| 1 | Marriott International, INC. | USA | Bethesda | 7750 Wisconsin Ave | Montgomery | 20814 | marriott.***** | 1927 | $25,100,000,000 | 418,000 | N/A | N/A | 2798413 |
| 2 | Mgm Resorts International | USA | Las Vegas | 3600 Las Vegas Blvd S | Clark | 89109 | mgmresorts.***** | 1986 | $17,240,545,000 | 45,000 | N/A | N/A | 2082204 |
| 3 | Las Vegas Sands CORP. | USA | Las Vegas | 5420 S Durango Dr | Clark | 89113 | sands.***** | 1988 | $11,298,000,000 | 40,300 | N/A | N/A | C21244-2004 |
| 4 | Caesars Entertainment, INC. | USA | Reno | 100 W Liberty St Fl 12 | Washoe | 89501 | caesars.***** | 1973 | $11,245,000,000 | 50,000 | N/A | N/A | N/A |
| 5 | Hilton Worldwide Holdings INC. | USA | Mclean | 7930 Jones Branch Dr Ste 1100 | Fairfax County | 22102 | hiltonworldwide.***** | 2010 | $11,174,000,000 | 181,000 | N/A | N/A | 4801182 |
| 6 | Wynn Resorts, LIMITED | USA | Las Vegas | 3131 Las Vegas Blvd S | Clark | 89109 | wynnresorts.***** | 2002 | $7,127,961,000 | 28,000 | N/A | N/A | C14059-2002 |
| 7 | Hyatt Hotels CORPORATION | USA | Chicago | 150 N Riverside Plz Fl 8 | Cook | 60606 | hyatt.***** | 1957 | $6,648,000,000 | 227,000 | N/A | N/A | 3838478 |
| 8 | Penn Entertainment, INC. | USA | Wyomissing | 825 Berkshire Blvd Ste 200 | Berks | 19610 | pennentertainment.***** | 1972 | $6,578,100,000 | 23,118 | N/A | N/A | 0000724866 |
| 9 | Host Hotels & Resorts, L.P. | USA | Bethesda | 6903 Rockledge Dr Ste 1500 | Montgomery | 20817 | st-regis.***** | 1998 | $5,684,000,000 | 165 | N/A | N/A | 2885265 |
| 10 | Hilton Grand Vacations INC. | USA | Orlando | 6355 Metrowest Blvd Ste 180 | Orange | 32835 | hiltongrandvacations.***** | 1992 | $4,981,000,000 | 21,800 | N/A | N/A | 6031492 |
| 11 | La Quinta Holdings INC. | USA | Irving | 909 Hidden Rdg Ste 600 | Dallas | 75038 | wyndhamhotels.***** | 2018 | $4,734,007,099 | 7,426 | N/A | N/A | 5445099 |
| 12 | Boyd Gaming CORPORATION | USA | Las Vegas | 6465 S Rainbow Blvd | Clark | 89118 | boydgaming.***** | 1975 | $3,930,194,000 | 16,129 | N/A | N/A | C4591-1988 |
| 13 | Travel + Leisure CO. | USA | Orlando | 6277 Sea Harbor Dr | Orange | 32821 | travelandleisureco.***** | 1990 | $3,864,000,000 | 19,000 | N/A | N/A | 3664441 |
| 14 | Wyndham Hotel Group, LLC | USA | Parsippany | 22 Sylvan Way | Morris | 07054 | wyndhamhotels.***** | 2018 | $3,111,592,870 | 4,881 | N/A | N/A | 4077356 |
| 15 | Vail Resorts, INC. | USA | Broomfield | 390 Interlocken Cres | Broomfield | 80021 | vailresorts.***** | 1985 | $2,885,191,000 | 52,500 | N/A | N/A | 2073292 |
| 16 | Park Hotels & Resorts INC. | USA | Tysons | 1775 Tysons Blvd Fl 7 | Fairfax County | 22102 | pkhotelsandresorts.***** | 1946 | $2,599,000,000 | 91 | N/A | N/A | 403628 |
| 17 | Bally's CORPORATION | USA | Providence | 100 Westminster St | Providence | 02903 | ballys.***** | 2004 | $2,450,478,000 | 10,000 | N/A | N/A | 3780995 |
| 18 | Trt Holdings, INC | USA | Dallas | 4001 Maple Ave | Dallas | 75219 | omnihotels.***** | 1989 | $1,961,891,725 | 12,000 | N/A | N/A | 0078913900 |
| 19 | Red Rock Resorts, INC. | USA | Las Vegas | 1505 S Pavilion Center Dr | Clark | 89135 | redrockresorts.***** | 1976 | $1,939,011,000 | 9,300 | N/A | N/A | 5820302 |
| 20 | Mohegan Tribal Gaming Authority | USA | Uncasville | 1 Mohegan Sun Blvd | New London | 06382 | mohegansun.***** | 1995 | $1,590,511,000 | 11,000 | N/A | N/A | N/A |
| 21 | Choice Hotels International, INC. | USA | North Bethesda | 915 Meeting St Ste 600 | Montgomery | 20852 | choicehotels.***** | 1980 | $1,584,839,000 | 1,700 | N/A | N/A | 521209792 |
| 22 | Hilton Franchise Holding LLC | USA | Mclean | 7930 Jones Branch Dr Ste 1100 | Fairfax County | 22102 | N/A | 2019 | $1,502,069,000 | 19 | N/A | N/A | N/A |
| 23 | Apple Hospitality Reit, INC. | USA | Richmond | 814 E Main St | Richmond City | 23219 | applereitcompanies.***** | 2007 | $1,431,468,000 | 165 | N/A | N/A | 06858690 |
| 24 | Wyndham Hotels & Resorts, INC. | USA | Parsippany | 22 Sylvan Way | Morris | 07054 | wyndhamhotels.***** | 2017 | $1,404,000,000 | 2,200 | N/A | N/A | 6590568 |
| 25 | Rlj Lodging Trust | USA | Bethesda | 7373 Wisconsin Ave Ste 1500 | Montgomery | 20814 | investor.***** | 2011 | $1,369,440,000 | 73 | N/A | N/A | D13941414 |
| 26 | Six Continents Hotels, INC. | USA | Dunwoody | 3 Ravinia Dr Ste 100 | Dekalb | 30346 | ihg.***** | 1986 | $1,324,657,474 | 30,000 | N/A | N/A | 2713097 |
| 27 | Hotel Acquisition Company, LLC | USA | Annapolis | 1997 Annapolis Exchange Pkwy | Anne Arundel | 21401 | thayerlodging.***** | 2009 | $1,320,019,111 | 19,100 | N/A | N/A | 4698069 |
| 28 | Hawk Holding Company, LLC | USA | Denver | 100 Saint Paul St Ste 800 | Denver | 80206 | kslcapital.***** | 2017 | $1,304,801,315 | 5,350 | N/A | N/A | 6365461 |
| 29 | Hyatt International CORPORATION | USA | Chicago | 150 N Riverside Plz | Cook | 60606 | hyatt.***** | 1969 | $1,304,000,000 | 30,996 | N/A | N/A | 725607 |
| 30 | Extended Stay America, INC. | USA | Charlotte | 13024 Ballantyne Corporate Pl | Mecklenburg | 28277 | newesa.***** | 2021 | $1,042,316,000 | 8,400 | N/A | N/A | X001263002 |
| 31 | Xenia Hotels & Resorts, INC. | USA | Orlando | 200 S Orange Ave Ste 2700 | Orange | 32801 | xeniareit.***** | 1994 | $1,039,047,000 | 46 | N/A | N/A | D16002289 |
| 32 | Bluegreen Vacations Holding CORPORATION | USA | Boca Raton | 4960 Conference Way N Ste 100 | Palm Beach | 33431 | bluegreenvacations.***** | 2024 | $919,429,000 | 4,637 | N/A | N/A | 661350 |
| 33 | Sunstone Hotel Investors, INC. | USA | Aliso Viejo | 15 Enterprise Ste 200 | Orange | 92656 | sunstonehotels.***** | 2004 | $905,809,000 | 36 | N/A | N/A | D10073328 |
| 34 | Hit Portfolio I Hil Trs, LLC | USA | Fairfax | 3950 University Dr Ste 301 | Fairfax City | 22030 | N/A | 2014 | $842,886,960 | 89 | N/A | N/A | 5602027 |
| 35 | Resorts World Las Vegas LLC | USA | Las Vegas | 3000 Las Vegas Blvd S | Clark | 89109 | rwlasvegas.***** | 2013 | $800,000,000 | 5,000 | N/A | N/A | 5294456 |
| 36 | Hit Swn Trs, LLC | USA | New York City | 450 Park Ave Ste 14 | New York | 10022 | newyorkcityreit.***** | 2015 | $729,239,280 | 77 | N/A | N/A | 5776011 |
| 37 | Braemar Hotels & Resorts INC. | USA | Dallas | 14185 Dallas Pkwy Ste 1100 | Dallas | 75254 | ahtreit.***** | 2013 | $728,404,000 | 101 | N/A | N/A | D15174170 |
| 38 | Civeo CORPORATION | USA | Houston | 333 Clay St Ste 4980 | Harris | 77002 | civeo.***** | 1977 | $682,122,000 | 2,000 | N/A | N/A | N/A |
| 39 | Hyatt CORPORATION | USA | New York City | 250 Vesey St Fl 15 | New York | 10281 | hyatt.***** | 1979 | $640,023,391 | 35,700 | N/A | N/A | 0659527 |
| 40 | Sonder Holdings INC. | USA | San Francisco | 447 Sutter St Ste 405 | San Francisco | 94108 | sonder.***** | 2020 | $621,272,000 | 905 | N/A | N/A | N/A |
| 41 | Tmi Hospitality, L.P. | USA | Fargo | 4850 32nd Ave S | Cass | 58104 | aimbridgehospitality.***** | 2015 | $593,611,486 | 4,000 | N/A | N/A | 0000000664 |
| 42 | Century Casinos, INC. | USA | Colorado Springs | 455 E Pikes Peak Ave Ste 210 | El Paso | 80903 | cnty.***** | 1992 | $575,919,000 | 3,181 | N/A | N/A | 2404127 |
| 43 | Sonesta International Hotels CORPORATION | USA | Newton | 400 Centre St Ste 100 | Barnstable | 02458 | sonesta.***** | 1963 | $561,880,557 | 2,500 | N/A | N/A | D14360481 |
| 44 | Monarch Casino & Resort, INC. | USA | Reno | 3800 S Virginia St | Washoe | 89502 | monarchcasino.***** | 1972 | $522,186,000 | 2,900 | N/A | N/A | C6723-1993 |
| 45 | Best Western International, INC. | USA | Phoenix | 6201 N 24th Pkwy | Maricopa | 85016 | bestwestern.***** | 1957 | $520,942,000 | 1,015 | N/A | N/A | 00501334 |
| 46 | Mi Holding, L.P. | USA | Bethesda | 10400 Fernwood Rd | Montgomery | 20817 | homes-and-villas.***** | 1995 | $512,728,520 | 14,435 | N/A | N/A | N/A |
| 47 | Renaissance Hotel Operating Company, INC | USA | Bethesda | 10400 Fernwood Rd | Montgomery | 20817 | renaissance-hotels.***** | 1998 | $493,953,894 | 32,000 | N/A | N/A | 0830591 |
| 48 | Columbia Sussex CORPORATION | USA | Crestview Hills | 740 Centre View Blvd | Kenton | 41017 | columbiasussex.***** | 1972 | $493,850,215 | 10,000 | N/A | N/A | 610735266 |
| 49 | Accor Services Us LLC | USA | San Francisco | 950 Mason St | San Francisco | 94108 | fairmont.***** | 2007 | $492,844,057 | 2,295 | N/A | N/A | 4385854 |
| 50 | Renaissance Hotel Operating Company | USA | Bethesda | 10400 Fernwood Rd | Montgomery | 20817 | renaissance-hotels.***** | 1999 | $491,901,595 | 8,500 | N/A | N/A | 3113547 |
| 51 | Select Hotels Group, L.L.C. | USA | Chicago | 71 S Wacker Dr Ste 2500 | Cook | 60606 | hyatt.***** | 2004 | $489,149,239 | 2,800 | N/A | N/A | 3899952 |
| 52 | Westgate Resorts, LTD. | USA | Orlando | 5601 Windhover Dr | Orange | 32819 | westgateresorts.***** | 1995 | $484,307,284 | 2,603 | N/A | N/A | N01000003915 |
| 53 | Hilton International LLC | USA | Mclean | 7930 Jones Branch Dr | Fairfax County | 22102 | hilton.***** | 1987 | $476,229,975 | 49,690 | N/A | N/A | 0655902 |
| 54 | Winnebago Tribe Of Nebraska | USA | Winnebago | 100 S Bluff St | Thurston | 68071 | winnebagotribe.***** | 1936 | $474,257,630 | 800 | N/A | N/A | 470489118 |
| 55 | Parks Xanterra & Resorts INC | USA | Greenwood Village | 6312 S Fiddlers Green Cir Ste 600n | Arapahoe | 80111 | xanterra.***** | 1996 | $467,608,000 | 3,500 | N/A | N/A | 0644806 |
| 56 | Diamond Resorts International, INC. | USA | Las Vegas | 1450 Center Crossing Rd | Clark | 89144 | diamondresorts.***** | 2021 | $466,740,783 | 8,174 | N/A | N/A | 5273466 |
| 57 | Boyne USA, INC. | USA | Boyne Falls | 1 Boyne Mountain Rd | Charlevoix | 49713 | boyne.***** | 1948 | $466,278,025 | 11,000 | N/A | N/A | 800124013 |
| 58 | Hpt Trs Ihg-2, INC. | USA | Newton | 255 Washington St Ste 300 | Barnstable | 02458 | hptreit.***** | 2005 | $455,206,319 | 358 | N/A | N/A | D10395739 |
| 59 | Six Continents Hotels, INC | USA | Yucaipa | 35016 Avenue D | San Bernardino | 92399 | N/A | 1997 | $449,801,164 | 60,000 | N/A | N/A | 2895168 |
| 60 | Hei Hospitality, LLC | USA | Norwalk | 101 Merritt 7 Ste 1 | Fairfield | 06851 | heihotels.***** | 2002 | $447,389,844 | 3,250 | N/A | N/A | 0565178 |
| 61 | Ocean Properties, LTD. | USA | Delray Beach | 1001 E Atlantic Ave Ste 202 | Palm Beach | 33483 | oplhotels.***** | 1973 | $442,004,478 | 5,800 | N/A | N/A | 19760161 D |
| 62 | Esa Management LLC | USA | Charlotte | 11525 N Community House Rd Ste 100 | Mecklenburg | 28277 | extendedstayamerica.***** | 2013 | $433,069,885 | 8,300 | N/A | N/A | 901015925 |
| 63 | Diamond Resorts Holdings, LLC | USA | Las Vegas | 1450 Center Crossing Rd | Clark | 89144 | diamondresorts.***** | 2007 | $431,755,781 | 5,100 | N/A | N/A | E0181582007-7 |
| 64 | Rosen Hotels And Resorts, INC. | USA | Orlando | 4000 Destination Pkwy | Orange | 32819 | rosenhotels.***** | 1974 | $422,212,539 | 3,145 | N/A | N/A | 455296 |
| 65 | Intown Hospitality Investors LP | USA | Atlanta | 980 Hammond Dr Ste 1400 | Fulton | 30328 | intownsuites.***** | 2007 | $421,828,487 | 1,100 | N/A | N/A | 4280728 |
| 66 | Corepoint Lodging INC. | USA | Irving | 125 E John Carpenter Fwy Ste 1600 | Dallas | 75062 | corepoint.***** | 2018 | $411,000,000 | 37 | N/A | N/A | N/A |
| 67 | Courtyard Management LLC | USA | Bethesda | 7750 Wisconsin Ave | Montgomery | 20814 | marriott.***** | 1986 | $406,971,444 | 1,000 | N/A | N/A | 537557 |
| 68 | Hersha Hospitality Trust | USA | Harrisburg | 2001 Market St Ste 3600 | Dauphin | 17102 | N/A | 2023 | $405,874,000 | 28 | N/A | N/A | D04997839 |
| 69 | Esa P Portfolio Operating Lessee, LLC | USA | Charlotte | 13024 Ballantyne Corporate Pl | Mecklenburg | 28277 | newesa.***** | 2010 | $397,252,519 | 725 | N/A | N/A | 201627433 |
| 70 | Marriott Hotel Services, INC. | USA | Bethesda | 10400 Fernwood Rd | Montgomery | 20817 | marriott.***** | 1976 | $389,283,157 | 1,040 | N/A | N/A | 521052660 |
| 71 | Capital Square Partners, LLC | USA | Hinesville | 380 Tremain Dr | Liberty | 31313 | N/A | 2016 | $385,074,000 | 47,500 | N/A | N/A | 16087261 |
| 72 | Watford City Bancshares, INC. | USA | Watford City | 100 N Main St | Mckenzie | 58854 | fibtlink.***** | 1910 | $371,838,840 | 649 | N/A | N/A | 0000012744 |
| 73 | Crestline Hotels & Resorts, LLC | USA | Fairfax | 3950 University Dr Ste 301 | Fairfax City | 22030 | crestlinehotels.***** | 1999 | $370,555,327 | 350 | N/A | N/A | 0800225028 |
| 74 | Delaware North Companies Parks & Resorts, INC. | USA | Buffalo | 250 Delaware Ave Ste 3 | Erie | 14202 | delawarenorth.***** | 1992 | $370,105,776 | 4,000 | N/A | N/A | 2313924 |
| 75 | Station Casinos LLC | USA | Las Vegas | 1505 S Pavilion Center Dr | Clark | 89135 | stationcasinos.***** | 2010 | $370,019,948 | 11,600 | N/A | N/A | E0382932010-8 |
| 76 | Lowe Enterprises, INC. | USA | Los Angeles | 11777 San Vicente Blvd Ste 900 | Los Angeles | 90049 | lowe-re.***** | 2011 | $367,251,866 | 14,300 | N/A | N/A | 953738683 |
| 77 | Ascent Hospitality Management CO., L.L.C. | USA | Dalton | 715 College Dr | Whitfield | 30720 | wyndhamhotels.***** | 2008 | $347,631,665 | 583 | N/A | N/A | 08074223 |
| 78 | The Ritz-Carlton Hotel Company LLC | USA | Bethesda | 7750 Wisconsin Ave | Montgomery | 20814 | ritzcarltonleadershipcenter.***** | 1955 | $342,787,011 | 40,000 | N/A | N/A | 2496336 |
| 79 | Greektown Superholdings INC | USA | Detroit | 555 E Lafayette Blvd | Wayne | 48226 | greektowncasino.***** | 2010 | $331,716,000 | 2 | N/A | N/A | 272216916 |
| 80 | Interstate Hotels & Resorts, INC. | USA | Plano | 5301 Headquarters Dr | Collin | 75024 | aimbridgehospitality.***** | 2010 | $306,467,210 | 19,060 | N/A | N/A | 2872193 |
| 81 | White Lodging Services CORP | USA | Merrillville | 701 E 83rd Ave Ste 17 | Lake | 46410 | whitelodging.***** | 1985 | $302,521,133 | 1,783 | N/A | N/A | 198511-228 |
| 82 | Starwood Capital Group, L.L.C. | USA | Miami Beach | 2340 Collins Ave | Miami-dade | 33139 | starwoodmortgagecapital.***** | 1996 | $297,699,062 | 4,000 | N/A | N/A | 363893165 |
| 83 | Clubcorp USA, INC. | USA | Irving | 5221 N O Connor Blvd Ste 300 | Dallas | 75039 | N/A | 1986 | $292,702,575 | 9,872 | N/A | N/A | 2089598 |
| 84 | Full House Resorts, INC. | USA | Las Vegas | 1980 Festival Plaza Dr Ste 680 | Clark | 89135 | fullhouseresorts.***** | 1987 | $292,065,000 | 1,685 | N/A | N/A | 2114014 |
| 85 | Sage Hospitality Resources L.L.C. | USA | Denver | 1809 Blake St Ste 200 | Denver | 80202 | sagehospitality.***** | 1984 | $286,226,804 | 5,700 | N/A | N/A | 2411457 |
| 86 | Great Wolf Resorts Holdings, INC. | USA | Madison | 1255 Fourier Dr Ste 201 | Dane | 53717 | corp.***** | 2015 | $284,336,832 | 4,734 | N/A | N/A | 3801273 |
| 87 | Anlg Holding Company, INC. | USA | Peabody | 8 Centennial Dr | Essex | 01960 | analogic.***** | 2018 | $262,623,964 | 1,581 | N/A | N/A | 6831336 |
| 88 | Lone Star Real Estate Fund (U.S.), L.P. | USA | Dallas | 6688 N Central Expy Ste 1600 | Dallas | 75206 | N/A | 2007 | $249,524,238 | 3,050 | N/A | N/A | 4463154 |
| 89 | Mandalay Resort Group | USA | Las Vegas | 3950 Las Vegas Blvd S | Clark | 89119 | mgmresorts.***** | 1974 | $244,872,019 | 28,000 | N/A | N/A | C571-1974 |
| 90 | Grand America Hotels & Resorts, LLC | USA | Salt Lake City | 555 S Main St | Salt Lake | 84111 | grandamerica.***** | 2005 | $239,993,738 | 2,700 | N/A | N/A | 203986251 |
| 91 | Hit Swn Int Ntc Trs, LP | USA | Fairfax | 11325 Random Hills Rd Ste 360 | Fairfax City | 22030 | N/A | 2015 | $236,766,000 | 25 | N/A | N/A | 5776308 |
| 92 | Cwp Bidco LP | USA | Dover | 850 New Burton Rd Ste 201 | Kent | 19904 | cogencyglobal.***** | 2021 | $236,167,384 | 1,427 | N/A | N/A | 6054881 |
| 93 | Gringteam INC | USA | Diamond Bar | 21725 Gateway Center Dr | Los Angeles | 91765 | N/A | 2011 | $233,012,645 | 1,810 | N/A | N/A | 860630796 |
| 94 | Ny Hotel Trades Coun & Hotel Assoc | USA | New York City | 305 W 44th St | New York | 10036 | hotelfunds.***** | 2010 | $232,853,037 | 2 | N/A | N/A | 131595091 |
| 95 | Howard Johnson International INC | USA | Parsippany | 22 Sylvan Way | Morris | 07054 | wyndhamhotels.***** | 2006 | $216,746,891 | 340 | N/A | N/A | 223059222 |
| 96 | Wynn Resorts Finance, LLC | USA | Las Vegas | 3131 Las Vegas Blvd S | Clark | 89109 | wynnlasvegas.***** | 2014 | $210,843,283 | 9,601 | N/A | N/A | E0493522014-7 |
| 97 | Wynn Resorts Holdings, LLC | USA | Las Vegas | 3131 Las Vegas Blvd S | Clark | 89109 | wynnresorts.***** | 2000 | $210,843,283 | 13,000 | N/A | N/A | LLC4390-2000 |
| 98 | Kimpton Hotel & Restaurant Group LLC | USA | Atlanta | 3 Ravinia Dr Ste 100 | Fulton | 30346 | kimptonhotels.***** | 2001 | $204,103,043 | 7,500 | N/A | N/A | 1105287 |
| 99 | Maryland Economic Development CORPORATION | USA | Baltimore | 7 Saint Paul St Ste 940 | Baltimore City | 21202 | medco-corp.***** | 1984 | $202,169,562 | 480 | N/A | N/A | 521376562 |
| 100 | Tucson Hotels LP | USA | Wilmington Manor | 2711 Centerville Rd Ste 400 | New Castle | 19808 | N/A | 1989 | $195,554,211 | 5,800 | N/A | N/A | 5762212 |