Meet Our Panelists. The REIT Factor: Progressive Strategies in the Public Arena. Monty J. Bennett Chief Executive Officer Ashford Hospitality Trust

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1 Meet Our Panelists Monty J. Bennett Chief Executive Officer Ashford Hospitality Trust Kenneth E. Cruse President Sunstone Hotel Investors Daniel P. Hansen President and CEO Summit Hotel Properties, Inc. Richard A. Smith President and CEO FelCor Lodging Trust, Inc.

2 Lodging REITs Equity Offerings are Frothy Millions ($) Secondary Offerings Initial Public Offerings Source: Real Capital Analytics, The Plasencia Group

3 Lodging REITs Dispositions in First Gear, but Dispositions - Public and Non-Traded REIT (in $mil) Jan 2010 to Mar 2011 Sunstone Ashford FelCor Inland 85.1 Total Dispositions: $594.7M Host Source: Real Capital Analytics, The Plasencia Group

4 Lodging REITs Acquisitions are at Warp 9! Acquisitions - Public and Non-Traded REITs (in $mil) Jan 2010 to Mar 2011 As hford Host Pebblebrook Sunstone Apple REIT Chesapeake Hersha DiamondRock FelCor Chatham Inland Strategic Behringer Harvard HCV Pacific Summit Prime WP Carey Eagle Hospitality ,044.4 Total Acquisitions: $7,697.7M 1, , , , ,400.0 Source: Real Capital Analytics, The Plasencia Group

5 Lodging REIT Acquisitions Gateway Marketfest Public REIT Acquisition Locations - March 2010 through February 2011 Source: Real Capital Analytics, The Plasencia Group

Ashford Hospitality Trust (AHT) Recent Equity Offerings Type Date Total Amount Secondary Equity Sep-10 $76,487,000 Secondary Equity Dec-10 $83,231,000 Recent Transactions Property

1,277,000,000 158,000 6.1% Hampton Inn Galleria Houston, TX Disposition Mar-11 20,300,000 115,341 N/A Hilton Rye Town Port Chester, NY Disposition Mar-11 35,500,000 79,418 3.

6 Ashford Hospitality Trust (AHT) Recent Equity Offerings Type Date Total Amount Secondary Equity Sep-10 $76,487,000 Secondary Equity Dec-10 $83,231,000 Recent Transactions Property City, State Type Date Price $ PPK $ Cap % World Quest Resort Hotel Orlando, FL Acquisition Mar-11 12,000, ,000 N/A Highland Hospitality (28 Hotels) Various Acquisition Mar-11 1,277,000, , % Hampton Inn Galleria Houston, TX Disposition Mar-11 20,300, ,341 N/A Hilton Rye Town Port Chester, NY Disposition Mar-11 35,500,000 79, % JW Marriott San Francisco, CA Disposition Feb-11 96,000, ,024 N/A Hilton Suites Auburn Hills, MI Disposition Sep-10 5,100,000 22,768 N/A Source: Ashford Investor Data, The Plasencia Group

140,000,000 496,000 Fairmont Copley Plaza Boston, MA Acquisition Aug-10 98,500,000 257,180 Embassy Suites Hotel Tempe, AZ Disposition May-11

7 FelCor Lodging Trust (FCH) Recent Equity Offerings Type Date Total Amount Secondary Equity Jun-10 $173,938,000 Secondary Equity Mar-11 $165,600,000 Recent Transactions Property City, State Type Date Price $ PPK $ Royalton and Morgans Hotels New York, NY Acquisition May ,000, ,000 Fairmont Copley Plaza Boston, MA Acquisition Aug-10 98,500, ,180 Embassy Suites Hotel Tempe, AZ Disposition May-11 19,000,000 84,821 Sheraton Premiere Tysons Corner Vienna, VA Disposition Dec-10 84,500, ,364 Source: FelCor Investor Data, The Plasencia Group

Denver, CO Acquisition May-11 10,043,000 83,000 10.

8 Summit Hotel Properties (INN) Recent Equity Offerings Type Date Total Amount Initial Public Offering Feb-11 $253,500,000 Recent Transactions Property City, State Type Date Price $ PPK $ Cap % Staybridge Suites Cherry Creek Denver, CO Acquisition May-11 10,043,000 83, % Homewood Suites Ridgeland, MS Acquisition May-11 7,280,000 80, % Holiday Inn Gwinnett Center Duluth, GA Acquisition May-11 7,007,000 49, % Source: Summit Investor Data, The Plasencia Group

Sunstone Hotel Investors (SHO) Recent Equity Offerings Type Date Total Amount Secondary Equity Nov-10 $200,000,000 Recent Transactions Property City, State Type Date Price $ PPK $ Hilton San Diego

9 Sunstone Hotel Investors (SHO) Recent Equity Offerings Type Date Total Amount Secondary Equity Nov-10 $200,000,000 Recent Transactions Property City, State Type Date Price $ PPK $ Hilton San Diego Bayfront San Diego, CA Acquisition Apr ,000, ,160 JW Marriott New Orleans New Orleans, LA Acquisition Feb-11 94,300, ,891 Doubletree Suites Times Square New York, NY Acquisition Jan ,000, ,739 Royal Palm Miami Beach, FL Acquisition Aug ,00, ,398 Royal Palm Miami Beach, FL Disposition Mar ,000, ,751 Source: Sunstone Investor Data, The Plasencia Group

10 Lodging REITs Average Purchase Cap Rates Drop Source: NAREIT

11 Lodging REIT Acquisitions Upper-End Urban Driving Pricing Per Key Pricing, by Location and by Segment Small Town/Metro $79K $97K Interstate Airport $121K $126K Upper Midscale Upscale Upper Upscale Luxury Suburban $105K $134K $207K $249K Resort $192K $264K Urban $179K $248K $293K $364K $0K $50K $100K $150K $200K $250K $300K $350K $400K Source: STR Global

12 Lodging REITs Improving Property EBITDA Margins Source: NAREIT

Capital Markets Update: Transactions, Financing and Market Value

Hotels & Hospitality Capital Markets Update: Transactions, Financing and Market Value State of the Industry Alert Meet the Money Conference May 7, 2013 Greg Hartmann, MAI, MRICS, CHA Executive Vice President