Company: PEB
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001474098-25-000039
Chunk: 124

Company: Pebblebrook Hotel Trust
Filing Date: 2025-02-26
Form: 10-K
Item: Item 2
Chunk 124
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2Newport, RI25846.Skamania LodgeNovember 3, 2010Stevenson, WA271Total number of guest rooms11,933

______________________

(1)    This property is subject to a long-term ground, air rights or hotel lease.

(2)    The restaurant facility at this property is subject to a ground lease. 

(3)    We own a 99.99% controlling interest in this property.

(4)    This property is subject to mortgage debt.

32

Hotel Managers and Hotel Management Agreements

We are a party to hotel management agreements with Davidson Hospitality Group, HEI Hotels and Resorts, Highgate, Kimpton Hotels and Restaurants, Marriott International, Noble House Hotels & Resorts, Pyramid Global Hospitality, Sage Hospitality, sbe Hotel Group, SH Hotels & Resorts, Springboard Hospitality and Viceroy Hotel Group.

Our management agreements generally have the terms described below: 

•Base Management Fees.  Our management agreements generally provide for the payment of base management fees between 1% and 4% of the applicable hotel's revenues or a fixed amount, as determined in the agreements.

•Incentive Management and Other Fees.   Some of our management agreements provide for the payment of incentive management fees. Generally, incentive management fees are 10% to 20% of net operating income above a specified return on project costs or as a percentage of net operating income above various net operating income thresholds. Some of our management agreements have a maximum incentive fee of 2% of revenue.

•Terms.  The remaining terms of our management agreements are up to 9 years, not including renewals, and up to 28 years, including renewals.

•Ability to Terminate.  The majority of our management agreements are terminable at will by us upon payment of a termination fee and some are terminable upon sale of the property. Most of the agreements also provide us the ability to terminate based on failure to achieve defined operating performance thresholds. Termination fees range from zero to up to three times the annual base management and incentive management fees, depending on the agreement and the reason for termination. The hotels with non-terminable management agreements and their respective expiration dates (assuming contracts with unilateral extension options of the management company are exercised) are as follows: 

PropertyExpiration DateThe Westin Michigan Avenue ChicagoDecember 2026The Westin Copley Place, BostonDecember 2028Mondrian Los AngelesMay 2041