Exhibit 10.27
 FIRST AMENDMENT TO  PURCHASE AND SALE AGREEMENT
 Amendment 0th Seller Purchaser
 R E C I T A L S :
 A. Purchase Agreement Property
 B.
 NOW, THEREFORE,
 A G R E E M E N T :
 1. Purchase Price
 Purchase Price
 2. Closing Date Closing Date
 3. Due Diligence




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4. Deposit
         Deposit Refundability Termination
  2




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nd
 5. Title
 Exhibit A Pro Forma
 New Exception New Objection
   3




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6. Closing Conditions
 Closing Conditions
 Estoppels Tenant Athletic Space Lease Restaurant Space Lease Estoppel Condition
 Lease Amendments Exhibits B-1 B-2 Lease Amendments Condition
   4




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7. Amendment to Estoppel Provisions
 8. Board Approval Condition
 9. Termination
 10. Assumed Service Contracts
 11. Schedule of Utility Deposits
  12. Cap; Holdback
 Cap Survival Period
 5




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Holdback Funds
 Exhibit C
 13. Wirth
 14. Purchase Price Allocation
 Real Property:
    
    $
    31,600,000Tangible Personal Property:
    
    $
    1,400,000Intangible Personal Property:
    
    $
    0
 15. Excess Payments
 16. Effect
 17. Counterparts .
 18. Electronic Copy
  6




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IN WITNESS WHEREOF
 PURCHASER:
GATOR OWNER LLC, a Delaware limited liability companyBy:
    /s/ Thomas C. FisherName:
    Thomas C. FisherTitle:
    Vice PresidentSELLER:
615 2nd Avenue South  Minneapolis LLC, a Delaware
limited liability companyBy:
    /s/ Cynthia TuckerName:
    Cynthia TuckerTitle:
    Senior Vice President  ESCROW AGENT:
CHICAGO TITLE INSURANCE COMPANY,
a Delaware limited liability companyBy:
    /s/ Linda TyrrellName:
    Linda TyrrellTitle:
    AVP / Senior Escrow Officer




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EXHIBIT
A
 Pro Forma Title Policy




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EXHIBIT
B-1
 Form of Amendment to Athletic Space Lease




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EXHIBIT
B-2
 Form of Amendment to Restaurant Space Lease
  1




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EXHIBIT
C
 Form
of Holdback Agreement
 ESCROW AGREEMENT
 Agreement  Effective Date Buyer Seller Escrow Agent Escrowed
Funds
 RECITALS
 Purchase Agreement Property
 Closing Escrow Account
  AGREEMENT
  1.
    
    Appointment of Escrow Agent. Buyer and Seller hereby constitute and appoint Escrow
Agent as, and Escrow Agent hereby agrees to assume and perform the duties of, escrow agent under
and pursuant to this Agreement.
 2.
    
    Escrowed Funds. Escrow Agent agrees to (a) accept delivery of the Escrowed Funds;
and (b) hold such Escrowed Funds in the Escrow Account, which shall be an interest-bearing account
(provided that Buyer provides a W-9 and investment directions), all subject to the terms and
conditions of this Agreement.
 3.
    
    Deposit of Escrowed Funds; Release from Escrow.
 Delivery of Escrowed Funds
 2




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Bank:
    
    Bank of America, N.A.Address:
    
    275 Valencia BlvdBrea, CA 92823ABA#:
    
    026009593Account Name:
    
    Chicago Title and Trust Company, LoopAcct #:
    
    5800038704
 Release
 Holdback Claim Survival Period
  3




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Tax Reporting Matters
 Escrow Provisions
   Section 7 Section 7 provided however
  Expenses
 4




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Successor Escrow Agent
   Dispute Resolution
  Section 7
 claimant AAA
 5




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Section 7
 Section 7 provided however Section 7
 Notices Section 8
 Escrow Agent:
    
    Chicago Title Insurance Company
171 N Clark Street
Chicago, IL 60601
Attn: Linda Tyrell
Facsimile No.: (312) 223-3361
Telephone No. (312) 223-4857Buyer:
    
    Gator Owner LLC
c/o Pebblebrook Hotels Trust
2 Bethesda Metro Center, Suite 1530
Bethesda, Maryland 20184
Attn: Thomas C. Fisher
Fax: 240-396-5763Seller:
    
    615 2nd Avenue South  Minneapolis LLC
c/o iStar Financial Inc.
180 Glastonbury Blvd., Suite 201
Glastonbury, CT 06033
Attn: Cynthia Tucker
Fax: (860) 815-5901
 6




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General
 Governing Laws
 Binding upon Successors and Assigns
 Counterparts
 Entire Agreement
 Waivers
 Amendment provided Section 6
  7




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BUYER:
GATOR OWNER LLCBy:Name:Title:SELLER:
615 2ND AVENUE SOUTH  MINNEAPOLIS LLCBy:Name:Title:ESCROW AGENT:
CHICAGO TITLE INSURANCE COMPANYBy:Name:Title: 8