DIAMONDROCK HOSPITALITY COMPANY REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS

Comparable Total RevPAR Growth, Adjusted EBITDA, and Adjusted FFO Per Share Exceed High End of Guidance

BETHESDA, Md., Feb. 26, 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 and year ended December 31, 2025.

FOURTH QUARTER 2025 HIGHLIGHTS

FULL YEAR 2025 HIGHLIGHTS

"A stronger than anticipated re-acceleration in transient demand and out-of-room spend following the end of the federal government shutdown, combined with our disciplined approach to right-sized property level and corporate costs, enabled the Company to exceed the high end of our 2025 guidance for comparable total RevPAR growth, adjusted EBITDA, and adjusted FFO per share.

Throughout the year, both transient and group travelers continued to prioritize elevated travel experiences, even amid periods of economic uncertainty. Our thoughtfully curated portfolio of high quality hotels, in desirable destinations, benefited from this commitment in 2025 and is well positioned to carry that momentum into 2026.

While the political and economic backdrop warrants a degree of caution as we assess 2026, several distinct factors do support DiamondRock being constructive on the year including a holiday calendar that favors extended gatherings, our key markets hosting the majority of FIFA World Cup matches, America 250 celebrations, and post renovation tailwinds.

I am particularly proud of our team and operating partners for their unwavering focus on driving free cash flow per share growth - our north star at DiamondRock - as we work to deliver compelling total returns for our shareholders. Our free cash flow per share, defined as Adjusted FFO less total capital expenditures per share, surpassed 22% growth since 2023. We expect to build on this progress once again in 2026."

- 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 December 31, 2025 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 December 31,

Year Ended December 31,

2025

2024

Change

2025

2024

Change

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

Comparable Operating Results (1)

ADR

$ 295.79

$ 291.24

1.6 %

$ 287.63

$ 284.26

1.2 %

Occupancy

68.2 %

69.5 %

(1.3) %

72.1 %

72.7 %

(0.6) %

RevPAR

$ 201.83

$ 202.40

(0.3) %

$ 207.38

$ 206.64

0.4 %

Total RevPAR

$ 311.00

$ 309.18

0.6 %

$ 319.06

$ 315.28

1.2 %

Room Revenues

$ 178.2

$ 178.6

(0.2) %

$ 726.3

$ 725.3

0.1 %

Total Revenues

$ 274.5

$ 272.8

0.6 %

$ 1,117.4

$ 1,106.6

1.0 %

Hotel Adjusted EBITDA

$ 76.6

$ 73.9

3.7 %

$ 316.5

$ 313.2

1.1 %

Hotel Adjusted EBITDA Margin

27.92 %

27.09 %

83 bps

28.32 %

28.30 %

2 bps

Available Rooms

882,740

882,280

460

3,502,175

3,509,941

(7,766)

Actual Operating Results (2)

Total Revenues

$ 274.5

$ 279.1

(1.6) %

$ 1,120.5

$ 1,129.9

(0.8) %

Net income (loss) attributable to common stockholders

$ 23.8

$ (13.7)

273.7 %

$ 91.6

$ 38.2

139.8 %

Earnings (loss) per diluted share

$ 0.12

$ (0.07)

271.4 %

$ 0.44

$ 0.18

144.4 %

Adjusted EBITDA (3)

$ 71.9

$ 69.6

3.3 %

$ 297.6

$ 297.9

(0.1) %

Adjusted FFO (3)

$ 55.9

$ 50.4

10.9 %

$ 227.0

$ 221.1

2.7 %

Adjusted FFO per diluted share (3)

$ 0.27

$ 0.24

12.5 %

$ 1.08

$ 1.04

3.8 %

(1)

Amounts include the pre-acquisition operating results for AC Hotel Minneapolis Downtown from January 1, 2024 to November 11, 2024 and exclude the operating results for Westin Washington D.C. City Center sold on February 19, 2025. The pre-acquisition operating results were obtained from the seller of the hotel during the acquisition due diligence process. We have made no adjustments to the amounts provided to us by the seller. The pre-acquisition operating results were not audited or reviewed by the Company's independent auditors.

(2)

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

(3)

Effective January 1, 2025, the Company excludes share-based compensation from its calculations of Adjusted EBITDA and Adjusted FFO. Amounts reported for 2024 have been adjusted to reflect the current year presentation.

The Company's 2025 actual results compare to the previously provided guidance ranges as follows:

Metric

2025 Guidance

2025 Actual

Low End

High End

Comparable RevPAR Growth

(0.5) %

0.5 %

0.4 %

Comparable Total RevPAR Growth

0.0 %

1.0 %

1.2 %

Adjusted EBITDA

$287 million

$295 million

$297.6 million

Adjusted FFO

$213 million

$221 million

$227.0 million

Adjusted FFO per share

$1.02 per share

$1.06 per share

$1.08 per share

CAPITAL EXPENDITURES

The Company invested approximately $81.6 million in capital improvements at its hotels during the year ended December 31, 2025. Significant projects in 2025 included the following:

The Company expects to invest approximately $80 to $90 million in capital improvements at its hotels in 2026. Significant projects in 2026 include the following:

HOTEL DISPOSITION

On February 19, 2025, the Company completed the sale of the 410-room Westin Washington D.C. City Center for a contract price of $92.0 million. The sale price represented an 11.2x multiple on 2024 Hotel EBITDA and a 7.5% capitalization rate on 2024 hotel net operating income, or a capitalization rate of 5.6% inclusive of the Company's projected capital expenditures. Excluding a one-time property tax credit and temporary discount on franchise fees the Hotel received in 2024, the sales price represented an 11.9x multiple on 2024 Hotel EBITDA and a 7.0% capitalization rate on 2024 Hotel net operating income, or a capitalization rate of 5.2% inclusive of the Company's projected capital expenditures.

DEBT REFINANCING

On July 22, 2025, the Company successfully refinanced, upsized, and extended the maturities under its senior unsecured credit facility (the "Amended Credit Facility"), further enhancing the strength and flexibility of its conservative balance sheet. The Amended Credit Facility was increased from $1.2 billion to $1.5 billion and is comprised of (i) a $400 million revolving credit facility maturing in January 2030, with two six-month extension options exercisable at the Company's option, (ii) a $500 million term loan maturing in January 2028, with two six-month extension options exercisable at the Company's option, (iii) a $300 million term loan maturing in January 2029, with two six-month extension options exercisable at the Company's option, and (iv) a $300 million term loan maturing in January 2030. The Amended Credit Facility bears interest pursuant to a leverage-based pricing grid ranging from 1.35% to 2.25% over SOFR. Based upon the Company's current leverage, the pricing is at the lowest end of the grid.

The Company utilized the incremental proceeds from the Amended Credit Facility to repay the $71.1 million mortgage loan secured by the Worthington Renaissance in May 2025, the $53.9 million mortgage loan secured by the Hotel Clio in July 2025, and the $166.2 million mortgage loan secured by the Westin Boston Seaport District in September 2025. Following these repayments, the Company has no debt maturities until January 2028, its portfolio is fully unencumbered of secured debt, and its debt is fully prepayable without penalty.

BALANCE SHEET

As of December 31, 2025, 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 $68.1 million of unrestricted cash on hand.

COMMON SHARE REPURCHASE PROGRAM

During the quarter ended December 31, 2025, the Company repurchased 0.2 million shares of its common stock at an average price of $7.93 per share for a total purchase price of $1.6 million. During the year ended December 31, 2025, the Company repurchased 4.8 million shares of its common stock at an average price of $7.72 for a total purchase price of $37.1 million. The Company currently has $137.0 million of remaining capacity under its $200.0 million share repurchase program.

PREFERRED STOCK REDEMPTION

On December 31, 2025, the Company redeemed all 4,760,000 outstanding shares of its 8.250% Series A Cumulative Redeemable Preferred Stock, utilizing approximately $121.5 million cash on hand to fund the redemption price of $25.00 per share, plus accrued and unpaid dividends. The Company no longer has preferred stock outstanding.

DIVIDENDS

On February 26, 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 April 14, 2026 to shareholders of record as of March 31, 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.

The Company paid a fourth quarter cash dividend of $0.12 per share on its common stock, which included the Company's regular quarterly dividend of $0.08 per common share, along with a stub dividend of $0.04 per common share on January 14, 2026 to shareholders of record as of December 31, 2025. Additionally, the Company paid a quarterly dividend of $0.515625 per share on its 8.250% Series A Cumulative Redeemable Preferred Stock on December 31, 2025 to shareholders of record as of December 19, 2025.

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 Company anticipates full year 2026 results to be in the following ranges:

Metric

2025 Actual

2026 Guidance

Low End

High End

Comparable RevPAR Growth

$207.38

1.0 %

3.0 %

Comparable Total RevPAR Growth

$319.06

1.25 %

3.25 %

Adjusted EBITDA

$297.6 million

$287 million

$302 million

Adjusted FFO

$227.0 million

$227 million

$242 million

Adjusted FFO per share

$1.08 per share

$1.09 per share

$1.16 per share

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

EARNINGS CALL

The Company will host a conference call to discuss its fourth quarter and full year results on Friday, February 27, 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)

December 31, 2025

December 31, 2024

ASSETS

(Unaudited)

(Audited)

Property and equipment, net

$ 2,596,458

$ 2,631,221

Assets held for sale

—

93,400

Right-of-use assets

89,041

89,931

Restricted cash

35,137

47,408

Due from hotel managers

137,787

145,947

Prepaid and other assets

77,194

82,963

Cash and cash equivalents

68,084

81,381

Total assets

$ 3,003,701

$ 3,172,251

LIABILITIES AND EQUITY

Liabilities:

Debt, net of unamortized debt issuance costs

$ 1,098,850

$ 1,095,294

Lease liabilities

87,053

85,235

Due to hotel managers

109,568

121,734

Liabilities of assets held for sale

—

3,352

Deferred rent

77,405

73,535

Unfavorable contract liabilities, net

56,549

58,208

Accounts payable and accrued expenses

83,888

79,201

Distributions declared and unpaid

25,903

49,034

Deferred income related to key money, net

7,400

7,726

Total liabilities

1,546,616

1,573,319

Equity:

Preferred stock, $0.01 par value; 10,000,000 shares authorized;

8.250% Series A Cumulative Redeemable Preferred Stock (liquidation

preference $25.00 per share), no shares issued and outstanding at December

31, 2025; 4,760,000 shares issued and outstanding at December 31, 2024

—

Common stock, $0.01 par value; 400,000,000 shares authorized; 203,703,182

and 207,592,210 shares issued and outstanding at December 31, 2025 and

2024, respectively

2,037

2,076

Additional paid-in capital

2,114,438

2,268,521

Accumulated other comprehensive loss

(6,381)

(1,360)

Distributions in excess of earnings

(662,209)

(679,050)

Total stockholders' equity

1,447,885

1,590,235

Noncontrolling interests

9,200

8,697

Total equity

1,457,085

1,598,932

Total liabilities and equity

$ 3,003,701

$ 3,172,251

DIAMONDROCK HOSPITALITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

(unaudited)

Three Months Ended December 31,

Year Ended December 31,

2025

2024

2025

2024

Revenues:

Rooms

$ 178,163

$ 183,161

$ 728,606

$ 742,626

Food and beverage

68,709

69,403

281,793

281,682

Other

27,662

26,487

110,092

105,575

Total revenues

274,534

279,051

1,120,491

1,129,883

Operating Expenses:

Rooms

45,050

46,659

182,694

186,131

Food and beverage

47,026

48,056

191,172

193,331

Other departmental and support expenses

68,566

68,789

270,698

268,563

Management fees

6,318

6,738

25,838

27,149

Franchise fees

9,578

10,014

38,360

39,724

Other property-level expenses

22,659

24,789

100,542

103,347

Depreciation and amortization

28,719

29,046

113,107

113,588

Impairment losses

—

32,573

1,076

34,169

Corporate expenses

8,689

7,828

34,404

52,911

Total operating expenses

236,605

274,492

957,891

1,018,913

Interest expense

15,661

16,082

62,798

65,516

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

(2,233)

(1,072)

(6,759)

(4,337)

Loss on debt extinguishment

—

5,850

—

Total other expenses, net

13,428

15,010

61,889

61,179

Income (Loss) before income taxes

24,501

(10,451)

100,711

49,791

Income tax benefit (expense)

1,849

(845)

1,231

(1,541)

Net income (loss)

26,350

(11,296)

101,942

48,250

Less: Net income (loss) attributable to

noncontrolling interests

(134)

(509)

(203)

Net income (loss) attributable to the Company

26,216

(11,243)

101,433

48,047

Distributions to preferred stockholders

(2,454)

(9,817)

Net income (loss) attributable to common

stockholders

$ 23,762

$ (13,697)

$ 91,616

$ 38,230

Earnings (Loss) per share:

Earnings (Loss) per share available to common

stockholders - basic

$ 0.12

$ (0.07)

$ 0.44

$ 0.18

Earnings (Loss) per share available to common

stockholders - diluted

$ 0.12

$ (0.07)

$ 0.44

$ 0.18

Weighted-average number of common shares

outstanding:

Basic

204,239,712

208,965,671

206,226,487

210,286,342

Diluted

206,455,039

208,965,671

208,264,530

211,240,170

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 year ended December 31, 2025 includes all of our hotels owned as of December 31, 2025 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 and Adjusted EBITDA and Hotel Adjusted EBITDA (in thousands):

Three Months Ended December 31,

Year Ended December 31,

2025

2024

(As Adjusted) (1)

2025

2024

(As Adjusted) (1)

Net income (loss)

$ 26,350

$ (11,296)

$ 101,942

$ 48,250

Interest expense

15,661

16,082

62,798

65,516

Income tax (benefit) expense

(1,849)

845

(1,231)

1,541

Real estate related depreciation and amortization

28,719

29,046

113,107

113,588

EBITDA

68,881

34,677

276,616

228,895

Impairment losses

—

32,573

1,076

34,169

EBITDAre

68,881

67,250

277,692

263,064

Non-cash lease expense and other amortization

1,278

1,366

5,140

5,970

Share-based compensation expense (2)

1,760

934

7,350

7,458

Hotel pre-opening costs

501

1,006

Terminated transaction costs

—

1,058

—

Loss on debt extinguishment

—

5,850

—

Severance costs

—

20,362

Adjusted EBITDA

71,941

69,631

297,591

297,860

Corporate expenses

6,911

6,854

25,279

25,001

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

(2,215)

(1,032)

(6,042)

(4,247)

Hotel Adjusted EBITDA

$ 76,637

$ 75,453

$ 316,828

$ 318,614

(1)

Effective January 1, 2025, the Company excludes share-based compensation expense from its calculation of Adjusted EBITDA. Amounts reported for 2024 have been adjusted to reflect the current year presentation.

(2)

For each of the three months ended December 31, 2025 and 2024, amounts include $0.1 million of non-cash items related to our deferred compensation plan. For the year ended December 31, 2025 and 2024, amounts include less than $0.1 million and $0.6 million, respectively, of non-cash items related to our deferred compensation plan.

Full Year 2026 Guidance

Low End

High End

Net income

$ 101,100

$ 117,100

Interest expense

59,300

58,300

Income tax expense

1,500

2,500

Real estate related depreciation and amortization

111,500

110,500

EBITDAre

273,400

288,400

Non-cash lease expense and other amortization

4,600

Share-based compensation expense

9,000

Adjusted EBITDA

$ 287,000

$ 302,000

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 December 31,

Year Ended December 31,

2025

2024

(As Adjusted) (1)

2025

2024

(As Adjusted) (1)

Net income (loss)

$ 26,350

$ (11,296)

$ 101,942

$ 48,250

Real estate related depreciation and amortization

28,719

29,046

113,107

113,588

Impairment losses

—

32,573

1,076

34,169

FFO

55,069

50,323

216,125

196,007

Distribution to preferred stockholders

(2,454)

(9,817)

FFO available to common stock and unit holders

52,615

47,869

206,308

186,190

Non-cash lease expense and other amortization

1,474

1,488

5,891

6,092

Share-based compensation expense (2)

1,760

934

7,350

7,458

Terminated transaction costs

—

1,058

—

Loss on debt extinguishment

—

5,850

—

Severance costs

—

20,362

Hotel pre-opening costs

501

1,006

Adjusted FFO available to common stock and unit

holders

$ 55,871

$ 50,372

$ 226,958

$ 221,108

Adjusted FFO available to common stock and unit

holders, per diluted share

$ 0.27

$ 0.24

$ 1.08

$ 1.04

Diluted weighted average shares and units

207,496

209,960

209,292

212,141

(1)

Effective January 1, 2025, the Company excludes share-based compensation from its calculation of Adjusted FFO. Amounts reported for 2024 have been adjusted to reflect the current year presentation.

(2)

Full Year 2026 Guidance

Low End

High End

Net income

$ 101,100

$ 117,100

Real estate related depreciation and amortization

111,500

110,500

FFO available to common stock and unit holders

212,600

227,600

Non-cash lease expense and other amortization

5,400

Share-based compensation expense

9,000

Adjusted FFO available to common stock and unit holders

$ 227,000

$ 242,000

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

$ 1.09

$ 1.16

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 December 31,

Year Ended December 31,

2025

2024

2025

2024

Revenues

$ 274,534

$ 279,051

$ 1,120,491

$ 1,129,883

Hotel revenues from prior ownership (1)

—

1,423

—

9,256

Hotel revenues from sold hotel (2)

—

(7,691)

(3,077)

(32,521)

Comparable Revenues

$ 274,534

$ 272,783

$ 1,117,414

$ 1,106,618

Hotel Adjusted EBITDA

$ 76,637

$ 75,453

$ 316,828

$ 318,614

Hotel Adjusted EBITDA from prior ownership (1)

—

485

—

2,779

Hotel Adjusted EBITDA from sold hotel (2)

—

(2,039)

(330)

(8,238)

Comparable Hotel Adjusted EBITDA

$ 76,637

$ 73,899

$ 316,498

$ 313,155

Hotel Adjusted EBITDA Margin

27.92 %

27.04 %

28.28 %

28.20 %

Comparable Hotel Adjusted EBITDA Margin

27.92 %

27.09 %

28.32 %

28.30 %

(1)

Amounts represent the pre-acquisition operating results for AC Hotel Minneapolis Downtown from January 1, 2024 to November 11, 2024. The pre-acquisition operating results were obtained from the seller of the hotel during the acquisition due diligence process. We have made no adjustments to the amounts provided to us by the seller. The pre-acquisition operating results were not audited or reviewed by the Company's independent auditors.

(2)

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, 2024

Quarter 2, 2024

Quarter 3, 2024

Quarter 4, 2024

Full Year 2024

ADR

$ 269.95

$ 292.59

$ 282.05

$ 291.24

$ 284.26

Occupancy

67.6 %

77.5 %

76.2 %

69.5 %

72.7 %

RevPAR

$ 182.50

$ 226.83

$ 214.79

$ 202.40

$ 206.64

Total RevPAR

$ 287.09

$ 346.27

$ 318.60

$ 309.18

$ 315.28

Revenues (in thousands)

$ 250,491

$ 302,217

$ 281,127

$ 272,783

$ 1,106,618

Hotel Adjusted EBITDA (in thousands)

$ 60,047

$ 97,206

$ 82,003

$ 73,899

$ 313,155

Hotel Adjusted EBITDA Margin

23.97 %

32.16 %

29.17 %

27.09 %

28.30 %

Available Rooms

872,508

872,781

882,372

882,280

3,509,941

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

Market Capitalization as of December 31, 2025

(in thousands)

Enterprise Value

Common equity capitalization (at December 31, 2025 closing price of $8.96/share)

$ 1,847,691

Consolidated debt (face amount)

1,100,000

Cash and cash equivalents

(68,084)

Total enterprise value

$ 2,879,607

Share Reconciliation

Common shares outstanding

203,703

Operating partnership units

1,135

Unvested restricted stock held by management and employees

841

Share grants under deferred compensation plan

536

Combined shares and units

206,215

Debt Summary as of December 31, 2025

(dollars in thousands)

Outstanding

Loan

Interest Rate

Term

Principal

Maturity

Unsecured term loan

SOFR + 1.35% (1)

Variable

$ 500,000

January 2028 (3)

Unsecured term loan

SOFR + 1.35% (2)

Variable

300,000

January 2029 (3)

Unsecured term loan

SOFR + 1.35% (2)

Variable

300,000

January 2030

Senior unsecured credit facility

SOFR + 1.40%

Variable

—

January 2030 (3)

Total debt

1,100,000

Unamortized debt issuance costs (4)

(1,150)

Debt, net of unamortized debt issuance costs

$ 1,098,850

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

2.8

Average years to maturity - including extensions

3.6

(1)

Interest rate was 4.86% as of December 31, 2025, which includes the effect of interest rate swaps.

(2)

Interest rate was 5.01% as of December 31, 2025.

(3)

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

(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)

Includes the effect of interest rate swaps as of December 31, 2025.

(6)

Trailing 12 month Adjusted EBITDA as of December 31, 2025.

Hotel Information as of February 26, 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

258

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

Pacifica Hotels

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 Waterfront

793

Boston, MA

Marriott

Dec 2026

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 (3)

(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)

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 – Fourth Quarter

ADR

Occupancy

RevPAR

Total RevPAR

4Q 2025

4Q 2024

Change

4Q 2025

4Q 2024

Change

4Q 2025

4Q 2024

Change

4Q 2025

4Q 2024

Change

AC Hotel Minneapolis Downtown (1)

$ 153.30

$ 166.16

(7.7) %

57.7 %

51.0 %

6.7 %

$ 88.52

$ 84.69

4.5 %

$ 103.87

$ 98.86

5.1 %

Atlanta Marriott Alpharetta

$ 164.24

$ 158.90

3.4 %

59.0 %

63.1 %

(4.1) %

$ 96.89

$ 100.19

(3.3) %

$ 157.84

$ 150.55

4.8 %

Bourbon Orleans Hotel

$ 252.16

$ 276.79

(8.9) %

69.1 %

67.8 %

1.3 %

$ 174.12

$ 187.68

(7.2) %

$ 228.46

$ 241.51

(5.4) %

Cavallo Point, The Lodge at the Golden Gate

$ 621.47

$ 562.69

10.4 %

59.8 %

61.6 %

(1.8) %

$ 371.67

$ 346.56

7.2 %

$ 1,006.87

$ 922.73

9.1 %

Chicago Marriott Downtown Magnificent Mile

$ 274.62

$ 271.35

1.2 %

59.2 %

65.9 %

(6.7) %

$ 162.64

$ 178.79

(9.0) %

$ 268.41

$ 289.07

(7.1) %

Chico Hot Springs Resort & Day Spa

$ 199.50

$ 205.51

(2.9) %

60.4 %

59.7 %

0.7 %

$ 120.43

$ 122.66

(1.8) %

$ 304.82

$ 315.22

(3.3) %

Courtyard Denver Downtown

$ 209.21

$ 186.30

12.3 %

75.0 %

71.1 %

3.9 %

$ 156.92

$ 132.42

18.5 %

$ 178.57

$ 149.79

19.2 %

Courtyard New York Manhattan/Fifth Avenue

$ 417.84

$ 379.78

10.0 %

99.0 %

96.2 %

2.8 %

$ 413.68

$ 365.21

13.3 %

$ 420.20

$ 370.86

13.3 %

Courtyard New York Manhattan/Midtown East

$ 462.32

$ 459.19

0.7 %

93.4 %

91.4 %

2.0 %

$ 431.67

$ 419.84

2.8 %

$ 442.88

$ 432.71

2.4 %

Embassy Suites by Hilton Bethesda

$ 154.05

$ 174.53

(11.7) %

59.0 %

63.6 %

(4.6) %

$ 90.87

$ 111.03

(18.2) %

$ 108.74

$ 129.20

(15.8) %

Havana Cabana Key West

$ 258.69

$ 254.64

1.6 %

34.8 %

74.2 %

(39.4) %

$ 90.11

$ 188.92

(52.3) %

$ 142.87

$ 282.60

(49.4) %

Henderson Beach Resort

$ 288.03

$ 304.09

(5.3) %

42.9 %

35.7 %

7.2 %

$ 123.68

$ 108.65

13.8 %

$ 316.76

$ 257.64

22.9 %

Henderson Park Inn

$ 515.66

$ 505.27

2.1 %

56.9 %

50.9 %

6.0 %

$ 293.43

$ 257.09

14.1 %

$ 489.38

$ 437.54

11.8 %

Hilton Garden Inn New York/Times Square Central

$ 381.06

$ 365.01

4.4 %

98.5 %

— %

$ 375.37

$ 359.50

4.4 %

$ 405.49

$ 392.14

3.4 %

Hotel Champlain Burlington

$ 229.92

$ 226.21

1.6 %

63.7 %

75.6 %

(11.9) %

$ 146.48

$ 171.06

(14.4) %

$ 225.80

$ 252.28

(10.5) %

Hotel Clio

$ 305.15

$ 283.43

7.7 %

75.8 %

78.6 %

(2.8) %

$ 231.33

$ 222.85

3.8 %

$ 420.64

$ 400.46

5.0 %

Hotel Emblem San Francisco

$ 198.67

$ 157.32

26.3 %

59.2 %

52.2 %

7.0 %

$ 117.67

$ 82.08

43.4 %

$ 141.68

$ 110.38

28.4 %

Kimpton Hotel Palomar Phoenix

$ 248.80

$ 216.36

15.0 %

74.0 %

72.5 %

1.5 %

$ 184.22

$ 156.77

17.5 %

$ 332.51

$ 280.73

18.4 %

Kimpton Shorebreak Fort Lauderdale Beach Resort

$ 196.54

$ 208.69

(5.8) %

67.9 %

71.5 %

(3.6) %

$ 133.49

$ 149.24

(10.6) %

$ 274.85

$ 278.46

(1.3) %

Kimpton Shorebreak Huntington Beach Resort

$ 253.97

$ 261.23

(2.8) %

75.4 %

76.9 %

(1.5) %

$ 191.48

$ 200.88

(4.7) %

$ 305.53

$ 305.22

0.1 %

L'Auberge de Sedona (2)

$ 742.23

$ 835.12

(11.1) %

68.8 %

53.4 %

15.4 %

$ 510.66

$ 445.71

14.6 %

$ 886.16

$ 775.11

14.3 %

Lake Austin Spa Resort

$ 997.24

$ 984.52

1.3 %

51.6 %

53.6 %

(2.0) %

$ 514.61

$ 527.84

(2.5) %

$ 1,259.16

$ 1,273.96

(1.2) %

Margaritaville Beach House Key West

$ 359.69

$ 379.48

(5.2) %

80.5 %

77.0 %

3.5 %

$ 289.59

$ 292.30

(0.9) %

$ 398.02

$ 401.40

(0.8) %

Salt Lake City Marriott Downtown at City Creek

$ 193.62

$ 190.05

1.9 %

61.7 %

60.7 %

1.0 %

$ 119.41

$ 115.28

3.6 %

$ 171.14

$ 181.89

(5.9) %

The Dagny Boston

$ 302.15

$ 286.50

5.5 %

84.9 %

84.1 %

0.8 %

$ 256.43

$ 241.06

6.4 %

$ 281.67

$ 265.89

5.9 %

The Gwen

$ 323.95

$ 299.97

8.0 %

71.3 %

74.1 %

(2.8) %

$ 231.04

$ 222.36

3.9 %

$ 332.41

$ 341.43

(2.6) %

The Hythe Vail

$ 414.00

$ 452.36

(8.5) %

43.7 %

45.8 %

(2.1) %

$ 180.80

$ 207.40

(12.8) %

$ 287.22

$ 315.06

(8.8) %

The Landing Lake Tahoe Resort & Spa

$ 343.29

$ 337.17

1.8 %

51.3 %

50.4 %

0.9 %

$ 176.10

$ 169.88

3.7 %

$ 338.91

$ 328.16

3.3 %

The Lindy Renaissance Charleston Hotel

$ 347.48

$ 352.82

(1.5) %

86.1 %

87.0 %

(0.9) %

$ 299.35

$ 307.03

(2.5) %

$ 400.25

$ 378.86

5.6 %

The Lodge at Sonoma Resort

$ 411.99

$ 390.94

5.4 %

68.9 %

70.2 %

(1.3) %

$ 283.82

$ 274.39

3.4 %

$ 442.58

$ 446.99

(1.0) %

Tranquility Bay Beachfront Resort

$ 562.23

$ 529.17

6.2 %

58.2 %

67.0 %

(8.8) %

$ 327.45

$ 354.55

(7.6) %

$ 420.15

$ 461.87

(9.0) %

Westin Boston Waterfront

$ 277.84

$ 270.24

2.8 %

74.2 %

75.2 %

(1.0) %

$ 206.20

$ 203.11

1.5 %

$ 314.93

$ 323.13

(2.5) %

Westin Fort Lauderdale Beach Resort

$ 241.10

$ 247.81

(2.7) %

72.2 %

74.4 %

(2.2) %

$ 174.17

$ 184.40

(5.5) %

$ 378.88

$ 387.39

(2.2) %

Westin San Diego Bayview

$ 198.07

$ 222.23

(10.9) %

68.8 %

68.1 %

0.7 %

$ 136.33

$ 151.43

(10.0) %

$ 216.63

$ 215.55

0.5 %

Worthington Renaissance Fort Worth Hotel

$ 200.31

$ 203.43

(1.5) %

70.1 %

69.2 %

0.9 %

$ 140.49

$ 140.86

(0.3) %

$ 272.44

$ 262.68

3.7 %

Comparable Total (3)

$ 295.79

$ 291.24

1.6 %

68.2 %

69.5 %

(1.3) %

$ 201.83

$ 202.40

(0.3) %

$ 311.00

$ 309.18

0.6 %

(1)

Hotel was acquired on November 12, 2024. Amounts reflect the pre-acquisition operating results of the period from October 1, 2024 to November 11, 2024.

(2)

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.

(3)

Amounts include the pre-acquisition operating results of the AC Minneapolis Downtown acquired in 2024 and exclude the Westin Washington D.C. City Center which was sold in 2025.

Operating Statistics – Year to Date

ADR

Occupancy

RevPAR

Total RevPAR

YTD 2025

YTD 2024

Change

YTD 2025

YTD 2024

Change

YTD 2025

YTD 2024

Change

YTD 2025

YTD 2024

Change

AC Hotel Minneapolis Downtown (1)

$ 157.50

$ 171.78

(8.3) %

59.7 %

57.5 %

2.2 %

$ 94.04

$ 98.75

(4.8) %

$ 109.19

$ 112.21

(2.7) %

Atlanta Marriott Alpharetta

$ 164.41

$ 157.97

4.1 %

65.5 %

64.4 %

1.1 %

$ 107.65

$ 101.66

5.9 %

$ 157.03

$ 148.11

6.0 %

Bourbon Orleans Hotel

$ 239.49

$ 249.85

(4.1) %

68.0 %

68.5 %

(0.5) %

$ 162.87

$ 171.10

(4.8) %

$ 213.33

$ 217.43

(1.9) %

Cavallo Point, The Lodge at the Golden Gate

$ 591.24

$ 574.60

2.9 %

59.7 %

60.3 %

(0.6) %

$ 352.90

$ 346.53

1.8 %

$ 927.11

$ 909.68

1.9 %

Chicago Marriott Downtown Magnificent Mile

$ 262.61

$ 257.60

1.9 %

63.2 %

63.4 %

(0.2) %

$ 166.04

$ 163.27

1.7 %

$ 276.52

$ 271.18

2.0 %

Chico Hot Springs Resort & Day Spa

$ 225.43

$ 205.35

9.8 %

67.1 %

70.4 %

(3.3) %

$ 151.32

$ 144.62

4.6 %

$ 355.89

$ 360.84

(1.4) %

Courtyard Denver Downtown

$ 212.38

$ 202.95

4.6 %

78.8 %

77.2 %

1.6 %

$ 167.44

$ 156.69

6.9 %

$ 188.38

$ 175.14

7.6 %

Courtyard New York Manhattan/Fifth Avenue

$ 326.23

$ 306.10

6.6 %

97.7 %

91.5 %

6.2 %

$ 318.72

$ 280.11

13.8 %

$ 324.42

$ 286.81

13.1 %

Courtyard New York Manhattan/Midtown East

$ 356.47

$ 357.72

(0.3) %

90.9 %

92.3 %

(1.4) %

$ 323.96

$ 330.11

(1.9) %

$ 333.80

$ 341.80

(2.3) %

Embassy Suites by Hilton Bethesda

$ 166.35

$ 175.06

(5.0) %

65.6 %

69.7 %

(4.1) %

$ 109.18

$ 122.07

(10.6) %

$ 128.26

$ 139.98

(8.4) %

Havana Cabana Key West

$ 269.13

$ 293.52

(8.3) %

62.9 %

77.7 %

(14.8) %

$ 169.29

$ 227.99

(25.7) %

$ 247.74

$ 311.00

(20.3) %

Henderson Beach Resort

$ 379.44

$ 406.38

(6.6) %

56.2 %

53.1 %

3.1 %

$ 213.40

$ 215.61

(1.0) %

$ 432.04

$ 402.47

7.3 %

Henderson Park Inn

$ 574.13

$ 575.56

(0.2) %

68.8 %

65.6 %

3.2 %

$ 394.77

$ 377.33

4.6 %

$ 658.31

$ 602.41

9.3 %

Hilton Garden Inn New York/Times Square Central

$ 295.95

$ 280.33

5.6 %

90.7 %

92.0 %

(1.3) %

$ 268.52

$ 257.81

4.2 %

$ 298.73

$ 288.75

3.5 %

Hotel Champlain Burlington

$ 225.25

$ 235.51

(4.4) %

69.6 %

74.6 %

(5.0) %

$ 156.74

$ 175.69

(10.8) %

$ 229.32

$ 241.76

(5.1) %

Hotel Clio

$ 315.61

$ 304.46

3.7 %

77.8 %

77.9 %

(0.1) %

$ 245.52

$ 237.26

3.5 %

$ 419.90

$ 401.84

4.5 %

Hotel Emblem San Francisco

$ 205.47

$ 195.52

5.1 %

61.3 %

59.9 %

1.4 %

$ 126.04

$ 117.20

7.5 %

$ 154.10

$ 148.49

3.8 %

Kimpton Hotel Palomar Phoenix

$ 240.60

$ 222.82

8.0 %

67.7 %

75.1 %

(7.4) %

$ 162.92

$ 167.41

(2.7) %

$ 274.61

$ 279.75

(1.8) %

Kimpton Shorebreak Fort Lauderdale Beach Resort

$ 202.63

$ 203.39

(0.4) %

71.6 %

73.7 %

(2.1) %

$ 145.12

$ 149.98

(3.2) %

$ 287.08

$ 272.23

5.5 %

Kimpton Shorebreak Huntington Beach Resort

$ 301.02

$ 312.59

(3.7) %

79.7 %

82.1 %

(2.4) %

$ 239.87

$ 256.56

(6.5) %

$ 362.58

$ 372.52

(2.7) %

L'Auberge de Sedona (2)

$ 733.64

$ 666.34

10.1 %

49.6 %

59.7 %

(10.1) %

$ 363.88

$ 397.59

(8.5) %

$ 674.38

$ 698.88

(3.5) %

Lake Austin Spa Resort

$ 1,041.28

$ 1,012.08

2.9 %

52.0 %

57.8 %

(5.8) %

$ 541.54

$ 585.19

(7.5) %

$ 1,330.79

$ 1,373.57

(3.1) %

Margaritaville Beach House Key West

$ 376.79

$ 396.94

(5.1) %

82.7 %

82.3 %

0.4 %

$ 311.50

$ 326.63

(4.6) %

$ 425.03

$ 443.42

(4.1) %

Salt Lake City Marriott Downtown at City Creek

$ 203.47

$ 192.28

5.8 %

68.5 %

66.5 %

2.0 %

$ 139.47

$ 127.86

9.1 %

$ 193.65

$ 181.28

6.8 %

The Dagny Boston

$ 295.92

$ 277.32

6.7 %

85.4 %

85.5 %

(0.1) %

$ 252.62

$ 236.99

6.6 %

$ 281.05

$ 263.74

6.6 %

The Gwen

$ 318.29

$ 296.64

7.3 %

74.1 %

75.2 %

(1.1) %

$ 235.78

$ 222.93

5.8 %

$ 351.57

$ 332.48

5.7 %

The Hythe Vail

$ 434.91

$ 425.03

2.3 %

57.1 %

59.8 %

(2.7) %

$ 248.32

$ 254.21

(2.3) %

$ 389.33

$ 394.28

(1.3) %

The Landing Lake Tahoe Resort & Spa

$ 421.17

$ 415.66

1.3 %

60.9 %

60.7 %

0.2 %

$ 256.68

$ 252.27

1.7 %

$ 468.60

$ 455.60

2.9 %

The Lindy Renaissance Charleston Hotel

$ 346.00

$ 344.88

0.3 %

88.0 %

87.8 %

0.2 %

$ 304.47

$ 302.80

0.6 %

$ 394.72

$ 375.87

5.0 %

The Lodge at Sonoma Resort

$ 420.81

$ 405.07

3.9 %

70.9 %

67.3 %

3.6 %

$ 298.30

$ 272.43

9.5 %

$ 474.93

$ 443.01

7.2 %

Tranquility Bay Beachfront Resort

$ 598.88

$ 601.79

(0.5) %

70.2 %

73.7 %

(3.5) %

$ 420.39

$ 443.56

(5.2) %

$ 539.69

$ 571.03

(5.5) %

Westin Boston Waterfront

$ 274.08

$ 265.23

3.3 %

82.1 %

83.6 %

(1.5) %

$ 224.97

$ 221.75

1.5 %

$ 347.67

$ 348.54

(0.2) %

Westin Fort Lauderdale Beach Resort

$ 253.60

$ 254.95

(0.5) %

74.9 %

78.1 %

(3.2) %

$ 190.03

$ 199.04

(4.5) %

$ 410.86

$ 427.02

(3.8) %

Westin San Diego Bayview

$ 224.08

$ 229.57

(2.4) %

77.7 %

72.0 %

5.7 %

$ 174.05

$ 165.35

5.3 %

$ 241.98

$ 222.36

8.8 %

Westin Washington D.C. City Center

$ 254.66

$ 188.28

35.3 %

45.4 %

60.7 %

(15.3) %

$ 115.57

$ 114.25

1.2 %

$ 153.18

$ 146.08

4.9 %

Worthington Renaissance Fort Worth Hotel

$ 202.16

$ 206.33

(2.0) %

71.8 %

70.7 %

1.1 %

$ 145.12

$ 145.86

(0.5) %

$ 271.37

$ 269.60

0.7 %

Comparable Total (3)

$ 287.63

$ 284.26

1.2 %

72.1 %

72.7 %

(0.6) %

$ 207.38

$ 206.64

0.4 %

$ 319.06

$ 315.28

1.2 %

(1)

Hotel was acquired on November 12, 2024. Amounts reflect the pre-acquisition operating results of the period from January 1, 2024 to November 11, 2024.

(2)

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.

(3)

Amounts include the pre-acquisition operating results of the AC Minneapolis Downtown acquired in 2024 and exclude the Westin Washington D.C. City Center which was sold in 2025.

Hotel Adjusted EBITDA Reconciliation - Fourth Quarter 2025

Net Income (Loss)

Plus:

Equals: Hotel

Adjusted EBITDA

Total Revenues

Depreciation

Interest Expense

Adjustments (1)

AC Hotel Minneapolis Downtown

$ 2,341

$ 190

$ 301

$ —

$ 491

Atlanta Marriott Alpharetta

$ 4,618

$ 1,348

$ 396

$ —

$ 1,744

Bourbon Orleans Hotel

$ 4,624

$ 664

$ 1,197

$ —

$ 3

$ 1,864

Cavallo Point, The Lodge at the Golden Gate

$ 13,154

$ 1,734

$ 1,491

$ —

$ 94

$ 3,319

Chicago Marriott Downtown Magnificent Mile

$ 29,632

$ 5,063

$ 3,140

$ 6

$ (397)

$ 7,812

Chico Hot Springs Resort & Day Spa

$ 3,281

$ (161)

$ 498

$ —

$ (2)

$ 335

Courtyard Denver Downtown

$ 2,908

$ 843

$ 401

$ —

$ 1,244

Courtyard New York Manhattan/Fifth Avenue

$ 7,306

$ 1,961

$ 345

$ 283

$ 217

$ 2,806

Courtyard New York Manhattan/Midtown East

$ 13,079

$ 5,478

$ 544

$ —

$ 6,022

Embassy Suites by Hilton Bethesda

$ 2,721

$ (1,780)

$ 466

$ —

$ 1,435

$ 121

Havana Cabana Key West

$ 1,393

$ (425)

$ 252

$ —

$ (173)

Henderson Beach Resort

$ 7,868

$ (315)

$ 1,135

$ —

$ 820

Henderson Park Inn

$ 1,666

$ 265

$ 279

$ —

$ 544

Hilton Garden Inn New York/Times Square Central

$ 10,520

$ 3,428

$ 788

$ —

$ 4,216

Hotel Champlain Burlington

$ 5,359

$ 339

$ 809

$ —

$ 1,148

Hotel Clio

$ 7,701

$ 1,312

$ 850

$ —

$ 5

$ 2,167

Hotel Emblem San Francisco

$ 1,251

$ (357)

$ 292

$ —

$ (65)

Kimpton Hotel Palomar Phoenix

$ 7,403

$ 979

$ 725

$ —

$ 190

$ 1,894

Kimpton Shorebreak Fort Lauderdale Beach Resort

$ 2,427

$ (105)

$ 371

$ —

$ 266

Kimpton Shorebreak Huntington Beach Resort

$ 4,413

$ 399

$ 347

$ —

$ 746

L'Auberge de Sedona (2)

$ 12,881

$ 3,910

$ 1,139

$ —

$ 42

$ 5,091

Lake Austin Spa Resort

$ 4,634

$ 430

$ 723

$ —

$ 1,153

Margaritaville Beach House Key West

$ 6,811

$ 1,692

$ 755

$ —

$ 2,447

Salt Lake City Marriott Downtown at City Creek

$ 8,030

$ 1,602

$ 1,071

$ —

$ 11

$ 2,684

The Dagny Boston

$ 10,443

$ 2,329

$ 1,596

$ —

$ 3,925

The Gwen

$ 9,511

$ 460

$ 767

$ —

$ 1,227

The Hythe Vail

$ 9,090

$ 1,387

$ 808

$ —

$ 2,195

The Landing Lake Tahoe Resort & Spa

$ 2,557

$ 97

$ 324

$ —

$ 421

The Lindy Renaissance Charleston Hotel

$ 6,149

$ 2,515

$ 378

$ —

$ 2,893

The Lodge at Sonoma Resort

$ 7,411

$ 1,315

$ 493

$ —

$ 1,808

Tranquility Bay Beachfront Resort

$ 3,981

$ 495

$ 472

$ —

$ 967

Westin Boston Seaport District

$ 22,991

$ 2,862

$ 2,284

$ —

$ (124)

$ 5,022

Westin Fort Lauderdale Beach Resort

$ 15,058

$ 3,374

$ 963

$ —

$ 4,337

Westin San Diego Bayview

$ 8,689

$ 122

$ 1,361

$ —

$ 1,483

Worthington Renaissance Fort Worth Hotel

$ 12,633

$ 2,693

$ 958

$ —

$ 3,651

Total

$ 274,534

$ 46,143

$ 28,719

$ 289

$ 1,474

$ 76,637

(1)

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.

(2)

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 - Fourth Quarter 2024

Net Income (Loss)

Plus:

Equals: Hotel

Total Revenues

Depreciation

Interest Expense

Adjustments (1)

Adjusted EBITDA

AC Hotel Minneapolis Downtown

$ 805

$ (167)

$ 198

$ —

$ 31

Atlanta Marriott Alpharetta

$ 4,404

$ 1,221

$ 369

$ —

$ 1,590

Bourbon Orleans Hotel

$ 4,888

$ 934

$ 1,063

$ —

$ 3

$ 2,000

Cavallo Point, The Lodge at the Golden Gate

$ 12,055

$ 290

$ 1,457

$ —

$ 94

$ 1,841

Chicago Marriott Downtown Magnificent Mile

$ 31,913

$ 4,749

$ 3,251

$ 6

$ (397)

$ 7,609

Chico Hot Springs Resort & Day Spa

$ 3,277

$ (280)

$ 425

$ —

$ 145

Courtyard Denver Downtown

$ 2,439

$ 416

$ 379

$ —

$ 795

Courtyard New York Manhattan/Fifth Avenue

$ 6,449

$ 1,524

$ 343

$ 311

$ 88

$ 2,266

Courtyard New York Manhattan/Midtown East

$ 12,779

$ 4,747

$ 533

$ —

$ 5,280

Embassy Suites by Hilton Bethesda

$ 3,233

$ (1,654)

$ 577

$ —

$ 1,449

$ 372

Havana Cabana Key West

$ 2,756

$ 138

$ 308

$ —

$ 446

Henderson Beach Resort

$ 6,376

$ (875)

$ 1,106

$ —

$ 231

Henderson Park Inn

$ 1,489

$ 167

$ 278

$ —

$ 445

Hilton Garden Inn New York/Times Square Central

$ 10,174

$ 3,411

$ 664

$ —

$ 4,075

Hotel Champlain Burlington

$ 5,988

$ 791

$ 781

$ —

$ 1,572

Hotel Clio

$ 7,332

$ 170

$ 858

$ 616

$ 5

$ 1,649

Hotel Emblem San Francisco

$ 975

$ (464)

$ 294

$ —

$ (170)

Kimpton Hotel Palomar Phoenix

$ 6,250

$ 910

$ 507

$ —

$ 193

$ 1,610

Kimpton Shorebreak Fort Lauderdale Beach Resort

$ 2,459

$ (143)

$ 368

$ —

$ 225

Kimpton Shorebreak Huntington Beach Resort

$ 4,409

$ 712

$ 348

$ —

$ 1,060

L'Auberge de Sedona (2)

$ 11,267

$ 3,483

$ 504

$ —

$ 42

$ 4,029

Lake Austin Spa Resort

$ 4,688

$ 474

$ 719

$ —

$ 1,193

Margaritaville Beach House Key West

$ 6,869

$ 1,443

$ 769

$ —

$ 2,212

Salt Lake City Marriott Downtown at City Creek

$ 8,534

$ 1,978

$ 1,023

$ —

$ 11

$ 3,012

The Dagny Boston

$ 9,858

$ 2,627

$ 1,545

$ —

$ 4,172

The Gwen

$ 9,769

$ 642

$ 746

$ —

$ 1,388

The Hythe Vail

$ 9,971

$ 1,448

$ 1,166

$ —

$ 2,614

The Landing Lake Tahoe Resort & Spa

$ 2,476

$ 67

$ 247

$ —

$ 314

The Lindy Renaissance Charleston Hotel

$ 5,821

$ 2,321

$ 363

$ —

$ 2,684

The Lodge at Sonoma Resort

$ 7,484

$ 1,337

$ 494

$ —

$ 1,831

Tranquility Bay Beachfront Resort

$ 4,377

$ 620

$ 463

$ —

$ 1,083

Westin Boston Seaport District

$ 23,574

$ 2,718

$ 2,439

$ 1,935

$ (122)

$ 6,970

Westin Fort Lauderdale Beach Resort

$ 15,396

$ 1,771

$ 1,087

$ —

$ 2,858

Westin San Diego Bayview

$ 8,646

$ 726

$ 1,356

$ —

$ 2,082

Westin Washington D.C. City Center

$ 7,691

$ 998

$ 1,041

$ —

$ 2,039

Worthington Renaissance Fort Worth Hotel

$ 12,180

$ 2,227

$ 977

$ 696

$ —

$ 3,900

Total

$ 279,051

$ 41,477

$ 29,046

$ 3,564

$ 1,366

$ 75,453

Add: Prior Ownership Results (3)

$ 1,423

$ 359

$ 126

$ —

$ 485

Less: Sold Hotel (4)

$ (7,691)

$ (998)

$ (1,041)

$ —

$ (2,039)

Comparable Total

$ 272,783

$ 40,838

$ 28,131

$ 3,564

$ 1,366

$ 73,899

(1)

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.

(2)

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.

(3)

Represents the pre-acquisition operating results of the AC Minneapolis Downtown acquired in 2024.

(4)

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

Hotel Adjusted EBITDA Reconciliation - Year to Date 2025

Total Revenues

Net Income (Loss)

Plus:

Depreciation

Plus:

Interest Expense

Plus:

Adjustments (1)

Equals: Hotel

Adjusted EBITDA

AC Hotel Minneapolis Downtown

$ 9,764

$ 1,295

$ 1,194

$ —

$ 2,489

Atlanta Marriott Alpharetta

$ 18,227

$ 5,476

$ 1,529

$ —

$ 7,005

Bourbon Orleans Hotel

$ 17,130

$ 1,965

$ 4,499

$ —

$ 12

$ 6,476

Cavallo Point, The Lodge at the Golden Gate

$ 48,052

$ 5,934

$ 5,913

$ —

$ 375

$ 12,222

Chicago Marriott Downtown Magnificent Mile

$ 121,114

$ 19,280

$ 12,340

$ 25

$ (1,589)

$ 30,056

Chico Hot Springs Resort & Day Spa

$ 15,198

$ 1,091

$ 1,812

$ —

$ (3)

$ 2,900

Courtyard Denver Downtown

$ 12,171

$ 3,477

$ 1,569

$ —

$ 5,046

Courtyard New York Manhattan/Fifth Avenue

$ 22,380

$ 3,063

$ 1,373

$ 1,132

$ 837

$ 6,405

Courtyard New York Manhattan/Midtown East

$ 39,110

$ 10,965

$ 2,152

$ —

$ 13,117

Embassy Suites by Hilton Bethesda

$ 12,734

$ (6,320)

$ 1,975

$ —

$ 5,758

$ 1,413

Havana Cabana Key West

$ 9,585

$ 796

$ 1,031

$ —

$ 1,827

Henderson Beach Resort

$ 42,578

$ 5,838

$ 4,470

$ —

$ 10,308

Henderson Park Inn

$ 8,890

$ 2,858

$ 1,105

$ —

$ 3,963

Hilton Garden Inn New York/Times Square Central

$ 30,749

$ 5,828

$ 3,003

$ —

$ 8,831

Hotel Champlain Burlington

$ 21,595

$ 1,482

$ 3,166

$ —

$ 4,648

Hotel Clio

$ 30,500

$ 3,348

$ 3,399

$ 1,242

$ 19

$ 8,008

Hotel Emblem San Francisco

$ 5,400

$ (966)

$ 1,170

$ —

$ 204

Kimpton Hotel Palomar Phoenix

$ 24,257

$ 2,427

$ 2,315

$ —

$ 762

$ 5,504

Kimpton Shorebreak Fort Lauderdale Beach Resort

$ 10,059

$ (246)

$ 1,482

$ —

$ 1,236

Kimpton Shorebreak Huntington Beach Resort

$ 20,778

$ 5,015

$ 1,370

$ —

$ 6,385

L'Auberge de Sedona (2)

$ 38,892

$ 7,310

$ 3,454

$ —

$ 168

$ 10,932

Lake Austin Spa Resort

$ 19,430

$ 2,479

$ 2,877

$ —

$ 5,356

Margaritaville Beach House Key West

$ 28,855

$ 8,507

$ 3,041

$ —

$ 11,548

Salt Lake City Marriott Downtown at City Creek

$ 36,047

$ 9,058

$ 4,232

$ —

$ 42

$ 13,332

The Dagny Boston

$ 41,341

$ 9,200

$ 6,301

$ —

$ 15,501

The Gwen

$ 39,908

$ 4,717

$ 3,039

$ —

$ 7,756

The Hythe Vail

$ 48,885

$ 13,438

$ 4,037

$ —

$ 17,475

The Landing Lake Tahoe Resort & Spa

$ 14,025

$ 3,178

$ 1,278

$ —

$ 4,456

The Lindy Renaissance Charleston Hotel

$ 24,060

$ 9,467

$ 1,478

$ —

$ 10,945

The Lodge at Sonoma Resort

$ 31,550

$ 7,487

$ 1,945

$ —

$ 9,432

Tranquility Bay Beachfront Resort

$ 20,290

$ 4,248

$ 1,878

$ —

$ 6,126

Westin Boston Seaport District

$ 100,644

$ 10,737

$ 9,200

$ 5,188

$ (490)

$ 24,635

Westin Fort Lauderdale Beach Resort

$ 64,785

$ 12,106

$ 4,253

$ —

$ 16,359

Westin San Diego Bayview

$ 38,509

$ 4,636

$ 5,411

$ —

$ 10,047

Westin Washington D.C. City Center

$ 3,077

$ 330

$ —

$ 330

Worthington Renaissance Fort Worth Hotel

$ 49,922

$ 9,834

$ 3,816

$ 940

$ —

$ 14,590

Total

$ 1,120,491

$ 189,338

$ 113,107

$ 8,527

$ 5,891

$ 316,828

Less: Sold Hotel (3)

$ (3,077)

$ (330)

$ —

$ (330)

Comparable Total

$ 1,117,414

$ 189,008

$ 113,107

$ 8,527

$ 5,891

$ 316,498

(1)

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.

(2)

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.

(3)

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

Hotel Adjusted EBITDA Reconciliation - Year to Date 2024

Net Income (Loss)

Plus:

Equals: Hotel

Total Revenues

Depreciation

Interest Expense

Adjustments (1)

Adjusted EBITDA

AC Hotel Minneapolis Downtown

$ 805

$ (167)

$ 198

$ —

$ 31

Atlanta Marriott Alpharetta

$ 17,239

$ 4,738

$ 1,474

$ —

$ 6,212

Bourbon Orleans Hotel

$ 17,507

$ 2,484

$ 3,757

$ —

$ (20)

$ 6,221

Cavallo Point, The Lodge at the Golden Gate

$ 47,278

$ 4,573

$ 5,781

$ —

$ 375

$ 10,729

Chicago Marriott Downtown Magnificent Mile

$ 119,101

$ 20,068

$ 12,935

$ 24

$ (1,588)

$ 31,439

Chico Hot Springs Resort & Day Spa

$ 14,924

$ 340

$ 1,626

$ —

$ 4

$ 1,970

Courtyard Denver Downtown

$ 11,346

$ 3,003

$ 1,464

$ —

$ 4,467

Courtyard New York Manhattan/Fifth Avenue

$ 19,840

$ 1,285

$ 1,383

$ 311

$ 848

$ 3,827

Courtyard New York Manhattan/Midtown East

$ 40,157

$ 9,377

$ 2,087

$ 2,086

$ —

$ 13,550

Embassy Suites by Hilton Bethesda

$ 13,936

$ (6,022)

$ 2,366

$ —

$ 5,817

$ 2,161

Havana Cabana Key West

$ 12,065

$ 1,744

$ 1,373

$ —

$ 3,117

Henderson Beach Resort

$ 39,515

$ 3,821

$ 4,355

$ —

$ 8,176

Henderson Park Inn

$ 8,158

$ 2,196

$ 1,096

$ —

$ 3,292

Hilton Garden Inn New York/Times Square Central

$ 29,802

$ 5,712

$ 2,617

$ —

$ 8,329

Hotel Champlain Burlington

$ 22,829

$ 3,024

$ 2,756

$ —

$ 5,780

Hotel Clio

$ 29,267

$ 1,794

$ 3,355

$ 2,475

$ 19

$ 7,643

Hotel Emblem San Francisco

$ 5,217

$ (1,085)

$ 1,204

$ —

$ 119

Kimpton Hotel Palomar Phoenix

$ 24,778

$ 3,701

$ 1,978

$ —

$ 777

$ 6,456

Kimpton Shorebreak Fort Lauderdale Beach Resort

$ 9,565

$ (719)

$ 1,442

$ —

$ 723

Kimpton Shorebreak Huntington Beach Resort

$ 21,406

$ 5,703

$ 1,409

$ —

$ 7,112

L'Auberge de Sedona (2)

$ 40,414

$ 9,833

$ 1,890

$ —

$ 168

$ 11,891

Lake Austin Spa Resort

$ 20,109

$ 2,024

$ 2,802

$ —

$ 4,826

Margaritaville Beach House Key West

$ 30,186

$ 8,830

$ 2,833

$ —

$ 11,663

Salt Lake City Marriott Downtown at City Creek

$ 33,838

$ 8,403

$ 3,851

$ —

$ 60

$ 12,314

The Dagny Boston

$ 38,901

$ 7,905

$ 6,263

$ —

$ 14,168

The Gwen

$ 37,845

$ 4,364

$ 3,221

$ —

$ 7,585

The Hythe Vail

$ 49,642

$ 13,781

$ 4,686

$ —

$ 18,467

The Landing Lake Tahoe Resort & Spa

$ 13,673

$ 3,034

$ 900

$ —

$ 3,934

The Lindy Renaissance Charleston Hotel

$ 22,974

$ 8,716

$ 1,506

$ —

$ 10,222

The Lodge at Sonoma Resort

$ 29,510

$ 5,808

$ 2,109

$ —

$ 7,917

Tranquility Bay Beachfront Resort

$ 21,527

$ 4,668

$ 1,825

$ —

$ 6,493

Westin Boston Seaport District

$ 101,158

$ 10,286

$ 9,776

$ 7,777

$ (490)

$ 27,349

Westin Fort Lauderdale Beach Resort

$ 67,634

$ 12,441

$ 4,269

$ —

$ 16,710

Westin San Diego Bayview

$ 35,484

$ 4,825

$ 5,116

$ —

$ 9,941

Westin Washington D.C. City Center

$ 32,521

$ 3,966

$ 4,272

$ —

$ 8,238

Worthington Renaissance Fort Worth Hotel

$ 49,732

$ 9,036

$ 3,613

$ 2,796

$ —

$ 15,445

Total

$ 1,129,883

$ 183,490

$ 113,588

$ 15,469

$ 5,970

$ 318,614

Add: Prior Ownership Results (3)

$ 9,256

$ 1,683

$ 1,096

$ —

$ 2,779

Less: Sold Hotel (4)

$ (32,521)

$ (3,966)

$ (4,272)

$ —

$ (8,238)

Comparable Total

$ 1,106,618

$ 181,207

$ 110,412

$ 15,469

$ 5,970

$ 313,155

(1)

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.

(2)

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.

(3)

Represents the pre-acquisition operating results of the AC Minneapolis Downtown acquired in 2024.

(4)

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

SOURCE DiamondRock Hospitality Company