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Investor Presentation July 2018

[ C L I E N T N A M E ] Disclaimer

This presentation contains forward-looking statements that relate to future events or our future financial performance. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “opportunity” or “continue” or the negative of these terms or other similar words. These statements are only predictions. The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties and other factors that may cause the Trust’s or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Please refer to the “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business” sections of our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on February 15, 2018 for a discussion of some of the factors that could contribute to these differences, including, but not limited to:

• U.S. economic conditions generally and the real estate market and the lodging industry specifically; • management and performance of our hotels; • our plans for renovation of our hotels; • our financing plans and the terms on which capital is available to us; • supply and demand for hotel rooms in our current and proposed market areas; • our ability to acquire additional hotels and the risk that potential acquisitions may not be completed or perform in accordance with expectations; • legislative/regulatory changes, including changes to laws governing taxation of real estate investment trusts; and • our competition.

The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made. All subsequent written and oral forward-looking statements attributable to the Trust or any person acting on behalf of the Trust are qualified by these disclaimers. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law.

This presentation also contains market data and statistics related to our business and industry that have been compiled or derived from information made available by third-party service providers. This third-party information includes projections that are based on a number of assumptions. If these assumptions turn out to be incorrect, actual results may differ from the projections based on these assumptions. As a result, our markets may not grow at the rates projected by these data, or at all. The failure of these markets to grow at these projected rates may have a material adverse effect on our business, financial condition, and results of operations.

2 Guiding Principles

Best-in-Class Hotel Portfolio

Strong and Conservative Capital Structure

Focused and Effective Asset Management

Disciplined Capital Allocation

Commitment to Maximizing Shareholder Value

3 Trust Highlights

Well-Positioned Portfolio Strong Balance Sheet & Dividend1

•20 hotels; 6,279 rooms •$2.6 bn total enterprise value; $1.9 bn market capitalization •Concentrated in the CBDs of the top U.S. lodging markets •3.9% weighted-average cost of debt •Strategically diversified by geography, brand and management •4.7 years average maturity of debt •Corporate transient and group focused •Leverage of 33.6%2 •Predominantly fee simple ownership •Current annual dividend yield of 5.0% •High-quality assets generating strong returns

8,000 $2,500 $300 $3.00 6,699 6,694 6,479 6,279 7,000 $2.39 6,116 $250 $2.33 $2.50 5,932 $2,208 $2,162 $2,000 $2.21 $2.17

6,000

$2,200 $1.97 per share AFFO

Invested Capital Capital Invested

(in millions) (in $185

EBITDA EBITDA $200 $1.78 $2.00 4,722 $2,169 ) $176 5,000 $1,751 $1,500 $1.61 $173 $170 $1,544 4,000 3,516 $150 $138 $1.50 $1.11 $122

$1,185 $1,000 (in (in millions 3,000 $100 $1.00 $0.72 $81

Cumulative Rooms $927 2,000 1,629 $46

$500 $50 $0.50 Adjusted Corporate 1,000 $10 $405 $0 $- 0 $- 2010 2011 2012 2013 2014 2015 2016 2017 2018 3 2010 2011 2012 2013 2014 2015 2016 2017 2018

1Balance sheet data as of June 30, 2018 and pro forma for sale of the Hyatt Centric Santa Barbara completed on July 26, 2018 2Calculated as defined under revolving credit facility 3Represents mid-point of 2018 outlook provided on July 27, 2018 4 20-Hotel Portfolio Located in Premier U.S. Markets

New York Seattle New Orleans 5% Seattle 6% 3% Los Angeles Washington, 8% D.C. 3% San Diego 8% Boston (2) San Francisco Denver 23% New York (2) 9% Chicago (2) Chicago 9% San Francisco (4) Miami Boston 9% 17% Denver D.C. Los Angeles (2) Top 11-25 Markets 24% San Diego (2) Top 6-10 Markets 22%

Top 1-5 Markets New Orleans (2) 54% Miami

Note: Geographic segmentation charts based on forecasted 2018 hotel EBITDA; top markets classified based on 2017 RevPAR, as reported by STR.

5 Strategically Diversified by Brand and Management

Brand Family Chain Scale

IHG Ace 3% 3% • Affiliation with strong brands allows Upscale Hilton Luxury 12% 16% 22% hotels to leverage powerful reservation

Hyatt systems and loyalty programs 25%

Marriott Upper 53% upscale • RevPAR growth for corporate transient 66% focused portfolio is highly correlated with levels of U.S. GDP growth and Customer Mix Management corporate profit growth

IHG Ace • Contract Crestline Magna 3% 3% 44% of portfolio rooms managed by 4% 6% 5% Group independent operators 21% TPG Marriott 7% 28%

Hilton • 13 of 20 hotel management contracts 10% Hyatt Transient terminable at little to no cost Evolution 15% 75% 11% HEI 12%

Note: Brand family, chain scale, and management segmentation based on room count and customer mix based on full year 2017 occupied room nights

6 High-Quality Portfolio with Predominantly Fee Simple Ownership

Year of Invested Capital Acquisition Hotel Interest Manager Rooms (in millions)1 Hyatt Regency Boston Fee Simple Hyatt 502 $ 139.8 Hilton Checkers Los Angeles Fee Simple Crestline Hotels & Resorts 193 51.0 2010 Boston Marriott Newton Fee Simple TPG Hospitality 430 96.5 Le Meridien San Francisco Fee Simple HEI Hotels & Resorts 360 160.1 Homewood Suites Seattle Convention Center Fee Simple Evolution Hospitality 195 56.7

W Chicago - City Center Fee Simple Marriott 403 144.3 Hotel Indigo San Diego Gaslamp Quarter Fee Simple IHG 210 58.8 2011 Courtyard Washington Capitol Hill / Navy Yard Fee Simple Crestline Hotels & Resorts 204 71.6

Hotel Adagio San Francisco, Autograph Collection Fee Simple Evolution Hospitality 171 52.8

Hilton Denver City Center Fee Simple/Ground Lease Hilton 613 150.4 Hyatt Herald Square New York Fee Simple Magna Hospitality Group 122 62.6 W Chicago - Lakeshore Fee Simple Marriott 520 167.1 2012 Hyatt Regency Mission Bay Spa and Marina Ground Lease Hyatt 429 74.7 Hyatt Place New York Midtown South Fee Simple Magna Hospitality Group 185 76.9 W New Orleans – French Quarter Fee Simple Marriott 97 26.5 2013 Le Meridien New Orleans Fee Simple Marriott 410 92.4 Hyatt Centric Fisherman’s Wharf Fee Simple Evolution Hospitality 316 116.6 2014 JW Marriott San Francisco Union Square Ground Lease Marriott 344 174.0 Royal Palm South Beach Miami, a Tribute Portfolio Resort Fee Simple HEI Hotels & Resorts 393 285.0 2015 Ace Hotel and Theater Downtown Los Angeles Fee Simple Ace Hotel Group 182 103.9 20-Hotel Portfolio 6,279 $ 2,161.7

2018 hotel EBITDA yield2 8.9%

1As of June 30, 2018 2 Based on mid-point of 2018 outlook provided on July 27, 2018 7

Recent Sale – Hyatt Centric Santa Barbara

• Sold for $90.0 million, or approximately $450,000 per key, on July 26, 2018

• 200-room hotel, located in a non-core market, was acquired in 2013 (in conjunction with the Hyatt Centric Fisherman’s Wharf) for $61.0 million, or approximately $305,000 per key; previously sold five-unit Villa building for $2.1 million in 2016

• Sale price represents 5.4% TTM NOI cap rate (5.0% NOI cap rate after factoring in the required 2019 renovation estimated at $6 million); produced a 15.3% unlevered IRR over ownership period

• Used net proceeds from sale to repay all outstanding borrowings under revolving credit facility; disposition has limited impact on AFFO/share and dividend payout with opportunity to reallocate capital in a core market

8 Strong Capital Structure and Dividend Yield

• Leverage of 33.6% • Weighted-average interest rate of 3.9% • Weighted-average maturity of debt of approximately 4.7 years • Current annualized dividend of $1.60/share equates to a yield of 5.0% • Dividend policy primarily driven by REIT taxable income payout requirements, with consideration given to dividend payout as a percentage of CAD

Debt Maturities as of June 30, 20181 (in millions) Pro Forma1 Forecast Credit Statistics 6/30/18 12/31/18 $350.0 $306.4 $291.6 Leverage: $300.0 Revolving credit facility 33.6% 33.0% $250.0 2 Total enterprise value 27.0% 26.5% $200.0 $135.3 Fixed charge coverage ratio 3.24 3.36 $150.0 $100.0 Net Debt-to-EBITDA 4.13 4.03 $50.0 $6.4 $13.7 $10.2 $-

1Pro forma for sale of the Hyatt Centric Santa Barbara completed on July 26, 2018 2Forecasted December 31, 2018 assumes share price of $32.00 9 Moderate RevPAR Growth Expected Over Next Several Years

13%

8%

3%

(3%)

RevPAR growth (8%) CAGR of 2.2% o 1992–2000: 9 consecutive years with cumulative RevPAR growth of 47.9% (2018E-2022E)

o 2003–2007: 5 consecutive years with cumulative RevPAR growth of 34.3%

(13%) o 2010–2022E: 13 consecutive years with cumulative RevPAR growth of 75.1%

RevPAR Supply Demand (18%) Source: 1988-2017: STR; 2018E-2022E: CBRE Hotel Horizons, June 2018 – August 2018 Edition 10 U.S. Lodging Demand Observations

• Cautiously optimistic that the current pro-growth political agenda, including de-regulation, infrastructure stimulus, and the recent passing of the Tax Cuts and Jobs Act of 2017, will lead to even stronger macroeconomic and corporate profit growth which bodes well for lodging demand growth, particularly from corporate transient and group customers

• With unemployment at a 17-year low and consumer confidence at all-time high levels, demand from leisure transient customers remains strong

• Demand from international customers appears to be improving, despite the current administration’s “America First” policies and rhetoric

• With record occupancy levels, RevPAR growth should be largely driven by growth in ADR over the next few years

11 U.S. Lodging Supply Picture

U.S. lodging supply growth expected to peak in 2018 at 2.0% and not expected to reach growth levels of the last few cycles… U.S. Lodging Supply Growth 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% Hyatt Regency Boston -1.00% Hyatt Fisherman’s Wharf

Expected supply growth through 2022 however is expected to be more impactful in urban locations and with higher-end chain scales…

5.00% 5.00% 4.00% 4.00% 3.00% 3.00% 2.00% 2.00% 1.00% 1.00% 0.00% 0.00% 2018E 2019E 2020E 2021E 2022E 2018E 2019E 2020E 2021E 2022E U.S. Urban U.S. Upper Upscale Source: 1988-2017: STR; 2018E-2022E: CBRE Hotel Horizons, June 2018 – August 2018 Edition 12 Hilton Denver City Center Renovation

• Scope consisted of guestrooms, including bathrooms, and corridors (all other areas of property were fully renovated in 2014-2016) • Guestrooms last renovated in 2009 • Cost of approximately $18 million, of which $13 million funded through owner capital • Renovation began in December 2016 and completed in May 2017 • As part of the renovation, existing 30 oversized standard king rooms were converted to executive king suites which are expected to provide up-sell opportunities

13 Hilton Denver City Center Rebranding

• On December 1, 2017, rebranded and changed management at the Hilton Denver City Center (formerly Denver Marriott City Center) • Current market terms of Hilton management agreement are more favorable terms than previous Marriott management agreement (i.e., management fees, exclusivity, and franchise conversion option) • Immediate improvement to hotel cash flows as a result of eliminating Marriott incentive management fee (approximately $2 million annually) • Hotel is only Hilton branded property in all of downtown Denver

14 Boston Marriott Newton Renovation

• Scope consisted of guestrooms, including bathrooms, corridors, concierge lounge and meeting space • Guestrooms last renovated in 2008 • Cost of approximately $14 million, of which $8 million funded through owner capital • Renovation began in December 2016 and completed in July 2017

15 Boston Marriott Newton Renovation

• Hotel historically ran a significant RevPAR index premium to its competitive set • Over the last few years, property suffered as a result of deteriorating product quality relative to competing hotels • With superior location in submarket, hotel has an opportunity to regain lost market share following renovation • Assuming a 112.0 RevPAR index is achieved, hotel should be able to generate $11 million to $12 million in EBITDA Hotel EBITDA RevPAR Index (in millions) 116.0 $12.0 113.6 $11.5 114.0 $11.5 112.1 111.5 112.0 112.0 $11.0 110.0 108.0 $10.5 105.7 $9.9 106.0 $10.0 103.1 104.0 $9.5 102.0 $9.0 100.0 $8.5 98.0 $8.5 96.0 $8.0 2012 2013 2014 2015 2016 2018-2019 2016 2017 2018-2019

16 JW Marriott San Francisco Union Square Renovation

• Scope consisted of guestrooms, including bathrooms, corridors and minor lobby updates • Guestrooms last renovated in 2008 to mediocre upper upscale product quality • Renovation to reposition hotel to actual luxury-class • Created seven new guestrooms • Cost of approximately $25 million, of which $10 million funded through owner capital • Renovation began in April 2017 and completed in December 2017

W New Orleans – French Quarter 17 JW Marriott San Francisco Union Square Renovation

• Seven additional keys expected to generate approximately $525k to $600k of incremental EBITDA • Rate gap of $90 - $100 exists between hotel and luxury competitive set • Closing just 25% to 50% of the existing rate gap is expected to generate significant and incremental EBITDA over time

Hotel EBITDA T12 March 2017 ADR (in millions) $450 $20.0 $17.3 $425 $417 $15.8 $15.0 $14.0 $400 $12.0 $375 $92 $10.0

$350 $325 $5.0 $325

$300 $0.0 JW Luxury Comp Set 2016 Actual Closing 25% of Closing 50% of Closing 75% of ADR Gap ADR Gap ADR Gap

18 2018 Hotel EBITDA

Hotel EBITDA $210.0 (in millions)

$205.0

$200.0 Recover 2017 renovation displacement (~$8.5 million)

$195.0 $192.0 $2.0 $2.7 $1.0 $190.0 $4.3 $0.6

$185.0 $2.1 ($2.5) $180.3 $1.5 $180.0

$175.0 2017 20-Hotel 1 Hilton Denver Boston Marriott JW Marriott Hyatt Regency Impact from Hilton Denver 2018 2018 Market 2018 20-Hotel Portfolio Actual City Center Newton San Francisco Mission Bay Natural City Center IMF Renovation Growth Portfolio Union Square Spa and Marina Disasters Removal Displacement 2 Outlook Mid- point1

• Excluding the three hotels with significant tailwinds from 2017 renovations, expect 1.0% - 2.0% RevPAR growth in 2018, which should drive a nominal increase in hotel EBITDA

1Excludes the The Hotel Minneapolis, Autograph Collection sold on November 8, 2017 and the Hyatt Centric Santa Barbara sold on July 26, 2018 2Related to softgood renovations at the following four hotels: Hilton Checkers Los Angeles, Homewood Suites Seattle Convention Center, Hotel Indigo San Diego Gaslamp Quarter and Hotel Adagio San Francisco, Autograph Collection 19 Recent Performance

• Q2 2018 results exceeded the high end of provided outlook for RevPAR and hotel margin growth • RevPAR growth driven by stronger than expected performance from the Trust’s hotels located in San Francisco, Miami, San Diego, and New York • Continued and aggressive focus on tightly managing expenses resulted in significant margin expansion; increase in hotel operating expenses held to below 1% with continued re-engineering of operating models

Q2 2018 (in millions, except per share amounts) Outlook Actual CONSOLIDATED: Adjusted Corporate EBITDAre1 $52.6 – $54.8 $54.5 AFFO per diluted common share1 $0.69 – $0.73 $0.72

21-HOTEL PORTFOLIO: RevPAR change 2.5% – 4.5% 4.7%

Adjusted Hotel EBITDAre1 $57.2 – $59.6 $59.2 Adjusted Hotel EBITDAre Margin1 35.4% – 36.2% 36.3% Adjusted Hotel EBITDAre Margin change 25 bps – 100 bps 110 bps

1See Exhibit 99.1 to Current Report on Form 8-K filed with the Securities and Exchange Commission on July 27, 2018 for reconciliation of this non-GAAP financial measure.

20 2018 Outlook

• Outlook updated to taken into account recent trends and results as well as the sale of the Hyatt Centric Santa Barbara completed on July 26, 2018

2018 Outlook1 (in millions, except per share amounts) Third Quarter Full Year CONSOLIDATED: Adjusted Corporate EBITDAre2 $47.7 – $49.9 $173.1 – $178.5 AFFO per diluted common share2 $0.63 – $0.67 $2.29 – $2.37

20-HOTEL PORTFOLIO3: Comparable RevPAR change 3.0% – 5.0% 3.0% – 5.0%

Comparable Adjusted Hotel EBITDAre2 $51.6 – $53.8 $189.0 – $195.0 Comparable Adjusted Hotel EBITDAre Margin2 33.7% – 34.5% 32.5% – 32.9% Comparable Adjusted Hotel EBITDAre Margin change 50 bps – 125 bps 90 bps – 130 bps

1Outlook assumes no future acquisitions, dispositions, or financing transactions beyond those completed as of July 27, 2018. 2See Exhibit 99.1 to Current Report on Form 8-K filed with the Securities and Exchange Commission on July 27, 2018 for reconciliation of this non-GAAP financial measure. 3Since the Hyatt Centric Santa Barbara was sold on July 26, 2018, it has been excluded from the hotel portfolio metrics for the third quarter and full year 2018. 21 Key Takeaways

• Geographic footprint concentrated in the top lodging markets across the U.S. should provide long-term outperformance; CLT has 2nd highest concentration in San Francisco amongst publicly-traded lodging REIT peers which bodes well with the completion of the Moscone Center renovation and expansion in 2018

• Significant displacement from hotels under renovation in 2017 should reverse in 2018 and provide outsized growth for those hotels for next several years Hyatt Regency Boston Hyatt Fisherman’s Wharf • Focus on asset management initiatives, both top and bottom line, has and will continue to help preserve and grow hotel cash flows; recent rebranding and management change at Hilton Denver City Center immediately provides $2 million of incremental cash flow in 2018 with removal of Marriott incentive management fee

• Balance sheet and dividend coverage should improve in 2018 with tailwinds from San Francisco, 2017 renovations, and Hilton Denver City Center rebranding and management change

22