Hotels and Lodging Sector Outlook — September 2026

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CONSUMER DISCRETIONARY › CONSUMER SERVICES › HOTELS AND LODGING

Hotels and Lodging: Durable Fees Hold the Premium

The report shows where public valuations and precedent transactions place value across lodging models.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Hotels and Lodging Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   CONSUMER DISCRETIONARY › CONSUMER SERVICES › HOTELS AND LODGING

   This is the cover slide identifying the report as a Hotels and Lodging sector outlook dated September 2026.

   We open today's discussion on the Hotels and Lodging sector, with market data as of September 28, 2026. Our valuation lens throughout is EV/EBITDA on CY2027E consensus, and the story ahead is about which earnings streams the market treats as durable.

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   CONSUMER DISCRETIONARY › CONSUMER SERVICES › HOTELS AND LODGING Hotels and Lodging: Durable Fees Hold the Premium The report shows where public valuations and precedent transactions place value across lodging models. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Hotels and Lodging Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This slide lists the five numbered sections plus the appendix that make up the report.

   We've structured this report in five sections plus an appendix, starting with the bottom line so the headline finding lands immediately. From there we walk through the market landscape, valuation and situations, precedent transactions and strategic implications — so even a reader who stops after section one leaves with the full story.

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   CONTENTS What This Report Covers 01 The Bottom Line Hotels and Lodging Rewards Durable Earnings, System Economics and Distinct Operating Models 02 The Landscape Different Earnings Models Sit Behind the Hotels and Lodging Label 03 Valuation & Situations The Premium End Pairs Durable Earnings with System-Level Economics 04 Precedent Transactions Precedent Transactions Price the Earnings Mix Behind the Lodging Label 05 Strategic Implications Strengthen the Earnings Mix Before Choosing the Next Strategic Move 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Hotels and Lodging Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Hotels and Lodging Separates Fee Platforms, Owned Assets and Specialty Models

   This slide previews the report's full argument on one page, covering valuation, coverage, growth and operating-model findings.

   The premium end of this sector trades at 17.2x EV/EBITDA (CY2027E), against 8.3x at the discount end — a spread that persists even though these multiples already credit forecast growth. EV/EBITDA covers 11 of the 14 companies in our universe, a fit that reflects the recurring royalty, management and ancillary fee streams many of these businesses generate. Faster-growing names in this set trade at 10.4x versus 14.6x for the slower-growing group, so growth alone does not explain the premium. The universe splits into owned hotel and single-property names, senior living names and a destination and gaming-led resort name, each carrying a different capital and earnings profile — so the operating agenda has to follow the business model, not a single sector average.

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   01 · THE BOTTOM LINE Hotels and Lodging Separates Fee Platforms, Owned Assets and Specialty Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (11 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Hotels and Lodging Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Durable Earnings Hold the Wider Valuation Range The premium end stands at 17.2x, compared with 8.3x at the discount end. These CY2027E multiples already credit forecast growth, so the remaining spread points to differing views of earnings durability. 2 The Profit Lens Fits the Businesses Being Priced EV / EBITDA covers 11 of 14 companies, and 11 of the 11 companies with reported forward EBITDA carry meaningful earnings. That coverage sits alongside recurring royalty, management and ancillary fee streams that a revenue multiple would not fully capture. 3 Growth Needs Context Before It Earns a Premium The 6 faster-growing names trade at 10.4x, while the 5 slower-growing names trade at 14.6x. In this set, growth by itself is not associated with the higher valuation. 4 Operating Model Defines the Strategic Agenda The set includes 11 owned hotel and single-property lodging names, 2 senior living names and 1 destination and gaming-led resort lodging name. Fee mix, capital commitments, licensing and reimbursement exposure differ across those groups. 10.5x Sector median EV/EBITDA CY2027E consensus · 11 rated of 14 companies 17.2x Premium end EV/EBITDA vs 8.3x at the discount end top quartile (n=3) against bottom quartile (n=3) on EV/EBITDA — the spread the report explains 31 Transactions with disclosed terms 131 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces the section on how different earnings models sit behind the Hotels and Lodging label.

   Next, we separate contracted fees, property earnings and regulated specialty models across the sector. Each warrants its own valuation lens before we get to relative pricing.

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   SECTION 02 02 THE LANDSCAPE Different Earnings Models Sit Behind the Hotels and Lodging Label Contracted fees, property earnings and regulated specialty models warrant separate valuation views. 02 of 06 Hotels and Lodging Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   The Sector Map Separates Contract Economics from Asset and Regulatory Exposure

   This slide maps 14 approved companies by business segment and shows the median EV/EBITDA (CY2027E) for each group.

   We've grouped all 14 approved companies in this universe by business segment and calculated the median EV/EBITDA (CY2027E) for each. This separates fee-driven contract economics from businesses carrying direct asset or regulatory exposure. The grouping is a starting point for how we read relative valuation across the sector — so what looks like one industry on paper is really several different economic models.

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   02 · MARKET MAP The Sector Map Separates Contract Economics from Asset and Regulatory Exposure 14 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Hotels and Lodging Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 OWNED HOTEL ASSETS AND SINGLE-PROPERTY LODGING 11 cos median 10.5x Marriott (MAR) Hilton Worldwide (HLT) InterContinental (IHG) Hyatt Hotels (H) H World Group (HTHT) Wyndham Hotels & (WH) Choice Hotels (CHH) Atour Lifestyle (ATAT) Civeo (CVEO) The InterGroup (INTG) GreenTree (GHG) This group contains the main lodging platforms, where fee mix, RevPAR index and net unit growth shape market positioning. ADJACENT: SENIOR LIVING COMMUNITIES 2 cos 15.3x · 1 rated Brookdale Senior (BKD) Sonida Senior (SNDA) Senior living brings licensing and reimbursement exposure that differs from lodging demand. DESTINATION AND GAMING-LED RESORT LODGING 1 cos 10.4x · 1 rated Marriott (VAC) Destination and gaming-led resorts combine lodging demand with specialist consumer-finance and licensing considerations.

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   02 · LANDSCAPE

   Three Operating Models Create Three Different Value Stories

   This slide describes what each operating model does and why it produces a different value story.

   Each of the three operating models in this sector — fee-based platforms, owned-asset operators and specialty models — plays a different economic role, and the segment medians on rated names show it. We walk through what each group does and why the market prices it differently. Full company-level detail sits in the appendix for any name a client wants to trace — so this page is the map, not yet the verdict.

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   02 · LANDSCAPE Three Operating Models Create Three Different Value Stories Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Hotels and Lodging Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Owned hotel assets and single-property lodging 11 79% 10.5x Marriott International, Inc. (MAR) · Hilton Worldwide Holdings Inc. (HLT) · +9 more System economics shape value. Recurring royalties, management fees, loyalty economics and net unit growth can support durable earnings, while owned assets, leases, key money and PIP commitments retain capital exposure. Adjacent: senior living communities 2 14% 15.3x n=1 Brookdale Senior Living Inc. (BKD) · Sonida Senior Living, Inc. (SNDA) Regulation changes the lens. Senior living depends on occupancy and operating execution alongside state licensing and government reimbursement dynamics. Destination and gaming-led resort lodging 1 7% 10.4x n=1 Marriott Vacations Worldwide Corporation (VAC) Specialist risks reshape underwriting. Destination and gaming-led resort lodging combines property operations with consumer-finance or licensing considerations that call for a distinct benchmark.

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   SECTION 03

   03

   This divider introduces the section on how the premium end pairs durable earnings with system-level economics.

   From here, we look at why the premium end pairs durable earnings with system-level economics. Forward valuation already credits forecast growth, which raises the bar for that premium to hold.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium End Pairs Durable Earnings with System-Level Economics Forward valuation already credits forecast growth, raising the bar for a premium to persist. 03 of 06 Hotels and Lodging Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Reflects a More Durable View of Forward Earnings

   This slide ranks all 11 rated companies by EV/EBITDA (CY2027E) against a sector median of 10.5x.

   All 11 rated companies in this universe are sorted here by EV/EBITDA (CY2027E), against a sector median of 10.5x. The tier zones split the rated set at its own quartiles, so every multiple on this page sits on the same basis. What stands out is that the premium tier reflects a more durable view of forward earnings, not simply faster growth — so the spread across tiers is about earnings quality as much as pace.

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   03 · PUBLIC MARKET VALUATION The Premium End Reflects a More Durable View of Forward Earnings EV / EBITDA (CY2027E) · all 11 rated companies, sorted descending · sector median 10.5x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (11 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Hotels and Lodging Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 17.2x CORE · median 10.5x DISCOUNT · median 8.3x Sector median 10.5x WHAT SEPARATES THE TWO ENDS The top holds durability. The premium tier stands at 17.2x on CY2027E EBITDA. A forward multiple already credits forecast growth, so its persistence signals confidence in earnings durability. The bottom carries questions. The discount tier stands at 8.3x. The operating agenda is to improve revenue quality, retention and capital efficiency rather than rely on top-line expansion alone. System economics deserve focus. RevPAR index, effective royalty rate, net unit growth and conversion-led openings help frame whether earnings can hold through changing demand conditions.

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   03 · VALUATION DRIVERS

   Faster Growth Sits Below the Slower Group in This Set

   This slide compares median EV/EBITDA (CY2027E) across revenue-growth and EBITDA-margin cohorts.

   Splitting the rated set at its own covered medians, the faster-growing cohort trades at 10.4x while the slower-growing cohort trades at 14.6x. That's an association in this data, not a causal claim — but it tells us growth by itself isn't what the market is paying up for here. We also look at the same split by EBITDA margin, giving a fuller read on which combination of growth and profitability the market rewards — so the next page puts growth and margin together.

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   03 · VALUATION DRIVERS Faster Growth Sits Below the Slower Group in This Set Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=6; slower n=5; higher-margin n=6; lower-margin n=5). Driver readings are NeuraCap views on the supplied data — association, not causation. Hotels and Lodging Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 8% · EBITDA-margin split at 25% Growth Alone Does Not Secure the Higher Valuation On the 6 faster-growing names, the middle valuation is 10.4x. On the 5 slower-growing names, it is 14.6x. Revenue Quality Can Matter Alongside Growth Long-dated franchise agreements, recurring fees, owner retention and loyalty contribution can make the earnings profile more durable. Capital Commitments Can Dilute an Asset-Light Story Owned real estate, leases, key money, guarantees and renovation support can leave meaningful capital exposure inside a fee-led model. Pipeline Quality Matters More than Headline Size Conversions, rooms under construction and franchisee access to financing provide a clearer view of likely net unit growth.

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    03 · SITUATION MAP

    Market Position Informs Which Operating Lever Matters Next

    This slide places companies into a two-by-two grid cut on EV/EBITDA versus the sector median and revenue growth versus the covered median.

    We cut this grid on EV/EBITDA against the 10.5x sector median and on revenue growth against the 8% covered median, positioning each company by where it sits today. This is an observation of current market position, not a recommendation to buy or sell any security. It's a useful starting point for asking which operating lever matters most for a given position — so the next page turns that into an agenda.

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    03 · SITUATION MAP Market Position Informs Which Operating Lever Matters Next Cut on EV / EBITDA vs the sector median (10.5x) (rows) and revenue growth vs the covered median (8%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Hotels and Lodging Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Growth with a Premium Above-median multiple · above-median revenue growth 3 names Hilton Worldwide Holdings Inc. (HLT) · H World Group Limited (HTHT) · Sonida Senior Living, Inc. (SNDA) These 3 names sit above the market on valuation and growth. The priority is to protect revenue quality, margin resilience and the system economics supporting that position. Premium Without Faster Growth Above-median multiple · below-median revenue growth 3 names Marriott International, Inc. (MAR) · InterContinental Hotels Group PLC (IHG) · Hyatt Hotels Corporation (H) These 3 names sit above the market on valuation despite slower growth. Durable fees, brand economics and capital discipline remain central to defending the premium. Growth Awaiting Recognition Below-median multiple · above-median revenue growth 3 names Marriott Vacations Worldwide Corporation (VAC) · Atour Lifestyle Holdings Limited (ATAT) · Civeo Corporation (CVEO) These 3 names grow faster while trading below the market benchmark. The key question is whether growth can translate into durable fees, better margins and lower capital intensity. Repositioning Required Below-median multiple · below-median revenue growth 2 names Wyndham Hotels & Resorts, Inc. (WH) · Choice Hotels International, Inc. (CHH) These 2 names sit below the market on valuation and growth. Their agenda centres on revenue mix, retention, cost structure and selective capital allocation.

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    03 · GROWTH VS PROFITABILITY

    Balanced Growth and Profitability Occupy the Higher-Valued Part of the Map

    This slide plots revenue growth against EBITDA margin for 11 companies and shows median EV/EBITDA by quadrant.

    Across the 11 companies with both estimates, we cut growth at 8% and margin at 25% and look at the median EV/EBITDA in each quadrant. The names that combine growth above the median with margin above the median occupy the higher-valued part of this map. That combination — not growth or margin alone — is where the market appears most willing to pay up, so it's a useful filter for where to focus operating attention.

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    03 · GROWTH VS PROFITABILITY Balanced Growth and Profitability Occupy the Higher-Valued Part of the Map Revenue growth (CY2026E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 11 companies with both estimates · cuts at the covered medians (8% growth, 25% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=3; margin-only n=3; growth-only n=3; neither n=2). SNDA plotted at the chart edge. Hotels and Lodging Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 20% 40% 60% 80% 10% 20% 30% 40% 50% MARGIN ONLY median 10.3x BALANCED median 15.3x NEITHER median 15.9x GROWTH ONLY median 8.3x H CHH WH MAR IHG VAC HLT CVEO HTHT ATAT SNDA x: revenue growth (CY2026E) · y: EBITDA margin (CY2027E) HOW TO READ THIS The map splits the 11 names with estimates at 8% revenue growth and 25% margin. The 3 balanced names carry a 15.3x middle valuation, while the 3 margin-led names carry 10.3x. Hilton Worldwide Holdings Inc. (HLT), H World Group Limited (HTHT) and Sonida Senior Living, Inc. (SNDA) sit in the balanced group. The pattern is descriptive and does not establish that growth or margin caused the valuation. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 5 of 11 names clear it (SNDA, HTHT, CHH, WH, ATAT).

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    03 · THE AGENDA

    Choose the Operating Move That Matches the Current Market Position

    This slide frames the operating questions an owner or acquirer should resolve based on current market position.

    Building on the situations we've just mapped, this page frames the questions an owner or acquirer should be asking next. These are observations grounded in the cohort data, not recommendations — the choice of move still depends on a company's specific starting point. Matching the right lever to the right position is the practical takeaway from the valuation work so far.

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    03 · THE AGENDA Choose the Operating Move That Matches the Current Market Position NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Hotels and Lodging Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Improve the Quality of Growth Shift attention toward recurring fees, effective royalty rate, owner retention and direct-booking contribution. What changes the answer: Growth rises alongside better fee mix, retention and franchisee economics. Accelerate Conversion-Led Unit Growth Prioritise conversions where they offer faster openings and less dependence on franchisee construction financing. What changes the answer: The conversion pipeline advances into rooms under construction and open units. Reduce Residual Capital Exposure Reassess owned real estate, leases, guarantees, key money and renovation support within the earnings model. What changes the answer: Capital commitments remain high relative to recurring fee earnings. Use Acquisitions Selectively Test build-versus-buy where a target adds chain-scale coverage, owner relationships or specialist capabilities. What changes the answer: A target offers a clearer route to durable earnings than internal investment.

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    SECTION 04

    04

    This divider introduces the section on precedent transactions and how they price the earnings mix behind the lodging label.

    Now we turn to precedent transactions and how buyers have priced different forms of lodging earnings. Strategic fit and business model matter more here than any single sector-wide benchmark.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Price the Earnings Mix Behind the Lodging Label Strategic fit and business model matter more than a single sector-wide benchmark. 04 of 06 Hotels and Lodging Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Precedent Transactions Show Buyers Pricing Different Forms of Lodging Earnings

    This slide walks through three precedent transactions with disclosed terms as case studies, drawn from a set of 31 disclosed-term deals.

    We highlight three of the 31 transactions with disclosed terms as case studies, each priced on LTM financials at announcement. These deals aren't directly comparable to our CY2027E public-market basis, and we don't claim a spread between the two. What they show is buyers pricing different forms of lodging earnings — fee streams, owned assets, specialty models — on their own terms. The complete list of transactions sits in the appendix for further review.

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    04 · DEAL CASE STUDIES Precedent Transactions Show Buyers Pricing Different Forms of Lodging Earnings 3 of 31 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 155 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 100 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Hotels and Lodging Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Oct-2023 $9.7B Choice Hotels International, Inc. Choice Hotels International, Inc. pursued Wyndham Hotels & Resorts, Inc. in a large brand-platform… EV / LTM revenue 6.9x EV / LTM EBITDA 15.4x WHY THE DEAL HAPPENED The transaction suggests an interest in system scale, franchise relationships and broader chain-scale coverage. Those attributes align with the recurring fee economics sought in branded lodging platforms. HOW THE TARGET WAS VALUED The announced value was $9.7B, equal to 6.9x EV / Revenue and 15.4x EV / EBITDA. The EBITDA multiple benchmarks the fee and earnings base, while the revenue multiple provides a cross-check. Jun-2025 $2.6B Hyatt Hotels Corporation Hyatt Hotels Corporation added Playa Resorts Holding B.V. through a completed resort-platform… EV / LTM revenue 2.9x EV / LTM EBITDA 11.5x WHY THE DEAL HAPPENED The transaction suggests a strategic fit between a branded lodging company and a resort operator. It also points to the value of adding resort exposure within a broader lodging system. HOW THE TARGET WAS VALUED The completed value was $2.6B, equal to 2.9x EV / Revenue and 11.5x EV / EBITDA. The two measures capture both platform scale and the earnings attached to it. Nov-2023 $2.0B Hilton Grand Vacations Inc. Hilton Grand Vacations Inc. pursued Bluegreen Vacations Holding Corporation to expand vacation… EV / LTM revenue 2.3x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests a specialist buyer seeking greater scale in vacation ownership. That model requires attention to receivables, inventory and consumer-finance economics alongside lodging demand. HOW THE TARGET WAS VALUED The pending value was $2.0B, equal to 2.3x EV / Revenue. That benchmark reflects the disclosed revenue basis for a vacation ownership business.

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    SECTION 05

    05

    This divider introduces the section on strengthening the earnings mix before the next strategic move.

    Next, we turn the valuation and transaction evidence into strategic implications. The focus is on durable fees, productive unit growth and lower operating exposure.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Strengthen the Earnings Mix Before Choosing the Next Strategic Move Focus capital on durable fees, productive unit growth and lower operating exposure. 05 of 06 Hotels and Lodging Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Durable Fees and Disciplined Growth Support Strategic Flexibility

    This slide sets out the strategic questions this data raises for owners, management teams and boards over the next twelve months.

    Durable fees and disciplined growth are what support strategic flexibility in this sector, and this page frames the questions that follow for the next twelve months. These are directional views grounded in the analysis already presented, not recommendations to act. For owners, the priority is protecting the economics behind the fee model; for management teams, converting pipeline into productive units; for boards, matching capital allocation to earnings quality — so each audience has a distinct next step.

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    05 · STRATEGIC IMPLICATIONS Durable Fees and Disciplined Growth Support Strategic Flexibility NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Hotels and Lodging Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Protect the Economics Behind the Flag Focus on franchisee profitability, RevPAR index, retention and the capital commitments required to sustain system growth. FOR MANAGEMENT TEAMS Convert Pipeline into Productive Units Prioritise openings with attractive fee economics, credible financing and a clear path from approval to operation. FOR BOARDS Match Capital Allocation to Earnings Quality Compare organic investment, conversions and acquisitions against their effect on recurring fees, operating exposure and capital intensity.

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    SECTION 06

    06

    This divider introduces the appendix covering the full comparable universe, methodology and sources.

    The final section carries the full comparables universe, the valuation methodology and the source for every figure in the body of this report.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Hotels and Lodging Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier.

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (10.5x); amber marks below · 11 rated companies; 3 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 11 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. 18

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (10.5x); amber marks below · 11 rated companies; 3 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 11 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Hotels and Lodging Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥16.1x · median 17.2x · 3 companies Hilton Worldwide Holdings Inc. HLT Owned hotel assets and single-property lodging $85.7B 19.2x 8% 32% 40 Marriott International, Inc. MAR Owned hotel assets and single-property lodging $112B 17.2x 6% 22% 28 InterContinental Hotels Group PLC IHG Owned hotel assets and single-property lodging $27.3B 16.9x 7% 28% 33 CORE — 10.1x–16.1x · median 10.5x · 5 companies Sonida Senior Living, Inc. SNDA Adjacent: senior living communities $3.3B 15.3x 91% 25% 43 Hyatt Hotels Corporation H Owned hotel assets and single-property lodging $19.3B 14.6x 1% 17% 25 H World Group Limited HTHT Owned hotel assets and single-property lodging $16.2B 10.5x 16% 35% 42 Marriott Vacations Worldwide Corporation VAC Destination and gaming-led resort lodging $8.9B 10.4x 8% 15% 19 Choice Hotels International, Inc. CHH Owned hotel assets and single-property lodging $6.8B 10.3x 2% 39% 42 DISCOUNT — <10.1x · median 8.3x · 3 companies Wyndham Hotels & Resorts, Inc. WH Owned hotel assets and single-property lodging $7.9B 10.0x 3% 50% 56 Atour Lifestyle Holdings Limited ATAT Owned hotel assets and single-property lodging $3.9B 8.3x 38% 20% 39 Civeo Corporation CVEO Owned hotel assets and single-property lodging $562M 5.9x 9% 13% 17

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix page lists precedent transactions with disclosed terms, newest first, the first of two pages covering 18 of 31 such deals.

    This page begins the full list of the 31 transactions with disclosed terms, newest first, with multiples on LTM financials at announcement where disclosed. These deal multiples sit on a different basis than our CY2027E public multiples, so we don't draw a direct spread between them. The remaining transactions continue on the next page and in the companion workbook for the complete record.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 31 transactions with disclosed terms in this tier (131 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 155 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 100 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 31 transactions shown; the rest are in the companion workbook. Hotels and Lodging Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Mar-2026 B&G Foods, Inc. → DiamondRock Hospitality Company n/a n/a 9.4x B&G Foods, Inc. announced a transaction involving DiamondRock Hospitality Company at 9.4x EV / EBITDA. Jun-2025 Hyatt Hotels Corporation → Playa Resorts Holding B.V. $2.6B 2.9x 11.5x Hyatt Hotels Corporation acquired Playa Resorts Holding B.V., pairing a branded strategic buyer with a resort platform. Aug-2024 Penn Virginia Corporation → Lindner Hotels AG n/a n/a 3.0x Penn Virginia Corporation's pending transaction involving Lindner Hotels AG was valued at 3.0x EV / EBITDA. Mar-2024 Arrow Holdings S.à r.l. → Target Hospitality Corp. $1.2B 2.1x 3.5x Arrow Holdings S.à r.l. announced a $1.2B transaction involving Target Hospitality Corp. at 2.1x EV / Revenue and 3.5x EV / EBITDA. Nov-2023 Hilton Grand Vacations Inc. → Bluegreen Vacations Holding Corporation $2.0B 2.3x n/a Hilton Grand Vacations Inc. pursued Bluegreen Vacations Holding Corporation, extending a specialist vacation ownership platform. Oct-2023 Choice Hotels International, Inc. → Wyndham Hotels & Resorts, Inc. $9.7B 6.9x 15.4x Choice Hotels International, Inc. announced a transaction involving Wyndham Hotels & Resorts, Inc., bringing two large lodging systems together. May-2023 Pebblebrook Hotel Trust → Hotel Monaco Seattle n/a n/a 30.7x Pebblebrook Hotel Trust completed its transaction involving Hotel Monaco Seattle at 30.7x EV / EBITDA. Mar-2021 Blackstone Real Estate Partners & Starwood Capital Group → Extended Stay America, Inc. n/a n/a 13.9x Blackstone Real Estate Partners & Starwood Capital Group announced a transaction involving Extended Stay America, Inc. at 13.9x EV / EBITDA. Nov-2020 Arrow Holdings S.à r.l. → Target Hospitality Corp. $532M 2.1x 5.4x Arrow Holdings S.à r.l. announced a $532M transaction involving Target Hospitality Corp. at 2.1x EV / Revenue and 5.4x EV / EBITDA.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix page continues the list of precedent transactions with disclosed terms, newest first.

    This page completes the list of 18 of the 31 disclosed-term transactions shown in the report, with the remainder available in the companion workbook. As before, these multiples are LTM at announcement and are not directly comparable to our CY2027E public-market basis. Together with the previous page, this is the full disclosed-term transaction record behind our case studies.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 31 transactions with disclosed terms in this tier (131 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 155 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 100 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 31 transactions shown; the rest are in the companion workbook. Hotels and Lodging Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Sep-2020 Silverplate Capital Partners LLC → Hospitality Interests $2.8B n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Dec-2019 Ryman Hospitality Properties, Inc. → Block 21 $275M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Jun-2019 Hilton Worldwide Holdings Inc. → Hilton Grand Vacations Inc. $4.5B 2.3x 9.7x Value shown as recorded in the filing; deal value unit unresolved. Mar-2019 Platinum Eagle Acquisition Corp. → Target Logistics Management, LLC and RL Signor Holdings, LLC n/a n/a 10.4x Jan-2019 Advent International → Aimbridge Hospitality n/a n/a 11.0x Dec-2018 DiamondRock Hospitality Company → Cavallo Point, the Lodge at the Golden Gate n/a n/a 12.8x Value shown as recorded in the filing; deal value unit unresolved. Dec-2018 LVMH Moet Hennessy Louis Vuitton → Belmond Ltd. n/a n/a 22.9x Nov-2018 Platinum Eagle Acquisition Corp. → Arrow Parent Corp. $1.3B n/a n/a Oct-2018 Hyatt Hotels Corporation → Two Roads Hospitality LLC n/a n/a 19.6x

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This slide explains the report's sources, assumptions and data-quality treatment.

    This page sets out how we built the report: the sources behind every figure, what was excluded and why, and where each underlying disclosure lives. Every figure links back to the record it was taken from; where no link exists, the appendix names the source and the basis on which we read it. This is the reference page for any client who wants to verify a number independently.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Hotels and Lodging Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (11 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Hotels and Lodging and it clears the coverage gate with 11 of 14 companies (79%). EV / Revenue, P / E are carried as a cross-check. The set earns: 11 of the 11 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 12 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 637 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (636) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Premium Sits with Earnings the Market Views as Durable Beyond Forecast Growth.

    This closing slide restates the report's central finding about durable earnings and forecast growth.

    The premium in this sector sits with earnings the market views as durable beyond forecast growth. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure worth tracing further.

    Everything on this page

    The Premium Sits with Earnings the Market Views as Durable Beyond Forecast Growth. NeuraCap AI — Hotels and Lodging Coverage September 2026 · Prepared by NeuraCap AI · Confidential Hotels and Lodging Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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