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, 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 Portfolio and Reopenings

• • 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; the Company anticipates that the sale will be completed in the second quarter of 2021

• • The Company recently reopened operations at two urban hotels, Hotel Chicago Downtown, Autograph Collection on February 12 and The Hotel Zags on March 15, bringing the total number of open hotels and resorts to 39 of the Company's 53 hotels and resorts, representing properties that made up approximately 74% of the Company's 2019 Hotel EBITDA

• • The Company expects to reopen five additional hotels over the next several weeks, in addition to reopening its remaining properties as demand recovers

laplaya beach resort & club

Map of Open and Suspended Hotels and Resorts