Experiential Lodging

As consumer dollars continue to shift from possessions to experiences and travel, experiential lodging is proving to be a durable category in the industry.

8

Properties

4%

Contractual Cash Revenue*

2

Operators

Experiential lodging meets the broad needs of consumers by providing a convenient, central location that combines high-quality lodging amenities with entertainment, recreation or leisure activities. Our investments in this category are rooted in our history of financing proven lodging concepts accompanied by a wide array of experiential activities from ski parks to waterparks to hot springs.

By offering more than the standard lodging destination, these concepts provide an added incentive as consumers opt for distinctive, curated experiences. The appeal of these properties is far-reaching and can often attract multiple generations at once. As consumers continue to prioritize unique and convenient experiences, operators will continue to look for ways to integrate experiential elements into their properties.

*See footnote 1 in investor presentation appendix for definition