Investor Presentation November 2023

INVESTOR 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

View entire presentation