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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):
November 1, 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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareDRHNew York Stock Exchange
8.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per shareDRH Pr ANew 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 24, 2023 and our Quarterly Reports on Form 10-Q filed on May 5, 2023 and August 4, 2023. 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 November 1, 2023, DiamondRock Hospitality Company issued a press release announcing its financial results for the three and nine months ended September 30, 2023. 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 9.01. Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are included with this report:
Exhibit No. Description
99.1                    Press Release, dated November 1, 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: November 1, 2023  By: 
/s/ Briony R. Quinn
   Briony R. Quinn
   Senior Vice President and Treasurer
Document

https://cdn.kscope.io/0743b59248796b671859b023a811eec7-drhlogopressreleasea35.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 THIRD QUARTER 2023 RESULTS
Comparable Total Revenues Flat to 2022 and 12% Higher than 2019
BETHESDA, Maryland, Wednesday, November 1, 2023 – DiamondRock Hospitality Company (the “Company”) (NYSE: DRH), a lodging-focused real estate investment trust that owns a portfolio of 36 premium hotels and resorts in the United States, today announced results of operations for the quarter ended September 30, 2023.

Third Quarter 2023 Highlights

•Net Income: Net income was $27.3 million and earnings per diluted share was $0.12.
•Comparable Revenues: Comparable total revenues were $277.1 million, a 0.1% increase over 2022 and a 12.0% increase over 2019.
•Comparable RevPAR: Comparable RevPAR was $210.03, a 1.1% decrease from 2022 and a 7.6% increase over 2019.
•Comparable Hotel Adjusted EBITDA: Comparable Hotel Adjusted EBITDA was $81.1 million, a 6.6% decrease from 2022 and a 8.9% increase over 2019.
•Comparable Hotel Adjusted EBITDA Margin: Comparable Hotel Adjusted EBITDA margin was 29.27%, a 210 basis point decrease from 2022 and a 85 basis point decrease over 2019.
•Adjusted EBITDA: Adjusted EBITDA was $73.2 million, a 4.1% decrease from 2022 and a 8.4% increase over 2019.
•Adjusted FFO: Adjusted FFO was $54.6 million and Adjusted FFO per diluted share was $0.26.
•Hotel Acquisition: The Company acquired Chico Hot Springs Resort located in Paradise Valley, Montana for $33.0 million on August 1, 2023.
•Hotel Rebranding: The Company completed the rebranding of the Hilton Boston Downtown/Faneuil Hall to The Dagny, an independent lifestyle boutique hotel, on August 1, 2023.

“DiamondRock’s results for the third quarter were modestly ahead of our expectations. The team did a great job controlling expenses, which saw significant improvement over the prior quarter. Accomplishments in the third quarter also included the successful completion of the major repositioning of The Dagny in Boston. For the fourth quarter, we expect our RevPAR growth to improve approximately 100 basis points from the third quarter and be essentially flat compared to 2022 driven by improving results from our resort portfolio,” said Mark W. Brugger, President and Chief Executive Officer of DiamondRock Hospitality Company.






Operating Results

Please see “Non-GAAP Financial Measures” attached to this press release for an explanation of the terms “EBITDAre,” “Adjusted EBITDA,” “Hotel Adjusted EBITDA,” “Hotel Adjusted EBITDA Margin,” “FFO” and “Adjusted FFO” and a reconciliation of these measures to net income. Comparable operating results include all hotels currently owned for all periods presented, except the Kimpton Fort Lauderdale Beach Resort, which opened in April 2021. See “Reconciliation of Comparable Operating Results” attached to this press release for a reconciliation to historical amounts.
Quarter Ended September 30,Change From
20232022201920222019
($ amounts in millions, except hotel statistics and per share amounts)
Comparable Operating Results (1)
ADR$274.00 $282.49 $240.06 (3.0)%14.1 %
Occupancy76.7 %75.1 %81.3 %1.6 %(4.6)%
RevPAR$210.03 $212.27 $195.19 (1.1)%7.6 %
Total RevPAR$312.35 $312.57 $280.00 (0.1)%11.6 %
Revenues$277.1 $276.8 $247.4 0.1 %12.0 %
Hotel Adjusted EBITDA$81.1 $86.8 $74.5 (6.6)%8.9 %
Hotel Adjusted EBITDA Margin29.27 %31.37 %30.12 %(210 bps)(85 bps)
Available Rooms887,279 885,466 883,660 1,813 3,619 
Actual Operating Results (2)
Revenues$276.5 $268.2 $240.3 3.1 %15.1 %
Net income$27.3 $28.6 $11.6 (4.5)%135.3 %
Earnings per diluted share$0.12 $0.12 $0.06 0.0 %100.0 %
Adjusted EBITDA$73.2 $76.3 $67.5 (4.1)%8.4 %
Adjusted FFO $54.6 $60.6 $55.3 (9.9)%(1.3)%
Adjusted FFO per diluted share$0.26 $0.28 $0.27 (7.1)%(3.7)%


2

Nine Months Ended September 30,Change From
20232022201920222019
($ amounts in millions, except hotel statistics and per share amounts)
Comparable Operating Results (1)
ADR$281.52 $288.43 $239.96 (2.4)%17.3 %
Occupancy73.4 %68.7 %78.6 %4.7 %(5.2)%
RevPAR$206.60 $198.19 $188.72 4.2 %9.5 %
Total RevPAR$309.40 $294.71 $278.07 5.0 %11.3 %
Revenues$814.1 $773.7 $728.9 5.2 %11.7 %
Hotel Adjusted EBITDA$238.0 $245.2 $217.7 (2.9)%9.3 %
Hotel Adjusted EBITDA Margin29.23 %31.69 %29.87 %(246 bps)(64 bps)
Available Rooms2,631,183 2,625,408 2,621,125 5,775 10,058 
Actual Operating Results (2)
Revenues$811.3 $746.4 $700.6 8.7 %15.8 %
Net income$75.7 $91.3 $49.6 (17.1)%52.6 %
Earnings per diluted share$0.32 $0.39 $0.24 (17.9)%33.3 %
Adjusted EBITDA$214.4 $213.2 $197.8 0.6 %8.4 %
Adjusted FFO $159.9 $168.0 $162.3 (4.8)%(1.5)%
Adjusted FFO per diluted share$0.75 $0.78 $0.80 (3.8)%(6.3)%
(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, Lake Austin Spa Resort from January 1, 2019 to November 20, 2022 Chico Hot Springs Resort from January 1, 2019 to July 31, 2023 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 all hotels for the Company's respective ownership periods.

Hotel Acquisition

On August 1, 2023, the Company acquired the fee-simple interest in Chico Hot Springs Resort, a lifestyle resort, and adjacent ranch in Paradise Valley, Montana and near Yellowstone National Park for $33 million. The $27 million purchase price for the 117-room, 153-acre resort represents an 8.1% capitalization rate on 2022 net operating income (“NOI”). The adjacent ranch, a 595-acre parcel purchased for approximately $6 million, provides extensive on-site trails for hiking and horseback riding as well as potential for future expansion of the resort or residential lot sales. The acquisition was funded from corporate cash on hand.

Capital Expenditures

The Company invested approximately $67.1 million in capital improvements at its hotels during the nine months ended September 30, 2023. The Company expects to spend $100 million on capital improvements at its hotels in 2023. Significant projects in 2023 include the following:

•The Dagny: The Company completed a comprehensive renovation to rebrand the Hilton Boston Downtown/Faneuil Hall as The Dagny, an independent lifestyle hotel, during the third quarter.
•Salt Lake City Marriott: The Company completed a renovation of the guestrooms during the third quarter.
•Hilton Burlington Lake Champlain: The Company commenced a repositioning of the hotel to rebrand it as a Curio Collection hotel. The repositioning is expected to be completed in the summer of 2024 and includes a new restaurant concept by a well-known, award-winning chef.

3


Balance Sheet and Liquidity

The Company ended the quarter with $611.6 million of liquidity, comprised of $102.7 million of unrestricted corporate cash, $108.9 million of unrestricted cash at its hotels and full capacity on its $400 million senior unsecured credit facility. As of September 30, 2023, the Company had $1.2 billion of total debt outstanding, which consisted of $800.0 million of unsecured term loans and $380.6 million of property-specific, non-recourse mortgage debt.

Dividends

The Company declared a quarterly cash dividend of $0.03 per common share, which was was paid on October 12, 2023 to shareholders of record as of September 29, 2023. The Company paid a quarterly dividend of $0.515625 per share on its 8.250% Series A Cumulative Redeemable Preferred Stock on September 29, 2023 to shareholders of record as of September 18, 2023.

Earnings Call
The Company will host a conference call to discuss its third quarter results on Wednesday, November 1, 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 36 premium quality hotels with over 9,700 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.

4

DIAMONDROCK HOSPITALITY COMPANY

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

September 30, 2023December 31, 2022
ASSETS(unaudited)
Property and equipment, net$2,765,646 $2,748,476 
Right-of-use assets97,552 99,047 
Restricted cash42,503 39,614 
Due from hotel managers167,695 176,708 
Prepaid and other assets 80,188 76,131 
Cash and cash equivalents102,737 67,564 
Total assets
$3,256,321 $3,207,540 
LIABILITIES AND EQUITY
Liabilities:
Mortgage and other debt, net of unamortized debt issuance costs$379,914 $386,655 
Unsecured term loans, net of unamortized debt issuance costs799,337 799,138 
Senior unsecured credit facility— — 
Total debt1,179,251 1,185,793 
Lease liabilities111,832 110,875 
Due to hotel managers122,746 123,682 
Deferred rent68,291 65,097 
Unfavorable contract liabilities, net59,825 61,069 
Accounts payable and accrued expenses 48,940 43,120 
Distributions declared and unpaid6,380 12,946 
Deferred income related to key money, net8,457 8,780 
Total liabilities
1,605,722 1,611,362 
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 September 30, 2023 and December 31, 202248 48 
   Common stock, $0.01 par value; 400,000,000 shares authorized; 209,627,197 and 209,374,830 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively2,096 2,094 
Additional paid-in capital2,289,501 2,288,433 
Accumulated other comprehensive income3,802 — 
Distributions in excess of earnings(651,533)(700,694)
Total stockholders’ equity
1,643,914 1,589,881 
Noncontrolling interests6,685 6,297 
Total equity
1,650,599 1,596,178 
Total liabilities and equity
$3,256,321 $3,207,540 



5

DIAMONDROCK HOSPITALITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2023202220232022
Revenues:
Rooms
$186,334 $184,994 $544,325 $510,189 
Food and beverage
64,723 61,940 192,869 176,294 
Other
25,463 21,274 74,126 59,965 
Total revenues
276,520 268,208 811,320 746,448 
Operating Expenses:
Rooms
45,773 43,899 131,092 120,374 
Food and beverage
45,428 43,227 134,486 119,919 
Other departmental and support expenses65,952 62,271 193,365 170,328 
Management fees
7,323 6,697 19,196 17,029 
Franchise fees
8,913 8,709 26,393 23,212 
Other property-level expenses25,704 21,047 76,755 63,997 
Depreciation and amortization
27,683 27,053 82,995 81,097 
Impairment losses
— — 941 2,843 
Corporate expenses
7,526 7,516 23,677 22,275 
Business interruption insurance income(537)— (647)(499)
Total operating expenses, net
233,765 220,419 688,253 620,575 
Interest expense
15,973 9,072 48,712 22,866 
Interest (income) and other (income) expense, net(772)152 (1,717)1,044 
Loss on early extinguishment of debt
— 9,698 — 9,698 
  Total other expenses, net
15,201 18,922 46,995 33,608 
Income before income taxes
27,554 28,867 76,072 92,265 
Income tax expense
(224)(312)(420)(949)
Net income
27,330 28,555 75,652 91,316 
Less: Net income attributable to noncontrolling interests
(58)(99)(259)(315)
Net income attributable to the Company
27,272 28,456 75,393 91,001 
Distributions to preferred stockholders(2,454)(2,454)(7,362)(7,362)
Net income attributable to common stockholders$24,818 $26,002 $68,031 $83,639 
Earnings per share:
Earnings per share available to common stockholders - basic
$0.12 $0.12 $0.32 $0.39 
Earnings per share available to common stockholders - diluted
$0.12 $0.12 $0.32 $0.39 
Weighted-average number of common shares outstanding:
Basic
211,490,571 212,878,364 211,525,596 212,736,133
Diluted
212,204,989 213,657,373 212,129,712 213,459,354


6


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.

7

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.

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

•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: 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.



8

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 September 30,
202320222019
Net income $27,330 $28,555 $11,574 
Interest expense 15,973 9,072 14,184 
Income tax expense224 312 1,217 
Real estate related depreciation and amortization27,683 27,053 29,474 
EBITDAre
71,210 64,992 56,449 
Non-cash lease expense and other amortization1,533 1,551 1,750 
Professional fees and pre-opening costs related to Frenchman's Reef (1)
— — 6,378 
Hotel pre-opening costs496 — — 
Hotel manager transition items — 11 582 
Loss on early extinguishment of debt— 9,698 2,373 
Adjusted EBITDA$73,239 $76,252 $67,532 

Nine Months Ended September 30,
202320222019
Net income $75,652 $91,316 $49,628 
Interest expense 48,712 22,866 38,264 
Income tax expense420 949 1,939 
Real estate related depreciation and amortization82,995 81,097 87,805 
EBITDA207,779 196,228 177,636 
Impairment losses941 2,843 — 
EBITDAre
208,720 199,071 177,636 
Non-cash lease expense and other amortization4,620 4,675 5,249 
Professional fees and pre-opening costs related to Frenchman's Reef (1)
— — 11,445 
Loss on early extinguishment of debt— 9,698 2,373 
Hotel pre-opening costs1,038 — — 
Severance costs (2)
— (532)— 
Hotel manager transition items — 247 1,050 
Adjusted EBITDA$214,378 $213,159 $197,753 
(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 were not covered by insurance.
(2)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.











9

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 September 30,
202320222019
Net income $27,330 $28,555 $11,574 
Interest expense 15,973 9,072 14,184 
Income tax expense224 312 1,217 
Real estate related depreciation and amortization27,683 27,053 29,474 
EBITDA71,210 64,992 56,449 
Corporate expenses7,526 7,516 6,318 
Interest (income) and other (income) expense, net(772)152 (102)
Professional fees and pre-opening costs related to Frenchman's Reef (1)
— — 6,378 
Loss on early extinguishment of debt— 9,698 2,373 
Hotel EBITDA77,964 82,358 71,416 
Non-cash lease expense and other amortization1,533 1,551 1,750 
Hotel pre-opening costs496 — — 
Hotel manager transition items — 11 582 
Hotel Adjusted EBITDA$79,993 $83,920 $73,748 

Nine Months Ended September 30,
202320222019
Net income $75,652 $91,316 $49,628 
Interest expense 48,712 22,866 38,264 
Income tax expense 420 949 1,939 
Real estate related depreciation and amortization82,995 81,097 87,805 
EBITDA207,779 196,228 177,636 
Corporate expenses23,677 22,275 20,785 
Interest (income) and other (income) expense, net(1,717)1,044 (510)
Impairment losses941 2,843 — 
Professional fees and pre-opening costs related to Frenchman's Reef (1)
— — 11,445 
Loss on early extinguishment of debt— 9,698 2,373 
Hotel EBITDA230,680 232,088 211,729 
Non-cash lease expense and other amortization4,620 4,675 5,249 
Hotel pre-opening costs1,038 — — 
Hotel manager transition items — 247 1,050 
Severance costs (2)
— (532)— 
Hotel Adjusted EBITDA$236,338 $236,478 $218,028 
(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 were not covered by insurance.
(2)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.






10


FFO and Adjusted FFO
The following tables are reconciliations of our GAAP net income to FFO and Adjusted FFO (in thousands):
Three Months Ended September 30,
202320222019
Net income $27,330 $28,555 $11,574 
Real estate related depreciation and amortization27,683 27,053 29,474 
FFO55,013 55,608 41,048 
Distribution to preferred stockholders(2,454)(2,454)— 
FFO available to common stock and unit holders52,559 53,154 41,048 
Non-cash lease expense and other amortization1,533 1,551 1,750 
Professional fees and pre-opening costs related to Frenchman's Reef (1)
— — 6,378 
Loss on early extinguishment of debt— 9,698 2,373 
Hotel pre-opening costs496 — — 
Hotel manager transition items — 11 582 
Fair value adjustments to interest rate swaps— (3,780)3,143 
Adjusted FFO available to common stock and unit holders$54,588 $60,634 $55,274 
Adjusted FFO available to common stock and unit holders, per diluted share$0.26 $0.28 $0.27 
Nine Months Ended September 30,
202320222019
Net income $75,652 $91,316 $49,628 
Real estate related depreciation and amortization82,995 81,097 87,805 
Impairment losses941 2,843 — 
FFO159,588 175,256 137,433 
Distribution to preferred stockholders(7,362)(7,362)— 
FFO available to common stock and unit holders152,226 167,894 137,433 
Non-cash lease expense and other amortization4,620 4,675 5,249 
Professional fees and pre-opening costs related to Frenchman's Reef (1)
— — 11,445 
Hotel pre-opening costs1,038 — — 
Hotel manager transition items — 247 1,050 
Loss on early extinguishment of debt— 9,698 2,373 
Severance costs (2)
— (532)— 
Fair value adjustments to interest rate swaps2,033 (14,002)4,790 
Adjusted FFO available to common stock and unit holders$159,917 $167,980 $162,340 
Adjusted FFO available to common stock and unit holders, per diluted share$0.75 $0.78 $0.80 
(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 were not covered by insurance.
(2)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.






11

Reconciliation of Comparable Operating Results

The following presents the revenues, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin together with comparable prior year results, which excludes the results for our 2021 dispositions (in thousands):
Three Months Ended September 30,
202320222019
Revenues$276,520 $268,208 $240,279 
Hotel revenues from prior ownership (1)
620 8,566 25,484 
Hotel revenues from sold hotels (2)
— — (18,338)
Comparable Revenues$277,140 $276,774 $247,425 
Hotel Adjusted EBITDA$79,993 $83,920 $73,748 
Hotel Adjusted EBITDA from prior ownership (1)
1,125 2,915 5,720 
Hotel Adjusted EBITDA from sold hotels (2)
— — (4,938)
Comparable Hotel Adjusted EBITDA$81,118 $86,835 $74,530 
Hotel Adjusted EBITDA Margin28.93 %31.29 %30.69 %
Comparable Hotel Adjusted EBITDA Margin29.27 %31.37 %30.12 %

Nine Months Ended September 30,
202320222019
Revenues$811,320 $746,448 $700,572 
Hotel revenues from prior ownership (1)
2,767 27,277 76,162 
Hotel revenues from sold hotels (2)
— — (47,872)
Comparable Revenues$814,087 $773,725 $728,862 
Hotel Adjusted EBITDA$236,338 $236,478 $218,028 
Hotel Adjusted EBITDA from prior ownership (1)
1,656 8,693 17,461 
Hotel Adjusted EBITDA from sold hotels (2)
— — (17,758)
Comparable Hotel Adjusted EBITDA$237,994 $245,171 $217,731 
Hotel Adjusted EBITDA Margin29.13 %31.68 %31.12 %
Comparable Hotel Adjusted EBITDA Margin29.23 %31.69 %29.87 %
(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, Lake Austin Spa Resort from January 1, 2019 to November 20, 2022 and Chico Hot Springs Resort from January 1, 2019 to July 31, 2023. 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.











12

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 since the hotel opened in April 2021.

Quarter 1, 2019Quarter 2, 2019Quarter 3, 2019Quarter 4, 2019Full Year 2019
ADR$224.54 $253.23 $240.06 $243.26 $240.76 
Occupancy72.2 %82.3 %81.3 %75.1 %77.7 %
RevPAR$162.14 $208.45 $195.19 $182.59 $187.17 
Total RevPAR$247.08 $306.77 $280.00 $268.71 $275.71 
Revenues (in thousands)$213,429 $268,008 $247,425 $237,449 $966,311 
Hotel Adjusted EBITDA (in thousands)$52,197 $91,004 $74,530 $66,020 $283,751 
Hotel Adjusted EBITDA Margin24.46 %33.96 %30.12 %27.80 %29.36 %
Available Rooms863,804 873,661 883,660 883,660 3,504,785 

Quarter 1, 2022Quarter 2, 2022Quarter 3, 2022Quarter 4, 2022Full Year 2022
ADR$281.93 $299.28 $282.49 $289.83 $288.78 
Occupancy56.0 %74.8 %75.1 %67.2 %68.3 %
RevPAR$157.86 $223.81 $212.27 $194.91 $197.36 
Total RevPAR$239.15 $331.55 $312.57 $293.70 $294.45 
Revenues (in thousands)$206,858 $290,093 $276,774 $260,150 $1,033,875 
Hotel Adjusted EBITDA (in thousands)$53,958 $104,378 $86,835 $77,431 $322,602 
Hotel Adjusted EBITDA Margin26.08 %35.98 %31.37 %29.76 %31.20 %
Available Rooms864,972 874,970 885,466 885,776 3,511,184 

Quarter 1, 2023Quarter 2, 2023Quarter 3, 2023
ADR$276.48 $293.44 $274.00 
Occupancy66.7 %76.7 %76.7 %
RevPAR$184.39 $225.09 $210.03 
Total RevPAR$281.32 $334.17 $312.35 
Revenues (in thousands)$243,859 $293,088 $277,140 
Hotel Adjusted EBITDA (in thousands)$62,450 $94,426 $81,118 
Hotel Adjusted EBITDA Margin25.61 %32.22 %29.27 %
Available Rooms866,846 877,058 887,279 

13

Market Capitalization as of September 30, 2023
(in thousands)
Enterprise Value
Common equity capitalization (at September 30, 2023 closing price of $8.03/share)
$1,716,306 
Preferred equity capitalization (at liquidation value of $25.00/share)119,000 
Consolidated debt (face amount)1,180,625 
Cash and cash equivalents(102,737)
Total enterprise value
$2,913,194 
Share Reconciliation
Common shares outstanding209,627 
Operating partnership units1,037 
Unvested restricted stock held by management and employees1,201 
Share grants under deferred compensation plan1,872 
Combined shares and units213,737
Debt Summary as of September 30, 2023
(dollars in thousands)
LoanInterest RateTermOutstanding PrincipalMaturity
Courtyard New York Manhattan / Midtown East4.40%Fixed$74,808 August 2024
Worthington Renaissance Fort Worth Hotel3.66%Fixed74,210 May 2025
Hotel Clio4.33%Fixed56,443 July 2025
Westin Boston Seaport District4.36%Fixed175,164 November 2025
     Unamortized debt issuance costs(711)
Total mortgage debt, net of unamortized debt issuance costs379,914 
Unsecured term loanSOFR + 1.35% Variable500,000 January 2028
Unsecured term loanSOFR + 1.35%Variable300,000 
January 2025 (1)
     Unamortized debt issuance costs(663)
Unsecured term loans, net of unamortized debt issuance costs799,337 
Senior unsecured credit facility SOFR + 1.40%Variable— 
September 2026 (1)
Total debt, net of unamortized debt issuance costs$1,179,251 
Weighted-average interest rate of fixed rate debt3.86%
Total weighted-average interest rate (2)
5.07%

(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.

14

Operating Statistics – Third Quarter
Number of RoomsADROccupancyRevPAR
3Q 20233Q 2022B/(W) 20223Q 20233Q 2022B/(W) 20223Q 20233Q 2022B/(W) 2022
Atlanta Marriott Alpharetta318 $154.82 $155.35 (0.3)%69.4 %60.7 %8.7 %$107.43 $94.35 13.9 %
Bourbon Orleans Hotel220 $201.95 $198.82 1.6 %66.4 %67.0 %(0.6)%$134.04 $133.24 0.6 %
Cavallo Point, The Lodge at the Golden Gate 142 $589.26 $723.68 (18.6)%57.8 %50.8 %7.0 %$340.41 $367.33 (7.3)%
Chicago Marriott Downtown Magnificent Mile1,200 $250.00 $253.84 (1.5)%71.4 %72.9 %(1.5)%$178.61 $185.02 (3.5)%
Chico Hot Springs Resort117 $183.71 $175.42 4.7 %79.6 %75.3 %4.3 %$146.31 $132.01 10.8 %
Courtyard Denver Downtown177 $241.09 $232.76 3.6 %82.6 %83.0 %(0.4)%$199.12 $193.21 3.1 %
Courtyard New York Manhattan/Fifth Avenue189 $299.95 $288.20 4.1 %97.2 %96.8 %0.4 %$291.65 $279.10 4.5 %
Courtyard New York Manhattan/Midtown East321 $356.68 $338.74 5.3 %91.2 %90.7 %0.5 %$325.19 $307.21 5.9 %
Embassy Suites by Hilton Bethesda272 $159.76 $140.80 13.5 %73.8 %56.9 %16.9 %$117.93 $80.12 47.2 %
Havana Cabana Key West106 $236.66 $259.31 (8.7)%78.0 %80.0 %(2.0)%$184.58 $207.40 (11.0)%
Henderson Beach Resort254 $470.03 $501.78 (6.3)%67.4 %76.7 %(9.3)%$316.76 $385.06 (17.7)%
Henderson Park Inn37 $648.09 $711.75 (8.9)%80.5 %81.3 %(0.8)%$521.86 $578.98 (9.9)%
Hilton Burlington Lake Champlain258 $323.75 $315.25 2.7 %86.1 %88.5 %(2.4)%$278.74 $279.11 (0.1)%
Hilton Garden Inn New York/Times Square Central282 $276.77 $276.98 (0.1)%97.0 %98.4 %(1.4)%$268.48 $272.65 (1.5)%
Hotel Clio199 $331.92 $329.77 0.7 %77.4 %76.3 %1.1 %$256.83 $251.56 2.1 %
Hotel Emblem San Francisco96 $234.01 $244.50 (4.3)%70.3 %80.7 %(10.4)%$164.57 $197.39 (16.6)%
Hotel Palomar Phoenix242 $164.84 $172.35 (4.4)%76.1 %61.7 %14.4 %$125.47 $106.41 17.9 %
Kimpton Fort Lauderdale Beach Resort96 $134.25 $157.26 (14.6)%46.4 %57.5 %(11.1)%$62.25 $90.40 (31.1)%
Kimpton Shorebreak Resort157 $378.69 $406.55 (6.9)%85.0 %88.0 %(3.0)%$321.77 $357.63 (10.0)%
L'Auberge de Sedona 88 $765.90 $766.54 (0.1)%54.6 %68.8 %(14.2)%$418.24 $527.38 (20.7)%
Lake Austin Spa Resort40 $983.07 $1,019.44 (3.6)%53.1 %60.8 %(7.7)%$521.72 $619.70 (15.8)%
Margaritaville Beach House Key West186 $313.67 $353.53 (11.3)%77.8 %70.5 %7.3 %$244.18 $249.32 (2.1)%
Orchards Inn Sedona70 $240.57 $228.40 5.3 %49.4 %65.4 %(16.0)%$118.79 $149.38 (20.5)%
Salt Lake City Marriott Downtown at City Creek510 $181.37 $173.45 4.6 %61.6 %67.9 %(6.3)%$111.69 $117.76 (5.2)%
The Dagny403 $289.64 $334.30 (13.4)%87.3 %88.2 %(0.9)%$252.93 $294.90 (14.2)%
The Gwen Hotel311 $320.89 $329.43 (2.6)%79.9 %78.7 %1.2 %$256.33 $259.15 (1.1)%
The Hythe Vail344 $282.10 $269.70 4.6 %65.0 %64.9 %0.1 %$183.45 $174.94 4.9 %
The Landing Lake Tahoe Resort & Spa82 $569.67 $670.73 (15.1)%76.9 %63.1 %13.8 %$437.83 $423.03 3.5 %
The Lindy Renaissance Charleston Hotel167 $326.08 $340.67 (4.3)%88.9 %85.6 %3.3 %$289.98 $291.51 (0.5)%
The Lodge at Sonoma Resort182 $490.51 $502.90 (2.5)%68.3 %70.5 %(2.2)%$334.84 $354.59 (5.6)%
Tranquility Bay Beachfront Resort103 $495.75 $588.88 (15.8)%79.3 %63.7 %15.6 %$393.05 $375.17 4.8 %
Westin Boston Waterfront793 $250.75 $249.19 0.6 %92.4 %86.4 %6.0 %$231.78 $215.40 7.6 %
Westin Fort Lauderdale Beach Resort433 $187.46 $201.15 (6.8)%58.6 %67.8 %(9.2)%$109.90 $136.47 (19.5)%
Westin San Diego Bayview436 $223.42 $216.33 3.3 %85.5 %87.4 %(1.9)%$191.04 $189.13 1.0 %
Westin Washington D.C. City Center410 $185.80 $196.28 (5.3)%81.5 %61.3 %20.2 %$151.37 $120.35 25.8 %
Worthington Renaissance Fort Worth Hotel504 $186.10 $176.37 5.5 %70.4 %65.8 %4.6 %$130.98 $115.99 12.9 %
Comparable Total (1)
9,649 $274.00 $282.49 (3.0)%76.7 %75.1 %1.6 %$210.03 $212.27 (1.1)%
(1) Amounts include the pre-acquisition operating results of hotels acquired in 2023 and 2022 and exclude the Kimpton Fort Lauderdale Beach Resort as the hotel opened during 2021.
15


16


 Operating Statistics – Third Quarter
Number of RoomsADROccupancyRevPAR
3Q 20233Q 2019B/(W) 20193Q 20233Q 2019B/(W) 20193Q 20233Q 2019B/(W) 2019
Atlanta Marriott Alpharetta318 $154.82 $163.80 (5.5)%69.4 %72.9 %(3.5)%$107.43 $119.41 (10.0)%
Bourbon Orleans Hotel220 $201.95 $193.21 4.5 %66.4 %75.3 %(8.9)%$134.04 $145.55 (7.9)%
Cavallo Point, The Lodge at the Golden Gate 142 $589.26 $469.36 25.5 %57.8 %68.1 %(10.3)%$340.41 $319.72 6.5 %
Chicago Marriott Downtown Magnificent Mile1,200 $250.00 $239.22 4.5 %71.4 %82.5 %(11.1)%$178.61 $197.32 (9.5)%
Chico Hot Springs Resort117 $183.71 $147.95 24.2 %79.6 %93.3 %(13.7)%$146.31 $137.97 6.0 %
Courtyard Denver Downtown177 $241.09 $218.40 10.4 %82.6 %85.9 %(3.3)%$199.12 $187.70 6.1 %
Courtyard New York Manhattan/Fifth Avenue189 $299.95 $256.72 16.8 %97.2 %91.6 %5.6 %$291.65 $235.21 24.0 %
Courtyard New York Manhattan/Midtown East321 $356.68 $266.37 33.9 %91.2 %97.4 %(6.2)%$325.19 $259.56 25.3 %
Embassy Suites by Hilton Bethesda272 $159.76 $167.95 (4.9)%73.8 %70.4 %3.4 %$117.93 $118.20 (0.2)%
Havana Cabana Key West106 $236.66 $170.13 39.1 %78.0 %85.9 %(7.9)%$184.58 $146.13 26.3 %
Henderson Beach Resort254 $470.03 $333.54 40.9 %67.4 %65.7 %1.7 %$316.76 $219.30 44.4 %
Henderson Park Inn37 $648.09 $520.73 24.5 %80.5 %87.7 %(7.2)%$521.86 $456.78 14.2 %
Hilton Burlington Lake Champlain258 $323.75 $244.03 32.7 %86.1 %90.1 %(4.0)%$278.74 $219.97 26.7 %
Hilton Garden Inn New York/Times Square Central282 $276.77 $249.41 11.0 %97.0 %98.7 %(1.7)%$268.48 $246.24 9.0 %
Hotel Clio199 $331.92 $262.04 26.7 %77.4 %85.9 %(8.5)%$256.83 $225.20 14.0 %
Hotel Emblem San Francisco96 $234.01 $247.06 (5.3)%70.3 %91.7 %(21.4)%$164.57 $226.47 (27.3)%
Hotel Palomar Phoenix242 $164.84 $143.55 14.8 %76.1 %73.4 %2.7 %$125.47 $105.30 19.2 %
Kimpton Shorebreak Resort157 $378.69 $306.54 23.5 %85.0 %81.8 %3.2 %$321.77 $250.72 28.3 %
L'Auberge de Sedona 88 $765.90 $533.79 43.5 %54.6 %71.7 %(17.1)%$418.24 $382.61 9.3 %
Lake Austin Spa Resort40 $983.07 $795.98 23.5 %53.1 %68.7 %(15.6)%$521.72 $546.80 (4.6)%
Margaritaville Beach House Key West186 $313.67 $205.47 52.7 %77.8 %61.4 %16.4 %$244.18 $126.16 93.5 %
Orchards Inn Sedona70 $240.57 $207.09 16.2 %49.4 %74.3 %(24.9)%$118.79 $153.97 (22.8)%
Salt Lake City Marriott Downtown at City Creek510 $181.37 $179.29 1.2 %61.6 %76.1 %(14.5)%$111.69 $136.50 (18.2)%
The Dagny403 $289.64 $342.48 (15.4)%87.3 %92.6 %(5.3)%$252.93 $317.16 (20.3)%
The Gwen Hotel311 $320.89 $280.57 14.4 %79.9 %91.3 %(11.4)%$256.33 $256.27 — %
The Hythe Vail344 $282.10 $212.25 32.9 %65.0 %70.4 %(5.4)%$183.45 $149.45 22.8 %
The Landing Lake Tahoe Resort & Spa82 $569.67 $376.60 51.3 %76.9 %86.4 %(9.5)%$437.83 $325.43 34.5 %
The Lindy Renaissance Charleston Hotel167 $326.08 $239.40 36.2 %88.9 %77.9 %11.0 %$289.98 $186.38 55.6 %
The Lodge at Sonoma Resort182 $490.51 $349.59 40.3 %68.3 %83.8 %(15.5)%$334.84 $292.92 14.3 %
Tranquility Bay Beachfront Resort 103 $495.75 $331.66 49.5 %79.3 %80.5 %(1.2)%$393.05 $267.05 47.2 %
Westin Boston Waterfront793 $250.75 $261.88 (4.3)%92.4 %84.5 %7.9 %$231.78 $221.26 4.8 %
Westin Fort Lauderdale Beach Resort433 $187.46 $144.14 30.1 %58.6 %69.6 %(11.0)%$109.90 $100.29 9.6 %
Westin San Diego Bayview436 $223.42 $192.85 15.9 %85.5 %86.0 %(0.5)%$191.04 $165.84 15.2 %
Westin Washington D.C. City Center410 $185.80 $178.69 4.0 %81.5 %90.7 %(9.2)%$151.37 $162.01 (6.6)%
Worthington Renaissance Fort Worth Hotel504 $186.10 $177.73 4.7 %70.4 %69.5 %0.9 %$130.98 $123.48 6.1 %
Comparable Total (1)
9,649 $274.00 $240.06 14.1 %76.7 %81.3 %(4.6)%$210.03 $195.19 7.6 %
(1) Amounts include the pre-acquisition operating results of hotels acquired in 2023, 2022 and 2021 and exclude the Kimpton Fort Lauderdale Beach Resort as the hotel opened during 2021.


17


18


Operating Statistics – Year to Date
Number of RoomsADROccupancyRevPAR
YTD 2023YTD 2022B/(W) 2022YTD 2023YTD 2022B/(W) 2022YTD 2023YTD 2022B/(W) 2022
Atlanta Marriott Alpharetta318 $154.52 $150.91 2.4 %68.5 %54.9 %13.6 %$105.84 $82.78 27.9 %
Bourbon Orleans Hotel 220 $236.68 $231.33 2.3 %76.9 %60.9 %16.0 %$182.12 $140.87 29.3 %
Cavallo Point, The Lodge at the Golden Gate 142 $590.72 $714.46 (17.3)%55.8 %51.7 %4.1 %$329.54 $369.12 (10.7)%
Chicago Marriott Downtown Magnificent Mile1,200 $246.14 $241.50 1.9 %60.7 %53.9 %6.8 %$149.41 $130.14 14.8 %
Chico Hot Springs Resort117 $183.71 $175.42 4.7 %79.6 %75.3 %4.3 %$146.31 $132.01 10.8 %
Courtyard Denver Downtown177 $220.51 $208.00 6.0 %78.4 %75.2 %3.2 %$172.83 $156.32 10.6 %
Courtyard New York Manhattan/Fifth Avenue189 $270.33 $251.64 7.4 %95.1 %92.0 %3.1 %$257.20 $231.47 11.1 %
Courtyard New York Manhattan/Midtown East321 $314.26 $299.94 4.8 %90.5 %81.3 %9.2 %$284.44 $243.72 16.7 %
Embassy Suites by Hilton Bethesda272 $163.58 $144.33 13.3 %71.9 %48.8 %23.1 %$117.54 $70.50 66.7 %
Havana Cabana Key West106 $305.56 $337.36 (9.4)%84.2 %87.9 %(3.7)%$257.20 $296.70 (13.3)%
Henderson Park Resort254 $458.10 $494.31 (7.3)%61.7 %69.8 %(8.1)%$282.64 $344.91 (18.1)%
Henderson Park Inn37 $627.97 $668.31 (6.0)%70.2 %77.7 %(7.5)%$440.90 $519.31 (15.1)%
Hilton Burlington Lake Champlain258 $252.40 $246.52 2.4 %76.2 %74.7 %1.5 %$192.25 $184.15 4.4 %
Hilton Garden Inn New York/Times Square Central282 $252.61 $247.70 2.0 %89.4 %91.5 %(2.1)%$225.73 $226.63 (0.4)%
Hotel Clio199 $320.35 $305.20 5.0 %71.2 %69.6 %1.6 %$227.96 $212.32 7.4 %
Hotel Emblem San Francisco96 $245.70 $227.72 7.9 %67.0 %73.5 %(6.5)%$164.55 $167.44 (1.7)%
Hotel Palomar Phoenix242 $221.99 $215.33 3.1 %76.0 %67.9 %8.1 %$168.72 $146.24 15.4 %
Kimpton Fort Lauderdale Beach Resort 96 $217.03 $231.86 (6.4)%66.3 %66.4 %(0.1)%$143.81 $154.03 (6.6)%
Kimpton Shorebreak Resort157 $338.09 $357.34 (5.4)%81.3 %81.7 %(0.4)%$274.92 $292.03 (5.9)%
L'Auberge de Sedona 88 $907.24 $964.94 (6.0)%60.0 %72.6 %(12.6)%$544.22 $700.49 (22.3)%
Lake Austin Spa Resort 40 $1,071.67 $1,084.98 (1.2)%58.5 %68.9 %(10.4)%$627.30 $747.66 (16.1)%
Margaritaville Beach House Key West186 $403.61 $469.76 (14.1)%84.3 %83.1 %1.2 %$340.19 $390.37 (12.9)%
Orchards Inn Sedona70 $281.82 $298.31 (5.5)%59.6 %66.4 %(6.8)%$167.87 $197.97 (15.2)%
Salt Lake City Marriott Downtown at City Creek510 $190.89 $176.93 7.9 %63.3 %60.2 %3.1 %$120.75 $106.44 13.4 %
The Dagny403 $291.35 $291.00 0.1 %75.3 %79.0 %(3.7)%$219.35 $229.86 (4.6)%
The Gwen Hotel311 $299.15 $296.79 0.8 %74.5 %72.4 %2.1 %$222.97 $214.85 3.8 %
The Hythe Vail344 $435.10 $416.30 4.5 %61.1 %56.8 %4.3 %$265.81 $236.33 12.5 %
The Landing Lake Tahoe Resort & Spa82 $472.57 $527.40 (10.4)%53.0 %52.8 %0.2 %$250.32 $278.45 (10.1)%
The Lindy Renaissance Charleston Hotel167 $352.01 $357.66 (1.6)%89.2 %86.7 %2.5 %$313.99 $310.06 1.3 %
The Lodge at Sonoma Resort182 $455.78 $464.17 (1.8)%62.7 %63.4 %(0.7)%$285.78 $294.12 (2.8)%
Tranquility Bay Beachfront Resort
103 $652.82 $786.68 (17.0)%77.8 %76.1 %1.7 %$507.60 $598.62 (15.2)%
Westin Boston Waterfront793 $243.78 $238.48 2.2 %85.3 %75.5 %9.8 %$207.90 $180.00 15.5 %
Westin Fort Lauderdale Beach Resort433 $274.94 $271.85 1.1 %73.3 %79.2 %(5.9)%$201.56 $215.27 (6.4)%
Westin San Diego Bayview436 $214.93 $203.80 5.5 %79.9 %74.1 %5.8 %$171.62 $151.06 13.6 %
Westin Washington D.C. City Center410 $216.66 $210.68 2.8 %75.9 %58.8 %17.1 %$164.39 $123.90 32.7 %
Worthington Renaissance Fort Worth Hotel504 $194.08 $186.23 4.2 %74.5 %68.0 %6.5 %$144.59 $126.62 14.2 %
Comparable Total (1)
9,649 $281.52 $288.43 (2.4)%73.4 %68.7 %4.7 %$206.60 $198.19 4.2 %
(1) Amounts include the pre-acquisition operating results of hotels acquired in 2023 and 2022 and exclude the Kimpton Fort Lauderdale Beach Resort as the hotel opened during 2021.

19


.
20


Operating Statistics – Year to Date
Number of RoomsADROccupancyRevPAR
YTD 2023YTD 2019B/(W) 2019YTD 2023YTD 2019B/(W) 2019YTD 2023YTD 2019B/(W) 2019
Atlanta Marriott Alpharetta318 $154.52 $166.97 (7.5)%68.5 %72.7 %(4.2)%$105.84 $121.42 (12.8)%
Bourbon Orleans Hotel 220 $236.68 $217.20 9.0 %76.9 %82.8 %(5.9)%$182.12 $179.87 1.3 %
Cavallo Point, The Lodge at the Golden Gate 142 $590.72 $458.60 28.8 %55.8 %65.2 %(9.4)%$329.54 $298.90 10.3 %
Chicago Marriott Downtown Magnificent Mile1,200 $246.14 $225.86 9.0 %60.7 %72.7 %(12.0)%$149.41 $164.20 (9.0)%
Chico Hot Springs Resort117 $183.71 $147.95 24.2 %79.6 %93.3 %(13.7)%$146.31 $137.97 6.0 %
Courtyard Denver Downtown177 $220.51 $200.80 9.8 %78.4 %81.1 %(2.7)%$172.83 $162.75 6.2 %
Courtyard New York Manhattan/Fifth Avenue189 $270.33 $248.54 8.8 %95.1 %86.7 %8.4 %$257.20 $215.49 19.4 %
Courtyard New York Manhattan/Midtown East321 $314.26 $244.82 28.4 %90.5 %95.6 %(5.1)%$284.44 $234.03 21.5 %
Embassy Suites by Hilton Bethesda272 $163.58 $176.98 (7.6)%71.9 %73.0 %(1.1)%$117.54 $129.23 (9.0)%
Havana Cabana Key West106 $305.56 $210.19 45.4 %84.2 %90.3 %(6.1)%$257.20 $189.78 35.5 %
Henderson Beach Resort 254 $458.10 $315.85 45.0 %61.7 %60.0 %1.7 %$282.64 $189.66 49.0 %
Henderson Park Inn 37 $627.97 $480.49 30.7 %70.2 %77.1 %(6.9)%$440.90 $370.28 19.1 %
Hilton Burlington Lake Champlain258 $252.40 $193.56 30.4 %76.2 %81.7 %(5.5)%$192.25 $158.11 21.6 %
Hilton Garden Inn New York/Times Square Central282 $252.61 $235.87 7.1 %89.4 %98.5 %(9.1)%$225.73 $232.29 (2.8)%
Hotel Clio199 $320.35 $258.63 23.9 %71.2 %70.8 %0.4 %$227.96 $183.12 24.5 %
Hotel Emblem San Francisco96 $245.70 $240.00 2.4 %67.0 %78.9 %(11.9)%$164.55 $189.34 (13.1)%
Hotel Palomar Phoenix242 $221.99 $185.74 19.5 %76.0 %82.7 %(6.7)%$168.72 $153.51 9.9 %
Kimpton Shorebreak Resort157 $338.09 $268.57 25.9 %81.3 %78.7 %2.6 %$274.92 $211.27 30.1 %
L'Auberge de Sedona 88 $907.24 $596.05 52.2 %60.0 %78.6 %(18.6)%$544.22 $468.42 16.2 %
Lake Austin Spa Resort40 $1,071.67 $825.66 29.8 %58.5 %63.6 %(5.1)%$627.30 $524.81 19.5 %
Margaritaville Beach House Key West186 $403.61 $259.71 55.4 %84.3 %80.5 %3.8 %$340.19 $209.08 62.7 %
Orchards Inn Sedona70 $281.82 $244.33 15.3 %59.6 %77.7 %(18.1)%$167.87 $189.96 (11.6)%
Salt Lake City Marriott Downtown at City Creek510 $190.89 $173.43 10.1 %63.3 %69.4 %(6.1)%$120.75 $120.42 0.3 %
The Dagny403 $291.35 $308.79 (5.6)%75.3 %88.9 %(13.6)%$219.35 $274.58 (20.1)%
The Gwen Hotel311 $299.15 $256.86 16.5 %74.5 %83.3 %(8.8)%$222.97 $213.95 4.2 %
The Hythe Vail344 $435.10 $298.07 46.0 %61.1 %65.6 %(4.5)%$265.81 $195.66 35.9 %
The Landing Lake Tahoe Resort & Spa82 $472.57 $321.13 47.2 %53.0 %65.4 %(12.4)%$250.32 $210.11 19.1 %
The Lindy Renaissance Charleston Hotel167 $352.01 $260.92 34.9 %89.2 %84.0 %5.2 %$313.99 $219.09 43.3 %
The Lodge at Sonoma Resort182 $455.78 $310.27 46.9 %62.7 %74.3 %(11.6)%$285.78 $230.57 23.9 %
Tranquility Bay Beachfront Resort103 $652.82 $417.59 56.3 %77.8 %87.4 %(9.6)%$507.60 $365.09 39.0 %
Westin Boston Waterfront793 $243.78 $251.43 (3.0)%85.3 %78.4 %6.9 %$207.90 $197.05 5.5 %
Westin Fort Lauderdale Beach Resort433 $274.94 $204.38 34.5 %73.3 %81.8 %(8.5)%$201.56 $167.26 20.5 %
Westin San Diego Bayview436 $214.93 $194.30 10.6 %79.9 %82.0 %(2.1)%$171.62 $159.39 7.7 %
Westin Washington D.C. City Center410 $216.66 $206.84 4.7 %75.9 %86.9 %(11.0)%$164.39 $179.77 (8.6)%
Worthington Renaissance Fort Worth Hotel504 $194.08 $186.24 4.2 %74.5 %75.4 %(0.9)%$144.59 $140.50 2.9 %
Comparable Total (1)
9,649 $281.52 $239.96 17.3 %73.4 %78.6 %(5.2)%$206.60 $188.72 9.5 %
(1) Amounts include the pre-acquisition operating results of hotels acquired in 2023, 2022 and 2021 and exclude the Kimpton Fort Lauderdale Beach Resort as the hotel opened during 2021.
21


Hotel Adjusted EBITDA Reconciliation - Third Quarter 2023
Net Income / (Loss)Plus:Plus:Plus:Equals: Hotel Adjusted EBITDA
Total RevenuesDepreciationInterest Expense
Adjustments (1)
Atlanta Marriott Alpharetta$4,328 $1,018 $367 $— $— $1,385 
Bourbon Orleans Hotel $3,437 $76 $866 $— $6 $948 
Cavallo Point, The Lodge at the Golden Gate $11,114 $1,348 $1,410 $— $94 $2,852 
Chicago Marriott Downtown Magnificent Mile$32,302 $8,332 $3,517 $6 $(397)$11,458 
Chico Hot Springs Resort$2,595 $357 $195 $— $— $552 
Courtyard Denver Downtown$3,562 $1,386 $372 $— $— $1,758 
Courtyard New York Manhattan/Fifth Avenue$5,327 $780 $350 $— $253 $1,383 
Courtyard New York Manhattan/Midtown East$9,921 $2,073 $519 $895 $— $3,487 
Embassy Suites by Hilton Bethesda$3,361 $(1,765)$570 $— $1,463 $268 
Havana Cabana Key West $2,517 $(35)$290 $— $— $255 
Henderson Beach Resort $11,721 $2,034 $1,015 $— $— $3,049 
Henderson Park Inn $2,846 $1,071 $283 $— $— $1,354 
Hilton Burlington Lake Champlain $8,421 $3,555 $551 $— $— $4,106 
Hilton Garden Inn New York/Times Square Central$7,700 $2,341 $646 $— $— $2,987 
Hotel Clio$7,679 $836 $768 $635 $5 $2,244 
Hotel Emblem San Francisco$1,684 $(263)$296 $— $— $33 
Hotel Palomar Phoenix$4,724 $(200)$496 $— $178 $474 
Kimpton Fort Lauderdale Beach Resort$1,022 $(938)$312 $— $— $(626)
Kimpton Shorebreak Resort $6,203 $2,048 $381 $— $— $2,429 
L'Auberge de Sedona $5,950 $641 $362 $— $— $1,003 
Lake Austin Spa Resort$4,543 $118 $647 $— $— $765 
Margaritaville Beach House Key West $5,933 $934 $775 $— $— $1,709 
Orchards Inn Sedona $1,586 $6 $93 $— $42 $141 
Salt Lake City Marriott Downtown at City Creek$7,630 $2,035 $677 $— $11 $2,723 
The Dagny$10,420 $2,096 $1,522 $— $— $3,618 
The Gwen Hotel$10,747 $2,725 $1,030 $— $— $3,755 
The Hythe Vail $10,420 $1,897 $1,201 $— $— $3,098 
The Landing Lake Tahoe Resort & Spa $5,767 $2,676 $135 $— $— $2,811 
The Lindy Renaissance Charleston Hotel $5,507 $1,798 $477 $— $— $2,275 
The Lodge at Sonoma Resort $8,746 $2,337 $635 $— $— $2,972 
Tranquility Bay Beachfront Resort $4,888 $713 $449 $— $— $1,162 
Westin Boston Seaport District$26,082 $3,135 $2,473 $1,999 $(122)$7,485 
Westin Fort Lauderdale Beach Resort $10,846 $(1,632)$1,028 $— $— $(604)
Westin San Diego Bayview$10,006 $2,585 $850 $— $— $3,435 
Westin Washington D.C. City Center$6,826 $(244)$1,026 $— $— $782 
Worthington Renaissance Fort Worth Hotel$10,159 $651 $1,099 $718 $— $2,468 
Total$276,520 $46,525 $27,683 $4,253 $1,533 $79,993 
Add: Prior Ownership Results (2)
$620 $1,362 $(237)$— $— $1,125 
Comparable Total$277,140 $47,887 $27,446 $4,253 $1,533 $81,118 
(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 2023 acquisition and excludes the Kimpton Fort Lauderdale Beach Resort.
22


Hotel Adjusted EBITDA Reconciliation - Third Quarter 2022
Net Income / (Loss)Plus:Plus:Plus:Equals: Hotel
Total RevenuesDepreciationInterest Expense
Adjustments (1)
Adjusted EBITDA
Atlanta Marriott Alpharetta$3,654 $843 $369 $— $— $1,212 
Bourbon Orleans Hotel$3,763 $218 $838 $— $6 $1,062 
Cavallo Point, The Lodge at the Golden Gate $10,963 $808 $1,844 $— $94 $2,746 
Chicago Marriott Downtown Magnificent Mile$31,715 $10,640 $3,838 $6 $(397)$14,087 
Courtyard Denver Downtown$3,448 $1,398 $377 $— $— $1,775 
Courtyard New York Manhattan/Fifth Avenue$4,907 $490 $332 $— $253 $1,075 
Courtyard New York Manhattan/Midtown East$9,332 $1,742 $485 $915 $— $3,142 
Embassy Suites by Hilton Bethesda$2,378 $(2,396)$567 $— $1,477 $(352)
Havana Cabana Key West $2,715 $526 $276 $— $— $802 
Henderson Beach Resort$13,113 $2,703 $990 $— $— $3,693 
Henderson Park Inn$2,750 $1,010 $228 $— $— $1,238 
Hilton Burlington Lake Champlain $8,088 $3,323 $574 $— $— $3,897 
Hilton Garden Inn New York/Times Square Central$7,727 $1,903 $634 $— $— $2,537 
Hotel Clio$7,683 $864 $876 $650 $5 $2,395 
Hotel Emblem San Francisco$2,065 $132 $296 $— $— $428 
Hotel Palomar Phoenix$3,609 $(551)$649 $— $181 $279 
Kimpton Fort Lauderdale Beach Resort$1,275 $(585)$294 $— $— $(291)
Kimpton Shorebreak Resort $6,941 $2,657 $396 $— $— $3,053 
L'Auberge de Sedona $6,727 $614 $352 $— $— $966 
Margaritaville Beach House Key West $5,834 $766 $795 $— $— $1,561 
Orchards Inn Sedona $1,772 $27 $85 $— $42 $154 
Salt Lake City Marriott Downtown at City Creek$7,649 $1,620 $571 $621 $11 $2,823 
The Dagny$11,999 $3,846 $1,000 $— $— $4,846 
The Gwen Hotel$11,129 $3,115 $1,062 $— $— $4,177 
The Hythe Vail $9,529 $1,248 $1,207 $— $— $2,455 
The Landing Lake Tahoe Resort & Spa $5,007 $2,144 $218 $— $— $2,362 
The Lindy Renaissance Charleston Hotel $5,571 $1,910 $454 $— $— $2,364 
The Lodge at Sonoma Resort $9,203 $1,966 $645 $261 $— $2,872 
Tranquility Bay Beachfront Resort$4,429 $714 $412 $— $— $1,126 
Westin Boston Seaport District$24,663 $2,904 $2,448 $2,048 $(122)$7,278 
Westin Fort Lauderdale Beach Resort $13,223 $987 $967 $— $— $1,954 
Westin San Diego Bayview$9,415 $1,808 $842 $587 $— $3,237 
Westin Washington D.C. City Center$6,019 $(1,189)$1,026 $597 $— $434 
Worthington Renaissance Fort Worth Hotel$9,913 $690 $1,106 $736 $1 $2,533 
Total $268,208 $48,895 $27,053 $6,421 $1,551 $83,920 
Add: Prior Ownership Results (2)
$8,566 $2,684 $231 $— $— $2,915 
Comparable Total$276,774 $51,579 $27,284 $6,421 $1,551 $86,835 
(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 2023 and 2022 acquisitions and excludes the Kimpton Fort Lauderdale Beach Resort.

23


Hotel Adjusted EBITDA Reconciliation - Third Quarter 2019
Net Income / (Loss)Plus:Plus:Plus:Equals: Hotel
Total RevenuesDepreciationInterest Expense
Adjustments (1)
Adjusted EBITDA
Atlanta Marriott Alpharetta$4,787 $1,123 $455 $— $— $1,578 
Cavallo Point, The Lodge at the Golden Gate $10,633 $1,327 $1,828 $— $79 $3,234 
Chicago Marriott Downtown Magnificent Mile$32,503 $6,887 $4,166 $(8)$(397)$10,648 
Courtyard Denver Downtown$3,344 $1,393 $298 $— $— $1,691 
Courtyard New York Manhattan/Fifth Avenue$4,191 $103 $449 $— $253 $805 
Courtyard New York Manhattan/Midtown East$7,909 $570 $697 $970 $— $2,237 
Embassy Suites by Hilton Bethesda$3,880 $(1,078)$471 $— $1,514 $907 
Frenchman's Reef & Morning Star Marriott Beach Resort$1 $(2)$— $— $— $(2)
Havana Cabana Key West $1,996 $87 $260 $— $— $347 
Hilton Burlington Lake Champlain $6,121 $2,451 $486 $— $— $2,937 
Hilton Garden Inn New York/Times Square Central$6,508 $944 $838 $— $— $1,782 
Hotel Clio$5,907 $269 $746 $692 $6 $1,713 
Hotel Emblem San Francisco$2,305 $399 $297 $— $— $696 
Hotel Palomar Phoenix$4,325 $(424)$662 $39 $295 $572 
Kimpton Shorebreak Resort $5,281 $1,808 $348 $— $40 $2,196 
L'Auberge de Sedona $5,636 $727 $508 $— $— $1,235 
Margaritaville Beach House Key West $2,666 $(55)$351 $— $— $296 
Orchards Inn Sedona $1,598 $(11)$238 $— $42 $269 
Salt Lake City Marriott Downtown at City Creek$8,849 $2,368 $575 $608 $— $3,551 
The Dagny$12,504 $4,271 $1,231 $— $— $5,502 
The Gwen Hotel$10,771 $3,256 $1,077 $— $— $4,333 
The Hythe Vail $8,109 $1,140 $1,011 $— $— $2,151 
The Landing Lake Tahoe Resort & Spa $4,060 $1,086 $418 $— $— $1,504 
The Lexington Hotel$18,337 $1,319 $3,607 $6 $8 $4,940 
The Lindy Renaissance Charleston Hotel $3,398 $642 $421 $— $(32)$1,031 
The Lodge at Sonoma Resort $7,549 $2,070 $508 $281 $— $2,859 
Westin Boston Seaport District$24,009 $2,413 $2,418 $2,182 $(60)$6,953 
Westin Fort Lauderdale Beach Resort $8,131 $(949)$1,675 $— $— $726 
Westin San Diego Bayview$8,654 $1,439 $1,135 $637 $— $3,211 
Westin Washington D.C. City Center$7,829 $280 $1,310 $663 $— $2,253 
Worthington Renaissance Fort Worth Hotel$8,488 $(132)$990 $784 $2 $1,644 
Total $240,279 $35,721 $29,474 $6,854 $1,750 $73,748 
Add: Prior Ownership Results (2)
$25,484 $3,456 $2,264 $— $— $5,720 
Less: Sold Hotels (3)
$(18,338)$(1,317)$(3,607)$(6)$(8)$(4,938)
Comparable Total$247,425 $37,860 $28,131 $6,848 $1,742 $74,530 

(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 2023, 2022 and 2021 acquisitions (excluding the Kimpton Fort Lauderdale Beach Resort).
(3) Represents the operating results of Frenchman's Reef and The Lexington Hotel.

24

Hotel Adjusted EBITDA Reconciliation - Year to Date 2023
Total RevenuesNet Income / (Loss)Plus: DepreciationPlus: Interest Expense
Plus: Adjustments (1)
Equals: Hotel Adjusted EBITDA
Atlanta Marriott Alpharetta$12,584 $3,080 $1,090 $— $— $4,170 
Bourbon Orleans Hotel$13,449 $2,831 $2,553 $— $19 $5,403 
Cavallo Point, The Lodge at the Golden Gate $33,762 $4,447 $4,198 $— $281 $8,926 
Chicago Marriott Downtown Magnificent Mile$79,569 $14,293 $10,709 $18 $(1,192)$23,828 
Chico Hot Springs Resort$2,595 $357 $195 $— $— $552 
Courtyard Denver Downtown$9,215 $2,899 $1,126 $— $— $4,025 
Courtyard New York Manhattan/Fifth Avenue$13,671 $874 $1,097 $— $760 $2,731 
Courtyard New York Manhattan/Midtown East$25,890 $3,351 $1,524 $2,672 $— $7,547 
Embassy Suites by Hilton Bethesda$10,113 $(4,917)$1,713 $— $4,409 $1,205 
Havana Cabana Key West$9,856 $2,294 $877 $— $— $3,171 
Henderson Beach Resort$32,520 $4,492 $3,047 $— $— $7,539 
Henderson Park Inn$7,044 $2,210 $785 $— $— $2,995 
Hilton Burlington Lake Champlain$17,899 $4,837 $1,679 $— $— $6,516 
Hilton Garden Inn New York/Times Square Central$19,308 $3,322 $1,929 $— $— $5,251 
Hotel Clio$19,814 $118 $2,490 $1,898 $14 $4,520 
Hotel Emblem San Francisco$5,224 $(740)$890 $— $— $150 
Hotel Palomar Phoenix$18,580 $2,724 $1,646 $— $538 $4,908 
Kimpton Fort Lauderdale Beach Resort$6,168 $(751)$921 $— $— $170 
Kimpton Shorebreak Resort$16,579 $4,662 $1,177 $— $— $5,839 
L'Auberge de Sedona $21,566 $4,622 $1,106 $— $— $5,728 
Lake Austin Spa Resort$15,462 $1,837 $1,916 $— $— $3,753 
Margaritaville Beach House Key West$23,355 $7,819 $2,366 $— $— $10,185 
Orchards Inn Sedona$6,225 $1,106 $273 $— $126 $1,505 
Salt Lake City Marriott Downtown at City Creek$23,233 $6,549 $1,912 $— $32 $8,493 
The Dagny$27,018 $3,674 $4,195 $— $— $7,869 
The Gwen Hotel$27,126 $3,510 $3,163 $— $— $6,673 
The Hythe Vail$37,727 $11,374 $3,603 $— $— $14,977 
The Landing Lake Tahoe Resort & Spa$10,074 $2,520 $666 $— $— $3,186 
The Lindy Renaissance Charleston Hotel$17,758 $6,584 $1,418 $— $— $8,002 
The Lodge at Sonoma Resort$23,812 $4,918 $1,933 $— $— $6,851 
Tranquility Bay Beachfront Resort$18,222 $4,401 $1,315 $— $— $5,716 
Westin Boston Seaport District$71,511 $5,271 $7,421 $5,969 $(367)$18,294 
Westin Fort Lauderdale Beach Resort$50,066 $9,178 $3,096 $— $— $12,274 
Westin San Diego Bayview$27,124 $6,023 $2,561 $— $— $8,584 
Westin Washington D.C. City Center$22,481 $1,435 $3,070 $— $— $4,505 
Worthington Renaissance Fort Worth Hotel$34,720 $4,824 $3,335 $2,145 $— $10,304 
Total $811,320 $136,028 $82,995 $12,702 $4,620 $236,338 
Add: Prior Ownership Results (2)
$2,767 $2,052 $(396)$— $— $1,656 
Comparable Total$814,087 $138,080 $82,599 $12,702 $4,620 $237,994 
(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 2023 acquisition and excludes the Kimpton Fort Lauderdale Beach Resort.
Hotel Adjusted EBITDA Reconciliation - Year to Date 2022
Net Income /(Loss)Plus:Plus:Plus:Equals: Hotel
Total RevenuesDepreciationInterest Expense
Adjustments (1)
Adjusted EBITDA
Atlanta Marriott Alpharetta$9,908 $2,010 $1,112 $— $— $3,122 
Bourbon Orleans Hotel$11,027 $1,429 $2,486 $— $19 $3,934 
Cavallo Point, The Lodge at the Golden Gate $33,993 $4,712 $5,535 $— $281 $10,528 
Chicago Marriott Downtown Magnificent Mile$67,600 $12,805 $11,686 $17 $(1,192)$23,316 
Courtyard Denver Downtown$8,453 $2,917 $1,129 $— $— $4,046 
Courtyard New York Manhattan/Fifth Avenue$12,144 $(141)$994 $— $760 $1,613 
Courtyard New York Manhattan/Midtown East$22,049 $1,178 $1,456 $2,730 $— $5,364 
Embassy Suites by Hilton Bethesda$6,233 $(7,305)$1,681 $— $4,449 $(1,175)
Havana Cabana Key West$11,119 $4,044 $830 $— $— $4,874 
Henderson Beach Resort$35,406 $5,599 $2,913 $— $— $8,512 
Henderson Park Inn$7,187 $2,261 $666 $— $— $2,927 
Hilton Burlington Lake Champlain$16,350 $4,689 $1,698 $— $— $6,387 
Hilton Garden Inn New York/Times Square Central$19,138 $3,348 $1,878 $— $— $5,226 
Hotel Clio$19,594 $709 $2,527 $1,941 $14 $5,191 
Hotel Emblem San Francisco$5,297 $(112)$891 $— $— $779 
Hotel Palomar Phoenix$15,334 $1,978 $1,995 $— $548 $4,521 
Kimpton Fort Lauderdale Beach Resort$3,237 $(547)$609 $— $— $62 
Kimpton Shorebreak Resort$17,721 $5,892 $1,201 $— $— $7,093 
L'Auberge de Sedona $25,120 $7,056 $1,101 $— $— $8,157 
Margaritaville Beach House Key West$25,524 $9,623 $2,387 $— $— $12,010 
Orchards Inn Sedona$6,788 $1,724 $254 $— $126 $2,104 
Salt Lake City Marriott Downtown at City Creek$20,333 $4,064 $1,657 $1,578 $32 $7,331 
The Dagny$28,099 $6,564 $3,072 $— $— $9,636 
The Gwen Hotel$27,302 $5,168 $3,207 $— $— $8,375 
The Hythe Vail$32,526 $7,491 $3,607 $— $— $11,098 
The Landing Lake Tahoe Resort & Spa$9,947 $3,256 $793 $— $— $4,049 
The Lindy Renaissance Charleston Hotel$17,672 $6,528 $1,372 $— $— $7,900 
The Lodge at Sonoma Resort$23,733 $4,335 $1,905 $782 $— $7,022 
Tranquility Bay Beachfront Resort$19,650 $5,325 $1,277 $— $— $6,602 
Westin Boston Seaport District$63,111 $2,872 $7,346 $6,112 $(367)$15,963 
Westin Fort Lauderdale Beach Resort$53,957 $16,539 $2,942 $— $— $19,481 
Westin San Diego Bayview$22,978 $3,507 $2,484 $1,756 $— $7,747 
Westin Washington D.C. City Center$17,814 $(1,145)$3,078 $1,781 $— $3,714 
Worthington Renaissance Fort Worth Hotel$30,104 $3,440 $3,328 $2,196 $5 $8,969 
Total $746,448 $131,813 $81,097 $18,893 $4,675 $236,478 
Add: Prior Ownership Results (2)
$27,277 $7,717 $976 $— $— $8,693 
Comparable Total$773,725 $139,530 $82,073 $18,893 $4,675 $245,171 
(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 2023 and 2022 acquisitions and excludes the Kimpton Fort Lauderdale Beach Resort.
Hotel Adjusted EBITDA Reconciliation - Year to Date 2019
Plus:Plus:Plus:Equals:
Total RevenuesNet Income / (Loss)DepreciationInterest Expense
Adjustments (1)
Hotel Adjusted EBITDA
Atlanta Marriott Alpharetta$14,959 $3,891 $1,389 $— $— $5,280 
Cavallo Point, The Lodge at the Golden Gate $30,600 $2,374 $5,557 $— $221 $8,152 
Chicago Marriott Downtown Magnificent Mile$83,224 $12,127 $12,461 $110 $(1,192)$23,506 
Courtyard Denver Downtown$8,881 $3,407 $881 $— $— $4,288 
Courtyard New York Manhattan/Fifth Avenue$11,417 $(519)$1,330 $— $760 $1,571 
Courtyard New York Manhattan/Midtown East$21,213 $(70)$2,077 $2,891 $— $4,898 
Embassy Suites by Hilton Bethesda$13,051 $(2,031)$1,422 $— $4,555 $3,946 
Frenchman's Reef & Morning Star Marriott Beach Resort$— $8,798 $— $— $— $8,798 
Havana Cabana Key West$7,351 $2,035 $740 $— $— $2,775 
Hilton Burlington Lake Champlain$14,031 $3,917 $1,500 $— $— $5,417 
Hilton Garden Inn New York/Times Square Central$18,222 $1,731 $2,509 $— $— $4,240 
Hotel Clio$14,380 $(944)$1,975 $2,062 $18 $3,111 
Hotel Emblem San Francisco$5,649 $323 $868 $— $— $1,191 
Hotel Palomar Phoenix$18,008 $2,319 $1,991 $116 $885 $5,311 
Kimpton Shorebreak Resort$13,704 $3,586 $1,046 $— $121 $4,753 
L'Auberge de Sedona $19,259 $3,688 $1,525 $— $— $5,213 
Margaritaville Beach House Key West$12,906 $3,557 $1,033 $— $— $4,590 
Orchards Inn Sedona$5,890 $884 $713 $— $126 $1,723 
Salt Lake City Marriott Downtown at City Creek$23,586 $5,120 $1,680 $1,818 $— $8,618 
The Dagny$32,337 $9,124 $3,708 $— $— $12,832 
The Gwen Hotel$25,709 $4,030 $3,285 $— $— $7,315 
The Hythe Vail, a Luxury Collection Resort$27,989 $6,063 $3,035 $— $— $9,098 
The Landing Lake Tahoe Resort & Spa$7,618 $294 $1,179 $— $— $1,473 
The Lexington Hotel$47,872 $(1,778)$10,697 $17 $24 $8,960 
The Lindy Renaissance Charleston Hotel$11,566 $3,438 $1,242 $— $(95)$4,585 
The Lodge at Sonoma Resort$19,023 $3,234 $1,571 $840 $— $5,645 
Westin Boston Seaport District$70,991 $6,286 $7,266 $6,506 $(180)$19,878 
Westin Fort Lauderdale Beach Resort$38,246 $7,223 $4,853 $— $— $12,076 
Westin San Diego Bayview$26,333 $4,769 $3,397 $1,901 $— $10,067 
Westin Washington D.C. City Center$25,238 $2,075 $3,948 $1,986 $— $8,009 
Worthington Renaissance Fort Worth Hotel$31,319 $5,597 $2,927 $2,340 $6 $10,870 
Total $700,572 $104,548 $87,805 $20,587 $5,249 $218,028 
Add: Prior Ownership Results (2)
$76,162 $10,670 $6,791 $— $— $17,461 
Less: Sold Hotels (3)
$(47,872)$(7,020)$(10,697)$(17)$(24)$(17,758)
Comparable Total$728,862 $108,198 $83,899 $20,570 $5,225 $217,731 
(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 2023, 2022 and 2021 acquisitions (excluding the Kimpton Fort Lauderdale Beach Resort).
(3) Represents the operating results of Frenchman's Reef and The Lexington Hotel.