Host Hotels & Resorts, L.P. Proprietary

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2 This investor presentation, and the related discussion, contains forward-looking statements. These include statements about Host Hotels & Resorts plans, strategies, financial performance, prospects or future events. Forward-looking statements are not guarantees of future performance. They involve known and unknown risks, uncertainties and assumptions and many of the factors that will determine these items are beyond our ability to control or predict. Consequently, our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking or listening for words such as approximates, believes, expects, anticipates, intends, plans, would, may or similar expressions in these slides or in the related discussion. Factors that may cause actual results to differ materially from those contemplated by the forward-looking statements include, but are not limited to, (i) changes in national and local economic and business conditions that will affect occupancy rates at our hotels and the demand for hotel products and services; (ii) operating risks associated with the hotel business, including the effect of increasing labor cost; (iii) risks associated with our ability to complete acquisitions and dispositions and develop new properties and the risks that acquisitions and new developments may not perform in accordance with our expectations; (iv) our ability to maintain our properties in a first-class manner, including meeting capital expenditures requirements, and the effect of renovations, including temporary closures, on our hotel occupancy and financial results; (v) our ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; and (vi) those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2017 under the heading Risk Factors, which is available on our website: Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this presentation is as of December 31, 2017 and the results presented are for the year ended December 31, 2017 unless otherwise noted, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or to changes in the Company s expectations. This investor presentation, and the related discussion, also contain certain non-gaap financial measures, which should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with generally accepted accounting principles ( GAAP ). Please refer to the Appendix of this presentation for a reconciliation of these non-gaap financial measures to the most directly comparable financial measures prepared in accordance with GAAP and definitions and calculation methodologies used for other defined terms used in this presentation. The brands and logos used in this presentation are the trademarks of our managers or their affiliates. The trademarked names and their logos are the property of their respective owners and are being used with the express permission of their owners. None of the owners of these trademarks has any responsibility or liabilityfor any information contained in this presentation. Host Hotels & Resorts, L.P. Proprietary 2

3 Takeaway bar 1. Figures as of September 30, See Appendix for calculation of Total Enterprise Value 3. See Appendix for a list of our top 40 hotels and a description of what we consider to be our comparable hotels 4. Average Daily Trading Volume between January 1, 2018 and September 30, Calculated by multiplying the daily share price by the daily volume and taking the average between January 1, 2018 and September 30, Based on data reported by Yahoo Finance as of September 30,

4 JF: realign to fit full page Acquired $1.4bn of iconic and irreplaceable hotels since early 2017, each with very strong expected growth profiles $4.2bn of acquisitions since 2010, including Andaz Maui, Grand Hyatt San Francisco, Hyatt Regency Coconut Point, The Phoenician, The Don CeSar and Beach House Suites and W Hollywood, among others Top 40 assets have RevPAR and Total RevPAR of $228 and $349, respectively, one of the highest in the public lodging REIT sector Top 40 assets contribute $935mm of EBITDA or ~61% of Host total EBITDA 1 Geographically Diverse Portfolio with Strong Exposure to High Growth Markets No Metropolitan Statistical Area (MSA) represents more than 11% of Hotel EBITDA (11% of Net Income) 1 > 35% of Hotel EBITDA (35% of Net Income) originates from West Coast and Hawaii markets, the top performing markets with minimal supply growth expected in the near-term Multiple assets in specific markets facilitate management and sales force complexing, driving profitability and best practices The world s largest lodging REIT and the only S&P 500 lodging REIT Fully integrated investment management platform including investments, asset management, development, design & construction, enterprise analytics, accounting, tax, capital markets, investor relations and legal functions all in-house and run by long-tenured experts Integrated Platform to Drive Performance Industry leading Enterprise Analytics platform drives strong operating performance across asset type and manager Resulted in Comparable Hotel EBITDA Margin expansion of ~560bps vs. ~300bps for peers since Greatest Leverage to Marriott / Starwood Merger Benefits >78% of Host portfolio (by room count) under global brand leader Marriott - Host represents 11% of Marriott s North American full service distribution by room count, its largest customer; Merger benefit from expected EBITDA margin expansion of 40bps to 50bps annually through 2020 Industry leading corporate responsibility program that delivers measurable results and recognition 2017 accomplishments and recognitions include NAREIT Leader in the Light Lodging/Resorts award, #1 Hotels, U.S. Listed company and Green Star ranking by GRESB, CDP Leadership ranking and listed on the Dow Jones Sustainability North America Index New Management and Organizational Structure; Best-in-Class Board C-Suite (CEO, CFO and CIO) promotions and additions over the last 20 months Realignment of Investments and Asset Management under CIO and Enterprise Analytics under CFO; changes encourage collaboration via interdepartmental teams to drive real estate value creation Tenured and experienced Board of Directors with demonstrated track record as best-in-class fiduciaries Only investment-grade lodging REIT Leverage 2.0x, interest coverage 9.6x as of September 30, Significant liquidity with ~$1,269mm of cash and $702mm of revolver capacity as of September 30, 2018 No assets are encumbered by debt, no maturities until 2020, 5+ year weighted average maturity as of December 31, 2017 $3.2bn returned to stockholders since 2015 via share buyback ($893mm) and dividends ($2.4bn) as of September 30, See appendix for reconciliation of 2017 Hotel EBITDA to Hotel net income. 2. See slide 15 for further description and for comparable GAAP operating profit margins. 3. Host Leverage Ratio and Interest Coverage Ratio are calculated using Host s credit facility and senior notes definitions. September 30, 2018 GAAP leverage ratio is 4.3x and interest coverage ratio is 5.3x. See appendix for calculation methodology and reconciliations. 4

5 Focus on luxury and upper upscale resort and large convention center assets with high RevPAR and total RevPAR where projected supply is low ( supply CAGR 0.5% 1 ), and are located in the faster growing markets in North America Foreign exposure represents only 4% of our total EBITDA (5% of net income) Exited Australia and Mexico in 2017 and 2018, respectively Sale of our Euro JV interests under contract 2 Optimize our financial decision making by utilizing deeper knowledge and experience in domestic markets Established in early 2017 with the goal of creating a single source of truth to prioritize and direct appropriate resources for capital allocation and operating decisions Analyzes 1.2 bn discrete data points by leveraging Host s informational and portfolio scale Continue to focus on benchmarking, deep dives, and operational transformations to drive margin growth Partner with IBM Watson to co-develop a predictive analytics tool powered by artificial intelligence software Keen focus on maintaining investment-grade rating. Provides dividend stability and financial flexibility As the only investment-grade lodging REIT, we are advantaged by our broad access to the most favorable capital costs in the industry Identify redevelopment / repositionings, excess space and land value creation opportunities, and ground lease purchases and modifications Enhance collaboration to make quicker and better informed decisions and increase accountability 1. Lodging Econometrics supply forecast for U.S. Resort and Convention Center hotels (>700 rooms) as of December The sale is expected to close during the fourth quarter, subject to customary closing conditions, including the receipt of required consents. 5

6 $31.5 $30.5 $27.0 ($ bn) 9-month average 2 ($ mm) $15.6 $138.8 $6.6 $60.9 $57.1 $4.4 $3.9 $3.8 $3.7 $2.5 $2.4 $1.9 $24.3 $22.5 $0.6 $9.0 $3.5 HST PK RHP RLJ LHO SHO PEB DRH CHSP AHT HST LHO PK PEB SHO RLJ DRH RHP CHSP AHT 1. Equity Market Capitalization as of September 30, Based on data reported by Yahoo Finance as of September 30, Average Daily Trading Volume calculated by multiplying the daily share price by the daily volume and taking the average between January 1, 2018 and September 30, Based on data reported by Yahoo Finance as of September 30,

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8 ,852 52,560 $228 $180 1 $349 $274 1 $935 $1,348 1 / $571 $35 $28 1 / $11 61% 100% Note: Hotel EBITDA and EBITDA per key are non-gaap measures. See appendix for definitions of these measures and reconciliations to comparable GAAP measures. 1. Based on our comparable hotel set at December 31,

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10 $228 $207 $349 $350 $302 HST Top 40 Closest Peer PEB HST Top 40 Closest Peer RHP Next Closest PEB $ mm $935 $758 HST Top 40 Closest Peer PK 1. See appendix for reconciliations of EBITDA to net income and a listing of what we consider to be our peer companies. Peer information is based on company filed SEC data; our peers may calculate EBITDA differently and this presentation does not account for those differences. 2. See appendix for a description of how RevPAR index is calculated. 10

11 Drives complexing synergies Reduces volatility to provide long-term operational outperformance Supports comprehensive market knowledge to drive key financial decisions States with Host Assets Note: Map excludes unconsolidated and international properties. See appendix for reconciliation of EBITDA to net income by market. San Diego 7% 11% New York 4% 9% San Francisco/San Jose 11% 8% Washington, D.C. (CBD) 8% 7% Maui/Oahu 8% 7% Boston 7% 6% Phoenix 4% 5% Florida Gulf Coast 6% 5% Orlando 5% 4% Chicago 4% 4% Northern Virginia 4% 4% Atlanta 4% 3% Los Angeles 4% 3% Orange County 3% 3% Seattle 3% 3% Houston 2% 2% New Orleans 3% 2% Jacksonville 3% 2% San Antonio 2% 2% Denver 1% 2% Philadelphia 1% 1% Miami 1% 1% Other Domestic 4% 4% International 1% 2% Total 100% 100% 11

12 % of Total Rooms CAGR F 47.2% 2.5% 36.3% 0.6% 0.6% HST Peer Average 1 Resort Convention Total United States greater resort and convention focus vs. peers projected resort and convention supply growth Outsized benefit from Resort and convention supply growth projected lower than Total United States Host room count adjusted to include acquisition of Hyatt portfolio in March 2018 and disposition of Key Bridge Marriott, W New York, W New York - Union Square, and JW Marriott Hotel Mexico City. 1. See appendix for listing of what we consider to be our Peer companies; peer information is based on company filings. 2. Supply forecasts based on Host internal analysis & Lodging Econometrics pipeline data. 12

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14 + Data analytics platform that tracks 1.2bn discrete data points Benchmarking historical performance, future opportunities, across all brands, operators, and geographies Top-down market research Identify and quantify value-add opportunities; provide analytics support across entire organization Source and close new property acquisitions and negotiate the related management contracts Execute property sales and development deals Responsible for managing brand relationships and negotiating modifications to existing management contracts to enable value enhancements projects Front line of real estate value creation Implement operational and real estate initiatives Two-way communication with properties and managers Bottom-up market research (i.e. boots on the ground); identify strengths, weaknesses, opportunities, and threats to properties In-house Development, Design & Construction expertise led by former head of development at Las Vegas Sands Manage renovations, replacements, and new developments Manage near and long-term capex needs with proprietary planning tools In-house Engineering & Technical Services protects and improves the value of buildings Procurement, estimating, and benchmarking leverage Host scale to buy below brand-managed programs Unlock the value of existing real estate with in-house entitlement expertise Accounting, tax, capital markets, investor relations and legal functions all in-house and run by long-tenured experts Serves as internal advisory group to support Host's operational units Platform to drive external growth 14

15 2011 to 2017 EBITDA Margin Expansion 258 bps 22.3% 27.9% 560 bps 302 bps HST Peer Average $ x $ x September Hotel EBITDA margins are based on comparable hotels in each year, which will vary annually. Operating profit margins under GAAP were 6.5% in 2011 and 12.5% in See appendix for our definition of comparable properties and for reconciliations to the comparable GAAP margins. 2. See appendix for a listing of what we consider to be our peer companies and calculation methodology. Peer data is based on company SEC data; each of our peers may calculate EBITDA margins differently and this presentation does not account for those differences. 3. Earnings (loss) per diluted share: 2017-$0.76; 2012-$0.08; ($0.02); 2012 to 2017 CAGR-57%. See appendix for reconciliation of earnings (loss) per diluted share to Adjusted Funds From Operations per diluted share. 4. Host Leverage Ratio is calculated using Host s credit facility definition. GAAP leverage ratio is not meaningful for 2011 and is 4.3x as of September 30, See Appendix for reconciliations. 15

16 Data points processed each month Unique charts of accounts Property attributes (e.g., market, size, location) Peer groups / competitive sets used for benchmarking Unique manager account / department combinations Total Discrete Data Points Strategic Insight group evaluates fit of proposed transaction given strategic framework of markets and asset types expected to outperform Impact to portfolio allocation is evaluated in terms of market concentration and diversity Expected market performance is based on proprietary statistical modeling Feasibility group underwriting reflects market, submarket, and asset potential Revenue Management & Business Intelligence groups identify revenue or margin opportunities, leveraging proprietary Business Intelligence systems Capital Financial Services group benchmarks capital spending requirements Examines impact of proposed transaction on net asset value and cash flow growth Opportunity is weighed against alternatives including other potential acquisitions, stock buyback, ROI investments, and dividend payments 16

17 Companies with highest exposure to Marriott-Starwood brands projected to recognize outsized growth benefits as Marriott embarks on 40bps to 50bps expected EBITDA margin expansion annually through 2020 from Starwood merger 78% 100% 77% 59% 51% 49% 42% 19% 17% -- 22% 23% 26% 26% 52% 100% 41% 10% 51% 49% 49% 51% 33% 49% 58% 42% 81% 83% Peer Simple Average 46% 100% Host is the largest owner of Marriott branded hotels in the U.S., with a 25-year relationship Outsized influence on brand standards and system changes Contractual rights on additional items i.e., loyalty program and credit cards fees Top-Line Projected Growth Group Sales Sheraton brand improvement Projected Expense Savings Procurement Online travel agencies Credit card Rewards Centralized systems Workers compensation 18% 19% 17% HST RHP DRH AHT CHSP SHO RLJ PEB LHO PK Marriott Starwood Other Peer Simple Average Note: Excludes unconsolidated hotels. Host has been adjusted for the acquisition of 3 Hyatt assets and the sale of Key Bridge Marriott, W New York, and W New York Union Square, and JW Marriott Hotel Mexico City. 1. Percent affiliation to Marriott and Starwood brands is based on room count. 17

18 Dispositions including: Acquisition of high-quality irreplaceable assets: Blended TTM cap rate of 5.0% 2 $168 TTM RevPAR 3 $249 TTM Total RevPAR 3 $20k TTM EBITDA per key 2,3 ~5.5% estimated 2018 cap rate 1 $273 of 2018E RevPAR $446 of 2018E Total RevPAR $45k 2018E EBITDA per key 1 Recycled capital out of low RevPAR hotels Disposed of high capital expenditures assets Marks our exit from low-growth markets that are expected to underperform our portfolio in the near-term Recycle capital into high RevPAR hotels Iconic resorts and large city-center properties, consistent with our acquisition strategy Modern assets in excellent condition and limited near-term capital needs Expected high-growth, desirable coastal markets with high barriers to entry E cap rate using GAAP metrics is 3.8% and 2018E net income per key is $26k. See appendix for reconciliations. 2. TTM blended cap rate using GAAP metrics is (0.4)% and TTM net loss per key is $(5)k. See appendix for reconciliations. 3. Figures do not include operating figures from the New York Marriott Marquis retail, theater, and signage commercial condominium units. 18

19 2020 Targets 2017 Progress We re committed to enhancing the value and profitability of our owned hotels through sustainable business practices. Our strategic framework follows three themes to inform the integration of sustainability into the business and guide engagement with our CR stakeholders. Udpate pic Evaluate opportunities and climate change risks, invest in proven sustainability practices and enhance asset value while improving environmental performance. Set environmental targets, monitor the performance of our responsible investments and measure our progress toward improving the environmental footprint of our properties. Strengthen our local communities through financial support, community engagement and volunteer service. GHG Energy Water Waste 32% 16% 25% 78% DJSI NA Listed #1 Hotels & US Listed Lodging Category Winner Leadership Ranking 28% 15% 25% 50% Reduction Per Square Foot 2 Reduction Per Square Foot 2 Reduction Per Occupied Room 2 Major renovations with waste diversion Leadership recognition 1 st Hospitality to achieve Five LEED Properties 91% Participation 1. New targets are in development. 2. Against 2008 baseline year. 19

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21 (Net Debt + Preferred) / EBITDA vs. Peers x as of December 31, 2017 ($ in mm) $ x $178 $ x 4.5x 3.8x 3.7x 3.4x 3.3x 2.0x 1.4x $500 $500 AHT PEB RLJ RHP CHSP PK LHO DRH HST SHO $500 $350 $406 $6 $ x 4.7x 2.0x $500 $300 $350 $850 $400 $500 $ Blue Chip REIT Peer Avg. Lodging REIT Peer Avg. HST Senior Notes 2 2 Term Loan (¹) Revolver (¹) Other Debt provide flexibility to be opportunistic throughout the cycle until 2020 years of weighted average maturity (as of September 30, 2018) of consolidated assets unencumbered 1. Host leverage is shown as of September 30, 2018 and calculated using Host s credit facility definition. HST September 30, 2018 GAAP leverage ratio is 4.3x. See Appendix for reconciliations for Host. Peer leverage is based on data reported in company data and SEC filings. Companies may calculate EBITDA and other ratio components differently and this presentation does not account for these differences. See Appendix for listing of what we consider to be our Lodging REIT and Blue Chip peers and calculation methodology The term loan and revolver under Host s credit facility that are due in 2021 have extension options that would extend the maturity of both instruments to 2022, subject to meeting certain conditions, including payment of a fee.

22 ($ mm) 2018F Adjusted EBITDAre Ability to continue to pay dividends even through significant downturns differentiates Host from peers 2018F Cash Interest Expense 2018F Renewals & Replacement Capex $182 $ F Adjustment for Taxes & Other $66 $ F Free Cash Flow 2018F Dividend 2 Significant balance sheet capacity provides Host flexibility to opportunistically acquire assets or buyback shares while maintaining investment-grade rating 2018F Discretionary Free Cash Flow 3 1. Figures represent mid-point of Company provided guidance for FY 2018 as of November 1, Figures in millions. See appendix for reconciliation of net income to Adjusted EBITDAre. 2. Assumes $0.80/sh of annual dividends based on the regular dividend of $0.20 declared in Q All dividends are subject to approval by the Board of Directors F GAAP Cash Provided by Operating Activities is $1,280 million. See appendix for reconciliation of 2018F GAAP Cash Provided by Operating Activities to Discretionary Free Cash Flow. 22

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24 PRESIDENT & CEO EXPERIENCE: 40 YEARS HOST TENURE: 21 YEARS EVP & CFO EXPERIENCE: 28 YEARS HOST TENURE: <1 YEAR EVP & CIO EXPERIENCE: 23 YEARS HOST TENURE: 13 YEARS EVP & GENERAL COUNSEL EXPERIENCE: 30 YEARS HOST TENURE: 17 YEARS EVP, HUMAN RESOURCES EXPERIENCE: 35 YEARS HOST TENURE: 8 YEARS MD, DESIGN, DEVELOPMENT & CONSTRUCTION EXPERIENCE: 31 YEARS HOST TENURE: 2 YEARS SVP & TREASURER EXPERIENCE: 28 YEARS HOST TENURE: 25 YEARS SVP, TAX EXPERIENCE: 35 YEARS HOST TENURE: 13 YEARS SVP, CORPORATE CONTROLLER EXPERIENCE: 29 YEARS HOST TENURE: 22 YEARS SVP, ENTERPRISE ANALYTICS EXPERIENCE: 20 YEARS HOST TENURE: 9 YEARS SVP, ASSET MANAGEMENT EXPERIENCE: 28 YEARS HOST TENURE: 10 YEARS 24

25 CHAIRMAN OF THE BOARD Served as Chairman since 1993 PRESIDENT & CEO Former chair and chief executive officer of the Americas for Saatchi & Saatchi Worldwide. Member of the board of directors of PVH Corp and Ruth s Hospitality Group Former Chair of the FDIC. Member of the board of directors for Thomson Reuters Corporation, Volcker Alliance, Avant, Inc. and Paxos Trust Company Former Chair of the RAND Corporation Board of Trustees. Member of the board of directors for Michael Kors Current CEO and Director of GGP. Inc. Member of the board of directors for Century 21, Inc. Former CFO of The Washington Post Company. Chairman of the board for AES Corporation Former managing director and co-head of Americas Real Estate at APG Asset Management. Member of the board of directors for Digital Realty, Kimco Realty and VEREIT Former CEO of Prologis. Member of the board of directors for Iron Mountain Incorporated and Ventas Former United States Senator & current CEO of the National Association of Broadcasters. Chairman of the board of Smith Frozen Foods Diverse Board (36% women) Strong independent oversight 9 out of 11 directors independent, with Chairman of the Board separate from CEO, independent Lead Director and four Audit Committee members are financial experts Adopted proxy access rights Stockholder power to amend Bylaws CEO and Director of Digital Realty Trust, Inc. Allowed Company s stockholder rights plan to expire Opted out of the Maryland Control Share Acquisition Act Opted out of the provisions of the Maryland Unsolicited Takeover Act that permit the Board to classify itself without a stockholder vote 25

26 SVP Corporate Finance, Treasury & Investor Relations

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28 Leased retail, theater and signage condominium units in 2012 and eventually sold the units 6 years later for $442mm Benefitted from a 189% increase in EBITDA from 2012 to 2018 Opportunity to develop and monetize a non-core asset through a lease, and ultimate sale, at an attractive price and accretive multiple Ability to take advantage of like-kind exchange benefits of the Hyatt Portfolio acquisition in early 2018 Utilization of the irreplaceable nature and scale of our assets to extract value via retail, advertising, and outsourcing (Vornado Realty Trust handling retail leasing) In-house investments, asset management, and legal teams effectively managed initial lease agreement and eventual sale Benefited from a like-kind exchange from the Hyatt Portfolio acquisition, sheltering approximately $390mm gain which would otherwise have been distributable Created gross real estate value of approximately $332mm 1 and increased EBITDA by 189% throughout the life of the lease / redevelopment Transaction further strengthens our powerful balance sheet enabling the company to capitalize on opportunities throughout the cycle IRR 1. Project cost includes estimated contributed property value of $94.2mm and cash investment of $16mm, for a total investment basis of $110.2mm forecast net income multiple is 36.8x and forecast stabilized net income multiple is 24.6x using GAAP metrics. See appendix for reconciliations. Stabilized metrics are based on 2019 estimated results and are illustrative only, as actual results are expected to vary, which variations have been material in the past. See appendix for items that may affect forecasted results. 28

29 Acquired March 29, 2018 Three iconic assets in expected high-growth coastal markets Total price of $1bn; ~$700k/key Going-in 5% cap rate targeted to stabilize at 6.4% by 2020 Strong existing Hyatt relationship Host-initiated process Previous relationship with property general managers Owned 10 Hyatts prior to transaction Increased opportunity to complex existing assets Outstanding capital recycling Sold: $870mm of low growth, low RevPAR, high-capex, asset sales at just north of 5% cap rate Acquired: $1bn of high growth, high RevPAR, low-capex iconic assets for 5% cap rate 2017 RevPAR of $277 and 2017 Total RevPAR of $430; portfolio collectively ranks top 10 in RevPAR; Andaz Maui ranks #2 and Grand Hyatt San Francisco #8 High free cash flow conversion given high RevPAR of properties Top growth markets in the country with virtually no expected near-term supply. RevPAR growth projected significantly higher than existing portfolio Beneficiaries of $270mm capital spend since 2010; minimal near-term capital required; each asset exemplary of Hyatt brand; high RevPAR means higher likelihood of living within reserve Leveraging Host s strong relationship (largest third-party owner of Hyatt hotels) with Hyatt and ability to move quickly; under contract within 4 weeks Using Enterprise Analytics platform to identify cost savings opportunities through complexing and benchmarking to our existing assets in Maui, San Francisco and West Florida Ability to fund 100% with cash, utilizing balance sheet capacity to close a large transaction with certainty; differentiation from peers during period of incredible market volatility (January 2018) 1. Going-in cap rate on 2018E, 2018E cap rate using GAAP metrics is 3.6%; See appendix for reconciliation. 2. Stabilized cap rate on 2020E. 2020E cap rate using GAAP metrics is 5.1%; See appendix for reconciliation estimated results are illustrative only, as actual results are expected to vary, which variations have been material in the past. See appendix for items that may affect forecasted results. 29

30 2017 Operating results: ADR: $531 Occupancy 85% RevPAR $453 (Ranks #2 in the portfolio) EBITDA per key $72k 1 Reopened in 2013 after a $150mm repositioning minimal capex needs over the next 5 years Location benefits from over 600 feet of direct beachfront along Mokapu Beach, with immediate proximity to Wailea s diverse offerings: Three championship golf courses Retail, including the Shops at Wailea Multiple destination dining and entertainment options Fee simple, 15.5 acres on prime oceanfront land in Wailea, Maui Newest asset on the best beach in Hawaii in one of the strongest expected growth markets in the U.S. Full transformative $150mm repositioning ($498k/key of capex) from Renaissance to Andaz in 2013 Identified $2.5mm - $3mm of initial cost savings: Work to optimize and close EBITDA margin gap: Andaz EBITDA margin of 27% vs Fairmont Kea Lani s EBITDA margin of 35%; EBITDA per key gap closure ($90k vs $72k) 1 Each 100bps increase in margin equates to ~20bps increase in cap rate Potential cost savings from time and motion studies and from implementing best practices derived from our proprietary Business Intelligence system Complexing synergies with our Hyatt Regency Maui Resort and Fairmont Kea Lani, Maui Solar Energy ROI Re-evaluation of retail spaces Potential to develop 19 new high-end villas: Not underwritten, an incremental opportunity, although the carrying cost of land is included in operating expense Additional revenue opportunities: Luau, increase in resort fees, implement parking fees 1. Andaz Maui 2017 net income per key is $46k and GAAP operating profit margin is 17%; See appendix for reconciliations. 30

31 2017 Operating results: ADR: $296 Occupancy 92% RevPAR $272 (Ranks #8 in the portfolio) EBITDA per key $27k 1 Since 2010, $84mm of renovations minimal capex needs over the next 5 years Located 4 blocks from financial district and within 15 minutes walking distance of Moscone Center Flagship Apple store on premises Prime location, best urban location in the U.S.; Union Square San Francisco Positioned to benefit from record-setting citywide pace following Moscone expansion Asset in excellent condition $84mm of renovations ($126k/key) since 2010 Identified $3mm - $6mm of initial cost savings: Work to close EBITDA margin gap: Grand Hyatt EBITDA margin of 22% vs Marriott Marquis EBITDA margin of 26% 1 Each 100bps increase in margin equates to ~20bps increase in cap rate Potential cost savings from time and motion studies and from implementing best practices derived from our proprietary Business Intelligence system Complexing synergies with our Hyatt Regency San Francisco Airport and San Francisco Marriott Marquis Restaurant and catering reconcepting initiatives Fee Simple, 0.87 acres in superior Union Square location 1. Grand Hyatt San Francisco 2017 net income per key is $12k and GAAP operating profit margin is 10%; See appendix for reconciliations. 31

32 2017 Operating results ADR: $224 Occupancy 74% RevPAR $166 EBITDA per key $32k 1 $40mm in renovations since 2012 minimal capex needs over next 10 years Activity-filled amenity base: Two-acre pool area with waterfalls, lazy river, and three 3-story waterslides 18-hole Raptor Bay golf course Video Arcade Rock Climbing Kayaking Camp Hyatt Fee Simple, 26 acres overlooking Estero Bay and Gulf of Mexico Prime gulf coast Florida resort Positioned to benefit from demand from the Caribbean and expected continued leisure demand strength Hyatt Regency branded hotel in excellent condition 26 acres providing potential for ROI opportunities, not underwritten No near-term competitive supply Benchmark with The Ritz-Carlton, Naples, The Don CeSar and Fort Lauderdale Marriott Harbor Beach Resort & Spa Operational Opportunities: identified potential $800k of cost savings from time and motion studies and from implementing best practices derived from our proprietary Business Intelligence system Additional revenue opportunities: parking fees net income per key is $20k; See appendix for reconciliations. 32

33 Acquired June 8, 2015 Renowned resort icon AAA Fivediamond luxury trophy destination resort Landmark site with 300 acres of land on Camelback Mountain Significant discount to replacement cost (est. $650mm) Rooms considerably larger than market average, with all accommodations offering private balconies or patios Value creation opportunities on 60 acres of land Generational trophy asset; top 40 Host asset 2017 RevPAR of $193 and 2017 Total RevPAR of $417; 2017 EBITDA per key of $34k 1 ~$500mm capital investment limited bidder universe Host saw significant opportunity to benchmark against its other assets in the Scottsdale market and other resorts to potentially increase profitability by 400bps; Complexing w/ The Westin Kierland Resort & Spa Entitled additional 38 acres of golf course for residential development, creating $60 - $70mm of potential net proceeds in excess of underwriting for 2019 and beyond Ability to fund 100% with cash, utilizing balance sheet capacity to close a large transaction with certainty Capability to take on full redevelopment project without material impact to portfolio-level performance net income per key is $(1)k ; See appendix for reconciliations. 2. Going-in cap rate on 2015E at time of underwriting and $400mm purchase price cap rate using GAAP metrics is 4.2%; See appendix for reconciliation. 3. Stabilized cap rate on 2020E and net invested capital of $436mm, calculated as $400mm purchase price + $84mm capital improvement - $48mm NPV of net proceeds from land sale (NPV assumes $60mm in net proceeds in three years and 8% discount rate). 2020E cap rate using GAAP metrics is 4.0%; See appendix for reconciliation estimated results are illustrative only, as actual results are expected to vary, which variations have been material in the past. See appendix for items that may affect forecasted results. 33

34 Acquired February 16, 2017 An iconic, beachfront landmark on Florida s Gulf Coast Conversion from brand managed (Loews) to independent managed (Davidson and Pivot Hotels) Significant discount to replacement cost Limited supply growth / high barriers to entry Cost savings identified in due diligence from benchmarking of Host-owned assets The legendary pink palace of St. Pete Beach 2017 RevPAR of $208 and 2017 Total RevPAR of $434; 2017 EBITDA per key of $46k 1 Enterprise Analytics identified $3mm - $4mm of potential cost saving opportunities early on during due diligence by benchmarking to similar Florida beach resorts. Savings primarily from labor and productivity improvements Host was able to leverage its relationship with Davidson Hotels & Resorts Pivot group to capitalize on the iconic and historical nature of the resort to convert to an independent brand, eliminating all brand-related expenses without sacrificing top line performance Ability to fund 100% with cash, utilizing balance sheet capacity to close a large transaction with certainty Additional upside via shovel-ready ROI opportunities that could produce incremental IRRs of 15-18% net income per key is $31k ; See appendix for reconciliations. 2. Going-in cap rate on 2017E at time of underwriting and $214mm purchase price. 2017F cap rate using GAAP metrics is 4.7%; See appendix for reconciliation. 3. Stabilized cap rate on 2018E and net invested capital of $215mm, calculated as $214mm purchase price + $1.3mm capital improvement. 2018E cap rate using GAAP metrics is 5.9%; See appendix for reconciliation. See appendix for items that may affect forecasted results. 34

35 Completed June 2016 on-time and below budget Opportunity to create a best-in-class meeting space platform, with two 36k sf ballrooms, 60k sf of foyer space and a 27k sf terrace event venue Enabled the asset to selectively participate in citywide events and focus on higher rated in-house group business Improved yield management of room inventory as well as profitability Enabled 22-year land lease extension option Waterfront hotel within walking distance to the best of downtown 2017 RevPAR of $207 and 2017 Total RevPAR of $353; 2017 EBITDA per key of $42k 1 Disruption minimized by transferring groups to neighboring Manchester Grand Hyatt San Diego In-house Development, Design & Construction team was able to effectively manage the $100mm+ project and minimize cost overruns Enterprise Analytics team projected property revenues and optimized construction start date based on historical group and leisure patterns Created gross real estate value of $311mm 2 Ability to fund 100% with cash, utilizing balance sheet capacity to reposition the asset 127k / 280k sf event space prior / post Certified LEED Silver net income per key is $18k ; See appendix for reconciliations. 2. Includes $103mm investment plus $208mm value creation ($13mm incremental NOI at a 6.25% cap rate). 35

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37 APPENDIX PAGE NO. APPENDIX TABLE OF CONTENTS Key Terms and Statistics... A-1 Defined Terms... A-1 Non-GAAP Financial Measures... A-1 Lodging and Blue Chip REIT Peer Groups... A-6 Comparable Hotel Operating Statistics... A-7 Items that may Affect Forecast Results, Projections and Other Estimates... A-8 Top 40 Domestic Hotels by RevPAR (Slides 3, 4, 8, 10)... A-9 Host Portfolio Statistics vs. Peers A-11 Performance metrics (RevPAR, Total RevPAR, EBITDA) (Slide 10)... A-11 Resorts & Convention Mix (Slide 12)... A-11 Reconciliation of Hotel EBITDA to Hotel Net Income by Location (Slides 4, 11)... A-12 Capitalization and Total Enterprise Value (Slide 3)... A-13 Comparison of Comparable Hotel EBITDA Margin Growth to Lodging REITs (Slides 4, 15)... A-14 Reconciliation of GAAP Leverage Ratio to Credit Facility Leverage Ratio (Slides 4, 15, 22)... A-18 Leverage Ratios of Blue Chip REITs and Lodging REITs Peer Groups (Slide 22)... A-20 Reconciliation of GAAP Interest Coverage Ratio to EBITDA Interest Coverage Ratio (Slides 4)... A- 21 Reconciliation of Net Income to Adjusted FFO per Diluted Share and CAGR (Slide 15)... A-22 Acquisitions & Dispositions Metrics (Slides 19, 29-35)... A Outlook (Slide 23)... A-26 Reconciliation of Net Income to EBITDA, EBITDAre, and Adjusted EBITDAre for 2018 Forecast... A-26 Reconciliation of GAAP Cash Provided By Operating Activities to Discretionary Free Cash Flow for 2018 Forecast... A-26

38 Key Terms and Statistics DEFINED TERMS Cash-on-cash return The cash return for the first year of operations from a respective Investment. It is calculated as the incremental increase in cash flow from operations as a result of the project, including any cost savings, divided by the Investment. CAGR Compound Annual Growth Rate. The mean annual growth rate of an investment over a specified period of time longer than one year. Cap Rate Capitalization Rate, calculated as Net Operating Income (NOI) divided by sales price. Investment Our investment of cash, land or other property. IRR Internal rate of return. Net Operating Income (NOI) NOI for a specific hotel is calculated as the hotel or entity level EBITDA less an estimate for the annual contractual reserve requirements for renewal and replacement expenditures. Replacement Cost The cost to develop a new hotel in the same lodging segment based on current estimated costs. RevPAR Index RevPAR Index measures a hotel s fair market share of their competitive set s revenue per available room within a given market by dividing the property s RevPAR by the average RevPAR of the competitive set. If a hotel is capturing its fair market share, the index will be 100; if capturing less than its fair market share, a hotel s index will be less than 100; and if capturing more than its fair market share, a hotel s index will be greater than 100. For each property, the market competitive set is based on the set agreed to with the manager and is included within the respective property s management agreement. The competitive set can be used for various purposes, including for determining the hotel general manager s compensation as well as owner s performance based termination rights under the hotel management agreement. Therefore, it represents an arm s length negotiated set of hotels which the parties agree represent the hotel s most direct competition. However, it does not necessarily represent all the hotels against which the hotel competes and may exclude hotels in other segments (e.g., select service hotels) even though those hotels may compete with the hotel for certain customers. RevPAR The product of the average daily room rate charged and the average daily occupancy achieved. Total RevPAR A summary measure of hotel results calculated by dividing the sum of room, food and beverage and other ancillary service revenue by room nights available to guests for the period. It includes ancillary revenues not included within RevPAR. TTM Trailing twelve months NON-GAAP FINANCIAL MEASURES Included in this presentation are certain non-gaap financial measures, which are measures of our historical or future financial performance that are not calculated and presented in accordance with GAAP, within the meaning of applicable SEC rules. They are as follows: (i) FFO and FFO per diluted share (both NAREIT and Adjusted), (ii) EBITDA, (iii) EBITDAre and Adjusted EBITDAre (iv) Comparable Hotel Property Level Operating Results, including Comparable Hotel EBITDA margin and (v) Discretionary Free Cash Flow. Additionally, we have presented leverage and interest coverage ratios, which are used to determine compliance with financial covenants under our credit facility and senior notes indenture that are not calculated and presented in A-1

39 Key Terms and Statistics accordance with GAAP. The following discussion defines these measures and presents why we believe they are useful supplemental measures of our performance. NAREIT FFO and NAREIT FFO per Diluted Share We present NAREIT FFO and NAREIT FFO per diluted share as non-gaap measures of our performance in addition to our earnings per share (calculated in accordance with GAAP). We calculate NAREIT FFO per diluted share as our NAREIT FFO (defined as set forth below) for a given operating period, as adjusted for the effect of dilutive securities, divided by the number of fully diluted shares outstanding during such period, in accordance with NAREIT guidelines. NAREIT defines FFO as net income (calculated in accordance with GAAP) excluding gains and losses from sales of real estate, the cumulative effect of changes in accounting principles, real estate-related depreciation, amortization and impairments and adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect our pro rata share of the FFO of those entities on the same basis. We believe that NAREIT FFO per diluted share is a useful supplemental measure of our operating performance and that the presentation of NAREIT FFO per diluted share, when combined with the primary GAAP presentation of earnings per share, provides beneficial information to investors. By excluding the effect of real estate depreciation, amortization, impairments and gains and losses from sales of depreciable real estate, all of which are based on historical cost accounting and which may be of lesser significance in evaluating current performance, we believe that such measures can facilitate comparisons of operating performance between periods and with other REITs, even though NAREIT FFO per diluted share does not represent an amount that accrues directly to holders of our common stock. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. As noted by NAREIT in its April 2002 White Paper on Funds From Operations, since real estate values have historically 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. Adjusted FFO per Diluted Share We also present Adjusted FFO per diluted share when evaluating our performance because management believes 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, in our annual budget process and for our compensation programs. We believe that the presentation of Adjusted FFO per diluted share, when combined with both the primary GAAP presentation of earnings per share and FFO per diluted share as defined by NAREIT, provides useful supplemental information that is beneficial to an investor s understanding of our operating performance. We adjust NAREIT FFO per diluted share for the following items, which may occur in any period, and refer to this measure as Adjusted FFO per diluted share: Gains and Losses on the Extinguishment of Debt We exclude the effect of finance charges and premiums associated with the extinguishment of debt, including the acceleration of the write-off of deferred financing costs associated with the original issuance of the debt being redeemed or retired and incremental interest expense incurred during the refinancing period. We also exclude the gains on debt repurchases and the original issuance costs associated with the retirement of preferred stock. We believe that these items are not reflective of our ongoing finance costs. Acquisition Costs Under GAAP, costs associated with completed property acquisitions that are considered business combinations are expensed in the year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company. A-2

40 Key Terms and Statistics Litigation Gains and Losses We exclude the effect of gains or losses associated with litigation recorded under GAAP that we consider outside the ordinary course of business. We believe that including these items is not consistent with our ongoing operating performance. In unusual circumstances, we may also adjust NAREIT FFO for gains or losses that management believes are not representative of the Company s current operating performance. For example, as a result of the reduction of corporate income tax rates from 35% to 21% caused by the Tax Cuts and Jobs Act, we remeasured our domestic deferred tax assets as of December 31, 2017 and recorded a one-time adjustment to reduce the deferred tax assets and increase the provision for income taxes by approximately $11 million. Additionally, similar corporate income tax rate reductions affected our European Joint Venture, causing the remeasurement of the net deferred tax assets and liabilities in France and Belgium, resulting in a net tax benefit to us of $5 million. We do not consider these adjustments to be reflective of our on-going operating performance and therefore excluded these items from Adjusted FFO. The last such adjustment prior to this was a 2013 exclusion of a gain from an eminent domain claim. EBITDA Earnings before Interest Expense, Income Taxes, Depreciation and Amortization ( EBITDA ) is a commonly used measure of performance in many industries. Management believes EBITDA provides useful information to investors regarding our results of operations because it helps us and our investors evaluate the ongoing operating performance of our properties after removing the impact of the Company s capital structure (primarily interest expense) and its asset base (primarily depreciation and amortization). Management also believes the use of EBITDA facilitates comparisons between us and other lodging REITs, hotel owners who are not REITs and other capital-intensive companies. Management uses EBITDA to evaluate property-level results and as one measure in determining the value of acquisitions and dispositions and, like FFO and Adjusted FFO per diluted share, is widely used by management in the annual budget process and for our compensation programs. EBITDAre and Adjusted EBITDAre We present EBITDAre in accordance with NAREIT guidelines, as defined in its September 2017 white paper Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate, to provide an additional performance measure to facilitate the evaluation and comparison of the Company s results with other REITs. NAREIT defines EBITDAre as net income (calculated in accordance with GAAP) excluding interest expense, income tax, depreciation and amortization, gains or losses on disposition of depreciated property (including gains or losses on change of control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, and adjustments to reflect the entity s pro rata share of EBITDAre of unconsolidated affiliates. We make additional adjustments to EBITDAre 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. We believe that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income, is beneficial to an investor s understanding of our operating performance. Adjusted EBITDAre also is similar to the measure used to calculate certain credit ratios for our credit facility and senior notes. We adjust EBITDAre for the following items, which may occur in any period, and refer to this measure as Adjusted EBITDAre: Property Insurance Gains We exclude the effect of property insurance gains reflected in our consolidated statements of operations because we believe that including them in Adjusted EBITDAre is not consistent with reflecting the ongoing performance of our assets. In addition, property insurance gains could be less important to investors given that the depreciated asset book value written off in connection with the calculation of the property insurance gain often does not reflect the market value of real estate assets. A-3