1、2011 Annual Report2011 Annual ReportHotels:Affinia?50*New?York,?NY210?RoomsThe?Grand Hotel?MinneapolisMinneapolis,?MN140?RoomsSir?Francis?DrakeSan?Francisco,?CA416?RoomsAffinia?Dumont*New?York,?NY242?RoomsHotel?MilanoSan?Francisco,?CA108?RoomsSkamania?LodgeColumbia?River?Gorge,?WA254?RoomsAffinia?Ga
2、rdens*New?York,?NY129?RoomsHotel?Monaco?Washington DCWashington,?DC183?RoomsSofitel?PhiladelphiaPhiladelphia,?PA306?RoomsAffinia?Manhattan*New?York,?NY618?RoomsHotel?Monaco?SeattleSeattle,?WA189?RoomsThe?Benjamin*New?York,?NY209?RoomsAffinia?Shelburne*New?York,?NY325?RoomsInterContinental BuckheadBu
3、ckhead,?GA422?RoomsViceroy?MiamiMiami,?FL148?RoomsArgonaut?HotelSan?Francisco,?CA252?RoomsMondrian?Los?AngelesWest?Hollywood,?CA237?RoomsW?BostonBoston,?MA235?RoomsDoubleTree by?Hilton?Bethesda?Washington?DCBethesda,?MD270?RoomsSheraton?DelfinaSanta?Monica,?CA310?RoomsWestin?Gaslamp QuarterSan?Diego
4、,?CA450?Rooms*?This?hotel?is?a?part?of?the?Manhattan?Collection?joint?vProperty?LocationsColumbia?River?Gorge,?WASan?Francisco,?CABuckhead?Atlanta,?GABethesda,?MDWashington,?DCPhiladelphia,?PAMinneapolis,?MNBoston,?MANew?York,?NYMiami,?FLSanta?Monica,?CAWest?Hollywood,?CASan?Diego,?CASeattle,?WAentu
5、re,in which Pebblebrook owns a 49%equity interest.1?TO?OUR?FELLOW?SHAREHOLDERS?2011?was?a?fantastic?second?year?of?growth?and?development?for?Pebblebrook?Hotel?Trust.?Our?2011?acquisitions?totaled?$950?million,?bringing?the?full?amount?of?investments?since?our?December?2009?IPO?to?$1.7?billion?and?c
6、reating?a?collection?of?20?upper?upscale?hotels?with?5,545?guest?rooms?in?major?urban?markets?throughout?the?United?States.?We?added?six?high?quality?hotels?in?six?gateway?cities,?including?San?Francisco,?San?Diego,?West?Hollywood/LA,?Seattle,?Miami?and?Boston.?And?we?made?a?significant?investment?i