Sunstone Hotel Investors (SHO) 8-K Sunstone Hotel Investors Reports Results for Fourth Quarter and Full Year 2015

Exhibit 99.2

Supplemental Financial Information
February 22, 2016

Supplemental Financial Information For the quarter and year ended December 31, 2015 February 22, 2016

Supplemental Financial Information
February 22, 2016

Table of Contents

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR									4
About Sunstone									5
Forward-Looking Statement									6
Non-GAAP Financial Measures									7
CORPORATE FINANCIAL INFORMATION									10
Condensed Consolidated Balance Sheets Q4 2015 – Q4 2014									11
Consolidated Statements of Operations Q4 & FY 2015/2014									13
Reconciliation of Net Income to EBITDA and Adjusted EBITDA Q4 &  FY  2015/2014									14
Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders Q4 & FY 2015/2014									15
Pro Forma Consolidated Statements of Operations Q1 2015 – Q4 2015,  FY 2015/2014									16
Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA Q1 2015									17
Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders Q1 2015									18
Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA Q2 2015									19
Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders Q2 2015									20
Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA Q3 2015									21
Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders Q3 2015									22
Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA Q4 2015									23
Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders Q4 2015									24
Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA FY 2015									25
Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders FY 2015									26
Pro Forma Reconciliation of Net Income to EBITDA, Adjusted EBITDA, FFO and Adjusted FFO Attributable to Common Stockholders 2015 Footnotes									27
Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA FY 2014									28

Supplemental Financial Information
February 22, 2016

Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders FY 2014	29
Pro Forma Reconciliation of Net Income to EBITDA, Adjusted EBITDA, FFO and Adjusted FFO Attributable to Common Stockholders 2014 Footnotes	30
EARNINGS GUIDANCE	31
Earnings Guidance for Q1 and FY 2016	32
Reconciliation of Net Income to Adjusted EBITDA and Adjusted FFO Attributable to Common Stockholders Q1 and FY 2016	34
CAPITALIZATION	35
Comparative Capitalization Q4 2015 –  Q4 2014	36
Consolidated Debt Summary Schedule	37
Consolidated Amortization and Debt Maturity Schedule	38
PROPERTY-LEVEL DATA	39
PROPERTY-LEVEL OPERATING STATISTICS	41
Q4  2015/2014	42
FY 2015/2014	43
OPERATING STATISTICS BY BRAND & GEOGRAPHY	44
Comparable Portfolio Operating Statistics by Brand Q4 & FY 2015/2014	45
Comparable Portfolio Property-Level FY 2015 Adjusted EBITDA Contribution by Brand	46
Comparable Portfolio Operating Statistics by Region Q4 & FY 2015/2014	47
PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS	48
Property-Level Adjusted EBITDA Q4 & FY 2015/2014	49
Property-Level Adjusted EBITDA Q4 & FY 2015/2014 Footnotes	50
Property-Level Adjusted EBITDA Margins Q4 & FY 2015/2014	51
Property-Level Adjusted EBITDA Margins Q4 & FY 2015/2014 Footnotes	52
Property-Level Adjusted EBITDA Reconciliation Q1 2015	53
Property-Level Adjusted EBITDA Reconciliation Q2 2015	54

Supplemental Financial Information
February 22, 2016

Property-Level Adjusted EBITDA Reconciliation Q3 2015	55
Property-Level Adjusted EBITDA Reconciliation Q1, Q2, & Q3 2015 Footnotes	56
Property-Level Adjusted EBITDA Reconciliation Q4 2015	57
Property-Level Adjusted EBITDA Reconciliation Q4 2014	58
Property-Level Adjusted EBITDA Reconciliation Q4 2015/2014 Footnotes	59
Property-Level Adjusted EBITDA Reconciliation FY 2015	60
Property-Level Adjusted EBITDA Reconciliation FY 2014	61
Property-Level Adjusted EBITDA Reconciliation FY 2015/2014 Footnotes	62

Supplemental Financial Information
February 22, 2016

CORPORATE PROFILE, FINANCIAL DISCLOSURES,
AND SAFE HARBOR

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR								Page 4

Supplemental Financial Information
February 22, 2016

About Sunstone

Sunstone Hotel Investors, Inc. (NYSE:SHO) is a lodging real estate investment trust (REIT) that, as of February 22, 2016, has interests in 29 hotels held for investment comprised of 13,845 rooms. Sunstone’s hotels are primarily in the urban, upper upscale segment and are operated under nationally recognized brands, such as Marriott, Hilton, Hyatt,  Fairmont and Sheraton.

Sunstone’s mission is to create meaningful value for our stockholders by producing superior long-term returns. Our values include transparency, trust, ethical conduct, communication and discipline. As demand for lodging generally fluctuates with the overall economy, we seek to employ a balanced, cycle-appropriate corporate strategy.

Corporate Headquarters
120 Vantis,  Suite 350
Aliso Viejo, CA 92656
(949) 330-4000

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

Bryan Giglia
Chief Financial Officer 
(949) 382-3036

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR								Page 5

Supplemental Financial Information
February 22, 2016

Forward-Looking Statement

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: volatility in the debt or equity markets affecting our ability to acquire or sell hotel assets; international, national and local economic and business conditions, including the likelihood of a U.S. recession or global economic slowdown, as well as any type of flu or disease-related pandemic, affecting the lodging and travel industry; the ability to maintain sufficient liquidity and our access to capital markets; potential terrorist attacks or civil unrest, which would affect occupancy rates at our hotels and the demand for hotel products and services; operating risks associated with the hotel business; risks associated with the level of our indebtedness and our ability to meet covenants in our debt and equity agreements; relationships with property managers and franchisors; our ability to maintain our properties in a first-class manner, including meeting capital expenditure requirements; our ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in travel patterns, taxes and government regulations, which influence or determine wages, prices, construction procedures and costs; our ability to identify, successfully compete for and complete acquisitions; the performance of hotels after they are acquired; necessary capital expenditures and our ability to fund them and complete them with minimum disruption; our ability to continue to satisfy complex rules in order for us to qualify as a REIT for federal income tax purposes; and other risks and uncertainties associated with our business described in the Company’s 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 in this presentation is as of February 22, 2016, 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 should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent reports on Form 10-K and Form 10-Q. Copies of these reports are available on our website at www.sunstonehotels.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR								Page 6

Supplemental Financial Information
February 22, 2016

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, or EBITDA; Adjusted EBITDA (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 EBITDA; and hotel  Adjusted EBITDA margin.  These measures should not be considered in isolation or as a substitute for measures of performance in accordance with GAAP. EBITDA, Adjusted EBITDA, FFO attributable to common stockholders, Adjusted FFO attributable to common stockholders,  hotel Adjusted EBITDA and hotel Adjusted EBITDA margin as calculated by us, may not be comparable to other companies that do not define such terms exactly the same as the Company does. 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 operating profit, 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.

EBITDA and Adjusted EBITDA are commonly used measures of performance in many industries. We believe EBITDA and Adjusted EBITDA are useful to investors in evaluating our operating performance because these measures helps investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization) from our operating results. We also believe the use of EBITDA and Adjusted EBITDA facilitate comparisons between us and other lodging REITs, hotel owners who are not REITs and other capital-intensive companies. In addition, certain covenants included in our indebtedness use EBITDA as a measure of financial compliance. We also use EBITDA and Adjusted EBITDA as measures in determining the value of hotel acquisitions and dispositions.

Historically, we have adjusted EBITDA 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 EBITDA, when combined with the primary GAAP presentation of net income, is beneficial to an investor’s complete understanding of our operating performance.

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 non-cash items such as real estate depreciation and amortization, amortization of lease intangibles, any real estate impairment loss and any gain or loss on sale of real estate assets, all of which are based on historical cost accounting and may be of lesser significance in evaluating our current performance. Our presentation of FFO attributable to common stockholders conforms to the National Association of Real Estate Investment Trusts’ (“NAREIT”) definition of “FFO applicable to common shares.” This may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current NAREIT definition, or that interpret the current NAREIT definition differently that we do.  

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

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR								Page 7

Supplemental Financial Information
February 22, 2016

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

· Amortization of favorable and unfavorable contracts:  we exclude the non-cash 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 favorable and unfavorable tenant lease contracts, as applicable, recorded in conjunction with our acquisitions of the Boston Park Plaza, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton New Orleans St. Charles, the Hyatt Regency San Francisco and the Wailea Beach Marriott Resort & Spa. The amortization of favorable and unfavorable contracts does not reflect the underlying performance of our hotels.

· Ground rent adjustments: we exclude the non-cash expense incurred from straightlining our ground lease obligations as this expense does not reflect the underlying performance of our hotels.

· 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 completed acquisitions classified as 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.

· Noncontrolling interests: we deduct the noncontrolling partner’s pro rata share of any EBITDA or FFO adjustments related to our consolidated Hilton San Diego Bayfront partnership, as well as any preferred dividends earned by preferred investors in an entity that owns the Doubletree Guest Suites Times Square, including related administrative fees,  prior to the hotel’s sale in December 2015.  

· 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 because they do not reflect our actual performance for that period.

· Impairment losses: we exclude the effect of impairment losses because we believe that including them in Adjusted EBITDA and Adjusted FFO attributable to common stockholders is not consistent with reflecting the ongoing performance of our remaining assets.

· Other adjustments: we exclude other adjustments such as executive severance costs, lawsuit settlement costs, prior year property tax adjustments,  property-level restructuring, severance and management transition costs, lease buyouts and any gains or losses we have recognized on sales or redemptions of assets other than real estate investments because we do not believe these costs reflect our actual performance for that period and/or the ongoing operations of our hotels.

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR								Page 8

Supplemental Financial Information
February 22, 2016

In addition, to derive Adjusted EBITDA we exclude the non-cash expense incurred with the amortization of deferred stock compensation as this expense does not reflect the underlying performance of our hotels.  We also include an adjustment for the cash ground lease expense recorded on the Hyatt Chicago Magnificent Mile’s building lease. Upon acquisition of this hotel, we determined that the building lease was a capital lease, and, therefore, we include a portion of the capital lease payment each month in interest expense. We include an adjustment for ground lease expense on capital leases in order to more accurately reflect the operating performance of the Hyatt Chicago Magnificent Mile.  We  also exclude the effect of gains and losses on the disposition of depreciable assets because we believe that including them in Adjusted EBITDA is not consistent with reflecting the ongoing performance of our assets. In addition, material gains or losses from the depreciated value of the disposed assets could be less important to investors given that the depreciated asset value often does not reflect its market value.

To derive Adjusted FFO attributable to common stockholders, we also exclude the non-cash gains or losses on our derivatives, as well as any federal and state taxes associated with the application of net operating loss carryforwards or with the sale of assets other than real estate investments. We believe that these items are not reflective of our ongoing finance costs.

Reconciliations of net income to EBITDA and Adjusted EBITDA are set forth on page  14 of this supplemental package.  Reconciliations of net income to FFO attributable to common stockholders and Adjusted FFO attributable to common stockholders are set forth on page  15 of this supplemental package.

Our 29 comparable hotels include all hotels held for investment by the Company as of December 31, 2015,  and also include prior ownership results for the Wailea Beach Marriott Resort & Spa acquired in July 2014. We obtained prior ownership information from the Wailea Beach Marriott Resort & Spa's previous owner during the due diligence period before acquiring the hotel. We performed a limited review of the information as part of our analysis of the acquisition. We believe that providing comparable hotel data is useful to us and to investors in evaluating our operating performance because this measure helps us and investors evaluate and compare the results of our operations from period to period by removing the fluctuations caused by an acquisition or a disposition. We strongly encourage investors to review our financial information in its entirety and not to rely on a single financial measure.

Presentation of 2014 information conforms to changes stipulated by the industry’s Uniform System of Accounts for the Lodging Industry, Eleventh Revised Edition, which became effective in January 2015.

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR								Page 9

Supplemental Financial Information
February 22, 2016

CORPORATE FINANCIAL INFORMATION

CORPORATE  FINANCIAL INFORMATION								Page 10

Supplemental Financial Information
February 22, 2016

Condensed Consolidated Balance Sheets
Q4 2015 – Q4 2014 

(In thousands)	December 31, 2015 (1)		September 30, 2015 (2)		June 30, 2015 (3)		March 31, 2015 (4)		December 31, 2014 (5)
Assets
Investment in hotel properties:
Land	$	542,660	$	570,011	$	570,011	$	570,011	$	570,011
Buildings & improvements		3,109,562		3,300,555		3,276,598		3,245,398		3,237,596
Furniture, fixtures, & equipment		480,832		486,333		471,193		457,249		450,057
Other		144,305		227,660		233,753		242,508		217,389
		4,277,359		4,584,559		4,551,555		4,515,166		4,475,053
Less accumulated depreciation & amortization		(1,048,349)		(1,061,269)		(1,019,399)		(978,041)		(936,924)
		3,229,010		3,523,290		3,532,156		3,537,125		3,538,129
Other assets, net (6)		14,696		13,450		29,608		24,717		24,543
Current assets:
Cash and cash equivalents		499,067		176,190		98,760		156,972		222,096
Restricted cash		76,180		91,541		88,456		87,260		82,074
Other current assets, net		44,298		61,058		65,140		68,168		50,575
Total assets	$	3,863,251	$	3,865,529	$	3,814,120	$	3,874,242	$	3,917,417

*Footnotes on following page.

CORPORATE  FINANCIAL INFORMATION								Page 11

Supplemental Financial Information
February 22, 2016

Condensed Consolidated Balance Sheets
Q4 2015 – Q4 2014 (cont.)

(In thousands)	December 31, 2015 (1)		September 30, 2015 (2)		June 30, 2015 (3)		March 31, 2015 (4)		December 31, 2014 (5)
Liabilities
Current liabilities:
Current portion of notes payable, net (6)	$	85,776	$	205,216	$	134,183	$	234,290	$	119,607
Other current liabilities		365,217		126,967		118,601		115,668		177,656
Total current liabilities		450,993		332,183		252,784		349,958		297,263
Notes payable, less current portion, net (6)		1,010,819		1,101,693		1,177,796		1,182,012		1,302,137
Capital lease obligations, less current portion		15,575		15,575		15,576		15,576		15,576
Other liabilities		34,744		35,258		35,265		34,670		33,607
Total liabilities		1,512,131		1,484,709		1,481,421		1,582,216		1,648,583
Equity
Stockholders' equity:
8% Series D cumulative redeemable preferred stock		115,000		115,000		115,000		115,000		115,000
Common stock, $0.01 par value, 500,000,000 shares authorized		2,076		2,076		2,076		2,075		2,048
Additional paid in capital		2,458,735		2,457,566		2,456,604		2,454,720		2,418,567
Retained earnings		652,858		416,804		355,702		304,525		305,503
Cumulative dividends		(927,868)		(662,744)		(650,014)		(637,279)		(624,545)
Total stockholders' equity		2,300,801		2,328,702		2,279,368		2,239,041		2,216,573
Noncontrolling interests in consolidated joint ventures		50,319		52,118		53,331		52,985		52,261
Total equity		2,351,120		2,380,820		2,332,699		2,292,026		2,268,834
Total liabilities and equity	$	3,863,251	$	3,865,529	$	3,814,120	$	3,874,242	$	3,917,417

(1) As presented on Form 10-K to be filed in February 2016.

(2) As presented on Form 10-Q filed November 3, 2015.

(3) As presented on Form 10-Q filed August 7, 2015.

(4) As presented on Form 10-Q filed May 8, 2015.

(5) As presented on Form 10-K filed February 19, 2015.

(6) Reflects the adoption of Accounting Standards Update No. 2015-03.

CORPORATE  FINANCIAL INFORMATION								Page 12

Supplemental Financial Information
February 22, 2016

Consolidated Statements of Operations
Q4 &  FY  2015/2014

		Three Months Ended December 31,				Year Ended December 31,
(In thousands, except per share data)		2015		2014		2015		2014
Revenues
Room	$	207,361	$	204,765	$	874,117	$	811,709
Food and beverage		74,072		66,441		293,892		259,358
Other operating		19,500		18,674		81,171		70,931
Total revenues		300,933		289,880		1,249,180		1,141,998
Operating expenses
Room		54,293		55,070		224,035		214,899
Food and beverage		51,520		46,387		204,932		180,053
Other operating		5,262		5,536		21,335		21,012
Advertising and promotion		15,640		14,252		61,892		54,992
Repairs and maintenance		11,759		12,261		46,557		45,901
Utilities		7,807		8,553		34,543		34,141
Franchise costs		10,087		9,911		40,096		38,271
Property tax, ground lease and insurance		22,554		21,650		94,967		84,665
Property general and administrative		32,948		32,944		142,332		126,737
Corporate overhead		6,117		7,329		33,339		28,739
Depreciation and amortization		41,805		40,257		164,716		155,845
Total operating expenses		259,792		254,150		1,068,744		985,255
Operating income		41,141		35,730		180,436		156,743
Interest and other income		535		891		3,885		3,479
Interest expense		(15,496)		(17,649)		(66,516)		(72,315)
Loss on extinguishment of debt		(2,962)		(4,107)		(2,964)		(4,638)
Gain on sale of assets		214,535		—		226,217		—
Income before income taxes and discontinued operations		237,753		14,865		341,058		83,269
Income tax provision		(178)		(258)		(1,434)		(179)
Income from continuing operations		237,575		14,607		339,624		83,090
Income (loss) from discontinued operations, net of tax		—		(350)		15,895		4,849
Net income		237,575		14,257		355,519		87,939
Income from consolidated joint ventures attributable to noncontrolling interests		(1,521)		(1,004)		(8,164)		(6,708)
Preferred stock dividends		(2,300)		(2,300)		(9,200)		(9,200)
Income attributable to common stockholders	$	233,754	$	10,953	$	338,155	$	72,031
Basic and diluted per share amounts:
Income from continuing operations attributable to common stockholders	$	1.12	$	0.05	$	1.54	$	0.34
Income from discontinued operations, net of tax		—		—		0.08		0.03
Basic and diluted income attributable to common stockholders per common share	$	1.12	$	0.05	$	1.62	$	0.37
Basic and diluted weighted average common shares outstanding		207,604		203,870		207,350		192,674
Dividends declared per common share	$	1.26	$	0.36	$	1.41	$	0.51

CORPORATE  FINANCIAL INFORMATION								Page 13

Supplemental Financial Information
February 22, 2016

Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Q4 & FY 2015/2014

	Three Months Ended December 31,				Year Ended December 31,
(In thousands)		2015		2014		2015		2014
Net income	$	237,575	$	14,257	$	355,519	$	87,939
Operations held for investment:
Depreciation and amortization		41,805		40,257		164,716		155,845
Amortization of lease intangibles		707		1,027		3,791		4,113
Interest expense		15,496		17,649		66,516		72,315
Income tax provision		178		258		1,434		179
Noncontrolling interests:
Income from consolidated joint ventures attributable to noncontrolling interests		(1,521)		(1,004)		(8,164)		(6,708)
Depreciation and amortization		(866)		(846)		(3,432)		(3,335)
Interest expense		(388)		(390)		(1,537)		(2,020)
Discontinued operations:
Income tax provision		—		—		105		—
EBITDA		292,986		71,208		578,948		308,328
Operations held for investment:
Amortization of deferred stock compensation		1,031		1,452		6,536		6,221
Amortization of favorable and unfavorable contracts, net		(1,487)		36		(1,623)		166
Non-cash straightline lease expense		496		504		1,987		2,021
Capital lease obligation interest - cash ground rent		(351)		(351)		(1,404)		(1,404)
Gain on sale of assets, net		(214,526)		(11)		(226,234)		(93)
Severance costs associated with sale of BuyEfficient		—		—		1,636		—
Loss on extinguishment of debt		2,962		4,107		2,964		4,638
Gain on redemption of note receivable		—		—		(939)		—
Closing costs - completed acquisitions		—		7		—		541
Prior year property tax adjustments, net		—		(35)		(865)		(3,305)
Property-level restructuring, severance and management transition costs		62		675		1,219		675
Lease termination costs		—		—		300		—
Costs associated with CEO severance		—		—		5,257		—
Noncontrolling interests:
Non-cash straightline lease expense		(112)		(112)		(450)		(450)
Loss on extinguishment of debt		—		—		—		(133)
Prior year property tax adjustments, net		—		—		—		696
Discontinued operations:
Gain on sale of assets, net		—		—		(16,000)		(5,199)
		(211,925)		6,272		(227,616)		4,374
Adjusted EBITDA	$	81,061	$	77,480	$	351,332	$	312,702

CORPORATE  FINANCIAL INFORMATION								Page 14

Supplemental Financial Information
February 22, 2016

Reconciliation of Net Income to FFO and Adjusted FFO  Attributable to Common Stockholders
Q4 & FY  2015/2014

	Three Months Ended December 31,					Year Ended December 31,
(In thousands, except per share data)		2015		2014		2015		2014
Net income	$	237,575	$	14,257	$	355,519	$	87,939
Preferred stock dividends		(2,300)		(2,300)		(9,200)		(9,200)
Operations held for investment:
Real estate depreciation and amortization		41,653		39,852		163,361		154,253
Amortization of lease intangibles		707		1,027		3,791		4,113
Gain on sale of assets, net		(214,526)		(11)		(226,234)		(93)
Noncontrolling interests:
Income from consolidated joint ventures attributable to noncontrolling interests		(1,521)		(1,004)		(8,164)		(6,708)
Real estate depreciation and amortization		(866)		(846)		(3,432)		(3,335)
Discontinued operations:
Gain on sale of assets, net		—		—		(16,000)		(5,199)
FFO attributable to common stockholders		60,722		50,975		259,641		221,770
Operations held for investment:
Write-off of deferred financing fees		—		—		455		—
Amortization of favorable and unfavorable contracts, net		(1,487)		36		(1,623)		166
Non-cash straightline lease expense		496		504		1,987		2,021
Non-cash interest related to gain on derivatives, net		(321)		(134)		(309)		(529)
Loss on extinguishment of debt		2,962		4,107		2,964		4,638
Gain on redemption of note receivable		—		—		(939)		—
Closing costs - completed acquisitions		—		7		—		541
Prior year property tax adjustments, net		—		(35)		(865)		(3,305)
Income tax benefit related to prior years		—		—		—		(762)
Property-level restructuring, severance and management transition costs		62		675		1,219		675
Lease termination costs		—		—		300		—
Costs associated with CEO severance		—		—		5,257		—
Amortization of deferred stock compensation associated with CEO severance		—		—		1,623		—
Severance costs associated with sale of BuyEfficient		—		—		1,636		—
Income tax provision related to gain on sale of BuyEfficient		—		—		720		—
Noncontrolling interests:
Non-cash straightline lease expense		(112)		(112)		(450)		(450)
Non-cash interest related to loss on derivative, net		—		—		(3)		—
Loss on extinguishment of debt		—		—		—		(133)
Prior year property tax adjustments, net		—		—		—		696
Discontinued operations:
Income tax provision		—		—		105		—
		1,600		5,048		12,077		3,558
Adjusted FFO attributable to common stockholders	$	62,322	$	56,023	$	271,718	$	225,328
FFO attributable to common stockholders per diluted share	$	0.29	$	0.25	$	1.25	$	1.15
Adjusted FFO attributable to common stockholders per diluted share	$	0.30	$	0.27	$	1.31	$	1.17
Basic weighted average shares outstanding		207,604		203,870		207,350		192,674
Shares associated with unvested restricted stock awards		263		682		262		552
Diluted weighted average shares outstanding		207,867		204,552		207,612		193,226

CORPORATE  FINANCIAL INFORMATION								Page 15

Supplemental Financial Information
February 22, 2016

Pro Forma Consolidated Statements of Operations
Q1 2015 –  Q4 2015,  FY 2015/2014

	Year Ended (1)		Three Months Ended (1)								Year Ended (1)
(Unaudited and in thousands)		Dec. 31,		Dec. 31,		Sept. 30,		June 30,		March 31,		Dec. 31,
		2015		2015		2015		2015		2015		2014
Revenues
Room	$	820,448	$	194,121	$	218,068	$	224,624	$	183,635	$	774,295
Food and beverage		289,932		73,270		66,928		78,354		71,380		280,657
Other operating		68,499		17,889		18,500		16,624		15,486		60,449
Total revenues		1,178,879		285,280		303,496		319,602		270,501		1,115,401
Operating Expenses
Room		208,374		50,680		54,091		53,571		50,032		202,218
Food and beverage		199,895		50,408		48,856		51,581		49,050		199,230
Other expenses		407,888		99,576		105,658		103,309		99,345		382,163
Corporate overhead		33,339		6,117		6,046		6,923		14,253		28,739
Depreciation and amortization		158,119		40,726		39,470		39,042		38,881		153,179
Total operating expenses		1,007,615		247,507		254,121		254,426		251,561		965,529
Operating Income		171,264		37,773		49,375		65,176		18,940		149,872
Interest and other income		2,327		535		400		1,133		259		691
Interest expense		(59,966)		(14,043)		(14,693)		(15,582)		(15,648)		(65,442)
Loss on extinguishment of debt		(28)		(26)		—		(2)		—		(4,638)
Income before income taxes and discontinued operations		113,597		24,239		35,082		50,725		3,551		80,483
Income tax provision		(714)		(178)		(218)		(233)		(85)		(179)
Income from continuing operations	$	112,883	$	24,061	$	34,864	$	50,492	$	3,466	$	80,304
Adjusted EBITDA (2)	$	328,723	$	75,945	$	86,631	$	102,673	$	63,474	$	296,749

(1) Includes the Company's ownership results and prior ownership results for the 29 hotel comparable portfolio held for investment by the Company as of December 31, 2015. Includes the reduction of ground lease expense on the Fairmont Newport Beach due to the Company's land acquisition in June 2014, along with prior ownership results for the Wailea Beach Marriott Resort & Spa acquired in July 2014, and excludes the Company's ownership results for BuyEfficient and the Doubletree Guest Suites Times Square due to their sales in September 2015 and December 2015, respectively. The Company obtained prior ownership information from the Wailea Beach Marriott Resort & Spa's previous owner during the due diligence period before acquiring the hotel. The Company performed a limited review of the information as a part of its analysis of the acquisition.  The data for 2014 has been adjusted for changes stipulated by the industry's Uniform System of Accounts for the Lodging Industry, Eleventh Revised Edition, which became effective January 1, 2015.

(2) Adjusted EBITDA reconciliations for Q1 2015, Q2 2015, Q3 2015, Q4 2015, full year 2015 and full year 2014 can be found on pages 17, 19, 21, 23, 25 and 28, respectively, of this supplemental package. 

CORPORATE  FINANCIAL INFORMATION								Page 16

Supplemental Financial Information
February 22, 2016

Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Q1 2015

	Three Months Ended March 31, 2015
			Disposition:		Disposition:		Disposition:
			Preferred		BuyEfficient,		Doubletree		Pro
(In thousands, except per share amounts)	Actual (1)		Equity (2)		LLC (3)		Times Square (4)		Forma (5)
Net income	$	1,203	$	(687)	$	(114)	$	3,064	$	3,466
Operations held for investment:
Depreciation and amortization		40,707		—		(243)		(1,583)		38,881
Amortization of lease intangibles		1,028		—		—		(965)		63
Interest expense		17,326		—		—		(1,678)		15,648
Income tax provision		85		—		—		—		85
Noncontrolling interests:
Income from consolidated joint ventures attributable to noncontrolling interests		(2,181)		—		—		—		(2,181)
Depreciation and amortization		(847)		—		—		—		(847)
Interest expense		(378)		—		—		—		(378)
EBITDA		56,943		(687)		(357)		(1,162)		54,737
Operations held for investment:
Amortization of deferred stock compensation		2,895		—		—		—		2,895
Amortization of favorable and unfavorable contracts, net		(221)		—		—		—		(221)
Non-cash straightline lease expense		504		—		—		(29)		475
Capital lease obligation interest - cash ground rent		(351)		—		—		—		(351)
Prior year property tax adjustments, net		(188)		—		—		—		(188)
Property-level restructuring, severance and management transition costs		683		—		—		—		683
Lease termination costs		300		—		—		—		300
Costs associated with CEO severance		5,257		—		—		—		5,257
Noncontrolling interests:
Non-cash straightline lease expense		(113)		—		—		—		(113)
		8,766		—		—		(29)		8,737
Adjusted EBITDA	$	65,709	$	(687)	$	(357)	$	(1,191)	$	63,474

*Footnotes on page  27

CORPORATE  FINANCIAL INFORMATION								Page 17

Supplemental Financial Information
February 22, 2016

Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders
Q1 2015

	Three Months Ended March 31, 2015
			Disposition:		Disposition:		Disposition:
			Preferred		BuyEfficient,		Doubletree		Pro
(In thousands, except per share amounts)	Actual (1)		Equity (2)		LLC (3)		Times Square (4)		Forma (5)
Net income	$	1,203	$	(687)	$	(114)	$	3,064	$	3,466
Preferred stock dividends		(2,300)		—		—		—		(2,300)
Operations held for investment:
Real estate depreciation and amortization		40,310		—		—		(1,583)		38,727
Amortization of lease intangibles		1,028		—		—		(965)		63
Noncontrolling interests:
Income from consolidated joint ventures attributable to noncontrolling interests		(2,181)		—		—		—		(2,181)
Real estate depreciation and amortization		(847)		—		—		—		(847)
FFO attributable to common stockholders		37,213		(687)		(114)		516		36,928
Operations held for investment:
Amortization of favorable and unfavorable contracts, net		(221)		—		—		—		(221)
Non-cash straightline lease expense		504		—		—		(29)		475
Prior year property tax adjustments, net		(188)		—		—		—		(188)
Property-level restructuring, severance and management transition costs		683		—		—		—		683
Lease termination costs		300		—		—		—		300
Costs associated with CEO severance		5,257		—		—		—		5,257
Amortization of deferred stock compensation associated with CEO severance		1,623		—		—		—		1,623
Noncontrolling interests:
Non-cash straightline lease expense		(113)		—		—		—		(113)
		7,845		—		—		(29)		7,816
Adjusted FFO attributable to common stockholders	$	45,058	$	(687)	$	(114)	$	487	$	44,744
FFO attributable to common stockholders per diluted share	$	0.18							$	0.18
Adjusted FFO attributable to common stockholders per diluted share	$	0.22							$	0.22
Basic weighted average shares outstanding		206,600								206,600
Shares associated with unvested restricted stock awards		398								398
Diluted weighted average shares outstanding		206,998								206,998

*Footnotes on page 27

CORPORATE  FINANCIAL INFORMATION								Page 18

Supplemental Financial Information
February 22, 2016

Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Q2 2015

	Three Months Ended June 30, 2015
			Disposition:		Disposition:		Disposition:
			Preferred		BuyEfficient,		Doubletree		Pro
(In thousands, except per share amounts)	Actual (1)		Equity (2)		LLC (3)		Times Square (4)		Forma (5)
Net income	$	53,657	$	(695)	$	(626)	$	(1,844)	$	50,492
Operations held for investment:
Depreciation and amortization		40,873		—		(243)		(1,588)		39,042
Amortization of lease intangibles		1,029		—		—		(965)		64
Interest expense		17,289		—		—		(1,707)		15,582
Income tax provision		233		—		—		—		233
Noncontrolling interests:
Income from consolidated joint ventures attributable to noncontrolling interests		(2,480)		—		—		—		(2,480)
Depreciation and amortization		(854)		—		—		—		(854)
Interest expense		(385)		—		—		—		(385)
EBITDA		109,362		(695)		(869)		(6,104)		101,694
Operations held for investment:
Amortization of deferred stock compensation		1,786		—		—		—		1,786
Amortization of favorable and unfavorable contracts, net		42		—		—		—		42
Non-cash straightline lease expense		491		—		—		(27)		464
Capital lease obligation interest - cash ground rent		(351)		—		—		—		(351)
Gain on sale of assets, net		(1)		—		—		—		(1)
Loss on extinguishment of debt		2		—		—		—		2
Gain on redemption of note receivable		(939)		—		—		—		(939)
Prior year property tax adjustments, net		88		—		—		—		88
Noncontrolling interests:
Non-cash straightline lease expense		(112)		—		—		—		(112)
		1,006		—		—		(27)		979
Adjusted EBITDA	$	110,368	$	(695)	$	(869)	$	(6,131)	$	102,673

*Footnotes on page  27

CORPORATE  FINANCIAL INFORMATION								Page 19

Supplemental Financial Information
February 22, 2016

Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders
Q2 2015

	Three Months Ended June 30, 2015
			Disposition:		Disposition:		Disposition:
			Preferred		BuyEfficient,		Doubletree		Pro
(In thousands, except per share amounts)	Actual (1)		Equity (2)		LLC (3)		Times Square (4)		Forma (5)
Net income	$	53,657	$	(695)	$	(626)	$	(1,844)	$	50,492
Preferred stock dividends		(2,300)		—		—		—		(2,300)
Operations held for investment:
Real estate depreciation and amortization		40,477		—		—		(1,588)		38,889
Amortization of lease intangibles		1,029		—		—		(965)		64
Gain on sale of assets, net		(1)		—		—		—		(1)
Noncontrolling interests:
Income from consolidated joint ventures attributable to noncontrolling interests		(2,480)		—		—		—		(2,480)
Real estate depreciation and amortization		(854)		—		—		—		(854)
FFO attributable to common stockholders		89,528		(695)		(626)		(4,397)		83,810
Operations held for investment:
Write-off of deferred financing fees		455		—		—		—		455
Amortization of favorable and unfavorable contracts, net		42		—		—		—		42
Non-cash straightline lease expense		491		—		—		(27)		464
Non-cash interest related to loss on derivatives, net		10		—		—		—		10
Loss on extinguishment of debt		2		—		—		—		2
Gain on redemption of note receivable		(939)		—		—		—		(939)
Prior year property tax adjustments, net		88		—		—		—		88
Noncontrolling interests:
Non-cash straightline lease expense		(112)		—		—		—		(112)
Non-cash interest related to loss on derivative		(2)		—		—		—		(2)
		35		—		—		(27)		8
Adjusted FFO attributable to common stockholders	$	89,563	$	(695)	$	(626)	$	(4,424)	$	83,818
FFO attributable to common stockholders per diluted share	$	0.43							$	0.40
Adjusted FFO attributable to common stockholders per diluted share	$	0.43							$	0.40
Basic weighted average shares outstanding		207,577								207,577
Shares associated with unvested restricted stock awards		183								183
Diluted weighted average shares outstanding		207,760								207,760

*Footnotes on page  27

CORPORATE  FINANCIAL INFORMATION								Page 20

Supplemental Financial Information
February 22, 2016

Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Q3 2015

	Three Months Ended September 30, 2015
					Disposition:		Disposition:		Disposition:
			Discontinued		Preferred		BuyEfficient,		Doubletree		Pro
(In thousands, except per share amounts)	Actual (1)		Operations (6)		Equity (2)		LLC (3)		Times Square (4)		Forma (5)
Net income	$	63,084	$	(15,895)	$	(176)	$	(9,870)	$	(2,279)	$	34,864
Operations held for investment:
Depreciation and amortization		41,331		—		—		(243)		(1,618)		39,470
Amortization of lease intangibles		1,027		—		—		—		(965)		62
Interest expense		16,405		—		—		—		(1,712)		14,693
Income tax provision		938		—		—		(720)		—		218
Noncontrolling interests:
Income from consolidated joint ventures attributable to noncontrolling interests		(1,982)		—		—		—		—		(1,982)
Depreciation and amortization		(865)		—		—		—		—		(865)
Interest expense		(386)		—		—		—		—		(386)
Discontinued operations:
Income tax provision		105		(105)		—		—		—		—
EBITDA		119,657		(16,000)		(176)		(10,833)		(6,574)		86,074
Operations held for investment:
Amortization of deferred stock compensation		824		—		—		—		—		824
Amortization of favorable and unfavorable contracts, net		43		—		—		—		—		43
Non-cash straightline lease expense		496		—		—		—		(26)		470
Capital lease obligation interest - cash ground rent		(351)		—		—		—		—		(351)
Gain on sale of assets, net		(11,707)		—		—		11,682		—		(25)
Severance costs associated with sale of BuyEfficient		1,636		—		—		(1,636)		—		—
Prior year property tax adjustments, net		(765)		—		—		—		—		(765)
Property-level restructuring, severance and management transition costs		474		—		—		—		—		474
Noncontrolling interests:
Non-cash straightline lease expense		(113)		—		—		—		—		(113)
Discontinued operations:
Gain on sale of assets, net		(16,000)		16,000		—		—		—		—
		(25,463)		16,000		—		10,046		(26)		557
Adjusted EBITDA	$	94,194	$	—	$	(176)	$	(787)	$	(6,600)	$	86,631

*Footnotes on page  27

CORPORATE  FINANCIAL INFORMATION								Page 21

Supplemental Financial Information
February 22, 2016

Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders
Q3 2015

	Three Months Ended September 30, 2015
					Disposition:		Disposition:		Disposition:
			Discontinued		Preferred		BuyEfficient,		Doubletree		Pro
(In thousands, except per share amounts)	Actual (1)		Operations (6)		Equity (2)		LLC (3)		Times Square (4)		Forma (5)
Net income	$	63,084	$	(15,895)	$	(176)	$	(9,870)	$	(2,279)	$	34,864
Preferred stock dividends		(2,300)		—		—		—		—		(2,300)
Operations held for investment:
Real estate depreciation and amortization		40,921		—		—		—		(1,618)		39,303
Amortization of lease intangibles		1,027		—		—		—		(965)		62
Gain on sale of assets, net		(11,707)		—		—		11,682		—		(25)
Noncontrolling interests:
Income from consolidated joint ventures attributable to noncontrolling interests		(1,982)		—		—		—		—		(1,982)
Real estate depreciation and amortization		(865)		—		—		—		—		(865)
Discontinued operations:
Gain on sale of assets, net		(16,000)		16,000		—		—		—		—
FFO attributable to common stockholders		72,178		105		(176)		1,812		(4,862)		69,057
Operations held for investment:
Amortization of favorable and unfavorable contracts, net		43		—		—		—		—		43
Non-cash straightline lease expense		496		—		—		—		(26)		470
Non-cash interest related to loss on derivatives, net		2		—		—		—		—		2
Prior year property tax adjustments, net		(765)		—		—		—		—		(765)
Property-level restructuring, severance and management transition costs		474		—		—		—		—		474
Severance costs associated with sale of BuyEfficient		1,636		—		—		(1,636)		—		—
Income tax provision related to gain on sale of BuyEfficient		720		—		—		(720)		—		—
Noncontrolling interests:
Non-cash straightline lease expense		(113)		—		—		—		—		(113)
Non-cash interest related to loss on derivative, net		(1)		—		—		—		—		(1)
Discontinued operations:
Income tax provision		105		(105)		—		—		—		—
		2,597		(105)		—		(2,356)		(26)		110
Adjusted FFO attributable to common stockholders	$	74,775	$	—	$	(176)	$	(544)	$	(4,888)	$	69,167
FFO attributable to common stockholders per diluted share	$	0.35									$	0.33
Adjusted FFO attributable to common stockholders per diluted share	$	0.36									$	0.33
Basic weighted average shares outstanding		207,604										207,604
Shares associated with unvested restricted stock awards		218										218
Diluted weighted average shares outstanding		207,822										207,822

*Footnotes on page  27

CORPORATE  FINANCIAL INFORMATION								Page 22

Supplemental Financial Information
February 22, 2016

Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Q4 2015

	Three Months Ended December 31, 2015
			Disposition:
			Doubletree		Pro
(In thousands, except per share amounts)	Actual (1)		Times Square (4)		Forma (5)
Net income	$	237,575	$	(213,514)	$	24,061
Operations held for investment:
Depreciation and amortization		41,805		(1,079)		40,726
Amortization of lease intangibles		707		(643)		64
Interest expense		15,496		(1,453)		14,043
Income tax provision		178		—		178
Noncontrolling interests:
Income from consolidated joint ventures attributable to noncontrolling interests		(1,521)		—		(1,521)
Depreciation and amortization		(866)		—		(866)
Interest expense		(388)		—		(388)
EBITDA		292,986		(216,689)		76,297
Operations held for investment:
Amortization of deferred stock compensation		1,031		—		1,031
Amortization of favorable and unfavorable contracts, net		(1,487)		—		(1,487)
Non-cash straightline lease expense		496		(26)		470
Capital lease obligation interest - cash ground rent		(351)		—		(351)
Gain on sale of assets, net		(214,526)		214,535		9
Loss on extinguishment of debt		2,962		(2,936)		26
Property-level restructuring, severance and management transition costs		62		—		62
Noncontrolling interests:
Non-cash straightline lease expense		(112)		—		(112)
		(211,925)		211,573		(352)
Adjusted EBITDA	$	81,061	$	(5,116)	$	75,945

*Footnotes on page  27

CORPORATE  FINANCIAL INFORMATION								Page 23

Supplemental Financial Information
February 22, 2016

Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders
Q4 2015

	Three Months Ended December 31, 2015
			Disposition:
			Doubletree		Pro
(In thousands, except per share amounts)	Actual (1)		Times Square (4)		Forma (5)
Net income	$	237,575	$	(213,514)	$	24,061
Preferred stock dividends		(2,300)		—		(2,300)
Operations held for investment:
Real estate depreciation and amortization		41,653		(1,079)		40,574
Amortization of lease intangibles		707		(643)		64
Gain on sale of assets, net		(214,526)		214,535		9
Noncontrolling interests:
Income from consolidated joint ventures attributable to noncontrolling interests		(1,521)		—		(1,521)
Real estate depreciation and amortization		(866)		—		(866)
FFO attributable to common stockholders		60,722		(701)		60,021
Operations held for investment:
Amortization of favorable and unfavorable contracts, net		(1,487)		—		(1,487)
Non-cash straightline lease expense		496		(26)		470
Non-cash interest related to gain on derivatives, net		(321)		—		(321)
Loss on extinguishment of debt		2,962		(2,936)		26
Property-level restructuring, severance and management transition costs		62		—		62
Noncontrolling interests:
Non-cash straightline lease expense		(112)		—		(112)
		1,600		(2,962)		(1,362)
Adjusted FFO attributable to common stockholders	$	62,322	$	(3,663)	$	58,659
FFO attributable to common stockholders per diluted share	$	0.29			$	0.29
Adjusted FFO attributable to common stockholders per diluted share	$	0.30			$	0.28
Basic weighted average shares outstanding		207,604				207,604
Shares associated with unvested restricted stock awards		263				263
Diluted weighted average shares outstanding		207,867				207,867

*Footnotes on page  27

CORPORATE  FINANCIAL INFORMATION								Page 24

Supplemental Financial Information
February 22, 2016

Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA
FY 2015

	Year Ended December 31, 2015
					Disposition:		Disposition:		Disposition:
			Discontinued		Preferred		BuyEfficient,		Doubletree		Pro
(In thousands, except per share amounts)	Actual (1)		Operations (6)		Equity (2)		LLC (3)		Times Square (4)		Forma (5)
Net income	$	355,519	$	(15,895)	$	(1,558)	$	(10,610)	$	(214,573)	$	112,883
Operations held for investment:
Depreciation and amortization		164,716		—		—		(729)		(5,868)		158,119
Amortization of lease intangibles		3,791		—		—		—		(3,538)		253
Interest expense		66,516		—		—		—		(6,550)		59,966
Income tax provision		1,434		—		—		(720)		—		714
Noncontrolling interests:
Income from consolidated joint ventures attributable to noncontrolling interests		(8,164)		—		—		—		—		(8,164)
Depreciation and amortization		(3,432)		—		—		—		—		(3,432)
Interest expense		(1,537)		—		—		—		—		(1,537)
Discontinued operations:
Income tax provision		105		(105)		—		—		—		—
EBITDA		578,948		(16,000)		(1,558)		(12,059)		(230,529)		318,802
Operations held for investment:
Amortization of deferred stock compensation		6,536		—		—		—		—		6,536
Amortization of favorable and unfavorable contracts, net		(1,623)		—		—		—		—		(1,623)
Non-cash straightline lease expense		1,987		—		—		—		(108)		1,879
Capital lease obligation interest - cash ground rent		(1,404)		—		—		—		—		(1,404)
Gain on sale of assets, net		(226,234)		—		—		11,682		214,535		(17)
Severance costs associated with sale of BuyEfficient		1,636		—		—		(1,636)		—		—
Loss on extinguishment of debt		2,964		—		—		—		(2,936)		28
Gain on redemption of note receivable		(939)		—		—		—		—		(939)
Prior year property tax adjustments, net		(865)		—		—		—		—		(865)
Property-level restructuring, severance and management transition costs		1,219		—		—		—		—		1,219
Lease termination costs		300		—		—		—		—		300
Costs associated with CEO severance		5,257		—		—		—		—		5,257
Noncontrolling interests:
Non-cash straightline lease expense		(450)		—		—		—		—		(450)
Discontinued operations:
Gain on sale of assets, net		(16,000)		16,000		—		—		—		—
		(227,616)		16,000		—		10,046		211,491		9,921
Adjusted EBITDA	$	351,332	$	—	$	(1,558)	$	(2,013)	$	(19,038)	$	328,723

*Footnotes on page  27

CORPORATE  FINANCIAL INFORMATION								Page 25

Supplemental Financial Information
February 22, 2016

Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders
FY 2015

	Year Ended December 31, 2015
					Disposition:		Disposition:		Disposition:
			Discontinued		Preferred		BuyEfficient,		Doubletree		Pro
(In thousands, except per share amounts)	Actual (1)		Operations (6)		Equity (2)		LLC (3)		Times Square (4)		Forma (5)
Net income	$	355,519	$	(15,895)	$	(1,558)	$	(10,610)	$	(214,573)	$	112,883
Preferred stock dividends		(9,200)		—		—		—		—		(9,200)
Operations held for investment:
Real estate depreciation and amortization		163,361		—		—		—		(5,868)		157,493
Amortization of lease intangibles		3,791		—		—		—		(3,538)		253
Gain on sale of assets, net		(226,234)		—		—		11,682		214,535		(17)
Noncontrolling interests:
Income from consolidated joint ventures attributable to noncontrolling interests		(8,164)		—		—		—		—		(8,164)
Real estate depreciation and amortization		(3,432)		—		—		—		—		(3,432)
Discontinued operations:
Gain on sale of assets, net		(16,000)		16,000		—		—		—		—
FFO attributable to common stockholders		259,641		105		(1,558)		1,072		(9,444)		249,816
Operations held for investment:
Write-off of deferred financing fees		455		—		—		—		—		455
Amortization of favorable and unfavorable contracts, net		(1,623)		—		—		—		—		(1,623)
Non-cash straightline lease expense		1,987		—		—		—		(108)		1,879
Non-cash interest related to gain on derivatives, net		(309)		—		—		—		-		(309)
Loss on extinguishment of debt		2,964		—		—		—		(2,936)		28
Gain on redemption of note receivable		(939)		—		—		—		—		(939)
Prior year property tax adjustments, net		(865)		—		—		—		—		(865)
Property-level restructuring, severance and management transition costs		1,219		—		—		—		—		1,219
Lease termination costs		300		—		—		—		—		300
Costs associated with CEO severance		5,257		—		—		—		—		5,257
Amortization of deferred stock compensation associated with CEO severance		1,623		—		—		—		—		1,623
Severance costs associated with sale of BuyEfficient		1,636		—		—		(1,636)		—		—
Income tax provision related to gain on sale of BuyEfficient		720		—		—		(720)		—		—
Noncontrolling interests:
Non-cash straightline lease expense		(450)		—		—		—		—		(450)
Non-cash interest related to loss on derivative, net		(3)		—		—		—		—		(3)
Discontinued operations:
Income tax provision		105		(105)		—		—		—		—
		12,077		(105)		—		(2,356)		(3,044)		6,572
Adjusted FFO attributable to common stockholders	$	271,718	$	—	$	(1,558)	$	(1,284)	$	(12,488)	$	256,388
FFO attributable to common stockholders per diluted share	$	1.25									$	1.20
Adjusted FFO attributable to common stockholders per diluted share	$	1.31									$	1.23
Basic weighted average shares outstanding		207,350										207,350
Shares associated with unvested restricted stock awards		262										262
Diluted weighted average shares outstanding		207,612										207,612

*Footnotes on page  27

CORPORATE  FINANCIAL INFORMATION								Page 26

Supplemental Financial Information
February 22, 2016

Pro Forma Reconciliation of Net Income to EBITDA, Adjusted EBITDA,  FFO and

Adjusted FFO Attributable to Common Stockholders

2015 Footnotes

(1) Actual represents the Company's ownership results as reported for the respective periods.

(2) Disposition: Preferred Equity represents the reduction of interest income from the 11% dividend on the $25.0 million preferred equity investment that the Company retained on the January 2013 disposition of the Rochester Portfolio due to its sale on July 24, 2015.

(3) Disposition: BuyEfficient, LLC represents the Company's ownership results from its electronic purchasing platform that was sold on September 30, 2015.

(4) Disposition: Doubletree Times Square represents the Company's ownership results from the Doubletree Guest Suites Times Square that was sold on December 18, 2015.

(5) Pro Forma represents the Company's ownership results for the pro forma 29 hotel portfolio.

(6) Discontinued Operations represents the recognition of a net deferred gain on the January 2013 sale of the Rochester Portfolio.

CORPORATE  FINANCIAL INFORMATION								Page 27

Supplemental Financial Information
February 22, 2016

Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA
FY 2014

	Year Ended December 31, 2014
					Acquisition:		Acquisition:		Issuance:		Disposition:		Disposition:		Disposition:
			Discontinued		Fairmont Newport		Marriott		Common		Preferred		BuyEfficient,		Doubletree		Pro
(In thousands, except per share amounts)	Actual (1)		Operations (2)		Beach Land (3)		Wailea (4)		Stock (5)		Equity (6)		LLC (7)		Times Square (8)		Forma (9)
Net income	$	87,939	$	(4,849)	$	279	$	7,350	$	—	$	(2,788)	$	(1,441)	$	(6,186)	$	80,304
Operations held for investment:
Depreciation and amortization		155,845		—		—		4,260		—		—		(944)		(5,982)		153,179
Amortization of lease intangibles		4,113		—		—		—		—		—		—		(3,860)		253
Interest expense		72,315		—		—		—		—		—		—		(6,873)		65,442
Income tax provision		179		—		—		—		—		—		—		—		179
Noncontrolling interests:
Income from consolidated joint venture attributable to noncontrolling interests		(6,708)		—		—		—		—		—		—		—		(6,708)
Depreciation and amortization		(3,335)		—		—		—		—		—		—		—		(3,335)
Interest expense		(2,020)		—		—		—		—		—		—		—		(2,020)
EBITDA		308,328		(4,849)		279		11,610		—		(2,788)		(2,385)		(22,901)		287,294
Operations held for investment:
Amortization of deferred stock compensation		6,221		—		—		—		—		—		—		—		6,221
Amortization of favorable and unfavorable contracts, net		166		—		—		—		—		—		—		—		166
Non-cash straightline lease expense		2,021		—		—		—		—		—		—		(118)		1,903
Capital lease obligation interest - cash ground rent		(1,404)		—		—		—		—		—		—		—		(1,404)
Gain on sale of assets		(93)		—		—		—		—		—		—		—		(93)
Loss on extinguishment of debt		4,638		—		—		—		—		—		—		—		4,638
Closing costs - completed acquisitions		541		—		—		—		—		—		—		—		541
Prior year property tax adjustments, net		(3,305)		—		—		—		—		—		—		—		(3,305)
Property-level restructuring costs		675		—		—		—		—		—		—		—		675
Noncontrolling interests:
Non-cash straightline lease expense		(450)		—		—		—		—		—		—		—		(450)
Loss on extinguishment of debt		(133)		—		—		—		—		—		—		—		(133)
Prior year property tax adjustments, net		696		—		—		—		—		—		—		—		696
Discontinued operations:
Gain on sale of assets, net		(5,199)		5,199		—		—		—		—		—		—		—
		4,374		5,199		—		—		—		—		—		(118)		9,455
Adjusted EBITDA	$	312,702	$	350	$	279	$	11,610	$	—	$	(2,788)	$	(2,385)	$	(23,019)	$	296,749

*Footnotes on page 30

CORPORATE  FINANCIAL INFORMATION								Page 28

Supplemental Financial Information
February 22, 2016

Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders
FY 2014

	Year Ended December 31, 2014
					Acquisition:		Acquisition:		Issuance:		Disposition:		Disposition:		Disposition:
			Discontinued		Fairmont Newport		Marriott		Common		Preferred		BuyEfficient,		Doubletree		Pro
(In thousands, except per share amounts)	Actual (1)		Operations (2)		Beach Land (3)		Wailea (4)		Stock (5)		Equity (6)		LLC (7)		Times Square (8)		Forma (9)
Net income	$	87,939	$	(4,849)	$	279	$	7,350	$	—	$	(2,788)	$	(1,441)	$	(6,186)	$	80,304
Preferred stock dividends		(9,200)		—		—		—		—		—		—		—		(9,200)
Operations held for investment:
Real estate depreciation and amortization		154,253		—		—		4,260		—		—		—		(5,982)		152,531
Amortization of lease intangibles		4,113		—		—		—		—		—		—		(3,860)		253
Gain on sale of assets		(93)		—		—		—		—		—		—		—		(93)
Noncontrolling interests:
Income from consolidated joint venture attributable to noncontrolling interests		(6,708)		—		—		—		—		—		—		—		(6,708)
Real estate depreciation and amortization		(3,335)		—		—		—		—		—		—		—		(3,335)
Discontinued operations:
Gain on sale of assets, net		(5,199)		5,199		—		—		—		—		—		—		—
FFO attributable to common stockholders		221,770		350		279		11,610		—		(2,788)		(1,441)		(16,028)		213,752
Operations held for investment:
Amortization of favorable and unfavorable contracts, net		166		—		—		—		—		—		—		—		166
Non-cash straightline lease expense		2,021		—		—		—		—		—		—		(118)		1,903
Non-cash interest related to gain on derivatives, net		(529)		—		—		—		—		—		—		—		(529)
Loss on extinguishment of debt		4,638		—		—		—		—		—		—		—		4,638
Closing costs - completed acquisitions		541		—		—		—		—		—		—		—		541
Prior year property tax adjustments, net		(3,305)		—		—		—		—		—		—		—		(3,305)
Income tax (benefit) provision related to prior years		(762)		—		—		—		—		—		—		—		(762)
Property-level restructuring costs		675		—		—		—		—		—		—		—		675
Noncontrolling interests:
Non-cash straightline lease expense		(450)		—		—		—		—		—		—		—		(450)
Loss on extinguishment of debt		(133)		—		—		—		—		—		—		—		(133)
Prior year property tax adjustments, net		696		—		—		—		—		—		—		—		696
		3,558		—		—		—		—		—		—		(118)		3,440
Adjusted FFO attributable to common stockholders	$	225,328	$	350	$	279	$	11,610	$	—	$	(2,788)	$	(1,441)	$	(16,146)	$	217,192
FFO attributable to common stockholders per diluted share	$	1.15															$	1.04
Adjusted FFO attributable to common stockholders per diluted share	$	1.17															$	1.06
Basic weighted average shares outstanding		192,674								11,995								204,669
Shares associated with unvested restricted stock awards		552								—								552
Diluted weighted average shares outstanding		193,226								11,995								205,221

*Footnotes on page 30

CORPORATE  FINANCIAL INFORMATION								Page 29

Supplemental Financial Information
February 22, 2016

Pro Forma Reconciliation of Net Income to EBITDA, Adjusted EBITDA,  FFO and

Adjusted FFO Attributable to Common Stockholders

2014 Footnotes

(1) Actual represents the Company's ownership results for the 30 hotels in which the Company had interests as of December 31, 2014.

(2) Discontinued Operations represents the recognition of a net deferred gain on the January 2013 sale of the Rochester Portfolio. It also includes worker's compensation claims which originated during the Company's periods of ownership at six hotels which were sold during 2004, 2005, 2010 and 2013.

(3) Acquisition: Fairmont Newport Beach Land represents the reduction in ground lease expense payable to a third party due to the Company's acquisition of approximately seven acres of land underlying the hotel on June 2, 2014.

(4) Acquisition: Marriott Wailea represents prior ownership results for the Wailea Beach Marriott Resort & Spa which was acquired by the Company on July 17, 2014, adjusted for the Company's pro forma depreciation expense. The Company obtained prior ownership information from the Wailea Beach Marriott Resort & Spa's previous owner during the due diligence period before acquiring the hotel. The Company performed a limited review of the information as a part of its analysis of the acquisition.

(5) Issuance: Common Stock represents the 99,460 shares, 650,304 shares and 602,939 shares issued in connection with the Company's ATM program in March 2014, November 2014 and December 2014, respectively, along with the 18,000,000 shares issued by the Company in connection with a common stock offering in June 2014, and the 4,034,970 shares issued directly to the seller of the Wailea Beach Marriott Resort & Spa in July 2014.

(6) Disposition: Preferred Equity represents the reduction of interest income from the 11% dividend on the $25.0 million preferred equity investment that the Company retained on the January 2013 disposition of the Rochester Portfolio due to its sale on July 24, 2015.

(7) Disposition: BuyEfficient, LLC represents the Company's ownership results from its electronic purchasing platform that was sold on September 30, 2015.

(8) Disposition: Doubletree Times Square represents the Company's ownership results from the Doubletree Guest Suites Times Square that was sold on December 18, 2015.

(9) Pro Forma represents the Company's ownership results and prior ownership results for the pro forma 29 hotel portfolio and land acquisition, as well as the effects of the common stock issuances in March, June, July, November and December 2014.

CORPORATE  FINANCIAL INFORMATION								Page 30

Supplemental Financial Information
February 22, 2016

EARNINGS GUIDANCE

EARNINGS GUIDANCE								Page 31

Supplemental Financial Information
February 22, 2016

Earnings Guidance for Q1 and FY 2016

The Company is providing guidance at this time, but does not undertake to make updates for any unanticipated developments in its business or changes in the operating environment. Achievement of the anticipated results is subject to risks and uncertainties, including those disclosed in the Company’s filings with the Securities and Exchange Commission. The Company’s guidance does not take into account the impact of any unanticipated developments in its business or changes in its operating environment, nor does it take into account any unannounced hotel acquisitions, dispositions, re-brandings, management changes, transition costs, severance costs associated with restructuring hotel services, early lease termination costs,  prior year property tax assessments and/or credits, debt repurchases/repayments, perpetual preferred redemptions or unannounced financings during 2016.  

For the first quarter of 2016, the Company expects:

Metric	Quarter Ended March 31, 2016 Guidance
Total Hotel RevPAR Growth	+ 0.5% - 2.5%
Comparable Hotel RevPAR Growth (1)	+ 1.5% - 3.5%
Net Income ($ millions)	$4 - $7
Adjusted EBITDA ($ millions)	$58 - $61
Adjusted FFO Attributable to Common Stockholders ($ millions)	$41 - $44
Adjusted FFO Attributable to Common Stockholders per Diluted Share	$0.19 - $0.21
Diluted Weighted Average Shares Outstanding	213,000,000

For the full year of 2016, the Company expects: 

Metric	Full Year 2016               Guidance
Total Hotel RevPAR Growth	+ 1.5% - 4.5%
Comparable Hotel RevPAR Growth (1)	+ 2.5% - 5.5%
Net Income ($ millions)	$110 - $133
Adjusted EBITDA ($ millions)	$319 - $343
Adjusted FFO Attributable to Common Stockholders ($ millions)	$252 - $275
Adjusted FFO Attributable to Common Stockholders per Diluted Share	$1.17 - $1.28
Diluted Weighted Average Shares Outstanding	215,000,000

(1) Comparable Hotel RevPAR Growth excludes the Wailea Beach Marriott Resort & Spa due to the hotel’s repositioning during 2016.

EARNINGS GUIDANCE								Page 32

Supplemental Financial Information
February 22, 2016

Earnings Guidance for Q1 and FY 2016

First quarter and full year 2016 guidance are based in part on the following assumptions:

· Full year revenue disruption of $14.0 million to $16.0 million, related to the repositioning at the Wailea Beach Marriott Resort & Spa, which is expected to negatively impact full year Comparable Hotel RevPAR by 100 to 125 basis points.

· Guarantee payment of $5.0 million related to the Wailea Beach Marriott Resort & Spa recorded in the fourth quarter.

· Full year Comparable Hotel Adjusted EBITDA Margin reduction of approximately 20 to 0 basis points, which excludes the Wailea Beach Marriott Resort & Spa and any guarantee payments, but does reflect the impact related to the end of the ground lease rent abatement at the Hilton San Diego Bayfront.

· Full year EBITDA includes approximately $6.0 million of expense related to the end of the ground lease rent abatement at the Hilton San Diego Bayfront.

· Full year corporate overhead expense (excluding stock amortization and one-time expenses related to acquisition closing costs) of approximately $22.5 million to $23.5 million.

· Full year interest expense of approximately $54.3 million to $55.1 million, including approximately $2.0 million in amortization of deferred financing fees, and excluding approximately $1.4 million of capital lease obligation interest.

· Full year expense of approximately $2.5 million to $3.0 million in one-time costs related to property-level restructuring, severance, management transition and lease termination costs, the majority of which is expected to occur during the first quarter. These expenses have been excluded from both Adjusted EBITDA and Adjusted FFO attributable to common stockholders.

· Full year preferred dividends of $9.2 million for the Series D cumulative redeemable preferred stock.

EARNINGS GUIDANCE								Page 33

Supplemental Financial Information
February 22, 2016

Reconciliation of Net Income to Adjusted EBITDA and Adjusted FFO  Attributable to Common Stockholders
Q1 and FY 2016

Reconciliation of Net Income to Adjusted EBITDA

		Quarter Ended				Year Ended
		March 31, 2016				December 31, 2016
(In thousands, except per share data)		Low		High		Low		High
Net income	$	3,600	$	6,900	$	110,100	$	133,400
Depreciation and amortization		40,900		40,900		158,800		158,800
Amortization of lease intangibles		100		100		300		300
Interest expense		13,700		13,700		54,300		55,100
Income tax provision		200		200		800		800
Noncontrolling interest		(3,100)		(3,500)		(12,900)		(13,500)
Amortization of deferred stock compensation		1,000		1,000		4,800		4,800
Non-cash straightline lease expense		400		400		1,700		1,700
Capital lease obligation interest - cash ground rent		(400)		(400)		(1,400)		(1,400)
Property-level restructuring, severance, management transition and lease termination costs		1,600		1,700		2,500		3,000
Adjusted EBITDA	$	58,000	$	61,000	$	319,000	$	343,000

Reconciliation of Net Income to Adjusted FFO  Attributable to Common Stockholders

Net income	$	3,600	$	6,900	$	110,100	$	133,400
Preferred stock dividends		(2,300)		(2,300)		(9,200)		(9,200)
Real estate depreciation and amortization		40,700		40,700		158,000		158,000
Amortization of lease intangibles		100		100		300		300
Noncontrolling interest		(2,700)		(3,100)		(11,400)		(12,000)
Non-cash straightline lease expense		400		400		1,700		1,700
Property-level restructuring, severance, management transition and lease termination costs		1,600		1,700		2,500		3,000
Adjusted FFO attributable to common stockholders	$	41,400	$	44,400	$	252,000	$	275,200
Adjusted FFO attributable to common stockholders per diluted share	$	0.19	$	0.21	$	1.17	$	1.28
Diluted weighted average shares outstanding		213,000		213,000		215,000		215,000

EARNINGS GUIDANCE								Page 34

Supplemental Financial Information
February 22, 2016

CAPITALIZATION

CAPITALIZATION								Page 35

Supplemental Financial Information
February 22, 2016

Comparative Capitalization
Q4 2015  –  Q4 2014

		Dec. 31,			Sept. 30,			June 30,			March 31,			Dec. 31,
(In thousands, except per share data)		2015			2015			2015			2015			2014
Common Share Price & Dividends
At the end of the quarter	$	12.49		$	13.23		$	15.01		$	16.67		$	16.51
High during quarter ended	$	14.99		$	15.97		$	17.08		$	17.98		$	17.17
Low during quarter ended	$	12.49		$	12.96		$	14.63		$	16.18		$	13.42
Common dividends per share (1)	$	1.26		$	0.05		$	0.05		$	0.05		$	0.36
Common Shares & Units
Common shares outstanding		208,591			208,591			208,697			208,686			206,650
Units outstanding		—			—			—			—			—
Total common shares and units outstanding		208,591			208,591			208,697			208,686			206,650
Capitalization
Market value of common equity	$	2,605,298		$	2,759,655		$	3,132,541		$	3,478,793		$	3,411,792
Liquidation value of preferred equity - Series D		115,000			115,000			115,000			115,000			115,000
Consolidated debt (2) (3)		1,087,265			1,311,996			1,318,657			1,324,078			1,429,292
Consolidated total capitalization		3,807,563			4,186,651			4,566,198			4,917,871			4,956,084
Noncontrolling interest in consolidated debt (3)		(56,352)			(56,536)			(56,718)			(56,897)			(57,074)
Pro rata total capitalization	$	3,751,211		$	4,130,115		$	4,509,480		$	4,860,974		$	4,899,010
Consolidated debt to total capitalization		28.6	%		31.3	%		28.9	%		26.9	%		28.8	%
Pro rata debt to pro rata total capitalization		27.5	%		30.4	%		28.0	%		26.1	%		28.0	%
Consolidated debt and preferred equity to total capitalization		31.6	%		34.1	%		31.4	%		29.3	%		31.2	%
Pro rata debt and preferred equity to total capitalization		30.5	%		33.2	%		30.5	%		28.4	%		30.4	%

(1) Fourth quarter 2015 and 2014 dividends were paid in a combination of cash and shares of the Company's common stock, pursuant to elections by individual stockholders.

(2) First quarter 2015 includes the effects of the Company's May 1, 2015 $99.1 million repayment of debt secured by four of its hotels: the Marriott Houston, the Marriott Park City, the Marriott Philadelphia and the Marriott Tysons Corner. Third quarter 2015 includes the effects of the Company's $85.0 million draw of the total available funds provided by the unsecured term loan under the Company's credit facility on October 29, 2015, as well as the use of these funds, along with cash on hand, on October 30, 2015 to repay the loan secured by the Renaissance Harborplace, which balance was $86.2 million on September 30, 2015. Fourth quarter 2015 includes the effects of the Company's $100.0 million draw of the total available funds provided by an unsecured term loan on January 29, 2016, as well as use of these funds, along with cash on hand, on February 1, 2016 to repay the loan secured by the Boston Park Plaza, which balance was $114.2 million on December 31, 2015.

(3) Represents the outstanding debt principal balance and excludes the effects of the adoption of Accounting Standards Update No. 2015-03 to present debt issuance costs as a deduction from the corresponding debt liability.

CAPITALIZATION								Page 36

Supplemental Financial Information
February 22, 2016

Consolidated Debt Summary Schedule

(In thousands)		Interest Rate /	Maturity		December 31, 2015			Subsequent		Pro Forma			Balance At
Debt	Collateral	Spread	Date		Balance			Events (1)		Balance			Maturity
Fixed Rate Debt
Secured Mortgage Debt	Renaissance Orlando at SeaWorld®	5.52%	07/01/2016		73,615			—		73,615			72,418
Secured Mortgage Debt	Embassy Suites Chicago	5.58%	03/01/2017		67,818			—		67,818			65,756
Secured Mortgage Debt	Marriott Boston Long Wharf	5.58%	04/11/2017		176,000			—		176,000			176,000
Secured Mortgage Debt	Boston Park Plaza	4.40%	02/01/2018		114,215			(114,215)		—			—
Secured Mortgage Debt	Hilton Times Square	4.97%	11/01/2020		84,994			—		84,994			76,145
Secured Mortgage Debt	Renaissance Washington DC	5.95%	05/01/2021		121,919			—		121,919			106,855
Term Loan Facility	Unsecured	3.39%	09/03/2022		85,000			—		85,000			85,000
Term Loan Facility	Unsecured	3.65%	01/31/2023		—			100,000		100,000			100,000
Secured Mortgage Debt	JW Marriott New Orleans	4.15%	12/11/2024		88,508			—		88,508			72,071
Secured Mortgage Debt	Embassy Suites La Jolla	4.12%	01/06/2025		64,004			—		64,004			51,987
Total Fixed Rate Debt					876,073			(14,215)		861,858			806,232
Secured Mortgage Debt	Hilton San Diego Bayfront	L + 2.25%	08/08/2019		225,407			—		225,407			213,513
Credit Facility	Unsecured	L + 1.55% - 2.30%	04/02/2019		—			—		—			—
Total Variable Rate Debt					225,407			—		225,407			213,513
TOTAL CONSOLIDATED DEBT				$	1,101,480		$	(14,215)	$	1,087,265		$	1,019,745
Preferred Stock
Series D cumulative redeemable preferred		8.00%	perpetual	$	115,000		$	—	$	115,000
Debt Statistics
% Fixed Rate Debt					79.5	%				79.3	%
% Floating Rate Debt					20.5	%				20.7	%
Average Interest Rate (2)					4.5	%				4.4	%
Weighted Average Maturity of Debt					4.0 years					4.3 years

(1) Subsequent Events reflect the $100.0 million draw of the total available funds provided by an unsecured term loan agreement on January 29, 2016. The Company used the proceeds on February 1, 2016, combined with cash on hand, to repay the loan secured by the Boston Park Plaza, which had a balance of $114.2 million as of December 31, 2015.  The Boston Park Plaza loan was scheduled to mature in February 2018, and was available to be repaid without penalty in February 2016. The $100.0 million unsecured term loan matures in January 2023, and bears interest based on a pricing grid with a range of 180 to 255 basis points over LIBOR, depending on the Company’s current leverage ratios. Additionally, the Company entered into a swap agreement effective January 29, 2016, fixing the LIBOR rate at 1.853% for the duration of the $100.0 million term loan. Based on the Company’s current leverage, the loan reflects a fixed rate of 3.653%. Following the repayment of the loan secured by the Boston Park Plaza in February 2016, the Company has 21 unencumbered hotels.

(2) Average Interest Rate on variable-rate debt obligations is calculated based on the variable rates at December 31, 2015, and includes the effect of the Company's interest rate derivative agreements.

CAPITALIZATION								Page 37

Supplemental Financial Information
February 22, 2016

Consolidated Amortization and Debt Maturity Schedule

(1) Pro Forma reflects the $100.0 million draw of the total available funds provided by an unsecured term loan agreement on January 29, 2016.  The Company used the proceeds on February 1, 2016, combined with cash on hand, to repay the loan secured by the Boston Park Plaza, which had a balance of $114.2 million as of December 31, 2015. The Boston Park Plaza loan was scheduled to mature in February 2018, and was available to be repaid without penalty in February 2016. The $100.0 million unsecured term loan matures in January 2023.

(2) Percent of Current Total Capitalization is calculated by dividing the sum of scheduled principal amortization and maturity payments by the December 31, 2015 consolidated total capitalization as presented on page 36.

CAPITALIZATION								Page 38

Supplemental Financial Information
February 22, 2016

PROPERTY-LEVEL DATA

PROPERTY-LEVEL DATA								Page 39

Supplemental Financial Information
February 22, 2016

Property-Level Data

Hotel		Location	Brand	Number of Rooms	% of Total Rooms	Ownership Interest	Interest	Leasehold Maturity(1)	Year Acquired
1	Hilton San Diego Bayfront	California	Hilton	1,190	8.60%	75%	Leasehold	2071	2011
2	Boston Park Plaza	Massachusetts	Independent	1,054	7.61%	100%	Fee Simple		2013
3	Renaissance Washington DC	Washington DC	Marriott	807	5.83%	100%	Fee Simple		2005
4	Hyatt Regency San Francisco	California	Hyatt	804	5.81%	100%	Fee Simple		2013
5	Renaissance Orlando at SeaWorld® (2)	Florida	Marriott	781	5.64%	100%	Fee Simple		2005
6	Renaissance Harborplace	Maryland	Marriott	622	4.49%	100%	Leasehold	2085	2005
7	Wailea Beach Marriott Resort & Spa	Hawaii	Marriott	543	3.92%	100%	Fee Simple		2014
8	Renaissance Los Angeles Airport	California	Marriott	501	3.62%	100%	Fee Simple		2007
9	JW Marriott New Orleans (3)	Louisiana	Marriott	501	3.62%	100%	Leasehold	2081	2011
10	Hilton North Houston	Texas	Hilton	480	3.47%	100%	Fee Simple		2002
11	Marriott Quincy	Massachusetts	Marriott	464	3.35%	100%	Fee Simple		2007
12	Hilton Times Square	New York	Hilton	460	3.32%	100%	Leasehold	2091	2006
13	Fairmont Newport Beach	California	Fairmont	444	3.21%	100%	Fee Simple		2005
14	Hyatt Chicago Magnificent Mile	Illinois	Hyatt	419	3.03%	100%	Leasehold	2097	2012
15	Marriott Boston Long Wharf	Massachusetts	Marriott	412	2.98%	100%	Fee Simple		2007
16	Hyatt Regency Newport Beach	California	Hyatt	407	2.94%	100%	Leasehold	2048	2002
17	Marriott Tysons Corner	Virginia	Marriott	396	2.86%	100%	Fee Simple		2002
18	Marriott Houston	Texas	Marriott	390	2.82%	100%	Fee Simple		2002
19	Renaissance Long Beach	California	Marriott	374	2.70%	100%	Fee Simple		2005
20	Embassy Suites Chicago	Illinois	Hilton	368	2.66%	100%	Fee Simple		2002
21	Hilton Garden Inn Chicago Downtown/Magnificent Mile	Illinois	Hilton	361	2.61%	100%	Fee Simple		2012
22	Renaissance Westchester	New York	Marriott	348	2.51%	100%	Fee Simple		2010
23	Embassy Suites La Jolla	California	Hilton	340	2.46%	100%	Fee Simple		2006
24	Marriott Philadelphia	Pennsylvania	Marriott	289	2.09%	100%	Fee Simple		2002
25	Hilton New Orleans St. Charles	Louisiana	Hilton	252	1.82%	100%	Fee Simple		2013
26	Marriott Portland	Oregon	Marriott	249	1.80%	100%	Fee Simple		2000
27	Sheraton Cerritos	California	Sheraton	203	1.47%	100%	Leasehold	2087	2005
28	Marriott Park City	Utah	Marriott	199	1.44%	100%	Fee Simple		1999
29	Courtyard by Marriott Los Angeles	California	Marriott	187	1.35%	100%	Leasehold	2096	1999
	Total portfolio			13,845	100%

(1) Assumes the full exercise of all lease extensions.

(2) Reflects 100% economic interest in the Renaissance Orlando at SeaWorld®. Pursuant to certain partnership loans, the Company recognizes and expects to continue to recognize 100% of all economics from the property.

(3) Hotel is subject to a ground lease that expires in 2081. In addition, it is also subject to a municipal air rights lease that matures in 2044 that applies only to certain balcony space and is not integral to the hotel operation.

PROPERTY-LEVEL DATA								Page 40

Supplemental Financial Information
February 22, 2016

PROPERTY-LEVEL OPERATING STATISTICS

PROPERTY-LEVEL OPERATING STATISTICS								Page 41

Supplemental Financial Information
February 22, 2016

Property-Level Operating Statistics

Q4 2015/2014

	Hotels sorted by number of rooms	ADR					Occupancy			RevPAR
		For the Three Months Ended December 31,					For the Three Months Ended December 31,			For the Three Months Ended December 31,
		2015		2014		Variance	2015	2014	Variance	2015		2014		Variance
1	Hilton San Diego Bayfront	$	216.26	$	194.76	11.0%	80.3%	80.6%	-0.4%	$	173.66	$	156.98	10.6%
2	Boston Park Plaza (1)	$	202.57	$	181.42	11.7%	74.1%	76.4%	-3.0%	$	150.10	$	138.60	8.3%
3	Renaissance Washington DC	$	213.75	$	202.48	5.6%	70.6%	70.2%	0.6%	$	150.91	$	142.14	6.2%
4	Hyatt Regency San Francisco	$	283.64	$	267.53	6.0%	87.7%	83.9%	4.5%	$	248.75	$	224.46	10.8%
5	Renaissance Orlando at SeaWorld ®	$	150.10	$	134.06	12.0%	71.6%	72.2%	-0.8%	$	107.47	$	96.79	11.0%
6	Renaissance Harborplace	$	173.74	$	171.73	1.2%	67.2%	62.8%	7.0%	$	116.75	$	107.85	8.3%
7	Wailea Beach Marriott Resort & Spa (1)	$	266.09	$	264.52	0.6%	74.9%	87.3%	-14.2%	$	199.30	$	230.93	-13.7%
8	Renaissance Los Angeles Airport	$	141.97	$	131.13	8.3%	84.6%	84.5%	0.1%	$	120.11	$	110.80	8.4%
9	JW Marriott New Orleans	$	195.22	$	200.93	-2.8%	77.2%	81.8%	-5.6%	$	150.71	$	164.36	-8.3%
10	Hilton North Houston	$	113.17	$	112.98	0.2%	80.0%	79.1%	1.1%	$	90.54	$	89.37	1.3%
11	Marriott Quincy	$	158.80	$	156.86	1.2%	73.1%	69.9%	4.6%	$	116.08	$	109.65	5.9%
12	Hilton Times Square	$	348.63	$	353.36	-1.3%	99.5%	99.8%	-0.3%	$	346.89	$	352.65	-1.6%
13	Fairmont Newport Beach	$	150.98	$	147.29	2.5%	68.8%	68.5%	0.4%	$	103.87	$	100.89	3.0%
14	Hyatt Chicago Magnificent Mile	$	194.48	$	201.23	-3.4%	85.3%	80.2%	6.4%	$	165.89	$	161.39	2.8%
15	Marriott Boston Long Wharf	$	312.57	$	299.87	4.2%	82.2%	82.9%	-0.8%	$	256.93	$	248.59	3.4%
16	Hyatt Regency Newport Beach	$	152.95	$	141.54	8.1%	75.8%	78.6%	-3.6%	$	115.94	$	111.25	4.2%
17	Marriott Tysons Corner	$	142.92	$	140.55	1.7%	72.1%	75.1%	-4.0%	$	103.05	$	105.55	-2.4%
18	Marriott Houston	$	110.87	$	117.14	-5.4%	81.5%	71.3%	14.3%	$	90.36	$	83.52	8.2%
19	Renaissance Long Beach	$	159.20	$	143.77	10.7%	73.2%	74.2%	-1.3%	$	116.53	$	106.68	9.2%
20	Embassy Suites Chicago	$	199.78	$	200.54	-0.4%	89.9%	90.2%	-0.3%	$	179.60	$	180.89	-0.7%
21	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	183.07	$	179.90	1.8%	77.2%	81.4%	-5.2%	$	141.33	$	146.44	-3.5%
22	Renaissance Westchester	$	148.62	$	146.85	1.2%	81.5%	76.0%	7.2%	$	121.13	$	111.61	8.5%
23	Embassy Suites La Jolla	$	165.74	$	151.64	9.3%	80.3%	81.9%	-2.0%	$	133.09	$	124.19	7.2%
24	Marriott Philadelphia	$	166.52	$	164.40	1.3%	66.7%	67.3%	-0.9%	$	111.07	$	110.64	0.4%
25	Hilton New Orleans St. Charles	$	177.45	$	176.65	0.5%	83.7%	74.0%	13.1%	$	148.53	$	130.72	13.6%
26	Marriott Portland	$	181.67	$	170.75	6.4%	86.0%	82.1%	4.8%	$	156.24	$	140.19	11.4%
27	Sheraton Cerritos	$	132.84	$	125.22	6.1%	89.8%	92.6%	-3.0%	$	119.29	$	115.95	2.9%
28	Marriott Park City	$	151.35	$	141.93	6.6%	42.1%	48.8%	-13.7%	$	63.72	$	69.26	-8.0%
29	Courtyard by Marriott Los Angeles	$	159.77	$	144.82	10.3%	94.3%	94.0%	0.3%	$	150.66	$	136.13	10.7%
	Comparable Portfolio (2)	$	195.39	$	187.71	4.1%	78.0%	78.0%	0.0%	$	152.40	$	146.41	4.1%

(1) Operating statistics for the fourth quarter 2015 are impacted by a major renovation at the Wailea Beach Marriott Resort & Spa. Operating statistics for the fourth quarter 2014 are impacted by a major renovation at the Boston Park Plaza.

(2) Comparable Portfolio includes all 29 hotels held for investment by the Company as of December 31, 2015. Includes prior ownership results as applicable for the Wailea Beach Marriott Resort & Spa. The Company obtained prior ownership information from the Wailea Beach Marriott Resort & Spa's previous owner 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. Operating statistics for the fourth quarter of 2014 have been adjusted for changes stipulated by the industry's Uniform System of Accounts for the Lodging Industry, Eleventh Revised Edition, which became effective January 1, 2015.

PROPERTY-LEVEL OPERATING STATISTICS								Page 42

Supplemental Financial Information
February 22, 2016

Property-Level Operating Statistics

FY  2015/2014

	Hotels sorted by number of rooms	ADR					Occupancy			RevPAR
		For the Year Ended December 31,					For the Year Ended December 31,			For the Year Ended December 31,
		2015		2014		Variance	2015	2014	Variance	2015		2014		Variance
1	Hilton San Diego Bayfront	$	227.17	$	210.73	7.8%	86.6%	86.5%	0.1%	$	196.73	$	182.28	7.9%
2	Boston Park Plaza (1)	$	194.88	$	175.11	11.3%	79.3%	84.9%	-6.6%	$	154.54	$	148.67	3.9%
3	Renaissance Washington DC	$	213.48	$	204.65	4.3%	78.3%	78.3%	0.0%	$	167.15	$	160.24	4.3%
4	Hyatt Regency San Francisco (1)	$	284.58	$	264.06	7.8%	89.9%	82.7%	8.7%	$	255.84	$	218.38	17.2%
5	Renaissance Orlando at SeaWorld ®	$	147.24	$	142.17	3.6%	75.7%	77.0%	-1.7%	$	111.46	$	109.47	1.8%
6	Renaissance Harborplace	$	170.05	$	171.96	-1.1%	70.1%	72.0%	-2.6%	$	119.21	$	123.81	-3.7%
7	Wailea Beach Marriott Resort & Spa (1) (2)	$	274.39	$	259.84	5.6%	83.0%	85.0%	-2.4%	$	227.74	$	220.86	3.1%
8	Renaissance Los Angeles Airport	$	146.69	$	130.84	12.1%	88.1%	89.2%	-1.2%	$	129.23	$	116.71	10.7%
9	JW Marriott New Orleans	$	193.87	$	191.42	1.3%	83.0%	82.2%	1.0%	$	160.91	$	157.35	2.3%
10	Hilton North Houston	$	115.49	$	113.47	1.8%	83.5%	84.1%	-0.7%	$	96.43	$	95.43	1.0%
11	Marriott Quincy	$	160.73	$	154.24	4.2%	76.4%	76.2%	0.3%	$	122.80	$	117.53	4.5%
12	Hilton Times Square	$	304.71	$	312.95	-2.6%	99.5%	99.7%	-0.2%	$	303.19	$	312.01	-2.8%
13	Fairmont Newport Beach	$	158.65	$	151.65	4.6%	77.0%	78.8%	-2.3%	$	122.16	$	119.50	2.2%
14	Hyatt Chicago Magnificent Mile	$	203.12	$	202.06	0.5%	83.2%	73.7%	12.9%	$	169.00	$	148.92	13.5%
15	Marriott Boston Long Wharf	$	323.45	$	299.97	7.8%	85.9%	87.1%	-1.4%	$	277.84	$	261.27	6.3%
16	Hyatt Regency Newport Beach	$	167.75	$	157.85	6.3%	83.6%	83.7%	-0.1%	$	140.24	$	132.12	6.1%
17	Marriott Tysons Corner	$	147.13	$	144.52	1.8%	77.9%	78.4%	-0.6%	$	114.61	$	113.30	1.2%
18	Marriott Houston	$	119.78	$	116.51	2.8%	82.2%	78.4%	4.8%	$	98.46	$	91.34	7.8%
19	Renaissance Long Beach (1)	$	164.84	$	148.18	11.2%	79.1%	76.6%	3.3%	$	130.39	$	113.51	14.9%
20	Embassy Suites Chicago	$	211.21	$	200.59	5.3%	90.3%	88.5%	2.0%	$	190.72	$	177.52	7.4%
21	Hilton Garden Inn Chicago Downtown/Magnificent Mile (1)	$	189.63	$	180.86	4.8%	82.5%	80.1%	3.0%	$	156.44	$	144.87	8.0%
22	Renaissance Westchester	$	145.49	$	145.07	0.3%	80.9%	77.5%	4.4%	$	117.70	$	112.43	4.7%
23	Embassy Suites La Jolla	$	179.40	$	168.41	6.5%	85.2%	86.3%	-1.3%	$	152.85	$	145.34	5.2%
24	Marriott Philadelphia	$	172.51	$	166.18	3.8%	70.8%	71.6%	-1.1%	$	122.14	$	118.98	2.7%
25	Hilton New Orleans St. Charles	$	174.76	$	170.56	2.5%	83.8%	73.5%	14.0%	$	146.45	$	125.36	16.8%
26	Marriott Portland	$	195.33	$	179.52	8.8%	87.0%	86.4%	0.7%	$	169.94	$	155.11	9.6%
27	Sheraton Cerritos	$	137.71	$	129.84	6.1%	91.0%	91.1%	-0.1%	$	125.32	$	118.28	6.0%
28	Marriott Park City	$	169.16	$	154.77	9.3%	58.5%	62.2%	-5.9%	$	98.96	$	96.27	2.8%
29	Courtyard by Marriott Los Angeles	$	163.91	$	152.39	7.6%	95.3%	96.3%	-1.0%	$	156.21	$	146.75	6.4%
	Comparable Portfolio (2)	$	197.35	$	187.22	5.4%	82.3%	81.9%	0.5%	$	162.42	$	153.33	5.9%

(1) Operating statistics for 2015 are impacted by major renovations at the Boston Park Plaza and the Wailea Beach Marriott Resort & Spa. Operating statistics for 2014 are impacted by major renovations at the following hotels: the Boston Park Plaza; the Hilton Garden Inn Chicago Downtown/Magnificent Mile; the Hyatt Regency San Francisco; and the Renaissance Long Beach.

(2) Comparable Portfolio includes all 29 hotels held for investment by the Company as of December 31, 2015. Includes prior ownership results as applicable for the Wailea Beach Marriott Resort & Spa acquired July 17, 2014. The Company obtained prior ownership information from the Wailea Beach Marriott Resort & Spa's previous owner 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. Operating statistics for 2014 have been adjusted for changes stipulated by the industry's Uniform System of Accounts for the Lodging Industry, Eleventh Revised Edition, which became effective January 1, 2015.

PROPERTY-LEVEL OPERATING STATISTICS								Page 43

Supplemental Financial Information
February 22, 2016

OPERATING STATISTICS BY BRAND & GEOGRAPHY

OPERATING STATISTICS BY BRAND & GEOGRAPHY								Page 44

Supplemental Financial Information
February 22, 2016

Comparable Portfolio Operating Statistics by Brand
Q4 & FY 2015/2014

		For the Three Months Ended December 31,
		2015					2014
	# of Hotels	Occ	ADR		RevPAR		Occ	ADR		RevPAR		RevPAR Change
Marriott	16	74.6%	$	181.33	$	135.27	74.8%	$	176.57	$	132.07	2.4%
Hilton (1)	7	83.8%	$	210.84	$	176.68	83.7%	$	203.06	$	169.96	4.0%
Hyatt	3	84.1%	$	230.97	$	194.25	81.6%	$	220.47	$	179.90	8.0%
Other (2)	3	74.6%	$	180.13	$	134.38	76.3%	$	165.27	$	126.10	6.6%
Comparable Portfolio (3)	29	78.0%	$	195.39	$	152.40	78.0%	$	187.71	$	146.41	4.1%
		For the Year Ended December 31,
		2015					2014
	# of Hotels	Occ	ADR		RevPAR		Occ	ADR		RevPAR		RevPAR Change
Marriott (4)	16	79.3%	$	185.17	$	146.84	79.4%	$	176.92	$	140.47	4.5%
Hilton (1)	7	87.5%	$	210.41	$	184.11	86.5%	$	202.65	$	175.29	5.0%
Hyatt	3	86.6%	$	236.31	$	204.64	80.6%	$	221.92	$	178.87	14.4%
Other (2)	3	80.1%	$	178.04	$	142.61	84.0%	$	163.52	$	137.36	3.8%
Comparable Portfolio (3)	29	82.3%	$	197.35	$	162.42	81.9%	$	187.22	$	153.33	5.9%

(1) Hilton excludes the Doubletree Guest Suites Times Square sold December 18, 2015.

(2) Other includes the Fairmont Newport Beach, the Sheraton Cerritos and the Boston Park Plaza.

(3) Comparable Portfolio includes all 29 hotels held for investment by the Company as of December 31, 2015. Excludes the Doubletree Guest Suites Times Square as noted above in Footnote 1. Includes prior ownership results as applicable for the Wailea Beach Marriott Resort & Spa as noted below in Footnote 4. Operating statistics for the fourth quarter and full year 2014 have been adjusted for changes stipulated by the industry's Uniform System of Accounts for the Lodging Industry, Eleventh Revised Edition, which became effective January 1, 2015.

(4) Marriott includes prior ownership results for the Wailea Beach Marriott Resort & Spa acquired July 17, 2014. The Company obtained prior ownership information from the Wailea Beach Marriott Resort & Spa's previous owner 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.

OPERATING STATISTICS BY BRAND & GEOGRAPHY								Page 45

Supplemental Financial Information
February 22, 2016

Comparable Portfolio Property-Level FY 2015 Adjusted EBITDA Contribution by Brand

Note: Includes 29 hotel Comparable Portfolio

OPERATING STATISTICS BY BRAND & GEOGRAPHY								Page 46

Supplemental Financial Information
February 22, 2016

Comparable Portfolio Operating Statistics by Region
Q4 & FY 2015/2014

		For the Three Months Ended December 31,
		2015					2014
	# of Hotels	Occ		ADR		RevPAR	Occ		ADR		RevPAR	RevPAR Change
California	9	81.0%	$	194.60	$	157.63	80.9%	$	178.82	$	144.67	9.0%
Other West	5	75.6%	$	169.57	$	128.19	77.0%	$	173.98	$	133.96	-4.3%
Midwest	3	84.2%	$	193.00	$	162.51	83.8%	$	194.47	$	162.97	-0.3%
East (1)	12	75.5%	$	203.98	$	154.00	75.2%	$	197.12	$	148.23	3.9%
Comparable Portfolio (2)	29	78.0%	$	195.39	$	152.40	78.0%	$	187.71	$	146.41	4.1%
		For the Year Ended December 31,
		2015					2014
	# of Hotels	Occ		ADR		RevPAR	Occ		ADR		RevPAR	RevPAR Change
California	9	86.0%	$	201.63	$	173.40	84.9%	$	185.65	$	157.62	10.0%
Other West (3)	5	80.9%	$	179.61	$	145.30	81.1%	$	171.62	$	139.18	4.4%
Midwest	3	85.3%	$	201.76	$	172.10	80.5%	$	194.92	$	156.91	9.7%
East (1)	12	79.6%	$	198.53	$	158.03	80.3%	$	191.59	$	153.85	2.7%
Comparable Portfolio (2)	29	82.3%	$	197.35	$	162.42	81.9%	$	187.22	$	153.33	5.9%

(1) East excludes the Doubletree Guest Suites Times Square sold December 18, 2015.

(2) Comparable Portfolio includes all 29 hotels held for investment by the Company as of December 31, 2015. Excludes the Doubletree Guest Suites Times Square as noted above in Footnote 1. Includes prior ownership results as applicable for the Wailea Beach Marriott Resort & Spa as noted below in Footnote 3. Operating statistics for the fourth quarter and full year 2014 have been adjusted for changes stipulated by the industry's Uniform System of Accounts for the Lodging Industry, Eleventh Revised Edition, which became effective January 1, 2015.

(3) Other West includes prior ownership results for the Wailea Beach Marriott Resort & Spa acquired July 17, 2014. The Company obtained prior ownership information from the Wailea Beach Marriott Resort & Spa's previous owner 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.

OPERATING STATISTICS BY BRAND & GEOGRAPHY								Page 47

Supplemental Financial Information
February 22, 2016

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS								Page 48

Supplemental Financial Information
February 22, 2016

Property-Level Adjusted EBITDA
Q4 & FY 2015/2014

	Hotels sorted by number of rooms		For the Three Months Ended December 31,					For the Year Ended December 31,
	(In thousands)		2015		2014			2015		2014
			Hotel Adjusted EBITDA (2)		Hotel Adjusted EBITDA (2)	% Change		Hotel Adjusted EBITDA (2)		Hotel Adjusted EBITDA (2)	% Change
1	Hilton San Diego Bayfront (1) (4)	$	11,506	$	9,403	22%	$	54,278	$	50,512	7%
2	Boston Park Plaza (3) (4)		5,961		4,901	22%		22,040		20,641	7%
3	Renaissance Washington DC		4,624		3,532	31%		21,792		20,411	7%
4	Hyatt Regency San Francisco (4)		6,187		5,038	23%		28,010		18,762	49%
5	Renaissance Orlando at SeaWorld ®		5,336		3,872	38%		20,713		19,039	9%
6	Renaissance Harborplace (3)		2,946		2,113	39%		11,515		12,036	-4%
7	Wailea Beach Marriott Resort & Spa (3)		4,111		5,481	-25%		21,637		20,391	6%
8	Renaissance Los Angeles Airport		1,888		1,624	16%		8,138		6,926	17%
9	JW Marriott New Orleans		3,164		3,758	-16%		13,475		13,837	-3%
10	Hilton North Houston (3)		1,403		1,273	10%		5,726		5,876	-3%
11	Marriott Quincy (3)		2,125		1,803	18%		9,603		8,280	16%
12	Hilton Times Square		5,091		5,614	-9%		14,070		16,954	-17%
13	Fairmont Newport Beach (3) (4)		1,490		1,435	4%		7,954		7,593	5%
14	Hyatt Chicago Magnificent Mile (3) (4)		1,654		2,895	-43%		7,312		7,378	-1%
15	Marriott Boston Long Wharf		5,390		4,885	10%		23,747		21,083	13%
16	Hyatt Regency Newport Beach (4)		1,805		1,176	53%		10,141		7,587	34%
17	Marriott Tysons Corner		1,702		1,589	7%		7,047		6,846	3%
18	Marriott Houston (3)		1,028		870	18%		4,873		4,282	14%
19	Renaissance Long Beach (4)		1,690		1,577	7%		7,554		5,823	30%
20	Embassy Suites Chicago (3) (4)		2,788		2,892	-4%		11,561		11,265	3%
21	Hilton Garden Inn Chicago Downtown/Magnificent Mile (3) (4)		1,527		2,011	-24%		7,643		7,889	-3%
22	Renaissance Westchester		1,158		795	46%		4,129		3,231	28%
23	Embassy Suites La Jolla (3)		2,001		1,833	9%		9,664		8,914	8%
24	Marriott Philadelphia		1,241		1,266	-2%		5,356		4,962	8%
25	Hilton New Orleans St. Charles		1,761		1,381	28%		6,311		5,099	24%
26	Marriott Portland		1,949		1,694	15%		8,542		7,717	11%
27	Sheraton Cerritos		992		941	5%		3,982		3,676	8%
28	Marriott Park City		(76)		25	-404%		2,197		2,049	7%
29	Courtyard by Marriott Los Angeles (4)		944		897	5%		4,351		4,056	7%
	Comparable Portfolio (5)	$	83,386	$	76,574	9%	$	363,361	$	333,115	9%

*Footnotes on page 50

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS								Page 49

Supplemental Financial Information
February 22, 2016

Property-Level Adjusted EBITDA
Q4 & FY 2015/2014 Footnotes

(1) Reflects 100% of the operating results for the Hilton San Diego Bayfront.

(2) Reconciliations to Net Income (Loss) provided on pages 57,  58,  60 and 61.

(3) Hotel Adjusted EBITDA for the fourth quarter of 2015 is impacted by a major renovation at the Wailea Beach Marriott Resort & Spa. Hotel Adjusted EBITDA for the full year 2015 is impacted by a major renovation at the Boston Park Plaza, and by a total of $0.9 million in prior year property tax credits (assessments), net of appeal fees, received at the following hotels: Embassy Suites Chicago $(35,000); Embassy Suites La Jolla $11,000; Fairmont Newport Beach $27,000; Hilton Garden Inn Chicago Downtown/Magnificent Mile $(42,000); Hilton North Houston $0.1 million; Hyatt Chicago Magnificent Mile $0.6 million; Marriott Houston $0.1 million; Marriott Quincy $34,000; and Renaissance Harborplace $0.1 million.

(4) Hotel Adjusted EBITDA for the fourth quarter of 2014 is impacted by a total of $0.8 million in prior year and current year property tax credits, net of appeal fees, received at the following hotels: Fairmont Newport Beach $35,000 prior year; Hyatt Chicago Magnificent Mile $0.8 million current year. Hotel Adjusted EBITDA for the fourth quarter of 2014 is also impacted by a major renovation at the Boston Park Plaza. Hotel Adjusted EBITDA for the full year 2014 is impacted by major renovations at the following hotels: the Hilton Garden Inn Chicago Downtown/Magnificent Mile; the Hyatt Regency San Francisco; the Renaissance Long Beach; and the Boston Park Plaza. Hotel Adjusted EBITDA for the full year 2014 is also impacted by a total of $4.1 million in prior year and current year property tax credits (assessments), net of appeal fees, received at the following hotels: Courtyard by Marriott Los Angeles $(7,000) prior year; Embassy Suites Chicago $0.2 million prior year; Fairmont Newport Beach $0.2 million prior year; Hilton Garden Inn Chicago Downtown/Magnificent Mile $0.2 million prior year; Hilton San Diego Bayfront $2.8 million prior year; Hyatt Chicago Magnificent Mile $0.8 million current year; and Hyatt Regency Newport Beach $3,000 prior year.

(5) Comparable Portfolio includes all 29 hotels held for investment by the Company as of December 31, 2015. Excludes the Doubletree Guest Suites Times Square sold December 18, 2015. Includes prior ownership results for the Wailea Beach Marriott Resort & Spa acquired July 17, 2014. The Company obtained prior ownership information from the Wailea Beach Marriott Resort & Spa's previous owner 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 ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS								Page 50

Supplemental Financial Information
February 22, 2016

Property-Level Adjusted EBITDA Margins
Q4 & FY 2015/2014

	Hotels sorted by number of rooms	For the Three Months Ended December 31,			For the Year Ended December 31,
		2015	2014	Change in	2015	2014	Change in
		Hotel Adjusted EBITDA Margin	Hotel Adjusted EBITDA Margin	bps	Hotel Adjusted EBITDA Margin	Hotel Adjusted EBITDA Margin	bps
1	Hilton San Diego Bayfront (1) (3)	36.2%	31.5%	470 bps	38.1%	37.9%	20 bps
2	Boston Park Plaza (2)	28.7%	26.9%	180 bps	28.5%	27.9%	60 bps
3	Renaissance Washington DC	24.9%	21.2%	370 bps	27.5%	26.8%	70 bps
4	Hyatt Regency San Francisco (3)	23.2%	21.0%	220 bps	26.5%	20.8%	570 bps
5	Renaissance Orlando at SeaWorld ®	30.7%	25.0%	570 bps	30.2%	29.2%	100 bps
6	Renaissance Harborplace (2)	27.2%	21.5%	570 bps	26.9%	27.8%	(90) bps
7	Wailea Beach Marriott Resort & Spa (2)	29.0%	34.6%	(560) bps	33.8%	33.6%	20 bps
8	Renaissance Los Angeles Airport	26.0%	23.0%	300 bps	26.3%	23.9%	240 bps
9	JW Marriott New Orleans	35.4%	37.5%	(210) bps	35.1%	36.5%	(140) bps
10	Hilton North Houston (2)	23.9%	21.0%	290 bps	23.5%	23.3%	20 bps
11	Marriott Quincy (2)	27.5%	25.3%	220 bps	30.6%	27.9%	270 bps
12	Hilton Times Square	31.4%	34.0%	(260) bps	25.0%	29.4%	(440) bps
13	Fairmont Newport Beach (2) (3)	21.4%	19.4%	200 bps	25.0%	24.0%	100 bps
14	Hyatt Chicago Magnificent Mile (2) (3)	18.4%	34.2%	(1,580) bps	20.4%	23.3%	(290) bps
15	Marriott Boston Long Wharf	39.3%	36.2%	310 bps	40.9%	38.0%	290 bps
16	Hyatt Regency Newport Beach (3)	22.0%	15.2%	680 bps	26.5%	21.2%	530 bps
17	Marriott Tysons Corner	31.7%	29.2%	250 bps	31.8%	31.3%	50 bps
18	Marriott Houston (2)	25.1%	21.7%	340 bps	27.5%	24.6%	290 bps
19	Renaissance Long Beach (3)	28.7%	27.5%	120 bps	29.7%	25.4%	430 bps
20	Embassy Suites Chicago (2) (3)	39.8%	40.9%	(110) bps	38.9%	40.2%	(130) bps
21	Hilton Garden Inn Chicago Downtown/Magnificent Mile (2) (3)	29.3%	37.2%	(790) bps	33.7%	37.3%	(360) bps
22	Renaissance Westchester	19.3%	13.7%	560 bps	18.1%	14.6%	350 bps
23	Embassy Suites La Jolla (2)	39.6%	39.1%	50 bps	43.1%	42.0%	110 bps
24	Marriott Philadelphia	27.2%	28.3%	(110) bps	28.8%	26.8%	200 bps
25	Hilton New Orleans St. Charles	45.2%	39.9%	530 bps	41.4%	38.7%	270 bps
26	Marriott Portland	46.0%	43.0%	300 bps	47.1%	45.8%	130 bps
27	Sheraton Cerritos	28.4%	28.4%	— bps	28.8%	27.8%	100 bps
28	Marriott Park City	-4.6%	1.4%	(600) bps	22.1%	20.9%	120 bps
29	Courtyard by Marriott Los Angeles (3)	31.0%	32.0%	(100) bps	34.5%	34.1%	40 bps
	Comparable Portfolio (4)	29.4%	28.2%	120 bps	30.9%	29.9%	100 bps
	Comparable Portfolio, excluding prior year property taxes, net (5)	29.4%	28.2%	120 bps	30.8%	29.6%	120 bps

*Footnotes on page 52

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS								Page 51

Supplemental Financial Information
February 22, 2016

Property-Level Adjusted EBITDA Margins
Q4 & FY 2015/2014 Footnotes

(1) Reflects 100% of the operating results for the Hilton San Diego Bayfront.

(2) Hotel Adjusted EBITDA for the fourth quarter of 2015 is impacted by a major renovation at the Wailea Beach Marriott Resort & Spa. Hotel Adjusted EBITDA for the full year 2015 is impacted by a major renovation at the Boston Park Plaza, and by a total of $0.9 million in prior year property tax credits (assessments), net of appeal fees, received at the following hotels: Embassy Suites Chicago $(35,000); Embassy Suites La Jolla $11,000; Fairmont Newport Beach $27,000; Hilton Garden Inn Chicago Downtown/Magnificent Mile $(42,000); Hilton North Houston $0.1 million; Hyatt Chicago Magnificent Mile $0.6 million; Marriott Houston $0.1 million; Marriott Quincy $34,000; and Renaissance Harborplace $0.1 million.

(3) Hotel Adjusted EBITDA for the fourth quarter of 2014 is impacted by a total of $0.8 million in prior year and current year property tax credits, net of appeal fees, received at the following hotels: Fairmont Newport Beach $35,000 prior year; Hyatt Chicago Magnificent Mile $0.8 million current year. Hotel Adjusted EBITDA for the fourth quarter of 2014 is also impacted by a major renovation at the Boston Park Plaza. Hotel Adjusted EBITDA for the full year 2014 is impacted by major renovations at the following hotels: the Hilton Garden Inn Chicago Downtown/Magnificent Mile; the Hyatt Regency San Francisco; the Renaissance Long Beach; and the Boston Park Plaza. Hotel Adjusted EBITDA for the full year 2014 is also impacted by a total of $4.1 million in prior year and current year property tax credits (assessments), net of appeal fees, received at the following hotels: Courtyard by Marriott Los Angeles $(7,000) prior year; Embassy Suites Chicago $0.2 million prior year; Fairmont Newport Beach $0.2 million prior year; Hilton Garden Inn Chicago Downtown/Magnificent Mile $0.2 million prior year; Hilton San Diego Bayfront $2.8 million prior year; Hyatt Chicago Magnificent Mile $0.8 million current year; and Hyatt Regency Newport Beach $3,000 prior year.

(4) Comparable Portfolio includes all 29 hotels held for investment by the Company as of December 31, 2015. Excludes the Doubletree Guest Suites Times Square sold December 18, 2015. Includes prior ownership results for the Wailea Beach Marriott Resort & Spa acquired July 17, 2014. The Company obtained prior ownership information from the Wailea Beach Marriott Resort & Spa's previous owner 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.

(5) Comparable Portfolio, excluding prior year property taxes, net represents the 29 hotel Comparable Portfolio adjusted to exclude the prior year property tax related items noted in Footnotes 2 and 3 above. 

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS								Page 52

Supplemental Financial Information
February 22, 2016

Property-Level Adjusted EBITDA Reconciliation Q1 2015

	Hotels sorted by number of rooms		For the Three Months Ended March 31, 2015
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
	��	Total		Net Income /		Other						Hotel		Adjusted EBITDA
		Revenues		(Loss)		Adjustments (2)		Depreciation		Interest Expense		Adjusted EBITDA		Margins
1	Hilton San Diego Bayfront (1)	$	37,112	$	8,703	$	450	$	3,388	$	1,510	$	14,051	37.9%
2	Boston Park Plaza (3)		8,637		(7,347)		983		3,369		1,291		(1,704)	-19.7%
3	Renaissance Washington DC		18,931		641		—		2,393		1,866		4,900	25.9%
4	Hyatt Regency San Francisco		24,053		2,449		—		2,994		—		5,443	22.6%
5	Renaissance Orlando at SeaWorld ®		20,670		4,514		—		2,256		1,048		7,818	37.8%
6	Renaissance Harborplace		9,058		(1,469)		—		1,717		1,153		1,401	15.5%
7	Wailea Beach Marriott Resort & Spa		19,065		5,344		—		2,465		—		7,809	41.0%
8	Renaissance Los Angeles Airport		7,616		1,120		—		679		—		1,799	23.6%
9	JW Marriott New Orleans		11,037		1,944		1		1,343		946		4,234	38.4%
10	Hilton North Houston (3)		6,657		570		—		915		451		1,936	29.1%
11	Marriott Quincy		5,809		(107)		—		1,119		—		1,012	17.4%
12	Hilton Times Square		10,683		(2,918)		87		2,526		1,214		909	8.5%
13	Fairmont Newport Beach		8,372		1,026		—		1,133		—		2,159	25.8%
14	Hyatt Chicago Magnificent Mile		5,440		(2,156)		—		1,486		—		(670)	-12.3%
15	Marriott Boston Long Wharf		10,737		(1,607)		—		2,101		2,459		2,953	27.5%
16	Hyatt Regency Newport Beach		8,724		1,351		—		864		—		2,215	25.4%
17	Marriott Tysons Corner		5,330		186		—		797		549		1,532	28.7%
18	Marriott Houston (3)		4,578		578		—		579		282		1,439	31.4%
19	Renaissance Long Beach		6,479		1,116		—		781		—		1,897	29.3%
20	Embassy Suites Chicago		4,894		(878)		—		914		973		1,009	20.6%
21	Hilton Garden Inn Chicago Downtown/Magnificent Mile		3,343		(410)		—		730		—		320	9.6%
22	Renaissance Westchester		4,668		(509)		—		839		—		330	7.1%
23	Embassy Suites La Jolla		5,302		671		—		881		680		2,232	42.1%
24	Marriott Philadelphia		4,080		(103)		—		479		334		710	17.4%
25	Hilton New Orleans St. Charles		4,326		1,406		—		393		—		1,799	41.6%
26	Marriott Portland		3,855		1,189		—		407		—		1,596	41.4%
27	Sheraton Cerritos		3,324		493		—		416		—		909	27.3%
28	Marriott Park City		4,439		1,343		—		453		185		1,981	44.6%
29	Courtyard by Marriott Los Angeles		2,944		709		—		310		—		1,019	34.6%
	Comparable Portfolio (4)	$	270,163	$	17,849	$	1,521	$	38,727	$	14,941	$	73,038	27.0%
	Add: Sold Hotel (5)
	Doubletree Guest Suites Times Square (1)		12,125		(3,064)		994		1,583		1,678		1,191	9.8%
	Actual Portfolio (6)	$	282,288	$	14,785	$	2,515	$	40,310	$	16,619	$	74,229	26.3%

*Footnotes on page 56

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS								Page 53

Supplemental Financial Information
February 22, 2016

Property-Level Adjusted EBITDA Reconciliation Q2 2015

	Hotels sorted by number of rooms		For the Three Months Ended June 30, 2015
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
		Total		Net Income /		Other						Hotel		Adjusted EBITDA
		Revenues		(Loss)		Adjustments (2)		Depreciation		Interest Expense		Adjusted EBITDA		Margins
1	Hilton San Diego Bayfront (1)	$	38,089	$	9,933	$	450	$	3,418	$	1,542	$	15,343	40.3%
2	Boston Park Plaza		24,092		4,472		—		3,441		1,299		9,212	38.2%
3	Renaissance Washington DC		24,656		4,337		—		2,488		1,858		8,683	35.2%
4	Hyatt Regency San Francisco		26,800		4,675		—		3,167		—		7,842	29.3%
5	Renaissance Orlando at SeaWorld ®		16,632		1,601		—		2,221		1,051		4,873	29.3%
6	Renaissance Harborplace		11,458		600		—		1,698		1,154		3,452	30.1%
7	Wailea Beach Marriott Resort & Spa		16,316		3,132		—		2,466		—		5,598	34.3%
8	Renaissance Los Angeles Airport		7,771		1,360		—		682		—		2,042	26.3%
9	JW Marriott New Orleans		10,664		1,876		(5)		1,370		955		4,196	39.3%
10	Hilton North Houston (3)		5,913		(137)		—		886		454		1,203	20.3%
11	Marriott Quincy		8,718		2,028		—		1,110		—		3,138	36.0%
12	Hilton Times Square		14,732		597		83		2,528		1,225		4,433	30.1%
13	Fairmont Newport Beach (3)		8,115		1,177		—		1,098		—		2,275	28.0%
14	Hyatt Chicago Magnificent Mile (3)		10,891		2,424		—		1,430		—		3,854	35.4%
15	Marriott Boston Long Wharf		16,449		2,962		—		2,082		2,486		7,530	45.8%
16	Hyatt Regency Newport Beach		10,280		1,740		—		857		—		2,597	25.3%
17	Marriott Tysons Corner		6,195		1,244		—		803		182		2,229	36.0%
18	Marriott Houston		4,814		719		—		588		93		1,400	29.1%
19	Renaissance Long Beach		6,488		1,250		—		765		—		2,015	31.1%
20	Embassy Suites Chicago (3)		9,136		2,120		—		921		977		4,018	44.0%
21	Hilton Garden Inn Chicago Downtown/Magnificent Mile (3)		7,091		2,508		—		741		—		3,249	45.8%
22	Renaissance Westchester		6,343		819		—		825		—		1,644	25.9%
23	Embassy Suites La Jolla (3)		5,721		1,014		—		859		684		2,557	44.7%
24	Marriott Philadelphia		5,402		1,394		—		484		112		1,990	36.8%
25	Hilton New Orleans St. Charles		4,105		1,375		—		398		—		1,773	43.2%
26	Marriott Portland		4,552		1,707		—		409		—		2,116	46.5%
27	Sheraton Cerritos		3,460		704		—		412		—		1,116	32.3%
28	Marriott Park City		1,549		(618)		—		438		61		(119)	-7.7%
29	Courtyard by Marriott Los Angeles		3,095		806		—		303		—		1,109	35.8%
	Comparable Portfolio (4)	$	319,527	$	57,819	$	528	$	38,888	$	14,133	$	111,368	34.9%
	Add: Sold Hotel (5)
	Doubletree Guest Suites Times Square (1)		17,696		1,844		992		1,588		1,707		6,131	34.6%
	Actual Portfolio (6)	$	337,223	$	59,663	$	1,520	$	40,476	$	15,840	$	117,499	34.8%

*Footnotes on page 56

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS								Page 54

Supplemental Financial Information
February 22, 2016

Property-Level Adjusted EBITDA Reconciliation Q3 2015

	Hotels sorted by number of rooms		For the Three Months Ended September 30, 2015
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
		Total		Net Income /		Other						Hotel		Adjusted EBITDA
		Revenues		(Loss)		Adjustments (2)		Depreciation		Interest Expense		Adjusted EBITDA		Margins
1	Hilton San Diego Bayfront (1)	$	35,552	$	7,928	$	450	$	3,456	$	1,544	$	13,378	37.6%
2	Boston Park Plaza		23,733		3,508		—		3,755		1,308		8,571	36.1%
3	Renaissance Washington DC		17,111		(1,072)		366		2,442		1,849		3,585	21.0%
4	Hyatt Regency San Francisco		28,157		5,348		—		3,190		—		8,538	30.3%
5	Renaissance Orlando at SeaWorld ®		13,988		(542)		—		2,174		1,054		2,686	19.2%
6	Renaissance Harborplace (3)		11,498		909		—		1,652		1,155		3,716	32.3%
7	Wailea Beach Marriott Resort & Spa		14,467		1,650		—		2,469		—		4,119	28.5%
8	Renaissance Los Angeles Airport		8,241		1,718		—		691		—		2,409	29.2%
9	JW Marriott New Orleans		7,730		(499)		1		1,421		958		1,881	24.3%
10	Hilton North Houston		5,892		(142)		—		870		456		1,184	20.1%
11	Marriott Quincy (3)		9,168		2,209		—		1,119		—		3,328	36.3%
12	Hilton Times Square		14,522		(208)		81		2,528		1,236		3,637	25.0%
13	Fairmont Newport Beach		8,415		944		—		1,086		—		2,030	24.1%
14	Hyatt Chicago Magnificent Mile (3)		10,481		1,058		—		1,416		—		2,474	23.6%
15	Marriott Boston Long Wharf		17,185		3,278		—		2,082		2,514		7,874	45.8%
16	Hyatt Regency Newport Beach		11,128		2,650		—		874		—		3,524	31.7%
17	Marriott Tysons Corner		5,242		792		—		792		—		1,584	30.2%
18	Marriott Houston		4,216		408		—		598		—		1,006	23.9%
19	Renaissance Long Beach		6,613		1,205		—		747		—		1,952	29.5%
20	Embassy Suites Chicago		8,664		1,843		—		921		982		3,746	43.2%
21	Hilton Garden Inn Chicago Downtown/Magnificent Mile		7,026		1,809		—		738		—		2,547	36.3%
22	Renaissance Westchester		5,780		172		—		825		—		997	17.2%
23	Embassy Suites La Jolla		6,327		1,327		—		858		689		2,874	45.4%
24	Marriott Philadelphia		4,536		918		20		477		—		1,415	31.2%
25	Hilton New Orleans St. Charles		2,927		305		88		585		—		978	33.4%
26	Marriott Portland		5,480		2,468		—		413		—		2,881	52.6%
27	Sheraton Cerritos		3,530		564		—		401		—		965	27.3%
28	Marriott Park City		2,293		(19)		—		430		—		411	17.9%
29	Courtyard by Marriott Los Angeles		3,520		986		—		293		—		1,279	36.3%
	Comparable Portfolio (4)	$	303,422	$	41,515	$	1,006	$	39,303	$	13,745	$	95,569	31.5%
	Add: Sold Hotel (5)
	Doubletree Guest Suites Times Square (1)		19,097		2,279		991		1,618		1,712		6,600	34.6%
	Actual Portfolio (6)	$	322,519	$	43,794	$	1,997	$	40,921	$	15,457	$	102,169	31.7%

*Footnotes on page 56

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS								Page 55

Supplemental Financial Information
February 22, 2016

Property-Level Adjusted EBITDA Reconciliation
Q1, Q2 & Q3 2015 Footnotes

(1) Reflects 100% of the operating results for both the Doubletree Guest Suites Times Square and the Hilton San Diego Bayfront.

(2) Other Adjustments for the three months ended March 31, 2015 include: a total of $0.7 million in property-level restructuring, severance and management transition costs at the Boston Park Plaza; $0.3 million in lease termination costs at the Boston Park Plaza; a total of $1.0 million in amortization of lease intangibles at the Doubletree Guest Suites Times Square, Hilton Times Square and  JW Marriott New Orleans; and a total of $0.5 million in non-cash straightline lease expense at the Doubletree Guest Suites Times Square, Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans. Other Adjustments for the three months ended June 30, 2015 include: a total of $1.0 million in amortization of lease intangibles at the Doubletree Guest Suites Times Square, Hilton Times Square and  JW Marriott New Orleans; and a total of $0.5 million in non-cash straightline lease expense at the Doubletree Guest Suites Times Square, Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans. Other Adjustments for the three months ended September 30, 2015 include: a total of $0.5 million in  property-level restructuring, severance and management transition costs at the Hilton New Orleans St. Charles, the Marriott Philadelphia and the Renaissance Washington DC; a total of $1.0 million in amortization of lease intangibles at the Doubletree Guest Suites Times Square, Hilton Times Square and  JW Marriott New Orleans; and a total of $0.5 million in non-cash straightline lease expense at the Doubletree Guest Suites Times Square, Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans.

(3) Hotel Adjusted EBITDA for the first quarter of 2015 is impacted by a major renovation at the Boston Park Plaza, and by a total of $0.2 million in prior year property tax credits, net of appeal fees, received at the following hotels: Marriott Houston $84,000; and Hilton North Houston $104,000. Hotel Adjusted EBITDA for the second quarter of 2015 is impacted by a total of $(0.1) million in prior year property tax credits (assessments), net of appeal fees, received at the following hotels: Embassy Suites Chicago $(35,000); Embassy Suites La Jolla $11,000; Fairmont Newport Beach $27,000; Hilton Garden Inn Chicago Downtown/Magnificent Mile $(42,000); Hilton North Houston $(2,000); and Hyatt Chicago Magnificent Mile $(47,000). Hotel Adjusted EBITDA for the third quarter of 2015 is impacted by a total of $0.8 million in prior year property tax credits, net of appeal fees, received at the following hotels: Hyatt Chicago Magnificent Mile $0.6 million; Marriott Quincy $34,000; and Renaissance Harborplace $0.1 million.

(4) Comparable Portfolio for the three months ended March 31, 2015, June 30, 2015 and September 30, 2015 includes all 29 hotels held for investment by the Company as of December 31, 2015.

(5) Sold Hotel includes the Company's ownership results for the Doubletree Guest Suites Times Square. The Company sold its interests in the hotel on December 18, 2015.

(6) Actual Portfolio for the three months ended March 31, 2015, June 30, 2015 and September 30, 2015 includes the Company's ownership results for the Comparable Portfolio, plus the Company's ownership results for the Doubletree Guest Suites Times Square. The Company sold its interests in the Doubletree Guest Suites Times Square on December 18, 2015. 

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS								Page 56

Supplemental Financial Information
February 22, 2016

Property-Level Adjusted EBITDA Reconciliation Q4 2015

	Hotels sorted by number of rooms		For the Three Months Ended December 31, 2015
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
		Total		Net Income /		Other						Hotel		Adjusted EBITDA
		Revenues		(Loss)		Adjustments (2)		Depreciation		Interest Expense		Adjusted EBITDA		Margins
1	Hilton San Diego Bayfront (1)	$	31,781	$	6,038	$	451	$	3,466	$	1,551	$	11,506	36.2%
2	Boston Park Plaza		20,784		(95)		78		4,677		1,301		5,961	28.7%
3	Renaissance Washington DC		18,564		323		—		2,460		1,841		4,624	24.9%
4	Hyatt Regency San Francisco		26,713		2,986		—		3,201		—		6,187	23.2%
5	Renaissance Orlando at SeaWorld ®		17,396		2,105		—		2,185		1,046		5,336	30.7%
6	Renaissance Harborplace		10,833		868		—		1,692		386		2,946	27.2%
7	Wailea Beach Marriott Resort & Spa (3)		14,168		1,637		—		2,474		—		4,111	29.0%
8	Renaissance Los Angeles Airport		7,273		1,184		—		704		—		1,888	26.0%
9	JW Marriott New Orleans		8,928		693		2		1,514		955		3,164	35.4%
10	Hilton North Houston		5,865		193		—		859		351		1,403	23.9%
11	Marriott Quincy		7,733		997		—		1,128		—		2,125	27.5%
12	Hilton Times Square		16,232		1,245		81		2,531		1,234		5,091	31.4%
13	Fairmont Newport Beach		6,969		396		—		1,094		—		1,490	21.4%
14	Hyatt Chicago Magnificent Mile		8,989		227		—		1,427		—		1,654	18.4%
15	Marriott Boston Long Wharf		13,715		790		—		2,087		2,513		5,390	39.3%
16	Hyatt Regency Newport Beach		8,186		936		—		869		—		1,805	22.0%
17	Marriott Tysons Corner		5,372		910		—		792		—		1,702	31.7%
18	Marriott Houston		4,099		427		—		601		—		1,028	25.1%
19	Renaissance Long Beach		5,895		938		—		752		—		1,690	28.7%
20	Embassy Suites Chicago		7,004		892		—		920		976		2,788	39.8%
21	Hilton Garden Inn Chicago Downtown/Magnificent Mile		5,209		779		—		748		—		1,527	29.3%
22	Renaissance Westchester		6,010		306		—		852		—		1,158	19.3%
23	Embassy Suites La Jolla		5,049		428		—		887		686		2,001	39.6%
24	Marriott Philadelphia		4,570		758		—		483		—		1,241	27.2%
25	Hilton New Orleans St. Charles		3,896		1,142		(16)		635		—		1,761	45.2%
26	Marriott Portland		4,240		1,557		—		392		—		1,949	46.0%
27	Sheraton Cerritos		3,499		590		—		402		—		992	28.4%
28	Marriott Park City		1,654		(520)		—		444		—		(76)	-4.6%
29	Courtyard by Marriott Los Angeles		3,049		649		—		295		—		944	31.0%
	Comparable Portfolio (4)	$	283,675	$	29,379	$	596	$	40,571	$	12,840	$	83,386	29.4%
	Add: Sold Hotel (5)
	Doubletree Guest Suites Times Square (1)		15,653		1,915		669		1,079		1,453		5,116	32.7%
	Actual Portfolio (6)	$	299,328	$	31,294	$	1,265	$	41,650	$	14,293	$	88,502	29.6%

*Footnotes on page 59

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS								Page 57

Supplemental Financial Information
February 22, 2016

Property-Level Adjusted EBITDA Reconciliation Q4 2014

	Hotels sorted by number of rooms	For the Three Months Ended December 31, 2014
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
		Total		Net Income /		Other						Hotel		Adjusted EBITDA
		Revenues (7)		(Loss)		Adjustments(8)		Depreciation		Interest Expense		Adjusted EBITDA		Margins
1	Hilton San Diego Bayfront (1)	$	29,871	$	4,010	$	450	$	3,386	$	1,557	$	9,403	31.5%
2	Boston Park Plaza (3)		18,242		(132)		675		3,024		1,334		4,901	26.9%
3	Renaissance Washington DC		16,662		(750)		—		2,407		1,875		3,532	21.2%
4	Hyatt Regency San Francisco		23,968		2,092		—		2,946		—		5,038	21.0%
5	Renaissance Orlando at SeaWorld ®		15,519		581		—		2,212		1,079		3,872	25.0%
6	Renaissance Harborplace		9,815		(785)		—		1,708		1,190		2,113	21.5%
7	Wailea Beach Marriott Resort & Spa		15,837		3,015		—		2,466		—		5,481	34.6%
8	Renaissance Los Angeles Airport		7,076		909		—		715		—		1,624	23.0%
9	JW Marriott New Orleans		10,025		1,852		1		1,353		552		3,758	37.5%
10	Hilton North Houston		6,076		(107)		—		917		463		1,273	21.0%
11	Marriott Quincy		7,129		679		—		1,124		—		1,803	25.3%
12	Hilton Times Square		16,532		1,761		87		2,526		1,240		5,614	34.0%
13	Fairmont Newport Beach (3)		7,412		321		—		1,114		—		1,435	19.4%
14	Hyatt Chicago Magnificent Mile (3)		8,474		1,468		—		1,427		—		2,895	34.2%
15	Marriott Boston Long Wharf		13,510		250		—		2,121		2,514		4,885	36.2%
16	Hyatt Regency Newport Beach		7,746		323		—		853		—		1,176	15.2%
17	Marriott Tysons Corner		5,436		205		—		818		566		1,589	29.2%
18	Marriott Houston		4,009		17		—		563		290		870	21.7%
19	Renaissance Long Beach		5,731		787		—		790		—		1,577	27.5%
20	Embassy Suites Chicago		7,073		968		—		922		1,002		2,892	40.9%
21	Hilton Garden Inn Chicago Downtown/Magnificent Mile		5,405		1,288		—		723		—		2,011	37.2%
22	Renaissance Westchester		5,802		(46)		—		841		—		795	13.7%
23	Embassy Suites La Jolla		4,689		(72)		—		873		1,032		1,833	39.1%
24	Marriott Philadelphia		4,474		438		—		484		344		1,266	28.3%
25	Hilton New Orleans St. Charles		3,461		996		—		385		—		1,381	39.9%
26	Marriott Portland		3,940		1,285		—		409		—		1,694	43.0%
27	Sheraton Cerritos		3,313		518		—		423		—		941	28.4%
28	Marriott Park City		1,761		(613)		—		447		191		25	1.4%
29	Courtyard by Marriott Los Angeles		2,800		592		—		305		—		897	32.0%
	Comparable Portfolio (4)		271,788		21,850		1,213		38,282		15,229		76,574	28.2%
	Add: Sold Hotel (5)
	Doubletree Guest Suites Times Square (1)		20,532		3,854		993		1,569		1,712		8,128	39.6%
	Actual Portfolio (6)	$	292,320	$	25,704	$	2,206	$	39,851	$	16,941	$	84,702	29.0%

*Footnotes on page 59

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS								Page 58

Supplemental Financial Information
February 22, 2016

Property-Level Adjusted EBITDA Reconciliation
Q4 2015/2014 Footnotes

(1) Includes 100% of the operating results for both the Doubletree Guest Suites Times Square and the Hilton San Diego Bayfront.

(2) Other Adjustments for the three months ended December 31, 2015 include: a total of $0.1 million in property-level restructuring, severance and management transition costs at the Boston Park Plaza and the Hilton New Orleans St. Charles; a total of $0.7 million in amortization of lease intangibles at the Doubletree Guest Suites Times Square, Hilton Times Square and JW Marriott New Orleans; and a total of $0.5 million in non-cash straightline lease expense at the Doubletree Guest Suites Times Square, Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans.

(3) Hotel Adjusted EBITDA for the fourth quarter of 2015 is impacted by a major renovation at the Wailea Beach Marriott Resort & Spa. Hotel Adjusted EBITDA for the fourth quarter of 2014 is impacted by a total of $0.8 million in prior year and current year property tax assessments, net of appeal fees, received at the following hotels: Fairmont Newport Beach $35,000 prior year; Hyatt Chicago Magnificent Mile $0.8 million current year. Hotel Adjusted EBITDA for the fourth quarter of 2014 is also impacted by a major renovation at the Boston Park Plaza.

(4) Comparable Portfolio for both the three months ended December 31, 2015 and 2014 includes the Company's ownership results for all 29 hotels held for investment by the Company as of December 31, 2015.

(5) Sold Hotel includes the Company's ownership results for the Doubletree Guest Suites Times Square. The Company sold its interests in the hotel on December 18, 2015.

(6) Actual Portfolio for the three months ended December 31, 2015 and 2014 includes the Company's ownership results for the Comparable Portfolio, plus the Company's ownership results for the Doubletree Guest Suites Times Square. The Company sold its interests in the Doubletree Guest Suites Times Square on December 18, 2015.  The Actual Portfolio for the three months ended December 31, 2014 has been adjusted for changes stipulated by the industry's Uniform System of Accounts for the Lodging Industry, Eleventh Revised Edition, which became effective January 1, 2015.

(7) Total Revenues for the three months ended December 31, 2014 have been adjusted for changes stipulated by the industry's Uniform System of Accounts for the Lodging Industry, Eleventh Revised Edition, which became effective January 1, 2015.  

(8) Other Adjustments for the three months ended December 31, 2014 include: $0.7 million in property-level restructuring, severance and management transition costs at the Boston Park Plaza; a total of $1.0 million in amortization of lease intangibles at the Doubletree Guest Suites Times Square, Hilton Times Square and JW Marriott New Orleans; and a total of $0.5 million in non-cash straightline lease expense at the Doubletree Guest Suites Times Square, Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans.

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS								Page 59

Supplemental Financial Information
February 22, 2016

Property-Level Adjusted EBITDA Reconciliation FY 2015

	Hotels sorted by number of rooms		For the Year Ended December 31, 2015
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
		Total		Net Income /		Other						Hotel		Adjusted EBITDA
		Revenues		(Loss)		Adjustments (2)		Depreciation		Interest Expense		Adjusted EBITDA		Margins
1	Hilton San Diego Bayfront (1)	$	142,534	$	32,602	$	1,801	$	13,728	$	6,147	$	54,278	38.1%
2	Boston Park Plaza (3)		77,246		538		1,061		15,242		5,199		22,040	28.5%
3	Renaissance Washington DC		79,262		4,229		366		9,783		7,414		21,792	27.5%
4	Hyatt Regency San Francisco		105,723		15,458		—		12,552		—		28,010	26.5%
5	Renaissance Orlando at SeaWorld ®		68,686		7,678		—		8,836		4,199		20,713	30.2%
6	Renaissance Harborplace (3)		42,847		908		—		6,759		3,848		11,515	26.9%
7	Wailea Beach Marriott Resort & Spa (3)		64,016		11,763		—		9,874		—		21,637	33.8%
8	Renaissance Los Angeles Airport		30,901		5,382		—		2,756		—		8,138	26.3%
9	JW Marriott New Orleans		38,359		4,014		(1)		5,648		3,814		13,475	35.1%
10	Hilton North Houston (3)		24,327		484		—		3,530		1,712		5,726	23.5%
11	Marriott Quincy (3)		31,428		5,127		—		4,476		—		9,603	30.6%
12	Hilton Times Square		56,169		(1,284)		332		10,113		4,909		14,070	25.0%
13	Fairmont Newport Beach (3)		31,871		3,543		—		4,411		—		7,954	25.0%
14	Hyatt Chicago Magnificent Mile (3)		35,801		1,553		—		5,759		—		7,312	20.4%
15	Marriott Boston Long Wharf		58,086		5,423		—		8,352		9,972		23,747	40.9%
16	Hyatt Regency Newport Beach		38,318		6,677		—		3,464		—		10,141	26.5%
17	Marriott Tysons Corner		22,139		3,132		—		3,184		731		7,047	31.8%
18	Marriott Houston (3)		17,707		2,132		—		2,366		375		4,873	27.5%
19	Renaissance Long Beach		25,475		4,509		—		3,045		—		7,554	29.7%
20	Embassy Suites Chicago (3)		29,698		3,977		—		3,676		3,908		11,561	38.9%
21	Hilton Garden Inn Chicago Downtown/Magnificent Mile (3)		22,669		4,686		—		2,957		—		7,643	33.7%
22	Renaissance Westchester		22,801		788		—		3,341		—		4,129	18.1%
23	Embassy Suites La Jolla (3)		22,399		3,440		—		3,485		2,739		9,664	43.1%
24	Marriott Philadelphia		18,588		2,967		20		1,923		446		5,356	28.8%
25	Hilton New Orleans St. Charles		15,254		4,228		72		2,011		—		6,311	41.4%
26	Marriott Portland		18,127		6,921		—		1,621		—		8,542	47.1%
27	Sheraton Cerritos		13,813		2,351		—		1,631		—		3,982	28.8%
28	Marriott Park City		9,935		186		—		1,765		246		2,197	22.1%
29	Courtyard by Marriott Los Angeles		12,608		3,150		—		1,201		—		4,351	34.5%
	Comparable Portfolio (4)	$	1,176,787	$	146,562	$	3,651	$	157,489	$	55,659	$	363,361	30.9%
	Add: Sold Hotel (5)
	Doubletree Guest Suites Times Square (1)		64,571		2,974		3,646		5,868		6,550		19,038	29.5%
	Actual Portfolio (6)	$	1,241,358	$	149,536	$	7,297	$	163,357	$	62,209	$	382,399	30.8%

*Footnotes on page 62

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS								Page 60

Supplemental Financial Information
February 22, 2016

Property-Level Adjusted EBITDA Reconciliation FY 2014

	Hotels sorted by number of rooms		For the Year Ended December 31, 2014
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
		Total		Net Income /		Other						Hotel		Adjusted EBITDA
		Revenues (7)		(Loss)		Adjustments(8)		Depreciation		Interest Expense		Adjusted EBITDA		Margins
1	Hilton San Diego Bayfront (1) (3)	$	133,181	$	27,289	$	1,801	$	13,342	$	8,080	$	50,512	37.9%
2	Boston Park Plaza (3)		74,040		3,012		675		11,652		5,302		20,641	27.9%
3	Renaissance Washington DC		76,276		3,221		—		9,641		7,549		20,411	26.8%
4	Hyatt Regency San Francisco (3)		90,350		7,292		—		11,470		—		18,762	20.8%
5	Renaissance Orlando at SeaWorld ®		65,300		5,858		—		8,855		4,326		19,039	29.2%
6	Renaissance Harborplace		43,266		404		—		6,841		4,791		12,036	27.8%
7	Wailea Beach Marriott Resort & Spa		60,691		11,535		—		8,856		—		20,391	33.6%
8	Renaissance Los Angeles Airport		29,027		4,063		—		2,863		—		6,926	23.9%
9	JW Marriott New Orleans		37,902		6,639		(1)		5,389		1,810		13,837	36.5%
10	Hilton North Houston		25,191		343		—		3,685		1,848		5,876	23.3%
11	Marriott Quincy		29,658		3,756		—		4,524		—		8,280	27.9%
12	Hilton Times Square		57,576		1,524		356		10,142		4,932		16,954	29.4%
13	Fairmont Newport Beach (3)		31,656		3,066		—		4,527		—		7,593	24.0%
14	Hyatt Chicago Magnificent Mile (3)		31,696		1,389		—		5,989		—		7,378	23.3%
15	Marriott Boston Long Wharf		55,417		2,655		—		8,455		9,973		21,083	38.0%
16	Hyatt Regency Newport Beach (3)		35,810		4,175		—		3,412		—		7,587	21.2%
17	Marriott Tysons Corner		21,838		1,286		—		3,289		2,271		6,846	31.3%
18	Marriott Houston		17,401		865		—		2,252		1,165		4,282	24.6%
19	Renaissance Long Beach (3)		22,887		2,769		—		3,054		—		5,823	25.4%
20	Embassy Suites Chicago (3)		27,991		3,544		—		3,718		4,003		11,265	40.2%
21	Hilton Garden Inn Chicago Downtown/Magnificent Mile (3)		21,171		4,238		—		3,651		—		7,889	37.3%
22	Renaissance Westchester		22,109		71		—		3,160		—		3,231	14.6%
23	Embassy Suites La Jolla		21,216		1,015		—		3,513		4,386		8,914	42.0%
24	Marriott Philadelphia		18,503		1,660		—		1,906		1,396		4,962	26.8%
25	Hilton New Orleans St. Charles		13,165		3,360		—		1,739		—		5,099	38.7%
26	Marriott Portland		16,851		6,064		—		1,653		—		7,717	45.8%
27	Sheraton Cerritos		13,208		1,998		—		1,678		—		3,676	27.8%
28	Marriott Park City		9,815		(486)		—		1,770		765		2,049	20.9%
29	Courtyard by Marriott Los Angeles (3)		11,905		2,835		—		1,221		—		4,056	34.1%
	Comparable Portfolio (4)		1,115,097		115,440		2,831		152,247		62,597		333,115	29.9%
	Less: Prior Ownership (9)
	Wailea Beach Marriott Resort & Spa		(33,535)		(7,350)		—		(4,260)		—		(11,610)	34.6%
	Add: Sold Hotel (5)
	Doubletree Guest Suites Times Square (1)		69,569		6,186		3,978		5,982		6,873		23,019	33.1%
	Actual Portfolio (6)	$	1,151,131	$	114,276	$	6,809	$	153,969	$	69,470	$	344,524	29.9%

*Footnotes on page 62

PROPERTY-LEVEL ADUSTED EBITDA & ADJUSTED EBITDA MARGINS								Page 61

Supplemental Financial Information
February 22, 2016

Property-Level Adjusted EBITDA Reconciliation
FY 2015/2014 Footnotes

(1) Includes 100% of the operating results for both the Doubletree Guest Suites Times Square and the Hilton San Diego Bayfront.

(2) Other Adjustments for the year ended December 31, 2015 include: a total of $1.2 million in  property-level restructuring, severance and management transition costs at Boston Park Plaza, the Hilton New Orleans St. Charles, the Marriott Philadelphia and the Renaissance Washington DC; $0.3 million in lease termination costs at the Boston Park Plaza; a total of $3.8 million in amortization of lease intangibles at the Doubletree Guest Suites Times Square, Hilton Times Square and JW Marriott New Orleans; and a total of $2.0 million in non-cash straightline lease expense at the Doubletree Guest Suites Times Square, Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans.

(3) Hotel Adjusted EBITDA for 2015 is impacted by major renovations at the Boston Park Plaza and the Wailea Beach Marriott Resort & Spa, as well as by a total of $0.9 million in prior year property tax credits (assessments), net of appeal fees received at the following hotels: Embassy Suites Chicago $(35,000); Embassy Suites La Jolla $11,000; Fairmont Newport Beach $27,000; Hilton Garden Inn Chicago Downtown/Magnificent Mile $(42,000); Hilton North Houston $0.1 million; Hyatt Chicago Magnificent Mile $0.6 million; Marriott Houston $0.1 million; Marriott Quincy $34,000; and Renaissance Harborplace $0.1 million.  Hotel Adjusted EBITDA for 2014 is impacted by major renovations at the following hotels: the Hilton Garden Inn Chicago Downtown/Magnificent Mile; the Hyatt Regency San Francisco; the Renaissance Long Beach; and the Boston Park Plaza. Hotel Adjusted EBITDA for 2014 is also impacted by a total of $4.1 million in prior year and current year property tax credits (assessments), net of appeal fees, received at the following hotels: Courtyard by Marriott Los Angeles $(7,000) prior year; Embassy Suites Chicago $0.2 million prior year; Fairmont Newport Beach $0.2 million prior year; Hilton Garden Inn Chicago Downtown/Magnificent Mile $0.2 million prior year; Hilton San Diego Bayfront $2.8 million prior year; Hyatt Chicago Magnificent Mile $0.8 million current year; and Hyatt Regency Newport Beach $3,000 prior year.

(4) Comparable Portfolio for the years ended December 31, 2015 and 2014 includes all 29 hotels held for investment by the Company as of December 31, 2015.

(5) Sold Hotel includes the Company's ownership results for the Doubletree Guest Suites Times Square. The Company sold its interests in the hotel on December 18, 2015.

(6) Actual Portfolio for the years ended December 31, 2015 and 2014 includes the Company's ownership results for all 29 hotels held for investment by the Company as of December 31, 2015, plus the Company's ownership results for the Doubletree Guest Suites Times Square. The Company sold its interests in the Doubletree Guest Suites Times Square on December 18, 2015. The Actual Portfolio for the year ended December 31, 2014 has been adjusted for changes stipulated by the industry's Uniform System of Accounts for the Lodging Industry, Eleventh Revised Edition, which became effective January 1, 2015.

(7) Total Revenues for the year ended December 31, 2014 are adjusted for changes stipulated by the industry's Uniform System of Accounts for the Lodging Industry, Eleventh Revised Edition, which became effective January 1, 2015.

(8) Other Adjustments for the year ended December 31, 2014 include: $0.7 million in property-level restructuring costs at the Boston Park Plaza; a total of $4.1 million in amortization of lease intangibles at the Doubletree Guest Suites Times Square, Hilton Times Square and  JW Marriott New Orleans; and a total of $2.0 million in non-cash straightline lease expense at the Doubletree Guest Suites Times Square, Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans.

(9) Prior Ownership for the year ended December 31, 2014 includes prior ownership results and the Company's pro forma depreciation expense for the Wailea Beach Marriott Resort & Spa acquired July 17, 2014. The Company obtained prior ownership information from the Wailea Beach Marriott Resort & Spa's previous owner 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 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 property (i.e. land, building, furniture, fixtures and equipment) based on the values included in existing tax records for the year ended December 31, 2013. Depreciable assets were then given lives ranging from 7 to 40 years.

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS								Page 62