Investor Presentaiton

Diversified Exposure to Attractive Markets 74% of Hotel Adjusted EBITDA from coastal markets(1) 91% of Hotel Adjusted EBITDA from Top 25 Mkts & resort destinations (2) Washington 3 Hotels 1,621 Rooms 2% Hotel EBITDA Utah 1 Hotel 499 Rooms 1% Hotel EBITDA Northern California 7 Hotels | 4,513 Rooms 15% Hotel EBITDA Nevada 1 Hotel | 190 Rooms <1% Hotel EBITDA Southern California 6 Hotels | 2,888 Rooms 6% Hotel EBITDA Arizona 2 Hotels 745 Rooms 1% Hotel EBITDA Hawaii 2 Hotels | 4,104 Rooms 23% Hotel EBITDA Colorado Kansas/Missouri 1 Hotel | 159 Rooms 2 Hotels 465 Rooms <1% Hotel EBITDA Texas 1 Hotel | 259 Rooms 1% Hotel EBITDA 1% Hotel EBITDA Louisiana 2 Hotels | 1,939 Rooms 8% Hotel EBITDA HILTON WALDORF ASTORIA DOUBLE TREE EMBASSY SUITES CURIO HILTON GARDEN (1) Pro forma 2016 Hotel EBITDA includes pro rata share of Pro forma Hotel Adjusted EBITDA from Unconsolidated Joint Ventures (2) Top 25 Markets as defined by STR Global 10 | Illinois 4 Hotels | 2,743 Rooms 6% Hotel EBITDA Massachusetts 1 Hotels 599 Rooms 2% Hotel EBITDA New York 1 Hotel | 1,929 Rooms 6% Hotel EBITDA New Jersey 3 Hotels 839 Rooms 1% Hotel EBITDA DC/VA 5 Hotels | 2,120 Rooms 3% Hotel EBITDA Tennessee 1 Hotel | 130 Rooms <1% Hotel EBITDA Georgia 2 Hotels 748 Rooms 1% Hotel EBITDA Florida 7 Hotels | 4,711 Rooms 16% Hotel EBITDA HAMPTON INN International 15 Hotels 4,239 Rooms 5% Hotel EBITDA PARK HOTELS & RESORTS

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