Pebblebrook Hotel Trust : Update on Fourth Quarter 2020 Operating Trends

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Pebblebrook Update on Fourth Quarter 2020 Operating Trends

January 2021

P EBBLEBROOK UP DA TE ON FOURTH QUA RTER 2 0 2 0 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, 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

1. [e-mail]

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P EBBLEBROOK UP DA TE ON FOURTH QUA RTER 2 0 2 0 OP ERA TI N G TREN DS

Updates on Operating Trends and Liquidity

• In October 2020, the Company reopened an additional 4 urban hotels, increasing the total number of open hotels and resorts to 39 of the Company's 53 hotels and resorts, representing properties that made up approximately 76% of Pebblebrook's 2019 Hotel EBITDA
• In late November and early December of 2020, the Company resuspended operations at 2 urban hotels, Hotel Chicago Downtown, Autograph Collection and Revere Hotel Boston Common, bringing the total number of open hotels and resorts to 37 of the Company's 53 hotels and resorts, representing properties that made up approximately 71% of Pebblebrook's 2019 Hotel EBITDA
• 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), reducing near-team maturities and annual interest expense, while increasing the Company's liquidity
• In January 2021, the Company completed the long-term assignment of 11 rooftop wireless leases, generating $12.0 million of proceeds

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P EBBLEBROOK UP DA TE ON FOURTH QUA RTER 2 0 2 0 OP ERA TI N G TREN DS

Map of Open and Suspended Hotels and Resorts

Seattle

2 Open

Portland &

Columbia River Gorge

4 Open

1 Suspended

San Francisco

2 Open

10 Suspended

Santa Cruz

1 Open

Los Angeles &

Santa Monica

9 Open

San Diego

7 Open

	As of
	January 2021
% of 2019 Hotel EBITDA	71%
Open keys / total keys	8,846 out of 13,236
Open hotels / total hotels	37 out of 53

Chicago

2 Suspended

Naples

1 Open

Key West

2 Open

Boston

4 Open

1 Suspended

NYC

1 Suspended

Philadelphia

1 Open

Washington DC

3 Open

1 Suspended

Miami

1 Open

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