Global Hospitality Monitor

February 22, 2021

LTM Share Price Performance Weekly Movers North American REITs Top 5 Performers One Week % Change Hersha Hospitality Trust 16.4% 130 Avington North America Hotel REIT Index Braemar and Resorts 15.2% S&P REIT Index 115 TUI AG 13.2% 100 Host Hotels & Resorts Inc. 12.3% Xenia Hotels & Resorts, Inc. 11.4%

85 Top 5 Laggards One Week % Change 70 Huazhu Hotels Group (4.6%) 55 Société des Bains de Mer (4.3%) 40 Indian Hotels Co Ltd (4.1%)

25 Group AB (2.9%) Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Mandarin Oriental International Ltd (2.9%)

North American Hotel Stocks Industry Intelligence & Commentary

130 Avington North America Hotel Index Arne Sorenson, the president and chief executive officer of Marriott S&P 500 Index International, the US-listed hotel owner and operator, has sadly passed away 115 at the age of 62. Mr Sorenson had been fighting pancreatic cancer for almost 100 two years. He was with Marriott for 25 years, becoming the first leader of

85 the firm who was not part of the Marriott family, and spearheaded the firm’s expansion into the largest hospitality group in the world, including its 70 US$13.3 billion acquisition of Hotels & Resorts. Mr Sorenson was a 55 dear friend of The Avington Group and our thoughts are with his family, friends, and colleagues. 40 19 Feb: SA, the France-listed hotel group, is reportedly selling a 1.5% 25 stake in Huazhu Group, the Hong Kong-listed hotel group, for €239 million Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 (approx. US$288 million), according to Hospitality Insights. According to the European Hotel Stocks same source, Accor will retain a 3.3% stake in Huazhu following the transaction and continue to be represented in the group’s Board of Directors. 130 Avington European Hotel Index 19 Feb: Selenta Group, the Spain-based hotel and F&B group, is reportedly in FTSEurofirst 300 Returns 115 talks to sell a five-hotel portfolio for up to €450 million (approx. US$540 million), according to Spanish news outlet Eje Prime. According to the same 100 source, The Blackstone Group, the US-listed asset management group, 85 Goldman Sachs, the US-listed financial group, Fortress Investment Group, the

70 US-based asset management group, and Lone Star, the US-based asset management group, are all participating in the transaction. The portfolio 55 includes hotels in Barcelona, Marbella, the Canary Islands and Valencia. 40 11 Feb: Katara Hospitality, the hospitality arm of Qatar Investment 25 Authority, the Qatar-based sovereign wealth fund, and Accor SA have Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 announced a partnership agreement pursuant to which Katara will develop Raffles and Fairmont hotels in Qatar targeting an opening date of 2022, Asian Hotel Stocks ahead of the FIFA Football World Cup tournament. The properties will include the a 361-key ‘five-star’ hotel and a 132-key “6-star” hotel with 49 130 Avington Asia Hotel Index MSCI Asia Pacific All Cap Index branded residences both to be located in the “Iconic Towers” located in 115 Lusail.

100 9 Feb: ECS, the Portugal-based private equity group, has reportedly put a portfolio of 20 hotels branded by Nau Hotels & Resorts, the Portugal-based 85 hotel group, for sale, according to PropertyEU. According to HotelsMag.com, 70 the portfolio, which will also include some development real estate, has an asking price of €1.4billion (approx. US$1.7 billion). The portfolio includes 55 hotels primarily across Lisbon, the Algarve and Alentejo. According to 40 HotelsMag.com, The Blackstone Group, Apollo Global Management, the US- 25 listed asset management group, Fortress Investment Group and Bain Capital, Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 the US-based asset management group, are reportedly showing interest in the transaction.

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David Mongeau Tel: +44 (0)20 7016 8020 [email protected] Source: This material is based on current public information from Bloomberg that Avington considers reliable, but we make no representation as to, and accept no responsibility or liability whatsoever for, the accuracy or completeness of the information included herein, including any third-party information, and it Authorized and Regulated by the Financial Conduct Authority should not be relied upon as such.

Global Hospitality Monitor

February 22, 2021

Key Performance Indices Unit Price Market Enterprise One Week One Month 52 Week Current EV/Fwd REITs Ticker Currency 19-Feb-21 Cap (m) Value (m) % Change % Change High Low Yield(1) EBITDA(2)

North American REITs Group Average 0.1% 23.1x

Ashford Hospitality Trust Inc. AHT US USD 3.76 259 4,509 10.6% 32.9% 25.95 1.27 0.0% NM American Hotel Income Properties HOT-U CN CAD 3.47 272 1,268 6.1% (1.1%) 7.18 1.12 0.0% 14.8x Apple Hospitality REIT Inc. APLE US USD 14.38 3,211 6,421 5.3% 9.4% 15.24 4.48 0.0% 22.7x Braemar Hotels and Resorts BHR US USD 6.45 252 1,481 15.2% 32.7% 8.41 1.14 0.0% NM Chatham Lodging Trust CLDT US USD 12.67 595 1,267 3.8% 4.5% 17.17 3.44 0.0% 22.7x DiamondRock Hospitality Co. DRH US USD 9.95 1,985 3,206 10.7% 12.6% 11.79 1.96 0.0% NM Hersha Hospitality Trust HT US USD 9.94 386 2,042 16.4% 23.6% 14.34 2.29 0.0% NM Host Hotels & Resorts Inc. HST US USD 16.74 11,807 15,736 12.3% 13.4% 17.40 7.86 0.0% NM Park Hotels & Resorts Inc. PK US USD 20.75 4,889 9,076 5.4% 20.1% 23.79 3.99 0.0% NM Pebblebrook Hotel Trust PEB US USD 22.99 3,010 5,932 6.5% 10.0% 26.04 5.39 0.2% NM RLJ Lodging Trust RLJ US USD 15.40 2,541 4,644 8.3% 6.3% 16.26 3.88 0.3% NM Service Properties Trust SVC US USD 12.39 2,042 8,206 3.3% 13.2% 22.83 3.59 0.3% 13.8x Summit Hotel Properties, Inc. INN US USD 9.99 1,056 2,421 3.1% 12.8% 11.43 2.32 0.0% NM Sunstone Hotel Investors Inc. SHO US USD 12.62 2,721 3,378 5.8% 12.4% 13.31 5.75 0.0% NM Xenia Hotels & Resorts, Inc. XHR US USD 18.14 2,063 3,362 11.4% 8.8% 19.27 6.15 0.0% 41.2x

Share Price Market Enterprise One Week One Month 52 Week Price/Fwd EV/Fwd Corporates Ticker Currency 19-Feb-21 Cap (m) Value (m) % Change % Change High Low Earnings(2) EBITDA(2)

North American Stocks Group Average 26.9x 18.5x

Choice Hotels International Inc. CHH US USD 111.09 6,161 6,998 2.0% 5.2% 111.67 46.25 34.0x 21.7x Inc. STAY US USD 15.87 2,818 5,593 1.8% 2.6% 15.96 5.35 27.2x 12.1x Holdings Inc. HLT US USD 116.91 32,455 40,869 4.3% 8.3% 117.79 44.30 NM NM Hotels Corporation H US USD 82.26 8,333 10,104 7.7% 15.3% 94.98 24.02 NM NM Marcus Corp MCS US USD 17.98 559 1,128 2.8% 12.5% 33.96 6.84 15.9x 11.4x Inc. MAR US USD 136.28 44,211 54,680 5.3% 7.4% 148.91 46.56 NM 24.8x MGM Resorts International MGM US USD 36.42 18,017 38,424 1.4% 19.3% 36.70 5.90 NM 18.6x Playa Hotels & Resorts NV PLYA US USD 7.12 1,168 2,235 6.9% 16.2% 7.25 1.30 NM NM Vail Resorts Inc. MTN US USD 304.26 12,247 14,695 5.9% 11.9% 307.17 125.00 NM 23.9x Wyndham Hotels & Resorts Inc. WH US USD 63.49 5,915 8,034 5.5% 3.4% 64.04 14.50 30.7x 16.8x

European Stocks Group Average 25.5x 16.3x

Accor SA AC FP EUR 31.46 8,223 9,405 5.2% 3.6% 39.14 20.15 NM NM Compagnie des Alpes CDA FP EUR 18.74 459 1,096 0.2% (0.2%) 29.20 13.16 39.6x 12.5x InterContinental Hotels Group Plc IHG LN GBP 51.10 9,334 11,391 4.4% 5.2% 51.70 21.61 NM NM Meliá Hotels International MEL SM EUR 6.46 1,423 3,734 6.3% 11.1% 7.41 2.51 NM 22.0x NH Hotel Group SA NHH SM EUR 3.73 1,463 3,662 7.6% 8.7% 5.30 2.10 NM 11.4x Pandox AB PNDXB SS SEK 129.60 23,827 55,793 0.0% (7.4%) 227.50 50.20 24.7x NM Scandic Hotels Group AB SHOT SS SEK 31.48 6,021 38,789 (2.9%) (5.7%) 82.36 15.25 12.3x NM Société des Bains de Mer BAIN FP EUR 63.00 1,923 2,100 (4.3%) 1.0% 70.80 44.00 NM NM TUI AG TUI1 GR EUR 4.12 4,536 10,608 13.2% (8.2%) 6.46 1.52 NM 19.3x Whitbread Plc WTB LN GBP 34.18 6,899 9,664 6.6% 10.2% 41.42 15.51 NM NM

Asian Stocks Group Average 24.3x 20.8x

Ascott Residence Trust ART SP SGD 0.99 3,077 5,494 (1.0%) (8.3%) 1.31 0.67 27.4x 24.7x Banyan Tree Holdings Ltd BTH SP SGD 0.26 219 767 0.0% (1.9%) 0.38 0.22 22.4x 18.4x Central Plaza Hotel Public Co Ltd CENTEL TB THB 31.00 41,850 59,410 5.1% 29.2% 31.25 13.00 NM 17.2x Huazhu Hotels Group HTHT US USD 59.09 18,939 24,414 (4.6%) 22.8% 64.53 25.01 NM NM Dusit Thani Pcl DTC TB THB 7.70 6,545 16,580 0.0% (0.6%) 9.05 6.15 NM NM EIH (Oberoi Hotels & Resorts) EIH IN INR 97.15 57,257 62,960 (1.4%) 4.9% 105.00 58.16 NM 22.8x Frasers Hospitality Trust FHT SP SGD 0.52 992 1,889 3.0% (3.7%) 0.70 0.32 25.4x NM Hong Kong & Hotels/The 45 HK HKD 7.28 12,008 24,071 1.1% 4.0% 8.68 5.60 NM NM Hotel Properties Ltd HPL SP SGD 3.10 1,615 2,993 0.3% 0.3% 3.72 2.65 22.2x NM Indian Hotels Co Ltd IH IN INR 123.80 147,230 175,209 (4.1%) (0.6%) 139.25 76.10 NM 24.6x Mandarin Oriental International Ltd MAND SP USD 1.68 2,121 2,710 (2.9%) (5.6%) 1.99 1.06 NM NM Minor International Pcl MINT TB THB 29.25 158,202 373,433 0.9% 14.7% 32.51 13.30 NM 18.9x Miramar Hotel & Investment Co Ltd 71 HK HKD 14.32 9,895 4,896 0.3% (7.0%) 16.10 11.60 NM NM Shangri-La Asia Ltd 69 HK HKD 7.59 27,214 69,890 4.7% 8.7% 8.10 5.11 NM 24.9x The Shilla (000's) 008770 KS KRW 82.30 3,230 4,660 0.2% (6.6%) 90.90 66.00 NM 14.5x

1. Last regular dividend payment annualized 2. Based on comparable calendarization of 12-month forward metrics

Source: This material is based on current public information from Bloomberg that Avington considers reliable, but we make no representation as to, and accept no responsibility or liability whatsoever for, the accuracy or completeness of the information included herein, including any third-party information, and it should not be relied upon as such.

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