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  "documentTitle": "2026 02 Investor Presentation",
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  "authorName": "Pebblebrook Hotel Trust",
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  "notes": "The slide highlights recovery trends in urban markets, specifically noting headwinds in Los Angeles and Washington, DC.",
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      "text": "In 2025, Pebblebrook's urban occupancy remained 10 percentage points below 2019, creating meaningful upside as demand recovers amid constrained new supply.",
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      "text": "(1) Includes information for all urban hotels the Company owned as of December 31, 2025. Any differences are due to rounding. (2) Los Angeles was impacted by the brand conversion disruption at Hyatt Centric Delfina Santa Monica (Q4 2024-Q2 2025). These events negatively impacted RevPAR by approximately 640 bps in 2025 (vs. 2024), and reduced Hotel EBITDA by approximately $1.8 million in 2024 and $8.5 million in 2025. (3) Hotel EBITDA shown in millions.",
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      "text": "Hotel EBITDA: 183.6",
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      "text": "In 2025, Pebblebrook's urban occupancy remained 10 percentage points below 2019, creating meaningful upside as demand recovers amid constrained new supply. San Francisco offers the greatest recovery runway, Los Angeles benefits from much easier comparisons following 2025 fire-related disruption headwinds and a favorable multi-year events calendar, and Washington, DC benefits from much easier comparisons following government policy headwinds and the lengthy government shutdown.",
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      "text": "Pebblebrook's Top Urban Markets by EBITDA Contribution",
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