Global Hospitality Monitor

July 6, 2021

LTM Share Price Performance Weekly Movers North American REITs Top 5 Performers One Week % Change Dusit Thani Pcl 6.8% 200 Avingstone North America Hotel REIT Index Société des Bains de Mer 3.6% S&P REIT Index 180 Braemar and 3.2% 2.7% 160 Mandarin Oriental International Ltd 2.6%

140 Top 5 Laggards One Week % Change 120 Ashford Hospitality Trust Inc. (23.8%) 100 Compagnie des Alpes (10.3%) TUI AG (8.5%) 80 Ryman Hospitality Properties, Inc. (8.2%) Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Marcus Corp (8.2%)

North American Hotel Stocks Ind ustry Intelligence & Commentary 200 Avingstone North America Hotel Index 06 Jul: Electra America Hospitality Group, the US-based investment group, has S&P 500 Index 180 reportedly acquired the 150-key Nobu Hotel in Shoreditch, London, from an undisclosed seller for £75 million (approximately US$689,000 per key), 160 according to Hotels Magazine.

140 30 Jun: Melia Hotels International, the Spain-listed hotel owner and operator, announced that it signed an agreement for the sale of a 92.5% stake in a 120 company that owns a 1,795-key, eight hotel portfolio to a consortium of 100 Bankiter, the Spain-listed financial services group, and some of its high-net- worth and institutional investors. Following the transaction, the company will 80 be renamed Victoria Hotels and Resorts, S.L. and Melia will retain a 7.5% stake Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 in the new company. According to the announcement, the value of the European Hotel Stocks company is over €200 million. It comprises the 171-key Gran Melia Victoria, Mallorca, 279-key Melia Tamarindos, Canary Islands, 232-key Melia Granada, 200 Avingstone European Hotel Index 188-key Sol Beach House Menorca, 270-key Melia Salinas, Canary Islands, 262- FTSEurofirst 300 Returns key Innside Bosque, Mallorca, 285-key Melia Atlanterra, Cadiz and 102-key 180 Innside Zaragoza. 160 30 Jun: NH Hotel Group, the Spain-listed hotel group, controlled by Minor 140 International, the Thailand-listed consumer and hospitality group, announced that it entered into a sale and leaseback agreement for the 255-key NH 120 Collection Barcelona Gran Hotel Calderón in Barcelona, Spain, with LaSalle Investment Management, the US-listed real estate management group, for 100 €125.5 million (approx. US$582,000 per key). Concurrently to the sale 80 transaction, the property will be leased back by NH for 20 years, plus two Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 renewal options of 20 years each, for a total potential lease term of 60 years. Asian Hotel Stocks The lease will be variable, defined as a percentage of revenue, with a minimum guaranteed rent that represents a yield of 4.14% on the stabilized 200 Avingstone Asia Hotel Index fixed rent from the third year onwards. The transaction will enable NH to get MSCI Asia Pacific All Cap Index closer to its target of generating approximately €200 million of proceeds from 180 asset rotations which will be used to boost liquidity and reduce debt. 160 28 Jun: MGM Resorts International, the US-listed hotel and casino group, 140 announced it entered into an agreement to acquire the 50% it does not own in CityCenter Holdings, LLC, the US-based joint venture which owns the 4,004- 120 key Aria & Casino and the 1,495-key Vdara Hotel and Spa in Las Vegas, 100 NV, from Infinity World Development Corp, the US-based investment vehicle of Dubai World, the UAE-based sovereign wealth fund, for US$2.1 billion. 80 According to the same source, the purchase price represents an implied Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 valuation of US$5.8 billion based on net debt of US$1.5 billion, after giving effect to a recently closed sale of a two-acre parcel by the joint venture. Concurrently, MGM also announced that it entered into an agreement with The Blackstone Group, the US-listed asset management group, for a sale and

leaseback transaction for the Aria and Vdara properties. Pursuant to the transaction, upon completion of the Infinity World stake acquisition, The Blackstone Group would acquire the fee simple interest in two properties for Avingstone Limited US$3.9 billion in cash (approx. US$710,000 per key) and lease them back to Leconfield House, Curzon Street MGM for an initial rent of US$215 million per annum. Mayfair, London W1J 5JA UK

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

Jim Brown 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

July 6, 2021

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

North American REITs Group Average 0.2% 20.5x

Ashford Hospitality Trust Inc. AHT US USD 3.96 794 4,853 (23.8%) (19.0%) 8.51 1.27 0.0% NM American Hotel Income Properties HOT-U CN CAD 4.27 335 1,301 (1.4%) (7.6%) 4.74 2.25 0.0% 15.4x Apple Hospitality REIT Inc. APLE US USD 15.41 3,447 6,893 (0.9%) (5.7%) 16.57 8.45 0.3% 18.2x Braemar Hotels and Resorts BHR US USD 6.11 298 1,500 3.2% 0.7% 7.45 2.17 0.0% 19.0x Chatham Lodging Trust CLDT US USD 12.67 616 1,237 (5.2%) (6.1%) 14.95 5.02 0.0% 18.3x DiamondRock Hospitality Co. DRH US USD 9.70 2,039 3,142 (3.2%) (4.2%) 11.49 4.43 0.6% NM Hersha Hospitality Trust HT US USD 10.81 423 1,941 (3.7%) (4.4%) 13.05 4.57 0.0% 24.8x Host Hotels & Resorts Inc. HST US USD 17.25 12,180 16,450 (1.8%) (2.4%) 18.52 10.04 0.3% NM Park Hotels & Resorts Inc. PK US USD 20.33 4,808 9,250 (5.6%) (4.6%) 24.67 7.95 0.7% NM Pebblebrook Hotel Trust PEB US USD 23.75 3,120 6,212 (1.0%) 4.9% 26.42 9.83 0.2% NM RLJ Lodging Trust RLJ US USD 15.08 2,487 4,726 (2.5%) (4.6%) 17.51 7.67 0.3% 21.7x Ryman Hospitality Properties, Inc. RHP US USD 76.86 4,232 7,138 (8.2%) (1.3%) 86.58 29.23 0.0% NM Service Properties Trust SVC US USD 12.63 2,082 8,341 (4.4%) (1.6%) 15.39 5.85 0.3% 15.1x Summit Hotel Properties, Inc. INN US USD 9.41 999 2,191 (4.9%) (4.7%) 11.32 4.72 0.0% 29.2x Sunstone Hotel Investors Inc. SHO US USD 12.40 2,681 3,385 (4.0%) (4.0%) 13.74 7.00 0.0% NM Xenia Hotels & Resorts, Inc. XHR US USD 18.68 2,126 3,182 (2.6%) (6.6%) 21.40 7.56 0.0% 22.8x

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

North American Stocks Group Average 32.4x 19.0x

Choice Hotels International Inc. CHH US USD 121.91 6,773 7,620 1.3% 1.6% 123.77 78.83 31.8x 21.5x Inc. STAY US USD 20.46 3,636 6,389 0.0% 3.5% 20.47 10.65 27.0x 13.9x Holdings Inc. HLT US USD 126.81 35,321 43,848 1.9% 0.2% 132.69 71.86 42.5x 23.3x Hotels Corporation H US USD 79.25 8,066 10,073 (2.3%) (0.9%) 92.22 45.62 NM NM Marcus Corp MCS US USD 20.48 643 1,229 (8.2%) (7.2%) 24.71 6.84 15.9x 19.0x Inc. MAR US USD 141.26 46,000 56,501 0.8% (2.7%) 159.98 81.30 39.6x 21.6x MGM Resorts International MGM US USD 43.25 21,216 41,785 (1.5%) (0.3%) 45.34 14.65 NM 14.2x Playa Hotels & Resorts NV PLYA US USD 7.33 1,235 2,209 (2.5%) 0.3% 8.35 3.31 NM 22.7x Vail Resorts Inc. MTN US USD 324.97 13,086 15,073 1.1% (2.4%) 338.50 174.39 42.9x 18.3x Wyndham Hotels & Resorts Inc. WH US USD 74.09 6,920 8,981 1.5% (2.6%) 78.13 41.17 27.1x 16.5x

European Stocks Group Average 29.4x 15.3x

Accor SA AC FP EUR 31.66 8,276 9,662 (1.9%) (7.2%) 35.89 20.71 NM NM Compagnie des Alpes CDA FP EUR 13.60 334 1,208 (10.3%) (14.8%) 17.88 9.34 39.4x 7.6x InterContinental Hotels Group Plc IHG LN GBP 49.17 9,009 10,876 (1.3%) (2.6%) 55.68 34.45 38.8x 21.4x Meliá Hotels International MEL SM EUR 6.47 1,425 3,999 (3.2%) (8.7%) 7.40 2.88 NM 18.9x NH Hotel Group SA NHH SM EUR 3.67 1,437 4,227 (3.2%) (7.6%) 4.35 2.10 NM 11.2x Pandox AB PNDXB SS SEK 148.70 27,338 60,697 1.2% (1.7%) 168.10 85.50 27.0x NM Group AB SHOT SS SEK 35.01 6,696 43,858 2.5% (5.3%) 44.58 21.14 12.3x NM Société des Bains de Mer BAIN FP EUR 75.20 2,295 2,461 3.6% 6.2% 79.60 50.20 NM NM TUI AG TUI1 GR EUR 4.32 4,747 12,613 (8.5%) (15.4%) 5.47 1.82 NM 10.0x Whitbread Plc WTB LN GBP 32.03 6,469 9,748 0.2% (1.7%) 37.07 19.97 NM 22.5x

Asian Stocks Group Average 28.3x 19.3x

Ascott Residence Trust ART SP SGD 1.03 3,211 5,344 1.0% 2.0% 1.14 0.81 27.1x 23.9x Banyan Tree Holdings Ltd BTH SP SGD 0.34 289 834 0.0% 19.3% 0.41 0.22 22.4x 18.4x Central Plaza Hotel Public Co Ltd CENTEL TB THB 32.75 44,213 63,044 (0.8%) (4.4%) 38.00 19.40 NM 16.1x Huazhu Hotels Group HTHT US USD 54.24 17,723 23,036 2.7% (8.8%) 64.53 32.45 42.5x 22.8x Dusit Thani Pcl DTC TB THB 10.20 8,670 21,613 6.8% 27.5% 10.50 6.85 NM NM EIH (Oberoi Hotels & Resorts) EIH IN INR 112.00 72,569 75,338 (1.6%) (1.7%) 121.25 71.90 NM NM Frasers Hospitality Trust FHT SP SGD 0.53 1,011 1,932 (0.9%) 1.0% 0.60 0.39 20.4x NM Hong Kong & Shanghai Hotels/The 45 HK HKD 8.19 13,509 27,745 (3.5%) 3.4% 8.60 5.60 NM NM Hotel Properties Ltd HPL SP SGD 3.28 1,709 3,112 (0.6%) (0.6%) 3.50 2.70 22.2x NM Indian Hotels Co Ltd IH IN INR 142.95 170,004 213,846 (3.1%) 5.6% 150.70 91.50 NM NM Mandarin Oriental International Ltd MAND SP USD 2.01 2,539 3,226 2.6% 4.7% 2.06 1.43 NM NM Pcl MINT TB THB 29.75 154,566 369,527 (1.7%) (7.8%) 33.75 16.40 NM 19.7x Miramar Hotel & Investment Co Ltd 71 HK HKD 15.28 10,558 5,684 (0.7%) 0.1% 16.30 11.68 NM NM Shangri-La Asia Ltd 69 HK HKD 7.49 26,856 71,043 (2.7%) 5.0% 9.06 5.51 NM NM The Shilla (000's) 008770 KS KRW 96.00 3,768 5,149 (2.4%) (0.7%) 103.00 70.30 35.0x 14.7x

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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