X0306 4 2013-12-13 0 0001474098 Pebblebrook Hotel Trust PEB 0001229310 BORTZ JON E 2 BETHESDA METRO CENTER SUITE 1530 BETHESDA MD 20814 1 1 0 0 Chairman, President and CEO LTIP Class B Units 2013-12-13 4 A 0 109240 A Common Shares 109240 109240 D Represents restricted units of limited partnership interest ("LTIP Class B Units") in Pebblebrook Hotel, L.P. (the "Operating Partnership"), of which the Issuer is the general partner. Vested LTIP Class B 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 Operating Partnership's option, an equivalent amount of cash. 21,848 LTIP Class B Units will vest on each of January 1, 2016, January 1, 2017, January 1, 2018, January 1, 2019, and January 1, 2020 subject to the reporting person's continued employment with the Issuer. The LTIP Class B Units have no expiration date. The LTIP Class B Units were issued pursuant to the Issuer's 2009 Equity Incentive Plan as amended and restated. /s/ Andrew H. Dittamo, as Attorney-in-Fact 2013-12-17