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SHO Sunstone Hotel Investors

Filed: 11 Feb 21, 4:46pm

Exhibit 99.2

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Supplemental Financial Information
February 11, 2021

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Supplemental Financial Information

For the quarter and year ended December 31, 2020

February 11, 2021

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Supplemental Financial Information
February 11, 2021

Table of Contents

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR

3

About Sunstone

4

Forward-Looking Statement

5

Non-GAAP Financial Measures

6

CORPORATE FINANCIAL INFORMATION

9

Condensed Consolidated Balance Sheets Q4 2020 – Q4 2019

10

Consolidated Statements of Operations Q4 and FY 2020/2019

12

Reconciliation of Net (Loss) Income to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Q4 and FY 2020/2019

13

Reconciliation of Net (Loss) Income to FFO and Adjusted FFO Attributable to Common Stockholders Q4 and FY 2020/2019

14

Pro Forma Consolidated Statements of Operations FY 2020, Q4 2020 – Q1 2020

15

Pro Forma Consolidated Statements of Operations FY 2019, Q4 2019 – Q1 2019

16

Pro Forma Reconciliation of Net Loss to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, FFO and Adjusted FFO Attributable to Common Stockholders FY 2020

17

Pro Forma Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, FFO and Adjusted FFO Attributable to Common Stockholders FY 2019

20

Pro Forma Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, FFO and Adjusted FFO Attributable to Common Stockholders Q4 2019

23

Pro Forma Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, FFO and Adjusted FFO Attributable to Common Stockholders Q3 2019

25

Pro Forma Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, FFO and Adjusted FFO Attributable to Common Stockholders Q2 2019

27

Pro Forma Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, FFO and Adjusted FFO Attributable to Common Stockholders Q1 2019

29

CAPITALIZATION

32

Comparative Capitalization Q4 2020 – Q4 2019

33

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Supplemental Financial Information
February 11, 2021

CORPORATE PROFILE, FINANCIAL DISCLOSURES,
AND SAFE HARBOR

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR

Page 3

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Supplemental Financial Information
February 11, 2021

About Sunstone

Sunstone Hotel Investors, Inc. (the “Company,” “we,” and “our”) (NYSE: SHO) is a lodging real estate investment trust (“REIT”) that as of February 11, 2021 has interests in 17 hotels comprised of 9,017 rooms. Sunstone is the premier steward of Long-Term Relevant Real Estate® (“LTRR®”) in the lodging industry. Sunstone’s business is to acquire, own, asset manage and renovate or reposition hotels that the Company considers to be LTRR® in the United States, specifically hotels in urban, resort and destination locations that benefit from significant barriers to entry by competitors and diverse economic drivers. The majority of Sunstone’s hotels are operated under nationally recognized brands, such as Marriott, Hilton and Hyatt.

As demand for lodging generally fluctuates with the overall economy, the Company seeks to own Long-Term Relevant Real Estate® that will maintain a high appeal with lodging travelers over long periods of time and will generate superior economic earnings materially in excess of recurring capital requirements. Sunstone’s strategy is to maximize stockholder value through focused asset management and disciplined capital recycling, which is likely to include selective acquisitions and dispositions, while maintaining balance sheet flexibility and strength. Sunstone’s goal is to maintain appropriate leverage and financial flexibility to position the Company to create value throughout all phases of the operating and financial cycles.

Corporate Headquarters
200 Spectrum Center Drive, 21st Floor
Irvine, CA 92618
(949) 330-4000

Company Contacts
John Arabia
President and Chief Executive Officer
(949) 382-3008

Bryan Giglia
Executive Vice President and Chief Financial Officer
(949) 382-3036

Aaron Reyes
Senior Vice President, Corporate Finance and Treasurer
(949) 382-3018

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Supplemental Financial Information
February 11, 2021

Forward-Looking Statement

This presentation 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 “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will” and other similar terms and phrases, including opinions, 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 that 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 impact on the Company’s business of the COVID-19 pandemic and the response of governments and the Company to the outbreak; increased risks related to employee matters, including increased employment litigation and claims for severance or other benefits tied to termination or furloughs as a result of temporary hotel suspensions or reduced hotel operations due to COVID-19; the impact on our business of potential defaults by us on our debt agreements or leases; general economic and business conditions, including a U.S. recession; trade conflicts and tariffs between the U.S. and its trading partners; changes impacting global travel; regional or global economic slowdowns, which may diminish the desire for leisure travel or the need for business travel; any type of flu or disease-related pandemic that impacts travel or the ability to travel, including COVID-19; the adverse effects of climate change affecting the lodging and travel industry, internationally, nationally and locally; the Company’s need to operate as a REIT and comply with other applicable laws and regulations, including new laws, interpretations or court decisions that may change the federal or state tax laws or the federal or state income tax consequences of the Company’s qualification as a REIT; rising hotel operating costs due to labor costs, workers’ compensation and health-care related costs, utility costs, insurance and unanticipated costs such as acts of nature and their consequences and other factors that may not be offset by increased room rates; relationships with, and the requirements and reputation of, the Company’s franchisors and hotel brands; relationships with, and the requirements, performance and reputation of, the managers of the Company’s hotels; the ground, building or airspace leases for three of the 17 Hotels the Company has interests in as of the date of this presentation; competition for the acquisition of hotels, and the Company’s ability to complete acquisitions and dispositions; performance of hotels after they are acquired; new hotel supply, or alternative lodging options such as timeshare, vacation rentals or sharing services such as Airbnb, in the Company’s markets, which could harm its occupancy levels and revenue at its hotels; competition from hotels not owned by the Company; the need for renovations, repositionings and other capital expenditures for the Company’s hotels; the impact, including any delays, of renovations and repositionings on hotel operations; changes in the Company’s business strategy or acquisition or disposition plans; the Company’s level of debt, including secured, unsecured, fixed and variable rate debt; financial and other covenants in the Company’s debt and preferred stock; the Company’s hotels may become impaired, or its hotels which have previously become impaired may become further impaired in the future, which may adversely affect its financial condition and results of operations; volatility in the capital markets and the effect on lodging demand or the Company’s ability to obtain capital on favorable terms or at all; potential adverse tax consequences in the event that the Company’s operating leases with its taxable REIT subsidiaries are not held to have been made on an arm’s-length basis; system security risks, data protection breaches, cyber-attacks, including those impacting the Company’s hotel managers or other third parties, and systems integration issues; other events beyond the Company’s control, including natural disasters, terrorist attacks or civil unrest; and other risks and uncertainties associated with our business described 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 forward-looking information provided herein 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 unaudited information, and should be read together with the consolidated financial statements and notes thereto included in our most recent reports on Form 10-K and Form 10-Q. Copies of these reports are available on our website at www.sunstonehotels.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR

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Supplemental Financial Information
February 11, 2021

Non-GAAP Financial Measures

We present the following non-GAAP financial measures that we believe are useful to investors as key supplemental measures of our operating performance: earnings before interest expense, taxes, depreciation and amortization for real estate, or EBITDAre; Adjusted EBITDAre, excluding noncontrolling interest (as defined below); funds from operations attributable to common stockholders, or FFO attributable to common stockholders; Adjusted FFO attributable to common stockholders (as defined below); hotel Adjusted EBITDAre; and hotel Adjusted EBITDAre margins. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with GAAP. In addition, our calculation of these measures may not be comparable to other companies that do not define such terms exactly the same as the Company. These non-GAAP measures are used in addition to and in conjunction with results presented in accordance with GAAP. They should not be considered as alternatives to net income (loss), cash flow from operations, or any other operating performance measure prescribed by GAAP. These non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. We strongly encourage investors to review our financial information in its entirety and not to rely on a single financial measure.

We present EBITDAre in accordance with guidelines established by the National Association of Real Estate Investment Trusts (“NAREIT”), as defined in its September 2017 white paper “Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate.” We believe EBITDAre is a useful performance measure to help investors evaluate and compare the results of our operations from period to period in comparison to our peers. NAREIT defines EBITDAre as net income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property in the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.

We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional items described below provides useful information to investors regarding our operating performance, and that the presentation of Adjusted EBITDAre, excluding noncontrolling interest, when combined with the primary GAAP presentation of net income, is beneficial to an investor’s complete understanding of our operating performance. In addition, we use both EBITDAre and Adjusted EBITDAre, excluding noncontrolling interest as measures in determining the value of hotel acquisitions and dispositions.

We believe that the presentation of FFO attributable to common stockholders provides useful information to investors regarding our operating performance because it is a measure of our operations without regard to specified noncash items such as real estate depreciation and amortization, any real estate impairment loss and any gain or loss on sale of real estate assets, all of which are based on historical cost accounting and may be of lesser significance in evaluating our current performance. Our presentation of FFO attributable to common stockholders conforms to NAREIT’s definition of “FFO applicable to common shares.” Our presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current NAREIT definition, or that interpret the current NAREIT definition differently that we do.

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Supplemental Financial Information
February 11, 2021

We also present Adjusted FFO attributable to common stockholders when evaluating our operating performance because we believe that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance, and may facilitate comparisons of operating performance between periods and our peer companies.

We adjust EBITDAre and FFO attributable to common stockholders for the following items, which may occur in any period, and refer to these measures as either Adjusted EBITDAre, excluding noncontrolling interest or Adjusted FFO attributable to common stockholders:

Amortization of favorable and unfavorable contracts: we exclude the noncash amortization of the favorable management contract asset recorded in conjunction with our acquisition of the Hilton Garden Inn Chicago Downtown/Magnificent Mile, along with the favorable and unfavorable tenant lease contracts, as applicable, recorded in conjunction with our acquisitions of the Boston Park Plaza, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hyatt Regency San Francisco and the Wailea Beach Resort. We exclude the noncash amortization of favorable and unfavorable contracts because it is based on historical cost accounting and is of lesser significance in evaluating our actual performance for the current period.
Gains or losses from debt transactions: we exclude the effect of finance charges and premiums associated with the extinguishment of debt, including the acceleration of deferred financing costs from the original issuance of the debt being redeemed or retired because, like interest expense, their removal helps investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure.
Acquisition costs: under GAAP, costs associated with acquisitions that meet the definition of a business are expensed in the year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company or our hotels.
Cumulative effect of a change in accounting principle: from time to time, the FASB promulgates new accounting standards that require the consolidated statement of operations to reflect the cumulative effect of a change in accounting principle. We exclude these one-time adjustments, which include the accounting impact from prior periods, because they do not reflect our actual performance for that period.
Other adjustments: we exclude other adjustments that we believe are outside the ordinary course of business because we do not believe these costs reflect our actual performance for the period and/or the ongoing operations of our hotels. Such items may include: lawsuit settlement costs; prior year property tax assessments or credits; the write-off of development costs associated with abandoned projects; property-level restructuring, severance and management transition costs; debt resolution costs; lease terminations; and property insurance proceeds or uninsured losses.

In addition, to derive Adjusted EBITDAre, excluding noncontrolling interest we exclude the noncontrolling partner’s pro rata share of the net (income) loss allocated to the Hilton San Diego Bayfront partnership, as well as the noncontrolling partner’s pro rata share of any EBITDAre and Adjusted EBITDAre components. We also exclude the noncash expense incurred with the amortization of deferred stock compensation as this expense is based on historical stock prices at the date of grant to our corporate employees and does not reflect the underlying performance of our hotels. In addition, we exclude the amortization of our right-of-use assets and liabilities as these expenses are based on historical cost accounting and do not reflect the actual rent amounts due to the respective lessors or the underlying performance of our hotels. Additionally, we include an adjustment for the cash

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Supplemental Financial Information
February 11, 2021

finance lease expenses recorded on the ground lease at the Courtyard by Marriott Los Angeles (prior to the hotel’s sale in October 2019) and the building lease at the Hyatt Centric Chicago Magnificent Mile. We determined that both of these leases are finance leases, and, therefore, we include a portion of the lease payments each month in interest expense. We adjust EBITDAre for these two finance leases in order to more accurately reflect the actual rent due to both hotels’ lessors in the current period, as well as the operating performance of both hotels. We also exclude the effect of gains and losses on the disposition of undepreciated assets because we believe that including them in Adjusted EBITDAre, excluding noncontrolling interest is not consistent with reflecting the ongoing performance of our assets.

To derive Adjusted FFO attributable to common stockholders, we also exclude the noncash interest on our derivatives and finance lease obligations as we believe that these items are not reflective of our ongoing finance costs. Additionally, we exclude the noncontrolling partner’s pro rata share of any FFO adjustments related to our consolidated Hilton San Diego Bayfront partnership. We also exclude the real estate amortization of our right-of-use assets and liabilities, which includes the amortization of both our finance and operating lease intangibles (with the exception of our corporate operating lease), as these expenses are based on historical cost accounting and do not reflect the actual rent amounts due to the respective lessors or the underlying performance of our hotels. In addition, we exclude changes to deferred tax assets, liabilities or valuation allowances, and income tax benefits or provisions associated with the application of net operating loss carryforwards, uncertain tax positions or with the sale of assets other than real estate investments.

In presenting hotel Adjusted EBITDAre and hotel Adjusted EBITDAre margins, miscellaneous non-hotel items have been excluded. We believe the calculation of hotel Adjusted EBITDAre results in a more accurate presentation of the hotel Adjusted EBITDAre margins for our hotels, and that these non-GAAP financial measures are useful to investors in evaluating our property-level operating performance.

Reconciliations of net (loss) income to EBITDAre, Adjusted EBITDAre, excluding noncontrolling interest, FFO attributable to common stockholders, Adjusted FFO attributable to common stockholders, hotel Adjusted EBITDAre and hotel Adjusted EBITDAre margins are set forth in the following pages of this supplemental package.

The 17 Hotel Portfolio includes all hotels owned by the Company as of December 31, 2020.

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Supplemental Financial Information
February 11, 2021

CORPORATE FINANCIAL INFORMATION

CORPORATE FINANCIAL INFORMATION

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Supplemental Financial Information
February 11, 2021

Condensed Consolidated Balance Sheets
Q4 2020 – Q4 2019

(In thousands)

December 31, 2020 (1)

September 30, 2020 (2)

June 30, 2020 (3)

March 31, 2020 (4)

December 31, 2019 (5)

Assets

    

    

    

    

    

Investment in hotel properties:

Land

$

571,212

$

581,426

$

581,426

$

600,649

$

601,181

Buildings & improvements

2,523,750

2,707,102

2,694,935

2,800,187

2,950,534

Furniture, fixtures, & equipment

431,918

464,588

460,526

496,312

506,754

Other

37,766

64,880

72,775

71,327

73,992

3,564,646

3,817,996

3,809,662

3,968,475

4,132,461

Less accumulated depreciation & amortization

(1,103,148)

(1,196,520)

(1,164,181)

(1,212,063)

(1,260,108)

2,461,498

2,621,476

2,645,481

2,756,412

2,872,353

Finance lease right-of-use asset, net

46,182

46,549

46,917

47,284

47,652

Operating lease right-of-use assets, net

26,093

39,489

40,351

41,198

60,629

Other noncurrent assets, net

16,799

16,510

15,415

16,390

24,608

Current assets:

Cash and cash equivalents

368,406

461,288

540,420

847,445

816,857

Restricted cash

47,733

42,346

45,960

53,485

48,116

Other current assets, net

19,006

19,124

12,474

37,326

48,759

Assets held for sale, net

76,683

Total assets

$

2,985,717

$

3,246,782

$

3,423,701

$

3,799,540

$

3,918,974

*Footnotes on following page

CORPORATE FINANCIAL INFORMATION

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Supplemental Financial Information
February 11, 2021

Condensed Consolidated Balance Sheets
Q4 2020– Q4 2019 (cont.)

(In thousands)

December 31, 2020 (1)

September 30, 2020 (2)

June 30, 2020 (3)

March 31, 2020 (4)

December 31, 2019 (5)

Liabilities

    

    

    

    

    

Current liabilities:

Current portion of notes payable, net

$

2,261

$

188,096

$

188,757

$

82,189

$

82,109

Other current liabilities

88,532

99,679

97,129

104,029

243,443

Total current liabilities

90,793

287,775

285,886

186,218

325,552

Notes payable, less current portion, net

742,528

743,545

829,673

1,187,468

888,954

Finance lease obligation, less current portion

15,569

15,569

15,570

15,570

15,570

Operating lease obligations, less current portion

29,954

45,939

47,206

48,460

49,691

Other liabilities

17,494

25,909

25,374

24,818

18,136

Total liabilities

896,338

1,118,737

1,203,709

1,462,534

1,297,903

Equity

Stockholders' equity:

6.95% Series E cumulative redeemable preferred stock

115,000

115,000

115,000

115,000

115,000

6.45% Series F cumulative redeemable preferred stock

75,000

75,000

75,000

75,000

75,000

Common stock, $0.01 par value, 500,000,000 shares authorized

2,156

2,156

2,156

2,155

2,249

Additional paid in capital

2,586,108

2,584,005

2,581,637

2,578,445

2,683,913

Retained earnings

913,766

951,765

1,041,056

1,156,394

1,318,455

Cumulative dividends and distributions

(1,643,386)

(1,640,178)

(1,636,970)

(1,633,763)

(1,619,779)

Total stockholders' equity

2,048,644

2,087,748

2,177,879

2,293,231

2,574,838

Noncontrolling interest in consolidated joint venture

40,735

40,297

42,113

43,775

46,233

Total equity

2,089,379

2,128,045

2,219,992

2,337,006

2,621,071

Total liabilities and equity

$

2,985,717

$

3,246,782

$

3,423,701

$

3,799,540

$

3,918,974

(1)As presented on Form 10-K to be filed in February 2021.
(2)As presented on Form 10-Q filed on November 6, 2020.
(3)As presented on Form 10-Q filed on August 5, 2020.
(4)As presented on Form 10-Q filed on May 11, 2020.
(5)As presented on Form 10-K filed on February 19, 2020.

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Supplemental Financial Information
February 11, 2021

Consolidated Statements of Operations
Q4 and FY 2020/2019

Quarter Ended December 31,

Year Ended December 31,

(In thousands, except per share data)

    

    2020

    

    2019

    2020

    2019

Revenues

Room

$

21,987

$

186,557

$

169,522

$

767,392

Food and beverage

4,588

66,686

54,900

272,869

Other operating

10,785

19,709

43,484

74,906

Total revenues

37,360

272,952

267,906

1,115,167

Operating expenses

Room

11,940

50,283

76,977

202,889

Food and beverage

8,607

46,287

63,140

186,436

Other operating

1,353

4,100

7,636

16,594

Advertising and promotion

3,294

13,371

23,741

54,369

Repairs and maintenance

5,585

10,512

27,084

41,619

Utilities

4,073

6,655

���

17,311

27,311

Franchise costs

723

8,241

7,060

32,265

Property tax, ground lease and insurance

16,873

20,423

76,848

83,265

Other property-level expenses

2,745

32,553

49,854

130,321

Corporate overhead

5,735

7,275

28,149

30,264

Depreciation and amortization

32,761

37,264

137,051

147,748

Impairment losses

13,478

24,713

146,944

24,713

Total operating expenses

107,167

261,677

661,795

977,794

Interest and other income

85

3,060

2,836

16,557

Interest expense

(10,108)

(10,822)

(53,307)

(54,223)

Gain on sale of assets

34,109

42,935

34,298

42,935

Gain on extinguishment of debt, net

6,356

6,146

(Loss) income before income taxes

(39,365)

46,448

(403,916)

142,642

Income tax (provision) benefit, net

(15)

(1,034)

(6,590)

151

Net (loss) income

(39,380)

45,414

(410,506)

142,793

Loss (income) from consolidated joint venture attributable to noncontrolling interest

1,381

(998)

5,817

(7,060)

Preferred stock dividends

(3,208)

(3,208)

(12,830)

(12,830)

(Loss) income attributable to common stockholders

$

(41,207)

$

41,208

$

(417,519)

$

122,903

Basic and diluted per share amounts:

Basic and diluted (loss) income attributable to common stockholders per common share

$

(0.19)

$

0.18

$

(1.93)

$

0.54

Basic and diluted weighted average common shares outstanding

214,257

223,638

215,934

225,681

Distributions declared per common share

$

$

0.59

$

0.05

$

0.74

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Supplemental Financial Information
February 11, 2021

Reconciliation of Net (Loss) Income to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest
Q4 and FY 2020/2019

Quarter Ended December 31,

Year Ended December 31,

(In thousands)

    

2020

    

2019

2020

2019

Net (loss) income

$

(39,380)

$

45,414

$

(410,506)

$

142,793

Operations held for investment:

Depreciation and amortization

32,761

37,264

137,051

147,748

Interest expense

10,108

10,822

53,307

54,223

Income tax provision (benefit), net

15

1,034

6,590

(151)

Gain on sale of assets

(34,109)

(42,935)

(34,298)

(42,935)

Impairment losses - hotel properties

13,478

24,713

144,642

24,713

EBITDAre

(17,127)

76,312

(103,214)

326,391

Operations held for investment:

Amortization of deferred stock compensation

2,067

2,145

9,576

9,313

Amortization of right-of-use assets and liabilities

(337)

(259)

(1,260)

(782)

Finance lease obligation interest - cash ground rent

(351)

(407)

(1,404)

(2,175)

Gain on extinguishment of debt, net

(6,356)

(6,146)

Property-level severance

3,081

11,038

Prior year property tax adjustments, net

(490)

(121)

(276)

168

Prior owner contingency funding

(900)

Impairment loss - abandoned development costs

2,302

Noncontrolling interest:

Loss (income) from consolidated joint venture attributable to noncontrolling interest

1,381

(998)

5,817

(7,060)

Depreciation and amortization

(810)

(803)

(3,228)

(2,875)

Interest expense

(224)

(476)

(1,194)

(2,126)

Amortization of right-of-use asset and liability

73

73

290

290

Impairment loss - abandoned development costs

(449)

Adjustments to EBITDAre, net

(1,966)

(846)

15,066

(6,147)

Adjusted EBITDAre, excluding noncontrolling interest

$

(19,093)

$

75,466

$

(88,148)

$

320,244

CORPORATE FINANCIAL INFORMATION

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Supplemental Financial Information
February 11, 2021

Reconciliation of Net (Loss) Income to FFO and Adjusted FFO Attributable to Common Stockholders
Q4 and FY 2020/2019

Quarter Ended December 31,

Year Ended December 31,

(In thousands, except per share data)

    

2020

    

2019

2020

2019

Net (loss) income

$

(39,380)

$

45,414

$

(410,506)

$

142,793

Preferred stock dividends

(3,208)

(3,208)

(12,830)

(12,830)

Operations held for investment:

Real estate depreciation and amortization

32,133

36,639

134,555

145,260

Gain on sale of assets

(34,109)

(42,935)

(34,298)

(42,935)

Impairment losses - hotel properties

13,478

24,713

144,642

24,713

Noncontrolling interest:

Loss (income) from consolidated joint venture attributable to noncontrolling interest

1,381

(998)

5,817

(7,060)

Real estate depreciation and amortization

(810)

(803)

(3,228)

(2,875)

FFO attributable to common stockholders

(30,515)

58,822

(175,848)

247,066

Operations held for investment:

Real estate amortization of right-of-use assets and liabilities

78

147

376

590

Noncash interest on derivatives and finance lease obligations, net

(794)

(857)

4,740

6,051

Gain on extinguishment of debt, net

(6,356)

(6,146)

Property-level severance

3,081

11,038

Prior year property tax adjustments, net

(490)

(121)

(276)

168

Prior owner contingency funding

(900)

Impairment loss - abandoned development costs

2,302

Noncash income tax provision, net

934

7,415

688

Noncontrolling interest:

Real estate amortization of right-of-use asset and liability

73

73

290

290

Noncash interest on derivatives, net

(27)

Impairment loss - abandoned development costs

(449)

Adjustments to FFO attributable to common stockholders, net

(4,408)

176

19,263

6,887

Adjusted FFO attributable to common stockholders

$

(34,923)

$

58,998

$

(156,585)

$

253,953

FFO attributable to common stockholders per diluted share

$

(0.14)

$

0.26

$

(0.81)

$

1.09

Adjusted FFO attributable to common stockholders per diluted share

$

(0.16)

$

0.26

$

(0.73)

$

1.12

Basic weighted average shares outstanding

214,257

223,638

215,934

225,681

Shares associated with unvested restricted stock awards

185

448

276

Diluted weighted average shares outstanding

214,442

224,086

215,934

225,957

CORPORATE FINANCIAL INFORMATION

Page 14

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Supplemental Financial Information
February 11, 2021

Pro Forma Consolidated Statements of Operations

FY 2020, Q4 2020 – Q1 2020

Year Ended (1)

Quarter Ended (1)

(Unaudited and in thousands)

December 31,

December 31,

September 30,

June 30,

March 31,

2020

    

2020

    

2020

    

2020

    

2020

Revenues

Room

$

151,641

$

21,026

$

14,745

$

2,395

$

113,475

Food and beverage

50,986

4,493

1,979

142

44,372

Other operating

41,183

10,592

10,252

6,144

14,195

Total revenues

243,810

36,111

26,976

8,681

172,042

Operating Expenses

Room

63,081

11,519

9,326

4,995

37,241

Food and beverage

55,961

8,392

5,719

4,379

37,471

Other expenses

179,949

30,293

39,741

35,607

74,308

Corporate overhead

28,149

5,735

6,582

8,438

7,394

Depreciation and amortization

125,865

31,505

31,121

31,363

31,876

Impairment losses

20,987

13,478

7,509

Total operating expenses

473,992

100,922

92,489

84,782

195,799

Interest and other income

2,836

85

139

306

2,306

Interest expense

(47,228)

(9,291)

(10,644)

(10,979)

(16,314)

Loss on extinguishment of debt

(243)

(33)

(210)

Loss before income taxes

(274,817)

(74,050)

(76,228)

(86,774)

(37,765)

Income tax (provision) benefit, net

(6,590)

(15)

83

12

(6,670)

Net loss

$

(281,407)

$

(74,065)

$

(76,145)

$

(86,762)

$

(44,435)

Adjusted EBITDAre, excluding noncontrolling interest (2)

$

(66,826)

$

(14,886)

$

(30,656)

$

(39,588)

$

18,304

(1)Includes the Company's ownership results for the 17 hotels owned by the Company as of December 31, 2020. Excludes the Company's ownership results for the Renaissance Harborplace and the Renaissance Los Angeles Airport due to their sales in July 2020 and December 2020, respectively. In addition, excludes the Company's ownership results for the Hilton Times Square due to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder.
(2)Adjusted EBITDAre, excluding noncontrolling interest reconciliation for the year ended December 31, 2020 can be found on page 17 in this supplemental package.

CORPORATE FINANCIAL INFORMATION

Page 15

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Supplemental Financial Information
February 11, 2021

Pro Forma Consolidated Statements of Operation

FY 2019, Q4 2019 – Q1 2019

Year Ended (1)

Quarter Ended (1)

(Unaudited and in thousands)

December 31,

December 31,

September 30,

June 30,

March 31,

2019

    

2019

    

2019

    

2019

    

2019

Revenues

Room

$

662,486

$

160,370

$

171,544

$

179,838

$

150,734

Food and beverage

248,862

60,403

56,052

68,588

63,819

Other operating

68,131

17,555

18,275

16,943

15,358

Total revenues

979,479

238,328

245,871

265,369

229,911

Operating Expenses

Room

170,816

42,414

43,947

43,744

40,711

Food and beverage

166,855

41,382

40,143

43,201

42,129

Other expenses

330,602

82,501

82,373

84,012

81,716

Corporate overhead

30,264

7,275

7,395

8,078

7,516

Depreciation and amortization

125,907

31,780

31,854

31,217

31,056

Total operating expenses

824,444

205,352

205,712

210,252

203,128

Interest and other income

16,557

3,060

3,762

4,811

4,924

Interest expense

(48,469)

(9,547)

(11,755)

(14,323)

(12,844)

Income before income taxes

123,123

26,489

32,166

45,605

18,863

Income tax benefit (provision), net

151

(1,034)

749

(2,676)

3,112

Net income

$

123,274

$

25,455

$

32,915

$

42,929

$

21,975

Adjusted EBITDAre, excluding noncontrolling interest (2)

$

291,894

$

66,968

$

73,500

$

89,511

$

61,915

(1)Includes the Company's ownership results for the 17 hotels owned by the Company as of December 31, 2020. Excludes the Company's ownership results for the Courtyard by Marriott Los Angeles, the Renaissance Harborplace and the Renaissance Los Angeles Airport due to their sales in October 2019, July 2020 and December 2020, respectively. In addition, excludes the Company's ownership results for the Hilton Times Square due to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder.
(2)Adjusted EBITDAre, excluding noncontrolling interest reconciliation for the year ended December 31, 2019 as well as the fourth, third, second and first quarters of 2019, can be found on pages 20, 23, 25, 27 and 29, respectively, in this supplemental package.

CORPORATE FINANCIAL INFORMATION

Page 16

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Supplemental Financial Information
February 11, 2021

Pro Forma Reconciliation of Net Loss to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest

FY 2020

Year Ended December 31, 2020

Disposition:

Disposition:

Disposition:

Repurchase:

Renaissance

Renaissance

Hilton

Common

Pro

(In thousands)

Actual (1)

Harborplace (2)

Los Angeles Airport (2)

Times Square (2)

Stock (3)

Forma (4)

Net loss

$

(410,506)

$

23,386

$

(29,132)

$

134,845

$

$

(281,407)

Operations held for investment:

Depreciation and amortization

137,051

(2,622)

(3,897)

(4,667)

125,865

Interest expense

53,307

(6,079)

47,228

Income tax provision, net

6,590

6,590

Gain on sale of assets

(34,298)

189

34,109

Impairment losses

144,642

(18,100)

(107,857)

18,685

EBITDAre

(103,214)

2,853

1,080

16,242

(83,039)

Operations held for investment:

Amortization of deferred stock compensation

9,576

9,576

Amortization of right-of-use assets and liabilities

(1,260)

(34)

(1,294)

Finance lease obligation interest - cash ground rent

(1,404)

(1,404)

Gain on extinguishment of debt, net

(6,146)

6,389

243

Property-level severance

11,038

(109)

(5,637)

5,292

Prior year property tax adjustments, net

(276)

57

481

262

Impairment loss - abandoned development costs

2,302

2,302

Noncontrolling interest:

Loss from consolidated joint venture attributable to noncontrolling interest

5,817

5,817

Depreciation and amortization

(3,228)

(3,228)

Interest expense

(1,194)

(1,194)

Amortization of right-of-use asset and liability

290

290

Impairment loss - abandoned development costs

(449)

(449)

Adjustments to EBITDAre, net

15,066

57

372

718

16,213

Adjusted EBITDAre, excluding noncontrolling interest

$

(88,148)

$

2,910

$

1,452

$

16,960

$

$

(66,826)

*Footnotes on Page 19

CORPORATE FINANCIAL INFORMATION

Page 17

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Supplemental Financial Information
February 11, 2021

Pro Forma Reconciliation of Net Loss to FFO and Adjusted FFO Attributable to Common Stockholders

FY 2020

Year Ended December 31, 2020

Disposition:

Disposition:

Disposition:

Repurchase:

Renaissance

Renaissance

Hilton

Common

Pro

(In thousands, except per share amounts)

Actual (1)

Harborplace (2)

Los Angeles Airport (2)

Times Square (2)

Stock (3)

Forma (4)

Net loss

$

(410,506)

$

23,386

$

(29,132)

$

134,845

$

$

(281,407)

Preferred stock dividends

(12,830)

(12,830)

Operations held for investment:

Real estate depreciation and amortization

134,555

(2,622)

(3,897)

(4,667)

123,369

Gain on sale of assets

(34,298)

189

34,109

Impairment losses

144,642

(18,100)

(107,857)

18,685

Noncontrolling interest:

Loss from consolidated joint venture attributable to noncontrolling interest

5,817

5,817

Real estate depreciation and amortization

(3,228)

(3,228)

FFO attributable to common stockholders

(175,848)

2,853

1,080

22,321

(149,594)

Operations held for investment:

Real estate amortization of right-of-use assets and liabilities

376

(34)

342

Noncash interest on derivatives and finance lease obligation, net

4,740

4,740

Gain on extinguishment of debt, net

(6,146)

6,389

243

Property-level severance

11,038

(109)

(5,637)

5,292

Prior year property tax adjustments, net

(276)

57

481

262

Impairment loss - abandoned development costs

2,302

2,302

Noncash income tax provision, net

7,415

7,415

Noncontrolling interest:

Real estate amortization of right-of-use asset and liability

290

290

Noncash interest on derivatives, net

(27)

(27)

Impairment loss - abandoned development costs

(449)

(449)

Adjustments to FFO attributable to common stockholders, net

19,263

57

372

718

20,410

Adjusted FFO attributable to common stockholders

$

(156,585)

$

2,910

$

1,452

$

23,039

$

$

(129,184)

FFO attributable to common stockholders per diluted share

$

(0.81)

$

(0.70)

Adjusted FFO attributable to common stockholders per diluted share

$

(0.73)

$

(0.60)

Basic weighted average shares outstanding

215,934

(1,742)

214,192

Shares associated with unvested restricted stock awards

Diluted weighted average shares outstanding

215,934

(1,742)

214,192

*Footnotes on Page 19

CORPORATE FINANCIAL INFORMATION

Page 18

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Supplemental Financial Information
February 11, 2021

Pro Forma Reconciliation of Net Loss to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest,

FFO and Adjusted FFO Attributable to Common Stockholders

FY 2020 Footnotes

(1)Actual represents the Company's ownership results for the 17 hotels owned by the Company as of December 31, 2020, as well as results for the Renaissance Harborplace and the Renaissance Los Angeles Airport prior to their sales in July 2020 and December 2020, respectively. In addition, Actual includes the Company's ownership results for the Hilton Times Square prior to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder.
(2)Disposition: represents the Company's ownership results for the Renaissance Harborplace and the Renaissance Los Angeles Airport prior to their sales in July 2020 and December 2020, respectively. In addition, Disposition includes the Company's ownership results for the Hilton Times Square prior to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder.
(3)Repurchase: Common Stock represents the 9,770,081 shares repurchased in the first quarter of 2020.
(4)Pro Forma represents the Company's ownership results for the 17 Hotel Portfolio, as well as the common stock repurchases in the first quarter of 2020.

CORPORATE FINANCIAL INFORMATION

Page 19

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Supplemental Financial Information
February 11, 2021

Pro Forma Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest

FY 2019

Year Ended December 31, 2019

Disposition:

Disposition:

Disposition:

Disposition:

Repurchase:

Courtyard by Marriott

Renaissance

Renaissance

Hilton

Common

Pro

(In thousands)

Actual (1)

Los Angeles (2)

Harborplace (2)

Los Angeles Airport (2)

Times Square (2)

Stock (3)

Forma (4)

Net income

$

142,793

$

(44,979)

$

21,507

$

(3,331)

$

7,284

$

$

123,274

Operations held for investment:

Depreciation and amortization

147,748

(760)

(6,719)

(4,205)

(10,157)

125,907

Interest expense

54,223

(955)

(4,799)

48,469

Income tax benefit, net

(151)

(151)

Gain on sale of assets

(42,935)

42,935

Impairment loss

24,713

(24,713)

EBITDAre

326,391

(3,759)

(9,925)

(7,536)

(7,672)

297,499

Operations held for investment:

Amortization of deferred stock compensation

9,313

9,313

Amortization of right-of-use assets and liabilities

(782)

(239)

(1,021)

Finance lease obligation interest - cash ground rent

(2,175)

772

(1,403)

Prior year property tax adjustments, net

168

9

177

Prior owner contingency funding

(900)

(900)

Noncontrolling interest:

Income from consolidated joint venture attributable to noncontrolling interest

(7,060)

(7,060)

Depreciation and amortization

(2,875)

(2,875)

Interest expense

(2,126)

(2,126)

Amortization of right-of-use asset and liability

290

290

Adjustments to EBITDAre, net

(6,147)

772

9

(239)

(5,605)

Adjusted EBITDAre, excluding noncontrolling interest

$

320,244

$

(2,987)

$

(9,925)

$

(7,527)

$

(7,911)

$

$

291,894

*Footnotes on Page 22

CORPORATE FINANCIAL INFORMATION

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Supplemental Financial Information
February 11, 2021

Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders

FY 2019

Year Ended December 31, 2019

Disposition:

Disposition:

Disposition:

Disposition:

Repurchase:

Courtyard by Marriott

Renaissance

Renaissance

Hilton

Common

Pro

(In thousands, except per share amounts)

Actual (1)

Los Angeles (2)

Harborplace (2)

Los Angeles Airport (2)

Times Square (2)

Stock (3)

Forma (4)

Net income

$

142,793

$

(44,979)

$

21,507

$

(3,331)

$

7,284

$

$

123,274

Preferred stock dividends

(12,830)

(12,830)

Operations held for investment:

Real estate depreciation and amortization

145,260

(760)

(6,719)

(4,205)

(10,157)

123,419

Gain on sale of assets

(42,935)

42,935

Impairment loss

24,713

(24,713)

Noncontrolling interest:

Income from consolidated joint venture attributable to noncontrolling interest

(7,060)

(7,060)

Real estate depreciation and amortization

(2,875)

(2,875)

FFO attributable to common stockholders

247,066

(2,804)

(9,925)

(7,536)

(2,873)

223,928

Operations held for investment:

Real estate amortization of right-of-use assets and liabilities

590

(239)

351

Noncash interest on derivatives and finance lease obligations, net

6,051

(183)

5,868

Prior year property tax adjustments, net

168

9

177

Prior owner contingency funding

(900)

(900)

Noncash income tax provision, net

688

688

Noncontrolling interest:

Real estate amortization of right-of-use asset and liability

290

290

Adjustments to FFO attributable to common stockholders, net

6,887

(183)

9

(239)

6,474

Adjusted FFO attributable to common stockholders

$

253,953

$

(2,987)

$

(9,925)

$

(7,527)

$

(3,112)

$

$

230,402

FFO attributable to common stockholders per diluted share

$

1.09

$

1.05

Adjusted FFO attributable to common stockholders per diluted share

$

1.12

$

1.08

Basic weighted average shares outstanding

225,681

(11,868)

213,813

Shares associated with unvested restricted stock awards

276

276

Diluted weighted average shares outstanding

225,957

(11,868)

214,089

*Footnotes on Page 22

CORPORATE FINANCIAL INFORMATION

Page 21

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Supplemental Financial Information
February 11, 2021

Pro Forma Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest,

FFO and Adjusted FFO Attributable to Common Stockholders

FY 2019 Footnotes

(1)Actual represents the Company's ownership results for the 20 hotels owned by the Company as of December 31, 2019, as well as results for the Courtyard by Marriott Los Angeles prior to its sale in October 2019.
(2)Disposition: represents the Company's ownership results for the Courtyard by Marriott Los Angeles, the Renaissance Harborplace and the Renaissance Los Angeles Airport prior to their sales in October 2019, July 2020 and December 2020, respectively. In addition, Disposition includes the Company's ownership results for the Hilton Times Square prior to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder.
(3)Repurchase: Common Stock represents the 3,783,936 shares repurchased in the second, third and fourth quarters of 2019, and the 9,770,081 shares repurchased in the first quarter of 2020.
(4)Pro Forma represents the Company's ownership results for the 17 Hotel Portfolio, as well as the common stock repurchases in 2019 and 2020.

CORPORATE FINANCIAL INFORMATION

Page 22

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Supplemental Financial Information
February 11, 2021

Pro Forma Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest

Q4 2019

Quarter Ended December 31, 2019

Disposition:

Disposition:

Disposition:

Disposition:

Repurchase:

Courtyard by Marriott

Renaissance

Renaissance

Hilton

Common

Pro

(In thousands)

Actual (1)

Los Angeles (2)

Harborplace (2)

Los Angeles Airport (2)

Times Square (2)

Stock (3)

Forma (4)

Net income

$

45,414

$

(43,081)

$

24,020

$

(790)

$

(108)

$

$

25,455

Operations held for investment:

Depreciation and amortization

37,264

(1,892)

(1,056)

(2,536)

31,780

Interest expense

10,822

(70)

(1,205)

9,547

Income tax provision, net

1,034

1,034

Gain on sale of assets

(42,935)

42,935

Impairment loss

24,713

(24,713)

EBITDAre

76,312

(216)

(2,585)

(1,846)

(3,849)

67,816

Operations held for investment:

Amortization of deferred stock compensation

2,145

2,145

Amortization of right-of-use assets and liabilities

(259)

(57)

(316)

Finance lease obligation interest - cash ground rent

(407)

55

(352)

Prior year property tax adjustments, net

(121)

(121)

Noncontrolling interest:

Income from consolidated joint venture attributable to noncontrolling interest

(998)

(998)

Depreciation and amortization

(803)

(803)

Interest expense

(476)

(476)

Amortization of right-of-use asset and liability

73

73

Adjustments to EBITDAre, net

(846)

55

(57)

(848)

Adjusted EBITDAre, excluding noncontrolling interest

$

75,466

$

(161)

$

(2,585)

$

(1,846)

$

(3,906)

$

$

66,968

*Footnotes on Page 31

CORPORATE FINANCIAL INFORMATION

Page 23

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Supplemental Financial Information
February 11, 2021

Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders

Q4 2019

Quarter Ended December 31, 2019

Disposition:

Disposition:

Disposition:

Disposition:

Repurchase:

Courtyard by Marriott

Renaissance

Renaissance

Hilton

Common

Pro

(In thousands, except per share amounts)

Actual (1)

Los Angeles (2)

Harborplace (2)

Los Angeles Airport (2)

Times Square (2)

Stock (3)

Forma (4)

Net income

$

45,414

$

(43,081)

$

24,020

$

(790)

$

(108)

$

$

25,455

Preferred stock dividends

(3,208)

(3,208)

Operations held for investment:

Real estate depreciation and amortization

36,639

(1,892)

(1,056)

(2,536)

31,155

Gain on sale of assets

(42,935)

42,935

Impairment loss

24,713

(24,713)

Noncontrolling interest:

Income from consolidated joint venture attributable to noncontrolling interest

(998)

(998)

Real estate depreciation and amortization

(803)

(803)

FFO attributable to common stockholders

58,822

(146)

(2,585)

(1,846)

(2,644)

51,601

Operations held for investment:

Real estate amortization of right-of-use assets and liabilities

147

(57)

90

Noncash interest on derivatives and finance lease obligations, net

(857)

(15)

(872)

Prior year property tax adjustments, net

(121)

(121)

Noncash income tax provision, net

934

934

Noncontrolling interest:

Real estate amortization of right-of-use asset and liability

73

73

Adjustments to FFO attributable to common stockholders, net

176

(15)

(57)

104

Adjusted FFO attributable to common stockholders

$

58,998

$

(161)

$

(2,585)

$

(1,846)

$

(2,701)

$

$

51,705

FFO attributable to common stockholders per diluted share

$

0.26

$

0.24

Adjusted FFO attributable to common stockholders per diluted share

$

0.26

$

0.24

Basic weighted average shares outstanding

223,638

(9,771)

213,867

Shares associated with unvested restricted stock awards

448

448

Diluted weighted average shares outstanding

224,086

(9,771)

214,315

*Footnotes on Page 31

CORPORATE FINANCIAL INFORMATION

Page 24

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Supplemental Financial Information
February 11, 2021

Pro Forma Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest

Q3 2019

Quarter Ended September 30, 2019

Disposition:

Disposition:

Disposition:

Disposition:

Repurchase:

Courtyard by Marriott

Renaissance

Renaissance

Hilton

Common

Pro

(In thousands)

Actual (1)

Los Angeles (2)

Harborplace (2)

Los Angeles Airport (2)

Times Square (2)

Stock (3)

Forma (4)

Net income

$

33,545

$

(674)

$

(1,233)

$

(933)

$

2,210

$

$

32,915

Operations held for investment:

Depreciation and amortization

37,573

(254)

(1,877)

(1,054)

(2,534)

31,854

Interest expense

13,259

(296)

(1,208)

11,755

Income tax benefit, net

(749)

(749)

EBITDAre

83,628

(1,224)

(3,110)

(1,987)

(1,532)

75,775

Operations held for investment:

Amortization of deferred stock compensation

2,146

2,146

Amortization of right-of-use assets and liabilities

(253)

(57)

(310)

Finance lease obligation interest - cash ground rent

(589)

239

(350)

Prior year property tax adjustments, net

(9)

9

Noncontrolling interest:

Income from consolidated joint venture attributable to noncontrolling interest

(2,508)

(2,508)

Depreciation and amortization

(793)

(793)

Interest expense

(532)

(532)

Amortization of right-of-use asset and liability

72

72

Adjustments to EBITDAre, net

(2,466)

239

9

(57)

(2,275)

Adjusted EBITDAre, excluding noncontrolling interest

$

81,162

$

(985)

$

(3,110)

$

(1,978)

$

(1,589)

$

$

73,500

*Footnotes on Page 31

CORPORATE FINANCIAL INFORMATION

Page 25

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Supplemental Financial Information
February 11, 2021

Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders

Q3 2019

Quarter Ended September 30, 2019

Disposition:

Disposition:

Disposition:

Disposition:

Repurchase:

Courtyard by Marriott

Renaissance

Renaissance

Hilton

Common

Pro

(In thousands, except per share amounts)

Actual (1)

Los Angeles (2)

Harborplace (2)

Los Angeles Airport (2)

Times Square (2)

Stock (3)

Forma (4)

Net income

$

33,545

$

(674)

$

(1,233)

$

(933)

$

2,210

$

$

32,915

Preferred stock dividends

(3,208)

(3,208)

Operations held for investment:

Real estate depreciation and amortization

36,951

(254)

(1,877)

(1,054)

(2,534)

31,232

Noncontrolling interest:

Income from consolidated joint venture attributable to noncontrolling interest

(2,508)

(2,508)

Real estate depreciation and amortization

(793)

(793)

FFO attributable to common stockholders

63,987

(928)

(3,110)

(1,987)

(324)

57,638

Operations held for investment:

Real estate amortization of right-of-use assets and liabilities

146

(57)

89

Noncash interest on derivatives and finance lease obligations, net

1,155

(57)

1,098

Prior year property tax adjustments, net

(9)

9

Noncash income tax provision, net

390

390

Noncontrolling interest:

Real estate amortization of right-of-use asset and liability

72

72

Adjustments to FFO attributable to common stockholders, net

1,754

(57)

9

(57)

1,649

Adjusted FFO attributable to common stockholders

$

65,741

$

(985)

$

(3,110)

$

(1,978)

$

(381)

$

$

59,287

FFO attributable to common stockholders per diluted share

$

0.28

$

0.27

Adjusted FFO attributable to common stockholders per diluted share

$

0.29

$

0.28

Basic weighted average shares outstanding

224,530

(10,663)

213,867

Shares associated with unvested restricted stock awards

253

253

Diluted weighted average shares outstanding

224,783

(10,663)

214,120

*Footnotes on Page 31

CORPORATE FINANCIAL INFORMATION

Page 26

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Supplemental Financial Information
February 11, 2021

Pro Forma Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest

Q2 2019

Quarter Ended June 30, 2019

Disposition:

Disposition:

Disposition:

Disposition:

Repurchase:

Courtyard by Marriott

Renaissance

Renaissance

Hilton

Common

Pro

(In thousands)

Actual (1)

Los Angeles (2)

Harborplace (2)

Los Angeles Airport (2)

Times Square (2)

Stock (3)

Forma (4)

Net income

$

45,918

$

(657)

$

(2,413)

$

(755)

$

836

$

$

42,929

Operations held for investment:

Depreciation and amortization

36,524

(253)

(1,460)

(1,052)

(2,542)

31,217

Interest expense

15,816

(295)

(1,198)

14,323

Income tax provision, net

2,676

2,676

EBITDAre

100,934

(1,205)

(3,873)

(1,807)

(2,904)

91,145

Operations held for investment:

Amortization of deferred stock compensation

2,900

2,900

Amortization of right-of-use assets and liabilities

(251)

(61)

(312)

Finance lease obligation interest - cash ground rent

(590)

239

(351)

Prior year property tax adjustments, net

109

109

Prior owner contingency funding

(900)

(900)

Noncontrolling interest:

Income from consolidated joint venture attributable to noncontrolling interest

(1,955)

(1,955)

Depreciation and amortization

(640)

(640)

Interest expense

(558)

(558)

Amortization of right-of-use asset and liability

73

73

Adjustments to EBITDAre, net

(1,812)

239

(61)

(1,634)

Adjusted EBITDAre, excluding noncontrolling interest

$

99,122

$

(966)

$

(3,873)

$

(1,807)

$

(2,965)

$

$

89,511

*Footnotes on Page 31

CORPORATE FINANCIAL INFORMATION

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Supplemental Financial Information
February 11, 2021

Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders

Q2 2019

Quarter Ended June 30, 2019

Disposition:

Disposition:

Disposition:

Disposition:

Repurchase:

Courtyard by Marriott

Renaissance

Renaissance

Hilton

Common

Pro

(In thousands, except per share amounts)

Actual (1)

Los Angeles (2)

Harborplace (2)

Los Angeles Airport (2)

Times Square (2)

Stock (3)

Forma (4)

Net income

$

45,918

$

(657)

$

(2,413)

$

(755)

$

836

$

$

42,929

Preferred stock dividends

(3,207)

(3,207)

Operations held for investment:

Real estate depreciation and amortization

35,900

(253)

(1,460)

(1,052)

(2,542)

30,593

Noncontrolling interest:

Income from consolidated joint venture attributable to noncontrolling interest

(1,955)

(1,955)

Real estate depreciation and amortization

(640)

(640)

FFO attributable to common stockholders

76,016

(910)

(3,873)

(1,807)

(1,706)

67,720

Operations held for investment:

Real estate amortization of right-of-use assets and liabilities

146

(61)

85

Noncash interest on derivatives and finance lease obligations, net

3,634

(56)

3,578

Prior year property tax adjustments, net

109

109

Prior owner contingency funding

(900)

(900)

Noncash income tax provision, net

2,648

2,648

Noncontrolling interest:

Amortization of right-of-use asset and liability

73

73

Adjustments to FFO attributable to common stockholders, net

5,710

(56)

(61)

5,593

Adjusted FFO attributable to common stockholders

$

81,726

$

(966)

$

(3,873)

$

(1,807)

$

(1,767)

$

$

73,313

FFO attributable to common stockholders per diluted share

$

0.33

$

0.32

Adjusted FFO attributable to common stockholders per diluted share

$

0.36

$

0.34

Basic weighted average shares outstanding

227,389

(13,540)

213,849

Shares associated with unvested restricted stock awards

145

145

Diluted weighted average shares outstanding

227,534

(13,540)

213,994

*Footnotes on Page 31

CORPORATE FINANCIAL INFORMATION

Page 28

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Supplemental Financial Information
February 11, 2021

Pro Forma Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest

Q1 2019

Quarter Ended March 31, 2019

Disposition:

Disposition:

Disposition:

Disposition:

Repurchase:

Courtyard by Marriott

Renaissance

Renaissance

Hilton

Common

Pro

(In thousands)

Actual (1)

Los Angeles (2)

Harborplace (2)

Los Angeles Airport (2)

Times Square (2)

Stock (3)

Forma (4)

Net income

$

17,916

$

(567)

$

1,133

$

(853)

$

4,346

$

$

21,975

Operations held for investment:

Depreciation and amortization

36,387

(253)

(1,490)

(1,043)

(2,545)

31,056

Interest expense

14,326

(294)

(1,188)

12,844

Income tax benefit, net

(3,112)

(3,112)

EBITDAre

65,517

(1,114)

(357)

(1,896)

613

62,763

Operations held for investment:

Amortization of deferred stock compensation

2,122

2,122

Amortization of right-of-use assets and liabilities

(19)

(64)

(83)

Finance lease obligation interest - cash ground rent

(589)

239

(350)

Prior year property tax adjustments, net

189

189

Noncontrolling interest:

Income from consolidated joint venture attributable to noncontrolling interest

(1,599)

(1,599)

Depreciation and amortization

(639)

(639)

Interest expense

(560)

(560)

Amortization of right-of-use asset and liability

72

72

Adjustments to EBITDAre, net

(1,023)

239

(64)

(848)

Adjusted EBITDAre, excluding noncontrolling interest

$

64,494

$

(875)

$

(357)

$

(1,896)

$

549

$

$

61,915

*Footnotes on Page 31

CORPORATE FINANCIAL INFORMATION

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Supplemental Financial Information
February 11, 2021

Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders

Q1 2019

Quarter Ended March 31, 2019

Disposition:

Disposition:

Disposition:

Disposition:

Repurchase:

Courtyard by Marriott

Renaissance

Renaissance

Hilton

Common

Pro

(In thousands, except per share amounts)

Actual (1)

Los Angeles (2)

Harborplace (2)

Los Angeles Airport (2)

Times Square (2)

Stock (3)

Forma (4)

Net income

$

17,916

$

(567)

$

1,133

$

(853)

$

4,346

$

$

21,975

Preferred stock dividends

(3,207)

(3,207)

Operations held for investment:

Real estate depreciation and amortization

35,770

(253)

(1,490)

(1,043)

(2,545)

30,439

Noncontrolling interest:

Income from consolidated joint venture attributable to noncontrolling interest

(1,599)

(1,599)

Real estate depreciation and amortization

(639)

(639)

FFO attributable to common stockholders

48,241

(820)

(357)

(1,896)

1,801

46,969

Operations held for investment:

Real estate amortization of right-of-use assets and liabilities

151

(64)

87

Noncash interest on derivatives and finance lease obligations, net

2,119

(55)

2,064

Prior year property tax adjustments, net

189

189

Noncash income tax benefit

(3,284)

(3,284)

Noncontrolling interest:

Real estate amortization of right-of-use asset and liability

72

72

Adjustments to FFO attributable to common stockholders, net

(753)

(55)

(64)

(872)

Adjusted FFO attributable to common stockholders

$

47,488

$

(875)

$

(357)

$

(1,896)

$

1,737

$

$

46,097

FFO attributable to common stockholders per diluted share

$

0.21

$

0.22

Adjusted FFO attributable to common stockholders per diluted share

$

0.21

$

0.22

Basic weighted average shares outstanding

227,219

(13,554)

213,665

Shares associated with unvested restricted stock awards

260

260

Diluted weighted average shares outstanding

227,479

(13,554)

213,925

*Footnotes on Page 31

CORPORATE FINANCIAL INFORMATION

Page 30

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Supplemental Financial Information
February 11, 2021

Pro Forma Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest,

FFO and Adjusted FFO Attributable to Common Stockholders

Q4, Q3, Q2 and Q1 2019 Footnotes

(1)Actual for the fourth quarter of 2019 represents the Company’s ownership results for the 20 hotels owned by the Company as of December 31, 2019, as well as results for the Courtyard by Marriott Los Angeles prior to its sale in October 2019. Actual for the third, second and first quarters of 2019 represents the Company's ownership results for the 21 hotels owned by the Company as of September 30, 2019, June 30, 2019 and March 31, 2019.
(2)Disposition: represents the Company's ownership results for the Courtyard by Marriott Los Angeles, the Renaissance Harborplace and the Renaissance Los Angeles Airport prior to their sales in October 2019, July 2020 and December 2020, respectively. In addition, Disposition includes the Company's ownership results for the Hilton Times Square prior to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder.
(3)Repurchase: Common Stock represents the 3,783,936 shares repurchased in the second, third and fourth quarters of 2019, and the 9,770,081 shares repurchased in the first quarter of 2020.
(4)Pro Forma represents the Company's ownership results for the 17 Hotel Portfolio, as well as the common stock repurchases in 2019 and 2020.

CORPORATE FINANCIAL INFORMATION

Page 31

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Supplemental Financial Information
February 11, 2021

CAPITALIZATION

CAPITALIZATION

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Supplemental Financial Information
February 11, 2021

Comparative Capitalization
Q4 2020 – Q4 2019

December 31,

September 30,

June 30,

March 31,

December 31,

(In thousands, except per share data)

    

2020

    

2020

    

2020

    

2020

    

2019

Common Share Price & Dividends

At the end of the quarter

$

11.33

$

7.94

$

8.15

$

8.71

$

13.92

High during quarter ended

$

11.42

$

8.70

$

10.65

$

13.81

$

14.41

Low during quarter ended

$

7.27

$

7.27

$

7.04

$

6.99

$

13.25

Common dividends per share

$

$

$

$

0.05

$

0.59

Common Shares & Units

Common shares outstanding

215,593

215,636

215,636

215,541

224,855

Units outstanding

Total common shares and units outstanding

215,593

215,636

215,636

215,541

224,855

Capitalization

Market value of common equity

$

2,442,673

$

1,712,146

$

1,757,430

$

1,877,363

$

3,129,982

Liquidation value of preferred equity - Series E

115,000

115,000

115,000

115,000

115,000

Liquidation value of preferred equity - Series F

75,000

75,000

75,000

75,000

75,000

Consolidated debt

747,945

934,673

1,021,247

1,272,965

974,863

Consolidated total capitalization

3,380,618

2,836,819

2,968,677

3,340,328

4,294,845

Noncontrolling interest in consolidated debt

(55,000)

(55,000)

(55,000)

(55,000)

(55,000)

Pro rata total capitalization

$

3,325,618

$

2,781,819

$

2,913,677

$

3,285,328

$

4,239,845

Consolidated debt to consolidated total capitalization

22.1

%  

32.9

%  

34.4

%  

38.1

%  

22.7

%  

Pro rata debt to pro rata total capitalization

20.8

%  

31.6

%  

33.2

%  

37.1

%  

21.7

%  

Consolidated debt and preferred equity to consolidated total capitalization

27.7

%  

39.6

%  

40.8

%  

43.8

%  

27.1

%  

Pro rata debt and preferred equity to pro rata total capitalization

26.5

%  

38.5

%  

39.7

%  

42.9

%  

26.2

%  

CAPITALIZATION

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Supplemental Financial Information
February 11, 2021

Consolidated Debt Summary Schedule

(In thousands)

Interest Rate /

Maturity

December 31, 2020

Balance At

Debt

    

Collateral

    

Spread

    

Date

    

Balance

    

Maturity

Fixed Rate Debt

Term Loan Facility (1)

Unsecured

3.94%

09/03/2022

$

85,000

$

85,000

Term Loan Facility (1)

Unsecured

4.20%

01/31/2023

100,000

100,000

Secured Mortgage Debt

JW Marriott New Orleans

4.15%

12/11/2024

80,055

72,071

Secured Mortgage Debt

Embassy Suites La Jolla

4.12%

01/06/2025

57,890

51,987

Series A Senior Notes (2)

Unsecured

5.94%

01/10/2026

90,000

90,000

Series B Senior Notes (2)

Unsecured

6.04%

01/10/2028

115,000

115,000

Total Fixed Rate Debt

527,945

514,058

Variable Rate Debt

Secured Mortgage Debt (3)

Hilton San Diego Bayfront

1.19%

12/09/2023

220,000

220,000

Credit Facility (1)

Unsecured

L + 1.40% - 2.40%

04/14/2023

Total Variable Rate Debt

220,000

220,000

TOTAL CONSOLIDATED DEBT

$

747,945

$

734,058

Preferred Stock

Series E cumulative redeemable preferred

6.95%

perpetual

$

115,000

Series F cumulative redeemable preferred

6.45%

perpetual

75,000

Total Preferred Stock

$

190,000

Debt Statistics

% Fixed Rate Debt

70.6

%  

% Floating Rate Debt

29.4

%  

Average Interest Rate (4)

3.77

%  

Weighted Average Maturity of Debt (3)

3.8 years

(1)In July and December 2020, the Company executed amendments to the agreement governing its revolving credit facility and term loan facilities, providing covenant relief through the first quarter of 2022, with the first quarterly covenant test as of the period ended March 31, 2022. Under the terms of the July 2020 amendment, a 25-basis point LIBOR floor was added for the remaining term of the facilities and the applicable LIBOR margin was increased to 225 basis points for the revolving credit facility and 220 basis points for the term loan facilities, the high points of the pricing grid. The December 2020 amendment fixed the applicable LIBOR margin at 240 basis points for the revolving credit facility and 235 basis points for the term loan facilities. After the covenant relief period, the LIBOR margin will revert back to the original terms of the pricing grid with a range of 140 to 225 basis points for the revolving credit facility and 135 to 220 basis points for the term loan facilities, depending on the Company’s leverage ratios. The interest rates presented reflect the terms of the amended agreements and the effects of the Company’s interest rate derivative agreements.
(2)In July and December 2020, the Company executed amendments to the agreement governing the Senior Notes, providing covenant relief through the first quarter of 2022, with the first quarterly covenant test as of the period ended March 31, 2022. The July and December 2020 amendments increased the annual interest rates on the Senior Notes by 1.0% and an additional 0.25%, respectively. After the covenant relief period, the interest rates on the Senior Notes will decrease by 0.25% until the Company’s leverage ratio is below 5.0x. The interest rates presented reflect the terms of the amended agreements. In September 2020, the Company repaid $30.0 million and $5.0 million of its Series A and Series B Senior Notes, respectively, at par.
(3)In December 2020, the Company exercised its first option to extend the maturity date of the $220.0 million loan secured by the Hilton San Diego Bayfront from December 2020 to December 2021. Two additional one-year options to extend remain, which the Company also intends to exercise, extending the maturity date to December 2023. By extending this loan, the Company's weighted average maturity of debt increases from 3.2 years to 3.8 years.
(4)Average Interest Rate is calculated based on rates at December 31, 2020, and includes the effect of the Company's interest rate derivative agreements.

CAPITALIZATION

Page 34

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Supplemental Financial Information
February 11, 2021

Consolidated Amortization and Debt Maturity Schedule

As of December 31, 2020

Graphic

(1)In December 2020, the Company exercised its first option to extend the maturity date of the $220.0 million loan secured by the Hilton San Diego Bayfront from December 2020 to December 2021. Two additional one-year options to extend remain, which the Company also intends to exercise, extending the maturity date to December 2023.
(2)Percent of Current Total Capitalization is calculated by dividing the sum of scheduled principal amortization and maturity payments by the December 31, 2020 consolidated total capitalization as presented on page 33.

CAPITALIZATION

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February 11, 2021

PROPERTY-LEVEL DATA

PROPERTY-LEVEL DATA

Page 36

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Supplemental Financial Information
February 11, 2021

Hotel Information as of February 11, 2021

Hotel

    

Location

    

Brand

    

Number of
Rooms

    

% of Total
Rooms

    

Interest

Open / Suspension Date (1)

    

Resumption

Date (1)

    

Year Acquired

1

  

Hilton San Diego Bayfront (2) (3)

California

Hilton

1,190

13.20%

Leasehold

March 23, 2020

August 11, 2020

2011

2

Boston Park Plaza

Massachusetts

Independent

1,060

11.76%

Fee Simple

Open

N/A

2013

3

Hyatt Regency San Francisco

California

Hyatt

821

9.11%

Fee Simple

March 22, 2020

October 1, 2020

2013

4

Renaissance Washington DC

Washington DC

Marriott

807

8.95%

Fee Simple

March 26, 2020

August 24, 2020

2005

5

Renaissance Orlando at SeaWorld®

Florida

Marriott

781

8.66%

Fee Simple

March 20, 2020

October 1, 2020

2005

6

Wailea Beach Resort

Hawaii

Marriott

547

6.07%

Fee Simple

March 25, 2020

November 1, 2020

2014

7

JW Marriott New Orleans (4)

Louisiana

Marriott

501

5.56%

Fee Simple

March 28, 2020

July 14, 2020

2011

8

Hyatt Centric Chicago Magnificent Mile (3)

Illinois

Hyatt

419

4.65%

Leasehold

April 6, 2020

July 13, 2020

2012

9

Marriott Boston Long Wharf

Massachusetts

Marriott

415

4.60%

Fee Simple

March 12, 2020

July 7, 2020

2007

10

Renaissance Long Beach

California

Marriott

374

4.15%

Fee Simple

Open

N/A

2005

11

Embassy Suites Chicago

Illinois

Hilton

368

4.08%

Fee Simple

April 1, 2020

July 1, 2020

2002

12

Hilton Garden Inn Chicago Downtown/Magnificent Mile

Illinois

Hilton

361

4.00%

Fee Simple

March 27, 2020

2012

13

Renaissance Westchester

New York

Marriott

348

3.86%

Fee Simple

April 4, 2020

2010

14

Embassy Suites La Jolla

California

Hilton

340

3.77%

Fee Simple

Open

N/A

2006

15

The Bidwell Marriott Portland

Oregon

Marriott

258

2.86%

Fee Simple

March 27, 2020

October 5, 2020

2000

16

Hilton New Orleans St. Charles

Louisiana

Hilton

252

2.79%

Fee Simple

March 28, 2020

July 13, 2020

2013

17

Oceans Edge Resort & Marina

Florida

Independent

175

1.94%

Fee Simple

March 22, 2020

June 4, 2020

2017

Total 17 Hotel Portfolio

9,017

100%

(1)In March 2020, the COVID-19 pandemic was declared a National Public Health Emergency, which led to material group cancellations, corporate and government travel restrictions and an unprecedented decline in hotel demand. As a result of these cancellations, restrictions and the health concerns related to COVID-19, the Company determined that it was in the best interest of its hotel employees and the communities in which its hotels operate to temporarily suspend operations at the majority of its hotels. As of the date of this release, operations continue to be temporarily suspended at two of the Company’s hotels, and 15 hotels are operating under a significantly reduced capacity.
(2)The Company owns 75% of the joint venture that owns the Hilton San Diego Bayfront.
(3)Assuming the full exercise of all lease extensions, the ground lease at the Hilton San Diego Bayfront and the building lease Hyatt Centric Chicago Magnificent Mile mature in 2071 and 2097, respectively.
(4)Hotel is subject to a municipal airspace lease that matures in 2044 and applies only to certain balcony space fronting Canal Street that is not integral to the hotel’s operations.

PROPERTY-LEVEL DATA

Page 37

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February 11, 2021

PROPERTY-LEVEL OPERATING STATISTICS

PROPERTY-LEVEL OPERATING STATISTICS

Page 38

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February 11, 2021

Property-Level Operating Statistics

October 2020/2019

ADR

Occupancy

RevPAR

Hotels sorted by number of rooms

October

October

October

    

2020

    

2019

    

Change

    

2020

    

2019

    

Change

    

2020

    

2019

    

Change

1

Hilton San Diego Bayfront

$

162.23

$

259.55

(37.5)%

21.0%

83.9%

(75.0)%

$

34.07

$

217.76

(84.4)%

2

Boston Park Plaza

$

139.90

$

254.87

(45.1)%

22.9%

98.0%

(76.6)%

$

32.04

$

249.77

(87.2)%

3

Hyatt Regency San Francisco

$

170.26

$

350.80

(51.5)%

15.1%

96.4%

(84.3)%

$

25.71

$

338.17

(92.4)%

4

Renaissance Washington DC

$

117.29

$

281.89

(58.4)%

4.8%

87.5%

(94.5)%

$

5.63

$

246.65

(97.7)%

5

Renaissance Orlando at SeaWorld®

$

111.81

$

179.07

(37.6)%

7.0%

82.8%

(91.5)%

$

7.83

$

148.27

(94.7)%

6

JW Marriott New Orleans

$

135.22

$

230.90

(41.4)%

28.2%

90.7%

(68.9)%

$

38.13

$

209.43

(81.8)%

7

Hyatt Centric Chicago Magnificent Mile

$

169.52

$

236.49

(28.3)%

7.1%

89.9%

(92.1)%

$

12.04

$

212.60

(94.3)%

8

Marriott Boston Long Wharf

$

230.98

$

390.87

(40.9)%

18.7%

92.3%

(79.7)%

$

43.19

$

360.77

(88.0)%

9

Renaissance Long Beach

$

142.93

$

192.85

(25.9)%

28.8%

83.2%

(65.4)%

$

41.16

$

160.45

(74.3)%

10

Embassy Suites Chicago

$

134.20

$

240.59

(44.2)%

12.1%

94.8%

(87.2)%

$

16.24

$

228.08

(92.9)%

11

Embassy Suites La Jolla

$

120.39

$

192.10

(37.3)%

61.7%

82.3%

(25.0)%

$

74.28

$

158.10

(53.0)%

12

Hilton New Orleans St. Charles

$

117.89

$

183.52

(35.8)%

29.0%

74.0%

(60.8)%

$

34.19

$

135.80

(74.8)%

13

Oceans Edge Resort & Marina

$

198.95

$

180.00

10.5%

40.5%

80.5%

(49.7)%

$

80.57

$

144.90

(44.4)%

13 Hotels Open for the Entire Fourth Quarter of 2020

$

148.63

$

257.63

(42.3)%

19.5%

88.8%

(78.0)%

$

28.98

$

228.78

(87.3)%

14

Wailea Beach Resort

$

$

429.32

(100.0)%

0.0%

90.9%

(100.0)%

$

$

390.25

(100.0)%

15

The Bidwell Marriott Portland

$

140.31

$

198.56

(29.3)%

2.7%

84.4%

(96.8)%

$

3.79

$

167.58

(97.7)%

2 Hotels Open During a Portion of the Fourth Quarter of 2020

$

140.31

$

360.73

(61.1)%

0.8%

88.8%

(99.1)%

$

1.12

$

320.33

(99.7)%

2 Hotels with Suspended Operations During All of the Fourth Quarter of 2020

$

$

199.69

(100.0)%

0.0%

84.0%

(100.0)%

$

$

167.74

(100.0)%

17 Hotel Portfolio (1)

$

148.51

$

262.46

(43.4)%

16.3%

88.4%

(81.6)%

$

24.21

$

232.01

(89.6)%

Add: Sold/Disposed Hotels (2)

Renaissance Los Angeles Airport

$

109.91

$

151.27

(27.3)%

26.5%

88.2%

(70.0)%

$

29.13

$

133.42

(78.2)%

Hilton Times Square

$

$

315.27

(100.0)%

0.0%

99.4%

(100.0)%

$

$

313.38

(100.0)%

Actual Portfolio (3)

$

145.32

$

259.74

(44.1)%

16.1%

88.9%

(81.9)%

$

23.40

$

230.91

(89.9)%

*Footnotes on page 44

PROPERTY-LEVEL OPERATING STATISTICS

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February 11, 2021

Property-Level Operating Statistics

November 2020/2019

ADR

Occupancy

RevPAR

Hotels sorted by number of rooms

November

November

November

    

2020

    

2019

    

Change

    

2020

    

2019

    

Change

    

2020

    

2019

    

Change

1

Hilton San Diego Bayfront

$

103.39

$

218.55

(52.7)%

50.5%

87.1%

(42.0)%

$

52.21

$

190.36

(72.6)%

2

Boston Park Plaza

$

143.00

$

187.43

(23.7)%

14.9%

90.4%

(83.5)%

$

21.31

$

169.44

(87.4)%

3

Hyatt Regency San Francisco

$

171.62

$

338.77

(49.3)%

11.5%

86.8%

(86.8)%

$

19.74

$

294.05

(93.3)%

4

Renaissance Washington DC

$

119.95

$

237.37

(49.5)%

2.7%

74.5%

(96.4)%

$

3.24

$

176.84

(98.2)%

5

Renaissance Orlando at SeaWorld®

$

121.11

$

174.88

(30.7)%

10.9%

76.2%

(85.7)%

$

13.20

$

133.26

(90.1)%

6

JW Marriott New Orleans

$

139.98

$

210.15

(33.4)%

41.8%

82.7%

(49.5)%

$

58.51

$

173.79

(66.3)%

7

Hyatt Centric Chicago Magnificent Mile

$

151.19

$

180.00

(16.0)%

4.4%

85.7%

(94.9)%

$

6.65

$

154.26

(95.7)%

8

Marriott Boston Long Wharf

$

220.06

$

298.87

(26.4)%

7.8%

82.7%

(90.6)%

$

17.16

$

247.17

(93.1)%

9

Renaissance Long Beach

$

141.27

$

180.82

(21.9)%

18.4%

80.9%

(77.3)%

$

25.99

$

146.28

(82.2)%

10

Embassy Suites Chicago

$

110.27

$

175.71

(37.2)%

8.5%

91.3%

(90.7)%

$

9.37

$

160.42

(94.2)%

11

Embassy Suites La Jolla

$

113.73

$

197.11

(42.3)%

40.1%

77.6%

(48.3)%

$

45.61

$

152.96

(70.2)%

12

Hilton New Orleans St. Charles

$

99.78

$

177.04

(43.6)%

21.8%

71.4%

(69.5)%

$

21.75

$

126.41

(82.8)%

13

Oceans Edge Resort & Marina

$

201.20

$

223.52

(10.0)%

54.0%

83.9%

(35.6)%

$

108.65

$

187.53

(42.1)%

13 Hotels Open for the Entire Fourth Quarter of 2020

$

128.40

$

220.66

(41.8)%

21.4%

83.3%

(74.3)%

$

27.48

$

183.81

(85.0)%

14

Wailea Beach Resort

$

483.10

$

427.43

13.0%

19.1%

88.1%

(78.3)%

$

92.27

$

376.57

(75.5)%

15

The Bidwell Marriott Portland

$

134.27

$

165.54

(18.9)%

2.7%

69.4%

(96.1)%

$

3.63

$

114.88

(96.8)%

2 Hotels Open During a Portion of the Fourth Quarter of 2020

$

461.38

$

358.30

28.8%

13.8%

82.2%

(83.2)%

$

63.67

$

294.52

(78.4)%

2 Hotels with Suspended Operations During All of the Fourth Quarter of 2020

$

$

153.77

(100.0)%

0.0%

79.3%

(100.0)%

$

$

121.94

(100.0)%

17 Hotel Portfolio (1)

$

150.03

$

227.69

(34.1)%

19.0%

82.9%

(77.1)%

$

28.51

$

188.76

(84.9)%

Add: Sold/Disposed Hotels (2)

Renaissance Los Angeles Airport

$

92.65

$

137.53

(32.6)%

32.0%

91.3%

(65.0)%

$

29.65

$

125.56

(76.4)%

Hilton Times Square

$

$

274.96

(100.0)%

0.0%

99.0%

(100.0)%

$

$

272.21

(100.0)%

Actual Portfolio (3)

$

145.12

$

225.43

(35.6)%

18.8%

84.1%

(77.6)%

$

27.28

$

189.59

(85.6)%

*Footnotes on page 44

PROPERTY-LEVEL OPERATING STATISTICS

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February 11, 2021

Property-Level Operating Statistics

December 2020/2019

ADR

Occupancy

RevPAR

Hotels sorted by number of rooms

December

December

December

    

2020

    

2019

    

Change

    

2020

    

2019

    

Change

    

2020

    

2019

    

Change

1

Hilton San Diego Bayfront

$

106.74

$

170.63

(37.4)%

18.3%

76.4%

(76.0)%

$

19.53

$

130.36

(85.0)%

2

Boston Park Plaza

$

151.42

$

144.51

4.8%

14.5%

76.0%

(80.9)%

$

21.96

$

109.83

(80.0)%

3

Hyatt Regency San Francisco

$

183.22

$

263.65

(30.5)%

5.6%

81.6%

(93.1)%

$

10.26

$

215.14

(95.2)%

4

Renaissance Washington DC

$

122.61

$

173.53

(29.3)%

2.5%

58.3%

(95.7)%

$

3.07

$

101.17

(97.0)%

5

Renaissance Orlando at SeaWorld®

$

112.33

$

169.47

(33.7)%

13.5%

84.4%

(84.0)%

$

15.16

$

143.03

(89.4)%

6

JW Marriott New Orleans

$

118.83

$

180.78

(34.3)%

17.9%

74.6%

(76.0)%

$

21.27

$

134.86

(84.2)%

7

Hyatt Centric Chicago Magnificent Mile

$

146.56

$

143.66

2.0%

6.8%

79.4%

(91.4)%

$

9.97

$

114.07

(91.3)%

8

Marriott Boston Long Wharf

$

208.54

$

241.74

(13.7)%

7.0%

78.3%

(91.1)%

$

14.60

$

189.28

(92.3)%

9

Renaissance Long Beach (4)

$

149.27

$

161.35

(7.5)%

8.7%

69.5%

(87.5)%

$

12.99

$

112.14

(88.4)%

10

Embassy Suites Chicago

$

125.69

$

134.20

(6.3)%

8.4%

94.8%

(91.1)%

$

10.56

$

127.22

(91.7)%

11

Embassy Suites La Jolla

$

108.49

$

162.92

(33.4)%

28.0%

79.1%

(64.6)%

$

30.38

$

128.87

(76.4)%

12

Hilton New Orleans St. Charles

$

99.26

$

154.48

(35.7)%

16.8%

58.1%

(71.1)%

$

16.68

$

89.75

(81.4)%

13

Oceans Edge Resort & Marina

$

283.97

$

290.47

(2.2)%

63.9%

88.7%

(28.0)%

$

181.46

$

257.65

(29.6)%

13 Hotels Open for the Entire Fourth Quarter of 2020

$

144.00

$

180.90

(20.4)%

13.4%

76.3%

(82.4)%

$

19.30

$

138.03

(86.0)%

14

Wailea Beach Resort

$

500.96

$

656.06

(23.6)%

23.4%

90.4%

(74.1)%

$

117.22

$

593.08

(80.2)%

15

The Bidwell Marriott Portland

$

122.40

$

121.57

0.7%

5.1%

41.5%

(87.7)%

$

6.24

$

50.45

(87.6)%

2 Hotels Open During a Portion of the Fourth Quarter of 2020

$

465.61

$

563.65

(17.4)%

17.6%

75.1%

(76.6)%

$

81.95

$

423.30

(80.6)%

2 Hotels with Suspended Operations During All of the Fourth Quarter of 2020

$

$

128.63

(100.0)%

0.0%

73.6%

(100.0)%

$

$

94.67

(100.0)%

17 Hotel Portfolio (1)

$

183.71

$

210.35

(12.7)%

12.7%

76.0%

(83.3)%

$

23.33

$

159.87

(85.4)%

Add: Sold/Disposed Hotels (2)

Renaissance Los Angeles Airport

$

92.94

$

128.66

(27.8)%

18.7%

89.7%

(79.2)%

$

17.38

$

115.41

(84.9)%

Hilton Times Square

$

$

364.50

(100.0)%

0.0%

98.2%

(100.0)%

$

$

357.94

(100.0)%

Actual Portfolio (3)

$

182.05

$

214.93

(15.3)%

12.3%

77.7%

(84.2)%

$

22.39

$

167.00

(86.6)%

*Footnotes on page 44

PROPERTY-LEVEL OPERATING STATISTICS

Page 41

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February 11, 2021

Property-Level Operating Statistics

Q4 2020/2019

ADR

Occupancy

RevPAR

Hotels sorted by number of rooms

Quarter Ended December 31,

Quarter Ended December 31,

Quarter Ended December 31,

    

2020

    

2019

    

Change

    

2020

    

2019

    

Change

    

2020

    

2019

    

Change

1

Hilton San Diego Bayfront

$

118.11

$

217.65

(45.7)%

29.7%

82.4%

(64.0)%

$

35.08

$

179.34

(80.4)%

2

Boston Park Plaza

$

143.98

$

200.21

(28.1)%

17.5%

88.1%

(80.1)%

$

25.20

$

176.39

(85.7)%

3

Hyatt Regency San Francisco

$

173.02

$

319.68

(45.9)%

10.7%

88.2%

(87.9)%

$

18.51

$

281.96

(93.4)%

4

Renaissance Washington DC

$

119.33

$

238.17

(49.9)%

3.3%

73.4%

(95.5)%

$

3.94

$

174.82

(97.7)%

5

Renaissance Orlando at SeaWorld®

$

115.21

$

174.42

(33.9)%

10.5%

81.2%

(87.1)%

$

12.10

$

141.63

(91.5)%

6

JW Marriott New Orleans

$

134.04

$

208.88

(35.8)%

29.2%

82.6%

(64.6)%

$

39.14

$

172.53

(77.3)%

7

Hyatt Centric Chicago Magnificent Mile

$

156.61

$

188.69

(17.0)%

6.1%

85.0%

(92.8)%

$

9.55

$

160.39

(94.0)%

8

Marriott Boston Long Wharf

$

223.79

$

314.91

(28.9)%

11.2%

84.4%

(86.7)%

$

25.06

$

265.78

(90.6)%

9

Renaissance Long Beach (4)

$

143.39

$

179.29

(20.0)%

18.6%

77.8%

(76.1)%

$

26.67

$

139.49

(80.9)%

10

Embassy Suites Chicago

$

124.89

$

183.68

(32.0)%

9.7%

93.7%

(89.6)%

$

12.11

$

172.11

(93.0)%

11

Embassy Suites La Jolla

$

115.79

$

183.93

(37.0)%

43.3%

79.7%

(45.7)%

$

50.14

$

146.59

(65.8)%

12

Hilton New Orleans St. Charles

$

107.50

$

172.91

(37.8)%

22.6%

67.8%

(66.7)%

$

24.30

$

117.23

(79.3)%

13

Oceans Edge Resort & Marina

$

234.38

$

233.25

0.5%

52.8%

84.4%

(37.4)%

$

123.75

$

196.86

(37.1)%

13 Hotels Open for the Entire Fourth Quarter of 2020

$

139.66

$

221.66

(37.0)%

18.1%

82.8%

(78.1)%

$

25.28

$

183.53

(86.2)%

14

Wailea Beach Resort

$

493.09

$

505.64

(2.5)%

14.1%

89.8%

(84.3)%

$

69.53

$

454.06

(84.7)%

15

The Bidwell Marriott Portland

$

129.96

$

170.52

(23.8)%

3.5%

65.1%

(94.6)%

$

4.55

$

111.01

(95.9)%

2 Hotels Open During a Portion of the Fourth Quarter of 2020

$

455.13

$

422.53

7.7%

10.7%

82.1%

(87.0)%

$

48.70

$

346.90

(86.0)%

2 Hotels with Suspended Operations During All of the Fourth Quarter of 2020

$

$

162.33

(100.0)%

0.0%

79.0%

(100.0)%

$

$

128.24

(100.0)%

17 Hotel Portfolio (1)

$

158.52

$

234.86

(32.5)%

16.0%

82.4%

(80.6)%

$

25.36

$

193.52

(86.9)%

Add: Sold/Disposed Hotels (2)

Renaissance Los Angeles Airport

$

100.08

$

139.09

(28.0)%

28.1%

89.7%

(68.7)%

$

28.12

$

124.76

(77.5)%

Hilton Times Square

$

$

318.59

(100.0)%

0.0%

98.9%

(100.0)%

$

$

315.09

(100.0)%

Actual Portfolio (3)

$

154.57

$

234.43

(34.1)%

15.7%

83.6%

(81.2)%

$

24.27

$

195.98

(87.6)%

*Footnotes on page 44

PROPERTY-LEVEL OPERATING STATISTICS

Page 42

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BPP-Lobby-Bar

Wailea Beach Resort Slide

Graphic

Graphic

Graphic

Outside Shot


Graphic

Supplemental Financial Information
February 11, 2021

Property-Level Operating Statistics

FY 2020/2019

ADR

Occupancy

RevPAR

Hotels sorted by number of rooms

Year Ended December 31,

Year Ended December 31,

Year Ended December 31,

2020

2019

Change

2020

    

2019

    

Change

    

2020

    

2019

    

Change

1

Hilton San Diego Bayfront

$

192.17

$

247.20

(22.3)%

26.8%

81.4%

(67.1)%

$

51.50

$

201.22

(74.4)%

2

Boston Park Plaza

$

146.44

$

213.07

(31.3)%

23.9%

90.6%

(73.6)%

$

35.00

$

193.04

(81.9)%

3

Hyatt Regency San Francisco

$

298.61

$

322.08

(7.3)%

17.6%

89.0%

(80.2)%

$

52.56

$

286.65

(81.7)%

4

Renaissance Washington DC

$

215.98

$

232.64

(7.2)%

15.4%

78.1%

(80.3)%

$

33.26

$

181.69

(81.7)%

5

Renaissance Orlando at SeaWorld®

$

181.69

$

168.18

8.0%

17.1%

78.9%

(78.3)%

$

31.07

$

132.69

(76.6)%

6

JW Marriott New Orleans

$

192.13

$

206.47

(6.9)%

26.3%

83.9%

(68.7)%

$

50.53

$

173.23

(70.8)%

7

Hyatt Centric Chicago Magnificent Mile

$

133.75

$

192.11

(30.4)%

15.0%

83.1%

(81.9)%

$

20.06

$

159.64

(87.4)%

8

Marriott Boston Long Wharf

$

229.18

$

332.29

(31.0)%

21.9%

86.7%

(74.7)%

$

50.19

$

288.10

(82.6)%

9

Renaissance Long Beach (4)

$

159.10

$

189.85

(16.2)%

33.1%

81.6%

(59.4)%

$

52.66

$

154.92

(66.0)%

10

Embassy Suites Chicago

$

124.00

$

189.98

(34.7)%

21.1%

90.0%

(76.6)%

$

26.16

$

170.98

(84.7)%

11

Embassy Suites La Jolla

$

141.59

$

200.89

(29.5)%

50.8%

86.6%

(41.3)%

$

71.93

$

173.97

(58.7)%

12

Hilton New Orleans St. Charles

$

150.62

$

169.29

(11.0)%

28.3%

74.3%

(61.9)%

$

42.63

$

125.78

(66.1)%

13

Oceans Edge Resort & Marina

$

271.75

$

242.04

12.3%

46.7%

88.7%

(47.4)%

$

126.91

$

214.69

(40.9)%

13 Hotels Open for the Entire Fourth Quarter of 2020

$

186.27

$

230.05

(19.0)%

23.8%

84.1%

(71.7)%

$

44.33

$

193.47

(77.1)%

14

Wailea Beach Resort

$

541.90

$

478.47

13.3%

22.5%

91.2%

(75.3)%

$

121.93

$

436.36

(72.1)%

15

The Bidwell Marriott Portland

$

140.79

$

186.05

(24.3)%

10.5%

80.1%

(86.9)%

$

14.78

$

149.03

(90.1)%

2 Hotels Open During a Portion of the Fourth Quarter of 2020

$

470.62

$

394.94

19.2%

18.7%

87.7%

(78.7)%

$

88.01

$

346.36

(74.6)%

2 Hotels with Suspended Operations During All of the Fourth Quarter of 2020

$

123.66

$

164.41

(24.8)%

12.4%

77.7%

(84.0)%

$

15.33

$

127.75

(88.0)%

17 Hotel Portfolio (1)

$

204.52

$

240.51

(15.0)%

22.5%

83.9%

(73.2)%

$

46.02

$

201.79

(77.2)%

Add: Sold/Disposed Hotels (2)

Renaissance Harborplace

$

134.41

$

164.19

(18.1)%

26.7%

64.0%

(58.3)%

$

35.89

$

105.08

(65.8)%

Renaissance Los Angeles Airport

$

126.58

$

146.93

(13.9)%

36.5%

90.6%

(59.7)%

$

46.20

$

133.12

(65.3)%

Hilton Times Square

$

163.52

$

277.47

(41.1)%

20.6%

99.1%

(79.2)%

$

33.69

$

274.97

(87.7)%

��

Actual Portfolio (3)

$

196.99

$

237.56

(17.1)%

23.1%

85.0%

(72.8)%

$

45.50

$

201.93

(77.5)%

*Footnotes on page 44

PROPERTY-LEVEL OPERATING STATISTICS

Page 43

Graphic