Maryland | 001-32514 | 20-1180098 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description | |
99.1 |
DIAMONDROCK HOSPITALITY COMPANY | ||||||
Date: August 3, 2018 | By: | /s/ William J. Tennis | ||||
William J. Tennis | ||||||
Executive Vice President, General Counsel and Corporate Secretary |
• | Net Income: Net income was $28.0 million and earnings per diluted share was $0.14. |
• | Comparable RevPAR: RevPAR was $204.79, a 2.0% increase from the comparable period of 2017. |
• | Comparable Hotel Adjusted EBITDA Margin: Hotel Adjusted EBITDA margin was 34.24%, a 79 basis point contraction from the comparable period of 2017. |
• | Adjusted EBITDA: Adjusted EBITDA was $75.8 million, a decrease of $1.8 million from 2017. The decrease is primarily due to the hurricane-related closures of the Frenchman's Reef and Morning Star Marriott Beach Resort and Havana Cabana Key West. |
• | Adjusted FFO: Adjusted FFO was $65.6 million and Adjusted FFO per diluted share was $0.32. |
• | Business Interruption Income: The Company recognized $2.0 million of business interruption income during the quarter related to the ongoing insurance claim for Frenchman's Reef and Morning Star Marriott Beach Resort. |
• | Dividends: The Company declared a dividend of $0.125 per share during the second quarter, which was paid on July 12, 2018. |
Second Quarter | ||||||||||
2018 | 2017 | Change | ||||||||
Comparable Operating Results (1) | ||||||||||
ADR | $246.67 | $237.36 | 3.9 | % | ||||||
Occupancy | 83.0 | % | 84.6 | % | -1.6 percentage points | |||||
RevPAR | $204.79 | $200.85 | 2.0 | % | ||||||
Revenues | $236.7 million | $231.8 million | 2.1 | % | ||||||
Hotel Adjusted EBITDA Margin | 34.24 | % | 35.03 | % | -79 basis points | |||||
Actual Operating Results (2) | ||||||||||
Revenues | $237.9 million | $243.3 million | -2.2 | % | ||||||
Net income | $28.0 million | $36.6 million | -$8.6 million | |||||||
Earnings per diluted share | $0.14 | $0.18 | -$0.04 | |||||||
Adjusted EBITDA | $75.8 million | $77.6 million | -$1.8 million | |||||||
Adjusted FFO | $65.6 million | $63.6 million | $2.0 million | |||||||
Adjusted FFO per diluted share | $0.32 | $0.32 | $0.00 |
Year to Date | ||||||||||
2018 | 2017 | Change | ||||||||
Comparable Operating Results (1) | ||||||||||
ADR | $230.98 | $225.34 | 2.5 | % | ||||||
Occupancy | 78.5 | % | 78.9 | % | - 0.4 percentage points | |||||
RevPAR | $181.22 | $177.87 | 1.9 | % | ||||||
Revenues | $423.5 million | $416.0 million | 1.8 | % | ||||||
Hotel Adjusted EBITDA Margin | 29.91 | % | 30.91 | % | -100 basis points | |||||
Actual Operating Results (2) | ||||||||||
Revenues | $419.5 million | $439.5 million | -4.6 | % | ||||||
Net income | $32.3 million | $45.5 million | -$13.2 million | |||||||
Earnings per diluted share | $0.16 | $0.23 | -$0.07 | |||||||
Adjusted EBITDA | $119.3 million | $124.9 million | -$5.6 million | |||||||
Adjusted FFO | $99.3 million | $100.2 million | -$0.9 million | |||||||
Adjusted FFO per diluted share | $0.49 | $0.50 | -$0.01 |
• | Vail Marriott: The Company commenced a renovation of the hotel's guest rooms and meeting space during the second quarter. The renovation will bring the guest rooms to a luxury level to help raise the average daily rate and narrow the rate gap with the hotel's luxury competitive set. |
• | Westin Fort Lauderdale Beach Resort: The Company expects to renovate and upgrade the hotel's guest rooms in the third quarter of 2018 to drive market share. |
• | Hotel Rex: In connection with its addition to the Viceroy Collection, the Company expects to complete a comprehensive renovation and re-positioning of the hotel beginning in September 2018. The hotel will close for approximately four months during renovation. The renovation is expected to be completed in time to take advantage of an expected strong 2019 lodging market in San Francisco. |
• | JW Marriott Denver: The Company expects to begin renovating the hotel's guest rooms, public space and meeting rooms in the fourth quarter of 2018, with the majority of the work occurring in 2019. The renovation is expected to secure the hotel's position as the top luxury hotel in the high-end Cherry Creek submarket of Denver. |
Metric | Low End | High End | |
Comparable RevPAR Growth | 1.5 percent | 2.5 percent | |
Adjusted EBITDA | $254 million | $263 million | |
Adjusted FFO | $205 million | $212 million | |
Adjusted FFO per share (based on 206.6 million diluted shares) | $0.99 per share | $1.03 per share |
• | Business interruption insurance proceeds of approximately $20 million; |
• | Corporate expenses of $27.5 million to $28.5 million, excluding severance charges from the Company's CFO transition; |
• | Interest expense of $40 million to $41 million; and |
• | Income tax expense of $8 million to $11 million; |
Quarter 1, 2017 | Quarter 2, 2017 | Quarter 3, 2017 | Quarter 4, 2017 | Full Year 2017 | |||||||||||
ADR | $ | 211.28 | $ | 237.36 | $ | 227.92 | $ | 235.86 | $ | 228.59 | |||||
Occupancy | 73.2 | % | 84.6 | % | 84.9 | % | 77.5 | % | 80.1 | % | |||||
RevPAR | $ | 154.64 | $ | 200.85 | $ | 193.51 | $ | 182.82 | $ | 183.05 | |||||
Revenues (in thousands) | $ | 184,233 | $ | 231,798 | $ | 218,565 | $ | 214,587 | $ | 849,183 | |||||
Hotel Adjusted EBITDA (in thousands) | $ | 47,424 | $ | 81,192 | $ | 68,999 | $ | 66,897 | $ | 264,512 | |||||
% of full Year | 17.9 | % | 30.7 | % | 26.1 | % | 25.3 | % | 100.0 | % | |||||
Hotel Adjusted EBITDA Margin | 25.74 | % | 35.03 | % | 31.57 | % | 31.17 | % | 31.15 | % | |||||
Available Rooms | 840,690 | 850,031 | 854,820 | 857,734 | 3,403,275 |
June 30, 2018 | December 31, 2017 | ||||||
ASSETS | |||||||
Property and equipment, net | $ | 2,806,510 | $ | 2,692,286 | |||
Restricted cash | 41,564 | 40,204 | |||||
Due from hotel managers | 100,253 | 86,621 | |||||
Favorable lease assets, net | 46,395 | 26,690 | |||||
Prepaid and other assets (1) | 33,168 | 71,488 | |||||
Cash and cash equivalents | 134,552 | 183,569 | |||||
Total assets | $ | 3,162,442 | $ | 3,100,858 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Liabilities: | |||||||
Mortgage and other debt, net of unamortized debt issuance costs | $ | 636,139 | $ | 639,639 | |||
Term loans, net of unamortized debt issuance costs | 298,383 | 298,153 | |||||
Total debt | 934,522 | 937,792 | |||||
Deferred income related to key money, net | 11,937 | 14,307 | |||||
Unfavorable contract liabilities, net | 74,297 | 70,734 | |||||
Deferred ground rent | 90,254 | 86,614 | |||||
Due to hotel managers | 68,693 | 74,213 | |||||
Dividends declared and unpaid | 26,561 | 25,708 | |||||
Accounts payable and accrued expenses (2) | 44,879 | 57,845 | |||||
Total other liabilities | 316,621 | 329,421 | |||||
Stockholders’ Equity: | |||||||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; no shares issued and outstanding | — | — | |||||
Common stock, $0.01 par value; 400,000,000 shares authorized; 207,840,943 and 200,306,733 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively | 2,078 | 2,003 | |||||
Additional paid-in capital | 2,158,336 | 2,061,451 | |||||
Accumulated deficit | (249,115 | ) | (229,809 | ) | |||
Total stockholders’ equity | 1,911,299 | 1,833,645 | |||||
Total liabilities and stockholders’ equity | $ | 3,162,442 | $ | 3,100,858 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenues: | |||||||||||||||
Rooms | $ | 175,058 | $ | 177,483 | $ | 304,036 | $ | 315,315 | |||||||
Food and beverage | 51,572 | 52,762 | 92,364 | 97,540 | |||||||||||
Other | 11,319 | 13,027 | 23,079 | 26,627 | |||||||||||
Total revenues | 237,949 | 243,272 | 419,479 | 439,482 | |||||||||||
Operating Expenses: | |||||||||||||||
Rooms | 40,593 | 41,565 | 76,193 | 78,466 | |||||||||||
Food and beverage | 31,701 | 33,064 | 59,155 | 62,530 | |||||||||||
Management fees | 6,610 | 6,949 | 9,443 | 12,961 | |||||||||||
Other hotel expenses | 89,243 | 78,608 | 162,706 | 150,267 | |||||||||||
Depreciation and amortization | 26,033 | 25,585 | 50,935 | 49,948 | |||||||||||
Hotel acquisition costs | — | 22 | — | 2,273 | |||||||||||
Corporate expenses | 7,832 | 6,828 | 17,618 | 13,090 | |||||||||||
Gain on business interruption insurance | (2,000 | ) | — | (8,027 | ) | — | |||||||||
Total operating expenses, net | 200,012 | 192,621 | 368,023 | 369,535 | |||||||||||
Operating profit | 37,937 | 50,651 | 51,456 | 69,947 | |||||||||||
Interest and other income, net | (296 | ) | (192 | ) | (807 | ) | (551 | ) | |||||||
Interest expense | 10,274 | 9,585 | 20,151 | 19,098 | |||||||||||
Loss on early extinguishment of debt | — | 274 | — | 274 | |||||||||||
Total other expenses, net | 9,978 | 9,667 | 19,344 | 18,821 | |||||||||||
Income before income taxes | 27,959 | 40,984 | 32,112 | 51,126 | |||||||||||
Income tax benefit (expense) | 50 | (4,389 | ) | 235 | (5,644 | ) | |||||||||
Net income | $ | 28,009 | $ | 36,595 | $ | 32,347 | $ | 45,482 | |||||||
Earnings per share: | |||||||||||||||
Basic earnings per share | $ | 0.14 | $ | 0.18 | $ | 0.16 | $ | 0.23 | |||||||
Diluted earnings per share | $ | 0.14 | $ | 0.18 | $ | 0.16 | $ | 0.23 | |||||||
Weighted-average number of common shares outstanding: | |||||||||||||||
Basic | 203,574,282 | 200,810,323 | 202,366,359 | 200,732,639 | |||||||||||
Diluted | 204,516,142 | 201,741,394 | 203,366,890 | 201,729,516 |
• | Non-Cash Ground Rent: We exclude the non-cash expense incurred from the straight line recognition of rent from our ground lease obligations and the non-cash amortization of our favorable lease assets. We exclude these non-cash items because they do not reflect the actual rent amounts due to the respective lessors in the current period and they are of lesser significance in evaluating our actual performance for that period. |
• | Non-Cash Amortization of Favorable and Unfavorable Contracts: We exclude the non-cash amortization of the favorable and unfavorable contracts recorded in conjunction with certain acquisitions because the non-cash amortization is based on historical cost accounting and is of lesser significance in evaluating our actual performance for that period. |
• | Cumulative Effect of a Change in Accounting Principle: Infrequently, the Financial Accounting Standards Board (FASB) promulgates new accounting standards that require 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 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 from insurance proceeds, other than income related to business interruption insurance. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income | $ | 28,009 | $ | 36,595 | $ | 32,347 | $ | 45,482 | |||||||
Interest expense | 10,274 | 9,585 | 20,151 | 19,098 | |||||||||||
Income tax (benefit) expense | (50 | ) | 4,389 | (235 | ) | 5,644 | |||||||||
Real estate related depreciation and amortization | 26,033 | 25,585 | 50,935 | 49,948 | |||||||||||
EBITDA | 64,266 | 76,154 | 103,198 | 120,172 | |||||||||||
Impairment losses | — | — | — | — | |||||||||||
Gain on sale of hotel properties | — | — | — | — | |||||||||||
EBITDAre | 64,266 | 76,154 | 103,198 | 120,172 | |||||||||||
Non-cash ground rent | 1,943 | 1,614 | 3,478 | 3,164 | |||||||||||
Non-cash amortization of favorable and unfavorable contract liabilities, net | (501 | ) | (478 | ) | (979 | ) | (956 | ) | |||||||
Hotel acquisition costs | — | 22 | — | 2,273 | |||||||||||
Hurricane-related costs (1) | 1,529 | — | 1,315 | — | |||||||||||
Hotel manager transition/pre-opening items (2) | 384 | — | (1,799 | ) | — | ||||||||||
Loss on early extinguishment of debt | — | 274 | — | 274 | |||||||||||
Severance costs (3) | 8,195 | — | 14,042 | — | |||||||||||
Adjusted EBITDA | $ | 75,816 | $ | 77,586 | $ | 119,255 | $ | 124,927 |
(1) | Represents stabilization, cleanup, and other costs (such as professional fees and hotel labor) incurred at our hotels impacted by Hurricanes Irma or Maria that have not been or are not expected to be recovered by insurance. |
(2) | For the three months ended June 30, 2018, consists of (a) transition costs of $0.1 million related to the Hotel Rex, L'Auberge de Sedona and Orchards Inn Sedona, and (b) pre-opening costs of $0.3 million related to the reopening of the Havana Cabana Key West. For the six months ended June 30, 2018, consists of (a) transition costs of $0.1 million related to the Hotel Rex, L'Auberge de Sedona and Orchards Inn Sedona, and (b) pre-opening costs of $0.3 million related to the reopening of the Havana Cabana Key West, offset by $2.2 million of accelerated amortization of key money received from Marriott for Frenchman's Reef in connection with the termination of the hotel's management agreement. |
Full Year 2018 Guidance | |||||||
Low End | High End | ||||||
Net income | $ | 84,599 | $ | 90,599 | |||
Interest expense | 41,000 | 40,000 | |||||
Income tax expense | 8,000 | 11,000 | |||||
Real estate related depreciation and amortization | 103,000 | 104,000 | |||||
EBITDAre | 236,599 | 245,599 | |||||
Non-cash ground rent | 7,100 | 7,100 | |||||
Non-cash amortization of favorable and unfavorable contracts, net | (1,900 | ) | (1,900 | ) | |||
Hotel manager transition/pre-opening items | (1,799 | ) | (1,799 | ) | |||
Hurricane-related costs | 2,000 | 2,000 | |||||
Severance costs | 12,000 | 12,000 | |||||
Adjusted EBITDA | $ | 254,000 | $ | 263,000 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income | $ | 28,009 | $ | 36,595 | $ | 32,347 | $ | 45,482 | |||||||
Interest expense | 10,274 | 9,585 | 20,151 | 19,098 | |||||||||||
Income tax (benefit) expense | (50 | ) | 4,389 | (235 | ) | 5,644 | |||||||||
Real estate related depreciation and amortization | 26,033 | 25,585 | 50,935 | 49,948 | |||||||||||
EBITDA | 64,266 | 76,154 | 103,198 | 120,172 | |||||||||||
Corporate expenses | 7,832 | 6,828 | 17,618 | 13,090 | |||||||||||
Interest and other income, net | (296 | ) | (192 | ) | (807 | ) | (551 | ) | |||||||
Gain on business interruption insurance | (2,000 | ) | — | (8,027 | ) | — | |||||||||
Hotel acquisition costs | — | 22 | — | 2,273 | |||||||||||
Loss on early extinguishment of debt | — | 274 | — | 274 | |||||||||||
Hurricane-related costs (1) | 1,529 | — | 1,315 | — | |||||||||||
Severance (2) | 8,081 | — | 10,914 | — | |||||||||||
Loss (gain) on sale of hotel properties, net | — | — | — | — | |||||||||||
Hotel EBITDA | 79,412 | 83,086 | 124,211 | 135,258 | |||||||||||
Non-cash ground rent | 1,943 | 1,614 | 3,478 | 3,164 | |||||||||||
Non-cash amortization of favorable and unfavorable contract liabilities, net | (501 | ) | (478 | ) | (979 | ) | (956 | ) | |||||||
Hotel manager transition/pre-opening items (3) | 384 | — | (1,799 | ) | — | ||||||||||
Hotel Adjusted EBITDA | $ | 81,238 | $ | 84,222 | $ | 124,911 | $ | 137,466 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income | $ | 28,009 | $ | 36,595 | $ | 32,347 | $ | 45,482 | |||||||
Real estate related depreciation and amortization | 26,033 | 25,585 | 50,935 | 49,948 | |||||||||||
Impairment losses | — | — | — | — | |||||||||||
Loss (gain) on sales of hotel properties, net of income tax | — | — | — | — | |||||||||||
FFO | 54,042 | 62,180 | 83,282 | 95,430 | |||||||||||
Non-cash ground rent | 1,943 | 1,614 | 3,478 | 3,164 | |||||||||||
Non-cash amortization of favorable and unfavorable contract liabilities, net | (501 | ) | (478 | ) | (979 | ) | (956 | ) | |||||||
Hotel acquisition costs | — | 22 | — | 2,273 | |||||||||||
Hurricane-related costs (1) | 1,529 | — | 1,315 | — | |||||||||||
Hotel manager transition/pre-opening items (2) | 384 | — | (1,799 | ) | — | ||||||||||
Loss on early extinguishment of debt | — | 274 | — | 274 | |||||||||||
Severance costs (3) | 8,195 | — | 14,042 | — | |||||||||||
Fair value adjustments to debt instruments | — | — | — | — | |||||||||||
Adjusted FFO | $ | 65,592 | $ | 63,612 | $ | 99,339 | $ | 100,185 | |||||||
Adjusted FFO per diluted share | $ | 0.32 | $ | 0.32 | $ | 0.49 | $ | 0.50 |
(1) | Represents stabilization, cleanup, and other costs (such as professional fees and hotel labor) incurred at our hotels impacted by Hurricanes Irma or Maria that have not been or are not expected to be recovered by insurance. |
(2) | For the three months ended June 30, 2018, consists of (a) transition costs of $0.1 million related to the Hotel Rex, L'Auberge de Sedona and Orchards Inn Sedona, and (b) pre-opening costs of $0.3 million related to the reopening of the Havana Cabana Key West. For the six months ended June 30, 2018, consists of (a) transition costs of $0.1 million related to the Hotel Rex, L'Auberge de Sedona and Orchards Inn Sedona, and (b) pre-opening costs of $0.3 million related to the reopening of the Havana Cabana Key West, offset by $2.2 million of accelerated amortization of key money received from Marriott for Frenchman's Reef in connection with the termination of the hotel's management agreement. |
Full Year 2018 Guidance | |||||||
Low End | High End | ||||||
Net income | $ | 84,599 | $ | 90,599 | |||
Real estate related depreciation and amortization | 103,000 | 104,000 | |||||
FFO | 187,599 | 194,599 | |||||
Non-cash ground rent | 7,100 | 7,100 | |||||
Non-cash amortization of favorable and unfavorable contract liabilities, net | (1,900 | ) | (1,900 | ) | |||
Hotel manager transition/pre-opening items | (1,799 | ) | (1,799 | ) | |||
Hurricane-related costs | 2,000 | 2,000 | |||||
Severance costs | 12,000 | 12,000 | |||||
Adjusted FFO | $ | 205,000 | $ | 212,000 | |||
Adjusted FFO per diluted share | $ | 0.99 | $ | 1.03 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenues | $ | 237,949 | $ | 243,272 | $ | 419,479 | $ | 439,482 | |||||||
Hotel revenues from prior ownership (1) | — | 7,500 | 5,305 | 19,591 | |||||||||||
Hotel revenues from closed hotels (2) | (1,295 | ) | (18,974 | ) | (1,255 | ) | (43,043 | ) | |||||||
Comparable Revenues | $ | 236,654 | $ | 231,798 | $ | 423,529 | $ | 416,030 | |||||||
Hotel Adjusted EBITDA | $ | 81,238 | $ | 84,222 | $ | 124,911 | $ | 137,466 | |||||||
Hotel Adjusted EBITDA from prior ownership (1) | — | 1,840 | 1,766 | 5,074 | |||||||||||
Hotel Adjusted EBITDA from closed hotels (2) | (205 | ) | (4,870 | ) | (7 | ) | (13,925 | ) | |||||||
Comparable Hotel Adjusted EBITDA | $ | 81,033 | $ | 81,192 | $ | 126,670 | $ | 128,615 | |||||||
Hotel Adjusted EBITDA Margin | 34.14 | % | 34.62 | % | 29.78 | % | 31.28 | % | |||||||
Comparable Hotel Adjusted EBITDA Margin | 34.24 | % | 35.03 | % | 29.91 | % | 30.91 | % |
(1) | Amounts represent the pre-acquisition operating results of The Landing Resort & Spa and Hotel Palomar for the period from January 1, 2018 to February 28, 2018 and January 1, 2017 to June 30, 2017, respectively and the pre-acquisition operating results of the L'Auberge de Sedona and Orchards Inn Sedona for the period from January 1, 2017 to February 27, 2017. The pre-acquisition operating results were obtained from the respective 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 Havana Cabana Key West. |
As Reported | Adjustments for Closed Hotels | Adjustments for Acquisitions | Comparable | ||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||
2018 | 2017 | % Change | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | % Change | ||||||||||||||||||||||||||||
Rooms departmental expenses | $ | 40,593 | $ | 41,565 | (2.3 | )% | $ | (293 | ) | $ | (2,497 | ) | $ | — | $ | 1,141 | $ | 40,300 | $ | 40,209 | 0.2 | % | |||||||||||||||
Food and beverage departmental expenses | 31,701 | 33,064 | (4.1 | )% | (142 | ) | (4,069 | ) | — | 2,015 | 31,559 | 31,010 | 1.8 | % | |||||||||||||||||||||||
Other direct departmental | 2,517 | 3,092 | (18.6 | )% | (51 | ) | (768 | ) | — | 82 | 2,466 | 2,406 | 2.5 | % | |||||||||||||||||||||||
General and administrative | 19,283 | 19,511 | (1.2 | )% | (146 | ) | (1,806 | ) | — | 799 | 19,137 | 18,504 | 3.4 | % | |||||||||||||||||||||||
Utilities | 5,002 | 6,079 | (17.7 | )% | (84 | ) | (1,402 | ) | — | 280 | 4,918 | 4,957 | (0.8 | )% | |||||||||||||||||||||||
Repairs and maintenance | 8,084 | 8,875 | (8.9 | )% | (90 | ) | (1,006 | ) | — | 216 | 7,994 | 8,085 | (1.1 | )% | |||||||||||||||||||||||
Sales and marketing | 16,240 | 15,628 | 3.9 | % | (101 | ) | (1,398 | ) | — | 546 | 16,139 | 14,776 | 9.2 | % | |||||||||||||||||||||||
Franchise fees | 6,871 | 6,015 | 14.2 | % | — | — | — | — | 6,871 | 6,015 | 14.2 | % | |||||||||||||||||||||||||
Base management fees | 5,060 | 5,816 | (13.0 | )% | (31 | ) | (534 | ) | — | 209 | 5,029 | 5,491 | (8.4 | )% | |||||||||||||||||||||||
Incentive management fees | 1,550 | 1,133 | 36.8 | % | — | — | — | 1 | 1,550 | 1,134 | 36.7 | % | |||||||||||||||||||||||||
Property taxes | 14,138 | 13,871 | 1.9 | % | (48 | ) | (61 | ) | — | 59 | 14,090 | 13,869 | 1.6 | % | |||||||||||||||||||||||
Ground rent | 3,130 | 2,617 | 19.6 | % | — | — | — | 456 | 3,130 | 3,073 | 1.9 | % | |||||||||||||||||||||||||
Insurance | 1,938 | 1,644 | 17.9 | % | (108 | ) | (413 | ) | — | 53 | 1,830 | 1,284 | 42.5 | % | |||||||||||||||||||||||
Severance costs | 8,081 | — | 100.0 | % | — | — | — | — | 8,081 | — | 100.0% | ||||||||||||||||||||||||||
Hurricane-related costs | 1,529 | — | 100.0 | % | (1,529 | ) | — | — | — | — | — | — | % | ||||||||||||||||||||||||
Hotel manager transition/pre-opening items | 384 | $ | — | 100.0 | % | (313 | ) | — | — | — | 71 | — | 100.0 | % | |||||||||||||||||||||||
Other fixed expenses | 2,046 | 1,276 | 60.3 | % | 3 | (150 | ) | — | 117 | 2,049 | 1,243 | 64.8 | % | ||||||||||||||||||||||||
Total hotel operating expenses | $ | 168,147 | $ | 160,186 | 5.0 | % | $ | (2,933 | ) | $ | (14,104 | ) | $ | — | $ | 5,974 | $ | 165,214 | $ | 152,056 | 8.7 | % | |||||||||||||||
Severance costs | $ | (8,081 | ) | $ | — | (100.0 | )% | $ | — | $ | — | $ | — | $ | — | $ | (8,081 | ) | $ | — | (100.0 | )% | |||||||||||||||
Hurricane-related costs | (1,529 | ) | — | (100.0 | )% | 1,529 | — | — | — | — | — | % | |||||||||||||||||||||||||
Hotel manager transition/pre-opening items | (384 | ) | — | (100.0 | )% | 313 | — | — | — | (71 | ) | — | (100.0 | )% | |||||||||||||||||||||||
Non-cash ground rent | (1,943 | ) | (1,614 | ) | 20.4 | % | — | — | — | (314 | ) | (1,943 | ) | (1,928 | ) | 0.8 | % | ||||||||||||||||||||
Non-cash amortization of favorable and unfavorable contract liabilities, net | 501 | 478 | 4.8 | % | — | — | — | — | 501 | 478 | 4.8 | % | |||||||||||||||||||||||||
Total adjusted hotel operating expenses | $ | 156,711 | $ | 159,050 | (1.5 | )% | $ | (1,091 | ) | $ | (14,104 | ) | $ | — | $ | 5,660 | $ | 155,620 | $ | 150,606 | 3.3 | % |
As Reported | Adjustments for Closed Hotels | Adjustments for Acquisitions | Comparable | ||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||
2018 | 2017 | % Change | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | % Change | ||||||||||||||||||||||||||||
Rooms departmental expenses | $ | 76,193 | $ | 78,466 | (2.9 | )% | $ | (294 | ) | $ | (5,254 | ) | $ | 789 | $ | 3,156 | $ | 76,688 | $ | 76,368 | 0.4 | % | |||||||||||||||
Food and beverage departmental expenses | 59,155 | 62,530 | (5.4 | )% | (142 | ) | (8,461 | ) | 1,162 | 4,749 | 60,175 | 58,818 | 2.3 | % | |||||||||||||||||||||||
Other direct departmental | 5,019 | 6,087 | (17.5 | )% | (50 | ) | (1,464 | ) | 102 | 441 | 5,071 | 5,064 | 0.1 | % | |||||||||||||||||||||||
General and administrative | 36,302 | 37,506 | (3.2 | )% | (145 | ) | (3,842 | ) | 466 | 2,134 | 36,623 | 35,798 | 2.3 | % | |||||||||||||||||||||||
Utilities | 10,032 | 12,139 | (17.4 | )% | (83 | ) | (2,661 | ) | 138 | 630 | 10,087 | 10,108 | (0.2 | )% | |||||||||||||||||||||||
Repairs and maintenance | 15,872 | 17,560 | (9.6 | )% | (90 | ) | (2,106 | ) | 126 | 621 | 15,908 | 16,075 | (1.0 | )% | |||||||||||||||||||||||
Sales and marketing | 30,173 | 29,429 | 2.5 | % | (135 | ) | (2,747 | ) | 340 | 1,376 | 30,378 | 28,058 | 8.3 | % | |||||||||||||||||||||||
Franchise fees | 12,779 | 11,046 | 15.7 | % | — | — | — | — | 12,779 | 11,046 | 15.7 | % | |||||||||||||||||||||||||
Base management fees | 6,682 | 10,360 | (35.5 | )% | 2,142 | (1,221 | ) | 223 | 662 | 9,047 | 9,801 | (7.7 | )% | ||||||||||||||||||||||||
Incentive management fees | 2,761 | 2,601 | 6.2 | % | — | — | — | 1 | 2,761 | 2,602 | 6.1 | % | |||||||||||||||||||||||||
Property taxes | 27,793 | 26,101 | 6.5 | % | (101 | ) | (121 | ) | 80 | 198 | 27,772 | 26,178 | 6.1 | % | |||||||||||||||||||||||
Ground rent | 5,677 | 5,130 | 10.7 | % | — | — | — | 499 | 5,677 | 5,629 | 0.9 | % | |||||||||||||||||||||||||
Insurance | 3,139 | 3,332 | (5.8 | )% | (161 | ) | (901 | ) | 37 | 141 | 3,015 | 2,572 | 17.2 | % | |||||||||||||||||||||||
Severance costs | 10,914 | — | 100.0% | — | — | — | — | 10,914 | — | 100.0% | |||||||||||||||||||||||||||
Hurricane-related costs | 1,315 | — | 100.0 | % | (1,315 | ) | — | — | — | — | — | — | % | ||||||||||||||||||||||||
Hotel manager transition/pre-opening items | 384 | — | 100.0 | % | (313 | ) | — | — | — | 71 | — | 100.0 | % | ||||||||||||||||||||||||
Other fixed expenses | 3,307 | 1,937 | 70.7 | % | (6 | ) | (340 | ) | 126 | 314 | 3,427 | 1,911 | 79.3 | % | |||||||||||||||||||||||
Total hotel operating expenses | $ | 307,497 | $ | 304,224 | 1.1 | % | $ | (693 | ) | $ | (29,118 | ) | $ | 3,589 | $ | 14,922 | $ | 310,393 | $ | 290,028 | 7.0 | % | |||||||||||||||
Severance costs | $ | (10,914 | ) | $ | — | (100.0%) | $ | — | $ | — | $ | — | $ | — | $ | (10,914 | ) | $ | — | (100.0%) | |||||||||||||||||
Hurricane-related costs | (1,315 | ) | — | (100.0%) | 1,315 | — | — | — | — | — | — | % | |||||||||||||||||||||||||
Hotel manager transition/pre-opening items | 1,799 | — | 100.0% | (1,870 | ) | — | — | — | (71 | ) | — | (100.0%) | |||||||||||||||||||||||||
Non-cash ground rent | (3,478 | ) | (3,164 | ) | 9.9 | % | — | (50 | ) | (405 | ) | (3,528 | ) | (3,569 | ) | (1.1 | )% | ||||||||||||||||||||
Non-cash amortization of unfavorable contract liabilities | 979 | 956 | 2.4 | % | — | — | — | — | 979 | 956 | 2.4 | % | |||||||||||||||||||||||||
Total adjusted hotel operating expenses | $ | 294,568 | $ | 302,016 | (2.5 | )% | $ | (1,248 | ) | $ | (29,118 | ) | $ | 3,539 | $ | 14,517 | $ | 296,859 | $ | 287,415 | 3.3 | % |
Market Capitalization as of June 30, 2018 | ||||
(in thousands) | ||||
Enterprise Value | ||||
Common equity capitalization (at June 30, 2018 closing price of $12.28/share) | $ | 2,571,940 | ||
Consolidated debt (face amount) | 940,595 | |||
Cash and cash equivalents | (134,552) | |||
Total enterprise value | $ | 3,377,983 | ||
Share Reconciliation | ||||
Common shares outstanding | 207,841 | |||
Unvested restricted stock held by management and employees | 642 | |||
Share grants under deferred compensation plan | 958 | |||
Combined shares outstanding | 209,441 |
Debt Summary as of June 30, 2018 | |||||||||||
(dollars in thousands) | |||||||||||
Loan | Interest Rate | Term | Outstanding Principal | Maturity | |||||||
Marriott Salt Lake City Downtown | 4.25% | Fixed | $ | 55,874 | November 2020 | ||||||
Westin Washington D.C. City Center | 3.99% | Fixed | 63,791 | January 2023 | |||||||
The Lodge at Sonoma, a Renaissance Resort & Spa | 3.96% | Fixed | 27,954 | April 2023 | |||||||
Westin San Diego | 3.94% | Fixed | 64,126 | April 2023 | |||||||
Courtyard Manhattan / Midtown East | 4.40% | Fixed | 83,346 | August 2024 | |||||||
Renaissance Worthington | 3.66% | Fixed | 83,331 | May 2025 | |||||||
JW Marriott Denver at Cherry Creek | 4.33% | Fixed | 62,967 | July 2025 | |||||||
Westin Boston Waterfront Hotel | 4.36% | Fixed | 196,263 | November 2025 | |||||||
New Market Tax Credit loan(1) | 5.17% | Fixed | 2,943 | December 2020 | |||||||
Unamortized debt issuance costs, net | (4,456 | ) | |||||||||
Total mortgage and other debt, net of unamortized debt issuance costs | 636,139 | ||||||||||
Unsecured term loan | LIBOR + 1.45(2) | Variable | 100,000 | May 2021 | |||||||
Unsecured term loan | LIBOR + 1.45(2) | Variable | 200,000 | April 2022 | |||||||
Unamortized debt issuance costs, net | (1,617 | ) | |||||||||
Unsecured term loans, net of unamortized debt issuance costs | 298,383 | ||||||||||
Senior unsecured credit facility | LIBOR + 1.50 | Variable | — | May 2020 (3) | |||||||
Total debt, net of unamortized debt issuance costs | $ | 934,522 | |||||||||
Weighted-average interest rate of fixed rate debt | 4.23 | % | |||||||||
Total weighted-average interest rate | 3.99 | % |
(1) | Assumed in connection with the acquisition of the Hotel Palomar Phoenix in March 2018. |
(2) | The interest rate as of June 30, 2018 was 3.43%. |
(3) | May be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions. |
Operating Statistics – Second Quarter | |||||||||||||||||||||||||||||||
ADR | Occupancy | RevPAR | Hotel Adjusted EBITDA Margin | ||||||||||||||||||||||||||||
2Q 2018 | 2Q 2017 | B/(W) | 2Q 2018 | 2Q 2017 | B/(W) | 2Q 2018 | 2Q 2017 | B/(W) | 2Q 2018 | 2Q 2017 | B/(W) | ||||||||||||||||||||
Atlanta Alpharetta Marriott | $ | 172.93 | $ | 164.29 | 5.3 | % | 70.5 | % | 82.5 | % | (12.0 | )% | $ | 121.94 | $ | 135.61 | (10.1 | )% | 34.26 | % | 34.02 | % | 24 bps | ||||||||
Bethesda Marriott Suites | $ | 192.20 | $ | 185.30 | 3.7 | % | 81.0 | % | 83.3 | % | (2.3 | )% | $ | 155.69 | $ | 154.42 | 0.8 | % | 38.28 | % | 36.02 | % | 226 bps | ||||||||
Boston Westin | $ | 276.00 | $ | 282.66 | (2.4 | )% | 81.7 | % | 88.0 | % | (6.3 | )% | $ | 225.45 | $ | 248.75 | (9.4 | )% | 32.49 | % | 38.68 | % | -619 bps | ||||||||
Hilton Boston Downtown | $ | 341.34 | $ | 327.05 | 4.4 | % | 90.8 | % | 93.6 | % | (2.8 | )% | $ | 310.10 | $ | 306.01 | 1.3 | % | 46.82 | % | 47.13 | % | -31 bps | ||||||||
Hilton Burlington | $ | 191.14 | $ | 175.89 | 8.7 | % | 82.8 | % | 84.4 | % | (1.6 | )% | $ | 158.26 | $ | 148.43 | 6.6 | % | 41.83 | % | 41.37 | % | 46 bps | ||||||||
Renaissance Charleston | $ | 290.65 | $ | 265.72 | 9.4 | % | 92.2 | % | 92.3 | % | (0.1 | )% | $ | 268.00 | $ | 245.23 | 9.3 | % | 47.55 | % | 46.02 | % | 153 bps | ||||||||
Chicago Marriott | $ | 255.82 | $ | 242.44 | 5.5 | % | 83.8 | % | 82.2 | % | 1.6 | % | $ | 214.30 | $ | 199.26 | 7.5 | % | 36.52 | % | 33.53 | % | 299 bps | ||||||||
Chicago Gwen | $ | 287.54 | $ | 245.87 | 16.9 | % | 88.9 | % | 84.0 | % | 4.9 | % | $ | 255.75 | $ | 206.45 | 23.9 | % | 35.06 | % | 34.10 | % | 96 bps | ||||||||
Courtyard Denver Downtown | $ | 205.16 | $ | 214.81 | (4.5 | )% | 82.6 | % | 83.4 | % | (0.8 | )% | $ | 169.45 | $ | 179.06 | (5.4 | )% | 47.91 | % | 51.25 | % | -334 bps | ||||||||
Courtyard Fifth Avenue | $ | 289.88 | $ | 277.10 | 4.6 | % | 93.1 | % | 91.0 | % | 2.1 | % | $ | 269.86 | $ | 252.12 | 7.0 | % | 26.36 | % | 25.26 | % | 110 bps | ||||||||
Courtyard Midtown East | $ | 280.46 | $ | 269.84 | 3.9 | % | 96.3 | % | 93.5 | % | 2.8 | % | $ | 269.99 | $ | 252.23 | 7.0 | % | 33.02 | % | 33.65 | % | -63 bps | ||||||||
Fort Lauderdale Westin | $ | 185.34 | $ | 186.42 | (0.6 | )% | 85.3 | % | 84.6 | % | 0.7 | % | $ | 158.14 | $ | 157.79 | 0.2 | % | 32.64 | % | 36.65 | % | -401 bps | ||||||||
JW Marriott Denver Cherry Creek | $ | 258.73 | $ | 271.00 | (4.5 | )% | 86.1 | % | 83.1 | % | 3.0 | % | $ | 222.80 | $ | 225.30 | (1.1 | )% | 35.84 | % | 35.64 | % | 20 bps | ||||||||
Sheraton Suites Key West | $ | 242.04 | $ | 242.52 | (0.2 | )% | 90.8 | % | 92.6 | % | (1.8 | )% | $ | 219.68 | $ | 224.46 | (2.1 | )% | 41.69 | % | 44.98 | % | -329 bps | ||||||||
The Landing Resort & Spa | $ | 297.88 | $ | 264.56 | 12.6 | % | 49.1 | % | 58.1 | % | (9.0 | )% | $ | 146.37 | $ | 153.67 | (4.8 | )% | 0.05 | % | 21.90 | % | -2185 bps | ||||||||
Lexington Hotel New York | $ | 264.15 | $ | 254.99 | 3.6 | % | 94.3 | % | 95.1 | % | (0.8 | )% | $ | 249.16 | $ | 242.42 | 2.8 | % | 27.07 | % | 22.94 | % | 413 bps | ||||||||
Hotel Palomar Phoenix | $ | 186.25 | $ | 185.87 | 0.2 | % | 73.9 | % | 75.3 | % | (1.4 | )% | $ | 137.70 | $ | 140.00 | (1.6 | )% | 25.10 | % | 25.53 | % | -43 bps | ||||||||
Hotel Rex | $ | 196.04 | $ | 202.26 | (3.1 | )% | 85.0 | % | 82.6 | % | 2.4 | % | $ | 166.70 | $ | 167.10 | (0.2 | )% | 23.13 | % | 29.38 | % | -625 bps | ||||||||
Salt Lake City Marriott | $ | 174.17 | $ | 160.23 | 8.7 | % | 76.0 | % | 80.9 | % | (4.9 | )% | $ | 132.35 | $ | 129.66 | 2.1 | % | 39.34 | % | 38.03 | % | 131 bps | ||||||||
L'Auberge de Sedona | $ | 653.01 | $ | 592.67 | 10.2 | % | 78.1 | % | 79.5 | % | (1.4 | )% | $ | 509.90 | $ | 471.14 | 8.2 | % | 33.16 | % | 30.02 | % | 314 bps | ||||||||
Orchards Inn Sedona | $ | 271.22 | $ | 245.99 | 10.3 | % | 81.7 | % | 86.3 | % | (4.6 | )% | $ | 221.53 | $ | 212.39 | 4.3 | % | 37.89 | % | 39.21 | % | -132 bps | ||||||||
Shorebreak | $ | 249.15 | $ | 224.60 | 10.9 | % | 79.1 | % | 82.6 | % | (3.5 | )% | $ | 196.97 | $ | 185.61 | 6.1 | % | 26.94 | % | 23.48 | % | 346 bps | ||||||||
The Lodge at Sonoma | $ | 316.55 | $ | 329.76 | (4.0 | )% | 76.6 | % | 72.7 | % | 3.9 | % | $ | 242.47 | $ | 239.79 | 1.1 | % | 32.02 | % | 32.90 | % | -88 bps | ||||||||
Hilton Garden Inn Times Square Central | $ | 277.14 | $ | 256.68 | 8.0 | % | 98.1 | % | 98.0 | % | 0.1 | % | $ | 271.83 | $ | 251.46 | 8.1 | % | 36.46 | % | 36.26 | % | 20 bps | ||||||||
Vail Marriott | $ | 180.31 | $ | 168.86 | 6.8 | % | 37.5 | % | 54.9 | % | (17.4 | )% | $ | 67.58 | $ | 92.75 | (27.1 | )% | (24.47 | )% | (5.30 | )% | -1917 bps | ||||||||
Westin San Diego | $ | 188.87 | $ | 197.51 | (4.4 | )% | 86.7 | % | 85.4 | % | 1.3 | % | $ | 163.82 | $ | 168.62 | (2.8 | )% | 37.53 | % | 38.47 | % | -94 bps | ||||||||
Westin Washington D.C. City Center | $ | 250.69 | $ | 250.45 | 0.1 | % | 93.0 | % | 90.2 | % | 2.8 | % | $ | 233.22 | $ | 225.85 | 3.3 | % | 42.95 | % | 46.69 | % | -374 bps | ||||||||
Renaissance Worthington | $ | 192.93 | $ | 183.50 | 5.1 | % | 77.4 | % | 78.7 | % | (1.3 | )% | $ | 149.28 | $ | 144.48 | 3.3 | % | 35.48 | % | 39.91 | % | -443 bps | ||||||||
Comparable Total (1) | $ | 246.67 | $ | 237.36 | 3.9 | % | 83.0 | % | 84.6 | % | (1.6 | )% | $ | 204.79 | $ | 200.85 | 2.0 | % | 34.24 | % | 35.03 | % | -79 bps |
(1) | Amounts exclude the operating results of Frenchman's Reef and Morning Star Marriott Beach Resort and Havana Cabana Key West and include the pre-acquisition operating results of The Landing Resort & Spa and Hotel Palomar Phoenix for the period from April 1, 2017 to June 30, 2017. |
Operating Statistics – Year to Date | |||||||||||||||||||||||||||||||
ADR | Occupancy | RevPAR | Hotel Adjusted EBITDA Margin | ||||||||||||||||||||||||||||
YTD 2018 | YTD 2017 | B/(W) | YTD 2018 | YTD 2017 | B/(W) | YTD 2018 | YTD 2017 | B/(W) | YTD 2018 | YTD 2017 | B/(W) | ||||||||||||||||||||
Atlanta Alpharetta Marriott | $ | 179.89 | $ | 171.24 | 5.1 | % | 67.8 | % | 76.4 | % | (8.6 | )% | $ | 121.95 | $ | 130.82 | (6.8 | )% | 35.12 | % | 33.69 | % | 143 bps | ||||||||
Bethesda Marriott Suites | $ | 185.37 | $ | 178.58 | 3.8 | % | 66.9 | % | 76.7 | % | (9.8 | )% | $ | 124.10 | $ | 137.04 | (9.4 | )% | 29.17 | % | 31.62 | % | -245 bps | ||||||||
Boston Westin | $ | 245.26 | $ | 250.32 | (2.0 | )% | 73.2 | % | 77.8 | % | (4.6 | )% | $ | 179.41 | $ | 194.85 | (7.9 | )% | 25.41 | % | 31.56 | % | -615 bps | ||||||||
Hilton Boston Downtown | $ | 276.24 | $ | 273.08 | 1.2 | % | 85.1 | % | 83.2 | % | 1.9 | % | $ | 234.96 | $ | 227.24 | 3.4 | % | 36.73 | % | 37.03 | % | -30 bps | ||||||||
Hilton Burlington | $ | 163.37 | $ | 152.25 | 7.3 | % | 77.6 | % | 75.9 | % | 1.7 | % | $ | 126.75 | $ | 115.56 | 9.7 | % | 33.74 | % | 31.65 | % | 209 bps | ||||||||
Renaissance Charleston | $ | 265.52 | $ | 256.02 | 3.7 | % | 87.3 | % | 74.9 | % | 12.4 | % | $ | 231.83 | $ | 191.71 | 20.9 | % | 42.73 | % | 36.24 | % | 649 bps | ||||||||
Chicago Marriott | $ | 221.55 | $ | 213.45 | 3.8 | % | 66.8 | % | 65.9 | % | 0.9 | % | $ | 148.04 | $ | 140.71 | 5.2 | % | 22.07 | % | 21.31 | % | 76 bps | ||||||||
Chicago Gwen | $ | 241.96 | $ | 216.58 | 11.7 | % | 80.5 | % | 64.7 | % | 15.8 | % | $ | 194.83 | $ | 140.14 | 39.0 | % | 22.07 | % | 20.25 | % | 182 bps | ||||||||
Courtyard Denver Downtown | $ | 190.51 | $ | 202.48 | (5.9 | )% | 81.3 | % | 77.4 | % | 3.9 | % | $ | 154.96 | $ | 156.81 | (1.2 | )% | 44.20 | % | 46.82 | % | -262 bps | ||||||||
Courtyard Fifth Avenue | $ | 253.92 | $ | 239.82 | 5.9 | % | 88.0 | % | 87.1 | % | 0.9 | % | $ | 223.49 | $ | 208.99 | 6.9 | % | 14.61 | % | 12.20 | % | 241 bps | ||||||||
Courtyard Midtown East | $ | 238.69 | $ | 235.75 | 1.2 | % | 91.9 | % | 87.7 | % | 4.2 | % | $ | 219.38 | $ | 206.80 | 6.1 | % | 21.84 | % | 23.28 | % | -144 bps | ||||||||
Fort Lauderdale Westin | $ | 222.11 | $ | 213.57 | 4.0 | % | 90.0 | % | 90.3 | % | (0.3 | )% | $ | 199.80 | $ | 192.82 | 3.6 | % | 38.39 | % | 41.60 | % | -321 bps | ||||||||
JW Marriott Denver Cherry Creek | $ | 248.75 | $ | 257.86 | (3.5 | )% | 80.2 | % | 78.8 | % | 1.4 | % | $ | 199.60 | $ | 203.12 | (1.7 | )% | 31.91 | % | 32.26 | % | -35 bps | ||||||||
Sheraton Suites Key West | $ | 271.14 | $ | 270.15 | 0.4 | % | 91.5 | % | 93.0 | % | (1.5 | )% | $ | 248.22 | $ | 251.11 | (1.2 | )% | 47.85 | % | 48.78 | % | -93 bps | ||||||||
The Landing Resort & Spa (1) | $ | 289.79 | $ | 266.38 | 8.8 | % | 48.9 | % | 56.8 | % | (7.9 | )% | $ | 141.72 | $ | 151.20 | (6.3 | )% | (1.59 | )% | 20.74 | % | -2233 bps | ||||||||
Lexington Hotel New York | $ | 228.83 | $ | 218.18 | 4.9 | % | 88.4 | % | 91.2 | % | (2.8 | )% | $ | 202.21 | $ | 198.91 | 1.7 | % | 13.38 | % | 8.03 | % | 535 bps | ||||||||
Hotel Palomar Phoenix (1) | $ | 206.78 | $ | 208.29 | (0.7 | )% | 77.3 | % | 78.3 | % | (1.0 | )% | $ | 159.88 | $ | 163.01 | (1.9 | )% | 32.35 | % | 32.17 | % | 18 bps | ||||||||
Hotel Rex | $ | 199.58 | $ | 224.58 | (11.1 | )% | 81.4 | % | 79.4 | % | 2.0 | % | $ | 162.55 | $ | 178.34 | (8.9 | )% | 27.14 | % | 32.30 | % | -516 bps | ||||||||
Salt Lake City Marriott | $ | 176.86 | $ | 165.26 | 7.0 | % | 74.0 | % | 78.9 | % | (4.9 | )% | $ | 130.91 | $ | 130.31 | 0.5 | % | 39.24 | % | 40.86 | % | -162 bps | ||||||||
L'Auberge de Sedona | $ | 620.79 | $ | 544.87 | 13.9 | % | 77.0 | % | 77.0 | % | — | % | $ | 478.06 | $ | 419.70 | 13.9 | % | 27.81 | % | 24.94 | % | 287 bps | ||||||||
Orchards Inn Sedona | $ | 265.70 | $ | 230.52 | 15.3 | % | 77.8 | % | 80.7 | % | (2.9 | )% | $ | 206.73 | $ | 186.11 | 11.1 | % | 37.51 | % | 35.23 | % | 228 bps | ||||||||
Shorebreak | $ | 244.99 | $ | 222.24 | 10.2 | % | 75.8 | % | 72.5 | % | 3.3 | % | $ | 185.82 | $ | 161.05 | 15.4 | % | 25.86 | % | 20.63 | % | 523 bps | ||||||||
The Lodge at Sonoma | $ | 282.28 | $ | 295.91 | (4.6 | )% | 68.1 | % | 57.4 | % | 10.7 | % | $ | 192.29 | $ | 169.74 | 13.3 | % | 24.24 | % | 19.01 | % | 523 bps | ||||||||
Hilton Garden Inn Times Square Central | $ | 230.27 | $ | 216.35 | 6.4 | % | 97.4 | % | 96.6 | % | 0.8 | % | $ | 224.28 | $ | 209.01 | 7.3 | % | 27.19 | % | 25.29 | % | 190 bps | ||||||||
Vail Marriott | $ | 346.71 | $ | 326.95 | 6.0 | % | 61.2 | % | 73.2 | % | (12.0 | )% | $ | 212.29 | $ | 239.43 | (11.3 | )% | 37.72 | % | 39.33 | % | -161 bps | ||||||||
Westin San Diego | $ | 187.70 | $ | 197.50 | (5.0 | )% | 83.8 | % | 85.0 | % | (1.2 | )% | $ | 157.21 | $ | 167.87 | (6.4 | )% | 37.65 | % | 40.05 | % | -240 bps | ||||||||
Westin Washington D.C. City Center | $ | 223.47 | $ | 241.03 | (7.3 | )% | 89.0 | % | 86.6 | % | 2.4 | % | $ | 198.80 | $ | 208.68 | (4.7 | )% | 36.86 | % | 43.38 | % | -652 bps | ||||||||
Renaissance Worthington | $ | 193.79 | $ | 184.07 | 5.3 | % | 77.1 | % | 78.1 | % | (1.0 | )% | $ | 149.49 | $ | 143.73 | 4.0 | % | 37.96 | % | 39.93 | % | -197 bps | ||||||||
Comparable Total (2) | $ | 230.98 | $ | 225.34 | 2.5 | % | 78.5 | % | 78.9 | % | (0.4 | )% | $ | 181.22 | $ | 177.87 | 1.9 | % | 29.91 | % | 30.91 | % | -100 bps |
(1) | Hotels were acquired on March 1, 2018. Amounts reflect the operating results for these hotels for the period from March 1, 2018 to June 30, 2018 and March 1, 2017 to June 30, 2017. |
(2) | Amounts exclude the operating results of Frenchman's Reef and Morning Star Marriott Beach Resort and Havana Cabana Key West and include the pre-acquisition operating results of The Landing Resort & Spa and Hotel Palomar Phoenix for the period from January 1, 2018 to February 28, 2018 and January 1, 2017 to June 30, 2017, respectively and L'Auberge de Sedona and Orchards Inn Sedona for the period from January 1, 2017 to February 27, 2017. |
Hotel Adjusted EBITDA Reconciliation | ||||||||||||||||||||
Second Quarter 2018 | ||||||||||||||||||||
Plus: | Plus: | Plus: | Equals: | |||||||||||||||||
Total Revenues | Net Income / (Loss) | Depreciation | Interest Expense | Adjustments (1) | Hotel Adjusted EBITDA | |||||||||||||||
Atlanta Alpharetta Marriott | $ | 4,784 | $ | 1,183 | $ | 456 | $ | — | $ | — | $ | 1,639 | ||||||||
Bethesda Marriott Suites | $ | 5,068 | $ | (18 | ) | $ | 455 | $ | — | $ | 1,503 | $ | 1,940 | |||||||
Boston Westin | $ | 27,120 | $ | 4,318 | $ | 2,355 | $ | 2,200 | $ | (61 | ) | $ | 8,812 | |||||||
Hilton Boston Downtown | $ | 12,027 | $ | 4,387 | $ | 1,244 | $ | — | $ | — | $ | 5,631 | ||||||||
Hilton Burlington | $ | 4,851 | $ | 1,519 | $ | 510 | $ | — | $ | — | $ | 2,029 | ||||||||
Renaissance Charleston | $ | 4,614 | $ | 1,833 | $ | 392 | $ | — | $ | (31 | ) | $ | 2,194 | |||||||
Chicago Marriott | $ | 32,626 | $ | 7,980 | $ | 4,206 | $ | 125 | $ | (397 | ) | $ | 11,914 | |||||||
Chicago Gwen | $ | 10,223 | $ | 2,507 | $ | 1,077 | $ | — | $ | — | $ | 3,584 | ||||||||
Courtyard Denver Downtown | $ | 2,949 | $ | 1,100 | $ | 313 | $ | — | $ | — | $ | 1,413 | ||||||||
Courtyard Fifth Avenue | $ | 4,700 | $ | 794 | $ | 450 | $ | — | $ | (5 | ) | $ | 1,239 | |||||||
Courtyard Midtown East | $ | 8,100 | $ | 1,017 | $ | 678 | $ | 980 | $ | — | $ | 2,675 | ||||||||
Fort Lauderdale Westin | $ | 11,950 | $ | 2,577 | $ | 1,323 | $ | — | $ | — | $ | 3,900 | ||||||||
Frenchman's Reef | $ | 40 | $ | 49 | $ | — | $ | — | $ | — | $ | 49 | ||||||||
JW Marriott Denver Cherry Creek | $ | 6,236 | $ | 1,030 | $ | 505 | $ | 700 | $ | — | $ | 2,235 | ||||||||
Havana Cabana Key West | $ | 1,255 | $ | (62 | ) | $ | 218 | $ | — | $ | — | $ | 156 | |||||||
Sheraton Suites Key West | $ | 4,665 | $ | 1,635 | $ | 310 | $ | — | $ | — | $ | 1,945 | ||||||||
The Landing Resort & Spa | $ | 2,000 | $ | (369 | ) | $ | 370 | $ | — | $ | — | $ | 1 | |||||||
Lexington Hotel New York | $ | 17,970 | $ | 1,344 | $ | 3,506 | $ | 7 | $ | 8 | $ | 4,865 | ||||||||
Hotel Palomar Phoenix | $ | 5,266 | $ | 217 | $ | 658 | $ | 52 | $ | 395 | $ | 1,322 | ||||||||
Hotel Rex | $ | 1,643 | $ | 241 | $ | 139 | $ | — | $ | — | $ | 380 | ||||||||
Salt Lake City Marriott | $ | 8,389 | $ | 2,127 | $ | 548 | $ | 625 | $ | — | $ | 3,300 | ||||||||
L'Auberge de Sedona | $ | 7,549 | $ | 2,016 | $ | 487 | $ | — | $ | — | $ | 2,503 | ||||||||
Orchards Inn Sedona | $ | 2,573 | $ | 699 | $ | 235 | $ | — | $ | 41 | $ | 975 | ||||||||
Shorebreak | $ | 4,105 | $ | 773 | $ | 347 | $ | — | $ | (14 | ) | $ | 1,106 | |||||||
The Lodge at Sonoma | $ | 6,653 | $ | 1,306 | $ | 538 | $ | 286 | $ | — | $ | 2,130 | ||||||||
Hilton Garden Inn Times Square Central | $ | 7,089 | $ | 1,778 | $ | 807 | $ | — | $ | — | $ | 2,585 | ||||||||
Vail Marriott | $ | 3,608 | $ | (1,427 | ) | $ | 544 | $ | — | $ | — | $ | (883 | ) | ||||||
Westin San Diego | $ | 9,061 | $ | 1,637 | $ | 1,115 | $ | 649 | $ | — | $ | 3,401 | ||||||||
Westin Washington D.C. City Center | $ | 10,584 | $ | 2,551 | $ | 1,311 | $ | 684 | $ | — | $ | 4,546 | ||||||||
Renaissance Worthington | $ | 10,251 | $ | 1,904 | $ | 936 | $ | 795 | $ | 2 | $ | 3,637 | ||||||||
Total | $ | 237,949 | $ | 46,646 | $ | 26,033 | $ | 7,103 | $ | 1,441 | $ | 81,238 | ||||||||
Less: Closed Hotels (2) | $ | (1,295 | ) | $ | 13 | $ | (218 | ) | $ | — | $ | — | $ | (205 | ) | |||||
Comparable Total | $ | 236,654 | $ | 46,659 | $ | 25,815 | $ | 7,103 | $ | 1,441 | $ | 81,033 |
(1) | Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations, the non-cash amortization favorable and unfavorable contract liabilities and hotel manager transition costs. |
(2) | Amounts represent the operating results of Frenchman's Reef and Morning Star Marriott Beach Resort and Havana Cabana Key West. |
Hotel Adjusted EBITDA Reconciliation | ||||||||||||||||||||
Second Quarter 2017 | ||||||||||||||||||||
Plus: | Plus: | Plus: | Equals: | |||||||||||||||||
Total Revenues | Net Income / (Loss) | Depreciation | Interest Expense | Adjustments (1) | Hotel Adjusted EBITDA | |||||||||||||||
Atlanta Alpharetta Marriott | $ | 5,291 | $ | 1,415 | $ | 385 | $ | — | $ | — | $ | 1,800 | ||||||||
Bethesda Marriott Suites | $ | 4,991 | $ | (60 | ) | $ | 345 | $ | — | $ | 1,513 | $ | 1,798 | |||||||
Boston Westin | $ | 28,627 | $ | 6,686 | $ | 2,192 | $ | 2,246 | $ | (51 | ) | $ | 11,073 | |||||||
Hilton Boston Downtown | $ | 11,868 | $ | 4,356 | $ | 1,237 | $ | — | $ | — | $ | 5,593 | ||||||||
Hilton Burlington | $ | 4,525 | $ | 1,356 | $ | 516 | $ | — | $ | — | $ | 1,872 | ||||||||
Renaissance Charleston | $ | 4,135 | $ | 1,541 | $ | 394 | $ | — | $ | (32 | ) | $ | 1,903 | |||||||
Chicago Marriott | $ | 31,455 | $ | 7,142 | $ | 3,735 | $ | 68 | $ | (397 | ) | $ | 10,548 | |||||||
Chicago Gwen | $ | 7,959 | $ | 1,640 | $ | 1,074 | $ | — | $ | — | $ | 2,714 | ||||||||
Courtyard Denver Downtown | $ | 3,081 | $ | 1,281 | $ | 298 | $ | — | $ | — | $ | 1,579 | ||||||||
Courtyard Fifth Avenue | $ | 4,411 | $ | 615 | $ | 447 | $ | — | $ | 52 | $ | 1,114 | ||||||||
Courtyard Midtown East | $ | 7,631 | $ | 912 | $ | 660 | $ | 996 | $ | — | $ | 2,568 | ||||||||
Fort Lauderdale Westin | $ | 11,457 | $ | 2,902 | $ | 1,297 | $ | — | $ | — | $ | 4,199 | ||||||||
Frenchman's Reef | $ | 17,178 | $ | 2,420 | $ | 1,633 | $ | — | $ | — | $ | 4,053 | ||||||||
JW Marriott Denver Cherry Creek | $ | 6,426 | $ | 1,073 | $ | 507 | $ | 710 | $ | — | $ | 2,290 | ||||||||
Havana Cabana Key West | $ | 1,796 | $ | 623 | $ | 194 | $ | — | $ | — | $ | 817 | ||||||||
Sheraton Suites Key West | $ | 4,729 | $ | 1,835 | $ | 292 | $ | — | $ | — | $ | 2,127 | ||||||||
Lexington Hotel New York | $ | 16,702 | $ | (108 | ) | $ | 3,472 | $ | 460 | $ | 8 | $ | 3,832 | |||||||
Hotel Rex | $ | 1,593 | $ | 328 | $ | 140 | $ | — | $ | — | $ | 468 | ||||||||
Salt Lake City Marriott | $ | 8,056 | $ | 1,891 | $ | 531 | $ | 642 | $ | — | $ | 3,064 | ||||||||
L'Auberge de Sedona | $ | 6,988 | $ | 1,591 | $ | 507 | $ | — | $ | — | $ | 2,098 | ||||||||
Orchards Inn Sedona | $ | 2,479 | $ | 695 | $ | 234 | $ | — | $ | 43 | $ | 972 | ||||||||
Shorebreak | $ | 3,697 | $ | 437 | $ | 446 | $ | — | $ | (15 | ) | $ | 868 | |||||||
The Lodge at Sonoma | $ | 6,343 | $ | 1,327 | $ | 467 | $ | 293 | $ | — | $ | 2,087 | ||||||||
Hilton Garden Inn Times Square Central | $ | 6,545 | $ | 1,582 | $ | 791 | $ | — | $ | — | $ | 2,373 | ||||||||
Vail Marriott | $ | 4,947 | $ | (758 | ) | $ | 496 | $ | — | $ | — | $ | (262 | ) | ||||||
Westin San Diego | $ | 9,096 | $ | 1,749 | $ | 1,088 | $ | 662 | $ | — | $ | 3,499 | ||||||||
Westin Washington D.C. City Center | $ | 10,401 | $ | 2,846 | $ | 1,306 | $ | 704 | $ | — | $ | 4,856 | ||||||||
Renaissance Worthington | $ | 10,865 | $ | 2,626 | $ | 901 | $ | 807 | $ | 2 | $ | 4,336 | ||||||||
Total | $ | 243,272 | $ | 49,943 | $ | 25,585 | $ | 7,588 | $ | 1,123 | $ | 84,222 | ||||||||
Add: Prior Ownership Results(2) | $ | 7,500 | $ | 609 | $ | 866 | $ | 38 | $ | 327 | $ | 1,840 | ||||||||
Less: Closed Hotels (3) | $ | (18,974 | ) | $ | (3,043 | ) | $ | (1,827 | ) | $ | — | $ | — | $ | (4,870 | ) | ||||
Comparable Total | $ | 231,798 | $ | 47,509 | $ | 24,624 | $ | 7,626 | $ | 1,450 | $ | 81,192 |
(1) | Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations, the non-cash amortization favorable and unfavorable contract liabilities and hotel manager transition costs. |
(2) | Amounts represent the pre-acquisition operating results of The Landing Resort & Spa and Hotel Palomar Phoenix for the period from April 1, 2017 to June 30, 2017. |
(3) | Amounts represent the operating results of Frenchman's Reef and Morning Star Marriott Beach Resort and Havana Cabana Key West. |
Hotel Adjusted EBITDA Reconciliation | ||||||||||||||||||||
Year to Date 2018 | ||||||||||||||||||||
Plus: | Plus: | Plus: | Equals: | |||||||||||||||||
Total Revenues | Net Income / (Loss) | Depreciation | Interest Expense | Adjustments (1) | Hotel Adjusted EBITDA | |||||||||||||||
Atlanta Alpharetta Marriott | $ | 9,651 | $ | 2,462 | $ | 927 | $ | — | $ | — | $ | 3,389 | ||||||||
Bethesda Marriott Suites | $ | 8,165 | $ | (1,469 | ) | $ | 834 | $ | — | $ | 3,017 | $ | 2,382 | |||||||
Boston Westin | $ | 44,590 | $ | 2,338 | $ | 4,709 | $ | 4,402 | $ | (120 | ) | $ | 11,329 | |||||||
Hilton Boston Downtown | $ | 18,548 | $ | 4,332 | $ | 2,480 | $ | — | $ | — | $ | 6,812 | ||||||||
Hilton Burlington | $ | 7,619 | $ | 1,551 | $ | 1,020 | $ | — | $ | — | $ | 2,571 | ||||||||
Renaissance Charleston | $ | 8,039 | $ | 2,708 | $ | 790 | $ | — | $ | (63 | ) | $ | 3,435 | |||||||
Chicago Marriott | $ | 45,515 | $ | 2,514 | $ | 8,138 | $ | 186 | $ | (795 | ) | $ | 10,043 | |||||||
Chicago Gwen | $ | 15,286 | $ | 1,192 | $ | 2,181 | $ | — | $ | — | $ | 3,373 | ||||||||
Courtyard Denver Downtown | $ | 5,405 | $ | 1,762 | $ | 627 | $ | — | $ | — | $ | 2,389 | ||||||||
Courtyard Fifth Avenue | $ | 7,766 | $ | 248 | $ | 897 | $ | — | $ | (10 | ) | $ | 1,135 | |||||||
Courtyard Midtown East | $ | 13,146 | $ | (447 | ) | $ | 1,364 | $ | 1,954 | $ | — | $ | 2,871 | |||||||
Fort Lauderdale Westin | $ | 27,866 | $ | 8,024 | $ | 2,673 | $ | — | $ | — | $ | 10,697 | ||||||||
Frenchman's Reef | $ | — | $ | (50 | ) | $ | — | $ | — | $ | — | $ | (50 | ) | ||||||
JW Marriott Denver Cherry Creek | $ | 11,117 | $ | 1,131 | $ | 1,022 | $ | 1,394 | $ | — | $ | 3,547 | ||||||||
Havana Cabana Key West | $ | 1,255 | $ | (161 | ) | $ | 218 | $ | — | $ | — | $ | 57 | |||||||
Sheraton Suites Key West | $ | 10,139 | $ | 4,116 | $ | 736 | $ | — | $ | — | $ | 4,852 | ||||||||
The Landing Resort & Spa | $ | 2,585 | $ | (532 | ) | $ | 491 | $ | — | $ | — | $ | (41 | ) | ||||||
Lexington Hotel New York | $ | 29,467 | $ | (2,994 | ) | $ | 6,911 | $ | 11 | $ | 16 | $ | 3,944 | |||||||
Hotel Palomar Phoenix | $ | 7,997 | $ | 1,260 | $ | 880 | $ | 52 | $ | 395 | $ | 2,587 | ||||||||
Hotel Rex | $ | 3,305 | $ | 618 | $ | 279 | $ | — | $ | — | $ | 897 | ||||||||
Salt Lake City Marriott | $ | 16,954 | $ | 4,242 | $ | 1,164 | $ | 1,247 | $ | — | $ | 6,653 | ||||||||
L'Auberge de Sedona | $ | 13,360 | $ | 2,741 | $ | 975 | $ | — | $ | — | $ | 3,716 | ||||||||
Orchards Inn Sedona | $ | 4,716 | $ | 1,216 | $ | 470 | $ | — | $ | 83 | $ | 1,769 | ||||||||
Shorebreak | $ | 7,849 | $ | 1,332 | $ | 727 | $ | — | $ | (29 | ) | $ | 2,030 | |||||||
The Lodge at Sonoma | $ | 11,165 | $ | 1,105 | $ | 1,030 | $ | 571 | $ | — | $ | 2,706 | ||||||||
Hilton Garden Inn Times Square Central | $ | 11,709 | $ | 1,559 | $ | 1,625 | $ | — | $ | — | $ | 3,184 | ||||||||
Vail Marriott | $ | 18,536 | $ | 5,918 | $ | 1,074 | $ | — | $ | — | $ | 6,992 | ||||||||
Westin San Diego | $ | 18,267 | $ | 3,373 | $ | 2,212 | $ | 1,293 | $ | — | $ | 6,878 | ||||||||
Westin Washington D.C. City Center | $ | 18,054 | $ | 2,662 | $ | 2,626 | $ | 1,366 | $ | — | $ | 6,654 | ||||||||
Renaissance Worthington | $ | 21,408 | $ | 4,683 | $ | 1,855 | $ | 1,585 | $ | 4 | $ | 8,127 | ||||||||
Total | $ | 419,479 | $ | 57,434 | $ | 50,935 | $ | 14,061 | $ | 2,498 | $ | 124,911 | ||||||||
Add: Prior Ownership Results (2) | $ | 5,305 | $ | 1,101 | $ | 577 | $ | 38 | $ | 50 | $ | 1,766 | ||||||||
Less: Closed Hotels (3) | $ | (1,255 | ) | $ | 211 | $ | (218 | ) | $ | — | $ | — | $ | (7 | ) | |||||
Comparable Total | $ | 423,529 | $ | 58,746 | $ | 51,294 | $ | 14,099 | $ | 2,548 | $ | 126,670 |
(1) | Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations, the non-cash amortization favorable and unfavorable contract liabilities and hotel manager transition costs. |
(2) | Amounts represent the pre-acquisition operating results of The Landing Resort & Spa and Hotel Palomar Phoenix for the period from January 1, 2018 to February 28, 2018. |
(3) | Amounts represent the operating results of Frenchman's Reef and Morning Star Marriott Beach Resort and Havana Cabana Key West. |
Hotel Adjusted EBITDA Reconciliation | ||||||||||||||||||||
Year to Date 2017 | ||||||||||||||||||||
Plus: | Plus: | Plus: | Equals: | |||||||||||||||||
Total Revenues | Net Income / (Loss) | Depreciation | Interest Expense | Adjustments (1) | Hotel Adjusted EBITDA | |||||||||||||||
Atlanta Alpharetta Marriott | $ | 10,306 | $ | 2,702 | $ | 770 | $ | — | $ | — | $ | 3,472 | ||||||||
Bethesda Marriott Suites | $ | 8,922 | $ | (909 | ) | $ | 693 | $ | — | $ | 3,037 | $ | 2,821 | |||||||
Boston Westin | $ | 46,928 | $ | 6,079 | $ | 4,373 | $ | 4,477 | $ | (120 | ) | $ | 14,809 | |||||||
Hilton Boston Downtown | $ | 18,006 | $ | 4,194 | $ | 2,473 | $ | — | $ | — | $ | 6,667 | ||||||||
Hilton Burlington | $ | 7,049 | $ | 1,199 | $ | 1,032 | $ | — | $ | — | $ | 2,231 | ||||||||
Renaissance Charleston | $ | 6,479 | $ | 1,686 | $ | 725 | $ | — | $ | (63 | ) | $ | 2,348 | |||||||
Chicago Marriott | $ | 47,176 | $ | 3,529 | $ | 7,214 | $ | 103 | $ | (795 | ) | $ | 10,051 | |||||||
Chicago Gwen | $ | 10,501 | $ | 197 | $ | 1,929 | $ | — | $ | — | $ | 2,126 | ||||||||
Courtyard Denver Downtown | $ | 5,395 | $ | 1,945 | $ | 581 | $ | — | $ | — | $ | 2,526 | ||||||||
Courtyard Fifth Avenue | $ | 7,306 | $ | (108 | ) | $ | 896 | $ | — | $ | 103 | $ | 891 | |||||||
Courtyard Midtown East | $ | 12,522 | $ | (391 | ) | $ | 1,321 | $ | 1,985 | $ | — | $ | 2,915 | |||||||
Fort Lauderdale Westin | $ | 26,185 | $ | 8,326 | $ | 2,566 | $ | — | $ | — | $ | 10,892 | ||||||||
Frenchman's Reef | $ | 39,034 | $ | 8,580 | $ | 3,290 | $ | — | $ | — | $ | 11,870 | ||||||||
JW Marriott Denver Cherry Creek | $ | 11,577 | $ | 1,304 | $ | 1,015 | $ | 1,416 | $ | — | $ | 3,735 | ||||||||
Havana Cabana Key West | $ | 4,009 | $ | 1,667 | $ | 388 | $ | — | $ | — | $ | 2,055 | ||||||||
Sheraton Suites Key West | $ | 10,225 | $ | 4,409 | $ | 579 | $ | — | $ | — | $ | 4,988 | ||||||||
Lexington Hotel New York | $ | 27,500 | $ | (6,678 | ) | $ | 6,942 | $ | 1,927 | $ | 16 | $ | 2,207 | |||||||
Hotel Rex | $ | 3,468 | $ | 836 | $ | 284 | $ | — | $ | — | $ | 1,120 | ||||||||
Salt Lake City Marriott | $ | 17,287 | $ | 4,734 | $ | 1,049 | $ | 1,281 | $ | — | $ | 7,064 | ||||||||
L'Auberge de Sedona | $ | 9,360 | $ | 2,186 | $ | 692 | $ | — | $ | — | $ | 2,878 | ||||||||
Orchards Inn Sedona | $ | 3,446 | $ | 1,018 | $ | 311 | $ | — | $ | 56 | $ | 1,385 | ||||||||
Shorebreak | $ | 6,229 | $ | 469 | $ | 845 | $ | — | $ | (29 | ) | $ | 1,285 | |||||||
The Lodge at Sonoma | $ | 9,387 | $ | 342 | $ | 858 | $ | 584 | $ | — | $ | 1,784 | ||||||||
Hilton Garden Inn Times Square Central | $ | 10,881 | $ | 1,170 | $ | 1,582 | $ | — | $ | — | $ | 2,752 | ||||||||
Vail Marriott | $ | 21,202 | $ | 7,339 | $ | 999 | $ | — | $ | — | $ | 8,338 | ||||||||
Westin San Diego | $ | 18,534 | $ | 3,907 | $ | 2,196 | $ | 1,320 | $ | — | $ | 7,423 | ||||||||
Westin Washington D.C. City Center | $ | 18,821 | $ | 4,169 | $ | 2,589 | $ | 1,406 | $ | — | $ | 8,164 | ||||||||
Renaissance Worthington | $ | 21,747 | $ | 5,317 | $ | 1,756 | $ | 1,606 | $ | 4 | $ | 8,683 | ||||||||
Total | $ | 439,482 | $ | 69,218 | $ | 49,948 | $ | 16,105 | $ | 2,209 | $ | 137,466 | ||||||||
Add: Prior Ownership Results(2) | $ | 19,591 | $ | 2,368 | $ | 2,253 | $ | 76 | $ | 377 | $ | 5,074 | ||||||||
Less: Closed Hotels (3) | $ | (43,043 | ) | $ | (10,247 | ) | $ | (3,678 | ) | $ | — | $ | — | $ | (13,925 | ) | ||||
Comparable Total | $ | 416,030 | $ | 61,339 | $ | 48,523 | $ | 16,181 | $ | 2,586 | $ | 128,615 |
(1) | Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations, the non-cash amortization favorable and unfavorable contract liabilities and hotel manager transition costs. |
(2) | Amounts represent the pre-acquisition operating results of The Landing Resort & Spa and Hotel Palomar Phoenix for the period from January 1, 2017 to June 30, 2017 and L'Auberge de Sedona and Orchards Inn Sedona for the period from January 1, 2017 to February 27, 2017. |
(3) | Amounts represent the operating results of Frenchman's Reef and Morning Star Marriott Beach Resort and Havana Cabana Key West. |