Pebblebrook Hotel Trust : Update on Recent Operating Trends

southernmost beach resort

Pebblebrook Update on Recent Operating Trends

May 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. [e-mail]

l'auberge del mar

skamania lodge

2

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

Updates on Portfolio, Reopenings and Liquidity

• 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 four urban hotels (Hotel Zoe Fisherman's Wharf on April 26, Hotel Zephyr Fisherman's Wharf on April 29, Hotel Zeppelin San Francisco on April 29 and The Marker San Francisco on April 29), bringing the total number of open hotels and resorts to 48 of the Company's 52 hotels and resorts, representing properties that made up approximately 95% of the Company's 2019 Hotel EBITDA
• On May 7, 2021, the Company announced that it priced $200.0 million of its 6.375% Series G Cumulative Redeemable Preferred Shares on May 6, and it will use 50% of the net proceeds to reduce its outstanding debt and 50% of the net proceeds for general corporate purposes, which may include acquiring and investing in hotel properties in accordance with the Company's investment strategy

laplaya beach resort & club

3

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
9 Open	1 Open
2 Suspended	1 Suspended
Santa Cruz
1 Open
Los Angeles &
Santa Monica
9 Open
San Diego
7 Open

	As of
	April 30, 2021
% of 2019 Hotel EBITDA	95%
Open keys / total keys	11,485 out of 12,820
Open hotels / total hotels	48 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

4

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	Total	Total Revenue
(Nominal)	Hotels(1)	Revenue	Variance to 2019
January '21	37	19%	$224	$43	($6.3)	$18.0	(73%)
February '21	38	27%	$241	$65	($1.5)	$24.9	(68%)
March '21	39	35%	$245	$85	$6.0	$37.1	(59%)

Total Portfolio	Hotels	Occ	ADR	RevPAR	EBITDA	Total	Total Revenue
(Nominal)(2)	Revenue	Variance to 2019
January '21	52	13%	$226	$30	($11.1)	$19.4	(80%)
February '21	52	19%	$241	$46	($5.8)	$26.0	(74%)
March '21	52	25%	$245	$63	$1.4	$38.1	(68%)

hotel zena washington dc

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.