Pebblebrook Hotel Trust

Pebblebrook Hotel Trust is an internally managed hotel investment company that acquires and invests in hotel properties. Formed as a Maryland real estate investment trust in October 2009, the company focuses on hotel properties primarily in major United States cities and resort properties near these urban markets and select destination resort markets, with an emphasis on major gateway coastal markets. As of December 31, 2025, the company owned interests in 44 hotels, totaling 11,052 guest rooms. The company's assets are held, and operations conducted, through Pebblebrook Hotel, L.P. (its "Operating Partnership"), where Pebblebrook Hotel Trust is the sole general partner. At December 31, 2025, the company owned 99.0% of the common limited partnership units of its Operating Partnership, with other limited partners owning the remaining 1.0%. To maintain its REIT qualification, the company does not operate its hotels directly. Instead, its Operating Partnership and subsidiaries lease the hotel properties to subsidiaries of Pebblebrook Hotel Lessee, Inc. ("PHL"), a taxable REIT subsidiary, which then engages third-party eligible independent contractors to manage the hotels. PHL is consolidated into the company's financial statements. Pebblebrook Hotel Trust invests in markets believed to have barriers-to-entry and diverse sources of meeting and room night demand. Its hotel properties are located in Boston, Massachusetts; Chicago, Illinois; Hollywood, Florida; Jekyll Island, Georgia; Key West, Florida; Los Angeles, California (Beverly Hills, Santa Monica and West Hollywood); Naples, Florida; Newport, Rhode Island; Portland, Oregon; San Diego, California; San Francisco, California; Santa Cruz, California; Stevenson, Washington; and Washington, D.C.