<PAGE>   1




                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q


Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act
of 1934

For Quarter Ended:   June 30, 1999          Commission File Number:  0-16840
                    -----------------------                          -------


                      PSH MASTER L.P. I
-------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)


    Delaware                                              31-1204568
-------------------------------------------------------------------------------
(State of Organization)                     (IRS Employer Identification Number)


                       P.O. Box 18035, Columbus, OH  43218
-------------------------------------------------------------------------------
(Address of Principal Executive Offices, including Zip Code)


                       (614) 227-4235
-------------------------------------------------------------------------------
(Registrant's Telephone Number, including Area Code)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

     X    Yes          No
   -----       ------

The number of outstanding Units of Limited Partner Interest in the Registrant,
as represented by Depository Receipts at June 30, 1999 was 3,110,000.



<PAGE>   2


                                PSH MASTER L.P. I

                               REPORT ON FORM 10-Q

                       FOR THE QUARTER ENDED JUNE 30, 1999






                                      Index
                                      -----

                                                                         Page
                                                                        Number
                                                                        ------

  Part I.  Financial Information

         Item 1:   Financial Statements:

                         Balance Sheets                                     3

                         Statements of Operations                           4

                         Statements of Cash Flows                           6

                         Notes to Financial Statements                      7

         Item 2:   Management's Discussion and Analysis of
                         Financial Condition and Results of Operation       9


  Part II. Other Information

                         Items 1 through 5                                  9

                         Item 6 - Exhibits and Reports on Form 8-K          9


            Signatures                                                     10



                                       2
<PAGE>   3


                                PSH MASTER L.P.I
                                 BALANCE SHEETS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
Assets                                                           June 30, 1999  December 31,1998
                                                                 -------------  ----------------
<S>                                                               <C>             <C>
Current assets:
 Cash and cash equivalents                                        $   990,899     $ 1,023,997
 Accounts receivable, General Partner                                   2,929           2,929
 Accounts receivable, trade                                                             3,406
                                                                  -----------     -----------

  Total current assets                                                993,828       1,030,332
                                                                  -----------     -----------

Property and equipment:
 Furniture, fixtures and equipment                                      7,695           7,695
                                                                  -----------     -----------

  Total                                                                 7,695           7,695
 Less accumulated depreciation and amortization                        (7,695)         (7,640)
                                                                  -----------     -----------

   Total property and equipment, net                                        0              56
                                                                  ===========     ===========
Total assets                                                      $   993,828     $ 1,030,388
                                                                  ===========     ===========


Liabilities and Partners' Equity

Current liabilities:
 Accounts payable                                                         512          32,176
                                                                  -----------     -----------

   Total current liabilities                                              512          32,176

Partners' Equity:
 General Partner                                                      (10,184)        (10,135)
 Limited Partners (3,110,000 units outstanding)                    1, 003,500       1,008,346
                                                                  -----------     -----------

   Total partners' equity                                             993,316         998,211
                                                                  -----------     -----------

Total liabilities and partners' equity                            $   993,828     $ 1,030,388
                                                                  ===========     ===========
</TABLE>

The accompanying notes are an integral part of these financial statements.

                                       3
<PAGE>   4




                                PSH MASTER L.P.I
                            STATEMENTS OF OPERATIONS
                                   (UNAUDITED)




<TABLE>
<CAPTION>
                                                       Quarter Ended   Quarter Ended
                                                       June 30, 1999   June 30, 1998
                                                       -------------   --------------
<S>                                                       <C>            <C>
Revenues:
   Interest                                               $11,001        $14,162
   Other                                                   18,993         31,468
                                                          -------        -------

   Total revenues                                          29,994         45,630

Operating costs and expenses:
  Partnership administrative                               13,370         43,225
  Depreciation and amortization                                               99
                                                          -------        -------

   Total operating costs and expenses                      13,370         43,324
                                                          -------        -------

Net Income                                                $16,624        $ 2,306
                                                          =======        =======


Net income per unit of
Limited partnership interest                              $  0.01        $  0.00
                                                          =======        =======
</TABLE>


















The accompanying notes are an integral part of these financial statements.

                                       4
<PAGE>   5





                                PSH MASTER L.P.I
                            STATEMENTS OF OPERATIONS
                                   (UNAUDITED)






<TABLE>
<CAPTION>
                                                      Six Months       Six Months
                                                       Ended              Ended
                                                    June 30, 1999     June 30, 1998
                                                    --------------    -------------
<S>                                                  <C>              <C>
Revenues:
   Interest                                          $  21,486        $ 101,448
   Other                                                19,245           33,665
                                                     ---------        ---------

   Total revenues                                       40,731          135,113

Operating costs and expenses:
  Partnership administrative                            45,570          156,707
  Depreciation and amortization                             56              198
                                                     ---------        ---------

   Total operating costs and expenses                   45,626          156,905
                                                     ---------        ---------

Net Loss                                             $  (4,895)       $ (21,792)
                                                     =========        =========


Net loss per unit of
Limited partnership interest                         $    0.00        $    0.00
                                                     =========        =========
</TABLE>


The accompanying notes are an integral part of these financial statements.

                                       5


<PAGE>   6


                                PSH MASTER L.P.I
                            STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                            Six                 Six
                                                          Months Ended      Months Ended
                                                          June 30, 1999    June 30, 1998
                                                          -------------    --------------
<S>                                                       <C>              <C>
Cash provided (used) by operations:
Net Loss                                                  $     (4,895)    $    (21,792)
    Changes not requiring cash:
     Depreciation and amortization                                  56              198
     Working capital changes:
     Decrease in accounts receivable, trade                      3,406           71,705
     Decrease in accounts payable and accrued expenses         (31,664)        (411,700)
                                                          ------------     ------------
            Cash used by operations:                           (33,097)        (361,589)
                                                          ------------     ------------

Financing and capital transactions:
      Distributions to partners                                             (15,707,071)
      Guaranty Payments from General Partner                                    282,071
                                                          ------------     ------------
Cash used by financing and capital transactions            (15,425,000)
                                                          ------------     ------------

Decrease in cash and cash equivalents                     $    (33,097)    $(15,786,589)
                                                          ============     ============
</TABLE>





The accompanying notes are an integral part of these financial statements.

                                       6
<PAGE>   7

NOTES TO THE FINANCIAL STATEMENTS


(1)  SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION:

In the opinion of Management, the accompanying financial statements contain all
adjustments (all of which are normal and recurring in nature) necessary to
present fairly the financial position of the Partnership at June 30, 1999 and
December 31, 1998 and the results of its operations for the three and six month
periods ended June 30, 1999 and 1998. The Partnership sold its three hotels in
July 1997 and, therefore, results of operations for the three and six month
periods ended June 30, 1999 and 1998 do not include hotel operations.

(2)  RELATED PARTIES

PC Development Limited Partnership, the General Partner, is generally empowered
by the Partnership Agreement to conduct, direct and exercise full control over
all activities of the Partnership. The Partnership expects to receive no further
distributions.

(3)  PARTNERSHIP ALLOCATIONS AND DISTRIBUTIONS

For financial statement reporting purposes, net income or loss is allocated 99
percent to the Unitholders and 1 percent to the General Partner. The net income
allocated to the Unitholders for the quarters ended June 30, 1999 and 1998 were
$16,624 or $0.01 per unit, and $2,306 or $0.00 per unit, respectively. Net
losses allocated for the six months ended June 30, 1999 and 1998 were $(4,895)
or $0.00 per unit, and $(21,792) or $0.00 per unit, respectively.

(4)  PENDING LITIGATION

On October 17, 1997, Mr. James Pickett and Mr. Stephen Denz (Chairman and
Secretary, respectively, of PH Management company, the General Partner of the
Partnership) and two affiliated companies, PH Management Company and Nuho
Company, notified the Partnership that they had been named as defendants in a
complaint filed in Superior Court of the Commonwealth Massachusetts. Equity
Resource Pilgrim Fund, the plaintiff, is the owner of 131,225 units of limited
partnership interest of the Partnership, which it acquired during May through
September of 1997, in part through a written offer to purchase which it
delivered to other Limited Partners of the Partnership in March, 1997. The
complaint alleges that the defendants breached their fiduciary duties by
negotiating a "super premium" buyout of Nuho Company's interest in the
management fees paid to Doubletree and obtained an inadequate purchase price for
the Partnership's hotels. The case was removed to the United States District
Court for the District of Massachusetts. A motion to dismiss was filed and the
court granted that motion. Equity Resource did not appeal that decision, but
could refile the suit with a court having proper jurisdiction. Equity Resource
has taken no further action since the dismissal.

                                       7
<PAGE>   8



Contrary to the allegations in the complaints, the General Partner, on behalf of
the Partnership, and the Partnership's lender each obtained an independent
appraisal in connection with the sale of the hotels. Further, the purchase and
sale agreement negotiated with FelCor provided the Partnership with the right to
terminate the sale of the hotels if the purchase price was less than 97% of the
appraised value of the hotels, as agreed to by the Partnership and the lender.
In fact, the purchase price was in excess of 99% of the average value of the two
appraisals. Finally, the purchase price of Nuho Company's interest in future
management fees was based upon reasonable and customary valuation methods.

The defendants maintain that the complaint is based upon inaccurate assumptions
and incomplete factual information and is without merit. The defendants intend
to vigorously defend themselves against the complaint and have availed
themselves to the indemnification and hold-harmless provisions of the
Partnership Agreement of the Partnership. Accordingly, the final distribution of
cash to the Limited Partners, the liquidation of the Partnership and delivery of
final tax information to the Limited Partners have been delayed indefinitely
until such time as the costs of defending the complaint have been determined.

The Partnership is retaining its remaining assets as a reserve for legal and
accounting expense associated with the liquidation of the Partnership and to
satisfy possible indemnification claims by affiliates of the General Partner for
legal costs resulting from the lawsuit discussed above. Any remaining cash in
the Partnership after the resolution of this lawsuit and payment of all
liquidation expenses will be paid to the partners in a final liquidating
distribution.

Due to the uncertainty of the lawsuit, no estimate of a final distribution can
be made at this time and no costs have been accrued for this at June 30, 1999.

                                       8
<PAGE>   9



ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATION

Due to the sale of the hotels on July, 28, 1997, an analysis of liquidity and
capital resources and the results of operations for the quarter ended June 30,
1999 is not presented herein.


PART II. OTHER INFORMATION

ITEMS 1 THROUGH 5

Information required in Items 1 through 5 is not applicable to the Registrant
for the quarter ended June 30, 1999.


ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K

No reports on Form 8-K were filed during the quarter ended June 30, 1999.

Exhibit 27 - Financial Data Schedule is located on page 11.

                                       9
<PAGE>   10


SIGNATURES


Pursuant to the requirements of the Security Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


PSH MASTER L. P. I
-------------------
(Registrant)

By:      PC Development Limited Partnership,
         General Partner

         By:      PH Management Company,
                  General Partner



                  By:  /s/ James V. Pickett                          08/09/99
                     -----------------------------                 -----------
                         James V. Pickett, Chairman                   Date



                  By:  /s/ Stephen C. Denz                           08/09/99
                     -----------------------------                 -----------
                         Stephen C. Denz, Controller                  Date
                         (Principal Financial Officer)


Pursuant to the requirements of the Securities and Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the date indicated.



                  /s/ James V. Pickett                               08/09/99
                  ------------------------------------------------- -----------
                  James V. Pickett, Chairman of the Board of            Date
                  Directors and President of PH Management Company


                  /s/ Stephen C. Denz                                08/09/99
                  ------------------------------------------------ ------------
                  Stephen C. Denz, Secretary and Director of             Date
                  PH Management Company