Pebblebrook Hotel Trust Provides 2015 Outlook

Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today provided its Outlook for 2015 (the “Outlook”). The Outlook, which assumes no additional acquisitions, incorporates the impact of the Company’s various capital investment projects and assumes continued improvement in economic activity, positive business travel trends and other significant assumptions, is as follows:

“We believe 2015 will be another terrific year for the overall hotel industry and Pebblebrook as the U.S. economic recovery continues to strengthen and broaden,” noted Jon Bortz, Chairman, President and Chief Executive Officer of Pebblebrook Hotel Trust. “We expect that healthy demand growth from all segments including business, leisure transient, group and international will drive higher industry occupancy levels as supply growth remains well below demand growth. As a result, historically high and rising occupancies, particularly in most urban markets, should allow for a further increase in pricing power, leading to higher average daily rates. We are forecasting U.S. industry RevPAR will increase between 6.0% and 7.0% over 2014. Our portfolio, comprised of high quality hotels primarily located in major gateway cities with an emphasis on the west coast, should continue to outperform the industry by benefitting from their more favorable market dynamics, recent renovations and unique experiential products. We’re forecasting our Same-Property RevPAR to increase 6.5% to 7.5%, which takes into account the negative impact of expected renovation disruption at all of our hotels undergoing renovations throughout the year.”

The Company’s Outlook incorporates all of the expected disruption associated with the various renovations and repositionings at our properties including the Company’s 355-room Radisson Hotel Fisherman’s Wharf, with completion and relaunch as Hotel Zephyr expected in the second quarter of 2015; the Embassy Suites San Diego Bay – Downtown, with completion forecasted in the first quarter of 2015; the 125-room Hotel Vintage Plaza Portland, which is now closed and is scheduled to reopen as Hotel Vintage Portland upon completion of its renovation before the beginning of the second quarter of 2015; the 258-room W Los Angeles – Westwood, which is adding 39 new guestrooms and undergoing a full property renovation, all of which expected to be completed in the second quarter of 2015; the 242-room Dumont NYC, which will add 10 new guestrooms, and is expected to be completed in the third quarter of 2015; The Westin Colonnade Coral Gables, with its renovation and repositioning planned to commence in the third quarter of 2015 and be completed in the fourth quarter of 2015; and the Union Station Hotel, Autograph Collection, Prescott Hotel, Hotel Monaco Washington, D.C., and The Nines, a Luxury Collection Hotel, Portland, all of which are expected to commence rooms renovations in the fourth quarter, with completion planned in the first quarter of 2016.

If any of the foregoing estimates and assumptions prove to be inaccurate, actual results, including the Outlook, may vary, and could vary significantly, from the amounts shown above.

The Company will report financial results for the fourth quarter and full year 2014 on Tuesday, February 17, 2015, after the market closes. The Company will conduct its quarterly conference call on Wednesday, February 18, 2015, at 9:00 AM ET. To participate in the conference call, dial (888) 417-8465 approximately ten minutes before the call begins (8:50 AM ET), tell the operator that you are calling for Pebblebrook Hotel Trust’s Fourth Quarter and Full Year 2014 Earnings Conference Call, and state your full name and company affiliation, and you will then be connected to the call.

About Pebblebrook Hotel Trust

Pebblebrook Hotel Trust is a publicly traded real estate investment trust (“REIT”) organized to opportunistically acquire and invest primarily in upper upscale, full-service hotels located in urban markets in major gateway cities. The Company owns 35 hotels, including 29 wholly owned hotels with a total of 6,948 guest rooms and a 49% joint venture interest in six hotels with a total of 1,775 guest rooms. The Company owns, or has an ownership interest in, hotels located in 11 states and the District of Columbia, including: San Francisco, California; Los Angeles, California (Hollywood, Santa Monica, West Hollywood and Westwood); New York, New York; Boston, Massachusetts; San Diego, California; Portland, Oregon; Buckhead, Georgia; Seattle, Washington; Washington, DC; Philadelphia, Pennsylvania; Miami, Florida; Columbia River Gorge, Washington; Nashville, Tennessee; Bethesda, Maryland and Minneapolis, Minnesota. For more information, please visit us at www.pebblebrookhotels.com and follow us on Twitter at @PebblebrookPEB.

This press release contains certain “forward-looking statements” relating to, among other things, projected financial and operating results. Forward-looking statements are generally identifiable by 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” 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: projections and forecasts of net income, FFO, Adjusted FFO, EBITDA, Adjusted EBITDA, RevPAR, and the growth in such measures, the Company’s expenses, share count and other financial items; descriptions of the Company’s expectations, plans or objectives for future operations, acquisitions, capital investments or services; forecasts of the Company’s future economic performance and its share of future markets; forecasts of hotel industry performance; and descriptions of assumptions and estimates 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 Securities and Exchange Commission, including, without limitation, the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. 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 SEC filings, 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 release is as of January 22, 2015. The Company undertakes no duty to update the statements in this release to conform the statements to actual results or changes in the Company’s expectations or assumptions.

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