1. Simon Property Group (SPG) for upscale hotels.

2. Equity Residential (EQIX), but for upscale hotels instead of apartment buildings.

• Hotel Stays: Providing overnight accommodation in upscale, urban, and resort lifestyle hotels for leisure and business travelers.
• Food and Beverage Services: Offering a range of dining experiences, bars, and room service within its hotel properties.
• Meeting and Event Facilities: Providing flexible spaces for conferences, banquets, weddings, and other social or corporate gatherings.

Pebblebrook Hotel Trust (PEB) is a Real Estate Investment Trust (REIT) that owns a portfolio of upscale, urban, and resort hotels. As such, its revenue is primarily derived from the operation of these hotels, which directly serve a diverse base of guests rather than selling to a few major corporate customers.

The major categories of customers served by Pebblebrook Hotel Trust's properties include:

• Leisure Travelers: This category encompasses individuals and families traveling for vacation, tourism, weekend getaways, and personal events such as weddings, family reunions, or other social occasions.
• Business Travelers: This segment includes individuals traveling for work purposes, attending corporate meetings, sales calls, project assignments, or participating in industry conferences and trade shows held at or near the hotel properties.
• Groups and Events: This category represents bookings from various organizations, including corporations, associations, government agencies, and social groups (e.g., sports teams, university groups, tour operators). These bookings typically involve blocks of guest rooms, meeting and conference facilities, and event spaces for corporate functions, conventions, banquets, and other large gatherings.

• Marriott International, Inc. (MAR)
• Hilton Worldwide Holdings Inc. (HLT)
• InterContinental Hotels Group PLC (IHG)
• Hyatt Hotels Corporation (H)

Jon E. Bortz, Chairman, President & Chief Executive Officer

Mr. Bortz has served as Chairman of the Board and Chief Executive Officer of Pebblebrook Hotel Trust since its formation in October 2009. He also served as Founder, President, Chief Executive Officer, and a Trustee of LaSalle Hotel Properties, a publicly traded hotel REIT, from its formation in April 1998 until his retirement in September 2009, and as Chairman of the Board of LaSalle Hotel Properties from January 2001. Before founding LaSalle Hotel Properties, Mr. Bortz founded the Hotel Investment Group of Jones Lang LaSalle Incorporated in January 1994, overseeing all of its hotel investment and development activities as President. He was also Managing Director of Jones Lang LaSalle's Investment Advisory Division and Senior Vice President of its Investment Division. Mr. Bortz is co-author of "The Dow Jones-Irwin Guide to Real Estate Investing" and currently serves on the Board of Trustees of Federal Realty Investment Trust. He is also the Chairman of Curator Hotel & Resort Collection.

Raymond D. Martz, Co-President, Chief Financial Officer, Treasurer and Secretary

Mr. Martz has served as Co-President, Chief Financial Officer, Treasurer, and Secretary of Pebblebrook Hotel Trust since 2009. Prior to joining Pebblebrook, he was Chief Financial Officer for Phillips Edison & Company, one of the largest private owners of community shopping centers in the U.S., from August 2007 until November 2009. Before that, he served as Chief Financial Officer, Secretary, and Treasurer of Eagle Hospitality Properties Trust, Inc., a NYSE-listed hotel REIT, from May 2005 to August 2007. Mr. Martz also held various finance positions at LaSalle Hotel Properties, including Treasurer, Vice President of Finance, and Director of Finance, between 1997 and 2005. He was involved in Pebblebrook's acquisition of LaSalle Hotel Properties in a $5.2 billion deal in December 2018. Mr. Martz is a Co-Chair of the American Hotel and Lodging Association's Financial Management Committee.

Thomas C. Fisher, Co-President and Chief Investment Officer

Mr. Fisher serves as Co-President and Chief Investment Officer of Pebblebrook Hotel Trust. Before joining the company, he was the Managing Director – Americas for Jones Lang LaSalle Hotels, a prominent hotel investment services firm. Mr. Fisher joined Jones Lang LaSalle Hotels in 1996 and held a variety of roles, including leading the national full-service investment sales platform as Managing Director.

The key risks to Pebblebrook Hotel Trust (PEB) are primarily driven by the cyclical nature of the hospitality industry and broader economic factors.

1. Economic Uncertainties and Cyclical Nature of the Hotel Industry: The hotel industry is highly sensitive to economic downturns, and Pebblebrook Hotel Trust's operations are directly affected by economic uncertainties such as potential recessions, inflation, trade tensions, and policy changes. These factors can significantly impact travel demand, hotel occupancy rates, and average daily rates (ADRs). The company's concentration in upscale and luxury segments can lead to even greater volatility in its earnings, as pricing in these segments tends to be more susceptible to compression during economic slowdowns.
2. Rising Operational Costs: Pebblebrook Hotel Trust faces threats to its profitability from increasing operational expenses. These include rising employment costs, higher energy prices, increased property taxes, and elevated insurance costs. Such increases can outpace improvements in revenue per available room (RevPAR), leading to a decline in EBITDA margins and overall profitability.
3. High Debt Load and Interest Rate Sensitivity: The company carries a significant amount of debt, which exposes it to interest rate risk. An environment of rising interest rates can lead to increased borrowing costs and higher interest expenses, thereby burdening PEB's financial performance. Specifically, the need to refinance existing debt, some of which may have been secured at lower rates, at potentially higher interest rates in the future poses a notable financial risk.

Persistent shifts in business travel patterns due to widespread adoption of remote work and virtual meeting technologies. While business travel has rebounded from pandemic lows, the long-term impact and stabilization of corporate group bookings and individual business travel demand at potentially lower levels than pre-2020 are still emerging. This behavioral shift, enabled by technology, poses a threat to the demand for Pebblebrook's urban and upscale hotel portfolio, which traditionally relies heavily on business and group segments.

1. Continued Urban Market Recovery: Pebblebrook Hotel Trust anticipates revenue growth from the ongoing recovery of urban markets, particularly in key cities such as San Francisco, Portland, and San Diego. These markets have shown robust RevPAR growth and are expected to further normalize, leading to increased occupancy and average daily rates at PEB's urban properties.
2. Strategic Portfolio Redevelopment and Repositioning: The company has been actively reallocating its portfolio by selling lower-quality urban hotels and acquiring larger, leisure-focused resorts with significant growth potential. Substantial investments in redevelopment programs, including new event spaces, renovated guestrooms, and enhanced amenities, are designed to boost appeal, diversify revenue streams, and strengthen market presence, especially within the leisure and group segments.
3. Growth in Out-of-Room Revenues: Pebblebrook Hotel Trust expects to drive future revenue growth through increased out-of-room spending, particularly in food and beverage. Recent earnings reports indicate healthy gains in these areas as guests utilize resort dining outlets, bars, and event offerings more frequently.
4. Stronger Group Demand: The company has noted consistent strength in group demand, with an increase in group room nights and their contribution to overall room revenue. This trend is a result of the resilient group segment and successful strategic reinvestment programs focused on growing group-related business, particularly at their resort properties.
5. Full Restoration and Performance of LaPlaya Beach Resort & Club: The complete restoration and operational ramp-up of properties like the LaPlaya Beach Resort & Club, which had been impacted by natural disasters, are expected to contribute significantly to future adjusted EBITDA and overall revenue as these assets return to stabilized performance levels.

Share Repurchases

• Pebblebrook Hotel Trust authorized a new $150 million share repurchase program on October 21, 2025.
• Since October 2022, the company has repurchased over 13 million common shares at an average price of $14.07 per share.
• This includes 1.1 million common shares repurchased in 2024 at an average price of $13.29 per share and approximately 4.3 million common shares repurchased in September 2025 at $11.56 per share.

Share Issuance

• In September 2025, Pebblebrook Hotel Trust completed a $400 million private offering of 1.625% Convertible Senior Notes due 2030.
• This offering was executed as part of the company's strategy to partially retire $750 million of convertible notes maturing in 2026.

Outbound Investments

• The company sold seven hotels in 2023 for approximately $331 million, utilizing the proceeds for debt reduction and share repurchases.
• Pebblebrook Hotel Trust announced a pending sale of one hotel for $72 million in the third quarter of 2025.
• The company's strategy includes opportunistically acquiring and investing in upper upscale, full-service hotel and resort properties.

Capital Expenditures

• In 2024, the company invested $91.0 million in capital expenditures, marking the completion of its multi-year $525 million portfolio-wide redevelopment program.
• Significant projects completed in 2024 included a $50 million redevelopment of Newport Harbor Island Resort and a $26 million renovation of Estancia La Jolla Hotel & Spa.
• Expected capital investments for 2025 are $65 million to $75 million, which is a substantial reduction from previous years, with a primary focus on routine maintenance, property refreshes, and selective enhancements.