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Annual Report Resilient 2020 Astute AGILE ANNUAL REPORT RESILIENT 2020 ASTUTE ARA US HOSPITALITY TRUST ARA US HOSPITALITY TRUST CORPORATE PROFILE Listed on the Singapore Exchange on 9 May 2019, ARA US Hospitality Trust (“ARA H-Trust”) is a hospitality stapled group comprising ARA US Hospitality Property Trust (“ARA H-REIT”) and ARA US Hospitality Management Trust (“ARA H-BT”). ARA H-Trust invests in income-producing real estate assets used primarily for hospitality and/or hospitality-related purposes located in the United States (“U.S.”) and its portfolio currently comprises 41 upscale select-service hotels with a total of 5,340 rooms across 22 states in the U.S. 39 out of the 41 hotels have freehold land titles. ARA H-Trust is managed by ARA Trust Management (USH) Pte. Ltd. (“REIT Manager”) and ARA Business Trust Management (USH) Pte. Ltd. (“Trustee-Manager”) (collectively known as the Managers“ ”). The Managers are wholly-owned subsidiaries of ARA Asset Management Limited (“ARA” or “ARA Group”). ARA H-Trust had a market capitalization of US$249.6 million as at 31 December 2020. For more information, please visitwww.araushotels.com . SINGAPORE BASED-SPONSOR The Sponsor, ARA Real Estate Investors 23 Pte. Ltd., is an indirect wholly-owned subsidiary of ARA, a leading APAC real assets fund manager with a global reach. Founded in 2002, ARA operates a diversified platform across assets, strategies and geographies, with approximately S$119 billion in gross assets under management globally, as at 31 December 2020. It offers value-added investment solutions in both public and private markets, managing listed and unlisted real estate investment trusts (REITs) and private funds in real estate, infrastructure and credit across 28 countries. As part of its investor-operator philosophy, the ARA Group also operates a real estate management services division with local teams to manage its assets worldwide. ARA’s multi-platform, multi-product global fund management business is driven by dedicated teams with in-depth market knowledge and local expertise in all countries where it operates and invests. ARA strives to work sustainably, is mindful of its impact on the environment, and aims to leverage technology to work smart and achieve better outcomes for its stakeholders. Built on a foundation of strong corporate governance and business integrity, ARA manages funds on behalf of many of the world’s largest pension funds, sovereign wealth funds and financial institutions. For more information, please visitwww.ara-group.com . OUR MISSION To deliver sustainable and stable returns to our Stapled Securityholders through attractive distributions and long-term capital appreciation. Hyatt House Shelton CONTENTS Overview Corporate Profile 01 AGILE Premier International Hotel Brands 04 Diversified Portfolio 06 Key Highlights 10 Year In Brief 12 RESILIENT Letter to Stapled Securityholders 16 Our Hotel Segment 20 Trust Structure 21 Board of Directors 22 ASTUTE Management Team 25 FY2020 in Review In the face of adversity and uncertainty amidst the global Operational Review 28 COVID-19 pandemic, ARA H-Trust has leveraged our quality Financial Review 30 portfolio, market knowledge and deep hotel expertise to rise above the challenge. These factors have empowered us to Investor Relations 32 swiftly and strategically adapt to volatile business conditions Stapled Security Price Performance 33 while maintaining an unwavering focus of our mission to deliver Portfolio Overview long-term value to our Stapled Securityholders. Our Hotels 36 Reports We stand agile, resilient and astute as we continue to chart the Corporate Governance Report 58 path forward. Looking ahead, we are well-positioned to seize Statement of Policies and Practices 81 future opportunities through proactive asset management and Statement on Composition of 87 strategically build a diversified portfolio of hospitality assets the Board of Directors across the U.S. Risk Management 88 Financial Statements 90 Statistics of Stapled Securityholdings 273 Additional Information 276 Corporate Directory 280 AC Hotel Raleigh North Hills AGILE Applying our active, hands-on asset management approach and deep expertise as hospitality specialists, we responded with swift execution of cost mitigation and capital preservation measures to preserve the performance of our portfolio amidst the COVID-19 outbreak. >90% LEANER ROOMS FOCUSED STAFFING MODEL Hyatt House Boston Burlington 4 ARA US HOSPITALITY TRUST PREMIER INTERNATIONAL HOTEL BRANDS ABOUT ABOUT AC HOTELS BY MARRIOTT COURTYARD BY MARRIOTT AC Hotels by Marriott are upscale Courtyard by Marriott is an upscale select-service hotels which celebrate the select-service hotel brand which has importance of purposeful design with long led the industry when it comes its unwavering attention to the small to meeting the needs of the modern but impactful details of a guest’s stay. business traveler. Courtyard by Marriott The hotels are designed for a seamless offers a sophisticated yet comfortable hotel experience that anticipates and environment with adaptable and supports a guest’s true needs. With welcoming spaces to allow for intuitively designed guestrooms to conversation and interaction. The flexible open spaces with no unwanted guestrooms are fitted with thoughtful extras, guests maximize their stay with amenities and flexible work areas, ideal style and intention. for business and leisure travelers. Catering to transient business and leisure travelers as well as families, AC Hotels by Marriott are also well-suited to host small meetings and events. Annual Report 2020 5 Our portfolio is branded under two of the world’s largest hotel chains, Hyatt Hotels Corporation and Marriott International, which have over 165 million members combined worldwide. ABOUT ABOUT ABOUT HYATT HOUSE HYATT PLACE RESIDENCE INN BY MARRIOTT Hyatt House hotels are upscale Hyatt Place hotels are upscale select- Residence Inn by Marriott is one of extended-stay hotels which are designed service hotels which offer a modern and the global leaders in the extended- to accommodate guests for a longer comfortable guest experience, free of stay segment in the U.S. Designed for stay. The hotels offer services, amenities any unnecessary formalities. The rooms longer stays, the hotels offer spacious and apartment-style spaces to work and spaces are thoughtfully designed suites with separate living, working and relax. Built on guest insights, the around the guest with dedicated spaces and sleeping zones along with fully spacious studios and suites feature full to work, sleep and play. Each roomy functional kitchens. kitchens, comfortable living rooms and guestroom features a comfy Cozy stylish bathrooms. The guest experience Corner sectional sleeper sofa, spacious Catering to both business and leisure is further enhanced with inviting public desk and a contemporary bathroom. travelers, Residence Inn by Marriott is spaces like H Bar as well as conveniences optimally positioned to recognize and like workout rooms and complimentary Hyatt Place hotels cater to transient, mid serve the different needs of long-stay breakfasts and WIFI. to upper-income business and leisure guests. travelers as well as families and are also Hyatt House hotels cater to extended- well-suited to host small meetings and stay business and leisure travelers as events. Hyatt Place hotels account for well as families. The hotels are also more of Hyatt’s hotel footprint than any well-suited to serve small meetings and other brand and its service model and events. The Hyatt House brand stands operational efficiencies are designed to out in the extended-stay category drive performance in the upscale select- due to its strategic growth, thoughtful service category. designs and efficient operations. 6 ARA US HOSPITALITY TRUST DIVERSIFIED PORTFOLIO Boise Towne Denver Omaha Square Airport Downtown Old Market Washington Montana North Dakota Oregon Minnesota 1 Idaho South Dakota Wyoming 1 Iowa Nevada Nebraska Utah 1 1 Colorado California Kansas Missouri Oklahoma Arizona 1 New Mexico 1 Sacramento Rancho Cordova 2 Texas Albuquerque Oklahoma Airport San Antonio City Airport Six Flags® at The Rim ROBUST SUPPLY OF GEOGRAPHICALLY DIVERSIFIED ACROSS UPSCALE 5,340 STATES 41SELECT-SERVICE HOTELS ROOMS 22 Annual Report 2020 7 Detroit Auburn Hills Pittsburgh Airport Detroit Livonia Pittsburgh Cranberry Philadelphia Plymouth Chicago Meeting Itasca Boston Burlington Cleveland Fishkill Independence Shelton Cincinnati Northeast Maine Mystic Branchburg 1 Morristown 1 Wisconsin Massachusetts 2 New York Parsippany-East 2 Michigan Connecticut Parsippany Whippany 3 5 Secaucus Meadowlands Iowa Pennsylvania New Jersey Richmond West 2 1 Sterling Dulles Airport North Indiana Ohio llinois West Richmond Arboretum LEGEND Virginia 3 Virginia Missouri 2 Kentucky 3 Raleigh Durham Airport North Carolina AC Hotels by Marriott Tennessee 3 Charlotte Airport Tyvola Road Arkansas South Carolina Courtyard by Marriot Raleigh North Hills Georgia Mississippi 1 2 Alabama Hyatt House Atlanta Alpharetta Windward Parkway Nashville Brentwood Louisiana Atlanta Norcross Memphis Primacy Parkway Florida Peachtree Hyatt Place 2 Nashville Opryland Cincinnati Airport Residence Inn by Marriot Birmingham Florence Inverness Louisville East Lakeland Center Tampa Busch Garden PREMIER INTERNATIONAL ESTABLISHED HOTEL BRANDS HOTEL AC HOTELS BY MARRIOTT OPERATORS COURTYARD BY MARRIOTT HYATT HOUSE - AIMBRIDGE HOSPITALITY HYATT PLACE 2 - CONCORD HOSPITALITY 5 RESIDENCE INN BY MARRIOTT RESILIENT Our portfolio’s broad geographical diversification,
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