Pebblebrook Hotel Trust — Director's Dealing 2013

Jan 4, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Pebblebrook Hotel Trust (PEB)
CIK: 0001474098
Period of Report: 2012-12-31

Reporting Person: Fisher Thomas Charles (EVP, Chief Investment Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-12-31	Common Shares	M	14473	—	Acquired	47383	Direct
2013-01-02	Common Shares	F	2767	$23.10	Disposed	44616	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-12-31	LTIP Units	$	M	18940	Disposed		Common Shares (18940)	Direct

Footnotes

F1: In December 2012, the reporting person converted 18,940 vested units of limited partnership interest ("LTIP Units") in Pebblebrook Hotel L.P. (the "Operating Partnership"), of which Pebbebrook Hotel Trust (the "Issuer") is the general partner, into Common Units of the Operating Partnership on a one-for-one basis. On December 31, 2012, the reporting person tendered 18,940 Common Units to the Operating Partnership for redemption. 14,473 of the Common Units were redeemed for an aggregate of 14,473 common shares of beneficial interest, $0.01 par value per share, of the Issuer ("Common Shares") and 4,467 Common Units were redeemed for cash.

F2: Represents Common Shares sold to the Issuer as payment of tax withholding due upon vesting of 7,778 restricted Common Shares on January 2, 2013.

F3: Vested LTIP Units, upon achieving parity with Common Units pursuant to the terms of the partnership agreement, may be converted at any time, at the election of the holder, for Common Units on a one-for-one basis. The LTIP Units have no expiration date. The LTIP Units were issued pursuant to the Issuer's 2009 Equity Incentive Plan.