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le parc suite hotel

Pebblebrook Update on Recent Operating TrendsJune 2021

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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. MartzChief Financial Officer

(240) 507-1330

[email protected]

Forward-Looking Statements

PEBBLEBROOK UPDATE ON RECENT OPERATING TRENDS

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skamania lodge

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Updates on Operating Trends, Portfolio and Liquidity

• Operating trends are improving every week, with leisure demand continuing to show robust growth and

business travel recovering

• The Company currently has only two temporarily suspended hotels, with Villa Florence San Francisco on Union

Square reopening in the next 30 days and being offered for sale and Hotel Vitale staying closed through year-

end 2021 for its transformative redevelopment into 1 Hotel San Francisco

• On June 23, 2021, the Company announced that it executed a contract to acquire the 369-room

Margaritaville Hollywood Beach Resort in Hollywood, Florida for $270 million; the acquisition is anticipated to

be funded from existing cash on hand and is targeted to be completed by the end of Q3 2021

• As of mid-June 2021, the Company estimates that it has total liquidity of approximately $970 million, which

includes the $19.0 million of net proceeds from the June 10 sale of The Roger New York and $643.2 million

available on the Company's $650.0 million credit facility

• The Company expects to achieve positive Adjusted EBITDAre in Q2 2021 and positive Adjusted FFO in Q3 2021


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Recent Operating Trends

Demand trends strengthened substantially beginning in February, and provided that health trends continue to

improve, the Company believes that occupancy and EBITDA will continue to recover throughout 2021 and

beyond. The Company's total portfolio achieved positive EBITDA in March, over $3 million of EBITDA in April and

over $8 million of EBITDA in May, and it expects June’s EBITDA to grow substantially from May.

Open Portfolio

(Nominal)

Open

Hotels(1)Occ ADR RevPAR EBITDA

Total

Revenue

Total 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%)

April ’21 (F) 44 38% $239 $90 $5.6 $42.5 (60%)

May ’21 (F) 49 38% $246 $93 $9.1 $53.6 (57%)

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

(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 June 23, 2021.


Total Portfolio

(Nominal)(2)Hotels Occ ADR RevPAR EBITDA

Total

Revenue

Total Revenue

Variance to 2019

January ’21 51 13% $226 $30 ($10.6) $19.4 (80%)

February ’21 51 20% $241 $47 ($5.4) $26.0 (74%)

March ’21 51 26% $245 $63 $1.8 $38.1 (68%)

April ’21 (F) 51 32% $239 $75 $3.4 $43.1 (66%)

May ’21 (F) 51 37% $246 $91 $8.4 $53.7 (59%) hotel zena washington dc

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Weekly Operating Trends for Total Property Portfolio

For the week ended June 20, Pebblebrook’s hotels and resorts ran at 48% occupancy and a $252 average rate,

and Pebblebrook’s resorts ran at 77% occupancy and a $398 average rate, continuing to produce significant

ADR premiums to the same periods in 2019. Weekly room revenue has more than doubled since the second

week of March 2021. For the week ended June 27, occupancy is expected to increase to the low to mid-50s.

Total Hotel & Resort Portfolio(1)

Week

Ended

Open

Properties

2021

Occ

2021

ADR

2019

ADR

2021 Room

Revenue(3)

Mar 14 38 23% $245 $260 $5.0

Mar 21 39 29% $243 $253 $6.1

Mar 28 40 31% $242 $255 $6.7

Apr 4(4) 44 35% $242 $260 $7.5

Apr 11(4) 44 35% $241 $297 $7.4

Apr 18 44 29% $236 $249 $6.2

Apr 25 44 30% $232 $258 $6.1

May 2 48 30% $231 $272 $6.2

May 9 48 31% $238 $265 $6.4

May 16 49 35% $237 $294 $7.2

May 23 49 39% $234 $257 $8.1

May 30(4) 49 46% $256 $244 $10.4

Jun 6 49 37% $243 $282 $7.8

Jun 13 49 45% $248 $276 $9.9

Jun 20 49 48% $252 $270 $10.6

Total Resort Portfolio(2)

Week

Ended

Open

Resorts

2021

Occ

2021

ADR

2019

ADR

2021 Room

Revenue(3)

Mar 14 8 49% $428 $323 $2.8

Mar 21 8 60% $417 $334 $3.4

Mar 28 8 72% $385 $326 $3.7

Apr 4(4) 8 79% $388 $308 $4.1

Apr 11(4) 8 79% $371 $302 $3.9

Apr 18 8 61% $372 $307 $3.0

Apr 25 8 58% $365 $285 $2.8

May 2 8 56% $356 $276 $2.7

May 9 8 58% $363 $259 $2.8

May 16 8 59% $356 $263 $2.8

May 23 8 67% $351 $274 $3.1

May 30(4) 8 74% $412 $244 $4.0

Jun 6 8 61% $375 $251 $3.1

Jun 13 8 69% $387 $273 $3.6

Jun 20 8 77% $398 $265 $4.1


(2) Includes Chaminade Resort & Spa, LaPlaya Beach Resort & Club, L’Auberge Del Mar, Paradise Point Resort & Spa, San Diego Mission Bay Resort, Skamania Lodge, Southernmost Beach

Resort and The Marker Key West Harbor Resort.

(3) Dollars in millions.

(4) Holiday impact.


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Weekend Operating Trends for Total Property Portfolio

For the weekend started June 18, Pebblebrook’s hotels and resorts ran at 60% occupancy and a $275 average

rate, and Pebblebrook’s resorts achieved a 91% occupancy and a $462 average rate, continuing to produce

large ADR premiums to the same periods in 2019. The ADR premium generated by the resorts is offsetting the

ADR decline generated by the urban hotels, resulting in a flat to elevated ADR for the portfolio versus 2019.

Total Hotel & Resort Portfolio(1)

Weekend

Started

Open

Properties

2021

Occ

2021

ADR

2019

ADR

2021 Room

Revenue(3)

Mar 12 38 34% $242 $243 $2.1

Mar 19 39 41% $241 $231 $2.5

Mar 26 40 45% $239 $244 $2.7

Apr 2(4) 44 46% $243 $242 $2.8

Apr 9(4) 44 45% $248 $281 $2.8

Apr 16 44 43% $242 $218 $2.6

Apr 23 44 42% $239 $250 $2.6

Apr 30 48 44% $239 $260 $2.7

May 7 48 42% $255 $223 $2.7

May 14 49 53% $250 $301 $3.3

May 21 49 56% $253 $226 $3.6

May 28(4) 49 64% $282 $247 $4.5

Jun 4 49 50% $262 $270 $3.3

Jun 11 49 61% $273 $233 $4.2

Jun 18 49 60% $275 $263 $4.2

Total Resort Portfolio(2)

Weekend

Started

Open

Resorts

2021

Occ

2021

ADR

2019

ADR

2021 Room

Revenue(3)

Mar 12 8 73% $405 $324 $1.1

Mar 19 8 83% $408 $356 $1.3

Mar 26 8 92% $394 $337 $1.4

Apr 2(4) 8 86% $413 $334 $1.4

Apr 9(4) 8 90% $404 $327 $1.4

Apr 16 8 86% $382 $322 $1.2

Apr 23 8 81% $371 $313 $1.1

Apr 30 8 80% $371 $303 $1.1

May 7 8 79% $389 $276 $1.2

May 14 8 83% $390 $294 $1.2

May 21 8 90% $395 $319 $1.3

May 28(4) 8 94% $484 $271 $1.7

Jun 4 8 81% $421 $281 $1.3

Jun 11 8 91% $443 $304 $1.5

Jun 18 8 91% $462 $300 $1.6



(2) Includes Chaminade Resort & Spa, LaPlaya Beach Resort & Club, L’Auberge Del Mar, Paradise Point Resort & Spa, San Diego Mission Bay Resort, Skamania Lodge, Southernmost Beach

Resort and The Marker Key West Harbor Resort.

(3) Dollars in millions.

(4) Holiday impact.

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• On May 13, 2021, the Company closed on the sale of $230.0 million of its 6.375% Series G Cumulative

Redeemable Preferred Shares, boosting liquidity and allowing for further debt paydowns on near-term

maturities as well as potential hotel and resort acquisitions

• With the net proceeds from the sales of Sir Francis Drake in April and The Roger New York in June as well as the

Series G preferred equity raise in May, the Company has total liquidity of approximately $970 million, which

includes cash on hand of approximately $330 million with $643.2 million available on the Company’s $650.0

million credit facility

• The Company has no meaningful loans maturing until the fourth quarter of 2022

• The Company’s larger, stronger balance sheet with staggered maturities reduces risk, provides flexibility to

pursue opportunistic investment or acquisition opportunities and allows access to a lower cost of capital

Updated Balance Sheet and Liquidity

2021 2022 2023 2024 2025 2026

Credit Facility Term Loans Private Placement Convertible Notes(2)

$272

$748

$510

$2$5

(1) Debt balances shown in millions; current as of May 21, 2021.

(2) Maturity date of January 2023 assumes Pebblebrook chooses to exercise its two six-month options to extend debt maturity of the credit facility.

(3) The Convertible Notes have an initial conversion rate of 39.2549 per $1,000 principal amount of the Notes (equivalent to a conversion price of approximately $25.47 per common share of the

Company and a conversion premium of approximately 35.0% based on the closing price of $18.87 per common share on December 10, 2020).

$750

(1)

(3)

Debt and Convertible Notes Maturity Schedule


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Non-GAAP Reconciliation

For the month

of January,

For the month

of February,

For the month

of March,

For the month

of April,

For the month

of May,

2021 2021 2021 2021 (E) 2021 (E)

Hotel net income ($19.6) ($15.2) ($7.9) ($10.0) ($8.6)

Adjustment:

Depreciation and amortization 13.3 13.7 13.9 15.6 17.7

Hotel EBITDA ($6.3) ($1.5) $6.0 $5.6 $9.1

Adjustment:

Capital reserve (0.7) (1.0) (1.5) (1.7) (2.2)

Hotel Net Operating Income ($7.0) ($2.5) $4.5 $3.9 $6.9

This presentation includes certain non-GAAP financial measures as defined under Securities and Exchange Commission (SEC)

rules. These measures are not in accordance with, or an alternative to, measures prepared in accordance with U.S. generally

accepted accounting principles, or GAAP, and may be different from non-GAAP measures used by other companies. In addition,

these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have

limitations in that they do not reflect all of the amounts associated with the hotels' results of operations determined in accordance with

GAAP.

The Company has presented hotel EBITDA and hotel net operating income after capital reserves for the periods above because it

believes these measures provide investors and analysts with an understanding of the hotel-level operating performance. These non-

GAAP measures do not represent amounts available for management’s discretionary use, because of needed capital replacement or

expansion, debt service obligations or other commitments and uncertainties, nor are they indicative of funds available to fund the

Company’s cash needs, including its ability to make distributions.

The Company’s presentation of the hotels' EBITDA and net operating income after capital reserves for the periods above should not

be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the hotels' financial

performance. The table above is a reconciliation for the periods above of the hotels' EBITDA and net operating income after capital

reserves calculations to net income in accordance with GAAP. Any differences are a result of rounding.

Pebblebrook Hotel Trust

Open Property Portfolio

Reconciliation of Hotel Net Income to Hotel EBITDA and Hotel Net Operating Income

January, February, March, April (estimate) and May (estimate) 2021

(Unaudited, in millions)

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Non-GAAP Reconciliation, Continued

For the month

of January,

For the month

of February,

For the month

of March,

For the month

of April,

For the month

of May,

2021 2021 2021 2021 (E) 2021 (E)

Hotel net income ($28.7) ($23.4) ($16.3) ($14.7) ($9.7)

Adjustment:

Depreciation and amortization 18.1 18.0 18.1 18.1 18.1

Hotel EBITDA ($10.6) ($5.4) $1.8 $3.4 $8.4

Adjustment:

Capital reserve (0.7) (1.0) (1.5) (1.7) (2.1)

Hotel Net Operating Income ($11.3) ($6.4) $0.3 $1.7 $6.3

This presentation includes certain non-GAAP financial measures as defined under Securities and Exchange Commission (SEC)

rules. These measures are not in accordance with, or an alternative to, measures prepared in accordance with U.S. generally

accepted accounting principles, or GAAP, and may be different from non-GAAP measures used by other companies. In addition,

these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have

limitations in that they do not reflect all of the amounts associated with the hotels' results of operations determined in accordance with

GAAP.

The Company has presented hotel EBITDA and hotel net operating income after capital reserves for the periods above because it

believes these measures provide investors and analysts with an understanding of the hotel-level operating performance. These non-

GAAP measures do not represent amounts available for management’s discretionary use, because of needed capital replacement or

expansion, debt service obligations or other commitments and uncertainties, nor are they indicative of funds available to fund the

Company’s cash needs, including its ability to make distributions.

The Company’s presentation of the hotels' EBITDA and net operating income after capital reserves for the periods above should not

be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the hotels' financial

performance. The table above is a reconciliation for the periods above of the hotels' EBITDA and net operating income after capital

reserves calculations to net income in accordance with GAAP. Any differences are a result of rounding.

Pebblebrook Hotel Trust

Total Property Portfolio

Reconciliation of Hotel Net Income to Hotel EBITDA and Hotel Net Operating Income

January, February, March, April (estimate) and May (estimate) 2021

(Unaudited, in millions)

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