EX-99.2 3 sho-20230222xex99d2.htm EX-99.2

Exhibit 99.2


Supplemental Financial Information For the quarter and year ended December 31, 2022 February 22, 2023

Supplemental Financial Information
February 22, 2023

Table of Contents


Corporate Profile And Disclosures Regarding Non-GAAP Financial Measures								2
Comparable Corporate Financial Information								7
Capitalization								21
Property-Level Data And Operating Statistics								24
Property-Level Revenues, Adjusted EBITDAre & Adjusted EBITDAre Margins								30


	Supplemental Financial Information February 22, 2023

CORPORATE PROFILE AND DISCLOSURES
REGARDING NON-GAAP FINANCIAL MEASURES


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


	Supplemental Financial Information February 22, 2023

About Sunstone

Sunstone Hotel Investors, Inc. (the “Company,” “we,” and “our”) (NYSE: SHO) is a lodging real estate investment trust (“REIT”) that as of February 22, 2023 owns 15 hotels comprised of 7,735 rooms, the majority of which are operated under nationally recognized brands. Sunstone’s strategy is to create long-term stakeholder value through the acquisition, active ownership and disposition of hotels considered to be Long-Term Relevant Real Estate®.

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

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

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

Aaron Reyes
Chief Financial Officer
(949) 382-3018


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


	Supplemental Financial Information February 22, 2023

Non-GAAP Financial Measures

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

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

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

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

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


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


	Supplemental Financial Information February 22, 2023

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 deferred stock compensation: we exclude the noncash expense incurred with the amortization of deferred stock compensation as this expense is based on historical stock prices at the date of grant to our corporate employees and does not reflect the underlying performance of our hotels.

●

Amortization of contract intangibles: we exclude the noncash amortization of any favorable or unfavorable contract intangibles recorded in conjunction with our hotel acquisitions. We exclude the noncash amortization of contract intangibles because it is based on historical cost accounting and is of lesser significance in evaluating our actual performance for the current period.

●

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

●

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; the write-off of development costs associated with abandoned projects; property-level restructuring, severance and management transition costs; debt resolution costs; lease terminations; property insurance restoration proceeds or uninsured losses; and other nonrecurring identified adjustments.

In addition, to derive Adjusted EBITDAre, excluding noncontrolling interest we exclude the noncontrolling partner’s pro rata share of the net (income) loss allocated to the Hilton San Diego Bayfront partnership, as well as the noncontrolling partner’s pro rata share of any EBITDAre and Adjusted EBITDAre components (prior to our acquisition of the noncontrolling partner’s ownership interest in the partnership in June 2022). We also exclude the amortization of our right-of-use assets and related lease obligations as these expenses are based on historical cost accounting and do not reflect the actual rent amounts due to the respective lessors or the underlying performance of our hotels. Additionally, we include an adjustment for the cash finance lease expense recorded on the building lease at the Hyatt Centric Chicago Magnificent Mile (prior to the hotel’s sale in February 2022). We determined that the building lease was a finance lease, and, therefore, we included a portion of the lease payment each month in interest expense. We adjust EBITDAre for the finance lease in order to more accurately reflect the actual rent due to the hotel’s lessor in the current period, as well as the operating performance of the hotel. We also exclude the effect of gains and losses on the disposition of undepreciated assets because we believe that including them in Adjusted EBITDAre, excluding noncontrolling interest is not consistent with reflecting the ongoing performance of our assets.


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


	Supplemental Financial Information February 22, 2023

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 components (prior to our acquisition of the noncontrolling partner’s ownership interest in the partnership in June 2022). We also exclude the real estate amortization of our right-of-use assets and related lease obligations, which includes the amortization of both our finance and operating lease intangibles (with the exception of our corporate operating lease), as these expenses are based on historical cost accounting and do not reflect the actual rent amounts due to the respective lessors or the underlying performance of our hotels. In addition, we exclude preferred stock redemption charges, changes to deferred tax assets, liabilities or valuation allowances, and income tax benefits or provisions associated with the application of net operating loss carryforwards, uncertain tax positions or with the sale of assets other than real estate investments.

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

Reconciliations of net income (loss) to EBITDAre, Adjusted EBITDAre, excluding noncontrolling interest, FFO attributable to common stockholders, Adjusted FFO attributable to common stockholders, hotel Adjusted EBITDAre and hotel Adjusted EBITDAre margins are set forth in the following pages of this supplemental package. Beginning with the quarter ended March 31, 2022, the Company’s calculation of Adjusted FFO attributable to common stockholders excludes the noncash amortization expense associated with deferred stock compensation. Adjusted FFO attributable to common stockholders for the prior periods presented in this supplemental package have also been adjusted to exclude this expense.

Both the Total Portfolio and the Comparable Corporate Portfolio consist of all 15 hotels owned by the Company as of December 31, 2022, and include both prior ownership results and the Company’s ownership results for The Confidante Miami Beach and the Montage Healdsburg, acquired by the Company in June 2022 and April 2021, respectively. The Company obtained prior ownership information from the previous owners of The Confidante Miami Beach and the Montage Healdsburg during the due diligence periods before acquiring the hotels. The Company performed limited reviews of the information as part of its analyses of the acquisitions.

The Comparable Portfolio includes the same 12 hotels owned by the Company during the fourth quarters and full years of 2022, 2021 and 2019 plus both prior ownership results and the Company’s ownership results for The Confidante Miami Beach, acquired by the Company in June 2022.


CORPORATE PROFILE AND DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES								Page 6


	Supplemental Financial Information February 22, 2023

COMPARABLE CORPORATE FINANCIAL INFORMATION


COMPARABLE CORPORATE FINANCIAL INFORMATION								Page 7


	Supplemental Financial Information February 22, 2023

Comparable Consolidated Statements of Operations

Q4 2022 – Q1 2022, FY 2022


	Quarter Ended (1)								Year Ended (1)
(Unaudited and in thousands, except per share data)	December 31,		September 30,		June 30,		March 31,		December 31,
	2022		2022		2022		2022		2022
Revenues
Room	$	147,277	$	158,400	$	167,194	$	115,515	$	588,386
Food and beverage		65,847		63,476		74,307		42,911		246,541
Other operating		31,020		22,438		18,711		24,360		96,529
Total revenues		244,144		244,314		260,212		182,786		931,456

Operating Expenses
Room		38,691		38,791		38,626		30,425		146,533
Food and beverage		48,187		47,181		48,304		34,233		177,905
Other expenses		84,308		88,746		87,269		75,023		335,346
Corporate overhead		7,936		7,879		8,717		10,714		35,246
Depreciation and amortization		32,393		31,750		31,720		31,711		127,574
Impairment loss		3,466		—		—		—		3,466
Total operating expenses		214,981		214,347		214,636		182,106		826,070

Interest and other income		476		270		116		4,380		5,242
Interest expense		(11,717)		(9,269)		(5,938)		(4,964)		(31,888)
Gain (loss) on extinguishment of debt, net		26		(770)		21		(213)		(936)
Income (loss) before income taxes		17,948		20,198		39,775		(117)		77,804
Income tax (provision) benefit, net		(485)		290		(28)		(136)		(359)
Net income (loss)	$	17,463	$	20,488	$	39,747	$	(253)	$	77,445

Total Portfolio Hotel Adjusted EBITDAre (2)	$	61,866	$	69,422	$	87,308	$	42,687	$	261,283

Comparable Adjusted EBITDAre (3)	$	68,777	$	63,848	$	80,031	$	37,103	$	249,759

Comparable Adjusted FFO attributable to common stockholders (4)	$	53,733	$	51,264	$	69,051	$	26,183	$	200,231

Comparable Adjusted FFO attributable to common stockholders per diluted share (4)	$	0.26	$	0.25	$	0.33	$	0.13	$	0.96

*Footnotes on page 11


COMPARABLE CORPORATE FINANCIAL INFORMATION								Page 8


	Supplemental Financial Information February 22, 2023

Comparable Consolidated Statements of Operations

Q4 2021 – Q1 2021, FY 2021


	Quarter Ended (1)								Year Ended (1)
(Unaudited and in thousands, except per share data)	December 31,		September 30,		June 30,		March 31,		December 31,
	2021		2021		2021		2021		2021
Revenues
Room	$	109,660	$	105,973	$	83,428	$	38,168	$	337,229
Food and beverage		37,133		27,739		17,551		7,779		90,202
Other operating		20,838		20,904		17,406		12,197		71,345
Total revenues		167,631		154,616		118,385		58,144		498,776

Operating Expenses
Room		29,615		28,216		22,042		12,535		92,408
Food and beverage		31,334		25,975		17,892		9,082		84,283
Other expenses		69,235		65,033		52,091		41,246		227,605
Corporate overhead		8,203		15,422		9,467		7,177		40,269
Depreciation and amortization		30,766		30,196		30,952		31,041		122,955
Impairment losses		1,671		1,014		—		—		2,685
Total operating expenses		170,824		165,856		132,444		101,081		570,205

Interest and other income (loss)		13		2		21		(379)		(343)
Interest expense		(6,440)		(7,019)		(7,100)		(6,693)		(27,252)
(Loss) gain on extinguishment of debt, net		(292)		61		88		222		79
Loss before income taxes		(9,912)		(18,196)		(21,050)		(49,787)		(98,945)
Income tax provision, net		(18)		(25)		(23)		(43)		(109)
Net loss	$	(9,930)	$	(18,221)	$	(21,073)	$	(49,830)	$	(99,054)

Total Portfolio Hotel Adjusted EBITDAre (2)	$	38,050	$	35,766	$	21,868	$	(10,014)	$	85,670

Comparable Adjusted EBITDAre (3)	$	34,287	$	33,090	$	20,221	$	(10,616)	$	76,982

Comparable Adjusted FFO attributable to common stockholders (4)	$	23,074	$	21,876	$	8,701	$	(21,618)	$	32,033

Comparable Adjusted FFO attributable to common stockholders per diluted share (4)	$	0.11	$	0.11	$	0.04	$	(0.10)	$	0.15

*Footnotes on page 11


COMPARABLE CORPORATE FINANCIAL INFORMATION								Page 9


	Supplemental Financial Information February 22, 2023

Comparable Consolidated Statements of Operations

Q4 2019 – Q1 2019, FY 2019


	Quarter Ended (1)								Year Ended (1)
(Unaudited and in thousands, except per share data)	December 31,		September 30,		June 30,		March 31,		December 31,
	2019		2019		2019		2019		2019
Revenues
Room	$	140,388	$	145,477	$	154,320	$	140,689	$	580,874
Food and beverage		59,112		53,525		67,089		63,338		243,064
Other operating		17,415		17,523		16,271		15,124		66,333
Total revenues		216,915		216,525		237,680		219,151		890,271

Operating Expenses
Room		36,422		37,604		37,604		35,979		147,609
Food and beverage		40,345		38,763		42,286		41,704		163,098
Other expenses		73,100		71,415		73,549		73,328		291,392
Corporate overhead		7,275		7,395		8,078		7,516		30,264
Depreciation and amortization		28,231		28,315		27,684		27,541		111,771
Total operating expenses		185,373		183,492		189,201		186,068		744,134

Interest and other income		3,060		3,762		4,811		4,924		16,557
Interest expense		(6,880)		(9,074)		(11,634)		(10,149)		(37,737)
Income before income taxes		27,722		27,721		41,656		27,858		124,957
Income tax (provision) benefit, net		(1,034)		749		(2,676)		3,112		151
Net income	$	26,688	$	28,470	$	38,980	$	30,970	$	125,108

Comparable Portfolio Hotel Adjusted EBITDAre (5)	$	67,146	$	68,778	$	84,305	$	68,415	$	288,644

Comparable Adjusted EBITDAre (3)	$	64,653	$	66,936	$	82,652	$	67,767	$	282,008

Comparable Adjusted FFO attributable to common stockholders (4)	$	53,324	$	56,618	$	71,082	$	55,805	$	236,829

Comparable Adjusted FFO attributable to common stockholders per diluted share (4)	$	0.26	$	0.27	$	0.34	$	0.27	$	1.15

*Footnotes on page 11


COMPARABLE CORPORATE FINANCIAL INFORMATION									Page 10


	Supplemental Financial Information February 22, 2023

Comparable Consolidated Statements of Operations

Footnotes

(1)

Excludes results for the Renaissance Westchester, the Embassy Suites La Jolla and the Hyatt Centric Chicago Magnificent Mile due to their sales in October 2021, December 2021 and February 2022, respectively, along with the Embassy Suites Chicago and the Hilton Garden Inn Chicago Downtown/Magnificent Mile due to their sale in March 2022. Includes prior ownership results for The Confidante Miami Beach and the Montage Healdsburg acquired by the Company in June 2022 and April 2021, respectively, adjusted for the Company's pro forma depreciation expense. Comparable Consolidated Statements of Operations for each of the quarters and the year ended December 31, 2019 also excludes 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, as well as 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, and the elimination of interest expense on the mortgage loan secured by the Renaissance Washington DC due to its repayment in December 2020.

(2)	Total Portfolio Hotel Adjusted EBITDAre reconciliations for the fourth quarters and full years of 2022, 2021 and 2019 can be found later in this presentation. Additional details can be found in our earnings release, furnished in Exhibit 99.1 to our 8-K filed on February 22, 2023.

(3)

Comparable Adjusted EBITDAre reconciliations for each of the quarters and years included in this presentation can be found in the following pages and reflect the adjustments noted in Footnote 1 above, along with the elimination of noncontrolling interest due to the Company's acquisition of the outside 25% ownership interest in the joint venture that owned the Hilton San Diego Bayfront in June 2022.

(4)

Comparable Adjusted FFO attributable to common stockholders and Comparable Adjusted FFO attributable to common stockholders per diluted share reconciliations for each of the quarters and years included in this presentation can be found in the following pages and reflect the adjustments noted in Footnotes 1 and 3 above, along with repurchases totaling 3,783,936 shares of common stock in the second, third and fourth quarters of 2019, 9,770,081 shares of common stock in the first quarter of 2020 and 10,245,324 shares of common stock in the first, second, third and fourth quarters of 2022, partially offset by issuances totaling 2,913,682 shares of common stock in the second quarter of 2021.

(5)	Comparable Portfolio Hotel Adjusted EBITDAre reconciliations for the fourth quarter and full year of 2019 can be found later in this presentation.


COMPARABLE CORPORATE FINANCIAL INFORMATION									Page 11


	Supplemental Financial Information February 22, 2023

Comparable Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre

Q4 2022 – Q4 2022, FY 2022


	Quarter Ended								Year Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
(In thousands)	2022		2022		2022		2022		2022

Net income	$	17,463	$	20,488	$	37,692	$	15,123	$	90,766
Operations held for investment:
Depreciation and amortization		32,393		31,750		30,893		31,360		126,396
Interest expense		11,717		9,269		5,938		5,081		32,005
Income tax provision (benefit), net		485		(290)		28		136		359
Gain on sale of assets		—		—		—		(22,946)		(22,946)
Impairment loss - depreciable assets		1,379		—		—		—		1,379
EBITDAre		63,437		61,217		74,551		28,754		227,959

Operations held for investment:
Amortization of deferred stock compensation		2,230		2,230		2,853		3,578		10,891
Amortization of right-of-use assets and obligations		(359)		(350)		(354)		(346)		(1,409)
Amortization of contract intangibles, net		(18)		(19)		(18)		(6)		(61)
Finance lease obligation interest - cash ground rent		—		—		—		(117)		(117)
(Gain) loss on extinguishment of debt, net		(26)		770		(21)		213		936
Hurricane-related losses (insurance restoration proceeds), net		—		—		138		(2,893)		(2,755)
Property-level severance		729		—		—		—		729
Costs associated with financing no longer pursued		697		—		—		—		697
Impairment loss – right-of-use asset		2,087		—		—		—		2,087
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest		—		—		(2,343)		(1,134)		(3,477)
Depreciation and amortization		—		—		(666)		(790)		(1,456)
Interest expense		—		—		(206)		(168)		(374)
Amortization of right-of-use asset and obligation		—		—		60		72		132
Adjustments to EBITDAre, net		5,340		2,631		(557)		(1,591)		5,823

Adjusted EBITDAre, excluding noncontrolling interest		68,777		63,848		73,994		27,163		233,782
Sold hotel Adjusted EBITDAre (1)		—		—		—		2,172		2,172
Acquisition hotel Adjusted EBITDAre (2)		—		—		6,037		7,768		13,805

Comparable Adjusted EBITDAre	$	68,777	$	63,848	$	80,031	$	37,103	$	249,759

*Footnotes on page 14


COMPARABLE CORPORATE FINANCIAL INFORMATION									Page 12


	Supplemental Financial Information February 22, 2023

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

Q4 2022 – Q1 2022, FY 2022


	Quarter Ended								Year Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
(In thousands, except per share data)	2022		2022		2022		2022		2022

Net income	$	17,463	$	20,488	$	37,692	$	15,123	$	90,766
Preferred stock dividends		(3,350)		(3,351)		(3,773)		(3,773)		(14,247)
Operations held for investment:
Real estate depreciation and amortization		32,023		31,313		30,456		31,027		124,819
Gain on sale of assets		—		—		—		(22,946)		(22,946)
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest		—		—		(2,343)		(1,134)		(3,477)
Real estate depreciation and amortization		—		—		(666)		(790)		(1,456)
FFO attributable to common stockholders		46,136		48,450		61,366		17,507		173,459

Operations held for investment:
Amortization of deferred stock compensation		2,230		2,230		2,853		3,578		10,891
Real estate amortization of right-of-use assets and obligations		(287)		(288)		(294)		(286)		(1,155)
Amortization of contract intangibles, net		78		141		143		60		422
Noncash interest on derivatives, net		710		(39)		(1,023)		(1,842)		(2,194)
(Gain) loss on extinguishment of debt, net		(26)		770		(21)		213		936
Hurricane-related losses (insurance restoration proceeds), net		—		—		138		(2,893)		(2,755)
Property-level severance		729		—		—		—		729
Costs associated with financing no longer pursued		697		—		—		—		697
Impairment losses – right-of-use and depreciable assets		3,466		—		—		—		3,466
Noncontrolling interest:
Real estate amortization of right-of-use asset and obligation		—		—		60		72		132
Noncash interest on derivatives, net		—		—		(2)		2		—
Adjustments to FFO attributable to common stockholders, net		7,597		2,814		1,854		(1,096)		11,169

Adjusted FFO attributable to common stockholders		53,733		51,264		63,220		16,411		184,628
Sold hotel Adjusted FFO (1)		—		—		—		2,172		2,172
Acquisition hotel Adjusted FFO (2)		—		—		5,831		7,600		13,431

Comparable Adjusted FFO attributable to common stockholders	$	53,733	$	51,264	$	69,051	$	26,183	$	200,231

Comparable Adjusted FFO attributable to common stockholders per diluted share	$	0.26	$	0.25	$	0.33	$	0.13	$	0.96

Basic weighted average shares outstanding		209,097		211,010		213,183		217,271		212,613
Shares associated with unvested restricted stock awards		449		594		354		305		358
Diluted weighted average shares outstanding		209,546		211,604		213,537		217,576		212,971
Equity transactions (3)		(1,066)		(2,979)		(5,168)		(9,504)		(4,651)
Comparable diluted weighted average shares outstanding		208,480		208,625		208,369		208,072		208,320

*Footnotes on page 14


COMPARABLE CORPORATE FINANCIAL INFORMATION									Page 13


	Supplemental Financial Information February 22, 2023

Comparable Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre,

FFO and Adjusted FFO Attributable to Common Stockholders

Q4 2022 – Q1 2022, FY 2022 Footnotes

(1)	Sold Hotel Adjusted EBITDAre and Adjusted FFO include results for the Hyatt Centric Chicago Magnificent Mile sold in February 2022, along with the Embassy Suites Chicago and the Hilton Garden Inn Chicago Downtown/Magnificent Mile sold in March 2022.

(2)

Acquisition hotel Adjusted EBITDAre and Adjusted FFO include prior ownership results for The Confidante Miami Beach acquired by the Company in June 2022, along with the elimination of noncontrolling interest due to the Company's acquisition of the outside 25% ownership interest in the joint venture that owned the Hilton San Diego Bayfront in June 2022.

(3)	Equity Transactions represent repurchases totaling 3,879,025, 3,235,958, 880,577 and 2,249,764 shares of common stock in the first, second, third and fourth quarters of 2022, respectively.


COMPARABLE CORPORATE FINANCIAL INFORMATION									Page 14


	Supplemental Financial Information February 22, 2023

Comparable Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre

Q4 2021 – Q1 2021, FY 2021


	Quarter Ended								Year Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
(In thousands)	2021		2021		2021		2021		2021

Net income (loss)	$	138,324	$	(22,124)	$	(27,918)	$	(55,287)	$	32,995
Operations held for investment:
Depreciation and amortization		32,598		32,585		32,729		30,770		128,682
Interest expense		7,201		7,983		8,065		7,649		30,898
Income tax provision, net		18		25		23		43		109
(Gain) loss on sale of assets, net		(152,524)		12		—		70		(152,442)
Impairment losses		1,671		1,014		—		—		2,685
EBITDAre		27,288		19,495		12,899		(16,755)		42,927

Operations held for investment:
Amortization of deferred stock compensation		2,212		3,165		4,659		2,752		12,788
Amortization of right-of-use assets and obligations		(340)		(335)		(338)		(331)		(1,344)
Finance lease obligation interest - cash ground rent		(351)		(351)		(351)		(351)		(1,404)
Property-level severance		(284)		4,562		—		—		4,278
Loss (gain) on extinguishment of debt, net		428		(61)		(88)		(222)		57
Prior year property tax adjustments, net		—		605		(1,162)		(827)		(1,384)
Lawsuit settlement cost		21		691		—		—		712
CEO transition costs		815		7,976		—		—		8,791
Hurricane-related losses		2,612		1,621		—		—		4,233
Noncontrolling interest:
(Income) loss from consolidated joint venture attributable to noncontrolling interest		(335)		(933)		596		1,975		1,303
Depreciation and amortization		(791)		(791)		(806)		(810)		(3,198)
Interest expense		(160)		(181)		(159)		(161)		(661)
Amortization of right-of-use asset and obligation		73		72		73		72		290
Lawsuit settlement cost		(5)		(173)		—		—		(178)
Adjustments to EBITDAre, net		3,895		15,867		2,424		2,097		24,283

Adjusted EBITDAre, excluding noncontrolling interest		31,183		35,362		15,323		(14,658)		67,210
Sold hotel Adjusted EBITDAre (1)		(1,434)		(4,742)		2,391		5,751		1,966
Acquisition hotel Adjusted EBITDAre (2)		4,538		2,470		2,507		(1,709)		7,806

Comparable Adjusted EBITDAre	$	34,287	$	33,090	$	20,221	$	(10,616)	$	76,982

*Footnotes on page 17


COMPARABLE CORPORATE FINANCIAL INFORMATION								Page 15


	Supplemental Financial Information February 22, 2023

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

Q4 2021 – Q1 2021, FY 2021


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

Net income (loss)	$	138,324	$	(22,124)	$	(27,918)	$	(55,287)	$	32,995
Preferred stock dividends and redemption charges		(3,349)		(6,287)		(7,795)		(3,207)		(20,638)
Operations held for investment:
Real estate depreciation and amortization		31,976		31,959		32,104		30,143		126,182
(Gain) loss on sale of assets, net		(152,524)		12		—		70		(152,442)
Impairment losses		1,671		1,014		—		—		2,685
Noncontrolling interest:
(Income) loss from consolidated joint venture attributable to noncontrolling interest		(335)		(933)		596		1,975		1,303
Real estate depreciation and amortization		(791)		(791)		(806)		(810)		(3,198)
FFO attributable to common stockholders		14,972		2,850		(3,819)		(27,116)		(13,113)

Operations held for investment:
Amortization of deferred stock compensation		2,212		3,165		4,659		2,752		12,788
Real estate amortization of right-of-use assets and obligations		87		87		77		85		336
Noncash interest on derivatives, net		(1,211)		(616)		(709)		(869)		(3,405)
Property-level severance		(284)		4,562		—		—		4,278
Loss (gain) on extinguishment of debt, net		428		(61)		(88)		(222)		57
Prior year property tax adjustments, net		—		605		(1,162)		(827)		(1,384)
Lawsuit settlement cost		21		691		—		—		712
Preferred stock redemption charges		—		2,624		4,016		—		6,640
CEO transition costs		815		7,976		—		—		8,791
Hurricane-related losses		2,612		1,621		—		—		4,233
Noncontrolling interest:
Real estate amortization of right-of-use asset and obligation		73		72		73		72		290
Noncash interest on derivatives, net		1		(20)		—		—		(19)
Lawsuit settlement cost		(5)		(173)		—		—		(178)
Adjustments to FFO attributable to common stockholders, net		4,749		20,533		6,866		991		33,139

Adjusted FFO attributable to common stockholders		19,721		23,383		3,047		(26,125)		20,026
Sold hotel Adjusted FFO (1)		(1,024)		(4,129)		3,005		6,356		4,208
Acquisition hotel Adjusted FFO (2)		4,377		2,309		2,348		(1,870)		7,164
Equity transactions (3)		—		313		301		21		635

Comparable Adjusted FFO attributable to common stockholders	$	23,074	$	21,876	$	8,701	$	(21,618)	$	32,033

Comparable Adjusted FFO attributable to common stockholders per diluted share	$	0.11	$	0.11	$	0.04	$	(0.10)	$	0.15

Basic weighted average shares outstanding		217,870		217,709		215,113		214,438		216,296
Shares associated with unvested restricted stock awards		445		296		352		210		326
Diluted weighted average shares outstanding		218,315		218,005		215,465		214,648		216,622
Equity transactions (3)		(10,245)		(10,245)		(7,775)		(7,332)		(8,911)
Comparable diluted weighted average shares outstanding		208,070		207,760		207,690		207,316		207,711

*Footnotes on page 17


COMPARABLE CORPORATE FINANCIAL INFORMATION								Page 16


	Supplemental Financial Information February 22, 2023

Comparable Reconciliation of Net Income (Loss) to EBITDAre, Adjusted EBITDAre,

FFO and Adjusted FFO Attributable to Common Stockholders

Q4 2021 – Q1 2021, FY 2021 Footnotes

(1)

Sold hotel Adjusted EBITDAre and Adjusted FFO include results for the Renaissance Westchester, the Embassy Suites La Jolla and the Hyatt Centric Chicago Magnificent Mile sold in October 2021, December 2021 and February 2022, respectively, along with the Embassy Suites Chicago and the Hilton Garden Inn Chicago Downtown/Magnificent Mile sold in March 2022.

(2)

Acquisition hotel Adjusted EBITDAre and Adjusted FFO include prior ownership results for The Confidante Miami Beach and the Montage Healdsburg acquired by the Company in June 2022 and April 2021, respectively, along with the elimination of noncontrolling interest due to the Company's acquisition of the outside 25% ownership interest in the joint venture that owned the Hilton San Diego Bayfront in June 2022.

(3)

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 issuances of the 6.125% Series H and 5.70% Series I Cumulative Redeemable Preferred Stocks in May 2021 and July 2021, respectively. It also includes issuances totaling 2,913,682 shares of common stock in the second quarter of 2021 and repurchases totaling 10,245,324 shares of common stock in the first, second, third and fourth quarters of 2022.


COMPARABLE CORPORATE FINANCIAL INFORMATION								Page 17


	Supplemental Financial Information February 22, 2023

Comparable Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre

Q4 2019 – Q1 2019, FY 2019


	Quarter Ended								Year Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
(In thousands)	2019		2019		2019		2019		2019

Net income	$	45,414	$	33,545	$	45,918	$	17,916	$	142,793
Operations held for investment:
Depreciation and amortization		37,264		37,573		36,524		36,387		147,748
Interest expense		10,822		13,259		15,816		14,326		54,223
Income tax provision (benefit), net		1,034		(749)		2,676		(3,112)		(151)
Gain on sale of assets		(42,935)		—		—		—		(42,935)
Impairment loss		24,713		—		—		—		24,713
EBITDAre		76,312		83,628		100,934		65,517		326,391

Operations held for investment:
Amortization of deferred stock compensation		2,145		2,146		2,900		2,122		9,313
Amortization of right-of-use assets and obligations		(259)		(253)		(251)		(19)		(782)
Finance lease obligation interest - cash ground rent		(407)		(589)		(590)		(589)		(2,175)
Prior year property tax adjustments, net		(121)		(9)		109		189		168
Prior owner contingency funding		—		—		(900)		—		(900)
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest		(998)		(2,508)		(1,955)		(1,599)		(7,060)
Depreciation and amortization		(803)		(793)		(640)		(639)		(2,875)
Interest expense		(476)		(532)		(558)		(560)		(2,126)
Amortization of right-of-use asset and obligation		73		72		73		72		290
Adjustments to EBITDAre, net		(846)		(2,466)		(1,812)		(1,023)		(6,147)

Adjusted EBITDAre, excluding noncontrolling interest		75,466		81,162		99,122		64,494		320,244
Sold/Disposed hotel Adjusted EBITDAre (1)		(15,066)		(17,992)		(21,581)		(3,428)		(58,067)
Acquisition hotel Adjusted EBITDAre (2)		4,253		3,766		5,111		6,701		19,831

Comparable Adjusted EBITDAre	$	64,653	$	66,936	$	82,652	$	67,767	$	282,008

*Footnotes on Page 20


COMPARABLE CORPORATE FINANCIAL INFORMATION								Page 18


	Supplemental Financial Information February 22, 2023

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

Q4 2019 – Q1 2019, FY 2019


	Quarter Ended								Year Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
(In thousands, except per share data)	2019		2019		2019		2019		2019

Net income	$	45,414	$	33,545	$	45,918	$	17,916	$	142,793
Preferred stock dividends		(3,208)		(3,208)		(3,207)		(3,207)		(12,830)
Operations held for investment:
Real estate depreciation and amortization		36,639		36,951		35,900		35,770		145,260
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		(998)		(2,508)		(1,955)		(1,599)		(7,060)
Real estate depreciation and amortization		(803)		(793)		(640)		(639)		(2,875)
FFO attributable to common stockholders		58,822		63,987		76,016		48,241		247,066

Operations held for investment:
Amortization of deferred stock compensation		2,145		2,146		2,900		2,122		9,313
Real estate amortization of right-of-use assets and obligations		147		146		146		151		590
Noncash interest on derivatives and finance lease obligations, net		(857)		1,155		3,634		2,119		6,051
Prior year property tax adjustments, net		(121)		(9)		109		189		168
Prior owner contingency funding		—		—		(900)		—		(900)
Noncash income tax provision (benefit), net		934		390		2,648		(3,284)		688
Noncontrolling interest:
Real estate amortization of right-of-use asset and obligation		73		72		73		72		290
Adjustments to FFO attributable to common stockholders, net		2,321		3,900		8,610		1,369		16,200

Adjusted FFO attributable to common stockholders		61,143		67,887		84,626		49,610		263,266
Sold/Disposed hotel Adjusted FFO (1)		(13,225)		(16,144)		(19,747)		(1,608)		(50,724)
Acquisition hotel Adjusted FFO (2)		3,704		3,162		4,480		6,069		17,415
Debt and equity transactions (3)		1,702		1,713		1,723		1,734		6,872

Comparable Adjusted FFO attributable to common stockholders	$	53,324	$	56,618	$	71,082	$	55,805	$	236,829

Comparable Adjusted FFO attributable to common stockholders per diluted share	$	0.26	$	0.27	$	0.34	$	0.27	$	1.15

Basic weighted average shares outstanding		223,638		224,530		227,389		227,219		225,681
Shares associated with unvested restricted stock awards		448		253		145		260		276
Diluted weighted average shares outstanding		224,086		224,783		227,534		227,479		225,957
Equity transactions (3)		(17,103)		(17,994)		(20,871)		(20,886)		(19,200)
Comparable diluted weighted average shares outstanding		206,983		206,789		206,663		206,593		206,757

*Footnotes on Page 20


COMPARABLE CORPORATE FINANCIAL INFORMATION								Page 19


	Supplemental Financial Information February 22, 2023

Comparable Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre,

FFO and Adjusted FFO Attributable to Common Stockholders

Q4 2019 – Q1 2019, FY 2019 Footnotes

(1)

Sold/Disposed hotel Adjusted EBITDAre and Adjusted FFO include results for the Courtyard by Marriott Los Angeles, the Renaissance Harborplace, the Renaissance Los Angeles Airport, the Renaissance Westchester, the Embassy Suites La Jolla and the Hyatt Centric Chicago Magnificent Mile sold in October 2019, July 2020, December 2020, October 2021, December 2021 and February 2022, respectively, along with the Embassy Suites Chicago and Hilton Garden Inn Chicago Downtown/Magnificent Mile sold in March 2022. In addition, includes 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.

(2)

(3)

Debt and 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 issuances of the 6.125% Series H and 5.70% Series I Cumulative Redeemable Preferred Stocks in May 2021 and July 2021, respectively. It also includes repurchases totaling 3,783,936 shares of common stock in the second, third and fourth quarters of 2019, 9,770,081 shares of common stock in the first quarter of 2020 and 10,245,324 shares of common stock in the first, second, third and fourth quarters of 2022, partially offset by issuances totaling 2,913,682 shares of common stock in the second quarter of 2021.


COMPARABLE CORPORATE FINANCIAL INFORMATION								Page 20


	Supplemental Financial Information February 22, 2023

CAPITALIZATION


CAPITALIZATION								Page 21


	Supplemental Financial Information February 22, 2023

Comparative Capitalization
Q4 2022 – Q4 2021


	December 31,			September 30,			June 30,			March 31,			December 31,
(In thousands, except per share data)	2022			2022			2022			2022			2021

Common Share Price & Dividends
At the end of the quarter	$	9.66		$	9.42		$	9.92		$	11.78		$	11.73
High during quarter ended	$	11.19		$	12.22		$	12.68		$	12.07		$	13.23
Low during quarter ended	$	9.42		$	9.42		$	9.64		$	10.15		$	10.48
Common dividends per share	$	0.05		$	0.05		$	—		$	—		$	—

Common Shares & Units
Common shares outstanding		209,320			211,570			212,451			215,668			219,334
Units outstanding		—			—			—			—			—
Total common shares and units outstanding		209,320			211,570			212,451			215,668			219,334

Capitalization
Market value of common equity	$	2,022,036		$	1,992,991		$	2,107,512		$	2,540,568		$	2,572,785
Liquidation value of preferred equity - Series G		66,250			66,250			66,250			66,250			66,250
Liquidation value of preferred equity - Series H		115,000			115,000			115,000			115,000			115,000
Liquidation value of preferred equity - Series I		100,000			100,000			100,000			100,000			100,000
Consolidated debt		816,136			816,647			805,443			575,934			611,437
Consolidated total capitalization	$	3,119,422		$	3,090,888		$	3,194,205		$	3,397,752		$	3,465,472

Consolidated debt to consolidated total capitalization		26.2	%		26.4	%		25.2	%		17.0	%		17.6	%
Consolidated debt and preferred equity to consolidated total capitalization		35.2	%		35.5	%		34.0	%		25.2	%		25.8	%


CAPITALIZATION								Page 22


	Supplemental Financial Information February 22, 2023

Debt Summary Schedule


(In thousands)		Interest Rate /	Maturity		December 31, 2022
Debt	Collateral	Spread	Date		Balance

Secured Mortgage Debt (1)	Hilton San Diego Bayfront	5.57%	12/09/2023	$	220,000
Secured Mortgage Debt	JW Marriott New Orleans	4.15%	12/11/2024		76,136
Series A Senior Notes (2)	Unsecured	4.69%	01/10/2026		65,000
Term Loan 1 (3)	Unsecured	5.82%	07/25/2027		175,000
Series B Senior Notes (2)	Unsecured	4.79%	01/10/2028		105,000
Term Loan 2 (3)	Unsecured	4.27%	01/25/2028		175,000

TOTAL CONSOLIDATED DEBT				$	816,136

Preferred Stock
Series G cumulative redeemable preferred (4)		2.268%	perpetual	$	66,250
Series H cumulative redeemable preferred		6.125%	perpetual		115,000
Series I cumulative redeemable preferred		5.70%	perpetual		100,000
Total Preferred Stock				$	281,250

Debt Statistics
% Fixed Rate Debt					42.4	%
% Floating Rate Debt					57.6	%
Average Interest Rate					5.04	%
Weighted Average Maturity of Debt					3.4 years

(1)

In December 2022, the Company exercised its final option to extend the maturity of the mortgage debt secured by the Hilton San Diego Bayfront from December 2022 to December 2023. In conjunction with this extension, the one-month LIBOR spread increased 25 basis points from 105 basis points to 130 basis points.

(2)

The 2020 and 2021 amendments to the Company's Senior Notes increased the annual interest rates on the Senior Notes by 1.25% through September 30, 2022. From October 1, 2022 to December 31, 2022, the increase in the annual rates decreased to 1.00%, and in January 2023, the increase in the annual interest rates on the Senior Notes was eliminated. The interest rates presented reflect the terms of the Senior Notes amendments as of January 1, 2023.

(3)

Pursuant to the Second Amended Credit Agreement, interest rates on the term loans are calculated on a leverage-based pricing grid ranging from 135 to 220 basis points over the applicable adjusted term SOFR. The interest rate for Term Loan 2 includes the effect of the Company's interest rate derivative swap, which expired on January 31, 2023.

(4)

The Series G cumulative redeemable preferred stock has an initial dividend rate equal to the Montage Healdsburg's annual net operating income yield on the Company's investment in the resort. During 2022, the Company declared cash dividends of $0.567112 per share, which equates to an annual yield of 2.268%. The annual dividend rate may increase in 2024 to the greater of 3.0% or the rate equal to the Montage Healdsburg's annual net operating income yield on the Company's total investment in the resort.


CAPITALIZATION								Page 23


	Supplemental Financial Information February 22, 2023

PROPERTY-LEVEL DATA AND OPERATING STATISTICS


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 24


	Supplemental Financial Information February 22, 2023

Hotel Information as of February 22, 2023


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

1	Hilton San Diego Bayfront (1) (2)	California	Hilton	1,190	15%	Leasehold	2011 / 2022
2	Boston Park Plaza	Massachusetts	Independent	1,060	14%	Fee Simple	2013
3	Hyatt Regency San Francisco	California	Hyatt	821	11%	Fee Simple	2013
4	Renaissance Washington DC	Washington DC	Marriott	807	10%	Fee Simple	2005
5	Renaissance Orlando at SeaWorld®	Florida	Marriott	781	10%	Fee Simple	2005
6	Wailea Beach Resort	Hawaii	Marriott	547	7%	Fee Simple	2014
7	JW Marriott New Orleans (3)	Louisiana	Marriott	501	6%	Fee Simple	2011
8	Marriott Boston Long Wharf	Massachusetts	Marriott	415	5%	Fee Simple	2007
9	Renaissance Long Beach	California	Marriott	374	5%	Fee Simple	2005
10	The Confidante Miami Beach	Florida	Hyatt	339	4%	Fee Simple	2022
11	The Bidwell Marriott Portland	Oregon	Marriott	258	3%	Fee Simple	2000
12	Hilton New Orleans St. Charles	Louisiana	Hilton	252	3%	Fee Simple	2013
13	Oceans Edge Resort & Marina	Florida	Independent	175	2%	Fee Simple	2017
14	Montage Healdsburg	California	Montage	130	2%	Fee Simple	2021
15	Four Seasons Resort Napa Valley (4)	California	Four Seasons	85	1%	Fee Simple	2021

	Total Portfolio			7,735	100%

(1)	In June 2022, the Company acquired the 25.0% noncontrolling partner's ownership interest in the Hilton San Diego Bayfront. Following this acquisition, the Company owns 100% of the hotel.

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

(3)	Hotel is subject to a municipal airspace lease that matures in 2044 and applies only to certain balcony space fronting Canal Street that is not integral to the hotel’s operations.

(4)	The number of rooms at the Four Seasons Resort Napa Valley excludes rooms provided by owners of the separately owned Four Seasons Private Residences Napa Valley who may periodically elect to participate in the residential rental program.


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 25


	Supplemental Financial Information February 22, 2023

Property-Level Operating Statistics

ADR, Occupancy and RevPAR

Q4 2022/2021/2019


	ADR							Occupancy						RevPAR
Hotels sorted by number of rooms	For the Quarter Ended December 31,							For the Quarter Ended December 31,					For the Quarter Ended December 31,
	2022			2021		2019	2022 vs. 2019	2022	2021	2019	2022 vs. 2019		2022		2021			2019	2022 vs. 2019
Hilton San Diego Bayfront	$	257.63	$	217.13	$	217.65	18.4%	76.0%	59.3%	82.4%	(640)	bps	$	195.80	$	128.76	$	179.34	9.2%
Boston Park Plaza	$	228.55	$	194.84	$	200.21	14.2%	77.6%	58.7%	88.1%	(1,050)	bps	$	177.35	$	114.37	$	176.39	0.5%
Hyatt Regency San Francisco (1)	$	280.82	$	204.53	$	319.68	(12.2)%	67.7%	56.4%	88.2%	(2,050)	bps	$	190.12	$	115.35	$	281.96	(32.6)%
Renaissance Washington DC (1)	$	239.25	$	189.31	$	238.17	0.5%	44.2%	35.3%	73.4%	(2,920)	bps	$	105.75	$	66.83	$	174.82	(39.5)%
Renaissance Orlando at SeaWorld®	$	185.85	$	159.64	$	174.42	6.6%	65.1%	50.9%	81.2%	(1,610)	bps	$	120.99	$	81.26	$	141.63	(14.6)%
Wailea Beach Resort	$	727.99	$	642.20	$	505.64	44.0%	72.9%	74.4%	89.8%	(1,690)	bps	$	530.70	$	477.80	$	454.06	16.9%
JW Marriott New Orleans	$	255.19	$	219.85	$	208.88	22.2%	70.1%	49.4%	82.6%	(1,250)	bps	$	178.89	$	108.61	$	172.53	3.7%
Marriott Boston Long Wharf	$	358.07	$	305.86	$	314.91	13.7%	69.7%	60.2%	84.4%	(1,470)	bps	$	249.57	$	184.13	$	265.78	(6.1)%
Renaissance Long Beach	$	204.42	$	171.56	$	179.29	14.0%	68.3%	69.2%	77.8%	(950)	bps	$	139.62	$	118.72	$	139.49	0.1%
The Confidante Miami Beach	$	286.17	$	277.04	$	188.50	51.8%	69.4%	74.7%	81.0%	(1,160)	bps	$	198.60	$	206.95	$	152.69	30.1%
The Bidwell Marriott Portland	$	162.34	$	145.22	$	170.52	(4.8)%	41.3%	40.9%	65.1%	(2,380)	bps	$	67.05	$	59.39	$	111.01	(39.6)%
Hilton New Orleans St. Charles	$	195.89	$	187.62	$	172.91	13.3%	73.7%	45.4%	67.8%	590	bps	$	144.37	$	85.18	$	117.23	23.2%
Oceans Edge Resort & Marina	$	368.16	$	416.41	$	233.25	57.8%	66.3%	74.3%	84.4%	(1,810)	bps	$	244.09	$	309.39	$	196.86	24.0%

Comparable Portfolio (2)	$	286.37	$	255.77	$	247.04	15.9%	67.6%	56.4%	82.1%	(1,450)	bps	$	193.59	$	144.25	$	202.82	(4.6)%

Montage Healdsburg	$	1,128.82	$	1,084.66		N/A	N/A	46.7%	62.8%	N/A	N/A		$	527.16	$	681.17		N/A	N/A
Four Seasons Resort Napa Valley	$	1,838.15	$	1,577.64		N/A	N/A	45.3%	42.6%	N/A	N/A		$	832.68	$	672.07		N/A	N/A

Total Portfolio (3)	$	308.55	$	275.11				67.0%	56.4%				$	206.73	$	155.16

*Footnotes on page 29


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 26


	Supplemental Financial Information February 22, 2023

Property-Level Operating Statistics

ADR, Occupancy and RevPAR

FY 2022/2021/2019


	ADR							Occupancy						RevPAR
Hotels sorted by number of rooms	For the Year Ended December 31,							For the Year Ended December 31,					For the Year Ended December 31,
	2022			2021		2019	2022 vs. 2019	2022	2021	2019	2022 vs. 2019		2022		2021			2019	2022 vs. 2019
Hilton San Diego Bayfront (1)	$	270.47	$	207.14	$	247.20	9.4%	76.6%	47.9%	81.4%	(480)	bps	$	207.18	$	99.22	$	201.22	3.0%
Boston Park Plaza	$	224.07	$	177.24	$	213.07	5.2%	75.2%	39.8%	90.6%	(1,540)	bps	$	168.50	$	70.54	$	193.04	(12.7)%
Hyatt Regency San Francisco (1)	$	267.52	$	200.40	$	322.08	(16.9)%	58.5%	35.1%	89.0%	(3,050)	bps	$	156.50	$	70.34	$	286.65	(45.4)%
Renaissance Washington DC (1)	$	241.85	$	151.24	$	232.64	4.0%	49.7%	40.9%	78.1%	(2,840)	bps	$	120.20	$	61.86	$	181.69	(33.8)%
Renaissance Orlando at SeaWorld®	$	184.16	$	149.15	$	168.18	9.5%	67.2%	40.7%	78.9%	(1,170)	bps	$	123.76	$	60.70	$	132.69	(6.7)%
Wailea Beach Resort	$	694.73	$	613.15	$	478.47	45.2%	79.2%	66.0%	91.2%	(1,200)	bps	$	550.23	$	404.68	$	436.36	26.1%
JW Marriott New Orleans	$	238.68	$	187.16	$	206.47	15.6%	62.0%	43.4%	83.9%	(2,190)	bps	$	147.98	$	81.23	$	173.23	(14.6)%
Marriott Boston Long Wharf	$	375.26	$	315.93	$	332.29	12.9%	66.8%	41.3%	86.7%	(1,990)	bps	$	250.67	$	130.48	$	288.10	(13.0)%
Renaissance Long Beach	$	208.11	$	175.21	$	189.85	9.6%	73.2%	62.5%	81.6%	(840)	bps	$	152.34	$	109.51	$	154.92	(1.7)%
The Confidante Miami Beach	$	303.82	$	226.73	$	196.84	54.3%	71.9%	75.1%	80.3%	(840)	bps	$	218.45	$	170.27	$	158.06	38.2%
The Bidwell Marriott Portland	$	169.24	$	152.70	$	186.05	(9.0)%	47.2%	28.3%	80.1%	(3,290)	bps	$	79.88	$	43.21	$	149.03	(46.4)%
Hilton New Orleans St. Charles	$	184.84	$	149.86	$	169.29	9.2%	60.5%	38.5%	74.3%	(1,380)	bps	$	111.83	$	57.70	$	125.78	(11.1)%
Oceans Edge Resort & Marina (1)	$	432.83	$	403.92	$	242.04	78.8%	73.9%	77.8%	88.7%	(1,480)	bps	$	319.86	$	314.25	$	214.69	49.0%

Comparable Portfolio (2)	$	289.15	$	242.86	$	252.38	14.6%	67.2%	46.2%	83.9%	(1,670)	bps	$	194.31	$	112.20	$	211.75	(8.2)%

Montage Healdsburg	$	1,103.21	$	1,092.35		N/A	N/A	54.4%	52.2%	N/A	N/A		$	600.15	$	570.21		N/A	N/A
Four Seasons Resort Napa Valley	$	1,778.25	$	1,577.64		N/A	N/A	45.2%	42.6%	N/A	N/A		$	803.77	$	672.07		N/A	N/A

Total Portfolio (3)	$	311.94	$	260.25				66.8%	46.3%				$	208.38	$	120.50

*Footnotes on page 29


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 27


	Supplemental Financial Information February 22, 2023

Property-Level Operating Statistics

Total RevPAR (TRevPAR)

Q4 and FY 2022/2021/2019


Hotels sorted by number of rooms	For the Quarters Ended December 31,							For the Years Ended December 31,
	2022		2021			2019	2022 vs. 2019	2022		2021		2019		2022 vs. 2019
Hilton San Diego Bayfront (1)	$	382.49	$	222.50	$	312.85	22.3%	$	370.75	$	156.09	$	351.61	5.4%
Boston Park Plaza	$	274.78	$	176.30	$	261.05	5.3%	$	244.72	$	99.55	$	271.52	(9.9)%
Hyatt Regency San Francisco (1)	$	279.31	$	160.52	$	422.51	(33.9)%	$	229.18	$	94.28	$	411.48	(44.3)%
Renaissance Washington DC (1)	$	176.91	$	95.18	$	274.20	(35.5)%	$	188.76	$	77.94	$	287.84	(34.4)%
Renaissance Orlando at SeaWorld®	$	255.18	$	167.64	$	293.84	(13.2)%	$	273.15	$	118.31	$	293.61	(7.0)%
Wailea Beach Resort	$	727.78	$	669.67	$	625.99	16.3%	$	794.50	$	553.38	$	617.62	28.6%
JW Marriott New Orleans	$	230.95	$	139.26	$	231.86	(0.4)%	$	188.88	$	104.63	$	229.00	(17.5)%
Marriott Boston Long Wharf	$	367.52	$	260.13	$	392.17	(6.3)%	$	351.50	$	178.56	$	406.92	(13.6)%
Renaissance Long Beach	$	192.62	$	154.79	$	194.64	(1.0)%	$	198.91	$	134.54	$	214.49	(7.3)%
The Confidante Miami Beach	$	321.57	$	308.75	$	282.05	14.0%	$	348.08	$	261.11	$	282.49	23.2%
The Bidwell Marriott Portland	$	99.51	$	76.95	$	130.09	(23.5)%	$	110.23	$	54.16	$	171.95	(35.9)%
Hilton New Orleans St. Charles	$	163.82	$	99.38	$	132.51	23.6%	$	139.28	$	70.46	$	142.86	(2.5)%
Oceans Edge Resort & Marina (1)	$	366.79	$	443.20	$	299.74	22.4%	$	474.11	$	454.84	$	332.34	42.7%

Comparable Portfolio (2)	$	305.36	$	215.46	$	313.38	(2.6)%	$	301.65		160.15	$	324.63	(7.1)%

Montage Healdsburg	$	1,012.03	$	1,190.30		N/A	N/A	$	1,077.98	$	957.31		N/A	N/A
Four Seasons Resort Napa Valley	$	1,286.75	$	1,082.44		N/A	N/A	$	1,293.83	$	1,082.44		N/A	N/A

Total Portfolio (3)	$	328.77	$	235.19				$	326.17	$	174.54

*Footnotes on page 29


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 28


	Supplemental Financial Information February 22, 2023

Property-Level Operating Statistics

Q4 and FY 2022/2021/2019 Footnotes

(1)

Operating statistics for the fourth quarter and full year of 2022 are impacted by room renovations at the Hyatt Regency San Francisco and the Renaissance Washington DC. Operating statistics for the full year of 2019 are impacted by room renovations at the Hilton San Diego Bayfront, the Hyatt Regency San Francisco and the Oceans Edge Resort & Marina.

(2)

Comparable Portfolio operating statistics include the same 12 hotels owned by the Company during the fourth quarters and full years of 2022, 2021 and 2019 plus The Confidante Miami Beach acquired by the Company in June 2022. Comparable Portfolio operating statistics for the full year of 2022 and the fourth quarters and full years of 2021 and 2019 include prior ownership information obtained by the Company from the previous owner of The Confidante Miami Beach during the due diligence period before acquiring the hotel. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)

Total Portfolio consists of all 15 hotels owned by the Company as of December 31, 2022. Total Portfolio operating statistics for the fourth quarter and full year of 2022 include rooms provided by the owners of the separately owned Four Seasons Private Residences Napa Valley who may periodically elect to participate in the residential rental program at the Four Seasons Resort Napa Valley. Total Portfolio operating statistics for the full year of 2021 include prior ownership results for the Montage Healdsburg. The Company obtained prior ownership information from the previous 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.


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 29


	Supplemental Financial Information February 22, 2023

PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre &

ADJUSTED EBITDAre MARGINS


PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 30


	Supplemental Financial Information February 22, 2023

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q4 2022/2021


Hotels sorted by number of rooms	For the Quarters Ended December 31,
	2022					2021
(In thousands)					Hotel Adjusted					Hotel Adjusted	Hotel Adjusted
	Total		Hotel Adjusted		EBITDAre	Total		Hotel Adjusted		EBITDAre	EBITDAre
	Revenues		EBITDAre		Margins	Revenues		EBITDAre		Margins	Margin Change
Hilton San Diego Bayfront	$	41,875	$	12,335	29.5%	$	24,359	$	4,878	20.0%	950	bps
Boston Park Plaza		26,797		7,782	29.0%		17,193		2,643	15.4%	1,360	bps
Hyatt Regency San Francisco (1)		21,096		2,459	11.7%		12,124		(1,078)	(8.9)%	2,060	bps
Renaissance Washington DC (1)		13,135		1,351	10.3%		7,067		(1,490)	(21.1)%	3,140	bps
Renaissance Orlando at SeaWorld®		18,336		5,045	27.5%		12,045		2,502	20.8%	670	bps
Wailea Beach Resort		36,624		14,431	39.4%		33,700		14,657	43.5%	(410)	bps
JW Marriott New Orleans		10,645		4,262	40.0%		6,419		2,096	32.7%	730	bps
Marriott Boston Long Wharf		14,031		4,815	34.3%		9,932		2,614	26.3%	800	bps
Renaissance Long Beach		6,627		1,568	23.7%		5,326		1,436	27.0%	(330)	bps
The Confidante Miami Beach		10,030		2,474	24.7%		9,629		3,320	34.5%	(980)	bps
The Bidwell Marriott Portland		2,362		32	1.4%		1,826		260	14.2%	(1,280)	bps
Hilton New Orleans St. Charles		3,798		1,394	36.7%		2,304		661	28.7%	800	bps
Oceans Edge Resort & Marina		5,906		2,169	36.7%		7,136		3,048	42.7%	(600)	bps

Comparable Portfolio (2)		211,262		60,117	28.5%		149,060		35,547	23.8%	470	bps

Montage Healdsburg		12,104		1,511	12.5%		14,236		2,503	17.6%	(510)	bps
Four Seasons Resort Napa Valley		10,773		238	2.2%		2,852		—	0.0%	220	bps

Total Portfolio (3)		234,139		61,866	26.4%		166,148		38,050	22.9%	350	bps

Less: Prior Ownership (4)
The Confidante Miami Beach		—		—	N/A		(9,629)		(3,320)	34.5%	N/A

Add: Sold Hotels (5)		—		—	N/A		15,884		1,434	9.0%	N/A

Actual Portfolio (6)	$	234,139	$	61,866	26.4%	$	172,403	$	36,164	21.0%	N/A

*Footnotes on page 35


PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 31


	Supplemental Financial Information February 22, 2023

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q4 2022/2019


Hotels sorted by number of rooms	For the Quarters Ended December 31,
	2022					2019
(In thousands)					Hotel Adjusted					Hotel Adjusted	Hotel Adjusted
	Total		Hotel Adjusted		EBITDAre	Total		Hotel Adjusted		EBITDAre	EBITDAre
	Revenues		EBITDAre		Margins	Revenues		EBITDAre		Margins	Margin Change
Hilton San Diego Bayfront	$	41,875	$	12,335	29.5%	$	34,249	$	8,787	25.7%	380	bps
Boston Park Plaza		26,797		7,782	29.0%		25,458		7,474	29.4%	(40)	bps
Hyatt Regency San Francisco (1)		21,096		2,459	11.7%		31,798		8,363	26.3%	(1,460)	bps
Renaissance Washington DC (1)		13,135		1,351	10.3%		20,358		5,976	29.4%	(1,910)	bps
Renaissance Orlando at SeaWorld®		18,336		5,045	27.5%		21,113		7,463	35.3%	(780)	bps
Wailea Beach Resort		36,624		14,431	39.4%		31,502		12,424	39.4%	—	bps
JW Marriott New Orleans		10,645		4,262	40.0%		10,680		4,482	42.0%	(200)	bps
Marriott Boston Long Wharf		14,031		4,815	34.3%		14,973		5,455	36.4%	(210)	bps
Renaissance Long Beach		6,627		1,568	23.7%		6,698		1,747	26.1%	(240)	bps
The Confidante Miami Beach		10,030		2,474	24.7%		9,186		2,049	22.3%	240	bps
The Bidwell Marriott Portland		2,362		32	1.4%		2,980		762	25.6%	(2,420)	bps
Hilton New Orleans St. Charles		3,798		1,394	36.7%		3,072		729	23.7%	1,300	bps
Oceans Edge Resort & Marina		5,906		2,169	36.7%		4,826		1,435	29.7%	700	bps

Comparable Portfolio (2)		211,262		60,117	28.5%		216,893		67,146	31.0%	(250)	bps

Montage Healdsburg		12,104		1,511	12.5%		—		—	N/A	N/A
Four Seasons Resort Napa Valley		10,773		238	2.2%		—		—	N/A	N/A

Total Portfolio (3)		234,139		61,866	26.4%		216,893		67,146	31.0%	N/A

Less: Prior Ownership (4)
The Confidante Miami Beach		—		—	N/A		(9,186)		(2,049)	22.3%	N/A

Add: Sold/Disposed Hotels (5)		—		—	N/A		65,223		15,066	23.1%	N/A

Actual Portfolio (6)	$	234,139	$	61,866	26.4%	$	272,930	$	80,163	29.4%	N/A

*Footnotes on page 35


PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 32


	Supplemental Financial Information February 22, 2023

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

FY 2022/2021


Hotels sorted by number of rooms	For the Years Ended December 31,
	2022					2021
(In thousands)					Hotel Adjusted					Hotel Adjusted	Hotel Adjusted
	Total		Hotel Adjusted		EBITDAre	Total		Hotel Adjusted		EBITDAre	EBITDAre
	Revenues		EBITDAre		Margins	Revenues		EBITDAre		Margins	Margin Change
Hilton San Diego Bayfront	$	161,035	$	52,560	32.6%	$	67,799	$	9,798	14.5%	1,810	bps
Boston Park Plaza		94,681		24,177	25.5%		38,516		(3,250)	(8.4)%	3,390	bps
Hyatt Regency San Francisco (1)		68,677		5,737	8.4%		28,252		(9,448)	(33.4)%	4,180	bps
Renaissance Washington DC (1)		55,600		10,114	18.2%		22,959		(1,684)	(7.3)%	2,550	bps
Renaissance Orlando at SeaWorld®		77,866		23,770	30.5%		33,725		3,313	9.8%	2,070	bps
Wailea Beach Resort		158,625		65,972	41.6%		110,486		47,270	42.8%	(120)	bps
JW Marriott New Orleans		34,540		12,343	35.7%		19,133		4,631	24.2%	1,150	bps
Marriott Boston Long Wharf		53,243		18,974	35.6%		27,048		3,928	14.5%	2,110	bps
Renaissance Long Beach		27,153		7,961	29.3%		18,366		5,465	29.8%	(50)	bps
The Confidante Miami Beach		43,070		12,421	28.8%		33,260		7,130	21.4%	740	bps
The Bidwell Marriott Portland		10,380		1,563	15.1%		5,100		(831)	(16.3)%	3,140	bps
Hilton New Orleans St. Charles		12,811		4,471	34.9%		6,481		888	13.7%	2,120	bps
Oceans Edge Resort & Marina		30,284		11,975	39.5%		29,053		12,477	42.9%	(340)	bps

Comparable Portfolio (2)		827,965		252,038	30.4%		440,178		79,687	18.1%	1,230	bps

Montage Healdsburg		51,150		6,158	12.0%		45,424		5,983	13.2%	(120)	bps
Four Seasons Resort Napa Valley		42,279		3,087	7.3%		2,852		—	0.0%	730	bps

Total Portfolio (3)		921,394		261,283	28.4%		488,454		85,670	17.5%	1,090	bps

Less: Prior Ownership (4)
The Confidante Miami Beach		(22,637)		(8,630)	38.1%		(33,260)		(7,130)	21.4%	N/A
Montage Healdsburg		—		—	N/A		(5,755)		1,768	(30.7)%	N/A

Add: Sold Hotels (5)		3,234		(2,172)	(67.2)%		49,389		(1,966)	(4.0)%	N/A

Actual Portfolio (6)	$	901,991	$	250,481	27.8%	$	498,828	$	78,342	15.7%	N/A

*Footnotes on page 35


PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 33


	Supplemental Financial Information February 22, 2023

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

FY 2022/2019


Hotels sorted by number of rooms	For the Years Ended December 31,
	2022					2019
(In thousands)					Hotel Adjusted					Hotel Adjusted	Hotel Adjusted
	Total		Hotel Adjusted		EBITDAre	Total		Hotel Adjusted		EBITDAre	EBITDAre
	Revenues		EBITDAre		Margins	Revenues		EBITDAre		Margins	Margin Change
Hilton San Diego Bayfront (1)	$	161,035	$	52,560	32.6%	$	152,719	$	46,996	30.8%	180	bps
Boston Park Plaza		94,681		24,177	25.5%		105,052		32,803	31.2%	(570)	bps
Hyatt Regency San Francisco (1)		68,677		5,737	8.4%		121,322		32,647	26.9%	(1,850)	bps
Renaissance Washington DC (1)		55,600		10,114	18.2%		84,784		24,267	28.6%	(1,040)	bps
Renaissance Orlando at SeaWorld®		77,866		23,770	30.5%		83,699		28,858	34.5%	(400)	bps
Wailea Beach Resort		158,625		65,972	41.6%		123,311		49,440	40.1%	150	bps
JW Marriott New Orleans		34,540		12,343	35.7%		41,877		17,465	41.7%	(600)	bps
Marriott Boston Long Wharf		53,243		18,974	35.6%		61,638		23,225	37.7%	(210)	bps
Renaissance Long Beach		27,153		7,961	29.3%		29,280		8,973	30.6%	(130)	bps
The Confidante Miami Beach		43,070		12,421	28.8%		36,501		8,060	22.1%	670	bps
The Bidwell Marriott Portland		10,380		1,563	15.1%		15,628		5,871	37.6%	(2,250)	bps
Hilton New Orleans St. Charles		12,811		4,471	34.9%		13,140		3,463	26.4%	850	bps
Oceans Edge Resort & Marina (1)		30,284		11,975	39.5%		21,228		6,576	31.0%	850	bps

Comparable Portfolio (2)		827,965		252,038	30.4%		890,179		288,644	32.4%	(200)	bps

Montage Healdsburg		51,150		6,158	12.0%		—		—	N/A	N/A
Four Seasons Resort Napa Valley		42,279		3,087	7.3%		—		—	N/A	N/A

Total Portfolio (3)		921,394		261,283	28.4%		890,179		288,644	32.4%	N/A

Less: Prior Ownership (4)
The Confidante Miami Beach		(22,637)		(8,630)	38.1%		(36,501)		(8,060)	22.1%	N/A

Add: Sold/Disposed Hotels (5)		3,234		(2,172)	(67.2)%		261,397		58,067	22.2%	N/A

Actual Portfolio (6)	$	901,991	$	250,481	27.8%	$	1,115,075	$	338,651	30.4%	N/A

*Footnotes on page 35


PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 34


	Supplemental Financial Information February 22, 2023

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q4 and FY 2022/2021/2019 Footnotes

(1)

Hotel Adjusted EBITDAre for the fourth quarter and full year of 2022 are impacted by room renovations at the Hyatt Regency San Francisco and the Renaissance Washington DC. Hotel Adjusted EBITDAre for the full year of 2019 is impacted by room renovations at the Hilton San Diego Bayfront, the Hyatt Regency San Francisco and the Oceans Edge Resort & Marina.

(2)

Comparable Portfolio includes the same 12 hotels owned by the Company during the fourth quarters and full years of 2022, 2021 and 2019 plus The Confidante Miami Beach acquired by the Company in June 2022. Amounts included in this presentation for The Confidante Miami Beach include both prior ownership results and the Company's results. The Company obtained prior ownership information from the previous owner of The Confidante Miami Beach during the due diligence period before acquiring the hotel. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)

Total Portfolio consists of all 15 hotels owned by the Company as of December 31, 2022 plus prior ownership results for the Montage Healdsburg acquired by the Company in April 2021. The Company obtained prior ownership information from the previous 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 Four Seasons Resort Napa Valley is a newly-developed hotel that opened on a limited basis in October 2021. Prior year information is not comparable.

(4)	Prior Ownership includes results for The Confidante Miami Beach and the Montage Healdsburg, as applicable, prior to the Company’s acquisition of the hotels in June 2022 and April 2021, respectively.

(5)

Sold Hotels for the full years of 2022, 2021 and 2019 include results for the Hyatt Centric Chicago Magnificent Mile, sold in February 2022, and the Embassy Suites Chicago and Hilton Garden Inn Chicago Downtown/Magnificent Mile, sold in March 2022. Sold Hotels for the fourth quarters and full years of 2021 and 2019 also include results for the Embassy Suites La Jolla and the Renaissance Westchester, sold in December 2021 and October 2021, respectively. Sold/Disposed Hotels for the fourth quarter and full year of 2019 also include results for the Renaissance Los Angeles Airport sold in December 2020, the Hilton Times Square assigned to its mortgage holder in December 2020, the Renaissance Harborplace sold in July 2020, and the Courtyard by Marriott Los Angeles sold in October 2019.

(6)	Actual Portfolio includes results for the 15 hotels and 18 hotels owned by the Company during the fourth quarter and full year of 2022, respectively, and the 19 hotels and 21 hotels owned by the Company during the fourth quarters and full years of 2021 and 2019, respectively.


PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS									Page 35