{"id":2876,"date":"2021-05-30T22:42:10","date_gmt":"2021-05-31T03:42:10","guid":{"rendered":"https:\/\/1reason.com\/re\/corepoint-lodging-reports-first-quarter-2021-results\/2876\/"},"modified":"2021-05-31T17:42:10","modified_gmt":"2021-05-31T22:42:10","slug":"corepoint-lodging-reports-first-quarter-2021-results","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/corepoint-lodging-reports-first-quarter-2021-results\/2876\/","title":{"rendered":"CorePoint Lodging Reports First Quarter 2021 Results"},"content":{"rendered":"<div>  <\/p>\n<p><strong><u>First Quarter 2021 and Subsequent Highlights<\/u><\/strong><\/p>\n<ul type=\"disc\">\n<li style=\"margin-bottom:3pt\">Net loss of $(31) million, or $(0.54) loss per basic and diluted share<\/li>\n<li style=\"margin-bottom:3pt\">Comparable RevPAR of $38.78, a decrease of 24.0% from the same period in 2020 with 352 basis points of RevPAR Index market share gain<\/li>\n<li style=\"margin-bottom:3pt\">Adjusted EBITDAre of $3 million<\/li>\n<li style=\"margin-bottom:3pt\">Adjusted FFO attributable to common stockholders of $(4) million, or $(0.07) per basic and diluted share<\/li>\n<li style=\"margin-bottom:3pt\">All of the Company\u2019s hotels are currently open and operational<\/li>\n<li style=\"margin-bottom:3pt\">Revolving Credit Facility maturity extended to May 2022<\/li>\n<li style=\"margin-bottom:3pt\">Sold 9 non-core hotels for a combined gross sales price of approximately $42 million during the quarter<\/li>\n<li style=\"margin-bottom:3pt\">Repaid $41 million in total debt during the quarter<\/li>\n<li style=\"margin-bottom:3pt\">Subsequent to quarter end, sold 6 non-core hotels for a gross sales price of approximately $37 million, resulting in a total of 120 non-core hotels sold since March 2019 for a combined gross sales price of approximately $530 million<\/li>\n<li style=\"margin-bottom:3pt\">An additional 48 hotels are under contract with qualified buyers, expected to generate approximately $278 million of gross proceeds, and are generally expected to close by the end of the fourth quarter of 2021, subject to market and other conditions<\/li>\n<\/ul>\n<p>\u201cAs expected, the performance of our portfolio of select-service hotels strengthened from the seasonally low demand periods of November through February to achieve comparable occupancy of 62% for March. This sequentially improving trend, which allowed us to drive comparable rate and RevPAR sequentially through the quarter, resulted in $8 million of hotel level Adjusted EBITDAre,\u201d noted Keith Cline, President and Chief Executive Officer of CorePoint. \u201cThe continuation of this positive trend into April, combined with the positioning of our hotels predominantly in suburban, drive-to destination, and interstate-adjacent markets, leaves us poised to capture pent up leisure demand as we move into our peak season that historically occur within the second and third quarters.\u201d<\/p>\n<p>Mr. Cline added, \u201cAfter an active year of non-core dispositions in 2020, we have maintained a robust pace in 2021 with this proven value creation strategy. Year to date, we have closed on the sale of 15 hotels for gross proceeds of $79 million at attractive valuations and have paid down $73 million of total debt, with an additional 48 hotels under contract expected to generate $278 million of gross proceeds. Since inception of our real estate disposition strategy, we have either sold or put under contract to sell 168 of the 210 non-core hotels.\u201d<\/p>\n<p><strong><u>Selected Statistical and Financial Data <\/u><\/strong><br \/>(Unaudited, $ in millions, except RevPAR and ADR)<\/p>\n<table align=\"center\" class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"10\"><strong>Three Months Ended March 31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>2020<\/strong><\/td>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>% Change<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:56%;width:56%;min-width:56%\"><strong>Net loss <\/strong><\/td>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\"><strong>(31<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\"><strong>)<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\"><strong>(21<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\"><strong>)<\/strong><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\"><strong>(47.6<\/strong><\/td>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\"><strong>%)<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Total revenues<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>97<\/strong><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>146<\/strong><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>(33.6<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>%)<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Adjusted EBITDAre<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>3<\/strong><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>10<\/strong><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>(70.0<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>%)<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Adjusted FFO attributable to common stockholders <\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>(4<\/strong><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>4<\/strong><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>(200.0<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>%)<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Comparable Occupancy <\/strong><sup><strong>(1)<\/strong><\/sup><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>52.7<\/strong><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong>%<\/strong><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>54.2<\/strong><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong>%<\/strong><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>(150)<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>bps<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Comparable ADR <\/strong><sup><strong>(1)<\/strong><\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>73.56<\/strong><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>94.05<\/strong><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>(21.8<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>%)<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Comparable RevPAR <\/strong><sup><strong>(1)<\/strong><\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>38.78<\/strong><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>51.01<\/strong><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>(24.0<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>%)<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Comparable Hotel Adjusted EBITDAre margin <\/strong><sup><strong>(1) <\/strong><\/sup><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>9.5<\/strong><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong>%<\/strong><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>13.4<\/strong><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong>%<\/strong><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\"><strong>(390)<\/strong><\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\"><strong>bps<\/strong><\/td>\n<\/tr>\n<\/table>\n<p>____________________<br \/><sup>(1)<\/sup> Comparable Hotels consists of all of the 200 hotels owned as of March31, 2021. <\/p>\n<p><strong><u>First Quarter 2021 Financial and Operating Results<\/u><\/strong><\/p>\n<p>The Company reported net loss of $(31) million, or $(0.54) loss per basic and diluted share, for the quarter ended March31, 2021, compared to net loss of $(21) million, or $(0.37) loss per basic and diluted share, for the quarter ended March31, 2020. Decreases in year-over-year revenues were partially offset by lower operating expenses.<\/p>\n<p>Comparable RevPAR for the first quarter of 2021 decreased 24.0% over the same period of 2020 with 352 basis points of RevPAR Index market share gains. The decline in comparable RevPAR was driven by a 21.8% decrease in comparable ADR and 150 bps decrease in comparable occupancy. These decreases were primarily driven by a reduction in hotel demand and rate resulting from the impact of the COVID-19 pandemic. Top performing markets included Sacramento and San Diego, California, Denver, Colorado, Atlanta, Georgia and Tampa-St. Petersburg, Florida.<\/p>\n<p>Adjusted EBITDAre for the first quarter of 2021 was $3 million as compared to $10 million for the same period in 2020. The year-over-year decrease was primarily due to decreases in rooms revenue, including the impact of sold hotels and a reduction in room demand and rate due to the COVID-19 pandemic.<\/p>\n<p><strong><u>Operations Update and Measures to Mitigate Impact of COVID-19<\/u><\/strong><\/p>\n<p>For the three months ended March 31, 2021 all of our hotels were fully open and accepting transient guests. We have fully resumed operations for all of our hotels since August 2020.<\/p>\n<p>Comparable occupancy during the first quarter of 2021 reflected the seasonal impact for the lower occupancy periods in the first half of the quarter. The Company\u2019s hotels\u2019 room demand continued to benefit from leisure travel, certain segments of corporate travel related to essential businesses and being located in drive-to destinations. The following table summarizes select operating statistics for the months of January, February, and March 2021:<\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>Comparable Occupancy<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>Comparable ADR<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>Comparable RevPAR<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:57%;width:57%;min-width:57%\"><strong>January 2021<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">45.3<\/td>\n<td class=\"gnw_border_top_solid gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">68.58<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">31.05<\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>February 2021<\/strong><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">51.1<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">72.18<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">36.89<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>March 2021<\/strong><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">61.6<\/td>\n<td class=\"gnw_align_left hugin gnw_vertical_align_bottom\">%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">78.26<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">48.21<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p>The Company continues to implement the following measures to control costs and preserve capital to mitigate the ongoing operational and financial impact from the COVID-19 pandemic:<\/p>\n<ul type=\"disc\">\n<li>Reducing staffing levels, eliminating non-essential amenity offerings, minimizing spending at all hotels, and closing sections and\/or floors at some hotels to maximize efficiencies.<\/li>\n<li>Deferring all non-essential capital investments and expenditures, with the exception of life safety and critical operational needs.<\/li>\n<li>Implementing cost containment measures with respect to corporate spending.<\/li>\n<\/ul>\n<p><strong><u>Dispositions <\/u><\/strong><\/p>\n<p>Since CorePoint announced its initial non-core disposition program of 78 hotels in March 2019, 71 of these hotels have been successfully sold for a combined gross sales price of approximately $283 million and one additional phase one hotel is under contract with a qualified buyer, expected to generate approximately $4 million in gross proceeds. The Company\u2019s expanded non-core disposition program announced in March 2020 includes an additional phase two group of 132 hotels. Of the phase two hotels, 49 have been successfully sold for a combined gross sales price of approximately $247 million and an additional 47 phase two hotels are under contract with qualified buyers, expected to generate approximately $274 million in gross proceeds. There can be no assurance as to the timing of any future sales or whether such sales will be completed at all. The company is unable to forecast at this time the impact from the COVID-19 pandemic on the timing of or gross proceeds from asset sales.<\/p>\n<p><strong>Hotel Disposition Summary ($ in millions):<\/strong><\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\" colspan=\"3\"><strong>Phase 1<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\" colspan=\"3\"><strong>Phase 2<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\" colspan=\"3\"><strong>Total<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\"><strong>Total number of non-core hotels:<\/strong><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">78<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">132<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">210<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\"><strong>Full year 2019:<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\">Number of hotels sold<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">43<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">1<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">44<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\" style=\"max-width:56%;width:56%;min-width:56%\">Gross proceeds<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">173<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">4<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">177<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\">Portion of net proceeds used to repay debt<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">111<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">3<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">114<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\"><strong>Full year 2020:<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\">Number of hotels sold<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">26<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">35<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">61<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\">Gross proceeds<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">103<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">171<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">274<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\">Portion of net proceeds used to repay debt<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">64<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">132<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">196<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\"><strong>First quarter 2021:<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\">Number of hotels sold<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">2<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">7<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">9<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\">Gross proceeds<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">7<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">35<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">42<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\">Portion of net proceeds used to repay debt<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">6<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">30<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">36<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\"><strong>Second quarter 2021 (to date):<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\">Number of hotels sold<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">\u2014<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">6<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">6<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\">Gross proceeds<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">37<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">37<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\">Portion of net proceeds used to repay debt<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">32<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">32<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p><strong><u>Capital Investments <\/u><\/strong><\/p>\n<p>The Company invested approximately $3 million in capital improvements in the first quarter of 2021. As previously disclosed, CorePoint is currently deferring all non-essential capital investments and expenditures, with the exception of life safety or critical operational needs, resulting in an expected annual capital spend estimate of $15 million to $20 million, excluding any hurricane restoration costs which are predominantly covered by insurance proceeds.<\/p>\n<p><strong><u>Balance Sheet and Liquidity <\/u><\/strong><\/p>\n<p>As of March31, 2021, the Company had total cash and cash equivalents of $139 million, excluding lender and other escrows of approximately $37 million.<\/p>\n<p>As of March31, 2021, the Company had total debt principal outstanding of $769 million, which consisted of the following:<\/p>\n<p>(Unaudited, $ in millions)<\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>Debt<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\"><strong>Interest Rate<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\"><strong>Maturity Date<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>Principal Balance Outstanding<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" style=\"max-width:50%;width:50%;min-width:50%\"><strong>CMBS Loan<\/strong><sup><strong> (1)(2)<\/strong><\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:15%;width:15%;min-width:15%\"><strong>L + 2.84%<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:15%;width:15%;min-width:15%\"><strong>June 2025<\/strong><\/td>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:15%;width:15%;min-width:15%\"><strong>689<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Revolving Credit Facility<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\"><strong>L + 6.00%<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\"><strong>May 2022<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>80<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Total<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\"><strong>769<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p>____________________<\/p>\n<p><sup>(1)<\/sup> Maturity date assumes the exercise of all borrower extension options. The next maturity date is June 2021, with borrower options to extend the maturity date for four successive terms of one year each. In March 2021, the Company provided notice to extend the CMBS Facility for one year upon maturity. Amount shown represents gross principal balance outstanding.<\/p>\n<p><sup>(2)<\/sup> As noted in the Hotel Disposition Summary table above, the Company used approximately $32 million of net proceeds from its asset sales to reduce the CMBS principal balance outstanding to $657 million as of today.<\/p>\n<p>In March 2021, the Company amended its Revolving Credit Facility to extend the maturity date to May 30, 2022. The loan amendment does not contain a total net leverage or interest coverage financial covenant through the extended maturity date. As part of the amendment process, the Company repaid $5 million upon execution of the loan amendment and agreed to repay $5 million per month starting in June 2021 through August 2021 and comply with a minimum liquidity covenant of $85 million (subject to certain dollar-for-dollar reductions in respect of 100% of such monthly payments utilized to repay the Revolving Credit Facility). In addition, should unrestricted cash exceed $100 million at the end of any month starting in September 2021, the Company agreed to repay an incremental $5 million per month (capped at a maximum of $10 million in total incremental repayments). Any such incremental repayments would reduce the minimum liquidity covenant (dollar-for-dollar reductions with respect of 50% of any amounts utilized to repay the Revolving Credit Facility). Additionally, the amendment also includes a 100-basis point per annum increase in interest rate spread, with continued restrictions on the Company\u2019s ability to make common stock dividend payments (except to the extent required to maintain REIT status), make investments and to incur additional indebtedness above certain levels, subject to certain exceptions.<\/p>\n<p><strong><u>Dividends<\/u><\/strong><\/p>\n<p>As previously disclosed, the Company has currently suspended its common stock dividend, resulting in the preservation of approximately $11 million of cash per quarter, or approximately $45 million on an annualized basis. All future dividends will be at the sole discretion of CorePoint\u2019s Board of Directors and will depend upon, among other things compliance with debt covenants and maintenance of our REIT qualification.<\/p>\n<p><strong><u>Wyndham Settlement Update<\/u><\/strong><br \/>As part of the previously disclosed settlement agreement (the \u201cWyndham Settlement\u201d), Wyndham agreed to provide enhanced revenue tools, systems and processes. The implementation was required under the Wyndham Settlement to be completed by no later than the end of 2020. We are currently engaged in ongoing discussions with Wyndham regarding the rollout and final acceptance of the revenue tool replacement.<\/p>\n<p>CorePoint has received substantially all of the $37 million in cash settlement payments from Wyndham, in accordance with the terms of the settlement agreement.<\/p>\n<p>For more information regarding the settlement, see the Company\u2019s Current Report on Form 8-K that was filed with the Securities and Exchange Commission (the \u201cSEC\u201d) on October 23, 2019.<\/p>\n<p><strong><u>Earnings Call and Webcast<\/u><\/strong><\/p>\n<p>The Company will host a quarterly conference call for investors and other interested parties later today beginning at 5:00 p.m. Eastern Time.<\/p>\n<p>The call may be accessed by dialing (888) 330-2042 or (365) 605-5061 and entering the passcode 1068176.Participants may also access the call by visiting our investor relations website at<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=1zOzVeQXGXN5lpHB3BGzOvCwbOaQT9s2n6YwfNVEZ4eRTq4HTfc1Bn81NQzh7caDLtzoHhVaR39yrLvVvVOTsULp2KBIOuPqz8cSlzuykHMipHM_r-ezdBuxY_V3hgkv\" rel=\"nofollow noopener noreferrer\" target=\"_blank\" title=\"www.corepoint.com\/investors\">www.corepoint.com\/investors<\/a>. You are encouraged to dial into the call or link to the webcast at least 15 minutes prior to the scheduled start time. The replay of the call will be available from approximately8:00 p.m. Eastern TimeonMay 6, 2021through8:00 p.m. Eastern TimeonMay 13, 2021. To access the replay, the dial-in number is (800) 770-2030 and the passcode is 1068176.<\/p>\n<p><strong><u>Forward-Looking Statements<\/u><\/strong><\/p>\n<p>This press release contains \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may include, but are not limited to, statements related to the Company\u2019s expectations regarding the impact of the ongoing COVID-19 pandemic, our expectations with respect to our non-core property disposition strategy and with respect to the Wyndham Settlement, as well as other statements representing management\u2019s beliefs about future events, transactions, strategies, operations and financial results and other non-historical statements. Such forward-looking statements often contain words such as \u201cassume,\u201d \u201cwill,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cpredict,\u201d \u201cproject,\u201d \u201cpotential,\u201d \u201ccontemplate,\u201d \u201cplan,\u201d \u201cforecast,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cis targeting,\u201d \u201cmay,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201ccould,\u201d \u201cgoal,\u201d \u201cseek,\u201d \u201chope,\u201d \u201caim,\u201d \u201ccontinue\u201d and other similar words or expressions or the negative thereof or other variations thereon. Forward-looking statements are made based upon management\u2019s current expectations and beliefs and are not guarantees of future performance. Such forward-looking statements involve numerous assumptions, risks and uncertainties that may cause actual results to differ materially from those expressed or implied in any such statements. Our actual business, financial condition or results of operations may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties which include, among others: business, financial and operating risks inherent to the lodging industry; macroeconomic and other factors beyond our control, including without limitation the effects of the ongoing COVID-19 pandemic or other pandemics or outbreaks of contagious disease; the geographic concentration of our hotels; our inability to compete effectively; our concentration in the La Quinta brand; our dependence on the performance of LQ Management L.L.C. and other third-party hotel managers and franchisors; covenants in our hotel management and franchise agreements that limit or restrict the sale of our hotels; risks posed by our disposition activities, including our ability to contract with qualified buyers and the risk that purchasers may not have the access to capital or meet other requirements; risks resulting from significant investments in real estate; cyber threats and the risk of data breaches or disruptions of technology information systems; the growth of internet reservation channels; disruptions to the functioning or transition of the reservation systems, accounting systems or other technology programs for our hotels, and other technology programs and system upgrades; and our substantial indebtedness, including restrictions imposed on our ability to access our cash. Additional risks and uncertainties include, among others, those risks and uncertainties described under \u201cRisk Factors\u201d in our Annual Report on Form 10-K for the year ended December 31, 2020, as such factors may be updated or superseded from time to time in our periodic filings with the SEC. You are urged to carefully consider all such factors and we note that the COVID-19 pandemic may have the effect of heightening many of the risks and uncertainties described. Although it is believed that the expectations reflected in such forward-looking statements are reasonable and are expressed in good faith, such expectations may not prove to be correct and persons reading this communication are therefore cautioned not to place undue reliance on these forward-looking statements, which speak only to expectations as of the date of this communication. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. If we make any future public statements or disclosures which modify or impact any of the forward-looking statements contained in or accompanying this press release, such statements or disclosures will be deemed to modify or supersede such statements in this press release.<\/p>\n<p><strong><u>Non-GAAP Financial Measures<\/u><\/strong><\/p>\n<p>We refer to certain non-GAAP financial measures in this press release including FFO, Adjusted FFO, Adjusted FFO per diluted share, EBITDA, EBITDAre, Adjusted EBITDAre, Hotel Adjusted EBITDAre, Comparable Hotel Adjusted EBITDAre, and Comparable Hotel Adjusted EBITDAre margin. All such non-GAAP financial measures are unaudited. Please see the tables to this press release for definitions of such non-GAAP financial measures and reconciliations of such financial measures to the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States (\u201cGAAP\u201d) for historical periods.<\/p>\n<p><strong><u>About CorePoint <\/u><\/strong><\/p>\n<p>CorePoint Lodging Inc. (NYSE: CPLG) is the only pure-play publicly traded U.S. lodging REIT strategically focused on the ownership of midscale and upper-midscale select-service hotels. CorePoint owns a geographically diverse portfolio in attractive locations primarily in or near employment centers, airports, and major travel thoroughfares. The portfolio consists of primarily La Quinta branded hotels. For more information, please visit CorePoint\u2019s website at <u><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=1zOzVeQXGXN5lpHB3BGzOna18TgkW-xoEYZPPbbBZWYFSft9eBBn5pBMCHqDd1yJ0GcJysNZ1qYpkYyf8so8Kw==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\" title=\"www.corepoint.com\">www.corepoint.com<\/a><\/u>.<\/p>\n<p>Contact:<\/p>\n<p>Becky Roseberry<br \/>SVP &#8211; Finance and Investor Relations<br \/>214-501-5535<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=05Q-Zg-jPUpJcjE_sRW1DzQW49MTLvWnRfjA-SIq4VzRo093LPnf4tTzlspWesTUSYvILd4OkOEvU5jgg_QztHPNzweNKNXOwULUl5a-IJJo0xKZXsO8vEFpbR2G6HOO\" rel=\"nofollow noopener noreferrer\" target=\"_blank\" title=\"investorrelations@corepoint.com\">investorrelations@corepoint.com<\/a>                            <\/p>\n<p><\/p>\n<p align=\"center\"><strong>CorePoint Lodging Inc.<\/strong><br \/><strong>Consolidated Balance Sheets (Unaudited)<\/strong><br \/><strong>($ in millions, except per share amounts)<\/strong><\/p>\n<table align=\"center\" class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>March 31, 2021<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>December 31, 2020<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Assets:<\/strong><\/td>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Real estate<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\" style=\"max-width:67%;width:67%;min-width:67%\">Land<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:14%;width:14%;min-width:14%\">500<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:14%;width:14%;min-width:14%\">511<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Buildings and improvements<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">1,780<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">1,813<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Furniture, fixtures, and other equipment<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">284<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">293<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\"> Gross operating real estate<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">2,564<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">2,617<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Less accumulated depreciation<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">(1,092<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">(1,083<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\"> Net operating real estate<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">1,472<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">1,534<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Construction in progress<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">3<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">5<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\"><strong> Total real estate, net<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">1,475<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">1,539<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Right of use assets<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">16<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">16<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Cash and cash equivalents<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">139<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">143<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Accounts receivable<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">12<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">13<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Other assets<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">62<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">55<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Total Assets<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>1,704<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>1,766<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Liabilities and Equity:<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Liabilities:<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Debt, net<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">768<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">810<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Mandatorily redeemable preferred stock<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">15<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">15<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Accounts payable and accrued expenses<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">46<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">48<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Other liabilities<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">45<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">36<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Total Liabilities<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>874<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>909<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Commitments and contingencies<\/td>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Equity:<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Common stock, $0.01 par value per share; 1.0 billion shares authorized; 58.6 million and 58.0 million shares issued and outstanding as of March31, 2021 and December 31, 2020, respectively<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">1<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">1<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Additional paid-in-capital<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">967<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">963<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Retained deficit<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">(140<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">(109<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Noncontrolling interest<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">2<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">2<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Total Equity<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>830<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>857<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Total Liabilities and Equity<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>1,704<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>1,766<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p align=\"center\"><strong><br \/><\/strong><\/p>\n<p align=\"center\"><strong>CorePoint Lodging Inc.<\/strong><br \/><strong>Consolidated Statements of Operations (Unaudited) <\/strong><br \/><strong>(in millions, except per share amounts)<\/strong><\/p>\n<table align=\"center\" class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"7\"><strong>Three Months Ended March 31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>2020<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Revenues:<\/strong><\/td>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\" style=\"max-width:67%;width:67%;min-width:67%\">Rooms<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:14%;width:14%;min-width:14%\">95<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:14%;width:14%;min-width:14%\">143<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Other<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">2<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">3<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\"><strong>Total Revenues<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>97<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>146<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Operating Expenses:<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Rooms<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">47<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">79<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Other departmental and support<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">19<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">24<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Property tax, insurance and other<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">14<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">16<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Management and royalty fees<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">9<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">14<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Corporate general and administrative<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">7<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">8<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Depreciation and amortization<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">38<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">40<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Gain on sales of real estate<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">(10<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">(23<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Gain on casualty<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">(1<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">(2<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Impairment loss<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">\u2014<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">2<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\"><strong>Total Operating Expenses<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>123<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>158<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\"><strong>Operating Loss<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>(26<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>(12<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Other Income (Expenses):<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Interest expense<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">(7<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">(14<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Other income, net<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">2<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">3<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\"><strong>Total Other Expenses<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>(5<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>(11<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Loss before income taxes<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>(31<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>(23<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Income tax benefit<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">\u2014<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">2<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Net loss<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>(31<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>(21<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Weighted average common shares outstanding &#8211; basic and diluted<\/strong><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">57.0<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">56.5<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Basic and diluted loss per share<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(0.54<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(0.37<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<\/table>\n<p align=\"center\"><strong>RECONCILIATIONS<\/strong><\/p>\n<p>The tables below provide a reconciliation of Hotel Adjusted EBITDAre, Adjusted EBITDAre, EBITDAre and EBITDA to net income (loss), and a reconciliation of FFO and Adjusted FFO to net income (loss). We believe this financial information provides meaningful supplemental information because it represents how management views the business and reviews our operating performance. It is also used by management when publicly providing the business outlook. See the definitions of \u201cEBITDA,\u201d \u201cEBITDAre,\u201d \u201cAdjusted EBITDAre,\u201d \u201cComparable Hotel Adjusted EBITDAre,\u201d \u201cFFO\u201d and \u201cAdjusted FFO,\u201d for a further explanation of the use of these measures.<\/p>\n<p>\u201cEBITDA.\u201dEarnings before interest, income taxes, depreciation and amortization (\u201cEBITDA\u201d) is a commonly used measure in many REIT and non-REIT related industries. We believe EBITDA is useful in evaluating our operating performance because it provides an indication of our ability to incur and service debt, to satisfy general operating expenses, and to make capital expenditures. We calculate EBITDA excluding discontinued operations. EBITDA is intended to be a supplemental non-GAAP financial measure that is independent of a company\u2019s capital structure.<\/p>\n<p>\u201cEBITDAre.\u201d We present EBITDAre in accordance with guidelines established by the National Association of Real Estate Investment Trusts (\u201cNareit\u201d). Nareit defines EBITDAre as EBITDA adjusted for gains or losses on the disposition of properties, impairments, and adjustments to reflect the entity\u2019s share of EBITDAre of unconsolidated affiliates. We believe EBITDAre is a useful performance measure to help investors evaluate and compare the results of our operations from period to period.<\/p>\n<p>\u201cAdjusted EBITDAre.\u201d Adjusted EBITDAre is calculated as EBITDAre adjusted for certain items, such as restructuring and separation transaction expenses, acquisition transaction expenses, stock-based compensation expense, severance expense, and other items not indicative of ongoing operating performance.<\/p>\n<p>The Company believes that EBITDAre and Adjusted EBITDAre provide useful information to investors about it and its financial condition and results of operations for the following reasons: (i)EBITDAre and Adjusted EBITDAre are among the measures used by the Company\u2019s management to evaluate its operating performance and make day-to-day operating decisions; and (ii)EBITDAre and Adjusted EBITDAre are frequently used by securities analysts, investors, lenders and other interested parties as a common performance measure to compare results or estimate valuations across companies in and apart from the Company\u2019s industry sector.<\/p>\n<p>EBITDA, EBITDAre and Adjusted EBITDAre are not recognized terms under GAAP, have limitations as analytical tools and should not be considered either in isolation or as a substitute for net income (loss), cash flow or other methods of analyzing the Company\u2019s results as reported under GAAP. Some of these limitations are that these measures:<\/p>\n<ul type=\"disc\">\n<li>do not reflect changes in, or cash requirements for, the Company\u2019s working capital needs;<\/li>\n<li>do not reflect the Company\u2019s interest expense, or the cash requirements necessary to service interest or principal payments, on its indebtedness;<\/li>\n<li>do not reflect the Company\u2019s tax expense or the cash requirements to pay its taxes;<\/li>\n<li>do not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments;<\/li>\n<li>EBITDAre and Adjusted EBITDAre do not include gains or losses on the disposition of properties which may be material to our operating performance and cash flow;<\/li>\n<li>do not reflect the impact on earnings or changes resulting from matters that the Company considers not to be indicative of our future operations, including but not limited to discontinued operations, impairment, acquisition and disposition activities and restructuring expenses;<\/li>\n<li>although depreciation, amortization and impairment are non-cash charges, the assets being depreciated, amortized or impaired will often have to be replaced, upgraded or repositioned in the future, and EBITDA, EBITDAre and Adjusted EBITDAre do not reflect any cash requirements for such replacements; and<\/li>\n<li>other companies in the Company\u2019s industry may calculate EBITDA, EBITDAre and Adjusted EBITDAre differently, limiting their usefulness as comparative measures.<\/li>\n<\/ul>\n<p>Because of these limitations, EBITDA, EBITDAre and Adjusted EBITDAre should not be considered as a replacement to net income (loss) presented in accordance with GAAP, discretionary cash available to the Company to reinvest in the growth of its business or as measures of cash that will be available to the Company to meet its obligations.<\/p>\n<p>\u201cHotel Adjusted EBITDAre\u201d measures property-level results at the Company\u2019s hotels before corporate-level expenses and is a key measure of a hotel\u2019s profitability. The Company presents Hotel Adjusted EBITDAre to help the Company and its investors evaluate the ongoing operating performance of the Company\u2019s properties.<br \/> \u201cComparable Hotel Adjusted EBITDAre\u201d measures property-level results at the Company\u2019s Comparable hotels before corporate-level expenses and is a key measure of a hotel\u2019s profitability. The Company presents Hotel Adjusted EBITDAre to help the Company and its investors evaluate the ongoing operating performance of the Company\u2019s properties.<\/p>\n<p>\u201cComparable Hotel Adjusted EBITDAre margin\u201d represents the ratio of Comparable Hotel Adjusted EBITDAre to total revenues.<\/p>\n<p>Funds from operations (\u201cFFO\u201d) and \u201cAdjusted FFO\u201d. We present Nareit FFO attributable to common stockholders and Nareit FFO per diluted share (as defined below) as non-GAAP measures of our performance. We calculate funds from operations (\u201cFFO\u201d) attributable to common stockholders for a given operating period in accordance with standards established by Nareit, as net income or loss (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains or losses on sales of certain real estate assets, impairment write-downs of real estate assets, discontinued operations, income taxes related to sales of certain real estate assets, and the cumulative effect of changes in accounting principles, plus adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect our pro rata share of the FFO of those entities on the same basis. Since real estate values historically have risen or fallen with market conditions, many industry investors have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. For these reasons, Nareit adopted the FFO metric in order to promote an industry wide measure of REIT operating performance. We believe Nareit FFO provides useful information to investors regarding our operating performance and can facilitate comparisons of operating performance between periods and between REITs. Our presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current Nareit definition, or that interpret the current Nareit definition differently than we do. We calculate Nareit FFO per diluted share as our Nareit FFO divided by the number of fully diluted shares outstanding during a given operating period.<\/p>\n<p>We also present Adjusted FFO attributable to common stockholders when evaluating our performance because we believe that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance. Management historically has made the adjustments detailed below in evaluating our performance and in our annual budget process. We believe that the presentation of Adjusted FFO provides useful supplemental information that is beneficial to an investor\u2019s complete understanding of our operating performance. We adjust Nareit FFO attributable to common stockholders for the following items, and refer to this measure as Adjusted FFO attributable to common stockholders: transaction expense associated with the potential disposition of or acquisition of real estate or businesses; severance expense; share-based compensation expense; litigation gains and losses outside the ordinary course of business; amortization of deferred financing costs; reorganization costs and separation transaction expenses; loss on early extinguishment of debt; straight-line ground lease expense; casualty losses; deferred tax expense; and other items that we believe are not representative of our current or future operating performance.<\/p>\n<p>Nareit FFO attributable to common stockholders and Adjusted FFO attributable to common stockholders have limitations as analytical tools and should not be considered either in isolation or as a substitute for net income (loss), cash flow or other methods of analyzing our results as reported under GAAP. Nareit FFO is not an indication of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to fund dividends. Nareit FFO is also not a useful measure in evaluating net asset value because impairments are taken into account in determining net asset value but not in determining Nareit FFO. Investors are cautioned that we may not recover any impairment charges in the future. Accordingly, Nareit FFO should be reviewed in connection with GAAP measurements. We believe our presentation of Nareit FFO is in accordance with the Nareit definition; however, our Nareit FFO may not be comparable to amounts calculated by other REITs.<\/p>\n<p align=\"center\"><strong>ADJUSTED EBITDAre NON-GAAP RECONCILIATIONS<\/strong><br \/><strong>(unaudited, in millions)<\/strong><\/p>\n<table align=\"center\" class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"7\"><strong>Three Months Ended March 31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>2020<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:67%;width:67%;min-width:67%\"><strong>Net loss<\/strong><\/td>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:14%;width:14%;min-width:14%\"><strong>(31<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\"><strong>)<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:14%;width:14%;min-width:14%\"><strong>(21<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\"><strong>)<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Interest expense<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">7<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">14<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Income tax benefit<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">\u2014<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">(2<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Depreciation and amortization<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">38<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">40<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>EBITDA<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>14<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>31<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Gain on sales of real estate<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">(10<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">(23<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Gain on casualty<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">(1<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">(2<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Impairment loss<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">\u2014<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">2<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>EBITDAre<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>3<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>8<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Equity-based compensation expense<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">2<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">2<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Other, net<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">(2<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">\u2014<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Adjusted EBITDAre<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>3<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>10<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p><u>Additional information:<\/u><\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt\">For the three months ended March 31, 2021, we sold 9 properties for a gross sales price of approximately $42 million. The resulting gain was $10 million. For the three months ended March31, 2020, we sold 23 hotels for gross proceeds of $100 million. The resulting gain was $23 million. The GAAP reported gain on sales for all periods, which are included in net loss, have been excluded in the calculations of EBITDAre and Adjusted EBITDAre.<\/li>\n<li style=\"margin-top:3pt\">Other, net represents income and expenses that are not representative of our current or future operating performance. For the three months ended March31, 2021 and 2020, other, net includes $1 million and $2 million of business interruption insurance proceeds, respectively.<\/li>\n<\/ul>\n<p align=\"center\"><strong><br \/><\/strong><\/p>\n<p align=\"center\"><strong>HOTEL ADJUSTED EBITDA AND TOTAL REVENUES <\/strong><br \/><strong>NON-GAAP RECONCILIATION<\/strong><br \/><strong>(unaudited, in millions)<\/strong><\/p>\n<table align=\"center\" class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>Three Months Ended March 31, 2021<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>Three Months Ended March 31, 2020<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:67%;width:67%;min-width:67%\"><strong>Adjusted EBITDAre<\/strong><\/td>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:14%;width:14%;min-width:14%\"><strong>3<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:14%;width:14%;min-width:14%\"><strong>10<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\"><strong>Corporate general and administrative expenses<\/strong><sup><strong> (1)<\/strong><\/sup><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>5<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>5<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Hotel Adjusted EBITDAre<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>8<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>15<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\"><strong>Impact of non-comparable hotels<\/strong><sup><strong>(2)<\/strong><\/sup><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>1<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>2<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Comparable Hotel Adjusted EBITDAre<\/strong><sup><strong>(<\/strong><\/sup><sup><strong>3)<\/strong><\/sup><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\"><strong>9<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\"><strong>17<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p><\/p>\n<table align=\"center\" class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>Three Months Ended March 31, 2021<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>Three Months Ended March 31, 2020<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:67%;width:67%;min-width:67%\"><strong>Total Revenues<\/strong><\/td>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:14%;width:14%;min-width:14%\"><strong>97<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:14%;width:14%;min-width:14%\"><strong>146<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Impact of non-comparable hotels<\/strong><sup><strong>(<\/strong><\/sup><sup><strong>2)<\/strong><\/sup><\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>(2<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>(19<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Comparable Hotel Revenues<\/strong><sup><strong>(<\/strong><\/sup><sup><strong>3)<\/strong><\/sup><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>95<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>127<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p>____________________<\/p>\n<p><sup>(1)<\/sup> Reflects adjustments to exclude the effects of corporate general and administrative costs.<br \/><sup>(2)<\/sup> Includes the impact of hotels sold that are excluded from the Comparable Hotels.<br \/><sup>(3)<\/sup> Comparable Hotels consists of all of the 200 hotels owned as of March31, 2021.<\/p>\n<p><\/p>\n<p align=\"center\"><strong>ADJUSTED FFO NON-GAAP RECONCILIATION<\/strong><br \/><strong>(unaudited, in millions)<\/strong><\/p>\n<table align=\"center\" class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"7\"><strong>Three Months Ended March 31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>2021<\/strong><\/td>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>2020<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:67%;width:67%;min-width:67%\"><strong>Net loss<\/strong><\/td>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:14%;width:14%;min-width:14%\"><strong>(31<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\"><strong>)<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:14%;width:14%;min-width:14%\"><strong>(21<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\"><strong>)<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Depreciation and amortization<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">38<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">40<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Gain on sales of real estate<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">(10<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">(23<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Gain on casualty<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">(1<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">(2<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Impairment loss<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">\u2014<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">2<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Nareit defined FFO attributable to common stockholders<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>(4<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>(4<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Equity-based compensation expense<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">2<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">2<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Non-cash income tax expense<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">\u2014<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">2<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Amortization expense of deferred financing costs<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">\u2014<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">4<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 hugin gnw_vertical_align_bottom\">Other, net<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">(2<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">\u2014<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Adjusted FFO attributable to common stockholders<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>(4<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>4<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_double hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Weighted average number of shares outstanding, diluted<\/strong><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>57.0<\/strong><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>57.9<\/strong><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Adjusted funds from operations per diluted share<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>(0.07<\/strong><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\"><strong>)<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>$<\/strong><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\"><strong>0.07<\/strong><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p>____________________<\/p>\n<p><u>Additional information:<\/u><\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:3pt\">For the three months ended March 31, 2021, we sold 9 properties for a gross sales price of approximately $42 million. The resulting gain was $10 million. For the three months ended March31, 2020, we sold 23 hotels for gross proceeds of $100 million. The resulting gain was $23 million. The GAAP reported gain on sales for all periods, which are included in net loss, have been excluded in the calculations of Nareit defined FFO attributable to common stockholders and Adjusted FFO attributable to common stockholders.<\/li>\n<li style=\"margin-top:3pt\">Other, net represents income and expenses that are not representative of our current or future operating performance. For the three months ended March31, 2021 and 2020, other, net includes $1 million and $2 million of business interruption insurance proceeds, respectively.<\/li>\n<li style=\"margin-top:3pt\">Weighted average number of shares outstanding presented above may differ from weighted average number of shares outstanding, diluted presented for GAAP purposes when there is a net loss and all potentially dilutive securities are anti-dilutive. There are no dilutive securities for purposes of calculating net loss or negative FFO.\n<\/li>\n<\/ul>\n<p align=\"center\"><strong>CERTAIN DEFINED TERMS<\/strong><\/p>\n<p>Average daily rate (\u201cADR\u201d) represents hotel room revenues divided by total number of rooms rented in a given period. ADR measures the average room price attained by a hotel or group of hotels, and ADR trends provide useful information concerning pricing policies and the nature of the guest base of a hotel or group of hotels. Changes in room rates have an impact on overall revenues and profitability.<\/p>\n<p>\u201cOccupancy\u201d represents the total number of rooms rented in a given period divided by the total number of rooms available at a hotel or group of hotels. Occupancy measures the utilization of our hotels\u2019 available capacity, which may be affected from time to time by our repositioning, property casualties and other activities. Management uses occupancy to gauge demand at a specific hotel or group of hotels in a given period. Occupancy levels also help us determine achievable ADR levels as demand for hotel rooms increases or decreases.<\/p>\n<p>Revenue per available room (\u201cRevPAR\u201d) is defined as the product of the ADR charged and the average daily occupancy achieved. RevPAR does not include bad debt expense or other ancillary, non-room revenues, such as food and beverage revenues or parking, telephone or other guest service revenues generated by a hotel, which are not significant for us.<\/p>\n<p>RevPAR changes that are driven predominately by occupancy have different implications for overall revenue levels and incremental hotel operating profit than changes driven predominately by ADR. For example, increases in occupancy at a hotel would lead to increases in room and other revenues, as well as incremental operating costs (including, but not limited to, housekeeping services, utilities and room amenity costs). RevPAR increases due to higher ADR, however, would generally not result in additional operating costs, with the exception of those charged or incurred as a percentage of revenue, such as management and royalty fees, credit card fees and booking commissions. As a result, changes in RevPAR driven by increases or decreases in ADR generally have a greater effect on operating profitability at our hotels than changes in RevPAR driven by occupancy levels.<\/p>\n<p>\u201cRevPAR Index\u201d measures a hotel\u2019s fair market share of its competitive set\u2019s revenue per available room.<\/p>\n<p>\u201cComparable Hotels\u201d are defined as hotels thatwere active and operating in our system for at least one full calendar year as of the end of the applicable reporting period and were active and operating as of January1st of the previous year. Comparable Hotels exclude: (i) hotels that sustained substantial property damage or other business interruption; (ii) hotels that are sold or classified as held for sale; or (iii) hotels in which comparable results are otherwise not available. Management uses Comparable Hotels as the basis upon which to evaluate ADR, occupancy, and RevPAR. Management calculates comparable ADR, Occupancy, and RevPAR using the same set of Comparable Hotels as defined above. Further, we report variances in comparable ADR, occupancy, and RevPAR between periods for the set of Comparable Hotels existing at the reporting date versus the results of the same set of hotels in the prior period.<\/p>\n<p><\/p>\n<p align=\"center\"><strong>HOTEL COUNT RECONCILIATION<\/strong><\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>Hotel Count<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>As of December 31, 2018<\/strong><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>315<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Hotels sold<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"3\">(44)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>As of December 31, 2019<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>271<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Hotels sold<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"3\">(61)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Other <sup>(1)<\/sup><\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"3\">(1)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>As of December 31, 2020 <\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>209<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Hotels sold <sup>(2)<\/sup><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"3\">(9)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>As of March 31, 2021<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>200<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Hotels sold subsequent to quarter end <sup>(3)<\/sup><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"3\">(6)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>As of May 6, 2021<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>194<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Total hotels sold<\/strong><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>120<\/strong><\/td>\n<\/tr>\n<\/table>\n<p>_____________<\/p>\n<p><sup>(1)<\/sup> In the second quarter of 2020, the Company permanently disposed of one hotel, 140 rooms, that was subject to a ground lease<br \/><sup>(2)<\/sup> The Company sold 9 hotels in the first quarter of 2021, totaling 1,075 rooms. Of these properties sold, one was located in each of the following locations: Fort Worth, Texas; San Angelo, Texas; Kingsport, Tennessee; Merrillville, Indiana; Lakeland, Florida; Lufkin, Texas; Colorado Springs, Colorado; Pensacola, Florida; and Mansfield, Ohio<br \/><sup>(3)<\/sup> From March 31, 2021 through today, the Company sold 6 hotels, totaling 658 rooms. Of these properties sold, one was located in each of the following locations: Independence, Ohio; Tampa, Florida; Franklin, Tennessee; Fort Lauderdale, Florida; San Antonio, Texas; and Ocala, Florida<\/p>\n<p><img loading=\"lazy\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" width=\"1\" height=\"1\" class=\"lazyload\" data-src=\"https:\/\/ml.globenewswire.com\/release\/track\/63687086-8674-477c-a92d-6c7bf1ccb422\"><\/div>\n","protected":false},"excerpt":{"rendered":"<div>\n<p>IRVING, Texas, May 06, 2021 (GLOBE NEWSWIRE) &#8212; CorePoint Lodging Inc. (NYSE: CPLG) (\u201cCorePoint\u201d or the \u201cCompany\u201d), a pure play select-service hotel owner strategically focused on the midscale and upper-midscale segments, today reported operational and financial results for the first quarter ended March31, 2021.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/2876"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=2876"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/2876\/revisions"}],"predecessor-version":[{"id":2899,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/2876\/revisions\/2899"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=2876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=2876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=2876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}