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: BORTZ JON E (Director, Chairman, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-02-20	Common Shares	A	64380	—	Acquired	673340	Direct
2015-02-20	Common Shares	F	20956	$48.90	Disposed	652384	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	200000	Indirect
Common Shares	200	Indirect

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 64,380 Common Shares.

F3: The reporting person disclaims beneficial ownership of these shares held by an immediate family member sharing his household, and this report should not be deemed an admission that the reporting person is the beneficial owner of such shares for purposes of Section 16 or for any other purpose.