SEC Filing | DIAMONDROCK HOSPITALITY COMPANY

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drh-20230221

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO

SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

February 21, 2023

DiamondRock Hospitality Company

(Exact name of registrant as specified in charter)

Maryland

001-32514

20-1180098

(State or Other Jurisdiction
of Incorporation)

(Commission
File Number)

(IRS Employer
Identification No.)

2 Bethesda Metro Center, Suite 1400

Bethesda, MD 20814

(Address of Principal Executive Offices) (Zip Code)

(Registrant’s telephone number, including area code): (240) 744-1150

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value per share

DRH

New York Stock Exchange

8.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share

DRH Pr A

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

This Current Report on Form 8-K (“Current Report”) 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,” “anticipate,” “position,” 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 national and local economic and business conditions, including the impact of COVID-19 on occupancy rates at our hotels and the demand for hotel products and services, and those risks and uncertainties described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K filed on February 22, 2022 and our Quarterly Reports on Form 10-Q filed on May 6, 2022, August 4, 2022 and November 4, 2022. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this Current Report is as of the date of this Current Report, and we undertake no obligation to update any forward-looking statement to conform the statement to actual results or changes in our expectations.

ITEM 2.02. Results of Operations and Financial Condition.

On February 21, 2023, DiamondRock Hospitality Company (the "Company") issued a press release announcing its financial results for the quarter and year ended December 31, 2022. A copy of that press release is furnished as Exhibit 99.1 and is incorporated by reference herein.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, regardless of any general incorporation language in such filing.

ITEM 7.01 Regulation FD Disclosure.

A copy of a slide presentation that the Company intends to use at investor meetings is attached as Exhibit 99.2 to this Current Report and is incorporated by reference herein. Additionally, the Company has posted the slide presentation in the investor relations/presentations section of its website at www.drhc.com.

The information in this Item 7.01, including Exhibit 99.2 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section. The information in this Current Report, including Exhibit 99.2, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in any such filing. This Current Report will not be deemed an admission as to the materiality of any information in this Current Report that is required to be disclosed solely by Regulation FD.

ITEM 9.01. Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are included with this report:

Exhibit No. Description

99.1 Press Release, dated February 21 , 202 3

99.2 I nvestor Presentation - February 2023

101.SCH Inline XBRL Taxonomy Extension Schema Document

101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document

104 Cover Page Interactive Data File

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

DIAMONDROCK HOSPITALITY COMPANY

Dated: February 21, 2023

By:

/s/ Briony R. Quinn

Briony R. Quinn

Senior Vice President and Treasurer

Document

https://cdn.kscope.io/2bdd679fc11448e02fc6555358c3142b-drhlogopressreleasea35a.gif

COMPANY CONTACTS

Jeff Donnelly

Chief Financial Officer

(240) 744-1190

Briony Quinn

Senior Vice President

(240) 744-1196

FOR IMMEDIATE RELEASE

DIAMONDROCK HOSPITALITY COMPANY REPORTS FOURTH QUARTER AND FULL YEAR 2022 RESULTS

Full Year 2022 Revenues 6.8% Above 2019

RevPAR Exceeds 2019 for 11th Consecutive Month

BETHESDA, Maryland, Tuesday, February 21, 2023 – DiamondRock Hospitality Company (the “Company”) (NYSE: DRH), a lodging-focused real estate investment trust that owns a portfolio of 35 premium hotels and resorts in the United States, today announced results of operations for the quarter and year ended December 31, 2022.

Fourth Quarter 2022 Highlights

•Net Income: Net income was $18.4 million and earnings per diluted share was $0.07.

•Comparable Revenues: Comparable total revenues were $256.9 million, a 22.6% increase over 2021 and a 9.5% increase over 2019.

•Comparable RevPAR: Comparable RevPAR was $195.99, an 18.4% increase over 2021 and a 6.7% increase over 2019.

•Comparable Hotel Adjusted EBITDA: Comparable Hotel Adjusted EBITDA was $77.0 million, a 61.8% increase over 2021 and a 17.0% increase over 2019.

•Comparable Hotel Adjusted EBITDA Margin: Comparable Hotel Adjusted EBITDA margin was 29.96%, a 724 basis point increase over 2021 and a 192 basis point increase over 2019.

•Adjusted EBITDA: Adjusted EBITDA was $67.4 million, a 95.9% increase over 2021 and a 7.5% increase over 2019.

•Adjusted FFO: Adjusted FFO was $48.0 million and Adjusted FFO per diluted share was $0.23.

•Share Repurchases: In October 2022, the Company repurchased 1.6 million shares of its common stock at an average price of $7.81 per share.

•Hotel Acquisition: The Company acquired the Lake Austin Spa Resort in Austin, Texas for a net purchase price of $75.8 million on November 21, 2022.

Full Year 2022 Highlights

•Net Income: Net income was $109.7 million and earnings per diluted share was $0.47.

•Comparable Revenues: Comparable total revenues were $1.0 billion, a 54.8% increase over 2021 and a 7.0% increase over 2019.

•Comparable RevPAR: Comparable RevPAR was $198.37, a 50.6% increase over 2021 and a 5.5% increase over 2019.

•Comparable Hotel Adjusted EBITDA: Comparable Hotel Adjusted EBITDA was $319.8 million, a 121.9% increase over 2021 and a 13.6% increase over 2019.

•Comparable Hotel Adjusted EBITDA Margin: Comparable Hotel Adjusted EBITDA margin was 31.36%, a 947 basis point increase over 2021 and a 184 basis point increase over 2019.

•Adjusted EBITDA: Adjusted EBITDA was $280.6 million, a 236.0% increase over 2021 and a 7.8% increase over 2019.

•Adjusted FFO: Adjusted FFO was $215.9 million and Adjusted FFO per diluted share was $1.01.

•Hotel Acquisitions: The Company completed three transactions for a total of $174 million of high-quality, unencumbered, independent resorts in 2022

•Credit Facility Refinancing: In September 2022, the Company successfully completed a $1.2 billion refinancing of its primary unsecured credit facility to address its near-term debt maturities.

•Dividends: The Company reinstated its quarterly common dividend, declaring $0.09 per common share in 2022.

“DiamondRock’s portfolio delivered record-setting revenues and hotel profit margins in 2022,” said Mark W. Brugger, President and Chief Executive Officer of DiamondRock Hospitality Company. “These outstanding results were enabled by our multi-year strategy to invest in the right types of hotels and resorts in the right types of markets for today’s traveler. We continue to see encouraging travel trends throughout our portfolio. For 2023, we expect U.S. hotel industry demand will likely reach 1.3 billion occupied room nights, surpassing pre-pandemic 2019.”

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 include all hotels currently owned, except the Kimpton Fort Lauderdale Beach Resort, which opened in April 2021, for all periods presented. See “Reconciliation of Comparable Operating Results” attached to this press release for a reconciliation to historical amounts.


	Quarter Ended December 31,									Change From
	2022			2021			2019			2021		2019
	($ amounts in millions, except hotel statistics and per share amounts)
Comparable Operating Results (1)
ADR	$	291.05		$	270.21		$	244.35		7.7	%	19.1	%
Occupancy	67.3		%	61.2		%	75.1		%	6.1	%	(7.8)	%
RevPAR	$	195.99		$	165.47		$	183.60		18.4	%	6.7	%
Total RevPAR	$	293.64		$	239.93		$	268.73		22.4	%	9.3	%
Revenues	$	256.9		$	209.5		$	234.6		22.6	%	9.5	%
Hotel Adjusted EBITDA	$	77.0		$	47.6		$	65.8		61.8	%	17.0	%
Hotel Adjusted EBITDA Margin	29.96		%	22.72		%	28.04		%	724 bps		192 bps
Available Rooms	875,012			873,264			872,896			1,748		2,116

Actual Operating Results (2)



Revenues	$	255.1		$	189.9		$	237.5		34.3	%	7.4	%

Net income (loss)	$	18.4		$	(2.9)		$	134.6		734.5	%	(86.3)	%
Income (loss) per diluted share	$	0.07		$	(0.03)		$	0.66		333.3	%	(89.4)	%
Adjusted EBITDA	$	67.4		$	34.4		$	62.7		95.9	%	7.5	%
Adjusted FFO	$	48.0		$	19.1		$	54.7		151.3	%	(12.2)	%
Adjusted FFO per diluted share	$	0.23		$	0.09		$	0.27		155.6	%	(14.8)	%


	Year Ended December 31,									Change From
	2022			2021			2019			2021		2019
	($ amounts in millions, except hotel statistics and per share amounts)
Comparable Operating Results (1)
ADR	$	290.21		$	255.40		$	242.03		13.6	%	19.9	%
Occupancy	68.4		%	51.6		%	77.7		%	16.8	%	(9.3)	%
RevPAR	$	198.37		$	131.74		$	188.07		50.6	%	5.5	%
Total RevPAR	$	294.03		$	190.11		$	275.36		54.7	%	6.8	%
Revenues	$	1,019.8		$	658.6		$	953.3		54.8	%	7.0	%
Hotel Adjusted EBITDA	$	319.8		$	144.1		$	281.4		121.9	%	13.6	%
Hotel Adjusted EBITDA Margin	31.36		%	21.89		%	29.52		%	947 bps		184 bps
Available Rooms	3,468,479			3,464,371			3,462,080			4,108		6,399

Actual Operating Results (2)



Revenues	$	1,001.5		$	567.1		$	938.1		76.6	%	6.8	%

Net income (loss)	$	109.7		$	(195.4)		$	184.2		156.1	%	(40.4)	%
Income (loss) per diluted share	$	0.47		$	(0.96)		$	0.90		149.0	%	(47.8)	%
Adjusted EBITDA	$	280.6		$	83.5		$	260.4		236.0	%	7.8	%
Adjusted FFO	$	215.9		$	26.3		$	217.0		720.9	%	(0.5)	%
Adjusted FFO per diluted share	$	1.01		$	0.12		$	1.07		741.7	%	(5.6)	%

(1) Amounts represent the pre-acquisition operating results for Bourbon Orleans Hotel from January 1, 2019 to July 28, 2021, Henderson Park Inn from January 1, 2019 to July 29, 2021, Henderson Beach Resort from January 1, 2019 to December 22, 2021, Tranquility Bay Beachfront Resort from January 1, 2019 to January 5, 2022 and Lake Austin Spa Resort from January 1, 2019 to November 20, 2022 and exclude the operating results of the Kimpton Fort Lauderdale Beach Resort as the hotel opened in April 2021. The pre-acquisition operating results were obtained from the sellers of the hotels during the acquisition due diligence process. We have made no adjustments

to the amounts provided to us by the seller. The pre-acquisition operating results were not audited or reviewed by the Company's independent auditors.

(2) Actual operating results include the operating results of hotels acquired and disposed of for the Company's respective ownership periods.

The following tables provide comparable monthly operating information for the Company's portfolio:


	January 2022		February 2022		March 2022		April 2022		May 2022		June 2022

Number of Hotels	34		34		34		34		34		34
Number of Rooms	9,494		9,494		9,494		9,494		9,494		9,511
Occupancy	41.4	%	58.0	%	68.5	%	72.5	%	72.9	%	79.3	%
ADR	$250.66		$287.85		$300.47		$295.36		$300.86		$305.36
RevPAR	$103.66		$166.95		$205.78		$214.06		$219.43		$242.27
Total RevPAR	$160.52		$249.28		$306.36		$311.60		$322.69		$350.33
2022 vs 2019
Occupancy change in bps	(2,205) bps		(1,623) bps		(1,050) bps		(868) bps		(732) bps		(626) bps
ADR % change	22.2	%	29.8	%	22.3	%	18.0	%	16.6	%	19.6	%
RevPAR % change	(20.3)	%	1.4	%	6.0	%	5.4	%	5.9	%	10.8	%
Total RevPAR % change	(20.5)	%	(1.3)	%	7.1	%	5.4	%	7.8	%	10.9	%


	July 2022		August 2022		September 2022		October 2022		November 2022		December 2022

Number of Hotels	34		34		34		34		34		34
Number of Rooms	9,511		9,511		9,511		9,511		9,511		9,511
Occupancy	74.9	%	74.5	%	75.9	%	74.9	%	66.6	%	60.5	%
ADR	$288.71		$263.45		$299.65		$310.58		$273.78		$285.27
RevPAR	$216.29		$196.34		$227.40		$232.50		$182.29		$172.73
Total RevPAR	$311.60		$289.52		$334.77		$343.91		$277.96		$258.55
2022 vs 2019
Occupancy change in bps	(744) bps		(681) bps		(383) bps		(657) bps		(864) bps		(821) bps
ADR % change	21.7	%	15.2	%	15.7	%	16.9	%	19.1	%	21.6	%
RevPAR % change	10.7	%	5.5	%	10.1	%	7.5	%	5.4	%	7.1	%
Total RevPAR % change	12.8	%	9.6	%	12.7	%	8.6	%	7.4	%	12.2	%

Hotel Acquisition

On November 21, 2022, the Company purchased the 40-room Lake Austin Spa Resort in Austin, Texas for a net purchase price of $75.8 million. The luxury waterfront, all-inclusive wellness resort has extensive spa services, water sports, dining and experiential activities.

Capital Expenditures

The Company invested approximately $67.7 million in capital improvements at its hotels during the year ended December 31, 2022. Significant projects in 2022 included the following:

•Hotel Clio: The Company completed renovations in March 2022 to rebrand the JW Marriott Denver Cherry Creek as the Hotel Clio, a Luxury Collection Hotel.

•Kimpton Hotel Palomar Phoenix: The Company completed a comprehensive rebranding and repositioning of the rooftop bar and pool at the hotel.

The Company expects to spend $100 million to $115 million on capital improvements at its hotels in 2023, which includes the completion of certain projects that commenced in 2022. Significant projects in 2023 include the following:

•Hilton Boston Downtown/Faneuil Hall: The Company commenced a comprehensive renovation in the fourth quarter of 2022 to reposition the hotel as an experiential lifestyle property with completion expected in mid-2023.

•Hilton Burlington Lake Champlain: The Company has commenced a repositioning of the hotel to rebrand it as a Curio Collection hotel. The repositioning is expected to be completed in early 2023 and includes a new restaurant concept by a well-known and award-winning chef.

Credit Facility Refinancing

The Company entered into an amendment and restatement of its existing $750 million credit facility, increasing the total credit facility to $1.2 billion and extending the Company's maturity schedule on September 27, 2022. The credit facility is comprised of a $400 million revolving credit facility, a $300 million term loan with a maturity in January 2026, inclusive of a one-year extension option, and a $500 million term loan maturing in January 2028. The revolving credit facility matures in September 2027, inclusive of two six-month extension options. The facilities bear interest pursuant to a leverage-based pricing grid ranging from 1.35% to 2.25% over the applicable adjusted term SOFR. Based upon the Company's current leverage, the pricing is at the lowest end of the grid.

The Company utilized the proceeds from the term loans to repay the $350 million term loan in the prior facility, the $50 million term loan facility that was scheduled to mature in October 2023 and the $150 million that was outstanding on its revolving credit facility. During the fourth quarter of 2022, the Company utilized the remaining proceeds to repay $178.1 million of mortgage loans encumbering the Salt Lake City Marriott Downtown at City Creek, Westin Washington D.C. City Center, The Lodge at Sonoma Resort and the Westin San Diego Bayview, which were all scheduled to mature in 2023. The Company has no debt maturities until August 2024.

Balance Sheet and Liquidity

The Company ended the year with $589.5 million of liquidity, comprised of $67.6 million of unrestricted corporate cash, $121.9 million of unrestricted cash at its hotels and full capacity on its $400 million senior unsecured credit facility. As of December 31, 2022, the Company had $1.2 billion of total debt outstanding, which consisted of $387.7 million of property-specific, non-recourse mortgage debt and $800.0 million of unsecured term loans.

Share Repurchase Program

On September 29, 2022, the Company's Board of Directors approved a $200 million share repurchase program through February 28, 2025. During the quarter ended December 31, 2022, the Company repurchased 1.6 million shares of its common stock at an average price of $7.81 per share for a total purchase price of $12.3 million. The Company has $187.7 million of remaining authorized capacity under the share repurchase program.

Dividends

The Company declared a quarterly cash dividend of $0.06 per common share, which is comprised of its recurring quarterly dividend of $0.03 per common share and a special dividend of $0.03 per common share. The dividend was paid on January 12, 2023 to shareholders of record as of December 30, 2022.

The Company declared a quarterly dividend of $0.515625 per share on its 8.250% Series A Cumulative Redeemable Preferred Stock to shareholders of record as of December 19, 2022. The dividend was paid on December 30, 2022.

Earnings Call

The Company will host a conference call to discuss its fourth quarter results on Tuesday, February 21, 2023, at 10:00 a.m. Eastern Time (ET). The conference call will be accessible by telephone and through the internet. Interested individuals are requested to register for the call 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 35 premium quality hotels with over 9,600 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 the novel coronavirus (COVID-19) 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; national and local economic and business conditions, including the potential for additional terrorist attacks, that will affect occupancy rates at the Company’s hotels and the demand for hotel products and services; operating risks associated with the hotel business; relationships with property managers; the ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in travel patterns, 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.

DIAMONDROCK HOSPITALITY COMPANY
CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)


	December 31, 2022		December 31, 2021
ASSETS	(unaudited)
Property and equipment, net	$	2,748,476	$	2,651,444
Right-of-use assets	99,047		100,212

Restricted cash	39,614		36,887
Due from hotel managers	176,708		120,671
Prepaid and other assets	76,131		17,472
Cash and cash equivalents	67,564		38,620
Total assets	$	3,207,540	$	2,965,306
LIABILITIES AND EQUITY
Liabilities:
Mortgage and other debt, net of unamortized debt issuance costs	$	386,655	$	578,651
Unsecured term loans, net of unamortized debt issuance costs	799,138		398,572
Senior unsecured credit facility	—		90,000
Total debt	1,185,793		1,067,223

Lease liabilities	110,875		108,605
Due to hotel managers	123,682		85,493
Deferred rent	65,097		60,800
Unfavorable contract liabilities, net	61,069		62,780
Accounts payable and accrued expenses	43,120		51,238
Distributions declared and unpaid	12,946		—
Deferred income related to key money, net	8,780		8,203
Total liabilities	1,611,362		1,444,342
Equity:
Preferred stock, $0.01 par value; 10,000,000 shares authorized;
8.250% Series A Cumulative Redeemable Preferred Stock (liquidation preference $25.00 per share), 4,760,000 shares issued and outstanding at December 31, 2022 and 2021	48		48
Common stock, $0.01 par value; 400,000,000 shares authorized; 209,374,830 and 210,746,895 shares issued and outstanding at December 31, 2022 and 2021, respectively	2,094		2,107
Additional paid-in capital	2,288,433		2,293,990
Distributions in excess of earnings	(700,694)		(780,931)
Total stockholders’ equity	1,589,881		1,515,214
Noncontrolling interests	6,297		5,750
Total equity	1,596,178		1,520,964
Total liabilities and equity	$	3,207,540	$	2,965,306

DIAMONDROCK HOSPITALITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

(unaudited)


	Three Months Ended December 31,				Year Ended December 31,
	2022		2021		2022		2021
Revenues:
Rooms	$	171,080	$	133,004	$	681,269	$	399,055
Food and beverage	61,940		41,690		238,234		117,742
Other	22,035		15,240		82,000		50,337
Total revenues	255,055		189,934		1,001,503		567,134
Operating Expenses:
Rooms	42,688		34,447		163,062		102,183
Food and beverage	43,703		31,704		163,622		89,795
Other hotel expenses	79,624		73,610		313,949		240,818
Management fees	6,410		3,694		23,439		10,208
Franchise fees	9,471		6,472		32,683		18,665
Depreciation and amortization	27,752		25,754		108,849		102,963
Impairment losses	—		—		2,843		126,697

Corporate expenses	9,515		8,762		31,790		32,552
Business interruption insurance income	—		(705)		(499)		(705)
Total operating expenses, net	219,163		183,738		839,738		723,176


Interest and other expense (income), net	360		(487)		1,404		(947)
Interest expense	15,417		7,797		38,283		37,043
Loss on early extinguishment of debt	68		—		9,766		—

Total other expenses, net	15,845		7,310		49,453		36,096
Income (loss) before income taxes	20,047		(1,114)		112,312		(192,138)
Income tax expense	(1,658)		(1,834)		(2,607)		(3,267)
Net income (loss)	18,389		(2,948)		109,705		(195,405)
Less: Net (income) loss attributable to noncontrolling interests	(62)		9		(377)		821
Net income (loss) attributable to the Company	18,327		(2,939)		109,328		(194,584)
Distributions to preferred stockholders	(2,454)		(2,455)		(9,817)		(9,817)
Net income (loss) attributable to common stockholders	$	15,873	$	(5,394)	$	99,511	$	(204,401)
Earnings (loss) per share:
Earnings (loss) per share available to common stockholders - basic	$	0.08	$	(0.03)	$	0.47	$	(0.96)
Earnings (loss) per share available to common stockholders - diluted	$	0.07	$	(0.03)	$	0.47	$	(0.96)

Weighted-average number of common shares outstanding:
Basic	211,497,277		212,323,852		212,423,873		212,056,923
Diluted	212,439,150		212,323,852		213,188,987		212,056,923

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 EBITDA, Hotel Adjusted EBITDA, FFO and Adjusted FFO. 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 EBITDA, Hotel Adjusted EBITDA, FFO and Adjusted FFO, 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 EBITDA, Hotel Adjusted EBITDA, FFO and Adjusted FFO 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 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, EBITDAre and FFO

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.

The Company computes FFO in accordance with standards established by the Nareit, which defines FFO as net income determined 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.

Hotel EBITDA

Hotel EBITDA represents net income excluding: (1) interest expense, (2) income taxes, (3) depreciation and amortization, (4) corporate general and administrative expenses (shown as corporate expenses on the consolidated statements of operations), and (5) hotel acquisition costs. We believe that Hotel 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 (corporate expenses and hotel acquisition costs). With respect to Hotel 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.

Adjustments to EBITDAre, FFO and Hotel EBITDA

We adjust EBITDAre, FFO and Hotel EBITDA 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, Adjusted FFO and Hotel Adjusted EBITDA when combined with U.S. GAAP net income, EBITDAre, FFO and Hotel EBITDA, is beneficial to an investor's complete understanding of our consolidated and property-level operating performance. Hotel Adjusted EBITDA margins are calculated as Hotel Adjusted EBITDA divided by total hotel revenues. We adjust EBITDAre, FFO and Hotel EBITDA 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 and service providers 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 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 Early Extinguishment of Debt: We exclude the effect of gains or losses recorded on the early extinguishment of debt 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 Items: We exclude the transition items associated with a change in hotel manager because we believe these items do not reflect the ongoing performance of the Company or our hotels.

•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: pre-opening costs incurred with newly developed hotels; lease preparation costs incurred to prepare vacant space for marketing; management or franchise contract termination fees; 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.

In addition, to derive Adjusted FFO we exclude any fair value adjustments to interest rate swaps. We exclude these non-cash amounts because they do not reflect the underlying performance of the Company.

Reconciliations of Non-GAAP Measures

EBITDA, EBITDAre and Adjusted EBITDA

The following tables are reconciliations of our GAAP net income to EBITDA, EBITDAre and Adjusted EBITDA (in thousands):


	Three Months Ended December 31,
	2022		2021		2019
Net income (loss)	$	18,389	$	(2,948)	$	134,583
Interest expense	15,417		7,797		8,320
Income tax expense	1,658		1,834		20,089
Real estate related depreciation and amortization	27,752		25,754		30,305
EBITDA	63,216		32,437		193,297

Loss on sale of hotel properties (1)	1,659		—		—
EBITDAre	64,875		32,437		193,297

Non-cash lease expense and other amortization	1,551		1,666		1,765
Professional fees and pre-opening costs related to Frenchman's Reef (2)	—		—		9,079
Gain on property insurance settlement	—		—		(144,192)
Hotel manager transition items	916		—		2,708
Uninsured costs related to natural disasters	—		111		—
Loss on early extinguishment of debt	68		—		—
Severance costs (3)	—		179		—
Adjusted EBITDA	$	67,410	$	34,393	$	62,657


	Year Ended December 31,
	2022		2021		2019
Net income (loss)	$	109,705	$	(195,405)	$	184,211
Interest expense	38,283		37,043		46,584
Income tax expense	2,607		3,267		22,028
Real estate related depreciation and amortization	108,849		102,963		118,110
EBITDA	259,444		(52,132)		370,933
Impairment losses	2,843		126,697		—
Loss on sale of hotel properties (1)	1,659		—		—
EBITDAre	263,946		74,565		370,933
Non-cash lease expense and other amortization	6,226		6,673		7,013


Professional fees and pre-opening costs related to Frenchman's Reef (2)	—		1,388		20,524
Uninsured costs related to natural disasters	—		298		—
Gain on property insurance settlement	—		—		(144,192)
Loss on early extinguishment of debt	9,766		—		2,373
Severance costs (3)	(532)		(37)		—
Hotel manager transition items	1,164		651		3,758
Adjusted EBITDA	$	280,570	$	83,538	$	260,409

(1)During the year ended December 31, 2022, we recognized an incremental loss of $1.7 million due to post-closing adjustments related to hotels sold in 2021.

(2)Represents pre-opening costs related to the re-opening of Frenchman's Reef, as well as legal and professional fees and other costs incurred at Frenchman's Reef as a result of Hurricane Irma that are not covered by insurance.

(3)Consists of severance costs incurred, and adjustments thereto, associated with the elimination of positions at our hotels, which are classified within other hotel expenses on the consolidated statement of operations.

Hotel EBITDA and Hotel Adjusted EBITDA

The following table is a reconciliation of our GAAP net income to Hotel EBITDA and Hotel Adjusted EBITDA (in thousands):


	Three Months Ended December 31,
	2022		2021		2019
Net income (loss)	$	18,389	$	(2,948)	$	134,583
Interest expense	15,417		7,797		8,320
Income tax expense	1,658		1,834		20,089
Real estate related depreciation and amortization	27,752		25,754		30,305
EBITDA	63,216		32,437		193,297
Corporate expenses	9,515		8,762		7,446
Interest and other income, net	(1,299)		(487)		(687)

Uninsured costs related to natural disasters	—		111		—

Professional fees and pre-opening costs related to Frenchman's Reef (1)	—		—		9,079
Loss on early extinguishment of debt	68		—		—
Loss on sale of hotel properties (2)	1,659		—		—

Gain on property insurance settlement	—		—		(144,192)
Hotel EBITDA	73,159		40,823		64,943
Non-cash lease expense and other amortization	1,551		1,666		1,765
Hotel manager transition items	916		—		2,708
Severance costs (3)	—		179		—

Hotel Adjusted EBITDA	$	75,626	$	42,668	$	69,416


	Year Ended December 31,
	2022		2021		2019
Net income (loss)	$	109,705	$	(195,405)	$	184,211
Interest expense	38,283		37,043		46,584
Income tax expense	2,607		3,267		22,028
Real estate related depreciation and amortization	108,849		102,963		118,110
EBITDA	259,444		(52,132)		370,933
Corporate expenses	31,790		32,552		28,231
Interest and other income, net	(255)		(947)		(1,197)

Uninsured costs related to natural disasters	—		298		—
Loss on early extinguishment of debt	9,766		—		2,373
Professional fees and pre-opening costs related to Frenchman's Reef (1)	—		1,388		20,524
Impairment losses	2,843		126,697		—
Loss on sale of hotel properties (2)	1,659		—		—

Gain on property insurance settlement	—		—		(144,192)
Hotel EBITDA	305,247		107,856		276,672
Non-cash lease expense and other amortization	6,226		6,673		7,013
Hotel manager transition items	1,164		651		3,758
Severance costs (2)	(532)		(37)		—

Hotel Adjusted EBITDA	$	312,105	$	115,143	$	287,443

(1)Represents pre-opening costs related to the re-opening of Frenchman's Reef, as well as legal and professional fees and other costs incurred at Frenchman's Reef as a result of Hurricane Irma that are not covered by insurance.

(2)During the year ended December 31, 2022, we recognized an incremental loss of $1.7 million due to post-closing adjustments related to hotels sold in 2021.

(3)Consists of severance costs incurred, or adjustments thereto, associated with the elimination of positions at our hotels, which are classified within other hotel expenses on the consolidated statement of operations.

FFO and Adjusted FFO

The following tables are reconciliations of our GAAP net income to FFO and Adjusted FFO (in thousands):


	Three Months Ended December 31,
	2022		2021		2019
Net income (loss)	$	18,389	$	(2,948)	$	134,583
Real estate related depreciation and amortization	27,752		25,754		30,305

Loss on sale of hotel properties (1)	1,659		—		—
FFO	47,800		22,806		164,888
Distribution to preferred stockholders	(2,454)		(2,455)		—
FFO available to common stock and unit holders	45,346		20,351		164,888
Non-cash lease expense and other amortization	1,551		1,666		1,765

Uninsured costs related to natural disasters	—		111		—
Professional fees and pre-opening costs related to Frenchman's Reef (2)	—		—		9,079
Gain on property insurance settlement, net of income tax	—		—		(121,525)
Loss on early extinguishment of debt	68		—		—

Severance costs (3)	—		179		—
Hotel manager transition items	916		—		2,708
Fair value adjustments to interest rate swaps	88		(3,202)		(2,245)
Adjusted FFO available to common stock and unit holders	$	47,969	$	19,105	$	54,670
Adjusted FFO available to common stock and unit holders, per diluted share	$	0.23	$	0.09	$	0.27


	Year Ended December 31,
	2022		2021		2019
Net income (loss)	$	109,705	$	(195,405)	$	184,211
Real estate related depreciation and amortization	108,849		102,963		118,110
Impairment losses, net of tax	2,843		127,282		—
Loss on sale of hotel properties (1)	1,659		—		—
FFO	223,056		34,840		302,321
Distribution to preferred stockholders	(9,817)		(9,817)		—
FFO available to common stock and unit holders	213,239		25,023		302,321
Non-cash lease expense and other amortization	6,226		6,673		7,013

Uninsured costs related to natural disasters	—		298		—
Professional fees and pre-opening costs related to Frenchman's Reef (2)	—		1,388		20,524
Hotel manager transition items	1,164		651		3,758
Gain on property insurance settlement, net of income tax	—		—		(121,525)
Loss on early extinguishment of debt	9,766		—		2,373
Severance costs (3)	(532)		(37)		—
Fair value adjustments to interest rate swaps	(13,914)		(7,690)		2,545
Adjusted FFO available to common stock and unit holders	$	215,949	$	26,306	$	217,009
Adjusted FFO available to common stock and unit holders, per diluted share	$	1.01	$	0.12	$	1.07

(1)During the year ended December 31, 2022, we recognized an incremental loss of $1.7 million due to post-closing adjustments related to hotels sold in 2021.

Reconciliation of Comparable Operating Results

The following presents the revenues, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin together with comparable prior year results, which excludes the results for our 2021 dispositions (in thousands):


	Three Months Ended December 31,
	2022			2021			2019
Revenues	$	255,055		$	189,934		$	237,519
Hotel revenues from prior ownership (1)	1,883			19,587			18,067
Hotel revenues from sold hotels (2)	—			—			(21,013)

Comparable Revenues	$	256,938		$	209,521		$	234,573

Hotel Adjusted EBITDA	$	75,626		$	42,668		$	69,416
Hotel Adjusted EBITDA from prior ownership (1)	1,355			4,923			2,511
Hotel Adjusted EBITDA from sold hotels (2)	—			12			(6,148)

Comparable Hotel Adjusted EBITDA	$	76,981		$	47,603		$	65,779

Hotel Adjusted EBITDA Margin	29.65		%	22.46		%	29.23		%
Comparable Hotel Adjusted EBITDA Margin	29.96		%	22.72		%	28.04		%


	Year Ended December 31,
	2022			2021			2019
Revenues	$	1,001,503		$	567,134		$	938,091
Hotel revenues from prior ownership (1)	18,344			91,544			84,130
Hotel revenues from sold hotels (2)	—			(60)			(68,886)

Comparable Revenues	$	1,019,847		$	658,618		$	953,335

Hotel Adjusted EBITDA	$	312,105		$	115,143		$	287,443
Hotel Adjusted EBITDA from prior ownership (1)	7,733			24,323			17,885
Hotel Adjusted EBITDA from sold hotels (2)	—			4,675			(23,904)

Comparable Hotel Adjusted EBITDA	$	319,838		$	144,141		$	281,424

Hotel Adjusted EBITDA Margin	31.16		%	20.30		%	30.64		%
Comparable Hotel Adjusted EBITDA Margin	31.36		%	21.89		%	29.52		%

(1) Amounts represent the pre-acquisition operating results for Bourbon Orleans Hotel from January 1, 2019 to July 28, 2021, Henderson Park Inn from January 1, 2019 to July 29, 2021, Henderson Beach Resort from January 1, 2019 to December 22, 2021, Tranquility Bay Beachfront Resort from January 1, 2019 to January 5, 2022 and Lake Austin Spa Resort from January 1, 2019 to November 20, 2022. The pre-acquisition operating results of the Kimpton Fort Lauderdale Beach Resort are excluded from all periods as the hotel opened in April 2021. The pre-acquisition operating results were obtained from the sellers of the hotels during the acquisition due diligence process. We have made no adjustments to the amounts provided to us by the seller. The pre-acquisition operating results were not audited or reviewed by the Company's independent auditors.

(2) Amounts represent the operating results of Frenchman's Reef and The Lexington Hotel.

Selected Quarterly Comparable Operating Information

The following tables are presented to provide investors with selected quarterly comparable operating information. The operating information includes historical quarterly operating results for our portfolio, excluding the Kimpton Fort Lauderdale Beach Resort as the hotel opened in April 2021.


	Quarter 1, 2019			Quarter 2, 2019			Quarter 3, 2019			Quarter 4, 2019			Full Year 2019
ADR	$	225.75		$	254.63		$	241.37		$	244.35		$	242.03
Occupancy	72.1		%	82.3		%	81.2		%	75.1		%	77.7		%
RevPAR	$	162.86		$	209.59		$	195.88		$	183.60		$	188.07
Total RevPAR	$	246.70		$	306.75		$	278.99		$	268.73		$	275.36
Revenues (in thousands)	$	210,503		$	264,731		$	243,528		$	234,573		$	953,335
Hotel Adjusted EBITDA (in thousands)	$	51,767		$	90,392		$	73,486		$	65,779		$	281,424
Hotel Adjusted EBITDA Margin	24.59		%	34.14		%	30.18		%	28.04		%	29.52		%
Available Rooms	853,274			863,014			872,896			872,896			3,462,080


	Quarter 1, 2021			Quarter 2, 2021			Quarter 3, 2021			Quarter 4, 2021			Full Year 2021
ADR	$	240.56		$	247.43		$	254.06		$	270.21		$	255.40
Occupancy	29.7		%	49.4		%	65.5		%	61.2		%	51.6		%
RevPAR	$	71.39		$	122.34		$	166.31		$	165.47		$	131.74
Total RevPAR	$	104.84		$	178.55		$	235.13		$	239.93		$	190.11
Revenues (in thousands)	$	89,542		$	154,224		$	205,331		$	209,521		$	658,618
Hotel Adjusted EBITDA (in thousands)	$	2,265		$	38,601		$	55,672		$	47,603		$	144,141
Hotel Adjusted EBITDA Margin	2.53		%	25.03		%	27.11		%	22.72		%	21.89		%
Available Rooms	854,100			863,743			873,264			873,264			3,464,371


	Quarter 1, 2022			Quarter 2, 2022			Quarter 3, 2022			Quarter 4, 2022			Full Year 2022
ADR	$	283.70		$	300.68		$	283.87		$	291.05		$	290.21
Occupancy	55.9		%	74.9		%	75.1		%	67.3		%	68.4		%
RevPAR	$	158.52		$	225.19		$	213.19		$	195.99		$	198.37
Total RevPAR	$	238.37		$	331.56		$	311.71		$	293.64		$	294.03
Revenues (in thousands)	$	203,672		$	286,578		$	272,659		$	256,938		$	1,019,847
Hotel Adjusted EBITDA (in thousands)	$	53,399		$	103,654		$	85,804		$	76,981		$	319,838
Hotel Adjusted EBITDA Margin	26.22		%	36.17		%	31.47		%	29.96		%	31.36		%
Available Rooms	854,442			864,323			874,702			875,012			3,468,479


Market Capitalization as of December 31, 2022
(in thousands)
Enterprise Value

Common equity capitalization (at December 31, 2022 closing price of $8.19/share)	$	1,748,628
Preferred equity capitalization (at liquidation value of $25.00/share)	119,000
Consolidated debt (face amount)	1,187,734
Cash and cash equivalents	(67,564)
Total enterprise value	$	2,987,798
Share Reconciliation

Common shares outstanding	209,375
Operating partnership units	818
Unvested restricted stock held by management and employees	1,357
Share grants under deferred compensation plan	1,958
Combined shares and units	213,508

Debt Summary as of December 31, 2022

(dollars in thousands)

Loan

Interest Rate

Term

Outstanding Principal

Maturity

Courtyard New York Manhattan / Midtown East

4.40%

Fixed

76,153

August 2024

Worthington Renaissance Fort Worth Hotel

3.66%

Fixed

75,625

May 2025

Hotel Clio

4.33%

Fixed

57,469

July 2025

Westin Boston Seaport District

4.36%

Fixed

178,487

November 2025

Unamortized debt issuance costs

(1,079)

Total mortgage debt, net of unamortized debt issuance costs

386,655

Unsecured term loan

SOFR + 1.35%

Variable

500,000

January 2028

Unsecured term loan

SOFR + 1.35%

Variable

300,000

January 2025 (1)

Unamortized debt issuance costs

(862)

Unsecured term loans, net of unamortized debt issuance costs

799,138

Senior unsecured credit facility

SOFR + 1.40%

Variable

—

September 2026 (1)

Total debt, net of unamortized debt issuance costs

1,185,793

Weighted-average interest rate of fixed rate debt

3.87%

Total weighted-average interest rate (2)

4.83%

(1) May be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions.

(2) Weighted-average interest rate includes effect of interest rate swaps.


	Monthly Operating Statistics (1)
	Number of Rooms		ADR							Occupancy							RevPAR
		October 2022	October 2021		B/(W) 2021				October 2022	October 2021		B/(W) 2021				October 2022	October 2021		B/(W) 2021



























Total - 34 Hotels	9,511		$	310.58	$	276.43	12.4	%		74.9	%	66.9	%	8.0	%		$	232.50	$	184.85	25.8	%





Resort/Lifestyle - 21 Hotels	3,696		$	378.06	$	369.83	2.2	%		70.0	%	67.4	%	2.6	%		$	264.53	$	249.10	6.2	%



	Number of Rooms	October 2022		October 2019		B/(W) 2019		October 2022		October 2019		B/(W) 2019		October 2022		October 2019		B/(W) 2019



























Total - 34 Hotels	9,511	$	310.58	$	265.57	16.9	%	74.9	%	81.4	%	(6.5)	%	$	232.50	$	216.26	7.5	%





Resort/Lifestyle - 21 Hotels	3,696	$	378.06	$	281.15	34.5	%	70.0	%	74.1	%	(4.1)	%	$	264.53	$	208.20	27.1	%



	Number of Rooms	November 2022		November 2021		B/(W) 2021		November 2022		November 2021		B/(W) 2021		November 2022		November 2021		B/(W) 2021





























Total - 34 Hotels	9,511	$	273.78	$	249.02	9.9	%	66.6	%	60.4	%	6.2	%	$	182.29	$	150.42	21.2	%





Resort/Lifestyle - 21 Hotels	3,696	$	333.89	$	336.22	(0.7)	%	62.3	%	62.1	%	0.2	%	$	207.98	$	208.84	(0.4)	%




	Number of Rooms	November 2022		November 2019		B/(W) 2019		November 2022		November 2019		B/(W) 2019		November 2022		November 2019		B/(W) 2019





























Total - 34 Hotels	9,511	$	273.78	$	229.90	19.1	%	66.6	%	75.2	%	(8.6)	%	$	182.29	$	172.94	5.4	%





Resort/Lifestyle - 21 Hotels	3,696	$	333.89	$	251.37	32.8	%	62.3	%	73.0	%	(10.7)	%	$	207.98	$	183.62	13.3	%



	Number of Rooms	December 2022		December 2021		B/(W) 2021		December 2022		December 2021		B/(W) 2021		December 2022		December 2021		B/(W) 2021































Total - 34 Hotels	9,511	$	285.27	$	284.81	0.2	%	60.5	%	56.4	%	4.1	%	$	172.73	$	160.65	7.5	%





Resort/Lifestyle - 21 Hotels	3,696	$	376.14	$	391.68	(4.0)	%	61.0	%	64.5	%	(3.5)	%	$	229.48	$	252.65	(9.2)	%




	Number of Rooms	December 2022		December 2019		B/(W) 2019		December 2022		December 2019		B/(W) 2019		December 2022		December 2019		B/(W) 2019































Total - 34 Hotels	9,511	$	285.27	$	234.53	21.6	%	60.5	%	68.8	%	(8.3)	%	$	172.73	$	161.27	7.1	%




Resort/Lifestyle - 21 Hotels	3,696	$	376.14	$	280.73	34.0	%	61.0	%	69.9	%	(8.9)	%	$	229.48	$	196.16	17.0	%

(1) All periods presented include the pre-acquisition operating results of hotels acquired in 2021 and 2022 and excludes the Kimpton Fort Lauderdale Beach Resort as the hotel opened during 2021.


	Operating Statistics – Fourth Quarter
	Number of Rooms		ADR							Occupancy							RevPAR
		4Q 2022	4Q 2021		B/(W) 2021				4Q 2022	4Q 2021		B/(W) 2021				4Q 2022	4Q 2021		B/(W) 2021


Atlanta Marriott Alpharetta	318		$	148.40	$	127.04	16.8	%		59.5	%	43.9	%	15.6	%		$	88.25	$	55.71	58.4	%
Bourbon Orleans Hotel	220		$	248.34	$	240.42	3.3	%		85.5	%	54.9	%	30.6	%		$	212.25	$	132.04	60.7	%
Cavallo Point, The Lodge at the Golden Gate	142		$	657.57	$	688.59	(4.5)	%		49.6	%	58.1	%	(8.5)	%		$	326.02	$	400.33	(18.6)	%
Chicago Marriott Downtown Magnificent Mile	1,200		$	244.72	$	201.94	21.2	%		56.5	%	49.2	%	7.3	%		$	138.33	$	99.41	39.2	%
Courtyard Denver Downtown	177		$	193.56	$	167.00	15.9	%		71.5	%	61.5	%	10.0	%		$	138.40	$	102.73	34.7	%
Courtyard New York Manhattan/Fifth Avenue	189		$	349.45	$	251.62	38.9	%		97.3	%	94.1	%	3.2	%		$	339.90	$	236.81	43.5	%
Courtyard New York Manhattan/Midtown East	321		$	402.88	$	285.50	41.1	%		91.3	%	81.3	%	10.0	%		$	368.00	$	232.12	58.5	%
Embassy Suites by Hilton Bethesda	272		$	142.39	$	118.24	20.4	%		62.1	%	46.3	%	15.8	%		$	88.41	$	54.70	61.6	%
Havana Cabana Key West	106		$	293.06	$	290.90	0.7	%		77.5	%	87.5	%	(10.0)	%		$	227.07	$	254.45	(10.8)	%
Henderson Beach Resort	233		$	369.73	$	382.14	(3.2)	%		39.4	%	50.4	%	(11.0)	%		$	145.78	$	192.43	(24.2)	%
Henderson Park Inn	37		$	543.39	$	530.83	2.4	%		59.5	%	76.6	%	(17.1)	%		$	323.26	$	406.38	(20.5)	%
Hilton Boston Downtown/Faneuil Hall	403		$	299.79	$	225.47	33.0	%		73.9	%	81.8	%	(7.9)	%		$	221.67	$	184.42	20.2	%
Hilton Burlington Lake Champlain	258		$	243.82	$	253.04	(3.6)	%		70.8	%	64.9	%	5.9	%		$	172.58	$	164.34	5.0	%
Hilton Garden Inn New York/Times Square Central	282		$	356.84	$	252.83	41.1	%		98.3	%	95.0	%	3.3	%		$	350.75	$	240.11	46.1	%
Hotel Clio	199		$	300.50	$	272.93	10.1	%		70.1	%	69.6	%	0.5	%		$	210.55	$	190.06	10.8	%
Hotel Emblem San Francisco	96		$	212.07	$	168.26	26.0	%		69.0	%	62.8	%	6.2	%		$	146.40	$	105.66	38.6	%
Hotel Palomar Phoenix	242		$	240.63	$	197.76	21.7	%		59.5	%	68.2	%	(8.7)	%		$	143.22	$	134.95	6.1	%
Kimpton Fort Lauderdale Beach Resort	96		$	222.36	$	222.37	—	%		65.8	%	72.5	%	(6.7)	%		$	146.25	$	161.29	(9.3)	%
Kimpton Shorebreak Resort	157		$	307.10	$	277.50	10.7	%		77.5	%	69.6	%	7.9	%		$	238.02	$	193.06	23.3	%
L'Auberge de Sedona	88		$	1,091.78	$	1,120.22	(2.5)	%		67.9	%	77.4	%	(9.5)	%		$	741.43	$	867.42	(14.5)	%
Lake Austin Spa Resort (1)	40		$	1,366.90	$	1,131.96	20.8	%		49.0	%	61.0	%	(12.0)	%		$	670.12	$	690.91	(3.0)	%
Margaritaville Beach House Key West	186		$	379.48	$	386.14	(1.7)	%		70.0	%	83.0	%	(13.0)	%		$	265.72	$	320.61	(17.1)	%
Orchards Inn Sedona	70		$	319.54	$	350.14	(8.7)	%		66.9	%	77.6	%	(10.7)	%		$	213.76	$	271.58	(21.3)	%
Renaissance Charleston Historic District Hotel	167		$	367.50	$	332.51	10.5	%		81.5	%	88.2	%	(6.7)	%		$	299.40	$	293.43	2.0	%
Salt Lake City Marriott Downtown at City Creek	510		$	174.07	$	157.49	10.5	%		57.2	%	43.4	%	13.8	%		$	99.54	$	68.33	45.7	%
The Gwen Hotel	311		$	301.01	$	265.16	13.5	%		75.0	%	71.0	%	4.0	%		$	225.70	$	188.28	19.9	%
The Hythe Vail	344		$	490.05	$	480.03	2.1	%		42.6	%	43.0	%	(0.4)	%		$	208.62	$	206.53	1.0	%
The Landing Lake Tahoe Resort & Spa	82		$	434.09	$	472.96	(8.2)	%		37.8	%	29.9	%	7.9	%		$	164.11	$	141.19	16.2	%
The Lodge at Sonoma Resort	182		$	458.72	$	396.54	15.7	%		60.2	%	66.7	%	(6.5)	%		$	276.15	$	264.58	4.4	%
Tranquility Bay Beachfront Resort	103		$	598.88	$	716.95	(16.5)	%		65.5	%	72.6	%	(7.1)	%		$	392.16	$	520.54	(24.7)	%
Westin Boston Waterfront	793		$	246.54	$	224.12	10.0	%		74.8	%	62.5	%	12.3	%		$	184.34	$	140.09	31.6	%
Westin Fort Lauderdale Beach Resort	433		$	259.28	$	257.68	0.6	%		66.1	%	60.7	%	5.4	%		$	171.44	$	156.33	9.7	%
Westin San Diego Bayview	436		$	194.75	$	163.59	19.0	%		69.0	%	56.1	%	12.9	%		$	134.45	$	91.76	46.5	%
Westin Washington D.C. City Center	410		$	225.07	$	171.38	31.3	%		63.8	%	40.5	%	23.3	%		$	143.63	$	69.43	106.9	%
Worthington Renaissance Fort Worth Hotel	504		$	195.60	$	172.91	13.1	%		71.5	%	60.6	%	10.9	%		$	139.84	$	104.70	33.6	%

Comparable Total (2)	9,511		$	291.05	$	270.21	7.7	%		67.3	%	61.2	%	6.1	%		$	195.99	$	165.47	18.4	%

(1) Hotel was acquired on November 21, 2022. Amounts reflect the operating results for the period from November 21, 2022 to December 31, 2022 and the comparable period of 2021.

(2) Amounts include the pre-acquisition operating results of hotels acquired in 2021 and 2022 and excludes the Kimpton Fort Lauderdale Beach Resort as the hotel opened during 2021.


	Operating Statistics – Fourth Quarter
	Number of Rooms		ADR							Occupancy							RevPAR
		4Q 2022	4Q 2019		B/(W) 2019				4Q 2022	4Q 2019		B/(W) 2019				4Q 2022	4Q 2019		B/(W) 2019


Atlanta Marriott Alpharetta	318		$	148.40	$	160.31	(7.4)	%		59.5	%	65.9	%	(6.4)	%		$	88.25	$	105.72	(16.5)	%
Bourbon Orleans Hotel	220		$	248.34	$	224.82	10.5	%		85.5	%	80.5	%	5.0	%		$	212.25	$	181.06	17.2	%
Cavallo Point, The Lodge at the Golden Gate	142		$	657.57	$	490.30	34.1	%		49.6	%	63.5	%	(13.9)	%		$	326.02	$	311.28	4.7	%
Chicago Marriott Downtown Magnificent Mile	1,200		$	244.72	$	231.59	5.7	%		56.5	%	74.0	%	(17.5)	%		$	138.33	$	171.27	(19.2)	%
Courtyard Denver Downtown	177		$	193.56	$	189.47	2.2	%		71.5	%	70.7	%	0.8	%		$	138.40	$	133.97	3.3	%
Courtyard New York Manhattan/Fifth Avenue	189		$	349.45	$	289.47	20.7	%		97.3	%	92.1	%	5.2	%		$	339.90	$	266.52	27.5	%
Courtyard New York Manhattan/Midtown East	321		$	402.88	$	310.44	29.8	%		91.3	%	97.5	%	(6.2)	%		$	368.00	$	302.61	21.6	%
Embassy Suites by Hilton Bethesda	272		$	142.39	$	171.89	(17.2)	%		62.1	%	71.4	%	(9.3)	%		$	88.41	$	122.69	(27.9)	%
Havana Cabana Key West	106		$	293.06	$	212.18	38.1	%		77.5	%	88.1	%	(10.6)	%		$	227.07	$	186.96	21.5	%
Henderson Beach Resort	233		$	369.73	$	236.89	56.1	%		39.4	%	37.4	%	2.0	%		$	145.78	$	88.71	64.3	%
Henderson Park Inn	37		$	543.39	$	397.77	36.6	%		59.5	%	65.7	%	(6.2)	%		$	323.26	$	261.29	23.7	%
Hilton Boston Downtown/Faneuil Hall	403		$	299.79	$	278.31	7.7	%		73.9	%	87.3	%	(13.4)	%		$	221.67	$	243.07	(8.8)	%
Hilton Burlington Lake Champlain	258		$	243.82	$	181.60	34.3	%		70.8	%	79.2	%	(8.4)	%		$	172.58	$	143.81	20.0	%
Hilton Garden Inn New York/Times Square Central	282		$	356.84	$	311.91	14.4	%		98.3	%	99.1	%	(0.8)	%		$	350.75	$	309.21	13.4	%
Hotel Clio	199		$	300.50	$	239.49	25.5	%		70.1	%	77.0	%	(6.9)	%		$	210.55	$	184.42	14.2	%
Hotel Emblem San Francisco	96		$	212.07	$	244.13	(13.1)	%		69.0	%	84.0	%	(15.0)	%		$	146.40	$	204.96	(28.6)	%
Hotel Palomar Phoenix	242		$	240.63	$	192.45	25.0	%		59.5	%	82.8	%	(23.3)	%		$	143.22	$	159.40	(10.2)	%
Kimpton Shorebreak Resort	157		$	307.10	$	229.55	33.8	%		77.5	%	68.2	%	9.3	%		$	238.02	$	156.62	52.0	%
L'Auberge de Sedona	88		$	1,091.78	$	724.32	50.7	%		67.9	%	76.5	%	(8.6)	%		$	741.43	$	553.98	33.8	%
Lake Austin Spa Resort (1)	40		$	1,366.90	$	681.73	100.5	%		49.0	%	50.7	%	(1.7)	%		$	670.12	$	345.85	93.8	%
Margaritaville Beach House Key West	186		$	379.48	$	262.62	44.5	%		70.0	%	57.9	%	12.1	%		$	265.72	$	152.03	74.8	%
Orchards Inn Sedona	70		$	319.54	$	268.22	19.1	%		66.9	%	69.4	%	(2.5)	%		$	213.76	$	186.13	14.8	%
Renaissance Charleston Historic District Hotel	167		$	367.50	$	272.57	34.8	%		81.5	%	85.0	%	(3.5)	%		$	299.40	$	231.57	29.3	%
Salt Lake City Marriott Downtown at City Creek	510		$	174.07	$	168.38	3.4	%		57.2	%	65.5	%	(8.3)	%		$	99.54	$	110.37	(9.8)	%
The Gwen Hotel	311		$	301.01	$	265.22	13.5	%		75.0	%	83.9	%	(8.9)	%		$	225.70	$	222.61	1.4	%
The Hythe Vail	344		$	490.05	$	342.90	42.9	%		42.6	%	51.5	%	(8.9)	%		$	208.62	$	176.63	18.1	%
The Landing Lake Tahoe Resort & Spa	82		$	434.09	$	327.30	32.6	%		37.8	%	50.9	%	(13.1)	%		$	164.11	$	166.60	(1.5)	%
The Lodge at Sonoma Resort	182		$	458.72	$	302.54	51.6	%		60.2	%	71.9	%	(11.7)	%		$	276.15	$	217.47	27.0	%
Tranquility Bay Beachfront Resort	103		$	598.88	$	361.44	65.7	%		65.5	%	82.0	%	(16.5)	%		$	392.16	$	296.56	32.2	%
Westin Boston Waterfront	793		$	246.54	$	244.57	0.8	%		74.8	%	74.6	%	0.2	%		$	184.34	$	182.36	1.1	%
Westin Fort Lauderdale Beach Resort	433		$	259.28	$	197.38	31.4	%		66.1	%	84.2	%	(18.1)	%		$	171.44	$	166.20	3.2	%
Westin San Diego Bayview	436		$	194.75	$	175.45	11.0	%		69.0	%	69.9	%	(0.9)	%		$	134.45	$	122.63	9.6	%
Westin Washington D.C. City Center	410		$	225.07	$	205.91	9.3	%		63.8	%	84.4	%	(20.6)	%		$	143.63	$	173.78	(17.3)	%
Worthington Renaissance Fort Worth Hotel	504		$	195.60	$	185.65	5.4	%		71.5	%	71.8	%	(0.3)	%		$	139.84	$	133.25	4.9	%

Comparable Total (2)	9,511		$	291.05	$	244.35	19.1	%		67.3	%	75.1	%	(7.8)	%		$	195.99	$	183.60	6.7	%

(1) Hotel was acquired on November 21, 2022. Amounts reflect the operating results for the period from November 21, 2022 to December 31, 2022 and the comparable period of 2019.

(2) Amounts include the pre-acquisition operating results of hotels acquired in 2021 and 2022 and excludes the Kimpton Fort Lauderdale Beach Resort as the hotel opened during 2021.


	Operating Statistics – Year to Date
	Number of Rooms		ADR							Occupancy							RevPAR
		YTD 2022	YTD 2021		B/(W) 2021				YTD 2022	YTD 2021		B/(W) 2021				YTD 2022	YTD 2021		B/(W) 2021


Atlanta Marriott Alpharetta	318		$	150.24	$	113.77	32.1	%		56.0	%	44.9	%	11.1	%		$	84.16	$	51.14	64.6	%
Bourbon Orleans Hotel	220		$	236.79	$	209.31	13.1	%		67.1	%	32.8	%	34.3	%		$	158.86	$	68.58	131.6	%
Cavallo Point, The Lodge at the Golden Gate	142		$	700.56	$	652.13	7.4	%		51.1	%	45.5	%	5.6	%		$	358.26	$	296.95	20.6	%
Chicago Marriott Downtown Magnificent Mile	1,200		$	242.34	$	197.29	22.8	%		54.6	%	31.2	%	23.4	%		$	132.20	$	61.53	114.9	%
Courtyard Denver Downtown	177		$	204.49	$	156.54	30.6	%		74.2	%	60.0	%	14.2	%		$	151.80	$	93.99	61.5	%
Courtyard New York Manhattan/Fifth Avenue	189		$	277.34	$	211.93	30.9	%		93.3	%	54.3	%	39.0	%		$	258.80	$	115.08	124.9	%
Courtyard New York Manhattan/Midtown East	321		$	328.22	$	201.68	62.7	%		83.8	%	76.9	%	6.9	%		$	275.05	$	155.12	77.3	%
Embassy Suites by Hilton Bethesda	272		$	143.75	$	113.93	26.2	%		52.2	%	34.6	%	17.6	%		$	75.01	$	39.37	90.5	%
Havana Cabana Key West	106		$	327.22	$	285.74	14.5	%		85.3	%	90.2	%	(4.9)	%		$	279.15	$	257.78	8.3	%
Henderson Park Resort	233		$	473.56	$	441.61	7.2	%		61.8	%	64.3	%	(2.5)	%		$	292.87	$	283.76	3.2	%
Henderson Park Inn	37		$	642.69	$	526.46	22.1	%		73.1	%	85.5	%	(12.4)	%		$	469.90	$	450.33	4.3	%
Hilton Boston Downtown/Faneuil Hall	403		$	293.11	$	204.39	43.4	%		77.7	%	60.2	%	17.5	%		$	227.79	$	122.97	85.2	%
Hilton Burlington Lake Champlain	258		$	245.87	$	236.55	3.9	%		73.7	%	60.8	%	12.9	%		$	181.23	$	143.78	26.0	%
Hilton Garden Inn New York/Times Square Central	282		$	276.71	$	204.33	35.4	%		93.2	%	57.0	%	36.2	%		$	257.91	$	116.51	121.4	%
Hotel Clio	199		$	304.01	$	261.17	16.4	%		69.7	%	63.9	%	5.8	%		$	211.87	$	166.79	27.0	%
Hotel Emblem San Francisco	96		$	223.96	$	158.29	41.5	%		72.4	%	44.5	%	27.9	%		$	162.14	$	70.38	130.4	%
Hotel Palomar Phoenix	242		$	221.10	$	169.73	30.3	%		65.8	%	58.8	%	7.0	%		$	145.48	$	99.73	45.9	%
Kimpton Fort Lauderdale Beach Resort (1)	96		$	207.24	$	208.45	(0.6)	%		62.8	%	52.6	%	10.2	%		$	130.24	$	109.60	18.8	%
Kimpton Shorebreak Resort	157		$	345.17	$	311.01	11.0	%		80.7	%	66.9	%	13.8	%		$	278.42	$	208.15	33.8	%
L'Auberge de Sedona	88		$	995.34	$	920.04	8.2	%		71.4	%	80.0	%	(8.6)	%		$	710.81	$	736.34	(3.5)	%
Lake Austin Spa Resort (2)	40		$	1,366.90	$	1,131.96	20.8	%		49.0	%	61.0	%	(12.0)	%		$	670.12	$	690.91	(3.0)	%
Margaritaville Beach House Key West	186		$	449.79	$	384.58	17.0	%		79.8	%	84.6	%	(4.8)	%		$	358.95	$	325.51	10.3	%
Orchards Inn Sedona	70		$	303.69	$	304.71	(0.3)	%		66.5	%	71.8	%	(5.3)	%		$	201.95	$	218.91	(7.7)	%
Renaissance Charleston Historic District Hotel	167		$	360.02	$	308.52	16.7	%		85.4	%	81.5	%	3.9	%		$	307.37	$	251.36	22.3	%
Salt Lake City Marriott Downtown at City Creek	510		$	176.24	$	145.42	21.2	%		59.4	%	43.3	%	16.1	%		$	104.70	$	63.04	66.1	%
The Gwen Hotel	311		$	297.88	$	251.51	18.4	%		73.0	%	54.3	%	18.7	%		$	217.59	$	136.68	59.2	%
The Hythe Vail	344		$	431.18	$	356.33	21.0	%		53.2	%	45.2	%	8.0	%		$	229.35	$	161.20	42.3	%
The Landing Lake Tahoe Resort & Spa	82		$	509.26	$	484.40	5.1	%		49.0	%	45.0	%	4.0	%		$	249.63	$	217.76	14.6	%
The Lodge at Sonoma Resort	182		$	462.85	$	360.12	28.5	%		62.6	%	59.2	%	3.4	%		$	289.59	$	213.28	35.8	%
Tranquility Bay Beachfront Resort (3)	103		$	742.42	$	647.18	14.7	%		73.3	%	81.4	%	(8.1)	%		$	544.46	$	526.78	3.4	%
Westin Boston Waterfront	793		$	240.49	$	196.14	22.6	%		75.3	%	44.6	%	30.7	%		$	181.09	$	87.51	106.9	%
Westin Fort Lauderdale Beach Resort	433		$	269.09	$	242.16	11.1	%		75.9	%	60.3	%	15.6	%		$	204.22	$	146.01	39.9	%
Westin San Diego Bayview	436		$	201.64	$	159.11	26.7	%		72.8	%	52.5	%	20.3	%		$	146.88	$	83.49	75.9	%
Westin Washington D.C. City Center	410		$	214.53	$	150.37	42.7	%		60.1	%	29.5	%	30.6	%		$	128.87	$	44.34	190.6	%
Worthington Renaissance Fort Worth Hotel	504		$	188.68	$	155.68	21.2	%		68.9	%	53.6	%	15.3	%		$	129.95	$	83.37	55.9	%

Comparable Total (4)	9,511		$	290.21	$	255.40	13.6	%		68.4	%	51.6	%	16.8	%		$	198.37	$	131.74	50.6	%

(1) Hotel was acquired on April 1, 2022. Amounts reflect the operating results for the period from April 1, 2022 to December 31, 2022 and the comparable period of 2021.

(2) Hotel was acquired on November 21, 2022. Amounts reflect the operating results for the period from November 21, 2022 to December 31, 2022 and the comparable period of 2021.

(3) Hotel was acquired on January 6, 2022. Amounts reflect the operating results for the period from January 6, 2022 to December 31, 2022 and the comparable period of 2021.

(4) Amounts include the pre-acquisition operating results of hotels acquired in 2021 and 2022 and excludes the Kimpton Fort Lauderdale Beach Resort as the hotel opened during 2021.


	Operating Statistics – Year to Date
	Number of Rooms		ADR							Occupancy							RevPAR
		YTD 2022	YTD 2019		B/(W) 2019				YTD 2022	YTD 2019		B/(W) 2019				YTD 2022	YTD 2019		B/(W) 2019


Atlanta Marriott Alpharetta	318		$	150.24	$	165.41	(9.2)	%		56.0	%	71.0	%	(15.0)	%		$	84.16	$	117.46	(28.4)	%
Bourbon Orleans Hotel	220		$	236.79	$	219.08	8.1	%		67.1	%	82.2	%	(15.1)	%		$	158.86	$	180.17	(11.8)	%
Cavallo Point, The Lodge at the Golden Gate	142		$	700.56	$	466.43	50.2	%		51.1	%	64.8	%	(13.7)	%		$	358.26	$	302.02	18.6	%
Chicago Marriott Downtown Magnificent Mile	1,200		$	242.34	$	227.32	6.6	%		54.6	%	73.0	%	(18.4)	%		$	132.20	$	165.98	(20.4)	%
Courtyard Denver Downtown	177		$	204.49	$	198.23	3.2	%		74.2	%	78.4	%	(4.2)	%		$	151.80	$	155.50	(2.4)	%
Courtyard New York Manhattan/Fifth Avenue	189		$	277.34	$	259.33	6.9	%		93.3	%	88.1	%	5.2	%		$	258.80	$	228.35	13.3	%
Courtyard New York Manhattan/Midtown East	321		$	328.22	$	261.60	25.5	%		83.8	%	96.1	%	(12.3)	%		$	275.05	$	251.32	9.4	%
Embassy Suites by Hilton Bethesda	272		$	143.75	$	175.72	(18.2)	%		52.2	%	72.6	%	(20.4)	%		$	75.01	$	127.58	(41.2)	%
Havana Cabana Key West	106		$	327.22	$	210.68	55.3	%		85.3	%	89.7	%	(4.4)	%		$	279.15	$	189.07	47.6	%
Henderson Beach Resort	233		$	473.56	$	302.16	56.7	%		61.8	%	54.4	%	7.4	%		$	292.87	$	164.26	78.3	%
Henderson Park Inn	37		$	642.69	$	462.04	39.1	%		73.1	%	74.2	%	(1.1)	%		$	469.90	$	342.81	37.1	%
Hilton Boston Downtown/Faneuil Hall	403		$	293.11	$	301.21	(2.7)	%		77.7	%	88.5	%	(10.8)	%		$	227.79	$	266.64	(14.6)	%
Hilton Burlington Lake Champlain	258		$	245.87	$	190.61	29.0	%		73.7	%	81.1	%	(7.4)	%		$	181.23	$	154.50	17.3	%
Hilton Garden Inn New York/Times Square Central	282		$	276.71	$	255.13	8.5	%		93.2	%	98.6	%	(5.4)	%		$	257.91	$	251.68	2.5	%
Hotel Clio	199		$	304.01	$	253.48	19.9	%		69.7	%	72.4	%	(2.7)	%		$	211.87	$	183.45	15.5	%
Hotel Emblem San Francisco	96		$	223.96	$	241.09	(7.1)	%		72.4	%	80.2	%	(7.8)	%		$	162.14	$	193.28	(16.1)	%
Hotel Palomar Phoenix	242		$	221.10	$	187.43	18.0	%		65.8	%	82.7	%	(16.9)	%		$	145.48	$	155.00	(6.1)	%
Kimpton Shorebreak Resort	157		$	345.17	$	259.74	32.9	%		80.7	%	76.0	%	4.7	%		$	278.42	$	197.50	41.0	%
L'Auberge de Sedona	88		$	995.34	$	627.73	58.6	%		71.4	%	78.1	%	(6.7)	%		$	710.81	$	489.99	45.1	%
Lake Austin Spa Resort (1)	40		$	1,366.90	$	681.73	100.5	%		49.0	%	50.7	%	(1.7)	%		$	670.12	$	345.85	93.8	%
Margaritaville Beach House Key West	186		$	449.79	$	260.28	72.8	%		79.8	%	74.8	%	5.0	%		$	358.95	$	194.70	84.4	%
Orchards Inn Sedona	70		$	303.69	$	249.86	21.5	%		66.5	%	75.6	%	(9.1)	%		$	201.95	$	188.99	6.9	%
Renaissance Charleston Historic District Hotel	167		$	360.02	$	263.88	36.4	%		85.4	%	84.2	%	1.2	%		$	307.37	$	222.23	38.3	%
Salt Lake City Marriott Downtown at City Creek	510		$	176.24	$	172.21	2.3	%		59.4	%	68.5	%	(9.1)	%		$	104.70	$	117.88	(11.2)	%
The Gwen Hotel	311		$	297.88	$	258.98	15.0	%		73.0	%	83.5	%	(10.5)	%		$	217.59	$	216.13	0.7	%
The Hythe Vail	344		$	431.18	$	307.45	40.2	%		53.2	%	62.1	%	(8.9)	%		$	229.35	$	190.86	20.2	%
The Landing Lake Tahoe Resort & Spa	82		$	509.26	$	322.45	57.9	%		49.0	%	61.7	%	(12.7)	%		$	249.63	$	198.80	25.6	%
The Lodge at Sonoma Resort	182		$	462.85	$	308.37	50.1	%		62.6	%	73.7	%	(11.1)	%		$	289.59	$	227.27	27.4	%
Tranquility Bay Beachfront Resort (2)	103		$	742.42	$	404.57	83.5	%		73.3	%	86.0	%	(12.7)	%		$	544.46	$	347.85	56.5	%
Westin Boston Waterfront	793		$	240.49	$	249.76	(3.7)	%		75.3	%	77.4	%	(2.1)	%		$	181.09	$	193.34	(6.3)	%
Westin Fort Lauderdale Beach Resort	433		$	269.09	$	202.58	32.8	%		75.9	%	82.4	%	(6.5)	%		$	204.22	$	166.99	22.3	%
Westin San Diego Bayview	436		$	201.64	$	190.09	6.1	%		72.8	%	79.0	%	(6.2)	%		$	146.88	$	150.12	(2.2)	%
Westin Washington D.C. City Center	410		$	214.53	$	206.61	3.8	%		60.1	%	86.3	%	(26.2)	%		$	128.87	$	178.26	(27.7)	%
Worthington Renaissance Fort Worth Hotel	504		$	188.68	$	186.10	1.4	%		68.9	%	74.5	%	(5.6)	%		$	129.95	$	138.67	(6.3)	%



Comparable Total (3)	9,511		$	290.21	$	242.03	19.9	%		68.4	%	77.7	%	(9.3)	%		$	198.37	$	188.07	5.5	%

(1) Hotel was acquired on November 21, 2022. Amounts reflect the operating results for the period from November 21, 2022 to December 31, 2022 and the comparable period of 2019.

(2) Hotel was acquired on January 6, 2022. Amounts reflect the operating results for the period from January 6, 2022 to December 31, 2022 and the comparable period of 2019.

(3) Amounts include the pre-acquisition operating results of hotels acquired in 2021 and 2022 and excludes the Kimpton Fort Lauderdale Beach Resort as the hotel opened during 2021.


	Hotel Adjusted EBITDA Reconciliation - Fourth Quarter 2022

	Days of Operation			Net Income / (Loss)		Plus:		Plus:		Plus:		Equals: Hotel Adjusted EBITDA
	Days of Operation	Total Revenues		Net Income / (Loss)		Depreciation		Interest Expense		Adjustments (1)		Equals: Hotel Adjusted EBITDA
Atlanta Marriott Alpharetta	92	$	3,798	$	837	$	366	$	—	$	—	$	1,203
Bourbon Orleans Hotel	92	$	5,477	$	1,558	$	836	$	—	$	6	$	2,400
Cavallo Point, The Lodge at the Golden Gate	92	$	11,037	$	(48)	$	1,998	$	—	$	94	$	2,044
Chicago Marriott Downtown Magnificent Mile	92	$	24,334	$	6,615	$	3,828	$	6	$	(397)	$	10,052
Courtyard Denver Downtown	92	$	2,554	$	610	$	378	$	—	$	—	$	988
Courtyard New York Manhattan/Fifth Avenue	92	$	5,975	$	1,250	$	339	$	—	$	253	$	1,842
Courtyard New York Manhattan/Midtown East	92	$	11,202	$	3,029	$	507	$	910	$	—	$	4,446
Embassy Suites by Hilton Bethesda	92	$	2,659	$	(1,948)	$	562	$	—	$	1,477	$	91
Havana Cabana Key West	92	$	2,894	$	633	$	281	$	—	$	—	$	914
Henderson Beach Resort	92	$	6,881	$	(638)	$	993	$	—	$	—	$	355
Henderson Park Inn	92	$	1,582	$	26	$	233	$	—	$	—	$	259
Hilton Boston Downtown/Faneuil Hall	92	$	9,321	$	1,629	$	1,046	$	—	$	—	$	2,675
Hilton Burlington Lake Champlain	92	$	5,485	$	1,775	$	564	$	—	$	—	$	2,339
Hilton Garden Inn New York/Times Square Central	92	$	9,940	$	3,262	$	638	$	—	$	—	$	3,900
Hotel Clio	92	$	7,132	$	257	$	878	$	647	$	5	$	1,787
Hotel Emblem San Francisco	92	$	1,630	$	(250)	$	296	$	—	$	—	$	46
Hotel Palomar Phoenix	92	$	5,288	$	409	$	726	$	—	$	181	$	1,316
Kimpton Fort Lauderdale Beach Resort	92	$	1,987	$	(378)	$	302	$	—	$	—	$	(76)
Kimpton Shorebreak Resort	92	$	5,294	$	1,095	$	389	$	—	$	—	$	1,484
L'Auberge de Sedona	92	$	9,444	$	3,361	$	374	$	—	$	—	$	3,735
Lake Austin Spa Resort	41	$	1,944	$	132	$	212	$	—	$	—	$	344
Margaritaville Beach House Key West	92	$	6,342	$	522	$	795	$	—	$	—	$	1,317
Orchards Inn Sedona	92	$	2,336	$	580	$	89	$	—	$	42	$	711
Renaissance Charleston Historic District Hotel	92	$	5,667	$	2,150	$	441	$	—	$	—	$	2,591
Salt Lake City Marriott Downtown at City Creek	92	$	7,173	$	1,336	$	567	$	225	$	11	$	2,139
The Gwen Hotel	92	$	9,482	$	3,204	$	1,077	$	—	$	—	$	4,281
The Hythe Vail	92	$	9,200	$	913	$	1,176	$	—	$	—	$	2,089
The Landing Lake Tahoe Resort & Spa	92	$	2,323	$	98	$	222	$	—	$	—	$	320
The Lodge at Sonoma Resort	92	$	7,900	$	1,273	$	714	$	88	$	—	$	2,075
Tranquility Bay Beachfront Resort	92	$	4,671	$	1,104	$	432	$	—	$	—	$	1,536
Westin Boston Seaport District	92	$	21,076	$	233	$	2,481	$	2,036	$	(122)	$	4,628
Westin Fort Lauderdale Beach Resort	92	$	16,147	$	3,590	$	1,011	$	—	$	—	$	4,601
Westin San Diego Bayview	92	$	7,333	$	287	$	860	$	421	$	—	$	1,568
Westin Washington D.C. City Center	92	$	7,141	$	(38)	$	1,023	$	25	$	—	$	1,010
Worthington Renaissance Fort Worth Hotel	92	$	12,406	$	2,770	$	1,118	$	731	$	1	$	4,620
Total		$	255,055	$	41,238	$	27,752	$	5,089	$	1,551	$	75,626
Prior Ownership Results (2)		$	3,870	$	1,191	$	88	$	—	$	—	$	1,279
Less: Non Comparable Hotel (3)		$	(1,987)	$	378	$	(302)	$	—	$	—	$	76
Comparable Total		$	256,938	$	42,807	$	27,538	$	5,089	$	1,551	$	76,981

(1) 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.

(2) Represents the pre-acquisition operating results of our 2021 and 2022 acquisitions (excluding the Kimpton Fort Lauderdale Beach Resort).

(3) Represents the operating results of the Kimpton Fort Lauderdale Beach Resort, which is non-comparable since the hotel opened during 2021.


	Hotel Adjusted EBITDA Reconciliation - Fourth Quarter 2021
	Days of Operation			Net Income / (Loss)		Plus:		Plus:		Plus:		Equals: Hotel
	Days of Operation	Total Revenues		Net Income / (Loss)		Depreciation		Interest Expense		Adjustments (1)		Adjusted EBITDA
Atlanta Marriott Alpharetta	92	$	2,466	$	472	$	337	$	—	$	—	$	809
Bourbon Orleans Hotel	92	$	3,306	$	361	$	807	$	—	$	7	$	1,175
Cavallo Point, The Lodge at the Golden Gate	92	$	11,833	$	1,756	$	1,884	$	—	$	94	$	3,734
Chicago Marriott Downtown Magnificent Mile	92	$	16,085	$	(2,764)	$	4,063	$	6	$	(397)	$	908
Courtyard Denver Downtown	92	$	1,995	$	298	$	377	$	—	$	—	$	675
Courtyard New York Manhattan/Fifth Avenue	92	$	4,232	$	(575)	$	331	$	—	$	253	$	9
Courtyard New York Manhattan/Midtown East	92	$	7,077	$	174	$	501	$	929	$	—	$	1,604
Embassy Suites by Hilton Bethesda	92	$	1,778	$	(2,224)	$	546	$	—	$	1,489	$	(189)
Frenchman's Reef & Morning Star Marriott Beach Resort	—	$	—	$	—	$	—	$	—	$	—	$	—
Havana Cabana Key West	92	$	3,288	$	1,039	$	268	$	—	$	—	$	1,307
Henderson Beach Resort	9	$	788	$	212	$	—	$	—	$	—	$	212
Henderson Park Inn	92	$	1,864	$	414	$	214	$	—	$	—	$	628
Hilton Boston Downtown/Faneuil Hall	92	$	7,600	$	1,160	$	1,057	$	—	$	—	$	2,217
Hilton Burlington Lake Champlain	92	$	4,703	$	1,156	$	569	$	—	$	—	$	1,725
Hilton Garden Inn New York/Times Square Central	92	$	6,391	$	650	$	641	$	—	$	—	$	1,291
Hotel Clio	92	$	5,683	$	(226)	$	786	$	661	$	5	$	1,226
Hotel Emblem San Francisco	92	$	1,172	$	(409)	$	307	$	—	$	—	$	(102)
Hotel Palomar Phoenix	92	$	5,303	$	716	$	671	$	—	$	282	$	1,669
Kimpton Shorebreak Resort	92	$	4,248	$	673	$	410	$	—	$	—	$	1,083
L'Auberge de Sedona	92	$	9,894	$	2,886	$	417	$	—	$	—	$	3,303
Margaritaville Beach House Key West	92	$	6,697	$	1,797	$	745	$	—	$	—	$	2,542
Orchards Inn Sedona	92	$	2,793	$	762	$	86	$	—	$	42	$	890
Renaissance Charleston Historic District Hotel	92	$	5,638	$	1,787	$	460	$	—	$	—	$	2,247
Salt Lake City Marriott Downtown at City Creek	92	$	4,861	$	13	$	508	$	513	$	11	$	1,045
The Gwen Hotel	92	$	7,860	$	(1,111)	$	1,088	$	—	$	—	$	(23)
The Hythe Vail	92	$	8,210	$	(2)	$	1,144	$	—	$	—	$	1,142
The Landing Lake Tahoe Resort & Spa	92	$	1,816	$	578	$	428	$	—	$	—	$	1,006
The Lexington Hotel	—	$	—	$	(12)	$	—	$	—	$	—	$	(12)
The Lodge at Sonoma Resort	92	$	6,857	$	754	$	624	$	268	$	—	$	1,646
Westin Boston Seaport District	92	$	15,547	$	(2,344)	$	2,490	$	2,083	$	(122)	$	2,107
Westin Fort Lauderdale Beach Resort	92	$	13,144	$	1,848	$	1,083	$	—	$	—	$	2,931
Westin San Diego Bayview	92	$	4,904	$	(398)	$	801	$	600	$	—	$	1,003
Westin Washington D.C. City Center	92	$	3,289	$	(1,902)	$	1,003	$	611	$	—	$	(288)
Worthington Renaissance Fort Worth Hotel	92	$	8,612	$	1,287	$	1,108	$	748	$	2	$	3,145
Total		$	189,934	$	8,826	$	25,754	$	6,419	$	1,666	$	42,668
Add: Prior Ownership Results (2)		$	19,587	$	3,447	$	1,476	$	—	$	—	$	4,923
Less: Sold Hotels (3)		$	—	$	12	$	—	$	—	$	—	$	12
Comparable Total		$	209,521	$	12,285	$	27,230	$	6,419	$	1,666	$	47,603

(1) 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.

(2) Represents the pre-acquisition operating results of our 2021 and 2022 acquisitions (excluding the Kimpton Fort Lauderdale Beach Resort).

(3) Represents the operating results of Frenchman's Reef and The Lexington Hotel.


	Hotel Adjusted EBITDA Reconciliation - Fourth Quarter 2019
	Days of Operation			Net Income / (Loss)		Plus:		Plus:		Plus:		Equals: Hotel
	Days of Operation	Total Revenues		Net Income / (Loss)		Depreciation		Interest Expense		Adjustments (1)		Adjusted EBITDA
Atlanta Marriott Alpharetta	92	$	4,627	$	1,159	$	407	$	—	$	—	$	1,566
Cavallo Point, The Lodge at the Golden Gate	92	$	10,010	$	924	$	1,814	$	—	$	94	$	2,832
Chicago Marriott Downtown Magnificent Mile	92	$	29,038	$	4,750	$	4,248	$	5	$	(397)	$	8,606
Courtyard Denver Downtown	92	$	2,425	$	726	$	325	$	—	$	—	$	1,051
Courtyard New York Manhattan/Fifth Avenue	92	$	4,770	$	545	$	451	$	—	$	253	$	1,249
Courtyard New York Manhattan/Midtown East	92	$	9,211	$	1,385	$	704	$	965	$	—	$	3,054
Embassy Suites by Hilton Bethesda	92	$	4,288	$	(660)	$	468	$	—	$	1,516	$	1,324
Frenchman's Reef & Morning Star Marriott Beach Resort	—	$	—	$	—	$	—	$	—	$	—	$	—
Havana Cabana Key West	92	$	2,420	$	412	$	238	$	—	$	—	$	650
Hilton Boston Downtown/Faneuil Hall	92	$	10,002	$	2,660	$	1,223	$	—	$	—	$	3,883
Hilton Burlington Lake Champlain	92	$	4,542	$	1,217	$	501	$	—	$	—	$	1,718
Hilton Garden Inn New York/Times Square Central	92	$	8,153	$	2,185	$	840	$	—	$	—	$	3,025
Hotel Clio	92	$	5,049	$	(235)	$	823	$	688	$	6	$	1,282
Hotel Emblem San Francisco	92	$	2,254	$	320	$	285	$	—	$	—	$	605
Hotel Palomar Phoenix	92	$	6,693	$	1,159	$	681	$	38	$	293	$	2,171
Kimpton Shorebreak Resort	92	$	3,661	$	246	$	439	$	—	$	40	$	725
L'Auberge de Sedona	92	$	7,610	$	1,936	$	594	$	—	$	—	$	2,530
Margaritaville Beach House Key West	92	$	2,989	$	(177)	$	534	$	—	$	—	$	357
Orchards Inn Sedona	92	$	1,840	$	176	$	238	$	—	$	42	$	456
Renaissance Charleston Historic District Hotel	92	$	4,172	$	1,225	$	423	$	—	$	(32)	$	1,616
Salt Lake City Marriott Downtown at City Creek	92	$	7,968	$	1,676	$	549	$	603	$	—	$	2,828
The Gwen Hotel	92	$	8,722	$	1,156	$	1,157	$	—	$	—	$	2,313
The Hythe Vail	92	$	8,139	$	764	$	1,098	$	—	$	—	$	1,862
The Landing Lake Tahoe Resort & Spa	92	$	1,904	$	(176)	$	411	$	—	$	—	$	235
The Lexington Hotel	92	$	21,013	$	2,524	$	3,610	$	6	$	8	$	6,148
The Lodge at Sonoma Resort	92	$	5,622	$	537	$	505	$	279	$	—	$	1,321
Westin Boston Seaport District	92	$	22,364	$	796	$	2,551	$	2,171	$	(60)	$	5,458
Westin Fort Lauderdale Beach Resort	92	$	12,746	$	1,860	$	1,634	$	—	$	—	$	3,494
Westin San Diego Bayview	92	$	7,227	$	170	$	1,151	$	633	$	—	$	1,954
Westin Washington D.C. City Center	92	$	8,004	$	444	$	1,370	$	658	$	—	$	2,472
Worthington Renaissance Fort Worth Hotel	92	$	10,056	$	781	$	1,033	$	781	$	2	$	2,597
Total		$	237,519	$	30,485	$	30,305	$	6,827	$	1,765	$	69,416
Add: Prior Ownership Results (2)		$	18,067	$	472	$	2,039	$	—	$	—	$	2,511
Less: Sold Hotels (3)		$	(21,013)	$	(2,524)	$	(3,610)	$	(6)	$	(8)	$	(6,148)
Comparable Total		$	234,573	$	28,433	$	28,734	$	6,821	$	1,757	$	65,779

(1) 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.

(2) Represents the pre-acquisition operating results of our 2021 and 2022 acquisitions (excluding the Kimpton Fort Lauderdale Beach Resort).

(3) Represents the operating results of Frenchman's Reef and The Lexington Hotel.


		Hotel Adjusted EBITDA Reconciliation - Year to Date 2022
	Days of Operation	Total Revenues		Net Income / (Loss)		Plus: Depreciation		Plus: Interest Expense		Plus: Adjustments (1)		Equals: Hotel Adjusted EBITDA
	Days of Operation	Total Revenues		Net Income / (Loss)		Plus: Depreciation		Plus: Interest Expense		Plus: Adjustments (1)		Equals: Hotel Adjusted EBITDA
Atlanta Marriott Alpharetta	365	$	13,706	$	2,847	$	1,478	$	—	$	—	$	4,325
Bourbon Orleans Hotel	365	$	16,503	$	2,986	$	3,321	$	—	$	25	$	6,332
Cavallo Point, The Lodge at the Golden Gate	365	$	45,030	$	4,663	$	7,533	$	—	$	375	$	12,571
Chicago Marriott Downtown Magnificent Mile	365	$	91,934	$	19,420	$	15,514	$	23	$	(1,589)	$	33,368
Courtyard Denver Downtown	365	$	11,007	$	3,527	$	1,508	$	—	$	—	$	5,035
Courtyard New York Manhattan/Fifth Avenue	365	$	18,119	$	1,108	$	1,333	$	—	$	1,014	$	3,455
Courtyard New York Manhattan/Midtown East	365	$	33,251	$	4,207	$	1,963	$	3,640	$	—	$	9,810
Embassy Suites by Hilton Bethesda	365	$	8,892	$	(9,254)	$	2,243	$	—	$	5,928	$	(1,083)
Havana Cabana Key West	365	$	14,014	$	4,677	$	1,111	$	—	$	—	$	5,788
Henderson Beach Resort	365	$	42,287	$	4,961	$	3,906	$	—	$	—	$	8,867
Henderson Park Inn	365	$	8,769	$	2,286	$	899	$	—	$	—	$	3,185
Hilton Boston Downtown/Faneuil Hall	365	$	37,420	$	8,194	$	4,118	$	—	$	—	$	12,312
Hilton Burlington Lake Champlain	365	$	21,836	$	6,464	$	2,262	$	—	$	—	$	8,726
Hilton Garden Inn New York/Times Square Central	365	$	29,078	$	6,610	$	2,517	$	—	$	—	$	9,127
Hotel Clio	365	$	26,726	$	966	$	3,405	$	2,588	$	19	$	6,978
Hotel Emblem San Francisco	365	$	6,927	$	(362)	$	1,187	$	—	$	—	$	825
Hotel Palomar Phoenix	365	$	20,622	$	2,387	$	2,722	$	—	$	729	$	5,838
Kimpton Fort Lauderdale Beach Resort	275	$	5,224	$	(925)	$	911	$	—	$	—	$	(14)
Kimpton Shorebreak Resort	365	$	23,015	$	6,987	$	1,590	$	—	$	—	$	8,577
L'Auberge de Sedona	365	$	34,564	$	10,417	$	1,475	$	—	$	—	$	11,892
Lake Austin Spa Resort	41	$	1,944	$	132	$	212	$	—	$	—	$	344
Margaritaville Beach House Key West	365	$	31,866	$	10,145	$	3,182	$	—	$	—	$	13,327
Orchards Inn Sedona	365	$	9,124	$	2,304	$	343	$	—	$	168	$	2,815
Renaissance Charleston Historic District Hotel	365	$	23,340	$	8,677	$	1,813	$	—	$	—	$	10,490
Salt Lake City Marriott Downtown at City Creek	365	$	27,506	$	5,400	$	2,224	$	1,803	$	42	$	9,469
The Gwen Hotel	365	$	36,784	$	8,372	$	4,284	$	—	$	—	$	12,656
The Hythe Vail	365	$	41,726	$	8,404	$	4,783	$	—	$	—	$	13,187
The Landing Lake Tahoe Resort & Spa	365	$	12,269	$	3,354	$	1,015	$	—	$	—	$	4,369
The Lodge at Sonoma Resort	365	$	31,633	$	5,607	$	2,619	$	870	$	—	$	9,096
Tranquility Bay Beachfront Resort	360	$	24,321	$	6,429	$	1,709	$	—	$	—	$	8,138
Westin Boston Seaport District	365	$	84,186	$	3,105	$	9,825	$	8,148	$	(490)	$	20,588
Westin Fort Lauderdale Beach Resort	365	$	70,104	$	20,129	$	3,953	$	—	$	—	$	24,082
Westin San Diego Bayview	365	$	30,310	$	3,794	$	3,344	$	2,177	$	—	$	9,315
Westin Washington D.C. City Center	365	$	24,956	$	(1,182)	$	4,101	$	1,806	$	—	$	4,725
Worthington Renaissance Fort Worth Hotel	365	$	42,510	$	6,210	$	4,446	$	2,928	$	5	$	13,589
Total		$	1,001,503	$	173,046	$	108,849	$	23,983	$	6,226	$	312,105
Less: Non-Comparable Hotel (2)		$	(5,224)	$	925	$	(911)	$	—	$	—	$	14
Add: Prior Ownership Results (3)		$	23,568	$	6,721	$	998	$	—	$	—	$	7,719
Comparable Total		$	1,019,847	$	180,692	$	108,936	$	23,983	$	6,226	$	319,838

(1) 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.

(2) Represents the operating results of the Kimpton Fort Lauderdale Beach Resort, which is non-comparable since the hotel opened during 2021.

(3) Represents the pre-acquisition operating results of our 2021 and 2022 acquisitions (excluding the Kimpton Fort Lauderdale Beach Resort).


	Hotel Adjusted EBITDA Reconciliation - Year to Date 2021
	Days of Operation			Net Income /(Loss)		Plus:		Plus:		Plus:		Equals: Hotel
	Days of Operation	Total Revenues		Net Income /(Loss)		Depreciation		Interest Expense		Adjustments (1)		Adjusted EBITDA
Atlanta Marriott Alpharetta	365	$	7,840	$	164	$	1,373	$	—	$	—	$	1,537
Bourbon Orleans Hotel	156	$	4,951	$	270	$	1,350	$	—	$	11	$	1,631
Cavallo Point, The Lodge at the Golden Gate	365	$	33,511	$	2,641	$	7,583	$	—	$	375	$	10,599
Chicago Marriott Downtown Magnificent Mile	263	$	38,629	$	(13,058)	$	16,310	$	59	$	(1,589)	$	1,722
Courtyard Denver Downtown	365	$	7,036	$	994	$	1,512	$	—	$	—	$	2,506
Courtyard New York Manhattan/Fifth Avenue	214	$	8,212	$	(4,759)	$	1,317	$	—	$	1,014	$	(2,428)
Courtyard New York Manhattan/Midtown East	365	$	18,617	$	(5,052)	$	1,940	$	3,716	$	—	$	604
Embassy Suites by Hilton Bethesda	365	$	4,897	$	(9,707)	$	2,116	$	—	$	5,976	$	(1,615)
Frenchman's Reef & Morning Star Marriott Beach Resort	—	$	—	$	—	$	—	$	—	$	—	$	—
Havana Cabana Key West	365	$	13,523	$	5,028	$	1,075	$	—	$	—	$	6,103
Henderson Beach Resort	9	$	788	$	212	$	—	$	—	$	—	$	212
Henderson Park Inn	155	$	3,677	$	1,110	$	365	$	—	$	—	$	1,475
Hilton Boston Downtown/Faneuil Hall	365	$	19,999	$	(1,475)	$	4,251	$	—	$	—	$	2,776
Hilton Burlington Lake Champlain	365	$	15,188	$	3,342	$	2,389	$	—	$	—	$	5,731
Hilton Garden Inn New York/Times Square Central	243	$	12,260	$	(4,305)	$	3,086	$	—	$	—	$	(1,219)
Hotel Clio	365	$	19,613	$	(1,045)	$	3,137	$	2,645	$	19	$	4,756
Hotel Emblem San Francisco	365	$	2,971	$	(2,070)	$	1,229	$	—	$	—	$	(841)
Hotel Palomar Phoenix	365	$	14,794	$	(202)	$	2,697	$	—	$	1,133	$	3,628
Kimpton Shorebreak Resort	365	$	17,349	$	4,092	$	1,645	$	—	$	—	$	5,737
L'Auberge de Sedona	365	$	33,791	$	10,696	$	1,701	$	—	$	—	$	12,397
Margaritaville Beach House Key West	365	$	27,639	$	10,845	$	2,905	$	—	$	—	$	13,750
Orchards Inn Sedona	365	$	9,285	$	2,664	$	332	$	—	$	168	$	3,164
Renaissance Charleston Historic District Hotel	365	$	19,129	$	5,806	$	1,838	$	—	$	—	$	7,644
Salt Lake City Marriott Downtown at City Creek	365	$	16,356	$	(194)	$	2,064	$	2,068	$	32	$	3,970
The Gwen Hotel	365	$	23,517	$	(2,022)	$	4,361	$	—	$	—	$	2,339
The Hythe Vail	365	$	26,393	$	3,210	$	4,163	$	—	$	—	$	7,373
The Landing Lake Tahoe Resort & Spa	365	$	9,844	$	2,745	$	1,696	$	—	$	—	$	4,441
The Lexington Hotel	—	$	60	$	(6,629)	$	1,925	$	13	$	16	$	(4,675)
The Lodge at Sonoma Resort	365	$	21,478	$	1,474	$	2,253	$	1,067	$	—	$	4,794
Westin Boston Seaport District	365	$	37,211	$	(18,188)	$	10,097	$	8,333	$	(490)	$	(248)
Westin Fort Lauderdale Beach Resort	365	$	48,956	$	8,144	$	4,303	$	—	$	—	$	12,447
Westin San Diego Bayview	365	$	16,676	$	(2,740)	$	3,268	$	2,406	$	—	$	2,934
Westin Washington D.C. City Center	365	$	7,953	$	(9,528)	$	4,231	$	2,459	$	—	$	(2,838)
Worthington Renaissance Fort Worth Hotel	365	$	24,991	$	(2,764)	$	4,451	$	2,995	$	8	$	4,690
Total		$	567,134	$	(20,301)	$	102,963	$	25,761	$	6,673	$	115,143
Add: Prior Ownership Results (2)		$	91,544	$	17,106	$	7,217	$	—	$	—	$	24,323
Less: Sold Hotels (3)		$	(60)	$	6,629	$	(1,925)	$	(13)	$	(16)	$	4,675
Comparable Total		$	658,618	$	3,434	$	108,255	$	25,748	$	6,657	$	144,141

(1) 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.

(2) Represents the pre-acquisition operating results of our 2021 and 2022 acquisitions (excluding the Kimpton Fort Lauderdale Beach Resort).

(3) Represents the operating results of Frenchman's Reef and The Lexington Hotel.


	Hotel Adjusted EBITDA Reconciliation - Year to Date 2019
						Plus:		Plus:		Plus:		Equals:
	Days of Operation	Total Revenues		Net Income / (Loss)		Depreciation		Interest Expense		Adjustments (1)		Hotel Adjusted EBITDA
Atlanta Marriott Alpharetta	365	$	19,586	$	5,050	$	1,796	$	—	$	—	$	6,846
Cavallo Point, The Lodge at the Golden Gate	365	$	40,610	$	3,298	$	7,371	$	—	$	315	$	10,984
Chicago Marriott Downtown Magnificent Mile	365	$	112,262	$	16,876	$	16,710	$	116	$	(1,589)	$	32,113
Courtyard Denver Downtown	365	$	11,306	$	4,133	$	1,206	$	—	$	—	$	5,339
Courtyard New York Manhattan/Fifth Avenue	365	$	16,187	$	26	$	1,781	$	—	$	1,014	$	2,821
Courtyard New York Manhattan/Midtown East	365	$	30,424	$	1,315	$	2,781	$	3,856	$	—	$	7,952
Embassy Suites by Hilton Bethesda	365	$	17,339	$	(2,691)	$	1,890	$	—	$	6,068	$	5,267
Frenchman's Reef & Morning Star Marriott Beach Resort	—	$	—	$	8,799	$	—	$	—	$	—	$	8,799
Havana Cabana Key West	365	$	9,771	$	2,447	$	979	$	—	$	—	$	3,426
Hilton Boston Downtown/Faneuil Hall	365	$	42,339	$	11,784	$	4,931	$	—	$	—	$	16,715
Hilton Burlington Lake Champlain	365	$	18,572	$	5,134	$	2,002	$	—	$	—	$	7,136
Hilton Garden Inn New York/Times Square Central	365	$	26,375	$	3,916	$	3,349	$	—	$	—	$	7,265
Hotel Clio	365	$	19,429	$	(1,179)	$	2,798	$	2,751	$	24	$	4,394
Hotel Emblem San Francisco	365	$	7,904	$	643	$	1,153	$	—	$	—	$	1,796
Hotel Palomar Phoenix	365	$	24,701	$	3,478	$	2,671	$	154	$	1,177	$	7,480
Kimpton Shorebreak Resort	365	$	17,365	$	3,832	$	1,485	$	—	$	162	$	5,479
L'Auberge de Sedona	365	$	26,868	$	5,623	$	2,119	$	—	$	—	$	7,742
Margaritaville Beach House Key West	365	$	15,895	$	3,380	$	1,567	$	—	$	—	$	4,947
Orchards Inn Sedona	365	$	7,730	$	1,061	$	951	$	—	$	168	$	2,180
Renaissance Charleston Historic District Hotel	365	$	15,738	$	4,663	$	1,665	$	—	$	(126)	$	6,202
Salt Lake City Marriott Downtown at City Creek	365	$	31,554	$	6,796	$	2,228	$	2,421	$	—	$	11,445
The Gwen Hotel	365	$	34,431	$	5,185	$	4,442	$	—	$	—	$	9,627
The Hythe Vail, a Luxury Collection Resort	365	$	36,128	$	6,827	$	4,133	$	—	$	—	$	10,960
The Landing Lake Tahoe Resort & Spa	365	$	9,522	$	118	$	1,590	$	—	$	—	$	1,708
The Lexington Hotel	365	$	68,886	$	745	$	14,305	$	23	$	32	$	15,105
The Lodge at Sonoma Resort	365	$	24,645	$	3,771	$	2,076	$	1,119	$	—	$	6,966
Westin Boston Seaport District	365	$	93,355	$	7,082	$	9,817	$	8,677	$	(240)	$	25,336
Westin Fort Lauderdale Beach Resort	365	$	50,992	$	9,083	$	6,487	$	—	$	—	$	15,570
Westin San Diego Bayview	365	$	33,560	$	4,939	$	4,548	$	2,534	$	—	$	12,021
Westin Washington D.C. City Center	365	$	33,242	$	2,518	$	5,319	$	2,643	$	—	$	10,480
Worthington Renaissance Fort Worth Hotel	365	$	41,375	$	6,378	$	3,960	$	3,120	$	8	$	13,466
Total		$	938,091	$	135,030	$	118,110	$	27,414	$	7,013	$	287,443
Add: Prior Ownership Results (2)		$	84,130	$	9,731	$	8,154	$	—	$	—	$	17,885
Less: Sold Hotels (3)		$	(68,886)	$	(9,544)	$	(14,305)	$	(23)	$	(32)	$	(23,904)
Comparable Total		$	953,335	$	135,217	$	111,959	$	27,391	$	6,981	$	281,424

(1) 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.

(2) Represents the pre-acquisition operating results of our 2021 and 2022 acquisitions (excluding the Kimpton Fort Lauderdale Beach Resort).

(3) Represents the operating results of Frenchman's Reef and The Lexington Hotel.

februaryinvestorupdatefi

INVESTOR UPDATE FEBRUARY 2023 LAKE AUSTIN SPA RESORT

FORWARD LOOKING STATEMENTS & USE OF NON-GAAP FINANCIAL MEASURES FORWARD LOOKING STATEMENTS Certain statements made during this presentation are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements generally include the words “believe,” “expect,” “anticipate,” “plan,” “estimate,” “project,” “will,” “intend” or other similar expressions. Forward-looking statements include, without limitation, statements regarding industry outlook, results of operations, cash flows, business strategies, growth and value opportunities, capital and other expenditures, financing plans, expense reduction initiatives and projected dispositions. Factors that could cause actual results to materially differ from those contained in the forward-looking statements include, without limitation, national and local economic and business conditions, including the impact of COVID-19 on occupancy rates at DiamondRock Hospitality Company’s (the "Company“) hotels and the demand for hotel products and services, and those risks and uncertainties discussed in the most recent Annual Report on Form 10-K, which the Company has filed with the Securities and Exchange Commission, and in our other public filings which you should carefully review. The forward-looking statements made are based on our beliefs, assumptions and expectations of future performance, taking into account all information currently available to the Company. Actual results could differ materially from the forward-looking statements made in this presentation. The forward-looking statements made in this presentation are subject to the safe harbor of the Private Securities Litigation Reform Act of 1995. Any forward-looking statement speaks only as of the date on which it is made. Although the Company believes the expectations reflect ed 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 presentation is as of the date of this presentation, 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. This presentation contains statistics and other data that has been obtained or compiled from information made available by third-party service providers and believed to be reliable, but the accuracy and completeness of the information is not assured. The Company has not independently verified any such information. 2 USE OF 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 EBITDA, Hotel Adjusted EBITDA, FFO and Adjusted FFO. 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 EBITDA, Hotel Adjusted EBITDA, FFO and Adjusted FFO, as calculated by us, may not be comparable to other companies that do not define such terms exactly as the Company. A detailed explanation of these non-GAAP financial measures and the reconciliation of such measures to the most directly comparable financial measures prepared in accordance with U.S. GAAP can be found in the Company’s fourth quarter 2022 earnings press release dated February 21, 2023.

2022 HIGHLIGHTS ROI PROJECTS 3 RECENTLY COMPLETED ROI PROJECTS ■ Hotel Clio, Luxury Collection ■ Embassy Suites by Hilton Bethesda ■ The Hythe, Luxury Collection ■ Margaritaville Beach House Key West ■ The Lodge at Sonoma, Autograph Collection UPCOMING REPOSITIONINGS & CONVERSIONS ■ Repositioning Hilton Boston to an urban lifestyle hotel ■ Converting Hilton Burlington to a Curio MARGARITAVILLE BEACH HOUSE, KEY WEST KEY HIGHLIGHTS ■ Record Total Comparable Revenues Exceed $1B in 2022 ̶ Full-Year Comparable RevPAR +50.6% vs 2021 and +5.5% vs 2019 ■ Record Hotel Profits and Margins ̶ Comparable Hotel Adj. EBITDA +121.9% vs 2021 and +13.6% vs 2019 ̶ Comparable Hotel Adj. EBITDA Margin +947 bps vs 2021 and +184 bps vs 2019 ■ Adj. FFO of $215.9M and $1.01/diluted share KEY EVENTS ■ Acquired 3 High Quality and Unencumbered Hotels Totaling $174M ̶ Average RevPAR of $450+ and stabilized average NOI yield of 9%+ ̶ Lake Austin Spa Resort ̶ Kimpton Shorebreak Fort Lauderdale Beach Resort ̶ Tranquility Bay Beachfront Resort ■ Expanded $1.2B Credit Facility and Eliminated Near Term Maturities ■ Repurchased $12M of Common Stock ■ Reinstated Quarterly Common Dividend ■ Maintained Leadership in ESG Excellence ̶ GRESB Sector Leader (Hotels/America) and ISS ESG Prime Designation Notes: Comparable operating results include all hotels currently owned, except the Kimpton Fort Lauderdale Beach Resort, which opened in April 2021

OPERATIONAL EXCELLENCE THE GWEN, A LUXURY COLLECTION HOTEL

DIVERSIFIED SEGMENTATION & POSITIVE OPERATING TRENDS SEGMENTATION % OF EBITDA1 BUSINESS TRANSIENT RECOVERY MID-WEEK URBAN OCCUPANCY IMPROVING GROUP BOOKING PACE LEISURE DURABILITY 5 $- $50 $100 $150 $200 $250 $300 Q1 Q2 Q3 Q4 LI FE ST YL E / LE IS UR E RE VP AR 2019 2022 0% 2% 4% 6% 8% 10% 12% Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 M ID -W EE K O CC UP AN CY 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q1 Q2 Q3 Q4 FY % O F 20 19 G RO UP R EV EN UE Q1'22 Bookings Q2'22 Bookings Q3'22 Bookings Q4'22 Bookings LUXURY RESORTS, 18% LIFESTYLE RESORTS, 14% URBAN LIFESTYLE, 15% URBAN GATEWAY, 53% (1) 2022 EBITDA used for Henderson Beach Resort, Lake Austin Spa Resort, and Kimpton Shorebreak Ft. Lauderdale Beach Resort, 2019A results used for all other hotels.

Q4 PERFORMANCE VS STR SEGMENTS 6 $194 $90 $229 $169 $172 $118 Significant outperformance of Q4 RevPAR to STR segments DRH PORTFOLIO STR TOTAL US DRH RESORTS STR RESORTS DRH URBAN STR TOP 25 MARKETS +116% +36% +46% Source: STR Q4 RevPAR

CONSISTENT OUTPERFORMANCE AGAINST PEERS QUARTERLY REVPAR GROWTH (vs. 2019) 7Source: Company filings (1) Excludes DRH -40% -30% -20% -10% 0% 10% Q1'22 Q2'22 Q3'22 DRH HST APLE XHR PEB RLJ SHO PK Q3 2022 YTD PEER PERFORMANCE (vs. 2019) DRH AVG1 PEB XHR HST APLE RLJ SHO PK ADR Growth +20% +11% 20% 13% 15% 7% 2% 14% 6% Occupancy Growth -13% -17% -23% -18% -17% -6% -13% -21% -22% RevPAR Growth +5% -8% -8% -7% -4% 1% -12% -9% -17% Hotel EBITDA Growth +11% -16% -13% -5% -24% -2% -20% -13% -31% Adj. FFO per Share Growth -3% -29% -30% -30% -1% -8% -37% -46% -50%

2022 COMPARABLE MONTHLY OPERATING RESULTS Occ (%) ADR ($) RevPAR ($) RevPAR B/(W) 2019 Revenue Revenue B/(W) 2019 Jan-22 41.4% 250.66 103.66 (20.3%) 47,240 (20.4%) Feb-22 58.0% 287.85 166.95 1.4% 66,266 (1.2%) Mar-22 68.5% 300.47 205.78 6.0% 90,166 7.2% Apr-22 72.5% 295.36 214.06 5.4% 88,751 5.5% May-22 72.9% 300.86 219.43 5.9% 97,916 7.9% Jun-22 79.3% 305.36 242.27 10.8% 99,911 11.1% Jul-22 74.9% 288.71 216.29 10.7% 91,776 12.9% Aug-22 74.5% 263.45 196.34 5.5% 85,363 9.9% Sep-22 75.9% 299.65 227.40 10.1% 95,520 13.0% Oct-22 74.9% 310.58 232.50 7.5% 101,397 8.8% Nov-22 66.6% 273.78 182.29 5.4% 79,310 7.7% Dec-22 60.5% 285.27 172.73 7.1% 76,231 12.5% Notes: Comparable operating results include all hotels currently owned, except the Kimpton Fort Lauderdale Beach Resort, which opened in April 2021 8 WESTIN BOSTON SEAPORT DISTRICT THE WORTHINGTON THE LANDING

PRELIMINARY COMPARABLE JANUARY RESULTS ADR OCCUPANCY REVPAR +0.2% +22.5% $251.20 vs 2022 vs 2019 57.2% $143.67 +15.8% (6.2%) vs 2022 vs 2019 +39.6% +10.5% vs 2022 vs 2019 THE HYTHE, A LUXURY COLLECTION HOTEL 9

L’Auberge de Sedona CAPACITY FOR GROWTH THE HYTHE, A LUXURY COLLECTION HOTEL

NO NEAR-TERM MATURITIES STRONG LIQUIDITY AND BALANCE SHEET Note: Mortgages reflect balance at scheduled maturity, $300M Term Loan reflects exercise of one-year extension $73 $291 $300 $500 2022 2023 2024 2025 2026 2027 2028 Mortgages Term Loans and Revolver ~$600M Total Available Liquidity 68% Fixed Rate1 89% Unencumbered by Year End2 (1) Includes debt and perpetual preferred capital (2) Percentage of hotels unencumbered by debt LOW LEVERAGE VS PEERS Source: Baird Comp Sheet (2/3/23), Net Debt + Preferred / EBITDA 2022 PEER (NET DEBT + PREFERRED) / EBITDADEBT MATURITY SCHEDULE ($MM) 12.4 9.0 8.2 8.0 7.0 6.4 6.2 5.8 4.6 4.5 4.4 4.3 3.2 2.7 AHT BHR PEB INN HT PK RLJ CLDT RHP XHR DRH SHO APLE HST SIGNIFICANT LIQUIDITY AND DRY POWDER AVAILABLE 11

(1) Excludes recently acquired hotels: Lake Austin Spa (acquired November 2022) and Kimpton Fort Lauderdale (acquired April 2022). RECENT ACQUISITIONS OUTPERFORMING UNDERWRITING BOURBON ORLEANS HOTEL (NEW ORLEANS, LA) HENDERSON PARK INN (DESTIN, FL) HENDERSON BEACH RESORT (DESTIN, FL) TRANQUILITY BAY (MARATHON, FL) KIMPTON FORT LAUDERDALE BEACH (FT LAUDERDALE, FL) 12 LAKE AUSTIN SPA RESORT (AUSTIN, TX) 6 HOTELS ACQUIRED IN THE PAST TWO YEARS $5MM AHEAD OF 2022 HOTEL ADJ. EBITDA UNDERWRITING1 $400M+ CAPITAL DEPLOYED 11.6X 2022 EBITDA MULTIPLE OVER ACQUISITION PRICE

ROBUST ROI PIPELINE: $85MM+ OF ROI PROJECTS AT 40%+ IRR 13(1) Estimated Capital Spend and Estimated Incremental EBITDA based upon management proformas (2) Estimated IRRs are calculated assuming a 3-year stabilization period and a 10.0x terminal multiple PROPERTY PROJECT ESTIMATED CAPITAL SPEND1 UNDERWRITTEN INCREMENTAL EBITDA1 ESTIMATED IRR2 ESTIMATED COMPLETION LODGE AT SONOMA Autograph Collection Conversion $9.8 $1.4 25% Completed THE HYTHE, LUXURY COLLECTION Luxury Collection Conversion $8.4 $3.4 88% Completed HOTEL CLIO, LUXURY COLLECTION F&B and Public Space Renovation $2.5 $0.5 42% Completed Luxury Collection Conversion $3.6 $1.2 74% Completed MARGARITAVILLE BEACH HOUSE Rebranding $3.5 $1.3 82% Completed EMBASSY SUITES BETHESDA Brand Conversion $3.3 $0.5 28% Completed CHARLESTON RENAISSANCE F&B Repositioning $2.1 $0.5 52% Completed THE GWEN Rooftop Conversion $1.5 $0.3 42% Completed Recently Completed $34.7 $9.1 58% BOSTON HILTON Repositioning/Rebranding $6.4 $1.1 34% 2023 BURLINGTON HILTON Curio Brand Conversion $2.6 $0.8 68% 2023 F&B Repositioning $1.3 $0.4 68% 2023 KIMPTON FORT LAUDERDALE Rooftop Conversion $2.2 $0.3 23% 2023 HAVANA CABANA F&B Repositioning $1.1 $0.4 78% 2023 KIMPTON PALOMAR PHOENIX Rooftop Repositioning $3.7 $0.6 32% 2023 BOURBON ORLEANS Lobby/Pool/Retail/F&B Repositioning $8.8 $1.2 23% 2024 THE LANDING Additional 14 Keys $6.1 $1.2 42% 2024 ORCHARDS INN Resort Repositioning $19.8 $2.6 22% 2024 Total in Planning $52.0 $8.6 33% Recently Completed & $86.7 $17.7 44% Active ROI Pipeline

HILTON BOSTON DOWNTOWN/FANEUIL HALL RENOVATION AND REPOSITIONING AFTER BEFORE 14 ESTIMATED CAPITAL SPEND $6.4M ESTIMATED IRR 34% COMPLETE FALL 2023

POSITIVE MARKET OUTLOOK THE LODGE AT SONOMA, AUTOGRAPH COLLECTION

STR FORECAST STR’s Robust 2022-2025 RevPAR Growth Outlook 2022 Actual 2023 Forecast 2024 Forecast 2025 Forecast Occupancy 62.7% 63.6% 65.3% 66.0% ADR Change 19.1% 2.1% 3.8% 3.7% RevPAR Change 29.8% 3.7% 6.6% 4.7% 6.9% 8.9% 3.6% 1.3% 1.3% -0.2% 7.1% 9.1% 7.6% 4.3% 3.5% 2.0% 6.4% 6.7% 4.2% 4.1% 2.6% 2.6% LUXURY UPPER UPSCALE UPSCALE UPPER MIDSCALE MIDSCALE ECONOMY 2023 2024 2025 STR Expects Majority of Growth to Come From Upper Upscale and Luxury STR RevPAR Forecast by Chain Scale 16 Source: STR January 2023 Source: STR January 2023

DIVERSIFIED PORTFOLIO COURTYARD DENVER DOWNTOWN

DIAMONDROCK AT A GLANCE 9,607 ROOMS 35 PROPERTIES 24 GEOGRAPHIC MARKETS DIVERSIFIED GEOGRAPHY 18 (1) 2022 EBITDA used for Henderson Beach Resort, Lake Austin Spa Resort, and Kimpton Shorebreak Ft. Lauderdale Beach Resort, 2019A results used for all other hotels. DIVERSIFIED PROPERTIES FINANCIAL SUMMARY Net Debt to EBITDA Total Debt $1.2B 4.0x Total Debt to Gross Book Value 30% Revenue $1.0B Corporate Adj. EBITDA $281M Y/E 2022PORTFOLIO MARKET % OF EBITDA1 Boston, MA 14.3% Chicago, IL 14.2% New York, NY 6.1% Fort Lauderdale, FL 5.6% Washington, DC 5.3% Dallas-Fort Worth, TX 4.6% Florida Keys 4.4% San Diego, CA 4.1% Salt Lake City, UT 3.9% Sausalito, CA 3.7% Vail, CO 3.7% Destin, FL 3.5% Sedona, AZ 3.4% Denver, CO 3.3% Austin, TX 2.8% Phoenix, AZ 2.5% Burlington, VT 2.4% Sonoma, CA 2.4% New Orleans, LA 2.4% Atlanta, GA 2.3% Charleston, SC 2.1% Huntington Beach, CA 1.9% San Francisco, CA 0.6% Lake Tahoe, CA 0.6% TOTAL 100.0% Adj. FFO / Diluted Share $1.01

OPERATOR DIVERSIFICATION 19 BENEFITS OF SHORT-TERM AGREEMENTS ■ SUPERIOR COST CONTROLS ■ Utilize most cost-effective procurement & sourcing ■ Identify cost-effective product alternatives ■ OWNER-CENTRIC CASH/CAPITAL MANAGEMENT ■ Owner controls cash management and distribution ■ Owner dictates capital investment / purchasing decisions ■ HIGHER PROFITABILITY, LOWER COST OF OPERATIONS ■ Management fees lower ■ Operating cost savings ■ Better profitability and flow-through VALUATION PREMIUM: UNENCUMBERED VS. ENCUMBERED HOTELS 15% 20% TO 31% 16% 15% 11% 5% 4% 4% 4% 4% 3% 2% 1% Aimbridge HEI Hotels & Resorts Marriott Sage Hospitality EOS Hospitality Kimpton Evolution Hospitality Passport Resorts Vail Resorts Highgate Hotels Ocean Properties Viceroy Note: 2021A results used for Henderson Beach Resort and Lake Austin Spa Resort, 2022 Forecast used for Kimpton Goodland, 2019A results used for all other hotels.

PORTFOLIO: DATA TABLE 20 20Note: 2021A results used for Henderson Beach Resort and Lake Austin Spa Resort, 2022A used for Kimpton Goodland, 2019A results used for all other hotels. 2019 SEGMENTATION KEYS REVPAR ($) TREVPAR ($) REVENUE/KEY ($000s) EBITDA/KEY ($000s) % of 2019A EBITDA LUXURY RESORT 987 $301 $534 $191 $52 18% LIFESTYLE RESORT 1,312 $185 $302 $110 $32 14% RESORT TOTAL 2,299 $234 $401 $145 $41 32% LIFESTYLE URBAN 1,493 $185 $256 $93 $29 15% URBAN GATEWAY 5,815 $176 $240 $88 $27 53% URBAN TOTAL 7,308 $178 $243 $89 $27 68% TOTAL RESORT & URBAN 9,607 $191 $281 $102 $31 100%

STRONG RESORT MARKET PRESENCE SAUSALITO, CA FORT LAUDERDALE, FL MARATHON, FL SEDONA, AZ DESTIN, FL CAVALLO POINT TRANQUILITY BAY RESORT VAIL, CO DESTIN, FL THE HYTHE, A LUXURY COLLECTION HOTEL HENDERSON PARK INN SEDONA, AZ SONOMA, CALAKE TAHOE, CA LUXURY RESORT LIFESTYLE RESORT THE LODGE AT SONOMA RESORT 21 L’AUBERGE DE SEDONA ORCHARDS INNTHE LANDING RESORT AND SPA KIMPTON SHOREBREAK RESORT HUNTINGTON BEACH, CA AUSTIN, TX WESTIN FORT LAUDERDALE BEACH RESORT HAVANA CABANA MARGARITAVILLE BEACH HOUSE KEY WEST HENDERSON BEACH RESORT LAKE AUSTIN SPA RESORT FORT LAUDERDALE, FL KEY WEST, FL KEY WEST, FL KIMPTON SHOREBREAK FORT LAUDERDALE BEACH RESORT

HIGH QUALITY PORTFOLIO IN KEY URBAN MARKETS DENVER, CO SAN DIEGO, CA COURTYARD DENVER DOWNTOWN WESTIN WASHINGTON, D.C. CITY CENTER WESTIN SAN DIEGO BAYVIEW URBAN GATEWAY SALT LAKE CITY, UT SALT LAKE CITY MARRIOTT DOWNTOWN URBAN LIFESTYLE BOURBON ORLEANS HOTELHOTEL EMBLEM HILTON BURLINGTON LAKE CHAMPLAIN KIMPTON PALOMAR PHOENIX NEW YORK, NY HILTON GARDEN TIMES SQUARE CENTRAL WASHINGTON, DC EMBASSY SUITES BETHESDA WASHINGTON, DC RENAISSANCE CHARLESTON HISTORIC DISTRICT HOTEL THE GWEN, A LUXURY COLLECTION HOTEL HOTEL CLIO, A LUXURY COLLECTION HOTEL THE WORTHINGTON COURTYARD MANHATTAN/FIFTH AVENUE COURTYARD MANHATTAN/MIDTOWN EAST FORT WORTH, TX NEW YORK, NYNEW YORK, NY CHICAGO MARRIOTT MAGNIFICIENT MILE BOSTON, MA BOSTON, MA HILTON BOSTON DOWNTOWN-FANEUIL HALL WESTIN BOSTON SEAPORT 22 CHICAGO, IL BURLINGTON, VT CHARLESTON, SC DENVER, COCHICAGO, IL PHOENIX, AZ SAN FRANCISCO, CA NEW ORLEANS, LA ATLANTA MARRIOTT ALPHARETTA ATLANTA, GA

ESG FOCUS THE LANDING LAKE TAHOE

ISS ESG RANKINGS(2) ISS-ESG CORPORATE RANKING Currently Ranked in Top 1% of all US Real estate companies DiamondRock ranks in the top 5% of the Worldwide Real Estate Sector, earning an ISS ESG Prime designation 3ENVIRONMENTAL 2SOCIAL 3GOVERNANCE GRESB ANNUAL RESULTS 2017 2018 2019 2020 2021 2022 DRH GRESB Score 53 75 81 84 86 82 Peer Score Average 57 58 69 69 72 65 Index to Peer Score Average Average 93% 129% 117% 122% 119% 126% ESG ACCOMPLISHMENTS 24As of February 2023 2022 Updates • Sector Leader status for Hotels / Americas • Awarded 4 Green Stars as Top Performer and Sector Leader • Ranked 1st out of 6 in Hotel/Americas • Ranked 3rd out of 14 in Hotel/Listed sector 2022

SEASONED MANAGEMENT TEAM THE HYTHE, A LUXURY COLLECTION HOTEL

EXTENSIVE MANAGEMENT AND HOSPITALITY EXPERIENCE MARK W. BRUGGER CO-FOUNDER PRESIDENT, CEO AND DIRECTOR • Co-founded DRH in 2004 and successfully led its IPO in 2005 • Named Forbes’ list of America’s Most Powerful CEOs 40 and Under and a finalist for the E&Y Entrepreneur of the Year Award • Extensive background in real estate, capital markets, and structured finance JEFFREY J. DONNELLY EXECUTIVE VP AND CFO JUSTIN L. LEONARD EXECUTIVE VP AND COO WILLIAM J. TENNIS EXECUTIVE VP, GENERAL COUNSEL AND CORPORATE SECRETARY TROY G. FURBAY EXECUTIVE VP AND CIO BRIONY R. QUINN SENIOR VP AND TREASURER 26 • Joined as CFO in 2019 • Previously Managing Director at Wells Fargo Securities where he co- founded Real Estate & Lodging Equity Research • Served as AVP at AEW Capital Management, LP overseeing asset management and capital market transactions for diversified commercial real estate portfolio • Joined as COO in 2022 • Previously was at Walton Street Capital, LLC for 23 years, most recently as Senior Principal overseeing hotel investments. During his tenure, he oversaw hotel asset management which included 60 branded and independent hotels totaling over 20,000 rooms • Joined as General Counsel in 2010 • Previously worked for Marriott for 17 years initially as Assistant General Counsel and then as Senior Vice President for the Global Asset Management Group • Prior to joining Marriott, worked as an Associate at a New York law firm • Joined as CIO in 2014 • Previously was Chief Investment Officer at Loews Hotels & Resorts • Prior to that, served in senior investment roles with Kimpton Hotels and MeriStar Hospitality Corporation • Joined DRH in 2007 • Promoted to Chief Accounting Officer in 2014 and Treasurer in 2018 • Prior to DRH, was VP of Finance and Accounting for MeriStar Hospitality Corporation