Pebblebrook Hotel Trust is a publicly traded real estate investment trust ("REIT") organized in December 2009 to opportunistically acquire and invest primarily in upper upscale, full service hotel properties located in urban markets in major United States gateway cities. We currently own 26 hotels in 16 markets, comprised of 20 wholly-owned hotels, with a total of 4,952 guest rooms and a 49% joint venture interest in 6 hotels with 1,733 guest rooms. As a result of construction costs and density, these markets have significant barriers to entry and, we believe, as shown in historical industry data, these markets will experience the most robust recovery in meeting and room-night demand as the U.S. economy improves.
Our mission is to deliver long-term industry-leading total returns to our shareholders, including a reliable stream of income, through opportunistic investment of high-quality lodging properties, utilizing a conservative capital structure. We aim to achieve this mission through investing based on extensive research, focusing on properties with opportunities, staffing for intensive and relentless asset management and operational involvement over time. We have elected and are qualified to be taxed as a real estate investment trust, or REIT, for federal income tax purposes.
Our management team is led by Mr. Bortz, the founder and former Chairman of the Board of Trustees and Chief Executive Officer of LaSalle Hotel Properties, a NYSE-listed hotel REIT. Prior to that, he founded and led Jones Lang LaSalle’s Hotel Investment Group. Mr. Bortz has 28 years of lodging and real estate experience, having overseen more than $4.0 billion of lodging-related transactions.