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Pebblebrook Hotel Trust Announces Public Offering of Common Shares

BETHESDA, Md., Mar 31, 2011 (BUSINESS WIRE) --

Pebblebrook Hotel Trust (NYSE: PEB) (the "Company") today announced the commencement of a public offering of 8,000,000 common shares of beneficial interest, par value $0.01 per share. The Company intends to grant the underwriters of the offering a 30-day option to purchase up to an additional 1,200,000 common shares to cover overallotments, if any. The common shares will be offered pursuant to the Company's effective registration statement that was previously filed with the Securities and Exchange Commission.

The Company will contribute the net proceeds of the offering to its operating partnership, which will use the net proceeds to acquire and invest in hotel properties in accordance with the Company's investment strategy and for general business purposes.

BofA Merrill Lynch, Raymond James and Wells Fargo Securities are the joint book-running managers for the offering. RBC Capital Markets, Janney Montgomery Scott and Piper Jaffray are the co-managers for the offering.

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 preliminary prospectus supplement, forming part of the effective shelf registration statement.

Copies of the preliminary prospectus supplement and base prospectus relating to the common shares may be obtained by contacting BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attn: Prospectus Department, Raymond James toll free at 1-800-248-8863 or Wells Fargo Securities, 375 Park Avenue, New York, NY 10152, Attn: Equity Syndicate Department, (email: cmclientsupport@wellsfargo.com or telephone: (800) 326-5897).

About Pebblebrook Hotel Trust

Pebblebrook Hotel Trust is a publicly traded real estate investment trust organized to opportunistically acquire and invest primarily in upper-upscale, full-service hotels located in large urban and resort markets with an emphasis on the major coastal cities. The Company owns nine hotels with a total of 2,552 guest rooms in six states and the District of Columbia, including San Francisco, California; Washington, D.C.; Santa Monica, California; Minneapolis, Minnesota; Bethesda, Maryland; Buckhead, Georgia; Stevenson, Washington; and Philadelphia, Pennsylvania.

This press release contains certain "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are based upon the Company's expectations, but these statements are not guaranteed to occur. Investors should not place undue reliance upon forward-looking statements.

SOURCE: Pebblebrook Hotel Trust

Pebblebrook Hotel Trust
Raymond D. Martz, Chief Financial Officer
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