Delivered Comparable Hotel RevPAR Growth of 7.0% and Comparable Hotel Total RevPAR Growth of 5.9%

Raises Full Year 2026 Comparable Hotel Total RevPAR and RevPAR Growth Guidance Ranges to 4.75% to 5.25%

BETHESDA, Md., Aug. 05, 2026 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ:HST) (the "Company"), the nation’s largest lodging real estate investment trust ("REIT"), today announced results for the second quarter of 2026.


OPERATING RESULTS (unaudited, in millions, except per share and hotel statistics)

	Quarter ended June 30,						Year-to-date ended June 30,
	2026		2025		Percent Change		2026		2025		Percent Change
Revenues	$	1,640	$	1,586	3.4	%	$	3,285	$	3,180	3.3	%
Comparable hotel revenues⁽¹⁾		1,558		1,471	5.9	%		3,102		2,945	5.3	%
Comparable hotel Total RevPAR⁽¹⁾		417.58		394.27	5.9	%		417.89		396.95	5.3	%
Comparable hotel RevPAR⁽¹⁾		251.53		235.05	7.0	%		247.84		234.41	5.7	%

Net income	$	241	$	225	7.1	%	$	742	$	476	55.9	%
EBITDAre⁽¹⁾		519		491	5.7	%		1,056		999	5.7	%
Adjusted EBITDAre⁽¹⁾		525		496	5.8	%		1,068		1,010	5.7	%

Diluted earnings per common share	$	0.35	$	0.32	9.4	%	$	1.06	$	0.67	58.2	%
NAREIT FFO per diluted share⁽¹⁾		0.62		0.57	8.8	%		1.28		1.20	6.7	%
Adjusted FFO per diluted share⁽¹⁾		0.63		0.58	8.6	%		1.30		1.21	7.4	%

* Additional detail on the Company’s results, including data for 24 domestic markets, is available in the Second Quarter 2026 Supplemental Financial Information on the Company’s website at www.hosthotels.com.

James F. Risoleo, President and Chief Executive Officer, said, "We are pleased to have delivered a strong second quarter underscoring the success of our capital allocation strategy, the quality of our portfolio, and the continued benefits of reinvesting in our assets. We achieved comparable hotel RevPAR growth of 7.0% for the quarter, driven by solid rate growth across the portfolio, bolstered by the World Cup and broad-based strength in leisure transient demand and group business. Comparable hotel Total RevPAR grew 5.9% year-over-year, driven by leisure transient business as well as increases in food and beverage revenues.

Risoleo continued, "We are encouraged by the durability of demand across our portfolio, as affluent consumers continue to prioritize travel and group demand remains healthy across many of our markets. As a result, we are increasing our 2026 comparable hotel Total RevPAR and RevPAR growth guidance ranges to 4.75% to 5.25% over 2025. We believe our investment-grade balance sheet, strong liquidity, and a diversified portfolio position Host to deliver long-term value, capitalize on favorable industry fundamentals, and selectively pursue growth opportunities."

_______________________________

⁽¹⁾

^{NAREIT Funds From Operations ("FFO") per diluted share, Adjusted FFO per diluted share, EBITDAre, Adjusted EBITDAre and comparable hotel revenues are non-GAAP (U.S. generally accepted accounting principles) financial measures within the meaning of the rules of the Securities and Exchange Commission ("SEC"). See the Notes to Financial Information on why the Company believes these supplemental measures are useful, reconciliations to the most directly comparable GAAP measure, and the limitations on the use of these supplemental measures. Additionally, comparable hotel results and statistics include adjustments for dispositions, acquisitions and non-comparable hotels. See Hotel Operating Data for RevPAR results of the portfolio based on the Company's ownership period without these adjustments.}

HIGHLIGHTS:

Comparable hotel Total RevPAR was $417.58 for the second quarter of 2026, an increase of 5.9% compared to the same period in 2025, driven by increases in room rates and continued growth in food and beverage spend. Growth was broad-based and improved throughout the quarter with markets both hosting and not hosting FIFA World Cup matches demonstrating solid revenue performance. Comparable hotel Total RevPAR year-to-date in 2026 was $417.89, an increase of 5.3%.
Comparable hotel RevPAR was $251.53, an increase of 7.0%, compared to the same period in 2025, primarily due to increases in room rates, driven by strong transient leisure business, particularly at resorts and in connection with the FIFA World Cup matches, and robust group business. Comparable hotel RevPAR year-to-date in 2026 was $247.84, an increase of 5.7%.
GAAP net income was $241 million, a 7.1% increase compared to the second quarter of 2025, reflecting GAAP operating profit margin of 17.9%, an improvement of 40 basis points compared to the second quarter of 2025, as higher room rates offset wage expense increases and a $9 million decrease in net gains on insurance settlements. Year-to-date, GAAP net income was $742 million, a 55.9% increase compared to 2025, benefitting from gains on asset sales and GAAP operating profit margin of 18.6%, an improvement of 90 basis points compared to 2025.
Comparable hotel EBITDA was $497 million, an increase of 7.8% compared to the second quarter of 2025, reflecting a comparable hotel EBITDA margin increase of 60 basis points to 31.9% due to improvements in operations, largely driven by average room rate increases, which offset increases in wage expense, higher incentive management fees, and reductions in operating profit guarantee payments and attrition and cancellation fees over the same period in 2025. Year-to-date, comparable hotel EBITDA was $1,002 million, an increase of 7.4% compared to 2025, while comparable hotel EBITDA margin increased 60 basis points to 32.3%.
Adjusted EBITDAre was $525 million, an increase of 5.8% compared to the second quarter of 2025. Results benefited from improved operations and comparable hotel EBITDA margins, which more than offset declines due to the sale of six hotels in 2025 and 2026. In addition, the sale of seven villas at the recently completed development adjacent to the Four Seasons Resort Orlando at Walt Disney World® Resort contributed $8 million to net income and Adjusted EBITDAre. Year-to-date Adjusted EBITDAre was $1,068 million, exceeding 2025 by 5.7%.

BALANCE SHEET

The Company maintains a robust balance sheet, with the following balances at June 30, 2026:

Total assets of $13.3 billion.
Debt balance of $5.1 billion, with a weighted average maturity of 4.7 years, a weighted average interest rate of 4.8%, and no maturities in 2026.
Total available liquidity of approximately $3.6 billion, including furniture, fixtures and equipment escrow reserves of $156 million and $1.5 billion available under the revolver portion of the credit facility. The payment of the second quarter regular and special dividend on July 15 reduced the cash balance by $630 million.

DIVIDENDS

The Company paid a second quarter common stock cash dividend of $0.92 per share on July 15, 2026 to stockholders of record on June 30, 2026. The dividend included a $0.72 per share special dividend representing the distribution of the approximately $500 million taxable gain resulting from the Four Seasons sales completed in the first quarter of 2026. All future dividends, including any special dividends, are subject to approval by the Company’s Board of Directors.

HOTEL BUSINESS MIX UPDATE

The Company’s customers fall into three broad groups: transient, group and contract business, which accounted for approximately 61%, 34%, and 5%, respectively, of its full year 2025 room sales.

The following are the results for transient, group and contract business in comparison to 2025 performance, for the Company's current portfolio:

	Quarter ended June 30, 2026									Year-to-date ended June 30, 2026
	Transient			Group			Contract			Transient			Group			Contract
Room nights (in thousands)		1,487			1,093			215			2,773			2,199			419
Percent change in room nights vs. same period in 2025		(0.7	%)		3.5	%		3.4	%		(0.6	%)		2.1	%		5.6	%
Rooms revenues (in millions)	$	559		$	332		$	48		$	1,057		$	688		$	95
Percent change in revenues vs. same period in 2025		6.9	%		7.4	%		6.6	%		6.2	%		4.8	%		8.5	%

CAPITAL EXPENDITURES

The following presents the Company’s capital expenditures spend through the second quarter of 2026 and the forecast for the full year 2026 (in millions):

	Year-to-date ended June 30, 2026		2026 Full Year Forecast

	Actual		Low-end of range		High-end of range
ROI - Marriott and Hyatt Transformational Capital Programs	$	73	$	175	$	200
All other return on investment ("ROI") projects		30		75		85
Total ROI Projects		103		250		285
Renewals and Replacements ("R&R")		138		275		315
R&R and ROI Capital expenditures		241		525		600
R&R - Property Damage Reconstruction		2		25		30
Total Capital Expenditures	$	243	$	550	$	630

Inventory spend for condo development⁽¹⁾		16		17		17
Total capital allocation	$	259	$	567	$	647

__________

⁽¹⁾

^{Represents construction costs for the development of condominium units on a land parcel adjacent to Four Seasons Resort Orlando at Walt Disney World® Resort. Under GAAP, costs to develop units for resale are considered an operating activity on the statement of cash flows, and categorized as inventory. This spend is separate from payments for capital expenditures, which are considered investing activities.}

The forecast property damage reconstruction includes estimated spend for damage caused by the Kona Low rainstorm to the Company's properties in Hawaii in March 2026. Remediation efforts are substantially complete, and the hotels remained operational with isolated instances of water damage. The Company is still evaluating the complete property and business interruption impacts of the storm, but currently estimates the total property costs to be approximately $27 million to $32 million, which includes remediation costs of approximately $2 million. The Company expects its insurance coverage to substantially cover the property damage in excess of the insurance deductible.

Under the Hyatt and Marriott Transformational Capital Programs, the Company received $5 million of operating guarantees in the second quarter of 2026 to offset expected business disruption. The Company expects to receive a total of $19 million of operating guarantees in 2026 under the two programs. The transformational renovation at the Grand Hyatt Washington was completed in the second quarter of 2026.

2026 OUTLOOK

In the first half of 2026, the Company saw strong leisure and group demand, which drove an increase in rates. Comparable hotel RevPAR for July also grew approximately 10% over 2025, with a continued boost from the FIFA World Cup games. The 2026 guidance range includes the benefits from the FIFA World Cup as well as improved expectations in the second half of the year driven by leisure demand and modest improvements to short-term group booking trends. Full year operating profit margins and comparable hotel EBITDA margins are expected to increase slightly compared to 2025, as first half rate improvements offset increases in wage expense, while year-over-year comparisons are expected to moderate, primarily due to lower room rate growth expectations in the second half of the year.

In comparison to 2025, the guidance reflects a reduction in earnings due to the 2026 and 2025 dispositions. The guidance for net income and Adjusted EBITDAre also includes an estimated $16 million to $20 million net contribution from total sales expected to close at the condominium development adjacent to the Four Seasons Resort Orlando at Walt Disney World^® Resort this year, and remaining sales expected to shift into 2027. Additionally, the final determination on insurance claims related to Hurricanes Helene and Milton is expected in 2026, but no additional amounts from what was received in first quarter are included in guidance.

The Company anticipates its 2026 operating results as compared to 2025 will be in the following range:

	Current Full Year 2026 Guidance	Current Full Year 2026 Guidance Change vs. 2025	Previous Full Year 2026 Guidance Change vs. 2025	Change in Full Year 2026 Guidance to the Mid-Point
Comparable hotel Total RevPAR	$391 to $392	4.75% to 5.25%	3.5% to 5.0%	75 bps
Comparable hotel RevPAR	$234 to $235	4.75% to 5.25%	3.0% to 4.5%	125 bps
Total revenues under GAAP (in millions)	$6,124 to $6,153	0.2% to 0.6%	(0.3%) to 1.1%	0 bps
Operating profit margin under GAAP	14.9% to 15.1%	90 bps to 110 bps	40 bps to 110 bps	20 bps
Comparable hotel EBITDA margin	29.6% to 29.7%	40 bps to 50 bps	20 bps to 50 bps	20 bps

Based upon the above parameters, the Company estimates its 2026 guidance as follows:

	Current Full Year 2026 Guidance	Previous Full Year 2026 Guidance	Change in Full Year 2026 Guidance to the Mid-Point
Net income (in millions)	$944 to $962	$908 to $955	$21
Adjusted EBITDAre (in millions)	$1,820 to $1,840	$1,785 to $1,835	$20
Diluted earnings per common share	$1.35 to $1.38	$1.30 to $1.37	$0.04
NAREIT FFO per diluted share	$2.11 to $2.14	$2.06 to $2.12	$0.02
Adjusted FFO per diluted share	$2.15 to $2.18	$2.10 to $2.16	$0.03

See the 2026 Forecast Schedules and the Notes to Financial Information for items that may affect forecast results and the Second Quarter 2026 Supplemental Financial Information for additional detail on the mid-point of full year 2026 guidance.

ABOUT HOST HOTELS & RESORTS

Host Hotels & Resorts, Inc. is an S&P 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels. The Company currently owns 70 properties in the United States and five properties internationally totaling approximately 41,300 rooms. The Company also holds non-controlling interests in seven domestic joint ventures. Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands such as Marriott^®, Ritz-Carlton^®, Westin^®, W^®, The Luxury Collection^®, Hyatt^®, Fairmont^®, 1 Hotels^®, Hilton^®, Swissôtel^®, ibis^® and Novotel^®, as well as independent brands. For additional information, please visit the Company’s website at www.hosthotels.com.

Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements include, but may not be limited to, our expectations regarding the strength of lodging demand, the continued recovery in Maui from the 2023 wildfires, and 2026 estimates with respect to our business, including our anticipated capital expenditures and financial and operating results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to, those described in the Company’s annual report on Form 10-K and other filings with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of August 5, 2026, 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 press release contains registered trademarks that are the exclusive property of their respective owners. None of the owners of these trademarks have any responsibility or liability for any information contained in this press release.}

*** Tables to Follow ***

Host Hotels & Resorts, Inc., herein referred to as "we," "Host Inc.," or the "Company," is a self-managed and self-administered real estate investment trust that owns hotel properties. We conduct our operations as an umbrella partnership REIT through an operating partnership, Host Hotels & Resorts, L.P. ("Host LP"), of which we are the sole general partner. When distinguishing between Host Inc. and Host LP, the primary difference is approximately 1% of the partnership interests in Host LP held by outside partners as of June 30, 2026, which are non-controlling interests in Host LP in our consolidated balance sheets and are included in net (income) loss attributable to non-controlling interests in our condensed consolidated statements of operations. Readers are encouraged to find further detail regarding our organizational structure in our annual report on Form 10-K.


HOST HOTELS & RESORTS, INC. Condensed Consolidated Balance Sheets (unaudited, in millions, except shares and per share amounts)

	June 30, 2026			December 31, 2025

ASSETS
Property and equipment, net	$	9,639		$	10,636
Right-of-use assets		560			560
Assets held for sale		—			34
Due from managers		110			39
Advances to and investments in affiliates		299			259
Furniture, fixtures and equipment replacement fund		156			167
Notes receivable		114			114
Other		422			472
Cash and cash equivalents		1,953			768
Total assets	$	13,253		$	13,049

LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY
Debt⁽¹⁾
Senior notes	$	3,990		$	3,986
Credit facility, including the term loans of $999		998			996
Mortgage and other debt		94			95
Total debt		5,082			5,077
Lease liabilities		563			563
Accounts payable and accrued expenses		736			355
Due to managers		9			76
Other		245			246
Total liabilities		6,635			6,317

Redeemable non-controlling interests - Host Hotels & Resorts, L.P.		226			171

Host Hotels & Resorts, Inc. stockholders’ equity:
Common stock, par value $0.01, 1,050 million shares authorized, 685.0 million shares and 687.8 million shares issued and outstanding, respectively		7			7
Additional paid-in capital		7,159			7,289
Accumulated other comprehensive loss		(66	)		(68	)
Deficit		(712	)		(670	)
Total equity of Host Hotels & Resorts, Inc. stockholders		6,388			6,558
Non-redeemable non-controlling interests—other consolidated partnerships		4			3
Total equity		6,392			6,561
Total liabilities, non-controlling interests and equity	$	13,253		$	13,049

__________

⁽¹⁾	^{Please see our Second Quarter 2026 Supplemental Financial Information for more detail on our debt balances and financial covenant ratios under our credit facility and senior notes indentures.}

HOST HOTELS & RESORTS, INC. Condensed Consolidated Statements of Operations (unaudited, in millions, except per share amounts)

	Quarter ended June 30,						Year-to-date ended June 30,
	2026			2025			2026			2025
Revenues
Rooms	$	954		$	949		$	1,897		$	1,887
Food and beverage		484			478			1,001			981
Other		149			159			308			312
Condominium sales		53			—			79			—
Total revenues		1,640			1,586			3,285			3,180
Expenses
Rooms		231			233			455			458
Food and beverage		311			313			638			636
Other departmental and support expenses		371			375			744			739
Management fees		74			70			141			139
Other property-level expenses		94			107			197			218
Depreciation and amortization		193			195			383			391
Cost of goods sold		44			—			65			—
Corporate and other expenses⁽¹⁾		29			25			57			56
Net gain on insurance settlements		—			(9	)		(7	)		(19	)
Total operating costs and expenses		1,347			1,309			2,673			2,618
Operating profit		293			277			612			562
Interest income		18			7			30			15
Interest expense		(58	)		(58	)		(117	)		(115	)
Other gains (losses)		(1	)		22			241			26
Equity in earnings of affiliates		7			4			11			14
Income before income taxes		259			252			777			502
Provision for income taxes		(18	)		(27	)		(35	)		(26	)
Net income		241			225			742			476
Less: Net income attributable to non-controlling interests		(4	)		(4	)		(11	)		(7	)
Net income attributable to Host Inc.	$	237		$	221		$	731		$	469
Basic earnings per common share	$	0.35		$	0.32		$	1.07		$	0.68
Diluted earnings per common share	$	0.35		$	0.32		$	1.06		$	0.67

___________

⁽¹⁾	^{Corporate and other expenses include the following items:}



	Quarter ended June 30,				Year-to-date ended June 30,
	2026		2025		2026		2025
General and administrative costs	$	23	$	20	$	45	$	45
Non-cash stock-based compensation expense		6		5		12		11
Total	$	29	$	25	$	57	$	56

HOST HOTELS & RESORTS, INC. Earnings per Common Share (unaudited, in millions, except per share amounts)

	Quarter ended June 30,						Year-to-date ended June 30,
	2026			2025			2026			2025
Net income	$	241		$	225		$	742		$	476
Less: Net income attributable to non-controlling interests		(4	)		(4	)		(11	)		(7	)
Net income attributable to Host Inc.	$	237		$	221		$	731		$	469

Basic weighted average shares outstanding		684.9			692.5			686.2			695.2
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market		2.1			1.4			1.9			1.5
Diluted weighted average shares outstanding⁽¹⁾		687.0			693.9			688.1			696.7
Basic earnings per common share	$	0.35		$	0.32		$	1.07		$	0.68
Diluted earnings per common share	$	0.35		$	0.32		$	1.06		$	0.67

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⁽¹⁾	^{Dilutive securities may include shares granted under comprehensive stock plans, preferred operating partnership units ("OP Units") held by non-controlling limited partners and other non-controlling interests that have the option to convert their limited partnership interests to common OP Units. No effect is shown for any securities that were anti-dilutive for the period.}

HOST HOTELS & RESORTS, INC.
Hotel Operating Data for Consolidated Hotels

Comparable Hotel Results by Location⁽¹⁾

	As of June 30, 2026		Quarter ended June 30, 2026								Quarter ended June 30, 2025
Location	No. of Properties	No. of Rooms	Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Percent Change in RevPAR		Percent Change in Total RevPAR
Miami	2	1,038	$	616.76	74.9	%	$	461.81	$	793.41	$	539.89	75.7	%	$	408.45	$	732.84	13.1	%	8.3	%
Maui	3	1,580		638.22	78.7	%		502.56		799.78		626.40	70.6	%		442.40		723.40	13.6	%	10.6	%
Jacksonville	1	446		630.70	81.3	%		512.97		1,115.48		591.43	83.3	%		492.44		1,100.34	4.2	%	1.4	%
Florida Gulf Coast	4	1,529		514.48	70.7	%		363.86		793.99		471.48	71.2	%		335.60		755.64	8.4	%	5.1	%
Oahu	2	876		495.33	81.3	%		402.80		679.39		483.12	83.1	%		401.38		608.74	0.4	%	11.6	%
Phoenix	3	1,565		403.93	68.8	%		277.92		660.16		374.07	71.6	%		267.76		659.33	3.8	%	0.1	%
New York	3	2,720		437.16	89.2	%		389.80		572.39		409.04	89.7	%		366.84		542.26	6.3	%	5.6	%
Nashville	2	721		381.10	84.3	%		321.34		540.78		359.88	84.2	%		303.14		507.51	6.0	%	6.6	%
Los Angeles/Orange County	3	1,067		327.75	76.8	%		251.76		381.15		300.14	78.6	%		235.89		361.04	6.7	%	5.6	%
San Diego	3	3,294		310.67	78.0	%		242.20		447.47		302.46	78.9	%		238.56		448.16	1.5	%	(0.2	%)
Washington, D.C. (CBD)	4	2,788		336.12	77.3	%		259.86		377.17		332.88	67.0	%		223.12		313.23	16.5	%	20.4	%
San Francisco/San Jose	6	4,162		264.77	73.4	%		194.22		279.47		244.24	72.4	%		176.83		266.41	9.8	%	4.9	%
Boston	2	1,496		349.78	79.4	%		277.73		354.77		329.47	82.3	%		271.06		337.00	2.5	%	5.3	%
Northern Virginia	2	916		291.01	75.8	%		220.55		337.27		280.77	67.8	%		190.41		297.05	15.8	%	13.5	%
Philadelphia	2	810		283.74	83.3	%		236.29		355.28		256.55	85.5	%		219.35		325.22	7.7	%	9.2	%
Orlando	1	2,004		243.69	67.7	%		164.97		423.75		235.65	72.3	%		170.30		424.67	(3.1	%)	(0.2	%)
Austin	2	769		246.75	69.8	%		172.16		329.71		228.65	48.7	%		111.26		214.94	54.7	%	53.4	%
Chicago	3	1,562		286.67	83.7	%		239.87		340.59		271.79	78.9	%		214.31		303.52	11.9	%	12.2	%
Houston	4	1,710		220.55	68.3	%		150.69		204.83		211.13	69.2	%		146.16		199.15	3.1	%	2.9	%
Atlanta	2	810		229.73	71.3	%		163.81		276.00		217.16	68.3	%		148.32		258.74	10.4	%	6.7	%
San Antonio	2	1,512		228.58	65.9	%		150.73		231.44		231.54	61.1	%		141.42		222.13	6.6	%	4.2	%
Seattle	2	1,315		259.80	72.6	%		188.68		258.45		249.43	77.6	%		193.66		268.21	(2.6	%)	(3.6	%)
New Orleans	1	1,333		195.91	63.3	%		123.98		205.21		201.72	66.0	%		133.12		217.44	(6.9	%)	(5.6	%)
Denver	3	1,342		211.99	68.6	%		145.45		219.33		209.77	71.2	%		149.35		231.44	(2.6	%)	(5.2	%)
Other	7	2,110		295.45	74.3	%		219.48		332.71		275.92	75.7	%		208.76		317.32	5.1	%	4.9	%
Domestic	69	39,475		339.81	75.2	%		255.42		425.08		321.66	74.2	%		238.66		401.41	7.0	%	5.9	%

International	5	1,499		219.64	67.8	%		149.01		219.29		198.72	70.5	%		140.01		205.53	6.4	%	6.7	%
All Locations	74	40,974	$	335.83	74.9	%	$	251.53	$	417.58	$	317.39	74.1	%	$	235.05	$	394.27	7.0	%	5.9	%

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⁽¹⁾	^{See the Notes to Financial Information for a discussion of comparable hotel operating statistics. CBD of a location refers to the central business district. Hotel RevPAR is calculated as room revenues divided by the available room nights. Hotel Total RevPAR is calculated by dividing the sum of rooms, food and beverage and other revenues by the available room nights.}

Comparable Hotel Results by Location⁽¹⁾

	As of June 30, 2026		Year-to-date ended June 30, 2026								Year-to-date ended June 30, 2025
Location	No. of Properties	No. of Rooms	Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Percent Change in RevPAR		Percent Change in Total RevPAR
Miami	2	1,038	$	673.81	81.0	%	$	545.85	$	930.88	$	599.00	79.8	%	$	478.27	$	826.47	14.1	%	12.6	%
Maui	3	1,580		653.02	78.4	%		511.68		800.33		655.80	72.8	%		477.53		755.82	7.2	%	5.9	%
Jacksonville	1	446		600.19	77.3	%		464.05		1,053.06		561.58	75.7	%		425.07		965.27	9.2	%	9.1	%
Florida Gulf Coast	4	1,529		608.76	74.9	%		456.15		975.21		559.53	76.3	%		427.18		928.82	6.8	%	5.0	%
Oahu	2	876		495.30	79.0	%		391.44		625.92		483.39	83.4	%		403.28		617.09	(2.9	%)	1.4	%
Phoenix	3	1,565		472.02	75.9	%		358.47		790.62		441.07	76.4	%		337.14		774.12	6.3	%	2.1	%
New York	3	2,720		393.13	84.8	%		333.54		495.64		371.30	84.4	%		313.21		462.74	6.5	%	7.1	%
Nashville	2	721		361.24	80.5	%		290.86		493.61		342.91	82.3	%		282.25		479.52	3.0	%	2.9	%
Los Angeles/Orange County	3	1,067		321.24	77.7	%		249.55		373.11		305.62	78.9	%		241.11		364.68	3.5	%	2.3	%
San Diego	3	3,294		311.73	76.5	%		238.61		455.25		302.22	75.8	%		229.13		440.88	4.1	%	3.3	%
Washington, D.C. (CBD)	4	2,788		321.87	70.1	%		225.77		334.66		333.15	67.1	%		223.51		320.88	1.0	%	4.3	%
San Francisco/San Jose	6	4,162		303.55	71.5	%		216.93		312.99		270.28	68.0	%		183.90		276.02	18.0	%	13.4	%
Boston	2	1,496		303.85	69.5	%		211.11		290.06		288.08	73.6	%		212.12		280.32	(0.5	%)	3.5	%
Northern Virginia	2	916		280.37	72.5	%		203.24		312.46		276.19	66.6	%		184.04		293.21	10.4	%	6.6	%
Philadelphia	2	810		255.68	79.3	%		202.83		306.03		238.28	81.1	%		193.36		293.01	4.9	%	4.4	%
Orlando	1	2,004		256.74	71.9	%		184.70		465.92		248.19	73.6	%		182.65		456.29	1.1	%	2.1	%
Austin	2	769		258.69	68.7	%		177.67		330.14		250.94	58.0	%		145.46		269.61	22.1	%	22.4	%
Chicago	3	1,562		246.91	67.8	%		167.52		243.35		237.69	66.0	%		156.86		226.03	6.8	%	7.7	%
Houston	4	1,710		225.00	71.5	%		160.92		220.30		215.87	71.8	%		154.89		216.34	3.9	%	1.8	%
Atlanta	2	810		226.33	69.8	%		158.01		274.07		219.91	67.8	%		149.07		257.84	6.0	%	6.3	%
San Antonio	2	1,512		235.02	65.5	%		153.94		248.65		230.63	63.7	%		146.88		237.17	4.8	%	4.8	%
Seattle	2	1,315		238.46	64.0	%		152.70		212.26		234.08	66.2	%		155.07		214.18	(1.5	%)	(0.9	%)
New Orleans	1	1,333		200.17	63.7	%		127.41		212.03		229.88	68.7	%		157.87		247.55	(19.3	%)	(14.3	%)
Denver	3	1,342		201.44	62.0	%		124.95		193.16		198.40	63.4	%		125.86		195.77	(0.7	%)	(1.3	%)
Other	7	2,110		301.03	70.5	%		212.29		316.30		288.63	70.1	%		202.27		304.37	5.0	%	3.9	%
Domestic	69	39,475		345.75	72.9	%		252.14		426.41		330.33	72.2	%		238.66		405.47	5.6	%	5.2	%

International	5	1,499		209.22	64.3	%		134.59		192.47		186.40	65.7	%		122.54		171.41	9.8	%	12.3	%
All Locations	74	40,974	$	341.33	72.6	%	$	247.84	$	417.89	$	325.53	72.0	%	$	234.41	$	396.95	5.7	%	5.3	%

___________

^{(1) See the Notes to Financial Information for a discussion of comparable hotel operating statistics. CBD of a location refers to the central business district. Hotel RevPAR is calculated as room revenues divided by the available room nights. Hotel Total RevPAR is calculated by dividing the sum of rooms, food and beverage and other revenues by the available room nights.}

Results by Location - actual, based on ownership period⁽¹⁾

	As of June 30,
	2026	2025	Quarter ended June 30, 2026								Quarter ended June 30, 2025
Location	No. of Properties	No. of Properties	Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Percent Change in RevPAR		Percent Change in Total RevPAR
Miami	2	2	$	616.76	74.9	%	$	461.81	$	793.41	$	539.89	75.7	%	$	408.45	$	732.84	13.1	%	8.3	%
Maui	3	3		638.22	78.7	%		502.56		799.78		626.40	70.6	%		442.40		723.40	13.6	%	10.6	%
Jacksonville	1	1		630.70	81.3	%		512.97		1,115.48		591.43	83.3	%		492.44		1,100.34	4.2	%	1.4	%
Florida Gulf Coast	5	5		506.96	72.8	%		369.21		794.19		463.61	70.4	%		326.40		709.67	13.1	%	11.9	%
Oahu	2	2		495.33	81.3	%		402.80		679.39		483.12	83.1	%		401.38		608.74	0.4	%	11.6	%
Phoenix	3	3		403.93	68.8	%		277.92		660.16		374.07	71.6	%		267.76		659.33	3.8	%	0.1	%
New York	3	3		437.16	89.2	%		389.80		572.39		409.04	89.7	%		366.84		542.26	6.3	%	5.6	%
Nashville	2	2		381.10	84.3	%		321.34		540.78		359.88	84.2	%		303.14		507.51	6.0	%	6.6	%
Los Angeles/Orange County	3	3		327.75	76.8	%		251.76		381.15		300.14	78.6	%		235.89		361.04	6.7	%	5.6	%
San Diego	3	3		310.67	78.0	%		242.20		447.47		302.46	78.9	%		238.56		448.16	1.5	%	(0.2	%)
Washington, D.C. (CBD)	4	5		336.12	77.3	%		259.86		377.17		331.57	69.4	%		230.04		319.10	13.0	%	18.2	%
San Francisco/San Jose	6	6		264.77	73.4	%		194.22		279.47		244.24	72.4	%		176.83		266.41	9.8	%	4.9	%
Boston	2	2		349.78	79.4	%		277.73		354.77		329.47	82.3	%		271.06		337.00	2.5	%	5.3	%
Northern Virginia	2	2		291.01	75.8	%		220.55		337.27		280.77	67.8	%		190.41		297.05	15.8	%	13.5	%
Philadelphia	2	2		283.74	83.3	%		236.29		355.28		256.55	85.5	%		219.35		325.22	7.7	%	9.2	%
Orlando	1	2		243.69	67.7	%		164.97		423.75		400.73	71.1	%		285.05		592.11	(42.1	%)	(28.4	%)
Austin	2	2		246.75	69.8	%		172.16		329.71		228.65	48.7	%		111.26		214.94	54.7	%	53.4	%
Chicago	3	3		286.67	83.7	%		239.87		340.59		271.79	78.9	%		214.31		303.52	11.9	%	12.2	%
Houston	4	5		220.55	68.3	%		150.69		204.83		223.43	66.8	%		149.18		207.36	1.0	%	(1.2	%)
Atlanta	2	2		229.73	71.3	%		163.81		276.00		217.16	68.3	%		148.32		258.74	10.4	%	6.7	%
San Antonio	2	2		228.58	65.9	%		150.73		231.44		231.54	61.1	%		141.42		222.13	6.6	%	4.2	%
Seattle	2	2		259.80	72.6	%		188.68		258.45		249.43	77.6	%		193.66		268.21	(2.6	%)	(3.6	%)
New Orleans	1	1		195.91	63.3	%		123.98		205.21		201.72	66.0	%		133.12		217.44	(6.9	%)	(5.6	%)
Denver	3	3		211.99	68.6	%		145.45		219.33		209.77	71.2	%		149.35		231.44	(2.6	%)	(5.2	%)
Other	7	9		280.14	71.9	%		201.47		304.38		281.32	71.4	%		200.88		307.38	0.3	%	(1.0	%)
Domestic	70	75		339.95	75.1	%		255.21		425.78		330.65	73.7	%		243.80		408.52	4.7	%	4.2	%

International	5	5		219.64	67.8	%		149.01		219.29		198.72	70.5	%		140.01		205.53	6.4	%	6.7	%
All Locations	75	80	$	336.03	74.8	%	$	251.39	$	418.38	$	326.28	73.6	%	$	240.22	$	401.52	4.7	%	4.2	%

___________

⁽¹⁾	^{Represents the results of the portfolio for the time period of our ownership, including the results of non-comparable properties, dispositions through their date of disposal and acquisitions beginning as of the date of acquisition.}

Results by Location - actual, based on ownership period⁽¹⁾

	As of June 30,
	2026	2025	Year-to-date ended June 30, 2026								Year-to-date ended June 30, 2025
Location	No. of Properties	No. of Properties	Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Average Room Rate		Average Occupancy Percentage		RevPAR		Total RevPAR		Percent Change in RevPAR		Percent Change in Total RevPAR
Miami	2	2	$	673.81	81.0	%	$	545.85	$	930.88	$	599.00	79.8	%	$	478.27	$	826.47	14.1	%	12.6	%
Maui	3	3		653.02	78.4	%		511.68		800.33		655.80	72.8	%		477.53		755.82	7.2	%	5.9	%
Jacksonville	1	1		600.19	77.3	%		464.05		1,053.06		561.58	75.7	%		425.07		965.27	9.2	%	9.1	%
Florida Gulf Coast	5	5		585.81	75.7	%		443.69		938.69		543.85	69.9	%		380.32		811.16	16.7	%	15.7	%
Oahu	2	2		495.30	79.0	%		391.44		625.92		483.39	83.4	%		403.28		617.09	(2.9	%)	1.4