#1pebblebrook HOTEL TRUST November 2023 Investor Presentation 康 skamania lodge#2INVESTOR PRESENTATION NOVEMBER 2023 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, 2022. You should carefully consider these risks when you make an investment decision conceming 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 (240) 507-1330 [email protected] pebblebrook TRUST 1 hotel san francisco estancia la jolla hotel & spa 2#3INVESTOR PRESENTATION NOVEMBER 2023 The Premier Lifestyle Lodging REIT Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust ("REIT") and the largest owner of urban and resort lifestyle hotels in the United States. Pebblebrook Overview laplaya beach resort & club southernmost resort key west 47 13 50/50 Hotels and Resorts Urban and Resort Markets Business/Leisure Customer Mix $29.50 $295M+ NAV per Share Midpoint Estimate (1) 2018-2024(F) ROI Investments pebblebrook (1) Reflects management's current estimate for Net Asset Value per Share. Hilton hotel zena washington dc hilton san diego gaslamp AMMALAS hotel monaco washington dc margaritaville hollywood resort 3#4INVESTOR PRESENTATION NOVEMBER 2023 Powerful Mix of Unique Lifestyle Hotels and Resorts Unique Experiences Lifestyle hotels offer guests a more unique and authentic experience than traditional branded properties. This is a growing demand segment among travelers, who are looking for something different than the cookie- cutter experience offered by many branded hotels. Enhanced Operating Flexibility Lifestyle hotels have more operating flexibility than branded hotels, which typically have significant restrictive rules, brand standards and needless and expensive requirements. More Profitable Lifestyle properties benefit from avoiding the heavy franchise/brand expense load, which enables a higher EBITDA per key. Control Over Capital Investments We choose how to invest capital to maximize the profitability and performance of the asset, versus brand/franchise requirements which are focused on standardization instead of performance maximization. Higher Resale Value Lifestyle properties typically sell at a 15- 20% premium due to their lack of inflexible brand contracts, thereby attracting a larger pool of buyers. 90% of our lifestyle properties are unencumbered by a major brand/franchise. 42% 41% 17% Urban Lifestyle (28 hotels / 6,148 rooms) Unique and immersive lifestyle hotels that appeal to both corporate and leisure travelers Unique Lifestyle Resorts (13 resorts / 3,092 rooms) Unique lifestyle resort experiences in many of the top drive-to resort markets in the US Urban Major Brand (6 hotels / 2,902 rooms) More traditional branded hotel experiences in Boston, San Diego and Chicago, with major brands including Westin, Hilton and Hyatt pebblebrook TRUST Note: Based on November 2023 NAV estimates; includes all hotels owned by the Company as of September 30, 2023. 4#5INVESTOR PRESENTATION NOVEMBER 2023 Geographic and Customer Diversification The Company's segmentation has changed over the past few years through our strategic acquisitions, dispositions and return on investment capital spend, resulting in a larger group mix. By selling smaller, more-transient focused urban hotels and reinvesting that capital into increasing group at our lifestyle properties, both urban and resort, including the addition of event spaces, lawns and pavilions and remerchandising certain public areas, our overall group mix has increased to approximately 30% from 25%. Columbia River Gorge Guest Segmentation Portland Boston 25% San Francisco Newport 45% Chicago Washington D.C. Santa Cruz Mountains Los Angeles Santa Monica San Diego = Urban Location = Resort Location 41% Resorts # of Hotels 13 pebblebrook 25% 5% Jekyll Island Leisure Transient Fort Lauderdale/ Hollywood Key West Business Transient Leisure Group Top Markets (by % of NAV) Business Group 16% 13% 10% 10% 5% Boston 5 Los Angeles San Francisco San Diego Washington, DC 9 8 4 4 TRUST Note: Based on November 2023 NAV estimates; includes all hotels owned by the Company as of September 30, 2023. 5#6INVESTOR PRESENTATION NOVEMBER 2023 Reasons to Invest in Pebblebrook $ Major capital investments & recent and ongoing operating efficiency initiatives are expected to generate significant EBITDA growth across the portfolio Hotel demand recovery is poised to significantly increase EBITDA, as occupancy is still substantially below pre-pandemic levels [4] Opportunity to acquire ownership in the Company at a +50% discount to current NAV pebblebrook TRUST 6#7Capital investments and operating efficiency initiatives are expected to generate significant EBITDA growth across the portfolio margaritaville hotel san diego gaslamp quarter#8INVESTOR PRESENTATION NOVEMBER 2023 Successful Track Record with Redevelopment Projects The Company has a proven track record of investing capital to elevate and remerchandise its properties, enrich the guest experience and revitalize underutilized venues and open spaces. These redevelopment projects typically generate 10%+ cash-on-cash returns within three to four years following completion. Year 2018-2019 San Diego Mission Bay Resort 2020 Donovan Hotel Zena Total Invested (1) Per Room ROI Project Portion(1) Per Room(2) Westin Copley Boston 2018-2019 $278 $23 $85 $28 Embassy Suites San Diego Paradise Point Resort & Spa Westin Gaslamp Quarter San Diego 2020 $116 $10 $61 $31 LaPlaya Naples Resort & Club Le Parc Suites at Melrose Mondrian Los Angeles 2021-2022 $187 $15 $43 $59 Montrose West Hollywood Chamberlain Los Angeles Total 2018-22 $581M $48K $188M $33K W Boston Viceroy Santa Monica Public Areas Chaminade Resort & Spa Mason & Rook Viceroy DC Harbor Court Hotel 2023(F) $150 $12 $70 $42 Marker Key West Hotel Modera Hotel Zags Hotel Zelos Skamania Lodge Phase I 2024(F) $80-$100(3) $7-8 $38 $40 2021-2022 2023 Total 2023-24(F) $230-250M $19-21K $107M $45K Total 2018-24(F) $811-831M $67-$68K $295M $42K L'Auberge Del Mar Southernmost Key West Skamania Lodge Phase II Solamar → Margaritaville San Diego The $295M of ROI-related projects are expected to generate a +10% cash on cash return Hotel Vitale → 1 Hotel SF Grafton on Sunset Hotel Ziggy 2024 Newport Harbor Island Resort Estancia La Jolla Hotel & Spa Phase II Paradise Point Resort Margaritaville Island (4) Hilton Gaslamp San Diego Jekyll Island Club Resort Estancia La Jolla Hotel & Spa Phase I Southernmost Key West Guesthouses Viceroy Santa Monica Guest Rooms pebblebrook (1) Dollars in millions (2) Dollars in thousands (3) Preliminary 2024 estimated range (4) Paradise Point subject to government approvals that are in process 8#9INVESTOR PRESENTATION NOVEMBER 2023 Redevelopment Projects Recently Completed or in Process. FREE THE MUSIC HOTEL ZIGGY skamania lodge E margaritaville hotel san diego gaslamp quarter 1 hotel san francisco hotel ziggy#10INVESTOR PRESENTATION NOVEMBER 2023 Redevelopment Projects Recently Completed or in Process. viceroy santa monica hotel jekyll island club resort - rendering estancia la jolla hotel & spa chaminade resort & spa#11INVESTOR PRESENTATION NOVEMBER 2023 Redevelopment Projects Recently Completed or in Process Hilton hilton san diego gaslamp quarter margaritaville hotel san diego gaslamp quarter hotel zena washington dc viceroy washington dc#12INVESTOR PRESENTATION NOVEMBER 2023 Upcoming/Potential Redevelopment Projects Commencing Winter 2023 to be completed Q2 2024 Conversion of Paradise Point to Margaritaville Island Resort: Timing Pending Government Approvals pebblebrook TRUST newport harbor island resort paradise point san diego (conversion to margaritaville island resort) 12#13INVESTOR PRESENTATION NOVEMBER 2023 Benefits of Operating Efficiency Enhancements Being Realized as Demand Returns The Company collaborated with its hotel operating partners and technology providers to create more efficient, streamlined property-level operating models. The initiatives encompass merging back-of-house operations and executive leadership teams, leveraging technology, optimizing managerial roles and meticulously scrutinizing expenses. In November 2020, Pebblebrook joined several independent hotel management companies to launch Curator Hotel & Resort Collection. Curator reduces operating costs for independent lifestyle hotels, including Pebblebrook's hotels, through increased buying power, market knowledge and new technologies. These operating initiatives are expected to reduce expenses by 100-200 bps, generating up to $28M of annual savings. These savings are expected to be achieved as occupancy levels return to pre-pandemic levels. This is a testament to Pebblebrook's commitment to efficiency and its ability to adapt to changing market conditions. 12 Leading Hotel Operating Partners Noble House Hotels & Resorts Davidson Hotels & Resorts Marriott International HEI Hotels & Resorts Kimpton Hotels & Restaurants Sage Hospitality Group Benchmark Pyramid Luxury & Lifestyle sbe/Ennismore Viceroy Hotels & Resorts Highgate SH Hotels & Resorts Springboard Hospitality pebblebrook viceroy washington dc TRUST Note: $12M-$28M of annual savings includes a $3M reduction for resort-related margin optimization upside; 100-200 bps savings on the Company's entire portfolio would result in $15M-$30M of 13 annual savings.#14Continuing hotel demand recovery is poised to significantly boost EBITDA, with limited new supply risk w los angeles - west beverly hills#15INVESTOR PRESENTATION NOVEMBER 2023 Repositioned Resorts Far Exceeding Pre-Pandemic Levels By mid-2024, the Company's resorts will have been upgraded and substantially repositioned higher, with improved overall quality, expanded and enriched amenities, reconceptualized and expanded F&B outlets, added and upgraded event venues and remerchandised underutilized areas. These changes create a more upscale guest experience, increasing occupancy and average daily rates. As a result, Pebblebrook's Resort EBITDA is expected to grow significantly in the next two to three years, well exceeding pre-pandemic levels. Resort Upside Occupancy Variance 3Q 23 2019 Resorts (1) TTM FY 65% 74% (9%) (12%) ADR $383 $272 $112 41% RevPAR $247 $200 $47 24% Total Revenue PAR(2) $457 $389 $69 18% Hotel EBITDA $139 $113 $25 22% Hotel EBITDA Margin 29% 28% 89 bps 3% Average Rate Index(3) 103.0 96.2 6.8 RevPAR Index(3) 100.5 94.4 6.1 TripAdvisor Ranking 33 45 12 On a stabilized basis, the Company expects its resorts to generate $40M - $50M (4) in Hotel EBITDA above 2019 due to their repositionings and enhanced guest amenities and experiences. Recently Repositioned and Re-imagined Resorts Estancia La Jolla Hotel & Spa Jekyll Island Club Resort Skamania Lodge L'Auberge Del Mar Southernmost Beach Resort Newport Harbor Island Resort(5) Chaminade Resort & Spa San Diego Mission Bay Resort The Marker Key West Harbor Resort pebblebrook TRUST Note: Dollars in millions, except for ADR, Rev PAR and Total Revenue POR. (1) LaPlaya Beach Resort & Club is excluded from Q1-Q4 for both 2023 and 2019 given the property's closure due to Hurricane lan. (2) Reflects Total Revenue per available room. (3) Based on STR performance, excludes Inn on Fifth from 2023 and 2019. (4) Resort achievement over 2019 reflects LaPlaya Beach Club & Resort's actual achievement for Q1-Q3 2022 and pre-hurricane Q4 2022 forecast. (5) Renovation starting Q4 2023 to be completed Q2 2024. chaminade resort & spa 15#16INVESTOR PRESENTATION NOVEMBER 2023 Business Travel Recovery: Urban Markets Lead the Way Business travel is continuing to recover, with urban markets leading the way, and group leading the business travel recovery. Our urban hotel performance is still substantially below 2019 levels, but this presents a significant growth opportunity as demand continues to climb back to pre-pandemic levels, and these markets benefit from extremely restricted new supply for many years. Pebblebrook's Top Urban Markets by EBITDA Contribution Occ YTD (1) '19 '22 '23 23 vs. '22 23 vs. '19 ADR YTD(1) '19 122 23(1) '23 vs. '22 '23 vs. '19 DC 80% 48% 65% 35% (19%) Boston $290 $303 $323 6% 11% SF 90% 47% 61% 31% (31%) San Diego $226 $252 $260 3% 15% LA 84% 65% 74% 15% (11%) DC $234 $268 $276 3% 18% Chicago 71% 56% 62% 11% (13%) Chicago $198 $205 $206 0% 4% San Diego 88% 75% 73% (2%) (17%) SF $286 $282 $269 (5%) (6%) Boston 89% 81% 78% (3%) (12%) LA $281 $323 $305 (5%) 9% Average 84% 62% 69% 12% (18%) Average $253 $272 $273 0% 8% '23 23 vs. 22 '23 vs. '19 20000 0000000000002 000000000000 RevPAR YTD (1) '19 $22 DC $189 $129 $180 39% (5%) SF $257 $132 $165 25% (36%) Chicago $141 $114 $127 11% (10%) LA $236 $208 $227 9% (4%) Boston $257 $245 $253 5% (2%) San Diego (2) $199 $188 $189 1% (5%) Average $213 $169 $190 12% (11%) pebblebrook TRUST (1) Represents September YTD. (2) Renovation disruption YTD of 327 bps from Hilton Gaslamp and Solamar. ☐ harbor court hotel san francisco 16#17INVESTOR PRESENTATION NOVEMBER 2023 Encouraging Fundamentals for Urban Markets Limited construction financing is expected to constrain new supply growth in urban markets for many years. This will create a very favorable operating environment for hotels as business travel recovers from the pandemic, and transient and group/convention, domestic leisure, and international inbound travel return to the cities. PEB Urban Market Supply Growth US Urban Supply Growth 2010-2019, 2023-2025(3) 2.9% 2.9% Pre-Pandemic 3Y Supply 2.8% 2.7% Market Avg(1) Forecast(2) Boston 3.4% 0.3% San Francisco 0.4% 0.2% 1.8% Hollywood/Beverly Hills 1.8% 0.3% 1.7% 1.5% 2010-2019 Avg: 1.8% San Diego CBD 1.8% 0.2% Chicago 3.7% 0.8% 1.1% Washington DC 3.0% 1.9% 0.8% Portland Santa Monica Wtd. Average 4.9% 1.1% 0.4% 2.0% (0.9%) 1.0% 0.7% 0.3% 1.5% 0.7% pebblebrook TRUST 4444 hilton san diego gaslamp quarter & san diego convention center (1) Average from 2015-2019. (2) 3 Year supply forecast is the average of management's supply forecast for 2023-2025. (3) Based on U.S. Urban STR performance. (4) Convention roomnights OTB in thousands. '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '23(F) '24(F) '25(F) Convention Roomnights On-The-Books (4) Market Pre-Pandemic Average(1) 2022 2023 2024 Boston 450 340 500 460 SF 837 320 620 400 San Diego 765 650 800 910 Chicago 1,132 1,150 1,050 1,200 DC 522 475 400 500 Total 3,706 2,935 3,370 3,470 Demand Change % (21%) 15% 3% 17#18INVESTOR PRESENTATION NOVEMBER 2023 Significant EBITDA Upside to be Achieved Within the next three years, the Company expects to achieve significant EBITDA upside from prior, current and upcoming ROI capital investments, optimized hotel operations and redeveloped and repositioned resorts. EBITDA Upside of ~$95M ($0.78/Share) $450M 2019A (1) Note: Dollars in millions. $20M $0.17/Share 100-200 bps Portfolio Optimization (2) $29M $0.24/Share 10% ROI on ROI Projects $46M $0.38/Share $545M Normalized Resort EBITDA Over 2019 (3) 2019 EBITDA With Upside pebblebrook TRUST (1) Based on 2019 operating results; includes all hotels owned by the Company as of September 30, 2023. (2) $20M of annual savings includes a $3M reduction for resort-related margin optimization upside; 100-200 bps savings on the Company's entire portfolio would result in approximately $23M of annual savings. (3) Normalized Resort EBITDA over 2019 reflects resort upside over 2019, excluding any ROI project upside and reflects LaPlaya Beach Resort & Club's achievement for Q1-Q3 2022 and pre- hurricane Q4 2022 forecast. 18#19San Francisco Market Update ebrook 1 hotel san francisco#20INVESTOR PRESENTATION NOVEMBER 2023 San Francisco: Challenges but Recovery Underway The improvement of hotel demand has been slower to recover than in other major cities due to work-from-home policies, particularly with technology companies, international travel restrictions, crime and issues with street cleanliness and quality of life. San Francisco is making significant progress in addressing these challenges though, and demand is expected to rebound further. • • Recent Key Initiatives to Improve Living Conditions $14.6 Billion City Budget invests in public safety, businesses, and addressing homelessness: • ⚫ $25M for over 400 additional police officers and other support Incentives to keep and encourage businesses to relocate to vacant retail/office space - positive momentum demonstrated by Aug 2023 opening of 52,000 SF IKEA store located on Market Street • Increased funding to expand homeless shelters and drug treatment beds • Increased funding for successful Street Ambassador Program Newly appointed DA committed to prosecuting street crimes Mayor London Breed announced safter San Francisco ballot measure to support public safety San Francisco announced a new initiative to spur conversions of underutilized office buildings XE Source: SF.gov TRUST pebblebrook 20 20#21INVESTOR PRESENTATION NOVEMBER 2023 SF Remains a Central Hub for Many of Tomorrow's Industries • • • Positive Economic Trends and Local Efforts San Francisco Bay Area is the global leader in Technology, Life Sciences and Al with the world's largest concentration of technology, life sciences and artificial intelligence (AI) companies. SF has the largest number of venture capital (VC) firms and startups globally. Salesforce announced an agreement with San Francisco to keep Dreamforce in the city for 2024, with CEO Marc Benioff praising San Francisco as the 'Al capital of the world' (1) Bay Area Al companies on the Forbes Al top 50 raised $19B, or 70% of the $27B raised by Al companies worldwide. (2) 20 of the top 50 global Al companies, as noted by Forbes, are in the Bay Area. (2) JLL identified 80 locations in San Francisco where Al companies currently lease office space. (3) • New Head of San Francisco Tourism hired to improve public perception and help drive demand to the city. (4) Extensive global marketing campaign to promote travel to San Francisco is underway. AI More than half of the top 10 Al firms in the world are in SF. These companies have raised over $10 billion in VC capital, and they are leasing more space in downtown San Francisco. Life Sciences SF is the 2nd largest life sciences hub in the world, after Boston. Home to more than 2,000 life sciences companies and start- ups, it is attracting more investment. (5) Big Tech More than half of the world's top 10 big tech companies are based in the Bay Area. These companies are responsible for creating millions of jobs and driving economic growth in the region. VC SF accounts for more than 40% of all venture capital investment in the US and is one of the top destinations for foreign direct investment in the US. The Bay Area is expected to remain a central hub for many of tomorrow's leading job and wealth industries. It is a place where new ideas are born, and where businesses can grow and thrive. pebblebrook HOTEL TRUST (1) Source: "Salesforce CEO says Dream force is staying in San Francisco after reaching deal with mayor" Novet, Jordan, November 7, 2023. (2) Source: Forbes Al Top 50 (3) Source: "San Francisco Em ergers as a Hotspot for Al Companies" Petkovic, Anica, July 11, 2023. (4) Source: "San Francisco Hires Tourism Boss to Battle 'Ongoing Narrative' About Surging Crime, Ram pant Drug Use" Reilly, Patrick, September 9, 2023. (5) Source: "Top 20 US Metros for Life Science Companies in 2022" Commercial Café, July 6, 2022. 21#22INVESTOR PRESENTATION NOVEMBER 2023 San Francisco Recovery by Sub-Market Hotel demand is gradually recovering to pre-pandemic levels, led by the Embarcadero/Financial District and Fisherman's Wharf sub-markets, where the majority of Pebblebrook's hotels are located. The Union Square/Market Street sub-market has been slower to recover than other sub-markets in the city, but it benefits from its proximity to Moscone Center for convention demand. SF Hotel Submarkets September 2023 YTD Performance Fisherman's Wharf (Nob/Hill Wharf per STR) - Occupancy ADR RevPAR Embarcadero/Financial District - vs. 2019: 70% $236 (Market St per STR) - vs. 2019: Union Square/Market Street (management's estimate) - vs. 2019: (19%) $164 (11%) 75% (28%) FISHERMAN'S WHARF Beach Street $257 (18%) $194 North Point Stree (5%) Bay Street 62% (22%) Franchco Street $255 Overall San Francisco Average Office Attendance (25%) $159 Chestnut StreeS Chestnut Street (7%) (30%) Street Hyde Street Cable Union Street 41% 43% 43% 44% 44% Green Street 34% Vallejo Street 30% 18% 19% 20% 11% 14% Dec '20 Mar '21 Jun '21 Sep '21 Dec '21 Mar '22 Jun '22 Sep '22 Source: Kastle Systems SF office attendance grew 300% since December 2020. Sustained growth is expected, with an increasing number of companies, including major California-based players like Google and Zoom, recently asking their employees to return to the office. pebblebrook HOTEL TRUST CIVIC CENTER FRANCISCO Dec '22 Mar '23 Jun '23 Sep '23 Pacific Avenue Pacific Avenue Jackson Street Jackson Street NOB HILL Clay Street Sacramento Street California Street- Pine Street Pine Street Bush Street Sutter Post Street Hubert Street RUSSIAN HILL MACONDRAY LANE HISTORIC DISTRICT Broadway Bernard Street Lombard Street Greenwich Street Fabert Street NORTH BEACH Green Street 2 Union Street NORTHEAST WATERFRONT HISTORIC DISTRICT Hotel Keys 1 2 3 45 Argonaut Hotel Zoe 252 221 Hotel Zephyr 361 1 Hotel SF 200 Harbor Court 131 6 Hotel Zeppelin 196 7 Hotel Zetta 116 8 ∞ Hotel Zelos 202 District 3 CHINATOWN Wells Fargo HQ Bush Street FINANCIAL DISTRICT 5 EMBARCADERO UNION SQUARE/ MARKET STREET 8 TRANSBAY Salesforce Tower Google San Francisco Peale Street Elis Street TENDERLOIN Piers RINCON HIRE Moscone Center Omapline Russ Stre SOMA Pilipinas Mission Bay West Shuttle Shipley Street Clars Street SOUTH OF MARKET estick freeway fatnes Street South Park SOUTH BEACH Har Port of San Francisco So Be Oracle Park 22 22#23INVESTOR PRESENTATION NOVEMBER 2023 Positive Trends Indicating Companies & Workers Returning to SF "...these Al deals are a big boost to the SF market... (they) will create positive momentum, which could cause other tech and non-tech tenants to reassess their space needs in the market." Robert Sammons, San Francisco Chronicle, Oct 13, 2023 "Employment in San Francisco expanded by 28,300 new jobs YOY for a growth rate of 2.4%. Office jobs, despite numerous announced layoffs this year, remain above the pre-pandemic peak by 7.0% at 527,450 positions for the San Francisco metro division." Cushman & Wakefield, Q3 2023 U.S. Office MarketBeat, Oct 11, 2023 "Growth so far has been supported by aggressive re-hiring of the keen software workforce faced by Big Tech layoffs and [we] expect this trend to continue with the upcoming return-to-office (RTO) mandate by Meta in September." BMO Capital Markets, Aug 6, 2023 "As the Al industry continues to thrive and expand in San Francisco, the future of the city's real estate market will be shaped by the ongoing evolution of these innovative startups and their increasing impact on office space demands." pebblebrook TRUST Innovation Properties Group, Jul 11, 2023 23 23#24Trading at a +50% Discount to NAV george hotel#25INVESTOR PRESENTATION NOVEMBER 2023 Currently Trading at a Significant Discount to NAV The Company's NAV and value of the individual properties are constantly being evaluated as comparable property and market transactions and capital markets change. The Company's public market valuation of ~$12.00/share is currently roughly 50% lower than its recently updated private market valuation, which is based on individual valuations for each property. TTM 3Q23 Cap Hotel NOI 2019 Cap Rate Hotel NOI Estimated Value Rate(1) 2019 High Low TTM 3Q23(1) High Low Mid/Key High Mid Low Resorts Boston $107.2 4.3% 3.8% 144.2 5.8% 5.1% 852 $2,821 $2,633 $2,469 73.4 7.1% 6.6% 66.6 6.4% 6.0% 546 1,113 1,073 1,034 San Diego 37.4 6.0% 5.5% 28.3 4.5% 4.2% 498 682 654 625 Los Angeles 48.3 6.0% 5.5% 33.9 4.2% 3.8% 470 883 841 805 Washington DC 19.4 6.8% 6.3% 8.6 3.0% 2.8% 431 310 298 287 San Francisco 64.1 11.1% 10.6% 17.2 3.0% 2.8% 354 607 594 577 Portland 14.2 9.7% 9.2% 4.3 3.0% 2.8% 295 154 149 146 Chicago 14.9 8.2% 7.7% 12.5 6.9% 6.5% 169 193 187 181 Club/Retail Space (2) 11.6 9.7% 9.3% 11.6 9.7% 9.3% N/A 125 122 119 Total Portfolio $390.6 6.3% 5.7% $336.4 5.4% 4.9% $540 $6,888 $6,551 $6,243 Private Valuation Public Valuation Low High Mid Mid Comparison to Public Low High Mid Enterprise Value $6,243 $6,888 $6,551 Enterprise Value $4,432 Net Debt (3) (1,436) (1,436) (1,436) Net Debt (3) (1,436) Convertible Notes (4) (750) (750) (750) Convertible Notes (4) (750) Preferred Equity (793) (793) (793) Preferred Equity (793) NAV $3,264 Shares Outstanding NAV Per Share 121.1 $27.00 $3,909 $3,572 121.1 121.1 $32.00 $29.50 Equity Market Cap $1,453 Shares Outstanding 121.1 Share Price $12.00 (56%) ($15.00) (63%) ($20.00) (59%) ($17.50) pebblebrook HOTEL TRUST Note: Dollars in millions, except estimated value per key, which is in thousands; differences due to rounding; includes all hotels owned by the Company as of September 30, 2023. (1) Reflects Trailing Twelve Months as of September 30, 2023,with the exception of LaPlaya Beach Resort & Club, which reflects 2022 actual achievement for Q1-Q3 and its pre-hurricane forecast for Q4 2022. (2) Includes the private LaPlaya Beach & Golf Club and -206,000 square feet of retail space at Hotel Chicago Downtown and Hotel Zephyr Fisherman's Wharf. (3) Net Debt is net of cash, cash equivalents and liquid securities assumed as of September 30, 2023. (4) Assumes convertible notes are settled with cash. 25#26Unique (and Overlooked) Characteristics Embedded in Independent Lifestyle Portfolio 200 MAA 面 19 hotel zeppelin san francisco#27CURATOR HOTEL & RESORT COLLECTION D curator hotel & resort collection member-asbury ocean club hotel skamania lodge treehouse unofficial z collection member - hotel zetta san francisco the club at laplaya beach resort#28INVESTOR PRESENTATION NOVEMBER 2023 Significant Value Embedded Within Hotels and Resorts The Company's unique collection of largely independent properties has many embedded valuation benefits that are often overlooked and underappreciated. The Company has continued to take advantage of the disconnect between public and private valuations through strategic dispositions and stock repurchases. Overlooked and Underappreciated Valuation Benefits Unencumbered hotels deliver premium valuations Significant prime retail space Meaningful parking revenue adds to non-room revenue Sizeable club membership revenue contributes to profitability Considerable billboard/media income across our portfolio Future opportunities with underutilized land Unofficial Z Collection monetization Curator Hotel & Resort Collection monetization CURATOR HOTEL & RESORT COLLECTION Close to 90% of our portfolio represents hotels either unencumbered by management, brand or a combination of both; historically, unencumbered properties have transacted at 10-20% higher multiples, given the flexibility provided to potential buyers ~300,000 square feet of prime retail space, currently generating approximately $13.3M in annualized rental income but still with significant vacancies to be leased ~$18.3M of EBITDA generated by parking in the twelve months trailing September 2023 (equating to ~$1,510/key) ~$2.5M to $3.5M per year of net club membership non-refundable initiation fees (amortized over 12 years due to GAAP but collected in cash upfront) ~$2.7M of EBITDA per year generated by billboards at Hotel Ziggy, Mondrian Los Angeles and W Boston, with potential to double in the next few years 300+ acres of underutilized/developable land at Skamania Lodge, Chaminade Resort & Spa, L'Auberge Del Mar, Inn on Fifth and Newport Harbor Island Resort Potential future monetization of the Unofficial Z Collection, which consists of 8 urban lifestyle hotels with 1,569 guestrooms Potential future monetization of Curator Hotel & Resort Collection, which currently consists of 101 member hotels and resorts and is growing Value Creation Initiatives Strategic Dispositions Stock Repurchase Program pebblebrook TRUST Since 2021, the Company has divested more than $700 million in assets in slower-to- recover urban markets to repurpose capital through a combination of strategic acquisitions, stock repurchases and (net) debt pay downs Continuing to take advantage of the disconnect between public and private market valuations, the Company has continued to repurchase more than 11 million shares since Q4 2022, improving our NAV per share by approximately $2.00 28#29Balance Sheet and Liquidity hotel zena washington dc#30• • • • INVESTOR PRESENTATION NOVEMBER 2023 Balance Sheet and Liquidity As of September 30, 2023, the Company had estimated total liquidity of $829.0 million, which included cash on hand of $191.6 million with $637.4 million available on the Company's credit facility. The Company has no meaningful loan maturities until November 2024; approximately 92% of the Company's outstanding debt is unsecured. On September 7, the Company refinanced the mortgage on Margaritaville Hollywood Beach Resort, extending the debt maturity and preserving liquidity. The $140.0 million loan has a three-year initial term with two one-year extension options. The Company's balance sheet, with staggered maturities, high percentage of fixed rates and low weighted average cost of debt reduces risk, provides flexibility to pursue investments, acquisitions, redevelopments and renovations, and allows access to a lower cost of capital. Debt and Convertible Notes Maturity Schedule(1) Weighted Debt Amount $750.0 Fixed Convertible Notes $1,113.0 750.0 Interest Rate 3.5% % of Total Debt 46.8% 1.8% 31.5% Floating 515.0 7.6% 21.7% Total/Wtd. Avg $2,378.0 4.4% 100.0% $460.0 $462.4 $460.0 % Of Debt Type Amount Total Debt Unsecured Bank Debt $1,380.0 58.0% Convertible Notes 750.0 31.5% $198.0 Secured Property Debt Unsecured Notes 220.0 8.3% 50.0 2.1% Preferred Equity Redeemable Amount Yield $47.6 Starting Series E $110.0 6.375% Redeemable 2023 2024 2025 2026 2027 2028(2) Series F 150.0 6.300% Redeemable Series G 230.0 6.375% May 2026 ■Bank Term Loans ■Mortgage Debt Series H 225.0 5.700% Jul 2026 Unsecured Notes ■Convertible Notes (3) Series Z 77.6 6.000% May 2027 Total / Wtd. Avg $792.6 6.132% (1) Debt balances shown in millions; current as of September 30, 2023. pebblebrook TRUST (2) Maturity date of September 2028 assumes the Company chooses to exercise its two one year options to extend the maturity of the loan on Margaritaville Hollywood Beach Resort. (3) The Convertible Notes have an initial conversion rate in December 2026 of 39.2549 per $1,000 principal amount of the Notes (equivalent to a conversion price of approximately $25.47 per 30 common share of the Company and a conversion premium of approximately 35.0% based on the closing price of $18.87 per common hare on the date of issuance).#31INVESTOR PRESENTATION NOVEMBER 2023 Balance Sheet and Liquidity, Continued A snapshot of the Company's credit statistics demonstrates a strong balance sheet and a reasonable leverage level given its size and profile. Year-End Floating Rate Debt Fixed Rate Debt % Fixed of Total at Year-End Debt to Asset Value Comparison 2023 $413 $1,965 83% $6.5B $539K/Key 2024 713 1,665 70% 2025 915 1,463 62% $5.2B $427K/Key $4.8B $392K/Key 2026 2,155 223 9% 2027 2,320 58 2% $3.2B $261K/Key 2028 2,378 Convertible Notes $0.8B Preferred Equity $0.8B Debt $1.6B (3) Estimated Gross Asset Value (2) Net Book Value³) Public Enterprise Debt, Pfd Equity Value (4) and Converts 2022 Q3 2023 5.7x 6.9x Net Debt/EBITDA Ratio Net Debt/EBITDA Ratio (Assuming Convertible Notes 3.9x 4.8x Settled With Equity) Fixed Charge Ratio 2.3x 1.7x Net Debt/Net Book Value 43% 46% Net Debt to Gross Asset Value % 34% 36% Secured Property Debt % of Total Debt 9% 8% Liquidity $690M $829M(4) pebblebrook (1) Mid-point estimate of $750-$800K per key estimate (2) Based on $29.50 per share and assumptions detailed on slide 25. (3) Represents GAAP defined investment in hotel properties, net of accumulated depreciation and amortized right of-use assets. TRUST (4) Based on $12.00 per share and assumptions detailed on slide 25. (5) Reflects liquidity as of September 30, 2023. viceroy washington dc 31#32ESG Highlights A san diego mission bay resort#33INVESTOR PRESENTATION NOVEMBER 2023 Reductions in Water, Energy and Waste Intensity At the conclusion of our fourth year of formalized corporate ESG programming, we committed to long-term environmental targets for Pebblebrook, including a 35% reduction target for GHG emissions intensity by 2030. We remain committed to environmental protection, awareness, and reducing greenhouse gas emissions. We issued our annual ESG report in early November 2022. Water Highlights (1) 89% of properties have low flow or water- conserving showerheads 85% of properties have low flow toilets 85% of properties have installed low flow aerators to conserve water 81% of properties have implemented at least one measure to improve water efficiency over the past four years 71% of properties use native or drought tolerant landscaping to reduce irrigation needs 53% of properties have a smart irrigation system and/or are equipped with automatic sprinkler systems with moisture sensors to prevent watering during or after rain Energy Highlights(¹) 98% of properties have digital thermostats 85% of properties have undertaken at least one energy conservation measure in the past four years 74% of properties have installed occupancy sensors for reducing heating/cooling when guestrooms are unoccupied 72% of properties have installed LED interior light bulbs property-wide Newly Stated Emissions Goal Waste Highlights (1) 91% of properties have implemented at least one measure to improve waste management over the past four years 87% of properties have recycling available in at least one common area 76% of properties have eliminated plastic straws from the property 51% of properties compost food waste In Pebblebrook's recently published ESG report, we announced that we are targeting to reduce our GHG emissions intensity by 35% by 2030. 10% of our annual cash bonus is tied to a number of ESG initiatives we've committed to in 2022. pebblebrook HOTEL TRUST (1) All metrics represent year-end 2021 figures. 33 33#34Appendix 10 QFF 7 80 hotel zephyr fisherman's wharf#35INVESTOR PRESENTATION NOVEMBER 2023 2023 Capital Investment Highlights Our outlook for capital investments is on a project-by-project basis depending on various factors such as scope, hotel demand, market recovery pace and supply chain lead times. Hotel Skamania Lodge Hilton San Diego Gaslamp Quarter Jekyll Island Club Resort Amount $12.8 $25.0 $21.0 Viceroy Santa Monica Hotel $9.0 Margaritaville Hotel San Diego Gaslamp Quarter $27.0 Estancia La Jolla Hotel & Spa $25.0 Southernmost Beach Resort Scope Phase one of a multi-phase master plan for 100 acres, which, when complete, will add further variety to accommodations, amenity and meeting space offerings (new tree houses, glamping units, villa/cabins, a pavilion, etc.) Comprehensive redevelopment and renovation, including expanded outdoor bar/dining/event space highlighting California's casual modern elegance Comprehensive transformation bringing southern luxury to a historic and iconic resort Comprehensive guestroom renovation, including all case goods, soft goods and bathrooms, completing the two-phase redevelopment restoring this luxury iconic lifestyle hotel Comprehensive redevelopment and repositioning, which on August 15 relaunched as Margaritaville Hotel San Diego Gaslamp Quarter, a lifestyle hotel featuring the Margaritaville offerings and state of mind Comprehensive guestroom, lobby, spa, pool, ballroom and outdoor venue renovation and repositioning. Guestrooms and venues were completed in June. Significant redevelopment and upgrading of the 4 guest house buildings including 50 guestrooms and $12.5 suites, elevating the guestrooms, public spaces and exteriors to a more contemporary, coastal, luxurious design Forecasted Total Portfolio 2023 Capital Investments = $145.0 to $155.0 pebblebrook HOTEL TRUST Note: Dollars in millions. Timing Q1 2022 Q2 2024 Q3 2022 Q2 2023 Q3 2022 Q2 2023 Q4 2022 Q1 2023 Q4 2022 Q3 2023 Q4 2022 Q2 2024 Q3 2023 Q4 2023 35 55#36Skamania Lodge - renderings#37LARK Cartuces 171111 Margaritaville Hotel San Diego Gaslamp Quarter - renderings LAKE MENU 33738477 HANZHAT LANDSHARK FINS UP! ATTITUDE#3810.00 THE MARKET Hilton San Diego Gaslamp Quarter - renderings#39Jekyll Island Club Resort - renderings#40SP Sugar Pala Viceroy Santa Monica Hotel#41INVESTOR PRESENTATION NOVEMBER 2023 Historical Hotel EBITDA 2022 Portfolio / Hotel 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 per Key Unique Lifestyle Resorts LaPlaya Naples (1) $5.7 $7.6 $8.7 $10.7 $12.4 $15.7 $16.2 $11.8 $16.5 $17.7 $14.0 $27.4 $24.8 $131.2 Inn on Fifth N/A N/A N/A N/A N/A N/A N/A N/A N/A 5.1 4.2 9.7 11.9 100.0 Southernmost KW 9.0 10.4 10.8 14.1 17.6 19.9 21.1 17.9 19.3 21.4 13.1 24.4 24.2 82.6 Marker Key West N/A N/A N/A N/A N/A 4.8 5.8 4.6 5.6 6.0 3.1 7.9 7.9 82.3 L'Auberge Del Mar 4.6 5.4 5.6 7.7 8.1 9.9 9.3 9.4 9.5 7.3 2.7 8.5 9.0 74.4 Margaritaville N/A N/A N/A N/A N/A N/A N/A N/A N/A 17.8 0.4 22.1 24.5 66.4 Newport Island Resort N/A N/A N/A N/A N/A N/A N/A N/A N/A 7.4 4.2 13.9 13.1 51.0 Estancia La Jolla N/A N/A N/A N/A N/A N/A N/A N/A N/A 8.1 (0.3) 4.6 10.6 50.5 Skamania Lodge 4.4 4.8 5.2 6.0 6.8 7.7 8.1 9.0 9.5 10.3 1.2 7.7 12.3 47.3 Chaminade 3.3 3.6 3.7 4.3 4.7 5.0 4.8 5.2 5.4 4.4 (1.1) 3.3 7.3 46.8 Paradise Point 8.3 11.8 13.7 14.8 16.1 16.7 14.7 16.8 17.5 15.3 4.6 14.1 20.5 44.4 Jekyll Island N/A N/A N/A N/A N/A N/A N/A N/A N/A 5.0 2.7 8.7 7.4 37.0 Mission Bay Resort 4.4 4.7 5.2 5.5 7.0 7.9 8.3 8.8 8.1 5.5 (4.2) 6.9 9.5 26.6 Resorts Total $39.7 $48.3 $52.9 $63.1 $72.7 $87.6 $88.3 $83.5 $91.4 $131.3 $44.6 $159.2 $183.0 $59.2 pebblebrook TRUST Note: Dollars in millions, except Hotel EBITDA per Key, which is in thousands. These historical Hotel EBITDA results includeavailable information for all of the hotels the Company owned or had an ownership interest in as of September 30, 2023. These historical operating results include periods prior to the Company'sownership of the hotels. The information above does not reflect the Company's corporate general and administrative expense, interest expense, property acquisition costs, depreciation and amortiation, taxes and other expenses. (1) LaPlaya Beach Resort & Club's 2022 Hotel EBITDA reflects the actuals achieved in 2022, which were impacted by Hurricane lan in late September. The resort's Hotel EBITDA for 2022 would have been approximately $35.4 million, incorporating the actual achievement for Q1-Q3 and the pre-hurricane Q4 forecast. 41#42INVESTOR PRESENTATION NOVEMBER 2023 Historical Hotel EBITDA, Continued 2022 Portfolio / Hotel 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 per Key Boston Urban Liberty $6.1 $9.6 $13.3 $15.8 $17.2 $18.2 $18.5 $19.0 $21.4 $21.2 $0.3 $10.5 $21.1 $70.8 Revere (1) 3.3 6.1 5.7 9.2 11.7 13.3 12.2 12.6 12.4 11.8 (6.1) 2.8 15.7 44.1 Westin Copley 21.3 23.5 24.4 25.8 28.7 32.7 33.3 31.5 28.5 32.9 (4.4) 3.0 30.7 38.2 W Boston 3.8 4.4 5.8 6.2 8.1 9.6 9.3 9.2 7.9 8.1 (2.6) 2.4 7.2 30.3 Hyatt Regency 6.2 6.7 7.3 7.7 9.3 11.1 10.8 10.8 10.7 10.1 (2.2) 1.6 5.6 20.7 Boston Total $40.7 $50.3 $56.5 $64.7 $75.0 $84.9 $84.1 $83.1 $80.9 $84.1 ($15.0) $20.3 $80.3 $40.9 San Diego Urban Westin Gaslamp $8.4 $8.2 $9.7 $11.2 $12.7 $14.6 $16.9 $16.0 $14.4 $14.2 ($1.3) $2.2 $12.7 $28.2 Embassy Suites 7.6 8.2 8.8 8.9 9.5 11.3 11.3 11.1 11.7 10.4 (0.2) 4.5 9.1 26.7 Solamar 5.2 6.3 6.5 6.3 6.5 7.4 7.7 7.3 7.3 7.0 (0.4) 2.1 6.2 26.4 Hilton Gaslamp 7.6 8.5 8.8 8.9 9.5 10.5 10.9 11.1 11.6 10.5 (0.4) 0.6 7.1 24.8 San Diego Total $28.8 $31.2 $33.8 $35.3 $38.2 $43.8 $46.8 $45.5 $45.0 $42.1 ($2.3) $9.4 $35.1 $26.8 pebblebrook TRUST Note: Dollars in millions, except Hotel EBITDA per Key, which is in thousands. These historical Hotel EBITDA results includeavailable information for all of the hotels the Company owned or had an ownership interest in as of September 30, 2023. These historical operating results include periods prior to the Company'sownership of the hotels. The information above does not reflect the Company's corporate general and administrative expense, interest expense, property acquisition costs, depreciation and amortiation, taxes and other expenses. (1) The parking garage at Revere Hotel Boston Common was sold on June 23, 2017. The historical results for Revere Hotel Boston Common have been adjusted to reflect the estimated impact of excluding the parking-related income. 42#43INVESTOR PRESENTATION NOVEMBER 2023 Historical Hotel EBITDA, Continued Portfolio / Hotel 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2022 per Key Los Angeles Urban Le Parc $4.2 $4.5 $4.7 $5.3 $5.6 $6.1 $7.0 $6.1 $6.1 $5.8 ($0.1) $2.8 $5.5 $35.7 Viceroy 3.0 5.8 6.9 7.6 8.2 8.4 7.8 7.0 6.6 6.2 (2.9) 1.8 5.4 32.0 Chamberlain 1.0 3.4 3.8 4.1 4.8 4.8 5.2 4.4 3.1 3.7 (0.2) 1.2 3.5 30.4 Montrose 3.9 4.3 4.2 5.5 5.9 5.9 6.5 5.9 3.9 4.7 0.3 1.0 3.6 27.1 W Los Angeles 5.6 6.9 8.0 8.7 8.9 9.5 12.3 11.5 10.2 8.4 (2.0) 0.7 6.8 22.9 Delfina 5.3 6.8 6.9 8.0 9.9 11.7 13.8 13.4 12.7 11.2 (0.8) 2.2 7.0 22.6 Mondrian 7.9 8.9 7.4 8.2 11.0 12.2 12.6 11.8 8.6 7.6 (2.0) 2.1 5.0 21.2 Palomar 2.3 2.9 3.9 3.8 4.5 4.2 6.2 4.0 7.4 5.7 (4.2) (1.2) 3.6 13.6 Ziggy 1.9 2.2 2.2 2.0 1.5 0.9 2.8 2.8 2.8 2.8 0.0 1.1 1.1 10.2 Los Angeles Total $35.1 $45.7 $48.0 $53.2 $60.3 $63.7 $74.2 $66.9 $61.4 $56.1 ($11.9) $11.7 $41.5 $23.2 Portland Urban Nines $6.2 $8.0 $8.9 $10.8 $12.8 $15.2 $15.6 $15.8 Zags 2.7 3.3 3.9 4.5 5.6 6.5 6.7 Portland Total $8.9 $11.3 $12.8 $15.3 $18.4 $21.7 $22.3 5.4 $21.2 $15.6 $13.0 3.8 $19.4 $16.3 ($0.6) $3.8 $8.0 $24.2 3.3 (1.0) (0.6) 0.4 2.3 ($1.6) $3.2 $8.4 $16.6 Wash DC Urban George $4.2 $4.6 $4.1 $4.1 $4.3 $5.2 $5.7 $6.3 $5.7 $5.3 ($0.5) $0.0 $3.7 $26.6 Monaco DC 5.5 6.9 7.6 7.9 7.9 8.1 8.1 9.9 8.6 7.9 (1.4) (0.5) 4.7 25.5 Viceroy DC 3.3 3.6 3.4 3.2 3.2 3.0 3.6 5.8 5.5 4.9 (2.3) (1.3) 1.1 6.2 Zena 4.0 4.6 3.8 4.3 5.2 5.8 6.1 6.4 5.1 3.8 (2.3) (2.7) 0.6 3.1 Wash DC Total $17.0 $19.7 $18.9 $19.5 $20.6 $22.1 $23.5 $28.4 $24.9 $21.9 ($6.5) ($4.5) $10.1 $14.6 pebblebrook TRUST Note: Dollars in millions, except Hotel EBITDA per Key, which is in thousands. These historical Hotel EBITDA results includeavailable information for all of the hotels the Company owned or had an ownership interest in as of September 30, 2023. These historical operating results include periods prior to the Company's ownership of the hotels. The information above does not reflect the Company's corporate general and administrative expense, interest expense, property acquisition costs, depreciation and amortiation, taxes and other expenses. 43#44INVESTOR PRESENTATION NOVEMBER 2023 Historical Hotel EBITDA, Continued 2022 Portfolio / Hotel 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Per Key Chicago Urban Hotel Chicago $5.5 $5.3 $7.3 $8.4 $8.5 $10.4 Westin Mich Ave(1) 14.7 15.8 16.7 16.0 18.0 19.4 17.9 Chicago Total $20.2 $21.1 $24.0 $24.4 $26.5 $29.8 $30.3 13.1 $25.4 $23.1 $12.4 $12.3 $12.6 $12.2 10.5 8.1 $20.3 ($1.4) $0.6 $7.4 $20.9 (11.1) (5.2) 4.4 5.9 ($12.5) ($4.6) $11.8 $10.7 San Fran Urban Argonaut $5.2 $6.5 $8.5 $10.2 $11.8 $13.0 $13.0 $11.7 $12.9 $14.6 ($1.5) $1.5 $7.1 $28.2 Harbor Court 2.7 4.0 3.7 4.9 5.8 6.1 5.6 3.9 4.3 5.6 (0.3) (1.0) 2.0 15.3 Zephyr 7.3 8.7 11.2 12.1 12.1 12.6 16.2 13.1 13.7 16.8 (1.1) 0.5 4.9 13.6 Zetta N/A N/A N/A 2.8 5.4 6.2 5.6 5.5 6.0 6.0 (0.3) (1.4) 1.4 12.1 Zoe N/A N/A 5.2 6.6 7.9 8.2 7.8 3.6 7.7 8.9 (1.5) (1.7) 1.3 5.9 Zelos 1.3 3.0 3.8 4.6 6.2 7.3 5.9 7.2 6.9 8.4 (2.5) (4.6) (0.1) (0.5) Zeppelin N/A 2.3 2.7 3.4 4.0 4.0 3.3 6.3 7.5 7.7 (1.2) (1.6) (1.2) (6.1) 1 Hotel 4.0 6.0 7.4 7.3 8.6 11.0 10.3 9.8 8.0 7.5 (4.0) (4.9) (2.9) (14.5) San Fran Total $20.5 $30.5 $42.5 $51.9 $61.8 $68.4 $67.7 $61.1 $67.0 $75.5 ($12.4) ($13.2) $12.5 $7.4 Urban Total $171.2 $209.8 $236.5 $264.3 $300.8 $334.4 $348.9 $331.6 $321.7 $316.3 ($62.2) $22.3 $199.7 $22.1 Total Portfolio $210.9 $258.1 $289.4 $327.4 $373.5 $422.0 $437.2 $415.1 $413.1 $447.6 ($17.6) $181.5 $382.7 $31.5 pebblebrook TRUST Note: Dollars in millions, except Hotel EBITDA per Key, which is in thousands. These historical Hotel EBITDA results includeavailable information for all of the hotels the Company owned or had an ownership interest in as of September 30, 2023. These historical operating results include periods prior to the Company'sownership of the hotels. The information above does not reflect the Company's corporate general and administrative expense, interest expense, property acquisition costs, depreciation and amortiation, taxes and other expenses. (1) The retail parcel at The Westin Michigan Avenue Chicago was sold on March 20, 2023. The historical results for The Westin Michigan Avenue Chicago have been adjusted to reflect the estimated impact of excluding the parking-related income from the years of 2018-2022. 44#45pebblebrook HOTEL TRUST WHARF jekyll island club resort