# EDGAR Filing Document

**Accession Number:** 0001295810
**File Stem:** 0001104659-25-108138
**Filing Date:** 2025-11
**Character Count:** 98066
**Document Hash:** 3079b138317fb41dc574b3baf226ec2d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-108138.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001104659-25-108138

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20251107

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sunstone Hotel Investors, Inc.
- **CENTRAL INDEX KEY:** 0001295810
- **STANDARD INDUSTRIAL CLASSIFICATION:** HOTELS & MOTELS [7011]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 201296886
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32319
- **FILM NUMBER:** 251460536

**BUSINESS ADDRESS:**
- **STREET 1:** 15 ENTERPRISE
- **STREET 2:** SUITE 200
- **CITY:** ALISO VIEJO
- **STATE:** CA
- **ZIP:** 92656
- **BUSINESS PHONE:** (949) 330-4000

**MAIL ADDRESS:**
- **STREET 1:** 15 ENTERPRISE
- **STREET 2:** SUITE 200
- **CITY:** ALISO VIEJO
- **STATE:** CA
- **ZIP:** 92656

?xml version='1.0' encoding='ASCII'? Sunstone Hotel Investors, Inc._November 7, 2025

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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 7, 2025**

**Sunstone Hotel Investors, Inc.**

**(Exact Name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| **Maryland** | **001-32319** | **20-1296886** |
| (State or Other Jurisdiction of Incorporation or Organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |

---

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

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**(949) 330-4000**

(Registrant's telephone number including area code)

**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))

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| | | |
|:---|:---|:---|
| 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 |

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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 checkmark 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. ◻

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**Item 2.02.** **Results of Operations and Financial Condition.**

On November 7, 2025, Sunstone Hotel Investors, Inc. (the "Company") issued a press release regarding its financial results for the third quarter ended September 30, 2025. 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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The following exhibits are furnished herewith:

**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Press Release, dated November 7, 2025.](sho-20251107xex99d1.htm) |
| 99.2 | [Supplemental Financial Information for the third quarter ended September 30, 2025.](sho-20251107xex99d2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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**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.

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| | | |
|:---|:---|:---|
|  | Sunstone Hotel Investors, Inc. | Sunstone Hotel Investors, Inc. |
| Date: November 7, 2025 | By:  | /s/ Aaron R. Reyes |
|  |  | **Aaron R. Reyes(Principal Financial Officer and Duly Authorized Officer)** |

---

## Exhibit 99.1

**Exhibit 99.1**

![Graphic](sho-20251107xex99d1001.jpg)

<u>For Additional Information</u>:

Aaron Reyes

Sunstone Hotel Investors, Inc.

(949) 382-3018

**SUNSTONE HOTEL INVESTORS REPORTS RESULTS FOR THIRD QUARTER 2025**

ALISO VIEJO, CA – November 7, 2025 – Sunstone Hotel Investors, Inc. (the "Company" or "Sunstone") (NYSE: SHO) today announced results for the third quarter ended September 30, 2025.

**Third Quarter 2025 Operational Results (as compared to Third Quarter 2024):**

● **Net Income:** Net income was $1.3 million as compared to $3.2 million.

● **Total Portfolio RevPAR:** Total Portfolio RevPAR increased 2.0% to $216.12. The average daily rate was $307.43 and occupancy was 70.3%.

● **Adjusted EBITDA *re*:** Adjusted EBITDA *re* decreased 6.6% to $50.1 million.

● **Adjusted FFO:** Adjusted FFO attributable to common stockholders per diluted share decreased 5.6% to $0.17.

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 delivered earnings that were in-line with our expectations despite ongoing headwinds in several of our larger markets. We were once again pleased with stronger performance in San Francisco, which helped to offset subdued government-related demand and a more price-sensitive leisure traveler in other parts of the portfolio. During the quarter, we successfully recast our credit facilities which addressed all debt maturities through 2028, lowered our borrowing cost and enhanced our financial flexibility. While the macroeconomic outlook remains mixed with various challenges, we are maintaining our outlook for the year."

Mr. Giglia continued, "We remain committed to addressing the valuation discount at which we trade and taking every step possible to deliver value for shareholders. As we have done in the past, the Board and management team will continue to explore all avenues to realize the value of our exceptional portfolio."

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **Change** | **Change** | **2025** | **2024** | **Change** | **Change** |
| Net Income | $1.3 | $3.2 | (59.3) | % | $17.4 | $42.4 | (59.1) | % |
| (Loss) Income Attributable to Common Stockholders per Diluted Share | $(0.02) | $— | (100.0) | % | $0.03 | $0.15 | (80.0) | % |
| Total Portfolio Operating Statistics (1) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;RevPAR | $216.12 | $211.96 | 2.0 | % | $226.58 | $222.24 | 2.0 | % |
| &nbsp;&nbsp;Occupancy | 70.3% | 69.2% | 110 | bps | 71.6% | 69.9% | 170 | bps |
| &nbsp;&nbsp;Average Daily Rate | $307.43 | $306.30 | 0.4 | % | $316.45 | $317.94 | (0.5) | % |
| Total Portfolio Operating Statistics, excluding Andaz Miami Beach (2) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;RevPAR | $220.46 | $220.84 | (0.2) | % | $233.89 | $230.52 | 1.5 | % |
| &nbsp;&nbsp;Occupancy | 71.7% | 72.1% | (40) | bps | 73.9% | 72.4% | 150 | bps |
| &nbsp;&nbsp;Average Daily Rate | $307.48 | $306.30 | 0.4 | % | $316.50 | $318.40 | (0.6) | % |
| Total Portfolio Hotel Adjusted EBITDA*re* Margin, excluding Andaz Miami Beach (2) | 24.6% | 25.3% | (70) | bps | 27.1% | 27.3% | (20) | bps |
| Adjusted EBITDA*re* | $50.1 | $53.6 | (6.6) | % | $180.0 | $181.6 | (0.9) | % |
| Adjusted FFO Attributable to Common Stockholders | $31.7 | $36.9 | (13.9) | % | $129.0 | $131.0 | (1.5) | % |
| Adjusted FFO Attributable to Common Stockholders per Diluted Share | $0.17 | $0.18 | (5.6) | % | $0.66 | $0.64 | 3.1 | % |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes the 14 hotels owned by the Company as of September 30, 2025, and includes prior ownership results for the Hyatt Regency San Antonio Riverwalk, acquired by the Company in April 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes the 14 hotels owned by the Company as of September 30, 2025, with the exception of Andaz Miami Beach due to its renovation activity during 2025 and 2024. Includes prior ownership results for the Hyatt Regency San Antonio Riverwalk, acquired by the Company in April 2024.

**Recent Developments**

*Amended and Restated Credit Agreement*. The Company completed its previously announced Third Amended and Restated Credit Agreement (the "Amended Credit Agreement"), which provides for an aggregate borrowing capacity of $1.35 billion, addresses all near term maturities, extends the duration of the remaining in-place loans, and further strengthens the Company's balance sheet. Inclusive of extension options, loans under the Amended Credit Agreement mature at various points in 2030 and 2031 but are freely prepayable at any time. The Amended Credit Agreement is composed of a $500.0 million revolving credit facility with an initial maturity in September 2029, a $275.0 million delayed-draw term loan facility with an initial maturity in January 2029, a $275.0 million term loan facility with an initial maturity in January 2030, and a $300.0 million term loan facility with an initial maturity in January 2031. At the Company's election, the revolving credit facility can be extended to September 2030 and each of the $275.0 million term loan facilities can be extended to January 2031. The facilities will bear interest pursuant to a leverage-based pricing grid ranging from 1.35% to 2.25% over the applicable term SOFR. In connection with the new facilities, the Company entered into a series of interest rate swaps to lower its borrowing cost and better manage interest rate risk.

The Company utilized proceeds received from the incremental borrowing on the new term loans to consolidate its prior four term loans into three term loans and to fully repay the outstanding balance on its revolving credit facility. In addition, the Company is delaying the draw of up to $90.0 million under the $275.0 million delayed-draw term loan facility until January 2026 and expects to use a majority of the proceeds to repay the Series A Senior Notes at their scheduled maturity. Following this repayment, the Company will not have any debt maturities until 2028.

*Stock Repurchase Program*. During the third quarter of 2025, the Company repurchased 258,870 shares of its common stock at an average purchase price of $8.70 per share for a total repurchase amount before expenses of $2.3 million. Year-to-date through November 6, 2025, the Company has repurchased a total of 11,392,876 shares of its common stock at an average purchase price of $8.83 per share for a total repurchase amount before expenses of $100.6 million. Since the beginning of 2022, the Company has deployed $292.3 million and repurchased 30.4 million shares of its common stock, representing nearly 14% of shares outstanding at the start of the period, at an average price of $9.62 per share. 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. The Company currently has $326.9 million remaining under its existing stock repurchase program authorization.

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**Balance Sheet and Liquidity Update**

As of September 30, 2025, the Company had $197.6 million of cash and cash equivalents, including restricted cash of $76.4 million, total assets of $3.0 billion, including $2.8 billion of net investments in hotel properties, total debt of $930.0 million and stockholders' equity of $2.0 billion.

**Capital Investments Update**

During the first nine months of 2025, the Company invested $73.7 million into its portfolio. The Company currently expects to invest approximately $80 million to $100 million into its portfolio in 2025, with the majority of the investment relating to the completion of the Andaz Miami Beach transformation, the room renovation at Wailea Beach Resort, and a renovation of the meeting spaces at Hyatt Regency San Antonio Riverwalk and Hilton San Diego Bayfront.

**2025 Outlook**

The Company is maintaining its 2025 outlook based on Management's expectations and information available as of the date of this release. The Company's outlook reflects known impacts from the government shutdown to date but could be negatively impacted if the government shutdown or its lingering effects causes additional disruption to travel and hotel demand. In addition, future economic policies, changes in the health of the economy, or changes in consumer sentiment, among other factors, could lead to revisions in the Company's outlook or cause the Company to withdraw its outlook altogether.

For the full year 2025, the Company now expects:

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| | | | |
|:---|:---|:---|:---|
| **Metric ($ in millions, except per share data)** | **Prior<br>Full Year 2025<br>Guidance (1)** | **Current<br>Full Year 2025<br>Guidance (2)** | **Change in<br>Full Year 2025<br>Guidance Midpoint** |
| Net Income | $14 to $28 | $14 to $28 |  |
| Total Portfolio RevPAR Growth (3) | + 3.0% to + 5.0% | + 3.0% to + 5.0% |  |
| Total Portfolio RevPAR Growth, excluding Andaz Miami Beach (3) | + 1.0% to + 3.0% | + 1.0% to + 3.0% |  |
| Adjusted EBITDA*re* | $226 to $240  | $226 to $240 |  |
| Adjusted FFO Attributable to Common Stockholders | $156 to $170  | $156 to $170 |  |
| Adjusted FFO Attributable to Common Stockholders per Diluted Share | $0.80 to $0.87  | $0.80 to $0.87 |  |
| Diluted Weighted Average Shares Outstanding | 195000000  | 195000000 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Reflects guidance presented on August 6, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Detailed reconciliations of Net Income to non-GAAP financial measures are provided later in this release.

&nbsp;&nbsp;&nbsp;&nbsp;(3) RevPAR Growth reflects comparison to full year 2024.

Full year 2025 guidance is based in part on the following full year assumptions:

● Full year interest and other income of approximately $8 million to $9 million, a $3 million increase from the Company's prior estimate.

● Full year corporate overhead expense (excluding deferred stock amortization and management transition costs) of approximately $20 million to $21 million. This range is unchanged from the Company's prior estimate.

● Full year interest expense of approximately $51 million to $54 million, including approximately $4 million in amortization of deferred financing costs and $1 million in noncash 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 $16 million to $17 million, which includes the Series G, H, and I cumulative redeemable preferred stock. This range is unchanged from the Company's prior estimate.

**Dividend Update** 

On November 6, 2025, 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 $0.812500 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

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share payable to its Series I cumulative redeemable preferred stockholders. The common and preferred dividends will be paid on January 15, 2026 to stockholders of record as of December 31, 2025.

The Company currently expects to continue to pay a quarterly cash common dividend throughout 2025. The level 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 7, 2025, at 11:00 a.m. Eastern Time (8:00 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 1-800-715-9871 and reference conference ID 1026321 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 14 hotels comprised of 6,999 rooms, the majority 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 include, but are not limited to: we own upper upscale and luxury hotels located in convention, urban, and resort destinations in an industry that is highly competitive; events beyond our control, including economic slowdowns or recessions, uncertainty in connection with certain international economic and political relationships, including political disputes, government shutdowns, and the imposition of tariffs affecting commodity costs, pandemics, natural disasters, civil unrest and terrorism; inflation may adversely affect our financial condition and results of operations; system security risks, data protection breaches, cyber-attacks and systems integration issues, including those impacting the Company's suppliers, hotel managers or franchisors; a significant portion of our hotels are geographically concentrated so we may be disproportionately harmed by economic conditions, competition, new hotel supply, real and personal property tax rates or natural disasters in these areas of the country; we face possible risks associated with the physical and transitional effects of climate change; uninsured or underinsured losses could harm our financial condition; the operating results of some of our hotels are significantly reliant upon group and transient business generated by large corporate customers, and the loss of such customers for any reason could harm our operating results; the increased use of virtual meetings and other similar technologies could lessen the need for business-related travel, and, therefore, demand for rooms in our hotels may be adversely affected; our hotels require ongoing capital investment and we may incur significant capital expenditures in connection with acquisitions, repositionings and other improvements, some of which are mandated by applicable laws or regulations or agreements with third parties, and the costs of such renovations, repositionings or improvements, including commodity cost increases resulting from inflation or the implementation of international tariffs, and delays due to supply chain disruptions, may exceed our expectations or cause other problems; delays in the acquisition, renovation or repositioning of hotel properties may have adverse effects on our results of operations and returns to our stockholders; accounting for the acquisition of a hotel property or other entity involves assumptions and estimations to determine fair value that could differ materially from the actual results achieved in future periods; volatility in the debt and equity markets may adversely affect our ability to acquire, renovate, refinance or sell our hotels; we may pursue joint venture investments that could be adversely affected by our lack of sole decision-making authority, our reliance on a co-venturer's financial condition and disputes between us and our co-venturer; we may be subject to unknown or contingent liabilities related to recently sold or acquired hotels, as well as hotels we may sell or acquire in the future; we may seek to acquire a portfolio of hotels or a company, which could present more risks to our business and financial results than the acquisition of a single hotel; the sale of a hotel or portfolio of hotels is typically subject to contingencies,

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risks and uncertainties, any of which may cause us to be unsuccessful in completing the disposition; the illiquidity of real estate investments and the lack of alternative uses of hotel properties could significantly limit our ability to respond to adverse changes in the performance of our hotels; we may issue or invest in hotel loans, including subordinated or mezzanine loans, which could involve greater risks of loss than senior loans secured by income-producing real properties; if we make or invest in mortgage loans with the intent of gaining ownership of the hotel secured by or pledged to the loan, our ability to perfect an ownership interest in the hotel is subject to the sponsor's willingness to forfeit the property in lieu of the debt; one of our hotels is subject to a ground lease with an unaffiliated party, the termination of which by the lessor for any reason, including due to our default on the lease, could cause us to lose the ability to operate the hotel altogether and may adversely affect our results of operations; because we are a REIT, we depend on third-parties to operate our hotels; we are subject to risks associated with our operators' employment of hotel personnel; most of our hotels operate under a brand owned by Marriott, Hyatt, Hilton, Four Seasons or Montage, and should any of these brands experience a negative event, or receive negative publicity, our operating results may be harmed; our franchisors and brand managers may adopt new policies or change existing policies which could result in increased costs that could negatively impact our hotels; future adverse litigation judgments or settlements resulting from legal proceedings could have an adverse effect on our financial condition; claims by persons regarding our properties could affect the attractiveness of our hotels or cause us to incur additional expenses; the hotel business is seasonal and seasonal variations in business volume at our hotels will cause quarterly fluctuations in our revenue and operating results; changes in the debt and equity markets may adversely affect the value of our hotels; certain of our hotels have in the past become impaired and additional hotels may become impaired in the future; laws and governmental regulations may restrict the ways in which we use our hotel properties and increase the cost of compliance with such regulations, and noncompliance with such regulations could subject us to penalties, loss of value of our properties or civil damages; corporate responsibility, specifically related to environmental sustainability, social responsibility and corporate governance, or ESG, factors and commitments, may impose additional costs and expose us to new risks that could adversely affect our results of operations, financial condition and cash flows; our franchisors and brand managers may require us to make capital expenditures pursuant to property improvement plans or to comply with brand standards; termination of any of our franchise, management or operating lease agreements could cause us to lose business; the growth of alternative reservation channels could adversely affect our business and profitability; the failure of tenants in our hotels to make rent payments or otherwise comply with the material terms of our retail and restaurant leases may adversely affect our results of operations; we rely on our corporate and hotel senior management teams, the loss of whom may cause us to incur costs and harm our business; we could be harmed by inadvertent errors, misconduct or fraud that is difficult to detect; if we fail to maintain effective internal control over financial reporting and disclosure controls and procedures, we may not be able to accurately report our financial results or identify and prevent fraud; we have outstanding debt which may restrict our financial flexibility; our debt agreements contain various covenants, restrictions, requirements and other limitations, and should we default, we may be required to pay additional fees, provide additional security or repay the debt; defaulting on existing debt may limit our ability to access additional debt financing in the future; certain of our unsecured term loans are subject to variable interest rates, which creates uncertainty in the amount of interest expense we will incur in the future and may negatively impact our operating results; we may not be able to refinance our debt on favorable terms or at all; our stock repurchase program may not enhance long-term stockholder value, could cause volatility in the price of our common and preferred stock and could diminish our cash reserves; 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**

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 EBITDA*re*; Adjusted EBITDA*re* (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 EBITDA*re*; and hotel Adjusted EBITDA*re* 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 the Company. These non-GAAP measures are used in addition to and in conjunction with results presented in accordance with GAAP. They should not be considered as alternatives to 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.

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We present EBITDA*re* 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 EBITDA*re* 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 EBITDA*re* 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 EBITDA*re* of unconsolidated affiliates.

We make additional adjustments to EBITDA*re* 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 EBITDA*re*, 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 EBITDA*re* and Adjusted EBITDA*re* 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 EBITDA*re* and FFO attributable to common stockholders for the following items, which may occur in any period, and refer to these measures as either Adjusted EBITDA*re* 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; property-level restructuring, severance, and management transition costs; pre-opening costs associated with extensive renovation projects such as the work performed at Andaz Miami Beach; debt resolution costs; lease terminations; property insurance restoration proceeds or uninsured losses; and other nonrecurring identified adjustments.

In addition, to derive Adjusted EBITDA*re*, 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 EBITDA*re* 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 preferred stock redemption charges, 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 EBITDA*re* and hotel Adjusted EBITDA*re* margins, miscellaneous non-hotel items have been excluded. We believe the calculation of hotel Adjusted EBITDA*re* results in a more accurate presentation of the hotel Adjusted EBITDA*re* 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 EBITDA*re*, Adjusted EBITDA*re*, FFO attributable to common stockholders, Adjusted FFO attributable to common stockholders, hotel Adjusted EBITDA*re* and hotel Adjusted EBITDA*re* 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,**<br>**2025** | **December 31,**<br>**2024** |
|  | **(unaudited)** |  |
| **ASSETS** |  |  |
| &nbsp;&nbsp;Investment in hotel properties, net | $2779057 | $2856032 |
| &nbsp;&nbsp;Operating lease right-of-use assets, net | 5477 | 8464 |
| &nbsp;&nbsp;Cash and cash equivalents | 121136 | 107199 |
| &nbsp;&nbsp;Restricted cash | 76433 | 73078 |
| &nbsp;&nbsp;Accounts receivable, net | 29444 | 34109 |
| &nbsp;&nbsp;Prepaid expenses and other assets, net | 37942 | 27757 |
| **Total assets** | $3049489 | $3106639 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;Debt, net of unamortized deferred financing costs | $917452 | $841047 |
| &nbsp;&nbsp;Operating lease obligations | 8574 | 12019 |
| &nbsp;&nbsp;Accounts payable and accrued expenses | 63942 | 52722 |
| &nbsp;&nbsp;Dividends and distributions payable | 22060 | 24137 |
| &nbsp;&nbsp;Other liabilities  | 77866 | 72694 |
| **Total liabilities** | 1089894 | 1002619 |
| Commitments and contingencies |  |  |
| **STOCKHOLDERS' EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value, 100,000,000 shares authorized: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series G Cumulative Redeemable Preferred Stock, 2,650,000 shares issued and outstanding at both September 30, 2025 and December 31, 2024, stated at liquidation preference of $25.00 per share | 66250 | 66250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125% Series H Cumulative Redeemable Preferred Stock, 4,600,000 shares issued and outstanding at both September 30, 2025 and December 31, 2024, stated at liquidation preference of $25.00 per share | 115000 | 115000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% Series I Cumulative Redeemable Preferred Stock, 4,000,000 shares issued and outstanding at both September 30, 2025 and December 31, 2024, stated at liquidation preference of $25.00 per share | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value, 500,000,000 shares authorized, 189,911,794 shares issued and outstanding at September 30, 2025 and 200,824,993 shares issued and outstanding at December 31, 2024  | 1899 | 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid in capital | 2298073 | 2395702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions in excess of retained earnings | (621627) | (574940) |
| **Total stockholders' equity** | 1959595 | 2104020 |
| **Total liabilities and stockholders' equity** | $3049489 | $3106639 |

---

------

**Sunstone Hotel Investors, Inc.**

**Unaudited Consolidated Statements of Operations**

***(In thousands, except per share data)***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;Room | $139523 | $138759 | $440492 | $425870 |
| &nbsp;&nbsp;Food and beverage | 64419 | 63866 | 209573 | 196572 |
| &nbsp;&nbsp;Other operating | 25381 | 23767 | 73095 | 68597 |
| **Total revenues** | 229323 | 226392 | 723160 | 691039 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;Room | 39303 | 37453 | 119272 | 110349 |
| &nbsp;&nbsp;Food and beverage | 48717 | 46286 | 150566 | 138343 |
| &nbsp;&nbsp;Other operating | 6337 | 5815 | 18707 | 18153 |
| &nbsp;&nbsp;Advertising and promotion | 13420 | 13220 | 40758 | 38326 |
| &nbsp;&nbsp;Repairs and maintenance | 9954 | 9094 | 29514 | 26783 |
| &nbsp;&nbsp;Utilities | 7832 | 7670 | 21624 | 19909 |
| &nbsp;&nbsp;Franchise costs | 4471 | 4711 | 13773 | 13735 |
| &nbsp;&nbsp;Property tax, ground lease and insurance | 19574 | 19777 | 57425 | 58686 |
| &nbsp;&nbsp;Other property-level expenses | 26926 | 26702 | 88184 | 82445 |
| &nbsp;&nbsp;Corporate overhead | 6970 | 7577 | 24221 | 23263 |
| &nbsp;&nbsp;Depreciation and amortization | 33928 | 31689 | 100328 | 91841 |
| **Total operating expenses** | 217432 | 209994 | 664372 | 621833 |
| Interest and other income | 3160 | 2350 | 7024 | 11306 |
| Interest expense | (13412) | (15982) | (39258) | (39685) |
| (Loss) gain on sale of assets, net |  |  | (8751) | 457 |
| (Loss) gain on extinguishment of debt | (180) |  | (180) | 59 |
| **Income before income taxes** | 1459 | 2766 | 17623 | 41343 |
| Income tax (provision) benefit, net | (137) | 483 | (272) | 1083 |
| **Net income** | 1322 | 3249 | 17351 | 42426 |
| Preferred stock dividends | (4262) | (3931) | (12125) | (11297) |
| **(Loss) income attributable to common stockholders** | $(2940) | $(682) | $5226 | $31129 |
| **Basic and diluted per share amounts:** |  |  |  |  |
| &nbsp;&nbsp;Basic and diluted (loss) income attributable to common stockholders per common share | $(0.02) | $— | $0.03 | $0.15 |
| &nbsp;&nbsp;Basic weighted average common shares outstanding | 189253 | 201402 | 195110 | 202261 |
| &nbsp;&nbsp;Diluted weighted average common shares outstanding | 189253 | 201402 | 195866 | 202857 |
| **Distributions declared per common share** | $0.09 | $0.09 | $0.27 | $0.25 |

---

------

**Sunstone Hotel Investors, Inc.**

**Reconciliation of Net Income to Non-GAAP Financial Measures**

***(Unaudited and in thousands)***

**Reconciliation of Net Income to EBITDA*re* and Adjusted EBITDA*re***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net income** | $1322 | $3249 | $17351 | $42426 |
| Depreciation and amortization | 33928 | 31689 | 100328 | 91841 |
| Interest expense | 13412 | 15982 | 39258 | 39685 |
| Income tax provision (benefit), net | 137 | (483) | 272 | (1083) |
| Loss (gain) on sale of assets, net |  |  | 8751 | (457) |
| **EBITDA*re*** | 48799 | 50437 | 165960 | 172412 |
| Amortization of deferred stock compensation | 1905 | 2430 | 6741 | 8381 |
| Amortization of right-of-use assets and obligations | (158) | (153) | (458) | (271) |
| Loss (gain) on extinguishment of debt | 180 |  | 180 | (59) |
| Gain on insurance recoveries, net | (674) |  | (773) | (314) |
| Pre-opening costs |  | 853 | 6471 | 1452 |
| Management transition costs |  |  | 1869 |  |
| **Adjustments to EBITDA*re*, net** | 1253 | 3130 | 14030 | 9189 |
| **Adjusted EBITDA*re*** | $50052 | $53567 | $179990 | $181601 |

---

------

**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,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net income** | $1322 | $3249 | $17351 | $42426 |
| Preferred stock dividends | (4262) | (3931) | (12125) | (11297) |
| Real estate depreciation and amortization | 33581 | 31320 | 99278 | 90846 |
| Loss (gain) on sale of assets, net |  |  | 8751 | (457) |
| **FFO attributable to common stockholders** | 30641 | 30638 | 113255 | 121518 |
| Amortization of deferred stock compensation | 1905 | 2430 | 6741 | 8381 |
| Real estate amortization of right-of-use assets and obligations | (130) | (129) | (390) | (381) |
| Amortization of contract intangibles, net | 315 | 315 | 944 | 833 |
| Noncash interest on derivatives, net | (495) | 3326 | 668 | 1095 |
| Loss (gain) on extinguishment of debt | 180 |  | 180 | (59) |
| Gain on insurance recoveries, net | (674) |  | (773) | (314) |
| Pre-opening costs |  | 853 | 6471 | 1452 |
| Management transition costs |  |  | 1869 |  |
| Prior year income tax benefit, net |  | (582) |  | (1530) |
| **Adjustments to FFO attributable to common stockholders, net** | 1101 | 6213 | 15710 | 9477 |
| **Adjusted FFO attributable to common stockholders** | $31742 | $36851 | $128965 | $130995 |
| **FFO attributable to common stockholders per diluted share** | $0.16 | $0.15 | $0.58 | $0.60 |
| **Adjusted FFO attributable to common stockholders per diluted share** | $0.17 | $0.18 | $0.66 | $0.64 |
| **Basic weighted average shares outstanding** | 189253 | 201402 | 195110 | 202261 |
| Shares associated with unvested restricted stock awards | 859 | 1065 | 863 | 900 |
| **Diluted weighted average shares outstanding** | 190112 | 202467 | 195973 | 203161 |

---

------

**Sunstone Hotel Investors, Inc.**

**Reconciliation of Net Income to Non-GAAP Financial Measures**

**Guidance for Full Year 2025**

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

**Reconciliation of Net Income to Adjusted EBITDA*re***

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **December 31, 2025** |
|  | **Low** | **High** |
| **Net income** | $13600 | $27600 |
| &nbsp;&nbsp;Depreciation and amortization | 132700 | 132700 |
| &nbsp;&nbsp;Interest expense | 52500 | 52500 |
| &nbsp;&nbsp;Income tax provision | 1000 | 1000 |
| &nbsp;&nbsp;Loss on sale of assets | 8800 | 8800 |
| &nbsp;&nbsp;Amortization of deferred stock compensation | 9000 | 9000 |
| &nbsp;&nbsp;Pre-opening costs | 6500 | 6500 |
| &nbsp;&nbsp;Management transition costs | 1900 | 1900 |
| **Adjusted EBITDA*re*** | $226000 | $240000 |

---

**Reconciliation of Net Income to Adjusted FFO Attributable to Common Stockholders**

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **December 31, 2025** |
|  | **Low** | **High** |
| **Net income** | $13600 | $27600 |
| &nbsp;&nbsp;Preferred stock dividends | (16500) | (16500) |
| &nbsp;&nbsp;Real estate depreciation and amortization | 131700 | 131700 |
| &nbsp;&nbsp;Loss on sale of assets | 8800 | 8800 |
| &nbsp;&nbsp;Amortization of deferred stock compensation | 9000 | 9000 |
| &nbsp;&nbsp;Pre-opening costs | 6500 | 6500 |
| &nbsp;&nbsp;Management transition costs | 1900 | 1900 |
| &nbsp;&nbsp;Noncash interest on derivatives, net | 1000 | 1000 |
| **Adjusted FFO attributable to common stockholders** | $156000 | $170000 |
| **Adjusted FFO attributable to common stockholders per diluted share** | $0.80 | $0.87 |
| **Diluted weighted average shares outstanding** | 195000 | 195000 |

---

------

**Sunstone Hotel Investors, Inc.**

**Non-GAAP Financial Measures**

**Hotel Adjusted EBITDA*re* and Margins**

***(Unaudited and in thousands)***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Total Portfolio Hotel Adjusted EBITDA*re* Margin** | **23.0%** | **25.0%** | **26.0%** | **26.9%** |
| **Total Portfolio Hotel Adjusted EBITDA*re* Margin, excluding Andaz Miami Beach** | **24.6%** | **25.3%** | **27.1%** | **27.3%** |
| Actual revenues | $229323 | $226392 | $723160 | $691039 |
| &nbsp;&nbsp;Prior ownership hotel revenues (1) |  |  |  | 17737 |
| &nbsp;&nbsp;Sold hotel revenues (2) | (3) | (2312) | (7448) | (10018) |
| **Total Portfolio Hotel Revenues** | **229320** | **224080** | **715712** | **698758** |
| &nbsp;&nbsp;Andaz Miami Beach revenues (3) | (5312) | (141) | (7773) | (4288) |
| **Total Portfolio Hotel Revenues, excluding Andaz Miami Beach** | $**224008** | $**223939** | $**707939** | $**694470** |
| Net income | $1322 | $3249 | $17351 | $42426 |
| &nbsp;&nbsp;Non-hotel operating expenses, net (4) | (280) | (306) | (971) | (880) |
| &nbsp;&nbsp;Property-level adjustments (5) | 189 | 1068 | 7012 | 485 |
| &nbsp;&nbsp;Corporate overhead | 6970 | 7577 | 24221 | 23263 |
| &nbsp;&nbsp;Depreciation and amortization | 33928 | 31689 | 100328 | 91841 |
| &nbsp;&nbsp;Interest and other income | (3160) | (2350) | (7024) | (11306) |
| &nbsp;&nbsp;Interest expense | 13412 | 15982 | 39258 | 39685 |
| &nbsp;&nbsp;Loss (gain) on sale of assets, net |  |  | 8751 | (457) |
| &nbsp;&nbsp;Loss (gain) on extinguishment of debt | 180 |  | 180 | (59) |
| &nbsp;&nbsp;Income tax provision (benefit), net | 137 | (483) | 272 | (1083) |
| Actual Hotel Adjusted EBITDA*re* | 52698 | 56426 | 189378 | 183915 |
| &nbsp;&nbsp;Prior ownership hotel Adjusted EBITDA*re* (1) |  |  |  | 7232 |
| &nbsp;&nbsp;Sold hotel Adjusted EBITDA*re* (2) | (53) | (300) | (3049) | (3041) |
| **Total Portfolio Hotel Adjusted EBITDA*re*** | **52645** | **56126** | **186329** | **188106** |
| &nbsp;&nbsp;Andaz Miami Beach Adjusted EBITDA*re* (3) | 2494 | 560 | 5298 | 1281 |
| **Total Portfolio Hotel Adjusted EBITDA*re*, excluding Andaz Miami Beach** | $**55139** | $**56686** | $**191627** | $**189387** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Prior ownership hotel revenues and Adjusted EBITDA *re* include results for the Hyatt Regency San Antonio Riverwalk prior to the Company's acquisition of the hotel in April 2024. The Company obtained prior ownership information from the previous owner of the Hyatt Regency San Antonio Riverwalk during the due diligence period before acquiring the hotel. The Company performed a limited review of the information as part of its analysis of the acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Sold hotel revenues and Adjusted EBITDA *re* includes results for the Hilton New Orleans St. Charles, sold by the Company in June 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Andaz Miami Beach was undergoing a transformational renovation, and results are not comparable to the prior period.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Non-hotel operating expenses, net include the amortization of hotel real estate-related right-of-use assets and obligations. Non-hotel operating expenses, net also include prior year property tax credits related to sold hotels.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Property-level adjustments include non-operational and nonrecurring items. Adjustments primarily include pre-opening costs at Andaz Miami Beach.

------

## Exhibit 99.2

**Exhibit 99.2**

---

| | | |
|:---|:---|:---|
| ![Graphic](sho-20251107xex99d2001.jpg)<br>**Supplemental Financial Information**<br>For the quarter ended September 30, 2025<br>*November 7, 2025* | ![Graphic](sho-20251107xex99d2001.jpg)<br>**Supplemental Financial Information**<br>For the quarter ended September 30, 2025<br>*November 7, 2025* | ![Graphic](sho-20251107xex99d2001.jpg)<br>**Supplemental Financial Information**<br>For the quarter ended September 30, 2025<br>*November 7, 2025* |
| ![Graphic](sho-20251107xex99d2002.jpg) | ![Graphic](sho-20251107xex99d2003.jpg) | ![Graphic](sho-20251107xex99d2004.jpg) |

---

------

**Supplemental Financial Information<br>November 7, 2025**<br>

**Table of Contents**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[Corporate Profile And Disclosures Regarding Non-GAAP Financial Measures](#CORPORATEPROFILEFINANCIALDISCLOSURES_502) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Comparable Corporate Financial Information](#CORPORATEFINANCIALINFORMATION_755683) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Capitalization](#CAPITALIZATION_802125) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Property-Level Data And Operating Statistics](#PropertyLevelData) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Property-Level Revenues, Adjusted EBITDA*re* & Adjusted EBITDA*re* Margins](#PROPLEVEL_ADJEBITDAre) | 19 |

---

------

**Supplemental Financial Information<br>November 7, 2025**<br>

## CORPORATE PROFILE AND DISCLOSURES <br>REGARDING NON-GAAP FINANCIAL MEASURES
CORPORATE PROFILE AND DISCLOSURES REGARDING NON-GAAP FINANCIAL MEASURES Page 2 <br>

------

**Supplemental Financial Information<br>November 7, 2025**<br>

### 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 7, 2025 owns 14 hotels comprised of 6,999 rooms, the majority 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**<br> 15 Enterprise, Suite 200<br>Aliso Viejo, CA 92656<br>(949) 330-4000

**Company Contacts**<br> Bryan Giglia<br>Chief Executive Officer <br>(949) 382-3036

Aaron Reyes<br>Chief Financial Officer<br>(949) 382-3018

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

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**Supplemental Financial Information<br>November 7, 2025**<br>

### 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 EBITDA*re*; Adjusted EBITDA*re* (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 EBITDA*re*; and hotel Adjusted EBITDA*re* 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 the Company. These non-GAAP measures are used in addition to and in conjunction with results presented in accordance with GAAP. They should not be considered as alternatives to 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 EBITDA*re* 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 EBITDA*re* 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 EBITDA*re* 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 EBITDA*re* of unconsolidated affiliates.

We make additional adjustments to EBITDA*re* 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 EBITDA*re*, 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 EBITDA*re* and Adjusted EBITDA*re* 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 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.

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.

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

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**Supplemental Financial Information<br>November 7, 2025**<br>

We adjust EBITDA*re* and FFO attributable to common stockholders for the following items, which may occur in any period, and refer to these measures as either Adjusted EBITDA*re* 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; property-level restructuring, severance, and management transition costs; pre-opening costs associated with extensive renovation projects such as the work performed at Andaz Miami Beach; debt resolution costs; lease terminations; property insurance restoration proceeds or uninsured losses; and other nonrecurring identified adjustments.

In addition, to derive Adjusted EBITDA*re*, 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 EBITDA*re* 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 preferred stock redemption charges, 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 EBITDA*re* and hotel Adjusted EBITDA*re* margins, miscellaneous non-hotel items have been excluded. We believe the calculation of hotel Adjusted EBITDA*re* results in a more accurate presentation of the hotel Adjusted EBITDA*re* 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 EBITDA*re*, Adjusted EBITDA*re*, FFO attributable to common stockholders, Adjusted FFO attributable to common stockholders, hotel Adjusted EBITDA*re* and hotel Adjusted EBITDA*re* margins are set forth in the following pages of this supplemental package.

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

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**Supplemental Financial Information<br>November 7, 2025**<br>

## COMPARABLE CORPORATE FINANCIAL INFORMATION
COMPARABLE CORPORATE FINANCIAL INFORMATION Page 6 <br>

------

**Supplemental Financial Information<br>November 7, 2025**<br>

**Comparable Consolidated Statements of Operations**

**Q3 2025 – Q4 2024, Trailing 12 Months**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended (1)** | **Quarter Ended (1)** | **Quarter Ended (1)** | **Quarter Ended (1)** | **Trailing 12 Months (1)** |
| *(Unaudited and in thousands)* | **September 30,** | **June 30,** | **March 31,** | **December 31,** | **Ended** |
|  | **2025** | **2025** | **2025** | **2024** | **September 30, 2025** |
| **Revenues** |  |  |  |  |  |
| Room | $139523 | $154061 | $140482 | $129609 | $563675 |
| Food and beverage | 64419 | 77986 | 67066 | 59611 | 269082 |
| Other operating | 25378 | 25365 | 21432 | 21433 | 93608 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | **229320** | **257412** | **228980** | **210653** | **926365** |
| **Operating Expenses** |  |  |  |  |  |
| Room | 39307 | 40481 | 38353 | 35353 | 153494 |
| Food and beverage | 48717 | 53022 | 48806 | 44490 | 195035 |
| Other expenses | 88560 | 91636 | 86542 | 84568 | 351306 |
| Corporate overhead | 6970 | 8346 | 8905 | 5787 | 30008 |
| Depreciation and amortization | 33928 | 33719 | 31673 | 32064 | 131384 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | **217482** | **227204** | **214279** | **202262** | **861227** |
| Interest and other income | 3160 | 2300 | 1564 | 1873 | 8897 |
| Interest expense | (13412) | (13164) | (12682) | (10440) | (49698) |
| Loss on extinguishment of debt | (180) |  |  |  | (180) |
| Income (loss) before income taxes | 1406 | 19344 | 3583 | (176) | 24157 |
| Income tax (provision) benefit, net | (137) | (37) | (98) | 17 | (255) |
| **Net income (loss)** | $**1269** | $**19307** | $**3485** | $**(159)** | $**23902** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes results for all 14 hotels owned by the Company as of September 30, 2025.

COMPARABLE CORPORATE FINANCIAL INFORMATION Page 7 <br>

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**Supplemental Financial Information<br>November 7, 2025**<br>

**Comparable Reconciliation of Net Income to EBITDA*re*, Adjusted EBITDA*re*, and Total Portfolio Hotel Adjusted EBITDA*re***

**Q3 2025 – Q4 2024, Trailing 12 Months**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Trailing 12 Months** |
|  | **September 30,** | **June 30,** | **March 31,** | **December 31,** | **Ended** |
| *(In thousands)* | **2025** | **2025** | **2025** | **2024** | **September 30, 2025** |
| **Net income** | $1322 | $10774 | $5255 | $836 | $18187 |
| Depreciation and amortization | 33928 | 34125 | 32275 | 32666 | 132994 |
| Interest expense | 13412 | 13164 | 12682 | 10440 | 49698 |
| Income tax provision (benefit), net | 137 | 37 | 98 | (17) | 255 |
| Loss on sale of assets |  | 8751 |  |  | 8751 |
| **EBITDA*re*** | 48799 | 66851 | 50310 | 43925 | 209885 |
| Amortization of deferred stock compensation | 1905 | 2772 | 2064 | 2075 | 8816 |
| Amortization of right-of-use assets and obligations | (158) | (159) | (141) | (154) | (612) |
| Loss on extinguishment of debt | 180 |  |  |  | 180 |
| Gain on insurance recoveries, net | (674) |  | (99) | (116) | (889) |
| Pre-opening costs |  | 3218 | 3253 | 1181 | 7652 |
| Property-level legal settlement costs |  |  |  | 1182 | 1182 |
| Management transition costs |  |  | 1869 |  | 1869 |
| **Adjustments to EBITDA*re*, net** | 1253 | 5831 | 6946 | 4168 | 18198 |
| **Adjusted EBITDA*re*** | 50052 | 72682 | 57256 | 48093 | 228083 |
| Sold hotel Adjusted EBITDA*re* (1) | (53) | (624) | (2372) | (1597) | (4646) |
| **Comparable Adjusted EBITDA*re*** | 49999 | 72058 | 54884 | 46496 | 223437 |
| Corporate-level adjustments, net (2) | 2646 | 3226 | 3516 | 1853 | 11241 |
| **Total Portfolio Hotel Adjusted EBITDA*re*** | $52645 | $75284 | $58400 | $48349 | $234678 |

---

\*Footnotes on page 10

 <br> COMPARABLE CORPORATE FINANCIAL INFORMATION Page 8 <br>

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**Supplemental Financial Information<br>November 7, 2025**<br>

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

**Q3 2025 – Q4 2024, Trailing 12 Months**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Trailing 12 Months** |
|  | **September 30,** | **June 30,** | **March 31,** | **December 31,** | **Ended** |
| *(In thousands, except per share data)* | **2025** | **2025** | **2025** | **2024** | **September 30, 2025** |
| **Net income** | $1322 | $10774 | $5255 | $836 | $18187 |
| Preferred stock dividends | (4262) | (3932) | (3931) | (3931) | (16056) |
| Real estate depreciation and amortization | 33581 | 33779 | 31918 | 32250 | 131528 |
| Loss on sale of assets |  | 8751 |  |  | 8751 |
| **FFO attributable to common stockholders** | 30641 | 49372 | 33242 | 29155 | 142410 |
| Amortization of deferred stock compensation | 1905 | 2772 | 2064 | 2075 | 8816 |
| Real estate amortization of right-of-use assets and obligations | (130) | (134) | (126) | (136) | (526) |
| Amortization of contract intangibles, net | 315 | 314 | 315 | 314 | 1258 |
| Noncash interest on derivatives, net | (495) | 181 | 982 | (1635) | (967) |
| Loss on extinguishment of debt | 180 |  |  |  | 180 |
| Gain on insurance recoveries, net | (674) |  | (99) | (116) | (889) |
| Pre-opening costs |  | 3218 | 3253 | 1181 | 7652 |
| Property-level legal settlement costs |  |  |  | 1182 | 1182 |
| Management transition costs |  |  | 1869 |  | 1869 |
| **Adjustments to FFO attributable to common stockholders, net** | 1101 | 6351 | 8258 | 2865 | 18575 |
| **Adjusted FFO attributable to common stockholders** | 31742 | 55723 | 41500 | 32020 | 160985 |
| Sold hotel Adjusted FFO (1) | (53) | (624) | (2372) | (1597) | (4646) |
| **Comparable Adjusted FFO attributable to common stockholders** | $31689 | $55099 | $39128 | $30423 | $156339 |
| **Comparable Adjusted FFO attributable to common stockholders per diluted share** | $0.17 | $0.29 | $0.21 | $0.16 | $0.82 |
| **Basic weighted average shares outstanding** | 189253 | 195791 | 200410 | 200185 | 196410 |
| Shares associated with unvested restricted stock awards | 859 | 513 | 1214 | 2048 | 1159 |
| **Diluted weighted average shares outstanding** | 190112 | 196304 | 201624 | 202233 | 197569 |
| Equity transactions (3) | (26) | (6598) | (11291) | (11426) | (7335) |
| **Comparable diluted weighted average shares outstanding** | 190086 | 189706 | 190333 | 190807 | 190234 |

---

\*Footnotes on page 10

 <br> COMPARABLE CORPORATE FINANCIAL INFORMATION Page 9 <br>

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**Supplemental Financial Information<br>November 7, 2025**<br>

**Comparable Reconciliation of Net Income to EBITDA*re*, Adjusted EBITDA*re*, Total Portfolio Hotel Adjusted EBITDA*re*, FFO and Adjusted FFO Attributable to Common Stockholders**

**Q3 2025 – Q4 2024, Trailing 12 Months Footnotes**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Sold hotel Adjusted EBITDA *re* and Adjusted FFO include results for the Hilton New Orleans St. Charles, sold in June 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Corporate-level adjustments, net primarily consist of corporate overhead expenses and interest and other income.

&nbsp;&nbsp;&nbsp;&nbsp;(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 2025 and the fourth quarter of 2024 as if the repurchases had occurred on October 1, 2024.

COMPARABLE CORPORATE FINANCIAL INFORMATION Page 10 <br>

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**Supplemental Financial Information<br>November 7, 2025**<br>

## CAPITALIZATION
CAPITALIZATION Page 11 <br>

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**Supplemental Financial Information<br>November 7, 2025**<br>

### Comparative Capitalization <br>Q3 2025 – Q3 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **September 30,** | **June 30,** | **March 31,** | **December 31,** | **September 30,** |
| *(In thousands, except per share data)* | **2025** | **2025** | **2025** | **2024** | **2024** |
| **Common Share Price & Dividends** |  |  |  |  |  |
| At the end of the quarter | $9.37 | $8.68 | $9.41 | $11.84 | $10.32 |
| High during quarter ended | $9.92 | $9.49 | $12.10 | $12.38 | $10.86 |
| Low during quarter ended | $8.63 | $7.72 | $9.41 | $10.00 | $9.46 |
| Common dividends per share | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 |
| **Common Shares & Units** |  |  |  |  |  |
| Common shares outstanding | 189912 | 190171 | 200370 | 200825 | 200919 |
| Units outstanding |  |  |  |  |  |
| Total common shares and units outstanding | 189912 | 190171 | 200370 | 200825 | 200919 |
| **Capitalization**  |  |  |  |  |  |
| Market value of common equity | $1779474 | $1650681 | $1885477 | $2377768 | $2073489 |
| Liquidation value of preferred equity - Series G | 66250 | 66250 | 66250 | 66250 | 66250 |
| Liquidation value of preferred equity - Series H | 115000 | 115000 | 115000 | 115000 | 115000 |
| Liquidation value of preferred equity - Series I | 100000 | 100000 | 100000 | 100000 | 100000 |
| Total debt | 930000 | 872000 | 845000 | 845000 | 817437 |
| Total capitalization | $2990724 | $2803931 | $3011727 | $3504018 | $3172176 |
| Total debt to total capitalization | 31.1% | 31.1% | 28.1% | 24.1% | 25.8% |
| Total debt and preferred equity to total capitalization | 40.5% | 41.1% | 37.4% | 32.1% | 34.6% |

---

CAPITALIZATION Page 12 <br>

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**Supplemental Financial Information<br>November 7, 2025**<br>

### Debt and Preferred Stock Summary Schedule

---

| | | | |
|:---|:---|:---|:---|
| *(In thousands)* | **Interest Rate /**  | **Maturity** | **September 30, 2025** |
| **Unsecured Debt** | **Spread** | **Date (1)** | **Balance** |
| Series A Senior Notes | 4.69% | 01/10/2026 | $65000 |
| Series B Senior Notes | 4.79% | 01/10/2028 | 105000 |
| Revolving Line of Credit | 5.58% | 09/24/2030 |  |
| Term Loan 1 (2) | 4.68% | 01/24/3031 | 185000 |
| Term Loan 2 (2) | 5.34% | 01/24/3031 | 275000 |
| Term Loan 3 (2) | 5.53% | 01/24/3031 | 300000 |
| **Total Unsecured Debt** |  |  | $**930000** |
| **Preferred Stock** |  |  |  |
| Series G cumulative redeemable preferred (3) | 5.000% | Perpetual | $66250 |
| Series H cumulative redeemable preferred | 6.125% | Perpetual | 115000 |
| Series I cumulative redeemable preferred | 5.700% | Perpetual | 100000 |
| **Total Preferred Stock** |  |  | $**281250** |
| **Debt and Preferred Statistics** | **Debt and Preferred Statistics** | **Debt and Preferred Statistics** | **Debt and Preferred Statistics** |
|  |  | **Debt Statistics** | **Debt and Preferred Statistics** |
| % Fixed Rate |  | **70.4**% | **77.3**% |
| % Floating Rate |  | **29.6**% | **22.7**% |
| Average Interest Rate |  | **5.16**% | **5.29**% |
| Weighted Average Maturity of Debt |  | **4.6 years** | **N/A** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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 3.9 years to 4.6 years.

&nbsp;&nbsp;&nbsp;&nbsp;(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 and for $25.0 million of Term Loan 3 include the effect of the Company's interest rate swap derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The Series G cumulative redeemable preferred stock had an initial dividend rate equal to the Montage Healdsburg's annual net operating income yield on the Company's total investment in the resort. Beginning with the first and third quarters of 2024, the dividend rate increased to the greater of 3.0% and 4.5%, respectively, or the rate equal to the Montage Healdsburg's annual net operating income yield on the Company's total investment in the resort. Beginning with the third quarter of 2025, the dividend rate increased to the greater of 6.5% or the rate equal to the Montage Healdsburg's annual net operating income yield on the Company's total investment in the resort. Based on the dividends earned during the previous twelve months, this equates to an annual yield of 5.0%.

CAPITALIZATION Page 13 <br>

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**Supplemental Financial Information<br>November 7, 2025**<br>

## PROPERTY-LEVEL DATA AND OPERATING STATISTICS
PROPERTY-LEVEL DATA AND OPERATING STATISTICS Page 14 <br>

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**Supplemental Financial Information<br>November 7, 2025**<br>

### Hotel Information as of November 7, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hotel** | **Hotel** | **Location** | **Brand** | **Number of<br>Rooms** | **% of Total<br>Rooms** | **Interest** | **Year Acquired** |
| 1 | Hilton San Diego Bayfront (1) (2) | California | Hilton | 1190 | 17% | &nbsp;&nbsp;&nbsp;&nbsp;Leasehold | 2011 / 2022 |
| 2 | Hyatt Regency San Francisco | California | Hyatt | 821 | 12% | &nbsp;&nbsp;&nbsp;&nbsp;Fee Simple | 2013 |
| 3 | The Westin Washington, DC Downtown | Washington DC | Marriott | 807 | 12% | &nbsp;&nbsp;&nbsp;&nbsp;Fee Simple | 2005 |
| 4 | Renaissance Orlando at SeaWorld® | Florida | Marriott | 781 | 11% | &nbsp;&nbsp;&nbsp;&nbsp;Fee Simple | 2005 |
| 5 | Hyatt Regency San Antonio Riverwalk | Texas | Hyatt | 630 | 9% | &nbsp;&nbsp;&nbsp;&nbsp;Fee Simple | 2024 |
| 6 | Wailea Beach Resort | Hawaii | Marriott | 543 | 8% | &nbsp;&nbsp;&nbsp;&nbsp;Fee Simple | 2014 |
| 7 | JW Marriott New Orleans (3) | Louisiana | Marriott | 501 | 7% | &nbsp;&nbsp;&nbsp;&nbsp;Fee Simple | 2011 |
| 8 | Marriott Boston Long Wharf | Massachusetts | Marriott | 415 | 6% | &nbsp;&nbsp;&nbsp;&nbsp;Fee Simple | 2007 |
| 9 | Marriott Long Beach Downtown | California | Marriott | 376 | 5% | &nbsp;&nbsp;&nbsp;&nbsp;Fee Simple | 2005 |
| 10 | Andaz Miami Beach (4) | Florida | Hyatt | 287 | 4% | &nbsp;&nbsp;&nbsp;&nbsp;Fee Simple | 2022 |
| 11 | The Bidwell Marriott Portland | Oregon | Marriott | 258 | 4% | &nbsp;&nbsp;&nbsp;&nbsp;Fee Simple | 2000 |
| 12 | Oceans Edge Resort & Marina | Florida | Independent | 175 | 3% | &nbsp;&nbsp;&nbsp;&nbsp;Fee Simple | 2017 |
| 13 | Montage Healdsburg (5) | California | Montage | 130 | 2% | &nbsp;&nbsp;&nbsp;&nbsp;Fee Simple | 2021 |
| 14 | Four Seasons Resort Napa Valley (5) | California | Four Seasons | 85 | 1% | &nbsp;&nbsp;&nbsp;&nbsp;Fee Simple | 2021 |
|  | Total Portfolio |  |  | 6999 | 100% |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The ground lease at the Hilton San Diego Bayfront matures in 2071.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Andaz Miami Beach debuted in May 2025, following the hotel's transformative renovation and conversion from The Confidante Miami Beach.

&nbsp;&nbsp;&nbsp;&nbsp;(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 <br>

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**Supplemental Financial Information<br>November 7, 2025**<br>

**Property-Level Operating Statistics**

**ADR, Occupancy, RevPAR and Total RevPAR (TRevPAR)**

**Q3 2025/2024**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Hotels sorted by number of rooms* | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** |
|  | **ADR** | **ADR** | **ADR** | **Occupancy** | **Occupancy** | **Occupancy** | **Occupancy** | **RevPAR** | **RevPAR** | **RevPAR** | **TRevPAR** | **TRevPAR** | **TRevPAR** |
|  | **2025** | **2024** | **2025 vs.<br>2024** | **2025** | **2024** | **2025 vs.<br>2024** | **2025 vs.<br>2024** | **2025** | **2024** | **2025 vs.<br>2024** | **2025** | **2024** | **2025 vs.<br>2024** |
| Hilton San Diego Bayfront | $281 | $281 | (0.1)% | 85.5% | 78.7% | 680 | bps | $240 | $221 | 8.6% | $451 | $401 | 12.4% |
| Hyatt Regency San Francisco | 292 | 273 | 6.9% | 86.8% | 80.5% | 630 | bps | 253 | 220 | 15.3% | 339 | 304 | 11.6% |
| The Westin Washington, DC Downtown | 268 | 251 | 6.7% | 65.4% | 71.9% | (650) | bps | 175 | 180 | (2.9)% | 293 | 292 | 0.5% |
| Renaissance Orlando at SeaWorld® | 161 | 167 | (3.6)% | 61.9% | 63.0% | (110) | bps | 100 | 105 | (5.3)% | 221 | 232 | (4.9)% |
| Hyatt Regency San Antonio Riverwalk | 172 | 176 | (2.4)% | 53.4% | 66.2% | (1280) | bps | 92 | 117 | (21.3)% | 145 | 205 | (28.9)% |
| Wailea Beach Resort | 586 | 616 | (4.9)% | 64.2% | 63.4% | 80 | bps | 376 | 391 | (3.7)% | 565 | 598 | (5.5)% |
| JW Marriott New Orleans | 193 | 194 | (0.8)% | 57.6% | 63.7% | (610) | bps | 111 | 124 | (10.3)% | 161 | 172 | (6.5)% |
| Marriott Boston Long Wharf | 423 | 430 | (1.6)% | 89.2% | 89.6% | (40) | bps | 378 | 385 | (2.0)% | 514 | 530 | (3.1)% |
| Marriott Long Beach Downtown (1) | 236 | 220 | 7.5% | 74.4% | 69.8% | 460 | bps | 176 | 153 | 14.6% | 235 | 201 | 16.5% |
| The Bidwell Marriott Portland | 146 | 161 | (9.2)% | 84.1% | 74.7% | 940 | bps | 123 | 120 | 2.3% | 166 | 167 | (0.8)% |
| Oceans Edge Resort & Marina | 206 | 220 | (6.5)% | 55.1% | 69.3% | (1420) | bps | 114 | 153 | (25.7)% | 243 | 294 | (17.2)% |
| Montage Healdsburg | 1114 | 1104 | 0.9% | 62.9% | 68.0% | (510) | bps | 701 | 751 | (6.6)% | 1417 | 1443 | (1.8)% |
| Four Seasons Resort Napa Valley | 1306 | 1433 | (8.9)% | 66.8% | 65.6% | 120 | bps | 872 | 940 | (7.2)% | 1562 | 1693 | (7.7)% |
| **Total Portfolio, Excluding Renovation Hotel (2)** | **307** | **306** | **0.4%** | **71.7%** | **72.1%** | **(40)** | **bps** | **220** | **221** | **(0.2)%** | **362** | **362** | **0.1%** |
| Add: Renovation Hotel (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Andaz Miami Beach | 305 |  | 100% | 36.4% | 0.0% | 3640 | bps | 111 |  | 100% | 201 | 5 | 3,674.1% |
| **Total Portfolio (3)** | $**307** | $**306** | **0.4%** | **70.3%** | **69.2%** | **110** | **bps** | $**216** | $**212** | **2.0%** | $**355** | $**347** | **2.4%** |

---

\*Footnotes on page 18

PROPERTY-LEVEL DATA AND OPERATING STATISTICS Page 16 <br>

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**Supplemental Financial Information<br>November 7, 2025**<br>

**Property-Level Operating Statistics**

**ADR, Occupancy, RevPAR and Total RevPAR (TRevPAR)**

**Q3 YTD 2025/2024**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Hotels sorted by number of rooms* | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **ADR** | **ADR** | **ADR** | **Occupancy** | **Occupancy** | **Occupancy** | **Occupancy** | **RevPAR** | **RevPAR** | **RevPAR** | **TRevPAR** | **TRevPAR** | **TRevPAR** |
|  | **2025** | **2024** | **2025 vs.**<br> **2024** | **2025** | **2024** | **2025 vs.**<br> **2024** | **2025 vs.**<br> **2024** | **2025** | **2024** | **2025 vs.**<br> **2024** | **2025** | **2024** | **2025 vs.**<br> **2024** |
| Hilton San Diego Bayfront | $288 | $284 | 1.2% | 82.9% | 82.4% | 50 | bps | $238 | $234 | 1.8% | $436 | $422 | 3.3% |
| Hyatt Regency San Francisco | 298 | 292 | 2.2% | 80.1% | 74.3% | 580 | bps | 239 | 217 | 10.1% | 336 | 296 | 13.6% |
| The Westin Washington, DC Downtown | 301 | 279 | 7.8% | 69.4% | 71.9% | (250) | bps | 209 | 201 | 4.0% | 337 | 324 | 3.9% |
| Renaissance Orlando at SeaWorld® | 198 | 200 | (1.1)% | 71.6% | 70.6% | 100 | bps | 142 | 141 | 0.3% | 306 | 309 | (1.1)% |
| Hyatt Regency San Antonio Riverwalk | 191 | 197 | (3.0)% | 63.6% | 71.7% | (810) | bps | 122 | 141 | (13.9)% | 200 | 235 | (14.9)% |
| Wailea Beach Resort | 619 | 663 | (6.7)% | 69.3% | 71.9% | (260) | bps | 429 | 477 | (10.0)% | 664 | 719 | (7.7)% |
| JW Marriott New Orleans | 256 | 239 | 6.9% | 66.8% | 68.2% | (140) | bps | 171 | 163 | 4.7% | 240 | 227 | 5.6% |
| Marriott Boston Long Wharf | 382 | 382 | 0.2% | 82.1% | 81.1% | 100 | bps | 314 | 310 | 1.4% | 436 | 435 | 0.2% |
| Marriott Long Beach Downtown (1) | 239 | 226 | 6.0% | 76.9% | 50.7% | 2620 | bps | 184 | 115 | 60.7% | 254 | 154 | 65.2% |
| The Bidwell Marriott Portland | 149 | 154 | (3.3)% | 79.7% | 67.9% | 1180 | bps | 119 | 105 | 13.5% | 159 | 146 | 9.3% |
| Oceans Edge Resort & Marina | 294 | 320 | (8.2)% | 73.0% | 77.7% | (470) | bps | 214 | 249 | (13.8)% | 381 | 415 | (8.2)% |
| Montage Healdsburg | 1035 | 1061 | (2.5)% | 57.9% | 55.1% | 280 | bps | 599 | 585 | 2.5% | 1203 | 1122 | 7.3% |
| Four Seasons Resort Napa Valley | 1231 | 1357 | (9.3)% | 59.5% | 54.1% | 540 | bps | 733 | 734 | (0.2)% | 1375 | 1388 | (0.9)% |
| **Total Portfolio, Excluding Renovation Hotel (2)** | **317** | **318** | **(0.6)%** | **73.9%** | **72.4%** | **150** | **bps** | **234** | **231** | **1.5%** | **385** | **377** | **2.3%** |
| Add: Renovation Hotel (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Andaz Miami Beach | 311 | 269 | 15.4% | 17.1% | 15.2% | 190 | bps | 53 | 41 | 29.8% | 99 | 51 | 92.9% |
| **Total Portfolio (3)** | $**316** | $**318** | **(0.5)%** | **71.6%** | **69.9%** | **170** | **bps** | $**227** | $**222** | **2.0%** | $**374** | $**363** | **3.0%** |

---

\*Footnotes on page 18

PROPERTY-LEVEL DATA AND OPERATING STATISTICS Page 17

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**Supplemental Financial Information<br>November 7, 2025**<br>

### Property-Level Operating Statistics

### Q3 & YTD 2025/2024 Footnotes
&nbsp;&nbsp;&nbsp;&nbsp;(1) Operating statistics for the third quarters and first nine months of 2025 and 2024 are impacted by renovation and subsequent ramp up activity at Marriott Long Beach Downtown and Andaz Miami Beach, formerly The Confidante 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.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Total Portfolio, Excluding Renovation Hotel includes all hotels owned by the Company as of September 30, 2025, with the exception of Andaz Miami Beach due to its renovation and subsequent ramp up activity during the third quarters and first nine months of 2025 and 2024. Amounts included in this presentation for the Hyatt Regency San Antonio Riverwalk, acquired by the Company in April 2024, include both prior ownership results and the Company's results for the first nine months of 2024. The Company obtained prior ownership information from the previous owner of the Hyatt Regency San Antonio Riverwalk during the due diligence period before acquiring the hotel. The Company performed a limited review of the information as part of its analysis of the acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Total Portfolio consists of all hotels owned by the Company as of September 30, 2025, and includes prior ownership information for the Hyatt Regency San Antonio Riverwalk as discussed in Note 2.

PROPERTY-LEVEL DATA AND OPERATING STATISTICS Page 18 <br>

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**Supplemental Financial Information<br>November 7, 2025**<br>

## PROPERTY-LEVEL REVENUES, ADJUSTED EBITDA re &
**ADJUSTED EBITDA*re* MARGINS**

PROPERTY-LEVEL REVENUES, ADJUSTED EBITDA*re* & ADJUSTED EBITDA*re* MARGINS Page 19 <br>

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**Supplemental Financial Information<br>November 7, 2025**<br>

**Property-Level Revenues, Adjusted EBITDA*re* and Adjusted EBITDA*re* Margins**

**Q3 2025/2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Hotels sorted by number of rooms* | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |  |  |
| *(In thousands)* |  |  | **Hotel Adjusted** |  |  | **Hotel Adjusted** | **Hotel Adjusted** | **Hotel Adjusted** |
|  | **Total** | **Hotel Adjusted** | **EBITDA*re*** | **Total** | **Hotel Adjusted** | **EBITDA*re*** | **EBITDA*re*** | **EBITDA*re*** |
|  | **Revenues** | **EBITDA*re*** | **Margins** | **Revenues** | **EBITDA*re*** | **Margins** | **Margin Change** | **Margin Change** |
| Hilton San Diego Bayfront | $49359 | $15576 | 31.6% | $43914 | $11414 | 26.0% | 560 | bps |
| Hyatt Regency San Francisco | 25597 | 3086 | 12.1% | 22940 | 2359 | 10.3% | 180 | bps |
| The Westin Washington, DC Downtown | 21776 | 5836 | 26.8% | 21673 | 5363 | 24.7% | 210 | bps |
| Renaissance Orlando at SeaWorld® | 15865 | 2739 | 17.3% | 16680 | 3255 | 19.5% | (220) | bps |
| Hyatt Regency San Antonio Riverwalk | 8424 | 1337 | 15.9% | 11856 | 3972 | 33.5% | (1760) | bps |
| Wailea Beach Resort | 28238 | 7836 | 27.7% | 30110 | 9339 | 31.0% | (330) | bps |
| JW Marriott New Orleans | 7423 | 1414 | 19.0% | 7939 | 1707 | 21.5% | (250) | bps |
| Marriott Boston Long Wharf | 19607 | 9178 | 46.8% | 20237 | 9249 | 45.7% | 110 | bps |
| Marriott Long Beach Downtown (1) | 8120 | 1891 | 23.3% | 6970 | 809 | 11.6% | 1170 | bps |
| The Bidwell Marriott Portland | 3942 | 815 | 20.7% | 3972 | 1002 | 25.2% | (450) | bps |
| Oceans Edge Resort & Marina | 3918 | 129 | 3.3% | 4730 | 743 | 15.7% | (1240) | bps |
| Montage Healdsburg | 17940 | 4151 | 23.1% | 18052 | 5074 | 28.1% | (500) | bps |
| Four Seasons Resort Napa Valley | 13799 | 1151 | 8.3% | 14866 | 2400 | 16.1% | (780) | bps |
| **Total Portfolio, Excluding Renovation Hotel (2)** | **224008** | **55139** | **24.6%** | **223939** | **56686** | **25.3%** | **(70)** | **bps** |
| Add: Renovation Hotel (1) |  |  |  |  |  |  |  |  |
| Andaz Miami Beach | 5312 | (2494) | (47.0)% | 141 | (560) | (397.2)% | 35020 | bps |
| **Total Portfolio (3)** | **229320** | **52645** | **23.0%** | **224080** | **56126** | **25.0%** | **(200)** | **bps** |
| Add: Sold Hotel (4) | 3 | 53 | N/A | 2312 | 300 | 13.0% | N/A |  |
| **Actual Portfolio (5)** | $**229323** | $**52698** | **23.0%** | $**226392** | $**56426** | **24.9%** | **N/A** |  |

---

\*Footnotes on page 22

PROPERTY-LEVEL REVENUES, ADJUSTED EBITDA*re* & ADJUSTED EBITDA*re* MARGINS Page 20 <br>

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**Supplemental Financial Information<br>November 7, 2025**<br>

**Property-Level Revenues, Adjusted EBITDA*re* and Adjusted EBITDA*re* Margins**

**Q3 YTD 2025/2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Hotels sorted by number of rooms* | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |  |  |
| *(In thousands)* |  |  | **Hotel Adjusted** |  |  | **Hotel Adjusted** | **Hotel Adjusted** | **Hotel Adjusted** |
|  | **Total** | **Hotel Adjusted** | **EBITDA*re*** | **Total** | **Hotel Adjusted** | **EBITDA*re*** | **EBITDA*re*** | **EBITDA*re*** |
|  | **Revenues** | **EBITDA*re*** | **Margins** | **Revenues** | **EBITDA*re*** | **Margins** | **Margin Change** | **Margin Change** |
| Hilton San Diego Bayfront | $141635 | $44492 | 31.4% | $137630 | $40699 | 29.6% | 180 | bps |
| Hyatt Regency San Francisco | 75345 | 8794 | 11.7% | 66567 | 6587 | 9.9% | 180 | bps |
| The Westin Washington, DC Downtown | 74136 | 22259 | 30.0% | 71596 | 21554 | 30.1% | (10) | bps |
| Renaissance Orlando at SeaWorld® | 65201 | 18763 | 28.8% | 66172 | 19703 | 29.8% | (100) | bps |
| Hyatt Regency San Antonio Riverwalk | 34370 | 10870 | 31.6% | 40545 | 15819 | 39.0% | (740) | bps |
| Wailea Beach Resort | 98574 | 31178 | 31.6% | 107787 | 38443 | 35.7% | (410) | bps |
| JW Marriott New Orleans | 32818 | 13006 | 39.6% | 31182 | 10675 | 34.2% | 540 | bps |
| Marriott Boston Long Wharf | 49414 | 18945 | 38.3% | 49514 | 18879 | 38.1% | 20 | bps |
| Marriott Long Beach Downtown (1) | 26071 | 6768 | 26.0% | 15812 | (1222) | (7.7)% | 3370 | bps |
| The Bidwell Marriott Portland | 11218 | 1991 | 17.7% | 10304 | 1955 | 19.0% | (130) | bps |
| Oceans Edge Resort & Marina | 18186 | 5197 | 28.6% | 19880 | 6653 | 33.5% | (490) | bps |
| Montage Healdsburg | 44950 | 8784 | 19.5% | 41304 | 7672 | 18.6% | 90 | bps |
| Four Seasons Resort Napa Valley | 36021 | 580 | 1.6% | 36177 | 1970 | 5.4% | (380) | bps |
| **Total Portfolio, Excluding Renovation Hotel (2)** | **707939** | **191627** | **27.1%** | **694470** | **189387** | **27.3%** | **(20)** | **bps** |
| Add: Renovation Hotel (1) |  |  |  |  |  |  |  |  |
| Andaz Miami Beach | 7773 | (5298) | (68.2)% | 4288 | (1281) | (29.9)% | (3830) | bps |
| **Total Portfolio (3)** | **715712** | **186329** | **26.0%** | **698758** | **188106** | **26.9%** | **(90)** | **bps** |
| Less: Prior Ownership (6) |  |  |  |  |  |  |  |  |
| Hyatt Regency San Antonio Riverwalk |  |  | N/A | (17737) | (7232) | 40.8% | N/A |  |
| Add: Sold Hotel (4) | 7448 | 3049 | N/A | 10018 | 3041 | 30.4% | N/A |  |
| **Actual Portfolio (5)** | $**723160** | $**189378** | **26.2%** | $**691039** | $**183915** | **26.6%** | **N/A** |  |

---

\*Footnotes on page 22

PROPERTY-LEVEL REVENUES, ADJUSTED EBITDA*re* & ADJUSTED EBITDA*re* MARGINS Page 21 <br>

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**Supplemental Financial Information<br>November 7, 2025**<br>

**Property-Level Revenues, Adjusted EBITDA*re* and Adjusted EBITDA*re* Margins**

**Q3 & YTD 2025/2024 Footnotes**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Hotel Adjusted EBITDA *re* for the third quarters and first nine months of 2025 and 2024 is impacted by renovation and subsequent ramp up activity at Marriott Long Beach Downtown and Andaz Miami Beach, formerly The Confidante 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.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Total Portfolio, Excluding Renovation Hotel includes all hotels owned by the Company as of September 30, 2025, with the exception of Andaz Miami Beach due to its renovation and subsequent ramp up activity during the third quarters and first nine months of 2025 and 2024. Amounts included in this presentation for the Hyatt Regency San Antonio Riverwalk, acquired by the Company in April 2024, include both prior ownership results and the Company's results for the first nine months of 2024. The Company obtained prior ownership information from the previous owner of the Hyatt Regency San Antonio Riverwalk during the due diligence period before acquiring the hotel. The Company performed a limited review of the information as part of its analysis of the acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Total Portfolio consists of all hotels owned by the Company as of September 30, 2025, and includes prior ownership information for the Hyatt Regency San Antonio Riverwalk as discussed in Note 2.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Sold Hotel includes results for the Hilton New Orleans St. Charles, sold by the Company in June 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Actual Portfolio primarily includes results for the 14 hotels owned by the Company during the third quarter of 2025, and the 15 hotels owned by the Company during the third quarter of 2024 and the first nine months of 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Prior Ownership includes results for the Hyatt Regency San Antonio Riverwalk prior to the Company's acquisition of the hotel in April 2024 as discussed in Note 2.

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|:---|:---|
| PROPERTY-LEVEL REVENUES, ADJUSTED EBITDA*re* & ADJUSTED EBITDA*re* MARGINS | Page 22 |

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