Global Hospitality Monitor

August 16, 2021

LTM Share Price Performance Weekly Movers North American REITs Top 5 Performers One Week % Change Central Plaza Hotel Public Co Ltd 7.4% Avington North America Hotel REIT Index 200 Compagnie des Alpes 4.8% S&P REIT Index Hotel Properties Ltd 3.0% 180 American Hotel Income Properties 2.2% 160 Ascott Residence Trust 2.0%

140 Top 5 Laggards One Week % Change

120 Ashford Hospitality Trust Inc. (7.4%) Hersha Hospitality Trust (6.1%) 100 Inc. (5.1%) 80 Marcus Corp (5.1%) Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Service Properties Trust (4.9%)

North American Hotel Stocks Industry Intelligence & Commentary

200 Avington North America Hotel Index 16 Aug: Corp, the US-listed hotel owner and operator, announced that S&P 500 Index it agreed to acquire Apple Leisure Group, the US-based luxury resort- 180 management services and hospitality group, from KKR, the US-listed private 160 equity group, and KSL Capital Partners, the US-based private equity group, for US$2.7 billion in cash. According to the announcement, Hyatt expects to fund 140 over 80% of the transaction with a combination of US$1.0 billion of cash on hand and new debt financings, and the balance with an approx. US$500 120 million equity financing. Additionally, proceeds from Hyatt’s US$2 billion asset 100 sale program are expected to be used to pay down the company’s debt, including debt incurred in connection with the Apple Leisure Group 80 acquisition. Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21

European Hotel Stocks 11 Aug: The iconic 609-key Drake Hotel in Chicago, IL is reportedly being offered for sale on a fee simple basis for the first time in over 100 years, according to HotelsMag. According to the same source, the property is 200 Avington European Hotel Index currently owned by four separate entities subject to a tenant in common FTSEurofirst 300 Returns ownership agreement, all of whom are selling their interest. 180 11 Aug: Azora, the Spain-based asset management group, has reportedly 160 acquired the 118-key Vilalara Thalassa Resort in the Algarve for an undisclosed 140 amount, according to HotelsMag. According to the same source, the property is operated by Blue & Green company, the Portugal-based hotel operator. 120 10 Aug: Vail Resorts, the US-listed mountain resort group, announced that its 100 chief marketing officer, Kirsten Lynch, will be appointed as chief executive 80 officer and elected to the company’s board of directors, effective November 1st. Rob Katz, the company’s current CEO, will be appointed as Executive Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Chairman. Additionally, Ryan Bennett, the current VP of marketing and lift Asian Hotel Stocks revenue, will be named chief marketing officer. 10 Aug: HotelPlanner, the US-based hotel and event booking technology firm, 200 Avington Asia Hotel Index MSCI Asia Pacific All Cap Index and Reservations.com, the US-based online hotel booking platform, announced 180 a three-way merger with Astrea Acquisition Corp., the US-listed special purpose acquisition company, that will result in their combining as a US$567 160 million publicly listed company on the NASDAQ. The new company will retain 140 the HotelPlanner name and is forecasting 2022 revenue of approximately US$170 million, with a three-year revenue CAGR to 2023 of approx. 42%. 120 5 Aug: Apollo Global Management, the US-listed private equity group, 100 announced that it signed a final agreement to acquire a 68-property portfolio 80 from ENPAM, the Italian-based doctor and dentist pension fund, for €842 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 million (approx. US$1 billion). According to the announcement, the portfolio includes commercial and residential properties, including and retail assets, mainly located across Rome and Milan.

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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, Authorized and Regulated by the Financial Conduct Authority and it should not be relied upon as such.

Global Hospitality Monitor

August 16, 2021

Key Performance Indices Unit Price Market Enterprise One Week One Month 52 Week Current EV/Fwd REITs Ticker Currency 13-Aug-21 Cap (m) Value (m) % Change % Change High Low Yield(1) EBITDA(2)

North American REITs Group Average 0.4% 18.1x

Ashford Hospitality Trust Inc. AHT US USD 14.03 393 4,058 (7.4%) (27.7%) 77.90 12.70 0.0% 17.6x American Hotel Income Properties HOT-U CN CAD 4.13 324 1,294 2.2% (9.8%) 4.74 2.25 0.0% 13.3x Apple Hospitality REIT Inc. APLE US USD 14.80 3,379 6,759 (0.9%) 1.3% 16.57 8.90 1.4% 15.7x Braemar Hotels and Resorts BHR US USD 5.23 311 1,438 (3.0%) (2.4%) 7.45 2.17 0.0% 14.3x Chatham Lodging Trust CLDT US USD 11.71 571 1,076 (1.3%) (5.3%) 14.95 6.24 0.0% 13.7x DiamondRock Hospitality Co. DRH US USD 8.70 1,832 2,740 (4.6%) (5.6%) 11.49 4.52 1.4% 20.0x Hersha Hospitality Trust HT US USD 8.99 353 1,868 (6.1%) (10.5%) 13.05 4.70 0.0% 19.1x Host Hotels & Resorts Inc. HST US USD 15.91 11,359 16,188 (1.4%) (3.9%) 18.52 10.04 1.4% 20.6x Park Hotels & Resorts Inc. PK US USD 18.49 4,373 8,751 (1.5%) (2.0%) 24.67 8.42 1.0% 22.7x Pebblebrook Hotel Trust PEB US USD 21.53 2,829 5,793 (3.5%) (4.4%) 26.42 11.06 0.2% 24.3x RLJ Lodging Trust RLJ US USD 14.54 2,423 4,680 (0.2%) 1.7% 17.51 7.75 0.3% 18.2x Ryman Hospitality Properties, Inc. RHP US USD 79.87 4,398 7,423 1.5% 2.1% 86.58 34.42 0.0% 13.9x Service Properties Trust SVC US USD 11.33 1,868 8,089 (4.9%) (6.1%) 15.39 6.77 0.4% 13.9x Summit Hotel Properties, Inc. INN US USD 9.11 970 2,375 0.3% 0.7% 11.32 4.72 0.0% 24.1x Sunstone Hotel Investors Inc. SHO US USD 11.24 2,462 3,321 (0.4%) (3.4%) 13.74 7.12 0.0% 20.5x Xenia Hotels & Resorts, Inc. XHR US USD 16.93 1,934 2,954 (3.5%) (5.9%) 21.40 7.97 0.0% 18.1x

Share Price Market Enterprise One Week One Month 52 Week Price/Fwd EV/Fwd Corporates Ticker Currency 13-Aug-21 Cap (m) Value (m) % Change % Change High Low Earnings(2) EBITDA(2)

North American Stocks Group Average 28.3x 16.6x

Choice Hotels International Inc. CHH US USD 116.46 6,479 7,238 (2.9%) (0.7%) 123.77 82.59 27.7x 19.0x Inc. STAY US USD 20.46 3,636 6,389 0.0% 0.0% 20.47 10.86 27.0x 13.9x Holdings Inc. HLT US USD 122.21 34,058 42,736 (3.5%) (1.0%) 136.89 81.48 35.4x 20.6x Hyatt Hotels Corporation H US USD 72.14 7,344 9,253 (4.4%) (6.7%) 92.22 51.21 NM 20.3x Marcus Corp MCS US USD 15.20 478 1,061 (5.1%) (14.2%) 24.71 6.84 15.9x 13.9x Marriott International Inc. MAR US USD 134.38 43,762 54,179 (5.1%) (2.9%) 159.98 88.92 31.6x 18.6x MGM Resorts International MGM US USD 40.41 19,473 39,968 1.5% (0.6%) 45.34 19.55 NM 12.4x Playa Hotels & Resorts NV PLYA US USD 6.67 1,095 2,006 (3.1%) (4.6%) 8.35 3.67 NM 16.4x Vail Resorts Inc. MTN US USD 298.71 12,029 14,016 (2.4%) (4.5%) 338.50 208.46 37.4x 16.5x Wyndham Hotels & Resorts Inc. WH US USD 71.18 6,657 8,646 0.1% 0.4% 78.13 45.23 23.3x 14.9x

European Stocks Group Average 22.5x 15.4x

Accor SA AC FP EUR 28.95 7,580 9,364 (0.6%) (3.7%) 35.89 20.71 NM NM Compagnie des Alpes CDA FP EUR 13.10 644 1,518 4.8% (1.1%) 17.88 9.34 19.1x 8.0x InterContinental Hotels Group Plc IHG LN GBP 46.09 8,444 10,197 (2.7%) (1.5%) 55.68 36.97 32.3x 18.8x Meliá Hotels International MEL SM EUR 5.94 1,308 4,035 (0.1%) (1.1%) 7.40 2.88 NM 18.0x NH Hotel Group SA NHH SM EUR 3.71 1,455 4,206 (1.1%) 0.4% 4.35 2.10 NM 19.2x Pandox AB PNDXB SS SEK 146.80 26,989 60,192 0.8% (3.0%) 168.10 85.50 26.5x NM Group AB SHOT SS SEK 33.55 6,417 44,270 (3.8%) (6.9%) 44.58 21.14 12.3x NM Société des Bains de Mer BAIN FP EUR 72.80 2,222 2,388 (0.3%) (1.6%) 79.60 54.40 NM NM TUI AG TUI1 GR EUR 3.93 4,318 11,648 (0.4%) (3.3%) 5.47 1.82 NM 8.1x Whitbread Plc WTB LN GBP 31.20 6,302 9,580 (2.4%) 4.7% 37.07 19.97 NM 20.2x

Asian Stocks Group Average 25.7x 19.3x

Ascott Residence Trust ART SP SGD 1.02 3,183 5,663 2.0% (1.9%) 1.14 0.81 25.8x 24.1x Banyan Tree Holdings Ltd BTH SP SGD 0.33 276 797 1.6% (1.5%) 0.41 0.22 22.4x 18.4x Central Plaza Hotel Public Co Ltd CENTEL TB THB 29.00 39,150 58,215 7.4% (13.4%) 38.00 19.40 NM 17.0x Huazhu Hotels Group HTHT US USD 43.93 14,354 19,667 (2.2%) (12.1%) 64.53 38.49 36.2x 19.0x Dusit Thani Pcl DUSIT TB THB 8.90 7,565 20,306 0.0% (9.6%) 10.50 6.85 NM NM EIH (Oberoi Hotels & Resorts) EIH IN INR 105.10 67,883 70,652 (2.9%) (4.6%) 122.80 81.35 NM NM Frasers Hospitality Trust FHT SP SGD 0.52 1,002 1,922 1.0% (1.9%) 0.60 0.39 19.4x NM Hong Kong & Hotels/The 45 HK HKD 6.73 11,101 26,526 (3.3%) (16.9%) 8.60 5.60 NM NM Hotel Properties Ltd HPL SP SGD 3.38 1,761 3,112 3.0% 2.4% 3.50 2.70 22.2x NM Indian Hotels Co Ltd IH IN INR 142.25 169,172 213,014 (1.8%) (0.5%) 157.30 93.75 NM NM Mandarin Oriental International Ltd MAND SP USD 2.00 2,527 3,284 (1.5%) (1.0%) 2.13 1.50 NM NM Minor International Pcl MINT TB THB 29.75 154,566 371,996 1.7% 0.8% 33.75 16.40 NM 19.1x Miramar Hotel & Investment Co Ltd 71 HK HKD 14.40 9,950 5,076 (1.2%) (5.3%) 16.30 12.02 NM NM Shangri-La Asia Ltd 69 HK HKD 6.80 24,382 68,569 1.6% (6.1%) 9.06 5.92 NM 24.0x The Shilla (000's) 008770 KS KRW 90.00 3,532 5,200 (4.7%) (5.3%) 103.00 74.20 28.1x 13.7x

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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