X0306 4 2014-12-31 0 0001474098 Pebblebrook Hotel Trust PEB 0001229310 BORTZ JON E 7315 WISCONSIN AVE SUITE 1100 WEST BETHESDA MD 20814 1 1 0 0 Chairman, President and CEO Common Shares 2014-12-31 4 M 0 200657 A 802610 D Common Shares 2015-01-02 4 F 0 6880 45.63 D 795730 D LTIP Class A Units 2014-12-31 4 M 0 289214 D Common Shares 289214 0 D LTIP Class B Units Common Shares 109240 109240 D In December 2014, the reporting person converted 289,214 vested restricted units of limited partnership interest ("LTIP Units") in Pebblebrook Hotel L.P. (the "Operating Partnership"), of which Pebbebrook Hotel Trust (the "Issuer") is the general partner, into Common Units of the Operating Partnership on a one-for-one basis. On December 31, 2014, the reporting person tendered 289,214 Common Units to the Operating Partnership for redemption. 200,657 of the Common Units were redeemed for an aggregate of 200,657 common shares of beneficial interest, $0.01 par value per share, of the Issuer ("Common Shares") and 88,557 Common Units were redeemed for cash. Represents Common Shares sold to the Issuer as payment of tax withholding due upon vesting of 20,763 restricted Common Shares on January 2, 2015. Vested LTIP Units, upon achieving parity with Common Units pursuant to the terms of the partnership agreement, may be converted at any time, at the election of the holder, for Common Units on a one-for-one basis. The LTIP Units have no expiration date. The LTIP Units were issued pursuant to the Issuer's 2009 Equity Incentive Plan. 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, and 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 2015-01-05