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  "documentTitle": "2026 02 Investor Presentation",
  "authorId": "Pebblebrook",
  "authorName": "Pebblebrook Hotel Trust",
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  "notes": "The table uses checkmarks to indicate the status of each property across different categories.",
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      "kind": "callout",
      "text": "Structural flexibility supports private value. Of Pebblebrook's 44 properties: 77% of hotels are completely unencumbered by non-terminable management, and franchise agreements. 91% of management agreements are terminable. 91% of assets are owned fee simple (61%) or on government/non-profit ground leases (30%).",
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      "text": "(1) Margaritaville Hollywood Beach Resort's management agreement becomes terminable at will beginning in September 2026. (2) The Westin Copley Place, Boston's management agreement expires in December 2028. (3) Embassy Suites San Diego Bay - Downtown's franchise agreement expires in January 2028. (4) Hotel Zeppelin San Francisco's ground lease applies to only 41% of its rooms, while the remaining 59% is owned fee simple.",
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