Pebblebrook Hotel Trust — Director's Dealing 2010

Jan 13, 2010

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: Pebblebrook Hotel Trust (PEB)
CIK: 0001474098
Period of Report: 2010-01-11

Reporting Person: Fisher Thomas Charles (CIO)

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
LTIP Units	$		Common Shares (47349)		Direct

Footnotes

F1: Represents restricted units of partnership interests ("LTIP Units") in Pebblebrook Hotel, L.P. (the "Operating Partnership"), of which the Issuer is the general partner. Vested LTIP Units, upon achieving parity with the Operating Partnership units pursuant to the terms of the partnership agreement, may be exchanged at any time, at the election of the holder, for Operating Partnership units on a one-for-one basis or at the Issuer's option, an equivalent amount of cash. 9,470 LTIP Units vest on each of the first four anniversaries of the date of grant, and 9,469 Units vest on the fifth anniversary of the date of grant, all subject to the reporting person's continued employment with the Issuer. The LTIP Units have no expiration date. The LTIP Units were issued pursuant to the Issuer's 2009 Equity Incentive Plan.