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): November 4, 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 H Cumulative Redeemable Preferred Stock, $0.01 par value	SHO.PRH	New York Stock Exchange
Series I Cumulative Redeemable Preferred Stock, $0.01 par value	SHO.PRI	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 November 4, 2021, Sunstone Hotel Investors, Inc. (the “Company”) issued a press release regarding its financial results for the third quarter ended September 30, 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 November 4, 2021.
99.2		Supplemental Financial Information for the third quarter ended September 30, 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: November 4, 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 THIRD QUARTER 2021

Under Contract to Acquire the 85-Room Four Seasons Resort Napa Valley for $177.5 Million

Under Contract to Sell the 340-Room Embassy Suites La Jolla for $226.7 Million

Sold the 348-Room Renaissance Westchester for $18.8 Million

IRVINE, CA – November 4, 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 third quarter ended September 30, 2021.

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

●	Net Loss: Net loss was $22.1 million as compared to $91.1 million.
●	16 Hotel Portfolio RevPAR: RevPAR at the comparable 16 hotels the Company owned during both 2021 and 2020, except the Renaissance Westchester which was sold in October 2021 (the “16 Hotel Portfolio”), increased 633.4% to $136.12. The average daily rate was $248.40 and occupancy was 54.8%.
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●	17 Hotel Portfolio RevPAR: RevPAR at the 17 Hotels, which includes the 16 Hotel Portfolio and the Montage Healdsburg was $145.79, comprised of an average daily rate of $265.56 and occupancy of 54.9%.
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●	Adjusted EBITDAre: Adjusted EBITDAre, excluding noncontrolling interest increased 197.7% to $35.4 million.
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●	Adjusted FFO: Adjusted FFO attributable to common stockholders per diluted share increased 138.5% to $0.10.
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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.

Douglas M. Pasquale, Interim Chief Executive Officer, stated, “We are pleased with our third quarter and year to date results, which meaningfully exceeded our revenue and profitability expectations despite some headwinds from the Delta variant. While leisure demand over the summer travel season was the strongest since the onset of the pandemic, our portfolio saw continued demand growth from all primary segments which added significantly to the quarter’s successes. While concerns related to the Delta variant have impacted short-term group demand, we are seeing a re-acceleration of both business transient and group bookings for the fourth quarter and into 2022.”

Mr. Pasquale continued, “During the quarter, we accelerated capital recycling initiatives and have recently completed or are under contract to complete several transactions that will better position the Company for future value creation. The disposition of the Renaissance Westchester is consistent with our strategy of divesting non-Long-Term Relevant Real Estate, while the sale of the Embassy Suites La Jolla is a great example of capitalizing on an opportunity to realize the value of well-located real estate at a sale price far in excess of the hotel's value. The opportunistic sale of the Embassy Suites La Jolla for $226.7 million, or approximately $667,000 per key, will further strengthen our balance sheet and provide capacity for future growth. The acquisition of Four Seasons Resort Napa Valley will increase our exposure to one of the strongest leisure and group markets, which, combined with Montage Healdsburg, will increase our ownership in the wine country to approximately 10% of our portfolio. Upon completion, we will own the two premiere hotels in the market and control approximately 32% of the luxury meeting space. I am very pleased with the progress and execution the team has achieved during my tenure as Interim CEO.” 1

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


	Three Months Ended September 30,								Nine Months Ended September 30,
	2021		****	2020		****	Change		2021			2020			Change

Net Loss	$	(22.1)		$	(91.1)		75.7	%	$	(105.3)		$	(371.1)		71.6	%
Loss Attributable to Common Stockholders per Diluted Share	$	(0.13)		$	(0.43)		69.8	%	$	(0.56)		$	(1.74)		67.8	%

16 Hotel Portfolio RevPAR	$	136.12		$	18.56		633.4	%	$	93.59		$	53.90		73.6	%

16 Hotel Portfolio Occupancy		54.8	%		12.4	%	4,240	bps		41.0	%		24.9	%	1,610	bps
16 Hotel Portfolio ADR	$	248.40		$	149.70		65.9	%	$	228.27		$	216.47		5.5	%

Montage Healdsburg RevPAR (1)	$	796.48			N/A		N/A		$	532.51			N/A		N/A

Montage Healdsburg Occupancy (1)		63.9	%		N/A		N/A			48.6	%		N/A		N/A
Montage Healdsburg ADR (1)	$	1,246.45			N/A		N/A		$	1,095.70			N/A		N/A

16 Hotel Portfolio Adjusted EBITDAre Margin (2)		24.3	%		(136.7)	%	16,100	bps		12.9	%		(21.6)	%	3,450	bps

Adjusted EBITDAre, excluding noncontrolling interest	$	35.4		$	(36.2)		197.7	%	$	36.0		$	(69.1)		152.2	%
Adjusted FFO Attributable to Common Stockholders	$	21.3		$	(54.7)		139.0	%	$	(9.2)		$	(121.7)		92.5	%
Adjusted FFO Attributable to Common Stockholders per Diluted Share	$	0.10		$	(0.26)		138.5	%	$	(0.04)		$	(0.56)		92.9	%

(1)	Operating statistics for the Montage Healdsburg, acquired on April 22, 2021, include prior ownership results obtained by the Company from the prior owner of the hotel during the due diligence period before the Company’s acquisition was completed. 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.
(2)	The 16 Hotel Portfolio Adjusted EBITDAre Margins exclude prior year property tax adjustments, net.
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(1)

Operating statistics for the Montage Healdsburg, acquired on April 22, 2021, include prior ownership results obtained by the Company from the prior owner of the hotel during the due diligence period before the Company’s acquisition was completed. 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.

(2)

The 16 Hotel Portfolio Adjusted EBITDAre Margins exclude prior year property tax adjustments, net.

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Recent Developments

Preferred Stock Redemption: On August 12, 2021, the Company redeemed all 3,000,000 shares of its Series F Cumulative Redeemable Preferred Stock at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to, but not including, the redemption date, using proceeds received from its July 16, 2021 issuance of 4,000,000 shares of its 5.70% Series I Cumulative Redeemable Preferred Stock (“Series I preferred stock”).

Renaissance Westchester: On October 15, 2021, the Company sold the 348-room Renaissance Westchester for a contractual sale price of $18.8 million. Net proceeds received from the sale of the hotel after the payment of costs arising from the transaction will be used to partially fund the acquisition of the Four Seasons Resort Napa Valley.

Four Seasons Resort Napa Valley: On October 7, 2021, the Company made a non-refundable earnest money deposit in connection with its agreement to acquire the fee-simple interest in the 85-room Four Seasons Resort Napa Valley. The newly-constructed luxury resort recently opened in October 2021, and will be acquired for a gross purchase price of $177.5 million. The acquisition includes nearly 4.5 acres of vineyards and the Elusa Winery along with the inventory of prior wine vintages. The acquisition is expected to be funded through a combination of cash on hand and from borrowings on the Company’s currently undrawn $500.0 million revolving credit facility. The Company expects to close the transaction in the fourth quarter of 2021, but can give no assurances that the acquisition will be completed. Upon stabilization, the Company expects the resort to generate a 6% to 7% net operating income yield. The acquisition of the Four Seasons Resort Napa Valley will further advance Sunstone’s strategy of owning a portfolio of Long-Term Relevant Real Estate®. For additional information on the acquisition, please refer to the Four Seasons Resort Napa Valley presentation located in the Investor Relations section of the Company’s website.

Embassy Suites La Jolla: On October 18, 2021, the Company entered into an agreement to sell the 340-room Embassy Suites La Jolla for a contractual sale price of $226.7 million or approximately $667,000 per key. On October 21, 2021, the purchaser’s earnest money deposit became non-refundable. The sale price represents a 22.3x multiple on 2019 Hotel Adjusted EBITDAre and a 4.0% cap rate on 2019 Hotel Net Operating Income. As part of the transaction, the buyer intends to assume the hotel’s existing $56.9 million mortgage loan. The disposition of the hotel demonstrates the ability to generate significant value from the ownership of Long-Term Relevant Real Estate®. The Company expects the sale to close during the fourth quarter of 2021, subject to customary closing conditions.

Hurricane Ida: On August 29, 2021, Hurricane Ida impacted the Company’s JW Marriott New Orleans and Hilton New Orleans St. Charles causing exterior damage and water infiltration at the hotels. The storm impacted the two hotels to varying degrees with the bulk of the damage incurred at the Hilton New Orleans St. Charles. The Company incurred $0.4 million of restoration expense during the third quarter of 2021 related to the JW Marriott New Orleans, and currently anticipates that the cost to restore damages at the hotel will not exceed the property’s insurance deductible. The Company incurred $1.2 million of restoration expense and recorded a $1.0 million impairment charge in the third quarter of 2021 as a result of the write-off of assets at the Hilton New Orleans St. Charles due to hurricane-related damage. The Company is working with its insurers to identify and settle a property damage claim at the Hilton New Orleans St. Charles and expects that losses to the Company will be mitigated by the hotel’s property insurance deductible of approximately $3.0 million. In addition, the Company may also pursue a business interruption insurance claim at the Hilton New Orleans St. Charles. The Company expects that restoration work on the hotels will continue into 2022 and that both hotels will remain in operation while the work is performed.

Capital Investments: The Company invested $25.1 million and $41.9 million into its portfolio during the third quarter and first nine months ended September 30, 2021, respectively. In 2021, the Company expects to invest approximately $70 million to $80 million.

Balance Sheet and Liquidity Update

As of September 30, 2021, the Company had $221.6 million of cash and cash equivalents, including restricted cash of $42.1 million, total assets of $3.0 billion, including $2.7 billion of net investments in hotel properties, total consolidated debt of $745.5 million and stockholders’ equity of $2.1 billion.

Operations Update

Operating statistics for the 17 Hotel Portfolio were as follows:


	July			August			September			Third Quarter
	2021			2021			2021			2021
RevPAR	$	168.38		$	137.11		$	131.53		$	145.79
Occupancy		62.9	%		51.1	%		50.6	%		54.9	%
Average Daily Rate	$	267.70		$	268.31		$	259.95		$	265.56

Preliminary October 2021 results for the 16 Hotel Portfolio and the 17 Hotel Portfolio include the following ($ in millions, except RevPAR and ADR):


	October
	2021 (1)			2020			Change
16 Hotel Portfolio Room Revenue	$	37.2		$	6.8			448.3	%

16 Hotel Portfolio RevPAR	$	138.29		$	25.25			447.7	%
16 Hotel Portfolio Occupancy		56.7	%		17.0	%		3,970	bps
16 Hotel Portfolio ADR	$	243.90		$	148.51			64.2	%

17 Hotel Portfolio Room Revenue (2)	$	40.9			N/A			N/A

17 Hotel Portfolio RevPAR (2)	$	150.22			N/A			N/A
17 Hotel Portfolio Occupancy (2)		57.0	%		N/A			N/A
17 Hotel Portfolio ADR (2)	$	263.55			N/A			N/A

(1)	October 2021 results are preliminary and may be adjusted during the Company’s month-end close process.
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(2)	Operating statistics for the 17 Hotel Portfolio include the Montage Healdsburg, acquired by the Company in April 2021. 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 November 3, 2021, the Company’s Board of Directors declared cash dividends of $0.123426 per share payable to its Series G cumulative redeemable preferred stockholder, $0.382813 per share payable to its Series H cumulative redeemable preferred stockholders and $0.356250 per share payable to its Series I preferred stockholders. The dividends will be paid on January 18, 2022 to stockholders of record as of December 31, 2021.

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 third quarter 2021 financial results on November 5, 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 2757771 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 17 hotels comprised of 8,799 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. The Company’s website is provided as a reference only and any information on the website is not incorporated by reference in this release.

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 4

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 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 contract intangibles: 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 contract intangibles 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; property insurance proceeds or uninsured losses; and other nonrecurring identified adjustments.

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 preferred stock redemption charges, 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. 6

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 and per share data)


	September 30,			December 31,
	2021		****	2020
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	179,487		$	368,406
Restricted cash		42,124			47,733
Accounts receivable, net		28,349			8,566
Prepaid expenses and other current assets		18,512			10,440
Assets held for sale, net		13,759			—
Total current assets		282,231			435,145

Investment in hotel properties, net		2,669,169			2,461,498
Finance lease right-of-use asset, net		45,079			46,182
Operating lease right-of-use assets, net		23,971			26,093
Deferred financing costs, net		2,928			4,354
Other assets, net		11,217			12,445

Total assets	$	3,034,595		$	2,985,717

Liabilities and Equity
Current liabilities:
Accounts payable and accrued expenses	$	48,740		$	37,326
Accrued payroll and employee benefits		18,057			15,392
Dividends and distributions payable		3,112			3,208
Other current liabilities		57,129			32,606
Current portion of notes payable, net		87,396			2,261
Liabilities of assets held for sale		5,490			—
Total current liabilities		219,924			90,793

Notes payable, less current portion, net		655,713			742,528
Finance lease obligation, less current portion		15,568			15,569
Operating lease obligations, less current portion		26,432			29,954
Other liabilities		14,495			17,494
Total liabilities		932,132			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, zero shares and 4,600,000 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively, stated at liquidation preference of $25.00 per share		—			115,000
6.45% Series F Cumulative Redeemable Preferred Stock, zero shares and 3,000,000 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively, stated at liquidation preference of $25.00 per share		—			75,000
Series G Cumulative Redeemable Preferred Stock, 2,650,000 shares and zero shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively, stated at liquidation preference of $25.00 per share		66,250			—
6.125% Series H Cumulative Redeemable Preferred Stock, 4,600,000 shares and zero shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively, stated at liquidation preference of $25.00 per share		115,000			—
5.70% Series I Cumulative Redeemable Preferred Stock, 4,000,000 shares and zero shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively, stated at liquidation preference of $25.00 per share		100,000			—
Common stock, $0.01 par value, 500,000,000 shares authorized, 219,333,783 shares issued and outstanding at September 30, 2021 and 215,593,401 shares issued and outstanding at December 31, 2020		2,193			2,156
Additional paid in capital		2,629,148			2,586,108
Retained earnings		810,075			913,766
Cumulative dividends and distributions		(1,660,675)			(1,643,386)
Total stockholders' equity		2,061,991			2,048,644
Noncontrolling interest in consolidated joint venture		40,472			40,735
Total equity		2,102,463			2,089,379

Total liabilities and equity	$	3,034,595		$	2,985,717

Sunstone Hotel Investors, Inc.

Unaudited Consolidated Statements of Operations

(In thousands, except per share data)


		Three Months Ended September 30,				Nine Months Ended September 30,
	****	2021		2020		2021		2020

Revenues
Room		$	118,061	$	16,266	$	236,877	$	147,535
Food and beverage			27,338		2,109		47,547		50,312
Other operating			22,022		10,535		50,840		32,699
Total revenues			167,421		28,910		335,264		230,546
Operating expenses
Room			32,106		13,715		66,692		65,037
Food and beverage			27,440		7,748		49,088		54,533
Other operating			4,643		1,295		9,934		6,283
Advertising and promotion			8,883		3,895		20,800		20,447
Repairs and maintenance			10,001		6,075		22,678		21,499
Utilities			6,164		4,170		14,998		13,238
Franchise costs			4,181		663		7,468		6,337
Property tax, ground lease and insurance			17,528		20,800		47,821		59,975
Other property-level expenses			21,633		9,528		48,177		47,109
Corporate overhead			15,422		6,582		32,066		22,414
Depreciation and amortization			32,585		33,005		96,084		104,290
Impairment losses			1,014		—		1,014		133,466
Total operating expenses			181,600		107,476		416,820		554,628
Interest and other income (loss)			2		139		(356)		2,751
Interest expense			(7,983)		(12,742)		(23,697)		(43,199)
Gain on sale of assets			—		189		—		189
Gain (loss) on extinguishment of debt			61		(210)		371		(210)
Loss before income taxes			(22,099)		(91,190)		(105,238)		(364,551)
Income tax (provision) benefit, net			(25)		83		(91)		(6,575)
Net loss			(22,124)		(91,107)		(105,329)		(371,126)
(Income) loss from consolidated joint venture attributable to noncontrolling interest			(933)		1,816		1,638		4,436
Preferred stock dividends and redemption charges			(6,287)		(3,208)		(17,289)		(9,622)
Loss attributable to common stockholders		$	(29,344)	$	(92,499)	$	(120,980)	$	(376,312)

Basic and diluted per share amounts:
Basic and diluted loss attributable to common stockholders per common share		$	(0.13)	$	(0.43)	$	(0.56)	$	(1.74)

Basic and diluted weighted average common shares outstanding			217,709		214,257		215,765		216,498

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**


	Three Months Ended September 30,					Nine Months Ended September 30,
	2021		****	2020		2021			2020

Net loss	$	(22,124)		$	(91,107)	$	(105,329)	$	(371,126)
Operations held for investment:
Depreciation and amortization		32,585			33,005		96,084		104,290
Interest expense		7,983			12,742		23,697		43,199
Income tax provision (benefit), net		25			(83)		91		6,575
Loss (gain) on sale of assets		12			(189)		82		(189)
Impairment losses - hotel properties		1,014			—		1,014		131,164
EBITDAre		19,495			(45,632)		15,639		(86,087)

Operations held for investment:
Amortization of deferred stock compensation		3,165			2,238		10,576		7,509
Amortization of right-of-use assets and liabilities		(335)			(330)		(1,004)		(923)
Finance lease obligation interest - cash ground rent		(351)			(351)		(1,053)		(1,053)
Property-level severance		—			1,242		—		2,117
Property-level severance related to held for sale/sold hotels		4,562			5,602		4,562		5,840
(Gain) loss on extinguishment of debt		(61)			210		(371)		210
Prior year property tax adjustments, net		605			(12)		(1,384)		214
Lawsuit settlement cost		691			—		691		—
CEO transition costs		7,976			—		7,976		—
Hurricane-related losses		1,621			—		1,621		—
Impairment loss - abandoned development costs		—			—		—		2,302
Noncontrolling interest:
(Income) loss from consolidated joint venture attributable to noncontrolling interest		(933)			1,816		1,638		4,436
Depreciation and amortization		(791)			(808)		(2,407)		(2,418)
Interest expense		(181)			(244)		(501)		(970)
Amortization of right-of-use asset and liability		72			72		217		217
Lawsuit settlement cost		(173)			—		(173)		—
Impairment loss - abandoned development costs		—			—		—		(449)
Adjustments to EBITDAre, net		15,867			9,435		20,388		17,032

Adjusted EBITDAre, excluding noncontrolling interest	$	35,362		$	(36,197)	$	36,027	$	(69,055)

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


		Three Months Ended September 30,					Nine Months Ended September 30,
		2021		****	2020		2021			2020

Net loss	****	$	(22,124)		$	(91,107)	$	(105,329)	$	(371,126)
Preferred stock dividends and redemption charges			(6,287)			(3,208)		(17,289)		(9,622)
Operations held for investment:
Real estate depreciation and amortization			31,959			32,383		94,206		102,422
Loss (gain) on sale of assets			12			(189)		82		(189)
Impairment losses - hotel properties			1,014			—		1,014		131,164
Noncontrolling interest:
(Income) loss from consolidated joint venture attributable to noncontrolling interest			(933)			1,816		1,638		4,436
Real estate depreciation and amortization			(791)			(808)		(2,407)		(2,418)
FFO attributable to common stockholders			2,850			(61,113)		(28,085)		(145,333)

Operations held for investment:
Real estate amortization of right-of-use assets and liabilities			87			80		249		298
Noncash interest on derivatives, net			(616)			(762)		(2,194)		5,534
Property-level severance			—			1,242		—		2,117
Property-level severance related to held for sale/sold hotels			4,562			5,602		4,562		5,840
(Gain) loss on extinguishment of debt			(61)			210		(371)		210
Prior year property tax adjustments, net			605			(12)		(1,384)		214
Lawsuit settlement cost			691			—		691		—
Preferred stock redemption charges			2,624			—		6,640		—
CEO transition costs			7,976			—		7,976		—
Amortization of deferred stock compensation associated with CEO transition costs			1,117			—		1,117		—
Hurricane-related losses			1,621			—		1,621		—
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		217		217
Noncash interest on derivatives, net			(20)			(1)		(20)		(27)
Lawsuit settlement cost			(173)			—		(173)		—
Impairment loss - abandoned development costs			—			—		—		(449)
Adjustments to FFO attributable to common stockholders, net			18,485			6,431		18,931		23,671

Adjusted FFO attributable to common stockholders		$	21,335		$	(54,682)	$	(9,154)	$	(121,662)

FFO attributable to common stockholders per diluted share		$	0.01		$	(0.29)	$	(0.13)	$	(0.67)

Adjusted FFO attributable to common stockholders per diluted share		$	0.10		$	(0.26)	$	(0.04)	$	(0.56)

Basic weighted average shares outstanding			217,709			214,257		215,765		216,498
Shares associated with unvested restricted stock awards			296			—		287		—
Diluted weighted average shares outstanding			218,005			214,257		216,052		216,498

Sunstone Hotel Investors, Inc.

Non-GAAP Financial Measures

Hotel Adjusted EBITDAre and Margins

(Unaudited and in thousands)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020

16 Hotel Portfolio Adjusted EBITDAre Margin, excluding prior year property tax adjustments, net (1)		24.3%		(136.7)%		12.9%		(21.6)%


Total revenues	$	167,421	$	28,910	$	335,264	$	230,546
Non-hotel revenues (2)		(22)		(23)		(66)		(68)
Reimbursements to offset net losses (3)		(1,662)		(4,595)		(8,773)		(6,965)
Total Actual Hotel Revenues		165,737		24,292		326,425		223,513
Non-comparable hotel revenues (4)		(15,381)		—		(25,433)		—
Held for sale and Sold/Disposed hotel revenues (5)		(67)		(1,952)		(154)		(26,500)
Total 16 Hotel Portfolio Revenues	$	150,289	$	22,340	$	300,838	$	197,013


Net loss	$	(22,124)	$	(91,107)	$	(105,329)	$	(371,126)
Non-hotel revenues (2)		(22)		(23)		(66)		(68)
Reimbursements to offset net losses (3)		(1,662)		(4,595)		(8,773)		(6,965)
Non-hotel operating expenses, net (6)		(593)		(596)		(3,902)		(1,733)
Property-level severance (7)		—		1,242		—		2,117
Property-level severance related to held for sale/sold/disposed hotels (7)		4,562		5,602		4,562		5,840
Property-level prior year property tax adjustments, net (8)		605		(12)		379		214
Property-level legal fees and settlements (9)		691		(60)		749		1,287
Property-level hurricane-related losses (10)		1,621		—		1,621		—
Taxes assessed on commercial rents (11)		—		(95)		—		10
Corporate overhead		15,422		6,582		32,066		22,414
Depreciation and amortization		32,585		33,005		96,084		104,290
Impairment losses		1,014		—		1,014		133,466
Interest and other (income) loss		(2)		(139)		356		(2,751)
Interest expense		7,983		12,742		23,697		43,199
Gain on sale of assets		—		(189)		—		(189)
Gain on extinguishment of debt		(61)		210		(371)		210
Income tax provision (benefit), net		25		(83)		91		6,575
Actual Hotel Adjusted EBITDAre		40,044		(37,516)		42,178		(63,210)
Non-comparable hotel EBITDAre (4)		(3,635)		—		(5,248)		—
Held for sale and Sold/Disposed hotel Adjusted EBITDAre (5)		39		6,986		1,989		20,744
16 Hotel Portfolio Adjusted EBITDAre, excluding prior year property tax adjustments, net	$	36,448	$	(30,530)	$	38,919	$	(42,466)

*Footnotes on following page 12

(1)	16 Hotel Portfolio Adjusted EBITDAre Margin, excluding prior year property tax adjustments, net is calculated as 16 Hotel Portfolio Adjusted EBITDAre, excluding prior year property tax adjustments, net divided by Total 16 Hotel Portfolio Revenues.
(2)	Non-hotel revenues include the amortization of contract intangibles 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 third quarter and first nine months of 2021 include $1.7 million and $8.8 million, respectively, at the Hyatt Regency San Francisco as stipulated by the hotel’s operating lease agreement. Reimbursements to offset net losses for the third quarter and first nine months of 2020 include $4.6 million and $7.0 million, respectively.
---	---
(4)	Non-comparable hotel includes hotel revenues and Adjusted EBITDAre generated during the Company’s ownership period for the Montage Healdsburg, acquired in April 2021. The newly-developed hotel is considered non-comparable as it did not open until December 2020.
---	---
(5)	Held for sale hotel includes hotel revenues and Adjusted EBITDAre for the Renaissance Westchester, which the Company sold in October 2021. 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.
---	---
(6)	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 nine months of 2021 for the Renaissance Los Angeles Airport.
---	---
(7)	Property-level severance for the third quarter and first nine months of 2020 includes a total of $1.2 million and $2.1 million, respectively, in COVID-19-related severance recorded at a majority of the Company's 16 Hotel Portfolio. Property-level severance related to held for sale/sold/disposed hotels for both the third quarter and first nine months of 2021 includes $4.6 million at the Renaissance Westchester. Property-level severance related to held for sale/sold/disposed hotels for the third quarter and first nine months of 2020 includes $5.6 million and $5.8 million, respectively, in COVID-19-related severance recorded at the Sold/Disposed hotels.
---	---
(8)	Property-level prior year property tax adjustments, net for the third quarter and first nine months of 2021 include total net assessments of $0.6 million received at the Embassy Suites Chicago, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hyatt Centric Chicago Magnificent Mile and the Renaissance Long Beach. For the first nine months of 2021, property-level prior year property tax adjustments, net also include total credits of $0.2 million received by the Hyatt Centric Chicago Magnificent Mile and the Renaissance Washington DC. Property-level prior year property tax adjustments, net for the third quarter and first nine months of 2020 include a total credit of $12,000 received at the Renaissance Long Beach. Property-level prior year property tax adjustments, net for the first nine months of 2020 also include total net assessments of $0.2 million received at the Embassy Suites Chicago, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hyatt Centric Chicago Magnificent Mile and the Renaissance Harborplace.
---	---
(9)	Property-level legal fees and settlements for the third quarter and first nine months of 2021 include a $0.7 million lawsuit settlement cost at the Hilton San Diego Bayfront. Property-level legal fees and settlements for the first nine months of 2021 also include $0.1 million in legal fees at the Renaissance Westchester. Property-level legal fees and settlements for the third quarter and first nine months of 2020 include a total credit of $0.1 million as follows: $0.6 million credit card merchant class action settlement proceeds received at the Boston Park Plaza, the Hilton Times Square, the Hyatt Centric Chicago Magnificent Mile and the Oceans Edge Resort & Marina; and $0.6 million in legal fees at the Renaissance Westchester. Property-level legal fees and settlements for the first nine months of 2020 also include a $1.3 million union labor dispute expense at the Hilton Times Square.
---	---
(10)	Property-level hurricane-related losses for the third quarter and first nine months of 2021 include a total of $1.6 million in Hurricane Ida-related repairs at the Hilton New Orleans St. Charles and the JW Marriott New Orleans.
---	---
(11)	Taxes assessed on commercial rents at the Hyatt Regency San Francisco include a $0.1 million true-up credit for the third quarter of 2020 and a $10,000 net assessment for the first nine months of 2020.
---	---

Exhibit 99.2

Supplemental Financial InformationNovember 4, 2021




Supplemental Financial Information<br><br>For the quarter ended September 30, 2021<br><br>November 4, 2021<br><br>

Supplemental Financial InformationNovember 4, 2021

Table of Contents


CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR								3
About Sunstone								4
Forward-Looking Statements								5
Non-GAAP Financial Measures								6
CORPORATE FINANCIAL INFORMATION								9
Condensed Consolidated Balance Sheets Q3 2021 – Q3 2020								10
Consolidated Statements of Operations Q3 and Q3 YTD 2021/2020								12
Reconciliation of Net Loss to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Q3 and Q3 YTD 2021/2020								13
Reconciliation of Net Loss to FFO and Adjusted FFO Attributable to Common Stockholders Q3 and Q3 YTD 2021/2020								14
Pro Forma Consolidated Statements of Operations Q3 2021 – Q4 2020, Trailing 12 Months Ended Q3 2021								15
Pro Forma Consolidated Statements of Operations Q4 2020 – Q1 2020, FY 2020								16
Pro Forma Consolidated Statements of Operations Q4 2019 – Q1 2019, FY 2019								17
Pro Forma Reconciliation of Net Loss to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, FFO and Adjusted FFO Attributable to Common Stockholders Q1 2021								18
Pro Forma Reconciliation of Net Loss to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, FFO and Adjusted FFO Attributable to Common Stockholders Q2 2021								20
Pro Forma Reconciliation of Net Loss to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, FFO and Adjusted FFO Attributable to Common Stockholders Q3 2021								22
Pro Forma Reconciliation of Net Loss to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, FFO and Adjusted FFO Attributable to Common Stockholders FY 2020								24
Pro Forma Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, FFO and Adjusted FFO Attributable to Common Stockholders FY 2019								27
CAPITALIZATION								30
Comparative Capitalization Q3 2021 – Q3 2020								31
Consolidated Debt Summary Schedule								32
Consolidated Amortization and Debt Maturity Schedule as of September 30, 2021								33
PROPERTY-LEVEL DATA								34
Hotel Information as of November 4, 2021								35

Supplemental Financial InformationNovember 4, 2021

Table of Contents


PROPERTY-LEVEL OPERATING STATISTICS								36
Property-Level Operating Statistics Q3 2021/2020								37
Property-Level Operating Statistics Q3 2021/2019								38
Property-Level Operating Statistics July 2021/2020								39
Property-Level Operating Statistics July 2021/2019								40
Property-Level Operating Statistics August 2021/2020								41
Property-Level Operating Statistics August 2021/2019								42
Property-Level Operating Statistics September 2021/2020								43
Property-Level Operating Statistics September 2021/2019								44
Property-Level Operating Statistics Q3 YTD 2021/2020								45
Property-Level Operating Statistics Q3 YTD 2021/2019								46
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								48
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins Q3 2021/2020/2019								49
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins July 2021/2020/2019								54
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins August 2021/2020/2019								58
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins September 2021/2020/2019								62
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins Q3 YTD 2021/2020/2019								67

Supplemental Financial InformationNovember 4, 2021

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR


CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR			Page 3

Supplemental Financial InformationNovember 4, 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 November 4, 2021 has interests in 17 hotels comprised of 8,799 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 ContactsBryan 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 InformationNovember 4, 2021

Forward-Looking Statements

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 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 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.


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Supplemental Financial InformationNovember 4, 2021

Non-GAAP Financial Measures


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Supplemental Financial InformationNovember 4, 2021

●	Amortization of contract intangibles: 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 contract intangibles 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.
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●	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.
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●	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.
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●	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; property insurance proceeds or uninsured losses; and other nonrecurring identified adjustments.
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Supplemental Financial InformationNovember 4, 2021

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 preferred stock redemption charges, 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 September 30, 2021 except the Renaissance Westchester, which was classified as held for sale as of September 30, 2021 and sold in October 2021. The 16 Hotel Portfolio includes the 17 Hotel Portfolio less the Montage Healdsburg, acquired by the Company in April 2021.


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Supplemental Financial InformationNovember 4, 2021

CORPORATE FINANCIAL INFORMATION


CORPORATE FINANCIAL INFORMATION			Page 9

Supplemental Financial InformationNovember 4, 2021

Condensed Consolidated Balance Sheets Q3 2021 – Q3 2020


(In thousands)		September 30, 2021^(1)^		June 30, 2021^(2)^		March 31, 2021^(3)^		December 31, 2020^(4)^		September 30, 2020^(5)^
Assets	****
Investment in hotel properties:
Land		$	609,078	$	611,538	$	571,212	$	571,212	$	581,426
Buildings & improvements			2,723,520		2,725,893		2,527,654		2,523,750		2,707,102
Furniture, fixtures, & equipment			452,294		452,610		432,493		431,918		464,588
Other			80,342		62,716		41,868		37,766		64,880
			3,865,234		3,852,757		3,573,227		3,564,646		3,817,996
Less accumulated depreciation & amortization			(1,196,065)		(1,165,362)		(1,133,264)		(1,103,148)		(1,196,520)
			2,669,169		2,687,395		2,439,963		2,461,498		2,621,476

Finance lease right-of-use asset, net			45,079		45,447		45,814		46,182		46,549
Operating lease right-of-use assets, net			23,971		24,939		25,196		26,093		39,489
Other noncurrent assets, net			14,145		14,736		15,847		16,799		16,510

Current assets:
Cash and cash equivalents			179,487		162,898		320,275		368,406		461,288
Restricted cash			42,124		47,490		44,982		47,733		42,346
Other current assets, net			46,861		32,457		24,597		19,006		19,124
Assets held for sale, net			13,759		—		—		—		—
Total assets		$	3,034,595	$	3,015,362	$	2,916,674	$	2,985,717	$	3,246,782

*Footnotes on following page


CORPORATE FINANCIAL INFORMATION			Page 10

Supplemental Financial InformationNovember 4, 2021

Condensed Consolidated Balance Sheets Q3 2021– Q3 2020 (continued)


(In thousands, except share and per share data)		September 30, 2021^(1)^		June 30, 2021^(2)^		March 31, 2021^(3)^		December 31, 2020^(4)^		September 30, 2020^(5)^
Liabilities	****
Current liabilities:
Current portion of notes payable, net		$	87,396	$	2,331	$	2,295	$	2,261	$	188,096
Other current liabilities			127,038		111,393		81,947		88,532		99,679
Liabilities of assets held for sale			5,490		—		—		—		—
Total current liabilities			219,924		113,724		84,242		90,793		287,775

Notes payable, less current portion, net			655,713		741,337		741,922		742,528		743,545
Finance lease obligation, less current portion			15,568		15,568		15,569		15,569		15,569
Operating lease obligations, less current portion			26,432		27,816		28,649		29,954		45,939
Other liabilities			14,495		13,612		14,679		17,494		25,909
Total liabilities			932,132		912,057		885,061		896,338		1,118,737

Equity
Stockholders' equity:
6.95% Series E cumulative redeemable preferred stock			—		—		115,000		115,000		115,000
6.45% Series F cumulative redeemable preferred stock			—		75,000		75,000		75,000		75,000
Series G cumulative redeemable preferred stock			66,250		66,250		—		—		—
6.125% Series H cumulative redeemable preferred stock			115,000		115,000		—		—		—
5.70% Series I cumulative redeemable preferred stock			100,000		—		—		—		—
Common stock, $0.01 par value, 500,000,000 shares authorized			2,193		2,190		2,162		2,156		2,156
Additional paid in capital			2,629,148		2,626,582		2,585,455		2,586,108		2,584,005
Retained earnings			810,075		833,132		860,454		913,766		951,765
Cumulative dividends and distributions			(1,660,675)		(1,654,388)		(1,646,593)		(1,643,386)		(1,640,178)
Total stockholders' equity			2,061,991		2,063,766		1,991,478		2,048,644		2,087,748
Noncontrolling interest in consolidated joint venture			40,472		39,539		40,135		40,735		40,297
Total equity			2,102,463		2,103,305		2,031,613		2,089,379		2,128,045
Total liabilities and equity		$	3,034,595	$	3,015,362	$	2,916,674	$	2,985,717	$	3,246,782
(1)	As presented on Form 10-Q to be filed in November 2021.
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(2)	As presented on Form 10-Q filed on August 4, 2021
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(3)	As presented on Form 10-Q filed on May 5, 2021.
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(4)	As presented on Form 10-K filed on February 12, 2021.
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(5)	As presented on Form 10-Q filed on November 6, 2020.
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CORPORATE FINANCIAL INFORMATION			Page 11

Supplemental Financial InformationNovember 4, 2021

Consolidated Statements of Operations Q3 and Q3 YTD 2021/2020


		Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	****	2021		2020		2021		2020
Revenues
Room		$	118,061	$	16,266	$	236,877	$	147,535
Food and beverage			27,338		2,109		47,547		50,312
Other operating			22,022		10,535		50,840		32,699
Total revenues			167,421		28,910		335,264		230,546
Operating expenses
Room			32,106		13,715		66,692		65,037
Food and beverage			27,440		7,748		49,088		54,533
Other operating			4,643		1,295		9,934		6,283
Advertising and promotion			8,883		3,895		20,800		20,447
Repairs and maintenance			10,001		6,075		22,678		21,499
Utilities			6,164		4,170		14,998		13,238
Franchise costs			4,181		663		7,468		6,337
Property tax, ground lease and insurance			17,528		20,800		47,821		59,975
Other property-level expenses			21,633		9,528		48,177		47,109
Corporate overhead			15,422		6,582		32,066		22,414
Depreciation and amortization			32,585		33,005		96,084		104,290
Impairment losses			1,014		—		1,014		133,466
Total operating expenses			181,600		107,476		416,820		554,628

Interest and other income (loss)			2		139		(356)		2,751
Interest expense			(7,983)		(12,742)		(23,697)		(43,199)
Gain on sale of assets			—		189		—		189
Gain (loss) on extinguishment of debt			61		(210)		371		(210)
Loss before income taxes			(22,099)		(91,190)		(105,238)		(364,551)
Income tax (provision) benefit, net			(25)		83		(91)		(6,575)
Net loss			(22,124)		(91,107)		(105,329)		(371,126)
(Income) loss from consolidated joint venture attributable to noncontrolling interest			(933)		1,816		1,638		4,436
Preferred stock dividends and redemption charges			(6,287)		(3,208)		(17,289)		(9,622)
Loss attributable to common stockholders		$	(29,344)	$	(92,499)	$	(120,980)	$	(376,312)

Basic and diluted per share amounts:
Basic and diluted loss attributable to common stockholders per common share		$	(0.13)	$	(0.43)	$	(0.56)	$	(1.74)

Basic and diluted weighted average common shares outstanding			217,709		214,257		215,765		216,498

Distributions declared per common share		$	—	$	—	$	—	$	0.05


CORPORATE FINANCIAL INFORMATION			Page 12

Supplemental Financial InformationNovember 4, 2021

Reconciliation of Net Loss to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Q3 and Q3 YTD 2021/2020


	Three Months Ended September 30,					Nine Months Ended September 30,
(In thousands)	2021		****	2020		2021		2020
Net loss	$	(22,124)		$	(91,107)	$	(105,329)	$	(371,126)
Operations held for investment:
Depreciation and amortization		32,585			33,005		96,084		104,290
Interest expense		7,983			12,742		23,697		43,199
Income tax provision (benefit), net		25			(83)		91		6,575
Loss (gain) on sale of assets		12			(189)		82		(189)
Impairment losses - hotel properties		1,014			—		1,014		131,164
EBITDAre		19,495			(45,632)		15,639		(86,087)

Operations held for investment:
Amortization of deferred stock compensation		3,165			2,238		10,576		7,509
Amortization of right-of-use assets and liabilities		(335)			(330)		(1,004)		(923)
Finance lease obligation interest - cash ground rent		(351)			(351)		(1,053)		(1,053)
Property-level severance		—			1,242		—		2,117
Property-level severance related to held for sale/sold hotels		4,562			5,602		4,562		5,840
Gain (loss) on extinguishment of debt		(61)			210		(371)		210
Prior year property tax adjustments, net		605			(12)		(1,384)		214
Lawsuit settlement cost		691			—		691		—
CEO transition costs		7,976			—		7,976		—
Hurricane-related losses		1,621			—		1,621		—
Impairment loss - abandoned development costs		—			—		—		2,302
Noncontrolling interest:
(Income) loss from consolidated joint venture attributable to noncontrolling interest		(933)			1,816		1,638		4,436
Depreciation and amortization		(791)			(808)		(2,407)		(2,418)
Interest expense		(181)			(244)		(501)		(970)
Amortization of right-of-use asset and liability		72			72		217		217
Lawsuit settlement cost		(173)			—		(173)		—
Impairment loss - abandoned development costs		—			—		—		(449)
Adjustments to EBITDAre, net		15,867			9,435		20,388		17,032
Adjusted EBITDAre, excluding noncontrolling interest	$	35,362		$	(36,197)	$	36,027	$	(69,055)


CORPORATE FINANCIAL INFORMATION			Page 13

Supplemental Financial InformationNovember 4, 2021

Reconciliation of Net Loss to FFO and Adjusted FFO Attributable to Common Stockholders Q3 and Q3 YTD 2021/2020


	Three Months Ended September 30,					Nine Months Ended September 30,
(In thousands, except per share data)	2021		****	2020		2021		2020
Net loss	$	(22,124)		$	(91,107)	$	(105,329)	$	(371,126)
Preferred stock dividends and redemption charges		(6,287)			(3,208)		(17,289)		(9,622)
Operations held for investment:
Real estate depreciation and amortization		31,959			32,383		94,206		102,422
Loss (gain) on sale of assets		12			(189)		82		(189)
Impairment losses - hotel properties		1,014			—		1,014		131,164
Noncontrolling interest:
(Income) loss from consolidated joint venture attributable to noncontrolling interest		(933)			1,816		1,638		4,436
Real estate depreciation and amortization		(791)			(808)		(2,407)		(2,418)
FFO attributable to common stockholders		2,850			(61,113)		(28,085)		(145,333)

Operations held for investment:
Real estate amortization of right-of-use assets and liabilities		87			80		249		298
Noncash interest on derivatives, net		(616)			(762)		(2,194)		5,534
Property-level severance		—			1,242		—		2,117
Property-level severance related to held for sale/sold hotels		4,562			5,602		4,562		5,840
(Gain) loss on extinguishment of debt		(61)			210		(371)		210
Prior year property tax adjustments, net		605			(12)		(1,384)		214
Lawsuit settlement cost		691			—		691		—
Preferred stock redemption charges		2,624			—		6,640		—
CEO transition costs		7,976			—		7,976		—
Amortization of deferred stock compensation associated with CEO transition costs		1,117			—		1,117		—
Hurricane-related losses		1,621			—		1,621		—
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		217		217
Noncash interest on derivatives, net		(20)			(1)		(20)		(27)
Lawsuit settlement cost		(173)			—		(173)		—
Impairment loss - abandoned development costs		—			—		—		(449)
Adjustments to FFO attributable to common stockholders, net		18,485			6,431		18,931		23,671
Adjusted FFO attributable to common stockholders	$	21,335		$	(54,682)	$	(9,154)	$	(121,662)
FFO attributable to common stockholders per diluted share	$	0.01		$	(0.29)	$	(0.13)	$	(0.67)
Adjusted FFO attributable to common stockholders per diluted share	$	0.10		$	(0.26)	$	(0.04)	$	(0.56)

Basic weighted average shares outstanding		217,709			214,257		215,765		216,498
Shares associated with unvested restricted stock awards		296			—		287		—
Diluted weighted average shares outstanding		218,005			214,257		216,052		216,498


CORPORATE FINANCIAL INFORMATION			Page 14

Supplemental Financial InformationNovember 4, 2021

Pro Forma Consolidated Statements of Operations

Q3 2021 – Q4 2020, Trailing 12 Months Ended Q3 2021


		Quarter Ended								Trailing-12 Months Ended
(Unaudited and in thousands)		September 30,		June 30,		March 31,		December 31,		September 30,
		2021		2021		2021		2020		2021 (1)
Revenues
Room		$	118,061	$	84,597	$	34,219	$	21,026	$	257,903
Food and beverage			27,338		15,238		4,971		4,463		52,010
Other operating			21,955		17,345		11,386		10,521		61,207
Total revenues			167,354		117,180		50,576		36,010		371,120

Operating Expenses
Room			30,736		22,871		11,538		10,696		75,841
Food and beverage			25,182		15,652		5,966		6,655		53,455
Other expenses			71,993		55,470		41,485		29,895		198,843
Corporate overhead			15,422		9,467		7,177		5,735		37,801
Depreciation and amortization			32,316		32,458		30,502		30,975		126,251
Impairment losses			1,014		—		—		—		1,014
Total operating expenses			176,663		135,918		96,668		83,956		493,205

Interest and other income (loss)			2		21		(379)		85		(271)
Interest expense			(7,983)		(8,065)		(7,649)		(7,676)		(31,373)
Gain on extinguishment of debt			61		88		222		—		371
Loss before income taxes			(17,229)		(26,694)		(53,898)		(55,537)		(153,358)
Income tax provision, net			(25)		(23)		(43)		(15)		(106)
Net loss		$	(17,254)	$	(26,717)	$	(53,941)	$	(55,552)	$	(153,464)

Adjusted EBITDAre, excluding noncontrolling interest (2)		$	35,401	$	16,253	$	(13,580)	$	(14,339)	$	23,735

Adjusted FFO attributable to common stockholders (3)		$	21,687	$	(381)	$	(27,778)	$	(27,715)	$	(34,187)

Adjusted FFO attributable to common stockholders per diluted share (3)		$	0.10	$	—	$	(0.13)	$	(0.13)	$	(0.16)
(1)	Includes the Company's ownership results for the 16 Hotel Portfolio plus the Montage Healdsburg acquired in April 2021. Excludes the Company's ownership results for the Renaissance Los Angeles Airport and the Renaissance Westchester due to their sales in December 2020 and October 2021, 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.
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(2)	Adjusted EBITDAre, excluding noncontrolling interest reconciliations for the first, second and third quarters of 2021 can be found on pages 18, 20 and 22, respectively, in this supplemental package.
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(3)	Adjusted FFO attributable to common stockholders and Adjusted FFO attributable to common stockholders per diluted share reconciliations for the first, second and third quarters of 2021 can be found on pages 19, 21 and 23, respectively, in this supplemental package.
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CORPORATE FINANCIAL INFORMATION			Page 15

Supplemental Financial InformationNovember 4, 2021

Pro Forma Consolidated Statements of Operations

Q4 2020 – Q1 2020, FY 2020


		Quarter Ended (1)								Year Ended (1)
(Unaudited and in thousands)		December 31,		September 30,		June 30,		March 31,		December 31,
		2020		2020		2020		2020		2020
Revenues
Room		$	21,026	$	14,745	$	2,390	$	111,026	$	149,187
Food and beverage			4,463		1,979		142		43,284		49,868
Other operating			10,521		10,234		6,122		14,124		41,001
Total revenues			36,010		26,958		8,654		168,434		240,056

Operating Expenses
Room			10,696		9,189		4,791		36,048		60,724
Food and beverage			6,655		5,680		4,159		36,355		52,849
Other expenses			29,895		38,136		35,286		71,428		174,745
Corporate overhead			5,735		6,582		8,438		7,394		28,149
Depreciation and amortization			30,975		30,597		30,846		31,000		123,418
Impairment losses			—		—		—		2,302		2,302
Total operating expenses			83,956		90,184		83,520		184,527		442,187

Interest and other income			85		139		306		2,306		2,836
Interest expense			(7,676)		(8,999)		(9,322)		(14,645)		(40,642)
Loss on extinguishment of debt			—		(210)		—		—		(210)
Loss before income taxes			(55,537)		(72,296)		(83,882)		(28,432)		(240,147)
Income tax (provision) benefit, net			(15)		83		12		(6,670)		(6,590)
Net loss		$	(55,552)	$	(72,213)	$	(83,870)	$	(35,102)	$	(246,737)

Adjusted EBITDAre, excluding noncontrolling interest (2)		$	(14,339)	$	(28,859)	$	(38,985)	$	19,885	$	(62,298)

Adjusted FFO attributable to common stockholders (3)		$	(27,715)	$	(43,579)	$	(53,916)	$	7,226	$	(117,984)

Adjusted FFO attributable to common stockholders per diluted share (3)		$	(0.13)	$	(0.20)	$	(0.25)	$	0.03	$	(0.54)
(1)	Includes the Company's ownership results for the 16 Hotel Portfolio. Excludes the Company's ownership results for the Renaissance Harborplace, the Renaissance Los Angeles Airport and the Renaissance Westchester due to their sales in July 2020, December 2020 and October 2021, 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 24 in this supplemental package.
---	---
(3)	Adjusted FFO attributable to common stockholders and Adjusted FFO attributable to common stockholders per diluted share reconciliations for the year ended December 31, 2020 can be found on page 25 in this supplemental package.
---	---


CORPORATE FINANCIAL INFORMATION			Page 16

Supplemental Financial InformationNovember 4, 2021

Pro Forma Consolidated Statements of Operations

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		$	156,858	$	167,985	$	175,834	$	147,629	$	648,306
Food and beverage			58,641		54,783		66,767		62,486		242,677
Other operating			17,459		18,117		16,886		15,299		67,761
Total revenues			232,958		240,885		259,487		225,414		958,744

Operating Expenses
Room			41,085		42,655		42,434		39,478		165,652
Food and beverage			39,887		38,907		41,728		40,936		161,458
Other expenses			80,284		80,131		81,763		79,503		321,681
Corporate overhead			7,275		7,395		8,078		7,516		30,264
Depreciation and amortization			30,899		30,968		30,329		30,170		122,366
Total operating expenses			199,430		200,056		204,332		197,603		801,421

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			28,721		34,527		47,345		21,604		132,197
Income tax (provision) benefit, net			(1,034)		749		(2,676)		3,112		151
Net income		$	27,687	$	35,276	$	44,669	$	24,716	$	132,348

Adjusted EBITDAre, excluding noncontrolling interest (2)		$	66,639	$	73,284	$	88,661	$	62,057	$	290,641

Adjusted FFO attributable to common stockholders (3)		$	53,078	$	60,784	$	74,186	$	47,973	$	236,021

Adjusted FFO attributable to common stockholders per diluted share (3)		$	0.24	$	0.28	$	0.34	$	0.22	$	1.09
(1)	Includes the Company's ownership results for the 16 Hotel Portfolio. Excludes the Company's ownership results for the Courtyard by Marriott Los Angeles, the Renaissance Harborplace, the Renaissance Los Angeles Airport and the Renaissance Westchester due to their sales in October 2019, July 2020, December 2020 and October 2021, 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 27 in this supplemental package.
---	---
(3)	Adjusted FFO attributable to common stockholders and Adjusted FFO attributable to common stockholders per diluted share reconciliations for the year ended December 31, 2019 can be found on page 28 in this supplemental package.
---	---


CORPORATE FINANCIAL INFORMATION			Page 17

Supplemental Financial InformationNovember 4, 2021

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

Q1 2021


	Three Months Ended March 31, 2021
			Held for Sale:
			Renaissance		Debt & Equity		Pro
(In thousands)	Actual (1)		Westchester (2)		Transactions (3)		Forma (4)

Net loss	$	(55,287)	$	1,346	$	—	$	(53,941)
Operations held for investment:
Depreciation and amortization		30,770		(268)		—		30,502
Interest expense		7,649		—		—		7,649
Income tax provision, net		43		—		—		43
Loss on sale of assets		70		—		—		70
EBITDAre		(16,755)		1,078		—		(15,677)

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

Adjusted EBITDAre, excluding noncontrolling interest	$	(14,658)	$	1,078	$	—	$	(13,580)

*Footnotes on page 19


CORPORATE FINANCIAL INFORMATION			Page 18

Supplemental Financial InformationNovember 4, 2021

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

Q1 2021


	Three Months Ended March 31, 2021
			Held for Sale:
			Renaissance		Debt & Equity		Pro
(In thousands, except per share amounts)	Actual (1)		Westchester (2)		Transactions (3)		Forma (4)

Net loss	$	(55,287)	$	1,346	$	—	$	(53,941)
Preferred stock dividends		(3,207)		—		21		(3,186)
Operations held for investment:
Real estate depreciation and amortization		30,143		(268)		—		29,875
Loss on sale of assets		70		—		—		70
Noncontrolling interest:
Loss from consolidated joint venture attributable to noncontrolling interest		1,975		—		—		1,975
Real estate depreciation and amortization		(810)		—		—		(810)
FFO attributable to common stockholders		(27,116)		1,078		21		(26,017)

Operations held for investment:
Real estate amortization of right-of-use assets and liabilities		85		—		—		85
Noncash interest on derivatives, net		(869)		—		—		(869)
Gain on extinguishment of debt		(222)		—		—		(222)
Prior year property tax adjustments, net		(827)		—		—		(827)
Noncontrolling interest:
Real estate amortization of right-of-use asset and liability		72		—		—		72
Adjustments to FFO attributable to common stockholders, net		(1,761)		—		—		(1,761)

Adjusted FFO attributable to common stockholders	$	(28,877)	$	1,078	$	21	$	(27,778)

FFO attributable to common stockholders per diluted share	$	(0.13)					$	(0.12)

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

Basic weighted average shares outstanding		214,438				2,914		217,352
Shares associated with unvested restricted stock awards		210				—		210
Diluted weighted average shares outstanding		214,648				2,914		217,562
(1)	Actual represents the Company's ownership results for the 17 hotels owned by the Company as of March 31, 2021.
---	---
(2)	Held for Sale represents the Company’s ownership results for the Renaissance Westchester prior to its sale in October 2021.
---	---
(3)	Debt & Equity Transactions represent the reduction in preferred stock dividends due to the redemptions of the 6.95% Series E and 6.45% Series F Cumulative Redeemable Preferred Stocks in June 2021 and August 2021, respectively, offset by the issuance of the 6.125% Series H and 5.70% Series I Cumulative Redeemable Preferred Stocks in May 2021 and July 2021, respectively. It also includes the issuance of 2,913,682 shares of common stock in the second quarter of 2021.
---	---
(4)	Pro Forma represents the Company's ownership results for the 16 Hotel Portfolio, as well as the preferred stock transactions and common stock issuances in 2021.
---	---


CORPORATE FINANCIAL INFORMATION			Page 19

Supplemental Financial InformationNovember 4, 2021

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

Q2 2021


	Three Months Ended June 30, 2021
			Held for Sale:
			Renaissance		Debt & Equity		Pro
(In thousands)	Actual (1)		Westchester (2)		Transactions (3)		Forma (4)

Net loss	$	(27,918)	$	1,201	$	—	$	(26,717)
Operations held for investment:
Depreciation and amortization		32,729		(271)		—		32,458
Interest expense		8,065		—		—		8,065
Income tax provision, net		23		—		—		23
EBITDAre		12,899		930		—		13,829

Operations held for investment:
Amortization of deferred stock compensation		4,659		—		—		4,659
Amortization of right-of-use assets and liabilities		(338)		—		—		(338)
Finance lease obligation interest - cash ground rent		(351)		—		—		(351)
Gain on extinguishment of debt		(88)		—		—		(88)
Prior year property tax adjustments, net		(1,162)		—		—		(1,162)
Noncontrolling interest:
Loss from consolidated joint venture attributable to noncontrolling interest		596		—		—		596
Depreciation and amortization		(806)		—		—		(806)
Interest expense		(159)		—		—		(159)
Amortization of right-of-use asset and liability		73		—		—		73
Adjustments to EBITDAre, net		2,424		—		—		2,424

Adjusted EBITDAre, excluding noncontrolling interest	$	15,323	$	930	$	—	$	16,253

*Footnotes on page 21


CORPORATE FINANCIAL INFORMATION			Page 20

Supplemental Financial InformationNovember 4, 2021

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

Q2 2021


	Three Months Ended June 30, 2021
			Held for Sale:
			Renaissance		Debt & Equity		Pro
(In thousands, except per share amounts)	Actual (1)		Westchester (2)		Transactions (3)		Forma (4)

Net loss	$	(27,918)	$	1,201	$	—	$	(26,717)
Preferred stock dividends and redemption charge		(7,795)		—		4,317		(3,478)
Operations held for investment:
Real estate depreciation and amortization		32,104		(271)		—		31,833
Noncontrolling interest:
Loss from consolidated joint venture attributable to noncontrolling interest		596		—		—		596
Real estate depreciation and amortization		(806)		—		—		(806)
FFO attributable to common stockholders		(3,819)		930		4,317		1,428

Operations held for investment:
Real estate amortization of right-of-use assets and liabilities		77		—		—		77
Noncash interest on derivatives, net		(709)		—		—		(709)
Gain on extinguishment of debt		(88)		—		—		(88)
Prior year property tax adjustments, net		(1,162)		—		—		(1,162)
Preferred stock redemption charge		4,016		—		(4,016)		—
Noncontrolling interest:
Real estate amortization of right-of-use asset and liability		73		—		—		73
Adjustments to FFO attributable to common stockholders, net		2,207		—		(4,016)		(1,809)

Adjusted FFO attributable to common stockholders	$	(1,612)	$	930	$	301	$	(381)

FFO attributable to common stockholders per diluted share	$	(0.02)					$	0.01

Adjusted FFO attributable to common stockholders per diluted share	$	(0.01)					$	(0.00)

Basic weighted average shares outstanding		215,113				2,470		217,583
Shares associated with unvested restricted stock awards		352				—		352
Diluted weighted average shares outstanding		215,465				2,470		217,935
(1)	Actual represents the Company's ownership results for the 18 hotels owned by the Company as of June 30, 2021.
---	---
(2)	Held for Sale represents the Company’s ownership results for the Renaissance Westchester prior to its sale in October 2021.
---	---
(3)	Debt & Equity Transactions represent the reduction in preferred stock dividends due to the redemptions of the 6.95% Series E and 6.45% Series F Cumulative Redeemable Preferred Stocks in June 2021 and August 2021, respectively, offset by the issuance of the 6.125% Series H and 5.70% Series I Cumulative Redeemable Preferred Stocks in May 2021 and July 2021, respectively. It also includes the issuance of 2,913,682 shares of common stock in the second quarter of 2021.
---	---
(4)	Pro Forma represents the Company's ownership results for the 17 Hotel Portfolio, as well as the preferred stock transactions and common stock issuances in 2021.
---	---


CORPORATE FINANCIAL INFORMATION			Page 21

Supplemental Financial InformationNovember 4, 2021

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

Q3 2021


	Three Months Ended September 30, 2021
			Held for Sale:
			Renaissance		Debt & Equity		Pro
(In thousands)	Actual (1)		Westchester (2)		Transactions (3)		Forma (4)

Net loss	$	(22,124)	$	4,870	$	—	$	(17,254)
Operations held for investment:
Depreciation and amortization		32,585		(269)		—		32,316
Interest expense		7,983		—		—		7,983
Income tax provision, net		25		—		—		25
Loss on sale of assets		12		—		—		12
Impairment losses - hotel properties		1,014		—		—		1,014
EBITDAre		19,495		4,601		—		24,096

Operations held for investment:
Amortization of deferred stock compensation		3,165		—		—		3,165
Amortization of right-of-use assets and liabilities		(335)		—		—		(335)
Finance lease obligation interest - cash ground rent		(351)		—		—		(351)
Property-level severance related to held for sale/sold hotels		4,562		(4,562)		—		—
Gain on extinguishment of debt		(61)		—		—		(61)
Prior year property tax adjustments, net		605		—		—		605
Lawsuit settlement cost		691		—		—		691
CEO transition costs		7,976		—		—		7,976
Hurricane-related losses		1,621		—		—		1,621
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest		(933)		—		—		(933)
Depreciation and amortization		(791)		—		—		(791)
Interest expense		(181)		—		—		(181)
Amortization of right-of-use asset and liability		72		—		—		72
Lawsuit settlement cost		(173)		—		—		(173)
Adjustments to EBITDAre, net		15,867		(4,562)		—		11,305

Adjusted EBITDAre, excluding noncontrolling interest	$	35,362	$	39	$	—	$	35,401

*Footnotes on page 23


CORPORATE FINANCIAL INFORMATION			Page 22

Supplemental Financial InformationNovember 4, 2021

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

Q3 2021


	Three Months Ended September 30, 2021
				Held for Sale:
				Renaissance		Debt & Equity		Pro
(In thousands, except per share amounts)	Actual (1)			Westchester (2)		Transactions (3)		Forma (4)

Net loss	$	(22,124)		$	4,870	$	—	$	(17,254)
Preferred stock dividends and redemption charge		(6,287)			—		2,937		(3,350)
Operations held for investment:
Real estate depreciation and amortization		31,959			(269)		—		31,690
Loss on sale of assets		12			—		—		12
Impairment losses - hotel properties		1,014			—		—		1,014
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest		(933)			—		—		(933)
Real estate depreciation and amortization		(791)			—		—		(791)
FFO attributable to common stockholders		2,850			4,601		2,937		10,388

Operations held for investment:
Real estate amortization of right-of-use assets and liabilities		87			—		—		87
Noncash interest on derivatives, net		(616)			—		—		(616)
Property-level severance related to held for sale/sold hotels		4,562			(4,562)		—		—
Gain on extinguishment of debt		(61)			—		—		(61)
Prior year property tax adjustments, net		605			—		—		605
Lawsuit settlement cost		691			—		—		691
Preferred stock redemption charge		2,624			—		(2,624)		—
CEO transition costs		7,976			—		—		7,976
Amortization of deferred stock compensation associated with CEO transition costs		1,117			—		—		1,117
Hurricane-related losses		1,621			—		—		1,621
Noncontrolling interest:
Real estate amortization of right-of-use asset and liability		72			—		—		72
Noncash interest on derivatives, net		(20)			—		—		(20)
Lawsuit settlement cost		(173)			—		—		(173)
Adjustments to FFO attributable to common stockholders, net		18,485			(4,562)		(2,624)		11,299

Adjusted FFO attributable to common stockholders	$	21,335		$	39	$	313	$	21,687

FFO attributable to common stockholders per diluted share	$	0.01						$	0.05

Adjusted FFO attributable to common stockholders per diluted share	$	0.10						$	0.10

Basic weighted average shares outstanding		217,709					—		217,709
Shares associated with unvested restricted stock awards		296					—		296
Diluted weighted average shares outstanding		218,005					—		218,005
(1)	Actual represents the Company's ownership results for the 18 hotels owned by the Company as of September 30, 2021.
---	---
(2)	Held for Sale represents the Company’s ownership results for the Renaissance Westchester prior to its sale in October 2021.
---	---
(3)	Debt & Equity Transactions represent the reduction in preferred stock dividends due to the redemption of the 6.45% Series F Cumulative Redeemable Preferred Stock in August 2021, offset by the issuance of the 5.70% Series I Cumulative Redeemable Preferred Stock in July 2021.
---	---
(4)	Pro Forma represents the Company's ownership results for the 17 Hotel Portfolio, as well as the preferred stock transactions in 2021.
---	---

---	---	---	---
CORPORATE FINANCIAL INFORMATION			Page 23

Supplemental Financial InformationNovember 4, 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:		Held for Sale:
			Renaissance		Renaissance		Hilton		Renaissance		Debt & Equity		Pro
(In thousands)	Actual (1)		Harborplace (2)		Los Angeles Airport (2)		Times Square (2)		Westchester (3)		Transactions (4)		Forma (5)

Net loss	$	(410,506)	$	23,386	$	(29,132)	$	134,845	$	28,051	$	6,619	$	(246,737)
Operations held for investment:
Depreciation and amortization		137,051		(2,622)		(3,897)		(4,667)		(2,447)		—		123,418
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		6,919		33		(76,087)

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)		(2,391)		—		2,901
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		(2,391)		(33)		13,789

Adjusted EBITDAre, excluding noncontrolling interest	$	(88,148)	$	2,910	$	1,452	$	16,960	$	4,528	$	—	$	(62,298)

*Footnotes on Page 26


CORPORATE FINANCIAL INFORMATION			Page 24

Supplemental Financial InformationNovember 4, 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:		Held for Sale:
			Renaissance		Renaissance		Hilton		Renaissance		Debt & Equity		Pro
(In thousands, except per share amounts)	Actual (1)		Harborplace (2)		Los Angeles Airport (2)		Times Square (2)		Westchester (3)		Transactions (4)		Forma (5)

Net loss	$	(410,506)	$	23,386	$	(29,132)	$	134,845	$	28,051	$	6,619	$	(246,737)
Preferred stock dividends		(12,830)		—		—		—		—		86		(12,744)
Operations held for investment:
Real estate depreciation and amortization		134,555		(2,622)		(3,897)		(4,667)		(2,447)		—		120,922
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		6,919		6,705		(135,970)

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)		(2,391)		—		2,901
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		(2,391)		(33)		17,986

Adjusted FFO attributable to common stockholders	$	(156,585)	$	2,910	$	1,452	$	23,039	$	4,528	$	6,672	$	(117,984)

FFO attributable to common stockholders per diluted share	$	(0.81)											$	(0.63)

Adjusted FFO attributable to common stockholders per diluted share	$	(0.73)											$	(0.54)

Basic weighted average shares outstanding		215,934										1,172		217,106
Shares associated with unvested restricted stock awards		—										—		—
Diluted weighted average shares outstanding		215,934										1,172		217,106

*Footnotes on Page 26

<br><br>
CORPORATE FINANCIAL INFORMATION			Page 25

Supplemental Financial InformationNovember 4, 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)	Held for Sale represents the Company’s ownership results for the Renaissance Westchester prior to its sale in October 2021.
---	---
(4)	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 reduction in preferred stock dividends due to the redemptions of the 6.95% Series E and 6.45% Series F Cumulative Redeemable Preferred Stocks in June 2021 and August 2021, respectively, offset by the issuance of the 6.125% Series H and 5.70% Series I Cumulative Redeemable Preferred Stocks in May 2021 and July 2021, respectively. It also includes the reduction of 9,770,081 shares of common stock repurchased in the first quarter of 2020, offset by the issuance of 2,913,682 shares of common stock in the second quarter of 2021.
---	---
(5)	Pro Forma represents the Company's ownership results for the 16 Hotel Portfolio, as well as the Renaissance Washington DC loan repayment in 2020, the preferred stock transactions in 2021, the common stock repurchases in 2020, and the common stock issuances in 2021.
---	---


CORPORATE FINANCIAL INFORMATION			Page 26

Supplemental Financial InformationNovember 4, 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:		Held for Sale:
			Courtyard by Marriott		Renaissance		Renaissance		Hilton		Renaissance		Debt & Equity		Pro
(In thousands)	Actual (1)		Los Angeles (2)		Harborplace (2)		Los Angeles Airport (2)		Times Square (2)		Westchester (3)		Transactions (4)		Forma (5)

Net income	$	142,793	$	(44,979)	$	21,507	$	(3,331)	$	7,284	$	2,288	$	6,786	$	132,348
Operations held for investment:
Depreciation and amortization		147,748		(760)		(6,719)		(4,205)		(10,157)		(3,541)		—		122,366
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)		(1,253)		—		296,246

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)	$	(1,253)	$	—	$	290,641

*Footnotes on Page 29


CORPORATE FINANCIAL INFORMATION			Page 27

Supplemental Financial InformationNovember 4, 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:		Held for Sale:
			Courtyard by Marriott		Renaissance		Renaissance		Hilton		Renaissance		Debt & Equity		Pro
(In thousands, except per share amounts)	Actual (1)		Los Angeles (2)		Harborplace (2)		Los Angeles Airport (2)		Times Square (2)		Westchester (3)		Transactions (4)		Forma (5)

Net income	$	142,793	$	(44,979)	$	21,507	$	(3,331)	$	7,284	$	2,288	$	6,786	$	132,348
Preferred stock dividends		(12,830)		—		—		—		—		—		86		(12,744)
Operations held for investment:
Real estate depreciation and amortization		145,260		(760)		(6,719)		(4,205)		(10,157)		(3,541)		—		119,878
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)		(1,253)		6,872		229,547

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)	$	(1,253)	$	6,872	$	236,021

FFO attributable to common stockholders per diluted share	$	1.09													$	1.06

Adjusted FFO attributable to common stockholders per diluted share	$	1.12													$	1.09

Basic weighted average shares outstanding		225,681												(8,954)		216,727
Shares associated with unvested restricted stock awards		276												—		276
Diluted weighted average shares outstanding		225,957												(8,954)		217,003

*Footnotes on Page 29


CORPORATE FINANCIAL INFORMATION			Page 28

Supplemental Financial InformationNovember 4, 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)	Held for Sale represents the Company’s ownership results for the Renaissance Westchester prior to its sale in October 2021.
---	---
(4)	Debt & Equity Transactions represent the reduction in interest expense on the mortgage loan secured by the Renaissance Washington DC due to its repayment in December 2020, along with the reduction in preferred stock dividends due to the redemptions of the 6.95% Series E and 6.45% Series F Cumulative Redeemable Preferred Stocks in June 2021 and August 2021, respectively, offset by the issuance of the 6.125% Series H and 5.70% Series I Cumulative Redeemable Preferred Stocks in May 2021 and July 2021, respectively. It also includes the reduction of 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, offset by the issuance of 2,913,682 shares of common stock in the second quarter of 2021.
---	---
(5)	Pro Forma represents the Company's ownership results for the 16 Hotel Portfolio, as well as the Renaissance Washington DC loan repayment in 2020, the preferred stock transactions in 2021, the common stock repurchases in 2019 and 2020, and the common stock issuances in 2021.
---	---


CORPORATE FINANCIAL INFORMATION			Page 29


	Supplemental Financial InformationNovember 4, 2021

CAPITALIZATION


CAPITALIZATION			Page 30

Supplemental Financial InformationNovember 4, 2021

Comparative Capitalization Q3 2021 – Q3 2020


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

Common Share Price & Dividends
At the end of the quarter	$	11.94		$	12.42		$	12.46		$	11.33		$	7.94
High during quarter ended	$	12.48		$	13.55		$	13.57		$	11.42		$	8.70
Low during quarter ended	$	10.68		$	11.90		$	10.25		$	7.27		$	7.27
Common dividends per share	$	—		$	—		$	—		$	—		$	—

Common Shares & Units
Common shares outstanding		219,334			219,043			216,175			215,593			215,636
Units outstanding		—			—			—			—			—
Total common shares and units outstanding		219,334			219,043			216,175			215,593			215,636

Capitalization ****
Market value of common equity	$	2,618,845		$	2,720,515		$	2,693,542		$	2,442,673		$	1,712,146
Liquidation value of preferred equity - Series E		—			—			115,000			115,000			115,000
Liquidation value of preferred equity - Series F		—			75,000			75,000			75,000			75,000
Liquidation value of preferred equity - Series G		66,250			66,250			—			—			—
Liquidation value of preferred equity - Series H		115,000			115,000			—			—			—
Liquidation value of preferred equity - Series I		100,000			—			—			—			—
Consolidated debt		745,484			746,303			747,113			747,945			934,673
Consolidated total capitalization		3,645,579			3,723,068			3,630,655			3,380,618			2,836,819

Noncontrolling interest in consolidated debt		(55,000)			(55,000)			(55,000)			(55,000)			(55,000)
Pro rata total capitalization	$	3,590,579		$	3,668,068		$	3,575,655		$	3,325,618		$	2,781,819

Consolidated debt to consolidated total capitalization		20.4	%		20.0	%		20.6	%		22.1	%		32.9	%
Pro rata debt to pro rata total capitalization		19.2	%		18.8	%		19.4	%		20.8	%		31.6	%
Consolidated debt and preferred equity to consolidated total capitalization		28.2	%		26.9	%		25.8	%		27.7	%		39.6	%
Pro rata debt and preferred equity to pro rata total capitalization		27.1	%		25.8	%		24.7	%		26.5	%		38.5	%


CAPITALIZATION			Page 31

Supplemental Financial InformationNovember 4, 2021

Consolidated Debt Summary Schedule


(In thousands)				Interest Rate /		Maturity		September 30, 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		78,626			72,071
Secured Mortgage Debt		Embassy Suites La Jolla		4.12%		01/06/2025		56,858			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								525,484			514,058
Variable Rate Debt
Secured Mortgage Debt (3)		Hilton San Diego Bayfront		1.15%		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							$	745,484		$	734,058

Preferred Stock
Series G cumulative redeemable preferred (4)				Variable		perpetual	$	66,250
Series H cumulative redeemable preferred				6.125%		perpetual		115,000
Series I cumulative redeemable preferred				5.70%		perpetual		100,000
Total Preferred Stock							$	281,250

Debt Statistics
% Fixed Rate Debt								70.5	%
% Floating Rate Debt								29.5	%
Average Interest Rate (5)								3.75	%
Weighted Average Maturity of Debt (3)								3.0 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)	The Company has provided notice to the lender of its intent to exercise its second option to extend the maturity of the $220.0 million loan secured by the Hilton San Diego Bayfront from December 2021 to December 2022. The Company intends to exercise the remaining one-year option to further extend the maturity date from December 2022 to December 2023. By extending this loan, the Company's weighted average maturity of debt increases from 2.7 years to 3.0 years.
---	---
(4)	The Series G cumulative redeemable preferred stock has an initial dividend rate equal to the Montage Healdsburg's annual net operating income yield on the Company's investment in the hotel. During the third quarter of 2021, this equated to a cash dividend of $0.061713 per share. During the first nine months of 2021, this equated to a cash dividend of $0.171972, reflecting a pro-rated amount for the days outstanding in the applicable dividend period.
---	---
(5)	Average Interest Rate is calculated based on rates at September 30, 2021, and includes the effect of the Company's interest rate derivative agreements.
---	---

---	---	---	---
CAPITALIZATION			Page 32

Supplemental Financial InformationNovember 4, 2021

Consolidated Amortization and Debt Maturity Schedule

As of September 30, 2021

Chart, bar chart
Description automatically generated

(1)	The Company has provided notice to the lender of its intent to exercise its second option to extend the maturity of the $220.0 million loan secured by the Hilton San Diego Bayfront from December 2021 to December 2022. The Company intends to exercise the remaining one-year option to further extend the maturity date from December 2022 to December 2023.
(2)	Percent of Current Total Capitalization is calculated by dividing the sum of scheduled principal amortization and maturity payments by the September 30, 2021 consolidated total capitalization as presented on page 31.
---	---


CAPITALIZATION			Page 33

Supplemental Financial InformationNovember 4, 2021

PROPERTY-LEVEL DATA


PROPERTY-LEVEL DATA			Page 34

Supplemental Financial InformationNovember 4, 2021

Hotel Information as of November 4, 2021


Hotel		****	Location	****	Brand	****	Number ofRooms	****	% of TotalRooms	****	Interest	****	Year Acquired

1	Hilton San Diego Bayfront (1) (2)		California		Hilton		1,190		13.52%		Leasehold		2011
2	Boston Park Plaza		Massachusetts		Independent		1,060		12.05%		Fee Simple		2013
3	Hyatt Regency San Francisco		California		Hyatt		821		9.33%		Fee Simple		2013
4	Renaissance Washington DC		Washington DC		Marriott		807		9.17%		Fee Simple		2005
5	Renaissance Orlando at SeaWorld®		Florida		Marriott		781		8.88%		Fee Simple		2005
6	Wailea Beach Resort		Hawaii		Marriott		547		6.22%		Fee Simple		2014
7	JW Marriott New Orleans (3)		Louisiana		Marriott		501		5.69%		Fee Simple		2011
8	Hyatt Centric Chicago Magnificent Mile (2)		Illinois		Hyatt		419		4.76%		Leasehold		2012
9	Marriott Boston Long Wharf		Massachusetts		Marriott		415		4.72%		Fee Simple		2007
10	Renaissance Long Beach		California		Marriott		374		4.25%		Fee Simple		2005
11	Embassy Suites Chicago		Illinois		Hilton		368		4.18%		Fee Simple		2002
12	Hilton Garden Inn Chicago Downtown/Magnificent Mile		Illinois		Hilton		361		4.10%		Fee Simple		2012
13	Embassy Suites La Jolla		California		Hilton		340		3.86%		Fee Simple		2006
14	The Bidwell Marriott Portland		Oregon		Marriott		258		2.93%		Fee Simple		2000
15	Hilton New Orleans St. Charles		Louisiana		Hilton		252		2.86%		Fee Simple		2013
16	Oceans Edge Resort & Marina		Florida		Independent		175		1.99%		Fee Simple		2017
17	Montage Healdsburg		California		Montage		130		1.48%		Fee Simple		2021

	Total 17 Hotel Portfolio						8,799		100%

(1)	The Company owns 75% of the joint venture that owns the Hilton San Diego Bayfront.
(2)	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.
---	---
(3)	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.
---	---


PROPERTY-LEVEL DATA			Page 35

Supplemental Financial InformationNovember 4, 2021

PROPERTY-LEVEL OPERATING STATISTICS


PROPERTY-LEVEL OPERATING STATISTICS			Page 36

Supplemental Financial InformationNovember 4, 2021

Property-Level Operating Statistics

Q3 2021/2020


		ADR						Occupancy						RevPAR
	Hotels sorted by number of rooms	For the Three Months Ended September 30,						For the Three Months Ended September 30,					For the Three Months Ended September 30,
		2021		****	2020	****	Change	2021	****	2020	****	Change	2021		****	2020		****	Change
1	Hilton San Diego Bayfront	$	232.43	$	150.47		54.5%	67.1%		18.2%		268.7%	$	155.96		$	27.39		469.4%
2	Boston Park Plaza	$	185.66	$	147.08		26.2%	52.1%		18.2%		186.3%	$	96.73		$	26.77		261.3%
3	Hyatt Regency San Francisco	$	199.35	$	—		100%	52.1%		0.0%		100%	$	103.86		$	—		100%
4	Renaissance Washington DC	$	154.56	$	178.55		(13.4)%	19.2%		2.1%		814.3%	$	29.68		$	3.75		691.5%
5	Renaissance Orlando at SeaWorld ®	$	152.44	$	—		100%	47.0%		0.0%		100%	$	71.65		$	—		100%
6	Wailea Beach Resort	$	649.79	$	—		100%	79.4%		0.0%		100%	$	515.93		$	—		100%
7	JW Marriott New Orleans	$	189.47	$	131.35		44.2%	51.0%		11.7%		335.9%	$	96.63		$	15.37		528.7%
8	Hyatt Centric Chicago Magnificent Mile	$	186.43	$	166.12		12.2%	59.2%		5.9%		903.4%	$	110.37		$	9.80		1026.2%
9	Marriott Boston Long Wharf	$	357.86	$	235.77		51.8%	57.2%		16.0%		257.5%	$	204.70		$	37.72		442.7%
10	Renaissance Long Beach	$	196.95	$	138.86		41.8%	69.4%		26.0%		166.9%	$	136.68		$	36.10		278.6%
11	Embassy Suites Chicago	$	193.55	$	133.96		44.5%	62.4%		14.9%		318.8%	$	120.78		$	19.96		505.1%
12	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	165.75	$	—		100%	63.2%		0.0%		100%	$	104.75		$	—		100%
13	Embassy Suites La Jolla	$	229.90	$	118.79		93.5%	65.0%		59.9%		8.5%	$	149.44		$	71.16		110.0%
14	The Bidwell Marriott Portland	$	166.32	$	176.14		(5.6)%	42.6%		0.1%		42,500.0%	$	70.85		$	0.18		39,261.1%
15	Hilton New Orleans St. Charles	$	156.27	$	107.75		45.0%	38.4%		26.0%		47.7%	$	60.01		$	28.02		114.2%
16	Oceans Edge Resort & Marina	$	366.02	$	223.59		63.7%	72.8%		41.7%		74.6%	$	266.46		$	93.24		185.8%

	16 Hotel Portfolio (1)	$	248.40	$	149.70		65.9%	54.8%		12.4%		341.9%	$	136.12		$	18.56		633.4%

	Non-comparable Hotel (2)
	Montage Healdsburg	$	1,246.45		N/A		100%	63.9%		N/A		100%	$	796.48			N/A		100%

	17 Hotel Portfolio (3)	$	265.56					54.9%					$	145.79

*Footnotes on page 47


PROPERTY-LEVEL OPERATING STATISTICS			Page 37

Supplemental Financial InformationNovember 4, 2021

Property-Level Operating Statistics

Q3 2021/2019


		ADR						Occupancy						RevPAR
	Hotels sorted by number of rooms	For the Three Months Ended September 30,						For the Three Months Ended September 30,					For the Three Months Ended September 30,
		2021		****	2019	****	Change	2021	****	2019	****	Change	2021		****	2019		****	Change
1	Hilton San Diego Bayfront (4)	$	232.43	$	262.84		(11.6)%	67.1%		89.1%		(24.7)%	$	155.96		$	234.19		(33.4)%
2	Boston Park Plaza	$	185.66	$	239.18		(22.4)%	52.1%		96.3%		(45.9)%	$	96.73		$	230.33		(58.0)%
3	Hyatt Regency San Francisco (4)	$	199.35	$	308.12		(35.3)%	52.1%		92.4%		(43.6)%	$	103.86		$	284.70		(63.5)%
4	Renaissance Washington DC	$	154.56	$	198.93		(22.3)%	19.2%		79.0%		(75.7)%	$	29.68		$	157.15		(81.1)%
5	Renaissance Orlando at SeaWorld ®	$	152.44	$	128.70		18.4%	47.0%		68.6%		(31.5)%	$	71.65		$	88.29		(18.8)%
6	Wailea Beach Resort	$	649.79	$	465.12		39.7%	79.4%		88.8%		(10.6)%	$	515.93		$	413.03		24.9%
7	JW Marriott New Orleans	$	189.47	$	174.99		8.3%	51.0%		78.3%		(34.9)%	$	96.63		$	137.02		(29.5)%
8	Hyatt Centric Chicago Magnificent Mile	$	186.43	$	208.34		(10.5)%	59.2%		89.7%		(34.0)%	$	110.37		$	186.88		(40.9)%
9	Marriott Boston Long Wharf	$	357.86	$	380.36		(5.9)%	57.2%		94.0%		(39.1)%	$	204.70		$	357.54		(42.7)%
10	Renaissance Long Beach	$	196.95	$	183.73		7.2%	69.4%		83.8%		(17.2)%	$	136.68		$	153.97		(11.2)%
11	Embassy Suites Chicago	$	193.55	$	218.23		(11.3)%	62.4%		92.3%		(32.4)%	$	120.78		$	201.43		(40.0)%
12	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	165.75	$	192.83		(14.0)%	63.2%		89.9%		(29.7)%	$	104.75		$	173.35		(39.6)%
13	Embassy Suites La Jolla	$	229.90	$	213.78		7.5%	65.0%		90.2%		(27.9)%	$	149.44		$	192.83		(22.5)%
14	The Bidwell Marriott Portland	$	166.32	$	210.27		(20.9)%	42.6%		88.3%		(51.8)%	$	70.85		$	185.67		(61.8)%
15	Hilton New Orleans St. Charles	$	156.27	$	139.90		11.7%	38.4%		68.8%		(44.2)%	$	60.01		$	96.25		(37.7)%
16	Oceans Edge Resort & Marina (4)	$	366.02	$	180.60		102.7%	72.8%		83.5%		(12.8)%	$	266.46		$	150.80		76.7%

	16 Hotel Portfolio (1)	$	248.40	$	244.56		1.6%	54.8%		86.4%		(36.6)%	$	136.12		$	211.30		(35.6)%

	Non-comparable Hotel (2)
	Montage Healdsburg	$	1,246.45		N/A		100%	63.9%		N/A		100%	$	796.48			N/A		100%

	17 Hotel Portfolio (3)	$	265.56					54.9%					$	145.79

*Footnotes on page 47


PROPERTY-LEVEL OPERATING STATISTICS			Page 38

Supplemental Financial InformationNovember 4, 2021

Property-Level Operating Statistics

July 2021/2020


		ADR						Occupancy						RevPAR
	Hotels sorted by number of rooms	July						July					July
		2021		****	2020	****	Change	2021	****	2020	****	Change	2021		****	2020		****	Change
1	Hilton San Diego Bayfront	$	240.42	$	—		100%	75.3%		0.0%		100%	$	181.04		$	—		100%
2	Boston Park Plaza	$	169.90	$	153.83		10.4%	50.7%		15.2%		233.6%	$	86.14		$	23.38		268.4%
3	Hyatt Regency San Francisco	$	197.47	$	—		100%	54.0%		0.0%		100%	$	106.63		$	—		100%
4	Renaissance Washington DC	$	135.62	$	—		100%	17.2%		0.0%		100%	$	23.33		$	—		100%
5	Renaissance Orlando at SeaWorld ®	$	158.89	$	—		100%	76.2%		0.0%		100%	$	121.07		$	—		100%
6	Wailea Beach Resort	$	728.53	$	—		100%	86.3%		0.0%		100%	$	628.72		$	—		100%
7	JW Marriott New Orleans	$	176.72	$	153.86		14.9%	58.0%		4.6%		1,160.9%	$	102.50		$	7.08		1,347.7%
8	Hyatt Centric Chicago Magnificent Mile	$	190.34	$	161.44		17.9%	59.1%		4.8%		1,131.3%	$	112.49		$	7.75		1,351.5%
9	Marriott Boston Long Wharf	$	360.16	$	243.04		48.2%	59.4%		11.4%		421.1%	$	213.94		$	27.71		672.1%
10	Renaissance Long Beach	$	186.00	$	122.08		52.4%	88.1%		26.7%		230.0%	$	163.87		$	32.60		402.7%
11	Embassy Suites Chicago	$	182.21	$	144.83		25.8%	79.2%		13.2%		500.0%	$	144.31		$	19.12		654.8%
12	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	153.96	$	—		100%	79.8%		0.0%		100%	$	122.86		$	—		100%
13	Embassy Suites La Jolla	$	251.58	$	117.40		114.3%	76.6%		48.5%		57.9%	$	192.71		$	56.94		238.4%
14	The Bidwell Marriott Portland	$	164.54	$	—		100%	47.3%		0.0%		100%	$	77.83		$	—		100%
15	Hilton New Orleans St. Charles	$	138.41	$	99.22		39.5%	58.1%		5.5%		956.4%	$	80.42		$	5.46		1,372.9%
16	Oceans Edge Resort & Marina	$	460.45	$	267.57		72.1%	80.5%		37.4%		115.2%	$	370.66		$	100.07		270.4%

	16 Hotel Portfolio (1)	$	251.25	$	156.37		60.7%	62.8%		7.4%		748.6%	$	157.79		$	11.57		1,263.8%

	Non-comparable Hotel (2)
	Montage Healdsburg	$	1,245.24		N/A		100%	70.5%		N/A		100%	$	877.89			N/A		100%

	17 Hotel Portfolio (3)	$	267.70					62.9%					$	168.38

*Footnotes on page 47


PROPERTY-LEVEL OPERATING STATISTICS			Page 39

Supplemental Financial InformationNovember 4, 2021

Property-Level Operating Statistics

July 2021/2019


		ADR						Occupancy						RevPAR
	Hotels sorted by number of rooms	July						July					July
		2021		****	2019	****	Change	2021	****	2019	****	Change	2021		****	2019		****	Change
1	Hilton San Diego Bayfront (4)	$	240.42	$	287.97		(16.5)%	75.3%		93.8%		(19.7)%	$	181.04		$	270.12		(33.0)%
2	Boston Park Plaza	$	169.90	$	234.25		(27.5)%	50.7%		98.6%		(48.6)%	$	86.14		$	230.97		(62.7)%
3	Hyatt Regency San Francisco (4)	$	197.47	$	276.63		(28.6)%	54.0%		90.1%		(40.1)%	$	106.63		$	249.24		(57.2)%
4	Renaissance Washington DC	$	135.62	$	190.81		(28.9)%	17.2%		82.8%		(79.2)%	$	23.33		$	157.99		(85.2)%
5	Renaissance Orlando at SeaWorld ®	$	158.89	$	124.94		27.2%	76.2%		84.7%		(10.0)%	$	121.07		$	105.82		14.4%
6	Wailea Beach Resort	$	728.53	$	536.23		35.9%	86.3%		94.5%		(8.7)%	$	628.72		$	506.74		24.1%
7	JW Marriott New Orleans	$	176.72	$	188.59		(6.3)%	58.0%		68.7%		(15.6)%	$	102.50		$	129.56		(20.9)%
8	Hyatt Centric Chicago Magnificent Mile	$	190.34	$	193.01		(1.4)%	59.1%		89.7%		(34.1)%	$	112.49		$	173.13		(35.0)%
9	Marriott Boston Long Wharf	$	360.16	$	379.90		(5.2)%	59.4%		94.8%		(37.3)%	$	213.94		$	360.15		(40.6)%
10	Renaissance Long Beach	$	186.00	$	191.33		(2.8)%	88.1%		82.3%		7.0%	$	163.87		$	157.46		4.1%
11	Embassy Suites Chicago	$	182.21	$	214.33		(15.0)%	79.2%		90.9%		(12.9)%	$	144.31		$	194.83		(25.9)%
12	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	153.96	$	181.85		(15.3)%	79.8%		87.5%		(8.8)%	$	122.86		$	159.12		(22.8)%
13	Embassy Suites La Jolla	$	251.58	$	232.43		8.2%	76.6%		93.4%		(18.0)%	$	192.71		$	217.09		(11.2)%
14	The Bidwell Marriott Portland	$	164.54	$	211.70		(22.3)%	47.3%		89.7%		(47.3)%	$	77.83		$	189.89		(59.0)%
15	Hilton New Orleans St. Charles	$	138.41	$	152.94		(9.5)%	58.1%		59.9%		(3.0)%	$	80.42		$	91.61		(12.2)%
16	Oceans Edge Resort & Marina (4)	$	460.45	$	212.00		117.2%	80.5%		92.6%		(13.1)%	$	370.66		$	196.31		88.8%

	16 Hotel Portfolio (1)	$	251.25	$	249.07		0.9%	62.8%		88.6%		(29.1)%	$	157.79		$	220.68		(28.5)%

	Non-comparable Hotel (2)
	Montage Healdsburg	$	1,245.24		N/A		100%	70.5%		N/A		100%	$	877.89			N/A		100%

	17 Hotel Portfolio (3)	$	267.70					62.9%					$	168.38

*Footnotes on page 47


PROPERTY-LEVEL OPERATING STATISTICS			Page 40

<br><br><br><br>
	Supplemental Financial InformationNovember 4, 2021

Property-Level Operating Statistics

August 2021/2020


		ADR						Occupancy						RevPAR
	Hotels sorted by number of rooms	August						August					August
		2021		****	2020	****	Change	2021	****	2020	****	Change	2021		****	2020		****	Change
1	Hilton San Diego Bayfront	$	230.05	$	164.63		39.7%	73.1%		12.7%		475.6%	$	168.17		$	20.91		704.3%
2	Boston Park Plaza	$	176.96	$	146.22		21.0%	48.6%		19.9%		144.2%	$	86.00		$	29.10		195.5%
3	Hyatt Regency San Francisco	$	196.27	$	—		100%	49.7%		0.0%		100%	$	97.55		$	—		100%
4	Renaissance Washington DC	$	148.37	$	204.58		(27.5)%	20.9%		3.4%		514.7%	$	31.01		$	6.96		345.5%
5	Renaissance Orlando at SeaWorld ®	$	139.99	$	—		100%	31.5%		0.0%		100%	$	44.10		$	—		100%
6	Wailea Beach Resort	$	681.55	$	—		100%	83.6%		0.0%		100%	$	569.78		$	—		100%
7	JW Marriott New Orleans	$	149.44	$	137.27		8.9%	39.6%		10.6%		273.6%	$	59.18		$	14.55		306.7%
8	Hyatt Centric Chicago Magnificent Mile	$	176.74	$	169.42		4.3%	56.1%		6.2%		804.8%	$	99.15		$	10.50		844.3%
9	Marriott Boston Long Wharf	$	346.16	$	243.25		42.3%	57.4%		18.5%		210.3%	$	198.70		$	45.00		341.6%
10	Renaissance Long Beach	$	190.53	$	139.90		36.2%	59.3%		24.3%		144.0%	$	112.98		$	34.00		232.3%
11	Embassy Suites Chicago	$	194.03	$	131.42		47.6%	51.1%		14.7%		247.6%	$	99.15		$	19.32		413.2%
12	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	162.28	$	—		100%	50.1%		0.0%		100%	$	81.30		$	—		100%
13	Embassy Suites La Jolla	$	224.66	$	112.99		98.8%	55.1%		64.3%		(14.3)%	$	123.79		$	72.65		70.4%
14	The Bidwell Marriott Portland	$	170.56	$	—		100%	43.3%		0.0%		100%	$	73.85		$	—		100%
15	Hilton New Orleans St. Charles	$	137.46	$	96.53		42.4%	28.3%		21.1%		34.1%	$	38.90		$	20.37		91.0%
16	Oceans Edge Resort & Marina	$	342.45	$	208.07		64.6%	70.9%		39.6%		79.0%	$	242.80		$	82.40		194.7%

	16 Hotel Portfolio (1)	$	252.77	$	150.78		67.6%	51.0%		11.9%		328.6%	$	128.91		$	17.94		618.6%

	Non-comparable Hotel (2)
	Montage Healdsburg	$	1,231.93		N/A		100%	54.9%		N/A		100%	$	676.33			N/A		100%

	17 Hotel Portfolio (3)	$	268.31					51.1%					$	137.11

*Footnotes on page 47


PROPERTY-LEVEL OPERATING STATISTICS			Page 41

Supplemental Financial InformationNovember 4, 2021

Property-Level Operating Statistics

August 2021/2019


		ADR						Occupancy						RevPAR
	Hotels sorted by number of rooms	August						August					August
		2021		****	2019	****	Change	2021	****	2019	****	Change	2021		****	2019		****	Change
1	Hilton San Diego Bayfront (4)	$	230.05	$	241.60		(4.8)%	73.1%		90.3%		(19.0)%	$	168.17		$	218.16		(22.9)%
2	Boston Park Plaza	$	176.96	$	224.18		(21.1)%	48.6%		97.5%		(50.2)%	$	86.00		$	218.58		(60.7)%
3	Hyatt Regency San Francisco (4)	$	196.27	$	302.10		(35.0)%	49.7%		95.2%		(47.8)%	$	97.55		$	287.60		(66.1)%
4	Renaissance Washington DC	$	148.37	$	165.51		(10.4)%	20.9%		76.4%		(72.6)%	$	31.01		$	126.45		(75.5)%
5	Renaissance Orlando at SeaWorld ®	$	139.99	$	125.57		11.5%	31.5%		63.0%		(50.0)%	$	44.10		$	79.11		(44.3)%
6	Wailea Beach Resort	$	681.55	$	467.22		45.9%	83.6%		90.0%		(7.1)%	$	569.78		$	420.50		35.5%
7	JW Marriott New Orleans	$	149.44	$	144.27		3.6%	39.6%		85.3%		(53.6)%	$	59.18		$	123.06		(51.9)%
8	Hyatt Centric Chicago Magnificent Mile	$	176.74	$	198.97		(11.2)%	56.1%		91.0%		(38.4)%	$	99.15		$	181.06		(45.2)%
9	Marriott Boston Long Wharf	$	346.16	$	363.04		(4.6)%	57.4%		95.0%		(39.6)%	$	198.70		$	344.89		(42.4)%
10	Renaissance Long Beach	$	190.53	$	173.75		9.7%	59.3%		85.8%		(30.9)%	$	112.98		$	149.08		(24.2)%
11	Embassy Suites Chicago	$	194.03	$	206.16		(5.9)%	51.1%		94.3%		(45.8)%	$	99.15		$	194.41		(49.0)%
12	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	162.28	$	182.97		(11.3)%	50.1%		91.1%		(45.0)%	$	81.30		$	166.69		(51.2)%
13	Embassy Suites La Jolla	$	224.66	$	209.70		7.1%	55.1%		91.9%		(40.0)%	$	123.79		$	192.71		(35.8)%
14	The Bidwell Marriott Portland	$	170.56	$	209.44		(18.6)%	43.3%		93.4%		(53.6)%	$	73.85		$	195.62		(62.2)%
15	Hilton New Orleans St. Charles	$	137.46	$	112.14		22.6%	28.3%		70.0%		(59.6)%	$	38.90		$	78.50		(50.4)%
16	Oceans Edge Resort & Marina (4)	$	342.45	$	180.61		89.6%	70.9%		87.2%		(18.7)%	$	242.80		$	157.49		54.2%

	16 Hotel Portfolio (1)	$	252.77	$	231.33		9.3%	51.0%		87.3%		(41.6)%	$	128.91		$	201.95		(36.2)%

	Non-comparable Hotel (2)
	Montage Healdsburg	$	1,231.93		N/A		100%	54.9%		N/A		100%	$	676.33			N/A		100%

	17 Hotel Portfolio (3)	$	268.31					51.1%					$	137.11

*Footnotes on page 47


PROPERTY-LEVEL OPERATING STATISTICS			Page 42

Supplemental Financial InformationNovember 4, 2021

Property-Level Operating Statistics

September 2021/2020


		ADR						Occupancy						RevPAR
	Hotels sorted by number of rooms	September						September					September
		2021		****	2020	****	Change	2021	****	2020	****	Change	2021		****	2020		****	Change
1	Hilton San Diego Bayfront	$	224.03	$	146.06		53.4%	52.5%		42.6%		23.2%	$	117.62		$	62.22		89.0%
2	Boston Park Plaza	$	207.71	$	142.60		45.7%	57.2%		19.7%		190.4%	$	118.81		$	28.09		323.0%
3	Hyatt Regency San Francisco	$	204.35	$	—		100%	52.7%		0.0%		100%	$	107.69		$	—		100%
4	Renaissance Washington DC	$	178.50	$	141.18		26.4%	19.6%		3.1%		532.3%	$	34.99		$	4.38		698.9%
5	Renaissance Orlando at SeaWorld ®	$	149.31	$	—		100%	32.8%		0.0%		100%	$	48.97		$	—		100%
6	Wailea Beach Resort	$	506.35	$	—		100%	68.1%		0.0%		100%	$	344.82		$	—		100%
7	JW Marriott New Orleans	$	232.85	$	122.78		89.6%	55.4%		20.1%		175.6%	$	129.00		$	24.68		422.7%
8	Hyatt Centric Chicago Magnificent Mile	$	191.56	$	166.42		15.1%	62.7%		6.8%		822.1%	$	120.11		$	11.32		961.0%
9	Marriott Boston Long Wharf	$	367.95	$	223.26		64.8%	54.7%		18.3%		198.9%	$	201.27		$	40.86		392.6%
10	Renaissance Long Beach	$	219.88	$	155.06		41.8%	60.6%		26.9%		125.3%	$	133.25		$	41.71		219.5%
11	Embassy Suites Chicago	$	209.47	$	127.45		64.4%	56.7%		16.8%		237.5%	$	118.77		$	21.41		454.7%
12	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	185.09	$	—		100%	59.5%		0.0%		100%	$	110.13		$	—		100%
13	Embassy Suites La Jolla	$	207.46	$	125.57		65.2%	63.1%		67.2%		(6.1)%	$	130.91		$	84.38		55.1%
14	The Bidwell Marriott Portland	$	163.54	$	176.14		(7.2)%	37.0%		0.3%		12,233.3%	$	60.51		$	0.53		11,317.0%
15	Hilton New Orleans St. Charles	$	212.99	$	113.39		87.8%	28.6%		52.1%		(45.1)%	$	60.92		$	59.08		3.1%
16	Oceans Edge Resort & Marina	$	274.39	$	201.48		36.2%	66.9%		48.2%		38.8%	$	183.57		$	97.11		89.0%

	16 Hotel Portfolio (1)	$	240.15	$	146.10		64.4%	50.4%		17.9%		181.6%	$	121.04		$	26.15		362.9%

	Non-comparable Hotel (2)
	Montage Healdsburg	$	1,260.14		N/A		100%	66.5%		N/A		100%	$	837.99			N/A		100%

	17 Hotel Portfolio (3)	$	259.95					50.6%					$	131.53

*Footnotes on page 47


PROPERTY-LEVEL OPERATING STATISTICS			Page 43

Supplemental Financial InformationNovember 4, 2021

Property-Level Operating Statistics

September 2021/2019


		ADR						Occupancy						RevPAR
	Hotels sorted by number of rooms	September						September					September
		2021		****	2019	****	Change	2021	****	2019	****	Change	2021		****	2019		****	Change
1	Hilton San Diego Bayfront (4)	$	224.03	$	257.36		(13.0)%	52.5%		82.9%		(36.7)%	$	117.62		$	213.35		(44.9)%
2	Boston Park Plaza	$	207.71	$	260.88		(20.4)%	57.2%		92.8%		(38.4)%	$	118.81		$	242.10		(50.9)%
3	Hyatt Regency San Francisco (4)	$	204.35	$	346.35		(41.0)%	52.7%		92.0%		(42.7)%	$	107.69		$	318.64		(66.2)%
4	Renaissance Washington DC	$	178.50	$	241.91		(26.2)%	19.6%		77.6%		(74.7)%	$	34.99		$	187.72		(81.4)%
5	Renaissance Orlando at SeaWorld ®	$	149.31	$	137.96		8.2%	32.8%		57.6%		(43.1)%	$	48.97		$	79.46		(38.4)%
6	Wailea Beach Resort	$	506.35	$	377.76		34.0%	68.1%		81.7%		(16.6)%	$	344.82		$	308.63		11.7%
7	JW Marriott New Orleans	$	232.85	$	196.47		18.5%	55.4%		81.1%		(31.7)%	$	129.00		$	159.34		(19.0)%
8	Hyatt Centric Chicago Magnificent Mile	$	191.56	$	234.36		(18.3)%	62.7%		88.4%		(29.1)%	$	120.11		$	207.17		(42.0)%
9	Marriott Boston Long Wharf	$	367.95	$	399.27		(7.8)%	54.7%		92.2%		(40.7)%	$	201.27		$	368.13		(45.3)%
10	Renaissance Long Beach	$	219.88	$	186.59		17.8%	60.6%		83.2%		(27.2)%	$	133.25		$	155.24		(14.2)%
11	Embassy Suites Chicago	$	209.47	$	235.05		(10.9)%	56.7%		91.8%		(38.2)%	$	118.77		$	215.78		(45.0)%
12	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	185.09	$	213.89		(13.5)%	59.5%		91.3%		(34.8)%	$	110.13		$	195.28		(43.6)%
13	Embassy Suites La Jolla	$	207.46	$	197.17		5.2%	63.1%		85.0%		(25.8)%	$	130.91		$	167.59		(21.9)%
14	The Bidwell Marriott Portland	$	163.54	$	209.62		(22.0)%	37.0%		81.7%		(54.7)%	$	60.51		$	171.26		(64.7)%
15	Hilton New Orleans St. Charles	$	212.99	$	155.60		36.9%	28.6%		76.5%		(62.6)%	$	60.92		$	119.03		(48.8)%
16	Oceans Edge Resort & Marina (4)	$	274.39	$	137.75		99.2%	66.9%		70.1%		(4.6)%	$	183.57		$	96.56		90.1%

	16 Hotel Portfolio (1)	$	240.15	$	253.96		(5.4)%	50.4%		83.1%		(39.4)%	$	121.04		$	211.04		(42.6)%

	Non-comparable Hotel (2)
	Montage Healdsburg	$	1,260.14		N/A		100%	66.5%		N/A		100%	$	837.99			N/A		100%

	17 Hotel Portfolio (3)	$	259.95					50.6%					$	131.53

*Footnotes on page 47


PROPERTY-LEVEL OPERATING STATISTICS			Page 44

Supplemental Financial InformationNovember 4, 2021

Property-Level Operating Statistics

Q3 YTD 2021/2020


		ADR						Occupancy						RevPAR
	Hotels sorted by number of rooms	For the Nine Months Ended September 30,						For the Nine Months Ended September 30,					For the Nine Months Ended September 30,
		2021		****	2020	****	Change	2021	****	2020	****	Change	2021		****	2020		****	Change
1	Hilton San Diego Bayfront	$	202.62	$	220.75		(8.2)%	44.1%		25.9%		70.3%	$	89.36		$	57.17		56.3%
2	Boston Park Plaza	$	166.83	$	147.00		13.5%	33.4%		26.1%		28.0%	$	55.72		$	38.37		45.2%
3	Hyatt Regency San Francisco	$	197.60	$	321.32		(38.5)%	27.9%		20.0%		39.5%	$	55.13		$	64.26		(14.2)%
4	Renaissance Washington DC	$	140.68	$	221.53		(36.5)%	42.8%		19.5%		119.5%	$	60.21		$	43.20		39.4%
5	Renaissance Orlando at SeaWorld ®	$	144.32	$	193.73		(25.5)%	37.2%		19.4%		91.8%	$	53.69		$	37.58		42.9%
6	Wailea Beach Resort	$	601.59	$	551.06		9.2%	63.1%		25.3%		149.4%	$	379.60		$	139.42		172.3%
7	JW Marriott New Orleans	$	174.01	$	214.59		(18.9)%	41.3%		25.3%		63.2%	$	71.87		$	54.29		32.4%
8	Hyatt Centric Chicago Magnificent Mile	$	176.76	$	131.15		34.8%	32.1%		18.0%		78.3%	$	56.74		$	23.61		140.3%
9	Marriott Boston Long Wharf	$	321.78	$	229.97		39.9%	34.9%		25.5%		36.9%	$	112.30		$	58.64		91.5%
10	Renaissance Long Beach	$	176.63	$	161.69		9.2%	60.2%		37.9%		58.8%	$	106.33		$	61.28		73.5%
11	Embassy Suites Chicago	$	171.40	$	123.89		38.3%	39.9%		25.0%		59.6%	$	68.39		$	30.97		120.8%
12	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	149.19	$	98.91		50.8%	34.1%		15.5%		120.0%	$	50.87		$	15.33		231.8%
13	Embassy Suites La Jolla	$	185.01	$	148.63		24.5%	56.2%		53.3%		5.4%	$	103.98		$	79.22		31.3%
14	The Bidwell Marriott Portland (4)	$	156.99	$	141.81		10.7%	24.0%		12.9%		86.0%	$	37.68		$	18.29		106.0%
15	Hilton New Orleans St. Charles	$	133.92	$	161.42		(17.0)%	36.2%		30.2%		19.9%	$	48.48		$	48.75		(0.6)%
16	Oceans Edge Resort & Marina	$	399.96	$	286.57		39.6%	78.9%		44.7%		76.5%	$	315.57		$	128.10		146.3%

	16 Hotel Portfolio (1)	$	228.27	$	216.47		5.5%	41.0%		24.9%		64.7%	$	93.59		$	53.90		73.6%

	Non-comparable Hotel (2)
	Montage Healdsburg	$	1,095.70		N/A		100%	48.6%		N/A		100%	$	532.51			N/A		100%

	17 Hotel Portfolio (3)	$	243.43					41.1%					$	100.05

*Footnotes on page 47


PROPERTY-LEVEL OPERATING STATISTICS			Page 45

Supplemental Financial InformationNovember 4, 2021

Property-Level Operating Statistics

Q3 YTD 2021/2019


		ADR						Occupancy						RevPAR
	Hotels sorted by number of rooms	For the Nine Months Ended September 30,						For the Nine Months Ended September 30,					For the Nine Months Ended September 30,
		2021		****	2019	****	Change	2021	****	2019	****	Change	2021		****	2019		****	Change
1	Hilton San Diego Bayfront (4)	$	202.62	$	257.32		(21.3)%	44.1%		81.1%		(45.6)%	$	89.36		$	208.69		(57.2)%
2	Boston Park Plaza	$	166.83	$	217.24		(23.2)%	33.4%		91.4%		(63.5)%	$	55.72		$	198.56		(71.9)%
3	Hyatt Regency San Francisco (4)	$	197.60	$	322.89		(38.8)%	27.9%		89.2%		(68.7)%	$	55.13		$	288.02		(80.9)%
4	Renaissance Washington DC	$	140.68	$	230.93		(39.1)%	42.8%		79.7%		(46.3)%	$	60.21		$	184.05		(67.3)%
5	Renaissance Orlando at SeaWorld ®	$	144.32	$	165.99		(13.1)%	37.2%		78.1%		(52.4)%	$	53.69		$	129.64		(58.6)%
6	Wailea Beach Resort	$	601.59	$	469.49		28.1%	63.1%		91.7%		(31.2)%	$	379.60		$	430.52		(11.8)%
7	JW Marriott New Orleans	$	174.01	$	205.67		(15.4)%	41.3%		84.4%		(51.1)%	$	71.87		$	173.59		(58.6)%
8	Hyatt Centric Chicago Magnificent Mile	$	176.76	$	193.29		(8.6)%	32.1%		82.5%		(61.1)%	$	56.74		$	159.46		(64.4)%
9	Marriott Boston Long Wharf	$	321.78	$	337.94		(4.8)%	34.9%		87.5%		(60.1)%	$	112.30		$	295.70		(62.0)%
10	Renaissance Long Beach	$	176.63	$	193.19		(8.6)%	60.2%		82.9%		(27.4)%	$	106.33		$	160.15		(33.6)%
11	Embassy Suites Chicago	$	171.40	$	192.22		(10.8)%	39.9%		88.7%		(55.0)%	$	68.39		$	170.50		(59.9)%
12	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	149.19	$	171.65		(13.1)%	34.1%		83.0%		(58.9)%	$	50.87		$	142.47		(64.3)%
13	Embassy Suites La Jolla	$	185.01	$	206.01		(10.2)%	56.2%		88.9%		(36.8)%	$	103.98		$	183.14		(43.2)%
14	The Bidwell Marriott Portland	$	156.99	$	190.04		(17.4)%	24.0%		85.2%		(71.8)%	$	37.68		$	161.91		(76.7)%
15	Hilton New Orleans St. Charles	$	133.92	$	168.21		(20.4)%	36.2%		76.6%		(52.7)%	$	48.48		$	128.85		(62.4)%
16	Oceans Edge Resort & Marina (4)	$	399.96	$	244.81		63.4%	78.9%		90.2%		(12.5)%	$	315.57		$	220.82		42.9%

	16 Hotel Portfolio (1)	$	228.27	$	245.26		(6.9)%	41.0%		84.9%		(51.7)%	$	93.59		$	208.23		(55.1)%

	Non-comparable Hotel (2)
	Montage Healdsburg	$	1,095.70	$	N/A		100%	48.6%		N/A		100%	$	532.51		$	N/A		100%

	17 Hotel Portfolio (3)	$	243.43					41.1%					$	100.05

*Footnotes on page 47


PROPERTY-LEVEL OPERATING STATISTICS			Page 46

Supplemental Financial InformationNovember 4, 2021

Property-Level Operating Statistics

Q3, July, August, September and Q3 YTD 2021/2020 and 2021/2019 Footnotes

(1)	16 Hotel Portfolio includes the same hotels owned during the reporting periods.
(2)	Non-comparable Hotel includes the Company's ownership results for the Montage Healdsburg, acquired in April 2021. The newly-developed hotel is considered non-comparable as it did not open until December 2020. Operating statistics for the first nine months of 2021 include 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.
---	---
(3)	17 Hotel Portfolio includes all hotels owned by the Company as of September 30, 2021, except the Renaissance Westchester, which was considered held for sale due to its sale in October 2021.
---	---
(4)	Operating statistics for the first nine months of 2020 are impacted by a room renovation at The Bidwell Marriott Portland. Operating statistics for July, August, September, the third quarter and the first nine months of 2019 are impacted by room renovations at the Hilton San Diego Bayfront, the Hyatt Regency San Francisco and the Oceans Edge Resort & Marina.
---	---


PROPERTY-LEVEL OPERATING STATISTICS			Page 47

Supplemental Financial InformationNovember 4, 2021

PROPERTY-LEVEL ADJUSTED EBITDAre &

ADJUSTED EBITDAre MARGINS


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 48

Supplemental Financial InformationNovember 4, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q3 2021


	Hotels sorted by number of rooms	For the Three Months Ended September 30, 2021
	(In thousands)							Plus:			Plus:			Plus:			Equals:			Hotel
		Total			Net Income /			Other									Hotel Adjusted			Adjusted EBITDAre
		Revenues		****	(Loss)		****	Adjustments (1a)		****	Depreciation		****	Interest Expense		****	EBITDAre (2)		****	Margins (2)
1	Hilton San Diego Bayfront	$	25,726		$	3,732		$	402		$	3,165		$	721		$	8,020		31.2%
2	Boston Park Plaza		12,852			(4,103)			—			4,494			—			391		3.0%
3	Hyatt Regency San Francisco		10,413			(4,530)			—			3,196			—			(1,334)		(12.8)%
4	Renaissance Washington DC		3,689			(4,195)			—			1,867			—			(2,328)		(63.1)%
5	Renaissance Orlando at SeaWorld ®		9,681			(794)			—			2,168			—			1,374		14.2%
6	Wailea Beach Resort		35,885			11,915			—			4,092			—			16,007		44.6%
7	JW Marriott New Orleans		6,027			(982)			432			1,607			852			1,909		31.7%
8	Hyatt Centric Chicago Magnificent Mile		5,536			(1,125)			(103)			1,139			351			262		4.7%
9	Marriott Boston Long Wharf		10,406			234			—			2,784			—			3,018		29.0%
10	Renaissance Long Beach		5,924			1,203			(6)			769			—			1,966		33.2%
11	Embassy Suites Chicago		4,714			344			189			753			—			1,286		27.3%
12	Hilton Garden Inn Chicago Downtown/Magnificent Mile		3,822			235			180			561			—			976		25.5%
13	Embassy Suites La Jolla		5,468			738			—			906			613			2,257		41.3%
14	The Bidwell Marriott Portland		2,031			(628)			—			809			—			181		8.9%
15	Hilton New Orleans St. Charles		1,632			(1,611)			1,191			616			—			196		12.0%
16	Oceans Edge Resort & Marina		6,483			1,380			—			887			—			2,267		35.0%
17	Montage Healdsburg		15,381			1,395			—			2,240			—			3,635		23.6%

	17 Hotel Portfolio (3)		165,670			3,208			2,285			32,053			2,537			40,083		24.2%

	Less: Non-comparable Hotel (4)
	Montage Healdsburg		(15,381)			(1,395)			—			(2,240)			—			(3,635)		23.6%

	16 Hotel Portfolio (5)		150,289			1,813			2,285			29,813			2,537			36,448		24.3%

	Add: Non-comparable Hotel (4)
	Montage Healdsburg		15,381			1,395			—			2,240			—			3,635		23.6%

	Add: Held for Sale/Sold/Disposed Hotels (6)		67			(4,870)			4,562			269			—			(39)		(58.2)%

	Actual Portfolio (7)	$	165,737		$	(1,662)		$	6,847		$	32,322		$	2,537		$	40,044		24.2%

*Footnotes on pages 52 and 53


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 49

Supplemental Financial InformationNovember 4, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q3 2020


	Hotels sorted by number of rooms	For the Three Months Ended September 30, 2020
	(In thousands)							Plus:			Plus:			Plus:			Equals:			Hotel
		Total						Other									Hotel Adjusted			Adjusted EBITDAre
		Revenues		****	Net Loss		****	Adjustments^^(1b)		****	Depreciation		****	Interest Expense		****	EBITDAre (2)		****	Margins (2)
1	Hilton San Diego Bayfront	$	5,192		$	(7,269)		$	(292)		$	3,230		$	975		$	(3,356)		(64.6)%
2	Boston Park Plaza		3,377			(7,343)			(250)			4,520			—			(3,073)		(91.0)%
3	Hyatt Regency San Francisco		310			(7,785)			(41)			3,262			—			(4,564)		(1,472.3)%
4	Renaissance Washington DC		462			(7,587)			252			1,926			1,645			(3,764)		(814.7)%
5	Renaissance Orlando at SeaWorld ®		13			(5,898)			436			2,525			—			(2,937)		(22,592.3)%
6	Wailea Beach Resort		285			(7,722)			232			4,051			—			(3,439)		(1,206.7)%
7	JW Marriott New Orleans		1,036			(3,889)			66			1,612			871			(1,340)		(129.3)%
8	Hyatt Centric Chicago Magnificent Mile		409			(3,385)			(508)			1,160			351			(2,382)		(582.4)%
9	Marriott Boston Long Wharf		1,953			(4,702)			(22)			2,773			—			(1,951)		(99.9)%
10	Renaissance Long Beach		1,489			(1,647)			218			957			—			(472)		(31.7)%
11	Embassy Suites Chicago		956			(2,201)			11			754			—			(1,436)		(150.2)%
12	Hilton Garden Inn Chicago Downtown/Magnificent Mile		344			(1,979)			8			673			—			(1,298)		(377.3)%
13	Embassy Suites La Jolla		2,748			(1,357)			—			1,038			627			308		11.2%
14	The Bidwell Marriott Portland		23			(1,271)			(4)			356			—			(919)		(3,995.7)%
15	Hilton New Orleans St. Charles		841			(898)			(1)			624			—			(275)		(32.7)%
16	Oceans Edge Resort & Marina		2,902			(499)			(13)			880			—			368		12.7%

	16 Hotel Portfolio (5)		22,340			(65,432)			92			30,341			4,469			(30,530)		(136.7)%

	Add: Held for Sale/Sold/Disposed Hotels (6)		1,952			(17,438)			5,946			2,408			2,098			(6,986)		(357.9)%

	Actual Portfolio (7)	$	24,292		$	(82,870)		$	6,038		$	32,749		$	6,567		$	(37,516)		(154.4)%

*Footnotes on pages 52 and 53


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 50

Supplemental Financial InformationNovember 4, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q3 2019


	Hotels sorted by number of rooms	For the Three Months Ended September 30, 2019
	(In thousands)							Plus:			Plus:			Plus:			Equals:			Hotel
		Total			Net Income /			Other									Hotel Adjusted			Adjusted EBITDAre
		Revenues		****	(Loss)		****	Adjustments (1c)		****	Depreciation		****	Interest Expense		****	EBITDAre (2)		****	Margins (2)
1	Hilton San Diego Bayfront (8)	$	43,134		$	10,013		$	(290)		$	3,173		$	2,124		$	15,020		34.8%
2	Boston Park Plaza		30,195			6,792			—			4,497			—			11,289		37.4%
3	Hyatt Regency San Francisco (8)		27,985			3,688			305			3,123			—			7,116		25.4%
4	Renaissance Washington DC		18,912			82			—			2,363			1,691			4,136		21.9%
5	Renaissance Orlando at SeaWorld ®		14,928			1,022			—			2,603			—			3,625		24.3%
6	Wailea Beach Resort		29,932			7,718			—			3,926			—			11,644		38.9%
7	JW Marriott New Orleans		8,143			(33)			2			1,605			891			2,465		30.3%
8	Hyatt Centric Chicago Magnificent Mile		9,559			799			(350)			1,448			350			2,247		23.5%
9	Marriott Boston Long Wharf		18,269			5,266			—			2,728			—			7,994		43.8%
10	Renaissance Long Beach		7,243			1,243			—			973			—			2,216		30.6%
11	Embassy Suites Chicago		7,745			1,957			—			745			—			2,702		34.9%
12	Hilton Garden Inn Chicago Downtown/Magnificent Mile		6,198			1,440			10			662			—			2,112		34.1%
13	Embassy Suites La Jolla		7,045			1,376			—			1,037			640			3,053		43.3%
14	The Bidwell Marriott Portland		4,858			1,778			—			403			—			2,181		44.9%
15	Hilton New Orleans St. Charles		2,589			(243)			—			635			—			392		15.1%
16	Oceans Edge Resort & Marina (8)		4,128			(94)			—			789			—			695		16.8%

	16 Hotel Portfolio (5)		240,863			42,804			(323)			30,710			5,696			78,887		32.8%

	Add: Held for Sale/Sold/Disposed Hotels (6)		40,754			(40)			(191)			6,605			1,504			7,878		19.3%

	Actual Portfolio (7)	$	281,617		$	42,764		$	(514)		$	37,315		$	7,200		$	86,765		30.8%

*Footnotes on pages 52 and 53


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 51

Supplemental Financial InformationNovember 4, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q3 2021/2020/2019 Footnotes

(In thousands)

(1)	Other Adjustments include:
a)	Other Adjustments of $6,847 for the third quarter of 2021 include: Hilton San Diego Bayfront $402, including $(289) amortization of the operating lease right-of-use assets and liabilities and $691 lawsuit settlement costs; JW Marriott New Orleans $432, including $2 amortization of the operating lease right-of-use assets and liabilities and $430 Hurricane Ida-related losses; Hyatt Centric Chicago Magnificent Mile $(103), including $(351) finance lease obligation interest - cash ground rent and $248 prior year property tax assessment; Renaissance Long Beach $(6) prior year property tax credit; Embassy Suites Chicago $189 prior year property tax assessment; Hilton Garden Inn Chicago Downtown/Magnificent Mile $180, including $6 amortization of the operating lease right-of-use assets and liabilities and $174 prior year property tax assessment; Hilton New Orleans St. Charles $1,191 Hurricane Ida-related losses; and Held for Sale/Sold/Disposed Hotels $4,562 severance.
---	---
b)	Other Adjustments of $6,038 for the third quarter of 2020 include: Hilton San Diego Bayfront $(292), including $(291) amortization of the operating lease right-of-use assets and liabilities and $(1) COVID-19-related severance accrual adjustment; Boston Park Plaza $(250), including $(11) COVID-19-related severance accrual adjustment and $(239) credit card merchant class action settlement proceeds; Hyatt Regency San Francisco $(41), including $54 COVID-19-related severance and $(95) credit adjustment to taxes assessed on commercial rents; Renaissance Washington DC $252 COVID-19-related severance; Renaissance Orlando at SeaWorld® $436 COVID-19-related severance; Wailea Beach Resort $232 COVID-19-related severance; JW Marriott New Orleans $66, including $1 amortization of the operating lease right-of-use assets and liabilities and $65 COVID-19-related severance; Hyatt Centric Chicago Magnificent Mile $(508), including $(351) finance lease obligation interest - cash ground rent, $3 COVID-19-related severance and $(160) credit card merchant class action settlement proceeds; Marriott Boston Long Wharf $(22) COVID-19-related severance accrual adjustment; Renaissance Long Beach $218, including $(12) prior year property tax credit and $230 COVID-19-related severance; Embassy Suites Chicago $11 COVID-19-related severance; Hilton Garden Inn Chicago Downtown/Magnificent Mile $8 amortization of the operating lease right-of-use assets and liabilities; The Bidwell Marriott Portland $(4) COVID-19-related severance accrual adjustment; Hilton New Orleans St. Charles $(1) COVID-19-related severance accrual adjustment; Oceans Edge Resort & Marina $(13) credit card merchant class action settlement proceeds; and Held for Sale/Sold/Disposed Hotels $5,946, including $(6) amortization of the operating lease right-of-use assets and liabilities, $5,600 COVID-19-related severance, $515 legal fees and $(163) credit card merchant class action settlement proceeds.
---	---
c)	Other Adjustments of $(514) for the third quarter of 2019 include: Hilton San Diego Bayfront $(290) amortization of the operating lease right-of-use assets and liabilities; Hyatt Regency San Francisco $305 taxes assessed on commercial rents; JW Marriott New Orleans $2 amortization of the operating lease right-of-use assets and liabilities; Hyatt Centric Chicago Magnificent Mile $(350) finance lease obligation interest - cash ground rent; Hilton Garden Inn Chicago Downtown/Magnificent Mile $10 amortization of the operating lease right-of-use assets and liabilities; and Held for Sale/Sold/Disposed Hotels $(191), including $57 amortization of the operating lease right-of-use assets and liabilities, $(239) finance lease obligation interest - cash ground rent and $(9) prior year property tax credit.
---	---
(2)	Both Hotel Adjusted EBITDAre and Hotel Adjusted EBITDAre Margins are presented excluding any prior year property tax assessments and credits, including any appeal fees. In the third quarter of 2021, a total of $605 in prior year property tax assessments, net was received at the Embassy Suites Chicago, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hyatt Centric Chicago Magnificent Mile and the Renaissance Long Beach. In the third quarter of 2020, a $(12) prior year property tax credit was received at the Renaissance Long Beach. In the third quarter of 2019, a $(9) prior year property tax credit was received at the Held for Sale/Sold/Disposed Hotels.
---	---
(3)	17 Hotel Portfolio includes all hotels owned by the Company as of September 30, 2021, except the Renaissance Westchester, which was considered held for sale due to its sale in October 2021.
---	---


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 52

Supplemental Financial InformationNovember 4, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q3 2021/2020/2019 Footnotes (continued)

(In thousands)

(4)	Non-comparable Hotel includes the Company's ownership results for the Montage Healdsburg, acquired in April 2021. The newly-developed hotel is considered non-comparable as it did not open until December 2020.
(5)	16 Hotel Portfolio includes the same hotels owned during the third quarters of 2021, 2020 and 2019.
---	---
(6)	Held for Sale/Sold/Disposed Hotels includes results for the Renaissance Westchester, considered held for sale as of September 30, 2021 due to its sale in October 2021, 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. Held for Sale/Sold/Disposed Hotels for the third quarter of 2019 also includes results for the Courtyard by Marriott Los Angeles, sold in October 2019.
---	---
(7)	Actual Portfolio includes results for 18 hotels, 20 hotels and 21 hotels owned by the Company during the quarters ended September 30, 2021, 2020 and 2019, respectively.
---	---
(8)	Hotel Adjusted EBITDAre for the third quarter of 2019 is impacted by room renovations at the Hilton San Diego Bayfront, the Hyatt Regency San Francisco and the Oceans Edge Resort & Marina.
---	---


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 53

Supplemental Financial InformationNovember 4, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

July 2021


	Hotels sorted by number of rooms	For the Month of July 2021
	(In thousands)							Plus:			Plus:			Plus:			Equals:			Hotel
		Total			Net Income /			Other									Hotel Adjusted			Adjusted EBITDAre
		Revenues		****	(Loss)		****	Adjustments (1a)		****	Depreciation		****	Interest Expense		****	EBITDAre		****	Margins
1	Hilton San Diego Bayfront	$	9,712		$	2,358		$	(97)		$	1,056		$	217		$	3,534		36.4%
2	Boston Park Plaza		3,804			(1,679)			—			1,500			—			(179)		(4.7)%
3	Hyatt Regency San Francisco		3,618			(1,261)			—			1,066			—			(195)		(5.4)%
4	Renaissance Washington DC		659			(1,967)			—			623			—			(1,344)		(203.9)%
5	Renaissance Orlando at SeaWorld ®		5,049			813			—			723			—			1,536		30.4%
6	Wailea Beach Resort		14,043			5,688			—			1,367			—			7,055		50.2%
7	JW Marriott New Orleans		2,091			(265)			1			536			289			561		26.8%
8	Hyatt Centric Chicago Magnificent Mile		1,760			(325)			(117)			380			117			55		3.1%
9	Marriott Boston Long Wharf		3,589			258			—			925			—			1,183		33.0%
10	Renaissance Long Beach		2,238			661			—			257			—			918		41.0%
11	Embassy Suites Chicago		1,883			279			—			251			—			530		28.1%
12	Hilton Garden Inn Chicago Downtown/Magnificent Mile		1,489			267			2			185			—			454		30.5%
13	Embassy Suites La Jolla		2,377			734			—			302			208			1,244		52.3%
14	The Bidwell Marriott Portland		733			(117)			—			270			—			153		20.9%
15	Hilton New Orleans St. Charles		749			(16)			—			207			—			191		25.5%
16	Oceans Edge Resort & Marina		2,982			1,052			—			294			—			1,346		45.1%
17	Montage Healdsburg		5,445			768			—			750			—			1,518		27.9%

	17 Hotel Portfolio (2)		62,221			7,248			(211)			10,692			831			18,560		29.8%

	Less: Non-comparable Hotel (3)
	Montage Healdsburg		(5,445)			(768)			—			(750)			—			(1,518)		27.9%

	16 Hotel Portfolio (4)		56,776			6,480			(211)			9,942			831			17,042		30.0%

	Add: Non-comparable Hotel (3)
	Montage Healdsburg		5,445			768			—			750			—			1,518		27.9%

	Add: Held for Sale/Sold/Disposed Hotels (5)		10			(343)			—			90			—			(253)		(2,530.0)%

	Actual Portfolio (6)	$	62,231		$	6,905		$	(211)		$	10,782		$	831		$	18,307		29.4%

*Footnotes on page 57


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 54

Supplemental Financial InformationNovember 4, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

July 2020


	Hotels sorted by number of rooms	For the Month of July 2020
	(In thousands)							Plus:			Plus:			Plus:			Equals:			Hotel
		Total						Other									Hotel Adjusted			Adjusted EBITDAre
		Revenues		****	Net Loss		****	Adjustments^^(1b)		****	Depreciation		****	Interest Expense		****	EBITDAre		****	Margins
1	Hilton San Diego Bayfront	$	36		$	(3,298)		$	(97)		$	1,073		$	331		$	(1,991)		(5,530.6)%
2	Boston Park Plaza		917			(2,632)			(17)			1,505			—			(1,144)		(124.8)%
3	Hyatt Regency San Francisco		63			(2,551)			(18)			1,079			—			(1,490)		(2,365.1)%
4	Renaissance Washington DC		59			(2,223)			20			632			550			(1,021)		(1,730.5)%
5	Renaissance Orlando at SeaWorld ®		5			(1,769)			112			866			—			(791)		(15,820.0)%
6	Wailea Beach Resort		77			(2,185)			—			1,346			—			(839)		(1,089.6)%
7	JW Marriott New Orleans		164			(1,378)			3			537			294			(544)		(331.7)%
8	Hyatt Centric Chicago Magnificent Mile		108			(1,184)			(114)			387			117			(794)		(735.2)%
9	Marriott Boston Long Wharf		467			(1,527)			—			920			—			(607)		(130.0)%
10	Renaissance Long Beach		449			(367)			—			329			—			(38)		(8.5)%
11	Embassy Suites Chicago		284			(780)			15			247			—			(518)		(182.4)%
12	Hilton Garden Inn Chicago Downtown/Magnificent Mile		47			(692)			3			225			—			(464)		(987.2)%
13	Embassy Suites La Jolla		790			(528)			—			348			211			31		3.9%
14	The Bidwell Marriott Portland		—			(385)			—			115			—			(270)		N/A
15	Hilton New Orleans St. Charles		61			(454)			—			209			—			(245)		(401.6)%
16	Oceans Edge Resort & Marina		1,130			(25)			—			293			—			268		23.7%

	16 Hotel Portfolio (4)		4,657			(21,978)			(93)			10,111			1,503			(10,457)		(224.5)%

	Add: Held for Sale/Sold/Disposed Hotels (5)		571			(4,077)			2			795			673			(2,607)		(456.6)%

	Actual Portfolio (6)	$	5,228		$	(26,055)		$	(91)		$	10,906		$	2,176		$	(13,064)		(249.9)%

*Footnotes on page 57


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 55

Supplemental Financial InformationNovember 4, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

July 2019


	Hotels sorted by number of rooms	For the Month of July 2019
	(In thousands)							Plus:			Plus:			Plus:			Equals:			Hotel
		Total			Net Income /			Other									Hotel Adjusted			Adjusted EBITDAre
		Revenues		****	(Loss)		****	Adjustments (1c)		****	Depreciation		****	Interest Expense		****	EBITDAre		****	Margins
1	Hilton San Diego Bayfront (7)	$	16,929		$	4,862		$	(97)		$	1,054		$	739		$	6,558		38.7%
2	Boston Park Plaza		9,719			2,055			—			1,498			—			3,553		36.6%
3	Hyatt Regency San Francisco (7)		8,219			559			106			1,043			—			1,708		20.8%
4	Renaissance Washington DC		6,452			10			—			825			565			1,400		21.7%
5	Renaissance Orlando at SeaWorld ®		5,723			552			—			869			—			1,421		24.8%
6	Wailea Beach Resort		11,733			3,783			—			1,307			—			5,090		43.4%
7	JW Marriott New Orleans		2,605			(180)			—			540			300			660		25.3%
8	Hyatt Centric Chicago Magnificent Mile		3,018			162			(117)			483			117			645		21.4%
9	Marriott Boston Long Wharf		6,054			1,677			—			908			—			2,585		42.7%
10	Renaissance Long Beach		2,498			458			—			323			—			781		31.3%
11	Embassy Suites Chicago		2,511			582			—			248			—			830		33.1%
12	Hilton Garden Inn Chicago Downtown/Magnificent Mile		1,926			402			3			219			—			624		32.4%
13	Embassy Suites La Jolla		2,678			707			—			347			216			1,270		47.4%
14	The Bidwell Marriott Portland		1,667			620			—			134			—			754		45.2%
15	Hilton New Orleans St. Charles		836			(84)			—			212			—			128		15.3%
16	Oceans Edge Resort & Marina (7)		1,785			214			—			263			—			477		26.7%

	16 Hotel Portfolio (4)		84,353			16,379			(105)			10,273			1,937			28,484		33.8%

	Add: Held for Sale/Sold/Disposed Hotels (5)		13,177			(486)			(62)			2,200			505			2,157		16.4%

	Actual Portfolio (6)	$	97,530		$	15,893		$	(167)		$	12,473		$	2,442		$	30,641		31.4%

*Footnotes on page 57


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 56

Supplemental Financial InformationNovember 4, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

July 2021/2020/2019 Footnotes

(In thousands)

(1)	Other Adjustments include:
a)	Other Adjustments of $(211) for July 2021 include: Hilton San Diego Bayfront $(97) amortization of the operating lease right-of-use assets and liabilities; JW Marriott New Orleans $1 amortization of the operating lease right-of-use assets and liabilities; Hyatt Centric Chicago Magnificent Mile $(117) finance lease obligation interest - cash ground rent; and Hilton Garden Inn Chicago Downtown/Magnificent Mile $2 amortization of the operating lease right-of-use assets and liabilities.
---	---
b)	Other Adjustments of $(91) for July 2020 include: Hilton San Diego Bayfront $(97) amortization of the operating lease right-of-use assets and liabilities; Boston Park Plaza $(17) COVID-19-related severance accrual adjustment; Hyatt Regency San Francisco $(18) COVID-19-related severance accrual adjustment; Renaissance Washington DC $20 COVID-19-related severance; Renaissance Orlando at SeaWorld® $112 COVID-19-related severance; JW Marriott New Orleans $3 COVID-19-related severance; Hyatt Centric Chicago Magnificent Mile $(114), including $(117) finance lease obligation interest - cash ground rent and $3 COVID-19-related severance; Embassy Suites Chicago $15 COVID-19-related severance; Hilton Garden Inn Chicago Downtown/Magnificent Mile $3 amortization of the operating lease right-of-use assets and liabilities; and Held for Sale/Sold/Disposed Hotels $2, including $(2) amortization of the operating lease right-of-use assets and liabilities and $4 COVID-19-related severance.
---	---
c)	Other Adjustments of $(167) for July 2019 include: Hilton San Diego Bayfront $(97) amortization of the operating lease right-of-use assets and liabilities; Hyatt Regency San Francisco $106 taxes assessed on commercial rents; Hyatt Centric Chicago Magnificent Mile $(117) finance lease obligation interest - cash ground rent; Hilton Garden Inn Chicago Downtown/Magnificent Mile $3 amortization of the operating lease right-of-use assets and liabilities; and Held for Sale/Sold/Disposed Hotels $(62), including $17 amortization of the operating lease right-of-use assets and liabilities and $(79) finance lease obligation interest - cash ground rent.
---	---
(2)	17 Hotel Portfolio includes all hotels owned by the Company as of September 30, 2021, except the Renaissance Westchester, which was considered held for sale due to its sale in October 2021.
---	---
(3)	Non-comparable Hotel includes the Company's ownership results for the Montage Healdsburg, acquired in April 2021. The newly-developed hotel is considered non-comparable as it did not open until December 2020.
---	---
(4)	16 Hotel Portfolio includes the same hotels owned during July 2021, 2020 and 2019.
---	---
(5)	Held for Sale/Sold/Disposed Hotels includes results for the Renaissance Westchester, considered held for sale as of September 30, 2021 due to its sale in October 2021, 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. Held for Sale/Sold/Disposed Hotels for July 2019 also includes results for the Courtyard by Marriott Los Angeles, sold in October 2019.
---	---
(6)	Actual Portfolio includes results for 18 hotels, 20 hotels and 21 hotels owned by the Company during the months ended July 31, 2021, 2020 and 2019, respectively.
---	---
(7)	Hotel Adjusted EBITDAre for July 2019 is impacted by room renovations at the Hilton San Diego Bayfront, the Hyatt Regency San Francisco and the Oceans Edge Resort & Marina.
---	---


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 57

Supplemental Financial InformationNovember 4, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

August 2021


	Hotels sorted by number of rooms	For the Month of August 2021
	(In thousands)							Plus:			Plus:			Plus:			Equals:			Hotel
		Total			Net Income /			Other									Hotel Adjusted			Adjusted EBITDAre
		Revenues		****	(Loss)		****	Adjustments (1a)		****	Depreciation		****	Interest Expense		****	EBITDAre (2)		****	Margins (2)
1	Hilton San Diego Bayfront	$	9,461		$	2,011		$	(97)		$	1,054		$	217		$	3,185		33.7%
2	Boston Park Plaza		3,731			(1,743)			—			1,498			—			(245)		(6.6)%
3	Hyatt Regency San Francisco		3,138			(1,742)			—			1,064			—			(678)		(21.6)%
4	Renaissance Washington DC		1,685			(924)			—			622			—			(302)		(17.9)%
5	Renaissance Orlando at SeaWorld ®		2,231			(809)			—			720			—			(89)		(4.0)%
6	Wailea Beach Resort		12,745			4,119			—			1,368			—			5,487		43.1%
7	JW Marriott New Orleans		1,135			(875)			—			535			286			(54)		(4.8)%
8	Hyatt Centric Chicago Magnificent Mile		1,817			(615)			131			380			117			13		0.7%
9	Marriott Boston Long Wharf		3,353			(64)			—			926			—			862		25.7%
10	Renaissance Long Beach		1,729			242			—			256			—			498		28.8%
11	Embassy Suites Chicago		1,340			(509)			189			251			—			(69)		(5.1)%
12	Hilton Garden Inn Chicago Downtown/Magnificent Mile		1,015			(523)			176			185			—			(162)		(16.0)%
13	Embassy Suites La Jolla		1,558			(9)			—			302			206			499		32.0%
14	The Bidwell Marriott Portland		736			(177)			—			269			—			92		12.5%
15	Hilton New Orleans St. Charles		371			(299)			—			207			—			(92)		(24.8)%
16	Oceans Edge Resort & Marina		1,958			333			—			296			—			629		32.1%
17	Montage Healdsburg		4,393			(43)			—			745			—			702		16.0%

	17 Hotel Portfolio (3)		52,396			(1,627)			399			10,678			826			10,276		19.6%

	Less: Non-comparable Hotel (4)
	Montage Healdsburg		(4,393)			43			—			(745)			—			(702)		16.0%

	16 Hotel Portfolio (5)		48,003			(1,584)			399			9,933			826			9,574		19.9%

	Add: Non-comparable Hotel (4)
	Montage Healdsburg		4,393			(43)			—			745			—			702		16.0%

	Add: Held for Sale/Sold/Disposed Hotels (6)		10			(358)			—			90			—			(268)		(2,680.0)%

	Actual Portfolio (7)	$	52,406		$	(1,985)		$	399		$	10,768		$	826		$	10,008		19.1%

*Footnotes on page 61


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 58

Supplemental Financial InformationNovember 4, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

August 2020


	Hotels sorted by number of rooms	For the Month of August 2020
	(In thousands)							Plus:			Plus:			Plus:			Equals:			Hotel
		Total						Other									Hotel Adjusted			Adjusted EBITDAre
		Revenues		****	Net Loss		****	Adjustments^^(1b)		****	Depreciation		****	Interest Expense		****	EBITDAre		****	Margins
1	Hilton San Diego Bayfront	$	1,635		$	(2,354)		$	(96)		$	1,078		$	328		$	(1,044)		(63.9)%
2	Boston Park Plaza		1,098			(2,622)			(1)			1,507			—			(1,116)		(101.6)%
3	Hyatt Regency San Francisco		118			(2,650)			(95)			1,091			—			(1,654)		(1,401.7)%
4	Renaissance Washington DC		255			(2,914)			—			659			548			(1,707)		(669.4)%
5	Renaissance Orlando at SeaWorld ®		14			(2,226)			361			825			—			(1,040)		(7,428.6)%
6	Wailea Beach Resort		49			(3,049)			9			1,352			—			(1,688)		(3,444.9)%
7	JW Marriott New Orleans		362			(1,332)			(12)			537			295			(512)		(141.4)%
8	Hyatt Centric Chicago Magnificent Mile		148			(1,036)			(117)			387			117			(649)		(438.5)%
9	Marriott Boston Long Wharf		771			(1,785)			—			925			—			(860)		(111.5)%
10	Renaissance Long Beach		462			(864)			163			315			—			(386)		(83.5)%
11	Embassy Suites Chicago		282			(741)			—			253			—			(488)		(173.0)%
12	Hilton Garden Inn Chicago Downtown/Magnificent Mile		241			(515)			3			224			—			(288)		(119.5)%
13	Embassy Suites La Jolla		928			(470)			—			347			212			89		9.6%
14	The Bidwell Marriott Portland		—			(439)			—			113			—			(326)		N/A
15	Hilton New Orleans St. Charles		211			(369)			—			208			—			(161)		(76.3)%
16	Oceans Edge Resort & Marina		893			(245)			—			293			—			48		5.4%

	16 Hotel Portfolio (5)		7,467			(23,611)			215			10,114			1,500			(11,782)		(157.8)%

	Add: Held for Sale/Sold/Disposed Hotels (6)		675			(3,801)			127			806			673			(2,195)		(325.2)%

	Actual Portfolio (7)	$	8,142		$	(27,412)		$	342		$	10,920		$	2,173		$	(13,977)		(171.7)%

*Footnotes on page 61


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 59

Supplemental Financial InformationNovember 4, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

August 2019


	Hotels sorted by number of rooms	For the Month of August 2019
	(In thousands)							Plus:			Plus:			Plus:			Equals:			Hotel
		Total			Net Income /			Other									Hotel Adjusted			Adjusted EBITDAre
		Revenues		****	(Loss)		****	Adjustments (1c)		****	Depreciation		****	Interest Expense		****	EBITDAre		****	Margins
1	Hilton San Diego Bayfront (8)	$	13,381		$	2,585		$	(97)		$	1,054		$	716		$	4,258		31.8%
2	Boston Park Plaza		9,213			1,646			—			1,500			—			3,146		34.1%
3	Hyatt Regency San Francisco (8)		9,145			1,285			70			1,040			—			2,395		26.2%
4	Renaissance Washington DC		4,935			(865)			—			821			564			520		10.5%
5	Renaissance Orlando at SeaWorld ®		4,676			234			—			866			—			1,100		23.5%
6	Wailea Beach Resort		10,315			2,586			—			1,311			—			3,897		37.8%
7	JW Marriott New Orleans		2,520			(127)			1			538			301			713		28.3%
8	Hyatt Centric Chicago Magnificent Mile		3,126			209			(117)			483			117			692		22.1%
9	Marriott Boston Long Wharf		5,876			1,602			—			909			—			2,511		42.7%
10	Renaissance Long Beach		2,286			302			—			323			—			625		27.3%
11	Embassy Suites Chicago		2,486			572			—			248			—			820		33.0%
12	Hilton Garden Inn Chicago Downtown/Magnificent Mile		1,994			388			3			221			—			612		30.7%
13	Embassy Suites La Jolla		2,313			344			—			345			217			906		39.2%
14	The Bidwell Marriott Portland		1,726			681			—			134			—			815		47.2%
15	Hilton New Orleans St. Charles		743			(163)			—			212			—			49		6.6%
16	Oceans Edge Resort & Marina (8)		1,454			(3)			—			263			—			260		17.9%

	16 Hotel Portfolio (5)		76,189			11,276			(140)			10,268			1,915			23,319		30.6%

	Add: Held for Sale/Sold/Disposed Hotels (6)		13,216			(331)			(61)			2,198			506			2,312		17.5%

	Actual Portfolio (7)	$	89,405		$	10,945		$	(201)		$	12,466		$	2,421		$	25,631		28.7%

*Footnotes on page 61


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 60

Supplemental Financial InformationNovember 4, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

August 2021/2020/2019 Footnotes

(In thousands)

(1)	Other Adjustments include:
a)	Other Adjustments of $399 for August 2021 include: Hilton San Diego Bayfront $(97) amortization of the operating lease right-of-use assets and liabilities; Hyatt Centric Chicago Magnificent Mile $131, including $(117) finance lease obligation interest - cash ground rent and $248 prior year property tax assessment; Embassy Suites Chicago $189 prior year property tax assessment; and Hilton Garden Inn Chicago Downtown/Magnificent Mile $176, including $2 amortization of the operating lease right-of-use assets and liabilities and $174 prior year property tax assessment.
---	---
b)	Other Adjustments of $342 for August 2020 include: Hilton San Diego Bayfront $(96), including $(97) amortization of the operating lease right-of-use assets and liabilities and $1 COVID-19-related severance; Boston Park Plaza $(1) COVID-19-related severance accrual adjustment; Hyatt Regency San Francisco $(95) credit adjustment to taxes assessed on commercial rents; Renaissance Orlando at SeaWorld® $361 COVID-19-related severance; Wailea Beach Resort $9 COVID-19-related severance; JW Marriott New Orleans $(12) COVID-19-related severance accrual adjustment; Hyatt Centric Chicago Magnificent Mile $(117) finance lease obligation interest - cash ground rent; Renaissance Long Beach $163 COVID-19-related severance; Hilton Garden Inn Chicago Downtown/Magnificent Mile $3 amortization of the operating lease right-of-use assets and liabilities; and Held for Sale/Sold/Disposed Hotels $127, including $(2) amortization of the operating lease right-of-use assets and liabilities and $129 COVID-19-related severance.
---	---
c)	Other Adjustments of $(201) for August 2019 include: Hilton San Diego Bayfront $(97) amortization of the operating lease right-of-use assets and liabilities; Hyatt Regency San Francisco $70 taxes assessed on commercial rents; JW Marriott New Orleans $1 amortization of the operating lease right-of-use assets and liabilities; Hyatt Centric Chicago Magnificent Mile $(117) finance lease obligation interest - cash ground rent; Hilton Garden Inn Chicago Downtown/Magnificent Mile $3 amortization of the operating lease right-of-use assets and liabilities; and Held for Sale/Sold/Disposed Hotels $(61), including $19 amortization of the operating lease right-of-use assets and liabilities and $(80) finance lease obligation interest - cash ground rent.
---	---
(2)	Both Hotel Adjusted EBITDAre and Hotel Adjusted EBITDAre Margins are presented excluding any prior year property tax assessments and credits, including any appeal fees. In August 2021 a total of $611 in prior year property tax assessments were received at the Embassy Suites Chicago, the Hilton Garden Inn Chicago Downtown/Magnificent Mile and the Hyatt Centric Chicago Magnificent Mile.
---	---
(3)	17 Hotel Portfolio includes all hotels owned by the Company as of September 30, 2021, except the Renaissance Westchester, which was considered held for sale due to its sale in October 2021.
---	---
(4)	Non-comparable Hotel includes the Company's ownership results for the Montage Healdsburg, acquired in April 2021. The newly-developed hotel is considered non-comparable as it did not open until December 2020.
---	---
(5)	16 Hotel Portfolio includes the same hotels owned during August 2021, 2020 and 2019.
---	---
(6)	Held for Sale/Sold/Disposed Hotels includes results for the Renaissance Westchester, considered held for sale as of September 30, 2021 due to its sale in October 2021, the Renaissance Los Angeles Airport, sold in December 2020, and the Hilton Times Square, assigned to its mortgage holder in December 2020. Held for Sale/Sold/Disposed Hotels for August 2019 also includes results for the Courtyard by Marriott Los Angeles and the Renaissance Harborplace, sold in October 2019 and July 2020, respectively.
---	---
(7)	Actual Portfolio includes results for 18 hotels, 19 hotels and 21 hotels owned by the Company during the months ended August 31, 2021, 2020 and 2019, respectively.
---	---
(8)	Hotel Adjusted EBITDAre for August 2019 is impacted by room renovations at the Hilton San Diego Bayfront, the Hyatt Regency San Francisco and the Oceans Edge Resort & Marina.
---	---


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 61

Supplemental Financial InformationNovember 4, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

September 2021


	Hotels sorted by number of rooms	For the Month of September 2021
	(In thousands)							Plus:			Plus:			Plus:			Equals:			Hotel
		Total			Net Income /			Other									Hotel Adjusted			Adjusted EBITDAre
		Revenues		****	(Loss)		****	Adjustments (1a)		****	Depreciation		****	Interest Expense		****	EBITDAre (2)		****	Margins (2)
1	Hilton San Diego Bayfront	$	6,553		$	(637)		$	596		$	1,055		$	287		$	1,301		19.9%
2	Boston Park Plaza		5,317			(681)			—			1,496			—			815		15.3%
3	Hyatt Regency San Francisco		3,657			(1,527)			—			1,066			—			(461)		(12.6)%
4	Renaissance Washington DC		1,345			(1,304)			—			622			—			(682)		(50.7)%
5	Renaissance Orlando at SeaWorld ®		2,401			(798)			—			725			—			(73)		(3.0)%
6	Wailea Beach Resort		9,097			2,108			—			1,357			—			3,465		38.1%
7	JW Marriott New Orleans		2,801			158			431			536			277			1,402		50.1%
8	Hyatt Centric Chicago Magnificent Mile		1,959			(185)			(117)			379			117			194		9.9%
9	Marriott Boston Long Wharf		3,464			40			—			933			—			973		28.1%
10	Renaissance Long Beach		1,957			300			(6)			256			—			550		28.1%
11	Embassy Suites Chicago		1,491			574			—			251			—			825		55.3%
12	Hilton Garden Inn Chicago Downtown/Magnificent Mile		1,318			491			2			191			—			684		51.9%
13	Embassy Suites La Jolla		1,533			13			—			302			199			514		33.5%
14	The Bidwell Marriott Portland		562			(334)			—			270			—			(64)		(11.4)%
15	Hilton New Orleans St. Charles		512			(1,296)			1,191			202			—			97		18.9%
16	Oceans Edge Resort & Marina		1,543			(5)			—			297			—			292		18.9%
17	Montage Healdsburg		5,543			670			—			745			—			1,415		25.5%

	17 Hotel Portfolio (3)		51,053			(2,413)			2,097			10,683			880			11,247		22.0%

	Less: Non-comparable Hotel (4)
	Montage Healdsburg		(5,543)			(670)			—			(745)			—			(1,415)		25.5%

	16 Hotel Portfolio (5)		45,510			(3,083)			2,097			9,938			880			9,832		21.6%

	Add: Non-comparable Hotel (4)
	Montage Healdsburg		5,543			670			—			745			—			1,415		25.5%

	Add: Held for Sale/Sold/Disposed Hotels (6)		47			(4,169)			4,562			89			—			482		1,025.5%

	Actual Portfolio (7)	$	51,100		$	(6,582)		$	6,659		$	10,772		$	880		$	11,729		23.0%

*Footnotes on pages 65 and 66


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 62

Supplemental Financial InformationNovember 4, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

September 2020


	Hotels sorted by number of rooms	For the Month of September 2020
	(In thousands)							Plus:			Plus:			Plus:			Equals:			Hotel
		Total						Other									Hotel Adjusted			Adjusted EBITDAre
		Revenues		****	Net Loss		****	Adjustments^^(1b)		****	Depreciation		****	Interest Expense		****	EBITDAre (2)		****	Margins (2)
1	Hilton San Diego Bayfront	$	3,521		$	(1,617)		$	(99)		$	1,079		$	316		$	(321)		(9.1)%
2	Boston Park Plaza		1,362			(2,089)			(232)			1,508			—			(813)		(59.7)%
3	Hyatt Regency San Francisco		129			(2,584)			72			1,092			—			(1,420)		(1,100.8)%
4	Renaissance Washington DC		148			(2,450)			232			635			547			(1,036)		(700.0)%
5	Renaissance Orlando at SeaWorld ®		(6)			(1,903)			(37)			834			—			(1,106)		18,433.3%
6	Wailea Beach Resort		159			(2,488)			223			1,353			—			(912)		(573.6)%
7	JW Marriott New Orleans		510			(1,179)			75			538			282			(284)		(55.7)%
8	Hyatt Centric Chicago Magnificent Mile		153			(1,165)			(277)			386			117			(939)		(613.7)%
9	Marriott Boston Long Wharf		715			(1,390)			(22)			928			—			(484)		(67.7)%
10	Renaissance Long Beach		578			(416)			55			313			—			(48)		(8.3)%
11	Embassy Suites Chicago		390			(680)			(4)			254			—			(430)		(110.3)%
12	Hilton Garden Inn Chicago Downtown/Magnificent Mile		56			(772)			2			224			—			(546)		(975.0)%
13	Embassy Suites La Jolla		1,030			(359)			—			343			204			188		18.3%
14	The Bidwell Marriott Portland		23			(447)			(4)			128			—			(323)		(1,404.3)%
15	Hilton New Orleans St. Charles		569			(75)			(1)			207			—			131		23.0%
16	Oceans Edge Resort & Marina		879			(229)			(13)			294			—			52		5.9%

	16 Hotel Portfolio (5)		10,216			(19,843)			(30)			10,116			1,466			(8,291)		(81.2)%

	Add: Held for Sale/Sold/Disposed Hotels (6)		706			(9,560)			5,817			807			752			(2,184)		(309.3)%

	Actual Portfolio (7)	$	10,922		$	(29,403)		$	5,787		$	10,923		$	2,218		$	(10,475)		(95.9)%

*Footnotes on pages 65 and 66


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 63

Supplemental Financial InformationNovember 4, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

September 2019


	Hotels sorted by number of rooms	For the Month of September 2019
	(In thousands)							Plus:			Plus:			Plus:			Equals:			Hotel
		Total			Net Income /			Other									Hotel Adjusted			Adjusted EBITDAre
		Revenues		****	(Loss)		****	Adjustments (1c)		****	Depreciation		****	Interest Expense		****	EBITDAre (2)		****	Margins (2)
1	Hilton San Diego Bayfront (8)	$	12,824		$	2,566		$	(96)		$	1,065		$	669		$	4,204		32.8%
2	Boston Park Plaza		11,263			3,091			—			1,499			—			4,590		40.8%
3	Hyatt Regency San Francisco (8)		10,621			1,844			129			1,040			—			3,013		28.4%
4	Renaissance Washington DC		7,525			937			—			717			562			2,216		29.4%
5	Renaissance Orlando at SeaWorld ®		4,529			236			—			868			—			1,104		24.4%
6	Wailea Beach Resort		7,884			1,349			—			1,308			—			2,657		33.7%
7	JW Marriott New Orleans		3,018			274			1			527			290			1,092		36.2%
8	Hyatt Centric Chicago Magnificent Mile		3,415			428			(116)			482			116			910		26.6%
9	Marriott Boston Long Wharf		6,339			1,987			—			911			—			2,898		45.7%
10	Renaissance Long Beach		2,459			483			—			327			—			810		32.9%
11	Embassy Suites Chicago		2,748			803			—			249			—			1,052		38.3%
12	Hilton Garden Inn Chicago Downtown/Magnificent Mile		2,278			650			4			222			—			876		38.5%
13	Embassy Suites La Jolla		2,054			325			—			345			207			877		42.7%
14	The Bidwell Marriott Portland		1,465			477			—			135			—			612		41.8%
15	Hilton New Orleans St. Charles		1,010			4			—			211			—			215		21.3%
16	Oceans Edge Resort & Marina (8)		889			(305)			—			263			—			(42)		(4.7)%

	16 Hotel Portfolio (5)		80,321			15,149			(78)			10,169			1,844			27,084		33.7%

	Add: Held for Sale/Sold/Disposed Hotels (6)		14,361			777			(68)			2,207			493			3,409		23.7%

	Actual Portfolio (7)	$	94,682		$	15,926		$	(146)		$	12,376		$	2,337		$	30,493		32.2%

*Footnotes on pages 65 and 66


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 64

Supplemental Financial InformationNovember 4, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

September 2021/2020/2019 Footnotes

(In thousands)

(1)	Other Adjustments include:
a)	Other Adjustments of $6,659 for September 2021 include: Hilton San Diego Bayfront $596, including $(95) amortization of the operating lease right-of-use assets and liabilities and $691 lawsuit settlement costs; JW Marriott New Orleans $431, including $1 amortization of the operating lease right-of-use assets and liabilities and $430 Hurricane Ida-related losses; Hyatt Centric Chicago Magnificent Mile $(117) finance lease obligation interest - cash ground rent; Renaissance Long Beach $(6) prior year property tax credit; Hilton Garden Inn Chicago Downtown/Magnificent Mile $2 amortization of the operating lease right-of-use assets and liabilities; Hilton New Orleans St. Charles $1,191 Hurricane Ida-related losses; and Held for Sale/Sold/Disposed Hotels $4,562 severance.
---	---
b)	Other Adjustments of $5,787 for September 2020 include: Hilton San Diego Bayfront $(99), including $(97) amortization of the operating lease right-of-use assets and liabilities and $(2) COVID-19-related severance accrual adjustment; Boston Park Plaza $(232), including $7 COVID-19-related severance and $(239) credit card merchant class action settlement proceeds; Hyatt Regency San Francisco $72 COVID-19-related severance; Renaissance Washington DC $232 COVID-19-related severance; Renaissance Orlando at SeaWorld® $(37) COVID-19-related severance accrual adjustment; Wailea Beach Resort $223 COVID-19-related severance; JW Marriott New Orleans $75, including $1 amortization of the operating lease right-of-use assets and liabilities and $74 COVID-19-related severance; Hyatt Centric Chicago Magnificent Mile $(277), including $(117) finance lease obligation interest - cash ground rent and $(160) credit card merchant class action settlement proceeds; Marriott Boston Long Wharf $(22) COVID-19-related severance accrual adjustment; Renaissance Long Beach $55, including $(12) prior year property tax credit and $67 COVID-19-related severance; Embassy Suites Chicago $(4) COVID-19-related severance accrual adjustment; Hilton Garden Inn Chicago Downtown/Magnificent Mile $2 amortization of the operating lease right-of-use assets and liabilities; The Bidwell Marriott Portland $(4) COVID-19-related severance accrual adjustment; Hilton New Orleans St. Charles $(1) COVID-19-related severance accrual adjustment; Oceans Edge Resort & Marina $(13) credit card merchant class action settlement; and Held for Sale/Sold/Disposed Hotels $5,817, including $(2) amortization of the operating lease right-of-use assets and liabilities, $5,467 COVID-19-related severance, $515 legal fees and $(163) credit card merchant class action settlement proceeds.
---	---
c)	Other Adjustments of $(146) for September 2019 include: Hilton San Diego Bayfront $(96) amortization of the operating lease right-of-use assets and liabilities; Hyatt Regency San Francisco $129 taxes assessed on commercial rents; JW Marriott New Orleans $1 amortization of the operating lease right-of-use assets and liabilities; Hyatt Centric Chicago Magnificent Mile $(116) finance lease obligation interest - cash ground rent; Hilton Garden Inn Chicago Downtown/Magnificent Mile $4 amortization of the operating lease right-of-use assets and liabilities; and Held for Sale/Sold/Disposed Hotels $(68), including $21 amortization of the operating lease right-of-use assets and liabilities, $(80) finance lease obligation interest - cash ground rent and $(9) prior year property tax credit.
---	---
(2)	Both Hotel Adjusted EBITDAre and Hotel Adjusted EBITDAre Margins are presented excluding any prior year property tax assessments and credits, including any appeal fees. In September 2021, a $(6) prior year property tax credit was received at the Renaissance Long Beach. In September 2020, a $(12) prior year property tax credit was received at the Renaissance Long Beach. In September 2019, a credit of $(9) was received at the Held for Sale/Sold/Disposed Hotels.
---	---
(3)	17 Hotel Portfolio includes all hotels owned by the Company as of September 30, 2021, except the Renaissance Westchester, which was considered held for sale due to its sale in October 2021.
---	---
(4)	Non-comparable Hotel includes the Company's ownership results for the Montage Healdsburg, acquired in April 2021. The newly-developed hotel is considered non-comparable as it did not open until December 2020.
---	---


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 65

Supplemental Financial InformationNovember 4, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

September 2021/2020/2019 Footnotes (continued)

(In thousands)

(5)	16 Hotel Portfolio includes the same hotels owned during September 2021, 2020 and 2019.
(6)	Held for Sale/Sold/Disposed Hotels includes results for the Renaissance Westchester, considered held for sale as of September 30, 2021 due to its sale in October 2021, the Renaissance Los Angeles Airport, sold in December 2020, and the Hilton Times Square, assigned to its mortgage holder in December 2020. Held for Sale/Sold/Disposed Hotels for September 2019 also includes results for the Courtyard by Marriott Los Angeles and the Renaissance Harborplace, sold in October 2019 and July 2020, respectively.
---	---
(7)	Actual Portfolio includes results for 18 hotels, 19 hotels and 21 hotels owned by the Company during the months ended September 30, 2021, 2020 and 2019, respectively.
---	---
(8)	Hotel Adjusted EBITDAre for September 2019 is impacted by room renovations at the Hilton San Diego Bayfront, the Hyatt Regency San Francisco and the Oceans Edge Resort & Marina.
---	---


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 66

Supplemental Financial InformationNovember 4, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q3 YTD 2021


	Hotels sorted by number of rooms	For the Nine Months Ended September 30, 2021
	(In thousands)							Plus:			Plus:			Plus:			Equals:			Hotel
		Total			Net Income /			Other									Hotel Adjusted			Adjusted EBITDAre
		Revenues		****	(Loss)		****	Adjustments (1a)		****	Depreciation		****	Interest Expense		****	EBITDAre (2)		****	Margins (2)
1	Hilton San Diego Bayfront	$	43,440		$	(6,533)		$	(177)		$	9,628		$	2,002		$	4,920		11.3%
2	Boston Park Plaza		21,323			(19,332)			—			13,439			—			(5,893)		(27.6)%
3	Hyatt Regency San Francisco		16,128			(18,013)			—			9,643			—			(8,370)		(51.9)%
4	Renaissance Washington DC		15,892			(5,753)			(72)			5,631			—			(194)		(1.2)%
5	Renaissance Orlando at SeaWorld ®		21,680			(5,774)			—			6,585			—			811		3.7%
6	Wailea Beach Resort		76,786			20,335			—			12,278			—			32,613		42.5%
7	JW Marriott New Orleans		12,714			(5,262)			429			4,828			2,540			2,535		19.9%
8	Hyatt Centric Chicago Magnificent Mile		8,103			(7,309)			(959)			3,426			1,053			(3,789)		(46.8)%
9	Marriott Boston Long Wharf		17,116			(7,034)			—			8,348			—			1,314		7.7%
10	Renaissance Long Beach		13,040			1,639			(6)			2,396			—			4,029		30.9%
11	Embassy Suites Chicago		8,259			(2,626)			189			2,264			—			(173)		(2.1)%
12	Hilton Garden Inn Chicago Downtown/Magnificent Mile		5,731			(2,730)			191			1,790			—			(749)		(13.1)%
13	Embassy Suites La Jolla		11,258			(1,381)			—			2,849			1,832			3,300		29.3%
14	The Bidwell Marriott Portland		3,274			(3,516)			—			2,425			—			(1,091)		(33.3)%
15	Hilton New Orleans St. Charles		4,177			(2,818)			1,191			1,854			—			227		5.4%
16	Oceans Edge Resort & Marina		21,917			6,778			—			2,651			—			9,429		43.0%
17	Montage Healdsburg		31,188			(4,508)			—			7,988			—			3,480		11.2%

	17 Hotel Portfolio (3)		332,026			(63,837)			786			98,023			7,427			42,399		12.8%

	Less: Non-comparable Hotel (4)
	Montage Healdsburg		(31,188)			4,508			—			(7,988)			—			(3,480)		11.2%

	16 Hotel Portfolio (5)		300,838			(59,329)			786			90,035			7,427			38,919		12.9%

	Add: Non-comparable Hotel (4)
	Montage Healdsburg		25,433			785			—			4,463			—			5,248		20.6%

	Add: Held for Sale/Sold/Disposed Hotels (6)		154			(7,417)			4,620			808			—			(1,989)		(1,291.6)%

	Actual Portfolio (7)	$	326,425		$	(65,961)		$	5,406		$	95,306		$	7,427		$	42,178		12.9%

*Footnotes on pages 70 and 71


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 67

Supplemental Financial InformationNovember 4, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q3 YTD 2020


	Hotels sorted by number of rooms	For the Nine Months Ended September 30, 2020
	(In thousands)							Plus:			Plus:			Plus:			Equals:			Hotel
		Total			Net Income /			Other									Hotel Adjusted			Adjusted EBITDAre
		Revenues		****	(Loss)		****	Adjustments^^(1b)		****	Depreciation		****	Interest Expense		****	EBITDAre (2)		****	Margins (2)
1	Hilton San Diego Bayfront	$	32,767		$	(15,948)		$	(844)		$	9,670		$	3,882		$	(3,240)		(9.9)%
2	Boston Park Plaza		15,380			(23,552)			(179)			13,548			—			(10,183)		(66.2)%
3	Hyatt Regency San Francisco		21,443			(16,011)			82			9,734			—			(6,195)		(28.9)%
4	Renaissance Washington DC		15,582			(17,810)			476			6,035			4,971			(6,328)		(40.6)%
5	Renaissance Orlando at SeaWorld ®		18,846			(9,298)			624			7,706			—			(968)		(5.1)%
6	Wailea Beach Resort		30,163			(8,165)			274			12,027			—			4,136		13.7%
7	JW Marriott New Orleans		10,360			(7,590)			112			4,872			2,614			8		0.1%
8	Hyatt Centric Chicago Magnificent Mile		3,785			(10,572)			(1,405)			3,956			1,053			(6,968)		(184.1)%
9	Marriott Boston Long Wharf		10,213			(14,035)			163			8,243			—			(5,629)		(55.1)%
10	Renaissance Long Beach		7,920			(3,785)			289			2,918			—			(578)		(7.3)%
11	Embassy Suites Chicago		3,972			(6,323)			231			2,250			—			(3,842)		(96.7)%
12	Hilton Garden Inn Chicago Downtown/Magnificent Mile		2,186			(6,191)			302			2,023			—			(3,866)		(176.9)%
13	Embassy Suites La Jolla		8,804			(3,718)			—			3,142			1,875			1,299		14.8%
14	The Bidwell Marriott Portland (8)		1,440			(3,386)			—			1,075			—			(2,311)		(160.5)%
15	Hilton New Orleans St. Charles		3,983			(2,101)			9			1,914			—			(178)		(4.5)%
16	Oceans Edge Resort & Marina		10,169			(175)			(13)			2,565			—			2,377		23.4%

	16 Hotel Portfolio (5)		197,013			(148,660)			121			91,678			14,395			(42,466)		(21.6)%

	Add: Held for Sale/Sold/Disposed Hotels (6)		26,500			(43,994)			6,142			11,847			5,261			(20,744)		(78.3)%

	Actual Portfolio (7)	$	223,513		$	(192,654)		$	6,263		$	103,525		$	19,656		$	(63,210)		(28.3)%

*Footnotes on pages 70 and 71


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 68

Supplemental Financial InformationNovember 4, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q3 YTD 2019


	Hotels sorted by number of rooms	For the Nine Months Ended September 30, 2019
	(In thousands)							Plus:			Plus:			Plus:			Equals:			Hotel
		Total			Net Income /			Other									Hotel Adjusted			Adjusted EBITDAre
		Revenues		****	(Loss)		****	Adjustments (1c)		****	Depreciation		****	Interest Expense		****	EBITDAre (2)		****	Margins (2)
1	Hilton San Diego Bayfront (8)	$	118,470		$	24,191		$	(869)		$	8,290		$	6,597		$	38,209		32.3%
2	Boston Park Plaza		79,594			11,929			—			13,400			—			25,329		31.8%
4	Hyatt Regency San Francisco (8)		89,524			13,908			1,013			9,363			—			24,284		27.1%
3	Renaissance Washington DC		64,426			5,890			—			7,295			5,106			18,291		28.4%
5	Renaissance Orlando at SeaWorld ®		62,586			13,663			—			7,732			—			21,395		34.2%
6	Wailea Beach Resort		91,809			25,309			—			11,707			—			37,016		40.3%
7	JW Marriott New Orleans		31,197			5,515			(1)			4,814			2,655			12,983		41.6%
8	Hyatt Centric Chicago Magnificent Mile		24,913			40			(1,312)			4,337			1,051			4,116		16.5%
9	Marriott Boston Long Wharf		46,665			9,640			—			8,130			—			17,770		38.1%
10	Renaissance Long Beach		22,582			4,339			—			2,887			—			7,226		32.0%
11	Embassy Suites Chicago		19,611			3,302			162			2,240			—			5,704		29.1%
12	Hilton Garden Inn Chicago Downtown/Magnificent Mile		15,438			1,953			258			1,967			—			4,178		27.1%
13	Embassy Suites La Jolla		19,783			3,240			(21)			3,100			1,908			8,227		41.6%
14	The Bidwell Marriott Portland		12,648			3,908			—			1,201			—			5,109		40.4%
15	Hilton New Orleans St. Charles		10,068			842			—			1,892			—			2,734		27.2%
16	Oceans Edge Resort & Marina (8)		16,402			2,602			189			2,350			—			5,141		31.3%

	16 Hotel Portfolio (5)		725,716			130,271			(581)			90,705			17,317			237,712		32.8%

	Add: Held for Sale/Sold/Disposed Hotels (6)		116,429			(2,176)			(544)			19,017			4,479			20,776		17.8%

	Actual Portfolio (7)	$	842,145		$	128,095		$	(1,125)		$	109,722		$	21,796		$	258,488		30.7%

*Footnotes on pages 70 and 71


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 69

Supplemental Financial InformationNovember 4, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q3 YTD 2021/2020/2019 Footnotes

(In thousands)

(1)	Other Adjustments include:
a)	Other Adjustments of $5,406 for the first nine months of 2021 include: Hilton San Diego Bayfront $(177), including $(868) amortization of the operating lease right-of-use assets and liabilities and $691 lawsuit settlement costs; Renaissance Washington DC $(72) prior year property tax credit; JW Marriott New Orleans $429, including $(1) amortization of the operating lease right-of-use assets and liabilities and $430 Hurricane Ida-related losses; Hyatt Centric Chicago Magnificent Mile $(959), including $(1,053) finance lease obligation interest – cash ground rent and $94 prior year property tax assessment, net; Renaissance Long Beach $(6) prior year property tax credit; Embassy Suites Chicago $189 prior year property tax assessment; Hilton Garden Inn Chicago Downtown/Magnificent Mile $191, including $17 amortization of the operating lease right-of-use assets and liabilities and $174 prior year property tax assessment; Hilton New Orleans St. Charles $1,191 Hurricane Ida-related losses; and Held for Sale/Sold/Disposed Hotels $4,620, including $58 legal fees and $4,562 severance.
---	---
b)	Other Adjustments of $6,263 for the first nine months of 2020 include: Hilton San Diego Bayfront $(844), including $(870) amortization of the operating lease right-of-use assets and liabilities and $26 COVID-19-related severance; Boston Park Plaza $(179), including $60 COVID-19-related severance and $(239) credit card merchant class action settlement proceeds; Hyatt Regency San Francisco $82, including $72 COVID-19-related severance and $10 taxes assessed on commercial rents; Renaissance Washington DC $476 COVID-19-related severance; Renaissance Orlando at SeaWorld® $624 COVID-19-related severance; Wailea Beach Resort $274 COVID-19-related severance; JW Marriott New Orleans $112, including $(2) amortization of the operating lease right-of-use assets and liabilities and $114 COVID-19-related severance; Hyatt Centric Chicago Magnificent Mile $(1,405), including $(1,053) finance lease obligation interest – cash ground rent, $(212) prior year property tax credit, $20 COVID-19-related severance and $(160) credit card merchant class action settlement proceeds; Marriott Boston Long Wharf $163 COVID-19-related severance; Renaissance Long Beach $289, including $(12) prior year property tax credit and $301 COVID-19-related severance; Embassy Suites Chicago $231, including $215 prior year property tax assessment, net and $16 COVID-19-related severance; Hilton Garden Inn Chicago Downtown/Magnificent Mile $302, including $23 amortization of the operating lease right-of-use assets and liabilities and $279 prior year property tax assessment; Hilton New Orleans St. Charles $9 COVID-19-related severance; Oceans Edge Resort & Marina $(13) credit card merchant class action settlement; and Held for Sale/Sold/Disposed Hotels $6,142, including $44 amortization of the operating lease right-of-use assets and liabilities, $(56) prior year property tax credit, $5,802 COVID-19-related severance, $515 legal fees and $(163) credit card merchant class action settlement proceeds.
---	---
c)	Other Adjustments of $(1,125) for the first nine months of 2019 include: Hilton San Diego Bayfront $(869) amortization of the operating lease right-of-use assets and liabilities; Hyatt Regency San Francisco $1,013 taxes assessed on commercial rents; JW Marriott New Orleans $(1) amortization of the operating lease right-of-use assets and liabilities; Hyatt Centric Chicago Magnificent Mile $(1,312), including $(1,052) finance lease obligation interest – cash ground rent and $(260) prior year property tax credit; Embassy Suites Chicago $162 prior year property tax assessment; Hilton Garden Inn Chicago Downtown/Magnificent Mile $258, including $30 amortization of the operating lease right-of-use assets and liabilities and $228 prior year property tax assessment; Embassy Suites La Jolla $(21) prior year property tax credit; Oceans Edge Resort & Marina $189 prior year property tax assessment; and Held for Sale/Sold/Disposed Hotels $(544), including $181 amortization of the operating lease right-of-use assets and liabilities, $(716) finance lease obligation interest – cash ground rent and $(9) prior year property tax credit.
---	---


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 70

Supplemental Financial InformationNovember 4, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q3 YTD 2021/2020/2019 Footnotes (continued)

(In thousands)

(2)	Both Hotel Adjusted EBITDAre and Hotel Adjusted EBITDAre Margins are presented excluding any prior year property tax assessments and credits, including any appeal fees. In the first nine months 2021, a total of $379 in prior year property tax assessments, net were received at the Embassy Suites Chicago, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hyatt Centric Chicago Magnificent Mile, the Renaissance Long Beach and the Renaissance Washington DC. In the first nine months of 2020, a total of $214 in prior year property tax assessments, net were received at the Embassy Suites Chicago, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hyatt Centric Chicago Magnificent Mile, the Renaissance Long Beach and the Held for Sale/Sold/Disposed Hotels. In the first nine months of 2019, a total of $289 in prior year property tax assessments, net were received at the Embassy Suites Chicago, the Embassy Suites La Jolla, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hyatt Centric Chicago Magnificent Mile, the Oceans Edge Resort & Marina and the Held for Sale/Sold/Disposed Hotels.
(3)	17 Hotel Portfolio includes all hotels owned by the Company as of September 30, 2021, except the Renaissance Westchester, which was considered held for sale due to its sale in October 2021.
---	---
(4)	Non-comparable Hotel includes both the Company's and the prior owner's ownership results for the Montage Healdsburg, acquired in April 2021. The newly developed hotel opened in December 2020; therefore, there is no prior year information. The Company obtained prior ownership results from the hotel's previous owner during the due diligence period before the Company’s acquisition was completed. The Company performed a limited review of the information as part of its analysis of the acquisition. The Company determined the amount to include as pro forma depreciation expense by allocating the Company's purchase price of the hotel between the various components of the hotel (i.e. land, building, furniture, fixtures and equipment and intangible assets) based on a purchase price allocation report provided by an independent valuation specialist. Depreciable assets were then given lives ranging from two to forty years.
---	---
(5)	16 Hotel Portfolio includes the same hotels owned during the first nine months of 2021, 2020 and 2019.
---	---
(6)	Held for Sale/Sold/Disposed Hotels includes results for the Renaissance Westchester, considered held for sale as of September 30, 2021 due to its sale in October 2021, 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. Held for Sale/Sold/Disposed Hotels for the first nine months of 2019 also includes results for the Courtyard by Marriott Los Angeles, sold in October 2019.
---	---
(7)	Actual Portfolio includes results for 18 hotels, 20 hotels and 21 hotels owned by the Company during the nine months ended September 30, 2021, 2020 and 2019, respectively.
---	---
(8)	Hotel Adjusted EBITDAre for the first nine months of 2020 is impacted by a room renovation at The Bidwell Marriott Portland. Hotel Adjusted EBITDAre for the first nine months of 2019 is impacted by room renovations at the Hilton San Diego Bayfront, the Hyatt Regency San Francisco and the Oceans Edge Resort & Marina.
---	---


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 71