Raymond James analyst William Crow downgraded Pebblebrook Hotel to Market Perform from Outperform. In a research note to investors, Crow says that while shares continue to trade at a premium to peers, he has adopted a more cautious view towards San Francisco, Seattle, Portland and other west coast markets as they are vulnerable to weakness in inbound international travel, they have recently been subject to fairly robust supply growth, they have become relatively expensive markets for groups and homelessness and traveler safety issues have begun to hurt hotel demand.