DIAMONDROCK HOSPITALITY COMPANY REPORTS SECOND QUARTER 2026 RESULTS

DIAMONDROCK HOSPITALITY COMPANY REPORTS SECOND QUARTER 2026 RESULTS Raises Full-Year Guidance and Increases Quarterly Common Dividend

BETHESDA, Md., July 30, 2026 /PRNewswire/ -- DiamondRock Hospitality Company (Nasdaq: DRH, the "Company"), a lodging real estate investment trust that owns a portfolio of 34 premium hotels and resorts in the United States, today announced results of operations for the quarter ended June 30, 2026.

SECOND QUARTER 2026 HIGHLIGHTS

RECENT DEVELOPMENT

"Our second quarter demonstrated the earnings power of the DiamondRock portfolio. We delivered 7% RevPAR growth and held overall hotel expense growth to just 1.8%, driving exceptional margin expansion and earnings growth. While the World Cup provided a beneficial tailwind in several markets, our performance reflected much more than a single event. We saw broad-based strength in both group and transient demand, demonstrating the quality of our portfolio and the effectiveness of our operating strategy.

Over the past twelve months, our free cash flow has increased 30%, providing further evidence that the DiamondRock 2.0 strategy is delivering results. Our focus remains on growing free cash flow through operational excellence, disciplined investment, and thoughtful capital allocation, which we believe is the clearest path to creating long-term shareholder value.

Given the strength of our second quarter results and our confidence in the outlook for the remainder of the year, we are increasing our quarterly common dividend by more than 20% and raising our full-year guidance. We believe DiamondRock is well positioned to continue delivering strong earnings, growing free cash flow, and creating long-term value for our shareholders."

- Jeffrey J. Donnelly, Chief Executive Officer of DiamondRock Hospitality Company

OPERATING RESULTS

Please see "Non-GAAP Financial Measures" attached to this press release for an explanation of the terms "EBITDAre," "Adjusted EBITDA," "Hotel Adjusted EBITDA," "Hotel Adjusted EBITDA Margin," "FFO" and "Adjusted FFO" and a reconciliation of these measures to net income. "Comparable" operating results and statistics include all hotels owned as of June 30, 2026, for all periods presented. See "Comparable Hotel Operating Statistics and Results" and "Reconciliation of Comparable Operating Results" attached to this press release for an explanation of our comparable hotels and a reconciliation to historical amounts. "Actual" operating results and statistics include the operating results and statistics for all hotels for only the Company's respective ownership periods.

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

Change

2026

2025

Change

(unaudited, $ amounts in millions, except hotel statistics and per share amounts)

Comparable Operating Results (1)

ADR

$ 308.50

$ 294.88

4.6 %

$ 298.24

$ 287.45

3.8 %

Occupancy

78.1 %

76.3 %

1.8 %

72.2 %

71.5 %

0.7 %

RevPAR

$ 240.79

$ 225.03

7.0 %

$ 215.30

$ 205.47

4.8 %

Total RevPAR

$ 370.06

$ 350.49

5.6 %

$ 335.44

$ 321.94

4.2 %

Room Revenues

$ 206.0

$ 192.6

7.0 %

$ 366.4

$ 349.8

4.7 %

Total Revenues

$ 316.6

$ 300.0

5.5 %

$ 570.9

$ 548.1

4.2 %

Hotel Operating Expenses (2)

$ 203.3

$ 206.4

(1.5) %

$ 391.8

$ 393.4

(0.4) %

Hotel Adjusted EBITDA (2)

$ 113.2

$ 93.6

20.9 %

$ 179.1

$ 154.7

15.8 %

Hotel Adjusted EBITDA Margin (2)

35.76 %

31.19 %

457 bps

31.37 %

28.23 %

314 bps

Available Rooms

855,430

855,946

(516)

1,701,970

1,702,486

(516)

Actual Operating Results

Total Revenues

$ 318.3

$ 305.7

4.1 %

$ 576.4

$ 560.6

2.8 %

Net income attributable to common stockholders (2)

$ 90.5

$ 38.4

135.7 %

$ 104.9

$ 47.8

119.5 %

Earnings (loss) per diluted share (2)

$ 0.44

$ 0.18

144.4 %

$ 0.51

$ 0.23

121.7 %

Adjusted EBITDA (2)

$ 107.9

$ 90.5

19.2 %

$ 168.5

$ 146.6

14.9 %

Adjusted FFO (2)

$ 91.8

$ 72.3

27.0 %

$ 137.9

$ 111.8

23.3 %

Adjusted FFO per diluted share (2)

$ 0.44

$ 0.35

25.7 %

$ 0.67

$ 0.53

26.4 %

(1)

Amounts exclude the operating results for the Courtyard New York Manhattan/ Fifth Avenue sold on May 1, 2026 and the Westin Washington D.C. City Center sold on February 19, 2025.

(2)

Includes the one-time benefit of approximately $6.9 million recognized in the second quarter of 2026 as a result of a favorable settlement of multi-year property tax appeals for the Company's two Chicago hotels. Excluding this benefit, for the three months ended June 30, 2026, Comparable Hotel Operating Expenses increased 1.8%, Comparable Hotel Adjusted EBITDA Margin increased 239 basis points and Adjusted FFO per diluted share was $0.41.

HOTEL DISPOSITION

On May 1, 2026, the Company completed the sale of its leasehold interest in the 189-room Courtyard New York Manhattan/Fifth Avenue for $33.0 million. The sales price represents a 6.3x multiple on 2025 Hotel Adjusted EBITDA and a 13.3% capitalization rate on 2025 Hotel Net Operating Income. Inclusive of $12 million of capital expenditures required to be spent in the next 12 months, a contractual increase in the ground lease payment, and higher labor costs over the next several years, the Company estimates the stabilized capitalization rate on the sale to be approximately 7.8%, or 6.5% on a fee simple basis.

CAPITAL EXPENDITURES

The Company invested approximately $40.3 million in capital improvements during the six months ended June 30, 2026. The Company currently expects to invest approximately $75 to $85 million in capital improvements at its hotels in 2026. Significant projects in 2026 include the following:

BALANCE SHEET

As of June 30, 2026, the Company had total debt outstanding of $1.1 billion, consisting of three unsecured term loans with a weighted average interest rate of 4.9%, $400 million available under its undrawn revolving credit facility, and approximately $106.0 million of unrestricted cash on hand.

COMMON SHARE REPURCHASE PROGRAM

On April 28, 2026, the Company's Board of Directors authorized a new $300.0 million share repurchase program, effective May 1, 2026, which replaces the previous $200.0 million repurchase program that was authorized in May 2024. During the quarter ended June 30, 2026, the Company repurchased 0.2 million shares of its common stock at an average price of $9.79 per share for a total purchase price of $1.9 million. The Company currently has $299.4 million of remaining capacity under its $300.0 million share repurchase program.

DIVIDENDS

The Company's Board of Directors declared a second quarter cash dividend of $0.09 per share to stockholders of record as of June 30, 2026. The second quarter dividend was paid on July 14, 2026.

On July 30, 2026, the Company's Board of Directors declared a third quarter 2026 cash dividend of $0.11 per share, which represents an increase of 22% over the second quarter dividend. The dividend will be paid on October 14, 2026 to stockholders of record as of September 30, 2026. The Company expects to declare regular quarterly dividends of $0.11 per common share for the remainder of 2026 and, depending on its 2026 operating income, a stub dividend in the fourth quarter of 2026.

GUIDANCE

Achievement of the anticipated results is subject to the risks disclosed in the Company's filings with the U.S. Securities and Exchange Commission, which may cause actual results to differ materially from the anticipated results expressed or implied below. The outlook below does not assume any dispositions, acquisitions, or common share repurchases and is based on current operating trends and macroeconomic conditions.

The Company is raising its 2026 guidance to reflect the better than expected second quarter results, improved booking pace for the remainder of the year, and the full year benefit of the Chicago property tax appeal. The Company now anticipates full year 2026 results to be in the following ranges:

Metric

Prior Guidance

Updated Guidance

Change at

Midpoint

Comparable RevPAR Growth

1.5% to 3.5%

2.5% to 4.0%

75 bps

Comparable Total RevPAR Growth

1.75% to 3.75%

2.75% to 4.25%

75 bps

Adjusted EBITDA (in millions)

$290.2 to $302.2

$310.0 to $320.0

$18.8

Adjusted FFO (in millions)

$228.4 to $240.4

$245.5 to $255.5

$16.1

Adjusted FFO per share

$1.10 to $1.16

$1.18 to $1.23

$0.075

Full year 2026 guidance is based in part on the following assumptions:

EARNINGS CALL

The Company will host a conference call to discuss its second quarter results on Friday, July 31, 2026, at 10:00 a.m. Eastern Time. The conference call will be accessible by telephone and through the internet. Interested individuals are requested to register for the call using this link to obtain dial-in and webcast details. Registration details are also available by visiting https://investor.drhc.com. A replay of the conference call webcast will be archived and available online.

ABOUT THE COMPANY

DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in leisure destinations and top gateway markets. The Company currently owns 34 premium quality hotels with 9,400 rooms. The Company has strategically positioned its portfolio to be operated both under leading global brand families as well as independent boutique hotels in the lifestyle segment. For further information on the Company and its portfolio, please visit DiamondRock Hospitality Company's website at www.drhc.com.

This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "believe," "expect," "intend," "project," "forecast," "plan" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: the adverse impact of any future pandemic, epidemic or outbreak of any highly infectious disease on the U.S., regional and global economies, travel, the hospitality industry, and the financial condition and results of operations of the Company and its hotels; negative developments or volatility in the economy, including, but not limited to elevated inflation and interest rates, job loss or growth trends, the imposition of trade sanctions or tariffs and any potential retaliatory responses thereto, an increase in unemployment or a decrease in corporate earnings and investment; risks associated with the lodging industry overall, including, without limitation, decreases in the frequency of travel, decreases in the demand for, or frequency of, international travel as a result of evolving global trade dynamics or otherwise, and increases in operating costs; relationships with property managers; the ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in taxes and government regulations which influence or determine wages, prices, construction procedures and costs; and other risk factors contained in the Company's filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.

DIAMONDROCK HOSPITALITY COMPANY

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

June 30, 2026

December 31, 2025

ASSETS

(Unaudited)

(Audited)

Property and equipment, net

$ 2,555,487

$ 2,596,458

Right-of-use assets

95,106

89,041

Restricted cash

39,884

35,137

Due from hotel managers

189,543

137,787

Prepaid and other assets

80,291

77,194

Cash and cash equivalents

105,980

68,084

Total assets

$ 3,066,291

$ 3,003,701

LIABILITIES AND EQUITY

Liabilities:

Debt, net of unamortized debt issuance costs

$ 1,099,038

$ 1,098,850

Lease liabilities

97,237

87,053

Due to hotel managers

138,906

109,568

Deferred rent

79,556

77,405

Unfavorable contract liabilities, net

55,720

56,549

Accounts payable and accrued expenses

40,344

83,888

Distributions declared and unpaid

19,678

25,903

Deferred income related to key money, net

6,917

7,400

Total liabilities

1,537,396

1,546,616

Equity:

Common stock, $0.01 par value; 400,000,000 shares authorized; 204,505,826

and 203,703,182 shares issued and outstanding at June 30, 2026 and December

31, 2025, respectively

2,045

2,037

Additional paid-in capital

2,118,425

2,114,438

Accumulated other comprehensive loss

(2,475)

(6,381)

Distributions in excess of earnings

(594,640)

(662,209)

Total stockholders' equity

1,523,355

1,447,885

Noncontrolling interests

5,540

9,200

Total equity

1,528,895

1,457,085

Total liabilities and equity

$ 3,066,291

$ 3,003,701

DIAMONDROCK HOSPITALITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

(unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Revenues:

Rooms

$ 207,669

$ 198,237

$ 371,754

$ 361,355

Food and beverage

80,780

78,828

147,946

145,669

Other

29,837

28,655

56,748

53,549

Total revenues

318,286

305,720

576,448

560,573

Operating Expenses:

Rooms

46,982

47,272

89,305

91,115

Food and beverage

50,826

50,548

96,726

96,965

Other departmental and support expenses

70,594

68,719

136,782

134,005

Management fees

8,866

7,406

13,877

12,424

Franchise fees

10,549

10,003

19,804

19,051

Other property-level expenses

17,866

28,017

42,347

52,916

Depreciation and amortization

28,841

28,156

57,381

56,048

Corporate expenses

10,419

9,465

18,262

17,148

Total operating expenses

244,943

249,586

474,484

479,672

Interest expense

14,442

14,868

29,132

30,026

Interest (income) and other (income) expense, net

(1,946)

(764)

(2,594)

(2,228)

Gain on sale of hotel property, net

(31,591)

—

(31,591)

—

Income before income taxes

92,438

42,030

107,017

53,103

Income tax expense

(1,680)

(991)

(1,726)

(149)

Net income

90,758

41,039

105,291

52,954

Less: Net income attributable to noncontrolling interests

(278)

(204)

(347)

(262)

Net income attributable to the Company

90,480

40,835

104,944

52,692

Distributions to preferred stockholders

—

(2,454)

—

(4,908)

Net income attributable to common stockholders

$ 90,480

$ 38,381

$ 104,944

$ 47,784

Earnings per share:

Earnings per share available to common stockholders - basic

$ 0.44

$ 0.19

$ 0.51

$ 0.23

Earnings per share available to common stockholders - diluted

$ 0.44

$ 0.18

$ 0.51

$ 0.23

Weighted-average number of common shares outstanding:

Basic

205,081,651

206,804,961

204,772,118

207,652,548

Diluted

206,096,952

207,916,308

205,897,593

209,161,359

Non-GAAP Financial Measures

We use the following non-GAAP financial measures that we believe are useful to investors as key measures of our operating performance: EBITDA, EBITDAre, Adjusted EBITDA, Hotel Adjusted EBITDA, Hotel Adjusted EBITDA Margin, FFO and Adjusted FFO. We also present Comparable Total Revenue, Comparable Room Revenues, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with U.S. GAAP. EBITDA, EBITDAre, Adjusted EBITDA, Hotel Adjusted EBITDA, Hotel Adjusted EBITDA Margin, FFO, Adjusted FFO, Comparable Total Revenue, Comparable Room Revenues, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin, as calculated by us, may not be comparable to other companies that do not define such terms exactly as the Company.

Use and Limitations of Non-GAAP Financial Measures

Our management and Board of Directors use EBITDA, EBITDAre, Adjusted EBITDA, Hotel Adjusted EBITDA, FFO, Adjusted FFO, Comparable Total Revenue, Comparable Room Revenues, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin, to evaluate the performance of our hotels and to facilitate comparisons between us and other lodging REITs, hotel owners who are not REITs and other capital intensive companies. The use of these non-GAAP financial measures has certain limitations. These non-GAAP financial measures as presented by us, may not be comparable to non-GAAP financial measures as calculated by other real estate companies. These measures do not reflect certain expenses or expenditures that we incurred and will incur, such as depreciation, interest and capital expenditures. We compensate for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of our operating performance. Our reconciliations to the most comparable U.S. GAAP financial measures, and our consolidated statements of operations and comprehensive income and consolidated statements of cash flows, include interest expense, capital expenditures, and other excluded items, all of which should be considered when evaluating our performance, as well as the usefulness of our non-GAAP financial measures.

These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with U.S. GAAP. They should not be considered as alternatives to operating profit, cash flow from operations, or any other operating performance measure prescribed by U.S. GAAP. These non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our U.S. GAAP results and the reconciliations to the corresponding U.S. GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. We strongly encourage investors to review our financial information in its entirety and not to rely on a single financial measure.

EBITDA and EBITDAre

EBITDA represents net income (calculated in accordance with U.S. GAAP) excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; and (3) depreciation and amortization. The Company computes EBITDAre in accordance with the National Association of Real Estate Investment Trusts ("Nareit") guidelines, as defined in its September 2017 white paper "Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate." EBITDAre represents net income (calculated in accordance with U.S. GAAP) adjusted for: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; (3) depreciation and amortization; (4) gains or losses on the disposition of depreciated property including gains or losses on change of control; (5) impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate; and (6) adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates.

We believe EBITDA and EBITDAre are useful to an investor in evaluating our operating performance because they help investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization, and in the case of EBITDAre, impairment and gains or losses on dispositions of depreciated property) from our operating results. In addition, covenants included in our debt agreements use EBITDA as a measure of financial compliance. We also use EBITDA and EBITDAre as measures in determining the value of hotel acquisitions and dispositions.

FFO

The Company computes FFO in accordance with standards established by Nareit, which defines FFO as net income (calculated in accordance with U.S. GAAP) excluding gains or losses from sales of properties and impairment losses, plus real estate related depreciation and amortization. The Company believes that the presentation of FFO provides useful information to investors regarding its operating performance because it is a measure of the Company's operations without regard to specified non-cash items, such as real estate related depreciation and amortization and gains or losses on the sale of assets. The Company also uses FFO as one measure in assessing its operating results.

Adjustments to EBITDAre and FFO

We adjust EBITDAre and FFO when evaluating our performance because we believe that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance and that the presentation of Adjusted EBITDA and Adjusted FFO when combined with U.S. GAAP net income, EBITDAre and FFO, is beneficial to an investor's complete understanding of our consolidated and property-level operating performance. We adjust EBITDAre and FFO for the following items:

In addition, to derive Adjusted FFO, we exclude any unrealized fair value adjustments to interest rate swaps and the portion of our non-cash ground lease expense recognized as interest expense. We exclude these non-cash amounts because they do not reflect the underlying performance of the Company.

Hotel Adjusted EBITDA

We believe that Hotel Adjusted EBITDA provides our investors a useful financial measure to evaluate our hotel operating performance, excluding the impact of our capital structure (primarily interest), our asset base (primarily depreciation and amortization), and our corporate-level expenses. With respect to Hotel Adjusted EBITDA, we believe that excluding the effect of corporate-level expenses provides a more complete understanding of the operating results over which individual hotels and third-party management companies have direct control. We believe property-level results provide investors with supplemental information on the ongoing operational performance of our hotels and effectiveness of the third-party management companies operating our business on a property-level basis. Hotel Adjusted EBITDA margins are calculated as Hotel Adjusted EBITDA divided by total hotel revenues.

Comparable Hotel Operating Statistics and Results

We believe that presenting comparable hotel operating statistics (such as ADR, occupancy, RevPAR, Total RevPAR and Available Rooms) and results (such as Room Revenues, Total Revenues, Hotel Adjusted EBITDA, and Hotel Adjusted EBITDA Margin) is useful to investors because these measures help facilitate year-over-year comparisons of the performance of hotels owned by us as of the reporting date. Our comparable portfolio includes hotels (i) owned and in operation by us for the entirety of the periods presented and (ii) acquired by us during the period as though the acquisition happened at the beginning of the period presented. We make adjustments for recently acquired hotels to include operating statistics and results for periods prior to our ownership. As a result, changes as compared to periods prior to our ownership will not necessarily correspond to changes in our actual results. In addition, comparable metrics exclude results and operating statistics for hotels that were sold during the reporting period or held for sale at the end of the period. We believe these comparable measures provide more consistent metrics for comparing the performance of our hotels.

Our comparable portfolio for the six months ended June 30, 2026 includes all of our hotels owned as of June 30, 2026 and excludes the Courtyard New York Manhattan/Fifth Avenue sold on May 1, 2026 and the Westin Washington D.C. City Center sold on February 19, 2025.

Reconciliations of Non-GAAP Measures

EBITDA, EBITDAre, Adjusted EBITDA and Hotel Adjusted EBITDA

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

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net income

$ 90,758

$ 41,039

$ 105,291

$ 52,954

Interest expense

14,442

14,868

29,132

30,026

Income tax expense

1,680

991

1,726

149

Real estate related depreciation and amortization

28,841

28,156

57,381

56,048

EBITDA

135,721

85,054

193,530

139,177

Gain on sale of hotel property, net

(31,591)

—

(31,591)

—

EBITDAre

104,130

85,054

161,939

139,177

Non-cash lease expense and other amortization

1,347

1,284

2,575

2,583

Share-based compensation expense (1)

3,571

2,891

5,133

3,556

Hotel pre-opening costs

—

321

—

344

Terminated transaction costs

—

907

—

907

Other (2)

(1,158)

—

(1,158)

—

Adjusted EBITDA

107,890

90,457

168,489

146,567

Corporate expenses

6,598

5,655

12,782

12,003

Interest (income) and other (income) expense, net

(765)

(752)

(1,392)

(1,546)

Hotel Adjusted EBITDA

$ 113,723

$ 95,360

$ 179,879

$ 157,024

(1)

For each of the three months ended June 30, 2026 and 2025, amounts include less than $0.1 million of non-cash income related to our deferred compensation plan. For the six months ended June 30, 2026 and 2025, amounts include less than $0.1 million and $0.7 million, respectively, of non-cash income related to our deferred compensation plan.

(2)

Amount reflects the reversal of a previously recognized accrual related to a loss contingency.

Full Year 2026 Guidance

Low End

High End

Net income

$ 152,149

$ 163,149

Interest expense

59,750

58,750

Income tax expense

5,000

6,000

Real estate related depreciation and amortization

111,500

110,500

EBITDA

328,399

338,399

Gain on sale of hotel property, net

(31,591)

EBITDAre

296,808

306,808

Non-cash lease expense and other amortization

5,350

Share-based compensation expense

9,000

Other (1)

(1,158)

Adjusted EBITDA

$ 310,000

$ 320,000

(1)

Amount reflects the reversal of a previously recognized accrual related to a loss contingency.

FFO and Adjusted FFO

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

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net income

$ 90,758

$ 41,039

$ 105,291

$ 52,954

Real estate related depreciation and amortization

28,841

28,156

57,381

56,048

Gain on sale of hotel property, net

(31,591)

—

(31,591)

—

FFO

88,008

69,195

131,081

109,002

Distribution to preferred stockholders

—

(2,454)

—

(4,908)

FFO available to common stock and unit holders

88,008

66,741

131,081

104,094

Non-cash lease expense and other amortization

1,411

1,470

2,827

2,945

Share-based compensation expense (1)

3,571

2,891

5,133

3,556

Terminated transaction costs

—

907

—

907

Hotel pre-opening costs

—

321

—

344

Other (2)

(1,158)

—

(1,158)

—

Adjusted FFO available to common stock and unit holders

$ 91,832

$ 72,330

$ 137,883

$ 111,846

Adjusted FFO available to common stock and unit holders, per diluted share

$ 0.44

$ 0.35

$ 0.67

$ 0.53

Diluted weighted average shares and units

206,726

208,943

206,700

210,178

(1)

(2)

Amount reflects the reversal of a previously recognized accrual related to a loss contingency.

Full Year 2026 Guidance

Low End

High End

Net income

$ 152,149

$ 163,149

Real estate related depreciation and amortization

111,500

110,500

Gain on sale of hotel property, net

(31,591)

FFO available to common stock and unit holders

232,058

242,058

Non-cash lease expense and other amortization

5,600

Share-based compensation expense

9,000

Other (1)

(1,158)

Adjusted FFO available to common stock and unit holders

$ 245,500

$ 255,500

Adjusted FFO available to common stock and unit holders, per diluted share

$ 1.18

$ 1.23

Diluted weighted average shares and units

207,500

(1)

Amount reflects the reversal of a previously recognized accrual related to a loss contingency.

Reconciliation of Comparable Operating Results

The following presents the revenues, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin together with comparable prior year results (in thousands):

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Revenues

$ 318,286

$ 305,720

$ 576,448

$ 560,573

Hotel revenues from sold hotels (1)

(1,722)

(5,721)

(5,533)

(12,481)

Comparable Revenues

$ 316,564

$ 299,999

$ 570,915

$ 548,092

Hotel Operating Expenses

$ 204,563

$ 210,360

$ 396,569

$ 403,549

Hotel operating expenses from sold hotels (1)

(1,214)

(3,937)

(4,747)

(10,186)

Comparable Hotel Operating Expenses

$ 203,349

$ 206,423

$ 391,822

$ 393,363

Hotel Adjusted EBITDA

$ 113,723

$ 95,360

$ 179,879

$ 157,024

Hotel Adjusted EBITDA from sold hotels (1)

(508)

(1,784)

(786)

(2,295)

Comparable Hotel Adjusted EBITDA

$ 113,215

$ 93,576

$ 179,093

$ 154,729

Hotel Adjusted EBITDA Margin

35.73 %

31.19 %

31.20 %

28.01 %

Hotel Adjusted EBITDA Margin from sold hotels (1)

3 bps

— bps

17 bps

22 bps

Comparable Hotel Adjusted EBITDA Margin

35.76 %

31.19 %

31.37 %

28.23 %

(1)

Amounts represent the operating results for the Courtyard New York Manhattan/Fifth Avenue sold on May 1, 2026 and the Westin Washington D.C. City Center sold on February 19, 2025.

Selected Quarterly Comparable Operating Information

The following tables are presented to provide investors with selected quarterly comparable operating information for the Company's current portfolio of 34 hotels with 9,400 rooms.

Quarter 1, 2025

Quarter 2, 2025

Quarter 3, 2025

Quarter 4, 2025

Full Year 2025

ADR

$ 278.85

$ 294.88

$ 279.91

$ 292.20

$ 286.57

Occupancy

66.6 %

76.3 %

75.8 %

67.6 %

71.6 %

RevPAR

$ 185.70

$ 225.03

$ 212.06

$ 197.57

$ 205.14

Total RevPAR

$ 293.07

$ 350.49

$ 323.24

$ 308.81

$ 318.95

Revenues (in thousands)

$ 248,093

$ 299,999

$ 279,713

$ 267,228

$ 1,095,033

Hotel Adjusted EBITDA (in thousands)

$ 61,153

$ 93,576

$ 81,534

$ 73,829

$ 310,092

Hotel Adjusted EBITDA Margin

24.65 %

31.19 %

29.15 %

27.63 %

28.32 %

Available Rooms

846,540

855,946

865,352

3,433,190

Quarter 1, 2026

Quarter 2, 2026

ADR

$ 286.02

$ 308.50

Occupancy

66.3 %

78.1 %

RevPAR

$ 189.54

$ 240.79

Total RevPAR

$ 300.46

$ 370.06

Revenues (in thousands)

$ 254,351

$ 316,564

Hotel Adjusted EBITDA (in thousands)

$ 65,878

$ 113,215

Hotel Adjusted EBITDA Margin

25.90 %

35.76 %

Available Rooms

846,540

855,430

Market Capitalization as of June 30, 2026

(in thousands)

Enterprise Value

Common equity capitalization (at June 30, 2026 closing price of $12.18/share)

$ 2,516,999

Consolidated debt (face amount)

1,100,000

Cash and cash equivalents

(105,980)

Total enterprise value

$ 3,511,019

Share Reconciliation

Common shares outstanding

204,506

Operating partnership units

690

Unvested restricted stock held by management and employees

889

Shares vested under deferred compensation plan

565

Combined shares and units

206,650

Debt Summary as of June 30, 2026

(dollars in thousands)

Outstanding

Loan

Interest Rate

Term

Principal

Maturity

Unsecured term loan

SOFR + 1.35% (1)

Variable

$ 500,000

January 2028 (2)

Unsecured term loan

SOFR + 1.35% (1)

Variable

300,000

January 2029 (2)

Unsecured term loan

SOFR + 1.35% (1)

Variable

300,000

January 2030

Senior unsecured credit facility

SOFR + 1.40%

Variable

—

January 2030 (2)

Total debt

1,100,000

Unamortized debt issuance costs (3)

(962)

Debt, net of unamortized debt issuance costs

$ 1,099,038

Debt Metrics

Weighted-average interest rate (4)

4.9 %

Percent fixed rate (4)

39 %

Net debt to EBITDA (5)

3.1x

Average years to maturity

2.4

Average years to maturity - including extensions

3.2

(1)

As of June 30, 2026, the interest rate on the portion of variable-rate debt subject to interest rate swaps was 4.83%, and the interest rate on the remaining variable-rate debt was 4.97%

(2)

Maturity date may be extended for two six-month periods upon the payment of applicable fees and the satisfaction of certain customary conditions.

(3)

Excludes debt issuance costs related to our senior unsecured credit facility, which are included within Prepaid and Other Assets on the accompanying consolidated balance sheet.

(4)

Including the effect of interest rate swaps as of June 30, 2026.

(5)

Trailing 12 month Adjusted EBITDA as of June 30, 2026.

Hotel Information as of July 30, 2026

Hotel

Rooms

Location

Franchisor

Contract

Expiration

Operator

Contract Expiration

Ground Lease

Expiration

Mortgage Debt

AC Hotel Minneapolis Downtown

245

Minneapolis, MN

Marriott

Oct 2041

Sage Hospitality

At will with no fee

Atlanta Marriott Alpharetta

318

Atlanta, GA

Marriott

Sep 2050 (1)

Aimbridge Hospitality

At will with no fee

Bourbon Orleans Hotel

220

New Orleans, LA

Independent

Aimbridge Hospitality

At will with no fee

Cavallo Point, The Lodge at the Golden Gate

142

Sausalito, CA

Independent

Passport Resorts

At will with fee

2066

Chicago Marriott Downtown Magnificent Mile

1,200

Chicago, IL

N/A

Marriott

Dec 2038 (2)

Chico Hot Springs Resort & Day Spa

117

Pray, MT

Independent

EOS Hospitality

At will with no fee

Courtyard Denver Downtown

177

Denver, CO

Marriott

Oct 2027

Sage Hospitality

At will with no fee

Courtyard New York Manhattan/Midtown East

321

New York, NY

Marriott

Aug 2042

Highgate Hotels

At will with no fee

Embassy Suites by Hilton Bethesda

272

Bethesda, MD

Hilton

Feb 2037

Sage Hospitality

At will with no fee

2087

Havana Cabana Key West

106

Key West, FL

Independent

EOS Hospitality

At will with no fee

Henderson Beach Resort

270

Destin, FL

Independent

Aimbridge Hospitality

At will with no fee

Henderson Park Inn

Destin, FL

Independent

Aimbridge Hospitality

At will with no fee

Hilton Garden Inn New York/Times Square Central

282

New York, NY

Hilton

Jun 2033

Highgate Hotels

At will with no fee

Hotel Champlain Burlington

252

Burlington, VT

Hilton

Jun 2034

Aimbridge Hospitality

At will with no fee

Hotel Clio

199

Denver, CO

Marriott

Oct 2036

Sage Hospitality

At will with no fee

Hotel Emblem San Francisco

San Francisco, CA

Independent

Parable Hospitality

At will with no fee

Kimpton Hotel Palomar Phoenix

242

Phoenix, AZ

N/A

IHG Hotels & Resorts

Dec 2027 or upon sale

2085

Kimpton Shorebreak Fort Lauderdale Beach Resort

Fort Lauderdale, FL

IHG Hotels & Resorts

Apr 2041

HEI Hotels & Resorts

At will with no fee

Kimpton Shorebreak Huntington Beach Resort

157

Huntington Beach, CA

N/A

IHG Hotels & Resorts

At will with no fee

L'Auberge de Sedona

158

Sedona, AZ

Independent

Aimbridge Hospitality

At will with no fee

2124

Lake Austin Spa Resort

Austin, TX

Independent

EOS Hospitality

At will with no fee

Margaritaville Beach House Key West

186

Key West, FL

Margaritaville

Apr 2041

Ocean Properties

Jul 2027

Salt Lake City Marriott Downtown at City Creek

510

Salt Lake City, UT

Marriott

Sep 2050 (1)

HEI Hotels & Resorts

At will with no fee

2056/2106

The Dagny Boston

403

Boston, MA

Independent

Aimbridge Hospitality

At will with no fee

The Gwen

311

Chicago, IL

Marriott

Sep 2035

HEI Hotels & Resorts

At will with no fee

The Hythe Vail

344

Vail, CO

Marriott

Dec 2041

Vail Resorts

At will with fee

The Landing Lake Tahoe Resort & Spa

South Lake Tahoe, CA

Independent

Aimbridge Hospitality

At will with no fee

The Lindy Renaissance Charleston Hotel

167

Charleston, SC

Marriott

Dec 2031

Aimbridge Hospitality

At will with no fee

The Lodge at Sonoma Resort

182

Sonoma, CA

Marriott

Dec 2035

Sage Hospitality

At will with no fee

Tranquility Bay Beachfront Resort

103

Marathon, FL

Independent

EOS Hospitality

At will with no fee

Westin Boston Seaport District

793

Boston, MA

Marriott

Dec 2026 (3)

Aimbridge Hospitality

At will with no fee

2099

Westin Fort Lauderdale Beach Resort

432

Fort Lauderdale, FL

Marriott

Dec 2034

HEI Hotels & Resorts

At will with no fee

Westin San Diego Bayview

436

San Diego, CA

Marriott

Dec 2040

Aimbridge Hospitality

At will with no fee

Worthington Renaissance Fort Worth Hotel

504

Fort Worth, TX

N/A

Marriott

Dec 2030 (4)

(1)

The franchise agreement may be terminated at Marriott's option after September 2040.

(2)

Marriott has two 10-year options to extend the management agreement.

(3)

On March 19, 2026, the Company entered into a new franchise agreement with Marriott effective January 1, 2027.

(4)

Marriott is entitled to one ten-year extension option if they achieve a certain level of operating profit for the three-year period ending December 31, 2029. Marriott is entitled to a second ten-year extension option if they achieve a certain level of operating profit for the three-year period ending December 31, 2039.

Operating Statistics – Second Quarter

ADR

Occupancy

RevPAR

Total RevPAR

2Q 2026

2Q 2025

Change

2Q 2026

2Q 2025

Change

2Q 2026

2Q 2025

Change

2Q 2026

2Q 2025

Change

AC Hotel Minneapolis Downtown

$ 163.86

$ 157.62

4.0 %

70.4 %

68.0 %

2.4 %

$ 115.29

$ 107.13

7.6 %

$ 132.44

$ 123.16

7.5 %

Atlanta Marriott Alpharetta

$ 168.01

$ 159.93

5.1 %

68.7 %

69.7 %

(1.0) %

$ 115.36

$ 111.51

3.5 %

$ 167.71

$ 150.07

11.8 %

Bourbon Orleans Hotel

$ 246.17

$ 222.29

10.7 %

75.0 %

73.0 %

2.0 %

$ 184.60

$ 162.35

13.7 %

$ 248.95

$ 214.85

15.9 %

Cavallo Point, The Lodge at the Golden Gate

$ 586.69

$ 563.32

4.1 %

72.5 %

63.2 %

9.3 %

$ 425.42

$ 355.86

19.5 %

$ 1,122.25

$ 968.38

15.9 %

Chicago Marriott Downtown Magnificent Mile

$ 295.24

$ 283.76

4.0 %

79.1 %

71.9 %

7.2 %

$ 233.49

$ 203.91

14.5 %

$ 385.79

$ 347.15

11.1 %

Chico Hot Springs Resort & Day Spa

$ 239.42

$ 243.15

(1.5) %

47.2 %

63.7 %

(16.5) %

$ 113.02

$ 154.79

(27.0) %

$ 265.34

$ 345.69

(23.2) %

Courtyard Denver Downtown

$ 236.77

$ 232.21

2.0 %

79.6 %

84.5 %

(4.9) %

$ 188.58

$ 196.29

(3.9) %

$ 212.11

$ 216.05

(1.8) %

Courtyard New York Manhattan/Fifth Avenue

$ 307.77

$ 324.95

(5.3) %

96.6 %

99.0 %

(2.4) %

$ 297.30

$ 321.74

(7.6) %

$ 303.61

$ 327.20

(7.2) %

Courtyard New York Manhattan/Midtown East

$ 352.64

$ 354.49

(0.5) %

94.7 %

91.7 %

3.0 %

$ 334.09

$ 325.08

2.8 %

$ 343.28

$ 334.11

2.7 %

Embassy Suites by Hilton Bethesda

$ 192.33

$ 182.91

5.2 %

79.4 %

78.3 %

1.1 %

$ 152.71

$ 143.19

6.6 %

$ 174.61

$ 166.46

4.9 %

Havana Cabana Key West

$ 232.34

$ 242.76

(4.3) %

81.8 %

82.5 %

(0.7) %

$ 190.02

$ 200.18

(5.1) %

$ 295.63

$ 303.70

(2.7) %

Henderson Beach Resort

$ 466.22

$ 445.60

4.6 %

78.6 %

71.1 %

7.5 %

$ 366.52

$ 316.74

15.7 %

$ 655.53

$ 606.22

8.1 %

Henderson Park Inn

$ 710.98

$ 662.88

7.3 %

90.2 %

83.9 %

6.3 %

$ 641.30

$ 556.37

15.3 %

$ 1,044.31

$ 915.22

14.1 %

Hilton Garden Inn New York/Times Square Central

$ 280.95

$ 294.15

(4.5) %

94.8 %

97.7 %

(2.9) %

$ 266.34

$ 287.31

(7.3) %

$ 295.60

$ 321.79

(8.1) %

Hotel Champlain Burlington

$ 215.53

$ 208.66

3.3 %

71.6 %

73.6 %

(2.0) %

$ 154.28

$ 153.61

0.4 %

$ 237.52

$ 228.38

4.0 %

Hotel Clio

$ 342.82

$ 336.34

1.9 %

81.4 %

79.4 %

2.0 %

$ 279.00

$ 266.93

4.5 %

$ 455.76

$ 459.90

(0.9) %

Hotel Emblem San Francisco

$ 210.94

$ 188.40

12.0 %

75.6 %

71.4 %

4.2 %

$ 159.39

$ 134.51

18.5 %

$ 190.34

$ 162.90

16.8 %

Kimpton Hotel Palomar Phoenix

$ 240.25

$ 224.14

7.2 %

70.6 %

67.7 %

2.9 %

$ 169.60

$ 151.63

11.9 %

$ 290.40

$ 255.25

13.8 %

Kimpton Shorebreak Fort Lauderdale Beach Resort

$ 195.71

$ 192.35

1.7 %

72.5 %

74.3 %

(1.8) %

$ 141.92

$ 142.96

(0.7) %

$ 278.32

$ 291.47

(4.5) %

Kimpton Shorebreak Huntington Beach Resort

$ 314.33

$ 307.13

2.3 %

81.7 %

81.9 %

(0.2) %

$ 256.82

$ 251.58

2.1 %

$ 360.24

$ 383.45

(6.1) %

L'Auberge de Sedona (1)

$ 830.97

$ 818.56

1.5 %

73.2 %

47.6 %

25.6 %

$ 608.40

$ 389.58

56.2 %

$ 1,031.02

$ 737.68

39.8 %

Lake Austin Spa Resort

$ 972.28

$ 1,077.87

(9.8) %

66.1 %

63.8 %

2.3 %

$ 642.94

$ 688.18

(6.6) %

$ 1,555.15

$ 1,677.02

(7.3) %

Margaritaville Beach House Key West

$ 363.37

$ 363.85

(0.1) %

89.3 %

88.6 %

0.7 %

$ 324.53

$ 322.27

0.7 %

$ 451.90

$ 450.94

0.2 %

Salt Lake City Marriott Downtown at City Creek

$ 217.10

$ 212.39

2.2 %

76.6 %

72.6 %

4.0 %

$ 166.30

$ 154.21

7.8 %

$ 220.35

$ 208.58

5.6 %

The Dagny Boston

$ 373.97

$ 334.24

11.9 %

90.3 %

86.3 %

4.0 %

$ 337.64

$ 288.31

17.1 %

$ 361.31

$ 317.96

13.6 %

The Gwen

$ 384.35

$ 355.48

8.1 %

81.1 %

79.4 %

1.7 %

$ 311.76

$ 282.15

10.5 %

$ 467.09

$ 427.84

9.2 %

The Hythe Vail

$ 278.07

$ 256.50

8.4 %

33.2 %

40.8 %

(7.6) %

$ 92.23

$ 104.57

(11.8) %

$ 170.53

$ 192.08

(11.2) %

The Landing Lake Tahoe Resort & Spa

$ 390.71

$ 382.17

2.2 %

65.2 %

60.5 %

4.7 %

$ 254.73

$ 231.39

10.1 %

$ 465.72

$ 439.34

6.0 %

The Lindy Renaissance Charleston Hotel

$ 405.55

$ 394.55

2.8 %

94.1 %

93.3 %

0.8 %

$ 381.80

$ 368.17

3.7 %

$ 483.00

$ 463.82

4.1 %

The Lodge at Sonoma Resort

$ 474.44

$ 452.66

4.8 %

76.0 %

74.2 %

1.8 %

$ 360.37

$ 335.85

7.3 %

$ 566.49

$ 532.04

6.5 %

Tranquility Bay Beachfront Resort

$ 573.82

$ 604.79

(5.1) %

78.1 %

80.8 %

(2.7) %

$ 448.01

$ 488.71

(8.3) %

$ 578.96

$ 629.10

(8.0) %

Westin Boston Seaport District

$ 314.66

$ 302.46

4.0 %

89.3 %

88.1 %

1.2 %

$ 281.10

$ 266.47

5.5 %

$ 444.69

$ 411.91

8.0 %

Westin Fort Lauderdale Beach Resort

$ 249.04

$ 250.54

(0.6) %

78.7 %

78.9 %

(0.2) %

$ 196.04

$ 197.60

(0.8) %

$ 390.68

$ 419.31

(6.8) %

Westin San Diego Bayview

$ 241.02

$ 247.02

(2.4) %

82.9 %

— %

$ 199.84

$ 204.83

(2.4) %

$ 270.43

$ 267.17

1.2 %

Worthington Renaissance Fort Worth Hotel

$ 211.59

$ 203.94

3.8 %

71.7 %

76.3 %

(4.6) %

$ 151.71

$ 155.59

(2.5) %

$ 287.38

$ 295.97

(2.9) %

Comparable Total (2)

$ 308.50

$ 294.88

4.6 %

78.1 %

76.3 %

1.8 %

$ 240.79

$ 225.03

7.0 %

$ 370.06

$ 350.49

5.6 %

(1)

During the fourth quarter 2025, Orchards Inn Sedona and L'Auberge de Sedona were combined and now operate as one hotel. Amounts presented have been adjusted to reflect the combination.

(2)

Amounts exclude the Courtyard New York Manhattan/Fifth Avenue which was sold in 2026 and the Westin Washington D.C. City Center which was sold in 2025.

Operating Statistics – Year to Date

ADR

Occupancy

RevPAR

Total RevPAR

YTD 2026

YTD 2025

Change

YTD 2026

YTD 2025

Change

YTD 2026

YTD 2025

Change

YTD 2026

YTD 2025

Change

AC Hotel Minneapolis Downtown

$ 153.51

$ 146.65

4.7 %

55.9 %

54.6 %

1.3 %

$ 85.82

$ 80.10

7.1 %

$ 100.04

$ 93.62

6.9 %

Atlanta Marriott Alpharetta

$ 171.84

$ 165.65

3.7 %

64.4 %

67.3 %

(2.9) %

$ 110.72

$ 111.54

(0.7) %

$ 163.11

$ 158.63

2.8 %

Bourbon Orleans Hotel

$ 254.85

$ 260.70

(2.2) %

73.2 %

70.8 %

2.4 %

$ 186.47

$ 184.67

1.0 %

$ 252.36

$ 238.40

5.9 %

Cavallo Point, The Lodge at the Golden Gate

$ 609.91

$ 552.72

10.3 %

68.7 %

57.4 %

11.3 %

$ 419.29

$ 317.05

32.2 %

$ 1,088.36

$ 863.68

26.0 %

Chicago Marriott Downtown Magnificent Mile

$ 260.07

$ 252.45

3.0 %

60.8 %

57.5 %

3.3 %

$ 158.04

$ 145.11

8.9 %

$ 267.61

$ 253.34

5.6 %

Chico Hot Springs Resort & Day Spa

$ 209.99

$ 225.20

(6.8) %

54.0 %

61.8 %

(7.8) %

$ 113.49

$ 139.16

(18.4) %

$ 282.72

$ 329.64

(14.2) %

Courtyard Denver Downtown

$ 213.02

$ 201.74

5.6 %

78.7 %

77.8 %

0.9 %

$ 167.56

$ 156.90

6.8 %

$ 191.41

$ 175.45

9.1 %

Courtyard New York Manhattan/Fifth Avenue

$ 252.33

$ 250.95

0.5 %

92.9 %

95.2 %

(2.3) %

$ 234.30

$ 238.83

(1.9) %

$ 243.94

$ 244.17

(0.1) %

Courtyard New York Manhattan/Midtown East

$ 327.76

$ 304.09

7.8 %

77.3 %

89.7 %

(12.4) %

$ 253.46

$ 272.67

(7.0) %

$ 261.05

$ 282.28

(7.5) %

Embassy Suites by Hilton Bethesda

$ 179.97

$ 174.28

3.3 %

67.6 %

67.0 %

0.6 %

$ 121.74

$ 116.72

4.3 %

$ 141.45

$ 136.18

3.9 %

Havana Cabana Key West

$ 282.48

$ 293.04

(3.6) %

78.2 %

87.6 %

(9.4) %

$ 220.89

$ 256.83

(14.0) %

$ 317.21

$ 361.23

(12.2) %

Henderson Beach Resort

$ 408.26

$ 388.37

5.1 %

59.8 %

55.9 %

3.9 %

$ 244.31

$ 217.09

12.5 %

$ 468.67

$ 439.65

6.6 %

Henderson Park Inn

$ 646.22

$ 571.49

13.1 %

64.6 %

68.0 %

(3.4) %

$ 417.62

$ 388.70

7.4 %

$ 696.46

$ 648.77

7.4 %

Hilton Garden Inn New York/Times Square Central

$ 241.56

$ 255.78

(5.6) %

90.6 %

83.0 %

7.6 %

$ 218.91

$ 212.32

3.1 %

$ 246.86

$ 241.33

2.3 %

Hotel Champlain Burlington

$ 184.80

$ 179.80

2.8 %

60.8 %

65.6 %

(4.8) %

$ 112.33

$ 117.91

(4.7) %

$ 174.09

$ 178.07

(2.2) %

Hotel Clio

$ 327.57

$ 311.20

5.3 %

76.6 %

74.7 %

1.9 %

$ 250.80

$ 232.49

7.9 %

$ 412.16

$ 397.58

3.7 %

Hotel Emblem San Francisco

$ 252.92

$ 216.44

16.9 %

73.3 %

63.7 %

9.6 %

$ 185.44

$ 137.95

34.4 %

$ 221.32

$ 169.02

30.9 %

Kimpton Hotel Palomar Phoenix

$ 268.76

$ 257.26

4.5 %

76.5 %

72.2 %

4.3 %

$ 205.54

$ 185.78

10.6 %

$ 339.89

$ 297.55

14.2 %

Kimpton Shorebreak Fort Lauderdale Beach Resort

$ 243.42

$ 235.02

3.6 %

80.3 %

80.4 %

(0.1) %

$ 195.56

$ 188.87

3.5 %

$ 361.66

$ 356.35

1.5 %

Kimpton Shorebreak Huntington Beach Resort

$ 298.75

$ 298.15

0.2 %

80.2 %

77.8 %

2.4 %

$ 239.56

$ 231.86

3.3 %

$ 351.05

$ 359.91

(2.5) %

L'Auberge de Sedona (1)

$ 753.64

$ 804.86

(6.4) %

72.8 %

44.2 %

28.6 %

$ 548.40

$ 355.74

54.2 %

$ 923.47

$ 665.65

38.7 %

Lake Austin Spa Resort

$ 972.92

$ 1,050.08

(7.3) %

60.1 %

57.4 %

2.7 %

$ 584.56

$ 602.64

(3.0) %

$ 1,423.50

$ 1,459.90

(2.5) %

Margaritaville Beach House Key West

$ 431.86

$ 422.83

2.1 %

90.7 %

89.8 %

0.9 %

$ 391.75

$ 379.71

3.2 %

$ 520.03

$ 508.65

2.2 %

Salt Lake City Marriott Downtown at City Creek

$ 217.14

$ 208.48

4.2 %

73.4 %

71.0 %

2.4 %

$ 159.48

$ 147.93

7.8 %

$ 218.92

$ 202.94

7.9 %

The Dagny Boston

$ 307.32

$ 271.07

13.4 %

80.6 %

82.1 %

(1.5) %

$ 247.59

$ 222.60

11.2 %

$ 272.04

$ 251.40

8.2 %

The Gwen

$ 318.37

$ 295.44

7.8 %

72.4 %

73.2 %

(0.8) %

$ 230.40

$ 216.32

6.5 %

$ 338.03

$ 323.70

4.4 %

The Hythe Vail

$ 526.79

$ 529.96

(0.6) %

52.8 %

58.2 %

(5.4) %

$ 278.01

$ 308.39

(9.9) %

$ 415.55

$ 453.04

(8.3) %

The Landing Lake Tahoe Resort & Spa

$ 359.55

$ 357.07

0.7 %

55.8 %

54.2 %

1.6 %

$ 200.73

$ 193.41

3.8 %

$ 366.80

$ 366.50

0.1 %

The Lindy Renaissance Charleston Hotel

$ 367.96

$ 364.41

1.0 %

91.0 %

89.4 %

1.6 %

$ 335.02

$ 325.83

2.8 %

$ 430.84

$ 410.87

4.9 %

The Lodge at Sonoma Resort

$ 410.94

$ 400.40

2.6 %

68.3 %

67.5 %

0.8 %

$ 280.52

$ 270.37

3.8 %

$ 452.84

$ 445.58

1.6 %

Tranquility Bay Beachfront Resort

$ 635.14

$ 668.29

(5.0) %

78.3 %

79.8 %

(1.5) %

$ 497.44

$ 533.61

(6.8) %

$ 628.48

$ 678.94

(7.4) %

Westin Boston Seaport District

$ 277.67

$ 271.43

2.3 %

83.0 %

82.2 %

0.8 %

$ 230.54

$ 223.20

3.3 %

$ 374.88

$ 354.08

5.9 %

Westin Fort Lauderdale Beach Resort

$ 294.57

$ 291.78

1.0 %

81.8 %

81.7 %

0.1 %

$ 241.04

$ 238.29

1.2 %

$ 479.47

$ 495.17

(3.2) %

Westin San Diego Bayview

$ 236.51

$ 235.97

0.2 %

80.5 %

79.7 %

0.8 %

$ 190.27

$ 188.08

1.2 %

$ 267.58

$ 259.04

3.3 %

Worthington Renaissance Fort Worth Hotel

$ 213.18

$ 207.93

2.5 %

70.5 %

75.5 %

(5.0) %

$ 150.21

$ 157.01

(4.3) %

$ 283.56

$ 294.60

(3.7) %

Comparable Total (2)

$ 298.24

$ 287.45

3.8 %

72.2 %

71.5 %

0.7 %

$ 215.30

$ 205.47

4.8 %

$ 335.44

$ 321.94

4.2 %

(1)

During the fourth quarter 2025, Orchards Inn Sedona and L'Auberge de Sedona were combined and now operate as one hotel. Amounts presented have been adjusted to reflect the combination.

(2)

Amounts exclude the Courtyard New York Manhattan/Fifth Avenue which was sold in 2026 and the Westin Washington D.C. City Center which was sold in 2025.

Hotel Adjusted EBITDA Reconciliation - Second Quarter 2026

Net Income (Loss)

Plus:

Equals: Hotel

Adjusted EBITDA

Total Revenues

Depreciation

Interest Expense (1)

Adjustments (2)

AC Hotel Minneapolis Downtown

$ 2,953

$ 640

$ 316

$ —

$ 956

Atlanta Marriott Alpharetta

$ 4,853

$ 1,537

$ 405

$ —

$ 1,942

Bourbon Orleans Hotel

$ 4,984

$ 835

$ 1,218

$ —

$ 3

$ 2,056

Cavallo Point, The Lodge at the Golden Gate

$ 14,502

$ 2,828

$ 1,538

$ —

$ 94

$ 4,460

Chicago Marriott Downtown Magnificent Mile

$ 42,128

$ 18,107

$ 3,094

$ 6

$ (397)

$ 20,810

Chico Hot Springs Resort & Day Spa

$ 2,825

$ (500)

$ 489

$ —

$ 2

$ (9)

Courtyard Denver Downtown

$ 3,416

$ 1,245

$ 400

$ —

$ 1,645

Courtyard New York Manhattan/Fifth Avenue

$ 1,722

$ 343

$ —

$ 95

$ 70

$ 508

Courtyard New York Manhattan/Midtown East

$ 10,028

$ 2,510

$ 835

$ —

$ 3,345

Embassy Suites by Hilton Bethesda

$ 4,322

$ (893)

$ 456

$ —

$ 1,424

$ 987

Havana Cabana Key West

$ 2,852

$ 390

$ 312

$ —

$ 702

Henderson Beach Resort

$ 16,106

$ 4,610

$ 1,153

$ —

$ 5,763

Henderson Park Inn

$ 3,516

$ 1,702

$ 306

$ —

$ 2,008

Hilton Garden Inn New York/Times Square Central

$ 7,586

$ 1,649

$ 787

$ —

$ 2,436

Hotel Champlain Burlington

$ 5,454

$ 508

$ 813

$ —

$ 1,321

Hotel Clio

$ 8,253

$ 1,886

$ 695

$ —

$ (4)

$ 2,577

Hotel Emblem San Francisco

$ 1,663

$ 89

$ 193

$ —

$ 282

Kimpton Hotel Palomar Phoenix

$ 6,395

$ 482

$ 742

$ —

$ 186

$ 1,410

Kimpton Shorebreak Fort Lauderdale Beach Resort

$ 2,431

$ (51)

$ 371

$ —

$ 320

Kimpton Shorebreak Huntington Beach Resort

$ 5,147

$ 1,241

$ 353

$ —

$ 1,594

L'Auberge de Sedona (3)

$ 14,824

$ 5,039

$ 1,180

$ —

$ 42

$ 6,261

Lake Austin Spa Resort

$ 5,661

$ 1,095

$ 733

$ —

$ 1,828

Margaritaville Beach House Key West

$ 7,649

$ 2,593

$ 773

$ —

$ 3,366

Salt Lake City Marriott Downtown at City Creek

$ 10,226

$ 2,933

$ 1,056

$ —

$ 11

$ 4,000

The Dagny Boston

$ 13,250

$ 4,945

$ 1,599

$ —

$ 6,544

The Gwen

$ 13,219

$ 4,754

$ 765

$ —

$ 5,519

The Hythe Vail

$ 5,338

$ (1,178)

$ 774

$ —

$ (404)

The Landing Lake Tahoe Resort & Spa

$ 3,475

$ 683

$ 369

$ —

$ 1,052

The Lindy Renaissance Charleston Hotel

$ 7,340

$ 3,434

$ 366

$ —

$ 3,800

The Lodge at Sonoma Resort

$ 9,382

$ 2,949

$ 503

$ —

$ 3,452

Tranquility Bay Beachfront Resort

$ 5,427

$ 1,253

$ 491

$ —

$ 1,744

Westin Boston Seaport District

$ 32,090

$ 7,807

$ 2,276

$ —

$ (247)

$ 9,836

Westin Fort Lauderdale Beach Resort

$ 15,359

$ 2,909

$ 993

$ —

$ 3,902

Westin San Diego Bayview

$ 10,730

$ 2,055

$ 1,360

$ —

$ 3,415

Worthington Renaissance Fort Worth Hotel

$ 13,180

$ 3,350

$ 966

$ —

$ 4,316

Total

$ 318,286

$ 83,779

$ 28,680

$ 101

$ 1,184

$ 113,723

Less: Sold Hotel (4)

$ (1,722)

$ (343)

$ —

$ (95)

$ (70)

$ (508)

Comparable Total

$ 316,564

$ 83,436

$ 28,680

$ 6

$ 1,114

$ 113,215

(1)

Includes cash ground rent expense for Courtyard New York Manhattan/Fifth Avenue that is classified as interest expense as it is a financing lease for GAAP purposes.

(2)

Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities.

(3)

During the fourth quarter 2025, Orchards Inn Sedona and L'Auberge de Sedona were combined and now operate as one hotel. Amounts presented have been adjusted to reflect the combination.

(4)

Represents the operating results of the Courtyard New York Manhattan/Fifth Avenue sold in 2026.

Hotel Adjusted EBITDA Reconciliation - Second Quarter 2025

Net Income (Loss)

Plus:

Equals: Hotel

Total Revenues

Depreciation

Interest Expense (1)

Adjustments (2)

Adjusted EBITDA

AC Hotel Minneapolis Downtown

$ 2,746

$ 555

$ 298

$ —

$ 853

Atlanta Marriott Alpharetta

$ 4,343

$ 1,270

$ 378

$ —

$ 1,648

Bourbon Orleans Hotel

$ 4,301

$ 508

$ 1,109

$ —

$ 3

$ 1,620

Cavallo Point, The Lodge at the Golden Gate

$ 12,513

$ 2,266

$ 1,483

$ —

$ 94

$ 3,843

Chicago Marriott Downtown Magnificent Mile

$ 37,909

$ 8,420

$ 3,048

$ 6

$ (399)

$ 11,075

Chico Hot Springs Resort & Day Spa

$ 3,681

$ 335

$ 441

$ —

$ 776

Courtyard Denver Downtown

$ 3,480

$ 1,154

$ 386

$ —

$ 1,540

Courtyard New York Manhattan/Fifth Avenue

$ 5,721

$ 952

$ 344

$ 282

$ 206

$ 1,784

Courtyard New York Manhattan/Midtown East

$ 9,760

$ 2,773

$ 536

$ —

$ 3,309

Embassy Suites by Hilton Bethesda

$ 4,120

$ (988)

$ 482

$ —

$ 1,440

$ 934

Havana Cabana Key West

$ 2,929

$ 523

$ 235

$ —

$ 758

Henderson Beach Resort

$ 14,895

$ 4,032

$ 1,112

$ —

$ 5,144

Henderson Park Inn

$ 3,082

$ 1,427

$ 273

$ —

$ 1,700

Hilton Garden Inn New York/Times Square Central

$ 8,258

$ 1,972

$ 778

$ —

$ 2,750

Hotel Champlain Burlington

$ 5,362

$ 300

$ 782

$ —

$ 1,082

Hotel Clio

$ 8,328

$ 946

$ 848

$ 600

$ 5

$ 2,399

Hotel Emblem San Francisco

$ 1,423

$ (189)

$ 292

$ —

$ 103

Kimpton Hotel Palomar Phoenix

$ 5,621

$ 454

$ 509

$ —

$ 190

$ 1,153

Kimpton Shorebreak Fort Lauderdale Beach Resort

$ 2,546

$ (71)

$ 371

$ —

$ 300

Kimpton Shorebreak Huntington Beach Resort

$ 5,478

$ 1,632

$ 338

$ —

$ 1,970

L'Auberge de Sedona (3)

$ 10,607

$ 2,422

$ 764

$ —

$ 42

$ 3,228

Lake Austin Spa Resort

$ 6,104

$ 1,348

$ 719

$ —

$ 2,067

Margaritaville Beach House Key West

$ 7,633

$ 2,478

$ 760

$ —

$ 3,238

Salt Lake City Marriott Downtown at City Creek

$ 9,680

$ 2,690

$ 1,062

$ —

$ 11

$ 3,763

The Dagny Boston

$ 11,660

$ 3,377

$ 1,566

$ —

$ 4,943

The Gwen

$ 12,108

$ 3,058

$ 757

$ —

$ 3,815

The Hythe Vail

$ 6,013

$ (1,355)

$ 1,149

$ —

$ (206)

The Landing Lake Tahoe Resort & Spa

$ 3,278

$ 558

$ 315

$ —

$ 873

The Lindy Renaissance Charleston Hotel

$ 7,049

$ 3,167

$ 368

$ —

$ 3,535

The Lodge at Sonoma Resort

$ 8,812

$ 2,781

$ 478

$ —

$ 3,259

Tranquility Bay Beachfront Resort

$ 5,897

$ 1,519

$ 466

$ —

$ 1,985

Westin Boston Seaport District

$ 29,725

$ 5,158

$ 2,303

$ 1,884

$ (122)

$ 9,223

Westin Fort Lauderdale Beach Resort

$ 16,484

$ 2,172

$ 1,113

$ —

$ 3,285

Westin San Diego Bayview

$ 10,600

$ 1,818

$ 1,349

$ —

$ 3,167

Worthington Renaissance Fort Worth Hotel

$ 13,574

$ 3,258

$ 944

$ 263

$ —

$ 4,465

Total

$ 305,720

$ 62,720

$ 28,156

$ 3,035

$ 1,470

$ 95,360

Less: Sold Hotel (4)

$ (5,721)

$ (952)

$ (344)

$ (282)

$ (206)

$ (1,784)

Comparable Total

$ 299,999

$ 61,768

$ 27,812

$ 2,753

$ 1,264

$ 93,576

(1)

Includes cash ground rent expense for Courtyard New York Manhattan/Fifth Avenue that is classified as interest expense as it is a financing lease for GAAP purposes.

(2)

Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities.

(3)

During the fourth quarter 2025, Orchards Inn Sedona and L'Auberge de Sedona were combined and now operate as one hotel. Amounts presented have been adjusted to reflect the combination.

(4)

Represents the operating result of the Courtyard New York Manhattan/Fifth Avenue sold in 2026.

Hotel Adjusted EBITDA Reconciliation - Year to Date 2026

Total Revenues

Net Income (Loss)

Plus: Depreciation

Plus:

Interest Expense (1)

Plus:

Adjustments (2)

Equals: Hotel

Adjusted EBITDA

AC Hotel Minneapolis Downtown

$ 4,436

$ 239

$ 626

$ —

$ 865

Atlanta Marriott Alpharetta

$ 9,389

$ 2,966

$ 801

$ —

$ 3,767

Bourbon Orleans Hotel

$ 10,049

$ 1,907

$ 2,377

$ —

$ 6

$ 4,290

Cavallo Point, The Lodge at the Golden Gate

$ 27,973

$ 5,399

$ 3,100

$ —

$ 187

$ 8,686

Chicago Marriott Downtown Magnificent Mile

$ 58,126

$ 13,817

$ 6,191

$ 13

$ (795)

$ 19,226

Chico Hot Springs Resort & Day Spa

$ 5,987

$ (770)

$ 948

$ —

$ 1

$ 179

Courtyard Denver Downtown

$ 6,132

$ 1,939

$ 799

$ —

$ 2,738

Courtyard New York Manhattan/Fifth Avenue

$ 5,533

$ 14

$ 115

$ 377

$ 280

$ 786

Courtyard New York Manhattan/Midtown East

$ 15,167

$ 1,657

$ 1,380

$ —

$ 3,037

Embassy Suites by Hilton Bethesda

$ 6,964

$ (2,795)

$ 923

$ —

$ 2,859

$ 987

Havana Cabana Key West

$ 6,086

$ 1,213

$ 574

$ —

$ 1,787

Henderson Beach Resort

$ 22,904

$ 4,156

$ 2,296

$ —

$ 6,452

Henderson Park Inn

$ 4,664

$ 1,560

$ 604

$ —

$ 2,164

Hilton Garden Inn New York/Times Square Central

$ 12,600

$ 1,124

$ 1,576

$ —

$ 2,700

Hotel Champlain Burlington

$ 8,040

$ (794)

$ 1,622

$ —

$ 828

Hotel Clio

$ 14,846

$ 2,415

$ 1,497

$ —

$ 3,912

Hotel Emblem San Francisco

$ 3,846

$ 660

$ 387

$ —

$ 1,047

Kimpton Hotel Palomar Phoenix

$ 14,888

$ 2,765

$ 1,424

$ —

$ 375

$ 4,564

Kimpton Shorebreak Fort Lauderdale Beach Resort

$ 6,284

$ 915

$ 742

$ —

$ 1,657

Kimpton Shorebreak Huntington Beach Resort

$ 9,976

$ 2,029

$ 703

$ —

$ 2,732

L'Auberge de Sedona (3)

$ 26,409

$ 8,119

$ 2,350

$ —

$ 84

$ 10,553

Lake Austin Spa Resort

$ 10,306

$ 1,489

$ 1,458

$ —

$ 2,947

Margaritaville Beach House Key West

$ 17,507

$ 7,115

$ 1,542

$ —

$ 8,657

Salt Lake City Marriott Downtown at City Creek

$ 20,208

$ 5,795

$ 2,160

$ —

$ 21

$ 7,976

The Dagny Boston

$ 19,844

$ 3,910

$ 3,193

$ —

$ 7,103

The Gwen

$ 19,028

$ 2,788

$ 1,529

$ —

$ 4,317

The Hythe Vail

$ 25,874

$ 8,879

$ 1,551

$ —

$ 10,430

The Landing Lake Tahoe Resort & Spa

$ 5,444

$ 336

$ 722

$ —

$ 1,058

The Lindy Renaissance Charleston Hotel

$ 13,023

$ 5,560

$ 739

$ —

$ 6,299

The Lodge at Sonoma Resort

$ 14,918

$ 3,215

$ 1,005

$ —

$ 4,220

Tranquility Bay Beachfront Resort

$ 11,717

$ 2,732

$ 965

$ —

$ 3,697

Westin Boston Seaport District

$ 53,806

$ 8,314

$ 4,570

$ —

$ (495)

$ 12,389

Westin Fort Lauderdale Beach Resort

$ 37,490

$ 10,927

$ 1,976

$ —

$ 12,903

Westin San Diego Bayview

$ 21,116

$ 4,070

$ 2,719

$ —

$ 6,789

Worthington Renaissance Fort Worth Hotel

$ 25,868

$ 6,243

$ 1,918

$ —

$ 8,161

Total

$ 576,448

$ 119,908

$ 57,082

$ 390

$ 2,523

$ 179,879

Less: Sold Hotel (4)

$ (5,533)

$ (14)

$ (115)

$ (377)

$ (280)

$ (786)

Comparable Total

$ 570,915

$ 119,894

$ 56,967

$ 13

$ 2,243

$ 179,093

(1)

Includes cash ground rent expense for Courtyard New York Manhattan/Fifth Avenue that is classified as interest expense as it is a financing lease for GAAP purposes.

(2)

Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities.

(3)

During the fourth quarter 2025, Orchards Inn Sedona and L'Auberge de Sedona were combined and now operate as one hotel. Amounts presented have been adjusted to reflect the combination.

(4)

Represents the operating results of the Courtyard New York Manhattan/Fifth Avenue sold in 2026.

Hotel Adjusted EBITDA Reconciliation - Year to Date 2025

Net Income (Loss)

Plus: Depreciation

Plus:

Interest Expense (1)

Plus:

Adjustments (2)

Equals: Hotel

Adjusted EBITDA

Total Revenues

AC Hotel Minneapolis Downtown

$ 4,151

$ 192

$ 595

$ —

$ 787

Atlanta Marriott Alpharetta

$ 9,131

$ 2,875

$ 741

$ —

$ 3,616

Bourbon Orleans Hotel

$ 9,493

$ 1,877

$ 2,166

$ —

$ 6

$ 4,049

Cavallo Point, The Lodge at the Golden Gate

$ 22,198

$ 1,999

$ 2,939

$ —

$ 187

$ 5,125

Chicago Marriott Downtown Magnificent Mile

$ 55,024

$ 5,402

$ 6,158

$ 12

$ (793)

$ 10,779

Chico Hot Springs Resort & Day Spa

$ 6,981

$ 99

$ 871

$ —

$ 970

Courtyard Denver Downtown

$ 5,621

$ 1,285

$ 769

$ —

$ 2,054

Courtyard New York Manhattan/Fifth Avenue

$ 9,404

$ 308

$ 686

$ 567

$ 403

$ 1,964

Courtyard New York Manhattan/Midtown East

$ 16,401

$ 3,055

$ 1,066

$ —

$ 4,121

Embassy Suites by Hilton Bethesda

$ 6,705

$ (2,959)

$ 1,028

$ —

$ 2,889

$ 958

Havana Cabana Key West

$ 6,931

$ 1,886

$ 548

$ —

$ 2,434

Henderson Beach Resort

$ 21,486

$ 3,098

$ 2,222

$ —

$ 5,320

Henderson Park Inn

$ 4,345

$ 1,394

$ 551

$ —

$ 1,945

Hilton Garden Inn New York/Times Square Central

$ 12,318

$ 886

$ 1,436

$ —

$ 2,322

Hotel Champlain Burlington

$ 8,315

$ (919)

$ 1,562

$ —

$ 643

Hotel Clio

$ 14,320

$ 244

$ 1,702

$ 1,200

$ 10

$ 3,156

Hotel Emblem San Francisco

$ 2,937

$ (245)

$ 586

$ —

$ 341

Kimpton Hotel Palomar Phoenix

$ 13,033

$ 2,410

$ 1,016

$ —

$ 383

$ 3,809

Kimpton Shorebreak Fort Lauderdale Beach Resort

$ 6,192

$ 625

$ 740

$ —

$ 1,365

Kimpton Shorebreak Huntington Beach Resort

$ 10,228

$ 2,465

$ 680

$ —

$ 3,145

L'Auberge de Sedona (3)

$ 19,036

$ 3,893

$ 1,270

$ —

$ 84

$ 5,247

Lake Austin Spa Resort

$ 10,570

$ 1,629

$ 1,435

$ —

$ 3,064

Margaritaville Beach House Key West

$ 17,124

$ 6,430

$ 1,520

$ —

$ 7,950

Salt Lake City Marriott Downtown at City Creek

$ 18,734

$ 5,264

$ 2,110

$ —

$ 21

$ 7,395

The Dagny Boston

$ 18,338

$ 2,391

$ 3,126

$ —

$ 5,517

The Gwen

$ 18,221

$ 1,433

$ 1,511

$ —

$ 2,944

The Hythe Vail

$ 28,208

$ 9,245

$ 2,310

$ —

$ 11,555

The Landing Lake Tahoe Resort & Spa

$ 5,440

$ 446

$ 634

$ —

$ 1,080

The Lindy Renaissance Charleston Hotel

$ 12,419

$ 5,091

$ 731

$ —

$ 5,822

The Lodge at Sonoma Resort

$ 14,678

$ 3,217

$ 971

$ —

$ 4,188

Tranquility Bay Beachfront Resort

$ 12,657

$ 3,453

$ 934

$ —

$ 4,387

Westin Boston Seaport District

$ 50,822

$ 3,990

$ 4,604

$ 3,761

$ (245)

$ 12,110

Westin Fort Lauderdale Beach Resort

$ 38,718

$ 9,501

$ 2,227

$ —

$ 11,728

Westin San Diego Bayview

$ 20,442

$ 3,435

$ 2,698

$ —

$ 6,133

Westin Washington D.C. City Center

$ 3,077

$ 331

$ —

$ 331

Worthington Renaissance Fort Worth Hotel

$ 26,875

$ 5,862

$ 1,905

$ 940

$ —

$ 8,707

Total

$ 560,573

$ 91,588

$ 56,048

$ 6,480

$ 2,945

$ 157,024

Less: Sold Hotels (4)

$ (12,481)

$ (639)

$ (686)

$ (567)

$ (403)

$ (2,295)

Comparable Total

$ 548,092

$ 90,949

$ 55,362

$ 5,913

$ 2,542

$ 154,729

(1)

Includes cash ground rent expense for Courtyard New York Manhattan/Fifth Avenue that is classified as interest expense as it is a financing lease for GAAP purposes.

(2)

Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities.

(3)

During the fourth quarter 2025, Orchards Inn Sedona and L'Auberge de Sedona were combined and now operate as one hotel. Amounts presented have been adjusted to reflect the combination.

(4)

Represents the operating result of the Courtyard New York Manhattan/Fifth Avenue sold in 2026 and the Westin Washington D.C. City Center sold in 2025.

SOURCE DiamondRock Hospitality Company