Achieves Record Revenues and Profits - Reinstates Quarterly Common Dividend
DiamondRock Hospitality Company (NYSE: DRH), a lodging-focused real estate investment trust that owns a portfolio of 34 premium hotels in the United States, announced results of operations for the quarter ended June 30, 2022.
Second Quarter 2022 Highlights
- Net Income: Net income was $52.7 million and earnings per diluted share was $0.23.
- Comparable Revenues: Comparable total revenues were $279.4 million, a 89.4% increase over 2021 and a 7.4% increase over 2019.
- Comparable RevPAR: Comparable RevPAR was $222.70, a 87.1% increase over 2021 and a 6.9% increase over 2019.
- Comparable Hotel Adjusted EBITDA: Comparable Hotel Adjusted EBITDA was $101.0 million, which exceeded the comparable period of 2019 by 13.1%.
- Comparable Hotel Adjusted EBITDA Margin: Comparable Hotel Adjusted EBITDA margin was 36.14%, which exceeded the comparable period of 2019 by 182 basis points and set a new record for the Company.
- Adjusted EBITDA: Adjusted EBITDA was $92.0 million, a 13.4% increase over 2019.
- Adjusted FFO: Adjusted FFO was $76.5 million and Adjusted FFO per diluted share was $0.36.
- Hotel Acquisition: The Company acquired the Kimpton Fort Lauderdale Beach Resort for $35.3 million on April 1, 2022.
- Debt Covenant Compliance: The Company is in compliance with all of the original financial covenants under its credit agreements as of June 30, 2022 and has exited the covenant waiver period.
Recent Developments
- Reinstatement of Common Dividend: On August 2, 2022, the Company declared a quarterly cash dividend of $0.03 per share on its common shares.
- Preliminary July Comparable RevPAR: July Comparable RevPAR was $214.98, a 11.0% increase over 2019.
"We are pleased to report that DiamondRock set new records for RevPAR, total revenues, and hotel profit margins in the second quarter on robust travel demand," said Mark W. Brugger, President and Chief Executive Officer of DiamondRock Hospitality Company. "With the outstanding results of our strategically assembled portfolio, we easily complied with all of our loan covenants, exited all the covenant waiver restrictions and resumed our cash dividend to common shareholders."
Operating Results
|
Quarter Ended June 30, |
Change From |
|||||
|
2022 |
2021 |
2019 |
2021 |
2019 |
||
|
($ amounts in millions, except hotel statistics and per share amounts) |
||||||
|
Comparable Operating Results (1) |
||||||
|
ADR |
$ 297.36 |
$ 241.35 |
$ 252.68 |
23.2 % |
17.7 % |
|
|
Occupancy |
74.9 % |
49.3 % |
82.4 % |
25.6 % |
(7.5) % |
|
|
RevPAR |
$ 222.70 |
$ 119.00 |
$ 208.24 |
87.1 % |
6.9 % |
|
|
Total RevPAR |
$ 324.68 |
$ 171.53 |
$ 302.81 |
89.3 % |
7.2 % |
|
|
Revenues |
$ 279.4 |
$ 147.5 |
$ 260.2 |
89.4 % |
7.4 % |
|
|
Hotel Adjusted EBITDA |
$ 101.0 |
$ 36.0 |
$ 89.3 |
180.6 % |
13.1 % |
|
|
Hotel Adjusted EBITDA Margin |
36.14 % |
24.37 % |
34.32 % |
1,177 bps |
182 bps |
|
|
Available Rooms |
860,683 |
860,103 |
859,374 |
580 |
1,309 |
|
|
Actual Operating Results (2) |
||||||
|
Revenues |
$ 281.4 |
$ 124.8 |
$ 257.9 |
125.5 % |
9.1 % |
|
|
Net income (loss) |
$ 52.7 |
$ (19.1) |
$ 29.1 |
375.9 % |
81.1 % |
|
|
Income (loss) per diluted share |
$ 0.23 |
$ (0.10) |
$ 0.14 |
330.0 % |
64.3 % |
|
|
Adjusted EBITDA |
$ 92.0 |
$ 19.8 |
$ 81.1 |
364.6 % |
13.4 % |
|
|
Adjusted FFO |
$ 76.5 |
$ 11.1 |
$ 65.1 |
589.2 % |
17.5 % |
|
|
Adjusted FFO per diluted share |
$ 0.36 |
$ 0.05 |
$ 0.32 |
620.0 % |
12.5 % |
|
|
Six Months Ended June 30, |
Change From |
|||||
|
2022 |
2021 |
2019 |
2021 |
2019 |
||
|
($ amounts in millions, except hotel statistics and per share amounts) |
||||||
|
Comparable Operating Results (1) |
||||||
|
ADR |
$ 289.60 |
$ 239.53 |
$ 239.21 |
20.9 % |
21.1 % |
|
|
Occupancy |
65.4 % |
39.5 % |
77.3 % |
25.9 % |
(11.9) % |
|
|
RevPAR |
$ 189.43 |
$ 94.68 |
$ 184.97 |
100.1 % |
2.4 % |
|
|
Total RevPAR |
$ 278.53 |
$ 136.83 |
$ 273.02 |
103.6 % |
2.0 % |
|
|
Revenues |
$ 476.7 |
$ 234.1 |
$ 466.6 |
103.6 % |
2.2 % |
|
|
Hotel Adjusted EBITDA |
$ 152.1 |
$ 38.1 |
$ 140.3 |
299.2 % |
8.4 % |
|
|
Hotel Adjusted EBITDA Margin |
31.91 % |
16.28 % |
30.07 % |
1,563 bps |
184 bps |
|
|
Available Rooms |
1,711,525 |
1,710,603 |
1,709,048 |
922 |
2,477 |
|
|
Actual Operating Results (2) |
||||||
|
Revenues |
$ 478.2 |
$ 197.7 |
$ 460.3 |
141.9 % |
3.9 % |
|
|
Net income (loss) |
$ 62.8 |
$ (190.7) |
$ 38.1 |
132.9 % |
64.8 % |
|
|
Income (loss) per diluted share |
$ 0.27 |
$ (0.92) |
$ 0.19 |
129.3 % |
42.1 % |
|
|
Adjusted EBITDA |
$ 136.9 |
$ 10.2 |
$ 130.2 |
1242.2 % |
5.1 % |
|
|
Adjusted FFO |
$ 107.3 |
$ (13.7) |
$ 107.1 |
883.2 % |
0.2 % |
|
|
Adjusted FFO per diluted share |
$ 0.50 |
$ (0.06) |
$ 0.53 |
933.3 % |
(5.7) % |
|
|
(1) |
Amounts represent the pre-acquisition operating results for Bourbon Orleans Hotel from January 1, 2019 to July 28, 2021, Henderson Park Inn from January 1, 2019 to July 29, 2021, Henderson Beach Resort from January 1, 2019 to December 22, 2021 and Tranquility Bay Beachfront Resort from January 1, 2019 to January 5, 2022 and exclude the operating results of the Kimpton Fort Lauderdale Beach Resort as the hotel opened in April 2021. The pre-acquisition operating results were obtained from the sellers of the hotels during the acquisition due diligence process. We have made no adjustments to the amounts provided to us by the seller. The pre-acquisition operating results were not audited or reviewed by the Company's independent auditors. . |
|
(2) |
Actual operating results include the operating results of hotels acquired and disposed of for the Company's respective ownership periods. |
The following tables provide comparable monthly operating information for the Company's portfolio owned as of June 30, 2022:
|
January 2022 |
February 2022 |
March 2022 |
April 2022 |
May 2022 |
June 2022 |
Preliminary July 2022 |
||||||||
|
Number of Hotels |
33 |
33 |
33 |
33 |
33 |
33 |
33 |
|||||||
|
Number of Rooms |
9,454 |
9,454 |
9,454 |
9,454 |
9,454 |
9,471 |
9,471 |
|||||||
|
Occupancy |
41.3 % |
57.9 % |
68.4 % |
72.4 % |
72.9 % |
79.4 % |
74.9 % |
|||||||
|
ADR |
$245.13 |
$283.49 |
$296.22 |
$291.71 |
$297.08 |
$302.78 |
$287.06 |
|||||||
|
RevPAR |
$101.19 |
$164.25 |
$202.67 |
$211.29 |
$216.62 |
$240.37 |
$214.98 |
|||||||
|
Total RevPAR |
$154.77 |
$242.91 |
$298.92 |
$304.35 |
$325.36 |
$344.28 |
$306.24 |
|||||||
|
2022 vs 2019 |
||||||||||||||
|
Occupancy change in bps |
(2,216) bps |
(1,633) bps |
(1,062) bps |
(882) bps |
(740) bps |
(634) bps |
(749) bps |
|||||||
|
ADR Rate % change |
20.6 % |
29.1 % |
21.7 % |
17.5 % |
16.1 % |
19.3 % |
22.1 % |
|||||||
|
RevPAR % change |
(21.5) % |
0.7 % |
5.3 % |
4.7 % |
5.4 % |
10.5 % |
11.0 % |
|||||||
|
Total RevPAR % change |
(22.2) % |
(2.3) % |
6.1 % |
4.3 % |
7.0 % |
10.2 % |
12.6 % |
|||||||
Hotel Acquisition
On April 1, 2022, the Company acquired the 96-room Kimpton Fort Lauderdale Beach Resort for $35.3 million, or $367,700 per key in an off-market transaction. Upon acquisition, the Company engaged HEI Hotels & Resorts to operate the hotel in order to combine operations and realize synergies with its nearby Westin Fort Lauderdale Beach Resort & Spa.
Capital Expenditures
The Company invested approximately $28.0 million in capital improvements at its hotels during the six months ended June 30, 2022. The Company continues to expect to spend approximately $100 million on capital improvements at its hotels in 2022. Significant projects include the following:
- Hotel Clio: The Company completed renovations in March 2022 to rebrand the JW Marriott Denver Cherry Creek as the Hotel Clio, a Luxury Collection Hotel.
- Kimpton Hotel Palomar Phoenix: The Company is in the process of completing a comprehensive rebranding and repositioning of the rooftop bar and pool at the hotel.
- Hilton Boston Downtown/Faneuil Hall: The Company expects to commence a comprehensive renovation in the fourth quarter of 2022 to reposition the hotel as an experiential lifestyle property to be completed in mid-2023.
- Orchards Inn Sedona: The Company expects to commence an upgrade renovation of the resort in late 2022. The renovation will reposition the resort as The Cliffs at L'Auberge.
- Hilton Burlington Lake Champlain: The Company is working with Hilton Worldwide to potentially rebrand the hotel as a Curio Collection hotel. The repositioning is expected to be completed in early 2023 and includes a new restaurant concept by a local James Beard-nominated chef.
Balance Sheet and Liquidity
The Company ended the quarter with liquidity of $390.2 million, comprised of $71.7 million of unrestricted corporate cash, $118.5 million of unrestricted cash at its hotels and $200.0 million of capacity on its senior unsecured credit facility. As of June 30, 2022, the Company had $1.2 billion of total debt outstanding, which consisted of $572.7 million of property-specific, non-recourse mortgage debt, $400.0 million of unsecured term loans and $200.0 million of outstanding borrowings on its $400.0 million senior unsecured credit facility. Subsequent to June 30, 2022, the Company repaid $25.0 million on its senior unsecured credit facility.
The Company is in compliance with all of the original financial covenants under the credit agreements for its unsecured term loans and senior unsecured credit facility as of June 30, 2022 and has exited the covenant waiver restriction period.
Dividends
The Company declared a quarterly dividend of $0.515625 per share on its 8.250% Series A Cumulative Redeemable Preferred Stock to shareholders of record as of June 17, 2022. This dividend was paid on June 30, 2022.
On August 2, 2022, the Company declared a quarterly cash dividend of $0.03 per share on its common shares, which will be paid to stockholders of record as of September 30, 2022. The dividend will be paid on October 12, 2022.
About the Company
DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in leisure destinations and top gateway markets. The Company currently owns 34 premium quality hotels with over 9,500 rooms.
|
DIAMONDROCK HOSPITALITY COMPANY CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) |
|||
|
June 30, 2022 |
December 31, 2021 |
||
|
ASSETS |
(unaudited) |
||
|
Property and equipment, net |
$ 2,689,059 |
$ 2,651,444 |
|
|
Right-of-use assets |
99,617 |
100,212 |
|
|
Restricted cash |
42,354 |
36,887 |
|
|
Due from hotel managers |
174,407 |
120,671 |
|
|
Prepaid and other assets |
67,656 |
17,472 |
|
|
Cash and cash equivalents |
71,713 |
38,620 |
|
|
Total assets |
$ 3,144,806 |
$ 2,965,306 |
|
|
LIABILITIES AND EQUITY |
|||
|
Liabilities: |
|||
|
Mortgage and other debt, net of unamortized debt issuance costs |
$ 571,192 |
$ 578,651 |
|
|
Unsecured term loans, net of unamortized debt issuance costs |
398,822 |
398,572 |
|
|
Senior unsecured credit facility |
200,000 |
90,000 |
|
|
Total debt |
1,170,014 |
1,067,223 |
|
|
Lease liabilities |
109,708 |
108,605 |
|
|
Deferred rent |
63,064 |
60,800 |
|
|
Due to hotel managers |
106,048 |
85,493 |
|
|
Unfavorable contract liabilities, net |
61,898 |
62,780 |
|
|
Accounts payable and accrued expenses |
43,162 |
51,238 |
|
|
Deferred income related to key money, net |
8,996 |
8,203 |
|
|
Total liabilities |
1,562,890 |
1,444,342 |
|
|
Equity: |
|||
|
Preferred stock, $0.01 par value; 10,000,000 shares authorized; |
|||
|
8.250% Series A Cumulative Redeemable Preferred Stock (liquidation preference $25.00 per share), 4,760,000 shares issued and outstanding at June 30, 2022 and December 31, 2021 |
48 |
48 |
|
|
Common stock, $0.01 par value; 400,000,000 shares authorized; 210,923,015 and 210,746,895 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively |
2,109 |
2,107 |
|
|
Additional paid-in capital |
2,296,864 |
2,293,990 |
|
|
Distributions in excess of earnings |
(723,294) |
(780,931) |
|
|
Total stockholders' equity |
1,575,727 |
1,515,214 |
|
|
Noncontrolling interests |
6,189 |
5,750 |
|
|
Total equity |
1,581,916 |
1,520,964 |
|
|
Total liabilities and equity |
$ 3,144,806 |
$ 2,965,306 |
|
|
DIAMONDROCK HOSPITALITY COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) (unaudited) |
|||||||
|
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||
|
2022 |
2021 |
2022 |
2021 |
||||
|
Revenues: |
|||||||
|
Rooms |
$ 193,025 |
$ 86,896 |
$ 325,195 |
$ 137,308 |
|||
|
Food and beverage |
68,606 |
25,614 |
114,354 |
39,539 |
|||
|
Other |
19,776 |
12,281 |
38,691 |
20,881 |
|||
|
Total revenues |
281,407 |
124,791 |
478,240 |
197,728 |
|||
|
Operating Expenses: |
|||||||
|
Rooms |
42,645 |
21,466 |
76,475 |
35,294 |
|||
|
Food and beverage |
43,471 |
19,573 |
76,692 |
31,134 |
|||
|
Management fees |
6,312 |
2,291 |
10,332 |
3,410 |
|||
|
Franchise fees |
8,693 |
3,735 |
14,503 |
6,182 |
|||
|
Other hotel expenses |
80,498 |
51,874 |
151,007 |
100,809 |
|||
|
Depreciation and amortization |
27,389 |
24,692 |
54,044 |
51,654 |
|||
|
Impairment losses |
— |
4,145 |
2,843 |
126,697 |
|||
|
Corporate expenses |
8,726 |
8,290 |
14,759 |
15,449 |
|||
|
Business interruption insurance income |
— |
— |
(499) |
— |
|||
|
Total operating expenses, net |
217,734 |
136,066 |
400,156 |
370,629 |
|||
|
Interest and other expense (income), net |
606 |
(315) |
892 |
(471) |
|||
|
Interest expense |
9,675 |
10,710 |
13,794 |
19,194 |
|||
|
Total other expenses, net |
10,281 |
10,395 |
14,686 |
18,723 |
|||
|
Income (loss) before income taxes |
53,392 |
(21,670) |
63,398 |
(191,624) |
|||
|
Income tax (expense) benefit |
(691) |
2,551 |
(637) |
938 |
|||
|
Net income (loss) |
52,701 |
(19,119) |
62,761 |
(190,686) |
|||
|
Less: Net (income) loss attributable to noncontrolling interests |
(184) |
86 |
(216) |
806 |
|||
|
Net income (loss) attributable to the Company |
52,517 |
(19,033) |
62,545 |
(189,880) |
|||
|
Distributions to preferred stockholders |
(2,454) |
(2,454) |
(4,908) |
(4,908) |
|||
|
Net income (loss) attributable to common stockholders |
$ 50,063 |
$ (21,487) |
$ 57,637 |
$ (194,788) |
|||
|
Earnings (loss) per share: |
|||||||
|
Earnings (loss) per share available to common stockholders - basic |
$ 0.24 |
$ (0.10) |
$ 0.27 |
$ (0.92) |
|||
|
Earnings (loss) per share available to common stockholders - diluted |
$ 0.23 |
$ (0.10) |
$ 0.27 |
$ (0.92) |
|||
|
Weighted-average number of common shares outstanding: |
|||||||
|
Basic |
212,834,222 |
211,966,308 |
212,663,838 |
211,819,758 |
|||
|
Diluted |
213,520,706 |
211,966,308 |
213,279,174 |
211,819,758 |
|||
Non-GAAP Financial Measures
We use the following non-GAAP financial measures that we believe are useful to investors as key measures of our operating performance: EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, Hotel Adjusted EBITDA, FFO and Adjusted FFO. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with U.S. GAAP. EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, Hotel Adjusted EBITDA, FFO and Adjusted FFO, as calculated by us, may not be comparable to other companies that do not define such terms exactly as the Company.
Use and Limitations of Non-GAAP Financial Measures
Our management and Board of Directors use EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, Hotel Adjusted EBITDA, FFO and Adjusted FFO to evaluate the performance of our hotels and to facilitate comparisons between us and other lodging REITs, hotel owners who are not REITs and other capital intensive companies. The use of these non-GAAP financial measures has certain limitations. These non-GAAP financial measures as presented by us, may not be comparable to non-GAAP financial measures as calculated by other real estate companies. These measures do not reflect certain expenses or expenditures that we incurred and will incur, such as depreciation, interest and capital expenditures. We compensate for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of our operating performance. Our reconciliations to the most comparable U.S. GAAP financial measures, and our consolidated statements of operations and cash flows, include interest expense, capital expenditures, and other excluded items, all of which should be considered when evaluating our performance, as well as the usefulness of our non-GAAP financial measures.
These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with U.S. GAAP. They should not be considered as alternatives to operating profit, cash flow from operations, or any other operating performance measure prescribed by U.S. GAAP. These non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our U.S. GAAP results and the reconciliations to the corresponding U.S. GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. We strongly encourage investors to review our financial information in its entirety and not to rely on a single financial measure.
EBITDA, EBITDAre and FFO
EBITDA represents net income (calculated in accordance with U.S. GAAP) excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; and (3) depreciation and amortization. The Company computes EBITDAre in accordance with the National Association of Real Estate Investment Trusts ("Nareit") guidelines, as defined in its September 2017 white paper "Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate." EBITDAre represents net income (calculated in accordance with U.S. GAAP) adjusted for: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; (3) depreciation and amortization; (4) gains or losses on the disposition of depreciated property including gains or losses on change of control; (5) 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 (6) adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates.
We believe EBITDA and EBITDAre are useful to an investor in evaluating our operating performance because they help investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization, and in the case of EBITDAre, impairment and gains or losses on dispositions of depreciated property) from our operating results. In addition, covenants included in our debt agreements use EBITDA as a measure of financial compliance. We also use EBITDA and EBITDAre as measures in determining the value of hotel acquisitions and dispositions.
The Company computes FFO in accordance with standards established by the Nareit, which defines FFO as net income determined in accordance with U.S. GAAP, excluding gains or losses from sales of properties and impairment losses, plus real estate related depreciation and amortization. The Company believes that the presentation of FFO provides useful information to investors regarding its operating performance because it is a measure of the Company's operations without regard to specified non-cash items, such as real estate related depreciation and amortization and gains or losses on the sale of assets. The Company also uses FFO as one measure in assessing its operating results.
Hotel EBITDA
Hotel EBITDA represents net income excluding: (1) interest expense, (2) income taxes, (3) depreciation and amortization, (4) corporate general and administrative expenses (shown as corporate expenses on the consolidated statements of operations), and (5) hotel acquisition costs. We believe that Hotel EBITDA provides our investors a useful financial measure to evaluate our hotel operating performance, excluding the impact of our capital structure (primarily interest), our asset base (primarily depreciation and amortization), and our corporate-level expenses (corporate expenses and hotel acquisition costs). With respect to Hotel EBITDA, we believe that excluding the effect of corporate-level expenses provides a more complete understanding of the operating results over which individual hotels and third-party management companies have direct control. We believe property-level results provide investors with supplemental information on the ongoing operational performance of our hotels and effectiveness of the third-party management companies operating our business on a property-level basis.
Adjustments to EBITDAre, FFO and Hotel EBITDA
We adjust EBITDAre, FFO and Hotel EBITDA 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 and that the presentation of Adjusted EBITDA, Adjusted FFO and Hotel Adjusted EBITDA when combined with U.S. GAAP net income, EBITDAre, FFO and Hotel EBITDA, is beneficial to an investor's complete understanding of our consolidated and property-level operating performance. Hotel Adjusted EBITDA margins are calculated as Hotel Adjusted EBITDA divided by total hotel revenues. We adjust EBITDAre, FFO and Hotel EBITDA for the following items:
- Non-Cash Lease Expense and Other Amortization: We exclude the non-cash expense incurred from the straight line recognition of expense from our ground leases and other contractual obligations and the non-cash amortization of our favorable and unfavorable contracts, originally recorded in conjunction with certain hotel acquisitions. We exclude these non-cash items because they do not reflect the actual cash amounts due to the respective lessors and service providers in the current period and they are of lesser significance in evaluating our actual performance for that period.
- Cumulative Effect of a Change in Accounting Principle: The Financial Accounting Standards Board promulgates new accounting standards that require or permit the consolidated statement of operations to reflect the cumulative effect of a change in accounting principle. We exclude the effect of these adjustments, which include the accounting impact from prior periods, because they do not reflect the Company's actual underlying performance for the current period.
- Gains or Losses from Early Extinguishment of Debt: We exclude the effect of gains or losses recorded on the early extinguishment of debt because these gains or losses result from transaction activity related to the Company's capital structure that we believe are not indicative of the ongoing operating performance of the Company or our hotels.
- Hotel Acquisition Costs: We exclude hotel acquisition costs expensed during the period because we believe these transaction costs are not reflective of the ongoing performance of the Company or our hotels.
- Severance Costs: We exclude corporate severance costs, or reversals thereof, incurred with the termination of corporate-level employees and severance costs incurred at our hotels related to lease terminations or structured severance programs because we believe these costs do not reflect the ongoing performance of the Company or our hotels.
- Hotel Manager Transition Items: We exclude the transition items associated with a change in hotel manager because we believe these items do not reflect the ongoing performance of the Company or our hotels.
- Other Items: From time to time we incur costs or realize gains that we consider outside the ordinary course of business and that we do not believe reflect the ongoing performance of the Company or our hotels. Such items may include, but are not limited to, the following: pre-opening costs incurred with newly developed hotels; lease preparation costs incurred to prepare vacant space for marketing; management or franchise contract termination fees; gains or losses from legal settlements; costs incurred related to natural disasters; and gains on property insurance claim settlements, other than income related to business interruption insurance.
In addition, to derive Adjusted FFO we exclude any fair value adjustments to interest rate swaps. We exclude these non-cash amounts because they do not reflect the underlying performance of the Company.
Reconciliations of Non-GAAP Measures
EBITDA, EBITDAre and Adjusted EBITDA
The following tables are reconciliations of our GAAP net income to EBITDA, EBITDAre and Adjusted EBITDA (in thousands):
|
Three Months Ended June 30, |
|||||
|
2022 |
2021 |
2019 |
|||
|
Net income (loss) |
$ 52,701 |
$ (19,119) |
$ 29,074 |
||
|
Interest expense |
9,675 |
10,710 |
12,418 |
||
|
Income tax expense (benefit) |
691 |
(2,551) |
4,571 |
||
|
Real estate related depreciation and amortization |
27,389 |
24,692 |
29,335 |
||
|
EBITDA |
90,456 |
13,732 |
75,398 |
||
|
Impairment losses |
— |
4,145 |
— |
||
|
EBITDAre |
90,456 |
17,877 |
75,398 |
||
|
Non-cash lease expense and other amortization |
1,556 |
1,671 |
1,784 |
||
|
Professional fees and pre-opening costs related to Frenchman's Reef (1) |
— |
478 |
3,700 |
||
|
Hotel manager transition items |
(13) |
— |
171 |
||
|
Severance costs (2) |
— |
(226) |
— |
||
|
Adjusted EBITDA |
$ 91,999 |
$ 19,800 |
$ 81,053 |
||
|
Six Months Ended June 30, |
|||||
|
2022 |
2021 |
2019 |
|||
|
Net income (loss) |
$ 62,761 |
$ (190,686) |
$ 38,054 |
||
|
Interest expense |
13,794 |
19,194 |
24,080 |
||
|
Income tax expense (benefit) |
637 |
(938) |
722 |
||
|
Real estate related depreciation and amortization |
54,044 |
51,654 |
58,331 |
||
|
EBITDA |
131,236 |
(120,776) |
121,187 |
||
|
Impairment losses |
2,843 |
126,697 |
— |
||
|
EBITDAre |
134,079 |
5,921 |
121,187 |
||
|
Non-cash lease expense and other amortization |
3,124 |
3,343 |
3,499 |
||
|
Professional fees and pre-opening costs related to Frenchman's Reef (1) |
— |
1,053 |
5,067 |
||
|
Hotel manager transition items |
236 |
128 |
468 |
||
|
Severance costs (2) |
(532) |
(216) |
— |
||
|
Adjusted EBITDA |
$ 136,907 |
$ 10,229 |
$ 130,221 |
||
|
(1) |
Represents pre-opening costs related to the re-opening of Frenchman's Reef, as well as legal and professional fees and other costs incurred at Frenchman's Reef as a result of Hurricane Irma that are not covered by insurance. |
|
(2) |
Consists of severance costs incurred, and adjustments thereto, associated with the elimination of positions at our hotels, which are classified within other hotel expenses on the consolidated statement of operations. |
Hotel EBITDA and Hotel Adjusted EBITDA
The following table is a reconciliation of our GAAP net income to Hotel EBITDA and Hotel Adjusted EBITDA (in thousands):
|
Three Months Ended June 30, |
|||||
|
2022 |
2021 |
2019 |
|||
|
Net income (loss) |
$ 52,701 |
$ (19,119) |
$ 29,074 |
||
|
Interest expense |
9,675 |
10,710 |
12,418 |
||
|
Income tax expense (benefit) |
691 |
(2,551) |
4,571 |
||
|
Real estate related depreciation and amortization |
27,389 |
24,692 |
29,335 |
||
|
EBITDA |
90,456 |
13,732 |
75,398 |
||
|
Corporate expenses |
8,726 |
8,290 |
7,403 |
||
|
Interest and other expense (income), net |
606 |
(315) |
(105) |
||
|
Professional fees and pre-opening costs related to Frenchman's Reef (1) |
— |
478 |
3,700 |
||
|
Impairment losses |
— |
4,145 |
— |
||
|
Hotel EBITDA |
99,788 |
26,330 |
86,396 |
||
|
Non-cash lease expense and other amortization |
1,556 |
1,671 |
1,784 |
||
|
Hotel manager transition items |
(13) |
— |
171 |
||
|
Severance costs (2) |
— |
(226) |
— |
||
|
Hotel Adjusted EBITDA |
$ 101,331 |
$ 27,775 |
$ 88,351 |
||
|
Six Months Ended June 30, |
|||||
|
2022 |
2021 |
2019 |
|||
|
Net income (loss) |
$ 62,761 |
$ (190,686) |
$ 38,054 |
||
|
Interest expense |
13,794 |
19,194 |
24,080 |
||
|
Income tax expense (benefit) |
637 |
(938) |
722 |
||
|
Real estate related depreciation and amortization |
54,044 |
51,654 |
58,331 |
||
|
EBITDA |
131,236 |
(120,776) |
121,187 |
||
|
Corporate expenses |
14,759 |
15,449 |
14,467 |
||
|
Interest and other expense (income), net |
892 |
(471) |
(408) |
||
|
Professional fees and pre-opening costs related to Frenchman's Reef (1) |
— |
1,053 |
5,067 |
||
|
Impairment losses |
2,843 |
126,697 |
— |
||
|
Hotel EBITDA |
149,730 |
21,952 |
140,313 |
||
|
Non-cash lease expense and other amortization |
3,124 |
3,343 |
3,499 |
||
|
Hotel manager transition items |
236 |
128 |
468 |
||
|
Severance costs (2) |
(532) |
(216) |
— |
||
|
Hotel Adjusted EBITDA |
$ 152,558 |
$ 25,207 |
$ 144,280 |
||
|
(1) |
Represents pre-opening costs related to the re-opening of Frenchman's Reef, as well as legal and professional fees and other costs incurred at Frenchman's Reef as a result of Hurricane Irma that are not covered by insurance. |
|
(2) |
Consists of severance costs incurred, or adjustments thereto, associated with the elimination of positions at our hotels, which are classified within other hotel expenses on the consolidated statement of operations. |
FFO and Adjusted FFO
The following tables are reconciliations of our GAAP net income to FFO and Adjusted FFO (in thousands):
|
Three Months Ended June 30, |
|||||
|
2022 |
2021 |
2019 |
|||
|
Net income (loss) |
$ 52,701 |
$ (19,119) |
$ 29,074 |
||
|
Real estate related depreciation and amortization |
27,389 |
24,692 |
29,335 |
||
|
Impairment losses, net of tax |
— |
6,945 |
— |
||
|
FFO |
80,090 |
12,518 |
58,409 |
||
|
Distribution to preferred stockholders |
(2,454) |
(2,454) |
— |
||
|
FFO available to common stock and unit holders |
77,636 |
10,064 |
58,409 |
||
|
Non-cash lease expense and other amortization |
1,556 |
1,671 |
1,784 |
||
|
Professional fees and pre-opening costs related to Frenchman's Reef (1) |
— |
478 |
3,700 |
||
|
Hotel manager transition items |
(13) |
— |
171 |
||
|
Severance costs (2) |
— |
(226) |
— |
||
|
Fair value adjustments to interest rate swaps |
(2,720) |
(838) |
1,075 |
||
|
Adjusted FFO available to common stock and unit holders |
$ 76,459 |
$ 11,149 |
$ 65,139 |
||
|
Adjusted FFO available to common stock and unit holders, per diluted share |
$ 0.36 |
$ 0.05 |
$ 0.32 |
||
|
Six Months Ended June 30, |
|||||
|
2022 |
2021 |
2019 |
|||
|
Net income (loss) |
$ 62,761 |
$ (190,686) |
$ 38,054 |
||
|
Real estate related depreciation and amortization |
54,044 |
51,654 |
58,331 |
||
|
Impairment losses, net of tax |
2,843 |
129,497 |
— |
||
|
FFO |
119,648 |
(9,535) |
96,385 |
||
|
Distribution to preferred stockholders |
(4,908) |
(4,908) |
— |
||
|
FFO available to common stock and unit holders |
114,740 |
(14,443) |
96,385 |
||
|
Non-cash lease expense and other amortization |
3,124 |
3,343 |
3,499 |
||
|
Professional fees and pre-opening costs related to Frenchman's Reef (1) |
— |
1,053 |
5,067 |
||
|
Hotel manager transition items |
236 |
128 |
468 |
||
|
Severance costs (2) |
(532) |
(216) |
— |
||
|
Fair value adjustments to interest rate swaps |
(10,222) |
(3,569) |
1,647 |
||
|
Adjusted FFO available to common stock and unit holders |
$ 107,346 |
$ (13,704) |
$ 107,066 |
||
|
Adjusted FFO available to common stock and unit holders, per diluted share |
$ 0.50 |
$ (0.06) |
$ 0.53 |
||
|
(1) |
Represents pre-opening costs related to the re-opening of Frenchman's Reef, as well as legal and professional fees and other costs incurred at Frenchman's Reef as a result of Hurricane Irma that are not covered by insurance. |
|
(2) |
Consists of severance costs incurred, or adjustments thereto, associated with the elimination of positions at our hotels, which are classified within other hotel expenses on the consolidated statement of operations. |
Reconciliation of Comparable Operating Results
The following presents the revenues, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin together with comparable prior year results, which excludes the results for our 2021 dispositions (in thousands):
|
Three Months Ended June 30, |
|||||
|
2022 |
2021 |
2019 |
|||
|
Revenues |
$ 281,407 |
$ 124,791 |
$ 257,918 |
||
|
Hotel revenues from prior ownership (1) |
(1,962) |
22,764 |
20,584 |
||
|
Hotel revenues from sold hotels (2) |
— |
(18) |
(18,275) |
||
|
Comparable Revenues |
$ 279,445 |
$ 147,537 |
$ 260,227 |
||
|
Hotel Adjusted EBITDA |
$ 101,331 |
$ 27,775 |
$ 88,351 |
||
|
Hotel Adjusted EBITDA from prior ownership (1) |
(353) |
6,918 |
5,854 |
||
|
Hotel Adjusted EBITDA from sold hotels (2) |
— |
1,263 |
(4,895) |
||
|
Comparable Hotel Adjusted EBITDA |
$ 100,978 |
$ 35,956 |
$ 89,310 |
||
|
Hotel Adjusted EBITDA Margin |
36.01 % |
22.26 % |
34.26 % |
||
|
Comparable Hotel Adjusted EBITDA Margin |
36.14 % |
24.37 % |
34.32 % |
||
|
Six Months Ended June 30, |
|||||
|
2022 |
2021 |
2019 |
|||
|
Revenues |
$ 478,240 |
$ 197,728 |
$ 460,293 |
||
|
Hotel revenues from prior ownership (1) |
(1,532) |
36,402 |
35,841 |
||
|
Hotel revenues from sold hotels (2) |
— |
(60) |
(29,534) |
||
|
Comparable Revenues |
$ 476,708 |
$ 234,070 |
$ 466,600 |
||
|
Hotel Adjusted EBITDA |
$ 152,558 |
$ 25,207 |
$ 144,280 |
||
|
Hotel Adjusted EBITDA from prior ownership (1) |
(460) |
8,419 |
8,820 |
||
|
Hotel Adjusted EBITDA from sold hotels (2) |
— |
4,486 |
(12,815) |
||
|
Comparable Hotel Adjusted EBITDA |
$ 152,098 |
$ 38,112 |
$ 140,285 |
||
|
Hotel Adjusted EBITDA Margin |
31.90 % |
12.75 % |
31.35 % |
||
|
Comparable Hotel Adjusted EBITDA Margin |
31.91 % |
16.28 % |
30.07 % |
||
|
(1) |
Amounts represent the pre-acquisition operating results for Bourbon Orleans Hotel from January 1, 2019 to July 28, 2021, Henderson Park Inn from January 1, 2019 to July 29, 2021, Henderson Beach Resort from January 1, 2019 to December 22, 2021 and Tranquility Bay Beachfront Resort from January 1, 2019 to January 5, 2022 and exclude the operating results of the Kimpton Fort Lauderdale Beach Resort as the hotel opened in April 2021. The pre-acquisition operating results were obtained from the sellers of the hotels during the acquisition due diligence process. We have made no adjustments to the amounts provided to us by the seller. The pre-acquisition operating results were not audited or reviewed by the Company's independent auditors. |
|
(2) |
Amounts represent the operating results of Frenchman's Reef and The Lexington Hotel. |
Selected Quarterly Comparable Operating Information
The following tables are presented to provide investors with selected quarterly comparable operating information. The operating information includes historical quarterly operating results for our portfolio, excluding the Kimpton Fort Lauderdale Beach Resort as the hotel opened in April 2021.
|
Quarter 1, 2019 |
Quarter 2, 2019 |
Quarter 3, 2019 |
Quarter 4, 2019 |
Full Year 2019 |
|
|
ADR |
$ 223.66 |
$ 252.68 |
$ 239.39 |
$ 242.68 |
$ 240.10 |
|
Occupancy |
72.2 % |
82.4 % |
81.2 % |
75.2 % |
77.8 % |
|
RevPAR |
$ 161.44 |
$ 208.24 |
$ 194.40 |
$ 182.52 |
$ 186.73 |
|
Total RevPAR |
$ 242.88 |
$ 302.81 |
$ 274.93 |
$ 265.26 |
$ 271.55 |
|
Revenues (in thousands) |
$ 206,370 |
$ 260,227 |
$ 238,977 |
$ 230,571 |
$ 936,145 |
|
Hotel Adjusted EBITDA (in thousands) |
$ 50,975 |
$ 89,310 |
$ 72,411 |
$ 65,196 |
$ 277,892 |
|
Hotel Adjusted EBITDA Margin |
24.70 % |
34.32 % |
30.30 % |
28.28 % |
29.68 % |
|
Available Rooms |
849,674 |
859,374 |
869,216 |
869,216 |
3,447,480 |
|
Quarter 1, 2021 |
Quarter 2, 2021 |
Quarter 3, 2021 |
Quarter 4, 2021 |
Full Year 2021 |
|
|
ADR |
$ 236.48 |
$ 241.35 |
$ 249.83 |
$ 265.54 |
$ 250.62 |
|
Occupancy |
29.6 % |
49.3 % |
65.4 % |
61.2 % |
51.5 % |
|
RevPAR |
$ 70.08 |
$ 119.00 |
$ 163.45 |
$ 162.47 |
$ 129.10 |
|
Total RevPAR |
$ 101.74 |
$ 171.53 |
$ 228.71 |
$ 233.25 |
$ 184.30 |
|
Revenues (in thousands) |
$ 86,534 |
$ 147,537 |
$ 198,885 |
$ 202,826 |
$ 635,782 |
|
Hotel Adjusted EBITDA (in thousands) |
$ 2,156 |
$ 35,956 |
$ 53,472 |
$ 45,017 |
$ 136,601 |
|
Hotel Adjusted EBITDA Margin |
2.49 % |
24.37 % |
26.89 % |
22.19 % |
21.49 % |
|
Available Rooms |
850,500 |
860,103 |
869,584 |
869,584 |
3,449,771 |
|
Quarter 1, 2022 |
Quarter 2, 2022 |
|
|
ADR |
$ 279.09 |
$ 297.36 |
|
Occupancy |
55.8 % |
74.9 % |
|
RevPAR |
$ 155.76 |
$ 222.70 |
|
Total RevPAR |
$ 231.84 |
$ 324.68 |
|
Revenues (in thousands) |
$ 197,263 |
$ 279,445 |
|
Hotel Adjusted EBITDA (in thousands) |
$ 51,121 |
$ 100,978 |
|
Hotel Adjusted EBITDA Margin |
25.92 % |
36.14 % |
|
Available Rooms |
850,842 |
860,683 |
|
Market Capitalization as of June 30, 2022 |
||
|
(in thousands) |
||
|
Enterprise Value |
||
|
Common equity capitalization (at June 30, 2022 closing price of $8.21/share) |
$ 1,765,099 |
|
|
Preferred equity capitalization (at liquidation value of $25.00/share) |
119,000 |
|
|
Consolidated debt (face amount) |
1,172,661 |
|
|
Cash and cash equivalents |
(71,713) |
|
|
Total enterprise value |
$ 2,985,047 |
|
|
Share Reconciliation |
||
|
Common shares outstanding |
210,923 |
|
|
Operating partnership units |
768 |
|
|
Unvested restricted stock held by management and employees |
1,353 |
|
|
Share grants under deferred compensation plan |
1,950 |
|
|
Combined shares and units |
214,994 |
|
|
Debt Summary as of June 30, 2022 |
||||||||
|
(dollars in thousands) |
||||||||
|
Loan |
Interest Rate as of June 30, 2022 |
Term |
Outstanding Principal |
Maturity |
||||
|
Salt Lake City Marriott Downtown at City Creek |
LIBOR + 3.25 (1) |
Variable |
42,670 |
January 2023 |
||||
|
Westin Washington D.C. City Center |
3.99 % |
Fixed |
54,690 |
January 2023 |
||||
|
The Lodge at Sonoma Resort |
3.96 % |
Fixed |
25,228 |
April 2023 |
||||
|
Westin San Diego Bayview |
3.94 % |
Fixed |
57,741 |
April 2023 |
||||
|
Courtyard New York Manhattan / Midtown East |
4.40 % |
Fixed |
77,023 |
August 2024 |
||||
|
Worthington Renaissance Fort Worth Hotel |
3.66 % |
Fixed |
76,543 |
May 2025 |
||||
|
Hotel Clio |
4.33 % |
Fixed |
58,133 |
July 2025 |
||||
|
Westin Boston Seaport District |
4.36 % |
Fixed |
180,633 |
November 2025 |
||||
|
Unamortized debt issuance costs |
(1,469) |
|||||||
|
Total mortgage and other debt, net of unamortized debt issuance costs |
571,192 |
|||||||
|
Unsecured term loan |
LIBOR + 2.40% (2) |
Variable |
350,000 |
July 2024 |
||||
|
Unsecured term loan |
LIBOR + 2.40% (3) |
Fixed |
50,000 |
October 2023 |
||||
|
Unamortized debt issuance costs |
(1,178) |
|||||||
|
Unsecured term loans, net of unamortized debt issuance costs |
398,822 |
|||||||
|
Senior unsecured credit facility |
LIBOR + 2.55% (4) |
Variable |
200,000 |
July 2023 (5) |
||||
|
Total debt, net of unamortized debt issuance costs |
$ 1,170,014 |
|||||||
|
Weighted-average interest rate of fixed rate debt |
4.25 % |
|||||||
|
Total weighted-average interest rate |
4.20 % |
|||||||
|
(1) |
LIBOR is subject to a floor of 1.0%. |
|
(2) |
The Company entered into an interest rate swap agreement in July 2019 to fix LIBOR at 1.70% for $175 million of the term loan through July 2024. LIBOR is subject to a floor of 0.25%. |
|
(3) |
The Company entered into an interest rate swap agreement in January 2019 to fix LIBOR at 2.41% through October 2023. |
|
(4) |
LIBOR is subject to a floor of 0.25%. |
|
(5) |
May be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions. |
|
Monthly Operating Statistics (1) |
||||||||||||
|
Number of Rooms |
ADR |
Occupancy |
RevPAR |
|||||||||
|
April 2022 |
April 2021 |
B/(W) 2021 |
April 2022 |
April 2021 |
B/(W) 2021 |
April 2022 |
April 2021 |
B/(W) 2021 |
||||
|
Total - 33 Hotels |
9,454 |
$ 291.71 |
$ 249.38 |
17.0 % |
72.4 % |
39.9 % |
32.5 % |
$ 211.29 |
$ 99.49 |
112.4 % |
||
|
Resorts - 16 Hotels |
2,791 |
$ 436.92 |
$ 376.83 |
15.9 % |
74.6 % |
61.9 % |
12.7 % |
$ 325.89 |
$ 233.07 |
39.8 % |
||
|
Number of Rooms |
April 2022 |
April 2019 |
B/(W) 2019 |
April 2022 |
April 2019 |
B/(W) 2019 |
April 2022 |
April 2019 |
B/(W) 2019 |
|||
|
Total - 33 Hotels |
9,454 |
$ 291.71 |
$ 248.26 |
17.5 % |
72.4 % |
81.2 % |
(8.8) % |
$ 211.29 |
$ 201.71 |
4.7 % |
||
|
Resorts - 16 Hotels |
2,791 |
$ 436.92 |
$ 293.19 |
49.0 % |
74.6 % |
76.4 % |
(1.8) % |
$ 325.89 |
$ 224.11 |
45.4 % |
|
Number of Rooms |
May 2022 |
May 2021 |
B/(W) 2021 |
May 2022 |
May 2021 |
B/(W) 2021 |
May 2022 |
May 2021 |
B/(W) 2021 |
|||
|
Total - 33 Hotels |
9,454 |
$ 297.08 |
$ 238.23 |
24.7 % |
72.9 % |
48.2 % |
24.7 % |
$ 216.62 |
$ 114.94 |
88.5 % |
||
|
Resorts - 16 Hotels |
2,791 |
$ 408.99 |
$ 383.11 |
6.8 % |
71.4 % |
60.3 % |
11.1 % |
$ 291.87 |
$ 230.87 |
26.4 % |
|
Number of Rooms |
May 2022 |
May 2019 |
B/(W) 2019 |
May 2022 |
May 2019 |
B/(W) 2019 |
May 2022 |
May 2019 |
B/(W) 2019 |
|||
|
Total - 33 Hotels |
9,454 |
$ 297.08 |
$ 255.97 |
16.1 % |
72.9 % |
80.3 % |
(7.4) % |
$ 216.62 |
$ 205.60 |
5.4 % |
||
|
Resorts - 16 Hotels |
2,791 |
$ 408.99 |
$ 277.22 |
47.5 % |
71.4 % |
73.6 % |
(2.2) % |
$ 291.87 |
$ 203.97 |
43.1 % |
|
Number of Rooms |
June 2022 |
June 2021 |
B/(W) 2021 |
June 2022 |
June 2021 |
B/(W) 2021 |
June 2022 |
June 2021 |
B/(W) 2021 |
|||
|
Total - 33 Hotels |
9,471 |
$ 302.78 |
$ 238.59 |
26.9 % |
79.4 % |
59.8 % |
19.6 % |
$ 240.37 |
$ 142.71 |
68.4 % |
||
|
Resorts - 16 Hotels |
2,808 |
$ 395.39 |
$ 371.28 |
6.5 % |
75.6 % |
70.9 % |
4.7 % |
$ 298.82 |
$ 263.24 |
13.5 % |
|
Number of Rooms |
June 2022 |
June 2019 |
B/(W) 2019 |
June 2022 |
June 2019 |
B/(W) 2019 |
June 2022 |
June 2019 |
B/(W) 2019 |
|||
|
Total - 33 Hotels |
9,471 |
$ 302.78 |
$ 253.70 |
19.3 % |
79.4 % |
85.7 % |
(6.3) % |
$ 240.37 |
$ 217.49 |
10.5 % |
||
|
Resorts - 16 Hotels |
2,808 |
$ 395.39 |
$ 259.73 |
52.2 % |
75.6 % |
81.1 % |
(5.5) % |
$ 298.82 |
$ 210.61 |
41.9 % |
|
(1) |
All periods presented include the pre-acquisition operating results of hotels acquired in 2021 and 2022 and excludes hotels sold in 2021 and the Kimpton Fort Lauderdale Beach Resort as the hotel opened during 2021. |
|
Operating Statistics – Second Quarter |
||||||||||||
|
Number of Rooms |
ADR |
Occupancy |
RevPAR |
|||||||||
|
2Q 2022 |
2Q 2021 |
B/(W) 2021 |
2Q 2022 |
2Q 2021 |
B/(W) 2021 |
2Q 2022 |
2Q 2021 |
B/(W) 2021 |
||||
|
Atlanta Marriott Alpharetta |
318 |
$ 152.51 |
$ 102.97 |
48.1 % |
62.0 % |
49.4 % |
12.6 % |
$ 94.58 |
$ 50.82 |
86.1 % |
||
|
Bourbon Orleans Hotel |
220 |
$ 254.65 |
$ 189.16 |
34.6 % |
65.8 % |
17.9 % |
47.9 % |
$ 167.61 |
$ 33.87 |
394.9 % |
||
|
Cavallo Point, The Lodge at the Golden Gate |
142 |
$ 729.78 |
$ 590.31 |
23.6 % |
59.5 % |
45.5 % |
14.0 % |
$ 434.41 |
$ 268.80 |
61.6 % |
||
|
Chicago Marriott Downtown Magnificent Mile |
1,200 |
$ 258.98 |
$ 167.94 |
54.2 % |
60.9 % |
20.1 % |
40.8 % |
$ 157.74 |
$ 33.75 |
367.4 % |
||
|
Courtyard Denver Downtown |
177 |
$ 223.78 |
$ 130.97 |
70.9 % |
82.2 % |
65.5 % |
16.7 % |
$ 183.96 |
$ 85.82 |
114.4 % |
||
|
Courtyard New York Manhattan/Fifth Avenue |
189 |
$ 291.51 |
$ 155.79 |
87.1 % |
96.1 % |
27.3 % |
68.8 % |
$ 280.01 |
$ 42.59 |
557.5 % |
||
|
Courtyard New York Manhattan/Midtown East |
321 |
$ 330.68 |
$ 159.76 |
107.0 % |
89.2 % |
81.7 % |
7.5 % |
$ 294.94 |
$ 130.51 |
126.0 % |
||
|
Embassy Suites by Hilton Bethesda |
272 |
$ 160.43 |
$ 106.48 |
50.7 % |
62.9 % |
32.0 % |
30.9 % |
$ 100.86 |
$ 34.07 |
196.0 % |
||
|
Havana Cabana Key West |
106 |
$ 330.95 |
$ 300.11 |
10.3 % |
90.2 % |
97.0 % |
(6.8) % |
$ 298.59 |
$ 291.21 |
2.5 % |
||
|
Henderson Beach Resort |
233 |
$ 528.34 |
$ 467.86 |
12.9 % |
87.2 % |
86.4 % |
0.8 % |
$ 460.58 |
$ 404.02 |
14.0 % |
||
|
Henderson Park Inn |
37 |
$ 732.17 |
$ 492.83 |
48.6 % |
90.9 % |
98.2 % |
(7.3) % |
$ 665.62 |
$ 484.19 |
37.5 % |
||
|
Hilton Boston Downtown/Faneuil Hall |
403 |
$ 330.88 |
$ 161.64 |
104.7 % |
85.4 % |
54.5 % |
30.9 % |
$ 282.69 |
$ 88.05 |
221.1 % |
||
|
Hilton Burlington Lake Champlain |
258 |
$ 233.43 |
$ 190.76 |
22.4 % |
76.7 % |
61.7 % |
15.0 % |
$ 178.98 |
$ 117.78 |
52.0 % |
||
|
Hilton Garden Inn New York/Times Square Central |
282 |
$ 284.89 |
$ 149.79 |
90.2 % |
98.0 % |
42.1 % |
55.9 % |
$ 279.23 |
$ 63.11 |
342.4 % |
||
|
Hotel Clio |
199 |
$ 318.95 |
$ 248.86 |
28.2 % |
69.8 % |
68.4 % |
1.4 % |
$ 222.73 |
$ 170.32 |
30.8 % |
||
|
Hotel Emblem San Francisco |
96 |
$ 236.51 |
$ 145.08 |
63.0 % |
85.7 % |
37.8 % |
47.9 % |
$ 202.78 |
$ 54.77 |
270.2 % |
||
|
Hotel Palomar Phoenix |
242 |
$ 218.59 |
$ 158.11 |
38.3 % |
65.3 % |
60.6 % |
4.7 % |
$ 142.83 |
$ 95.78 |
49.1 % |
||
|
Kimpton Fort Lauderdale Beach Resort |
96 |
$ 236.33 |
$ 213.74 |
10.6 % |
65.3 % |
38.2 % |
27.1 % |
$ 154.33 |
$ 81.55 |
89.2 % |
||
|
Kimpton Shorebreak Resort |
157 |
$ 356.28 |
$ 302.65 |
17.7 % |
85.2 % |
74.4 % |
10.8 % |
$ 303.51 |
$ 225.22 |
34.8 % |
||
|
L'Auberge de Sedona |
88 |
$ 1,068.06 |
$ 997.93 |
7.0 % |
80.5 % |
89.0 % |
(8.5) % |
$ 859.86 |
$ 888.40 |
(3.2) % |
||
|
Margaritaville Beach House Key West |
186 |
$ 450.34 |
$ 416.33 |
8.2 % |
87.0 % |
96.1 % |
(9.1) % |
$ 391.96 |
$ 400.05 |
(2.0) % |
||
|
Orchards Inn Sedona |
70 |
$ 354.54 |
$ 334.13 |
6.1 % |
70.0 % |
81.4 % |
(11.4) % |
$ 248.13 |
$ 271.81 |
(8.7) % |
||
|
Renaissance Charleston Historic District Hotel |
167 |
$ 412.06 |
$ 328.57 |
25.4 % |
94.1 % |
90.5 % |
3.6 % |
$ 387.87 |
$ 297.43 |
30.4 % |
||
|
Salt Lake City Marriott Downtown at City Creek |
510 |
$ 181.35 |
$ 131.56 |
37.8 % |
63.4 % |
42.8 % |
20.6 % |
$ 114.99 |
$ 56.29 |
104.3 % |
||
|
The Gwen Hotel |
311 |
$ 324.50 |
$ 232.02 |
39.9 % |
80.1 % |
50.9 % |
29.2 % |
$ 259.81 |
$ 118.16 |
119.9 % |
||
|
The Hythe Vail |
344 |
$ 240.14 |
$ 237.42 |
1.1 % |
38.4 % |
18.7 % |
19.7 % |
$ 92.28 |
$ 44.34 |
108.1 % |
||
|
The Landing Lake Tahoe Resort & Spa |
82 |
$ 451.54 |
$ 437.62 |
3.2 % |
48.7 % |
58.6 % |
(9.9) % |
$ 219.78 |
$ 256.64 |
(14.4) % |
||
|
The Lodge at Sonoma Resort |
182 |
$ 490.14 |
$ 314.26 |
56.0 % |
71.3 % |
69.9 % |
1.4 % |
$ 349.50 |
$ 219.71 |
59.1 % |
||
|
Tranquility Bay Beachfront Resort |
103 |
$ 784.22 |
$ 617.36 |
27.0 % |
81.7 % |
90.1 % |
(8.4) % |
$ 640.73 |
$ 556.24 |
15.2 % |
||
|
Westin Boston Waterfront |
793 |
$ 255.07 |
$ 153.88 |
65.8 % |
85.9 % |
36.4 % |
49.5 % |
$ 219.10 |
$ 55.94 |
291.7 % |
||
|
Westin Fort Lauderdale Beach Resort |
433 |
$ 262.17 |
$ 253.42 |
3.5 % |
82.3 % |
67.0 % |
15.3 % |
$ 215.70 |
$ 169.80 |
27.0 % |
||
|
Westin San Diego Bayview |
436 |
$ 208.76 |
$ 141.23 |
47.8 % |
81.5 % |
57.1 % |
24.4 % |
$ 170.19 |
$ 80.58 |
111.2 % |
||
|
Westin Washington D.C. City Center |
410 |
$ 237.11 |
$ 127.66 |
85.7 % |
79.6 % |
24.4 % |
55.2 % |
$ 188.68 |
$ 31.21 |
504.5 % |
||
|
Worthington Renaissance Fort Worth Hotel |
504 |
$ 188.25 |
$ 159.15 |
18.3 % |
73.9 % |
55.8 % |
18.1 % |
$ 139.06 |
$ 88.74 |
56.7 % |
||
|
Comparable Total (1) |
9,471 |
$ 297.36 |
$ 241.35 |
23.2 % |
74.9 % |
49.3 % |
25.6 % |
$ 222.70 |
$ 119.00 |
87.1 % |
||
|
(1) |
Amounts include the pre-acquisition operating results of hotels acquired in 2021 and 2022 and excludes hotels sold in 2021 and the Kimpton Fort Lauderdale Beach Resort as the hotel opened during 2021. |
|
Operating Statistics – Second Quarter |
||||||||||||
|
Number of Rooms |
ADR |
Occupancy |
RevPAR |
|||||||||
|
2Q 2022 |
2Q 2019 |
B/(W) 2019 |
2Q 2022 |
2Q 2019 |
B/(W) 2019 |
2Q 2022 |
2Q 2019 |
B/(W) 2019 |
||||
|
Atlanta Marriott Alpharetta |
318 |
$ 152.51 |
$ 160.44 |
(4.9) % |
62.0 % |
74.8 % |
(12.8) % |
$ 94.58 |
$ 119.97 |
(21.2) % |
||
|
Bourbon Orleans Hotel |
220 |
$ 254.65 |
$ 218.43 |
16.6 % |
65.8 % |
90.8 % |
(25.0) % |
$ 167.61 |
$ 198.25 |
(15.5) % |
||
|
Cavallo Point, The Lodge at the Golden Gate |
142 |
$ 729.78 |
$ 467.43 |
56.1 % |
59.5 % |
64.0 % |
(4.5) % |
$ 434.41 |
$ 299.11 |
45.2 % |
||
|
Chicago Marriott Downtown Magnificent Mile |
1,200 |
$ 258.98 |
$ 253.76 |
2.1 % |
60.9 % |
83.6 % |
(22.7) % |
$ 157.74 |
$ 212.22 |
(25.7) % |
||
|
Courtyard Denver Downtown |
177 |
$ 223.78 |
$ 207.53 |
7.8 % |
82.2 % |
83.8 % |
(1.6) % |
$ 183.96 |
$ 173.87 |
5.8 % |
||
|
Courtyard New York Manhattan/Fifth Avenue |
189 |
$ 291.51 |
$ 270.86 |
7.6 % |
96.1 % |
90.9 % |
5.2 % |
$ 280.01 |
$ 246.20 |
13.7 % |
||
|
Courtyard New York Manhattan/Midtown East |
321 |
$ 330.68 |
$ 274.26 |
20.6 % |
89.2 % |
97.3 % |
(8.1) % |
$ 294.94 |
$ 266.76 |
10.6 % |
||
|
Embassy Suites by Hilton Bethesda |
272 |
$ 160.43 |
$ 188.39 |
(14.8) % |
62.9 % |
83.3 % |
(20.4) % |
$ 100.86 |
$ 156.97 |
(35.7) % |
||
|
Havana Cabana Key West |
106 |
$ 330.95 |
$ 202.86 |
63.1 % |
90.2 % |
90.4 % |
(0.2) % |
$ 298.59 |
$ 183.30 |
62.9 % |
||
|
Henderson Beach Resort |
233 |
$ 528.34 |
$ 332.50 |
58.9 % |
87.2 % |
75.1 % |
12.1 % |
$ 460.58 |
$ 249.74 |
84.4 % |
||
|
Henderson Park Inn |
37 |
$ 732.17 |
$ 515.16 |
42.1 % |
90.9 % |
90.8 % |
0.1 % |
$ 665.62 |
$ 467.58 |
42.4 % |
||
|
Hilton Boston Downtown/Faneuil Hall |
403 |
$ 330.88 |
$ 375.21 |
(11.8) % |
85.4 % |
90.5 % |
(5.1) % |
$ 282.69 |
$ 339.67 |
(16.8) % |
||
|
Hilton Burlington Lake Champlain |
258 |
$ 233.43 |
$ 191.05 |
22.2 % |
76.7 % |
84.0 % |
(7.3) % |
$ 178.98 |
$ 160.56 |
11.5 % |
||
|
Hilton Garden Inn New York/Times Square Central |
282 |
$ 284.89 |
$ 275.97 |
3.2 % |
98.0 % |
98.7 % |
(0.7) % |
$ 279.23 |
$ 272.38 |
2.5 % |
||
|
Hotel Clio |
199 |
$ 318.95 |
$ 265.01 |
20.4 % |
69.8 % |
79.2 % |
(9.4) % |
$ 222.73 |
$ 209.77 |
6.2 % |
||
|
Hotel Emblem San Francisco |
96 |
$ 236.51 |
$ 227.87 |
3.8 % |
85.7 % |
87.1 % |
(1.4) % |
$ 202.78 |
$ 198.47 |
2.2 % |
||
|
Hotel Palomar Phoenix |
242 |
$ 218.59 |
$ 174.16 |
25.5 % |
65.3 % |
86.5 % |
(21.2) % |
$ 142.83 |
$ 150.69 |
(5.2) % |
||
|
Kimpton Shorebreak Resort |
157 |
$ 356.28 |
$ 258.74 |
37.7 % |
85.2 % |
78.9 % |
6.3 % |
$ 303.51 |
$ 204.07 |
48.7 % |
||
|
L'Auberge de Sedona |
88 |
$ 1,068.06 |
$ 669.18 |
59.6 % |
80.5 % |
83.8 % |
(3.3) % |
$ 859.86 |
$ 560.63 |
53.4 % |
||
|
Margaritaville Beach House Key West |
186 |
$ 450.34 |
$ 244.49 |
84.2 % |
87.0 % |
86.4 % |
0.6 % |
$ 391.96 |
$ 211.26 |
85.5 % |
||
|
Orchards Inn Sedona |
70 |
$ 354.54 |
$ 267.91 |
32.3 % |
70.0 % |
85.0 % |
(15.0) % |
$ 248.13 |
$ 227.70 |
9.0 % |
||
|
Renaissance Charleston Historic District Hotel |
167 |
$ 412.06 |
$ 301.89 |
36.5 % |
94.1 % |
90.3 % |
3.8 % |
$ 387.87 |
$ 272.57 |
42.3 % |
||
|
Salt Lake City Marriott Downtown at City Creek |
510 |
$ 181.35 |
$ 167.09 |
8.5 % |
63.4 % |
72.8 % |
(9.4) % |
$ 114.99 |
$ 121.65 |
(5.5) % |
||
|
The Gwen Hotel |
311 |
$ 324.50 |
$ 285.70 |
13.6 % |
80.1 % |
87.9 % |
(7.8) % |
$ 259.81 |
$ 251.18 |
3.4 % |
||
|
The Hythe Vail |
344 |
$ 240.14 |
$ 174.07 |
38.0 % |
38.4 % |
44.3 % |
(5.9) % |
$ 92.28 |
$ 77.08 |
19.7 % |
||
|
The Landing Lake Tahoe Resort & Spa |
82 |
$ 451.54 |
$ 270.62 |
66.9 % |
48.7 % |
55.1 % |
(6.4) % |
$ 219.78 |
$ 149.15 |
47.4 % |
||
|
The Lodge at Sonoma Resort |
182 |
$ 490.14 |
$ 327.39 |
49.7 % |
71.3 % |
77.4 % |
(6.1) % |
$ 349.50 |
$ 253.52 |
37.9 % |
||
|
Tranquility Bay Beachfront Resort |
103 |
$ 784.22 |
$ 420.16 |
86.6 % |
81.7 % |
90.2 % |
(8.5) % |
$ 640.73 |
$ 379.06 |
69.0 % |
||
|
Westin Boston Waterfront |
793 |
$ 255.07 |
$ 278.41 |
(8.4) % |
85.9 % |
85.0 % |
0.9 % |
$ 219.10 |
$ 236.51 |
(7.4) % |
||
|
Westin Fort Lauderdale Beach Resort |
433 |
$ 262.17 |
$ 198.53 |
32.1 % |
82.3 % |
80.7 % |
1.6 % |
$ 215.70 |
$ 160.28 |
34.6 % |
||
|
Westin San Diego Bayview |
436 |
$ 208.76 |
$ 199.95 |
4.4 % |
81.5 % |
82.5 % |
(1.0) % |
$ 170.19 |
$ 164.92 |
3.2 % |
||
|
Westin Washington D.C. City Center |
410 |
$ 237.11 |
$ 239.48 |
(1.0) % |
79.6 % |
92.4 % |
(12.8) % |
$ 188.68 |
$ 221.35 |
(14.8) % |
||
|
Worthington Renaissance Fort Worth Hotel |
504 |
$ 188.25 |
$ 192.06 |
(2.0) % |
73.9 % |
77.5 % |
(3.6) % |
$ 139.06 |
$ 148.88 |
(6.6) % |
||
|
Comparable Total (1) |
9,471 |
$ 297.36 |
$ 252.68 |
17.7 % |
74.9 % |
82.4 % |
(7.5) % |
$ 222.70 |
$ 208.24 |
6.9 % |
||
|
(1) |
Amounts include the pre-acquisition operating results of hotels acquired in 2021 and 2022 and excludes hotels sold in 2021 and the Kimpton Fort Lauderdale Beach Resort as the hotel opened during 2021. |
|
Operating Statistics – Year to Date |
||||||||||||
|
Number of Rooms |
ADR |
Occupancy |
RevPAR |
|||||||||
|
YTD 2022 |
YTD 2021 |
B/(W) 2021 |
YTD 2022 |
YTD 2021 |
B/(W) 2021 |
YTD 2022 |
YTD 2021 |
B/(W) 2021 |
||||
|
Atlanta Marriott Alpharetta |
318 |
$ 148.27 |
$ 100.26 |
47.9 % |
51.9 % |
36.2 % |
15.7 % |
$ 76.90 |
$ 36.30 |
111.8 % |
||
|
Bourbon Orleans Hotel |
220 |
$ 250.51 |
$ 188.52 |
32.9 % |
57.8 % |
9.0 % |
48.8 % |
$ 144.75 |
$ 16.97 |
753.0 % |
||
|
Cavallo Point, The Lodge at the Golden Gate |
142 |
$ 709.90 |
$ 577.59 |
22.9 % |
52.1 % |
32.5 % |
19.6 % |
$ 370.03 |
$ 187.76 |
97.1 % |
||
|
Chicago Marriott Downtown Magnificent Mile |
1,200 |
$ 231.16 |
$ 167.72 |
37.8 % |
44.2 % |
10.2 % |
34.0 % |
$ 102.24 |
$ 17.14 |
496.5 % |
||
|
Courtyard Denver Downtown |
177 |
$ 193.32 |
$ 118.06 |
63.7 % |
71.2 % |
50.7 % |
20.5 % |
$ 137.56 |
$ 59.86 |
129.8 % |
||
|
Courtyard New York Manhattan/Fifth Avenue |
189 |
$ 231.54 |
$ 155.79 |
48.6 % |
89.5 % |
13.7 % |
75.8 % |
$ 207.26 |
$ 21.41 |
868.1 % |
||
|
Courtyard New York Manhattan/Midtown East |
321 |
$ 276.54 |
$ 144.74 |
91.1 % |
76.5 % |
74.4 % |
2.1 % |
$ 211.45 |
$ 107.65 |
96.4 % |
||
|
Embassy Suites by Hilton Bethesda |
272 |
$ 146.62 |
$ 106.15 |
38.1 % |
44.7 % |
25.3 % |
19.4 % |
$ 65.61 |
$ 26.82 |
144.6 % |
||
|
Havana Cabana Key West |
106 |
$ 371.86 |
$ 281.56 |
32.1 % |
92.0 % |
93.9 % |
(1.9) % |
$ 342.09 |
$ 264.50 |
29.3 % |
||
|
Henderson Park Resort |
233 |
$ 489.67 |
$ 420.39 |
16.5 % |
66.0 % |
66.0 % |
— % |
$ 323.42 |
$ 277.28 |
16.6 % |
||
|
Henderson Park Inn |
37 |
$ 644.64 |
$ 412.80 |
56.2 % |
75.9 % |
86.0 % |
(10.1) % |
$ 488.99 |
$ 354.92 |
37.8 % |
||
|
Hilton Boston Downtown/Faneuil Hall |
403 |
$ 264.87 |
$ 146.29 |
81.1 % |
74.3 % |
37.9 % |
36.4 % |
$ 196.80 |
$ 55.51 |
254.5 % |
||
|
Hilton Burlington Lake Champlain |
258 |
$ 200.81 |
$ 164.69 |
21.9 % |
67.7 % |
47.3 % |
20.4 % |
$ 135.88 |
$ 77.93 |
74.4 % |
||
|
Hilton Garden Inn New York/Times Square Central |
282 |
$ 231.05 |
$ 149.79 |
54.2 % |
88.0 % |
21.2 % |
66.8 % |
$ 203.24 |
$ 31.73 |
540.5 % |
||
|
Hotel Clio |
199 |
$ 290.80 |
$ 231.47 |
25.6 % |
66.2 % |
54.0 % |
12.2 % |
$ 192.37 |
$ 124.97 |
53.9 % |
||
|
Hotel Emblem San Francisco |
96 |
$ 217.86 |
$ 140.33 |
55.2 % |
69.9 % |
26.5 % |
43.4 % |
$ 152.22 |
$ 37.24 |
308.8 % |
||
|
Hotel Palomar Phoenix |
242 |
$ 234.31 |
$ 153.56 |
52.6 % |
71.1 % |
55.2 % |
15.9 % |
$ 166.48 |
$ 84.76 |
96.4 % |
||
|
Kimpton Fort Lauderdale Beach Resort (1) |
96 |
$ 236.33 |
$ 213.74 |
10.6 % |
65.3 % |
38.2 % |
27.1 % |
$ 154.33 |
$ 81.55 |
89.2 % |
||
|
Kimpton Shorebreak Resort |
157 |
$ 329.33 |
$ 276.07 |
19.3 % |
78.5 % |
59.0 % |
19.5 % |
$ 258.69 |
$ 162.80 |
58.9 % |
||
|
L'Auberge de Sedona |
88 |
$ 1,058.04 |
$ 864.93 |
22.3 % |
74.5 % |
84.9 % |
(10.4) % |
$ 788.48 |
$ 734.44 |
7.4 % |
||
|
Margaritaville Beach House Key West |
186 |
$ 516.31 |
$ 384.54 |
34.3 % |
89.5 % |
89.7 % |
(0.2) % |
$ 462.06 |
$ 345.05 |
33.9 % |
||
|
Orchards Inn Sedona |
70 |
$ 333.07 |
$ 299.29 |
11.3 % |
66.9 % |
71.8 % |
(4.9) % |
$ 222.66 |
$ 215.03 |
3.5 % |
||
|
Renaissance Charleston Historic District Hotel |
167 |
$ 366.12 |
$ 285.01 |
28.5 % |
87.3 % |
73.8 % |
13.5 % |
$ 319.49 |
$ 210.26 |
51.9 % |
||
|
Salt Lake City Marriott Downtown at City Creek |
510 |
$ 179.07 |
$ 121.90 |
46.9 % |
56.2 % |
36.7 % |
19.5 % |
$ 100.68 |
$ 44.71 |
125.2 % |
||
|
The Gwen Hotel |
311 |
$ 277.93 |
$ 219.19 |
26.8 % |
69.2 % |
37.3 % |
31.9 % |
$ 192.33 |
$ 81.70 |
135.4 % |
||
|
The Hythe Vail |
344 |
$ 508.11 |
$ 345.38 |
47.1 % |
52.7 % |
46.0 % |
6.7 % |
$ 267.53 |
$ 158.90 |
68.4 % |
||
|
The Landing Lake Tahoe Resort & Spa |
82 |
$ 430.83 |
$ 392.31 |
9.8 % |
47.6 % |
54.1 % |
(6.5) % |
$ 204.96 |
$ 212.25 |
(3.4) % |
||
|
The Lodge at Sonoma Resort |
182 |
$ 440.93 |
$ 286.64 |
53.8 % |
59.7 % |
48.9 % |
10.8 % |
$ 263.38 |
$ 140.21 |
87.8 % |
||
|
Tranquility Bay Beachfront Resort (2) |
103 |
$ 863.99 |
$ 648.05 |
33.3 % |
82.5 % |
89.8 % |
(7.3) % |
$ 712.57 |
$ 582.20 |
22.4 % |
||
|
Westin Boston Waterfront |
793 |
$ 231.75 |
$ 143.95 |
61.0 % |
69.9 % |
25.7 % |
44.2 % |
$ 162.00 |
$ 37.03 |
337.5 % |
||
|
Westin Fort Lauderdale Beach Resort |
433 |
$ 300.54 |
$ 254.22 |
18.2 % |
85.0 % |
61.5 % |
23.5 % |
$ 255.32 |
$ 156.34 |
63.3 % |
||
|
Westin San Diego Bayview |
436 |
$ 195.54 |
$ 141.30 |
38.4 % |
67.4 % |
39.6 % |
27.8 % |
$ 131.71 |
$ 55.96 |
135.4 % |
||
|
Westin Washington D.C. City Center |
410 |
$ 218.49 |
$ 133.76 |
63.3 % |
57.5 % |
16.7 % |
40.8 % |
$ 125.70 |
$ 22.27 |
464.4 % |
||
|
Worthington Renaissance Fort Worth Hotel |
504 |
$ 191.00 |
$ 150.46 |
26.9 % |
69.1 % |
45.4 % |
23.7 % |
$ 132.02 |
$ 68.26 |
93.4 % |
||
|
Comparable Total (3) |
9,471 |
$ 289.60 |
$ 239.53 |
20.9 % |
65.4 % |
39.5 % |
25.9 % |
$ 189.43 |
$ 94.68 |
100.1 % |
||
|
(1) |
Hotel was acquired on April 1, 2022. Amounts reflect the operating results for the period from April 1, 2022 to June 30, 2022 and April 1, 2021 to June 30, 2021. |
|
(2) |
Hotel was acquired on January 6, 2022. Amounts reflect the operating results for the period from January 6, 2022 to June 30, 2022 and January 6, 2021 to June 30, 2021. |
|
(3) |
Amounts include the pre-acquisition operating results of hotels acquired in 2021 and 2022 and excludes hotels sold in 2021 and the Kimpton Fort Lauderdale Beach Resort as the hotel opened during 2021. |
.
|
Operating Statistics – Year to Date |
||||||||||||
|
Number of Rooms |
ADR |
Occupancy |
RevPAR |
|||||||||
|
YTD 2022 |
YTD 2019 |
B/(W) 2019 |
YTD 2022 |
YTD 2019 |
B/(W) 2019 |
YTD 2022 |
YTD 2019 |
B/(W) 2019 |
||||
|
Atlanta Marriott Alpharetta |
318 |
$ 148.27 |
$ 168.59 |
(12.1) % |
51.9 % |
72.6 % |
(20.7) % |
$ 76.90 |
$ 122.44 |
(37.2) % |
||
|
Bourbon Orleans Hotel |
220 |
$ 250.51 |
$ 227.80 |
10.0 % |
57.8 % |
86.6 % |
(28.8) % |
$ 144.75 |
$ 197.32 |
(26.6) % |
||
|
Cavallo Point, The Lodge at the Golden Gate |
142 |
$ 709.90 |
$ 452.75 |
56.8 % |
52.1 % |
63.7 % |
(11.6) % |
$ 370.03 |
$ 288.31 |
28.3 % |
||
|
Chicago Marriott Downtown Magnificent Mile |
1,200 |
$ 231.16 |
$ 217.58 |
6.2 % |
44.2 % |
67.7 % |
(23.5) % |
$ 102.24 |
$ 147.36 |
(30.6) % |
||
|
Courtyard Denver Downtown |
177 |
$ 193.32 |
$ 191.01 |
1.2 % |
71.2 % |
78.6 % |
(7.4) % |
$ 137.56 |
$ 150.07 |
(8.3) % |
||
|
Courtyard New York Manhattan/Fifth Avenue |
189 |
$ 231.54 |
$ 244.03 |
(5.1) % |
89.5 % |
84.2 % |
5.3 % |
$ 207.26 |
$ 205.48 |
0.9 % |
||
|
Courtyard New York Manhattan/Midtown East |
321 |
$ 276.54 |
$ 233.54 |
18.4 % |
76.5 % |
94.7 % |
(18.2) % |
$ 211.45 |
$ 221.06 |
(4.3) % |
||
|
Embassy Suites by Hilton Bethesda |
272 |
$ 146.62 |
$ 181.32 |
(19.1) % |
44.7 % |
74.4 % |
(29.7) % |
$ 65.61 |
$ 134.84 |
(51.3) % |
||
|
Havana Cabana Key West |
106 |
$ 371.86 |
$ 229.10 |
62.3 % |
92.0 % |
92.5 % |
(0.5) % |
$ 342.09 |
$ 211.96 |
61.4 % |
||
|
Henderson Beach Resort |
233 |
$ 489.67 |
$ 305.54 |
60.3 % |
66.0 % |
57.2 % |
8.8 % |
$ 323.42 |
$ 174.65 |
85.2 % |
||
|
Henderson Park Inn |
37 |
$ 644.64 |
$ 455.46 |
41.5 % |
75.9 % |
71.6 % |
4.3 % |
$ 488.99 |
$ 326.31 |
49.9 % |
||
|
Hilton Boston Downtown/Faneuil Hall |
403 |
$ 264.87 |
$ 290.58 |
(8.8) % |
74.3 % |
87.0 % |
(12.7) % |
$ 196.80 |
$ 252.94 |
(22.2) % |
||
|
Hilton Burlington Lake Champlain |
258 |
$ 200.81 |
$ 163.67 |
22.7 % |
67.7 % |
77.4 % |
(9.7) % |
$ 135.88 |
$ 126.66 |
7.3 % |
||
|
Hilton Garden Inn New York/Times Square Central |
282 |
$ 231.05 |
$ 228.97 |
0.9 % |
88.0 % |
98.4 % |
(10.4) % |
$ 203.24 |
$ 225.19 |
(9.7) % |
||
|
Hotel Clio |
199 |
$ 290.80 |
$ 256.26 |
13.5 % |
66.2 % |
63.1 % |
3.1 % |
$ 192.37 |
$ 161.57 |
19.1 % |
||
|
Hotel Emblem San Francisco |
96 |
$ 217.86 |
$ 235.46 |
(7.5) % |
69.9 % |
72.4 % |
(2.5) % |
$ 152.22 |
$ 170.45 |
(10.7) % |
||
|
Hotel Palomar Phoenix |
242 |
$ 234.31 |
$ 203.74 |
15.0 % |
71.1 % |
87.4 % |
(16.3) % |
$ 166.48 |
$ 178.02 |
(6.5) % |
||
|
Kimpton Shorebreak Resort |
157 |
$ 329.33 |
$ 248.09 |
32.7 % |
78.5 % |
77.1 % |
1.4 % |
$ 258.69 |
$ 191.22 |
35.3 % |
||
|
L'Auberge de Sedona |
88 |
$ 1,058.04 |
$ 623.67 |
69.6 % |
74.5 % |
82.1 % |
(7.6) % |
$ 788.48 |
$ 512.04 |
54.0 % |
||
|
Margaritaville Beach House Key West |
186 |
$ 516.31 |
$ 278.48 |
85.4 % |
89.5 % |
90.2 % |
(0.7) % |
$ 462.06 |
$ 251.22 |
83.9 % |
||
|
Orchards Inn Sedona |
70 |
$ 333.07 |
$ 262.04 |
27.1 % |
66.9 % |
79.5 % |
(12.6) % |
$ 222.66 |
$ 208.25 |
6.9 % |
||
|
Renaissance Charleston Historic District Hotel |
167 |
$ 366.12 |
$ 270.69 |
35.3 % |
87.3 % |
87.1 % |
0.2 % |
$ 319.49 |
$ 235.71 |
35.5 % |
||
|
Salt Lake City Marriott Downtown at City Creek |
510 |
$ 179.07 |
$ 170.00 |
5.3 % |
56.2 % |
66.0 % |
(9.8) % |
$ 100.68 |
$ 112.24 |
(10.3) % |
||
|
The Gwen Hotel |
311 |
$ 277.93 |
$ 242.95 |
14.4 % |
69.2 % |
79.2 % |
(10.0) % |
$ 192.33 |
$ 192.44 |
(0.1) % |
||
|
The Hythe Vail |
344 |
$ 508.11 |
$ 346.67 |
46.6 % |
52.7 % |
63.2 % |
(10.5) % |
$ 267.53 |
$ 219.14 |
22.1 % |
||
|
The Landing Lake Tahoe Resort & Spa |
82 |
$ 430.83 |
$ 273.14 |
57.7 % |
47.6 % |
54.1 % |
(6.5) % |
$ 204.96 |
$ 147.69 |
38.8 % |
||
|
The Lodge at Sonoma Resort |
182 |
$ 440.93 |
$ 286.18 |
54.1 % |
59.7 % |
69.5 % |
(9.8) % |
$ 263.38 |
$ 198.88 |
32.4 % |
||
|
Tranquility Bay Beachfront Resort (1) |
103 |
$ 863.99 |
$ 458.69 |
88.4 % |
82.5 % |
90.9 % |
(8.4) % |
$ 712.57 |
$ 416.90 |
70.9 % |
||
|
Westin Boston Waterfront |
793 |
$ 231.75 |
$ 245.47 |
(5.6) % |
69.9 % |
75.3 % |
(5.4) % |
$ 162.00 |
$ 184.74 |
(12.3) % |
||
|
Westin Fort Lauderdale Beach Resort |
433 |
$ 300.54 |
$ 228.58 |
31.5 % |
85.0 % |
88.1 % |
(3.1) % |
$ 255.32 |
$ 201.29 |
26.8 % |
||
|
Westin San Diego Bayview |
436 |
$ 195.54 |
$ 195.09 |
0.2 % |
67.4 % |
80.0 % |
(12.6) % |
$ 131.71 |
$ 156.11 |
(15.6) % |
||
|
Westin Washington D.C. City Center |
410 |
$ 218.49 |
$ 222.10 |
(1.6) % |
57.5 % |
85.0 % |
(27.5) % |
$ 125.70 |
$ 188.80 |
(33.4) % |
||
|
Worthington Renaissance Fort Worth Hotel |
504 |
$ 191.00 |
$ 190.08 |
0.5 % |
69.1 % |
78.5 % |
(9.4) % |
$ 132.02 |
$ 149.15 |
(11.5) % |
||
|
Comparable Total (2) |
9,471 |
$ 289.60 |
$ 239.21 |
21.1 % |
65.4 % |
77.3 % |
(11.9) % |
$ 189.43 |
$ 184.97 |
2.4 % |
||
|
(1) |
Hotel was acquired on January 6, 2022. Amounts reflect the operating results for the period from January 6, 2022 to June 30, 2022 and January 6, 2019 to June 30, 2019. |
|
(2) |
Amounts include the pre-acquisition operating results of hotels acquired in 2021 and 2022 and excludes hotels sold in 2021 and the Kimpton Fort Lauderdale Beach Resort as the hotel opened during 2021. |
|
Hotel Adjusted EBITDA Reconciliation - Second Quarter 2022 |
|||||||||
|
Days of Operation |
Net Income / (Loss) |
Plus: |
Plus: |
Plus: |
Equals: Hotel Adjusted EBITDA |
||||
|
Total Revenues |
Depreciation |
Interest Expense |
Adjustments (1) |
||||||
|
Atlanta Marriott Alpharetta |
91 |
$ 3,786 |
$ 888 |
$ 373 |
$ — |
$ — |
$ 1,261 |
||
|
Bourbon Orleans Hotel |
91 |
$ 4,215 |
$ 1,135 |
$ 828 |
$ — |
$ 6 |
$ 1,969 |
||
|
Cavallo Point, The Lodge at the Golden Gate |
91 |
$ 13,395 |
$ 2,872 |
$ 1,865 |
$ — |
$ 94 |
$ 4,831 |
||
|
Chicago Marriott Downtown Magnificent Mile |
91 |
$ 27,279 |
$ 8,367 |
$ 3,855 |
$ 6 |
$ (397) |
$ 11,831 |
||
|
Courtyard Denver Downtown |
91 |
$ 3,272 |
$ 1,338 |
$ 376 |
$ — |
$ — |
$ 1,714 |
||
|
Courtyard New York Manhattan/Fifth Avenue |
91 |
$ 4,887 |
$ 544 |
$ 331 |
$ — |
$ 253 |
$ 1,128 |
||
|
Courtyard New York Manhattan/Midtown East |
91 |
$ 8,877 |
$ 1,708 |
$ 487 |
$ 910 |
$ — |
$ 3,105 |
||
|
Embassy Suites by Hilton Bethesda |
91 |
$ 2,915 |
$ (1,811) |
$ 561 |
$ — |
$ 1,481 |
$ 231 |
||
|
Havana Cabana Key West |
91 |
$ 3,790 |
$ 1,336 |
$ 271 |
$ — |
$ — |
$ 1,607 |
||
|
Henderson Beach Resort |
91 |
$ 15,388 |
$ 3,502 |
$ 970 |
$ — |
$ — |
$ 4,472 |
||
|
Henderson Park Inn |
91 |
$ 3,060 |
$ 1,334 |
$ 223 |
$ — |
$ — |
$ 1,557 |
||
|
Hilton Boston Downtown/Faneuil Hall |
91 |
$ 11,310 |
$ 3,756 |
$ 1,016 |
$ — |
$ — |
$ 4,772 |
||
|
Hilton Burlington Lake Champlain |
91 |
$ 5,495 |
$ 1,465 |
$ 563 |
$ — |
$ — |
$ 2,028 |
||
|
Hilton Garden Inn New York/Times Square Central |
91 |
$ 7,733 |
$ 2,056 |
$ 625 |
$ — |
$ — |
$ 2,681 |
||
|
Hotel Clio |
91 |
$ 6,971 |
$ 291 |
$ 851 |
$ 647 |
$ 5 |
$ 1,794 |
||
|
Hotel Emblem San Francisco |
91 |
$ 2,158 |
$ 230 |
$ 294 |
$ — |
$ — |
$ 524 |
||
|
Hotel Palomar Phoenix |
91 |
$ 5,343 |
$ 722 |
$ 672 |
$ — |
$ 181 |
$ 1,575 |
||
|
Kimpton Fort Lauderdale Beach Resort |
91 |
$ 1,962 |
$ 39 |
$ 314 |
$ — |
$ — |
$ 353 |
||
|
Kimpton Shorebreak Resort |
91 |
$ 6,381 |
$ 2,240 |
$ 402 |
$ — |
$ — |
$ 2,642 |
||
|
L'Auberge de Sedona |
91 |
$ 10,198 |
$ 4,064 |
$ 356 |
$ — |
$ — |
$ 4,420 |
||
|
Margaritaville Beach House Key West |
91 |
$ 8,741 |
$ 3,521 |
$ 786 |
$ — |
$ — |
$ 4,307 |
||
|
Orchards Inn Sedona |
91 |
$ 2,783 |
$ 1,107 |
$ 85 |
$ — |
$ 42 |
$ 1,234 |
||
|
Renaissance Charleston Historic District Hotel |
91 |
$ 7,178 |
$ 2,997 |
$ 462 |
$ — |
$ — |
$ 3,459 |
||
|
Salt Lake City Marriott Downtown at City Creek |
91 |
$ 6,786 |
$ 1,402 |
$ 564 |
$ 479 |
$ 11 |
$ 2,456 |
||
|
The Gwen Hotel |
91 |
$ 11,136 |
$ 3,737 |
$ 1,070 |
$ — |
$ — |
$ 4,807 |
||
|
The Hythe Vail |
91 |
$ 5,263 |
$ (1,684) |
$ 1,203 |
$ — |
$ — |
$ (481) |
||
|
The Landing Lake Tahoe Resort & Spa |
91 |
$ 2,763 |
$ 556 |
$ 217 |
$ — |
$ — |
$ 773 |
||
|
The Lodge at Sonoma Resort |
91 |
$ 9,333 |
$ 2,466 |
$ 632 |
$ 261 |
$ — |
$ 3,359 |
||
|
Tranquility Bay Beachfront Resort |
91 |
$ 7,173 |
$ 1,737 |
$ 732 |
$ — |
$ — |
$ 2,469 |
||
|
Westin Boston Seaport District |
91 |
$ 25,423 |
$ 3,823 |
$ 2,442 |
$ 2,037 |
$ (122) |
$ 8,180 |
||
|
Westin Fort Lauderdale Beach Resort |
91 |
$ 18,282 |
$ 5,295 |
$ 982 |
$ — |
$ — |
$ 6,277 |
||
|
Westin San Diego Bayview |
91 |
$ 8,557 |
$ 2,009 |
$ 836 |
$ 585 |
$ — |
$ 3,430 |
||
|
Westin Washington D.C. City Center |
91 |
$ 8,879 |
$ 1,427 |
$ 1,034 |
$ 592 |
$ — |
$ 3,053 |
||
|
Worthington Renaissance Fort Worth Hotel |
91 |
$ 10,695 |
$ 1,668 |
$ 1,111 |
$ 732 |
$ 2 |
$ 3,513 |
||
|
Total |
$ 281,407 |
$ 66,137 |
$ 27,389 |
$ 6,249 |
$ 1,556 |
$ 101,331 |
|||
|
Less: Non Comparable Hotel (2) |
$ (1,962) |
$ (39) |
$ (314) |
$ — |
$ — |
$ (353) |
|||
|
Comparable Total |
$ 279,445 |
$ 66,098 |
$ 27,075 |
$ 6,249 |
$ 1,556 |
$ 100,978 |
|||
|
(1) |
Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization favorable and unfavorable contract liabilities. |
|
(2) |
Represents the operating results of the Kimpton Fort Lauderdale Beach Resort since the hotel opened during 2021. |
|
Hotel Adjusted EBITDA Reconciliation - Second Quarter 2021 |
|||||||||
|
Days of Operation |
Net Income / (Loss) |
Plus: |
Plus: |
Plus: |
Equals: Hotel |
||||
|
Total Revenues |
Depreciation |
Interest Expense |
Adjustments (1) |
Adjusted EBITDA |
|||||
|
Atlanta Marriott Alpharetta |
91 |
$ 1,769 |
$ (82) |
$ 347 |
$ — |
$ — |
$ 265 |
||
|
Cavallo Point, The Lodge at the Golden Gate |
91 |
$ 7,346 |
$ 919 |
$ 1,838 |
$ — |
$ 94 |
$ 2,851 |
||
|
Chicago Marriott Downtown Magnificent Mile |
77 |
$ 5,110 |
$ (4,466) |
$ 4,072 |
$ 6 |
$ (397) |
$ (785) |
||
|
Courtyard Denver Downtown |
91 |
$ 1,595 |
$ 199 |
$ 376 |
$ — |
$ — |
$ 575 |
||
|
Courtyard New York Manhattan/Fifth Avenue |
30 |
$ 781 |
$ (1,554) |
$ 329 |
$ — |
$ 253 |
$ (972) |
||
|
Courtyard New York Manhattan/Midtown East |
91 |
$ 3,863 |
$ (1,645) |
$ 476 |
$ 929 |
$ — |
$ (240) |
||
|
Embassy Suites by Hilton Bethesda |
91 |
$ 1,012 |
$ (2,439) |
$ 515 |
$ — |
$ 1,494 |
$ (430) |
||
|
Frenchman's Reef & Morning Star Marriott Beach Resort |
— |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
||
|
Havana Cabana Key West |
91 |
$ 3,834 |
$ 1,682 |
$ 275 |
$ — |
$ — |
$ 1,957 |
||
|
Hilton Boston Downtown/Faneuil Hall |
91 |
$ 3,816 |
$ (796) |
$ 1,047 |
$ — |
$ — |
$ 251 |
||
|
Hilton Burlington Lake Champlain |
91 |
$ 2,988 |
$ 398 |
$ 599 |
$ — |
$ — |
$ 997 |
||
|
Hilton Garden Inn New York/Times Square Central |
59 |
$ 1,634 |
$ (1,785) |
$ 840 |
$ — |
$ — |
$ (945) |
||
|
Hotel Clio |
91 |
$ 5,003 |
$ (66) |
$ 779 |
$ 661 |
$ 5 |
$ 1,379 |
||
|
Hotel Emblem San Francisco |
91 |
$ 564 |
$ (583) |
$ 308 |
$ — |
$ — |
$ (275) |
||
|
Hotel Palomar Phoenix |
91 |
$ 3,533 |
$ 4 |
$ 675 |
$ — |
$ 281 |
$ 960 |
||
|
Kimpton Shorebreak Resort |
91 |
$ 4,659 |
$ 1,417 |
$ 415 |
$ — |
$ — |
$ 1,832 |
||
|
L'Auberge de Sedona |
91 |
$ 10,122 |
$ 4,265 |
$ 369 |
$ — |
$ — |
$ 4,634 |
||
|
Margaritaville Beach House Key West |
91 |
$ 8,552 |
$ 4,412 |
$ 721 |
$ — |
$ — |
$ 5,133 |
||
|
Orchards Inn Sedona |
91 |
$ 2,779 |
$ 1,126 |
$ 82 |
$ — |
$ 42 |
$ 1,250 |
||
|
Renaissance Charleston Historic District Hotel |
91 |
$ 5,516 |
$ 1,967 |
$ 464 |
$ — |
$ — |
$ 2,431 |
||
|
Salt Lake City Marriott Downtown at City Creek |
91 |
$ 3,445 |
$ (159) |
$ 516 |
$ 518 |
$ 11 |
$ 886 |
||
|
The Gwen Hotel |
91 |
$ 5,104 |
$ (371) |
$ 1,093 |
$ — |
$ — |
$ 722 |
||
|
The Hythe Vail |
91 |
$ 1,936 |
$ (1,619) |
$ 1,053 |
$ — |
$ — |
$ (566) |
||
|
The Landing Lake Tahoe Resort & Spa |
91 |
$ 2,918 |
$ 919 |
$ 418 |
$ — |
$ — |
$ 1,337 |
||
|
The Lexington Hotel |
— |
$ 18 |
$ (1,278) |
$ — |
$ 7 |
$ 8 |
$ (1,263) |
||
|
The Lodge at Sonoma Resort |
91 |
$ 5,513 |
$ 487 |
$ 463 |
$ 266 |
$ — |
$ 1,216 |
||
|
Westin Boston Seaport District |
91 |
$ 6,269 |
$ (5,224) |
$ 2,532 |
$ 2,083 |
$ (122) |
$ (731) |
||
|
Westin Fort Lauderdale Beach Resort |
91 |
$ 13,862 |
$ 3,333 |
$ 1,091 |
$ — |
$ — |
$ 4,424 |
||
|
Westin San Diego Bayview |
91 |
$ 3,945 |
$ (675) |
$ 821 |
$ 602 |
$ — |
$ 748 |
||
|
Westin Washington D.C. City Center |
91 |
$ 1,250 |
$ (2,491) |
$ 1,062 |
$ 616 |
$ — |
$ (813) |
||
|
Worthington Renaissance Fort Worth Hotel |
91 |
$ 6,055 |
$ (963) |
$ 1,116 |
$ 749 |
$ 2 |
$ 904 |
||
|
Total |
$ 124,791 |
$ (5,068) |
$ 24,692 |
$ 6,437 |
$ 1,671 |
$ 27,775 |
|||
|
Add: Prior Ownership Results (2) |
$ 22,764 |
$ 5,179 |
$ 1,739 |
$ — |
$ — |
$ 6,918 |
|||
|
Less: Sold Hotels (3) |
$ (18) |
$ 1,278 |
$ — |
$ (7) |
$ (8) |
$ 1,263 |
|||
|
Comparable Total |
$ 147,537 |
$ 1,389 |
$ 26,431 |
$ 6,430 |
$ 1,663 |
$ 35,956 |
|||
|
(1) |
Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization favorable and unfavorable contract liabilities. |
|
(2) |
Represents the pre-acquisition operating results of our 2021 and 2022 acquisitions (excluding the Kimpton Fort Lauderdale Beach Resort). |
|
(3) |
Represents the operating results of Frenchman's Reef and The Lexington Hotel. |
|
Hotel Adjusted EBITDA Reconciliation - Second Quarter 2019 |
|||||||||
|
Days of Operation |
Net Income / (Loss) |
Plus: |
Plus: |
Plus: |
Equals: Hotel |
||||
|
Total Revenues |
Depreciation |
Interest Expense |
Adjustments (1) |
Adjusted EBITDA |
|||||
|
Atlanta Marriott Alpharetta |
91 |
$ 4,862 |
$ 1,188 |
$ 459 |
$ — |
$ — |
$ 1,647 |
||
|
Cavallo Point, The Lodge at the Golden Gate |
91 |
$ 10,721 |
$ 1,268 |
$ 1,789 |
$ — |
$ 110 |
$ 3,167 |
||
|
Chicago Marriott Downtown Magnificent Mile |
91 |
$ 34,590 |
$ 9,306 |
$ 4,166 |
$ 47 |
$ (397) |
$ 13,122 |
||
|
Courtyard Denver Downtown |
91 |
$ 3,291 |
$ 1,466 |
$ 287 |
$ — |
$ — |
$ 1,753 |
||
|
Courtyard New York Manhattan/Fifth Avenue |
91 |
$ 4,341 |
$ 283 |
$ 440 |
$ — |
$ 253 |
$ 976 |
||
|
Courtyard New York Manhattan/Midtown East |
91 |
$ 8,048 |
$ 981 |
$ 688 |
$ 964 |
$ — |
$ 2,633 |
||
|
Embassy Suites by Hilton Bethesda |
91 |
$ 5,234 |
$ 18 |
$ 474 |
$ — |
$ 1,517 |
$ 2,009 |
||
|
Frenchman's Reef & Morning Star Marriott Beach Resort |
— |
$ — |
$ (2) |
$ — |
$ — |
$ — |
$ (2) |
||
|
Havana Cabana Key West |
91 |
$ 2,438 |
$ 746 |
$ 235 |
$ — |
$ — |
$ 981 |
||
|
Hilton Boston Downtown/Faneuil Hall |
91 |
$ 13,161 |
$ 4,939 |
$ 1,233 |
$ — |
$ — |
$ 6,172 |
||
|
Hilton Burlington Lake Champlain |
91 |
$ 4,993 |
$ 1,422 |
$ 515 |
$ — |
$ — |
$ 1,937 |
||
|
Hilton Garden Inn New York/Times Square Central |
91 |
$ 7,090 |
$ 1,457 |
$ 826 |
$ — |
$ — |
$ 2,283 |
||
|
Hotel Clio |
91 |
$ 5,797 |
$ 265 |
$ 688 |
$ 687 |
$ 6 |
$ 1,646 |
||
|
Hotel Emblem San Francisco |
91 |
$ 1,995 |
$ 180 |
$ 297 |
$ — |
$ — |
$ 477 |
||
|
Hotel Palomar Phoenix |
91 |
$ 6,070 |
$ 668 |
$ 663 |
$ 38 |
$ 295 |
$ 1,664 |
||
|
Kimpton Shorebreak Resort |
91 |
$ 4,483 |
$ 1,192 |
$ 349 |
$ — |
$ 40 |
$ 1,581 |
||
|
L'Auberge de Sedona |
91 |
$ 7,668 |
$ 2,101 |
$ 508 |
$ — |
$ — |
$ 2,609 |
||
|
Margaritaville Beach House Key West |
91 |
$ 4,446 |
$ 1,217 |
$ 344 |
$ — |
$ — |
$ 1,561 |
||
|
Orchards Inn Sedona |
91 |
$ 2,414 |
$ 622 |
$ 237 |
$ — |
$ 42 |
$ 901 |
||
|
Renaissance Charleston Historic District Hotel |
91 |
$ 4,685 |
$ 1,906 |
$ 418 |
$ — |
$ (32) |
$ 2,292 |
||
|
Salt Lake City Marriott Downtown at City Creek |
91 |
$ 7,863 |
$ 1,695 |
$ 574 |
$ 606 |
$ — |
$ 2,875 |
||
|
The Gwen Hotel |
91 |
$ 9,881 |
$ 2,332 |
$ 1,149 |
$ — |
$ — |
$ 3,481 |
||
|
The Hythe Vail |
91 |
$ 4,485 |
$ (1,622) |
$ 1,035 |
$ — |
$ — |
$ (587) |
||
|
The Landing Lake Tahoe Resort & Spa |
91 |
$ 1,804 |
$ (332) |
$ 385 |
$ — |
$ — |
$ 53 |
||
|
The Lexington Hotel |
91 |
$ 18,275 |
$ 1,324 |
$ 3,557 |
$ 8 |
$ 8 |
$ 4,897 |
||
|
The Lodge at Sonoma Resort |
91 |
$ 6,946 |
$ 1,501 |
$ 529 |
$ 280 |
$ — |
$ 2,310 |
||
|
Westin Boston Seaport District |
91 |
$ 29,239 |
$ 5,918 |
$ 2,436 |
$ 2,169 |
$ (60) |
$ 10,463 |
||
|
Westin Fort Lauderdale Beach Resort |
91 |
$ 12,614 |
$ 2,220 |
$ 1,633 |
$ — |
$ — |
$ 3,853 |
||
|
Westin San Diego Bayview |
91 |
$ 9,033 |
$ 1,629 |
$ 1,136 |
$ 634 |
$ — |
$ 3,399 |
||
|
Westin Washington D.C. City Center |
91 |
$ 10,316 |
$ 2,030 |
$ 1,317 |
$ 662 |
$ — |
$ 4,009 |
||
|
Worthington Renaissance Fort Worth Hotel |
91 |
$ 11,135 |
$ 2,548 |
$ 968 |
$ 780 |
$ 2 |
$ 4,298 |
||
|
Total |
$ 257,918 |
$ 50,466 |
$ 29,335 |
$ 6,875 |
$ 1,784 |
$ 88,351 |
|||
|
Add: Prior Ownership Results (2) |
$ 20,584 |
$ 4,115 |
$ 1,739 |
$ — |
$ — |
$ 5,854 |
|||
|
Less: Sold Hotels (3) |
$ (18,275) |
$ (1,322) |
$ (3,557) |
$ (8) |
$ (8) |
$ (4,895) |
|||
|
Comparable Total |
$ 260,227 |
$ 53,259 |
$ 27,517 |
$ 6,867 |
$ 1,776 |
$ 89,310 |
|||
|
(1) |
Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization favorable and unfavorable contract liabilities. |
|
(2) |
Represents the pre-acquisition operating results of our 2021 and 2022 acquisitions (excluding the Kimpton Fort Lauderdale Beach Resort). |
|
(3) |
Represents the operating results of Frenchman's Reef and The Lexington Hotel. |
|
Hotel Adjusted EBITDA Reconciliation - Year to Date 2022 |
|||||||||
|
Days of Operation |
Total Revenues |
Net Income / (Loss) |
Plus: Depreciation |
Plus: Interest Expense |
Plus: Adjustments (1) |
Equals: Hotel Adjusted EBITDA |
|||
|
Atlanta Marriott Alpharetta |
181 |
$ 6,254 |
$ 1,167 |
$ 743 |
$ — |
$ — |
$ 1,910 |
||
|
Bourbon Orleans Hotel |
181 |
$ 7,264 |
$ 1,210 |
$ 1,648 |
$ — |
$ 13 |
$ 2,871 |
||
|
Cavallo Point, The Lodge at the Golden Gate |
181 |
$ 23,030 |
$ 3,904 |
$ 3,691 |
$ — |
$ 187 |
$ 7,782 |
||
|
Chicago Marriott Downtown Magnificent Mile |
181 |
$ 35,885 |
$ 2,165 |
$ 7,848 |
$ 11 |
$ (795) |
$ 9,229 |
||
|
Courtyard Denver Downtown |
181 |
$ 5,005 |
$ 1,520 |
$ 752 |
$ — |
$ — |
$ 2,272 |
||
|
Courtyard New York Manhattan/Fifth Avenue |
181 |
$ 7,237 |
$ (631) |
$ 661 |
$ — |
$ 507 |
$ 537 |
||
|
Courtyard New York Manhattan/Midtown East |
181 |
$ 12,717 |
$ (564) |
$ 971 |
$ 1,816 |
$ — |
$ 2,223 |
||
|
Embassy Suites by Hilton Bethesda |
181 |
$ 3,855 |
$ (4,910) |
$ 1,114 |
$ — |
$ 2,972 |
$ (824) |
||
|
Havana Cabana Key West |
181 |
$ 8,405 |
$ 3,518 |
$ 554 |
$ — |
$ — |
$ 4,072 |
||
|
Henderson Beach Resort |
181 |
$ 22,294 |
$ 2,896 |
$ 1,923 |
$ — |
$ — |
$ 4,819 |
||
|
Henderson Park Inn |
181 |
$ 4,437 |
$ 1,251 |
$ 438 |
$ — |
$ — |
$ 1,689 |
||
|
Hilton Boston Downtown/Faneuil Hall |
181 |
$ 16,100 |
$ 2,719 |
$ 2,073 |
$ — |
$ — |
$ 4,792 |
||
|
Hilton Burlington Lake Champlain |
181 |
$ 8,263 |
$ 1,367 |
$ 1,124 |
$ — |
$ — |
$ 2,491 |
||
|
Hilton Garden Inn New York/Times Square Central |
181 |
$ 11,411 |
$ 1,445 |
$ 1,245 |
$ — |
$ — |
$ 2,690 |
||
|
Hotel Clio |
181 |
$ 11,911 |
$ (155) |
$ 1,652 |
$ 1,291 |
$ 10 |
$ 2,798 |
||
|
Hotel Emblem San Francisco |
181 |
$ 3,232 |
$ (243) |
$ 594 |
$ — |
$ — |
$ 351 |
||
|
Hotel Palomar Phoenix |
181 |
$ 11,725 |
$ 2,529 |
$ 1,347 |
$ — |
$ 366 |
$ 4,242 |
||
|
Kimpton Fort Lauderdale Beach Resort |
91 |
$ 1,962 |
$ 39 |
$ 314 |
$ — |
$ — |
$ 353 |
||
|
Kimpton Shorebreak Resort |
181 |
$ 10,780 |
$ 3,235 |
$ 805 |
$ — |
$ — |
$ 4,040 |
||
|
L'Auberge de Sedona |
181 |
$ 18,393 |
$ 6,442 |
$ 749 |
$ — |
$ — |
$ 7,191 |
||
|
Margaritaville Beach House Key West |
181 |
$ 19,690 |
$ 8,857 |
$ 1,592 |
$ — |
$ — |
$ 10,449 |
||
|
Orchards Inn Sedona |
181 |
$ 5,016 |
$ 1,698 |
$ 169 |
$ — |
$ 84 |
$ 1,951 |
||
|
Renaissance Charleston Historic District Hotel |
181 |
$ 12,102 |
$ 4,618 |
$ 918 |
$ — |
$ — |
$ 5,536 |
||
|
Salt Lake City Marriott Downtown at City Creek |
181 |
$ 12,684 |
$ 2,444 |
$ 1,086 |
$ 957 |
$ 21 |
$ 4,508 |
||
|
The Gwen Hotel |
181 |
$ 16,174 |
$ 2,053 |
$ 2,145 |
$ — |
$ — |
$ 4,198 |
||
|
The Hythe Vail |
181 |
$ 22,996 |
$ 6,243 |
$ 2,400 |
$ — |
$ — |
$ 8,643 |
||
|
The Landing Lake Tahoe Resort & Spa |
181 |
$ 4,939 |
$ 1,112 |
$ 575 |
$ — |
$ — |
$ 1,687 |
||
|
The Lodge at Sonoma Resort |
181 |
$ 14,530 |
$ 2,369 |
$ 1,260 |
$ 521 |
$ — |
$ 4,150 |
||
|
Tranquility Bay Beachfront Resort |
176 |
$ 15,222 |
$ 4,611 |
$ 865 |
$ — |
$ — |
$ 5,476 |
||
|
Westin Boston Seaport District |
181 |
$ 38,447 |
$ (38) |
$ 4,898 |
$ 4,065 |
$ (245) |
$ 8,680 |
||
|
Westin Fort Lauderdale Beach Resort |
181 |
$ 40,731 |
$ 15,555 |
$ 1,974 |
$ — |
$ — |
$ 17,529 |
||
|
Westin San Diego Bayview |
181 |
$ 13,562 |
$ 1,698 |
$ 1,642 |
$ 1,169 |
$ — |
$ 4,509 |
||
|
Westin Washington D.C. City Center |
181 |
$ 11,796 |
$ 44 |
$ 2,052 |
$ 1,184 |
$ — |
$ 3,280 |
||
|
Worthington Renaissance Fort Worth Hotel |
181 |
$ 20,191 |
$ 2,750 |
$ 2,222 |
$ 1,461 |
$ 4 |
$ 6,437 |
||
|
Total |
$ 478,240 |
$ 82,918 |
$ 54,044 |
$ 12,475 |
$ 3,124 |
$ 152,558 |
|||
|
Less: Non-Comparable Hotel (2) |
$ (1,962) |
$ (39) |
$ (314) |
$ — |
$ — |
$ (353) |
|||
|
Add: Prior Ownership Results (3) |
$ 430 |
$ (117) |
$ 10 |
$ — |
$ — |
$ (107) |
|||
|
Comparable Total |
$ 476,708 |
$ 82,762 |
$ 53,740 |
$ 12,475 |
$ 3,124 |
$ 152,098 |
|||
|
(1) |
Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization favorable and unfavorable contract liabilities. |
|
(2) |
Represents the operating results of the Kimpton Fort Lauderdale Beach Resort since the hotel opened during 2021. |
|
(3) |
Represents the pre-acquisition operating results of our 2021 and 2022 acquisitions (excluding the Kimpton Fort Lauderdale Beach Resort). |
|
Hotel Adjusted EBITDA Reconciliation - Year to Date 2021 |
|||||||||
|
Days of Operation |
Total Revenues |
Net Income / (Loss) |
Plus: Depreciation |
Plus: Interest Expense |
Plus: Adjustments (1) |
Equals: Hotel Adjusted EBITDA |
|||
|
Atlanta Marriott Alpharetta |
181 |
$ 2,532 |
$ (734) |
$ 695 |
$ — |
$ — |
$ (39) |
||
|
Cavallo Point, The Lodge at the Golden Gate |
181 |
$ 10,224 |
$ (812) |
$ 3,675 |
$ — |
$ 187 |
$ 3,050 |
||
|
Chicago Marriott Downtown Magnificent Mile |
79 |
$ 5,224 |
$ (11,802) |
$ 8,177 |
$ 48 |
$ (795) |
$ (4,372) |
||
|
Courtyard Denver Downtown |
181 |
$ 2,286 |
$ (263) |
$ 759 |
$ — |
$ — |
$ 496 |
||
|
Courtyard New York Manhattan/Fifth Avenue |
30 |
$ 833 |
$ (3,211) |
$ 658 |
$ — |
$ 507 |
$ (2,046) |
||
|
Courtyard New York Manhattan/Midtown East |
181 |
$ 6,328 |
$ (4,288) |
$ 961 |
$ 1,853 |
$ — |
$ (1,474) |
||
|
Embassy Suites by Hilton Bethesda |
181 |
$ 1,566 |
$ (5,094) |
$ 1,038 |
$ — |
$ 2,996 |
$ (1,060) |
||
|
Frenchman's Reef & Morning Star Marriott Beach Resort |
— |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
||
|
Havana Cabana Key West |
181 |
$ 6,952 |
$ 2,860 |
$ 541 |
$ — |
$ — |
$ 3,401 |
||
|
Hilton Boston Downtown/Faneuil Hall |
181 |
$ 4,651 |
$ (3,615) |
$ 2,142 |
$ — |
$ — |
$ (1,473) |
||
|
Hilton Burlington Lake Champlain |
181 |
$ 3,956 |
$ (497) |
$ 1,248 |
$ — |
$ — |
$ 751 |
||
|
Hilton Garden Inn New York/Times Square Central |
59 |
$ 1,633 |
$ (4,037) |
$ 1,679 |
$ — |
$ — |
$ (2,358) |
||
|
Hotel Clio |
181 |
$ 7,423 |
$ (1,576) |
$ 1,573 |
$ 1,318 |
$ 10 |
$ 1,325 |
||
|
Hotel Emblem San Francisco |
181 |
$ 772 |
$ (1,355) |
$ 615 |
$ — |
$ — |
$ (740) |
||
|
Hotel Palomar Phoenix |
181 |
$ 6,075 |
$ (509) |
$ 1,354 |
$ — |
$ 568 |
$ 1,413 |
||
|
Kimpton Shorebreak Resort |
181 |
$ 6,756 |
$ 1,298 |
$ 825 |
$ — |
$ — |
$ 2,123 |
||
|
L'Auberge de Sedona |
181 |
$ 16,600 |
$ 6,020 |
$ 912 |
$ — |
$ — |
$ 6,932 |
||
|
Margaritaville Beach House Key West |
181 |
$ 14,587 |
$ 6,945 |
$ 1,432 |
$ — |
$ — |
$ 8,377 |
||
|
Orchards Inn Sedona |
181 |
$ 4,561 |
$ 1,604 |
$ 164 |
$ — |
$ 84 |
$ 1,852 |
||
|
Renaissance Charleston Historic District Hotel |
181 |
$ 7,762 |
$ 2,086 |
$ 917 |
$ — |
$ — |
$ 3,003 |
||
|
Salt Lake City Marriott Downtown at City Creek |
181 |
$ 5,563 |
$ (1,223) |
$ 1,044 |
$ 1,035 |
$ 11 |
$ 867 |
||
|
The Gwen Hotel |
181 |
$ 7,041 |
$ (2,516) |
$ 2,188 |
$ — |
$ — |
$ (328) |
||
|
The Hythe Vail |
181 |
$ 13,211 |
$ 3,435 |
$ 1,954 |
$ — |
$ — |
$ 5,389 |
||
|
The Landing Lake Tahoe Resort & Spa |
181 |
$ 4,527 |
$ 1,113 |
$ 834 |
$ — |
$ — |
$ 1,947 |
||
|
The Lexington Hotel |
— |
$ 60 |
$ (6,440) |
$ 1,925 |
$ 13 |
$ 16 |
$ (4,486) |
||
|
The Lodge at Sonoma Resort |
181 |
$ 6,947 |
$ (732) |
$ 1,008 |
$ 531 |
$ — |
$ 807 |
||
|
Westin Boston Seaport District |
181 |
$ 7,632 |
$ (13,221) |
$ 5,077 |
$ 4,155 |
$ (245) |
$ (4,234) |
||
|
Westin Fort Lauderdale Beach Resort |
181 |
$ 24,935 |
$ 5,781 |
$ 2,154 |
$ — |
$ — |
$ 7,935 |
||
|
Westin San Diego Bayview |
181 |
$ 5,437 |
$ (2,893) |
$ 1,666 |
$ 1,202 |
$ — |
$ (25) |
||
|
Westin Washington D.C. City Center |
181 |
$ 1,807 |
$ (5,614) |
$ 2,210 |
$ 1,232 |
$ — |
$ (2,172) |
||
|
Worthington Renaissance Fort Worth Hotel |
181 |
$ 9,847 |
$ (3,425) |
$ 2,229 |
$ 1,494 |
$ 4 |
$ 302 |
||
|
Total |
$ 197,728 |
$ (42,715) |
$ 51,654 |
$ 12,881 |
$ 3,343 |
$ 25,207 |
|||
|
Add: Prior Ownership Results (2) |
$ 36,402 |
$ 4,942 |
$ 3,477 |
$ — |
$ — |
$ 8,419 |
|||
|
Less: Sold Hotels (3) |
$ (60) |
$ 6,440 |
$ (1,925) |
$ (13) |
$ (16) |
$ 4,486 |
|||
|
Comparable Total |
$ 234,070 |
$ (31,333) |
$ 53,206 |
$ 12,868 |
$ 3,327 |
$ 38,112 |
|||
|
(1) |
Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization favorable and unfavorable contract liabilities. |
|
(2) |
Represents the pre-acquisition operating results of our 2021 and 2022 acquisitions (excluding the Kimpton Fort Lauderdale Beach Resort). |
|
(3) |
Represents the operating results of Frenchman's Reef and The Lexington Hotel. |
|
Hotel Adjusted EBITDA Reconciliation - Year to Date 2019 |
|||||||||
|
Days of Operation |
Total Revenues |
Net Income / (Loss) |
Plus: Depreciation |
Plus: Interest Expense |
Plus: Adjustments (1) |
Equals: Hotel Adjusted EBITDA |
|||
|
Atlanta Marriott Alpharetta |
181 |
$ 10,172 |
$ 2,768 |
$ 934 |
$ — |
$ — |
$ 3,702 |
||
|
Cavallo Point, The Lodge at the Golden Gate |
181 |
$ 19,967 |
$ 1,047 |
$ 3,729 |
$ — |
$ 142 |
$ 4,918 |
||
|
Chicago Marriott Downtown Magnificent Mile |
181 |
$ 50,721 |
$ 5,239 |
$ 8,295 |
$ 118 |
$ (795) |
$ 12,857 |
||
|
Courtyard Denver Downtown |
181 |
$ 5,537 |
$ 2,014 |
$ 584 |
$ — |
$ — |
$ 2,598 |
||
|
Courtyard New York Manhattan/Fifth Avenue |
181 |
$ 7,226 |
$ (622) |
$ 881 |
$ — |
$ 507 |
$ 766 |
||
|
Courtyard New York Manhattan/Midtown East |
181 |
$ 13,303 |
$ (640) |
$ 1,379 |
$ 1,922 |
$ — |
$ 2,661 |
||
|
Embassy Suites by Hilton Bethesda |
181 |
$ 9,171 |
$ (954) |
$ 951 |
$ — |
$ 3,042 |
$ 3,039 |
||
|
Frenchman's Reef & Morning Star Marriott Beach Resort |
— |
$ — |
$ 8,800 |
$ — |
$ — |
$ — |
$ 8,800 |
||
|
Havana Cabana Key West |
181 |
$ 5,354 |
$ 1,949 |
$ 480 |
$ — |
$ — |
$ 2,429 |
||
|
Hilton Boston Downtown/Faneuil Hall |
181 |
$ 19,833 |
$ 4,853 |
$ 2,477 |
$ — |
$ — |
$ 7,330 |
||
|
Hilton Burlington Lake Champlain |
181 |
$ 7,910 |
$ 1,466 |
$ 1,015 |
$ — |
$ — |
$ 2,481 |
||
|
Hilton Garden Inn New York/Times Square Central |
181 |
$ 11,714 |
$ 787 |
$ 1,671 |
$ — |
$ — |
$ 2,458 |
||
|
Hotel Clio |
181 |
$ 8,474 |
$ (1,213) |
$ 1,229 |
$ 1,370 |
$ 12 |
$ 1,398 |
||
|
Hotel Emblem San Francisco |
181 |
$ 3,344 |
$ (77) |
$ 572 |
$ — |
$ — |
$ 495 |
||
|
Hotel Palomar Phoenix |
181 |
$ 13,683 |
$ 2,743 |
$ 1,329 |
$ 76 |
$ 589 |
$ 4,737 |
||
|
Kimpton Shorebreak Resort |
181 |
$ 8,424 |
$ 1,778 |
$ 698 |
$ — |
$ 81 |
$ 2,557 |
||
|
L'Auberge de Sedona |
181 |
$ 13,622 |
$ 2,960 |
$ 1,017 |
$ — |
$ — |
$ 3,977 |
||
|
Margaritaville Beach House Key West |
181 |
$ 10,240 |
$ 3,612 |
$ 682 |
$ — |
$ — |
$ 4,294 |
||
|
Orchards Inn Sedona |
181 |
$ 4,292 |
$ 896 |
$ 475 |
$ — |
$ 84 |
$ 1,455 |
||
|
Renaissance Charleston Historic District Hotel |
181 |
$ 8,168 |
$ 2,796 |
$ 821 |
$ — |
$ (63) |
$ 3,554 |
||
|
Salt Lake City Marriott Downtown at City Creek |
181 |
$ 14,737 |
$ 2,752 |
$ 1,104 |
$ 1,210 |
$ — |
$ 5,066 |
||
|
The Gwen Hotel |
181 |
$ 14,937 |
$ 773 |
$ 2,208 |
$ — |
$ — |
$ 2,981 |
||
|
The Hythe Vail, a Luxury Collection Resort |
181 |
$ 19,880 |
$ 4,923 |
$ 2,025 |
$ — |
$ — |
$ 6,948 |
||
|
The Landing Lake Tahoe Resort & Spa |
181 |
$ 3,558 |
$ (792) |
$ 761 |
$ — |
$ — |
$ (31) |
||
|
The Lexington Hotel |
181 |
$ 29,534 |
$ (3,098) |
$ 7,085 |
$ 12 |
$ 16 |
$ 4,015 |
||
|
The Lodge at Sonoma Resort |
181 |
$ 11,475 |
$ 1,165 |
$ 1,064 |
$ 558 |
$ — |
$ 2,787 |
||
|
Westin Boston Seaport District |
181 |
$ 46,982 |
$ 3,873 |
$ 4,849 |
$ 4,324 |
$ (120) |
$ 12,926 |
||
|
Westin Fort Lauderdale Beach Resort |
181 |
$ 30,115 |
$ 8,172 |
$ 3,178 |
$ — |
$ — |
$ 11,350 |
||
|
Westin San Diego Bayview |
181 |
$ 17,679 |
$ 3,330 |
$ 2,262 |
$ 1,264 |
$ — |
$ 6,856 |
||
|
Westin Washington D.C. City Center |
181 |
$ 17,410 |
$ 1,795 |
$ 2,639 |
$ 1,322 |
$ — |
$ 5,756 |
||
|
Worthington Renaissance Fort Worth Hotel |
181 |
$ 22,831 |
$ 5,729 |
$ 1,937 |
$ 1,555 |
$ 4 |
$ 9,225 |
||
|
Total |
$ 460,293 |
$ 68,824 |
$ 58,331 |
$ 13,731 |
$ 3,499 |
$ 144,280 |
|||
|
Add: Prior Ownership Results (2) |
$ 35,841 |
$ 5,343 |
$ 3,477 |
$ — |
$ — |
$ 8,820 |
|||
|
Less: Sold Hotels (3) |
$ (29,534) |
$ (5,702) |
$ (7,085) |
$ (12) |
$ (16) |
$ (12,815) |
|||
|
Comparable Total |
$ 466,600 |
$ 68,465 |
$ 54,723 |
$ 13,719 |
$ 3,483 |
$ 140,285 |
|||
|
(1) |
Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization favorable and unfavorable contract liabilities. |
|
(2) |
Represents the pre-acquisition operating results of our 2021 and 2022 acquisitions (excluding the Kimpton Fort Lauderdale Beach Resort). |
|
(3) |
Represents the operating results of Frenchman's Reef and The Lexington Hotel. |
SOURCE DiamondRock Hospitality Company