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July 2026 Investor Presentation inn on fifth
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2 ~$5.50/Share NAV Gap | ~29% Upside to a Rising NAV Assumes $19.00 share price vs. $24.50 estimated NAV, with recent asset sales and embedded EBITDA growth supporting a rising NAV. ~$123.5M | ~$1.08/Share Retained Free Cash Flow(1) To be generated in 2026 after capital investments and common dividends, providing capacity to self-fund debt reduction and accretive preferred/common share repurchases. ~$90M Hotel EBITDA | $0.70/Share Adj. FFO Upside Driven by urban recovery and normalization, LaPlaya’s ramp-up, remaining redevelopment ROI, and savings from an expiring major legacy management agreement. Favorable Lodging Cycle Setup Supports Multi-Year Recovery Supported by improving hotel demand, minimal new supply growth, recovering group and business travel, increasing pricing power, and a strong major event calendar through 2028. 4 1 2 Reasons to Invest in Pebblebrook INVESTOR PRESENTATION JULY 2026 3 Images (top to bottom): Hyatt Centric Delfina Santa Monica, Estancia La Jolla Hotel & Spa, Viceroy Washington DC, and Hotel Zeppelin San Francisco. (1) As of July 29, 2026, the Company’s 2026 Outlook for Free Cash Flow (AFFO less actual capital investments and actual common dividends) is $119.5M to $127.5M. Growing Cash Flow Per Share Through Urban Recovery, Redevelopment ROI, and Accretive Capital Allocation
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3 INVESTOR PRESENTATION JULY 2026 Portfolio Repositioned: More Resort, More East Coast, Less Urban Concentration 45% Leisure Transient 5% Leisure Group 25% Business Group 25% Business Transient Balanced 50/50 business/leisure demand mix Since 2019, Pebblebrook has repositioned its portfolio toward higher-quality leisure and group demand, increased resort and East Coast concentration, and reduced urban exposure — creating a more durable long-term earnings profile with enhanced upside potential as pandemic- and event-impacted urban markets recover. For 2025, 99% of Hotel EBITDA came from the Company’s luxury and upper-upscale properties (42 of 43 hotels). Fort Lauderdale/ Hollywood Key West Portland Columbia River Gorge San Francisco Santa Cruz Los Angeles San Diego Chicago Washington, DC Jekyll Island Boston Newport Santa Monica Naples = Resort Location = Urban Location 2025 Hotel EBITDA Contribution San Diego 23% Boston 22% Naples 10% Key West 8% San Francisco 7% Top 5 Markets 70% East Coast 57% West Coast 41% Resort 48% Urban 52% Note: Any differences are due to rounding. 2025 information includes all hotels the Company owned as of June 30, 2026. 2019 information includes all hotels owned as of December 31, 2019. (1) Based on full-year 2025 same-property information as reported in company filings. (2) Peer set average includes nine comparable lodging REITs. Total RevPAR(1) $340 +$21 / +6.6% higher than peer average of $319.(2) Resorts were 48% of Hotel EBITDA in 2025 vs. 17% in 2019. East Coast was 57% in 2025 vs. 38% in 2019. 43 Hotels 35 Unencumbered Properties 13 Urban and Resort Markets
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4 Hotel Demand Recovery is Building • June YTD industry demand +1.8% and RevPAR +4.8%; recent demand trends suggest hotel performance is reconnecting to broader economic growth. • Business transient and leisure demand remain strong, with group demand continuing to build. Supply Remains Structurally Constrained • PEB market supply growth forecast is at only ~0.9% for 2026–2028, well below the historical average. • Very low new supply is expected over at least the next 4–5 years, supporting recovering occupancies and growing pricing power across PEB’s urban and resort markets. Favorable Lodging Cycle Supports Multi-Year EBITDA Recovery INVESTOR PRESENTATION JULY 2026 Upper-Tier Hotels Outperform • Luxury ADR increased 5.6% year-to-date through June, directly relevant to PEB’s luxury and upper-upscale portfolio, which caters to premium customers. • The “K-shaped” economy and substantial wealth creation continue to support growing higher-end travel demand. Event Calendar Extends the Recovery Runway • Beyond 2026, Pebblebrook’s markets benefit from another favorable holiday calendar in 2027, stronger convention calendars in its urban markets, and a robust lineup of major events expected to drive incremental demand across the portfolio. Historical Precedent: Supply Discipline Extends Recovery Cycles From 2010–2016, U.S. hotel demand outpaced supply for seven consecutive years, driving average annual RevPAR growth of 6.0%, while Pebblebrook generated average annual RevPAR growth of 6.6% and average annual EBITDA growth of 13.0%. (1) (1) For further details on historical recovery cycles, please refer to pages 14–15. 2027-2028 Major Events in PEB Markets: Super Bowl LXI Los Angeles Feb ’27 NFL Draft Washington, DC Apr ’27 MLB All-Star Game Chicago Jul ’27 PGA Championship San Francisco May ’28 Olympics & Paralympics LA & San Diego Jul–Aug ’28 Pebblebrook’s recovery is not dependent on a single event or one-time comparative benefit. The setup for 2027–2028 continues to support EBITDA growth through demand normalization, historically low supply growth, recovering business and premium leisure travel demand, and market-specific catalysts across the portfolio.
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5 2025A Hotel EBITDA ROI from Redevelopments LaPlaya Ramp-Up Recovery in Urban Markets Management Agreement Stabilized Hotel EBITDA Opportunity Hotel EBITDA Growth Opportunity of ~$90M Underway INVESTOR PRESENTATION JULY 2026 From 2026 through 2028, the Company expects to deliver approximately $90M of incremental Hotel EBITDA, driven by the remaining ROI upside from recent major redevelopments, LaPlaya’s post-hurricane ramp to stabilization, the ongoing recovery in urban markets following impacts from the pandemic, fires, and other events, and a renegotiated major legacy management agreement. Hotel EBITDA Upside of ~$90M ~$0.70/Share AFFO Upside(1) (2) $10M $348M $6M $70M $438M Note: Any differences are due to rounding. (1) While LaPlaya’s ramp-up is expected to benefit Hotel EBITDA, it would not add incremental AFFO/share upside, as lost EBITDA was offset by BI proceeds in 2025 (which are included in AFFO but excluded from Hotel EBITDA). (2) Includes all hotels owned by the Company as of June 30, 2026. (3) Reflects the remaining $10.5 million of Hotel EBITDA upside from LaPlaya, based on an estimated stabilized Hotel EBITDA of $35.0 million, with $24.5 million achieved in 2025. (4) The major legacy management agreement at The Westin Copley Place Boston expires at the end of 2028; replacing the current above-market legacy contract is expected to substantially reduce base fees and effectively eliminate incentive fees. (3) 2026–20282026–20272026–2027 $4M (4) 2028 Early proof point: June YTD Urban EBITDA improved ~$11M vs. prior year Early proof point: June YTD LaPlaya EBITDA improved ~$3M vs. prior year Early proof point: June YTD additional ROI of ~$1M realized Established proof point: ~$40M ROI upside already realized from 2018-24 redevelopments
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6 Urban Recovery Creates Significant EBITDA Upside Amid Limited New Supply INVESTOR PRESENTATION JULY 2026 For the twelve months trailing June 2026, Pebblebrook’s urban occupancy remained 9 percentage points below 2019 levels, and Hotel EBITDA was still $96 million lower, highlighting meaningful upside as demand continues to recover and normalize while new supply remains very limited. San Francisco offers significant recovery runway, Los Angeles benefits from strong event-driven demand through 2028, and Washington, DC should benefit from improving demand following 2025 government-related headwinds. San Diego and Boston are softer in 2026 due to weaker convention calendars that improve in 2027. Pebblebrook’s Top Urban Markets by EBITDA Contribution Nominal Variance Occupancy FY 2019 FY 2025 TTM Q2 ’26 ’26 v ’25 ’26 v ’19 Boston 88% 80% 79% (0 pts) (9 pts) San Diego 85% 80% 82% 2 pts (3 pts) San Francisco 87% 72% 76% 4 pts (12 pts) Los Angeles 83% 71% 76% 4 pts (7 pts) Washington, DC 77% 65% 62% (3 pts) (15 pts) Total Urban(1) 85% 74% 75% 2 pts (9 pts) % Variance Hotel EBITDA(2) FY 2019 FY 2025 TTM Q2 ’26 ’26 v ’25 ’26 v ’19 Boston $84.2 $76.1 $73.2 (4%) (13%) San Diego $42.0 $37.4 $38.7 3% (8%) San Francisco $66.5 $25.2 $38.5 53% (42%) Los Angeles(3) $47.7 $16.1 $21.8 35% (54%) Washington, DC $22.0 $12.4 $8.5 (31%) (61%) Total Urban(1) $288.1 $181.0 $191.6 6% (33%) (1) Includes information for all urban hotels the Company owned as of June 30, 2026. Any differences are due to rounding. (2) Hotel EBITDA shown in millions. (3) Los Angeles was impacted by the brand conversion disruption at Hyatt Centric Delfina Santa Monica and the LA wildfires in Q1–Q2 2025. w bostonviceroy santa monica hotel viceroy washington dc
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7 Urban Recovery Scenario: ~$70M of Hotel EBITDA Upside at Still-Below-2019 Occupancy INVESTOR PRESENTATION JULY 2026 Pebblebrook’s urban recovery remains in progress. The recovery scenario assumes occupancy improves to approximately 80% — still below 2019’s 85% — generating ~$70M of incremental Hotel EBITDA as demand normalizes, operating leverage drives growth, and new supply remains limited. Year to date, ~15% ($11M) of this upside opportunity has been realized. Note: Dollars in millions, except for ADR and RevPAR. Figures include all urban hotels owned by the Company as of June 30, 2026. Any differences are due to rounding. (1) Other urban markets include Portland, OR and Chicago, IL. TOTAL URBAN Recovery Var. vs. 2025 Var. vs. 2019 2019 2025 Scenario (#) (%) (#) (%) Occupancy 85% 74% 80% 6 pts 9% (5 pts) (5%) ADR $265 $278 $304 $26 9% $38 14% RevPAR $224 $205 $243 $38 19% $19 8% Total Revenue $882 $832 $986 $154 18% $104 12% Total Expenses $594 $651 $735 $84 13% $142 24% Hotel EBITDA $288 $181 $251 $70 38% ($38) (13%) Hotel EBITDA Margin 33% 22% 25% 4 pts 17% (7 pts) (22%) Urban Recovery Scenario Key Assumptions: • Demand Recovery: Occupancy improves to ~80%, supported by continued recovery in business transient, group, leisure, and international inbound demand, particularly in San Francisco, Los Angeles, and Washington, DC. • Market-Specific Upside: Assumptions reflect local recovery drivers, including San Francisco’s AI- and technology-led corporate recovery and robust leisure traveler return, LA’s favorable events calendar, improving government-related demand in DC, and compression from citywides and global events. • Limited Supply + Operating Leverage: Muted new supply supports occupancy and pricing power, while higher urban occupancy should generate meaningful flow-through as fixed costs are absorbed across a larger revenue base. • Timing: Recovery is expected to build over the next three years, with pace varying by market based on event calendars, convention demand, inbound travel recovery, and local market conditions. Occ % (Actual) Recovery Scenario Occ % Range Implied EBITDA Recovery (vs. 2025) YTD Hotel EBITDA Improvement (Actual) PEB Urban Market 2019 2025 1H ’26 1H ’25 Var. Los Angeles 83% 71% 75–80% $22 $14 $8 $6 San Francisco 87% 72% 80–85% 18 25 12 13 Boston 88% 80% 80–85% 14 30 33 (3) San Diego 85% 80% 80–85% 8 23 21 1 Wash, DC 77% 65% 70–75% 5 6 9 (4) Other(1) 3 2 5 (3) TOTAL URBAN 85% 74% ~80% $70 $99 $89 $11
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8 2027–2028: Demand Calendar Extends Beyond 2026 Demand normalization and limited supply underpin the $70M urban EBITDA upside bridge, with city-specific catalysts providing additional upside through 2028. Although several 2026 events will not recur, 2027 has its own catalysts, and stronger underlying compression should help offset the comparison. INVESTOR PRESENTATION JULY 2026 2027 • Super Bowl LXI in LA (Feb) • NFL Draft in Washington, DC (Apr) • NCAA Men’s Basketball Regional Finals in LA (Mar) • MLB All-Star Game in Chicago (Jul) • Strong convention calendars in San Diego, Boston, San Francisco, and Washington, DC • Pre-Olympics demand in LA • Favorable holiday calendar — holidays again falling on or adjacent to weekends support both leisure and corporate travel demand 2028 • Olympics and Paralympics — six weeks of events in LA, with 11 soccer matches in San Diego (Jul–Aug) • PGA Championship at The Olympic Club — week-long event to benefit SF (May) • NCAA Men’s Basketball Regional Finals in San Francisco and Women’s Basketball Regional Finals in DC and Portland (Mar) • NCAA Men’s Ice Hockey Frozen Four at the United Center in Chicago (Apr) (1) Room Nights On-the-Books are shown in thousands. This is not pace. (2) Average from 2015-2019. Convention/Citywide Room Nights On-the-Books(1) Market Pre-Pandemic Average(2) 2025 2026 2027 San Francisco 840 645 650 610 San Diego 770 800 710 775 Washington, DC 520 455 505 515 Boston 440 475 470 470 Total 2,570 2,375 2,335 2,370 San Diego’s 2027 book is already back to its pre- pandemic average. San Francisco’s recovery is driven by corporate transient and AI-economy demand, with growing 2027 citywide and group demand representing upside rather than a dependency.
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9 Capital Allocation Actions to Narrow the NAV Discount INVESTOR PRESENTATION JULY 2026 Action Amount Asset Sales(1) ~$160M 15.4x EBITDA Multiple | 4.6% Cap Rate Debt Reduction(1) ~$160M Lowers leverage; improves flexibility Preferred Equity Retired(1) ~$50M Retired at a 23% discount, creating ~$11.8M of immediate value and eliminating ~$3M of annual distributions Common Repurchases (1) ~$70M 5.9M shares at $11.80/share Debt/EBITDA(2) 5.3x Reduced from 5.9x at YE ’25 Asset Sales Since 2021 >$1.0B Demonstrated transaction execution Since August 2025, Pebblebrook has taken significant capital allocation actions to strengthen its balance sheet and narrow the gap between public and private market value, including asset sales, debt reduction, preferred equity retirement, and common share repurchases. chamberlain west hollywood hotel (sold) the westin michigan avenue chicago (sold) (1) Reflects capital allocation activity from August 1, 2025, through June 30, 2026. (2) Reflects net debt to trailing 12-month corporate EBITDA as of June 30, 2026. Pebblebrook’s preferred and common share repurchases over the past year have driven approximately $0.76/share of additional NAV value. Capital allocation remains returns-based and opportunistic and will shift among debt reduction, preferred equity retirement, common repurchases, and high-return reinvestment as relative returns change.
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10 2026 2027 2028 2029 2030 2031 Bank Group Term Loans Mortgage Loan Convertible Notes Senior Notes Debt Composition Amount Wtd. Avg. Interest Rate(2) % of Total Debt Unsecured Bank Group Term Loans $902 5.1% 42.9% Unsecured Convertible Notes $750 1.7% 35.6% Unsecured Senior Notes $400 6.4% 19.0% Secured Mortgage Loan $52 5.1% 2.5% Total / Wtd. Avg $2,104 4.1% 100.0% Balance Sheet: Low Cost, No Significant Maturities Until 2028 INVESTOR PRESENTATION JULY 2026 • Estimated 2026 retained free cash flow of $123.5M ($1.08/share)(1) supports debt reduction, opportunistic repurchases, and investments. • 2026 convertible notes to be addressed with existing cash, retained free cash flow from the second half of 2026, and $90M delayed-draw term loan capacity. No other significant debt maturities until 2028. • As of June 30, 2026, consolidated debt and convertible notes carry a 4.1% weighted-average interest rate and 2.7-year weighted-average maturity, with approximately 98% effectively fixed and 98% unsecured.(2) Note: Dollars in millions. Any differences are due to rounding. (1) As of July 29, 2026, the Company’s 2026 Outlook for Free Cash Flow (AFFO less actual capital investments and actual common dividends) is $119.5M to $127.5M. (2) Takes into account effect of swap agreements. (3) The 2026 Convertible Notes have an initial conversion rate of 39.2549 per $1,000 principal amount of the Notes (equivalent to a conversion price of approximately $25.47 per common share of Pebblebrook and a conversion premium of approximately 35.0% based on the closing price of $18.87 per common share on December 10, 2020). (4) The 2030 Convertible Notes have an initial conversion rate of 62.9129 per $1,000 principal amount of the Notes (equivalent to a conversion price of approximately $15.89 per common share of Pebblebrook and a conversion premium of approximately 37.5% based on the closing price of $11.56 per common share on September 16, 2025). (5) As reported in Q1 2026 company filings. (6) Based on full-year 2025 information as reported in company filings. (7) Peer set average includes nine comparable lodging REITs. $350(3) $409 $585 $400(4) $360 Debt Maturities as of June 30, 2026 $0 Pebblebrook has the lowest weighted-average cost of debt among lodging REIT peers.(5)(7) A 130-bps cost advantage on approximately $2.1B of debt equates to roughly $27M+ of annual interest expense savings—representing over $125M in cumulative savings versus peers since the pandemic. Lower cost of debt and no meaningful near-term maturities support more free cash flow for accretive share repurchases and debt reductions. Comparison of Debt vs. Peer Group Company Stated Weighted Average Cost(5) Interest Cost / Adj. EBITDA(6) Pebblebrook 4.1% 30.2% Peer Set Avg.(7) 5.4% 33.4% PEB vs. Peer Avg. (130 bps) (320 bps) $90M delayed- draw term loan capacity ~$270M cash on hand + 2H 2026 free cash flow (1) (2)
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11 Retained Free Cash Flow Drives Compounding Value Creation After capital investments and common dividends, Pebblebrook retains significant free cash flow to reduce debt, retire preferred equity, repurchase common shares, and fund high-return reinvestment—without relying on asset sales, additional leverage, equity issuance, or a narrowing of the NAV discount. INVESTOR PRESENTATION JULY 2026 (1) Free Cash Flow of $119.5M to $127.5M is based on the Company’s 2026 Outlook (AFFO less actual capital investments and actual common dividends) as of July 29, 2026. (2) Distribution requirements are expected to increase once the NOL carryforwards are exhausted. (3) Reflects capital allocation activity from August 1, 2025, through June 30, 2026. (4) For further details on the Company’s ROI project returns, please refer to the Appendix on page 19. (5) Illustrative, not guidance; assumes retained free cash flow consistent with the 2026 Outlook. margaritaville hollywood beach resort 2026 Retained Free Cash Flow: $119.5M–$127.5M (~$1.08/Share)(1) A substantial annual source of internally generated capital; future levels will vary with earnings, capital investment, and required distributions.(2) Prior Common Repurchases Executed at a ~50% Discount to NAV ~$70M of shares repurchased at ~50% below NAV, plus ~$50M of preferred retired at a ~23% discount—adding ~$0.76/share of NAV alongside ~$160M of debt reduction. (3) High-Return Reinvestment 2018–2024 redevelopment program has generated an estimated stabilized cash ROI of 16%–18%.(4) Significant Additional Runway As the ~$90M EBITDA opportunity is realized, cumulative deployable capital could grow to ~$3.25/share over three years (5), before any increase in required distributions(2). PER -SHARE VALUE CREATION $1.08 /sh retained free cash flow in 2026(1) ~$3.25 /sh deployable capital, over three years(5)(2) ~$0.76 /sh of NAV already added(3) (illustrative cumulative capacity – not guidance)
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12 Public Share Price Implies Discount to Private-Market NAV Public-Market Valuation Mid Enterprise Value $4.7 Net Debt, Converts, & Pfd Equity(1)(2) (2.6) Equity Market Cap $2.2B Recent Share Price $19.00 Note: Dollars in billions, except per key values (in thousands) and per-share data. Share-based metrics assume 113.8M estimated shares outstanding. Includes hotels owned as of June 30, 2026. Any differences are due to rounding. (1) Net Debt is net of cash, cash equivalents, and liquid securities as of June 30, 2026. (2) Assumes convertible notes are settled with cash. (3) NAV Per Share is calculated before transaction costs (approximately 3% on average, ranging from 1.0% to 7.25% depending on market and asset characteristics) and excludes the value of net operating losses (NOLs) that may be available to a potential buyer in a strategic transaction. (4) Includes the private club at LaPlaya Beach Resort & Club (“LaPlaya”). (5) Includes the Zephyr Walk retail space at Hotel Zephyr Fisherman’s Wharf. (6) Includes properties in Chicago, IL and Portland, OR. (7) Per-Key Value discount compares the public implied enterprise value per key to the estimated private-market enterprise value per key (gross asset value). The NAV Per Share discount compares the recent common share price to estimated equity NAV per share, net of debt, convertible notes, and preferred equity. The difference between the two discounts reflects leverage and preferred equity in the capital structure. Pebblebrook regularly evaluates its property values and NAV using transaction data, financing conditions, market fundamentals, forward-looking cash flows, and buyer sentiment. At a recent share price of ~$19.00, PEB trades at an estimated 22% discount to its private-market NAV midpoint of $24.50 per share (up from $23.50 in Q1 2026), implying approximately 29% upside. INVESTOR PRESENTATION JULY 2026 Estimated Private-Market Values Low High Mid Mid/Key Resorts(4) $2.5 $2.7 $2.6 $841 Boston 0.9 1.0 1.0 493 San Diego 0.5 0.5 0.5 380 Washington, DC 0.2 0.2 0.2 276 Los Angeles 0.4 0.5 0.4 273 San Francisco(5) 0.5 0.5 0.5 337 Other Markets(6) 0.1 0.1 0.1 158 Total Private Value $5.1B $5.6B $5.3B $486K Total Implied Public Value $431K Public Discount to Private Per-Key Value ($) ($55K) Public Discount to Private Per-Key Value (%)(7) (11%) Private-Market Valuation Low High Mid Enterprise Value $5.1 $5.6 $5.3 Net Debt(1) (1.1) (1.1) (1.1) Convertible Notes(2) (0.75) (0.75) (0.75) Preferred Equity (0.72) (0.72) (0.72) NAV $2.5B $3.0B $2.8B NAV Per Share(3) $22.50 $26.50 $24.50 Implied Upside to Estimated Private-Market NAV Low High Mid NAV Per Share ($) $3.50 $7.50 $5.50 NAV Per Share (%) 18% 39% 29%
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13 Why PEB Assets Command Premium Private-Market Valuations Pebblebrook’s portfolio combines recently redeveloped and repositioned upper-upscale and luxury lifestyle assets, broad operating flexibility, and favorable ownership structures — all of which expand the buyer universe and support premium valuations. INVESTOR PRESENTATION JULY 2026 Note: Percentages are based on hotels owned by the Company as of June 30, 2026. For further details on portfolio unencumbrance and ownership/lease structure, please refer to the Appendix on page 17. (1) “Unencumbered” means the hotel is not subject to non-terminable management, brand, soft-brand, or franchise agreements that would restrict a sale. Soft-brand affiliations (e.g., Autograph, Luxury Collection) can similarly constrain a sale and may affect value comparable to traditional hard-brand encumbrances. chaminade resort & spa laplaya beach resort & clubskamania lodge High-Quality, Well-Maintained Portfolio • Nearly all hotels have undergone major renovations or redevelopments, increasing asset quality, improving competitive positioning, and reducing near- to intermediate-term capital requirements. Largely Unencumbered Portfolio – 81% of Hotels(1) • Assets unencumbered by both brand and management provide greater buyer flexibility through fewer brand/operator restrictions, complete branding and management optionality, significant key money opportunities, and the ability to reset operating concepts and capital plans. Favorable Ownership Structure – 90% Fee Simple or Preferred Ground Lease • Pebblebrook’s property ownership structure supports value and liquidity, with 60% of assets owned fee simple and 30% held through government or non-profit ground leases, which generally carry lower renewal and consent risk than private-entity ground leases.
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14 Prior Cycles Show Stronger RevPAR Growth When Demand Outpaced Supply INVESTOR PRESENTATION JULY 2026 U.S. Hotel Industry(2) PEB/LHO(3) Year GDP Growth(1) Demand Growth Supply Growth Demand vs. Supply RevPAR Growth RevPAR Growth EBITDA Growth 2002 1.7% 0.5% 1.6% (115 bps) (2.4%) (4.8%) (7.3%) 2003 2.8% 1.3% 1.0% 27 bps 0.4% (0.6%) (9.0%) 2004 3.8% 7.2% 4.2% 306 bps 7.0% 9.1% 10.4% 2005 3.5% 3.5% 0.3% 314 bps 10.3% 11.2% 17.5% 2006 2.8% 0.8% 0.3% 45 bps 8.2% 10.1% 14.6% 2007 2.0% 0.7% 1.2% (57 bps) 5.9% 5.4% 8.3% 2010 2.7% 7.2% 1.6% 552 bps 5.2% 2011 1.6% 4.6% 0.4% 421 bps 8.4% 10.3% 24.0% 2012 2.3% 2.8% 0.4% 241 bps 6.5% 8.1% 17.4% 2013 2.1% 1.7% 0.5% 117 bps 4.9% 6.4% 8.9% 2014 2.5% 3.9% 0.6% 331 bps 7.9% 9.2% 16.4% 2015 2.9% 2.4% 0.8% 152 bps 6.0% 3.3% 8.3% 2016 1.8% 1.4% 1.3% 16 bps 3.2% 2.4% 3.0% ’02 – ’07 Avg 2.8% 2.3% 1.5% 87 bps 4.9% 5.1% 5.7% ’10 – ’16 Avg 2.3% 3.4% 0.8% 262 bps 6.0% 6.6% 13.0% (1) GDP Growth Data Source: U.S. Bureau of Economic Analysis, "Table 1.1.1. Percent Change From Preceding Period in Real Gross Domestic Product" (2) U.S. Hotel Industry Data Source: CoStar Analytics (3) RevPAR and Hotel EBITDA Growth reflect same-property results from LaSalle Hotel Properties for 2002–2007 and Pebblebrook Hotel Trust for 2010–2016, as reported in each company’s filings at the time. Pebblebrook completed its IPO in December 2009 and its first acquisition in spring 2010, so annual comparisons are not available for earlier periods. Prior cycles (2002–2007 and 2010–2016) demonstrate the correlation between GDP growth and U.S. hotel demand, and that periods of demand outpacing supply have historically supported stronger RevPAR growth. From 2010–2016, U.S. industry demand outpaced supply in each of the seven consecutive years following the Great Financial Crisis, driving average annual RevPAR growth of 6.0%. During the same period, Pebblebrook outperformed the industry, generating average annual RevPAR growth of 6.6% and average annual Hotel EBITDA growth of 13.0%. While the historical relationship between GDP growth and hotel demand was disrupted during and following the pandemic, recent trends suggest a normalization that, paired with limited supply growth, supports stronger RevPAR and Hotel EBITDA growth over the next several years. In cycles with similar average annual GDP growth, a wider gap between demand and supply growth drove stronger RevPAR growth and, in turn, higher Hotel EBITDA growth.
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15 PEB Trades Well Below Prior Recovery-Cycle Valuations INVESTOR PRESENTATION JULY 2026 EBITDA Multiple(1) Year PEB/LHO(2) Hotel REITs(3) 2002 8.7x 13.1x 2003 7.4x 12.0x 2004 17.0x 11.5x 2005 19.5x 10.6x 2006 13.6x 14.1x 2007 10.6x 13.1x 2011 22.5x 12.7x 2012 19.5x 12.5x 2013 20.3x 13.8x 2014 23.7x 15.0x 2015 14.3x 10.5x 2016 12.3x 12.1x ’02 – ’07 Avg 12.8x 12.4x ’11 – ’16 Avg 18.8x 12.8x 2026 11.8x 12.1x (1) Calculated as Enterprise Value / Company-Reported Adjusted EBITDAre; 2026 reflects most recently published capital structure and forward 12-month estimates. (2) Reflects LaSalle Hotel Properties for 2002–2007 and Pebblebrook Hotel Trust for 2011–2016 and 2026. Pebblebrook completed its IPO in December 2009 and its first acquisition in spring 2010, so annual comparisons are not available for earlier periods. (3) Source: Robert W. Baird & Co. Research. Reflects average of full-service lodging REITs. (4) PEB’s 2011–2016 valuation partly reflected its external-growth phase. Hotel REIT valuations have historically re-rated higher in the early years of a new cycle, as investors begin to price in accelerating RevPAR and Hotel EBITDA growth. During the 2011–2016 recovery, PEB traded at an average EBITDA multiple of 18.8x — 6.0x above the full- service lodging REIT average of 12.8x — and peaked at 23.7x. Today, PEB trades at just 11.8x — approximately 7.0x below its prior recovery-cycle average and below the lodging REIT average — highlighting meaningful re-rating potential as a new cycle takes hold. le parc at melrose hotel zena washington dc (4)
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16 Appendix paradise point resort & spa A. Portfolio & Supply 17 – 18 B. Redevelopment Projects & Case Studies 19 – 21 C. Convert Mechanics & Balance Sheet 22 – 23 D. Historical Operating Data 24 – 26
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17 Management, Brand/Franchise, & Ground Lease Flexibility Note: Any differences are due to rounding. (1) Margaritaville Hollywood Beach Resort’s management agreement becomes terminable at will beginning in September 2026. (2) The Westin Copley Place, Boston’s management agreement expires in December 2028. (3) Embassy Suites San Diego Bay – Downtown’s franchise agreement expires in January 2028. (4) Hotel Zeppelin San Francisco’s ground lease applies to only 41% of its rooms, while the remaining 59% is owned fee simple. INVESTOR PRESENTATION JULY 2026 Management & Brand/Franchise Type Ownership/Lease Structure Property Completely Unencumbered Non-Terminable Management Non-Terminable Brand/Franchise Fee Simple Gov’t/Non-Profit Ground Lessor Private-Party Ground Lessor Resorts Newport Harbor ✓ ✓ Chaminade ✓ ✓ Skamania ✓ ✓ Marker KW ✓ ✓ Southernmost ✓ ✓ Inn on Fifth ✓ ✓ LaPlaya ✓ ✓ Margaritaville FL(1) ✓ ✓ Jekyll Island ✓ ✓ L’Auberge ✓ ✓ Estancia ✓ ✓ Paradise Point ✓ ✓ SD Mission Bay ✓ ✓ Boston Hyatt Boston ✓ ✓ Liberty ✓ ✓ Revere ✓ ✓ W Boston ✓ ✓ Westin Copley(2) ✓ ✓ ILHotel Chicago ✓ ✓ Los Angeles Hotel Ziggy ✓ ✓ Hyatt Delfina ✓ ✓ Le Parc ✓ ✓ Valorian LA ✓ ✓ Palomar LA ✓ ✓ Viceroy San. Mon. ✓ ✓ W LA ✓ ✓ ✓ Port. The Nines ✓ ✓ Zags ✓ ✓ San Diego Embassy Suites SD(3) ✓ ✓ Hilton Gaslamp ✓ ✓ Margaritaville SD ✓ ✓ Westin Gaslamp ✓ ✓ ✓ San Francisco 1 Hotel SF ✓ ✓ Argonaut ✓ ✓ Harbor Court ✓ ✓ Zelos ✓ ✓ Zephyr ✓ ✓ Zeppelin(4) ✓ ✓ Zetta ✓ ✓ Wash DC Hotel George ✓ ✓ Monaco DC ✓ ✓ Viceroy DC ✓ ✓ Zena ✓ ✓ # Hotels (% of total) 35 (81%) 2 (5%) 8 (19%) 26 (60%) 13 (30%) 4 (9%) Structural flexibility supports private value. Of Pebblebrook’s 43 properties: • 81% of hotels are completely unencumbered by non- terminable management, brand, and franchise agreements. • 95% of management agreements are terminable. • 90% of assets are owned fee simple (60%) or on government/non-profit ground leases (30%).
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18 Low New Supply Aids Urban Recovery as Demand Normalizes INVESTOR PRESENTATION JULY 2026 Across Pebblebrook’s key urban markets, limited new supply should support growing occupancies and pricing power as business travel, convention demand, and international inbound travel continue to recover. Supply growth is expected to remain low through at least 2029. PEB Urban Market Supply Growth Urban Market Pre-Pandemic Average(1) 3Y Supply Forecast(2) Boston 3.4% 0.7% Washington, DC 3.0% 1.1% Santa Monica 2.0% 0.1% Hollywood/Beverly Hills 1.8% 0.9% San Diego 1.8% 2.5% San Francisco 0.4% 0.3% Wtd. Average(3) 2.3% 0.9% U.S. Urban Supply Growth 2010-2019, 2023-2028(4) 1.8% 2.7% 2.8% 2.9% 2.9% 1.4% 0.9% 0.4% 1.1% 0.8% 1.7% 1.5% (1) Average from 2015–2019. (2) 3-Year (“3Y”) supply forecast is the average of management’s supply forecast for 2026–2028. (3) Weighted average calculated by number of rooms for all urban hotels owned as of June 30, 2026. (4) 2010–2025 data is based on U.S. Urban STR performance; 2026–2028 data is based on management’s estimates. // 0.5% 1.2% 0.5% 3-year PEB urban supply forecast 2026–2028 of 0.9% vs. 2015–2019 average of 2.3% 0.5% 2015–2019 PEB Avg: 2.3% hilton san diego gaslamp quarter
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19 Pebblebrook has a strong track record of investing capital to elevate and remerchandise properties, enhance the guest experience, and revitalize open spaces and underutilized venues. Major redevelopments completed in recent years are expected to drive further cash flow improvements over the next two years. Successful Track Record with Redevelopment Projects ROI Capital Estimated Annualized ROI Gains Stabilized Annualized Cash ROI % Implied Value Creation(2) 2018–22 Projects(1) $162M $20M 12% +$260M 2023–24 Projects $108M $24–28M 22–26% +$310–365M ROI Realized(1) $20M ROI Remaining $4–8M 2018–24 Total Projects (ROI Realized + Remaining) $270M $44–48M 16–18% +$570–625M INVESTOR PRESENTATION JULY 2026 # Hotels Annualized ROI 2018/19 8 $7M 2020 9 $4M 2021/22 4 $9M 2023/24 8 $24–28M ($20M realized, $4–8M remaining) Skamania Lodge (Treehouse Phase IV + Master Plan) Solamar Margaritaville Hotel San Diego Gaslamp Hilton Gaslamp San Diego Jekyll Island Club Resort Estancia La Jolla Hotel & Spa Phases I & II Southernmost Key West Guesthouses Viceroy Santa Monica Guestrooms Newport Harbor Island Resort Potential 2027/28 Paradise Point Resort & Spa(3) $270M Invested | $40M Annualized ROI Realized | $4–8M Remaining EBITDA Upside Note: Includes information for all hotels the Company owned as of June 30, 2026. Any differences are due to rounding. (1) Reflects estimated annualized ROI gains realized since project completion, derived from property-specific financial data where available and, for other properties, estimated based on actual RevPAR market-share gains and non-room revenue growth as of December 31, 2025. (2) Implied value creation assuming a 13x EBITDA multiple on the estimated annualized ROI gains. (3) The potential renovation and redevelopment of Paradise Point Resort & Spa is in planning following recent coastal permit application approval. margaritaville hotel san diego gaslamp quarter
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20 Urban Case Studies: Redevelopment & Value Creation INVESTOR PRESENTATION JULY 2026 The $10.0M invested has delivered a 36% cash-on-cash return to date, with additional upside expected over the next 1–2 years. In 2023, the Company completed its comprehensive redevelopment and renovation of the Hilton San Diego Gaslamp Quarter, with highlights including upgraded guestrooms, a reimagined restaurant, and expanded outdoor bar, dining, and event spaces. Note: Dollars in millions. (1) Annualized EBITDA gain reflects average annual cash profit post-renovation, calculated using actual RevPAR market-share gains on pre-renovation room revenue, actual non-room revenue growth, and management flow-through assumptions for each revenue category. (2) Estimated implied value creation assuming a 13x EBITDA multiple on the annualized EBITDA gains. 1 Hotel San Francisco $28.0M Total Capital, $19.6M ROI-Focused The $19.6M invested is generating a stabilized 39% cash-on-cash return, positioning the hotel to sustain market-leading performance and capture upside from its expanded offerings. In 2022, Pebblebrook completed its transformational redevelopment converting Hotel Vitale into the eco-luxury 1 Hotel San Francisco. The relaunch delivered dramatically upscaled guestrooms, luxurious public and meeting spaces, and enhanced spa and F&B offerings anchored by a comprehensive wellness program. ROI Capital RevPAR Penetration vs. Sub-Market Annualized EBITDA Gain(1) Annualized Cash ROI % Implied Value Creation(2) Before (2019) After (2025) % Chg $19.6 143 267 86% $7.7 39% +$100M ROI Capital RevPAR Penetration vs. Sub-Market Annualized EBITDA Gain(1) Annualized Cash ROI % Implied Value Creation(2) Before (Jun ’22 TTM) After (2025) % Chg $10.0 86 115 34% $3.6 36% +$47M Hilton San Diego Gaslamp Quarter $25.0M Total Capital, $10.0M ROI-Focused Selected recent projects demonstrate Pebblebrook’s ability to convert targeted capital into measurable EBITDA growth and private-market value creation.
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21 Resort Case Studies: Redevelopment & Value Creation INVESTOR PRESENTATION JULY 2026 The $25.0M invested to reimagine the resort has delivered a 19% cash-on-cash return to date, with additional upside expected over the next 2–3 years. In 2024, the Company completed its comprehensive redevelopment and repositioning of the luxury Newport Harbor Island Resort, transforming the previously branded property into an independent lifestyle resort with upgraded guestrooms, elevated public areas and meeting spaces, enhanced guest amenities, and improved F&B venues. Note: Dollars in millions. (1) Annualized EBITDA gain reflects average annual cash profit post-renovation, calculated using actual RevPAR market-share gains on pre-renovation room revenue, actual non-room revenue growth, and management flow-through assumptions for each revenue category. (2) Estimated implied value creation assuming a 13x EBITDA multiple on the annualized EBITDA gains. Estancia La Jolla Hotel & Spa $26.0M Total Capital, $18.2M ROI-Focused The $18.2M of ROI capital invested has generated a 23% cash-on-cash return to date, with additional upside expected as the property ramps over the next 2–3 years. In 2023–2024, Estancia La Jolla Hotel & Spa completed a two-phase comprehensive redevelopment and upscaling. The repositioning featured upgraded guestrooms, a reimagined lobby featuring a new bar, enhanced indoor and outdoor event spaces, a revamped spa and pool area, and expanded amenities and F&B offerings. ROI Capital RevPAR Penetration vs. Sub-Market Annualized EBITDA Gain(1) Annualized Cash ROI % Implied Value Creation(2) Before (Sep ’22 TTM) After (2025) % Chg $18.2 117 140 19% $4.1 23% +$53M ROI Capital RevPAR Penetration vs. Sub-Market Annualized EBITDA Gain(1) Annualized Cash ROI % Implied Value Creation(2) Before (Sep ’23 TTM) After (2025) % Chg $25.0 127 141 11% $4.7 19% +$61M Newport Harbor Island Resort $50.0M Total Capital, $25.0M ROI-Focused
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22 Convertible Note Mechanics INVESTOR PRESENTATION JULY 2026 Pebblebrook’s $400 million 1.625% convertible senior notes due 2030 have become increasingly relevant to value given PEB’s recent share price performance. The mechanics of this transaction are summarized below. hotel chicago downtown, autograph collection 1.625% Convertible Note Principal $400M Initial Conversion Premium 37.5% Capped Call Premium 75.0% Base Conversion Price $15.89 Capped Call Cap Price $20.23 Treasury Stock Method Principal elected to be paid in cash No Call Period Callable after July 20, 2028 if stock is 30% above conversion price (i.e., $20.66) for 20/30 consecutive days Stock Price Shares Issued by Convert Shares Received from Capped Call Net Shares Issued $15.50 0.0 0.0 0.0 $15.89 0.0 0.0 0.0 $16.00 0.2 (0.2) 0.0 $18.00 2.9 (2.9) 0.0 $20.00 5.2 (5.2) 0.0 $20.23 5.4 (5.4) 0.0 $21.00 6.1 (5.2) 0.9 $22.00 7.0 (5.0) 2.0 Illustrative Dilution Example: If PEB’s average trading price during the 3Q26 or FY26 reporting period is $21.00, then 0.9M incremental shares would be included in diluted shares for that period, resulting in $0.01 of dilution to Pebblebrook’s Adjusted FFO per share.(1) Note: Shares shown in millions. (1) Dilution estimate based on the Company’s 2026 Outlook as of July 29, 2026.
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23 Estimated Gross Asset Value Public Enterprise Value Net Book Value Debt, Pfd Equity and Converts Credit Metrics & Preferred Equity INVESTOR PRESENTATION JULY 2026 (1) Based on $24.50 per share and assumptions detailed on page 12. (2) Based on $19.00 per share and assumptions detailed on page 12. (3) Reflects GAAP-defined investment in hotel properties, net of accumulated depreciation and amortized right-of-use assets, as of June 30, 2026. • Since year-end 2025, EBITDA growth and reductions in net debt and preferred equity have strengthened the Company’s financial position and credit metrics, with net debt to trailing 12-month Corporate EBITDA improving to 5.3x as of June 30, 2026. • At a recent share price of $19.00, the 1.625% 2030 Convertible Notes are in the money relative to the $15.89 initial conversion price. However, the associated capped call transactions provide dilution protection up to $20.23 per share (a 75% premium to the reference share price at issuance). (1) $4.5B $415K/Key $5.3B $486K/Key $4.7B $431K/Key (2) (3) Preferred Equity $0.72B Convertible Notes $0.75B Debt $1.35B $2.8B $258K/Key Debt to Asset Value Comparison Preferred Equity Amount Yield Redeemable Series E $100.8 6.375% Yes Series F $142.7 6.300% Yes Series G $211.3 6.375% Yes Series H $184.7 5.700% Yes Series Z $77.6 6.000% Starting May 2027 Total / Wtd. Avg $717.2 6.146% Financial Ratios YE 2025 Q2 2026 Fixed Charge Coverage 1.8x 2.0x Net Debt / Net Book Value 42% 41% Net Debt / Gross Asset Value 37% 35% Net Debt / EBITDA 5.9x 5.3x Net Debt & Preferred Equity / EBITDA 8.1x 7.4x Secured Property Debt % of Total Debt 4% 2%
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24 Historical Hotel EBITDA – Resorts Portfolio / Hotel 2019 2020 2021 2022 2023 2024 2025 2025 per Key Unique Lifestyle Resorts LaPlaya Beach Resort & Club $17.7 $14.0 $27.4 $24.8 ($0.6) $19.0 $24.5 $126.9 L’Auberge Del Mar 7.3 2.7 8.5 9.0 8.7 9.6 9.2 76.0 Southernmost Key West 21.4 13.1 24.4 24.2 21.3 20.3 22.4 75.7 Inn on Fifth 5.1 4.2 9.7 11.9 10.8 9.8 8.8 73.9 Marker Key West 6.0 3.1 7.9 7.9 7.0 6.4 7.0 72.9 Newport Harbor Island Resort 7.4 4.2 13.9 13.1 9.3 10.3 17.7 68.6 Margaritaville Hollywood 17.8 0.4 22.1 24.5 21.2 19.1 19.9 53.9 Estancia La Jolla 8.1 (0.3) 4.6 10.6 7.5 8.8 11.0 52.4 Skamania Lodge 10.3 1.2 7.7 12.3 12.6 13.1 12.3 45.4 Paradise Point San Diego 15.3 4.6 14.1 20.5 21.1 24.4 17.4 37.7 Chaminade Resort 4.4 (1.1) 3.3 7.3 5.1 4.8 5.3 34.0 Jekyll Island Club Resort 5.0 2.7 8.7 7.4 5.3 4.8 6.0 30.0 San Diego Mission Bay Resort 5.5 (4.2) 6.9 9.5 10.8 7.8 5.8 16.2 Resorts Total $131.1 $44.6 $159.2 $183.0 $140.1 $158.1 $167.3 $53.8 Note: Dollars in millions, except Hotel EBITDA per Key, which is in thousands. Any differences are a result of rounding. These historical Hotel EBITDA results include available information for all of the hotels the Company owned or had an ownership interest in as of June 30, 2026. 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 amortization, taxes and other expenses. INVESTOR PRESENTATION JULY 2026 Post-COVID, demand accelerated across most resort markets. Naples, FL was negatively impacted by Hurricane Ian (2022) and Hurricanes Helene and Milton (2024). LaPlaya Beach Resort & Club experienced closures and construction-related disruptions following these events; however, as of year-end 2025, the property is fully restored, with stabilized Hotel EBITDA expected to reach approximately $35 million within the next two years. Skamania Lodge in the Columbia River Gorge has benefited from expanded lodging offerings, including treehouses, luxury glamping accommodations, and new event venues, with further upside expected from additional units and event spaces. 2023 actual resort hotel EBITDA results were adversely impacted by renovations, redevelopments, and LaPlaya’s hurricane-related disruption. & Notable Impacts Over the Years Following their respective major multi- million-dollar redevelopments in 2023- 2024, Newport Harbor Island Resort and Estancia La Jolla Hotel & Spa are each realizing significant returns from reimagined rooms, public spaces, event venues, and F&B offerings.
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25 Portfolio / Hotel 2019 2020 2021 2022 2023 2024 2025 2025 per Key Boston Urban Liberty $21.2 $0.3 $10.5 $21.1 $18.5 $20.0 $16.7 $56.0 Westin Copley 32.9 (4.4) 3.0 30.7 33.7 35.1 34.0 42.3 Revere 11.8 (6.1) 2.8 15.7 13.9 15.9 13.0 36.5 W Boston 8.1 (2.6) 2.4 7.2 7.9 6.5 6.7 28.2 Hyatt Boston 10.1 (2.2) 1.6 5.6 6.1 8.0 5.7 21.1 Boston Total $84.2 ($15.0) $20.3 $80.3 $80.1 $85.5 $76.1 $38.7 San Diego Urban Hilton Gaslamp $10.5 ($0.4) $0.6 $7.1 $7.6 $11.7 $9.7 $33.9 Westin Gaslamp 14.2 (1.3) 2.2 12.7 14.2 14.4 13.6 30.2 Embassy Suites 10.4 (0.2) 4.5 9.1 9.7 11.2 9.0 26.4 Margaritaville Gaslamp 7.0 (0.4) 2.1 6.2 0.8 7.7 5.1 21.7 San Diego Total $42.0 ($2.3) $9.4 $35.1 $32.3 $45.0 $37.4 $28.5 Chicago Urban Hotel Chicago(1) $9.2 ($2.4) $0.6 $6.9 $7.4 $7.0 $8.2 $23.2 Chicago Total $9.2 ($2.4) $0.6 $6.9 $7.4 $7.0 $8.2 $23.2 Washington, DC Urban Hotel Monaco $7.9 ($1.4) ($0.5) $4.7 $6.5 $6.8 $5.3 $28.8 George Hotel 5.3 (0.5) 0.0 3.7 3.9 3.9 3.5 25.2 Hotel Zena 3.8 (2.3) (2.7) 0.6 1.3 3.1 2.0 10.5 Viceroy DC 4.9 (2.3) (1.3) 1.1 0.9 2.7 1.6 9.0 Washington, DC Total $22.0 ($6.5) ($4.5) $10.1 $12.6 $16.5 $12.4 $17.9 Note: Dollars in millions, except Hotel EBITDA per Key, which is in thousands. Any differences are a result of rounding. These historical Hotel EBITDA results include available information for all of the hotels the Company owned or had an ownership interest in as of June 30, 2026. 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 amortization, taxes and other expenses. (1) The retail space and two parking facilities at Hotel Chicago Downtown, Autograph Collection were sold on December 21, 2023. Historical results beginning from the year 2019, onward, for Hotel Chicago Downtown, Autograph Collection have been adjusted to reflect the estimated impact of excluding the retail and parking-related income. INVESTOR PRESENTATION JULY 2026 Margaritaville San Diego Gaslamp Quarter completed its transformational redevelopment and rebranding in 2023. Historical Hotel EBITDA – Urban & Notable Impacts Over the Years Washington, DC benefits from the presidential inauguration every four years, including in 2021 and 2025. In 2025, the market experienced dramatically reduced government and leisure travel, as well as a prolonged federal government shutdown in Q4 ’25.
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26 Portfolio / Hotel 2019 2020 2021 2022 2023 2024 2025 2025 per Key San Francisco Urban 1 Hotel SF $7.5 ($4.0) ($4.9) ($2.9) $4.7 $3.0 $6.5 $32.5 Harbor Court 5.6 (0.3) (1.0) 2.0 2.9 2.7 3.9 29.8 Argonaut Hotel 14.6 (1.5) 1.5 7.1 7.5 6.0 7.5 29.8 Hotel Zetta 6.0 (0.3) (1.4) 1.4 1.3 0.7 1.4 12.1 Hotel Zephyr 16.8 (1.1) 0.5 4.9 5.8 4.6 4.3 11.9 Hotel Zelos 8.4 (2.5) (4.6) (0.1) 1.6 (0.4) 2.0 9.9 Hotel Zeppelin 7.7 (1.2) (1.6) (1.2) 0.0 (0.7) (0.3) (1.5) San Fran Total $66.5 ($10.9) ($11.5) $11.2 $23.8 $15.9 $25.2 $17.3 Los Angeles Urban Le Parc $5.8 ($0.1) $2.8 $5.5 $4.4 $4.3 $4.1 $26.6 Hotel Palomar LA 5.7 (4.2) (1.2) 3.6 4.0 4.2 4.0 15.2 Hotel Ziggy 2.8 0.0 1.1 1.1 1.7 1.8 1.4 13.0 W Los Angeles 8.4 (2.0) 0.7 6.8 7.8 8.3 3.8 12.8 Valorian LA 7.6 (2.0) 2.1 5.0 4.3 3.1 2.9 12.3 Viceroy San. Mon. 6.2 (2.9) 1.8 5.4 4.4 3.1 1.4 8.3 Hyatt Delfina 11.2 (0.8) 2.2 7.0 7.7 1.9 (1.4) (4.4) Los Angeles Total $47.7 ($12.0) $9.5 $34.4 $34.3 $26.7 $16.1 $10.4 Portland Urban The Nines $13.0 ($0.6) $3.8 $8.0 $5.3 $5.2 $6.0 $18.1 Hotel Zags 3.3 (1.0) (0.6) 0.4 (0.2) (0.4) (0.4) (2.3) Portland Total $16.3 ($1.6) $3.2 $8.4 $5.1 $4.8 $5.6 $11.0 Urban Total $288.1 ($50.7) $27.0 $186.4 $195.6 $201.4 $181.0 $23.1 Total Portfolio $419.2 ($6.1) $186.2 $369.4 $335.7 $359.5 $348.2 $31.8 Note: Dollars in millions, except Hotel EBITDA per Key, which is in thousands. Any differences are a result of rounding. These historical Hotel EBITDA results include available information for all of the hotels the Company owned or had an ownership interest in as of June 30, 2026. 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 amortization, taxes and other expenses. INVESTOR PRESENTATION JULY 2026 2019 marked a high-performance benchmark for San Francisco, driven by the Moscone Center expansion, which spurred strong convention demand alongside robust corporate and international travel. 1 Hotel San Francisco completed its transformational luxury rebranding, redevelopment, and repositioning in 2022. Historical Hotel EBITDA – Urban/Total & Notable Impacts Over the Years Overall 2025 urban results were adversely impacted by Los Angeles–specific headwinds (e.g., LA wildfires, brand conversion, local disruptions), as well as broader policy and geopolitical uncertainty, reduced government travel, and weaker inbound international travel. Los Angeles results were impacted by the Hyatt Delfina brand conversion and LA wildfires, reducing Hotel EBITDA by approximately $1.8 million in 2024 and $7.8 million in 2025. Temporary demand softness and local disruptions created additional headwinds throughout 2025. Hyatt Delfina Santa Monica’s brand conversion impacted performance in 2024-2025.
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27 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” or “Pebblebrook”) 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, 2025. You should carefully consider these risks when you make an investment decision concerning 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 Co-President and Chief Financial Officer (240) 507-1330 rmartz@pebblebrookhotels.com Forward-Looking Statements jekyll island club resort INVESTOR PRESENTATION JULY 2026 hyatt centric delfina santa monica