Pebblebrook Hotel Trust is an internally managed hotel investment company formed as a Maryland real estate investment trust in October 2009. The company’s primary activity is the opportunistic acquisition of hotel properties located primarily in major United States cities and resort properties situated near its target urban markets. It places particular emphasis on major gateway coastal markets and select destination resort areas that exhibit barriers to entry. As of December 31 2025 the trust held interests in forty four hotels comprising a total of eleven thousand fifty two guest rooms. Substantially all of the trust’s assets are owned by and all of its operations are carried out through its operating partnership Pebblebrook Hotel L. P. The trust serves as the sole general partner of that partnership and possesses ninety nine percent of the common limited partnership units issued by the partnership. To maintain its qualification as a real estate investment trust under the Internal Revenue Code the trust does not operate the hotels it owns; instead the operating partnership leases the hotel properties to a taxable REIT subsidiary. The taxable REIT subsidiary engages third party eligible contractors to manage the day to day operations of the hotels under various brand affiliations. This structural arrangement enables the trust to receive steady lease income while benefiting from professional hotel management expertise.

Pebblebrook Hotel Trust generates revenue principally through lease payments received from its taxable REIT subsidiary which in turn pays third party managers to operate the hotels. The lease agreements are structured to provide the trust with a predictable stream of rental income that correlates with the operating performance of the underlying properties. In addition to base rent the trust may receive participating rent or additional payments that are tied to certain profitability thresholds achieved by the lessee. Ancillary income streams include fees for asset management oversight advisory services and occasional proceeds from the disposition of hotel properties that result in capital gains. The trust’s financing strategy relies on a blend of equity offerings debt issuances and proceeds from property sales to fund future acquisitions and capital improvement projects. It utilizes senior unsecured credit facilities term loans unsecured notes and mortgage debt secured by its hotel properties to meet its capital needs. Net proceeds from equity and debt offerings are often directed toward acquisitions redevelopments rebrandings and other value enhancing initiatives. The trust also considers share repurchases and working capital requirements when allocating capital from its financing activities. Ultimately the trust’s revenue growth depends on the ability of its hotels to attain strong occupancy rates and favorable average daily rates which drive the profitability of the lessee and consequently the rent paid to the trust.

Pebblebrook Hotel Trust occupies a distinct position within the lodging real estate sector as a focused owner of upper upscale full service hotels located in markets that feature high barriers to entry. The company competes with other hotel REITs such as Host Hotels & Resorts Apple Hospitality and Sunstone Hotel Investors as well as private equity firms institutional investors and individual property owners for acquisition opportunities. Its competitive advantages stem from a disciplined acquisition approach that targets properties priced below replacement cost and a strong emphasis on markets where new supply is limited due to geographic constraints regulatory hurdles and high development costs. The trust’s internal asset management team works closely with hotel operators to implement revenue enhancing strategies such as dynamic pricing refined market segmentation and targeted sales efforts. Cost control initiatives are pursued through labor efficiency programs preventive maintenance schedules and energy conservation measures that help to maintain robust operating margins. Ownership of the Curator Hotel & Resort Collection provides the trust with a platform for collaboration with independent lifestyle brands that can differentiate its portfolio and attract niche demand from travelers seeking unique experiences. The trust’s scale and access to public capital markets enable it to execute larger transactions and to pursue growth opportunities that may be unavailable to smaller private operators. Additionally the trust’s long term relationships with reputable third party management companies provide flexibility to replace operators or reposition properties when strategic considerations warrant such actions. These factors collectively position Pebblebrook Hotel Trust to benefit from the cyclical recovery of the lodging industry while maintaining a resilient business model.

The trust’s hotels serve a diverse mix of guests that includes business travelers leisure travelers and groups attending conferences or conventions. Business transient demand is generated by corporate activity professional meetings and individual travel related to work in the major metropolitan areas where the properties are located. Leisure transient demand is driven by vacation travel tourism attractions special events and the appeal of resort amenities such as beaches golf courses and cultural sites. Group and convention demand is supported by the extensive meeting facilities banquet spaces and audiovisual equipment available in many of the trust’s hotels. The company’s properties located in gateway cities such as Boston Chicago Los Angeles San Francisco and Washington D C benefit from steady flows of domestic and international business visitors. Resort oriented properties in locations like Key West Naples Jekyll Island and Santa Cruz attract vacationers seeking relaxation and recreational activities. Although the filing does not disclose specific corporate organization or association names the customer base encompasses a broad range of individuals and organizations that require lodging for work travel vacation and events. This diversified guest base helps to mitigate the impact of seasonal fluctuations and provides multiple sources of revenue throughout the year. By maintaining a presence in both urban and resort markets the trust is able to capture demand from different traveler segments and to adapt to changing economic conditions.