Braemar Hotels & Resorts 8K Ashford Prime Reports Second Quarter 2017 Results | BHR 2 Aug 17

EXHIBIT 99.1

NEWS RELEASE



Contact:	Deric Eubanks	Jordan Jennings	Joe Calabrese
	Chief Financial Officer	Investor Relations	Financial Relations Board
	(972) 490-9600	(972) 778-9487	(212) 827-3772

ASHFORD PRIME REPORTS SECOND QUARTER 2017 RESULTS

Comparable RevPAR for all Hotels Not Under Renovation Increased 2.7%

Comparable Hotel EBITDA Margin for all Hotels Not Under Renovation Increased 109 bps

Comparable Hotel EBITDA Flow-Through for all Hotels Not Under Renovation was 80%

Completed Acquisition of Hotel Yountville

Announced Stockholder Approval of Amended Advisory Agreement with Ashford Inc.

Announced Further Progress on Non-Core Hotels Strategy

Announced Extension of Ground Lease at Hilton La Jolla Torrey Pines

DALLAS, August 2, 2017 -- Ashford Hospitality Prime, Inc. (NYSE: AHP) (“Ashford Prime” or the “Company”) today reported the following results and performance measures for the second quarter ended June 30, 2017. The performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA are comparable assuming each of the hotel properties in the Company’s hotel portfolio as of June 30, 2017 were owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2017, with the second quarter ended June 30, 2016 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

STRATEGIC OVERVIEW


•	Focused strategy of investing in luxury hotels and resorts


•	Targets conservative leverage levels of 45% Net Debt to Gross Assets


•	Highly-aligned management team and advisory structure


•	Dividend yield of approximately 6%

FINANCIAL AND OPERATING HIGHLIGHTS


•	Net loss attributable to common stockholders for the quarter was $2.6 million or $0.09 per diluted share


•	Comparable RevPAR for all hotels increased 0.4% to $223.24 during the second quarter


•	Comparable RevPAR for all hotels not under renovation increased 2.7% to $235.54 during the second quarter


•	Comparable Hotel EBITDA Margin for all hotels not under renovation increased 109 basis points for the quarter


•	Comparable Hotel EBITDA flow-through for all hotels not under renovation was 80% for the quarter


•	Adjusted funds from operations (AFFO) was $0.50 per diluted share for the quarter as compared with $0.60 per diluted share from the prior-year quarter


•	Adjusted EBITDA was $30.8 million for the quarter


•	During the quarter, the Company completed the acquisition of the 80-room Hotel Yountville in Yountville, California for $96.5 million. Concurrent with the completion of the acquisition, the Company financed the hotel with a $51.0 million non-recourse mortgage loan. The loan is interest only and provides for a floating

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interest rate of LIBOR + 2.55% with a five-year term.


•	During the quarter, the Company announced that at its Annual Meeting of Stockholders, its stockholders approved the Company’s amended and restated advisory agreement with Ashford Inc. (NYSE American: AINC) with over 95% of shares voted approving the amendment. The amended agreement significantly lowers the termination fee and addresses other investor feedback.


•	During the quarter, the Company announced that it entered into an agreement with Marriott to convert its Courtyard Philadelphia Downtown hotel to an Autograph Collection property

•

During the quarter, the Company reached an agreement with the City of San Diego for an extension of the ground lease at the Hilton La Jolla Torrey Pines hotel. The lease, which was scheduled to expire in 2043, was extended by 24 years and will now expire in 2067. Additionally, the Company has options to further extend the ground lease by either 10 or 20 additional years depending on the amount of capital expenditures invested in the hotel during the term.


•	Capex invested during the quarter was $12.5 million

UPDATE ON ACQUISITIONS

On May 11, 2017, the Company completed the acquisition of the 80-room Hotel Yountville in Yountville, California for $96.5 million. Concurrent with the completion of the acquisition, the Company financed the hotel with a $51.0 million non-recourse mortgage loan. The loan is interest only and provides for a floating interest rate of LIBOR + 2.55% with a five-year term. The property will be managed by Remington Lodging.

UPDATE ON ASSET MANAGEMENT INITIATIVES

On June 19, 2017, the Company announced that it had reached an agreement with the City of San Diego for an extension of the ground lease at the Hilton La Jolla Torrey Pines hotel. The lease, which had an expiration of 2043, was extended by 24 years and now expires in 2067. Through this agreement, the Company was also able to secure options to further extend the ground lease by either 10 or 20 additional years depending on the amount of capital expenditures invested in the hotel during the term.

UPDATE ON NON-CORE HOTELS STRATEGY

Consistent with the announcement of its refined strategy of focusing on luxury hotels and resorts, the Company has been exploring opportunities to either reposition its non-core hotels to better fit that strategy or to opportunistically sell them if conditions warrant.

To that end, on June 20, 2017, the Company announced that it had entered into an agreement with Marriott to convert its Courtyard Philadelphia Downtown hotel (the "Courtyard Philadelphia") to an Autograph Collection property. The agreement with Marriott calls for the Courtyard Philadelphia to be converted to an Autograph hotel by June 30, 2019 pursuant to a conversion Product Improvement Plan ("PIP") currently estimated to involve approximately $23 million of capital expenditures - including updates to the guestrooms, guest bathrooms, corridors, lobby, restaurant, and meeting space - which will create a distinctive theme and style for the property that is commensurate with the Autograph Collection product. Marriott will continue to manage the property after the conversion.

AMENDED ADVISORY AGREEMENT WITH ASHFORD INC.

On June 12, 2017, the Company announced that at its Annual Meeting of Stockholders, held on June 9, 2017, its stockholders approved the Company’s amended and restated advisory agreement with Ashford Inc. with over 95% of shares voted approving the amendment. The amended agreement significantly lowers the termination fee and addresses other investor feedback. Highlights of the amended agreement include the following:


•	Removal of the tax gross-up provision and the 1.1 times multiple from the calculation of the termination fee.


•	The revenues and allocated expenses of Ashford Inc. used to calculate the termination fee will be publicly disclosed on a quarterly basis.


•	The termination provisions of the advisory agreement have been amended and, specifically, a change in a

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majority of the Company's incumbent directors no longer triggers a termination fee.


•	The advisor's right under the existing advisory agreement to appoint a "Designated Chief Executive Officer" has been eliminated. The role of the current CEO of Ashford Prime, Richard Stockton, is not impacted by the removal of this provision, and he will continue to serve as CEO in the same capacity as he has since his appointment on November 14, 2016.

•

In addition to the termination fee, a payment of $45 million would be owed to Ashford Inc. in the event the amended agreement is terminated prior to any incremental growth in the hotel portfolio. This amount will reduce ratably to zero over time based on incremental asset growth. Currently, with the completion of the two acquisitions this year, this potential payment has been reduced to $35.9 million.

CAPITAL STRUCTURE

At June 30, 2017, the Company had total assets of $1.5 billion. As of June 30, 2017, the Company had $915 million of mortgage debt of which $48 million related to its joint venture partner’s share of debt on the Capital Hilton and Hilton La Jolla Torrey Pines. The Company’s total combined debt had a blended average interest rate of 4.1%.

PORTFOLIO REVPAR

As of June 30, 2017, the portfolio consisted of thirteen properties. During the second quarter of 2017, eleven of the Company’s hotels were not under renovation. The Company believes reporting its operating metrics for its hotels on a comparable total basis (all 13 hotels) and comparable not under renovation basis (11 hotels) is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio. Details of each category are provided in the tables attached to this release.


•	Comparable RevPAR increased 0.4% to $223.24 for all hotels on a 0.6% increase in ADR and a 0.2% decrease in occupancy


•	Comparable RevPAR increased 2.7% to $235.54 for hotels not under renovation on a 2.3% increase in ADR and 0.4% increase in occupancy

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS

The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company’s hotels than sequential quarter-over-quarter comparisons. Given the substantial seasonality in the Company’s portfolio, to help investors better understand this seasonality, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company’s portfolio as of the end of the current period. As the Company’s portfolio mix changes from time to time so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin. The details of the quarterly calculations for the previous four quarters for the thirteen hotels are provided in the table attached to this release.

COMMON STOCK DIVIDEND

On June 14, 2017, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.16 per diluted share for the Company's common stock for the second quarter ending June 30, 2017. The dividend, which equates to an annual rate of $0.64 per share, is payable on July 17, 2017, to shareholders of record as of June 30, 2017.

“Our second quarter RevPAR results for all hotels not under renovation were solid and outperformed the luxury segment as a whole,” commented Richard J. Stockton, Ashford Prime's President and Chief Executive Officer. “With the recent acquisitions of the Hotel Yountville, the Park Hyatt Beaver Creek Resort & Spa and the announced upbranding of the Courtyard Philadelphia to an Autograph Collection property, we continue to successfully execute on our refined strategy to grow our portfolio within the luxury chain scale segment in a manner that we believe is accretive to long-term shareholder returns.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Ashford Hospitality Prime, Inc. will conduct a conference call on Thursday, August 3, 2017, at 11:00 a.m. ET. The

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number to call for this interactive teleconference is (719) 325-4778. A replay of the conference call will be available through Thursday, August 10, 2017, by dialing (719) 457-0820 and entering the confirmation number, 9811300.

The Company will also provide an online simulcast and rebroadcast of its second quarter 2017 earnings release conference call. The live broadcast of Ashford Hospitality Prime’s quarterly conference call will be available online at the Company's web site, www.ahpreit.com on Thursday, August 3, 2017, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

Substantially all of our non-current assets consist of real estate investments secured by real estate. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider supplemental measures of performance, which are not measures of operating performance under GAAP, to assist in evaluating a real estate company's operations. These supplemental measures include FFO, AFFO, EBITDA, and Hotel EBITDA. FFO is computed in accordance with our interpretation of standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the NAREIT definition differently than us. None of FFO, AFFO, EBITDA or Hotel EBITDA represents cash generated from operating activities as determined by GAAP and should not be considered as an alternative to a) GAAP net income (loss) as an indication of our financial performance or b) GAAP cash flows from operating activities as a measure of our liquidity, nor are such measures indicative of funds available to satisfy our cash needs, including our ability to make cash distributions. However, management believes FFO, AFFO, EBITDA, and Hotel EBITDA to be meaningful measures of a REIT's performance and should be considered along with, but not as an alternative to, net income and cash flow as a measure of our operating performance.

* * * * *

Ashford Hospitality Prime is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.

Ashford has created an Ashford App for the hospitality REIT investor community. The Ashford App is available for free download at Apple’s App Store and the Google Play Store by searching “Ashford.”

Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the implied share price for the Company's common stock. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Prime's control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; our ability to successfully complete and integrate acquisitions, and manage our planned growth, and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Prime's filings with the Securities and Exchange Commission. EBITDA is defined as net income before interest, taxes, depreciation and amortization. EBITDA yield is defined as trailing twelve month EBITDA divided by the purchase price. A capitalization rate is determined by dividing the property's annual net operating income by the purchase price. Net operating income is the property's funds from operations minus a capital expense reserve of either 4% or 5% of gross revenues. Hotel EBITDA flow-through is the change in Hotel EBITDA divided by the change in total revenues. Hotel EBITDA Margin is Hotel EBITDA divided by total revenues. Funds from operations ("FFO"), as defined by the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT") in April 2002, represents net income (loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of properties and extraordinary items as defined by GAAP, plus depreciation and amortization of real estate assets, and net of adjustments for the portion of these items related to unconsolidated entities and joint ventures.

The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise

ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

(unaudited)



	June 30, 2017			December 31, 2016
ASSETS
Investments in hotel properties, gross	$	1,518,286		$	1,258,412
Accumulated depreciation	(265,807		)	(243,880		)
Investments in hotel properties, net	1,252,479			1,014,532
Cash and cash equivalents	129,675			126,790
Restricted cash	34,793			37,855
Accounts receivable, net of allowance of $92 and $96, respectively	18,607			18,194
Inventories	1,780			1,479
Note receivable	8,098			8,098
Deferred costs, net	835			1,020
Prepaid expenses	5,764			3,669
Investment in Ashford Inc., at fair value	9,935			8,407
Derivative assets	218			1,149
Other assets	5,542			2,249
Intangible assets, net	22,684			22,846
Due from Ashford Trust OP, net	—			488
Due from AQUA U.S. Fund	—			2,289
Due from related party, net	321			377
Due from third-party hotel managers	8,227			7,555
Total assets	$	1,498,958		$	1,256,997

LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	907,002		$	764,616
Accounts payable and accrued expenses	54,604			44,791
Dividends and distributions payable	8,356			5,038
Due to Ashford Trust OP, net	1			—
Due to Ashford Inc.	3,889			5,085
Due to affiliate	—			2,500
Due to third-party hotel managers	2,583			973
Intangible liability, net	3,597			3,625
Other liabilities	1,520			1,432
Total liabilities	981,552			828,060

5.50% Series B cumulative convertible preferred stock, $0.01 par value, 4,965,850 and 2,890,850 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively	106,129			65,960
Redeemable noncontrolling interests in operating partnership	47,550			59,544
Equity:
Common stock, $0.01 par value, 200,000,000 shares authorized, 31,952,536 and 26,021,552 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively	319			260
Additional paid-in capital	467,866			401,790
Accumulated deficit	(99,060		)	(93,254		)
Total stockholders' equity of the Company	369,125			308,796
Noncontrolling interest in consolidated entities	(5,398		)	(5,363		)
Total equity	363,727			303,433
Total liabilities and equity	$	1,498,958		$	1,256,997

ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2017			2016			2017			2016
REVENUE
Rooms	$	79,449		$	79,583		$	146,867		$	148,834
Food and beverage	27,980			27,051			52,453			51,916
Other	8,626			5,761			13,991			11,409
Total hotel revenue	116,055			112,395			213,311			212,159
Other	37			37			77			70
Total revenue	116,092			112,432			213,388			212,229
EXPENSES
Hotel operating expenses
Rooms	17,613			17,096			33,410			32,915
Food and beverage	19,263			18,267			36,124			35,712
Other expenses	32,021			30,335			59,752			58,674
Management fees	4,209			4,331			7,754			8,138
Total hotel operating expenses	73,106			70,029			137,040			135,439
Property taxes, insurance and other	5,370			4,514			10,444			9,557
Depreciation and amortization	13,469			11,263			25,440			23,167
Advisory services fee:
Base advisory fee	2,276			2,206			4,279			4,231
Reimbursable expenses	532			645			1,079			1,297
Incentive fee	—			285			—			285
Non-cash stock/unit-based compensation	335			2,699			(1,350		)	2,086
Contract modification cost	5,000			—			5,000			—
Transaction costs	2,066			438			6,394			438
Corporate, general and administrative:
Non-cash stock/unit-based compensation	227			221			245			221
Other general and administrative	1,304			9,617			5,160			13,540
Total operating expenses	103,685			101,917			193,731			190,261
OPERATING INCOME (LOSS)	12,407			10,515			19,657			21,968
Equity in earnings (loss) of unconsolidated entity	—			63			—			(2,587		)
Interest income	165			50			277			82
Other income (expense)	(113		)	—			(270		)	(10		)
Interest expense	(8,582		)	(9,879		)	(15,735		)	(19,632		)
Amortization of loan costs	(1,349		)	(758		)	(2,398		)	(1,639		)
Write-off of loan costs and exit fees	—			—			(1,963		)	—
Unrealized gain (loss) on investments	(1,563		)	860			1,528			(633		)
Unrealized gain (loss) on derivatives	(100		)	2,597			(998		)	6,130
INCOME (LOSS) BEFORE INCOME TAXES	865			3,448			98			3,679
Income tax (expense) benefit	(479		)	(1,156		)	(1		)	(1,526		)
NET INCOME (LOSS)	386			2,292			97			2,153
(Income) loss from consolidated entities attributable to noncontrolling interest	(1,614		)	80			(1,593		)	(65		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	343			(184		)	598			(34		)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(885		)	2,188			(898		)	2,054
Preferred dividends	(1,707		)	(978		)	(3,380		)	(1,872		)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(2,592	)	$	1,210		$	(4,278	)	$	182

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(0.09	)	$	0.04		$	(0.16	)	$	—
Weighted average common shares outstanding – basic	31,469			27,916			29,380			28,121
Diluted:
Net income (loss) attributable to common stockholders	$	(0.09	)	$	0.04		$	(0.16	)	$	—
Weighted average common shares outstanding – diluted	31,469			32,418			29,380			28,224
Dividends declared per common share:	$	0.16		$	0.12		$	0.32		$	0.22

ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA

(in thousands)

(unaudited)



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2017			2016			2017			2016
Net income (loss)	$	386		$	2,292		$	97		$	2,153
(Income) loss from consolidated entities attributable to noncontrolling interest	(1,614		)	80			(1,593		)	(65		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	343			(184		)	598			(34		)
Net income (loss) attributable to the Company	(885		)	2,188			(898		)	2,054
Interest income	(163		)	(50		)	(275		)	(82		)
Interest expense and amortization of loan costs	9,463			10,230			17,227			20,459
Depreciation and amortization	12,752			10,557			24,003			21,757
Income tax expense (benefit)	394			1,156			(107		)	1,526
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(343		)	184			(598		)	34
EBITDA available to the Company and OP unitholders	21,218			24,265			39,352			45,748
Amortization of favorable (unfavorable) contract assets (liabilities)	44			(23		)	93			(62		)
Transaction and management conversion costs	2,112			438			6,440			438
Other (income) expense	113			—			270			10
Write-off of loan costs and exit fees	—			—			1,963			—
Unrealized (gain) loss on investments	1,563			(860		)	(1,528		)	633
Unrealized (gain) loss on derivatives	100			(2,597		)	998			(6,130		)
Non-cash stock/unit-based compensation	597			2,920			(1,071		)	2,307
Legal, advisory and settlement costs	3			8,913			2,948			12,226
Contract modification cost	5,000			—			5,000			—
Software implementation costs	79			—			79			—
Company’s portion of unrealized (gain) loss of investment in securities investment fund	—			(63		)	—			2,587
Adjusted EBITDA available to the Company and OP unitholders	$	30,829		$	32,993		$	54,544		$	57,757

ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO

(in thousands, except per share amounts)

(unaudited)



	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2017			2016			2017			2016
Net income (loss)	$	386		$	2,292		$	97		$	2,153
(Income) loss from consolidated entities attributable to noncontrolling interest	(1,614		)	80			(1,593		)	(65		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	343			(184		)	598			(34		)
Preferred dividends	(1,707		)	(978		)	(3,380		)	(1,872		)
Net income (loss) attributable to common stockholders	(2,592		)	1,210			(4,278		)	182
Depreciation and amortization on real estate	12,752			10,557			24,003			21,757
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(343		)	184			(598		)	34
FFO available to common stockholders and OP unitholders	9,817			11,951			19,127			21,973
Preferred dividends	1,707			978			3,380			1,872
Transaction and management conversion costs	2,112			438			6,440			438
Other (income) expense	113			—			270			10
Write-off of loan costs and exit fees	—			—			1,963			—
Unrealized (gain) loss on investments	1,563			(860		)	(1,528		)	633
Unrealized (gain) loss on derivatives	100			(2,597		)	998			(6,130		)
Non-cash stock/unit-based compensation	597			2,920			(1,071		)	2,307
Legal, advisory and settlement costs	3			8,913			2,948			12,226
Contract modification cost	5,000			—			5,000			—
Software implementation costs	79			—			79			—
Company’s portion of unrealized (gain) loss of investment in securities investment fund	—			(63		)	—			2,587
Adjusted FFO available to the Company and OP unitholders	$	21,091		$	21,680		$	37,606		$	35,916
Adjusted FFO per diluted share available to the Company and OP unitholders	$	0.50		$	0.60		$	0.95		$	0.99
Weighted average diluted shares	42,556			36,152			39,426			36,319

ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

JUNE 30, 2017

(dollars in thousands)

(unaudited)



Indebtedness	Maturity	Interest Rate	Fixed-Rate Debt			Floating-Rate Debt				Total Debt			Comparable TTM Hotel EBITDA ⁽⁸⁾		Comparable TTM EBITDA Debt Yield
Column Financial Bardessono - 1 hotel	December 2017	LIBOR + 4.95%	$	—		$	40,000		(1)	$	40,000		$	5,151	12.9	%
Apollo Ritz-Carlton St. Thomas - 1 hotel	December 2017	LIBOR + 4.95%	—			42,000			(1)	42,000			8,814		21.0	%
GACC Sofitel - 1 hotel	March 2018	LIBOR + 2.30%	—			80,000			(2)	80,000			7,252		9.1	%
Credit Agricole Pier House - 1 hotel	March 2018	LIBOR + 2.25%	—			70,000			(3)	70,000			10,522		15.0	%
TIF Philly CY - 1 hotel	June 2018	12.85%	8,098			—				8,098			N/A		N/A
Morgan Stanley Pool - 5 hotels	February 2019	LIBOR + 2.58%	—			365,000			(4)	365,000			58,020		15.9	%
JPMorgan Park Hyatt Beaver Creek - 1 hotel	April 2019	LIBOR + 2.75%	—			67,500			(1)	67,500			10,198		15.1	%
Aareal - 2 hotels	November 2019	LIBOR + 2.65%	—			191,408			(5)	191,408			33,097		17.3	%
Secured revolving credit facility - various	November 2019	Base Rate⁽⁷⁾ + 1.25% to 2.50% or LIBOR + 2.25% to 3.50%	—			—			(6)	—			N/A		N/A
BAML Hotel Yountville - 1 hotel	May 2022	LIBOR + 2.55%	—			51,000				51,000			6,530		12.8	%
Total			$	8,098		$	906,908			$	915,006		$	139,584	15.3	%
Percentage			0.9		%	99.1		%		100		%
Weighted average interest rate			12.85		%	3.99		%		4.07		%

All indebtedness is non-recourse with the exception of the secured revolving credit facility.

⁽¹⁾This mortgage loan has three one-year extension options subject to satisfaction of certain conditions.

⁽²⁾This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the second was exercised in March 2017.

⁽³⁾This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the first was exercised in March 2017.


⁽⁴⁾	On January 18, 2017, we refinanced three mortgage loans totaling $333.7 million set to mature in April 2017 with a new $365.0 million loan with a two-year initial term and five one-year extension options subject to the satisfaction of certain conditions. The new loan is interest only and bears interest at a rate of LIBOR + 2.58%.

⁽⁵⁾This mortgage loan has two one-year extension options subject to satisfaction of certain conditions.

⁽⁶⁾This credit facility has two one-year extension options subject to advance notice, certain conditions and a 0.25% extension fee beginning November 2019.


⁽⁷⁾	Base Rate, as defined in the secured revolving credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5%, or (iii) LIBOR + 1.0%.

⁽⁸⁾See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

JUNE 30, 2017

(dollars in thousands)

(unaudited)



	2017		2018		2019		2020		2021		Thereafter		Total
Secured revolving credit facility - various	$	—	$	—	$	—	$	—	$	—	$	—	$	—
TIF Philly CY - 1 hotel	—		8,098		—		—		—		—		8,098
GACC Sofitel - 1 hotel	—		—		80,000		—		—		—		80,000
Credit Agricole Pier House - 1 hotel	—		—		—		70,000		—		—		70,000
Column Financial Bardessono - 1 hotel	—		—		—		40,000		—		—		40,000
Apollo Ritz-Carlton St. Thomas - 1 hotel	—		—		—		42,000		—		—		42,000
Aareal - 2 hotels	—		—		—		—		177,486		—		177,486
Morgan Stanley Pool - 5 hotels	—		—		—		—		—		365,000		365,000
JPMorgan Park Hyatt Beaver Creek - 1 hotel	—		—		—		—		—		67,500		67,500
BAML Hotel Yountville - 1 hotel	—		—		—		—		—		51,000		51,000
Principal due in future periods	$	—	$	8,098	$	80,000	$	152,000	$	177,486	$	483,500	$	901,084
Scheduled amortization payments remaining	1,635		2,939		3,120		3,312		2,916		—		13,922
Total indebtedness	$	1,635	$	11,037	$	83,120	$	155,312	$	180,402	$	483,500	$	915,006

ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)



ALL HOTELS:
		Three Months Ended June 30, 2017
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2017			2017			2017			2016			2016			2016			% Variance		% Variance
	Rooms revenue (in thousands)	$	79,449		$	1,285		$	80,734		$	79,583		$	820		$	80,403		(0.17	)%	0.41	%
	RevPAR	$	221.65		$	401.52		$	223.24		$	221.29		$	450.53		$	222.44		0.16	%	0.36	%
	Occupancy	84.07		%	77.72		%	84.01		%	86.47		%	(363.30		)%	84.21		%	(2.78	)%	(0.24	)%
	ADR	$	263.65		$	516.64		$	265.72		$	255.90		$	(124.01	)	$	264.16		3.03	%	0.59	%



ALL HOTELS:
		Six Months Ended June 30, 2017
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2017			2017			2017			2016			2016			2016			% Variance		% Variance
	Rooms revenue (in thousands)	$	146,867		$	13,507		$	160,374		$	148,834		$	10,310		$	159,144		(1.32	)%	0.77	%
	RevPAR	$	212.35		$	491.16		$	223.01		$	206.93		$	2,832.54		$	220.15		2.62	%	1.30	%
	Occupancy	81.35		%	80.63		%	81.33		%	82.12		%	(120.11		)%	81.10		%	(0.94	)%	0.28	%
	ADR	$	261.03		$	609.13		$	274.22		$	251.98		$	(2,358.29	)	$	271.45		3.59	%	1.02	%

NOTES:


(1)	The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.



ALL HOTELS NOT UNDER RENOVATION:
ALL HOTELS NOT UNDER RENOVATION:		Three Months Ended June 30, 2017
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2017			2017			2017			2016			2016			2016			% Variance		% Variance
	Rooms revenue (in thousands)	$	66,511		$	1,285		$	67,796		$	65,181		$	820		$	66,001		2.04	%	2.72	%
	RevPAR	$	233.67		$	401.52		$	235.54		$	227.89		$	450.53		$	229.30		2.54	%	2.72	%
	Occupancy	85.39		%	77.72		%	85.31		%	87.82		%	(363.30		)%	84.97		%	(2.77	)%	0.40	%
	ADR	$	273.64		$	516.64		$	276.10		$	259.49		$	(124.01	)	$	269.86		5.45	%	2.31	%



ALL HOTELS NOT UNDER RENOVATION:
ALL HOTELS NOT UNDER RENOVATION:		Six Months Ended June 30, 2017
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2017			2017			2017			2016			2016			2016			% Variance		% Variance
	Rooms revenue (in thousands)	$	120,481		$	13,506		$	133,987		$	119,816		$	10,310		$	130,126		0.56	%	2.97	%
	RevPAR	$	221.06		$	491.16		$	234.04		$	209.46		$	2,832.54		$	226.04		5.54	%	3.54	%
	Occupancy	82.45		%	80.63		%	82.36		%	82.72		%	(120.11		)%	81.43		%	(0.33	)%	1.14	%
	ADR	$	268.11		$	609.13		$	284.15		$	253.22		$	(2,358.29	)	$	277.58		5.88	%	2.37	%

NOTES:

(1)

The above comparable information assumes the eleven hotel properties owned and included in the Company's operations at June 30, 2017, and not under renovation during the three months ended June 30, 2017, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.


(3)	Excluded Hotels Under Renovation:

Plano Marriott Legacy Town Center, San Francisco Courtyard Downtown

ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES

HOTEL EBITDA

(dollars in thousands)

(unaudited)



ALL HOTELS:		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2017			2016			% Variance		2017			2016			% Variance
	Total hotel revenue	$	116,055		$	112,395		3.26	%	$	213,311		$	212,159		0.54	%
	Non-comparable adjustments	1,571			4,178					23,086			21,915
	Comparable total hotel revenue	$	117,626		$	116,573		0.90	%	$	236,397		$	234,074		0.99	%

	Hotel EBITDA	$	38,371		$	38,485		(0.30	)%	$	67,102		$	67,942		(1.24	)%
	Non-comparable adjustments	562			(645		)			8,291			5,632
	Comparable hotel EBITDA	$	38,933		$	37,840		2.89	%	$	75,393		$	73,574		2.47	%
	Hotel EBITDA margin	33.06		%	34.24		%	(1.18	)%	31.46		%	32.02		%	(0.56	)%
	Comparable hotel EBITDA margin	33.10		%	32.46		%	0.64	%	31.89		%	31.43		%	0.46	%

	Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	2,641		$	2,416		9.31	%	$	4,865		$	4,176		16.49	%
	Hotel EBITDA attributable to the Company and OP unitholders	$	35,730		$	36,069		(0.94	)%	$	62,237		$	63,766		(2.40	)%
	Comparable hotel EBITDA attributable to the Company and OP unitholders	$	36,292		$	35,424		2.45	%	$	70,528		$	69,398		1.63	%

NOTES:


(1)	The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-aquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates.


(3)	See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.



ALL HOTELS NOT UNDER RENOVATION:		Three Months Ended								Six Months Ended
ALL HOTELS NOT UNDER RENOVATION:		June 30,								June 30,
		2017			2016			% Variance		2017			2016			% Variance
	Total hotel revenue	$	98,301		$	93,412		5.23	%	$	177,377		$	173,857		2.02	%
	Non-comparable adjustments	1,571			4,178					23,086			21,915
	Comparable total hotel revenue	$	99,872		$	97,590		2.34	%	$	200,463		$	195,772		2.40	%

	Hotel EBITDA	$	32,552		$	31,945		1.90	%	$	54,989		$	54,896		0.17	%
	Non-comparable adjustments	562			(645		)			8,291			5,632
	Comparable hotel EBITDA	$	33,114		$	31,300		5.80	%	$	63,280		$	60,528		4.55	%
	Hotel EBITDA margin	33.11		%	34.20		%	(1.09	)%	31.00		%	31.58		%	(0.58	)%
	Comparable hotel EBITDA margin	33.16		%	32.07		%	1.09	%	31.57		%	30.92		%	0.65	%

	Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	2,641		$	2,416		9.31	%	$	4,865		$	4,176		16.49	%
	Hotel EBITDA attributable to the Company and OP unitholders	$	29,911		$	29,529		1.29	%	$	50,124		$	50,720		(1.17	)%
	Comparable hotel EBITDA attributable to the Company and OP unitholders	$	30,473		$	28,884		5.50	%	$	58,415		$	56,352		3.66	%

NOTES:

(1)


(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-aquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates.

(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.


(4)	Excluded Hotels Under Renovation:

Plano Marriott Legacy Town Center, San Francisco Courtyard Downtown

ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)



		Three Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2017			2017			2017			2016			2016			2016			% Variance		% Variance
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	12,516		$	—		$	12,516		$	12,136		$	—		$	12,136		3.13	%	3.13	%
	Total hotel revenue	$	16,997		$	—		$	16,997		$	17,030		$	—		$	17,030		(0.19	)%	(0.19	)%
	Hotel EBITDA	$	6,248		$	—		$	6,248		$	6,483		$	—		$	6,483		(3.62	)%	(3.62	)%
	Hotel EBITDA margin	36.76		%				36.76		%	38.07		%				38.07		%	(1.31	)%	(1.31	)%
	Selected Operating Information:
	RevPAR	$	250.07		$	—		$	250.07		$	242.48		$	—		$	242.48		3.13	%	3.13	%
	Occupancy	94.65		%	—		%	94.65		%	93.96		%	—		%	93.96		%	0.73	%	0.73	%
	ADR	$	264.22		$	—		$	264.22		$	258.05		$	—		$	258.05		2.39	%	2.39	%

LA JOLLA HILTON TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	6,124		$	—		$	6,124		$	5,808		$	—		$	5,808		5.44	%	5.44	%
	Total hotel revenue	$	11,570		$	—		$	11,570		$	10,410		$	—		$	10,410		11.14	%	11.14	%
	Hotel EBITDA	$	4,318		$	—		$	4,318		$	3,182		$	—		$	3,182		35.70	%	35.70	%
	Hotel EBITDA margin	37.32		%				37.32		%	30.57		%				30.57		%	6.75	%	6.75	%
	Selected Operating Information:
	RevPAR	$	170.80		$	—		$	170.80		$	162.00		$	—		$	162.00		5.43	%	5.43	%
	Occupancy	84.76		%	—		%	84.76		%	84.20		%	—		%	84.20		%	0.67	%	0.67	%
	ADR	$	201.50		$	—		$	201.50		$	192.40		$	—		$	192.40		4.73	%	4.73	%

CHICAGO SOFITEL MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	7,824		$	—		$	7,824		$	8,326		$	—		$	8,326		(6.03	)%	(6.03	)%
	Total hotel revenue	$	10,386		$	—		$	10,386		$	11,370		$	—		$	11,370		(8.65	)%	(8.65	)%
	Hotel EBITDA	$	3,215		$	—		$	3,215		$	3,910		$	—		$	3,910		(17.77	)%	(17.77	)%
	Hotel EBITDA margin	30.96		%				30.96		%	34.39		%				34.39		%	(3.43	)%	(3.43	)%
	Selected Operating Information:
	RevPAR	$	207.17		$	—		$	207.17		$	220.45		$	—		$	220.45		(6.02	)%	(6.02	)%
	Occupancy	89.18		%	—		%	89.18		%	89.10		%	—		%	89.10		%	0.09	%	0.09	%
	ADR	$	232.31		$	—		$	232.31		$	247.43		$	—		$	247.43		(6.11	)%	(6.11	)%

BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	3,829		$	—		$	3,829		$	3,704		$	—		$	3,704		3.37	%	3.37	%
	Total hotel revenue	$	5,053		$	—		$	5,053		$	5,000		$	—		$	5,000		1.06	%	1.06	%
	Hotel EBITDA	$	1,571		$	—		$	1,571		$	1,539		$	—		$	1,539		2.08	%	2.08	%
	Hotel EBITDA margin	31.09		%				31.09		%	30.78		%				30.78		%	0.31	%	0.31	%
	Selected Operating Information:
	RevPAR	$	678.78		$	—		$	678.78		$	656.49		$	—		$	656.49		3.40	%	3.40	%
	Occupancy	81.81		%	—		%	81.81		%	86.69		%	—		%	86.69		%	(5.63	)%	(5.63	)%
	ADR	$	829.66		$	—		$	829.66		$	757.29		$	—		$	757.29		9.56	%	9.56	%

KEY WEST PIER HOUSE RESORT
	Selected Financial Information:
	Rooms revenue	$	4,687		$	—		$	4,687		$	4,605		$	—		$	4,605		1.78	%	1.78	%
	Total hotel revenue	$	6,161		$	—		$	6,161		$	5,796		$	—		$	5,796		6.30	%	6.30	%
	Hotel EBITDA	$	2,715		$	—		$	2,715		$	2,416		$	—		$	2,416		12.38	%	12.38	%
	Hotel EBITDA margin	44.07		%				44.07		%	41.68		%				41.68		%	2.39	%	2.39	%
	Selected Operating Information:
	RevPAR	$	362.69		$	—		$	362.69		$	356.38		$	—		$	356.38		1.77	%	1.77	%
	Occupancy	84.82		%	—		%	84.82		%	87.47		%	—		%	87.47		%	(3.03	)%	(3.03	)%
	ADR	$	427.58		$	—		$	427.58		$	407.43		$	—		$	407.43		4.95	%	4.95	%



		Three Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2017			2017			2017			2016			2016			2016			% Variance		% Variance
HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	1,982		$	1,285		$	3,267		$	—		$	3,619		$	3,619		—	%	(9.73	)%
	Total hotel revenue	$	2,355		$	1,571		$	3,926		$	—		$	4,406		$	4,406		—	%	(10.89	)%
	Hotel EBITDA	$	984		$	572		$	1,556		$	—		$	1,990		$	1,990		—	%	(21.81	)%
	Hotel EBITDA margin	41.78		%				39.63		%	—		%				45.17		%	41.78	%	(5.54	)%
	Selected Operating Information:
	RevPAR	$	485.76		$	401.52		$	448.73		$	—		$	497.08		$	497.08		—	%	(9.73	)%
	Occupancy	77.33		%	77.72		%	77.50		%	—		%	90.47		%	90.47		%	—	%	(14.34	)%
	ADR	$	628.17		$	516.64		$	579.01		$	—		$	549.46		$	549.46		—	%	5.38	%

PARK HYATT BEAVER CREEK
	Selected Financial Information:
	Rooms revenue	$	1,717		$	—		$	1,717		$	—		$	1,434		$	1,434		—	%	19.74	%
	Total hotel revenue	$	4,946		$	—		$	4,946		$	—		$	4,580		$	4,580		—	%	7.99	%
	Hotel EBITDA	$	(447	)	$	—		$	(447	)	$	—		$	(695	)	$	(695	)	—	%	35.68	%
	Hotel EBITDA margin	(9.04		)%				(9.04		)%	—		%				(15.17		)%	(9.04	)%	6.13	%
	Selected Operating Information:
	RevPAR	$	99.29		$	—		$	99.29		$	—		$	82.96		$	82.96		—	%	19.68	%
	Occupancy	43.91		%	—		%	43.91		%	—		%	41.37		%	41.37		%	—	%	6.14	%
	ADR	$	226.13		$	—		$	226.13		$	—		$	200.53		$	200.53		—	%	12.77	%

PHILADELPHIA COURTYARD DOWNTOWN
	Selected Financial Information:
	Rooms revenue	$	7,781		$	—		$	7,781		$	7,736		$	—		$	7,736		0.58	%	0.58	%
	Total hotel revenue	$	9,425		$	—		$	9,425		$	9,254		$	—		$	9,254		1.85	%	1.85	%
	Hotel EBITDA	$	4,194		$	—		$	4,194		$	3,985		$	—		$	3,985		5.24	%	5.24	%
	Hotel EBITDA margin	44.50		%				44.50		%	43.06		%				43.06		%	1.44	%	1.44	%
	Selected Operating Information:
	RevPAR	$	171.35		$	—		$	171.35		$	170.37		$	—		$	170.37		0.58	%	0.58	%
	Occupancy	87.65		%	—		%	87.65		%	87.54		%	—		%	87.54		%	0.13	%	0.13	%
	ADR	$	195.50		$	—		$	195.50		$	194.62		$	—		$	194.62		0.45	%	0.45	%

PLANO MARRIOTT LEGACY TOWN CENTER
	Selected Financial Information:
	Rooms revenue	$	5,218		$	—		$	5,218		$	5,301		$	—		$	5,301		(1.57	)%	(1.57	)%
	Total hotel revenue	$	8,878		$	—		$	8,878		$	8,491		$	—		$	8,491		4.56	%	4.56	%
	Hotel EBITDA	$	3,036		$	—		$	3,036		$	3,073		$	—		$	3,073		(1.20	)%	(1.20	)%
	Hotel EBITDA margin	34.20		%				34.20		%	36.19		%				36.19		%	(1.99	)%	(1.99	)%
	Selected Operating Information:
	RevPAR	$	141.95		$	—		$	141.95		$	144.18		$	—		$	144.18		(1.55	)%	(1.55	)%
	Occupancy	76.19		%	—		%	76.19		%	74.00		%	—		%	74.00		%	2.96	%	2.96	%
	ADR	$	186.30		$	—		$	186.30		$	194.84		$	—		$	194.84		(4.38	)%	(4.38	)%

SAN FRANCISCO COURTYARD DOWNTOWN
	Selected Financial Information:
	Rooms revenue	$	7,720		$	—		$	7,720		$	9,101		$	—		$	9,101		(15.17	)%	(15.17	)%
	Total hotel revenue	$	8,876		$	—		$	8,876		$	10,492		$	—		$	10,492		(15.40	)%	(15.40	)%
	Hotel EBITDA	$	2,783		$	—		$	2,783		$	3,467		$	—		$	3,467		(19.73	)%	(19.73	)%
	Hotel EBITDA margin	31.35		%				31.35		%	33.04		%				33.04		%	(1.69	)%	(1.69	)%
	Selected Operating Information:
	RevPAR	$	208.40		$	—		$	208.40		$	246.94		$	—		$	246.94		(15.61	)%	(15.61	)%
	Occupancy	81.72		%	—		%	81.72		%	88.44		%	—		%	88.44		%	(7.60	)%	(7.60	)%
	ADR	$	255.03		$	—		$	255.03		$	279.22		$	—		$	279.22		(8.66	)%	(8.66	)%



		Three Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2017			2017			2017			2016			2016			2016			% Variance		% Variance
SEATTLE COURTYARD DOWNTOWN
	Selected Financial Information:
	Rooms revenue	$	—		$	—		$	—		$	4,233		$	(4,233	)	$	—		(100.00	)%	—	%
	Total hotel revenue	$	—		$	—		$	—		$	4,808		$	(4,808	)	$	—		(100.00	)%	—	%
	Hotel EBITDA	$	10		$	(10	)	$	—		$	1,940		$	(1,940	)	$	—		(99.48	)%	—	%
	Hotel EBITDA margin	—		%				—		%	40.35		%				—		%	(40.35	)%	—	%
	Selected Operating Information:
	RevPAR	$	—		$	—		$	—		$	186.07		$	(186.07	)	$	—		(100.00	)%	—	%
	Occupancy	—		%	—		%	—		%	89.45		%	(89.45		)%	—		%	(100.00	)%	—	%
	ADR	$	—		$	—		$	—		$	208.01		$	(208.01	)	$	—		(100.00	)%	—	%

SEATTLE MARRIOTT WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	8,761		$	—		$	8,761		$	7,882		$	—		$	7,882		11.15	%	11.15	%
	Total hotel revenue	$	11,668		$	—		$	11,668		$	10,500		$	—		$	10,500		11.12	%	11.12	%
	Hotel EBITDA	$	4,922		$	—		$	4,922		$	4,510		$	—		$	4,510		9.14	%	9.14	%
	Hotel EBITDA margin	42.18		%				42.18		%	42.95		%				42.95		%	(0.77	)%	(0.77	)%
	Selected Operating Information:
	RevPAR	$	268.92		$	—		$	268.92		$	241.92		$	—		$	241.92		11.16	%	11.16	%
	Occupancy	92.66		%	—		%	92.66		%	87.03		%	—		%	87.03		%	6.47	%	6.47	%
	ADR	$	290.22		$	—		$	290.22		$	277.98		$	—		$	277.98		4.40	%	4.40	%

ST. THOMAS RITZ-CARLTON
	Selected Financial Information:
	Rooms revenue	$	7,329		$	—		$	7,329		$	6,612		$	—		$	6,612		10.84	%	10.84	%
	Total hotel revenue	$	14,096		$	—		$	14,096		$	13,272		$	—		$	13,272		6.21	%	6.21	%
	Hotel EBITDA	$	3,110		$	—		$	3,110		$	2,546		$	—		$	2,546		22.15	%	22.15	%
	Hotel EBITDA margin	22.06		%				22.06		%	19.18		%				19.18		%	2.88	%	2.88	%
	Selected Operating Information:
	RevPAR	$	447.41		$	—		$	447.41		$	403.68		$	—		$	403.68		10.83	%	10.83	%
	Occupancy	81.25		%	—		%	81.25		%	85.05		%	—		%	85.05		%	(4.47	)%	(4.47	)%
	ADR	$	550.68		$	—		$	550.68		$	474.64		$	—		$	474.64		16.02	%	16.02	%

TAMPA RENAISSANCE
	Selected Financial Information:
	Rooms revenue	$	3,961		$	—		$	3,961		$	4,139		$	—		$	4,139		(4.30	)%	(4.30	)%
	Total hotel revenue	$	5,644		$	—		$	5,644		$	5,972		$	—		$	5,972		(5.49	)%	(5.49	)%
	Hotel EBITDA	$	1,712		$	—		$	1,712		$	1,434		$	—		$	1,434		19.39	%	19.39	%
	Hotel EBITDA margin	30.33		%				30.33		%	24.01		%				24.01		%	6.32	%	6.32	%
	Selected Operating Information:
	RevPAR	$	148.59		$	—		$	148.59		$	155.23		$	—		$	155.23		(4.28	)%	(4.28	)%
	Occupancy	82.51		%	—		%	82.51		%	81.54		%	—		%	81.54		%	1.19	%	1.19	%
	ADR	$	180.08		$	—		$	180.08		$	190.37		$	—		$	190.37		(5.41	)%	(5.41	)%

PRIME PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	79,449		$	1,285		$	80,734		$	79,583		$	820		$	80,403		(0.17	)%	0.41	%
	Total hotel revenue	$	116,055		$	1,571		$	117,626		$	112,395		$	4,178		$	116,573		3.26	%	0.90	%
	Hotel EBITDA	$	38,371		$	562		$	38,933		$	38,485		$	(645	)	$	37,840		(0.30	)%	2.89	%
	Hotel EBITDA margin	33.06		%				33.10		%	34.24		%				32.46		%	(1.18	)%	0.64	%
	Selected Operating Information:
	RevPAR	$	221.65		$	401.52		$	223.24		$	221.29		$	450.53		$	222.44		0.16	%	0.36	%
	Occupancy	84.07		%	77.72		%	84.01		%	86.47		%	363.30		%	84.21		%	(2.78	)%	(0.24	)%
	ADR	$	263.65		$	516.64		$	265.72		$	255.90		$	(124.01	)	$	264.16		3.03	%	0.59	%

NOTES:


(1)	The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-aquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates.


(3)	See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)



		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2017			2017			2017			2016			2016			2016			% Variance		% Variance
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	23,390		$	—		$	23,390		$	21,363		$	—		$	21,363		9.49	%	9.49	%
	Total hotel revenue	$	32,832		$	—		$	32,832		$	30,796		$	—		$	30,796		6.61	%	6.61	%
	Hotel EBITDA	$	11,253		$	—		$	11,253		$	10,098		$	—		$	10,098		11.44	%	11.44	%
	Hotel EBITDA margin	34.27		%				34.27		%	32.79		%				32.79		%	1.48	%	1.48	%
	Selected Operating Information:
	RevPAR	$	234.96		$	—		$	234.96		$	213.41		$	—		$	213.41		10.10	%	10.10	%
	Occupancy	90.59		%	—		%	90.59		%	87.71		%	—		%	87.71		%	3.28	%	3.28	%
	ADR	$	259.36		$	—		$	259.36		$	243.32		$	—		$	243.32		6.59	%	6.59	%

LA JOLLA HILTON TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	12,249		$	—		$	12,249		$	11,633		$	—		$	11,633		5.30	%	5.30	%
	Total hotel revenue	$	22,806		$	—		$	22,806		$	21,249		$	—		$	21,249		7.33	%	7.33	%
	Hotel EBITDA	$	8,205		$	—		$	8,205		$	6,607		$	—		$	6,607		24.19	%	24.19	%
	Hotel EBITDA margin	35.98		%				35.98		%	31.09		%				31.09		%	4.89	%	4.89	%
	Selected Operating Information:
	RevPAR	$	171.76		$	—		$	171.76		$	162.22		$	—		$	162.22		5.88	%	5.88	%
	Occupancy	82.33		%	—		%	82.33		%	81.07		%	—		%	81.07		%	1.55	%	1.55	%
	ADR	$	208.62		$	—		$	208.62		$	200.10		$	—		$	200.10		4.26	%	4.26	%

CHICAGO SOFITEL MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	11,297		$	—		$	11,297		$	11,943		$	—		$	11,943		(5.41	)%	(5.41	)%
	Total hotel revenue	$	15,172		$	—		$	15,172		$	16,630		$	—		$	16,630		(8.77	)%	(8.77	)%
	Hotel EBITDA	$	2,039		$	—		$	2,039		$	3,187		$	—		$	3,187		(36.02	)%	(36.02	)%
	Hotel EBITDA margin	13.44		%				13.44		%	19.16		%				19.16		%	(5.72	)%	(5.72	)%
	Selected Operating Information:
	RevPAR	$	150.39		$	—		$	150.39		$	158.13		$	—		$	158.13		(4.89	)%	(4.89	)%
	Occupancy	77.94		%	—		%	77.94		%	77.08		%	—		%	77.08		%	1.12	%	1.12	%
	ADR	$	192.96		$	—		$	192.96		$	205.14		$	—		$	205.14		(5.94	)%	(5.94	)%

BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	6,286		$	—		$	6,286		$	5,994		$	—		$	5,994		4.87	%	4.87	%
	Total hotel revenue	$	8,537		$	—		$	8,537		$	8,452		$	—		$	8,452		1.01	%	1.01	%
	Hotel EBITDA	$	1,804		$	—		$	1,804		$	1,682		$	—		$	1,682		7.25	%	7.25	%
	Hotel EBITDA margin	21.13		%				21.13		%	19.90		%				19.90		%	1.23	%	1.23	%
	Selected Operating Information:
	RevPAR	$	560.20		$	—		$	560.20		$	531.19		$	—		$	531.19		5.46	%	5.46	%
	Occupancy	78.77		%	—		%	78.77		%	81.00		%	—		%	81.00		%	(2.75	)%	(2.75	)%
	ADR	$	711.15		$	—		$	711.15		$	655.79		$	—		$	655.79		8.44	%	8.44	%

KEY WEST PIER HOUSE RESORT
	Selected Financial Information:
	Rooms revenue	$	10,369		$	—		$	10,369		$	10,449		$	—		$	10,449		(0.77	)%	(0.77	)%
	Total hotel revenue	$	13,138		$	—		$	13,138		$	12,868		$	—		$	12,868		2.10	%	2.10	%
	Hotel EBITDA	$	6,377		$	—		$	6,377		$	6,084		$	—		$	6,084		4.82	%	4.82	%
	Hotel EBITDA margin	48.54		%				48.54		%	47.28		%				47.28		%	1.26	%	1.26	%
	Selected Operating Information:
	RevPAR	$	403.42		$	—		$	403.42		$	404.32		$	—		$	404.32		(0.22	)%	(0.22	)%
	Occupancy	87.11		%	—		%	87.11		%	90.17		%	—		%	90.17		%	(3.39	)%	(3.39	)%
	ADR	$	463.09		$	—		$	463.09		$	448.39		$	—		$	448.39		3.28	%	3.28	%



		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2017			2017			2017			2016			2016			2016			% Variance		% Variance
HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	1,982		$	3,473		$	5,455		$	—		$	5,953		$	5,953		—	%	(8.37	)%
	Total hotel revenue	$	2,355		$	4,276		$	6,631		$	—		$	7,302		$	7,302		—	%	(9.19	)%
	Hotel EBITDA	$	983		$	1,233		$	2,216		$	—		$	2,647		$	2,647		—	%	(16.28	)%
	Hotel EBITDA margin	41.74		%				33.42		%	—		%				36.25		%	41.74	%	(2.83	)%
	Selected Operating Information:
	RevPAR	$	485.76		$	333.88		$	376.67		$	—		$	408.89		$	408.89		—	%	(7.88	)%
	Occupancy	77.33		%	75.52		%	76.03		%	—		%	85.63		%	85.63		%	—	%	(11.21	)%
	ADR	$	628.17		$	442.11		$	495.43		$	—		$	477.53		$	477.53		—	%	3.75	%

PARK HYATT BEAVER CREEK
	Selected Financial Information:
	Rooms revenue	$	1,717		$	10,034		$	11,751		$	—		$	11,326		$	11,326		—	%	3.75	%
	Total hotel revenue	$	4,946		$	18,810		$	23,756		$	—		$	22,608		$	22,608		—	%	5.08	%
	Hotel EBITDA	$	(447	)	$	7,068		$	6,621		$	—		$	6,153		$	6,153		—	%	7.61	%
	Hotel EBITDA margin	(9.04		)%				27.87		%	—		%				27.22		%	(9.04	)%	0.65	%
	Selected Operating Information:
	RevPAR	$	99.29		$	586.82		$	341.71		$	—		$	327.53		$	327.53		—	%	4.33	%
	Occupancy	43.91		%	83.74		%	63.72		%	—		%	61.48		%	61.48		%	—	%	3.64	%
	ADR	$	226.13		$	700.74		$	536.30		$	—		$	532.76		$	532.76		—	%	0.66	%

PHILADELPHIA COURTYARD DOWNTOWN
	Selected Financial Information:
	Rooms revenue	$	12,741		$	—		$	12,741		$	12,801		$	—		$	12,801		(0.47	)%	(0.47	)%
	Total hotel revenue	$	15,547		$	—		$	15,547		$	15,519		$	—		$	15,519		0.18	%	0.18	%
	Hotel EBITDA	$	5,777		$	—		$	5,777		$	5,682		$	—		$	5,682		1.67	%	1.67	%
	Hotel EBITDA margin	37.16		%				37.16		%	36.61		%				36.61		%	0.55	%	0.55	%
	Selected Operating Information:
	RevPAR	$	141.07		$	—		$	141.07		$	140.95		$	—		$	140.95		0.09	%	0.09	%
	Occupancy	81.23		%	—		%	81.23		%	81.43		%	—		%	81.43		%	(0.25	)%	(0.25	)%
	ADR	$	173.67		$	—		$	173.67		$	173.11		$	—		$	173.11		0.32	%	0.32	%

PLANO MARRIOTT LEGACY TOWN CENTER
	Selected Financial Information:
	Rooms revenue	$	10,324		$	—		$	10,324		$	10,518		$	—		$	10,518		(1.84	)%	(1.84	)%
	Total hotel revenue	$	17,437		$	—		$	17,437		$	17,033		$	—		$	17,033		2.37	%	2.37	%
	Hotel EBITDA	$	6,092		$	—		$	6,092		$	6,050		$	—		$	6,050		0.69	%	0.69	%
	Hotel EBITDA margin	34.94		%				34.94		%	35.52		%				35.52		%	(0.58	)%	(0.58	)%
	Selected Operating Information:
	RevPAR	$	141.19		$	—		$	141.19		$	143.05		$	—		$	143.05		(1.30	)%	(1.30	)%
	Occupancy	74.00		%	—		%	74.00		%	71.48		%	—		%	71.48		%	3.53	%	3.53	%
	ADR	$	190.81		$	—		$	190.81		$	200.12		$	—		$	200.12		(4.65	)%	(4.65	)%

SAN FRANCISCO COURTYARD DOWNTOWN
	Selected Financial Information:
	Rooms revenue	$	16,062		$	—		$	16,062		$	18,500		$	—		$	18,500		(13.18	)%	(13.18	)%
	Total hotel revenue	$	18,497		$	—		$	18,497		$	21,269		$	—		$	21,269		(13.03	)%	(13.03	)%
	Hotel EBITDA	$	6,021		$	—		$	6,021		$	6,996		$	—		$	6,996		(13.94	)%	(13.94	)%
	Hotel EBITDA margin	32.55		%				32.55		%	32.89		%				32.89		%	(0.34	)%	(0.34	)%
	Selected Operating Information:
	RevPAR	$	218.55		$	—		$	218.55		$	250.98		$	—		$	250.98		(12.92	)%	(12.92	)%
	Occupancy	80.52		%	—		%	80.52		%	88.08		%	—		%	88.08		%	(8.58	)%	(8.58	)%
	ADR	$	271.44		$	—		$	271.44		$	284.93		$	—		$	284.93		(4.73	)%	(4.73	)%



		Six Months Ended June 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2017			2017			2017			2016			2016			2016			% Variance		% Variance
SEATTLE COURTYARD DOWNTOWN
	Selected Financial Information:
	Rooms revenue	$	—		$	—		$	—		$	6,969		$	(6,969	)	$	—		(100.00	)%	—	%
	Total hotel revenue	$	—		$	—		$	—		$	7,995		$	(7,995	)	$	—		(100.00	)%	—	%
	Hotel EBITDA	$	10		$	(10	)	$	—		$	3,168		$	(3,168	)	$	—		(99.68	)%	—	%
	Hotel EBITDA margin	—		%				—		%	39.62		%				—		%	(39.62	)%	—	%
	Selected Operating Information:
	RevPAR	$	—		$	—		$	—		$	153.16		$	(153.16	)	$	—		(100.00	)%	—	%
	Occupancy	—		%	—		%	—		%	83.73		%	(83.73		)%	—		%	(100.00	)%	—	%
	ADR	$	—		$	—		$	—		$	182.92		$	(182.92	)	$	—		(100.00	)%	—	%

SEATTLE MARRIOTT WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	14,174		$	—		$	14,174		$	12,868		$	—		$	12,868		10.15	%	10.15	%
	Total hotel revenue	$	19,166		$	—		$	19,166		$	17,365		$	—		$	17,365		10.37	%	10.37	%
	Hotel EBITDA	$	7,489		$	—		$	7,489		$	6,681		$	—		$	6,681		12.09	%	12.09	%
	Hotel EBITDA margin	39.07		%				39.07		%	38.47		%				38.47		%	0.60	%	0.60	%
	Selected Operating Information:
	RevPAR	$	218.74		$	—		$	218.74		$	197.50		$	—		$	197.50		10.75	%	10.75	%
	Occupancy	86.98		%	—		%	86.98		%	80.30		%	—		%	80.30		%	8.32	%	8.32	%
	ADR	$	251.48		$	—		$	251.48		$	245.97		$	—		$	245.97		2.24	%	2.24	%

ST. THOMAS RITZ-CARLTON
	Selected Financial Information:
	Rooms revenue	$	17,072		$	—		$	17,072		$	16,449		$	—		$	16,449		3.79	%	3.79	%
	Total hotel revenue	$	29,771		$	—		$	29,771		$	29,590		$	—		$	29,590		0.61	%	0.61	%
	Hotel EBITDA	$	7,519		$	—		$	7,519		$	7,517		$	—		$	7,517		0.03	%	0.03	%
	Hotel EBITDA margin	25.26		%				25.26		%	25.40		%				25.40		%	(0.14	)%	(0.14	)%
	Selected Operating Information:
	RevPAR	$	523.99		$	—		$	523.99		$	502.10		$	—		$	502.10		4.36	%	4.36	%
	Occupancy	79.97		%	—		%	79.97		%	82.26		%	—		%	82.26		%	(2.78	)%	(2.78	)%
	ADR	$	655.24		$	—		$	655.24		$	610.37		$	—		$	610.37		7.35	%	7.35	%

TAMPA RENAISSANCE
	Selected Financial Information:
	Rooms revenue	$	9,204		$	—		$	9,204		$	9,347		$	—		$	9,347		(1.53	)%	(1.53	)%
	Total hotel revenue	$	13,107		$	—		$	13,107		$	13,393		$	—		$	13,393		(2.14	)%	(2.14	)%
	Hotel EBITDA	$	3,980		$	—		$	3,980		$	4,190		$	—		$	4,190		(5.01	)%	(5.01	)%
	Hotel EBITDA margin	30.37		%				30.37		%	31.28		%				31.28		%	(0.91	)%	(0.91	)%
	Selected Operating Information:
	RevPAR	$	173.56		$	—		$	173.56		$	175.28		$	—		$	175.28		(0.98	)%	(0.98	)%
	Occupancy	83.29		%	—		%	83.29		%	84.87		%	—		%	84.87		%	(1.86	)%	(1.86	)%
	ADR	$	208.37		$	—		$	208.37		$	206.53		$	—		$	206.53		0.89	%	0.89	%

PRIME PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	146,867		$	13,507		$	160,374		$	148,834		$	10,310		$	159,144		(1.32	)%	0.77	%
	Total hotel revenue	$	213,311		$	23,086		$	236,397		$	212,159		$	21,915		$	234,074		0.54	%	0.99	%
	Hotel EBITDA	$	67,102		$	8,291		$	75,393		$	67,942		$	5,632		$	73,574		(1.24	)%	2.47	%
	Hotel EBITDA margin	31.46		%				31.89		%	32.02		%				31.43		%	(0.56	)%	0.46	%
	Selected Operating Information:
	RevPAR	$	212.35		$	491.16		$	223.01		$	206.93		$	2,832.54		$	220.15		2.62	%	1.30	%
	Occupancy	81.35		%	80.63		%	81.33		%	82.12		%	120.11		%	81.10		%	(0.94	)%	0.28	%
	ADR	$	261.03		$	609.13		$	274.22		$	251.98		$	(2,358.29	)	$	271.45		3.59	%	1.02	%

NOTES:


(1)	The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-aquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates.


(3)	See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)



		TTM Ended June 30,
		Actual			Non-comparable Adjustments			Comparable
		2017			2017			2017
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	43,165		$	—		$	43,165
	Total hotel revenue	$	60,648		$	—		$	60,648
	Hotel EBITDA	$	18,577		$	—		$	18,577
	Hotel EBITDA margin	30.63		%				30.63		%
	Selected Operating Information:
	RevPAR	$	215.02		$	—		$	215.02
	Occupancy	90.02		%	—		%	90.02		%
	ADR	$	238.86		$	—		$	238.86

LA JOLLA HILTON TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	24,181		$	—		$	24,181
	Total hotel revenue	$	43,615		$	—		$	43,615
	Hotel EBITDA	$	14,520		$	—		$	14,520
	Hotel EBITDA margin	33.29		%				33.29		%
	Selected Operating Information:
	RevPAR	$	168.14		$	—		$	168.14
	Occupancy	84.47		%	—		%	84.47		%
	ADR	$	199.07		$	—		$	199.07

CHICAGO SOFITEL MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	26,379		$	—		$	26,379
	Total hotel revenue	$	35,421		$	—		$	35,421
	Hotel EBITDA	$	7,252		$	—		$	7,252
	Hotel EBITDA margin	20.47		%				20.47		%
	Selected Operating Information:
	RevPAR	$	174.15		$	—		$	174.15
	Occupancy	82.86		%	—		%	82.86		%
	ADR	$	210.18		$	—		$	210.18

BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	14,339		$	—		$	14,339
	Total hotel revenue	$	19,019		$	—		$	19,019
	Hotel EBITDA	$	5,151		$	—		$	5,151
	Hotel EBITDA margin	27.08		%				27.08		%
	Selected Operating Information:
	RevPAR	$	633.64		$	—		$	633.64
	Occupancy	83.28		%	—		%	83.28		%
	ADR	$	760.87		$	—		$	760.87

KEY WEST PIER HOUSE RESORT
	Selected Financial Information:
	Rooms revenue	$	18,686		$	—		$	18,686
	Total hotel revenue	$	23,705		$	—		$	23,705
	Hotel EBITDA	$	10,522		$	—		$	10,522
	Hotel EBITDA margin	44.39		%				44.39		%
	Selected Operating Information:
	RevPAR	$	360.51		$	—		$	360.51
	Occupancy	86.38		%	—		%	86.38		%
	ADR	$	417.38		$	—		$	417.38



		TTM Ended June 30,
		Actual			Non-comparable Adjustments			Comparable
		2017			2017			2017
HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	1,982		$	11,218		$	13,200
	Total hotel revenue	$	2,355		$	13,385		$	15,740
	Hotel EBITDA	$	984		$	5,546		$	6,530
	Hotel EBITDA margin	41.78		%				41.49		%
	Selected Operating Information:
	RevPAR	$	485.76		$	446.52		$	452.01
	Occupancy	77.33		%	82.37		%	81.67		%
	ADR	$	628.17		$	542.08		$	553.47

PARK HYATT BEAVER CREEK
	Selected Financial Information:
	Rooms revenue	$	1,717		$	17,485		$	19,202
	Total hotel revenue	$	4,946		$	36,351		$	41,297
	Hotel EBITDA	$	(447	)	$	10,645		$	10,198
	Hotel EBITDA margin	(9.04		)%				24.69		%
	Selected Operating Information:
	RevPAR	$	99.29		$	335.88		$	276.89
	Occupancy	43.91		%	69.52		%	63.14		%
	ADR	$	226.13		$	483.11		$	438.55

PHILADELPHIA COURTYARD DOWNTOWN
	Selected Financial Information:
	Rooms revenue	$	27,200		$	—		$	27,200
	Total hotel revenue	$	32,671		$	—		$	32,671
	Hotel EBITDA	$	12,651		$	—		$	12,651
	Hotel EBITDA margin	38.72		%				38.72		%
	Selected Operating Information:
	RevPAR	$	149.34		$	—		$	149.34
	Occupancy	81.71		%	—		%	81.71		%
	ADR	$	182.78		$	—		$	182.78

PLANO MARRIOTT LEGACY TOWN CENTER
	Selected Financial Information:
	Rooms revenue	$	19,705		$	—		$	19,705
	Total hotel revenue	$	32,407		$	—		$	32,407
	Hotel EBITDA	$	11,063		$	—		$	11,063
	Hotel EBITDA margin	34.14		%				34.14		%
	Selected Operating Information:
	RevPAR	$	133.63		$	—		$	133.63
	Occupancy	71.81		%	—		%	71.81		%
	ADR	$	186.08		$	—		$	186.08

SAN FRANCISCO COURTYARD DOWNTOWN
	Selected Financial Information:
	Rooms revenue	$	33,811		$	—		$	33,811
	Total hotel revenue	$	38,591		$	—		$	38,591
	Hotel EBITDA	$	11,815		$	—		$	11,815
	Hotel EBITDA margin	30.62		%				30.62		%
	Selected Operating Information:
	RevPAR	$	228.43		$	—		$	228.43
	Occupancy	85.80		%	—		%	85.80		%
	ADR	$	266.24		$	—		$	266.24



		TTM Ended June 30,
		Actual			Non-comparable Adjustments			Comparable
		2017			2017			2017
SEATTLE COURTYARD DOWNTOWN
	Selected Financial Information:
	Rooms revenue	$	—		$	—		$	—
	Total hotel revenue	$	—		$	—		$	—
	Hotel EBITDA	$	6		$	(6	)	$	—
	Hotel EBITDA margin	—		%				—		%
	Selected Operating Information:
	RevPAR	$	—		$	—		$	—
	Occupancy	—		%	—		%	—		%
	ADR	$	—		$	—		$	—

SEATTLE MARRIOTT WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	30,053		$	—		$	30,053
	Total hotel revenue	$	39,450		$	—		$	39,450
	Hotel EBITDA	$	15,923		$	—		$	15,923
	Hotel EBITDA margin	40.36		%				40.36		%
	Selected Operating Information:
	RevPAR	$	229.99		$	—		$	229.99
	Occupancy	86.40		%	—		%	86.40		%
	ADR	$	266.21		$	—		$	266.21

ST. THOMAS RITZ-CARLTON
	Selected Financial Information:
	Rooms revenue	$	28,418		$	—		$	28,418
	Total hotel revenue	$	50,458		$	—		$	50,458
	Hotel EBITDA	$	8,814		$	—		$	8,814
	Hotel EBITDA margin	17.47		%				17.47		%
	Selected Operating Information:
	RevPAR	$	432.54		$	—		$	432.54
	Occupancy	77.31		%	—		%	77.31		%
	ADR	$	559.48		$	—		$	559.48

TAMPA RENAISSANCE
	Selected Financial Information:
	Rooms revenue	$	16,241		$	—		$	16,241
	Total hotel revenue	$	23,595		$	—		$	23,595
	Hotel EBITDA	$	6,568		$	—		$	6,568
	Hotel EBITDA margin	27.84		%				27.84		%
	Selected Operating Information:
	RevPAR	$	151.88		$	—		$	151.88
	Occupancy	80.43		%	—		%	80.43		%
	ADR	$	188.84		$	—		$	188.84

PRIME PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	285,877		$	28,703		$	314,580
	Total hotel revenue	$	406,881		$	49,736		$	456,617
	Hotel EBITDA	$	123,399		$	16,185		$	139,584
	Hotel EBITDA margin	30.33		%				30.57		%
	Selected Operating Information:
	RevPAR	$	208.25		$	371.89		$	216.96
	Occupancy	82.57		%	73.71		%	82.09		%
	ADR	$	252.22		$	504.56		$	264.28

NOTES:


(1)	The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.


(2)	All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-aquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates.


(3)	See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES

HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS

(dollars in thousands)

(unaudited)



	Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable
	2017			2017		2017			2017			2017		2017			2016			2016		2016			2016			2016		2016
	2nd Quarter			2nd Quarter		2nd Quarter			1st Quarter			1st Quarter		1st Quarter			4th Quarter			4th Quarter		4th Quarter			3rd Quarter			3rd Quarter		3rd Quarter
Total Hotel Revenue	$	116,055		$	1,571	$	117,626		$	97,256		$	21,515	$	118,771		$	93,952		$	12,797	$	106,749		$	99,618		$	13,853	$	113,471
Hotel EBITDA	$	38,371		$	562	$	38,933		$	28,731		$	7,729	$	36,460		$	26,326		$	3,333	$	29,659		$	29,971		$	4,561	$	34,532
Hotel EBITDA Margin	33.06		%			33.10		%	29.54		%			30.70		%	28.02		%			27.78		%	30.09		%			30.43		%

EBITDA % of Total TTM	31.1		%			28.0		%	23.3		%			26.1		%	21.3		%			21.2		%	24.3		%			24.7		%

JV Interests in EBITDA	$	2,642		$	—	$	2,642		$	2,223		$	—	$	2,223		$	1,722		$	—	$	1,722		$	1,688		$	—	$	1,688

	Actual			Non-comparable Adjustments		Comparable
	2017			2017		2017
	TTM			TTM		TTM
Total Hotel Revenue	$	406,881		$	49,736	$	456,617
Hotel EBITDA	$	123,399		$	16,185	$	139,584
Hotel EBITDA Margin	30.33		%			30.57		%

EBITDA % of Total TTM	100.0		%			100.0		%

JV Interests in EBITDA	$	8,275		$	—	$	8,275

NOTES:


(1)	The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-aquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates.

(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

JUNE 30, 2017

(in thousands, except share price)

(unaudited)




	June 30, 2017
End of quarter common shares outstanding	31,953
Partnership units outstanding (common stock equivalents)	5,367
Combined common shares and partnership units outstanding	37,320
Common stock price at quarter end	$	10.29
Market capitalization at quarter end	$	384,023
Series B convertible preferred stock	$	124,146
Debt on balance sheet date	$	915,006
Joint venture partner's share of consolidated debt	$	(47,852	)
Net working capital (see below)	$	(133,617	)
Total enterprise value (TEV)	$	1,241,706

Ashford Inc. Investment:
Common stock owned at end of quarter	195
Common stock price at quarter end	$	50.98
Market value of Ashford Inc. investment	$	9,935

Cash and cash equivalents	$	123,668
Restricted cash	$	32,783
Accounts receivable, net	$	17,176
Prepaid expenses	$	5,482
Due from affiliates, net	$	(3,569	)
Due from third-party hotel managers, net	$	5,860
Market value of Ashford Inc. investment	$	9,935
Total current assets	$	191,335

Accounts payable and accrued expenses	$	49,362
Dividends and distributions payable	$	8,356
Total current liabilities	$	57,718

Net working capital*	$	133,617

* Includes the Company's pro rata share of net working capital in joint ventures.

ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)



		2017
	Rooms	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
		Actual	Actual	Estimated	Estimated
Philadelphia Courtyard Downtown	499	x
San Francisco Courtyard Downtown	405	x	x	x	x
Capital Hilton Washington D.C.	550				x
Plano Marriott Legacy Town Center	404	x	x		x
Key West Pier House Resort	142			x	x
Chicago Sofitel Magnificent Mile	415	x			x


(a)	Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2017 are included in this table.

Exhibit 1

ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	2017			2017			2016			2016			June 30, 2017
	2nd Quarter			1st Quarter			4th Quarter			3rd Quarter			TTM
Net income (loss)	$	21,607		$	14,951		$	12,615		$	42,999		$	92,172
(Income) loss from consolidated entities attributable to noncontrolling interest	(1,825		)	(1,444		)	(971		)	(965		)	(5,205		)
Net income (loss) attributable to the Company	19,782			13,507			11,644			42,034			86,967
Non-property adjustments	—			—			1			(26,358		)	(26,357		)
Interest income	(10		)	(10		)	(10		)	(9		)	(39		)
Interest expense	2,204			1,280			1,672			1,655			6,811
Amortization of loan costs	271			130			135			133			669
Depreciation and amortization	13,468			11,851			11,555			11,175			48,049
Income tax expense (benefit)	366			133			(21		)	53			531
Non-hotel EBITDA ownership expense	465			396			379			323			1,563
Income (loss) from consolidated entities attributable to noncontrolling interest	1,825			1,444			971			965			5,205
Hotel EBITDA including amounts attributable to noncontrolling interest	38,371			28,731			26,326			29,971			123,399
Non-comparable adjustments	562			7,729			3,333			4,561			16,185
Comparable hotel EBITDA	$	38,933		$	36,460		$	29,659		$	34,532		$	139,584

Exhibit 1

ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended June 30, 2017
	Capital Hilton Washington D.C.			La Jolla Hilton Torrey Pines			Chicago Sofitel Magnificent Mile		Bardessono Hotel & Spa		Key West Pier House Resort		Hotel Yountville		Park Hyatt Beaver Creek			Philadelphia Courtyard Downtown		Plano Marriott Legacy Town Center		San Francisco Courtyard Downtown			Seattle Courtyard Downtown			Seattle Marriott Waterfront			St. Thomas Ritz-Carlton			Tampa Renaissance			Hotel Total			Corporate / Allocated			Ashford Hospitality Prime, Inc.
Net income (loss)	$	4,433		$	2,643		$	1,416	$	785	$	1,995	$	297	$	(2,032	)	$	2,548	$	1,792	$	1,605		$	10		$	3,895		$	1,435		$	785		$	21,607		$	(21,221	)	$	386
(Income) loss from consolidated entities attributable to noncontrolling interest	(1,141		)	(684		)	—		—		—		—		—			—		—		—			—			—			—			—			(1,825		)	211			(1,614		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—		—		—		—		—			—		—		—			—			—			—			—			—			344			344
Net income (loss) attributable to the Company	3,292			1,959			1,416		785		1,995		297		(2,032		)	2,548		1,792		1,605			10			3,895			1,435			785			19,782			(20,666		)	(884		)
Non-property adjustments	—			—			—		—		—		—		—			—		—		—			—			—			—			—			—			—			—
Interest income	(4		)	(1		)	—		—		—		—		—			—		—		(1		)	—			(3		)	(1		)	—			(10		)	(155		)	(165		)
Interest expense	—			—			669		—		—		258		644			—		—		—			—			—			633			—			2,204			6,378			8,582
Amortization of loan cost	—			—			—		—		—		11		128			—		—		—			—			—			132			—			271			1,078			1,349
Depreciation and amortization	1,582			1,509			1,123		627		713		365		812			1,519		1,241		1,141			—			1,013			885			938			13,468			1			13,469
Income tax expense (benefit)	184			154			—		—		—		—		—			5		—		—			—			—			23			—			366			113			479
Non-hotel EBITDA ownership expense	53			13			7		159		7		53		1			122		3		38			—			17			3			(11		)	465			(465		)	—
Income (loss) from consolidated entities attributable to noncontrolling interest	1,141			684			—		—		—		—		—			—		—		—			—			—			—			—			1,825			(1,825		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	6,248			4,318			3,215		1,571		2,715		984		(447		)	4,194		3,036		2,783			10			4,922			3,110			1,712			38,371			(15,541		)	22,830
Less: EBITDA adjustments attributable to noncontrolling interest	(421		)	(396		)	—		—		—		—		—			—		—		—			—			—			—			—			(817		)	(451		)	(1,268		)
(Income) loss from consolidated entities attributable to noncontrolling interest	(1,141		)	(684		)	—		—		—		—		—			—		—		—			—			—			—			—			(1,825		)	1,825			—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—			—			—		—		—		—		—			—		—		—			—			—			—			—			—			(344		)	(344		)
Hotel EBITDA attributable to the Company and OP unitholders	$	4,686		$	3,238		$	3,215	$	1,571	$	2,715	$	984	$	(447	)	$	4,194	$	3,036	$	2,783		$	10		$	4,922		$	3,110		$	1,712		$	35,729		$	(14,511	)	$	21,218
Non-comparable adjustments	—			—			—		—		—		572					—		—		—			(10		)	—			—			—			562
Comparable hotel EBITDA	$	6,248		$	4,318		$	3,215	$	1,571	$	2,715	$	1,556	$	(447	)	$	4,194	$	3,036	$	2,783		$	—		$	4,922		$	3,110		$	1,712		$	38,933
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	6,248		$	4,318		$	3,215	$	1,571	$	2,715	$	984	$	(447	)	$	4,194	$	—	$	—		$	10		$	4,922		$	3,110		$	1,712		$	32,552
Non-comparable adjustments	—			—			—		—		—		572		—			—		—		—			(10		)	—			—			—			562
Comparable hotel EBITDA	$	6,248		$	4,318		$	3,215	$	1,571	$	2,715	$	1,556	$	(447	)	$	4,194	$	—	$	—		$	—		$	4,922		$	3,110		$	1,712		$	33,114

HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)



GACC Sofitel - 1 hotel	$	—	$	—	$	3,215	$	—	$	—	$	—	$	—		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	3,215
Credit Agricole Pier House - 1 hotel	—		—		—		—		2,715				—			—		—		—		—		—		—		—		2,715
Column Financial Bardessono - 1 hotel	—		—		—		1,571		—		—		—			—		—		—		—		—		—		—		1,571
BAML Hotel Yountville - 1 hotel											1,556																			1,556
Apollo Ritz-Carlton St Thomas - 1 hotel	—		—		—		—		—		—		—			—		—		—		—		—		3,110		—		3,110
Aareal - 2 hotels	6,248		4,318		—		—		—		—		—			—		—		—		—		—		—		—		10,566
Morgan Stanley Pool -5 hotels	—		—		—		—		—		—		—			4,194		3,036		2,783		—		4,922		—		1,712		16,647
JP Morgan Park Hyatt Beaver Creek -1 hotel	—		—		—		—		—		—		(447		)	—		—		—		—		—		—		—		(447		)
Total	$	6,248	$	4,318	$	3,215	$	1,571	$	2,715	$	1,556	$	(447	)	$	4,194	$	3,036	$	2,783	$	—	$	4,922	$	3,110	$	1,712	$	38,933

NOTES:


(1)	The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-aquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates.


(3)	Excluded Hotels Under Renovation:

Plano Marriott Legacy Town Center, San Francisco Courtyard Downtown

Exhibit 1

ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended March 31, 2017
	Capital Hilton Washington D.C.			La Jolla Hilton Torrey Pines			Chicago Sofitel Magnificent Mile			Bardessono Hotel & Spa			Key West Pier House Resort		Hotel Yountville		Park Hyatt Beaver Creek			Philadelphia Courtyard Downtown		Plano Marriott Legacy Town Center			San Francisco Courtyard Downtown			Seattle Courtyard Downtown		Seattle Marriott Waterfront			St. Thomas Ritz-Carlton			Tampa Renaissance			Hotel Total			Corporate / Allocated			Ashford Hospitality Prime, Inc.
Net income (loss)	$	3,286		$	2,265		$	(2,768	)	$	(547	)	$	2,963	$	—	$	(7	)	$	10	$	1,867		$	2,217		$	—	$	1,570		$	2,749		$	1,346		$	14,951		$	(15,240	)	$	(289	)
(Income) loss from consolidated entities attributable to noncontrolling interest	(854		)	(590		)	—			—			—		—		—			—		—			—			—		—			—			—			(1,444		)	1,465			21
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—			—		—		—			—		—			—			—		—			—			—			—			255			255
Net income (loss) attributable to the Company	2,432			1,675			(2,768		)	(547		)	2,963		—		(7		)	10		1,867			2,217			—		1,570			2,749			1,346			13,507			(13,520		)	(13		)
Non-property adjustments	—			—			—			—			—		—		—			—		—			—			—		—			—			—			—			—			—
Interest income	(2		)	(1		)	—			—			—		—		—			—		—			(3		)	—		(3		)	(1		)	—			(10		)	(102		)	(112		)
Interest expense	—			—			617			—			—		—		7			54		—			—			—		—			602			—			1,280			5,873			7,153
Amortization of loan cost	—			—			—			—			—		—		—			—		—			—			—		—			130			—			130			919			1,049
Depreciation and amortization	1,588			1,518			972			618			689		—		—			1,507		1,188			989			—		994			855			933			11,851			120			11,971
Income tax expense (benefit)	—			94			(1		)	—			—		—		—			2		(1		)	—			—		—			39			—			133			(611		)	(478		)
Non-hotel EBITDA ownership expense	133			11			4			162			10		—		—			10		2			35			—		6			34			(11		)	396			(396		)	—
Income (loss) from consolidated entities attributable to noncontrolling interest	854			590			—			—			—		—		—			—		—			—			—		—			—			—			1,444			(1,444		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	5,005			3,887			(1,176		)	233			3,662		—		—			1,583		3,056			3,238			—		2,567			4,408			2,268			28,731			(9,161		)	19,570
Less: EBITDA adjustments attributable to noncontrolling interest	(397		)	(382		)	—			—			—		—		—			—		—			—			—		—			—			—			(779		)	(402		)	(1,181		)
(Income) loss from consolidated entities attributable to noncontrolling interest	(854		)	(590		)	—			—			—		—		—			—		—			—			—		—			—			—			(1,444		)	1,444			—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—			—		—		—			—		—			—			—		—			—			—			—			(255		)	(255		)
Hotel EBITDA attributable to the Company and OP unitholders	$	3,754		$	2,915		$	(1,176	)	$	233		$	3,662	$	—	$	—		$	1,583	$	3,056		$	3,238		$	—	$	2,567		$	4,408		$	2,268		$	26,508		$	(8,374	)	$	18,134
Non-comparable adjustments	—			—			—			—			—		661		7,068			—		—			—			—		—			—			—			7,729
Comparable hotel EBITDA	$	5,005		$	3,887		$	(1,176	)	$	233		$	3,662	$	661	$	7,068		$	1,583	$	3,056		$	3,238		$	—	$	2,567		$	4,408		$	2,268		$	36,460

HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)



GACC Sofitel - 1 hotel	$	—	$	—	$	(1,176	)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(1,176	)
Credit Agricole Pier House - 1 hotel	—		—		—			—		3,662				—		—		—		—		—		—		—		—		3,662
Column Financial Bardessono - 1 hotel	—		—		—			233		—		—		—		—		—		—		—		—		—		—		233
BAML Hotel Yountville - 1 hotel												661																		661
Apollo Ritz-Carlton St Thomas - 1 hotel	—		—		—			—		—		—		—		—		—		—		—		—		4,408		—		4,408
Aareal - 2 hotels	5,005		3,887		—			—		—		—		—		—		—		—		—		—		—		—		8,892
Morgan Stanley Pool -5 hotels	—		—		—			—		—		—		—		1,583		3,056		3,238		—		2,567		—		2,268		12,712
JP Morgan Park Hyatt Beaver Creek -1 hotel	—		—		—			—		—		—		7,068		—		—		—		—		—		—		—		7,068
Total	$	5,005	$	3,887	$	(1,176	)	$	233	$	3,662	$	661	$	7,068	$	1,583	$	3,056	$	3,238	$	—	$	2,567	$	4,408	$	2,268	$	36,460

NOTES:


(1)	The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-aquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates.

Exhibit 1

ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended December 31, 2016
	Capital Hilton Washington D.C.			La Jolla Hilton Torrey Pines			Chicago Sofitel Magnificent Mile		Bardessono Hotel & Spa		Key West Pier House Resort		Hotel Yountville		Park Hyatt Beaver Creek		Philadelphia Courtyard Downtown			Plano Marriott Legacy Town Center			San Francisco Courtyard Downtown			Seattle Courtyard Downtown		Seattle Marriott Waterfront			St. Thomas Ritz-Carlton			Tampa Renaissance			Hotel Total			Corporate / Allocated			Ashford Hospitality Prime, Inc.
Net income (loss)	$	2,448		$	1,204		$	586	$	663	$	1,781	$	—	$	—	$	818		$	1,533		$	1,160		$	—	$	2,078		$	(353	)	$	697		$	12,615		$	(11,770	)	$	845
(Income) loss from consolidated entities attributable to noncontrolling interest	(645		)	(326		)	—		—		—		—		—		—			—			—			—		—			—			—			(971		)	435			(536		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—		—		—		—		—		—			—			—			—		—			—			—			—			95			95
Net income (loss) attributable to the Company	1,803			878			586		663		1,781		—		—		818			1,533			1,160			—		2,078			(353		)	697			11,644			(11,240		)	404
Non-property adjustments	—			—			—		—		—		—		—		—			—			—			—		—			1			—			1			(1		)	—
Interest income	—			—			—		—		—		—		—		(1		)	(1		)	(4		)	—		(3		)	(1		)	—			(10		)	(25		)	(35		)
Interest expense	—			—			586		—		—		—		—		496			—			—			—		—			590			—			1,672			7,380			9,052
Amortization of loan cost	—			—			—		—		—		—		—		8			—			—			—		—			127			—			135			628			763
Depreciation and amortization	1,582			1,512			951		610		687		—		—		1,470			1,174			825			—		964			831			949			11,555			—			11,555
Income tax expense (benefit)	29			(32		)	—		—		—		—		—		(2		)	—			—			—		—			(16		)	—			(21		)	573			552
Non-hotel EBITDA ownership expense	37			106			64		158		1		—		—		5			(8		)	6			—		9			10			(9		)	379			(379		)	—
Income (loss) from consolidated entities attributable to noncontrolling interest	645			326			—		—		—		—		—		—			—			—			—		—			—			—			971			(971		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	4,096			2,790			2,187		1,431		2,469		—		—		2,794			2,698			1,987			—		3,048			1,189			1,637			26,326			(4,035		)	22,291
Less: EBITDA adjustments attributable to noncontrolling interest	(379		)	(372		)	—		—		—		—		—		—			—			—			—		—			—			—			(751		)	(388		)	(1,139		)
(Income) loss from consolidated entities attributable to noncontrolling interest	(645		)	(326		)	—		—		—		—		—		—			—			—			—		—			—			—			(971		)	971			—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—			—			—		—		—		—		—		—			—			—			—		—			—			—			—			(95		)	(95		)
Hotel EBITDA attributable to the Company and OP unitholders	$	3,072		$	2,092		$	2,187	$	1,431	$	2,469	$	—	$	—	$	2,794		$	2,698		$	1,987		$	—	$	3,048		$	1,189		$	1,637		$	24,604		$	(3,547	)	$	21,057
Non-comparable adjustments	—			—			—		—		—		1,567		1,766		—			—			—			—		—			—			—			3,333
Comparable hotel EBITDA	$	4,096		$	2,790		$	2,187	$	1,431	$	2,469	$	1,567	$	1,766	$	2,794		$	2,698		$	1,987		$	—	$	3,048		$	1,189		$	1,637		$	29,659

HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)



GACC Sofitel - 1 hotel	$	—	$	—	$	2,187	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	2,187
Credit Agricole Pier House - 1 hotel	—		—		—		—		2,469				—		—		—		—		—		—		—		—		2,469
Column Financial Bardessono - 1 hotel	—		—		—		1,431		—		—		—		—		—		—		—		—		—		—		1,431
BAML Hotel Yountville - 1 hotel											1,567																		1,567
Apollo Ritz-Carlton St Thomas - 1 hotel	—		—		—		—		—		—		—		—		—		—		—		—		1,189		—		1,189
Aareal - 2 hotels	4,096		2,790		—		—		—		—		—		—		—		—		—		—		—		—		6,886
Morgan Stanley Pool -5 hotels	—		—		—		—		—		—		—		2,794		2,698		1,987		—		3,048		—		1,637		12,164
JP Morgan Park Hyatt Beaver Creek -1 hotel	—		—		—		—		—		—		1,766		—		—		—		—		—		—		—		1,766
Total	$	4,096	$	2,790	$	2,187	$	1,431	$	2,469	$	1,567	$	1,766	$	2,794	$	2,698	$	1,987	$	—	$	3,048	$	1,189	$	1,637	$	29,659

NOTES:


(1)	The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-aquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates.

Exhibit 1

ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended September 30, 2016
	Capital Hilton Washington D.C.			La Jolla Hilton Torrey Pines			Chicago Sofitel Magnificent Mile		Bardessono Hotel & Spa		Key West Pier House Resort		Hotel Yountville		Park Hyatt Beaver Creek		Philadelphia Courtyard Downtown			Plano Marriott Legacy Town Center			San Francisco Courtyard Downtown			Seattle Courtyard Downtown			Seattle Marriott Waterfront			St. Thomas Ritz-Carlton			Tampa Renaissance			Hotel Total			Corporate / Allocated			Ashford Hospitality Prime, Inc.
Net income (loss)	$	1,697		$	1,937		$	1,515	$	1,137	$	987	$	—	$	—	$	2,090		$	1,211		$	3,114		$	26,356		$	4,426		$	(1,488	)	$	17		$	42,999		$	(21,677	)	$	21,322
(Income) loss from consolidated entities attributable to noncontrolling interest	(457		)	(508		)	—		—		—		—		—		—			—			—			—			—			—			—			(965		)	(1,539		)	(2,504		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—		—		—		—		—		—			—			—			—			—			—			—			—			(1,960		)	(1,960		)
Net income (loss) attributable to the Company	1,240			1,429			1,515		1,137		987		—		—		2,090			1,211			3,114			26,356			4,426			(1,488		)	17			42,034			(25,176		)	16,858
Non-property adjustments	—			—			—		—		—		—		—		—			—			—			(26,359		)	—			1			—			(26,358		)	26,358			—
Interest income	—			—			—		—		—		—		—		(1		)	(1		)	(4		)	—			(2		)	(1		)	—			(9		)	(41		)	(50		)
Interest expense	—			—			572		—		—		—		—		499			—			—			—			—			584			—			1,655			7,373			9,028
Amortization of loan cost	—			—			—		—		—		—		—		8			—			—			—			—			125			—			133			634			767
Depreciation and amortization	1,586			1,504			931		605		678		—		—		1,467			1,055			673			—			952			778			946			11,175			—			11,175
Income tax expense (benefit)	—			71			—		—		—		—		—		13			—			—			—			—			(31		)	—			53			(557		)	(504		)
Non-hotel EBITDA ownership expense	(55		)	13			8		174		11		—		—		5			8			24			(1		)	10			139			(13		)	323			(323		)	—
Income (loss) from consolidated entities attributable to noncontrolling interest	457			508			—		—		—		—		—		—			—			—			—			—			—			—			965			(965		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	3,228			3,525			3,026		1,916		1,676		—		—		4,081			2,273			3,807			(4		)	5,386			107			950			29,971			7,303			37,274
Less: EBITDA adjustments attributable to noncontrolling interest	(372		)	(352		)	—		—		—		—		—		—			—			—			—			—			—			—			(724		)	(407		)	(1,131		)
(Income) loss from consolidated entities attributable to noncontrolling interest	(457		)	(508		)	—		—		—		—		—		—			—			—			—			—			—			—			(965		)	965			—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—			—			—		—		—		—		—		—			—			—			—			—			—			—			—			1,960			1,960
Hotel EBITDA attributable to the Company and OP unitholders	$	2,399		$	2,665		$	3,026	$	1,916	$	1,676	$	—	$	—	$	4,081		$	2,273		$	3,807		$	(4	)	$	5,386		$	107		$	950		$	28,282		$	9,821		$	38,103
Non-comparable adjustments	—			—			—				—		2,746		1,811		—			—			—			4			—			—			—			4,561
Comparable hotel EBITDA	$	3,228		$	3,525		$	3,026	$	1,916	$	1,676	$	2,746	$	1,811	$	4,081		$	2,273		$	3,807		$	—		$	5,386		$	107		$	950		$	34,532

HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)



GACC Sofitel - 1 hotel	$	—	$	—	$	3,026	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	3,026
Credit Agricole Pier House - 1 hotel	—		—		—		—		1,676				—		—		—		—		—		—		—		—		1,676
Column Financial Bardessono - 1 hotel	—		—		—		1,916		—		—		—		—		—		—		—		—		—		—		1,916
BAML Hotel Yountville - 1 hotel											2,746																		2,746
Apollo Ritz-Carlton St Thomas - 1 hotel	—		—		—		—		—		—		—		—		—		—		—		—		107		—		107
Aareal - 2 hotels	3,228		3,525		—		—		—		—		—		—		—		—		—		—		—		—		6,753
Morgan Stanley Pool -5 hotels	—		—		—		—		—		—		—		4,081		2,273		3,807		—		5,386		—		950		16,497
JP Morgan Park Hyatt Beaver Creek -1 hotel	—		—		—		—		—		—		1,811		—		—		—		—		—		—		—		1,811
Total	$	3,228	$	3,525	$	3,026	$	1,916	$	1,676	$	2,746	$	1,811	$	4,081	$	2,273	$	3,807	$	—	$	5,386	$	107	$	950	$	34,532

NOTES:


(1)	The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-aquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates.

Exhibit 1

ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended June 30, 2016
	Capital Hilton Washington D.C.			La Jolla Hilton Torrey Pines			Chicago Sofitel Magnificent Mile		Bardessono Hotel & Spa		Key West Pier House Resort		Hotel Yountville		Park Hyatt Beaver Creek			Philadelphia Courtyard Downtown			Plano Marriott Legacy Town Center			San Francisco Courtyard Downtown			Seattle Courtyard Downtown			Seattle Marriott Waterfront			St. Thomas Ritz-Carlton			Tampa Renaissance			Hotel Total			Corporate / Allocated			Ashford Hospitality Prime, Inc.
Net income (loss)	$	4,822		$	1,755		$	2,435	$	760	$	1,738	$	—	$	—		$	1,784		$	2,017		$	2,871		$	1,642		$	3,565		$	1,094		$	521		$	25,004		$	(22,712	)	$	2,292
(Income) loss from consolidated entities attributable to noncontrolling interest	(1,238		)	(462		)	—		—		—		—		—			—			—			—			—			—			—			—			(1,700		)	1,780			80
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—		—		—		—		—			—			—			—			—			—			—			—			—			(184		)	(184		)
Net income (loss) attributable to the Company	3,584			1,293			2,435		760		1,738		—		—			1,784			2,017			2,871			1,642			3,565			1,094			521			23,304			(21,116		)	2,188
Non-property adjustments	—			—			—		—		—		—		—			—			—			—			—			—			9			—			9			(9		)	—
Interest income	—			—			—		—		—		—		—			(1		)	(1		)	(4		)	—			(2		)	—			—			(8		)	(42		)	(50		)
Interest expense	—			—			554		—		—		—		—			496			—			—			—			—			573			—			1,623			8,256			9,879
Amortization of loan cost	—			—			—		—		—		—		—			8			—			—			—			—			122			—			130			628			758
Depreciation and amortization	1,558			1,494			916		597		676		—		—			1,458			1,051			595			295			939			758			926			11,263			—			11,263
Income tax expense (benefit)	—			(85		)	—		—		—		—		—			5			—			—			—			—			(12		)	—			(92		)	1,248			1,156
Non-hotel EBITDA ownership expense	103			18			5		182		2		—		—			235			6			5			3			8			2			(13		)	556			(556		)	—
Income (loss) from consolidated entities attributable to noncontrolling interest	1,238			462			—		—		—		—		—			—			—			—			—			—			—			—			1,700			(1,700		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	6,483			3,182			3,910		1,539		2,416		—		—			3,985			3,073			3,467			1,940			4,510			2,546			1,434			38,485			(13,291		)	25,194
Less: EBITDA adjustments attributable to noncontrolling interest	(366		)	(350		)	—		—		—		—		—			—			—			—			—			—			—			—			(716		)	(397		)	(1,113		)
(Income) loss from consolidated entities attributable to noncontrolling interest	(1,238		)	(462		)	—		—		—		—		—			—			—			—			—			—			—			—			(1,700		)	1,700			—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—			—			—		—		—		—		—			—			—			—			—			—			—			—			—			184			184
Hotel EBITDA attributable to the Company and OP unitholders	$	4,879		$	2,370		$	3,910	$	1,539	$	2,416	$	—	$	—		$	3,985		$	3,073		$	3,467		$	1,940		$	4,510		$	2,546		$	1,434		$	36,069		$	(11,804	)	$	24,265
Non-comparable adjustments	—			—			—				—		1,990		(695		)	—			—			—			(1,940		)	—			—			—			(645		)
Comparable hotel EBITDA	$	6,483		$	3,182		$	3,910	$	1,539	$	2,416	$	1,990	$	(695	)	$	3,985		$	3,073		$	3,467		$	—		$	4,510		$	2,546		$	1,434		$	37,840
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	6,483		$	3,182		$	3,910	$	1,539	$	2,416	$	—	$	—		$	3,985		$	—		$	—		$	1,940		$	4,510		$	2,546		$	1,434		$	31,945
Non-comparable adjustments	—			—			—		—		—		1,990		(695		)	—			—			—			(1,940		)	—			—			—			(645		)
Comparable hotel EBITDA	$	6,483		$	3,182		$	3,910	$	1,539	$	2,416	$	1,990	$	(695	)	$	3,985		$	—		$	—		$	—		$	4,510		$	2,546		$	1,434		$	31,300

NOTES:


(1)	The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-aquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates.


(3)	Excluded Hotels Under Renovation:

Plano Marriott Legacy Town Center, San Francisco Courtyard Downtown

Exhibit 1

ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Six Months Ended June 30, 2017
	Capital Hilton Washington D.C.			La Jolla Hilton Torrey Pines			Chicago Sofitel Magnificent Mile			Bardessono Hotel & Spa		Key West Pier House Resort		Hotel Yountville		Park Hyatt Beaver Creek			Philadelphia Courtyard Downtown		Plano Marriott Legacy Town Center			San Francisco Courtyard Downtown			Seattle Courtyard Downtown			Seattle Marriott Waterfront			St. Thomas Ritz-Carlton			Tampa Renaissance			Hotel Total			Corporate / Allocated			Ashford Hospitality Prime, Inc.
Net income (loss)	$	7,719		$	4,908		$	(1,352	)	$	238	$	4,958	$	297	$	(2,039	)	$	2,558	$	3,659		$	3,822		$	10		$	5,465		$	4,184		$	2,131		$	36,558		$	(36,461	)	$	97
(Income) loss from consolidated entities attributable to noncontrolling interest	(1,995		)	(1,274		)	—			—		—		—		—			—		—			—			—			—			—			—			(3,269		)	1,676			(1,593		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—		—		—		—			—		—			—			—			—			—			—			—			598			598
Net income (loss) attributable to the Company	5,724			3,634			(1,352		)	238		4,958		297		(2,039		)	2,558		3,659			3,822			10			5,465			4,184			2,131			33,289			(34,187		)	(898		)
Non-property adjustments	—			—			—			—		—		—		—			—		—			—			—			—			—			—			—			—			—
Interest income	(6		)	(2		)	—			—		—		—		—			—		—			(4		)	—			(6		)	(2		)	—			(20		)	(257		)	(277		)
Interest expense	—			—			1,286			—		—		258		651			54		—			—			—			—			1,235			—			3,484			12,251			15,735
Amortization of loan cost	—			—			—			—		—		11		128			—		—			—			—			—			262			—			401			1,997			2,398
Depreciation and amortization	3,170			3,027			2,095			1,245		1,402		365		812			3,026		2,429			2,130			—			2,007			1,740			1,871			25,319			121			25,440
Income tax expense (benefit)	184			248			(1		)	—		—		—		—			7		(1		)	—			—			—			62			—			499			(498		)	1
Non-hotel EBITDA ownership expense	186			24			11			321		17		52		1			132		5			73			—			23			38			(22		)	861			(861		)	—
Income (loss) from consolidated entities attributable to noncontrolling interest	1,995			1,274			—			—		—		—		—			—		—			—			—			—			—			—			3,269			(3,269		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	11,253			8,205			2,039			1,804		6,377		983		(447		)	5,777		6,092			6,021			10			7,489			7,519			3,980			67,102			(24,703		)	42,399
Less: EBITDA adjustments attributable to noncontrolling interest	(818		)	(778		)	—			—		—		—		—			—		—			—			—			—			—			—			(1,596		)	(853		)	(2,449		)
(Income) loss from consolidated entities attributable to noncontrolling interest	(1,995		)	(1,274		)	—			—		—		—		—			—		—			—			—			—			—			—			(3,269		)	3,269			—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—		—		—		—			—		—			—			—			—			—			—			—			(598		)	(598		)
Hotel EBITDA attributable to the Company and OP unitholders	$	8,440		$	6,153		$	2,039		$	1,804	$	6,377	$	983	$	(447	)	$	5,777	$	6,092		$	6,021		$	10		$	7,489		$	7,519		$	3,980		$	62,237		$	(22,885	)	$	39,352
Non-comparable adjustments	—			—			—			—		—		1,233		7,068			—		—			—			(10		)	—			—			—			8,291
Comparable hotel EBITDA	$	11,253		$	8,205		$	2,039		$	1,804	$	6,377	$	2,216	$	6,621		$	5,777	$	6,092		$	6,021		$	—		$	7,489		$	7,519		$	3,980		$	75,393
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	11,253		$	8,205		$	2,039		$	1,804	$	6,377	$	983	$	(447	)	$	5,777	$	—		$	—		$	10		$	7,489		$	7,519		$	3,980		$	54,989
Non-comparable adjustments	—			—			—			—		—		1,233		7,068			—		—			—			(10		)	—			—			—			8,291
Comparable hotel EBITDA	$	11,253		$	8,205		$	2,039		$	1,804	$	6,377	$	2,216	$	6,621		$	5,777	$	—		$	—		$	—		$	7,489		$	7,519		$	3,980		$	63,280

NOTES:


(1)	The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-aquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates.


(3)	Excluded Hotels Under Renovation:

Plano Marriott Legacy Town Center, San Francisco Courtyard Downtown

Exhibit 1

ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Six Months Ended June 30, 2016
	Capital Hilton Washington D.C.			La Jolla Hilton Torrey Pines			Chicago Sofitel Magnificent Mile			Bardessono Hotel & Spa		Key West Pier House Resort		Hotel Yountville		Park Hyatt Beaver Creek		Philadelphia Courtyard Downtown			Plano Marriott Legacy Town Center			San Francisco Courtyard Downtown			Seattle Courtyard Downtown			Seattle Marriott Waterfront			St. Thomas Ritz-Carlton			Tampa Renaissance		Hotel Total			Corporate / Allocated			Ashford Hospitality Prime, Inc.
Net income (loss)	$	7,089		$	3,741		$	(335	)	$	142	$	4,743	$	—	$	—	$	1,526		$	3,905		$	5,816		$	2,369		$	4,783		$	4,505		$	2,305	$	40,589		$	(38,436	)	$	2,153
(Income) loss from consolidated entities attributable to noncontrolling interest	(1,838		)	(982		)	—			—		—		—		—		—			—			—			—			—			—			—		(2,820		)	2,755			(65		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—		—		—		—		—			—			—			—			—			—			—		—			(34		)	(34		)
Net income (loss) attributable to the Company	5,251			2,759			(335		)	142		4,743		—		—		1,526			3,905			5,816			2,369			4,783			4,505			2,305		37,769			(35,715		)	2,054
Non-property adjustments	—			—			—			—		—		—		—		—			—			—			—			—			41			—		41			(41		)	—
Interest income	—			—			—			—		—		—		—		(2		)	(1		)	(8		)	—			(4		)	(1		)	—		(16		)	(66		)	(82		)
Interest expense	—			—			1,104			—		—		—		—		982			—			—			—			—			1,144			—		3,230			16,402			19,632
Amortization of loan cost	—			—			119			—		—		—		—		16			—			—			—			—			251			—		386			1,253			1,639
Depreciation and amortization	3,101			2,993			2,267			1,184		1,338		—		—		2,917			2,095			1,178			834			1,886			1,540			1,834		23,167			—			23,167
Income tax expense (benefit)	—			(159		)	—			—		—		—		—		7			—			—			—			—			30			—		(122		)	1,648			1,526
Non-hotel EBITDA ownership expense	(92		)	32			32			356		3		—		—		236			51			10			(35		)	16			7			51		667			(667		)	—
Income (loss) from consolidated entities attributable to noncontrolling interest	1,838			982			—			—		—		—		—		—			—			—			—			—			—			—		2,820			(2,820		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	10,098			6,607			3,187			1,682		6,084		—		—		5,682			6,050			6,996			3,168			6,681			7,517			4,190		67,942			(20,006		)	47,936
Less: EBITDA adjustments attributable to noncontrolling interest	(670		)	(686		)	—			—		—		—		—		—			—			—			—			—			—			—		(1,356		)	(866		)	(2,222		)
(Income) loss from consolidated entities attributable to noncontrolling interest	(1,838		)	(982		)	—			—		—		—		—		—			—			—			—			—			—			—		(2,820		)	2,820			—
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	—			—			—			—		—		—		—		—			—			—			—			—			—			—		—			34			34
Hotel EBITDA attributable to the Company and OP unitholders	$	7,590		$	4,939		$	3,187		$	1,682	$	6,084	$	—	$	—	$	5,682		$	6,050		$	6,996		$	3,168		$	6,681		$	7,517		$	4,190	$	63,766		$	(18,018	)	$	45,748
Non-comparable adjustments	—			—			—					—		2,647		6,153		—			—			—			(3,168		)	—			—			—		5,632
Comparable hotel EBITDA	$	10,098		$	6,607		$	3,187		$	1,682	$	6,084	$	2,647	$	6,153	$	5,682		$	6,050		$	6,996		$	—		$	6,681		$	7,517		$	4,190	$	73,574
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	10,098		$	6,607		$	3,187		$	1,682	$	6,084	$	—	$	—	$	5,682		$	—		$	—		$	3,168		$	6,681		$	7,517		$	4,190	$	54,896
Non-comparable adjustments	—			—			—			—		—		2,647		6,153		—			—			—			(3,168		)	—			—			—		5,632
Comparable hotel EBITDA	$	10,098		$	6,607		$	3,187		$	1,682	$	6,084	$	2,647	$	6,153	$	5,682		$	—		$	—		$	—		$	6,681		$	7,517		$	4,190	$	60,528

NOTES:


(1)	The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

Adjustments have been made to the pre-aquisition results as indicated below:

(a) Management fee expense was adjusted to reflect current contractual rates.


(3)	Excluded Hotels Under Renovation:

Plano Marriott Legacy Town Center, San Francisco Courtyard Downtown

Braemar Hotels & Resorts (BHR) 8-KAshford Prime Reports Second Quarter 2017 Results