Presentation1 Agenda Page Investor Presentation July 2018 [ C L I E N T N A M E ] Disclaimer This presentation contains forward-looking statements that relate to future events or our future financial performance. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “opportunity” or “continue” or the negative of these terms or other similar words. These statements are only predictions. The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties and other factors that may cause the Trust’s or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Please refer to the “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business” sections of our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on February 15, 2018 for a discussion of some of the factors that could contribute to these differences, including, but not limited to: • U.S. economic conditions generally and the real estate market and the lodging industry specifically; • management and performance of our hotels; • our plans for renovation of our hotels; • our financing plans and the terms on which capital is available to us; • supply and demand for hotel rooms in our current and proposed market areas; • our ability to acquire additional hotels and the risk that potential acquisitions may not be completed or perform in accordance with expectations; • legislative/regulatory changes, including changes to laws governing taxation of real estate investment trusts; and • our competition. The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made. All subsequent written and oral forward-looking statements attributable to the Trust or any person acting on behalf of the Trust are qualified by these disclaimers. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law. This presentation also contains market data and statistics related to our business and industry that have been compiled or derived from information made available by third-party service providers. This third-party information includes projections that are based on a number of assumptions. If these assumptions turn out to be incorrect, actual results may differ from the projections based on these assumptions. As a result, our markets may not grow at the rates projected by these data, or at all. The failure of these markets to grow at these projected rates may have a material adverse effect on our business, financial condition, and results of operations. 2 Guiding Principles Best-in-Class Hotel Portfolio Strong and Conservative Capital Structure Focused and Effective Asset Management Disciplined Capital Allocation Commitment to Maximizing Shareholder Value 3 Trust Highlights Well-Positioned Portfolio Strong Balance Sheet & Dividend1 •20 hotels; 6,279 rooms •$2.6 bn total enterprise value; $1.9 bn market capitalization •Concentrated in the CBDs of the top U.S. lodging markets •3.9% weighted-average cost of debt •Strategically diversified by geography, brand and management •4.7 years average maturity of debt •Corporate transient and group focused •Leverage of 33.6%2 •Predominantly fee simple ownership •Current annual dividend yield of 5.0% •High-quality assets generating strong returns 8,000 $2,500 $300 $3.00 6,699 6,694 6,479 6,279 7,000 $2.39 $250 $2.33 $2.50 5,932 6,116 $2,208 $2,162 $2,000 $2.21 $2.17 6,000 AFFO AFFO shareper $2,200 $1.97 Invested Capital (in (in millions) $185 EBITDA EBITDA $200 $1.78 $2.00 4,722 $2,169 ) $176 5,000 $1,751 $1,500 $1.61 $173 $170 $1,544 4,000 3,516 $150 $138 $1.50 $1.11 $122 $1,185 $1,000 (in (in millions 3,000 $100 $1.00 $81 $0.72 Cumulative Rooms $927 2,000 1,629 $46 $500 $50 $0.50 Adjusted Corporate 1,000 $10 $405 $0 $- 0 $- 2010 2011 2012 2013 2014 2015 2016 2017 2018 3 2010 2011 2012 2013 2014 2015 2016 2017 2018 1Balance sheet data as of June 30, 2018 and pro forma for sale of the Hyatt Centric Santa Barbara completed on July 26, 2018 2Calculated as defined under revolving credit facility 3Represents mid-point of 2018 outlook provided on July 27, 2018 4 20-Hotel Portfolio Located in Premier U.S. Markets New York Seattle New Orleans 5% Seattle 6% 3% Los Angeles Washington, 8% D.C. 3% San Diego 8% Boston (2) San Francisco Denver 23% New York (2) 9% Chicago (2) Chicago 9% San Francisco (4) Miami Boston 9% 17% Denver D.C. Los Angeles (2) Top 11-25 Markets 24% San Diego (2) Top 6-10 Markets 22% Top 1-5 Markets New Orleans (2) 54% Miami Note: Geographic segmentation charts based on forecasted 2018 hotel EBITDA; top markets classified based on 2017 RevPAR, as reported by STR. 5 Strategically Diversified by Brand and Management Brand Family Chain Scale IHG Ace 3% 3% • Affiliation with strong brands allows Upscale Hilton Luxury 12% 16% 22% hotels to leverage powerful reservation Hyatt systems and loyalty programs 25% Marriott Upper 53% upscale • RevPAR growth for corporate transient 66% focused portfolio is highly correlated with levels of U.S. GDP growth and Customer Mix Management corporate profit growth IHG Ace • Contract Crestline Magna 3% 3% 44% of portfolio rooms managed by 4% 6% 5% Group independent operators 21% TPG Marriott 7% 28% Hilton • 13 of 20 hotel management contracts 10% Hyatt Transient terminable at little to no cost Evolution 15% 75% 11% HEI 12% Note: Brand family, chain scale, and management segmentation based on room count and customer mix based on full year 2017 occupied room nights 6 High-Quality Portfolio with Predominantly Fee Simple Ownership Year of Invested Capital Acquisition Hotel Interest Manager Rooms (in millions)1 Hyatt Regency Boston Fee Simple Hyatt 502 $ 139.8 Hilton Checkers Los Angeles Fee Simple Crestline Hotels & Resorts 193 51.0 2010 Boston Marriott Newton Fee Simple TPG Hospitality 430 96.5 Le Meridien San Francisco Fee Simple HEI Hotels & Resorts 360 160.1 Homewood Suites Seattle Convention Center Fee Simple Evolution Hospitality 195 56.7 W Chicago - City Center Fee Simple Marriott 403 144.3 Hotel Indigo San Diego Gaslamp Quarter Fee Simple IHG 210 58.8 2011 Courtyard Washington Capitol Hill / Navy Yard Fee Simple Crestline Hotels & Resorts 204 71.6 Hotel Adagio San Francisco, Autograph Collection Fee Simple Evolution Hospitality 171 52.8 Hilton Denver City Center Fee Simple/Ground Lease Hilton 613 150.4 Hyatt Herald Square New York Fee Simple Magna Hospitality Group 122 62.6 W Chicago - Lakeshore Fee Simple Marriott 520 167.1 2012 Hyatt Regency Mission Bay Spa and Marina Ground Lease Hyatt 429 74.7 Hyatt Place New York Midtown South Fee Simple Magna Hospitality Group 185 76.9 W New Orleans – French Quarter Fee Simple Marriott 97 26.5 2013 Le Meridien New Orleans Fee Simple Marriott 410 92.4 Hyatt Centric Fisherman’s Wharf Fee Simple Evolution Hospitality 316 116.6 2014 JW Marriott San Francisco Union Square Ground Lease Marriott 344 174.0 Royal Palm South Beach Miami, a Tribute Portfolio Resort Fee Simple HEI Hotels & Resorts 393 285.0 2015 Ace Hotel and Theater Downtown Los Angeles Fee Simple Ace Hotel Group 182 103.9 20-Hotel Portfolio 6,279 $ 2,161.7 2018 hotel EBITDA yield2 8.9% 1As of June 30, 2018 2 Based on mid-point of 2018 outlook provided on July 27, 2018 7 Recent Sale – Hyatt Centric Santa Barbara • Sold for $90.0 million, or approximately $450,000 per key, on July 26, 2018 • 200-room hotel, located in a non-core market, was acquired in 2013 (in conjunction with the Hyatt Centric Fisherman’s Wharf) for $61.0 million, or approximately $305,000 per key; previously sold five-unit Villa building for $2.1 million in 2016 • Sale price represents 5.4% TTM NOI cap rate (5.0% NOI cap rate after factoring in the required 2019 renovation estimated at $6 million); produced a 15.3% unlevered IRR over ownership period • Used net proceeds from sale to repay all outstanding borrowings under revolving credit facility; disposition has limited impact on AFFO/share and dividend payout with opportunity to reallocate capital in a core market 8 Strong Capital Structure and Dividend Yield • Leverage of 33.6% • Weighted-average interest rate of 3.9% • Weighted-average maturity of debt of approximately 4.7 years • Current annualized dividend of $1.60/share equates to a yield of 5.0% • Dividend policy primarily driven by REIT taxable income payout requirements, with consideration given to dividend payout as a percentage of CAD Debt Maturities as of June 30, 20181 (in millions) Pro Forma1 Forecast Credit Statistics 6/30/18 12/31/18 $350.0 $306.4 $291.6 Leverage: $300.0 Revolving credit facility 33.6% 33.0% $250.0 2 Total enterprise value 27.0% 26.5% $200.0 $135.3 Fixed charge coverage ratio 3.24 3.36 $150.0 $100.0 Net Debt-to-EBITDA 4.13 4.03 $50.0 $6.4 $13.7 $10.2 $- 1Pro forma for sale of the Hyatt Centric Santa Barbara completed on July 26, 2018 2Forecasted December 31, 2018 assumes share price of $32.00 9 Moderate RevPAR Growth Expected Over Next Several Years 13% 8% 3% (3%) RevPAR growth (8%) CAGR of 2.2% o 1992–2000: 9 consecutive years with cumulative RevPAR growth of 47.9% (2018E-2022E) o 2003–2007: 5 consecutive years with cumulative RevPAR growth of 34.3% (13%) o 2010–2022E: 13 consecutive years with cumulative RevPAR growth of 75.1% RevPAR Supply Demand (18%) Source: 1988-2017: STR; 2018E-2022E: CBRE Hotel Horizons, June 2018 – August 2018 Edition 10 U.S.