Global Hospitality Monitor

July 26, 2021

LTM Share Price Performance Weekly Movers North American REITs Top 5 Performers One Week % Change NH Hotel Group SA 5.8% 200 Avingstone North America Hotel REIT Index Holdings Inc. 4.6% S&P REIT Index 180 Whitbread Plc 3.7% Inc. 3.1% 160 Playa & NV 2.7%

140 Top 5 Laggards One Week % Change 120 Central Plaza Hotel Public Co Ltd (9.9%) 100 Banyan Tree Holdings Ltd (9.0%) Ashford Hospitality Trust Inc. (6.7%) 80 Hong Kong & Hotels/The (5.6%) Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 (5.2%)

North American Hotel Stocks Ind ustry Intelligence & Commentary

200 Avingstone North America Hotel Index 23 Jul: Star Entertainment, the Australia-listed hotel and casino group, S&P 500 Index 180 announced that it withdrew a A$9 billion (US$6.6 billion) buyout proposal for Crown Resorts, the Australia-listed hotel and casino group, over concerns that 160 Crown could lose its license to run its Melbourne casino property. Star said it might consider a tie-up with Crown but was concerned about the impact on its 140 value “including whether it retains the license to operate its Melbourne casino 120 or the conditions under which its license is retained”.

100 22 Jul: Pebblebrook Hotel Trust, the US-listed hospitality real estate investment trust, announced the acquisition of the 200-key Jekyll Island Club 80 in Georgia for US$94 million (approx. US$470,000 per key). Noble House Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Hotels & Resorts, the US-based hotel operator, will operate the property European Hotel Stocks following the transaction. The property is split into two hotels, the 159-key Jekyll Island Club and the 41-key Jekyll Ocean Club. In the same press release, 200 Avingstone European Hotel Index Pebblebrook also announced that it entered into an agreement to sell the 189- FTSEurofirst 300 Returns 180 key Villa Florence in San Francisco, CA, to an undisclosed purchaser for US$87.5 million (approx. US$463,000 per key). 160 22 Jul: MGM Resorts International, the US-listed hotel and casino group, and 140 its partner Orix Corp., the Japan-listed financial services group, have announced the submission of a joint proposal to build a new casino resort in 120 Osaka, Japan. According to the Wall Street Journal, the project could 100 reportedly cost up to US$9.1 billion. Japan legalized gambling in 2018 and is rumored to be planning the approval of several integrated resorts, including 80 casinos, shopping and conference centers, over the coming years. Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Asian Hotel Stocks 21 Jul: , the Thailand-listed leisure and retail group, has reportedly sold the 383-key Tivoli Vilamoura and the 248-key Tivoli Carvoeiro 200 Avingstone Asia Hotel Index in the Algarve, Portugal, to Azora, the Spain-based asset management group, MSCI Asia Pacific All Cap Index for €148 million (approx. US$277,000 per key), according to News UWC. 180 Following the transaction, Minor will continue to manage the assets under its 160 Tivoli brand pursuant to long-term hotel management agreements.

140 20 Jul: A joint venture between Island Capital Group, the US-based real estate investment group, MCR Investors, the US-based hotel investment and 120 management group, and Three Wall Capital, the US-based hospitality 100 investment group, announced that it has acquired the 725-key Lexington Hotel in New York, NY for US$185 million (approx. US$255,000 per key). According to 80 the announcement, following the transaction, the property will be operated by Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 MCR under the flag. 19 Jul: Brookfield Asset Management, the Canada-listed asset management group, has reportedly been selected as the preferred bidder for the acquisition

of a hotel portfolio from Selenta Group, the Spain-based hotel owner and

operator, for €420 to €430 million, according to EjePrime, the Spanish newsgroup. According to the report, Brookfield is in exclusive negotiations with Selenta owners, the Mestre family, in connection with the transaction, Avingstone Limited after beating Goldman Sachs, the US-listed financial group, and a JV between Leconfield House, Curzon Street Mayfair, London W1J 5JA UK Bain Capital, the US-based asset management group, and Stoneweg, the Switzerland-based asset management group. According to EjePrime, the David Mongeau transaction will include four properties in Barcelona, Tenerife and Marbella, Tel: +44 (0)20 7016 8020 which Selenta Group will continue to operate through a leaseback structure to [email protected] be entered into at the same time of the closing of the sale

Jim Brown Source: This material is based on current public information from Bloomberg that Avingstone considers Tel: +44 (0)20 7016 8016 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, [email protected] and it should not be relied upon as such.

Global Hospitality Monitor

July 26, 2021

Key Performance Indices Unit Price Market Enterprise One Week One Month 52 Week Current EV/Fwd REITs Ticker Currency 23-Jul-21 Cap (m) Value (m) % Change % Change High Low Yield(1) EBITDA(2)

North American REITs Group Average 0.2% 20.2x

Ashford Hospitality Trust Inc. AHT US USD 16.98 450 4,509 (6.7%) (63.7%) 77.90 12.70 0.0% 23.0x American Hotel Income Properties HOT-U CN CAD 4.12 324 1,290 (4.8%) (6.2%) 4.74 2.25 0.0% 14.5x Apple Hospitality REIT Inc. APLE US USD 14.60 3,265 6,531 0.6% (7.5%) 16.57 8.45 0.4% 16.8x Braemar Hotels and Resorts BHR US USD 5.23 306 1,508 (3.3%) (14.0%) 7.45 2.17 0.0% 18.8x Chatham Lodging Trust CLDT US USD 11.75 571 1,193 (2.0%) (13.0%) 14.95 5.02 0.0% 15.8x DiamondRock Hospitality Co. DRH US USD 8.76 1,842 2,945 (3.4%) (13.9%) 11.49 4.43 0.6% 24.9x Hersha Hospitality Trust HT US USD 9.44 369 1,888 (3.3%) (18.3%) 13.05 4.57 0.0% 22.3x Host Hotels & Resorts Inc. HST US USD 15.78 11,142 15,412 (1.3%) (9.8%) 18.52 10.04 0.4% 23.0x Park Hotels & Resorts Inc. PK US USD 18.66 4,413 8,855 1.5% (12.6%) 24.67 7.95 0.6% NM Pebblebrook Hotel Trust PEB US USD 22.44 2,948 6,040 0.4% (4.0%) 26.42 9.83 0.2% NM RLJ Lodging Trust RLJ US USD 14.39 2,373 4,612 2.6% (7.4%) 17.51 7.67 0.3% 19.4x Ryman Hospitality Properties, Inc. RHP US USD 79.41 4,373 7,278 1.2% (3.6%) 86.58 29.23 0.0% NM Service Properties Trust SVC US USD 11.39 1,877 8,136 (2.8%) (15.4%) 15.39 6.33 0.4% 14.4x Summit Hotel Properties, Inc. INN US USD 9.07 963 2,155 2.1% (6.5%) 11.32 4.72 0.0% 26.9x Sunstone Hotel Investors Inc. SHO US USD 11.50 2,487 3,190 0.8% (11.9%) 13.74 7.00 0.0% 22.5x Xenia Hotels & Resorts, Inc. XHR US USD 17.75 2,020 3,076 (0.2%) (8.7%) 21.40 7.56 0.0% 20.3x

Share Price Market Enterprise One Week One Month 52 Week Price/Fwd EV/Fwd Corporates Ticker Currency 23-Jul-21 Cap (m) Value (m) % Change % Change High Low Earnings(2) EBITDA(2)

North American Stocks Group Average 30.7x 18.2x

Choice Hotels International Inc. CHH US USD 118.01 6,557 7,403 2.7% (3.5%) 123.77 80.76 30.6x 20.7x Inc. STAY US USD 20.46 3,636 6,389 0.0% 0.0% 20.47 10.86 27.0x 13.9x Hilton Worldwide Holdings Inc. HLT US USD 125.26 34,889 43,416 4.6% (0.7%) 132.69 73.50 39.8x 22.2x Hotels Corporation H US USD 77.47 7,884 9,891 2.6% (5.6%) 92.22 45.62 NM 24.6x Marcus Corp MCS US USD 16.07 504 1,090 (2.3%) (25.6%) 24.71 6.84 15.9x 15.0x Marriott International Inc. MAR US USD 139.18 45,322 55,823 3.1% (1.6%) 159.98 81.30 36.9x 20.6x MGM Resorts International MGM US USD 38.76 19,013 39,582 2.2% (8.4%) 45.34 14.65 NM 12.6x Playa Hotels & Resorts NV PLYA US USD 6.81 1,147 2,121 2.7% (7.0%) 8.35 3.49 NM 19.9x Vail Resorts Inc. MTN US USD 312.56 12,586 14,573 1.3% (3.3%) 338.50 185.62 39.8x 17.4x Wyndham Hotels & Resorts Inc. WH US USD 69.80 6,519 8,580 2.4% (5.5%) 78.13 42.00 25.0x 15.5x

European Stocks Group Average 26.1x 14.5x

Accor SA AC FP EUR 29.89 7,826 9,212 (0.4%) (11.1%) 35.89 20.71 NM NM Compagnie des Alpes CDA FP EUR 12.64 621 1,495 (2.8%) (16.0%) 17.88 9.34 30.4x 8.7x InterContinental Hotels Group Plc IHG LN GBP 47.53 8,708 10,576 1.1% (6.2%) 55.68 34.45 35.2x 20.0x Meliá Hotels International MEL SM EUR 5.70 1,257 3,831 (1.8%) (17.3%) 7.40 2.88 NM 17.6x NH Hotel Group SA NHH SM EUR 3.77 1,477 4,266 5.8% 0.0% 4.35 2.10 NM 11.2x Pandox AB PNDXB SS SEK 141.00 25,923 59,126 (1.3%) (5.2%) 168.10 85.50 26.6x NM Group AB SHOT SS SEK 34.54 6,606 44,459 (3.8%) 1.3% 44.58 21.14 12.3x NM Société des Bains de Mer BAIN FP EUR 75.00 2,289 2,455 0.8% 5.6% 79.60 54.40 NM NM TUI AG TUI1 GR EUR 3.79 4,148 12,013 0.9% (19.1%) 5.47 1.82 NM 8.8x Whitbread Plc WTB LN GBP 30.33 6,126 9,404 3.7% (7.1%) 37.07 19.97 NM 20.7x

Asian Stocks Group Average 26.6x 17.1x

Ascott Residence Trust ART SP SGD 1.01 3,148 5,602 (2.9%) 0.0% 1.14 0.81 26.3x NM Banyan Tree Holdings Ltd BTH SP SGD 0.31 259 804 (9.0%) (10.3%) 0.41 0.22 22.4x 18.4x Central Plaza Hotel Public Co Ltd CENTEL TB THB 29.50 39,825 58,656 (9.9%) (15.1%) 38.00 19.40 NM 14.9x Huazhu Hotels Group HTHT US USD 47.10 15,390 20,703 (5.2%) (12.7%) 64.53 32.45 38.5x 19.4x Dusit Thani Pcl DTC TB THB 9.30 7,905 20,848 (4.6%) (3.1%) 10.50 6.85 NM NM EIH (Oberoi Hotels & Resorts) EIH IN INR 112.85 73,146 75,916 (2.6%) 0.8% 122.80 73.65 NM NM Frasers Hospitality Trust FHT SP SGD 0.52 1,002 1,922 (1.9%) (1.9%) 0.60 0.39 19.8x NM Hong Kong & Shanghai Hotels/The 45 HK HKD 7.41 12,222 26,458 (5.6%) (10.4%) 8.60 5.60 NM NM Hotel Properties Ltd HPL SP SGD 3.30 1,719 3,123 0.0% 0.3% 3.50 2.70 22.2x NM Indian Hotels Co Ltd IH IN INR 146.80 174,583 218,425 (4.0%) 3.8% 157.30 93.75 NM NM Mandarin Oriental International Ltd MAND SP USD 2.00 2,527 3,214 0.0% 2.0% 2.07 1.45 NM NM Minor International Pcl MINT TB THB 29.00 150,669 365,630 (3.3%) (8.7%) 33.75 16.40 NM 18.9x Miramar Hotel & Investment Co Ltd 71 HK HKD 15.08 10,420 5,546 (0.7%) (2.3%) 16.30 11.68 NM NM Shangri-La Asia Ltd 69 HK HKD 7.02 25,170 69,358 (1.7%) (7.9%) 9.06 5.51 NM NM The Shilla (000's) 008770 KS KRW 94.30 3,701 5,082 (0.7%) (4.2%) 103.00 72.00 30.5x 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 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.

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