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  "documentTitle": "2026 02 Investor Presentation",
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  "authorName": "Pebblebrook Hotel Trust",
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      "text": "Unencumbered hotels have historically commanded 10-20% valuation premiums, driven by broader buyer universe, complete branding and management flexibility, key money and capital support, and operating and concepting optionality.",
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      "text": "Note: Percentages are based on hotels owned by the Company as of December 31, 2025. For further details on portfolio unencumbrance and ownership/lease structure, please refer to the Appendix on page 22. (1) \"Unencumbered\" means the hotel is not subject to non-terminable management, brand, soft-brand, or franchise agreements that would restrict a sale.",
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      "text": "revere hotel boston common",
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      "text": "le parc at melrose",
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      "text": "1. High-Quality, Well-Maintained Portfolio: Nearly all of Pebblebrook's hotels have undergone major renovations or redevelopments, thereby: Enhancing the physical assets; Positioning the portfolio to capture market share and drive operational outperformance; and Reducing near-term capital requirements.",
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      "text": "2. Largely Unencumbered Portfolio (77% of Hotels): Unencumbered hotels have historically commanded 10-20% valuation premiums, driven by: Broader buyer universe; Complete branding and management flexibility; Key money and capital support; Operating and concepting optionality.",
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      "text": "3. Beneficial Ownership Structure (91% of Portfolio = Fee Simple or Preferred Ground Lease): Ownership structure impacts valuation: Fee Simple (61% of Portfolio); Government/Non-Profit Ground Lease (30% of Portfolio); Limited Private-Party Ground Lease exposure.",
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      "text": "Why PEB Assets Command Premium Valuations",
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