Sunstone Hotel Investors posts $38.7M Q3 2026 profit

Q: What were SHO's third-quarter 2026 results?

Sunstone reported $38.7 million of net income attributable to common stockholders, or $0.21 per diluted share, compared with a $2.9 million loss a year earlier. RevPAR was $235.22, up 11.4%, and Adjusted EBITDAre was $54.5 million, up 8.8%.

Q: What is SHO's full-year 2026 outlook?

Sunstone's current outlook is $92 million to $97 million in net income and $254 million to $259 million in Adjusted EBITDAre. It expects RevPAR growth of 9.5% to 10.5%, Total RevPAR growth of 8.5% to 9.5%, and Adjusted FFO per diluted share of $1.00 to $1.03.

Q: How many SHO common shares did the company repurchase?

Sunstone repurchased 9,368,434 common shares during the third quarter at an average purchase price of $10.99 per share. From the start of 2026 through November 5, it repurchased 13,748,527 common shares at an average purchase price of $10.43 per share.

Q: What dividends did SHO authorize and when will they be paid?

The board authorized $0.09 per common share, $0.937500 per Series G preferred share, $0.382813 per Series H preferred share, and $0.356250 per Series I preferred share. The dividends are payable January 15, 2027, to stockholders of record December 31, 2026.

Q: How much does Sunstone expect to invest in its hotel portfolio in 2026?

Sunstone currently expects to invest approximately $105 million to $115 million in its portfolio in 2026. The company says a majority of the investment relates to the completed Hilton San Diego Bayfront meeting-space renovation, Hilton Key West renovation work, storm-related restoration at Wailea Beach Resort, and other hotel projects.

Raised full-year outlook puts 2026 Adjusted EBITDAre at $254 million to $259 million and Adjusted FFO per diluted share at $1.00 to $1.03.

Available on EDGAR 11/06/2026 - 07:35 AM EST Accepted by SEC EDGAR 11/06/2026 - 07:35 AM EST

Filing Impact

(Very High)

Filing Sentiment

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Form Type

8-K

Rhea-AI Filing Summary

Sunstone Hotel Investors, Inc. (SHO) reported third-quarter 2026 net income attributable to common stockholders of $38.7 million, or $0.21 per diluted share, compared with a $2.9 million loss, or $(0.02) per diluted share, a year earlier. RevPAR increased 11.4% to $235.22, total RevPAR increased 10.5% to $394.97, Adjusted EBITDAre increased 8.8% to $54.5 million, and Adjusted FFO per diluted share increased 17.6% to $0.20.

The company raised its full-year 2026 outlook to $92 million to $97 million in net income, $254 million to $259 million in Adjusted EBITDAre, and $1.00 to $1.03 in Adjusted FFO per diluted share. It repurchased $117.8 million of common and preferred stock in the quarter and $196.9 million through November 5, 2026. The board authorized cash dividends of $0.09 per common share and dividends for Series G, H and I preferred shares, payable January 15, 2027, to holders of record December 31, 2026. At September 30, 2026, liquidity was $817.9 million and total debt was $955.0 million; the company reported no debt maturities until January 2028.

4 points · 0 major

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0 major · 0 points

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Positive

Moderate pointCommon-stockholder income reached $38.7 million, versus a $2.9 million loss.
Moderate pointRevPAR increased 11.4% to $235.22 in third-quarter 2026.
Moderate pointAdjusted EBITDAre increased 8.8% to $54.5 million.
Moderate pointAdjusted FFO per diluted share increased 17.6% to $0.20.

Negative

None.

Filing Explained

A gain on asset sales contributed to third-quarter net income.

The company reports 13,748,527 common shares repurchased from the start of 2026 through November 5, 2026, with $310.6 million remaining under its repurchase authorization; that remaining amount is authorization capacity, not a completed purchase. At September 30, 2026, common shares outstanding were 176,575,057, compared with 189,709,516 at December 31, 2025.

Third-quarter net income included a gain on sale of assets.

8-K Event Classification

2 items: 2.02, 9.01

2 items

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.

Key Figures

Net income attributable to common stockholders: $38.7 million RevPAR: $235.22 Adjusted EBITDAre: $54.5 million +4 more

7 metrics

Net income attributable to common stockholders $38.7 million Third quarter 2026; compared with a $2.9 million loss in third quarter 2025

RevPAR $235.22 Third quarter 2026; increased 11.4% from third quarter 2025

Adjusted EBITDAre $54.5 million Third quarter 2026; increased 8.8% from third quarter 2025

Adjusted FFO per diluted share $0.20 Third quarter 2026; increased 17.6% from third quarter 2025

Full-year Adjusted EBITDAre guidance $254 million to $259 million Current 2026 guidance

Common and preferred stock repurchases $117.8 million Third quarter 2026; before expenses

Liquidity $817.9 million At the end of third quarter 2026

Key Terms

RevPAR, Total RevPAR, Adjusted EBITDAre, Adjusted FFO attributable to common stockholders

4 terms

RevPAR financial

"RevPAR for all hotels in the portfolio increased 11.4% to $235.22."

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.

Total RevPAR financial

"Total RevPAR for all hotels in the portfolio increased 10.5% to $394.97."

Total revenue per available room (total revpar) measures how much money a hotel earns from all its rooms during a specific period, considering both occupied and vacant rooms. It helps investors understand the overall revenue generated by a hotel's entire inventory, similar to how a store's total sales reflect its overall performance. This metric is important because it shows the hotel's ability to maximize income from its available space, regardless of how many rooms are booked.

Adjusted EBITDAre financial

"Adjusted EBITDAre increased 8.8% to $54.5 million."

Adjusted EBITDA is a measure of a company's earnings that shows its profitability by focusing on core operations, excluding certain expenses or income that are unusual or not part of normal business activities. It provides investors with a clearer picture of how well the company is performing day-to-day, much like evaluating a restaurant's regular sales without counting special event or one-time expenses. This helps investors compare companies more fairly and assess their ongoing financial health.

Adjusted FFO attributable to common stockholders financial

"Adjusted FFO attributable to common stockholders per diluted share increased 17.6%."

Earnings Snapshot

Net income attributable to common stockholders: $38.7 million · Guidance included

Third quarter 2026

Net income attributable to common stockholders $38.7 million Compared with a $2.9 million loss in third quarter 2025

RevPAR $235.22 +11.4%

Adjusted EBITDAre $54.5 million +8.8%

Adjusted FFO attributable to common stockholders per diluted share $0.20 +17.6%

Guidance

Full-year 2026 guidance: net income of $92 million to $97 million; Adjusted EBITDAre of $254 million to $259 million; Adjusted FFO attributable to common stockholders per diluted share of $1.00 to $1.03.

FAQ

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

What were SHO's third-quarter 2026 results?

Sunstone reported $38.7 million of net income attributable to common stockholders, or $0.21 per diluted share, compared with a $2.9 million loss a year earlier. RevPAR was $235.22, up 11.4%, and Adjusted EBITDAre was $54.5 million, up 8.8%.

What is SHO's full-year 2026 outlook?

Sunstone's current outlook is $92 million to $97 million in net income and $254 million to $259 million in Adjusted EBITDAre. It expects RevPAR growth of 9.5% to 10.5%, Total RevPAR growth of 8.5% to 9.5%, and Adjusted FFO per diluted share of $1.00 to $1.03.

How many SHO common shares did the company repurchase?

Sunstone repurchased 9,368,434 common shares during the third quarter at an average purchase price of $10.99 per share. From the start of 2026 through November 5, it repurchased 13,748,527 common shares at an average purchase price of $10.43 per share.

What dividends did SHO authorize and when will they be paid?

The board authorized $0.09 per common share, $0.937500 per Series G preferred share, $0.382813 per Series H preferred share, and $0.356250 per Series I preferred share. The dividends are payable January 15, 2027, to stockholders of record December 31, 2026.

How much does Sunstone expect to invest in its hotel portfolio in 2026?

Sunstone currently expects to invest approximately $105 million to $115 million in its portfolio in 2026. The company says a majority of the investment relates to the completed Hilton San Diego Bayfront meeting-space renovation, Hilton Key West renovation work, storm-related restoration at Wailea Beach Resort, and other hotel projects.

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

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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 06, 2026

    

Sunstone Hotel Investors, Inc.

(Exact Name of Registrant as Specified in Its Charter)


Maryland	001-32319	20-1296886
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

15 Enterprise Suite 200
Aliso Viejo, California		92656
(Address of Principal Executive Offices)		(Zip Code)

     Registrant’s Telephone Number, Including Area Code: (949) 330-4000

    

N/A

(Former Name or Former Address, if Changed Since Last Report)

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:

☐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 class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	SHO	New York Stock Exchange
Series H Cumulative Redeemable Preferred Stock, $0.01 par value	SHO.PRH	New York Stock Exchange
Series I Cumulative Redeemable Preferred Stock, $0.01 par value	SHO.PRI	New York Stock Exchange

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. ☐

Item 2.02 Results of Operations and Financial Condition.

On November 6, 2026, Sunstone Hotel Investors, Inc. (the “Company”) issued a press release regarding its financial results for the third quarter ended September 30, 2026. The press release referred to supplemental financial information that is available on the Company’s website, free of charge, at www.sunstonehotels.com. A copy of the press release and the supplemental financial information are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by this reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) The following exhibits are furnished herewith:

EXHIBIT INDEX


Exhibit No.		Description
99.1		Press Release, dated November 6, 2026.
99.2		Supplemental Financial Information for the third quarter ended September 30, 2026.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

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 thereunto duly authorized.


		Sunstone Hotel Investors, Inc.

Date:	November 6, 2026	By:	/s/ Aaron R. Reyes
			Aaron R. Reyes (Principal Financial Officer and Duly Authorized Officer)

Exhibit 99.1

For Additional Information:

Aaron Reyes

Sunstone Hotel Investors, Inc.

(949) 382-3018

SUNSTONE HOTEL INVESTORS REPORTS RESULTS FOR THIRD QUARTER 2026

Completes Additional Accretive Common and Preferred Stock Repurchases

Further Increases Full Year Outlook

ALISO VIEJO, CA – November 6, 2026 – Sunstone Hotel Investors, Inc. (the “Company” or “Sunstone”) (NYSE: SHO) today announced results for the third quarter ended September 30, 2026.

Third Quarter 2026 Operational Results (as compared to Third Quarter 2025):

•

Net Income (Loss): Net income attributable to common stockholders was $38.7 million, or $0.21 per diluted share, as compared to a net loss attributable to common stockholders of $2.9 million, or $(0.02) per diluted share.

•

RevPAR: RevPAR for all hotels in the portfolio increased 11.4% to $235.22. The average daily rate was $323.55 and occupancy was 72.7%. RevPAR excluding Andaz Miami Beach increased 10.3%.

•

Total RevPAR: Total RevPAR for all hotels in the portfolio increased 10.5% to $394.97. Total RevPAR excluding Andaz Miami Beach increased 9.6%.

•

Hotel Adjusted EBITDAre Margin: Hotel Adjusted EBITDAre Margin, excluding Andaz Miami Beach, increased 50 basis points to 26.7%. Excluding Hilton Key West Resort & Marina, which was under renovation during the quarter, and the impact of one-time items in the current and prior year, margins would have increased approximately 200 basis points.

•

Adjusted EBITDAre: Adjusted EBITDAre increased 8.8% to $54.5 million.

•

Adjusted FFO: Adjusted FFO attributable to common stockholders per diluted share increased 17.6% to $0.20.

Information regarding the non-GAAP financial measures disclosed in this release is provided below in “Non-GAAP Financial Measures.” Reconciliations of non-GAAP financial measures to the most comparable GAAP measure for each of the periods presented are included later in this release.

Bryan A. Giglia, Chief Executive Officer, stated, “Our portfolio performed very well in the third quarter and generated revenue and earnings that meaningfully exceeded our expectations. Our well-located portfolio grew Total RevPAR by over 10% and Adjusted FFO per diluted share by nearly 18%, driven by broad-based strength across demand segments and from the contribution of our recent investments. Given our strong performance in the quarter and our revised expectations for near-term trends, we are once again increasing our full year outlook. While current year fundamentals have been better than expected, we are also encouraged by the trends we are seeing for next year, with robust group pace, further recovery in certain of our markets, and additional contribution from our investment activity.”

Mr. Giglia continued, “Our capital allocation activity this year demonstrates the value creation potential of our strategy. By realizing private market values through opportunistic asset sales and redeploying proceeds into the repurchase of nearly $200 million of our common and preferred stock at meaningful discounts, we have increased Adjusted FFO and NAV per share while preserving our leverage profile. Our strong balance sheet and dynamic approach to capital allocation allow us to remain nimble and deploy capital toward the opportunities we believe will offer the most compelling risk-adjusted returns, whether through investments in our portfolio, acquisitions, or the repurchase of our securities.”

Unaudited Selected Statistical and Financial Data ($ in millions, except RevPAR, ADR and per share amounts).


	Three Months Ended September 30,								Nine Months Ended September 30,
	2026			2025			Change		2026			2025			Change

Net Income	$	40.9		$	1.3		2,993.0	%	$	85.5		$	17.4		392.6	%
Net Income (Loss) Attributable to Common Stockholders	$	38.7		$	(2.9)		1,416.1	%	$	80.6		$	5.2		1,442.8	%
Net Income (Loss) Attributable to Common Stockholders per Diluted Share	$	0.21		$	(0.02)		1,150.0	%	$	0.43		$	0.03		1,333.3	%

Total Portfolio Operating Statistics (1)
RevPAR	$	235.22		$	211.15		11.4	%	$	249.34		$	225.00		10.8	%
Occupancy		72.7	%		68.1	%	460	bps		74.4	%		70.5	%	390	bps
Average Daily Rate	$	323.55		$	310.06		4.4	%	$	335.13		$	319.15		5.0	%
Total RevPAR	$	394.97		$	357.35		10.5	%	$	416.18		$	378.54		9.9	%

Operating Statistics, excluding Andaz Miami Beach (2)
RevPAR	$	238.48		$	216.20		10.3	%	$	245.25		$	233.37		5.1	%
Occupancy		73.8	%		69.7	%	410	bps		74.6	%		73.1	%	150	bps
Average Daily Rate	$	323.15		$	310.18		4.2	%	$	328.75		$	319.25		3.0	%
Total RevPAR	$	399.89		$	364.94		9.6	%	$	411.07		$	392.11		4.8	%

Hotel Adjusted EBITDAre Margin, excluding Andaz Miami Beach (2)		26.7	%		26.2	%	50	bps		28.7	%		28.9	%	(20)	bps

Adjusted EBITDAre	$	54.5		$	50.1		8.8	%	$	198.9		$	180.0		10.5	%
Adjusted FFO Attributable to Common Stockholders	$	37.2		$	31.7		17.1	%	$	146.3		$	129.0		13.5	%
Adjusted FFO Attributable to Common Stockholders per Diluted Share	$	0.20		$	0.17		17.6	%	$	0.79		$	0.66		19.7	%

(1)

Includes the 13 hotels owned by the Company as of September 30, 2026.

(2)

Includes the 13 hotels owned by the Company as of September 30, 2026 except Andaz Miami Beach due to its renovation activity during 2025.

Recent Developments

Stock Repurchase Program. During the third quarter of 2026, the Company repurchased an aggregate amount of $117.8 million, before expenses, of its common and preferred stock. From the start of this year through November 5, 2026, the Company has allocated a total of $196.9 million, before expenses, into repurchases of its common and preferred stock. The Company believes this repurchase activity has been completed at a discount and generated significant value for its stockholders. As of November 5, 2026, the Company has $310.6 million remaining under its existing stock repurchase program authorization.

•

Common stock: During the third quarter of 2026, the Company repurchased 9,368,434 shares at an average purchase price per share of $10.99 for a total repurchase amount before expenses of $103.0 million. From the start of this year through November 5, 2026, the Company has repurchased 13,748,527 shares at an average purchase price per share of $10.43 for a total repurchase amount before expenses of $143.4 million. The average purchase price per share represents a substantial discount to consensus estimates of net asset value and implies a highly attractive valuation multiple on the Company’s stabilized cash flow.

•

Series H Cumulative Redeemable Preferred Stock: During the third quarter of 2026, the Company repurchased 330,119 shares at an average purchase price per share of $22.30 for a total repurchase amount before expenses of $7.4 million. From the start of this year through November 5, 2026, the Company has repurchased 1,234,583 shares at an average purchase price per share of $21.52 for a total repurchase amount before expenses of $26.6 million. The average repurchase price per share reflects a 13.9% discount to the preferred stock liquidation value.

•

Series I Cumulative Redeemable Preferred Stock: During the third quarter of 2026, the Company repurchased 344,439 shares at an average purchase price per share of $21.69 for a total repurchase amount before expenses of $7.5 million. From the start

of this year through November 5, 2026, the Company has repurchased 1,308,051 shares at an average purchase price per share of $20.56 for a total repurchase amount before expenses of $26.9 million. The average repurchase price per share reflects a 17.7% discount to the preferred stock liquidation value.

Balance Sheet and Liquidity Update

As of September 30, 2026, the Company had $317.9 million of cash and cash equivalents, including restricted cash of $81.4 million. The Company ended the third quarter with $817.9 million of liquidity, including available cash and full availability under its $500.0 million revolving credit facility. The Company had total debt of $955.0 million with a weighted average interest rate of 5.22%, including the effect of the Company’s interest rate derivative swaps entered into in October 2026, and no debt maturities until January 2028.

Capital Investments Update

The Company invested $76.6 million into its portfolio during the first nine months of 2026. The Company currently expects to invest approximately $105 million to $115 million into its portfolio in 2026, with a majority of the investment related to the previously completed renovation of the meeting space at Hilton San Diego Bayfront, renovation work at Hilton Key West Resort & Marina, storm-related restoration work at Wailea Beach Resort, and various other projects across the remaining hotels in the portfolio.

2026 Outlook

The Company is updating its 2026 outlook based on Management’s expectations and information available as of the date of this release. Geopolitical developments, changes in economic policies, changes in the health of the economy, or changes in business and consumer sentiment, among other factors, could lead to further revisions to the Company’s outlook or cause the Company to withdraw its outlook altogether.

For the full year 2026, the Company now expects:


Metric ($ in millions, except per share data)	Prior Full Year 2026 Guidance (1)	Current Full Year 2026 Guidance (2)	Change in Full Year 2026 Guidance Midpoint
Net Income	$79 to $89	$92 to $97	+$10.5
Net Income Attributable to Common Stockholders per Diluted Share	$0.37 to $0.42	$0.46 to $0.49	+$0.08
RevPAR Growth (3)	7.0% to 9.0%	9.5% to 10.5%	+200 bps
Total RevPAR Growth (3)	7.0% to 9.0%	8.5% to 9.5%	+100 bps
Adjusted EBITDAre	$245 to $255	$254 to $259	+$6.5
Adjusted FFO Attributable to Common Stockholders	$174 to $184	$184 to $189	+$7.5
Adjusted FFO Attributable to Common Stockholders per Diluted Share	$0.93 to $0.98	$1.00 to $1.03	+$0.06
Diluted Weighted Average Shares Outstanding	187,000,000	183,500,000	-3,500,000

(1)

Reflects guidance presented on August 6, 2026.

(2)

Detailed reconciliations of Net Income to non-GAAP financial measures are provided later in this release.

(3)

RevPAR and Total RevPAR Growth reflect comparisons to full year 2025 and include all 13 hotels owned by the Company as of the date of this release. Andaz Miami Beach is expected to contribute approximately 450 basis points of RevPAR and Total RevPAR growth.

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

•

Full year interest and other income (excluding amounts received from our insurance programs as reimbursement for restoration of property damage) of approximately $7 million to $8 million. This range is unchanged from the Company’s prior estimate.

•

Full year corporate overhead expense (excluding deferred stock amortization and management transition costs) of approximately $19 million. This estimate is $0.5 million lower than the midpoint of the Company’s prior range.

•

Full year interest expense of approximately $46 million to $49 million, including approximately $4 million in amortization of deferred financing costs and $7 million of noncash reduction to interest expense on derivatives. Excluding the noncash interest on derivatives, this range is unchanged from the Company’s prior estimate.

•

Full year preferred stock dividends of approximately $15 million, which includes the Series G, H, and I cumulative redeemable preferred stock. This estimate is $0.5 million lower than the midpoint of the Company’s prior range.

Dividend Update

On November 5, 2026, the Company’s Board of Directors authorized a cash dividend of $0.09 per share of its common stock. The Company’s Board of Directors also authorized cash dividends of $0.937500 per share payable to its Series G cumulative redeemable preferred stockholder, $0.382813 per share payable to its Series H cumulative redeemable preferred stockholders, and $0.356250 per share payable to its Series I cumulative redeemable preferred stockholders. The common and preferred dividends will be paid on January 15, 2027 to stockholders of record as of December 31, 2026.

The amount of any future quarterly dividends will be determined by the Company’s Board of Directors after considering long-term operating projections, expected capital requirements, and risks affecting the Company’s business.

Supplemental Disclosures

Contemporaneous with this release, the Company has furnished a Form 8-K with unaudited financial information. This additional information is being provided as a supplement to the information in this release and other filings with the SEC. The Company has no obligation to update any of the information provided to conform to actual results or changes in the Company’s portfolio, capital structure or future expectations.

Earnings Call

The Company will host a conference call to discuss third quarter results on November 6, 2026, at 12:00 p.m. Eastern Time (9:00 a.m. Pacific Time). A live webcast of the call will be available via the Investor Relations section of the Company’s website at www.sunstonehotels.com. Alternatively, interested parties may dial 1-833-461-5787 and reference meeting ID 981 061 229 to listen to the live call. A transcript of the webcast will also be archived on the website.

About Sunstone Hotel Investors, Inc.

Sunstone Hotel Investors, Inc. is a lodging real estate investment trust (“REIT”) that as of the date of this release owns 13 hotels comprised of approximately 6,200 rooms, all of which are operated under nationally recognized brands. Sunstone’s strategy is to create long-term stakeholder value through the acquisition, active ownership, and disposition of well-located hotel and resort real estate. For further information, please visit Sunstone’s website at www.sunstonehotels.com. The Company’s website is provided as a reference only and any information on the website is not incorporated by reference in this release.

Forward-Looking Statements

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 “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will” and other similar terms and phrases, including opinions, references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks, uncertainties, and other factors include, but are not limited to, those described in the sections entitled “Special Note Regarding Forward-Looking Statements,” “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s 2025 Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 27, 2026, and other risks and uncertainties associated with the Company’s business described in its filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All forward-looking information provided herein 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.

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

Non-GAAP Financial Measures

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

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

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

We believe that the presentation of FFO attributable to common stockholders provides useful information to investors regarding our operating performance because it is a measure of our operations without regard to specified noncash items such as real estate depreciation and amortization, any real estate impairment loss and any gain or loss on sale of real estate assets, all of which are based on historical cost accounting and may be of lesser significance in evaluating our current performance. Our presentation of FFO attributable to common stockholders conforms to Nareit’s definition of “FFO applicable to common shares.” Our presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current Nareit definition, or that interpret the current Nareit definition differently than we do.

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

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

•

Amortization of deferred stock compensation: we exclude the noncash expense incurred with the amortization of deferred stock compensation as this expense is based on historical stock prices at the date of grant to our corporate employees and does not reflect the underlying performance of our hotels.

•

Amortization of contract intangibles: we exclude the noncash amortization of any favorable or unfavorable contract intangibles recorded in conjunction with our hotel acquisitions. We exclude the noncash amortization of contract intangibles because it is based on historical cost accounting and is of lesser significance in evaluating our actual performance for the current period.

•

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

•

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

•

Other adjustments: we exclude other adjustments that we believe are outside the ordinary course of business because we do not believe these costs reflect our actual performance for the period and/or the ongoing operations of our hotels. Such items may include: lawsuit settlement costs; the write-off of development costs associated with abandoned projects; non-real estate-related impairment losses; property-level restructuring, severance, and management transition costs; pre-opening costs associated with extensive renovation projects; debt resolution costs; lease terminations; property insurance restoration proceeds or uninsured losses; and other nonrecurring identified adjustments.

In addition, to derive Adjusted EBITDAre, we exclude the amortization of our right-of-use assets and related lease obligations as these expenses are based on historical cost accounting and do not reflect the actual rent amounts due to the respective lessors or the underlying performance of our hotels. We also exclude the effect of gains and losses on the disposition of undepreciated assets because we believe that including them in Adjusted EBITDAre is not consistent with reflecting the ongoing performance of our assets.

To derive Adjusted FFO attributable to common stockholders, we also exclude the noncash interest on our derivatives as we believe that these items are not reflective of our ongoing finance costs. Additionally, we exclude the real estate amortization of our right-of-use assets and related lease obligations (with the exception of our corporate operating lease) as these expenses are based on historical cost accounting and do not reflect the actual rent amounts due to the respective lessors or the underlying performance of our hotels. We also exclude gains or losses on the redemptions or repurchases of preferred stock, changes to deferred tax assets, liabilities or valuation allowances, and income tax benefits or provisions associated with the application of net operating loss carryforwards, uncertain tax positions or with the sale of assets.

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

Reconciliations of net income to EBITDAre, Adjusted EBITDAre, FFO attributable to common stockholders, Adjusted FFO attributable to common stockholders, hotel Adjusted EBITDAre and hotel Adjusted EBITDAre margins are set forth in the following pages of this release.

Sunstone Hotel Investors, Inc.

Consolidated Balance Sheets

(In thousands, except share and per share data)


	September 30,			December 31,
	2026			2025
	(unaudited)
ASSETS
Investment in hotel properties, net	$	2,491,537		$	2,771,180
Operating lease right-of-use assets, net		3,704			4,418
Cash and cash equivalents		236,521			109,189
Restricted cash		81,365			76,531
Accounts receivable, net		39,817			33,662
Prepaid expenses and other assets, net		42,091			34,025
Total assets	$	2,895,035		$	3,029,005

LIABILITIES AND STOCKHOLDERS’ EQUITY

LIABILITIES
Debt, net of unamortized deferred financing costs	$	944,032		$	918,086
Operating lease obligations		5,959			7,348
Accounts payable and accrued expenses		52,928			63,146
Dividends and distributions payable		19,547			22,975
Other liabilities		85,968			72,832
Total liabilities		1,108,434			1,084,387
Commitments and contingencies

STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value, 100,000,000 shares authorized:
Series G Cumulative Redeemable Preferred Stock, 2,650,000 shares issued and outstanding at both September 30, 2026 and December 31, 2025, stated at liquidation preference of $25.00 per share		66,250			66,250
6.125% Series H Cumulative Redeemable Preferred Stock, 3,644,584 shares issued and outstanding at September 30, 2026 and 4,545,903 shares issued and outstanding at December 31, 2025, stated at liquidation preference of $25.00 per share		91,115			113,648
5.70% Series I Cumulative Redeemable Preferred Stock, 2,836,743 shares issued and outstanding at September 30, 2026 and 3,990,973 shares issued and outstanding at December 31, 2025, stated at liquidation preference of $25.00 per share		70,919			99,774
Common stock, $0.01 par value, 500,000,000 shares authorized, 176,575,057 shares issued and outstanding at September 30, 2026 and 189,709,516 shares issued and outstanding at December 31, 2025		1,766			1,897
Additional paid in capital		2,160,464			2,298,398
Distributions in excess of retained earnings		(603,913	)		(635,349	)
Total stockholders’ equity		1,786,601			1,944,618

Total liabilities and stockholders’ equity	$	2,895,035		$	3,029,005

Sunstone Hotel Investors, Inc.

Unaudited Consolidated Statements of Operations

(In thousands, except per share data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025

Revenues
Room	$	140,053	$	139,523	$	469,368	$	440,492
Food and beverage		68,601		64,419		221,792		209,573
Other operating		25,064		25,381		79,376		73,095
Total revenues		233,718		229,323		770,536		723,160
Operating expenses
Room		37,818		39,303		122,958		119,272
Food and beverage		50,424		48,717		155,793		150,566
Other operating		7,123		6,337		21,763		18,707
Advertising and promotion		13,083		13,420		41,336		40,758
Repairs and maintenance		10,671		9,954		32,592		29,514
Utilities		7,648		7,832		22,049		21,624
Franchise costs		4,417		4,471		13,962		13,773
Property tax, ground lease and insurance		20,179		19,574		61,734		57,425
Other property-level expenses		27,853		26,926		95,550		88,184
Corporate overhead		6,410		6,970		22,005		24,221
Depreciation and amortization		30,287		33,928		98,724		100,328
Impairment and other losses		—		—		1,639		—
Total operating expenses		215,913		217,432		690,105		664,372
Interest and other income		2,620		3,160		7,944		7,024
Interest expense		(10,729)		(13,412)		(33,788)		(39,258)
Gain (loss) on sale of assets		31,489		—		31,489		(8,751)
Loss on extinguishment of debt		—		(180)		—		(180)
Income before income taxes		41,185		1,459		86,076		17,623
Income tax provision, net		(296)		(137)		(605)		(272)
Net income		40,889		1,322		85,471		17,351
Preferred stock dividends, net of gain on repurchases		(2,196)		(4,262)		(4,844)		(12,125)
Net income (loss) attributable to common stockholders	$	38,693	$	(2,940)	$	80,627	$	5,226

Basic and diluted income (loss) per share
Basic and diluted net income (loss) attributable to common stockholders per common share	$	0.21	$	(0.02)	$	0.43	$	0.03

Basic weighted average common shares outstanding		181,502		189,253		185,040		195,110
Diluted weighted average common shares outstanding		181,502		189,253		185,212		195,866

Distributions declared per common share	$	0.09	$	0.09	$	0.27	$	0.27

Sunstone Hotel Investors, Inc.

Reconciliation of Net Income to Non-GAAP Financial Measures

(Unaudited and in thousands)

Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026			2025

Net income	$	40,889	$	1,322	$	85,471	$	17,351
Depreciation and amortization		30,287		33,928		98,724		100,328
Interest expense		10,729		13,412		33,788		39,258
Income tax provision, net		296		137		605		272
(Gain) loss on sale of assets		(31,489)		—		(31,489)		8,751
Impairment and other losses		—		—		1,639		—
EBITDAre		50,712		48,799		188,738		165,960

Amortization of deferred stock compensation		2,015		1,905		7,461		6,741
Amortization of right-of-use assets and obligations		(233)		(158)		(675)		(458)
Loss on extinguishment of debt		—		180		—		180
(Gain) loss on property damage, net		1,144		(674)		601		(773)
Property-level pre-opening and management transition costs		841		—		959		6,471
Property-level legal settlement costs		—		—		935		—
Management transition costs		—		—		907		1,869
Adjustments to EBITDAre, net		3,767		1,253		10,188		14,030

Adjusted EBITDAre	$	54,479	$	50,052	$	198,926	$	179,990

Sunstone Hotel Investors, Inc.

Reconciliation of Net Income to Non-GAAP Financial Measures

(Unaudited and in thousands, except per share data)

Reconciliation of Net Income to FFO Attributable to Common Stockholders and

Adjusted FFO Attributable to Common Stockholders


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026			2025

Net income	$	40,889	$	1,322	$	85,471	$	17,351
Preferred stock dividends, net of gain on repurchases		(2,196)		(4,262)		(4,844)		(12,125)
Real estate depreciation and amortization		29,946		33,581		97,696		99,278
(Gain) loss on sale of assets		(31,489)		—		(31,489)		8,751
Impairment and other losses		—		—		1,639		—
FFO attributable to common stockholders		37,150		30,641		148,473		113,255

Amortization of deferred stock compensation		2,015		1,905		7,461		6,741
Real estate amortization of right-of-use assets and obligations		(200)		(130)		(586)		(390)
Amortization of contract intangibles, net		312		315		941		944
Noncash interest on derivatives, net		(2,995)		(495)		(7,080)		668
Loss on extinguishment of debt		—		180		—		180
(Gain) loss on property damage, net		1,144		(674)		601		(773)
Property-level pre-opening and management transition costs		841		—		959		6,471
Property-level legal settlement costs		—		—		935		—
Management transition costs		—		—		907		1,869
Gain on preferred stock repurchases, net		(1,452)		—		(6,637)		—
Income tax related to hotel disposition		361		—		361		—
Adjustments to FFO attributable to common stockholders, net		26		1,101		(2,138)		15,710

Adjusted FFO attributable to common stockholders	$	37,176	$	31,742	$	146,335	$	128,965

FFO attributable to common stockholders per diluted share	$	0.20	$	0.16	$	0.80	$	0.58

Adjusted FFO attributable to common stockholders per diluted share	$	0.20	$	0.17	$	0.79	$	0.66

Basic weighted average shares outstanding		181,502		189,253		185,040		195,110
Shares associated with unvested restricted stock awards		320		859		405		863
Diluted weighted average shares outstanding		181,822		190,112		185,445		195,973

Sunstone Hotel Investors, Inc.

Reconciliation of Net Income to Non-GAAP Financial Measures

Guidance for Full Year 2026

(Unaudited and in thousands, except for per share amounts)

Reconciliation of Net Income to Adjusted EBITDAre


	Year Ended
	December 31, 2026
		Low				High

Net income	$		92,000		$		97,000
Depreciation and amortization			128,000				128,000
Interest expense			47,500				47,500
Income tax provision, net			1,000				1,000
Gain on sale of assets			(31,500	)			(31,500	)
Impairment and other losses			2,000				2,000
Amortization of deferred stock compensation			9,500				9,500
Property-level pre-opening and management transition costs			2,500				2,500
Property-level legal settlement costs			1,000				1,000
Management transition costs			1,000				1,000
Loss on property damage, net			1,000				1,000
Adjusted EBITDAre	$		254,000		$		259,000

Reconciliation of Net Income to Adjusted FFO Attributable to Common Stockholders


	Year Ended
	December 31, 2026
		Low				High

Net income	$		92,000		$		97,000
Preferred stock dividends, net of gain on repurchases			(7,000	)			(7,000	)
Net income attributable to common stockholders			85,000				90,000

Real estate depreciation and amortization			127,000				127,000
Gain on sale of assets			(31,500	)			(31,500	)
Impairment and other losses			2,000				2,000
Amortization of deferred stock compensation			9,500				9,500
Property-level pre-opening and management transition costs			2,500				2,500
Property-level legal settlement costs			1,000				1,000
Management transition costs			1,000				1,000
Loss on property damage, net			1,000				1,000
Amortization of intangibles, net			1,000				1,000
Noncash interest on derivatives, net			(7,000	)			(7,000	)
Gain on preferred stock repurchases, net			(8,000	)			(8,000	)
Income tax related to hotel disposition			500				500
Adjusted FFO attributable to common stockholders	$		184,000		$		189,000

Net income attributable to common stockholders per diluted share	$		0.46		$		0.49

Adjusted FFO attributable to common stockholders per diluted share	$		1.00		$		1.03

Diluted weighted average shares outstanding			183,500				183,500

Sunstone Hotel Investors, Inc.

Non-GAAP Financial Measures

Hotel Adjusted EBITDAre and Margins

(Unaudited and in thousands)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025

Total Portfolio Hotel Adjusted EBITDAre Margin		25.1%		24.3%		28.1%		27.7%
Hotel Adjusted EBITDAre Margin, excluding Andaz Miami Beach		26.7%		26.2%		28.7%		28.9%


Actual revenues	$	233,718	$	229,323	$	770,536	$	723,160
Sold hotel revenues (1)		(8,556)		(25,600)		(66,589)		(82,793)
Total Portfolio Hotel Revenues		225,162		203,723		703,947		640,367
Andaz Miami Beach revenues (2)		(7,754)		(5,312)		(40,851)		(7,773)
Hotel Revenues, excluding Andaz Miami Beach	$	217,408	$	198,411	$	663,096	$	632,594


Net income	$	40,889	$	1,322	$	85,471	$	17,351
Non-hotel operating expenses, net (3)		10		(280)		22		(971)
Property-level adjustments (4)		2,244		189		5,909		7,012
Corporate overhead		6,410		6,970		22,005		24,221
Depreciation and amortization		30,287		33,928		98,724		100,328
Impairment and other losses		—		—		1,639		—
Interest and other income		(2,620)		(3,160)		(7,944)		(7,024)
Interest expense		10,729		13,412		33,788		39,258
Gain (loss) on sale of assets		(31,489)		—		(31,489)		8,751
Loss on extinguishment of debt		—		180		—		180
Income tax provision, net		296		137		605		272
Actual Hotel Adjusted EBITDAre		56,756		52,698		208,730		189,378
Sold hotel Adjusted EBITDAre (1)		(325)		(3,139)		(11,031)		(11,843)
Total Portfolio Hotel Adjusted EBITDAre		56,431		49,559		197,699		177,535
Andaz Miami Beach Adjusted EBITDAre (2)		1,637		2,494		(7,652)		5,298
Hotel Adjusted EBITDAre, excluding Andaz Miami Beach	$	58,068	$	52,053	$	190,047	$	182,833

(1)

Sold hotel revenues and Adjusted EBITDAre include results for Hyatt Regency San Francisco, which the Company sold in July 2026, and Hilton New Orleans St. Charles, which the Company sold in June 2025.

(2)

Andaz Miami Beach underwent a transformational renovation during 2025, and as a result, our results for the third quarter and first nine months of 2026 are not comparable to those for the same periods in 2025.

(3)

Non-hotel operating expenses, net include the amortization of hotel real estate-related right-of-use assets and obligations, corporate-level current year property taxes and insurance, as well as any prior year property taxes assessed on sold hotels, net of any refunds received.

(4)

Property-level adjustments include non-operational and nonrecurring items. For the three months ended September 30, 2026, adjustments primarily consisted of severe weather-related restoration expenses. For the nine months ended September 30, 2026, adjustments primarily consisted of severe weather-related restoration expenses and legal settlement costs. For the nine months ended September 30, 2025, adjustments primarily consisted of pre-opening costs related to Andaz Miami Beach.

Exhibit 99.2



Supplemental Financial Information For the quarter ended September 30, 2026 November 6, 2026


	Supplemental Financial Information November 6, 2026

Table of Contents


Corporate Profile And Disclosures Regarding Non-GAAP Financial Measures	2
Comparable Corporate Financial Information	6
Capitalization	11
Property-Level Data And Operating Statistics	14
Property-Level Revenues, Adjusted EBITDAre & Adjusted EBITDAre Margins	19


	Supplemental Financial Information November 6, 2026

CORPORATE PROFILE AND DISCLOSURES

REGARDING NON-GAAP FINANCIAL MEASURES


CORPORATE PROFILE AND DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES		Page 2


	Supplemental Financial Information November 6, 2026

About Sunstone

Sunstone Hotel Investors, Inc. (the “Company,” “we,” and “our”) (NYSE: SHO) is a lodging real estate investment trust (“REIT”) that as of November 6, 2026 owns 13 hotels comprised of approximately 6,200 rooms, all of which are operated under nationally recognized brands. Sunstone’s strategy is to create long-term stakeholder value through the acquisition, active ownership, and disposition of well-located hotel and resort real estate.

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

Corporate Headquarters

15 Enterprise, Suite 200

Aliso Viejo, CA 92656

(949) 330-4000

Company Contacts

Bryan Giglia

Chief Executive Officer

(949) 382-3036

Aaron Reyes

Chief Financial Officer

(949) 382-3018


CORPORATE PROFILE AND DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES		Page 3


	Supplemental Financial Information November 6, 2026

Non-GAAP Financial Measures

We present the following non-GAAP financial measures that we believe are useful to investors as key supplemental measures of our operating performance: earnings before interest expense, taxes, depreciation and amortization for real estate, or EBITDAre; Adjusted EBITDAre (as defined below); funds from operations attributable to common stockholders, or FFO attributable to common stockholders; Adjusted FFO attributable to common stockholders (as defined below); hotel Adjusted EBITDAre; and hotel Adjusted EBITDAre margins. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with GAAP. In addition, our calculation of these measures may not be comparable to other companies that do not define such terms exactly the same as we do. These non-GAAP measures are used in addition to and in conjunction with results presented in accordance with GAAP. They should not be considered as alternatives to net income (loss), cash flow from operations, or any other operating performance measure prescribed by GAAP. These non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. We strongly encourage investors to review our financial information in its entirety and not to rely on a single financial measure.

We believe that the presentation of FFO attributable to common stockholders provides useful information to investors regarding our operating performance because it is a measure of our operations without regard to specified noncash items such as real estate depreciation and amortization, any real estate impairment loss and any gain or loss on sale of real estate assets, all of which are based on historical cost accounting and may be of lesser significance in evaluating our current performance. Our presentation of FFO attributable to common stockholders conforms to the Nareit definition of “FFO applicable to common shares.” Our presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current Nareit definition, or that interpret the current Nareit definition differently than we do.


CORPORATE PROFILE AND DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES		Page 4


	Supplemental Financial Information November 6, 2026

•


CORPORATE PROFILE AND DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES		Page 5


	Supplemental Financial Information November 6, 2026

COMPARABLE CORPORATE FINANCIAL INFORMATION


COMPARABLE CORPORATE FINANCIAL INFORMATION		Page 6


	Supplemental Financial Information November 6, 2026

Comparable Consolidated Statements of Operations

Q3 2026 – Q4 2025, Trailing 12 Months


	Quarter Ended (1)												Trailing 12 Months (1)
(Unaudited and in thousands)	September 30,			June 30,			March 31,			December 31,			Ended
	2026			2026			2026			2025			September 30, 2026
Revenues
Room	$	134,037		$	148,108		$	139,313		$	125,106		$	546,564
Food and beverage		66,785			72,796			68,533			64,143			272,257
Other operating		24,340			27,446			22,589			23,968			98,343
Total revenues		225,162			248,350			230,435			213,217			917,164

Operating Expenses
Room		35,319			35,625			34,612			32,264			137,820
Food and beverage		48,605			48,734			45,926			44,097			187,362
Other expenses		87,061			90,228			86,069			79,287			342,645
Corporate overhead		6,410			8,760			6,835			7,369			29,374
Depreciation and amortization		30,287			30,469			30,331			30,319			121,406
Impairment and other losses		—			1,639			—			—			1,639
Total operating expenses		207,682			215,455			203,773			193,336			820,246

Interest and other income		2,620			3,791			1,533			3,940			11,884
Interest expense		(10,729	)		(11,782	)		(11,277	)		(13,707	)		(47,495	)
Income before income taxes		9,371			24,904			16,918			10,114			61,307
Income tax (provision) benefit, net		65			(187	)		(122	)		56			(188	)
Net income	$	9,436		$	24,717		$	16,796		$	10,170		$	61,119

(1)

Includes results for all 13 hotels owned by the Company as of September 30, 2026.


COMPARABLE CORPORATE FINANCIAL INFORMATION		Page 7


	Supplemental Financial Information November 6, 2026

Comparable Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre, and Total Portfolio Hotel Adjusted EBITDAre

Q3 2026 – Q4 2025, Trailing 12 Months


	Quarter Ended												Trailing 12 Months
	September 30,			June 30,			March 31,			December 31,			Ended
(In thousands)	2026			2026			2026			2025			September 30, 2026

Net income	$	40,889		$	26,025		$	18,557		$	7,217		$	92,688
Depreciation and amortization		30,287			34,260			34,177			34,180			132,904
Interest expense		10,729			11,782			11,277			13,707			47,495
Income tax provision (benefit), net		296			187			122			(56	)		549
Gain on sale of assets		(31,489	)		—			—			—			(31,489	)
Impairment and other losses		—			1,639			—			—			1,639
EBITDAre		50,712			73,893			64,133			55,048			243,786

Amortization of deferred stock compensation		2,015			3,557			1,889			1,958			9,419
Amortization of right-of-use assets and obligations		(233	)		(225	)		(217	)		(167	)		(842	)
(Gain) loss on property damage, net		1,144			(2,473	)		1,930			(277	)		324
Property-level pre-opening and management transition costs		841			118			—			—			959
Property-level legal settlement costs		—			935			—			—			935
Management transition costs		—			907			—			—			907
Adjustments to EBITDAre, net		3,767			2,819			3,602			1,514			11,702

Adjusted EBITDAre		54,479			76,712			67,735			56,562			255,488
Sold hotel Adjusted EBITDAre (1)		(325	)		(5,099	)		(5,607	)		(908	)		(11,939	)

Comparable Adjusted EBITDAre		54,154			71,613			62,128			55,654			243,549

Corporate-level adjustments, net (2)		2,277			3,445			4,082			1,701			11,505

Total Portfolio Hotel Adjusted EBITDAre	$	56,431		$	75,058		$	66,210		$	57,355		$	255,054

*Footnotes on page 10


COMPARABLE CORPORATE FINANCIAL INFORMATION		Page 8


	Supplemental Financial Information November 6, 2026

Comparable Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders

Q3 2026 – Q4 2025, Trailing 12 Months


	Quarter Ended													Trailing 12 Months
		September 30,			June 30,			March 31,			December 31,			Ended
(In thousands, except per share data)		2026			2026			2026			2025			September 30, 2026

Net income		$	40,889		$	26,025		$	18,557		$	7,217		$	92,688
Preferred stock dividends, net of gain on repurchases			(2,196	)		(46	)		(2,602	)		(3,985	)		(8,829	)
Real estate depreciation and amortization			29,946			33,918			33,832			33,834			131,530
Gain on sale of assets			(31,489	)		—			—			—			(31,489	)
Impairment and other losses			—			1,639			—			—			1,639
FFO attributable to common stockholders			37,150			61,536			49,787			37,066			185,539

Amortization of deferred stock compensation			2,015			3,557			1,889			1,958			9,419
Real estate amortization of right-of-use assets and obligations			(200	)		(200	)		(186	)		(137	)		(723	)
Amortization of contract intangibles, net			312			314			315			315			1,256
Noncash interest on derivatives, net			(2,995	)		(1,964	)		(2,121	)		210			(6,870	)
(Gain) loss on property damage, net			1,144			(2,473	)		1,930			(277	)		324
Property-level pre-opening and management transition costs			841			118			—			—			959
Property-level legal settlement costs			—			935			—			—			935
Management transition costs			—			907			—			—			907
Gain on preferred stock repurchases, net			(1,452	)		(3,685	)		(1,500	)		(254	)		(6,891	)
Income tax related to hotel disposition			361			—			—			—			361
Adjustments to FFO attributable to common stockholders, net			26			(2,491	)		327			1,815			(323	)

Adjusted FFO attributable to common stockholders			37,176			59,045			50,114			38,881			185,216
Sold hotel Adjusted FFO (1)			(325	)		(5,099	)		(5,607	)		(908	)		(11,939	)

Comparable Adjusted FFO attributable to common stockholders		$	36,851		$	53,946		$	44,507		$	37,973		$	173,277

Comparable Adjusted FFO attributable to common stockholders per diluted share		$	0.21		$	0.31		$	0.25		$	0.22		$	0.98

Basic weighted average shares outstanding			181,502			185,333			188,361			189,172			186,092
Shares associated with unvested restricted stock awards			320			423			428			776			487
Diluted weighted average shares outstanding			181,822			185,756			188,789			189,948			186,579
Equity transactions (3)			(5,749	)		(9,650	)		(12,797	)		(13,894	)		(10,523	)
Comparable diluted weighted average shares outstanding			176,073			176,106			175,992			176,054			176,056

*Footnotes on page 10


COMPARABLE CORPORATE FINANCIAL INFORMATION		Page 9


	Supplemental Financial Information November 6, 2026

Comparable Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre, Total Portfolio Hotel Adjusted EBITDAre,

FFO and Adjusted FFO Attributable to Common Stockholders

Q3 2026 – Q4 2025, Trailing 12 Months Footnotes

(1)

Sold hotel Adjusted EBITDAre and Adjusted FFO include results for Hyatt Regency San Francisco, sold in July 2026.

(2)

Corporate-level adjustments, net primarily consist of corporate overhead expenses and interest and other income.

(3)

Equity transactions represent pro forma adjustments to reflect the Company's repurchases of its common stock during the first, second, and third quarters of 2026 and the fourth quarter of 2025 as if the repurchases had occurred on October 1, 2025.


COMPARABLE CORPORATE FINANCIAL INFORMATION		Page 10


	Supplemental Financial Information November 6, 2026

CAPITALIZATION


CAPITALIZATION		Page 11


	Supplemental Financial Information November 6, 2026

Comparative Capitalization

Q3 2026 – Q3 2025


	September 30,			June 30,			March 31,			December 31,			September 30,
(In thousands, except per share data)	2026			2026			2026			2025			2025

Common Share Price & Dividends
At the end of the quarter	$	11.21		$	11.45		$	9.01		$	8.94		$	9.37
High during quarter ended	$	11.85		$	11.92		$	9.71		$	9.86		$	9.92
Low during quarter ended	$	10.64		$	8.99		$	8.73		$	8.81		$	8.63
Common dividends per share	$	0.09		$	0.09		$	0.09		$	0.09		$	0.09

Common Shares & Units
Common shares outstanding		176,575			185,944			186,967			189,710			189,912
Units outstanding		—			—			—			—			—
Total common shares and units outstanding		176,575			185,944			186,967			189,710			189,912

Capitalization
Market value of common equity	$	1,979,406		$	2,129,063		$	1,684,576		$	1,696,003		$	1,779,474
Liquidation value of preferred equity - Series G		66,250			66,250			66,250			66,250			66,250
Liquidation value of preferred equity - Series H		91,115			99,368			107,579			113,648			115,000
Liquidation value of preferred equity - Series I		70,919			79,530			96,716			99,774			100,000
Total debt		955,000			980,000			955,000			930,000			930,000
Total capitalization	$	3,162,690		$	3,354,211		$	2,910,121		$	2,905,675		$	2,990,724

Total debt to total capitalization		30.2	%		29.2	%		32.8	%		32.0	%		31.1	%
Total debt and preferred equity to total capitalization		37.4	%		36.5	%		42.1	%		41.6	%		40.5	%


CAPITALIZATION		Page 12


	Supplemental Financial Information November 6, 2026

Debt and Preferred Stock Summary Schedule


(In thousands)	Interest Rate /	Maturity			September 30, 2026
Unsecured Debt	Spread	Date (1)			Balance

Series B Senior Notes	4.79%	01/10/2028		$	105,000
Revolving Line of Credit	5.40%	09/24/2030			—
Term Loan 1 (2)	4.67%	01/24/2031			275,000
Term Loan 2 (2)	5.80%	01/24/2031			275,000
Term Loan 3 (2)	5.35%	01/24/2031			300,000
Total Unsecured Debt				$	955,000

Preferred Stock
Series G cumulative redeemable preferred (3)	6.750%	Perpetual		$	66,250
Series H cumulative redeemable preferred	6.125%	Perpetual			91,115
Series I cumulative redeemable preferred	5.700%	Perpetual			70,919
Total Preferred Stock				$	228,284

Debt and Preferred Statistics (4)
		Debt Statistics			Debt and Preferred Statistics
% Fixed Rate		68.6	%		74.6	%
% Floating Rate		31.4	%		25.4	%
Average Interest Rate		5.22	%		5.41	%
Weighted Average Maturity of Debt		4.0 years			N/A

(1)

Maturity Date assumes the exercise of all available extensions for the Revolving Line of Credit and Term Loans 1 and 2. The Revolving Line of Credit has an initial maturity of September 2029 with two six-month extensions. Term Loan 1 has an initial maturity of January 2029 with two twelve-month extensions, and Term Loan 2 has an initial maturity of January 2030 with one twelve-month extension. By extending these loans, the Company's weighted average maturity of debt increases from 3.1 years to 4.0 years.

(2)

Interest rates on the Term Loans are calculated according to a leverage-based pricing grid with a range of 135 to 220 basis points over the applicable term SOFR. The interest rates for Term Loans 1 and 2 include the effect of the Company's interest rate swap derivatives. In October 2026, the Company entered into two separate interest rate swap agreements on portions of its Term Loan 2 balance. The first interest rate swap agreement has a notional amount of $75.0 million, became effective on October 6, 2026, expires on January 24, 2029, and effectively fixes the SOFR component of the interest rate on $75.0 million of Term Loan 2 borrowings at 4.59%. The second interest rate swap agreement has a notional amount of $100.0 million, became effective on October 22, 2026, expires on January 24, 2030, and effectively fixes the SOFR component of the interest rate on $100.0 million of Term Loan 2 borrowings at 4.49%. The interest rate for Term Loan 2 includes the effect of the Company's interest rate derivative swaps entered into in October 2026.

(3)

The dividend rate on the Series G cumulative redeemable preferred stock increased to the greater of (i) the rate equal to Montage Healdsburg's annual net operating income yield on our total investment in the resort or (ii) 6.5% and 7.5%, in July 2025 and July 2026, respectively. Based on the dividends earned during the previous twelve months, this equates to an annual yield of 6.75%. Beginning in the third quarter of 2027, the annual dividend rate will increase to the greater of 8.5% or the rate equal to Montage Healdsburg’s annual net operating income yield on our total investment in the resort.

(4)

Debt and Preferred Statistics include the effect of the Company’s interest rate derivative swaps on Term Loan 2 entered into in October 2026.


CAPITALIZATION		Page 13


	Supplemental Financial Information November 6, 2026

PROPERTY-LEVEL DATA AND OPERATING STATISTICS


PROPERTY-LEVEL DATA AND OPERATING STATISTICS		Page 14


	Supplemental Financial Information November 6, 2026

Hotel Information as of November 6, 2026


Hotel			Location	Brand	Number of Rooms		% of Total Rooms			Interest	Year Acquired

	1	Hilton San Diego Bayfront (1) (2)	California	Hilton		1,190		19	%	Leasehold	2011 / 2022
	2	The Westin Washington, DC Downtown	Washington DC	Marriott		807		13	%	Fee Simple	2005
	3	Renaissance Orlando at SeaWorld®	Florida	Marriott		781		13	%	Fee Simple	2005
	4	Hyatt Regency San Antonio Riverwalk	Texas	Hyatt		630		10	%	Fee Simple	2024
	5	Wailea Beach Resort	Hawaii	Marriott		543		9	%	Fee Simple	2014
	6	JW Marriott New Orleans (3)	Louisiana	Marriott		501		8	%	Fee Simple	2011
	7	Marriott Boston Long Wharf	Massachusetts	Marriott		415		7	%	Fee Simple	2007
	8	Marriott Long Beach Downtown	California	Marriott		376		6	%	Fee Simple	2005
	9	Andaz Miami Beach	Florida	Hyatt		287		5	%	Fee Simple	2022
	10	The Bidwell Marriott Portland	Oregon	Marriott		258		4	%	Fee Simple	2000
	11	Hilton Key West Resort & Marina (4)	Florida	Hilton		175		3	%	Fee Simple	2017
	12	Montage Healdsburg (5)	California	Montage		130		2	%	Fee Simple	2021
	13	Four Seasons Resort Napa Valley (5)	California	Four Seasons		85		1	%	Fee Simple	2021

		Total Portfolio				6,178		100	%

(1)

In June 2022, the Company acquired the 25.0% noncontrolling partner's ownership interest in the Hilton San Diego Bayfront. Following this acquisition, the Company owns 100% of the hotel.

(2)

The ground lease at the Hilton San Diego Bayfront matures in 2071.

(3)

Hotel is subject to a municipal airspace lease that matures in 2044 and applies only to certain balcony space that is not integral to the hotel’s operations.

(4)

Hilton Key West Resort & Marina debuted in July 2026, following the hotel's conversion from Oceans Edge Resort & Marina.

(5)

The number of rooms excludes rooms provided by owners of the separately owned private residences at each resort who may periodically elect to participate in the applicable resort’s residential rental program.


PROPERTY-LEVEL DATA AND OPERATING STATISTICS		Page 15


	Supplemental Financial Information November 6, 2026

Property-Level Operating Statistics

ADR, Occupancy, RevPAR and Total RevPAR (TRevPAR)

Q3 2026 vs Q3 2025


Hotels sorted by number of rooms	For the Quarters Ended September 30,
	ADR					Occupancy					RevPAR				TRevPAR
	2026		2025		Change	2026	2025	Change		2026		2025		Change	2026		2025		Change
Hilton San Diego Bayfront	$	283	$	281	0.9%	84.0%	85.5%	(150)	bps	$	238	$	240	(0.9)%	$	443	$	451	(1.8)%
The Westin Washington, DC Downtown		263		268	(1.6)%	69.6%	65.4%	420	bps		183		175	4.7%		273		293	(6.9)%
Renaissance Orlando at SeaWorld®		164		161	1.6%	60.8%	61.9%	(110)	bps		99		100	(0.2)%		235		221	6.5%
Hyatt Regency San Antonio Riverwalk		175		172	1.7%	68.1%	53.4%	1,470	bps		119		92	29.7%		205		145	41.2%
Wailea Beach Resort		578		586	(1.5)%	82.7%	64.2%	1,850	bps		478		376	26.9%		740		565	30.9%
JW Marriott New Orleans		199		193	3.1%	59.9%	57.6%	230	bps		119		111	7.2%		185		161	15.1%
Marriott Boston Long Wharf		453		423	6.9%	91.7%	89.2%	250	bps		415		378	9.9%		571		514	11.2%
Marriott Long Beach Downtown		236		236	0.0%	81.5%	74.4%	710	bps		192		176	9.5%		272		235	15.7%
The Bidwell Marriott Portland		166		146	13.5%	81.6%	84.1%	(250)	bps		136		123	10.2%		183		166	9.9%
Hilton Key West Resort & Marina		216		206	5.0%	47.0%	55.1%	(810)	bps		102		114	(10.4)%		225		243	(7.7)%
Montage Healdsburg		1,053		1,114	(5.5)%	71.1%	62.9%	820	bps		749		701	6.9%		1,474		1,417	4.0%
Four Seasons Resort Napa Valley		1,516		1,306	16.1%	73.5%	66.8%	670	bps		1,114		872	27.8%		1,881		1,562	20.4%

Total Portfolio, excluding Andaz Miami Beach (1)		323		310	4.2%	73.8%	69.7%	410	bps		238		216	10.3%		400		365	9.6%

Andaz Miami Beach (2)		336		305	10.0%	49.0%	36.4%	1,260	bps		165		111	48.1%		294		201	46.0%

Total Portfolio (3)	$	324	$	310	4.4%	72.7%	68.1%	460	bps	$	235	$	211	11.4%	$	395	$	357	10.5%

*Footnotes on page 18


PROPERTY-LEVEL DATA AND OPERATING STATISTICS		Page 16


	Supplemental Financial Information November 6, 2026

Property-Level Operating Statistics

ADR, Occupancy, RevPAR and Total RevPAR (TRevPAR)

YTD Q3 2026 vs YTD Q3 2025


Hotels sorted by number of rooms	For the Nine Months Ended September 30,
	ADR					Occupancy				RevPAR					TRevPAR
	2026		2025		Change	2026	2025	Change		2026		2025		Change	2026		2025		Change
Hilton San Diego Bayfront	$	293	$	288	1.7%	80.5%	82.9%	(240)	bps	$	235	$	238	(1.2)%	$	420	$	436	(3.7)%
The Westin Washington, DC Downtown		294		301	(2.4)%	71.2%	69.4%	180	bps		209		209	0.1%		329		337	(2.1)%
Renaissance Orlando at SeaWorld®		201		198	1.5%	67.3%	71.6%	(430)	bps		135		142	(4.6)%		307		306	0.5%
Hyatt Regency San Antonio Riverwalk		186		191	(2.8)%	71.8%	63.6%	820	bps		133		122	9.7%		227		200	13.5%
Wailea Beach Resort		614		619	(0.8)%	82.8%	69.3%	1,350	bps		509		429	18.6%		782		664	17.7%
JW Marriott New Orleans		245		256	(4.5)%	67.6%	66.8%	80	bps		165		171	(3.3)%		248		240	3.5%
Marriott Boston Long Wharf		395		382	3.3%	83.2%	82.1%	110	bps		329		314	4.7%		459		436	5.2%
Marriott Long Beach Downtown		247		239	3.2%	77.7%	76.9%	80	bps		192		184	4.3%		270		254	6.5%
The Bidwell Marriott Portland		155		149	3.9%	76.8%	79.7%	(290)	bps		119		119	0.1%		161		159	0.8%
Hilton Key West Resort & Marina		313		294	6.4%	69.5%	73.0%	(350)	bps		217		214	1.3%		392		381	3.0%
Montage Healdsburg		1,033		1,035	(0.2)%	65.5%	57.9%	760	bps		676		599	12.9%		1,327		1,203	10.2%
Four Seasons Resort Napa Valley		1,307		1,231	6.2%	65.5%	59.5%	600	bps		856		733	16.9%		1,546		1,375	12.4%

Total Portfolio, excluding Andaz Miami Beach (1)		329		319	3.0%	74.6%	73.1%	150	bps		245		233	5.1%		411		392	4.8%

Andaz Miami Beach (2)		477		311	53.6%	69.0%	17.1%	5,190	bps		329		53	519.7%		521		99	425.6%

Total Portfolio (3)	$	335	$	319	5.0%	74.4%	70.5%	390	bps	$	249	$	225	10.8%	$	416	$	379	9.9%

*Footnotes on page 18


PROPERTY-LEVEL DATA AND OPERATING STATISTICS		Page 17


	Supplemental Financial Information November 6, 2026

Property-Level Operating Statistics

Q3 & YTD 2026 vs. 2025 Footnotes

(1)

Total Portfolio, excluding Andaz Miami Beach includes all hotels owned by the Company as of September 30, 2026, with the exception of Andaz Miami Beach due to its renovation and subsequent ramp up activity during the first nine months of 2026 and 2025.

(2)

Operating statistics for the first nine months of 2026 and 2025 are impacted by renovation and subsequent ramp up activity at Andaz Miami Beach. In May 2025, operations resumed at Andaz Miami Beach, following an extensive renovation during which the Company suspended operations in March 2024 to allow the renovation work to be performed more efficiently.

(3)

Total Portfolio consists of all 13 hotels owned by the Company as of September 30, 2026.


PROPERTY-LEVEL DATA AND OPERATING STATISTICS		Page 18


	Supplemental Financial Information November 6, 2026

PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre &

ADJUSTED EBITDAre MARGINS


PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS		Page 19


	Supplemental Financial Information November 6, 2026

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q3 2026 vs Q3 2025


Hotels sorted by number of rooms	For the Quarters Ended September 30,
	2026					2025
(In thousands)					Hotel Adjusted					Hotel Adjusted	Hotel Adjusted
	Total		Hotel Adjusted		EBITDAre	Total		Hotel Adjusted		EBITDAre	EBITDAre
	Revenues		EBITDAre		Margins	Revenues		EBITDAre		Margins	Margin Change
Hilton San Diego Bayfront	$	48,455	$	13,780	28.4%	$	49,359	$	15,576	31.6%	(320)	bps
The Westin Washington, DC Downtown		20,266		5,674	28.0%		21,776		5,836	26.8%	120	bps
Renaissance Orlando at SeaWorld®		16,899		2,785	16.5%		15,865		2,739	17.3%	(80)	bps
Hyatt Regency San Antonio Riverwalk		11,891		3,370	28.3%		8,424		1,337	15.9%	1,240	bps
Wailea Beach Resort		36,955		11,047	29.9%		28,238		7,836	27.7%	220	bps
JW Marriott New Orleans		8,547		2,035	23.8%		7,423		1,414	19.0%	480	bps
Marriott Boston Long Wharf		21,812		10,031	46.0%		19,607		9,178	46.8%	(80)	bps
Marriott Long Beach Downtown		9,394		2,492	26.5%		8,120		1,891	23.3%	320	bps
The Bidwell Marriott Portland		4,332		1,019	23.5%		3,942		815	20.7%	280	bps
Hilton Key West Resort & Marina		3,616		(92)	(2.5)%		3,918		129	3.3%	(580)	bps
Montage Healdsburg		18,631		3,840	20.6%		17,940		4,151	23.1%	(250)	bps
Four Seasons Resort Napa Valley		16,610		2,087	12.6%		13,799		1,151	8.3%	430	bps

Total Portfolio, excluding Andaz Miami Beach (1)		217,408		58,068	26.7%		198,411		52,053	26.2%	50	bps

Andaz Miami Beach (2)		7,754		(1,637)	(21.1)%		5,312		(2,494)	(47.0)%	2,590	bps

Total Portfolio (3)		225,162		56,431	25.1%		203,723		49,559	24.3%	80	bps

Add: Sold Hotels (4)		8,556		325	3.8%		25,600		3,139	12.3%		N/A

Actual Portfolio (5)	$	233,718	$	56,756	24.3%	$	229,323	$	52,698	23.0%		N/A

*Footnotes on page 22


PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS		Page 20


	Supplemental Financial Information November 6, 2026

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

YTD Q3 2026 vs YTD Q3 2025


Hotels sorted by number of rooms	For the Nine Months Ended September 30,
	2026					2025
(In thousands)					Hotel Adjusted					Hotel Adjusted	Hotel Adjusted
	Total		Hotel Adjusted		EBITDAre	Total		Hotel Adjusted		EBITDAre	EBITDAre
	Revenues		EBITDAre		Margins	Revenues		EBITDAre		Margins	Margin Change
Hilton San Diego Bayfront	$	136,390	$	37,582	27.6%	$	141,635	$	44,492	31.4%	(380)	bps
The Westin Washington, DC Downtown		72,556		22,179	30.6%		74,136		22,259	30.0%	60	bps
Renaissance Orlando at SeaWorld®		65,558		18,353	28.0%		65,201		18,763	28.8%	(80)	bps
Hyatt Regency San Antonio Riverwalk		38,995		13,120	33.6%		34,370		10,870	31.6%	200	bps
Wailea Beach Resort		115,859		38,549	33.3%		98,574		31,178	31.6%	170	bps
JW Marriott New Orleans		33,979		12,932	38.1%		32,818		13,006	39.6%	(150)	bps
Marriott Boston Long Wharf		51,977		19,846	38.2%		49,414		18,945	38.3%	(10)	bps
Marriott Long Beach Downtown		27,755		7,433	26.8%		26,071		6,768	26.0%	80	bps
The Bidwell Marriott Portland		11,310		1,974	17.5%		11,218		1,991	17.7%	(20)	bps
Hilton Key West Resort & Marina		18,732		5,544	29.6%		18,186		5,197	28.6%	100	bps
Montage Healdsburg		49,736		10,105	20.3%		44,950		8,784	19.5%	80	bps
Four Seasons Resort Napa Valley		40,249		2,430	6.0%		36,021		580	1.6%	440	bps

Total Portfolio, excluding Andaz Miami Beach (1)		663,096		190,047	28.7%		632,594		182,833	28.9%	(20)	bps

Andaz Miami Beach (2)		40,851		7,652	18.7%		7,773		(5,298)	(68.2)%	8,690	bps

Total Portfolio (3)		703,947		197,699	28.1%		640,367		177,535	27.7%	40	bps

Add: Sold Hotels (4)		66,589		11,031	16.6%		82,793		11,843	14.3%		N/A

Actual Portfolio (5)	$	770,536	$	208,730	27.1%	$	723,160	$	189,378	26.2%		N/A

*Footnotes on page 22


PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS		Page 21


	Supplemental Financial Information November 6, 2026

Property-Level Revenues, Adjusted EBITDAre and Adjusted EBITDAre Margins

Q3 & YTD 2026 vs. 2025 Footnotes

(1)

(2)

Hotel Adjusted EBITDAre for the first nine months of 2026 and 2025 is impacted by renovation and subsequent ramp up activity at Andaz Miami Beach. In May 2025, operations resumed at Andaz Miami Beach, following an extensive renovation during which the Company suspended operations in March 2024 to allow the renovation work to be performed more efficiently.

(3)

Total Portfolio consists of all 13 hotels owned by the Company as of September 30, 2026.

(4)

Sold Hotel includes results for Hilton New Orleans St. Charles, sold in June 2025, and Hyatt Regency San Francisco, sold in July 2026.

(5)

Actual Portfolio includes results for the 14 hotels owned by the Company during the third quarter and first nine months of 2026, the 14 hotels owned by the Company during the third quarter of 2025, and the 15 hotels owned by the Company during the first nine months of 2025.


PROPERTY-LEVEL REVENUES, ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS		Page 22

Source: View Original Filing on SEC EDGAR

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