Exhibit 99.2

Supplemental Financial Information
August 3, 2021

Supplemental Financial Information For the quarter ended June 30, 2021 August 3, 2021

Supplemental Financial Information
August 3, 2021

Table of Contents

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR	3
About Sunstone	4
Forward-Looking Statements	5
Non-GAAP Financial Measures	6
CORPORATE FINANCIAL INFORMATION	9
Condensed Consolidated Balance Sheets 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

Supplemental Financial Information
August 3, 2021

Table of Contents

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

Supplemental Financial Information
August 3, 2021

CORPORATE PROFILE, FINANCIAL DISCLOSURES,
AND SAFE HARBOR

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR							Page 3

Supplemental Financial Information
August 3, 2021

About Sunstone

Sunstone Hotel Investors, Inc. (the “Company,” “we,” and “our”) (NYSE: SHO) is a lodging real estate investment trust (“REIT”) that as of 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.

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

Company Contacts
John 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 Information
August 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.

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 Information
August 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 Information
August 3, 2021

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

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

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

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

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

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

● Other adjustments: we exclude other adjustments that we believe are outside the ordinary course of business because we do not believe these costs reflect our actual performance for the period and/or the ongoing operations of our hotels. Such items may include: lawsuit settlement costs; prior year property tax assessments or credits; the write-off of development costs associated with abandoned projects; property-level restructuring, severance and management transition costs; debt resolution costs; lease terminations; 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

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Supplemental Financial Information
August 3, 2021

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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August 3, 2021

CORPORATE FINANCIAL INFORMATION

CORPORATE FINANCIAL INFORMATION							Page 9

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August 3, 2021

Condensed Consolidated Balance Sheets
Q2 2021 – Q2 2020

(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
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
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

*Footnotes on following page

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Supplemental Financial Information
August 3, 2021

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

(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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Supplemental Financial Information
August 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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Supplemental Financial Information
August 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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Supplemental Financial Information
August 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

CORPORATE FINANCIAL INFORMATION							Page 14

Supplemental Financial Information
August 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.

CORPORATE FINANCIAL INFORMATION							Page 15

Supplemental Financial Information
August 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 Information
August 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

Supplemental Financial Information
August 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 Information
August 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 Information
August 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 Information
August 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 Information
August 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.

CORPORATE FINANCIAL INFORMATION							Page 22

Supplemental Financial Information
August 3, 2021

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

FY 2019

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

*Footnotes on Page 25

CORPORATE FINANCIAL INFORMATION							Page 23

Supplemental Financial Information
August 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

*Footnotes on Page 25

CORPORATE FINANCIAL INFORMATION							Page 24

Supplemental Financial Information
August 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.

CORPORATE FINANCIAL INFORMATION							Page 25

Supplemental Financial Information
August 3, 2021

CAPITALIZATION

CAPITALIZATION							Page 26

Supplemental Financial Information
August 3, 2021

Comparative Capitalization
Q2 2021 – Q2 2020

	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	%

CAPITALIZATION							Page 27

Supplemental Financial Information
August 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

(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.

(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.

CAPITALIZATION							Page 28

Supplemental Financial Information
August 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.

CAPITALIZATION							Page 29

Supplemental Financial Information
August 3, 2021

PROPERTY-LEVEL DATA

PROPERTY-LEVEL DATA							Page 30

Supplemental Financial Information
August 3, 2021

Hotel Information as of August 3, 2021

Hotel		Location	Brand	Number of Rooms	% of Total Rooms	Interest	Open / Suspension Date (1)	Resumption 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.

PROPERTY-LEVEL DATA							Page 31

Supplemental Financial Information
August 3, 2021

PROPERTY-LEVEL OPERATING STATISTICS

PROPERTY-LEVEL OPERATING STATISTICS							Page 32

Supplemental Financial Information
August 3, 2021

Property-Level Operating Statistics

Q2 2021/2020

		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

PROPERTY-LEVEL OPERATING STATISTICS							Page 33

Supplemental Financial Information
August 3, 2021

Property-Level Operating Statistics

Q2 2021/2019

		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

PROPERTY-LEVEL OPERATING STATISTICS							Page 34

Supplemental Financial Information
August 3, 2021

Property-Level Operating Statistics

April 2021/2020

		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

PROPERTY-LEVEL OPERATING STATISTICS							Page 35

Supplemental Financial Information
August 3, 2021

Property-Level Operating Statistics

April 2021/2019

		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

Supplemental Financial Information
August 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 Information
August 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 Information
August 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

PROPERTY-LEVEL OPERATING STATISTICS							Page 39

Supplemental Financial Information
August 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

PROPERTY-LEVEL OPERATING STATISTICS							Page 40

Supplemental Financial Information
August 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

PROPERTY-LEVEL OPERATING STATISTICS							Page 41

Supplemental Financial Information
August 3, 2021

Property-Level Operating Statistics

Q2 YTD 2021/2019

		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

PROPERTY-LEVEL OPERATING STATISTICS							Page 42

Supplemental Financial Information
August 3, 2021

Property-Level Operating Statistics

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

(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.

(3) 18 Hotel Portfolio includes results for the 18 hotels owned by the Company as of June 30, 2021.

(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.

PROPERTY-LEVEL OPERATING STATISTICS							Page 43

Supplemental Financial Information
August 3, 2021

PROPERTY-LEVEL ADJUSTED EBITDAre &

ADJUSTED EBITDAre MARGINS

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 44

Supplemental Financial Information
August 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

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 45

Supplemental Financial Information
August 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

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 46

Supplemental Financial Information
August 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

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 47

Supplemental Financial Information
August 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.

(3) 18 Hotel Portfolio includes all hotels owned by the Company as of June 30, 2021.

(4) Non-comparable Hotel includes both the Company's and the prior owner's ownership results for the Montage Healdsburg, acquired in April 2021. The newly developed hotel opened in December 2020; therefore, there is no prior year information. The Company obtained prior ownership results from the hotel's previous owner during the due diligence period before the Company’s acquisition was completed. The Company performed a limited review of the information as part of its analysis of the acquisition. The Company determined the amount to include as pro forma depreciation expense by allocating the Company's purchase price of the hotel between the various components of the hotel (i.e. land, building, furniture, fixtures and equipment and intangible assets) based on a purchase price allocation report provided by an independent valuation specialist. Depreciable assets were then given lives ranging from two to forty years.

(5) 17 Hotel Portfolio includes the same hotels owned during the second quarters of 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.

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 48

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August 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q2 2021/2020/2019 Footnotes (continued)

(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.

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 49

Supplemental Financial Information
August 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

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 50

Supplemental Financial Information
August 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

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 51

Supplemental Financial Information
August 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

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 52

Supplemental Financial Information
August 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.

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 53

Supplemental Financial Information
August 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

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 54

Supplemental Financial Information
August 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

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 55

Supplemental Financial Information
August 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

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 56

Supplemental Financial Information
August 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.

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 57

Supplemental Financial Information
August 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

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 58

Supplemental Financial Information
August 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

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 59

Supplemental Financial Information
August 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

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 60

Supplemental Financial Information
August 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.

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 61

Supplemental Financial Information
August 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

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 62

Supplemental Financial Information
August 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

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 63

Supplemental Financial Information
August 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

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 64

Supplemental Financial Information
August 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q2 YTD 2021/2020/2019 Footnotes

(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.

(3) 18 Hotel Portfolio includes all hotels owned by the Company as of June 30, 2021.

(4) Non-comparable Hotel includes both the Company's and the prior owner's ownership results for the Montage Healdsburg, acquired in April 2021. The newly developed hotel opened in December 2020; therefore, there is no prior year information. The Company obtained prior ownership results from the hotel's previous owner during the due diligence period before the Company’s acquisition was completed. The Company performed a limited review of the information as part of its analysis of the acquisition. The Company determined the amount to include as pro forma depreciation expense by allocating the Company's purchase price of the hotel between the various components of the hotel (i.e. land, building, furniture, fixtures and equipment and intangible assets) based on a purchase price allocation report provided by an independent valuation specialist. Depreciable assets were then given lives ranging from two to forty years.

(5) 17 Hotel Portfolio includes the same hotels owned during the first six months of 2021, 2020 and 2019.

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 65

Supplemental Financial Information
August 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q2 YTD 2021/2020/2019 Footnotes (continued)

(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.

(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.

(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.

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 66