Exhibit 12.1

PEBBLEBROOK HOTEL TRUST

STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS

(In thousands, except ratios)

	Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011			Year Ended December 31, 2010			For the period October 2, 2009 (inception) through December 31, 2009
Earnings
Add:
Pre-tax income (loss) from continuing operations before adjustment for income or loss from equity investees	$	36,795		$	22,404		$	13,427		$	(6,722	)	$	(147	)
Fixed charges	50,768			34,643			25,269			1,688			—
Amortization of capitalized interest	—			—			—			—			—
Distributed income of equity investees	1,617			—			—			—			—
Company share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges	—			—			—			—			—
Total Added Items	89,180			57,047			38,696			(5,034		)	(147		)
Subtract:
Interest capitalized	(206		)	(236		)	—			—			—
Preference security dividend requirements of consolidated subsidiaries	(22,969		)	(17,841		)	(10,427		)	—			—
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges	—			—			—			—			—
Total Earnings	$	66,005		$	38,970		$	28,269		$	(5,034	)	$	(147	)
Fixed Charges
Add:
Interest expensed	$	23,938		$	13,532		$	12,098		$	1,225		$	—
Interest capitalized	206			236			—			—			—
Amortized premiums, discounts and capitalized expenses related to indebtedness	(259		)	1,400			1,555			415			—

	Estimate of interest within rental expense	3,914				1,634				1,189				48				—
	Total Fixed Charges	27,799				16,802				14,842				1,688				—
	Preference security dividend requirements of consolidated subsidiaries	22,969				17,841				10,427				—				—
	Combined Fixed Charges and Preferred Share Dividends	$	50,768			$	34,643			$	25,269			$	1,688			$	—
	Ratio of Earnings to Fixed Charges and Preferred Share Dividends	1.30		(1	)	1.12		(2	)	1.12		(3	)	—		(4	)	—		(5	)
	______________
(1)	The total amount of combined fixed charges and preferred share dividends for this period was approximately $50,768,000 and the total amount of earnings was approximately $66,005,000. As of December 31, 2013, we had 5,600,000 7.875% Series A Cumulative Redeemable Preferred Shares (“Series A Preferred Shares”), 3,400,000 8.00% Series B Cumulative Redeemable Preferred Shares (“Series B Preferred Shares”), and 4,000,000 Series C Cumulative Redeemable Preferred Shares ("Series C Preferred Shares") outstanding. Both the Series A Preferred Shares, Series B Preferred Shares, and Series C Preferred Shares preferred share dividends were included in fixed charges for the year ended December 31, 2013.
(2)	The total amount of combined fixed charges and preferred share dividends for this period was approximately $34,643,000 and the total amount of earnings was approximately $38,970,000. As of December 31, 2012, we had 5,600,000 Series A Preferred Shares and 3,400,000 Series B Preferred Shares outstanding. Both the Series A Preferred Shares and Series B Preferred Shares preferred share dividends were included in fixed charges for the year ended December 31, 2012.
(3)	The total amount of combined fixed charges and preferred share dividends for this period was approximately $25,269,000 and the total amount of earnings was approximately $28,269,000. On March 11, 2011, we issued 5,000,000 Series A Preferred Shares and preferred share dividends from that date through December 31, 2011 are included in fixed charges for this period. On July 12, 2011, we issued an additional 600,000 Series A Preferred Shares, and preferred share dividends from that date through December 31, 2011 are included in fixed charges for this period. On September 21, 2011, we issued 3,400,000 Series B Preferred Shares and preferred share dividends from that date through December 31, 2011 are included in fixed charges for this period.
(4)	Earnings for this period were less than zero. The total fixed charges amount for this period was approximately $1,688,000 and the total earnings amount was approximately $(5,034,000). The amount of the deficiency, or the amount of fixed charges in excess of earnings, was approximately $6,722,000. There were no preferred shares outstanding during this period.
(5)	Earnings for this period were less than zero. The total fixed charges amount for this period was $0 and the total earnings amount was $(147,000). The amount of the deficiency, or the amount of fixed charges in excess of earnings, was approximately $147,000. There were no preferred shares outstanding during this period.