Sunstone Hotel Investors (SHO) 8-K Sunstone Hotel Investors Reports Results for Second Quarter 2023

Exhibit 99.2

Supplemental Financial Information For the quarter ended June 30, 2023 August 4, 2023

Supplemental Financial Information
August 4, 2023

Table of Contents

Corporate Profile And Disclosures Regarding Non-GAAP Financial Measures	2
Comparable Corporate Financial Information	7
Capitalization	19
Property-Level Data And Operating Statistics	22
Property-Level Revenues, Adjusted EBITDAre & Adjusted EBITDAre Margins	28

Supplemental Financial Information
August 4, 2023

CORPORATE PROFILE AND DISCLOSURES
REGARDING NON-GAAP FINANCIAL MEASURES

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

Supplemental Financial Information
August 4, 2023

About Sunstone

Sunstone Hotel Investors, Inc. (the “Company,” “we,” and “our”) (NYSE: SHO) is a lodging real estate investment trust (“REIT”) that as of August 4, 2023 owns 15 hotels comprised of 7,735 rooms, the majority of which are operated under nationally recognized brands. Sunstone’s strategy is to create long-term stakeholder value through the acquisition, active ownership and disposition of hotels considered to be Long-Term Relevant Real Estate®.

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

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

Company Contacts
Bryan GigliaChief Executive Officer (949) 382-3036

Aaron ReyesChief Financial Officer(949) 382-3018

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

Supplemental Financial Information
August 4, 2023

Non-GAAP Financial Measures

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

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

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

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

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

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

Supplemental Financial Information
August 4, 2023

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

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

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

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

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

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

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

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

Supplemental Financial Information
August 4, 2023

To derive Adjusted FFO attributable to common stockholders, we also exclude the noncash interest on our derivatives and finance lease obligation as we believe that these items are not reflective of our ongoing finance costs. Additionally, we exclude the noncontrolling partner’s pro rata share of any FFO adjustments related to our consolidated Hilton San Diego Bayfront partnership components prior to our acquisition of the noncontrolling partner’s interest in June 2022. We also exclude the real estate amortization of our right-of-use assets and related lease obligations, which includes the amortization of both our finance and operating lease intangibles (with the exception of our corporate operating lease), as these expenses are based on historical cost accounting and do not reflect the actual rent amounts due to the respective lessors or the underlying performance of our hotels. In addition, we exclude preferred stock redemption charges, changes to deferred tax assets, liabilities or valuation allowances, and income tax benefits or provisions associated with the application of net operating loss carryforwards, uncertain tax positions or with the sale of assets other than real estate investments.

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

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

The 15 Hotel Portfolio consists of all 15 hotels owned by the Company as of June 30, 2023. The 15 Hotel Portfolio presented for the second quarters and first six months of 2022 and 2019 includes prior ownership results for The Confidante Miami Beach acquired by the Company in June 2022. The Company obtained prior ownership information from the prior owner of The Confidante Miami Beach during the due diligence period before acquiring the hotel. The Company performed a limited review of the information as part of its analysis of the acquisition.

The 13 Hotel Portfolio consists of the 15 Hotel Portfolio, excluding the Montage Healdsburg and the Four Seasons Resort Napa Valley, which were acquired in April 2021 and December 2021, respectively. Both the Montage Healdsburg and the Four Seasons Resort Napa Valley were newly-developed hotels that were not open in 2019. The 13 Hotel Portfolio presented for the second quarters and first six months of 2022 and 2019 includes prior ownership results for The Confidante Miami Beach acquired by the Company in June 2022.

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

Supplemental Financial Information
August 4, 2023

COMPARABLE CORPORATE FINANCIAL INFORMATION

COMPARABLE CORPORATE FINANCIAL INFORMATION Page 7

Supplemental Financial Information
August 4, 2023

Comparable Consolidated Statements of Operations

Q2 2023 – Q3 2022, Trailing 12 Months

	Quarter Ended (1)								Trailing 12 Months (1)
(Unaudited and in thousands, except per share data)	June 30,		March 31,		December 31,		September 30,		Ended
	2023		2023		2022		2022		June 30, 2023
Revenues
Room	$	173,399	$	152,438	$	147,277	$	158,400	$	631,514
Food and beverage		78,815		70,812		65,847		63,476		278,950
Other operating		23,898		20,193		31,020		22,438		97,549
Total revenues		276,112		243,443		244,144		244,314		1,008,013
Operating Expenses
Room		42,658		39,064		38,691		38,791		159,204
Food and beverage		51,997		48,535		48,187		47,181		195,900
Other expenses		92,211		90,245		84,308		88,746		355,510
Corporate overhead		8,396		8,468		7,936		7,879		32,679
Depreciation and amortization		32,397		32,342		32,393		31,750		128,882
Impairment loss		—		—		3,466		—		3,466
Total operating expenses		227,659		218,654		214,981		214,347		875,641
Interest and other income		4,639		541		476		270		5,926
Interest expense		(9,223)		(13,794)		(11,717)		(9,269)		(44,003)
Loss on extinguishment of debt		—		—		—		(784)		(784)
Income before income taxes		43,869		11,536		17,922		20,184		93,511
Income tax (provision) benefit, net		(803)		(358)		(485)		290		(1,356)
Net income	$	43,066	$	11,178	$	17,437	$	20,474	$	92,155
Comparable Hotel Adjusted EBITDAre (2)	$	89,133	$	65,413	$	61,866	$	69,422	$	285,834
Comparable Adjusted EBITDAre (3)	$	85,057	$	60,029	$	68,777	$	63,848	$	277,711
Comparable Adjusted FFO attributable to common stockholders (4)	$	67,387	$	43,824	$	53,733	$	51,264	$	216,208
Comparable Adjusted FFO attributable to common stockholders per diluted share (4)	$	0.33	$	0.21	$	0.26	$	0.25	$	1.05

*Footnotes on page 11

COMPARABLE CORPORATE FINANCIAL INFORMATION Page 8

Supplemental Financial Information
August 4, 2023

Comparable Consolidated Statements of Operations

Q4 2022 – Q1 2022, FY 2022

	Quarter Ended (1)								Year Ended (1)
(Unaudited and in thousands, except per share data)	December 31,		September 30,		June 30,		March 31,		December 31,
	2022		2022		2022		2022		2022
Revenues
Room	$	147,277	$	158,400	$	167,194	$	115,515	$	588,386
Food and beverage		65,847		63,476		74,307		42,911		246,541
Other operating		31,020		22,438		18,711		24,360		96,529
Total revenues		244,144		244,314		260,212		182,786		931,456
Operating Expenses
Room		38,691		38,791		38,626		30,425		146,533
Food and beverage		48,187		47,181		48,304		34,233		177,905
Other expenses		84,308		88,746		87,269		75,023		335,346
Corporate overhead		7,936		7,879		8,717		10,714		35,246
Depreciation and amortization		32,393		31,750		31,720		31,711		127,574
Impairment loss		3,466		—		—		—		3,466
Total operating expenses		214,981		214,347		214,636		182,106		826,070
Interest and other income		476		270		116		4,380		5,242
Interest expense		(11,717)		(9,269)		(5,938)		(4,964)		(31,888)
Loss on extinguishment of debt		—		(784)		—		(230)		(1,014)
Income (loss) before income taxes		17,922		20,184		39,754		(134)		77,726
Income tax (provision) benefit, net		(485)		290		(28)		(136)		(359)
Net income (loss)	$	17,437	$	20,474	$	39,726	$	(270)	$	77,367
Comparable Hotel Adjusted EBITDAre (2)	$	61,866	$	69,422	$	87,308	$	42,687	$	261,283
Comparable Adjusted EBITDAre (3)	$	68,777	$	63,848	$	80,031	$	37,103	$	249,759
Comparable Adjusted FFO attributable to common stockholders (4)	$	53,733	$	51,264	$	69,051	$	26,183	$	200,231
Comparable Adjusted FFO attributable to common stockholders per diluted share (4)	$	0.26	$	0.25	$	0.34	$	0.13	$	0.97

*Footnotes on page 11

COMPARABLE CORPORATE FINANCIAL INFORMATION Page 9

Supplemental Financial Information
August 4, 2023

Comparable Consolidated Statements of Operations

Q4 2019 – Q1 2019, FY 2019

	Quarter Ended (1)								Year Ended (1)
(Unaudited and in thousands, except per share data)	December 31,		September 30,		June 30,		March 31,		December 31,
	2019		2019		2019		2019		2019
Revenues
Room	$	140,388	$	145,477	$	154,320	$	140,689	$	580,874
Food and beverage		59,112		53,525		67,089		63,338		243,064
Other operating		17,415		17,523		16,271		15,124		66,333
Total revenues		216,915		216,525		237,680		219,151		890,271
Operating Expenses
Room		36,422		37,604		37,604		35,979		147,609
Food and beverage		40,345		38,763		42,286		41,704		163,098
Other expenses		73,100		71,415		73,549		73,328		291,392
Corporate overhead		7,275		7,395		8,078		7,516		30,264
Depreciation and amortization		28,231		28,315		27,684		27,541		111,771
Total operating expenses		185,373		183,492		189,201		186,068		744,134
Interest and other income		3,060		3,762		4,811		4,924		16,557
Interest expense		(6,880)		(9,074)		(11,634)		(10,149)		(37,737)
Income before income taxes		27,722		27,721		41,656		27,858		124,957
Income tax (provision) benefit, net		(1,034)		749		(2,676)		3,112		151
Net income	$	26,688	$	28,470	$	38,980	$	30,970	$	125,108
Comparable Hotel Adjusted EBITDAre (2)	$	67,146	$	68,778	$	84,305	$	68,415	$	288,644
Comparable Adjusted EBITDAre (3)	$	64,653	$	66,936	$	82,652	$	67,767	$	282,008

*Footnotes on page 11

COMPARABLE CORPORATE FINANCIAL INFORMATION Page 10

Supplemental Financial Information
August 4, 2023

Comparable Consolidated Statements of Operations

Footnotes

(1) Excludes results for the Courtyard by Marriott Los Angeles, the Renaissance Harborplace, the Renaissance Los Angeles Airport, the Renaissance Westchester, the Embassy Suites La Jolla and the Hyatt Centric Chicago Magnificent Mile sold in October 2019, July 2020, December 2020, October 2021, December 2021 and February 2022, respectively, along with the Embassy Suites Chicago and the Hilton Garden Inn Chicago Downtown/Magnificent Mile sold in March 2022. Also excludes results and the gain on extinguishment of debt due to the resolution of potential employee-related obligations for the Hilton Times Square in connection with the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel’s mortgage holder which transferred the Company’s leasehold interest in the hotel to the mortgage holder, and the elimination of interest expense on the mortgage loan secured by the Renaissance Washington DC due to its repayment in December 2020. Includes prior ownership results for The Confidante Miami Beach acquired by the Company in June 2022, adjusted for the Company's pro forma depreciation expense.

(2) Comparable Hotel Adjusted EBITDAre reconciliations for the second quarters of 2023, 2022 and 2019 can be found later in this presentation. Additional details can be found in our earnings release, furnished in Exhibit 99.1 to our 8-K filed on August 4, 2023. Comparable Hotel Adjusted EBITDAre presented for the first and second quarters of 2023 and the four quarters and year ended December 31, 2022 includes the 15 Hotel Portfolio. Comparable Hotel Adjusted EBITDAre presented for the four quarters and year ended December 31, 2019 includes the 13 Hotel Portfolio.

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

(4) Comparable Adjusted FFO attributable to common stockholders and Comparable Adjusted FFO attributable to common stockholders per diluted share reconciliations for the 2023 and 2022 periods included in this presentation can be found in the following pages and reflect the adjustments noted in Footnote 1 above to exclude the results of sales/disposals of hotels, eliminate the interest expense on the mortgage loan secured by the Renaissance Washington DC and to include prior ownership results for The Confidante Miami Beach adjusted for the Company’s pro forma depreciation expense. In addition, the reconciliations include the elimination of noncontrolling interest noted in Footnote 3 above, along with repurchases totaling 10,245,324 shares of common stock in the first, second, third and fourth quarters of 2022 and 2,266,384 shares of common stock in the first and second quarters of 2023.

COMPARABLE CORPORATE FINANCIAL INFORMATION Page 11

Supplemental Financial Information
August 4, 2023

Comparable Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre

Q2 2023 – Q3 2022, Trailing 12 Months

	Quarter Ended								Trailing 12 Months
	June 30,		March 31,		December 31,		September 30,		Ended
(In thousands)	2023		2023		2022		2022		June 30, 2023
Net income	$	43,078	$	21,087	$	17,463	$	20,488	$	102,116
Operations held for investment:
Depreciation and amortization		32,397		32,342		32,393		31,750		128,882
Interest expense		9,223		13,794		11,717		9,269		44,003
Income tax provision (benefit), net	��	803		358		485		(290)		1,356
Impairment loss - depreciable assets		—		—		1,379		—		1,379
EBITDAre		85,501		67,581		63,437		61,217		277,736
Operations held for investment:
Amortization of deferred stock compensation		3,325		2,427		2,230		2,230		10,212
Amortization of right-of-use assets and obligations		(17)		(52)		(359)		(350)		(778)
Amortization of contract intangibles, net		(18)		(18)		(18)		(19)		(73)
(Gain) loss on extinguishment of debt, net		(12)		(9,909)		(26)		770		(9,177)
Hurricane-related insurance restoration proceeds		(3,722)		—		—		—		(3,722)
Property-level severance		—		—		729		—		729
Costs associated with financing no longer pursued		—		—		697		—		697
Impairment loss - right-of-use asset		—		—		2,087		—		2,087
Adjustments to EBITDAre, net		(444)		(7,552)		5,340		2,631		(25)
Comparable Adjusted EBITDAre	$	85,057	$	60,029	$	68,777	$	63,848	$	277,711

COMPARABLE CORPORATE FINANCIAL INFORMATION Page 12

Supplemental Financial Information
August 4, 2023

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

Q2 2023 – Q3 2022, Trailing 12 Months

	Quarter Ended								Trailing 12 Months
	June 30,		March 31,		December 31,		September 30,		Ended
(In thousands, except per share data)	2023		2023		2022		2022		June 30, 2023
Net income	$	43,078	$	21,087	$	17,463	$	20,488	$	102,116
Preferred stock dividends		(3,768)		(3,768)		(3,350)		(3,351)		(14,237)
Operations held for investment:
Real estate depreciation and amortization		32,240		32,191		32,023		31,313		127,767
FFO attributable to common stockholders		71,550		49,510		46,136		48,450		215,646
Operations held for investment:
Amortization of deferred stock compensation		3,325		2,427		2,230		2,230		10,212
Real estate amortization of right-of-use assets and obligations		(128)		(119)		(287)		(288)		(822)
Amortization of contract intangibles, net		85		83		78		141		387
Noncash interest on derivatives, net		(3,711)		1,832		710		(39)		(1,208)
(Gain) loss on extinguishment of debt, net		(12)		(9,909)		(26)		770		(9,177)
Hurricane-related insurance restoration proceeds		(3,722)		—		—		—		(3,722)
Property-level severance		—		—		729		—		729
Costs associated with financing no longer pursued		—		—		697		—		697
Impairment losses - right-of-use and depreciable assets		—		—		3,466		—		3,466
Adjustments to FFO attributable to common stockholders, net		(4,163)		(5,686)		7,597		2,814		562
Comparable Adjusted FFO attributable to common stockholders	$	67,387	$	43,824	$	53,733	$	51,264	$	216,208
Comparable Adjusted FFO attributable to common stockholders per diluted share	$	0.33	$	0.21	$	0.26	$	0.25	$	1.05
Basic weighted average shares outstanding		206,181		207,035		209,097		211,010		208,331
Shares associated with unvested restricted stock awards		733		501		449		594		569
Diluted weighted average shares outstanding		206,914		207,536		209,546		211,604		208,900
Equity transactions (1)		(59)		(1,128)		(3,332)		(5,245)		(2,441)
Comparable diluted weighted average shares outstanding		206,855		206,408		206,214		206,359		206,459

(1) Equity Transactions represent repurchases totaling 880,577 and 2,249,764 shares of common stock in the third and fourth quarters of 2022, respectively, along with the repurchases of 1,964,923 and 301,461 shares of common stock in the first and second quarters of 2023.

COMPARABLE CORPORATE FINANCIAL INFORMATION Page 13

Supplemental Financial Information
August 4, 2023

Comparable Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre

Q4 2022 – Q1 2022, FY 2022

	Quarter Ended								Year Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
(In thousands)	2022		2022		2022		2022		2022
Net income	$	17,463	$	20,488	$	37,692	$	15,123	$	90,766
Operations held for investment:
Depreciation and amortization		32,393		31,750		30,893		31,360		126,396
Interest expense		11,717		9,269		5,938		5,081		32,005
Income tax provision (benefit), net		485		(290)		28		136		359
Gain on sale of assets		—		—		—		(22,946)		(22,946)
Impairment loss - depreciable assets		1,379		—		—		—		1,379
EBITDAre		63,437		61,217		74,551		28,754		227,959
Operations held for investment:
Amortization of deferred stock compensation		2,230		2,230		2,853		3,578		10,891
Amortization of right-of-use assets and obligations		(359)		(350)		(354)		(346)		(1,409)
Amortization of contract intangibles, net		(18)		(19)		(18)		(6)		(61)
Finance lease obligation interest - cash ground rent		—		—		—		(117)		(117)
(Gain) loss on extinguishment of debt, net		(26)		770		(21)		213		936
Hurricane-related losses net of insurance restoration proceeds		—		—		138		(2,893)		(2,755)
Property-level severance		729		—		—		—		729
Costs associated with financing no longer pursued		697		—		—		—		697
Impairment loss - right-of-use asset		2,087		—		—		—		2,087
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest		—		—		(2,343)		(1,134)		(3,477)
Depreciation and amortization		—		—		(666)		(790)		(1,456)
Interest expense		—		—		(206)		(168)		(374)
Amortization of right-of-use asset and obligation		—		—		60		72		132
Adjustments to EBITDAre, net		5,340		2,631		(557)		(1,591)		5,823
Adjusted EBITDAre, excluding noncontrolling interest		68,777		63,848		73,994		27,163		233,782
Sold hotel Adjusted EBITDAre (1)		—		—		—		2,172		2,172
Acquisition hotel Adjusted EBITDAre (2)		—		—		6,037		7,768		13,805
Comparable Adjusted EBITDAre	$	68,777	$	63,848	$	80,031	$	37,103	$	249,759

*Footnotes on page 16

COMPARABLE CORPORATE FINANCIAL INFORMATION Page 14

Supplemental Financial Information
August 4, 2023

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

Q4 2022 – Q1 2022, FY 2022

	Quarter Ended								Year Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
(In thousands, except per share data)	2022		2022		2022		2022		2022
Net income	$	17,463	$	20,488	$	37,692	$	15,123	$	90,766
Preferred stock dividends		(3,350)		(3,351)		(3,773)		(3,773)		(14,247)
Operations held for investment:
Real estate depreciation and amortization		32,023		31,313		30,456		31,027		124,819
Gain on sale of assets		—		—		—		(22,946)		(22,946)
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest		—		—		(2,343)		(1,134)		(3,477)
Real estate depreciation and amortization		—		—		(666)		(790)		(1,456)
FFO attributable to common stockholders		46,136		48,450		61,366		17,507		173,459
Operations held for investment:
Amortization of deferred stock compensation		2,230		2,230		2,853		3,578		10,891
Real estate amortization of right-of-use assets and obligations		(287)		(288)		(294)		(286)		(1,155)
Amortization of contract intangibles, net		78		141		143		60		422
Noncash interest on derivatives, net		710		(39)		(1,023)		(1,842)		(2,194)
(Gain) loss on extinguishment of debt, net		(26)		770		(21)		213		936
Hurricane-related losses net of insurance restoration proceeds		—		—		138		(2,893)		(2,755)
Property-level severance		729		—		—		—		729
Costs associated with financing no longer pursued		697		—		—		—		697
Impairment losses - right-of-use and depreciable assets		3,466		—		—		—		3,466
Noncontrolling interest:
Real estate amortization of right-of-use asset and obligation		—		—		60		72		132
Noncash interest on derivatives, net		—		—		(2)		2		—
Adjustments to FFO attributable to common stockholders, net		7,597		2,814		1,854		(1,096)		11,169
Adjusted FFO attributable to common stockholders		53,733		51,264		63,220		16,411		184,628
Sold hotel Adjusted FFO (1)		—		—		—		2,172		2,172
Acquisition hotel Adjusted FFO (2)		—		—		5,831		7,600		13,431
Comparable Adjusted FFO attributable to common stockholders	$	53,733	$	51,264	$	69,051	$	26,183	$	200,231
Comparable Adjusted FFO attributable to common stockholders per diluted share	$	0.26	$	0.25	$	0.34	$	0.13	$	0.97
Basic weighted average shares outstanding		209,097		211,010		213,183		217,271		212,613
Shares associated with unvested restricted stock awards		449		594		354		305		358
Diluted weighted average shares outstanding		209,546		211,604		213,537		217,576		212,971
Equity transactions (3)		(3,332)		(5,245)		(7,434)		(11,770)		(6,917)
Comparable diluted weighted average shares outstanding		206,214		206,359		206,103		205,806		206,054

*Footnotes on page 16

COMPARABLE CORPORATE FINANCIAL INFORMATION Page 15

Supplemental Financial Information
August 4, 2023

Comparable Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre,

FFO and Adjusted FFO Attributable to Common Stockholders

Q4 2022 – Q1 2022, FY 2022 Footnotes

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

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

(3) Equity Transactions represent repurchases totaling 3,879,025, 3,235,958, 880,577 and 2,249,764 shares of common stock in the first, second, third and fourth quarters of 2022, respectively, along with the repurchases of 1,964,923 and 301,461 shares of common stock in the first and second quarters of 2023.

COMPARABLE CORPORATE FINANCIAL INFORMATION Page 16

Supplemental Financial Information
August 4, 2023

Comparable Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre

Q4 2019 – Q1 2019, FY 2019

	Quarter Ended								Year Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
(In thousands)	2019		2019		2019		2019		2019
Net income	$	45,414	$	33,545	$	45,918	$	17,916	$	142,793
Operations held for investment:
Depreciation and amortization		37,264		37,573		36,524		36,387		147,748
Interest expense		10,822		13,259		15,816		14,326		54,223
Income tax provision (benefit), net		1,034		(749)		2,676		(3,112)		(151)
Gain on sale of assets		(42,935)		—		—		—		(42,935)
Impairment loss		24,713		—		—		—		24,713
EBITDAre		76,312		83,628		100,934		65,517		326,391
Operations held for investment:
Amortization of deferred stock compensation		2,145		2,146		2,900		2,122		9,313
Amortization of right-of-use assets and obligations		(259)		(253)		(251)		(19)		(782)
Finance lease obligation interest - cash ground rent		(407)		(589)		(590)		(589)		(2,175)
Prior year property tax adjustments, net		(121)		(9)		109		189		168
Prior owner contingency funding		—		—		(900)		—		(900)
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest		(998)		(2,508)		(1,955)		(1,599)		(7,060)
Depreciation and amortization		(803)		(793)		(640)		(639)		(2,875)
Interest expense		(476)		(532)		(558)		(560)		(2,126)
Amortization of right-of-use asset and obligation		73		72		73		72		290
Adjustments to EBITDAre, net		(846)		(2,466)		(1,812)		(1,023)		(6,147)
Adjusted EBITDAre, excluding noncontrolling interest		75,466		81,162		99,122		64,494		320,244
Sold/Disposed hotel Adjusted EBITDAre (1)		(15,066)		(17,992)		(21,581)		(3,428)		(58,067)
Acquisition hotel Adjusted EBITDAre (2)		4,253		3,766		5,111		6,701		19,831
Comparable Adjusted EBITDAre	$	64,653	$	66,936	$	82,652	$	67,767	$	282,008

*Footnotes on Page 18

COMPARABLE CORPORATE FINANCIAL INFORMATION Page 17

Supplemental Financial Information
August 4, 2023

Comparable Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre

Q4 2019 – Q1 2019, FY 2019 Footnotes

(1) Sold/Disposed hotel Adjusted EBITDAre includes results for the Courtyard by Marriott Los Angeles, the Renaissance Harborplace, the Renaissance Los Angeles Airport, the Renaissance Westchester, the Embassy Suites La Jolla and the Hyatt Centric Chicago Magnificent Mile sold in October 2019, July 2020, December 2020, October 2021, December 2021 and February 2022, respectively, along with the Embassy Suites Chicago and Hilton Garden Inn Chicago Downtown/Magnificent Mile sold in March 2022. In addition, includes results for the Hilton Times Square due to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder.

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

COMPARABLE CORPORATE FINANCIAL INFORMATION Page 18

Supplemental Financial Information
August 4, 2023

CAPITALIZATION

CAPITALIZATION Page 19

Supplemental Financial Information
August 4, 2023

Comparative Capitalization
Q2 2023 – Q2 2022

	June 30,			March 31,			December 31,			September 30,			June 30,
(In thousands, except per share data)	2023			2023			2022			2022			2022
Common Share Price & Dividends
At the end of the quarter	$	10.12		$	9.88		$	9.66		$	9.42		$	9.92
High during quarter ended	$	10.79		$	11.26		$	11.19		$	12.22		$	12.68
Low during quarter ended	$	9.39		$	8.87		$	9.42		$	9.42		$	9.64
Common dividends per share	$	0.05		$	0.05		$	0.05		$	0.05		$	—
Common Shares & Units
Common shares outstanding		207,185			207,410			209,320			211,570			212,451
Units outstanding		—			—			—			—			—
Total common shares and units outstanding		207,185			207,410			209,320			211,570			212,451
Capitalization
Market value of common equity	$	2,096,709		$	2,049,211		$	2,022,036		$	1,992,991		$	2,107,512
Liquidation value of preferred equity - Series G		66,250			66,250			66,250			66,250			66,250
Liquidation value of preferred equity - Series H		115,000			115,000			115,000			115,000			115,000
Liquidation value of preferred equity - Series I		100,000			100,000			100,000			100,000			100,000
Total debt		820,100			815,612			816,136			816,647			805,443
Total capitalization	$	3,198,059		$	3,146,073		$	3,119,422		$	3,090,888		$	3,194,205
Total debt to total capitalization		25.6	%		25.9	%		26.2	%		26.4	%		25.2	%
Total debt and preferred equity to total capitalization		34.4	%		34.9	%		35.2	%		35.5	%		34.0	%

CAPITALIZATION Page 20

Supplemental Financial Information
August 4, 2023

Debt Summary Schedule

(In thousands)		Interest Rate /	Maturity			June 30, 2023
Debt	Collateral	Spread	Date (1)			Balance
Secured Mortgage Debt	JW Marriott New Orleans	4.15%	12/11/2024		$	75,100
Series A Senior Notes	Unsecured	4.69%	01/10/2026			65,000
Term Loan 3 (2)	Unsecured	6.59%	05/01/2026			225,000
Term Loan 1 (3)	Unsecured	5.94%	07/25/2027			175,000
Revolving Line of Credit	Unsecured	Adj. SOFR + 1.40%	07/25/2027			—
Series B Senior Notes	Unsecured	4.79%	01/10/2028			105,000
Term Loan 2 (3)	Unsecured	6.59%	01/25/2028			175,000
Total Debt					$	820,100
Preferred Stock
Series G cumulative redeemable preferred (4)		2.253%	perpetual		$	66,250
Series H cumulative redeemable preferred		6.125%	perpetual			115,000
Series I cumulative redeemable preferred		5.70%	perpetual			100,000
Total Preferred Stock					$	281,250
Debt and Preferred Statistics
			Debt			Debt and Preferred
% Fixed Rate Debt			51.2	%		63.7	%
% Floating Rate Debt			48.8	%		36.3	%
Average Interest Rate			5.85	%		5.65	%
Weighted Average Maturity of Debt			3.5 years			N/A

(1) Maturity Date assumes the exercise of all available extensions for the Revolving Line of Credit and Term Loan 3. By extending these loans, the Company's weighted average maturity of debt increases from 3.3 years to 3.5 years.

(2) In May 2023, the Company entered into a new $225.0 million term loan agreement ("Term Loan 3"). Interest rates on Term Loan 3 are calculated on a leverage-based pricing grid ranging from 135 to 220 basis points over the applicable adjusted term SOFR. Term Loan 3 has an initial term of two years with one 12-month extension, which would result in an extended maturity of May 2026.

(3) Pursuant to the Second Amended Credit Agreement, interest rates on Term Loan 1 and Term Loan 2 are calculated on a leverage-based pricing grid ranging from 135 to 220 basis points over the applicable adjusted term SOFR. In May 2023, the pricing grid was reduced by 0.02% to a range of 133 to 218 basis points as the Company achieved the 2022 sustainability performance metric specified in the Second Amended Credit Agreement. The reduction in the pricing grid will be evaluated annually and is subject to the Company's continued ability to satisfy its sustainability metric. The interest rate for Term Loan 1 includes the effect of the Company's interest rate derivative swaps.

(4) The Series G cumulative redeemable preferred stock has an initial dividend rate equal to the Montage Healdsburg's annual net operating income yield on the Company's investment in the resort. Year to date through the date of this release, the Company declared cash dividends of $0.439702 per share, and together with the cash dividends of $0.124162 per share declared for the last six months of 2022, this equates to an annual yield of 2.253%. The annual dividend rate may increase in 2024 to the greater of 3.0% or the rate equal to the Montage Healdsburg's annual net operating income yield on the Company's total investment in the resort.

CAPITALIZATION Page 21

Supplemental Financial Information
August 4, 2023

PROPERTY-LEVEL DATA AND OPERATING STATISTICS

PROPERTY-LEVEL DATA AND OPERATING STATISTICS Page 22

Supplemental Financial Information
August 4, 2023

Hotel Information as of August 4, 2023

Hotel		Location	Brand	Number of Rooms	% of Total Rooms	Interest	Year Acquired
1	Hilton San Diego Bayfront (1) (2)	California	Hilton	1,190	15%	Leasehold	2011 / 2022
2	Boston Park Plaza	Massachusetts	Independent	1,060	14%	Fee Simple	2013
3	Hyatt Regency San Francisco	California	Hyatt	821	11%	Fee Simple	2013
4	Renaissance Washington DC	Washington DC	Marriott	807	10%	Fee Simple	2005
5	Renaissance Orlando at SeaWorld®	Florida	Marriott	781	10%	Fee Simple	2005
6	Wailea Beach Resort	Hawaii	Marriott	547	7%	Fee Simple	2014
7	JW Marriott New Orleans (3)	Louisiana	Marriott	501	6%	Fee Simple	2011
8	Marriott Boston Long Wharf	Massachusetts	Marriott	415	5%	Fee Simple	2007
9	Renaissance Long Beach	California	Marriott	374	5%	Fee Simple	2005
10	The Confidante Miami Beach	Florida	Hyatt	339	4%	Fee Simple	2022
11	The Bidwell Marriott Portland	Oregon	Marriott	258	3%	Fee Simple	2000
12	Hilton New Orleans St. Charles	Louisiana	Hilton	252	3%	Fee Simple	2013
13	Oceans Edge Resort & Marina	Florida	Independent	175	2%	Fee Simple	2017
14	Montage Healdsburg	California	Montage	130	2%	Fee Simple	2021
15	Four Seasons Resort Napa Valley (4)	California	Four Seasons	85	1%	Fee Simple	2021
	Total Portfolio			7,735	100%

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

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

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

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

PROPERTY-LEVEL DATA AND OPERATING STATISTICS Page 23

Supplemental Financial Information
August 4, 2023

Property-Level Operating Statistics

ADR, Occupancy and RevPAR

Q2 2023/2022/2019

	ADR							Occupancy						RevPAR
Hotels sorted by number of rooms	For the Quarter Ended June 30,							For the Quarter Ended June 30,					For the Quarter Ended June 30,
	2023			2022		2019	2023 vs. 2022	2023	2022	2019	2023 vs. 2022		2023		2022			2019	2023 vs. 2022
Hilton San Diego Bayfront (1)	$	276.66	$	279.99	$	251.17	(1.2)%	85.7%	83.7%	78.7%	200	bps	$	237.10	$	234.35	$	197.67	1.2%
Boston Park Plaza	$	265.71	$	240.08	$	246.19	10.7%	91.6%	84.2%	97.0%	740	bps	$	243.39	$	202.15	$	238.80	20.4%
Hyatt Regency San Francisco (1)	$	291.37	$	271.08	$	310.18	7.5%	72.9%	59.3%	90.9%	1,360	bps	$	212.41	$	160.75	$	281.95	32.1%
Renaissance Washington DC (1)	$	291.76	$	271.60	$	250.42	7.4%	63.1%	68.1%	86.5%	(500)	bps	$	184.10	$	184.96	$	216.61	(0.5)%
Renaissance Orlando at SeaWorld®	$	194.71	$	185.03	$	165.86	5.2%	78.9%	73.9%	82.1%	500	bps	$	153.63	$	136.74	$	136.17	12.4%
Wailea Beach Resort	$	682.42	$	667.64	$	447.36	2.2%	75.2%	82.4%	93.5%	(720)	bps	$	513.18	$	550.14	$	418.28	(6.7)%
JW Marriott New Orleans	$	258.18	$	257.10	$	212.68	0.4%	75.7%	70.9%	88.5%	480	bps	$	195.44	$	182.28	$	188.22	7.2%
Marriott Boston Long Wharf	$	405.33	$	402.51	$	384.60	0.7%	79.7%	73.2%	89.9%	650	bps	$	323.05	$	294.64	$	345.76	9.6%
Renaissance Long Beach	$	228.89	$	215.21	$	203.31	6.4%	79.6%	80.0%	82.3%	(40)	bps	$	182.20	$	172.17	$	167.32	5.8%
The Confidante Miami Beach	$	264.13	$	320.55	$	191.46	(17.6)%	63.2%	73.1%	80.5%	(990)	bps	$	166.93	$	234.32	$	154.13	(28.8)%
The Bidwell Marriott Portland	$	182.01	$	171.46	$	194.29	6.2%	61.1%	54.6%	88.2%	650	bps	$	111.21	$	93.62	$	171.36	18.8%
Hilton New Orleans St. Charles	$	187.73	$	198.99	$	171.88	(5.7)%	77.5%	69.7%	81.4%	780	bps	$	145.49	$	138.70	$	139.91	4.9%
Oceans Edge Resort & Marina (1)	$	362.31	$	433.53	$	233.87	(16.4)%	78.5%	78.2%	92.2%	30	bps	$	284.41	$	339.02	$	215.63	(16.1)%
13 Hotel Portfolio (2)	$	297.28	$	295.40	$	259.21	0.6%	77.6%	74.6%	87.1%	300	bps	$	230.69	$	220.37	$	225.77	4.7%
Montage Healdsburg	$	1,144.58	$	1,102.12		N/A	3.9%	62.1%	68.0%	N/A	(590)	bps	$	710.78	$	749.44		N/A	(5.2)%
Four Seasons Resort Napa Valley	$	1,639.96	$	1,839.15		N/A	(10.8)%	49.6%	49.7%	N/A	(10)	bps	$	813.42	$	914.06		N/A	(11.0)%
15 Hotel Portfolio (3)	$	319.36	$	319.79		N/A	(0.1)%	77.0%	74.2%	N/A	280	bps	$	245.91	$	237.28		N/A	3.6%

*Footnotes on page 27

PROPERTY-LEVEL DATA AND OPERATING STATISTICS Page 24

Supplemental Financial Information
August 4, 2023

Property-Level Operating Statistics

ADR, Occupancy and RevPAR

Q2 YTD 2023/2022/2019

	ADR							Occupancy						RevPAR
Hotels sorted by number of rooms	For the Six Months Ended June 30,							For the Six Months Ended June 30,					For the Six Months Ended June 30,
	2023			2022		2019	2023 vs. 2022	2023	2022	2019	2023 vs. 2022		2023		2022			2019	2023 vs. 2022
Hilton San Diego Bayfront (1)	$	281.01	$	267.35	$	254.09	5.1%	84.3%	71.1%	77.0%	1,320	bps	$	236.89	$	190.09	$	195.65	24.6%
Boston Park Plaza	$	231.00	$	211.21	$	205.16	9.4%	78.2%	66.4%	88.9%	1,180	bps	$	180.64	$	140.24	$	182.39	28.8%
Hyatt Regency San Francisco (1)	$	306.67	$	250.25	$	330.83	22.5%	69.5%	51.7%	87.6%	1,780	bps	$	213.14	$	129.38	$	289.81	64.7%
Renaissance Washington DC (1)	$	271.80	$	256.77	$	246.97	5.9%	55.4%	53.5%	80.1%	190	bps	$	150.58	$	137.37	$	197.82	9.6%
Renaissance Orlando at SeaWorld®	$	208.00	$	196.76	$	181.66	5.7%	81.1%	67.2%	82.9%	1,390	bps	$	168.69	$	132.22	$	150.60	27.6%
Wailea Beach Resort	$	710.68	$	665.62	$	471.61	6.8%	77.4%	80.8%	93.2%	(340)	bps	$	550.07	$	537.82	$	439.54	2.3%
JW Marriott New Orleans	$	261.14	$	249.93	$	219.64	4.5%	74.2%	60.5%	87.5%	1,370	bps	$	193.77	$	151.21	$	192.19	28.1%
Marriott Boston Long Wharf	$	355.74	$	357.44	$	313.87	(0.5)%	69.4%	56.0%	84.2%	1,340	bps	$	246.88	$	200.17	$	264.28	23.3%
Renaissance Long Beach	$	233.97	$	209.02	$	198.07	11.9%	76.9%	75.2%	82.5%	170	bps	$	179.92	$	157.18	$	163.41	14.5%
The Confidante Miami Beach	$	321.87	$	345.17	$	223.77	(6.8)%	73.5%	77.8%	84.8%	(430)	bps	$	236.57	$	268.54	$	189.76	(11.9)%
The Bidwell Marriott Portland	$	171.95	$	161.34	$	179.18	6.6%	55.9%	45.9%	83.6%	1,000	bps	$	96.12	$	74.06	$	149.79	29.8%
Hilton New Orleans St. Charles	$	196.56	$	194.73	$	180.50	0.9%	76.1%	56.3%	80.5%	1,980	bps	$	149.58	$	109.63	$	145.30	36.4%
Oceans Edge Resort & Marina (1)	$	416.19	$	492.53	$	273.90	(15.5)%	78.6%	82.0%	93.6%	(340)	bps	$	327.13	$	403.87	$	256.37	(19.0)%
13 Hotel Portfolio (2)	$	299.36	$	291.43	$	257.14	2.7%	74.2%	64.6%	84.4%	960	bps	$	222.13	$	188.26	$	217.03	18.0%
Montage Healdsburg	$	1,061.83	$	1,016.69		N/A	4.4%	52.6%	58.8%	N/A	(620)	bps	$	558.52	$	597.81		N/A	(6.6)%
Four Seasons Resort Napa Valley	$	1,538.67	$	1,656.21		N/A	(7.1)%	40.0%	47.1%	N/A	(710)	bps	$	615.47	$	780.07		N/A	(21.1)%
15 Hotel Portfolio (3)	$	316.80	$	313.93		N/A	0.9%	73.4%	64.3%	N/A	910	bps	$	232.53	$	201.86		N/A	15.2%

*Footnotes on page 27

PROPERTY-LEVEL DATA AND OPERATING STATISTICS Page 25

Supplemental Financial Information
August 4, 2023

Property-Level Operating Statistics

Total RevPAR (TRevPAR)

Q2 and YTD 2023/2022/2019

Hotels sorted by number of rooms	For the Three Months Ended June 30,							For the Six Months Ended June 30,
	2023		2022			2019	2023 vs. 2022	2023		2022		2019		2023 vs. 2022
Hilton San Diego Bayfront (1)	$	434.57	$	402.03	$	356.92	8.1%	$	433.45	$	331.67	$	349.76	30.7%
Boston Park Plaza	$	347.52	$	295.62	$	326.96	17.6%	$	268.75	$	202.72	$	257.47	32.6%
Hyatt Regency San Francisco (1)	$	317.12	$	241.56	$	414.75	31.3%	$	310.20	$	195.20	$	422.89	58.9%
Renaissance Washington DC (1)	$	272.01	$	277.09	$	335.22	(1.8)%	$	219.29	$	206.20	$	311.59	6.3%
Renaissance Orlando at SeaWorld®	$	344.69	$	308.85	$	308.77	11.6%	$	375.77	$	293.48	$	337.14	28.0%
Wailea Beach Resort	$	782.70	$	839.76	$	606.91	(6.8)%	$	816.87	$	797.74	$	625.00	2.4%
JW Marriott New Orleans	$	263.07	$	222.70	$	248.33	18.1%	$	265.17	$	188.54	$	254.23	40.6%
Marriott Boston Long Wharf	$	447.92	$	400.38	$	484.62	11.9%	$	349.12	$	279.24	$	378.03	25.0%
Renaissance Long Beach	$	232.69	$	222.93	$	227.64	4.4%	$	234.48	$	204.37	$	226.59	14.7%
The Confidante Miami Beach	$	282.17	$	382.34	$	291.30	(26.2)%	$	379.50	$	415.59	$	329.75	(8.7)%
The Bidwell Marriott Portland	$	153.31	$	123.82	$	196.54	23.8%	$	133.02	$	100.43	$	172.85	32.5%
Hilton New Orleans St. Charles	$	192.40	$	156.84	$	157.04	22.7%	$	183.56	$	147.23	$	163.96	24.7%
Oceans Edge Resort & Marina (1)	$	466.20	$	525.19	$	348.03	(11.2)%	$	498.85	$	580.64	$	387.51	(14.1)%
13 Hotel Portfolio (2)	$	363.39	$	341.54	$	347.80	6.4%	$	350.34	$	291.77	$	336.09	20.1%
Montage Healdsburg	$	1,296.27	$	1,367.12		N/A	(5.2)%	$	1,008.02	$	1,078.00		N/A	(6.5)%
Four Seasons Resort Napa Valley	$	1,397.65	$	1,460.86		N/A	(4.3)%	$	1,105.67	$	1,284.21		N/A	(13.9)%
15 Hotel Portfolio (3)	$	391.74	$	371.73		N/A	5.4%	$	370.61	$	316.27		N/A	17.2%

*Footnotes on page 27

PROPERTY-LEVEL DATA AND OPERATING STATISTICS Page 26

Supplemental Financial Information
August 4, 2023

Property-Level Operating Statistics

Q2 and YTD 2023/2022/2019 Footnotes

(1) Operating statistics for the second quarters and first six months of 2023 and 2022 are impacted by room renovations at the Renaissance Washington DC. Operating statistics for the second quarter and first six months of 2022 are also impacted by a room renovation at the Hyatt Regency San Francisco. Operating statistics for the second quarter and first six months of 2019 are impacted by room renovations at the Hilton San Diego Bayfront, the Hyatt Regency San Francisco and the Oceans Edge Resort & Marina.

(2) The 13 Hotel Portfolio consists of the 15 Hotel Portfolio (defined below), excluding the Montage Healdsburg and the Four Seasons Resort Napa Valley, which were acquired in April 2021 and December 2021, respectively. Both the Montage Healdsburg and the Four Seasons Resort Napa Valley were newly-developed hotels that were not open in 2019. The 13 Hotel Portfolio presented for the second quarters and first six months of 2022 and 2019 includes prior ownership results for The Confidante Miami Beach acquired by the Company in June 2022. The Company obtained prior ownership information from the prior owner of The Confidante Miami Beach during the due diligence period before acquiring the hotel. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3) The 15 Hotel Portfolio consists of all 15 hotels owned by the Company as of June 30, 2023. The 15 Hotel Portfolio presented for the second quarters and first six months of 2022 includes prior ownership results for The Confidante Miami Beach acquired by the Company in June 2022.

PROPERTY-LEVEL DATA AND OPERATING STATISTICS Page 27

Supplemental Financial Information
August 4, 2023

PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre &

ADJUSTED EBITDAre MARGINS

PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS Page 28

Supplemental Financial Information
August 4, 2023

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q2 2023/2022

Hotels sorted by number of rooms	For the Three Months Ended June 30,
	2023					2022
(In thousands)					Hotel Adjusted					Hotel Adjusted	Hotel Adjusted
	Total		Hotel Adjusted		EBITDAre	Total		Hotel Adjusted		EBITDAre	EBITDAre
	Revenues		EBITDAre		Margins	Revenues		EBITDAre		Margins	Margin Change
Hilton San Diego Bayfront	$	47,061	$	15,833	33.6%	$	43,536	$	14,902	34.2%	(60)	bps
Boston Park Plaza		33,522		12,675	37.8%		28,517		9,529	33.4%	440	bps
Hyatt Regency San Francisco (1)		23,693		4,749	20.0%		18,047		2,796	15.5%	450	bps
Renaissance Washington DC (1)		19,975		5,967	29.9%		20,348		7,308	35.9%	(600)	bps
Renaissance Orlando at SeaWorld®		24,497		8,328	34.0%		21,950		7,237	33.0%	100	bps
Wailea Beach Resort		38,960		14,656	37.6%		41,799		17,676	42.3%	(470)	bps
JW Marriott New Orleans		11,993		5,270	43.9%		10,154		4,384	43.2%	70	bps
Marriott Boston Long Wharf		16,915		6,908	40.8%		15,120		6,531	43.2%	(240)	bps
Renaissance Long Beach		7,919		2,486	31.4%		7,587		2,708	35.7%	(430)	bps
The Confidante Miami Beach		8,705		1,420	16.3%		11,795		3,443	29.2%	(1,290)	bps
The Bidwell Marriott Portland		3,599		876	24.3%		2,907		749	25.8%	(150)	bps
Hilton New Orleans St. Charles		4,413		1,981	44.9%		3,596		1,319	36.7%	820	bps
Oceans Edge Resort & Marina		7,424		2,789	37.6%		8,364		3,309	39.6%	(200)	bps
Montage Healdsburg		15,335		3,365	21.9%		16,173		3,323	20.5%	140	bps
Four Seasons Resort Napa Valley		12,083		1,830	15.1%		11,919		2,094	17.6%	(250)	bps
15 Hotel Portfolio (2)		276,094		89,133	32.3%		261,812		87,308	33.3%	(100)	bps
Less: Prior Ownership (3)
The Confidante Miami Beach		—		—	N/A		(8,932)		(2,882)	32.3%	N/A
Actual Portfolio (4)	$	276,094	$	89,133	32.3%	$	252,880	$	84,426	33.4%	N/A

*Footnotes on page 33

PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS Page 29

Supplemental Financial Information
August 4, 2023

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q2 2023/2019

Hotels sorted by number of rooms	For the Three Months Ended June 30,
	2023					2019
(In thousands)					Hotel Adjusted					Hotel Adjusted	Hotel Adjusted
	Total		Hotel Adjusted		EBITDAre	Total		Hotel Adjusted		EBITDAre	EBITDAre
	Revenues		EBITDAre		Margins	Revenues		EBITDAre		Margins	Margin Change
Hilton San Diego Bayfront (1)	$	47,061	$	15,833	33.6%	$	38,650	$	12,278	31.8%	180	bps
Boston Park Plaza		33,522		12,675	37.8%		31,539		12,771	40.5%	(270)	bps
Hyatt Regency San Francisco (1)		23,693		4,749	20.0%		30,342		8,314	27.4%	(740)	bps
Renaissance Washington DC (1)		19,975		5,967	29.9%		24,618		8,568	34.8%	(490)	bps
Renaissance Orlando at SeaWorld®		24,497		8,328	34.0%		21,945		7,546	34.4%	(40)	bps
Wailea Beach Resort		38,960		14,656	37.6%		30,208		12,153	40.2%	(260)	bps
JW Marriott New Orleans		11,993		5,270	43.9%		11,322		5,095	45.0%	(110)	bps
Marriott Boston Long Wharf		16,915		6,908	40.8%		18,302		8,187	44.7%	(390)	bps
Renaissance Long Beach		7,919		2,486	31.4%		7,748		2,595	33.5%	(210)	bps
The Confidante Miami Beach		8,705		1,420	16.3%		9,384		2,031	21.6%	(530)	bps
The Bidwell Marriott Portland		3,599		876	24.3%		4,453		1,888	42.4%	(1,810)	bps
Hilton New Orleans St. Charles		4,413		1,981	44.9%		3,602		1,176	32.6%	1,230	bps
Oceans Edge Resort & Marina (1)		7,424		2,789	37.6%		5,542		1,703	30.7%	690	bps
13 Hotel Portfolio (5)		248,676		83,938	33.8%		237,655		84,305	35.5%	(170)	bps
Montage Healdsburg		15,335		3,365	21.9%		—		—	N/A	N/A
Four Seasons Resort Napa Valley		12,083		1,830	15.1%		—		—	N/A	N/A
15 Hotel Portfolio (2)		276,094		89,133	32.3%		237,655		84,305	35.5%	N/A
Less: Prior Ownership (3)
The Confidante Miami Beach		—		—	N/A		(9,384)		(2,031)	21.6%	N/A
Add: Sold/Disposed Hotels (6)		—		—	N/A		74,600		21,581	28.9%	N/A
Actual Portfolio (4)	$	276,094	$	89,133	32.3%	$	302,871	$	103,855	34.3%	N/A

*Footnotes on page 33

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

Supplemental Financial Information
August 4, 2023

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q2 YTD 2023/2022

Hotels sorted by number of rooms	For the Six Months Ended June 30,
	2023					2022
(In thousands)					Hotel Adjusted					Hotel Adjusted	Hotel Adjusted
	Total		Hotel Adjusted		EBITDAre	Total		Hotel Adjusted		EBITDAre	EBITDAre
	Revenues		EBITDAre		Margins	Revenues		EBITDAre		Margins	Margin Change
Hilton San Diego Bayfront	$	93,362	$	30,872	33.1%	$	71,440	$	22,981	32.2%	90	bps
Boston Park Plaza		51,562		13,678	26.5%		38,895		7,309	18.8%	770	bps
Hyatt Regency San Francisco (1)		46,096		8,423	18.3%		29,007		1,621	5.6%	1,270	bps
Renaissance Washington DC (1)		32,030		6,573	20.5%		30,119		7,428	24.7%	(420)	bps
Renaissance Orlando at SeaWorld®		53,120		19,421	36.6%		41,487		14,040	33.8%	280	bps
Wailea Beach Resort		80,876		31,456	38.9%		78,982		33,681	42.6%	(370)	bps
JW Marriott New Orleans		24,046		10,745	44.7%		17,097		6,632	38.8%	590	bps
Marriott Boston Long Wharf		26,224		7,954	30.3%		20,975		5,923	28.2%	210	bps
Renaissance Long Beach		15,873		4,997	31.5%		13,835		4,578	33.1%	(160)	bps
The Confidante Miami Beach		23,286		7,087	30.4%		25,500		9,191	36.0%	(560)	bps
The Bidwell Marriott Portland		6,212		1,044	16.8%		4,690		739	15.8%	100	bps
Hilton New Orleans St. Charles		8,373		3,502	41.8%		6,715		2,734	40.7%	110	bps
Oceans Edge Resort & Marina		15,801		6,767	42.8%		18,392		8,235	44.8%	(200)	bps
Montage Healdsburg		23,719		2,055	8.7%		25,365		2,501	9.9%	(120)	bps
Four Seasons Resort Napa Valley		18,939		(28)	(0.1)%		20,461		2,402	11.7%	(1,180)	bps
15 Hotel Portfolio (2)		519,519		154,546	29.7%		442,960		129,995	29.3%	40	bps
Less: Prior Ownership (3)
The Confidante Miami Beach		—		—	N/A		(22,637)		(8,630)	38.1%	N/A
Add: Sold Hotels (6)		—		—	N/A		3,234		(2,172)	(67.2)%	N/A
Actual Portfolio (4)	$	519,519	$	154,546	29.7%	$	423,557	$	119,193	28.1%	N/A

*Footnotes on page 33

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

Supplemental Financial Information
August 4, 2023

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q2 YTD 2023/2019

Hotels sorted by number of rooms	For the Six Months Ended June 30,
	2023					2019
(In thousands)					Hotel Adjusted					Hotel Adjusted	Hotel Adjusted
	Total		Hotel Adjusted		EBITDAre	Total		Hotel Adjusted		EBITDAre	EBITDAre
	Revenues		EBITDAre		Margins	Revenues		EBITDAre		Margins	Margin Change
Hilton San Diego Bayfront (1)	$	93,362	$	30,872	33.1%	$	75,336	$	23,189	30.8%	230	bps
Boston Park Plaza		51,562		13,678	26.5%		49,399		14,040	28.4%	(190)	bps
Hyatt Regency San Francisco (1)		46,096		8,423	18.3%		61,539		17,168	27.9%	(960)	bps
Renaissance Washington DC (1)		32,030		6,573	20.5%		45,514		14,155	31.1%	(1,060)	bps
Renaissance Orlando at SeaWorld®		53,120		19,421	36.6%		47,658		17,770	37.3%	(70)	bps
Wailea Beach Resort		80,876		31,456	38.9%		61,877		25,372	41.0%	(210)	bps
JW Marriott New Orleans		24,046		10,745	44.7%		23,054		10,518	45.6%	(90)	bps
Marriott Boston Long Wharf		26,224		7,954	30.3%		28,396		9,776	34.4%	(410)	bps
Renaissance Long Beach		15,873		4,997	31.5%		15,339		5,010	32.7%	(120)	bps
The Confidante Miami Beach		23,286		7,087	30.4%		21,128		6,006	28.4%	200	bps
The Bidwell Marriott Portland		6,212		1,044	16.8%		7,790		2,928	37.6%	(2,080)	bps
Hilton New Orleans St. Charles		8,373		3,502	41.8%		7,479		2,342	31.3%	1,050	bps
Oceans Edge Resort & Marina (1)		15,801		6,767	42.8%		12,274		4,446	36.2%	660	bps
13 Hotel Portfolio (5)		476,861		152,519	32.0%		456,783		152,720	33.4%	(140)	bps
Montage Healdsburg		23,719		2,055	8.7%		—		—	N/A	N/A
Four Seasons Resort Napa Valley		18,939		(28)	(0.1)%		—		—	N/A	N/A
15 Hotel Portfolio (2)		519,519		154,546	29.7%		456,783		152,720	33.4%	N/A
Less: Prior Ownership (3)
The Confidante Miami Beach		—		—	N/A		(21,128)		(6,006)	28.4%	N/A
Add: Sold/Disposed Hotels (6)		—		—	N/A		124,873		25,009	20.0%	N/A
Actual Portfolio (4)	$	519,519	$	154,546	29.7%	$	560,528	$	171,723	30.6%	N/A

*Footnotes on page 33

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

Supplemental Financial Information
August 4, 2023

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q2 and YTD 2023/2022/2019 Footnotes

(1) Hotel Adjusted EBITDAre for the second quarters and first six months of 2023 and 2022 is impacted by room renovations at the Renaissance Washington DC. Hotel Adjusted EBITDAre for the second quarter and first six months of 2022 is also impacted by a room renovation at the Hyatt Regency San Francisco. Hotel Adjusted EBITDAre for the second quarter and first six months of 2019 is impacted by room renovations at the Hilton San Diego Bayfront, the Hyatt Regency San Francisco and the Oceans Edge Resort & Marina.

(2) The 15 Hotel Portfolio consists of all 15 hotels owned by the Company as of June 30, 2023. The 15 Hotel Portfolio presented for the second quarters and first six months of 2022 and 2019 includes prior ownership results for The Confidante Miami Beach acquired by the Company in June 2022. The Company obtained prior ownership information from the prior owner of The Confidante Miami Beach during the due diligence period before acquiring the hotel. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3) Prior Ownership includes results for The Confidante Miami Beach prior to the Company’s acquisition of the hotel in June 2022.

(4) Actual Portfolio includes results for the 15 hotels owned by the Company during the second quarter and first six months of 2023, the 15 hotels and 18 hotels owned by the Company during the second quarter and first six months of 2022, respectively, and the 21 hotels owned by the Company during the second quarter and first six months of 2019.

(5) The 13 Hotel Portfolio consists of the 15 Hotel Portfolio, excluding the Montage Healdsburg and the Four Seasons Resort Napa Valley, which were acquired in April 2021 and December 2021, respectively. Both the Montage Healdsburg and the Four Seasons Resort Napa Valley were newly-developed hotels that were not open in 2019. The 13 Hotel Portfolio presented for the second quarter and first six months of 2019 includes prior ownership results for The Confidante Miami Beach acquired by the Company in June 2022.

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

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