DIAMONDROCK HOSPITALITY COMPANY REPORTS FIRST QUARTER 2026 RESULTS

DIAMONDROCK HOSPITALITY COMPANY REPORTS FIRST QUARTER 2026 RESULTS Raises 2026 Guidance

BETHESDA, Md., April 30, 2026 /PRNewswire/ -- DiamondRock Hospitality Company (Nasdaq: DRH, the "Company"), a lodging real estate investment trust that owns a portfolio of 35 premium hotels and resorts in the United States, today announced results of operations for the quarter ended March 31, 2026.

FIRST QUARTER 2026 HIGHLIGHTS

RECENT DEVELOPMENT

"We delivered first quarter results ahead of expectations despite a difficult RevPAR comparison and disruptive weather in several of our markets. The efforts of our asset management team and operating partners continue to differentiate DiamondRock, as reflected in strong returns from recent renovations, meaningful margin expansion, and our ability to enhance operating performance while limiting earnings disruption across the portfolio. Over the trailing twelve months, we generated nearly 20% growth in free cash flow per share, underscoring the impact of our disciplined operating and capital allocation strategy.

We secured a new franchise agreement for the Westin Boston Seaport District, which we expect will maximize near, medium, and long‑term value for shareholders by prioritizing cash flow, strategic flexibility, and risk‑adjusted returns. We also advanced our capital recycling initiatives, with one hotel now under contract for sale. We intend to deploy these proceeds opportunistically, consistent with our commitment to allocate capital where it can drive the highest returns for shareholders.

We are constructive on the demand outlook across our portfolio, supported by recent booking trends and the continued resilience of the higher‑end consumer. We raised the midpoint of our guidance largely to account for the stronger than expected results, but we are keeping a measured approach to guidance for the remainder of the year given recent geopolitical events and an uncertain macroeconomic environment. Even against this backdrop, our updated guidance marks another new FFO peak for DiamondRock."

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

OPERATING RESULTS

Please see "Non-GAAP Financial Measures" attached to this press release for an explanation of the terms "EBITDAre," "Adjusted EBITDA," "Hotel Adjusted EBITDA," "Hotel Adjusted EBITDA Margin," "FFO" and "Adjusted FFO" and a reconciliation of these measures to net income. "Comparable" operating results and statistics include all hotels owned as of March 31, 2026 for all periods presented. See "Comparable Hotel Operating Statistics and Results" and "Reconciliation of Comparable Operating Results" attached to this press release for an explanation of our comparable hotels and a reconciliation to historical amounts. "Actual" operating results and statistics include the operating results and statistics for all hotels for only the Company's respective ownership periods.

Three Months Ended March 31,

2026

2025

Change

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

Comparable Operating Results (1)

ADR

$ 284.58

$ 277.36

2.6 %

Occupancy

66.8 %

67.1 %

(0.3) %

RevPAR

$ 190.01

$ 186.20

2.0 %

Total RevPAR

$ 298.95

$ 291.56

2.5 %

Room Revenues

$ 164.1

$ 160.8

2.1 %

Total Revenues

$ 258.2

$ 251.8

2.5 %

Hotel Adjusted EBITDA

$ 66.2

$ 61.3

8.0 %

Hotel Adjusted EBITDA Margin

25.63 %

24.36 %

127 bps

Available Rooms

863,550

—

Actual Operating Results (2)

Total Revenues

$ 258.2

$ 254.9

1.3 %

Net income attributable to common stockholders

$ 14.5

$ 9.4

54.3 %

Earnings (loss) per diluted share

$ 0.07

$ 0.04

75.0 %

Adjusted EBITDA

$ 60.6

$ 56.1

8.0 %

Adjusted FFO

$ 46.1

$ 39.5

16.7 %

Adjusted FFO per diluted share

$ 0.22

$ 0.19

15.8 %

(1)

2025 amounts exclude the operating results for Westin Washington D.C. City Center sold on February 19, 2025.

(2)

Actual operating results include the operating results and statistics of all hotels for the Company's respective ownership periods.

CAPITAL EXPENDITURES

The Company invested approximately $20.8 million in capital improvements during the three months ended March 31, 2026. The Company continues to expect to invest approximately $80 to $90 million in capital improvements at its hotels in 2026. Significant projects in 2026 include the following:

BALANCE SHEET

As of March 31, 2026, the Company had total debt outstanding of $1.1 billion, consisting of three unsecured term loans bearing a weighted average interest rate of 5.0%, $400 million available under its undrawn revolving credit facility, and approximately $39.3 million of unrestricted cash on hand.

COMMON SHARE REPURCHASE PROGRAM

Subsequent to the quarter ended March 31, 2026, the Company repurchased 0.1 million shares of its common stock at an average price of $9.38 per share for a total purchase price of $1.3 million under its existing share repurchase program. On April 28, 2026, the Company's Board of Directors authorized a new $300 million share repurchase program, which replaces the existing repurchase program. There have not been any repurchases made under the new program.

DIVIDENDS

On April 30, 2026, the Company's Board of Directors declared a regular quarterly cash dividend of $0.09 per share on its common stock. The dividend will be paid on July 14, 2026 to stockholders of record as of June 30, 2026. The Company expects to declare regular quarterly dividends of $0.09 per common share in 2026 and, depending on its 2026 operating income, a stub dividend in the fourth quarter of 2026.

GUIDANCE

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

The Company is raising its 2026 guidance to reflect the better than expected first quarter results, as well as the benefit of a more favorable insurance renewal. The Company anticipates full year 2026 results to be in the following ranges:

Metric

Previous 2026 Guidance

Current 2026 Guidance

Change at

Midpoint

Comparable RevPAR Growth

1% to 3%

1.5% to 3.5%

0.5 %

Comparable Total RevPAR Growth

1.25% to 3.25%

1.75% to 3.75%

0.5 %

Adjusted EBITDA (in millions)

$287 to $302

$296 to $308

$ 7.5

Adjusted FFO (in millions)

$227 to $242

$233.5 to $245.5

$ 5.0

Adjusted FFO per share

$1.09 to $1.16

$1.12 to $1.18

$0.03

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

EARNINGS CALL

The Company will host a conference call to discuss its first quarter results on Friday, May 1, 2026, at 9:00 a.m. Eastern Time. The conference call will be accessible by telephone and through the internet. Interested individuals are requested to register for the call using this link to obtain dial-in and webcast details. Registration details are also available by visiting https://investor.drhc.com. A replay of the conference call webcast will be archived and available online.

ABOUT THE COMPANY

DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in leisure destinations and top gateway markets. The Company currently owns 35 premium quality hotels with approximately 9,600 rooms. The Company has strategically positioned its portfolio to be operated both under leading global brand families as well as independent boutique hotels in the lifestyle segment. For further information on the Company and its portfolio, please visit DiamondRock Hospitality Company's website at www.drhc.com.

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

DIAMONDROCK HOSPITALITY COMPANY

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

March 31, 2026

December 31, 2025

ASSETS

(Unaudited)

(Audited)

Property and equipment, net

$ 2,566,427

$ 2,596,458

Assets held for sale

37,565

—

Right-of-use assets

95,243

89,041

Restricted cash

37,023

35,137

Due from hotel managers

161,239

137,787

Prepaid and other assets

73,252

77,194

Cash and cash equivalents

39,293

68,084

Total assets

$ 3,010,042

$ 3,003,701

LIABILITIES AND EQUITY

Liabilities:

Debt, net of unamortized debt issuance costs

$ 1,098,944

$ 1,098,850

Lease liabilities

96,587

87,053

Due to hotel managers

122,531

109,568

Liabilities of assets held for sale

35,183

—

Deferred rent

78,520

77,405

Unfavorable contract liabilities, net

56,135

56,549

Accounts payable and accrued expenses

42,300

83,888

Distributions declared and unpaid

19,472

25,903

Deferred income related to key money, net

6,990

7,400

Total liabilities

1,556,662

1,546,616

Equity:

Common stock, $0.01 par value; 400,000,000 shares authorized; 204,615,024

and 203,703,182 shares issued and outstanding at March 31, 2026 and

December 31, 2025, respectively

2,046

2,037

Additional paid-in capital

2,117,350

2,114,438

Accumulated other comprehensive loss

(4,797)

(6,381)

Distributions in excess of earnings

(666,433)

(662,209)

Total stockholders' equity

1,448,166

1,447,885

Noncontrolling interests

5,214

9,200

Total equity

1,453,380

1,457,085

Total liabilities and equity

$ 3,010,042

$ 3,003,701

DIAMONDROCK HOSPITALITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

(unaudited)

Three Months Ended March 31,

2026

2025

Revenues:

Rooms

$ 164,085

$ 163,118

Food and beverage

67,166

66,841

Other

26,911

24,894

Total revenues

258,162

254,853

Operating Expenses:

Rooms

42,323

43,843

Food and beverage

45,900

46,417

Other departmental and support expenses

66,188

65,286

Management fees

5,011

5,018

Franchise fees

9,255

9,048

Other property-level expenses

24,481

24,899

Depreciation and amortization

28,540

27,892

Corporate expenses

7,843

7,683

Total operating expenses

229,541

230,086

Interest expense

14,690

15,158

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

(648)

(1,464)

Total other expenses, net

14,042

13,694

Income before income taxes

14,579

11,073

Income tax (expense) benefit

(46)

842

Net income

14,533

11,915

Less: Net income attributable to noncontrolling interests

(69)

(58)

Net income attributable to the Company

14,464

11,857

Distributions to preferred stockholders

—

(2,454)

Net income attributable to common stockholders

$ 14,464

$ 9,403

Earnings per share:

Earnings per share available to common stockholders - basic

$ 0.07

$ 0.05

Earnings per share available to common stockholders - diluted

$ 0.07

$ 0.04

Weighted-average number of common shares outstanding:

Basic

204,459,146

208,509,552

Diluted

206,800,878

210,346,070

Non-GAAP Financial Measures

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

Use and Limitations of Non-GAAP Financial Measures

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

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

EBITDA and EBITDAre

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

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

FFO

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

Adjustments to EBITDAre and FFO

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

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

Hotel Adjusted EBITDA

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

Comparable Hotel Operating Statistics and Results

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

Our comparable portfolio for the three months ended March 31, 2026 includes all of our hotels owned as of March 31, 2026 and excludes the Westin Washington D.C. City Center sold on February 19, 2025.

Reconciliations of Non-GAAP Measures

EBITDA, EBITDAre, Adjusted EBITDA and Hotel Adjusted EBITDA

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

Three Months Ended March 31,

2026

2025

Net income

$ 14,533

$ 11,915

Interest expense

14,690

15,158

Income tax expense (benefit)

(842)

Real estate related depreciation and amortization

28,540

27,892

EBITDA/EBITDAre

57,809

54,123

Non-cash lease expense and other amortization

1,228

1,299

Share-based compensation expense (1)

1,562

665

Hotel pre-opening costs

—

Adjusted EBITDA

60,599

56,110

Corporate expenses

6,184

6,348

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

(627)

(794)

Hotel Adjusted EBITDA

$ 66,156

$ 61,664

(1)

For the three months ended March 31, 2026 and 2025, amounts include less than $0.1 million and $0.7 million, respectively, of non-cash income related to our deferred compensation plan.

Full Year 2026 Guidance

Low End

High End

Net income

$ 106,850

$ 119,850

Interest expense

60,300

59,300

Income tax expense

3,000

4,000

Real estate related depreciation and amortization

111,500

110,500

EBITDA/EBITDAre

281,650

293,650

Non-cash lease expense and other amortization

5,350

Share-based compensation expense

9,000

Adjusted EBITDA

$ 296,000

$ 308,000

FFO and Adjusted FFO

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

Three Months Ended March 31,

2026

2025

Net income

$ 14,533

$ 11,915

Real estate related depreciation and amortization

28,540

27,892

FFO

43,073

39,807

Distribution to preferred stockholders

—

(2,454)

FFO available to common stock and unit holders

43,073

37,353

Non-cash lease expense and other amortization

1,416

1,475

Share-based compensation expense (1)

1,562

665

Hotel pre-opening costs

—

Adjusted FFO available to common stock and unit holders

$ 46,051

$ 39,516

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

$ 0.22

$ 0.19

Diluted weighted average shares and units

207,778

211,353

(1)

For the three months ended March 31, 2026 and 2025, amounts include less than $0.1 million and $0.7 million, respectively, of non-cash income related to our deferred compensation plan.

Full Year 2026 Guidance

Low End

High End

Net income

$ 106,850

$ 119,850

Real estate related depreciation and amortization

111,500

110,500

FFO available to common stock and unit holders

218,350

230,350

Non-cash lease expense and other amortization

6,150

Share-based compensation expense

9,000

Adjusted FFO available to common stock and unit holders

$ 233,500

$ 245,500

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

$ 1.12

$ 1.18

Diluted weighted average shares and units

208,000

Reconciliation of Comparable Operating Results

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

Three Months Ended March 31,

2026

2025

Revenues

$ 258,162

$ 254,853

Hotel revenues from sold hotel (1)

—

(3,077)

Comparable Revenues

$ 258,162

$ 251,776

Hotel Adjusted EBITDA

$ 66,156

$ 61,664

Hotel Adjusted EBITDA from sold hotel (1)

—

(331)

Comparable Hotel Adjusted EBITDA

$ 66,156

$ 61,333

Hotel Adjusted EBITDA Margin

25.63 %

24.20 %

Comparable Hotel Adjusted EBITDA Margin

25.63 %

24.36 %

(1)

Amounts represent the operating results for Westin Washington D.C. City Center sold on February 19, 2025.

Selected Quarterly Comparable Operating Information

The following tables are presented to provide investors with selected quarterly comparable operating information for the Company's current portfolio of 35 hotels with 9,595 rooms.

Quarter 1, 2025

Quarter 2, 2025

Quarter 3, 2025

Quarter 4, 2025

Full Year 2025

ADR

$ 277.36

$ 295.78

$ 281.05

$ 295.79

$ 287.63

Occupancy

67.1 %

76.8 %

76.2 %

68.2 %

72.1 %

RevPAR

$ 186.20

$ 227.04

$ 214.21

$ 201.83

$ 207.38

Total RevPAR

$ 291.56

$ 350.14

$ 323.29

$ 311.00

$ 319.06

Revenues (in thousands)

$ 251,776

$ 305,720

$ 285,384

$ 274,534

$ 1,117,414

Hotel Adjusted EBITDA (in thousands)

$ 61,333

$ 95,360

$ 83,168

$ 76,637

$ 316,498

Hotel Adjusted EBITDA Margin

24.36 %

31.19 %

29.14 %

27.92 %

28.32 %

Available Rooms

863,550

873,145

882,740

3,502,175

Quarter 1, 2026

ADR

$ 284.58

Occupancy

66.8 %

RevPAR

$ 190.01

Total RevPAR

$ 298.95

Revenues (in thousands)

$ 258,162

Hotel Adjusted EBITDA (in thousands)

$ 66,156

Hotel Adjusted EBITDA Margin

25.63 %

Available Rooms

863,550

Market Capitalization as of March 31, 2026

(in thousands)

Enterprise Value

Common equity capitalization (at March 31, 2026 closing price of $9.37/share)

$ 1,937,440

Consolidated debt (face amount)

1,100,000

Cash and cash equivalents

(39,293)

Total enterprise value

$ 2,998,147

Share Reconciliation

Common shares outstanding

204,615

Operating partnership units

690

Unvested restricted stock held by management and employees

912

Shares vested under deferred compensation plan

554

Combined shares and units

206,771

Debt Summary as of March 31, 2026

(dollars in thousands)

Outstanding

Loan

Interest Rate

Term

Principal

Maturity

Unsecured term loan

SOFR + 1.35% (1)

Variable

$ 500,000

January 2028 (2)

Unsecured term loan

SOFR + 1.35% (3)

Variable

300,000

January 2029 (2)

Unsecured term loan

SOFR + 1.35% (3)

Variable

300,000

January 2030

Senior unsecured credit facility

SOFR + 1.40%

Variable

—

January 2030 (2)

Total debt

1,100,000

Unamortized debt issuance costs (4)

(1,056)

Debt, net of unamortized debt issuance costs

$ 1,098,944

Debt Metrics

Weighted-average interest rate (5)

5.0 %

Percent fixed rate (5)

30 %

Net debt to EBITDA (6)

3.5x

Average years to maturity

2.6

Average years to maturity - including extensions

3.4

(1)

Interest rate was 4.85% as of March 31, 2026, which includes the effect of interest rate swaps.

(2)

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

(3)

Interest rate was 4.98% as of March 31, 2026.

(4)

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

(5)

Including the effect of interest rate swaps as of March 31, 2026.

(6)

Trailing 12 month Adjusted EBITDA as of March 31, 2026.

Hotel Information as of April 30, 2026

Hotel

Rooms

Location

Franchisor

Contract

Expiration

Operator

Contract

Expiration

Ground Lease

Expiration

Mortgage

Debt

AC Hotel Minneapolis Downtown

245

Minneapolis, MN

Marriott

Oct 2041

Sage Hospitality

At will with no fee

Atlanta Marriott Alpharetta

318

Atlanta, GA

Marriott

Sep 2050 (1)

Aimbridge Hospitality

At will with no fee

Bourbon Orleans Hotel

220

New Orleans, LA

Independent

Aimbridge Hospitality

At will with no fee

Cavallo Point, The Lodge at the Golden Gate

142

Sausalito, CA

Independent

Passport Resorts

At will with fee

2066

Chicago Marriott Downtown Magnificent Mile

1,200

Chicago, IL

N/A

Marriott

Dec 2038 (2)

Chico Hot Springs Resort & Day Spa

117

Pray, MT

Independent

EOS Hospitality

At will with no fee

Courtyard Denver Downtown

177

Denver, CO

Marriott

Oct 2027

Sage Hospitality

At will with no fee

Courtyard New York Manhattan/Fifth Avenue

189

New York, NY

Marriott

Dec 2035

Highgate Hotels

At will with no fee

2121

Courtyard New York Manhattan/Midtown East

321

New York, NY

Marriott

Aug 2042

Highgate Hotels

At will with no fee

Embassy Suites by Hilton Bethesda

272

Bethesda, MD

Hilton

Feb 2037

Sage Hospitality

At will with no fee

2087

Havana Cabana Key West

106

Key West, FL

Independent

EOS Hospitality

At will with no fee

Henderson Beach Resort

270

Destin, FL

Independent

Aimbridge Hospitality

At will with no fee

Henderson Park Inn

Destin, FL

Independent

Aimbridge Hospitality

At will with no fee

Hilton Garden Inn New York/Times Square Central

282

New York, NY

Hilton

Jun 2033

Highgate Hotels

At will with no fee

Hotel Champlain Burlington

252

Burlington, VT

Hilton

Jun 2034

Aimbridge Hospitality

At will with no fee

Hotel Clio

199

Denver, CO

Marriott

Oct 2036

Sage Hospitality

At will with no fee

Hotel Emblem San Francisco

San Francisco, CA

Independent

Parable Hospitality

At will with no fee

Kimpton Hotel Palomar Phoenix

242

Phoenix, AZ

N/A

IHG Hotels & Resorts

Dec 2028 or upon sale

2085

Kimpton Shorebreak Fort Lauderdale Beach Resort

Fort Lauderdale, FL

IHG Hotels & Resorts

Apr 2041

HEI Hotels & Resorts

At will with no fee

Kimpton Shorebreak Huntington Beach Resort

157

Huntington Beach, CA

N/A

IHG Hotels & Resorts

At will with no fee

L'Auberge de Sedona

158

Sedona, AZ

Independent

Aimbridge Hospitality

At will with no fee

2070

Lake Austin Spa Resort

Austin, TX

Independent

EOS Hospitality

At will with no fee

Margaritaville Beach House Key West

186

Key West, FL

Margaritaville

Apr 2041

Ocean Properties

Jul 2027

Salt Lake City Marriott Downtown at City Creek

510

Salt Lake City, UT

Marriott

Sep 2050 (1)

HEI Hotels & Resorts

At will with no fee

2056/2106

The Dagny Boston

403

Boston, MA

Independent

Aimbridge Hospitality

At will with no fee

The Gwen

311

Chicago, IL

Marriott

Sep 2035

HEI Hotels & Resorts

At will with no fee

The Hythe Vail

344

Vail, CO

Marriott

Dec 2041

Vail Resorts

At will with fee

The Landing Lake Tahoe Resort & Spa

South Lake Tahoe, CA

Independent

Aimbridge Hospitality

At will with no fee

The Lindy Renaissance Charleston Hotel

167

Charleston, SC

Marriott

Dec 2031

Aimbridge Hospitality

At will with no fee

The Lodge at Sonoma Resort

182

Sonoma, CA

Marriott

Dec 2035

Sage Hospitality

At will with no fee

Tranquility Bay Beachfront Resort

103

Marathon, FL

Independent

EOS Hospitality

At will with no fee

Westin Boston Seaport District

793

Boston, MA

Marriott

Dec 2026 (3)

Aimbridge Hospitality

At will with no fee

2099

Westin Fort Lauderdale Beach Resort

432

Fort Lauderdale, FL

Marriott

Dec 2034

HEI Hotels & Resorts

At will with no fee

Westin San Diego Bayview

436

San Diego, CA

Marriott

Dec 2040

Aimbridge Hospitality

At will with no fee

Worthington Renaissance Fort Worth Hotel

504

Fort Worth, TX

N/A

Marriott

Dec 2030 (4)

(1)

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

(2)

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

(3)

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

(4)

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

Operating Statistics – First Quarter

ADR

Occupancy

RevPAR

Total RevPAR

1Q 2026

1Q 2025

Change

1Q 2026

1Q 2025

Change

1Q 2026

1Q 2025

Change

1Q 2026

1Q 2025

Change

AC Hotel Minneapolis Downtown

$ 135.67

$ 128.32

5.7 %

41.3 %

41.1 %

0.2 %

$ 56.02

$ 52.76

6.2 %

$ 67.28

$ 63.74

5.6 %

Atlanta Marriott Alpharetta

$ 176.26

$ 171.86

2.6 %

60.2 %

64.9 %

(4.7) %

$ 106.02

$ 111.57

(5.0) %

$ 158.46

$ 167.29

(5.3) %

Bourbon Orleans Hotel

$ 264.09

$ 302.03

(12.6) %

71.3 %

68.6 %

2.7 %

$ 188.36

$ 207.24

(9.1) %

$ 255.80

$ 262.21

(2.4) %

Cavallo Point, The Lodge at the Golden Gate

$ 636.13

$ 539.57

17.9 %

64.9 %

51.5 %

13.4 %

$ 413.09

$ 277.80

48.7 %

$ 1,054.10

$ 757.81

39.1 %

Chicago Marriott Downtown Magnificent Mile

$ 193.50

$ 199.47

(3.0) %

42.3 %

42.9 %

(0.6) %

$ 81.76

$ 85.67

(4.6) %

$ 148.13

$ 158.48

(6.5) %

Chico Hot Springs Resort & Day Spa

$ 186.95

$ 205.92

(9.2) %

61.0 %

59.9 %

1.1 %

$ 113.97

$ 123.36

(7.6) %

$ 300.29

$ 313.41

(4.2) %

Courtyard Denver Downtown

$ 188.40

$ 165.03

14.2 %

77.7 %

70.9 %

6.8 %

$ 146.31

$ 117.08

25.0 %

$ 170.47

$ 134.40

26.8 %

Courtyard New York Manhattan/Fifth Avenue

$ 232.85

$ 224.94

3.5 %

91.6 %

93.9 %

(2.3) %

$ 213.30

$ 211.19

1.0 %

$ 224.06

$ 216.49

3.5 %

Courtyard New York Manhattan/Midtown East

$ 287.86

$ 250.75

14.8 %

59.7 %

87.6 %

(27.9) %

$ 171.94

$ 219.67

(21.7) %

$ 177.90

$ 229.87

(22.6) %

Embassy Suites by Hilton Bethesda

$ 162.16

$ 161.98

0.1 %

55.8 %

55.5 %

0.3 %

$ 90.41

$ 89.95

0.5 %

$ 107.92

$ 105.57

2.2 %

Havana Cabana Key West

$ 338.08

$ 338.18

— %

74.6 %

92.9 %

(18.3) %

$ 252.11

$ 314.11

(19.7) %

$ 339.03

$ 419.40

(19.2) %

Henderson Beach Resort

$ 295.51

$ 286.91

3.0 %

40.9 %

40.5 %

0.4 %

$ 120.75

$ 116.32

3.8 %

$ 279.74

$ 271.22

3.1 %

Henderson Park Inn

$ 493.87

$ 422.11

17.0 %

38.8 %

51.9 %

(13.1) %

$ 191.47

$ 219.17

(12.6) %

$ 344.75

$ 379.36

(9.1) %

Hilton Garden Inn New York/Times Square Central

$ 197.87

$ 200.21

(1.2) %

86.4 %

68.2 %

18.2 %

$ 170.96

$ 136.49

25.3 %

$ 197.58

$ 159.97

23.5 %

Hotel Champlain Burlington

$ 141.40

$ 142.41

(0.7) %

50.1 %

57.5 %

(7.4) %

$ 70.85

$ 81.82

(13.4) %

$ 111.36

$ 127.20

(12.5) %

Hotel Clio

$ 310.06

$ 282.38

9.8 %

71.7 %

70.0 %

1.7 %

$ 222.29

$ 197.67

12.5 %

$ 368.08

$ 334.57

10.0 %

Hotel Emblem San Francisco

$ 298.06

$ 252.59

18.0 %

71.1 %

56.0 %

15.1 %

$ 211.78

$ 141.44

49.7 %

$ 252.64

$ 175.20

44.2 %

Kimpton Hotel Palomar Phoenix

$ 293.44

$ 286.75

2.3 %

82.4 %

76.8 %

5.6 %

$ 241.88

$ 220.31

9.8 %

$ 389.92

$ 340.31

14.6 %

Kimpton Shorebreak Fort Lauderdale Beach Resort

$ 283.05

$ 272.11

4.0 %

88.3 %

86.5 %

1.8 %

$ 249.80

$ 235.30

6.2 %

$ 445.92

$ 421.95

5.7 %

Kimpton Shorebreak Huntington Beach Resort

$ 282.38

$ 288.04

(2.0) %

78.7 %

73.6 %

5.1 %

$ 222.11

$ 211.92

4.8 %

$ 341.75

$ 336.11

1.7 %

L'Auberge de Sedona (1)

$ 674.47

$ 788.69

(14.5) %

72.3 %

40.8 %

31.5 %

$ 487.73

$ 321.52

51.7 %

$ 814.72

$ 592.81

37.4 %

Lake Austin Spa Resort

$ 973.70

$ 1,014.82

(4.1) %

54.0 %

50.9 %

3.1 %

$ 525.53

$ 516.15

1.8 %

$ 1,290.38

$ 1,240.36

4.0 %

Margaritaville Beach House Key West

$ 499.01

$ 480.85

3.8 %

92.1 %

91.0 %

1.1 %

$ 459.72

$ 437.79

5.0 %

$ 588.93

$ 566.99

3.9 %

Salt Lake City Marriott Downtown at City Creek

$ 217.17

$ 204.34

6.3 %

70.3 %

69.3 %

1.0 %

$ 152.58

$ 141.58

7.8 %

$ 217.47

$ 197.25

10.3 %

The Dagny Boston

$ 221.30

$ 200.37

10.4 %

70.7 %

77.9 %

(7.2) %

$ 156.54

$ 156.16

0.2 %

$ 181.78

$ 184.11

(1.3) %

The Gwen

$ 233.18

$ 223.52

4.3 %

63.5 %

67.0 %

(3.5) %

$ 148.13

$ 149.75

(1.1) %

$ 207.54

$ 218.40

(5.0) %

The Hythe Vail

$ 641.69

$ 678.66

(5.4) %

72.6 %

75.8 %

(3.2) %

$ 465.85

$ 514.47

(9.5) %

$ 663.29

$ 716.89

(7.5) %

The Landing Lake Tahoe Resort & Spa

$ 315.24

$ 324.87

(3.0) %

46.4 %

47.7 %

(1.3) %

$ 146.13

$ 155.00

(5.7) %

$ 266.78

$ 292.84

(8.9) %

The Lindy Renaissance Charleston Hotel

$ 327.26

$ 331.14

(1.2) %

87.9 %

85.5 %

2.4 %

$ 287.72

$ 283.02

1.7 %

$ 378.10

$ 357.34

5.8 %

The Lodge at Sonoma Resort

$ 330.32

$ 335.90

(1.7) %

60.5 %

60.8 %

(0.3) %

$ 199.79

$ 204.16

(2.1) %

$ 337.93

$ 358.17

(5.7) %

Tranquility Bay Beachfront Resort

$ 696.76

$ 734.06

(5.1) %

78.6 %

78.9 %

(0.3) %

$ 547.41

$ 579.02

(5.5) %

$ 678.55

$ 729.33

(7.0) %

Westin Boston Seaport District

$ 234.08

$ 235.21

(0.5) %

76.7 %

76.3 %

0.4 %

$ 179.43

$ 179.45

— %

$ 304.29

$ 295.61

2.9 %

Westin Fort Lauderdale Beach Resort

$ 337.22

$ 330.69

2.0 %

85.0 %

84.5 %

0.5 %

$ 286.54

$ 279.44

2.5 %

$ 569.24

$ 571.87

(0.5) %

Westin San Diego Bayview

$ 231.65

$ 223.85

3.5 %

78.0 %

76.5 %

1.5 %

$ 180.59

$ 171.14

5.5 %

$ 264.69

$ 250.81

5.5 %

Worthington Renaissance Fort Worth Hotel

$ 214.85

$ 212.06

1.3 %

69.2 %

74.7 %

(5.5) %

$ 148.70

$ 158.44

(6.1) %

$ 279.70

$ 293.22

(4.6) %

Comparable Total (2)

$ 284.58

$ 277.36

2.6 %

66.8 %

67.1 %

(0.3) %

$ 190.01

$ 186.20

2.0 %

$ 298.95

$ 291.56

2.5 %

(1)

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

(2)

Amounts exclude the Westin Washington D.C. City Center which was sold in 2025.

Hotel Adjusted EBITDA Reconciliation - First Quarter 2026

Net Income (Loss)

Plus:

Equals: Hotel

Adjusted EBITDA

Total Revenues

Depreciation

Interest Expense (1)

Adjustments (2)

AC Hotel Minneapolis Downtown

$ 1,483

$ (401)

$ 309

$ —

$ (92)

Atlanta Marriott Alpharetta

$ 4,535

$ 1,429

$ 396

$ —

$ 1,825

Bourbon Orleans Hotel

$ 5,065

$ 1,072

$ 1,159

$ —

$ 3

$ 2,234

Cavallo Point, The Lodge at the Golden Gate

$ 13,471

$ 2,572

$ 1,561

$ —

$ 94

$ 4,227

Chicago Marriott Downtown Magnificent Mile

$ 15,998

$ (4,291)

$ 3,097

$ 6

$ (397)

$ (1,585)

Chico Hot Springs Resort & Day Spa

$ 3,162

$ (270)

$ 459

$ —

$ (2)

$ 187

Courtyard Denver Downtown

$ 2,716

$ 693

$ 399

$ —

$ 1,092

Courtyard New York Manhattan/Fifth Avenue

$ 3,811

$ (330)

$ 115

$ 284

$ 209

$ 278

Courtyard New York Manhattan/Midtown East

$ 5,140

$ (853)

$ 544

$ —

$ (309)

Embassy Suites by Hilton Bethesda

$ 2,642

$ (1,902)

$ 467

$ —

$ 1,435

$ —

Havana Cabana Key West

$ 3,234

$ 823

$ 262

$ —

$ 1,085

Henderson Beach Resort

$ 6,798

$ (454)

$ 1,143

$ —

$ 689

Henderson Park Inn

$ 1,148

$ (141)

$ 298

$ —

$ 157

Hilton Garden Inn New York/Times Square Central

$ 5,014

$ (525)

$ 790

$ —

$ 265

Hotel Champlain Burlington

$ 2,586

$ (1,302)

$ 809

$ —

$ (493)

Hotel Clio

$ 6,592

$ 529

$ 802

$ —

$ 4

$ 1,335

Hotel Emblem San Francisco

$ 2,183

$ 570

$ 194

$ —

$ 764

Kimpton Hotel Palomar Phoenix

$ 8,492

$ 2,283

$ 682

$ —

$ 190

$ 3,155

Kimpton Shorebreak Fort Lauderdale Beach Resort

$ 3,853

$ 966

$ 371

$ —

$ 1,337

Kimpton Shorebreak Huntington Beach Resort

$ 4,829

$ 788

$ 349

$ —

$ 1,137

L'Auberge de Sedona (3)

$ 11,585

$ 3,080

$ 1,170

$ —

$ 42

$ 4,292

Lake Austin Spa Resort

$ 4,645

$ 395

$ 726

$ —

$ 1,121

Margaritaville Beach House Key West

$ 9,859

$ 4,522

$ 768

$ —

$ 5,290

Salt Lake City Marriott Downtown at City Creek

$ 9,982

$ 2,862

$ 1,104

$ —

$ 11

$ 3,977

The Dagny Boston

$ 6,593

$ (1,035)

$ 1,594

$ —

$ 559

The Gwen

$ 5,809

$ (1,966)

$ 764

$ —

$ (1,202)

The Hythe Vail

$ 20,536

$ 10,057

$ 777

$ —

$ 10,834

The Landing Lake Tahoe Resort & Spa

$ 1,969

$ (348)

$ 353

$ —

$ 5

The Lindy Renaissance Charleston Hotel

$ 5,683

$ 2,126

$ 374

$ —

$ 2,500

The Lodge at Sonoma Resort

$ 5,535

$ 266

$ 502

$ —

$ 768

Tranquility Bay Beachfront Resort

$ 6,290

$ 1,480

$ 474

$ —

$ 1,954

Westin Boston Seaport District

$ 21,718

$ 507

$ 2,291

$ —

$ (247)

$ 2,551

Westin Fort Lauderdale Beach Resort

$ 22,132

$ 8,018

$ 983

$ —

$ 9,001

Westin San Diego Bayview

$ 10,387

$ 2,015

$ 1,359

$ —

$ 3,374

Worthington Renaissance Fort Worth Hotel

$ 12,687

$ 2,893

$ 951

$ —

$ 3,844

Total

$ 258,162

$ 36,128

$ 28,396

$ 290

$ 1,342

$ 66,156

(1)

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

(2)

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

(3)

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

Hotel Adjusted EBITDA Reconciliation - First Quarter 2025

Net Income (Loss)

Plus:

Equals: Hotel

Total Revenues

Depreciation

Interest Expense (1)

Adjustments (2)

Adjusted EBITDA

AC Hotel Minneapolis Downtown

$ 1,406

$ (363)

$ 297

$ —

$ (66)

Atlanta Marriott Alpharetta

$ 4,788

$ 1,606

$ 363

$ —

$ 1,969

Bourbon Orleans Hotel

$ 5,192

$ 1,369

$ 1,057

$ —

$ 3

$ 2,429

Cavallo Point, The Lodge at the Golden Gate

$ 9,685

$ (270)

$ 1,459

$ —

$ 94

$ 1,283

Chicago Marriott Downtown Magnificent Mile

$ 17,116

$ (3,018)

$ 3,110

$ 6

$ (397)

$ (299)

Chico Hot Springs Resort & Day Spa

$ 3,300

$ (236)

$ 430

$ —

$ 194

Courtyard Denver Downtown

$ 2,141

$ 131

$ 383

$ —

$ 514

Courtyard New York Manhattan/Fifth Avenue

$ 3,683

$ (641)

$ 342

$ 283

$ 196

$ 180

Courtyard New York Manhattan/Midtown East

$ 6,641

$ 283

$ 530

$ —

$ 813

Embassy Suites by Hilton Bethesda

$ 2,584

$ (1,970)

$ 547

$ —

$ 1,450

$ 27

Havana Cabana Key West

$ 4,001

$ 1,364

$ 314

$ —

$ 1,678

Henderson Beach Resort

$ 6,591

$ (934)

$ 1,110

$ —

$ 176

Henderson Park Inn

$ 1,263

$ (33)

$ 279

$ —

$ 246

Hilton Garden Inn New York/Times Square Central

$ 4,060

$ (1,086)

$ 658

$ —

$ (428)

Hotel Champlain Burlington

$ 2,954

$ (1,220)

$ 781

$ —

$ (439)

Hotel Clio

$ 5,992

$ (704)

$ 855

$ 599

$ 5

$ 755

Hotel Emblem San Francisco

$ 1,514

$ (56)

$ 293

$ —

$ 237

Kimpton Hotel Palomar Phoenix

$ 7,412

$ 1,956

$ 508

$ —

$ 193

$ 2,657

Kimpton Shorebreak Fort Lauderdale Beach Resort

$ 3,646

$ 696

$ 369

$ —

$ 1,065

Kimpton Shorebreak Huntington Beach Resort

$ 4,749

$ 833

$ 341

$ —

$ 1,174

L'Auberge de Sedona (3)

$ 8,430

$ 1,472

$ 507

$ —

$ 42

$ 2,021

Lake Austin Spa Resort

$ 4,465

$ 280

$ 717

$ —

$ 997

Margaritaville Beach House Key West

$ 9,491

$ 3,952

$ 760

$ —

$ 4,712

Salt Lake City Marriott Downtown at City Creek

$ 9,054

$ 2,575

$ 1,047

$ —

$ 11

$ 3,633

The Dagny Boston

$ 6,678

$ (985)

$ 1,560

$ —

$ 575

The Gwen

$ 6,113

$ (1,626)

$ 754

$ —

$ (872)

The Hythe Vail

$ 22,195

$ 10,600

$ 1,161

$ —

$ 11,761

The Landing Lake Tahoe Resort & Spa

$ 2,161

$ (113)

$ 318

$ —

$ 205

The Lindy Renaissance Charleston Hotel

$ 5,371

$ 1,924

$ 364

$ —

$ 2,288

The Lodge at Sonoma Resort

$ 5,867

$ 436

$ 492

$ —

$ 928

Tranquility Bay Beachfront Resort

$ 6,761

$ 1,934

$ 467

$ —

$ 2,401

Westin Boston Seaport District

$ 21,095

$ (1,168)

$ 2,295

$ 1,881

$ (122)

$ 2,886

Westin Fort Lauderdale Beach Resort

$ 22,234

$ 7,329

$ 1,114

$ —

$ 8,443

Westin San Diego Bayview

$ 9,842

$ 1,618

$ 1,349

$ —

$ 2,967

Westin Washington D.C. City Center

$ 3,077

$ 331

$ —

$ 331

Worthington Renaissance Fort Worth Hotel

$ 13,301

$ 2,604

$ 961

$ 677

$ —

$ 4,242

Total

$ 254,853

$ 28,870

$ 27,892

$ 3,446

$ 1,475

$ 61,664

Less: Sold Hotel (4)

$ (3,077)

$ (331)

$ —

$ (331)

Comparable Total

$ 251,776

$ 28,539

$ 27,892

$ 3,446

$ 1,475

$ 61,333

(1)

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

(2)

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

(3)

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

(4)

Represents the operating results of the Westin Washington D.C. City Center sold in 2025.

SOURCE DiamondRock Hospitality Company