Exhibit 99.2


Supplemental Financial Information For the quarter ended June 30, 2026 August 6, 2026

Supplemental Financial Information
August 6, 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								19


	Supplemental Financial Information August 6, 2026

CORPORATE PROFILE AND DISCLOSURES
REGARDING NON-GAAP FINANCIAL MEASURES


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


	Supplemental Financial Information August 6, 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 August 6, 2026 owns 13 hotels comprised of 6,178 rooms, all 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 August 6, 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 August 6, 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 August 6, 2026

COMPARABLE CORPORATE FINANCIAL INFORMATION


COMPARABLE CORPORATE FINANCIAL INFORMATION								Page 6


	Supplemental Financial Information August 6, 2026

Comparable Consolidated Statements of Operations

Q2 2026 – Q3 2025, Trailing 12 Months


	Quarter Ended (1)								Trailing 12 Months (1)
(Unaudited and in thousands)	June 30,		March 31,		December 31,		September 30,		Ended
	2026		2026		2025		2025		June 30, 2026
Revenues
Room	$	148,108	$	139,313	$	125,106	$	120,398	$	532,925
Food and beverage		72,796		68,533		64,143		60,133		265,605
Other operating		27,446		22,589		23,968		23,192		97,195
Total revenues		248,350		230,435		213,217		203,723		895,725

Operating Expenses
Room		35,625		34,612		32,264		31,796		134,297
Food and beverage		48,734		45,926		44,097		43,990		182,747
Other expenses		90,228		86,069		79,287		78,287		333,871
Corporate overhead		8,760		6,835		7,369		6,970		29,934
Depreciation and amortization		30,469		30,331		30,319		30,069		121,188
Impairment and other losses		1,639		—		—		—		1,639
Total operating expenses		215,455		203,773		193,336		191,112		803,676

Interest and other income		3,791		1,533		3,940		3,160		12,424
Interest expense		(11,782)		(11,277)		(13,707)		(13,412)		(50,178)
Loss on extinguishment of debt		—		—		—		(180)		(180)
Income before income taxes		24,904		16,918		10,114		2,179		54,115
Income tax (provision) benefit, net		(187)		(122)		56		(137)		(390)
Net income	$	24,717	$	16,796	$	10,170	$	2,042	$	53,725

(1)	Includes results for all 14 hotels owned by the Company as of June 30, 2026, except for Hyatt Regency San Francisco, which was sold in July 2026.


COMPARABLE CORPORATE FINANCIAL INFORMATION								Page 7


	Supplemental Financial Information August 6, 2026

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

Q2 2026 – Q3 2025, Trailing 12 Months


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

Net income	$	26,025	$	18,557	$	7,217	$	1,322	$	53,121
Depreciation and amortization		34,260		34,177		34,180		33,928		136,545
Interest expense		11,782		11,277		13,707		13,412		50,178
Income tax provision (benefit), net		187		122		(56)		137		390
Impairment and other losses		1,639		—		—		—		1,639
EBITDAre		73,893		64,133		55,048		48,799		241,873

Amortization of deferred stock compensation		3,557		1,889		1,958		1,905		9,309
Amortization of right-of-use assets and obligations		(225)		(217)		(167)		(158)		(767)
Loss on extinguishment of debt		—		—		—		180		180
(Gain) loss on property damage, net		(2,473)		1,930		(277)		(674)		(1,494)
Property-level management transition costs		118		—		—		—		118
Property-level legal settlement costs		935		—		—		—		935
Management transition costs		907		—		—		—		907
Adjustments to EBITDAre, net		2,819		3,602		1,514		1,253		9,188

Adjusted EBITDAre		76,712		67,735		56,562		50,052		251,061
Sold hotel Adjusted EBITDAre (1)		(5,099)		(5,607)		(908)		(3,139)		(14,753)

Comparable Adjusted EBITDAre		71,613		62,128		55,654		46,913		236,308

Corporate-level adjustments, net (2)		3,445		4,082		1,701		2,646		11,874

Current Portfolio Hotel Adjusted EBITDAre	$	75,058	$	66,210	$	57,355	$	49,559	$	248,182

*Footnotes on page 10


COMPARABLE CORPORATE FINANCIAL INFORMATION									Page 8


	Supplemental Financial Information August 6, 2026

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

Q2 2026 – Q3 2025, Trailing 12 Months


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

Net income	$	26,025	$	18,557	$	7,217	$	1,322	$	53,121
Preferred stock dividends, net of gain on repurchases		(46)		(2,602)		(3,985)		(4,262)		(10,895)
Real estate depreciation and amortization		33,918		33,832		33,834		33,581		135,165
Impairment and other losses		1,639		—		—		—		1,639
FFO attributable to common stockholders		61,536		49,787		37,066		30,641		179,030

Amortization of deferred stock compensation		3,557		1,889		1,958		1,905		9,309
Real estate amortization of right-of-use assets and obligations		(200)		(186)		(137)		(130)		(653)
Amortization of contract intangibles, net		314		315		315		315		1,259
Noncash interest on derivatives, net		(1,964)		(2,121)		210		(495)		(4,370)
Loss on extinguishment of debt		—		—		—		180		180
(Gain) loss on property damage, net		(2,473)		1,930		(277)		(674)		(1,494)
Property-level management transition costs		118		—		—		—		118
Property-level legal settlement costs		935		—		—		—		935
Management transition costs		907		—		—		—		907
Gain on preferred stock repurchases, net		(3,685)		(1,500)		(254)		—		(5,439)
Adjustments to FFO attributable to common stockholders, net		(2,491)		327		1,815		1,101		752

Adjusted FFO attributable to common stockholders		59,045		50,114		38,881		31,742		179,782
Sold hotel Adjusted FFO (1)		(5,099)		(5,607)		(908)		(3,139)		(14,753)

Comparable Adjusted FFO attributable to common stockholders	$	53,946	$	44,507	$	37,973	$	28,603	$	165,029

Comparable Adjusted FFO attributable to common stockholders per diluted share	$	0.29	$	0.24	$	0.20	$	0.15	$	0.89

Basic weighted average shares outstanding		185,333		188,361		189,172		189,253		188,030
Shares associated with unvested restricted stock awards		423		428		776		859		622
Diluted weighted average shares outstanding		185,756		188,789		189,948		190,112		188,652
Equity transactions (3)		(282)		(3,429)		(4,526)		(4,614)		(3,213)
Comparable diluted weighted average shares outstanding		185,474		185,360		185,422		185,498		185,439

*Footnotes on page 10


COMPARABLE CORPORATE FINANCIAL INFORMATION									Page 9


	Supplemental Financial Information August 6, 2026

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

FFO and Adjusted FFO Attributable to Common Stockholders

Q2 2026 – Q3 2025, Trailing 12 Months Footnotes

(1)	Sold hotel Adjusted EBITDAre and Adjusted FFO include results for Hilton New Orleans St. Charles, sold in June 2025, and Hyatt Regency San Francisco, which was sold in July 2026.

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


COMPARABLE CORPORATE FINANCIAL INFORMATION								Page 10


	Supplemental Financial Information August 6, 2026

CAPITALIZATION


CAPITALIZATION								Page 11


	Supplemental Financial Information August 6, 2026

Comparative Capitalization
Q2 2026 – Q2 2025


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

Common Share Price & Dividends
At the end of the quarter		$	11.45		$	9.01		$	8.94		$	9.37		$	8.68
High during quarter ended		$	11.92		$	9.71		$	9.86		$	9.92		$	9.49
Low during quarter ended		$	8.99		$	8.73		$	8.81		$	8.63		$	7.72
Common dividends per share		$	0.09		$	0.09		$	0.09		$	0.09		$	0.09

Common Shares & Units
Common shares outstanding			185,944			186,967			189,710			189,912			190,171
Units outstanding			—			—			—			—			—
Total common shares and units outstanding			185,944			186,967			189,710			189,912			190,171

Capitalization
Market value of common equity		$	2,129,063		$	1,684,576		$	1,696,003		$	1,779,474		$	1,650,681
Liquidation value of preferred equity - Series G			66,250			66,250			66,250			66,250			66,250
Liquidation value of preferred equity - Series H			99,368			107,579			113,648			115,000			115,000
Liquidation value of preferred equity - Series I			79,530			96,716			99,774			100,000			100,000
Total debt			980,000			955,000			930,000			930,000			872,000
Total capitalization		$	3,354,211		$	2,910,121		$	2,905,675		$	2,990,724		$	2,803,931

Total debt to total capitalization			29.2	%		32.8	%		32.0	%		31.1	%		31.1	%
Total debt and preferred equity to total capitalization			36.5	%		42.1	%		41.6	%		40.5	%		41.1	%


CAPITALIZATION								Page 12


	Supplemental Financial Information August 6, 2026

Debt and Preferred Stock Summary Schedule


(In thousands)		Interest Rate /		Maturity			June 30, 2026
Unsecured Debt		Spread		Date (1)			Balance (2)

Series B Senior Notes		4.79%		01/10/2028		$	105,000
Revolving Line of Credit (2)		5.11%		09/24/2030			—
Term Loan 1 (3)		4.67%		01/24/2031			275,000
Term Loan 2 (3)		5.34%		01/24/2031			275,000
Term Loan 3 (3)		5.10%		01/24/2031			300,000
Total Unsecured Debt						$	955,000

Preferred Stock
Series G cumulative redeemable preferred (4)		6.500%		Perpetual		$	66,250
Series H cumulative redeemable preferred		6.125%		Perpetual			99,368
Series I cumulative redeemable preferred		5.700%		Perpetual			79,530
Total Preferred Stock						$	245,148

Debt and Preferred Statistics (2)
				Debt Statistics			Debt and Preferred Statistics
% Fixed Rate				60.7	%		68.8	%
% Floating Rate				39.3	%		31.2	%
Average Interest Rate				5.01	%		5.23	%
Weighted Average Maturity of Debt				4.2 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 3.4 years to 4.2 years.

(2)	On July 31, 2026, the Company repaid the $25.0 million that was outstanding on its $500.0 million credit facility as of June 30, 2026. Following the repayment, the Company has full capacity available for future borrowing. Debt and preferred statistics reflect the effect of this payment.

(3)	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.

(4)

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 6.5%. 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 August 6, 2026

PROPERTY-LEVEL DATA AND OPERATING STATISTICS


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 14


	Supplemental Financial Information August 6, 2026

Hotel Information as of August 6, 2026


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

1	Hilton San Diego Bayfront (1) (2)		California		Hilton		1,190		19%		Leasehold		2011 / 2022
2	The Westin Washington, DC Downtown		Washington DC		Marriott		807		13%		Fee Simple		2005
3	Renaissance Orlando at SeaWorld®		Florida		Marriott		781		13%		Fee Simple		2005
4	Hyatt Regency San Antonio Riverwalk		Texas		Hyatt		630		10%		Fee Simple		2024
5	Wailea Beach Resort		Hawaii		Marriott		543		9%		Fee Simple		2014
6	JW Marriott New Orleans (3)		Louisiana		Marriott		501		8%		Fee Simple		2011
7	Marriott Boston Long Wharf		Massachusetts		Marriott		415		7%		Fee Simple		2007
8	Marriott Long Beach Downtown		California		Marriott		376		6%		Fee Simple		2005
9	Andaz Miami Beach		Florida		Hyatt		287		5%		Fee Simple		2022
10	The Bidwell Marriott Portland		Oregon		Marriott		258		4%		Fee Simple		2000
11	Hilton Key West Resort & Marina (4)		Florida		Hilton		175		3%		Fee Simple		2017
12	Montage Healdsburg (5)		California		Montage		130		2%		Fee Simple		2021
13	Four Seasons Resort Napa Valley (5)		California		Four Seasons		85		1%		Fee Simple		2021

	Total Portfolio						6,178		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)	Hilton Key West Resort & Marina debuted in July 2026, following the hotel's conversion from Oceans Edge Resort & Marina.

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


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 15


	Supplemental Financial Information August 6, 2026

Property-Level Operating Statistics

ADR, Occupancy, RevPAR and Total RevPAR (TRevPAR)

Q2 2026 vs Q2 2025


Hotels sorted by number of rooms	For the Quarters Ended June 30,
	ADR					Occupancy						RevPAR					TRevPAR
	2026		2025		Change	2026		2025	Change		2026			2025		Change	2026		2025		Change
Hilton San Diego Bayfront	$	293	$	294	(0.2)%	79.7%		87.0%	(730)	bps	$	234		$	256	(8.6)%	$	403	$	440	(8.4)%
Hyatt Regency San Francisco		323		289	11.5%	83.7%		80.3%	340	bps		270			232	16.2%		385		338	14.0%
The Westin Washington, DC Downtown		323		317	1.8%	75.8%		73.1%	270	bps		245			232	5.5%		396		376	5.3%
Renaissance Orlando at SeaWorld®		200		193	3.4%	71.7%		74.1%	(240)	bps		143			143	0.1%		314		319	(1.5)%
Hyatt Regency San Antonio Riverwalk		181		200	(9.7)%	74.1%		68.8%	530	bps		134			138	(2.8)%		230		229	0.2%
Wailea Beach Resort		589		602	(2.2)%	81.7%		69.6%	1,210	bps		481			419	14.8%		767		696	10.1%
JW Marriott New Orleans		251		241	4.0%	71.8%		70.4%	140	bps		180			170	6.1%		265		247	7.4%
Marriott Boston Long Wharf		423		415	2.0%	89.5%		85.0%	450	bps		378			352	7.4%		515		490	5.1%
Marriott Long Beach Downtown		258		246	5.0%	78.3%		79.9%	(160)	bps		202			196	2.9%		273		273	0.1%
The Bidwell Marriott Portland		153		147	4.1%	77.3%		81.8%	(450)	bps		119			121	(1.6)%		158		166	(5.3)%
Oceans Edge Resort & Marina		296		275	7.7%	71.3%		79.9%	(860)	bps		211			219	(3.9)%		417		409	2.1%
Montage Healdsburg		1,123		1,103	1.7%	75.0%		71.3%	370	bps		842			787	7.0%		1,694		1,567	8.1%
Four Seasons Resort Napa Valley		1,365		1,366	(0.1)%	70.0%		67.8%	220	bps		956			926	3.2%		1,777		1,750	1.6%

Total Portfolio, excluding Andaz Miami Beach (1)		335		323	3.5%	77.8%		77.2%	60	bps		260			250	4.3%		429		417	3.0%

Andaz Miami Beach (2)		470		324	45.3%	72.1%		14.6%	5,750	bps		339			47	617.4%		551		89	517.9%

Total Portfolio (3)	$	340	$	323	5.1%	77.6%		74.6%	300	bps	$	264		$	241	9.3%	$	434	$	403	7.7%


Current Portfolio (4)	$	342	$	328	4.2%	76.8%		73.9%	290	bps	$	263		$	243	8.3%	$	441	$	412	7.0%

*Footnotes on page 18


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 16


	Supplemental Financial Information August 6, 2026

Property-Level Operating Statistics

ADR, Occupancy, RevPAR and Total RevPAR (TRevPAR)

YTD Q2 2026 vs YTD Q2 2025


Hotels sorted by number of rooms	For the Six Months Ended June 30,
	ADR					Occupancy					RevPAR						TRevPAR
	2026		2025		Change	2026		2025	Change		2026			2025		Change	2026		2025			Change
Hilton San Diego Bayfront	$	298	$	291	2.2%	78.8%		81.6%	(280)	bps	$	235		$	238	(1.3)%	$	408	$	428		(4.7)%
Hyatt Regency San Francisco		349		302	15.6%	80.7%		76.7%	400	bps		282			232	21.6%		391		335		16.7%
The Westin Washington, DC Downtown		309		317	(2.5)%	72.0%		71.5%	50	bps		222			226	(1.8)%		358		358		(0.1)%
Renaissance Orlando at SeaWorld®		217		213	1.9%	70.5%		76.5%	(600)	bps		153			163	(6.1)%		344		349		(1.4)%
Hyatt Regency San Antonio Riverwalk		191		199	(3.9)%	73.7%		68.7%	500	bps		141			137	3.1%		238		228		4.5%
Wailea Beach Resort		633		634	(0.2)%	82.9%		72.0%	1,090	bps		525			456	15.0%		803		714		12.4%
JW Marriott New Orleans		264		282	(6.3)%	71.6%		71.5%	10	bps		189			202	(6.2)%		280		280		0.1%
Marriott Boston Long Wharf		361		359	0.6%	78.9%		78.5%	40	bps		285			282	1.1%		402		397		1.2%
Marriott Long Beach Downtown		253		241	5.0%	75.8%		78.2%	(240)	bps		192			188	1.8%		270		264		2.3%
The Bidwell Marriott Portland		148		150	(1.3)%	74.4%		77.4%	(300)	bps		110			116	(5.2)%		149		156		(4.1)%
Oceans Edge Resort & Marina		341		324	5.4%	80.9%		82.1%	(120)	bps		276			266	3.9%		477		450		5.9%
Montage Healdsburg		1,021		989	3.3%	62.6%		55.3%	730	bps		639			547	16.9%		1,252		1,094		14.4%
Four Seasons Resort Napa Valley		1,179		1,186	(0.6)%	61.4%		55.8%	560	bps		724			662	9.4%		1,374		1,280		7.3%

Total Portfolio, excluding Andaz Miami Beach (1)		334		321	4.0%	75.7%		75.0%	70	bps		253			241	5.0%		414		397		4.1%

Andaz Miami Beach (2)		521		324	61.0%	79.2%		7.3%	7,190	bps		413			24	1646.7%		637		47		1244.7%

Total Portfolio (3)	$	342	$	321	6.5%	75.8%		72.3%	350	bps	$	259		$	232	11.7%	$	423	$	383		10.4%


Current Portfolio (4)	$	341	$	324	5.3%	75.2%		71.7%	350	bps	$	256		$	232	10.5%	$	427	$	389		9.7%

*Footnotes on page 18


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 17


	Supplemental Financial Information August 6, 2026

Property-Level Operating Statistics

Q2 & YTD 2026 vs. 2025 Footnotes

(1)	Total Portfolio, excluding Andaz Miami Beach includes all hotels owned by the Company as of June 30, 2026, with the exception of Andaz Miami Beach due to its renovation and subsequent ramp up activity during the first six months of 2026 and 2025.

(2)

Operating statistics for the first six months 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 14 hotels owned by the Company as of June 30, 2026.

(4)	Current Portfolio consists of all 13 hotels owned by the Company as of August 6, 2026.


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 18


	Supplemental Financial Information August 6, 2026

PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre &

ADJUSTED EBITDAre MARGINS


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


	Supplemental Financial Information August 6, 2026

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q2 2026 vs Q2 2025


Hotels sorted by number of rooms	For the Quarters Ended June 30,
	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	$	43,633		$	11,717		26.9%		$	47,636		$	15,490		32.5%		(560)	bps
Hyatt Regency San Francisco		28,759			5,099		17.7%			25,227			3,085		12.2%		550	bps
The Westin Washington, DC Downtown		29,106			9,699		33.3%			27,636			8,889		32.2%		110	bps
Renaissance Orlando at SeaWorld®		22,350			6,475		29.0%			22,684			6,757		29.8%		(80)	bps
Hyatt Regency San Antonio Riverwalk		13,177			4,483		34.0%			13,148			4,929		37.5%		(350)	bps
Wailea Beach Resort		37,894			12,730		33.6%			34,438			11,352		33.0%		60	bps
JW Marriott New Orleans		12,087			4,861		40.2%			11,248			4,531		40.3%		(10)	bps
Marriott Boston Long Wharf		19,461			8,544		43.9%			18,516			7,831		42.3%		160	bps
Marriott Long Beach Downtown		9,343			2,908		31.1%			9,338			2,962		31.7%		(60)	bps
The Bidwell Marriott Portland		3,703			646		17.4%			3,908			795		20.3%		(290)	bps
Oceans Edge Resort & Marina		6,646			1,891		28.5%			6,507			1,972		30.3%		(180)	bps
Montage Healdsburg		21,168			6,463		30.5%			19,512			6,677		34.2%		(370)	bps
Four Seasons Resort Napa Valley		15,389			1,850		12.0%			15,285			2,343		15.3%		(330)	bps

Total Portfolio, excluding Andaz Miami Beach (1)		262,716			77,366		29.4%			255,083			77,613		30.4%		(100)	bps

Andaz Miami Beach (2)		14,393			2,791		19.4%			2,329			(2,329)		(100.0)%		11,940	bps

Total Portfolio (3)		277,109			80,157		28.9%			257,412			75,284		29.2%		(30)	bps

Add: Sold Hotel (4)		—			—		N/A			2,360			624		26.4%			N/A

Actual Portfolio (5)	$	277,109		$	80,157		28.9%		$	259,772		$	75,908		29.2%			N/A

Current Portfolio (6)	$	248,350		$	75,058		30.2%		$	232,185		$	72,199		31.1%		(90)	bps

*Footnotes on page 22


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


	Supplemental Financial Information August 6, 2026

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

YTD Q2 2026 vs YTD Q2 2025


Hotels sorted by number of rooms	For the Six Months Ended June 30,
	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	$	87,935		$	23,802		27.1%		$	92,276		$	28,916		31.3%		(420)	bps
Hyatt Regency San Francisco		58,033			10,706		18.4%			49,748			5,708		11.5%		690	bps
The Westin Washington, DC Downtown		52,290			16,505		31.6%			52,360			16,423		31.4%		20	bps
Renaissance Orlando at SeaWorld®		48,659			15,568		32.0%			49,336			16,024		32.5%		(50)	bps
Hyatt Regency San Antonio Riverwalk		27,104			9,750		36.0%			25,946			9,533		36.7%		(70)	bps
Wailea Beach Resort		78,904			27,502		34.9%			70,336			23,342		33.2%		170	bps
JW Marriott New Orleans		25,432			10,897		42.8%			25,395			11,592		45.6%		(280)	bps
Marriott Boston Long Wharf		30,165			9,815		32.5%			29,807			9,767		32.8%		(30)	bps
Marriott Long Beach Downtown		18,361			4,941		26.9%			17,951			4,877		27.2%		(30)	bps
The Bidwell Marriott Portland		6,978			955		13.7%			7,276			1,176		16.2%		(250)	bps
Oceans Edge Resort & Marina		15,116			5,636		37.3%			14,268			5,068		35.5%		180	bps
Montage Healdsburg		31,105			6,265		20.1%			27,010			4,633		17.2%		290	bps
Four Seasons Resort Napa Valley		23,639			343		1.5%			22,222			(571)		(2.6)%		410	bps

Total Portfolio, excluding Andaz Miami Beach (1)		503,721			142,685		28.3%			483,931			136,488		28.2%		10	bps

Andaz Miami Beach (2)		33,097			9,289		28.1%			2,461			(2,804)		(113.9)%		14,200	bps

Total Portfolio (3)		536,818			151,974		28.3%			486,392			133,684		27.5%		80	bps

Add: Sold Hotel (4)		—			—		N/A			7,445			2,996		40.2%			N/A

Actual Portfolio (5)	$	536,818		$	151,974		28.3%		$	493,837		$	136,680		27.7%			N/A

Current Portfolio (6)	$	478,785		$	141,268		29.5%		$	436,644		$	127,976		29.3%		20	bps

*Footnotes on page 22


PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 21


	Supplemental Financial Information August 6, 2026

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q2 & YTD 2026 vs. 2025 Footnotes

(1)	Total Portfolio, excluding Andaz Miami Beach includes all hotels owned by the Company as of June 30, 2026, with the exception of Andaz Miami Beach due to its renovation and subsequent ramp up activity during the first six months of 2026 and 2025.

(2)

Hotel Adjusted EBITDAre for the first six months 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 14 hotels owned by the Company as of June 30, 2026.

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

(5)	Actual Portfolio includes results for the 14 hotels owned by the Company during the second quarter and the first six months of 2026, and the 15 hotels owned by the Company during the second quarter and the first six months of 2025.

(6)	Current Portfolio includes results for the 13 hotels owned by the Company as of August 6, 2026. Excludes results for Hilton New Orleans St. Charles, sold by the Company in June 2025, and Hyatt Regency San Francisco, which was sold in July 2026.


PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS								Page 22