Exhibit 99.2

Supplemental Financial Information
February 22, 2022





Supplemental Financial Information For the quarter and year ended December 31, 2021 February 22, 2022

Supplemental Financial Information
February 22, 2022

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 Q4 2021 – Q4 2020								10
Consolidated Statements of Operations Q4 and FY 2021/2020								12
Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Q4 and FY 2021/2020								13
Reconciliation of Net Income (Loss) to FFO and Adjusted FFO Attributable to Common Stockholders Q4 and FY 2021/2020								14
Pro Forma Consolidated Statements of Operations Q4 2021 – Q1 2021, FY 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 Income to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, FFO and Adjusted FFO Attributable to Common Stockholders Q4 2021								24
Pro Forma Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, FFO and Adjusted FFO Attributable to Common Stockholders FY 2021								26
Pro Forma Reconciliation of Net Loss to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, FFO and Adjusted FFO Attributable to Common Stockholders FY 2020								29
Pro Forma Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, FFO and Adjusted FFO Attributable to Common Stockholders FY 2019								32
CAPITALIZATION								35
Comparative Capitalization Q4 2021 – Q4 2020								36
Consolidated Debt Summary Schedule								37
PROPERTY-LEVEL DATA								38
Hotel Information as of February 22, 2022								39

Supplemental Financial Information
February 22, 2022

Table of Contents


PROPERTY-LEVEL OPERATING STATISTICS								40
Property-Level Operating Statistics Q4 2021/2020								41
Property-Level Operating Statistics Q4 2021/2019								42
Property-Level Operating Statistics October 2021/2020								43
Property-Level Operating Statistics October 2021/2019								44
Property-Level Operating Statistics November 2021/2020								45
Property-Level Operating Statistics November 2021/2019								46
Property-Level Operating Statistics December 2021/2020								47
Property-Level Operating Statistics December 2021/2019								48
Property-Level Operating Statistics FY 2021/2020								49
Property-Level Operating Statistics FY 2021/2019								50
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								52
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins Q4 2021/2020/2019								53
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins October 2021/2020/2019								58
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins November 2021/2020/2019								62
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins December 2021/2020/2019								66
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins FY 2021/2020/2019								71


	Supplemental Financial Information February 22, 2022

CORPORATE PROFILE, FINANCIAL DISCLOSURES,
AND SAFE HARBOR


CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR								Page 3


	Supplemental Financial Information February 22, 2022

About Sunstone

Sunstone Hotel Investors, Inc. (the “Company,” “we,” and “our”) (NYSE: SHO) is a lodging real estate investment trust (“REIT”) that as of February 22, 2022 has interests in 16 hotels comprised of 8,125 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 Headquarters
200 Spectrum Center Drive, 21^st Floor
Irvine, CA 92618
(949) 330-4000

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

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


CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR								Page 4


	Supplemental Financial Information February 22, 2022

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 or increased inflation, 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 or airspace leases for two 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 and systems integration issues, including those impacting the Company’s suppliers, hotel managers or franchisors; other events beyond the Company’s control, including climate change, natural disasters, terrorist attacks or civil unrest; and other risks and uncertainties associated with the Company’s business described in its filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All forward-looking information provided herein is as of the date of this presentation, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.

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


CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR								Page 5


	Supplemental Financial Information February 22, 2022

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 that 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.


CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR								Page 6


	Supplemental Financial Information February 22, 2022

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 (before the hotel’s sale in February 2022). 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.


CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR								Page 7


	Supplemental Financial Information February 22, 2022

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.

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 income (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 supplemental package.

The 16 Hotel Portfolio includes all hotels owned by the Company as of December 31, 2021 except the Hyatt Centric Chicago Magnificent Mile, which was classified as held for sale as of December 31, 2021 and sold in February 2022. The 14 Hotel Portfolio includes the 16 Hotel Portfolio less the Montage Healdsburg and the Four Seasons Resort Napa Valley, acquired by the Company in April 2021 and December 2021, respectively.


CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR								Page 8


	Supplemental Financial Information February 22, 2022

CORPORATE FINANCIAL INFORMATION


CORPORATE FINANCIAL INFORMATION								Page 9


	Supplemental Financial Information February 22, 2022

Condensed Consolidated Balance Sheets
Q4 2021 – Q4 2020


(In thousands)	December 31, 2021 ⁽¹⁾		September 30, 2021 ⁽²⁾		June 30, 2021 ⁽³⁾		March 31, 2021 ⁽⁴⁾		December 31, 2020 ⁽⁵⁾
Assets
Investment in hotel properties:
Land	$	604,692	$	609,078	$	611,538	$	571,212	$	571,212
Buildings & improvements		2,729,461		2,723,520		2,725,893		2,527,654		2,523,750
Furniture, fixtures, & equipment		431,780		452,294		452,610		432,493		431,918
Other		84,377		80,342		62,716		41,868		37,766
		3,850,310		3,865,234		3,852,757		3,573,227		3,564,646
Less accumulated depreciation & amortization		(1,130,294)		(1,196,065)		(1,165,362)		(1,133,264)		(1,103,148)
		2,720,016		2,669,169		2,687,395		2,439,963		2,461,498

Finance lease right-of-use asset, net		—		45,079		45,447		45,814		46,182
Operating lease right-of-use assets, net		23,161		23,971		24,939		25,196		26,093
Other noncurrent assets, net		15,776		14,145		14,736		15,847		16,799

Current assets:
Cash and cash equivalents		120,483		179,487		162,898		320,275		368,406
Restricted cash		42,234		42,124		47,490		44,982		47,733
Other current assets, net		43,071		46,861		32,457		24,597		19,006
Assets held for sale, net		76,308		13,759		—		—		—
Total assets	$	3,041,049	$	3,034,595	$	3,015,362	$	2,916,674	$	2,985,717

*Footnotes on page 11


CORPORATE FINANCIAL INFORMATION								Page 10


	Supplemental Financial Information February 22, 2022

Condensed Consolidated Balance Sheets
Q4 2021– Q4 2020 (continued)


(In thousands, except share and per share data)	December 31, 2021 ⁽¹⁾		September 30, 2021 ⁽²⁾		June 30, 2021 ⁽³⁾		March 31, 2021 ⁽⁴⁾		December 31, 2020 ⁽⁵⁾
Liabilities
Current liabilities:
Current portion of notes payable, net	$	20,694	$	87,396	$	2,331	$	2,295	$	2,261
Other current liabilities		129,851		127,038		111,393		81,947		88,532
Liabilities of assets held for sale		25,213		5,490		—		—		—
Total current liabilities		175,758		219,924		113,724		84,242		90,793

Notes payable, less current portion, net		588,741		655,713		741,337		741,922		742,528
Finance lease obligation, less current portion		—		15,568		15,568		15,569		15,569
Operating lease obligations, less current portion		25,120		26,432		27,816		28,649		29,954
Other liabilities		11,656		14,495		13,612		14,679		17,494
Total liabilities		801,275		932,132		912,057		885,061		896,338

Equity
Stockholders' equity:
6.95% Series E cumulative redeemable preferred stock		—		—		—		115,000		115,000
6.45% Series F cumulative redeemable preferred stock		—		—		75,000		75,000		75,000
Series G cumulative redeemable preferred stock		66,250		66,250		66,250		—		—
6.125% Series H cumulative redeemable preferred stock		115,000		115,000		115,000		—		—
5.70% Series I cumulative redeemable preferred stock		100,000		100,000		—		—		—
Common stock, $0.01 par value, 500,000,000 shares authorized		2,193		2,193		2,190		2,162		2,156
Additional paid in capital		2,631,484		2,629,148		2,626,582		2,585,455		2,586,108
Retained earnings		948,064		810,075		833,132		860,454		913,766
Cumulative dividends and distributions		(1,664,024)		(1,660,675)		(1,654,388)		(1,646,593)		(1,643,386)
Total stockholders' equity		2,198,967		2,061,991		2,063,766		1,991,478		2,048,644
Noncontrolling interest in consolidated joint venture		40,807		40,472		39,539		40,135		40,735
Total equity		2,239,774		2,102,463		2,103,305		2,031,613		2,089,379
Total liabilities and equity	$	3,041,049	$	3,034,595	$	3,015,362	$	2,916,674	$	2,985,717

(1)	As presented on Form 10-K to be filed in February 2022.

(2)	As presented on Form 10-Q filed on November 4, 2021.

(3)	As presented on Form 10-Q filed on August 4, 2021.

(4)	As presented on Form 10-Q filed on May 5, 2021.

(5)	As presented on Form 10-K filed on February 12, 2021.


CORPORATE FINANCIAL INFORMATION								Page 11


	Supplemental Financial Information February 22, 2022

Consolidated Statements of Operations
Q4 and FY 2021/2020


	Quarter Ended December 31,				Year Ended December 31,
(In thousands, except per share data)	2021		2020		2021		2020
Revenues
Room	$	116,097	$	21,987	$	352,974	$	169,522
Food and beverage		36,368		4,588		83,915		54,900
Other operating		21,421		10,785		72,261		43,484
Total revenues		173,886		37,360		509,150		267,906
Operating expenses
Room		32,031		11,940		98,723		76,977
Food and beverage		30,719		8,607		79,807		63,140
Other operating		4,465		1,353		14,399		7,636
Advertising and promotion		10,356		3,294		31,156		23,741
Repairs and maintenance		11,220		5,585		33,898		27,084
Utilities		5,747		4,073		20,745		17,311
Franchise costs		3,886		723		11,354		7,060
Property tax, ground lease and insurance		16,318		16,873		64,139		76,848
Other property-level expenses		23,238		2,745		71,415		49,854
Corporate overhead		8,203		5,735		40,269		28,149
Depreciation and amortization		32,598		32,761		128,682		137,051
Impairment losses		1,671		13,478		2,685		146,944
Total operating expenses		180,452		107,167		597,272		661,795

Interest and other income (loss)		13		85		(343)		2,836
Interest expense		(7,201)		(10,108)		(30,898)		(53,307)
Gain on sale of assets		152,524		34,109		152,524		34,298
(Loss) gain on extinguishment of debt, net		(428)		6,356		(57)		6,146
Income (loss) before income taxes		138,342		(39,365)		33,104		(403,916)
Income tax provision, net		(18)		(15)		(109)		(6,590)
Net income (loss)		138,324		(39,380)		32,995		(410,506)
(Income) loss from consolidated joint venture attributable to noncontrolling interest		(335)		1,381		1,303		5,817
Preferred stock dividends and redemption charges		(3,349)		(3,208)		(20,638)		(12,830)
Income (loss) attributable to common stockholders	$	134,640	$	(41,207)	$	13,660	$	(417,519)

Basic and diluted per share amounts:
Basic and diluted income (loss) attributable to common stockholders per common share	$	0.61	$	(0.19)	$	0.06	$	(1.93)

Basic and diluted weighted average common shares outstanding		217,870		214,257		216,296		215,934

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


CORPORATE FINANCIAL INFORMATION								Page 12


	Supplemental Financial Information February 22, 2022

Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest
Q4 and FY 2021/2020


	Quarter Ended December 31,				Year Ended December 31,
(In thousands)	2021		2020		2021		2020
Net income (loss)	$	138,324	$	(39,380)	$	32,995	$	(410,506)
Operations held for investment:
Depreciation and amortization		32,598		32,761		128,682		137,051
Interest expense		7,201		10,108		30,898		53,307
Income tax provision, net		18		15		109		6,590
Gain on sale of assets, net		(152,524)		(34,109)		(152,442)		(34,298)
Impairment losses - hotel properties		1,671		13,478		2,685		144,642
EBITDAre		27,288		(17,127)		42,927		(103,214)

Operations held for investment:
Amortization of deferred stock compensation		2,212		2,067		12,788		9,576
Amortization of right-of-use assets and liabilities		(340)		(337)		(1,344)		(1,260)
Finance lease obligation interest - cash ground rent		(351)		(351)		(1,404)		(1,404)
Property-level severance		(284)		748		(284)		2,880
Property-level severance related to sold hotels		—		2,333		4,562		8,158
Loss (gain) on extinguishment of debt, net		428		(6,356)		57		(6,146)
Prior year property tax adjustments, net		—		(490)		(1,384)		(276)
Lawsuit settlement cost		21		—		712		—
CEO transition costs		815		—		8,791		—
Hurricane-related losses		2,612		—		4,233		—
Impairment loss - abandoned development costs		—		—		—		2,302
Noncontrolling interest:
(Income) loss from consolidated joint venture attributable to noncontrolling interest		(335)		1,381		1,303		5,817
Depreciation and amortization		(791)		(810)		(3,198)		(3,228)
Interest expense		(160)		(224)		(661)		(1,194)
Amortization of right-of-use asset and liability		73		73		290		290
Lawsuit settlement cost		(5)		—		(178)		—
Impairment loss - abandoned development costs		—		—		—		(449)
Adjustments to EBITDAre, net		3,895		(1,966)		24,283		15,066
Adjusted EBITDAre, excluding noncontrolling interest	$	31,183	$	(19,093)	$	67,210	$	(88,148)


CORPORATE FINANCIAL INFORMATION								Page 13


	Supplemental Financial Information February 22, 2022

Reconciliation of Net Income (Loss) to FFO and Adjusted FFO Attributable to Common Stockholders
Q4 and FY 2021/2020


	Quarter Ended December 31,				Year Ended December 31,
(In thousands, except per share data)	2021		2020		2021		2020
Net income (loss)	$	138,324	$	(39,380)	$	32,995	$	(410,506)
Preferred stock dividends and redemption charges		(3,349)		(3,208)		(20,638)		(12,830)
Operations held for investment:
Real estate depreciation and amortization		31,976		32,133		126,182		134,555
Gain on sale of assets, net		(152,524)		(34,109)		(152,442)		(34,298)
Impairment losses - hotel properties		1,671		13,478		2,685		144,642
Noncontrolling interest:
(Income) loss from consolidated joint venture attributable to noncontrolling interest		(335)		1,381		1,303		5,817
Real estate depreciation and amortization		(791)		(810)		(3,198)		(3,228)
FFO attributable to common stockholders		14,972		(30,515)		(13,113)		(175,848)

Operations held for investment:
Real estate amortization of right-of-use assets and liabilities		87		78		336		376
Noncash interest on derivatives, net		(1,211)		(794)		(3,405)		4,740
Property-level severance		(284)		748		(284)		2,880
Property-level severance related to sold hotels		—		2,333		4,562		8,158
Loss (gain) on extinguishment of debt, net		428		(6,356)		57		(6,146)
Prior year property tax adjustments, net		—		(490)		(1,384)		(276)
Lawsuit settlement cost		21		—		712		—
Preferred stock redemption charges		—		—		6,640		—
CEO transition costs		815		—		8,791		—
Amortization of deferred stock compensation associated with CEO transition costs		—		—		1,117		—
Hurricane-related losses		2,612		—		4,233		—
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		73		73		290		290
Noncash interest on derivatives, net		1		—		(19)		(27)
Lawsuit settlement cost		(5)		—		(178)		—
Impairment loss - abandoned development costs		—		—		—		(449)
Adjustments to FFO attributable to common stockholders, net		2,537		(4,408)		21,468		19,263
Adjusted FFO attributable to common stockholders	$	17,509	$	(34,923)	$	8,355	$	(156,585)
FFO attributable to common stockholders per diluted share	$	0.07	$	(0.14)	$	(0.06)	$	(0.81)
Adjusted FFO attributable to common stockholders per diluted share	$	0.08	$	(0.16)	$	0.04	$	(0.73)

Basic weighted average shares outstanding		217,870		214,257		216,296		215,934
Shares associated with unvested restricted stock awards		445		185		326		—
Diluted weighted average shares outstanding		218,315		214,442		216,622		215,934


CORPORATE FINANCIAL INFORMATION								Page 14


	Supplemental Financial Information February 22, 2022

Pro Forma Consolidated Statements of Operations

Q4 2021 – Q1 2021, FY 2021


	Quarter Ended (1)								Year Ended (1)
(Unaudited and in thousands, except per share data)	December 31,		September 30,		June 30,		March 31,		December 31,
	2021		2021		2021		2021		2021
Revenues
Room	$	109,295	$	109,132	$	79,826	$	31,791	$	330,044
Food and beverage		35,189		26,233		14,996		4,870		81,288
Other operating		20,701		20,985		16,874		11,042		69,602
Total revenues		165,185		156,350		111,696		47,703		480,934

Operating Expenses
Room		30,366		28,821		21,523		10,612		91,322
Food and beverage		29,965		24,401		15,328		5,803		75,497
Other expenses		70,103		66,307		51,400		37,807		225,617
Corporate overhead		8,203		15,422		9,467		7,177		40,269
Depreciation and amortization		30,855		30,271		30,361		28,369		119,856
Impairment losses		1,671		1,014		—		—		2,685
Total operating expenses		171,163		166,236		128,079		89,768		555,246

Interest and other income (loss)		13		2		21		(379)		(343)
Interest expense		(6,440)		(7,019)		(7,100)		(6,693)		(27,252)
(Loss) gain on extinguishment of debt, net		(292)		61		88		222		79
Loss before income taxes		(12,697)		(16,842)		(23,374)		(48,915)		(101,828)
Income tax provision, net		(18)		(25)		(23)		(43)		(109)
Net loss	$	(12,715)	$	(16,867)	$	(23,397)	$	(48,958)	$	(101,937)

Adjusted EBITDAre, excluding noncontrolling interest (2)	$	30,379	$	32,882	$	17,016	$	(11,335)	$	68,942

Adjusted FFO attributable to common stockholders (3)	$	17,115	$	19,781	$	996	$	(24,928)	$	12,964

Adjusted FFO attributable to common stockholders per diluted share (3)	$	0.08	$	0.09	$	—	$	(0.11)	$	0.06

(1)

Includes the Company's ownership results for the 14 Hotel Portfolio plus the Montage Healdsburg and the Four Seasons Resort Napa Valley acquired in April 2021 and December 2021, respectively. Excludes the Company's ownership results for the Renaissance Westchester, the Embassy Suites La Jolla and the Hyatt Centric Chicago Magnificent Mile due to their sales in October 2021, December 2021 and February 2022, respectively.

(2)	Adjusted EBITDAre, excluding noncontrolling interest reconciliations for the first, second, third and fourth quarters of 2021, along with the year ended December 31, 2021 can be found on pages 18, 20, 22, 24 and 26, respectively, in this supplemental package.

(3)

Adjusted FFO attributable to common stockholders and Adjusted FFO attributable to common stockholders per diluted share reconciliations for the first, second, third and fourth quarters of 2021, along with the year ended December 31, 2021 can be found on pages 19, 21, 23, 25 and 27, respectively, in this supplemental package.


CORPORATE FINANCIAL INFORMATION								Page 15


	Supplemental Financial Information February 22, 2022

Pro Forma Consolidated Statements of Operations

Q4 2020 – Q1 2020, FY 2020


	Quarter Ended (1)								Year Ended (1)
(Unaudited and in thousands, except per share data)	December 31,		September 30,		June 30,		March 31,		December 31,
	2020		2020		2020		2020		2020
Revenues
Room	$	19,090	$	12,139	$	1,522	$	104,407	$	137,158
Food and beverage		4,396		1,920		142		42,122		48,580
Other operating		10,200		9,742		5,853		13,610		39,405
Total revenues		33,686		23,801		7,517		160,139		225,143

Operating Expenses
Room		9,835		8,137		4,213		33,827		56,012
Food and beverage		6,541		5,471		3,996		35,241		51,249
Other expenses		26,693		34,673		32,592		66,068		160,026
Corporate overhead		5,735		6,582		8,438		7,394		28,149
Depreciation and amortization		28,812		28,399		28,444		28,502		114,157
Impairment loss – abandoned development costs		—		—		—		2,302		2,302
Total operating expenses		77,616		83,262		77,683		173,334		411,895

Interest and other income		85		139		306		2,306		2,836
Interest expense		(6,704)		(8,021)		(8,349)		(13,668)		(36,742)
Loss on extinguishment of debt		—		(210)		—		—		(210)
Loss before income taxes		(50,549)		(67,553)		(78,209)		(24,557)		(220,868)
Income tax (provision) benefit, net		(15)		83		12		(6,670)		(6,590)
Net loss	$	(50,564)	$	(67,470)	$	(78,197)	$	(31,227)	$	(227,458)

Adjusted EBITDAre, excluding noncontrolling interest (2)	$	(12,135)	$	(26,945)	$	(36,141)	$	20,636	$	(54,585)

Adjusted FFO attributable to common stockholders (3)	$	(24,890)	$	(41,038)	$	(50,450)	$	8,603	$	(107,775)

Adjusted FFO attributable to common stockholders per diluted share (3)	$	(0.11)	$	(0.19)	$	(0.23)	$	0.04	$	(0.50)

(1)

Includes the Company's ownership results for the 14 Hotel Portfolio. Excludes the Company's ownership results for the Renaissance Harborplace, the Renaissance Los Angeles Airport, the Renaissance Westchester, the Embassy Suites La Jolla and the Hyatt Centric Chicago Magnificent Mile due to their sales in July 2020, December 2020, October 2021, December 2021 and February 2022, 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 29 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 30 in this supplemental package.


CORPORATE FINANCIAL INFORMATION								Page 16


	Supplemental Financial Information February 22, 2022

Pro Forma Consolidated Statements of Operations

Q4 2019 – Q1 2019, FY 2019


	Quarter Ended (1)								Year Ended (1)
(Unaudited and in thousands, except per share data)	December 31,		September 30,		June 30,		March 31,		December 31,
	2019		2019		2019		2019		2019
Revenues
Room	$	146,091	$	154,749	$	162,344	$	139,113	$	602,297
Food and beverage		56,751		52,248		64,255		60,410		233,664
Other operating		16,891		17,284		15,958		14,729		64,862
Total revenues		219,733		224,281		242,557		214,252		900,823

Operating Expenses
Room		38,332		39,734		39,538		37,078		154,682
Food and beverage		38,511		37,324		40,203		39,578		155,616
Other expenses		74,504		73,681		75,606		73,773		297,564
Corporate overhead		7,275		7,395		8,078		7,516		30,264
Depreciation and amortization		28,406		28,483		27,850		27,697		112,436
Total operating expenses		187,028		186,617		191,275		185,642		750,562

Interest and other income		3,060		3,762		4,811		4,924		16,557
Interest expense		(6,880)		(9,074)		(11,634)		(10,149)		(37,737)
Income before income taxes		28,885		32,352		44,459		23,385		129,081
Income tax (provision) benefit, net		(1,034)		749		(2,676)		3,112		151
Net income	$	27,851	$	33,101	$	41,783	$	26,497	$	129,232

Adjusted EBITDAre, excluding noncontrolling interest (2)	$	63,741	$	67,984	$	82,942	$	60,733	$	275,400

Adjusted FFO attributable to common stockholders (3)	$	50,816	$	56,124	$	69,103	$	47,281	$	223,324

Adjusted FFO attributable to common stockholders per diluted share (3)	$	0.23	$	0.26	$	0.32	$	0.22	$	1.03

(1)

Includes the Company's ownership results for the 14 Hotel Portfolio. Excludes the Company's ownership results for the Courtyard by Marriott Los Angeles, the Renaissance Harborplace, the Renaissance Los Angeles Airport, the Renaissance Westchester, the Embassy Suites La Jolla and the Hyatt Centric Chicago Magnificent Mile due to their sales in October 2019, July 2020, December 2020, October 2021, December 2021 and February 2022, 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 32 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 33 in this supplemental package.


CORPORATE FINANCIAL INFORMATION								Page 17


	Supplemental Financial Information February 22, 2022

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

Q1 2021


	Quarter Ended March 31, 2021
			Disposition:		Disposition:		Held for Sale:
			Renaissance		Embassy Suites		Hyatt Centric		Equity		Pro
(In thousands)	Actual (1)		Westchester (2)		La Jolla (2)		Chicago (3)		Transactions (4)		Forma (5)

Net loss	$	(55,287)	$	1,346	$	1,588	$	3,395	$	—	$	(48,958)
Operations held for investment:
Depreciation and amortization		30,770		(268)		(988)		(1,145)		—		28,369
Interest expense		7,649		—		(605)		(351)		—		6,693
Income tax provision, net		43		—		—		—		—		43
Loss on sale of assets		70		—		—		—		—		70
EBITDAre		(16,755)		1,078		(5)		1,899		—		(13,783)

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		—		—		351		—		2,448

Adjusted EBITDAre, excluding noncontrolling interest	$	(14,658)	$	1,078	$	(5)	$	2,250	$	—	$	(11,335)

*Footnotes on page 19


CORPORATE FINANCIAL INFORMATION								Page 18


	Supplemental Financial Information February 22, 2022

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

Q1 2021


	Quarter Ended March 31, 2021
			Disposition:		Disposition:		Held for Sale:
			Renaissance		Embassy Suites		Hyatt Centric		Equity		Pro
(In thousands, except per share data)	Actual (1)		Westchester (2)		La Jolla (2)		Chicago (3)		Transactions (4)		Forma (5)

Net loss	$	(55,287)	$	1,346	$	1,588	$	3,395	$	—	$	(48,958)
Preferred stock dividends		(3,207)		—		—		—		21		(3,186)
Operations held for investment:
Real estate depreciation and amortization		30,143		(268)		(988)		(1,145)		—		27,742
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		600		2,250		21		(23,167)

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	$	600	$	2,250	$	21	$	(24,928)

FFO attributable to common stockholders per diluted share	$	(0.13)									$	(0.11)

Adjusted FFO attributable to common stockholders per diluted share	$	(0.13)									$	(0.11)

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)	Disposition represents the Company's ownership results for the Renaissance Westchester and the Embassy Suites La Jolla prior to their sales in October 2021 and December 2021, respectively.

(3)	Held for Sale represents the Company’s ownership results for the Hyatt Centric Chicago Magnificent Mile prior to its sale in February 2022.

(4)

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.

(5)	Pro Forma represents the Company's ownership results for the 14 Hotel Portfolio, as well as the preferred stock transactions and common stock issuances in 2021.


CORPORATE FINANCIAL INFORMATION								Page 19


	Supplemental Financial Information February 22, 2022

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

Q2 2021


	Quarter Ended June 30, 2021
			Disposition:		Disposition:		Held for Sale:
			Renaissance		Embassy Suites		Hyatt Centric		Equity		Pro
(In thousands)	Actual (1)		Westchester (2)		La Jolla (2)		Chicago (3)		Transactions (4)		Forma (5)

Net loss	$	(27,918)	$	1,201	$	531	$	2,789	$	—	$	(23,397)
Operations held for investment:
Depreciation and amortization		32,729		(271)		(955)		(1,142)		—		30,361
Interest expense		8,065		—		(614)		(351)		—		7,100
Income tax provision, net		23		—		—		—		—		23
EBITDAre		12,899		930		(1,038)		1,296		—		14,087

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)		—		—		154		—		(1,008)
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		—		—		505		—		2,929

Adjusted EBITDAre, excluding noncontrolling interest	$	15,323	$	930	$	(1,038)	$	1,801	$	—	$	17,016

*Footnotes on page 21


CORPORATE FINANCIAL INFORMATION								Page 20


	Supplemental Financial Information February 22, 2022

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

Q2 2021


	Quarter Ended June 30, 2021
			Disposition:		Disposition:		Held for Sale:
			Renaissance		Embassy Suites		Hyatt Centric		Equity		Pro
(In thousands, except per share data)	Actual (1)		Westchester (2)		La Jolla (2)		Chicago (3)		Transactions (4)		Forma (5)

Net loss	$	(27,918)	$	1,201	$	531	$	2,789	$	—	$	(23,397)
Preferred stock dividends and redemption charge		(7,795)		—		—		—		4,317		(3,478)
Operations held for investment:
Real estate depreciation and amortization		32,104		(271)		(955)		(1,142)		—		29,736
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		(424)		1,647		4,317		2,651

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)		—		—		154		—		(1,008)
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		—		—		154		(4,016)		(1,655)

Adjusted FFO attributable to common stockholders	$	(1,612)	$	930	$	(424)	$	1,801	$	301	$	996

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)	Disposition represents the Company's ownership results for the Renaissance Westchester and the Embassy Suites La Jolla prior to their sales in October 2021 and December 2021, respectively.

(3)	Held for Sale represents the Company’s ownership results for the Hyatt Centric Chicago Magnificent Mile prior to its sale in February 2022.

(4)

(5)	Pro Forma represents the Company's ownership results for the 14 Hotel Portfolio plus the Montage Healdsburg acquired in April 2021, as well as the preferred stock transactions and common stock issuances in 2021.


CORPORATE FINANCIAL INFORMATION								Page 21


	Supplemental Financial Information February 22, 2022

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

Q3 2021


	Quarter Ended September 30, 2021
			Disposition:		Disposition:		Held for Sale:
			Renaissance		Embassy Suites		Hyatt Centric		Equity		Pro
(In thousands)	Actual (1)		Westchester (2)		La Jolla (2)		Chicago (3)		Transactions (4)		Forma (5)

Net loss	$	(22,124)	$	4,870	$	(738)	$	1,125	$	—	$	(16,867)
Operations held for investment:
Depreciation and amortization		32,585		(269)		(906)		(1,139)		—		30,271
Interest expense		7,983		—		(613)		(351)		—		7,019
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		(2,257)		(365)		—		21,474

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		—		—		(248)		—		357
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)		—		103		—		11,408

Adjusted EBITDAre, excluding noncontrolling interest	$	35,362	$	39	$	(2,257)	$	(262)	$	—	$	32,882

*Footnotes on page 23


CORPORATE FINANCIAL INFORMATION								Page 22


	Supplemental Financial Information February 22, 2022

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

Q3 2021


	Quarter Ended September 30, 2021
			Disposition:		Disposition:		Held for Sale:
			Renaissance		Embassy Suites		Hyatt Centric		Equity		Pro
(In thousands, except per share data)	Actual (1)		Westchester (2)		La Jolla (2)		Chicago (3)		Transactions (4)		Forma (5)

Net loss	$	(22,124)	$	4,870	$	(738)	$	1,125	$	—	$	(16,867)
Preferred stock dividends and redemption charge		(6,287)		—		—		—		2,937		(3,350)
Operations held for investment:
Real estate depreciation and amortization		31,959		(269)		(906)		(1,139)		—		29,645
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		(1,644)		(14)		2,937		8,730

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		—		—		(248)		—		357
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)		—		(248)		(2,624)		11,051

Adjusted FFO attributable to common stockholders	$	21,335	$	39	$	(1,644)	$	(262)	$	313	$	19,781

FFO attributable to common stockholders per diluted share	$	0.01									$	0.04

Adjusted FFO attributable to common stockholders per diluted share	$	0.10									$	0.09

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)	Disposition represents the Company's ownership results for the Renaissance Westchester and the Embassy Suites La Jolla prior to their sales in October 2021 and December 2021, respectively.

(3)	Held for Sale represents the Company’s ownership results for the Hyatt Centric Chicago Magnificent Mile prior to its sale in February 2022.

(4)	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.

(5)	Pro Forma represents the Company's ownership results for the 14 Hotel Portfolio plus the Montage Healdsburg acquired in April 2021, as well as the preferred stock transactions in 2021.


CORPORATE FINANCIAL INFORMATION								Page 23


	Supplemental Financial Information February 22, 2022

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

Q4 2021


	Quarter Ended December 31, 2021
			Disposition:		Disposition:		Held for Sale:
			Renaissance		Embassy Suites		Hyatt Centric		Pro
(In thousands)	Actual (1)		Westchester (2)		La Jolla (2)		Chicago (3)		Forma (4)

Net income	$	138,324	$	(3,492)	$	(148,978)	$	1,431	$	(12,715)
Operations held for investment:
Depreciation and amortization		32,598		—		(603)		(1,140)		30,855
Interest expense		7,201		—		(410)		(351)		6,440
Income tax provision, net		18		—		—		—		18
Gain on sale of assets		(152,524)		3,733		148,791		—		—
Impairment losses - hotel properties		1,671		—		—		—		1,671
EBITDAre		27,288		241		(1,200)		(60)		26,269

Operations held for investment:
Amortization of deferred stock compensation		2,212		—		—		—		2,212
Amortization of right-of-use assets and liabilities		(340)		—		—		—		(340)
Finance lease obligation interest - cash ground rent		(351)		—		—		351		—
Property-level severance		(284)		—		—		—		(284)
Loss on extinguishment of debt		428		—		(136)		—		292
Lawsuit settlement cost		21		—		—		—		21
CEO transition costs		815		—		—		—		815
Hurricane-related losses		2,612		—		—		—		2,612
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest		(335)		—		—		—		(335)
Depreciation and amortization		(791)		—		—		—		(791)
Interest expense		(160)		—		—		—		(160)
Amortization of right-of-use asset and liability		73		—		—		—		73
Lawsuit settlement cost		(5)		—		—		—		(5)
Adjustments to EBITDAre, net		3,895		—		(136)		351		4,110

Adjusted EBITDAre, excluding noncontrolling interest	$	31,183	$	241	$	(1,336)	$	291	$	30,379

*Footnotes on page 25


CORPORATE FINANCIAL INFORMATION								Page 24


	Supplemental Financial Information February 22, 2022

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

Q4 2021


	Quarter Ended December 31, 2021
			Disposition:		Disposition:		Held for Sale:
			Renaissance		Embassy Suites		Hyatt Centric		Pro
(In thousands, except per share data)	Actual (1)		Westchester (2)		La Jolla (2)		Chicago (3)		Forma (4)

Net income	$	138,324	$	(3,492)	$	(148,978)	$	1,431	$	(12,715)
Preferred stock dividends		(3,349)		—		—		—		(3,349)
Operations held for investment:
Real estate depreciation and amortization		31,976		—		(603)		(1,140)		30,233
Gain on sale of assets		(152,524)		3,733		148,791		—		—
Impairment losses - hotel properties		1,671		—		—		—		1,671
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest		(335)		—		—		—		(335)
Real estate depreciation and amortization		(791)		—		—		—		(791)
FFO attributable to common stockholders		14,972		241		(790)		291		14,714

Operations held for investment:
Real estate amortization of right-of-use assets and liabilities		87		—		—		—		87
Noncash interest on derivatives, net		(1,211)		—		—		—		(1,211)
Property-level severance		(284)		—		—		—		(284)
Loss on extinguishment of debt		428		—		(136)		—		292
Lawsuit settlement cost		21		—		—		—		21
CEO transition costs		815		—		—		—		815
Hurricane-related losses		2,612		—		—		—		2,612
Noncontrolling interest:
Real estate amortization of right-of-use asset and liability		73		—		—		—		73
Noncash interest on derivatives, net		1		—		—		—		1
Lawsuit settlement cost		(5)		—		—		—		(5)
Adjustments to FFO attributable to common stockholders, net		2,537		—		(136)		—		2,401

Adjusted FFO attributable to common stockholders	$	17,509	$	241	$	(926)	$	291	$	17,115

FFO attributable to common stockholders per diluted share	$	0.07							$	0.07

Adjusted FFO attributable to common stockholders per diluted share	$	0.08							$	0.08

Basic weighted average shares outstanding		217,870								217,870
Shares associated with unvested restricted stock awards		445								445
Diluted weighted average shares outstanding		218,315								218,315

(1)	Actual represents the Company's ownership results for the 17 hotels owned by the Company as of December 31, 2021, as well as results for the Renaissance Westchester and the Embassy Suites La Jolla prior to their sales in October 2021 and December 2021, respectively.

(2)	Disposition represents the Company's ownership results for the Renaissance Westchester and the Embassy Suites La Jolla prior to their sales in October 2021 and December 2021, respectively.

(3)	Held for Sale represents the Company's ownership results for the Hyatt Centric Chicago Magnificent Mile prior to its sale in February 2022.

(4)	Pro Forma represents the Company's ownership results for the 16 Hotel Portfolio.


CORPORATE FINANCIAL INFORMATION								Page 25


	Supplemental Financial Information February 22, 2022

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

FY 2021


	Year Ended December 31, 2021
			Disposition:		Disposition:		Held for Sale:
			Renaissance		Embassy Suites		Hyatt Centric		Equity		Pro
(In thousands)	Actual (1)		Westchester (2)		La Jolla (2)		Chicago (3)		Transactions (4)		Forma (5)

Net income	$	32,995	$	3,925	$	(147,597)	$	8,740	$	—	$	(101,937)
Operations held for investment:
Depreciation and amortization		128,682		(808)		(3,452)		(4,566)		—		119,856
Interest expense		30,898		—		(2,242)		(1,404)		—		27,252
Income tax provision, net		109		—		—		—		—		109
Gain on sale of assets, net		(152,442)		3,733		148,791		—		—		82
Impairment losses - hotel properties		2,685		—		—		—		—		2,685
EBITDAre		42,927		6,850		(4,500)		2,770		—		48,047

Operations held for investment:
Amortization of deferred stock compensation		12,788		—		—		—		—		12,788
Amortization of right-of-use assets and liabilities		(1,344)		—		—		—		—		(1,344)
Finance lease obligation interest - cash ground rent		(1,404)		—		—		1,404		—		—
Property-level severance		(284)		—		—		—		—		(284)
Property-level severance related to sold hotels		4,562		(4,562)		—		—		—		—
Loss on extinguishment of debt, net		57		—		(136)		—		—		(79)
Prior year property tax adjustments, net		(1,384)		—		—		(94)		—		(1,478)
Lawsuit settlement cost		712		—		—		—		—		712
CEO transition costs		8,791		—		—		—		—		8,791
Hurricane-related losses		4,233		—		—		—		—		4,233
Noncontrolling interest:
Loss from consolidated joint venture attributable to noncontrolling interest		1,303		—		—		—		—		1,303
Depreciation and amortization		(3,198)		—		—		—		—		(3,198)
Interest expense		(661)		—		—		—		—		(661)
Amortization of right-of-use asset and liability		290		—		—		—		—		290
Lawsuit settlement cost		(178)		—		—		—		—		(178)
Adjustments to EBITDAre, net		24,283		(4,562)		(136)		1,310		—		20,895

Adjusted EBITDAre, excluding noncontrolling interest	$	67,210	$	2,288	$	(4,636)	$	4,080	$	—	$	68,942

*Footnotes on page 28


CORPORATE FINANCIAL INFORMATION								Page 26


	Supplemental Financial Information February 22, 2022

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

FY 2021


	Year Ended December 31, 2021
			Disposition:		Disposition:		Held for Sale:
			Renaissance		Embassy Suites		Hyatt Centric		Equity		Pro
(In thousands, except per share data)	Actual (1)		Westchester (2)		La Jolla (2)		Chicago (3)		Transactions (4)		Forma (5)

Net income	$	32,995	$	3,925	$	(147,597)	$	8,740	$	—	$	(101,937)
Preferred stock dividends and redemption charges		(20,638)		—		—		—		7,275		(13,363)
Operations held for investment:
Real estate depreciation and amortization		126,182		(808)		(3,452)		(4,566)		—		117,356
Gain on sale of assets, net		(152,442)		3,733		148,791		—		—		82
Impairment losses - hotel properties		2,685		—		—		—		—		2,685
Noncontrolling interest:
Loss from consolidated joint venture attributable to noncontrolling interest		1,303		—		—		—		—		1,303
Real estate depreciation and amortization		(3,198)		—		—		—		—		(3,198)
FFO attributable to common stockholders		(13,113)		6,850		(2,258)		4,174		7,275		2,928

Operations held for investment:
Real estate amortization of right-of-use assets and liabilities		336		—		—		—		—		336
Noncash interest on derivatives, net		(3,405)		—		—		—		—		(3,405)
Property-level severance		(284)		—		—		—		—		(284)
Property-level severance related to sold hotels		4,562		(4,562)		—		—		—		—
Loss on extinguishment of debt, net		57		—		(136)		—		—		(79)
Prior year property tax adjustments, net		(1,384)		—		—		(94)		—		(1,478)
Lawsuit settlement cost		712		—		—		—		—		712
Preferred stock redemption charges		6,640		—		—		—		(6,640)		—
CEO transition costs		8,791		—		—		—		—		8,791
Amortization of deferred stock compensation associated with CEO transition costs		1,117		—		—		—		—		1,117
Hurricane-related losses		4,233		—		—		—		—		4,233
Noncontrolling interest:
Real estate amortization of right-of-use asset and liability		290		—		—		—		—		290
Noncash interest on derivatives, net		(19)		—		—		—		—		(19)
Lawsuit settlement cost		(178)		—		—		—		—		(178)
Adjustments to FFO attributable to common stockholders, net		21,468		(4,562)		(136)		(94)		(6,640)		10,036

Adjusted FFO attributable to common stockholders	$	8,355	$	2,288	$	(2,394)	$	4,080	$	635	$	12,964

FFO attributable to common stockholders per diluted share	$	(0.06)									$	0.01

Adjusted FFO attributable to common stockholders per diluted share	$	0.04									$	0.06

Basic weighted average shares outstanding		216,296								1,334		217,630
Shares associated with unvested restricted stock awards		326								—		326
Diluted weighted average shares outstanding		216,622								1,334		217,956

*Footnotes on page 28


CORPORATE FINANCIAL INFORMATION								Page 27


	Supplemental Financial Information February 22, 2022

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

FFO and Adjusted FFO Attributable to Common Stockholders

FY 2021 Footnotes

(1)	Actual represents the Company's ownership results for the 17 hotels owned by the Company as of December 31, 2021, as well as the Renaissance Westchester and the Embassy Suites La Jolla prior to their sales in October 2021 and December 2021, respectively.

(2)	Disposition represents the Company's ownership results for the Renaissance Westchester and the Embassy Suites La Jolla prior to their sales in October 2021 and December 2021, respectively.

(3)	Held for Sale represents the Company's ownership results for the Hyatt Centric Chicago Magnificent Mile prior to its sale in February 2022.

(4)

(5)	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 28


	Supplemental Financial Information February 22, 2022

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

FY 2020


	Year Ended December 31, 2020
			Disposition:		Disposition:		Disposition:		Disposition:		Disposition:		Held for Sale:
			Renaissance		Renaissance		Hilton		Renaissance		Embassy Suites		Hyatt Centric		Debt & Equity		Pro
(In thousands)	Actual (1)		Harborplace (2)		Los Angeles (2)		Times Square (2)		Westchester (2)		La Jolla (2)		Chicago (3)		Transactions (4)		Forma (5)

Net loss	$	(410,506)	$	23,386	$	(29,132)	$	134,845	$	28,051	$	5,403	$	13,876	$	6,619	$	(227,458)
Operations held for investment:
Depreciation and amortization		137,051		(2,622)		(3,897)		(4,667)		(2,447)		(4,152)		(5,109)		—		114,157
Interest expense		53,307		—		—		(6,079)		—		(2,496)		(1,404)		(6,586)		36,742
Income tax provision, net		6,590		—		—		—		—		—		—		—		6,590
Gain on sale of assets		(34,298)		189		34,109		—		—		—		—		—		—
Impairment losses – hotel properties		144,642		(18,100)		—		(107,857)		(18,685)		—		—		—		—
EBITDAre		(103,214)		2,853		1,080		16,242		6,919		(1,245)		7,363		33		(69,969)

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)		(5,639)		(2,391)		—		(19)		—		2,880
Prior year property tax adjustments, net		(276)		57		481		—		—		—		212		—		474
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		716		(2,391)		—		1,597		(33)		15,384

Adjusted EBITDAre, excluding noncontrolling interest	$	(88,148)	$	2,910	$	1,452	$	16,958	$	4,528	$	(1,245)	$	8,960	$	—	$	(54,585)

*Footnotes on Page 31


CORPORATE FINANCIAL INFORMATION								Page 29


	Supplemental Financial Information February 22, 2022

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:		Disposition:		Disposition:		Held for Sale:
			Renaissance		Renaissance		Hilton		Renaissance		Embassy Suites		Hyatt Centric		Debt & Equity		Pro
(In thousands, except per share data)	Actual (1)		Harborplace (2)		Los Angeles (2)		Times Square (2)		Westchester (2)		La Jolla (2)		Chicago (3)		Transactions (4)		Forma (5)

Net loss	$	(410,506)	$	23,386	$	(29,132)	$	134,845	$	28,051	$	5,403	$	13,876	$	6,619	$	(227,458)
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)		(4,152)		(5,109)		—		111,661
Gain on sale of assets		(34,298)		189		34,109		—		—		—		—		—		—
Impairment losses – hotel properties		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		1,251		8,767		6,705		(125,952)

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)		(5,639)		(2,391)		—		(19)		—		2,880
Prior year property tax adjustments, net		(276)		57		481		—		—		—		212		—		474
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		716		(2,391)		—		193		(33)		18,177

Adjusted FFO attributable to common stockholders	$	(156,585)	$	2,910	$	1,452	$	23,037	$	4,528	$	1,251	$	8,960	$	6,672	$	(107,775)

FFO attributable to common stockholders per diluted share	$	(0.81)															$	(0.58)

Adjusted FFO attributable to common stockholders per diluted share	$	(0.73)															$	(0.50)

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 31


CORPORATE FINANCIAL INFORMATION								Page 30


	Supplemental Financial Information February 22, 2022

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, the Renaissance Los Angeles Airport, the Renaissance Westchester and the Embassy Suites La Jolla prior to their sales in July 2020, December 2020, October 2021 and December 2021, 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 Hyatt Centric Chicago Magnificent Mile prior to its sale in February 2022.

(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 14 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 31


	Supplemental Financial Information February 22, 2022

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:		Disposition:		Disposition:		Held for Sale:
			Courtyard by		Renaissance		Renaissance		Hilton		Renaissance		Embassy Suites		Hyatt Centric		Debt & Equity		Pro
(In thousands)	Actual (1)		Marriott L.A. (2)		Harborplace (2)		Los Angeles (2)		Times Square (2)		Westchester (2)		La Jolla (2)		Chicago (3)		Transactions (4)		Forma (5)

Net income	$	142,793	$	(44,979)	$	21,507	$	(3,331)	$	7,284	$	2,288	$	(3,485)	$	369	$	6,786	$	129,232
Operations held for investment:
Depreciation and amortization		147,748		(760)		(6,719)		(4,205)		(10,157)		(3,541)		(4,144)		(5,786)		—		112,436
Interest expense		54,223		(955)		—		—		(4,799)		—		(2,544)		(1,402)		(6,786)		37,737
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)		(10,173)		(6,819)		—		279,254

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		—		—		21		327		—		525
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)		—		21		1,730		—		(3,854)

Adjusted EBITDAre, excluding noncontrolling interest	$	320,244	$	(2,987)	$	(9,925)	$	(7,527)	$	(7,911)	$	(1,253)	$	(10,152)	$	(5,089)	$	—	$	275,400

*Footnotes on Page 34


CORPORATE FINANCIAL INFORMATION								Page 32


	Supplemental Financial Information February 22, 2022

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:		Disposition:		Disposition:		Held for Sale:
			Courtyard by		Renaissance		Renaissance		Hilton		Renaissance		Embassy Suites		Hyatt Centric		Debt & Equity		Pro
(In thousands, except per share data)	Actual (1)		Marriott L.A. (2)		Harborplace (2)		Los Angeles (2)		Times Square (2)		Westchester (2)		La Jolla (2)		Chicago (3)		Transactions (4)		Forma (5)

Net income	$	142,793	$	(44,979)	$	21,507	$	(3,331)	$	7,284	$	2,288	$	(3,485)	$	369	$	6,786	$	129,232
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)		(4,144)		(5,786)		—		109,948
Gain on sale of assets		(42,935)		42,935		—		—		—		—		—		—		—		—
Impairment loss – hotel properties		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)		(7,629)		(5,417)		6,872		216,501

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)		—		—		—		—		—		1		—		5,869
Prior year property tax adjustments, net		168		—		—		9		—		—		21		327		—		525
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)		—		21		327		—		6,823

Adjusted FFO attributable to common stockholders	$	253,953	$	(2,987)	$	(9,925)	$	(7,527)	$	(3,112)	$	(1,253)	$	(7,608)	$	(5,089)	$	6,872	$	223,324

FFO attributable to common stockholders per diluted share	$	1.09																	$	1.00

Adjusted FFO attributable to common stockholders per diluted share	$	1.12																	$	1.03

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 34


CORPORATE FINANCIAL INFORMATION								Page 33


	Supplemental Financial Information February 22, 2022

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, the Renaissance Los Angeles Airport, the Renaissance Westchester and the Embassy Suites La Jolla prior to their sales in October 2019, July 2020, December 2020, October 2021 and December 2021, 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 Hyatt Centric Chicago Magnificent Mile prior to its sale in February 2022.

(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 14 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 34


	Supplemental Financial Information February 22, 2022

CAPITALIZATION


CAPITALIZATION								Page 35


	Supplemental Financial Information February 22, 2022

Comparative Capitalization
Q4 2021 – Q4 2020


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

Common Share Price & Dividends
At the end of the quarter	$	11.73		$	11.94		$	12.42		$	12.46		$	11.33
High during quarter ended	$	13.23		$	12.48		$	13.55		$	13.57		$	11.42
Low during quarter ended	$	10.48		$	10.68		$	11.90		$	10.25		$	7.27
Common dividends per share	$	—		$	—		$	—		$	—		$	—

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

Capitalization
Market value of common equity	$	2,572,785		$	2,618,845		$	2,720,515		$	2,693,542		$	2,442,673
Liquidation value of preferred equity - Series E		—			—			—			115,000			115,000
Liquidation value of preferred equity - Series F		—			—			75,000			75,000			75,000
Liquidation value of preferred equity - Series G		66,250			66,250			66,250			—			—
Liquidation value of preferred equity - Series H		115,000			115,000			115,000			—			—
Liquidation value of preferred equity - Series I		100,000			100,000			—			—			—
Consolidated debt		611,437			745,484			746,303			747,113			747,945
Consolidated total capitalization		3,465,472			3,645,579			3,723,068			3,630,655			3,380,618

Noncontrolling interest in consolidated debt		(55,000)			(55,000)			(55,000)			(55,000)			(55,000)
Pro rata total capitalization	$	3,410,472		$	3,590,579		$	3,668,068		$	3,575,655		$	3,325,618

Consolidated debt to consolidated total capitalization		17.6	%		20.4	%		20.0	%		20.6	%		22.1	%
Pro rata debt to pro rata total capitalization		16.3	%		19.2	%		18.8	%		19.4	%		20.8	%
Consolidated debt and preferred equity to consolidated total capitalization		25.8	%		28.2	%		26.9	%		25.8	%		27.7	%
Pro rata debt and preferred equity to pro rata total capitalization		24.6	%		27.1	%		25.8	%		24.7	%		26.5	%


CAPITALIZATION								Page 36


	Supplemental Financial Information February 22, 2022

Consolidated Debt Summary Schedule

(In thousands)

Interest Rate /

Maturity

December 31, 2021

Balance At

Debt

Collateral

Spread

Date (6)

Balance

Maturity

Fixed Rate Debt

Term Loan Facility (1)

Unsecured

3.94%

09/03/2023

19,400

Term Loan Facility (1)

Unsecured

4.20%

01/31/2024

88,900

Secured Mortgage Debt

JW Marriott New Orleans

4.15%

12/11/2024

78,137

72,071

Series A Senior Notes (2)

Unsecured

5.94%

01/10/2026

90,000

Series B Senior Notes (2)

Unsecured

6.04%

01/10/2028

115,000

Total Fixed Rate Debt

391,437

385,371

Variable Rate Debt

Secured Mortgage Debt (3)

Hilton San Diego Bayfront

1.14%

12/09/2023

220,000

Credit Facility (1)

Unsecured

L + 1.40% - 2.40%

04/14/2023

—

Total Variable Rate Debt

220,000

TOTAL CONSOLIDATED DEBT

611,437

605,371

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

64.0

% Floating Rate Debt

36.0

Average Interest Rate (5)

3.69

Weighted Average Maturity of Debt (6)

3.2 years

(1)

The Company executed amendments to the agreement governing its revolving credit facility and term loan facilities in July 2020, December 2020, July 2021 and November 2021. The November 2021 amendment extended the covenant relief period from the first quarter of 2022 to the third quarter of 2022, with the first quarterly covenant test as of the period ended September 30, 2022. Subject to certain conditions, the November 2021 amendment also provides the Company with the right, exercisable one time each with respect to its term loans, to request an extension of the applicable maturity date by twelve months upon the payment of an extension fee of 0.15% of the principal amount being extended. 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)

The Company executed amendments to the agreement governing the Senior Notes in July 2020, December 2020, July 2021 and November 2021. The November 2021 amendment extended the covenant relief period from the first quarter of 2022 to the third quarter of 2022, with the first quarterly covenant test as of the period ended September 30, 2022. The July and December 2020 amendments increased the annual interest rates on the Senior Notes by 1.0% and an additional 0.25%, respectively. After the covenant relief period, the interest rates on the Senior Notes will decrease by 0.25% until the Company’s leverage ratio is below 5.0x. The interest rates presented reflect the terms of the amended agreements.

(3)

In December 2021, the Company exercised 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.

(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 fourth quarter of 2021, this equated to a cash dividend of $0.061713 per share. For 2021, this equated to cash dividends totaling $0.233685, reflecting a pro-rated amount for the days outstanding in the applicable dividend period.

(5)	Average Interest Rate is calculated based on rates at December 31, 2021, and includes the effect of the Company's interest rate derivative agreements.

(6)	Maturity date assumes the exercise of all available extensions for the term loans and the loan secured by the Hilton San Diego Bayfront. By extending these loans, the Company's weighted average maturity of debt increases from 2.6 years to 3.2 years.


CAPITALIZATION								Page 37


	Supplemental Financial Information February 22, 2022

PROPERTY-LEVEL DATA


PROPERTY-LEVEL DATA								Page 38


	Supplemental Financial Information February 22, 2022

Hotel Information as of February 22, 2022


Hotel		Location	Brand	Number of Rooms	% of Total Rooms	Interest	Year Acquired

1	Hilton San Diego Bayfront (1) (2)	California	Hilton	1,190	14.65%	Leasehold	2011
2	Boston Park Plaza	Massachusetts	Independent	1,060	13.05%	Fee Simple	2013
3	Hyatt Regency San Francisco	California	Hyatt	821	10.10%	Fee Simple	2013
4	Renaissance Washington DC	Washington DC	Marriott	807	9.93%	Fee Simple	2005
5	Renaissance Orlando at SeaWorld®	Florida	Marriott	781	9.61%	Fee Simple	2005
6	Wailea Beach Resort	Hawaii	Marriott	547	6.73%	Fee Simple	2014
7	JW Marriott New Orleans (3)	Louisiana	Marriott	501	6.17%	Fee Simple	2011
8	Marriott Boston Long Wharf	Massachusetts	Marriott	415	5.11%	Fee Simple	2007
9	Renaissance Long Beach	California	Marriott	374	4.60%	Fee Simple	2005
10	Embassy Suites Chicago	Illinois	Hilton	368	4.53%	Fee Simple	2002
11	Hilton Garden Inn Chicago Downtown/Magnificent Mile	Illinois	Hilton	361	4.44%	Fee Simple	2012
12	The Bidwell Marriott Portland	Oregon	Marriott	258	3.18%	Fee Simple	2000
13	Hilton New Orleans St. Charles	Louisiana	Hilton	252	3.10%	Fee Simple	2013
14	Oceans Edge Resort & Marina	Florida	Independent	175	2.15%	Fee Simple	2017
15	Montage Healdsburg	California	Montage	130	1.60%	Fee Simple	2021
16	Four Seasons Resort Napa Valley	California	Four Seasons	85	1.05%	Fee Simple	2021

	Total 16 Hotel Portfolio			8,125	100%

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

(2)	The ground lease at the Hilton San Diego Bayfront matures in 2071.

(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 39


	Supplemental Financial Information February 22, 2022

PROPERTY-LEVEL OPERATING STATISTICS


PROPERTY-LEVEL OPERATING STATISTICS								Page 40


	Supplemental Financial Information February 22, 2022

Property-Level Operating Statistics

Q4 2021/2020


		ADR					Occupancy				RevPAR
	Hotels sorted by number of rooms	For the Quarter Ended December 31,					For the Quarter Ended December 31,			For the Quarter Ended December 31,
		2021			2020	Change	2021	2020	Change	2021		2020		Change
1	Hilton San Diego Bayfront	$	217.13	$	118.11	83.8%	59.3%	29.7%	99.7%	$	128.76	$	35.08	267.0%
2	Boston Park Plaza	$	194.84	$	143.98	35.3%	58.7%	17.5%	235.4%	$	114.37	$	25.20	353.8%
3	Hyatt Regency San Francisco	$	204.53	$	173.02	18.2%	56.4%	10.7%	427.1%	$	115.35	$	18.51	523.2%
4	Renaissance Washington DC	$	189.31	$	119.33	58.6%	35.3%	3.3%	969.7%	$	66.83	$	3.94	1,596.2%
5	Renaissance Orlando at SeaWorld®	$	159.64	$	115.21	38.6%	50.9%	10.5%	384.8%	$	81.26	$	12.10	571.6%
6	Wailea Beach Resort	$	642.20	$	493.09	30.2%	74.4%	14.1%	427.7%	$	477.80	$	69.53	587.2%
7	JW Marriott New Orleans	$	219.85	$	134.04	64.0%	49.4%	29.2%	69.2%	$	108.61	$	39.14	177.5%
8	Marriott Boston Long Wharf	$	305.86	$	223.79	36.7%	60.2%	11.2%	437.5%	$	184.13	$	25.06	634.8%
9	Renaissance Long Beach (4)	$	171.56	$	143.39	19.6%	69.2%	18.6%	272.0%	$	118.72	$	26.67	345.1%
10	Embassy Suites Chicago	$	167.80	$	124.89	34.4%	63.7%	9.7%	556.7%	$	106.89	$	12.11	782.7%
11	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	149.61	$	—	100.0%	49.7%	0.0%	100.0%	$	74.36	$	—	100.0%
12	The Bidwell Marriott Portland	$	145.22	$	129.96	11.7%	40.9%	3.5%	1,068.6%	$	59.39	$	4.55	1,205.3%
13	Hilton New Orleans St. Charles	$	187.62	$	107.50	74.5%	45.4%	22.6%	100.9%	$	85.18	$	24.30	250.5%
14	Oceans Edge Resort & Marina	$	416.41	$	234.38	77.7%	74.3%	52.8%	40.7%	$	309.39	$	123.75	150.0%

	14 Hotel Portfolio (1)	$	245.53	$	163.71	50.0%	55.6%	16.0%	247.5%	$	136.51	$	26.19	421.2%

	Non-comparable Hotels (2)
	Montage Healdsburg	$	1,084.66		N/A	100.0%	62.8%	N/A	100.0%	$	681.17		N/A	100.0%
	Four Seasons Resort Napa Valley	$	1,577.64		N/A	100.0%	42.6%	N/A	100.0%	$	672.07		N/A	100.0%

	16 Hotel Portfolio (3)	$	264.39				55.7%			$	147.27

*Footnotes on page 51


PROPERTY-LEVEL OPERATING STATISTICS								Page 41


	Supplemental Financial Information February 22, 2022

Property-Level Operating Statistics

Q4 2021/2019


		ADR					Occupancy				RevPAR
	Hotels sorted by number of rooms	For the Quarter Ended December 31,					For the Quarter Ended December 31,			For the Quarter Ended December 31,
		2021			2019	Change	2021	2019	Change	2021		2019		Change
1	Hilton San Diego Bayfront	$	217.13	$	217.65	(0.2)%	59.3%	82.4%	(28.0)%	$	128.76	$	179.34	(28.2)%
2	Boston Park Plaza	$	194.84	$	200.21	(2.7)%	58.7%	88.1%	(33.4)%	$	114.37	$	176.39	(35.2)%
3	Hyatt Regency San Francisco	$	204.53	$	319.68	(36.0)%	56.4%	88.2%	(36.1)%	$	115.35	$	281.96	(59.1)%
4	Renaissance Washington DC	$	189.31	$	238.17	(20.5)%	35.3%	73.4%	(51.9)%	$	66.83	$	174.82	(61.8)%
5	Renaissance Orlando at SeaWorld®	$	159.64	$	174.42	(8.5)%	50.9%	81.2%	(37.3)%	$	81.26	$	141.63	(42.6)%
6	Wailea Beach Resort	$	642.20	$	505.64	27.0%	74.4%	89.8%	(17.1)%	$	477.80	$	454.06	5.2%
7	JW Marriott New Orleans	$	219.85	$	208.88	5.3%	49.4%	82.6%	(40.2)%	$	108.61	$	172.53	(37.0)%
8	Marriott Boston Long Wharf	$	305.86	$	314.91	(2.9)%	60.2%	84.4%	(28.7)%	$	184.13	$	265.78	(30.7)%
9	Renaissance Long Beach	$	171.56	$	179.29	(4.3)%	69.2%	77.8%	(11.1)%	$	118.72	$	139.49	(14.9)%
10	Embassy Suites Chicago	$	167.80	$	183.68	(8.6)%	63.7%	93.7%	(32.0)%	$	106.89	$	172.11	(37.9)%
11	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	149.61	$	166.74	(10.3)%	49.7%	87.6%	(43.3)%	$	74.36	$	146.06	(49.1)%
12	The Bidwell Marriott Portland	$	145.22	$	170.52	(14.8)%	40.9%	65.1%	(37.2)%	$	59.39	$	111.01	(46.5)%
13	Hilton New Orleans St. Charles	$	187.62	$	172.91	8.5%	45.4%	67.8%	(33.0)%	$	85.18	$	117.23	(27.3)%
14	Oceans Edge Resort & Marina	$	416.41	$	233.25	78.5%	74.3%	84.4%	(12.0)%	$	309.39	$	196.86	57.2%

	14 Hotel Portfolio (1)	$	245.53	$	242.39	1.3%	55.6%	82.9%	(32.9)%	$	136.51	$	200.94	(32.1)%

	Non-comparable Hotels (2)
	Montage Healdsburg	$	1,084.66		N/A	100.0%	62.8%	N/A	100.0%	$	681.17		N/A	100.0%
	Four Seasons Resort Napa Valley	$	1,577.64		N/A	100.0%	42.6%	N/A	100.0%	$	672.07		N/A	100.0%

	16 Hotel Portfolio (3)	$	264.39				55.7%			$	147.27

*Footnotes on page 51


PROPERTY-LEVEL OPERATING STATISTICS								Page 42


	Supplemental Financial Information February 22, 2022

Property-Level Operating Statistics

October 2021/2020


		ADR					Occupancy				RevPAR
	Hotels sorted by number of rooms	October					October			October
		2021			2020	Change	2021	2020	Change	2021		2020		Change
1	Hilton San Diego Bayfront	$	245.20	$	162.23	51.1%	56.1%	21.0%	167.1%	$	137.56	$	34.07	303.8%
2	Boston Park Plaza	$	234.85	$	139.90	67.9%	69.8%	22.9%	204.8%	$	163.93	$	32.04	411.6%
3	Hyatt Regency San Francisco	$	207.52	$	170.26	21.9%	61.8%	15.1%	309.3%	$	128.25	$	25.71	398.8%
4	Renaissance Washington DC	$	213.72	$	117.29	82.2%	31.7%	4.8%	560.4%	$	67.75	$	5.63	1,103.4%
5	Renaissance Orlando at SeaWorld®	$	161.77	$	111.81	44.7%	44.3%	7.0%	532.9%	$	71.66	$	7.83	815.2%
6	Wailea Beach Resort	$	517.00	$	—	100.0%	68.2%	0.0%	100.0%	$	352.59	$	—	100.0%
7	JW Marriott New Orleans	$	208.78	$	135.22	54.4%	47.9%	28.2%	69.9%	$	100.01	$	38.13	162.3%
8	Marriott Boston Long Wharf	$	376.25	$	230.98	62.9%	64.1%	18.7%	242.8%	$	241.18	$	43.19	458.4%
9	Renaissance Long Beach	$	181.33	$	142.93	26.9%	71.7%	28.8%	149.0%	$	130.01	$	41.16	215.9%
10	Embassy Suites Chicago	$	200.50	$	134.20	49.4%	61.6%	12.1%	409.1%	$	123.51	$	16.24	660.5%
11	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	177.02	$	—	100.0%	56.5%	0.0%	100.0%	$	100.02	$	—	100.0%
12	The Bidwell Marriott Portland	$	155.65	$	140.31	10.9%	38.1%	2.7%	1,311.1%	$	59.30	$	3.79	1,464.6%
13	Hilton New Orleans St. Charles	$	202.55	$	117.89	71.8%	47.7%	29.0%	64.5%	$	96.62	$	34.19	182.6%
14	Oceans Edge Resort & Marina	$	331.88	$	198.95	66.8%	61.4%	40.5%	51.6%	$	203.77	$	80.57	152.9%

	14 Hotel Portfolio (1)	$	249.30	$	152.80	63.2%	55.9%	15.6%	258.3%	$	139.36	$	23.84	484.6%

	Non-comparable Hotels (2)
	Montage Healdsburg	$	1,284.31		N/A	100.0%	72.8%	N/A	100.0%	$	934.98		N/A	100.0%
	Four Seasons Resort Napa Valley	$	—		N/A	0.0%	0.0%	N/A	0.0%	$	—		N/A	0.0%

	16 Hotel Portfolio (3)	$	270.99				56.2%			$	152.30

*Footnotes on page 51


PROPERTY-LEVEL OPERATING STATISTICS								Page 43


	Supplemental Financial Information February 22, 2022

Property-Level Operating Statistics

October 2021/2019


		ADR					Occupancy				RevPAR
	Hotels sorted by number of rooms	October					October			October
		2021			2019	Change	2021	2019	Change	2021		2019		Change
1	Hilton San Diego Bayfront	$	245.20	$	259.55	(5.5)%	56.1%	83.9%	(33.1)%	$	137.56	$	217.76	(36.8)%
2	Boston Park Plaza	$	234.85	$	254.87	(7.9)%	69.8%	98.0%	(28.8)%	$	163.93	$	249.77	(34.4)%
3	Hyatt Regency San Francisco	$	207.52	$	350.80	(40.8)%	61.8%	96.4%	(35.9)%	$	128.25	$	338.17	(62.1)%
4	Renaissance Washington DC	$	213.72	$	281.89	(24.2)%	31.7%	87.5%	(63.8)%	$	67.75	$	246.65	(72.5)%
5	Renaissance Orlando at SeaWorld®	$	161.77	$	179.07	(9.7)%	44.3%	82.8%	(46.5)%	$	71.66	$	148.27	(51.7)%
6	Wailea Beach Resort	$	517.00	$	429.32	20.4%	68.2%	90.9%	(25.0)%	$	352.59	$	390.25	(9.7)%
7	JW Marriott New Orleans	$	208.78	$	230.90	(9.6)%	47.9%	90.7%	(47.2)%	$	100.01	$	209.43	(52.2)%
8	Marriott Boston Long Wharf	$	376.25	$	390.87	(3.7)%	64.1%	92.3%	(30.6)%	$	241.18	$	360.77	(33.1)%
9	Renaissance Long Beach	$	181.33	$	192.85	(6.0)%	71.7%	83.2%	(13.8)%	$	130.01	$	160.45	(19.0)%
10	Embassy Suites Chicago	$	200.50	$	240.59	(16.7)%	61.6%	94.8%	(35.0)%	$	123.51	$	228.08	(45.8)%
11	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	177.02	$	226.03	(21.7)%	56.5%	91.9%	(38.5)%	$	100.02	$	207.72	(51.8)%
12	The Bidwell Marriott Portland	$	155.65	$	198.56	(21.6)%	38.1%	84.4%	(54.9)%	$	59.30	$	167.58	(64.6)%
13	Hilton New Orleans St. Charles	$	202.55	$	183.52	10.4%	47.7%	74.0%	(35.5)%	$	96.62	$	135.80	(28.9)%
14	Oceans Edge Resort & Marina	$	331.88	$	180.00	84.4%	61.4%	80.5%	(23.7)%	$	203.77	$	144.90	40.6%

	14 Hotel Portfolio (1)	$	249.30	$	270.24	(7.7)%	55.9%	89.2%	(37.3)%	$	139.36	$	241.05	(42.2)%

	Non-comparable Hotels (2)
	Montage Healdsburg	$	1,284.31		N/A	100.0%	72.8%	N/A	100.0%	$	934.98		N/A	100.0%
	Four Seasons Resort Napa Valley	$	—		N/A	0.0%	0.0%	N/A	0.0%	$	—		N/A	0.0%

	16 Hotel Portfolio (3)	$	270.99				56.2%			$	152.30

*Footnotes on page 51


PROPERTY-LEVEL OPERATING STATISTICS								Page 44


	Supplemental Financial Information February 22, 2022

Property-Level Operating Statistics

November 2021/2020


		ADR					Occupancy				RevPAR
	Hotels sorted by number of rooms	November					November			November
		2021			2020	Change	2021	2020	Change	2021		2020		Change
1	Hilton San Diego Bayfront	$	226.90	$	103.39	119.5%	63.0%	50.5%	24.8%	$	142.95	$	52.21	173.8%
2	Boston Park Plaza	$	183.29	$	143.00	28.2%	58.8%	14.9%	294.6%	$	107.77	$	21.31	405.7%
3	Hyatt Regency San Francisco	$	209.69	$	171.62	22.2%	51.2%	11.5%	345.2%	$	107.36	$	19.74	443.9%
4	Renaissance Washington DC	$	212.85	$	119.95	77.4%	42.2%	2.7%	1,463.0%	$	89.82	$	3.24	2,672.2%
5	Renaissance Orlando at SeaWorld®	$	154.99	$	121.11	28.0%	47.9%	10.9%	339.4%	$	74.24	$	13.20	462.4%
6	Wailea Beach Resort	$	575.83	$	483.10	19.2%	70.9%	19.1%	271.2%	$	408.26	$	92.27	342.5%
7	JW Marriott New Orleans	$	232.97	$	139.98	66.4%	50.3%	41.8%	20.3%	$	117.18	$	58.51	100.3%
8	Marriott Boston Long Wharf	$	278.12	$	220.06	26.4%	58.7%	7.8%	652.6%	$	163.26	$	17.16	851.4%
9	Renaissance Long Beach	$	173.04	$	141.27	22.5%	74.1%	18.4%	302.7%	$	128.22	$	25.99	393.3%
10	Embassy Suites Chicago	$	163.92	$	110.27	48.7%	59.1%	8.5%	595.3%	$	96.88	$	9.37	933.9%
11	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	144.23	$	—	100.0%	45.7%	0.0%	100.0%	$	65.91	$	—	100.0%
12	The Bidwell Marriott Portland	$	143.55	$	134.27	6.9%	44.6%	2.7%	1,551.9%	$	64.02	$	3.63	1,663.6%
13	Hilton New Orleans St. Charles	$	183.02	$	99.78	83.4%	48.8%	21.8%	123.9%	$	89.31	$	21.75	310.6%
14	Oceans Edge Resort & Marina	$	398.09	$	201.20	97.9%	74.4%	54.0%	37.8%	$	296.18	$	108.65	172.6%

	14 Hotel Portfolio (1)	$	237.82	$	153.18	55.3%	55.9%	19.7%	183.8%	$	132.94	$	30.18	340.5%

	Non-comparable Hotels (2)
	Montage Healdsburg	$	934.38		N/A	100.0%	64.8%	N/A	100.0%	$	605.48		N/A	100.0%
	Four Seasons Resort Napa Valley	$	—		N/A	0.0%	—	N/A	0.0%	$	—		N/A	0.0%

	16 Hotel Portfolio (3)	$	250.85				56.0%			$	140.48

*Footnotes on page 51


PROPERTY-LEVEL OPERATING STATISTICS								Page 45


	Supplemental Financial Information February 22, 2022

Property-Level Operating Statistics

November 2021/2019


		ADR					Occupancy				RevPAR
	Hotels sorted by number of rooms	November					November			November
		2021			2019	Change	2021	2019	Change	2021		2019		Change
1	Hilton San Diego Bayfront	$	226.90	$	218.55	3.8%	63.0%	87.1%	(27.7)%	$	142.95	$	190.36	(24.9)%
2	Boston Park Plaza	$	183.29	$	187.43	(2.2)%	58.8%	90.4%	(35.0)%	$	107.77	$	169.44	(36.4)%
3	Hyatt Regency San Francisco	$	209.69	$	338.77	(38.1)%	51.2%	86.8%	(41.0)%	$	107.36	$	294.05	(63.5)%
4	Renaissance Washington DC	$	212.85	$	237.37	(10.3)%	42.2%	74.5%	(43.4)%	$	89.82	$	176.84	(49.2)%
5	Renaissance Orlando at SeaWorld®	$	154.99	$	174.88	(11.4)%	47.9%	76.2%	(37.1)%	$	74.24	$	133.26	(44.3)%
6	Wailea Beach Resort	$	575.83	$	427.43	34.7%	70.9%	88.1%	(19.5)%	$	408.26	$	376.57	8.4%
7	JW Marriott New Orleans	$	232.97	$	210.15	10.9%	50.3%	82.7%	(39.2)%	$	117.18	$	173.79	(32.6)%
8	Marriott Boston Long Wharf	$	278.12	$	298.87	(6.9)%	58.7%	82.7%	(29.0)%	$	163.26	$	247.17	(33.9)%
9	Renaissance Long Beach	$	173.04	$	180.82	(4.3)%	74.1%	80.9%	(8.4)%	$	128.22	$	146.28	(12.3)%
10	Embassy Suites Chicago	$	163.92	$	175.71	(6.7)%	59.1%	91.3%	(35.3)%	$	96.88	$	160.42	(39.6)%
11	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	144.23	$	153.63	(6.1)%	45.7%	87.0%	(47.5)%	$	65.91	$	133.66	(50.7)%
12	The Bidwell Marriott Portland	$	143.55	$	165.54	(13.3)%	44.6%	69.4%	(35.7)%	$	64.02	$	114.88	(44.3)%
13	Hilton New Orleans St. Charles	$	183.02	$	177.04	3.4%	48.8%	71.4%	(31.7)%	$	89.31	$	126.41	(29.3)%
14	Oceans Edge Resort & Marina	$	398.09	$	223.52	78.1%	74.4%	83.9%	(11.3)%	$	296.18	$	187.53	57.9%

	14 Hotel Portfolio (1)	$	237.82	$	234.29	1.5%	55.9%	83.5%	(33.1)%	$	132.94	$	195.63	(32.0)%

	Non-comparable Hotels (2)
	Montage Healdsburg	$	934.38		N/A	100.0%	64.8%	N/A	100.0%	$	605.48		N/A	100.0%
	Four Seasons Resort Napa Valley	$	—		N/A	0.0%	0.0%	N/A	0.0%	$	—		N/A	0.0%

	16 Hotel Portfolio (3)	$	250.85				56.0%			$	140.48

*Footnotes on page 51


PROPERTY-LEVEL OPERATING STATISTICS								Page 46


	Supplemental Financial Information February 22, 2022

Property-Level Operating Statistics

December 2021/2020


		ADR					Occupancy				RevPAR
	Hotels sorted by number of rooms	December					December			December
		2021			2020	Change	2021	2020	Change	2021		2020		Change
1	Hilton San Diego Bayfront	$	180.34	$	106.74	69.0%	59.0%	18.3%	222.4%	$	106.40	$	19.53	444.8%
2	Boston Park Plaza	$	149.92	$	151.42	(1.0)%	47.5%	14.5%	227.6%	$	71.21	$	21.96	224.3%
3	Hyatt Regency San Francisco	$	196.67	$	183.22	7.3%	56.0%	5.6%	900.0%	$	110.14	$	10.26	973.5%
4	Renaissance Washington DC	$	135.19	$	122.61	10.3%	32.1%	2.5%	1,184.0%	$	43.40	$	3.07	1,313.7%
5	Renaissance Orlando at SeaWorld®	$	161.66	$	112.33	43.9%	60.3%	13.5%	346.7%	$	97.48	$	15.16	543.0%
6	Wailea Beach Resort	$	797.90	$	500.96	59.3%	84.1%	23.4%	259.4%	$	671.03	$	117.22	472.5%
7	JW Marriott New Orleans	$	217.66	$	118.83	83.2%	49.9%	17.9%	178.8%	$	108.61	$	21.27	410.6%
8	Marriott Boston Long Wharf	$	254.88	$	208.54	22.2%	57.7%	7.0%	724.3%	$	147.07	$	14.60	907.3%
9	Renaissance Long Beach (4)	$	158.54	$	149.27	6.2%	62.0%	8.7%	612.6%	$	98.29	$	12.99	656.7%
10	Embassy Suites Chicago	$	142.28	$	125.69	13.2%	70.2%	8.4%	735.7%	$	99.88	$	10.56	845.8%
11	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	121.62	$	—	100.0%	46.9%	0.0%	100.0%	$	57.04	$	—	100.0%
12	The Bidwell Marriott Portland	$	137.13	$	122.40	12.0%	40.2%	5.1%	688.2%	$	55.13	$	6.24	783.5%
13	Hilton New Orleans St. Charles	$	175.13	$	99.26	76.4%	39.7%	16.8%	136.3%	$	69.53	$	16.68	316.8%
14	Oceans Edge Resort & Marina	$	491.15	$	283.97	73.0%	87.1%	63.9%	36.3%	$	427.79	$	181.46	135.7%

	14 Hotel Portfolio (1)	$	249.26	$	192.47	29.5%	55.1%	12.9%	327.1%	$	137.34	$	24.83	453.1%

	Non-comparable Hotels (2)
	Montage Healdsburg	$	984.12		N/A	100.0%	50.8%	N/A	100.0%	$	499.93		N/A	100.0%
	Four Seasons Resort Napa Valley	$	1,577.64		N/A	100.0%	42.6%	N/A	100.0%	$	672.07		N/A	100.0%

	16 Hotel Portfolio (3)	$	270.93				54.9%			$	148.74

*Footnotes on page 51


PROPERTY-LEVEL OPERATING STATISTICS								Page 47


	Supplemental Financial Information February 22, 2022

Property-Level Operating Statistics

December 2021/2019


		ADR					Occupancy				RevPAR
	Hotels sorted by number of rooms	December					December			December
		2021			2019	Change	2021	2019	Change	2021		2019		Change
1	Hilton San Diego Bayfront	$	180.34	$	170.63	5.7%	59.0%	76.4%	(22.8)%	$	106.40	$	130.36	(18.4)%
2	Boston Park Plaza	$	149.92	$	144.51	3.7%	47.5%	76.0%	(37.5)%	$	71.21	$	109.83	(35.2)%
3	Hyatt Regency San Francisco	$	196.67	$	263.65	(25.4)%	56.0%	81.6%	(31.4)%	$	110.14	$	215.14	(48.8)%
4	Renaissance Washington DC	$	135.19	$	173.53	(22.1)%	32.1%	58.3%	(44.9)%	$	43.40	$	101.17	(57.1)%
5	Renaissance Orlando at SeaWorld®	$	161.66	$	169.47	(4.6)%	60.3%	84.4%	(28.6)%	$	97.48	$	143.03	(31.8)%
6	Wailea Beach Resort	$	797.90	$	656.06	21.6%	84.1%	90.4%	(7.0)%	$	671.03	$	593.08	13.1%
7	JW Marriott New Orleans	$	217.66	$	180.78	20.4%	49.9%	74.6%	(33.1)%	$	108.61	$	134.86	(19.5)%
8	Marriott Boston Long Wharf	$	254.88	$	241.74	5.4%	57.7%	78.3%	(26.3)%	$	147.07	$	189.28	(22.3)%
9	Renaissance Long Beach	$	158.54	$	161.35	(1.7)%	62.0%	69.5%	(10.8)%	$	98.29	$	112.14	(12.4)%
10	Embassy Suites Chicago	$	142.28	$	134.20	6.0%	70.2%	94.8%	(25.9)%	$	99.88	$	127.22	(21.5)%
11	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	121.62	$	114.93	5.8%	46.9%	83.8%	(44.0)%	$	57.04	$	96.31	(40.8)%
12	The Bidwell Marriott Portland	$	137.13	$	121.57	12.8%	40.2%	41.5%	(3.1)%	$	55.13	$	50.45	9.3%
13	Hilton New Orleans St. Charles	$	175.13	$	154.48	13.4%	39.7%	58.1%	(31.7)%	$	69.53	$	89.75	(22.5)%
14	Oceans Edge Resort & Marina	$	491.15	$	290.47	69.1%	87.1%	88.7%	(1.8)%	$	427.79	$	257.65	66.0%

	14 Hotel Portfolio (1)	$	249.26	$	218.44	14.1%	55.1%	76.2%	(27.7)%	$	137.34	$	166.45	(17.5)%

	Non-comparable Hotels (2)
	Montage Healdsburg	$	984.12		N/A	100.0%	50.8%	N/A	100.0%	$	499.93		N/A	100.0%
	Four Seasons Resort Napa Valley	$	1,577.64		N/A	100.0%	42.6%	N/A	100.0%	$	672.07		N/A	100.0%

	16 Hotel Portfolio (3)	$	270.93				54.9%			$	148.74

*Footnotes on page 51


PROPERTY-LEVEL OPERATING STATISTICS								Page 48


	Supplemental Financial Information February 22, 2022

Property-Level Operating Statistics

FY 2021/2020


		ADR					Occupancy				RevPAR
	Hotels sorted by number of rooms	For the Year Ended December 31,					For the Year Ended December 31,			For the Year Ended December 31,
		2021			2020	Change	2021	2020	Change	2021		2020		Change
1	Hilton San Diego Bayfront	$	207.14	$	192.17	7.8%	47.9%	26.8%	78.7%	$	99.22	$	51.50	92.7%
2	Boston Park Plaza	$	177.24	$	146.44	21.0%	39.8%	23.9%	66.5%	$	70.54	$	35.00	101.5%
3	Hyatt Regency San Francisco	$	200.40	$	298.61	(32.9)%	35.1%	17.6%	99.4%	$	70.34	$	52.56	33.8%
4	Renaissance Washington DC	$	151.24	$	215.98	(30.0)%	40.9%	15.4%	165.6%	$	61.86	$	33.26	86.0%
5	Renaissance Orlando at SeaWorld®	$	149.15	$	181.69	(17.9)%	40.7%	17.1%	138.0%	$	60.70	$	31.07	95.4%
6	Wailea Beach Resort	$	613.15	$	541.90	13.1%	66.0%	22.5%	193.3%	$	404.68	$	121.93	231.9%
7	JW Marriott New Orleans	$	187.16	$	192.13	(2.6)%	43.4%	26.3%	65.0%	$	81.23	$	50.53	60.8%
8	Marriott Boston Long Wharf	$	315.93	$	229.18	37.9%	41.3%	21.9%	88.6%	$	130.48	$	50.19	160.0%
9	Renaissance Long Beach (4)	$	175.21	$	159.10	10.1%	62.5%	33.1%	88.8%	$	109.51	$	52.66	108.0%
10	Embassy Suites Chicago	$	170.14	$	124.00	37.2%	45.9%	21.1%	117.5%	$	78.09	$	26.16	198.5%
11	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	149.33	$	98.81	51.1%	38.0%	11.6%	227.6%	$	56.75	$	11.46	395.2%
12	The Bidwell Marriott Portland (5)	$	152.70	$	140.79	8.5%	28.3%	10.5%	169.5%	$	43.21	$	14.78	192.4%
13	Hilton New Orleans St. Charles	$	149.86	$	150.62	(0.5)%	38.5%	28.3%	36.0%	$	57.70	$	42.63	35.4%
14	Oceans Edge Resort & Marina	$	403.92	$	271.75	48.6%	77.8%	46.7%	66.6%	$	314.25	$	126.91	147.6%

	14 Hotel Portfolio (1)	$	236.92	$	215.43	10.0%	44.5%	22.1%	101.4%	$	105.43	$	47.61	121.4%

	Non-comparable Hotels (2)
	Montage Healdsburg	$	1,092.35		N/A	100.0%	52.2%	N/A	100.0%	$	570.21		N/A	100.0%
	Four Seasons Resort Napa Valley	$	1,577.64		N/A	100.0%	42.6%	N/A	100.0%	$	672.07		N/A	100.0%

	16 Hotel Portfolio (3)	$	254.22				44.7%			$	113.64

*Footnotes on page 51


PROPERTY-LEVEL OPERATING STATISTICS								Page 49


	Supplemental Financial Information February 22, 2022

Property-Level Operating Statistics

FY 2021/2019


		ADR					Occupancy				RevPAR
	Hotels sorted by number of rooms	For the Year Ended December 31,					For the Year Ended December 31,			For the Year Ended December 31,
		2021			2019	Change	2021	2019	Change	2021		2019		Change
1	Hilton San Diego Bayfront (5)	$	207.14	$	247.20	(16.2)%	47.9%	81.4%	(41.2)%	$	99.22	$	201.22	(50.7)%
2	Boston Park Plaza	$	177.24	$	213.07	(16.8)%	39.8%	90.6%	(56.1)%	$	70.54	$	193.04	(63.5)%
3	Hyatt Regency San Francisco (5)	$	200.40	$	322.08	(37.8)%	35.1%	89.0%	(60.6)%	$	70.34	$	286.65	(75.5)%
4	Renaissance Washington DC	$	151.24	$	232.64	(35.0)%	40.9%	78.1%	(47.6)%	$	61.86	$	181.69	(66.0)%
5	Renaissance Orlando at SeaWorld®	$	149.15	$	168.18	(11.3)%	40.7%	78.9%	(48.4)%	$	60.70	$	132.69	(54.3)%
6	Wailea Beach Resort	$	613.15	$	478.47	28.1%	66.0%	91.2%	(27.6)%	$	404.68	$	436.36	(7.3)%
7	JW Marriott New Orleans	$	187.16	$	206.47	(9.4)%	43.4%	83.9%	(48.3)%	$	81.23	$	173.23	(53.1)%
8	Marriott Boston Long Wharf	$	315.93	$	332.29	(4.9)%	41.3%	86.7%	(52.4)%	$	130.48	$	288.10	(54.7)%
9	Renaissance Long Beach	$	175.21	$	189.85	(7.7)%	62.5%	81.6%	(23.4)%	$	109.51	$	154.92	(29.3)%
10	Embassy Suites Chicago	$	170.14	$	189.98	(10.4)%	45.9%	90.0%	(49.0)%	$	78.09	$	170.98	(54.3)%
11	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	149.33	$	170.37	(12.3)%	38.0%	84.2%	(54.9)%	$	56.75	$	143.45	(60.4)%
12	The Bidwell Marriott Portland	$	152.70	$	186.05	(17.9)%	28.3%	80.1%	(64.7)%	$	43.21	$	149.03	(71.0)%
13	Hilton New Orleans St. Charles	$	149.86	$	169.29	(11.5)%	38.5%	74.3%	(48.2)%	$	57.70	$	125.78	(54.1)%
14	Oceans Edge Resort & Marina (5)	$	403.92	$	242.04	66.9%	77.8%	88.7%	(12.3)%	$	314.25	$	214.69	46.4%

	14 Hotel Portfolio (1)	$	236.92	$	247.90	(4.4)%	44.5%	84.4%	(47.3)%	$	105.43	$	209.23	(49.6)%

	Non-comparable Hotels (2)
	Montage Healdsburg	$	1,092.35		N/A	100.0%	52.2%	N/A	100.0%	$	570.21		N/A	100.0%
	Four Seasons Resort Napa Valley	$	1,577.64		N/A	100.0%	42.6%	N/A	100.0%	$	672.07		N/A	100.0%

	16 Hotel Portfolio (3)	$	254.22				44.7%			$	113.64

*Footnotes on page 51


PROPERTY-LEVEL OPERATING STATISTICS								Page 50


	Supplemental Financial Information February 22, 2022

Property-Level Operating Statistics

Q4, October, November, December and FY 2021/2020 and 2021/2019 Footnotes

(1)	14 Hotel Portfolio includes the same hotels owned during the reporting periods, except the Hyatt Centric Chicago Magnificent Mile, which was considered held for sale due to its sale in February 2022.

(2)

(3)	16 Hotel Portfolio includes all hotels owned by the Company as of December 31, 2021, except the Hyatt Centric Chicago Magnificent Mile, which was considered held for sale due to its sale in February 2022.

(4)	Excludes the effects of adjustments to airline crew revenue totaling $(0.4) million and $(23,000) recorded in June 2020 and December 2020, respectively.

(5)	Operating statistics for FY 2020 are impacted by a room renovation at The Bidwell Marriott Portland. Operating statistics for FY 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 51


	Supplemental Financial Information February 22, 2022

PROPERTY-LEVEL ADJUSTED EBITDAre &

ADJUSTED EBITDAre MARGINS


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 52


	Supplemental Financial Information February 22, 2022

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q4 2021


	Hotels sorted by number of rooms	For the Quarter Ended December 31, 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	$	24,359	$	1,342	$	(269)	$	3,162	$	643	$	4,878	20.0%
2	Boston Park Plaza		17,193		(1,838)		—		4,481		—		2,643	15.4%
3	Hyatt Regency San Francisco		12,124		(4,277)		—		3,199		—		(1,078)	(8.9)%
4	Renaissance Washington DC		7,067		(3,436)		(94)		2,040		—		(1,490)	(21.1)%
5	Renaissance Orlando at SeaWorld®		12,045		340		(6)		2,168		—		2,502	20.8%
6	Wailea Beach Resort		33,700		10,602		1		4,054		—		14,657	43.5%
7	JW Marriott New Orleans		6,419		(1,184)		831		1,604		845		2,096	32.7%
8	Marriott Boston Long Wharf		9,932		(163)		(29)		2,806		—		2,614	26.3%
9	Renaissance Long Beach		5,326		794		(126)		768		—		1,436	27.0%
10	Embassy Suites Chicago		4,359		(30)		—		752		—		722	16.6%
11	Hilton Garden Inn Chicago Downtown/Magnificent Mile		2,824		(674)		6		576		—		(92)	(3.3)%
12	The Bidwell Marriott Portland		1,826		(547)		—		807		—		260	14.2%
13	Hilton New Orleans St. Charles		2,304		(1,704)		1,753		612		—		661	28.7%
14	Oceans Edge Resort & Marina		7,136		2,157		—		891		—		3,048	42.7%
15	Montage Healdsburg		14,236		251		—		2,252		—		2,503	17.6%
16	Four Seasons Resort Napa Valley		2,852		(426)		—		426		—		—	0.0%

	16 Hotel Portfolio (2)		163,702		1,207		2,067		30,598		1,488		35,360	21.6%

	Less: Non-comparable Hotels (3)
	Montage Healdsburg		(14,236)		(251)		—		(2,252)		—		(2,503)	17.6%
	Four Seasons Resort Napa Valley		(2,852)		426		—		(426)		—		—	0.0%

	14 Hotel Portfolio (4)		146,614		1,382		2,067		27,920		1,488		32,857	22.4%

	Add: Non-comparable Hotels (3)
	Montage Healdsburg		14,236		251		—		2,252		—		2,503	17.6%
	Four Seasons Resort Napa Valley		2,852		(426)		—		426		—		—	0.0%

	Add: Held for Sale/Sold/Disposed Hotels (5)		8,701		(1,349)		(351)		1,743		761		804	9.2%

	Actual Portfolio (6)	$	172,403	$	(142)	$	1,716	$	32,341	$	2,249	$	36,164	21.0%

*Footnotes on pages 56 and 57


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 53


	Supplemental Financial Information February 22, 2022

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q4 2020


	Hotels sorted by number of rooms	For the Quarter Ended December 31, 2020
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
		Total		Net Income /		Other						Hotel Adjusted		Adjusted EBITDAre
		Revenues		(Loss)		Adjustments(1b)		Depreciation		Interest Expense		EBITDAre (7)		Margins (7)
1	Hilton San Diego Bayfront	$	7,564	$	(5,528)	$	(467)	$	3,241	$	896	$	(1,858)	(24.6)%
2	Boston Park Plaza		3,245		(6,638)		—		4,518		—		(2,120)	(65.3)%
3	Hyatt Regency San Francisco		2,086		(6,934)		(169)		3,269		—		(3,834)	(183.8)%
4	Renaissance Washington DC		527		(6,100)		637		1,898		1,615		(1,950)	(370.0)%
5	Renaissance Orlando at SeaWorld®		1,856		(4,063)		8		2,423		—		(1,632)	(87.9)%
6	Wailea Beach Resort		4,780		(4,072)		(204)		4,068		—		(208)	(4.4)%
7	JW Marriott New Orleans		2,297		(2,576)		(21)		1,613		866		(118)	(5.1)%
8	Marriott Boston Long Wharf		1,363		(4,310)		(103)		2,780		—		(1,633)	(119.8)%
9	Renaissance Long Beach		1,180		(1,318)		(28)		940		—		(406)	(34.4)%
10	Embassy Suites Chicago		609		(1,089)		(56)		760		—		(385)	(63.2)%
11	Hilton Garden Inn Chicago Downtown/Magnificent Mile		171		(1,064)		(12)		669		—		(407)	(238.0)%
12	The Bidwell Marriott Portland		137		(1,881)		(16)		870		—		(1,027)	(749.6)%
13	Hilton New Orleans St. Charles		734		(927)		(5)		621		—		(311)	(42.4)%
14	Oceans Edge Resort & Marina		3,354		85		—		882		—		967	28.8%

	14 Hotel Portfolio (4)		29,903		(46,415)		(436)		28,552		3,377		(14,922)	(49.9)%

	Add: Held for Sale/Sold/Disposed Hotels (5)		3,674		(14,188)		1,451		3,949		1,789		(6,999)	(190.5)%

	Actual Portfolio (6)	$	33,577	$	(60,603)	$	1,015	$	32,501	$	5,166	$	(21,921)	(65.3)%

*Footnotes on pages 56 and 57


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 54


	Supplemental Financial Information February 22, 2022

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q4 2019


	Hotels sorted by number of rooms	For the Quarter Ended December 31, 2019
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
		Total				Other						Hotel Adjusted		Adjusted EBITDAre
		Revenues		Net Income		Adjustments (1c)		Depreciation		Interest Expense		EBITDAre (7)		Margins (7)
1	Hilton San Diego Bayfront	$	34,249	$	3,958	$	(289)	$	3,210	$	1,908	$	8,787	25.7%
2	Boston Park Plaza		25,458		2,958		—		4,516		—		7,474	29.4%
3	Hyatt Regency San Francisco		31,798		4,797		370		3,196		—		8,363	26.3%
4	Renaissance Washington DC		20,358		2,191		—		2,105		1,680		5,976	29.4%
5	Renaissance Orlando at SeaWorld®		21,113		4,862		—		2,601		—		7,463	35.3%
6	Wailea Beach Resort		31,502		8,488		—		3,936		—		12,424	39.4%
7	JW Marriott New Orleans		10,680		1,996		2		1,599		885		4,482	42.0%
8	Marriott Boston Long Wharf		14,973		2,717		—		2,738		—		5,455	36.4%
9	Renaissance Long Beach		6,698		760		—		987		—		1,747	26.1%
10	Embassy Suites Chicago		6,682		1,184		(5)		744		—		1,923	28.8%
11	Hilton Garden Inn Chicago Downtown/Magnificent Mile		5,322		789		(41)		670		—		1,418	26.6%
12	The Bidwell Marriott Portland		2,980		358		—		404		—		762	25.6%
13	Hilton New Orleans St. Charles		3,072		92		—		637		—		729	23.7%
14	Oceans Edge Resort & Marina		4,826		628		—		807		—		1,435	29.7%

	14 Hotel Portfolio (4)		219,711		35,778		37		28,150		4,473		68,438	31.1%

	Add: Held for Sale/Sold/Disposed Hotels (5)		53,219		1,021		(416)		8,858		2,262		11,725	22.0%

	Actual Portfolio (6)	$	272,930	$	36,799	$	(379)	$	37,008	$	6,735	$	80,163	29.4%

*Footnotes on pages 56 and 57


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 55


	Supplemental Financial Information February 22, 2022

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q4 2021/2020/2019 Footnotes

(In thousands)

(1)	Other Adjustments include:

Other Adjustments of $1,716 for the fourth quarter of 2021 include: Hilton San Diego Bayfront $(269), including $(290) amortization of the operating lease right-of-use assets and liabilities and $21 lawsuit settlement costs; Renaissance Washington DC $(94) COVID-19-related severance accrual adjustment; Renaissance Orlando at SeaWorld® $(6) COVID-19-related severance accrual adjustment; Wailea Beach Resort $1 COVID-19-related severance; JW Marriott New Orleans $831, including $2 amortization of the operating lease right-of-use assets and liabilities, $859 Hurricane Ida-related losses and $(30) COVID-19-related severance accrual adjustment; Marriott Boston Long Wharf $(29) COVID-19-related severance accrual adjustment; Renaissance Long Beach $(126) COVID-19-related severance accrual adjustment; Hilton Garden Inn Chicago Downtown/Magnificent Mile $6 amortization of the operating lease right-of-use assets and liabilities; Hilton New Orleans St. Charles $1,753 Hurricane Ida-related losses; and Held for Sale/Sold/Disposed Hotels $(351) finance lease obligation - cash ground rent.

Other Adjustments of $1,015 for the fourth quarter of 2020 include: Hilton San Diego Bayfront $(467), including $(290) amortization of the operating lease right-of-use assets and liabilities and $(177) credit card merchant class action settlement proceeds; Hyatt Regency San Francisco $(169), including $4 COVID-19-related severance and $(173) credit card merchant class action settlement proceeds; Renaissance Washington DC $637, including $752 COVID-19-related severance and $(115) credit card merchant class action settlement proceeds; Renaissance Orlando at SeaWorld® $8, including $94 COVID-19-related severance and $(86) credit card merchant class action settlement proceeds; Wailea Beach Resort $(204), including $(120) COVID-19-related severance accrual adjustment and $(84) credit card merchant class action settlement proceeds; JW Marriott New Orleans $(21), including $3 amortization of the operating lease right-of-use assets and liabilities, $27 COVID-19-related severance and $(51) credit card merchant class action settlement proceeds; Marriott Boston Long Wharf $(103), including $(28) COVID-19-related severance accrual adjustment and $(75) credit card merchant class action settlement proceeds; Renaissance Long Beach $(28), including $(9) prior year property tax credit, $15 COVID-19-related severance and $(34) credit card merchant class action settlement proceeds; Embassy Suites Chicago $(56) credit card merchant class action settlement proceeds; Hilton Garden Inn Chicago Downtown/Magnificent Mile $(12), including $8 amortization of the operating lease right-of-use assets and liabilities and $(20) credit card merchant class action settlement proceeds; The Bidwell Marriott Portland $(16) credit card merchant class action settlement proceeds; Hilton New Orleans St. Charles $(5), including $2 COVID-19-related severance and $(7) credit card merchant class action settlement proceeds; and Held for Sale/Sold/Disposed Hotels $1,451, including $(9) amortization of the operating lease right-of-use assets and liabilities, $(351) finance lease obligation interest - cash ground rent, $(481) prior year property tax credit, $2,335 COVID-19-related severance, $109 legal fees and $(152) credit card merchant class action settlement proceeds.

Other Adjustments of $(379) for the fourth quarter of 2019 include: Hilton San Diego Bayfront $(289) amortization of the operating lease right-of-use assets and liabilities; Hyatt Regency San Francisco $370 taxes assessed on commercial rents; JW Marriott New Orleans $2 amortization of the operating lease right-of-use assets and liabilities; Embassy Suites Chicago $(5) prior year property tax credit; Hilton Garden Inn Chicago Downtown/Magnificent Mile $(41), including $9 amortization of the operating lease right-of-use assets and liabilities and $(50) prior year property tax credit; and Held for Sale/Sold/Disposed Hotels $(416), including $57 amortization of the operating lease right-of-use assets and liabilities, $(407) finance lease obligation interest - cash ground rent and $(66) prior year property tax credit.

(2)	16 Hotel Portfolio includes all hotels owned by the Company as of December 31, 2021, except the Hyatt Centric Chicago Magnificent Mile, which was considered held for sale due to its sale in February 2022.

(3)


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 56


	Supplemental Financial Information February 22, 2022

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q4 2021/2020/2019 Footnotes (continued)

(In thousands)

(4)	14 Hotel Portfolio includes the same hotels owned during the fourth quarters of 2021, 2020 and 2019, except the Hyatt Centric Chicago Magnificent Mile, which was considered held for sale due to its sale in February 2022.

(5)

Held for Sale/Sold/Disposed Hotels for the fourth quarter of 2021 includes results for the Hyatt Centric Chicago Magnificent Mile considered held for sale as of December 31, 2021 due to its sale in February 2022, along with the Embassy Suites La Jolla and the Renaissance Westchester, sold in December 2021 and October 2021, respectively. Held for Sale/Sold/Disposed Hotels for the fourth quarter of 2020 also includes results for 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 the fourth quarter of 2019 also includes results for the Renaissance Harborplace and the Courtyard by Marriott Los Angeles, sold in July 2020 and October 2019, respectively.

(6)	Actual Portfolio includes results for 19 hotels, 19 hotels and 21 hotels owned by the Company during the quarters ended December 31, 2021, 2020 and 2019, respectively.

(7)

Both Hotel Adjusted EBITDAre and Hotel Adjusted EBITDAre Margins are presented excluding any prior year property tax assessments and credits, net of any appeal fees. In the fourth quarter of 2020, a total of $(490) in prior year property tax credits were received at the Renaissance Long Beach and the Held for Sale/Sold/Disposed hotels. In the fourth quarter of 2019, a total of $(121) in prior year property tax credits were received at the Embassy Suites Chicago, the Hilton Garden Inn Chicago Downtown/Magnificent Mile and the Held for Sale/Sold/Disposed Hotels.


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 57


	Supplemental Financial Information February 22, 2022

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

October 2021


	Hotels sorted by number of rooms	For the Month of October 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	$	8,131	$	959	$	(75)	$	1,054	$	209	$	2,147	26.4%
2	Boston Park Plaza		7,664		684		—		1,495		—		2,179	28.4%
3	Hyatt Regency San Francisco		4,409		(1,043)		—		1,065		—		22	0.5%
4	Renaissance Washington DC		2,026		(1,157)		—		622		—		(535)	(26.4)%
5	Renaissance Orlando at SeaWorld®		3,722		48		—		722		—		770	20.7%
6	Wailea Beach Resort		9,386		2,360		—		1,347		—		3,707	39.5%
7	JW Marriott New Orleans		1,945		(228)		18		535		285		610	31.4%
8	Marriott Boston Long Wharf		4,130		698		—		932		—		1,630	39.5%
9	Renaissance Long Beach		1,927		316		—		256		—		572	29.7%
10	Embassy Suites Chicago		1,657		227		—		251		—		478	28.8%
11	Hilton Garden Inn Chicago Downtown/Magnificent Mile		1,229		—		2		192		—		194	15.8%
12	The Bidwell Marriott Portland		599		(121)		—		269		—		148	24.7%
13	Hilton New Orleans St. Charles		861		(1,038)		1,100		204		—		266	30.9%
14	Oceans Edge Resort & Marina		1,725		133		—		297		—		430	24.9%
15	Montage Healdsburg		6,270		1,202		—		748		—		1,950	31.1%
16	Four Seasons Resort Napa Valley		—		—		—		—		—		—	0.0%

	16 Hotel Portfolio (2)		55,681		3,040		1,045		9,989		494		14,568	26.2%

	Less: Non-comparable Hotels (3)
	Montage Healdsburg		(6,270)		(1,202)		—		(748)		—		(1,950)	31.1%
	Four Seasons Resort Napa Valley		—		—		—		—		—		—	0.0%

	14 Hotel Portfolio (4)		49,411		1,838		1,045		9,241		494		12,618	25.5%

	Add: Non-comparable Hotels (3)
	Montage Healdsburg		6,270		1,202		—		748		—		1,950	31.1%
	Four Seasons Resort Napa Valley		—		—		—		—		—		—	0.0%

	Add: Held for Sale/Sold/Disposed Hotels (5)		3,764		(339)		(117)		682		322		548	14.6%

	Actual Portfolio (6)	$	59,445	$	2,701	$	928	$	10,671	$	816	$	15,116	25.4%

*Footnotes on page 61


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 58


	Supplemental Financial Information February 22, 2022

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

October 2020


	Hotels sorted by number of rooms	For the Month of October 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	$	2,217	$	(1,970)	$	(273)	$	1,081	$	323	$	(839)	(37.8)%
2	Boston Park Plaza		1,372		(2,442)		—		1,507		—		(935)	(68.1)%
3	Hyatt Regency San Francisco		953		(2,181)		—		1,094		—		(1,087)	(114.1)%
4	Renaissance Washington DC		171		(2,150)		—		635		546		(969)	(566.7)%
5	Renaissance Orlando at SeaWorld®		511		(1,518)		—		834		—		(684)	(133.9)%
6	Wailea Beach Resort		26		(2,350)		3		1,354		—		(993)	(3,819.2)%
7	JW Marriott New Orleans		776		(842)		1		538		292		(11)	(1.4)%
8	Marriott Boston Long Wharf		740		(1,467)		(27)		927		—		(567)	(76.6)%
9	Renaissance Long Beach		633		(379)		—		313		—		(66)	(10.4)%
10	Embassy Suites Chicago		260		(693)		—		254		—		(439)	(168.8)%
11	Hilton Garden Inn Chicago Downtown/Magnificent Mile		52		(665)		3		223		—		(439)	(844.2)%
12	The Bidwell Marriott Portland		39		(567)		—		230		—		(337)	(864.1)%
13	Hilton New Orleans St. Charles		318		(311)		—		207		—		(104)	(32.7)%
14	Oceans Edge Resort & Marina		773		(269)		—		294		—		25	3.2%

	14 Hotel Portfolio (4)		8,841		(17,804)		(293)		9,491		1,161		(7,445)	(84.2)%

	Add: Held for Sale/Sold/Disposed Hotels (5)		1,717		(7,493)		2,038		1,534		1,019		(2,902)	(169.0)%

	Actual Portfolio (6)	$	10,558	$	(25,297)	$	1,745	$	11,025	$	2,180	$	(10,347)	(98.0)%

*Footnotes on page 61


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 59


	Supplemental Financial Information February 22, 2022

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

October 2019


	Hotels sorted by number of rooms	For the Month of October 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	$	13,227	$	2,959	$	(97)	$	1,070	$	664	$	4,596	34.7%
2	Boston Park Plaza		11,553		3,290		—		1,500		—		4,790	41.5%
3	Hyatt Regency San Francisco		12,508		2,777		136		1,059		—		3,972	31.8%
4	Renaissance Washington DC		9,252		2,399		—		717		561		3,677	39.7%
5	Renaissance Orlando at SeaWorld®		7,165		1,750		—		867		—		2,617	36.5%
6	Wailea Beach Resort		9,408		1,994		—		1,310		—		3,304	35.1%
7	JW Marriott New Orleans		4,281		1,164		1		527		299		1,991	46.5%
8	Marriott Boston Long Wharf		6,535		2,148		—		911		—		3,059	46.8%
9	Renaissance Long Beach		2,600		385		—		328		—		713	27.4%
10	Embassy Suites Chicago		2,946		958		—		249		—		1,207	41.0%
11	Hilton Garden Inn Chicago Downtown/Magnificent Mile		2,515		820		3		223		—		1,046	41.6%
12	The Bidwell Marriott Portland		1,505		487		—		135		—		622	41.3%
13	Hilton New Orleans St. Charles		1,179		133		—		212		—		345	29.3%
14	Oceans Edge Resort & Marina		1,257		(34)		—		265		—		231	18.4%

	14 Hotel Portfolio (4)		85,931		21,230		43		9,373		1,524		32,170	37.4%

	Add: Held for Sale/Sold/Disposed Hotels (5)		20,790		2,362		(153)		2,956		807		5,972	28.7%

	Actual Portfolio (6)	$	106,721	$	23,592	$	(110)	$	12,329	$	2,331	$	38,142	35.7%

*Footnotes on page 61


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 60


	Supplemental Financial Information February 22, 2022

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

October 2021/2020/2019 Footnotes

(In thousands)

(1)	Other Adjustments include:

Other Adjustments of $928 for October 2021 include: Hilton San Diego Bayfront $(75), including $(96) amortization of the operating lease right-of-use assets and liabilities and $21 lawsuit settlement cost; JW Marriott New Orleans $18 Hurricane Ida-related losses; Hilton Garden Inn Chicago Downtown/Magnificent Mile $2 amortization of the operating lease right-of-use assets and liabilities; Hilton New Orleans St. Charles $1,100 Hurricane Ida-related losses; and Held for Sale/Sold/Disposed Hotels $(117) finance lease obligation interest - cash ground rent.

Other Adjustments of $1,745 for October 2020 include: Hilton San Diego Bayfront $(273), including $(96) amortization of the operating lease right-of-use assets and liabilities and $(177) credit card merchant class action settlement proceeds; Wailea Beach Resort $3 COVID-19-related severance; JW Marriott New Orleans $1 amortization of the operating lease right-of-use assets and liabilities; Marriott Boston Long Wharf $(27) COVID-19-related severance accrual adjustment; 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 $2,038, including $(3) amortization of the operating lease right-of-use assets and liabilities, $(117) finance lease obligation interest - cash ground rent, $2,210 COVID-19-related severance and $(52) credit card merchant class action settlement proceeds.

Other Adjustments of $(110) for October 2019 include: Hilton San Diego Bayfront $(97) amortization of the operating lease right-of-use assets and liabilities; Hyatt Regency San Francisco $136 taxes assessed on commercial rents; JW Marriott New Orleans $1 amortization of the operating lease right-of-use assets and liabilities; 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 $(153), including $20 amortization of the operating lease right-of-use assets and liabilities and $(173) finance lease obligation interest - cash ground rent.

(2)	16 Hotel Portfolio includes all hotels owned by the Company as of December 31, 2021, except the Hyatt Centric Chicago Magnificent Mile, which was considered held for sale due to its sale in February 2022.

(3)

(4)	14 Hotel Portfolio includes the same hotels owned during October 2021, 2020 and 2019, except the Hyatt Centric Chicago Magnificent Mile, which was considered held for sale due to its sale in February 2022.

(5)

Held for Sale/Sold/Disposed Hotels for October 2021 includes results for the Hyatt Centric Chicago Magnificent Mile considered held for sale as of December 31, 2021 due to its sale in February 2022, along with the Embassy Suites La Jolla and the Renaissance Westchester, sold in December 2021 and October 2021, respectively. Held for Sale/Sold/Disposed Hotels for October 2020 also includes results for 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 October 2019 also includes results for the Renaissance Harborplace and the Courtyard by Marriott Los Angeles, sold in July 2020 and October 2019, respectively.

(6)	Actual Portfolio includes results for 18 hotels, 19 hotels and 21 hotels owned by the Company during the months ended October 31, 2021, 2020 and 2019, respectively.


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 61


	Supplemental Financial Information February 22, 2022

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

November 2021


	Hotels sorted by number of rooms	For the Month of November 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	$	8,009	$	286	$	(97)	$	1,054	$	209	$	1,452	18.1%
2	Boston Park Plaza		5,534		(909)		—		1,484		—		575	10.4%
3	Hyatt Regency San Francisco		3,797		(1,493)		—		1,064		—		(429)	(11.3)%
4	Renaissance Washington DC		3,415		(563)		—		701		—		138	4.0%
5	Renaissance Orlando at SeaWorld®		3,380		(246)		—		722		—		476	14.1%
6	Wailea Beach Resort		9,637		2,482		—		1,354		—		3,836	39.8%
7	JW Marriott New Orleans		2,275		(718)		689		533		276		780	34.3%
8	Marriott Boston Long Wharf		2,995		(374)		—		936		—		562	18.8%
9	Renaissance Long Beach		1,787		456		—		256		—		712	39.8%
10	Embassy Suites Chicago		1,321		(109)		—		251		—		142	10.7%
11	Hilton Garden Inn Chicago Downtown/Magnificent Mile		837		(290)		2		192		—		(96)	(11.5)%
12	The Bidwell Marriott Portland		647		(216)		—		269		—		53	8.2%
13	Hilton New Orleans St. Charles		805		(10)		34		205		—		229	28.4%
14	Oceans Edge Resort & Marina		2,271		580		—		297		—		877	38.6%
15	Montage Healdsburg		4,692		25		—		751		—		776	16.5%
16	Four Seasons Resort Napa Valley		—		—		—		—		—		—	0.0%

	16 Hotel Portfolio (2)		51,402		(1,099)		628		10,069		485		10,083	19.6%

	Less: Non-comparable Hotels (3)
	Montage Healdsburg		(4,692)		(25)		—		(751)		—		(776)	16.5%
	Four Seasons Resort Napa Valley		—		—		—		—		—		—	0.0%

	14 Hotel Portfolio (4)		46,710		(1,124)		628		9,318		485		9,307	19.9%

	Add: Non-comparable Hotels (3)
	Montage Healdsburg		4,692		25		—		751		—		776	16.5%
	Four Seasons Resort Napa Valley		—		—		—		—		—		—	0.0%

	Add: Held for Sale/Sold/Disposed Hotels (5)		3,356		(356)		(117)		681		315		523	15.6%

	Actual Portfolio (6)	$	54,758	$	(1,455)	$	511	$	10,750	$	800	$	10,606	19.4%

*Footnotes on page 65


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 62


	Supplemental Financial Information February 22, 2022

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

November 2020


	Hotels sorted by number of rooms	For the Month of November 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	$	3,301	$	(1,791)	$	(97)	$	1,080	$	319	$	(489)	(14.8)%
2	Boston Park Plaza		1,019		(2,709)		—		1,506		—		(1,203)	(118.1)%
3	Hyatt Regency San Francisco		627		(2,500)		4		1,093		—		(1,403)	(223.8)%
4	Renaissance Washington DC		180		(1,896)		(115)		635		544		(832)	(462.2)%
5	Renaissance Orlando at SeaWorld®		587		(1,385)		39		835		—		(511)	(87.1)%
6	Wailea Beach Resort		2,040		(1,134)		(215)		1,357		—		8	0.4%
7	JW Marriott New Orleans		1,009		(669)		(50)		537		282		100	9.9%
8	Marriott Boston Long Wharf		330		(1,589)		(76)		926		—		(739)	(223.9)%
9	Renaissance Long Beach		382		(355)		(19)		313		—		(61)	(16.0)%
10	Embassy Suites Chicago		166		(730)		—		254		—		(476)	(286.7)%
11	Hilton Garden Inn Chicago Downtown/Magnificent Mile		59		(649)		3		223		—		(423)	(716.9)%
12	The Bidwell Marriott Portland		37		(587)		(16)		268		—		(335)	(905.4)%
13	Hilton New Orleans St. Charles		232		(286)		(6)		207		—		(85)	(36.6)%
14	Oceans Edge Resort & Marina		991		(100)		—		294		—		194	19.6%

	14 Hotel Portfolio (4)		10,960		(16,380)		(548)		9,528		1,145		(6,255)	(57.1)%

	Add: Held for Sale/Sold/Disposed Hotels (5)		1,261		(4,929)		(159)		1,523		401		(3,164)	(250.9)%

	Actual Portfolio (6)	$	12,221	$	(21,309)	$	(707)	$	11,051	$	1,546	$	(9,419)	(77.1)%

*Footnotes on page 65


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 63


	Supplemental Financial Information February 22, 2022

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

November 2019


	Hotels sorted by number of rooms	For the Month of November 2019
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
		Total		Net Income /		Other						Hotel Adjusted		Adjusted EBITDAre
		Revenues		(Loss)		Adjustments (1c)		Depreciation		Interest Expense		EBITDAre (7)		Margins (7)
1	Hilton San Diego Bayfront	$	11,634	$	1,439	$	(97)	$	1,068	$	619	$	3,029	26.0%
2	Boston Park Plaza		7,466		165		—		1,506		—		1,671	22.4%
3	Hyatt Regency San Francisco		11,057		1,858		100		1,066		—		3,024	27.3%
4	Renaissance Washington DC		6,594		651		—		691		560		1,902	28.8%
5	Renaissance Orlando at SeaWorld®		6,332		1,299		—		868		—		2,167	34.2%
6	Wailea Beach Resort		9,194		2,186		—		1,313		—		3,499	38.1%
7	JW Marriott New Orleans		3,513		603		1		530		289		1,423	40.5%
8	Marriott Boston Long Wharf		4,532		466		—		912		—		1,378	30.4%
9	Renaissance Long Beach		2,232		340		—		330		—		670	30.0%
10	Embassy Suites Chicago		2,076		237		(5)		249		—		481	23.2%
11	Hilton Garden Inn Chicago Downtown/Magnificent Mile		1,595		73		3		223		—		299	18.7%
12	The Bidwell Marriott Portland		1,028		136		—		135		—		271	26.4%
13	Hilton New Orleans St. Charles		1,064		76		—		213		—		289	27.2%
14	Oceans Edge Resort & Marina		1,532		148		—		268		—		416	27.2%

	14 Hotel Portfolio (4)		69,849		9,677		2		9,372		1,468		20,519	29.4%

	Add: Held for Sale/Sold/Disposed Hotels (5)		16,895		(248)		(98)		2,948		718		3,320	19.7%

	Actual Portfolio (6)	$	86,744	$	9,429	$	(96)	$	12,320	$	2,186	$	23,839	27.5%

*Footnotes on page 65


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 64


	Supplemental Financial Information February 22, 2022

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

November 2021/2020/2019 Footnotes

(In thousands)

(1)	Other Adjustments include:

Other Adjustments of $511 for November 2021 include: Hilton San Diego Bayfront $(97) amortization of the operating lease right-of-use assets and liabilities; JW Marriott New Orleans $689, including $1 amortization of operating lease right-of-use assets and liabilities and $688 Hurricane Ida-related losses; Hilton Garden Inn Chicago Downtown/Magnificent Mile $2 amortization of the operating lease right-of-use assets and liabilities; Hilton New Orleans St Charles $34 Hurricane Ida-related losses; and Held for Sale/Sold/Disposed Hotels $(117) finance lease obligation - cash ground rent.

Other Adjustments of $(707) for November 2020 include: Hilton San Diego Bayfront $(97) amortization of the operating lease right-of-use assets and liabilities; Hyatt Regency San Francisco $4 COVID-19-related severance; Renaissance Washington DC $(115) credit card merchant class action settlement proceeds; Renaissance Orlando at SeaWorld® $39, including $125 COVID-19-related severance and $(86) credit card merchant class action settlement proceeds; Wailea Beach Resort $(215), including $(131) COVID-19-related severance accrual adjustment and $(84) credit card merchant class action settlement proceeds; JW Marriott New Orleans $(50), including $1 amortization of the operating lease right-of-use assets and liabilities and $(51) credit card merchant class action settlement proceeds; Marriott Boston Long Wharf $(76), including $(1) COVID-19-related severance accrual adjustment and $(75) credit card merchant class action settlement proceeds; Renaissance Long Beach $(19), including $15 COVID-19-related severance and $(34) credit card merchant class action settlement proceeds; Hilton Garden Inn Chicago Downtown/Magnificent Mile $3 amortization of the operating lease right-of-use assets and liabilities; The Bidwell Marriott Portland $(16) credit card merchant class action settlement proceeds; Hilton New Orleans St. Charles $(6), including $1 COVID-19-related severance and $(7) credit card merchant class action settlement proceeds; and Held for Sale/Sold/Disposed Hotels $(159), including $(3) amortization of the operating lease right-of-use assets and liabilities, $(117) finance lease obligation - cash ground rent, $3 COVID-19-related severance, $58 legal fees and $(100) credit card merchant class action settlement proceeds.

Other Adjustments of $(96) for November 2019 include: Hilton San Diego Bayfront $(97) amortization of the operating lease right-of-use assets and liabilities; Hyatt Regency San Francisco $100 taxes assessed on commercial rents; JW Marriott New Orleans $1 amortization of the operating lease right-of-use assets and liabilities; Embassy Suites Chicago $(5) prior year property tax credit; 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 $(98), including $19 amortization of the operating lease right-of-use assets and liabilities and $(117) finance lease obligation interest - cash ground rent.

(2)	16 Hotel Portfolio includes all hotels owned by the Company as of December 31, 2021, except the Hyatt Centric Chicago Magnificent Mile, which was considered held for sale due to its sale in February 2022.

(3)

(4)	14 Hotel Portfolio includes the same hotels owned during November 2021, 2020 and 2019, except the Hyatt Centric Chicago Magnificent Mile, which was considered held for sale due to its sale in February 2022.

(5)

Held for Sale/Sold/Disposed Hotels for November 2021 includes results for the Hyatt Centric Chicago Magnificent Mile considered held for sale as of December 31, 2021 due to its sale in February 2022 and the Embassy Suites La Jolla, sold in December 2021. Held for Sale/Sold/Disposed Hotels for November 2020 also includes results for the Renaissance Westchester and the Renaissance Los Angeles Airport, sold in October 2021 and December 2020, respectively, and the Hilton Times Square, assigned to its mortgage holder in December 2020. Held for Sale/Sold/Disposed Hotels for November 2019 also includes results for the Renaissance Harborplace, sold in July 2020.

(6)	Actual Portfolio includes results for 17 hotels, 19 hotels and 20 hotels owned by the Company during the months ended November 30, 2021, 2020 and 2019, respectively.

(7)	Both Hotel Adjusted EBITDAre and Hotel Adjusted EBITDAre Margins are presented excluding any prior year property tax assessments and credits, net of any appeal fees. In November 2019 a $(5) prior year property tax credit was received at the Embassy Suites Chicago.


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 65


	Supplemental Financial Information February 22, 2022

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

December 2021


	Hotels sorted by number of rooms	For the Month of December 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	$	8,219	$	97	$	(97)	$	1,054	$	225	$	1,279	15.6%
2	Boston Park Plaza		3,995		(1,613)		—		1,502		—		(111)	(2.8)%
3	Hyatt Regency San Francisco		3,918		(1,741)		—		1,070		—		(671)	(17.1)%
4	Renaissance Washington DC		1,626		(1,716)		(94)		717		—		(1,093)	(67.2)%
5	Renaissance Orlando at SeaWorld®		4,943		538		(6)		724		—		1,256	25.4%
6	Wailea Beach Resort		14,677		5,760		1		1,353		—		7,114	48.5%
7	JW Marriott New Orleans		2,199		(238)		124		536		284		706	32.1%
8	Marriott Boston Long Wharf		2,807		(487)		(29)		938		—		422	15.0%
9	Renaissance Long Beach		1,612		22		(126)		256		—		152	9.4%
10	Embassy Suites Chicago		1,381		(148)		—		250		—		102	7.4%
11	Hilton Garden Inn Chicago Downtown/Magnificent Mile		758		(384)		2		192		—		(190)	(25.1)%
12	The Bidwell Marriott Portland		580		(210)		—		269		—		59	10.2%
13	Hilton New Orleans St. Charles		638		(656)		619		203		—		166	26.0%
14	Oceans Edge Resort & Marina		3,140		1,444		—		297		—		1,741	55.4%
15	Montage Healdsburg		3,274		(976)		—		753		—		(223)	(6.8)%
16	Four Seasons Resort Napa Valley		2,852		(426)		—		426		—		—	0.0%

	16 Hotel Portfolio (2)		56,619		(734)		394		10,540		509		10,709	18.9%

	Less: Non-comparable Hotels (3)
	Montage Healdsburg		(3,274)		976		—		(753)		—		223	(6.8)%
	Four Seasons Resort Napa Valley		(2,852)		426		—		(426)		—		—	0.0%

	14 Hotel Portfolio (4)		50,493		668		394		9,361		509		10,932	21.7%

	Add: Non-comparable Hotels (3)
	Montage Healdsburg		3,274		(976)		—		753		—		(223)	(6.8)%
	Four Seasons Resort Napa Valley		2,852		(426)		—		426		—		—	0.0%

	Add: Held for Sale/Sold/Disposed Hotels (5)		1,581		(654)		(117)		380		124		(267)	(16.9)%

	Actual Portfolio (6)	$	58,200	$	(1,388)	$	277	$	10,920	$	633	$	10,442	17.9%

*Footnotes on pages 69 and 70


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 66


	Supplemental Financial Information February 22, 2022

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

December 2020


	Hotels sorted by number of rooms	For the Month of December 2020
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
		Total		Net Income /		Other						Hotel Adjusted		Adjusted EBITDAre
		Revenues		(Loss)		Adjustments(1b)		Depreciation		Interest Expense		EBITDAre (7)		Margins (7)
1	Hilton San Diego Bayfront	$	2,046	$	(1,767)	$	(97)	$	1,080	$	254	$	(530)	(25.9)%
2	Boston Park Plaza		854		(1,487)		—		1,505		—		18	2.1%
3	Hyatt Regency San Francisco		506		(2,253)		(173)		1,082		—		(1,344)	(265.6)%
4	Renaissance Washington DC		176		(2,054)		752		628		525		(149)	(84.7)%
5	Renaissance Orlando at SeaWorld®		758		(1,160)		(31)		754		—		(437)	(57.7)%
6	Wailea Beach Resort		2,714		(588)		8		1,357		—		777	28.6%
7	JW Marriott New Orleans		512		(1,065)		28		538		292		(207)	(40.4)%
8	Marriott Boston Long Wharf		293		(1,254)		—		927		—		(327)	(111.6)%
9	Renaissance Long Beach		165		(584)		(9)		314		—		(279)	(169.1)%
10	Embassy Suites Chicago		183		334		(56)		252		—		530	289.6%
11	Hilton Garden Inn Chicago Downtown/Magnificent Mile		60		250		(18)		223		—		455	758.3%
12	The Bidwell Marriott Portland		61		(727)		—		372		—		(355)	(582.0)%
13	Hilton New Orleans St. Charles		184		(330)		1		207		—		(122)	(66.3)%
14	Oceans Edge Resort & Marina		1,590		454		—		294		—		748	47.0%

	14 Hotel Portfolio (4)		10,102		(12,231)		405		9,533		1,071		(1,222)	(12.1)%

	Add: Held for Sale/Sold/Disposed Hotels (5)		696		(1,766)		(428)		892		369		(933)	(134.1)%

	Actual Portfolio (6)	$	10,798	$	(13,997)	$	(23)	$	10,425	$	1,440	$	(2,155)	(20.0)%

*Footnotes on pages 69 and 70


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 67


	Supplemental Financial Information February 22, 2022

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

December 2019


	Hotels sorted by number of rooms	For the Month of December 2019
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
		Total		Net Income /		Other						Hotel Adjusted		Adjusted EBITDAre
		Revenues		(Loss)		Adjustments (1c)		Depreciation		Interest Expense		EBITDAre (7)		Margins (7)
1	Hilton San Diego Bayfront	$	9,388	$	(440)	$	(95)	$	1,072	$	625	$	1,162	12.4%
2	Boston Park Plaza		6,439		(497)		—		1,510		—		1,013	15.7%
3	Hyatt Regency San Francisco		8,233		162		134		1,071		—		1,367	16.6%
4	Renaissance Washington DC		4,512		(859)		—		697		559		397	8.8%
5	Renaissance Orlando at SeaWorld®		7,616		1,813		—		866		—		2,679	35.2%
6	Wailea Beach Resort		12,900		4,308		—		1,313		—		5,621	43.6%
7	JW Marriott New Orleans		2,886		229		—		542		297		1,068	37.0%
8	Marriott Boston Long Wharf		3,906		103		—		915		—		1,018	26.1%
9	Renaissance Long Beach		1,866		35		—		329		—		364	19.5%
10	Embassy Suites Chicago		1,660		(11)		—		246		—		235	14.2%
11	Hilton Garden Inn Chicago Downtown/Magnificent Mile		1,212		(104)		(47)		224		—		73	6.0%
12	The Bidwell Marriott Portland		447		(265)		—		134		—		(131)	(29.3)%
13	Hilton New Orleans St. Charles		829		(117)		—		212		—		95	11.5%
14	Oceans Edge Resort & Marina		2,037		514		—		274		—		788	38.7%

	14 Hotel Portfolio (4)		63,931		4,871		(8)		9,405		1,481		15,749	24.6%

	Add: Held for Sale/Sold/Disposed Hotels (5)		15,534		(1,093)		(165)		2,954		737		2,433	15.7%

	Actual Portfolio (6)	$	79,465	$	3,778	$	(173)	$	12,359	$	2,218	$	18,182	22.9%

*Footnotes on pages 69 and 70


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 68


	Supplemental Financial Information February 22, 2022

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

December 2021/2020/2019 Footnotes

(In thousands)

(1)	Other Adjustments include:

Other Adjustments of $277 for December 2021 include: Hilton San Diego Bayfront $(97) amortization of the operating lease right-of-use assets and liabilities; Renaissance Washington DC $(94) COVID-19-related severance accrual adjustment; Renaissance Orlando at SeaWorld® $(6) COVID-19-related severance accrual adjustment; Wailea Beach Resort $1 COVID-19-related severance; JW Marriott New Orleans $124, including $1 amortization of the operating lease right-of-use assets and liabilities, $153 Hurricane Ida-related losses and $(30) COVID-19-related severance accrual adjustment; Marriott Boston Long Wharf $(29) COVID-19-related severance accrual adjustment; Renaissance Long Beach $(126) 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; Hilton New Orleans St. Charles $619 Hurricane Ida-related losses; and Held for Sale/Sold/Disposed Hotels $(117) finance lease obligation - cash ground rent.

Other Adjustments of $(23) for December 2020 include: Hilton San Diego Bayfront $(97) amortization of the operating lease right-of-use assets and liabilities; Hyatt Regency San Francisco $(173) credit card merchant class action settlement proceeds; Renaissance Washington DC $752 COVID-19-related severance; Renaissance Orlando at SeaWorld® $(31) COVID-19-related severance accrual adjustment; Wailea Beach Resort $8 COVID-19-related severance; JW Marriott New Orleans $28, including $1 amortization of the operating lease right-of-use assets and liabilities and $27 COVID-19-related severance; Renaissance Long Beach $(9) prior year property tax credit; Embassy Suites Chicago $(56) credit card merchant class action settlement proceeds; Hilton Garden Inn Chicago Downtown/Magnificent Mile $(18), including $2 amortization of the operating lease right-of-use assets and liabilities and $(20) credit card merchant class action settlement proceeds; Hilton New Orleans St. Charles $1 COVID-19-related severance; and Held for Sale/Sold/Disposed Hotels $(428), including $(3) amortization of the operating lease right-of-use assets and liabilities, $(117) finance lease obligation interest - cash ground rent, $(481) prior year property tax credit, $122 COVID-19-related severance and $51 legal fees.

Other Adjustments of $(173) for December 2019 include: Hilton San Diego Bayfront $(95) amortization of the operating lease right-of-use assets and liabilities; Hyatt Regency San Francisco $134 taxes assessed on commercial rents; Hilton Garden Inn Chicago Downtown/Magnificent Mile $(47), including $3 amortization of the operating lease right-of-use assets and liabilities and $(50) prior year property tax credit; and Held for Sale/Sold/Disposed Hotels $(165), including $18 amortization of the operating lease right-of-use assets and liabilities, $(117) finance lease obligation interest - cash ground rent and $(66) prior year property tax credit.

(2)	16 Hotel Portfolio includes all hotels owned by the Company as of December 31, 2021, except the Hyatt Centric Chicago Magnificent Mile, which was considered held for sale due to its sale in February 2022.

(3)

(4)	14 Hotel Portfolio includes the same hotels owned during December 2021, 2020 and 2019, except the Hyatt Centric Chicago Magnificent Mile, which was considered held for sale due to its sale in February 2022.

(5)

Held for Sale/Sold/Disposed Hotels for December 2021 includes results for the Hyatt Centric Chicago Magnificent Mile considered held for sale as of December 31, 2021 due to its sale in February 2022 and the Embassy Suites La Jolla, sold in December 2021. Held for Sale/Sold/Disposed Hotels for December 2020 also includes results for the Renaissance Westchester and the Renaissance Los Angeles Airport, sold in October 2021 and December 2020, respectively, and the Hilton Times Square, assigned to its mortgage holder in December 2020. Held for Sale/Sold/Disposed Hotels for December 2019 also includes results for the Renaissance Harborplace, sold in July 2020.

Both Hotel Adjusted EBITDAre and Hotel Adjusted EBITDAre Margins are presented excluding any prior year property tax assessments and credits, net of any appeal fees. In December 2020, a total of $(490) in prior year property tax credits were received at the Renaissance Long Beach and the Held for Sale/Sold/Disposed Hotels. In December 2019, a total of $(116) in prior year property tax credits were received at the Hilton Garden Inn Chicago Downtown/Magnificent Mile and the Held for Sale/Sold/Disposed Hotels.
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 69


	Supplemental Financial Information February 22, 2022

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

December 2021/2020/2019 Footnotes (continued)

(In thousands)

(6)	Actual Portfolio includes results for 18 hotels, 19 hotels and 20 hotels owned by the Company during the months ended December 31, 2021, 2020 and 2019.

(7)

Both Hotel Adjusted EBITDAre and Hotel Adjusted EBITDAre Margins are presented excluding any prior year property tax assessments and credits, net of any appeal fees. In December 2020, a total of $(490) in prior year property tax credits were received at the Renaissance Long Beach and the Held for Sale/Sold/Disposed Hotels. In December 2019, a total of $(116) in prior year property tax credits were received at the Hilton Garden Inn Chicago Downtown/Magnificent Mile and the Held for Sale/Sold/Disposed Hotels.


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 70


	Supplemental Financial Information February 22, 2022

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

FY 2021


	Hotels sorted by number of rooms	For the Year Ended December 31, 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	$	67,799	$	(5,191)	$	(446)	$	12,790	$	2,645	$	9,798	14.5%
2	Boston Park Plaza		38,516		(21,170)		—		17,920		—		(3,250)	(8.4)%
3	Hyatt Regency San Francisco		28,252		(22,290)		—		12,842		—		(9,448)	(33.4)%
4	Renaissance Washington DC		22,959		(9,189)		(166)		7,671		—		(1,684)	(7.3)%
5	Renaissance Orlando at SeaWorld®		33,725		(5,434)		(6)		8,753		—		3,313	9.8%
6	Wailea Beach Resort		110,486		30,937		1		16,332		—		47,270	42.8%
7	JW Marriott New Orleans		19,133		(6,446)		1,260		6,432		3,385		4,631	24.2%
8	Marriott Boston Long Wharf		27,048		(7,197)		(29)		11,154		—		3,928	14.5%
9	Renaissance Long Beach		18,366		2,433		(132)		3,164		—		5,465	29.8%
10	Embassy Suites Chicago		12,618		(2,656)		189		3,016		—		549	4.4%
11	Hilton Garden Inn Chicago Downtown/Magnificent Mile		8,555		(3,404)		197		2,366		—		(841)	(9.8)%
12	The Bidwell Marriott Portland		5,100		(4,063)		—		3,232		—		(831)	(16.3)%
13	Hilton New Orleans St. Charles		6,481		(4,522)		2,944		2,466		—		888	13.7%
14	Oceans Edge Resort & Marina		29,053		8,935		—		3,542		—		12,477	42.9%
15	Montage Healdsburg		45,424		(4,257)		—		10,240		—		5,983	13.2%
16	Four Seasons Resort Napa Valley		2,852		(426)		—		426		—		—	0.0%

	16 Hotel Portfolio (3)		476,367		(53,940)		3,812		122,346		6,030		78,248	16.4%

	Less: Non-comparable Hotels (4)
	Montage Healdsburg		(45,424)		4,257		—		(10,240)		—		(5,983)	13.2%
	Four Seasons Resort Napa Valley		(2,852)		426		—		(426)		—		—	0.0%

	14 Hotel Portfolio (5)		428,091		(49,257)		3,812		111,680		6,030		72,265	16.9%

	Add: Non-comparable Hotels (4)
	Montage Healdsburg		39,669		1,036		—		6,715		—		7,751	19.5%
	Four Seasons Resort Napa Valley		2,852		(426)		—		426		—		—	0.0%

	Add: Held for Sale/Sold/Disposed Hotels (6)		28,216		(17,456)		3,310		8,826		3,646		(1,674)	(5.9)%

	Actual Portfolio (7)	$	498,828	$	(66,103)	$	7,122	$	127,647	$	9,676	$	78,342	15.7%

*Footnotes on pages 74 and 75


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 71


	Supplemental Financial Information February 22, 2022

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

FY 2020


	Hotels sorted by number of rooms	For the Year Ended December 31, 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	$	40,331	$	(21,476)	$	(1,311)	$	12,911	$	4,778	$	(5,098)	(12.6)%
2	Boston Park Plaza		18,625		(30,190)		(179)		18,066		—		(12,303)	(66.1)%
3	Hyatt Regency San Francisco		23,529		(22,945)		(87)		13,003		—		(10,029)	(42.6)%
4	Renaissance Washington DC		16,109		(23,910)		1,113		7,933		6,586		(8,278)	(51.4)%
5	Renaissance Orlando at SeaWorld®		20,702		(13,361)		632		10,129		—		(2,600)	(12.6)%
6	Wailea Beach Resort		34,943		(12,237)		70		16,095		—		3,928	11.2%
7	JW Marriott New Orleans		12,657		(10,166)		91		6,485		3,480		(110)	(0.9)%
8	Marriott Boston Long Wharf		11,576		(18,345)		60		11,023		—		(7,262)	(62.7)%
9	Renaissance Long Beach		9,100		(5,103)		261		3,858		—		(984)	(10.8)%
10	Embassy Suites Chicago		4,581		(7,412)		175		3,010		—		(4,227)	(92.3)%
11	Hilton Garden Inn Chicago Downtown/Magnificent Mile		2,357		(7,255)		290		2,692		—		(4,273)	(181.3)%
12	The Bidwell Marriott Portland (8)		1,577		(5,267)		(16)		1,945		—		(3,338)	(211.7)%
13	Hilton New Orleans St. Charles		4,717		(3,028)		4		2,535		—		(489)	(10.4)%
14	Oceans Edge Resort & Marina		13,523		(90)		(13)		3,447		—		3,344	24.7%

	14 Hotel Portfolio (5)		214,327		(180,785)		1,090		113,132		14,844		(51,719)	(24.1)%

	Add: Held for Sale/Sold/Disposed Hotels (6)		42,763		(72,474)		6,189		22,894		9,979		(33,412)	(78.1)%

	Actual Portfolio (7)	$	257,090	$	(253,259)	$	7,279	$	136,026	$	24,823	$	(85,131)	(33.1)%

*Footnotes on pages 74 and 75


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 72


	Supplemental Financial Information February 22, 2022

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

FY 2019


	Hotels sorted by number of rooms	For the Year Ended December 31, 2019
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
		Total				Other						Hotel Adjusted		Adjusted EBITDAre
		Revenues		Net Income		Adjustments (1c)		Depreciation		Interest Expense		EBITDAre (2)		Margins (2)
1	Hilton San Diego Bayfront (8)	$	152,719	$	28,149	$	(1,158)	$	11,500	$	8,505	$	46,996	30.8%
2	Boston Park Plaza		105,052		14,887		—		17,916		—		32,803	31.2%
4	Hyatt Regency San Francisco (8)		121,322		18,705		1,383		12,559		—		32,647	26.9%
3	Renaissance Washington DC		84,784		8,081		—		9,400		6,786		24,267	28.6%
5	Renaissance Orlando at SeaWorld®		83,699		18,525		—		10,333		—		28,858	34.5%
6	Wailea Beach Resort		123,311		33,797		—		15,643		—		49,440	40.1%
7	JW Marriott New Orleans		41,877		7,511		1		6,413		3,540		17,465	41.7%
8	Marriott Boston Long Wharf		61,638		12,357		—		10,868		—		23,225	37.7%
9	Renaissance Long Beach		29,280		5,099		—		3,874		—		8,973	30.6%
10	Embassy Suites Chicago		26,293		4,486		157		2,984		—		7,627	29.0%
11	Hilton Garden Inn Chicago Downtown/Magnificent Mile		20,760		2,742		217		2,637		—		5,596	27.0%
12	The Bidwell Marriott Portland		15,628		4,266		—		1,605		—		5,871	37.6%
13	Hilton New Orleans St. Charles		13,140		934		—		2,529		—		3,463	26.4%
14	Oceans Edge Resort & Marina (8)		21,228		3,230		189		3,157		—		6,576	31.0%

	14 Hotel Portfolio (5)		900,731		162,769		789		111,418		18,831		293,807	32.6%

	Add: Held for Sale/Sold/Disposed Hotels (6)		214,344		2,125		(2,293)		35,312		9,700		44,844	20.9%

	Actual Portfolio (7)	$	1,115,075	$	164,894	$	(1,504)	$	146,730	$	28,531	$	338,651	30.4%

*Footnotes on pages 74 and 75


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 73


	Supplemental Financial Information February 22, 2022

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

FY 2021/2020/2019 Footnotes

(In thousands)

(1)	Other Adjustments include:

Other Adjustments of $7,122 for 2021 include: Hilton San Diego Bayfront $(446), including $(1,158) amortization of the operating lease right-of-use assets and liabilities and $712 lawsuit settlement costs; Renaissance Washington DC $(166), including $(72) prior year property tax credit and $(94) COVID-19-related severance accrual adjustment; Renaissance Orlando at SeaWorld® $(6) COVID-19-related severance accrual adjustment; Wailea Beach Resort $1 COVID-19-related severance; JW Marriott New Orleans $1,260, including $1 amortization of the operating lease right-of-use assets and liabilities, $1,289 Hurricane Ida-related losses and $(30) COVID-19-related severance accrual adjustment; Marriott Boston Long Wharf $(29) COVID-19-related severance accrual adjustment; Renaissance Long Beach $(132), including $(6) prior year property tax credit and $(126) COVID-19-related severance accrual adjustment; Embassy Suites Chicago $189 prior year property tax assessment; Hilton Garden Inn Chicago Downtown/Magnificent Mile $197, including $23 amortization of the operating lease right-of-use assets and liabilities and $174 prior year property tax assessment; Hilton New Orleans St. Charles $2,944 Hurricane Ida-related losses; and Held for Sale/Sold/Disposed Hotels $3,310, including $(1,404) finance obligation lease - cash ground rent, $94 prior year property tax assessment, $58 legal fees and $4,562 severance.

Other Adjustments of $7,279 for 2020 include: Hilton San Diego Bayfront $(1,311), including $(1,160) amortization of the operating lease right-of-use assets and liabilities, $26 COVID-19-related severance and $(177) credit card merchant class action settlement proceeds; Boston Park Plaza $(179), including $60 COVID-19-related severance and $(239) credit card merchant class action settlement proceeds; Hyatt Regency San Francisco $(87), including $76 COVID-19-related severance, $10 taxes assessed on commercial rents and $(173) credit card merchant class action settlement proceeds; Renaissance Washington DC $1,113, including $1,228 COVID-19-related severance and $(115) credit card merchant class action settlement proceeds; Renaissance Orlando at SeaWorld® $632, including $718 COVID-19-related severance and $(86) credit card merchant class action settlement proceeds; Wailea Beach Resort $70, including $154 COVID-19-related severance and $(84) credit card merchant class action settlement proceeds; JW Marriott New Orleans $91, including $1 amortization of the operating lease right-of-use assets and liabilities, $141 COVID-19-related severance and $(51) credit card merchant class action settlement proceeds; Marriott Boston Long Wharf $60, including $135 COVID-19-related severance and $(75) credit card merchant class action settlement proceeds; Renaissance Long Beach $261, including $(21) prior year property tax credit, $316 COVID-19-related severance and $(34) credit card merchant class action settlement proceeds; Embassy Suites Chicago $175, including $215 prior year property tax net assessment, $16 COVID-19-related severance and $(56) credit card merchant class action settlement proceeds; Hilton Garden Inn Chicago Downtown/Magnificent Mile $290, including $31 amortization of the operating lease right-of-use assets and liabilities, $279 prior year property tax assessment and $(20) credit card merchant class action settlement proceeds; The Bidwell Marriott Portland $(16) credit card merchant class action settlement proceeds; Hilton New Orleans St. Charles $4, including $11 COVID-19-related severance and $(7) credit card merchant class action settlement proceeds; Oceans Edge Resort & Marina $(13) credit card merchant class action settlement proceeds; and Held for Sale/Sold/Disposed Hotels $6,189, including $35 amortization of the operating lease right-of-use assets and liabilities, $(1,404) finance lease obligation - cash ground rent, $(748) prior year property tax credit, $8,157 COVID-19-related severance, $624 legal fees and $(475) credit card merchant class action settlement proceeds.

Other Adjustments of $(1,504) for 2019 include: Hilton San Diego Bayfront $(1,158) amortization of the operating lease right-of-use assets and liabilities; Hyatt Regency San Francisco $1,383 taxes assessed on commercial rents; JW Marriott New Orleans $1 amortization of the operating lease right-of-use assets and liabilities; Embassy Suites Chicago $157 prior year property tax net assessment; Hilton Garden Inn Chicago Downtown/Magnificent Mile $217, including $39 amortization of the operating lease right-of-use assets and liabilities and $178 prior year property tax net assessment; Oceans Edge Resort & Marina $189 prior year property tax assessment; and Held for Sale/Sold/Disposed Hotels $(2,293), including $238 amortization of the operating lease right-of-use assets and liabilities, $(2,175) finance lease obligation interest - cash ground rent and $(356) prior year property tax credit.


PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 74


	Supplemental Financial Information February 22, 2022

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

FY 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, net of any appeal fees. In 2021, a total of $379 in prior year property tax net assessments were received at the Embassy Suites Chicago, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Renaissance Long Beach, the Renaissance Washington DC and the Held for Sale/Sold/Disposed Hotels. In 2020, a total of $(275) in prior year property tax net credits were received at the Embassy Suites Chicago, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Renaissance Long Beach and the Held for Sale/Sold/Disposed Hotels. In 2019, a total of $168 in prior year property tax net assessments were received at the Embassy Suites Chicago, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Oceans Edge Resort & Marina and the Held for Sale/Sold/Disposed Hotels.

(3)	16 Hotel Portfolio includes all hotels owned by the Company as of December 31, 2021, except the Hyatt Centric Chicago Magnificent Mile, which was considered held for sale due to its sale in February 2022.

(4)

Non-comparable Hotels includes the Company's ownership results for the Montage Healdsburg and the Four Seasons Resort Napa Valley, acquired in April 2021 and December 2021, respectively. The newly-developed hotels are considered non-comparable as they did not open until December 2020 and October 2021, respectively. In addition, 2021 includes prior ownership results for the Montage Healdsburg. 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)	14 Hotel Portfolio includes the same hotels owned during 2021, 2020 and 2019, except the Hyatt Centric Chicago Magnificent Mile, which was considered held for sale due to its sale in February 2022.

(6)

Held for Sale/Sold/Disposed Hotels for 2021 includes results for the Hyatt Centric Chicago Magnificent Mile considered held for sale as of December 31, 2021 due to its sale in February 2022, along with the Embassy Suites La Jolla and the Renaissance Westchester, sold in December 2021 and October 2021, respectively. Held for Sale/Sold/Disposed Hotels for 2020 also includes results for the Renaissance Harborplace and the Renaissance Los Angeles Airport, sold in July 2020 and December 2020, respectively, and the Hilton Times Square, assigned to its mortgage holder in December 2020. Held for Sale/Sold/Disposed Hotels for 2019 also includes results for the Courtyard by Marriott Los Angeles, sold in October 2019.

(7)	Actual Portfolio includes results for 19 hotels, 20 hotels and 21 hotels owned by the Company during 2021, 2020 and 2019, respectively.

(8)	Hotel Adjusted EBITDAre for 2020 is impacted by a room renovation at The Bidwell Marriott Portland. Hotel Adjusted EBITDAre for 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 75



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


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


☐	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


Exhibit No.		Description
99.1		Press Release, dated February 22, 2022.
99.2		Supplemental Financial Information for the fourth quarter and year ended December 31, 2021.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).


	Sunstone Hotel Investors, Inc.

Date: February 22, 2022	By:	/s/ Bryan A. Giglia
		Bryan A. Giglia (Principal Financial Officer and Duly Authorized Officer)


	January
	2022 (1)			2021			2019			Change 2022 vs. 2021		Change 2022 vs. 2019
14 Hotel Portfolio Total Revenue	$	36.5		$	9.3		$	66.1		292.1	%	(44.7)	%

14 Hotel Portfolio RevPAR	$	91.60		$	25.87		$	169.38		254.1	%	(45.9)	%
14 Hotel Portfolio Occupancy		36.2	%		13.1	%		73.4	%	2,310	bps	(3,720)	bps
14 Hotel Portfolio ADR	$	253.04		$	197.48		$	230.76		28.1	%	9.7	%

16 Hotel Portfolio Total Revenue (2)	$	41.1			N/A			N/A		N/A		N/A

16 Hotel Portfolio RevPAR (2)	$	99.66			N/A			N/A		N/A		N/A
16 Hotel Portfolio Occupancy (2)		36.3	%		N/A			N/A		N/A		N/A
16 Hotel Portfolio ADR (2)	$	274.55			N/A			N/A		N/A		N/A


	Emerging growth company	☐


	October			November			December			Fourth Quarter			Full Year
	2021			2021			2021			2021			2021
RevPAR	$	152.30		$	140.48		$	148.74		$	147.27		$	113.64
Occupancy		56.2	%		56.0	%		54.9	%		55.7	%		44.7	%
Average Daily Rate	$	270.99		$	250.85		$	270.93		$	264.39		$	254.22