Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation As of December 31, 2014 (In thousands)

			Initial Costs								Gross Amount at End of Year
Description	Encumb-rances		Land		Building and Improvements		Furniture, Fixtures and Equipment		Costs Capitalized Subsequent to Acquisition ⁽¹⁾		Land		Building and Improvements		Furniture, Fixtures and Equipment		Total		Accumulated Depreciation		Net Book Value		Year of Original Construction	Date of Acquisition	Depreciation Life
DoubleTree by Hilton Hotel Bethesda-Washington DC	$	34,575	$	10,065	$	53,000	$	4,035	$	7,579	$	10,065	$	57,466	$	7,148	$	74,679	$	10,943	$	63,736	1971	6/4/2010	3-40 years
Sir Francis Drake Hotel	—		22,500		60,547		6,953		17,223		22,500		70,974		13,749		$	107,223	16,124		$	91,099	1928	6/22/2010	1-40 years
InterContinental Buckhead Hotel	49,320		25,000		68,844		11,000		9,739		25,000		72,826		16,757		$	114,583	17,947		$	96,636	2004	7/1/2010	3-40 years
Monaco Washington DC	43,756		—		60,630		2,441		5,690		—		64,545		4,216		$	68,761	9,089		$	59,672	1839	9/9/2010	3-40 years
The Grand Hotel Minneapolis	—		4,950		26,616		300		9,353		4,950		32,718		3,551		$	41,219	5,669		$	35,550	1912	9/29/2010	1-40 years
Skamania Lodge	29,308		7,129		44,987		3,523		5,190		7,130		47,793		5,906		$	60,829	8,074		$	52,755	1993	11/3/2010	3-40 years
Le Meridien Delfina Santa Monica Hotel	—		18,784		81,580		2,295		11,352		18,784		87,320		7,907		$	114,011	12,777		$	101,234	1972	11/19/2010	1-40 years
Sofitel Philadelphia Hotel	46,968		18,000		64,256		4,639		6,984		18,000		68,107		7,772		$	93,879	10,743		$	83,136	2000	12/3/2010	3-40 years
Argonaut Hotel	44,006		—		79,492		4,247		5,125		—		82,023		6,841		$	88,864	11,490		$	77,374	1907	2/16/2011	3-40 years
The Westin Gaslamp Quarter San Diego	77,155		25,537		86,089		6,850		17,185		25,537		101,698		8,426		$	135,661	14,110		$	121,551	1987	4/6/2011	1-40 years
Monaco Seattle	—		10,105		38,888		2,073		6,766		10,105		41,931		5,796		$	57,832	6,725		$	51,107	1969	4/7/2011	3-40 years
Mondrian Los Angeles	—		20,306		110,283		6,091		8,361		20,306		114,731		10,004		$	145,041	14,911		$	130,130	1959	5/3/2011	3-40 years
Viceroy Miami	—		8,368		24,246		3,723		2,780		8,368		25,153		5,596		$	39,117	5,610		$	33,507	2009	5/26/2011	1-40 years
W Boston	—		19,453		63,893		5,887		3,497		19,453		65,765		7,512		$	92,730	10,536		$	82,194	2009	6/8/2011	2-40 years
Hotel Zetta	—		7,294		22,166		290		14,805		7,294		33,454		3,807		$	44,555	3,462		$	41,093	1913	4/4/2012	1-40 years
Hotel Vintage Seattle	—		8,170		23,557		706		6,584		8,170		28,001		2,846		$	39,017	2,174		$	36,843	1922	7/9/2012	1-40 years
Hotel Vintage Plaza Portland	—		6,222		23,012		1,093		8,310		6,222		27,896		4,519		$	38,637	2,600		$	36,037	1894	7/9/2012	1-40 years
W Los Angeles - Westwood	—		24,403		93,203		3,600		14,955		24,403		102,038		9,720		$	136,161	7,807		$	128,354	1969	8/23/2012	1-40 years
Hotel Palomar San Francisco ⁽²⁾	26,461		—		63,430		3,780		6,920		—		67,996		6,134		$	74,130	6,087		$	68,043	1907	10/25/2012	1-40 years
Embassy Suites San Diego Bay- Downtown ⁽³⁾	64,462		20,103		90,162		6,881		8,471		20,103		97,344		8,170		$	125,617	6,882		$	118,735	1988	1/29/2013	1-40 years
The Redbury Hollywood	—		8,057		24,833		1,000		949		8,057		25,513		1,269		$	34,839	1,112		$	33,727	2008	8/8/2013	3-40 years
Hotel Modera ⁽⁴⁾	23,225		8,215		37,874		1,500		1,086		8,214		38,445		2,016		$	48,675	2,051		$	46,624	1962	8/28/2013	1-40 years
Radisson Hotel Fisherman's Wharf	—		—		116,445		3,550		8,182		—		119,575		8,602		$	128,177	4,449		$	123,728	1964	12/9/2013	1-40 years
Prescott Hotel	—		12,561		43,665		1,094		193		12,561		43,768		1,184		$	57,513	743		$	56,770	1913	5/22/2014	3-40 years
The Nines, a Luxury Collection Hotel, Portland ⁽⁵⁾	50,725		18,493		92,339		8,757		132		18,493		92,415		8,813		$	119,721	1,631		$	118,090	1909	7/17/2014	3-40 years

Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation As of December 31, 2014 (In thousands)

			Initial Costs								Gross Amount at End of Year
Description	Encumb-rances		Land		Building and Improvements		Furniture, Fixtures and Equipment		Costs Capitalized Subsequent to Acquisition ⁽¹⁾		Land		Building and Improvements		Furniture, Fixtures and Equipment		Total		Accumulated Depreciation		Net Book Value		Year of Original Construction	Date of Acquisition	Depreciation Life
The Westin Colonnade Coral Gables	—		12,108		46,317		1,271		20		12,108		46,317		1,291		$	59,716	184		$	59,532	1989	11/12/2014	7-40 years
Hotel Palomar Los Angeles - Westwood	—		—		90,675		1,500		—		—		90,675		1,500		$	92,175	283		$	91,892	1972	11/20/2014	7-40 years
Union Station Hotel, Autograph Collection	—		—		37,803		6,833		—		—		37,803		6,833		$	44,636	114		$	44,522	1900	12/10/2014	7-40 years
Revere Hotel Boston Common	—		41,857		207,817		10,596		2		41,857		207,817		10,598		$	260,272	253		$	260,019	1972	12/18/2014	7-40 years
	$	489,961	$	357,680	$	1,876,649	$	116,508	$	187,433	$	357,680	$	1,992,107	$	188,483	$	2,538,270	$	194,580	$	2,343,690

⁽¹⁾Disposals are reflected as reductions to cost capitalized subsequent to acquisition.

⁽²⁾ Encumbrance on the Hotel Palomar San Francisco is presented at face value, which excludes loan premium of $1.4 million at December 31, 2014.

⁽³⁾ Encumbrance on the Embassy Suites San Diego Bay-Downtown is presented at face value, which excludes loan premium of $2.0 million at December 31, 2014.

⁽⁴⁾ Encumbrance on the Hotel Modera is presented at face value, which excludes loan premium of $0.3 million at December 31, 2014.

⁽⁵⁾ Encumbrance on the The Nines, a Luxury Collection Hotel, Portland is presented at face value, which excludes loan premium of $0.3 million at December 31, 2014.