X0306 4 2017-03-13 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 2017-03-13 4 A 0 59152 A 734089 D Common Shares 2017-03-13 4 F 0 27891 27.67 D 706198 D Common Shares 300 I By Son Common Shares 200000 I By Wife The Common Shares were issued to the reporting person upon certification by the Compensation Committee of the Board of Trustees of the Issuer of the extent to which the performance objectives of the performance-based equity incentive award made in February 2014 to the reporting person had been achieved. The reporting person earned 100% of the maximum number of Common Shares issuable pursuant to the award. For more information on the performance-based equity incentive award, including the performance objectives and measurement period, see the Issuer's Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on April 30, 2015. Represents Common Shares sold to the Issuer as payment of tax withholding due upon vesting of 59,152 Common Shares. The reporting person disclaims beneficial ownership of these shares held by an immediate family member sharing his household, and this report should not be deemed an admission that the reporting person is the beneficial owner of such shares for purposes of Section 16 or for any other purpose. /s/ Andrew H Dittamo, as attorney-in-fact for Jon E. Bortz 2017-03-15