2 COMPANY PRESENTATION MARCH 2026 FORWARD -LOOKING STATEMENTS 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 ...

Financial Data and Key Metrics Changes - The fourth quarter operating results exceeded expectations, with total RevPAR growth of 7.4%, or 12.5% including contributions from Andaz Miami Beach [8][31] - Adjusted EBITDAre for the fourth quarter was reported at $57 million, with Adjusted FFO of $0.20 per diluted share [32] - Full-year earnings were ahead of the midpoint of guidance, with comparable portfolio margin growth of 40 basis points on total RevPAR growth of 3.5% [17][32] Business Line Data and Key Metrics Changes - Resorts led the portfolio with a 19% RevPAR growth in Maui, while Andaz Miami Beach outperformed expectations [9][10] - Urban hotels showed mixed results, with Marriott Long Beach Downtown achieving 12% RevPAR growth, but Boston and New Orleans faced challenges [12][13] - Convention hotels reported RevPAR growth of 2.8%, with San Francisco being a standout performer [13] Market Data and Key Metrics Changes - The Wailea Beach Resort saw a significant recovery, with a RevPAR index increase of 17 points sequentially into the fourth quarter [26] - Group revenue production in Orlando increased over 10% last year, indicating a positive trend for future performance [15] - The D.C. market faced headwinds from government spending cuts and a government shutdown, impacting overall performance [16][102] Company Strategy and Development Direction - The company is focused on three strategic objectives: recycling capital, investing in the portfolio, and returning capital to shareholders [5][23] - The management team is committed to maximizing shareholder value through asset sales and stock repurchases [43][65] - The company anticipates continued growth from operations and investment projects, despite a cautious outlook for certain markets [18][20] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, expecting rooms RevPAR to increase between 4% and 7% [35] - The company noted potential headwinds from softer transient demand in San Diego and uncertainty in D.C. [20] - Positive signs of market recovery were highlighted, particularly in Northern California and Maui [19][20] Other Important Information - The company has over $200 million in cash and cash equivalents, with total liquidity exceeding $700 million [33][34] - A common dividend of $0.09 per share has been authorized for the first quarter, alongside a repurchase program reauthorized up to $500 million [40][41] Q&A Session Summary Question: Can you discuss the 1.5% midpoint of 2026 RevPAR growth ex-Andaz? - Management noted that Maui is showing growth, with a stabilization in the Kaanapali market, and transient demand is up [47][48] Question: What is the expense growth implied in guidance? - Expense growth is expected around 3%, with labor costs decreasing slightly and energy prices increasing [52][56] Question: Are you expecting to be a net seller of assets? - Management indicated a pickup in transactions and a focus on realizing private market values for assets [62][65] Question: Why is total RevPAR guidance lower than RevPAR outlook? - The impact of renovations and group business limitations in D.C. and San Diego were cited as factors [70][71] Question: What is the outlook for the San Diego market? - Management reported positive signs of recovery in transient demand, particularly from government contractors [75] Question: Can you elaborate on the operating environment's impact on guidance? - Management highlighted potential headwinds from government-related events and positive signs from transient demand recovery [101][102]

Financial Data and Key Metrics Changes - The first quarter adjusted EBITDA was $57 million, and adjusted FFO was $0.21 per diluted share, reflecting a 17% increase from the prior year [25] - Comparable rooms RevPAR increased by 3.8% in the first quarter, while total RevPAR grew by 4.3%, contributing to an 80 basis point expansion in hotel margins [24] - The company repurchased $21 million of stock at a blended repurchase price of $8.9 per share, equating to a compelling multiple on earnings [15][16] Business Line Data and Key Metrics Changes - The Andaz Miami Beach opened on May 3, 2025, and is expected to contribute significantly to earnings growth in the coming years [6][7] - The recently renovated Marriott Long Beach Downtown posted a solid 145% increase in RevPAR [12] - Group production at Wailea was up nearly 20% in the first quarter relative to the prior year, indicating optimism for future growth [12] Market Data and Key Metrics Changes - Washington DC saw a 24% increase in RevPAR due to the inauguration, while New Orleans hotels grew RevPAR by 25% driven by the Super Bowl [8][9] - San Francisco generated RevPAR growth of 9% due to increased commercial activity [9] - The company noted softer performance in Wailea, but expects recovery as the Kaanapali submarket normalizes [11][12] Company Strategy and Development Direction - The company is focused on a balanced and nimble approach to capital allocation, utilizing a strong balance sheet and future asset recycling to drive growth in FFO and NAV per share [7][17] - Capital investment activity for the year is expected to be in the range of $80 to $100 million, with ongoing renovations and upgrades across various properties [21] - The company aims to recycle capital and return value to shareholders through share repurchases and potential asset sales [16][66] Management's Comments on Operating Environment and Future Outlook - Management acknowledged increased macroeconomic uncertainty and declining business and consumer confidence, leading to a more cautious outlook for the year [14] - The updated outlook reflects expectations of total portfolio RevPAR growth ranging from 4% to 7% compared to 2024, with adjusted EBITDAre estimated between $235 million to $260 million [27][28] - Management remains optimistic about the long-term recovery in markets like San Francisco and Wailea, despite short-term challenges [10][56] Other Important Information - The company has nearly $150 million in total cash and cash equivalents, equating to approximately $650 million in total liquidity [26] - The Board of Directors authorized a $0.09 per share common dividend for the second quarter [29] Q&A Session Summary Question: Can you discuss the underwriting trajectory for the Andaz Miami Beach? - Management expressed confidence in the Andaz's market positioning and expected EBITDA of $6 to $7 million for the resort this year, primarily in the fourth quarter [34][37] Question: Can you elaborate on the updated outlook and changes in Wailea? - The revised expectation for Andaz is $6 million to $7 million, with a $4 million forecast revision for Wailea due to a challenging operating environment [43][44] Question: What held back performance in Maui and how does it compare to peers? - Management noted that Wailea's luxury market is recovering, and as Kaanapali normalizes, they expect to benefit from increased demand [50][52] Question: What is the strategy regarding non-core assets and potential sales? - Management indicated a focus on recycling capital and remains open to divesting non-core assets when appropriate, with a current inclination to repurchase shares [62][66] Question: What are the expectations for luxury assets in the current market? - Management highlighted ongoing conversations regarding luxury assets, noting that while transaction volumes are slower, they remain focused on capital recycling [74][75]

Financial Data and Key Metrics Changes - The portfolio finished 2024 strong with full-year adjusted EBITDA at $230 million and adjusted FFO per diluted share at $0.80, both at the high end of guidance [33][36] - The company expects total portfolio RevPAR growth to range from 7% to 10% in 2025 compared to 2024, with adjusted EBITDAre projected between $245 million to $270 million and adjusted FFO per diluted share between $0.86 to $0.98 [36][37] Business Line Data and Key Metrics Changes - Group business performed well, with the Westin Washington D.C. Downtown achieving 30% RevPAR growth driven by an 18% increase in group room nights [16] - The recently acquired Hyatt Regency San Antonio Riverwalk saw group room nights grow nearly 7% in the quarter, with an 18% increase in banquet contribution [17] - The Marriott Long Beach Downtown showed solid early performance post-renovation, reinforcing the value created from better brand alignment [19] Market Data and Key Metrics Changes - Urban markets showed strength, with New Orleans hotels experiencing a 23% increase in group room nights, leading to nearly 20% combined RevPAR growth [18] - Boston hotels reported a 39% increase in group room nights, focusing on filling open patterns and driving occupancy [19] Company Strategy and Development Direction - The company is focused on three strategic objectives: recycling capital, investing in the portfolio, and returning capital to shareholders [8] - In 2024, nearly $100 million was returned to shareholders through dividends and share repurchases, with a disciplined approach to capital allocation expected to continue in 2025 [14][24] - The company plans to enhance its capital returns and continue investing in high-quality assets while maintaining a strong balance sheet and liquidity position [25][34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2025, citing a compelling setup for total revenue growth and improved margins compared to the previous year [22] - The company anticipates a balanced distribution of quarterly growth in 2025, with expectations for RevPAR growth to accelerate in the second half of the year [38] - Management acknowledged challenges in the transaction market in 2024 but remains committed to disciplined capital allocation and exploring new opportunities [24][32] Other Important Information - The company invested $157 million into its portfolio in 2024, with ongoing renovations expected to yield earnings benefits [27][30] - The Andaz Miami Beach is set to open in mid-March 2025, expected to contribute $8 million to $9 million in EBITDA for the year [39] Q&A Session Summary Question: Demand segment assumptions within the 7% to 10% RevPAR guide - Management indicated that group performance is expected to remain solid, pacing above 10% for the year, with business transient strength and slight improvement anticipated [46][47] Question: Pace of wages and benefits increase in 2024 - Wages and benefits increased in the mid-fours in 2024, with expectations to be closer to the higher end of the 4% to 6% range in 2025 due to collective bargaining agreements [54][55] Question: Andaz EBITDA ramp in 2026 - The ramp for Andaz Miami Beach is expected to start at around 20% in March 2025, potentially doubling EBITDA in 2026 as occupancy increases [60] Question: Update on Napa assets and operational improvements - Management reported good EBITDA growth at Napa hotels, with ongoing efforts to optimize group mix and cost management [66][71] Question: Recovery in Maui and guidance range - Management expects solid group demand in Maui, with a potential lift in leisure in the second half of the year as recovery progresses [75][78] Question: Renaissance Orlando's future plans - Management noted that while Renaissance Orlando is not in the 2025 capital plan, they are open to exploring rebranding opportunities in the future [90][91] Question: Total expense growth baked into guidance - Total expense growth is expected to be in the 4% to 4.5% range, with higher wage growth anticipated [108][109]