Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation As of December 31, 2016 (In thousands)

					Initial Costs								Gross Amount at End of Year
Description			Encumb-rances		Land		Buildings and Improvements		Furniture, Fixtures and Equipment		Costs Capitalized Subsequent to Acquisition ⁽¹⁾		Land		Buildings and Improvements		Furniture, Fixtures and Equipment		Total		Accumulated Depreciation		Net Book Value		Year of Original Construction	Date of Acquisition	Depreciation Life
Sir Francis Drake			$	—	$	22,500	$	60,547	$	6,953	$	19,933	$	22,500	$	72,276	$	15,157	$	109,933	$	24,715	$	85,218	1928	6/22/2010	3-40 years
InterContinental Buckhead Atlanta			—		25,000		68,844		11,000		12,510		25,000		74,469		17,885		117,354		26,939		90,415		2004	7/1/2010	3-40 years
Hotel Monaco Washington DC			—		—		60,630		2,441		21,067		—		74,124		10,014		84,138		15,000		69,138		1839	9/9/2010	3-40 years
The Grand Hotel Minneapolis			—		4,950		26,616		300		10,179		4,950		33,239		3,856		42,045		8,827		33,218		1912	9/29/2010	3-40 years
Skamania Lodge			—		7,130		44,987		3,523		10,852		7,130		51,392		7,970		66,492		12,961		53,531		1993	11/3/2010	3-40 years
Le Meridien Delfina Santa Monica			—		18,784		81,580		2,295		14,704		18,784		89,888		8,691		117,363		20,276		97,087		1972	11/19/2010	3-40 years
Sofitel Philadelphia	⁽²	⁾	44,320		18,000		64,256		4,639		9,031		18,000		69,479		8,447		95,926		16,885		79,041		2000	12/3/2010	3-40 years
Argonaut Hotel			—		—		79,492		4,247		6,820		—		82,976		7,583		90,559		17,919		72,640		1907	2/16/2011	3-40 years
The Westin San Diego Gaslamp Quarter	⁽³	⁾	72,852		25,537		86,089		6,850		20,124		25,537		103,026		10,037		138,600		22,330		116,270		1987	4/6/2011	1-40 years
Hotel Monaco Seattle			—		10,105		38,888		2,073		8,065		10,105		42,416		6,610		59,131		10,780		48,351		1969	4/7/2011	3-40 years
Mondrian Los Angeles			—		20,306		110,283		6,091		10,690		20,306		115,575		11,489		147,370		24,083		123,287		1959	5/3/2011	3-40 years
W Boston			—		19,453		63,893		5,887		9,784		19,453		69,156		10,408		99,017		16,438		82,579		2009	6/8/2011	2-40 years
Hotel Zetta San Francisco			—		7,294		22,166		290		16,124		7,294		34,422		4,158		45,874		6,693		39,181		1913	4/4/2012	3-40 years
Hotel Vintage Seattle			—		8,170		23,557		706		6,986		8,170		28,246		3,003		39,419		4,827		34,592		1922	7/9/2012	3-40 years
Hotel Vintage Portland			—		6,222		23,012		1,093		12,267		6,222		32,170		4,202		42,594		5,251		37,343		1894	7/9/2012	3-40 years
W Los Angeles - West Beverly Hills			—		24,403		93,203		3,600		25,762		24,403		111,359		11,206		146,968		18,347		128,621		1969	8/23/2012	3-40 years
Hotel Zelos San Francisco	⁽⁴	⁾	25,718		—		63,430		3,780		7,949		—		68,884		6,275		75,159		12,363		62,796		1907	10/25/2012	3-40 years
Embassy Suites San Diego Bay - Downtown			—		20,103		90,162		6,881		13,234		20,103		100,831		9,446		130,380		15,725		114,655		1988	1/29/2013	3-40 years
Hotel Modera			—		8,215		37,874		1,500		3,374		8,215		40,081		2,667		50,963		5,364		45,599		1962	8/28/2013	3-40 years
Hotel Zephyr Fisherman's Wharf			—		—		116,445		3,550		28,453		—		141,400		7,048		148,448		13,841		134,607		1964	12/9/2013	3-40 years
Hotel Zeppelin San Francisco (formerly Prescott Hotel)			—		12,561		43,665		1,094		35,200		12,561		74,215		5,744		92,520		5,523		86,997		1913	5/22/2014	1-45 years

Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation - Continued As of December 31, 2016 (In thousands)

The Nines, a Luxury Collection Hotel, Portland	—		18,493		92,339		8,757		8,404		18,493		97,636		11,864		127,993		9,448		118,545		1909	7/17/2014	3-40 years
Hotel Colonnade Coral Gables, a Tribute Portfolio Hotel (formerly The Westin Colonnade Coral Gables)	—		12,108		46,317		1,271		18,246		12,108		57,388		8,446		77,942		5,094		72,848		1989	11/12/2014	2-40 years
Hotel Palomar Los Angeles - Beverly Hills	—		—		90,675		1,500		8,242		—		95,546		4,871		100,417		5,491		94,926		1972	11/20/2014	3-40 years
Union Station Hotel Nashville, Autograph Collection	—		—		37,803		6,833		17,940		—		51,008		11,568		62,576		4,792		57,784		1900	12/10/2014	3-40 years
Revere Hotel Boston Common	—		41,857		207,817		10,596		12,987		39,267		216,690		17,300		273,257		14,318		258,939		1972	12/18/2014	3-40 years
LaPlaya Beach Resort and LaPlaya Beach Club	—		112,575		82,117		6,733		8,441		112,575		88,503		8,788		209,866		8,133		201,733		1968	5/21/2015	3-40 years
The Tuscan Fisherman's Wharf	—		29,125		90,323		2,500		5,928		29,125		93,379		5,372		127,876		5,599		122,277		1990	6/11/2015	2-40 years
Dumont NYC	—		33,270		77,330		300		59		33,270		77,330		359		110,959		523		110,436		1910	10/19/2016	1-40 years
	$	142,890	$	506,161	$	2,024,340	$	117,283	$	383,355	$	503,571	$	2,287,104	$	240,464	$	3,031,139	$	358,485	$	2,672,654

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

⁽²⁾Encumbrance on the Sofitel Philadelphia is presented at face value, which excludes deferred financing costs which were immaterial at December 31, 2016.

⁽³⁾Encumbrance on the The Westin San Diego Gaslamp Quarter is presented at face value, which excludes deferred financing costs of $0.2 million at December 31, 2016.

⁽⁴⁾ Encumbrance on the Hotel Zelos San Francisco is presented at face value, which excludes loan premium and deferred financing costs of $0.4 million and $0.1 million, respectively, at December 31, 2016.