Pebblebrook Hotel Trust · NYSE:PEB
Pebblebrook Hotel Trust — Q3 2026 Earnings Presentation
26 slides from Pebblebrook Hotel Trust's earnings presentation, Oct 30, 2026
Slide 1: October 2026 Investor Presentation
October 2026 Investor Presentation l’auberge del mar
Slide 2: Reasons to Invest in Pebblebrook
INVESTOR PRESENTATION OCTOBER 2026 Reasons to Invest in Pebblebrook Growing Hotel EBITDA Through Urban Recovery, Redevelopment ROI, and Accretive Capital Allocation 1 Favorable Lodging Cycle Setup Supports Multi-Year Recovery Supported by improving hotel demand, minimal new supply growth, recovering
Slide 3: A Higher-Quality, Balanced Portfolio with Resort Cash Flow and Urban Recovery Upside
INVESTOR PRESENTATION OCTOBER 2026 A Higher-Quality, Balanced Portfolio with Resort Cash Flow and Urban Recovery Upside Since 2019, Pebblebrook has repositioned its portfolio to 100% luxury and upper-upscale hotels, shifted toward higher-quality leisure and group demand, increased resort and East Co
Slide 4: Favorable Lodging Cycle Supports Multi-Year EBITDA Recovery
INVESTOR PRESENTATION OCTOBER 2026 Favorable Lodging Cycle Supports Multi-Year EBITDA Recovery Pebblebrook’s recovery is not dependent on a single event or one-time comparative benefit. The setup for 2027–2028 continues to support EBITDA growth through demand normalization, historically low supply g
Slide 5: Hotel EBITDA Growth Opportunity of ~$90M Underway
INVESTOR PRESENTATION OCTOBER 2026 Hotel EBITDA Growth Opportunity of ~$90M Underway From 2026 through 2028, the Company expects to deliver approximately $90M of incremental Hotel EBITDA above 2025 levels, driven by the remaining ROI upside from recent major redevelopments, LaPlaya’s post- hurricane
Slide 6: Urban Recovery Creates Significant EBITDA Upside Amid Limited New Supply
INVESTOR PRESENTATION OCTOBER 2026 Urban Recovery Creates Significant EBITDA Upside Amid Limited New Supply For the twelve months trailing September 2026, Pebblebrook’s urban occupancy remained 9 percentage points below 2019 levels, and Hotel EBITDA was still $86 million lower, highlighting meaningf
Slide 7: Urban Recovery Scenario: ~$70M of Hotel EBITDA Upside at Still-Below-2019 Occupancy
INVESTOR PRESENTATION OCTOBER 2026 Urban Recovery Scenario: ~$70M of Hotel EBITDA Upside at Still-Below-2019 Occupancy Pebblebrook’s urban recovery remains in progress. The recovery scenario assumes occupancy improves to approximately 80% — still below 2019’s 85% — generating ~$70M of incremental Ho
Slide 8: 2027–2028: Demand Calendar Extends Beyond 2026
INVESTOR PRESENTATION OCTOBER 2026 2027–2028: Demand Calendar Extends Beyond 2026 Demand normalization and limited supply underpin the $70M urban EBITDA upside, with city-specific catalysts adding further upside through 2028 and helping offset 2026 events that will not recur. Market 2027 2028 • Supe
Slide 9: Asset Sales and Free Cash Flow Fund NAV Accretion
INVESTOR PRESENTATION OCTOBER 2026 Asset Sales and Free Cash Flow Fund NAV Accretion Since August 2025, Pebblebrook has taken significant steps to strengthen its balance sheet and narrow the gap between public and private market value, including asset sales, debt reduction, discounted preferred equi
Slide 10: Balance Sheet: Low Cost, No Significant Maturities Until 2028
INVESTOR PRESENTATION OCTOBER 2026 Balance Sheet: Low Cost, No Significant Maturities Until 2028 • Estimated 2026 retained free cash flow of $148.0M(1) supports debt reduction, opportunistic repurchases, and investments. • 2026 convertible notes expected to be addressed with existing cash on hand an
Slide 11: Public Share Price Implies Discount to Private-Market NAV
INVESTOR PRESENTATION OCTOBER 2026 Public Share Price Implies Discount to Private-Market NAV Pebblebrook regularly evaluates its property values and NAV using transaction data, financing conditions, market fundamentals, forward-looking cash flows, and buyer sentiment. At a recent share price of ~$20
Slide 12: Why PEB Assets Command Premium Private-Market Valuations
INVESTOR PRESENTATION OCTOBER 2026 Why PEB Assets Command Premium Private-Market Valuations Pebblebrook’s portfolio combines recently redeveloped and repositioned upper-upscale and luxury lifestyle assets, broad operating flexibility, and favorable ownership structures — all of which expand the buye
Slide 13: Prior Cycles Show Stronger RevPAR Growth When Demand Outpaces Supply
INVESTOR PRESENTATION OCTOBER 2026 Prior Cycles Show Stronger RevPAR Growth When Demand Outpaces Supply Prior cycles (2002–2007 and 2010–2016) demonstrate the correlation between GDP growth and U.S. hotel demand, and that periods of demand outpacing supply have historically supported stronger RevPAR
Slide 14: PEB Trades Well Below Prior Recovery-Cycle Valuations
INVESTOR PRESENTATION OCTOBER 2026 PEB Trades Well Below Prior Recovery-Cycle Valuations Hotel REIT valuations have historically re-rated higher in the early years of a new cycle, as investors begin to price in accelerating RevPAR and Hotel EBITDA growth. During the 2011–2016 recovery, PEB traded at
Slide 15: Appendix
Appendix A. Portfolio & Supply 16 – 17 B. Redevelopment Projects & Case Studies 18 – 20 C. Convert Mechanics & Balance Sheet 21 – 22 D. Historical Operating Data 23 – 25 15 skamania lodge
Slide 16: Management, Brand/Franchise, & Ground Lease Flexibility
INVESTOR PRESENTATION OCTOBER 2026 Management, Brand/Franchise, & Ground Lease Flexibility Management & Brand/Franchise Type Ownership/Lease Structure Structural flexibility supports Property Completely Non-Terminable Non-Terminable Fee Simple Gov’t/Non-Profit Private-Party Unencumbered Management B
Slide 17: Low New Supply Aids Urban Recovery as Demand Normalizes
INVESTOR PRESENTATION OCTOBER 2026 Low New Supply Aids Urban Recovery as Demand Normalizes Across Pebblebrook’s key urban markets, limited new supply should support growing occupancies and pricing power as business travel, convention demand, and international inbound travel continue to recover. Supp
Slide 18: Successful Track Record with Redevelopment Projects
INVESTOR PRESENTATION OCTOBER 2026 Successful Track Record with Redevelopment Projects Pebblebrook has a strong track record of investing capital to elevate and remerchandise properties, enhance the guest experience, and revitalize open spaces and underutilized venues. Major redevelopments completed
Slide 19: Urban Case Studies: Redevelopment & Value Creation
INVESTOR PRESENTATION OCTOBER 2026 Urban Case Studies: Redevelopment & Value Creation Selected recent projects demonstrate Pebblebrook’s ability to convert targeted capital into measurable EBITDA growth and private-market value creation. 1 Hotel San Francisco $28.0M Total Capital, $19.6M ROI-Focused
Slide 20: Resort Case Studies: Redevelopment & Value Creation
INVESTOR PRESENTATION OCTOBER 2026 Resort Case Studies: Redevelopment & Value Creation Estancia La Jolla Hotel & Spa $26.0M Total Capital, $18.2M ROI-Focused In 2023–2024, Estancia La Jolla Hotel & Spa completed a two-phase comprehensive redevelopment and upscaling. The repositioning featured upgrad
Slide 21: Convertible Note Mechanics
INVESTOR PRESENTATION OCTOBER 2026 Convertible Note Mechanics Pebblebrook’s $400 million 1.625% convertible senior notes due 2030 have become increasingly relevant to value given PEB’s recent share price performance. The mechanics of this transaction are summarized below. Stock Shares Issued Shares
Slide 22: Credit Metrics & Preferred Equity
INVESTOR PRESENTATION OCTOBER 2026 Credit Metrics & Preferred Equity • Since year-end 2025, EBITDA growth and reductions in net debt and preferred equity have strengthened the Company’s financial position and credit metrics, with net debt to trailing 12-month Corporate EBITDA improving to 5.1x as of
Slide 23: Historical Hotel EBITDA – Resorts
INVESTOR PRESENTATION OCTOBER 2026 Historical Hotel EBITDA – Resorts & Notable Impacts Over the Years 2025 Portfolio / Hotel 2019 2020 2021 2022 2023 2024 2025 Naples, FL was negatively impacted by per Key Hurricane Ian (2022) and Hurricanes Unique Lifestyle Resorts Helene and Milton (2024). LaPlaya
Slide 24: Historical Hotel EBITDA – Urban
INVESTOR PRESENTATION OCTOBER 2026 Historical Hotel EBITDA – Urban & Notable Impacts Over the Years 2025 Portfolio / Hotel 2019 2020 2021 2022 2023 2024 2025 per Key Boston Urban Liberty $21.2 $0.3 $10.5 $21.1 $18.5 $20.0 $16.7 $56.0 Westin Copley 32.9 (4.4) 3.0 30.7 33.7 35.1 34.0 42.3 Revere 11.8
Slide 25: Historical Hotel EBITDA – Urban/Total
INVESTOR PRESENTATION OCTOBER 2026 Historical Hotel EBITDA – Urban/Total & Notable Impacts Over the Years 2025 Portfolio / Hotel 2019 2020 2021 2022 2023 2024 2025 per Key San Francisco Urban 1 Hotel San Francisco completed its 1 Hotel SF $7.5 ($4.0) ($4.9) ($2.9) $4.7 $3.0 $6.5 $32.5 transformation
Slide 26: Forward-Looking Statements
INVESTOR PRESENTATION OCTOBER 2026 Forward-Looking Statements This presentation contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of Pebblebrook Hotel Trust’s (the “Company” o