Pebblebrook Hotel Trust : Update on Recent Operating Trends

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 and Current Report on Form 8-K filed with the SEC on March 24, 2020. 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 [phone]

Updates on Operating Trends and Liquidity

• • On December 15, 2020, the Company completed a $500.0 million convertible senior notes offering with a 6-year term and a 1.75% coupon and purchased a call spread option upwards of 75% ($33.02/share)

• • On January 25, 2021, the Company completed the long-term assignment of 14 rooftop wireless leases, generating $12.0 million of proceeds

• • On February 3, 2021, the Company announced that it executed a contract to sell the Sir Francis Drake in San Francisco, CA, which it expects will generate $157.6 million of proceeds after customary closing costs

• • On February 9, 2021, the Company completed an additional offering for $250.0 million of its previously issued 1.75% convertible senior notes; the notes were sold at a 5.5% premium to par and proceeds from this offering were primarily used to purchase 75% premium call spreads and reduce the outstanding balance on the Company's senior unsecured revolving credit facility and pay down approximately $177.0 million of its 2021 and 2022 debt maturities

• • In mid-February 2021, the Company reopened operations at one urban hotel, Hotel Chicago Downtown, Autograph Collection, bringing the total number of open hotels and resorts to 38 of the Company's 53 hotels and resorts, representing properties that made up approximately 73% of the Company's 2019 Hotel EBITDA

• • On February 18, 2021, the Company amended the agreements governing its outstanding debt, including its $650.0 million senior unsecured revolving credit facility, $1.6 billion of term loans and working capital facilities, and $100.0 million private placement senior notes

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Map of Open and Suspended Hotels and Resorts