Pebblebrook Hotel Trust (NYSE: PEB):

⁽¹⁾ See tables later in this press release for a description of Same-Property information and reconciliations from net income (loss) to non-GAAP financial measures, including Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre"), Adjusted EBITDAre, Funds from Operations ("FFO"), FFO per share, Adjusted FFO and Adjusted FFO per share.

Adjusted EBITDAre, Adjusted FFO and Adjusted FFO per share exclude the amortization of share-based compensation expense. Historical and comparable period results of such non-GAAP financial measures have been adjusted to reflect the exclusion.

⁽²⁾ Includes information for all the hotels the Company owned as of March 31, 2023, except for the following:

• 1 Hotel San Francisco
• LaPlaya Beach Resort & Club

“Our urban hotels led the portfolio growth this quarter, with occupancy up 22.1 percent and ADR rising by 8.7 percent. Total RevPAR at our urban hotels increased 38.4 percent, and their EBITDA more than doubled over the prior-year period,” noted Mr. Bortz. “San Francisco and Washington, DC were our most improved urban markets during the quarter. San Francisco benefited from healthy citywide and corporate group demand as well as improved business transient demand. Our hotels in Washington, DC saw significantly improved business transient, group, and convention demand, as occupancy levels doubled versus the prior year period.”

In addition to several winter storms during Q1, the Company’s hotel operating results were also negatively impacted by the disruption from several ongoing redevelopment projects. These renovations displaced approximately 275 basis points of Same-Property RevPAR growth, approximately $6.8 million of hotel revenues, and approximately $5.0 million of Same-Property EBITDA.

Update on Impact from Hurricane Ian

The Company continues to complete significant repairs and rebuilding at the 189-room LaPlaya Beach Resort & Club. The resort’s Bay Tower (40 rooms) reopened during the first quarter. The Gulf Tower (70 rooms) partially reopened in April. The property’s Beach House (79 rooms) remains closed but is on track to be fully remediated, restored and reopened by the end of this year. The resort is currently operating with limited resort services and amenities, but we expect these to be restored over the next three months as rebuilding these facilities is completed.

The Company anticipates all operational disruption will be covered under the Company’s business interruption and property insurance programs, net of deductibles. A preliminary business interruption settlement of $8.1 million was recorded in Q1 related to lost income from Q4 2022. The Company anticipates an additional preliminary business interruption settlement of approximately $10.0 million to be approved in Q2 2023 relating to lost business from Q1 2023. Pebblebrook expects to record additional business interruption settlements in 2023 as these are determined and finalized with its insurance providers.

Update on Strategic Dispositions

The Company completed three property dispositions during the quarter, generating $135.3 million of sales proceeds. This included The Heathman Hotel (151 rooms) in Portland, Oregon, for $45.0 million, Hotel Colonnade (157 rooms) in Coral Gables, Florida, for $63.0 million, and the retail parcel located at 909 North Michigan Avenue in Chicago, Illinois, adjacent to the Company’s Westin Michigan Avenue for $27.3 million.

The Company has executed individual contracts to sell Monaco Seattle (189 rooms) for $63.3 million and Vintage Seattle (125 rooms) for $33.7 million to separate non-affiliated third parties. Each property sale is subject to normal closing conditions. The Company offers no assurances that these sales will be completed on these terms or at all. The property sales are targeted to be completed later in the second quarter of 2023.

Net proceeds from the Company’s dispositions will be used for general corporate purposes, including reducing the Company’s outstanding debt and repurchasing common and preferred shares.

Common Share Repurchases

Since our last Earnings Release in late February 2023, the Company has repurchased 3.0 million common shares at an average price of $13.85 per share. On a cumulative basis since October 2022, the Company has repurchased 8.5 million common shares, or approximately 6.4 percent of the Company’s previous outstanding share count, at an average price of $14.66 per share, representing an approximate 48% discount to the midpoint of the Company's most recently published estimated Net Asset Value (“NAV”).

Capital Investments and Strategic Property Redevelopments

During the first quarter, the Company completed $26.2 million of capital investments throughout its portfolio. The Company expects to invest a total of $145.0 to $155.0 million in capital improvements in 2023, which includes completing the redevelopment and repositioning projects at Hotel Solamar (to be converted to Margaritaville Hotel San Diego Gaslamp Quarter), Hilton San Diego Gaslamp Quarter, Jekyll Island Club Resort, Viceroy Santa Monica Hotel, Estancia La Jolla Hotel & Spa, the four guesthouses at Southernmost Beach Resort, as well as the development of a new outdoor venue and 11 additional alternative lodging units at Skamania Lodge. We also expect to commence the comprehensive redevelopment and repositioning of Newport Harbor Island Resort in the fourth quarter.

Balance Sheet and Liquidity

As of March 31, 2023, the Company had $146.5 million of consolidated cash, cash equivalents and restricted cash, in addition to $636.9 million of undrawn availability on its senior unsecured revolving credit facility, for total liquidity of $783.4 million. The Company had $2.4 billion in consolidated debt and convertible notes at an effective weighted-average interest rate of 4.1 percent. $1.7 billion, or 71% of the Company’s total outstanding debt and convertible notes, was at an effective weighted-average fixed interest rate of 3.0 percent, and $0.7 billion, or 29% percent, was at a weighted-average floating interest rate of 6.9 percent.

Common and Preferred Dividends

On March 15, 2023, the Company declared a quarterly cash dividend of $0.01 per share on its common shares and a regular quarterly cash dividend for the following preferred shares of beneficial interest.

• $0.39844 per 6.375% Series E Cumulative Redeemable Preferred Share;
• $0.39375 per 6.3% Series F Cumulative Redeemable Preferred Share;
• $0.39844 per 6.375% Series G Cumulative Redeemable Preferred Share; and
• $0.35625 per 5.7% Series H Cumulative Redeemable Preferred Share.

Update on Curator Hotel & Resort Collection

Curator Hotel & Resort Collection (“Curator”) is a distinct collection of experientially focused small brands and independent lifestyle hotels and resorts worldwide founded by Pebblebrook and several industry-leading independent lifestyle hotel operators. As of March 31, 2023, Curator had 97 member hotels and 102 master service agreements with preferred vendor partners, providing Curator member hotels with preferred pricing, enhanced operating terms, and early access to curated new technologies.

Q2 2023 Outlook

Based on current trends and assuming no material disruptions to travel caused by pandemics or worsening macro-economic conditions, the Company’s outlook for Q2 2023 is as follows:

The Company’s Same-Property RevPAR and Same-Property EBITDA assumptions exclude properties expected to be sold in Q2 2023.

The Company’s outlook incorporates the estimated negative impact of displaced revenues and EBITDA associated with the ongoing redevelopments and transformations of Solamar Hotel (conversion to Margaritaville Hotel San Diego Gaslamp Quarter), Hilton San Diego Gaslamp Quarter, Estancia La Jolla Hotel & Spa, Viceroy Santa Monica, Jekyll Island Club Resort, and a small renovation project at The Nines Portland. Same-Property RevPAR growth is expected to be negatively impacted by these major transformation projects in the second quarter by approximately 150 basis points, and Same-Property EBITDA is expected to be reduced by approximately $5.5 million.

The second quarter outlook also incorporates an estimated $10.0 million for an additional preliminary business interruption settlement at LaPlaya relating to lost income from the first quarter of 2023. This amount affects the Company’s Adjusted EBITDAre, Adjusted FFO, and net income.

First Quarter 2023 Earnings Call

The Company will conduct its quarterly analyst and investor conference call on Thursday, April 27, 2023, at 10:00 AM ET. Please dial (877) 407-3982 approximately ten minutes before the call begins to participate. A live webcast of the conference call will also be available through the Investor Relations section of www.pebblebrookhotels.com. To access the webcast, click on https://investor.pebblebrookhotels.com/news- and-events/webcasts/default.aspx ten minutes before the conference call. A replay of the conference call webcast will be archived and available online.

About Pebblebrook Hotel Trust

Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) and the largest owner of urban and resort lifestyle hotels and resorts in the United States. The Company owns 49 hotels

and resorts, totaling approximately 12,500 guest rooms across 14 urban and resort markets. For more information, visit www.pebblebrookhotels.com and follow us at @PebblebrookPEB.

This press release contains certain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “forecast,” “continue,” “assume,” “plan,” references to “outlook” or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections and forecasts and other forward-looking information and estimates. Examples of forward-looking statements include the following: descriptions of the Company’s plans or objectives for future capital investment projects, operations or services; forecasts of the Company’s future economic performance; forecasts of hotel industry performance; statements regarding expectations of hotel dispositions; use of proceeds; and descriptions of assumptions underlying or relating to any of the foregoing expectations including assumptions regarding the timing of their occurrence. These forward-looking statements are subject to various risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy and the supply of hotel properties, and other factors as are described in greater detail in the Company’s filings with the SEC, including, without limitation, the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For further information about the Company’s business and financial results, please refer to the "Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained at the Investor Relations section of the Company’s website at www.pebblebrookhotels.com.

All information in this press release is as of March 31, 2023. The Company undertakes no duty to update the statements in this press release to conform the statements to actual results or changes in the Company’s expectations.

For additional information or to receive press releases via email, please visit our website at www.pebblebrookhotels.com.

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