308	$153	$84.9	$20.5	(21%)	(20%)
March	62%	$305	$188	$116.2	$38.8	(9%)	(10%)
Q1 2022	48%	$297	$144	$258.0	$56.2	(23%)	(23%)
April	68%	$319	$218	$128.3	$46.6	(3%)	(4%)
May	67%	$314	$210	$129.4	$42.9	(6%)	(8%)
June	73%	$323	$236	$138.1	$49.3	(1%)	(3%)
Q2 2022	69%	$319	$221	$395.7	$138.8	(3%)	(5%)
July(F)	74%	$334	$246	$142.3	$50.4	4%	3%
August(F)	71%	$309	$219	$128.2	$37.4	(2%)	(3%)

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Note: Dollars in millions, except for ADR and RevPAR.
(1) Includes information for all of the hotels the Company owned as of September 20, 2022, except 1 Hotel San Francisco (which is excluded from January-December given the property's closure
for renovation), Inn on Fifth (which is excluded from January-March given the property's acquisition on May 11), and Gurney's Newport Resort & Marina (which is excluded from January-June	4
given the property's acquisition on June 23). Additionally, following their sales, The Marker San Francisco is excluded from April-December, Sofitel Philadelphia at Rittenhouse Square Hotel is

excluded from July-December, Hotel Spero is excluded from July-December, and Vintage Portland is excluded from July-December.

P E B B LE B R OOK U P D A TE ON R E CE N T OP E R A TI N G TR E N D S

Weekly Operating Trends: Urban Portfolio Rapidly Improving

The Company's urban hotels maintained occupancies in the low to mid-70's throughout August, as business demand continued to recover and leisure customers visited cities for personal travel once again. As expected, occupancies were lower in August than July, as typical back-to-school seasonality impacted both leisure and business travel, and early September was impacted by the Labor Day Holiday. Our urban rates are now consistently exceeding 2019 comparable periods. Business travel is continuing its recovery in September as companies encourage more meetings, business transient reverts to its healthy historical weekday travel patterns

and convention attendance further improves.

	Weekly Total Urban Portfolio(1)
Week	2022		2022	2019	2022 Room
Ended	Occ		ADR	ADR	Revenue(2)
Jul 3(3)	67%		$263	$209	$12.7
Jul 10(3)	58%		$260	$264	$10.8
Jul 17	77%	$282	$286	$15.6
Jul 24	79%	$292	$272	$16.6
Jul 31	79%	$278	$270	$15.4
Aug 7	74%	$267	$258	$13.9
Aug 14	73%	$269	$268	$13.8
Aug 21	72%	$262	$253	$12.9
Aug 28	71%	$263	$254	$12.8
Sep 4(3)	68%		$264	$243	$12.3
Sep 11(3)	67%		$271	$250	$12.4
Sep 18	84%	$308	$283	$17.8
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		(1) Includes information for all of the hotels the Company owned as of September 20, 2022, excluding its resorts listed on the following slide. Hotel Vintage Portland is included through the
		Company's ownership period, but will be excluded from future weeks due to its sale on September 14, 2022.		5
		(2) Dollars in millions.

(3) Holiday impact.