8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

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

Sunstone Hotel Investors, Inc.

(Exact Name of Registrant as Specified in Its Charter)

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

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

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( 949 ) 330-4000

(Registrant’s telephone number including area code)

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N/A

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

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

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☐	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))

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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 F Cumulative Redeemable Preferred Stock, $0.01 par value	SHO.PRF	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

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

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​	Emerging growth company	☐

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

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Item 2.02.Results of Operations and Financial Condition.

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On August 3, 2021, Sunstone Hotel Investors, Inc. (the “Company”) issued a press release regarding its financial results for the second quarter ended June 30, 2021. The press release referred to supplemental financial information that is available on the Company’s website, free of charge, at www.sunstonehotels.com. A copy of the press release and the supplemental financial information are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by this reference.

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

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Item 9.01.Financial Statements and Exhibits.

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(d) The following exhibits are furnished herewith:

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EXHIBIT INDEX

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Exhibit No.	****	Description
99.1	​	Press Release, dated August 3, 2021.
99.2	​	Supplemental Financial Information for the second quarter ended June 30, 2021.
104	​	Cover Page Interactive Data File (embedded within the Inline XBRL document).

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​ SIGNATURE

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

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​		Sunstone Hotel Investors, Inc.
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Date: August 3, 2021	​	By:	Bryan A. Giglia
​	​	​	Bryan A. Giglia(Principal Financial Officer and Duly Authorized Officer)
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Exhibit 99.1

For Additional Information:

Bryan Giglia

Sunstone Hotel Investors, Inc.

(949) 382-3036

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Aaron Reyes

Sunstone Hotel Investors, Inc.

(949) 382-3018

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SUNSTONE HOTEL INVESTORS REPORTS RESULTS FOR SECOND QUARTER 2021

Resumes Corporate-Level Profitability

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IRVINE, CA – August 3, 2021 – Sunstone Hotel Investors, Inc. (the “Company” or “Sunstone”) (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the hospitality sector, today announced results for the second quarter ended June 30, 2021.

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

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●	Net Loss: Net loss was $27.9 million as compared to $117.5 million.
●	17 Hotel Portfolio RevPAR: RevPAR at the comparable 17 hotels the Company owned during both 2021 and 2020 (the “17 Hotel Portfolio”) increased 3,182.2% to $95.84. The average daily rate was $219.82 and occupancy was 43.6%.
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●	All Open Hotel Portfolio RevPAR: RevPAR at the Open Hotels, which includes the 18 hotels the Company owned as of June 30, 2021 except the Renaissance Westchester and also includes prior ownership results for the Montage Healdsburg, was $107.36, comprised of an average daily rate of $235.43 and occupancy of 45.6%.
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●	Adjusted EBITDAre**:** Adjusted EBITDAre, excluding noncontrolling interest increased 132.6% to $15.3 million.
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●	Adjusted FFO: Adjusted FFO attributable to common stockholders per diluted share increased 96.8% to $(0.01).
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Information regarding the non-GAAP financial measures disclosed in this release is provided below in “Non-GAAP Financial Measures.” Reconciliations of non-GAAP financial measures to the most comparable GAAP measure for each of the periods presented are included later in this release.

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John Arabia, President and Chief Executive Officer, stated, “Second quarter results materially exceeded our expectations for both revenues and profitability. While leisure demand continues to be robust, business transient demand and group demand have witnessed sequential growth, and made meaningful contributions to our recent operating results and earnings. As a result of these factors, we achieved not only positive hotel EBITDA in the quarter but also positive corporate-level Adjusted EBITDAre profit every month during the second quarter - a full quarter earlier than we previously expected. It is clear that the operational decisions and investments made during the depths of the COVID-19 pandemic, as well as the portfolio transformation made over the past several years, are paying off and should result in outsized growth going forward. We expect continued growth for the remainder of the year, as business transient and group demand become a larger portion of our business mix.”

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Mr. Arabia continued, “During the second quarter, we completed the acquisition of the Montage Healdsburg, which in the first four months of ownership, has materially exceeded our underwriting expectations. We also recently refinanced two series of perpetual preferred stock – each at historic low dividend yields for a non-rated Hotel REIT at the time – and amended our unsecured debt covenant waivers to allow for greater investment and financing flexibility. These recent financing initiatives, coupled with our low-levered balance sheet, provide us not only with an advantageous cost of capital relative to our peers, but also with ample investment capacity without having to rely on the equity markets. We expect to continue to enhance the overall quality of our portfolio through additional acquisitions of Long-Term Relevant Real Estate and through selective dispositions as value creation opportunities arise.”

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​ 1

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

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​	Three Months Ended June 30,								​	Six Months Ended June 30,
​	2021		****	2020		****	Change		​	2021		​	2020		​	Change
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net Loss	$	(27.9)	​	$	(117.5)	​	76.2	%	​	$	(83.2)	​	$	(280.0)	​	70.3	%
Loss Attributable to Common Stockholders per Diluted Share	$	(0.16)	​	$	(0.55)	​	70.9	%	​	$	(0.43)	​	$	(1.30)	​	66.9	%
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17 Hotel Portfolio RevPAR	$	95.84	​	$	2.92	​	3,182.2	%	​	$	69.25	​	$	70.62	​	(1.9)	%
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17 Hotel Portfolio Occupancy	​	43.6	%	​	2.7	%	4,090	bps	​	​	32.7	%	​	31.1	%	160	bps
17 Hotel Portfolio ADR	$	219.82	​	$	108.27	​	103.0	%	​	$	211.77	​	$	227.06	​	(6.7)	%
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Montage Healdsburg RevPAR (1)	$	616.46	​	​	N/A	​	N/A	​	​	$	398.11	​	​	N/A	​	N/A	​
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Montage Healdsburg Occupancy (1)	​	61.1	%	​	N/A	​	N/A	​	​	​	40.8	%	​	N/A	​	N/A	​
Montage Healdsburg ADR (1)	$	1,008.94	​	​	N/A	​	N/A	​	​	$	975.75	​	​	N/A	​	N/A	​
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17 Hotel Portfolio Adjusted EBITDAre Margin (2)	​	15.0	%	​	(582.7)	%	59,770	bps	​	​	0.3	%	​	(7.9)	%	820	bps
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Adjusted EBITDAre, excluding noncontrolling interest	$	15.3	​	$	(47.0)	​	132.6	%	​	$	0.7	​	$	(32.9)	​	102.0	%
Adjusted FFO Attributable to Common Stockholders	$	(1.6)	​	$	(65.6)	​	97.5	%	​	$	(30.5)	​	$	(67.0)	​	54.5	%
Adjusted FFO Attributable to Common Stockholders per Diluted Share	$	(0.01)	​	$	(0.31)	​	96.8	%	​	$	(0.14)	​	$	(0.31)	​	54.8	%

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(1)	Operating statistics for the Montage Healdsburg, acquired on April 22, 2021, include prior ownership results obtained by the Company from the prior owner of the hotel during the due diligence period before the Company’s acquisition was completed. The Company performed a limited review of the information as part of its analysis of the acquisition. The newly developed hotel opened in December 2020; therefore, there is no prior year information.
(2)	The 17 Hotel Portfolio Adjusted EBITDAre Margins exclude prior year property tax adjustments, net.
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Recent Developments

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Common Stock Issuance: During the second quarter of 2021, the Company issued 2,913,682 shares of its common stock for gross proceeds of $38.4 million. The shares were used in connection with an “At the Market” (“ATM”) program pursuant to Equity Distribution Agreements (“ATM Agreements”) the Company previously entered into with BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, which authorized the Company to issue common stock having an aggregate offering amount of up to $300.0 million. As of June 30, 2021, the Company has $137.0 million available for sale under the ATM Agreements.

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Unsecured Debt Agreements: On July 8, 2021, the Company amended its Unsecured Debt Agreements, which removed certain restrictions in place during the covenant waiver period, which period ends March 31, 2022. The restrictions removed include the limitation on the aggregate value of unencumbered hotel acquisitions the Company can complete, and, provided that an event of default has not occurred, the requirement to prepay the Company’s unsecured term loan debt using net proceeds received from asset sales or equity issuances.

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Preferred Stock Issuance and Expected Redemption: On July 16, 2021, the Company issued 4,000,000 shares of its 5.70% Series I Cumulative Redeemable Preferred Stock (“Series I preferred stock”) with a liquidation preference of $25.00. On or after July 16, 2026, the Series I preferred stock will be redeemable at the Company’s option, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to, but not including, the redemption date. Upon the occurrence of a change of control, as defined by the Articles Supplementary for Series I preferred stock, holders of the Series I preferred stock may, under certain circumstances, convert their preferred shares into shares of the Company’s common stock. The Company expects to use $75.0 million of the proceeds received from this issuance to redeem all 3,000,000 shares of its Series F Cumulative Redeemable Preferred Stock in August 2021.

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Capital Investments: The Company invested $10.3 million and $16.8 million into its portfolio during the second quarter and first six months ended June 30, 2021, respectively. In 2021, the Company expects to invest approximately $70 million to $80 million.

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Balance Sheet and Liquidity Update

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As of June 30, 2021, the Company had $210.4 million of cash and cash equivalents, including restricted cash of $47.5 million, total assets of $3.0 billion, including $2.7 billion of net investments in hotel properties, total consolidated debt of $746.3 million and stockholders’ equity of $2.1 billion. Adjusting for the proceeds received from the issuance of the Series I preferred stock net of the cash to be used to redeem the Series F preferred stock, pro forma cash and cash equivalents, including restricted cash, would have been $235.4 million as of June 30, 2021.

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Operations Update

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As of June 30, 2021 and through the date of this release, the status of the Company’s 18 hotels owned at the end of the second quarter of 2021 is as follows:

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Hotel	​	Number of Rooms	​	% of Total Rooms	​	Suspension Date	​	Resumption Date
Boston Park Plaza (1)	​	1,060	​	11.6%	​	N/A	​	N/A
Embassy Suites La Jolla (1)	​	340	​	3.7%	​	N/A	​	N/A
Renaissance Long Beach (1)	​	374	​	4.1%	​	N/A	​	N/A
Montage Healdsburg (2)	​	130	​	1.4%	​	N/A	​	N/A
Oceans Edge Resort & Marina	​	175	​	1.9%	​	March 22, 2020	​	June 4, 2020
Embassy Suites Chicago	​	368	​	4.0%	​	April 1, 2020	​	July 1, 2020
Marriott Boston Long Wharf	​	415	​	4.5%	​	March 12, 2020	​	July 7, 2020
Hilton New Orleans St. Charles	​	252	​	2.8%	​	March 28, 2020	​	July 13, 2020
Hyatt Centric Chicago Magnificent Mile	​	419	​	4.6%	​	April 6, 2020	​	July 13, 2020
JW Marriott New Orleans	​	501	​	5.5%	​	March 28, 2020	​	July 14, 2020
Hilton Garden Inn Chicago Downtown/Magnificent Mile	​	361	​	3.9%	​	March 27, 2020	​	April 1, 2021
Hilton San Diego Bayfront	​	1,190	​	13.0%	​	March 23, 2020	​	August 11, 2020
Renaissance Washington DC	​	807	​	8.8%	​	March 26, 2020	​	August 24, 2020
Hyatt Regency San Francisco	​	821	​	9.0%	​	March 22, 2020	​	October 1, 2020
Renaissance Orlando at SeaWorld®	​	781	​	8.5%	​	March 20, 2020	​	October 1, 2020
The Bidwell Marriott Portland	​	258	​	2.8%	​	March 27, 2020	​	October 5, 2020
Wailea Beach Resort	​	547	​	6.0%	​	March 25, 2020	​	November 1, 2020
Total of 17 Hotels Open the Entire Second Quarter of 2021	​	8,799	​	96.2%	​	​	​	​
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Renaissance Westchester	​	348	​	3.8%	​	April 4, 2020	​	—
Total 18 Hotel Portfolio	​	9,147	​	100.0%	​	​	​	​

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(1)	The Boston Park Plaza, Embassy Suites La Jolla and Renaissance Long Beach remained in operation throughout 2020.
(2)	The Company acquired the Montage Healdsburg in April 2021.
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Operating statistics for the 17 open hotels noted above are as follows:

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​	​	April			​	May			​	June			​	Second Quarter
​	​	2021 (1)			​	2021			​	2021			​	2021 (1)
Number of Hotels	​	​	17	​	​	​	17	​	​	​	17	​	​	​	17	​
Number of Rooms	​	​	8,799	​	​	​	8,799	​	​	​	8,799	​	​	​	8,799	​
RevPAR	​	$	86.65	​	​	$	106.26	​	​	$	129.47	​	​	$	107.36	​
Occupancy	​	​	39.6	%	​	​	46.2	%	​	​	51.1	%	​	​	45.6	%
Average Daily Rate	​	$	218.81	​	​	$	230.00	​	​	$	253.36	​	​	$	235.43	​
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(1)	Operating statistics for the Montage Healdsburg include information obtained from the hotel’s prior owner.
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Preliminary July 2021 results for the first 29 days of the month for the 16 hotels and the 17 hotels (including Montage Healdsburg) open during the entire period include the following ($ in millions, except RevPAR and ADR):

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​	July
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16 Open Hotels Room Revenue	$	38.8	​	$	3.1	​	​	1,143.0	%
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16 Open Hotels RevPAR	$	154.19	​	$	11.57	​	​	1,232.7	%
16 Open Hotels Occupancy	​	61.7	%	​	7.4	%	​	5,430	bps
16 Open Hotels ADR	$	249.90	​	$	156.37	​	​	59.8	%
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17 Open Hotels Room Revenue (2)	$	42.1	​	​	N/A	​	​	N/A	​
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17 Open Hotels RevPAR (2)	$	164.95	​	​	N/A	​	​	N/A	​
17 Open Hotels Occupancy (2)	​	61.9	%	​	N/A	​	​	N/A	​
17 Open Hotels ADR (2)	$	266.48	​	​	N/A	​	​	N/A	​
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(1)	July 2021 results are preliminary and may be adjusted during the Company’s month-end close process.
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(2)	Operating statistics for the 17 Open Hotels include the Montage Healdsburg, acquired by the Company in April 2021. The newly developed hotel opened in December 2020; therefore, there is no prior year information.
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Due to continued uncertainty regarding the duration and extent of the COVID-19 pandemic, the Company cannot provide further assurances regarding the pandemic’s effect on the Company’s results, and the Company does not intend to provide further updates unless deemed appropriate.

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Dividend Update

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On July 30, 2021, the Company’s Board of Directors declared cash dividends of $0.382813 per share payable to its Series H cumulative redeemable preferred stockholders and $0.296875 per share payable to its Series I preferred stockholders.

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The dividends will be paid on October 15, 2021 to stockholders of record as of September 30, 2021. The dividend on the Series I preferred stock reflects a pro-rated amount for the days outstanding in the applicable dividend period.

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

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Supplemental Disclosures

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

Earnings Call

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The Company will host a conference call to discuss second quarter 2021 financial results on August 4, 2021, at 12:00 p.m. Eastern Time (9:00 a.m. Pacific Time). A live webcast of the call will be available via the Investor Relations section of the Company’s website at www.sunstonehotels.com. Alternatively, interested parties may dial 1-844-915-4230 and reference conference ID 5458099 to listen to the live call. A replay of the webcast will also be archived on the website.

About Sunstone Hotel Investors, Inc.

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

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Forward-Looking Statements

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

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

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Non-GAAP Financial Measures

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

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

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

​

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

​

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

​

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

​

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

​

●

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

​

●

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

​

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

​

●

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

​

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

6

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

​

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

​

To derive Adjusted FFO attributable to common stockholders, we also exclude the noncash interest on our derivatives and finance lease obligation, as we believe that these items are not reflective of our ongoing finance costs. Additionally, we exclude the noncontrolling partner’s pro rata share of any FFO adjustments related to our consolidated Hilton San Diego Bayfront partnership. We also exclude the real estate amortization of our right-of-use assets and liabilities, which includes the amortization of both our finance and operating lease intangibles (with the exception of our corporate operating lease), as these expenses are based on historical cost accounting and do not reflect the actual rent amounts due to the respective lessors or the underlying performance of our hotels. In addition, we exclude 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 loss to EBITDAre, Adjusted EBITDAre, excluding noncontrolling interest, FFO attributable to common stockholders, Adjusted FFO attributable to common stockholders, hotel Adjusted EBITDAre and hotel Adjusted EBITDAre margins are set forth in the following pages of this release. 7

Sunstone Hotel Investors, Inc.

Consolidated Balance Sheets

(In thousands, except share and per share data)

​

​

​	​	​	​	​	​	​
​	​	June 30,		​	December 31,
		2021		****	2020
​	​	(unaudited)		​	​
Assets	​	​	​	​	​	​
Current assets:	​	​	​	​	​	​
Cash and cash equivalents	​	$	162,898	​	$	368,406
Restricted cash	​	​	47,490	​	​	47,733
Accounts receivable, net	​	​	25,044	​	​	8,566
Prepaid expenses and other current assets	​	​	7,413	​	​	10,440
Total current assets	​	​	242,845	​	​	435,145
​	​	​	​	​	​	​
Investment in hotel properties, net	​	​	2,687,395	​	​	2,461,498
Finance lease right-of-use asset, net	​	​	45,447	​	​	46,182
Operating lease right-of-use assets, net	​	​	24,939	​	​	26,093
Deferred financing costs, net	​	​	3,403	​	​	4,354
Other assets, net	​	​	11,333	​	​	12,445
​	​	​	​	​	​	​
Total assets	​	$	3,015,362	​	$	2,985,717
​	​	​	​	​	​	​
Liabilities and Equity	​	​	​	​	​	​
Current liabilities:	​	​	​	​	​	​
Accounts payable and accrued expenses	​	$	41,046	​	$	37,326
Accrued payroll and employee benefits	​	​	17,429	​	​	15,392
Dividends and distributions payable	​	​	2,225	​	​	3,208
Other current liabilities	​	​	50,693	​	​	32,606
Current portion of notes payable, net	​	​	2,331	​	​	2,261
Total current liabilities	​	​	113,724	​	​	90,793
​	​	​	​	​	​	​
Notes payable, less current portion, net	​	​	741,337	​	​	742,528
Finance lease obligation, less current portion	​	​	15,568	​	​	15,569
Operating lease obligations, less current portion	​	​	27,816	​	​	29,954
Other liabilities	​	​	13,612	​	​	17,494
Total liabilities	​	​	912,057	​	​	896,338
​	​	​	​	​	​	​
Commitments and contingencies	​	​	​	​	​	​
​	​	​	​	​	​	​
Equity:	​	​	​	​	​	​
Stockholders' equity:	​	​	​	​	​	​
Preferred stock, $0.01 par value, 100,000,000 shares authorized:	​	​	​	​	​	​
6.95% Series E Cumulative Redeemable Preferred Stock, zero shares and 4,600,000 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively, stated at liquidation preference of $25.00 per share	​	​	—	​	​	115,000
6.45% Series F Cumulative Redeemable Preferred Stock, 3,000,000 shares issued and outstanding at June 30, 2021 and December 31, 2020, stated at liquidation preference of $25.00 per share	​	​	75,000	​	​	75,000
Series G Cumulative Redeemable Preferred Stock, 2,650,000 shares and zero shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively, stated at liquidation preference of $25.00 per share	​	​	66,250	​	​	—
6.125% Series H Cumulative Redeemable Preferred Stock, 4,600,000 shares and zero shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively, stated at liquidation preference of $25.00 per share	​	​	115,000	​	​	—
Common stock, $0.01 par value, 500,000,000 shares authorized, 219,043,105 shares issued and outstanding at June 30, 2021 and 215,593,401 shares issued and outstanding at December 31, 2020	​	​	2,190	​	​	2,156
Additional paid in capital	​	​	2,626,582	​	​	2,586,108
Retained earnings	​	​	833,132	​	​	913,766
Cumulative dividends and distributions	​	​	(1,654,388)	​	​	(1,643,386)
Total stockholders' equity	​	​	2,063,766	​	​	2,048,644
Noncontrolling interest in consolidated joint venture	​	​	39,539	​	​	40,735
Total equity	​	​	2,103,305	​	​	2,089,379
​	​	​	​	​	​	​
Total liabilities and equity	​	$	3,015,362	​	$	2,985,717

​ 8

Sunstone Hotel Investors, Inc.

Unaudited Consolidated Statements of Operations

(In thousands, except per share data)

​

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended June 30,					​	Six Months Ended June 30,
​	****	2021			2020			2021		​	2020
​	​	​					​	​
Revenues	​	​	​	​	​	​	​	​	​	​	​	​
Room	​	$	84,597	​	$	3,869	​	$	118,816	​	$	131,269
Food and beverage	​	​	15,238	​	​	213	​	​	20,209	​	​	48,203
Other operating	​	​	17,375	​	​	6,342	​	​	28,818	​	​	22,164
Total revenues	​	​	117,210	​	​	10,424	​	​	167,843	​	​	201,636
Operating expenses	​	​	​	​	​	​	​	​	​	​	​	​
Room	​	​	22,946	​	​	7,077	​	​	34,586	​	​	51,322
Food and beverage	​	​	15,669	​	​	5,025	​	​	21,648	​	​	46,785
Other operating	​	​	3,486	​	​	1,224	​	​	5,291	​	​	4,988
Advertising and promotion	​	​	7,042	​	​	4,090	​	​	11,917	​	​	16,552
Repairs and maintenance	​	​	7,132	​	​	5,375	​	​	12,677	​	​	15,424
Utilities	​	​	4,683	​	​	3,226	​	​	8,834	​	​	9,068
Franchise costs	​	​	2,296	​	​	338	​	​	3,287	​	​	5,674
Property tax, ground lease and insurance	​	​	15,632	​	​	19,124	​	​	30,293	​	​	39,175
Other property-level expenses	​	​	16,067	​	​	8,736	​	​	26,544	​	​	37,581
Corporate overhead	​	​	9,467	​	​	8,438	​	​	16,644	​	​	15,832
Depreciation and amortization	​	​	32,729	​	​	34,539	​	​	63,499	​	​	71,285
Impairment losses	​	​	—	​	​	18,100	​	​	—	​	​	133,466
Total operating expenses	​	​	137,149	​	​	115,292	​	​	235,220	​	​	447,152
Interest and other income (loss)	​	​	21	​	​	306	​	​	(358)	​	​	2,612
Interest expense	​	​	(8,065)	​	​	(12,950)	​	​	(15,714)	​	​	(30,457)
Gain on extinguishment of debt	​	​	88	​	​	—	​	​	310	​	​	—
Loss before income taxes	​	​	(27,895)	​	​	(117,512)	​	​	(83,139)	​	​	(273,361)
Income tax (provision) benefit, net	​	​	(23)	​	​	12	​	​	(66)	​	​	(6,658)
Net loss	​	​	(27,918)	​	​	(117,500)	​	​	(83,205)	​	​	(280,019)
Loss from consolidated joint venture attributable to noncontrolling interest	​	​	596	​	​	2,162	​	​	2,571	​	​	2,620
Preferred stock dividends and redemption charge	​	​	(7,795)	​	​	(3,207)	​	​	(11,002)	​	​	(6,414)
Loss attributable to common stockholders	​	$	(35,117)	​	$	(118,545)	​	$	(91,636)	​	$	(283,813)
​	​	​	​	​	​	​	​	​	​	​	​	​
Basic and diluted per share amounts:	​	​	​	​	​	​	​	​	​	​	​	​
Basic and diluted loss attributable to common stockholders per common share	​	$	(0.16)	​	$	(0.55)	​	$	(0.43)	​	$	(1.30)
​	​	​	​	​	​	​	​	​	​	​	​	​
Basic and diluted weighted average common shares outstanding	​	​	215,113	​	​	214,225	​	​	214,778	​	​	217,631
​	​	​	​	​	​	​	​	​	​	​	​	​
Distributions declared per common share	​	$	—	​	$	—	​	$	—	​	$	0.05

​

​ 9

Sunstone Hotel Investors, Inc.

Reconciliation of Net Loss to Non-GAAP Financial Measures

(Unaudited and in thousands)

​

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

​

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended June 30,					​	Six Months Ended June 30,
​		2021		****	2020		​	2021		​	​	2020
​	​	​	​	​	​	​	​	​	​	​	​	​
Net loss	​	$	(27,918)	​	$	(117,500)	​	$	(83,205)	​	$	(280,019)
Operations held for investment:	​	​	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	​	​	32,729	​	​	34,539	​	​	63,499	​	​	71,285
Interest expense	​	​	8,065	​	​	12,950	​	​	15,714	​	​	30,457
Income tax provision (benefit), net	​	​	23	​	​	(12)	​	​	66	​	​	6,658
Loss on sale of assets	​	​	—	​	​	—	​	​	70	​	​	—
Impairment losses - hotel properties	​	​	—	​	​	18,100	​	​	—	​	​	131,164
EBITDAre	​	​	12,899	​	​	(51,923)	​	​	(3,856)	​	​	(40,455)
​	​	​	​	​	​	​	​	​	​	​	​	​
Operations held for investment:	​	​	​	​	​	​	​	​	​	​	​	​
Amortization of deferred stock compensation	​	​	4,659	​	​	3,064	​	​	7,411	​	​	5,271
Amortization of right-of-use assets and liabilities	​	​	(338)	​	​	(332)	​	​	(669)	​	​	(593)
Finance lease obligation interest - cash ground rent	​	​	(351)	​	​	(351)	​	​	(702)	​	​	(702)
Property-level severance	​	​	—	​	​	1,113	​	​	—	​	​	1,113
Gain on extinguishment of debt	​	​	(88)	​	​	—	​	​	(310)	​	​	—
Prior year property tax adjustments, net	​	​	(1,162)	​	​	307	​	​	(1,989)	​	​	226
Impairment loss - abandoned development costs	​	​	—	​	​	—	​	​	—	​	​	2,302
Noncontrolling interest:	​	​	​	​	​	​	​	​	​	​	​	​
Loss from consolidated joint venture attributable to noncontrolling interest	​	​	596	​	​	2,162	​	​	2,571	​	​	2,620
Depreciation and amortization	​	​	(806)	​	​	(806)	​	​	(1,616)	​	​	(1,610)
Interest expense	​	​	(159)	​	​	(306)	​	​	(320)	​	​	(726)
Amortization of right-of-use asset and liability	​	​	73	​	​	73	​	​	145	​	​	145
Impairment loss - abandoned development costs	​	​	—	​	​	—	​	​	—	​	​	(449)
Adjustments to EBITDAre**, net**	​	​	2,424	​	​	4,924	​	​	4,521	​	​	7,597
​	​	​	​	​	​	​	​	​	​	​	​	​
Adjusted EBITDAre**, excluding noncontrolling interest**	​	$	15,323	​	$	(46,999)	​	$	665	​	$	(32,858)

​

​

​

​

​

​

​

​

​ 10

Sunstone Hotel Investors, Inc.

Reconciliation of Net Loss to Non-GAAP Financial Measures

(Unaudited and in thousands, except per share amounts)

​

Reconciliation of Net Loss to FFO Attributable to Common Stockholders and

Adjusted FFO Attributable to Common Stockholders

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended June 30,					​	Six Months Ended June 30,
​	​	2021		****	2020		​	2021		​	​	2020
​	​	​	​	​	​	​	​	​	​	​	​	​
Net loss	****	$	(27,918)		$	(117,500)	​	$	(83,205)	​	$	(280,019)
Preferred stock dividends and redemption charge	​	​	(7,795)	​	​	(3,207)	​	​	(11,002)	​	​	(6,414)
Operations held for investment:	​	​	​	​	​	​	​	​	​	​	​	​
Real estate depreciation and amortization	​	​	32,104	​	​	33,917	​	​	62,247	​	​	70,039
Loss on sale of assets	​	​	—	​	​	—	​	​	70	​	​	—
Impairment losses - hotel properties	​	​	—	​	​	18,100	​	​	—	​	​	131,164
Noncontrolling interest:	​	​	​	​	​	​	​	​	​	​	​	​
Loss from consolidated joint venture attributable to noncontrolling interest	​	​	596	​	​	2,162	​	​	2,571	​	​	2,620
Real estate depreciation and amortization	​	​	(806)	​	​	(806)	​	​	(1,616)	​	​	(1,610)
FFO attributable to common stockholders	​	​	(3,819)	​	​	(67,334)	​	​	(30,935)	​	​	(84,220)
​	​	​	​	​	​	​	​	​	​	​	​	​
Operations held for investment:	​	​	​	​	​	​	​	​	​	​	​	​
Real estate amortization of right-of-use assets and liabilities	​	​	77	​	​	72	​	​	162	​	​	218
Noncash interest on derivatives, net	​	​	(709)	​	​	216	​	​	(1,578)	​	​	6,296
Property-level severance	​	​	—	​	​	1,113	​	​	—	​	​	1,113
Gain on extinguishment of debt	​	​	(88)	​	​	—	​	​	(310)	​	​	—
Prior year property tax adjustments, net	​	​	(1,162)	​	​	307	​	​	(1,989)	​	​	226
Preferred stock redemption charge	​	​	4,016	​	​	—	​	​	4,016	​	​	—
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	​	​	145	​	​	145
Noncash interest on derivatives, net	​	​	—	​	​	(26)	​	​	—	​	​	(26)
Impairment loss - abandoned development costs	​	​	—	​	​	—	​	​	—	​	​	(449)
Adjustments to FFO attributable to common stockholders, net	​	​	2,207	​	​	1,755	​	​	446	​	​	17,240
​	​	​	​	​	​	​	​	​	​	​	​	​
Adjusted FFO attributable to common stockholders	​	$	(1,612)	​	$	(65,579)	​	$	(30,489)	​	$	(66,980)
​	​	​	​	​	​	​	​	​	​	​	​	​
FFO attributable to common stockholders per diluted share	​	$	(0.02)	​	$	(0.31)	​	$	(0.14)	​	$	(0.39)
​	​	​	​	​	​	​	​	​	​	​	​	​
Adjusted FFO attributable to common stockholders per diluted share	​	$	(0.01)	​	$	(0.31)	​	$	(0.14)	​	$	(0.31)
​	​	​	​	​	​	​	​	​	​	​	​	​
Basic weighted average shares outstanding	​	​	215,113	​	​	214,225	​	​	214,778	​	​	217,631
Shares associated with unvested restricted stock awards	​	​	352	​	​	—	​	​	283	​	​	—
Diluted weighted average shares outstanding	​	​	215,465	​	​	214,225	​	​	215,061	​	​	217,631

​

​

​

​ 11

Sunstone Hotel Investors, Inc.

Non-GAAP Financial Measures

Hotel Adjusted EBITDAre and Margins

(Unaudited and in thousands)

​

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended June 30,					​	Six Months Ended June 30,					​
​	​	2021		​	2020		​	2021		​	2020		​
​	​	​	​	​	​	​	​	​	​	​	​	​	​
17 Hotel Portfolio Adjusted EBITDAre Margin, excluding prior year property tax adjustments, net (1)	​	​	15.0%	​	​	(582.7)%	​	​	0.3%	​	​	(7.9)%	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total revenues	​	$	117,210	​	$	10,424	​	$	167,843	​	$	201,636	​
Non-hotel revenues (2)	​	​	(22)	​	​	(23)	​	​	(44)	​	​	(45)	​
Reimbursements to offset net losses (3)	​	​	(3,070)	​	​	(2,370)	​	​	(7,111)	​	​	(2,370)	​
Total Actual Hotel Revenues	​	​	114,118	​	​	8,031	​	​	160,688	​	​	199,221	​
Non-comparable hotel revenues (4)	​	​	(10,052)	​	​	—	​	​	(10,052)	​	​	—	​
Sold/Disposed hotel revenues (5)	​	​	—	​	​	(1,743)	​	​	—	​	​	(20,913)	​
Total 17 Hotel Portfolio Revenues	​	$	104,066	​	$	6,288	​	$	150,636	​	$	178,308	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net loss	​	$	(27,918)	​	$	(117,500)	​	$	(83,205)	​	$	(280,019)	​
Non-hotel revenues (2)	​	​	(22)	​	​	(23)	​	​	(44)	​	​	(45)	​
Reimbursements to offset net losses (3)	​	​	(3,070)	​	​	(2,370)	​	​	(7,111)	​	​	(2,370)	​
Non-hotel operating expenses, net (6)	​	​	(1,745)	​	​	(604)	​	​	(3,309)	​	​	(1,137)	​
Property-level severance (7)	​	​	—	​	​	1,113	​	​	—	​	​	1,113	​
Hotel union labor dispute (8)	​	​	—	​	​	1,347	​	​	—	​	​	1,347	​
Property-level legal fees (9)	​	​	—	​	​	—	​	​	58	​	​	—	​
Property-level prior year property tax adjustments, net (10)	​	​	(154)	​	​	307	​	​	(226)	​	​	226	​
Taxes assessed on commercial rents (11)	​	​	—	​	​	(31)	​	​	—	​	​	105	​
Corporate overhead	​	​	9,467	​	​	8,438	​	​	16,644	​	​	15,832	​
Depreciation and amortization	​	​	32,729	​	​	34,539	​	​	63,499	​	​	71,285	​
Impairment losses	​	​	—	​	​	18,100	​	​	—	​	​	133,466	​
Interest and other (income) loss	​	​	(21)	​	​	(306)	​	​	358	​	​	(2,612)	​
Interest expense	​	​	8,065	​	​	12,950	​	​	15,714	​	​	30,457	​
Gain on extinguishment of debt	​	​	(88)	​	​	—	​	​	(310)	​	​	—	​
Income tax provision (benefit), net	​	​	23	​	​	(12)	​	​	66	​	​	6,658	​
Actual Hotel Adjusted EBITDAre	​	​	17,266	​	​	(44,052)	​	​	2,134	​	​	(25,694)	​
Non-comparable hotel EBITDAre (4)	​	​	(1,613)	​	​	—	​	​	(1,613)	​	​	—	​
Sold/Disposed hotel Adjusted EBITDAre (5)	​	​	—	​	​	7,411	​	​	—	​	​	11,574	​
17 Hotel Portfolio Adjusted EBITDAre**, excluding prior year property tax adjustments, net**	​	$	15,653	​	$	(36,641)	​	$	521	​	$	(14,120)	​

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(1)	17 Hotel Portfolio Adjusted EBITDAre Margin, excluding prior year property tax adjustments, net is calculated as 17 Hotel Portfolio Adjusted EBITDAre, excluding prior year property tax adjustments, net divided by Total 17 Hotel Portfolio Revenues.
(2)	Non-hotel revenues include the amortization of contract intangibles recorded in conjunction with the Company's acquisitions of the Boston Park Plaza and the Hilton Garden Inn Chicago Downtown/Magnificent Mile.
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(3)	Reimbursements to offset net losses for the second quarter and first six months of 2021 include $3.1 million and $7.1 million, respectively, at the Hyatt Regency San Francisco as stipulated by the hotel’s operating lease agreement. Reimbursements to offset net losses include $2.4 million for both the second quarter and first six months of 2020.
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(4)	Non-comparable hotel includes hotel revenues and Adjusted EBITDAre generated during the Company’s ownership period for the Montage Healdsburg, acquired in April 2021. The newly-developed hotel is considered non-comparable as it did not open until December 2020.
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(5)	Sold/Disposed hotel includes hotel revenues and Adjusted EBITDAre generated during the Company's ownership period for the Renaissance Harborplace and the Renaissance Los Angeles Airport, sold in July 2020 and December 2020, respectively, along with the Hilton Times Square, which was assigned to the hotel’s mortgage holder in December 2020.
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(6)	Non-hotel operating expenses, net include the following: the amortization of hotel real estate-related right-of-use assets and liabilities; the amortization of a favorable management agreement; finance lease obligation interest - cash ground rent; and prior year property tax credits, net received in the second quarter and first six months of 2021 for the Renaissance Los Angeles Airport.
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(7)	Property-level severance includes a total of $1.1 million in COVID-19-related severance recorded at the majority of the Company’s hotels in both the second quarter and first six months of 2020.
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(8)	Hotel union labor dispute includes a $1.3 million labor dispute expense at the Hilton Times Square in both the second quarter and first six months of 2020.
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(9)	Property-level legal fees include $0.1 million at the Renaissance Westchester in the first six months of 2021.
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(10)	Property-level prior year property tax adjustments, net for the second quarter and first six months of 2021 include a credit of $(0.2) million received by the Hyatt Centric Chicago Magnificent Mile. For the first six months of 2021, property-level prior year property tax adjustments, net also include a credit of $(0.1) million received by the Renaissance Washington DC. Property-level prior year property tax adjustments, net for the second quarter and first six months of 2020 include a total net assessment of $0.3 million received at the Embassy Suites Chicago, the Hilton Garden Inn Chicago Downtown/Magnificent Mile and the Hyatt Centric Chicago Magnificent Mile. For the first six months of 2020, property-level prior year property tax assessments, net also include a total net credit of $(0.1) million received by the Embassy Suites Chicago and the Renaissance Harborplace.
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(11)	Taxes assessed on commercial rents at the Hyatt Regency San Francisco include a $(31,000) true-up credit and $0.1 million for the second quarter and first six months of 2020, respectively.
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Supplemental Financial InformationAugust 3, 2021

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Supplemental Financial Information<br><br>For the quarter ended June 30, 2021<br><br>August 3, 2021<br><br>​

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Table of Contents

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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 Q2 2021 – Q2 2020								10
Consolidated Statements of Operations Q2 and Q2 YTD 2021/2020								12
Reconciliation of Net Loss to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Q2 and Q2 YTD 2021/2020								13
Reconciliation of Net Loss to FFO and Adjusted FFO Attributable to Common Stockholders Q2 and Q2 YTD 2021/2020								14
Pro Forma Consolidated Statements of Operations Q2 2021 – Q3 2020, Trailing 12 Months Ended Q2 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 FFO and Adjusted FFO Attributable to Common Stockholders Q1 2021								18
Pro Forma Reconciliation of Net Loss to FFO and Adjusted FFO Attributable to Common Stockholders Q2 2021								19
Pro Forma Reconciliation of Net Loss to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, FFO and Adjusted FFO Attributable to Common Stockholders FY 2020								20
Pro Forma Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, FFO and Adjusted FFO Attributable to Common Stockholders FY 2019								23
CAPITALIZATION								26
Comparative Capitalization Q2 2021 – Q2 2020								27
Consolidated Debt Summary Schedule								28
Consolidated Amortization and Debt Maturity Schedule as of June 30, 2021								29
PROPERTY-LEVEL DATA								30
Hotel Information as of August 3, 2021								31

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PROPERTY-LEVEL OPERATING STATISTICS								32
Property-Level Operating Statistics Q2 2021/2020								33
Property-Level Operating Statistics Q2 2021/2019								34
Property-Level Operating Statistics April 2021/2020								35
Property-Level Operating Statistics April 2021/2019								36
Property-Level Operating Statistics May 2021/2020								37
Property-Level Operating Statistics May 2021/2019								38
Property-Level Operating Statistics June 2021/2020								39
Property-Level Operating Statistics June 2021/2019								40
Property-Level Operating Statistics Q2 YTD 2021/2020								41
Property-Level Operating Statistics Q2 YTD 2021/2019								42
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								44
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins Q2 2021/2020/2019								45
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins April 2021/2020/2019								50
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins May 2021/2020/2019								54
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins June 2021/2020/2019								58
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins Q2 YTD 2021/2020/2019								62

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CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR

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About Sunstone

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

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

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

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

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

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

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Supplemental Financial InformationAugust 3, 2021

Forward-Looking Statements

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

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

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Supplemental Financial InformationAugust 3, 2021

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.

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Supplemental Financial InformationAugust 3, 2021

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

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

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

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finance lease expense recorded on the building lease at the Hyatt Centric Chicago Magnificent Mile. We determined that the building lease is a finance lease, and, therefore, we include a portion of the lease payment each month in interest expense. We adjust EBITDAre for the finance lease in order to more accurately reflect the actual rent due to the hotel’s lessor in the current period, as well as the operating performance of the hotel. We also exclude the effect of gains and losses on the disposition of undepreciated assets because we believe that including them in Adjusted EBITDAre, excluding noncontrolling interest is not consistent with reflecting the ongoing performance of our assets.

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

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

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

The 18 Hotel Portfolio includes all hotels owned by the Company as of June 30, 2021. The 17 Hotel Portfolio includes the 18 Hotel Portfolio less the Montage Healdsburg, acquired by the Company in April 2021.

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CORPORATE FINANCIAL INFORMATION

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Supplemental Financial InformationAugust 3, 2021

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Condensed Consolidated Balance Sheets Q2 2021 – Q2 2020

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(In thousands)	​	June 30, 2021^(1)^		​	March 31, 2021^(2)^		​	December 31, 2020^(3)^		​	September 30, 2020^(4)^		​	June 30, 2020^(5)^		​
Assets	****	​	​	​	​	​		​			​			​
Investment in hotel properties:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Land	​	$	611,538	​	$	571,212	​	$	571,212	​	$	581,426	​	$	581,426	​
Buildings & improvements	​	​	2,725,893	​	​	2,527,654	​	​	2,523,750	​	​	2,707,102	​	​	2,694,935	​
Furniture, fixtures, & equipment	​	​	452,610	​	​	432,493	​	​	431,918	​	​	464,588	​	​	460,526	​
Other	​	​	62,716	​	​	41,868	​	​	37,766	​	​	64,880	​	​	72,775	​
​	​	​	3,852,757	​	​	3,573,227	​	​	3,564,646	​	​	3,817,996	​	​	3,809,662	​
Less accumulated depreciation & amortization	​	​	(1,165,362)	​	​	(1,133,264)	​	​	(1,103,148)	​	​	(1,196,520)	​	​	(1,164,181)	​
​	​	​	2,687,395	​	​	2,439,963	​	​	2,461,498	​	​	2,621,476	​	​	2,645,481	​
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Finance lease right-of-use asset, net	​	​	45,447	​	​	45,814	​	​	46,182	​	​	46,549	​	​	46,917	​
Operating lease right-of-use assets, net	​	​	24,939	​	​	25,196	​	​	26,093	​	​	39,489	​	​	40,351	​
Other noncurrent assets, net	​	​	14,736	​	​	15,847	​	​	16,799	​	​	16,510	​	​	15,415	​
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Current assets:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Cash and cash equivalents	​	​	162,898	​	​	320,275	​	​	368,406	​	​	461,288	​	​	540,420	​
Restricted cash	​	​	47,490	​	​	44,982	​	​	47,733	​	​	42,346	​	​	45,960	​
Other current assets, net	​	​	32,457	​	​	24,597	​	​	19,006	​	​	19,124	​	​	12,474	​
Assets held for sale, net	​	​	—	​	​	—	​	​	—	​	​	—	​	​	76,683	​
Total assets	​	$	3,015,362	​	$	2,916,674	​	$	2,985,717	​	$	3,246,782	​	$	3,423,701	​

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Condensed Consolidated Balance Sheets Q2 2021– Q2 2020 (continued)

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
(In thousands, except share and per share data)	​	June 30, 2021^(1)^		​	March 31, 2021^(2)^		​	December 31, 2020^(3)^		​	September 30, 2020^(4)^		​	June 30, 2020^(5)^		​
Liabilities	****	​	​	​	​	​		​			​			​
Current liabilities:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Current portion of notes payable, net	​	$	2,331	​	$	2,295	​	$	2,261	​	$	188,096	​	$	188,757	​
Other current liabilities	​	​	111,393	​	​	81,947	​	​	88,532	​	​	99,679	​	​	97,129	​
Total current liabilities	​	​	113,724	​	​	84,242	​	​	90,793	​	​	287,775	​	​	285,886	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Notes payable, less current portion, net	​	​	741,337	​	​	741,922	​	​	742,528	​	​	743,545	​	​	829,673	​
Finance lease obligation, less current portion	​	​	15,568	​	​	15,569	​	​	15,569	​	​	15,569	​	​	15,570	​
Operating lease obligations, less current portion	​	​	27,816	​	​	28,649	​	​	29,954	​	​	45,939	​	​	47,206	​
Other liabilities	​	​	13,612	​	​	14,679	​	​	17,494	​	​	25,909	​	​	25,374	​
Total liabilities	​	​	912,057	​	​	885,061	​	​	896,338	​	​	1,118,737	​	​	1,203,709	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Equity	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Stockholders' equity:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
6.95% Series E cumulative redeemable preferred stock	​	​	—	​	​	115,000	​	​	115,000	​	​	115,000	​	​	115,000	​
6.45% Series F cumulative redeemable preferred stock	​	​	75,000	​	​	75,000	​	​	75,000	​	​	75,000	​	​	75,000	​
Series G cumulative redeemable preferred stock	​	​	66,250	​	​	—	​	​	—	​	​	—	​	​	—	​
6.125% Series H cumulative redeemable preferred stock	​	​	115,000	​	​	—	​	​	—	​	​	—	​	​	—	​
Common stock, $0.01 par value, 500,000,000 shares authorized	​	​	2,190	​	​	2,162	​	​	2,156	​	​	2,156	​	​	2,156	​
Additional paid in capital	​	​	2,626,582	​	​	2,585,455	​	​	2,586,108	​	​	2,584,005	​	​	2,581,637	​
Retained earnings	​	​	833,132	​	​	860,454	​	​	913,766	​	​	951,765	​	​	1,041,056	​
Cumulative dividends and distributions	​	​	(1,654,388)	​	​	(1,646,593)	​	​	(1,643,386)	​	​	(1,640,178)	​	​	(1,636,970)	​
Total stockholders' equity	​	​	2,063,766	​	​	1,991,478	​	​	2,048,644	​	​	2,087,748	​	​	2,177,879	​
Noncontrolling interest in consolidated joint venture	​	​	39,539	​	​	40,135	​	​	40,735	​	​	40,297	​	​	42,113	​
Total equity	​	​	2,103,305	​	​	2,031,613	​	​	2,089,379	​	​	2,128,045	​	​	2,219,992	​
Total liabilities and equity	​	$	3,015,362	​	$	2,916,674	​	$	2,985,717	​	$	3,246,782	​	$	3,423,701	​

​

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

​

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CORPORATE FINANCIAL INFORMATION		​	Page 11
​		​	​
	​

​ ​

​

Supplemental Financial InformationAugust 3, 2021

Consolidated Statements of Operations Q2 and Q2 YTD 2021/2020

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended June 30,					​	Six Months Ended June 30,
(In thousands, except per share data)	****	2021			2020		​	2021		​	2020
Revenues	​	​	​	​	​	​	​	​	​	​	​	​
Room	​	$	84,597	​	$	3,869	​	$	118,816	​	$	131,269
Food and beverage	​	​	15,238	​	​	213	​	​	20,209	​	​	48,203
Other operating	​	​	17,375	​	​	6,342	​	​	28,818	​	​	22,164
Total revenues	​	​	117,210	​	​	10,424	​	​	167,843	​	​	201,636
Operating expenses	​	​	​	​	​	​	​	​	​	​	​	​
Room	​	​	22,946	​	​	7,077	​	​	34,586	​	​	51,322
Food and beverage	​	​	15,669	​	​	5,025	​	​	21,648	​	​	46,785
Other operating	​	​	3,486	​	​	1,224	​	​	5,291	​	​	4,988
Advertising and promotion	​	​	7,042	​	​	4,090	​	​	11,917	​	​	16,552
Repairs and maintenance	​	​	7,132	​	​	5,375	​	​	12,677	​	​	15,424
Utilities	​	​	4,683	​	​	3,226	​	​	8,834	​	​	9,068
Franchise costs	​	​	2,296	​	​	338	​	​	3,287	​	​	5,674
Property tax, ground lease and insurance	​	​	15,632	​	​	19,124	​	​	30,293	​	​	39,175
Other property-level expenses	​	​	16,067	​	​	8,736	​	​	26,544	​	​	37,581
Corporate overhead	​	​	9,467	​	​	8,438	​	​	16,644	​	​	15,832
Depreciation and amortization	​	​	32,729	​	​	34,539	​	​	63,499	​	​	71,285
Impairment losses	​	​	—	​	​	18,100	​	​	—	​	​	133,466
Total operating expenses	​	​	137,149	​	​	115,292	​	​	235,220	​	​	447,152
​	​	​	​	​	​	​	​	​	​	​	​	​
Interest and other income (loss)	​	​	21	​	​	306	​	​	(358)	​	​	2,612
Interest expense	​	​	(8,065)	​	​	(12,950)	​	​	(15,714)	​	​	(30,457)
Gain on extinguishment of debt	​	​	88	​	​	—	​	​	310	​	​	—
Loss before income taxes	​	​	(27,895)	​	​	(117,512)	​	​	(83,139)	​	​	(273,361)
Income tax (provision) benefit, net	​	​	(23)	​	​	12	​	​	(66)	​	​	(6,658)
Net loss	​	​	(27,918)	​	​	(117,500)	​	​	(83,205)	​	​	(280,019)
Loss from consolidated joint venture attributable to noncontrolling interest	​	​	596	​	​	2,162	​	​	2,571	​	​	2,620
Preferred stock dividends and redemption charge	​	​	(7,795)	​	​	(3,207)	​	​	(11,002)	​	​	(6,414)
Loss attributable to common stockholders	​	$	(35,117)	​	$	(118,545)	​	$	(91,636)	​	$	(283,813)
​	​	​	​	​	​	​	​	​	​	​	​	​
Basic and diluted per share amounts:	​	​	​	​	​	​	​	​	​	​	​	​
Basic and diluted loss attributable to common stockholders per common share	​	$	(0.16)	​	$	(0.55)	​	$	(0.43)	​	$	(1.30)
​	​	​	​	​	​	​	​	​	​	​	​	​
Basic and diluted weighted average common shares outstanding	​	​	215,113	​	​	214,225	​	​	214,778	​	​	217,631
​	​	​	​	​	​	​	​	​	​	​	​	​
Distributions declared per common share	​	$	—	​	$	—	​	$	—	​	$	0.05

​

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CORPORATE FINANCIAL INFORMATION		​	Page 12
​		​	​
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​

Supplemental Financial InformationAugust 3, 2021

Reconciliation of Net Loss to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Q2 and Q2 YTD 2021/2020

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended June 30,					​	Six Months Ended June 30,
(In thousands)		2021		****	2020		​	2021		​	2020
Net loss	​	$	(27,918)	​	$	(117,500)	​	$	(83,205)	​	$	(280,019)
Operations held for investment:	​	​	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	​	​	32,729	​	​	34,539	​	​	63,499	​	​	71,285
Interest expense	​	​	8,065	​	​	12,950	​	​	15,714	​	​	30,457
Income tax provision (benefit), net	​	​	23	​	​	(12)	​	​	66	​	​	6,658
Loss on sale of assets	​	​	—	​	​	—	​	​	70	​	​	—
Impairment losses - hotel properties	​	​	—	​	​	18,100	​	​	—	​	​	131,164
EBITDAre	​	​	12,899	​	​	(51,923)	​	​	(3,856)	​	​	(40,455)
​	​	​	​	​	​	​	​	​	​	​	​	​
Operations held for investment:	​	​	​	​	​	​	​	​	​	​	​	​
Amortization of deferred stock compensation	​	​	4,659	​	​	3,064	​	​	7,411	​	​	5,271
Amortization of right-of-use assets and liabilities	​	​	(338)	​	​	(332)	​	​	(669)	​	​	(593)
Finance lease obligation interest - cash ground rent	​	​	(351)	​	​	(351)	​	​	(702)	​	​	(702)
Property-level severance	​	​	—	​	​	1,113	​	​	—	​	​	1,113
Gain on extinguishment of debt	​	​	(88)	​	​	—	​	​	(310)	​	​	—
Prior year property tax adjustments, net	​	​	(1,162)	​	​	307	​	​	(1,989)	​	​	226
Impairment loss - abandoned development costs	​	​	—	​	​	—	​	​	—	​	​	2,302
Noncontrolling interest:	​	​	​	​	​	​	​	​	​	​	​	​
Loss from consolidated joint venture attributable to noncontrolling interest	​	​	596	​	​	2,162	​	​	2,571	​	​	2,620
Depreciation and amortization	​	​	(806)	​	​	(806)	​	​	(1,616)	​	​	(1,610)
Interest expense	​	​	(159)	​	​	(306)	​	​	(320)	​	​	(726)
Amortization of right-of-use asset and liability	​	​	73	​	​	73	​	​	145	​	​	145
Impairment loss - abandoned development costs	​	​	—	​	​	—	​	​	—	​	​	(449)
Adjustments to EBITDAre**, net**	​	​	2,424	​	​	4,924	​	​	4,521	​	​	7,597
Adjusted EBITDAre**, excluding noncontrolling interest**	​	$	15,323	​	$	(46,999)	​	$	665	​	$	(32,858)

​

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​

​

​

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	​
CORPORATE FINANCIAL INFORMATION		​	Page 13
​		​	​
	​

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​ ​

​

Supplemental Financial InformationAugust 3, 2021

​

​

Reconciliation of Net Loss to FFO and Adjusted FFO Attributable to Common Stockholders Q2 and Q2 YTD 2021/2020

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended June 30,					​	Six Months Ended June 30,
(In thousands, except per share data)		2021		****	2020		​	2021		​	2020
Net loss	​	$	(27,918)	​	$	(117,500)	​	$	(83,205)	​	$	(280,019)
Preferred stock dividends and redemption charge	​	​	(7,795)	​	​	(3,207)	​	​	(11,002)	​	​	(6,414)
Operations held for investment:	​	​	​	​	​	​	​	​	​	​	​	​
Real estate depreciation and amortization	​	​	32,104	​	​	33,917	​	​	62,247	​	​	70,039
Loss on sale of assets	​	​	—	​	​	—	​	​	70	​	​	—
Impairment losses - hotel properties	​	​	—	​	​	18,100	​	​	—	​	​	131,164
Noncontrolling interest:	​	​	​	​	​	​	​	​	​	​	​	​
Loss from consolidated joint venture attributable to noncontrolling interest	​	​	596	​	​	2,162	​	​	2,571	​	​	2,620
Real estate depreciation and amortization	​	​	(806)	​	​	(806)	​	​	(1,616)	​	​	(1,610)
FFO attributable to common stockholders	​	​	(3,819)	​	​	(67,334)	​	​	(30,935)	​	​	(84,220)
​	​	​	​	​	​	​	​	​	​	​	​	​
Operations held for investment:	​	​	​	​	​	​	​	​	​	​	​	​
Real estate amortization of right-of-use assets and liabilities	​	​	77	​	​	72	​	​	162	​	​	218
Noncash interest on derivatives, net	​	​	(709)	​	​	216	​	​	(1,578)	​	​	6,296
Property-level severance	​	​	—	​	​	1,113	​	​	—	​	​	1,113
Gain on extinguishment of debt	​	​	(88)	​	​	—	​	​	(310)	​	​	—
Prior year property tax adjustments, net	​	​	(1,162)	​	​	307	​	​	(1,989)	​	​	226
Preferred stock redemption charge	​	​	4,016	​	​	—	​	​	4,016	​	​	—
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	​	​	145	​	​	145
Noncash interest on derivatives, net	​	​	—	​	​	(26)	​	​	—	​	​	(26)
Impairment loss - abandoned development costs	​	​	—	​	​	—	​	​	—	​	​	(449)
Adjustments to FFO attributable to common stockholders, net	​	​	2,207	​	​	1,755	​	​	446	​	​	17,240
Adjusted FFO attributable to common stockholders	​	$	(1,612)	​	$	(65,579)	​	$	(30,489)	​	$	(66,980)
FFO attributable to common stockholders per diluted share	​	$	(0.02)	​	$	(0.31)	​	$	(0.14)	​	$	(0.39)
Adjusted FFO attributable to common stockholders per diluted share	​	$	(0.01)	​	$	(0.31)	​	$	(0.14)	​	$	(0.31)
​	​	​	​	​	​	​	​	​	​	​	​	​
Basic weighted average shares outstanding	​	​	215,113	​	​	214,225	​	​	214,778	​	​	217,631
Shares associated with unvested restricted stock awards	​	​	352	​	​	—	​	​	283	​	​	—
Diluted weighted average shares outstanding	​	​	215,465	​	​	214,225	​	​	215,061	​	​	217,631

​

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CORPORATE FINANCIAL INFORMATION		​	Page 14
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​

Supplemental Financial InformationAugust 3, 2021

Pro Forma Consolidated Statements of Operations

Q2 2021 – Q3 2020, Trailing 12 Months Ended Q2 2021

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		Quarter Ended											​	Trailing-12 Months Ended
(Unaudited and in thousands)		​	June 30,	​	​	March 31,	​	December 31,		​	September 30,		​	June 30,
​		​	2021		​	2021		2020 (1)			2020 (1)			2021 (1)
Revenues		​	​	​	​	​	​	​	​	​	​	​	​	​	​
Room		$	84,597	​	$	34,219	​	$	21,026	​	$	14,745	​	$	154,587
Food and beverage		​	15,238	​	​	4,971	​	​	4,493	​	​	1,979	​	​	26,681
Other operating		​	17,375	​	​	11,443	​	​	10,592	​	​	10,252	​	​	49,662
Total revenues		​	117,210	​	​	50,633	​	​	36,111	​	​	26,976	​	​	230,930
​		​	​	​	​	​	​	​	​	​	​	​	​	​	​
Operating Expenses		​	​	​	​	​	​	​	​	​	​	​	​	​	​
Room		​	22,946	​	​	11,640	​	​	11,519	​	​	9,326	​	​	55,431
Food and beverage		​	15,669	​	​	5,979	​	​	8,392	​	​	5,719	​	​	35,759
Other expenses		​	56,338	​	​	42,505	​	​	30,293	​	​	39,741	​	​	168,877
Corporate overhead		​	9,467	​	​	7,177	​	​	5,735	​	​	6,582	​	​	28,961
Depreciation and amortization		​	32,729	​	​	30,770	​	​	31,505	​	​	31,121	​	​	126,125
Impairment losses		​	—	​	​	—	​	​	13,478	​	​	—	​	​	13,478
Total operating expenses		​	137,149	​	​	98,071	​	​	100,922	​	​	92,489	​	​	428,631
​		​	​	​	​	​	​	​	​	​	​	​	​	​	​
Interest and other income (loss)		​	21	​	​	(379)	​	​	85	​	​	139	​	​	(134)
Interest expense		​	(8,065)	​	​	(7,649)	​	​	(7,676)	​	​	(8,999)	​	​	(32,389)
Gain (loss) on extinguishment of debt, net		​	88	​	​	222	​	​	—	​	​	(210)	​	​	100
Loss before income taxes		​	(27,895)	​	​	(55,244)	​	​	(72,402)	​	​	(74,583)	​	​	(230,124)
Income tax (provision) benefit, net		​	(23)	​	​	(43)	​	​	(15)	​	​	83	​	​	2
Net loss		$	(27,918)	​	$	(55,287)	​	$	(72,417)	​	$	(74,500)	​	$	(230,122)
​		​	​	​	​	​	​	​	​	​	​	​	​	​	​
Adjusted EBITDAre**, excluding noncontrolling interest**		$	15,323	​	$	(14,658)	​	$	(14,886)	​	$	(30,656)	​	$	(44,877)
​		​	​	​	​	​	​	​	​	​	​	​	​	​	​
Adjusted FFO attributable to common stockholders (2)		$	(1,311)	​	$	(28,856)	​	$	(28,262)	​	$	(45,376)	​	$	(103,805)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Adjusted FFO attributable to common stockholders per diluted share (2)		$	(0.01)	​	$	(0.13)	​	$	(0.13)	​	$	(0.21)	​	$	(0.48)
(1)	Includes the Company's ownership results for the 17 Hotel Portfolio. Excludes the Company's ownership results for the Renaissance Harborplace and the Renaissance Los Angeles Airport due to their sales in July 2020 and December 2020, respectively. In addition, excludes the Company's ownership results for the Hilton Times Square due to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder, as well as the elimination of interest expense and loss on extinguishment of debt on the mortgage loan secured by the Renaissance Washington DC due to its repayment in December 2020.
---	---
(2)	Adjusted FFO attributable to common stockholders and Adjusted FFO attributable to common stockholders per diluted share reconciliations for the first and second quarters of 2021 can be found on pages 18 and 19, respectively, in this supplemental package.
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CORPORATE FINANCIAL INFORMATION		​	Page 15
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​

Supplemental Financial InformationAugust 3, 2021

Pro Forma Consolidated Statements of Operations

Q4 2020 – Q1 2020, FY 2020

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		Quarter Ended (1)											​	Year Ended (1)
(Unaudited and in thousands)		December 31,		​	September 30,		​	June 30,		​	March 31,		​	December 31,
​		2020		​	2020			2020			2020			2020
Revenues		​	​	​	​	​	​	​	​	​	​	​	​	​	​
Room		$	21,026	​	$	14,745	​	$	2,395	​	$	113,475	​	$	151,641
Food and beverage		​	4,493	​	​	1,979	​	​	142	​	​	44,372	​	​	50,986
Other operating		​	10,592	​	​	10,252	​	​	6,144	​	​	14,195	​	​	41,183
Total revenues		​	36,111	​	​	26,976	​	​	8,681	​	​	172,042	​	​	243,810
​		​	​	​	​	​	​	​	​	​	​	​	​	​	​
Operating Expenses		​	​	​	​	​	​	​	​	​	​	​	​	​	​
Room		​	11,519	​	​	9,326	​	​	4,995	​	​	37,241	​	​	63,081
Food and beverage		​	8,392	​	​	5,719	​	​	4,379	​	​	37,471	​	​	55,961
Other expenses		​	30,293	​	​	39,741	​	​	35,607	​	​	74,308	​	​	179,949
Corporate overhead		​	5,735	​	​	6,582	​	​	8,438	​	​	7,394	​	​	28,149
Depreciation and amortization		​	31,505	​	​	31,121	​	​	31,363	​	​	31,876	​	​	125,865
Impairment losses		​	13,478	​	​	—	​	​	—	​	​	7,509	​	​	20,987
Total operating expenses		​	100,922	​	​	92,489	​	​	84,782	​	​	195,799	​	​	473,992
​		​	​	​	​	​	​	​	​	​	​	​	​	​	​
Interest and other income		​	85	​	​	139	​	​	306	​	​	2,306	​	​	2,836
Interest expense		​	(7,676)	​	​	(8,999)	​	​	(9,322)	​	​	(14,645)	​	​	(40,642)
Loss on extinguishment of debt		​	—	​	​	(210)	​	​	—	​	​	—	​	​	(210)
Loss before income taxes		​	(72,402)	​	​	(74,583)	​	​	(85,117)	​	​	(36,096)	​	​	(268,198)
Income tax (provision) benefit, net		​	(15)	​	​	83	​	​	12	​	​	(6,670)	​	​	(6,590)
Net loss		$	(72,417)	​	$	(74,500)	​	$	(85,105)	​	$	(42,766)	​	$	(274,788)
​		​	​	​	​	​	​	​	​	​	​	​	​	​	​
Adjusted EBITDAre**, excluding noncontrolling interest (2)**		$	(14,886)	​	$	(30,656)	​	$	(39,588)	​	$	18,304	​	$	(66,826)
​		​	​	​	​	​	​	​	​	​	​	​	​	​	​
Adjusted FFO attributable to common stockholders (3)		$	(28,262)	​	$	(45,376)	​	$	(54,519)	​	$	5,645	​	$	(122,512)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Adjusted FFO attributable to common stockholders per diluted share (3)		$	(0.13)	​	$	(0.21)	​	$	(0.25)	​	$	0.03	​	$	(0.56)
(1)	Includes the Company's ownership results for the 17 Hotel Portfolio. Excludes the Company's ownership results for the Renaissance Harborplace and the Renaissance Los Angeles Airport due to their sales in July 2020 and December 2020, respectively. In addition, excludes the Company's ownership results for the Hilton Times Square due to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder, as well as the elimination of interest expense and loss on extinguishment of debt on the mortgage loan secured by the Renaissance Washington DC due to its repayment in December 2020.
---	---
(2)	Adjusted EBITDAre, excluding noncontrolling interest reconciliation for the year ended December 31, 2020 can be found on page 20 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 21 in this supplemental package.
---	---
	​
---	---	---	---
CORPORATE FINANCIAL INFORMATION		​	Page 16
​		​	​
	​

​ ​

​

Supplemental Financial InformationAugust 3, 2021

Pro Forma Consolidated Statements of Operations

Q4 2019 – Q1 2019, FY 2019

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		Quarter Ended (1)											​	Year Ended (1)
(Unaudited and in thousands)		December 31,		​	September 30,		​	June 30,		​	March 31,		​	December 31,
​		2019			2019			2019			2019			2019
Revenues		​	​	​	​	​	​	​	​	​	​	​	​	​	​
Room		$	160,370	​	$	171,544	​	$	179,838	​	$	150,734	​	$	662,486
Food and beverage		​	60,403	​	​	56,052	​	​	68,588	​	​	63,819	​	​	248,862
Other operating		​	17,555	​	​	18,275	​	​	16,943	​	​	15,358	​	​	68,131
Total revenues		​	238,328	​	​	245,871	​	​	265,369	​	​	229,911	​	​	979,479
​		​	​	​	​	​	​	​	​	​	​	​	​	​	​
Operating Expenses		​	​	​	​	​	​	​	​	​	​	​	​	​	​
Room		​	42,414	​	​	43,947	​	​	43,744	​	​	40,711	​	​	170,816
Food and beverage		​	41,382	​	​	40,143	​	​	43,201	​	​	42,129	​	​	166,855
Other expenses		​	82,501	​	​	82,373	​	​	84,012	​	​	81,716	​	​	330,602
Corporate overhead		​	7,275	​	​	7,395	​	​	8,078	​	​	7,516	​	​	30,264
Depreciation and amortization		​	31,780	​	​	31,854	​	​	31,217	​	​	31,056	​	​	125,907
Total operating expenses		​	205,352	​	​	205,712	​	​	210,252	​	​	203,128	​	​	824,444
​		​	​	​	​	​	​	​	​	​	​	​	​	​	​
Interest and other income		​	3,060	​	​	3,762	​	​	4,811	​	​	4,924	​	​	16,557
Interest expense		​	(7,867)	​	​	(10,064)	​	​	(12,621)	​	​	(11,131)	​	​	(41,683)
Income before income taxes		​	28,169	​	​	33,857	​	​	47,307	​	​	20,576	​	​	129,909
Income tax (provision) benefit, net		​	(1,034)	​	​	749	​	​	(2,676)	​	​	3,112	​	​	151
Net income		$	27,135	​	$	34,606	​	$	44,631	​	$	23,688	​	$	130,060
​		​	​	​	​	​	​	​	​	​	​	​	​	​	​
Adjusted EBITDAre**, excluding noncontrolling interest (2)**		$	66,968	​	$	73,500	​	$	89,511	​	$	61,915	​	$	291,894
​		​	​	​	​	​	​	​	​	​	​	​	​	​	​
Adjusted FFO attributable to common stockholders (3)		$	53,407	​	$	61,000	​	$	75,036	​	$	47,831	​	$	237,274
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Adjusted FFO attributable to common stockholders per diluted share (3)		$	0.25	​	$	0.28	​	$	0.35	​	$	0.22	​	$	1.09
(1)	Includes the Company's ownership results for the 17 Hotel Portfolio. Excludes the Company's ownership results for the Courtyard by Marriott Los Angeles, the Renaissance Harborplace and the Renaissance Los Angeles Airport due to their sales in October 2019, July 2020 and December 2020, respectively. In addition, excludes the Company's ownership results for the Hilton Times Square due to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder, as well as the elimination of interest expense on the mortgage loan secured by the Renaissance Washington DC due to its repayment in December 2020.
---	---
(2)	Adjusted EBITDAre, excluding noncontrolling interest reconciliation for the year ended December 31, 2019 can be found on page 23 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 24 in this supplemental package.
---	---

​

	​
CORPORATE FINANCIAL INFORMATION		​	Page 17
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​

Supplemental Financial InformationAugust 3, 2021

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

Q1 2021

​	​	​	​	​	​	​	​	​
​	Three Months Ended March 31, 2021
​	​	​	​	​	​	​	​	​
​	​	​	​	​	Debt & Equity	​	​	Pro
(In thousands, except per share amounts)	​	Actual (1)	​	​	Transactions (2)	​	​	Forma (3)
​	​	​	​	​	​	​	​	​
Net loss	$	(55,287)	​	$	—	​	$	(55,287)
Preferred stock dividends	​	(3,207)	​	​	21	​	​	(3,186)
Operations held for investment:	​	​	​	​	​	​	​	​
Real estate depreciation and amortization	​	30,143	​	​	—	​	​	30,143
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)	​	​	21	​	​	(27,095)
​	​	​	​	​	​	​	​	​
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)	​	$	21	​	$	(28,856)
​	​	​	​	​	​	​	​	​
FFO attributable to common stockholders per diluted share	$	(0.13)	​	​	​	​	$	(0.12)
​	​	​	​	​	​	​	​	​
Adjusted FFO attributable to common stockholders per diluted share	$	(0.13)	​	​	​	​	$	(0.13)
​	​	​	​	​	​	​	​	​
Basic weighted average shares outstanding	​	214,438	​	​	2,914	​	​	217,352
Shares associated with unvested restricted stock awards	​	210	​	​	—	​	​	210
Diluted weighted average shares outstanding	​	214,648	​	​	2,914	​	​	217,562
(1)	Actual represents the Company's ownership results for all 17 hotels owned by the Company as of March 31, 2021.
---	---
(2)	Debt & Equity Transactions represent the reduction in preferred stock dividends due to the redemptions of the 6.95% Series E and 6.45% Series F Cumulative Redeemable Preferred Stocks in June 2021 and August 2021, respectively, offset by the issuance of the 6.125% Series H and 5.7% 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.
---	---
(3)	Pro Forma represents the Company's ownership results for the 17 Hotel Portfolio, as well as the preferred stock transactions and common stock issuances in 2021.
---	---
	​
---	---	---	---
CORPORATE FINANCIAL INFORMATION		​	Page 18
​		​	​
	​

​ ​

​

Supplemental Financial InformationAugust 3, 2021

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

Q2 2021

​	​	​	​	​	​	​	​	​
​	Three Months Ended June 30, 2021
​	​	​	​	​	​	​	​	​
​	​	​	​	​	Debt & Equity	​	​	Pro
(In thousands, except per share amounts)	​	Actual (1)	​	​	Transactions (2)	​	​	Forma (3)
​	​	​	​	​	​	​	​	​
Net loss	$	(27,918)	​	$	—	​	$	(27,918)
Preferred stock dividends and redemption charge	​	(7,795)	​	​	4,317	​	​	(3,478)
Operations held for investment:	​	​	​	​	​	​	​	​
Real estate depreciation and amortization	​	32,104	​	​	—	​	​	32,104
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)	​	​	4,317	​	​	498
​	​	​	​	​	​	​	​	​
Operations held for investment:	​	​	​	​	​	​	​	​
Real estate amortization of right-of-use assets and liabilities	​	77	​	​	—	​	​	77
Noncash interest on derivatives, net	​	(709)	​	​	—	​	​	(709)
Gain on extinguishment of debt	​	(88)	​	​	—	​	​	(88)
Prior year property tax adjustments, net	​	(1,162)	​	​	—	​	​	(1,162)
Preferred stock redemption charge	​	4,016	​	​	(4,016)	​	​	—
Noncontrolling interest:	​	​	​	​	​	​	​	​
Real estate amortization of right-of-use asset and liability	​	73	​	​	—	​	​	73
Adjustments to FFO attributable to common stockholders, net	​	2,207	​	​	(4,016)	​	​	(1,809)
​	​	​	​	​	​	​	​	​
Adjusted FFO attributable to common stockholders	$	(1,612)	​	$	301	​	$	(1,311)
​	​	​	​	​	​	​	​	​
FFO attributable to common stockholders per diluted share	$	(0.02)	​	​	​	​	$	0.00
​	​	​	​	​	​	​	​	​
Adjusted FFO attributable to common stockholders per diluted share	$	(0.01)	​	​	​	​	$	(0.01)
​	​	​	​	​	​	​	​	​
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 all 18 hotels owned by the Company as of June 30, 2021.
---	---
(2)	Debt & Equity Transactions represent the reduction in preferred stock dividends due to the redemptions of the 6.95% Series E and 6.45% Series F Cumulative Redeemable Preferred Stocks in June 2021 and August 2021, respectively, offset by the issuance of the 6.125% Series H and 5.7% 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.
---	---
(3)	Pro Forma represents the Company's ownership results for the 18 Hotel Portfolio, as well as the preferred stock transactions and common stock issuances in 2021.
---	---
	​
---	---	---	---
CORPORATE FINANCIAL INFORMATION		​	Page 19
​		​	​
	​

​ ​

​

Supplemental Financial InformationAugust 3, 2021

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

FY 2020

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	Year Ended December 31, 2020
​	​	​	​	Disposition:	​	Disposition:	​	Disposition:	​	​	​	​
​	​	​	​	Renaissance	​	Renaissance	​	Hilton	​	Debt & Equity	​	Pro
(In thousands)	​	Actual (1)	​	Harborplace (2)	​	Los Angeles Airport (2)	​	Times Square (2)	​	Transactions (3)	​	Forma (4)
​	​	​	​	​	​	​	​	​	​	​	​	​
Net loss	$	(410,506)	$	23,386	$	(29,132)	$	134,845	$	6,619	$	(274,788)
Operations held for investment:	​	​	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	​	137,051	​	(2,622)	​	(3,897)	​	(4,667)	​	—	​	125,865
Interest expense	​	53,307	​	—	​	—	​	(6,079)	​	(6,586)	​	40,642
Income tax provision, net	​	6,590	​	—	​	—	​	—	​	—	​	6,590
Gain on sale of assets	​	(34,298)	​	189	​	34,109	​	—	​	—	​	—
Impairment losses	​	144,642	​	(18,100)	​	—	​	(107,857)	​	—	​	18,685
EBITDAre	​	(103,214)	​	2,853	​	1,080	​	16,242	​	33	​	(83,006)
​	​	​	​	​	​	​	​	​	​	​	​	​
Operations held for investment:	​	​	​	​	​	​	​	​	​	​	​	​
Amortization of deferred stock compensation	​	9,576	​	—	​	—	​	—	​	—	​	9,576
Amortization of right-of-use assets and liabilities	​	(1,260)	​	—	​	—	​	(34)	​	—	​	(1,294)
Finance lease obligation interest - cash ground rent	​	(1,404)	​	—	​	—	​	—	​	—	​	(1,404)
Gain on extinguishment of debt, net	​	(6,146)	​	—	​	—	​	6,389	​	(33)	​	210
Property-level severance	​	11,038	​	—	​	(109)	​	(5,637)	​	—	​	5,292
Prior year property tax adjustments, net	​	(276)	​	57	​	481	​	—	​	—	​	262
Impairment loss - abandoned development costs	​	2,302	​	—	​	—	​	—	​	—	​	2,302
Noncontrolling interest:	​	​	​	​	​	​	​	​	​	​	​	​
Loss from consolidated joint venture attributable to noncontrolling interest	​	5,817	​	—	​	—	​	—	​	—	​	5,817
Depreciation and amortization	​	(3,228)	​	—	​	—	​	—	​	—	​	(3,228)
Interest expense	​	(1,194)	​	—	​	—	​	—	​	—	​	(1,194)
Amortization of right-of-use asset and liability	​	290	​	—	​	—	​	—	​	—	​	290
Impairment loss - abandoned development costs	​	(449)	​	—	​	—	​	—	​	—	​	(449)
Adjustments to EBITDAre**, net**	​	15,066	​	57	​	372	​	718	​	(33)	​	16,180
​	​	​	​	​	​	​	​	​	​	​	​	​
Adjusted EBITDAre**, excluding noncontrolling interest**	$	(88,148)	$	2,910	$	1,452	$	16,960	$	—	$	(66,826)

​

*Footnotes on Page 22

​

​

​

	​
CORPORATE FINANCIAL INFORMATION		​	Page 20
​		​	​
	​

​

​ ​

​

Supplemental Financial InformationAugust 3, 2021

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

FY 2020

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	Year Ended December 31, 2020
​	​	​	​	Disposition:	​	Disposition:	​	Disposition:	​	​	​	​
​	​	​	​	Renaissance	​	Renaissance	​	Hilton	​	Debt & Equity	​	Pro
(In thousands, except per share amounts)	​	Actual (1)	​	Harborplace (2)	​	Los Angeles Airport (2)	​	Times Square (2)	​	Transactions (3)	​	Forma (4)
​	​	​	​	​	​	​	​	​	​	​	​	​
Net loss	$	(410,506)	$	23,386	$	(29,132)	$	134,845	$	6,619	$	(274,788)
Preferred stock dividends	​	(12,830)	​	—	​	—	​	—	​	86	​	(12,744)
Operations held for investment:	​	​	​	​	​	​	​	​	​	​	​	​
Real estate depreciation and amortization	​	134,555	​	(2,622)	​	(3,897)	​	(4,667)	​	—	​	123,369
Gain on sale of assets	​	(34,298)	​	189	​	34,109	​	—	​	—	​	—
Impairment losses	​	144,642	​	(18,100)	​	—	​	(107,857)	​	—	​	18,685
Noncontrolling interest:	​	​	​	​	​	​	​	​	​	​	​	​
Loss from consolidated joint venture attributable to noncontrolling interest	​	5,817	​	—	​	—	​	—	​	—	​	5,817
Real estate depreciation and amortization	​	(3,228)	​	—	​	—	​	—	​	—	​	(3,228)
FFO attributable to common stockholders	​	(175,848)	​	2,853	​	1,080	​	22,321	​	6,705	​	(142,889)
​	​	​	​	​	​	​	​	​	​	​	​	​
Operations held for investment:	​	​	​	​	​	​	​	​	​	​	​	​
Real estate amortization of right-of-use assets and liabilities	​	376	​	—	​	—	​	(34)	​	—	​	342
Noncash interest on derivatives and finance lease obligation, net	​	4,740	​	—	​	—	​	—	​	—	​	4,740
Gain on extinguishment of debt, net	​	(6,146)	​	—	​	—	​	6,389	​	(33)	​	210
Property-level severance	​	11,038	​	—	​	(109)	​	(5,637)	​	—	​	5,292
Prior year property tax adjustments, net	​	(276)	​	57	​	481	​	—	​	—	​	262
Impairment loss - abandoned development costs	​	2,302	​	—	​	—	​	—	​	—	​	2,302
Noncash income tax provision, net	​	7,415	​	—	​	—	​	—	​	—	​	7,415
Noncontrolling interest:	​	​	​	​	​	​	​	​	​	​	​	​
Real estate amortization of right-of-use asset and liability	​	290	​	—	​	—	​	—	​	—	​	290
Noncash interest on derivatives, net	​	(27)	​	—	​	—	​	—	​	—	​	(27)
Impairment loss - abandoned development costs	​	(449)	​	—	​	—	​	—	​	—	​	(449)
Adjustments to FFO attributable to common stockholders, net	​	19,263	​	57	​	372	​	718	​	(33)	​	20,377
​	​	​	​	​	​	​	​	​	​	​	​	​
Adjusted FFO attributable to common stockholders	$	(156,585)	$	2,910	$	1,452	$	23,039	$	6,672	$	(122,512)
​	​	​	​	​	​	​	​	​	​	​	​	​
FFO attributable to common stockholders per diluted share	$	(0.81)	​	​	​	​	​	​	​	​	$	(0.66)
​	​	​	​	​	​	​	​	​	​	​	​	​
Adjusted FFO attributable to common stockholders per diluted share	$	(0.73)	​	​	​	​	​	​	​	​	$	(0.56)
​	​	​	​	​	​	​	​	​	​	​	​	​
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 22

​

	​
CORPORATE FINANCIAL INFORMATION		​	Page 21
​		​	​
	​

​ ​

​

Supplemental Financial InformationAugust 3, 2021

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

FFO and Adjusted FFO Attributable to Common Stockholders

FY 2020 Footnotes

​

​

(1)	Actual represents the Company's ownership results for the 17 hotels owned by the Company as of December 31, 2020, as well as results for the Renaissance Harborplace and the Renaissance Los Angeles Airport prior to their sales in July 2020 and December 2020, respectively. In addition, Actual includes the Company's ownership results for the Hilton Times Square prior to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder.
(2)	Disposition represents the Company's ownership results for the Renaissance Harborplace and the Renaissance Los Angeles Airport prior to their sales in July 2020 and December 2020, respectively. In addition, Disposition includes the Company's ownership results for the Hilton Times Square prior to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder.
---	---
(3)	Debt & Equity Transactions represent the elimination of interest expense and loss on extinguishment of debt on the mortgage loan secured by the Renaissance Washington DC due to its repayment in December 2020, along with the 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 5.7% 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.
---	---
(4)	Pro Forma represents the Company's ownership results for the 17 Hotel Portfolio, as well as the Renaissance Washington DC loan repayment in 2020, the preferred stock transactions in 2021, the common stock repurchases in 2020, and the common stock issuances in 2021.
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CORPORATE FINANCIAL INFORMATION		​	Page 22
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Supplemental Financial InformationAugust 3, 2021

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

FY 2019

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	Year Ended December 31, 2019
​	​	​	​	Disposition:	​	Disposition:	​	Disposition:	​	Disposition:	​	​	​	​
​	​	​	​	Courtyard by Marriott	​	Renaissance	​	Renaissance	​	Hilton	​	Debt & Equity	​	Pro
(In thousands)	​	Actual (1)	​	Los Angeles (2)	​	Harborplace (2)	​	Los Angeles Airport (2)	​	Times Square (2)	​	Transactions (3)	​	Forma (4)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net income	$	142,793	$	(44,979)	$	21,507	$	(3,331)	$	7,284	$	6,786	$	130,060
Operations held for investment:	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	​	147,748	​	(760)	​	(6,719)	​	(4,205)	​	(10,157)	​	—	​	125,907
Interest expense	​	54,223	​	(955)	​	—	​	—	​	(4,799)	​	(6,786)	​	41,683
Income tax benefit, net	​	(151)	​	—	​	—	​	—	​	—	​	—	​	(151)
Gain on sale of assets	​	(42,935)	​	42,935	​	—	​	—	​	—	​	—	​	—
Impairment loss	​	24,713	​	—	​	(24,713)	​	—	​	—	​	—	​	—
EBITDAre	​	326,391	​	(3,759)	​	(9,925)	​	(7,536)	​	(7,672)	​	—	​	297,499
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Operations held for investment:	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Amortization of deferred stock compensation	​	9,313	​	—	​	—	​	—	​	—	​	—	​	9,313
Amortization of right-of-use assets and liabilities	​	(782)	​	—	​	—	​	—	​	(239)	​	—	​	(1,021)
Finance lease obligation interest - cash ground rent	​	(2,175)	​	772	​	—	​	—	​	—	​	—	​	(1,403)
Prior year property tax adjustments, net	​	168	​	—	​	—	​	9	​	—	​	—	​	177
Prior owner contingency funding	​	(900)	​	—	​	—	​	—	​	—	​	—	​	(900)
Noncontrolling interest:	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Income from consolidated joint venture attributable to noncontrolling interest	​	(7,060)	​	—	​	—	​	—	​	—	​	—	​	(7,060)
Depreciation and amortization	​	(2,875)	​	—	​	—	​	—	​	—	​	—	​	(2,875)
Interest expense	​	(2,126)	​	—	​	—	​	—	​	—	​	—	​	(2,126)
Amortization of right-of-use asset and liability	​	290	​	—	​	—	​	—	​	—	​	—	​	290
Adjustments to EBITDAre**, net**	​	(6,147)	​	772	​	—	​	9	​	(239)	​	—	​	(5,605)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Adjusted EBITDAre**, excluding noncontrolling interest**	$	320,244	$	(2,987)	$	(9,925)	$	(7,527)	$	(7,911)	$	—	$	291,894

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*Footnotes on Page 25

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CORPORATE FINANCIAL INFORMATION		​	Page 23
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Supplemental Financial InformationAugust 3, 2021

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

FY 2019

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	Year Ended December 31, 2019
​	​	​	​	Disposition:	​	Disposition:	​	Disposition:	​	Disposition:	​	​	​	​
​	​	​	​	Courtyard by Marriott	​	Renaissance	​	Renaissance	​	Hilton	​	Debt & Equity	​	Pro
(In thousands, except per share amounts)	​	Actual (1)	​	Los Angeles (2)	​	Harborplace (2)	​	Los Angeles Airport (2)	​	Times Square (2)	​	Transactions (3)	​	Forma (4)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net income	$	142,793	$	(44,979)	$	21,507	$	(3,331)	$	7,284	$	6,786	$	130,060
Preferred stock dividends	​	(12,830)	​	—	​	—	​	—	​	—	​	86	​	(12,744)
Operations held for investment:	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Real estate depreciation and amortization	​	145,260	​	(760)	​	(6,719)	​	(4,205)	​	(10,157)	​	—	​	123,419
Gain on sale of assets	​	(42,935)	​	42,935	​	—	​	—	​	—	​	—	​	—
Impairment loss	​	24,713	​	—	​	(24,713)	​	—	​	—	​	—	​	—
Noncontrolling interest:	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Income from consolidated joint venture attributable to noncontrolling interest	​	(7,060)	​	—	​	—	​	—	​	—	​	—	​	(7,060)
Real estate depreciation and amortization	​	(2,875)	​	—	​	—	​	—	​	—	​	—	​	(2,875)
FFO attributable to common stockholders	​	247,066	​	(2,804)	​	(9,925)	​	(7,536)	​	(2,873)	​	6,872	​	230,800
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Operations held for investment:	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Real estate amortization of right-of-use assets and liabilities	​	590	​	—	​	—	​	—	​	(239)	​	—	​	351
Noncash interest on derivatives and finance lease obligations, net	​	6,051	​	(183)	​	—	​	—	​	—	​	—	​	5,868
Prior year property tax adjustments, net	​	168	​	—	​	—	​	9	​	—	​	—	​	177
Prior owner contingency funding	​	(900)	​	—	​	—	​	—	​	—	​	—	​	(900)
Noncash income tax provision, net	​	688	​	—	​	—	​	—	​	—	​	—	​	688
Noncontrolling interest:	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Real estate amortization of right-of-use asset and liability	​	290	​	—	​	—	​	—	​	—	​	—	​	290
Adjustments to FFO attributable to common stockholders, net	​	6,887	​	(183)	​	—	​	9	​	(239)	​	—	​	6,474
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Adjusted FFO attributable to common stockholders	$	253,953	$	(2,987)	$	(9,925)	$	(7,527)	$	(3,112)	$	6,872	$	237,274
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
FFO attributable to common stockholders per diluted share	$	1.09	​	​	​	​	​	​	​	​	​	​	$	1.06
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Adjusted FFO attributable to common stockholders per diluted share	$	1.12	​	​	​	​	​	​	​	​	​	​	$	1.09
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Basic weighted average shares outstanding	​	225,681	​	​	​	​	​	​	​	​	​	(8,954)	​	216,727
Shares associated with unvested restricted stock awards	​	276	​	​	​	​	​	​	​	​	​	—	​	276
Diluted weighted average shares outstanding	​	225,957	​	​	​	​	​	​	​	​	​	(8,954)	​	217,003

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*Footnotes on Page 25

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CORPORATE FINANCIAL INFORMATION		​	Page 24
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Supplemental Financial InformationAugust 3, 2021

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

FFO and Adjusted FFO Attributable to Common Stockholders

FY 2019 Footnotes

​

​

(1)	Actual represents the Company's ownership results for the 20 hotels owned by the Company as of December 31, 2019, as well as results for the Courtyard by Marriott Los Angeles prior to its sale in October 2019.
(2)	Disposition represents the Company's ownership results for the Courtyard by Marriott Los Angeles, the Renaissance Harborplace and the Renaissance Los Angeles Airport prior to their sales in October 2019, July 2020 and December 2020, respectively. In addition, Disposition includes the Company's ownership results for the Hilton Times Square prior to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder.
---	---
(3)	Debt & Equity Transactions represent the 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 5.7% 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.
---	---
(4)	Pro Forma represents the Company's ownership results for the 17 Hotel Portfolio, as well as the Renaissance Washington DC loan repayment in 2020, the preferred stock transactions in 2021, the common stock repurchases in 2019 and 2020, and the common stock issuances in 2021.
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CORPORATE FINANCIAL INFORMATION		​	Page 25
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	Supplemental Financial InformationAugust 3, 2021

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CAPITALIZATION

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CAPITALIZATION		​	Page 26
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Supplemental Financial InformationAugust 3, 2021

Comparative Capitalization Q2 2021 – Q2 2020

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	June 30,		​	March 31,		​	December 31,		​	September 30,		​	June 30,		​
(In thousands, except per share data)		2021		****	2021		****	2020		****	2020		****	2020		​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Common Share Price & Dividends	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
At the end of the quarter	​	$	12.42	​	$	12.46	​	$	11.33	​	$	7.94	​	$	8.15	​
High during quarter ended	​	$	13.55	​	$	13.57	​	$	11.42	​	$	8.70	​	$	10.65	​
Low during quarter ended	​	$	11.90	​	$	10.25	​	$	7.27	​	$	7.27	​	$	7.04	​
Common dividends per share	​	$	—	​	$	—	​	$	—	​	$	—	​	$	—	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Common Shares & Units	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Common shares outstanding	​	​	219,043	​	​	216,175	​	​	215,593	​	​	215,636	​	​	215,636	​
Units outstanding	​	​	—	​	​	—	​	​	—	​	​	—	​	​	—	​
Total common shares and units outstanding	​	​	219,043	​	​	216,175	​	​	215,593	​	​	215,636	​	​	215,636	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Capitalization ****	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Market value of common equity	​	$	2,720,515	​	$	2,693,542	​	$	2,442,673	​	$	1,712,146	​	$	1,757,430	​
Liquidation value of preferred equity - Series E	​	​	—	​	​	115,000	​	​	115,000	​	​	115,000	​	​	115,000	​
Liquidation value of preferred equity - Series F	​	​	75,000	​	​	75,000	​	​	75,000	​	​	75,000	​	​	75,000	​
Liquidation value of preferred equity - Series G	​	​	66,250	​	​	—	​	​	—	​	​	—	​	​	—	​
Liquidation value of preferred equity - Series H	​	​	115,000	​	​	—	​	​	—	​	​	—	​	​	—	​
Consolidated debt	​	​	746,303	​	​	747,113	​	​	747,945	​	​	934,673	​	​	1,021,247	​
Consolidated total capitalization	​	​	3,723,068	​	​	3,630,655	​	​	3,380,618	​	​	2,836,819	​	​	2,968,677	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Noncontrolling interest in consolidated debt	​	​	(55,000)	​	​	(55,000)	​	​	(55,000)	​	​	(55,000)	​	​	(55,000)	​
Pro rata total capitalization	​	$	3,668,068	​	$	3,575,655	​	$	3,325,618	​	$	2,781,819	​	$	2,913,677	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Consolidated debt to consolidated total capitalization	​	​	20.0	%	​	20.6	%	​	22.1	%	​	32.9	%	​	34.4	%
Pro rata debt to pro rata total capitalization	​	​	18.8	%	​	19.4	%	​	20.8	%	​	31.6	%	​	33.2	%
Consolidated debt and preferred equity to consolidated total capitalization	​	​	26.9	%	​	25.8	%	​	27.7	%	​	39.6	%	​	40.8	%
Pro rata debt and preferred equity to pro rata total capitalization	​	​	25.8	%	​	24.7	%	​	26.5	%	​	38.5	%	​	39.7	%

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CAPITALIZATION		​	Page 27
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Supplemental Financial InformationAugust 3, 2021

Consolidated Debt Summary Schedule

​	​	​	​	​	​	​	​	​	​	​	​	​
(In thousands)	​	​	​	Interest Rate /	​	Maturity	​	​	June 30, 2021	​	​	Balance At
Debt	****	Collateral	****	Spread	****	Date		​	Balance		​	Maturity
​	​	​	​	​	​	​	​	​	​	​	​	​
Fixed Rate Debt	​	​	​	​	​	​	​	​	​	​	​	​
Term Loan Facility (1)	​	Unsecured	​	3.94%	​	09/03/2022	​	$	85,000	​	$	85,000
Term Loan Facility (1)	​	Unsecured	​	4.20%	​	01/31/2023	​	​	100,000	​	​	100,000
Secured Mortgage Debt	​	JW Marriott New Orleans	​	4.15%	​	12/11/2024	​	​	79,102	​	​	72,071
Secured Mortgage Debt	​	Embassy Suites La Jolla	​	4.12%	​	01/06/2025	​	​	57,201	​	​	51,987
Series A Senior Notes (2)	​	Unsecured	​	5.94%	​	01/10/2026	​	​	90,000	​	​	90,000
Series B Senior Notes (2)	​	Unsecured	​	6.04%	​	01/10/2028	​	​	115,000	​	​	115,000
Total Fixed Rate Debt	​	​	​	​	​	​	​	​	526,303	​	​	514,058
Variable Rate Debt	​	​	​	​	​	​	​	​	​	​	​	​
Secured Mortgage Debt (3)	​	Hilton San Diego Bayfront	​	1.14%	​	12/09/2023	​	​	220,000	​	​	220,000
Credit Facility (1)	​	Unsecured	​	L + 1.40% - 2.40%	​	04/14/2023	​	​	—	​	​	—
Total Variable Rate Debt	​	​	​	​	​	​	​	​	220,000	​	​	220,000
​	​	​	​	​	​	​	​	​	​	​	​	​
TOTAL CONSOLIDATED DEBT	​	​	​	​	​	​	​	$	746,303	​	$	734,058
​	​	​	​	​	​	​	​	​	​	​	​	​
Preferred Stock	​	​	​	​	​	​	​	​	​	​	​	​
Series F cumulative redeemable preferred	​	​	​	6.45%	​	perpetual	​	$	75,000	​	​	​
Series G cumulative redeemable preferred (4)	​	​	​	Variable	​	perpetual	​	​	66,250	​	​	​
Series H cumulative redeemable preferred	​	​	​	6.125%	​	perpetual	​	​	115,000	​	​	​
Total Preferred Stock	​	​	​	​	​	​	​	$	256,250	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​
Debt Statistics	​	​	​	​	​	​	​	​	​	​	​	​
% Fixed Rate Debt	​	​	​	​	​	​	​	​	70.5	%	​	​
% Floating Rate Debt	​	​	​	​	​	​	​	​	29.5	%	​	​
Average Interest Rate (5)	​	​	​	​	​	​	​	​	3.75	%	​	​
Weighted Average Maturity of Debt (3)	​	​	​	​	​	​	​	​	3.3 years	​	​	​

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(1)	In July and December 2020, the Company executed amendments to the agreement governing its revolving credit facility and term loan facilities, providing covenant relief through the first quarter of 2022, with the first quarterly covenant test as of the period ended March 31, 2022. Under the terms of the July 2020 amendment, a 25-basis point LIBOR floor was added for the remaining term of the facilities and the applicable LIBOR margin was increased to 225 basis points for the revolving credit facility and 220 basis points for the term loan facilities, the high points of the pricing grid. The December 2020 amendment fixed the applicable LIBOR margin at 240 basis points for the revolving credit facility and 235 basis points for the term loan facilities. After the covenant relief period, the LIBOR margin will revert back to the original terms of the pricing grid with a range of 140 to 225 basis points for the revolving credit facility and 135 to 220 basis points for the term loan facilities, depending on the Company’s leverage ratios. The interest rates presented reflect the terms of the amended agreements and the effects of the Company’s interest rate derivative agreements.
(2)	In July and December 2020, the Company executed amendments to the agreement governing the Senior Notes, providing covenant relief through the first quarter of 2022, with the first quarterly covenant test as of the period ended March 31, 2022. The July and December 2020 amendments increased the annual interest rates on the Senior Notes by 1.0% and an additional 0.25%, respectively. After the covenant relief period, the interest rates on the Senior Notes will decrease by 0.25% until the Company’s leverage ratio is below 5.0x. The interest rates presented reflect the terms of the amended agreements.
---	---
(3)	In December 2020, the Company exercised its first option to extend the maturity date of the $220.0 million loan secured by the Hilton San Diego Bayfront from December 2020 to December 2021. Two additional one-year options to extend remain, which the Company also intends to exercise, extending the maturity date to December 2023. By extending this loan in December 2021, the Company's weighted average maturity of debt increases from 2.7 years to 3.3 years.
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(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 second quarter of 2021, this equated to a cash dividend of $0.110259 per share, reflecting a pro-rated amount for the days outstanding in the applicable dividend period.
---	---
(5)	Average Interest Rate is calculated based on rates at June 30, 2021, and includes the effect of the Company's interest rate derivative agreements.
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CAPITALIZATION		​	Page 28
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Supplemental Financial InformationAugust 3, 2021

Consolidated Amortization and Debt Maturity Schedule

As of June 30, 2021

(1)	In December 2020, the Company exercised its first option to extend the maturity date of the $220.0 million loan secured by the Hilton San Diego Bayfront from December 2020 to December 2021. Two additional one-year options to extend remain, which the Company also intends to exercise, extending the maturity date to December 2023.
(2)	Percent of Current Total Capitalization is calculated by dividing the sum of scheduled principal amortization and maturity payments by the June 30, 2021 consolidated total capitalization as presented on page 27.
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CAPITALIZATION		​	Page 29
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Supplemental Financial InformationAugust 3, 2021

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PROPERTY-LEVEL DATA

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PROPERTY-LEVEL DATA		​	Page 30
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Supplemental Financial InformationAugust 3, 2021

Hotel Information as of August 3, 2021

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Hotel			****	Location	****	Brand	****	Number ofRooms	****	% of TotalRooms	****	Interest	​	Open / Suspension Date (1)	****	Resumption<br><br>Date (1)	****	Year Acquired
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
1		Hilton San Diego Bayfront (2) (3)	​	California	​	Hilton	​	1,190	​	13.01%	​	Leasehold	​	March 23, 2020	​	August 11, 2020	​	2011
2	​	Boston Park Plaza	​	Massachusetts	​	Independent	​	1,060	​	11.59%	​	Fee Simple	​	Open	​	N/A	​	2013
3	​	Hyatt Regency San Francisco	​	California	​	Hyatt	​	821	​	8.98%	​	Fee Simple	​	March 22, 2020	​	October 1, 2020	​	2013
4	​	Renaissance Washington DC	​	Washington DC	​	Marriott	​	807	​	8.82%	​	Fee Simple	​	March 26, 2020	​	August 24, 2020	​	2005
5	​	Renaissance Orlando at SeaWorld®	​	Florida	​	Marriott	​	781	​	8.54%	​	Fee Simple	​	March 20, 2020	​	October 1, 2020	​	2005
6	​	Wailea Beach Resort	​	Hawaii	​	Marriott	​	547	​	5.98%	​	Fee Simple	​	March 25, 2020	​	November 1, 2020	​	2014
7	​	JW Marriott New Orleans (4)	​	Louisiana	​	Marriott	​	501	​	5.48%	​	Fee Simple	​	March 28, 2020	​	July 14, 2020	​	2011
8	​	Hyatt Centric Chicago Magnificent Mile (3)	​	Illinois	​	Hyatt	​	419	​	4.58%	​	Leasehold	​	April 6, 2020	​	July 13, 2020	​	2012
9	​	Marriott Boston Long Wharf	​	Massachusetts	​	Marriott	​	415	​	4.54%	​	Fee Simple	​	March 12, 2020	​	July 7, 2020	​	2007
10	​	Renaissance Long Beach	​	California	​	Marriott	​	374	​	4.09%	​	Fee Simple	​	Open	​	N/A	​	2005
11	​	Embassy Suites Chicago	​	Illinois	​	Hilton	​	368	​	4.02%	​	Fee Simple	​	April 1, 2020	​	July 1, 2020	​	2002
12	​	Hilton Garden Inn Chicago Downtown/Magnificent Mile	​	Illinois	​	Hilton	​	361	​	3.95%	​	Fee Simple	​	March 27, 2020	​	April 1, 2021	​	2012
13	​	Renaissance Westchester	​	New York	​	Marriott	​	348	​	3.80%	​	Fee Simple	​	April 4, 2020	​	—	​	2010
14	​	Embassy Suites La Jolla	​	California	​	Hilton	​	340	​	3.72%	​	Fee Simple	​	Open	​	N/A	​	2006
15	​	The Bidwell Marriott Portland	​	Oregon	​	Marriott	​	258	​	2.82%	​	Fee Simple	​	March 27, 2020	​	October 5, 2020	​	2000
16	​	Hilton New Orleans St. Charles	​	Louisiana	​	Hilton	​	252	​	2.76%	​	Fee Simple	​	March 28, 2020	​	July 13, 2020	​	2013
17	​	Oceans Edge Resort & Marina	​	Florida	​	Independent	​	175	​	1.91%	​	Fee Simple	​	March 22, 2020	​	June 4, 2020	​	2017
18	​	Montage Healdsburg	​	California	​	Montage	​	130	​	1.42%	​	Fee Simple	​	Open	​	N/A	​	2021
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Total 18 Hotel Portfolio	​	​	​	​	​	9,147	​	100%	​	​	​	​	​	​	​	​

​

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

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PROPERTY-LEVEL OPERATING STATISTICS

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PROPERTY-LEVEL OPERATING STATISTICS		​	Page 32
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Supplemental Financial InformationAugust 3, 2021

Property-Level Operating Statistics

Q2 2021/2020

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	ADR							​	Occupancy					​	​	RevPAR
​	​	Hotels sorted by number of rooms	​	For the Three Months Ended June 30,							​	For the Three Months Ended June 30,					​	For the Three Months Ended June 30,
​	​	​		2021		​	****	2020	****	Change		2021	****	2020	****	Change		2021		****	2020		****	Change
1	​	Hilton San Diego Bayfront	​	$	180.95	​	$	—	​	100%	​	48.5%	​	0.0%	​	100%	​	$	87.76	​	$	—	​	100%
2	​	Boston Park Plaza	​	$	148.49	​	$	137.16	​	8.3%	​	32.5%	​	4.2%	​	673.8%	​	$	48.26	​	$	5.76	​	737.8%
3	​	Hyatt Regency San Francisco	​	$	195.14	​	$	—	​	100%	​	22.3%	​	0.0%	​	100%	​	$	43.52	​	$	—	​	100%
4	​	Renaissance Washington DC	​	$	134.44	​	$	—	​	100%	​	56.4%	​	0.0%	​	100%	​	$	75.82	​	$	—	​	100%
5	​	Renaissance Orlando at SeaWorld ®	​	$	144.01	​	$	—	​	100%	​	45.1%	​	0.0%	​	100%	​	$	64.95	​	$	—	​	100%
6	​	Wailea Beach Resort	​	$	582.08	​	$	—	​	100%	​	74.7%	​	0.0%	​	100%	​	$	434.81	​	$	—	​	100%
7	​	JW Marriott New Orleans	​	$	171.31	​	$	—	​	100%	​	49.3%	​	0.0%	​	100%	​	$	84.46	​	$	—	​	100%
8	​	Hyatt Centric Chicago Magnificent Mile	​	$	169.09	​	$	59.68	​	183.3%	​	24.0%	​	0.1%	​	23,900.0%	​	$	40.58	​	$	0.06	​	67,533.3%
9	​	Marriott Boston Long Wharf	​	$	289.36	​	$	—	​	100%	​	37.2%	​	0.0%	​	100%	​	$	107.64	​	$	—	​	100%
10	​	Renaissance Long Beach	​	$	173.40	​	$	107.59	​	61.2%	​	83.2%	​	21.4%	​	288.8%	​	$	144.27	​	$	23.02	​	526.7%
11	​	Embassy Suites Chicago	​	$	153.53	​	$	28.90	​	431.2%	​	42.4%	​	0.3%	​	14,033.3%	​	$	65.10	​	$	0.09	​	72,233.3%
12	​	Hilton Garden Inn Chicago Downtown/Magnificent Mile	​	$	121.58	​	$	—	​	100%	​	38.5%	​	0.0%	​	100%	​	$	46.81	​	$	—	​	100%
13	​	Embassy Suites La Jolla	​	$	187.98	​	$	103.32	​	81.9%	​	55.5%	​	27.1%	​	104.8%	​	$	104.33	​	$	28.00	​	272.6%
14	​	The Bidwell Marriott Portland	​	$	144.97	​	$	—	​	100%	​	19.3%	​	0.0%	​	100%	​	$	27.98	​	$	—	​	100%
15		Hilton New Orleans St. Charles	​	$	128.31	​	$	—	​	100%	​	46.5%	​	0.0%	​	100%	​	$	59.66	​	$	—	​	100%
16	​	Oceans Edge Resort & Marina	​	$	445.71	​	$	232.80	​	91.5%	​	86.8%	​	13.9%	​	524.5%	​	$	386.88	​	$	32.36	​	1,095.6%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	16 Hotels Open During the Entire Second Quarter of 2021	​	$	219.82	​	$	108.28	​	103.0%	​	45.4%	​	2.8%	​	1,521.4%	​	$	99.80	​	$	3.03	​	3,193.7%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	1 Hotel with Suspended Operations During All of the Second Quarter of 2021	​	$	—	​	$	105.08	​	(100)%	​	0.0%	​	0.1%	​	(100)%	​	$	—	​	$	0.11	​	(100)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	17 Hotel Portfolio (1)	​	$	219.82	​	$	108.27	​	103.0%	​	43.6%	​	2.7%	​	1,514.8%	​	$	95.84	​	$	2.92	​	3,182.2%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Recently Acquired Hotel (2)	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Montage Healdsburg	​	$	1,008.94	​	​	N/A	​	100%	​	61.1%	​	N/A	​	100%	​	$	616.46	​	​	N/A	​	100%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	18 Hotel Portfolio (3)	​	$	235.43	​	​	​	​	​	​	43.9%	​	​	​	​	​	$	103.35	​	​	​	​	​

*Footnotes on page 43

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PROPERTY-LEVEL OPERATING STATISTICS		​	Page 33
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Supplemental Financial InformationAugust 3, 2021

Property-Level Operating Statistics

Q2 2021/2019

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	ADR							​	Occupancy					​	​	RevPAR
​	​	Hotels sorted by number of rooms	​	For the Three Months Ended June 30,							​	For the Three Months Ended June 30,					​	For the Three Months Ended June 30,
​	​	​		2021		​	****	2019	****	Change		2021	****	2019	****	Change		2021		****	2019		****	Change
1	​	Hilton San Diego Bayfront (4)	​	$	180.95	​	$	251.17	​	(28.0)%	​	48.5%	​	78.7%	​	(38.4)%	​	$	87.76	​	$	197.67	​	(55.6)%
2	​	Boston Park Plaza	​	$	148.49	​	$	246.19	​	(39.7)%	​	32.5%	​	97.0%	​	(66.5)%	​	$	48.26	​	$	238.80	​	(79.8)%
3	​	Hyatt Regency San Francisco (4)	​	$	195.14	​	$	310.18	​	(37.1)%	​	22.3%	​	90.9%	​	(75.5)%	​	$	43.52	​	$	281.95	​	(84.6)%
4	​	Renaissance Washington DC	​	$	134.44	​	$	250.42	​	(46.3)%	​	56.4%	​	86.5%	​	(34.8)%	​	$	75.82	​	$	216.61	​	(65.0)%
5	​	Renaissance Orlando at SeaWorld ®	​	$	144.01	​	$	165.86	​	(13.2)%	​	45.1%	​	82.1%	​	(45.1)%	​	$	64.95	​	$	136.17	​	(52.3)%
6	​	Wailea Beach Resort	​	$	582.08	​	$	447.36	​	30.1%	​	74.7%	​	93.5%	​	(20.1)%	​	$	434.81	​	$	418.28	​	4.0%
7	​	JW Marriott New Orleans	​	$	171.31	​	$	212.68	​	(19.5)%	​	49.3%	​	88.5%	​	(44.3)%	​	$	84.46	​	$	188.22	​	(55.1)%
8	​	Hyatt Centric Chicago Magnificent Mile	​	$	169.09	​	$	229.70	​	(26.4)%	​	24.0%	​	88.6%	​	(72.9)%	​	$	40.58	​	$	203.51	​	(80.1)%
9	​	Marriott Boston Long Wharf	​	$	289.36	​	$	384.60	​	(24.8)%	​	37.2%	​	89.9%	​	(58.6)%	​	$	107.64	​	$	345.76	​	(68.9)%
10	​	Renaissance Long Beach	​	$	173.40	​	$	203.31	​	(14.7)%	​	83.2%	​	82.3%	​	1.1%	​	$	144.27	​	$	167.32	​	(13.8)%
11	​	Embassy Suites Chicago	​	$	153.53	​	$	222.75	​	(31.1)%	​	42.4%	​	93.1%	​	(54.5)%	​	$	65.10	​	$	207.38	​	(68.6)%
12	​	Hilton Garden Inn Chicago Downtown/Magnificent Mile	​	$	121.58	​	$	202.05	​	(39.8)%	​	38.5%	​	91.1%	​	(57.7)%	​	$	46.81	​	$	184.07	​	(74.6)%
13	​	Embassy Suites La Jolla	​	$	187.98	​	$	208.40	​	(9.8)%	​	55.5%	​	88.9%	​	(37.6)%	​	$	104.33	​	$	185.27	​	(43.7)%
14	​	The Bidwell Marriott Portland	​	$	144.97	​	$	194.29	​	(25.4)%	​	19.3%	​	88.2%	​	(78.1)%	​	$	27.98	​	$	171.36	​	(83.7)%
15		Hilton New Orleans St. Charles	​	$	128.31	​	$	171.88	​	(25.3)%	​	46.5%	​	81.4%	​	(42.9)%	​	$	59.66	​	$	139.91	​	(57.4)%
16	​	Oceans Edge Resort & Marina (4)	​	$	445.71	​	$	233.87	​	90.6%	​	86.8%	​	92.2%	​	(5.9)%	​	$	386.88	​	$	215.63	​	79.4%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	16 Hotels Open During the Entire Second Quarter of 2021	​	$	219.82	​	$	254.17	​	(13.5)%	​	45.4%	​	88.0%	​	(48.4)%	​	$	99.80	​	$	223.67	​	(55.4)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	1 Hotel with Suspended Operations During All of the Second Quarter of 2021	​	$	—	​	$	161.88	​	(100)%	​	0.0%	​	78.1%	​	(100)%	​	$	—	​	$	126.43	​	(100)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	17 Hotel Portfolio (1)	​	$	219.82	​	$	250.99	​	(12.4)%	​	43.6%	​	87.6%	​	(50.2)%	​	$	95.84	​	$	219.87	​	(56.4)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Recently Acquired Hotel (2)	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Montage Healdsburg	​	$	1,008.94	​	​	N/A	​	100%	​	61.1%	​	N/A	​	100%	​	$	616.46	​	​	N/A	​	100%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	18 Hotel Portfolio (3)	​	$	235.43	​	​	​	​	​	​	43.9%	​	​	​	​	​	$	103.35	​	​	​	​	​

*Footnotes on page 43

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PROPERTY-LEVEL OPERATING STATISTICS		​	Page 34
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Property-Level Operating Statistics

April 2021/2020

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	ADR							​	Occupancy					​	​	RevPAR
​	​	Hotels sorted by number of rooms	​	April							​	April					​	April
​	​	​		2021		​	****	2020	****	Change		2021	****	2020	****	Change		2021		****	2020		****	Change
1	​	Hilton San Diego Bayfront	​	$	157.73	​	$	—	​	100%	​	37.5%	​	0.0%	​	100%	​	$	59.15	​	$	—	​	100%
2	​	Boston Park Plaza	​	$	142.63	​	$	140.80	​	1.3%	​	24.5%	​	3.8%	​	544.7%	​	$	34.94	​	$	5.35	​	553.1%
3	​	Hyatt Regency San Francisco	​	$	199.70	​	$	—	​	100%	​	13.9%	​	0.0%	​	100%	​	$	27.76	​	$	—	​	100%
4	​	Renaissance Washington DC	​	$	135.23	​	$	—	​	100%	​	87.5%	​	0.0%	​	100%	​	$	118.33	​	$	—	​	100%
5	​	Renaissance Orlando at SeaWorld ®	​	$	135.51	​	$	—	​	100%	​	40.7%	​	0.0%	​	100%	​	$	55.15	​	$	—	​	100%
6	​	Wailea Beach Resort	​	$	548.68	​	$	—	​	100%	​	61.4%	​	0.0%	​	100%	​	$	336.89	​	$	—	​	100%
7	​	JW Marriott New Orleans	​	$	160.20	​	$	—	​	100%	​	41.7%	​	0.0%	​	100%	​	$	66.80	​	$	—	​	100%
8	​	Hyatt Centric Chicago Magnificent Mile	​	$	157.24	​	$	124.68	​	26.1%	​	17.8%	​	0.2%	​	8,800.0%	​	$	27.99	​	$	0.25	​	11,096.0%
9	​	Marriott Boston Long Wharf	​	$	252.47	​	$	—	​	100%	​	27.1%	​	0.0%	​	100%	​	$	68.42	​	$	—	​	100%
10	​	Renaissance Long Beach	​	$	156.33	​	$	106.42	​	46.9%	​	62.8%	​	12.9%	​	386.8%	​	$	98.18	​	$	13.73	​	615.1%
11	​	Embassy Suites Chicago	​	$	146.51	​	$	(154.32)	​	194.9%	​	25.4%	​	0.3%	​	8,366.7%	​	$	37.21	​	$	(0.46)	​	8,189.1%
12	​	Hilton Garden Inn Chicago Downtown/Magnificent Mile	​	$	122.42	​	$	—	​	100%	​	14.1%	​	0.0%	​	100%	​	$	17.26	​	$	—	​	100%
13	​	Embassy Suites La Jolla	​	$	149.98	​	$	96.39	​	55.6%	​	51.6%	​	15.5%	​	232.9%	​	$	77.39	​	$	14.94	​	418.0%
14	​	The Bidwell Marriott Portland	​	$	148.34	​	$	—	​	100%	​	10.8%	​	0.0%	​	100%	​	$	16.02	​	$	—	​	100%
15		Hilton New Orleans St. Charles	​	$	119.45	​	$	—	​	100%	​	40.3%	​	0.0%	​	100%	​	$	48.14	​	$	—	​	100%
16	​	Oceans Edge Resort & Marina	​	$	467.75	​	$	—	​	100%	​	84.4%	​	0.0%	​	100%	​	$	394.78	​	$	—	​	100%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	16 Hotels Open During the Entire Second Quarter of 2021	​	$	203.96	​	$	109.20	​	86.8%	​	39.3%	​	1.6%	​	2,356.3%	​	$	80.16	​	$	1.75	​	4,480.6%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	1 Hotel with Suspended Operations During All of the Second Quarter of 2021	​	$	—	​	$	66.06	​	(100)%	​	0.0%	​	0.4%	​	(100)%	​	$	—	​	$	0.26	​	(100)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	17 Hotel Portfolio (1)	​	$	203.96	​	$	108.76	​	87.5%	​	37.8%	​	1.6%	​	2,262.5%	​	$	77.10	​	$	1.74	​	4,331.0%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Recently Acquired Hotel (2)	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Montage Healdsburg	​	$	917.36	​	​	N/A	​	100%	​	55.7%	​	N/A	​	100%	​	$	510.97	​	​	N/A	​	100%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	18 Hotel Portfolio (3)	​	$	218.81	​	​	​	​	​	​	38.0%	​	​	​	​	​	$	83.15	​	​	​	​	​

*Footnotes on page 43

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PROPERTY-LEVEL OPERATING STATISTICS		​	Page 35
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Property-Level Operating Statistics

April 2021/2019

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	ADR							​	Occupancy					​	​	RevPAR
​	​	Hotels sorted by number of rooms	​	April							​	April					​	April
​	​	​		2021		​	****	2019	****	Change		2021	****	2019	****	Change		2021		****	2019		****	Change
1	​	Hilton San Diego Bayfront (4)	​	$	157.73	​	$	245.84	​	(35.8)%	​	37.5%	​	78.3%	​	(52.1)%	​	$	59.15	​	$	192.49	​	(69.3)%
2	​	Boston Park Plaza	​	$	142.63	​	$	235.37	​	(39.4)%	​	24.5%	​	95.4%	​	(74.3)%	​	$	34.94	​	$	224.54	​	(84.4)%
3	​	Hyatt Regency San Francisco (4)	​	$	199.70	​	$	305.61	​	(34.7)%	​	13.9%	​	90.8%	​	(84.7)%	​	$	27.76	​	$	277.49	​	(90.0)%
4	​	Renaissance Washington DC	​	$	135.23	​	$	250.26	​	(46.0)%	​	87.5%	​	91.3%	​	(4.2)%	​	$	118.33	​	$	228.49	​	(48.2)%
5	​	Renaissance Orlando at SeaWorld ®	​	$	135.51	​	$	170.74	​	(20.6)%	​	40.7%	​	86.4%	​	(52.9)%	​	$	55.15	​	$	147.52	​	(62.6)%
6	​	Wailea Beach Resort	​	$	548.68	​	$	465.84	​	17.8%	​	61.4%	​	95.7%	​	(35.8)%	​	$	336.89	​	$	445.81	​	(24.4)%
7	​	JW Marriott New Orleans	​	$	160.20	​	$	228.22	​	(29.8)%	​	41.7%	​	89.8%	​	(53.6)%	​	$	66.80	​	$	204.94	​	(67.4)%
8	​	Hyatt Centric Chicago Magnificent Mile	​	$	157.24	​	$	190.87	​	(17.6)%	​	17.8%	​	82.4%	​	(78.4)%	​	$	27.99	​	$	157.28	​	(82.2)%
9	​	Marriott Boston Long Wharf	​	$	252.47	​	$	360.65	​	(30.0)%	​	27.1%	​	90.9%	​	(70.2)%	​	$	68.42	​	$	327.83	​	(79.1)%
10	​	Renaissance Long Beach	​	$	156.33	​	$	207.17	​	(24.5)%	​	62.8%	​	83.1%	​	(24.4)%	​	$	98.18	​	$	172.16	​	(43.0)%
11	​	Embassy Suites Chicago	​	$	146.51	​	$	181.43	​	(19.2)%	​	25.4%	​	90.6%	​	(72.0)%	​	$	37.21	​	$	164.38	​	(77.4)%
12	​	Hilton Garden Inn Chicago Downtown/Magnificent Mile	​	$	122.42	​	$	159.59	​	(23.3)%	​	14.1%	​	88.1%	​	(84.0)%	​	$	17.26	​	$	140.60	​	(87.7)%
13	​	Embassy Suites La Jolla	​	$	149.98	​	$	199.16	​	(24.7)%	​	51.6%	​	89.4%	​	(42.3)%	​	$	77.39	​	$	178.05	​	(56.5)%
14	​	The Bidwell Marriott Portland	​	$	148.34	​	$	179.98	​	(17.6)%	​	10.8%	​	87.3%	​	(87.6)%	​	$	16.02	​	$	157.12	​	(89.8)%
15		Hilton New Orleans St. Charles	​	$	119.45	​	$	192.23	​	(37.9)%	​	40.3%	​	83.5%	​	(51.7)%	​	$	48.14	​	$	160.51	​	(70.0)%
16	​	Oceans Edge Resort & Marina (4)	​	$	467.75	​	$	273.33	​	71.1%	​	84.4%	​	94.9%	​	(11.1)%	​	$	394.78	​	$	259.39	​	52.2%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	16 Hotels Open During the Entire Second Quarter of 2021	​	$	203.96	​	$	248.59	​	(18.0)%	​	39.3%	​	88.4%	​	(55.5)%	​	$	80.16	​	$	219.75	​	(63.5)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	1 Hotel with Suspended Operations During All of the Second Quarter of 2021	​	$	—	​	$	159.46	​	(100)%	​	0.0%	​	79.8%	​	(100)%	​	$	—	​	$	127.25	​	(100.0)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	17 Hotel Portfolio (1)	​	$	203.96	​	$	245.46	​	(16.9)%	​	37.8%	​	88.1%	​	(57.1)%	​	$	77.10	​	$	216.25	​	(64.3)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Recently Acquired Hotel (2)	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Montage Healdsburg	​	$	917.36	​	​	N/A	​	100%	​	55.7%	​	N/A	​	100%	​	$	510.97	​	​	N/A	​	100%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	18 Hotel Portfolio (3)	​	$	218.81	​	​	​	​	​	​	38.0%	​	​	​	​	​	$	83.15	​	​	​	​	​

​

*Footnotes on page 43

​

​

	​
PROPERTY-LEVEL OPERATING STATISTICS		​	Page 36
​		​	​
	​

​

​

​ ​

​ ​

​<br><br>​<br><br>​
	Supplemental Financial InformationAugust 3, 2021

Property-Level Operating Statistics

May 2021/2020

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	ADR							​	Occupancy					​	​	RevPAR
​	​	Hotels sorted by number of rooms	​	May							​	May					​	May
​	​	​		2021		​	****	2020	****	Change		2021	****	2020	****	Change		2021		****	2020		****	Change
1	​	Hilton San Diego Bayfront	​	$	175.97	​	$	—	​	100%	​	44.8%	​	0.0%	​	100%	​	$	78.83	​	$	—	​	100%
2	​	Boston Park Plaza	​	$	146.86	​	$	133.25	​	10.2%	​	33.7%	​	3.4%	​	891.2%	​	$	49.49	​	$	4.53	​	992.5%
3	​	Hyatt Regency San Francisco	​	$	189.04	​	$	—	​	100%	​	21.8%	​	0.0%	​	100%	​	$	41.21	​	$	—	​	100%
4	​	Renaissance Washington DC	​	$	133.94	​	$	—	​	100%	​	69.6%	​	0.0%	​	100%	​	$	93.22	​	$	—	​	100%
5	​	Renaissance Orlando at SeaWorld ®	​	$	148.94	​	$	—	​	100%	​	38.6%	​	0.0%	​	100%	​	$	57.49	​	$	—	​	100%
6	​	Wailea Beach Resort	​	$	557.33	​	$	—	​	100%	​	76.5%	​	0.0%	​	100%	​	$	426.36	​	$	—	​	100%
7	​	JW Marriott New Orleans	​	$	179.17	​	$	—	​	100%	​	51.7%	​	0.0%	​	100%	​	$	92.63	​	$	—	​	100%
8	​	Hyatt Centric Chicago Magnificent Mile	​	$	171.82	​	$	—	​	100%	​	22.9%	​	0.0%	​	100%	​	$	39.35	​	$	—	​	100%
9	​	Marriott Boston Long Wharf	​	$	278.66	​	$	—	​	100%	​	32.5%	​	0.0%	​	100%	​	$	90.56	​	$	—	​	100%
10	​	Renaissance Long Beach	​	$	177.22	​	$	108.48	​	63.4%	​	90.9%	​	28.4%	​	220.1%	​	$	161.09	​	$	30.81	​	422.8%
11	​	Embassy Suites Chicago	​	$	152.23	​	$	90.69	​	67.9%	​	39.1%	​	0.3%	​	12,933.3%	​	$	59.52	​	$	0.27	​	21,944.4%
12	​	Hilton Garden Inn Chicago Downtown/Magnificent Mile	​	$	115.21	​	$	—	​	100%	​	46.0%	​	0.0%	​	100%	​	$	53.00	​	$	—	​	100%
13	​	Embassy Suites La Jolla	​	$	176.00	​	$	95.38	​	84.5%	​	54.7%	​	27.0%	​	102.6%	​	$	96.27	​	$	25.75	​	273.9%
14	​	The Bidwell Marriott Portland	​	$	144.53	​	$	—	​	100%	​	17.6%	​	0.0%	​	100%	​	$	25.44	​	$	—	​	100%
15		Hilton New Orleans St. Charles	​	$	137.32	​	$	—	​	100%	​	46.5%	​	0.0%	​	100%	​	$	63.85	​	$	—	​	100%
16	​	Oceans Edge Resort & Marina	​	$	425.85	​	$	—	​	100%	​	85.4%	​	0.0%	​	100%	​	$	363.68	​	$	—	​	100%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	16 Hotels Open During the Entire Second Quarter of 2021	​	$	214.20	​	$	106.70	​	100.7%	​	46.0%	​	2.7%	​	1,603.7%	​	$	98.53	​	$	2.88	​	3,321.2%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	1 Hotel with Suspended Operations During All of the Second Quarter of 2021	​	$	—	​	$	—	​	0.0%	​	0.0%	​	0.0%	​	0.0%	​	$	—	​	$	—	​	0.0%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	17 Hotel Portfolio (1)	​	$	214.20	​	$	106.98	​	100.2%	​	44.2%	​	2.6%	​	1,600.0%	​	$	94.68	​	$	2.78	​	3,305.8%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Recently Acquired Hotel (2)	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Montage Healdsburg	​	$	1,091.27	​	​	N/A	​	100%	​	56.3%	​	N/A	​	100%	​	$	614.39	​	​	N/A	​	100%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	18 Hotel Portfolio (3)	​	$	230.00	​	​	​	​	​	​	44.4%	​	​	​	​	​	$	102.12	​	​	​	​	​

*Footnotes on page 43

​

	​
PROPERTY-LEVEL OPERATING STATISTICS		​	Page 37
​		​	​
	​

​ ​

​

Supplemental Financial InformationAugust 3, 2021

Property-Level Operating Statistics

May 2021/2019

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	ADR							​	Occupancy					​	​	RevPAR
​	​	Hotels sorted by number of rooms	​	May							​	May					​	May
​	​	​		2021		​	****	2019	****	Change		2021	****	2019	****	Change		2021		****	2019		****	Change
1	​	Hilton San Diego Bayfront (4)	​	$	175.97	​	$	258.43	​	(31.9)%	​	44.8%	​	75.9%	​	(41.0)%	​	$	78.83	​	$	196.15	​	(59.8)%
2	​	Boston Park Plaza	​	$	146.86	​	$	250.01	​	(41.3)%	​	33.7%	​	97.3%	​	(65.4)%	​	$	49.49	​	$	243.26	​	(79.7)%
3	​	Hyatt Regency San Francisco (4)	​	$	189.04	​	$	307.25	​	(38.5)%	​	21.8%	​	88.9%	​	(75.5)%	​	$	41.21	​	$	273.15	​	(84.9)%
4	​	Renaissance Washington DC	​	$	133.94	​	$	258.96	​	(48.3)%	​	69.6%	​	84.8%	​	(17.9)%	​	$	93.22	​	$	219.60	​	(57.6)%
5	​	Renaissance Orlando at SeaWorld ®	​	$	148.94	​	$	169.04	​	(11.9)%	​	38.6%	​	75.2%	​	(48.7)%	​	$	57.49	​	$	127.12	​	(54.8)%
6	​	Wailea Beach Resort	​	$	557.33	​	$	423.72	​	31.5%	​	76.5%	​	90.9%	​	(15.8)%	​	$	426.36	​	$	385.16	​	10.7%
7	​	JW Marriott New Orleans	​	$	179.17	​	$	215.73	​	(16.9)%	​	51.7%	​	91.2%	​	(43.3)%	​	$	92.63	​	$	196.75	​	(52.9)%
8	​	Hyatt Centric Chicago Magnificent Mile	​	$	171.82	​	$	240.41	​	(28.5)%	​	22.9%	​	89.5%	​	(74.4)%	​	$	39.35	​	$	215.17	​	(81.7)%
9	​	Marriott Boston Long Wharf	​	$	278.66	​	$	381.41	​	(26.9)%	​	32.5%	​	87.1%	​	(62.7)%	​	$	90.56	​	$	332.21	​	(72.7)%
10	​	Renaissance Long Beach	​	$	177.22	​	$	186.78	​	(5.1)%	​	90.9%	​	74.8%	​	21.5%	​	$	161.09	​	$	139.71	​	15.3%
11	​	Embassy Suites Chicago	​	$	152.23	​	$	226.21	​	(32.7)%	​	39.1%	​	92.7%	​	(57.8)%	​	$	59.52	​	$	209.70	​	(71.6)%
12	​	Hilton Garden Inn Chicago Downtown/Magnificent Mile	​	$	115.21	​	$	209.09	​	(44.9)%	​	46.0%	​	91.1%	​	(49.5)%	​	$	53.00	​	$	190.48	​	(72.2)%
13	​	Embassy Suites La Jolla	​	$	176.00	​	$	202.48	​	(13.1)%	​	54.7%	​	83.4%	​	(34.4)%	​	$	96.27	​	$	168.87	​	(43.0)%
14	​	The Bidwell Marriott Portland	​	$	144.53	​	$	190.29	​	(24.0)%	​	17.6%	​	87.5%	​	(79.9)%	​	$	25.44	​	$	166.50	​	(84.7)%
15		Hilton New Orleans St. Charles	​	$	137.32	​	$	166.98	​	(17.8)%	​	46.5%	​	80.8%	​	(42.5)%	​	$	63.85	​	$	134.92	​	(52.7)%
16	​	Oceans Edge Resort & Marina (4)	​	$	425.85	​	$	223.64	​	90.4%	​	85.4%	​	88.5%	​	(3.5)%	​	$	363.68	​	$	197.92	​	83.8%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	16 Hotels Open During the Entire Second Quarter of 2021	​	$	214.20	​	$	254.72	​	(15.9)%	​	46.0%	​	85.9%	​	(46.4)%	​	$	98.53	​	$	218.80	​	(55.0)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	1 Hotel with Suspended Operations During All of the Second Quarter of 2021	​	$	—	​	$	160.41	​	(100)%	​	0.0%	​	76.3%	​	(100)%	​	$	—	​	$	122.39	​	(100)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	17 Hotel Portfolio (1)	​	$	214.20	​	$	251.46	​	(14.8)%	​	44.2%	​	85.5%	​	(48.3)%	​	$	94.68	​	$	215.00	​	(56.0)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Recently Acquired Hotel (2)	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Montage Healdsburg	​	$	1,091.27	​	​	N/A	​	100%	​	56.3%	​	N/A	​	100%	​	$	614.39	​	​	N/A	​	100%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	18 Hotel Portfolio (3)	​	$	230.00	​	​	​	​	​	​	44.4%	​	​	​	​	​	$	102.12	​	​	​	​	​

*Footnotes on page 43

​

​

	​
PROPERTY-LEVEL OPERATING STATISTICS		​	Page 38
​		​	​
	​

​ ​

​

Supplemental Financial InformationAugust 3, 2021

Property-Level Operating Statistics

June 2021/2020

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	ADR							​	Occupancy					​	​	RevPAR
​	​	Hotels sorted by number of rooms	​	June							​	June					​	June
​	​	​		2021		​	****	2020	****	Change		2021	****	2020	****	Change		2021		****	2020		****	Change
1	​	Hilton San Diego Bayfront	​	$	198.36	​	$	—	​	100%	​	63.2%	​	0.0%	​	100%	​	$	125.36	​	$	—	​	100%
2	​	Boston Park Plaza	​	$	153.61	​	$	137.15	​	12.0%	​	39.1%	​	5.5%	​	610.9%	​	$	60.06	​	$	7.54	​	696.6%
3	​	Hyatt Regency San Francisco	​	$	197.53	​	$	—	​	100%	​	31.1%	​	0.0%	​	100%	​	$	61.43	​	$	—	​	100%
4	​	Renaissance Washington DC	​	$	131.63	​	$	—	​	100%	​	11.6%	​	0.0%	​	100%	​	$	15.27	​	$	—	​	100%
5	​	Renaissance Orlando at SeaWorld ®	​	$	146.66	​	$	—	​	100%	​	56.3%	​	0.0%	​	100%	​	$	82.57	​	$	—	​	100%
6	​	Wailea Beach Resort	​	$	628.76	​	$	—	​	100%	​	85.9%	​	0.0%	​	100%	​	$	540.10	​	$	—	​	100%
7	​	JW Marriott New Orleans	​	$	172.12	​	$	—	​	100%	​	54.3%	​	0.0%	​	100%	​	$	93.46	​	$	—	​	100%
8	​	Hyatt Centric Chicago Magnificent Mile	​	$	173.75	​	$	—	​	100%	​	31.3%	​	0.0%	​	100%	​	$	54.38	​	$	—	​	100%
9	​	Marriott Boston Long Wharf	​	$	315.46	​	$	—	​	100%	​	52.0%	​	0.0%	​	100%	​	$	164.04	​	$	—	​	100%
10	​	Renaissance Long Beach	​	$	180.87	​	$	107.11	​	68.9%	​	95.5%	​	22.6%	​	322.6%	​	$	172.73	​	$	24.21	​	613.5%
11	​	Embassy Suites Chicago	​	$	157.20	​	$	148.26	​	6.0%	​	62.8%	​	0.3%	​	20,833.3%	​	$	98.72	​	$	0.44	​	22,336.4%
12	​	Hilton Garden Inn Chicago Downtown/Magnificent Mile	​	$	126.87	​	$	—	​	100%	​	55.0%	​	0.0%	​	100%	​	$	69.78	​	$	—	​	100%
13	​	Embassy Suites La Jolla	​	$	231.88	​	$	111.79	​	107.4%	​	60.1%	​	38.8%	​	54.9%	​	$	139.36	​	$	43.37	​	221.3%
14	​	The Bidwell Marriott Portland	​	$	144.01	​	$	—	​	100%	​	29.5%	​	0.0%	​	100%	​	$	42.48	​	$	—	​	100%
15		Hilton New Orleans St. Charles	​	$	126.87	​	$	—	​	100%	​	52.6%	​	0.0%	​	100%	​	$	66.73	​	$	—	​	100%
16	​	Oceans Edge Resort & Marina	​	$	444.51	​	$	233.97	​	90.0%	​	90.7%	​	42.1%	​	115.4%	​	$	403.17	​	$	98.50	​	309.3%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	16 Hotels Open During the Entire Second Quarter of 2021	​	$	237.36	​	$	109.00	​	117.8%	​	50.8%	​	4.0%	​	1,170.0%	​	$	120.58	​	$	4.36	​	2,665.6%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	1 Hotel with Suspended Operations During All of the Second Quarter of 2021	​	$	—	​	$	—	​	0.0%	​	0.0%	​	0.0%	​	0.0%	​	$	—	​	$	—	​	0.0%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	17 Hotel Portfolio (1)	​	$	237.36	​	$	108.97	​	117.8%	​	48.8%	​	3.9%	​	1,151.3%	​	$	115.83	​	$	4.25	​	2,625.4%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Recently Acquired Hotel (2)	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Montage Healdsburg	​	$	1,013.35	​	​	N/A	​	100%	​	71.3%	​	N/A	​	100%	​	$	722.52	​	​	N/A	​	100%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	18 Hotel Portfolio (3)	​	$	253.36	​	​	​	​	​	​	49.2%	​	​	​	​	​	$	124.65	​	​	​	​	​

*Footnotes on page 43

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PROPERTY-LEVEL OPERATING STATISTICS		​	Page 39
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Supplemental Financial InformationAugust 3, 2021

Property-Level Operating Statistics

June 2021/2019

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	ADR							​	Occupancy					​	​	RevPAR
​	​	Hotels sorted by number of rooms	​	June							​	June					​	June
​	​	​		2021		​	****	2019	****	Change		2021	****	2019	****	Change		2021		****	2019		****	Change
1	​	Hilton San Diego Bayfront (4)	​	$	198.36	​	$	249.31	​	(20.4)%	​	63.2%	​	82.0%	​	(22.9)%	​	$	125.36	​	$	204.43	​	(38.7)%
2	​	Boston Park Plaza	​	$	153.61	​	$	252.80	​	(39.2)%	​	39.1%	​	98.2%	​	(60.2)%	​	$	60.06	​	$	248.25	​	(75.8)%
3	​	Hyatt Regency San Francisco (4)	​	$	197.53	​	$	317.52	​	(37.8)%	​	31.1%	​	93.2%	​	(66.6)%	​	$	61.43	​	$	295.93	​	(79.2)%
4	​	Renaissance Washington DC	​	$	131.63	​	$	241.65	​	(45.5)%	​	11.6%	​	83.6%	​	(86.1)%	​	$	15.27	​	$	202.02	​	(92.4)%
5	​	Renaissance Orlando at SeaWorld ®	​	$	146.66	​	$	157.99	​	(7.2)%	​	56.3%	​	84.9%	​	(33.7)%	​	$	82.57	​	$	134.13	​	(38.4)%
6	​	Wailea Beach Resort	​	$	628.76	​	$	452.18	​	39.1%	​	85.9%	​	94.1%	​	(8.7)%	​	$	540.10	​	$	425.50	​	26.9%
7	​	JW Marriott New Orleans	​	$	172.12	​	$	192.76	​	(10.7)%	​	54.3%	​	84.5%	​	(35.7)%	​	$	93.46	​	$	162.88	​	(42.6)%
8	​	Hyatt Centric Chicago Magnificent Mile	​	$	173.75	​	$	253.24	​	(31.4)%	​	31.3%	​	93.9%	​	(66.7)%	​	$	54.38	​	$	237.79	​	(77.1)%
9	​	Marriott Boston Long Wharf	​	$	315.46	​	$	411.44	​	(23.3)%	​	52.0%	​	91.8%	​	(43.4)%	​	$	164.04	​	$	377.70	​	(56.6)%
10	​	Renaissance Long Beach	​	$	180.87	​	$	214.04	​	(15.5)%	​	95.5%	​	89.3%	​	6.9%	​	$	172.73	​	$	191.14	​	(9.6)%
11	​	Embassy Suites Chicago	​	$	157.20	​	$	258.34	​	(39.1)%	​	62.8%	​	95.9%	​	(34.5)%	​	$	98.72	​	$	247.75	​	(60.2)%
12	​	Hilton Garden Inn Chicago Downtown/Magnificent Mile	​	$	126.87	​	$	234.73	​	(46.0)%	​	55.0%	​	94.1%	​	(41.6)%	​	$	69.78	​	$	220.88	​	(68.4)%
13	​	Embassy Suites La Jolla	​	$	231.88	​	$	222.62	​	4.2%	​	60.1%	​	94.0%	​	(36.1)%	​	$	139.36	​	$	209.26	​	(33.4)%
14	​	The Bidwell Marriott Portland	​	$	144.01	​	$	212.25	​	(32.2)%	​	29.5%	​	89.7%	​	(67.1)%	​	$	42.48	​	$	190.39	​	(77.7)%
15		Hilton New Orleans St. Charles	​	$	126.87	​	$	155.73	​	(18.5)%	​	52.6%	​	79.9%	​	(34.2)%	​	$	66.73	​	$	124.43	​	(46.4)%
16	​	Oceans Edge Resort & Marina (4)	​	$	444.51	​	$	203.79	​	118.1%	​	90.7%	​	93.4%	​	(2.9)%	​	$	403.17	​	$	190.34	​	111.8%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	16 Hotels Open During the Entire Second Quarter of 2021	​	$	237.36	​	$	259.14	​	(8.4)%	​	50.8%	​	89.7%	​	(43.4)%	​	$	120.58	​	$	232.45	​	(48.1)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	1 Hotel with Suspended Operations During All of the Second Quarter of 2021	​	$	—	​	$	165.84	​	(100)%	​	0.0%	​	78.2%	​	(100)%	​	$	—	​	$	129.69	​	(100)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	17 Hotel Portfolio (1)	​	$	237.36	​	$	255.98	​	(7.3)%	​	48.8%	​	89.2%	​	(45.3)%	​	$	115.83	​	$	228.33	​	(49.3)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Recently Acquired Hotel (2)	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Montage Healdsburg	​	$	1,013.35	​	​	N/A	​	100%	​	71.3%	​	N/A	​	100%	​	$	722.52	​	​	N/A	​	100%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	18 Hotel Portfolio (3)	​	$	253.36	​	​	​	​	​	​	49.2%	​	​	​	​	​	$	124.65	​	​	​	​	​

*Footnotes on page 43

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PROPERTY-LEVEL OPERATING STATISTICS		​	Page 40
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Supplemental Financial InformationAugust 3, 2021

Property-Level Operating Statistics

Q2 YTD 2021/2020

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	ADR							​	Occupancy					​	​	RevPAR
​	​	Hotels sorted by number of rooms	​	For the Six Months Ended June 30,							​	For the Six Months Ended June 30,					​	For the Six Months Ended June 30,
​	​	​		2021		​	****	2020	****	Change		2021	****	2020	****	Change		2021		****	2020		****	Change
1	​	Hilton San Diego Bayfront	​	$	171.19	​	$	242.44	​	(29.4)%	​	32.4%	​	29.7%	​	9.1%	​	$	55.47	​	$	72.00	​	(23.0)%
2	​	Boston Park Plaza	​	$	145.99	​	$	146.97	​	(0.7)%	​	23.9%	​	30.0%	​	(20.3)%	​	$	34.89	​	$	44.09	​	(20.9)%
3	​	Hyatt Regency San Francisco	​	$	194.61	​	$	320.66	​	(39.3)%	​	15.6%	​	30.1%	​	(48.2)%	​	$	30.36	​	$	96.52	​	(68.5)%
4	​	Renaissance Washington DC	​	$	138.20	​	$	223.17	​	(38.1)%	​	54.8%	​	28.3%	​	93.6%	​	$	75.73	​	$	63.16	​	19.9%
5	​	Renaissance Orlando at SeaWorld ®	​	$	138.31	​	$	193.65	​	(28.6)%	​	32.3%	​	29.2%	​	10.6%	​	$	44.67	​	$	56.55	​	(21.0)%
6	​	Wailea Beach Resort	​	$	566.06	​	$	551.06	​	2.7%	​	54.8%	​	38.0%	​	44.2%	​	$	310.20	​	$	209.40	​	48.1%
7	​	JW Marriott New Orleans	​	$	163.02	​	$	229.83	​	(29.1)%	​	36.4%	​	32.2%	​	13.0%	​	$	59.34	​	$	74.01	​	(19.8)%
8	​	Hyatt Centric Chicago Magnificent Mile	​	$	160.81	​	$	126.82	​	26.8%	​	18.3%	​	24.1%	​	(24.1)%	​	$	29.43	​	$	30.56	​	(3.7)%
9	​	Marriott Boston Long Wharf	​	$	277.30	​	$	228.42	​	21.4%	​	23.6%	​	30.2%	​	(21.9)%	​	$	65.44	​	$	68.98	​	(5.1)%
10	​	Renaissance Long Beach	​	$	163.70	​	$	168.51	​	(2.9)%	​	55.5%	​	44.0%	​	26.1%	​	$	90.85	​	$	74.14	​	22.5%
11	​	Embassy Suites Chicago	​	$	146.76	​	$	121.37	​	20.9%	​	28.5%	​	30.1%	​	(5.3)%	​	$	41.83	​	$	36.53	​	14.5%
12	​	Hilton Garden Inn Chicago Downtown/Magnificent Mile	​	$	121.70	​	$	98.96	​	23.0%	​	19.3%	​	23.4%	​	(17.5)%	​	$	23.49	​	$	23.16	​	1.4%
13	​	Embassy Suites La Jolla	​	$	156.33	​	$	166.73	​	(6.2)%	​	51.7%	​	49.9%	​	3.6%	​	$	80.82	​	$	83.20	​	(2.9)%
14	​	The Bidwell Marriott Portland (4)	​	$	143.18	​	$	141.72	​	1.0%	​	14.6%	​	19.6%	​	(25.5)%	​	$	20.90	​	$	27.78	​	(24.8)%
15		Hilton New Orleans St. Charles	​	$	121.48	​	$	183.18	​	(33.7)%	​	35.1%	​	32.4%	​	8.3%	​	$	42.64	​	$	59.35	​	(28.2)%
16	​	Oceans Edge Resort & Marina	​	$	415.29	​	$	315.28	​	31.7%	​	82.0%	​	46.2%	​	77.5%	​	$	340.54	​	$	145.66	​	133.8%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	16 Hotels Open During the Entire Second Quarter of 2021	​	$	211.77	​	$	229.80	​	(7.8)%	​	34.0%	​	31.3%	​	8.6%	​	$	72.00	​	$	71.93	​	0.1%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	1 Hotel with Suspended Operations During All of the Second Quarter of 2021	​	$	—	​	$	146.48	​	(100)%	​	0.0%	​	26.4%	​	(100)%	​	$	—	​	$	38.67	​	(100)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	17 Hotel Portfolio (1)	​	$	211.77	​	$	227.06	​	(6.7)%	​	32.7%	​	31.1%	​	5.1%	​	$	69.25	​	$	70.62	​	(1.9)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Recently Acquired Hotel (2)	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Montage Healdsburg	​	$	975.75	​	​	N/A	​	100%	​	40.8%	​	N/A	​	100%	​	$	398.11	​	​	N/A	​	100%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	18 Hotel Portfolio (3)	​	$	225.30	​	​	​	​	​	​	32.8%	​	​	​	​	​	$	73.90	​	​	​	​	​

*Footnotes on page 43

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PROPERTY-LEVEL OPERATING STATISTICS		​	Page 41
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Supplemental Financial InformationAugust 3, 2021

Property-Level Operating Statistics

Q2 YTD 2021/2019

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	ADR							​	Occupancy					​	​	RevPAR
​	​	Hotels sorted by number of rooms	​	For the Six Months Ended June 30,							​	For the Six Months Ended June 30,					​	For the Six Months Ended June 30,
​	​	​		2021		​	****	2019	****	Change		2021	****	2019	****	Change		2021		****	2019		****	Change
1	​	Hilton San Diego Bayfront (4)	​	$	171.19	​	$	254.09	​	(32.6)%	​	32.4%	​	77.0%	​	(57.9)%	​	$	55.47	​	$	195.65	​	(71.6)%
2	​	Boston Park Plaza	​	$	145.99	​	$	205.16	​	(28.8)%	​	23.9%	​	88.9%	​	(73.1)%	​	$	34.89	​	$	182.39	​	(80.9)%
3	​	Hyatt Regency San Francisco (4)	​	$	194.61	​	$	330.83	​	(41.2)%	​	15.6%	​	87.6%	​	(82.2)%	​	$	30.36	​	$	289.81	​	(89.5)%
4	​	Renaissance Washington DC	​	$	138.20	​	$	246.97	​	(44.0)%	​	54.8%	​	80.1%	​	(31.6)%	​	$	75.73	​	$	197.82	​	(61.7)%
5	​	Renaissance Orlando at SeaWorld ®	​	$	138.31	​	$	181.66	​	(23.9)%	​	32.3%	​	82.9%	​	(61.0)%	​	$	44.67	​	$	150.60	​	(70.3)%
6	​	Wailea Beach Resort	​	$	566.06	​	$	471.61	​	20.0%	​	54.8%	​	93.2%	​	(41.2)%	​	$	310.20	​	$	439.54	​	(29.4)%
7	​	JW Marriott New Orleans	​	$	163.02	​	$	219.64	​	(25.8)%	​	36.4%	​	87.5%	​	(58.4)%	​	$	59.34	​	$	192.19	​	(69.1)%
8	​	Hyatt Centric Chicago Magnificent Mile	​	$	160.81	​	$	184.59	​	(12.9)%	​	18.3%	​	78.8%	​	(76.8)%	​	$	29.43	​	$	145.46	​	(79.8)%
9	​	Marriott Boston Long Wharf	​	$	277.30	​	$	313.87	​	(11.7)%	​	23.6%	​	84.2%	​	(72.0)%	​	$	65.44	​	$	264.28	​	(75.2)%
10	​	Renaissance Long Beach	​	$	163.70	​	$	198.07	​	(17.4)%	​	55.5%	​	82.5%	​	(32.7)%	​	$	90.85	​	$	163.41	​	(44.4)%
11	​	Embassy Suites Chicago	​	$	146.76	​	$	178.16	​	(17.6)%	​	28.5%	​	86.9%	​	(67.2)%	​	$	41.83	​	$	154.82	​	(73.0)%
12	​	Hilton Garden Inn Chicago Downtown/Magnificent Mile	​	$	121.70	​	$	159.48	​	(23.7)%	​	19.3%	​	79.5%	​	(75.7)%	​	$	23.49	​	$	126.79	​	(81.5)%
13	​	Embassy Suites La Jolla	​	$	156.33	​	$	201.98	​	(22.6)%	​	51.7%	​	88.3%	​	(41.4)%	​	$	80.82	​	$	178.35	​	(54.7)%
14	​	The Bidwell Marriott Portland	​	$	143.18	​	$	179.18	​	(20.1)%	​	14.6%	​	83.6%	​	(82.5)%	​	$	20.90	​	$	149.79	​	(86.0)%
15		Hilton New Orleans St. Charles	​	$	121.48	​	$	180.50	​	(32.7)%	​	35.1%	​	80.5%	​	(56.4)%	​	$	42.64	​	$	145.30	​	(70.7)%
16	​	Oceans Edge Resort & Marina (4)	​	$	415.29	​	$	273.90	​	51.6%	​	82.0%	​	93.6%	​	(12.4)%	​	$	340.54	​	$	256.37	​	32.8%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	16 Hotels Open During the Entire Second Quarter of 2021	​	$	211.77	​	$	245.63	​	(13.8)%	​	34.0%	​	84.2%	​	(59.6)%	​	$	72.00	​	$	206.82	​	(65.2)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	1 Hotel with Suspended Operations During All of the Second Quarter of 2021	​	$	—	​	$	155.75	​	(100.0)%	​	0.0%	​	72.5%	​	(100.0)%	​	$	—	​	$	112.92	​	(100.0)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	17 Hotel Portfolio (1)	​	$	211.77	​	$	242.62	​	(12.7)%	​	32.7%	​	83.7%	​	(60.9)%	​	$	69.25	​	$	203.07	​	(65.9)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Recently Acquired Hotel (2)	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Montage Healdsburg	​	$	975.75	​	$	N/A	​	100%	​	40.8%	​	N/A	​	100%	​	$	398.11	​	$	N/A	​	100%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	18 Hotel Portfolio (3)	​	$	225.30	​	​	​	​	​	​	32.8%	​	​	​	​	​	$	73.90	​	​	​	​	​

*Footnotes on page 43

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PROPERTY-LEVEL OPERATING STATISTICS		​	Page 42
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Supplemental Financial InformationAugust 3, 2021

Property-Level Operating Statistics

Q2, April, May, June and Q2 YTD 2021/2020 and 2021/2019 Footnotes

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(1)	17 Hotel Portfolio includes the same hotels owned by the Company as of June 30, 2021, 2020 and 2019.
(2)	Recently Acquired Hotel includes results for the Montage Healdsburg, acquired by the Company in April 2021. Includes prior ownership results obtained by the Company from the prior owner of the Montage Healdsburg during the due diligence period before acquiring the hotel. The Company performed a limited review of the information as part of its analysis of the acquisition. The newly developed hotel opened in December 2020; therefore there is no prior year information.
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(3)	18 Hotel Portfolio includes results for the 18 hotels owned by the Company as of June 30, 2021.
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(4)	Operating statistics for the first six months of 2020 are impacted by a room renovation at The Bidwell Marriott Portland. Operating statistics for April, May, June, the second quarter and the first six months of 2019 are impacted by room renovations at the Hilton San Diego Bayfront, the Hyatt Regency San Francisco and the Oceans Edge Resort & Marina.
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PROPERTY-LEVEL OPERATING STATISTICS		​	Page 43
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Supplemental Financial InformationAugust 3, 2021

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PROPERTY-LEVEL ADJUSTED EBITDAre &

ADJUSTED EBITDAre MARGINS

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PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS		​	Page 44
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Supplemental Financial InformationAugust 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q2 2021

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Hotels sorted by number of rooms	​	For the Three Months Ended June 30, 2021
​	​	(In thousands)	​	​		​	​		​	Plus:		​	Plus:		​	Plus:		​	Equals:		​	Hotel
​	​	​	​	Total		​	Net Income /		​	Other		​	​		​	​		​	Hotel Adjusted		​	Adjusted EBITDAre
​	​	​		Revenues		****	(Loss)		****	Adjustments (1)		****	Depreciation		****	Interest Expense		****	EBITDAre (2)		****	Margins (2)
1	​	Hilton San Diego Bayfront	​	$	13,759	​	$	(2,366)	​	$	(290)	​	$	3,222	​	$	638	​	$	1,204	​	8.8%
2	​	Boston Park Plaza	​	​	5,755	​	​	(6,931)	​	​	—	​	​	4,464	​	​	—	​	​	(2,467)	​	(42.9)%
3	​	Hyatt Regency San Francisco	​	​	4,066	​	​	(6,141)	​	​	—	​	​	3,203	​	​	—	​	​	(2,938)	​	(72.3)%
4	​	Renaissance Washington DC	​	​	6,360	​	​	(1,369)	​	​	—	​	​	1,889	​	​	—	​	​	520	​	8.2%
5	​	Renaissance Orlando at SeaWorld ®	​	​	8,409	​	​	(1,476)	​	​	—	​	​	2,197	​	​	—	​	​	721	​	8.6%
6	​	Wailea Beach Resort	​	​	28,642	​	​	8,900	​	​	—	​	​	4,105	​	​	—	​	​	13,005	​	45.4%
7	​	JW Marriott New Orleans	​	​	4,754	​	​	(1,282)	​	​	(5)	​	​	1,609	​	​	846	​	​	1,168	​	24.6%
8	​	Hyatt Centric Chicago Magnificent Mile	​	​	1,798	​	​	(2,789)	​	​	(505)	​	​	1,142	​	​	351	​	​	(1,801)	​	(100.2)%
9	​	Marriott Boston Long Wharf	​	​	5,480	​	​	(2,423)	​	​	—	​	​	2,785	​	​	—	​	​	362	​	6.6%
10	​	Renaissance Long Beach	​	​	5,516	​	​	1,649	​	​	—	​	​	782	​	​	—	​	​	2,431	​	44.1%
11	​	Embassy Suites Chicago	​	​	2,678	​	​	(986)	​	​	—	​	​	754	​	​	—	​	​	(232)	​	(8.7)%
12	​	Hilton Garden Inn Chicago Downtown/Magnificent Mile	​	​	1,728	​	​	(1,033)	​	​	6	​	​	561	​	​	—	​	​	(466)	​	(27.0)%
13	​	Renaissance Westchester	​	​	30	​	​	(1,201)	​	​	—	​	​	271	​	​	—	​	​	(930)	​	(3,100.0)%
14	​	Embassy Suites La Jolla	​	​	3,686	​	​	(531)	​	​	—	​	​	955	​	​	614	​	​	1,038	​	28.2%
15	​	The Bidwell Marriott Portland	​	​	821	​	​	(1,326)	​	​	—	​	​	809	​	​	—	​	​	(517)	​	(63.0)%
16		Hilton New Orleans St. Charles	​	​	1,799	​	​	(281)	​	​	—	​	​	619	​	​	—	​	​	338	​	18.8%
17	​	Oceans Edge Resort & Marina	​	​	8,785	​	​	3,332	​	​	—	​	​	885	​	​	—	​	​	4,217	​	48.0%
18	​	Montage Healdsburg	​	​	12,210	​	​	(942)	​	​	—	​	​	2,890	​	​	—	​	​	1,948	​	16.0%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	18 Hotel Portfolio (3)	​	​	116,276	​	​	(17,196)	​	​	(794)	​	​	33,142	​	​	2,449	​	​	17,601	​	15.1%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Less: Non-comparable Hotel (4)	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Montage Healdsburg	​	​	(12,210)	​	​	942	​	​	—	​	​	(2,890)	​	​	—	​	​	(1,948)	​	16.0%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	17 Hotel Portfolio (5)	​	​	104,066	​	​	(16,254)	​	​	(794)	​	​	30,252	​	​	2,449	​	​	15,653	​	15.0%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Add: Recently Acquired Hotel (4)	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Montage Healdsburg	​	​	10,052	​	​	(610)	​	​	—	​	​	2,223	​	​	—	​	​	1,613	​	16.0%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Actual Portfolio (6)	​	$	114,118	​	$	(16,864)	​	$	(794)	​	$	32,475	​	$	2,449	​	$	17,266	​	15.1%

​

*Footnotes on pages 48 and 49

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Supplemental Financial InformationAugust 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q2 2020

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Hotels sorted by number of rooms	​	For the Three Months Ended June 30, 2020
​	​	(In thousands)	​	​		​	​		​	Plus:		​	Plus:		​	Plus:		​	Equals:		​	Hotel
​	​	​	​	Total		​	​		​	Other		​	​		​	​		​	Hotel Adjusted		​	Adjusted EBITDAre
​	​	​		Revenues		****	Net Loss		****	Adjustments^^(1)		****	Depreciation		****	Interest Expense		****	EBITDAre (2)		****	Margins (2)
1	​	Hilton San Diego Bayfront (7)	​	$	535	​	$	(8,649)	​	$	(262)	​	$	3,223	​	$	1,228	​	$	(4,460)	​	(833.6)%
2	​	Boston Park Plaza (7)	​	​	646	​	​	(9,438)	​	​	71	​	​	4,514	​	​	—	​	​	(4,853)	​	(751.2)%
3	​	Hyatt Regency San Francisco (7)	​	​	354	​	​	(7,090)	​	​	(13)	​	​	3,242	​	​	—	​	​	(3,861)	​	(1,090.7)%
4	​	Renaissance Washington DC (7)	​	​	258	​	​	(7,441)	​	​	224	​	​	2,042	​	​	1,657	​	​	(3,518)	​	(1,363.6)%
5	​	Renaissance Orlando at SeaWorld ® (7)	​	​	28	​	​	(6,037)	​	​	188	​	​	2,574	​	​	—	​	​	(3,275)	​	(11,696.4)%
6	​	Wailea Beach Resort (7)	​	​	1,061	​	​	(6,659)	​	​	42	​	​	4,007	​	​	—	​	​	(2,610)	​	(246.0)%
7	​	JW Marriott New Orleans (7)	​	​	67	​	​	(4,227)	​	​	44	​	​	1,624	​	​	872	​	​	(1,687)	​	(2,517.9)%
8	​	Hyatt Centric Chicago Magnificent Mile (7)	​	​	72	​	​	(3,504)	​	​	(546)	​	​	1,350	​	​	351	​	​	(2,349)	​	(3,262.5)%
9	​	Marriott Boston Long Wharf (7)	​	​	132	​	​	(5,851)	​	​	185	​	​	2,733	​	​	—	​	​	(2,933)	​	(2,222.0)%
10	​	Renaissance Long Beach (7)	​	​	666	​	​	(2,027)	​	​	71	​	​	971	​	​	—	​	​	(985)	​	(147.9)%
11	​	Embassy Suites Chicago (7)	​	​	87	​	​	(2,609)	​	​	244	​	​	743	​	​	—	​	​	(1,622)	​	(1,864.4)%
12	​	Hilton Garden Inn Chicago Downtown/Magnificent Mile (7)	​	​	(19)	​	​	(2,489)	​	​	287	​	​	676	​	​	—	​	​	(1,526)	​	8,031.6%
13		Renaissance Westchester (7)	​	​	27	​	​	(1,235)	​	​	115	​	​	517	​	​	—	​	​	(603)	​	(2,233.3)%
14	​	Embassy Suites La Jolla (7)	​	​	1,065	​	​	(2,169)	​	​	—	​	​	1,052	​	​	622	​	​	(495)	​	(46.5)%
15	​	The Bidwell Marriott Portland (7)	​	​	4	​	​	(1,225)	​	​	4	​	​	338	​	​	—	​	​	(883)	​	(22,075.0)%
16		Hilton New Orleans St. Charles (7)	​	​	3	​	​	(1,329)	​	​	10	​	​	645	​	​	—	​	​	(674)	​	(22,466.7)%
17	​	Oceans Edge Resort & Marina (7)	​	​	1,302	​	​	(1,166)	​	​	—	​	​	859	​	​	—	​	​	(307)	​	(23.6)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	17 Hotel Portfolio (5)	​	​	6,288	​	​	(73,145)	​	​	664	​	​	31,110	​	​	4,730	​	​	(36,641)	​	(582.7)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Add: Sold/Disposed Hotels (7) (8)	​	​	1,743	​	​	(12,637)	​	​	80	​	​	3,176	​	​	1,970	​	​	(7,411)	​	(425.2)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Actual Portfolio (6)	​	$	8,031	​	$	(85,782)	​	$	744	​	$	34,286	​	$	6,700	​	$	(44,052)	​	(548.5)%

​

*Footnotes on pages 48 and 49

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Supplemental Financial InformationAugust 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q2 2019

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Hotels sorted by number of rooms	​	For the Three Months Ended June 30, 2019
​	​	(In thousands)	​	​		​	​		​	Plus:		​	Plus:		​	Plus:		​	Equals:		​	Hotel
​	​	​	​	Total		​	Net Income /		​	Other		​	​		​	​		​	Hotel Adjusted		​	Adjusted EBITDAre
​	​	​		Revenues		****	(Loss)		****	Adjustments (1)		****	Depreciation		****	Interest Expense		****	EBITDAre (2)		****	Margins (2)
1	​	Hilton San Diego Bayfront (9)	​	$	38,650	​	$	7,773	​	$	(289)	​	$	2,559	​	$	2,235	​	$	12,278	​	31.8%
2	​	Boston Park Plaza	​	​	31,539	​	​	8,314	​	​	—	​	​	4,457	​	​	—	​	​	12,771	​	40.5%
3	​	Hyatt Regency San Francisco (9)	​	​	30,342	​	​	4,853	​	​	348	​	​	3,113	​	​	—	​	​	8,314	​	27.4%
4	​	Renaissance Washington DC	​	​	24,618	​	​	4,389	​	​	—	​	​	2,477	​	​	1,702	​	​	8,568	​	34.8%
5	​	Renaissance Orlando at SeaWorld ®	​	​	21,945	​	​	4,971	​	​	—	​	​	2,575	​	​	—	​	​	7,546	​	34.4%
6	​	Wailea Beach Resort	​	​	30,208	​	​	8,251	​	​	—	​	​	3,902	​	​	—	​	​	12,153	​	40.2%
7	​	JW Marriott New Orleans	​	​	11,322	​	​	2,604	​	​	(5)	​	​	1,612	​	​	884	​	​	5,095	​	45.0%
8	​	Hyatt Centric Chicago Magnificent Mile	​	​	10,246	​	​	1,734	​	​	(612)	​	​	1,447	​	​	351	​	​	2,920	​	28.5%
9	​	Marriott Boston Long Wharf	​	​	18,302	​	​	5,478	​	​	—	​	​	2,709	​	​	—	​	​	8,187	​	44.7%
10	​	Renaissance Long Beach	​	​	7,748	​	​	1,627	​	​	—	​	​	968	​	​	—	​	​	2,595	​	33.5%
11	​	Embassy Suites Chicago	​	​	7,700	​	​	1,990	​	​	162	​	​	752	​	​	—	​	​	2,904	​	37.7%
12	​	Hilton Garden Inn Chicago Downtown/Magnificent Mile	​	​	6,561	​	​	1,605	​	​	239	​	​	653	​	​	—	​	​	2,497	​	38.1%
13	​	Renaissance Westchester	​	​	5,882	​	​	(38)	​	​	—	​	​	888	​	​	—	​	​	850	​	14.5%
14	​	Embassy Suites La Jolla	​	​	6,684	​	​	1,152	​	​	(21)	​	​	1,032	​	​	636	​	​	2,799	​	41.9%
15	​	The Bidwell Marriott Portland	​	​	4,453	​	​	1,486	​	​	—	​	​	402	​	​	—	​	​	1,888	​	42.4%
16		Hilton New Orleans St. Charles	​	​	3,602	​	​	542	​	​	—	​	​	634	​	​	—	​	​	1,176	​	32.6%
17	​	Oceans Edge Resort & Marina (9)	​	​	5,542	​	​	919	​	​	—	​	​	784	​	​	—	​	​	1,703	​	30.7%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	17 Hotel Portfolio (5)	​	​	265,344	​	​	57,650	​	​	(178)	​	​	30,964	​	​	5,808	​	​	94,244	​	35.5%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Add: Sold/Disposed Hotels (8) (9)	​	​	37,527	​	​	2,989	​	​	(178)	​	​	5,307	​	​	1,493	​	​	9,611	​	25.6%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Actual Portfolio (6)	​	$	302,871	​	$	60,639	​	$	(356)	​	$	36,271	​	$	7,301	​	$	103,855	​	34.3%

*Footnotes on pages 48 and 49

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PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS		​	Page 47
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Supplemental Financial InformationAugust 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q2 2021/2020/2019 Footnotes

​

(1)	Other Adjustments for the second quarter of 2021 include: a total of $(0.3) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, and the JW Marriott New Orleans; $(0.3) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile; and a $(0.2) million prior year property tax credit received at the Hyatt Centric Chicago Magnificent Mile. Other Adjustments for the second quarter of 2020 include: $(0.3) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; $(0.3) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile; $1.1 million in COVID-19-related property-level severance at the majority of the Company's hotels; a $(31,000) true-up credit for city taxes assessed on commercial rents at the Hyatt Regency San Francisco; and a total of $0.3 million in prior year property tax net assessments received at the three Chicago hotels. Other Adjustments for the second quarter of 2019 include: a total of $(0.2) million in amortization of operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; a total of $(0.6) million in finance lease obligation interest - cash ground rent at the Courtyard by Marriott Los Angeles and the Hyatt Centric Chicago Magnificent Mile; $0.3 million in city taxes assessed on commercial rents at the Hyatt Regency San Francisco; and a total of $0.1 million in prior year property tax net assessments at the three Chicago hotels and the Embassy Suites La Jolla.
(2)	Both Hotel Adjusted EBITDAre and Hotel Adjusted EBITDAre Margins are presented excluding any prior year property tax assessments and credits, net of any appeal fees. In the second quarter of 2021, a $(0.2) million prior year property tax credit was received at the Hyatt Centric Chicago Magnificent Mile. In the second quarter of 2020, a total of $0.3 million in prior year property tax net assessments was received at the following hotels: $0.2 million Embassy Suites Chicago; $0.3 million Hilton Garden Inn Chicago Downtown/Magnificent Mile; and $(0.2) million Hyatt Centric Chicago Magnificent Mile. In the second quarter of 2019, a total of $0.1 million in prior year property tax net assessments was received at the following hotels: $0.2 million Embassy Suites Chicago; $(21,000) Embassy Suites La Jolla; $0.2 million Hilton Garden Inn Chicago Downtown/Magnificent Mile; and $(0.3) million Hyatt Centric Chicago Magnificent Mile.
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(3)	18 Hotel Portfolio includes all hotels owned by the Company as of June 30, 2021.
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(4)	Non-comparable Hotel includes both the Company's and the prior owner's ownership results for the Montage Healdsburg, acquired in April 2021. The newly developed hotel opened in December 2020; therefore, there is no prior year information. The Company obtained prior ownership results from the hotel's previous owner during the due diligence period before the Company’s acquisition was completed. The Company performed a limited review of the information as part of its analysis of the acquisition. The Company determined the amount to include as pro forma depreciation expense by allocating the Company's purchase price of the hotel between the various components of the hotel (i.e. land, building, furniture, fixtures and equipment and intangible assets) based on a purchase price allocation report provided by an independent valuation specialist. Depreciable assets were then given lives ranging from two to forty years.
---	---
(5)	17 Hotel Portfolio includes the same hotels owned during the second quarters of 2021, 2020 and 2019.
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(6)	Actual Portfolio includes results for 18 hotels, 20 hotels and 21 hotels owned by the Company as of June 30, 2021, 2020 and 2019, respectively.
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PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS		​	Page 48
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Supplemental Financial InformationAugust 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q2 2021/2020/2019 Footnotes (continued)

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(7)	During the second quarter of 2020, a total of $7.5 million in COVID-19-related costs consisting of additional wages and benefits for furloughed or laid off employees was incurred at the Company's hotels, primarily at the following: $0.1 million Boston Park Plaza; $0.1 million Embassy Suites Chicago; $0.1 million Hilton Garden Inn Chicago Downtown/Magnificent Mile; $0.2 million Hilton San Diego Bayfront; $(0.1) million Hilton Times Square; $0.3 million Hyatt Centric Chicago Magnificent Mile; $0.3 million Hyatt Regency San Francisco; $0.4 million JW Marriott New Orleans; $1.1 million Marriott Boston Long Wharf; $0.1 million Renaissance Harborplace; $0.5 million Renaissance Long Beach; $0.6 million Renaissance Los Angeles Airport; $1.4 million Renaissance Orlando at SeaWorld®; $1.5 million Renaissance Washington DC; $(0.2) million Renaissance Westchester; and $1.1 million Wailea Beach Resort.
(8)	Sold/Disposed Hotels includes results for the Renaissance Harborplace and the Renaissance Los Angeles Airport, sold in July 2020 and December 2020, respectively, and the Hilton Times Square, assigned to its mortgage holder in December 2020. Sold/Disposed Hotels for the second quarter of 2019 also includes results for the Courtyard by Marriott Los Angeles, sold in October 2019.
---	---
(9)	Hotel Adjusted EBITDAre for the second quarter of 2019 is impacted by room renovations at the Hilton San Diego Bayfront, the Hyatt Regency San Francisco, the Oceans Edge Resort & Marina and the Renaissance Harborplace.
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PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS		​	Page 49
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Supplemental Financial InformationAugust 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

April 2021

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Hotels sorted by number of rooms	​	For the Month of April 2021
​	​	(In thousands)	​	​		​	​		​	Plus:		​	Plus:		​	Plus:		​	Equals:		​	Hotel
​	​	​	​	Total		​	Net Income /		​	Other		​	​		​	​		​	Hotel Adjusted		​	Adjusted EBITDAre
​	​	​		Revenues		****	(Loss)		****	Adjustments (1)		****	Depreciation		****	Interest Expense		****	EBITDAre		****	Margins
1	​	Hilton San Diego Bayfront	​	$	3,160	​	$	(1,706)	​	$	(96)	​	$	1,080	​	$	213	​	$	(509)	​	(16.1)%
2	​	Boston Park Plaza	​	​	1,413	​	​	(2,467)	​	​	—	​	​	1,488	​	​	—	​	​	(979)	​	(69.3)%
3	​	Hyatt Regency San Francisco	​	​	788	​	​	(2,377)	​	​	—	​	​	1,081	​	​	—	​	​	(1,296)	​	(164.5)%
4	​	Renaissance Washington DC	​	​	3,052	​	​	404	​	​	—	​	​	631	​	​	—	​	​	1,035	​	33.9%
5	​	Renaissance Orlando at SeaWorld ®	​	​	2,352	​	​	(734)	​	​	—	​	​	735	​	​	—	​	​	1	​	0.0%
6	​	Wailea Beach Resort	​	​	7,541	​	​	1,542	​	​	—	​	​	1,368	​	​	—	​	​	2,910	​	38.6%
7	​	JW Marriott New Orleans	​	​	1,218	​	​	(640)	​	​	—	​	​	537	​	​	280	​	​	177	​	14.5%
8	​	Hyatt Centric Chicago Magnificent Mile	​	​	384	​	​	(1,035)	​	​	(117)	​	​	381	​	​	117	​	​	(654)	​	(170.3)%
9	​	Marriott Boston Long Wharf	​	​	1,146	​	​	(1,289)	​	​	—	​	​	928	​	​	—	​	​	(361)	​	(31.5)%
10	​	Renaissance Long Beach	​	​	1,292	​	​	64	​	​	—	​	​	265	​	​	—	​	​	329	​	25.5%
11	​	Embassy Suites Chicago	​	​	541	​	​	(564)	​	​	—	​	​	252	​	​	—	​	​	(312)	​	(57.7)%
12	​	Hilton Garden Inn Chicago Downtown/Magnificent Mile	​	​	244	​	​	(548)	​	​	2	​	​	188	​	​	—	​	​	(358)	​	(146.7)%
13	​	Renaissance Westchester	​	​	10	​	​	(399)	​	​	—	​	​	90	​	​	—	​	​	(309)	​	(3,090.0)%
14	​	Embassy Suites La Jolla	​	​	968	​	​	(380)	​	​	—	​	​	329	​	​	202	​	​	151	​	15.6%
15	​	The Bidwell Marriott Portland	​	​	167	​	​	(531)	​	​	—	​	​	270	​	​	—	​	​	(261)	​	(156.3)%
16		Hilton New Orleans St. Charles	​	​	517	​	​	(134)	​	​	—	​	​	207	​	​	—	​	​	73	​	14.1%
17	​	Oceans Edge Resort & Marina	​	​	2,883	​	​	1,086	​	​	—	​	​	295	​	​	—	​	​	1,381	​	47.9%
18	​	Montage Healdsburg	​	​	3,235	​	​	(409)	​	​	—	​	​	953	​	​	—	​	​	544	​	16.8%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	18 Hotel Portfolio (2)	​	​	30,911	​	​	(10,117)	​	​	(211)	​	​	11,078	​	​	812	​	​	1,562	​	5.1%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Less: Non-comparable Hotel (3)	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Montage Healdsburg	​	​	(3,235)	​	​	409	​	​	—	​	​	(953)	​	​	—	​	​	(544)	​	16.8%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	17 Hotel Portfolio (4)	​	​	27,676	​	​	(9,708)	​	​	(211)	​	​	10,125	​	​	812	​	​	1,018	​	3.7%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Add: Recently Acquired Hotel (3)	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Montage Healdsburg	​	​	1,077	​	​	(77)	​	​	—	​	​	286	​	​	—	​	​	209	​	19.4%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Actual Portfolio (5)	​	$	28,753	​	$	(9,785)	​	$	(211)	​	$	10,411	​	$	812	​	$	1,227	​	4.3%

*Footnotes on page 53

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PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS		​	Page 50
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Supplemental Financial InformationAugust 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

April 2020

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Hotels sorted by number of rooms	​	For the Month of April 2020
​	​	(In thousands)	​	​		​	​		​	Plus:		​	Plus:		​	Plus:		​	Equals:		​	Hotel
​	​	​	​	Total		​	​		​	Other		​	​		​	​		​	Hotel Adjusted		​	Adjusted EBITDAre
​	​	​		Revenues		****	Net Loss		****	Adjustments^^(1)		****	Depreciation		****	Interest Expense		****	EBITDAre		****	Margins
1	​	Hilton San Diego Bayfront	​	$	—	​	$	(3,109)	​	$	(97)	​	$	1,076	​	$	543	​	$	(1,587)	​	0.0%
2	​	Boston Park Plaza	​	​	265	​	​	(2,978)	​	​	—	​	​	1,507	​	​	—	​	​	(1,471)	​	(555.1)%
3	​	Hyatt Regency San Francisco (6)	​	​	80	​	​	(2,244)	​	​	(42)	​	​	1,080	​	​	—	​	​	(1,206)	​	(1,507.5)%
4	​	Renaissance Washington DC (6)	​	​	147	​	​	(2,101)	​	​	—	​	​	689	​	​	554	​	​	(858)	​	(583.7)%
5	​	Renaissance Orlando at SeaWorld ® (6)	​	​	65	​	​	(1,700)	​	​	—	​	​	873	​	​	—	​	​	(827)	​	(1,272.3)%
6	​	Wailea Beach Resort (6)	​	​	831	​	​	(1,380)	​	​	—	​	​	1,325	​	​	—	​	​	(55)	​	(6.6)%
7	​	JW Marriott New Orleans (6)	​	​	73	​	​	(1,317)	​	​	—	​	​	546	​	​	290	​	​	(481)	​	(658.9)%
8	​	Hyatt Centric Chicago Magnificent Mile	​	​	21	​	​	(1,243)	​	​	(117)	​	​	481	​	​	117	​	​	(762)	​	(3,628.6)%
9	​	Marriott Boston Long Wharf (6)	​	​	44	​	​	(1,672)	​	​	—	​	​	912	​	​	—	​	​	(760)	​	(1,727.3)%
10	​	Renaissance Long Beach (6)	​	​	236	​	​	(545)	​	​	—	​	​	329	​	​	—	​	​	(216)	​	(91.5)%
11	​	Embassy Suites Chicago	​	​	1	​	​	(763)	​	​	—	​	​	247	​	​	—	​	​	(516)	​	(51,600.0)%
12	​	Hilton Garden Inn Chicago Downtown/Magnificent Mile	​	​	2	​	​	(706)	​	​	3	​	​	225	​	​	—	​	​	(478)	​	(23,900.0)%
13	​	Renaissance Westchester (6)	​	​	21	​	​	(420)	​	​	—	​	​	175	​	​	—	​	​	(245)	​	(1,166.7)%
14	​	Embassy Suites La Jolla	​	​	201	​	​	(820)	​	​	—	​	​	353	​	​	206	​	​	(261)	​	(129.9)%
15	​	The Bidwell Marriott Portland	​	​	4	​	​	(426)	​	​	—	​	​	110	​	​	—	​	​	(316)	​	(7,900.0)%
16		Hilton New Orleans St. Charles	​	​	(22)	​	​	(476)	​	​	—	​	​	216	​	​	—	​	​	(260)	​	1,181.8%
17	​	Oceans Edge Resort & Marina (6)	​	​	138	​	​	(493)	​	​	—	​	​	283	​	​	—	​	​	(210)	​	(152.2)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	17 Hotel Portfolio (4)	​	​	2,107	​	​	(22,393)	​	​	(253)	​	​	10,427	​	​	1,710	​	​	(10,509)	​	(498.8)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Add: Sold/Disposed Hotels (6) (7)	​	​	354	​	​	(3,509)	​	​	(2)	​	​	1,060	​	​	394	​	​	(2,057)	​	(581.1)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Actual Portfolio (5)	​	$	2,461	​	$	(25,902)	​	$	(255)	​	$	11,487	​	$	2,104	​	$	(12,566)	​	(510.6)%

*Footnotes on page 53

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Supplemental Financial InformationAugust 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

April 2019

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Hotels sorted by number of rooms	​	For the Month of April 2019
​	​	(In thousands)	​	​		​	​		​	Plus:		​	Plus:		​	Plus:		​	Equals:		​	Hotel
​	​	​	​	Total		​	Net Income /		​	Other		​	​		​	​		​	Hotel Adjusted		​	Adjusted EBITDAre
​	​	​		Revenues		****	(Loss)		****	Adjustments (1)		****	Depreciation		****	Interest Expense		****	EBITDAre		****	Margins
1	​	Hilton San Diego Bayfront (8)	​	$	11,744	​	$	1,787	​	$	(97)	​	$	850	​	$	743	​	​	3,283	​	28.0%
2	​	Boston Park Plaza	​	​	10,022	​	​	2,328	​	​	—	​	​	1,483	​	​	—	​	$	3,811	​	38.0%
3	​	Hyatt Regency San Francisco (8)	​	​	9,611	​	​	1,415	​	​	106	​	​	1,044	​	​	—	​	​	2,565	​	26.7%
4	​	Renaissance Washington DC	​	​	8,714	​	​	1,839	​	​	—	​	​	822	​	​	569	​	​	3,230	​	37.1%
5	​	Renaissance Orlando at SeaWorld ®	​	​	7,682	​	​	1,857	​	​	—	​	​	858	​	​	—	​	​	2,715	​	35.3%
6	​	Wailea Beach Resort	​	​	10,357	​	​	2,915	​	​	—	​	​	1,299	​	​	—	​	​	4,214	​	40.7%
7	​	JW Marriott New Orleans	​	​	3,854	​	​	1,080	​	​	—	​	​	534	​	​	292	​	​	1,906	​	49.5%
8	​	Hyatt Centric Chicago Magnificent Mile	​	​	2,694	​	​	(32)	​	​	(117)	​	​	482	​	​	117	​	​	450	​	16.7%
9	​	Marriott Boston Long Wharf	​	​	5,463	​	​	1,386	​	​	—	​	​	902	​	​	—	​	​	2,288	​	41.9%
10	​	Renaissance Long Beach	​	​	2,761	​	​	665	​	​	—	​	​	322	​	​	—	​	​	987	​	35.7%
11	​	Embassy Suites Chicago	​	​	2,056	​	​	300	​	​	—	​	​	251	​	​	—	​	​	551	​	26.8%
12	​	Hilton Garden Inn Chicago Downtown/Magnificent Mile	​	​	1,695	​	​	224	​	​	3	​	​	217	​	​	—	​	​	444	​	26.2%
13	​	Renaissance Westchester	​	​	1,782	​	​	(157)	​	​	—	​	​	297	​	​	—	​	​	140	​	7.9%
14	​	Embassy Suites La Jolla	​	​	2,095	​	​	304	​	​	—	​	​	347	​	​	210	​	​	861	​	41.1%
15	​	The Bidwell Marriott Portland	​	​	1,378	​	​	396	​	​	—	​	​	133	​	​	—	​	​	529	​	38.4%
16		Hilton New Orleans St. Charles	​	​	1,336	​	​	310	​	​	—	​	​	210	​	​	—	​	​	520	​	38.9%
17	​	Oceans Edge Resort & Marina (8)	​	​	2,094	​	​	512	​	​	—	​	​	261	​	​	—	​	​	773	​	36.9%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	17 Hotel Portfolio (4)	​	​	85,338	​	​	17,129	​	​	(105)	​	​	10,312	​	​	1,931	​	​	29,267	​	34.3%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Add: Sold/Disposed Hotels (7) (8)	​	​	11,770	​	​	554	​	​	(59)	​	​	1,785	​	​	494	​	​	2,774	​	23.6%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Actual Portfolio (5)	​	$	97,108	​	$	17,683	​	$	(164)	​	$	12,097	​	$	2,425	​	$	32,041	​	33.0%

*Footnotes on page 53

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Supplemental Financial InformationAugust 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

April 2021/2020/2019 Footnotes

​

(1)	Other Adjustments for April 2021 include: a total of $(0.1) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, and the JW Marriott New Orleans; and $(0.1) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile. Other Adjustments for April 2020 include: a total of $(0.1) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; $(0.1) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile; and a $(42,000) true-up credit in city taxes assessed on commercial rents at the Hyatt Regency San Francisco. Other Adjustments for April 2019 include: a total of $(0.1) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; and $(0.2) million in finance lease obligation interest - cash ground rent at the Courtyard by Marriott Los Angeles and the Hyatt Centric Chicago Magnificent Mile; and $0.1 million in city taxes assessed on commercial rents at the Hyatt Regency San Francisco.
(2)	18 Hotel Portfolio includes all hotels owned by the Company as of June 30, 2021.
---	---
(3)	Non-comparable Hotel includes both the Company's and the prior owner's ownership results for the Montage Healdsburg, acquired in April 2021. The newly developed hotel opened in December 2020; therefore, there is no prior year information. The Company obtained prior ownership results from the hotel's previous owner during the due diligence period before the Company’s acquisition was completed. The Company performed a limited review of the information as part of its analysis of the acquisition. The Company determined the amount to include as pro forma depreciation expense by allocating the Company's purchase price of the hotel between the various components of the hotel (i.e. land, building, furniture, fixtures and equipment and intangible assets) based on a purchase price allocation report provided by an independent valuation specialist. Depreciable assets were then given lives ranging from two to forty years.
---	---
(4)	17 Hotel Portfolio includes the same hotels owned during April 2021, 2020 and 2019.
---	---
(5)	Actual Portfolio includes results for 18 hotels, 20 hotels and 21 hotels owned by the Company as of June 30, 2021, 2020 and 2019, respectively.
---	---
(6)	In April 2020, a total of $0.4 million in COVID-19-related costs consisting of additional wages and benefits for furloughed or laid off employees was incurred at the majority of the Company's hotels, primarily at the following: $0.3 million Wailea Beach Resort; and $0.1 million Renaissance Washington DC.
---	---
(7)	Sold/Disposed Hotels includes results for the Renaissance Harborplace and the Renaissance Los Angeles Airport, sold in July 2020 and December 2020, respectively, and the Hilton Times Square, assigned to its mortgage holder in December 2020. Sold/Disposed Hotels for April 2019 also includes results for the Courtyard by Marriott Los Angeles, sold in October 2019.
---	---
(8)	Hotel Adjusted EBITDAre for April 2019 is impacted by room renovations at the Hilton San Diego Bayfront, the Hyatt Regency San Francisco, the Oceans Edge Resort & Marina and the Renaissance Harborplace.
---	---

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PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS		​	Page 53
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Supplemental Financial InformationAugust 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

May 2021

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Hotels sorted by number of rooms	​	For the Month of May 2021
​	​	(In thousands)	​	​		​	​		​	Plus:		​	Plus:		​	Plus:		​	Equals:		​	Hotel
​	​	​	​	Total		​	Net Income /		​	Other		​	​		​	​		​	Hotel Adjusted		​	Adjusted EBITDAre
​	​	​		Revenues		****	(Loss)		****	Adjustments (1)		****	Depreciation		****	Interest Expense		****	EBITDAre (2)		****	Margins (2)
1	​	Hilton San Diego Bayfront	​	$	4,186	​	$	(997)	​	$	(97)	​	$	1,078	​	$	218	​	$	202	​	4.8%
2	​	Boston Park Plaza	​	​	1,919	​	​	(2,259)	​	​	—	​	​	1,488	​	​	—	​	​	(771)	​	(40.2)%
3	​	Hyatt Regency San Francisco	​	​	1,313	​	​	(2,029)	​	​	—	​	​	1,062	​	​	—	​	​	(967)	​	(73.6)%
4	​	Renaissance Washington DC	​	​	2,869	​	​	173	​	​	—	​	​	625	​	​	—	​	​	798	​	27.8%
5	​	Renaissance Orlando at SeaWorld ®	​	​	2,683	​	​	(537)	​	​	—	​	​	733	​	​	—	​	​	196	​	7.3%
6	​	Wailea Beach Resort	​	​	9,604	​	​	2,995	​	​	—	​	​	1,368	​	​	—	​	​	4,363	​	45.4%
7	​	JW Marriott New Orleans	​	​	1,796	​	​	(252)	​	​	(5)	​	​	536	​	​	288	​	​	567	​	31.6%
8	​	Hyatt Centric Chicago Magnificent Mile	​	​	574	​	​	(866)	​	​	(271)	​	​	381	​	​	117	​	​	(639)	​	(111.3)%
9	​	Marriott Boston Long Wharf	​	​	1,509	​	​	(1,077)	​	​	—	​	​	928	​	​	—	​	​	(149)	​	(9.9)%
10	​	Renaissance Long Beach	​	​	2,038	​	​	753	​	​	—	​	​	259	​	​	—	​	​	1,012	​	49.7%
11	​	Embassy Suites Chicago	​	​	838	​	​	(339)	​	​	—	​	​	251	​	​	—	​	​	(88)	​	(10.5)%
12	​	Hilton Garden Inn Chicago Downtown/Magnificent Mile	​	​	657	​	​	(288)	​	​	2	​	​	188	​	​	—	​	​	(98)	​	(14.9)%
13	​	Renaissance Westchester	​	​	10	​	​	(446)	​	​	—	​	​	89	​	​	—	​	​	(357)	​	(3,570.0)%
14	​	Embassy Suites La Jolla	​	​	1,182	​	​	(196)	​	​	—	​	​	302	​	​	210	​	​	316	​	26.7%
15	​	The Bidwell Marriott Portland	​	​	247	​	​	(454)	​	​	—	​	​	270	​	​	—	​	​	(184)	​	(74.5)%
16		Hilton New Orleans St. Charles	​	​	615	​	​	(85)	​	​	—	​	​	206	​	​	—	​	​	121	​	19.7%
17	​	Oceans Edge Resort & Marina	​	​	2,844	​	​	1,052	​	​	—	​	​	295	​	​	—	​	​	1,347	​	47.4%
18	​	Montage Healdsburg	​	​	3,897	​	​	(90)	​	​	—	​	​	984	​	​	—	​	​	894	​	22.9%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	18 Hotel Portfolio (3)	​	​	38,781	​	​	(4,942)	​	​	(371)	​	​	11,043	​	​	833	​	​	6,563	​	16.9%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Less: Non-comparable Hotel (4)	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Montage Healdsburg	​	​	(3,897)	​	​	90	​	​	—	​	​	(984)	​	​	—	​	​	(894)	​	22.9%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	17 Hotel Portfolio (5)	​	​	34,884	​	​	(4,852)	​	​	(371)	​	​	10,059	​	​	833	​	​	5,669	​	16.3%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Add: Recently Acquired Hotel (4)	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Montage Healdsburg	​	​	3,897	​	​	(90)	​	​	—	​	​	984	​	​	—	​	​	894	​	22.9%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Actual Portfolio (6)	​	$	38,781	​	$	(4,942)	​	$	(371)	​	$	11,043	​	$	833	​	$	6,563	​	16.9%

*Footnotes on page 57

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PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS		​	Page 54
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Supplemental Financial InformationAugust 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

May 2020

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Hotels sorted by number of rooms	​	For the Month of May 2020
​	​	(In thousands)	​	​		​	​		​	Plus:		​	Plus:		​	Plus:		​	Equals:		​	Hotel
​	​	​	​	Total		​	​		​	Other		​	​		​	​		​	Hotel Adjusted		​	Adjusted EBITDAre
​	​	​		Revenues		****	Net Loss		****	Adjustments^^(1)		****	Depreciation		****	Interest Expense		****	EBITDAre		****	Margins
1	​	Hilton San Diego Bayfront	​	$	357	​	$	(2,617)	​	$	(97)	​	$	1,073	​	$	363	​	$	(1,278)	​	(358.0)%
2	​	Boston Park Plaza	​	​	278	​	​	(2,956)	​	​	—	​	​	1,503	​	​	—	​	​	(1,453)	​	(522.7)%
3	​	Hyatt Regency San Francisco (7)	​	​	198	​	​	(2,294)	​	​	(36)	​	​	1,081	​	​	—	​	​	(1,249)	​	(630.8)%
4	​	Renaissance Washington DC (7)	​	​	57	​	​	(2,332)	​	​	—	​	​	677	​	​	552	​	​	(1,103)	​	(1,935.1)%
5	​	Renaissance Orlando at SeaWorld ® (7)	​	​	(47)	​	​	(1,863)	​	​	—	​	​	875	​	​	—	​	​	(988)	​	2,102.1%
6	​	Wailea Beach Resort (7)	​	​	220	​	​	(2,097)	​	​	—	​	​	1,339	​	​	—	​	​	(758)	​	(344.5)%
7	​	JW Marriott New Orleans (7)	​	​	16	​	​	(1,274)	​	​	(6)	​	​	540	​	​	297	​	​	(443)	​	(2,768.8)%
8	​	Hyatt Centric Chicago Magnificent Mile (7)	​	​	12	​	​	(1,269)	​	​	(117)	​	​	481	​	​	117	​	​	(788)	​	(6,566.7)%
9	​	Marriott Boston Long Wharf (7)	​	​	46	​	​	(1,685)	​	​	—	​	​	910	​	​	—	​	​	(775)	​	(1,684.8)%
10	​	Renaissance Long Beach (7)	​	​	369	​	​	(423)	​	​	—	​	​	328	​	​	—	​	​	(95)	​	(25.7)%
11	​	Embassy Suites Chicago	​	​	25	​	​	(738)	​	​	—	​	​	247	​	​	—	​	​	(491)	​	(1,964.0)%
12	​	Hilton Garden Inn Chicago Downtown/Magnificent Mile	​	​	6	​	​	(680)	​	​	3	​	​	226	​	​	—	​	​	(451)	​	(7,516.7)%
13	​	Renaissance Westchester (7)	​	​	6	​	​	(389)	​	​	—	​	​	172	​	​	—	​	​	(217)	​	(3,616.7)%
14	​	Embassy Suites La Jolla (7)	​	​	295	​	​	(761)	​	​	—	​	​	350	​	​	212	​	​	(199)	​	(67.5)%
15	​	The Bidwell Marriott Portland	​	​	—	​	​	(392)	​	​	—	​	​	112	​	​	—	​	​	(280)	​	N/A
16		Hilton New Orleans St. Charles	​	​	11	​	​	(426)	​	​	—	​	​	215	​	​	—	​	​	(211)	​	(1,918.2)%
17	​	Oceans Edge Resort & Marina (7)	​	​	143	​	​	(561)	​	​	—	​	​	283	​	​	—	​	​	(278)	​	(194.4)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	17 Hotel Portfolio (5)	​	​	1,992	​	​	(22,757)	​	​	(253)	​	​	10,412	​	​	1,541	​	​	(11,057)	​	(555.1)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Add: Sold/Disposed Hotels (7) (8)	​	​	606	​	​	(4,121)	​	​	(3)	​	​	1,059	​	​	404	​	​	(2,661)	​	(439.1)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Actual Portfolio (6)	​	$	2,598	​	$	(26,878)	​	$	(256)	​	$	11,471	​	$	1,945	​	$	(13,718)	​	(528.0)%

*Footnotes on page 57

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PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS		​	Page 55
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Supplemental Financial InformationAugust 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

May 2019

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Hotels sorted by number of rooms	​	For the Month of May 2019
​	​	(In thousands)	​	​		​	​		​	Plus:		​	Plus:		​	Plus:		​	Equals:		​	Hotel
​	​	​	​	Total		​	Net Income /		​	Other		​	​		​	​		​	Hotel Adjusted		​	Adjusted EBITDAre
​	​	​		Revenues		****	(Loss)		****	Adjustments (1)		****	Depreciation		****	Interest Expense		****	EBITDAre (2)		****	Margins (2)
1	​	Hilton San Diego Bayfront (9)	​	$	12,934	​	$	2,550	​	$	(96)	​	$	854	​	$	760	​	​	4,068	​	31.5%
2	​	Boston Park Plaza	​	​	10,772	​	​	3,114	​	​	—	​	​	1,484	​	​	—	​	$	4,598	​	42.7%
3	​	Hyatt Regency San Francisco (9)	​	​	9,890	​	​	1,498	​	​	123	​	​	1,034	​	​	—	​	​	2,655	​	26.8%
4	​	Renaissance Washington DC	​	​	8,123	​	​	1,245	​	​	—	​	​	827	​	​	567	​	​	2,639	​	32.5%
5	​	Renaissance Orlando at SeaWorld ®	​	​	6,887	​	​	1,444	​	​	—	​	​	856	​	​	—	​	​	2,300	​	33.4%
6	​	Wailea Beach Resort	​	​	9,822	​	​	2,551	​	​	—	​	​	1,300	​	​	—	​	​	3,851	​	39.2%
7	​	JW Marriott New Orleans	​	​	4,121	​	​	1,041	​	​	(6)	​	​	539	​	​	301	​	​	1,875	​	45.5%
8	​	Hyatt Centric Chicago Magnificent Mile	​	​	3,663	​	​	638	​	​	(117)	​	​	482	​	​	117	​	​	1,120	​	30.6%
9	​	Marriott Boston Long Wharf	​	​	6,171	​	​	1,771	​	​	—	​	​	901	​	​	—	​	​	2,672	​	43.3%
10	​	Renaissance Long Beach	​	​	2,336	​	​	340	​	​	—	​	​	323	​	​	—	​	​	663	​	28.4%
11	​	Embassy Suites Chicago	​	​	2,648	​	​	770	​	​	(22)	​	​	251	​	​	—	​	​	999	​	37.7%
12	​	Hilton Garden Inn Chicago Downtown/Magnificent Mile	​	​	2,323	​	​	714	​	​	3	​	​	217	​	​	—	​	​	934	​	40.2%
13	​	Renaissance Westchester	​	​	2,030	​	​	(10)	​	​	—	​	​	296	​	​	—	​	​	286	​	14.1%
14	​	Embassy Suites La Jolla	​	​	2,063	​	​	225	​	​	(21)	​	​	341	​	​	216	​	​	761	​	36.9%
15	​	The Bidwell Marriott Portland	​	​	1,481	​	​	483	​	​	—	​	​	134	​	​	—	​	​	617	​	41.7%
16		Hilton New Orleans St. Charles	​	​	1,190	​	​	124	​	​	—	​	​	212	​	​	—	​	​	336	​	28.2%
17	​	Oceans Edge Resort & Marina (9)	​	​	1,775	​	​	243	​	​	—	​	​	261	​	​	—	​	​	504	​	28.4%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	17 Hotel Portfolio (5)	​	​	88,229	​	​	18,741	​	​	(136)	​	​	10,312	​	​	1,961	​	​	30,878	​	35.0%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Add: Sold/Disposed Hotels (8) (9)	​	​	12,963	​	​	1,242	​	​	(61)	​	​	1,759	​	​	504	​	​	3,444	​	26.6%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Actual Portfolio (6)	​	$	101,192	​	$	19,983	​	$	(197)	​	$	12,071	​	$	2,465	​	$	34,322	​	33.9%

*Footnotes on page 57

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PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS		​	Page 56
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Supplemental Financial InformationAugust 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

May 2021/2020/2019 Footnotes

​

(1)	Other Adjustments for May 2021 include: a total of $(0.1) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, and the JW Marriott New Orleans; $(0.1) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile; and a $(0.2) million prior year property tax credit received at the Hyatt Centric Chicago Magnificent Mile. Other adjustments for May 2020 include: a total of $(0.1) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; $(0.1) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile; and a $(36,000) true-up credit for city taxes assessed on commercial rents at the Hyatt Regency San Francisco. Other adjustments for May 2019 include: a total of $(0.1) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; $(0.2) million in finance lease obligation interest - cash ground rent at the Courtyard by Marriott Los Angeles and the Hyatt Centric Chicago Magnificent Mile; $0.1 million in city taxes assessed on commercial rents at the Hyatt Regency San Francisco; and a total of $(43,000) in prior year property tax credits received at the Embassy Suites Chicago and the Embassy Suites La Jolla.
(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 May 2021 and 2019, a $(0.2) million prior year property tax credit was received at the Hyatt Centric Chicago Magnificent Mile, and a total of $(43,000) in prior year property tax credits was received at the Embassy Suites Chicago and the Embassy Suites La Jolla, respectively.
---	---
(3)	18 Hotel Portfolio includes all hotels owned by the Company as of June 30, 2021.
---	---
(4)	Non-comparable Hotel includes the Company's ownership results for the Montage Healdsburg, acquired in April 2021. The newly developed hotel opened in December 2020; therefore, there is no prior year information.
---	---
(5)	17 Hotel Portfolio includes the same hotels owned during May 2021, 2020 and 2019.
---	---
(6)	Actual Portfolio includes results for 18 hotels, 20 hotels and 21 hotels owned by the Company as of June 30, 2021, 2020 and 2019, respectively.
---	---
(7)	In May 2020, a total of $1.2 million in COVID-19-related costs consisting of additional wages and benefits for furloughed or laid off employees was incurred at the majority of the Company's hotels, primarily at the following: $(0.1) million Hilton Times Square; $0.1 million Hyatt Regency San Francisco; $0.1 million JW Marriott New Orleans; $0.3 million Marriott Boston Long Wharf; $0.1 million Renaissance Harborplace; $0.1 million Renaissance Long Beach; $0.1 million Renaissance Los Angeles Airport; $0.3 million Renaissance Orlando at SeaWorld®; $0.4 million Renaissance Washington DC; and $(0.2) million Renaissance Westchester.
---	---
(8)	Sold/Disposed Hotels includes results for the Renaissance Harborplace and the Renaissance Los Angeles Airport, sold in July 2020 and December 2020, respectively, and the Hilton Times Square, assigned to its mortgage holder in December 2020. Sold/Disposed Hotels for May 2019 also includes results for the Courtyard by Marriott Los Angeles, sold in October 2019.
---	---
(9)	Hotel Adjusted EBITDAre for May 2019 is impacted by room renovations at the Hilton San Diego Bayfront, the Hyatt Regency San Francisco, the Oceans Edge Resort & Marina and the Renaissance Harborplace.
---	---

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PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS		​	Page 57
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Supplemental Financial InformationAugust 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

June 2021

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Hotels sorted by number of rooms	​	For the Month of June 2021
​	​	(In thousands)	​	​		​	​		​	Plus:		​	Plus:		​	Plus:		​	Equals:		​	Hotel
​	​	​	​	Total		​	Net Income /		​	Other		​	​		​	​		​	Hotel Adjusted		​	Adjusted EBITDAre
​	​	​		Revenues		****	(Loss)		****	Adjustments (1)		****	Depreciation		****	Interest Expense		****	EBITDAre		****	Margins
1	​	Hilton San Diego Bayfront	​	$	6,413	​	$	337	​	$	(97)	​	$	1,064	​	$	207	​	$	1,511	​	23.6%
2	​	Boston Park Plaza	​	​	2,423	​	​	(2,205)	​	​	—	​	​	1,488	​	​	—	​	​	(717)	​	(29.6)%
3	​	Hyatt Regency San Francisco	​	​	1,965	​	​	(1,735)	​	​	—	​	​	1,060	​	​	—	​	​	(675)	​	(34.4)%
4	​	Renaissance Washington DC	​	​	439	​	​	(1,946)	​	​	—	​	​	633	​	​	—	​	​	(1,313)	​	(299.1)%
5	​	Renaissance Orlando at SeaWorld ®	​	​	3,374	​	​	(205)	​	​	—	​	​	729	​	​	—	​	​	524	​	15.5%
6	​	Wailea Beach Resort	​	​	11,497	​	​	4,363	​	​	—	​	​	1,369	​	​	—	​	​	5,732	​	49.9%
7	​	JW Marriott New Orleans	​	​	1,740	​	​	(390)	​	​	—	​	​	536	​	​	278	​	​	424	​	24.4%
8	​	Hyatt Centric Chicago Magnificent Mile	​	​	840	​	​	(888)	​	​	(117)	​	​	380	​	​	117	​	​	(508)	​	(60.5)%
9	​	Marriott Boston Long Wharf	​	​	2,825	​	​	(57)	​	​	—	​	​	929	​	​	—	​	​	872	​	30.9%
10	​	Renaissance Long Beach	​	​	2,186	​	​	832	​	​	—	​	​	258	​	​	—	​	​	1,090	​	49.9%
11	​	Embassy Suites Chicago	​	​	1,299	​	​	(83)	​	​	—	​	​	251	​	​	—	​	​	168	​	12.9%
12	​	Hilton Garden Inn Chicago Downtown/Magnificent Mile	​	​	827	​	​	(197)	​	​	2	​	​	185	​	​	—	​	​	(10)	​	(1.2)%
13	​	Renaissance Westchester	​	​	10	​	​	(356)	​	​	—	​	​	92	​	​	—	​	​	(264)	​	(2,640.0)%
14	​	Embassy Suites La Jolla	​	​	1,536	​	​	45	​	​	—	​	​	324	​	​	202	​	​	571	​	37.2%
15	​	The Bidwell Marriott Portland	​	​	407	​	​	(341)	​	​	—	​	​	269	​	​	—	​	​	(72)	​	(17.7)%
16		Hilton New Orleans St. Charles	​	​	667	​	​	(62)	​	​	—	​	​	206	​	​	—	​	​	144	​	21.6%
17	​	Oceans Edge Resort & Marina	​	​	3,058	​	​	1,194	​	​	—	​	​	295	​	​	—	​	​	1,489	​	48.7%
18	​	Montage Healdsburg	​	​	5,078	​	​	(443)	​	​	—	​	​	953	​	​	—	​	​	510	​	10.0%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	18 Hotel Portfolio (2)	​	​	46,584	​	​	(2,137)	​	​	(212)	​	​	11,021	​	​	804	​	​	9,476	​	20.3%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Less: Non-comparable Hotel (3)	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Montage Healdsburg	​	​	(5,078)	​	​	443	​	​	—	​	​	(953)	​	​	—	​	​	(510)	​	10.0%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	17 Hotel Portfolio (4)	​	​	41,506	​	​	(1,694)	​	​	(212)	​	​	10,068	​	​	804	​	​	8,966	​	21.6%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Add: Recently Acquired Hotel (3)	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Montage Healdsburg	​	​	5,078	​	​	(443)	​	​	—	​	​	953	​	​	—	​	​	510	​	10.0%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Actual Portfolio (5)	​	$	46,584	​	$	(2,137)	​	$	(212)	​	$	11,021	​	$	804	​	$	9,476	​	20.3%

*Footnotes on page 61

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PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS		​	Page 58
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Supplemental Financial InformationAugust 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

June 2020

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Hotels sorted by number of rooms	​	For the Month of June 2020
​	​	(In thousands)	​	​		​	​		​	Plus:		​	Plus:		​	Plus:		​	Equals:		​	Hotel
​	​	​	​	Total		​	​		​	Other		​	​		​	​		​	Hotel Adjusted		​	Adjusted EBITDAre
​	​	​		Revenues		****	Net Loss		****	Adjustments^^(1)		****	Depreciation		****	Interest Expense		****	EBITDAre (6)		****	Margins (6)
1	​	Hilton San Diego Bayfront (7)	​	$	178	​	$	(2,923)	​	$	(68)	​	$	1,074	​	$	322	​	$	(1,595)	​	(896.1)%
2	​	Boston Park Plaza (7)	​	​	103	​	​	(3,504)	​	​	71	​	​	1,504	​	​	—	​	​	(1,929)	​	(1,872.8)%
3	​	Hyatt Regency San Francisco (7)	​	​	76	​	​	(2,552)	​	​	65	​	​	1,081	​	​	—	​	​	(1,406)	​	(1,850.0)%
4	​	Renaissance Washington DC (7)	​	​	54	​	​	(3,008)	​	​	224	​	​	676	​	​	551	​	​	(1,557)	​	(2,883.3)%
5	​	Renaissance Orlando at SeaWorld ® (7)	​	​	10	​	​	(2,474)	​	​	188	​	​	826	​	​	—	​	​	(1,460)	​	(14,600.0)%
6	​	Wailea Beach Resort (7)	​	​	10	​	​	(3,182)	​	​	42	​	​	1,343	​	​	—	​	​	(1,797)	​	(17,970.0)%
7	​	JW Marriott New Orleans (7)	​	​	(22)	​	​	(1,636)	​	​	50	​	​	538	​	​	285	​	​	(763)	​	3,468.2%
8	​	Hyatt Centric Chicago Magnificent Mile (7)	​	​	39	​	​	(992)	​	​	(312)	​	​	388	​	​	117	​	​	(799)	​	(2,048.7)%
9	​	Marriott Boston Long Wharf (7)	​	​	42	​	​	(2,494)	​	​	185	​	​	911	​	​	—	​	​	(1,398)	​	(3,328.6)%
10	​	Renaissance Long Beach (7)	​	​	61	​	​	(1,059)	​	​	71	​	​	314	​	​	—	​	​	(674)	​	(1,104.9)%
11	​	Embassy Suites Chicago (7)	​	​	61	​	​	(1,108)	​	​	244	​	​	249	​	​	—	​	​	(615)	​	(1,008.2)%
12	​	Hilton Garden Inn Chicago Downtown/Magnificent Mile (7)	​	​	(27)	​	​	(1,103)	​	​	281	​	​	225	​	​	—	​	​	(597)	​	2,211.1%
13		Renaissance Westchester (7)	​	​	—	​	​	(426)	​	​	115	​	​	170	​	​	—	​	​	(141)	​	N/A
14	​	Embassy Suites La Jolla (7)	​	​	569	​	​	(588)	​	​	—	​	​	349	​	​	204	​	​	(35)	​	(6.2)%
15	​	The Bidwell Marriott Portland (7)	​	​	—	​	​	(407)	​	​	4	​	​	116	​	​	—	​	​	(287)	​	N/A
16		Hilton New Orleans St. Charles (7)	​	​	14	​	​	(427)	​	​	10	​	​	214	​	​	—	​	​	(203)	​	(1,450.0)%
17	​	Oceans Edge Resort & Marina (7)	​	​	1,021	​	​	(112)	​	​	—	​	​	293	​	​	—	​	​	181	​	17.7%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	17 Hotel Portfolio (4)	​	​	2,189	​	​	(27,995)	​	​	1,170	​	​	10,271	​	​	1,479	​	​	(15,075)	​	(688.7)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Add: Sold/Disposed Hotels (7) (8)	​	​	783	​	​	(5,007)	​	​	85	​	​	1,057	​	​	1,172	​	​	(2,693)	​	(343.9)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Actual Portfolio (5)	​	$	2,972	​	$	(33,002)	​	$	1,255	​	$	11,328	​	$	2,651	​	$	(17,768)	​	(597.8)%

​

*Footnotes on page 61

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Supplemental Financial InformationAugust 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

June 2019

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Hotels sorted by number of rooms	​	For the Month of June 2019
​	​	(In thousands)	​	​		​	​		​	Plus:		​	Plus:		​	Plus:		​	Equals:		​	Hotel
​	​	​	​	Total		​	Net Income /		​	Other		​	​		​	​		​	Hotel Adjusted		​	Adjusted EBITDAre
​	​	​		Revenues		****	(Loss)		****	Adjustments (1)		****	Depreciation		****	Interest Expense		****	EBITDAre (6)		****	Margins (6)
1	​	Hilton San Diego Bayfront (9)	​	$	13,972	​	$	3,436	​	$	(96)	​	$	855	​	$	732	​	$	4,927	​	35.3%
2	​	Boston Park Plaza	​	​	10,745	​	​	2,872	​	​	—	​	​	1,490	​	​	—	​	​	4,362	​	40.6%
3	​	Hyatt Regency San Francisco (9)	​	​	10,841	​	​	1,940	​	​	119	​	​	1,035	​	​	—	​	​	3,094	​	28.5%
4	​	Renaissance Washington DC	​	​	7,781	​	​	1,305	​	​	—	​	​	828	​	​	566	​	​	2,699	​	34.7%
5	​	Renaissance Orlando at SeaWorld ®	​	​	7,376	​	​	1,670	​	​	—	​	​	861	​	​	—	​	​	2,531	​	34.3%
6	​	Wailea Beach Resort	​	​	10,029	​	​	2,785	​	​	—	​	​	1,303	​	​	—	​	​	4,088	​	40.8%
7	​	JW Marriott New Orleans	​	​	3,347	​	​	483	​	​	1	​	​	539	​	​	291	​	​	1,314	​	39.3%
8	​	Hyatt Centric Chicago Magnificent Mile	​	​	3,889	​	​	1,128	​	​	(378)	​	​	483	​	​	117	​	​	1,350	​	34.7%
9	​	Marriott Boston Long Wharf	​	​	6,668	​	​	2,321	​	​	—	​	​	906	​	​	—	​	​	3,227	​	48.4%
10	​	Renaissance Long Beach	​	​	2,651	​	​	622	​	​	—	​	​	323	​	​	—	​	​	945	​	35.6%
11	​	Embassy Suites Chicago	​	​	2,996	​	​	920	​	​	184	​	​	250	​	​	—	​	​	1,354	​	45.2%
12	​	Hilton Garden Inn Chicago Downtown/Magnificent Mile	​	​	2,543	​	​	667	​	​	233	​	​	219	​	​	—	​	​	1,119	​	44.0%
13	​	Renaissance Westchester	​	​	2,070	​	​	129	​	​	—	​	​	295	​	​	—	​	​	424	​	20.5%
14	​	Embassy Suites La Jolla	​	​	2,526	​	​	623	​	​	—	​	​	344	​	​	210	​	​	1,177	​	46.6%
15	​	The Bidwell Marriott Portland	​	​	1,594	​	​	607	​	​	—	​	​	135	​	​	—	​	​	742	​	46.5%
16		Hilton New Orleans St. Charles	​	​	1,076	​	​	108	​	​	—	​	​	212	​	​	—	​	​	320	​	29.7%
17	​	Oceans Edge Resort & Marina (9)	​	​	1,673	​	​	164	​	​	—	​	​	262	​	​	—	​	​	426	​	25.5%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	17 Hotel Portfolio (4)	​	​	91,777	​	​	21,780	​	​	63	​	​	10,340	​	​	1,916	​	​	34,099	​	37.2%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Add: Sold/Disposed Hotels (8) (9)	​	​	12,794	​	​	1,193	​	​	(58)	​	​	1,763	​	​	495	​	​	3,393	​	26.5%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Actual Portfolio (5)	​	$	104,571	​	$	22,973	​	$	5	​	$	12,103	​	$	2,411	​	$	37,492	​	35.9%

*Footnotes on page 61

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PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS		​	Page 60
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Supplemental Financial InformationAugust 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

June 2021/2020/2019 Footnotes

​

(1)	Other Adjustments for June 2021 include: a total of $(0.1) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, and the JW Marriott New Orleans; and $(0.1) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile. Other Adjustments for June 2020 include: $(0.1) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; $(0.1) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile; $47,000 in city taxes assessed on commercial rents at the Hyatt Regency San Francisco; a total of $1.1 million in COVID-19-related severance at the majority of the Company's hotels; and a total of $0.3 million in prior year property tax net assessments at the three Chicago hotels. Other Adjustments for June 2019 include: a total of $(0.1) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; a total of $(0.2) million in finance lease obligation interest - cash ground rent at the Courtyard by Marriott Los Angeles and the Hyatt Centric Chicago Magnificent Mile; $0.1 million in city taxes assessed on commercial rents at the Hyatt Regency San Francisco; and a total of $0.2 million in prior year property tax net assessments at the three Chicago hotels.
(2)	18 Hotel Portfolio includes all hotels owned by the Company as of June 30, 2021.
---	---
(3)	Non-comparable Hotel includes the Company's ownership results for the Montage Healdsburg, acquired in April 2021. The newly developed hotel opened in December 2020; therefore, there is no prior year information.
---	---
(4)	17 Hotel Portfolio includes the same hotels owned during June 2021, 2020 and 2019.
---	---
(5)	Actual Portfolio includes results for 18 hotels, 20 hotels and 21 hotels owned by the Company as of June 30, 2021, 2020 and 2019, respectively.
---	---
(6)	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 June 2020, a total of $0.3 million in prior year property tax net assessments was received at the following hotels: $0.2 million Embassy Suites Chicago; $0.3 million Hilton Garden Inn Chicago Downtown/Magnificent Mile; and $(0.2) million Hyatt Centric Chicago Magnificent Mile. In June 2019, a total of $0.2 million in prior year property tax net assessments was received at the following hotels: $0.2 million Embassy Suites Chicago; $0.2 million Hilton Garden Inn Chicago Downtown/Magnificent Mile; and $(0.3) million Hyatt Centric Chicago Magnificent Mile.
---	---
(7)	In June 2020, a total of $5.9 million in COVID-19-related costs consisting of additional wages and benefits for furloughed or laid off employees was incurred at the Company's hotels, primarily at the following: $0.1 million Boston Park Plaza; $0.1 million Embassy Suites Chicago; $0.1 million Hilton Garden Inn Chicago Downtown/Magnificent Mile; $0.2 million Hilton San Diego Bayfront; $0.3 million Hyatt Centric Chicago Magnificent Mile; $0.2 million Hyatt Regency San Francisco; $0.3 million JW Marriott New Orleans; $0.8 million Marriott Boston Long Wharf; $0.4 million Renaissance Long Beach; $0.5 million Renaissance Los Angeles Airport; $1.1 million Renaissance Orlando at SeaWorld®; $1.0 million Renaissance Washington DC; and $0.8 million Wailea Beach Resort.
---	---
(8)	Sold/Disposed Hotels includes results for the Renaissance Harborplace and the Renaissance Los Angeles Airport, sold in July 2020 and December 2020, respectively, and the Hilton Times Square, assigned to its mortgage holder in December 2020. Sold/Disposed Hotels for June 2019 also includes results for the Courtyard by Marriott Los Angeles, sold in October 2019.
---	---
(9)	Hotel Adjusted EBITDAre for June 2019 is impacted by room renovations at the Hilton San Diego Bayfront, the Hyatt Regency San Francisco, the Oceans Edge Resort & Marina and the Renaissance Harborplace.
---	---
	​
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PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS		​	Page 61
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Supplemental Financial InformationAugust 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q2 YTD 2021

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Hotels sorted by number of rooms	​	For the Six Months Ended June 30, 2021
​	​	(In thousands)	​	​		​	​		​	Plus:		​	Plus:		​	Plus:		​	Equals:		​	Hotel
​	​	​	​	Total		​	Net Income /		​	Other		​	​		​	​		​	Hotel Adjusted		​	Adjusted EBITDAre
​	​	​		Revenues		****	(Loss)		****	Adjustments (1)		****	Depreciation		****	Interest Expense		****	EBITDAre (2)		****	Margins (2)
1	​	Hilton San Diego Bayfront	​	$	17,714	​	$	(10,265)	​	$	(579)	​	$	6,463	​	$	1,281	​	$	(3,100)	​	(17.5)%
2	​	Boston Park Plaza	​	​	8,471	​	​	(15,229)	​	​	—	​	​	8,945	​	​	—	​	​	(6,284)	​	(74.2)%
3	​	Hyatt Regency San Francisco	​	​	5,715	​	​	(13,483)	​	​	—	​	​	6,447	​	​	—	​	​	(7,036)	​	(123.1)%
4	​	Renaissance Washington DC	​	​	12,203	​	​	(1,558)	​	​	(72)	​	​	3,764	​	​	—	​	​	2,134	​	17.5%
5	​	Renaissance Orlando at SeaWorld ®	​	​	11,999	​	​	(4,980)	​	​	—	​	​	4,417	​	​	—	​	​	(563)	​	(4.7)%
6	​	Wailea Beach Resort	​	​	40,901	​	​	8,420	​	​	—	​	​	8,186	​	​	—	​	​	16,606	​	40.6%
7	​	JW Marriott New Orleans	​	​	6,687	​	​	(4,280)	​	​	(3)	​	​	3,221	​	​	1,688	​	​	626	​	9.4%
8	​	Hyatt Centric Chicago Magnificent Mile	​	​	2,567	​	​	(6,184)	​	​	(856)	​	​	2,287	​	​	702	​	​	(4,051)	​	(157.8)%
9	​	Marriott Boston Long Wharf	​	​	6,710	​	​	(7,268)	​	​	—	​	​	5,564	​	​	—	​	​	(1,704)	​	(25.4)%
10	​	Renaissance Long Beach	​	​	7,116	​	​	436	​	​	—	​	​	1,627	​	​	—	​	​	2,063	​	29.0%
11	​	Embassy Suites Chicago	​	​	3,545	​	​	(2,970)	​	​	—	​	​	1,511	​	​	—	​	​	(1,459)	​	(41.2)%
12	​	Hilton Garden Inn Chicago Downtown/Magnificent Mile	​	​	1,909	​	​	(2,965)	​	​	11	​	​	1,229	​	​	—	​	​	(1,725)	​	(90.4)%
13	​	Renaissance Westchester	​	​	87	​	​	(2,547)	​	​	58	​	​	539	​	​	—	​	​	(1,950)	​	(2,241.4)%
14	​	Embassy Suites La Jolla	​	​	5,790	​	​	(2,119)	​	​	—	​	​	1,943	​	​	1,219	​	​	1,043	​	18.0%
15	​	The Bidwell Marriott Portland	​	​	1,243	​	​	(2,888)	​	​	—	​	​	1,616	​	​	—	​	​	(1,272)	​	(102.3)%
16		Hilton New Orleans St. Charles	​	​	2,545	​	​	(1,207)	​	​	—	​	​	1,238	​	​	—	​	​	31	​	1.2%
17	​	Oceans Edge Resort & Marina	​	​	15,434	​	​	5,398	​	​	—	​	​	1,764	​	​	—	​	​	7,162	​	46.4%
18	​	Montage Healdsburg	​	​	15,807	​	​	(5,903)	​	​	—	​	​	5,748	​	​	—	​	​	(155)	​	(1.0)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	18 Hotel Portfolio (3)	​	​	166,443	​	​	(69,592)	​	​	(1,441)	​	​	66,509	​	​	4,890	​	​	366	​	0.2%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Less: Non-comparable Hotel (4)	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Montage Healdsburg	​	​	(15,807)	​	​	5,903	​	​	—	​	​	(5,748)	​	​	—	​	​	155	​	(1.0)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	17 Hotel Portfolio (5)	​	​	150,636	​	​	(63,689)	​	​	(1,441)	​	​	60,761	​	​	4,890	​	​	521	​	0.3%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Add: Recently Acquired Hotel (4)	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Montage Healdsburg	​	​	10,052	​	​	(610)	​	​	—	​	​	2,223	​	​	—	​	​	1,613	​	16.0%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Actual Portfolio (6)	​	$	160,688	​	$	(64,299)	​	$	(1,441)	​	$	62,984	​	$	4,890	​	$	2,134	​	1.3%

*Footnotes on pages 65 and 66

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PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS		​	Page 62
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Supplemental Financial InformationAugust 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q2 YTD 2020

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Hotels sorted by number of rooms	​	​	For the Six Months Ended June 30, 2020
​	​	(In thousands)	​	​		​	​		​	Plus:		​	Plus:		​	Plus:		​	Equals:		​	Hotel
​	​	​	​	Total		​	Net Income /		​	Other		​	​		​	​		​	Hotel Adjusted		​	Adjusted EBITDAre
​	​	​		Revenues		****	(Loss)		****	Adjustments^^(1)		****	Depreciation		****	Interest Expense		****	EBITDAre (2)		****	Margins (2)
1	​	Hilton San Diego Bayfront (7)	​	$	27,575	​	$	(8,679)	​	$	(552)	​	$	6,440	​	$	2,907	​	$	116	​	0.4%
2	​	Boston Park Plaza (7)	​	​	12,003	​	​	(16,209)	​	​	71	​	​	9,028	​	​	—	​	​	(7,110)	​	(59.2)%
3	​	Hyatt Regency San Francisco (7)	​	​	21,133	​	​	(8,226)	​	​	123	​	​	6,472	​	​	—	​	​	(1,631)	​	(7.7)%
4	​	Renaissance Washington DC (7)	​	​	15,120	​	​	(10,223)	​	​	224	​	​	4,109	​	​	3,326	​	​	(2,564)	​	(17.0)%
5	​	Renaissance Orlando at SeaWorld ® (7)	​	​	18,833	​	​	(3,400)	​	​	188	​	​	5,181	​	​	—	​	​	1,969	​	10.5%
6	​	Wailea Beach Resort (7)	​	​	29,878	​	​	(443)	​	​	42	​	​	7,976	​	​	—	​	​	7,575	​	25.4%
7	​	JW Marriott New Orleans (7)	​	​	9,324	​	​	(3,701)	​	​	46	​	​	3,260	​	​	1,743	​	​	1,348	​	14.5%
8	​	Hyatt Centric Chicago Magnificent Mile (7)	​	​	3,376	​	​	(7,187)	​	​	(897)	​	​	2,796	​	​	702	​	​	(4,586)	​	(135.8)%
9	​	Marriott Boston Long Wharf (7)	​	​	8,260	​	​	(9,333)	​	​	185	​	​	5,470	​	​	—	​	​	(3,678)	​	(44.5)%
10	​	Renaissance Long Beach (7)	​	​	6,431	​	​	(2,138)	​	​	71	​	​	1,961	​	​	—	​	​	(106)	​	(1.6)%
11	​	Embassy Suites Chicago (7)	​	​	3,016	​	​	(4,122)	​	​	220	​	​	1,496	​	​	—	​	​	(2,406)	​	(79.8)%
12	​	Hilton Garden Inn Chicago Downtown/Magnificent Mile (7)	​	​	1,842	​	​	(4,212)	​	​	294	​	​	1,350	​	​	—	​	​	(2,568)	​	(139.4)%
13	​	Renaissance Westchester (7)	​	​	3,635	​	​	(3,692)	​	​	115	​	​	1,393	​	​	—	​	​	(2,184)	​	(60.1)%
14	​	Embassy Suites La Jolla (7)	​	​	6,056	​	​	(2,361)	​	​	—	​	​	2,104	​	​	1,248	​	​	991	​	16.4%
15	​	The Bidwell Marriott Portland (7) (9)	​	​	1,417	​	​	(2,115)	​	​	4	​	​	719	​	​	—	​	​	(1,392)	​	(98.2)%
16		Hilton New Orleans St. Charles (7)	​	​	3,142	​	​	(1,203)	​	​	10	​	​	1,290	​	​	—	​	​	97	​	3.1%
17	​	Oceans Edge Resort & Marina (7)	​	​	7,267	​	​	324	​	​	—	​	​	1,685	​	​	—	​	​	2,009	​	27.6%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	17 Hotel Portfolio (5)	​	​	178,308	​	​	(86,920)	​	​	144	​	​	62,730	​	​	9,926	​	​	(14,120)	​	(7.9)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Add: Sold/Disposed Hotels (7) (8)	​	​	20,913	​	​	(22,864)	​	​	81	​	​	8,046	​	​	3,163	​	​	(11,574)	​	(55.3)%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Actual Portfolio (6)	​	$	199,221	​	$	(109,784)	​	$	225	​	$	70,776	​	$	13,089	​	$	(25,694)	​	(12.9)%

*Footnotes on pages 65 and 66

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PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS		​	Page 63
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Supplemental Financial InformationAugust 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q2 YTD 2019

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Hotels sorted by number of rooms	​	For the Six Months Ended June 30, 2019
​	​	(In thousands)	​	​		​	​		​	Plus:		​	Plus:		​	Plus:		​	Equals:		​	Hotel
​	​	​	​	Total		​	Net Income /		​	Other		​	​		​	​		​	Hotel Adjusted		​	Adjusted EBITDAre
​	​	​		Revenues		****	(Loss)		****	Adjustments (1)		****	Depreciation		****	Interest Expense		****	EBITDAre (2)		****	Margins (2)
1	​	Hilton San Diego Bayfront (9)	​	$	75,336	​	$	14,178	​	$	(579)	​	$	5,117	​	$	4,473	​	$	23,189	​	30.8%
2	​	Boston Park Plaza	​	​	49,399	​	​	5,137	​	​	—	​	​	8,903	​	​	—	​	​	14,040	​	28.4%
4	​	Hyatt Regency San Francisco (9)	​	​	61,539	​	​	10,220	​	​	708	​	​	6,240	​	​	—	​	​	17,168	​	27.9%
3	​	Renaissance Washington DC	​	​	45,514	​	​	5,808	​	​	—	​	​	4,932	​	​	3,415	​	​	14,155	​	31.1%
5	​	Renaissance Orlando at SeaWorld ®	​	​	47,658	​	​	12,641	​	​	—	​	​	5,129	​	​	—	​	​	17,770	​	37.3%
6	​	Wailea Beach Resort	​	​	61,877	​	​	17,591	​	​	—	​	​	7,781	​	​	—	​	​	25,372	​	41.0%
7	​	JW Marriott New Orleans	​	​	23,054	​	​	5,548	​	​	(3)	​	​	3,209	​	​	1,764	​	​	10,518	​	45.6%
8	​	Hyatt Centric Chicago Magnificent Mile	​	​	15,354	​	​	(759)	​	​	(962)	​	​	2,889	​	​	701	​	​	1,869	​	12.2%
9	​	Marriott Boston Long Wharf	​	​	28,396	​	​	4,374	​	​	—	​	​	5,402	​	​	—	​	​	9,776	​	34.4%
10	​	Renaissance Long Beach	​	​	15,339	​	​	3,096	​	​	—	​	​	1,914	​	​	—	​	​	5,010	​	32.7%
11	​	Embassy Suites Chicago	​	​	11,866	​	​	1,345	​	​	162	​	​	1,495	​	​	—	​	​	3,002	​	25.3%
12	​	Hilton Garden Inn Chicago Downtown/Magnificent Mile	​	​	9,240	​	​	513	​	​	248	​	​	1,305	​	​	—	​	​	2,066	​	22.4%
13	​	Renaissance Westchester	​	​	10,379	​	​	(1,066)	​	​	—	​	​	1,774	​	​	—	​	​	708	​	6.8%
14	​	Embassy Suites La Jolla	​	​	12,738	​	​	1,864	​	​	(21)	​	​	2,063	​	​	1,268	​	​	5,174	​	40.6%
15	​	The Bidwell Marriott Portland	​	​	7,790	​	​	2,130	​	​	—	​	​	798	​	​	—	​	​	2,928	​	37.6%
16		Hilton New Orleans St. Charles	​	​	7,479	​	​	1,085	​	​	—	​	​	1,257	​	​	—	​	​	2,342	​	31.3%
17	​	Oceans Edge Resort & Marina (9)	​	​	12,274	​	​	2,696	​	​	189	​	​	1,561	​	​	—	​	​	4,446	​	36.2%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	17 Hotel Portfolio (5)	​	​	495,232	​	​	86,401	​	​	(258)	​	​	61,769	​	​	11,621	​	​	159,533	​	32.2%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Add: Sold/Disposed Hotels (8) (9)	​	​	65,296	​	​	(1,070)	​	​	(353)	​	​	10,638	​	​	2,975	​	​	12,190	​	18.7%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Actual Portfolio (6)	​	$	560,528	​	$	85,331	​	$	(611)	​	$	72,407	​	$	14,596	​	$	171,723	​	30.6%

*Footnotes on pages 65 and 66

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PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS		​	Page 64
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Supplemental Financial InformationAugust 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q2 YTD 2021/2020/2019 Footnotes

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(1)	Other Adjustments for the first six months of 2021 include: a total of $(0.6) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, and the JW Marriott New Orleans; $(0.7) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile; a total of $(0.2) million prior year property tax net credits received at the Hyatt Centric Chicago Magnificent Mile and the Renaissance Washington DC; and $0.1 million in legal fees at the Renaissance Westchester. Other Adjustments for the first six months of 2020 include: $(0.5) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; $(0.7) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile; $1.1 million in COVID-19-related severance at the majority of the Company's hotels; $0.1 million in city taxes assessed on commercial rents at the Hyatt Regency San Francisco; and a total of $0.2 million in prior year property tax net assessments received at the three Chicago hotels and the Renaissance Harborplace. Other Adjustments for the first six months of 2019 include: a total of $(0.4) million in amortization of operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; a total of $(1.2) million in finance lease obligation interest - cash ground rent at the Courtyard by Marriott Los Angeles and the Hyatt Centric Chicago Magnificent Mile; $0.7 million in city taxes assessed on commercial rents at the Hyatt Regency San Francisco; and a total of $0.3 million in prior year property tax net assessments at the three Chicago hotels, the Embassy Suites La Jolla and the Oceans Edge Resort & Marina.
(2)	Both Hotel Adjusted EBITDAre and Hotel Adjusted EBITDAre Margins are presented excluding any prior year property tax assessments and credits, net of any appeal fees. In the first six months of 2021, a total of $(0.2) million in prior year property tax credits was received at the following hotels: $(0.2) million Hyatt Centric Chicago Magnificent Mile; and $(0.1) million Renaissance Washington DC. In the first six months of 2020, a total of $0.2 million in prior year property tax net assessments was received at the following hotels: $0.2 million Embassy Suites Chicago; $0.3 million Hilton Garden Inn Chicago Downtown/Magnificent Mile; $(0.2) million Hyatt Centric Chicago Magnificent Mile; and $(0.1) million Renaissance Harborplace. In the first six months of 2019, a total of $0.3 million in prior year property tax net assessments was received at the following hotels: $0.2 million Embassy Suites Chicago; $(21,000) Embassy Suites La Jolla; $0.2 million Hilton Garden Inn Chicago Downtown/Magnificent Mile; $(0.3) million Hyatt Centric Chicago Magnificent Mile; and $0.2 million Oceans Edge Resort & Marina.
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(3)	18 Hotel Portfolio includes all hotels owned by the Company as of June 30, 2021.
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(4)	Non-comparable Hotel includes both the Company's and the prior owner's ownership results for the Montage Healdsburg, acquired in April 2021. The newly developed hotel opened in December 2020; therefore, there is no prior year information. The Company obtained prior ownership results from the hotel's previous owner during the due diligence period before the Company’s acquisition was completed. The Company performed a limited review of the information as part of its analysis of the acquisition. The Company determined the amount to include as pro forma depreciation expense by allocating the Company's purchase price of the hotel between the various components of the hotel (i.e. land, building, furniture, fixtures and equipment and intangible assets) based on a purchase price allocation report provided by an independent valuation specialist. Depreciable assets were then given lives ranging from two to forty years.
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(5)	17 Hotel Portfolio includes the same hotels owned during the first six months of 2021, 2020 and 2019.
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PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS		​	Page 65
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Supplemental Financial InformationAugust 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q2 YTD 2021/2020/2019 Footnotes (continued)

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(6)	Actual Portfolio includes results for 18 hotels, 20 hotels and 21 hotels owned by the Company as of June 30, 2021, 2020 and 2019, respectively.
(7)	During the first six months of 2020, a total of $17.6 million in COVID-19-related costs consisting of additional wages and benefits for furloughed or laid off employees was incurred at the following hotels: $0.2 million Boston Park Plaza; $0.2 million Embassy Suites Chicago; $0.1 million Embassy Suites La Jolla; $0.2 million Hilton Garden Inn Chicago Downtown/Magnificent Mile; $0.4 million Hilton San Diego Bayfront; $1.3 million Hilton Times Square; $0.4 million Hyatt Centric Chicago Magnificent Mile; $1.1 million Hyatt Regency San Francisco; $0.7 million JW Marriott New Orleans; $2.1 million Marriott Boston Long Wharf; $0.1 million The Bidwell Marriott Portland; $0.5 million Renaissance Harborplace; $0.8 million Renaissance Long Beach; $1.0 million Renaissance Los Angeles Airport; $2.2 million Renaissance Orlando at SeaWorld®; $2.8 million Renaissance Washington DC; $0.6 million Renaissance Westchester; and $2.9 million Wailea Beach Resort.
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(8)	Sold/Disposed Hotels includes results for the Renaissance Harborplace and the Renaissance Los Angeles Airport, sold in July 2020 and December 2020, respectively, and the Hilton Times Square, assigned to its mortgage holder in December 2020. Sold/Disposed Hotels for the first six months of 2019 also includes results for the Courtyard by Marriott Los Angeles, sold in October 2019.
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(9)	Hotel Adjusted EBITDAre for the first six months of 2020 is impacted by a room renovation at The Bidwell Marriott Portland. Hotel Adjusted EBITDAre for the first six months of 2019 is impacted by room renovations at the Hilton San Diego Bayfront, the Hyatt Regency San Francisco, the Oceans Edge Resort & Marina and the Renaissance Harborplace.
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PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS		​	Page 66
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