8-K - SHO - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 3, 2021

Sunstone Hotel Investors, Inc.

(Exact Name of Registrant as Specified in Its Charter)



Maryland	001-32319	20-1296886
(State or Other Jurisdiction of<br>Incorporation or Organization)	(Commission File Number)	(I.R.S. Employer<br>Identification Number)


200 Spectrum Center Drive , 21^st^ Floor Irvine , California		92618
(Address of Principal Executive Offices)		(Zip Code)

( 949 ) 330-4000

(Registrant’s telephone number including area code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $0.01 par value	SHO	New York Stock Exchange
Series E Cumulative Redeemable Preferred Stock, $0.01 par value	SHO.PRE	New York Stock Exchange
Series F Cumulative Redeemable Preferred Stock, $0.01 par value	SHO.PRF	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


	Emerging growth company	☐

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Item 2.02.Results of Operations and Financial Condition.

On May 3, 2021, Sunstone Hotel Investors, Inc. (the “Company”) issued a press release regarding its financial results for the first quarter ended March 31, 2021. The press release referred to supplemental financial information that is available on the Company’s website, free of charge, at www.sunstonehotels.com. A copy of the press release and the supplemental financial information are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by this reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01.Financial Statements and Exhibits.

(d) The following exhibits are furnished herewith:

EXHIBIT INDEX


Exhibit No.	****	Description
99.1		Press Release, dated May 3, 2021.
99.2		Supplemental Financial Information for the first quarter ended March 31, 2021.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	Sunstone Hotel Investors, Inc.

Date: May 3, 2021	By:	/s/ Bryan A. Giglia
		Bryan A. Giglia(Principal Financial Officer and Duly Authorized Officer)

Exhibit 99.1

2007 Logo Med

For Additional Information:

Bryan Giglia

Sunstone Hotel Investors, Inc.

(949) 382-3036

Aaron Reyes

Sunstone Hotel Investors, Inc.

(949) 382-3018

SUNSTONE HOTEL INVESTORS REPORTS RESULTS FOR FIRST QUARTER 2021

IRVINE, CA – May 3, 2021 – Sunstone Hotel Investors, Inc. (the “Company” or “Sunstone”) (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the hospitality sector, today announced results for the first quarter ended March 31, 2021.

First Quarter 2021 Operational Results (as compared to First Quarter 2020):

●	Resumption of Hotel Operations: 15 of the Company’s 17 hotels were in operation for the entirety of the first quarter 2021.
●	Net Loss: Net loss was $55.3 million as compared to $162.5 million.
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●	17 Hotel Portfolio RevPAR: 17 Hotel Portfolio RevPAR decreased 69.5% to $42.19.
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●	Adjusted EBITDAre: Adjusted EBITDAre, excluding noncontrolling interest decreased 203.7% to $(14.7) million.
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●	Adjusted FFO: Adjusted FFO attributable to common stockholders per diluted share decreased 1,200.0% to $(0.13).
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Information regarding the non-GAAP financial measures disclosed in this release is provided below in “Non-GAAP Financial Measures.” Reconciliations of non-GAAP financial measures to the most comparable GAAP measure for each of the periods presented are included later in this release.

John Arabia, President and Chief Executive Officer, stated, “In the first quarter, our portfolio achieved sequential monthly growth in occupancy, ADR and RevPAR, and our March portfolio results materially exceeded our expectations and achieved breakeven EBITDA. Leisure demand is exceptionally strong and is expected to remain above pre-pandemic levels at many of our hotels for the foreseeable future. Furthermore, the nascent recovery in both commercial transient demand and traditional group business that started in the fourth quarter of 2020 is gaining steam and is expected to accelerate meaningfully in the second half of 2021 as vaccination distribution expands and state restrictions continue to ease. Several group functions have already transpired, and meeting planners remain confident that additional events will be held in the coming months at several of our hotels. The steady and robust increase in transient reservations and the material rebound in group production give us greater confidence that our portfolio is likely to experience rapid growth in revenues and profits as the year progresses.”

Mr. Arabia continued, “Consistent with our stated tactics, we have deployed a portion of our excess liquidity to fund the early-cycle acquisition of Montage Healdsburg, which is a spectacular resort, ideally located in one of the most sought-after and highest-rated leisure destinations in the U.S. The resort, which took over 15 years to develop, is a perfect example of Long-Term Relevant Real Estate, and its addition elevates the overall quality and growth prospects of our portfolio. Leveraging our industry relationships, we acquired the resort on an off-market basis and at a discount to what it would cost to develop today. Additionally, we funded 25% of the transaction with attractively structured perpetual preferred equity issued directly to the seller that aligns our interests and gives us additional optionality. With a strong balance sheet and a growing deal pipeline, we would expect Montage Healdsburg to be the first of several acquisitions of LTRR to be completed over the early stages of this new operating cycle.”

Unaudited Selected Statistical and Financial Data ($ in millions, except RevPAR, ADR and per share amounts)


	Quarter Ended March 31,
	2021		****	2020		****	Change

Net Loss	$	(55.3)		$	(162.5)		66.0	%
Loss Attributable to Common Stockholders per Diluted Share	$	(0.26)		$	(0.75)		65.3	%

17 Hotel Portfolio RevPAR (1)	$	42.19		$	138.54		(69.5)	%

17 Hotel Portfolio Occupancy (1)		21.6	%		59.6	%	(3,800)	bps
17 Hotel Portfolio ADR (1)	$	195.32		$	232.45		(16.0)	%

17 Hotel Portfolio Adjusted EBITDAre Margin (1) (2)		(32.5)	%		13.1	%	(4,560)	bps

Adjusted EBITDAre, excluding noncontrolling interest	$	(14.7)		$	14.1		(203.7)	%
Adjusted FFO Attributable to Common Stockholders	$	(28.9)		$	(1.4)		(1,961.2)	%
Adjusted FFO Attributable to Common Stockholders per Diluted Share	$	(0.13)		$	(0.01)		(1,200.0)	%

(1)	The 17 Hotel Portfolio (the “17 Hotels”) includes all hotels owned by the Company as of March 31, 2021.
(2)	The 17 Hotel Portfolio Adjusted EBITDAre Margins exclude prior year property tax adjustments, net.
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Recent Developments

COVID-19: On April 1, 2021, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, whose operations were temporarily suspended in March 2020 due to the COVID-19 pandemic, resumed operations. As of the date of this release, operations remain temporarily suspended at only the Renaissance Westchester (see table below).

Since the Company’s COVID-19-related occupancy low point of 1.6% in April 2020, the Company has experienced slow but steady improvements in hotel demand. During January, February and March 2021, as the number of COVID-19 cases decreased and the vaccine distribution program increased, occupancy at the 17 Hotels accelerated to 13.3%, 22.4% and 29.1%, respectively. In March 2021, the Embassy Suites La Jolla, the Oceans Edge Resort & Marina, the Renaissance Washington DC and the Wailea Beach Resort all achieved occupancies greater than 50.0%. The Company also experienced demand increases, most significantly in leisure travel over the President’s Day weekend and during Spring Break, at its hotels in Long Beach, New Orleans, Orlando and San Diego.

Leisure demand continues to accelerate and business transient and group demand, which have been slower to return, are both demonstrating positive growth. While the preponderance of recent group business has been composed primarily of government, emergency management and medical-related groups, several of our hotels have begun to host traditional group business, including corporate groups. In March 2021, both the Renaissance Orlando at SeaWorld® and the Wailea Beach Resort hosted traditional group events attracting attendance above their contracted levels. The Company is beginning to see events with more guests and events that take place over longer periods of time. A significant portion of the group business on-the-books for the second half of 2021 continues to hold to their contractual program dates, anticipating a continued improvement in conditions allowing for groups to meet. The Company believes that the return of traditional business transient and group business will ultimately depend on the speed and efficacy of the vaccine distribution and the degree to which that allows the Company to return to normal. The Company expects the demand recovery to extend past 2021, and it is encouraged by the recent pace of future group bookings, which leads the Company to believe that its portfolio will perform materially better in the second half of 2021 and specifically in the fourth quarter of 2021.

Acquisition: On April 22, 2021, the Company acquired the fee-simple interest in the 130-room Montage Healdsburg (the “Resort”). The newly constructed luxury Resort, which was completed in December 2020, was acquired for a gross purchase price of $265.0 million. The acquisition was funded with cash on hand and through the direct issuance of $66.25 million of Series G Cumulative Redeemable Preferred Stock (the “Series G preferred stock”) to the seller of the Resort. The Series G preferred stock, which is callable at the liquidation preference plus accrued and unpaid dividends by the Company at any time, will accrue dividends at an initial rate equal to the Resort’s annual net operating income yield on the Company’s investment in the Resort. The Series G preferred stock is not convertible into any other security. The Resort will continue to be managed by Montage Hotels & Resorts.

Montage Healdsburg sits adjacent to the separately owned Montage Residences Healdsburg, which, together with the Resort, comprise a 258-acre destination. Montage Residences Healdsburg will feature 40 to-be-built luxury homes that will be eligible to participate in the optional turn-key resort rental program. The seller of the Resort will continue to own and be responsible for the development and sales of Montage Residences Healdsburg.

Capital Investments: The Company invested $6.5 million into its portfolio during the first quarter ended March 31, 2021. In 2021, the Company expects to invest approximately $70 million to $80 million.

Balance Sheet/Liquidity Update

As of March 31, 2021, the Company had $365.3 million of cash and cash equivalents, including restricted cash of $45.0 million, total assets of $2.9 billion, including $2.4 billion of net investments in hotel properties, total consolidated debt of $747.1 million and stockholders’ equity of $2.0 billion. Adjusting for the cash used to fund the acquisition of Montage Healdsburg, pro forma cash and cash equivalents, including restricted cash, would have been $166.5 million as of March 31, 2021.

Operations Update

As of March 31, 2021 and through the date of this release, the status of the Company’s 17 Hotels owned at the end of the first quarter is as follows:


Hotel	Number of Rooms	% of Total Rooms	Suspension Date	Resumption Date
Boston Park Plaza (1)	1,060	11.8%	N/A	N/A
Embassy Suites La Jolla (1)	340	3.8%	N/A	N/A
Renaissance Long Beach (1)	374	4.1%	N/A	N/A
Oceans Edge Resort & Marina	175	1.9%	March 22, 2020	June 4, 2020
Embassy Suites Chicago	368	4.1%	April 1, 2020	July 1, 2020
Marriott Boston Long Wharf	415	4.6%	March 12, 2020	July 7, 2020
Hilton New Orleans St. Charles	252	2.8%	March 28, 2020	July 13, 2020
Hyatt Centric Chicago Magnificent Mile	419	4.6%	April 6, 2020	July 13, 2020
JW Marriott New Orleans	501	5.6%	March 28, 2020	July 14, 2020
Hilton San Diego Bayfront	1,190	13.2%	March 23, 2020	August 11, 2020
Renaissance Washington DC	807	8.9%	March 26, 2020	August 24, 2020
Hyatt Regency San Francisco	821	9.1%	March 22, 2020	October 1, 2020
Renaissance Orlando at SeaWorld®	781	8.7%	March 20, 2020	October 1, 2020
The Bidwell Marriott Portland	258	2.9%	March 27, 2020	October 5, 2020
Wailea Beach Resort	547	6.1%	March 25, 2020	November 1, 2020
Total of 15 Open Hotels	8,308	92.1%

Hilton Garden Inn Chicago Downtown/Magnificent Mile	361	4.0%	March 27, 2020	April 1, 2021
Renaissance Westchester	348	3.9%	April 4, 2020
Total of 2 Hotels with Suspended Operations	709	7.9%

(1)	The Boston Park Plaza, Embassy Suites La Jolla and Renaissance Long Beach remained in operation throughout 2020.

Operating statistics for the 15 hotels that were open during all of the first quarter of 2021 are as follows:


	January			February			March			First Quarter
	2021			2021			2021			2021
15 Hotels Open the Entire First Quarter of 2021
Number of Hotels		15			15			15			15
Number of Rooms		8,308			8,308			8,308			8,308
RevPAR	$	26.83		$	45.78		$	64.71		$	45.70
Occupancy		14.4	%		24.4	%		31.6	%		23.4	%
Average Daily Rate	$	186.33		$	187.61		$	204.78		$	195.32

Preliminary April 2021 results for the first 28 days of the month for the 16 hotels open during the entire period and the Montage Healdsburg include the following ($ in millions, except RevPAR and ADR):


	April
	2021 (1)			2020			Change
16 Open Hotels Room Revenue	$	19.4		$	0.5			4,039.9	%

16 Open Hotels RevPAR	$	79.90		$	1.75			4,465.7	%
16 Open Hotels Occupancy		39.1	%		1.6	%		3,750	bps
16 Open Hotels ADR	$	204.35		$	109.20			87.1	%

Montage Healdsburg Room Revenue (2)	$	1.8			N/A			N/A

Montage Healdsburg RevPAR (2)	$	502.91			N/A			N/A
Montage Healdsburg Occupancy (2)		54.7	%		N/A			N/A
Montage Healdsburg ADR (2)	$	919.39			N/A			N/A

(1)	April 2021 results are preliminary and may be adjusted during the Company’s month-end close process.
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(2)	Montage Healdsburg was acquired by the Company on April 22, 2021. Includes prior ownership results obtained by the Company from the prior owner of Montage Healdsburg during the due diligence period before acquiring the hotel. The Company performed a limited review of the information as part of its analysis of the acquisition. The newly developed hotel opened in December 2020; therefore, there is no prior year information.
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Due to continued uncertainty regarding the duration and extent of the COVID-19 pandemic, the Company cannot provide further assurances regarding the pandemic’s effect on the Company’s results, and the Company does not intend to provide further updates unless deemed appropriate.

Dividend Update

On April 30, 2021, the Company’s Board of Directors declared cash dividends of $0.434375 per share payable to its Series E cumulative redeemable preferred stockholders and $0.403125 per share payable to its Series F cumulative redeemable preferred stockholders. The dividends will be paid on July 15, 2021 to stockholders of record as of June 30, 2021. On April 30, 2021, the Company’s Board of Directors also declared a cash dividend of $0.110259 per share payable to its Series G preferred stockholder. The dividends will be paid on July 15, 2021 to the stockholder of record as of June 30, 2021, and reflect a pro-rated amount for the days outstanding in the applicable dividend period.

The Company has suspended its quarterly common stock cash dividends. The resumption in quarterly common dividends will be determined by the Company’s Board of Directors after considering the Company’s obligations under its various financing agreements, projected taxable income, compliance with its debt covenants, long-term operating projections, expected capital requirements and risks affecting the Company’s business.

Supplemental Disclosures

Contemporaneous with this release, the Company has furnished a Form 8-K with unaudited financial information. This additional information is being provided as a supplement to the information in this release and other filings with the SEC. The Company has no obligation to update any of the information provided to conform to actual results or changes in the Company’s portfolio, capital structure or future expectations.

Earnings Call

The Company will host a conference call to discuss first quarter 2021 financial results on May 4, 2021, at 12:00 p.m. Eastern Time (9:00 a.m. Pacific Time). A live webcast of the call will be available via the Investor Relations section of the Company’s website at www.sunstonehotels.com. Alternatively, interested parties may dial 1-844-915-4230 and reference conference ID 5247223 to listen to the live call. A replay of the webcast will also be archived on the website.

About Sunstone Hotel Investors, Inc.

Sunstone Hotel Investors, Inc. is a lodging real estate investment trust (“REIT”) that as of the date of this release has interests in 18 hotels comprised of 9,147 rooms, the majority of which are operated under nationally recognized brands. Sunstone’s business is to acquire, own, asset manage and renovate or reposition hotels considered to be Long-Term Relevant Real Estate®. For further information, please visit Sunstone’s website at www.sunstonehotels.com. 4

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will” and other similar terms and phrases, including opinions, references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: the impact the COVID-19 pandemic has on the Company’s business and the economy, as well as the response of governments and the Company to the pandemic, and how quickly and successfully effective vaccines and therapies are distributed and administered; increased risks related to employee matters, including increased employment litigation and claims for severance or other benefits tied to termination or furloughs as a result of temporary hotel suspensions or reduced hotel operations due to COVID-19; general economic and business conditions, including a U.S. recession, trade conflicts and tariffs, regional or global economic slowdowns and any type of flu or disease-related pandemic that impacts travel or the ability to travel, including COVID-19; the need for business-related travel, including the increased use of business-related technology; rising hotel operating costs due to labor costs, workers’ compensation and health-care related costs, utility costs, property and liability insurance costs, unanticipated costs such as acts of nature and their consequences and other costs that may not be offset by increased room rates; the ground, building or airspace leases for three of the hotels the Company has interests in as of the date of this release; the need for renovations, repositionings and other capital expenditures for the Company’s hotels; the impact, including any delays, of renovations and repositionings on hotel operations; new hotel supply, or alternative lodging options such as timeshare, vacation rentals or sharing services such as Airbnb, in the Company’s markets, which could harm its occupancy levels and revenue at its hotels; competition from hotels not owned by the Company; relationships with, and the requirements, performance and reputation of, the managers of the Company’s hotels; relationships with, and the requirements and reputation of, the Company’s franchisors and hotel brands; the Company’s hotels may become impaired, or its hotels which have previously become impaired may become further impaired in the future, which may adversely affect its financial condition and results of operations; competition for the acquisition of hotels, and the Company’s ability to complete acquisitions and dispositions; performance of hotels after they are acquired; changes in the Company’s business strategy or acquisition or disposition plans; the Company’s level of debt, including secured, unsecured, fixed and variable rate debt; financial and other covenants in the Company’s debt and preferred stock; the impact on the Company’s business of potential defaults by the Company on its debt agreements or leases; volatility in the capital markets and the effect on lodging demand or the Company’s ability to obtain capital on favorable terms or at all; the Company’s need to operate as a REIT and comply with other applicable laws and regulations, including new laws, interpretations or court decisions that may change the federal or state tax laws or the federal or state income tax consequences of the Company’s qualification as a REIT; potential adverse tax consequences in the event that the Company’s operating leases with its taxable REIT subsidiaries are not held to have been made on an arm’s-length basis; system security risks, data protection breaches, cyber-attacks, including those impacting the Company’s hotel managers or other third parties, and systems integration issues; other events beyond the Company’s control, including climate change, natural disasters, terrorist attacks or civil unrest; and other risks and uncertainties associated with the Company’s business described in its filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All forward-looking information provided herein is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.

This release should be read together with the consolidated financial statements and notes thereto included in our most recent reports on Form 10-K and Form 10-Q. Copies of these reports are available on our website at www.sunstonehotels.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.

Non-GAAP Financial Measures

We present the following non-GAAP financial measures that we believe are useful to investors as key supplemental measures of our operating performance: earnings before interest expense, taxes, depreciation and amortization for real estate, or EBITDAre; Adjusted EBITDAre, excluding noncontrolling interest (as defined below); funds from operations attributable to common stockholders, or FFO attributable to common stockholders; Adjusted FFO attributable to common stockholders (as defined below); hotel Adjusted EBITDAre; and hotel Adjusted EBITDAre margins. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with GAAP. In addition, our calculation of these measures may not be comparable to other companies that do not define such terms exactly the same as the Company. These non-GAAP measures are used in addition to and in conjunction with results presented in accordance with GAAP. They should not be considered as alternatives to net income (loss), cash flow from operations, or any other operating performance measure prescribed by GAAP. These non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than 5

could be obtained absent this disclosure. We strongly encourage investors to review our financial information in its entirety and not to rely on a single financial measure.

We present EBITDAre in accordance with guidelines established by the National Association of Real Estate Investment Trusts (“NAREIT”), as defined in its September 2017 white paper “Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate.” We believe EBITDAre is a useful performance measure to help investors evaluate and compare the results of our operations from period to period in comparison to our peers. NAREIT defines EBITDAre as net income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property in the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.

We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional items described below provides useful information to investors regarding our operating performance, and that the presentation of Adjusted EBITDAre, excluding noncontrolling interest, when combined with the primary GAAP presentation of net income, is beneficial to an investor’s complete understanding of our operating performance. In addition, we use both EBITDAre and Adjusted EBITDAre, excluding noncontrolling interest as measures in determining the value of hotel acquisitions and dispositions.

We believe that the presentation of FFO attributable to common stockholders provides useful information to investors regarding our operating performance because it is a measure of our operations without regard to specified noncash items such as real estate depreciation and amortization, any real estate impairment loss and any gain or loss on sale of real estate assets, all of which are based on historical cost accounting and may be of lesser significance in evaluating our current performance. Our presentation of FFO attributable to common stockholders conforms to NAREIT’s definition of “FFO applicable to common shares.” Our presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current NAREIT definition, or that interpret the current NAREIT definition differently than we do.

We also present Adjusted FFO attributable to common stockholders when evaluating our operating performance because we believe that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance, and may facilitate comparisons of operating performance between periods and our peer companies.

We adjust EBITDAre and FFO attributable to common stockholders for the following items, which may occur in any period, and refer to these measures as either Adjusted EBITDAre, excluding noncontrolling interest or Adjusted FFO attributable to common stockholders:

●

Amortization of favorable and unfavorable contracts: we exclude the noncash amortization of the favorable management contract asset recorded in conjunction with our acquisition of the Hilton Garden Inn Chicago Downtown/Magnificent Mile, along with the unfavorable tenant lease contracts recorded in conjunction with our acquisitions of the Boston Park Plaza and the Hilton Garden Inn Chicago Downtown/Magnificent Mile. We exclude the noncash amortization of favorable and unfavorable contracts because it is based on historical cost accounting and is of lesser significance in evaluating our actual performance for the current period.

●

Gains or losses from debt transactions: we exclude the effect of finance charges and premiums associated with the extinguishment of debt, including the acceleration of deferred financing costs from the original issuance of the debt being redeemed or retired because, like interest expense, their removal helps investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure.

●	Acquisition costs: under GAAP, costs associated with acquisitions that meet the definition of a business are expensed in the year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company or our hotels.

●

Cumulative effect of a change in accounting principle: from time to time, the FASB promulgates new accounting standards that require the consolidated statement of operations to reflect the cumulative effect of a change in accounting principle. We exclude these one-time adjustments, which include the accounting impact from prior periods, because they do not reflect our actual performance for that period.

●	Other adjustments: we exclude other adjustments that we believe are outside the ordinary course of business because we do not believe these costs reflect our actual performance for the period and/or the ongoing operations of our hotels. Such items may include: lawsuit settlement costs; prior year property tax assessments or credits; the write-off of development

costs associated with abandoned projects; property-level restructuring, severance and management transition costs; debt resolution costs; lease terminations; and property insurance proceeds or uninsured losses.

In addition, to derive Adjusted EBITDAre, excluding noncontrolling interest we exclude the noncontrolling partner’s pro rata share of the net (income) loss allocated to the Hilton San Diego Bayfront partnership, as well as the noncontrolling partner’s pro rata share of any EBITDAre and Adjusted EBITDAre components. We also exclude the noncash expense incurred with the amortization of deferred stock compensation as this expense is based on historical stock prices at the date of grant to our corporate employees and does not reflect the underlying performance of our hotels. In addition, we exclude the amortization of our right-of-use assets and liabilities as these expenses are based on historical cost accounting and do not reflect the actual rent amounts due to the respective lessors or the underlying performance of our hotels. Additionally, we include an adjustment for the cash finance lease expense recorded on the building lease at the Hyatt Centric Chicago Magnificent Mile. We determined that the building lease is a finance lease, and, therefore, we include a portion of the lease payment each month in interest expense. We adjust EBITDAre for the finance lease in order to more accurately reflect the actual rent due to the hotel’s lessor in the current period, as well as the operating performance of the hotel. We also exclude the effect of gains and losses on the disposition of undepreciated assets because we believe that including them in Adjusted EBITDAre, excluding noncontrolling interest is not consistent with reflecting the ongoing performance of our assets.

To derive Adjusted FFO attributable to common stockholders, we also exclude the noncash interest on our derivatives and finance lease obligation, as we believe that these items are not reflective of our ongoing finance costs. Additionally, we exclude the noncontrolling partner’s pro rata share of any FFO adjustments related to our consolidated Hilton San Diego Bayfront partnership. We also exclude the real estate amortization of our right-of-use assets and liabilities, which includes the amortization of both our finance and operating lease intangibles (with the exception of our corporate operating lease), as these expenses are based on historical cost accounting and do not reflect the actual rent amounts due to the respective lessors or the underlying performance of our hotels. In addition, we exclude changes to deferred tax assets, liabilities or valuation allowances, and income tax benefits or provisions associated with the application of net operating loss carryforwards, uncertain tax positions or with the sale of assets other than real estate investments.

In presenting hotel Adjusted EBITDAre and hotel Adjusted EBITDAre margins, miscellaneous non-hotel items have been excluded. We believe the calculation of hotel Adjusted EBITDAre results in a more accurate presentation of the hotel Adjusted EBITDAre margins for our hotels, and that these non-GAAP financial measures are useful to investors in evaluating our property-level operating performance.

Reconciliations of net loss to EBITDAre, Adjusted EBITDAre, excluding noncontrolling interest, FFO attributable to common stockholders, Adjusted FFO attributable to common stockholders, hotel Adjusted EBITDAre and hotel Adjusted EBITDAre margins are set forth in the following pages of this release. 7

Sunstone Hotel Investors, Inc.

Consolidated Balance Sheets

(In thousands, except share data)


	March 31,			December 31,
	2021		****	2020
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	320,275		$	368,406
Restricted cash		44,982			47,733
Accounts receivable, net		13,163			8,566
Prepaid expenses and other current assets		11,434			10,440
Total current assets		389,854			435,145

Investment in hotel properties, net		2,439,963			2,461,498
Finance lease right-of-use asset, net		45,814			46,182
Operating lease right-of-use assets, net		25,196			26,093
Deferred financing costs, net		3,879			4,354
Other assets, net		11,968			12,445

Total assets	$	2,916,674		$	2,985,717

Liabilities and Equity
Current liabilities:
Accounts payable and accrued expenses	$	34,292		$	37,326
Accrued payroll and employee benefits		13,435			15,392
Dividends and distributions payable		3,207			3,208
Other current liabilities		31,013			32,606
Current portion of notes payable, net		2,295			2,261
Total current liabilities		84,242			90,793

Notes payable, less current portion, net		741,922			742,528
Finance lease obligation, less current portion		15,569			15,569
Operating lease obligations, less current portion		28,649			29,954
Other liabilities		14,679			17,494
Total liabilities		885,061			896,338

Commitments and contingencies

Equity:
Stockholders' equity:
Preferred stock, $0.01 par value, 100,000,000 shares authorized:
6.95% Series E Cumulative Redeemable Preferred Stock, 4,600,000 shares issued and outstanding at March 31, 2021 and December 31, 2020, stated at liquidation preference of $25.00 per share		115,000			115,000
6.45% Series F Cumulative Redeemable Preferred Stock, 3,000,000 shares issued and outstanding at March 31, 2021 and December 31, 2020, stated at liquidation preference of $25.00 per share		75,000			75,000
Common stock, $0.01 par value, 500,000,000 shares authorized, 216,175,084 shares issued and outstanding at March 31, 2021 and 215,593,401 shares issued and outstanding at December 31, 2020		2,162			2,156
Additional paid in capital		2,585,455			2,586,108
Retained earnings		860,454			913,766
Cumulative dividends and distributions		(1,646,593)			(1,643,386)
Total stockholders' equity		1,991,478			2,048,644
Noncontrolling interest in consolidated joint venture		40,135			40,735
Total equity		2,031,613			2,089,379

Total liabilities and equity	$	2,916,674		$	2,985,717

Sunstone Hotel Investors, Inc.

Unaudited Consolidated Statements of Operations

(In thousands, except per share data)


		Quarter Ended March 31,
	****	2021		2020

Revenues
Room		$	34,219	$	127,400
Food and beverage			4,971		47,990
Other operating			11,443		15,822
Total revenues			50,633		191,212
Operating expenses
Room			11,640		44,245
Food and beverage			5,979		41,760
Other operating			1,805		3,764
Advertising and promotion			4,875		12,462
Repairs and maintenance			5,545		10,049
Utilities			4,151		5,842
Franchise costs			991		5,336
Property tax, ground lease and insurance			14,661		20,051
Other property-level expenses			10,477		28,845
Corporate overhead			7,177		7,394
Depreciation and amortization			30,770		36,746
Impairment losses			—		115,366
Total operating expenses			98,071		331,860
Interest and other income (loss)			(379)		2,306
Interest expense			(7,649)		(17,507)
Gain on extinguishment of debt			222		—
Loss before income taxes			(55,244)		(155,849)
Income tax provision, net			(43)		(6,670)
Net loss			(55,287)		(162,519)
Loss from consolidated joint venture attributable to noncontrolling interest			1,975		458
Preferred stock dividends			(3,207)		(3,207)
Loss attributable to common stockholders		$	(56,519)	$	(165,268)

Basic and diluted per share amounts:
Basic and diluted loss attributable to common stockholders per common share		$	(0.26)	$	(0.75)

Basic and diluted weighted average common shares outstanding			214,438		221,036

Distributions declared per common share		$	—	$	0.05

Sunstone Hotel Investors, Inc.

Reconciliation of Net Loss to Non-GAAP Financial Measures

(Unaudited and in thousands)

Reconciliation of Net Loss to EBITDAre and Adjusted EBITDAre**, Excluding Noncontrolling Interest**


	Quarter Ended March 31,
	2021		****	2020

Net loss	$	(55,287)		$	(162,519)
Operations held for investment:
Depreciation and amortization		30,770			36,746
Interest expense		7,649			17,507
Income tax provision, net		43			6,670
Loss on sale of assets		70			—
Impairment losses - hotel properties		—			113,064
EBITDAre		(16,755)			11,468

Operations held for investment:
Amortization of deferred stock compensation		2,752			2,207
Amortization of right-of-use assets and liabilities		(331)			(261)
Finance lease obligation interest - cash ground rent		(351)			(351)
Gain on extinguishment of debt		(222)			—
Prior year property tax adjustments, net		(827)			(81)
Impairment loss - abandoned development costs		—			2,302
Noncontrolling interest:
Loss from consolidated joint venture attributable to noncontrolling interest		1,975			458
Depreciation and amortization		(810)			(804)
Interest expense		(161)			(420)
Amortization of right-of-use asset and liability		72			72
Impairment loss - abandoned development costs		—			(449)
Adjustments to EBITDAre, net		2,097			2,673

Adjusted EBITDAre, excluding noncontrolling interest	$	(14,658)		$	14,141

Sunstone Hotel Investors, Inc.

Reconciliation of Net Loss to Non-GAAP Financial Measures

(Unaudited and in thousands, except per share amounts)

Reconciliation of Net Loss to FFO Attributable to Common Stockholders and

Adjusted FFO Attributable to Common Stockholders


		Quarter Ended March 31,
		2021		****	2020

Net loss	****	$	(55,287)		$	(162,519)
Preferred stock dividends			(3,207)			(3,207)
Operations held for investment:
Real estate depreciation and amortization			30,143			36,122
Loss on sale of assets			70			—
Impairment losses - hotel properties			—			113,064
Noncontrolling interest:
Loss from consolidated joint venture attributable to noncontrolling interest			1,975			458
Real estate depreciation and amortization			(810)			(804)
FFO attributable to common stockholders			(27,116)			(16,886)

Operations held for investment:
Real estate amortization of right-of-use assets and liabilities			85			146
Noncash interest on derivatives			(869)			6,080
Gain on extinguishment of debt			(222)			—
Prior year property tax adjustments, net			(827)			(81)
Impairment loss - abandoned development costs			—			2,302
Noncash income tax provision, net			—			7,415
Noncontrolling interest:
Real estate amortization of right-of-use asset and liability			72			72
Impairment loss - abandoned development costs			—			(449)
Adjustments to FFO attributable to common stockholders, net			(1,761)			15,485

Adjusted FFO attributable to common stockholders		$	(28,877)		$	(1,401)

FFO attributable to common stockholders per diluted share		$	(0.13)		$	(0.08)

Adjusted FFO attributable to common stockholders per diluted share		$	(0.13)		$	(0.01)

Basic weighted average shares outstanding			214,438			221,036
Shares associated with unvested restricted stock awards			210			—
Diluted weighted average shares outstanding			214,648			221,036

Sunstone Hotel Investors, Inc.

Non-GAAP Financial Measures

Hotel Adjusted EBITDAre and Margins

(Unaudited and in thousands)


	Quarter Ended March 31,
	2021		2020

17 Hotel Portfolio Adjusted EBITDAre Margin, excluding prior year property tax adjustments, net (1)		(32.5)%		13.1%


Total revenues	$	50,633	$	191,212
Non-hotel revenues (2)		(22)		(22)
Reimbursements to offset net losses (3)		(4,041)		—
Total Actual Hotel Revenues		46,570		191,190
Sold/Disposed hotel revenues (4)		—		(19,170)
Total 17 Hotel Portfolio Revenues	$	46,570	$	172,020


Net loss	$	(55,287)	$	(162,519)
Non-hotel revenues (2)		(22)		(22)
Reimbursements to offset net losses (3)		(4,041)		—
Non-hotel operating expenses, net (5)		(1,564)		(533)
Property-level legal fees (6)		58		—
Property-level prior year property tax adjustments, net (7)		(72)		(81)
Taxes assessed on commercial rents (8)		—		136
Corporate overhead		7,177		7,394
Depreciation and amortization		30,770		36,746
Impairment losses		—		115,366
Interest and other (income) loss		379		(2,306)
Interest expense		7,649		17,507
Gain on extinguishment of debt		(222)		—
Income tax provision, net		43		6,670
Actual Hotel Adjusted EBITDAre		(15,132)		18,358
Sold/Disposed hotel Adjusted EBITDAre (4)		—		4,163
17 Hotel Portfolio Adjusted EBITDAre, excluding prior year property tax adjustments, net	$	(15,132)	$	22,521

*Footnotes on following page 12

(1)	17 Hotel Portfolio Adjusted EBITDAre Margin, excluding prior year property tax adjustments, net is calculated as 17 Hotel Portfolio Adjusted EBITDAre, excluding prior year property tax adjustments, net divided by Total 17 Hotel Portfolio Revenues.
(2)	Non-hotel revenues include the amortization of unfavorable tenant lease contracts recorded in conjunction with the Company's acquisitions of the Boston Park Plaza and the Hilton Garden Inn Chicago Downtown/Magnificent Mile.
---	---
(3)	Reimbursements to offset net losses for the first quarters of 2021 and 2020 include $4.0 million and zero, respectively, at the Hyatt Regency San Francisco as stipulated by the hotel’s operating lease agreement.
---	---
(4)	Sold/Disposed hotel includes hotel revenues and Adjusted EBITDAre generated during the Company's ownership period for the Renaissance Harborplace and the Renaissance Los Angeles Airport, sold in July 2020 and December 2020, respectively, along with the Hilton Times Square, which was assigned to the hotel’s mortgage holder in December 2020.
---	---
(5)	Non-hotel operating expenses, net include the following: the amortization of hotel real estate-related right-of-use assets and liabilities; the amortization of a favorable management agreement; finance lease obligation interest - cash ground rent; and prior year property tax credits, net received in the first quarter of 2021 for the Renaissance Los Angeles Airport.
---	---
(6)	Property-level legal fees include $0.1 million at the Renaissance Westchester.
---	---
(7)	Property-level prior year property tax adjustments, net for the first quarter of 2021 include a credit of $0.1 million received by the Renaissance Washington DC. Property-level prior year property tax adjustments, net for the first quarter of 2020 include total net credits of $0.1 million received by the Embassy Suites Chicago and the Renaissance Harborplace.
---	---
(8)	Taxes assessed on commercial rents for the first quarters of 2021 and 2020 include zero and $0.1 million, respectively, at the Hyatt Regency San Francisco.
---	---

Exhibit 99.2

Supplemental Financial InformationMay 3, 2021




Supplemental Financial Information<br><br>For the quarter ended March 31, 2021<br><br>May 3, 2021<br><br>

Supplemental Financial InformationMay 3, 2021

Table of Contents


CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR								3
About Sunstone								4
Forward-Looking Statement								5
Non-GAAP Financial Measures								6
CORPORATE FINANCIAL INFORMATION								9
Condensed Consolidated Balance Sheets Q1 2021 – Q1 2020								10
Consolidated Statements of Operations Q1 2021/2020								12
Reconciliation of Net Loss to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Q1 2021/2020								13
Reconciliation of Net Loss to FFO and Adjusted FFO Attributable to Common Stockholders Q1 2021/2020								14
Pro Forma Consolidated Statements of Operations Q1 2021 – Q2 2020, FY 2020								15
Pro Forma Consolidated Statements of Operations Q4 2019 – Q1 2019, FY 2019								16
Pro Forma Reconciliation of Net Loss to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, FFO and Adjusted FFO Attributable to Common Stockholders FY 2020								17
Pro Forma Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, FFO and Adjusted FFO Attributable to Common Stockholders FY 2019								20
CAPITALIZATION								23
Comparative Capitalization Q1 2021 – Q1 2020								24
Consolidated Debt Summary Schedule								25
Consolidated Amortization and Debt Maturity Schedule as of March 31, 2021								26
PROPERTY-LEVEL DATA								27
Hotel Information as of May 3, 2021								28

Supplemental Financial InformationMay 3, 2021

Table of Contents


PROPERTY-LEVEL OPERATING STATISTICS								29
Property-Level Operating Statistics Q1 2021/2020								30
Property-Level Operating Statistics Q1 2021/2019								31
Property-Level Operating Statistics January 2021/2020								32
Property-Level Operating Statistics January 2021/2019								33
Property-Level Operating Statistics February 2021/2020								34
Property-Level Operating Statistics February 2021/2019								35
Property-Level Operating Statistics March 2021/2020								36
Property-Level Operating Statistics March 2021/2019								37
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								39
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins Q1 2021								40
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins Q1 2020								41
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins Q1 2019								42
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins January 2021								43
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins January 2020								44
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins January 2019								45
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins February 2021								46
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins February 2020								47
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins February 2019								48
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins March 2021								49
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins March 2020								50
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins March 2019								51

Supplemental Financial InformationMay 3, 2021

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR


CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR			Page 3

Supplemental Financial InformationMay 3, 2021

About Sunstone

Sunstone Hotel Investors, Inc. (the “Company,” “we,” and “our”) (NYSE: SHO) is a lodging real estate investment trust (“REIT”) that as of May 3, 2021 has interests in 18 hotels comprised of 9,147 rooms, the majority of which are operated under nationally recognized brands. Sunstone’s business is to acquire, own, asset manage and renovate or reposition hotels that the Company considers to be Long-Term Relevant Real Estate®.

As demand for lodging generally fluctuates with the overall economy, the Company seeks to own Long-Term Relevant Real Estate® that will maintain a high appeal with lodging travelers over long periods of time and will generate superior economic earnings materially in excess of recurring capital requirements. Sunstone’s strategy is to maximize stockholder value through focused asset management and disciplined capital recycling, which is likely to include selective acquisitions and dispositions, while maintaining balance sheet flexibility and strength. Sunstone’s goal is to maintain appropriate leverage and financial flexibility to position the Company to create value throughout all phases of the operating and financial cycles.

Corporate Headquarters200 Spectrum Center Drive, 21^st^ Floor Irvine, CA 92618 (949) 330-4000

Company ContactsJohn Arabia President and Chief Executive Officer (949) 382-3008

Bryan Giglia Executive Vice President and Chief Financial Officer (949) 382-3036

Aaron Reyes Senior Vice President, Corporate Finance and Treasurer (949) 382-3018


CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR			Page 4

Supplemental Financial InformationMay 3, 2021

Forward-Looking Statement

This presentation contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will” and other similar terms and phrases, including opinions, references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: the impact the COVID-19 pandemic has on the Company’s business and the economy, as well as the response of governments and the Company to the pandemic, and how quickly and successfully effective vaccines and therapies are distributed and administered; increased risks related to employee matters, including increased employment litigation and claims for severance or other benefits tied to termination or furloughs as a result of temporary hotel suspensions or reduced hotel operations due to COVID-19; general economic and business conditions, including a U.S. recession, trade conflicts and tariffs, regional or global economic slowdowns and any type of flu or disease-related pandemic that impacts travel or the ability to travel, including the COVID-19 pandemic; the need for business-related travel, including the increased use of business-related technology; rising hotel operating costs due to labor costs, workers’ compensation and health-care related costs, utility costs, property and liability insurance costs, unanticipated costs such as acts of nature and their consequences and other costs that may not be offset by increased room rates; the ground, building or airspace leases for three of the hotels the Company has interests in as of the date of this presentation; the need for renovations, repositionings and other capital expenditures for the Company’s hotels; the impact, including any delays, of renovations and repositionings on hotel operations; new hotel supply, or alternative lodging options such as timeshare, vacation rentals or sharing services such as Airbnb, in the Company’s markets, which could harm its occupancy levels and revenue at its hotels; competition from hotels not owned by the Company; relationships with, and the requirements, performance and reputation of, the managers of the Company’s hotels; relationships with, and the requirements and reputation of, the Company’s franchisors and hotel brands; the Company’s hotels may become impaired, or its hotels which have previously become impaired may become further impaired in the future, which may adversely affect its financial condition and results of operations; competition for the acquisition of hotels, and the Company’s ability to complete acquisitions and dispositions; performance of hotels after they are acquired; changes in the Company’s business strategy or acquisition or disposition plans; the Company’s level of debt, including secured, unsecured, fixed and variable rate debt; financial and other covenants in the Company’s debt and preferred stock; the impact on the Company’s business of potential defaults by the Company on its debt agreements or leases; volatility in the capital markets and the effect on lodging demand or the Company’s ability to obtain capital on favorable terms or at all; the Company’s need to operate as a REIT and comply with other applicable laws and regulations, including new laws, interpretations or court decisions that may change the federal or state tax laws or the federal or state income tax consequences of the Company’s qualification as a REIT; potential adverse tax consequences in the event that the Company’s operating leases with its taxable REIT subsidiaries are not held to have been made on an arm’s-length basis; system security risks, data protection breaches, cyber-attacks, including those impacting the Company’s hotel managers or other third parties, and systems integration issues; other events beyond the Company’s control, including climate change, natural disasters, terrorist attacks or civil unrest; and other risks and uncertainties associated with the Company’s business described in its filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All forward-looking information provided herein is as of the date of this presentation, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.

This presentation contains unaudited information, and should be read together with the consolidated financial statements and notes thereto included in our most recent reports on Form 10-K and Form 10-Q. Copies of these reports are available on our website at www.sunstonehotels.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.


CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR			Page 5

Supplemental Financial InformationMay 3, 2021

Non-GAAP Financial Measures


CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR			Page 6

Supplemental Financial InformationMay 3, 2021

●	Amortization of favorable and unfavorable contracts: we exclude the noncash amortization of the favorable management contract asset recorded in conjunction with our acquisition of the Hilton Garden Inn Chicago Downtown/Magnificent Mile, along with the favorable and unfavorable tenant lease contracts, as applicable, recorded in conjunction with our acquisitions of the Boston Park Plaza, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hyatt Regency San Francisco and the Wailea Beach Resort. We exclude the noncash amortization of favorable and unfavorable contracts because it is based on historical cost accounting and is of lesser significance in evaluating our actual performance for the current period.
●	Gains or losses from debt transactions: we exclude the effect of finance charges and premiums associated with the extinguishment of debt, including the acceleration of deferred financing costs from the original issuance of the debt being redeemed or retired because, like interest expense, their removal helps investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure.
---	---
●	Acquisition costs: under GAAP, costs associated with acquisitions that meet the definition of a business are expensed in the year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company or our hotels.
---	---
●	Cumulative effect of a change in accounting principle: from time to time, the FASB promulgates new accounting standards that require the consolidated statement of operations to reflect the cumulative effect of a change in accounting principle. We exclude these one-time adjustments, which include the accounting impact from prior periods, because they do not reflect our actual performance for that period.
---	---
●	Other adjustments: we exclude other adjustments that we believe are outside the ordinary course of business because we do not believe these costs reflect our actual performance for the period and/or the ongoing operations of our hotels. Such items may include: lawsuit settlement costs; prior year property tax assessments or credits; the write-off of development costs associated with abandoned projects; property-level restructuring, severance and management transition costs; debt resolution costs; lease terminations; and property insurance proceeds or uninsured losses.
---	---


CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR			Page 7

Supplemental Financial InformationMay 3, 2021

finance lease expenses recorded on the ground lease at the Courtyard by Marriott Los Angeles (prior to the hotel’s sale in October 2019) and the building lease at the Hyatt Centric Chicago Magnificent Mile. We determined that both of these leases are finance leases, and, therefore, we include a portion of the lease payments each month in interest expense. We adjust EBITDAre for these two finance leases in order to more accurately reflect the actual rent due to both hotels’ lessors in the current period, as well as the operating performance of both hotels. We also exclude the effect of gains and losses on the disposition of undepreciated assets because we believe that including them in Adjusted EBITDAre, excluding noncontrolling interest is not consistent with reflecting the ongoing performance of our assets.

To derive Adjusted FFO attributable to common stockholders, we also exclude the noncash interest on our derivatives and finance lease obligations as we believe that these items are not reflective of our ongoing finance costs. Additionally, we exclude the noncontrolling partner’s pro rata share of any FFO adjustments related to our consolidated Hilton San Diego Bayfront partnership. We also exclude the real estate amortization of our right-of-use assets and liabilities, which includes the amortization of both our finance and operating lease intangibles (with the exception of our corporate operating lease), as these expenses are based on historical cost accounting and do not reflect the actual rent amounts due to the respective lessors or the underlying performance of our hotels. In addition, we exclude changes to deferred tax assets, liabilities or valuation allowances, and income tax benefits or provisions associated with the application of net operating loss carryforwards, uncertain tax positions or with the sale of assets other than real estate investments.

Reconciliations of net (loss) income to EBITDAre, Adjusted EBITDAre, excluding noncontrolling interest, FFO attributable to common stockholders, Adjusted FFO attributable to common stockholders, hotel Adjusted EBITDAre and hotel Adjusted EBITDAre margins are set forth in the following pages of this supplemental package.

The 17 Hotel Portfolio includes all hotels owned by the Company as of March 31, 2021. The 18 Hotel Pro Forma Portfolio includes the 17 Hotel Portfolio plus the Montage Healdsburg, acquired by the Company in April 2021.


CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR			Page 8

Supplemental Financial InformationMay 3, 2021

CORPORATE FINANCIAL INFORMATION


CORPORATE FINANCIAL INFORMATION			Page 9

Supplemental Financial InformationMay 3, 2021

Condensed Consolidated Balance Sheets Q1 2021 – Q1 2020


(In thousands)		March 31, 2021^(1)^		December 31, 2020^(2)^		September 30, 2020^(3)^		June 30, 2020^(4)^		March 31, 2020^(5)^
Assets	****
Investment in hotel properties:
Land		$	571,212	$	571,212	$	581,426	$	581,426	$	600,649
Buildings & improvements			2,527,654		2,523,750		2,707,102		2,694,935		2,800,187
Furniture, fixtures, & equipment			432,493		431,918		464,588		460,526		496,312
Other			41,868		37,766		64,880		72,775		71,327
			3,573,227		3,564,646		3,817,996		3,809,662		3,968,475
Less accumulated depreciation & amortization			(1,133,264)		(1,103,148)		(1,196,520)		(1,164,181)		(1,212,063)
			2,439,963		2,461,498		2,621,476		2,645,481		2,756,412

Finance lease right-of-use asset, net			45,814		46,182		46,549		46,917		47,284
Operating lease right-of-use assets, net			25,196		26,093		39,489		40,351		41,198
Other noncurrent assets, net			15,847		16,799		16,510		15,415		16,390

Current assets:
Cash and cash equivalents			320,275		368,406		461,288		540,420		847,445
Restricted cash			44,982		47,733		42,346		45,960		53,485
Other current assets, net			24,597		19,006		19,124		12,474		37,326
Assets held for sale, net			—		—		—		76,683		—
Total assets		$	2,916,674	$	2,985,717	$	3,246,782	$	3,423,701	$	3,799,540

*Footnotes on following page


CORPORATE FINANCIAL INFORMATION			Page 10

Supplemental Financial InformationMay 3, 2021

Condensed Consolidated Balance Sheets Q1 2021– Q1 2020 (continued)


(In thousands)		March 31, 2021^(1)^		December 31, 2020^(2)^		September 30, 2020^(3)^		June 30, 2020^(4)^		March 31, 2020^(5)^
Liabilities	****
Current liabilities:
Current portion of notes payable, net		$	2,295	$	2,261	$	188,096	$	188,757	$	82,189
Other current liabilities			81,947		88,532		99,679		97,129		104,029
Total current liabilities			84,242		90,793		287,775		285,886		186,218

Notes payable, less current portion, net			741,922		742,528		743,545		829,673		1,187,468
Finance lease obligation, less current portion			15,569		15,569		15,569		15,570		15,570
Operating lease obligations, less current portion			28,649		29,954		45,939		47,206		48,460
Other liabilities			14,679		17,494		25,909		25,374		24,818
Total liabilities			885,061		896,338		1,118,737		1,203,709		1,462,534

Equity
Stockholders' equity:
6.95% Series E cumulative redeemable preferred stock			115,000		115,000		115,000		115,000		115,000
6.45% Series F cumulative redeemable preferred stock			75,000		75,000		75,000		75,000		75,000
Common stock, $0.01 par value, 500,000,000 shares authorized			2,162		2,156		2,156		2,156		2,155
Additional paid in capital			2,585,455		2,586,108		2,584,005		2,581,637		2,578,445
Retained earnings			860,454		913,766		951,765		1,041,056		1,156,394
Cumulative dividends and distributions			(1,646,593)		(1,643,386)		(1,640,178)		(1,636,970)		(1,633,763)
Total stockholders' equity			1,991,478		2,048,644		2,087,748		2,177,879		2,293,231
Noncontrolling interest in consolidated joint venture			40,135		40,735		40,297		42,113		43,775
Total equity			2,031,613		2,089,379		2,128,045		2,219,992		2,337,006
Total liabilities and equity		$	2,916,674	$	2,985,717	$	3,246,782	$	3,423,701	$	3,799,540

(1)	As presented on Form 10-Q to be filed in May 2021.
(2)	As presented on Form 10-K filed on February 12, 2021.
---	---
(3)	As presented on Form 10-Q filed on November 6, 2020.
---	---
(4)	As presented on Form 10-Q filed on August 5, 2020.
---	---
(5)	As presented on Form 10-Q filed on May 11, 2020.
---	---


CORPORATE FINANCIAL INFORMATION			Page 11

Supplemental Financial InformationMay 3, 2021

Consolidated Statements of Operations Q1 2021/2020


		Quarter Ended March 31,
(In thousands, except per share data)	****	2021		2020
Revenues
Room		$	34,219	$	127,400
Food and beverage			4,971		47,990
Other operating			11,443		15,822
Total revenues			50,633		191,212
Operating expenses
Room			11,640		44,245
Food and beverage			5,979		41,760
Other operating			1,805		3,764
Advertising and promotion			4,875		12,462
Repairs and maintenance			5,545		10,049
Utilities			4,151		5,842
Franchise costs			991		5,336
Property tax, ground lease and insurance			14,661		20,051
Other property-level expenses			10,477		28,845
Corporate overhead			7,177		7,394
Depreciation and amortization			30,770		36,746
Impairment losses			—		115,366
Total operating expenses			98,071		331,860

Interest and other income (loss)			(379)		2,306
Interest expense			(7,649)		(17,507)
Gain on extinguishment of debt			222		—
Loss before income taxes			(55,244)		(155,849)
Income tax provision, net			(43)		(6,670)
Net loss			(55,287)		(162,519)
Loss from consolidated joint venture attributable to noncontrolling interest			1,975		458
Preferred stock dividends			(3,207)		(3,207)
Loss attributable to common stockholders		$	(56,519)	$	(165,268)

Basic and diluted per share amounts:
Basic and diluted loss attributable to common stockholders per common share		$	(0.26)	$	(0.75)

Basic and diluted weighted average common shares outstanding			214,438		221,036

Distributions declared per common share		$	—	$	0.05


CORPORATE FINANCIAL INFORMATION			Page 12

Supplemental Financial InformationMay 3, 2021

Reconciliation of Net Loss to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Q1 2021/2020


	Quarter Ended March 31,
(In thousands)	2021		****	2020
Net loss	$	(55,287)		$	(162,519)
Operations held for investment:
Depreciation and amortization		30,770			36,746
Interest expense		7,649			17,507
Income tax provision, net		43			6,670
Loss on sale of assets		70			—
Impairment losses - hotel properties		—			113,064
EBITDAre		(16,755)			11,468

Operations held for investment:
Amortization of deferred stock compensation		2,752			2,207
Amortization of right-of-use assets and liabilities		(331)			(261)
Finance lease obligation interest - cash ground rent		(351)			(351)
Gain on extinguishment of debt		(222)			—
Prior year property tax adjustments, net		(827)			(81)
Impairment loss - abandoned development costs		—			2,302
Noncontrolling interest:
Loss from consolidated joint venture attributable to noncontrolling interest		1,975			458
Depreciation and amortization		(810)			(804)
Interest expense		(161)			(420)
Amortization of right-of-use asset and liability		72			72
Impairment loss - abandoned development costs		—			(449)
Adjustments to EBITDAre, net		2,097			2,673
Adjusted EBITDAre, excluding noncontrolling interest	$	(14,658)		$	14,141


CORPORATE FINANCIAL INFORMATION			Page 13

Supplemental Financial InformationMay 3, 2021

Reconciliation of Net Loss to FFO and Adjusted FFO Attributable to Common Stockholders Q1 2021/2020


	Quarter Ended March 31,
(In thousands, except per share data)	2021		****	2020
Net loss	$	(55,287)		$	(162,519)
Preferred stock dividends		(3,207)			(3,207)
Operations held for investment:
Real estate depreciation and amortization		30,143			36,122
Loss on sale of assets		70			—
Impairment losses - hotel properties		—			113,064
Noncontrolling interest:
Loss from consolidated joint venture attributable to noncontrolling interest		1,975			458
Real estate depreciation and amortization		(810)			(804)
FFO attributable to common stockholders		(27,116)			(16,886)

Operations held for investment:
Real estate amortization of right-of-use assets and liabilities		85			146
Noncash interest on derivatives		(869)			6,080
Gain on extinguishment of debt		(222)			—
Prior year property tax adjustments, net		(827)			(81)
Impairment loss - abandoned development costs		—			2,302
Noncash income tax provision, net		—			7,415
Noncontrolling interest:
Real estate amortization of right-of-use asset and liability		72			72
Impairment loss - abandoned development costs		—			(449)
Adjustments to FFO attributable to common stockholders, net		(1,761)			15,485
Adjusted FFO attributable to common stockholders	$	(28,877)		$	(1,401)
FFO attributable to common stockholders per diluted share	$	(0.13)		$	(0.08)
Adjusted FFO attributable to common stockholders per diluted share	$	(0.13)		$	(0.01)

Basic weighted average shares outstanding		214,438			221,036
Shares associated with unvested restricted stock awards		210			—
Diluted weighted average shares outstanding		214,648			221,036


CORPORATE FINANCIAL INFORMATION			Page 14

Supplemental Financial InformationMay 3, 2021

Pro Forma Consolidated Statements of Operations

Q1 2021 – Q2 2020, FY 2020


	Quarter Ended (1)								Year Ended (1)
(Unaudited and in thousands)		March 31,	December 31,		September 30,		June 30,		December 31,
		2021	2020		2020		2020		2020
Revenues
Room	$	34,219	$	21,026	$	14,745	$	2,395	$	151,641
Food and beverage		4,971		4,493		1,979		142		50,986
Other operating		11,443		10,592		10,252		6,144		41,183
Total revenues		50,633		36,111		26,976		8,681		243,810

Operating Expenses
Room		11,640		11,519		9,326		4,995		63,081
Food and beverage		5,979		8,392		5,719		4,379		55,961
Other expenses		42,505		30,293		39,741		35,607		179,949
Corporate overhead		7,177		5,735		6,582		8,438		28,149
Depreciation and amortization		30,770		31,505		31,121		31,363		125,865
Impairment losses		—		13,478		—		—		20,987
Total operating expenses		98,071		100,922		92,489		84,782		473,992


Interest and other income (loss)		(379)		85		139		306		2,836
Interest expense		(7,649)		(7,676)		(8,999)		(9,322)		(40,642)
Gain (loss) on extinguishment of debt, net		222		—		(210)		—		(210)
Loss before income taxes		(55,244)		(72,402)		(74,583)		(85,117)		(268,198)
Income tax (provision) benefit, net		(43)		(15)		83		12		(6,590)
Net loss	$	(55,287)	$	(72,417)	$	(74,500)	$	(85,105)	$	(274,788)

Adjusted EBITDAre, excluding noncontrolling interest (2)	$	(14,658)	$	(14,886)	$	(30,656)	$	(39,588)	$	(66,826)

(1)

Includes the Company's ownership results for the 17 Hotel Portfolio. Excludes the Company's ownership results for the Renaissance Harborplace and the Renaissance Los Angeles Airport due to their sales in July 2020 and December 2020, respectively. In addition, excludes the Company's ownership results for the Hilton Times Square due to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder, as well as the elimination of interest expense and loss on extinguishment of debt on the mortgage loan secured by the Renaissance Washington DC due to its repayment in December 2020.

(2)

Adjusted EBITDAre, excluding noncontrolling interest reconciliation for the year ended December 31, 2020 can be found on page 17 in this supplemental package.

---


CORPORATE FINANCIAL INFORMATION			Page 15

Supplemental Financial InformationMay 3, 2021

Pro Forma Consolidated Statements of Operation****s

Q4 2019 – Q1 2019, FY 2019


	Quarter Ended (1)								Year Ended (1)
(Unaudited and in thousands)		December 31,	September 30,		June 30,		March 31,		December 31,
		2019	2019		2019		2019		2019
Revenues
Room	$	160,370	$	171,544	$	179,838	$	150,734	$	662,486
Food and beverage		60,403		56,052		68,588		63,819		248,862
Other operating		17,555		18,275		16,943		15,358		68,131
Total revenues		238,328		245,871		265,369		229,911		979,479

Operating Expenses
Room		42,414		43,947		43,744		40,711		170,816
Food and beverage		41,382		40,143		43,201		42,129		166,855
Other expenses		82,501		82,373		84,012		81,716		330,602
Corporate overhead		7,275		7,395		8,078		7,516		30,264
Depreciation and amortization		31,780		31,854		31,217		31,056		125,907
Total operating expenses		205,352		205,712		210,252		203,128		824,444


Interest and other income		3,060		3,762		4,811		4,924		16,557
Interest expense		(7,867)		(10,064)		(12,621)		(11,131)		(41,683)
Income before income taxes		28,169		33,857		47,307		20,576		129,909
Income tax (provision) benefit, net		(1,034)		749		(2,676)		3,112		151
Net income	$	27,135	$	34,606	$	44,631	$	23,688	$	130,060

Adjusted EBITDAre, excluding noncontrolling interest (2)	$	66,968	$	73,500	$	89,511	$	61,915	$	291,894

(1)

Includes the Company's ownership results for the 17 Hotel Portfolio. Excludes the Company's ownership results for the Courtyard by Marriott Los Angeles, the Renaissance Harborplace and the Renaissance Los Angeles Airport due to their sales in October 2019, July 2020 and December 2020, respectively. In addition, excludes the Company's ownership results for the Hilton Times Square due to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder, as well as the elimination of interest expense on the mortgage loan secured by the Renaissance Washington DC due to its repayment in December 2020.

(2)

Adjusted EBITDAre, excluding noncontrolling interest reconciliation for the year ended December 31, 2019 can be found on page 20 in this supplemental package.

---


CORPORATE FINANCIAL INFORMATION			Page 16

Supplemental Financial InformationMay 3, 2021

Pro Forma Reconciliation of Net Loss to EBITDAre and Adjusted EBITDAre**, Excluding Noncontrolling Interest**

FY 2020


	Year Ended December 31, 2020
				Disposition:		Disposition:		Disposition:
				Renaissance		Renaissance		Hilton		Debt & Equity		Pro
(In thousands)		Actual (1)		Harborplace (2)		Los Angeles Airport (2)		Times Square (2)		Transactions (3)		Forma (4)

Net loss	$	(410,506)	$	23,386	$	(29,132)	$	134,845	$	6,619	$	(274,788)
Operations held for investment:
Depreciation and amortization		137,051		(2,622)		(3,897)		(4,667)		—		125,865
Interest expense		53,307		—		—		(6,079)		(6,586)		40,642
Income tax provision, net		6,590		—		—		—		—		6,590
Gain on sale of assets		(34,298)		189		34,109		—		—		—
Impairment losses		144,642		(18,100)		—		(107,857)		—		18,685
EBITDAre		(103,214)		2,853		1,080		16,242		33		(83,006)

Operations held for investment:
Amortization of deferred stock compensation		9,576		—		—		—		—		9,576
Amortization of right-of-use assets and liabilities		(1,260)		—		—		(34)		—		(1,294)
Finance lease obligation interest - cash ground rent		(1,404)		—		—		—		—		(1,404)
Gain on extinguishment of debt, net		(6,146)		—		—		6,389		(33)		210
Property-level severance		11,038		—		(109)		(5,637)		—		5,292
Prior year property tax adjustments, net		(276)		57		481		—		—		262
Impairment loss - abandoned development costs		2,302		—		—		—		—		2,302
Noncontrolling interest:
Loss from consolidated joint venture attributable to noncontrolling interest		5,817		—		—		—		—		5,817
Depreciation and amortization		(3,228)		—		—		—		—		(3,228)
Interest expense		(1,194)		—		—		—		—		(1,194)
Amortization of right-of-use asset and liability		290		—		—		—		—		290
Impairment loss - abandoned development costs		(449)		—		—		—		—		(449)
Adjustments to EBITDAre, net		15,066		57		372		718		(33)		16,180

Adjusted EBITDAre, excluding noncontrolling interest	$	(88,148)	$	2,910	$	1,452	$	16,960	$	—	$	(66,826)

*Footnotes on Page 19


CORPORATE FINANCIAL INFORMATION			Page 17

Supplemental Financial InformationMay 3, 2021

Pro Forma Reconciliation of Net Loss to FFO and Adjusted FFO Attributable to Common Stockholders

FY 2020


	Year Ended December 31, 2020
				Disposition:		Disposition:		Disposition:
				Renaissance		Renaissance		Hilton		Debt & Equity		Pro
(In thousands, except per share amounts)		Actual (1)		Harborplace (2)		Los Angeles Airport (2)		Times Square (2)		Transactions (3)		Forma (4)

Net loss	$	(410,506)	$	23,386	$	(29,132)	$	134,845	$	6,619	$	(274,788)
Preferred stock dividends		(12,830)		—		—		—		—		(12,830)
Operations held for investment:
Real estate depreciation and amortization		134,555		(2,622)		(3,897)		(4,667)		—		123,369
Gain on sale of assets		(34,298)		189		34,109		—		—		—
Impairment losses		144,642		(18,100)		—		(107,857)		—		18,685
Noncontrolling interest:
Loss from consolidated joint venture attributable to noncontrolling interest		5,817		—		—		—		—		5,817
Real estate depreciation and amortization		(3,228)		—		—		—		—		(3,228)
FFO attributable to common stockholders		(175,848)		2,853		1,080		22,321		6,619		(142,975)

Operations held for investment:
Real estate amortization of right-of-use assets and liabilities		376		—		—		(34)		—		342
Noncash interest on derivatives and finance lease obligation, net		4,740		—		—		—		—		4,740
Gain on extinguishment of debt, net		(6,146)		—		—		6,389		(33)		210
Property-level severance		11,038		—		(109)		(5,637)		—		5,292
Prior year property tax adjustments, net		(276)		57		481		—		—		262
Impairment loss - abandoned development costs		2,302		—		—		—		—		2,302
Noncash income tax provision, net		7,415		—		—		—		—		7,415
Noncontrolling interest:
Real estate amortization of right-of-use asset and liability		290		—		—		—		—		290
Noncash interest on derivatives, net		(27)		—		—		—		—		(27)
Impairment loss - abandoned development costs		(449)		—		—		—		—		(449)
Adjustments to FFO attributable to common stockholders, net		19,263		57		372		718		(33)		20,377

Adjusted FFO attributable to common stockholders	$	(156,585)	$	2,910	$	1,452	$	23,039	$	6,586	$	(122,598)

FFO attributable to common stockholders per diluted share	$	(0.81)									$	(0.67)

Adjusted FFO attributable to common stockholders per diluted share	$	(0.73)									$	(0.57)

Basic weighted average shares outstanding		215,934								(1,742)		214,192
Shares associated with unvested restricted stock awards		—								—		—
Diluted weighted average shares outstanding		215,934								(1,742)		214,192

*Footnotes on Page 19


CORPORATE FINANCIAL INFORMATION			Page 18

Supplemental Financial InformationMay 3, 2021

Pro Forma Reconciliation of Net Loss to EBITDAre**, Adjusted EBITDAre, Excluding Noncontrolling Interest,**

FFO and Adjusted FFO Attributable to Common Stockholders

FY 2020 Footnotes

(1)	Actual represents the Company's ownership results for the 17 hotels owned by the Company as of December 31, 2020, as well as results for the Renaissance Harborplace and the Renaissance Los Angeles Airport prior to their sales in July 2020 and December 2020, respectively. In addition, Actual includes the Company's ownership results for the Hilton Times Square prior to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder.
(2)	Disposition represents the Company's ownership results for the Renaissance Harborplace and the Renaissance Los Angeles Airport prior to their sales in July 2020 and December 2020, respectively. In addition, Disposition includes the Company's ownership results for the Hilton Times Square prior to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder.
---	---
(3)	Debt & Equity Transactions represent the elimination of interest expense and loss on extinguishment of debt on the mortgage loan secured by the Renaissance Washington DC due to its repayment in December 2020, along with the 9,770,081 shares repurchased in the first quarter of 2020.
---	---
(4)	Pro Forma represents the Company's ownership results for the 17 Hotel Portfolio, as well as the Renaissance Washington DC loan repayment and the common stock repurchases in the first quarter of 2020.
---	---


CORPORATE FINANCIAL INFORMATION			Page 19

Supplemental Financial InformationMay 3, 2021

Pro Forma Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre**, Excluding Noncontrolling Interest**

FY 2019


	Year Ended December 31, 2019
				Disposition:		Disposition:		Disposition:		Disposition:
				Courtyard by Marriott		Renaissance		Renaissance		Hilton		Debt & Equity		Pro
(In thousands)		Actual (1)		Los Angeles (2)		Harborplace (2)		Los Angeles Airport (2)		Times Square (2)		Transactions (3)		Forma (4)

Net income	$	142,793	$	(44,979)	$	21,507	$	(3,331)	$	7,284	$	6,786	$	130,060
Operations held for investment:
Depreciation and amortization		147,748		(760)		(6,719)		(4,205)		(10,157)		—		125,907
Interest expense		54,223		(955)		—		—		(4,799)		(6,786)		41,683
Income tax benefit, net		(151)		—		—		—		—		—		(151)
Gain on sale of assets		(42,935)		42,935		—		—		—		—		—
Impairment loss		24,713		—		(24,713)		—		—		—		—
EBITDAre		326,391		(3,759)		(9,925)		(7,536)		(7,672)		—		297,499

Operations held for investment:
Amortization of deferred stock compensation		9,313		—		—		—		—		—		9,313
Amortization of right-of-use assets and liabilities		(782)		—		—		—		(239)		—		(1,021)
Finance lease obligation interest - cash ground rent		(2,175)		772		—		—		—		—		(1,403)
Prior year property tax adjustments, net		168		—		—		9		—		—		177
Prior owner contingency funding		(900)		—		—		—		—		—		(900)
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest		(7,060)		—		—		—		—		—		(7,060)
Depreciation and amortization		(2,875)		—		—		—		—		—		(2,875)
Interest expense		(2,126)		—		—		—		—		—		(2,126)
Amortization of right-of-use asset and liability		290		—		—		—		—		—		290
Adjustments to EBITDAre, net		(6,147)		772		—		9		(239)		—		(5,605)

Adjusted EBITDAre, excluding noncontrolling interest	$	320,244	$	(2,987)	$	(9,925)	$	(7,527)	$	(7,911)	$	—	$	291,894

*Footnotes on Page 22


CORPORATE FINANCIAL INFORMATION			Page 20

Supplemental Financial InformationMay 3, 2021

Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders

FY 2019


	Year Ended December 31, 2019
				Disposition:		Disposition:		Disposition:		Disposition:
				Courtyard by Marriott		Renaissance		Renaissance		Hilton		Debt & Equity		Pro
(In thousands, except per share amounts)		Actual (1)		Los Angeles (2)		Harborplace (2)		Los Angeles Airport (2)		Times Square (2)		Transactions (3)		Forma (4)

Net income	$	142,793	$	(44,979)	$	21,507	$	(3,331)	$	7,284	$	6,786	$	130,060
Preferred stock dividends		(12,830)		—		—		—		—		—		(12,830)
Operations held for investment:
Real estate depreciation and amortization		145,260		(760)		(6,719)		(4,205)		(10,157)		—		123,419
Gain on sale of assets		(42,935)		42,935		—		—		—		—		—
Impairment loss		24,713		—		(24,713)		—		—		—		—
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest		(7,060)		—		—		—		—		—		(7,060)
Real estate depreciation and amortization		(2,875)		—		—		—		—		—		(2,875)
FFO attributable to common stockholders		247,066		(2,804)		(9,925)		(7,536)		(2,873)		6,786		230,714

Operations held for investment:
Real estate amortization of right-of-use assets and liabilities		590		—		—		—		(239)		—		351
Noncash interest on derivatives and finance lease obligations, net		6,051		(183)		—		—		—		—		5,868
Prior year property tax adjustments, net		168		—		—		9		—		—		177
Prior owner contingency funding		(900)		—		—		—		—		—		(900)
Noncash income tax provision, net		688		—		—		—		—		—		688
Noncontrolling interest:
Real estate amortization of right-of-use asset and liability		290		—		—		—		—		—		290
Adjustments to FFO attributable to common stockholders, net		6,887		(183)		—		9		(239)		—		6,474

Adjusted FFO attributable to common stockholders	$	253,953	$	(2,987)	$	(9,925)	$	(7,527)	$	(3,112)	$	6,786	$	237,188

FFO attributable to common stockholders per diluted share	$	1.09											$	1.08

Adjusted FFO attributable to common stockholders per diluted share	$	1.12											$	1.11

Basic weighted average shares outstanding		225,681										(11,868)		213,813
Shares associated with unvested restricted stock awards		276										—		276
Diluted weighted average shares outstanding		225,957										(11,868)		214,089

*Footnotes on Page 22


CORPORATE FINANCIAL INFORMATION			Page 21

Supplemental Financial InformationMay 3, 2021

Pro Forma Reconciliation of Net Income to EBITDAre**, Adjusted EBITDAre, Excluding Noncontrolling Interest,**

FFO and Adjusted FFO Attributable to Common Stockholders

FY 2019 Footnotes

(1)	Actual represents the Company's ownership results for the 20 hotels owned by the Company as of December 31, 2019, as well as results for the Courtyard by Marriott Los Angeles prior to its sale in October 2019.
(2)	Disposition represents the Company's ownership results for the Courtyard by Marriott Los Angeles, the Renaissance Harborplace and the Renaissance Los Angeles Airport prior to their sales in October 2019, July 2020 and December 2020, respectively. In addition, Disposition includes the Company's ownership results for the Hilton Times Square prior to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder.
---	---
(3)	Debt & Equity Transactions represent the elimination of interest expense on the mortgage loan secured by the Renaissance Washington DC due to its repayment in December 2020, along with the 3,783,936 shares of common stock repurchased in the second, third and fourth quarters of 2019, and the 9,770,081 shares repurchased in the first quarter of 2020.
---	---
(4)	Pro Forma represents the Company's ownership results for the 17 Hotel Portfolio, as well as the Renaissance Washington DC loan repayment in 2020 and the common stock repurchases in 2019 and 2020.
---	---


CORPORATE FINANCIAL INFORMATION			Page 22


	Supplemental Financial InformationMay 3, 2021

CAPITALIZATION


CAPITALIZATION			Page 23

Supplemental Financial InformationMay 3, 2021

Comparative Capitalization Q1 2021 – Q1 2020


	March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands, except per share data)	2021		****	2020		****	2020		****	2020		****	2020

Common Share Price & Dividends
At the end of the quarter	$	12.46		$	11.33		$	7.94		$	8.15		$	8.71
High during quarter ended	$	13.57		$	11.42		$	8.70		$	10.65		$	13.81
Low during quarter ended	$	10.25		$	7.27		$	7.27		$	7.04		$	6.99
Common dividends per share	$	—		$	—		$	—		$	—		$	0.05

Common Shares & Units
Common shares outstanding		216,175			215,593			215,636			215,636			215,541
Units outstanding		—			—			—			—			—
Total common shares and units outstanding		216,175			215,593			215,636			215,636			215,541

Capitalization ****
Market value of common equity	$	2,693,542		$	2,442,673		$	1,712,146		$	1,757,430		$	1,877,363
Liquidation value of preferred equity - Series E		115,000			115,000			115,000			115,000			115,000
Liquidation value of preferred equity - Series F		75,000			75,000			75,000			75,000			75,000
Consolidated debt		747,113			747,945			934,673			1,021,247			1,272,965
Consolidated total capitalization		3,630,655			3,380,618			2,836,819			2,968,677			3,340,328

Noncontrolling interest in consolidated debt		(55,000)			(55,000)			(55,000)			(55,000)			(55,000)
Pro rata total capitalization	$	3,575,655		$	3,325,618		$	2,781,819		$	2,913,677		$	3,285,328

Consolidated debt to consolidated total capitalization		20.6	%		22.1	%		32.9	%		34.4	%		38.1	%
Pro rata debt to pro rata total capitalization		19.4	%		20.8	%		31.6	%		33.2	%		37.1	%
Consolidated debt and preferred equity to consolidated total capitalization		25.8	%		27.7	%		39.6	%		40.8	%		43.8	%
Pro rata debt and preferred equity to pro rata total capitalization		24.7	%		26.5	%		38.5	%		39.7	%		42.9	%


CAPITALIZATION			Page 24

Supplemental Financial InformationMay 3, 2021

Consolidated Debt Summary Schedule


(In thousands)				Interest Rate /		Maturity		March 31, 2021			Balance At
Debt	****	Collateral	****	Spread	****	Date		Balance			Maturity

Fixed Rate Debt
Term Loan Facility (1)		Unsecured		3.94%		09/03/2022	$	85,000		$	85,000
Term Loan Facility (1)		Unsecured		4.20%		01/31/2023		100,000			100,000
Secured Mortgage Debt		JW Marriott New Orleans		4.15%		12/11/2024		79,572			72,071
Secured Mortgage Debt		Embassy Suites La Jolla		4.12%		01/06/2025		57,541			51,987
Series A Senior Notes (2)		Unsecured		5.94%		01/10/2026		90,000			90,000
Series B Senior Notes (2)		Unsecured		6.04%		01/10/2028		115,000			115,000
Total Fixed Rate Debt								527,113			514,058
Variable Rate Debt
Secured Mortgage Debt (3)		Hilton San Diego Bayfront		1.16%		12/09/2023		220,000			220,000
Credit Facility (1)		Unsecured		L + 1.40% - 2.40%		04/14/2023		—			—
Total Variable Rate Debt								220,000			220,000

TOTAL CONSOLIDATED DEBT							$	747,113		$	734,058

Preferred Stock
Series E cumulative redeemable preferred				6.95%		perpetual	$	115,000
Series F cumulative redeemable preferred				6.45%		perpetual		75,000
Total Preferred Stock							$	190,000

Debt Statistics
% Fixed Rate Debt								70.6	%
% Floating Rate Debt								29.4	%
Average Interest Rate (4)								3.76	%
Weighted Average Maturity of Debt (3)								3.5 years

(1)	In July and December 2020, the Company executed amendments to the agreement governing its revolving credit facility and term loan facilities, providing covenant relief through the first quarter of 2022, with the first quarterly covenant test as of the period ended March 31, 2022. Under the terms of the July 2020 amendment, a 25-basis point LIBOR floor was added for the remaining term of the facilities and the applicable LIBOR margin was increased to 225 basis points for the revolving credit facility and 220 basis points for the term loan facilities, the high points of the pricing grid. The December 2020 amendment fixed the applicable LIBOR margin at 240 basis points for the revolving credit facility and 235 basis points for the term loan facilities. After the covenant relief period, the LIBOR margin will revert back to the original terms of the pricing grid with a range of 140 to 225 basis points for the revolving credit facility and 135 to 220 basis points for the term loan facilities, depending on the Company’s leverage ratios. The interest rates presented reflect the terms of the amended agreements and the effects of the Company’s interest rate derivative agreements.
(2)	In July and December 2020, the Company executed amendments to the agreement governing the Senior Notes, providing covenant relief through the first quarter of 2022, with the first quarterly covenant test as of the period ended March 31, 2022. The July and December 2020 amendments increased the annual interest rates on the Senior Notes by 1.0% and an additional 0.25%, respectively. After the covenant relief period, the interest rates on the Senior Notes will decrease by 0.25% until the Company’s leverage ratio is below 5.0x. The interest rates presented reflect the terms of the amended agreements.
---	---
(3)	In December 2020, the Company exercised its first option to extend the maturity date of the $220.0 million loan secured by the Hilton San Diego Bayfront from December 2020 to December 2021. Two additional one-year options to extend remain, which the Company also intends to exercise, extending the maturity date to December 2023. By extending this loan, the Company's weighted average maturity of debt increases from 2.9 years to 3.5 years.
---	---
(4)	Average Interest Rate is calculated based on rates at March 31, 2021, and includes the effect of the Company's interest rate derivative agreements.
---	---


CAPITALIZATION			Page 25

Supplemental Financial InformationMay 3, 2021

Consolidated Amortization and Debt Maturity Schedule

As of March 31, 2021

(1)	In December 2020, the Company exercised its first option to extend the maturity date of the $220.0 million loan secured by the Hilton San Diego Bayfront from December 2020 to December 2021. Two additional one-year options to extend remain, which the Company also intends to exercise, extending the maturity date to December 2023.
(2)	Percent of Current Total Capitalization is calculated by dividing the sum of scheduled principal amortization and maturity payments by the March 31, 2021 consolidated total capitalization as presented on page 24.
---	---


CAPITALIZATION			Page 26

Supplemental Financial InformationMay 3, 2021

PROPERTY-LEVEL DATA


PROPERTY-LEVEL DATA			Page 27

Supplemental Financial InformationMay 3, 2021

Hotel Information as of May 3, 2021


Hotel		****	Location	****	Brand	****	Number ofRooms	****	% of TotalRooms	****	Interest	Open / Suspension Date (1)	****	Resumption<br><br>Date (1)	****	Year Acquired

1	Hilton San Diego Bayfront (2) (3)		California		Hilton		1,190		13.01%		Leasehold	March 23, 2020		August 11, 2020		2011
2	Boston Park Plaza		Massachusetts		Independent		1,060		11.59%		Fee Simple	Open		N/A		2013
3	Hyatt Regency San Francisco		California		Hyatt		821		8.98%		Fee Simple	March 22, 2020		October 1, 2020		2013
4	Renaissance Washington DC		Washington DC		Marriott		807		8.82%		Fee Simple	March 26, 2020		August 24, 2020		2005
5	Renaissance Orlando at SeaWorld®		Florida		Marriott		781		8.54%		Fee Simple	March 20, 2020		October 1, 2020		2005
6	Wailea Beach Resort		Hawaii		Marriott		547		5.98%		Fee Simple	March 25, 2020		November 1, 2020		2014
7	JW Marriott New Orleans (4)		Louisiana		Marriott		501		5.48%		Fee Simple	March 28, 2020		July 14, 2020		2011
8	Hyatt Centric Chicago Magnificent Mile (3)		Illinois		Hyatt		419		4.58%		Leasehold	April 6, 2020		July 13, 2020		2012
9	Marriott Boston Long Wharf		Massachusetts		Marriott		415		4.54%		Fee Simple	March 12, 2020		July 7, 2020		2007
10	Renaissance Long Beach		California		Marriott		374		4.09%		Fee Simple	Open		N/A		2005
11	Embassy Suites Chicago		Illinois		Hilton		368		4.02%		Fee Simple	April 1, 2020		July 1, 2020		2002
12	Hilton Garden Inn Chicago Downtown/Magnificent Mile		Illinois		Hilton		361		3.95%		Fee Simple	March 27, 2020		April 1, 2021		2012
13	Renaissance Westchester		New York		Marriott		348		3.80%		Fee Simple	April 4, 2020				2010
14	Embassy Suites La Jolla		California		Hilton		340		3.72%		Fee Simple	Open		N/A		2006
15	The Bidwell Marriott Portland		Oregon		Marriott		258		2.82%		Fee Simple	March 27, 2020		October 5, 2020		2000
16	Hilton New Orleans St. Charles		Louisiana		Hilton		252		2.76%		Fee Simple	March 28, 2020		July 13, 2020		2013
17	Oceans Edge Resort & Marina		Florida		Independent		175		1.91%		Fee Simple	March 22, 2020		June 4, 2020		2017
18	Montage Healdsburg (5)		California		Montage		130		1.42%		Fee Simple	Open		N/A		2021

	Total 18 Hotel Portfolio						9,147		100%

(1)	In March 2020, the COVID-19 pandemic was declared a National Public Health Emergency, which led to material group cancellations, corporate and government travel restrictions and an unprecedented decline in hotel demand. As a result of these cancellations, restrictions and the health concerns related to COVID-19, the Company determined that it was in the best interest of its hotel employees and the communities in which its hotels operate to temporarily suspend operations at the majority of its hotels. As of the date of this presentation, operations continue to be temporarily suspended at one of the Company’s hotels, and 17 hotels are operating under a significantly reduced capacity.
(2)	The Company owns 75% of the joint venture that owns the Hilton San Diego Bayfront.
---	---
(3)	Assuming the full exercise of all lease extensions, the ground lease at the Hilton San Diego Bayfront and the building lease at the Hyatt Centric Chicago Magnificent Mile mature in 2071 and 2097, respectively.
---	---
(4)	Hotel is subject to a municipal airspace lease that matures in 2044 and applies only to certain balcony space fronting Canal Street that is not integral to the hotel’s operations.
---	---
(5)	In April 2021, the Company acquired the newly constructed luxury resort Montage Healdsburg, which was completed in December 2020.
---	---


PROPERTY-LEVEL DATA			Page 28

Supplemental Financial InformationMay 3, 2021

PROPERTY-LEVEL OPERATING STATISTICS


PROPERTY-LEVEL OPERATING STATISTICS			Page 29

Supplemental Financial InformationMay 3, 2021

Property-Level Operating Statistics

Q1 2021/2020


		ADR						Occupancy						RevPAR
	Hotels sorted by number of rooms	For the Three Months Ended March 31,						For the Three Months Ended March 31,					For the Three Months Ended March 31,
		2021		****	2020	****	Change	2021	****	2020	****	Change	2021		****	2020		****	Change
1	Hilton San Diego Bayfront	$	141.47	$	242.45		(41.6)%	16.1%		59.5%		(72.9)%	$	22.78		$	144.26		(84.2)%
2	Boston Park Plaza	$	140.65	$	147.71		(4.8)%	15.3%		55.8%		(72.6)%	$	21.52		$	82.42		(73.9)%
3	Hyatt Regency San Francisco	$	193.28	$	320.43		(39.7)%	8.9%		60.1%		(85.2)%	$	17.20		$	192.58		(91.1)%
4	Renaissance Washington DC	$	142.23	$	223.48		(36.4)%	53.2%		56.6%		(6.0)%	$	75.67		$	126.49		(40.2)%
5	Renaissance Orlando at SeaWorld ®	$	124.87	$	193.68		(35.5)%	19.3%		58.4%		(67.0)%	$	24.10		$	113.11		(78.7)%
6	Wailea Beach Resort	$	531.17	$	550.69		(3.5)%	34.7%		76.0%		(54.3)%	$	184.32		$	418.52		(56.0)%
7	JW Marriott New Orleans	$	145.40	$	229.11		(36.5)%	23.5%		64.5%		(63.6)%	$	34.17		$	147.78		(76.9)%
8	Hyatt Centric Chicago Magnificent Mile	$	144.72	$	126.91		14.0%	12.5%		48.2%		(74.1)%	$	18.09		$	61.17		(70.4)%
9	Marriott Boston Long Wharf	$	231.39	$	228.33		1.3%	9.9%		60.5%		(83.6)%	$	22.91		$	138.14		(83.4)%
10	Renaissance Long Beach	$	134.05	$	188.10		(28.7)%	27.5%		66.5%		(58.6)%	$	36.86		$	125.09		(70.5)%
11	Embassy Suites Chicago	$	126.70	$	121.79		4.0%	14.5%		59.8%		(75.8)%	$	18.37		$	72.83		(74.8)%
12	Embassy Suites La Jolla	$	119.25	$	190.37		(37.4)%	47.9%		72.8%		(34.2)%	$	57.12		$	138.59		(58.8)%
13	The Bidwell Marriott Portland (1)	$	139.65	$	141.72		(1.5)%	9.9%		39.1%		(74.7)%	$	13.83		$	55.41		(75.0)%
14	Hilton New Orleans St. Charles	$	107.89	$	183.38		(41.2)%	23.6%		64.8%		(63.6)%	$	25.46		$	118.83		(78.6)%
15	Oceans Edge Resort & Marina	$	380.69	$	329.84		15.4%	77.2%		78.6%		(1.8)%	$	293.89		$	259.25		13.4%

	15 Hotels Open for the Entire First Quarter of 2021	$	195.32	$	240.08		(18.6)%	23.4%		60.4%		(61.3)%	$	45.70		$	145.01		(68.5)%

	2 Hotels with Suspended Operations During All of the First Quarter of 2021	$	—	$	123.88		(100.0)%	0.0%		49.7%		(100.0)%	$	—		$	61.57		(100.0)%

	17 Hotel Portfolio (2)	$	195.32	$	232.45		(16.0)%	21.6%		59.6%		(63.8)%	$	42.19		$	138.54		(69.5)%

	Sold/Disposed Hotels (3)	$	—	$	151.14		(100.0)%	0.0%		63.2%		(100.0)%	$	—		$	95.52		(100.0)%

	Actual Portfolio (4)	$	195.32	$	219.54		(11.0)%	21.6%		60.1%		(64.1)%	$	42.19		$	131.94		(68.0)%

	Montage Healdsburg (5)	$	875.29		N/A		N/A	20.4%		N/A		N/A	$	178.56			N/A		N/A

	18 Hotel Pro Forma Portfolio (6)	$	204.45					21.6%					$	44.16

*Footnotes on page 38


PROPERTY-LEVEL OPERATING STATISTICS			Page 30

Supplemental Financial InformationMay 3, 2021

Property-Level Operating Statistics

Q1 2021/2019


		ADR						Occupancy						RevPAR
	Hotels sorted by number of rooms	For the Three Months Ended March 31,						For the Three Months Ended March 31,					For the Three Months Ended March 31,
		2021		****	2019	****	Change	2021	****	2019	****	Change	2021		****	2019		****	Change
1	Hilton San Diego Bayfront (1)	$	141.47	$	257.17		(45.0)%	16.1%		75.4%		(78.6)%	$	22.78		$	193.91		(88.3)%
2	Boston Park Plaza	$	140.65	$	155.36		(9.5)%	15.3%		80.8%		(81.1)%	$	21.52		$	125.53		(82.9)%
3	Hyatt Regency San Francisco	$	193.28	$	353.37		(45.3)%	8.9%		84.2%		(89.4)%	$	17.20		$	297.54		(94.2)%
4	Renaissance Washington DC	$	142.23	$	242.86		(41.4)%	53.2%		73.5%		(27.6)%	$	75.67		$	178.50		(57.6)%
5	Renaissance Orlando at SeaWorld ®	$	124.87	$	197.30		(36.7)%	19.3%		83.8%		(77.0)%	$	24.10		$	165.34		(85.4)%
6	Wailea Beach Resort	$	531.17	$	496.33		7.0%	34.7%		92.8%		(62.6)%	$	184.32		$	460.59		(60.0)%
7	JW Marriott New Orleans	$	145.40	$	226.85		(35.9)%	23.5%		86.4%		(72.8)%	$	34.17		$	196.00		(82.6)%
8	Hyatt Centric Chicago Magnificent Mile	$	144.72	$	125.94		14.9%	12.5%		68.9%		(81.9)%	$	18.09		$	86.77		(79.2)%
9	Marriott Boston Long Wharf	$	231.39	$	231.95		(0.2)%	9.9%		78.5%		(87.4)%	$	22.91		$	182.08		(87.4)%
10	Renaissance Long Beach	$	134.05	$	192.79		(30.5)%	27.5%		82.7%		(66.7)%	$	36.86		$	159.44		(76.9)%
11	Embassy Suites Chicago	$	126.70	$	126.11		0.5%	14.5%		80.6%		(82.0)%	$	18.37		$	101.64		(81.9)%
12	Embassy Suites La Jolla	$	119.25	$	195.39		(39.0)%	47.9%		87.7%		(45.4)%	$	57.12		$	171.36		(66.7)%
13	The Bidwell Marriott Portland	$	139.65	$	162.13		(13.9)%	9.9%		79.0%		(87.5)%	$	13.83		$	128.08		(89.2)%
14	Hilton New Orleans St. Charles	$	107.89	$	189.41		(43.0)%	23.6%		79.6%		(70.4)%	$	25.46		$	150.77		(83.1)%
15	Oceans Edge Resort & Marina	$	380.69	$	313.20		21.5%	77.2%		95.0%		(18.7)%	$	293.89		$	297.54		(1.2)%

	15 Hotels Open for the Entire First Quarter of 2021	$	195.32	$	241.08		(19.0)%	23.4%		80.9%		(71.1)%	$	45.70		$	195.03		(76.6)%

	2 Hotels with Suspended Operations During All of the First Quarter of 2021	$	—	$	124.49		(100.0)%	0.0%		67.3%		(100.0)%	$	—		$	83.78		(100.0)%

	17 Hotel Portfolio (2)	$	195.32	$	233.33		(16.3)%	21.6%		79.8%		(72.9)%	$	42.19		$	186.20		(77.3)%

	Sold/Disposed Hotels (3) (1)	$	—	$	173.20		(100.0)%	0.0%		75.8%		(100.0)%	$	—		$	131.29		(100.0)%

	Actual Portfolio (4)	$	195.32	$	223.78		(12.7)%	21.6%		79.2%		(72.7)%	$	42.19		$	177.23		(76.2)%

	Montage Healdsburg (5)	$	875.29		N/A		N/A	20.4%		N/A		N/A	$	178.56			N/A		N/A

	18 Hotel Pro Forma Portfolio (6)	$	204.45					21.6%					$	44.16

*Footnotes on page 38


PROPERTY-LEVEL OPERATING STATISTICS			Page 31

Supplemental Financial InformationMay 3, 2021

Property-Level Operating Statistics

January 2021/2020


		ADR						Occupancy						RevPAR
	Hotels sorted by number of rooms	January						January					January
		2021		****	2020	****	Change	2021	****	2020	****	Change	2021		****	2020		****	Change
1	Hilton San Diego Bayfront	$	119.40	$	221.94		(46.2)%	8.3%		77.2%		(89.2)%	$	9.91		$	171.34		(94.2)%
2	Boston Park Plaza	$	143.52	$	138.41		3.7%	11.2%		66.8%		(83.2)%	$	16.07		$	92.46		(82.6)%
3	Hyatt Regency San Francisco	$	169.87	$	351.67		(51.7)%	6.9%		77.6%		(91.1)%	$	11.72		$	272.90		(95.7)%
4	Renaissance Washington DC	$	173.46	$	180.18		(3.7)%	29.4%		62.6%		(53.0)%	$	51.00		$	112.79		(54.8)%
5	Renaissance Orlando at SeaWorld ®	$	122.51	$	196.55		(37.7)%	7.9%		68.8%		(88.5)%	$	9.68		$	135.23		(92.8)%
6	Wailea Beach Resort	$	524.04	$	556.25		(5.8)%	19.3%		88.0%		(78.1)%	$	101.14		$	489.50		(79.3)%
7	JW Marriott New Orleans	$	138.06	$	219.30		(37.0)%	16.6%		79.8%		(79.2)%	$	22.92		$	175.00		(86.9)%
8	Hyatt Centric Chicago Magnificent Mile	$	134.84	$	117.17		15.1%	8.0%		62.0%		(87.1)%	$	10.79		$	72.65		(85.1)%
9	Marriott Boston Long Wharf	$	214.80	$	216.35		(0.7)%	5.1%		74.7%		(93.2)%	$	10.95		$	161.61		(93.2)%
10	Renaissance Long Beach	$	137.63	$	182.47		(24.6)%	13.8%		80.6%		(82.9)%	$	18.99		$	147.07		(87.1)%
11	Embassy Suites Chicago	$	115.27	$	111.74		3.2%	9.2%		73.7%		(87.5)%	$	10.60		$	82.35		(87.1)%
12	Embassy Suites La Jolla	$	109.48	$	188.27		(41.8)%	37.6%		83.1%		(54.8)%	$	41.16		$	156.45		(73.7)%
13	The Bidwell Marriott Portland (1)	$	128.62	$	143.32		(10.3)%	7.0%		47.0%		(85.1)%	$	9.00		$	67.36		(86.6)%
14	Hilton New Orleans St. Charles	$	108.68	$	171.82		(36.7)%	16.9%		79.5%		(78.7)%	$	18.37		$	136.60		(86.6)%
15	Oceans Edge Resort & Marina	$	263.07	$	304.52		(13.6)%	60.8%		89.7%		(32.2)%	$	159.95		$	273.15		(41.4)%

	15 Hotels Open for the Entire First Quarter of 2021	$	186.33	$	232.14		(19.7)%	14.4%		73.4%		(80.4)%	$	26.83		$	170.39		(84.3)%

	2 Hotels with Suspended Operations During All of the First Quarter of 2021	$	—	$	125.22		(100.0)%	0.0%		59.2%		(100.0)%	$	—		$	74.13		(100.0)%

	17 Hotel Portfolio (2)	$	186.33	$	225.24		(17.3)%	13.3%		72.2%		(81.6)%	$	24.78		$	162.62		(84.8)%

	Sold/Disposed Hotels (3)	$	—	$	154.08		(100.0)%	0.0%		76.0%		(100.0)%	$	—		$	117.10		(100.0)%

	Actual Portfolio (4)	$	186.33	$	214.02		(12.9)%	13.3%		72.8%		(81.7)%	$	24.78		$	155.81		(84.1)%

	Montage Healdsburg (5)	$	762.81		N/A		N/A	4.9%		N/A		N/A	$	37.38			N/A		N/A

	18 Hotel Pro Forma Portfolio (6)	$	189.39					13.2%					$	25.00

*Footnotes on page 38


PROPERTY-LEVEL OPERATING STATISTICS			Page 32

Supplemental Financial InformationMay 3, 2021

Property-Level Operating Statistics

January 2021/2019


		ADR						Occupancy						RevPAR
	Hotels sorted by number of rooms	January						January					January
		2021		****	2019	****	Change	2021	****	2019	****	Change	2021		****	2019		****	Change
1	Hilton San Diego Bayfront (1)	$	119.40	$	231.72		(48.5)%	8.3%		68.2%		(87.8)%	$	9.91		$	158.03		(93.7)%
2	Boston Park Plaza	$	143.52	$	142.16		1.0%	11.2%		75.6%		(85.2)%	$	16.07		$	107.47		(85.0)%
3	Hyatt Regency San Francisco	$	169.87	$	396.40		(57.1)%	6.9%		77.0%		(91.0)%	$	11.72		$	305.23		(96.2)%
4	Renaissance Washington DC	$	173.46	$	185.07		(6.3)%	29.4%		61.0%		(51.8)%	$	51.00		$	112.89		(54.8)%
5	Renaissance Orlando at SeaWorld ®	$	122.51	$	194.14		(36.9)%	7.9%		78.9%		(90.0)%	$	9.68		$	153.18		(93.7)%
6	Wailea Beach Resort	$	524.04	$	491.86		6.5%	19.3%		91.0%		(78.8)%	$	101.14		$	447.59		(77.4)%
7	JW Marriott New Orleans	$	138.06	$	196.26		(29.7)%	16.6%		84.9%		(80.4)%	$	22.92		$	166.62		(86.2)%
8	Hyatt Centric Chicago Magnificent Mile	$	134.84	$	106.52		26.6%	8.0%		55.7%		(85.6)%	$	10.79		$	59.33		(81.8)%
9	Marriott Boston Long Wharf	$	214.80	$	209.78		2.4%	5.1%		68.5%		(92.6)%	$	10.95		$	143.70		(92.4)%
10	Renaissance Long Beach	$	137.63	$	183.97		(25.2)%	13.8%		71.7%		(80.8)%	$	18.99		$	131.91		(85.6)%
11	Embassy Suites Chicago	$	115.27	$	101.67		13.4%	9.2%		66.0%		(86.1)%	$	10.60		$	67.10		(84.2)%
12	Embassy Suites La Jolla	$	109.48	$	189.14		(42.1)%	37.6%		85.2%		(55.9)%	$	41.16		$	161.15		(74.5)%
13	The Bidwell Marriott Portland	$	128.62	$	153.75		(16.3)%	7.0%		72.4%		(90.3)%	$	9.00		$	111.32		(91.9)%
14	Hilton New Orleans St. Charles	$	108.68	$	161.66		(32.8)%	16.9%		74.2%		(77.2)%	$	18.37		$	119.95		(84.7)%
15	Oceans Edge Resort & Marina	$	263.07	$	252.45		4.2%	60.8%		94.0%		(35.3)%	$	159.95		$	237.30		(32.6)%

	15 Hotels Open for the Entire First Quarter of 2021	$	186.33	$	228.87		(18.6)%	14.4%		73.8%		(80.5)%	$	26.83		$	168.91		(84.1)%

	2 Hotels with Suspended Operations During All of the First Quarter of 2021	$	—	$	115.70		(100.0)%	0.0%		60.1%		(100.0)%	$	—		$	69.54		(100.0)%

	17 Hotel Portfolio (2)	$	186.33	$	221.50		(15.9)%	13.3%		72.7%		(81.7)%	$	24.78		$	161.03		(84.6)%

	Sold/Disposed Hotels (3) (1)	$	—	$	161.03		(100.0)%	0.0%		72.6%		(100.0)%	$	—		$	116.91		(100.0)%

	Actual Portfolio (4)	$	186.33	$	211.48		(11.9)%	13.3%		72.7%		(81.7)%	$	24.78		$	153.75		(83.9)%

	Montage Healdsburg (5)	$	762.81		N/A		N/A	4.9%		N/A		N/A	$	37.38			N/A		N/A

	18 Hotel Pro Forma Portfolio (6)	$	189.39					13.2%					$	25.00

*Footnotes on page 38


PROPERTY-LEVEL OPERATING STATISTICS			Page 33

Supplemental Financial InformationMay 3, 2021

Property-Level Operating Statistics

February 2021/2020


		ADR						Occupancy						RevPAR
	Hotels sorted by number of rooms	February						February					February
		2021		****	2020	****	Change	2021	****	2020	****	Change	2021		****	2020		****	Change
1	Hilton San Diego Bayfront	$	147.03	$	261.15		(43.7)%	16.2%		83.9%		(80.7)%	$	23.82		$	219.10		(89.1)%
2	Boston Park Plaza	$	141.00	$	145.74		(3.3)%	16.4%		69.5%		(76.4)%	$	23.12		$	101.29		(77.2)%
3	Hyatt Regency San Francisco	$	197.02	$	301.04		(34.6)%	8.5%		82.6%		(89.7)%	$	16.75		$	248.66		(93.3)%
4	Renaissance Washington DC	$	134.84	$	232.97		(42.1)%	67.8%		75.8%		(10.6)%	$	91.42		$	176.59		(48.2)%
5	Renaissance Orlando at SeaWorld ®	$	114.77	$	192.31		(40.3)%	15.8%		87.7%		(82.0)%	$	18.13		$	168.66		(89.3)%
6	Wailea Beach Resort	$	510.37	$	580.48		(12.1)%	33.0%		92.1%		(64.2)%	$	168.42		$	534.62		(68.5)%
7	JW Marriott New Orleans	$	142.97	$	240.41		(40.5)%	18.2%		82.2%		(77.9)%	$	26.02		$	197.62		(86.8)%
8	Hyatt Centric Chicago Magnificent Mile	$	150.18	$	132.27		13.5%	12.4%		61.1%		(79.7)%	$	18.62		$	80.82		(77.0)%
9	Marriott Boston Long Wharf	$	222.93	$	229.82		(3.0)%	10.5%		84.9%		(87.6)%	$	23.41		$	195.12		(88.0)%
10	Renaissance Long Beach	$	131.96	$	191.70		(31.2)%	31.1%		84.9%		(63.4)%	$	41.04		$	162.75		(74.8)%
11	Embassy Suites Chicago	$	128.85	$	123.88		4.0%	12.3%		73.9%		(83.4)%	$	15.85		$	91.55		(82.7)%
12	Embassy Suites La Jolla	$	118.27	$	197.95		(40.3)%	48.7%		85.8%		(43.2)%	$	57.60		$	169.84		(66.1)%
13	The Bidwell Marriott Portland (1)	$	138.90	$	143.86		(3.4)%	11.3%		48.8%		(76.8)%	$	15.70		$	70.20		(77.6)%
14	Hilton New Orleans St. Charles	$	98.83	$	195.75		(49.5)%	21.1%		84.3%		(75.0)%	$	20.85		$	165.02		(87.4)%
15	Oceans Edge Resort & Marina	$	374.45	$	362.28		3.4%	79.7%		91.6%		(13.0)%	$	298.44		$	331.85		(10.1)%

	15 Hotels Open for the Entire First Quarter of 2021	$	187.61	$	245.44		(23.6)%	24.4%		79.6%		(69.3)%	$	45.78		$	195.37		(76.6)%

	2 Hotels with Suspended Operations During All of the First Quarter of 2021	$	—	$	120.04		(100.0)%	0.0%		65.9%		(100.0)%	$	—		$	79.11		(100.0)%

	17 Hotel Portfolio (2)	$	187.61	$	237.16		(20.9)%	22.4%		78.6%		(71.5)%	$	42.02		$	186.41		(77.5)%

	Sold/Disposed Hotels (3)	$	—	$	150.15		(100.0)%	0.0%		79.9%		(100.0)%	$	—		$	119.97		(100.0)%

	Actual Portfolio (4)	$	187.61	$	223.83		(16.2)%	22.4%		78.8%		(71.6)%	$	42.02		$	176.38		(76.2)%

	Montage Healdsburg (5)	$	873.17		N/A		N/A	22.6%		N/A		N/A	$	197.34			N/A		N/A

	18 Hotel Pro Forma Portfolio (6)	$	197.42					22.4%					$	44.22

*Footnotes on page 38


PROPERTY-LEVEL OPERATING STATISTICS			Page 34

Supplemental Financial InformationMay 3, 2021

Property-Level Operating Statistics

February 2021/2019


		ADR						Occupancy						RevPAR
	Hotels sorted by number of rooms	February						February					February
		2021		****	2019	****	Change	2021	****	2019	****	Change	2021		****	2019		****	Change
1	Hilton San Diego Bayfront (1)	$	147.03	$	279.63		(47.4)%	16.2%		79.8%		(79.7)%	$	23.82		$	223.14		(89.3)%
2	Boston Park Plaza	$	141.00	$	136.62		3.2%	16.4%		75.7%		(78.3)%	$	23.12		$	103.42		(77.6)%
3	Hyatt Regency San Francisco	$	197.02	$	340.71		(42.2)%	8.5%		87.2%		(90.3)%	$	16.75		$	297.10		(94.4)%
4	Renaissance Washington DC	$	134.84	$	229.44		(41.2)%	67.8%		71.7%		(5.4)%	$	91.42		$	164.51		(44.4)%
5	Renaissance Orlando at SeaWorld ®	$	114.77	$	205.95		(44.3)%	15.8%		85.2%		(81.5)%	$	18.13		$	175.47		(89.7)%
6	Wailea Beach Resort	$	510.37	$	518.96		(1.7)%	33.0%		93.3%		(64.6)%	$	168.42		$	484.19		(65.2)%
7	JW Marriott New Orleans	$	142.97	$	234.70		(39.1)%	18.2%		82.5%		(77.9)%	$	26.02		$	193.63		(86.6)%
8	Hyatt Centric Chicago Magnificent Mile	$	150.18	$	118.87		26.3%	12.4%		71.1%		(82.6)%	$	18.62		$	84.52		(78.0)%
9	Marriott Boston Long Wharf	$	222.93	$	213.35		4.5%	10.5%		81.1%		(87.1)%	$	23.41		$	173.03		(86.5)%
10	Renaissance Long Beach	$	131.96	$	198.49		(33.5)%	31.1%		86.5%		(64.0)%	$	41.04		$	171.69		(76.1)%
11	Embassy Suites Chicago	$	128.85	$	116.27		10.8%	12.3%		81.6%		(84.9)%	$	15.85		$	94.88		(83.3)%
12	Embassy Suites La Jolla	$	118.27	$	199.90		(40.8)%	48.7%		85.8%		(43.2)%	$	57.60		$	171.51		(66.4)%
13	The Bidwell Marriott Portland	$	138.90	$	159.01		(12.6)%	11.3%		85.5%		(86.8)%	$	15.70		$	135.95		(88.5)%
14	Hilton New Orleans St. Charles	$	98.83	$	200.35		(50.7)%	21.1%		74.0%		(71.5)%	$	20.85		$	148.26		(85.9)%
15	Oceans Edge Resort & Marina	$	374.45	$	341.63		9.6%	79.7%		95.8%		(16.8)%	$	298.44		$	327.28		(8.8)%

	15 Hotels Open for the Entire First Quarter of 2021	$	187.61	$	243.23		(22.9)%	24.4%		81.4%		(70.0)%	$	45.78		$	197.99		(76.9)%

	2 Hotels with Suspended Operations During All of the First Quarter of 2021	$	—	$	121.53		(100.0)%	0.0%		66.1%		(100.0)%	$	—		$	80.33		(100.0)%

	17 Hotel Portfolio (2)	$	187.61	$	235.32		(20.3)%	22.4%		80.2%		(72.1)%	$	42.02		$	188.73		(77.7)%

	Sold/Disposed Hotels (3) (1)	$	—	$	165.29		(100.0)%	0.0%		76.8%		(100.0)%	$	—		$	126.94		(100.0)%

	Actual Portfolio (4)	$	187.61	$	224.11		(16.3)%	22.4%		79.6%		(71.9)%	$	42.02		$	178.39		(76.4)%

	Montage Healdsburg (5)	$	873.17		N/A		N/A	22.6%		N/A		N/A	$	197.34			N/A		N/A

	18 Hotel Pro Forma Portfolio (6)	$	197.42					22.4%					$	44.22

*Footnotes on page 38


PROPERTY-LEVEL OPERATING STATISTICS			Page 35

Supplemental Financial InformationMay 3, 2021

Property-Level Operating Statistics

March 2021/2020


		ADR						Occupancy						RevPAR
	Hotels sorted by number of rooms	March						March					March
		2021		****	2020	****	Change	2021	****	2020	****	Change	2021		****	2020		****	Change
1	Hilton San Diego Bayfront	$	145.79	$	248.59		(41.4)%	23.8%		18.9%		25.9%	$	34.70		$	46.98		(26.1)%
2	Boston Park Plaza	$	138.64	$	171.07		(19.0)%	18.5%		32.1%		(42.4)%	$	25.65		$	54.91		(53.3)%
3	Hyatt Regency San Francisco	$	205.20	$	277.68		(26.1)%	11.2%		21.6%		(48.1)%	$	22.98		$	59.98		(61.7)%
4	Renaissance Washington DC	$	134.93	$	286.36		(52.9)%	63.8%		32.4%		96.9%	$	86.09		$	92.78		(7.2)%
5	Renaissance Orlando at SeaWorld ®	$	129.68	$	189.54		(31.6)%	33.9%		20.6%		64.6%	$	43.96		$	39.05		12.6%
6	Wailea Beach Resort	$	545.90	$	488.43		11.8%	51.5%		49.1%		4.9%	$	281.14		$	239.82		17.2%
7	JW Marriott New Orleans	$	150.03	$	226.47		(33.8)%	35.0%		32.5%		7.7%	$	52.51		$	73.60		(28.7)%
8	Hyatt Centric Chicago Magnificent Mile	$	145.79	$	140.23		4.0%	16.9%		22.3%		(24.2)%	$	24.64		$	31.27		(21.2)%
9	Marriott Boston Long Wharf	$	243.09	$	261.53		(7.1)%	14.1%		23.4%		(39.7)%	$	34.28		$	61.20		(44.0)%
10	Renaissance Long Beach	$	134.29	$	192.85		(30.4)%	37.9%		35.3%		7.4%	$	50.90		$	68.08		(25.2)%
11	Embassy Suites Chicago	$	130.41	$	139.94		(6.8)%	21.7%		32.8%		(33.8)%	$	28.30		$	45.90		(38.3)%
12	Embassy Suites La Jolla	$	126.40	$	181.72		(30.4)%	57.4%		50.2%		14.3%	$	72.55		$	91.22		(20.5)%
13	The Bidwell Marriott Portland (1)	$	147.10	$	133.96		9.8%	11.4%		22.2%		(48.6)%	$	16.77		$	29.74		(43.6)%
14	Hilton New Orleans St. Charles	$	112.78	$	181.61		(37.9)%	32.6%		31.8%		2.5%	$	36.77		$	57.75		(36.3)%
15	Oceans Edge Resort & Marina	$	463.81	$	320.63		44.7%	91.4%		55.2%		65.6%	$	423.92		$	176.99		139.5%

	15 Hotels Open for the Entire First Quarter of 2021	$	204.78	$	246.31		(16.9)%	31.6%		29.4%		7.5%	$	64.71		$	72.42		(10.6)%

	2 Hotels with Suspended Operations During All of the First Quarter of 2021	$	—	$	130.17		(100.0)%	0.0%		25.0%		(100.0)%	$	—		$	32.54		(100.0)%

	17 Hotel Portfolio (2)	$	204.78	$	238.46		(14.1)%	29.1%		29.1%		0.0%	$	59.59		$	69.39		(14.1)%

	Sold/Disposed Hotels (3)	$	—	$	146.83		(100.0)%	0.0%		34.8%		(100.0)%	$	—		$	51.10		(100.0)%

	Actual Portfolio (4)	$	204.78	$	222.39		(7.9)%	29.1%		29.9%		(2.7)%	$	59.59		$	66.49		(10.4)%

	Montage Healdsburg (5)	$	892.86		N/A		N/A	33.9%		N/A		N/A	$	302.68			N/A		N/A

	18 Hotel Pro Forma Portfolio (6)	$	216.14					29.2%					$	63.11

*Footnotes on page 38


PROPERTY-LEVEL OPERATING STATISTICS			Page 36

Supplemental Financial InformationMay 3, 2021

Property-Level Operating Statistics

March 2021/2019


		ADR						Occupancy						RevPAR
	Hotels sorted by number of rooms	March						March					March
		2021		****	2019	****	Change	2021	****	2019	****	Change	2021		****	2019		****	Change
1	Hilton San Diego Bayfront (1)	$	145.79	$	258.62		(43.6)%	23.8%		78.5%		(69.7)%	$	34.70		$	203.02		(82.9)%
2	Boston Park Plaza	$	138.64	$	180.55		(23.2)%	18.5%		90.5%		(79.6)%	$	25.65		$	163.40		(84.3)%
3	Hyatt Regency San Francisco	$	205.20	$	327.27		(37.3)%	11.2%		88.7%		(87.4)%	$	22.98		$	290.29		(92.1)%
4	Renaissance Washington DC	$	134.93	$	292.95		(53.9)%	63.8%		87.7%		(27.3)%	$	86.09		$	256.92		(66.5)%
5	Renaissance Orlando at SeaWorld ®	$	129.68	$	192.53		(32.6)%	33.9%		87.4%		(61.2)%	$	43.96		$	168.27		(73.9)%
6	Wailea Beach Resort	$	545.90	$	480.37		13.6%	51.5%		94.0%		(45.2)%	$	281.14		$	451.55		(37.7)%
7	JW Marriott New Orleans	$	150.03	$	248.88		(39.7)%	35.0%		91.3%		(61.7)%	$	52.51		$	227.23		(76.9)%
8	Hyatt Centric Chicago Magnificent Mile	$	145.79	$	145.08		0.5%	16.9%		80.2%		(78.9)%	$	24.64		$	116.35		(78.8)%
9	Marriott Boston Long Wharf	$	243.09	$	265.41		(8.4)%	14.1%		86.1%		(83.6)%	$	34.28		$	228.52		(85.0)%
10	Renaissance Long Beach	$	134.29	$	194.86		(31.1)%	37.9%		90.2%		(58.0)%	$	50.90		$	175.76		(71.0)%
11	Embassy Suites Chicago	$	130.41	$	150.89		(13.6)%	21.7%		94.3%		(77.0)%	$	28.30		$	142.29		(80.1)%
12	Embassy Suites La Jolla	$	126.40	$	197.38		(36.0)%	57.4%		91.9%		(37.5)%	$	72.55		$	181.39		(60.0)%
13	The Bidwell Marriott Portland	$	147.10	$	172.77		(14.9)%	11.4%		79.6%		(85.7)%	$	16.77		$	137.52		(87.8)%
14	Hilton New Orleans St. Charles	$	112.78	$	204.11		(44.7)%	32.6%		90.2%		(63.9)%	$	36.77		$	184.11		(80.0)%
15	Oceans Edge Resort & Marina	$	463.81	$	347.36		33.5%	91.4%		95.2%		(4.0)%	$	423.92		$	330.69		28.2%

	15 Hotels Open for the Entire First Quarter of 2021	$	204.78	$	249.58		(18.0)%	31.6%		87.6%		(63.9)%	$	64.71		$	218.63		(70.4)%

	2 Hotels with Suspended Operations During All of the First Quarter of 2021	$	—	$	133.80		(100.0)%	0.0%		75.7%		(100.0)%	$	—		$	101.29		(100.0)%

	17 Hotel Portfolio (2)	$	204.78	$	241.60		(15.2)%	29.1%		86.6%		(66.4)%	$	59.59		$	209.23		(71.5)%

	Sold/Disposed Hotels (3) (1)	$	—	$	191.57		(100.0)%	0.0%		78.0%		(100.0)%	$	—		$	149.42		(100.0)%

	Actual Portfolio (4)	$	204.78	$	234.01		(12.5)%	29.1%		85.2%		(65.8)%	$	59.59		$	199.38		(70.1)%

	Montage Healdsburg (5)	$	892.86		N/A		N/A	33.9%		N/A		N/A	$	302.68			N/A		N/A

	18 Hotel Pro Forma Portfolio (6)	$	216.14					29.2%					$	63.11

*Footnotes on page 38


PROPERTY-LEVEL OPERATING STATISTICS			Page 37

Supplemental Financial InformationMay 3, 2021

Property-Level Operating Statistics

Q1, January, February and March 2021/2020 and 2021/2019

(1)	Operating statistics for the first quarter, January, February and March of 2020 are impacted by a room renovation at The Bidwell Marriott Portland. Operating statistics for the first quarter, January, February and March of 2019 are impacted by room renovations at the Hilton San Diego Bayfront and the Renaissance Harborplace.
(2)	17 Hotel Portfolio includes all hotels owned by the Company as of March 31, 2021.
---	---
(3)	Sold/Disposed Hotels for the first quarter, January, February and March of 2020 include results for the Renaissance Harborplace and the Renaissance Los Angeles Airport, sold in July 2020 and December 2020, respectively, and the Hilton Times Square, assigned to its mortgage holder in December 2020. Sold/Disposed Hotels for the first quarter, January, February and March of 2019 also include results for the Courtyard by Marriott Los Angeles, sold in October 2019.
---	---
(4)	Actual Portfolio includes the 17 Hotel Portfolio plus the Sold/Disposed Hotels.
---	---
(5)	Montage Healdsburg was acquired by the Company in April 2021. Includes prior ownership results obtained by the Company from the prior owner of the Montage Healdsburg during the due diligence period before acquiring the hotel. The Company performed a limited review of the information as part of its analysis of the acquisition. The newly developed hotel opened in December 2020; therefore, there is no prior year information.
---	---
(6)	18 Hotel Pro Forma Portfolio includes the 17 Hotel Portfolio plus the Montage Healdsburg, acquired by the Company in April 2021.
---	---


PROPERTY-LEVEL OPERATING STATISTICS			Page 38

Supplemental Financial InformationMay 3, 2021

PROPERTY-LEVEL ADJUSTED EBITDAre &

ADJUSTED EBITDAre MARGINS


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 39

Supplemental Financial InformationMay 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q1 2021


	Hotels sorted by number of rooms	For the Three Months Ended March 31, 2021
	(In thousands)							Plus:			Plus:			Plus:			Equals:			Hotel
		Total			Net Income /			Other									Hotel Adjusted			Adjusted EBITDAre
		Revenues		****	(Loss)		****	Adjustments (1)		****	Depreciation		****	Interest Expense		****	EBITDAre (2)		****	Margins (2)
1	Hilton San Diego Bayfront	$	3,955		$	(7,899)		$	(289)		$	3,241		$	643		$	(4,304)		(108.8)%
2	Boston Park Plaza		2,716			(8,298)			—			4,481			—			(3,817)		(140.5)%
3	Hyatt Regency San Francisco		1,649			(7,342)			—			3,244			—			(4,098)		(248.5)%
4	Renaissance Washington DC		5,843			(189)			(72)			1,875			—			1,614		27.6%
5	Renaissance Orlando at SeaWorld ®		3,590			(3,504)			—			2,220			—			(1,284)		(35.8)%
6	Wailea Beach Resort		12,259			(480)			—			4,081			—			3,601		29.4%
7	JW Marriott New Orleans		1,933			(2,998)			2			1,612			842			(542)		(28.0)%
8	Hyatt Centric Chicago Magnificent Mile		769			(3,395)			(351)			1,145			351			(2,250)		(292.6)%
9	Marriott Boston Long Wharf		1,230			(4,845)			—			2,779			—			(2,066)		(168.0)%
10	Renaissance Long Beach		1,600			(1,213)			—			845			—			(368)		(23.0)%
11	Embassy Suites Chicago		867			(1,984)			—			757			—			(1,227)		(141.5)%
12	Embassy Suites La Jolla		2,104			(1,588)			—			988			605			5		0.2%
13	The Bidwell Marriott Portland		422			(1,562)			—			807			—			(755)		(178.9)%
14	Hilton New Orleans St. Charles		746			(926)			—			619			—			(307)		(41.2)%
15	Oceans Edge Resort & Marina		6,649			2,066			—			879			—			2,945		44.3%

	15 Hotels Open for the Entire First Quarter of 2021		46,332			(44,157)			(710)			29,573			2,441			(12,853)		(27.7)%

	2 Hotels with Suspended Operations During All of the First Quarter of 2021		238			(3,278)			63			936			—			(2,279)		(957.6)%

	17 Hotel Portfolio (3)	$	46,570		$	(47,435)		$	(647)		$	30,509		$	2,441		$	(15,132)		(32.5)%

*Footnotes on pages 52 and 53


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 40

Supplemental Financial InformationMay 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q1 2020


	Hotels sorted by number of rooms	For the Three Months Ended March 31, 2020
	(In thousands)							Plus:			Plus:			Plus:			Equals:			Hotel
		Total			Net Income /			Other									Hotel Adjusted			Adjusted EBITDAre
		Revenues		****	(Loss)		****	Adjustments^^(1)		****	Depreciation		****	Interest Expense		****	EBITDAre (2)		****	Margins (2)
1	Hilton San Diego Bayfront (4)	$	27,040		$	(30)		$	(290)		$	3,217		$	1,679		$	4,576		16.9%
2	Boston Park Plaza (4)		11,357			(6,771)			—			4,514			—			(2,257)		(19.9)%
3	Hyatt Regency San Francisco (4)		20,779			(1,136)			136			3,230			—			2,230		10.7%
4	Renaissance Washington DC (4)		14,862			(2,782)			—			2,067			1,669			954		6.4%
5	Renaissance Orlando at SeaWorld ® (4)		18,805			2,637			—			2,607			—			5,244		27.9%
6	Wailea Beach Resort (4)		28,817			6,216			—			3,969			—			10,185		35.3%
7	JW Marriott New Orleans (4)		9,257			526			2			1,636			871			3,035		32.8%
8	Hyatt Centric Chicago Magnificent Mile (4)		3,304			(3,683)			(351)			1,446			351			(2,237)		(67.7)%
9	Marriott Boston Long Wharf (4)		8,128			(3,482)			—			2,737			—			(745)		(9.2)%
10	Renaissance Long Beach (4)		5,765			(111)			—			990			—			879		15.2%
11	Embassy Suites Chicago (4)		2,929			(1,513)			(24)			753			—			(784)		(26.8)%
12	Embassy Suites La Jolla (4)		4,991			(192)			—			1,052			626			1,486		29.8%
13	The Bidwell Marriott Portland (4) (5)		1,413			(890)			—			381			—			(509)		(36.0)%
14	Hilton New Orleans St. Charles (4)		3,139			126			—			645			—			771		24.6%
15	Oceans Edge Resort & Marina		5,965			1,490			—			826			—			2,316		38.8%

	15 Hotels Open for the Entire First Quarter of 2021		166,551			(9,595)			(527)			30,070			5,196			25,144		15.1%

	2 Hotels with Suspended Operations During All of the First Quarter of 2021 (4)		5,469			(4,180)			7			1,550			—			(2,623)		(48.0)%

	17 Hotel Portfolio (3)		172,020			(13,775)			(520)			31,620			5,196			22,521		13.1%

	Add: Sold/Disposed Hotels (6)
	Renaissance Harborplace (4)		5,604			(2,292)			(57)			1,329			—			(1,020)		(18.2)%
	Renaissance Los Angeles Airport (4)		6,646			(476)			—			1,063			—			587		8.8%
	Hilton Times Square (4)		6,920			(7,459)			58			2,478			1,193			(3,730)		(53.9)%

	Actual Portfolio (7)	$	191,190		$	(24,002)		$	(519)		$	36,490		$	6,389		$	18,358		9.6%

*Footnotes on pages 52 and 53


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 41

Supplemental Financial InformationMay 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q1 2019


	Hotels sorted by number of rooms	For the Three Months Ended March 31, 2019
	(In thousands)							Plus:			Plus:			Plus:			Equals:			Hotel
		Total			Net Income /			Other									Hotel Adjusted			Adjusted EBITDAre
		Revenues		****	(Loss)		****	Adjustments (1)		****	Depreciation		****	Interest Expense		****	EBITDAre (2)		****	Margins (2)
1	Hilton San Diego Bayfront (5)	$	36,686		$	6,405		$	(290)		$	2,558		$	2,238		$	10,911		29.7%
2	Boston Park Plaza		17,860			(3,177)			—			4,446			—			1,269		7.1%
3	Hyatt Regency San Francisco		31,197			5,367			360			3,127			—			8,854		28.4%
4	Renaissance Washington DC		20,896			1,419			—			2,455			1,713			5,587		26.7%
5	Renaissance Orlando at SeaWorld ®		25,713			7,670			—			2,554			—			10,224		39.8%
6	Wailea Beach Resort		31,669			9,340			—			3,879			—			13,219		41.7%
7	JW Marriott New Orleans		11,732			2,944			2			1,597			880			5,423		46.2%
8	Hyatt Centric Chicago Magnificent Mile		5,108			(2,493)			(350)			1,442			350			(1,051)		(20.6)%
9	Marriott Boston Long Wharf		10,094			(1,104)			—			2,693			—			1,589		15.7%
10	Renaissance Long Beach		7,591			1,469			—			946			—			2,415		31.8%
11	Embassy Suites Chicago		4,166			(645)			—			743			—			98		2.4%
12	Embassy Suites La Jolla		6,054			712			—			1,031			632			2,375		39.2%
13	The Bidwell Marriott Portland		3,337			644			—			396			—			1,040		31.2%
14	Hilton New Orleans St. Charles		3,877			543			—			623			—			1,166		30.1%
15	Oceans Edge Resort & Marina		6,732			1,777			189			777			—			2,743		40.7%

	15 Hotels Open for the Entire First Quarter of 2021		222,712			30,871			(89)			29,267			5,813			65,862		29.6%

	2 Hotels with Suspended Operations During All of the First Quarter of 2021		7,176			(2,120)			9			1,538			—			(573)		(8.0)%

	17 Hotel Portfolio (3)		229,888			28,751			(80)			30,805			5,813			65,289		28.4%

	Add: Sold/Disposed Hotels (6)
	Courtyard by Marriott Los Angeles		3,070			567			(239)			253			294			875		28.5%
	Renaissance Harborplace (5)		6,970			(1,133)			—			1,490			—			357		5.1%
	Renaissance Los Angeles Airport		7,962			853			—			1,043			—			1,896		23.8%
	Hilton Times Square		9,767			(4,346)			64			2,545			1,188			(549)		(5.6)%

	Actual Portfolio (7)	$	257,657		$	24,692		$	(255)		$	36,136		$	7,295		$	67,868		26.3%

*Footnotes on pages 52 and 53


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 42

Supplemental Financial InformationMay 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

January 2021


	Hotels sorted by number of rooms	For the Month of January 2021
	(In thousands)							Plus:			Plus:			Plus:			Equals:			Hotel
		Total			Net Income /			Other									Hotel Adjusted			Adjusted EBITDAre
		Revenues		****	(Loss)		****	Adjustments (8)		****	Depreciation		****	Interest Expense		****	EBITDAre		****	Margins
1	Hilton San Diego Bayfront	$	648		$	(3,156)		$	(97)		$	1,080		$	224		$	(1,949)		(300.8)%
2	Boston Park Plaza		654			(2,976)			—			1,504			—			(1,472)		(225.1)%
3	Hyatt Regency San Francisco		381			(2,654)			—			1,081			—			(1,573)		(412.9)%
4	Renaissance Washington DC		1,386			(781)			—			625			—			(156)		(11.3)%
5	Renaissance Orlando at SeaWorld ®		886			(1,358)			—			743			—			(615)		(69.4)%
6	Wailea Beach Resort		2,367			(1,387)			—			1,357			—			(30)		(1.3)%
7	JW Marriott New Orleans		472			(1,150)			—			538			290			(322)		(68.2)%
8	Hyatt Centric Chicago Magnificent Mile		181			(1,175)			(117)			382			117			(793)		(438.1)%
9	Marriott Boston Long Wharf		226			(1,912)			—			926			—			(986)		(436.3)%
10	Renaissance Long Beach		285			(596)			—			314			—			(282)		(98.9)%
11	Embassy Suites Chicago		186			(729)			—			253			—			(476)		(255.9)%
12	Embassy Suites La Jolla		509			(662)			—			330			209			(123)		(24.2)%
13	The Bidwell Marriott Portland		92			(546)			—			268			—			(278)		(302.2)%
14	Hilton New Orleans St. Charles		190			(354)			—			207			—			(147)		(77.4)%
15	Oceans Edge Resort & Marina		1,479			90			—			293			—			383		25.9%

	15 Hotels Open for the Entire First Quarter of 2021		9,942			(19,346)			(214)			9,901			840			(8,819)		(88.7)%

	2 Hotels with Suspended Operations During All of the First Quarter of 2021		70			(1,061)			2			312			—			(747)		(1067.1)%

	17 Hotel Portfolio (3)	$	10,012		$	(20,407)		$	(212)		$	10,213		$	840		$	(9,566)		(95.5)%

*Footnotes on pages 52 and 53


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 43

Supplemental Financial InformationMay 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

January 2020


	Hotels sorted by number of rooms	For the Month of January 2020
	(In thousands)							Plus:			Plus:			Plus:			Equals:			Hotel
		Total			Net Income /			Other									Hotel Adjusted			Adjusted EBITDAre
		Revenues		****	(Loss)		****	Adjustments^^(8)		****	Depreciation		****	Interest Expense		****	EBITDAre (2)		****	Margins (2)
1	Hilton San Diego Bayfront	$	11,202		$	462		$	(97)		$	1,072		$	616		$	2,053		18.3%
2	Boston Park Plaza		4,444			(2,132)			—			1,511			—			(621)		(14.0)%
3	Hyatt Regency San Francisco		9,327			1,089			90			1,074			—			2,253		24.2%
4	Renaissance Washington DC		4,404			(1,423)			—			699			557			(167)		(3.8)%
5	Renaissance Orlando at SeaWorld ®		7,584			1,555			—			868			—			2,423		31.9%
6	Wailea Beach Resort		11,333			3,191			—			1,320			—			4,511		39.8%
7	JW Marriott New Orleans		3,804			563			1			558			297			1,419		37.3%
8	Hyatt Centric Chicago Magnificent Mile		1,469			(1,076)			(117)			482			117			(594)		(40.4)%
9	Marriott Boston Long Wharf		3,243			(805)			—			916			—			111		3.4%
10	Renaissance Long Beach		2,425			296			—			330			—			626		25.8%
11	Embassy Suites Chicago		1,091			(551)			—			247			—			(304)		(27.9)%
12	Embassy Suites La Jolla		1,918			75			—			353			213			641		33.4%
13	The Bidwell Marriott Portland (5)		589			(211)			—			135			—			(76)		(12.9)%
14	Hilton New Orleans St. Charles		1,204			117			—			218			—			335		27.8%
15	Oceans Edge Resort & Marina		2,135			535			—			273			—			808		37.8%

	15 Hotels Open for the Entire First Quarter of 2021		66,172			1,685			(123)			10,056			1,800			13,418		20.3%

	2 Hotels with Suspended Operations During All of the First Quarter of 2021		2,413			(857)			3			517			—			(337)		(14.0)%

	17 Hotel Portfolio (3)		68,585			828			(120)			10,573			1,800			13,081		19.1%

	Add: Sold/Disposed Hotels (6)
	Renaissance Harborplace		2,161			(641)			—			471			—			(170)		(7.9)%
	Renaissance Los Angeles Airport		2,567			49			—			353			—			402		15.7%
	Hilton Times Square		3,012			(1,815)			19			845			405			(546)		(18.1)%

	Actual Portfolio (7)	$	76,325		$	(1,579)		$	(101)		$	12,242		$	2,205		$	12,767		16.7%

*Footnotes on pages 52 and 53


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 44

Supplemental Financial InformationMay 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

January 2019


	Hotels sorted by number of rooms	For the Month of January 2019
	(In thousands)							Plus:			Plus:			Plus:			Equals:			Hotel
		Total			Net Income /			Other									Hotel Adjusted			Adjusted EBITDAre
		Revenues		****	(Loss)		****	Adjustments (8)		****	Depreciation		****	Interest Expense		****	EBITDAre		****	Margins
1	Hilton San Diego Bayfront (5)	$	10,612		$	470		$	(97)		$	856		$	767			1,996		18.8%
2	Boston Park Plaza		6,479			(1,079)			—			1,481			—		$	402		6.2%
3	Hyatt Regency San Francisco		10,468			1,767			118			1,042			—			2,927		28.0%
4	Renaissance Washington DC		4,640			(1,079)			—			819			572			312		6.7%
5	Renaissance Orlando at SeaWorld ®		8,643			2,431			—			841			—			3,272		37.9%
6	Wailea Beach Resort		10,842			2,949			—			1,291			—			4,240		39.1%
7	JW Marriott New Orleans		3,609			642			1			532			304			1,479		41.0%
8	Hyatt Centric Chicago Magnificent Mile		1,186			(1,237)			(117)			480			117			(757)		(63.8)%
9	Marriott Boston Long Wharf		3,083			(680)			—			899			—			219		7.1%
10	Renaissance Long Beach		2,105			118			—			315			—			433		20.6%
11	Embassy Suites Chicago		972			(577)			—			246			—			(331)		(34.1)%
12	Embassy Suites La Jolla		1,949			100			—			345			218			663		34.0%
13	The Bidwell Marriott Portland		1,015			118			—			132			—			250		24.6%
14	Hilton New Orleans St. Charles		1,058			16			—			207			—			223		21.1%
15	Oceans Edge Resort & Marina		1,963			376			—			258			—			634		32.3%

	15 Hotels Open for the Entire First Quarter of 2021		68,624			4,335			(95)			9,744			1,978			15,962		23.3%

	2 Hotels with Suspended Operations During All of the First Quarter of 2021		2,072			(1,033)			3			512			—			(518)		(25.0)%

	17 Hotel Portfolio (3)		70,696			3,302			(92)			10,256			1,978			15,444		21.8%

	Add: Sold/Disposed Hotels (6)
	Courtyard by Marriott Los Angeles		940			107			(80)			84			98			209		22.2%
	Renaissance Harborplace (5)		1,816			(717)			—			499			—			(218)		(12.0)%
	Renaissance Los Angeles Airport		2,611			212			—			348			—			560		21.4%
	Hilton Times Square		3,033			(1,835)			21			849			407			(558)		(18.4)%

	Actual Portfolio (7)	$	79,096		$	1,069		$	(151)		$	12,036		$	2,483		$	15,437		19.5%

*Footnotes on pages 52 and 53


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 45

Supplemental Financial InformationMay 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

February 2021


	Hotels sorted by number of rooms	For the Month of February 2021
	(In thousands)							Plus:			Plus:			Plus:			Equals:			Hotel
		Total			Net Income /			Other									Hotel Adjusted			Adjusted EBITDAre
		Revenues		****	(Loss)		****	Adjustments (9)		****	Depreciation		****	Interest Expense		****	EBITDAre (2)		****	Margins (2)
1	Hilton San Diego Bayfront	$	1,232		$	(2,634)		$	(96)		$	1,080		$	199		$	(1,451)		(117.8)%
2	Boston Park Plaza		909			(2,745)			—			1,490			—			(1,255)		(138.1)%
3	Hyatt Regency San Francisco		499			(2,395)			—			1,081			—			(1,314)		(263.3)%
4	Renaissance Washington DC		2,121			98			1			625			—			724		34.1%
5	Renaissance Orlando at SeaWorld ®		751			(1,397)			—			743			—			(654)		(87.1)%
6	Wailea Beach Resort		3,471			(629)			—			1,358			—			729		21.0%
7	JW Marriott New Orleans		468			(1,064)			—			537			262			(265)		(56.6)%
8	Hyatt Centric Chicago Magnificent Mile		238			(1,126)			(117)			382			117			(744)		(312.6)%
9	Marriott Boston Long Wharf		409			(1,623)			—			927			—			(696)		(170.2)%
10	Renaissance Long Beach		556			(402)			—			266			—			(136)		(24.5)%
11	Embassy Suites Chicago		246			(687)			—			252			—			(435)		(176.8)%
12	Embassy Suites La Jolla		688			(513)			—			329			189			5		0.7%
13	The Bidwell Marriott Portland		152			(486)			—			270			—			(216)		(142.1)%
14	Hilton New Orleans St. Charles		190			(345)			—			207			—			(138)		(72.6)%
15	Oceans Edge Resort & Marina		2,121			634			—			293			—			927		43.7%

	15 Hotels Open for the Entire First Quarter of 2021		14,051			(15,314)			(212)			9,840			767			(4,919)		(35.0)%

	2 Hotels with Suspended Operations During All of the First Quarter of 2021		95			(1,041)			19			312			—			(710)		(747.4)%

	17 Hotel Portfolio (3)	$	14,146		$	(16,355)		$	(193)		$	10,152		$	767		$	(5,629)		(39.8)%

*Footnotes on pages 52 and 53


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 46

Supplemental Financial InformationMay 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

February 2020


	Hotels sorted by number of rooms	For the Month of February 2020
	(In thousands)							Plus:			Plus:			Plus:			Equals:			Hotel
		Total			Net Income /			Other									Hotel Adjusted			Adjusted EBITDAre
		Revenues		****	(Loss)		****	Adjustments^^(9)		****	Depreciation		****	Interest Expense		****	EBITDAre (2)		****	Margins (2)
1	Hilton San Diego Bayfront	$	12,928		$	2,511		$	(96)		$	1,074		$	576		$	4,065		31.4%
2	Boston Park Plaza		4,204			(1,931)			—			1,497			—			(434)		(10.3)%
3	Hyatt Regency San Francisco		8,946			1,052			90			1,076			—			2,218		24.8%
4	Renaissance Washington DC		7,011			971			—			679			556			2,206		31.5%
5	Renaissance Orlando at SeaWorld ®		8,805			2,642			—			868			—			3,510		39.9%
6	Wailea Beach Resort		11,912			3,864			—			1,324			—			5,188		43.6%
7	JW Marriott New Orleans		3,820			808			—			532			278			1,618		42.4%
8	Hyatt Centric Chicago Magnificent Mile		1,273			(1,088)			(117)			482			117			(606)		(47.6)%
9	Marriott Boston Long Wharf		3,658			(251)			—			910			—			659		18.0%
10	Renaissance Long Beach		2,375			396			—			330			—			726		30.6%
11	Embassy Suites Chicago		1,160			(346)			(24)			253			—			(117)		(10.1)%
12	Embassy Suites La Jolla		1,933			143			—			348			200			691		35.7%
13	The Bidwell Marriott Portland (5)		565			(222)			—			135			—			(87)		(15.4)%
14	Hilton New Orleans St. Charles		1,373			259			—			211			—			470		34.2%
15	Oceans Edge Resort & Marina		2,344			763			—			275			—			1,038		44.3%

	15 Hotels Open for the Entire First Quarter of 2021		72,307			9,571			(147)			9,994			1,727			21,145		29.2%

	2 Hotels with Suspended Operations During All of the First Quarter of 2021		2,078			(929)			2			517			—			(410)		(19.7)%

	17 Hotel Portfolio (3)		74,385			8,642			(145)			10,511			1,727			20,735		27.9%

	Add: Sold /Disposed Hotels (6)
	Renaissance Harborplace		2,342			(355)			—			426			—			71		3.0%
	Renaissance Los Angeles Airport		2,716			377			—			353			—			730		26.9%
	Hilton Times Square		2,790			(1,686)			19			844			383			(440)		(15.8)%

	Actual Portfolio (7)	$	82,233		$	6,978		$	(126)		$	12,134		$	2,110		$	21,096		25.7%

*Footnotes on pages 52 and 53


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 47

Supplemental Financial InformationMay 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

February 2019


	Hotels sorted by number of rooms	For the Month of February 2019
	(In thousands)							Plus:			Plus:			Plus:			Equals:			Hotel
		Total			Net Income /			Other									Hotel Adjusted			Adjusted EBITDAre
		Revenues		****	(Loss)		****	Adjustments (9)		****	Depreciation		****	Interest Expense		****	EBITDAre (2)		****	Margins (2)
1	Hilton San Diego Bayfront (5)	$	12,301		$	2,642		$	(96)		$	857		$	703			4,106		33.4%
2	Boston Park Plaza		4,113			(2,071)			—			1,483			—		$	(588)		(14.3)%
3	Hyatt Regency San Francisco		10,054			1,690			118			1,042			—			2,850		28.3%
4	Renaissance Washington DC		6,121			234			—			815			571			1,620		26.5%
5	Renaissance Orlando at SeaWorld ®		8,918			2,848			—			856			—			3,704		41.5%
6	Wailea Beach Resort		10,345			3,178			—			1,294			—			4,472		43.2%
7	JW Marriott New Orleans		3,429			687			1			532			274			1,494		43.6%
8	Hyatt Centric Chicago Magnificent Mile		1,608			(875)			(117)			481			117			(394)		(24.5)%
9	Marriott Boston Long Wharf		2,989			(569)			—			897			—			328		11.0%
10	Renaissance Long Beach		2,500			575			—			315			—			890		35.6%
11	Embassy Suites Chicago		1,253			(275)			—			247			—			(28)		(2.2)%
12	Embassy Suites La Jolla		1,918			249			—			343			197			789		41.1%
13	The Bidwell Marriott Portland		1,100			240			—			132			—			372		33.8%
14	Hilton New Orleans St. Charles		1,178			91			—			208			—			299		25.4%
15	Oceans Edge Resort & Marina		2,195			509			189			258			—			956		43.6%

	15 Hotels Open for the Entire First Quarter of 2021		70,022			9,153			95			9,760			1,862			20,870		29.8%

	2 Hotels with Suspended Operations During All of the First Quarter of 2021		2,175			(732)			3			513			—			(216)		(9.9)%

	17 Hotel Portfolio (3)		72,197			8,421			98			10,273			1,862			20,654		28.6%

	Add: Sold /Disposed Hotels (6)
	Courtyard by Marriott Los Angeles		1,011			215			(80)			85			98			318		31.5%
	Renaissance Harborplace (5)		1,890			(721)			—			494			—			(227)		(12.0)%
	Renaissance Los Angeles Airport		2,671			362			—			347			—			709		26.5%
	Hilton Times Square		2,773			(1,664)			21			848			374			(421)		(15.2)%

	Actual Portfolio (7)	$	80,542		$	6,613		$	39		$	12,047		$	2,334		$	21,033		26.1%

*Footnotes on pages 52 and 53


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 48

Supplemental Financial InformationMay 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

March 2021


	Hotels sorted by number of rooms	For the Month of March 2021
	(In thousands)							Plus:			Plus:			Plus:			Equals:			Hotel
		Total			Net Income /			Other									Hotel Adjusted			Adjusted EBITDAre
		Revenues		****	(Loss)		****	Adjustments (10)		****	Depreciation		****	Interest Expense		****	EBITDAre (2)		****	Margins (2)
1	Hilton San Diego Bayfront	$	2,075		$	(2,109)		$	(96)		$	1,081		$	220		$	(904)		(43.6)%
2	Boston Park Plaza		1,153			(2,577)			—			1,487			—			(1,090)		(94.5)%
3	Hyatt Regency San Francisco		769			(2,293)			—			1,082			—			(1,211)		(157.5)%
4	Renaissance Washington DC		2,336			494			(73)			625			—			1,046		44.8%
5	Renaissance Orlando at SeaWorld ®		1,953			(749)			—			734			—			(15)		(0.8)%
6	Wailea Beach Resort		6,421			1,536			—			1,366			—			2,902		45.2%
7	JW Marriott New Orleans		993			(784)			2			537			290			45		4.5%
8	Hyatt Centric Chicago Magnificent Mile		350			(1,094)			(117)			381			117			(713)		(203.7)%
9	Marriott Boston Long Wharf		595			(1,310)			—			926			—			(384)		(64.5)%
10	Renaissance Long Beach		759			(215)			—			265			—			50		6.6%
11	Embassy Suites Chicago		435			(568)			—			252			—			(316)		(72.6)%
12	Embassy Suites La Jolla		907			(413)			—			329			207			123		13.6%
13	The Bidwell Marriott Portland		178			(530)			—			269			—			(261)		(146.6)%
14	Hilton New Orleans St. Charles		366			(227)			—			205			—			(22)		(6.0)%
15	Oceans Edge Resort & Marina		3,049			1,342			—			293			—			1,635		53.6%

	15 Hotels Open for the Entire First Quarter of 2021		22,339			(9,497)			(284)			9,832			834			885		4.0%

	2 Hotels with Suspended Operations During All of the First Quarter of 2021		73			(1,176)			42			312			—			(822)		(1126.0)%

	17 Hotel Portfolio (3)	$	22,412		$	(10,673)		$	(242)		$	10,144		$	834		$	63		0.3%

*Footnotes on pages 52 and 53


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 49

Supplemental Financial InformationMay 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

March 2020


	Hotels sorted by number of rooms	For the Month of March 2020
	(In thousands)							Plus:			Plus:			Plus:			Equals:			Hotel
		Total			Net Income /			Other									Hotel Adjusted			Adjusted EBITDAre
		Revenues		****	(Loss)		****	Adjustments^^(10)		****	Depreciation		****	Interest Expense		****	EBITDAre (2)		****	Margins (2)
1	Hilton San Diego Bayfront (4)	$	2,910		$	(3,003)		$	(97)		$	1,071		$	487		$	(1,542)		(53.0)%
2	Boston Park Plaza (4)		2,709			(2,708)			—			1,506			—			(1,202)		(44.4)%
3	Hyatt Regency San Francisco (4)		2,506			(3,277)			(44)			1,080			—			(2,241)		(89.4)%
4	Renaissance Washington DC (4)		3,447			(2,330)			—			689			556			(1,085)		(31.5)%
5	Renaissance Orlando at SeaWorld ® (4)		2,416			(1,560)			—			871			—			(689)		(28.5)%
6	Wailea Beach Resort (4)		5,572			(839)			—			1,325			—			486		8.7%
7	JW Marriott New Orleans (4)		1,633			(845)			1			546			296			(2)		(0.1)%
8	Hyatt Centric Chicago Magnificent Mile (4)		562			(1,519)			(117)			482			117			(1,037)		(184.5)%
9	Marriott Boston Long Wharf (4)		1,227			(2,426)			—			911			—			(1,515)		(123.5)%
10	Renaissance Long Beach (4)		965			(803)			—			330			—			(473)		(49.0)%
11	Embassy Suites Chicago (4)		678			(616)			—			253			—			(363)		(53.5)%
12	Embassy Suites La Jolla (4)		1,140			(410)			—			351			213			154		13.5%
13	The Bidwell Marriott Portland (4) (5)		259			(457)			—			111			—			(346)		(133.6)%
14	Hilton New Orleans St. Charles (4)		562			(250)			—			216			—			(34)		(6.0)%
15	Oceans Edge Resort & Marina		1,486			192			—			278			—			470		31.6%

	15 Hotels Open for the Entire First Quarter of 2021		28,072			(20,851)			(257)			10,020			1,669			(9,419)		(33.6)%

	2 Hotels with Suspended Operations During All of the First Quarter of 2021 (4)		978			(2,394)			2			516			—			(1,876)		(191.8)%

	17 Hotel Portfolio (3)		29,050			(23,245)			(255)			10,536			1,669			(11,295)		(38.9)%

	Add: Sold/Disposed Hotels (6)
	Renaissance Harborplace (4)		1,101			(1,296)			(57)			432			—			(921)		(83.7)%
	Renaissance Los Angeles Airport (4)		1,363			(902)			—			357			—			(545)		(40.0)%
	Hilton Times Square (4)		1,118			(3,958)			20			789			405			(2,744)		(245.4)%

	Actual Portfolio (7)	$	32,632		$	(29,401)		$	(292)		$	12,114		$	2,074		$	(15,505)		(47.5)%

*Footnotes on pages 52 and 53


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 50

Supplemental Financial InformationMay 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

March 2019


	Hotels sorted by number of rooms	For the Month of March 2019
	(In thousands)							Plus:			Plus:			Plus:			Equals:			Hotel
		Total			Net Income /			Other									Hotel Adjusted			Adjusted EBITDAre
		Revenues		****	(Loss)		****	Adjustments (10)		****	Depreciation		****	Interest Expense		****	EBITDAre		****	Margins
1	Hilton San Diego Bayfront (5)	$	13,773		$	3,293		$	(97)		$	845		$	768		$	4,809		34.9%
2	Boston Park Plaza		7,268			(27)			—			1,482			—			1,455		20.0%
3	Hyatt Regency San Francisco		10,675			1,910			124			1,043			—			3,077		28.8%
4	Renaissance Washington DC		10,135			2,264			—			821			570			3,655		36.1%
5	Renaissance Orlando at SeaWorld ®		8,152			2,391			—			857			—			3,248		39.8%
6	Wailea Beach Resort		10,482			3,213			—			1,294			—			4,507		43.0%
7	JW Marriott New Orleans		4,694			1,615			—			533			302			2,450		52.2%
8	Hyatt Centric Chicago Magnificent Mile		2,314			(381)			(116)			481			116			100		4.3%
9	Marriott Boston Long Wharf		4,022			145			—			897			—			1,042		25.9%
10	Renaissance Long Beach		2,986			776			—			316			—			1,092		36.6%
11	Embassy Suites Chicago		1,941			207			—			250			—			457		23.5%
12	Embassy Suites La Jolla		2,187			363			—			343			217			923		42.2%
13	The Bidwell Marriott Portland		1,222			286			—			132			—			418		34.2%
14	Hilton New Orleans St. Charles		1,641			436			—			208			—			644		39.2%
15	Oceans Edge Resort & Marina		2,574			892			—			261			—			1,153		44.8%

	15 Hotels Open for the Entire First Quarter of 2021		84,066			17,383			(89)			9,763			1,973			29,030		34.5%

	2 Hotels with Suspended Operations During All of the First Quarter of 2021		2,929			(355)			3			513			—			161		5.5%

	17 Hotel Portfolio (3)		86,995			17,028			(86)			10,276			1,973			29,191		33.6%

	Add: Sold/Disposed Hotels (6)
	Courtyard by Marriott Los Angeles		1,119			245			(79)			84			98			348		31.1%
	Renaissance Harborplace (5)		3,264			305			—			497			—			802		24.6%
	Renaissance Los Angeles Airport		2,680			279			—			348			—			627		23.4%
	Hilton Times Square		3,961			(847)			22			848			407			430		10.9%

	Actual Portfolio (7)	$	98,019		$	17,010		$	(143)		$	12,053		$	2,478		$	31,398		32.0%

*Footnotes on pages 52 and 53


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 51

Supplemental Financial InformationMay 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q1, January, February and March 2021/2020/2019 Footnotes

(1)	Other Adjustments for the first quarter of 2021 include: a total of $(0.3) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, and the JW Marriott New Orleans; $(0.3) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile; a $(0.1) million prior year property tax net credit received at the Renaissance Washington DC; and $0.1 million in legal fees at the Renaissance Westchester. Other Adjustments for the first quarter of 2020 include: $(0.3) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; $(0.3) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile; $0.1 million in city taxes assessed on commercial rents at the Hyatt Regency San Francisco; and a total of $(0.1) million in prior year property tax credits, net of appeal fees received at the Embassy Suites Chicago and the Renaissance Harborplace. Other Adjustments for the first quarter of 2019 include: a total of $(0.3) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; a total of $(0.6) million in finance lease obligation interest - cash ground rent at the Courtyard by Marriott Los Angeles and the Hyatt Centric Chicago Magnificent Mile; $0.4 million in city taxes assessed on commercial rents at the Hyatt Regency San Francisco; and a $0.2 million prior year property tax assessment received at the Oceans Edge Resort & Marina.
(2)	Both Hotel Adjusted EBITDAre and Hotel Adjusted EBITDAre Margins are presented excluding any prior year property tax assessments and credits, net of any appeal fees. In the first quarters of 2021, 2020 and 2019, a $(0.1) million prior year property tax credit was received at the Renaissance Washington DC, a total of $(0.1) million in prior year property tax credits, net of appeal fees was received at the Embassy Suites Chicago and the Renaissance Harborplace and a $0.2 million prior year property tax assessment was received at the Oceans Edge Resort & Marina, respectively.
---	---
(3)	17 Hotel Portfolio includes all hotels owned by the Company as of March 31, 2021.
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(4)	During the first quarter of 2020, a total of $10.1 million in COVID-19-related costs consisting of additional wages and benefits for furloughed or laid off employees was incurred at the following hotels: $0.1 million Boston Park Plaza; $0.1 million Embassy Suites Chicago; $0.1 million Embassy Suites La Jolla; $0.1 million Hilton Garden Inn Chicago Downtown/Magnificent Mile; $45,000 Hilton New Orleans St. Charles; $0.2 million Hilton San Diego Bayfront; $1.4 million Hilton Times Square; $0.1 million Hyatt Centric Chicago Magnificent Mile; $0.8 million Hyatt Regency San Francisco; $0.3 million JW Marriott New Orleans; $1.0 million Marriott Boston Long Wharf; $0.1 million The Bidwell Marriott Portland; $0.4 million Renaissance Harborplace; $0.3 million Renaissance Long Beach; $0.4 million Renaissance Los Angeles Airport; $0.8 million Renaissance Orlando at SeaWorld®; $1.3 million Renaissance Washington DC; $0.8 million Renaissance Westchester; and $1.8 million Wailea Beach Resort.
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(5)	Hotel Adjusted EBITDAre for the first quarter of 2020 is impacted by a room renovation at The Bidwell Marriott Portland. Hotel Adjusted EBITDAre for the first quarter of 2019 is impacted by room renovations at the Hilton San Diego Bayfront and the Renaissance Harborplace.
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(6)	Sold/Disposed Hotels includes results for the Renaissance Harborplace and the Renaissance Los Angeles Airport, sold in July 2020 and December 2020, respectively, and the Hilton Times Square, assigned to its mortgage holder in December 2020. Sold/Disposed Hotels for the first quarter of 2019 also includes results for the Courtyard by Marriott Los Angeles, sold in October 2019
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PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 52

Supplemental Financial InformationMay 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q1, January, February and March 2021/2020/2019 Footnotes (continued)

(7)	Actual Portfolio includes the 17 Hotel Portfolio plus the Sold/Disposed Hotels.
(8)	Other Adjustments for January 2021 include: a total of $(0.1) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, and the JW Marriott New Orleans; and $(0.1) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile. Other Adjustments for January 2020 include: a total of $(0.1) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; $(0.1) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile; and $0.1 million in city taxes assessed on commercial rents at the Hyatt Regency San Francisco. Other Adjustments for January 2019 include: a total of $(0.1) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; $(0.2) million in finance lease obligation interest - cash ground rent at the Courtyard by Marriott Los Angeles and the Hyatt Centric Chicago Magnificent Mile; and $0.1 million in city taxes assessed on commercial rents at the Hyatt Regency San Francisco.
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(9)	Other Adjustments for February 2021 include: a total of $(0.1) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, and the JW Marriott New Orleans; $(0.1) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile; a nominal prior year property tax assessment received at the Renaissance Washington DC; and $17,000 in legal fees at the Renaissance Westchester. Other adjustments for February 2020 include: a total of $(0.1) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; $(0.1) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile; $0.1 million in city taxes assessed on commercial rents at the Hyatt Regency San Francisco; and a $(24,000) prior year property tax credit received at the Embassy Suites Chicago. Other adjustments for February 2019 include: a total of $(0.1) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; $(0.2) million in finance lease obligation interest - cash ground rent at the Courtyard by Marriott Los Angeles and the Hyatt Centric Chicago Magnificent Mile; $0.1 million in city taxes assessed on commercial rents at the Hyatt Regency San Francisco; and a $0.2 million prior year property tax assessment received at the Oceans Edge Resort & Marina.
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(10)	Other Adjustments for March 2021 include: a total of $(0.1) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, and the JW Marriott New Orleans; $(0.1) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile; a $(0.1) million prior year property tax credit received at the Renaissance Washington DC; and $41,000 in legal fees at the Renaissance Westchester. Other Adjustments for March 2020 include: $(0.1) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; $(0.1) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile; a $(44,000) true-up in city taxes assessed on commercial rents at the Hyatt Regency San Francisco; and a $(0.1) million prior year property tax credit, net of appeal fees at the Renaissance Harborplace. Other Adjustments for March 2019 include: a total of $(0.1) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; a total of $(0.2) million in finance lease obligation interest - cash ground rent at the Courtyard by Marriott Los Angeles and the Hyatt Centric Chicago Magnificent Mile; and $0.1 million in city taxes assessed on commercial rents at the Hyatt Regency San Francisco.
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