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Organization
 9 Months Ended
Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization Organization
Pebblebrook Hotel Trust (the "Company") was formed as a Maryland real estate investment trust in October 2009 to opportunistically acquire and invest in hotel properties located primarily in major United States cities, with an emphasis on major gateway coastal markets.
As of September 30, 2020, the Company owned 53 hotels with a total of 13,236 guest rooms. The hotels are located in the following markets: Boston, Massachusetts; Chicago, Illinois; Key West, Florida; Miami (Coral Gables), Florida; Los Angeles, California (Beverly Hills, Santa Monica, and West Hollywood); Naples, Florida; New York, New York; Philadelphia, Pennsylvania; Portland, Oregon; San Diego, California; San Francisco, California; Seattle, Washington; Stevenson, Washington; and Washington, D.C.
Substantially all of the Company’s assets are held by, and all of the Company's operations are conducted through, Pebblebrook Hotel, L.P. (the "Operating Partnership"). The Company is the sole general partner of the Operating Partnership. At September 30, 2020, the Company owned 99.8% of the common limited partnership units issued by the Operating Partnership ("common units"). The remaining 0.2% of the common units are owned by the other limited partners of the Operating Partnership. For the Company to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"), it cannot operate the hotels it owns. Therefore, the Operating Partnership and its subsidiaries lease the hotel properties to subsidiaries of Pebblebrook Hotel Lessee, Inc. (collectively with its subsidiaries, "PHL"), a taxable REIT subsidiary ("TRS"), which in turn engage third-party eligible independent contractors to manage the hotels. PHL is consolidated into the Company’s financial statements.

COVID-19 Operations and Liquidity Update
In March 2020, the World Health Organization declared the novel coronavirus ("COVID-19") to be a global pandemic and the virus has continued to spread throughout the United States and the world. As a result of this pandemic and subsequent government mandates and health official recommendations, hotel demand was nearly eliminated. Following the government mandates and health official recommendations, the Company temporarily suspended operations at a majority of its hotels and resorts and dramatically reduced staffing and expenses at the hotels that remained operational. Travel restrictions have slowly eased in a few markets and leisure demand began to recover late in the second quarter. As of September 30, 2020, 35 of the Company's hotels, listed below, were open, while the operations at the remaining 18 hotels were still temporarily suspended.
PropertyLocation
1.L'Auberge Del MarDel Mar, CA
2.Hotel Palomar Los Angeles Beverly HillsLos Angeles, CA
3.W Los Angeles - West Beverly HillsLos Angeles, CA
4.Mondrian Los AngelesWest Hollywood, CA
5.Le Meridien Delfina Santa MonicaSanta Monica, CA
6.Viceroy Santa Monica HotelSanta Monica, CA
7.Le Parc Suite HotelWest Hollywood, CA
8.Montrose West HollywoodWest Hollywood, CA
9.Chamberlain West Hollywood HotelWest Hollywood, CA
10.Grafton on SunsetWest Hollywood, CA
11.Embassy Suites San Diego Bay - DowntownSan Diego, CA
12.Paradise Point Resort & SpaSan Diego, CA
13.San Diego Mission Bay ResortSan Diego, CA
14.The Westin San Diego Gaslamp QuarterSan Diego, CA
15.Hilton San Diego Gaslamp QuarterSan Diego, CA
16.Solamar HotelSan Diego, CA
17.Hotel SperoSan Francisco, CA
18.Hotel Zetta San FranciscoSan Francisco, CA
19.Chaminade Resort & SpaSanta Cruz, CA
20.Southernmost Beach ResortKey West, FL
21.The Marker Key West Harbor ResortKey West, FL
22.LaPlaya Beach Resort and ClubNaples, FL
23.Hotel Colonnade Coral Gables, Autograph CollectionMiami, FL
24.The Liberty, A Luxury Collection Hotel, BostonBoston, MA
25.Revere Hotel Boston CommonBoston, MA
26.Hyatt Regency Boston HarborBoston, MA
27.W BostonBoston, MA
28.The Westin Copley Place, BostonBoston, MA
29.George HotelWashington, DC
30.Viceroy Washington DCWashington, DC
31.Skamania LodgeStevenson, WA
32.Hotel Monaco SeattleSeattle, WA
33.The Nines, a Luxury Collection Hotel, PortlandPortland, OR
34.Hotel Chicago Downtown, Autograph CollectionChicago, IL
35.Sofitel Philadelphia at Rittenhouse SquarePhiladelphia, PA
Subsequent to September 30, 2020, the Company re-opened 4 additional hotels and anticipates re-opening additional hotels when demand recovers.
COVID-19 has had a significant negative impact on the Company's operations and financial results to date and the Company expects that the COVID-19 pandemic will continue to have a significant negative impact on the Company's results of operations, financial position and cash flow for the remainder of 2020 and into 2021. The Company cannot estimate when travel demand will recover. As a result of this uncertainty, in March 2020, the Company fully drew down on its $650.0 million unsecured revolving credit facility, reduced the quarterly cash dividend on its common shares to one penny, reduced planned capital expenditures, reduced the compensation of its executive officers, board of trustees and employees, and, working closely with its hotel operating partners, significantly reduced its hotels' operating expenses. On June 29, 2020, the Company amended its existing credit facilities, term loan facilities and senior notes. Among other things, the amendments extended the maturity of
a significant portion of a $300.0 million term loan from November 2021 to November 2022, waived existing financial covenants through the end of the first quarter of 2021 and provided substantially less restrictive financial covenants through the end of the second quarter of 2022. Refer to "Note 5. Debt" for additional information regarding the amendments. Based on these amendments and the expense and cash flow reductions, the Company believes that it will have sufficient liquidity to meet its obligations for the next twelve months. The negative impact will result in a significant income tax loss in PHL. Given the continued negative impact of the COVID-19 pandemic on the Company's financial results and uncertainties about the Company's ability to utilize its net operating loss in future years, the Company recognized a valuation allowance of $10.0 million during the third quarter of 2020. As of September 30, 2020, the Company has a tax asset of $11.7 million attributable to the net operating loss carryback, which is included in prepaid expenses and other assets in the accompanying consolidated balance sheets.
The Company also adopted an optional remote-work policy and other physical distancing policies at its corporate office and the Company does not anticipate these policies to have any adverse impact on its ability to continue to operate its business.  Transitioning to a remote-work environment has not had a material adverse impact on the Company's financial reporting system, internal controls or disclosure controls and procedures.