argonaut hotel , Property Information: Acquisition Price: $84.0M ($333K per room) Historic Performance: Location: Fisherman’s Wharf, San Francisco, CA 2011 EBITDA (under renovation)(1): $6.5M Acquired: February 16, 2011 2012 EBITDA(1): $8.5M Rooms: 252 Type: Upper-Upscale, Full-Service 2011 EBITDA Yield(1): 7.4% (1) Built: 1907 2012 EBITDA Yield : 9.5% Converted to a Hotel: (1) Estimated discount to replacement cost at time of acquisition; EBITDA based on previously disclosed hotel earnings before 2003 interest, taxes, depreciation and amortization (“EBITDA”); EBITDA Yield reflects certain capital investments made by Property Amenities: Pebblebrook as of year-end 2011 and year-end 2012. ▪252 guest rooms with views of the , , and the building ▪Over 8,000 SF of meeting space, including the 4,200 SF Golden Gate Ballroom and the 1,800 SF Maritime Room ▪Blue Mermaid Chowder House and Bar – a three-meal-a-day restaurant featuring fresh seafood fare ▪Fitness center and full-service business center ▪3,700 square feet of retail space, including: Starbucks, Ben & Jerry’s Homemade Ice Cream, Blazing Saddles Bike Rentals and Tours and Winery Collective Tasting Room Market Highlights: lobby guest room Market Overview: ▪ Fisherman’s Wharf is one of the most prominent tourist destinations in the US with numerous attractions, entertainment, dining and shopping Competitive Set: Map Year ▪ Proven history of double-digit RevPAR growth in recovery cycles Hotels Rooms ▪ San Francisco is the fifth most populous region in the nation and the Marker Opened second most populous in California Argonaut Hotel 252 2003 ▪ Highly educated population with array of top-tier educational institutions Holiday Inn San Francisco Fisherman’s Wharf 1 585 1970 including Stanford University, San Francisco and UC Berkeley Sheraton Hotel Fisherman’s Wharf 2 531 1975 ▪ Excellent transportation infrastructure, with three international airports, a Hyatt at Fisherman’s Wharf 3 313 1990 modern network of highways and an efficient public transportation system Marriott San Francisco Fisherman’s Wharf 4 285 1984 Demand Generators: Hilton San Francisco Fisherman’s Wharf 5 234 1980 ▪ Tourism: Fisherman’s Wharf Best Western Tuscan Inn at Fisherman’s Wharf 6 221 1990 - -Alcatraz Island Radisson Fisherman’s Wharf 7 355 1969 - Anchorage Square - Total (excluding Argonaut Hotel) 2,524 - Maritime National Historic Park ▪ The Moscone Convention Center ▪ Airports: Three international airports exterior ▪ Financial Center – Significant amount of multinational corporations in San Francisco ▪ High Technology – Silicon Valley ▪ Biotechnology – World leader in biotech investment ▪ San Francisco has varied environmental demand generators 7 leading to a diverse tourism base: - Pacific Ocean - Mountains - San Francisco Bay - National Parks 2 guest living room - Napa Valley 1 3 6

San Francisco - Nob Hill / Wharf Sub-Market Operating Performance 4 5 ADR RevPAR Occupancy Prior Peak Occupancy 2000-2012 ADR CAGR: 1.5% 2000-2012 RevPAR CAGR: 1.7% $195 85% $180 83% 80% $165 78% $150 75% Investment Highlights: $135 73% Strengths Opportunities $120 70% 68% . Attractive Fisherman’s Wharf location . Recently completed soft-goods $105 65% . ADR, Occupancy and RevPAR market leader renovation $90 63% . Irreplaceable asset and historic registered . No new hotel supply under $75 60% landmark construction . Excellent physical condition . Improved cash flow through . A+ location in truly world class city asset management Source: Smith Travel Research . Extremely high barriers to entry . Proximity to growth from Asia * Represents TTM peak occupancy for the San Francisco – Nob Hill / Wharf sub-market in the prior cycle. . International gateway market

This summary information sheet contains certain "forward-looking" statements relating to, among other things, hotel EBITDA and hotel net operating income after capital reserves. The forward-looking statements made are based on our beliefs, assumptions and expectations of future performance, taking into account all information currently available to us. Actual results could differ materially from the forward-looking statements made on this summary information sheet. When we use the words "projected," "expected," and "estimated" or other similar expressions, we are identifying forward-looking statements. The forward-looking statements on this summary information sheet are subject to the safe harbor of the Private Securities Litigation Reform Act of 1995. All information on this sheet is as of November 8, 2013. We undertake no duty to update the information to conform to actual results or changes in our expectations. For additional information, please visit our website at www.pebblebrookhotels.com