X0306 4 2019-02-13 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 2019-02-13 4 A 0 35055 0.00 A 720038 D Common Shares 2019-02-13 4 A 0 15526 A 735564 D Common Shares 2019-02-13 4 A 0 76561 A 812125 D Common Shares 2019-02-13 4 F 0 44480 32.70 D 767645 D Common Shares 200000 I By Wife All of these shares are restricted common shares that were granted to the reporting person by the Issuer's Board of Trustees (the "Board"). 11,685, 11,685, and 11,685 of these shares shall become vested and nonforfeitable, subject to the reporting person's continued service as an employee of the Issuer or an affiliate, on January 1, 2020, January 1, 2021, and January 1, 2022, respectively. 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, 2018. For that measurement period, the reporting person earned 14.21% 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 2016 to the reporting person had been achieved. The reporting person earned 170.2% 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 28, 2017. Represents Common Shares sold to the Issuer as payment of tax withholding due upon vesting of 92,087 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 2019-02-15