Exhibit 12.1

PEBBLEBROOK HOTEL TRUST
STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND EARNINGS
TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS

(In thousands, except ratios)

	For the six months ended		For the year ended December 31,
	June 30, 2018		2017		2016			2015			2014			2013
Earnings
Add:
Pre-tax income (loss) from continuing operations before adjustment for income or loss from equity investees	$	84,720	$	100,443	$	138,670		$	91,372		$	66,729		$	36,795
Fixed charges	22,831		41,878		48,204			43,478			30,089			27,799
Amortization of capitalized interest	45		89		77			15			—			—
Distributed income of equity investees	—		—		—			13,858			9,152			1,617
Total Added Items	107,596		142,410		186,951			148,723			105,970			66,211
Subtract:
Interest capitalized	—		—		(492		)	(598		)	—			(206		)
Total Earnings	$	107,596	$	142,410	$	186,459		$	148,125		$	105,970		$	66,005
Fixed Charges
Add:
Interest expensed	$	19,585	$	35,259	$	42,102		$	38,803		$	27,669		$	23,938
Interest capitalized	—		—		492			598			—			206
Amortized premiums, discounts and capitalized expenses related to indebtedness	1,042		2,040		1,513			(29		)	(604		)	(259		)
Estimate of interest within rental expense	2,204		4,579		4,097			4,106			3,024			3,914
Total Fixed Charges	22,831		41,878		48,204			43,478			30,089			27,799
Preferred share dividends	8,063		16,126		19,679			25,965			25,095			22,969
Combined Fixed Charges and Preferred Share Dividends	$	30,894	$	58,004	$	67,883		$	69,443		$	55,184		$	50,768
Ratio of Earnings to Fixed Charges	4.71		3.40		3.87			3.41			3.52			2.37
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends	3.48		2.46		2.75			2.13			1.92			1.30