8-K - SHO - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): November 7, 2025

Sunstone Hotel Investors, Inc.

(Exact Name of Registrant as Specified in Its Charter)


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


15 Enterprise , Suite 200 ** Aliso Viejo , California**		92656
(Address of Principal Executive Offices)		(Zip Code)

( 949 ) 330-4000

(Registrant’s telephone number including area code)

N/A

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

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


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


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

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


	Emerging growth company	☐

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

Item 2.02.Results of Operations and Financial Condition.

On November 7, 2025, Sunstone Hotel Investors, Inc. (the “Company”) issued a press release regarding its financial results for the third quarter ended September 30, 2025. The press release referred to supplemental financial information that is available on the Company’s website, free of charge, at www.sunstonehotels.com. A copy of the press release and the supplemental financial information are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by this reference.

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

Item 9.01.Financial Statements and Exhibits.

(d) The following exhibits are furnished herewith:

EXHIBIT INDEX


Exhibit No.	****	Description
99.1		Press Release, dated November 7, 2025.
99.2		Supplemental Financial Information for the third quarter ended September 30, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

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


	Sunstone Hotel Investors, Inc.

Date: November 7, 2025	By:	/s/ Aaron R. Reyes
		Aaron R. Reyes (Principal Financial Officer and Duly Authorized Officer)

Exhibit 99.1

For Additional Information:

Aaron Reyes

Sunstone Hotel Investors, Inc.

(949) 382-3018

SUNSTONE HOTEL INVESTORS REPORTS RESULTS FOR THIRD QUARTER 2025

ALISO VIEJO, CA – November 7, 2025 – Sunstone Hotel Investors, Inc. (the “Company” or “Sunstone”) (NYSE: SHO) today announced results for the third quarter ended September 30, 2025.

Third Quarter 2025 Operational Results (as compared to Third Quarter 2024):

●	Net Income: Net income was $1.3 million as compared to $3.2 million.
●	Total Portfolio RevPAR: Total Portfolio RevPAR increased 2.0% to $216.12. The average daily rate was $307.43 and occupancy was 70.3%.
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●	Adjusted EBITDAre: Adjusted EBITDAre decreased 6.6% to $50.1 million.
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●	Adjusted FFO: Adjusted FFO attributable to common stockholders per diluted share decreased 5.6% to $0.17.
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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.

Bryan A. Giglia, Chief Executive Officer, stated, “Our portfolio delivered earnings that were in-line with our expectations despite ongoing headwinds in several of our larger markets. We were once again pleased with stronger performance in San Francisco, which helped to offset subdued government-related demand and a more price-sensitive leisure traveler in other parts of the portfolio. During the quarter, we successfully recast our credit facilities which addressed all debt maturities through 2028, lowered our borrowing cost and enhanced our financial flexibility. While the macroeconomic outlook remains mixed with various challenges, we are maintaining our outlook for the year.”

Mr. Giglia continued, “We remain committed to addressing the valuation discount at which we trade and taking every step possible to deliver value for shareholders. As we have done in the past, the Board and management team will continue to explore all avenues to realize the value of our exceptional portfolio.”

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


	Three Months Ended September 30,								Nine Months Ended September 30,
	2025		****	2024		****	Change		2025			2024			Change

Net Income	$	1.3		$	3.2		(59.3)	%	$	17.4		$	42.4		(59.1)	%
(Loss) Income Attributable to Common Stockholders per Diluted Share	$	(0.02)		$	—		(100.0)	%	$	0.03		$	0.15		(80.0)	%

Total Portfolio Operating Statistics (1)
RevPAR	$	216.12		$	211.96		2.0	%	$	226.58		$	222.24		2.0	%
Occupancy		70.3	%		69.2	%	110	bps		71.6	%		69.9	%	170	bps
Average Daily Rate	$	307.43		$	306.30		0.4	%	$	316.45		$	317.94		(0.5)	%

Total Portfolio Operating Statistics, excluding Andaz Miami Beach (2)
RevPAR	$	220.46		$	220.84		(0.2)	%	$	233.89		$	230.52		1.5	%
Occupancy		71.7	%		72.1	%	(40)	bps		73.9	%		72.4	%	150	bps
Average Daily Rate	$	307.48		$	306.30		0.4	%	$	316.50		$	318.40		(0.6)	%

Total Portfolio Hotel Adjusted EBITDAre Margin, excluding Andaz Miami Beach (2)		24.6	%		25.3	%	(70)	bps		27.1	%		27.3	%	(20)	bps

Adjusted EBITDAre	$	50.1		$	53.6		(6.6)	%	$	180.0		$	181.6		(0.9)	%
Adjusted FFO Attributable to Common Stockholders	$	31.7		$	36.9		(13.9)	%	$	129.0		$	131.0		(1.5)	%
Adjusted FFO Attributable to Common Stockholders per Diluted Share	$	0.17		$	0.18		(5.6)	%	$	0.66		$	0.64		3.1	%

(1)	Includes the 14 hotels owned by the Company as of September 30, 2025, and includes prior ownership results for the Hyatt Regency San Antonio Riverwalk, acquired by the Company in April 2024.
(2)	Includes the 14 hotels owned by the Company as of September 30, 2025, with the exception of Andaz Miami Beach due to its renovation activity during 2025 and 2024. Includes prior ownership results for the Hyatt Regency San Antonio Riverwalk, acquired by the Company in April 2024.
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Recent Developments

Amended and Restated Credit Agreement. The Company completed its previously announced Third Amended and Restated Credit Agreement (the “Amended Credit Agreement”), which provides for an aggregate borrowing capacity of $1.35 billion, addresses all near term maturities, extends the duration of the remaining in-place loans, and further strengthens the Company’s balance sheet. Inclusive of extension options, loans under the Amended Credit Agreement mature at various points in 2030 and 2031 but are freely prepayable at any time. The Amended Credit Agreement is composed of a $500.0 million revolving credit facility with an initial maturity in September 2029, a $275.0 million delayed-draw term loan facility with an initial maturity in January 2029, a $275.0 million term loan facility with an initial maturity in January 2030, and a $300.0 million term loan facility with an initial maturity in January 2031. At the Company’s election, the revolving credit facility can be extended to September 2030 and each of the $275.0 million term loan facilities can be extended to January 2031. The facilities will bear interest pursuant to a leverage-based pricing grid ranging from 1.35% to 2.25% over the applicable term SOFR. In connection with the new facilities, the Company entered into a series of interest rate swaps to lower its borrowing cost and better manage interest rate risk.

The Company utilized proceeds received from the incremental borrowing on the new term loans to consolidate its prior four term loans into three term loans and to fully repay the outstanding balance on its revolving credit facility. In addition, the Company is delaying the draw of up to $90.0 million under the $275.0 million delayed-draw term loan facility until January 2026 and expects to use a majority of the proceeds to repay the Series A Senior Notes at their scheduled maturity. Following this repayment, the Company will not have any debt maturities until 2028.

Stock Repurchase Program. During the third quarter of 2025, the Company repurchased 258,870 shares of its common stock at an average purchase price of $8.70 per share for a total repurchase amount before expenses of $2.3 million. Year-to-date through November 6, 2025, the Company has repurchased a total of 11,392,876 shares of its common stock at an average purchase price of $8.83 per share for a total repurchase amount before expenses of $100.6 million. Since the beginning of 2022, the Company has deployed $292.3 million and repurchased 30.4 million shares of its common stock, representing nearly 14% of shares outstanding at the start of the period, at an average price of $9.62 per share. The average purchase price per share represents a substantial discount to consensus estimates of net asset value and implies a highly attractive valuation multiple on the Company’s stabilized cash flow. The Company currently has $326.9 million remaining under its existing stock repurchase program authorization. 2

Balance Sheet and Liquidity Update

As of September 30, 2025, the Company had $197.6 million of cash and cash equivalents, including restricted cash of $76.4 million, total assets of $3.0 billion, including $2.8 billion of net investments in hotel properties, total debt of $930.0 million and stockholders’ equity of $2.0 billion.

Capital Investments Update

During the first nine months of 2025, the Company invested $73.7 million into its portfolio. The Company currently expects to invest approximately $80 million to $100 million into its portfolio in 2025, with the majority of the investment relating to the completion of the Andaz Miami Beach transformation, the room renovation at Wailea Beach Resort, and a renovation of the meeting spaces at Hyatt Regency San Antonio Riverwalk and Hilton San Diego Bayfront.

2025 Outlook

The Company is maintaining its 2025 outlook based on Management’s expectations and information available as of the date of this release. The Company’s outlook reflects known impacts from the government shutdown to date but could be negatively impacted if the government shutdown or its lingering effects causes additional disruption to travel and hotel demand. In addition, future economic policies, changes in the health of the economy, or changes in consumer sentiment, among other factors, could lead to revisions in the Company’s outlook or cause the Company to withdraw its outlook altogether.

For the full year 2025, the Company now expects:


Metric ($ in millions, except per share data)	Prior Full Year 2025 Guidance (1)	Current Full Year 2025 Guidance (2)	Change in Full Year 2025 Guidance Midpoint
Net Income	$14 to $28	$14 to $28	—
Total Portfolio RevPAR Growth (3)	+ 3.0% to + 5.0%	+ 3.0% to + 5.0%	—
Total Portfolio RevPAR Growth, excluding Andaz Miami Beach (3)	+ 1.0% to + 3.0%	+ 1.0% to + 3.0%	—
Adjusted EBITDAre	$226 to $240	$226 to $240	—
Adjusted FFO Attributable to Common Stockholders	$156 to $170	$156 to $170	—
Adjusted FFO Attributable to Common Stockholders per Diluted Share	$0.80 to $0.87	$0.80 to $0.87	—
Diluted Weighted Average Shares Outstanding	195,000,000	195,000,000	—

(1)	Reflects guidance presented on August 6, 2025.
(2)	Detailed reconciliations of Net Income to non-GAAP financial measures are provided later in this release.
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(3)	RevPAR Growth reflects comparison to full year 2024.
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Full year 2025 guidance is based in part on the following full year assumptions:

●	Full year interest and other income of approximately $8 million to $9 million, a $3 million increase from the Company’s prior estimate.
●	Full year corporate overhead expense (excluding deferred stock amortization and management transition costs) of approximately $20 million to $21 million. This range is unchanged from the Company’s prior estimate.
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●	Full year interest expense of approximately $51 million to $54 million, including approximately $4 million in amortization of deferred financing costs and $1 million in noncash interest expense on derivatives. Excluding the noncash interest on derivatives, this range is unchanged from the Company’s prior estimate.
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●	Full year preferred stock dividends of approximately $16 million to $17 million, which includes the Series G, H, and I cumulative redeemable preferred stock. This range is unchanged from the Company’s prior estimate.
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Dividend Update

On November 6, 2025, the Company’s Board of Directors authorized a cash dividend of $0.09 per share of its common stock. The Company’s Board of Directors also authorized cash dividends of $0.812500 per share payable to its Series G cumulative redeemable preferred stockholder, $0.382813 per share payable to its Series H cumulative redeemable preferred stockholders, and $0.356250 per 3

share payable to its Series I cumulative redeemable preferred stockholders. The common and preferred dividends will be paid on January 15, 2026 to stockholders of record as of December 31, 2025.

The Company currently expects to continue to pay a quarterly cash common dividend throughout 2025. The level of any future quarterly dividends will be determined by the Company’s Board of Directors after considering long-term operating projections, expected capital requirements, and risks affecting the Company’s business.

Supplemental Disclosures

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

Earnings Call

The Company will host a conference call to discuss third quarter results on November 7, 2025, at 11:00 a.m. Eastern Time (8:00 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 1-800-715-9871 and reference conference ID 1026321 to listen to the live call. A transcript of the webcast will also be archived on the website.

About Sunstone Hotel Investors, Inc.

Sunstone Hotel Investors, Inc. is a lodging real estate investment trust (“REIT”) that as of the date of this release owns 14 hotels comprised of 6,999 rooms, the majority of which are operated under nationally recognized brands. Sunstone's strategy is to create long-term stakeholder value through the acquisition, active ownership, and disposition of well-located hotel and resort real estate. For further information, please visit Sunstone’s website at www.sunstonehotels.com. The Company’s website is provided as a reference only and any information on the website is not incorporated by reference in this release.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will” and other similar terms and phrases, including opinions, references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: we own upper upscale and luxury hotels located in convention, urban, and resort destinations in an industry that is highly competitive; events beyond our control, including economic slowdowns or recessions, uncertainty in connection with certain international economic and political relationships, including political disputes, government shutdowns, and the imposition of tariffs affecting commodity costs, pandemics, natural disasters, civil unrest and terrorism; inflation may adversely affect our financial condition and results of operations; system security risks, data protection breaches, cyber-attacks and systems integration issues, including those impacting the Company’s suppliers, hotel managers or franchisors; a significant portion of our hotels are geographically concentrated so we may be disproportionately harmed by economic conditions, competition, new hotel supply, real and personal property tax rates or natural disasters in these areas of the country; we face possible risks associated with the physical and transitional effects of climate change; uninsured or underinsured losses could harm our financial condition; the operating results of some of our hotels are significantly reliant upon group and transient business generated by large corporate customers, and the loss of such customers for any reason could harm our operating results; the increased use of virtual meetings and other similar technologies could lessen the need for business-related travel, and, therefore, demand for rooms in our hotels may be adversely affected; our hotels require ongoing capital investment and we may incur significant capital expenditures in connection with acquisitions, repositionings and other improvements, some of which are mandated by applicable laws or regulations or agreements with third parties, and the costs of such renovations, repositionings or improvements, including commodity cost increases resulting from inflation or the implementation of international tariffs, and delays due to supply chain disruptions, may exceed our expectations or cause other problems; delays in the acquisition, renovation or repositioning of hotel properties may have adverse effects on our results of operations and returns to our stockholders; accounting for the acquisition of a hotel property or other entity involves assumptions and estimations to determine fair value that could differ materially from the actual results achieved in future periods; volatility in the debt and equity markets may adversely affect our ability to acquire, renovate, refinance or sell our hotels; we may pursue joint venture investments that could be adversely affected by our lack of sole decision-making authority, our reliance on a co-venturer’s financial condition and disputes between us and our co-venturer; we may be subject to unknown or contingent liabilities related to recently sold or acquired hotels, as well as hotels we may sell or acquire in the future; we may seek to acquire a portfolio of hotels or a company, which could present more risks to our business and financial results than the acquisition of a single hotel; the sale of a hotel or portfolio of hotels is typically subject to contingencies, 4

risks and uncertainties, any of which may cause us to be unsuccessful in completing the disposition; the illiquidity of real estate investments and the lack of alternative uses of hotel properties could significantly limit our ability to respond to adverse changes in the performance of our hotels; we may issue or invest in hotel loans, including subordinated or mezzanine loans, which could involve greater risks of loss than senior loans secured by income-producing real properties; if we make or invest in mortgage loans with the intent of gaining ownership of the hotel secured by or pledged to the loan, our ability to perfect an ownership interest in the hotel is subject to the sponsor’s willingness to forfeit the property in lieu of the debt; one of our hotels is subject to a ground lease with an unaffiliated party, the termination of which by the lessor for any reason, including due to our default on the lease, could cause us to lose the ability to operate the hotel altogether and may adversely affect our results of operations; because we are a REIT, we depend on third-parties to operate our hotels; we are subject to risks associated with our operators’ employment of hotel personnel; most of our hotels operate under a brand owned by Marriott, Hyatt, Hilton, Four Seasons or Montage, and should any of these brands experience a negative event, or receive negative publicity, our operating results may be harmed; our franchisors and brand managers may adopt new policies or change existing policies which could result in increased costs that could negatively impact our hotels; future adverse litigation judgments or settlements resulting from legal proceedings could have an adverse effect on our financial condition; claims by persons regarding our properties could affect the attractiveness of our hotels or cause us to incur additional expenses; the hotel business is seasonal and seasonal variations in business volume at our hotels will cause quarterly fluctuations in our revenue and operating results; changes in the debt and equity markets may adversely affect the value of our hotels; certain of our hotels have in the past become impaired and additional hotels may become impaired in the future; laws and governmental regulations may restrict the ways in which we use our hotel properties and increase the cost of compliance with such regulations, and noncompliance with such regulations could subject us to penalties, loss of value of our properties or civil damages; corporate responsibility, specifically related to environmental sustainability, social responsibility and corporate governance, or ESG, factors and commitments, may impose additional costs and expose us to new risks that could adversely affect our results of operations, financial condition and cash flows; our franchisors and brand managers may require us to make capital expenditures pursuant to property improvement plans or to comply with brand standards; termination of any of our franchise, management or operating lease agreements could cause us to lose business; the growth of alternative reservation channels could adversely affect our business and profitability; the failure of tenants in our hotels to make rent payments or otherwise comply with the material terms of our retail and restaurant leases may adversely affect our results of operations; we rely on our corporate and hotel senior management teams, the loss of whom may cause us to incur costs and harm our business; we could be harmed by inadvertent errors, misconduct or fraud that is difficult to detect; if we fail to maintain effective internal control over financial reporting and disclosure controls and procedures, we may not be able to accurately report our financial results or identify and prevent fraud; we have outstanding debt which may restrict our financial flexibility; our debt agreements contain various covenants, restrictions, requirements and other limitations, and should we default, we may be required to pay additional fees, provide additional security or repay the debt; defaulting on existing debt may limit our ability to access additional debt financing in the future; certain of our unsecured term loans are subject to variable interest rates, which creates uncertainty in the amount of interest expense we will incur in the future and may negatively impact our operating results; we may not be able to refinance our debt on favorable terms or at all; our stock repurchase program may not enhance long-term stockholder value, could cause volatility in the price of our common and preferred stock and could diminish our cash reserves; and other risks and uncertainties associated with the Company’s business described in its filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All forward-looking information provided herein is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.

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

Non-GAAP Financial Measures

We present the following non-GAAP financial measures that we believe are useful to investors as key supplemental measures of our operating performance: earnings before interest expense, taxes, depreciation and amortization for real estate, or EBITDAre; Adjusted EBITDAre (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. 5

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, 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 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 or Adjusted FFO attributable to common stockholders:

●	Amortization of deferred stock compensation: we 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.

●	Amortization of contract intangibles: we exclude the noncash amortization of any favorable or unfavorable contract intangibles recorded in conjunction with our hotel acquisitions. 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.

●

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; the write-off of development costs associated with abandoned projects; property-level restructuring, severance, and management transition costs; pre-opening costs associated with extensive renovation projects such as the work performed at Andaz Miami Beach; debt resolution costs; lease terminations; property insurance restoration proceeds or uninsured losses; and other nonrecurring identified adjustments.

In addition, to derive Adjusted EBITDAre, we exclude the amortization of our right-of-use assets and related lease obligations 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. We also exclude the effect of gains and losses on the disposition of undepreciated assets because we believe that including them in Adjusted EBITDAre 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 as we believe that these items are not reflective of our ongoing finance costs. Additionally, we exclude the real estate amortization of our right-of-use assets and related lease obligations (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. We also 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.

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

Reconciliations of net income to EBITDAre, Adjusted EBITDAre, 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.

Sunstone Hotel Investors, Inc.

Consolidated Balance Sheets

(In thousands, except share and per share data)


	September 30,			December 31,
	2025		****	2024
	(unaudited)
ASSETS
Investment in hotel properties, net	$	2,779,057		$	2,856,032
Operating lease right-of-use assets, net		5,477			8,464
Cash and cash equivalents		121,136			107,199
Restricted cash		76,433			73,078
Accounts receivable, net		29,444			34,109
Prepaid expenses and other assets, net		37,942			27,757
Total assets	$	3,049,489		$	3,106,639

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES
Debt, net of unamortized deferred financing costs	$	917,452		$	841,047
Operating lease obligations		8,574			12,019
Accounts payable and accrued expenses		63,942			52,722
Dividends and distributions payable		22,060			24,137
Other liabilities		77,866			72,694
Total liabilities		1,089,894			1,002,619
Commitments and contingencies

STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value, 100,000,000 shares authorized:
Series G Cumulative Redeemable Preferred Stock, 2,650,000 shares issued and outstanding at both September 30, 2025 and December 31, 2024, stated at liquidation preference of $25.00 per share		66,250			66,250
6.125% Series H Cumulative Redeemable Preferred Stock, 4,600,000 shares issued and outstanding at both September 30, 2025 and December 31, 2024, stated at liquidation preference of $25.00 per share		115,000			115,000
5.70% Series I Cumulative Redeemable Preferred Stock, 4,000,000 shares issued and outstanding at both September 30, 2025 and December 31, 2024, stated at liquidation preference of $25.00 per share		100,000			100,000
Common stock, $0.01 par value, 500,000,000 shares authorized, 189,911,794 shares issued and outstanding at September 30, 2025 and 200,824,993 shares issued and outstanding at December 31, 2024		1,899			2,008
Additional paid in capital		2,298,073			2,395,702
Distributions in excess of retained earnings		(621,627)			(574,940)
Total stockholders' equity		1,959,595			2,104,020

Total liabilities and stockholders' equity	$	3,049,489		$	3,106,639

Sunstone Hotel Investors, Inc.

Unaudited Consolidated Statements of Operations

(In thousands, except per share data)


		Three Months Ended September 30,				Nine Months Ended September 30,
	****	2025		2024		2025		2024

Revenues
Room		$	139,523	$	138,759	$	440,492	$	425,870
Food and beverage			64,419		63,866		209,573		196,572
Other operating			25,381		23,767		73,095		68,597
Total revenues			229,323		226,392		723,160		691,039
Operating expenses
Room			39,303		37,453		119,272		110,349
Food and beverage			48,717		46,286		150,566		138,343
Other operating			6,337		5,815		18,707		18,153
Advertising and promotion			13,420		13,220		40,758		38,326
Repairs and maintenance			9,954		9,094		29,514		26,783
Utilities			7,832		7,670		21,624		19,909
Franchise costs			4,471		4,711		13,773		13,735
Property tax, ground lease and insurance			19,574		19,777		57,425		58,686
Other property-level expenses			26,926		26,702		88,184		82,445
Corporate overhead			6,970		7,577		24,221		23,263
Depreciation and amortization			33,928		31,689		100,328		91,841
Total operating expenses			217,432		209,994		664,372		621,833
Interest and other income			3,160		2,350		7,024		11,306
Interest expense			(13,412)		(15,982)		(39,258)		(39,685)
(Loss) gain on sale of assets, net			—		—		(8,751)		457
(Loss) gain on extinguishment of debt			(180)		—		(180)		59
Income before income taxes			1,459		2,766		17,623		41,343
Income tax (provision) benefit, net			(137)		483		(272)		1,083
Net income			1,322		3,249		17,351		42,426
Preferred stock dividends			(4,262)		(3,931)		(12,125)		(11,297)
(Loss) income attributable to common stockholders		$	(2,940)	$	(682)	$	5,226	$	31,129

Basic and diluted per share amounts:
Basic and diluted (loss) income attributable to common stockholders per common share		$	(0.02)	$	—	$	0.03	$	0.15

Basic weighted average common shares outstanding			189,253		201,402		195,110		202,261
Diluted weighted average common shares outstanding			189,253		201,402		195,866		202,857

Distributions declared per common share		$	0.09	$	0.09	$	0.27	$	0.25

Sunstone Hotel Investors, Inc.

Reconciliation of Net Income to Non-GAAP Financial Measures

(Unaudited and in thousands)

Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre


	Three Months Ended September 30,					Nine Months Ended September 30,
	2025		****	2024		2025			2024

Net income	$	1,322		$	3,249	$	17,351	$	42,426
Depreciation and amortization		33,928			31,689		100,328		91,841
Interest expense		13,412			15,982		39,258		39,685
Income tax provision (benefit), net		137			(483)		272		(1,083)
Loss (gain) on sale of assets, net		—			—		8,751		(457)
EBITDAre		48,799			50,437		165,960		172,412

Amortization of deferred stock compensation		1,905			2,430		6,741		8,381
Amortization of right-of-use assets and obligations		(158)			(153)		(458)		(271)
Loss (gain) on extinguishment of debt		180			—		180		(59)
Gain on insurance recoveries, net		(674)			—		(773)		(314)
Pre-opening costs		—			853		6,471		1,452
Management transition costs		—			—		1,869		—
Adjustments to EBITDAre, net		1,253			3,130		14,030		9,189

Adjusted EBITDAre	$	50,052		$	53,567	$	179,990	$	181,601

Sunstone Hotel Investors, Inc.

Reconciliation of Net Income to Non-GAAP Financial Measures

(Unaudited and in thousands, except per share data)

Reconciliation of Net Income to FFO Attributable to Common Stockholders and

Adjusted FFO Attributable to Common Stockholders


		Three Months Ended September 30,					Nine Months Ended September 30,
		2025		****	2024		2025			2024

Net income	****	$	1,322		$	3,249	$	17,351	$	42,426
Preferred stock dividends			(4,262)			(3,931)		(12,125)		(11,297)
Real estate depreciation and amortization			33,581			31,320		99,278		90,846
Loss (gain) on sale of assets, net			—			—		8,751		(457)
FFO attributable to common stockholders			30,641			30,638		113,255		121,518

Amortization of deferred stock compensation			1,905			2,430		6,741		8,381
Real estate amortization of right-of-use assets and obligations			(130)			(129)		(390)		(381)
Amortization of contract intangibles, net			315			315		944		833
Noncash interest on derivatives, net			(495)			3,326		668		1,095
Loss (gain) on extinguishment of debt			180			—		180		(59)
Gain on insurance recoveries, net			(674)			—		(773)		(314)
Pre-opening costs			—			853		6,471		1,452
Management transition costs			—			—		1,869		—
Prior year income tax benefit, net			—			(582)		—		(1,530)
Adjustments to FFO attributable to common stockholders, net			1,101			6,213		15,710		9,477

Adjusted FFO attributable to common stockholders		$	31,742		$	36,851	$	128,965	$	130,995

FFO attributable to common stockholders per diluted share		$	0.16		$	0.15	$	0.58	$	0.60

Adjusted FFO attributable to common stockholders per diluted share		$	0.17		$	0.18	$	0.66	$	0.64

Basic weighted average shares outstanding			189,253			201,402		195,110		202,261
Shares associated with unvested restricted stock awards			859			1,065		863		900
Diluted weighted average shares outstanding			190,112			202,467		195,973		203,161

Sunstone Hotel Investors, Inc.

Reconciliation of Net Income to Non-GAAP Financial Measures

Guidance for Full Year 2025

(Unaudited and in thousands, except for per share amounts)

Reconciliation of Net Income to Adjusted EBITDAre


	Year Ended
	December 31, 2025
		Low	****		High

Net income	$	13,600		$	27,600
Depreciation and amortization		132,700			132,700
Interest expense		52,500			52,500
Income tax provision		1,000			1,000
Loss on sale of assets		8,800			8,800
Amortization of deferred stock compensation		9,000			9,000
Pre-opening costs		6,500			6,500
Management transition costs		1,900			1,900
Adjusted EBITDAre	$	226,000		$	240,000

Reconciliation of Net Income to Adjusted FFO Attributable to Common Stockholders


		Year Ended
		December 31, 2025
			Low	****		High

Net income	****	$	13,600		$	27,600
Preferred stock dividends			(16,500)			(16,500)
Real estate depreciation and amortization			131,700			131,700
Loss on sale of assets			8,800			8,800
Amortization of deferred stock compensation			9,000			9,000
Pre-opening costs			6,500			6,500
Management transition costs			1,900			1,900
Noncash interest on derivatives, net			1,000			1,000
Adjusted FFO attributable to common stockholders		$	156,000		$	170,000

Adjusted FFO attributable to common stockholders per diluted share		$	0.80		$	0.87

Diluted weighted average shares outstanding			195,000			195,000

Sunstone Hotel Investors, Inc.

Non-GAAP Financial Measures

Hotel Adjusted EBITDAre and Margins

(Unaudited and in thousands)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

Total Portfolio Hotel Adjusted EBITDAre Margin		23.0%		25.0%		26.0%		26.9%
Total Portfolio Hotel Adjusted EBITDAre Margin, excluding Andaz Miami Beach		24.6%		25.3%		27.1%		27.3%


Actual revenues	$	229,323	$	226,392	$	723,160	$	691,039
Prior ownership hotel revenues (1)		—		—		—		17,737
Sold hotel revenues (2)		(3)		(2,312)		(7,448)		(10,018)
Total Portfolio Hotel Revenues		229,320		224,080		715,712		698,758
Andaz Miami Beach revenues (3)		(5,312)		(141)		(7,773)		(4,288)
Total Portfolio Hotel Revenues, excluding Andaz Miami Beach	$	224,008	$	223,939	$	707,939	$	694,470


Net income	$	1,322	$	3,249	$	17,351	$	42,426
Non-hotel operating expenses, net (4)		(280)		(306)		(971)		(880)
Property-level adjustments (5)		189		1,068		7,012		485
Corporate overhead		6,970		7,577		24,221		23,263
Depreciation and amortization		33,928		31,689		100,328		91,841
Interest and other income		(3,160)		(2,350)		(7,024)		(11,306)
Interest expense		13,412		15,982		39,258		39,685
Loss (gain) on sale of assets, net		—		—		8,751		(457)
Loss (gain) on extinguishment of debt		180		—		180		(59)
Income tax provision (benefit), net		137		(483)		272		(1,083)
Actual Hotel Adjusted EBITDAre		52,698		56,426		189,378		183,915
Prior ownership hotel Adjusted EBITDAre (1)		—		—		—		7,232
Sold hotel Adjusted EBITDAre (2)		(53)		(300)		(3,049)		(3,041)
Total Portfolio Hotel Adjusted EBITDAre		52,645		56,126		186,329		188,106
Andaz Miami Beach Adjusted EBITDAre (3)		2,494		560		5,298		1,281
Total Portfolio Hotel Adjusted EBITDAre, excluding Andaz Miami Beach	$	55,139	$	56,686	$	191,627	$	189,387

(1)	Prior ownership hotel revenues and Adjusted EBITDAre include results for the Hyatt Regency San Antonio Riverwalk prior to the Company’s acquisition of the hotel in April 2024. The Company obtained prior ownership information from the previous owner of the Hyatt Regency San Antonio Riverwalk 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.
(2)	Sold hotel revenues and Adjusted EBITDAre includes results for the Hilton New Orleans St. Charles, sold by the Company in June 2025.
---	---
(3)	Andaz Miami Beach was undergoing a transformational renovation, and results are not comparable to the prior period.
---	---
(4)	Non-hotel operating expenses, net include the amortization of hotel real estate-related right-of-use assets and obligations. Non-hotel operating expenses, net also include prior year property tax credits related to sold hotels.
---	---
(5)	Property-level adjustments include non-operational and nonrecurring items. Adjustments primarily include pre-opening costs at Andaz Miami Beach.
---	---

Exhibit 99.2


<br><br><br><br>Supplemental Financial Information<br><br>For the quarter ended September 30, 2025<br><br>November 7, 2025<br><br>

Supplemental Financial Information November 7, 2025

Table of Contents


Corporate Profile And Disclosures Regarding Non-GAAP Financial Measures								2
Comparable Corporate Financial Information								6
Capitalization								11
Property-Level Data And Operating Statistics								14
Property-Level Revenues, Adjusted EBITDAre & Adjusted EBITDAre Margins								19

Supplemental Financial Information November 7, 2025

CORPORATE PROFILE AND DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES


CORPORATE PROFILE AND DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES			Page 2

Supplemental Financial Information November 7, 2025

About Sunstone

Sunstone Hotel Investors, Inc. (the “Company,” “we,” and “our”) (NYSE: SHO) is a lodging real estate investment trust (“REIT”) that as of November 7, 2025 owns 14 hotels comprised of 6,999 rooms, the majority of which are operated under nationally recognized brands. Sunstone’s strategy is to create long-term stakeholder value through the acquisition, active ownership, and disposition of well-located hotel and resort real estate.

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

Corporate Headquarters 15 Enterprise, Suite 200 Aliso Viejo, CA 92656 (949) 330-4000

Company Contacts Bryan Giglia Chief Executive Officer (949) 382-3036

Aaron Reyes Chief Financial Officer (949) 382-3018


CORPORATE PROFILE AND DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES			Page 3

Supplemental Financial Information November 7, 2025

Non-GAAP Financial Measures

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 the Nareit 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.


CORPORATE PROFILE AND DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES			Page 4

Supplemental Financial Information November 7, 2025

●	Amortization of deferred stock compensation: we 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.
●	Amortization of contract intangibles: we exclude the noncash amortization of any favorable or unfavorable contract intangibles recorded in conjunction with our hotel acquisitions. 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.
---	---
●	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; the write-off of development costs associated with abandoned projects; property-level restructuring, severance, and management transition costs; pre-opening costs associated with extensive renovation projects such as the work performed at Andaz Miami Beach; debt resolution costs; lease terminations; property insurance restoration proceeds or uninsured losses; and other nonrecurring identified adjustments.
---	---


CORPORATE PROFILE AND DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES			Page 5

Supplemental Financial Information November 7, 2025

COMPARABLE CORPORATE FINANCIAL INFORMATION


COMPARABLE CORPORATE FINANCIAL INFORMATION			Page 6

Supplemental Financial Information November 7, 2025

Comparable Consolidated Statements of Operations

Q3 2025 – Q4 2024, Trailing 12 Months


	Quarter Ended (1)								Trailing 12 Months (1)
(Unaudited and in thousands)	September 30,		June 30,		March 31,		December 31,		Ended
	2025		2025		2025		2024		September 30, 2025
Revenues
Room	$	139,523	$	154,061	$	140,482	$	129,609	$	563,675
Food and beverage		64,419		77,986		67,066		59,611		269,082
Other operating		25,378		25,365		21,432		21,433		93,608
Total revenues		229,320		257,412		228,980		210,653		926,365

Operating Expenses
Room		39,307		40,481		38,353		35,353		153,494
Food and beverage		48,717		53,022		48,806		44,490		195,035
Other expenses		88,560		91,636		86,542		84,568		351,306
Corporate overhead		6,970		8,346		8,905		5,787		30,008
Depreciation and amortization		33,928		33,719		31,673		32,064		131,384
Total operating expenses		217,482		227,204		214,279		202,262		861,227

Interest and other income		3,160		2,300		1,564		1,873		8,897
Interest expense		(13,412)		(13,164)		(12,682)		(10,440)		(49,698)
Loss on extinguishment of debt		(180)		—		—		—		(180)
Income (loss) before income taxes		1,406		19,344		3,583		(176)		24,157
Income tax (provision) benefit, net		(137)		(37)		(98)		17		(255)
Net income (loss)	$	1,269	$	19,307	$	3,485	$	(159)	$	23,902

(1)	Includes results for all 14 hotels owned by the Company as of September 30, 2025.


COMPARABLE CORPORATE FINANCIAL INFORMATION			Page 7

Supplemental Financial Information November 7, 2025

Comparable Reconciliation of Net Income to EBITDAre**, Adjusted EBITDAre, and Total Portfolio Hotel Adjusted EBITDA**re

Q3 2025 – Q4 2024, Trailing 12 Months


	Quarter Ended								Trailing 12 Months
	September 30,		June 30,		March 31,		December 31,		Ended
(In thousands)	2025		2025		2025		2024		September 30, 2025

Net income	$	1,322	$	10,774	$	5,255	$	836	$	18,187
Depreciation and amortization		33,928		34,125		32,275		32,666		132,994
Interest expense		13,412		13,164		12,682		10,440		49,698
Income tax provision (benefit), net		137		37		98		(17)		255
Loss on sale of assets		—		8,751		—		—		8,751
EBITDAre		48,799		66,851		50,310		43,925		209,885

Amortization of deferred stock compensation		1,905		2,772		2,064		2,075		8,816
Amortization of right-of-use assets and obligations		(158)		(159)		(141)		(154)		(612)
Loss on extinguishment of debt		180		—		—		—		180
Gain on insurance recoveries, net		(674)		—		(99)		(116)		(889)
Pre-opening costs		—		3,218		3,253		1,181		7,652
Property-level legal settlement costs		—		—		—		1,182		1,182
Management transition costs		—		—		1,869		—		1,869
Adjustments to EBITDAre, net		1,253		5,831		6,946		4,168		18,198

Adjusted EBITDAre		50,052		72,682		57,256		48,093		228,083
Sold hotel Adjusted EBITDAre (1)		(53)		(624)		(2,372)		(1,597)		(4,646)

Comparable Adjusted EBITDAre		49,999		72,058		54,884		46,496		223,437

Corporate-level adjustments, net (2)		2,646		3,226		3,516		1,853		11,241

Total Portfolio Hotel Adjusted EBITDAre	$	52,645	$	75,284	$	58,400	$	48,349	$	234,678

*Footnotes on page 10


COMPARABLE CORPORATE FINANCIAL INFORMATION			Page 8

Supplemental Financial Information November 7, 2025

Comparable Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders

Q3 2025 – Q4 2024, Trailing 12 Months


	Quarter Ended								Trailing 12 Months
	September 30,		June 30,		March 31,		December 31,		Ended
(In thousands, except per share data)	2025		2025		2025		2024		September 30, 2025

Net income	$	1,322	$	10,774	$	5,255	$	836	$	18,187
Preferred stock dividends		(4,262)		(3,932)		(3,931)		(3,931)		(16,056)
Real estate depreciation and amortization		33,581		33,779		31,918		32,250		131,528
Loss on sale of assets		—		8,751		—		—		8,751
FFO attributable to common stockholders		30,641		49,372		33,242		29,155		142,410

Amortization of deferred stock compensation		1,905		2,772		2,064		2,075		8,816
Real estate amortization of right-of-use assets and obligations		(130)		(134)		(126)		(136)		(526)
Amortization of contract intangibles, net		315		314		315		314		1,258
Noncash interest on derivatives, net		(495)		181		982		(1,635)		(967)
Loss on extinguishment of debt		180		—		—		—		180
Gain on insurance recoveries, net		(674)		—		(99)		(116)		(889)
Pre-opening costs		—		3,218		3,253		1,181		7,652
Property-level legal settlement costs		—		—		—		1,182		1,182
Management transition costs		—		—		1,869		—		1,869
Adjustments to FFO attributable to common stockholders, net		1,101		6,351		8,258		2,865		18,575

Adjusted FFO attributable to common stockholders		31,742		55,723		41,500		32,020		160,985
Sold hotel Adjusted FFO (1)		(53)		(624)		(2,372)		(1,597)		(4,646)

Comparable Adjusted FFO attributable to common stockholders	$	31,689	$	55,099	$	39,128	$	30,423	$	156,339

Comparable Adjusted FFO attributable to common stockholders per diluted share	$	0.17	$	0.29	$	0.21	$	0.16	$	0.82

Basic weighted average shares outstanding		189,253		195,791		200,410		200,185		196,410
Shares associated with unvested restricted stock awards		859		513		1,214		2,048		1,159
Diluted weighted average shares outstanding		190,112		196,304		201,624		202,233		197,569
Equity transactions (3)		(26)		(6,598)		(11,291)		(11,426)		(7,335)
Comparable diluted weighted average shares outstanding		190,086		189,706		190,333		190,807		190,234

*Footnotes on page 10


COMPARABLE CORPORATE FINANCIAL INFORMATION			Page 9

Supplemental Financial Information November 7, 2025

Comparable Reconciliation of Net Income to EBITDAre**, Adjusted EBITDAre, Total Portfolio Hotel Adjusted EBITDAre,**

FFO and Adjusted FFO Attributable to Common Stockholders

Q3 2025 – Q4 2024, Trailing 12 Months Footnotes

(1)	Sold hotel Adjusted EBITDAre and Adjusted FFO include results for the Hilton New Orleans St. Charles, sold in June 2025.
(2)	Corporate-level adjustments, net primarily consist of corporate overhead expenses and interest and other income.
---	---
(3)	Equity transactions represent pro forma adjustments to reflect the Company's repurchases of its common stock during the first, second, and third quarters of 2025 and the fourth quarter of 2024 as if the repurchases had occurred on October 1, 2024.
---	---


COMPARABLE CORPORATE FINANCIAL INFORMATION			Page 10


	Supplemental Financial Information November 7, 2025

CAPITALIZATION


CAPITALIZATION			Page 11

Supplemental Financial Information November 7, 2025

Comparative Capitalization Q3 2025 – Q3 2024


	September 30,			June 30,			March 31,			December 31,			September 30,
(In thousands, except per share data)	2025		****	2025		****	2025		****	2024		****	2024

Common Share Price & Dividends
At the end of the quarter	$	9.37		$	8.68		$	9.41		$	11.84		$	10.32
High during quarter ended	$	9.92		$	9.49		$	12.10		$	12.38		$	10.86
Low during quarter ended	$	8.63		$	7.72		$	9.41		$	10.00		$	9.46
Common dividends per share	$	0.09		$	0.09		$	0.09		$	0.09		$	0.09

Common Shares & Units
Common shares outstanding		189,912			190,171			200,370			200,825			200,919
Units outstanding		—			—			—			—			—
Total common shares and units outstanding		189,912			190,171			200,370			200,825			200,919

Capitalization ****
Market value of common equity	$	1,779,474		$	1,650,681		$	1,885,477		$	2,377,768		$	2,073,489
Liquidation value of preferred equity - Series G		66,250			66,250			66,250			66,250			66,250
Liquidation value of preferred equity - Series H		115,000			115,000			115,000			115,000			115,000
Liquidation value of preferred equity - Series I		100,000			100,000			100,000			100,000			100,000
Total debt		930,000			872,000			845,000			845,000			817,437
Total capitalization	$	2,990,724		$	2,803,931		$	3,011,727		$	3,504,018		$	3,172,176

Total debt to total capitalization		31.1	%		31.1	%		28.1	%		24.1	%		25.8	%
Total debt and preferred equity to total capitalization		40.5	%		41.1	%		37.4	%		32.1	%		34.6	%


CAPITALIZATION			Page 12

Supplemental Financial Information November 7, 2025

Debt and Preferred Stock Summary Schedule


(In thousands)		Interest Rate /		Maturity			September 30, 2025
Unsecured Debt	****	Spread	****	Date (1)			Balance

Series A Senior Notes		4.69%		01/10/2026		$	65,000
Series B Senior Notes		4.79%		01/10/2028			105,000
Revolving Line of Credit		5.58%		09/24/2030			—
Term Loan 1 (2)		4.68%		01/24/3031			185,000
Term Loan 2 (2)		5.34%		01/24/3031			275,000
Term Loan 3 (2)		5.53%		01/24/3031			300,000
Total Unsecured Debt						$	930,000

Preferred Stock
Series G cumulative redeemable preferred (3)		5.000%		Perpetual		$	66,250
Series H cumulative redeemable preferred		6.125%		Perpetual			115,000
Series I cumulative redeemable preferred		5.700%		Perpetual			100,000
Total Preferred Stock						$	281,250

Debt and Preferred Statistics
				Debt Statistics			Debt and Preferred Statistics
% Fixed Rate				70.4	%		77.3	%
% Floating Rate				29.6	%		22.7	%
Average Interest Rate				5.16	%		5.29	%
Weighted Average Maturity of Debt				4.6 years			N/A

(1)	Maturity Date assumes the exercise of all available extensions for the Revolving Line of Credit and Term Loans 1 and 2. The Revolving Line of Credit has an initial maturity of September 2029 with two six-month extensions. Term Loan 1 has an initial maturity of January 2029 with two twelve-month extensions, and Term Loan 2 has an initial maturity of January 2030 with one twelve-month extension. By extending these loans, the Company's weighted average maturity of debt increases from 3.9 years to 4.6 years.
(2)	Interest rates on the Term Loans are calculated according to a leverage-based pricing grid with a range of 135 to 220 basis points over the applicable term SOFR. The interest rates for Term Loans 1 and 2 and for $25.0 million of Term Loan 3 include the effect of the Company's interest rate swap derivatives.
---	---
(3)	The Series G cumulative redeemable preferred stock had an initial dividend rate equal to the Montage Healdsburg's annual net operating income yield on the Company's total investment in the resort. Beginning with the first and third quarters of 2024, the dividend rate increased to the greater of 3.0% and 4.5%, respectively, or the rate equal to the Montage Healdsburg's annual net operating income yield on the Company's total investment in the resort. Beginning with the third quarter of 2025, the dividend rate increased to the greater of 6.5% or the rate equal to the Montage Healdsburg's annual net operating income yield on the Company's total investment in the resort. Based on the dividends earned during the previous twelve months, this equates to an annual yield of 5.0%.
---	---


CAPITALIZATION			Page 13

Supplemental Financial Information November 7, 2025

PROPERTY-LEVEL DATA AND OPERATING STATISTICS


PROPERTY-LEVEL DATA AND OPERATING STATISTICS			Page 14

Supplemental Financial Information November 7, 2025

Hotel Information as of November 7, 2025


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

1	Hilton San Diego Bayfront (1) (2)		California		Hilton		1,190		17%		Leasehold		2011 / 2022
2	Hyatt Regency San Francisco		California		Hyatt		821		12%		Fee Simple		2013
3	The Westin Washington, DC Downtown		Washington DC		Marriott		807		12%		Fee Simple		2005
4	Renaissance Orlando at SeaWorld®		Florida		Marriott		781		11%		Fee Simple		2005
5	Hyatt Regency San Antonio Riverwalk		Texas		Hyatt		630		9%		Fee Simple		2024
6	Wailea Beach Resort		Hawaii		Marriott		543		8%		Fee Simple		2014
7	JW Marriott New Orleans (3)		Louisiana		Marriott		501		7%		Fee Simple		2011
8	Marriott Boston Long Wharf		Massachusetts		Marriott		415		6%		Fee Simple		2007
9	Marriott Long Beach Downtown		California		Marriott		376		5%		Fee Simple		2005
10	Andaz Miami Beach (4)		Florida		Hyatt		287		4%		Fee Simple		2022
11	The Bidwell Marriott Portland		Oregon		Marriott		258		4%		Fee Simple		2000
12	Oceans Edge Resort & Marina		Florida		Independent		175		3%		Fee Simple		2017
13	Montage Healdsburg (5)		California		Montage		130		2%		Fee Simple		2021
14	Four Seasons Resort Napa Valley (5)		California		Four Seasons		85		1%		Fee Simple		2021

	Total Portfolio						6,999		100%

(1)	In June 2022, the Company acquired the 25.0% noncontrolling partner's ownership interest in the Hilton San Diego Bayfront. Following this acquisition, the Company owns 100% of the hotel.
(2)	The ground lease at the Hilton San Diego Bayfront matures in 2071.
---	---
(3)	Hotel is subject to a municipal airspace lease that matures in 2044 and applies only to certain balcony space that is not integral to the hotel’s operations.
---	---
(4)	Andaz Miami Beach debuted in May 2025, following the hotel's transformative renovation and conversion from The Confidante Miami Beach.
---	---
(5)	The number of rooms excludes rooms provided by owners of the separately owned private residences at each resort who may periodically elect to participate in the applicable resort’s residential rental program.
---	---


PROPERTY-LEVEL DATA AND OPERATING STATISTICS			Page 15

Supplemental Financial Information November 7, 2025

Property-Level Operating Statistics

ADR, Occupancy, RevPAR and Total RevPAR (TRevPAR)

Q3 2025/2024


Hotels sorted by number of rooms	For the Three Months Ended September 30,
	ADR					Occupancy						RevPAR					TRevPAR
	2025		2024		2025 vs. 2024	2025	****	2024	2025 vs. 2024		2025		****	2024		2025 vs. 2024	2025		2024		2025 vs. 2024
Hilton San Diego Bayfront	$	281	$	281	(0.1)%	85.5%		78.7%	680	bps	$	240		$	221	8.6%	$	451	$	401	12.4%
Hyatt Regency San Francisco		292		273	6.9%	86.8%		80.5%	630	bps		253			220	15.3%		339		304	11.6%
The Westin Washington, DC Downtown		268		251	6.7%	65.4%		71.9%	(650)	bps		175			180	(2.9)%		293		292	0.5%
Renaissance Orlando at SeaWorld®		161		167	(3.6)%	61.9%		63.0%	(110)	bps		100			105	(5.3)%		221		232	(4.9)%
Hyatt Regency San Antonio Riverwalk		172		176	(2.4)%	53.4%		66.2%	(1,280)	bps		92			117	(21.3)%		145		205	(28.9)%
Wailea Beach Resort		586		616	(4.9)%	64.2%		63.4%	80	bps		376			391	(3.7)%		565		598	(5.5)%
JW Marriott New Orleans		193		194	(0.8)%	57.6%		63.7%	(610)	bps		111			124	(10.3)%		161		172	(6.5)%
Marriott Boston Long Wharf		423		430	(1.6)%	89.2%		89.6%	(40)	bps		378			385	(2.0)%		514		530	(3.1)%
Marriott Long Beach Downtown (1)		236		220	7.5%	74.4%		69.8%	460	bps		176			153	14.6%		235		201	16.5%
The Bidwell Marriott Portland		146		161	(9.2)%	84.1%		74.7%	940	bps		123			120	2.3%		166		167	(0.8)%
Oceans Edge Resort & Marina		206		220	(6.5)%	55.1%		69.3%	(1,420)	bps		114			153	(25.7)%		243		294	(17.2)%
Montage Healdsburg		1,114		1,104	0.9%	62.9%		68.0%	(510)	bps		701			751	(6.6)%		1,417		1,443	(1.8)%
Four Seasons Resort Napa Valley		1,306		1,433	(8.9)%	66.8%		65.6%	120	bps		872			940	(7.2)%		1,562		1,693	(7.7)%

Total Portfolio, Excluding Renovation Hotel (2)		307		306	0.4%	71.7%		72.1%	(40)	bps		220			221	(0.2)%		362		362	0.1%

Add: Renovation Hotel (1)
Andaz Miami Beach		305		—	100%	36.4%		0.0%	3,640	bps		111			—	100%		201		5	3,674.1%

Total Portfolio (3)	$	307	$	306	0.4%	70.3%		69.2%	110	bps	$	216		$	212	2.0%	$	355	$	347	2.4%

*Footnotes on page 18


PROPERTY-LEVEL DATA AND OPERATING STATISTICS			Page 16

Supplemental Financial Information November 7, 2025

Property-Level Operating Statistics

ADR, Occupancy, RevPAR and Total RevPAR (TRevPAR)

Q3 YTD 2025/2024


Hotels sorted by number of rooms	For the Nine Months Ended September 30,
	ADR					Occupancy					RevPAR						TRevPAR
	2025		2024		2025 vs.<br><br>2024	2025	****	2024	2025 vs.<br><br>2024		2025		****	2024		2025 vs.<br><br>2024	2025		2024		****	2025 vs.<br><br>2024
Hilton San Diego Bayfront	$	288	$	284	1.2%	82.9%		82.4%	50	bps	$	238		$	234	1.8%	$	436	$	422		3.3%
Hyatt Regency San Francisco		298		292	2.2%	80.1%		74.3%	580	bps		239			217	10.1%		336		296		13.6%
The Westin Washington, DC Downtown		301		279	7.8%	69.4%		71.9%	(250)	bps		209			201	4.0%		337		324		3.9%
Renaissance Orlando at SeaWorld®		198		200	(1.1)%	71.6%		70.6%	100	bps		142			141	0.3%		306		309		(1.1)%
Hyatt Regency San Antonio Riverwalk		191		197	(3.0)%	63.6%		71.7%	(810)	bps		122			141	(13.9)%		200		235		(14.9)%
Wailea Beach Resort		619		663	(6.7)%	69.3%		71.9%	(260)	bps		429			477	(10.0)%		664		719		(7.7)%
JW Marriott New Orleans		256		239	6.9%	66.8%		68.2%	(140)	bps		171			163	4.7%		240		227		5.6%
Marriott Boston Long Wharf		382		382	0.2%	82.1%		81.1%	100	bps		314			310	1.4%		436		435		0.2%
Marriott Long Beach Downtown (1)		239		226	6.0%	76.9%		50.7%	2,620	bps		184			115	60.7%		254		154		65.2%
The Bidwell Marriott Portland		149		154	(3.3)%	79.7%		67.9%	1,180	bps		119			105	13.5%		159		146		9.3%
Oceans Edge Resort & Marina		294		320	(8.2)%	73.0%		77.7%	(470)	bps		214			249	(13.8)%		381		415		(8.2)%
Montage Healdsburg		1,035		1,061	(2.5)%	57.9%		55.1%	280	bps		599			585	2.5%		1,203		1,122		7.3%
Four Seasons Resort Napa Valley		1,231		1,357	(9.3)%	59.5%		54.1%	540	bps		733			734	(0.2)%		1,375		1,388		(0.9)%

Total Portfolio, Excluding Renovation Hotel (2)		317		318	(0.6)%	73.9%		72.4%	150	bps		234			231	1.5%		385		377		2.3%

Add: Renovation Hotel (1)
Andaz Miami Beach		311		269	15.4%	17.1%		15.2%	190	bps		53			41	29.8%		99		51		92.9%

Total Portfolio (3)	$	316	$	318	(0.5)%	71.6%		69.9%	170	bps	$	227		$	222	2.0%	$	374	$	363		3.0%

*Footnotes on page 18


PROPERTY-LEVEL DATA AND OPERATING STATISTICS			Page 17

Supplemental Financial Information November 7, 2025

Property-Level Operating Statistics

Q3 & YTD 2025/2024 Footnotes

(1)	Operating statistics for the third quarters and first nine months of 2025 and 2024 are impacted by renovation and subsequent ramp up activity at Marriott Long Beach Downtown and Andaz Miami Beach, formerly The Confidante Miami Beach. In May 2025, operations resumed at Andaz Miami Beach, following an extensive renovation during which the Company suspended operations in March 2024 to allow the renovation work to be performed more efficiently.
(2)	Total Portfolio, Excluding Renovation Hotel includes all hotels owned by the Company as of September 30, 2025, with the exception of Andaz Miami Beach due to its renovation and subsequent ramp up activity during the third quarters and first nine months of 2025 and 2024. Amounts included in this presentation for the Hyatt Regency San Antonio Riverwalk, acquired by the Company in April 2024, include both prior ownership results and the Company’s results for the first nine months of 2024. The Company obtained prior ownership information from the previous owner of the Hyatt Regency San Antonio Riverwalk during the due diligence period before acquiring the hotel. The Company performed a limited review of the information as part of its analysis of the acquisition.
---	---
(3)	Total Portfolio consists of all hotels owned by the Company as of September 30, 2025, and includes prior ownership information for the Hyatt Regency San Antonio Riverwalk as discussed in Note 2.
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PROPERTY-LEVEL DATA AND OPERATING STATISTICS			Page 18

Supplemental Financial Information November 7, 2025

PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre &

ADJUSTED EBITDAre MARGINS


PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 19

Supplemental Financial Information November 7, 2025

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q3 2025/2024


Hotels sorted by number of rooms	For the Three Months Ended September 30,
	2025								2024
(In thousands)							Hotel Adjusted								Hotel Adjusted		Hotel Adjusted
	Total			Hotel Adjusted			EBITDAre		Total			Hotel Adjusted			EBITDAre		EBITDAre
	Revenues		****	EBITDAre		****	Margins	****	Revenues		****	EBITDAre		****	Margins	****	Margin Change
Hilton San Diego Bayfront	$	49,359		$	15,576		31.6%		$	43,914		$	11,414		26.0%		560	bps
Hyatt Regency San Francisco		25,597			3,086		12.1%			22,940			2,359		10.3%		180	bps
The Westin Washington, DC Downtown		21,776			5,836		26.8%			21,673			5,363		24.7%		210	bps
Renaissance Orlando at SeaWorld®		15,865			2,739		17.3%			16,680			3,255		19.5%		(220)	bps
Hyatt Regency San Antonio Riverwalk		8,424			1,337		15.9%			11,856			3,972		33.5%		(1,760)	bps
Wailea Beach Resort		28,238			7,836		27.7%			30,110			9,339		31.0%		(330)	bps
JW Marriott New Orleans		7,423			1,414		19.0%			7,939			1,707		21.5%		(250)	bps
Marriott Boston Long Wharf		19,607			9,178		46.8%			20,237			9,249		45.7%		110	bps
Marriott Long Beach Downtown (1)		8,120			1,891		23.3%			6,970			809		11.6%		1,170	bps
The Bidwell Marriott Portland		3,942			815		20.7%			3,972			1,002		25.2%		(450)	bps
Oceans Edge Resort & Marina		3,918			129		3.3%			4,730			743		15.7%		(1,240)	bps
Montage Healdsburg		17,940			4,151		23.1%			18,052			5,074		28.1%		(500)	bps
Four Seasons Resort Napa Valley		13,799			1,151		8.3%			14,866			2,400		16.1%		(780)	bps

Total Portfolio, Excluding Renovation Hotel (2)		224,008			55,139		24.6%			223,939			56,686		25.3%		(70)	bps

Add: Renovation Hotel (1)
Andaz Miami Beach		5,312			(2,494)		(47.0)%			141			(560)		(397.2)%		35,020	bps

Total Portfolio (3)		229,320			52,645		23.0%			224,080			56,126		25.0%		(200)	bps

Add: Sold Hotel (4)		3			53		N/A			2,312			300		13.0%		N/A

Actual Portfolio (5)	$	229,323		$	52,698		23.0%		$	226,392		$	56,426		24.9%		N/A

*Footnotes on page 22


PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 20

Supplemental Financial Information November 7, 2025

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q3 YTD 2025/2024


Hotels sorted by number of rooms	For the Nine Months Ended September 30,
	2025								2024
(In thousands)							Hotel Adjusted								Hotel Adjusted		Hotel Adjusted
	Total			Hotel Adjusted			EBITDAre		Total			Hotel Adjusted			EBITDAre		EBITDAre
	Revenues		****	EBITDAre		****	Margins	****	Revenues		****	EBITDAre		****	Margins	****	Margin Change
Hilton San Diego Bayfront	$	141,635		$	44,492		31.4%		$	137,630		$	40,699		29.6%		180	bps
Hyatt Regency San Francisco		75,345			8,794		11.7%			66,567			6,587		9.9%		180	bps
The Westin Washington, DC Downtown		74,136			22,259		30.0%			71,596			21,554		30.1%		(10)	bps
Renaissance Orlando at SeaWorld®		65,201			18,763		28.8%			66,172			19,703		29.8%		(100)	bps
Hyatt Regency San Antonio Riverwalk		34,370			10,870		31.6%			40,545			15,819		39.0%		(740)	bps
Wailea Beach Resort		98,574			31,178		31.6%			107,787			38,443		35.7%		(410)	bps
JW Marriott New Orleans		32,818			13,006		39.6%			31,182			10,675		34.2%		540	bps
Marriott Boston Long Wharf		49,414			18,945		38.3%			49,514			18,879		38.1%		20	bps
Marriott Long Beach Downtown (1)		26,071			6,768		26.0%			15,812			(1,222)		(7.7)%		3,370	bps
The Bidwell Marriott Portland		11,218			1,991		17.7%			10,304			1,955		19.0%		(130)	bps
Oceans Edge Resort & Marina		18,186			5,197		28.6%			19,880			6,653		33.5%		(490)	bps
Montage Healdsburg		44,950			8,784		19.5%			41,304			7,672		18.6%		90	bps
Four Seasons Resort Napa Valley		36,021			580		1.6%			36,177			1,970		5.4%		(380)	bps

Total Portfolio, Excluding Renovation Hotel (2)		707,939			191,627		27.1%			694,470			189,387		27.3%		(20)	bps

Add: Renovation Hotel (1)
Andaz Miami Beach		7,773			(5,298)		(68.2)%			4,288			(1,281)		(29.9)%		(3,830)	bps

Total Portfolio (3)		715,712			186,329		26.0%			698,758			188,106		26.9%		(90)	bps

Less: Prior Ownership (6)
Hyatt Regency San Antonio Riverwalk		—			—		N/A			(17,737)			(7,232)		40.8%		N/A

Add: Sold Hotel (4)		7,448			3,049		N/A			10,018			3,041		30.4%		N/A

Actual Portfolio (5)	$	723,160		$	189,378		26.2%		$	691,039		$	183,915		26.6%		N/A

*Footnotes on page 22


PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 21

Supplemental Financial Information November 7, 2025

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q3 & YTD 2025/2024 Footnotes

(1)	Hotel Adjusted EBITDAre for the third quarters and first nine months of 2025 and 2024 is impacted by renovation and subsequent ramp up activity at Marriott Long Beach Downtown and Andaz Miami Beach, formerly The Confidante Miami Beach. In May 2025, operations resumed at Andaz Miami Beach, following an extensive renovation during which the Company suspended operations in March 2024 to allow the renovation work to be performed more efficiently.
(2)	Total Portfolio, Excluding Renovation Hotel includes all hotels owned by the Company as of September 30, 2025, with the exception of Andaz Miami Beach due to its renovation and subsequent ramp up activity during the third quarters and first nine months of 2025 and 2024. Amounts included in this presentation for the Hyatt Regency San Antonio Riverwalk, acquired by the Company in April 2024, include both prior ownership results and the Company's results for the first nine months of 2024. The Company obtained prior ownership information from the previous owner of the Hyatt Regency San Antonio Riverwalk during the due diligence period before acquiring the hotel. The Company performed a limited review of the information as part of its analysis of the acquisition.
---	---
(3)	Total Portfolio consists of all hotels owned by the Company as of September 30, 2025, and includes prior ownership information for the Hyatt Regency San Antonio Riverwalk as discussed in Note 2.
---	---
(4)	Sold Hotel includes results for the Hilton New Orleans St. Charles, sold by the Company in June 2025.
---	---
(5)	Actual Portfolio primarily includes results for the 14 hotels owned by the Company during the third quarter of 2025, and the 15 hotels owned by the Company during the third quarter of 2024 and the first nine months of 2025 and 2024.
---	---
(6)	Prior Ownership includes results for the Hyatt Regency San Antonio Riverwalk prior to the Company’s acquisition of the hotel in April 2024 as discussed in Note 2.
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PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS			Page 22