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In March 2024, operations at The Confidante Miami Beach were temporarily suspended to allow for extensive renovation work to be performed. The Company expects the resort to resume operations as Andaz Miami Beach in the first quarter of 2025. Hotel Adjusted EBITDArE for the fourth quarter and full year of 2023 is also impacted by renovation activity at The Westin Washington, DC Downtown.\n(2) Comparable Portfolio, Excluding Renovation Hotel includes all hotels owned by the Company as of December 31, 2024, with the exception of The Confidante Miami Beach due to its renovation activity during the fourth quarters and full years of 2024 and 2023. 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. 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.\n(3) Comparable Portfolio consists of all hotels owned by the Company as of December 31, 2024, and includes prior ownership information for the Hyatt Regency San Antonio Riverwalk as discussed in Note 2.\n(4) 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.\n(5) Sold Hotel includes the Boston Park Plaza sold in October 2023.\n(6) Actual Portfolio includes results for the 15 hotels owned by the Company during the fourth quarters and full years of 2024 and 2023.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 16:50:04.554+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a212c1a7-f0b6-44a3-94f5-6c9368232047", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.57, "x": 0.215, "y": 0.13 }, "kind": "title", "text": "Property-Level Revenues, Adjusted EBITDArE and Adjusted EBITDArE Margins Q4 and FY 2024/2023 Footnotes", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 16:50:04.554+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e79f3c28-cec7-48c6-9458-142709d1e2a1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 8, "to": 9, "label": "Market Size", "description": "The document provides comparable consolidated statements of operations." }, { "from": 14, "to": 15, "label": "Financials", "description": "The document includes comparative capitalization data." }, { "from": 17, "to": 18, "label": "Product", "description": "The document provides hotel information and property-level operating statistics." }, { "from": 22, "to": 23, "label": "Solution", "description": "The document provides property-level revenues, adjusted EBITDAre, and adjusted EBITDAre margins." } ], "loops": [ { "from": 8, "to": 12, "label": "Logic Chain", "description": "To demonstrate financial performance" }, { "from": 14, "to": 15, "label": "Cost Of Inaction", "description": "To highlight the importance of capitalization" } ] }