Pebblebrook Hotel Trust Announces Exercise of Underwriters’ Overallotment Option and Closing of Public Offering of 6.50%

  Pebblebrook Hotel Trust Announces Exercise of Underwriters’ Overallotment
  Option and Closing of Public Offering of 6.50% Series C Cumulative
  Redeemable Preferred Shares

Business Wire

BETHESDA, Md. -- April 15, 2013

Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced the full
exercise of the underwriters' overallotment option and the sale of an
additional 400,000 6.50% Series C Cumulative Redeemable Preferred Shares of
Beneficial Interest of the Company (“Series C Preferred Shares”). The
overallotment option was granted in connection with the Company's underwritten
public offering of 3,600,000 Series C Preferred Shares which priced on March
11, 2013 and closed on March 18, 2013. The Series C Preferred Shares are
listed on the New York Stock Exchange under the symbol “PEBPrC.”

The aggregate of 4,000,000 Series C Preferred Shares were sold at a public
offering price of $25.00 per share. Total net proceeds, after deducting the
underwriting discount and estimated offering-related costs were approximately
$97.0 million.

The Company will contribute the net proceeds from the sale of the shares to
its operating partnership. The operating partnership will use the proceeds for
general corporate purposes, which may include acquiring and investing in hotel
properties in accordance with the Company’s investment strategy and reducing
the Company’s debt.

Raymond James and Citigroup were the joint book-running managers of the
offering. Baird and Stifel acted as co-managers.

About Pebblebrook Hotel Trust

Pebblebrook Hotel Trust is a publicly traded real estate investment trust
(“REIT”) organized to opportunistically acquire and invest primarily in upper
upscale, full-service hotels located in urban markets in major gateway cities.
The Company owns 26 hotels, including 20 wholly owned hotels with a total of
4,960 guest rooms and a 49% joint venture interest in six hotels with a total
of 1,733 guest rooms. The Company owns, or has an ownership interest in,
hotels located in ten states and the District of Columbia, across 16 markets:
Los Angeles, California; San Diego, California; San Francisco, California;
Santa Monica, California; West Hollywood, California; Miami, Florida;
Buckhead, Georgia; Bethesda, Maryland; Boston, Massachusetts; Minneapolis,
Minnesota; New York, New York; Portland, Oregon; Philadelphia, Pennsylvania;
Columbia River Gorge, Washington; Seattle, Washington; and Washington, DC.

All information in this release is as of April 15, 2013. The Company
undertakes no duty to update the statements in this release to conform the
statements to actual results or changes in the Company’s expectations.


Pebblebrook Hotel Trust
Raymond D. Martz, 240-507-1330
Chief Financial Officer
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