ARA US Hospitality Trust - Annual Report 2021

CONTENTS Overview Premier International Hotel Brands 08 Diversified Portfolio 10 2021 Financial Performance 12 Year In Brief 14 Letter to Stapled Securityholders 16 Our Hotel Segment 20 Trust Structure 21 Board of Directors 22 Management Team 26 FY2021 in Review Operational Review 28 Financial Review 32 Investor Relations 34 Stapled Security Price Performance 35 Portfolio Overview Our Hotels 36 Reports Corporate Governance Report 58 Statement of Policies and Practices 82 Statement on Composition of the Board of Directors 88 Risk Management 89 Financial Statements 91 Statistics of Stapled Securityholdings 202 Additional Information 204 Corporate Directory 208

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