Pebblebrook Hotel Trust (PEB) Investor presentation summary

Portfolio repositioning and market focus

• Shifted portfolio toward higher-quality leisure and group demand, increasing resort and East Coast concentration while reducing West Coast urban exposure, resulting in a more durable earnings profile and enhanced upside potential as urban markets recover.

• Resorts now contribute 48% of Hotel EBITDA, with East Coast properties accounting for 56%.

• Top five markets represent 69% of Hotel EBITDA, with significant growth in Boston, Naples, and Key West.

Value creation and redevelopment

• Invested $274M in ROI-focused capital from 2018–2024, driving incremental EBITDA through market share gains, stronger rate realization, and higher ancillary revenue.

• Major redevelopments, such as 1 Hotel San Francisco and Hilton San Diego Gaslamp Quarter, have delivered cash-on-cash returns of 36–39% and significant value creation.

• Resort redevelopments, including Estancia La Jolla and Newport Harbor Island Resort, generated 19–23% cash-on-cash returns with further upside expected.

Financial performance and upside potential

• Estimated $86M of incremental Hotel EBITDA over the next three years, driven by redevelopment ROI, La Playa’s ramp-up, and urban market recovery.

• Urban recovery could add up to $70M in incremental Hotel EBITDA as occupancy and demand rebound, especially in San Francisco and Los Angeles.

• 2025 Hotel EBITDA in luxury/upper-upscale segments reached $274M, with a business/leisure customer mix of 50/50.