Global Hospitality Monitor

June 14, 2021

LTM Share Price Performance Weekly Movers North American REITs Top 5 Performers One Week % Change Ashford Hospitality Trust Inc. 29.6% 180 Avingstone North America Hotel REIT Index Service Properties Trust 12.1% S&P REIT Index 160 Braemar and 8.9% Ryman Hospitality Properties, Inc. 8.5% 140 Banyan Tree Holdings Ltd 8.1%

120 Top 5 Laggards One Week % Change 100 Vail Resorts Inc. (4.0%) 80 Miramar Hotel & Investment Co Ltd (1.8%) NH Hotel Group SA (1.6%) 60 EIH (Oberoi Hotels & Resorts) (1.5%) Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 (1.1%)

North American Hotel Stocks Ind ustry Intelligence & Commentary

180 Avingstone North America Hotel Index 11 Jun: , the US-listed hotel owner and operator, S&P 500 Index 160 announced that holders of a majority of its shares have voted in favor of the previously announced amended merger agreement under which the company 140 will be acquired by The Blackstone Group, the US-listed asset management

120 group, and Capital, the US-based real estate investment group, for US$20.50 per share in cash. In the same announcement, the company said that 100 it has scheduled the closing of the transaction for June 16, 2021.

80 10 Jun: TPG, the US-based asset management group, has reportedly acquired two hotels in Miami, FL from Aztec Group, the US-based real estate investment 60 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 firm, 3H Group, the US-based real estate investment firm, and Arti Hersi, the US-based investment group, for a total consideration of US$61 million, European Hotel Stocks according to The Real Deal. According to the same source, the transaction comprised the 153-key AC Marriott Miami Midtown for US$32.2 million 180 Avingstone European Hotel Index (US$211,000 per key) and the adjacent 151-key Hampton Inn & Suites for FTSEurofirst 300 Returns 160 US$28.7 million (US$190,000 per key).

140 9 Jun: Four Seasons Hotels and Resorts, the Canada-based hotel operator, Tokyo Tatemono, the Japan-listed real estate group, and Hotel Properties 120 Limited (HPL), the Singapore-listed hospitality group, have reportedly

100 confirmed plans to develop a 175-key Four Seasons hotel as part of the One Dojima Project in Osaka, Japan, according to Hospitality Interiors. According 80 to the same source, the One Dojima Project is a large-scale multi-use redevelopment project which includes the development of one of the tallest 60 buildings in Osaka City. Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Asian Hotel Stocks 8 Jun: Rosewood Hotel Group, the US-based hotel operator, is reportedly opening a 55-key beach on Miyakojima Island in the Okinawa Prefecture, 180 Avingstone Asia Hotel Index Japan, according to Hotels Mag. The property is being developed and will be MSCI Asia Pacific All Cap Index owned by Mitsubishi Estate, the Japan-listed real estate development group, 160 and is expected to open in 2024.

140 8 Jun: Hotels Corp, the US-listed hotel owner and operator, announced that it has acquired the 59-key Ventana Big Sur, an Alila Resort in Big Sur, CA 120 from an undisclosed seller for US$148 million (approx. US$2.5 million per key). 100 Hyatt noted that it would consider a re-sale of the property subject to a long- term management agreement. In the same announcement, Hyatt announced 80 that it sold the 490-key Hyatt Regency Lost Pines Resort and Spa near Austin, Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 TX to an unnamed purchaser for approx. US$275 million (approx. US$561,000 per key). Additionally, Hyatt announced that it has entered into an amended agreement with Service Properties Trust, the US-listed hospitality real estate investment trust, in respect to 22 Hyatt Place hotels across the US owned by

SVC. Under the terms of the amended agreement, effective April 2021, Hyatt

will continue to manage 17 of the 22 properties for a 10-year term.

Avingstone Limited Leconfield House, Curzon Street Mayfair, London W1J 5JA UK

David Mongeau Tel: +44 (0)20 7016 8020 [email protected]

Jim Brown Tel: +44 (0)20 7016 8016 Source: This material is based on current public information from Bloomberg that Avingstone considers [email protected] 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 14, 2021

Key Performance Indices Unit Price Market Enterprise One Week One Month 52 Week Current EV/Fwd REITs Ticker Currency 11-Jun-21 Cap (m) Value (m) % Change % Change High Low Yield(1) EBITDA(2)

North American REITs Group Average 0.0% 21.1x

Ashford Hospitality Trust Inc. AHT US USD 6.44 989 5,048 29.6% 132.5% 10.80 1.27 0.0% NM American Hotel Income Properties HOT-U CN CAD 4.62 363 1,329 (0.4%) 10.8% 4.74 2.25 0.0% 16.3x Apple Hospitality REIT Inc. APLE US USD 16.37 3,661 7,323 1.9% 7.3% 16.52 8.45 0.0% 19.7x Braemar Hotels and Resorts BHR US USD 6.58 321 1,523 8.9% (6.1%) 7.45 2.17 0.0% 20.5x Chatham Lodging Trust CLDT US USD 13.86 674 1,295 2.4% 10.3% 14.95 5.02 0.0% 20.4x DiamondRock Hospitality Co. DRH US USD 10.39 2,185 3,287 2.2% 7.6% 11.49 4.43 0.0% NM Hersha Hospitality Trust HT US USD 12.01 470 1,988 5.4% 10.2% 13.05 4.57 0.0% NM Host Hotels & Resorts Inc. HST US USD 17.91 12,646 16,916 2.5% 5.4% 18.52 10.04 0.0% NM Park Hotels & Resorts Inc. PK US USD 21.54 5,094 9,536 5.0% (1.0%) 24.67 7.95 0.0% NM Pebblebrook Hotel Trust PEB US USD 24.28 3,190 6,282 6.0% 8.6% 26.42 9.83 0.2% NM RLJ Lodging Trust RLJ US USD 16.15 2,663 4,902 4.4% 7.3% 17.51 7.67 0.2% 24.1x Ryman Hospitality Properties, Inc. RHP US USD 80.89 4,454 7,360 8.5% 6.1% 86.58 29.23 0.0% NM Service Properties Trust SVC US USD 13.97 2,303 8,562 12.1% 27.9% 15.39 5.85 0.3% 15.9x Summit Hotel Properties, Inc. INN US USD 10.16 1,078 2,271 4.9% 7.1% 11.32 4.72 0.0% 33.7x Sunstone Hotel Investors Inc. SHO US USD 13.19 2,852 3,556 2.2% 8.2% 13.74 7.00 0.0% NM Xenia Hotels & Resorts, Inc. XHR US USD 20.50 2,333 3,389 4.3% 9.4% 21.40 7.56 0.0% 25.9x

Share Price Market Enterprise One Week One Month 52 Week Price/Fwd EV/Fwd Corporates Ticker Currency 11-Jun-21 Cap (m) Value (m) % Change % Change High Low Earnings(2) EBITDA(2)

North American Stocks Group Average 31.6x 20.1x

Choice Hotels International Inc. CHH US USD 123.05 6,837 7,683 2.0% 6.7% 123.42 75.04 32.4x 22.0x Extended Stay America Inc. STAY US USD 20.43 3,631 6,384 0.9% 3.7% 20.47 10.64 26.4x 13.7x Holdings Inc. HLT US USD 128.61 35,822 44,349 3.1% 5.6% 132.69 69.83 NM 24.2x Hyatt Hotels Corporation H US USD 81.86 8,331 10,338 3.6% 4.4% 92.22 45.62 NM NM Marcus Corp MCS US USD 22.11 694 1,280 (0.1%) 16.4% 24.71 6.84 15.9x 22.8x Inc. MAR US USD 143.48 46,723 57,224 1.0% 1.2% 159.98 80.26 42.8x 22.5x MGM Resorts International MGM US USD 43.21 21,196 41,765 1.0% 11.5% 44.40 14.65 NM 15.1x Playa Hotels & Resorts NV PLYA US USD 7.66 1,290 2,264 6.7% 2.0% 8.35 2.81 NM 24.9x Vail Resorts Inc. MTN US USD 320.03 12,887 14,874 (4.0%) 0.8% 338.50 172.89 43.8x 18.4x Wyndham Hotels & Resorts Inc. WH US USD 75.45 7,047 9,108 (0.3%) 3.8% 78.13 39.70 28.2x 16.9x

European Stocks Group Average 31.4x 17.1x

Accor SA AC FP EUR 34.94 9,133 10,519 2.7% 8.8% 35.74 20.71 NM NM Compagnie des Alpes CDA FP EUR 15.64 384 1,258 1.6% (10.6%) 17.88 9.34 39.4x 8.6x InterContinental Hotels Group Plc IHG LN GBP 51.20 9,381 11,248 3.3% 6.0% 55.68 34.45 43.1x 23.1x Meliá Hotels International MEL SM EUR 7.09 1,563 4,137 1.8% 3.7% 7.40 2.88 NM 20.3x NH Hotel Group SA NHH SM EUR 3.98 1,559 4,317 (1.6%) 1.7% 4.35 2.10 NM 14.8x Pandox AB PNDXB SS SEK 165.10 30,354 63,713 3.7% 12.1% 168.10 85.50 30.8x NM Group AB SHOT SS SEK 38.10 7,287 44,449 2.5% 4.0% 44.58 21.14 12.3x NM Société des Bains de Mer BAIN FP EUR 69.00 2,106 2,283 0.6% 6.2% 71.00 50.00 NM NM TUI AG TUI1 GR EUR 4.92 5,404 13,270 0.4% (0.9%) 5.47 1.82 NM 11.7x Whitbread Plc WTB LN GBP 33.15 6,695 9,974 2.5% 8.7% 37.07 19.97 NM 24.3x

Asian Stocks Group Average 26.7x 20.3x

Ascott Residence Trust ART SP SGD 1.04 3,242 5,375 2.0% 0.0% 1.14 0.81 28.1x 24.5x Banyan Tree Holdings Ltd BTH SP SGD 0.34 284 829 8.1% 6.3% 0.41 0.22 22.4x 18.4x Central Plaza Hotel Public Co Ltd CENTEL TB THB 35.75 48,263 67,094 0.0% 15.3% 38.00 19.40 NM 17.7x Huazhu Hotels Group HTHT US USD 56.82 18,285 23,598 (1.1%) (0.9%) 64.53 32.45 NM 23.8x Dusit Thani Pcl DTC TB THB 8.55 7,268 20,210 4.3% 4.3% 8.80 6.85 NM NM EIH (Oberoi Hotels & Resorts) EIH IN INR 114.85 74,505 77,274 (1.5%) 16.3% 121.25 71.90 NM NM Frasers Hospitality Trust FHT SP SGD 0.54 1,040 1,961 2.9% 3.8% 0.60 0.39 21.4x NM & Hotels/The 45 HK HKD 8.36 13,789 28,025 2.1% 7.5% 8.60 5.60 NM NM Hotel Properties Ltd HPL SP SGD 3.30 1,719 3,123 (0.6%) (1.2%) 3.50 2.70 22.2x NM Indian Hotels Co Ltd IH IN INR 135.45 161,085 204,927 (1.0%) 5.0% 144.30 88.60 NM NM Mandarin Oriental International Ltd MAND SP USD 2.03 2,564 3,251 6.3% 2.5% 2.03 1.40 NM NM Pcl MINT TB THB 33.00 180,182 395,143 2.3% 13.8% 33.75 16.40 NM 22.0x Miramar Hotel & Investment Co Ltd 71 HK HKD 15.68 10,834 5,960 (1.8%) 5.4% 16.30 11.68 NM NM Shangri-La Asia Ltd 69 HK HKD 7.77 27,860 72,047 7.9% 11.0% 9.06 5.51 NM NM The Shilla (000's) 008770 KS KRW 98.70 3,874 5,255 2.1% 6.6% 103.00 69.60 39.7x 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.

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