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  4. [8-K] DiamondRock Hospitality Co Reports Material Event

DiamondRock Q3 2026 earnings reach $33.3M

The revised 2026 outlook includes the anticipated Bellmoor contribution and assumes no additional acquisitions, dispositions or share repurchases.

Available on EDGAR Accepted by SEC EDGAR
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(Very High)
Filing Sentiment

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Form Type
8-K

Rhea-AI Filing Summary

DiamondRock Hospitality (DRH) reported third-quarter 2026 net income attributable to common stockholders of $33.3 million, up 65.7% from a year earlier, and diluted earnings of $0.16 per share. Adjusted EBITDA was $84.8 million, up 7.2%, while Adjusted FFO per diluted share rose 10.3% to $0.32. Comparable RevPAR increased 6.6% to $226.01.

The company raised 2026 guidance: Adjusted EBITDA to $322.0 million to $327.0 million and Adjusted FFO per diluted share to $1.24 to $1.26. The outlook includes the anticipated contribution from The Bellmoor Inn & Spa and assumes no additional acquisitions, dispositions or share repurchases. DiamondRock completed the 79-room resort acquisition on October 1, 2026, for $31.0 million; it expects a stabilized Hotel NOI yield of approximately 9.5% following asset-management initiatives and planned off-season capital improvements.

DiamondRock declared and paid a third-quarter dividend of $0.11 per share, 22% above the prior quarterly dividend. Total debt outstanding was $1.1 billion, with a weighted-average interest rate of 5.1%, as of September 30, 2026.

3 points · 1 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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0 major · 0 points

Hollow bars mark forward-looking points. How the balance works

Positive

  • Major point. Forward-looking: it has not happened yet and may not happen.2026 Adjusted EBITDA guidance midpoint rose $9.5 million to $322.0–$327.0 million.
  • Moderate pointQ3 common-stockholder net income rose 65.7% to $33.3 million.
  • Moderate pointQ3 Adjusted EBITDA increased 7.2% to $84.8 million.

Negative

  • None.

Filing Explained

As of September 30, the company reported $1.1 billion in debt alongside $140 million in cash and $400 million of undrawn credit capacity.

The November 3 Form 8-K furnishes DiamondRock’s third-quarter results; it also reports that by September 30, 2026, the company had repurchased about 0.2 million shares for $1.9 million and retained $299.4 million of program capacity—authorization, not a commitment to further purchases.

As of September 30, 2026, the company reported $1.1 billion in debt, approximately $140 million in unrestricted cash and $400 million available under its undrawn revolving facility.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Net income attributable to common stockholders $33.3 million; up 65.7% Third quarter 2026 compared with third quarter 2025
Adjusted EBITDA $84.8 million; up 7.2% Third quarter 2026 compared with third quarter 2025
Adjusted FFO per diluted share $0.32; up 10.3% Third quarter 2026 compared with third quarter 2025
Comparable RevPAR $226.01; up 6.6% Third quarter 2026 compared with third quarter 2025
2026 Adjusted EBITDA guidance $322.0 million to $327.0 million Updated full-year 2026 guidance
Bellmoor acquisition consideration $31.0 million Acquisition completed October 1, 2026
Quarterly common dividend $0.11 per share; increased 22% Third quarter 2026
Adjusted EBITDA financial
"Adjusted EBITDA: $84.8 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Adjusted FFO financial
"Adjusted FFO per diluted share: $0.32"
Adjusted funds from operations (FFO) is a measure of how much cash a real estate investment generates from its regular business activities, excluding certain adjustments like accounting items or non-recurring expenses. It provides a clearer picture of the company's ongoing financial health, helping investors understand its true cash-generating ability. Think of it as measuring how much money a store makes from sales, after removing one-time costs or gains, to see its steady income flow.
RevPAR financial
"Comparable RevPAR: $226.01"
RevPAR, or revenue per available room, is a measure used in the hotel industry to show how much money a hotel earns from each of its rooms over a certain period. It helps investors understand how well a hotel is performing financially, similar to how a store's sales per square foot reveal its profitability. Higher RevPAR indicates better use of resources and stronger financial health.
Hotel NOI financial
"capitalization rate on Hotel Net Operating Income (Hotel NOI)"
capitalization rate financial
"an 8.6% capitalization rate on Hotel Net Operating Income"
The capitalization rate is a percentage that helps investors estimate how much money a property or investment might generate relative to its value. It’s similar to a return rate, showing how quickly an investment could pay for itself over time. This rate helps compare different investments and assess their potential profitability.
Net income attributable to common stockholders $33.3 million up 65.7% compared with third quarter 2025
Adjusted EBITDA $84.8 million up 7.2% compared with third quarter 2025
Adjusted FFO per diluted share $0.32 up 10.3% compared with third quarter 2025
Guidance

2026 Adjusted EBITDA: $322.0 million to $327.0 million; Adjusted FFO per diluted share: $1.24 to $1.26.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did DRH earn in the third quarter of 2026?
DRH reported $33.3 million in net income attributable to common stockholders for the third quarter of 2026, up 65.7% from the third quarter of 2025; diluted earnings were $0.16 per share, up 60.0%. Adjusted EBITDA was $84.8 million, up 7.2%.

What is DRH's updated 2026 guidance?
DRH's updated 2026 guidance is Adjusted EBITDA of $322.0 million to $327.0 million and Adjusted FFO per diluted share of $1.24 to $1.26. The outlook includes the anticipated Bellmoor contribution and assumes no additional acquisitions, dispositions or share repurchases.

How much did DRH pay for The Bellmoor Inn & Spa?
DRH completed the acquisition of the 79-room resort for $31.0 million on October 1, 2026. The purchase price was 10.4 times trailing 12-month August 2026 Hotel Adjusted EBITDA and represented an 8.6% capitalization rate on Hotel NOI. DRH expects a stabilized Hotel NOI yield of approximately 9.5% following asset-management initiatives and planned off-season capital improvements.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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false000129894600012989462026-11-032026-11-03

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
November 3, 2026 
DiamondRock Hospitality Company
(Exact name of registrant as specified in charter)
Maryland001-3251420-1180098
(State or Other Jurisdiction
of Incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
7373 Wisconsin Avenue, Suite 1900
Bethesda, MD 20814
(Address of Principal Executive Offices) (Zip Code)

(Registrant’s telephone number, including area code): (240) 744-1150
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueDRHThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.      ☐








This Current Report on Form 8-K (“Current Report”) 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,” “anticipate,” “position,” 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, those risks and uncertainties described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K filed on February 27, 2026 and our Quarterly Reports on Form 10-Q filed on April 30, 2026 and July 30, 2026. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this Current Report is as of the date of this Current Report, and we undertake no obligation to update any forward-looking statement to conform the statement to actual results or changes in our expectations.

ITEM 2.02 Results of Operations and Financial Condition.

On November 3, 2026, DiamondRock Hospitality Company (the “Company”) issued a press release announcing its financial results for the three and nine months ended September 30, 2026. A copy of that press release is furnished as Exhibit 99.1 and is incorporated by reference herein.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, regardless of any general incorporation language in such filing.


ITEM 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are included with this report:
Exhibit No. Description
99.1     Press Release, dated November 3, 2026
101.SCH        Inline XBRL Taxonomy Extension Schema Document
101.CAL        Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF        Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB        Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE        Inline XBRL Taxonomy Extension Presentation Linkbase Document
104            Cover Page Interactive Data File
















SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
DIAMONDROCK HOSPITALITY COMPANY
Dated: November 3, 2026By:
/s/ Briony R. Quinn
Briony R. Quinn
Executive Vice President, Chief Financial Officer and Treasurer







diamondrock-centerxblacka.jpg
COMPANY CONTACTS

Briony Quinn
Chief Financial Officer
(240) 744-1196

Dori Kesten
Capital Markets
(617) 835-8366

DIAMONDROCK HOSPITALITY COMPANY REPORTS THIRD QUARTER 2026 RESULTS
Raises Full-Year Guidance Following Another Strong Quarter
BETHESDA, Maryland, Tuesday, November 3, 2026 – 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 September 30, 2026.

THIRD QUARTER 2026 HIGHLIGHTS
•Net Income: Net income attributable to common stockholders of $33.3 million, or $0.16 per diluted share, increased 65.7% and 60.0%, respectively, compared to the third quarter of 2025.
•Adjusted EBITDA: $84.8 million, an increase of 7.2% compared to the third quarter of 2025.
•Adjusted FFO per Diluted Share: $0.32, an increase of 10.3% compared to the third quarter of 2025.
•Comparable RevPAR: $226.01, an increase of 6.6% compared to the third quarter of 2025.
•Comparable Total RevPAR: $344.13, an increase of 6.5% compared to the third quarter of 2025.
•Comparable Hotel Adjusted EBITDA: $91.7 million, an increase of 12.5% compared to the third quarter of 2025.
•Comparable Hotel Adjusted EBITDA Margin: 30.81%, an increase of 166 basis points compared to the third quarter of 2025.
•Common Dividend: The Company increased its quarterly common dividend by 22% to $0.11 per share.

RECENT DEVELOPMENT
•Hotel Acquisition: On October 1, 2026, the Company acquired The Bellmoor Inn & Spa, a 79-room independent resort in Rehoboth Beach, Delaware, for total consideration of $31.0 million.

"We delivered another strong quarter, exceeding our expectations with healthy demand and higher rates across both transient and group segments. Combined with the operating efficiencies we have built across the portfolio, that drove outsized Hotel Adjusted EBITDA growth and, importantly, higher free cash flow. Given the strength of our third quarter results and our fourth quarter booking pace, we are raising our 2026 guidance again.

Our growing free cash flow and conservative balance sheet provide us with substantial capacity to invest when we see compelling opportunities. We put that capacity to work in October with the acquisition of The Bellmoor Inn & Spa, a leading independent resort in a supply-constrained market. The resort was acquired at an attractive initial yield and offers meaningful upside through the DiamondRock platform.



Looking ahead to 2027, we see a constructive industry backdrop and strong earnings drivers across our portfolio. We expect to grow earnings through continued operating execution and the ramp of our recently renovated hotels, while our free cash flow and balance sheet provide significant flexibility to deploy capital at attractive returns. That is our flywheel: grow earnings, generate more free cash flow and reinvest that capital at attractive returns to drive further growth."

- 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 September 30, 2026, for all periods presented. See “Comparable Hotel Operating Statistics and Results” and “Reconciliation of Comparable Operating Results” attached to this press release for an explanation of the Company's 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 September 30,Nine Months Ended September 30,
20262025Change20262025Change
(unaudited, $ amounts in millions, except hotel statistics and per share amounts)
Comparable Operating Results(1)
ADR$290.46 $279.91 3.8 %$295.48 $284.81 3.7 %
Occupancy77.8 %75.8 %2.0 %74.1 %72.9 %1.2 %
RevPAR$226.01 $212.06 6.6 %$218.91 $207.69 5.4 %
Total RevPAR$344.13 $323.24 6.5 %$338.37 $322.37 5.0 %
Room Revenues$195.5 $183.5 6.5 %$561.9 $533.3 5.4 %
Total Revenues$297.6 $279.7 6.4 %$868.5 $827.8 4.9 %
Hotel Operating Expenses(2)
$205.9 $198.2 3.9 %$597.7 $591.5 1.0 %
Hotel Adjusted EBITDA(2)
$91.7 $81.5 12.5 %$270.8 $236.3 14.6 %
Hotel Adjusted EBITDA Margin(2)
30.81 %29.15 %166 bps31.18 %28.54 %264 bps
Available Rooms864,800 865,352 (552)2,566,770 2,567,838 (1,068)
Actual Operating Results
Total Revenues$297.6 $285.4 4.3 %$874.1 $846.0 3.3 %
Net income attributable to common stockholders(2)
$33.3 $20.1 65.7 %$138.3 $67.9 103.7 %
Earnings per diluted share(2)
$0.16 $0.10 60.0 %$0.67 $0.33 103.0 %
Adjusted EBITDA(2)
$84.8 $79.1 7.2 %$253.3 $225.7 12.2 %
Adjusted FFO(2)
$66.1 $59.2 11.7 %$204.0 $171.1 19.2 %
Adjusted FFO per diluted share(2)
$0.32 $0.29 10.3 %$0.98 $0.82 19.5 %
(1) Amounts exclude the operating results for the Courtyard New York Manhattan/Fifth Avenue sold on May 1, 2026 and the Westin Washington D.C. City Center sold on February 19, 2025.
(2) The nine months ended September 30, 2026 includes the one-time benefit of approximately $6.9 million recognized in the second quarter of 2026 as a result of a favorable settlement of multi-year property tax appeals for the Company's two Chicago hotels. Excluding this benefit, for the nine months ended September 30, 2026, Comparable Hotel Operating Expenses increased 2.2%, Comparable Hotel Adjusted EBITDA Margin increased 185 basis points and Adjusted FFO per diluted share was $0.95.

2

HOTEL ACQUISITION

On October 1, 2026, the Company completed the acquisition of The Bellmoor Inn & Spa, a 79-room independent, fee simple, third-party managed resort in Rehoboth Beach, Delaware, for total consideration of $31.0 million. The purchase price represents a 10.4x multiple of trailing 12-month August 2026 Hotel Adjusted EBITDA and an 8.6% capitalization rate on Hotel Net Operating Income (Hotel NOI). Following the implementation of the Company's asset management initiatives and completion of planned off-season capital improvements, the Company expects the hotel to generate a stabilized Hotel NOI yield of approximately 9.5%.

CAPITAL EXPENDITURES

The Company invested $59.2 million in capital improvements during the nine months ended September 30, 2026. The Company currently expects to invest approximately $75.0 to $80.0 million in capital improvements at its hotels in 2026. Significant projects in 2026 include the following:

•Courtyard New York Manhattan/Midtown East: The Company completed a guestroom renovation during the first quarter of 2026.
•Henderson Park Inn: The Company completed a renovation of the guestrooms and bathrooms during the first quarter of 2026.
•Westin San Diego Bayview: The Company began a renovation of the hotel's entrance, lobby, and lobby bar during the third quarter of 2026 and expects to complete the project in the first quarter of 2027.
•Atlanta Marriott Alpharetta: The Company expects to begin a guestroom renovation during the fourth quarter of 2026 and expects to complete the project in the first quarter of 2027.

BALANCE SHEET

As of September 30, 2026, the Company had total debt outstanding of $1.1 billion, consisting of three unsecured term loans with a weighted average interest rate of 5.1%. The Company also had $400.0 million of available capacity under its undrawn revolving credit facility and approximately $140.0 million of unrestricted cash on hand.

SHARE REPURCHASE PROGRAM
During the nine months ended September 30, 2026, the Company repurchased approximately 0.2 million shares of its common stock for $1.9 million, at an average price of $9.79 per share. The Company currently has $299.4 million of remaining capacity under its $300.0 million share repurchase program, which was announced on April 30, 2026.

DIVIDENDS
The Company's Board of Directors declared a third quarter cash dividend of $0.11 per share to stockholders of record as of September 30, 2026, representing a 22% increase over the prior quarterly dividend. The third quarter dividend was paid on October 14, 2026.

The Company expects to declare a stub dividend in the fourth quarter of 2026 in addition to its regular quarterly dividend of $0.11 per common share, depending on its estimated 2026 taxable income.

GUIDANCE
The Company is raising its 2026 guidance to reflect the stronger-than-expected third quarter results and improved fourth quarter booking pace. The outlook includes the anticipated contribution from The Bellmoor Inn & Spa but assumes no additional acquisitions, dispositions, or share repurchases. It reflects current operating trends and macroeconomic conditions. 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.






3

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

MetricPrior GuidanceUpdated GuidanceChange at Midpoint
Comparable RevPAR Growth2.5% to 4.0%4.75% to 5.25%175 bps
Comparable Total RevPAR Growth2.75% to 4.25%4.75% to 5.25%150 bps
Adjusted EBITDA (in millions)$310.0 to $320.0$322.0 to $327.0$9.5
Adjusted FFO (in millions)$245.5 to $255.5$256.5 to $261.5$8.5
Adjusted FFO per diluted share$1.18 to $1.23$1.24 to $1.26$0.04

Full year 2026 guidance is based in part on the following assumptions:
•The Bellmoor Inn & Spa is expected to contribute approximately $0.2 million to Adjusted EBITDA and Adjusted FFO in the fourth quarter of 2026;
•Full year cash corporate expenses of approximately $28.0 million, which excludes share-based compensation;
•Full year cash interest expense of approximately $58.5 million to $59.5 million; and
•Fully diluted weighted average common shares and units of 207.5 million.

EARNINGS CALL
The Company will host a conference call to discuss its third quarter results on Wednesday, November 4, 2026, at 10:00 a.m. Eastern Time. Participants may access the call by telephone or webcast. Interested individuals should register using this link to receive the dial-in and webcast information. Registration is also available through the Company's website at https://investor.drhc.com. A webcast replay will be archived on the Company's website.

ABOUT THE COMPANY
DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that owns a leading portfolio of geographically diversified hotels concentrated in leisure destinations and top gateway markets. The Company owns 35 premium quality hotels with 9,479 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.

4

DIAMONDROCK HOSPITALITY COMPANY

CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)

September 30, 2026December 31, 2025
ASSETS(Unaudited)(Audited)
Property and equipment, net$2,547,000 $2,596,458 
Right-of-use assets85,876 89,041 
Restricted cash40,465 35,137 
Due from hotel managers185,451 137,787 
Prepaid and other assets 98,097 77,194 
Cash and cash equivalents139,963 68,084 
Total assets$3,096,852 $3,003,701 
LIABILITIES AND EQUITY
Liabilities:
Debt, net of unamortized debt issuance costs$1,099,131 $1,098,850 
Lease liabilities96,260 87,053 
Due to hotel managers133,288 109,568 
Deferred rent80,493 77,405 
Unfavorable contract liabilities, net55,305 56,549 
Accounts payable and accrued expenses 53,019 83,888 
Distributions declared and unpaid24,061 25,903 
Deferred income related to key money, net6,843 7,400 
Total liabilities1,548,400 1,546,616 
Equity:
   Common stock, $0.01 par value; 400,000,000 shares authorized; 204,610,975 and 203,703,182 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively2,046 2,037 
Additional paid-in capital2,121,886 2,114,438 
Accumulated other comprehensive income (loss)3,972 (6,381)
Distributions in excess of earnings(584,161)(662,209)
Total stockholders’ equity1,543,743 1,447,885 
Noncontrolling interests4,709 9,200 
Total equity1,548,452 1,457,085 
Total liabilities and equity$3,096,852 $3,003,701 



5

DIAMONDROCK HOSPITALITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended September 30, Nine Months Ended September 30,
2026202520262025
Revenues:
Rooms
$195,451 $189,088 $567,205 $550,443 
Food and beverage
72,169 67,415 220,115 213,084 
Other
29,985 28,881 86,733 82,430 
Total revenues
297,605 285,384 874,053 845,957 
Operating Expenses:
Rooms
46,521 46,529 135,826 137,644 
Food and beverage
48,998 47,181 145,724 144,146 
Other departmental and support expenses70,528 68,127 207,310 202,132 
Management fees
7,921 7,096 21,798 19,520 
Franchise fees
10,132 9,731 29,936 28,782 
Other property-level expenses22,921 24,967 65,268 77,883 
Depreciation and amortization
28,530 28,340 85,911 84,388 
Impairment losses
— 1,076 — 1,076 
Corporate expenses
10,925 8,567 29,187 25,715 
  Total operating expenses
246,476 241,614 720,960 721,286 
Interest expense
14,648 17,111 43,780 47,137 
Interest (income) and other (income) expense, net(1,264)(2,298)(3,858)(4,526)
Loss on debt extinguishment
— 5,850 — 5,850 
Loss (gain) on sale of hotel property, net
239 — (31,352)— 
Income before income taxes
37,506 23,107 144,523 76,210 
Income tax expense
(4,097)(469)(5,823)(618)
Net income
33,409 22,638 138,700 75,592 
Less: Net income attributable to noncontrolling interests
(88)(113)(435)(375)
Net income attributable to the Company
33,321 22,525 138,265 75,217 
Distributions to preferred stockholders— (2,454)— (7,362)
Net income attributable to common stockholders$33,321 $20,071 $138,265 $67,855 
Earnings per share:
Earnings per share available to common stockholders - basic
$0.16 $0.10 $0.67 $0.33 
Earnings per share available to common stockholders - diluted
$0.16 $0.10 $0.67 $0.33 
Weighted-average number of common shares outstanding:
Basic
205,168,563 205,407,644 204,905,719 206,896,023
Diluted
207,417,547 206,392,934 207,006,375 207,918,506

6

Non-GAAP Financial Measures

The Company uses the following non-GAAP financial measures that it believes are useful to investors as key measures of its operating performance: EBITDA, EBITDAre, Adjusted EBITDA, Hotel Adjusted EBITDA, Hotel Adjusted EBITDA Margin, FFO, Adjusted FFO, Adjusted FFO Per Share, and Free Cash Flow as well as measures derived from Hotel Adjusted EBITDA and Hotel Net Operating Income (Hotel NOI) such as EBITDA multiples and capitalization rates. The Company also presents Comparable Room Revenues, Comparable Total Revenues, Comparable Hotel Operating Expenses, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with U.S. GAAP. EBITDA, EBITDAre, Adjusted EBITDA, Hotel Adjusted EBITDA, Hotel Adjusted EBITDA Margin, FFO, Adjusted FFO, Adjusted FFO Per Share, and Free Cash Flow, measures derived from Hotel Adjusted EBITDA, Hotel NOI, Comparable Room Revenues, Comparable Total Revenues, Comparable Hotel Operating Expenses, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin, as calculated by the Company, 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

The Company's management and Board of Directors use EBITDA, EBITDAre, Adjusted EBITDA, Hotel Adjusted EBITDA, FFO, Adjusted FFO, Adjusted FFO Per Share, Free Cash Flow, Comparable Room Revenues, Comparable Total Revenues, Comparable Hotel Operating Expenses, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin to evaluate the performance of the Company's hotels and to facilitate comparisons between the Company 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 the Company 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 the Company incurred and will incur, such as depreciation, interest and capital expenditures. The Company compensates for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of its operating performance. The Company's reconciliations to the most comparable U.S. GAAP financial measures, and the Company's 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 the Company's performance, as well as the usefulness of its 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 the Company's operations that it believes, when viewed with the Company's 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 the Company's business than could be obtained absent this disclosure. The Company strongly encourages investors to review its 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.

The Company believes EBITDA and EBITDAre are useful to an investor in evaluating its operating performance because they help investors evaluate and compare the results of its operations from period to period by removing the impact of its capital structure (primarily interest expense) and its asset base (primarily depreciation and amortization, and in the case of EBITDAre, impairment and gains or losses on dispositions of depreciated property) from its operating results. In addition, covenants included in the Company's debt agreements use EBITDA as a measure of financial

7

compliance. The Company also uses 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

The Company adjusts EBITDAre and FFO when evaluating its performance because it believes that the exclusion of certain additional items described below provides useful supplemental information to investors regarding its 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 the Company's consolidated and property-level operating performance. The Company adjusts EBITDAre and FFO for the following items:

•Non-Cash Lease Expense and Other Amortization: The Company excludes the non-cash expense incurred from the straight line recognition of expense from its ground leases and other contractual obligations and the non-cash amortization of its favorable and unfavorable contracts, originally recorded in conjunction with certain hotel acquisitions. The Company excludes these non-cash items because they do not reflect the actual cash amounts due to the respective lessors in the current period and they are of lesser significance in evaluating the Company's actual performance for that period.

•Cumulative Effect of a Change in Accounting Principle: The Financial Accounting Standards Board promulgates new accounting standards that require or permit the consolidated statement of operations and comprehensive income to reflect the cumulative effect of a change in accounting principle. The Company excludes the effect of these adjustments, which include the accounting impact from prior periods, because they do not reflect the Company’s actual underlying performance for the current period.

•Gains or Losses from Debt Extinguishment: The Company excludes the effect of gains or losses recorded on debt extinguishment because these gains or losses result from transaction activity related to the Company’s capital structure that it believes are not indicative of the ongoing operating performance of the Company or its hotels.

•Hotel Acquisition Costs: The Company excludes hotel acquisition costs expensed during the period because it believes these transaction costs are not reflective of the ongoing performance of the Company or its hotels.

•Severance Costs: The Company excludes corporate severance costs, or reversals thereof, incurred with the termination of corporate-level employees and severance costs incurred at its hotels related to lease terminations or structured severance programs because the Company believes these costs do not reflect the ongoing performance of the Company or its hotels.

•Hotel Manager Transition and Hotel Pre-Opening Costs: The Company excludes the transition costs associated with a change in hotel manager and the pre-opening costs associated with the redevelopment or rebranding of a hotel because it believes these items do not reflect the ongoing performance of the Company or its hotels.

•Share-Based Compensation Expense: The Company excludes share-based compensation expense as it is a non-cash item. This adjustment aligns with the calculation of Adjusted EBITDA for the Company's financial covenant ratios under its credit facility, supporting consistency in its financial reporting and covenant compliance, as well as comparability with its peers.

•Other Items: From time to time the Company incurs costs or realizes gains that it considers outside the ordinary course of business and that it does not believe reflect the ongoing performance of the Company or its hotels. Such items may include, but are not limited to, the following: non-cash realized gains or losses on the Company's deferred compensation plan assets; management or franchise contract termination fees; terminated transaction costs; gains or losses from legal settlements; costs incurred related to natural disasters;

8

and gains on property insurance claim settlements, other than income related to business interruption insurance.

In addition, to derive Adjusted FFO, the Company excludes any unrealized fair value adjustments to interest rate swaps and the portion of its non-cash ground lease expense recognized as interest expense. The Company excludes these non-cash amounts because they do not reflect the underlying performance of the Company. Adjusted FFO margins are calculated as Adjusted FFO divided by total revenues.

Adjusted FFO Per Share

The Company calculates Adjusted FFO Per Share as its Adjusted FFO (defined as set forth above) divided by the weighted-average number of fully diluted shares of common stock and operating partnership units outstanding during the applicable period. The Company believes Adjusted FFO Per Share provides useful supplemental information to investors regarding its ongoing operating performance on a per-share basis and that presentation of Adjusted FFO Per Share should be considered together with, and not as a substitute for, diluted earnings per share calculated in accordance with U.S. GAAP.

Free Cash Flow

The Company calculates Free Cash Flow (or FCF) as Adjusted FFO (defined as set forth above) less capital expenditures as reported in the Company’s consolidated statement of cash flows. The Company believes the presentation of this metric provides useful information to investors regarding profitability as it reflects operating performance after capital expenditures required to maintain and enhance its portfolio. FCF margins are calculated as FCF divided by total revenues.

Hotel Adjusted EBITDA, Hotel NOI and Associated Metrics

The Company believes that Hotel Adjusted EBITDA provides its investors a useful financial measure to evaluate its hotel operating performance, excluding the impact of its capital structure (primarily interest), its asset base (primarily depreciation and amortization), and its corporate-level expenses. With respect to Hotel Adjusted EBITDA, the Company believes 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. The Company believes property-level results provide investors with supplemental information on the ongoing operational performance of its hotels and effectiveness of the third-party management companies operating its business on a property-level basis. Hotel Adjusted EBITDA Margins are calculated as Hotel Adjusted EBITDA divided by total hotel revenues. The Company also uses Hotel Adjusted EBITDA when calculating EBITDA multiples to evaluate acquisitions and dispositions. EBITDA multiples are calculated as the sales price divided by Hotel Adjusted EBITDA. The Company believes using EBITDA multiples allows for a consistent valuation method in comparing the purchase or sale value of properties. Hotel NOI is calculated as Hotel Adjusted EBITDA less the annual contractual capital reserve for renewal and replacement. The Company uses Hotel NOI when calculating capitalization rates, or cap rates, to evaluate acquisitions and dispositions. Cap rates are calculated as Hotel NOI divided by sales price. As with EBITDA multiples, the Company believes using cap rates allows for a consistent valuation method in comparing the purchase or sale value of properties.

Comparable Hotel Operating Statistics and Results

The Company believes 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 Operating Expenses, 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 the Company as of the reporting date. The Company's comparable portfolio includes hotels (i) owned and in operation by the Company for the entirety of the periods presented and (ii) acquired by the Company during the period as though the acquisition happened at the beginning of the period presented. The Company makes adjustments for recently acquired hotels to include operating statistics and results for periods prior to its ownership. As a result, changes as compared to periods prior to its ownership will not necessarily correspond to changes in its actual results. In addition, comparable metrics exclude results and operating statistics for hotels that were sold during the reporting period or held for sale at the end of the period. The Company believes these comparable measures provide more consistent metrics for comparing the performance of its hotels.


9

The Company's comparable portfolio for the nine months ended September 30, 2026 includes all of its hotels owned as of September 30, 2026 and excludes the Courtyard New York Manhattan/Fifth Avenue sold on May 1, 2026 and the Westin Washington D.C. City Center sold on February 19, 2025.

Reconciliations of Non-GAAP Measures

EBITDA, EBITDAre, Adjusted EBITDA and Hotel Adjusted EBITDA

The following tables are reconciliations of the Company's GAAP net income to EBITDA, EBITDAre, Adjusted EBITDA and Hotel Adjusted EBITDA (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Net income $33,409 $22,638 $138,700 $75,592 
Interest expense 14,648 17,111 43,780 47,137 
Income tax expense 4,097 469 5,823 618 
Real estate related depreciation and amortization28,530 28,340 85,911 84,388 
EBITDA80,684 68,558 274,214 207,735 
Impairment losses— 1,076 — 1,076 
Loss (gain) on sale of hotel property, net 239 — (31,352)— 
EBITDAre
80,923 69,634 242,862 208,811 
Non-cash lease expense and other amortization1,331 1,279 3,906 3,862 
Share-based compensation expense (1)
2,569 2,035 7,702 5,591 
Hotel pre-opening costs— 135 — 479 
Terminated transaction costs— 151 — 1,058 
Loss on debt extinguishment— 5,850 — 5,850 
Other (2)
— — (1,158)— 
Adjusted EBITDA84,823 79,084 253,312 225,651 
Corporate expenses8,117 6,365 20,899 18,368 
Interest (income) and other (income) expense, net(1,253)(2,281)(2,645)(3,827)
Hotel Adjusted EBITDA$91,687 $83,168 $271,566 $240,192 
(1) For each of the three months ended September 30, 2026 and 2025, amounts include less than $0.1 million of non-cash income related to the Company's deferred compensation plan. For the nine months ended September 30, 2026 and 2025, amounts include less than $0.1 million and $0.7 million, respectively, of non-cash income related to the Company's deferred compensation plan.
(2) Amount reflects the reversal of a previously recognized accrual related to a loss contingency.
Full Year 2026 Guidance
Low EndHigh End
Net income$162,900 $168,900 
Interest expense59,760 58,760 
Income tax expense 6,000 7,000 
Real estate related depreciation and amortization111,500 110,500 
EBITDA340,160 345,160 
Gain on sale of hotel property, net(31,352)(31,352)
EBITDAre
308,808 313,808 
Non-cash lease expense and other amortization5,350 5,350 
Share-based compensation expense9,000 9,000 
Other (1)
(1,158)(1,158)
Adjusted EBITDA$322,000 $327,000 
(1) Amount reflects the reversal of a previously recognized accrual related to a loss contingency.

10

FFO and Adjusted FFO
The following tables are reconciliations of the Company's GAAP net income to FFO and Adjusted FFO (in thousands except per share amounts):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Net income $33,409 $22,638 $138,700 $75,592 
Real estate related depreciation and amortization28,530 28,340 85,911 84,388 
Loss (gain) on sale of hotel property, net239 — (31,352)— 
Impairment losses— 1,076 — 1,076 
FFO62,178 52,054 193,259 161,056 
Distributions to preferred stockholders— (2,454)— (7,362)
FFO available to common stock and unit holders62,178 49,600 193,259 153,694 
Non-cash lease expense and other amortization1,335 1,472 4,162 4,417 
Share-based compensation expense (1)
2,569 2,035 7,702 5,591 
Terminated transaction costs— 151 — 1,058 
Loss on debt extinguishment— 5,850 — 5,850 
Hotel pre-opening costs— 135 — 479 
Other (2)
— — (1,158)— 
Adjusted FFO available to common stock and unit holders$66,082 $59,243 $203,965 $171,089 
Adjusted FFO available to common stock and unit holders, per diluted share $0.32 $0.29 $0.98 $0.82 
Diluted weighted average shares and units207,960 207,428 207,721 208,942 
(1) For each of the three months ended September 30, 2026 and 2025, amounts include less than $0.1 million of non-cash income related to the Company's deferred compensation plan. For the nine months ended September 30, 2026 and 2025, amounts include less than $0.1 million and $0.7 million, respectively, of non-cash income related to the Company's deferred compensation plan.
(2) Amount reflects the reversal of a previously recognized accrual related to a loss contingency.
Full Year 2026 Guidance
Low EndHigh End
Net income $162,900 $168,900 
Real estate related depreciation and amortization111,500 110,500 
Gain on sale of hotel property, net(31,352)(31,352)
FFO available to common stock and unit holders243,048 248,048 
Non-cash lease expense and other amortization5,610 5,610 
Share-based compensation expense9,000 9,000 
Other (1)
(1,158)(1,158)
Adjusted FFO available to common stock and unit holders$256,500 $261,500 
Adjusted FFO available to common stock and unit holders, per diluted share$1.24 $1.26 
Diluted weighted average shares and units207,500 207,500 
(1) Amount reflects the reversal of a previously recognized accrual related to a loss contingency.

11

Reconciliation of Comparable Operating Results

The following presents the Room Revenues, Total Revenues, Hotel Operating Expenses, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin together with comparable prior year results (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Total Room Revenues$195,451 $189,088 $567,205 $550,443 
Room revenues from sold hotels (1)
— (5,578)(5,314)(17,116)
Comparable Room Revenues$195,451 $183,510 $561,891 $533,327 
Total Revenues$297,605 $285,384 $874,053 $845,957 
Total revenues from sold hotels (1)
— (5,671)(5,533)(18,151)
Comparable Total Revenues$297,605 $279,713 $868,520 $827,806 
Hotel Operating Expenses$205,918 $202,216 $602,487 $605,765 
Hotel operating expenses from sold hotels (1)
— (4,038)(4,748)(14,222)
Comparable Hotel Operating Expenses$205,918 $198,178 $597,739 $591,543 
Hotel Adjusted EBITDA$91,687 $83,168 $271,566 $240,192 
Hotel Adjusted EBITDA from sold hotels (1)
— (1,633)(785)(3,929)
Comparable Hotel Adjusted EBITDA$91,687 $81,535 $270,781 $236,263 
Hotel Adjusted EBITDA Margin30.81 %29.14 %31.07 %28.39 %
Hotel Adjusted EBITDA Margin from sold hotels (1)
- bps
1 bps
11 bps15 bps
Comparable Hotel Adjusted EBITDA Margin30.81 %29.15 %31.18 %28.54 %
(1) Amounts represent the operating results for the Courtyard New York Manhattan/Fifth Avenue sold on May 1, 2026 and the Westin Washington D.C. City Center sold on February 19, 2025.


12

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 9,479 rooms.

Quarter 1, 2025Quarter 2, 2025Quarter 3, 2025Quarter 4, 2025Full Year 2025
ADR$278.15 $294.96 $281.20 $291.45 $286.60 
Occupancy66.4 %76.3 %75.9 %67.6 %71.6 %
RevPAR$184.76 $225.08 $213.43 $196.96 $205.11 
Total RevPAR$291.62 $350.21 $324.69 $307.75 $318.63 
Revenues (in thousands)$248,943 $302,277 $283,334 $268,545 $1,103,099 
Hotel Adjusted EBITDA (in thousands)$60,989 $94,645 $83,627 $73,973 $313,234 
Hotel Adjusted EBITDA Margin24.50 %31.31 %29.52 %27.55 %28.40 %
Available Rooms853,650 863,135 872,620 872,620 3,462,025 

Quarter 1, 2026Quarter 2, 2026Quarter 3, 2026
ADR$285.26 $308.47 $292.06 
Occupancy66.1 %78.1 %77.9 %
RevPAR$188.52 $240.78 $227.48 
Total RevPAR$298.85 $369.68 $345.61 
Revenues (in thousands)$255,112 $318,894 $301,398 
Hotel Adjusted EBITDA (in thousands)$65,602 $114,235 $93,764 
Hotel Adjusted EBITDA Margin25.71 %35.82 %31.11 %
Available Rooms853,650 862,619 872,068 

13

Market Capitalization as of September 30, 2026
(in thousands)
Enterprise Value
Common equity capitalization (at September 30, 2026 closing price of $12.36/share)$2,554,236 
Consolidated debt (face amount)1,100,000 
Cash and cash equivalents(139,963)
Total enterprise value$3,514,273 
Share Reconciliation
Common shares outstanding204,611 
Operating partnership units590 
Unvested restricted stock held by management and employees887 
Shares vested under deferred compensation plan565 
Combined shares and units206,653


Debt Summary as of September 30, 2026
(dollars in thousands)
Outstanding
LoanInterest RatePrincipalMaturity
Unsecured term loanSOFR + 1.35%$500,000 
January 2028 (1)
Unsecured term loanSOFR + 1.35%300,000 
January 2029 (1)
Unsecured term loanSOFR + 1.35%300,000      January 2030
Senior unsecured credit facility SOFR + 1.40%— 
January 2030 (1)
Total debt1,100,000 
     Unamortized debt issuance costs (2)
(869)
Debt, net of unamortized debt issuance costs$1,099,131 
Debt Metrics
Weighted-average interest rate (3)
5.1%
Percent fixed rate (3)
48%
Net debt to EBITDA (4)
3.0x
Average years to maturity2.1
Average years to maturity, including extensions2.8
(1)    Maturity date may be extended for two six-month periods upon the payment of applicable fees and the satisfaction of certain customary conditions.
(2)    Excludes debt issuance costs related to the Company's senior unsecured credit facility, which are included within Prepaid and Other Assets on the accompanying consolidated balance sheet.
(3)    Including the effect of interest rate swaps as of September 30, 2026.
(4) Calculated using trailing 12-month Adjusted EBITDA as of September 30, 2026.




14

Hotel Information as of November 3, 2026
Hotel RoomsLocationFranchisorContract ExpirationOperatorContract ExpirationGround Lease ExpirationMortgage Debt
AC Hotel Minneapolis Downtown245Minneapolis, MNMarriottOct 2041Sage HospitalityAt will with no fee--
Atlanta Marriott Alpharetta318Atlanta, GAMarriott
Sep 2050 (1)
Aimbridge HospitalityAt will with no fee--
Bourbon Orleans Hotel220New Orleans, LAIndependent-Aimbridge HospitalityAt will with no fee--
Cavallo Point, The Lodge at the Golden Gate142Sausalito, CAIndependent-Passport ResortsAt will with fee2066-
Chicago Marriott Downtown Magnificent Mile1,200Chicago, ILN/A-Marriott
Dec 2038 (2)
--
Chico Hot Springs Resort & Day Spa117Pray, MTIndependent-EOS HospitalityAt will with no fee--
Courtyard Denver Downtown177Denver, COMarriottOct 2027Sage HospitalityAt will with no fee--
Courtyard New York Manhattan/Midtown East321New York, NYMarriottAug 2042Highgate HotelsAt will with no fee--
Embassy Suites by Hilton Bethesda272Bethesda, MDHiltonFeb 2037Sage HospitalityAt will with no fee2087-
Havana Cabana Key West106Key West, FLIndependent-EOS HospitalityAt will with no fee--
Henderson Beach Resort270Destin, FLIndependent-Aimbridge HospitalityAt will with no fee--
Henderson Park Inn37Destin, FLIndependent-Aimbridge HospitalityAt will with no fee--
Hilton Garden Inn New York/Times Square Central282New York, NYHiltonJun 2033Highgate HotelsAt will with no fee--
Hotel Champlain Burlington252Burlington, VTHiltonJun 2034Aimbridge HospitalityAt will with no fee--
Hotel Clio199Denver, COMarriottOct 2036Sage HospitalityAt will with no fee--
Hotel Emblem San Francisco96San Francisco, CAIndependent-Parable HospitalityAt will with no fee--
Kimpton Hotel Palomar Phoenix242Phoenix, AZN/A-IHG Hotels & ResortsDec 2027 or upon sale2085-
Kimpton Shorebreak Fort Lauderdale Beach Resort96Fort Lauderdale, FLIHG Hotels & ResortsApr 2041HEI Hotels & ResortsAt will with no fee--
Kimpton Shorebreak Huntington Beach Resort157Huntington Beach, CAN/A-IHG Hotels & ResortsAt will with no fee--
L'Auberge de Sedona158Sedona, AZIndependent-Aimbridge HospitalityAt will with no fee2124-
Lake Austin Spa Resort40Austin, TXIndependent-EOS HospitalityAt will with no fee--
Margaritaville Beach House Key West186Key West, FLMargaritavilleApr 2041Ocean PropertiesJul 2027--
Salt Lake City Marriott Downtown at City Creek510Salt Lake City, UTMarriott
Sep 2050 (1)
HEI Hotels & ResortsAt will with no fee2056/2106-
The Bellmoor Inn & Spa79Rehoboth Beach, DEIndependent-EOS HospitalityAt will with no fee--
The Dagny Boston403Boston, MAIndependent-Aimbridge HospitalityAt will with no fee--
The Gwen311Chicago, ILMarriottSep 2035HEI Hotels & ResortsAt will with no fee--
The Hythe Vail344Vail, COMarriottDec 2041Vail ResortsAt will with fee--
The Landing Lake Tahoe Resort & Spa82South Lake Tahoe, CAIndependent-Aimbridge HospitalityAt will with no fee--
The Lindy Renaissance Charleston Hotel167Charleston, SCMarriottDec 2031Aimbridge HospitalityAt will with no fee--
The Lodge at Sonoma Resort182Sonoma, CAMarriottDec 2035Sage HospitalityAt will with no fee--
Tranquility Bay Beachfront Resort103Marathon, FLIndependent-EOS HospitalityAt will with no fee--
Westin Boston Seaport District793Boston, MAMarriott
Dec 2044 (3)
Aimbridge HospitalityAt will with no fee2099-
Westin Fort Lauderdale Beach Resort432Fort Lauderdale, FLMarriottDec 2034HEI Hotels & ResortsAt will with no fee--
Westin San Diego Bayview436San Diego, CAMarriottDec 2040Aimbridge HospitalityAt will with no fee--
Worthington Renaissance Fort Worth Hotel504Fort Worth, TXN/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.
15


Operating Statistics – Third Quarter
ADROccupancyRevPAR Total RevPAR
3Q 20263Q 2025Change3Q 20263Q 2025Change3Q 20263Q 2025Change3Q 20263Q 2025Change
AC Hotel Minneapolis Downtown$169.14 $177.13 (4.5)%72.4 %71.7 %0.7 %$122.47 $126.97 (3.5)%$141.30 $145.13 (2.6)%
Atlanta Marriott Alpharetta$169.73 $162.13 4.7 %63.0 %68.3 %(5.3)%$106.89 $110.74 (3.5)%$143.66 $153.08 (6.2)%
Bourbon Orleans Hotel$193.60 $177.09 9.3 %56.4 %61.4 %(5.0)%$109.13 $108.73 0.4 %$156.03 $148.88 4.8 %
Cavallo Point, The Lodge at the Golden Gate $607.01 $630.83 (3.8)%77.8 %64.1 %13.7 %$472.41 $404.65 16.7 %$1,174.77 $972.16 20.8 %
Chicago Marriott Downtown Magnificent Mile$273.00 $268.20 1.8 %84.4 %78.5 %5.9 %$230.51 $210.63 9.4 %$358.50 $330.22 8.6 %
Chico Hot Springs Resort & Day Spa$279.18 $244.33 14.3 %76.2 %84.4 %(8.2)%$212.76 $206.13 3.2 %$467.77 $458.61 2.0 %
Courtyard Denver Downtown$235.57 $234.38 0.5 %85.6 %84.8 %0.8 %$201.65 $198.72 1.5 %$224.68 $223.64 0.5 %
Courtyard New York Manhattan/Midtown East$375.93 $349.37 7.6 %96.2 %90.8 %5.4 %$361.50 $317.16 14.0 %$371.60 $326.10 14.0 %
Embassy Suites by Hilton Bethesda$164.29 $161.77 1.6 %72.8 %69.6 %3.2 %$119.63 $112.65 6.2 %$140.07 $132.20 6.0 %
Havana Cabana Key West$176.59 $180.26 (2.0)%64.5 %42.3 %22.2 %$113.92 $76.23 49.4 %$194.83 $129.32 50.7 %
Henderson Beach Resort$442.00 $421.36 4.9 %75.3 %70.2 %5.1 %$332.64 $295.87 12.4 %$644.63 $532.37 21.1 %
Henderson Park Inn$666.04 $618.97 7.6 %84.3 %82.1 %2.2 %$561.75 $508.05 10.6 %$971.38 $846.00 14.8 %
Hilton Garden Inn New York/Times Square Central$279.75 $277.38 0.9 %95.6 %98.1 %(2.5)%$267.55 $272.24 (1.7)%$295.56 $304.92 (3.1)%
Hotel Champlain Burlington$275.92 $292.04 (5.5)%82.1 %83.3 %(1.2)%$226.54 $243.38 (6.9)%$303.40 $333.67 (9.1)%
Hotel Clio$350.62 $332.38 5.5 %83.5 %85.9 %(2.4)%$292.93 $285.36 2.7 %$457.66 $463.09 (1.2)%
Hotel Emblem San Francisco$178.41 $188.89 (5.5)%85.4 %58.7 %26.7 %$152.41 $110.96 37.4 %$186.60 $137.19 36.0 %
Kimpton Hotel Palomar Phoenix$175.44 $183.97 (4.6)%72.4 %52.5 %19.9 %$127.01 $96.63 31.4 %$210.48 $171.59 22.7 %
Kimpton Shorebreak Fort Lauderdale Beach Resort$125.36 $121.60 3.1 %54.9 %58.1 %(3.2)%$68.80 $70.67 (2.6)%$161.62 $163.04 (0.9)%
Kimpton Shorebreak Huntington Beach Resort$367.38 $346.45 6.0 %86.5 %87.8 %(1.3)%$317.96 $304.02 4.6 %$436.77 $424.88 2.8 %
L'Auberge de Sedona (1)
$616.20 $568.27 8.4 %58.4 %41.0 %17.4 %$359.65 $233.12 54.3 %$653.73 $479.80 36.3 %
Lake Austin Spa Resort$979.95 $1,071.87 (8.6)%41.6 %41.8 %(0.2)%$407.69 $448.26 (9.1)%$1,122.65 $1,148.41 (2.2)%
Margaritaville Beach House Key West$270.97 $281.34 (3.7)%70.9 %70.8 %0.1 %$192.20 $199.20 (3.5)%$278.30 $287.52 (3.2)%
Salt Lake City Marriott Downtown at City Creek$199.90 $202.16 (1.1)%72.5 %70.7 %1.8 %$144.92 $142.89 1.4 %$203.26 $197.87 2.7 %
The Dagny Boston$375.34 $333.73 12.5 %92.4 %92.3 %0.1 %$346.90 $307.87 12.7 %$375.12 $338.76 10.7 %
The Gwen $395.84 $355.07 11.5 %78.8 %78.5 %0.3 %$311.85 $278.81 11.9 %$465.74 $425.56 9.4 %
The Hythe Vail$306.65 $289.11 6.1 %70.9 %68.4 %2.5 %$217.37 $197.67 10.0 %$399.44 $366.12 9.1 %
The Landing Lake Tahoe Resort & Spa$582.56 $550.14 5.9 %84.7 %83.9 %0.8 %$493.45 $461.76 6.9 %$849.60 $799.18 6.3 %
The Lindy Renaissance Charleston Hotel$304.86 $307.34 (0.8)%86.6 %87.1 %(0.5)%$264.05 $267.55 (1.3)%$349.23 $357.41 (2.3)%
The Lodge at Sonoma Resort$458.63 $462.55 (0.8)%79.6 %79.5 %0.1 %$365.07 $367.71 (0.7)%$549.38 $565.02 (2.8)%
Tranquility Bay Beachfront Resort$448.16 $460.04 (2.6)%63.1 %63.2 %(0.1)%$282.72 $290.56 (2.7)%$378.36 $385.28 (1.8)%
Westin Boston Seaport District$287.43 $275.75 4.2 %89.7 %89.7 %— %$257.83 $247.23 4.3 %$391.21 $367.80 6.4 %
Westin Fort Lauderdale Beach Resort$168.25 $172.32 (2.4)%60.0 %64.4 %(4.4)%$100.94 $110.93 (9.0)%$247.47 $276.99 (10.7)%
Westin San Diego Bayview$228.73 $223.17 2.5 %81.6 %82.5 %(0.9)%$186.66 $184.15 1.4 %$234.72 $233.79 0.4 %
Worthington Renaissance Fort Worth Hotel$196.17 $191.17 2.6 %65.0 %66.1 %(1.1)%$127.55 $126.37 0.9 %$224.95 $224.60 0.2 %
Comparable Total (2)
$290.46 $279.91 3.8 %77.8 %75.8 %2.0 %$226.01 $212.06 6.6 %$344.13 $323.24 6.5 %
(1) During the fourth quarter 2025, Orchards Inn Sedona and L'Auberge de Sedona were combined and now operate as one hotel. Amounts presented have been adjusted to reflect the combination.
(2) Amounts exclude the Courtyard New York Manhattan/Fifth Avenue which was sold in 2026.
16


17


Operating Statistics – Year to Date
ADROccupancyRevPAR Total RevPAR
YTD 2026YTD 2025ChangeYTD 2026YTD 2025ChangeYTD 2026YTD 2025ChangeYTD 2026YTD 2025Change
AC Hotel Minneapolis Downtown$159.71 $158.85 0.5 %61.5 %60.4 %1.1 %$98.17 $95.89 2.4 %$113.94 $110.98 2.7 %
Atlanta Marriott Alpharetta$171.14 $164.45 4.1 %63.9 %67.7 %(3.8)%$109.43 $111.27 (1.7)%$156.56 $156.76 (0.1)%
Bourbon Orleans Hotel$237.62 $235.13 1.1 %67.5 %67.7 %(0.2)%$160.41 $159.08 0.8 %$219.90 $208.23 5.6 %
Cavallo Point, The Lodge at the Golden Gate $608.85 $581.03 4.8 %71.8 %59.6 %12.2 %$437.19 $346.57 26.1 %$1,117.48 $900.23 24.1 %
Chicago Marriott Downtown Magnificent Mile$265.42 $258.90 2.5 %68.7 %64.6 %4.1 %$182.46 $167.19 9.1 %$298.24 $279.25 6.8 %
Chico Hot Springs Resort & Day Spa$238.88 $233.04 2.5 %61.5 %69.4 %(7.9)%$146.94 $161.73 (9.1)%$345.08 $373.10 (7.5)%
Courtyard Denver Downtown$221.05 $213.38 3.6 %81.0 %80.1 %0.9 %$179.05 $170.99 4.7 %$202.62 $191.69 5.7 %
Courtyard New York Manhattan/Fifth Avenue$252.33 $250.95 0.5 %92.9 %95.2 %(2.3)%$234.30 $238.83 (1.9)%$243.94 $244.17 (0.1)%
Courtyard New York Manhattan/Midtown East$346.35 $319.48 8.4 %83.7 %90.0 %(6.3)%$289.87 $287.66 0.8 %$298.30 $297.05 0.4 %
Embassy Suites by Hilton Bethesda$174.42 $169.96 2.6 %69.4 %67.9 %1.5 %$121.02 $115.35 4.9 %$140.99 $134.84 4.6 %
Havana Cabana Key West$251.20 $270.83 (7.2)%73.6 %72.4 %1.2 %$184.84 $195.97 (5.7)%$275.97 $283.08 (2.5)%
Henderson Beach Resort$421.42 $401.22 5.0 %65.0 %60.7 %4.3 %$274.08 $243.64 12.5 %$527.97 $470.89 12.1 %
Henderson Park Inn$654.12 $589.54 11.0 %71.3 %72.8 %(1.5)%$466.19 $428.92 8.7 %$789.11 $715.24 10.3 %
Hilton Garden Inn New York/Times Square Central$254.90 $263.89 (3.4)%92.3 %88.1 %4.2 %$235.31 $232.51 1.2 %$263.27 $262.76 0.2 %
Hotel Champlain Burlington$221.62 $223.85 (1.0)%67.9 %71.6 %(3.7)%$150.51 $160.20 (6.0)%$217.31 $230.50 (5.7)%
Hotel Clio$335.79 $319.01 5.3 %78.9 %78.5 %0.4 %$265.00 $250.31 5.9 %$427.49 $419.65 1.9 %
Hotel Emblem San Francisco$225.20 $207.65 8.5 %77.4 %62.1 %15.3 %$174.31 $128.86 35.3 %$209.62 $158.29 32.4 %
Kimpton Hotel Palomar Phoenix$238.44 $237.48 0.4 %75.1 %65.6 %9.5 %$179.08 $155.74 15.0 %$296.28 $255.10 16.1 %
Kimpton Shorebreak Fort Lauderdale Beach Resort$212.99 $204.54 4.1 %71.8 %72.9 %(1.1)%$152.84 $149.04 2.5 %$294.25 $291.21 1.0 %
Kimpton Shorebreak Huntington Beach Resort$323.06 $315.75 2.3 %82.3 %81.1 %1.2 %$265.98 $256.18 3.8 %$379.93 $381.81 (0.5)%
L'Auberge de Sedona (1)
$713.83 $729.02 (2.1)%67.9 %43.1 %24.8 %$484.79 $314.42 54.2 %$832.57 $603.02 38.1 %
Lake Austin Spa Resort$974.75 $1,055.97 (7.7)%53.9 %52.1 %1.8 %$524.95 $550.61 (4.7)%$1,322.11 $1,354.93 (2.4)%
Margaritaville Beach House Key West$386.10 $382.35 1.0 %84.0 %83.4 %0.6 %$324.50 $318.88 1.8 %$438.57 $434.13 1.0 %
Salt Lake City Marriott Downtown at City Creek$211.38 $206.36 2.4 %73.1 %70.9 %2.2 %$154.57 $146.23 5.7 %$213.64 $201.23 6.2 %
The Dagny Boston$332.37 $293.84 13.1 %84.6 %85.5 %(0.9)%$281.06 $251.34 11.8 %$306.78 $280.84 9.2 %
The Gwen $345.97 $316.48 9.3 %74.5 %75.0 %(0.5)%$257.85 $237.38 8.6 %$381.07 $358.03 6.4 %
The Hythe Vail$437.48 $439.91 (0.6)%58.9 %61.6 %(2.7)%$257.57 $271.08 (5.0)%$410.12 $423.74 (3.2)%
The Landing Lake Tahoe Resort & Spa$456.65 $442.14 3.3 %65.6 %64.2 %1.4 %$299.37 $283.84 5.5 %$529.50 $512.31 3.4 %
The Lindy Renaissance Charleston Hotel$347.40 $345.52 0.5 %89.6 %88.6 %1.0 %$311.10 $306.19 1.6 %$403.33 $392.85 2.7 %
The Lodge at Sonoma Resort$428.69 $423.67 1.2 %72.1 %71.6 %0.5 %$309.01 $303.17 1.9 %$485.37 $485.83 (0.1)%
Tranquility Bay Beachfront Resort$580.82 $608.57 (4.6)%73.2 %74.2 %(1.0)%$425.08 $451.71 (5.9)%$544.19 $579.97 (6.2)%
Westin Boston Seaport District$281.13 $272.97 3.0 %85.3 %84.7 %0.6 %$239.74 $231.30 3.6 %$380.38 $358.71 6.0 %
Westin Fort Lauderdale Beach Resort$260.27 $257.61 1.0 %74.5 %75.8 %(1.3)%$193.83 $195.37 (0.8)%$401.28 $421.64 (4.8)%
Westin San Diego Bayview$233.86 $231.56 1.0 %80.8 %80.7 %0.1 %$189.05 $186.76 1.2 %$256.51 $250.53 2.4 %
Worthington Renaissance Fort Worth Hotel$207.75 $202.77 2.5 %68.6 %72.3 %(3.7)%$142.57 $146.68 (2.8)%$263.81 $271.01 (2.7)%
Comparable Total (2)
$295.48 $284.81 3.7 %74.1 %72.9 %1.2 %$218.91 $207.69 5.4 %$338.37 $322.37 5.0 %
(1) During the fourth quarter 2025, Orchards Inn Sedona and L'Auberge de Sedona were combined and now operate as one hotel. Amounts presented have been adjusted to reflect the combination.
(2) Amounts exclude the Courtyard New York Manhattan/Fifth Avenue which was sold in 2026 and the Westin Washington D.C. City Center which was sold in 2025.
18


19


Hotel Adjusted EBITDA Reconciliation - Third Quarter 2026
Net Income (Loss)Plus:Plus:Plus:Equals: Hotel Adjusted EBITDA
Total RevenuesDepreciation
Interest Expense (1)
Adjustments (2)
AC Hotel Minneapolis Downtown$3,185 $856 $322 $— $— $1,178 
Atlanta Marriott Alpharetta$4,203 $1,038 $413 $— $— $1,451 
Bourbon Orleans Hotel $3,158 $(213)$895 $— $2 $684 
Cavallo Point, The Lodge at the Golden Gate $15,347 $3,325 $1,526 $— $94 $4,945 
Chicago Marriott Downtown Magnificent Mile$39,578 $10,976 $3,075 $6 $(397)$13,660 
Chico Hot Springs Resort & Day Spa$5,035 $1,034 $488 $— $(1)$1,521 
Courtyard Denver Downtown$3,659 $1,463 $403 $— $— $1,866 
Courtyard New York Manhattan/Midtown East$10,974 $2,903 $838 $— $— $3,741 
Embassy Suites by Hilton Bethesda$3,505 $(1,505)$464 $— $1,419 $378 
Havana Cabana Key West $1,900 $(404)$314 $— $— $(90)
Henderson Beach Resort $16,013 $4,312 $1,164 $— $— $5,476 
Henderson Park Inn $3,307 $1,544 $246 $— $— $1,790 
Hilton Garden Inn New York/Times Square Central$7,668 $1,233 $777 $— $— $2,010 
Hotel Champlain Burlington $7,034 $1,878 $816 $— $— $2,694 
Hotel Clio$8,379 $1,898 $717 $— $— $2,615 
Hotel Emblem San Francisco$1,648 $(7)$193 $— $— $186 
Kimpton Hotel Palomar Phoenix$4,686 $(706)$749 $— $186 $229 
Kimpton Shorebreak Fort Lauderdale Beach Resort$1,427 $(666)$372 $— $— $(294)
Kimpton Shorebreak Huntington Beach Resort $6,309 $2,101 $352 $— $— $2,453 
L'Auberge de Sedona (3)
$9,503 $1,211 $1,150 $56 $38 $2,455 
Lake Austin Spa Resort$4,131 $228 $736 $— $— $964 
Margaritaville Beach House Key West $4,762 $218 $775 $— $— $993 
Salt Lake City Marriott Downtown at City Creek$9,537 $2,349 $1,060 $— $11 $3,420 
The Dagny Boston$13,908 $5,474 $1,607 $— $— $7,081 
The Gwen $13,326 $3,324 $759 $— $— $4,083 
The Hythe Vail $12,642 $3,628 $779 $— $— $4,407 
The Landing Lake Tahoe Resort & Spa $6,409 $2,854 $358 $— $— $3,212 
The Lindy Renaissance Charleston Hotel $5,366 $1,768 $369 $— $— $2,137 
The Lodge at Sonoma Resort $9,199 $2,526 $502 $— $— $3,028 
Tranquility Bay Beachfront Resort $3,585 $137 $480 $— $— $617 
Westin Boston Seaport District$28,542 $5,257 $2,312 $— $(247)$7,322 
Westin Fort Lauderdale Beach Resort $9,835 $(659)$1,005 $— $— $346 
Westin San Diego Bayview$9,415 $872 $1,358 $— $— $2,230 
Worthington Renaissance Fort Worth Hotel$10,430 $1,920 $991 $— $— $2,911 
Comparable Total$297,605 $62,167 $28,365 $62 $1,105 $91,687 
(1) Includes cash ground rent expense for L'Auberge de Sedona that is classified as interest expense as it is a financing lease for GAAP purposes.
(2) Includes non-cash expenses incurred by the hotels due to the straight-lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities.
(3) During the fourth quarter 2025, Orchards Inn Sedona and L'Auberge de Sedona were combined and now operate as one hotel. Amounts presented have been adjusted to reflect the combination.

20


21

Hotel Adjusted EBITDA Reconciliation - Third Quarter 2025
Net Income (Loss)Plus:Plus:Plus:Equals: Hotel
Total RevenuesDepreciation
Interest Expense (1)
Adjustments (2)
Adjusted EBITDA
AC Hotel Minneapolis Downtown$3,271 $913 $298 $— $— $1,211 
Atlanta Marriott Alpharetta$4,479 $1,253 $393 $— $— $1,646 
Bourbon Orleans Hotel$3,013 $(575)$1,136 $— $3 $564 
Cavallo Point, The Lodge at the Golden Gate $12,700 $2,201 $1,484 $— $94 $3,779 
Chicago Marriott Downtown Magnificent Mile$36,457 $8,815 $3,042 $6 $(397)$11,466 
Chico Hot Springs Resort & Day Spa$4,936 $1,153 $443 $— $(1)$1,595 
Courtyard Denver Downtown$3,642 $1,349 $398 $— $— $1,747 
Courtyard New York Manhattan/Fifth Avenue$5,671 $794 $343 $282 $214 $1,633 
Courtyard New York Manhattan/Midtown East$9,631 $2,431 $541 $— $— $2,972 
Embassy Suites by Hilton Bethesda$3,308 $(1,582)$480 $— $1,435 $333 
Havana Cabana Key West $1,261 $(665)$230 $— $— $(435)
Henderson Beach Resort$13,224 $3,056 $1,112 $— $— $4,168 
Henderson Park Inn$2,880 $1,200 $275 $— $— $1,475 
Hilton Garden Inn New York/Times Square Central$7,911 $1,514 $780 $— $— $2,294 
Hotel Champlain Burlington $7,920 $2,063 $795 $— $— $2,858 
Hotel Clio$8,478 $1,792 $847 $42 $5 $2,686 
Hotel Emblem San Francisco$1,212 $(364)$292 $— $— $(72)
Kimpton Hotel Palomar Phoenix$3,820 $(962)$573 $— $190 $(199)
Kimpton Shorebreak Fort Lauderdale Beach Resort$1,440 $(766)$371 $— $— $(395)
Kimpton Shorebreak Huntington Beach Resort $6,137 $2,151 $343 $— $— $2,494 
L'Auberge de Sedona (3)
$6,975 $(494)$1,043 $— $42 $591 
Lake Austin Spa Resort$4,226 $419 $719 $— $— $1,138 
Margaritaville Beach House Key West $4,920 $386 $766 $— $— $1,152 
Salt Lake City Marriott Downtown at City Creek$9,284 $2,192 $1,050 $— $11 $3,253 
The Dagny Boston$12,560 $4,480 $1,580 $— $— $6,060 
The Gwen$12,176 $2,824 $761 $— $— $3,585 
The Hythe Vail $11,587 $2,806 $919 $— $— $3,725 
The Landing Lake Tahoe Resort & Spa $6,029 $2,635 $321 $— $— $2,956 
The Lindy Renaissance Charleston Hotel $5,491 $1,861 $369 $— $— $2,230 
The Lodge at Sonoma Resort $9,461 $2,954 $481 $— $— $3,435 
Tranquility Bay Beachfront Resort$3,651 $301 $472 $— $— $773 
Westin Boston Seaport District$26,832 $3,893 $2,315 $1,422 $(124)$7,506 
Westin Fort Lauderdale Beach Resort $11,009 $(769)$1,062 $— $— $293 
Westin San Diego Bayview$9,378 $1,078 $1,352 $— $— $2,430 
Worthington Renaissance Fort Worth Hotel$10,414 $1,279 $954 $— $— $2,233 
Total $285,384 $51,616 $28,340 $1,752 $1,472 $83,168 
Less: Sold Hotel (4)
$(5,671)$(794)$(343)$(282)$(214)$(1,633)
Comparable Total$279,713 $50,822 $27,997 $1,470 $1,258 $81,535 
(1) Includes cash ground rent expense for Courtyard New York Manhattan/Fifth Avenue that is classified as interest expense as it is a financing lease for GAAP purposes.
(2) Includes non-cash expenses incurred by the hotels due to the straight-lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities.
(3) During the fourth quarter 2025, Orchards Inn Sedona and L'Auberge de Sedona were combined and now operate as one hotel. Amounts presented have been adjusted to reflect the combination.
(4) Represents the operating results of the Courtyard New York Manhattan/Fifth Avenue sold in 2026.


Hotel Adjusted EBITDA Reconciliation - Year to Date 2026
Total RevenuesNet Income (Loss)Plus: Depreciation
Plus: Interest Expense (1)
Plus: Adjustments (2)
Equals: Hotel Adjusted EBITDA
AC Hotel Minneapolis Downtown$7,621 $1,095 $947 $— $— $2,042 
Atlanta Marriott Alpharetta$13,591 $4,004 $1,214 $— $— $5,218 
Bourbon Orleans Hotel$13,207 $1,694 $3,272 $— $8 $4,974 
Cavallo Point, The Lodge at the Golden Gate $43,320 $8,725 $4,625 $— $281 $13,631 
Chicago Marriott Downtown Magnificent Mile$97,704 $24,793 $9,266 $19 $(1,192)$32,886 
Chico Hot Springs Resort & Day Spa$11,022 $264 $1,436 $— $— $1,700 
Courtyard Denver Downtown$9,791 $3,402 $1,202 $— $— $4,604 
Courtyard New York Manhattan/Fifth Avenue$5,533 $13 $115 $377 $280 $785 
Courtyard New York Manhattan/Midtown East$26,141 $4,560 $2,218 $— $— $6,778 
Embassy Suites by Hilton Bethesda$10,469 $(4,300)$1,387 $— $4,277 $1,364 
Havana Cabana Key West$7,986 $809 $888 $— $— $1,697 
Henderson Beach Resort$38,917 $8,467 $3,460 $— $— $11,927 
Henderson Park Inn$7,971 $3,104 $850 $— $— $3,954 
Hilton Garden Inn New York/Times Square Central$20,268 $2,358 $2,353 $— $— $4,711 
Hotel Champlain Burlington$15,074 $1,083 $2,439 $— $— $3,522 
Hotel Clio$23,224 $4,312 $2,214 $— $— $6,526 
Hotel Emblem San Francisco$5,494 $653 $580 $— $— $1,233 
Kimpton Hotel Palomar Phoenix$19,574 $2,060 $2,173 $— $561 $4,794 
Kimpton Shorebreak Fort Lauderdale Beach Resort$7,712 $249 $1,114 $— $— $1,363 
Kimpton Shorebreak Huntington Beach Resort$16,284 $4,130 $1,054 $— $— $5,184 
L'Auberge de Sedona (3)
$35,912 $9,330 $3,500 $56 $123 $13,009 
Lake Austin Spa Resort$14,437 $1,718 $2,194 $— $— $3,912 
Margaritaville Beach House Key West$22,270 $7,333 $2,316 $— $— $9,649 
Salt Lake City Marriott Downtown at City Creek$29,745 $8,144 $3,221 $— $32 $11,397 
The Dagny Boston$33,752 $9,384 $4,800 $— $— $14,184 
The Gwen$32,354 $6,112 $2,288 $— $— $8,400 
The Hythe Vail$38,515 $12,507 $2,330 $— $— $14,837 
The Landing Lake Tahoe Resort & Spa$11,853 $3,190 $1,080 $— $— $4,270 
The Lindy Renaissance Charleston Hotel$18,388 $7,328 $1,108 $— $— $8,436 
The Lodge at Sonoma Resort$24,116 $5,741 $1,507 $— $— $7,248 
Tranquility Bay Beachfront Resort$15,302 $2,870 $1,445 $— $— $4,315 
Westin Boston Seaport District$82,351 $13,570 $6,882 $— $(742)$19,710 
Westin Fort Lauderdale Beach Resort$47,326 $10,268 $2,981 $— $— $13,249 
Westin San Diego Bayview$30,531 $4,942 $4,077 $— $— $9,019 
Worthington Renaissance Fort Worth Hotel$36,298 $8,163 $2,908 $— $— $11,071 
Total $874,053 $182,075 $85,444 $452 $3,628 $271,566 
Less: Sold Hotel (4)
$(5,533)$(13)$(115)$(377)$(280)$(785)
Comparable Total$868,520 $182,062 $85,329 $75 $3,348 $270,781 
(1) Includes cash ground rent expense for Courtyard New York Manhattan/Fifth Avenue and L'Auberge de Sedona that is classified as interest expense as it is a financing lease for GAAP purposes.
(2) Includes non-cash expenses incurred by the hotels due to the straight-lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities.
(3) During the fourth quarter 2025, Orchards Inn Sedona and L'Auberge de Sedona were combined and now operate as one hotel. Amounts presented have been adjusted to reflect the combination.
(4) Represents the operating results of the Courtyard New York Manhattan/Fifth Avenue sold in 2026.
Hotel Adjusted EBITDA Reconciliation - Year to Date 2025
Net Income (Loss)Plus: Depreciation
Plus: Interest Expense (1)
Plus: Adjustments (2)
Equals: Hotel Adjusted EBITDA
Total Revenues
AC Hotel Minneapolis Downtown$7,423 $1,105 $893 $— $— $1,998 
Atlanta Marriott Alpharetta$13,609 $4,128 $1,134 $— $— $5,262 
Bourbon Orleans Hotel$12,506 $1,301 $3,302 $— $9 $4,612 
Cavallo Point, The Lodge at the Golden Gate $34,898 $4,200 $4,422 $— $281 $8,903 
Chicago Marriott Downtown Magnificent Mile$91,482 $14,217 $9,200 $18 $(1,192)$22,243 
Chico Hot Springs Resort & Day Spa$11,917 $1,252 $1,315 $— $(1)$2,566 
Courtyard Denver Downtown$9,263 $2,634 $1,167 $— $— $3,801 
Courtyard New York Manhattan/Fifth Avenue$15,074 $1,102 $1,028 $849 $620 $3,599 
Courtyard New York Manhattan/Midtown East$26,031 $5,487 $1,607 $— $— $7,094 
Embassy Suites by Hilton Bethesda$10,013 $(4,538)$1,509 $— $4,322 $1,293 
Havana Cabana Key West$8,192 $1,221 $779 $— $— $2,000 
Henderson Beach Resort$34,710 $6,153 $3,334 $— $— $9,487 
Henderson Park Inn$7,225 $2,593 $826 $— $— $3,419 
Hilton Garden Inn New York/Times Square Central$20,229 $2,400 $2,215 $— $— $4,615 
Hotel Champlain Burlington$16,235 $1,144 $2,357 $— $— $3,501 
Hotel Clio$22,799 $2,036 $2,549 $1,242 $14 $5,841 
Hotel Emblem San Francisco$4,148 $(609)$878 $— $— $269 
Kimpton Hotel Palomar Phoenix$16,853 $1,448 $1,590 $— $573 $3,611 
Kimpton Shorebreak Fort Lauderdale Beach Resort$7,632 $(142)$1,111 $— $— $969 
Kimpton Shorebreak Huntington Beach Resort$16,365 $4,616 $1,023 $— $— $5,639 
L'Auberge de Sedona (3)
$26,011 $3,400 $2,315 $— $126 $5,841 
Lake Austin Spa Resort$14,796 $2,049 $2,154 $— $— $4,203 
Margaritaville Beach House Key West$22,044 $6,815 $2,286 $— $— $9,101 
Salt Lake City Marriott Downtown at City Creek$28,018 $7,456 $3,160 $— $32 $10,648 
The Dagny Boston$30,898 $6,871 $4,706 $— $— $11,577 
The Gwen $30,398 $4,257 $2,272 $— $— $6,529 
The Hythe Vail$39,795 $12,051 $3,229 $— $— $15,280 
The Landing Lake Tahoe Resort & Spa$11,469 $3,081 $954 $— $— $4,035 
The Lindy Renaissance Charleston Hotel$17,911 $6,952 $1,101 $— $— $8,053 
The Lodge at Sonoma Resort$24,139 $6,171 $1,452 $— $— $7,623 
Tranquility Bay Beachfront Resort$16,308 $3,754 $1,405 $— $— $5,159 
Westin Boston Seaport District$77,653 $7,875 $6,917 $5,188 $(367)$19,613 
Westin Fort Lauderdale Beach Resort$49,727 $8,732 $3,290 $— $— $12,022 
Westin San Diego Bayview$29,820 $4,513 $4,050 $— $— $8,563 
Westin Washington D.C. City Center$3,077 $330 $— $— $— $330 
Worthington Renaissance Fort Worth Hotel$37,289 $7,141 $2,858 $940 $— $10,939 
Total $845,957 $143,196 $84,388 $8,237 $4,417 $240,192 
Less: Sold Hotels (4)
$(18,151)$(1,432)$(1,028)$(849)$(620)$(3,929)
Comparable Total$827,806 $141,764 $83,360 $7,388 $3,797 $236,263 
(1) Includes cash ground rent expense for Courtyard New York Manhattan/Fifth Avenue that is classified as interest expense as it is a financing lease for GAAP purposes.
(2) Includes non-cash expenses incurred by the hotels due to the straight-lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities.
(3) During the fourth quarter 2025, Orchards Inn Sedona and L'Auberge de Sedona were combined and now operate as one hotel. Amounts presented have been adjusted to reflect the combination.
(4) Represents the operating results of the Courtyard New York Manhattan/Fifth Avenue sold in 2026 and the Westin Washington D.C. City Center sold in 2025.

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