Pebblebrook Hotel Trust is a REIT that owns and actively manages a portfolio of 44 upscale and upper-upscale hotels and resorts totaling roughly 11,000 guest rooms. The portfolio is split between urban hotels in major gateway coastal cities — Boston, San Francisco, Washington D.C., Los Angeles, San Diego, and Chicago — and drive-to leisure resorts in markets like Naples, Key West, Newport, and Jekyll Island. Because REITs cannot operate hotels directly, Pebblebrook leases its properties to a taxable REIT subsidiary, which then contracts with third-party management companies to run day-to-day operations. Pebblebrook's in-house asset management team works alongside these operators on pricing, staffing, and capital decisions. Revenue is driven by room revenue plus out-of-room spend on food and beverage, events, spas, and parking — non-room revenues represent over 38% of total revenues. A core element of Pebblebrook's strategy is an active redevelopment program, having invested over $525M transforming properties to add restaurants, bars, event venues, and upgraded amenities, with the goal of driving higher rates, market share gains, and expanded out-of-room spend. Pebblebrook also holds a majority interest in Curator Hotel & Resort Collection, a platform for independent and lifestyle hotels that provides preferred contracts and technology while allowing properties to maintain distinct identities. Capital allocation currently prioritizes share buybacks and debt reduction over acquisitions.