Pebblebrook Hotel Trust (NYSE: PEB):

Third Quarter and Year-to-Date Highlights

“Our hotel teams, in partnership with our asset managers, executed exceptionally well this quarter, delivering industry-leading cost discipline despite a softer revenue environment,” said Mr. Bortz. “Total expenses before fixed costs increased just 0.4% year-over-year, while expenses on a per-occupied-room basis declined by 2.0%, reflecting the continued success of our intense and relentless focus on creating operating efficiencies and reducing ongoing operating costs. These results highlight the benefits of our disciplined approach to labor management, procurement, and energy efficiency initiatives, which continue to strengthen both profitability and sustainability. This continued focus on operational efficiency helped mitigate the negative impact of challenging market conditions and softer group attendance, underscoring the resilience of our diversified operating model.”

Update on LaPlaya Recovery from Named Storms

LaPlaya Beach Resort & Club (“LaPlaya”), a 193-room luxury waterfront resort in Naples, Florida, completed its full restoration in the second quarter following damage sustained from Hurricanes Helene and Milton in late 2024. During the third quarter, the Company continued its targeted physical improvements to further strengthen the resort’s resilience against future weather events. These improvements are expected to be substantially complete by the end of this month.

LaPlaya is included in Same-Property results for the first three quarters of 2025 but will be excluded in the fourth quarter for both 2025 and 2024 due to last year’s storm impact. The Company recognized $2.1 million of business interruption (“BI”) insurance income in the third quarter, slightly above its $2.0 million outlook, and expects another $2.0 million in the fourth quarter, in line with the prior outlook, bringing the forecasted full-year BI insurance recovery to $11.6 million. This income contributes to Adjusted EBITDAre and Adjusted FFO, but is excluded from Same-Property Hotel EBITDA.

Capital Investments and Strategic Property Redevelopments

During the third quarter, the Company invested $14.2 million in capital improvements across its portfolio, excluding investments related to LaPlaya’s repair and restoration. With the bulk of its multi-year $525-million strategic redevelopment program now complete, Pebblebrook has transitioned into a lower, more normalized level of annual capital investments.

This lower run-rate of capital investments increases discretionary corporate cash flow and strengthens the balance sheet, providing greater flexibility to allocate capital toward shareholder returns, debt reduction, and targeted high-ROI opportunities. For the full year, total capital investments are expected to range between $65 and $75 million, primarily for routine capital maintenance, property refreshes, and select enhancements designed to elevate guest experiences and generate attractive property investment returns.

Balance Sheet and Share Repurchases

On September 18, 2025, the Company completed a $400 million private offering of 1.625% Convertible Notes due 2030 and used the proceeds to retire an equal amount of its 1.75% Convertible Notes due 2026 at a 2% discount to par. This transaction extended the maturity of a significant portion of the Company’s debt at a highly attractive cost of capital, leaving $350 million of the 2026 Notes outstanding.

In connection with this offering, the Company also entered into capped calls providing dilution protection up to a conversion price of $20.23/share, and repurchased approximately 4.3 million common shares at $11.56/share. Together, these actions increased the effective all-in equity conversion price to $24.43/share, driving immediate NAV per share accretion and FFO per share benefit while preserving long-term equity value.

With $232 million of cash and restricted cash on hand and strong ongoing operating cash flow generation, Pebblebrook expects to utilize cash to address the remaining $350 million of Convertible Notes maturing in December 2026. The Company also maintains significant flexibility with $642 million of available capacity on its $650 million senior unsecured revolving credit facility.

As of September 30, 2025, the Company’s debt carries a 4.1% weighted-average interest rate and a weighted-average debt maturity of 2.9 years, with 96% of the debt effectively fixed at 4.0%. Net debt to trailing 12-month corporate EBITDA was 6.1x.

During the quarter, the Company also repurchased $1.4 million par value of its preferred shares at an attractive 27% average discount to par value, reducing total outstanding preferred equity securities to $766.2 million.

On October 21, 2025, the Company’s Board of Trustees approved a new $150 million common share repurchase program, underscoring Pebblebrook’s ongoing commitment to enhancing shareholder value and maintaining a flexible, opportunistic capital allocation strategy in light of the significant discounts to NAV at which the Company’s common shares continue to trade.

Common and Preferred Dividends

On September 15, 2025, the Company declared a quarterly cash dividend of $0.01 per share on its common shares and a regular quarterly cash dividend for the following preferred shares of beneficial interest:

• $0.39844 per 6.375% Series E Cumulative Redeemable Preferred Share;
• $0.39375 per 6.3% Series F Cumulative Redeemable Preferred Share;
• $0.39844 per 6.375% Series G Cumulative Redeemable Preferred Share; and
• $0.35625 per 5.7% Series H Cumulative Redeemable Preferred Share.

Update on Curator Hotel & Resort Collection

Curator Hotel & Resort Collection (“Curator”) is a global alliance of experiential, independent lifestyle hotels and resorts, founded by Pebblebrook in partnership with leading independent operators. As of September 30, 2025, Curator included 83 member properties and 124 preferred vendor agreements, providing members with advantageous pricing, enhanced contract terms, and early access to innovative technologies, including AI and robotics. These benefits also extend across Pebblebrook’s portfolio. Curator’s mission is to strengthen independent hotels through best-in-class agreements, shared services, and technology that enhance performance and elevate the guest experience.

2025 Outlook

The Company’s 2025 Outlook reflects modest reductions at the midpoints from prior expectations, primarily due to the temporary impacts from the federal government shutdown, which has negatively impacted travel demand across the country, and most notably in Washington, D.C. and San Diego. Adjusted FFO per diluted share remains unchanged at the midpoint and increased at the low end. The revised outlook assumes the federal government shutdown will be resolved in the very near term and that travel conditions will normalize thereafter; a materially longer shutdown would represent an incremental negative headwind not reflected in this revised outlook. The outlook also assumes stable macroeconomic and weather conditions, and excludes any potential acquisitions or dispositions.

The Company's Q4 2025 Outlook includes an estimated $2.0 million from an expected initial BI insurance income settlement related to LaPlaya for lost income due to Hurricane Milton. While BI insurance income does not affect Same-Property Hotel EBITDA, it positively impacts Adjusted EBITDAre, Adjusted FFO, and Net income (loss).

Third Quarter 2025 Earnings Call

The Company will conduct its quarterly analyst and investor conference call on Thursday, November 6, 2025, beginning at 11:00 AM ET. Please dial (877) 407-3982 approximately ten minutes before the call begins to participate. A live webcast of the conference call will also be available through the Investor Relations section of www.pebblebrookhotels.com. To access the webcast, click on https://investor.pebblebrookhotels.com/news-and-events/webcasts/default.aspx ten minutes before the conference call. A replay of the conference call webcast will be archived and available online.

About Pebblebrook Hotel Trust

Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) and the largest owner of urban and resort lifestyle hotels and resorts in the United States. The Company owns 46 hotels and resorts, totaling approximately 12,000 guest rooms across 13 urban and resort markets. For more information, visit www.pebblebrookhotels.com and follow @PebblebrookPEB.

This press release contains certain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “forecast,” “continue,” “assume,” “plan,” references to “outlook,” or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections and forecasts, and other forward-looking information and estimates. Examples of forward-looking statements include the following: descriptions of the Company’s plans or objectives for future capital investment projects, operations, or services; forecasts of the Company’s future economic performance; forecasts of hotel industry performance; expectations of business interruption insurance proceeds; and descriptions of assumptions underlying or relating to any of the foregoing expectations including assumptions regarding the timing of their occurrence. These forward-looking statements are subject to various risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy and the supply of hotel properties, and other factors as are described in greater detail in the Company’s filings with the SEC, including, without limitation, the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

For further information about the Company’s business and financial results, please refer to the "Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained at the Investor Relations section of the Company’s website at www.pebblebrookhotels.com.

All information in this press release is as of November 5, 2025. The Company undertakes no duty to update the statements in this press release to conform the statements to actual results or changes in the Company’s expectations.

For additional information or to receive press releases via email, please visit www.pebblebrookhotels.com