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Pebblebrook Update on Recent Operating Trends

April 2021

P EBBLEBROOK UP DA TE ON RECEN T OP ERA TI N G TREN DS

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

  1. 507-1330rmartz@pebblebrookhotels.com

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P EBBLEBROOK UP DA TE ON RECEN T OP ERA TI N G TREN DS

Updates on Portfolio and Reopenings

  • On April 5, 2021, the Company announced that it closed on the sale of Sir Francis Drake Hotel in San Francisco, California on April 1, 2021, generating $157.6 million of net proceeds after customary closing costs
  • The Company recently reopened operations at five urban hotels (Hotel Monaco Washington DC on March 26, Argonaut Hotel on April 1, Harbor Court Hotel San Francisco on April 1, Hotel Zelos San Francisco on April 1 and Revere Hotel Boston Common on April 1), bringing the total number of open hotels and resorts to 44 of the Company's 52 hotels and resorts, representing properties that made up approximately 86% of the Company's 2019 Hotel EBITDA
  • The Company's remaining suspended hotels are expected to reopen in the coming weeks and months as demand recovers

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P EBBLEBROOK UP DA TE ON RECEN T OP ERA TI N G TREN DS

Map of Open and Suspended Hotels and Resorts

Seattle

2 Open

Portland &

Columbia River Gorge

5 Open

San Francisco

Chicago

5 Open

1 Open

6 Suspended

1 Suspended

Santa Cruz

1 Open

Los Angeles &

Santa Monica

9 Open

San Diego

7 Open

As of

April 1, 2021

% of 2019 Hotel EBITDA

86%

Open keys / total keys

10,499 out of 12,820

Open hotels / total hotels

44 out of 52

Naples

1 Open

Key West

2 Open

Boston

5 Open

NYC

1 Suspended

Philadelphia

1 Open

Washington DC

4 Open

Miami

1 Open

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P EBBLEBROOK UP DA TE ON RECEN T OP ERA TI N G TREN DS

Recent Operating Trends

Demand trends in February and March strengthened substantially, and provided that health trends continue to improve, the Company believes that occupancy and EBITDA will continue to recover in April and beyond. For the first time since the COVID-19 pandemic began, the Company's total portfolio, which includes both open and temporarily suspended hotels, achieved positive EBITDA.

Open Portfolio

Open

Occ

ADR

RevPAR

EBITDA

(Nominal)

Hotels(1)

January '21 (F)

37

19%

$224

$43

($6.3)

February '21 (F)

38

27%

$241

$65

($1.5)

March '21 (F)

39

35%

$245

$85

$6.0

Total Portfolio

Hotels

Occ

ADR

RevPAR

EBITDA

(Nominal)(2)

January '21 (F)

52

13%

$226

$30

($11.1)

February '21 (F)

52

19%

$241

$46

($5.8)

March '21 (F)

52

25%

$245

$63

$1.4

Total

Total Revenue

Revenue

Variance to 2019

$18.0

(73%)

$24.9

(68%)

$37.1

(59%)

Total

Total Revenue

Revenue

Variance to 2019

$19.4

(80%)

$26.0

(74%)

$38.1

(68%)

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Note: Dollars in millions, except for ADR and RevPAR.

5

(1)

Represents properties at which operations were not temporarily suspended for more than half of each respective month.

(2)

Includes information for all of the hotels the Company owned as of April 1, 2021.

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Disclaimer

Pebblebrook Hotel Trust published this content on 16 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 April 2021 11:16:12 UTC.