Exhibit 99.2

Supplemental Financial Information
November 5, 2018

Supplemental Financial Information For the quarter ended September 30, 2018 November 5, 2018

Supplemental Financial Information
November 5, 2018

Table of Contents

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR	3
About Sunstone	4
Forward-Looking Statement	5
Non-GAAP Financial Measures	6
CORPORATE FINANCIAL INFORMATION	9
Condensed Consolidated Balance Sheets Q3 2018 – Q3 2017	10
Consolidated Statements of Operations Q3 and YTD 2018/2017	12
Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest  Q3 and YTD 2018/2017	13
Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders Q3 and YTD 2018/2017	14
Pro Forma Consolidated Statements of Operations Q3 2018 – Q4 2017, FY 2017	15
Pro Forma Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Q3 2018	16
Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders Q3 2018	17
Pro Forma Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre,  Excluding Noncontrolling Interest, FFO and Adjusted FFO Attributable to Common Stockholders Q3 2018 Footnotes	18
Pro Forma Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Q3 YTD 2018	19
Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders Q3 YTD 2018	20
Pro Forma Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, FFO and Adjusted FFO Attributable to Common Stockholders Q3 YTD 2018 Footnotes	21
Pro Forma Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest FY 2017	22
Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders FY 2017	23
Pro Forma Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest, FFO and Adjusted FFO Attributable to Common Stockholders FY 2017 Footnotes	24
EARNINGS GUIDANCE	25
Earnings Guidance for Q4 and FY 2018	26

Supplemental Financial Information
November 5, 2018

Reconciliation of Net Income to Adjusted EBITDAre, Excluding Noncontrolling Interest and Adjusted FFO Attributable to Common Stockholders Q4 and FY 2018	28
CAPITALIZATION	29
Comparative Capitalization Q3 2018 – Q3 2017	30
Consolidated Debt Summary Schedule	31
Consolidated Amortization and Debt Maturity Schedule as of September 30, 2018	32
PROPERTY-LEVEL DATA	33
Hotel Information as of November 5, 2018	34
PROPERTY-LEVEL OPERATING STATISTICS	35
Property-Level Operating Statistics Q3 2018/2017	36
Property-Level Operating Statistics Q3 YTD 2018/2017	37
OPERATING STATISTICS BY BRAND & GEOGRAPHY	38
Operating Statistics by Brand Q3 and YTD 2018/2017	39
22 Hotel Comparable Portfolio Property-Level Trailing 12 Month Adjusted EBITDAre Contribution by Brand	40
Operating Statistics by Region Q3 and YTD 2018/2017	41
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS	42
Property-Level Adjusted EBITDAre  Q3 and YTD 2018/2017	43
Property-Level Adjusted EBITDAre  Q3 and YTD 2018/2017 Footnotes	44
Property-Level Adjusted EBITDAre Margins Q3 and YTD 2018/2017	45
Property-Level Adjusted EBITDAre Margins Q3 and YTD 2018/2017 Footnotes	46
Property-Level Adjusted EBITDAre Reconciliation Q3 2018	47
Property-Level Adjusted EBITDAre Reconciliation Q3 2017	48
Property-Level Adjusted EBITDAre Reconciliation Q3 2018/2017 Footnotes	49
Property Level Adjusted EBITDAre Reconciliation Q3 YTD 2018	50
Property Level Adjusted EBITDAre Reconciliation Q3 YTD 2017	51
Property Level Adjusted EBITDAre Reconciliation Q3 YTD 2018/2017 Footnotes	52

Supplemental Financial Information
November 5, 2018

CORPORATE PROFILE, FINANCIAL DISCLOSURES,
AND SAFE HARBOR

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR							Page 3

Supplemental Financial Information
November 5, 2018

About Sunstone

Sunstone Hotel Investors, Inc. (NYSE:SHO) is a lodging real estate investment trust (“REIT”) that as of November 5, 2018 has interests in 22 hotels comprised of 11,176 rooms. Sunstone’s primary business is to acquire, own, asset manage and renovate hotels considered to be Long-Term Relevant Real Estate, the majority of which are operated under nationally recognized brands, such as Marriott, Hilton and Hyatt.

Sunstone’s mission is to create meaningful value for our stockholders by producing superior long-term returns through the ownership of Long-Term Relevant Real Estate in the hospitality sector. Our values include transparency, trust, ethical conduct, honest communication and discipline. As demand for lodging generally fluctuates with the overall economy, we seek to own hotels that will maintain a high appeal with travelers over long periods of time and will generate economic earnings materially in excess of recurring capital requirements. Our strategy is to maximize stockholder value through focused asset management and disciplined capital recycling, which is likely to include selective acquisitions and dispositions, while maintaining balance sheet flexibility and strength. Our goal is to maintain appropriate leverage and financial flexibility to position the Company to create value throughout all phases of the operating and financial cycles.

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

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

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

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

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR							Page 4

Supplemental Financial Information
November 5, 2018

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; 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; severe weather events or other natural disasters; risks impacting our ability to pay anticipated future dividends; 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 November 5, 2018, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.

This presentation contains unaudited information, and should be read together with the consolidated financial statements and notes thereto included in our most recent reports on Form 10-K and Form 10-Q. Copies of these reports are available on our website at www.sunstonehotels.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR							Page 5

Supplemental Financial Information
November 5, 2018

Non-GAAP Financial Measures

We present the following non-GAAP financial measures that we believe are useful to investors as key supplemental measures of our operating performance: earnings before interest expense, taxes, depreciation and amortization for real estate, or EBITDAre; Adjusted EBITDAre, excluding noncontrolling interest (as defined below); funds from operations attributable to common stockholders, or FFO attributable to common stockholders; Adjusted FFO attributable to common stockholders (as defined below); hotel Adjusted EBITDAre; and hotel Adjusted EBITDAre margin. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with GAAP. In addition, our calculation of these measures may not be comparable to other companies that do not define such terms exactly the same as the Company. These non-GAAP measures are used in addition to and in conjunction with results presented in accordance with GAAP. They should not be considered as alternatives to 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.

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

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

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 NAREIT’s definition of “FFO applicable to common shares.” Our presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current NAREIT definition, or that interpret the current NAREIT definition differently that we do.

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR							Page 6

Supplemental Financial Information
November 5, 2018

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

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

· Amortization of favorable and unfavorable contracts: we exclude the noncash amortization of the favorable management contract asset recorded in conjunction with our acquisition of the Hilton Garden Inn Chicago Downtown/Magnificent Mile, along with the favorable and unfavorable tenant lease contracts, as applicable, recorded in conjunction with our acquisitions of the Boston Park Plaza, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton New Orleans St. Charles, the Hyatt Regency San Francisco and the Wailea Beach Resort. We exclude the noncash amortization of favorable and unfavorable contracts because it is based on historical cost accounting and is of lesser significance in evaluating our actual performance for the current period.

· Noncash ground rent: we exclude the noncash expense incurred from straight-lining our ground lease obligations as this expense does not reflect the actual rent amounts due to the respective lessors in the current period and is of lesser significance in evaluating our actual performance for the current period.

· Gains or losses from debt transactions: we exclude the effect of finance charges and premiums associated with the extinguishment of debt, including the acceleration of deferred financing costs from the original issuance of the debt being redeemed or retired because, like interest expense, their removal helps investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure.

· Acquisition costs: under GAAP, costs associated with completed acquisitions that meet the definition of a business are expensed in the year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company or our hotels.

· Cumulative effect of a change in accounting principle: from time to time, the FASB promulgates new accounting standards that require the consolidated statement of operations to reflect the cumulative effect of a change in accounting principle. We exclude these one-time adjustments, which include the accounting impact from prior periods, because they do not reflect our actual performance for that period.

· Other adjustments: we exclude other adjustments that we believe are outside the ordinary course of business because we do not believe these costs reflect our actual performance for the period and/or the ongoing operations of our hotels. Such items may include: lawsuit settlement costs; prior year property tax assessments or credits; property-level restructuring, severance and management transition costs; lease terminations; and property insurance proceeds or uninsured losses.

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR							Page 7

Supplemental Financial Information
November 5, 2018

In addition, to derive Adjusted EBITDAre, excluding noncontrolling interest we exclude the noncontrolling partner’s pro rata share of the net income (loss) allocated to the Hilton San Diego Bayfront partnership, as well as the noncontrolling partner’s pro rata share of any EBITDAre and Adjusted EBITDAre components. We  also exclude the noncash expense incurred with the amortization of deferred stock compensation as this expense is based on historical stock prices at the date of grant to our corporate employees and does not reflect the underlying performance of our hotels. Additionally, we include an adjustment for the cash ground lease expenses recorded on the ground lease at the Courtyard by Marriott Los Angeles and the building lease at the Hyatt Centric Chicago Magnificent Mile. We determined that both of these leases are capital leases, and, therefore, we include a portion of the capital lease payments each month in interest expense. We include an adjustment for ground lease expense on capital leases in order to more accurately reflect the actual rent due to both hotels’ lessors in the current period, as well as the operating performance of both hotels. We  also exclude the effect of gains and losses on the disposition of undepreciable assets because we believe that including them in Adjusted EBITDAre, excluding noncontrolling interest is not consistent with reflecting the ongoing performance of our assets.

To derive Adjusted FFO attributable to common stockholders, we also exclude the noncash interest on our derivatives and capital lease obligations, the noncontrolling partner’s pro rata share of any FFO adjustments related to our consolidated Hilton San Diego Bayfront partnership, as well as changes to deferred tax assets or valuation allowances, and income tax benefits or provisions associated with the application of net operating loss carryforwards, uncertain tax positions or with the sale of assets other than real estate investments. We believe that these items are not reflective of our ongoing finance costs.

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

Reconciliations of net income to EBITDAre and Adjusted EBITDAre, excluding noncontrolling interest are set forth on page 13 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 14 of this supplemental package.

Our 22 Hotel Comparable Portfolio is comprised of all hotels we owned as of September 30, 2018, with the exception of the Hilton North Houston and the Marriott Houston (the “Houston hotels”) due to their sale in October 2018, and includes both our results and the prior owner’s results for the Oceans Edge Resort & Marina acquired in July 2017. We obtained prior ownership information from the Oceans Edge Resort & Marina’s previous owner during the due diligence period before acquiring the hotel. We performed a limited review of the information as part of our analysis of the acquisition. We caution you not to place undue reliance on the prior ownership information. 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 8

Supplemental Financial Information
November 5, 2018

CORPORATE FINANCIAL INFORMATION

CORPORATE FINANCIAL INFORMATION							Page 9

Supplemental Financial Information
November 5, 2018

Condensed Consolidated Balance Sheets
Q3 2018 – Q3 2017 

(In thousands)	September 30, 2018 (1)		June 30, 2018 (2)		March 31, 2018 (3)		December 31, 2017 (4)		September 30, 2017 (5)
Assets
Investment in hotel properties:
Land	$	615,641	$	604,866	$	605,054	$	605,054	$	623,493
Buildings & improvements		3,013,659		3,039,104		3,067,473		3,049,569		3,195,726
Furniture, fixtures, & equipment		489,153		488,042		496,492		484,749		502,775
Other		132,813		117,962		115,365		103,631		89,021
		4,251,266		4,249,974		4,284,384		4,243,003		4,411,015
Less accumulated depreciation & amortization		(1,177,644)		(1,160,793)		(1,173,497)		(1,136,937)		(1,175,962)
		3,073,622		3,089,181		3,110,887		3,106,066		3,235,053
Other noncurrent assets, net		35,019		35,102		33,016		23,622		24,787
Current assets:
Cash and cash equivalents		650,691		544,900		467,050		488,002		466,519
Restricted cash		68,794		74,989		79,336		71,309		71,546
Other current assets, net		57,175		59,052		62,496		46,006		56,592
Assets held for sale, net		33,312		42,389		—		122,807		—
Total assets	$	3,918,613	$	3,845,613	$	3,752,785	$	3,857,812	$	3,854,497

*Footnotes on following page.

CORPORATE FINANCIAL INFORMATION							Page 10

Supplemental Financial Information
November 5, 2018

Condensed Consolidated Balance Sheets
Q3 2018– Q3 2017 (cont.)

(In thousands)	September 30, 2018 (1)		June 30, 2018 (2)		March 31, 2018 (3)		December 31, 2017 (4)		September 30, 2017 (5)
Liabilities
Current liabilities:
Current portion of notes payable, net	$	5,913	$	5,653	$	5,569	$	5,477	$	9,161
Other current liabilities		118,050		118,553		110,685		236,893		115,825
Liabilities of assets held for sale		3,459		4,061		—		189		—
Total current liabilities		127,422		128,267		116,254		242,559		124,986
Notes payable, less current portion, net		972,814		974,309		975,779		977,282		977,634
Capital lease obligations, less current portion		26,956		26,904		26,854		26,804		26,756
Other liabilities		30,981		30,802		31,041		28,989		29,774
Total liabilities		1,158,173		1,160,282		1,149,928		1,275,634		1,159,150
Equity
Stockholders' equity:
6.95% Series E cumulative redeemable preferred stock		115,000		115,000		115,000		115,000		115,000
6.45% Series F cumulative redeemable preferred stock		75,000		75,000		75,000		75,000		75,000
Common stock, $0.01 par value, 500,000,000 shares authorized		2,282		2,283		2,256		2,253		2,253
Additional paid in capital		2,726,523		2,724,379		2,677,099		2,679,221		2,677,251
Retained earnings		1,106,391		1,017,181		968,293		932,277		912,881
Cumulative dividends and distributions		(1,313,741)		(1,299,121)		(1,284,501)		(1,270,013)		(1,136,119)
Total stockholders' equity		2,711,455		2,634,722		2,553,147		2,533,738		2,646,266
Noncontrolling interest in consolidated joint venture		48,985		50,609		49,710		48,440		49,081
Total equity		2,760,440		2,685,331		2,602,857		2,582,178		2,695,347
Total liabilities and equity	$	3,918,613	$	3,845,613	$	3,752,785	$	3,857,812	$	3,854,497

(1) As presented on Form 10-Q to be filed in November 2018.

(2) As presented on Form 10-Q filed on August 1, 2018.

(3) As presented on Form 10-Q filed on May 8, 2018.

(4) As presented on Form 10-K filed on February 14, 2018.

(5) As presented on Form 10-Q filed on November 1, 2017.

CORPORATE FINANCIAL INFORMATION							Page 11

Supplemental Financial Information
November 5, 2018

Consolidated Statements of Operations
Q3 and YTD 2018/2017

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2018		2017		2018		2017
Revenues
Room	$	207,657	$	215,768	$	608,237	$	629,788
Food and beverage		63,911		68,821		217,469		222,943
Other operating		17,740		19,320		52,495		50,717
Total revenues		289,308		303,909		878,201		903,448
Operating expenses
Room		53,928		54,433		159,923		160,282
Food and beverage		46,260		49,262		147,299		150,768
Other operating		4,190		4,256		12,488		12,120
Advertising and promotion		13,593		14,953		41,815		44,810
Repairs and maintenance		10,530		12,882		32,484		34,645
Utilities		8,084		8,331		22,533		22,844
Franchise costs		9,167		9,431		26,981		27,367
Property tax, ground lease and insurance		20,369		21,399		63,658		63,477
Other property-level expenses		31,580		34,511		101,005		105,015
Corporate overhead		7,360		7,233		22,056		21,585
Depreciation and amortization		36,159		39,719		110,181		120,051
Impairment loss		—		34,427		1,394		34,427
Total operating expenses		241,220		290,837		741,817		797,391
Operating income		48,088		13,072		136,384		106,057
Interest and other income		2,592		1,027		7,049		2,597
Interest expense		(11,549)		(17,008)		(31,609)		(41,341)
Loss on extinguishment of debt		—		—		—		(4)
Gain on sale of assets		53,128		—		68,787		45,474
Income (loss) before income taxes and discontinued operations		92,259		(2,909)		180,611		112,783
Income tax (provision) benefit, net		(673)		12,991		692		12,541
Income from continuing operations		91,586		10,082		181,303		125,324
Income from discontinued operations		—		7,000		—		7,000
Net income		91,586		17,082		181,303		132,324
Income from consolidated joint venture attributable to noncontrolling interest		(2,376)		(2,169)		(7,189)		(6,344)
Preferred stock dividends		(3,208)		(3,208)		(9,622)		(9,622)
Income attributable to common stockholders	$	86,002	$	11,705	$	164,492	$	116,358
Basic and diluted per share amounts:
Income from continuing operations attributable to common stockholders	$	0.38	$	0.02	$	0.73	$	0.49
Income from discontinued operations		—		0.03		—		0.03
Basic and diluted income attributable to common stockholders per common share	$	0.38	$	0.05	$	0.73	$	0.52
Basic and diluted weighted average common shares outstanding		227,068		224,142		225,538		221,140
Distributions declared per common share	$	0.05	$	0.05	$	0.15	$	0.15

CORPORATE FINANCIAL INFORMATION							Page 12

Supplemental Financial Information
November 5, 2018

Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest
Q3 and YTD 2018/2017

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)		2018		2017		2018		2017
Net income	$	91,586	$	17,082	$	181,303	$	132,324
Operations held for investment:
Depreciation and amortization		36,159		39,719		110,181		120,051
Amortization of lease intangibles		(98)		63		28		189
Interest expense		11,549		17,008		31,609		41,341
Income tax provision (benefit), net		673		(12,991)		(692)		(12,541)
(Gain) loss on sale of assets, net		(53,077)		14		(68,740)		(45,736)
Impairment loss		—		34,427		1,394		34,427
EBITDAre		86,792		95,322		255,083		270,055
Operations held for investment:
Amortization of deferred stock compensation		2,073		1,848		6,938		6,188
Amortization of favorable and unfavorable contracts, net		(2)		20		3		215
Noncash ground rent		(287)		(281)		(860)		(841)
Capital lease obligation interest - cash ground rent		(590)		(575)		(1,768)		(1,277)
Loss on extinguishment of debt		—		—		—		4
Hurricane-related uninsured losses (insurance proceeds), net		25		1,649		(990)		1,649
Closing costs - completed acquisitions		—		355		—		729
Prior year property tax adjustments, net		—		(448)		117		(549)
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest		(2,376)		(2,169)		(7,189)		(6,344)
Depreciation and amortization		(637)		(660)		(1,915)		(2,147)
Interest expense		(513)		(523)		(1,437)		(1,468)
Noncash ground rent		72		72		217		217
Discontinued operations:
Gain on sale of assets		—		(7,000)		—		(7,000)
		(2,235)		(7,712)		(6,884)		(10,624)
Adjusted EBITDAre, excluding noncontrolling interest	$	84,557	$	87,610	$	248,199	$	259,431

CORPORATE FINANCIAL INFORMATION							Page 13

Supplemental Financial Information
November 5, 2018

Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders
Q3 and YTD 2018/2017

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)		2018		2017		2018		2017
Net income	$	91,586	$	17,082	$	181,303	$	132,324
Preferred stock dividends		(3,208)		(3,208)		(9,622)		(9,622)
Operations held for investment:
Real estate depreciation and amortization		35,970		39,611		109,807		119,691
Amortization of lease intangibles		(98)		63		28		189
(Gain) loss on sale of assets, net		(53,077)		14		(68,740)		(45,736)
Impairment loss		—		34,427		1,394		34,427
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest		(2,376)		(2,169)		(7,189)		(6,344)
Real estate depreciation and amortization		(637)		(660)		(1,915)		(2,147)
Discontinued operations:
Gain on sale of assets		—		(7,000)		—		(7,000)
FFO attributable to common stockholders		68,160		78,160		205,066		215,782
Operations held for investment:
Amortization of favorable and unfavorable contracts, net		(2)		20		3		215
Noncash ground rent		(287)		(281)		(860)		(841)
Noncash interest on derivatives and capital lease obligations, net		(818)		4,534		(4,995)		4,883
Loss on extinguishment of debt		—		—		—		4
Hurricane-related uninsured losses (insurance proceeds), net		25		1,649		(990)		1,649
Closing costs - completed acquisitions		—		355		—		729
Prior year property tax adjustments, net		—		(448)		117		(549)
Noncash income tax provision (benefit), net		719		(13,628)		(1,100)		(13,628)
Noncontrolling interest:
Noncash ground rent		72		72		217		217
Noncash interest on derivative, net		—		(1)		(1)		(5)
		(291)		(7,728)		(7,609)		(7,326)
Adjusted FFO attributable to common stockholders	$	67,869	$	70,432	$	197,457	$	208,456
FFO attributable to common stockholders per diluted share	$	0.30	$	0.35	$	0.91	$	0.97
Adjusted FFO attributable to common stockholders per diluted share	$	0.30	$	0.31	$	0.87	$	0.94
Basic weighted average shares outstanding		227,068		224,142		225,538		221,140
Shares associated with unvested restricted stock awards		419		428		347		329
Diluted weighted average shares outstanding		227,487		224,570		225,885		221,469

CORPORATE FINANCIAL INFORMATION							Page 14

Supplemental Financial Information
November 5, 2018

Pro Forma Consolidated Statements of Operations
Q3 2018 – Q4 2017, FY 2017

	Three Months Ended (1)								Year Ended (1)
(Unaudited and in thousands)		September 30,		June 30,		March 31,		December 31,		December 31,
		2018		2018		2018		2017		2017
Revenues
Room	$	202,929	$	209,721	$	168,903	$	180,818	$	751,168
Food and beverage		62,005		73,407		68,587		64,746		258,628
Other operating		17,530		16,745		15,884		15,349		61,322
Total revenues		282,464		299,873		253,374		260,913		1,071,118
Operating Expenses
Room		52,283		51,898		47,974		47,894		192,786
Food and beverage		44,695		47,018		46,319		44,124		174,922
Other expenses		93,811		96,036		91,359		88,807		362,431
Corporate overhead		7,360		7,594		7,102		7,232		28,817
Depreciation and amortization		35,660		35,930		35,296		35,323		143,935
Total operating expenses		233,809		238,476		228,050		223,380		902,891
Operating Income		48,655		61,397		25,324		37,533		168,227
Interest and other income		2,592		2,966		1,491		1,743		4,340
Interest expense		(11,549)		(11,184)		(8,876)		(10,425)		(51,766)
Loss on extinguishment of debt		—		—		—		(820)		(824)
Income before income taxes and discontinued operations		39,698		53,179		17,939		28,031		119,977
Income tax (provision) benefit, net		(673)		(2,375)		3,740		(4,766)		7,775
Income from continuing operations		39,025		50,804		21,679		23,265		127,752
Income from discontinued operations		—		—		—		—		7,000
Net Income	$	39,025	$	50,804	$	21,679	$	23,265	$	134,752
Adjusted EBITDAre, excluding noncontrolling interest (2)	$	84,786	$	97,971	$	59,904	$	72,972	$	310,266

(1) Includes the Company's ownership results and prior ownership results for the 22 Hotel Comparable Portfolio, along with the reduction of rental expense due to the acquisitions of previously leased building space and land at the Renaissance Washington DC and JW Marriott New Orleans, respectively. Excludes the Company's ownership results for the Houston hotels and the Hyatt Regency Newport Beach due to their sales in October 2018 and July 2018, respectively, the Marriott Philadelphia and Marriott Quincy due to their sales in January 2018, and the Marriott Park City and Fairmont Newport Beach due to their sales in June 2017 and February 2017, respectively. 

(2) Adjusted EBITDAre, excluding noncontrolling interest reconciliations for the three and nine months ended September 30, 2018 and the year ended December 31, 2017 can be found on pages 16, 19 and 22, respectively, of this supplemental package.

CORPORATE FINANCIAL INFORMATION							Page 15

Supplemental Financial Information
November 5, 2018

Pro Forma Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest
Q3 2018

	Three Months Ended September 30, 2018
				Disposition:		Disposition:		Acquisition:
				Hyatt Regency		Houston		JW Marriott		Pro
(In thousands)		Actual (1)		Newport Beach (2)		Hotels (3)		New Orleans Land (4)		Forma (5)
Net income	$	91,586	$	(53,212)	$	793	$	(142)	$	39,025
Operations held for investment:
Depreciation and amortization		36,159		—		(499)		—		35,660
Amortization of lease intangibles		(98)		—		—		161		63
Interest expense		11,549		—		—		—		11,549
Income tax provision		673		—		—		—		673
Gain on sale of assets, net		(53,077)		53,128		—		—		51
EBITDAre		86,792		(84)		294		19		87,021
Operations held for investment:
Amortization of deferred stock compensation		2,073		—		—		—		2,073
Amortization of favorable and unfavorable contracts, net		(2)		—		—		—		(2)
Noncash ground rent		(287)		—		—		—		(287)
Capital lease obligation interest - cash ground rent		(590)		—		—		—		(590)
Hurricane-related uninsured losses		25		—		—		—		25
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest		(2,376)		—		—		—		(2,376)
Depreciation and amortization		(637)		—		—		—		(637)
Interest expense		(513)		—		—		—		(513)
Noncash ground rent		72		—		—		—		72
		(2,235)		—		—		—		(2,235)
Adjusted EBITDAre, excluding noncontrolling interest	$	84,557	$	(84)	$	294	$	19	$	84,786

*Footnotes on page 18

CORPORATE FINANCIAL INFORMATION							Page 16

Supplemental Financial Information
November 5, 2018

Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders 
Q3 2018 

	Three Months Ended September 30, 2018
				Disposition:		Disposition:		Acquisition:
				Hyatt Regency		Houston		JW Marriott		Pro
(In thousands, except per share amounts)		Actual (1)		Newport Beach (2)		Hotels (3)		New Orleans Land (4)		Forma (5)
Net income	$	91,586	$	(53,212)	$	793	$	(142)	$	39,025
Preferred stock dividends		(3,208)		—		—		—		(3,208)
Operations held for investment:
Real estate depreciation and amortization		35,970		—		(499)		—		35,471
Amortization of lease intangibles		(98)		—		—		161		63
Gain on sale of assets, net		(53,077)		53,128		—		—		51
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest		(2,376)		—		—		—		(2,376)
Real estate depreciation and amortization		(637)		—		—		—		(637)
FFO attributable to common stockholders		68,160		(84)		294		19		68,389
Operations held for investment:
Amortization of favorable and unfavorable contracts, net		(2)		—		—		—		(2)
Noncash ground rent		(287)		—		—		—		(287)
Noncash interest on derivatives and capital lease obligations, net		(818)		—		—		—		(818)
Hurricane-related uninsured losses		25		—		—		—		25
Noncash income tax provision		719		—		—		—		719
Noncontrolling interest:
Noncash ground rent		72		—		—		—		72
		(291)		—		—		—		(291)
Adjusted FFO attributable to common stockholders	$	67,869	$	(84)	$	294	$	19	$	68,098
FFO attributable to common stockholders per diluted share	$	0.30							$	0.30
Adjusted FFO attributable to common stockholders per diluted share	$	0.30							$	0.30
Basic weighted average shares outstanding		227,068								227,068
Shares associated with unvested restricted stock awards		419								419
Diluted weighted average shares outstanding		227,487								227,487

*Footnotes on page 18

CORPORATE FINANCIAL INFORMATION							Page 17

Supplemental Financial Information
November 5, 2018

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

FFO and Adjusted FFO Attributable to Common Stockholders
Q3 2018 Footnotes

(1) Actual represents the Company's ownership results for all 24 hotels owned by the Company as of September 30, 2018, as well as results for the Hyatt Regency Newport Beach prior to its disposition in July 2018.

(2) Disposition: Hyatt Regency Newport Beach represents the Company's ownership results for the hotel, sold in July 2018.

(3) Disposition: Houston Hotels represents the Company’s ownership results for the hotels, sold in October 2018.

(4) Acquisition: JW Marriott New Orleans Land represents the reduction in ground lease expense payable to a third party due to the Company's acquisition of the land underlying the hotel in July 2018.

(5) Pro Forma represents the Company’s ownership results for the 22 Hotel Comparable Portfolio, along with the reduction of rental expense due to the acquisition of previously leased land in July 2018.

CORPORATE FINANCIAL INFORMATION							Page 18

Supplemental Financial Information
November 5, 2018

Pro Forma Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest
Q3 YTD 2018

	Nine Months Ended September 30, 2018
				Disposition:		Disposition:		Disposition:		Disposition:		Acquisition:		Acquisition:		Issuance:
												Renaissance DC		JW Marriott
(In thousands)		Actual (1)		Marriott Philadelphia (2)		Marriott   Quincy (3)		Hyatt Regency Newport Beach (4)		Houston   Hotels (5)		Space Rights (6)		New Orleans Land (7)		Common Stock (8)		Pro Forma (9)
Net income	$	181,303	$	(15,056)	$	340	$	(56,447)	$	654	$	546	$	168	$	—	$	111,508
Operations held for investment:
Depreciation and amortization		110,181		—		—		(1,773)		(1,522)		—		—		—		106,886
Amortization of lease intangibles		28		—		—		—		—		—		163		—		191
Interest expense		31,609		—		—		—		—		—		—		—		31,609
Income tax benefit, net		(692)		—		—		—		—		—		—		—		(692)
Gain on sale of assets, net		(68,740)		15,408		251		53,128		—		—		—		—		47
Impairment loss		1,394		—		—		—		(1,394)		—		—		—		—
EBITDAre		255,083		352		591		(5,092)		(2,262)		546		331		—		249,549
Operations held for investment:
Amortization of deferred stock compensation		6,938		—		—		—		—		—		—		—		6,938
Amortization of favorable and unfavorable contracts, net		3		—		—		—		—		—		—		—		3
Noncash ground rent		(860)		—		—		—		—		—		—		—		(860)
Capital lease obligation interest - cash ground rent		(1,768)		—		—		—		—		—		—		—		(1,768)
Hurricane-related insurance proceeds net of uninsured losses		(990)		—		—		—		(4)		—		—		—		(994)
Prior year property tax adjustments, net		117		—		—		—		—		—		—		—		117
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest		(7,189)		—		—		—		—		—		—		—		(7,189)
Depreciation and amortization		(1,915)		—		—		—		—		—		—		—		(1,915)
Interest expense		(1,437)		—		—		—		—		—		—		—		(1,437)
Noncash ground rent		217		—		—		—		—		—		—		—		217
		(6,884)		—		—		—		(4)		—		—		—		(6,888)
Adjusted EBITDAre, excluding noncontrolling interest	$	248,199	$	352	$	591	$	(5,092)	$	(2,266)	$	546	$	331	$	—	$	242,661

*Footnotes on page 21

CORPORATE FINANCIAL INFORMATION							Page 19

Supplemental Financial Information
November 5, 2018

Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders 
Q3 YTD 2018

	Nine Months Ended September 30, 2018
				Disposition:		Disposition:		Disposition:		Disposition:		Acquisition:		Acquisition:		Issuance:
												Renaissance DC		JW Marriott
(In thousands, except per share amounts)		Actual (1)		Marriott Philadelphia (2)		Marriott   Quincy (3)		Hyatt Regency Newport Beach (4)		Houston Hotels (5)		Space         Rights (6)		New Orleans Land (7)		Common     Stock (8)		Pro Forma (9)
Net income	$	181,303	$	(15,056)	$	340	$	(56,447)	$	654	$	546	$	168	$	—	$	111,508
Preferred stock dividends		(9,622)		—		—		—		—		—		—		—		(9,622)
Operations held for investment:
Real estate depreciation and amortization		109,807		—		—		(1,773)		(1,522)		—		—		—		106,512
Amortization of lease intangibles		28		—		—		—		—		—		163		—		191
Gain on sale of assets, net		(68,740)		15,408		251		53,128		—		—		—		—		47
Impairment loss		1,394		—		—		—		(1,394)		—		—		—		—
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest		(7,189)		—		—		—		—		—		—		—		(7,189)
Real estate depreciation and amortization		(1,915)		—		—		—		—		—		—		—		(1,915)
FFO attributable to common stockholders		205,066		352		591		(5,092)		(2,262)		546		331		—		199,532
Operations held for investment:
Amortization of favorable and unfavorable contracts, net		3		—		—		—		—		—		—		—		3
Noncash ground rent		(860)		—		—		—		—		—		—		—		(860)
Noncash interest on derivatives and capital lease obligations, net		(4,995)		—		—		—		—		—		—		—		(4,995)
Hurricane-related insurance proceeds net of uninsured losses		(990)		—		—		—		(4)		—		—		—		(994)
Prior year property tax adjustments, net		117		—		—		—		—		—		—		—		117
Noncash income tax benefit, net		(1,100)		—		—		—		—		—		—		—		(1,100)
Noncontrolling interest:
Noncash ground rent		217		—		—		—		—		—		—		—		217
Noncash interest on derivative, net		(1)		—		—		—		—		—		—		—		(1)
		(7,609)		—		—		—		(4)		—		—		—		(7,613)
Adjusted FFO attributable to common stockholders	$	197,457	$	352	$	591	$	(5,092)	$	(2,266)	$	546	$	331	$	—	$	191,919
FFO attributable to common stockholders per diluted share	$	0.91															$	0.88
Adjusted FFO attributable to common stockholders per diluted share	$	0.87															$	0.84
Basic weighted average shares outstanding		225,538														1,461		226,999
Shares associated with unvested restricted stock awards		347														—		347
Diluted weighted average shares outstanding		225,885														1,461		227,346

*Footnotes on page 21

CORPORATE FINANCIAL INFORMATION							Page 20

Supplemental Financial Information
November 5, 2018

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

FFO and Adjusted FFO Attributable to Common Stockholders
Q3 YTD 2018 Footnotes

(1) Actual represents the Company's ownership results for all 24 hotels owned by the Company as of September 30, 2018, as well as results for the Hyatt Regency Newport Beach prior to its disposition in July 2018, and the Marriott Philadelphia and the Marriott Quincy prior to their dispositions in January 2018.

(2) Disposition: Marriott Philadelphia represents the Company's ownership results for the hotel, sold in January 2018.

(3) Disposition: Marriott Quincy represents the Company's ownership results for the hotel, sold in January 2018.

(4) Disposition: Hyatt Regency Newport Beach represents the Company's ownership results for the hotel, sold in July 2018.

(5) Disposition: Houston Hotels represents the Company’s ownership results for the hotels, sold in October 2018.

(6) Acquisition: Renaissance DC Space Rights represents the reduction in lease space rental expense payable to a third party due to the Company's acquisition of the exclusive perpetual rights to use certain portions of the building in May 2018.

(7) Acquisition: JW Marriott New Orleans Land represents the reduction in ground lease expense payable to a third party due to the Company's acquisition of the land underlying the hotel in July 2018.

(8) Issuance: Common Stock represents the 2,590,854 shares issued in connection with the Company's ATM program in the second quarter of 2018.

(9) Pro Forma represents the Company's ownership results for the 22 Hotel Comparable Portfolio, as well as the common stock issuance in 2018 and the reduction of rental expense due to the acquisitions of previously leased building space and land in May 2018 and July 2018, respectively.

CORPORATE FINANCIAL INFORMATION							Page 21

Supplemental Financial Information
November 5, 2018

Pro Forma Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest
FY 2017 

	Year Ended December 31, 2017
			Disposition:		Disposition:		Disposition:		Disposition:		Disposition:		Disposition:		Acquisition:		Acquisition:		Acquisition:		Issuance:
			Fairmont								Hyatt Regency				Oceans Edge		Renaissance DC		JW Marriott
(In thousands)	Actual (1)		Newport Beach (2)		Marriott  Park City (3)		Marriott Philadelphia (4)		Marriott   Quincy (5)		Newport     Beach (6)		Houston      Hotels (7)		Resort & Marina (8)		Space         Rights (9)		New Orleans Land (10)		Common Stock (11)		Pro Forma (12)
Net income	$	153,004	$	(45,304)	$	(2,636)	$	(2,230)	$	(4,155)	$	(6,604)	$	39,372	$	1,393	$	1,291	$	621	$	—	$	134,752
Operations held for investment:
Depreciation and amortization		158,634		—		(699)		(2,510)		(4,685)		(3,576)		(4,692)		1,463		—		—		—		143,935
Amortization of lease intangibles		251		—		—		—		—		—		—		—		—		4		—		255
Interest expense		51,766		—		—		—		—		—		—		—		—		—		—		51,766
Income tax benefit, net		(7,775)		—		—		—		—		—		—		—		—		—		—		(7,775)
Gain on sale of assets, net		(45,747)		44,285		1,189		—		—		—		—		—		—		—		—		(273)
Impairment loss		40,053		—		—		—		—		—		(40,053)		—		—		—		—		—
EBITDAre		350,186		(1,019)		(2,146)		(4,740)		(8,840)		(10,180)		(5,373)		2,856		1,291		625		—		322,660
Operations held for investment:
Amortization of deferred stock compensation		8,042		—		—		—		—		—		—		—		—		—		—		8,042
Amortization of favorable and unfavorable contracts, net		218		—		—		—		—		—		—		—		—		—		—		218
Noncash ground rent		(1,122)		—		—		—		—		—		—		—		—		—		—		(1,122)
Capital lease obligation interest - cash ground rent		(1,867)		—		—		—		—		—		—		—		—		—		—		(1,867)
Loss on extinguishment of debt		824		—		—		—		—		—		—		—		—		—		—		824
Hurricane-related uninsured losses		1,690		—		—		—		—		—		(848)		—		—		—		—		842
Closing costs - completed acquisition		729		—		—		—		—		—		—		—		—		—		—		729
Prior year property tax adjustments, net		(800)		—		—		—		—		—		—		—		—		—		—		(800)
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest		(7,628)		—		—		—		—		—		—		—		—		—		—		(7,628)
Depreciation and amortization		(2,767)		—		—		—		—		—		—		—		—		—		—		(2,767)
Interest expense		(1,950)		—		—		—		—		—		—		—		—		—		—		(1,950)
Noncash ground rent		290		—		—		—		—		—		—		—		—		—		—		290
Loss on extinguishment of debt		(205)		—		—		—		—		—		—		—		—		—		—		(205)
Discontinued operations:
Gain on sale of assets		(7,000)		—		—		—		—		—		—		—		—		—		—		(7,000)
		(11,546)		—		—		—		—		—		(848)		—		—		—		—		(12,394)
Adjusted EBITDAre, excluding noncontrolling interest	$	338,640	$	(1,019)	$	(2,146)	$	(4,740)	$	(8,840)	$	(10,180)	$	(6,221)	$	2,856	$	1,291	$	625	$	—	$	310,266

*Footnotes on page 24

CORPORATE FINANCIAL INFORMATION							Page 22

Supplemental Financial Information
November 5, 2018

Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders
FY 2017 

	Year Ended December 31, 2017
			Disposition:		Disposition:		Disposition:		Disposition:		Disposition:		Disposition:		Acquisition:		Acquisition:		Acquisition:		Issuance:
			Fairmont								Hyatt Regency				Oceans Edge		Renaissance DC		JW Marriott
(In thousands, except per share amounts)	Actual (1)		Newport Beach (2)		Marriott     Park City (3)		Marriott Philadelphia (4)		Marriott Quincy (5)		Newport     Beach (6)		Houston   Hotels (7)		Resort & Marina (8)		Space         Rights (9)		New Orleans Land (10)		Common Stock (11)		Pro Forma (12)
Net income	$	153,004	$	(45,304)	$	(2,636)	$	(2,230)	$	(4,155)	$	(6,604)	$	39,372	$	1,393	$	1,291	$	621	$	—	$	134,752
Preferred stock dividends		(12,830)		—		—		—		—		—		—		—		—		—		—		(12,830)
Operations held for investment:
Real estate depreciation and amortization		158,177		—		(699)		(2,510)		(4,685)		(3,576)		(4,692)		1,463		—		—		—		143,478
Amortization of lease intangibles		251		—		—		—		—		—		—		—		—		4		—		255
Gain on sale of assets, net		(45,747)		44,285		1,189		—		—		—		—		—		—		—		—		(273)
Impairment loss		40,053		—		—		—		—		—		(40,053)		—		—		—		—		—
Noncontrolling interest:
Income from consolidated joint venture attributable to noncontrolling interest		(7,628)		—		—		—		—		—		—		—		—		—		—		(7,628)
Real estate depreciation and amortization		(2,767)		—		—		—		—		—		—		—		—		—		—		(2,767)
Discontinued operations:
Gain on sale of assets		(7,000)		—		—		—		—		—		—		—		—		—		—		(7,000)
FFO attributable to common stockholders		275,513		(1,019)		(2,146)		(4,740)		(8,840)		(10,180)		(5,373)		2,856		1,291		625		—		247,987
Operations held for investment:
Amortization of favorable and unfavorable contracts, net		218		—		—		—		—		—		—		—		—		—		—		218
Noncash ground rent		(1,122)		—		—		—		—		—		—		—		—		—		—		(1,122)
Noncash interest on derivatives and capital lease obligations, net		3,106		—		—		—		—		—		—		—		—		—		—		3,106
Loss on extinguishment of debt		824		—		—		—		—		—		—		—		—		—		—		824
Hurricane-related uninsured losses		1,690		—		—		—		—		—		(848)		—		—		—		—		842
Closing costs - completed acquisition		729		—		—		—		—		—		—		—		—		—		—		729
Prior year property tax adjustments, net		(800)		—		—		—		—		—		—		—		—		—		—		(800)
Noncash income tax benefit, net		(9,235)		—		—		—		—		—		—		—		—		—		—		(9,235)
Noncontrolling interest:
Noncash ground rent		290		—		—		—		—		—		—		—		—		—		—		290
Noncash interest on derivative, net		(30)		—		—		—		—		—		—		—		—		—		—		(30)
Loss on extinguishment of debt		(205)		—		—		—		—		—		—		—		—		—		—		(205)
		(4,535)		—		—		—		—		—		(848)		—		—		—		—		(5,383)
Adjusted FFO attributable to common stockholders	$	270,978	$	(1,019)	$	(2,146)	$	(4,740)	$	(8,840)	$	(10,180)	$	(6,221)	$	2,856	$	1,291	$	625	$	—	$	242,604
FFO attributable to common stockholders per diluted share	$	1.24																					$	1.09
Adjusted FFO attributable to common stockholders per diluted share	$	1.22																					$	1.07
Basic weighted average shares outstanding		221,898																				4,793		226,691
Shares associated with unvested restricted stock awards		391																				—		391
Diluted weighted average shares outstanding		222,289																				4,793		227,082

*Footnotes on page 24

CORPORATE FINANCIAL INFORMATION							Page 23

Supplemental Financial Information
November 5, 2018

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

FFO and Adjusted FFO Attributable to Common Stockholders
FY 2017 Footnotes

(1) Actual represents the Company's ownership results for all 27 hotels owned by the Company as of December 31, 2017, as well as results for the Fairmont Newport Beach and the Marriott Park City prior to their dispositions in February 2017 and June 2017, respectively.

(2) Disposition: Fairmont Newport Beach represents the Company's ownership results for the hotel, sold in February 2017.

(3) Disposition: Marriott Park City represents the Company's ownership results for the hotel, sold in June 2017.

(4) Disposition: Marriott Philadelphia represents the Company's ownership results for the hotel, sold in January 2018.

(5) Disposition: Marriott Quincy represents the Company's ownership results for the hotel, sold in January 2018.

(6) Disposition: Hyatt Regency Newport Beach represents the Company's ownership results for the hotel, sold in July 2018.

(7) Disposition: Houston Hotels represents the Company’s ownership results for the hotels, sold in October 2018.

(8) Acquisition: Oceans Edge Resort & Marina represents prior ownership results for the hotel acquired in July 2017, adjusted for the Company's pro forma depreciation expense.

(9) Acquisition: Renaissance DC Space Rights represents the reduction in lease space rental expense payable to a third party due to the Company's acquisition of the exclusive perpetual rights to use certain portions of the building in May 2018.

(10) Acquisition: JW Marriott New Orleans Land represents the reduction in ground lease expense payable to a third party due to the Company's acquisition of the land underlying the hotel in July 2018.

(11) Issuance: Common Stock represents the 4,685,023 shares, the 191,832 shares and the 2,590,854 shares issued in connection with the Company's ATM program in the second quarter of 2017, July 2017 and second quarter of 2018, respectively. The 191,832 shares were sold at the end of June 2017, but due to customary settlement periods, the shares were not delivered until July 2017.

(12) Pro Forma represents the Company's ownership results and prior ownership results for the 22 Hotel Comparable Portfolio, as well as the common stock issuances in 2017 and 2018, along with the reduction of rental expense due to the acquisitions of previously leased building space and land in May 2018 and July 2018, respectively.

CORPORATE FINANCIAL INFORMATION							Page 24

Supplemental Financial Information
November 5, 2018

EARNINGS GUIDANCE

EARNINGS GUIDANCE							Page 25

Supplemental Financial Information
November 5, 2018

Earnings Guidance for Q4 and FY 2018

The Company’s 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, changes in its operating environment, or any unannounced hotel acquisitions, dispositions, re-brandings, management changes, transition costs, noncash impairment expense, changes in deferred tax assets or valuation allowances, severance costs associated with restructuring hotel services, uninsured property losses, early lease termination costs, prior year property tax assessments or credits, debt repurchases/repayments, or unannounced financings during 2018.

For the fourth quarter of 2018, the Company expects:

Metric	Quarter Ended December 31, 2018 Guidance (1)
Net Income ($ millions)	$29 to $33
22 Hotel Comparable Portfolio RevPAR Growth	+ 3.0% to + 5.0%
Adjusted EBITDAre, excluding noncontrolling interest ($ millions)	$78  to  $81
Adjusted FFO Attributable to Common Stockholders ($ millions)	$60  to  $63
Adjusted FFO Attributable to Common Stockholders per Diluted Share	$0.26  to  $0.28
Diluted Weighted Average Shares Outstanding	227,700,000

For the full year of 2018, the Company expects:

Metric	Prior Full Year 2018 Guidance (2)	Adjustments (3)	Adjusted Prior Full Year 2018 Guidance	Current Full Year 2018 Guidance (1)	Change in Full Year 2018 Guidance Midpoint
Net Income ($ millions)	$193 to  $210	+ $3	$196 to  $213	$211 to $214	+ $8
22 Hotel Comparable Portfolio RevPAR Growth	+ 0.5% to + 2.5%	+ 0.5%	+ 1.0% to + 3.0%	+ 2.0% to + 3.0%	+ 0.5%
Adjusted EBITDAre, excluding noncontrolling interest ($ millions)	$310  to  $326	+ $3	$313  to  $329	$326  to  $329	+ $6
Adjusted FFO Attributable to Common Stockholders ($ millions)	$242  to  $258	+ $3	$245  to  $262	$257  to  $260	+ $5
Adjusted FFO Attributable to Common Stockholders per Diluted Share	$1.07  to  $1.14	+ $0.01	$1.08  to  $1.15	$1.13  to  $1.15	+ $0.03
Diluted Weighted Average Shares Outstanding	226,500,000	―	226,500,000	226,500,000	―

(1) See page 28 for detailed reconciliations of Net Income to non-GAAP financial measures.

(2) Reflects guidance presented on July 30, 2018.

(3) Adjustments reflect the anticipated fourth quarter operating losses for the Houston hotels, as well as the estimated gain on the sale of the hotels, business interruption insurance proceeds at the Oceans Edge Resort & Marina and the write off of unamortized deferred financing costs in connection with an amendment of the Company's credit facility agreement and modifications to its term loans.

EARNINGS GUIDANCE							Page 26

Supplemental Financial Information
November 5, 2018

Earnings Guidance for Q4 and FY 2018 (cont.)

Fourth quarter and full year 2018 guidance are based in part on the following assumptions:

· Fourth quarter business interruption insurance proceeds of $4 million to $5 million related to a claim filed for losses incurred at the Oceans Edge Resort & Marina due to disruption following Hurricane Irma.

· Full year 22 Hotel Comparable Portfolio RevPAR guidance is negatively impacted by approximately 100 basis points, resulting from planned 2018 capital investment projects.

· Full year revenue displacement of $9 million to $11 million, related to planned 2018 capital investment projects.

· Full year Adjusted EBITDAre, excluding noncontrolling interest displacement of approximately $6 million to $8 million, related to planned 2018 capital investment projects.

· Full year total revenue disruption of approximately $1 million related to travel disruptions caused by Hurricanes Florence and Lane.

· Full year 22 Hotel Comparable Portfolio Adjusted EBITDAre Margin is expected to decline 50 basis points to 75 basis points, which is negatively impacted by approximately 40 basis points resulting from planned 2018 capital investment projects.

· Full year corporate overhead expense (excluding deferred stock amortization) of approximately $21 million.

· Full year amortization of deferred stock compensation expense of approximately $9 million.

· Full year interest expense of approximately $45 million, including approximately $3 million in amortization of deferred financing costs, approximately $2 million of capital lease obligation interest and approximately $5 million noncash gain on derivatives.

· Full year total preferred dividends of $13 million, which includes the Series E and Series F cumulative redeemable preferred stock.

EARNINGS GUIDANCE							Page 27

Supplemental Financial Information
November 5, 2018

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

Adjusted FFO Attributable to Common Stockholders
Q4 and FY 2018

Reconciliation of Net Income to Adjusted EBITDAre, Excluding Noncontrolling Interest

		Quarter Ended				Year Ended
		December 31, 2018				December 31, 2018
(In thousands, except per share data)		Low		High		Low		High
Net income	$	29,400	$	33,100	$	210,600	$	214,300
Depreciation and amortization		35,700		35,600		145,900		145,800
Amortization of lease intangibles		100		100		100		100
Interest expense		13,300		13,000		44,800		44,500
Income tax provision (benefit), net		300		300		(400)		(400)
Gain on sale of assets, net		(400)		(500)		(69,100)		(69,200)
Impairment loss		—		—		1,400		1,400
Noncontrolling interest		(2,400)		(2,600)		(12,700)		(12,900)
Amortization of deferred stock compensation		2,100		2,100		9,000		9,000
Noncash ground rent		(300)		(300)		(1,100)		(1,100)
Capital lease obligation interest - cash ground rent		(600)		(600)		(2,400)		(2,400)
Loss on extinguishment of debt		700		700		700		700
Hurricane-related insurance proceeds net of uninsured losses		—		—		(1,000)		(1,000)
Prior year property tax adjustments, net		—		—		100		100
Property-level management transition costs		100		100		100		100
Adjusted EBITDAre, excluding noncontrolling interest	$	78,000	$	81,000	$	326,000	$	329,000

Reconciliation of Net Income to Adjusted FFO Attributable to Common Stockholders

Net income	$	29,400	$	33,100	$	210,600	$	214,300
Preferred stock dividends		(3,200)		(3,200)		(12,800)		(12,800)
Real estate depreciation and amortization		35,300		35,200		145,100		145,000
Amortization of lease intangibles		100		100		100		100
Gain on sale of assets, net		(400)		(500)		(69,100)		(69,200)
Impairment loss		—		—		1,400		1,400
Noncontrolling interest		(2,100)		(2,300)		(11,000)		(11,200)
Noncash ground rent		(300)		(300)		(1,100)		(1,100)
Noncash interest on derivatives and capital lease obligations, net		100		100		(5,000)		(5,000)
Loss on extinguishment of debt		700		700		700		700
Hurricane-related insurance proceeds net of uninsured losses		—		—		(1,000)		(1,000)
Prior year property tax adjustments, net		—		—		100		100
Property-level management transition costs		100		100		100		100
Noncash income tax benefit, net		—		—		(1,100)		(1,100)
Adjusted FFO attributable to common stockholders	$	59,700	$	63,000	$	257,000	$	260,300
Adjusted FFO attributable to common stockholders per diluted share	$	0.26	$	0.28	$	1.13	$	1.15
Diluted weighted average shares outstanding		227,700		227,700		226,500		226,500

EARNINGS GUIDANCE							Page 28

Supplemental Financial Information
November 5, 2018

CAPITALIZATION

CAPITALIZATION							Page 29

Supplemental Financial Information
November 5, 2018

Comparative Capitalization
Q3 2018 – Q3 2017

		September 30,			June 30,			March 31,			December 31,			September 30,
(In thousands, except per share data)		2018			2018			2018			2017			2017
Common Share Price & Dividends
At the end of the quarter	$	16.36		$	16.62		$	15.22		$	16.53		$	16.07
High during quarter ended	$	16.98		$	17.52		$	17.26		$	17.44		$	16.67
Low during quarter ended	$	15.79		$	14.42		$	14.33		$	15.90		$	15.23
Common dividends per share	$	0.05		$	0.05		$	0.05		$	0.58		$	0.05
Common Shares & Units
Common shares outstanding		228,247			228,254			225,615			225,322			225,322
Units outstanding		—			—			—			—			—
Total common shares and units outstanding		228,247			228,254			225,615			225,322			225,322
Capitalization
Market value of common equity	$	3,734,122		$	3,793,586		$	3,433,856		$	3,724,567		$	3,620,919
Liquidation value of preferred equity - Series E		115,000			115,000			115,000			115,000			115,000
Liquidation value of preferred equity - Series F		75,000			75,000			75,000			75,000			75,000
Consolidated debt		984,916			986,638			988,510			990,402			992,149
Consolidated total capitalization		4,909,038			4,970,224			4,612,366			4,904,969			4,803,068
Noncontrolling interest in consolidated debt		(55,000)			(55,000)			(55,000)			(55,000)			(54,979)
Pro rata total capitalization	$	4,854,038		$	4,915,224		$	4,557,366		$	4,849,969		$	4,748,089
Consolidated debt to total capitalization		20.1	%		19.9	%		21.4	%		20.2	%		20.7	%
Pro rata debt to pro rata total capitalization		19.2	%		19.0	%		20.5	%		19.3	%		19.7	%
Consolidated debt and preferred equity to total capitalization		23.9	%		23.7	%		25.6	%		24.1	%		24.6	%
Pro rata debt and preferred equity to pro rata total capitalization		23.1	%		22.8	%		24.7	%		23.2	%		23.7	%

CAPITALIZATION							Page 30

Supplemental Financial Information
November 5, 2018

Consolidated Debt Summary Schedule

(In thousands)		Interest Rate /		Maturity		September 30, 2018			Balance At
Debt	Collateral	Spread		Date		Balance			Maturity
Fixed Rate Debt
Secured Mortgage Debt	Hilton Times Square	4.97%		11/01/2020	$	80,287		$	76,145
Secured Mortgage Debt	Renaissance Washington DC	5.95%		05/01/2021		114,746			106,855
Term Loan Facility	Unsecured	2.94%	(1)	09/03/2022		85,000			85,000
Term Loan Facility	Unsecured	3.20%	(1)	01/31/2023		100,000			100,000
Secured Mortgage Debt	JW Marriott New Orleans	4.15%		12/11/2024		84,082			72,071
Secured Mortgage Debt	Embassy Suites La Jolla	4.12%		01/06/2025		60,801			51,987
Series A Senior Notes	Unsecured	4.69%		01/10/2026		120,000			120,000
Series B Senior Notes	Unsecured	4.79%		01/10/2028		120,000			120,000
Total Fixed Rate Debt						764,916			732,058
Secured Mortgage Debt	Hilton San Diego Bayfront	L + 1.05%		12/09/2023   (2)		220,000			220,000
Credit Facility	Unsecured	L + 1.40% - 2.25%	(1)	04/14/2023   (1)		—			—
Total Variable Rate Debt						220,000			220,000
TOTAL CONSOLIDATED DEBT					$	984,916		$	952,058
Preferred Stock
Series E cumulative redeemable preferred		6.95%		perpetual	$	115,000
Series F cumulative redeemable preferred		6.45%		perpetual		75,000
Total Preferred Stock					$	190,000
Debt Statistics
% Fixed Rate Debt						77.7	%
% Floating Rate Debt						22.3	%
Average Interest Rate (1) (3)						4.14	%
Weighted Average Maturity of Debt (2)						5.3 years

(1) In October 2018, the Company amended its credit facility agreement and repriced its two unsecured term loans. The amended credit facility agreement provides for a $500 million unsecured revolving credit facility, a $100 million increase from the previous credit facility. Under the terms of the amendment, the interest rate pricing grid for the credit facility has been reduced from a range of 155 to 230 basis points over LIBOR to a range of 140 to 225 basis points over LIBOR, and the credit facility’s maturity date has been extended from April 2019 to April 2023. The amendment also reprices the term loans, which bear interest pursuant to a leverage-based pricing grid, from the previous range of 1.80% to 2.55% over the applicable LIBOR to a range of 1.35% to 2.20% over the applicable LIBOR. The Company entered into interest rate derivative agreements to fix the applicable LIBOR for the full duration of the loans. The spread to LIBOR may vary depending on the Company’s overall leverage as defined by its credit agreement. Based on the Company’s current leverage, the interest rate of the $85.0 million term loan has been reduced from 3.391% under the previous agreement to 2.941% under the current agreement, and the interest rate of the $100.0 million term loan has been reduced from 3.653% under the previous agreement to 3.203% under the current agreement. The maturity dates for both term loans remain unchanged.

(2) The Company intends to exercise all three of its available one-year options to extend the maturity date of the $220.0 million loan secured by the Hilton San Diego Bayfront from December 2020 to December 2023.  By extending this loan, the Company's weighted average maturity of debt increases from 4.7 years to 5.3 years.

(3) Average Interest Rate on the variable-rate debt obligation is calculated based on the variable rate at September 30, 2018, and includes the effect of the Company's interest rate derivative agreement.

CAPITALIZATION							Page 31

Supplemental Financial Information
November 5, 2018

Consolidated Amortization and Debt Maturity Schedule

As of September 30, 2018

(1) The Company intends to exercise all three of its available one-year options to extend the maturity date of the $220.0 million loan secured by the Hilton San Diego Bayfront from December 2020 to December 2023.

(2) Percent of Current Total Capitalization is calculated by dividing the sum of scheduled principal amortization and maturity payments by the September 30, 2018 consolidated total capitalization as presented on page 30.

CAPITALIZATION							Page 32

Supplemental Financial Information
November 5, 2018

PROPERTY-LEVEL DATA

PROPERTY-LEVEL DATA							Page 33

Supplemental Financial Information
November 5, 2018

Hotel Information as of November 5, 2018

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	10.65%	75%	Leasehold	2071	2011
2	Boston Park Plaza	Massachusetts	Independent	1,060	9.48%	100%	Fee Simple		2013
3	Renaissance Washington DC	Washington DC	Marriott	807	7.22%	100%	Fee Simple		2005
4	Hyatt Regency San Francisco	California	Hyatt	804	7.19%	100%	Fee Simple		2013
5	Renaissance Orlando at SeaWorld®	Florida	Marriott	781	6.99%	100%	Fee Simple		2005
6	Renaissance Harborplace	Maryland	Marriott	622	5.57%	100%	Fee Simple		2005
7	Wailea Beach Resort	Hawaii	Marriott	547	4.89%	100%	Fee Simple		2014
8	Renaissance Los Angeles Airport	California	Marriott	502	4.49%	100%	Fee Simple		2007
9	JW Marriott New Orleans (2)	Louisiana	Marriott	501	4.48%	100%	Fee Simple		2011
10	Hilton Times Square	New York	Hilton	478	4.28%	100%	Leasehold	2091	2006
11	Hyatt Centric Chicago Magnificent Mile	Illinois	Hyatt	419	3.75%	100%	Leasehold	2097	2012
12	Marriott Boston Long Wharf	Massachusetts	Marriott	415	3.71%	100%	Fee Simple		2007
13	Marriott Tysons Corner	Virginia	Marriott	396	3.54%	100%	Fee Simple		2002
14	Renaissance Long Beach	California	Marriott	374	3.35%	100%	Fee Simple		2005
15	Embassy Suites Chicago	Illinois	Hilton	368	3.29%	100%	Fee Simple		2002
16	Hilton Garden Inn Chicago Downtown/Magnificent Mile	Illinois	Hilton	361	3.23%	100%	Fee Simple		2012
17	Renaissance Westchester	New York	Marriott	348	3.11%	100%	Fee Simple		2010
18	Embassy Suites La Jolla	California	Hilton	340	3.04%	100%	Fee Simple		2006
19	Hilton New Orleans St. Charles	Louisiana	Hilton	252	2.25%	100%	Fee Simple		2013
20	Marriott Portland	Oregon	Marriott	249	2.23%	100%	Fee Simple		2000
21	Courtyard by Marriott Los Angeles (3)	California	Marriott	187	1.67%	100%	Leasehold	2096	1999
22	Oceans Edge Resort & Marina	Florida	Independent	175	1.57%	100%	Fee Simple		2017
	Total 22 Hotel Comparable Portfolio			11,176	100%

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

(2) Hotel is subject to a municipal air rights lease that matures in 2044 and applies only to certain balcony space that is not integral to the hotel operation.

(3) Hotel is subject to a ground lease that contains a purchase right option in 2037, which the Company intends to exercise.

PROPERTY-LEVEL DATA							Page 34

Supplemental Financial Information
November 5, 2018

PROPERTY-LEVEL OPERATING STATISTICS

PROPERTY-LEVEL OPERATING STATISTICS							Page 35

Supplemental Financial Information
November 5, 2018

Property-Level Operating Statistics

Q3 2018/2017

	Hotels sorted by number of rooms	ADR					Occupancy			RevPAR
		For the Three Months Ended September 30,					For the Three Months Ended September 30,			For the Three Months Ended September 30,
		2018		2017		Variance	2018	2017	Variance	2018		2017		Variance
1	Hilton San Diego Bayfront	$	259.59	$	242.34	7.1%	87.7%	88.4%	-0.8%	$	227.66	$	214.23	6.3%
2	Boston Park Plaza	$	232.86	$	231.64	0.5%	98.3%	96.9%	1.4%	$	228.90	$	224.46	2.0%
3	Renaissance Washington DC	$	195.71	$	206.34	-5.2%	75.8%	81.4%	-6.9%	$	148.35	$	167.96	-11.7%
4	Hyatt Regency San Francisco	$	326.19	$	295.33	10.4%	92.9%	94.0%	-1.2%	$	303.03	$	277.61	9.2%
5	Renaissance Orlando at SeaWorld ®	$	130.97	$	131.69	-0.5%	75.9%	75.6%	0.4%	$	99.41	$	99.56	-0.2%
6	Renaissance Harborplace	$	167.58	$	167.94	-0.2%	79.4%	81.5%	-2.6%	$	133.06	$	136.87	-2.8%
7	Wailea Beach Resort	$	392.51	$	333.12	17.8%	85.2%	81.3%	4.8%	$	334.42	$	270.83	23.5%
8	Renaissance Los Angeles Airport	$	158.23	$	160.66	-1.5%	93.1%	94.6%	-1.6%	$	147.31	$	151.98	-3.1%
9	JW Marriott New Orleans  (1)	$	158.65	$	153.46	3.4%	62.3%	78.9%	-21.0%	$	98.84	$	121.08	-18.4%
10	Hilton Times Square	$	289.76	$	294.66	-1.7%	99.1%	99.4%	-0.3%	$	287.15	$	292.89	-2.0%
11	Hyatt Centric Magnificent Mile	$	224.59	$	204.48	9.8%	90.0%	87.5%	2.9%	$	202.13	$	178.92	13.0%
12	Marriott Boston Long Wharf	$	361.26	$	350.99	2.9%	93.8%	95.3%	-1.6%	$	338.86	$	334.49	1.3%
13	Marriott Tysons Corner	$	167.18	$	151.10	10.6%	71.6%	77.5%	-7.6%	$	119.70	$	117.10	2.2%
14	Renaissance Long Beach	$	179.11	$	179.64	-0.3%	85.7%	87.4%	-1.9%	$	153.50	$	157.01	-2.2%
15	Embassy Suites Chicago	$	237.87	$	218.51	8.9%	94.6%	92.1%	2.7%	$	225.03	$	201.25	11.8%
16	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	214.28	$	192.90	11.1%	91.4%	89.7%	1.9%	$	195.85	$	173.03	13.2%
17	Renaissance Westchester	$	154.16	$	158.85	-3.0%	74.4%	76.1%	-2.2%	$	114.70	$	120.88	-5.1%
18	Embassy Suites La Jolla	$	215.35	$	204.13	5.5%	93.2%	90.7%	2.8%	$	200.71	$	185.15	8.4%
19	Hilton New Orleans St. Charles	$	133.88	$	130.62	2.5%	72.6%	76.3%	-4.8%	$	97.20	$	99.66	-2.5%
20	Marriott Portland	$	211.39	$	208.66	1.3%	86.2%	93.6%	-7.9%	$	182.22	$	195.31	-6.7%
21	Courtyard by Marriott Los Angeles	$	173.07	$	179.06	-3.3%	95.7%	96.5%	-0.8%	$	165.63	$	172.79	-4.1%
22	Oceans Edge Resort & Marina (1)	$	190.11	$	205.67	-7.6%	95.6%	62.3%	53.5%	$	181.75	$	128.13	41.8%
	22 Hotel Comparable Portfolio (2)	$	229.31	$	218.82	4.8%	86.1%	87.0%	-1.0%	$	197.44	$	190.37	3.7%

(1) Operating statistics for the third quarter of 2018 are impacted by a room renovation at the JW Marriott New Orleans. Operating statistics for the third quarter of 2017 are impacted by Hurricane Irma at the Oceans Edge Resort & Marina.

(2) 22 Hotel Comparable Portfolio includes all hotels owned by the Company as of September 30, 2018, with the exception of the Houston hotels due to their sale in October 2018. The 22 Hotel Comparable Portfolio includes both the Company's ownership results and prior ownership results for the Oceans Edge Resort & Marina acquired in July 2017. The Company obtained prior ownership results from the previous owner of the hotel during the due diligence period before the acquisition date. The Company performed a limited review of the information as part of its analysis of the acquisition.

PROPERTY-LEVEL OPERATING STATISTICS							Page 36

Supplemental Financial Information
November 5, 2018

Property-Level Operating Statistics

Q3 YTD 2018/2017

	Hotels sorted by number of rooms	ADR					Occupancy			RevPAR
		For the Nine Months Ended September 30,					For the Nine Months Ended September 30,			For the Nine Months Ended September 30,
		2018		2017		Variance	2018	2017	Variance	2018		2017		Variance
1	Hilton San Diego Bayfront	$	251.04	$	243.43	3.1%	87.2%	87.0%	0.2%	$	218.91	$	211.78	3.4%
2	Boston Park Plaza	$	216.47	$	219.97	-1.6%	88.1%	85.0%	3.6%	$	190.71	$	186.97	2.0%
3	Renaissance Washington DC	$	229.62	$	235.52	-2.5%	79.8%	83.9%	-4.9%	$	183.24	$	197.60	-7.3%
4	Hyatt Regency San Francisco (1)	$	309.08	$	300.90	2.7%	89.5%	89.2%	0.3%	$	276.63	$	268.40	3.1%
5	Renaissance Orlando at SeaWorld ®	$	162.79	$	162.92	-0.1%	79.3%	79.3%	0.0%	$	129.09	$	129.20	-0.1%
6	Renaissance Harborplace	$	164.99	$	167.20	-1.3%	72.0%	78.6%	-8.4%	$	118.79	$	131.42	-9.6%
7	Wailea Beach Resort	$	408.77	$	346.30	18.0%	90.4%	83.6%	8.1%	$	369.53	$	289.51	27.6%
8	Renaissance Los Angeles Airport (1)	$	154.11	$	160.67	-4.1%	87.9%	92.5%	-5.0%	$	135.46	$	148.62	-8.9%
9	JW Marriott New Orleans  (1)	$	200.39	$	191.66	4.6%	70.4%	82.6%	-14.8%	$	141.07	$	158.31	-10.9%
10	Hilton Times Square	$	274.30	$	267.06	2.7%	99.2%	99.3%	-0.1%	$	272.11	$	265.19	2.6%
11	Hyatt Chicago Magnificent Mile	$	201.07	$	193.65	3.8%	84.7%	79.9%	6.0%	$	170.31	$	154.73	10.1%
12	Marriott Boston Long Wharf (1)	$	341.37	$	320.00	6.7%	70.7%	88.9%	-20.5%	$	241.35	$	284.48	-15.2%
13	Marriott Tysons Corner	$	170.90	$	157.03	8.8%	75.1%	78.9%	-4.8%	$	128.35	$	123.90	3.6%
14	Renaissance Long Beach	$	186.57	$	187.76	-0.6%	84.0%	83.5%	0.6%	$	156.72	$	156.78	0.0%
15	Embassy Suites Chicago	$	207.07	$	198.81	4.2%	89.5%	87.7%	2.1%	$	185.33	$	174.36	6.3%
16	Hilton Garden Inn Chicago Downtown/Magnificent Mile	$	184.21	$	178.94	2.9%	86.9%	82.3%	5.6%	$	160.08	$	147.27	8.7%
17	Renaissance Westchester	$	157.17	$	156.89	0.2%	74.9%	72.6%	3.2%	$	117.72	$	113.90	3.4%
18	Embassy Suites La Jolla	$	203.17	$	196.43	3.4%	89.4%	86.1%	3.8%	$	181.63	$	169.13	7.4%
19	Hilton New Orleans St. Charles	$	168.72	$	162.13	4.1%	79.7%	84.4%	-5.6%	$	134.47	$	136.84	-1.7%
20	Marriott Portland	$	189.16	$	192.34	-1.7%	84.5%	86.8%	-2.6%	$	159.84	$	166.95	-4.3%
21	Courtyard by Marriott Los Angeles	$	166.92	$	178.45	-6.5%	95.4%	95.9%	-0.5%	$	159.24	$	171.13	-6.9%
22	Oceans Edge Resort & Marina (1)	$	238.01	$	224.88	5.8%	93.3%	79.2%	17.8%	$	222.06	$	178.10	24.7%
	22 Hotel Comparable Portfolio (2)	$	227.00	$	220.37	3.0%	84.0%	84.9%	-1.1%	$	190.68	$	187.09	1.9%

(1) Operating statistics for the first nine months of 2018 are impacted by room renovations at the Hyatt Regency San Francisco, JW Marriott New Orleans, Marriott Boston Long Wharf and Renaissance Los Angeles Airport. Operating statistics for the first nine months of 2017 are impacted by Hurricane Irma at the Oceans Edge Resort & Marina.

(2) 22 Hotel Comparable Portfolio includes all hotels owned by the Company as of September 30, 2018, with the exception of the Houston hotels due to their sale in October 2018. The 22 Hotel Comparable Portfolio includes both the Company's ownership results and prior ownership results for the Oceans Edge Resort & Marina acquired in July 2017. The Company obtained prior ownership results from the previous owner of the hotel during the due diligence period before the acquisition date. The Company performed a limited review of the information as part of its analysis of the acquisition.

PROPERTY-LEVEL OPERATING STATISTICS							Page 37

Supplemental Financial Information
November 5, 2018

OPERATING STATISTICS BY BRAND & GEOGRAPHY

OPERATING STATISTICS BY BRAND & GEOGRAPHY							Page 38

Supplemental Financial Information
November 5, 2018

Operating Statistics by Brand
Q3 and YTD 2018/2017

		For the Three Months Ended September 30,
		2018					2017
	# of Hotels	Occ	ADR		RevPAR		Occ	ADR		RevPAR		RevPAR Change
Marriott (1)	12	80.1%	$	206.61	$	165.49	83.4%	$	198.90	$	165.88	-0.2%
Hilton (2)	6	90.2%	$	242.81	$	219.01	90.0%	$	230.27	$	207.24	5.7%
Hyatt (3)	2	91.9%	$	292.12	$	268.46	91.8%	$	265.67	$	243.89	10.1%
Other (4)	2	97.9%	$	226.95	$	222.18	92.0%	$	229.15	$	210.82	5.4%
22 Hotel Comparable Portfolio (5)	22	86.1%	$	229.31	$	197.44	87.0%	$	218.82	$	190.37	3.7%
		For the Nine Months Ended September 30,
		2018					2017
	# of Hotels	Occ	ADR		RevPAR		Occ	ADR		RevPAR		RevPAR Change
Marriott (1)	12	79.5%	$	215.96	$	171.69	83.1%	$	208.52	$	173.28	-0.9%
Hilton (2)	6	89.0%	$	230.18	$	204.86	88.2%	$	223.17	$	196.84	4.1%
Hyatt (3)	2	87.8%	$	273.40	$	240.05	86.0%	$	266.75	$	229.41	4.6%
Other (4)	2	88.8%	$	219.68	$	195.08	84.2%	$	220.60	$	185.75	5.0%
22 Hotel Comparable Portfolio (5)	22	84.0%	$	227.00	$	190.68	84.9%	$	220.37	$	187.09	1.9%

(1) Marriott excludes the Marriott Park City, sold in June 2017, the Marriott Philadelphia and Marriott Quincy, both of which were sold in January 2018, and the Marriott Houston, sold in October 2018.

(2) Hilton excludes the Hilton North Houston, sold in October 2018.

(3) Hyatt excludes the Hyatt Regency Newport Beach, sold in July 2018.

(4) Other includes the Boston Park Plaza as well as both the Company's ownership results and prior ownership results for the Oceans Edge Resort & Marina acquired in July 2017. The Company obtained prior ownership results from the previous owner of the hotel during the due diligence period before the acquisition date. The Company performed a limited review of the information as part of its analysis of the acquisition. Other excludes the Fairmont Newport Beach sold in February 2017.

(5) 22 Hotel Comparable Portfolio includes all hotels owned by the Company as of September 30, 2018, with the exception of the Houston hotels due to their sale in October 2018.

OPERATING STATISTICS BY BRAND & GEOGRAPHY							Page 39

Supplemental Financial Information
November 5, 2018

22 Hotel Comparable Portfolio Property-Level Trailing 12 Month Adjusted EBITDAre Contribution by Brand

OPERATING STATISTICS BY BRAND & GEOGRAPHY							Page 40

Supplemental Financial Information
November 5, 2018

Operating Statistics by Region
Q3 and YTD 2018/2017

		For the Three Months Ended September 30,
		2018					2017
	# of Hotels	Occ		ADR		RevPAR	Occ		ADR		RevPAR	RevPAR Change
California (1)	6	90.5%	$	242.39	$	219.36	91.2%	$	228.67	$	208.55	5.2%
Other West (2)	2	85.5%	$	335.41	$	286.78	85.2%	$	290.35	$	247.38	15.9%
Midwest	3	91.9%	$	225.75	$	207.46	89.7%	$	205.45	$	184.29	12.6%
East (3)	11	82.4%	$	206.70	$	170.32	84.3%	$	205.56	$	173.29	-1.7%
22 Hotel Comparable Portfolio (4)	22	86.1%	$	229.31	$	197.44	87.0%	$	218.82	$	190.37	3.7%
		For the Nine Months Ended September 30,
		2018					2017
	# of Hotels	Occ		ADR		RevPAR	Occ		ADR		RevPAR	RevPAR Change
California (1)	6	88.2%	$	234.08	$	206.46	88.3%	$	230.11	$	203.19	1.6%
Other West (2)	2	88.6%	$	343.22	$	304.09	84.6%	$	296.86	$	251.14	21.1%
Midwest	3	86.9%	$	197.75	$	171.84	83.2%	$	190.82	$	158.76	8.2%
East (3)	11	80.3%	$	211.23	$	169.62	83.3%	$	209.55	$	174.56	-2.8%
22 Hotel Comparable Portfolio (4)	22	84.0%	$	227.00	$	190.68	84.9%	$	220.37	$	187.09	1.9%

(1) California excludes the Fairmont Newport Beach and the Hyatt Regency Newport Beach, sold in February 2017 and July 2018, respectively.

(2) Other West excludes the Marriott Park City, sold in June 2017, and the Houston hotels, sold in October 2018.

(3) East includes prior ownership results obtained by the Company from the previous owner of the Oceans Edge Resort & Marina during the due diligence period before the acquisition date. The Company performed a limited review of the information as part of its analysis of the acquisition. East excludes the Marriott Philadelphia and Marriott Quincy, both of which were sold in January 2018.

(4) 22 Hotel Comparable Portfolio includes all hotels owned by the Company as of September 30, 2018, with the exception of the Houston hotels due to their sale in October 2018.

OPERATING STATISTICS BY BRAND & GEOGRAPHY							Page 41

Supplemental Financial Information
November 5, 2018

PROPERTY-LEVEL ADJUSTED EBITDAre  &

ADJUSTED EBITDAre MARGINS

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 42

Supplemental Financial Information
November 5, 2018

Property-Level Adjusted EBITDAre
Q3 and YTD 2018/2017

	Hotels sorted by number of rooms		For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	(In thousands)		2018		2017			2018		2017
			Hotel Adjusted EBITDAre (2)		Hotel Adjusted EBITDAre (2)	% Change		Hotel Adjusted EBITDAre (2)		Hotel Adjusted EBITDAre (2)	% Change
1	Hilton San Diego Bayfront (1)	$	13,770	$	13,099	5%	$	41,282	$	38,987	6%
2	Boston Park Plaza		10,690		10,536	1%		21,965		22,150	-1%
3	Renaissance Washington DC (3)		4,082		5,128	-20%		18,772		21,181	-11%
4	Hyatt Regency San Francisco (3)		8,792		7,936	11%		23,727		22,806	4%
5	Renaissance Orlando at SeaWorld ®		4,362		3,957	10%		21,174		19,463	9%
6	Renaissance Harborplace (3)		3,427		3,785	-9%		8,413		10,397	-19%
7	Wailea Beach Resort		9,014		5,567	62%		31,856		21,497	48%
8	Renaissance Los Angeles Airport (3)		2,326		2,268	3%		5,887		6,871	-14%
9	JW Marriott New Orleans (3)		1,317		1,990	-34%		8,606		11,120	-23%
10	Hilton Times Square		2,471		2,940	-16%		6,178		6,658	-7%
11	Hyatt Centric Chicago Magnificent Mile (3)		2,836		2,986	-5%		5,246		5,955	-12%
12	Marriott Boston Long Wharf (3)		7,813		8,034	-3%		12,778		18,431	-31%
13	Marriott Tysons Corner		1,677		1,738	-4%		6,029		5,810	4%
14	Renaissance Long Beach		2,240		2,349	-5%		7,055		7,200	-2%
15	Embassy Suites Chicago (3)		3,253		3,257	0%		7,096		7,680	-8%
16	Hilton Garden Inn Chicago Downtown/Magnificent Mile (3)		2,845		2,414	18%		5,324		5,121	4%
17	Renaissance Westchester		496		749	-34%		1,913		2,296	-17%
18	Embassy Suites La Jolla		3,214		3,067	5%		8,407		7,982	5%
19	Hilton New Orleans St. Charles		501		677	-26%		3,722		4,053	-8%
20	Marriott Portland		2,172		2,565	-15%		5,346		5,971	-10%
21	Courtyard by Marriott Los Angeles		1,058		1,298	-18%		2,944		3,826	-23%
22	Oceans Edge Resort & Marina (3)		1,458		580	151%		6,363		3,058	108%
	22 Hotel Comparable Portfolio (4)		89,814		86,920	3%		260,083		258,513	1%
	Less: Prior Ownership Results (5)
	Oceans Edge Resort & Marina		—		(378)	N/A		—		(2,856)	N/A
	Add: Sold Hotels (6)
	Fairmont Newport Beach		—		—	—		—		1,019	-100%
	Marriott Park City		—		—	—		—		2,146	-100%
	Marriott Philadelphia		—		1,045	-100%		(352)		3,669	-110%
	Marriott Quincy		—		2,792	-100%		(591)		6,433	-109%
	Hyatt Regency Newport Beach (3)		84		3,293	-97%		5,092		8,719	-42%
	Hilton North Houston		(258)		774	-133%		1,145		2,223	-48%
	Marriott Houston		(61)		892	-107%		1,096		2,220	-51%
	Actual Portfolio (7)	$	89,579	$	95,338	-6%	$	266,473	$	282,086	-6%

*Footnotes on page 44

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 43

Supplemental Financial Information
November 5, 2018

Property-Level Adjusted EBITDAre
Q3 and YTD 2018/2017 Footnotes

(1) Reflects 100% of the operating results for the Hilton San Diego Bayfront.

(2) Reconciliations to Net Income (Loss) provided on pages 47, 48,  50 and 51.

(3) Hotel Adjusted EBITDAre for both the third quarter and the first nine months of 2018 is impacted by a room renovation at the JW Marriott New Orleans. Hotel adjusted EBITDAre for the first nine months of 2018 is also impacted by room renovations at the Hyatt Regency San Francisco, Marriott Boston Long Wharf and Renaissance Los Angeles Airport. In addition, Hotel Adjusted EBITDAre for the first nine months of 2018 is impacted by $1.5 million in business interruption proceeds recognized by the Oceans Edge Resort & Marina, and by a total of $0.1 million in non-current year property tax (assessments) credits, net of appeal fees, received at the following hotels: Embassy Suites Chicago $(41,000); Hilton Garden Inn Chicago Downtown/Magnificent Mile $(62,000); Hyatt Centric Chicago Magnificent Mile $(15,000); Hyatt Regency Newport Beach $5,000; and Renaissance Washington DC $(4,000). Hotel Adjusted EBITDAre for the third quarter of 2017 is impacted by a total of $0.4 million in non-current year property tax credits, net of appeal fees, received at the following hotels: Hyatt Centric Chicago Magnificent Mile $0.2 million; Hyatt Regency San Francisco $0.1 million; and Renaissance Harborplace $0.1 million. Hotel Adjusted EBITDAre for the first nine months of 2017 is impacted by a total of $0.5 million in non-current year property tax (assessments) credits, net of appeal fees, received at the following hotels: Embassy Suites Chicago $(0.1) million; Hilton Garden Inn Chicago Downtown/Magnificent Mile $(0.1) million; Hyatt Centric Chicago Magnificent Mile $0.5 million; Hyatt Regency San Francisco $0.1 million; and Renaissance Harborplace $0.1 million.

(4) 22 Hotel Comparable Portfolio includes all hotels owned by the Company as of September 30, 2018, with the exception of the Houston hotels due to their sale in October 2018.

(5) Prior Ownership Results include results generated by the Oceans Edge Resort & Marina before the Company's acquisition of the hotel in July 2017. The Company obtained prior ownership information from the previous owner of the hotel during the due diligence period before the acquisition date. The Company performed a limited review of the information as part of its analysis of the acquisition.

(6) Sold Hotels include the Fairmont Newport Beach, sold in February 2017, the Marriott Park City, sold in June 2017, the Marriott Philadelphia and Marriott Quincy, both of which were sold in January 2018, the Hyatt Regency Newport Beach, sold in July 2018, and the Houston hotels, sold in October 2018.

(7) Actual Portfolio for the three and nine months ended September 30, 2018 includes all 24 hotels owned as of September 30, 2018, plus the Sold Hotels as applicable. Actual Portfolio for the three and nine months ended September 30, 2017 includes all 27 hotels owned as of September 30, 2017, plus the Sold Hotels as applicable.

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 44

Supplemental Financial Information
November 5, 2018

Property-Level Adjusted EBITDAre Margins
Q3 and YTD 2018/2017

	Hotels sorted by number of rooms	For the Three Months Ended September 30,			For the Nine Months Ended September 30,
		2018	2017		2018	2017
		Hotel Adjusted EBITDAre Margin	Hotel Adjusted EBITDAre Margin	Change in bps	Hotel Adjusted EBITDAre Margin	Hotel Adjusted EBITDAre Margin	Change in bps
1	Hilton San Diego Bayfront (1)	33.1%	33.7%	(60) bps	33.9%	33.9%	—  bps
2	Boston Park Plaza	37.8%	37.7%	10 bps	30.1%	31.1%	(100) bps
3	Renaissance Washington DC (2)	23.1%	27.0%	(390) bps	29.4%	32.2%	(280) bps
4	Hyatt Regency San Francisco (2)	28.8%	27.4%	140 bps	27.4%	27.2%	20 bps
5	Renaissance Orlando at SeaWorld ®	28.1%	27.0%	110 bps	34.9%	34.3%	60 bps
6	Renaissance Harborplace (2)	28.6%	30.3%	(170) bps	25.6%	29.0%	(340) bps
7	Wailea Beach Resort	36.5%	27.8%	870 bps	39.7%	33.6%	610 bps
8	Renaissance Los Angeles Airport (2)	26.7%	25.7%	100 bps	24.4%	26.9%	(250) bps
9	JW Marriott New Orleans  (2)	21.0%	26.0%	(500) bps	33.9%	38.1%	(420) bps
10	Hilton Times Square	18.5%	21.5%	(300) bps	16.3%	18.0%	(170) bps
11	Hyatt Centric Chicago Magnificent Mile (2)	27.9%	30.7%	(280) bps	20.0%	23.3%	(330) bps
12	Marriott Boston Long Wharf (2)	44.7%	45.7%	(100) bps	32.9%	40.7%	(780) bps
13	Marriott Tysons Corner	30.0%	31.6%	(160) bps	33.4%	33.5%	(10) bps
14	Renaissance Long Beach	32.0%	33.4%	(140) bps	32.6%	33.6%	(100) bps
15	Embassy Suites Chicago (2)	38.0%	42.1%	(410) bps	33.2%	37.8%	(460) bps
16	Hilton Garden Inn Chicago Downtown/Magnificent Mile (2)	40.2%	37.8%	240 bps	30.6%	31.9%	(130) bps
17	Renaissance Westchester	9.1%	13.3%	(420) bps	11.3%	14.0%	(270) bps
18	Embassy Suites La Jolla	44.3%	45.3%	(100) bps	42.8%	43.1%	—   bps
19	Hilton New Orleans St. Charles	19.0%	25.6%	(660) bps	35.5%	38.4%	(290) bps
20	Marriott Portland	46.4%	49.1%	(270) bps	42.4%	44.8%	(240) bps
21	Courtyard by Marriott Los Angeles	31.5%	36.8%	(530) bps	30.5%	37.0%	(650) bps
22	Oceans Edge Resort & Marina (2) (3)	32.0%	19.4%	1,260 bps	38.9%	27.6%	1,130 bps
	22 Hotel Comparable Portfolio (4)	31.8%	31.9%	(10) bps	31.1%	31.9%	(80) bps
	22 Hotel Comparable Portfolio, excluding prior year property tax adjustments, net (5)	31.8%	31.7%	10 bps	31.1%	31.8%	(70) bps

*Footnotes on page 46

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 45

Supplemental Financial Information
November 5, 2018

Property-Level Adjusted EBITDAre Margins
Q3 and YTD 2018/2017 Footnotes

(1) Reflects 100% of the operating results for the Hilton San Diego Bayfront.

(2) Hotel Adjusted EBITDAre Margins for both the third quarter and the first nine months of 2018 are impacted by a room renovation at the JW Marriott New Orleans. Hotel adjusted EBITDAre Margins for the first nine months of 2018 are also impacted by room renovations at the Hyatt Regency San Francisco, Marriott Boston Long Wharf and Renaissance Los Angeles Airport. In addition, Hotel Adjusted EBITDAre Margins for the first nine months of 2018 are impacted by $1.5 million in business interruption proceeds recognized by the Oceans Edge Resort & Marina, and by a total of $0.1 million in non-current year property tax (assessments) credits, net of appeal fees, received at the following hotels: Embassy Suites Chicago $(41,000); Hilton Garden Inn Chicago Downtown/Magnificent Mile $(62,000); Hyatt Centric Chicago Magnificent Mile $(15,000); and Renaissance Washington DC $(4,000). Hotel Adjusted EBITDAre Margins for the third quarter of 2017 are impacted by a total of $0.4 million in non-current year property tax credits, net of appeal fees, received at the following hotels: Hyatt Centric Chicago Magnificent Mile $0.2 million; Hyatt Regency San Francisco $0.1 million; and Renaissance Harborplace $0.1 million. Hotel Adjusted EBITDAre Margins for the first nine months of 2017 are impacted by a total of $0.5 million in non-current year property tax (assessments) credits, net of appeal fees, received at the following hotels: Embassy Suites Chicago $(0.1) million; Hilton Garden Inn Chicago Downtown/Magnificent Mile $(0.1) million; Hyatt Centric Chicago Magnificent Mile $0.5 million; Hyatt Regency San Francisco $0.1 million; and Renaissance Harborplace $0.1 million.

(3) Includes results generated by the Oceans Edge Resort & Marina before the Company's acquisition of the hotel in July 2017. The Company obtained prior ownership information from the previous owner of the hotel during the due diligence period before the acquisition date. The Company performed a limited review of the information as part of its analysis of the acquisition.

(4) 22 Hotel Comparable Portfolio includes all hotels owned by the Company as of September 30, 2018, with the exception of the Houston hotels due to their sale in October 2018.

(5) 22 Hotel Comparable Portfolio, excluding prior year property tax adjustments, net represents the 22 Hotel Comparable Portfolio adjusted to exclude the prior year property tax related items noted in Footnote 2.

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 46

Supplemental Financial Information
November 5, 2018

Property-Level Adjusted EBITDAre Reconciliation Q3 2018

	Hotels sorted by number of rooms		For the Three Months Ended September 30, 2018
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
		Total		Net Income /		Other						Hotel		Adjusted EBITDAre
		Revenues		(Loss)		Adjustments (2)		Depreciation		Interest Expense		Adjusted EBITDAre		Margins
1	Hilton San Diego Bayfront (1)	$	41,546	$	9,457	$	(290)	$	2,551	$	2,052	$	13,770	33.1%
2	Boston Park Plaza		28,299		6,293		—		4,397		—		10,690	37.8%
3	Renaissance Washington DC		17,640		182		(291)		2,457		1,734		4,082	23.1%
4	Hyatt Regency San Francisco		30,540		5,672		—		3,120		—		8,792	28.8%
5	Renaissance Orlando at SeaWorld ®		15,533		2,463		(263)		2,162		—		4,362	28.1%
6	Renaissance Harborplace		11,996		2,094		(127)		1,460		—		3,427	28.6%
7	Wailea Beach Resort		24,683		5,204		(47)		3,857		—		9,014	36.5%
8	Renaissance Los Angeles Airport		8,719		1,326		(26)		1,026		—		2,326	26.7%
9	JW Marriott New Orleans (3)		6,263		(368)		(240)		1,016		909		1,317	21.0%
10	Hilton Times Square		13,377		(1,349)		64		2,541		1,215		2,471	18.5%
11	Hyatt Centric Chicago Magnificent Mile		10,176		1,395		—		1,441		—		2,836	27.9%
12	Marriott Boston Long Wharf		17,474		5,231		(60)		2,642		—		7,813	44.7%
13	Marriott Tysons Corner		5,596		1,067		(32)		642		—		1,677	30.0%
14	Renaissance Long Beach		7,009		1,429		(64)		875		—		2,240	32.0%
15	Embassy Suites Chicago		8,559		2,518		—		735		—		3,253	38.0%
16	Hilton Garden Inn Chicago Downtown/Magnificent Mile		7,084		2,202		—		643		—		2,845	40.2%
17	Renaissance Westchester		5,468		(338)		(54)		888		—		496	9.1%
18	Embassy Suites La Jolla		7,251		1,539		—		1,021		654		3,214	44.3%
19	Hilton New Orleans St. Charles		2,639		(100)		—		601		—		501	19.0%
20	Marriott Portland		4,679		1,795		(17)		394		—		2,172	46.4%
21	Courtyard by Marriott Los Angeles		3,354		812		—		246		—		1,058	31.5%
22	Oceans Edge Resort & Marina		4,554		680		24		754		—		1,458	32.0%
	22 Hotel Comparable Portfolio (4)		282,439		49,204		(1,423)		35,469		6,564		89,814	31.8%
	Add: Sold Hotels (5)
	Hyatt Regency Newport Beach		982		84		—		—		—		84	8.6%
	Hilton North Houston		3,352		(489)		—		231		—		(258)	-7.7%
	Marriott Houston		2,510		(304)		(25)		268		—		(61)	-2.4%
	Actual Portfolio (6)	$	289,283	$	48,495	$	(1,448)	$	35,968	$	6,564	$	89,579	31.0%

*Footnotes on page 49

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 47

Supplemental Financial Information
November 5, 2018

Property-Level Adjusted EBITDAre Reconciliation Q3 2017

	Hotels sorted by number of rooms		For the Three Months Ended September 30, 2017
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
		Total		Net Income /		Other						Hotel		Adjusted EBITDAre
		Revenues		(Loss)		Adjustments(7)		Depreciation		Interest Expense		Adjusted EBITDAre		Margins
1	Hilton San Diego Bayfront (1)	$	38,880	$	8,657	$	(289)	$	2,640	$	2,091	$	13,099	33.7%
2	Boston Park Plaza		27,952		6,044		—		4,492		—		10,536	37.7%
3	Renaissance Washington DC		18,979		880		—		2,474		1,774		5,128	27.0%
4	Hyatt Regency San Francisco (8)		28,912		4,804		—		3,132		—		7,936	27.4%
5	Renaissance Orlando at SeaWorld ®		14,651		1,692		66		2,199		—		3,957	27.0%
6	Renaissance Harborplace (8)		12,487		2,291		—		1,494		—		3,785	30.3%
7	Wailea Beach Resort		20,026		1,590		—		3,977		—		5,567	27.8%
8	Renaissance Los Angeles Airport		8,820		1,514		—		754		—		2,268	25.7%
9	JW Marriott New Orleans		7,652		(21)		1		1,083		927		1,990	26.0%
10	Hilton Times Square		13,671		(922)		70		2,570		1,222		2,940	21.5%
11	Hyatt Centric Chicago Magnificent Mile (8)		9,730		1,541		—		1,445		—		2,986	30.7%
12	Marriott Boston Long Wharf		17,579		5,994		—		2,040		—		8,034	45.7%
13	Marriott Tysons Corner		5,501		984		—		754		—		1,738	31.6%
14	Renaissance Long Beach		7,042		1,510		—		839		—		2,349	33.4%
15	Embassy Suites Chicago		7,736		2,350		—		907		—		3,257	42.1%
16	Hilton Garden Inn Chicago Downtown/Magnificent Mile		6,389		1,631		—		783		—		2,414	37.8%
17	Renaissance Westchester		5,649		(108)		—		857		—		749	13.3%
18	Embassy Suites La Jolla		6,774		1,396		—		1,005		666		3,067	45.3%
19	Hilton New Orleans St. Charles		2,646		89		—		588		—		677	25.6%
20	Marriott Portland		5,221		2,148		—		417		—		2,565	49.1%
21	Courtyard by Marriott Los Angeles		3,528		1,006		—		292		—		1,298	36.8%
22	Oceans Edge Resort & Marina		2,991		(836)		672		744		—		580	19.4%
	22 Hotel Comparable Portfolio (4)		272,816		44,234		520		35,486		6,680		86,920	31.9%
	Less: Prior Ownership Results (9)
	Oceans Edge Resort & Marina		(1,143)		(378)		—		—		—		(378)	33.1%
	Add: Sold Hotels (5)
	Marriott Philadelphia		4,189		413		—		632		—		1,045	24.9%
	Marriott Quincy		8,453		1,592		—		1,200		—		2,792	33.0%
	Hyatt Regency Newport Beach		11,363		2,386		—		907		—		3,293	29.0%
	Hilton North Houston		4,663		(517)		470		821		—		774	16.6%
	Marriott Houston		3,546		(119)		441		570		—		892	25.2%
	Actual Portfolio (6)	$	303,887	$	47,611	$	1,431	$	39,616	$	6,680	$	95,338	31.4%

*Footnotes on page 49

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 48

Supplemental Financial Information
November 5, 2018

Property-Level Adjusted EBITDAre Reconciliation
Q3 2018/2017 Footnotes

(1) Includes 100% of the operating results for the Hilton San Diego Bayfront.

(2) Other Adjustments for the three months ended September 30, 2018 include: a total of $(0.1) million in amortization of lease intangibles at the Hilton Times Square and JW Marriott New Orleans; a total of $(0.3) million in noncash ground rent at the Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans; a total of $(1.1) million in hospitality procurement supply rebates received by our Marriott-branded hotels; and $25,000 in hurricane-related uninsured losses at the Oceans Edge Resort & Marina.

(3) Hotel Adjusted EBITDAre for the third quarter of 2018 is impacted by a room renovation at the JW Marriott New Orleans.

(4) 22 Hotel Comparable Portfolio includes all hotels owned by the Company as of September 30, 2018, with the exception of the Houston hotels due to their sale in October 2018.

(5) Sold Hotels for the third quarter of 2018 and 2017 include results for the Hyatt Regency Newport Beach and the Houston hotels, sold in July 2018 and October 2018, respectively. Sold hotels for the third quarter of 2017 also includes results for the Marriott Philadelphia and the Marriott Quincy, both of which were sold in January 2018.

(6) Actual Portfolio for the third quarter of 2018 includes all 24 hotels owned by the Company as of September 30, 2018, plus results generated by the Hyatt Regency Newport Beach before its sale in July 2018. Actual Portfolio for the third quarter of 2017 includes all 27 hotels owned by the Company as of September 30, 2017.

(7) Other Adjustments for the three months ended September 30, 2017 include: a total of $0.1 million in amortization of lease intangibles at the Hilton Times Square and JW Marriott New Orleans; a total of $(0.3) million in noncash ground rent at the Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans; and a total of $1.6 million in hurricane-related uninsured losses at the Houston hotels, Oceans Edge Resort & Marina and Renaissance Orlando at SeaWorld®.

(8) Hotel Adjusted EBITDAre for the third quarter of 2017 is impacted by a total of $0.4 million in non-current year property tax credits, net of appeal fees, received at the following hotels: Hyatt Centric Chicago Magnificent Mile $0.2 million; Hyatt Regency San Francisco $0.1 million; and Renaissance Harborplace $0.1 million.

(9) Prior Ownership Results include results generated by the Oceans Edge Resort & Marina before the Company's acquisition of the hotel in July 2017. The Company obtained prior ownership information from the previous owner of the hotel during the due diligence period before the acquisition date. The Company performed a limited review of the information as part of its analysis of the acquisition. The Company determined the amount to include as pro forma depreciation expense by allocating the Company's purchase price of the hotel between the various components of the hotel (i.e. land, building, furniture, fixtures and equipment) based on a purchase price allocation report provided by an independent valuation specialist. Depreciable assets were then given lives ranging from one to forty years.

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 49

Supplemental Financial Information
November 5, 2018

Property-Level Adjusted EBITDAre Reconciliation Q3 YTD 2018

	Hotels sorted by number of rooms		For the Nine Months Ended September 30, 2018
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
		Total		Net Income /		Other						Hotel		Adjusted EBITDAre
		Revenues		(Loss)		Adjustments (2)		Depreciation		Interest Expense		Adjusted EBITDAre		Margins
1	Hilton San Diego Bayfront (1)	$	121,656	$	28,742	$	(869)	$	7,661	$	5,748	$	41,282	33.9%
2	Boston Park Plaza		72,963		8,410		—		13,555		—		21,965	30.1%
3	Renaissance Washington DC (3)		63,952		6,489		(291)		7,341		5,233		18,772	29.4%
4	Hyatt Regency San Francisco (3)		86,725		14,651		—		9,076		—		23,727	27.4%
5	Renaissance Orlando at SeaWorld ®		60,664		14,944		(263)		6,493		—		21,174	34.9%
6	Renaissance Harborplace		32,847		4,177		(127)		4,363		—		8,413	25.6%
7	Wailea Beach Resort		80,159		19,958		(47)		11,945		—		31,856	39.7%
8	Renaissance Los Angeles Airport (3)		24,166		3,161		(26)		2,752		—		5,887	24.4%
9	JW Marriott New Orleans (3)		25,354		3,104		(244)		3,033		2,713		8,606	33.9%
10	Hilton Times Square		37,943		(5,289)		200		7,653		3,614		6,178	16.3%
11	Hyatt Centric Chicago Magnificent Mile (3)		26,270		823		—		4,423		—		5,246	20.0%
12	Marriott Boston Long Wharf (3)		38,872		5,493		(60)		7,345		—		12,778	32.9%
13	Marriott Tysons Corner		18,074		4,051		(32)		2,010		—		6,029	33.4%
14	Renaissance Long Beach		21,658		4,533		(64)		2,586		—		7,055	32.6%
15	Embassy Suites Chicago (3)		21,342		4,869		—		2,227		—		7,096	33.2%
16	Hilton Garden Inn Chicago Downtown/Magnificent Mile (3)		17,399		3,104		—		2,220		—		5,324	30.6%
17	Renaissance Westchester		16,873		(736)		(54)		2,703		—		1,913	11.3%
18	Embassy Suites La Jolla		19,640		3,389		—		3,071		1,947		8,407	42.8%
19	Hilton New Orleans St. Charles		10,481		1,923		—		1,799		—		3,722	35.5%
20	Marriott Portland		12,608		4,166		(17)		1,197		—		5,346	42.4%
21	Courtyard by Marriott Los Angeles		9,646		2,144		—		800		—		2,944	30.5%
22	Oceans Edge Resort & Marina (3)		16,353		4,000		105		2,258		—		6,363	38.9%
	22 Hotel Comparable Portfolio (4)		835,645		136,106		(1,789)		106,511		19,255		260,083	31.1%
	Add: Sold Hotels (5)
	Marriott Philadelphia		232		(352)		—		—		—		(352)	-151.7%
	Marriott Quincy		371		(591)		—		—		—		(591)	-159.3%
	Hyatt Regency Newport Beach (3)		20,372		3,319		—		1,773		—		5,092	25.0%
	Hilton North Houston		12,719		452		2		691		—		1,145	9.0%
	Marriott Houston		8,796		288		(23)		831		—		1,096	12.5%
	Actual Portfolio (6)	$	878,135	$	139,222	$	(1,810)	$	109,806	$	19,255	$	266,473	30.3%

*Footnotes on page 52

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 50

Supplemental Financial Information
November 5, 2018

Property-Level Adjusted EBITDAre Reconciliation Q3 YTD 2017

	Hotels sorted by number of rooms		For the Nine Months Ended September 30, 2017
	(In thousands)					Plus:		Plus:		Plus:		Equals:		Hotel
		Total		Net Income /		Other						Hotel		Adjusted EBITDAre
		Revenues		(Loss)		Adjustments(7)		Depreciation		Interest Expense		Adjusted EBITDAre		Margins
1	Hilton San Diego Bayfront (1)	$	114,938	$	25,395	$	(868)	$	8,587	$	5,873	$	38,987	33.9%
2	Boston Park Plaza		71,231		7,357		—		14,793		—		22,150	31.1%
3	Renaissance Washington DC		65,860		8,363		—		7,465		5,353		21,181	32.2%
4	Hyatt Regency San Francisco (8)		83,727		13,597		—		9,209		—		22,806	27.2%
5	Renaissance Orlando at SeaWorld ®		56,739		12,751		66		6,646		—		19,463	34.3%
6	Renaissance Harborplace (8)		35,896		5,928		—		4,469		—		10,397	29.0%
7	Wailea Beach Resort		64,016		9,306		—		12,191		—		21,497	33.6%
8	Renaissance Los Angeles Airport		25,507		4,704		—		2,167		—		6,871	26.9%
9	JW Marriott New Orleans		29,171		5,146		(3)		3,216		2,761		11,120	38.1%
10	Hilton Times Square		36,928		(4,893)		219		7,698		3,634		6,658	18.0%
11	Hyatt Centric Chicago Magnificent Mile (8)		25,518		1,631		—		4,324		—		5,955	23.3%
12	Marriott Boston Long Wharf		45,296		12,083		—		6,075		273		18,431	40.7%
13	Marriott Tysons Corner		17,320		3,560		—		2,250		—		5,810	33.5%
14	Renaissance Long Beach		21,436		4,759		—		2,441		—		7,200	33.6%
15	Embassy Suites Chicago (8)		20,337		4,977		—		2,703		—		7,680	37.8%
16	Hilton Garden Inn Chicago Downtown/Magnificent Mile (8)		16,048		2,790		—		2,331		—		5,121	31.9%
17	Renaissance Westchester		16,360		(274)		—		2,570		—		2,296	14.0%
18	Embassy Suites La Jolla		18,510		2,953		—		3,045		1,984		7,982	43.1%
19	Hilton New Orleans St. Charles		10,541		2,273		—		1,780		—		4,053	38.4%
20	Marriott Portland		13,317		4,757		—		1,214		—		5,971	44.8%
21	Courtyard by Marriott Los Angeles		10,350		2,954		—		872		—		3,826	37.0%
22	Oceans Edge Resort & Marina		11,097		179		672		2,207		—		3,058	27.6%
	22 Hotel Comparable Portfolio (4)		810,143		130,296		86		108,253		19,878		258,513	31.9%
	Less: Prior Ownership Results (9)
	Oceans Edge Resort & Marina		(9,249)		(1,393)		—		(1,463)		—		(2,856)	30.9%
	Add: Sold Hotels (5)
	Fairmont Newport Beach		3,541		1,019		—		—		—		1,019	28.8%
	Marriott Park City		6,440		1,447		—		699		—		2,146	33.3%
	Marriott Philadelphia		13,450		1,784		—		1,885		—		3,669	27.3%
	Marriott Quincy		22,765		2,941		—		3,492		—		6,433	28.3%
	Hyatt Regency Newport Beach		31,554		6,059		—		2,660		—		8,719	27.6%
	Hilton North Houston		14,283		(703)		470		2,456		—		2,223	15.6%
	Marriott Houston		10,459		69		441		1,710		—		2,220	21.2%
	Actual Portfolio (6)	$	903,386	$	141,519	$	997	$	119,692	$	19,878	$	282,086	31.2%

*Footnotes on page 52

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 51

Supplemental Financial Information
November 5, 2018

Property-Level Adjusted EBITDAre Reconciliation
Q3 YTD 2018/2017 Footnotes

(1) Includes 100% of the operating results for the Hilton San Diego Bayfront.

(2) Other Adjustments for the nine months ended September 30, 2018 include: a total of $28,000 in amortization of lease intangibles at the Hilton Times Square and JW Marriott New Orleans; a total of $(0.9) million in noncash ground rent at the Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans; a total of $(1.1) million in hospitality procurement supply rebates received by our Marriott-branded hotels; and a total of $0.1 in hurricane-related uninsured losses at the Houston hotels and Oceans Edge Resort & Marina.

(3) Hotel Adjusted EBITDAre for the first nine months of 2018 is impacted by room renovations at the Hyatt Regency San Francisco, JW Marriott New Orleans, Marriott Boston Long Wharf and Renaissance Los Angeles Airport, by $1.5 million in business interruption proceeds recognized by the Oceans Edge Resort & Marina, and by a total of $0.1 million in non-current year property tax (assessments) credits, net of appeal fees, received at the following hotels: Embassy Suites Chicago $(41,000); Hilton Garden Inn Chicago Downtown Magnificent Mile $(62,000); Hyatt Centric Chicago Magnificent Mile $(15,000); Hyatt Regency Newport Beach $5,000; and Renaissance Washington DC $(4,000).

(4) 22 Hotel Comparable Portfolio includes all hotels owned by the Company as of September 30, 2018, with the exception of the Houston hotels due to their sale in October 2018.

(5) Sold Hotels for the first nine months of 2018 and 2017 include results for the Marriott Philadelphia and the Marriott Quincy, both of which were sold in January 2018, the Hyatt Regency Newport Beach, sold in July 2018, and the Houston hotels, sold in October 2018. Sold Hotels for the first nine months of 2017 also include results for the Fairmont Newport Beach and the Marriott Park City, sold in February 2017 and June 2017, respectively.

(6) Actual Portfolio for the first nine months of 2018 includes all 24 hotels owned by the Company as of September 30, 2018, plus results generated by the Marriott Philadelphia and the Marriott Quincy before their sale in January 2018 and the Hyatt Regency Newport Beach before its sale in July 2018. Actual Portfolio for the first nine months of 2017 includes all 27 hotels owned by the Company as of September 30, 2017, plus results generated by the Fairmont Newport Beach and the Marriott Park City before their sales in February 2017 and June 2017, respectively.

(7) Other Adjustments for the nine months ended September 30, 2017 include: a total of $0.2 million in amortization of lease intangibles at the Hilton Times Square and JW Marriott New Orleans; a total of $(0.8) million in noncash ground rent at the Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans; and a total of $1.6 million in hurricane-related uninsured losses at the Houston hotels, Oceans Edge Resort & Marina and Renaissance Orlando at SeaWorld®.

(8) Hotel Adjusted EBITDAre for the first nine months of 2017 is impacted by a total of $0.5 million in non-current year property tax (assessments) credits, net of appeal fees, received at the following hotels: Embassy Suites Chicago $(0.1) million; Hilton Garden Inn Chicago Downtown/Magnificent Mile $(0.1) million; Hyatt Centric Chicago Magnificent Mile $0.5 million; Hyatt Regency San Francisco $0.1 million; and Renaissance Harborplace $0.1 million.

(9) Prior Ownership Results include results generated by the Oceans Edge Resort & Marina before the Company's acquisition of the hotel in July 2017. The Company obtained prior ownership information from the previous owner of the hotel during the due diligence period before the acquisition date. The Company performed a limited review of the information as part of its analysis of the acquisition. The Company determined the amount to include as pro forma depreciation expense by allocating the Company's purchase price of the hotel between the various components of the hotel (i.e. land, building, furniture, fixtures and equipment) based on a purchase price allocation report provided by an independent valuation specialist. Depreciable assets were then given lives ranging from one to forty years.

PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS							Page 52