EX-99.2 4 sho-20250501xex99d2.htm EX-99.2

Exhibit 99.2


Supplemental Financial Information For the quarter ended March 31, 2025 May 6, 2025

Supplemental Financial Information
May 6, 2025

Table of Contents


Corporate Profile And Disclosures Regarding Non-GAAP Financial Measures								2
Comparable Corporate Financial Information								6
Capitalization								11
Property-Level Data And Operating Statistics								14
Property-Level Revenues, Adjusted EBITDAre & Adjusted EBITDAre Margins								18


	Supplemental Financial Information May 6, 2025

CORPORATE PROFILE AND DISCLOSURES
REGARDING NON-GAAP FINANCIAL MEASURES


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


	Supplemental Financial Information May 6, 2025

About Sunstone

Sunstone Hotel Investors, Inc. (the “Company,” “we,” and “our”) (NYSE: SHO) is a lodging real estate investment trust (“REIT”) that as of May 6, 2025 owns 15 hotels comprised of 7,253 rooms, the majority of which are operated under nationally recognized brands. Sunstone’s strategy is to create long-term stakeholder value through the acquisition, active ownership, and disposition of well-located hotel and resort real estate.

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

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

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

Aaron Reyes
Chief Financial Officer
(949) 382-3018


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


	Supplemental Financial Information May 6, 2025

Non-GAAP Financial Measures

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

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

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

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

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


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


	Supplemental Financial Information May 6, 2025

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

●

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

●

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

●

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

●

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

●

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

In addition, to derive Adjusted EBITDAre, we exclude the amortization of our right-of-use assets and related lease obligations as these expenses are based on historical cost accounting and do not reflect the actual rent amounts due to the respective lessors or the underlying performance of our hotels. We also exclude the effect of gains and losses on the disposition of undepreciated assets because we believe that including them in Adjusted EBITDAre is not consistent with reflecting the ongoing performance of our assets.

To derive Adjusted FFO attributable to common stockholders, we also exclude the noncash interest on our derivatives as we believe that these items are not reflective of our ongoing finance costs. Additionally, we exclude the real estate amortization of our right-of-use assets and related lease obligations (with the exception of our corporate operating lease) as these expenses are based on historical cost accounting and do not reflect the actual rent amounts due to the respective lessors or the underlying performance of our hotels. We also exclude preferred stock redemption charges, changes to deferred tax assets, liabilities or valuation allowances, and income tax benefits or provisions associated with the application of net operating loss carryforwards, uncertain tax positions or with the sale of assets.

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

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


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


	Supplemental Financial Information May 6, 2025

COMPARABLE CORPORATE FINANCIAL INFORMATION


COMPARABLE CORPORATE FINANCIAL INFORMATION								Page 6


	Supplemental Financial Information May 6, 2025

Comparable Consolidated Statements of Operations

Q1 2025 – Q2 2024, Trailing 12 Months


	Quarter Ended (1)								Trailing 12 Months (1)
(Unaudited and in thousands, except per share data)	March 31,		December 31,		September 30,		June 30,		Ended
	2025		2024		2024		2024		March 31, 2025
Revenues
Room	$	144,921	$	133,191	$	138,759	$	153,790	$	570,661
Food and beverage		67,128		59,650		63,866		72,552		263,196
Other operating		22,016		21,929		23,767		25,339		93,051
Total revenues		234,065		214,770		226,392		251,681		926,908

Operating Expenses
Room		39,110		36,020		37,453		37,922		150,505
Food and beverage		48,821		44,497		46,286		48,312		187,916
Other expenses		88,483		86,414		86,989		88,490		350,376
Corporate overhead		8,905		5,787		7,577		8,168		30,437
Depreciation and amortization		32,275		32,666		31,689		31,112		127,742
Total operating expenses		217,594		205,384		209,994		214,004		846,976

Interest and other income		1,564		1,873		2,350		3,503		9,290
Interest expense		(12,682)		(10,440)		(15,982)		(12,693)		(51,797)
Income before income taxes		5,353		819		2,766		28,487		37,425
Income tax (provision) benefit, net		(98)		17		(99)		(255)		(435)
Net income	$	5,255	$	836	$	2,667	$	28,232	$	36,990

(1)

Includes results for all 15 hotels owned by the Company as of March 31, 2025. Also includes prior ownership results for the Hyatt Regency San Antonio Riverwalk acquired by the Company in April 2024. The Company obtained prior ownership information from the previous owner of the Hyatt Regency San Antonio Riverwalk during the due diligence period before acquiring the hotel. The Company performed a limited review of the information as part of its analysis of the acquisition. Excludes the income tax and gain on extinguishment of debt related to hotels either sold or disposed of in prior years.


COMPARABLE CORPORATE FINANCIAL INFORMATION								Page 7


	Supplemental Financial Information May 6, 2025

Comparable Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre, and Total Portfolio Hotel Adjusted EBITDAre

Q1 2025 – Q2 2024, Trailing 12 Months


	Quarter Ended								Trailing 12 Months
	March 31,		December 31,		September 30,		June 30,		Ended
(In thousands)	2025		2024		2024		2024		March 31, 2025

Net income	$	5,255	$	836	$	3,249	$	26,142	$	35,482
Depreciation and amortization		32,275		32,666		31,689		31,112		127,742
Interest expense		12,682		10,440		15,982		12,693		51,797
Income tax provision (benefit), net		98		(17)		(483)		255		(147)
EBITDAre		50,310		43,925		50,437		70,202		214,874

Amortization of deferred stock compensation		2,064		2,075		2,430		3,181		9,750
Amortization of right-of-use assets and obligations		(141)		(154)		(153)		(107)		(555)
Gain on extinguishment of debt		—		—		—		(38)		(38)
Gain on insurance recoveries		(99)		(116)		—		(314)		(529)
Pre-opening costs		3,253		1,181		853		599		5,886
Property-level legal settlement costs		—		1,182		—		—		1,182
Management transition costs		1,869		—		—		—		1,869
Adjustments to EBITDAre, net		6,946		4,168		3,130		3,321		17,565

Adjusted EBITDAre		57,256		48,093		53,567		73,523		232,439
Acquisition hotel Adjusted EBITDAre (1)		—		—		—		2,128		2,128

Comparable Adjusted EBITDAre		57,256		48,093		53,567		75,651		234,567

Corporate-level adjustments, net (2)		3,516		1,853		2,859		1,671		9,899

Total Portfolio Hotel Adjusted EBITDAre	$	60,772	$	49,946	$	56,426	$	77,322	$	244,466

*Footnotes on page 10


COMPARABLE CORPORATE FINANCIAL INFORMATION									Page 8


	Supplemental Financial Information May 6, 2025

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

Q1 2025 – Q2 2024, Trailing 12 Months


	Quarter Ended								Trailing 12 Months
	March 31,		December 31,		September 30,		June 30,		Ended
(In thousands, except per share data)	2025		2024		2024		2024		March 31, 2025

Net income	$	5,255	$	836	$	3,249	$	26,142	$	35,482
Preferred stock dividends		(3,931)		(3,931)		(3,931)		(3,683)		(15,476)
Real estate depreciation and amortization		31,918		32,250		31,320		30,771		126,259
FFO attributable to common stockholders		33,242		29,155		30,638		53,230		146,265

Amortization of deferred stock compensation		2,064		2,075		2,430		3,181		9,750
Real estate amortization of right-of-use assets and obligations		(126)		(136)		(129)		(130)		(521)
Amortization of contract intangibles, net		315		314		315		287		1,231
Noncash interest on derivatives, net		982		(1,635)		3,326		(189)		2,484
Gain on extinguishment of debt		—		—		—		(38)		(38)
Gain on insurance recoveries		(99)		(116)		—		(314)		(529)
Pre-opening costs		3,253		1,181		853		599		5,886
Property-level legal settlement costs		—		1,182		—		—		1,182
Management transition costs		1,869		—		—		—		1,869
Prior year income tax benefit, net		—		—		(582)		—		(582)
Adjustments to FFO attributable to common stockholders, net		8,258		2,865		6,213		3,396		20,732

Adjusted FFO attributable to common stockholders		41,500		32,020		36,851		56,626		166,997
Acquisition hotel Adjusted FFO (1)		—		—		—		2,128		2,128

Comparable Adjusted FFO attributable to common stockholders	$	41,500	$	32,020	$	36,851	$	58,754	$	169,125

Comparable Adjusted FFO attributable to common stockholders per diluted share	$	0.21	$	0.16	$	0.18	$	0.29	$	0.84

Basic weighted average shares outstanding		200,410		200,185		201,402		202,758		201,189
Shares associated with unvested restricted stock awards		1,214		2,048		1,065		932		1,315
Diluted weighted average shares outstanding		201,624		202,233		202,467		203,690		202,504
Equity transactions (3)		(731)		(866)		(2,167)		(3,551)		(1,829)
Comparable diluted weighted average shares outstanding		200,893		201,367		200,300		200,139		200,675

*Footnotes on page 10


COMPARABLE CORPORATE FINANCIAL INFORMATION									Page 9


	Supplemental Financial Information May 6, 2025

Comparable Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre, Total Portfolio Hotel Adjusted EBITDAre,

FFO and Adjusted FFO Attributable to Common Stockholders

Q1 2025 – Q2 2024, Trailing 12 Months

(1)	Acquisition hotel Adjusted EBITDAre and Adjusted FFO include prior ownership results for the Hyatt Regency San Antonio Riverwalk acquired by the Company in April 2024.

(2)	Corporate-level adjustments, net primarily consist of corporate overhead expenses and interest and other income.

(3)	Equity transactions represent pro forma adjustments to reflect the Company's repurchases of its common stock during the first quarter of 2025 and the second, third, and fourth quarters of 2024 as if the repurchases had occurred on April 1, 2024.


COMPARABLE CORPORATE FINANCIAL INFORMATION								Page 10


	Supplemental Financial Information May 6, 2025

CAPITALIZATION


CAPITALIZATION								Page 11


	Supplemental Financial Information May 6, 2025

Comparative Capitalization
Q1 2025 – Q1 2024


	March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands, except per share data)	2025			2024			2024			2024			2024

Common Share Price & Dividends
At the end of the quarter	$	9.41		$	11.84		$	10.32		$	10.46		$	11.14
High during quarter ended	$	12.10		$	12.38		$	10.86		$	11.09		$	11.38
Low during quarter ended	$	9.41		$	10.00		$	9.46		$	9.96		$	10.42
Common dividends per share	$	0.09		$	0.09		$	0.09		$	0.09		$	0.07

Common Shares & Units
Common shares outstanding		200,370			200,825			200,919			203,390			203,674
Units outstanding		—			—			—			—			—
Total common shares and units outstanding		200,370			200,825			200,919			203,390			203,674

Capitalization
Market value of common equity	$	1,885,477		$	2,377,768		$	2,073,489		$	2,127,464		$	2,268,933
Liquidation value of preferred equity - Series G		66,250			66,250			66,250			66,250			66,250
Liquidation value of preferred equity - Series H		115,000			115,000			115,000			115,000			115,000
Liquidation value of preferred equity - Series I		100,000			100,000			100,000			100,000			100,000
Total debt		845,000			845,000			817,437			817,978			818,512
Total capitalization	$	3,011,727		$	3,504,018		$	3,172,176		$	3,226,692		$	3,368,695

Total debt to total capitalization		28.1	%		24.1	%		25.8	%		25.4	%		24.3	%
Total debt and preferred equity to total capitalization		37.4	%		32.1	%		34.6	%		34.1	%		32.6	%


CAPITALIZATION								Page 12


	Supplemental Financial Information May 6, 2025

Debt and Preferred Stock Summary Schedule


(In thousands)	Interest Rate /	Maturity			March 31, 2025
Unsecured Debt	Spread	Date (1)			Balance

Series A Senior Notes	4.69%	01/10/2026		$	65,000
Term Loan 3 (2)	5.77%	05/01/2026			225,000
Term Loan 4 (2)	5.52%	11/07/2026			100,000
Term Loan 1 (3)	5.32%	07/25/2027			175,000
Revolving Line of Credit	Adj. SOFR + 1.40%	07/25/2027			—
Series B Senior Notes	4.79%	01/10/2028			105,000
Term Loan 2 (3)	5.82%	01/25/2028			175,000
Total Unsecured Debt				$	845,000

Preferred Stock
Series G cumulative redeemable preferred (4)	4.125%	Perpetual		$	66,250
Series H cumulative redeemable preferred	6.125%	Perpetual			115,000
Series I cumulative redeemable preferred	5.70%	Perpetual			100,000
Total Preferred Stock				$	281,250

Debt and Preferred Statistics
		Debt Statistics			Debt and Preferred Statistics
% Fixed Rate Debt		52.7	%		64.5	%
% Floating Rate Debt		47.3	%		35.5	%
Average Interest Rate		5.45	%		5.47	%
Weighted Average Maturity of Debt		1.9 years			N/A

(1)	Maturity Date assumes the exercise of all available extensions for the Revolving Line of Credit and Term Loan 4. By extending these loans, the Company's weighted average maturity of debt increases from 1.8 years to 1.9 years.

(2)

Interest rates on Term Loan 3 and Term Loan 4 are calculated according to a leverage-based pricing grid with a range of 135 to 220 basis points over the applicable adjusted term SOFR. On April 1, 2025, the Company exercised its option to extend the maturity date for Term Loan 3 from May 2025 to May 2026. Term Loan 4 has an initial term of one year with two 6-month extensions, which would result in an extended maturity of November 2026. The interest rate for Term Loan 4 includes the effect of the Company's interest rate derivative swap.

(3)

Pursuant to the Second Amended Credit Agreement, interest rates on Term Loan 1 and Term Loan 2 are calculated on a leverage-based pricing grid ranging from 135 to 220 basis points over the applicable adjusted term SOFR. The interest rate for Term Loan 1 includes the effects of the Company's interest rate derivative swaps.

(4)

In the first two quarters of 2024, the annual dividend rate on the Series G preferred stock was the greater of 3.0% or the rate equal to the Montage Healdsburg's annual net operating income yield on the Company's total investment in the resort. Beginning in the third quarter of 2024, the dividend rate increased to the greater of 4.5% or the rate equal to the Montage Healdsburg's annual net operating income yield on the Company's total investment in the resort. In the third quarter of 2025, the dividend rate will increase to the greater of 6.5% or the rate equal to the Montage Healdsburg's annual net operating income yield on the Company's total investment in the resort.


CAPITALIZATION								Page 13


	Supplemental Financial Information May 6, 2025

PROPERTY-LEVEL DATA AND OPERATING STATISTICS


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 14


	Supplemental Financial Information May 6, 2025

Hotel Information as of May 6, 2025


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

1	Hilton San Diego Bayfront (1) (2)	California	Hilton	1,190	16%	Leasehold	2011 / 2022
2	Hyatt Regency San Francisco	California	Hyatt	821	11%	Fee Simple	2013
3	The Westin Washington, DC Downtown	Washington DC	Marriott	807	11%	Fee Simple	2005
4	Renaissance Orlando at SeaWorld®	Florida	Marriott	781	11%	Fee Simple	2005
5	Hyatt Regency San Antonio Riverwalk	Texas	Hyatt	630	9%	Fee Simple	2024
6	Wailea Beach Resort	Hawaii	Marriott	545	8%	Fee Simple	2014
7	JW Marriott New Orleans (3)	Louisiana	Marriott	501	7%	Fee Simple	2011
8	Marriott Boston Long Wharf	Massachusetts	Marriott	415	6%	Fee Simple	2007
9	Marriott Long Beach Downtown	California	Marriott	376	5%	Fee Simple	2005
10	Andaz Miami Beach (4)	Florida	Hyatt	287	4%	Fee Simple	2022
11	The Bidwell Marriott Portland	Oregon	Marriott	258	4%	Fee Simple	2000
12	Hilton New Orleans St. Charles	Louisiana	Hilton	252	3%	Fee Simple	2013
13	Oceans Edge Resort & Marina	Florida	Independent	175	2%	Fee Simple	2017
14	Montage Healdsburg (5)	California	Montage	130	2%	Fee Simple	2021
15	Four Seasons Resort Napa Valley (5)	California	Four Seasons	85	1%	Fee Simple	2021

	Total Portfolio			7,253	100%

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

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

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

(4)	Andaz Miami Beach debuted in May 2025, following the hotel's transformative renovation and conversion from The Confidante Miami Beach.

(5)	The number of rooms excludes rooms provided by owners of the separately owned private residences at each resort who may periodically elect to participate in the applicable resort’s residential rental program.


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 15


	Supplemental Financial Information May 6, 2025

Property-Level Operating Statistics

ADR, Occupancy, RevPAR and Total RevPAR (TRevPAR)

Q1 2025/2024


Hotels sorted by number of rooms	For the Quarters Ended March 31,
	ADR					Occupancy					RevPAR				TRevPAR
	2025			2024	2025 vs. 2024	2025	2024	2025 vs. 2024		2025		2024		2025 vs. 2024	2025		2024		2025 vs. 2024
Hilton San Diego Bayfront	$	288	$	290	(0.7)%	76.2%	81.7%	(550)	bps	$	220	$	237	(7.4)%	$	417	$	428	(2.7)%
Hyatt Regency San Francisco		317		325	(2.6)%	73.1%	65.6%	750	bps		232		213	8.6%		332		293	13.1%
The Westin Washington, DC Downtown		316		265	19.1%	69.9%	67.0%	290	bps		221		178	24.3%		340		294	15.8%
Renaissance Orlando at SeaWorld®		231		230	0.8%	79.0%	81.1%	(210)	bps		183		186	(1.8)%		379		396	(4.2)%
Hyatt Regency San Antonio Riverwalk		197		209	(5.6)%	68.6%	72.1%	(350)	bps		135		150	(10.1)%		226		236	(4.4)%
Wailea Beach Resort		664		696	(4.7)%	74.4%	81.0%	(660)	bps		494		564	(12.4)%		732		806	(9.2)%
JW Marriott New Orleans		322		272	18.5%	72.5%	68.4%	410	bps		233		186	25.6%		314		253	24.0%
Marriott Boston Long Wharf		292		286	1.9%	71.8%	67.6%	420	bps		209		193	8.2%		302		285	5.9%
Marriott Long Beach Downtown (1)		236		226	4.6%	76.4%	32.6%	4,380	bps		180		74	145.0%		255		100	153.3%
The Bidwell Marriott Portland		154		143	7.4%	73.0%	58.5%	1,450	bps		112		84	34.0%		145		120	20.9%
Hilton New Orleans St. Charles		262		198	32.0%	74.9%	80.0%	(510)	bps		196		158	23.6%		224		184	21.6%
Oceans Edge Resort & Marina		371		420	(11.6)%	84.3%	81.5%	280	bps		313		342	(8.6)%		493		513	(4.0)%
Montage Healdsburg		775		868	(10.7)%	39.1%	37.5%	160	bps		303		325	(6.9)%		613		629	(2.6)%
Four Seasons Resort Napa Valley		902		1,075	(16.1)%	43.6%	34.0%	960	bps		393		365	7.6%		805		750	7.2%

Total Portfolio, Excluding Renovation Hotel (2)		316		316	0.1%	72.9%	70.3%	260	bps		230		222	3.8%		372		357	4.3%

Add: Renovation Hotel (1)
Andaz Miami Beach		—		270	(100.0)%	0.0%	41.1%	(4,110)	bps		—		111	(100.0)%		5		130	(96.1)%

Total Portfolio (3)	$	316	$	315	0.5%	70.1%	68.9%	120	bps	$	222	$	217	2.2%	$	358	$	346	3.2%

*Footnotes on page 17


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 16


	Supplemental Financial Information May 6, 2025

Property-Level Operating Statistics

Q1 2025/2024 Footnotes

(1)

Operating statistics for the first quarters of 2025 and 2024 are impacted by renovation activity at Marriott Long Beach Downtown and Andaz Miami Beach, formerly The Confidante Miami Beach. In March 2024, operations at The Confidante Miami Beach were temporarily suspended to allow for extensive renovation work to be performed. The resort resumed operations as Andaz Miami Beach in May 2025.

(2)

Total Portfolio, Excluding Renovation Hotel includes all hotels owned by the Company as of March 31, 2025, with the exception of Andaz Miami Beach due to its renovation activity during the first quarters of 2025 and 2024. Amounts included in this presentation for the Hyatt Regency San Antonio Riverwalk, acquired by the Company in April 2024, include both prior ownership results and the Company’s results. The Company obtained prior ownership information from the previous owner of the Hyatt Regency San Antonio Riverwalk during the due diligence period before acquiring the hotel. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)	Total Portfolio consists of all hotels owned by the Company as of March 31, 2025, and includes prior ownership information for the Hyatt Regency San Antonio Riverwalk as discussed in Note 2.


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 17


	Supplemental Financial Information May 6, 2025

PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre &

ADJUSTED EBITDAre MARGINS


PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 18


	Supplemental Financial Information May 6, 2025

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q1 2025/2024


Hotels sorted by number of rooms	For the Quarters Ended March 31,
	2025					2024
(In thousands)					Hotel Adjusted					Hotel Adjusted	Hotel Adjusted
	Total		Hotel Adjusted		EBITDAre	Total		Hotel Adjusted		EBITDAre	EBITDAre
	Revenues		EBITDAre		Margins	Revenues		EBITDAre		Margins	Margin Change
Hilton San Diego Bayfront	$	44,640	$	13,426	30.1%	$	46,388	$	14,314	30.9%	(80)	bps
Hyatt Regency San Francisco		24,521		2,623	10.7%		21,926		2,619	11.9%	(120)	bps
The Westin Washington, DC Downtown		24,724		7,534	30.5%		21,583		4,685	21.7%	880	bps
Renaissance Orlando at SeaWorld®		26,652		9,267	34.8%		28,140		10,127	36.0%	(120)	bps
Hyatt Regency San Antonio Riverwalk		12,798		4,604	36.0%		13,537		5,104	37.7%	(170)	bps
Wailea Beach Resort		35,898		11,990	33.4%		40,133		15,556	38.8%	(540)	bps
JW Marriott New Orleans		14,147		7,061	49.9%		11,532		4,430	38.4%	1,150	bps
Marriott Boston Long Wharf		11,291		1,936	17.1%		10,779		1,682	15.6%	150	bps
Marriott Long Beach Downtown (1)		8,613		1,915	22.2%		3,421		(2,018)	(59.0)%	8,120	bps
The Bidwell Marriott Portland		3,368		381	11.3%		2,817		204	7.2%	410	bps
Hilton New Orleans St. Charles		5,085		2,372	46.6%		4,227		1,609	38.1%	850	bps
Oceans Edge Resort & Marina		7,761		3,096	39.9%		8,174		3,606	44.1%	(420)	bps
Montage Healdsburg		7,498		(2,044)	(27.3)%		7,543		(1,579)	(20.9)%	(640)	bps
Four Seasons Resort Napa Valley		6,937		(2,914)	(42.0)%		6,488		(2,702)	(41.6)%	(40)	bps

Total Portfolio, Excluding Renovation Hotel (2)		233,933		61,247	26.2%		226,688		57,637	25.4%	80	bps

Add: Renovation Hotel (1)
Andaz Miami Beach		132		(475)	(359.8)%		4,015		(238)	(5.9)%	(35,390)	bps

Total Portfolio (3)		234,065		60,772	26.0%		230,703		57,399	24.9%	110	bps

Less: Prior Ownership (4)
Hyatt Regency San Antonio Riverwalk		—		—	N/A		(13,537)		(5,104)	37.7%	N/A

Actual Portfolio (5)	$	234,065	$	60,772	26.0%	$	217,166	$	52,295	24.1%	N/A

*Footnotes on page 20


PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 19


	Supplemental Financial Information May 6, 2025

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q1 2025/2024 Footnotes

(1)

Hotel Adjusted EBITDAre for the first quarters of 2025 and 2024 is impacted by renovation activity at Marriott Long Beach Downtown and Andaz Miami Beach, formerly The Confidante Miami Beach. In March 2024, operations at The Confidante Miami Beach were temporarily suspended to allow for extensive renovation work to be performed. The resort resumed operations as Andaz Miami Beach in May 2025.

(2)

Total Portfolio, Excluding Renovation Hotel includes all hotels owned by the Company as of March 31, 2025, with the exception of Andaz Miami Beach due to its renovation activity during the first quarters of 2025 and 2024. Amounts included in this presentation for the Hyatt Regency San Antonio Riverwalk, acquired by the Company in April 2024, include both prior ownership results and the Company's results. The Company obtained prior ownership information from the previous owner of the Hyatt Regency San Antonio Riverwalk during the due diligence period before acquiring the hotel. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)	Total Portfolio consists of all hotels owned by the Company as of March 31, 2025, and includes prior ownership information for the Hyatt Regency San Antonio Riverwalk as discussed in Note 2.

(4)	Prior Ownership includes results for the Hyatt Regency San Antonio Riverwalk prior to the Company’s acquisition of the hotel in April 2024 as discussed in Note 2.

(5)	Actual Portfolio includes results for the 15 hotels and 14 hotels owned by the Company at of March 31, 2025 and 2024, respectively.


PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 20