X0303 4 2009-12-14 0 0001474098 Pebblebrook Hotel Trust PEB 0001229310 BORTZ JON E 10319 WESTLAKE DRIVE SUITE 112 BETHESDA MD 20817 1 1 0 0 Chairman, President and CEO Common Shares 2009-12-14 4 D 0 1000 1.00 D 0 D Common Shares 2009-12-14 4 P 0 125000 20.00 A 125000 D LTIP Units 2009-12-14 4 A 0 723035 A Common Shares 723035 723035 D The reporting person acquired 1,000 common shares in connection with the formation and capitalization of the Issuer at a cost of $1,000. The Issuer repurchased the shares upon closing the Issuer's initial public offering. Represents restricted units of partnership interests ("LTIP Units") in Pebblebrook Hotel, L.P. (the "Operating Partnership"), of which the Issuer is the general partner. Vested LTIP Units, upon achieving parity with the Operating Partnership units pursuant to the terms of the partnership agreement, may be exchanged at any time, at the election of the holder, for Operating Partnership units on a one-for-one basis or at the Issuer's option, an equivalent amount of cash. 144,607 LTIP Units vest on each of the first five anniversaries of the date of grant subject to the reporting person's continued employment with the Issuer. The LTIP Units have no expiration date. The LTIP Units were issued pursuant to the Issuer's 2009 Equity Incentive Plan. /s/ Ashton J. Harris, as Attorney-in-Fact 2008-12-14