Pebblebrook Hotel Trust — Director's Dealing 2015

Feb 24, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Pebblebrook Hotel Trust (PEB)
CIK: 0001474098
Period of Report: 2015-02-20

Reporting Person: Martz Raymond D (Exec VP, CFO, Treasurer, Secre)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-02-20	Common Shares	A	25484	—	Acquired	179349	Direct
2015-02-20	Common Shares	F	8499	$48.90	Disposed	170850	Direct

Footnotes

F1: The Common Shares were issued to the reporting person upon certification by the Compensation Committee of the Board of Trustees of the Issuer of the extent to which the performance objectives of the performance-based equity incentive award made in February 2012 to the reporting person had been achieved. The reporting person earned 100% of the maximum number of Common Shares issuable pursuant to the award. For more information on the performance-based equity incentive award, including the performance objectives and measurement period, see the Issuer's Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on April 27, 2012.

F2: Represents Common Shares sold to the Issuer as payment of tax withholding due upon vesting of 25,484 Common Shares.