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SHO Sunstone Hotel Investors

Filed: 3 May 21, 4:41pm

Exhibit 99.2

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Supplemental Financial Information
May 3, 2021

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Supplemental Financial Information

For the quarter ended March 31, 2021

May 3, 2021

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Supplemental Financial Information
May 3, 2021

Table of Contents

PROPERTY-LEVEL OPERATING STATISTICS

29

Property-Level Operating Statistics Q1 2021/2020

30

Property-Level Operating Statistics Q1 2021/2019

31

Property-Level Operating Statistics January 2021/2020

32

Property-Level Operating Statistics January 2021/2019

33

Property-Level Operating Statistics February 2021/2020

34

Property-Level Operating Statistics February 2021/2019

35

Property-Level Operating Statistics March 2021/2020

36

Property-Level Operating Statistics March 2021/2019

37

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS

39

Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins Q1 2021

40

Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins Q1 2020

41

Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins Q1 2019

42

Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins January 2021

43

Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins January 2020

44

Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins January 2019

45

Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins February 2021

46

Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins February 2020

47

Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins February 2019

48

Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins March 2021

49

Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins March 2020

50

Property-Level Adjusted EBITDAre & Adjusted EBITDAre Margins March 2019

51

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May 3, 2021

CORPORATE PROFILE, FINANCIAL DISCLOSURES,
AND SAFE HARBOR

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR

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May 3, 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 May 3, 2021 has interests in 18 hotels comprised of 9,147 rooms, the majority of which are operated under nationally recognized brands. Sunstone’s business is to acquire, own, asset manage and renovate or reposition hotels that the Company considers to be Long-Term Relevant Real Estate®.

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
May 3, 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 the COVID-19 pandemic has on the Company’s business and the economy, as well as the response of governments and the Company to the pandemic, and how quickly and successfully effective vaccines and therapies are distributed and administered; 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; general economic and business conditions, including a U.S. recession, trade conflicts and tariffs, regional or global economic slowdowns and any type of flu or disease-related pandemic that impacts travel or the ability to travel, including the COVID-19 pandemic; the need for business-related travel, including the increased use of business-related technology; rising hotel operating costs due to labor costs, workers’ compensation and health-care related costs, utility costs, property and liability insurance costs, unanticipated costs such as acts of nature and their consequences and other costs that may not be offset by increased room rates; the ground, building or airspace leases for three of the hotels the Company has interests in as of the date of this presentation; 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; 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; relationships with, and the requirements, performance and reputation of, the managers of the Company’s hotels; relationships with, and the requirements and reputation of, the Company’s franchisors and hotel brands; 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; competition for the acquisition of hotels, and the Company’s ability to complete acquisitions and dispositions; performance of hotels after they are acquired; 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 impact on the Company’s business of potential defaults by the Company on its debt agreements or leases; 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; 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; 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 climate change, natural disasters, terrorist attacks or civil unrest; and other risks and uncertainties associated with the Company’s business described in its 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
May 3, 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
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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
May 3, 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 March 31, 2021. The 18 Hotel Pro Forma Portfolio includes the 17 Hotel Portfolio plus the Montage Healdsburg, acquired by the Company in April 2021.

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Supplemental Financial Information
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CORPORATE FINANCIAL INFORMATION

CORPORATE FINANCIAL INFORMATION

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Supplemental Financial Information
May 3, 2021

Condensed Consolidated Balance Sheets
Q1 2021 – Q1 2020

(In thousands)

March 31, 2021 (1)

December 31, 2020 (2)

September 30, 2020 (3)

June 30, 2020 (4)

March 31, 2020 (5)

Assets

    

    

    

    

    

Investment in hotel properties:

Land

$

571,212

$

571,212

$

581,426

$

581,426

$

600,649

Buildings & improvements

2,527,654

2,523,750

2,707,102

2,694,935

2,800,187

Furniture, fixtures, & equipment

432,493

431,918

464,588

460,526

496,312

Other

41,868

37,766

64,880

72,775

71,327

3,573,227

3,564,646

3,817,996

3,809,662

3,968,475

Less accumulated depreciation & amortization

(1,133,264)

(1,103,148)

(1,196,520)

(1,164,181)

(1,212,063)

2,439,963

2,461,498

2,621,476

2,645,481

2,756,412

Finance lease right-of-use asset, net

45,814

46,182

46,549

46,917

47,284

Operating lease right-of-use assets, net

25,196

26,093

39,489

40,351

41,198

Other noncurrent assets, net

15,847

16,799

16,510

15,415

16,390

Current assets:

Cash and cash equivalents

320,275

368,406

461,288

540,420

847,445

Restricted cash

44,982

47,733

42,346

45,960

53,485

Other current assets, net

24,597

19,006

19,124

12,474

37,326

Assets held for sale, net

76,683

Total assets

$

2,916,674

$

2,985,717

$

3,246,782

$

3,423,701

$

3,799,540

*Footnotes on following page

CORPORATE FINANCIAL INFORMATION

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Supplemental Financial Information
May 3, 2021

Condensed Consolidated Balance Sheets
Q1 2021– Q1 2020 (continued)

(In thousands)

March 31, 2021 (1)

December 31, 2020 (2)

September 30, 2020 (3)

June 30, 2020 (4)

March 31, 2020 (5)

Liabilities

    

    

    

    

    

Current liabilities:

Current portion of notes payable, net

$

2,295

$

2,261

$

188,096

$

188,757

$

82,189

Other current liabilities

81,947

88,532

99,679

97,129

104,029

Total current liabilities

84,242

90,793

287,775

285,886

186,218

Notes payable, less current portion, net

741,922

742,528

743,545

829,673

1,187,468

Finance lease obligation, less current portion

15,569

15,569

15,569

15,570

15,570

Operating lease obligations, less current portion

28,649

29,954

45,939

47,206

48,460

Other liabilities

14,679

17,494

25,909

25,374

24,818

Total liabilities

885,061

896,338

1,118,737

1,203,709

1,462,534

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

2,162

2,156

2,156

2,156

2,155

Additional paid in capital

2,585,455

2,586,108

2,584,005

2,581,637

2,578,445

Retained earnings

860,454

913,766

951,765

1,041,056

1,156,394

Cumulative dividends and distributions

(1,646,593)

(1,643,386)

(1,640,178)

(1,636,970)

(1,633,763)

Total stockholders' equity

1,991,478

2,048,644

2,087,748

2,177,879

2,293,231

Noncontrolling interest in consolidated joint venture

40,135

40,735

40,297

42,113

43,775

Total equity

2,031,613

2,089,379

2,128,045

2,219,992

2,337,006

Total liabilities and equity

$

2,916,674

$

2,985,717

$

3,246,782

$

3,423,701

$

3,799,540

(1)As presented on Form 10-Q to be filed in May 2021.
(2)As presented on Form 10-K filed on February 12, 2021.
(3)As presented on Form 10-Q filed on November 6, 2020.
(4)As presented on Form 10-Q filed on August 5, 2020.
(5)As presented on Form 10-Q filed on May 11, 2020.

CORPORATE FINANCIAL INFORMATION

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Supplemental Financial Information
May 3, 2021

Consolidated Statements of Operations
Q1 2021/2020

Quarter Ended March 31,

(In thousands, except per share data)

    

    2021

    

    2020

Revenues

Room

$

34,219

$

127,400

Food and beverage

4,971

47,990

Other operating

11,443

15,822

Total revenues

50,633

191,212

Operating expenses

Room

11,640

44,245

Food and beverage

5,979

41,760

Other operating

1,805

3,764

Advertising and promotion

4,875

12,462

Repairs and maintenance

5,545

10,049

Utilities

4,151

5,842

Franchise costs

991

5,336

Property tax, ground lease and insurance

14,661

20,051

Other property-level expenses

10,477

28,845

Corporate overhead

7,177

7,394

Depreciation and amortization

30,770

36,746

Impairment losses

115,366

Total operating expenses

98,071

331,860

Interest and other income (loss)

(379)

2,306

Interest expense

(7,649)

(17,507)

Gain on extinguishment of debt

222

Loss before income taxes

(55,244)

(155,849)

Income tax provision, net

(43)

(6,670)

Net loss

(55,287)

(162,519)

Loss from consolidated joint venture attributable to noncontrolling interest

1,975

458

Preferred stock dividends

(3,207)

(3,207)

Loss attributable to common stockholders

$

(56,519)

$

(165,268)

Basic and diluted per share amounts:

Basic and diluted loss attributable to common stockholders per common share

$

(0.26)

$

(0.75)

Basic and diluted weighted average common shares outstanding

214,438

221,036

Distributions declared per common share

$

$

0.05

CORPORATE FINANCIAL INFORMATION

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Supplemental Financial Information
May 3, 2021

Reconciliation of Net Loss to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest
Q1 2021/2020

Quarter Ended March 31,

(In thousands)

    

2021

    

2020

Net loss

$

(55,287)

$

(162,519)

Operations held for investment:

Depreciation and amortization

30,770

36,746

Interest expense

7,649

17,507

Income tax provision, net

43

6,670

Loss on sale of assets

70

Impairment losses - hotel properties

113,064

EBITDAre

(16,755)

11,468

Operations held for investment:

Amortization of deferred stock compensation

2,752

2,207

Amortization of right-of-use assets and liabilities

(331)

(261)

Finance lease obligation interest - cash ground rent

(351)

(351)

Gain on extinguishment of debt

(222)

Prior year property tax adjustments, net

(827)

(81)

Impairment loss - abandoned development costs

2,302

Noncontrolling interest:

Loss from consolidated joint venture attributable to noncontrolling interest

1,975

458

Depreciation and amortization

(810)

(804)

Interest expense

(161)

(420)

Amortization of right-of-use asset and liability

72

72

Impairment loss - abandoned development costs

(449)

Adjustments to EBITDAre, net

2,097

2,673

Adjusted EBITDAre, excluding noncontrolling interest

$

(14,658)

$

14,141

CORPORATE FINANCIAL INFORMATION

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Supplemental Financial Information
May 3, 2021

Reconciliation of Net Loss to FFO and Adjusted FFO Attributable to Common Stockholders
Q1 2021/2020

Quarter Ended March 31,

(In thousands, except per share data)

    

2021

    

2020

Net loss

$

(55,287)

$

(162,519)

Preferred stock dividends

(3,207)

(3,207)

Operations held for investment:

Real estate depreciation and amortization

30,143

36,122

Loss on sale of assets

70

Impairment losses - hotel properties

113,064

Noncontrolling interest:

Loss from consolidated joint venture attributable to noncontrolling interest

1,975

458

Real estate depreciation and amortization

(810)

(804)

FFO attributable to common stockholders

(27,116)

(16,886)

Operations held for investment:

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

85

146

Noncash interest on derivatives

(869)

6,080

Gain on extinguishment of debt

(222)

Prior year property tax adjustments, net

(827)

(81)

Impairment loss - abandoned development costs

2,302

Noncash income tax provision, net

7,415

Noncontrolling interest:

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

72

72

Impairment loss - abandoned development costs

(449)

Adjustments to FFO attributable to common stockholders, net

(1,761)

15,485

Adjusted FFO attributable to common stockholders

$

(28,877)

$

(1,401)

FFO attributable to common stockholders per diluted share

$

(0.13)

$

(0.08)

Adjusted FFO attributable to common stockholders per diluted share

$

(0.13)

$

(0.01)

Basic weighted average shares outstanding

214,438

221,036

Shares associated with unvested restricted stock awards

210

Diluted weighted average shares outstanding

214,648

221,036

CORPORATE FINANCIAL INFORMATION

Page 14

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Supplemental Financial Information
May 3, 2021

Pro Forma Consolidated Statements of Operations

Q1 2021 – Q2 2020, FY 2020

Quarter Ended (1)

Year Ended (1)

(Unaudited and in thousands)

March 31,

December 31,

September 30,

June 30,

December 31,

2021

    

2020

    

2020

    

2020

    

2020

Revenues

Room

$

34,219

$

21,026

$

14,745

$

2,395

$

151,641

Food and beverage

4,971

4,493

1,979

142

50,986

Other operating

11,443

10,592

10,252

6,144

41,183

Total revenues

50,633

36,111

26,976

8,681

243,810

Operating Expenses

Room

11,640

11,519

9,326

4,995

63,081

Food and beverage

5,979

8,392

5,719

4,379

55,961

Other expenses

42,505

30,293

39,741

35,607

179,949

Corporate overhead

7,177

5,735

6,582

8,438

28,149

Depreciation and amortization

30,770

31,505

31,121

31,363

125,865

Impairment losses

13,478

20,987

Total operating expenses

98,071

100,922

92,489

84,782

473,992

Interest and other income (loss)

(379)

85

139

306

2,836

Interest expense

(7,649)

(7,676)

(8,999)

(9,322)

(40,642)

Gain (loss) on extinguishment of debt, net

222

(210)

(210)

Loss before income taxes

(55,244)

(72,402)

(74,583)

(85,117)

(268,198)

Income tax (provision) benefit, net

(43)

(15)

83

12

(6,590)

Net loss

$

(55,287)

$

(72,417)

$

(74,500)

$

(85,105)

$

(274,788)

Adjusted EBITDAre, excluding noncontrolling interest (2)

$

(14,658)

$

(14,886)

$

(30,656)

$

(39,588)

$

(66,826)

(1)Includes the Company's ownership results for the 17 Hotel Portfolio. 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, as well as the elimination of interest expense and loss on extinguishment of debt on the mortgage loan secured by the Renaissance Washington DC due to its repayment in December 2020.
(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

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Supplemental Financial Information
May 3, 2021

Pro Forma Consolidated Statements of Operations

Q4 2019 – Q1 2019, FY 2019

Quarter Ended (1)

Year Ended (1)

(Unaudited and in thousands)

December 31,

September 30,

June 30,

March 31,

December 31,

2019

    

2019

    

2019

    

2019

    

2019

Revenues

Room

$

160,370

$

171,544

$

179,838

$

150,734

$

662,486

Food and beverage

60,403

56,052

68,588

63,819

248,862

Other operating

17,555

18,275

16,943

15,358

68,131

Total revenues

238,328

245,871

265,369

229,911

979,479

Operating Expenses

Room

42,414

43,947

43,744

40,711

170,816

Food and beverage

41,382

40,143

43,201

42,129

166,855

Other expenses

82,501

82,373

84,012

81,716

330,602

Corporate overhead

7,275

7,395

8,078

7,516

30,264

Depreciation and amortization

31,780

31,854

31,217

31,056

125,907

Total operating expenses

205,352

205,712

210,252

203,128

824,444

Interest and other income

3,060

3,762

4,811

4,924

16,557

Interest expense

(7,867)

(10,064)

(12,621)

(11,131)

(41,683)

Income before income taxes

28,169

33,857

47,307

20,576

129,909

Income tax (provision) benefit, net

(1,034)

749

(2,676)

3,112

151

Net income

$

27,135

$

34,606

$

44,631

$

23,688

$

130,060

Adjusted EBITDAre, excluding noncontrolling interest (2)

$

66,968

$

73,500

$

89,511

$

61,915

$

291,894

(1)Includes the Company's ownership results for the 17 Hotel Portfolio. 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, as well as the elimination of interest expense on the mortgage loan secured by the Renaissance Washington DC due to its repayment in December 2020.
(2)Adjusted EBITDAre, excluding noncontrolling interest reconciliation for the year ended December 31, 2019 can be found on page 20 in this supplemental package.

CORPORATE FINANCIAL INFORMATION

Page 16

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Supplemental Financial Information
May 3, 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:

Renaissance

Renaissance

Hilton

Debt & Equity

Pro

(In thousands)

Actual (1)

Harborplace (2)

Los Angeles Airport (2)

Times Square (2)

Transactions (3)

Forma (4)

Net loss

$

(410,506)

$

23,386

$

(29,132)

$

134,845

$

6,619

$

(274,788)

Operations held for investment:

Depreciation and amortization

137,051

(2,622)

(3,897)

(4,667)

125,865

Interest expense

53,307

(6,079)

(6,586)

40,642

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

33

(83,006)

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

(33)

210

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

(33)

16,180

Adjusted EBITDAre, excluding noncontrolling interest

$

(88,148)

$

2,910

$

1,452

$

16,960

$

$

(66,826)

*Footnotes on Page 19

CORPORATE FINANCIAL INFORMATION

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Supplemental Financial Information
May 3, 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:

Renaissance

Renaissance

Hilton

Debt & Equity

Pro

(In thousands, except per share amounts)

Actual (1)

Harborplace (2)

Los Angeles Airport (2)

Times Square (2)

Transactions (3)

Forma (4)

Net loss

$

(410,506)

$

23,386

$

(29,132)

$

134,845

$

6,619

$

(274,788)

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

6,619

(142,975)

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

(33)

210

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

(33)

20,377

Adjusted FFO attributable to common stockholders

$

(156,585)

$

2,910

$

1,452

$

23,039

$

6,586

$

(122,598)

FFO attributable to common stockholders per diluted share

$

(0.81)

$

(0.67)

Adjusted FFO attributable to common stockholders per diluted share

$

(0.73)

$

(0.57)

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

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Supplemental Financial Information
May 3, 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)Debt & Equity Transactions represent the elimination of interest expense and loss on extinguishment of debt on the mortgage loan secured by the Renaissance Washington DC due to its repayment in December 2020, along with 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 Renaissance Washington DC loan repayment and the common stock repurchases in the first quarter of 2020.

CORPORATE FINANCIAL INFORMATION

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Supplemental Financial Information
May 3, 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:

Courtyard by Marriott

Renaissance

Renaissance

Hilton

Debt & Equity

Pro

(In thousands)

Actual (1)

Los Angeles (2)

Harborplace (2)

Los Angeles Airport (2)

Times Square (2)

Transactions (3)

Forma (4)

Net income

$

142,793

$

(44,979)

$

21,507

$

(3,331)

$

7,284

$

6,786

$

130,060

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)

(6,786)

41,683

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
May 3, 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:

Courtyard by Marriott

Renaissance

Renaissance

Hilton

Debt & Equity

Pro

(In thousands, except per share amounts)

Actual (1)

Los Angeles (2)

Harborplace (2)

Los Angeles Airport (2)

Times Square (2)

Transactions (3)

Forma (4)

Net income

$

142,793

$

(44,979)

$

21,507

$

(3,331)

$

7,284

$

6,786

$

130,060

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)

6,786

230,714

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)

$

6,786

$

237,188

FFO attributable to common stockholders per diluted share

$

1.09

$

1.08

Adjusted FFO attributable to common stockholders per diluted share

$

1.12

$

1.11

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

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Supplemental Financial Information
May 3, 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)Debt & Equity Transactions represent the elimination of interest expense on the mortgage loan secured by the Renaissance Washington DC due to its repayment in December 2020, along with the 3,783,936 shares of common stock 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 Renaissance Washington DC loan repayment in 2020 and the common stock repurchases in 2019 and 2020.

CORPORATE FINANCIAL INFORMATION

Page 22

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Supplemental Financial Information
May 3, 2021

CAPITALIZATION

CAPITALIZATION

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Supplemental Financial Information
May 3, 2021

Comparative Capitalization
Q1 2021 – Q1 2020

March 31,

December 31,

September 30,

June 30,

March 31,

(In thousands, except per share data)

    

2021

    

2020

    

2020

    

2020

    

2020

Common Share Price & Dividends

At the end of the quarter

$

12.46

$

11.33

$

7.94

$

8.15

$

8.71

High during quarter ended

$

13.57

$

11.42

$

8.70

$

10.65

$

13.81

Low during quarter ended

$

10.25

$

7.27

$

7.27

$

7.04

$

6.99

Common dividends per share

$

$

$

$

$

0.05

Common Shares & Units

Common shares outstanding

216,175

215,593

215,636

215,636

215,541

Units outstanding

Total common shares and units outstanding

216,175

215,593

215,636

215,636

215,541

Capitalization

Market value of common equity

$

2,693,542

$

2,442,673

$

1,712,146

$

1,757,430

$

1,877,363

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

747,113

747,945

934,673

1,021,247

1,272,965

Consolidated total capitalization

3,630,655

3,380,618

2,836,819

2,968,677

3,340,328

Noncontrolling interest in consolidated debt

(55,000)

(55,000)

(55,000)

(55,000)

(55,000)

Pro rata total capitalization

$

3,575,655

$

3,325,618

$

2,781,819

$

2,913,677

$

3,285,328

Consolidated debt to consolidated total capitalization

20.6

%  

22.1

%  

32.9

%  

34.4

%  

38.1

%  

Pro rata debt to pro rata total capitalization

19.4

%  

20.8

%  

31.6

%  

33.2

%  

37.1

%  

Consolidated debt and preferred equity to consolidated total capitalization

25.8

%  

27.7

%  

39.6

%  

40.8

%  

43.8

%  

Pro rata debt and preferred equity to pro rata total capitalization

24.7

%  

26.5

%  

38.5

%  

39.7

%  

42.9

%  

CAPITALIZATION

Page 24

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Supplemental Financial Information
May 3, 2021

Consolidated Debt Summary Schedule

(In thousands)

Interest Rate /

Maturity

March 31, 2021

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

79,572

72,071

Secured Mortgage Debt

Embassy Suites La Jolla

4.12%

01/06/2025

57,541

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

527,113

514,058

Variable Rate Debt

Secured Mortgage Debt (3)

Hilton San Diego Bayfront

1.16%

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

$

747,113

$

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)

3.76

%  

Weighted Average Maturity of Debt (3)

3.5 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.
(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 2.9 years to 3.5 years.
(4)Average Interest Rate is calculated based on rates at March 31, 2021, and includes the effect of the Company's interest rate derivative agreements.

CAPITALIZATION

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Supplemental Financial Information
May 3, 2021

Consolidated Amortization and Debt Maturity Schedule

As of March 31, 2021

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 March 31, 2021 consolidated total capitalization as presented on page 24.

CAPITALIZATION

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Supplemental Financial Information
May 3, 2021

PROPERTY-LEVEL DATA

PROPERTY-LEVEL DATA

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Supplemental Financial Information
May 3, 2021

Hotel Information as of May 3, 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

13.01%

Leasehold

March 23, 2020

August 11, 2020

2011

2

Boston Park Plaza

Massachusetts

Independent

1,060

11.59%

Fee Simple

Open

N/A

2013

3

Hyatt Regency San Francisco

California

Hyatt

821

8.98%

Fee Simple

March 22, 2020

October 1, 2020

2013

4

Renaissance Washington DC

Washington DC

Marriott

807

8.82%

Fee Simple

March 26, 2020

August 24, 2020

2005

5

Renaissance Orlando at SeaWorld®

Florida

Marriott

781

8.54%

Fee Simple

March 20, 2020

October 1, 2020

2005

6

Wailea Beach Resort

Hawaii

Marriott

547

5.98%

Fee Simple

March 25, 2020

November 1, 2020

2014

7

JW Marriott New Orleans (4)

Louisiana

Marriott

501

5.48%

Fee Simple

March 28, 2020

July 14, 2020

2011

8

Hyatt Centric Chicago Magnificent Mile (3)

Illinois

Hyatt

419

4.58%

Leasehold

April 6, 2020

July 13, 2020

2012

9

Marriott Boston Long Wharf

Massachusetts

Marriott

415

4.54%

Fee Simple

March 12, 2020

July 7, 2020

2007

10

Renaissance Long Beach

California

Marriott

374

4.09%

Fee Simple

Open

N/A

2005

11

Embassy Suites Chicago

Illinois

Hilton

368

4.02%

Fee Simple

April 1, 2020

July 1, 2020

2002

12

Hilton Garden Inn Chicago Downtown/Magnificent Mile

Illinois

Hilton

361

3.95%

Fee Simple

March 27, 2020

April 1, 2021

2012

13

Renaissance Westchester

New York

Marriott

348

3.80%

Fee Simple

April 4, 2020

2010

14

Embassy Suites La Jolla

California

Hilton

340

3.72%

Fee Simple

Open

N/A

2006

15

The Bidwell Marriott Portland

Oregon

Marriott

258

2.82%

Fee Simple

March 27, 2020

October 5, 2020

2000

16

Hilton New Orleans St. Charles

Louisiana

Hilton

252

2.76%

Fee Simple

March 28, 2020

July 13, 2020

2013

17

Oceans Edge Resort & Marina

Florida

Independent

175

1.91%

Fee Simple

March 22, 2020

June 4, 2020

2017

18

Montage Healdsburg (5)

California

Montage

130

1.42%

Fee Simple

Open

N/A

2021

Total 18 Hotel Portfolio

9,147

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 presentation, operations continue to be temporarily suspended at one of the Company’s hotels, and 17 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 at the 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.
(5)In April 2021, the Company acquired the newly constructed luxury resort Montage Healdsburg, which was completed in December 2020.

PROPERTY-LEVEL DATA

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May 3, 2021

PROPERTY-LEVEL OPERATING STATISTICS

PROPERTY-LEVEL OPERATING STATISTICS

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Supplemental Financial Information
May 3, 2021

Property-Level Operating Statistics

Q1 2021/2020

ADR

Occupancy

RevPAR

Hotels sorted by number of rooms

For the Three Months Ended March 31,

For the Three Months Ended March 31,

For the Three Months Ended March 31,

    

2021

    

2020

    

Change

    

2021

    

2020

    

Change

    

2021

    

2020

    

Change

1

Hilton San Diego Bayfront

$

141.47

$

242.45

(41.6)%

16.1%

59.5%

(72.9)%

$

22.78

$

144.26

(84.2)%

2

Boston Park Plaza

$

140.65

$

147.71

(4.8)%

15.3%

55.8%

(72.6)%

$

21.52

$

82.42

(73.9)%

3

Hyatt Regency San Francisco

$

193.28

$

320.43

(39.7)%

8.9%

60.1%

(85.2)%

$

17.20

$

192.58

(91.1)%

4

Renaissance Washington DC

$

142.23

$

223.48

(36.4)%

53.2%

56.6%

(6.0)%

$

75.67

$

126.49

(40.2)%

5

Renaissance Orlando at SeaWorld ®

$

124.87

$

193.68

(35.5)%

19.3%

58.4%

(67.0)%

$

24.10

$

113.11

(78.7)%

6

Wailea Beach Resort

$

531.17

$

550.69

(3.5)%

34.7%

76.0%

(54.3)%

$

184.32

$

418.52

(56.0)%

7

JW Marriott New Orleans

$

145.40

$

229.11

(36.5)%

23.5%

64.5%

(63.6)%

$

34.17

$

147.78

(76.9)%

8

Hyatt Centric Chicago Magnificent Mile

$

144.72

$

126.91

14.0%

12.5%

48.2%

(74.1)%

$

18.09

$

61.17

(70.4)%

9

Marriott Boston Long Wharf

$

231.39

$

228.33

1.3%

9.9%

60.5%

(83.6)%

$

22.91

$

138.14

(83.4)%

10

Renaissance Long Beach

$

134.05

$

188.10

(28.7)%

27.5%

66.5%

(58.6)%

$

36.86

$

125.09

(70.5)%

11

Embassy Suites Chicago

$

126.70

$

121.79

4.0%

14.5%

59.8%

(75.8)%

$

18.37

$

72.83

(74.8)%

12

Embassy Suites La Jolla

$

119.25

$

190.37

(37.4)%

47.9%

72.8%

(34.2)%

$

57.12

$

138.59

(58.8)%

13

The Bidwell Marriott Portland (1)

$

139.65

$

141.72

(1.5)%

9.9%

39.1%

(74.7)%

$

13.83

$

55.41

(75.0)%

14

  

Hilton New Orleans St. Charles

$

107.89

$

183.38

(41.2)%

23.6%

64.8%

(63.6)%

$

25.46

$

118.83

(78.6)%

15

Oceans Edge Resort & Marina

$

380.69

$

329.84

15.4%

77.2%

78.6%

(1.8)%

$

293.89

$

259.25

13.4%

15 Hotels Open for the Entire First Quarter of 2021

$

195.32

$

240.08

(18.6)%

23.4%

60.4%

(61.3)%

$

45.70

$

145.01

(68.5)%

2 Hotels with Suspended Operations During All of the First Quarter of 2021

$

$

123.88

(100.0)%

0.0%

49.7%

(100.0)%

$

$

61.57

(100.0)%

17 Hotel Portfolio (2)

$

195.32

$

232.45

(16.0)%

21.6%

59.6%

(63.8)%

$

42.19

$

138.54

(69.5)%

Sold/Disposed Hotels (3)

$

$

151.14

(100.0)%

0.0%

63.2%

(100.0)%

$

$

95.52

(100.0)%

Actual Portfolio (4)

$

195.32

$

219.54

(11.0)%

21.6%

60.1%

(64.1)%

$

42.19

$

131.94

(68.0)%

Montage Healdsburg (5)

$

875.29

N/A

N/A

20.4%

N/A

N/A

$

178.56

N/A

N/A

18 Hotel Pro Forma Portfolio (6)

$

204.45

21.6%

$

44.16

*Footnotes on page 38

PROPERTY-LEVEL OPERATING STATISTICS

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May 3, 2021

Property-Level Operating Statistics

Q1 2021/2019

ADR

Occupancy

RevPAR

Hotels sorted by number of rooms

For the Three Months Ended March 31,

For the Three Months Ended March 31,

For the Three Months Ended March 31,

    

2021

    

2019

    

Change

    

2021

    

2019

    

Change

    

2021

    

2019

    

Change

1

Hilton San Diego Bayfront (1)

$

141.47

$

257.17

(45.0)%

16.1%

75.4%

(78.6)%

$

22.78

$

193.91

(88.3)%

2

Boston Park Plaza

$

140.65

$

155.36

(9.5)%

15.3%

80.8%

(81.1)%

$

21.52

$

125.53

(82.9)%

3

Hyatt Regency San Francisco

$

193.28

$

353.37

(45.3)%

8.9%

84.2%

(89.4)%

$

17.20

$

297.54

(94.2)%

4

Renaissance Washington DC

$

142.23

$

242.86

(41.4)%

53.2%

73.5%

(27.6)%

$

75.67

$

178.50

(57.6)%

5

Renaissance Orlando at SeaWorld ®

$

124.87

$

197.30

(36.7)%

19.3%

83.8%

(77.0)%

$

24.10

$

165.34

(85.4)%

6

Wailea Beach Resort

$

531.17

$

496.33

7.0%

34.7%

92.8%

(62.6)%

$

184.32

$

460.59

(60.0)%

7

JW Marriott New Orleans

$

145.40

$

226.85

(35.9)%

23.5%

86.4%

(72.8)%

$

34.17

$

196.00

(82.6)%

8

Hyatt Centric Chicago Magnificent Mile

$

144.72

$

125.94

14.9%

12.5%

68.9%

(81.9)%

$

18.09

$

86.77

(79.2)%

9

Marriott Boston Long Wharf

$

231.39

$

231.95

(0.2)%

9.9%

78.5%

(87.4)%

$

22.91

$

182.08

(87.4)%

10

Renaissance Long Beach

$

134.05

$

192.79

(30.5)%

27.5%

82.7%

(66.7)%

$

36.86

$

159.44

(76.9)%

11

Embassy Suites Chicago

$

126.70

$

126.11

0.5%

14.5%

80.6%

(82.0)%

$

18.37

$

101.64

(81.9)%

12

Embassy Suites La Jolla

$

119.25

$

195.39

(39.0)%

47.9%

87.7%

(45.4)%

$

57.12

$

171.36

(66.7)%

13

The Bidwell Marriott Portland

$

139.65

$

162.13

(13.9)%

9.9%

79.0%

(87.5)%

$

13.83

$

128.08

(89.2)%

14

  

Hilton New Orleans St. Charles

$

107.89

$

189.41

(43.0)%

23.6%

79.6%

(70.4)%

$

25.46

$

150.77

(83.1)%

15

Oceans Edge Resort & Marina

$

380.69

$

313.20

21.5%

77.2%

95.0%

(18.7)%

$

293.89

$

297.54

(1.2)%

15 Hotels Open for the Entire First Quarter of 2021

$

195.32

$

241.08

(19.0)%

23.4%

80.9%

(71.1)%

$

45.70

$

195.03

(76.6)%

2 Hotels with Suspended Operations During All of the First Quarter of 2021

$

$

124.49

(100.0)%

0.0%

67.3%

(100.0)%

$

$

83.78

(100.0)%

17 Hotel Portfolio (2)

$

195.32

$

233.33

(16.3)%

21.6%

79.8%

(72.9)%

$

42.19

$

186.20

(77.3)%

Sold/Disposed Hotels (3) (1)

$

$

173.20

(100.0)%

0.0%

75.8%

(100.0)%

$

$

131.29

(100.0)%

Actual Portfolio (4)

$

195.32

$

223.78

(12.7)%

21.6%

79.2%

(72.7)%

$

42.19

$

177.23

(76.2)%

Montage Healdsburg (5)

$

875.29

N/A

N/A

20.4%

N/A

N/A

$

178.56

N/A

N/A

18 Hotel Pro Forma Portfolio (6)

$

204.45

��

21.6%

$

44.16

*Footnotes on page 38

PROPERTY-LEVEL OPERATING STATISTICS

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May 3, 2021

Property-Level Operating Statistics

January 2021/2020

ADR

Occupancy

RevPAR

Hotels sorted by number of rooms

January

January

January

    

2021

    

2020

    

Change

    

2021

    

2020

    

Change

    

2021

    

2020

    

Change

1

Hilton San Diego Bayfront

$

119.40

$

221.94

(46.2)%

8.3%

77.2%

(89.2)%

$

9.91

$

171.34

(94.2)%

2

Boston Park Plaza

$

143.52

$

138.41

3.7%

11.2%

66.8%

(83.2)%

$

16.07

$

92.46

(82.6)%

3

Hyatt Regency San Francisco

$

169.87

$

351.67

(51.7)%

6.9%

77.6%

(91.1)%

$

11.72

$

272.90

(95.7)%

4

Renaissance Washington DC

$

173.46

$

180.18

(3.7)%

29.4%

62.6%

(53.0)%

$

51.00

$

112.79

(54.8)%

5

Renaissance Orlando at SeaWorld ®

$

122.51

$

196.55

(37.7)%

7.9%

68.8%

(88.5)%

$

9.68

$

135.23

(92.8)%

6

Wailea Beach Resort

$

524.04

$

556.25

(5.8)%

19.3%

88.0%

(78.1)%

$

101.14

$

489.50

(79.3)%

7

JW Marriott New Orleans

$

138.06

$

219.30

(37.0)%

16.6%

79.8%

(79.2)%

$

22.92

$

175.00

(86.9)%

8

Hyatt Centric Chicago Magnificent Mile

$

134.84

$

117.17

15.1%

8.0%

62.0%

(87.1)%

$

10.79

$

72.65

(85.1)%

9

Marriott Boston Long Wharf

$

214.80

$

216.35

(0.7)%

5.1%

74.7%

(93.2)%

$

10.95

$

161.61

(93.2)%

10

Renaissance Long Beach

$

137.63

$

182.47

(24.6)%

13.8%

80.6%

(82.9)%

$

18.99

$

147.07

(87.1)%

11

Embassy Suites Chicago

$

115.27

$

111.74

3.2%

9.2%

73.7%

(87.5)%

$

10.60

$

82.35

(87.1)%

12

Embassy Suites La Jolla

$

109.48

$

188.27

(41.8)%

37.6%

83.1%

(54.8)%

$

41.16

$

156.45

(73.7)%

13

The Bidwell Marriott Portland (1)

$

128.62

$

143.32

(10.3)%

7.0%

47.0%

(85.1)%

$

9.00

$

67.36

(86.6)%

14

  

Hilton New Orleans St. Charles

$

108.68

$

171.82

(36.7)%

16.9%

79.5%

(78.7)%

$

18.37

$

136.60

(86.6)%

15

Oceans Edge Resort & Marina

$

263.07

$

304.52

(13.6)%

60.8%

89.7%

(32.2)%

$

159.95

$

273.15

(41.4)%

15 Hotels Open for the Entire First Quarter of 2021

$

186.33

$

232.14

(19.7)%

14.4%

73.4%

(80.4)%

$

26.83

$

170.39

(84.3)%

2 Hotels with Suspended Operations During All of the First Quarter of 2021

$

$

125.22

(100.0)%

0.0%

59.2%

(100.0)%

$

$

74.13

(100.0)%

17 Hotel Portfolio (2)

$

186.33

$

225.24

(17.3)%

13.3%

72.2%

(81.6)%

$

24.78

$

162.62

(84.8)%

Sold/Disposed Hotels (3)

$

$

154.08

(100.0)%

0.0%

76.0%

(100.0)%

$

$

117.10

(100.0)%

Actual Portfolio (4)

$

186.33

$

214.02

(12.9)%

13.3%

72.8%

(81.7)%

$

24.78

$

155.81

(84.1)%

Montage Healdsburg (5)

$

762.81

N/A

N/A

4.9%

N/A

N/A

$

37.38

N/A

N/A

18 Hotel Pro Forma Portfolio (6)

$

189.39

13.2%

$

25.00

*Footnotes on page 38

PROPERTY-LEVEL OPERATING STATISTICS

Page 32

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Supplemental Financial Information
May 3, 2021

Property-Level Operating Statistics

January 2021/2019

ADR

Occupancy

RevPAR

Hotels sorted by number of rooms

January

January

January

    

2021

    

2019

    

Change

    

2021

    

2019

    

Change

    

2021

    

2019

    

Change

1

Hilton San Diego Bayfront (1)

$

119.40

$

231.72

(48.5)%

8.3%

68.2%

(87.8)%

$

9.91

$

158.03

(93.7)%

2

Boston Park Plaza

$

143.52

$

142.16

1.0%

11.2%

75.6%

(85.2)%

$

16.07

$

107.47

(85.0)%

3

Hyatt Regency San Francisco

$

169.87

$

396.40

(57.1)%

6.9%

77.0%

(91.0)%

$

11.72

$

305.23

(96.2)%

4

Renaissance Washington DC

$

173.46

$

185.07

(6.3)%

29.4%

61.0%

(51.8)%

$

51.00

$

112.89

(54.8)%

5

Renaissance Orlando at SeaWorld ®

$

122.51

$

194.14

(36.9)%

7.9%

78.9%

(90.0)%

$

9.68

$

153.18

(93.7)%

6

Wailea Beach Resort

$

524.04

$

491.86

6.5%

19.3%

91.0%

(78.8)%

$

101.14

$

447.59

(77.4)%

7

JW Marriott New Orleans

$

138.06

$

196.26

(29.7)%

16.6%

84.9%

(80.4)%

$

22.92

$

166.62

(86.2)%

8

Hyatt Centric Chicago Magnificent Mile

$

134.84

$

106.52

26.6%

8.0%

55.7%

(85.6)%

$

10.79

$

59.33

(81.8)%

9

Marriott Boston Long Wharf

$

214.80

$

209.78

2.4%

5.1%

68.5%

(92.6)%

$

10.95

$

143.70

(92.4)%

10

Renaissance Long Beach

$

137.63

$

183.97

(25.2)%

13.8%

71.7%

(80.8)%

$

18.99

$

131.91

(85.6)%

11

Embassy Suites Chicago

$

115.27

$

101.67

13.4%

9.2%

66.0%

(86.1)%

$

10.60

$

67.10

(84.2)%

12

Embassy Suites La Jolla

$

109.48

$

189.14

(42.1)%

37.6%

85.2%

(55.9)%

$

41.16

$

161.15

(74.5)%

13

The Bidwell Marriott Portland

$

128.62

$

153.75

(16.3)%

7.0%

72.4%

(90.3)%

$

9.00

$

111.32

(91.9)%

14

  

Hilton New Orleans St. Charles

$

108.68

$

161.66

(32.8)%

16.9%

74.2%

(77.2)%

$

18.37

$

119.95

(84.7)%

15

Oceans Edge Resort & Marina

$

263.07

$

252.45

4.2%

60.8%

94.0%

(35.3)%

$

159.95

$

237.30

(32.6)%

15 Hotels Open for the Entire First Quarter of 2021

$

186.33

$

228.87

(18.6)%

14.4%

73.8%

(80.5)%

$

26.83

$

168.91

(84.1)%

2 Hotels with Suspended Operations During All of the First Quarter of 2021

$

$

115.70

(100.0)%

0.0%

60.1%

(100.0)%

$

$

69.54

(100.0)%

17 Hotel Portfolio (2)

$

186.33

$

221.50

(15.9)%

13.3%

72.7%

(81.7)%

$

24.78

$

161.03

(84.6)%

Sold/Disposed Hotels (3) (1)

$

$

161.03

(100.0)%

0.0%

72.6%

(100.0)%

$

$

116.91

(100.0)%

Actual Portfolio (4)

$

186.33

$

211.48

(11.9)%

13.3%

72.7%

(81.7)%

$

24.78

$

153.75

(83.9)%

Montage Healdsburg (5)

$

762.81

N/A

N/A

4.9%

N/A

N/A

$

37.38

N/A

N/A

18 Hotel Pro Forma Portfolio (6)

$

189.39

13.2%

$

25.00

*Footnotes on page 38

PROPERTY-LEVEL OPERATING STATISTICS

Page 33

Graphic

Graphic

BPP-Lobby-Bar

Wailea Beach Resort Slide

Graphic

Graphic

Graphic

Outside Shot


Graphic

Supplemental Financial Information
May 3, 2021

Property-Level Operating Statistics

February 2021/2020

ADR

Occupancy

RevPAR

Hotels sorted by number of rooms

February

February

February

    

2021

    

2020

    

Change

    

2021

    

2020

    

Change

    

2021

    

2020

    

Change

1

Hilton San Diego Bayfront

$

147.03

$

261.15

(43.7)%

16.2%

83.9%

(80.7)%

$

23.82

$

219.10

(89.1)%

2

Boston Park Plaza

$

141.00

$

145.74

(3.3)%

16.4%

69.5%

(76.4)%

$

23.12

$

101.29

(77.2)%

3

Hyatt Regency San Francisco

$

197.02

$

301.04

(34.6)%

8.5%

82.6%

(89.7)%

$

16.75

$

248.66

(93.3)%

4

Renaissance Washington DC

$

134.84

$

232.97

(42.1)%

67.8%

75.8%

(10.6)%

$

91.42

$

176.59

(48.2)%

5

Renaissance Orlando at SeaWorld ®

$

114.77

$

192.31

(40.3)%

15.8%

87.7%

(82.0)%

$

18.13

$

168.66

(89.3)%

6

Wailea Beach Resort

$

510.37

$

580.48

(12.1)%

33.0%

92.1%

(64.2)%

$

168.42

$

534.62

(68.5)%

7

JW Marriott New Orleans

$

142.97

$

240.41

(40.5)%

18.2%

82.2%

(77.9)%

$

26.02

$

197.62

(86.8)%

8

Hyatt Centric Chicago Magnificent Mile

$

150.18

$

132.27

13.5%

12.4%

61.1%

(79.7)%

$

18.62

$

80.82

(77.0)%

9

Marriott Boston Long Wharf

$

222.93

$

229.82

(3.0)%

10.5%

84.9%

(87.6)%

$

23.41

$

195.12

(88.0)%

10

Renaissance Long Beach

$

131.96

$

191.70

(31.2)%

31.1%

84.9%

(63.4)%

$

41.04

$

162.75

(74.8)%

11

Embassy Suites Chicago

$

128.85

$

123.88

4.0%

12.3%

73.9%

(83.4)%

$

15.85

$

91.55

(82.7)%

12

Embassy Suites La Jolla

$

118.27

$

197.95

(40.3)%

48.7%

85.8%

(43.2)%

$

57.60

$

169.84

(66.1)%

13

The Bidwell Marriott Portland (1)

$

138.90

$

143.86

(3.4)%

11.3%

48.8%

(76.8)%

$

15.70

$

70.20

(77.6)%

14

  

Hilton New Orleans St. Charles

$

98.83

$

195.75

(49.5)%

21.1%

84.3%

(75.0)%

$

20.85

$

165.02

(87.4)%

15

Oceans Edge Resort & Marina

$

374.45

$

362.28

3.4%

79.7%

91.6%

(13.0)%

$

298.44

$

331.85

(10.1)%

15 Hotels Open for the Entire First Quarter of 2021

$

187.61

$

245.44

(23.6)%

24.4%

79.6%

(69.3)%

���

$

45.78

$

195.37

(76.6)%

2 Hotels with Suspended Operations During All of the First Quarter of 2021

$

$

120.04

(100.0)%

0.0%

65.9%

(100.0)%

$

$

79.11

(100.0)%

17 Hotel Portfolio (2)

$

187.61

$

237.16

(20.9)%

22.4%

78.6%

(71.5)%

$

42.02

$

186.41

(77.5)%

Sold/Disposed Hotels (3)

$

$

150.15

(100.0)%

0.0%

79.9%

(100.0)%

$

$

119.97

(100.0)%

Actual Portfolio (4)

$

187.61

$

223.83

(16.2)%

22.4%

78.8%

(71.6)%

$

42.02

$

176.38

(76.2)%

Montage Healdsburg (5)

$

873.17

N/A

N/A

22.6%

N/A

N/A

$

197.34

N/A

N/A

18 Hotel Pro Forma Portfolio (6)

$

197.42

22.4%

$

44.22

*Footnotes on page 38

PROPERTY-LEVEL OPERATING STATISTICS

Page 34

Graphic

Graphic

BPP-Lobby-Bar

Wailea Beach Resort Slide

Graphic

Graphic

Graphic

Outside Shot


Graphic

Supplemental Financial Information
May 3, 2021

Property-Level Operating Statistics

February 2021/2019

ADR

Occupancy

RevPAR

Hotels sorted by number of rooms

February

February

February

    

2021

    

2019

    

Change

    

2021

    

2019

    

Change

    

2021

    

2019

    

Change

1

Hilton San Diego Bayfront (1)

$

147.03

$

279.63

(47.4)%

16.2%

79.8%

(79.7)%

$

23.82

$

223.14

(89.3)%

2

Boston Park Plaza

$

141.00

$

136.62

3.2%

16.4%

75.7%

(78.3)%

$

23.12

$

103.42

(77.6)%

3

Hyatt Regency San Francisco

$

197.02

$

340.71

(42.2)%

8.5%

87.2%

(90.3)%

$

16.75

$

297.10

(94.4)%

4

Renaissance Washington DC

$

134.84

$

229.44

(41.2)%

67.8%

71.7%

(5.4)%

$

91.42

$

164.51

(44.4)%

5

Renaissance Orlando at SeaWorld ®

$

114.77

$

205.95

(44.3)%

15.8%

85.2%

(81.5)%

$

18.13

$

175.47

(89.7)%

6

Wailea Beach Resort

$

510.37

$

518.96

(1.7)%

33.0%

93.3%

(64.6)%

$

168.42

$

484.19

(65.2)%

7

JW Marriott New Orleans

$

142.97

$

234.70

(39.1)%

18.2%

82.5%

(77.9)%

$

26.02

$

193.63

(86.6)%

8

Hyatt Centric Chicago Magnificent Mile

$

150.18

$

118.87

26.3%

12.4%

71.1%

(82.6)%

$

18.62

$

84.52

(78.0)%

9

Marriott Boston Long Wharf

$

222.93

$

213.35

4.5%

10.5%

81.1%

(87.1)%

$

23.41

$

173.03

(86.5)%

10

Renaissance Long Beach

$

131.96

$

198.49

(33.5)%

31.1%

86.5%

(64.0)%

$

41.04

$

171.69

(76.1)%

11

Embassy Suites Chicago

$

128.85

$

116.27

10.8%

12.3%

81.6%

(84.9)%

$

15.85

$

94.88

(83.3)%

12

Embassy Suites La Jolla

$

118.27

$

199.90

(40.8)%

48.7%

85.8%

(43.2)%

$

57.60

$

171.51

(66.4)%

13

The Bidwell Marriott Portland

$

138.90

$

159.01

(12.6)%

11.3%

85.5%

(86.8)%

$

15.70

$

135.95

(88.5)%

14

  

Hilton New Orleans St. Charles

$

98.83

$

200.35

(50.7)%

21.1%

74.0%

(71.5)%

$

20.85

$

148.26

(85.9)%

15

Oceans Edge Resort & Marina

$

374.45

$

341.63

9.6%

79.7%

95.8%

(16.8)%

$

298.44

$

327.28

(8.8)%

15 Hotels Open for the Entire First Quarter of 2021

$

187.61

$

243.23

(22.9)%

24.4%

81.4%

(70.0)%

$

45.78

$

197.99

(76.9)%

2 Hotels with Suspended Operations During All of the First Quarter of 2021

$

$

121.53

(100.0)%

0.0%

66.1%

(100.0)%

$

$

80.33

(100.0)%

17 Hotel Portfolio (2)

$

187.61

$

235.32

(20.3)%

22.4%

80.2%

(72.1)%

$

42.02

$

188.73

(77.7)%

Sold/Disposed Hotels (3) (1)

$

$

165.29

(100.0)%

0.0%

76.8%

(100.0)%

$

$

126.94

(100.0)%

Actual Portfolio (4)

$

187.61

$

224.11

(16.3)%

22.4%

79.6%

(71.9)%

$

42.02

$

178.39

(76.4)%

Montage Healdsburg (5)

$

873.17

N/A

N/A

22.6%

N/A

N/A

$

197.34

N/A

N/A

18 Hotel Pro Forma Portfolio (6)

$

197.42

22.4%

$

44.22

*Footnotes on page 38

PROPERTY-LEVEL OPERATING STATISTICS

Page 35

Graphic

Graphic

BPP-Lobby-Bar

Wailea Beach Resort Slide

Graphic

Graphic

Graphic

Outside Shot


Graphic

Supplemental Financial Information
May 3, 2021

Property-Level Operating Statistics

March 2021/2020

ADR

Occupancy

RevPAR

Hotels sorted by number of rooms

March

March

March

    

2021

    

2020

    

Change

    

2021

    

2020

    

Change

    

2021

    

2020

    

Change

1

Hilton San Diego Bayfront

$

145.79

$

248.59

(41.4)%

23.8%

18.9%

25.9%

$

34.70

$

46.98

(26.1)%

2

Boston Park Plaza

$

138.64

$

171.07

(19.0)%

18.5%

32.1%

(42.4)%

$

25.65

$

54.91

(53.3)%

3

Hyatt Regency San Francisco

$

205.20

$

277.68

(26.1)%

11.2%

21.6%

(48.1)%

$

22.98

$

59.98

(61.7)%

4

Renaissance Washington DC

$

134.93

$

286.36

(52.9)%

63.8%

32.4%

96.9%

$

86.09

$

92.78

(7.2)%

5

Renaissance Orlando at SeaWorld ®

$

129.68

$

189.54

(31.6)%

33.9%

20.6%

64.6%

$

43.96

$

39.05

12.6%

6

Wailea Beach Resort

$

545.90

$

488.43

11.8%

51.5%

49.1%

4.9%

$

281.14

$

239.82

17.2%

7

JW Marriott New Orleans

$

150.03

$

226.47

(33.8)%

35.0%

32.5%

7.7%

$

52.51

$

73.60

(28.7)%

8

Hyatt Centric Chicago Magnificent Mile

$

145.79

$

140.23

4.0%

16.9%

22.3%

(24.2)%

$

24.64

$

31.27

(21.2)%

9

Marriott Boston Long Wharf

$

243.09

$

261.53

(7.1)%

14.1%

23.4%

(39.7)%

$

34.28

$

61.20

(44.0)%

10

Renaissance Long Beach

$

134.29

$

192.85

(30.4)%

37.9%

35.3%

7.4%

$

50.90

$

68.08

(25.2)%

11

Embassy Suites Chicago

$

130.41

$

139.94

(6.8)%

21.7%

32.8%

(33.8)%

$

28.30

$

45.90

(38.3)%

12

Embassy Suites La Jolla

$

126.40

$

181.72

(30.4)%

57.4%

50.2%

14.3%

$

72.55

$

91.22

(20.5)%

13

The Bidwell Marriott Portland (1)

$

147.10

$

133.96

9.8%

11.4%

22.2%

(48.6)%

$

16.77

$

29.74

(43.6)%

14

  

Hilton New Orleans St. Charles

$

112.78

$

181.61

(37.9)%

32.6%

31.8%

2.5%

$

36.77

$

57.75

(36.3)%

15

Oceans Edge Resort & Marina

$

463.81

$

320.63

44.7%

91.4%

55.2%

65.6%

$

423.92

$

176.99

139.5%

15 Hotels Open for the Entire First Quarter of 2021

$

204.78

$

246.31

(16.9)%

31.6%

29.4%

7.5%

$

64.71

$

72.42

(10.6)%

2 Hotels with Suspended Operations During All of the First Quarter of 2021

$

$

130.17

(100.0)%

0.0%

25.0%

(100.0)%

$

$

32.54

(100.0)%

17 Hotel Portfolio (2)

$

204.78

$

238.46

(14.1)%

29.1%

29.1%

0.0%

$

59.59

$

69.39

(14.1)%

Sold/Disposed Hotels (3)

$

$

146.83

(100.0)%

0.0%

34.8%

(100.0)%

$

$

51.10

(100.0)%

Actual Portfolio (4)

$

204.78

$

222.39

(7.9)%

29.1%

29.9%

(2.7)%

$

59.59

$

66.49

(10.4)%

Montage Healdsburg (5)

$

892.86

N/A

N/A

33.9%

N/A

N/A

$

302.68

N/A

N/A

18 Hotel Pro Forma Portfolio (6)

$

216.14

29.2%

$

63.11

*Footnotes on page 38

PROPERTY-LEVEL OPERATING STATISTICS

Page 36

Graphic

Graphic

BPP-Lobby-Bar

Wailea Beach Resort Slide

Graphic

Graphic

Graphic

Outside Shot


Graphic

Supplemental Financial Information
May 3, 2021

Property-Level Operating Statistics

March 2021/2019

ADR

Occupancy

RevPAR

Hotels sorted by number of rooms

March

March

March

    

2021

    

2019

    

Change

    

2021

    

2019

    

Change

    

2021

    

2019

    

Change

1

Hilton San Diego Bayfront (1)

$

145.79

$

258.62

(43.6)%

23.8%

78.5%

(69.7)%

$

34.70

$

203.02

(82.9)%

2

Boston Park Plaza

$

138.64

$

180.55

(23.2)%

18.5%

90.5%

(79.6)%

$

25.65

$

163.40

(84.3)%

3

Hyatt Regency San Francisco

$

205.20

$

327.27

(37.3)%

11.2%

88.7%

(87.4)%

$

22.98

$

290.29

(92.1)%

4

Renaissance Washington DC

$

134.93

$

292.95

(53.9)%

63.8%

87.7%

(27.3)%

$

86.09

$

256.92

(66.5)%

5

Renaissance Orlando at SeaWorld ®

$

129.68

$

192.53

(32.6)%

33.9%

87.4%

(61.2)%

$

43.96

$

168.27

(73.9)%

6

Wailea Beach Resort

$

545.90

$

480.37

13.6%

51.5%

94.0%

(45.2)%

$

281.14

$

451.55

(37.7)%

7

JW Marriott New Orleans

$

150.03

$

248.88

(39.7)%

35.0%

91.3%

(61.7)%

$

52.51

$

227.23

(76.9)%

8

Hyatt Centric Chicago Magnificent Mile

$

145.79

$

145.08

0.5%

16.9%

80.2%

(78.9)%

$

24.64

$

116.35

(78.8)%

9

Marriott Boston Long Wharf

$

243.09

$

265.41

(8.4)%

14.1%

86.1%

(83.6)%

$

34.28

$

228.52

(85.0)%

10

Renaissance Long Beach

$

134.29

$

194.86

(31.1)%

37.9%

90.2%

(58.0)%

$

50.90

$

175.76

(71.0)%

11

Embassy Suites Chicago

$

130.41

$

150.89

(13.6)%

21.7%

94.3%

(77.0)%

$

28.30

$

142.29

(80.1)%

12

Embassy Suites La Jolla

$

126.40

$

197.38

(36.0)%

57.4%

91.9%

(37.5)%

$

72.55

$

181.39

(60.0)%

13

The Bidwell Marriott Portland

$

147.10

$

172.77

(14.9)%

11.4%

79.6%

(85.7)%

$

16.77

$

137.52

(87.8)%

14

  

Hilton New Orleans St. Charles

$

112.78

$

204.11

(44.7)%

32.6%

90.2%

(63.9)%

$

36.77

$

184.11

(80.0)%

15

Oceans Edge Resort & Marina

$

463.81

$

347.36

33.5%

91.4%

95.2%

(4.0)%

$

423.92

$

330.69

28.2%

15 Hotels Open for the Entire First Quarter of 2021

$

204.78

$

249.58

(18.0)%

31.6%

87.6%

(63.9)%

$

64.71

$

218.63

(70.4)%

2 Hotels with Suspended Operations During All of the First Quarter of 2021

$

$

133.80

(100.0)%

0.0%

75.7%

(100.0)%

$

$

101.29

(100.0)%

17 Hotel Portfolio (2)

$

204.78

$

241.60

(15.2)%

29.1%

86.6%

(66.4)%

$

59.59

$

209.23

(71.5)%

Sold/Disposed Hotels (3) (1)

$

$

191.57

(100.0)%

0.0%

78.0%

(100.0)%

$

$

149.42

(100.0)%

Actual Portfolio (4)

$

204.78

$

234.01

(12.5)%

29.1%

85.2%

(65.8)%

$

59.59

$

199.38

(70.1)%

Montage Healdsburg (5)

$

892.86

N/A

N/A

33.9%

N/A

N/A

$

302.68

N/A

N/A

18 Hotel Pro Forma Portfolio (6)

$

216.14

29.2%

$

63.11

*Footnotes on page 38

PROPERTY-LEVEL OPERATING STATISTICS

Page 37

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Supplemental Financial Information
May 3, 2021

Property-Level Operating Statistics

Q1, January, February and March 2021/2020 and 2021/2019

(1)Operating statistics for the first quarter, January, February and March of 2020 are impacted by a room renovation at The Bidwell Marriott Portland. Operating statistics for the first quarter, January, February and March of 2019 are impacted by room renovations at the Hilton San Diego Bayfront and the Renaissance Harborplace.
(2)17 Hotel Portfolio includes all hotels owned by the Company as of March 31, 2021.
(3)Sold/Disposed Hotels for the first quarter, January, February and March of 2020 include results for the Renaissance Harborplace and the Renaissance Los Angeles Airport, sold in July 2020 and December 2020, respectively, and the Hilton Times Square, assigned to its mortgage holder in December 2020. Sold/Disposed Hotels for the first quarter, January, February and March of 2019 also include results for the Courtyard by Marriott Los Angeles, sold in October 2019.
(4)Actual Portfolio includes the 17 Hotel Portfolio plus the Sold/Disposed Hotels.
(5)Montage Healdsburg was acquired by the Company in April 2021. Includes prior ownership results obtained by the Company from the prior owner of the Montage Healdsburg during the due diligence period before acquiring the hotel. The Company performed a limited review of the information as part of its analysis of the acquisition. The newly developed hotel opened in December 2020; therefore, there is no prior year information.
(6)18 Hotel Pro Forma Portfolio includes the 17 Hotel Portfolio plus the Montage Healdsburg, acquired by the Company in April 2021.

PROPERTY-LEVEL OPERATING STATISTICS

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May 3, 2021

PROPERTY-LEVEL ADJUSTED EBITDAre &

ADJUSTED EBITDAre MARGINS

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS

Page 39

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Supplemental Financial Information
May 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q1 2021

Hotels sorted by number of rooms

For the Three Months Ended March 31, 2021

(In thousands)

Plus:

Plus:

Plus:

Equals:

Hotel

Total

Net Income /

Other

Hotel Adjusted

Adjusted EBITDAre

    

Revenues

    

(Loss)

    

Adjustments (1)

    

Depreciation

    

Interest Expense

    

EBITDAre (2)

    

Margins (2)

1

Hilton San Diego Bayfront

$

3,955

$

(7,899)

$

(289)

$

3,241

$

643

$

(4,304)

(108.8)%

2

Boston Park Plaza

2,716

(8,298)

4,481

(3,817)

(140.5)%

3

Hyatt Regency San Francisco

1,649

(7,342)

3,244

(4,098)

(248.5)%

4

Renaissance Washington DC

5,843

(189)

(72)

1,875

1,614

27.6%

5

Renaissance Orlando at SeaWorld ®

3,590

(3,504)

2,220

(1,284)

(35.8)%

6

Wailea Beach Resort

12,259

(480)

4,081

3,601

29.4%

7

JW Marriott New Orleans

1,933

(2,998)

2

1,612

842

(542)

(28.0)%

8

Hyatt Centric Chicago Magnificent Mile

769

(3,395)

(351)

1,145

351

(2,250)

(292.6)%

9

Marriott Boston Long Wharf

1,230

(4,845)

2,779

(2,066)

(168.0)%

10

Renaissance Long Beach

1,600

(1,213)

845

(368)

(23.0)%

11

Embassy Suites Chicago

867

(1,984)

757

(1,227)

(141.5)%

12

Embassy Suites La Jolla

2,104

(1,588)

988

605

5

0.2%

13

The Bidwell Marriott Portland

422

(1,562)

807

(755)

(178.9)%

14

  

Hilton New Orleans St. Charles

746

(926)

619

(307)

(41.2)%

15

Oceans Edge Resort & Marina

6,649

2,066

879

2,945

44.3%

15 Hotels Open for the Entire First Quarter of 2021

46,332

(44,157)

(710)

29,573

2,441

(12,853)

(27.7)%

2 Hotels with Suspended Operations During All of the First Quarter of 2021

238

(3,278)

63

936

(2,279)

(957.6)%

17 Hotel Portfolio (3)

$

46,570

$

(47,435)

$

(647)

$

30,509

$

2,441

$

(15,132)

(32.5)%

*Footnotes on pages 52 and 53

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS

Page 40

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May 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q1 2020

Hotels sorted by number of rooms

For the Three Months Ended March 31, 2020

(In thousands)

Plus:

Plus:

Plus:

Equals:

Hotel

Total

Net Income /

Other

Hotel Adjusted

Adjusted EBITDAre

    

Revenues

    

(Loss)

    

Adjustments (1)

    

Depreciation

    

Interest Expense

    

EBITDAre (2)

    

Margins (2)

1

Hilton San Diego Bayfront (4)

$

27,040

$

(30)

$

(290)

$

3,217

$

1,679

$

4,576

16.9%

2

Boston Park Plaza (4)

11,357

(6,771)

4,514

(2,257)

(19.9)%

3

Hyatt Regency San Francisco (4)

20,779

(1,136)

136

3,230

2,230

10.7%

4

Renaissance Washington DC (4)

14,862

(2,782)

2,067

1,669

954

6.4%

5

Renaissance Orlando at SeaWorld ® (4)

18,805

2,637

2,607

5,244

27.9%

6

Wailea Beach Resort (4)

28,817

6,216

3,969

10,185

35.3%

7

JW Marriott New Orleans (4)

9,257

526

2

1,636

871

3,035

32.8%

8

Hyatt Centric Chicago Magnificent Mile (4)

3,304

(3,683)

(351)

1,446

351

(2,237)

(67.7)%

9

Marriott Boston Long Wharf (4)

8,128

(3,482)

2,737

(745)

(9.2)%

10

Renaissance Long Beach (4)

5,765

(111)

990

879

15.2%

11

Embassy Suites Chicago (4)

2,929

(1,513)

(24)

753

(784)

(26.8)%

12

Embassy Suites La Jolla (4)

4,991

(192)

1,052

626

1,486

29.8%

13

The Bidwell Marriott Portland (4) (5)

1,413

(890)

381

(509)

(36.0)%

14

  

Hilton New Orleans St. Charles (4)

3,139

126

645

771

24.6%

15

Oceans Edge Resort & Marina

5,965

1,490

826

2,316

38.8%

15 Hotels Open for the Entire First Quarter of 2021

166,551

(9,595)

(527)

30,070

5,196

25,144

15.1%

  

2 Hotels with Suspended Operations During All of the First Quarter of 2021 (4)

5,469

(4,180)

7

1,550

(2,623)

(48.0)%

17 Hotel Portfolio (3)

172,020

(13,775)

(520)

31,620

5,196

22,521

13.1%

Add: Sold/Disposed Hotels (6)

Renaissance Harborplace (4)

5,604

(2,292)

(57)

1,329

(1,020)

(18.2)%

Renaissance Los Angeles Airport (4)

6,646

(476)

1,063

587

8.8%

Hilton Times Square (4)

6,920

(7,459)

58

2,478

1,193

(3,730)

(53.9)%

Actual Portfolio (7)

$

191,190

$

(24,002)

$

(519)

$

36,490

$

6,389

$

18,358

9.6%

*Footnotes on pages 52 and 53

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS

Page 41

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May 3, 2021

Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins

Q1 2019

Hotels sorted by number of rooms

For the Three Months Ended March 31, 2019

(In thousands)

Plus:

Plus:

Plus:

Equals:

Hotel

Total

Net Income /

Other

Hotel Adjusted

Adjusted EBITDAre

    

Revenues

    

(Loss)

    

Adjustments (1)

    

Depreciation

    

Interest Expense

    

EBITDAre (2)

    

Margins (2)

1

Hilton San Diego Bayfront (5)

$

36,686

$

6,405

$

(290)

$

2,558

$

2,238

$

10,911

29.7%

2

Boston Park Plaza

17,860

(3,177)

4,446

1,269

7.1%

3

Hyatt Regency San Francisco

31,197

5,367

360

3,127

8,854

28.4%

4

Renaissance Washington DC

20,896

1,419

2,455

1,713

5,587

26.7%

5

Renaissance Orlando at SeaWorld ®

25,713

7,670

2,554

10,224

39.8%

6

Wailea Beach Resort

31,669

9,340

3,879

13,219

41.7%

7

JW Marriott New Orleans

11,732

2,944

2

1,597

880

5,423

46.2%

8

Hyatt Centric Chicago Magnificent Mile

5,108

(2,493)

(350)

1,442

350

(1,051)

(20.6)%

9

Marriott Boston Long Wharf

10,094

(1,104)

2,693

1,589

15.7%

10

Renaissance Long Beach

7,591

1,469

946

2,415

31.8%

11

Embassy Suites Chicago

4,166

(645)

743

98

2.4%

12

Embassy Suites La Jolla

6,054

712

1,031

632

2,375

39.2%

13

The Bidwell Marriott Portland

3,337

644

396

1,040

31.2%

14

  

Hilton New Orleans St. Charles

3,877

543

623

1,166

30.1%

15

Oceans Edge Resort & Marina

6,732

1,777

189

777

2,743

40.7%

15 Hotels Open for the Entire First Quarter of 2021

222,712

30,871

(89)

29,267

5,813

65,862

29.6%

2 Hotels with Suspended Operations During All of the First Quarter of 2021

7,176

(2,120)

9

1,538

(573)

(8.0)%

17 Hotel Portfolio (3)

229,888

28,751

(80)

30,805

5,813

65,289

28.4%

Add: Sold/Disposed Hotels (6)

Courtyard by Marriott Los Angeles

3,070

567

(239)

253

294

875

28.5%

Renaissance Harborplace (5)

6,970

��

(1,133)

1,490

357

5.1%

Renaissance Los Angeles Airport

7,962

853

1,043

1,896

23.8%

Hilton Times Square

9,767

(4,346)

64

2,545

1,188

(549)

(5.6)%

Actual Portfolio (7)

$

257,657

$

24,692

$

(255)