Exhibit 99.2


Supplemental Financial Information For the quarter ended March 31, 2026 May 5, 2026

Supplemental Financial Information
May 5, 2026

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 5, 2026

CORPORATE PROFILE AND DISCLOSURES
REGARDING NON-GAAP FINANCIAL MEASURES


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


	Supplemental Financial Information May 5, 2026

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 5, 2026 owns 14 hotels comprised of approximately 7,000 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 5, 2026

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 us. 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 5, 2026

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; 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 gains or losses on the redemptions or repurchases of preferred stock, 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 5, 2026

COMPARABLE CORPORATE FINANCIAL INFORMATION


COMPARABLE CORPORATE FINANCIAL INFORMATION								Page 6


	Supplemental Financial Information May 5, 2026

Comparable Consolidated Statements of Operations

Q1 2026 – Q2 2025, Trailing 12 Months


	Quarter Ended (1)								Trailing 12 Months (1)
(Unaudited and in thousands)	March 31,		December 31,		September 30,		June 30,		Ended
	2026		2025		2025		2025		March 31, 2026
Revenues
Room	$	161,047	$	142,177	$	139,523	$	154,061	$	596,808
Food and beverage		74,287		69,107		64,419		77,986		285,799
Other operating		24,375		25,682		25,378		25,365		100,800
Total revenues		259,709		236,966		229,320		257,412		983,407

Operating Expenses
Room		41,998		39,422		39,307		40,481		161,208
Food and beverage		51,272		49,088		48,717		53,022		202,099
Other expenses		97,004		89,979		88,560		91,636		367,179
Corporate overhead		6,835		7,369		6,970		8,346		29,520
Depreciation and amortization		34,177		34,180		33,928		33,719		136,004
Total operating expenses		231,286		220,038		217,482		227,204		896,010

Interest and other income		1,533		3,940		3,160		2,300		10,933
Interest expense		(11,277)		(13,707)		(13,412)		(13,164)		(51,560)
Loss on extinguishment of debt		—		—		(180)		—		(180)
Income before income taxes		18,679		7,161		1,406		19,344		46,590
Income tax (provision) benefit, net		(122)		56		(137)		(37)		(240)
Net income	$	18,557	$	7,217	$	1,269	$	19,307	$	46,350

(1)	Includes results for all 14 hotels owned by the Company as of March 31, 2026.


COMPARABLE CORPORATE FINANCIAL INFORMATION								Page 7


	Supplemental Financial Information May 5, 2026

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

Q1 2026 – Q2 2025, Trailing 12 Months


	Quarter Ended								Trailing 12 Months
	March 31,		December 31,		September 30,		June 30,		Ended
(In thousands)	2026		2025		2025		2025		March 31, 2026

Net income	$	18,557	$	7,217	$	1,322	$	10,774	$	37,870
Depreciation and amortization		34,177		34,180		33,928		34,125		136,410
Interest expense		11,277		13,707		13,412		13,164		51,560
Income tax provision (benefit), net		122		(56)		137		37		240
Loss on sale of assets		—		—		—		8,751		8,751
EBITDAre		64,133		55,048		48,799		66,851		234,831

Amortization of deferred stock compensation		1,889		1,958		1,905		2,772		8,524
Amortization of right-of-use assets and obligations		(217)		(167)		(158)		(159)		(701)
Loss on extinguishment of debt		—		—		180		—		180
Loss (gain) on property damage, net		1,930		(277)		(674)		—		979
Pre-opening costs		—		—		—		3,218		3,218
Adjustments to EBITDAre, net		3,602		1,514		1,253		5,831		12,200

Adjusted EBITDAre		67,735		56,562		50,052		72,682		247,031
Sold hotel Adjusted EBITDAre (1)		—		—		(53)		(624)		(677)

Comparable Adjusted EBITDAre		67,735		56,562		49,999		72,058		246,354

Corporate-level adjustments, net (2)		4,082		1,701		2,646		3,226		11,655

Total Portfolio Hotel Adjusted EBITDAre	$	71,817	$	58,263	$	52,645	$	75,284	$	258,009

*Footnotes on page 10


COMPARABLE CORPORATE FINANCIAL INFORMATION									Page 8


	Supplemental Financial Information May 5, 2026

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

Q1 2026 – Q2 2025, Trailing 12 Months


	Quarter Ended								Trailing 12 Months
	March 31,		December 31,		September 30,		June 30,		Ended
(In thousands, except per share data)	2026		2025		2025		2025		March 31, 2026

Net income	$	18,557	$	7,217	$	1,322	$	10,774	$	37,870
Preferred stock dividends, net of gain on repurchases		(2,602)		(3,985)		(4,262)		(3,932)		(14,781)
Real estate depreciation and amortization		33,832		33,834		33,581		33,779		135,026
Loss on sale of assets		—		—		—		8,751		8,751
FFO attributable to common stockholders		49,787		37,066		30,641		49,372		166,866

Amortization of deferred stock compensation		1,889		1,958		1,905		2,772		8,524
Real estate amortization of right-of-use assets and obligations		(186)		(137)		(130)		(134)		(587)
Amortization of contract intangibles, net		315		315		315		314		1,259
Noncash interest on derivatives, net		(2,121)		210		(495)		181		(2,225)
Loss on extinguishment of debt		—		—		180		—		180
Loss (gain) on property damage, net		1,930		(277)		(674)		—		979
Pre-opening costs		—		—		—		3,218		3,218
Gain on preferred stock repurchases, net		(1,500)		(254)		—		—		(1,754)
Adjustments to FFO attributable to common stockholders, net		327		1,815		1,101		6,351		9,594

Adjusted FFO attributable to common stockholders		50,114		38,881		31,742		55,723		176,460
Sold hotel Adjusted FFO (1)		—		—		(53)		(624)		(677)

Comparable Adjusted FFO attributable to common stockholders	$	50,114	$	38,881	$	31,689	$	55,099	$	175,783

Comparable Adjusted FFO attributable to common stockholders per diluted share	$	0.27	$	0.21	$	0.17	$	0.30	$	0.94

Basic weighted average shares outstanding		188,361		189,172		189,253		195,791		190,644
Shares associated with unvested restricted stock awards		428		776		859		513		644
Diluted weighted average shares outstanding		188,789		189,948		190,112		196,304		191,288
Equity transactions (3)		(2,234)		(3,331)		(3,419)		(9,991)		(4,744)
Comparable diluted weighted average shares outstanding		186,555		186,617		186,693		186,313		186,544

*Footnotes on page 10


COMPARABLE CORPORATE FINANCIAL INFORMATION									Page 9


	Supplemental Financial Information May 5, 2026

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

FFO and Adjusted FFO Attributable to Common Stockholders

Q1 2026 – Q2 2025, Trailing 12 Months Footnotes

(1)	Sold hotel Adjusted EBITDAre and Adjusted FFO include results for the Hilton New Orleans St. Charles, sold in June 2025.

(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 2026 and the second, third, and fourth quarters of 2025 as if the repurchases had occurred on April 1, 2025.


COMPARABLE CORPORATE FINANCIAL INFORMATION								Page 10


	Supplemental Financial Information May 5, 2026

CAPITALIZATION


CAPITALIZATION								Page 11


	Supplemental Financial Information May 5, 2026

Comparative Capitalization
Q1 2026 – Q1 2025


		March 31,			December 31,			September 30,			June 30,			March 31,
(In thousands, except per share data)	* *	2026			2025			2025			2025			2025

Common Share Price & Dividends
At the end of the quarter		$	9.01		$	8.94		$	9.37		$	8.68		$	9.41
High during quarter ended		$	9.71		$	9.86		$	9.92		$	9.49		$	12.10
Low during quarter ended		$	8.73		$	8.81		$	8.63		$	7.72		$	9.41
Common dividends per share		$	0.09		$	0.09		$	0.09		$	0.09		$	0.09

Common Shares & Units
Common shares outstanding			186,967			189,710			189,912			190,171			200,370
Units outstanding			—			—			—			—			—
Total common shares and units outstanding			186,967			189,710			189,912			190,171			200,370

Capitalization
Market value of common equity		$	1,684,576		$	1,696,003		$	1,779,474		$	1,650,681		$	1,885,477
Liquidation value of preferred equity - Series G			66,250			66,250			66,250			66,250			66,250
Liquidation value of preferred equity - Series H			107,579			113,648			115,000			115,000			115,000
Liquidation value of preferred equity - Series I			96,716			99,774			100,000			100,000			100,000
Total debt			955,000			930,000			930,000			872,000			845,000
Total capitalization		$	2,910,121		$	2,905,675		$	2,990,724		$	2,803,931		$	3,011,727

Total debt to total capitalization			32.8	%		32.0	%		31.1	%		31.1	%		28.1	%
Total debt and preferred equity to total capitalization			42.1	%		41.6	%		40.5	%		41.1	%		37.4	%


CAPITALIZATION								Page 12


	Supplemental Financial Information May 5, 2026

Debt and Preferred Stock Summary Schedule


(In thousands)		Interest Rate /		Maturity			March 31, 2026
Unsecured Debt		Spread		Date (1)			Balance

Series B Senior Notes		4.79%		01/10/2028		$	105,000
Revolving Line of Credit		5.18%		09/24/2030			—
Term Loan 1 (2)		4.67%		01/24/2031			275,000
Term Loan 2 (2)		5.34%		01/24/2031			275,000
Term Loan 3 (2)		5.13%		01/24/2031			300,000
Total Unsecured Debt						$	955,000

Preferred Stock
Series G cumulative redeemable preferred (3)		6.000%		Perpetual		$	66,250
Series H cumulative redeemable preferred		6.125%		Perpetual			107,579
Series I cumulative redeemable preferred		5.700%		Perpetual			96,716
Total Preferred Stock						$	270,545

Debt and Preferred Statistics
				Debt Statistics			Debt and Preferred Statistics
% Fixed Rate				60.7	%		69.4	%
% Floating Rate				39.3	%		30.6	%
Average Interest Rate				5.02	%		5.22	%
Weighted Average Maturity of Debt				4.5 years			N/A

(1)

Maturity Date assumes the exercise of all available extensions for the Revolving Line of Credit and Term Loans 1 and 2. The Revolving Line of Credit has an initial maturity of September 2029 with two six-month extensions. Term Loan 1 has an initial maturity of January 2029 with two twelve-month extensions, and Term Loan 2 has an initial maturity of January 2030 with one twelve-month extension. By extending these loans, the Company's weighted average maturity of debt increases from 3.6 years to 4.5 years.

(2)	Interest rates on the Term Loans are calculated according to a leverage-based pricing grid with a range of 135 to 220 basis points over the applicable term SOFR. The interest rates for Term Loans 1 and 2 include the effect of the Company's interest rate swap derivatives.

(3)

The dividend rate on the Series G cumulative redeemable preferred stock increased to the greater of the rate equal to the Montage Healdsburg’s annual net operating income yield on our total investment in the resort or 6.5% in July 2025. Based on the dividends earned during the previous twelve months, this equates to an annual yield of 6.0%. Beginning in the third quarter of 2026, the annual dividend rate will increase to the greater of 7.5% or the rate equal to the Montage Healdsburg’s annual net operating income yield on our total investment in the resort.


CAPITALIZATION								Page 13


	Supplemental Financial Information May 5, 2026

PROPERTY-LEVEL DATA AND OPERATING STATISTICS


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 14


	Supplemental Financial Information May 5, 2026

Hotel Information as of May 5, 2026


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

1	Hilton San Diego Bayfront (1) (2)		California		Hilton		1,190		17%		Leasehold		2011 / 2022
2	Hyatt Regency San Francisco		California		Hyatt		821		12%		Fee Simple		2013
3	The Westin Washington, DC Downtown		Washington DC		Marriott		807		12%		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		543		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		Florida		Hyatt		287		4%		Fee Simple		2022
11	The Bidwell Marriott Portland		Oregon		Marriott		258		4%		Fee Simple		2000
12	Oceans Edge Resort & Marina		Florida		Independent		175		3%		Fee Simple		2017
13	Montage Healdsburg (4)		California		Montage		130		2%		Fee Simple		2021
14	Four Seasons Resort Napa Valley (4)		California		Four Seasons		85		1%		Fee Simple		2021

	Total Portfolio						6,999		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)	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 5, 2026

Property-Level Operating Statistics

ADR, Occupancy, RevPAR and Total RevPAR (TRevPAR)

Q1 2026/2025


Hotels sorted by number of rooms	For the Quarters Ended March 31,
	ADR					Occupancy						RevPAR					TRevPAR
	2026		2025		Change	2026		2025	Change		2026			2025		Change	2026		2025		Change
Hilton San Diego Bayfront	$	302	$	288	4.8%	77.8%		76.2%	160	bps	$	235		$	220	7.0%	$	414	$	417	(0.8)%
Hyatt Regency San Francisco		379		317	19.5%	77.7%		73.1%	460	bps		294			232	27.1%		396		332	19.4%
The Westin Washington, DC Downtown		292		316	(7.4)%	68.1%		69.9%	(180)	bps		199			221	(9.8)%		319		340	(6.2)%
Renaissance Orlando at SeaWorld®		235		231	1.5%	69.3%		79.0%	(970)	bps		163			183	(11.0)%		374		379	(1.3)%
Hyatt Regency San Antonio Riverwalk		201		197	2.1%	73.3%		68.6%	470	bps		147			135	9.1%		246		226	8.8%
Wailea Beach Resort		676		664	1.8%	84.2%		74.4%	980	bps		569			494	15.3%		839		732	14.7%
JW Marriott New Orleans		278		322	(13.7)%	71.4%		72.5%	(110)	bps		198			233	(15.0)%		296		314	(5.7)%
Marriott Boston Long Wharf		279		292	(4.4)%	68.2%		71.8%	(360)	bps		190			209	(9.2)%		287		302	(5.2)%
Marriott Long Beach Downtown		248		236	4.9%	73.3%		76.4%	(310)	bps		182			180	0.7%		266		255	4.7%
The Bidwell Marriott Portland		143		154	(7.2)%	71.4%		73.0%	(160)	bps		102			112	(9.2)%		141		145	(2.8)%
Oceans Edge Resort & Marina		377		371	1.8%	90.6%		84.3%	630	bps		342			313	9.4%		538		493	9.1%
Montage Healdsburg		866		775	11.7%	50.0%		39.1%	1,090	bps		433			303	42.9%		805		613	31.3%
Four Seasons Resort Napa Valley		927		902	2.9%	52.6%		43.6%	900	bps		488			393	24.1%		965		805	19.9%

Total Portfolio, excluding Andaz Miami Beach (1)		333		318	4.7%	73.6%		72.9%	70	bps		245			232	5.7%		398		378	5.3%

Andaz Miami Beach (2)		564		—	N/A	86.4%		0.0%	N/A			488			—	N/A		724		5	N/A

Total Portfolio (3)	$	344	$	318	8.1%	74.1%		69.9%	420	bps	$	255		$	222	14.6%	$	411	$	363	13.4%

*Footnotes on page 17


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 16


	Supplemental Financial Information May 5, 2026

Property-Level Operating Statistics

Q1 2026/2025 Footnotes

(1)	Total Portfolio, excluding Andaz Miami Beach includes all hotels owned by the Company as of March 31, 2026, with the exception of Andaz Miami Beach due to its renovation and subsequent ramp up activity during the first quarters of 2026 and 2025.

(2)

Operating statistics for the first quarters of 2026 and 2025 are impacted by renovation and subsequent ramp up activity at Andaz Miami Beach. In May 2025, operations resumed at Andaz Miami Beach, following an extensive renovation during which the Company suspended operations in March 2024 to allow the renovation work to be performed more efficiently.

(3)	Total Portfolio consists of all hotels owned by the Company as of March 31, 2026.


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 17


	Supplemental Financial Information May 5, 2026

PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre &

ADJUSTED EBITDAre MARGINS


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


	Supplemental Financial Information May 5, 2026

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q1 2026/2025


Hotels sorted by number of rooms	For the Quarters Ended March 31,
	2026								2025
(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	$	44,302		$	12,085		27.3%		$	44,640		$	13,426		30.1%		(280)	bps
Hyatt Regency San Francisco		29,274			5,607		19.2%			24,521			2,623		10.7%		850	bps
The Westin Washington, DC Downtown		23,184			6,806		29.4%			24,724			7,534		30.5%		(110)	bps
Renaissance Orlando at SeaWorld®		26,309			9,093		34.6%			26,652			9,267		34.8%		(20)	bps
Hyatt Regency San Antonio Riverwalk		13,927			5,267		37.8%			12,798			4,604		36.0%		180	bps
Wailea Beach Resort		41,010			14,772		36.0%			35,898			11,990		33.4%		260	bps
JW Marriott New Orleans		13,345			6,036		45.2%			14,147			7,061		49.9%		(470)	bps
Marriott Boston Long Wharf		10,704			1,271		11.9%			11,291			1,936		17.1%		(520)	bps
Marriott Long Beach Downtown		9,018			2,033		22.5%			8,613			1,915		22.2%		30	bps
The Bidwell Marriott Portland		3,275			309		9.4%			3,368			381		11.3%		(190)	bps
Oceans Edge Resort & Marina		8,470			3,745		44.2%			7,761			3,096		39.9%		430	bps
Montage Healdsburg		9,937			(198)		(2.0)%			7,498			(2,044)		(27.3)%		2,530	bps
Four Seasons Resort Napa Valley		8,250			(1,507)		(18.3)%			6,937			(2,914)		(42.0)%		2,370	bps

Total Portfolio, excluding Andaz Miami Beach (1)		241,005			65,319		27.1%			228,848			58,875		25.7%		140	bps

Andaz Miami Beach (2)		18,704			6,498		34.7%			132			(475)		(359.8)%		39,450	bps

Total Portfolio (3)		259,709			71,817		27.7%			228,980			58,400		25.5%		220	bps

Add: Sold Hotel (4)		—			—		N/A			5,085			2,372		46.6%		N/A

Actual Portfolio (5)	$	259,709		$	71,817		27.7%		$	234,065		$	60,772		26.0%		N/A

*Footnotes on page 20


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


	Supplemental Financial Information May 5, 2026

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q1 2026/2025 Footnotes

(1)	Total Portfolio, excluding Andaz Miami Beach includes all hotels owned by the Company as of March 31, 2026, with the exception of Andaz Miami Beach due to its renovation and subsequent ramp up activity during the first quarters of 2026 and 2025.

(2)

Hotel Adjusted EBITDAre for the first quarters of 2026 and 2025 is impacted by renovation and subsequent ramp up activity at Andaz Miami Beach. In May 2025, operations resumed at Andaz Miami Beach, following an extensive renovation during which the Company suspended operations in March 2024 to allow the renovation work to be performed more efficiently.

(3)	Total Portfolio consists of all hotels owned by the Company as of March 31, 2026.

(4)	Sold Hotel includes results for the Hilton New Orleans St. Charles, sold by the Company in June 2025.

(5)	Actual Portfolio includes results for the 14 hotels and 15 hotels owned by the Company as of March 31, 2026 and 2025, respectively.


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