Us Capital Trends | Hotel

2018

US CAPITAL TRENDS | HOTEL

The rebound in hotel deal activity in 2018 drove sales 2018 transaction $42.0b volume volume up to the third highest annual pace on record. YOY volume Only 2015 saw deal volume come in at a higher level. 50% change No one deal drove this growth in 2018. YOY price 1.6% change

The hotel market has been through a bit of transition over Annual Transaction Volume & Pricing the last two years, with falling deal volume and changing Hotel pricing metrics. The fact that the growth in deal volume $b Individual PortfolioHotel Entity RCA CPPI 90 120 in 2018 was not driven by one big portfolio or entity- 90 120 level deal suggests that buyers and sellers have come 80 80 100 to a better understanding of where assets should price 70 100 following this transition period. 70 60 80 60 80 It is not as if there were no entity-level deals in the hotel 50 market in 2018. The Pebblebrook Hotel Trust takeover of 50 60 LaSalle Hotel Properties drove a 336% pace of growth 40 60 40 for entity-level deals in 2018 in fact. However, entity-level 30 40 deals were not the only source of growth in deal volume 30 40 levels. 20 20 20 10 20 The largest source of growth from a dollar volume 10 perspective was from portfolio deals. Such deals were 0 0 0 0 up $8.5b from the pace set in 2017. There was no single big portfolio driving this volume. Two portfolios sold at Year-Over-Year Change prices above $1b and 22 portfolios sold at prices north of YOY vol chg YOY price chg 150% YOY vol chg YOY price chg 45% $100m. 150% 45% 100% 30% 100% 30% Single asset sales contributed to the growth in the year as 15% 50% 15% well. Volume expanded at a 9% YOY pace in 2018. This 50% 0% growth puts single asset sales in 2018 up to the second 0% 0% 0% -15% highest annual level on record as well. Only 2015 saw -15% -50% -30% more single asset deal volume. -50% -30% -100% -45% -100% '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 -45% Hotel property prices grew in 2018, though at a modest '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 pace. The RCA CPPI for the hotel sector was up only 1.6% for the year. That modest growth though was finally

Q4 '18 2018 enough to bring prices for the year up higher than the Vol ($b) YOY Vol ($b) YOY previous peak level for prices set in 2007. Hotel Total 14.2 125% 42.0 50% Full-Service 10.7 157% 28.1 62% Limited-Service 3.5 63% 14.0 31% Single Asset 6.6 24% 25.2 9% In This Issue: We examine pricing and deal activity Portfolio & Entity 7.6 669% 16.8 245% trends for the fourth quarter and in 2018 overall. We Major Metros 6.6 237% 14.7 65% Secondary Mkts 5.2 106% 16.7 58% highlight the markets with record activity and rank the Tertiary Mkts 2.3 29% 10.5 24% top deals and players of the year.

Trends of 2018

The hotel sector outperformed commercial property in general in Q4’18 in terms of growth in deal volume. The Quarterly Transaction Volume hotel sector posted a 125% YOY pace of growth in $b Limited-Service Full-Service Q4’18 while commercial property overall was up only 12 20% YOY for Q4’18. The Pebblebrook deal closed in Q4’18 though, so looking at single asset sales can 10 provide a clearer picture. 8 The pace of growth for single asset deal volume generally accelerated throughout the year. On average, growth in 6 single asset sales was flat in the first half of the year but 4 increased at a 24% YOY rate in Q4’18 vs. only 2% YOY

growth for commercial property overall. 2 There were some troubling signs with the deal volume in 0 December, where single asset sales were up only 2% from '13 '14 '15 '16 '17 '18 a year earlier. Single asset sales for commercial property 6.5% broadly fell 4% YOY in December, so the hotel sector was Cap Rates still outperforming in December, but clearly there was a All Htl Full-Service Limited-Service change in this month. 9.5% One problem that came to roost in December was the growth in volatility in the financial markets. The 10yr UST 9.0% had surged past the 3% level into late September and early October which introduced a sense of caution on the part of 8.5% buyers for deals that were underway. 8.0% Despite the turmoil in the financial markets, hotel cap rates have not responded with similar moves. Cap rates 7.5% for limited-service hotels fell 30 bps from a year earlier in Q4’18 to hit 8.9%. Full-service hotels had cap rates at 7.7% 7.0% in Q4’18, unchanged from the levels a year earlier. '13 '14 '15 '16 '17 '18 Investors should not expect that hotel cap rates should Year-Over-Year Change have moved in lockstep with the 10yr UST. After all, they Property Prices never have moved in that way in previous years. In fact, Hotel All-Property cap rates for the hotel sector were climbing into 2016 20% even as the 10yr UST was hitting new lows. Fears over

NOI impacts from new construction drove those cap rate 15% increases — fears that are now fading.

The RCA CPPI for the hotel sector has underperformed 10% relative to commercial property overall in 2018. Prices were up only 1.6% in Q4’18 versus 6.2% for the All-Property index. In the first half of 2018 when volume was muted 5% on a year-over-year basis, hotel prices were climbing at an average 6% YOY pace. Volume increasing again as price 0% growth cools suggests that buyers and sellers have come '13 '14 '15 '16 '17 '18

closer to one another on pricing expectations. YOY change in RCA CPPI; hotel not part of All-Property RCA CPPI *Hotel not part of All-Property RCA CPPI

Top Markets

Sale activity grew at a pace greater than 100% for the year in to #11 in 2018. This growth is partly due to exposure to the 12 out of the top 25 markets for deal volume in 2018. Despite Pebblebrook entity-level transaction which accounted for the strong growth across so many markets, only in three 58% of the deal volume in this market. Even without this markets did the pace of deal volume hit a record high level. deal though, volume would have been up over 50% for the year and put San Diego ahead of Nashville in the rankings. The three markets which hit record high levels in 2018 were not driven by the Pebblebrook entity-level transaction. Manhattan retook the #1 slot in the rankings from Los With the exception of San Diego, the only markets where Angeles. Deal volume here grew by 97% in 2018 as buyers that transaction provided a lift on this list was the 6 Major and sellers came closer together on price expectations. Los Metros of New York (Manhattan), San Francisco, Boston, Los Angeles, though, fell off sharply in the rankings from the #1 Angeles, DC, and Chicago. slot to #6. This fall came despite deal volume that is largely unchanged from a year earlier. With volume stalled out in While San Diego is a location that industry participants visit Los Angeles while accelerating at triple-digit rates in many often for conferences, it is not the largest market and does other markets, it is difficult to keep from being passed in not always make it into lists of top markets. Indeed, San the rankings. Diego ranked only at the #28 position in 2017 but moved up

Most Active Hotel Markets 2018

2013 2017 2018 Market Sales Volume ($m) YOY

1 2 1 Manhattan 3,049 97%

3 10 2 San Francisco 2,214 272%

7 7 3 Hawaii 1,864 160%

14 9 4 Boston 1,602 136%

13 8 5 Phoenix 1,560 126%

6 1 6 Los Angeles 1,544 -1%

21 11 7 DC 1,516 158% 4 16 8 Orlando 1,278 141% 20 36 9 Denver 1,060 442% 15 3 10 Dallas 1,046 -23% 9 28 11 San Diego 1,014 264% 33 6 12 DC VA burbs 1,009 36% 10 15 13 Chicago 1,007 87% 53 13 14 Tampa 826 49% 12 5 15 Atlanta 796 -13% 40 43 16 San Antonio 731 429% 26 18 17 Seattle 636 41% 23 24 18 Broward 621 88% 38 21 19 Philadelphia 577 53% 5 4 20 Honolulu 558 -41% 104 53 21 Las Vegas 517 363% 17 22 22 Inland Empire 467 30% 8 23 23 Houston 464 33% 31 72 24 Nashville 413 566% 83 99 25 Palm Beach Co 412 1271%

Markets in orange denote record high annual volume in 2018

Market Table | All Hotel

All Hotel Transactions Reported Closed Volume Pricing Price Per Unit Cap Rate 2018 Vol ($m) YOY Change # Props YOY Change Low Avg High Low Avg High Baltimore 267.4 -41% 13 -35% 69,412 138,775 276,667 8.1% 8.8% 9.5% Mid-Atlantic DC 1,515.6 158% 19 111% 155,844 326,416 426,667 5.5% 5.9% 6.9% DC MD burbs 225.5 262% 10 67% 17,177 96,261 227,692 4.3% 8.0% 9.3% DC VA burbs 1,009.1 36% 21 -5% 55,147 194,160 440,476 5.2% 7.0% 9.0% Philadelphia 577.1 53% 18 13% 28,000 203,992 527,425 5.6% 7.7% 8.9% Pittsburgh 205.7 178% 14 100% 18,841 102,938 169,643 6.1% 7.8% 11.5% Richmond/Norfolk 405.3 97% 31 63% 23,750 63,494 168,033 6.9% 8.6% 11.4% Tertiary Mid-Atlantic 321.1 -19% 49 -14% 13,439 58,696 148,065 5.4% 8.7% 12.4% Total 4,526.8 56% 175 12% 13,439 138,283 527,425 4.3% 8.0% 12.4% Chicago 1,006.7 87% 34 -8% 12,500 128,279 2,375,000 6.0% 8.5% 11.1% Midwest Cincinnati 156.6 46% 19 90% 22,458 62,642 127,726 5.8% 7.2% 8.5% Cleveland 130.3 -31% 18 260% 19,863 55,579 135,417 Columbus 48.1 -67% 7 -30% 33,953 63,696 91,026 Detroit 117.4 61% 10 43% 28,750 66,556 98,003 7.9% 8.2% 8.5% Indianapolis 281.6 27% 21 31% 117,518 195,126 216,433 7.9% 8.3% 8.8% Kansas City 296.9 104% 29 81% 25,926 82,776 125,553 6.1% 8.4% 10.1% Minneapolis 225.4 -17% 16 -20% 32,984 121,294 273,571 6.7% 10.0% 13.0% St Louis 290.4 35% 26 136% 11,684 62,731 149,231 8.5% 8.9% 9.3% Tertiary Midwest 1,363.1 54% 188 19% 13,492 60,957 243,458 5.0% 8.2% 12.4% Total 3,916.7 40% 368 27% 11,684 79,679 2,375,000 5.0% 8.5% 13.0% Boston 1,602.1 136% 18 6% 11,852 272,858 717,949 Northeast Hartford 8.0 -91% 2 -60% 28,510 38,226 47,222 Long Island 143.1 82% 9 80% 20,139 140,326 560,748 Manhattan 3,048.9 97% 22 29% 166,667 519,514 2,608,696 4.3% 4.8% 5.3% No NJ 370.2 63% 21 5% 58,645 119,261 376,042 7.8% 8.6% 10.8% NYC Boroughs 268.6 132% 9 29% 98,611 217,270 430,000 Stamford 69.2 188% 3 200% 58,992 73,243 133,333 Westchester 42.4 12% 5 0% 50,318 58,903 85,377 4.3% 6.9% 9.6% Tertiary Northeast 556.0 -25% 53 -4% 23,500 100,017 357,143 6.3% 8.5% 10.9% Total 6,108.5 73% 142 8% 11,852 240,399 2,608,696 4.3% 7.9% 10.9% Atlanta 795.8 -13% 58 41% 16,667 114,063 421,260 6.8% 8.7% 10.8% Southeast Broward 620.8 88% 19 36% 44,117 202,869 461,318 8.0% 9.1% 10.1% Charlotte 196.0 -66% 21 -25% 32,646 79,731 134,857 7.8% 9.4% 11.9% Jacksonville 191.7 -31% 18 -14% 28,431 89,572 282,143 7.5% 9.0% 10.2% Memphis 181.7 42% 15 88% 29,652 92,595 270,833 Miami 296.8 9% 19 73% 23,133 180,161 661,017 5.8% 7.7% 9.7% Nashville 412.7 566% 22 144% 27,737 143,521 429,204 7.1% 7.9% 8.4% Orlando 1,277.9 141% 29 -3% 30,882 89,750 306,569 8.5% 9.6% 10.3% Palm Beach 412.1 1271% 7 600% 122,059 413,673 862,069 Raleigh/Durham 90.2 30% 11 57% 48,529 84,656 160,000 8.0% 8.9% 10.0% Tampa 825.5 49% 29 0% 26,629 177,761 510,014 3.9% 7.2% 9.3% Tertiary Southeast 3,206.1 28% 305 9% 14,737 96,874 663,534 5.8% 9.5% 13.2% Total 8,507.3 36% 553 15% 14,737 118,787 862,069 3.9% 9.1% 13.2% Austin 372.7 50% 26 53% 30,443 115,156 459,406 8.7% 9.2% 9.7% Southwest Dallas 1,045.8 -23% 56 6% 39,897 226,430 545,244 7.5% 9.1% 11.3% Denver 1,060.4 442% 34 183% 53,000 168,889 496,287 6.7% 8.3% 9.9% Houston 464.4 33% 42 35% 16,784 55,678 116,375 5.2% 9.2% 11.5% Phoenix 1,560.0 126% 49 53% 25,000 189,228 566,573 6.6% 7.5% 8.8% San Antonio 730.9 429% 13 -32% 35,542 322,674 614,770 8.8% 9.8% 10.9% Tertiary Southwest 1,652.4 33% 194 28% 14,778 69,298 537,975 5.3% 9.4% 12.6% Total 6,886.5 63% 414 31% 14,778 149,319 614,770 5.2% 9.1% 12.6% East Bay 86.6 -72% 5 -44% 97,222 192,444 272,989 West Inland Empire 467.0 30% 18 -31% 54,867 160,497 367,638 8.0% 9.2% 11.2% Las Vegas 516.5 363% 9 29% 51,913 184,882 324,673 Los Angeles 1,543.8 -1% 36 -3% 54,878 251,371 891,892 6.5% 7.6% 9.3% Orange Co 252.1 -54% 13 -41% 38,519 186,879 512,195 4.2% 7.6% 9.7% Portland 390.6 953% 11 120% 79,003 211,015 485,489 8.0% 8.1% 8.3% Sacramento 198.9 194% 15 114% 42,167 145,837 545,455 7.0% 8.6% 11.0% Salt Lake City 211.9 17% 15 -12% San Diego 1,013.5 264% 30 30% 24,312 205,305 522,000 4.4% 6.8% 10.1% San Francisco 2,214.1 272% 24 85% 124,342 353,486 622,143 2.2% 3.9% 5.6% San Jose 327.4 -19% 5 -50% 121,429 263,998 309,938 Seattle 636.5 41% 29 -3% 51,582 206,014 1,500,000 5.2% 7.6% 8.9% Tertiary West 4,137.5 22% 152 -4% 15,230 250,113 1,312,649 4.5% 8.0% 13.1% Total 11,996.5 45% 362 -1% 15,230 232,971 1,500,000 2.2% 7.8% 13.1%

Total Total US 42,034.6 50% 2,029 17% 11,684 154,603 2,608,696 2.2% 8.6% 13.2%

Top Buyers and Sellers | 2018

Top Buyers by Region By Hotel Investment Volume ($b)

Buyers Sellers Mid-Atlantic Pebblebrook Hotel Trust Junson Capital Pebblebrook Hotel Trust LaSalle Hotel Props Oaktree Blackstone Blackstone Woodridge Capital Brookfield AM GIC Shamin Hotels Atrium Holding John Q Hammons Hotels Highgate Holdings Hyatt Hotels Host Hotels & Resorts Kingdom Holding Co Trinity Investments MassMutual Life Midwest Elliott Management Lone Star Pebblebrook Hotel Trust Junson Capital Lindsay Goldberg Atrium Holding BREIT Ian Schrager Co Brookfi eld AM Highgate Properties Vector Group Columbia Sussex Corp Starwood Capital Winthrop Realty Trust Arbor Lodging Partners Fortress Witkoff Maefield Development Aimbridge Hospitality ARA Asset Management Principal Financial Northeast Cerberus Miller Global Props Pebblebrook Hotel Trust QIA Ashkenazy Acquisition Fortress Rockpoint Group Dream Hotel Group Maefi eld Development Westmont Sahara India Pariwar QIA Dune Capital Mgmt Host Hotels & Resorts Cerberus Union Investment RLJ Lodging Trust Square Mile Capital Rockpoint Group Woodridge Capital Xenia Southeast Xenia Ares Management Elliott Management Morgan Stanley Noble Investment Group Trinity Investments 0.0 2.5 5.0 0.0 5.0 10.0 Brookfi eld AM Host Hotels & Resorts Atrium Holding By Number of Hotel Properties Buyers Sellers

Southwest Brookfield AM Lindsay Goldberg BREIT Pebblebrook Hotel Trust Blackstone Atrium Holding ARA Asset Management Extended Stay America Blackstone Atrium Holding LaSalle Hotel Props Marriott Three Wall Capital Lone Star Concord Wilshire Global Hotel Group Colony Capital (REIT) State Bank of Texas Aimbridge Hospitality Hospitality Ventures Mgmt Grp John Q Hammons Hotels West Singerman Real Estate Noble Investment Group Pebblebrook Hotel Trust Blackstone Sage Hospitality Blackstone Investment Resources Corp Whitman Peterson Highgate Holdings PEG Development Hotel Equities Host Hotels & Resorts Provident Realty Advisors Rockbridge Capital Starwood Capital Starwood Capital Red Lion Hotels Investra CWCapital

Ranked by investment volume 0 100 200 0 100 200

Methodology: Rankings are based on the pro-rated share of the total property or portfolio value. In the case of joint ventures, full credit is assigned to each investor. For more information please visit the RCA website.

Top Brokers | 2018

Top Brokers by Region By Hotel Investment Volume ($b)

Mid-Atlantic Full-Service Limited-Service All Hotel Eastdil Secured JLL Eastdil Secured CBRE Eastdil Secured HFF JLL Marcus Millichap JLL Hodges Ward Elliott Hodges Ward Elliott Cushman Wakefield CBRE CBRE CBRE Hunter H H Eastdil Secured Hodges Ward Elliott Cushman Wakefield H Marcus Millichap Marcus Millichap JLL Cushman Wakefield Midwest HREC HREC Hunter JLL Berkadia Paramount Lodging Advisors HREC CBRE The Plasencia Group Berkadia Berkadia Paramount Lodging Advisors N Capital Markets Hodges Ward Elliott Paramount Lodging Advisors Eastdil Secured Avison oung Atlas Hospitality Group The Plasencia Group HREC Paramount Lodging Advisors BH HomeServices Atlas Hospitality Group Hunter Colliers International N Capital Markets Savills Studley Hospitality nlimited Colliers International Northeast Atlas Hospitality Group The Plasencia Group BH HomeServices Cushman & Wakefield Colliers International N Capital Markets Hospitality nlimited JLL Sothebys Mumford Company Avison oung Eastdil Secured uller Western SVN Savills Studley Hodges Ward Elliott Boston Realty Advisors Marquee Group SVN HFF SVN Tabani Realty Mumford Company NAI Global Solid Rock Advisors Marquee Group HotelBrokerne kada Company Tabani Realty Sothebys Sothebys Southeast Amber Hotel Company Solid Rock Advisors Eastdil Secured 00 0 100 00 10 20 00 0 100 JLL CBRE HFF By Number of Hotel Properties Hodges Ward Elliott Full-Service Limited-Service All Hotel

Southwest JLL Marcus Millichap Marcus Millichap Eastdil Secured Eastdil Secured Hunter CBRE JLL CBRE CBRE Hunter CBRE H HREC JLL HFF Marcus Millichap H Eastdil Secured Hodges Ward Elliott Hodges Ward Elliott Paramount Lodging Advisors H HREC JLL HREC Paramount Lodging Advisors Atlas Hospitality Group Paramount Lodging Advisors West The Plasencia Group Eastdil Secured Hodges Ward Elliott Berkadia N Capital Markets Atlas Hospitality Group Eastdil Secured Cushman Wakefield Berkadia N Capital Markets JLL CBRE Hunter Colliers International Berkadia HFF Atlas Hospitality Group Mumford Company Colliers International Cushman & Wakefield Colliers International BH HomeServices The Plasencia Group N Capital Markets Cushman Wakefield Cushman Wakefield Ranked by 0 0 100 0 100 200 0 100 200 investment volume

Methodology: Full credit assigned to each broker when multiple brokers involved. For partial-interest, volume is based on the pro-rated share of the total property or portfolio value. Based on sell-side representation. The transaction volume of brokerage ﬁ rms that have merged are left unconsolidated before the merger date and are attributed to the surviving or newly formed company after the merger date. For more information please visit the RCA website.

Top Deals | 2018

Property Sales

Property Location Size Type Volume ($m)∆ $/unit Buyer Seller

1 JW Marriott San Antonio, TX 1,002 units HTL 616.0 614,770 BREIT Miller Global Props JV Principal Financial 2 The Plaza Hotel New York, NY 230 units HTL 600.0 2,608,696 QIA Sahara India Pariwar JV Dream Hotel Grp 3 Park Central San Francisco San Francisco, CA 681 units HTL 326.4 479,359 Highgate Properties JV Morgan Stanley LaSalle Hotel Props 4 Ritz-Carlton Kapalua Kapalua, HI 463 units HTL 275.0 593,952 Blackstone Square Mile Capital JV Wafra 5 Sheraton Grand Phoenix Phoenix, AZ 1,000 units HTL 255.0 255,000 Marriott JV Concord Wilshire City of Phoenix 6 Fairmont San Jose San Jose, CA 805 units HTL 249.5 309,938 Eagle Canyon Capital Maritz, Wolff & Co JV Kingdom Hldg Co

7 Four Seasons Resort Irving, TX 431 units HTL 235.0 545,244 Extell Blackstone

8 1 Hotel Princeville, HI 252 units HTL 224.1 889,286 Starwood Capital Barings 9 PGA National Resort & Spa Palm Beach Gdns, FL 339 units HTL 218.0 643,029 Brookﬁ eld AM Normandy RE Prtnrs JV Walton Street Cap 10 The Westin Las Vegas Las Vegas, NV 826 units HTL 212.5 257,264 Highgate Holdings JV Cerberus Fortress 11 Hilton Garden Inn Honolulu, HI 623 units HTL 212.0 340,289 Dune Capital Mgmt JV Highgate Hldgs Rockpoint Group JV Black Sand Capital 12 Aston Waikiki Beach Honolulu, HI 644 units HTL 200.0 310,559 Rockpoint Group JV Highgate Holdings Xenia 13 Maxwell New York, NY 697 units HTL 190.2 272,836 Capstone Equities JV Highgate Holdings Host Hotels & Resorts 14 Key Bridge Marriott Arlington, VA 583 units HTL 186.0 319,039 Oaktree JV Woodridge Capital Host Hotels & Resorts 15 Renaissance Vinoy Saint Petersburg, FL 362 units HTL 184.6 510,014 Bryan Glazer RLJ Lodging Trust 16 Renaissance Las Vegas Las Vegas, NV 548 units HTL 177.9 324,673 Highgate Holdings JV Rockpoint Group Wheelock Street Capital 17 Ritz-Carlton Sarasota Sarasota, FL 266 units HTL 176.5 663,534 Braemar Hotels & Resorts C Robert Buford 18 The Quin New York, NY 213 units HTL 174.5 819,076 Hilton Grand Vacations UBS JV Three Wall Capital 19 Hilton Fort Lauderdale Marina Fort Lauderdale, FL 589 units HTL 174.0 295,409 Brookﬁ eld AM Blackstone 20 W Union Square New York, NY 270 units HTL 171.0 633,333 Westbrook Partners Host Hotels & Resorts JV Dubai World 21 Park Hyatt Aviara Resort Carlsbad, CA 329 units HTL 170.0 516,717 Xenia CWCapital OBO Wachovia 2007-C30 22 Hotel Indigo Lower East Side New York, NY 294 units HTL 162.5 552,721 MRR Development Brack Capital RE JV Intercontinental Hotels 23 Margaritaville Hollywood, FL 349 units HTL 161.0 461,318 KSL Capital Partners Starwood Capital JV The Lojeta Group 24 Doubletree GuestSuites Santa Monica, CA 253 units HTL 154.5 610,672 Westmont JV Square Mile Capital The Procaccianti Grp JV Merion Realty Ptnrs 25 Cavallo Point Lodge Bolinas, CA 142 units HTL 151.7 1,068,415 DiamondRock Hospitality Co Passport Resorts LLC

Portfolio Sales

Buyer Seller Location # Props Type Volume ($m)∆

1 Pebblebrook Hotel Trust LaSalle Hotel Props Multiple, USA 38 HTL - 2 Blackstone GIC Multiple, USA 3 HTL 1,635.0 3 Atrium Holding John Q Hammons Hotels Multiple, USA 27 HTL - 4 Host Hotels & Resorts Hyatt Hotels Multiple, USA 3 HTL 1,000.0 5 Elliott Management JV Trinity Investments Blackstone Orlando, FL 2 HTL 870.0 6 Junson Capital MassMutual Life Multiple, USA 7 HTL 800.0 7 Brookﬁ eld AM Lindsay Goldberg (WoodSpring Hotels Hldgs LLC) Multiple, USA 107 HTL 762.1 8 Maeﬁ eld Development JV Fortress Winthrop Realty Trust JV Witkoff New York, NY 1 HTL 9 ARA Asset Management Lone Star JV Aimbridge Hospitality Multiple, USA 38 HTL - 10 Highgate Properties JV Cerberus LaSalle Hotel Props New York, NY 2 HTL 399.7

∆ When prices are not known, estimated prices are used in the ranking but are not shown. Volume is adjusted pro-rata for partial interests although $/unit reﬂ ects 100% valuation. * Partial interest ** Forward sale The number of buyers or sellers shown on a deal is truncated to two. For full deal and player information go to the RCA website.

Selected Recent Transactions Selected Recent Transactions

Property Name UnitsSF Price Owner/Buyer Address Year Built $/Unit$/unit Seller Location Notes Qualiﬁ er Broker

Mid-Atlantic

Kimpton Carlyle Hotel Dupont Circle 198 $82,250,000 Global Holdings from Foxhall Partners JV Iron 1731 New Hampshire Ave 1940 $415,404 Point Partners by Eastdil Secured Washington, DC Full-Service conﬁ rmed

The Darcy 226 $81,762,000 Northwood Investors from KHP Cap Partners 1515 Rhode Island Ave NW 1960 $361,779 Washington, DC Full-Service conﬁ rmed

Midwest

Minneapolis Grand Hotel 140 $30,000,000 Magna Hospitality Group from Pebblebrook The Darcy, Washington, DC 615 2nd Ave S 1912 $214,286 Hotel Trust by JLL Minneapolis, MN Full-Service conﬁ rmed

Holiday Inn Traverse City 179 $23,200,000 Greenwich Hospitality Group from ValStone 615 E Front St 1968 $129,609 Partners by Paramount Lodging Advisors Traverse City, MI Limited-Service approximate

Northeast

Park Central Hotel 934 $366,170,000 Highgate Properties JV Cerberus from 870 Seventh Ave 1928 $392,045 LaSalle Hotel Props New York, NY Full-Service approximate

Hyatt House Bridgewater 128 $13,499,200 Gulph Creek Hotels from Blackstone by 530 Hwy 22 E 1998 $105,463 HFF Bridgewater, NJ Limited-Service approximate

Southeast

PGA National Resort & Spa 339 $217,986,667 Brookﬁ eld AM from Normandy RE Partners PGA National Resort, Palm Beach Gardens, FL 400 Ave of the Champions 1981 $643,029 JV Walton Street Capital by Hodges Ward Elliott Palm Beach Gardens, FL Full-Service approximate

Marriott at the Convention Cntr 331 $73,500,100 AllianceBernstein from MCC Real Estate 859 Convention Center Blvd 2005 $222,055 New Orleans, LA Limitedl-Service approximate

Southwest

Residence Inn by Marriott 228 $92,000,000 Noble Investment Group from Xenia 1725 Champa St 2006 $403,509 Denver, CO Limited-Service conﬁ rmed

Courtyard by Marriott 167 $49,000,000 Chatham Lodging Trust from Milestone Hotel 310 S Houston St 2017 $293,413 Mgmt by Hodges Ward Elliott Dallas, TX Limited-Service conﬁ rmed

West

Park Central San Francisco 681 $332,040,000 Highgate Properties JV Morgan Stanley from 50 Third St 1983 $487,577 LaSalle Hotel Props San Francisco, CA Full-Service approximate

Hilton Garden Inn 150 $31,000,000 McNeill Hotel Company from Blackstone by 15520 NW Gateway Court 1999 $206,667 Eastdil Secured Beaverton, OR Limited-Service conﬁ rmed

Jim Costello, Senior Vice President Contact Robert M. White, Jr., Founder & President Alexis Maltin, Manager, Analytics Elizabeth Szep, Manager, Analytics Michael Savino, Analyst Haley Crimmins, Analyst

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