Global Hospitality Monitor

June 28, 2021

LTM Share Price Performance Weekly Movers North American REITs Top 5 Performers One Week % Change Compagnie des Alpes 14.2% 200 Avingstone North America Hotel REIT Index Indian Co Ltd 9.0% S&P REIT Index 180 MGM Resorts International 7.4% 160 Dusit Thani Pcl 6.1% Société des Bains de Mer 5.8%

140

120 Top 5 Laggards One Week % Change

100 Central Plaza Hotel Public Co Ltd (7.0%) SA (5.1%) 80 Minor International Pcl (4.7%) 60 Pandox AB (3.4%) Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Huazhu Hotels Group (3.4%)

North American Hotel Stocks Ind ustry Intelligence & Commentary

200 Avingstone North America Hotel Index 28 Jun: Monarch Alternative Capital, the US-based investment fund, S&P 500 Index 180 announced the acquisition of 10 full-service hospitality real estate assets

160 located across four states in the United States for a total consideration of US$360 million from Eagle Hospitality Real Estate Investment Trust, the 140 Singapore-listed real estate investment trust. The transaction was part of the 120 bankruptcy process for Eagle’s subsidiaries which owned a combined 15 US properties. Monarch had earlier assisted Eagle during the process by providing 100 financing in the form of a US$100 million debtor-in-possession loan to help 80 fund ongoing expenses and was later named the stalking horse bidder for the 60 15 properties, providing a floor bid for the Section 363 sale process. Following Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 the acquisition of the 10 properties, Monarch will appoint Hersha Hospitality

Management, the US-based hotel operator, to manage the properties. European Hotel Stocks 23 Jun: Pebblebrook Hotel Trust, the US-listed hospitality real estate 200 Avingstone European Hotel Index investment trust, announced that it executed a contract to acquire the FTSEurofirst 300 Returns 180 leasehold interest in the 369-key Margaritaville Hollywood Beach Resort in Hollywood, FL for US$270 million (approximately US$732,000 per key) from KSL 160 Capital Partners, the US-based leisure and hospitality private equity group. KSL 140 had reportedly acquired the property in April 2018 for US$194 million and 120 added 20 keys to the property by splitting suites into standard guest rooms, according to The Real Deal. 100

80 23 Jun: Shahid Khan, the US-based investor, has reportedly proposed a US$301 million development of a 170-key Four Seasons hotel, office building and 60 marina access adjacent to the Shipyards Site in Jacksonville, FL, according to Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Hotel News. According to the same source, his investment group is asking the Asian Hotel Stocks city of Jacksonville to contribute US$114.5 million to the project, including US$48 million in tax rebates over 20 years, a completion grant worth US$26 200 Avingstone Asia Hotel Index MSCI Asia Pacific All Cap Index million and US$13 million in reimbursements of the cost for replacing the 180 Metropolitan Park Marina. Mr Khan is the owner of the NFL team Jacksonville Jaguars and the 259-key Four Seasons Toronto hotel. 160 22 Jun: Dreamscape Companies, the US-based real estate investment group, 140 announced the acquisition of the 482-key Sheraton Grand Nashville Downtown 120 in Nashville, TN, for an undisclosed amount. Following the transaction, Aimbridge Hospitality, the US-based hotel operator, will operate the property. 100 21 Jun: Soho House, the UK-based members club and hotel group, has filed for 80 an initial public offering on the New York Stock Exchange under the name Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Membership Collective Group (MCG) Inc. In the initial filing, the company used US$100 million as a placeholder figure for the total capital to raise in the offering. Soho House had raised US$100 million in 2019 for a 5% stake, which translated to an equity valuation of approx. US$2 billion. The group currently

has 28 Soho Houses, nine Soho Works, The Ned in London, Scorpios Beach Club in Mykonos, Greece, interiors and lifestyle retail brand Soho Home, and related digital platforms. As of April 2021, Soho House had over 119,000 Avingstone Limited members. Leconfield House, Curzon Street Mayfair, London W1J 5JA UK 21 Jun: Banco Santander, the Spain-listed financial services group, and Signal Capital, the London-based investment firm, have reportedly launched a €200 David Mongeau million joint fund targeting the hotel sector in Southern Europe with each Tel: +44 (0)20 7016 8020 party contributing 50% of the fund capital, according to Hospitality Insights. [email protected] According to the same source, the fund will focus on helping hotels “recover from the drop in income caused by Covid-19 and carry out transformational Jim Brown change”. Tel: +44 (0)20 7016 8016 [email protected] Source: This material is based on current public information from Bloomberg that Avingstone 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.

Global Hospitality Monitor

June 28, 2021

Key Performance Indices Unit Price Market Enterprise One Week One Month 52 Week Current EV/Fwd REITs Ticker Currency 25-Jun-21 Cap (m) Value (m) % Change % Change High Low Yield(1) EBITDA(2)

North American REITs Group Average 0.2% 20.7x

Ashford Hospitality Trust Inc. AHT US USD 5.20 1,043 5,101 2.2% 49.4% 9.20 1.27 0.0% NM American Hotel Income Properties HOT-U CN CAD 4.33 340 1,306 (0.9%) (5.9%) 4.74 2.25 0.0% 15.6x Apple Hospitality REIT Inc. APLE US USD 15.55 3,478 6,956 (1.0%) 1.4% 16.57 8.45 0.3% 18.5x Braemar Hotels and Resorts BHR US USD 5.92 289 1,491 (2.1%) 3.7% 7.45 2.17 0.0% 19.1x Chatham Lodging Trust CLDT US USD 13.36 650 1,271 3.0% 4.5% 14.95 5.02 0.0% 19.1x DiamondRock Hospitality Co. DRH US USD 10.02 2,107 3,210 0.8% 6.5% 11.49 4.43 0.5% NM Hersha Hospitality Trust HT US USD 11.22 439 1,957 (0.7%) 8.7% 13.05 4.57 0.0% NM Host Hotels & Resorts Inc. HST US USD 17.57 12,406 16,676 2.5% 4.6% 18.52 10.04 0.3% NM Park Hotels & Resorts Inc. PK US USD 21.54 5,094 9,536 4.4% 5.0% 24.67 7.95 0.6% NM Pebblebrook Hotel Trust PEB US USD 24.00 3,153 6,245 2.6% 10.5% 26.42 9.83 0.2% NM RLJ Lodging Trust RLJ US USD 15.46 2,550 4,788 0.9% 4.5% 17.51 7.67 0.3% 22.3x Ryman Hospitality Properties, Inc. RHP US USD 83.77 4,613 7,518 2.4% 14.4% 86.58 29.23 0.0% NM Service Properties Trust SVC US USD 13.21 2,177 8,436 (0.8%) 22.2% 15.39 5.85 0.3% 15.4x Summit Hotel Properties, Inc. INN US USD 9.90 1,051 2,243 3.2% 5.7% 11.32 4.72 0.0% 31.6x Sunstone Hotel Investors Inc. SHO US USD 12.91 2,792 3,495 0.4% 4.0% 13.74 7.00 0.0% NM Xenia Hotels & Resorts, Inc. XHR US USD 19.17 2,182 3,238 (0.1%) 0.4% 21.40 7.56 0.0% 23.7x

Share Price Market Enterprise One Week One Month 52 Week Price/Fwd EV/Fwd Corporates Ticker Currency 25-Jun-21 Cap (m) Value (m) % Change % Change High Low Earnings(2) EBITDA(2)

North American Stocks Group Average 32.4x 19.3x

Choice Hotels International Inc. CHH US USD 120.30 6,684 7,530 0.8% 2.0% 123.77 75.04 31.6x 21.3x Inc. STAY US USD 20.46 3,636 6,389 0.0% 3.6% 20.47 10.64 27.0x 13.9x Holdings Inc. HLT US USD 124.48 34,672 43,199 0.6% 0.5% 132.69 69.83 42.3x 23.2x Hotels Corporation H US USD 81.09 8,253 10,260 1.3% 5.3% 92.22 45.62 NM NM Marcus Corp MCS US USD 22.30 700 1,286 4.3% 12.3% 24.71 6.84 15.9x 21.0x Inc. MAR US USD 140.14 45,635 56,136 0.9% (1.9%) 159.98 80.26 40.3x 21.8x MGM Resorts International MGM US USD 43.89 21,530 42,099 7.4% 4.0% 45.34 14.65 NM 14.5x Playa Hotels & Resorts NV PLYA US USD 7.52 1,267 2,241 5.6% 8.7% 8.35 3.27 NM 23.6x Vail Resorts Inc. MTN US USD 321.28 12,937 14,925 1.6% 0.5% 338.50 172.89 42.9x 18.3x Wyndham Hotels & Resorts Inc. WH US USD 72.97 6,815 8,876 (0.3%) (0.9%) 78.13 39.70 26.9x 16.4x

European Stocks Group Average 29.8x 15.7x

Accor SA AC FP EUR 32.28 8,438 9,824 (5.1%) 0.2% 35.89 20.71 NM NM Compagnie des Alpes CDA FP EUR 15.16 372 1,246 14.2% (11.1%) 17.88 9.34 39.4x 8.0x InterContinental Hotels Group Plc IHG LN GBP 49.80 9,124 10,991 (1.3%) 0.3% 55.68 34.45 40.6x 22.0x Meliá Hotels International MEL SM EUR 6.68 1,473 4,047 (1.4%) (4.3%) 7.40 2.88 NM 19.6x NH Hotel Group SA NHH SM EUR 3.79 1,484 4,317 (1.9%) (5.3%) 4.35 2.10 NM 11.6x Pandox AB PNDXB SS SEK 147.00 27,026 60,385 (3.4%) (0.9%) 168.10 85.50 26.8x NM Group AB SHOT SS SEK 34.15 6,531 43,693 (2.4%) (3.7%) 44.58 21.14 12.3x NM Société des Bains de Mer BAIN FP EUR 72.60 2,216 2,393 5.8% 11.0% 72.60 50.20 NM NM TUI AG TUI1 GR EUR 4.72 5,193 13,058 0.1% (6.6%) 5.47 1.82 NM 10.8x Whitbread Plc WTB LN GBP 31.96 6,455 9,733 (0.2%) 1.8% 37.07 19.97 NM 22.5x

Asian Stocks Group Average 28.7x 19.4x

Ascott Residence Trust ART SP SGD 1.02 3,179 5,313 1.0% 5.7% 1.14 0.81 27.1x 23.9x Banyan Tree Holdings Ltd BTH SP SGD 0.34 289 834 (1.4%) 17.2% 0.41 0.22 22.4x 18.4x Central Plaza Hotel Public Co Ltd CENTEL TB THB 33.00 44,550 63,381 (7.0%) 0.0% 38.00 19.40 NM 16.3x Huazhu Hotels Group HTHT US USD 52.79 16,988 22,301 (3.4%) (4.6%) 64.53 32.45 41.9x 22.1x Dusit Thani Pcl DTC TB THB 9.55 8,118 21,060 6.1% 20.1% 10.20 6.85 NM NM EIH (Oberoi Hotels & Resorts) EIH IN INR 113.85 73,826 76,595 2.8% 5.4% 121.25 71.90 NM NM Frasers Hospitality Trust FHT SP SGD 0.53 1,021 1,942 1.0% 1.0% 0.60 0.39 20.7x NM Hong Kong & Hotels/The 45 HK HKD 8.49 14,004 28,240 2.3% 9.0% 8.60 5.60 NM NM Hotel Properties Ltd HPL SP SGD 3.30 1,719 3,123 (0.9%) 1.2% 3.50 2.70 22.2x NM Indian Hotels Co Ltd IH IN INR 147.45 175,356 219,198 9.0% 9.3% 150.70 91.50 NM NM Mandarin Oriental International Ltd MAND SP USD 1.96 2,476 3,163 (2.5%) 0.0% 2.06 1.41 NM NM Minor International Pcl MINT TB THB 30.25 164,345 379,306 (4.7%) (2.4%) 33.75 16.40 NM 20.5x Miramar Hotel & Investment Co Ltd 71 HK HKD 15.38 10,627 5,753 (0.9%) 3.2% 16.30 11.68 NM NM Shangri-La Asia Ltd 69 HK HKD 7.70 27,609 71,796 1.0% 10.2% 9.06 5.51 NM NM The Shilla (000's) 008770 KS KRW 98.40 3,862 5,243 0.2% 1.0% 103.00 69.90 37.7x 15.2x

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 Avingstone Limited 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.

Disclaimer: Neither the whole nor any part of the information in this presentation may be disclosed to, or used or relied upon by any other person or used for any other purpose without the prior written consent of Avingstone Limited. None of the information on which this presentation is based has been independently verified by Avingstone Limited or any of its connected persons. Accordingly, neither Avingstone Limited nor any of its connected persons accepts any liability or responsibility for the accuracy or completeness of, nor makes any representation or warranty, express or implied, with respect to the information on which this presentation is based or that this information remains unchanged after the issue of this presentation. This presentation is not intended to provide the basis of any investment decision and should not be considered as a recommendation by Avingstone Limited or any of its connected persons to any recipient of the presentation. No person has been authorised to give any information not contained in this presentation. Nothing in this presentation is, or should be relied on as, a promise or representation as to the future.