May 2019

CorePoint Lodging Investor Presentation

Forward-Looking StatementsThis presentation has been prepared by CorePoint Lodging Inc. (the “Company” or “CorePoint”) solely for informational purposes. Certain statements in this presentationconstitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to various risks and uncertainties. Suchforward-looking statements, include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, cash flow andplans and objectives. When we use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may” or similar expressions, we intend toidentify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: market trends in our industry, interest rates, realestate values, the debt financing markets or the general economy; our business and investment strategy; our projected operating results; actions and initiatives of the U.S.government and changes to U.S. government policies and the execution and impact of these actions, initiatives and policies; the state of the U.S. economy generally or in specificgeographic regions; economic trends and economic recoveries; our ability to obtain and maintain financing arrangements; changes in the value of our hotel portfolio; the degreeto which our hedging strategies may or may not protect us from interest rate volatility; impact of and changes in governmental regulations, tax law and rates, accountingguidance and similar matters; our ability to satisfy the REIT qualification requirements for U.S. federal income tax purposes; availability of qualified personnel; the estimatesrelating to our ability to make distributions to our stockholders in the future; general volatility of the capital markets and the market price of our common stock; and degree andnature of our competition. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account allinformation currently available to us. Additional factors that might cause future results to differ materially from current expectations, include, but are not limited to, the abilityof CorePoint to effectively acquire and dispose of properties; the ability of CorePoint to successfully implement its operating strategy; changes in general political, economic andcompetitive conditions and specific market conditions; adverse changes in the real estate and real estate capital markets; financing risks; changes in laws or regulations orinterpretations of current laws and regulations that impact CorePoint’s business, assets or classification as a REIT; additional risks and uncertainties include, among others, thoserisks and uncertainties described under “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, which was filed with the SEC onMarch 22, 2019, as such factors may be updated from time to time in the Company’s periodic filings with the SEC. Although CorePoint believes that the assumptions underlyingthe forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore there can be no assurance that such statementsincluded in this presentation will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of suchinformation should not be regarded as a representation by CorePoint or any other person that the results or conditions described in such statements or the objectives and plansof CorePoint will be achieved. Forward-looking statements are not predictions of future events. These beliefs, assumptions and expectations can change as a result of manypossible events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially fromthose expressed in our forward-looking statements. Any forward-looking statements in this presentation speak only as of May 31, 2019. New risks and uncertainties arise overtime, and it is not possible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or reviseany forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial MeasuresThis presentation includes EBITDA, Adjusted EBITDAre, Pro Forma Adjusted EBITDAre, Adjusted EBITDAre margin, Hotel Adjusted EBITDAre, Hotel Adjusted EBITDAre margin, andNet Operating Income (“NOI”) which are “non-GAAP financial measures,” within the meaning of SEC rules and regulations that are different from measures calculated andpresented in accordance with GAAP (generally accepted accounting principles). These non-GAAP financial measures should be considered along with, but not as an alternativeto, net income or loss, cash flows from operations or any other measures of the company’s operating performance prescribed by GAAP. See Appendix for reconciliation of thesenon-GAAP financial measures to the most directly comparable GAAP measures for historical periods. A reconciliation of anticipated full-year 2019 Adjusted EBITDAre to theclosest GAAP financial measures are not available on a forward-looking basis without unreasonable efforts due to the high variability, complexity and uncertainty with respect toforecasting and quantifying certain amounts that are necessary for such reconciliations, including net income (loss) and adjustments that could be made for impairment charges,gains or losses on sales of assets, and the timing and magnitude of other amounts in the reconciliation of historic numbers. For the same reasons, the Company is unable toaddress the probable significance of the unavailable information, which could have a potentially unpredictable, and potentially significant, impact on its future GAAP financialresults.

2

Safe Harbor Disclosure

Company Overview

4

Investment Highlights

Uniquely Positioned Only publicly traded US lodging REIT focused on upper midscale and midscale segment

Attractive Model Select service hotels generally have higher margins and greater downside protection vs. full service hotels

Strong Fundamentals Upper midscale and midscale segment benefiting from strong supply / demand fundamentals

Diversified Portfolio 310 hotels located across 41 states with no single asset contributing more than 3% of EBITDAre 1

Opportunity for Value Creation Recent repositioning of 54 assets driving growth andnon-core asset sales to create value

Experienced Team Management team with track record of operational performance and disciplined capital allocation

Strong Governance Best-in-class corporate governance and alignment of stockholder interest

(1) Q1 2019 TTM Pro Forma Hotel Adjusted EBITDAre

CorePoint began trading on the NYSE on May 31, 2018 following La Quinta’s sale of its management and franchise business to Wyndham and the spin-off of its owned assets via CorePoint, a publicly traded REIT

5

CPLGNYSE Ticker

39,720Rooms

$705MMarket Cap1

(1) Based on CorePoint’s closing share price on 5/31/19(2) Represents Q1 2019 TTM Pro Forma Adjusted EBITDAre(3) Represents Q1 2019 TTM Pro Forma Hotel Adjusted EBITDAre

Midscale Upper Midscale Upscale Upper Upscale Economy

$186MAdjusted EBITDAre2

100%Select-Service

310Hotels

41 / 145States / MSAs

$90

ADR

$59

RevPAR

66%

Occupancy

Company Snapshot

< $707% $150+

9%

$115-$15016%

$95-$11531%

$70-$9537%

Hotel EBITDAre3

By ADR

Q1 2019 TTM300 Comparable Hotels

141

66

7

22

74

# of Hotels

Why Select-Service and Upper Midscale / Midscale?

9%16%

31%37%

7%

$150+ $115-$150 $95-$115 $70-$95 < $70

Source: STR data with respect to hotels in the U.S. 7

Full-Service Select-Service

Luxury Upper Upscale Upscale Upper Midscale / Midscale Economy

Bran

d Fo

cus

ADR

% o

f M

arke

t (R

oom

s)

> $215 $150-$215 $115-$150 $70-$115 < $70

3% 16% 21% 39% 21%

CorePoint Lodging is the only publicly traded REIT focused on the Upper Midscale / Midscale segment, the largest segment in the U.S. lodging sector

Uniquely PositionedCP

LG Q

1 20

19

TTM

PF

Hote

l Ad

j. EB

ITDA

re

by A

DR

CPLG >$150 ADR hotels are select-service

(1) Based on STR estimates for upper upscale and luxury hotels (2) Based on STR estimates for economy, midscale, upper midscale and upscale hotels

8

Full-Service Select-Service

Guests are attracted to Select Service hotels given their attractive value proposition

Superior Value Proposition…

Attractive Model

• Full-Service Restaurant

• Parking For a Fee

• Breakfast For a Fee

• Wi-Fi For a Fee

• > $150 ADR (1)

Food Offerings

Free Parking

Free Breakfast

Free Wi-Fi

< $150 ADR (2)

-20%-12%

Full-Service Select-Service

~65%~85% to 100%

Full-Service Select-Service

~20%-30%

~30-40%

Full-Service Select / Limited-Service

(1) Based on data from Green Street Advisors(2) STR data with respect to hotels in the U.S. 9

Why Midscale Hotels?Owners are attracted to Select Service hotels given their strong margins and greater downside protection

…And Better Protection During Economic Downturns2

(Avg. RevPAR Growth during Tech Bubble and GFC)

Attractive Model (Cont’d)

…And Superior EBITDA Margins1…

Simple Business Model1…(Room Revenue as % of Total)

Select-Service

Superior Demand / Supply Fundamentals(5-Yr Average of differential between demand growth and supply growth based on STR data)

0.4%0.5%

0.6%

1.3%1.5%

1.3%

Luxury Upper Upscale Upscale Upper Midscale Midscale Economy

Source: STR data with respect to hotels in the U.S. 10

Strong Fundamentals

The Upper Midscale / Midscale segments have experienced strong net demand growth over the past five years with the least amount of ownership across public lodging REITs

Full-Service Select-Service

Luxury Upper Upscale Upscale

Upper Midscale Economy

REIT

Foc

us

Midscale

2.3% 2.2%

4.0%

2.7%

0.9%

-0.3%

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Projected supply growth for upper midscale / midscale expected to be lower compared to higher chain scale segments over the next five years

Why Midscale Hotels?Strong Fundamentals (Cont’d)

Supply Fundamentals(Forecasted 5-Yr Average of supply growth based on CBRE data)

Source: CBRE Hotel Horizons, March - May 2019 Edition - National Forecast

Full-Service Select-Service

Luxury Upper Upscale Upscale

Upper Midscale EconomyMidscale

Portfolio Overview

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CorePoint owns 310 La Quinta-branded hotels in diversified markets across the U.S.

Why Midscale Hotels?Portfolio Overview

Chicago, Illinois San Francisco, California Austin, Texas

Suburban56%

Airport16%

Urban13%

Interstate7%

Small Metro/Town4%

Resort4%

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CorePoint’s portfolio is diversified across 41 states while no single hotel contributes more than 3% to Pro Forma Hotel Adjusted EBITDAre1

Geography(Hotel EBITDAre1 by State)

Location Type(Hotel EBITDAre1 by Location Type)

22%

12%12%

16%

Greater than 10% of Total Hotel EBITDAre1

Between 2% and 10% of Total Hotel EBITDAre1

Less than 2% of Total Hotel EBITDAre1

Core Portfolio SegmentationWhy Midscale Hotels?Portfolio Diversification

(1) Represents Q1 2019 TTM Pro Forma Hotel Adjusted EBITDAre

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Total Portfolio8

Core Portfolio Segmentation

$86M $10M $206M

63# Hotels

# Keys

$ ADR

Average Age1

$ EBITDAre3

> 30% Margin6 Non-Core8

73

8,274 8,868

$108 $70

20 y.o. 33 y.o.

310

39,720

$90

26 y.o.

Why Midscale Hotels?Portfolio Segmentation

(1) Average age for repositioned properties based on completion date of renovation(2) Represents Q1 2019 TTM Pro Forma Total Revenue(3) Represents Q1 2019 TTM Pro Forma Hotel Adjusted EBITDAre(4) Represents Q1 2019 TTM Pro Forma Hotel Adjusted EBITDAre margin(5) Pro Forma Hotel Adjusted EBITDAre less capex reserve (4% of revenue)(6) 30% or greater Q1 2019 TTM Pro Forma Hotel Adjusted EBITDAre margin hotels(7) Less than 30% Q1 2019 TTM Pro Forma Hotel Adjusted EBITDAre margin hotels(8) Excludes five non-core assets sold YTD

$ NOI5 $76M $5M $171M

$110M

174

< 30% Margin7

22,578

$90

25 y.o.

$90M

$ Total Revenue2 $243M $131M $867M$493M

% EBITDAre Margin4 35% 8% 24%22%

Core

Growth Strategies

Asset ManagementInitiatives

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2018 to 2019B EBITDA BridgeCore Portfolio SegmentationWhy Midscale Hotels?Multi-Faceted Approach to Value Creation

Transform portfolio to focus on high growth, highly profitable assets

Continuously improve property level operating performance through aggressive, proactive

asset management

Consolidate a diversified portfolio of select service hotels through

disciplined capital allocation strategies while continuing to strengthen our balance sheet

flexibility

Portfolio Transformation Consolidation

Revenue and cost synergies resulting from Wyndham’s

distribution and scale

Potential Wyndham Benefits

Eliminating Non-Core assets would improve Portfolio RevPAR and EBITDAre margins1

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Higher quality Higher margin

$40

$65

Non-Core(73 Hotels)

Core Portfolio(237 Hotels)

Portfolio Average Q1 2019 TTM RevPAR

8%

27%

Non-Core(73 Hotels)

Core Portfolio(237 Hotels)

Portfolio Average Q1 2019 TTM EBITDAre

Margin1

(1) Represents Q1 2019 TTM Pro Forma Hotel Adjusted EBITDAre Margin

2018 to 2019B EBITDA BridgeCore Portfolio SegmentationWhy Midscale Hotels?Portfolio Transformation Provides Growth

(1) Represents Q1 2019 TTM Pro Forma Total Revenue(2) Represents Q1 2019 TTM Pro Forma Hotel Adjusted EBITDAre(3) Represents Q1 2019 TTM Pro Forma Hotel Adjusted EBITDAre margin 19

Core Portfolio SegmentationWhy Midscale Hotels?Portfolio Transformation Update

Since March 2019, CorePoint has created significant shareholder value through the sale of five non-core assets at an average Hotel Adjusted EBITDAre multiple of ~16x

$21M

5

2.2x

~16x

Total Gross Sales

ProceedsAvg.

EBITDAre Multiple

Avg. Revenue MultipleTotal Assets

Sold

2019 Non-Core Asset SalesRemaining Non-Core Assets

$10M

$ EBITDAre2

- Value Creation Opportunity

$ Total Revenue1

$131M

# Hotels

73

8%

% EBITDAre Margin3

Clifton, NJ

20

San Antonio, TX

Portfolio Transformation via Hotel Repositionings

After

After

Before

Before

• 53 of 54 hotels have completed the construction phase of their renovations

• More than $230 million invested, or over $30,000 per key

• Designed to reposition these hotels upward within their local markets

• Scope of renovations included:

• Enhancing guestrooms• Expanding public areas, including

lobbies and workout facilities• Upgrading exterior elements (LED

lighting / monolith tiles)

HOTEL REPOSITIONINGS

21(1) Including legacy La Quinta Returns program members

• La Quinta’s integration into Wyndham’s larger platform completed in April 2019

• CorePoint’s portfolio of 310 La Quinta branded hotels has yet to fully benefit from the potential revenue contributions resulting from Wyndham’s breadth and scale

Potential Benefits of Wyndham Platform

• Cross-selling through direct channels enhances revenue and gross margins

• Greater distribution, procurement channels, and access to insurance and benefits provides value and enhances profit margins

• CorePoint’s portfolio has access to over 60 million Wyndham loyalty members, up from 15 million prior to merging with Wyndham1

2018 to 2019B EBITDA BridgeCore Portfolio SegmentationWhy Midscale Hotels?Potential Wyndham Benefits in 2H19 and Beyond

A large and fragmented market in the midscale and upper midscale segments presents CorePoint with a unique opportunity to continue scaling its portfolio over time

22(1) Source: STR as of August 2018 with respect to hotels in the U.S.

310

234

151

8769 61

5140

3121

REIT Portfolio Size by # of Properties

15,842

10,325

7,008

393

Midscale/UpperMidscale

Economy Upscale/UpperUpscale

Luxury

Number of US Hotels by Chainscale1

2018 to 2019B EBITDA BridgeCore Portfolio SegmentationWhy Midscale Hotels?Value Creation Through Consolidation

Upscale/Select-Service Focus

Upper Upscale/Full-Service Focus

Combined Focus

Midscale & Upper Midscale/Select-Service Focus

Financial Highlights

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• Sold five non-core hotels for a combined gross sales price of approximately $21 million(1)

• Repaid approximately $19 million of CMBS debt outstanding(1)

• Repurchased 1.8 million shares of common stock at an average price of $11.58 per share for an aggregate purchase price of approximately $21 million(1)

Capital Allocation

1Q19 Results

• Comparable RevPAR growth of 3.0%

• Adjusted EBITDAre of $43 million

2018 to 2019B EBITDA BridgeCore Portfolio SegmentationWhy Midscale Hotels?Recent Highlights

Arlington, TX

Chicago, IL

(1) Information through 5/14/19 (1Q19 Earnings Press Release date)

(1) As of 3/31/19; Excludes lender escrows of $15 million and expected incremental business interruption insurance proceeds to be received of ~ $13 million(2) Based on CorePoint’s closing share price on 5/31/19(3) As of 3/31/19; Subsequent to quarter end the Company utilized non-core asset sale proceeds to repay $15 million of CMBS debt (4) Assumes exercise of all borrower extension options (5) Based on annualized dividend and CorePoint’s closing share price on 5/31/19(6) Commenced a $50 million share repurchase program in March 2019. Through 5/14/19 (1Q19 Earnings Press Release date), the Company repurchased 1.8 million

shares of its common stock at an average price of $11.58 per share(7) Represents Q1 2019 TTM Pro Forma Adjusted EBITDAre

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• Weighted average debt maturity of 6 years (4)

• $150 million undrawn Revolving Credit Facility

• CMBS Debt

• 2-year initial term + five 1-year borrower extension options

• Interest Rate: LIBOR + 275 bps

• 20% pre-payable today, 100% pre-payable November 2019

CMBS Debt (3)$1,031

57%

Common Equity (2)

$70539%

Cash (1)$613%

Preferred Stock$151%

Total Capitalization

Capital Structure (in $ Millions)

• Annualized dividend of $0.80 per common share

• 6.6% dividend yield (5)

• Board authorized $50 million share repurchase program on 3/21/2019

• Repurchased 1.8 million shares ($21 million total purchase price) (6)

Dividend / Share Repurchase Program

Debt Highlights

Debt Strategy

Net Debt + Preferred Stock / Adjusted EBITDAre (7)

5.3x 4.0x-5.0xCurrent Target

• Lower net debt-to-Adjusted EBITDAre to 4.0x-5.0x through strategic dispositions and organic cash flow growth

• Diversify capital structure over time

2018 to 2019B EBITDA BridgeCore Portfolio SegmentationWhy Midscale Hotels?Capital Structure

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2018 to 2019B EBITDA Bridge

FY2018 to 2019 EBITDAre Outlook

Core Portfolio SegmentationWhy Midscale Hotels?2019 Earnings Expectations

53 of 54 reposition hotels completed as of 12/31/18

Estimated Adjusted EBITDAre decline from the remaining portfolio

Hotels with significant exposure to oil-industry related demand are expected to experience headwinds in 2019 compared to 2018

(1) 2018 Pro Forma Adjusted EBITDAre (2) Represents the midpoint of 2019 Outlook for Adjusted EBITDAre of $173 to $184 million (3) Based on the following outlook ranges: hurricane impact of $9 to $12 million, repositioning impact $6 to $8 million, oil markets impact of -$10 to -$7 million,

remaining portfolio of -$12 to -$9 million

Room nights lost in 2017 and 2018 due to Hurricanes Harvey and Irma. We expect limited room nights lost in 2019, resulting in incremental Adjusted EBITDAre compared to 2018

Appendix

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2018Wyndham Hotels & Resorts, an

international hotel franchisor and operator, agrees to acquire the La Quinta hotel franchising and hotel management platform, inheriting

all franchise and management agreements for CorePoint’s

portfolio.

January2018

July2017

La Quinta Holdings announces the creation of two separate companies, CorePoint Lodging and La Quinta. All of CorePoint’s hotels remain under

the La Quinta franchise brand.

May2018

The simultaneous spin-off of CorePoint and acquisition of La

Quinta’s franchising and management business by

Wyndham closes. CorePoint begins trading.

Owned Hotels3161

Franchised Hotels

892

Owned Hotels316

Franchised Hotels576

Franchised Hotels9,000+

CorePoint’s La Quinta branded portfolio inherits access to 60+ million Wyndham loyalty members as part of the transactionCorePoint becomes

La Quinta’s largest franchisee

The Formation of CorePoint

(1) CorePoint owns 310 hotels as of 5/31/19

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Keith Cline -- President & Chief Executive Officer

Cline served as La Quinta’s President and Chief Executive Officer from September 2015 until May 2018. Prior to his appointmentas CEO, Cline served as La Quinta’s EVP, Chief Financial Officer from 2013 until 2015. Before joining La Quinta, Cline served asChief Administrative Officer and Chief Financial Officer at Charming Charlie, Inc. and also SVP of Finance at Express, Inc. Clinebegan his career at Arthur Andersen & Company, and held financial leadership roles at The J.M. Smucker Company, FedExCustom Critical and Limited Brands. Cline graduated summa cum laude from the University of Akron with a B.S. in Accountingand a M.B.A. in Finance.

Mark Chloupek -- Executive Vice President, Secretary & General Counsel

Chloupek served as La Quinta’s Executive Vice President and General Counsel from 2006 to 2018, and served as Secretary of LaQuinta since 2013. From 1999 through 2006, Chloupek served as Vice President, Senior Vice President and Chief Counsel ofOperations for Wyndham International, Inc. Prior to joining Wyndham, from 1996 to 1999, Mr. Chloupek worked for Locke LordLLP (formerly Locke Purnell Rain Harrell—a professional corporation). Additionally, Chloupek currently serves on the board ofthe Dallas Chapter of the Juvenile Diabetes Research Foundation and formerly served on the board of The Texas General CounselForum. Chloupek received a B.A. in economics from the College of William and Mary, where he graduated Phi Beta Kappa andsumma cum laude and received a J.D. from the University of Virginia School of Law.

Dan Swanstrom -- Executive Vice President, Chief Financial Officer

Swanstrom joined CorePoint in May 2018 from Monogram Residential Trust where he served as EVP, Chief Financial Officer.Monogram was acquired by a Greystar Real Estate Partners led fund in a transaction valued at approximately $3 billion inSeptember 2017. Prior to Monogram, he worked at Morgan Stanley and served in a variety of capacities, most recently asExecutive Director in the Real Estate Investment Banking Division. During his tenure at Morgan Stanley, Swanstrom managed theexecution of public and private capital raises and mergers and acquisitions in excess of $25 billion. He also served in variousleadership roles at AEW Capital Management and Deloitte & Touche LLP. Swanstrom received a B.S. in Accounting from BostonCollege and an M.B.A. from the University of North Carolina at Chapel Hill. Swanstrom is also a certified public accountant(inactive).

Experienced Executive Team

9 out of 11 directors are independent

Audit, Compensation and Corporate Governance Committees are independent

Our board of directors is not classified and each director is subject to annual elections

Our board of directors cannot classify without stockholder approval

Directors who fail to receive majority vote in uncontested elections are required to submit their resignation

Independent directors meet regularly in executive sessions

Opted out of the Maryland business combination and control share acquisition statutes, and cannot opt back in without stockholder approval

We do not have a stockholder rights plan and any plan adopted without stockholder approval would require stockholder ratification or expire within one year

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Best-in-Class Corporate Governance

31

Unaudited Non-GAAP Financial Measures

The Company refers in this presentation to certain non-GAAP financial measures. Please see definitions below relating to such non-GAAP financial measures.

These measures are not to be considered more relevant or accurate than the measures presented in accordance with GAAP. Further these non-GAAP measures have limitations as analytical tools and should not be considered either in isolation or as a substitute for net (loss) income, cash flow or other methods of analyzing the Company’s results as reported under GAAP. For all non-GAAP measures, neither the SEC nor any other regulatory body has passed judgement on these non-GAAP measures.

EBITDAre, Adjusted EBITDAre, Adjusted EBITDAre Margin, Hotel Adjusted EBITDAre, Hotel Adjusted EBITDAre margin and NOI

“EBITDAre.” The Company presents EBITDAre in accordance with guidelines established by the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines EBITDAre as net income or loss, excluding interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of property, impairments, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates. The Company believes EBITDAre is a useful performance measure to help investors evaluate and compare the results of the Company’s operations from period to period. EBITDAre is intended to be a supplemental non-GAAP financial measure that is independent of a company’s capital structure.

“Adjusted EBITDAre.” The Company adjusts EBITDAre when evaluating its performance because the Company believes that the adjustment for certain items, such as restructuring and separation transaction expenses, acquisition and disposition transaction expenses, stock-based compensation expense, discontinued operations, and other items not indicative of ongoing operating performance, provides useful supplemental information to management and investors regarding its ongoing operating performance. The Company believes that EBITDAre and Adjusted EBITDAre provide useful information to investors about it and its financial condition and results of operations for the following reasons: (i) EBITDAre and Adjusted EBITDAre are among the measures used by the Company’s management to evaluate its operating performance and make day-to-day operating decisions; and (ii) EBITDAre and Adjusted EBITDAre are frequently used by securities analysts, investors, lenders and other interested parties as a common performance measure to compare results or estimate valuations across companies in and apart from the Company’s industry sector.

2018 to 2019B EBITDA BridgeCore Portfolio SegmentationWhy Midscale Hotels?Definitions

32

EBITDA, EBITDAre and Adjusted EBITDAre are not recognized terms under GAAP, have limitations as analytical tools and should not be considered either in isolation or as a substitute for net income (loss), cash flow or other methods of analyzing the Company’s results as reported under GAAP. Some of these limitations are that these measures:• do not reflect changes in, or cash requirements for, the Company’s working capital needs;• do not reflect the Company’s interest expense, or the cash requirements necessary to service interest or principal payments, on its

indebtedness;• do not reflect the Company’s tax expense or the cash requirements to pay its taxes;• do not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments;• EBITDAre and Adjusted EBITDAre do not include gains or losses on the disposition of properties which may be material to our operating

performance and cash flow;• do not reflect the impact on earnings or changes resulting from matters that the Company considers not to be indicative of our future

operations, including but not limited to discontinued operations, impairment, acquisition and disposition activities and restructuring expenses;• although depreciation, amortization and impairment are non-cash charges, the assets being depreciated, amortized or impaired will often have

to be replaced, upgraded or repositioned in the future, and EBITDA, EBITDAre and Adjusted EBITDAre do not reflect any cash requirements for such replacements; and

• other companies in the Company’s industry may calculate EBITDA, EBITDAre and Adjusted EBITDAre differently, limiting their usefulness as comparative measures.

Because of these limitations, EBITDA, EBITDAre and Adjusted EBITDAre should not be considered as a replacement to net income presented in accordance with GAAP, discretionary cash available to the Company to reinvest in the growth of its business or as measures of cash that will be available to the Company to meet its obligations.

“Comparable Hotel Adjusted EBITDAre” measures property-level results at the Company’s Comparable hotels before corporate-level expenses and is a key measure of the hotel’s profitability. The Company presents Pro Forma Hotel Adjusted EBITDAre to help the Company and its investors evaluate the ongoing operating performance of the Company’s properties.

“Comparable Hotel Adjusted EBITDAre margin” represents the ratio of Pro Forma Comparable Hotel Adjusted EBITDAre to pro forma total revenues.

“NOI” measures property-level results before corporate-level expenses and includes a 4% capex reserve and is a key measure of the hotel’s operations. The Company presents NOI to help the Company and its investors evaluate the ongoing performance of the Company’s properties.

2018 to 2019B EBITDA BridgeCore Portfolio SegmentationWhy Midscale Hotels?Definitions (continued)

33

(1) For the three months ended March 31, 2018, the year ended December 31, 2018, and TTM March 31, 2019, amounts are calculated on a pro forma basis. Refer to “Pro Forma Financial Information” included in the Q1 2019 Earnings Release for a discussion of the Pro Forma financial information.

(2) Other (income) expenses, net primarily consists of business interruption insurance proceeds (3) Pro forma adjustments include adjustments for incremental fees based on the terms of the post spin-off management and franchise agreements,

adjustments to reflect the post spin-off corporate general and administrative costs, and adjustments to reflect the effects of hotels disposed of during the pre-spin periods presented.

(4) Includes adjustments to exclude the effects of cash corporate, general and administrative costs.

PRO FORMA ADJUSTED EBITDAre AND PRO FORMA HOTEL ADJUSTED EBITDAre NON-GAAP RECONCILIATION (1)

(unaudited, in millions)

2018 to 2019B EBITDA BridgeCore Portfolio SegmentationWhy Midscale Hotels?Non-GAAP Reconciliations

Three Months Ended March 31, 2019

Three Months Ended March 31, 2018

Year Ended December 31, 2018

TTM March 31, 2019

Net Income (Loss) attributable to CorePoint Lodging Stockholders (27)$ (15)$ (262)$ (274)$

Interest expense 18 13 64 69

Income tax expense 5 (1) 21 27

Depreciation and amortization 44 37 156 163

Loss from discontinued operations — 5 25 20 EBITDA 40 39 4 5

Impairment loss — — 154 154 Casualty (gain) loss — (1) (4) (3)

EBITDAre 40 38 154 156

Equity-based compensation 2 1 7 8

Spin-off and reorganization expenses 1 12 44 33 Loss on extinguishment of debt — — 10 10

Other (income) expenses, net (2) — 1 (8) (9) Adjusted EBITDAre 43 52 207 198

Pro forma adjustments (3) — (15) (27) (12) Pro Forma Adjusted EBITDAre 43$ 37$ 180$ 186$

Corporate, general and administrative expenses (4) 5 5 21 21 Pro Forma Hotel Adjusted EBITDAre 48$ 42$ 201$ 207$

Capex reserve (4% of Pro Forma Total Revenue) (8) (8) (36) (36)

NOI 40$ 34$ 165$ 171$

34

(1) For the three months ended March 31, 2018, the year ended December 31, 2018, and TTM March 31, 2019, amounts are calculated on a pro forma basis. Refer to “Pro Forma Financial Information” included in the Q1 2019 Earnings Release for a discussion of the Pro Forma financial information.

(2) Pro forma adjustments include adjustments to reflects the effects of hotels disposed of during the pre-spin periods presented and adjustments related to additional revenue from loyalty program reimbursements.

PRO FORMA TOTAL REVENUENON-GAAP RECONCILIATION (1)

(unaudited, in millions)

2018 to 2019B EBITDA BridgeCore Portfolio SegmentationWhy Midscale Hotels?Non-GAAP Reconciliation (Cont’d)

Three Months Ended March 31, 2019

Three Months Ended March 31, 2018

Year Ended December 31, 2018

TTM March 31, 2019

Total Revenue 208$ 196$ 862$ 874$

Pro forma adjustments (2) — 1 2 1

Pro Forma Total Revenue 208$ 197$ 864$ 875$