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pebblebrook TRUST Exhibit 99.1 HOTEL OPERATING TRENDS CASH BURN BALANCE SHEET & LIQUIDITY 2021 OUTLOOK PEBBLEBROOK HOTEL TRUST REPORTS FIRST QUARTER 2021 RESULTS Hotel demand and booking trends accelerated throughout Q1 , driving March Same - Property Hotel EBITDA ( ¹ ) to a positive $ 1.3 million , the first time the portfolio has achieved positive Hotel EBITDA since the pandemic began • Occupancy at the Company's open hotels and resorts increased from 19.3 percent in January to 34.8 percent by March , and RevPAR grew from $ 43 in January to $ 65 in February and to $ 85 in March , roughly doubling from January • Three of the Company's hotels reopened in the first quarter and another 8 reopened in April , for a total of 48 of the Company's 52 properties For January and February 2021 , the Company's total corporate cash burn averaged approximately $ 21.0 million due to typical winter seasonality and the rise in COVID - 19 cases and government restrictions ■ For March 2021 , the Company's total corporate cash burn declined to approximately $ 12.0 million , due to rapidly improving hotel demand trends Assuming continuing progress against the virus and accompanying demand improvement , Pebblebrook believes eliminating its monthly total corporate cash burn could occur in the third quarter As of March 31 , 2021 , cash on hand of $ 124.6 million and liquidity of $ 767.8 million , which includes $ 643.2 million available on the Company's $ 650.0 million credit facility Combined with the $ 157.6 million of net proceeds from the sale of the Sir Francis Drake Hotel in April , Pebblebrook has liquidity of over $ 900.0 million " Net debt to depreciated book value at the end of Q1 2021 : 42 % Given the uncertainties related to the COVID - 19 pandemic , its impact on travel , and variable and unpredictable government restrictions , the Company is unable to provide an outlook for 2021 at this time For Q2 2021 , the Company expects Same - Property Room Revenues ( 1 ) and Total Revenues ( 1 ) to be down between ( 66 % ) and ( 70 % ) compared to Q2 2019 , much improved from Q1 2021 ( 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 .