X0306 4 2018-03-09 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 2018-03-09 4 A 0 31618 A 709049 D Common Shares 2018-03-09 4 A 0 7680 A 716729 D Common Shares 2018-03-09 4 F 0 18982 35.18 D 697747 D 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 December 2013 to the reporting person had been achieved for the measurement period ended December 31, 2017. For that measurement period, the reporting person earned 28.94% of the target 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 March 28, 2014. 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 2015 to the reporting person had been achieved. The reporting person earned 39% of the target 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 29, 2016. Represents Common Shares sold to the Issuer as payment of tax withholding due upon vesting of 39,298 Common Shares. /s/ Andrew H. Dittamo, as attorney-in-fact for Jon E. Bortz 2018-03-13