EX-99.2 3 sho-20260227xex99d2.htm EX-99.2

Exhibit 99.2


Supplemental Financial Information For the quarter and year ended December 31, 2025 February 27, 2026

Supplemental Financial Information
February 27, 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 February 27, 2026

CORPORATE PROFILE AND DISCLOSURES
REGARDING NON-GAAP FINANCIAL MEASURES


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


	Supplemental Financial Information February 27, 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 February 27, 2026 owns 14 hotels comprised of approximately 7,000 rooms, the majority of which are operated under nationally recognized brands. Sunstone’s strategy is to create long-term stakeholder value through the acquisition, active ownership, and disposition of well-located hotel and resort real estate.

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

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

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

Aaron Reyes
Chief Financial Officer
(949) 382-3018


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


	Supplemental Financial Information February 27, 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 February 27, 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 February 27, 2026

COMPARABLE CORPORATE FINANCIAL INFORMATION


COMPARABLE CORPORATE FINANCIAL INFORMATION								Page 6


	Supplemental Financial Information February 27, 2026

Comparable Consolidated Statements of Operations

Q4 2025 – Q1 2025, FY 2025


	Quarter Ended (1)								Year Ended (1)
(Unaudited and in thousands)	December 31,		September 30,		June 30,		March 31,		December 31,
	2025		2025		2025		2025		2025
Revenues
Room	$	142,177	$	139,523	$	154,061	$	140,482	$	576,243
Food and beverage		69,107		64,419		77,986		67,066		278,578
Other operating		25,682		25,378		25,365		21,432		97,857
Total revenues		236,966		229,320		257,412		228,980		952,678

Operating Expenses
Room		39,422		39,307		40,481		38,353		157,563
Food and beverage		49,088		48,717		53,022		48,806		199,633
Other expenses		89,979		88,560		91,636		86,542		356,717
Corporate overhead		7,369		6,970		8,346		8,905		31,590
Depreciation and amortization		34,180		33,928		33,719		31,673		133,500
Total operating expenses		220,038		217,482		227,204		214,279		879,003

Interest and other income		3,940		3,160		2,300		1,564		10,964
Interest expense		(13,707)		(13,412)		(13,164)		(12,682)		(52,965)
Loss on extinguishment of debt		—		(180)		—		—		(180)
Income before income taxes		7,161		1,406		19,344		3,583		31,494
Income tax benefit (provision), net		56		(137)		(37)		(98)		(216)
Net income	$	7,217	$	1,269	$	19,307	$	3,485	$	31,278

(1)	Includes results for all 14 hotels owned by the Company as of December 31, 2025.


COMPARABLE CORPORATE FINANCIAL INFORMATION								Page 7


	Supplemental Financial Information February 27, 2026

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

Q4 2025 – Q1 2025, FY 2025


	Quarter Ended								Year Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
(In thousands)	2025		2025		2025		2025		2025

Net income	$	7,217	$	1,322	$	10,774	$	5,255	$	24,568
Depreciation and amortization		34,180		33,928		34,125		32,275		134,508
Interest expense		13,707		13,412		13,164		12,682		52,965
Income tax (benefit) provision, net		(56)		137		37		98		216
Loss on sale of assets		—		—		8,751		—		8,751
EBITDAre		55,048		48,799		66,851		50,310		221,008

Amortization of deferred stock compensation		1,958		1,905		2,772		2,064		8,699
Amortization of right-of-use assets and obligations		(167)		(158)		(159)		(141)		(625)
Loss on extinguishment of debt		—		180		—		—		180
Gain on insurance recoveries, net		(277)		(674)		—		(99)		(1,050)
Pre-opening costs		—		—		3,218		3,253		6,471
Management transition costs		—		—		—		1,869		1,869
Adjustments to EBITDAre, net		1,514		1,253		5,831		6,946		15,544

Adjusted EBITDAre		56,562		50,052		72,682		57,256		236,552
Sold hotel Adjusted EBITDAre (1)		—		(53)		(624)		(2,372)		(3,049)

Comparable Adjusted EBITDAre		56,562		49,999		72,058		54,884		233,503

Corporate-level adjustments, net (2)		1,701		2,646		3,226		3,516		11,089

Total Portfolio Hotel Adjusted EBITDAre	$	58,263	$	52,645	$	75,284	$	58,400	$	244,592

*Footnotes on page 10


COMPARABLE CORPORATE FINANCIAL INFORMATION									Page 8


	Supplemental Financial Information February 27, 2026

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

Q4 2025 – Q1 2025, FY 2025


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

Net income	$	7,217	$	1,322	$	10,774	$	5,255	$	24,568
Preferred stock dividends, net of gain on repurchases		(3,985)		(4,262)		(3,932)		(3,931)		(16,110)
Real estate depreciation and amortization		33,834		33,581		33,779		31,918		133,112
Loss on sale of assets		—		—		8,751		—		8,751
FFO attributable to common stockholders		37,066		30,641		49,372		33,242		150,321

Amortization of deferred stock compensation		1,958		1,905		2,772		2,064		8,699
Real estate amortization of right-of-use assets and obligations		(137)		(130)		(134)		(126)		(527)
Amortization of contract intangibles, net		315		315		314		315		1,259
Noncash interest on derivatives, net		210		(495)		181		982		878
Loss on extinguishment of debt		—		180		—		—		180
Gain on insurance recoveries, net		(277)		(674)		—		(99)		(1,050)
Pre-opening costs		—		—		3,218		3,253		6,471
Management transition costs		—		—		—		1,869		1,869
Gain on preferred stock repurchases, net		(254)		—		—		—		(254)
Adjustments to FFO attributable to common stockholders, net		1,815		1,101		6,351		8,258		17,525

Adjusted FFO attributable to common stockholders		38,881		31,742		55,723		41,500		167,846
Sold hotel Adjusted FFO (1)		—		(53)		(624)		(2,372)		(3,049)

Comparable Adjusted FFO attributable to common stockholders	$	38,881	$	31,689	$	55,099	$	39,128	$	164,797

Comparable Adjusted FFO attributable to common stockholders per diluted share	$	0.20	$	0.17	$	0.29	$	0.21	$	0.87

Basic weighted average shares outstanding		189,172		189,253		195,791		200,410		193,613
Shares associated with unvested restricted stock awards		776		859		513		1,214		839
Diluted weighted average shares outstanding		189,948		190,112		196,304		201,624		194,452
Equity transactions (3)		(146)		(234)		(6,806)		(11,499)		(4,628)
Comparable diluted weighted average shares outstanding		189,802		189,878		189,498		190,125		189,824

*Footnotes on page 10


COMPARABLE CORPORATE FINANCIAL INFORMATION									Page 9


	Supplemental Financial Information February 27, 2026

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

FFO and Adjusted FFO Attributable to Common Stockholders

Q4 2025 – Q1 2025, FY 2025 Footnotes

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

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

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


COMPARABLE CORPORATE FINANCIAL INFORMATION								Page 10


	Supplemental Financial Information February 27, 2026

CAPITALIZATION


CAPITALIZATION								Page 11


	Supplemental Financial Information February 27, 2026

Comparative Capitalization
Q4 2025 – Q4 2024


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

Common Share Price & Dividends
At the end of the quarter		$	8.94		$	9.37		$	8.68		$	9.41		$	11.84
High during quarter ended		$	9.86		$	9.92		$	9.49		$	12.10		$	12.38
Low during quarter ended		$	8.81		$	8.63		$	7.72		$	9.41		$	10.00
Common dividends per share		$	0.09		$	0.09		$	0.09		$	0.09		$	0.09

Common Shares & Units
Common shares outstanding			189,710			189,912			190,171			200,370			200,825
Units outstanding			—			—			—			—			—
Total common shares and units outstanding			189,710			189,912			190,171			200,370			200,825

Capitalization
Market value of common equity		$	1,696,003		$	1,779,474		$	1,650,681		$	1,885,477		$	2,377,768
Liquidation value of preferred equity - Series G			66,250			66,250			66,250			66,250			66,250
Liquidation value of preferred equity - Series H			113,648			115,000			115,000			115,000			115,000
Liquidation value of preferred equity - Series I			99,774			100,000			100,000			100,000			100,000
Total debt			930,000			930,000			872,000			845,000			845,000
Total capitalization		$	2,905,675		$	2,990,724		$	2,803,931		$	3,011,727		$	3,504,018

Total debt to total capitalization			32.0	%		31.1	%		31.1	%		28.1	%		24.1	%
Total debt and preferred equity to total capitalization			41.6	%		40.5	%		41.1	%		37.4	%		32.1	%


CAPITALIZATION								Page 12


	Supplemental Financial Information February 27, 2026

Debt and Preferred Stock Summary Schedule


(In thousands)		Interest Rate /		Maturity			December 31, 2025
Unsecured Debt		Spread		Date (1)			Pro Forma Balance (2)

Series A Senior Notes		4.69%		01/10/2026		$	—
Series B Senior Notes		4.79%		01/10/2028			105,000
Revolving Line of Credit		5.23%		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)		5.18%		01/24/2031			300,000
Total Unsecured Debt						$	955,000

Preferred Stock
Series G cumulative redeemable preferred (4)		5.500%		Perpetual		$	66,250
Series H cumulative redeemable preferred		6.125%		Perpetual			113,648
Series I cumulative redeemable preferred		5.700%		Perpetual			99,774
Total Preferred Stock						$	279,672

Debt and Preferred Statistics (2)
				Debt Statistics			Debt and Preferred Statistics
% Fixed Rate				68.6	%		75.7	%
% Floating Rate				31.4	%		24.3	%
Average Interest Rate				5.04	%		5.22	%
Weighted Average Maturity of Debt				4.7 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 3.9 years to 4.7 years.

(2)	Pro Forma Balance includes the effects of the Company's January 2026 transactions, comprising a draw down of the $90.0 million available under the Term Loan 1 delayed draw and the repayment of the $65.0 million Series A Senior Notes at their scheduled maturity.

(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, resulting in an annual dividend rate of 5.5% for 2025. 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 the Company’s total investment in the resort.


CAPITALIZATION								Page 13


	Supplemental Financial Information February 27, 2026

PROPERTY-LEVEL DATA AND OPERATING STATISTICS


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 14


	Supplemental Financial Information February 27, 2026

Hotel Information as of February 27, 2026


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

1	Hilton San Diego Bayfront (1) (2)		California		Hilton		1,190		17%		Leasehold		2011 / 2022
2	Hyatt Regency San Francisco		California		Hyatt		821		12%		Fee Simple		2013
3	The Westin Washington, DC Downtown		Washington DC		Marriott		807		12%		Fee Simple		2005
4	Renaissance Orlando at SeaWorld®		Florida		Marriott		781		11%		Fee Simple		2005
5	Hyatt Regency San Antonio Riverwalk		Texas		Hyatt		630		9%		Fee Simple		2024
6	Wailea Beach Resort		Hawaii		Marriott		543		8%		Fee Simple		2014
7	JW Marriott New Orleans (3)		Louisiana		Marriott		501		7%		Fee Simple		2011
8	Marriott Boston Long Wharf		Massachusetts		Marriott		415		6%		Fee Simple		2007
9	Marriott Long Beach Downtown		California		Marriott		376		5%		Fee Simple		2005
10	Andaz Miami Beach (4)		Florida		Hyatt		287		4%		Fee Simple		2022
11	The Bidwell Marriott Portland		Oregon		Marriott		258		4%		Fee Simple		2000
12	Oceans Edge Resort & Marina		Florida		Independent		175		3%		Fee Simple		2017
13	Montage Healdsburg (5)		California		Montage		130		2%		Fee Simple		2021
14	Four Seasons Resort Napa Valley (5)		California		Four Seasons		85		1%		Fee Simple		2021

	Total Portfolio						6,999		100%

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

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

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

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

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


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 15


	Supplemental Financial Information February 27, 2026

Property-Level Operating Statistics

ADR, Occupancy, RevPAR and Total RevPAR (TRevPAR)

Q4 2025/2024


Hotels sorted by number of rooms	For the Quarters Ended December 31,
	ADR					Occupancy						RevPAR					TRevPAR
	2025		2024		2025 vs. 2024	2025		2024	2025 vs. 2024		2025			2024		2025 vs. 2024	2025		2024		2025 vs. 2024
Hilton San Diego Bayfront	$	259	$	257	1.0%	68.9%		69.7%	(80)	bps	$	178		$	179	(0.2)%	$	337	$	318	5.7%
Hyatt Regency San Francisco		312		270	15.6%	72.5%		75.1%	(260)	bps		226			202	11.6%		314		291	8.0%
The Westin Washington, DC Downtown		298		292	1.9%	58.9%		62.1%	(320)	bps		175			181	(3.3)%		309		291	6.2%
Renaissance Orlando at SeaWorld®		187		182	2.5%	62.3%		59.5%	280	bps		116			108	7.4%		280		254	10.4%
Hyatt Regency San Antonio Riverwalk		198		196	0.6%	73.6%		75.2%	(160)	bps		145			148	(1.5)%		257		254	1.0%
Wailea Beach Resort		658		708	(7.1)%	74.8%		58.6%	1,620	bps		492			415	18.6%		713		600	18.8%
JW Marriott New Orleans		244		285	(14.4)%	71.3%		67.6%	370	bps		174			193	(9.7)%		250		254	(1.6)%
Marriott Boston Long Wharf		364		374	(2.7)%	76.3%		78.8%	(250)	bps		278			295	(5.8)%		404		423	(4.3)%
Marriott Long Beach Downtown (1)		228		217	5.0%	72.0%		68.9%	310	bps		164			150	9.7%		239		213	12.0%
The Bidwell Marriott Portland		139		146	(4.4)%	75.0%		65.3%	970	bps		104			95	9.8%		145		129	12.6%
Oceans Edge Resort & Marina		264		268	(1.4)%	73.0%		77.0%	(400)	bps		193			206	(6.5)%		347		345	0.7%
Montage Healdsburg		967		928	4.1%	58.0%		56.9%	110	bps		561			528	6.1%		1,139		990	15.0%
Four Seasons Resort Napa Valley		1,387		1,229	12.8%	57.6%		61.2%	(360)	bps		799			752	6.2%		1,492		1,438	3.7%

Total Portfolio, excluding Renovation Hotel (2)		316		308	2.3%	69.1%		67.9%	120	bps		218			209	4.2%		365		340	7.4%

Add: Renovation Hotel (1)
Andaz Miami Beach		400		—	100%	68.3%		0.0%	6,830	bps		273			—	100%		419		6	6,386.1%

Total Portfolio (3)	$	319	$	308	3.5%	69.0%		65.1%	390	bps	$	220		$	201	9.6%	$	367	$	326	12.5%

*Footnotes on page 18


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 16


	Supplemental Financial Information February 27, 2026

Property-Level Operating Statistics

ADR, Occupancy, RevPAR and Total RevPAR (TRevPAR)

2025/2024


Hotels sorted by number of rooms	For the Years Ended December 31,
	ADR					Occupancy					RevPAR						TRevPAR
	2025		2024		2025 vs. 2024	2025		2024	2025 vs. 2024		2025			2024		2025 vs. 2024	2025		2024			2025 vs. 2024
Hilton San Diego Bayfront	$	281	$	278	1.2%	79.4%		79.2%	20	bps	$	223		$	220	1.4%	$	411	$	396		3.8%
Hyatt Regency San Francisco		302		286	5.3%	78.2%		74.5%	370	bps		236			213	10.5%		331		295		12.2%
The Westin Washington, DC Downtown		300		282	6.4%	66.8%		69.4%	(260)	bps		201			196	2.4%		330		316		4.4%
Renaissance Orlando at SeaWorld®		195		196	(0.4)%	69.3%		67.8%	150	bps		135			133	1.8%		299		295		1.4%
Hyatt Regency San Antonio Riverwalk		193		197	(2.0)%	66.1%		72.5%	(640)	bps		128			143	(10.6)%		214		240		(10.7)%
Wailea Beach Resort		629		673	(6.5)%	70.7%		68.6%	210	bps		445			462	(3.6)%		676		689		(1.9)%
JW Marriott New Orleans		253		251	0.8%	67.9%		68.0%	(10)	bps		172			170	0.7%		242		234		3.7%
Marriott Boston Long Wharf		378		380	(0.5)%	80.6%		80.5%	10	bps		305			306	(0.4)%		428		432		(0.9)%
Marriott Long Beach Downtown (1)		237		223	6.0%	75.7%		55.3%	2,040	bps		179			123	45.1%		250		169		48.3%
The Bidwell Marriott Portland		146		152	(3.6)%	78.5%		67.3%	1,120	bps		115			102	12.5%		156		142		10.0%
Oceans Edge Resort & Marina		286		307	(6.8)%	73.0%		77.5%	(450)	bps		209			238	(12.2)%		372		397		(6.2)%
Montage Healdsburg		1,018		1,026	(0.9)%	57.9%		55.6%	230	bps		589			571	3.2%		1,187		1,088		9.1%
Four Seasons Resort Napa Valley		1,269		1,322	(4.0)%	59.0%		55.9%	310	bps		749			739	1.3%		1,405		1,400		0.3%

Total Portfolio, excluding Renovation Hotel (2)		316		316	0.1%	72.7%		71.3%	140	bps		230			225	2.1%		380		367		3.5%

Add: Renovation Hotel (1)
Andaz Miami Beach		362		269	34.4%	30.0%		11.6%	1,840	bps		109			31	247.6%		180		41		342.8%

Total Portfolio (3)	$	317	$	316	0.4%	71.0%		68.7%	230	bps	$	225		$	217	3.8%	$	372	$	353		5.2%

*Footnotes on page 18


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 17


	Supplemental Financial Information February 27, 2026

Property-Level Operating Statistics

Q4 & FY 2025/2024 Footnotes

(1)

Operating statistics for the fourth quarters and full years of 2025 and 2024 are impacted by renovation and subsequent ramp up activity at Marriott Long Beach Downtown and Andaz Miami Beach, formerly The Confidante 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.

(2)

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

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


PROPERTY-LEVEL DATA AND OPERATING STATISTICS								Page 18


	Supplemental Financial Information February 27, 2026

PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre &

ADJUSTED EBITDAre MARGINS


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


	Supplemental Financial Information February 27, 2026

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q4 2025/2024


Hotels sorted by number of rooms	For the Quarters Ended December 31,
	2025								2024
(In thousands)							Hotel Adjusted								Hotel Adjusted		Hotel Adjusted
	Total			Hotel Adjusted			EBITDAre		Total			Hotel Adjusted			EBITDAre		EBITDAre
	Revenues			EBITDAre			Margins		Revenues			EBITDAre			Margins		Margin Change
Hilton San Diego Bayfront	$	36,855		$	8,441		22.9%		$	34,857		$	6,081		17.4%		550	bps
Hyatt Regency San Francisco		23,749			908		3.8%			21,984			1,521		6.9%		(310)	bps
The Westin Washington, DC Downtown		22,967			7,345		32.0%			21,636			6,119		28.3%		370	bps
Renaissance Orlando at SeaWorld®		20,153			5,518		27.4%			18,254			4,514		24.7%		270	bps
Hyatt Regency San Antonio Riverwalk		14,894			5,836		39.2%			14,742			6,202		42.1%		(290)	bps
Wailea Beach Resort		35,619			12,380		34.8%			30,122			9,716		32.3%		250	bps
JW Marriott New Orleans		11,509			4,278		37.2%			11,697			4,692		40.1%		(290)	bps
Marriott Boston Long Wharf		15,443			5,310		34.4%			16,144			5,616		34.8%		(40)	bps
Marriott Long Beach Downtown (1)		8,253			1,873		22.7%			7,370			1,195		16.2%		650	bps
The Bidwell Marriott Portland		3,443			465		13.5%			3,059			166		5.4%		810	bps
Oceans Edge Resort & Marina		5,587			1,595		28.5%			5,546			1,686		30.4%		(190)	bps
Montage Healdsburg		14,394			2,203		15.3%			12,417			392		3.2%		1,210	bps
Four Seasons Resort Napa Valley		13,037			1,481		11.4%			12,655			1,133		9.0%		240	bps

Total Portfolio, excluding Renovation Hotel (2)		225,903			57,633		25.5%			210,483			49,033		23.3%		220	bps

Add: Renovation Hotel (1)
Andaz Miami Beach		11,063			630		5.7%			170			(684)		(402.4)%		40,810	bps

Total Portfolio (3)		236,966			58,263		24.6%			210,653			48,349		23.0%		160	bps

Add: Sold Hotel (4)		—			—		N/A			4,117			1,597		38.8%		N/A

Actual Portfolio (5)	$	236,966		$	58,263		24.6%		$	214,770		$	49,946		23.3%		N/A

*Footnotes on page 22


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


	Supplemental Financial Information February 27, 2026

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

2025/2024


Hotels sorted by number of rooms	For the Years Ended December 31,
	2025								2024
(In thousands)							Hotel Adjusted								Hotel Adjusted		Hotel Adjusted
	Total			Hotel Adjusted			EBITDAre		Total			Hotel Adjusted			EBITDAre		EBITDAre
	Revenues			EBITDAre			Margins		Revenues			EBITDAre			Margins		Margin Change
Hilton San Diego Bayfront	$	178,490		$	52,933		29.7%		$	172,487		$	46,780		27.1%		260	bps
Hyatt Regency San Francisco		99,094			9,702		9.8%			88,551			8,108		9.2%		60	bps
The Westin Washington, DC Downtown		97,103			29,604		30.5%			93,232			27,673		29.7%		80	bps
Renaissance Orlando at SeaWorld®		85,354			24,281		28.4%			84,426			24,217		28.7%		(30)	bps
Hyatt Regency San Antonio Riverwalk		49,264			16,706		33.9%			55,287			22,021		39.8%		(590)	bps
Wailea Beach Resort		134,193			43,558		32.5%			137,909			48,159		34.9%		(240)	bps
JW Marriott New Orleans		44,327			17,284		39.0%			42,879			15,367		35.8%		320	bps
Marriott Boston Long Wharf		64,857			24,255		37.4%			65,658			24,495		37.3%		10	bps
Marriott Long Beach Downtown (1)		34,324			8,641		25.2%			23,182			(27)		(0.1)%		2,530	bps
The Bidwell Marriott Portland		14,661			2,456		16.8%			13,363			2,121		15.9%		90	bps
Oceans Edge Resort & Marina		23,773			6,792		28.6%			25,426			8,339		32.8%		(420)	bps
Montage Healdsburg		59,344			10,987		18.5%			53,721			8,064		15.0%		350	bps
Four Seasons Resort Napa Valley		49,058			2,061		4.2%			48,832			3,103		6.4%		(220)	bps

Total Portfolio, excluding Renovation Hotel (2)		933,842			249,260		26.7%			904,953			238,420		26.3%		40	bps

Add: Renovation Hotel (1)
Andaz Miami Beach		18,836			(4,668)		(24.8)%			4,458			(1,965)		(44.1)%		1,930	bps

Total Portfolio (3)		952,678			244,592		25.7%			909,411			236,455		26.0%		(30)	bps

Less: Prior Ownership (6)
Hyatt Regency San Antonio Riverwalk		—			—		N/A			(17,737)			(7,232)		40.8%		N/A

Add: Sold Hotel (4)		7,448			3,049		N/A			14,135			4,638		32.8%		N/A

Actual Portfolio (5)	$	960,126		$	247,641		25.8%		$	905,809		$	233,861		25.8%		N/A

*Footnotes on page 22


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


	Supplemental Financial Information February 27, 2026

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q4 & FY 2025/2024 Footnotes

(1)

Hotel Adjusted EBITDAre for the fourth quarters and full years of 2025 and 2024 is impacted by renovation and subsequent ramp up activity at Marriott Long Beach Downtown and Andaz Miami Beach, formerly The Confidante 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.

(2)

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

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

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

(5)	Actual Portfolio includes results for the 14 hotels owned by the Company during the fourth quarter of 2025, and the 15 hotels owned by the Company during the fourth quarter of 2024 and the full years of 2025 and 2024.

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


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