Exhibit 99.2

Supplemental Financial Information
August 8, 2016

Supplemental Financial Information For the quarter ended June 30, 2016 August 8, 2016

Supplemental Financial Information
August 8, 2016

Table of Contents

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR						4
About Sunstone						5
Forward-Looking Statement						6
Non-GAAP Financial Measures						7
CORPORATE FINANCIAL INFORMATION						10
Condensed Consolidated Balance Sheets Q2 2016 – Q2 2015						11
Consolidated Statements of Operations Q2 and YTD 2016/2015						13
Reconciliation of Net Income to EBITDA and Adjusted EBITDA Q2 and YTD 2016/2015						14
Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders Q2 and YTD 2016/2015						15
Pro Forma Consolidated Statements of Operations Q2 2016 – Q3 2015, FY 2015						16
Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA Q1 2016						17
Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders Q1 2016						18
Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA Q2 2016						19
Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders Q2 2016						20
Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA Q2 YTD 2016						21
Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders Q2 YTD 2016						22
Pro Forma Reconciliation of Net Income to EBITDA, Adjusted EBITDA, FFO and Adjusted FFO Attributable to Common Stockholders 2016 Footnotes						23
Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA Q1 2015						24
Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders Q1 2015						25
Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA Q2 2015						26
Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders Q2 2015						27
Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA Q3 2015						28
Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders Q3 2015						29

Supplemental Financial Information
August 8, 2016

Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA Q4 2015	30
Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders Q4 2015	31
Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA FY 2015	32
Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders FY 2015	33
Pro Forma Reconciliation of Net Income to EBITDA, Adjusted EBITDA, FFO and Adjusted FFO Attributable to Common Stockholders 2015 Footnotes	34
EARNINGS GUIDANCE	35
Earnings Guidance for Q3 and FY 2016	36
Reconciliation of Net Income to Adjusted EBITDA and Adjusted FFO Attributable to Common Stockholders Q3 and FY 2016	38
CAPITALIZATION	39
Comparative Capitalization Q2 2016 – Q2 2015	40
Consolidated Debt Summary Schedule	41
Consolidated Amortization and Debt Maturity Schedule	42
PROPERTY-LEVEL DATA	43
Hotel Information as of June 30, 2016	44
PROPERTY-LEVEL OPERATING STATISTICS	45
Property-Level Operating Statistics Q2 2016/2015	46
Property-Level Operating Statistics Q2 YTD 2016/2015	47
OPERATING STATISTICS BY BRAND & GEOGRAPHY	48
Comparable Portfolio Operating Statistics by Brand Q2 and YTD 2016/2015	49
Comparable Portfolio Property-Level Trailing 12 Month Adjusted EBITDA Contribution by Brand	50
Comparable Portfolio Operating Statistics by Region Q2 and YTD 2016/2015	51
PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS	52
Property-Level Adjusted EBITDA Q2 and YTD 2016/2015	53
Property-Level Adjusted EBITDA Q2 and YTD 2016/2015 Footnotes	54

Supplemental Financial Information
August 8, 2016

Property-Level Adjusted EBITDA Margins Q2 and YTD 2016/2015	55
Property-Level Adjusted EBITDA Margins Q2 and YTD 2016/2015 Footnotes	56
Property-Level Adjusted EBITDA Reconciliation Q1 2016	57
Property-Level Adjusted EBITDA Reconciliation Q1 2015	58
Property-Level Adjusted EBITDA Reconciliation Q1 2016/2015 Footnotes	59
Property-Level Adjusted EBITDA Reconciliation Q2 2016	60
Property-Level Adjusted EBITDA Reconciliation Q2 2015	61
Property-Level Adjusted EBITDA Reconciliation Q2 2016/2015 Footnotes	62
Property-Level Adjusted EBITDA Reconciliation Q2 YTD 2016	63
Property-Level Adjusted EBITDA Reconciliation Q2 YTD 2015	64
Property-Level Adjusted EBITDA Reconciliation Q2 YTD 2016/2015 Footnotes	65

Supplemental Financial Information
August 8, 2016

CORPORATE PROFILE, FINANCIAL DISCLOSURES,
AND SAFE HARBOR

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR							Page 4

Supplemental Financial Information
August 8, 2016

About Sunstone

Sunstone Hotel Investors, Inc. (NYSE:SHO) is a lodging real estate investment trust (REIT) that, as of August 8, 2016, has interests in 28 hotels held for investment comprised of 13,648 rooms. Sunstone’s hotels are primarily in the urban, upper upscale segment and are operated under nationally recognized brands, such as Marriott, Hilton, Hyatt and Fairmont.

Sunstone’s mission is to create meaningful value for our stockholders by producing superior long-term returns. Our values include transparency, trust, ethical conduct, communication and discipline. As demand for lodging generally fluctuates with the overall economy, we seek to employ a balanced strategy focused on long-term value creation.

Corporate Headquarters
120 Vantis,  Suite 350
Aliso Viejo, CA 92656
(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

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR							Page 5

Supplemental Financial Information
August 8, 2016

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: volatility in the debt or equity markets affecting our ability to acquire or sell hotel assets; international, national and local economic and business conditions, including the likelihood of a U.S. recession, changes in the European Union or global economic slowdown, as well as any type of flu or disease-related pandemic, affecting the lodging and travel industry; the ability to maintain sufficient liquidity and our access to capital markets; potential terrorist attacks or civil unrest, which would affect occupancy rates at our hotels and the demand for hotel products and services; operating risks associated with the hotel business; risks associated with the level of our indebtedness and our ability to meet covenants in our debt and equity agreements; relationships with property managers and franchisors; our ability to maintain our properties in a first-class manner, including meeting capital expenditure requirements; our ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in travel patterns, taxes and government regulations, which influence or determine wages, prices, construction procedures and costs; our ability to identify, successfully compete for and complete acquisitions; the performance of hotels after they are acquired; necessary capital expenditures and our ability to fund them and complete them with minimum disruption; our ability to continue to satisfy complex rules in order for us to qualify as a REIT for federal income tax purposes; and other risks and uncertainties associated with our business described in the Company’s filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All forward-looking information in this presentation is as of August 8, 2016, 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 should be read in conjunction 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							Page 6

Supplemental Financial Information
August 8, 2016

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, or EBITDA; Adjusted EBITDA (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 EBITDA; and hotel Adjusted EBITDA margin. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with GAAP. EBITDA, Adjusted EBITDA, FFO attributable to common stockholders, Adjusted FFO attributable to common stockholders, hotel Adjusted EBITDA and hotel Adjusted EBITDA margin as calculated by us, may not be comparable to other companies that do not define such terms exactly the same as the Company does. 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 operating profit, 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.

EBITDA and Adjusted EBITDA are commonly used measures of performance in many industries. We believe EBITDA and Adjusted EBITDA are useful to investors in evaluating our operating performance because these measures 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) from our operating results. We also believe the use of EBITDA and Adjusted EBITDA facilitate comparisons between us and other lodging REITs, hotel owners who are not REITs and other capital-intensive companies. In addition, certain covenants included in our indebtedness use EBITDA as a measure of financial compliance. We also use EBITDA and Adjusted EBITDA as measures in determining the value of hotel acquisitions and dispositions.

Historically, we have adjusted EBITDA 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 EBITDA, when combined with the primary GAAP presentation of net income, is beneficial to an investor’s complete understanding of our operating performance.

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, amortization of lease intangibles, 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 the National Association of Real Estate Investment Trusts’ (“NAREIT”) definition of “FFO applicable to common shares.” This 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.

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.

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR							Page 7

Supplemental Financial Information
August 8, 2016

We adjust EBITDA and FFO attributable to common stockholders for the following items, which may occur in any period, and refer to these measures as either Adjusted EBITDA 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 Hilton New Orleans St. Charles, the Hyatt Regency San Francisco and the Wailea Beach Marriott Resort & Spa. The amortization of favorable and unfavorable contracts does not reflect the underlying performance of our hotels.

· Ground rent adjustments: we exclude the noncash expense incurred from straight-lining our ground lease obligations as this expense does not reflect the underlying performance of our hotels.

· 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 completed acquisitions classified as 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.

· Noncontrolling interests: we deduct the noncontrolling partner’s pro rata share of any EBITDA or FFO adjustments related to our consolidated Hilton San Diego Bayfront partnership, as well as any preferred dividends earned by preferred investors in an entity that owned the Doubletree Guest Suites Times Square, including related administrative fees, prior to the hotel’s sale in December 2015.

· 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 because they do not reflect our actual performance for that period.

· Impairment losses: we exclude the effect of impairment losses because we believe that including them in Adjusted EBITDA and Adjusted FFO attributable to common stockholders is not consistent with reflecting the ongoing performance of our remaining assets.

· Other adjustments: we exclude other adjustments such as executive severance costs, lawsuit settlement costs, prior year property tax adjustments and fees, property-level restructuring, severance and management transition costs, lease terminations and any gains or losses we have recognized on sales or redemptions of assets other than real estate investments because we do not believe these costs reflect our actual performance for that period and/or the ongoing operations of our hotels.

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR							Page 8

Supplemental Financial Information
August 8, 2016

In addition, to derive Adjusted EBITDA we exclude the noncash expense incurred with the amortization of deferred stock compensation as this expense does not reflect the underlying performance of our hotels. We also include an adjustment for the cash ground lease expense recorded on the Hyatt Chicago Magnificent Mile’s building lease. Upon acquisition of this hotel, we determined that the building lease was a capital lease, and, therefore, we include a portion of the capital lease payment each month in interest expense. We include an adjustment for ground lease expense on capital leases in order to more accurately reflect the operating performance of the Hyatt Chicago Magnificent Mile. We also exclude the effect of gains and losses on the disposition of depreciable assets because we believe that including them in Adjusted EBITDA is not consistent with reflecting the ongoing performance of our assets. In addition, material gains or losses from the depreciated value of the disposed assets could be less important to investors given that the depreciated asset value often does not reflect its market value.

To derive Adjusted FFO attributable to common stockholders, we also exclude the noncash gains or losses on our derivatives, as well as any federal and state taxes associated with the application of net operating loss carryforwards or with the sale of assets other than real estate investments. We believe that these items are not reflective of our ongoing finance costs.

Reconciliations of net income to EBITDA and Adjusted EBITDA are set forth on page 14 of this supplemental package. Reconciliations of net income to FFO attributable to common stockholders and Adjusted FFO attributable to common stockholders are set forth on page 15 of this supplemental package.

Our 27 comparable hotel portfolio is comprised of our total portfolio with the exception of the Wailea Beach Marriott Resort & Spa due to its extensive repositioning disruption during the fourth quarter of 2015 as well as all of 2016. We believe that providing comparable hotel data is useful to us and to investors in evaluating our operating performance because this measure helps us and investors evaluate and compare the results of our operations from period to period by removing the fluctuations caused by any acquisitions or dispositions, as well as by those hotels that we classify as held for sale, those hotels that are undergoing a material renovation or repositioning and those hotels whose room counts have materially changed during either the current or prior year. We strongly encourage investors to review our financial information in its entirety and not to rely on a single financial measure.

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR							Page 9

Supplemental Financial Information
August 8, 2016

CORPORATE FINANCIAL INFORMATION

CORPORATE FINANCIAL INFORMATION							Page 10

Supplemental Financial Information
August 8, 2016

Condensed Consolidated Balance Sheets
Q2 2016 – Q2 2015

(In thousands)	June 30, 2016 (1)		March 31, 2016 (2)		December 31, 2015 (3)		September 30, 2015 (4)		June 30, 2015 (5)
Assets
Investment in hotel properties:
Land	$	542,660	$	542,660	$	542,660	$	570,011	$	570,011
Buildings & improvements		3,118,115		3,130,034		3,109,562		3,300,555		3,276,598
Furniture, fixtures, & equipment		492,275		491,464		480,832		486,333		471,193
Other		190,358		168,171		144,305		227,660		233,753
		4,343,408		4,332,329		4,277,359		4,584,559		4,551,555
Less accumulated depreciation & amortization		(1,111,739)		(1,088,354)		(1,048,349)		(1,061,269)		(1,019,399)
		3,231,669		3,243,975		3,229,010		3,523,290		3,532,156
Other assets, net (6)		12,300		12,388		14,696		13,450		29,608
Current assets:
Cash and cash equivalents		354,682		396,669		499,067		176,190		98,760
Restricted cash		62,335		68,313		76,180		91,541		88,456
Other current assets, net		56,154		60,445		44,298		61,058		65,140
Total assets	$	3,717,140	$	3,781,790	$	3,863,251	$	3,865,529	$	3,814,120

*Footnotes on following page.

CORPORATE FINANCIAL INFORMATION							Page 11

Supplemental Financial Information
August 8, 2016

Condensed Consolidated Balance Sheets
Q2 2016 – Q2 2015 (cont.)

(In thousands)	June 30, 2016 (1)		March 31, 2016 (2)		December 31, 2015 (3)		September 30, 2015 (4)		June 30, 2015 (5)
Liabilities
Current liabilities:
Current portion of notes payable, net (6)	$	251,719	$	149,021	$	85,776	$	205,216	$	134,183
Other current liabilities		114,258		117,442		365,217		126,967		118,601
Total current liabilities		365,977		266,463		450,993		332,183		252,784
Notes payable, less current portion, net (6)		751,096		929,390		1,010,819		1,101,693		1,177,796
Capital lease obligations, less current portion		15,575		15,575		15,575		15,575		15,576
Other liabilities		44,945		41,052		34,744		35,258		35,265
Total liabilities		1,177,593		1,252,480		1,512,131		1,484,709		1,481,421
Equity
Stockholders' equity:
8.0% Series D cumulative redeemable preferred stock		—		115,000		115,000		115,000		115,000
6.95% Series E cumulative redeemable preferred stock		115,000		115,000		—		—		—
6.45% Series F cumulative redeemable preferred stock		75,000		—		—		—		—
Common stock, $0.01 par value, 500,000,000 shares authorized		2,166		2,165		2,076		2,076		2,076
Additional paid in capital (7)		2,539,278		2,535,141		2,458,889		2,457,566		2,456,604
Retained earnings (7)		716,351		652,270		652,704		416,804		355,702
Cumulative dividends and distributions		(959,072)		(941,460)		(927,868)		(662,744)		(650,014)
Total stockholders' equity		2,488,723		2,478,116		2,300,801		2,328,702		2,279,368
Noncontrolling interests in consolidated joint ventures		50,824		51,194		50,319		52,118		53,331
Total equity		2,539,547		2,529,310		2,351,120		2,380,820		2,332,699
Total liabilities and equity	$	3,717,140	$	3,781,790	$	3,863,251	$	3,865,529	$	3,814,120

(1) As presented on Form 10-Q to be filed in August 2016.

(2) As presented on Form 10-Q filed May 2, 2016.

(3) As presented on Form 10-K filed February 23, 2016.

(4) As presented on Form 10-Q filed November 3, 2015.

(5) As presented on Form 10-Q filed August 7, 2015.

(6) Reflects the adoption of Accounting Standards Update No. 2015-03.

(7) Reflects the adoption of Accounting Standards Update No. 2016-09.

CORPORATE FINANCIAL INFORMATION							Page 12

Supplemental Financial Information
August 8, 2016

Consolidated Statements of Operations
Q2 and YTD 2016/2015

		Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except per share data)		2016		2015		2016		2015
Revenues
Room	$	224,176	$	239,678	$	411,473	$	432,969
Food and beverage		81,298		79,265		152,532		151,449
Other operating		16,686		20,324		32,447		39,234
Total revenues		322,160		339,267		596,452		623,652
Operating expenses
Room		54,517		57,568		105,561		111,410
Food and beverage		52,939		52,812		104,868		103,031
Other operating		4,132		5,337		8,188		10,468
Advertising and promotion		15,277		15,567		30,270		30,927
Repairs and maintenance		10,999		11,381		22,263		22,939
Utilities		7,348		8,377		14,862		17,362
Franchise costs		9,898		10,818		17,994		19,418
Property tax, ground lease and insurance		18,157		23,151		40,997		46,764
Property general and administrative		37,982		37,107		72,695		71,556
Corporate overhead		6,809		6,923		13,526		21,176
Depreciation and amortization		40,680		40,873		80,727		81,580
Total operating expenses		258,738		269,914		511,951		536,631
Operating income		63,422		69,353		84,501		87,021
Interest and other income		355		1,828		844		2,774
Interest expense		(15,872)		(17,289)		(35,882)		(34,615)
Loss on extinguishment of debt		(154)		(2)		(259)		(2)
Gain on sale of assets		18,223		—		18,223		—
Income before income taxes		65,974		53,890		67,427		55,178
Income tax provision		(238)		(233)		(475)		(318)
Net income		65,736		53,657		66,952		54,860
Income from consolidated joint ventures attributable to noncontrolling interests		(1,655)		(2,480)		(3,305)		(4,661)
Preferred stock dividends and redemption charge		(6,783)		(2,300)		(9,549)		(4,600)
Income attributable to common stockholders	$	57,298	$	48,877	$	54,098	$	45,599
Basic and diluted per share amounts:
Basic and diluted income attributable to common stockholders per common share	$	0.26	$	0.23	$	0.25	$	0.22
Basic and diluted weighted average common shares outstanding		215,385		207,577		214,136		207,091
Distributions declared per common share	$	0.05	$	0.05	$	0.10	$	0.10

CORPORATE FINANCIAL INFORMATION							Page 13

Supplemental Financial Information
August 8, 2016

Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Q2 and YTD 2016/2015

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)		2016		2015		2016		2015
Net income	$	65,736	$	53,657	$	66,952	$	54,860
Operations held for investment:
Depreciation and amortization		40,680		40,873		80,727		81,580
Amortization of lease intangibles		64		1,029		127		2,057
Interest expense		15,872		17,289		35,882		34,615
Income tax provision		238		233		475		318
Noncontrolling interests:
Income from consolidated joint ventures attributable to noncontrolling interests		(1,655)		(2,480)		(3,305)		(4,661)
Depreciation and amortization		(870)		(854)		(1,735)		(1,701)
Interest expense		(414)		(385)		(827)		(763)
EBITDA		119,651		109,362		178,296		166,305
Operations held for investment:
Amortization of deferred stock compensation		2,463		1,786		4,077		4,681
Amortization of favorable and unfavorable contracts, net		19		42		15		(179)
Noncash straight-line lease expense		460		491		948		995
Capital lease obligation interest - cash ground rent		(351)		(351)		(702)		(702)
Gain on sale of assets, net		(18,227)		(1)		(18,234)		(1)
Loss on extinguishment of debt		154		2		259		2
Gain on redemption of note receivable		—		(939)		—		(939)
Prior year property tax adjustments, net		(3,943)		88		(4,040)		(100)
Property-level restructuring, severance and management transition costs		—		—		1,560		683
Lease termination costs		1,000		—		1,000		300
Costs associated with CEO severance		—		—		—		5,257
Noncontrolling interests:
Noncash straight-line lease expense		(112)		(112)		(225)		(225)
		(18,537)		1,006		(15,342)		9,772
Adjusted EBITDA	$	101,114	$	110,368	$	162,954	$	176,077

CORPORATE FINANCIAL INFORMATION							Page 14

Supplemental Financial Information
August 8, 2016

Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders
Q2 and YTD 2016/2015

	Three Months Ended June 30,					Six Months Ended June 30,
(In thousands, except per share data)		2016		2015		2016		2015
Net income	$	65,736	$	53,657	$	66,952	$	54,860
Preferred stock dividends and redemption charge		(6,783)		(2,300)		(9,549)		(4,600)
Operations held for investment:
Real estate depreciation and amortization		40,526		40,477		80,419		80,787
Amortization of lease intangibles		64		1,029		127		2,057
Gain on sale of assets, net		(18,227)		(1)		(18,234)		(1)
Noncontrolling interests:
Income from consolidated joint ventures attributable to noncontrolling interests		(1,655)		(2,480)		(3,305)		(4,661)
Real estate depreciation and amortization		(870)		(854)		(1,735)		(1,701)
FFO attributable to common stockholders		78,791		89,528		114,675		126,741
Operations held for investment:
Write-off of deferred financing fees		—		455		—		455
Amortization of favorable and unfavorable contracts, net		19		42		15		(179)
Noncash straight-line lease expense		460		491		948		995
Noncash interest related to loss on derivatives, net		2,782		10		9,184		10
Loss on extinguishment of debt		154		2		259		2
Gain on redemption of note receivable		—		(939)		—		(939)
Prior year property tax adjustments, net		(3,943)		88		(4,040)		(100)
Property-level restructuring, severance and management transition costs		—		—		1,560		683
Lease termination costs		1,000		—		1,000		300
Preferred stock redemption charge		4,052		—		4,052		—
Costs associated with CEO severance		—		—		—		5,257
Amortization of deferred stock compensation associated with CEO severance		—		—		—		1,623
Noncontrolling interests:
Noncash straight-line lease expense		(112)		(112)		(225)		(225)
Noncash interest related to loss on derivative		—		(2)		—		(2)
		4,412		35		12,753		7,880
Adjusted FFO attributable to common stockholders	$	83,203	$	89,563	$	127,428	$	134,621
FFO attributable to common stockholders per diluted share	$	0.37	$	0.43	$	0.54	$	0.61
Adjusted FFO attributable to common stockholders per diluted share	$	0.39	$	0.43	$	0.59	$	0.65
Basic weighted average shares outstanding		215,385		207,577		214,136		207,091
Shares associated with unvested restricted stock awards		116		183		100		291
Diluted weighted average shares outstanding		215,501		207,760		214,236		207,382

CORPORATE FINANCIAL INFORMATION							Page 15

Supplemental Financial Information
August 8, 2016

Pro Forma Consolidated Statements of Operations
Q2 2016 – Q3 2015, FY 2015

	Three Months Ended (1)								Year Ended (1)
(Unaudited and in thousands)		June 30,		March 31,		Dec. 31,		Sept. 30,		Dec. 31,
		2016		2016		2015		2015		2015
Revenues
Room	$	223,199	$	184,926	$	191,893	$	215,593	$	811,166
Food and beverage		80,796		70,302		72,041		65,913		285,570
Other operating		16,674		15,709		17,847		18,460		68,330
Total revenues		320,669		270,937		281,781		299,966		1,165,066
Operating Expenses
Room		54,301		50,523		50,143		53,582		206,353
Food and beverage		52,663		51,404		49,777		48,288		197,552
Other expenses		103,238		102,127		98,237		104,170		402,421
Corporate overhead		6,809		6,717		6,117		6,046		33,339
Depreciation and amortization		40,549		39,650		40,324		39,069		156,488
Total operating expenses		257,560		250,421		244,598		251,155		996,153
Operating Income		63,109		20,516		37,183		48,811		168,913
Interest and other income		355		489		535		400		2,327
Interest expense		(15,872)		(20,010)		(14,043)		(14,693)		(59,966)
Loss on extinguishment of debt		(154)		(105)		(26)		—		(28)
Income before income taxes		47,438		890		23,649		34,518		111,246
Income tax provision		(238)		(237)		(178)		(218)		(714)
Income from continuing operations	$	47,200	$	653	$	23,471	$	34,300	$	110,532
Adjusted EBITDA (2)	$	100,670	$	60,880	$	74,953	$	85,666	$	324,741

(1) Includes the Company's ownership results for the 28 hotel portfolio held for investment by the Company as of June 30, 2016. Excludes the Company's ownership results for the Sheraton Cerritos, the Doubletree Guest Suites Times Square and BuyEfficient due to their sales in May 2016, December 2015 and September 2015, respectively.

(2) The Adjusted EBITDA reconciliations for Q1 2016, Q2 2016, Q3 2015, Q4 2015 and full year 2015 can be found on pages 17, 19, 28, 30 and 32, respectively, of this supplemental package.

CORPORATE FINANCIAL INFORMATION							Page 16

Supplemental Financial Information
August 8, 2016

Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Q1 2016

	Three Months Ended March 31, 2016
				Disposition:
				Sheraton	Pro
(In thousands, except per share amounts)	Actual (1)			Cerritos (2)	Forma (3)
Net income	$	1,216	$	(563)	$	653
Operations held for investment:
Depreciation and amortization		40,047		(397)		39,650
Amortization of lease intangibles		63		—		63
Interest expense		20,010		—		20,010
Income tax provision		237		—		237
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest		(1,650)		—		(1,650)
Depreciation and amortization		(865)		—		(865)
Interest expense		(413)		—		(413)
EBITDA		58,645		(960)		57,685
Operations held for investment:
Amortization of deferred stock compensation		1,614		—		1,614
Amortization of favorable and unfavorable contracts, net		(4)		—		(4)
Noncash straight-line lease expense		488		—		488
Capital lease obligation interest - cash ground rent		(351)		—		(351)
Gain on sale of assets, net		(7)		—		(7)
Loss on extinguishment of debt		105		—		105
Prior year property tax adjustments, net		(97)		—		(97)
Property-level restructuring, severance and management transition costs		1,560		—		1,560
Noncontrolling interest:
Noncash straight-line lease expense		(113)		—		(113)
		3,195		—		3,195
Adjusted EBITDA	$	61,840	$	(960)	$	60,880

*Footnotes on page 23

CORPORATE FINANCIAL INFORMATION							Page 17

Supplemental Financial Information
August 8, 2016

Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders
Q1 2016

	Three Months Ended March 31, 2016
				Disposition:
				Sheraton	Pro
(In thousands, except per share amounts)	Actual (1)			Cerritos (2)	Forma (3)
Net income	$	1,216	$	(563)	$	653
Preferred stock dividends		(2,766)		—		(2,766)
Operations held for investment:
Real estate depreciation and amortization		39,893		(397)		39,496
Amortization of lease intangibles		63		—		63
Gain on sale of assets, net		(7)		—		(7)
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest		(1,650)		—		(1,650)
Real estate depreciation and amortization		(865)		—		(865)
FFO attributable to common stockholders		35,884		(960)		34,924
Operations held for investment:
Amortization of favorable and unfavorable contracts, net		(4)		—		(4)
Noncash straight-line lease expense		488		—		488
Noncash interest related to loss on derivatives, net		6,402		—		6,402
Loss on extinguishment of debt		105		—		105
Prior year property tax adjustments, net		(97)		—		(97)
Property-level restructuring, severance and management transition costs		1,560		—		1,560
Noncontrolling interest:
Noncash straight-line lease expense		(113)		—		(113)
		8,341		—		8,341
Adjusted FFO attributable to common stockholders	$	44,225	$	(960)	$	43,265
FFO attributable to common stockholders per diluted share	$	0.17			$	0.16
Adjusted FFO attributable to common stockholders per diluted share	$	0.21			$	0.20
Basic weighted average shares outstanding		212,887				212,887
Shares associated with unvested restricted stock awards		84				84
Diluted weighted average shares outstanding		212,971				212,971

*Footnotes on page 23

CORPORATE FINANCIAL INFORMATION							Page 18

Supplemental Financial Information
August 8, 2016

Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Q2 2016

	Three Months Ended June 30, 2016
				Disposition:
				Sheraton	Pro
(In thousands, except per share amounts)	Actual (1)			Cerritos (2)	Forma (3)
Net income	$	65,736	$	(18,536)	$	47,200
Operations held for investment:
Depreciation and amortization		40,680		(131)		40,549
Amortization of lease intangibles		64		—		64
Interest expense		15,872		—		15,872
Income tax provision		238		—		238
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest		(1,655)		—		(1,655)
Depreciation and amortization		(870)		—		(870)
Interest expense		(414)		—		(414)
EBITDA		119,651		(18,667)		100,984
Operations held for investment:
Amortization of deferred stock compensation		2,463		—		2,463
Amortization of favorable and unfavorable contracts, net		19		—		19
Noncash straight-line lease expense		460		—		460
Capital lease obligation interest - cash ground rent		(351)		—		(351)
Gain on sale of assets, net		(18,227)		18,223		(4)
Loss on extinguishment of debt		154		—		154
Prior year property tax adjustments, net		(3,943)		—		(3,943)
Lease termination costs		1,000		—		1,000
Noncontrolling interest:
Noncash straight-line lease expense		(112)		—		(112)
		(18,537)		18,223		(314)
Adjusted EBITDA	$	101,114	$	(444)	$	100,670

*Footnotes on page 23

CORPORATE FINANCIAL INFORMATION							Page 19

Supplemental Financial Information
August 8, 2016

Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders
Q2 2016

	Three Months Ended June 30, 2016
				Disposition:
				Sheraton	Pro
(In thousands, except per share amounts)	Actual (1)			Cerritos (2)	Forma (3)
Net income	$	65,736	$	(18,536)	$	47,200
Preferred stock dividends and redemption charge		(6,783)		—		(6,783)
Operations held for investment:
Real estate depreciation and amortization		40,526		(131)		40,395
Amortization of lease intangibles		64		—		64
Gain on sale of assets, net		(18,227)		18,223		(4)
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest		(1,655)		—		(1,655)
Real estate depreciation and amortization		(870)		—		(870)
FFO attributable to common stockholders		78,791		(444)		78,347
Operations held for investment:
Amortization of favorable and unfavorable contracts, net		19		—		19
Noncash straight-line lease expense		460		—		460
Noncash interest related to loss on derivatives, net		2,782		—		2,782
Loss on extinguishment of debt		154		—		154
Prior year property tax adjustments, net		(3,943)		—		(3,943)
Lease termination costs		1,000		—		1,000
Preferred stock redemption charge		4,052		—		4,052
Noncontrolling interest:
Noncash straight-line lease expense		(112)		—		(112)
		4,412		—		4,412
Adjusted FFO attributable to common stockholders	$	83,203	$	(444)	$	82,759
FFO attributable to common stockholders per diluted share	$	0.37			$	0.36
Adjusted FFO attributable to common stockholders per diluted share	$	0.39			$	0.38
Basic weighted average shares outstanding		215,385				215,385
Shares associated with unvested restricted stock awards		116				116
Diluted weighted average shares outstanding		215,501				215,501

*Footnotes on page 23

CORPORATE FINANCIAL INFORMATION							Page 20

Supplemental Financial Information
August 8, 2016

Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Q2 YTD 2016

	Six Months Ended June 30, 2016
				Disposition:
				Sheraton	Pro
(In thousands, except per share amounts)	Actual (1)			Cerritos (2)	Forma (3)
Net income	$	66,952	$	(19,099)	$	47,853
Operations held for investment:
Depreciation and amortization		80,727		(528)		80,199
Amortization of lease intangibles		127		—		127
Interest expense		35,882		—		35,882
Income tax provision		475		—		475
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest		(3,305)		—		(3,305)
Depreciation and amortization		(1,735)		—		(1,735)
Interest expense		(827)		—		(827)
EBITDA		178,296		(19,627)		158,669
Operations held for investment:
Amortization of deferred stock compensation		4,077		—		4,077
Amortization of favorable and unfavorable contracts, net		15		—		15
Noncash straight-line lease expense		948		—		948
Capital lease obligation interest - cash ground rent		(702)		—		(702)
Gain on sale of assets, net		(18,234)		18,223		(11)
Loss on extinguishment of debt		259		—		259
Prior year property tax adjustments, net		(4,040)		—		(4,040)
Property-level restructuring, severance and management transition costs		1,560		—		1,560
Lease termination costs		1,000		—		1,000
Noncontrolling interest:
Noncash straight-line lease expense		(225)		—		(225)
		(15,342)		18,223		2,881
Adjusted EBITDA	$	162,954	$	(1,404)	$	161,550

*Footnotes on page 23

CORPORATE FINANCIAL INFORMATION							Page 21

Supplemental Financial Information
August 8, 2016

Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders
Q2 YTD 2016

	Six Months Ended June 30, 2016
				Disposition:
				Sheraton	Pro
(In thousands, except per share amounts)	Actual (1)			Cerritos (2)	Forma (3)
Net income	$	66,952	$	(19,099)	$	47,853
Preferred stock dividends and redemption charge		(9,549)		—		(9,549)
Operations held for investment:
Real estate depreciation and amortization		80,419		(528)		79,891
Amortization of lease intangibles		127		—		127
Gain on sale of assets, net		(18,234)		18,223		(11)
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest		(3,305)		—		(3,305)
Real estate depreciation and amortization		(1,735)		—		(1,735)
FFO attributable to common stockholders		114,675		(1,404)		113,271
Operations held for investment:
Amortization of favorable and unfavorable contracts, net		15		—		15
Noncash straight-line lease expense		948		—		948
Noncash interest related to loss on derivatives, net		9,184		—		9,184
Loss on extinguishment of debt		259		—		259
Prior year property tax adjustments, net		(4,040)		—		(4,040)
Property-level restructuring, severance and management transition costs		1,560		—		1,560
Lease termination costs		1,000		—		1,000
Preferred stock redemption charge		4,052		—		4,052
Noncontrolling interest:
Noncash straight-line lease expense		(225)		—		(225)
		12,753		—		12,753
Adjusted FFO attributable to common stockholders	$	127,428	$	(1,404)	$	126,024
FFO attributable to common stockholders per diluted share	$	0.54			$	0.53
Adjusted FFO attributable to common stockholders per diluted share	$	0.59			$	0.59
Basic weighted average shares outstanding		214,136				214,136
Shares associated with unvested restricted stock awards		100				100
Diluted weighted average shares outstanding		214,236				214,236

*Footnotes on page 23

CORPORATE FINANCIAL INFORMATION							Page 22

Supplemental Financial Information
August 8, 2016

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

2016 Footnotes

(1) Actual represents the Company's ownership results as reported for the respective periods.

(2) Disposition: Sheraton Cerritos represents the Company's ownership results from the Sheraton Cerritos that was sold on May 10, 2016.

(3) Pro Forma represents the Company's ownership results for the pro forma 28 hotel portfolio.

CORPORATE FINANCIAL INFORMATION							Page 23

Supplemental Financial Information
August 8, 2016

Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Q1 2015

	Three Months Ended March 31, 2015
			Disposition:		Disposition:		Disposition:			Disposition:
			Preferred		BuyEfficient,		Doubletree			Sheraton	Pro
(In thousands, except per share amounts)	Actual (1)		Equity (2)		LLC (3)		Times Square (4)			Cerritos (5)	Forma (6)
Net income	$	1,203	$	(687)	$	(114)	$	3,064	$	(493)	$	2,973
Operations held for investment:
Depreciation and amortization		40,707		—		(243)		(1,583)		(416)		38,465
Amortization of lease intangibles		1,028		—		—		(965)		—		63
Interest expense		17,326		—		—		(1,678)		—		15,648
Income tax provision		85		—		—		—		—		85
Noncontrolling interests:
Income from consolidated joint ventures attributable to noncontrolling interests		(2,181)		—		—		—		—		(2,181)
Depreciation and amortization		(847)		—		—		—		—		(847)
Interest expense		(378)		—		—		—		—		(378)
EBITDA		56,943		(687)		(357)		(1,162)		(909)		53,828
Operations held for investment:
Amortization of deferred stock compensation		2,895		—		—		—		—		2,895
Amortization of favorable and unfavorable contracts, net		(221)		—		—		—		—		(221)
Noncash straight-line lease expense		504		—		—		(29)		—		475
Capital lease obligation interest - cash ground rent		(351)		—		—		—		—		(351)
Prior year property tax adjustments, net		(188)		—		—		—		—		(188)
Property-level restructuring, severance and management transition costs		683		—		—		—		—		683
Lease termination costs		300		—		—		—		—		300
Costs associated with CEO severance		5,257		—		—		—		—		5,257
Noncontrolling interests:
Noncash straight-line lease expense		(113)		—		—		—		—		(113)
		8,766		—		—		(29)		—		8,737
Adjusted EBITDA	$	65,709	$	(687)	$	(357)	$	(1,191)	$	(909)	$	62,565

*Footnotes on page 34

CORPORATE FINANCIAL INFORMATION							Page 24

Supplemental Financial Information
August 8, 2016

Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders
Q1 2015

	Three Months Ended March 31, 2015
			Disposition:		Disposition:		Disposition:			Disposition:
			Preferred		BuyEfficient,		Doubletree			Sheraton	Pro
(In thousands, except per share amounts)	Actual (1)		Equity (2)		LLC (3)		Times Square (4)			Cerritos (5)	Forma (6)
Net income	$	1,203	$	(687)	$	(114)	$	3,064	$	(493)	$	2,973
Preferred stock dividends		(2,300)		—		—		—		—		(2,300)
Operations held for investment:
Real estate depreciation and amortization		40,310		—		—		(1,583)		(416)		38,311
Amortization of lease intangibles		1,028		—		—		(965)		-		63
Noncontrolling interests:
Income from consolidated joint ventures attributable to noncontrolling interests		(2,181)		—		—		—		-		(2,181)
Real estate depreciation and amortization		(847)		—		—		—		-		(847)
FFO attributable to common stockholders		37,213		(687)		(114)		516		(909)		36,019
Operations held for investment:
Amortization of favorable and unfavorable contracts, net		(221)		—		—		—		—		(221)
Noncash straight-line lease expense		504		—		—		(29)		—		475
Prior year property tax adjustments, net		(188)		—		—		—		—		(188)
Property-level restructuring, severance and management transition costs		683		—		—		—		—		683
Lease termination costs		300		—		—		—		—		300
Costs associated with CEO severance		5,257		—		—		—		—		5,257
Amortization of deferred stock compensation associated with CEO severance		1,623		—		—		—		—		1,623
Noncontrolling interests:
Noncash straight-line lease expense		(113)		—		—		—		—		(113)
		7,845		—		—		(29)		—		7,816
Adjusted FFO attributable to common stockholders	$	45,058	$	(687)	$	(114)	$	487	$	(909)	$	43,835
FFO attributable to common stockholders per diluted share	$	0.18									$	0.17
Adjusted FFO attributable to common stockholders per diluted share	$	0.22									$	0.21
Basic weighted average shares outstanding		206,600										206,600
Shares associated with unvested restricted stock awards		398										398
Diluted weighted average shares outstanding		206,998										206,998

*Footnotes on page 34

CORPORATE FINANCIAL INFORMATION							Page 25

Supplemental Financial Information
August 8, 2016

Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Q2 2015

	Three Months Ended June 30, 2015
			Disposition:		Disposition:		Disposition:			Disposition:
			Preferred		BuyEfficient,		Doubletree			Sheraton	Pro
(In thousands, except per share amounts)	Actual (1)		Equity (2)		LLC (3)		Times Square (4)			Cerritos (5)	Forma (6)
Net income	$	53,657	$	(695)	$	(626)	$	(1,844)	$	(704)	$	49,788
Operations held for investment:
Depreciation and amortization		40,873		—		(243)		(1,588)		(412)		38,630
Amortization of lease intangibles		1,029		—		—		(965)		—		64
Interest expense		17,289		—		—		(1,707)		—		15,582
Income tax provision		233		—		—		—		—		233
Noncontrolling interests:
Income from consolidated joint ventures attributable to noncontrolling interests		(2,480)		—		—		—		—		(2,480)
Depreciation and amortization		(854)		—		—		—		—		(854)
Interest expense		(385)		—		—		—		—		(385)
EBITDA		109,362		(695)		(869)		(6,104)		(1,116)		100,578
Operations held for investment:
Amortization of deferred stock compensation		1,786		—		—		—		—		1,786
Amortization of favorable and unfavorable contracts, net		42		—		—		—		—		42
Noncash straight-line lease expense		491		—		—		(27)		—		464
Capital lease obligation interest - cash ground rent		(351)		—		—		—		—		(351)
Gain on sale of assets, net		(1)		—		—		—		—		(1)
Loss on extinguishment of debt		2		—		—		—		—		2
Gain on redemption of note receivable		(939)		—		—		—		—		(939)
Prior year property tax adjustments, net		88		—		—		—		—		88
Noncontrolling interests:
Noncash straight-line lease expense		(112)		—		—		—		—		(112)
		1,006		—		—		(27)		—		979
Adjusted EBITDA	$	110,368	$	(695)	$	(869)	$	(6,131)	$	(1,116)	$	101,557

*Footnotes on page 34

CORPORATE FINANCIAL INFORMATION							Page 26

Supplemental Financial Information
August 8, 2016

Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders
Q2 2015

	Three Months Ended June 30, 2015
			Disposition:		Disposition:		Disposition:			Disposition:
			Preferred		BuyEfficient,		Doubletree			Sheraton	Pro
(In thousands, except per share amounts)	Actual (1)		Equity (2)		LLC (3)		Times Square (4)			Cerritos (5)	Forma (6)
Net income	$	53,657	$	(695)	$	(626)	$	(1,844)	$	(704)	$	49,788
Preferred stock dividends		(2,300)		—		—		—		—		(2,300)
Operations held for investment:
Real estate depreciation and amortization		40,477		—		—		(1,588)		(412)		38,477
Amortization of lease intangibles		1,029		—		—		(965)		—		64
Gain on sale of assets, net		(1)		—		—		—		—		(1)
Noncontrolling interests:
Income from consolidated joint ventures attributable to noncontrolling interests		(2,480)		—		—		—		—		(2,480)
Real estate depreciation and amortization		(854)		—		—		—		—		(854)
FFO attributable to common stockholders		89,528		(695)		(626)		(4,397)		(1,116)		82,694
Operations held for investment:
Write-off of deferred financing fees		455		—		—		—		—		455
Amortization of favorable and unfavorable contracts, net		42		—		—		—		—		42
Noncash straight-line lease expense		491		—		—		(27)		—		464
Noncash interest related to loss on derivatives		10		—		—		—		—		10
Loss on extinguishment of debt		2		—		—		—		—		2
Gain on redemption of note receivable		(939)		—		—		—		—		(939)
Prior year property tax adjustments, net		88		—		—		—		—		88
Noncontrolling interests:
Noncash straight-line lease expense		(112)		—		—		—		—		(112)
Noncash interest related to loss on derivative		(2)		—		—		—		—		(2)
		35		—		—		(27)		—		8
Adjusted FFO attributable to common stockholders	$	89,563	$	(695)	$	(626)	$	(4,424)	$	(1,116)	$	82,702
FFO attributable to common stockholders per diluted share	$	0.43									$	0.40
Adjusted FFO attributable to common stockholders per diluted share	$	0.43									$	0.40
Basic weighted average shares outstanding		207,577										207,577
Shares associated with unvested restricted stock awards		183										183
Diluted weighted average shares outstanding		207,760										207,760

*Footnotes on page 34

CORPORATE FINANCIAL INFORMATION							Page 27

Supplemental Financial Information
August 8, 2016

Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Q3 2015

	Three Months Ended September 30, 2015
					Disposition:		Disposition:		Disposition:			Disposition:
			Discontinued		Preferred		BuyEfficient,		Doubletree			Sheraton	Pro
(In thousands, except per share amounts)	Actual (1)		Operations (7)		Equity (2)		LLC (3)		Times Square (4)			Cerritos (5)	Forma (6)
Net income	$	63,084	$	(15,895)	$	(176)	$	(9,870)	$	(2,279)	$	(564)	$	34,300
Operations held for investment:
Depreciation and amortization		41,331		—		—		(243)		(1,618)		(401)		39,069
Amortization of lease intangibles		1,027		—		—		—		(965)		—		62
Interest expense		16,405		—		—		—		(1,712)		—		14,693
Income tax provision		938		—		—		(720)		—		—		218
Noncontrolling interests:
Income from consolidated joint ventures attributable to noncontrolling interests		(1,982)		—		—		—		—		—		(1,982)
Depreciation and amortization		(865)		—		—		—		—		—		(865)
Interest expense		(386)		—		—		—		—		—		(386)
Discontinued operations:
Income tax provision		105		(105)		—		—		—		—		—
EBITDA		119,657		(16,000)		(176)		(10,833)		(6,574)		(965)		85,109
Operations held for investment:
Amortization of deferred stock compensation		824		—		—		—		—		—		824
Amortization of favorable and unfavorable contracts, net		43		—		—		—		—		—		43
Noncash straight-line lease expense		496		—		—		—		(26)		—		470
Capital lease obligation interest - cash ground rent		(351)		—		—		—		—		—		(351)
Gain on sale of assets, net		(11,707)		—		—		11,682		—		—		(25)
Severance costs associated with sale of BuyEfficient		1,636		—		—		(1,636)		—		—		—
Prior year property tax adjustments, net		(765)		—		—		—		—		—		(765)
Property-level restructuring, severance and management transition costs		474		—		—		—		—		—		474
Noncontrolling interests:
Noncash straight-line lease expense		(113)		—		—		—		—		—		(113)
Discontinued operations:
Gain on sale of assets, net		(16,000)		16,000		—		—		—		—		—
		(25,463)		16,000		—		10,046		(26)		—		557
Adjusted EBITDA	$	94,194	$	—	$	(176)	$	(787)	$	(6,600)	$	(965)	$	85,666

*Footnotes on page 34

CORPORATE FINANCIAL INFORMATION							Page 28

Supplemental Financial Information
August 8, 2016

Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders
Q3 2015

	Three Months Ended September 30, 2015
					Disposition:		Disposition:		Disposition:			Disposition:
			Discontinued		Preferred		BuyEfficient,		Doubletree			Sheraton	Pro
(In thousands, except per share amounts)	Actual (1)		Operations (7)		Equity (2)		LLC (3)		Times Square (4)			Cerritos (5)	Forma (6)
Net income	$	63,084	$	(15,895)	$	(176)	$	(9,870)	$	(2,279)	$	(564)	$	34,300
Preferred stock dividends		(2,300)		—		—		—		—		—		(2,300)
Operations held for investment:
Real estate depreciation and amortization		40,921		—		—		—		(1,618)		(401)		38,902
Amortization of lease intangibles		1,027		—		—		—		(965)		—		62
Gain on sale of assets, net		(11,707)		—		—		11,682		—		—		(25)
Noncontrolling interests:
Income from consolidated joint ventures attributable to noncontrolling interests		(1,982)		—		—		—		—		—		(1,982)
Real estate depreciation and amortization		(865)		—		—		—		—		—		(865)
Discontinued operations:
Gain on sale of assets, net		(16,000)		16,000		—		—		—		—		—
FFO attributable to common stockholders		72,178		105		(176)		1,812		(4,862)		(965)		68,092
Operations held for investment:
Amortization of favorable and unfavorable contracts, net		43		—		—		—		—		—		43
Noncash straight-line lease expense		496		—		—		—		(26)		—		470
Noncash interest related to loss on derivatives, net		2		—		—		—		—		—		2
Prior year property tax adjustments, net		(765)		—		—		—		—		—		(765)
Property-level restructuring, severance and management transition costs		474		—		—		—		—		—		474
Severance costs associated with sale of BuyEfficient		1,636		—		—		(1,636)		—		—		—
Income tax provision related to gain on sale of BuyEfficient		720		—		—		(720)		—		—		—
Noncontrolling interests:
Noncash straight-line lease expense		(113)		—		—		—		—		—		(113)
Noncash interest related to loss on derivative, net		(1)		—		—		—		—		—		(1)
Discontinued operations:
Income tax provision		105		(105)		—		—		—		—		—
		2,597		(105)		—		(2,356)		(26)		—		110
Adjusted FFO attributable to common stockholders	$	74,775	$	—	$	(176)	$	(544)	$	(4,888)	$	(965)	$	68,202
FFO attributable to common stockholders per diluted share	$	0.35											$	0.33
Adjusted FFO attributable to common stockholders per diluted share	$	0.36											$	0.33
Basic weighted average shares outstanding		207,604												207,604
Shares associated with unvested restricted stock awards		218												218
Diluted weighted average shares outstanding		207,822												207,822

*Footnotes on page 34

CORPORATE FINANCIAL INFORMATION							Page 29

Supplemental Financial Information
August 8, 2016

Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Q4 2015

	Three Months Ended December 31, 2015
			Disposition:			Disposition:
			Doubletree			Sheraton	Pro
(In thousands, except per share amounts)	Actual (1)		Times Square (4)			Cerritos (5)	Forma (6)
Net income	$	237,575	$	(213,514)	$	(590)	$	23,471
Operations held for investment:
Depreciation and amortization		41,805		(1,079)		(402)		40,324
Amortization of lease intangibles		707		(643)		—		64
Interest expense		15,496		(1,453)		—		14,043
Income tax provision		178		—		—		178
Noncontrolling interests:
Income from consolidated joint ventures attributable to noncontrolling interests		(1,521)		—		—		(1,521)
Depreciation and amortization		(866)		—		—		(866)
Interest expense		(388)		—		—		(388)
EBITDA		292,986		(216,689)		(992)		75,305
Operations held for investment:
Amortization of deferred stock compensation		1,031		—		—		1,031
Amortization of favorable and unfavorable contracts, net		(1,487)		—		—		(1,487)
Noncash straight-line lease expense		496		(26)		—		470
Capital lease obligation interest - cash ground rent		(351)		—		—		(351)
Gain on sale of assets, net		(214,526)		214,535		—		9
Loss on extinguishment of debt		2,962		(2,936)		—		26
Property-level restructuring, severance and management transition costs		62		—		—		62
Noncontrolling interests:
Noncash straight-line lease expense		(112)		—		—		(112)
		(211,925)		211,573		—		(352)
Adjusted EBITDA	$	81,061	$	(5,116)	$	(992)	$	74,953

*Footnotes on page 34

CORPORATE FINANCIAL INFORMATION							Page 30

Supplemental Financial Information
August 8, 2016

Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders
Q4 2015

	Three Months Ended December 31, 2015
			Disposition:			Disposition:
			Doubletree			Sheraton	Pro
(In thousands, except per share amounts)	Actual (1)		Times Square (4)			Cerritos (5)	Forma (6)
Net income	$	237,575	$	(213,514)	$	(590)	$	23,471
Preferred stock dividends		(2,300)		—		—		(2,300)
Operations held for investment:
Real estate depreciation and amortization		41,653		(1,079)		(402)		40,172
Amortization of lease intangibles		707		(643)		—		64
Gain on sale of assets, net		(214,526)		214,535		—		9
Noncontrolling interests:
Income from consolidated joint ventures attributable to noncontrolling interests		(1,521)		—		—		(1,521)
Real estate depreciation and amortization		(866)		—		—		(866)
FFO attributable to common stockholders		60,722		(701)		(992)		59,029
Operations held for investment:
Amortization of favorable and unfavorable contracts, net		(1,487)		—		—		(1,487)
Noncash straight-line lease expense		496		(26)		—		470
Noncash interest related to gain on derivatives, net		(321)		—		—		(321)
Loss on extinguishment of debt		2,962		(2,936)		—		26
Property-level restructuring, severance and management transition costs		62		—		—		62
Noncontrolling interests:
Noncash straight-line lease expense		(112)		—		—		(112)
		1,600		(2,962)		—		(1,362)
Adjusted FFO attributable to common stockholders	$	62,322	$	(3,663)	$	(992)	$	57,667
FFO attributable to common stockholders per diluted share	$	0.29					$	0.28
Adjusted FFO attributable to common stockholders per diluted share	$	0.30					$	0.28
Basic weighted average shares outstanding		207,604						207,604
Shares associated with unvested restricted stock awards		263						263
Diluted weighted average shares outstanding		207,867						207,867

*Footnotes on page 34

CORPORATE FINANCIAL INFORMATION							Page 31

Supplemental Financial Information
August 8, 2016

Pro Forma Reconciliation of Net Income to EBITDA and Adjusted EBITDA
FY 2015

	Year Ended December 31, 2015
					Disposition:		Disposition:		Disposition:			Disposition:
			Discontinued		Preferred		BuyEfficient,		Doubletree			Sheraton	Pro
(In thousands, except per share amounts)	Actual (1)		Operations (7)		Equity (2)		LLC (3)		Times Square (4)			Cerritos (5)	Forma (6)
Net income	$	355,519	$	(15,895)	$	(1,558)	$	(10,610)	$	(214,573)	$	(2,351)	$	110,532
Operations held for investment:
Depreciation and amortization		164,716		—		—		(729)		(5,868)		(1,631)		156,488
Amortization of lease intangibles		3,791		—		—		—		(3,538)		—		253
Interest expense		66,516		—		—		—		(6,550)		—		59,966
Income tax provision		1,434		—		—		(720)		—		—		714
Noncontrolling interests:
Income from consolidated joint ventures attributable to noncontrolling interests		(8,164)		—		—		—		—		—		(8,164)
Depreciation and amortization		(3,432)		—		—		—		—		—		(3,432)
Interest expense		(1,537)		—		—		—		—		—		(1,537)
Discontinued operations:
Income tax provision		105		(105)		—		—		—		—		—
EBITDA		578,948		(16,000)		(1,558)		(12,059)		(230,529)		(3,982)		314,820
Operations held for investment:
Amortization of deferred stock compensation		6,536		—		—		—		—		—		6,536
Amortization of favorable and unfavorable contracts, net		(1,623)		—		—		—		—		—		(1,623)
Noncash straight-line lease expense		1,987		—		—		—		(108)		—		1,879
Capital lease obligation interest - cash ground rent		(1,404)		—		—		—		—		—		(1,404)
Gain on sale of assets, net		(226,234)		—		—		11,682		214,535		—		(17)
Severance costs associated with sale of BuyEfficient		1,636		—		—		(1,636)		—		—		—
Loss on extinguishment of debt		2,964		—		—		—		(2,936)		—		28
Gain on redemption of note receivable		(939)		—		—		—		—		—		(939)
Prior year property tax adjustments, net		(865)		—		—		—		—		—		(865)
Property-level restructuring, severance and management transition costs		1,219		—		—		—		—		—		1,219
Lease termination costs		300		—		—		—		—		—		300
Costs associated with CEO severance		5,257		—		—		—		—		—		5,257
Noncontrolling interests:
Noncash straight-line lease expense		(450)		—		—		—		—		—		(450)
Discontinued operations:
Gain on sale of assets, net		(16,000)		16,000		—		—		—		—		—
		(227,616)		16,000		—		10,046		211,491		—		9,921
Adjusted EBITDA	$	351,332	$	—	$	(1,558)	$	(2,013)	$	(19,038)	$	(3,982)	$	324,741

*Footnotes on page 34

CORPORATE FINANCIAL INFORMATION							Page 32

Supplemental Financial Information
August 8, 2016

Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders
FY 2015

	Year Ended December 31, 2015
					Disposition:		Disposition:		Disposition:			Disposition:
			Discontinued		Preferred		BuyEfficient,		Doubletree			Sheraton	Pro
(In thousands, except per share amounts)	Actual (1)		Operations (7)		Equity (2)		LLC (3)		Times Square (4)			Cerritos (5)	Forma (6)
Net income	$	355,519	$	(15,895)	$	(1,558)	$	(10,610)	$	(214,573)	$	(2,351)	$	110,532
Preferred stock dividends		(9,200)		—		—		—		—		—		(9,200)
Operations held for investment:
Real estate depreciation and amortization		163,361		—		—		—		(5,868)		(1,631)		155,862
Amortization of lease intangibles		3,791		—		—		—		(3,538)		—		253
Gain on sale of assets, net		(226,234)		—		—		11,682		214,535		—		(17)
Noncontrolling interests:
Income from consolidated joint ventures attributable to noncontrolling interests		(8,164)		—		—		—		—		—		(8,164)
Real estate depreciation and amortization		(3,432)		—		—		—		—		—		(3,432)
Discontinued operations:
Gain on sale of assets, net		(16,000)		16,000		—		—		—		—		—
FFO attributable to common stockholders		259,641		105		(1,558)		1,072		(9,444)		(3,982)		245,834
Operations held for investment:
Write-off of deferred financing fees		455		—		—		—		—		—		455
Amortization of favorable and unfavorable contracts, net		(1,623)		—		—		—		—		—		(1,623)
Noncash straight-line lease expense		1,987		—		—		—		(108)		—		1,879
Noncash interest related to gain on derivatives, net		(309)		—		—		—		-		—		(309)
Loss on extinguishment of debt		2,964		—		—		—		(2,936)		—		28
Gain on redemption of note receivable		(939)		—		—		—		—		—		(939)
Prior year property tax adjustments, net		(865)		—		—		—		—		—		(865)
Property-level restructuring, severance and management transition costs		1,219		—		—		—		—		—		1,219
Lease termination costs		300		—		—		—		—		—		300
Costs associated with CEO severance		5,257		—		—		—		—		—		5,257
Amortization of deferred stock compensation associated with CEO severance		1,623		—		—		—		—		—		1,623
Severance costs associated with sale of BuyEfficient		1,636		—		—		(1,636)		—		—		—
Income tax provision related to gain on sale of BuyEfficient		720		—		—		(720)		—		—		—
Noncontrolling interests:
Noncash straight-line lease expense		(450)		—		—		—		—		—		(450)
Noncash interest related to loss on derivative, net		(3)		—		—		—		—		—		(3)
Discontinued operations:
Income tax provision		105		(105)		—		—		—		—		—
		12,077		(105)		—		(2,356)		(3,044)		—		6,572
Adjusted FFO attributable to common stockholders	$	271,718	$	—	$	(1,558)	$	(1,284)	$	(12,488)	$	(3,982)	$	252,406
FFO attributable to common stockholders per diluted share	$	1.25											$	1.18
Adjusted FFO attributable to common stockholders per diluted share	$	1.31											$	1.22
Basic weighted average shares outstanding		207,350												207,350
Shares associated with unvested restricted stock awards		262												262
Diluted weighted average shares outstanding		207,612												207,612

*Footnotes on page 34

CORPORATE FINANCIAL INFORMATION							Page 33

Supplemental Financial Information
August 8, 2016

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

2015 Footnotes

(1) Actual represents the Company's ownership results as reported for the respective periods.

(2) Disposition: Preferred Equity represents the reduction of interest income from the 11% dividend on the $25.0 million preferred equity investment that the Company retained on the January 2013 disposition of the Rochester Portfolio due to its sale on July 24, 2015.

(3) Disposition: BuyEfficient, LLC represents the Company's ownership results from its electronic purchasing platform that was sold on September 30, 2015.

(4) Disposition: Doubletree Times Square represents the Company's ownership results from the Doubletree Guest Suites Times Square that was sold on December 18, 2015.

(5) Disposition: Sheraton Cerritos represents the Company's ownership results from the Sheraton Cerritos that was sold on May 10, 2016.

(6) Pro Forma represents the Company's ownership results for the pro forma 28 hotel portfolio.

(7) Discontinued Operations represents the recognition of a net deferred gain on the January 2013 sale of the Rochester Portfolio.

CORPORATE FINANCIAL INFORMATION							Page 34

Supplemental Financial Information
August 8, 2016

EARNINGS GUIDANCE

EARNINGS GUIDANCE							Page 35

Supplemental Financial Information
August 8, 2016

Earnings Guidance for Q3 and FY 2016

The Company is providing guidance at this time, but does not undertake to make updates for any unanticipated developments in its business or changes in the operating environment.  Achievement of the anticipated results is subject to risks and uncertainties, including those disclosed in the Company’s filings with the Securities and Exchange Commission. The Company’s guidance does not take into account the impact of any unanticipated developments in its business or changes in its operating environment, nor does it take into account any unannounced hotel acquisitions, dispositions, re-brandings, management changes, transition costs, severance costs associated with restructuring hotel services, early lease termination costs, prior year property tax adjustments and fees, debt repurchases/repayments, perpetual preferred redemptions or unannounced financings during 2016.

For the third quarter of 2016, the Company expects:

Metric	Quarter Ended September 30, 2016 Guidance (1)
Net Income ($ millions)	$32 - $35
Total Portfolio Hotel RevPAR Growth	+ 0.0% - 2.0%
Comparable Hotel RevPAR Growth (2)	+ 1.5% - 3.5%
Adjusted EBITDA ($ millions)	$83 - $86
Adjusted FFO Attributable to Common Stockholders ($ millions)	$66 - $69
Adjusted FFO Attributable to Common Stockholders per Diluted Share	$0.31 - $0.32
Diluted Weighted Average Shares Outstanding	215,700,000

For the full year of 2016, the Company expects:

Metric	Full Year 2016               Guidance (3)	Adjustments (4)	Adjusted Prior Full Year 2016               Guidance	Current Full Year 2016 Guidance (1)	Change in Full Year 2016 Guidance Midpoint
Net Income ($ millions)	$104 - $124	$16.3	$121 - $140	$119 - $133	-$4.5
Total Portfolio Hotel RevPAR Growth	+ 1.5% - 4.0%	̶	+ 1.5% - 4.0%	+ 0.0% - 2.0%	-1.8%
Comparable Hotel RevPAR Growth (2)	+ 2.5% - 5.0%	̶	+ 2.5% - 5.0%	+ 0.5% - 2.5%	-2.3%
Adjusted EBITDA ($ millions)	$324 - $345	-$2.9	$321 - $342	$318 - $332	-$6.5
Adjusted FFO Attributable to Common Stockholders ($ millions)	$255 - $275	-$2.9	$253 - $272	$249 - $262	-$7.0
Adjusted FFO Attributable to Common Stockholders per Diluted Share	$1.19 - $1.28	-$0.01	$1.18 - $1.27	$1.16 - $1.22	-$0.04
Diluted Weighted Average Shares Outstanding	215,100,000	̶	215,100,000	215,000,000	-100,000

(1) See page 38 for a detailed reconciliation.

(2) Comparable Hotel RevPAR Growth excludes the Wailea Beach Marriott Resort & Spa due to the hotel’s repositioning during 2016.

(3) Represents guidance presented on May 2, 2016.

(4) Adjustments include the effects of the Company's sale of the Sheraton Cerritos, which occurred in May 2016.

EARNINGS GUIDANCE							Page 36

Supplemental Financial Information
August 8, 2016

Earnings Guidance for Q3 and FY 2016

Third quarter and full year 2016 guidance are based in part on the following assumptions:

· Full year revenue disruption of $10.0 million to $12.0 million, related to the repositioning at the Wailea Beach Marriott Resort & Spa, which is expected to negatively impact full year Total Portfolio Hotel RevPAR by 75 to 100 basis points.

· Guarantee payment of $5.0 million related to the Wailea Beach Marriott Resort & Spa recorded in the fourth quarter.

· Full year Comparable Hotel Adjusted EBITDA Margin reduction of approximately 50 to 0 basis points, which excludes the Wailea Beach Marriott Resort & Spa and any guarantee payments, but does reflect the impact related to the end of the ground lease rent abatement at the Hilton San Diego Bayfront.

· Full year consolidated EBITDA includes approximately $6.0 million of expense related to the end of the ground lease rent abatement at the Hilton San Diego Bayfront.

· Full year corporate overhead expense (excluding deferred stock amortization and one-time expenses related to acquisition closing costs) of approximately $20.0 million to $21.0 million.

· Full year amortization of deferred stock compensation expense of approximately $7.0 million to $7.4 million.

· Full year interest expense of approximately $60.2 million to $61.4 million, including approximately $2.2 million in amortization of deferred financing fees and $9.2 million of noncash interest related to loss on derivatives, and excluding approximately $1.4 million of capital lease obligation interest.

· Full year expense of approximately $2.6 million in one-time costs related to property-level restructuring, severance, management transition and lease termination costs, the majority of which occurred during the first and second quarters. These expenses have been excluded from both Adjusted EBITDA and Adjusted FFO attributable to common stockholders.

· Full year total preferred dividends of $11.9 million, which includes the Series D, Series E and Series F cumulative redeemable preferred stock, but excludes the $4.1 million redemption charge on the Series D.

EARNINGS GUIDANCE							Page 37

Supplemental Financial Information
August 8, 2016

Reconciliation of Net Income to Adjusted EBITDA and Adjusted FFO Attributable to Common Stockholders
Q3 and FY 2016

Reconciliation of Net Income to Adjusted EBITDA

		Quarter Ended				Year Ended
		September 30, 2016				December 31, 2016
(In thousands, except per share data)		Low		High		Low		High
Net income	$	31,800	$	35,200	$	119,200	$	133,100
Depreciation and amortization		40,300		40,300		161,200		161,200
Amortization of lease intangibles		100		100		300		300
Interest expense		12,500		12,500		60,200		61,400
Income tax provision		200		200		900		900
Noncontrolling interest		(3,400)		(3,800)		(11,800)		(13,000)
Amortization of deferred stock compensation		1,500		1,500		7,200		7,200
Noncash straight-line lease expense		400		400		1,600		1,600
Capital lease obligation interest - cash ground rent		(400)		(400)		(1,400)		(1,400)
Gain on sale of assets		—		—		(18,200)		(18,200)
Loss on extinguishment of debt		—		—		300		300
Prior year property tax adjustments, net		—		—		(4,000)		(4,000)
Property-level restructuring, severance, management transition and lease termination costs		—		—		2,600		2,600
Adjusted EBITDA	$	83,000	$	86,000	$	318,100	$	332,000

Reconciliation of Net Income to Adjusted FFO Attributable to Common Stockholders

Net income	$	31,800	$	35,200	$	119,200	$	133,100
Preferred stock dividends		(3,200)		(3,200)		(11,900)		(11,900)
Real estate depreciation and amortization		40,100		40,100		160,600		160,600
Amortization of lease intangibles		100		100		300		300
Noncontrolling interest		(2,900)		(3,500)		(10,300)		(11,700)
Noncash straight-line lease expense		400		400		1,600		1,600
Noncash interest related to loss on derivatives, net		—		—		9,200		9,200
Gain on sale of assets		—		—		(18,200)		(18,200)
Loss on extinguishment of debt		—		—		300		300
Prior year property tax adjustments, net		—		—		(4,000)		(4,000)
Property-level restructuring, severance, management transition and lease termination costs		—		—		2,600		2,600
Adjusted FFO attributable to common stockholders	$	66,300	$	69,100	$	249,400	$	261,900
Adjusted FFO attributable to common stockholders per diluted share	$	0.31	$	0.32	$	1.16	$	1.22
Diluted weighted average shares outstanding		215,700		215,700		215,000		215,000

EARNINGS GUIDANCE							Page 38

Supplemental Financial Information
August 8, 2016

CAPITALIZATION

CAPITALIZATION							Page 39

Supplemental Financial Information
August 8, 2016

Comparative Capitalization
Q2 2016 – Q2 2015

		June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,
(In thousands, except per share data)		2016			2016			2015			2015			2015
Common Share Price & Dividends
At the end of the quarter	$	12.07		$	14.00		$	12.49		$	13.23		$	15.01
High during quarter ended	$	13.85		$	14.00		$	14.99		$	15.97		$	17.08
Low during quarter ended	$	11.37		$	10.13		$	12.49		$	12.96		$	14.63
Common dividends per share (1)	$	0.05		$	0.05		$	1.26		$	0.05		$	0.05
Common Shares & Units
Common shares outstanding		216,576			216,517			208,591			208,591			208,697
Units outstanding		—			—			—			—			—
Total common shares and units outstanding		216,576			216,517			208,591			208,591			208,697
Capitalization
Market value of common equity	$	2,614,067		$	3,031,238		$	2,605,298		$	2,759,655		$	3,132,541
Liquidation value of preferred equity - Series D (2)		—			115,000			115,000			115,000			115,000
Liquidation value of preferred equity - Series E		115,000			115,000			—			—			—
Liquidation value of preferred equity - Series F		75,000			—			—			—			—
Consolidated debt (3) (4)		1,008,034			1,083,922			1,087,265			1,311,996			1,318,657
Consolidated total capitalization		3,812,101			4,345,160			3,807,563			4,186,651			4,566,198
Noncontrolling interest in consolidated debt (4)		(55,974)			(56,164)			(56,352)			(56,536)			(56,718)
Pro rata total capitalization	$	3,756,127		$	4,288,996		$	3,751,211		$	4,130,115		$	4,509,480
Consolidated debt to total capitalization		26.4	%		24.9	%		28.6	%		31.3	%		28.9	%
Pro rata debt to pro rata total capitalization		25.3	%		24.0	%		27.5	%		30.4	%		28.0	%
Consolidated debt and preferred equity to total capitalization		31.4	%		30.2	%		31.6	%		34.1	%		31.4	%
Pro rata debt and preferred equity to total capitalization		30.4	%		29.3	%		30.5	%		33.2	%		30.5	%

(1) Fourth quarter 2015 dividends were paid in a combination of cash and shares of the Company's common stock, pursuant to elections by individual stockholders.

(2) In April 2016, the Company redeemed all 4,600,000 shares of its Series D preferred stock at a price equal to the liquidation value of $115.0 million.

(3) Third quarter 2015 includes the effects of the Company's $85.0 million draw of the total available funds provided by the unsecured term loan under the Company's credit facility on October 29, 2015, as well as the use of these funds, along with cash on hand, on October 30, 2015 to repay the loan secured by the Renaissance Harborplace, which balance was $86.2 million on September 30, 2015. Fourth quarter 2015 includes the effects of the Company's $100.0 million draw of the total available funds provided by an unsecured term loan on January 29, 2016, as well as the use of these funds, along with cash on hand, on February 1, 2016 to repay the loan secured by the Boston Park Plaza, which balance was $114.2 million on December 31, 2015.

(4) Represents the outstanding debt principal balance and excludes the effects of the adoption of Accounting Standards Update No. 2015-03 to present debt issuance costs as a deduction from the corresponding debt liability.

CAPITALIZATION							Page 40

Supplemental Financial Information
August 8, 2016

Consolidated Debt Summary Schedule

(In thousands)		Interest Rate /	Maturity		June 30, 2016			Balance At
Debt	Collateral	Spread	Date		Balance			Maturity
Fixed Rate Debt
Secured Mortgage Debt	Embassy Suites Chicago	5.58%	03/01/2017	$	66,947		$	65,756
Secured Mortgage Debt	Marriott Boston Long Wharf	5.58%	04/11/2017		176,000			176,000
Secured Mortgage Debt	Hilton Times Square	4.97%	11/01/2020		84,297			76,145
Secured Mortgage Debt	Renaissance Washington DC	5.95%	05/01/2021		120,699			106,855
Term Loan Facility	Unsecured	3.39%	09/03/2022		85,000			85,000
Term Loan Facility	Unsecured	3.65%	01/31/2023		100,000			100,000
Secured Mortgage Debt	JW Marriott New Orleans	4.15%	12/11/2024		87,744			72,071
Secured Mortgage Debt	Embassy Suites La Jolla	4.12%	01/06/2025		63,451			51,987
Total Fixed Rate Debt					784,138			733,814
Secured Mortgage Debt	Hilton San Diego Bayfront	L + 2.25%	08/08/2019		223,896			213,513
Credit Facility	Unsecured	L + 1.55% - 2.30%	04/02/2019		—			—
Total Variable Rate Debt					223,896			213,513
TOTAL CONSOLIDATED DEBT				$	1,008,034		$	947,327
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					77.8	%
% Floating Rate Debt					22.2	%
Average Interest Rate (1)					4.34	%
Weighted Average Maturity of Debt					4.3 years

(1) Average Interest Rate on the variable-rate debt obligation is calculated based on the variable rate at June 30, 2016, and includes the effect of the Company's interest rate derivative agreement.

CAPITALIZATION							Page 41

Supplemental Financial Information
August 8, 2016

Consolidated Amortization and Debt Maturity Schedule

(1) Percent of Current Total Capitalization is calculated by dividing the sum of scheduled principal amortization and maturity payments by the June 30, 2016 consolidated total capitalization as presented on page 40.

CAPITALIZATION							Page 42

Supplemental Financial Information
August 8, 2016

PROPERTY-LEVEL DATA

PROPERTY-LEVEL DATA							Page 43

Supplemental Financial Information
August 8, 2016

Hotel Information as of June 30, 2016

Hotel		Location	Brand	Number of Rooms	% of Total Rooms	Ownership Interest	Interest	Leasehold Maturity(1)	Year Acquired
1	Hilton San Diego Bayfront	California	Hilton	1,190	8.72%	75%	Leasehold	2071	2011
2	Boston Park Plaza	Massachusetts	Independent	1,060	7.77%	100%	Fee Simple		2013
3	Renaissance Washington DC	Washington DC	Marriott	807	5.91%	100%	Fee Simple		2005
4	Hyatt Regency San Francisco	California	Hyatt	804	5.89%	100%	Fee Simple		2013
5	Renaissance Orlando at SeaWorld® (2)	Florida	Marriott	781	5.72%	85%	Fee Simple		2005
6	Renaissance Harborplace	Maryland	Marriott	622	4.56%	100%	Fee Simple		2005
7	Wailea Beach Marriott Resort & Spa	Hawaii	Marriott	543	3.98%	100%	Fee Simple		2014
8	Renaissance Los Angeles Airport	California	Marriott	501	3.67%	100%	Fee Simple		2007
9	JW Marriott New Orleans (3)	Louisiana	Marriott	501	3.67%	100%	Leasehold	2081	2011
10	Hilton North Houston	Texas	Hilton	480	3.52%	100%	Fee Simple		2002
11	Marriott Quincy	Massachusetts	Marriott	464	3.40%	100%	Fee Simple		2007
12	Hilton Times Square	New York	Hilton	460	3.37%	100%	Leasehold	2091	2006
13	Fairmont Newport Beach	California	Fairmont	444	3.25%	100%	Fee Simple		2005
14	Hyatt Chicago Magnificent Mile	Illinois	Hyatt	419	3.07%	100%	Leasehold	2097	2012
15	Marriott Boston Long Wharf	Massachusetts	Marriott	412	3.02%	100%	Fee Simple		2007
16	Hyatt Regency Newport Beach	California	Hyatt	407	2.98%	100%	Leasehold	2048	2002
17	Marriott Tysons Corner	Virginia	Marriott	396	2.90%	100%	Fee Simple		2002
18	Marriott Houston	Texas	Marriott	390	2.86%	100%	Fee Simple		2002
19	Renaissance Long Beach	California	Marriott	374	2.74%	100%	Fee Simple		2005
20	Embassy Suites Chicago	Illinois	Hilton	368	2.70%	100%	Fee Simple		2002
21	Hilton Garden Inn Chicago Downtown/Magnificent Mile	Illinois	Hilton	361	2.65%	100%	Fee Simple		2012
22	Renaissance Westchester	New York	Marriott	348	2.55%	100%	Fee Simple		2010
23	Embassy Suites La Jolla	California	Hilton	340	2.49%	100%	Fee Simple		2006
24	Marriott Philadelphia	Pennsylvania	Marriott	289	2.12%	100%	Fee Simple		2002
25	Hilton New Orleans St. Charles	Louisiana	Hilton	252	1.85%	100%	Fee Simple		2013
26	Marriott Portland	Oregon	Marriott	249	1.82%	100%	Fee Simple		2000
27	Marriott Park City	Utah	Marriott	199	1.46%	100%	Fee Simple		1999
28	Courtyard by Marriott Los Angeles	California	Marriott	187	1.37%	100%	Leasehold	2096	1999
	Total portfolio			13,648	100%

(1) Assumes the full exercise of all lease extensions.

(2) Financial statements reflect a 100% economic interest in the Renaissance Orlando at SeaWorld®, of which the Company owns 85% of a joint venture that owns the leasehold interest in the hotel.  Pursuant to certain partnership loans, the Company recognizes, and expects to continue to recognize, 100% of all economics from the property. In addition, the Company owns 100% of the fee interest in a wholly owned entity held outside the partnership.

(3) Hotel is subject to a ground lease that expires in 2081. In addition, it is also subject to a municipal air rights lease that matures in 2044 that applies only to certain balcony space and is not integral to the hotel operation.

PROPERTY-LEVEL DATA							Page 44

Supplemental Financial Information
August 8, 2016

PROPERTY-LEVEL OPERATING STATISTICS

PROPERTY-LEVEL OPERATING STATISTICS							Page 45

Supplemental Financial Information
August 8, 2016

Property-Level Operating Statistics

Q2 2016/2015

	Hotels sorted by number of rooms	ADR					Occupancy			RevPAR
		For the Three Months Ended June 30,					For the Three Months Ended June 30,			For the Three Months Ended June 30,
		2016		2015		Variance	2016	2015	Variance	2016		2015		Variance
1	Hilton San Diego Bayfront	$	235.39	$	236.37	-0.4%	88.2%	89.9%	-1.9%	$	207.61	$	212.50	-2.3%
2	Boston Park Plaza (1)	$	220.24	$	210.56	4.6%	83.9%	92.0%	-8.8%	$	184.78	$	193.72	-4.6%
3	Renaissance Washington DC	$	240.50	$	238.75	0.7%	90.0%	87.8%	2.5%	$	216.45	$	209.62	3.3%
4	Hyatt Regency San Francisco	$	300.32	$	280.77	7.0%	93.9%	92.9%	1.1%	$	282.00	$	260.84	8.1%
5	Renaissance Orlando at SeaWorld ®	$	154.75	$	140.80	9.9%	83.7%	79.1%	5.8%	$	129.53	$	111.37	16.3%
6	Renaissance Harborplace	$	192.94	$	184.43	4.6%	83.1%	71.3%	16.5%	$	160.33	$	131.50	21.9%
7	Renaissance Los Angeles Airport	$	158.11	$	143.25	10.4%	89.9%	90.6%	-0.8%	$	142.14	$	129.78	9.5%
8	JW Marriott New Orleans	$	211.24	$	208.97	1.1%	87.3%	87.4%	-0.1%	$	184.41	$	182.64	1.0%
9	Hilton North Houston	$	107.26	$	118.06	-9.1%	84.4%	85.0%	-0.7%	$	90.53	$	100.35	-9.8%
10	Marriott Quincy	$	168.21	$	168.15	0.0%	87.5%	82.1%	6.6%	$	147.18	$	138.05	6.6%
11	Hilton Times Square	$	302.63	$	322.43	-6.1%	99.3%	99.6%	-0.3%	$	300.51	$	321.14	-6.4%
12	Fairmont Newport Beach	$	159.87	$	159.06	0.5%	78.6%	77.3%	1.7%	$	125.66	$	122.95	2.2%
13	Hyatt Chicago Magnificent Mile	$	232.33	$	231.77	0.2%	89.6%	92.5%	-3.1%	$	208.17	$	214.39	-2.9%
14	Marriott Boston Long Wharf	$	339.32	$	352.64	-3.8%	90.2%	90.0%	0.2%	$	306.07	$	317.38	-3.6%
15	Hyatt Regency Newport Beach	$	173.77	$	169.53	2.5%	81.0%	86.4%	-6.2%	$	140.75	$	146.47	-3.9%
16	Marriott Tysons Corner	$	152.79	$	153.99	-0.8%	91.0%	86.2%	5.6%	$	139.04	$	132.74	4.7%
17	Marriott Houston	$	105.05	$	124.84	-15.9%	92.8%	84.5%	9.8%	$	97.49	$	105.49	-7.6%
18	Renaissance Long Beach	$	187.91	$	168.64	11.4%	78.8%	81.8%	-3.7%	$	148.07	$	137.95	7.3%
19	Embassy Suites Chicago	$	234.68	$	251.33	-6.6%	93.0%	94.0%	-1.1%	$	218.25	$	236.25	-7.6%
20	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	207.04	$	218.10	-5.1%	89.7%	90.7%	-1.1%	$	185.71	$	197.82	-6.1%
21	Renaissance Westchester	$	161.15	$	149.99	7.4%	83.1%	85.5%	-2.8%	$	133.92	$	128.24	4.4%
22	Embassy Suites La Jolla	$	182.92	$	184.78	-1.0%	83.7%	84.5%	-0.9%	$	153.10	$	156.14	-1.9%
23	Marriott Philadelphia	$	171.10	$	186.06	-8.0%	82.9%	77.9%	6.4%	$	141.84	$	144.94	-2.1%
24	Hilton New Orleans St. Charles	$	187.48	$	185.68	1.0%	90.6%	86.7%	4.5%	$	169.86	$	160.98	5.5%
25	Marriott Portland	$	195.83	$	198.76	-1.5%	93.2%	86.6%	7.6%	$	182.51	$	172.13	6.0%
26	Marriott Park City	$	117.42	$	118.67	-1.1%	48.8%	45.2%	8.0%	$	57.30	$	53.64	6.8%
27	Courtyard by Marriott Los Angeles	$	178.90	$	157.97	13.2%	97.2%	96.0%	1.3%	$	173.89	$	151.65	14.7%
	Comparable Portfolio (2)	$	206.26	$	205.24	0.5%	87.1%	86.4%	0.8%	$	179.65	$	177.33	1.3%
	Add: Non-Comparable Hotel (3)
	Wailea Beach Marriott Resort & Spa (1)	$	254.05	$	258.86	-1.9%	72.1%	86.8%	-16.9%	$	183.17	$	224.69	-18.5%
	28 Hotel Portfolio (4)	$	207.85	$	207.39	0.2%	86.5%	86.4%	0.1%	$	179.79	$	179.18	0.3%

(1) Operating statistics for the second quarter of 2016 are impacted by major renovations at the Boston Park Plaza and the Wailea Beach Marriott Resort & Spa.

(2) Comparable Portfolio includes 27 of the 28 hotels held for investment by the Company as of June 30, 2016. The Comparable Portfolio excludes the Wailea Beach Marriott Resort & Spa due to its extensive renovation during the fourth quarter of 2015 as well as all of 2016.

(3) Non-Comparable Hotel includes the results generated by the Wailea Beach Marriott Resort & Spa, which is considered non-comparable due to its extensive renovation during the fourth quarter of 2015 as well as all of 2016.

(4) 28 Hotel Portfolio includes all 28 hotels held for investment as of June 30, 2016.

PROPERTY-LEVEL OPERATING STATISTICS							Page 46

Supplemental Financial Information
August 8, 2016

Property-Level Operating Statistics

Q2 YTD 2016/2015

	Hotels sorted by number of rooms	ADR					Occupancy			RevPAR
		For the Six Months Ended June 30,					For the Six Months Ended June 30,			For the Six Months Ended June 30,
		2016		2015		Variance	2016	2015	Variance	2016		2015		Variance
1	Hilton San Diego Bayfront	$	233.39	$	231.56	0.8%	87.5%	89.4%	-2.1%	$	204.22	$	207.01	-1.4%
2	Boston Park Plaza (1)	$	189.44	$	183.39	3.3%	70.0%	74.6%	-6.2%	$	132.61	$	136.81	-3.1%
3	Renaissance Washington DC	$	231.95	$	229.84	0.9%	82.9%	81.2%	2.1%	$	192.29	$	186.63	3.0%
4	Hyatt Regency San Francisco	$	308.72	$	277.28	11.3%	90.5%	89.0%	1.7%	$	279.39	$	246.78	13.2%
5	Renaissance Orlando at SeaWorld ®	$	170.21	$	158.11	7.7%	81.8%	78.7%	3.9%	$	139.23	$	124.43	11.9%
6	Renaissance Harborplace	$	172.82	$	164.86	4.8%	75.1%	70.5%	6.5%	$	129.79	$	116.23	11.7%
7	Renaissance Los Angeles Airport	$	157.57	$	143.01	10.2%	90.2%	89.5%	0.8%	$	142.13	$	127.99	11.0%
8	JW Marriott New Orleans	$	210.06	$	212.31	-1.1%	85.0%	86.9%	-2.2%	$	178.55	$	184.50	-3.2%
9	Hilton North Houston	$	109.09	$	118.17	-7.7%	83.0%	85.3%	-2.7%	$	90.54	$	100.80	-10.2%
10	Marriott Quincy	$	159.47	$	158.74	0.5%	77.2%	71.5%	8.0%	$	123.11	$	113.50	8.5%
11	Hilton Times Square	$	260.95	$	274.74	-5.0%	99.0%	99.5%	-0.5%	$	258.34	$	273.37	-5.5%
12	Fairmont Newport Beach	$	160.38	$	158.39	1.3%	77.7%	78.3%	-0.8%	$	124.62	$	124.02	0.5%
13	Hyatt Chicago Magnificent Mile	$	192.60	$	196.13	-1.8%	75.1%	79.2%	-5.2%	$	144.64	$	155.33	-6.9%
14	Marriott Boston Long Wharf	$	296.28	$	303.51	-2.4%	83.8%	84.3%	-0.6%	$	248.28	$	255.86	-3.0%
15	Hyatt Regency Newport Beach	$	171.21	$	163.37	4.8%	80.2%	85.2%	-5.9%	$	137.31	$	139.19	-1.4%
16	Marriott Tysons Corner	$	149.60	$	152.61	-2.0%	81.1%	79.9%	1.5%	$	121.33	$	121.94	-0.5%
17	Marriott Houston	$	107.26	$	125.33	-14.4%	88.6%	83.5%	6.1%	$	95.03	$	104.65	-9.2%
18	Renaissance Long Beach	$	186.80	$	167.76	11.3%	78.4%	80.2%	-2.2%	$	146.45	$	134.54	8.9%
19	Embassy Suites Chicago	$	190.77	$	204.00	-6.5%	85.3%	88.0%	-3.1%	$	162.73	$	179.52	-9.4%
20	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	172.37	$	180.56	-4.5%	75.2%	80.2%	-6.2%	$	129.62	$	144.81	-10.5%
21	Renaissance Westchester	$	150.92	$	144.44	4.5%	76.2%	78.0%	-2.3%	$	115.00	$	112.66	2.1%
22	Embassy Suites La Jolla	$	183.31	$	178.42	2.7%	82.7%	84.6%	-2.2%	$	151.60	$	150.94	0.4%
23	Marriott Philadelphia	$	166.13	$	175.17	-5.2%	71.1%	71.3%	-0.3%	$	118.12	$	124.90	-5.4%
24	Hilton New Orleans St. Charles	$	186.03	$	189.81	-2.0%	88.8%	86.5%	2.7%	$	165.19	$	164.19	0.6%
25	Marriott Portland	$	184.22	$	186.62	-1.3%	88.4%	84.1%	5.1%	$	162.85	$	156.95	3.8%
26	Marriott Park City	$	194.53	$	192.77	0.9%	65.9%	64.0%	3.0%	$	128.20	$	123.37	3.9%
27	Courtyard by Marriott Los Angeles	$	177.76	$	157.11	13.1%	97.6%	95.0%	2.7%	$	173.49	$	149.25	16.2%
	Comparable Portfolio (2)	$	196.94	$	193.98	1.5%	82.1%	82.3%	-0.2%	$	161.69	$	159.65	1.3%
	Add: Non-Comparable Hotel (3)
	Wailea Beach Marriott Resort & Spa (1)	$	276.94	$	284.25	-2.6%	82.0%	90.4%	-9.3%	$	227.09	$	256.96	-11.6%
	28 Hotel Portfolio (4)	$	200.12	$	197.91	1.1%	82.1%	82.6%	-0.6%	$	164.30	$	163.47	0.5%

(1) Operating statistics for the first six months of 2016 are impacted by major renovations at the Boston Park Plaza and the Wailea Beach Marriott Resort & Spa. Operating statistics for the first six months of 2015 are impacted by a major renovation at the Boston Park Plaza.

(2) Comparable Portfolio includes 27 of the 28 hotels held for investment by the Company as of June 30, 2016. The Comparable Portfolio excludes the Wailea Beach Marriott Resort & Spa due to its extensive renovation during the fourth quarter of 2015 as well as all of 2016.

(3) Non-Comparable Hotel includes the results generated by the Wailea Beach Marriott Resort & Spa, which is considered non-comparable due to its extensive renovation during the fourth quarter of 2015 as well as all of 2016.

(4) 28 Hotel Portfolio includes all 28 hotels held for investment as of June 30, 2016.

PROPERTY-LEVEL OPERATING STATISTICS							Page 47

Supplemental Financial Information
August 8, 2016

OPERATING STATISTICS BY BRAND & GEOGRAPHY

OPERATING STATISTICS BY BRAND & GEOGRAPHY							Page 48

Supplemental Financial Information
August 8, 2016

Comparable Portfolio Operating Statistics by Brand
Q2 and YTD 2016/2015

		For the Three Months Ended June 30,
		2016					2015
	# of Hotels	Occ	ADR		RevPAR		Occ	ADR		RevPAR		RevPAR Change
Marriott (1)	15	86.2%	$	188.47	$	162.46	82.8%	$	185.80	$	153.84	5.6%
Hilton (2)	7	89.6%	$	217.13	$	194.55	90.3%	$	224.96	$	203.14	-4.2%
Hyatt	3	89.6%	$	254.27	$	227.83	91.2%	$	241.67	$	220.40	3.4%
Other (3)	2	82.4%	$	203.24	$	167.47	87.7%	$	197.10	$	172.86	-3.1%
Comparable Portfolio (4)	27	87.1%	$	206.26	$	179.65	86.4%	$	205.24	$	177.33	1.3%
28 Hotel Portfolio (5)	28	86.5%	$	207.85	$	179.79	86.4%	$	207.39	$	179.18	0.3%
		For the Six Months Ended June 30,
		2016					2015
	# of Hotels	Occ	ADR		RevPAR		Occ	ADR		RevPAR		RevPAR Change
Marriott (1)	15	81.6%	$	183.67	$	149.87	79.8%	$	180.75	$	144.24	3.9%
Hilton (2)	7	86.5%	$	202.71	$	175.34	88.4%	$	207.06	$	183.04	-4.2%
Hyatt	3	84.0%	$	249.22	$	209.34	85.5%	$	229.64	$	196.34	6.6%
Other (3)	2	72.3%	$	180.21	$	130.29	75.7%	$	175.73	$	133.03	-2.1%
Comparable Portfolio (4)	27	82.1%	$	196.94	$	161.69	82.3%	$	193.98	$	159.65	1.3%
28 Hotel Portfolio (5)	28	82.1%	$	200.12	$	164.30	82.6%	$	197.91	$	163.47	0.5%

(1) Marriott excludes the Wailea Beach Marriott Resort & Spa due to its extensive renovation during the fourth quarter of 2015 as well as all of 2016.

(2) Hilton excludes the Doubletree Guest Suites Times Square sold December 18, 2015.

(3) Other includes the Fairmont Newport Beach and the Boston Park Plaza. Other excludes the Sheraton Cerritos sold May 10, 2016.

(4) Comparable Portfolio includes 27 of the 28 hotels held for investment by the Company as of June 30, 2016. The Comparable Portfolio excludes the Wailea Beach Marriott Resort & Spa due to its extensive renovation during the fourth quarter of 2015 as well as all of 2016.

(5) 28 Hotel Portfolio includes all 28 hotels held for investment as of June 30, 2016.

OPERATING STATISTICS BY BRAND & GEOGRAPHY							Page 49

Supplemental Financial Information
August 8, 2016

Comparable Portfolio Property-Level Trailing 12 Month Adjusted EBITDA Contribution by Brand

Note: Includes 27 hotel Comparable Portfolio

OPERATING STATISTICS BY BRAND & GEOGRAPHY							Page 50

Supplemental Financial Information
August 8, 2016

Comparable Portfolio Operating Statistics by Region
Q2 and YTD 2016/2015

		For the Three Months Ended June 30,
		2016					2015
	# of Hotels	Occ		ADR		RevPAR	Occ		ADR			RevPAR		RevPAR Change
California (1)	8	87.0%	$	216.01	$	187.93	88.0%	$	207.28		$	182.41		3.0%
Other West (2)	4	83.1%	$	126.18	$	104.86	79.1%	$	136.94		$	108.32		-3.2%
Midwest	3	90.7%	$	225.24	$	204.29	92.4%	$	233.93		$	216.15		-5.5%
East (3)	12	87.2%	$	211.99	$	184.86	85.6%	$	211.31		$	180.88		2.2%
Comparable Portfolio (4)	27	87.1%	$	206.26	$	179.65	86.4%	$	205.24		$	177.33		1.3%
28 Hotel Portfolio (5)	28	86.5%	$	207.85	$	179.79	86.4%	$	207.39		$	179.18		0.3%
		For the Six Months Ended June 30,
		2016					2015
	# of Hotels	Occ		ADR		RevPAR	Occ		ADR			RevPAR	RevPAR Change
California (1)	8	85.9%	$	216.17	$	185.69	86.8%	$	203.43	$		176.57	5.2%
Other West (2)	4	83.1%	$	133.84	$	111.22	81.3%	$	142.59	$		115.92	-4.1%
Midwest	3	78.4%	$	185.86	$	145.71	82.3%	$	194.06	$		159.71	-8.8%
East (3)	12	80.1%	$	198.69	$	159.15	79.5%	$	197.97	$		157.38	1.1%
Comparable Portfolio (4)	27	82.1%	$	196.94	$	161.69	82.3%	$	193.98	$		159.65	1.3%
28 Hotel Portfolio (5)	28	82.1%	$	200.12	$	164.30	82.6%	$	197.91	$		163.47	0.5%

(1) California excludes the Sheraton Cerritos sold May 10, 2016.

(2) Other West excludes the Wailea Beach Marriott Resort & Spa due to its extensive renovation during the fourth quarter of 2015 as well as all of 2016.

(3) East excludes the Doubletree Guest Suites Times Square sold December 18, 2015.

(4) Comparable Portfolio includes 27 of the 28 hotels held for investment by the Company as of June 30, 2016. The Comparable Portfolio excludes the Wailea Beach Marriott Resort & Spa due to its extensive renovation during the fourth quarter of 2015 as well as all of 2016.

(5) 28 Hotel Portfolio includes all 28 hotels held for investment as of June 30, 2016.

OPERATING STATISTICS BY BRAND & GEOGRAPHY							Page 51

Supplemental Financial Information
August 8, 2016

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS							Page 52

Supplemental Financial Information
August 8, 2016

Property-Level Adjusted EBITDA
Q2 and YTD 2016/2015

	Hotels sorted by number of rooms		For the Three Months Ended June 30,					For the Six Months Ended June 30,
	(In thousands)		2016		2015			2016		2015
			Hotel Adjusted EBITDA (2)		Hotel Adjusted EBITDA (2)	% Change		Hotel Adjusted EBITDA (2)		Hotel Adjusted EBITDA (2)	% Change
1	Hilton San Diego Bayfront (1) (3)	$	12,365	$	15,343	-19%	$	24,541	$	29,394	-17%
2	Boston Park Plaza (3) (4)		8,179		9,212	-11%		6,487		7,508	-14%
3	Renaissance Washington DC (3)		8,692		8,683	0%		13,856		13,583	2%
4	Hyatt Regency San Francisco		9,424		7,842	20%		17,041		13,285	28%
5	Renaissance Orlando at SeaWorld ® (1)		6,814		4,873	40%		14,963		12,691	18%
6	Renaissance Harborplace		5,188		3,452	50%		6,423		4,853	32%
7	Renaissance Los Angeles Airport		2,277		2,042	12%		4,778		3,841	24%
8	JW Marriott New Orleans		4,452		4,196	6%		8,347		8,430	-1%
9	Hilton North Houston (4)		1,354		1,203	13%		2,874		3,139	-8%
10	Marriott Quincy		3,287		3,138	5%		4,582		4,150	10%
11	Hilton Times Square		3,422		4,433	-23%		3,689		5,342	-31%
12	Fairmont Newport Beach (3) (4)		2,219		2,275	-2%		4,034		4,434	-9%
13	Hyatt Chicago Magnificent Mile (3) (4)		5,554		3,854	44%		4,090		3,184	28%
14	Marriott Boston Long Wharf		7,332		7,530	-3%		10,008		10,483	-5%
15	Hyatt Regency Newport Beach		2,412		2,597	-7%		4,687		4,812	-3%
16	Marriott Tysons Corner		2,529		2,229	13%		3,897		3,761	4%
17	Marriott Houston (4)		1,130		1,400	-19%		2,270		2,839	-20%
18	Renaissance Long Beach		2,366		2,015	17%		4,552		3,912	16%
19	Embassy Suites Chicago (3) (4)		4,757		4,018	18%		5,581		5,027	11%
20	Hilton Garden Inn Chicago Downtown/Magnificent Mile (3) (4)		4,000		3,249	23%		3,813		3,569	7%
21	Renaissance Westchester		1,531		1,644	-7%		1,599		1,974	-19%
22	Embassy Suites La Jolla (4)		2,384		2,557	-7%		4,616		4,789	-4%
23	Marriott Philadelphia		1,828		1,990	-8%		2,368		2,700	-12%
24	Hilton New Orleans St. Charles		1,998		1,773	13%		3,636		3,572	2%
25	Marriott Portland		2,267		2,116	7%		3,986		3,712	7%
26	Marriott Park City		(169)		(119)	-42%		1,827		1,862	-2%
27	Courtyard by Marriott Los Angeles		1,319		1,109	19%		2,592		2,128	22%
	Comparable Portfolio (5)		108,911		104,654	4%		171,137		168,974	1%
	Add: Non-Comparable Hotel (6)
	Wailea Beach Marriott Resort & Spa (3)		2,761		5,598	-51%		9,187		13,407	-31%
	28 Hotel Portfolio (7)	$	111,672	$	110,252	1%	$	180,324	$	182,381	-1%

*Footnotes on page 54

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS							Page 53

Supplemental Financial Information
August 8, 2016

Property-Level Adjusted EBITDA
Q2 and YTD 2016/2015 Footnotes

(1) Reflects 100% of the operating results for the Hilton San Diego Bayfront and Renaissance Orlando at SeaWorld®.

(2) Reconciliations to Net Income (Loss) provided on pages 60, 61, 63 and 64.

(3) Hotel Adjusted EBITDA for both the second quarter and first six months of 2016 is impacted by major renovations at the Boston Park Plaza and the Wailea Beach Marriott Resort & Spa. Hotel Adjusted EBITDA for the second quarter of 2016 is impacted by a total of $ $3.9 million in non-current year property tax credits (assessments), net of appeal fees, received at the following hotels:  Boston Park Plaza $(3,000); Embassy Suites Chicago $0.6 million; Hilton Garden Inn Chicago Downtown/Magnificent Mile $0.9 million; Hilton San Diego Bayfront $(0.1) million; Hyatt Chicago Magnificent Mile $2.4 million; and Renaissance Washington DC $0.1 million. Hotel Adjusted EBITDA for the six months ended June 30, 2016 is impacted by a total of $4.0 million in non-current year property tax credits (assessments), net of appeal fees, received at the following hotels:  Boston Park Plaza $(3,000); Embassy Suites Chicago $0.6 million; Fairmont Newport Beach $26,000; Hilton Garden Inn Chicago Downtown/Magnificent Mile $0.9 million; Hilton San Diego Bayfront $(0.1) million; Hyatt Chicago Magnificent Mile $2.4 million; and Renaissance Washington DC $0.1 million.

(4) Hotel Adjusted EBITDA for the second quarter of 2015 is impacted by a total of $(0.1) million in non-current year property tax credits (assessments), net of appeal fees, received at the following hotels: Embassy Suites Chicago $(35,000); Embassy Suites La Jolla $11,000; Fairmont Newport Beach $27,000; Hilton Garden Inn Chicago Downtown/Magnificent Mile $(42,000); Hilton North Houston $(2,000); and Hyatt Chicago Magnificent Mile $(47,000). Hotel Adjusted EBITDA for the six months ended June 30, 2015 is impacted by a major renovation at the Boston Park Plaza, as well as by a total of $0.1 million in non-current year property tax credits (assessments), net of appeal fees, received at the following hotels: Embassy Suites Chicago $(35,000); Embassy Suites La Jolla $11,000; Fairmont Newport Beach $27,000; Hilton Garden Inn Chicago Downtown/Magnificent Mile $(42,000); Hilton North Houston $0.1 million; Hyatt Chicago Magnificent Mile $(47,000); and Marriott Houston $0.1 million.

(5) Comparable Portfolio includes 27 of the 28 hotels held for investment by the Company as of June 30, 2016. The Comparable Portfolio excludes the Wailea Beach Marriott Resort & Spa due to its extensive renovation during the fourth quarter of 2015 as well as all of 2016.

(6) Non-Comparable Hotel includes the results generated by the Wailea Beach Marriott Resort & Spa, which is considered non-comparable due to its extensive renovation during the fourth quarter of 2015 as well as all of 2016.

(7) 28 Hotel Portfolio includes all 28 hotels held for investment as of June 30, 2016.

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS							Page 54

Supplemental Financial Information
August 8, 2016

Property-Level Adjusted EBITDA Margins
Q2 and YTD 2016/2015

	Hotels sorted by number of rooms	For the Three Months Ended June 30,			For the Six Months Ended June 30,
		2016	2015	Change in	2016	2015	Change in
		Hotel Adjusted EBITDA Margin	Hotel Adjusted EBITDA Margin	bps	Hotel Adjusted EBITDA Margin	Hotel Adjusted EBITDA Margin	bps
1	Hilton San Diego Bayfront (1) (2)	34.4%	40.3%	(590) bps	33.9%	39.1%	(520) bps
2	Boston Park Plaza (2) (3)	33.9%	38.2%	(430) bps	18.3%	22.9%	(460) bps
3	Renaissance Washington DC (2)	35.6%	35.2%	40 bps	31.3%	31.2%	10 bps
4	Hyatt Regency San Francisco	31.6%	29.3%	230 bps	29.9%	26.1%	380 bps
5	Renaissance Orlando at SeaWorld ® (1)	33.3%	29.3%	400 bps	35.2%	34.0%	120 bps
6	Renaissance Harborplace	36.4%	30.1%	630 bps	27.8%	23.7%	410 bps
7	Renaissance Los Angeles Airport	27.6%	26.3%	130 bps	28.2%	25.0%	320 bps
8	JW Marriott New Orleans	42.5%	39.3%	320 bps	39.9%	38.8%	110 bps
9	Hilton North Houston (3)	23.1%	20.3%	280 bps	23.9%	25.0%	(110) bps
10	Marriott Quincy	35.6%	36.0%	(40) bps	29.6%	28.6%	100 bps
11	Hilton Times Square	25.5%	30.1%	(460) bps	15.7%	21.0%	(530) bps
12	Fairmont Newport Beach (2) (3)	25.6%	28.0%	(240) bps	24.4%	26.9%	(250) bps
13	Hyatt Chicago Magnificent Mile (2) (3)	51.0%	35.4%	1,560 bps	26.7%	19.5%	720 bps
14	Marriott Boston Long Wharf	44.9%	45.8%	(90) bps	37.3%	38.6%	(130) bps
15	Hyatt Regency Newport Beach	24.3%	25.3%	(100) bps	24.8%	25.3%	(50) bps
16	Marriott Tysons Corner	38.4%	36.0%	240 bps	33.9%	32.6%	130 bps
17	Marriott Houston (3)	26.3%	29.1%	(280) bps	26.7%	30.2%	(350) bps
18	Renaissance Long Beach	32.7%	31.1%	160 bps	32.0%	30.2%	180 bps
19	Embassy Suites Chicago (2) (3)	55.4%	44.0%	1,140 bps	43.1%	35.8%	730 bps
20	Hilton Garden Inn Chicago Downtown/Magnificent Mile (2) (3)	59.7%	45.8%	1,390 bps	40.0%	34.2%	580 bps
21	Renaissance Westchester	23.9%	25.9%	(200) bps	14.8%	17.9%	(310) bps
22	Embassy Suites La Jolla (3)	42.1%	44.7%	(260) bps	41.5%	43.4%	(190) bps
23	Marriott Philadelphia	35.1%	36.8%	(170) bps	26.7%	28.5%	(180) bps
24	Hilton New Orleans St. Charles	46.5%	43.2%	330 bps	43.1%	42.4%	70 bps
25	Marriott Portland	48.0%	46.5%	150 bps	46.1%	44.2%	190 bps
26	Marriott Park City	-11.1%	-7.7%	(340) bps	30.2%	31.1%	(90) bps
27	Courtyard by Marriott Los Angeles	37.9%	35.8%	210 bps	37.4%	35.2%	220 bps
	Comparable Portfolio (4)	35.5%	34.9%	60 bps	30.6%	30.9%	(30) bps
	Add: Non-Comparable Hotel (5)
	Wailea Beach Marriott Resort & Spa (2)	20.0%	34.3%	(1,430) bps	28.2%	37.9%	(970) bps
	28 Hotel Portfolio (6)	34.8%	34.9%	(8) bps	30.5%	31.3%	(80) bps
	Comparable Portfolio, excluding prior year property tax adjustments, net (7)	34.2%	34.9%	(70) bps	29.9%	30.8%	(90) bps
	28 Hotel Portfolio, excluding prior year property tax adjustments, net (8)	33.6%	34.9%	(130) bps	29.8%	31.3%	(150) bps

*Footnotes on page 56

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS							Page 55

Supplemental Financial Information
August 8, 2016

Property-Level Adjusted EBITDA Margins
Q2 and YTD 2016/2015 Footnotes

(1) Reflects 100% of the operating results for the Hilton San Diego Bayfront and Renaissance Orlando at SeaWorld®.

(2) Hotel Adjusted EBITDA Margins for both the second quarter and first six months of 2016 are impacted by major renovations at the Boston Park Plaza and the Wailea Beach Marriott Resort & Spa. Hotel Adjusted EBITDA Margins for the second quarter of 2016 are impacted by a total of $ $3.9 million in non-current year property tax credits (assessments), net of appeal fees, received at the following hotels:  Boston Park Plaza $(3,000); Embassy Suites Chicago $0.6 million; Hilton Garden Inn Chicago Downtown/Magnificent Mile $0.9 million; Hilton San Diego Bayfront $(0.1) million; Hyatt Chicago Magnificent Mile $2.4 million; and Renaissance Washington DC $0.1 million. Hotel Adjusted EBITDA Margins for the six months ended June 30, 2016 are impacted by a total of $4.0 million in non-current year property tax credits (assessments), net of appeal fees, received at the following hotels:  Boston Park Plaza $(3,000); Embassy Suites Chicago $0.6 million; Fairmont Newport Beach $26,000; Hilton Garden Inn Chicago Downtown/Magnificent Mile $0.9 million; Hilton San Diego Bayfront $(0.1) million; Hyatt Chicago Magnificent Mile $2.4 million; and Renaissance Washington DC $0.1 million.

(3) Hotel Adjusted EBITDA Margins for the second quarter of 2015 are impacted by a total of $(0.1) million in non-current year property tax credits (assessments), net of appeal fees, received at the following hotels: Embassy Suites Chicago $(35,000); Embassy Suites La Jolla $11,000; Fairmont Newport Beach $27,000; Hilton Garden Inn Chicago Downtown/Magnificent Mile $(42,000); Hilton North Houston $(2,000); and Hyatt Chicago Magnificent Mile $(47,000). Hotel Adjusted EBITDA Margins for the six months ended June 30, 2015 are impacted by a major renovation at the Boston Park Plaza, as well as by a total of $0.1 million in non-current year property tax credits (assessments), net of appeal fees, received at the following hotels: Embassy Suites Chicago $(35,000); Embassy Suites La Jolla $11,000; Fairmont Newport Beach $27,000; Hilton Garden Inn Chicago Downtown/Magnificent Mile $(42,000); Hilton North Houston $0.1 million; Hyatt Chicago Magnificent Mile $(47,000); and Marriott Houston $0.1 million.

(4) Comparable Portfolio includes 27 of the 28 hotels held for investment by the Company as of June 30, 2016. The Comparable Portfolio excludes the Wailea Beach Marriott Resort & Spa due to its extensive renovation during the fourth quarter of 2015 as well as all of 2016.

(5) Non-Comparable Hotel includes the results generated by the Wailea Beach Marriott Resort & Spa, which is considered non-comparable due to its extensive renovation during the fourth quarter of 2015 as well as all of 2016.

(6) 28 Hotel Portfolio includes all 28 hotels held for investment as of June 30, 2016.

(7) Comparable Portfolio, excluding prior year property tax adjustments, net represents the 27 hotel Comparable Portfolio adjusted to exclude the prior year property tax related items noted in Footnotes 2 and 3 above.

(8) 28 Hotel Portfolio, excluding prior year property tax adjustments, net represents the 28 Hotel Portfolio adjusted to exclude the prior year property tax related items noted in Footnotes 2 and 3 above.

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS							Page 56

Supplemental Financial Information
August 8, 2016

Property-Level Adjusted EBITDA Reconciliation Q1 2016

	Hotels sorted by number of rooms		For the Three Months Ended March 31, 2016
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
		Total		Net Income /		Other						Hotel		Adjusted EBITDA
		Revenues		(Loss)		Adjustments (2)		Depreciation		Interest Expense		Adjusted EBITDA		Margins
1	Hilton San Diego Bayfront (1)	$	36,492	$	6,612	$	450	$	3,462	$	1,652	$	12,176	33.4%
2	Boston Park Plaza (3)		11,430		(6,073)		—		3,944		437		(1,692)	-14.8%
3	Renaissance Washington DC		19,840		841		—		2,492		1,831		5,164	26.0%
4	Hyatt Regency San Francisco		27,145		3,408		914		3,295		—		7,617	28.1%
5	Renaissance Orlando at SeaWorld ® (1)		21,992		4,926		—		2,196		1,027		8,149	37.1%
6	Renaissance Harborplace		8,852		(384)		—		1,619		—		1,235	14.0%
7	Renaissance Los Angeles Airport		8,711		1,800		—		701		—		2,501	28.7%
8	JW Marriott New Orleans		10,461		1,430		1		1,523		941		3,895	37.2%
9	Hilton North Houston		6,195		670		—		850		—		1,520	24.5%
10	Marriott Quincy		6,250		170		—		1,125		—		1,295	20.7%
11	Hilton Times Square		9,989		(4,083)		628		2,539		1,183		267	2.7%
12	Fairmont Newport Beach (3)		7,893		784		—		1,031		—		1,815	23.0%
13	Hyatt Chicago Magnificent Mile		4,429		(2,894)		—		1,430		—		(1,464)	-33.1%
14	Marriott Boston Long Wharf		10,527		(1,885)		—		2,075		2,486		2,676	25.4%
15	Hyatt Regency Newport Beach		8,983		1,421		—		854		—		2,275	25.3%
16	Marriott Tysons Corner		4,895		580		—		788		—		1,368	27.9%
17	Marriott Houston		4,202		542		—		598		—		1,140	27.1%
18	Renaissance Long Beach		7,001		1,425		—		761		—		2,186	31.2%
19	Embassy Suites Chicago (3)		4,355		(1,043)		—		908		959		824	18.9%
20	Hilton Garden Inn Chicago Downtown/Magnificent Mile (3)		2,827		(937)		—		750		—		(187)	-6.6%
21	Renaissance Westchester		4,410		(781)		—		849		—		68	1.5%
22	Embassy Suites La Jolla		5,470		652		—		904		676		2,232	40.8%
23	Marriott Philadelphia		3,672		17		—		523		—		540	14.7%
24	Hilton New Orleans St. Charles		4,141		997		—		641		—		1,638	39.6%
25	Marriott Portland		3,933		1,329		—		390		—		1,719	43.7%
26	Marriott Park City		4,525		1,511		—		485		—		1,996	44.1%
27	Courtyard by Marriott Los Angeles		3,451		976		—		297		—		1,273	36.9%
	Comparable Portfolio (4)		252,071		12,011		1,993		37,030		11,192		62,226	24.7%
	Add: Non-Comparable Hotel (5)
	Wailea Beach Marriott Resort & Spa (3)		18,745		3,837		118		2,471		—		6,426	34.3%
	Add: Sold Hotel (6)
	Sheraton Cerritos		3,355		563		—		397		—		960	28.6%
	Actual Portfolio (7)	$	274,171	$	16,411	$	2,111	$	39,898	$	11,192	$	69,612	25.4%

*Footnotes on page 59

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS							Page 57

Supplemental Financial Information
August 8, 2016

Property-Level Adjusted EBITDA Reconciliation Q1 2015

	Hotels sorted by number of rooms	For the Three Months Ended March 31, 2015
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
		Total		Net Income /		Other						Hotel		Adjusted EBITDA
		Revenues		(Loss)		Adjustments(8)		Depreciation		Interest Expense		Adjusted EBITDA		Margins
1	Hilton San Diego Bayfront (1)	$	37,112	$	8,703	$	450	$	3,388	$	1,510	$	14,051	37.9%
2	Boston Park Plaza (3)		8,637		(7,347)		983		3,369		1,291		(1,704)	-19.7%
3	Renaissance Washington DC		18,931		641		—		2,393		1,866		4,900	25.9%
4	Hyatt Regency San Francisco		24,053		2,449		—		2,994		—		5,443	22.6%
5	Renaissance Orlando at SeaWorld ® (1)		20,670		4,514		—		2,256		1,048		7,818	37.8%
6	Renaissance Harborplace		9,058		(1,469)		—		1,717		1,153		1,401	15.5%
7	Renaissance Los Angeles Airport		7,616		1,120		—		679		—		1,799	23.6%
8	JW Marriott New Orleans		11,037		1,944		1		1,343		946		4,234	38.4%
9	Hilton North Houston (3)		6,657		570		—		915		451		1,936	29.1%
10	Marriott Quincy		5,809		(107)		—		1,119		—		1,012	17.4%
11	Hilton Times Square		10,683		(2,918)		87		2,526		1,214		909	8.5%
12	Fairmont Newport Beach		8,372		1,026		—		1,133		—		2,159	25.8%
13	Hyatt Chicago Magnificent Mile		5,440		(2,156)		—		1,486		—		(670)	-12.3%
14	Marriott Boston Long Wharf		10,737		(1,607)		—		2,101		2,459		2,953	27.5%
15	Hyatt Regency Newport Beach		8,724		1,351		—		864		—		2,215	25.4%
16	Marriott Tysons Corner		5,330		186		—		797		549		1,532	28.7%
17	Marriott Houston (3)		4,578		578		—		579		282		1,439	31.4%
18	Renaissance Long Beach		6,479		1,116		—		781		—		1,897	29.3%
19	Embassy Suites Chicago		4,894		(878)		—		914		973		1,009	20.6%
20	Hilton Garden Inn Chicago Downtown/Magnificent Mile		3,343		(410)		—		730		—		320	9.6%
21	Renaissance Westchester		4,668		(509)		—		839		—		330	7.1%
22	Embassy Suites La Jolla		5,302		671		—		881		680		2,232	42.1%
23	Marriott Philadelphia		4,080		(103)		—		479		334		710	17.4%
24	Hilton New Orleans St. Charles		4,326		1,406		—		393		—		1,799	41.6%
25	Marriott Portland		3,855		1,189		—		407		—		1,596	41.4%
26	Marriott Park City		4,439		1,343		—		453		185		1,981	44.6%
27	Courtyard by Marriott Los Angeles		2,944		709		—		310		—		1,019	34.6%
	Comparable Portfolio (4)		247,774		12,012		1,521		35,846		14,941		64,320	26.0%
	Add: Non-Comparable Hotel (5)
	Wailea Beach Marriott Resort & Spa		19,065		5,344		—		2,465		—		7,809	41.0%
	Add: Sold Hotels (6)
	Doubletree Guest Suites Times Square  (1)		12,125		(3,064)		994		1,583		1,678		1,191	9.8%
	Sheraton Cerritos		3,324		493		—		416		—		909	27.3%
	Actual Portfolio (7)	$	282,288	$	14,785	$	2,515	$	40,310	$	16,619	$	74,229	26.3%

*Footnotes on page 59

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS							Page 58

Supplemental Financial Information
August 8, 2016

Property-Level Adjusted EBITDA Reconciliation
Q1 2016/2015 Footnotes

(1) Includes 100% of the operating results for the Doubletree Guest Suites Times Square, Hilton San Diego Bayfront and Renaissance Orlando at SeaWorld®.

(2) Other Adjustments for the first quarter of 2016 include property-level restructuring, severance and management transition costs at the following hotels: Hilton Times Square $0.5 million; Hyatt Regency San Francisco $0.9 million; and Wailea Beach Marriott Resort & Spa $0.1 million. In addition, Other Adjustments for the first quarter of 2016 include: a total of $0.1 million in amortization of lease intangibles at the Hilton Times Square and JW Marriott New Orleans; and a total of $0.5 million in noncash straight-line lease expense at the Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans.

(3) Hotel Adjusted EBITDA for the first quarter of 2016 is impacted by major renovations at the Boston Park Plaza and the Wailea Beach Marriott Resort & Spa, and by a total of $0.1 million in non-current property tax credits, net of appeal fees, received at the following hotels: Embassy Suites Chicago $55,000; Hilton Garden Inn Chicago Downtown/Magnificent Mile $15,000; and Fairmont Newport Beach $27,000. Hotel Adjusted EBITDA for the first quarter of 2015 is impacted by a major renovation at the Boston Park Plaza, and by a total of $0.2 million in non-current year property tax credits, net of appeal fees, received at the following hotels: Marriott Houston $84,000; and Hilton North Houston $104,000.

(4) Comparable Portfolio includes 27 of the 28 hotels held for investment by the Company as of June 30, 2016. The Comparable Portfolio excludes the Wailea Beach Marriott Resort & Spa due to its extensive renovation during the fourth quarter of 2015 as well as all of 2016.

(5) Non-Comparable Hotel includes the results generated by the Wailea Beach Marriott Resort & Spa, which is considered non-comparable due to its extensive renovation during the fourth quarter of 2015 as well as all of 2016.

(6) Sold Hotel for both the three months ended March 31, 2016 and 2015 include those generated by the Sheraton Cerritos, which was sold May 10, 2016. Sold Hotels for the three months ended March 31, 2015 also include those generated by the Doubletree Guest Suites Times Square, which was sold December 18, 2015.

(7) Actual Portfolio for the first quarter of 2016 includes all 29 hotels held for investment as of March 31, 2016. Actual Portfolio for the first quarter of 2015 includes all 30 hotels held for investment as of March 31, 2015.

(8) Other Adjustments for the first quarter of 2015 include: a total of $0.7 million in  property-level restructuring, severance and management transition costs at the Boston Park Plaza; $0.3 million in lease termination costs at the Boston Park Plaza; a total of $1.0 million in amortization of lease intangibles at the Doubletree Guest Suites Times Square, Hilton Times Square and  JW Marriott New Orleans; and a total of $0.5 million in noncash straight-line lease expense at the Doubletree Guest Suites Times Square, Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans.

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS							Page 59

Supplemental Financial Information
August 8, 2016

Property-Level Adjusted EBITDA Reconciliation Q2 2016

	Hotels sorted by number of rooms		For the Three Months Ended June 30, 2016
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
		Total		Net Income /		Other						Hotel		Adjusted EBITDA
		Revenues		(Loss)		Adjustments (2)		Depreciation		Interest Expense		Adjusted EBITDA		Margins
1	Hilton San Diego Bayfront (1) (3)	$	35,926	$	6,783	$	450	$	3,476	$	1,656	$	12,365	34.4%
2	Boston Park Plaza (3)		24,104		4,180		—		3,999		—		8,179	33.9%
3	Renaissance Washington DC (3)		24,409		4,364		—		2,505		1,823		8,692	35.6%
4	Hyatt Regency San Francisco		29,816		5,862		—		3,562		—		9,424	31.6%
5	Renaissance Orlando at SeaWorld ® (1)		20,468		3,903		—		2,228		683		6,814	33.3%
6	Renaissance Harborplace		14,256		3,616		—		1,572		—		5,188	36.4%
7	Renaissance Los Angeles Airport		8,254		1,568		—		709		—		2,277	27.6%
8	JW Marriott New Orleans		10,477		1,971		(4)		1,549		936		4,452	42.5%
9	Hilton North Houston		5,852		499		—		855		—		1,354	23.1%
10	Marriott Quincy		9,229		2,163		—		1,124		—		3,287	35.6%
11	Hilton Times Square		13,439		(339)		78		2,465		1,218		3,422	25.5%
12	Fairmont Newport Beach		8,657		1,138		—		1,081		—		2,219	25.6%
13	Hyatt Chicago Magnificent Mile (3)		10,892		4,119		—		1,435		—		5,554	51.0%
14	Marriott Boston Long Wharf		16,335		2,769		—		2,076		2,487		7,332	44.9%
15	Hyatt Regency Newport Beach		9,942		1,410		—		1,002		—		2,412	24.3%
16	Marriott Tysons Corner		6,587		1,748		—		781		—		2,529	38.4%
17	Marriott Houston		4,302		501		—		629		—		1,130	26.3%
18	Renaissance Long Beach		7,234		1,592		—		774		—		2,366	32.7%
19	Embassy Suites Chicago (3)		8,588		2,903		—		900		954		4,757	55.4%
20	Hilton Garden Inn Chicago Downtown/Magnificent Mile (3)		6,700		3,247		—		753		—		4,000	59.7%
21	Renaissance Westchester		6,409		674		—		857		—		1,531	23.9%
22	Embassy Suites La Jolla		5,661		809		—		902		673		2,384	42.1%
23	Marriott Philadelphia		5,203		1,225		—		603		—		1,828	35.1%
24	Hilton New Orleans St. Charles		4,295		1,382		—		616		—		1,998	46.5%
25	Marriott Portland		4,719		1,871		—		396		—		2,267	48.0%
26	Marriott Park City		1,519		(660)		—		491		—		(169)	-11.1%
27	Courtyard by Marriott Los Angeles		3,484		1,031		—		288		—		1,319	37.9%
	Comparable Portfolio (4)	$	306,757	$	60,329	$	524	$	37,628	$	10,430	$	108,911	35.5%
	Add: Non-Comparable Hotel (5)
	Wailea Beach Marriott Resort & Spa (3)		13,813		(1,000)		1,000		2,761		—		2,761	20.0%
	Add: Sold Hotel (6)
	Sheraton Cerritos		1,491		313		—		131		—		444	29.8%
	Actual Portfolio (7)	$	322,061	$	59,642	$	1,524	$	40,520	$	10,430	$	112,116	34.8%

*Footnotes on page 62

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS							Page 60

Supplemental Financial Information
August 8, 2016

Property-Level Adjusted EBITDA Reconciliation Q2 2015

	Hotels sorted by number of rooms		For the Three Months Ended June 30, 2015
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
		Total		Net Income /		Other						Hotel		Adjusted EBITDA
		Revenues		(Loss)		Adjustments(8)		Depreciation		Interest Expense		Adjusted EBITDA		Margins
1	Hilton San Diego Bayfront (1)	$	38,089	$	9,933	$	450	$	3,418	$	1,542	$	15,343	40.3%
2	Boston Park Plaza		24,092		4,472		—		3,441		1,299		9,212	38.2%
3	Renaissance Washington DC		24,656		4,337		—		2,488		1,858		8,683	35.2%
4	Hyatt Regency San Francisco		26,800		4,675		—		3,167		—		7,842	29.3%
5	Renaissance Orlando at SeaWorld ® (1)		16,632		1,601		—		2,221		1,051		4,873	29.3%
6	Renaissance Harborplace		11,458		600		—		1,698		1,154		3,452	30.1%
7	Renaissance Los Angeles Airport		7,771		1,360		—		682		—		2,042	26.3%
8	JW Marriott New Orleans		10,664		1,876		(5)		1,370		955		4,196	39.3%
9	Hilton North Houston (3)		5,913		(137)		—		886		454		1,203	20.3%
10	Marriott Quincy		8,718		2,028		—		1,110		—		3,138	36.0%
11	Hilton Times Square		14,732		597		83		2,528		1,225		4,433	30.1%
12	Fairmont Newport Beach (3)		8,115		1,177		—		1,098		—		2,275	28.0%
13	Hyatt Chicago Magnificent Mile (3)		10,891		2,424		—		1,430		—		3,854	35.4%
14	Marriott Boston Long Wharf		16,449		2,962		—		2,082		2,486		7,530	45.8%
15	Hyatt Regency Newport Beach		10,280		1,740		—		857		—		2,597	25.3%
16	Marriott Tysons Corner		6,195		1,244		—		803		182		2,229	36.0%
17	Marriott Houston		4,814		719		—		588		93		1,400	29.1%
18	Renaissance Long Beach		6,488		1,250		—		765		—		2,015	31.1%
19	Embassy Suites Chicago (3)		9,136		2,120		—		921		977		4,018	44.0%
20	Hilton Garden Inn Chicago Downtown/Magnificent Mile (3)		7,091		2,508		—		741		—		3,249	45.8%
21	Renaissance Westchester		6,343		819		—		825		—		1,644	25.9%
22	Embassy Suites La Jolla (3)		5,721		1,014		—		859		684		2,557	44.7%
23	Marriott Philadelphia		5,402		1,394		—		484		112		1,990	36.8%
24	Hilton New Orleans St. Charles		4,105		1,375		—		398		—		1,773	43.2%
25	Marriott Portland		4,552		1,707		—		409		—		2,116	46.5%
26	Marriott Park City		1,549		(618)		—		438		61		(119)	-7.7%
27	Courtyard by Marriott Los Angeles		3,095		806		—		303		—		1,109	35.8%
	Comparable Portfolio (4)		299,751		53,983		528		36,010		14,133		104,654	34.9%
	Add: Non-Comparable Hotel (5)
	Wailea Beach Marriott Resort & Spa		16,316		3,132		—		2,466		—		5,598	34.3%
	Add: Sold Hotels (6)
	Doubletree Guest Suites Times Square (1)		17,696		1,844		992		1,588		1,707		6,131	34.6%
	Sheraton Cerritos		3,460		704		—		412		—		1,116	32.3%
	Actual Portfolio (7)	$	337,223	$	59,663	$	1,520	$	40,476	$	15,840	$	117,499	34.8%

*Footnotes on page 62

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS							Page 61

Supplemental Financial Information
August 8, 2016

Property-Level Adjusted EBITDA Reconciliation
Q2 2016/2015 Footnotes

(1) Includes 100% of the operating results for the Doubletree Guest Suites Times Square, Hilton San Diego Bayfront and Renaissance Orlando at SeaWorld®.

(2) Other Adjustments for the second quarter of 2016 include: $1.0 million in lease termination costs at the Wailea Beach Marriott Resort & Spa; and a total of $0.1 million in amortization of lease intangibles at the Hilton Times Square and JW Marriott New Orleans; and a total of $0.4 million in noncash straight-line lease expense at the Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans.

(3) Hotel Adjusted EBITDA for the second quarter of 2016, is impacted by major renovations at the Boston Park Plaza and the Wailea Beach Marriott Resort & Spa, and by a total of $3.9 million in non-current year property tax credits (assessments), net of appeal fees, received at the following hotels:  Boston Park Plaza $(3,000); Embassy Suites Chicago $0.6 million; Hilton Garden Inn Chicago Downtown/Magnificent Mile $0.9 million; Hilton San Diego Bayfront $(0.1) million; Hyatt Chicago Magnificent Mile $2.4 million; and Renaissance Washington DC $0.1 million. Hotel Adjusted EBITDA for the second quarter of 2015 is impacted by a total of $(0.1) million in non-current year property tax credits (assessments), net of appeal fees, received at the following hotels: Embassy Suites Chicago $(35,000); Embassy Suites La Jolla $11,000; Fairmont Newport Beach $27,000; Hilton Garden Inn Chicago Downtown/Magnificent Mile $(42,000); Hilton North Houston $(2,000); and Hyatt Chicago Magnificent Mile $(47,000).

(4) Comparable Portfolio includes 27 of the 28 hotels held for investment by the Company as of June 30, 2016. The Comparable Portfolio excludes the Wailea Beach Marriott Resort & Spa due to its extensive renovation during the fourth quarter of 2015 as well as all of 2016.

(5) Non-Comparable Hotel includes the results generated by the Wailea Beach Marriott Resort & Spa, which is considered non-comparable due to its extensive renovation during the fourth quarter of 2015 as well as all of 2016.

(6) Sold Hotel for both the three months ended June 30, 2016 and 2015 include those generated by the Sheraton Cerritos, which was sold May 10, 2016. Sold Hotels for the three months ended June 30, 2015 also include those generated by the Doubletree Guest Suites Times Square, which was sold December 18, 2015.

(7) Actual Portfolio includes all 28 hotels held for investment by the Company as of June 30, 2016, as well as results from the Sheraton Cerritos before its sale May 10, 2016. Actual Portfolio for the three months ended June 30, 2015 includes all 30 hotels held for investment by the Company as of June 30, 2015.

(8) Other Adjustments for the second quarter of 2015 include: a total of $1.0 million in amortization of lease intangibles at the Doubletree Guest Suites Times Square, Hilton Times Square and JW Marriott New Orleans; and a total of $0.5 million in noncash straight-line lease expense at the Doubletree Guest Suites Times Square, Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans.

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS							Page 62

Supplemental Financial Information
August 8, 2016

Property-Level Adjusted EBITDA Reconciliation Q2 YTD 2016

	Hotels sorted by number of rooms		For the Six Months Ended June 30, 2016
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
		Total		Net Income /		Other						Hotel		Adjusted EBITDA
		Revenues		(Loss)		Adjustments (2)		Depreciation		Interest Expense		Adjusted EBITDA		Margins
1	Hilton San Diego Bayfront (1) (3)	$	72,418	$	13,395	$	900	$	6,938	$	3,308	$	24,541	33.9%
2	Boston Park Plaza (3)		35,534		(1,893)		—		7,943		437		6,487	18.3%
3	Renaissance Washington DC (3)		44,249		5,205		—		4,997		3,654		13,856	31.3%
4	Hyatt Regency San Francisco		56,961		9,270		914		6,857		—		17,041	29.9%
5	Renaissance Orlando at SeaWorld ® (1)		42,460		8,829		—		4,424		1,710		14,963	35.2%
6	Renaissance Harborplace		23,108		3,232		—		3,191		—		6,423	27.8%
7	Renaissance Los Angeles Airport		16,965		3,368		—		1,410		—		4,778	28.2%
8	JW Marriott New Orleans		20,938		3,401		(3)		3,072		1,877		8,347	39.9%
9	Hilton North Houston		12,047		1,169		—		1,705		—		2,874	23.9%
10	Marriott Quincy		15,479		2,333		—		2,249		—		4,582	29.6%
11	Hilton Times Square		23,428		(4,422)		706		5,004		2,401		3,689	15.7%
12	Fairmont Newport Beach (3)		16,550		1,922		—		2,112		—		4,034	24.4%
13	Hyatt Chicago Magnificent Mile (3)		15,321		1,225		—		2,865		—		4,090	26.7%
14	Marriott Boston Long Wharf		26,862		884		—		4,151		4,973		10,008	37.3%
15	Hyatt Regency Newport Beach		18,925		2,831		—		1,856		—		4,687	24.8%
16	Marriott Tysons Corner		11,482		2,328		—		1,569		—		3,897	33.9%
17	Marriott Houston		8,504		1,043		—		1,227		—		2,270	26.7%
18	Renaissance Long Beach		14,235		3,017		—		1,535		—		4,552	32.0%
19	Embassy Suites Chicago (3)		12,943		1,860		—		1,808		1,913		5,581	43.1%
20	Hilton Garden Inn Chicago Downtown/Magnificent Mile (3)		9,527		2,310		—		1,503		—		3,813	40.0%
21	Renaissance Westchester		10,819		(107)		—		1,706		—		1,599	14.8%
22	Embassy Suites La Jolla		11,131		1,461		—		1,806		1,349		4,616	41.5%
23	Marriott Philadelphia		8,875		1,242		—		1,126		—		2,368	26.7%
24	Hilton New Orleans St. Charles		8,436		2,379		—		1,257		—		3,636	43.1%
25	Marriott Portland		8,652		3,200		—		786		—		3,986	46.1%
26	Marriott Park City		6,044		851		—		976		—		1,827	30.2%
27	Courtyard by Marriott Los Angeles		6,935		2,007		—		585		—		2,592	37.4%
	Comparable Portfolio (4)	$	558,828	$	72,340	$	2,517	$	74,658	$	21,622	$	171,137	30.6%
	Add: Non-Comparable Hotel (5)
	Wailea Beach Marriott Resort & Spa (3)		32,558		2,837		1,118		5,232		—		9,187	28.2%
	Add: Sold Hotel (6)
	Sheraton Cerritos		4,846		876		—		528		—		1,404	29.0%
	Actual Portfolio (7)	$	596,232	$	76,053	$	3,635	$	80,418	$	21,622	$	181,728	30.5%

*Footnotes on page 65

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS							Page 63

Supplemental Financial Information
August 8, 2016

Property-Level Adjusted EBITDA Reconciliation Q2 YTD 2015

	Hotels sorted by number of rooms		For the Six Months Ended June 30, 2015
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
		Total		Net Income /		Other						Hotel		Adjusted EBITDA
		Revenues		(Loss)		Adjustments(8)		Depreciation		Interest Expense		Adjusted EBITDA		Margins
1	Hilton San Diego Bayfront (1)	$	75,201	$	18,636	$	900	$	6,806	$	3,052	$	29,394	39.1%
2	Boston Park Plaza (3)		32,729		(2,875)		983		6,810		2,590		7,508	22.9%
3	Renaissance Washington DC		43,587		4,978		—		4,881		3,724		13,583	31.2%
4	Hyatt Regency San Francisco		50,853		7,124		—		6,161		—		13,285	26.1%
5	Renaissance Orlando at SeaWorld ® (1)		37,302		6,115		—		4,477		2,099		12,691	34.0%
6	Renaissance Harborplace		20,516		(869)		—		3,415		2,307		4,853	23.7%
7	Renaissance Los Angeles Airport		15,387		2,480		—		1,361		—		3,841	25.0%
8	JW Marriott New Orleans		21,701		3,820		(4)		2,713		1,901		8,430	38.8%
9	Hilton North Houston (3)		12,570		433		—		1,801		905		3,139	25.0%
10	Marriott Quincy		14,527		1,921		—		2,229		—		4,150	28.6%
11	Hilton Times Square		25,415		(2,321)		170		5,054		2,439		5,342	21.0%
12	Fairmont Newport Beach (3)		16,487		2,203		—		2,231		—		4,434	26.9%
13	Hyatt Chicago Magnificent Mile (3)		16,331		268		—		2,916		—		3,184	19.5%
14	Marriott Boston Long Wharf		27,186		1,355		—		4,183		4,945		10,483	38.6%
15	Hyatt Regency Newport Beach		19,004		3,091		—		1,721		—		4,812	25.3%
16	Marriott Tysons Corner		11,525		1,430		—		1,600		731		3,761	32.6%
17	Marriott Houston (3)		9,392		1,297		—		1,167		375		2,839	30.2%
18	Renaissance Long Beach		12,967		2,366		—		1,546		—		3,912	30.2%
19	Embassy Suites Chicago (3)		14,030		1,242		—		1,835		1,950		5,027	35.8%
20	Hilton Garden Inn Chicago Downtown/Magnificent Mile (3)		10,434		2,098		—		1,471		—		3,569	34.2%
21	Renaissance Westchester		11,011		310		—		1,664		—		1,974	17.9%
22	Embassy Suites La Jolla (3)		11,023		1,685		—		1,740		1,364		4,789	43.4%
23	Marriott Philadelphia		9,482		1,291		—		963		446		2,700	28.5%
24	Hilton New Orleans St. Charles		8,431		2,781		—		791		—		3,572	42.4%
25	Marriott Portland		8,407		2,896		—		816		—		3,712	44.2%
26	Marriott Park City		5,988		725		—		891		246		1,862	31.1%
27	Courtyard by Marriott Los Angeles		6,039		1,515		—		613		—		2,128	35.2%
	Comparable Portfolio (4)		547,525		65,995		2,049		71,856		29,074		168,974	30.9%
	Add: Non-Comparable Hotel (5)
	Wailea Beach Marriott Resort & Spa		35,381		8,476		—		4,931		—		13,407	37.9%
	Add: Sold Hotels (6)
	Doubletree Guest Suites Times Square (1)		29,821		(1,220)		1,986		3,171		3,385		7,322	24.6%
	Sheraton Cerritos		6,784		1,197		—		828		—		2,025	29.8%
	Actual Portfolio (7)	$	619,511	$	74,448	$	4,035	$	80,786	$	32,459	$	191,728	30.9%

*Footnotes on page 65

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS							Page 64

Supplemental Financial Information
August 8, 2016

Property-Level Adjusted EBITDA Reconciliation
Q2 YTD 2016/2015 Footnotes

(1) Includes 100% of the operating results for the Doubletree Guest Suites Times Square, Hilton San Diego Bayfront and Renaissance Orlando at SeaWorld®.

(2) Other Adjustments for the six months ended June 30, 2016 include property-level restructuring, severance and management transition costs at the following hotels: Hilton Times Square $0.5 million; Hyatt Regency San Francisco $0.9 million; and Wailea Beach Marriott Resort & Spa $0.1 million. In addition, Other Adjustments for the six months ended June 30, 2016 include: $1.0 million in lease termination costs at the Wailea Beach Marriott Resort & Spa; and a total of $0.2 million in amortization of lease intangibles at the Hilton Times Square and JW Marriott New Orleans; and a total of $0.9 million in noncash straight-line lease expense at the Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans.

(3) Hotel Adjusted EBITDA for the first six months of 2016 is impacted by major renovations at the Boston Park Plaza and the Wailea Beach Marriott Resort & Spa, and by a total of $4.0 million in non-current year property tax credits (assessments), net of appeal fees, received at the following hotels:  Boston Park Plaza $(3,000); Embassy Suites Chicago $0.6 million; Fairmont Newport Beach $26,000; Hilton Garden Inn Chicago Downtown/Magnificent Mile $0.9 million; Hilton San Diego Bayfront $(0.1) million; Hyatt Chicago Magnificent Mile $2.4 million; and Renaissance Washington DC $0.1 million.  Hotel Adjusted EBITDA for the first six months of 2015 is impacted by a major renovation at the Boston Park Plaza, as well as by a total of $0.1 million in non-current year property tax credits (assessments), net of appeal fees, received at the following hotels: Embassy Suites Chicago $(35,000); Embassy Suites La Jolla $11,000; Fairmont Newport Beach $27,000; Hilton Garden Inn Chicago Downtown/Magnificent Mile $(42,000); Hilton North Houston $0.1 million; Hyatt Chicago Magnificent Mile $(47,000); and Marriott Houston $0.1 million..

(4) Comparable Portfolio includes 27 of the 28 hotels held for investment by the Company as of June 30, 2016. The Comparable Portfolio excludes the Wailea Beach Marriott Resort & Spa due to its extensive renovation during the fourth quarter of 2015 as well as all of 2016.

(5) Non-Comparable Hotel includes the results generated by the Wailea Beach Marriott Resort & Spa, which is considered non-comparable due to its extensive renovation during the fourth quarter of 2015 as well as all of 2016.

(6) Sold Hotel for both the six months ended June 30, 2016 and 2015 include those generated by the Sheraton Cerritos, which was sold May 10, 2016. Sold Hotels for the six months ended June 30, 2015 also include those generated by the Doubletree Guest Suites Times Square, which was sold December 18, 2015.

(7) Actual Portfolio includes all 28 hotels held for investment as of June 30, 2016, as well as results from the Sheraton Cerritos before its sale May 10, 2016. Actual Portfolio for the six months ended June 30, 2015 includes all 30 hotels held for investment by the Company as of June 30, 2015.

(8) Other Adjustments for the first six months of 2015 include: a total of $0.7 million in  property-level restructuring, severance and management transition costs at the Boston Park Plaza; $0.3 million in lease termination costs at the Boston Park Plaza; a total of $2.1 million in amortization of lease intangibles at the Doubletree Guest Suites Times Square, Hilton Times Square and JW Marriott New Orleans; and a total of $1.0 million in noncash straight-line lease expense at the Doubletree Guest Suites Times Square, Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans.

PROPERTY-LEVEL ADJUSTED EBITDA & ADJUSTED EBITDA MARGINS							Page 65