Sunstone Hotel Investors (SHO) 8-K Sunstone Hotel Investors Reports Results for First Quarter 2020

Exhibit 99.2

Supplemental Financial Information
May 8, 2020

Supplemental Financial Information For the quarter ended March 31, 2020 May 8, 2020

Supplemental Financial Information
May 8, 2020

Table of Contents

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR	2
About Sunstone	3
Forward-Looking Statement	4
Non-GAAP Financial Measures	5
CORPORATE FINANCIAL INFORMATION	8
Condensed Consolidated Balance Sheets Q1 2020 – Q1 2019	9
Consolidated Statements of Operations Q1 2020/2019	11
Reconciliation of Net (Loss) Income to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest  Q1 2020/2019	12
Reconciliation of Net (Loss) Income to FFO and Adjusted FFO Attributable to Common Stockholders Q1 2020/2019	13
CAPITALIZATION	14
Comparative Capitalization Q1 2020 – Q1 2019	15
Consolidated Debt Summary Schedule	16
Consolidated Amortization and Debt Maturity Schedule as of March 31, 2020	17
PROPERTY-LEVEL DATA	18
Hotel Information as of May 8, 2020	19
PROPERTY-LEVEL OPERATING STATISTICS	20
Property-Level Operating Statistics January 2020/2019	21
Property-Level Operating Statistics February 2020/2019	22
Property-Level Operating Statistics March 2020/2019	23
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS	24
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins January 2020/2019	25
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins February 2020/2019	28
Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins March 2020/2019	31

Supplemental Financial Information
May 8, 2020

CORPORATE PROFILE, FINANCIAL DISCLOSURES,
AND SAFE HARBOR

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR							Page 2

Supplemental Financial Information
May 8, 2020

About Sunstone

Sunstone Hotel Investors, Inc. (the “Company,” “we,” and “our”) (NYSE: SHO) is a lodging real estate investment trust (“REIT”) that as of May 8, 2020 has interests in 20 hotels comprised of 10,610 rooms. Sunstone is the premier steward of Long-Term Relevant Real Estate® (“LTRR®”) in the lodging industry. Sunstone’s business is to acquire, own, asset manage and renovate or reposition hotels that the Company considers to be LTRR® in the United States, specifically hotels in urban and resort locations that benefit from barriers to entry and diverse economic drivers. The majority of Sunstone’s hotels are operated under nationally recognized brands, such as Marriott, Hilton and Hyatt.

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

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

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

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

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

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Supplemental Financial Information
May 8, 2020

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: the short-term and long-term impact on the Company’s business of the COVID-19 global pandemic and the response of governments and the Company to the outbreak; general economic and business conditions, including a U.S. recession, trade conflicts and tariffs between the U.S. and its trading partners, changes in the European Union or global economic slowdown, which may diminish the desire for leisure travel or the need for business travel, as well as any type of flu or disease-related pandemic or the adverse effects of climate change, affecting the lodging and travel industry, internationally, nationally and locally; the Company’s need to operate as a REIT and comply with other applicable laws and regulations, including new laws, interpretations or court decisions that may change the federal or state tax laws or the federal or state income tax consequences of the Company’s qualification as a REIT; rising hotel operating costs due to labor costs, workers’ compensation and health-care related costs, including the impact of the Patient Protection and Affordable Care Act or its potential replacement, utility costs, insurance and unanticipated costs such as acts of nature and their consequences and other factors that may not be offset by increased room rates; relationships with, and the requirements and reputation of, the Company’s franchisors and hotel brands; relationships with, and the requirements, performance and reputation of, the managers of the Company’s hotels; the ground, building or airspace leases for four of the 20 Hotels the Company has interests in as of the date of this presentation; competition for the acquisition of hotels, and the Company’s ability to complete acquisitions and dispositions; performance of hotels after they are acquired; new hotel supply, or alternative lodging options such as timeshare, vacation rentals or sharing services such as Airbnb, in the Company’s markets, which could harm its occupancy levels and revenue at its hotels; competition from hotels not owned by the Company; the need for renovations, repositionings and other capital expenditures for the Company’s hotels; the impact, including any delays, of renovations and repositionings on hotel operations; changes in the Company’s business strategy or acquisition or disposition plans; the Company’s level of debt, including secured, unsecured, fixed and variable rate debt; financial and other covenants in the Company’s debt and preferred stock; the Company’s hotels may become impaired, or its hotels which have previously become impaired may become further impaired in the future, which may adversely affect its financial condition and results of operations; volatility in the capital markets and the effect on lodging demand or the Company’s ability to obtain capital on favorable terms or at all; potential adverse tax consequences in the event that the Company’s operating leases with its taxable REIT subsidiaries are not held to have been made on an arm’s-length basis; system security risks, data protection breaches, cyber-attacks, including those impacting the Company’s hotel managers or other third parties, and systems integration issues; other events beyond the Company’s control, including natural disasters, terrorist attacks or civil unrest; 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 provided herein is as of the date of this presentation, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.

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

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Supplemental Financial Information
May 8, 2020

Non-GAAP Financial Measures

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

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

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

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

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Supplemental Financial Information
May 8, 2020

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

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

· Amortization of favorable and unfavorable contracts: we exclude the noncash amortization of the favorable management contract asset recorded in conjunction with our acquisition of the Hilton Garden Inn Chicago Downtown/Magnificent Mile, along with the 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 Hyatt Regency San Francisco and the Wailea Beach Resort. We exclude the noncash amortization of favorable and unfavorable contracts because it is based on historical cost accounting and is of lesser significance in evaluating our actual performance for the current period.

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

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

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

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

In addition, to derive Adjusted EBITDAre, excluding noncontrolling interest we exclude the noncontrolling partner’s pro rata share of the net (income) loss allocated to the Hilton San Diego Bayfront partnership, as well as the noncontrolling partner’s pro rata share of any EBITDAre and Adjusted EBITDAre components. We also exclude the noncash expense incurred with the amortization of deferred stock compensation as this expense is based on historical stock prices at the date of grant to our corporate employees and does not reflect the underlying performance of our hotels. In addition, we exclude the amortization of our right-of-use assets and liabilities as these expenses are based on historical cost accounting and do not reflect the actual rent amounts due to the respective lessors or the underlying performance of our hotels. Additionally, we include an adjustment for the cash

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Supplemental Financial Information
May 8, 2020

finance lease expenses recorded on the ground lease at the Courtyard by Marriott Los Angeles (prior to the hotel’s sale in October 2019) and the building lease at the Hyatt Centric Chicago Magnificent Mile. We determined that both of these leases are finance leases, and, therefore, we include a portion of the lease payments each month in interest expense. We adjust EBITDAre for these two finance leases in order to more accurately reflect the actual rent due to both hotels’ lessors in the current period, as well as the operating performance of both hotels. We  also exclude the effect of gains and losses on the disposition of undepreciated assets because we believe that including them in Adjusted EBITDAre, excluding noncontrolling interest is not consistent with reflecting the ongoing performance of our assets.

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

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

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

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Supplemental Financial Information
May 8, 2020

CORPORATE FINANCIAL INFORMATION

CORPORATE FINANCIAL INFORMATION							Page 8

Supplemental Financial Information
May 8, 2020

Condensed Consolidated Balance Sheets
Q1 2020 – Q1 2019 

(In thousands)	March 31, 2020 (1)		December 31, 2019 (2)		September 30, 2019 (3)		June 30, 2019 (4)		March 31, 2019 (5)
Assets
Investment in hotel properties:
Land	$	600,649	$	601,181	$	605,581	$	605,581	$	605,388
Buildings & improvements		2,800,187		2,950,534		2,968,241		2,957,631		2,950,723
Furniture, fixtures, & equipment		496,312		506,754		512,333		497,082		492,317
Other		71,327		73,992		68,677		102,125		88,305
		3,968,475		4,132,461		4,154,832		4,162,419		4,136,733
Less accumulated depreciation & amortization		(1,212,063)		(1,260,108)		(1,243,980)		(1,225,741)		(1,189,937)
		2,756,412		2,872,353		2,910,852		2,936,678		2,946,796
Finance lease right-of-use assets, net		47,284		47,652		48,019		54,991		55,359
Operating lease right-of-use assets, net		41,198		60,629		61,512		62,380		63,235
Other noncurrent assets, net		16,390		24,608		25,348		27,029		32,878
Current assets:
Cash and cash equivalents		847,445		816,857		730,039		741,503		683,995
Restricted cash		53,485		48,116		46,206		46,199		50,746
Other current assets, net		37,326		48,759		58,380		56,960		57,648
Assets held for sale, net		—		—		18,481		—		—
Total assets	$	3,799,540	$	3,918,974	$	3,898,837	$	3,925,740	$	3,890,657

*Footnotes on following page

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Supplemental Financial Information
May 8, 2020

Condensed Consolidated Balance Sheets
Q1 2020– Q1 2019 (cont.)

(In thousands)	March 31, 2020 (1)		December 31, 2019 (2)		September 30, 2019 (3)		June 30, 2019 (4)		March 31, 2019 (5)
Liabilities
Current liabilities:
Current portion of notes payable, net	$	82,189	$	82,109	$	6,271	$	6,167	$	6,064
Other current liabilities		104,029		243,443		114,805		115,024		106,318
Liabilities of assets held for sale		—		—		12,446		—		—
Total current liabilities		186,218		325,552		133,522		121,191		112,382
Notes payable, less current portion, net		1,187,468		888,954		966,496		968,090		969,657
Finance lease obligations, less current portion		15,570		15,570		15,571		27,120		27,064
Operating lease obligations, less current portion		48,460		49,691		50,905		52,097		53,276
Other liabilities		24,818		18,136		19,824		19,176		17,991
Total liabilities		1,462,534		1,297,903		1,186,318		1,187,674		1,180,370
Equity
Stockholders' equity:
6.95% Series E cumulative redeemable preferred stock		115,000		115,000		115,000		115,000		115,000
6.45% Series F cumulative redeemable preferred stock		75,000		75,000		75,000		75,000		75,000
Common stock, $0.01 par value, 500,000,000 shares authorized		2,155		2,249		2,249		2,282		2,286
Additional paid in capital		2,578,445		2,683,913		2,681,754		2,723,737		2,726,466
Retained earnings		1,156,394		1,318,455		1,274,039		1,243,002		1,199,039
Cumulative dividends and distributions		(1,633,763)		(1,619,779)		(1,483,907)		(1,469,456)		(1,454,838)
Total stockholders' equity		2,293,231		2,574,838		2,664,135		2,689,565		2,662,953
Noncontrolling interest in consolidated joint venture		43,775		46,233		48,384		48,501		47,334
Total equity		2,337,006		2,621,071		2,712,519		2,738,066		2,710,287
Total liabilities and equity	$	3,799,540	$	3,918,974	$	3,898,837	$	3,925,740	$	3,890,657

(1) As presented on Form 10-Q to be filed in May 2020.

(2) As presented on Form 10-K filed on February 19, 2020.

(3) As presented on Form 10-Q filed on November 5, 2019.

(4) As presented on Form 10-Q filed on August 5, 2019.

(5) As presented on Form 10-Q filed on  May 8, 2019.

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Supplemental Financial Information
May 8, 2020

Consolidated Statements of Operations
Q1 2020/2019

	Three Months Ended March 31,
(In thousands, except per share data)	2020		2019
Revenues
Room	$	127,400	$	171,858
Food and beverage		47,990		69,113
Other operating		15,822		16,709
Total revenues		191,212		257,680
Operating expenses
Room		44,245		48,246
Food and beverage		41,760		46,822
Other operating		3,764		3,965
Advertising and promotion		12,462		13,564
Repairs and maintenance		10,049		10,282
Utilities		5,842		6,665
Franchise costs		5,336		6,839
Property tax, ground lease and insurance		20,051		20,348
Other property-level expenses		28,845		32,840
Corporate overhead		7,394		7,516
Depreciation and amortization		36,746		36,387
Impairment losses		115,366		—
Total operating expenses		331,860		233,474
Interest and other income		2,306		4,924
Interest expense		(17,507)		(14,326)
(Loss) income before income taxes		(155,849)		14,804
Income tax (provision) benefit, net		(6,670)		3,112
Net (loss) income		(162,519)		17,916
Loss (income) from consolidated joint venture attributable to noncontrolling interest		458		(1,599)
Preferred stock dividends		(3,207)		(3,207)
(Loss) income attributable to common stockholders	$	(165,268)	$	13,110
Basic and diluted per share amounts:
Basic and diluted (loss) income attributable to common stockholders per common share	$	(0.75)	$	0.06
Basic and diluted weighted average common shares outstanding		221,036		227,219
Distributions declared per common share	$	0.05	$	0.05

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Supplemental Financial Information
May 8, 2020

Reconciliation of Net (Loss) Income to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest
Q1 2020/2019

	Three Months Ended March 31,
(In thousands)		2020		2019
Net (loss) income	$	(162,519)	$	17,916
Operations held for investment:
Depreciation and amortization		36,746		36,387
Interest expense		17,507		14,326
Income tax provision (benefit), net		6,670		(3,112)
Impairment loss - hotel properties		113,064		—
EBITDAre		11,468		65,517
Operations held for investment:
Amortization of deferred stock compensation		2,207		2,122
Amortization of right-of-use assets and liabilities		(261)		(19)
Finance lease obligation interest - cash ground rent		(351)		(589)
Prior year property tax adjustments, net		(81)		189
Impairment loss - abandoned development costs		2,302		—
Noncontrolling interest:
Loss (income) from consolidated joint venture attributable to noncontrolling interest		458		(1,599)
Depreciation and amortization		(804)		(639)
Interest expense		(420)		(560)
Amortization of right-of-use asset and liability		72		72
Impairment loss - abandoned development costs		(449)		—
Adjustments to EBITDAre, net		2,673		(1,023)
Adjusted EBITDAre, excluding noncontrolling interest	$	14,141	$	64,494

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Supplemental Financial Information
May 8, 2020

Reconciliation of Net (Loss) Income to FFO and Adjusted FFO Attributable to Common Stockholders
Q1 2020/2019

	Three Months Ended March 31,
(In thousands, except per share data)		2020		2019
Net (loss) income	$	(162,519)	$	17,916
Preferred stock dividends		(3,207)		(3,207)
Operations held for investment:
Real estate depreciation and amortization		36,122		35,770
Impairment loss - hotel properties		113,064		—
Noncontrolling interest:
Loss (income) from consolidated joint venture attributable to noncontrolling interest		458		(1,599)
Real estate depreciation and amortization		(804)		(639)
FFO attributable to common stockholders		(16,886)		48,241
Operations held for investment:
Real estate amortization of right-of-use assets and liabilities		146		151
Noncash interest on derivatives and finance lease obligations, net		6,080		2,119
Prior year property tax adjustments, net		(81)		189
Impairment loss - abandoned development costs		2,302		—
Noncash income tax provision (benefit), net		7,415		(3,284)
Noncontrolling interest:
Real estate amortization of right-of-use asset and liability		72		72
Impairment loss - abandoned development costs		(449)		—
Adjustments to FFO attributable to common stockholders, net		15,485		(753)
Adjusted FFO attributable to common stockholders	$	(1,401)	$	47,488
FFO attributable to common stockholders per diluted share	$	(0.08)	$	0.21
Adjusted FFO attributable to common stockholders per diluted share	$	(0.01)	$	0.21
Basic weighted average shares outstanding		221,036		227,219
Shares associated with unvested restricted stock awards		—		260
Diluted weighted average shares outstanding		221,036		227,479

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May 8, 2020

CAPITALIZATION

CAPITALIZATION							Page 14

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May 8, 2020

Comparative Capitalization
Q1 2020 – Q1 2019

	March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands, except per share data)	2020			2019			2019			2019			2019
Common Share Price & Dividends
At the end of the quarter	$	8.71		$	13.92		$	13.74		$	13.71		$	14.40
High during quarter ended	$	13.81		$	14.41		$	13.92		$	14.94		$	15.44
Low during quarter ended	$	6.99		$	13.25		$	12.85		$	13.19		$	12.86
Common dividends per share	$	0.05		$	0.59		$	0.05		$	0.05		$	0.05
Common Shares & Units
Common shares outstanding		215,541			224,855			224,862			228,207			228,587
Units outstanding		—			—			—			—			—
Total common shares and units outstanding		215,541			224,855			224,862			228,207			228,587
Capitalization
Market value of common equity	$	1,877,363		$	3,129,986		$	3,089,604		$	3,128,716		$	3,291,659
Liquidation value of preferred equity - Series E		115,000			115,000			115,000			115,000			115,000
Liquidation value of preferred equity - Series F		75,000			75,000			75,000			75,000			75,000
Consolidated debt		1,272,965			974,863			977,058			979,040			980,996
Consolidated total capitalization		3,340,328			4,294,849			4,256,662			4,297,756			4,462,655
Noncontrolling interest in consolidated debt		(55,000)			(55,000)			(55,000)			(55,000)			(55,000)
Pro rata total capitalization	$	3,285,328		$	4,239,849		$	4,201,662		$	4,242,756		$	4,407,655
Consolidated debt to consolidated total capitalization		38.1	%		22.7	%		23.0	%		22.8	%		22.0	%
Pro rata debt to pro rata total capitalization		37.1	%		21.7	%		21.9	%		21.8	%		21.0	%
Consolidated debt and preferred equity to consolidated total capitalization		43.8	%		27.1	%		27.4	%		27.2	%		26.2	%
Pro rata debt and preferred equity to pro rata total capitalization		42.9	%		26.2	%		26.5	%		26.3	%		25.3	%

CAPITALIZATION							Page 15

Supplemental Financial Information
May 8, 2020

Consolidated Debt Summary Schedule

(In thousands)		Interest Rate /	Maturity		March 31, 2020			Balance At
Debt	Collateral	Spread	Date		Balance			Maturity
Fixed Rate Debt
Secured Mortgage Debt	Hilton Times Square	4.97%	11/01/2020	$	77,339		$	76,145
Secured Mortgage Debt	Renaissance Washington DC	5.95%	05/01/2021		110,312			106,855
Term Loan Facility	Unsecured	2.94%	09/03/2022		85,000			85,000
Term Loan Facility	Unsecured	3.20%	01/31/2023		100,000			100,000
Secured Mortgage Debt	JW Marriott New Orleans	4.15%	12/11/2024		81,430			72,071
Secured Mortgage Debt	Embassy Suites La Jolla	4.12%	01/06/2025		58,884			51,987
Series A Senior Notes	Unsecured	4.69%	01/10/2026		120,000			120,000
Series B Senior Notes	Unsecured	4.79%	01/10/2028		120,000			120,000
Total Fixed Rate Debt					752,965			732,058
Secured Mortgage Debt	Hilton San Diego Bayfront	L + 1.05%	12/09/2023   (1)		220,000			220,000
Credit Facility	Unsecured	L + 1.40%	04/14/2023		300,000			300,000
Total Variable Rate Debt					520,000			520,000
TOTAL CONSOLIDATED DEBT				$	1,272,965		$	1,252,058
Preferred Stock
Series E cumulative redeemable preferred		6.95%	perpetual	$	115,000
Series F cumulative redeemable preferred		6.45%	perpetual		75,000
Total Preferred Stock				$	190,000
Debt Statistics
% Fixed Rate Debt					59.2	%
% Floating Rate Debt					40.8	%
Average Interest Rate (2)					3.63	%
Weighted Average Maturity of Debt (1)					3.7 years

(1) At this time, the Company intends to exercise all three of its available one-year options to extend the maturity date of the $220.0 million loan secured by the Hilton San Diego Bayfront from December 2020 to December 2023.  By extending this loan, the Company's weighted average maturity of debt increases from 3.2 years to 3.7 years.

(2) Average Interest Rate on the variable-rate debt obligations is calculated based on the variable rates at March 31, 2020, and includes the effect of the Company's interest rate derivative agreement.

CAPITALIZATION							Page 16

Supplemental Financial Information
May 8, 2020

Consolidated Amortization and Debt Maturity Schedule

As of March 31, 2020

(1) At this time, the Company intends to exercise all three of its available one-year options to extend the maturity date of the $220.0 million loan secured by the Hilton San Diego Bayfront from December 2020 to December 2023.

(2) Percent of Current Total Capitalization is calculated by dividing the sum of scheduled principal amortization and maturity payments by the March 31, 2020 consolidated total capitalization as presented on page 15.

CAPITALIZATION							Page 17

Supplemental Financial Information
May 8, 2020

PROPERTY-LEVEL DATA

PROPERTY-LEVEL DATA							Page 18

Supplemental Financial Information
May 8, 2020

Hotel Information as of May 8, 2020

Hotel		Location	Brand	Number of Rooms	% of Total Rooms	Open / Date Operations Temporarily Suspended (1)	Interest	Leasehold Maturity(2)	Year Acquired
1	Hilton San Diego Bayfront (3)	California	Hilton	1,190	11.22%	March 23, 2020	Leasehold	2071	2011
2	Boston Park Plaza	Massachusetts	Independent	1,060	9.99%	Open	Fee Simple		2013
3	Hyatt Regency San Francisco	California	Hyatt	821	7.74%	March 22, 2020	Fee Simple		2013
4	Renaissance Washington DC	Washington DC	Marriott	807	7.61%	March 26, 2020	Fee Simple		2005
5	Renaissance Orlando at SeaWorld®	Florida	Marriott	781	7.36%	March 20, 2020	Fee Simple		2005
6	Renaissance Harborplace	Maryland	Marriott	622	5.86%	Open	Fee Simple		2005
7	Wailea Beach Resort	Hawaii	Marriott	547	5.16%	March 25, 2020	Fee Simple		2014
8	Renaissance Los Angeles Airport	California	Marriott	502	4.73%	Open	Fee Simple		2007
9	JW Marriott New Orleans (4)	Louisiana	Marriott	501	4.72%	March 28, 2020	Fee Simple		2011
10	Hilton Times Square	New York	Hilton	478	4.51%	Open	Leasehold	2091	2006
11	Hyatt Centric Chicago Magnificent Mile	Illinois	Hyatt	419	3.95%	April 6, 2020	Leasehold	2097	2012
12	Marriott Boston Long Wharf	Massachusetts	Marriott	415	3.91%	March 12, 2020	Fee Simple		2007
13	Renaissance Long Beach	California	Marriott	374	3.52%	Open	Fee Simple		2005
14	Embassy Suites Chicago	Illinois	Hilton	368	3.47%	April 1, 2020	Fee Simple		2002
15	Hilton Garden Inn Chicago Downtown/Magnificent Mile	Illinois	Hilton	361	3.40%	March 27, 2020	Fee Simple		2012
16	Renaissance Westchester	New York	Marriott	348	3.28%	April 4, 2020	Fee Simple		2010
17	Embassy Suites La Jolla	California	Hilton	340	3.20%	Open	Fee Simple		2006
18	Hilton New Orleans St. Charles	Louisiana	Hilton	252	2.38%	March 28, 2020	Fee Simple		2013
19	Marriott Portland	Oregon	Marriott	249	2.35%	March 27, 2020	Fee Simple		2000
20	Oceans Edge Resort & Marina	Florida	Independent	175	1.65%	March 22, 2020	Fee Simple		2017
	20 Hotel Portfolio			10,610	100%

(1) As of May 8, 2020, the Company has termporarily suspended operations at 14 of its hotels due to the COVID-19 pandemic. Operations for the remaining 6 hotels have been significantly reduced.

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

(3) The Company owns 75% of the joint venture that owns the Hilton San Diego Bayfront.

(4) Hotel is subject to a municipal airspace lease that matures in 2044 and applies only to certain balcony space that is not integral to the hotel operation.

PROPERTY-LEVEL DATA							Page 19

Supplemental Financial Information
May 8, 2020

PROPERTY-LEVEL OPERATING STATISTICS

PROPERTY-LEVEL OPERATING STATISTICS							Page 20

Supplemental Financial Information
May 8, 2020

Property-Level Operating Statistics

January 2020/2019

	Hotels sorted by number of rooms	ADR					Occupancy			RevPAR
		January					January			January
		2020		2019		Variance	2020	2019	Variance	2020		2019		Variance
1	Hilton San Diego Bayfront (1)	$	221.94	$	231.72	-4.2%	77.2%	68.2%	13.2%	$	171.34	$	158.03	8.4%
2	Boston Park Plaza	$	138.41	$	142.16	-2.6%	66.8%	75.6%	-11.6%	$	92.46	$	107.47	-14.0%
3	Hyatt Regency San Francisco	$	351.67	$	396.40	-11.3%	77.6%	77.0%	0.8%	$	272.90	$	305.23	-10.6%
4	Renaissance Washington DC	$	180.18	$	185.07	-2.6%	62.6%	61.0%	2.6%	$	112.79	$	112.89	-0.1%
5	Renaissance Orlando at SeaWorld ®	$	196.55	$	194.14	1.2%	68.8%	78.9%	-12.8%	$	135.23	$	153.18	-11.7%
6	Renaissance Harborplace (1)	$	145.65	$	143.86	1.2%	53.7%	37.0%	45.1%	$	78.21	$	53.23	46.9%
7	Wailea Beach Resort	$	556.25	$	491.86	13.1%	88.0%	91.0%	-3.3%	$	489.50	$	447.59	9.4%
8	Renaissance Los Angeles Airport	$	140.45	$	143.32	-2.0%	85.2%	86.0%	-0.9%	$	119.66	$	123.26	-2.9%
9	JW Marriott New Orleans	$	219.30	$	196.26	11.7%	79.8%	84.9%	-6.0%	$	175.00	$	166.62	5.0%
10	Hilton Times Square	$	173.06	$	189.32	-8.6%	95.2%	98.6%	-3.4%	$	164.75	$	186.67	-11.7%
11	Hyatt Centric Chicago Magnificent Mile	$	117.17	$	106.52	10.0%	62.0%	55.7%	11.3%	$	72.65	$	59.33	22.5%
12	Marriott Boston Long Wharf	$	216.35	$	209.78	3.1%	74.7%	68.5%	9.1%	$	161.61	$	143.70	12.5%
13	Renaissance Long Beach	$	182.47	$	183.97	-0.8%	80.6%	71.7%	12.4%	$	147.07	$	131.91	11.5%
14	Embassy Suites Chicago	$	111.74	$	101.67	9.9%	73.7%	66.0%	11.7%	$	82.35	$	67.10	22.7%
15	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	96.94	$	81.32	19.2%	53.7%	54.6%	-1.6%	$	52.06	$	44.40	17.3%
16	Renaissance Westchester	$	149.50	$	145.29	2.9%	64.9%	65.8%	-1.4%	$	97.03	$	95.60	1.5%
17	Embassy Suites La Jolla	$	188.27	$	189.14	-0.5%	83.1%	85.2%	-2.5%	$	156.45	$	161.15	-2.9%
18	Hilton New Orleans St. Charles	$	171.82	$	161.66	6.3%	79.5%	74.2%	7.1%	$	136.60	$	119.95	13.9%
19	Marriott Portland (1)	$	143.32	$	153.75	-6.8%	47.0%	72.4%	-35.1%	$	67.36	$	111.32	-39.5%
20	Oceans Edge Resort & Marina	$	304.52	$	252.45	20.6%	89.7%	94.0%	-4.6%	$	273.15	$	237.30	15.1%
	20 Hotel Portfolio (2)	$	214.02	$	212.79	0.6%	72.8%	72.4%	0.6%	$	155.81	$	154.06	1.1%

(1) Operating statistics for January 2020 are impacted by a room renovation at the Marriott Portland. Operating statistics for January 2019 are impacted by room renovations at the Hilton San Diego Bayfront and the Renaissance Harborplace.

(2) 20 Hotel Portfolio includes all hotels owned by the Company as of March 31, 2020.

PROPERTY-LEVEL OPERATING STATISTICS							Page 21

Supplemental Financial Information
May 8, 2020

Property-Level Operating Statistics

February 2020/2019

	Hotels sorted by number of rooms	ADR					Occupancy			RevPAR
		February					February			February
		2020		2019		Variance	2020	2019	Variance	2020		2019		Variance
1	Hilton San Diego Bayfront (1)	$	261.15	$	279.63	-6.6%	83.9%	79.8%	5.1%	$	219.10	$	223.14	-1.8%
2	Boston Park Plaza	$	145.74	$	136.62	6.7%	69.5%	75.7%	-8.2%	$	101.29	$	103.42	-2.1%
3	Hyatt Regency San Francisco	$	301.04	$	340.71	-11.6%	82.6%	87.2%	-5.3%	$	248.66	$	297.10	-16.3%
4	Renaissance Washington DC	$	232.97	$	229.44	1.5%	75.8%	71.7%	5.7%	$	176.59	$	164.51	7.3%
5	Renaissance Orlando at SeaWorld ®	$	192.31	$	205.95	-6.6%	87.7%	85.2%	2.9%	$	168.66	$	175.47	-3.9%
6	Renaissance Harborplace (1)	$	136.74	$	145.31	-5.9%	56.1%	43.3%	29.6%	$	76.71	$	62.92	21.9%
7	Wailea Beach Resort	$	580.48	$	518.96	11.9%	92.1%	93.3%	-1.3%	$	534.62	$	484.19	10.4%
8	Renaissance Los Angeles Airport	$	145.24	$	152.51	-4.8%	93.3%	89.5%	4.2%	$	135.51	$	136.50	-0.7%
9	JW Marriott New Orleans	$	240.41	$	234.70	2.4%	82.2%	82.5%	-0.4%	$	197.62	$	193.63	2.1%
10	Hilton Times Square	$	165.20	$	189.04	-12.6%	97.0%	99.2%	-2.2%	$	160.24	$	187.53	-14.5%
11	Hyatt Centric Chicago Magnificent Mile	$	132.27	$	118.87	11.3%	61.1%	71.1%	-14.1%	$	80.82	$	84.52	-4.4%
12	Marriott Boston Long Wharf	$	229.82	$	213.35	7.7%	84.9%	81.1%	4.7%	$	195.12	$	173.03	12.8%
13	Renaissance Long Beach	$	191.70	$	198.49	-3.4%	84.9%	86.5%	-1.8%	$	162.75	$	171.69	-5.2%
14	Embassy Suites Chicago	$	123.88	$	116.27	6.5%	73.9%	81.6%	-9.4%	$	91.55	$	94.88	-3.5%
15	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	95.00	$	92.30	2.9%	65.9%	66.2%	-0.5%	$	62.61	$	61.10	2.5%
16	Renaissance Westchester	$	145.99	$	151.93	-3.9%	66.0%	66.0%	0.0%	$	96.35	$	100.27	-3.9%
17	Embassy Suites La Jolla	$	197.95	$	199.90	-1.0%	85.8%	85.8%	0.0%	$	169.84	$	171.51	-1.0%
18	Hilton New Orleans St. Charles	$	195.75	$	200.35	-2.3%	84.3%	74.0%	13.9%	$	165.02	$	148.26	11.3%
19	Marriott Portland (1)	$	143.86	$	159.01	-9.5%	48.8%	85.5%	-42.9%	$	70.20	$	135.95	-48.4%
20	Oceans Edge Resort & Marina	$	362.28	$	341.63	6.0%	91.6%	95.8%	-4.4%	$	331.85	$	327.28	1.4%
	20 Hotel Portfolio (2)	$	223.83	$	225.39	-0.7%	78.8%	79.3%	-0.6%	$	176.38	$	178.73	-1.3%

(1) Operating statistics for February 2020 are impacted by a room renovation at the Marriott Portland. Operating statistics for February 2019 are impacted by room renovations at the Hilton San Diego Bayfront and the Renaissance Harborplace.

(2) 20 Hotel Portfolio includes all hotels owned by the Company as of March 31, 2020.

PROPERTY-LEVEL OPERATING STATISTICS							Page 22

Supplemental Financial Information
May 8, 2020

Property-Level Operating Statistics

March 2020/2019

	Hotels sorted by number of rooms	ADR					Occupancy			RevPAR
		March					March			March
		2020		2019		Variance	2020	2019	Variance	2020		2019		Variance
1	Boston Park Plaza	$	171.07	$	180.55	-5.3%	32.1%	90.5%	-64.5%	$	54.91	$	163.40	-66.4%
2	Renaissance Harborplace (1)	$	152.42	$	177.80	-14.3%	23.8%	47.1%	-49.5%	$	36.28	$	83.74	-56.7%
3	Renaissance Los Angeles Airport	$	136.46	$	148.63	-8.2%	45.4%	88.8%	-48.9%	$	61.95	$	131.98	-53.1%
4	Hilton Times Square	$	155.32	$	250.44	-38.0%	37.9%	99.2%	-61.8%	$	58.87	$	248.44	-76.3%
5	Hyatt Centric Chicago Magnificent Mile	$	140.23	$	145.08	-3.3%	22.3%	80.2%	-72.2%	$	31.27	$	116.35	-73.1%
6	Renaissance Long Beach	$	192.85	$	194.86	-1.0%	35.3%	90.2%	-60.9%	$	68.08	$	175.76	-61.3%
7	Embassy Suites Chicago	$	139.94	$	150.89	-7.3%	32.8%	94.3%	-65.2%	$	45.90	$	142.29	-67.7%
8	Renaissance Westchester	$	141.20	$	148.59	-5.0%	28.2%	68.4%	-58.8%	$	39.82	$	101.64	-60.8%
9	Embassy Suites La Jolla	$	181.72	$	197.38	-7.9%	50.2%	91.9%	-45.4%	$	91.22	$	181.39	-49.7%
	9 Hotel Portfolio (2)	$	158.91	$	180.12	-11.8%	33.5%	83.0%	-59.6%	$	53.23	$	149.50	-64.4%
10	Hilton San Diego Bayfront (1)	$	248.59	$	258.62	-3.9%	18.9%	78.5%	-75.9%	$	46.98	$	203.02	-76.9%
11	Hyatt Regency San Francisco	$	277.68	$	327.27	-15.2%	21.6%	88.7%	-75.6%	$	59.98	$	290.29	-79.3%
12	Renaissance Washington DC	$	286.36	$	292.95	-2.2%	32.4%	87.7%	-63.1%	$	92.78	$	256.92	-63.9%
13	Renaissance Orlando at SeaWorld ®	$	189.54	$	192.53	-1.6%	20.6%	87.4%	-76.4%	$	39.05	$	168.27	-76.8%
14	Wailea Beach Resort	$	488.43	$	480.37	1.7%	49.1%	94.0%	-47.8%	$	239.82	$	451.55	-46.9%
15	JW Marriott New Orleans	$	226.47	$	248.88	-9.0%	32.5%	91.3%	-64.4%	$	73.60	$	227.23	-67.6%
16	Marriott Boston Long Wharf	$	261.53	$	265.41	-1.5%	23.4%	86.1%	-72.8%	$	61.20	$	228.52	-73.2%
17	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	116.51	$	122.00	-4.5%	21.9%	82.7%	-73.5%	$	25.52	$	100.89	-74.7%
18	Hilton New Orleans St. Charles	$	181.61	$	204.11	-11.0%	31.8%	90.2%	-64.7%	$	57.75	$	184.11	-68.6%
19	Marriott Portland (1)	$	133.96	$	172.77	-22.5%	22.2%	79.6%	-72.1%	$	29.74	$	137.52	-78.4%
20	Oceans Edge Resort & Marina	$	320.63	$	347.36	-7.7%	55.2%	95.2%	-42.0%	$	176.99	$	330.69	-46.5%
	20 Hotel Portfolio (3)	$	222.39	$	235.39	-5.5%	29.9%	85.0%	-64.8%	$	66.49	$	200.08	-66.8%

(1) Operating statistics for March 2020 are impacted by a room renovation at the Marriott Portland. Operating statistics for March 2019 are impacted by room renovations at the Hilton San Diego Bayfront and the Renaissance Harborplace.

(2) 9 Hotel Portfolio includes all hotels that remained open as of March 31, 2020.

(3) 20 Hotel Portfolio includes all hotels owned by the Company as of March 31, 2020.

PROPERTY-LEVEL OPERATING STATISTICS							Page 23

Supplemental Financial Information
May 8, 2020

PROPERTY-LEVEL ADJUSTED EBITDAre  &

ADJUSTED EBITDAre MARGINS

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 24

Supplemental Financial Information
May 8, 2020

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins January 2020

	Hotels sorted by number of rooms	For the Month of January 2020
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
		Total		Net Income /		Other						Hotel		Adjusted EBITDAre
		Revenues		(Loss)		Adjustments (1)		Depreciation		Interest Expense		Adjusted EBITDAre		Margins
1	Hilton San Diego Bayfront (2)	$	11,202	$	462	$	(97)	$	1,072	$	616	$	2,053	18.3%
2	Boston Park Plaza		4,444		(2,132)		—		1,511		—		(621)	-14.0%
3	Hyatt Regency San Francisco		9,327		1,089		90		1,074		—		2,253	24.2%
4	Renaissance Washington DC		4,404		(1,423)		—		699		557		(167)	-3.8%
5	Renaissance Orlando at SeaWorld ®		7,584		1,555		—		868		—		2,423	31.9%
6	Renaissance Harborplace		2,161		(641)		—		471		—		(170)	-7.9%
7	Wailea Beach Resort		11,333		3,191		—		1,320		—		4,511	39.8%
8	Renaissance Los Angeles Airport		2,567		49		—		353		—		402	15.7%
9	JW Marriott New Orleans		3,804		563		1		558		297		1,419	37.3%
10	Hilton Times Square		3,012		(1,815)		19		845		405		(546)	-18.1%
11	Hyatt Centric Chicago Magnificent Mile		1,469		(1,076)		(117)		482		117		(594)	-40.4%
12	Marriott Boston Long Wharf		3,243		(805)		—		916		—		111	3.4%
13	Renaissance Long Beach		2,425		296		—		330		—		626	25.8%
14	Embassy Suites Chicago		1,091		(551)		—		247		—		(304)	-27.9%
15	Hilton Garden Inn Chicago Downtown/Magnificent Mile		706		(576)		3		224		—		(349)	-49.4%
16	Renaissance Westchester		1,707		(281)		—		293		—		12	0.7%
17	Embassy Suites La Jolla		1,918		75		—		353		213		641	33.4%
18	Hilton New Orleans St. Charles		1,204		117		—		218		—		335	27.8%
19	Marriott Portland (3)		589		(211)		—		135		—		(76)	-12.9%
20	Oceans Edge Resort & Marina		2,135		535		—		273		—		808	37.8%
	20 Hotel Portfolio (4)	$	76,325	$	(1,579)	$	(101)	$	12,242	$	2,205	$	12,767	16.7%

*Footnotes on page 27

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 25

Supplemental Financial Information
May 8, 2020

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins January 2019

	Hotels sorted by number of rooms	For the Month of January 2019
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
		Total		Net Income /		Other						Hotel		Adjusted EBITDAre
		Revenues		(Loss)		Adjustments(1)		Depreciation		Interest Expense		Adjusted EBITDAre		Margins
1	Hilton San Diego Bayfront (2) (3)	$	10,612	$	470	$	(97)	$	856	$	767	$	1,996	18.8%
2	Boston Park Plaza		6,479		(1,079)		—		1,481		—		402	6.2%
3	Hyatt Regency San Francisco		10,468		1,767		118		1,042		—		2,927	28.0%
4	Renaissance Washington DC		4,640		(1,079)		—		819		572		312	6.7%
5	Renaissance Orlando at SeaWorld ®		8,643		2,431		—		841		—		3,272	37.9%
6	Renaissance Harborplace (3)		1,816		(717)		—		499		—		(218)	-12.0%
7	Wailea Beach Resort		10,842		2,949		—		1,291		—		4,240	39.1%
8	Renaissance Los Angeles Airport		2,611		212		—		348		—		560	21.4%
9	JW Marriott New Orleans		3,609		642		1		532		304		1,479	41.0%
10	Hilton Times Square		3,033		(1,835)		21		849		407		(558)	-18.4%
11	Hyatt Centric Chicago Magnificent Mile		1,186		(1,237)		(117)		480		117		(757)	-63.8%
12	Marriott Boston Long Wharf		3,083		(680)		—		899		—		219	7.1%
13	Renaissance Long Beach		2,105		118		—		315		—		433	20.6%
14	Embassy Suites Chicago		972		(577)		—		246		—		(331)	-34.1%
15	Hilton Garden Inn Chicago Downtown/Magnificent Mile		592		(634)		3		217		—		(414)	-69.9%
16	Renaissance Westchester		1,480		(399)		—		295		—		(104)	-7.0%
17	Embassy Suites La Jolla		1,949		100		—		345		218		663	34.0%
18	Hilton New Orleans St. Charles		1,058		16		—		207		—		223	21.1%
19	Marriott Portland		1,015		118		—		132		—		250	24.6%
20	Oceans Edge Resort & Marina		1,963		376		—		258		—		634	32.3%
	20 Hotel Portfolio (4)		78,156		962		(71)		11,952		2,385		15,228	19.5%
	Add: Sold Hotel (5)
	Courtyard by Marriott Los Angeles		940		107		(80)		84		98		209	22.2%
	21 Hotel Portfolio (6)	$	79,096	$	1,069	$	(151)	$	12,036	$	2,483	$	15,437	19.5%

*Footnotes on page 27

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 26

Supplemental Financial Information
May 8, 2020

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

January 2020/2019 Footnotes

(1) Other Adjustments for January 2020 include: a total of $(0.1) million in amortization of operating lease right-of-use assets at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; $(0.1) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile; and $0.1 million in city taxes assessed on commercial rents at the Hyatt Regency San Francisco. Other Adjustments for January 2019 include: a total of $(0.1) million in amortization of operating lease right-of-use assets at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; a total of $(0.2) million in finance lease obligation interest - cash ground rent at the Courtyard by Marriott Los Angeles and the Hyatt Centric Chicago Magnificent Mile; and $0.1 million in city taxes assessed on commercial rents at the Hyatt Regency San Francisco.

(2) Includes 100% of the operating results for the Hilton San Diego Bayfront.

(3) Hotel Adjusted EBITDAre for January 2020 is impacted by a room renovation at the Marriott Portland. Hotel Adjusted EBITDAre for January 2019 is impacted by room renovations at the Hilton San Diego Bayfront and the Renaissance Harborplace.

(4) 20 Hotel Portfolio includes all hotels owned by the Company as of January 31, 2020.

(5) Sold Hotel includes results for the Courtyard by Marriott Los Angeles, sold in October 2019.

(6) 21 Hotel Portfolio includes all hotels owned by the Company as of January 31, 2019.

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 27

Supplemental Financial Information
May 8, 2020

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins February 2020

	Hotels sorted by number of rooms	For the Month of February 2020
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
		Total		Net Income /		Other						Hotel		Adjusted EBITDAre
		Revenues		(Loss)		Adjustments (1)		Depreciation		Interest Expense		Adjusted EBITDAre (2)		Margins (2)
1	Hilton San Diego Bayfront (3)	$	12,928	$	2,511	$	(96)	$	1,074	$	576	$	4,065	31.4%
2	Boston Park Plaza		4,204		(1,931)		—		1,497		—		(434)	-10.3%
3	Hyatt Regency San Francisco		8,946		1,052		90		1,076		—		2,218	24.8%
4	Renaissance Washington DC		7,011		971		—		679		556		2,206	31.5%
5	Renaissance Orlando at SeaWorld ®		8,805		2,642		—		868		—		3,510	39.9%
6	Renaissance Harborplace		2,342		(355)		—		426		—		71	3.0%
7	Wailea Beach Resort		11,912		3,864		—		1,324		—		5,188	43.6%
8	Renaissance Los Angeles Airport		2,716		377		—		353		—		730	26.9%
9	JW Marriott New Orleans		3,820		808		—		532		278		1,618	42.4%
10	Hilton Times Square		2,790		(1,686)		19		844		383		(440)	-15.8%
11	Hyatt Centric Chicago Magnificent Mile		1,273		(1,088)		(117)		482		117		(606)	-47.6%
12	Marriott Boston Long Wharf		3,658		(251)		—		910		—		659	18.0%
13	Renaissance Long Beach		2,375		396		—		330		—		726	30.6%
14	Embassy Suites Chicago		1,160		(346)		(24)		253		—		(117)	-10.1%
15	Hilton Garden Inn Chicago Downtown/Magnificent Mile		757		(499)		2		225		—		(272)	-35.9%
16	Renaissance Westchester		1,321		(430)		—		292		—		(138)	-10.4%
17	Embassy Suites La Jolla		1,933		143		—		348		200		691	35.7%
18	Hilton New Orleans St. Charles		1,373		259		—		211		—		470	34.2%
19	Marriott Portland (4)		565		(222)		—		135		—		(87)	-15.4%
20	Oceans Edge Resort & Marina		2,344		763		—		275		—		1,038	44.3%
	20 Hotel Portfolio (5)	$	82,233	$	6,978	$	(126)	$	12,134	$	2,110	$	21,096	25.7%

*Footnotes on page 30

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 28

Supplemental Financial Information
May 8, 2020

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins February 2019

	Hotels sorted by number of rooms	For the Month of February 2019
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
		Total		Net Income /		Other						Hotel		Adjusted EBITDAre
		Revenues		(Loss)		Adjustments(1)		Depreciation		Interest Expense		Adjusted EBITDAre (2)		Margins (2)
1	Hilton San Diego Bayfront (3) (4)	$	12,301	$	2,642	$	(96)	$	857	$	703	$	4,106	33.4%
2	Boston Park Plaza		4,113		(2,071)		—		1,483		—		(588)	-14.3%
3	Hyatt Regency San Francisco		10,054		1,690		118		1,042		—		2,850	28.3%
4	Renaissance Washington DC		6,121		234		—		815		571		1,620	26.5%
5	Renaissance Orlando at SeaWorld ®		8,918		2,848		—		856		—		3,704	41.5%
6	Renaissance Harborplace (4)		1,890		(721)		—		494		—		(227)	-12.0%
7	Wailea Beach Resort		10,345		3,178		—		1,294		—		4,472	43.2%
8	Renaissance Los Angeles Airport		2,671		362		—		347		—		709	26.5%
9	JW Marriott New Orleans		3,429		687		1		532		274		1,494	43.6%
10	Hilton Times Square		2,773		(1,664)		21		848		374		(421)	-15.2%
11	Hyatt Centric Chicago Magnificent Mile		1,608		(875)		(117)		481		117		(394)	-24.5%
12	Marriott Boston Long Wharf		2,989		(569)		—		897		—		328	11.0%
13	Renaissance Long Beach		2,500		575		—		315		—		890	35.6%
14	Embassy Suites Chicago		1,253		(275)		—		247		—		(28)	-2.2%
15	Hilton Garden Inn Chicago Downtown/Magnificent Mile		781		(403)		3		218		—		(182)	-23.3%
16	Renaissance Westchester		1,394		(329)		—		295		—		(34)	-2.4%
17	Embassy Suites La Jolla		1,918		249		—		343		197		789	41.1%
18	Hilton New Orleans St. Charles		1,178		91		—		208		—		299	25.4%
19	Marriott Portland		1,100		240		—		132		—		372	33.8%
20	Oceans Edge Resort & Marina		2,195		509		189		258		—		956	43.6%
	20 Hotel Portfolio (5)		79,531		6,398		119		11,962		2,236		20,715	26.0%
	Add: Sold Hotel (6)
	Courtyard by Marriott Los Angeles		1,011		215		(80)		85		98		318	31.5%
	21 Hotel Portfolio (7)	$	80,542	$	6,613	$	39	$	12,047	$	2,334	$	21,033	26.1%

*Footnotes on page 30

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 29

Supplemental Financial Information
May 8, 2020

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

February 2020/2019 Footnotes

(1) Other Adjustments for February 2020 include: a total of $(0.1) million in amortization of operating lease right-of-use assets at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; $(0.1) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile; $0.1 million in city taxes assessed on commercial rents at the Hyatt Regency San Francisco; and a $(24,000) prior year property tax credit at the Embassy Suites Chicago. Other Adjustments for February 2019 include: a total of $(0.1) million in amortization of operating lease right-of-use assets at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; a total of $(0.2) million in finance lease obligation interest - cash ground rent at the Courtyard by Marriott Los Angeles and the Hyatt Centric Chicago Magnificent Mile; $0.1 million in city taxes assessed on commercial rents at the Hyatt Regency San Francisco; and a $0.2 million prior year property tax assessment at the Oceans Edge Resort & Marina.

(2) Both Hotel Adjusted EBITDAre and Hotel Adjusted EBITDAre Margins are presented excluding any prior year property tax assessments and credits, net of any appeal fees. In February 2020, a $(24,000) prior year property tax credit was received at the Embassy Suites Chicago. In February 2019, a $0.2 million prior year property tax assessment was received at the Oceans Edge Resort & Marina.

(3) Includes 100% of the operating results for the Hilton San Diego Bayfront.

(4) Hotel Adjusted EBITDAre for February 2020 is impacted by a room renovation at the Marriott Portland. Hotel Adjusted EBITDAre for February 2019 is impacted by room renovations at the Hilton San Diego Bayfront and the Renaissance Harborplace.

(5) 20 Hotel Portfolio includes all hotels owned by the Company as of February 29, 2020.

(6) Sold Hotel includes results for the Courtyard by Marriott Los Angeles, sold in October 2019.

(7) 21 Hotel Portfolio includes all hotels owned by the Company as of February 28, 2019.

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 30

Supplemental Financial Information
May 8, 2020

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins March 2020

	Hotels sorted by number of rooms	For the Month of March 2020
	(In thousands)					Plus:		Plus:		Plus:			Equals:		Hotel
		Total		Net Income /		Other							Hotel		Adjusted EBITDAre
		Revenues		(Loss)		Adjustments (1)		Depreciation		Interest Expense			Adjusted EBITDAre (2)		Margins (2)
1	Boston Park Plaza (3)	$	2,709	$	(2,708)	$	—	$	1,506	$	—		$	(1,202)	-44.4%
2	Renaissance Harborplace (3)		1,101		(1,296)		(57)		432		—			(921)	-83.7%
3	Renaissance Los Angeles Airport (3)		1,363		(902)		—		357		—			(545)	-40.0%
4	Hilton Times Square (3)		1,118		(3,958)		20		789		405			(2,744)	-245.4%
5	Hyatt Centric Chicago Magnificent Mile (3)		562		(1,519)		(117)		482		117			(1,037)	-184.5%
6	Renaissance Long Beach (3)		965		(803)		—		330		—			(473)	-49.0%
7	Embassy Suites Chicago (3)		678		(616)		—		253		—			(363)	-53.5%
8	Renaissance Westchester (3)		580		(1,746)		—		291		—			(1,455)	-250.9%
9	Embassy Suites La Jolla (3)		1,140		(410)		—		351		213			154	13.5%
	9 Hotel Portfolio (4)		10,216		(13,958)		(154)		4,791		735			(8,586)	-84.0%
10	Hilton San Diego Bayfront (3) (5)		2,910		(3,003)		(97)		1,071		487			(1,542)	-53.0%
11	Hyatt Regency San Francisco (3)		2,506		(3,277)		(44)		1,080		—			(2,241)	-89.4%
12	Renaissance Washington DC (3)		3,447		(2,330)		—		689		556	��		(1,085)	-31.5%
13	Renaissance Orlando at SeaWorld ® (3)		2,416		(1,560)		—		871		—			(689)	-28.5%
14	Wailea Beach Resort (3)		5,572		(839)		—		1,325		—			486	8.7%
15	JW Marriott New Orleans (3)		1,633		(845)		1		546		296			(2)	-0.1%
16	Marriott Boston Long Wharf (3)		1,227		(2,426)		—		911		—			(1,515)	-123.5%
17	Hilton Garden Inn Chicago Downtown/Magnificent Mile (3)		398		(648)		2		225		—			(421)	-105.8%
18	Hilton New Orleans St. Charles (3)		562		(250)		—		216		—			(34)	-6.0%
19	Marriott Portland (3) (6)		259		(457)		—		111		—			(346)	-133.6%
20	Oceans Edge Resort & Marina		1,486		192		—		278		—			470	31.6%
	20 Hotel Portfolio (7)	$	32,632	$	(29,401)	$	(292)	$	12,114	$	2,074		$	(15,505)	-47.5%

*Footnotes on page 33

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 31

Supplemental Financial Information
May 8, 2020

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins March 2019

	Hotels sorted by number of rooms	For the Month of March 2019
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
		Total		Net Income /		Other						Hotel		Adjusted EBITDAre
		Revenues		(Loss)		Adjustments(1)		Depreciation		Interest Expense		Adjusted EBITDAre		Margins
1	Boston Park Plaza	$	7,268	$	(27)	$	—	$	1,482	$	—	$	1,455	20.0%
2	Renaissance Harborplace (6)		3,264		305		—		497		—		802	24.6%
3	Renaissance Los Angeles Airport		2,680		279		—		348		—		627	23.4%
4	Hilton Times Square		3,961		(847)		22		848		407		430	10.9%
5	Hyatt Centric Chicago Magnificent Mile		2,314		(380)		(116)		480		116		100	4.3%
6	Renaissance Long Beach		2,986		776		—		316		—		1,092	36.6%
7	Embassy Suites Chicago		1,941		207		—		250		—		457	23.5%
8	Renaissance Westchester		1,623		(300)		—		296		—		(4)	-0.2%
9	Embassy Suites La Jolla		2,187		363		—		343		217		923	42.2%
	9 Hotel Portfolio (4)		28,224		376		(94)		4,860		740		5,882	20.8%
10	Hilton San Diego Bayfront (5) (6)		13,773		3,293		(97)		845		768		4,809	34.9%
11	Hyatt Regency San Francisco		10,675		1,910		124		1,043		—		3,077	28.8%
12	Renaissance Washington DC		10,135		2,264		—		821		570		3,655	36.1%
13	Renaissance Orlando at SeaWorld ®		8,152		2,391		—		857		—		3,248	39.8%
14	Wailea Beach Resort		10,482		3,213		—		1,294		—		4,507	43.0%
15	JW Marriott New Orleans		4,694		1,615		—		533		302		2,450	52.2%
16	Marriott Boston Long Wharf		4,022		145		—		897		—		1,042	25.9%
17	Hilton Garden Inn Chicago Downtown/Magnificent Mile		1,306		(55)		3		217		—		165	12.6%
18	Hilton New Orleans St. Charles		1,641		436		—		208		—		644	39.2%
19	Marriott Portland		1,222		286		—		132		—		418	34.2%
20	Oceans Edge Resort & Marina		2,574		892		—		261		—		1,153	44.8%
	20 Hotel Portfolio (7)		96,900		16,766		(64)		11,968		2,380		31,050	32.0%
	Add: Sold Hotel (8)
	Courtyard by Marriott Los Angeles		1,119		245		(79)		84		98		348	31.1%
	21 Hotel Portfolio (9)	$	98,019	$	17,011	$	(143)	$	12,052	$	2,478	$	31,398	32.0%

*Footnotes on page 33

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 32

Supplemental Financial Information
May 8, 2020

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

March 2020/2019 Footnotes

(1) Other Adjustments for March 2020 include: a total of $(0.1) million in amortization of the operating lease right-of-use assets at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; $(0.1) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile; a $(44,000) true-up in city taxes assessed on commercial rents at the Hyatt Regency San Francisco; and a $(0.1) million prior year property tax credit, net of appeal fees at the Renaissance Harborplace. Other Adjustments for March 2019 include: a total of $(0.1) million in amortization of operating lease right-of-use assets at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; a total of $(0.2) million in finance lease obligation interest - cash ground rent at the Courtyard by Marriott Los Angeles and the Hyatt Centric Chicago Magnificent Mile; and $0.1 million in city taxes assessed on commercial rents at the Hyatt Regency San Francisco.

(2) Both Hotel Adjusted EBITDAre and Hotel Adjusted EBITDAre Margins are presented excluding any prior year property tax assessments and credits, net of any appeal fees. In March 2020, a $(0.1) million prior year property tax credit, net of appeal fees was received at the Renaissance Harborplace.

(3) During March 2020, a total of $10.1 million in COVID-19-related costs consisting of additional wages and benefits for furloughed or laid off employees was incurred at the following hotels: $0.1 million Boston Park Plaza; $0.1 million Embassy Suites Chicago; $0.1 million Embassy Suites La Jolla; $0.1 million Hilton Garden Inn Chicago Downtown/Magnificent Mile; $45,000 Hilton New Orleans St. Charles; $0.2 million Hilton San Diego Bayfront; $1.4 million Hilton Times Square; $0.1 million Hyatt Centric Chicago Magnificent Mile; $0.8 million Hyatt Regency San Francisco; $0.3 million JW Marriott New Orleans; $1.0 million Marriott Boston Long Wharf; $0.1 million Marriott Portland; $0.4 million Renaissance Harborplace; $0.3 million Renaissance Long Beach; $0.4 million Renaissance Los Angeles Airport; $0.8 million Renaissance Orlando at SeaWorld®; $1.3 million Renaissance Washington DC; $0.8 million Renaissance Westchester; and $1.8 million Wailea Beach Resort.

(4) 9 Hotel Portfolio includes all hotels that remained open as of March 31, 2020.

(5) Includes 100% of the operating results for the Hilton San Diego Bayfront.

(6) Hotel Adjusted EBITDAre for March 2020 is impacted by a room renovation at the Marriott Portland. Hotel Adjusted EBITDAre for March 2019 is impacted by room renovations at the Hilton San Diego Bayfront and the Renaissance Harborplace.

(7) 20 Hotel Portfolio includes all hotels owned by the Company as of March 31, 2020.

(8) Sold Hotel includes results for the Courtyard by Marriott Los Angeles, sold in October 2019.

(9) 21 Hotel Portfolio includes all hotels owned by the Company as of March 31, 2019.

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 33