Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced it has priced its public offering of 4,500,000 common shares of beneficial interest, par value $0.01 per share, at a public offering price of $22.10 per share, for a total of approximately $95.3 million of net proceeds, after deducting the underwriting discount and other offering costs. The offering is expected to close on June 22, 2012. The underwriters have a 30-day option to purchase up to an additional 675,000 shares. All the shares are being sold by the Company. The Company will contribute the net proceeds of the offering to its operating partnership, which will use the net proceeds for general corporate purposes, which may include acquiring and investing in hotel properties in accordance with the Company’s investment strategy and reducing the Company’s debt. Wells Fargo Securities, BofA Merrill Lynch, and Raymond James are the joint book-running managers for the offering. Citigroup and RBC Capital Markets are acting as senior co-managers and Baird, Cowen and Company, Janney Montgomery Scott, Stifel Nicolaus Weisel, Capital One Southcoast, and Piper Jaffray are acting as co-managers. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the Company's common shares, nor shall there be any sale of the common shares or a solicitation of an offer to buy the common shares in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer will be made only by means of a prospectus, including a prospectus supplement, forming part of the effective shelf registration statement. Copies of the prospectus supplement and base prospectus relating to the common shares may be obtained by contacting Wells Fargo Securities, Attn: Equity Syndicate Department, 375 Park Avenue, New York, NY 10152, e-mail firstname.lastname@example.org, telephone (800) 326-5897, BofA Merrill Lynch, Attn: Prospectus Department, 222 Broadway, 7th Floor, New York, NY 10038, e-mail email@example.com, or Raymond James, Attn: Prospectus Department, 880 Carillon Parkway, St. Petersburg, FL 33716, e-mail firstname.lastname@example.org, telephone (800) 248-8863. About Pebblebrook Hotel Trust Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) organized to opportunistically acquire and invest primarily in upper upscale, full service hotels located in urban markets in major gateway cities. The Company owns 21 hotels, comprised of 15 wholly owned hotels, with a total of 3,920 guest rooms and a 49 percent joint venture interest in six hotels with 1,733 guest rooms. The Company owns, or has an ownership interest in, hotels located in nine states and the District of Columbia, including 14 markets: San Diego, California; San Francisco, California; Santa Monica, California; West Hollywood, California; Washington, DC; Miami, Florida; Buckhead, Georgia; Bethesda, Maryland; Boston, Massachusetts; Minneapolis, Minnesota; New York, New York; Philadelphia, Pennsylvania; Columbia River Gorge, Washington; and Seattle, Washington.