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COMPANY CONTACTS

Briony Quinn
Chief Financial Officer
(240) 744-1196

Dori Kesten
Capital Markets
(617) 835-8366

DIAMONDROCK HOSPITALITY COMPANY REPORTS SECOND QUARTER 2026 RESULTS
Raises Full-Year Guidance and Increases Quarterly Common Dividend
BETHESDA, Maryland, Thursday, July 30, 2026 – DiamondRock Hospitality Company (Nasdaq: DRH, the "Company"), a lodging real estate investment trust that owns a portfolio of 34 premium hotels and resorts in the United States, today announced results of operations for the quarter ended June 30, 2026.

SECOND QUARTER 2026 HIGHLIGHTS
•Net Income: Net income attributable to common stockholders was $90.5 million, or $0.44 per diluted share, an increase of 135.7% and 144.4%, respectively, compared to the second quarter of 2025.
•Adjusted EBITDA: $107.9 million, an increase of 19.2% compared to the second quarter of 2025.
•Adjusted FFO per Diluted Share: $0.44, an increase of 25.7% compared to the second quarter of 2025.
•Comparable RevPAR: $240.79, an increase of 7.0% compared to the second quarter of 2025.
•Comparable Total RevPAR: $370.06, an increase of 5.6% compared to the second quarter of 2025.
•Comparable Hotel Adjusted EBITDA: $113.2 million, an increase of 20.9% compared to the second quarter of 2025. The Company settled multi-year property tax appeals for its Chicago hotels in May 2026, which contributed approximately $6.9 million to Comparable Hotel Adjusted EBITDA.
•Comparable Hotel Adjusted EBITDA Margin: 35.76%, an increase of 457 basis points compared to the second quarter of 2025. Excluding the property tax settlements in Chicago, the Comparable Hotel Adjusted EBITDA Margin increased 239 basis points.
•Hotel Disposition: The Company completed the sale of the Courtyard New York Manhattan/Fifth Avenue for $33.0 million on May 1, 2026.

RECENT DEVELOPMENT
•Common Dividend: On July 30, 2026, the Company's Board of Directors declared a regular quarterly cash dividend of $0.11 per share on its common stock, which represents an increase of 22% over the prior quarter dividend.

“Our second quarter demonstrated the earnings power of the DiamondRock portfolio. We delivered 7% RevPAR growth and held overall hotel expense growth to just 1.8%, driving exceptional margin expansion and earnings growth. While the World Cup provided a beneficial tailwind in several markets, our performance reflected much more than a single event. We saw broad-based strength in both group and transient demand, demonstrating the quality of our portfolio and the effectiveness of our operating strategy.



Over the past twelve months, our free cash flow has increased 30%, providing further evidence that the DiamondRock 2.0 strategy is delivering results. Our focus remains on growing free cash flow through operational excellence, disciplined investment, and thoughtful capital allocation, which we believe is the clearest path to creating long-term shareholder value.

Given the strength of our second quarter results and our confidence in the outlook for the remainder of the year, we are increasing our quarterly common dividend by more than 20% and raising our full-year guidance. We believe DiamondRock is well positioned to continue delivering strong earnings, growing free cash flow, and creating long-term value for our shareholders."

- Jeffrey J. Donnelly, Chief Executive Officer of DiamondRock Hospitality Company

OPERATING RESULTS

Please see “Non-GAAP Financial Measures” attached to this press release for an explanation of the terms “EBITDAre,” “Adjusted EBITDA,” “Hotel Adjusted EBITDA,” “Hotel Adjusted EBITDA Margin,” “FFO” and “Adjusted FFO” and a reconciliation of these measures to net income. “Comparable” operating results and statistics include all hotels owned as of June 30, 2026, for all periods presented. See “Comparable Hotel Operating Statistics and Results” and “Reconciliation of Comparable Operating Results” attached to this press release for an explanation of our comparable hotels and a reconciliation to historical amounts. “Actual” operating results and statistics include the operating results and statistics for all hotels for only the Company’s respective ownership periods.
Three Months Ended June 30,Six Months Ended June 30,
20262025Change20262025Change
(unaudited, $ amounts in millions, except hotel statistics and per share amounts)
Comparable Operating Results(1)
ADR$308.50 $294.88 4.6 %$298.24 $287.45 3.8 %
Occupancy78.1 %76.3 %1.8 %72.2 %71.5 %0.7 %
RevPAR$240.79 $225.03 7.0 %$215.30 $205.47 4.8 %
Total RevPAR$370.06 $350.49 5.6 %$335.44 $321.94 4.2 %
Room Revenues$206.0 $192.6 7.0 %$366.4 $349.8 4.7 %
Total Revenues$316.6 $300.0 5.5 %$570.9 $548.1 4.2 %
Hotel Operating Expenses(2)
$203.3 $206.4 (1.5)%$391.8 $393.4 (0.4)%
Hotel Adjusted EBITDA(2)
$113.2 $93.6 20.9 %$179.1 $154.7 15.8 %
Hotel Adjusted EBITDA Margin(2)
35.76 %31.19 %457 bps31.37 %28.23 %314 bps
Available Rooms855,430 855,946 (516)1,701,970 1,702,486 (516)
Actual Operating Results
Total Revenues$318.3 $305.7 4.1 %$576.4 $560.6 2.8 %
Net income attributable to common stockholders(2)
$90.5 $38.4 135.7 %$104.9 $47.8 119.5 %
Earnings (loss) per diluted share(2)
$0.44 $0.18 144.4 %$0.51 $0.23 121.7 %
Adjusted EBITDA(2)
$107.9 $90.5 19.2 %$168.5 $146.6 14.9 %
Adjusted FFO(2)
$91.8 $72.3 27.0 %$137.9 $111.8 23.3 %
Adjusted FFO per diluted share(2)
$0.44 $0.35 25.7 %$0.67 $0.53 26.4 %
(1) Amounts exclude the operating results for the Courtyard New York Manhattan/ Fifth Avenue sold on May 1, 2026 and the Westin Washington D.C. City Center sold on February 19, 2025.
(2) Includes the one-time benefit of approximately $6.9 million recognized in the second quarter of 2026 as a result of a favorable settlement of multi-year property tax appeals for the Company's two Chicago hotels. Excluding this benefit, for the three months ended June 30, 2026, Comparable Hotel Operating Expenses increased 1.8%, Comparable Hotel Adjusted EBITDA Margin increased 239 basis points and Adjusted FFO per diluted share was $0.41.



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HOTEL DISPOSITION

On May 1, 2026, the Company completed the sale of its leasehold interest in the 189-room Courtyard New York Manhattan/Fifth Avenue for $33.0 million. The sales price represents a 6.3x multiple on 2025 Hotel Adjusted EBITDA and a 13.3% capitalization rate on 2025 Hotel Net Operating Income. Inclusive of $12 million of capital expenditures required to be spent in the next 12 months, a contractual increase in the ground lease payment, and higher labor costs over the next several years, the Company estimates the stabilized capitalization rate on the sale to be approximately 7.8%, or 6.5% on a fee simple basis.

CAPITAL EXPENDITURES

The Company invested approximately $40.3 million in capital improvements during the six months ended June 30, 2026. The Company currently expects to invest approximately $75 to $85 million in capital improvements at its hotels in 2026. Significant projects in 2026 include the following:

•Courtyard New York Manhattan/Midtown East: The Company completed a renovation of the hotel's guestrooms during the first quarter of 2026.
•Henderson Park Inn: The Company completed a renovation of the hotel's guestrooms and bathrooms during the first quarter of 2026.
•Westin San Diego Bayview: The Company expects to commence a renovation of the hotel's entrance and lobby, including the lobby bar, during the third quarter of 2026.
•Atlanta Marriott Alpharetta: The Company expects to commence a renovation of the hotel's guestrooms during the fourth quarter of 2026.

BALANCE SHEET

As of June 30, 2026, the Company had total debt outstanding of $1.1 billion, consisting of three unsecured term loans with a weighted average interest rate of 4.9%, $400 million available under its undrawn revolving credit facility, and approximately $106.0 million of unrestricted cash on hand.

COMMON SHARE REPURCHASE PROGRAM
On April 28, 2026, the Company's Board of Directors authorized a new $300.0 million share repurchase program, effective May 1, 2026, which replaces the previous $200.0 million repurchase program that was authorized in May 2024. During the quarter ended June 30, 2026, the Company repurchased 0.2 million shares of its common stock at an average price of $9.79 per share for a total purchase price of $1.9 million. The Company currently has $299.4 million of remaining capacity under its $300.0 million share repurchase program.

DIVIDENDS
The Company's Board of Directors declared a second quarter cash dividend of $0.09 per share to stockholders of record as of June 30, 2026. The second quarter dividend was paid on July 14, 2026.

On July 30, 2026, the Company's Board of Directors declared a third quarter 2026 cash dividend of $0.11 per share, which represents an increase of 22% over the second quarter dividend. The dividend will be paid on October 14, 2026 to stockholders of record as of September 30, 2026. The Company expects to declare regular quarterly dividends of $0.11 per common share for the remainder of 2026 and, depending on its 2026 operating income, a stub dividend in the fourth quarter of 2026.

GUIDANCE
Achievement of the anticipated results is subject to the risks disclosed in the Company’s filings with the U.S. Securities and Exchange Commission, which may cause actual results to differ materially from the anticipated results expressed or implied below. The outlook below does not assume any dispositions, acquisitions, or common share repurchases and is based on current operating trends and macroeconomic conditions.


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The Company is raising its 2026 guidance to reflect the better than expected second quarter results, improved booking pace for the remainder of the year, and the full year benefit of the Chicago property tax appeal. The Company now anticipates full year 2026 results to be in the following ranges:

MetricPrior GuidanceUpdated GuidanceChange at Midpoint
Comparable RevPAR Growth1.5% to 3.5%2.5% to 4.0%75 bps
Comparable Total RevPAR Growth1.75% to 3.75%2.75% to 4.25%75 bps
Adjusted EBITDA (in millions)$290.2 to $302.2$310.0 to $320.0$18.8
Adjusted FFO (in millions)$228.4 to $240.4$245.5 to $255.5$16.1
Adjusted FFO per share$1.10 to $1.16$1.18 to $1.23$0.075

Full year 2026 guidance is based in part on the following assumptions:
•Full year cash corporate expenses of approximately $27.0 million, which excludes share-based compensation;
•Full year cash interest expense of approximately $58.5 million to $59.5 million; and
•Fully diluted weighted average common shares and units of 207.5 million.

EARNINGS CALL
The Company will host a conference call to discuss its second quarter results on Friday, July 31, 2026, at 10:00 a.m. Eastern Time. The conference call will be accessible by telephone and through the internet. Interested individuals are requested to register for the call using this link to obtain dial-in and webcast details. Registration details are also available by visiting https://investor.drhc.com. A replay of the conference call webcast will be archived and available online.

ABOUT THE COMPANY
DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in leisure destinations and top gateway markets. The Company currently owns 34 premium quality hotels with 9,400 rooms. The Company has strategically positioned its portfolio to be operated both under leading global brand families as well as independent boutique hotels in the lifestyle segment. For further information on the Company and its portfolio, please visit DiamondRock Hospitality Company’s website at www.drhc.com.

This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "believe," "expect," "intend," "project," "forecast," "plan" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: the adverse impact of any future pandemic, epidemic or outbreak of any highly infectious disease on the U.S., regional and global economies, travel, the hospitality industry, and the financial condition and results of operations of the Company and its hotels; negative developments or volatility in the economy, including, but not limited to elevated inflation and interest rates, job loss or growth trends, the imposition of trade sanctions or tariffs and any potential retaliatory responses thereto, an increase in unemployment or a decrease in corporate earnings and investment; risks associated with the lodging industry overall, including, without limitation, decreases in the frequency of travel, decreases in the demand for, or frequency of, international travel as a result of evolving global trade dynamics or otherwise, and increases in operating costs; relationships with property managers; the ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in taxes and government regulations which influence or determine wages, prices, construction procedures and costs; and other risk factors contained in the Company's filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.

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DIAMONDROCK HOSPITALITY COMPANY

CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)

June 30, 2026December 31, 2025
ASSETS(Unaudited)(Audited)
Property and equipment, net$2,555,487 $2,596,458 
Right-of-use assets95,106 89,041 
Restricted cash39,884 35,137 
Due from hotel managers189,543 137,787 
Prepaid and other assets 80,291 77,194 
Cash and cash equivalents105,980 68,084 
Total assets$3,066,291 $3,003,701 
LIABILITIES AND EQUITY
Liabilities:
Debt, net of unamortized debt issuance costs$1,099,038 $1,098,850 
Lease liabilities97,237 87,053 
Due to hotel managers138,906 109,568 
Deferred rent79,556 77,405 
Unfavorable contract liabilities, net55,720 56,549 
Accounts payable and accrued expenses 40,344 83,888 
Distributions declared and unpaid19,678 25,903 
Deferred income related to key money, net6,917 7,400 
Total liabilities1,537,396 1,546,616 
Equity:
   Common stock, $0.01 par value; 400,000,000 shares authorized; 204,505,826 and 203,703,182 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively2,045 2,037 
Additional paid-in capital2,118,425 2,114,438 
Accumulated other comprehensive loss(2,475)(6,381)
Distributions in excess of earnings(594,640)(662,209)
Total stockholders’ equity1,523,355 1,447,885 
Noncontrolling interests5,540 9,200 
Total equity1,528,895 1,457,085 
Total liabilities and equity$3,066,291 $3,003,701 



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DIAMONDROCK HOSPITALITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended June 30, Six Months Ended June 30,
2026202520262025
Revenues:
Rooms
$207,669 $198,237 $371,754 $361,355 
Food and beverage
80,780 78,828 147,946 145,669 
Other
29,837 28,655 56,748 53,549 
Total revenues
318,286 305,720 576,448 560,573 
Operating Expenses:
Rooms
46,982 47,272 89,305 91,115 
Food and beverage
50,826 50,548 96,726 96,965 
Other departmental and support expenses70,594 68,719 136,782 134,005 
Management fees
8,866 7,406 13,877 12,424 
Franchise fees
10,549 10,003 19,804 19,051 
Other property-level expenses17,866 28,017 42,347 52,916 
Depreciation and amortization
28,841 28,156 57,381 56,048 
Corporate expenses
10,419 9,465 18,262 17,148 
  Total operating expenses
244,943 249,586 474,484 479,672 
Interest expense
14,442 14,868 29,132 30,026 
Interest (income) and other (income) expense, net(1,946)(764)(2,594)(2,228)
Gain on sale of hotel property, net
(31,591)— (31,591)— 
Income before income taxes
92,438 42,030 107,017 53,103 
Income tax expense
(1,680)(991)(1,726)(149)
Net income
90,758 41,039 105,291 52,954 
Less: Net income attributable to noncontrolling interests
(278)(204)(347)(262)
Net income attributable to the Company
90,480 40,835 104,944 52,692 
Distributions to preferred stockholders— (2,454)— (4,908)
Net income attributable to common stockholders$90,480 $38,381 $104,944 $47,784 
Earnings per share:
Earnings per share available to common stockholders - basic
$0.44 $0.19 $0.51 $0.23 
Earnings per share available to common stockholders - diluted
$0.44 $0.18 $0.51 $0.23 
Weighted-average number of common shares outstanding:
Basic
205,081,651 206,804,961 204,772,118 207,652,548
Diluted
206,096,952 207,916,308 205,897,593 209,161,359

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Non-GAAP Financial Measures

We use the following non-GAAP financial measures that we believe are useful to investors as key measures of our operating performance: EBITDA, EBITDAre, Adjusted EBITDA, Hotel Adjusted EBITDA, Hotel Adjusted EBITDA Margin, FFO and Adjusted FFO. We also present Comparable Total Revenue, Comparable Room Revenues, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with U.S. GAAP. EBITDA, EBITDAre, Adjusted EBITDA, Hotel Adjusted EBITDA, Hotel Adjusted EBITDA Margin, FFO, Adjusted FFO, Comparable Total Revenue, Comparable Room Revenues, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin, as calculated by us, may not be comparable to other companies that do not define such terms exactly as the Company.

Use and Limitations of Non-GAAP Financial Measures

Our management and Board of Directors use EBITDA, EBITDAre, Adjusted EBITDA, Hotel Adjusted EBITDA, FFO, Adjusted FFO, Comparable Total Revenue, Comparable Room Revenues, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin, to evaluate the performance of our hotels and to facilitate comparisons between us and other lodging REITs, hotel owners who are not REITs and other capital intensive companies. The use of these non-GAAP financial measures has certain limitations. These non-GAAP financial measures as presented by us, may not be comparable to non-GAAP financial measures as calculated by other real estate companies. These measures do not reflect certain expenses or expenditures that we incurred and will incur, such as depreciation, interest and capital expenditures. We compensate for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of our operating performance. Our reconciliations to the most comparable U.S. GAAP financial measures, and our consolidated statements of operations and comprehensive income and consolidated statements of cash flows, include interest expense, capital expenditures, and other excluded items, all of which should be considered when evaluating our performance, as well as the usefulness of our non-GAAP financial measures.

These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with U.S. GAAP. They should not be considered as alternatives to operating profit, cash flow from operations, or any other operating performance measure prescribed by U.S. GAAP. These non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our U.S. GAAP results and the reconciliations to the corresponding U.S. 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.

EBITDA and EBITDAre

EBITDA represents net income (calculated in accordance with U.S. GAAP) excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; and (3) depreciation and amortization. The Company computes EBITDAre in accordance with the National Association of Real Estate Investment Trusts ("Nareit") guidelines, as defined in its September 2017 white paper "Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate." EBITDAre represents net income (calculated in accordance with U.S. GAAP) adjusted for: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; (3) depreciation and amortization; (4) gains or losses on the disposition of depreciated property including gains or losses on change of control; (5) impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate; and (6) adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates.

We believe EBITDA and EBITDAre are useful to an investor in evaluating our operating performance because they help investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization, and in the case of EBITDAre, impairment and gains or losses on dispositions of depreciated property) from our operating results. In addition, covenants included in our debt agreements use EBITDA as a measure of financial compliance. We also use EBITDA and EBITDAre as measures in determining the value of hotel acquisitions and dispositions.



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FFO

The Company computes FFO in accordance with standards established by Nareit, which defines FFO as net income (calculated in accordance with U.S. GAAP) excluding gains or losses from sales of properties and impairment losses, plus real estate related depreciation and amortization. The Company believes that the presentation of FFO provides useful information to investors regarding its operating performance because it is a measure of the Company's operations without regard to specified non-cash items, such as real estate related depreciation and amortization and gains or losses on the sale of assets. The Company also uses FFO as one measure in assessing its operating results.

Adjustments to EBITDAre and FFO

We adjust EBITDAre and FFO when evaluating our 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 that the presentation of Adjusted EBITDA and Adjusted FFO when combined with U.S. GAAP net income, EBITDAre and FFO, is beneficial to an investor's complete understanding of our consolidated and property-level operating performance. We adjust EBITDAre and FFO for the following items:

•Non-Cash Lease Expense and Other Amortization: We exclude the non-cash expense incurred from the straight line recognition of expense from our ground leases and other contractual obligations and the non-cash amortization of our favorable and unfavorable contracts, originally recorded in conjunction with certain hotel acquisitions. We exclude these non-cash items because they do not reflect the actual cash amounts due to the respective lessors in the current period and they are of lesser significance in evaluating our actual performance for that period.

•Cumulative Effect of a Change in Accounting Principle: The Financial Accounting Standards Board promulgates new accounting standards that require or permit the consolidated statement of operations and comprehensive income to reflect the cumulative effect of a change in accounting principle. We exclude the effect of these adjustments, which include the accounting impact from prior periods, because they do not reflect the Company’s actual underlying performance for the current period.

•Gains or Losses from Debt Extinguishment: We exclude the effect of gains or losses recorded on debt extinguishment because these gains or losses result from transaction activity related to the Company’s capital structure that we believe are not indicative of the ongoing operating performance of the Company or our hotels.

•Hotel Acquisition Costs: We exclude hotel acquisition costs expensed during the period because we believe these transaction costs are not reflective of the ongoing performance of the Company or our hotels.

•Severance Costs: We exclude corporate severance costs, or reversals thereof, incurred with the termination of corporate-level employees and severance costs incurred at our hotels related to lease terminations or structured severance programs because we believe these costs do not reflect the ongoing performance of the Company or our hotels.

•Hotel Manager Transition and Hotel Pre-Opening Costs: We exclude the transition costs associated with a change in hotel manager and the pre-opening costs associated with the redevelopment or rebranding of a hotel because we believe these items do not reflect the ongoing performance of the Company or our hotels.

•Share-Based Compensation Expense: We exclude share-based compensation expense as it is a non-cash item. This adjustment aligns with the calculation of Adjusted EBITDA for our financial covenant ratios under our credit facility, supporting consistency in our financial reporting and covenant compliance, as well as comparability with our peers.

•Other Items: From time to time we incur costs or realize gains that we consider outside the ordinary course of business and that we do not believe reflect the ongoing performance of the Company or our hotels. Such items may include, but are not limited to, the following: non-cash realized gains or losses on our deferred compensation plan assets; management or franchise contract termination fees; terminated transaction costs; gains or losses from legal settlements; costs incurred related to natural disasters; and gains on property insurance claim settlements, other than income related to business interruption insurance.


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In addition, to derive Adjusted FFO, we exclude any unrealized fair value adjustments to interest rate swaps and the portion of our non-cash ground lease expense recognized as interest expense. We exclude these non-cash amounts because they do not reflect the underlying performance of the Company.

Hotel Adjusted EBITDA

We believe that Hotel Adjusted EBITDA provides our investors a useful financial measure to evaluate our hotel operating performance, excluding the impact of our capital structure (primarily interest), our asset base (primarily depreciation and amortization), and our corporate-level expenses. With respect to Hotel Adjusted EBITDA, we believe that excluding the effect of corporate-level expenses provides a more complete understanding of the operating results over which individual hotels and third-party management companies have direct control. We believe property-level results provide investors with supplemental information on the ongoing operational performance of our hotels and effectiveness of the third-party management companies operating our business on a property-level basis. Hotel Adjusted EBITDA margins are calculated as Hotel Adjusted EBITDA divided by total hotel revenues.

Comparable Hotel Operating Statistics and Results

We believe that presenting comparable hotel operating statistics (such as ADR, occupancy, RevPAR, Total RevPAR and Available Rooms) and results (such as Room Revenues, Total Revenues, Hotel Adjusted EBITDA, and Hotel Adjusted EBITDA Margin) is useful to investors because these measures help facilitate year-over-year comparisons of the performance of hotels owned by us as of the reporting date. Our comparable portfolio includes hotels (i) owned and in operation by us for the entirety of the periods presented and (ii) acquired by us during the period as though the acquisition happened at the beginning of the period presented. We make adjustments for recently acquired hotels to include operating statistics and results for periods prior to our ownership. As a result, changes as compared to periods prior to our ownership will not necessarily correspond to changes in our actual results. In addition, comparable metrics exclude results and operating statistics for hotels that were sold during the reporting period or held for sale at the end of the period. We believe these comparable measures provide more consistent metrics for comparing the performance of our hotels.

Our comparable portfolio for the six months ended June 30, 2026 includes all of our hotels owned as of June 30, 2026 and excludes the Courtyard New York Manhattan/Fifth Avenue sold on May 1, 2026 and the Westin Washington D.C. City Center sold on February 19, 2025.



























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Reconciliations of Non-GAAP Measures

EBITDA, EBITDAre, Adjusted EBITDA and Hotel Adjusted EBITDA

The following tables are reconciliations of our GAAP net income to EBITDA, EBITDAre, Adjusted EBITDA and Hotel Adjusted EBITDA (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net income $90,758 $41,039 $105,291 $52,954 
Interest expense 14,442 14,868 29,132 30,026 
Income tax expense 1,680 991 1,726 149 
Real estate related depreciation and amortization28,841 28,156 57,381 56,048 
EBITDA135,721 85,054 193,530 139,177 
Gain on sale of hotel property, net (31,591)— (31,591)— 
EBITDAre
104,130 85,054 161,939 139,177 
Non-cash lease expense and other amortization1,347 1,284 2,575 2,583 
Share-based compensation expense (1)
3,571 2,891 5,133 3,556 
Hotel pre-opening costs— 321 — 344 
Terminated transaction costs— 907 — 907 
Other (2)
(1,158)— (1,158)— 
Adjusted EBITDA107,890 90,457 168,489 146,567 
Corporate expenses6,598 5,655 12,782 12,003 
Interest (income) and other (income) expense, net(765)(752)(1,392)(1,546)
Hotel Adjusted EBITDA$113,723 $95,360 $179,879 $157,024 
(1) For each of the three months ended June 30, 2026 and 2025, amounts include less than $0.1 million of non-cash income related to our deferred compensation plan. For the six months ended June 30, 2026 and 2025, amounts include less than $0.1 million and $0.7 million, respectively, of non-cash income related to our deferred compensation plan.
(2) Amount reflects the reversal of a previously recognized accrual related to a loss contingency.
Full Year 2026 Guidance
Low EndHigh End
Net income$152,149 $163,149 
Interest expense59,750 58,750 
Income tax expense 5,000 6,000 
Real estate related depreciation and amortization111,500 110,500 
EBITDA328,399 338,399 
Gain on sale of hotel property, net(31,591)(31,591)
EBITDAre
296,808 306,808 
Non-cash lease expense and other amortization5,350 5,350 
Share-based compensation expense9,000 9,000 
Other (1)
(1,158)(1,158)
Adjusted EBITDA$310,000 $320,000 
(1) Amount reflects the reversal of a previously recognized accrual related to a loss contingency.

10

FFO and Adjusted FFO
The following tables are reconciliations of our GAAP net income to FFO and Adjusted FFO (in thousands except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net income $90,758 $41,039 $105,291 $52,954 
Real estate related depreciation and amortization28,841 28,156 57,381 56,048 
Gain on sale of hotel property, net(31,591)— (31,591)— 
FFO88,008 69,195 131,081 109,002 
Distribution to preferred stockholders— (2,454)— (4,908)
FFO available to common stock and unit holders88,008 66,741 131,081 104,094 
Non-cash lease expense and other amortization1,411 1,470 2,827 2,945 
Share-based compensation expense (1)
3,571 2,891 5,133 3,556 
Terminated transaction costs— 907 — 907 
Hotel pre-opening costs— 321 — 344 
Other (2)
(1,158)— (1,158)— 
Adjusted FFO available to common stock and unit holders$91,832 $72,330 $137,883 $111,846 
Adjusted FFO available to common stock and unit holders, per diluted share $0.44 $0.35 $0.67 $0.53 
Diluted weighted average shares and units206,726 208,943 206,700 210,178 
(1) For each of the three months ended June 30, 2026 and 2025, amounts include less than $0.1 million of non-cash income related to our deferred compensation plan. For the six months ended June 30, 2026 and 2025, amounts include less than $0.1 million and $0.7 million, respectively, of non-cash income related to our deferred compensation plan.
(2) Amount reflects the reversal of a previously recognized accrual related to a loss contingency.
Full Year 2026 Guidance
Low EndHigh End
Net income $152,149 $163,149 
Real estate related depreciation and amortization111,500 110,500 
Gain on sale of hotel property, net(31,591)(31,591)
FFO available to common stock and unit holders232,058 242,058 
Non-cash lease expense and other amortization5,600 5,600 
Share-based compensation expense9,000 9,000 
Other (1)
(1,158)(1,158)
Adjusted FFO available to common stock and unit holders$245,500 $255,500 
Adjusted FFO available to common stock and unit holders, per diluted share$1.18 $1.23 
Diluted weighted average shares and units207,500 207,500 
(1) Amount reflects the reversal of a previously recognized accrual related to a loss contingency.

11

Reconciliation of Comparable Operating Results

The following presents the revenues, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin together with comparable prior year results (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues$318,286 $305,720 $576,448 $560,573 
Hotel revenues from sold hotels (1)
(1,722)(5,721)(5,533)(12,481)
Comparable Revenues$316,564 $299,999 $570,915 $548,092 
Hotel Operating Expenses$204,563 $210,360 $396,569 $403,549 
Hotel operating expenses from sold hotels (1)
(1,214)(3,937)(4,747)(10,186)
Comparable Hotel Operating Expenses$203,349 $206,423 $391,822 $393,363 
Hotel Adjusted EBITDA$113,723 $95,360 $179,879 $157,024 
Hotel Adjusted EBITDA from sold hotels (1)
(508)(1,784)(786)(2,295)
Comparable Hotel Adjusted EBITDA$113,215 $93,576 $179,093 $154,729 
Hotel Adjusted EBITDA Margin35.73 %31.19 %31.20 %28.01 %
Hotel Adjusted EBITDA Margin from sold hotels (1)
3 bps
–bps
17 bps22 bps
Comparable Hotel Adjusted EBITDA Margin35.76 %31.19 %31.37 %28.23 %
(1) Amounts represent the operating results for the Courtyard New York Manhattan/Fifth Avenue sold on May 1, 2026 and the Westin Washington D.C. City Center sold on February 19, 2025.

Selected Quarterly Comparable Operating Information

The following tables are presented to provide investors with selected quarterly comparable operating information for the Company's current portfolio of 34 hotels with 9,400 rooms.

Quarter 1, 2025Quarter 2, 2025Quarter 3, 2025Quarter 4, 2025Full Year 2025
ADR$278.85 $294.88 $279.91 $292.20 $286.57 
Occupancy66.6 %76.3 %75.8 %67.6 %71.6 %
RevPAR$185.70 $225.03 $212.06 $197.57 $205.14 
Total RevPAR$293.07 $350.49 $323.24 $308.81 $318.95 
Revenues (in thousands)$248,093 $299,999 $279,713 $267,228 $1,095,033 
Hotel Adjusted EBITDA (in thousands)$61,153 $93,576 $81,534 $73,829 $310,092 
Hotel Adjusted EBITDA Margin24.65 %31.19 %29.15 %27.63 %28.32 %
Available Rooms846,540 855,946 865,352 865,352 3,433,190 

Quarter 1, 2026Quarter 2, 2026
ADR$286.02 $308.50 
Occupancy66.3 %78.1 %
RevPAR$189.54 $240.79 
Total RevPAR$300.46 $370.06 
Revenues (in thousands)$254,351 $316,564 
Hotel Adjusted EBITDA (in thousands)$65,878 $113,215 
Hotel Adjusted EBITDA Margin25.90 %35.76 %
Available Rooms846,540 855,430 

12

Market Capitalization as of June 30, 2026
(in thousands)
Enterprise Value
Common equity capitalization (at June 30, 2026 closing price of $12.18/share)$2,516,999 
Consolidated debt (face amount)1,100,000 
Cash and cash equivalents(105,980)
Total enterprise value$3,511,019 
Share Reconciliation
Common shares outstanding204,506 
Operating partnership units690 
Unvested restricted stock held by management and employees889 
Shares vested under deferred compensation plan565 
Combined shares and units206,650


Debt Summary as of June 30, 2026
(dollars in thousands)
Outstanding
LoanInterest RateTermPrincipalMaturity
Unsecured term loan
SOFR + 1.35% (1)
Variable$500,000 
January 2028 (2)
Unsecured term loan
SOFR + 1.35% (1)
Variable300,000 
January 2029 (2)
Unsecured term loan
SOFR + 1.35% (1)
Variable300,000 January 2030
Senior unsecured credit facility    SOFR + 1.40%Variable— 
January 2030 (2)
Total debt1,100,000 
     Unamortized debt issuance costs (3)
(962)
Debt, net of unamortized debt issuance costs$1,099,038 
Debt Metrics
Weighted-average interest rate (4)
4.9%
Percent fixed rate (4)
39%
Net debt to EBITDA (5)
3.1x
Average years to maturity2.4
Average years to maturity - including extensions3.2
(1)    As of June 30, 2026, the interest rate on the portion of variable-rate debt subject to interest rate swaps was 4.83%, and the interest rate on the remaining variable-rate debt was 4.97%
(2)    Maturity date may be extended for two six-month periods upon the payment of applicable fees and the satisfaction of certain customary conditions.
(3)    Excludes debt issuance costs related to our senior unsecured credit facility, which are included within Prepaid and Other Assets on the accompanying consolidated balance sheet.
(4)    Including the effect of interest rate swaps as of June 30, 2026.
(5) Trailing 12 month Adjusted EBITDA as of June 30, 2026.




13

Hotel Information as of July 30, 2026
Hotel RoomsLocationFranchisorContract ExpirationOperatorContract ExpirationGround Lease ExpirationMortgage Debt
AC Hotel Minneapolis Downtown245Minneapolis, MNMarriottOct 2041Sage HospitalityAt will with no fee--
Atlanta Marriott Alpharetta318Atlanta, GAMarriott
Sep 2050 (1)
Aimbridge HospitalityAt will with no fee--
Bourbon Orleans Hotel220New Orleans, LAIndependent-Aimbridge HospitalityAt will with no fee--
Cavallo Point, The Lodge at the Golden Gate142Sausalito, CAIndependent-Passport ResortsAt will with fee2066-
Chicago Marriott Downtown Magnificent Mile1,200Chicago, ILN/A-Marriott
Dec 2038 (2)
--
Chico Hot Springs Resort & Day Spa117Pray, MTIndependent-EOS HospitalityAt will with no fee--
Courtyard Denver Downtown177Denver, COMarriottOct 2027Sage HospitalityAt will with no fee--
Courtyard New York Manhattan/Midtown East321New York, NYMarriottAug 2042Highgate HotelsAt will with no fee--
Embassy Suites by Hilton Bethesda272Bethesda, MDHiltonFeb 2037Sage HospitalityAt will with no fee2087-
Havana Cabana Key West106Key West, FLIndependent-EOS HospitalityAt will with no fee--
Henderson Beach Resort270Destin, FLIndependent-Aimbridge HospitalityAt will with no fee--
Henderson Park Inn37Destin, FLIndependent-Aimbridge HospitalityAt will with no fee--
Hilton Garden Inn New York/Times Square Central282New York, NYHiltonJun 2033Highgate HotelsAt will with no fee--
Hotel Champlain Burlington252Burlington, VTHiltonJun 2034Aimbridge HospitalityAt will with no fee--
Hotel Clio199Denver, COMarriottOct 2036Sage HospitalityAt will with no fee--
Hotel Emblem San Francisco96San Francisco, CAIndependent-Parable HospitalityAt will with no fee--
Kimpton Hotel Palomar Phoenix242Phoenix, AZN/A-IHG Hotels & ResortsDec 2027 or upon sale2085-
Kimpton Shorebreak Fort Lauderdale Beach Resort96Fort Lauderdale, FLIHG Hotels & ResortsApr 2041HEI Hotels & ResortsAt will with no fee--
Kimpton Shorebreak Huntington Beach Resort157Huntington Beach, CAN/A-IHG Hotels & ResortsAt will with no fee--
L'Auberge de Sedona158Sedona, AZIndependent-Aimbridge HospitalityAt will with no fee2124-
Lake Austin Spa Resort40Austin, TXIndependent-EOS HospitalityAt will with no fee--
Margaritaville Beach House Key West186Key West, FLMargaritavilleApr 2041Ocean PropertiesJul 2027--
Salt Lake City Marriott Downtown at City Creek510Salt Lake City, UTMarriott
Sep 2050 (1)
HEI Hotels & ResortsAt will with no fee2056/2106-
The Dagny Boston403Boston, MAIndependent-Aimbridge HospitalityAt will with no fee--
The Gwen311Chicago, ILMarriottSep 2035HEI Hotels & ResortsAt will with no fee--
The Hythe Vail344Vail, COMarriottDec 2041Vail ResortsAt will with fee--
The Landing Lake Tahoe Resort & Spa82South Lake Tahoe, CAIndependent-Aimbridge HospitalityAt will with no fee--
The Lindy Renaissance Charleston Hotel167Charleston, SCMarriottDec 2031Aimbridge HospitalityAt will with no fee--
The Lodge at Sonoma Resort182Sonoma, CAMarriottDec 2035Sage HospitalityAt will with no fee--
Tranquility Bay Beachfront Resort103Marathon, FLIndependent-EOS HospitalityAt will with no fee--
Westin Boston Seaport District793Boston, MAMarriott
Dec 2026 (3)
Aimbridge HospitalityAt will with no fee2099-
Westin Fort Lauderdale Beach Resort432Fort Lauderdale, FLMarriottDec 2034HEI Hotels & ResortsAt will with no fee--
Westin San Diego Bayview436San Diego, CAMarriottDec 2040Aimbridge HospitalityAt will with no fee--
Worthington Renaissance Fort Worth Hotel504Fort Worth, TXN/A-Marriott
Dec 2030 (4)
--
(1) The franchise agreement may be terminated at Marriott's option after September 2040.
(2) Marriott has two 10-year options to extend the management agreement.
(3) On March 19, 2026, the Company entered into a new franchise agreement with Marriott effective January 1, 2027.
(4) Marriott is entitled to one ten-year extension option if they achieve a certain level of operating profit for the three-year period ending December 31, 2029. Marriott is entitled to a second ten-year extension option if they achieve a certain level of operating profit for the three-year period ending December 31, 2039.
14


Operating Statistics – Second Quarter
ADROccupancyRevPAR Total RevPAR
2Q 20262Q 2025Change2Q 20262Q 2025Change2Q 20262Q 2025Change2Q 20262Q 2025Change
AC Hotel Minneapolis Downtown$163.86 $157.62 4.0 %70.4 %68.0 %2.4 %$115.29 $107.13 7.6 %$132.44 $123.16 7.5 %
Atlanta Marriott Alpharetta$168.01 $159.93 5.1 %68.7 %69.7 %(1.0)%$115.36 $111.51 3.5 %$167.71 $150.07 11.8 %
Bourbon Orleans Hotel$246.17 $222.29 10.7 %75.0 %73.0 %2.0 %$184.60 $162.35 13.7 %$248.95 $214.85 15.9 %
Cavallo Point, The Lodge at the Golden Gate $586.69 $563.32 4.1 %72.5 %63.2 %9.3 %$425.42 $355.86 19.5 %$1,122.25 $968.38 15.9 %
Chicago Marriott Downtown Magnificent Mile$295.24 $283.76 4.0 %79.1 %71.9 %7.2 %$233.49 $203.91 14.5 %$385.79 $347.15 11.1 %
Chico Hot Springs Resort & Day Spa$239.42 $243.15 (1.5)%47.2 %63.7 %(16.5)%$113.02 $154.79 (27.0)%$265.34 $345.69 (23.2)%
Courtyard Denver Downtown$236.77 $232.21 2.0 %79.6 %84.5 %(4.9)%$188.58 $196.29 (3.9)%$212.11 $216.05 (1.8)%
Courtyard New York Manhattan/Fifth Avenue$307.77 $324.95 (5.3)%96.6 %99.0 %(2.4)%$297.30 $321.74 (7.6)%$303.61 $327.20 (7.2)%
Courtyard New York Manhattan/Midtown East$352.64 $354.49 (0.5)%94.7 %91.7 %3.0 %$334.09 $325.08 2.8 %$343.28 $334.11 2.7 %
Embassy Suites by Hilton Bethesda$192.33 $182.91 5.2 %79.4 %78.3 %1.1 %$152.71 $143.19 6.6 %$174.61 $166.46 4.9 %
Havana Cabana Key West$232.34 $242.76 (4.3)%81.8 %82.5 %(0.7)%$190.02 $200.18 (5.1)%$295.63 $303.70 (2.7)%
Henderson Beach Resort$466.22 $445.60 4.6 %78.6 %71.1 %7.5 %$366.52 $316.74 15.7 %$655.53 $606.22 8.1 %
Henderson Park Inn$710.98 $662.88 7.3 %90.2 %83.9 %6.3 %$641.30 $556.37 15.3 %$1,044.31 $915.22 14.1 %
Hilton Garden Inn New York/Times Square Central$280.95 $294.15 (4.5)%94.8 %97.7 %(2.9)%$266.34 $287.31 (7.3)%$295.60 $321.79 (8.1)%
Hotel Champlain Burlington$215.53 $208.66 3.3 %71.6 %73.6 %(2.0)%$154.28 $153.61 0.4 %$237.52 $228.38 4.0 %
Hotel Clio$342.82 $336.34 1.9 %81.4 %79.4 %2.0 %$279.00 $266.93 4.5 %$455.76 $459.90 (0.9)%
Hotel Emblem San Francisco$210.94 $188.40 12.0 %75.6 %71.4 %4.2 %$159.39 $134.51 18.5 %$190.34 $162.90 16.8 %
Kimpton Hotel Palomar Phoenix$240.25 $224.14 7.2 %70.6 %67.7 %2.9 %$169.60 $151.63 11.9 %$290.40 $255.25 13.8 %
Kimpton Shorebreak Fort Lauderdale Beach Resort$195.71 $192.35 1.7 %72.5 %74.3 %(1.8)%$141.92 $142.96 (0.7)%$278.32 $291.47 (4.5)%
Kimpton Shorebreak Huntington Beach Resort$314.33 $307.13 2.3 %81.7 %81.9 %(0.2)%$256.82 $251.58 2.1 %$360.24 $383.45 (6.1)%
L'Auberge de Sedona (1)
$830.97 $818.56 1.5 %73.2 %47.6 %25.6 %$608.40 $389.58 56.2 %$1,031.02 $737.68 39.8 %
Lake Austin Spa Resort$972.28 $1,077.87 (9.8)%66.1 %63.8 %2.3 %$642.94 $688.18 (6.6)%$1,555.15 $1,677.02 (7.3)%
Margaritaville Beach House Key West$363.37 $363.85 (0.1)%89.3 %88.6 %0.7 %$324.53 $322.27 0.7 %$451.90 $450.94 0.2 %
Salt Lake City Marriott Downtown at City Creek$217.10 $212.39 2.2 %76.6 %72.6 %4.0 %$166.30 $154.21 7.8 %$220.35 $208.58 5.6 %
The Dagny Boston$373.97 $334.24 11.9 %90.3 %86.3 %4.0 %$337.64 $288.31 17.1 %$361.31 $317.96 13.6 %
The Gwen $384.35 $355.48 8.1 %81.1 %79.4 %1.7 %$311.76 $282.15 10.5 %$467.09 $427.84 9.2 %
The Hythe Vail$278.07 $256.50 8.4 %33.2 %40.8 %(7.6)%$92.23 $104.57 (11.8)%$170.53 $192.08 (11.2)%
The Landing Lake Tahoe Resort & Spa$390.71 $382.17 2.2 %65.2 %60.5 %4.7 %$254.73 $231.39 10.1 %$465.72 $439.34 6.0 %
The Lindy Renaissance Charleston Hotel$405.55 $394.55 2.8 %94.1 %93.3 %0.8 %$381.80 $368.17 3.7 %$483.00 $463.82 4.1 %
The Lodge at Sonoma Resort$474.44 $452.66 4.8 %76.0 %74.2 %1.8 %$360.37 $335.85 7.3 %$566.49 $532.04 6.5 %
Tranquility Bay Beachfront Resort$573.82 $604.79 (5.1)%78.1 %80.8 %(2.7)%$448.01 $488.71 (8.3)%$578.96 $629.10 (8.0)%
Westin Boston Seaport District$314.66 $302.46 4.0 %89.3 %88.1 %1.2 %$281.10 $266.47 5.5 %$444.69 $411.91 8.0 %
Westin Fort Lauderdale Beach Resort$249.04 $250.54 (0.6)%78.7 %78.9 %(0.2)%$196.04 $197.60 (0.8)%$390.68 $419.31 (6.8)%
Westin San Diego Bayview$241.02 $247.02 (2.4)%82.9 %82.9 %— %$199.84 $204.83 (2.4)%$270.43 $267.17 1.2 %
Worthington Renaissance Fort Worth Hotel$211.59 $203.94 3.8 %71.7 %76.3 %(4.6)%$151.71 $155.59 (2.5)%$287.38 $295.97 (2.9)%
Comparable Total (2)
$308.50 $294.88 4.6 %78.1 %76.3 %1.8 %$240.79 $225.03 7.0 %$370.06 $350.49 5.6 %
(1) During the fourth quarter 2025, Orchards Inn Sedona and L'Auberge de Sedona were combined and now operate as one hotel. Amounts presented have been adjusted to reflect the combination.
(2) Amounts exclude the Courtyard New York Manhattan/Fifth Avenue which was sold in 2026 and the Westin Washington D.C. City Center which was sold in 2025.
15


16


Operating Statistics – Year to Date
ADROccupancyRevPAR Total RevPAR
YTD 2026YTD 2025ChangeYTD 2026YTD 2025ChangeYTD 2026YTD 2025ChangeYTD 2026YTD 2025Change
AC Hotel Minneapolis Downtown$153.51 $146.65 4.7 %55.9 %54.6 %1.3 %$85.82 $80.10 7.1 %$100.04 $93.62 6.9 %
Atlanta Marriott Alpharetta$171.84 $165.65 3.7 %64.4 %67.3 %(2.9)%$110.72 $111.54 (0.7)%$163.11 $158.63 2.8 %
Bourbon Orleans Hotel$254.85 $260.70 (2.2)%73.2 %70.8 %2.4 %$186.47 $184.67 1.0 %$252.36 $238.40 5.9 %
Cavallo Point, The Lodge at the Golden Gate $609.91 $552.72 10.3 %68.7 %57.4 %11.3 %$419.29 $317.05 32.2 %$1,088.36 $863.68 26.0 %
Chicago Marriott Downtown Magnificent Mile$260.07 $252.45 3.0 %60.8 %57.5 %3.3 %$158.04 $145.11 8.9 %$267.61 $253.34 5.6 %
Chico Hot Springs Resort & Day Spa$209.99 $225.20 (6.8)%54.0 %61.8 %(7.8)%$113.49 $139.16 (18.4)%$282.72 $329.64 (14.2)%
Courtyard Denver Downtown$213.02 $201.74 5.6 %78.7 %77.8 %0.9 %$167.56 $156.90 6.8 %$191.41 $175.45 9.1 %
Courtyard New York Manhattan/Fifth Avenue$252.33 $250.95 0.5 %92.9 %95.2 %(2.3)%$234.30 $238.83 (1.9)%$243.94 $244.17 (0.1)%
Courtyard New York Manhattan/Midtown East$327.76 $304.09 7.8 %77.3 %89.7 %(12.4)%$253.46 $272.67 (7.0)%$261.05 $282.28 (7.5)%
Embassy Suites by Hilton Bethesda$179.97 $174.28 3.3 %67.6 %67.0 %0.6 %$121.74 $116.72 4.3 %$141.45 $136.18 3.9 %
Havana Cabana Key West$282.48 $293.04 (3.6)%78.2 %87.6 %(9.4)%$220.89 $256.83 (14.0)%$317.21 $361.23 (12.2)%
Henderson Beach Resort$408.26 $388.37 5.1 %59.8 %55.9 %3.9 %$244.31 $217.09 12.5 %$468.67 $439.65 6.6 %
Henderson Park Inn$646.22 $571.49 13.1 %64.6 %68.0 %(3.4)%$417.62 $388.70 7.4 %$696.46 $648.77 7.4 %
Hilton Garden Inn New York/Times Square Central$241.56 $255.78 (5.6)%90.6 %83.0 %7.6 %$218.91 $212.32 3.1 %$246.86 $241.33 2.3 %
Hotel Champlain Burlington$184.80 $179.80 2.8 %60.8 %65.6 %(4.8)%$112.33 $117.91 (4.7)%$174.09 $178.07 (2.2)%
Hotel Clio$327.57 $311.20 5.3 %76.6 %74.7 %1.9 %$250.80 $232.49 7.9 %$412.16 $397.58 3.7 %
Hotel Emblem San Francisco$252.92 $216.44 16.9 %73.3 %63.7 %9.6 %$185.44 $137.95 34.4 %$221.32 $169.02 30.9 %
Kimpton Hotel Palomar Phoenix$268.76 $257.26 4.5 %76.5 %72.2 %4.3 %$205.54 $185.78 10.6 %$339.89 $297.55 14.2 %
Kimpton Shorebreak Fort Lauderdale Beach Resort$243.42 $235.02 3.6 %80.3 %80.4 %(0.1)%$195.56 $188.87 3.5 %$361.66 $356.35 1.5 %
Kimpton Shorebreak Huntington Beach Resort$298.75 $298.15 0.2 %80.2 %77.8 %2.4 %$239.56 $231.86 3.3 %$351.05 $359.91 (2.5)%
L'Auberge de Sedona (1)
$753.64 $804.86 (6.4)%72.8 %44.2 %28.6 %$548.40 $355.74 54.2 %$923.47 $665.65 38.7 %
Lake Austin Spa Resort$972.92 $1,050.08 (7.3)%60.1 %57.4 %2.7 %$584.56 $602.64 (3.0)%$1,423.50 $1,459.90 (2.5)%
Margaritaville Beach House Key West$431.86 $422.83 2.1 %90.7 %89.8 %0.9 %$391.75 $379.71 3.2 %$520.03 $508.65 2.2 %
Salt Lake City Marriott Downtown at City Creek$217.14 $208.48 4.2 %73.4 %71.0 %2.4 %$159.48 $147.93 7.8 %$218.92 $202.94 7.9 %
The Dagny Boston$307.32 $271.07 13.4 %80.6 %82.1 %(1.5)%$247.59 $222.60 11.2 %$272.04 $251.40 8.2 %
The Gwen $318.37 $295.44 7.8 %72.4 %73.2 %(0.8)%$230.40 $216.32 6.5 %$338.03 $323.70 4.4 %
The Hythe Vail$526.79 $529.96 (0.6)%52.8 %58.2 %(5.4)%$278.01 $308.39 (9.9)%$415.55 $453.04 (8.3)%
The Landing Lake Tahoe Resort & Spa$359.55 $357.07 0.7 %55.8 %54.2 %1.6 %$200.73 $193.41 3.8 %$366.80 $366.50 0.1 %
The Lindy Renaissance Charleston Hotel$367.96 $364.41 1.0 %91.0 %89.4 %1.6 %$335.02 $325.83 2.8 %$430.84 $410.87 4.9 %
The Lodge at Sonoma Resort$410.94 $400.40 2.6 %68.3 %67.5 %0.8 %$280.52 $270.37 3.8 %$452.84 $445.58 1.6 %
Tranquility Bay Beachfront Resort$635.14 $668.29 (5.0)%78.3 %79.8 %(1.5)%$497.44 $533.61 (6.8)%$628.48 $678.94 (7.4)%
Westin Boston Seaport District$277.67 $271.43 2.3 %83.0 %82.2 %0.8 %$230.54 $223.20 3.3 %$374.88 $354.08 5.9 %
Westin Fort Lauderdale Beach Resort$294.57 $291.78 1.0 %81.8 %81.7 %0.1 %$241.04 $238.29 1.2 %$479.47 $495.17 (3.2)%
Westin San Diego Bayview$236.51 $235.97 0.2 %80.5 %79.7 %0.8 %$190.27 $188.08 1.2 %$267.58 $259.04 3.3 %
Worthington Renaissance Fort Worth Hotel$213.18 $207.93 2.5 %70.5 %75.5 %(5.0)%$150.21 $157.01 (4.3)%$283.56 $294.60 (3.7)%
Comparable Total (2)
$298.24 $287.45 3.8 %72.2 %71.5 %0.7 %$215.30 $205.47 4.8 %$335.44 $321.94 4.2 %
(1) During the fourth quarter 2025, Orchards Inn Sedona and L'Auberge de Sedona were combined and now operate as one hotel. Amounts presented have been adjusted to reflect the combination.
(2) Amounts exclude the Courtyard New York Manhattan/Fifth Avenue which was sold in 2026 and the Westin Washington D.C. City Center which was sold in 2025.
17


18


Hotel Adjusted EBITDA Reconciliation - Second Quarter 2026
Net Income (Loss)Plus:Plus:Plus:Equals: Hotel Adjusted EBITDA
Total RevenuesDepreciation
Interest Expense (1)
Adjustments (2)
AC Hotel Minneapolis Downtown$2,953 $640 $316 $— $— $956 
Atlanta Marriott Alpharetta$4,853 $1,537 $405 $— $— $1,942 
Bourbon Orleans Hotel $4,984 $835 $1,218 $— $3 $2,056 
Cavallo Point, The Lodge at the Golden Gate $14,502 $2,828 $1,538 $— $94 $4,460 
Chicago Marriott Downtown Magnificent Mile$42,128 $18,107 $3,094 $6 $(397)$20,810 
Chico Hot Springs Resort & Day Spa$2,825 $(500)$489 $— $2 $(9)
Courtyard Denver Downtown$3,416 $1,245 $400 $— $— $1,645 
Courtyard New York Manhattan/Fifth Avenue$1,722 $343 $— $95 $70 $508 
Courtyard New York Manhattan/Midtown East$10,028 $2,510 $835 $— $— $3,345 
Embassy Suites by Hilton Bethesda$4,322 $(893)$456 $— $1,424 $987 
Havana Cabana Key West $2,852 $390 $312 $— $— $702 
Henderson Beach Resort $16,106 $4,610 $1,153 $— $— $5,763 
Henderson Park Inn $3,516 $1,702 $306 $— $— $2,008 
Hilton Garden Inn New York/Times Square Central$7,586 $1,649 $787 $— $— $2,436 
Hotel Champlain Burlington $5,454 $508 $813 $— $— $1,321 
Hotel Clio$8,253 $1,886 $695 $— $(4)$2,577 
Hotel Emblem San Francisco$1,663 $89 $193 $— $— $282 
Kimpton Hotel Palomar Phoenix$6,395 $482 $742 $— $186 $1,410 
Kimpton Shorebreak Fort Lauderdale Beach Resort$2,431 $(51)$371 $— $— $320 
Kimpton Shorebreak Huntington Beach Resort $5,147 $1,241 $353 $— $— $1,594 
L'Auberge de Sedona (3)
$14,824 $5,039 $1,180 $— $42 $6,261 
Lake Austin Spa Resort$5,661 $1,095 $733 $— $— $1,828 
Margaritaville Beach House Key West $7,649 $2,593 $773 $— $— $3,366 
Salt Lake City Marriott Downtown at City Creek$10,226 $2,933 $1,056 $— $11 $4,000 
The Dagny Boston$13,250 $4,945 $1,599 $— $— $6,544 
The Gwen $13,219 $4,754 $765 $— $— $5,519 
The Hythe Vail $5,338 $(1,178)$774 $— $— $(404)
The Landing Lake Tahoe Resort & Spa $3,475 $683 $369 $— $— $1,052 
The Lindy Renaissance Charleston Hotel $7,340 $3,434 $366 $— $— $3,800 
The Lodge at Sonoma Resort $9,382 $2,949 $503 $— $— $3,452 
Tranquility Bay Beachfront Resort $5,427 $1,253 $491 $— $— $1,744 
Westin Boston Seaport District$32,090 $7,807 $2,276 $— $(247)$9,836 
Westin Fort Lauderdale Beach Resort $15,359 $2,909 $993 $— $— $3,902 
Westin San Diego Bayview$10,730 $2,055 $1,360 $— $— $3,415 
Worthington Renaissance Fort Worth Hotel$13,180 $3,350 $966 $— $— $4,316 
Total$318,286 $83,779 $28,680 $101 $1,184 $113,723 
Less: Sold Hotel (4)
$(1,722)$(343)$— $(95)$(70)$(508)
Comparable Total$316,564 $83,436 $28,680 $6 $1,114 $113,215 
(1) Includes cash ground rent expense for Courtyard New York Manhattan/Fifth Avenue that is classified as interest expense as it is a financing lease for GAAP purposes.
(2) Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities.
(3) During the fourth quarter 2025, Orchards Inn Sedona and L'Auberge de Sedona were combined and now operate as one hotel. Amounts presented have been adjusted to reflect the combination.
(4) Represents the operating results of the Courtyard New York Manhattan/Fifth Avenue sold in 2026.
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20

Hotel Adjusted EBITDA Reconciliation - Second Quarter 2025
Net Income (Loss)Plus:Plus:Plus:Equals: Hotel
Total RevenuesDepreciation
Interest Expense (1)
Adjustments (2)
Adjusted EBITDA
AC Hotel Minneapolis Downtown$2,746 $555 $298 $— $— $853 
Atlanta Marriott Alpharetta$4,343 $1,270 $378 $— $— $1,648 
Bourbon Orleans Hotel$4,301 $508 $1,109 $— $3 $1,620 
Cavallo Point, The Lodge at the Golden Gate $12,513 $2,266 $1,483 $— $94 $3,843 
Chicago Marriott Downtown Magnificent Mile$37,909 $8,420 $3,048 $6 $(399)$11,075 
Chico Hot Springs Resort & Day Spa$3,681 $335 $441 $— $— $776 
Courtyard Denver Downtown$3,480 $1,154 $386 $— $— $1,540 
Courtyard New York Manhattan/Fifth Avenue$5,721 $952 $344 $282 $206 $1,784 
Courtyard New York Manhattan/Midtown East$9,760 $2,773 $536 $— $— $3,309 
Embassy Suites by Hilton Bethesda$4,120 $(988)$482 $— $1,440 $934 
Havana Cabana Key West $2,929 $523 $235 $— $— $758 
Henderson Beach Resort$14,895 $4,032 $1,112 $— $— $5,144 
Henderson Park Inn$3,082 $1,427 $273 $— $— $1,700 
Hilton Garden Inn New York/Times Square Central$8,258 $1,972 $778 $— $— $2,750 
Hotel Champlain Burlington $5,362 $300 $782 $— $— $1,082 
Hotel Clio$8,328 $946 $848 $600 $5 $2,399 
Hotel Emblem San Francisco$1,423 $(189)$292 $— $— $103 
Kimpton Hotel Palomar Phoenix$5,621 $454 $509 $— $190 $1,153 
Kimpton Shorebreak Fort Lauderdale Beach Resort$2,546 $(71)$371 $— $— $300 
Kimpton Shorebreak Huntington Beach Resort $5,478 $1,632 $338 $— $— $1,970 
L'Auberge de Sedona (3)
$10,607 $2,422 $764 $— $42 $3,228 
Lake Austin Spa Resort$6,104 $1,348 $719 $— $— $2,067 
Margaritaville Beach House Key West $7,633 $2,478 $760 $— $— $3,238 
Salt Lake City Marriott Downtown at City Creek$9,680 $2,690 $1,062 $— $11 $3,763 
The Dagny Boston$11,660 $3,377 $1,566 $— $— $4,943 
The Gwen$12,108 $3,058 $757 $— $— $3,815 
The Hythe Vail $6,013 $(1,355)$1,149 $— $— $(206)
The Landing Lake Tahoe Resort & Spa $3,278 $558 $315 $— $— $873 
The Lindy Renaissance Charleston Hotel $7,049 $3,167 $368 $— $— $3,535 
The Lodge at Sonoma Resort $8,812 $2,781 $478 $— $— $3,259 
Tranquility Bay Beachfront Resort$5,897 $1,519 $466 $— $— $1,985 
Westin Boston Seaport District$29,725 $5,158 $2,303 $1,884 $(122)$9,223 
Westin Fort Lauderdale Beach Resort $16,484 $2,172 $1,113 $— $— $3,285 
Westin San Diego Bayview$10,600 $1,818 $1,349 $— $— $3,167 
Worthington Renaissance Fort Worth Hotel$13,574 $3,258 $944 $263 $— $4,465 
Total $305,720 $62,720 $28,156 $3,035 $1,470 $95,360 
Less: Sold Hotel (4)
$(5,721)$(952)$(344)$(282)$(206)$(1,784)
Comparable Total$299,999 $61,768 $27,812 $2,753 $1,264 $93,576 
(1) Includes cash ground rent expense for Courtyard New York Manhattan/Fifth Avenue that is classified as interest expense as it is a financing lease for GAAP purposes.
(2) Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities.
(3) During the fourth quarter 2025, Orchards Inn Sedona and L'Auberge de Sedona were combined and now operate as one hotel. Amounts presented have been adjusted to reflect the combination.
(4) Represents the operating result of the Courtyard New York Manhattan/Fifth Avenue sold in 2026.


Hotel Adjusted EBITDA Reconciliation - Year to Date 2026
Total RevenuesNet Income (Loss)Plus: Depreciation
Plus: Interest Expense (1)
Plus: Adjustments (2)
Equals: Hotel Adjusted EBITDA
AC Hotel Minneapolis Downtown$4,436 $239 $626 $— $— $865 
Atlanta Marriott Alpharetta$9,389 $2,966 $801 $— $— $3,767 
Bourbon Orleans Hotel$10,049 $1,907 $2,377 $— $6 $4,290 
Cavallo Point, The Lodge at the Golden Gate $27,973 $5,399 $3,100 $— $187 $8,686 
Chicago Marriott Downtown Magnificent Mile$58,126 $13,817 $6,191 $13 $(795)$19,226 
Chico Hot Springs Resort & Day Spa$5,987 $(770)$948 $— $1 $179 
Courtyard Denver Downtown$6,132 $1,939 $799 $— $— $2,738 
Courtyard New York Manhattan/Fifth Avenue$5,533 $14 $115 $377 $280 $786 
Courtyard New York Manhattan/Midtown East$15,167 $1,657 $1,380 $— $— $3,037 
Embassy Suites by Hilton Bethesda$6,964 $(2,795)$923 $— $2,859 $987 
Havana Cabana Key West$6,086 $1,213 $574 $— $— $1,787 
Henderson Beach Resort$22,904 $4,156 $2,296 $— $— $6,452 
Henderson Park Inn$4,664 $1,560 $604 $— $— $2,164 
Hilton Garden Inn New York/Times Square Central$12,600 $1,124 $1,576 $— $— $2,700 
Hotel Champlain Burlington$8,040 $(794)$1,622 $— $— $828 
Hotel Clio$14,846 $2,415 $1,497 $— $— $3,912 
Hotel Emblem San Francisco$3,846 $660 $387 $— $— $1,047 
Kimpton Hotel Palomar Phoenix$14,888 $2,765 $1,424 $— $375 $4,564 
Kimpton Shorebreak Fort Lauderdale Beach Resort$6,284 $915 $742 $— $— $1,657 
Kimpton Shorebreak Huntington Beach Resort$9,976 $2,029 $703 $— $— $2,732 
L'Auberge de Sedona (3)
$26,409 $8,119 $2,350 $— $84 $10,553 
Lake Austin Spa Resort$10,306 $1,489 $1,458 $— $— $2,947 
Margaritaville Beach House Key West$17,507 $7,115 $1,542 $— $— $8,657 
Salt Lake City Marriott Downtown at City Creek$20,208 $5,795 $2,160 $— $21 $7,976 
The Dagny Boston$19,844 $3,910 $3,193 $— $— $7,103 
The Gwen$19,028 $2,788 $1,529 $— $— $4,317 
The Hythe Vail$25,874 $8,879 $1,551 $— $— $10,430 
The Landing Lake Tahoe Resort & Spa$5,444 $336 $722 $— $— $1,058 
The Lindy Renaissance Charleston Hotel$13,023 $5,560 $739 $— $— $6,299 
The Lodge at Sonoma Resort$14,918 $3,215 $1,005 $— $— $4,220 
Tranquility Bay Beachfront Resort$11,717 $2,732 $965 $— $— $3,697 
Westin Boston Seaport District$53,806 $8,314 $4,570 $— $(495)$12,389 
Westin Fort Lauderdale Beach Resort$37,490 $10,927 $1,976 $— $— $12,903 
Westin San Diego Bayview$21,116 $4,070 $2,719 $— $— $6,789 
Worthington Renaissance Fort Worth Hotel$25,868 $6,243 $1,918 $— $— $8,161 
Total $576,448 $119,908 $57,082 $390 $2,523 $179,879 
Less: Sold Hotel (4)
$(5,533)$(14)$(115)$(377)$(280)$(786)
Comparable Total$570,915 $119,894 $56,967 $13 $2,243 $179,093 
(1) Includes cash ground rent expense for Courtyard New York Manhattan/Fifth Avenue that is classified as interest expense as it is a financing lease for GAAP purposes.
(2) Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities.
(3) During the fourth quarter 2025, Orchards Inn Sedona and L'Auberge de Sedona were combined and now operate as one hotel. Amounts presented have been adjusted to reflect the combination.
(4) Represents the operating results of the Courtyard New York Manhattan/Fifth Avenue sold in 2026.
Hotel Adjusted EBITDA Reconciliation - Year to Date 2025
Net Income (Loss)Plus: Depreciation
Plus: Interest Expense (1)
Plus: Adjustments (2)
Equals: Hotel Adjusted EBITDA
Total Revenues
AC Hotel Minneapolis Downtown$4,151 $192 $595 $— $— $787 
Atlanta Marriott Alpharetta$9,131 $2,875 $741 $— $— $3,616 
Bourbon Orleans Hotel$9,493 $1,877 $2,166 $— $6 $4,049 
Cavallo Point, The Lodge at the Golden Gate $22,198 $1,999 $2,939 $— $187 $5,125 
Chicago Marriott Downtown Magnificent Mile$55,024 $5,402 $6,158 $12 $(793)$10,779 
Chico Hot Springs Resort & Day Spa$6,981 $99 $871 $— $— $970 
Courtyard Denver Downtown$5,621 $1,285 $769 $— $— $2,054 
Courtyard New York Manhattan/Fifth Avenue$9,404 $308 $686 $567 $403 $1,964 
Courtyard New York Manhattan/Midtown East$16,401 $3,055 $1,066 $— $— $4,121 
Embassy Suites by Hilton Bethesda$6,705 $(2,959)$1,028 $— $2,889 $958 
Havana Cabana Key West$6,931 $1,886 $548 $— $— $2,434 
Henderson Beach Resort$21,486 $3,098 $2,222 $— $— $5,320 
Henderson Park Inn$4,345 $1,394 $551 $— $— $1,945 
Hilton Garden Inn New York/Times Square Central$12,318 $886 $1,436 $— $— $2,322 
Hotel Champlain Burlington$8,315 $(919)$1,562 $— $— $643 
Hotel Clio$14,320 $244 $1,702 $1,200 $10 $3,156 
Hotel Emblem San Francisco$2,937 $(245)$586 $— $— $341 
Kimpton Hotel Palomar Phoenix$13,033 $2,410 $1,016 $— $383 $3,809 
Kimpton Shorebreak Fort Lauderdale Beach Resort$6,192 $625 $740 $— $— $1,365 
Kimpton Shorebreak Huntington Beach Resort$10,228 $2,465 $680 $— $— $3,145 
L'Auberge de Sedona (3)
$19,036 $3,893 $1,270 $— $84 $5,247 
Lake Austin Spa Resort$10,570 $1,629 $1,435 $— $— $3,064 
Margaritaville Beach House Key West$17,124 $6,430 $1,520 $— $— $7,950 
Salt Lake City Marriott Downtown at City Creek$18,734 $5,264 $2,110 $— $21 $7,395 
The Dagny Boston$18,338 $2,391 $3,126 $— $— $5,517 
The Gwen $18,221 $1,433 $1,511 $— $— $2,944 
The Hythe Vail$28,208 $9,245 $2,310 $— $— $11,555 
The Landing Lake Tahoe Resort & Spa$5,440 $446 $634 $— $— $1,080 
The Lindy Renaissance Charleston Hotel$12,419 $5,091 $731 $— $— $5,822 
The Lodge at Sonoma Resort$14,678 $3,217 $971 $— $— $4,188 
Tranquility Bay Beachfront Resort$12,657 $3,453 $934 $— $— $4,387 
Westin Boston Seaport District$50,822 $3,990 $4,604 $3,761 $(245)$12,110 
Westin Fort Lauderdale Beach Resort$38,718 $9,501 $2,227 $— $— $11,728 
Westin San Diego Bayview$20,442 $3,435 $2,698 $— $— $6,133 
Westin Washington D.C. City Center$3,077 $331 $— $— $— $331 
Worthington Renaissance Fort Worth Hotel$26,875 $5,862 $1,905 $940 $— $8,707 
Total $560,573 $91,588 $56,048 $6,480 $2,945 $157,024 
Less: Sold Hotels (4)
$(12,481)$(639)$(686)$(567)$(403)$(2,295)
Comparable Total$548,092 $90,949 $55,362 $5,913 $2,542 $154,729 
(1) Includes cash ground rent expense for Courtyard New York Manhattan/Fifth Avenue that is classified as interest expense as it is a financing lease for GAAP purposes.
(2) Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities.
(3) During the fourth quarter 2025, Orchards Inn Sedona and L'Auberge de Sedona were combined and now operate as one hotel. Amounts presented have been adjusted to reflect the combination.
(4) Represents the operating result of the Courtyard New York Manhattan/Fifth Avenue sold in 2026 and the Westin Washington D.C. City Center sold in 2025.