BETHESDA, Md., Aug. 3, 2023
/PRNewswire/ -- DiamondRock Hospitality Company (the
"Company") (NYSE: DRH), a lodging-focused real estate investment
trust that owns a portfolio of 36 premium hotels and resorts in
the United States, today announced
results of operations for the quarter ended June 30, 2023.
Second Quarter 2023 Highlights
- Net Income: Net income was $39.1
million and earnings per diluted share was $0.17.
- Comparable Revenues: Comparable total revenues were
$289.3 million, a 0.9% increase over
2022 and a 9.3% increase over 2019.
- Comparable RevPAR: Comparable RevPAR was $226.41, a 0.5% increase over 2022 and a 8.0%
increase over 2019.
- Comparable Hotel Adjusted EBITDA: Comparable Hotel
Adjusted EBITDA was $93.6 million, a
9.7% decrease over 2022 and a 3.5% increase over 2019.
- Comparable Hotel Adjusted EBITDA Margin: Comparable
Hotel Adjusted EBITDA margin was 32.36%, a 381 basis point decrease
over 2022 and a 178 basis point decrease over 2019.
- Adjusted EBITDA: Adjusted EBITDA was $85.8 million, a 6.7% decrease over 2022 and a
5.8% increase over 2019.
- Adjusted FFO: Adjusted FFO was $67.3 million and Adjusted FFO per diluted share
was $0.32.
- Share Repurchases: The Company repurchased 262,054
shares of its common stock at an average price of $7.67 per share for a total purchase price of
$2.0 million during the second
quarter.
Recent Developments
- Hotel Acquisition: The Company acquired Chico Hot
Springs Resort located in Paradise Valley, Montana for $33.0 million on August 1,
2023.
- Hotel Rebranding: The Company completed the rebranding
of the Hilton Boston Downtown/Faneuil Hall to The Dagny, an
independent lifestyle boutique hotel, on August 1, 2023.
"The DiamondRock portfolio delivered a new record for comparable
revenues in the quarter even as it made major investments into its
portfolio to secure future performance. Our urban portfolio
delivered strong total revenue growth of 7.1% with solid
performance from group, but the rate of improvement in business
transient demand appears to be moderating. Competition from
international destinations and cruise lines led our smaller
portfolio of resorts to rebalance to a 'new normal' with total
revenues declining 8.3%. However, revenues from our resorts
remained 33.1% ahead of the comparable period in 2019 as
destination resorts remain the biggest winner from an acceleration
in the secular demand for leisure travel. After quarter end,
we completed the major repositioning of The Dagny in Boston as well as acquiring a very attractive
boutique resort in Montana," said
Mark W. Brugger, President and Chief
Executive Officer of DiamondRock Hospitality
Company.
Operating Results
Please see "Non-GAAP Financial Measures" attached to this
press release for an explanation of the terms "EBITDAre," "Adjusted
EBITDA," "Hotel Adjusted EBITDA," "Hotel Adjusted EBITDA Margin,"
"FFO" and "Adjusted FFO" and a reconciliation of these measures to
net income. Comparable operating results include all hotels
currently owned for all periods presented, except the Kimpton Fort
Lauderdale Beach Resort, which opened in April 2021. See
"Reconciliation of Comparable Operating Results" attached to this
press release for a reconciliation to historical amounts.
|
Quarter Ended June
30,
|
|
Change
From
|
|
2023
|
|
2022
|
|
2019
|
|
2022
|
|
2019
|
|
($ amounts in millions,
except hotel statistics and per share amounts)
|
Comparable Operating
Results (1)
|
|
|
|
|
|
|
|
|
|
ADR
|
$
294.66
|
|
$
300.68
|
|
$
254.63
|
|
(2.0) %
|
|
15.7 %
|
Occupancy
|
76.8 %
|
|
74.9 %
|
|
82.3 %
|
|
1.9 %
|
|
(5.5) %
|
RevPAR
|
$
226.41
|
|
$
225.19
|
|
$
209.59
|
|
0.5 %
|
|
8.0 %
|
Total RevPAR
|
$
333.88
|
|
$
331.56
|
|
$
306.75
|
|
0.7 %
|
|
8.8 %
|
Revenues
|
$
289.3
|
|
$
286.6
|
|
$
264.7
|
|
0.9 %
|
|
9.3 %
|
Hotel Adjusted
EBITDA
|
$
93.6
|
|
$
103.7
|
|
$
90.4
|
|
(9.7) %
|
|
3.5 %
|
Hotel Adjusted EBITDA
Margin
|
32.36 %
|
|
36.17 %
|
|
34.14 %
|
|
(381 bps)
|
|
(178 bps)
|
Available
Rooms
|
866,411
|
|
864,323
|
|
863,014
|
|
2,088
|
|
3,397
|
|
|
|
|
|
|
|
|
|
|
Actual Operating
Results (2)
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
291.2
|
|
$
281.4
|
|
$
257.9
|
|
3.5 %
|
|
12.9 %
|
Net income
|
$
39.1
|
|
$
52.7
|
|
$
29.1
|
|
(25.8) %
|
|
34.4 %
|
Earnings per diluted
share
|
$
0.17
|
|
$
0.23
|
|
$
0.14
|
|
(26.1) %
|
|
21.4 %
|
Adjusted
EBITDA
|
$
85.8
|
|
$
92.0
|
|
$
81.1
|
|
(6.7) %
|
|
5.8 %
|
Adjusted FFO
|
$
67.3
|
|
$
76.5
|
|
$
65.1
|
|
(12.0) %
|
|
3.4 %
|
Adjusted FFO per
diluted share
|
$
0.32
|
|
$
0.36
|
|
$
0.32
|
|
(11.1) %
|
|
— %
|
|
Six Months Ended
June 30,
|
|
Change
From
|
|
2023
|
|
2022
|
|
2019
|
|
2022
|
|
2019
|
|
($ amounts in millions,
except hotel statistics and per share amounts)
|
Comparable Operating
Results (1)
|
|
|
|
|
|
|
|
|
|
ADR
|
$
286.94
|
|
$
293.47
|
|
$
241.22
|
|
(2.2) %
|
|
19.0 %
|
Occupancy
|
71.8 %
|
|
65.4 %
|
|
77.3 %
|
|
6.4 %
|
|
(5.5) %
|
RevPAR
|
$
205.94
|
|
$
192.05
|
|
$
186.36
|
|
7.2 %
|
|
10.5 %
|
Total RevPAR
|
$
307.45
|
|
$
285.23
|
|
$
276.90
|
|
7.8 %
|
|
11.0 %
|
Revenues
|
$
529.7
|
|
$
490.3
|
|
$
475.2
|
|
8.0 %
|
|
11.5 %
|
Hotel Adjusted
EBITDA
|
$
155.5
|
|
$
157.1
|
|
$
142.2
|
|
(1.0) %
|
|
9.4 %
|
Hotel Adjusted EBITDA
Margin
|
29.37 %
|
|
32.04 %
|
|
29.91 %
|
|
(267 bps)
|
|
(54 bps)
|
Available
Rooms
|
1,722,727
|
|
1,718,765
|
|
1,716,288
|
|
3,962
|
|
6,439
|
|
|
|
|
|
|
|
|
|
|
Actual Operating
Results (2)
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
534.8
|
|
$
478.2
|
|
$
460.3
|
|
11.8 %
|
|
16.2 %
|
Net income
|
$
48.3
|
|
$
62.8
|
|
$
38.1
|
|
(23.1) %
|
|
26.8 %
|
Earnings per diluted
share
|
$
0.20
|
|
$
0.27
|
|
$
0.19
|
|
(25.9) %
|
|
5.3 %
|
Adjusted
EBITDA
|
$
141.1
|
|
$
136.9
|
|
$
130.2
|
|
3.1 %
|
|
8.4 %
|
Adjusted FFO
|
$
105.3
|
|
$
107.3
|
|
$
107.1
|
|
(1.9) %
|
|
(1.7) %
|
Adjusted FFO per
diluted share
|
$
0.49
|
|
$
0.50
|
|
$
0.53
|
|
(2.0) %
|
|
(7.5) %
|
|
|
(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, Tranquility Bay Beachfront Resort from
January 1, 2019 to January 5, 2022 and Lake Austin Spa Resort from
January 1, 2019 to November 20, 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 all hotels for the
Company's respective ownership periods.
|
Ground Lease Buyout
On April 20, 2023, the Company
acquired the fee simple interest in a land parcel underlying the
parking structure at the Renaissance Worthington Hotel that had
been subject to a ground lease. The purchase price of $1.8 million represents a 5.2% capitalization
rate on the annual rent.
Capital Expenditures
The Company invested approximately $47.9
million in capital improvements at its hotels during the six
months ended June 30, 2023. The
Company continues to expect to spend $100
million to $115 million on
capital improvements at its hotels in 2023. Significant
projects in 2023 include the following:
- Hilton Boston Downtown/Faneuil Hall: The Company
completed a comprehensive renovation to rebrand the hotel as The
Dagny, an independent lifestyle hotel.
- Salt Lake City Marriott: The Company is in the
process of completing a renovation of the guestrooms, which is
expected to be completed in the third quarter of 2023.
- Hilton Burlington Lake
Champlain: The Company commenced a repositioning of
the hotel to rebrand it as a Curio Collection hotel. The
repositioning is expected to be completed in the first quarter of
2024 and includes a new restaurant concept by a well-known,
award-winning chef.
Share Repurchase Program
During the quarter ended June 30,
2023, the Company repurchased 262,054 shares of its common
stock at an average price of $7.67
per share for a total purchase price of $2.0
million. Since October
2022, the Company has repurchased 1.9 million shares of it
common stock at an average price of $7.77 per share.
Balance Sheet and Liquidity
The Company ended the quarter with $604.8
million of liquidity, comprised of $98.6 million of unrestricted corporate cash,
$106.2 million of unrestricted cash
at its hotels and full capacity on its $400
million senior unsecured credit facility. As of
June 30, 2023, the Company had
$1.2 billion of total debt
outstanding, which consisted of $800.0
million of unsecured term loans and $383.0 million of property-specific, non-recourse
mortgage debt.
Dividends
The Company declared a quarterly cash dividend of $0.03 per common share, which was was paid on
July 12, 2023 to shareholders of
record as of June 30, 2023. The
Company paid a quarterly dividend of $0.515625 per share on its 8.250% Series A
Cumulative Redeemable Preferred Stock on June 30, 2023 to shareholders of record as of
June 20, 2023.
Earnings Call
The Company will host a conference call to discuss its second
quarter results on Thursday, August 3,
2023, at 5:00 p.m. Eastern
Time (ET). The conference call will be accessible by
telephone and through the internet. Interested individuals
are requested to register for the call by visiting
https://investor.drhc.com. A replay of the conference call webcast
will be archived and available online.
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 36 premium quality hotels with over 9,700 rooms. The Company
has strategically positioned its portfolio to be operated both
under leading global brand families as well as independent boutique
hotels in the lifestyle segment. For further information on
the Company and its portfolio, please visit DiamondRock Hospitality
Company's website at www.drhc.com.
This press release contains forward-looking statements within
the meaning of federal securities laws and regulations. These
forward-looking statements are identified by their use of terms and
phrases such as "believe," "expect," "intend," "project,"
"forecast," "plan" and other similar terms and phrases, including
references to assumptions and forecasts of future results.
Forward-looking statements are not guarantees of future performance
and involve known and unknown risks, uncertainties and other
factors which may cause the actual results to differ materially
from those anticipated at the time the forward-looking statements
are made. These risks include, but are not limited to: the adverse
impact of the novel coronavirus (COVID-19) on the U.S., regional
and global economies, travel, the hospitality industry, and the
financial condition and results of operations of the Company and
its hotels; national and local economic and business conditions,
including the potential for additional terrorist attacks, that will
affect occupancy rates at the Company's hotels and the demand for
hotel products and services; operating risks associated with the
hotel business; relationships with property managers; the ability
to compete effectively in areas such as access, location, quality
of accommodations and room rate structures; changes in travel
patterns, taxes and government regulations which influence or
determine wages, prices, construction procedures and costs; and
other risk factors contained in the Company's filings with the
Securities and Exchange Commission. Although the Company believes
the expectations reflected in such forward-looking statements are
based upon reasonable assumptions, it can give no assurance that
the expectations will be attained or that any deviation will not be
material. All information in this release is as of the date of this
release, and the Company undertakes no obligation to update any
forward-looking statement to conform the statement to actual
results or changes in the Company's expectations.
DIAMONDROCK
HOSPITALITY COMPANY
CONSOLIDATED BALANCE SHEETS (in thousands, except
share and per share amounts)
|
|
|
June 30,
2023
|
|
December 31,
2022
|
ASSETS
|
(unaudited)
|
|
|
Property and equipment,
net
|
$
2,740,395
|
|
$
2,748,476
|
Right-of-use
assets
|
97,834
|
|
99,047
|
Restricted
cash
|
37,535
|
|
39,614
|
Due from hotel
managers
|
164,193
|
|
176,708
|
Prepaid and other
assets
|
86,224
|
|
76,131
|
Cash and cash
equivalents
|
98,556
|
|
67,564
|
Total
assets
|
$
3,224,737
|
|
$
3,207,540
|
LIABILITIES AND
EQUITY
|
|
|
|
Liabilities:
|
|
|
|
Mortgage and other
debt, net of unamortized debt issuance costs
|
$
382,157
|
|
$
386,655
|
Unsecured term loans,
net of unamortized debt issuance costs
|
799,271
|
|
799,138
|
Senior unsecured credit
facility
|
—
|
|
—
|
Total debt
|
1,181,428
|
|
1,185,793
|
|
|
|
|
Lease
liabilities
|
111,233
|
|
110,875
|
Due to hotel
managers
|
119,706
|
|
123,682
|
Deferred
rent
|
67,260
|
|
65,097
|
Unfavorable contract
liabilities, net
|
60,240
|
|
61,069
|
Accounts payable and
accrued expenses
|
39,811
|
|
43,120
|
Distributions declared
and unpaid
|
6,437
|
|
12,946
|
Deferred income related
to key money, net
|
8,565
|
|
8,780
|
Total
liabilities
|
1,594,680
|
|
1,611,362
|
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, 2023 and December 31, 2022
|
48
|
|
48
|
Common
stock, $0.01 par value; 400,000,000 shares authorized;
209,589,638
and 209,374,830 shares issued and outstanding
at June 30, 2023 and December
31, 2022, respectively
|
2,095
|
|
2,094
|
Additional paid-in
capital
|
2,287,348
|
|
2,288,433
|
Accumulated other
comprehensive income
|
3,830
|
|
—
|
Distributions in excess
of earnings
|
(670,063)
|
|
(700,694)
|
Total stockholders'
equity
|
1,623,258
|
|
1,589,881
|
Noncontrolling
interests
|
6,799
|
|
6,297
|
Total
equity
|
1,630,057
|
|
1,596,178
|
Total liabilities and
equity
|
$
3,224,737
|
|
$
3,207,540
|
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,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenues:
|
|
|
|
|
|
|
|
Rooms
|
$
197,318
|
|
$
193,025
|
|
$
357,991
|
|
$
325,195
|
Food and
beverage
|
68,369
|
|
68,606
|
|
128,146
|
|
114,354
|
Other
|
25,560
|
|
19,776
|
|
48,663
|
|
38,691
|
Total
revenues
|
291,247
|
|
281,407
|
|
534,800
|
|
478,240
|
Operating
Expenses:
|
|
|
|
|
|
|
|
Rooms
|
45,116
|
|
42,645
|
|
85,319
|
|
76,475
|
Food and
beverage
|
45,908
|
|
43,471
|
|
89,058
|
|
76,692
|
Other departmental and
support expenses
|
65,445
|
|
59,521
|
|
127,413
|
|
108,058
|
Management
fees
|
6,885
|
|
6,312
|
|
11,873
|
|
10,332
|
Franchise
fees
|
9,403
|
|
8,693
|
|
17,480
|
|
14,503
|
Other property-level
expenses
|
26,934
|
|
20,977
|
|
51,051
|
|
42,949
|
Depreciation and
amortization
|
27,840
|
|
27,389
|
|
55,312
|
|
54,044
|
Impairment
losses
|
941
|
|
—
|
|
941
|
|
2,843
|
Corporate
expenses
|
8,284
|
|
8,726
|
|
16,151
|
|
14,759
|
Business interruption
insurance income
|
(110)
|
|
—
|
|
(110)
|
|
(499)
|
Total operating
expenses, net
|
236,646
|
|
217,734
|
|
454,488
|
|
400,156
|
|
|
|
|
|
|
|
|
Interest
expense
|
15,567
|
|
9,675
|
|
32,739
|
|
13,794
|
Interest (income) and
other (income) expense, net
|
(522)
|
|
606
|
|
(945)
|
|
892
|
Total other
expenses, net
|
15,045
|
|
10,281
|
|
31,794
|
|
14,686
|
Income before income
taxes
|
39,556
|
|
53,392
|
|
48,518
|
|
63,398
|
Income tax
expense
|
(422)
|
|
(691)
|
|
(196)
|
|
(637)
|
Net
income
|
39,134
|
|
52,701
|
|
48,322
|
|
62,761
|
Less: Net income
attributable to noncontrolling
interests
|
(169)
|
|
(184)
|
|
(201)
|
|
(216)
|
Net income
attributable to the Company
|
38,965
|
|
52,517
|
|
48,121
|
|
62,545
|
Distributions to
preferred stockholders
|
(2,454)
|
|
(2,454)
|
|
(4,908)
|
|
(4,908)
|
Net income
attributable to common
stockholders
|
$
36,511
|
|
$
50,063
|
|
$
43,213
|
|
$
57,637
|
Earnings per
share:
|
|
|
|
|
|
|
|
Earnings per share
available to common
stockholders - basic
|
$
0.17
|
|
$
0.24
|
|
$
0.20
|
|
$
0.27
|
Earnings per share
available to common
stockholders - diluted
|
$
0.17
|
|
$
0.23
|
|
$
0.20
|
|
$
0.27
|
|
|
|
|
|
|
|
|
Weighted-average
number of common shares
outstanding:
|
|
|
|
|
|
|
|
Basic
|
211,673,828
|
|
212,834,222
|
|
211,543,398
|
|
212,663,838
|
Diluted
|
212,161,950
|
|
213,520,706
|
|
212,092,590
|
|
213,279,174
|
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.
- Hotel Pre-Opening Costs: We exclude the pre-opening
costs associated with the redevelopment or rebranding of a hotel
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: 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,
|
|
2023
|
|
2022
|
|
2019
|
Net
income
|
$
39,134
|
|
$
52,701
|
|
$
29,074
|
Interest
expense
|
15,567
|
|
9,675
|
|
12,418
|
Income tax
expense
|
422
|
|
691
|
|
4,571
|
Real estate related
depreciation and amortization
|
27,840
|
|
27,389
|
|
29,335
|
EBITDA
|
82,963
|
|
90,456
|
|
75,398
|
Impairment
losses
|
941
|
|
—
|
|
—
|
EBITDAre
|
83,904
|
|
90,456
|
|
75,398
|
Non-cash lease expense
and other amortization
|
1,537
|
|
1,556
|
|
1,784
|
Professional fees and
pre-opening costs related to Frenchman's Reef
(1)
|
—
|
|
—
|
|
3,700
|
Hotel pre-opening
costs
|
326
|
|
—
|
|
—
|
Hotel manager
transition items
|
—
|
|
(13)
|
|
171
|
Adjusted
EBITDA
|
$
85,767
|
|
$
91,999
|
|
$
81,053
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
|
2019
|
Net
income
|
$
48,322
|
|
$
62,761
|
|
$
38,054
|
Interest
expense
|
32,739
|
|
13,794
|
|
24,080
|
Income tax
expense
|
196
|
|
637
|
|
722
|
Real estate related
depreciation and amortization
|
55,312
|
|
54,044
|
|
58,331
|
EBITDA
|
136,569
|
|
131,236
|
|
121,187
|
Impairment
losses
|
941
|
|
2,843
|
|
—
|
EBITDAre
|
137,510
|
|
134,079
|
|
121,187
|
Non-cash lease expense
and other amortization
|
3,087
|
|
3,124
|
|
3,499
|
Professional fees and
pre-opening costs related to Frenchman's Reef
(1)
|
—
|
|
—
|
|
5,067
|
Hotel pre-opening
costs
|
542
|
|
—
|
|
—
|
Severance costs
(2)
|
—
|
|
(532)
|
|
—
|
Hotel manager
transition items
|
—
|
|
236
|
|
468
|
Adjusted
EBITDA
|
$
141,139
|
|
$
136,907
|
|
$
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,
|
|
2023
|
|
2022
|
|
2019
|
Net
income
|
$
39,134
|
|
$
52,701
|
|
$
29,074
|
Interest
expense
|
15,567
|
|
9,675
|
|
12,418
|
Income tax
expense
|
422
|
|
691
|
|
4,571
|
Real estate related
depreciation and amortization
|
27,840
|
|
27,389
|
|
29,335
|
EBITDA
|
82,963
|
|
90,456
|
|
75,398
|
Corporate
expenses
|
8,284
|
|
8,726
|
|
7,403
|
Interest (income) and
other (income) expense, net
|
(522)
|
|
606
|
|
(105)
|
Impairment
losses
|
941
|
|
—
|
|
—
|
Professional fees and
pre-opening costs related to Frenchman's Reef
(1)
|
—
|
|
—
|
|
3,700
|
Hotel
EBITDA
|
91,666
|
|
99,788
|
|
86,396
|
Non-cash lease expense
and other amortization
|
1,537
|
|
1,556
|
|
1,784
|
Hotel pre-opening
costs
|
326
|
|
—
|
|
—
|
Hotel manager
transition items
|
—
|
|
(13)
|
|
171
|
Hotel Adjusted
EBITDA
|
$
93,529
|
|
$
101,331
|
|
$
88,351
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
|
2019
|
Net
income
|
$
48,322
|
|
$
62,761
|
|
$
38,054
|
Interest
expense
|
32,739
|
|
13,794
|
|
24,080
|
Income tax
expense
|
196
|
|
637
|
|
722
|
Real estate related
depreciation and amortization
|
55,312
|
|
54,044
|
|
58,331
|
EBITDA
|
136,569
|
|
131,236
|
|
121,187
|
Corporate
expenses
|
16,151
|
|
14,759
|
|
14,467
|
Interest (income) and
other (income) expense, net
|
(945)
|
|
892
|
|
(408)
|
Impairment
losses
|
941
|
|
2,843
|
|
—
|
Professional fees and
pre-opening costs related to Frenchman's Reef
(1)
|
—
|
|
—
|
|
5,067
|
Hotel
EBITDA
|
152,716
|
|
149,730
|
|
140,313
|
Non-cash lease expense
and other amortization
|
3,087
|
|
3,124
|
|
3,499
|
Hotel pre-opening
costs
|
542
|
|
—
|
|
—
|
Hotel manager
transition items
|
—
|
|
236
|
|
468
|
Severance costs
(2)
|
—
|
|
(532)
|
|
—
|
Hotel Adjusted
EBITDA
|
$
156,345
|
|
$
152,558
|
|
$
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,
|
|
2023
|
|
2022
|
|
2019
|
Net
income
|
$
39,134
|
|
$
52,701
|
|
$
29,074
|
Real estate related
depreciation and amortization
|
27,840
|
|
27,389
|
|
29,335
|
Impairment
losses
|
941
|
|
—
|
|
—
|
FFO
|
67,915
|
|
80,090
|
|
58,409
|
Distribution to
preferred stockholders
|
(2,454)
|
|
(2,454)
|
|
—
|
FFO available to
common stock and unit holders
|
65,461
|
|
77,636
|
|
58,409
|
Non-cash lease expense
and other amortization
|
1,537
|
|
1,556
|
|
1,784
|
Professional fees and
pre-opening costs related to Frenchman's Reef
(1)
|
—
|
|
—
|
|
3,700
|
Hotel pre-opening
costs
|
326
|
|
—
|
|
—
|
Hotel manager
transition items
|
—
|
|
(13)
|
|
171
|
Fair value adjustments
to interest rate swaps
|
19
|
|
(2,720)
|
|
1,075
|
Adjusted FFO
available to common stock and unit holders
|
$
67,343
|
|
$
76,459
|
|
$
65,139
|
Adjusted FFO
available to common stock and unit holders, per
diluted share
|
$
0.32
|
|
$
0.36
|
|
$
0.32
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
|
2019
|
Net
income
|
$
48,322
|
|
$
62,761
|
|
$
38,054
|
Real estate related
depreciation and amortization
|
55,312
|
|
54,044
|
|
58,331
|
Impairment
losses
|
941
|
|
2,843
|
|
—
|
FFO
|
104,575
|
|
119,648
|
|
96,385
|
Distribution to
preferred stockholders
|
(4,908)
|
|
(4,908)
|
|
—
|
FFO available to
common stock and unit holders
|
99,667
|
|
114,740
|
|
96,385
|
Non-cash lease expense
and other amortization
|
3,087
|
|
3,124
|
|
3,499
|
Professional fees and
pre-opening costs related to Frenchman's Reef
(1)
|
—
|
|
—
|
|
5,067
|
Hotel pre-opening
costs
|
542
|
|
—
|
|
—
|
Hotel manager
transition items
|
—
|
|
236
|
|
468
|
Severance costs
(2)
|
—
|
|
(532)
|
|
—
|
Fair value adjustments
to interest rate swaps
|
2,033
|
|
(10,222)
|
|
1,647
|
Adjusted FFO
available to common stock and unit holders
|
$
105,329
|
|
$
107,346
|
|
$
107,066
|
Adjusted FFO
available to common stock and unit holders, per
diluted share
|
$
0.49
|
|
$
0.50
|
|
$
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,
|
|
2023
|
|
2022
|
|
2019
|
Revenues
|
$
291,247
|
|
$
281,407
|
|
$
257,918
|
Hotel revenues from
prior ownership (1)
|
(1,971)
|
|
5,171
|
|
25,088
|
Hotel revenues from
sold hotels (2)
|
—
|
|
—
|
|
(18,275)
|
Comparable
Revenues
|
$
289,276
|
|
$
286,578
|
|
$
264,731
|
|
|
|
|
|
|
Hotel Adjusted
EBITDA
|
$
93,529
|
|
$
101,331
|
|
$
88,351
|
Hotel Adjusted EBITDA
from prior ownership (1)
|
91
|
|
2,323
|
|
6,936
|
Hotel Adjusted EBITDA
from sold hotels (2)
|
—
|
|
—
|
|
(4,895)
|
Comparable Hotel
Adjusted EBITDA
|
$
93,620
|
|
$
103,654
|
|
$
90,392
|
|
|
|
|
|
|
Hotel Adjusted
EBITDA Margin
|
32.11 %
|
|
36.01 %
|
|
34.26 %
|
Comparable Hotel
Adjusted EBITDA Margin
|
32.36 %
|
|
36.17 %
|
|
34.14 %
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
|
2019
|
Revenues
|
$
534,800
|
|
$
478,240
|
|
$
460,293
|
Hotel revenues from
prior ownership (1)
|
(5,146)
|
|
12,010
|
|
44,475
|
Hotel revenues from
sold hotels (2)
|
—
|
|
—
|
|
(29,534)
|
Comparable
Revenues
|
$
529,654
|
|
$
490,250
|
|
$
475,234
|
|
|
|
|
|
|
Hotel Adjusted
EBITDA
|
$
156,345
|
|
$
152,558
|
|
$
144,280
|
Hotel Adjusted EBITDA
from prior ownership (1)
|
(796)
|
|
4,495
|
|
10,694
|
Hotel Adjusted EBITDA
from sold hotels (2)
|
—
|
|
—
|
|
(12,815)
|
Comparable Hotel
Adjusted EBITDA
|
$
155,549
|
|
$
157,053
|
|
$
142,159
|
|
|
|
|
|
|
Hotel Adjusted
EBITDA Margin
|
29.23 %
|
|
31.90 %
|
|
31.35 %
|
Comparable Hotel
Adjusted EBITDA Margin
|
29.37 %
|
|
32.04 %
|
|
29.91 %
|
|
|
(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, Tranquility Bay Beachfront Resort from
January 1, 2019 to January 5, 2022 and Lake Austin Spa Resort from
January 1, 2019 to November 20, 2022. The pre-acquisition
operating results of the Kimpton Fort Lauderdale Beach Resort are
excluded from all periods 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 since the hotel opened in April
2021.
|
Quarter 1,
2019
|
Quarter 2,
2019
|
Quarter 3,
2019
|
Quarter 4,
2019
|
Full Year
2019
|
ADR
|
$
225.75
|
$
254.63
|
$
241.37
|
$
244.35
|
$
242.03
|
Occupancy
|
72.1 %
|
82.3 %
|
81.2 %
|
75.1 %
|
77.7 %
|
RevPAR
|
$
162.86
|
$
209.59
|
$
195.88
|
$
183.60
|
$
188.07
|
Total RevPAR
|
$
246.70
|
$
306.75
|
$
278.99
|
$
268.73
|
$
275.36
|
Revenues (in
thousands)
|
$
210,503
|
$
264,731
|
$
243,528
|
$
234,573
|
$
953,335
|
Hotel Adjusted EBITDA
(in thousands)
|
$
51,767
|
$
90,392
|
$
73,486
|
$
65,779
|
$
281,424
|
Hotel Adjusted EBITDA
Margin
|
24.59 %
|
34.14 %
|
30.18 %
|
28.04 %
|
29.52 %
|
Available
Rooms
|
853,274
|
863,014
|
872,896
|
872,896
|
3,462,080
|
|
Quarter 1,
2022
|
Quarter 2,
2022
|
Quarter 3,
2022
|
Quarter 4,
2022
|
Full Year
2022
|
ADR
|
$
283.70
|
$
300.68
|
$
283.87
|
$
291.05
|
$
290.21
|
Occupancy
|
55.9 %
|
74.9 %
|
75.1 %
|
67.3 %
|
68.4 %
|
RevPAR
|
$
158.52
|
$
225.19
|
$
213.19
|
$
195.99
|
$
198.37
|
Total RevPAR
|
$
238.37
|
$
331.56
|
$
311.71
|
$
293.64
|
$
294.03
|
Revenues (in
thousands)
|
$
203,672
|
$
286,578
|
$
272,659
|
$
256,938
|
$ 1,019,847
|
Hotel Adjusted EBITDA
(in thousands)
|
$
53,399
|
$
103,654
|
$
85,804
|
$
76,981
|
$
319,838
|
Hotel Adjusted EBITDA
Margin
|
26.22 %
|
36.17 %
|
31.47 %
|
29.96 %
|
31.36 %
|
Available
Rooms
|
854,442
|
864,323
|
874,702
|
875,012
|
3,468,479
|
|
Quarter 1,
2023
|
Quarter 2,
2023
|
ADR
|
$
277.92
|
$
294.66
|
Occupancy
|
66.7 %
|
76.8 %
|
RevPAR
|
$
185.26
|
$
226.41
|
Total RevPAR
|
$
280.77
|
$
333.88
|
Revenues (in
thousands)
|
$
240,378
|
$
289,276
|
Hotel Adjusted EBITDA
(in thousands)
|
$
61,929
|
$
93,620
|
Hotel Adjusted EBITDA
Margin
|
25.76 %
|
32.36 %
|
Available
Rooms
|
856,316
|
866,411
|
Market
Capitalization as of June 30, 2023
|
(in
thousands)
|
Enterprise
Value
|
|
|
|
|
|
Common equity
capitalization (at June 30, 2023 closing price of
$8.01/share)
|
|
$
1,712,105
|
Preferred equity
capitalization (at liquidation value of $25.00/share)
|
|
119,000
|
Consolidated debt (face
amount)
|
|
1,182,990
|
Cash and cash
equivalents
|
|
(98,556)
|
Total enterprise
value
|
|
$
2,915,539
|
Share
Reconciliation
|
|
|
|
|
|
Common shares
outstanding
|
|
209,590
|
Operating partnership
units
|
|
1,075
|
Unvested restricted
stock held by management and employees
|
|
1,210
|
Share grants under
deferred compensation plan
|
|
1,871
|
Combined shares and
units
|
|
213,746
|
Debt Summary as of
June 30, 2023
|
(dollars in
thousands)
|
Loan
|
|
Interest
Rate
|
|
Term
|
|
Outstanding
Principal
|
|
Maturity
|
Courtyard New York
Manhattan / Midtown East
|
|
4.40 %
|
|
Fixed
|
|
75,255
|
|
August 2024
|
Worthington Renaissance
Fort Worth Hotel
|
|
3.66 %
|
|
Fixed
|
|
74,681
|
|
May 2025
|
Hotel Clio
|
|
4.33 %
|
|
Fixed
|
|
56,784
|
|
July 2025
|
Westin Boston Seaport
District
|
|
4.36 %
|
|
Fixed
|
|
176,270
|
|
November
2025
|
Unamortized debt issuance
costs
|
|
|
|
|
|
(833)
|
|
|
Total mortgage debt,
net of unamortized debt
issuance costs
|
|
|
|
|
|
382,157
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured term
loan
|
|
SOFR + 1.35%
|
|
Variable
|
|
500,000
|
|
January 2028
|
Unsecured term
loan
|
|
SOFR + 1.35%
|
|
Variable
|
|
300,000
|
|
January 2025
(1)
|
Unamortized debt issuance
costs
|
|
|
|
|
|
(729)
|
|
|
Unsecured term loans,
net of unamortized debt
issuance costs
|
|
|
|
799,271
|
|
|
|
|
|
|
|
|
|
|
|
Senior unsecured credit
facility
|
|
SOFR + 1.40%
|
|
Variable
|
|
—
|
|
September 2026
(1)
|
|
|
|
|
|
|
|
|
|
Total debt, net of
unamortized debt issuance costs
|
|
|
|
|
|
$
1,181,428
|
|
|
Weighted-average
interest rate of fixed rate debt
|
|
3.87 %
|
|
|
|
|
|
|
Total weighted-average
interest rate (2)
|
|
4.88 %
|
|
|
|
|
|
|
|
|
(1)
|
May be extended for an
additional year upon the payment of applicable fees and the
satisfaction of certain customary conditions.
|
(2)
|
Weighted-average
interest rate includes effect of interest rate swaps.
|
|
Operating Statistics
– Second Quarter
|
|
Number
of Rooms
|
ADR
|
|
Occupancy
|
|
RevPAR
|
|
2Q
2023
|
2Q
2022
|
B/(W)
2022
|
|
2Q
2023
|
2Q
2022
|
B/(W)
2022
|
|
2Q
2023
|
2Q
2022
|
B/(W)
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta Marriott
Alpharetta
|
318
|
$
150.26
|
$
152.51
|
(1.5) %
|
|
73.5 %
|
62.0 %
|
11.5 %
|
|
$
110.41
|
$
94.58
|
16.7 %
|
Bourbon Orleans
Hotel
|
220
|
$
242.09
|
$
254.65
|
(4.9) %
|
|
83.7 %
|
65.8 %
|
17.9 %
|
|
$
202.69
|
$
167.61
|
20.9 %
|
Cavallo Point, The
Lodge at the Golden Gate
|
142
|
$
613.11
|
$
729.78
|
(16.0) %
|
|
56.8 %
|
59.5 %
|
(2.7) %
|
|
$
348.54
|
$
434.41
|
(19.8) %
|
Chicago Marriott
Downtown Magnificent Mile
|
1,200
|
$
273.80
|
$
258.98
|
5.7 %
|
|
70.8 %
|
60.9 %
|
9.9 %
|
|
$
193.76
|
$
157.74
|
22.8 %
|
Courtyard Denver
Downtown
|
177
|
$
233.95
|
$
223.78
|
4.5 %
|
|
83.3 %
|
82.2 %
|
1.1 %
|
|
$
194.88
|
$
183.96
|
5.9 %
|
Courtyard New York
Manhattan/Fifth Avenue
|
189
|
$
306.37
|
$
291.51
|
5.1 %
|
|
94.7 %
|
96.1 %
|
(1.4) %
|
|
$
290.00
|
$
280.01
|
3.6 %
|
Courtyard New York
Manhattan/Midtown East
|
321
|
$
348.02
|
$
330.68
|
5.2 %
|
|
92.4 %
|
89.2 %
|
3.2 %
|
|
$
321.54
|
$
294.94
|
9.0 %
|
Embassy Suites by
Hilton Bethesda
|
272
|
$
183.55
|
$
160.43
|
14.4 %
|
|
80.0 %
|
62.9 %
|
17.1 %
|
|
$
146.80
|
$
100.86
|
45.5 %
|
Havana Cabana Key
West
|
106
|
$
293.87
|
$
330.95
|
(11.2) %
|
|
86.7 %
|
90.2 %
|
(3.5) %
|
|
$
254.75
|
$
298.59
|
(14.7) %
|
Henderson Beach
Resort
|
243
|
$
500.73
|
$
528.34
|
(5.2) %
|
|
74.1 %
|
87.2 %
|
(13.1) %
|
|
$
370.82
|
$
460.58
|
(19.5) %
|
Henderson Park
Inn
|
37
|
$
680.86
|
$
732.17
|
(7.0) %
|
|
87.2 %
|
90.9 %
|
(3.7) %
|
|
$
593.91
|
$
665.62
|
(10.8) %
|
Hilton Boston
Downtown/Faneuil Hall
|
403
|
$
327.33
|
$
330.88
|
(1.1) %
|
|
89.1 %
|
85.4 %
|
3.7 %
|
|
$
291.81
|
$
282.69
|
3.2 %
|
Hilton Burlington Lake
Champlain
|
258
|
$
242.28
|
$
233.43
|
3.8 %
|
|
79.0 %
|
76.7 %
|
2.3 %
|
|
$
191.35
|
$
178.98
|
6.9 %
|
Hilton Garden Inn New
York/Times Square Central
|
282
|
$
283.37
|
$
284.89
|
(0.5) %
|
|
85.6 %
|
98.0 %
|
(12.4) %
|
|
$
242.70
|
$
279.23
|
(13.1) %
|
Hotel Clio
|
199
|
$
326.27
|
$
318.95
|
2.3 %
|
|
74.2 %
|
69.8 %
|
4.4 %
|
|
$
241.96
|
$
222.73
|
8.6 %
|
Hotel Emblem San
Francisco
|
96
|
$
221.08
|
$
236.51
|
(6.5) %
|
|
66.8 %
|
85.7 %
|
(18.9) %
|
|
$
147.71
|
$
202.78
|
(27.2) %
|
Hotel Palomar
Phoenix
|
242
|
$
204.26
|
$
218.59
|
(6.6) %
|
|
78.2 %
|
65.3 %
|
12.9 %
|
|
$
159.72
|
$
142.83
|
11.8 %
|
Kimpton Fort Lauderdale
Beach Resort
|
96
|
$
202.15
|
$
236.33
|
(14.5) %
|
|
65.4 %
|
65.3 %
|
0.1 %
|
|
$
132.13
|
$
154.33
|
(14.4) %
|
Kimpton Shorebreak
Resort
|
157
|
$
337.46
|
$
356.28
|
(5.3) %
|
|
83.3 %
|
85.2 %
|
(1.9) %
|
|
$
280.94
|
$
303.51
|
(7.4) %
|
L'Auberge de
Sedona
|
88
|
$
979.53
|
$ 1,068.06
|
(8.3) %
|
|
67.9 %
|
80.5 %
|
(12.6) %
|
|
$
664.92
|
$
859.86
|
(22.7) %
|
Lake Austin Spa
Resort
|
40
|
$ 1,101.21
|
$ 1,078.62
|
2.1 %
|
|
66.9 %
|
75.5 %
|
(8.6) %
|
|
$
736.66
|
$
814.30
|
(9.5) %
|
Margaritaville Beach
House Key West
|
186
|
$
396.70
|
$
450.34
|
(11.9) %
|
|
90.0 %
|
87.0 %
|
3.0 %
|
|
$
356.95
|
$
391.96
|
(8.9) %
|
Orchards Inn
Sedona
|
70
|
$
303.14
|
$
354.54
|
(14.5) %
|
|
69.9 %
|
70.0 %
|
(0.1) %
|
|
$
211.91
|
$
248.13
|
(14.6) %
|
Salt Lake City Marriott
Downtown at City Creek
|
510
|
$
190.99
|
$
181.35
|
5.3 %
|
|
61.1 %
|
63.4 %
|
(2.3) %
|
|
$
116.64
|
$
114.99
|
1.4 %
|
The Gwen
Hotel
|
311
|
$
339.69
|
$
324.50
|
4.7 %
|
|
78.4 %
|
80.1 %
|
(1.7) %
|
|
$
266.27
|
$
259.81
|
2.5 %
|
The Hythe
Vail
|
344
|
$
261.14
|
$
240.14
|
8.7 %
|
|
34.3 %
|
38.4 %
|
(4.1) %
|
|
$
89.56
|
$
92.28
|
(2.9) %
|
The Landing Lake Tahoe
Resort & Spa
|
82
|
$
390.10
|
$
451.54
|
(13.6) %
|
|
50.6 %
|
48.7 %
|
1.9 %
|
|
$
197.24
|
$
219.78
|
(10.3) %
|
The Lindy Renaissance
Charleston Hotel
|
167
|
$
393.54
|
$
412.06
|
(4.5) %
|
|
94.1 %
|
94.1 %
|
— %
|
|
$
370.39
|
$
387.87
|
(4.5) %
|
The Lodge at Sonoma
Resort
|
182
|
$
497.28
|
$
490.14
|
1.5 %
|
|
65.2 %
|
71.3 %
|
(6.1) %
|
|
$
324.37
|
$
349.50
|
(7.2) %
|
Tranquility Bay
Beachfront Resort
|
103
|
$
663.23
|
$
784.22
|
(15.4) %
|
|
79.9 %
|
81.7 %
|
(1.8) %
|
|
$
529.64
|
$
640.73
|
(17.3) %
|
Westin Boston
Waterfront
|
793
|
$
267.62
|
$
255.07
|
4.9 %
|
|
91.4 %
|
85.9 %
|
5.5 %
|
|
$
244.72
|
$
219.10
|
11.7 %
|
Westin Fort Lauderdale
Beach Resort
|
433
|
$
258.71
|
$
262.17
|
(1.3) %
|
|
73.7 %
|
82.3 %
|
(8.6) %
|
|
$
190.66
|
$
215.70
|
(11.6) %
|
Westin San Diego
Bayview
|
436
|
$
205.93
|
$
208.76
|
(1.4) %
|
|
80.0 %
|
81.5 %
|
(1.5) %
|
|
$
164.71
|
$
170.19
|
(3.2) %
|
Westin Washington D.C.
City Center
|
410
|
$
250.82
|
$
237.11
|
5.8 %
|
|
78.0 %
|
79.6 %
|
(1.6) %
|
|
$
195.73
|
$
188.68
|
3.7 %
|
Worthington Renaissance
Fort Worth Hotel
|
504
|
$
198.93
|
$
188.25
|
5.7 %
|
|
79.1 %
|
73.9 %
|
5.2 %
|
|
$
157.31
|
$
139.06
|
13.1 %
|
Comparable Total
(1)
|
9,521
|
$
294.66
|
$
300.68
|
(2.0) %
|
|
76.8 %
|
74.9 %
|
1.9 %
|
|
$
226.41
|
$
225.19
|
0.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Amounts include the
pre-acquisition operating results of hotels acquired in 2022 and
exclude the Kimpton Fort Lauderdale Beach Resort as the hotel
opened during 2021.
|
|
Operating Statistics
– Second Quarter
|
|
Number
of Rooms
|
ADR
|
|
Occupancy
|
|
RevPAR
|
|
2Q
2023
|
2Q
2019
|
B/(W)
2019
|
|
2Q
2023
|
2Q
2019
|
B/(W)
2019
|
|
2Q
2023
|
2Q
2019
|
B/(W)
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta Marriott
Alpharetta
|
318
|
$
150.26
|
$
160.44
|
(6.3) %
|
|
73.5 %
|
74.8 %
|
(1.3) %
|
|
$
110.41
|
$
119.97
|
(8.0) %
|
Bourbon Orleans
Hotel
|
220
|
$
242.09
|
$
218.43
|
10.8 %
|
|
83.7 %
|
90.8 %
|
(7.1) %
|
|
$
202.69
|
$
198.25
|
2.2 %
|
Cavallo Point, The
Lodge at the Golden Gate
|
142
|
$
613.11
|
$
467.43
|
31.2 %
|
|
56.8 %
|
64.0 %
|
(7.2) %
|
|
$
348.54
|
$
299.11
|
16.5 %
|
Chicago Marriott
Downtown Magnificent Mile
|
1,200
|
$
273.80
|
$
253.76
|
7.9 %
|
|
70.8 %
|
83.6 %
|
(12.8) %
|
|
$
193.76
|
$
212.22
|
(8.7) %
|
Courtyard Denver
Downtown
|
177
|
$
233.95
|
$
207.53
|
12.7 %
|
|
83.3 %
|
83.8 %
|
(0.5) %
|
|
$
194.88
|
$
173.87
|
12.1 %
|
Courtyard New York
Manhattan/Fifth Avenue
|
189
|
$
306.37
|
$
270.86
|
13.1 %
|
|
94.7 %
|
90.9 %
|
3.8 %
|
|
$
290.00
|
$
246.20
|
17.8 %
|
Courtyard New York
Manhattan/Midtown East
|
321
|
$
348.02
|
$
274.26
|
26.9 %
|
|
92.4 %
|
97.3 %
|
(4.9) %
|
|
$
321.54
|
$
266.76
|
20.5 %
|
Embassy Suites by
Hilton Bethesda
|
272
|
$
183.55
|
$
188.39
|
(2.6) %
|
|
80.0 %
|
83.3 %
|
(3.3) %
|
|
$
146.80
|
$
156.97
|
(6.5) %
|
Havana Cabana Key
West
|
106
|
$
293.87
|
$
202.86
|
44.9 %
|
|
86.7 %
|
90.4 %
|
(3.7) %
|
|
$
254.75
|
$
183.30
|
39.0 %
|
Henderson Beach
Resort
|
243
|
$
500.73
|
$
332.50
|
50.6 %
|
|
74.1 %
|
75.1 %
|
(1.0) %
|
|
$
370.82
|
$
249.74
|
48.5 %
|
Henderson Park
Inn
|
37
|
$
680.86
|
$
515.16
|
32.2 %
|
|
87.2 %
|
90.8 %
|
(3.6) %
|
|
$
593.91
|
$
467.58
|
27.0 %
|
Hilton Boston
Downtown/Faneuil Hall
|
403
|
$
327.33
|
$
375.21
|
(12.8) %
|
|
89.1 %
|
90.5 %
|
(1.4) %
|
|
$
291.81
|
$
339.67
|
(14.1) %
|
Hilton Burlington Lake
Champlain
|
258
|
$
242.28
|
$
191.05
|
26.8 %
|
|
79.0 %
|
84.0 %
|
(5.0) %
|
|
$
191.35
|
$
160.56
|
19.2 %
|
Hilton Garden Inn New
York/Times Square Central
|
282
|
$
283.37
|
$
275.97
|
2.7 %
|
|
85.6 %
|
98.7 %
|
(13.1) %
|
|
$
242.70
|
$
272.38
|
(10.9) %
|
Hotel Clio
|
199
|
$
326.27
|
$
265.01
|
23.1 %
|
|
74.2 %
|
79.2 %
|
(5.0) %
|
|
$
241.96
|
$
209.77
|
15.3 %
|
Hotel Emblem San
Francisco
|
96
|
$
221.08
|
$
227.87
|
(3.0) %
|
|
66.8 %
|
87.1 %
|
(20.3) %
|
|
$
147.71
|
$
198.47
|
(25.6) %
|
Hotel Palomar
Phoenix
|
242
|
$
204.26
|
$
174.16
|
17.3 %
|
|
78.2 %
|
86.5 %
|
(8.3) %
|
|
$
159.72
|
$
150.69
|
6.0 %
|
Kimpton Shorebreak
Resort
|
157
|
$
337.46
|
$
258.74
|
30.4 %
|
|
83.3 %
|
78.9 %
|
4.4 %
|
|
$
280.94
|
$
204.07
|
37.7 %
|
L'Auberge de
Sedona
|
88
|
$
979.53
|
$
669.18
|
46.4 %
|
|
67.9 %
|
83.8 %
|
(15.9) %
|
|
$
664.92
|
$
560.63
|
18.6 %
|
Lake Austin Spa
Resort
|
40
|
$ 1,101.21
|
$
896.53
|
22.8 %
|
|
66.9 %
|
59.0 %
|
7.9 %
|
|
$
736.66
|
$
528.56
|
39.4 %
|
Margaritaville Beach
House Key West
|
186
|
$
396.70
|
$
244.49
|
62.3 %
|
|
90.0 %
|
86.4 %
|
3.6 %
|
|
$
356.95
|
$
211.26
|
69.0 %
|
Orchards Inn
Sedona
|
70
|
$
303.14
|
$
267.91
|
13.1 %
|
|
69.9 %
|
85.0 %
|
(15.1) %
|
|
$
211.91
|
$
227.70
|
(6.9) %
|
Salt Lake City Marriott
Downtown at City Creek
|
510
|
$
190.99
|
$
167.09
|
14.3 %
|
|
61.1 %
|
72.8 %
|
(11.7) %
|
|
$
116.64
|
$
121.65
|
(4.1) %
|
The Gwen
Hotel
|
311
|
$
339.69
|
$
285.70
|
18.9 %
|
|
78.4 %
|
87.9 %
|
(9.5) %
|
|
$
266.27
|
$
251.18
|
6.0 %
|
The Hythe
Vail
|
344
|
$
261.14
|
$
174.07
|
50.0 %
|
|
34.3 %
|
44.3 %
|
(10.0) %
|
|
$
89.56
|
$
77.08
|
16.2 %
|
The Landing Lake Tahoe
Resort & Spa
|
82
|
$
390.10
|
$
270.62
|
44.2 %
|
|
50.6 %
|
55.1 %
|
(4.5) %
|
|
$
197.24
|
$
149.15
|
32.2 %
|
The Lindy Renaissance
Charleston Hotel
|
167
|
$
393.54
|
$
301.89
|
30.4 %
|
|
94.1 %
|
90.3 %
|
3.8 %
|
|
$
370.39
|
$
272.57
|
35.9 %
|
The Lodge at Sonoma
Resort
|
182
|
$
497.28
|
$
327.39
|
51.9 %
|
|
65.2 %
|
77.4 %
|
(12.2) %
|
|
$
324.37
|
$
253.52
|
27.9 %
|
Tranquility Bay
Beachfront Resort
|
103
|
$
663.23
|
$
420.16
|
57.9 %
|
|
79.9 %
|
90.2 %
|
(10.3) %
|
|
$
529.64
|
$
379.06
|
39.7 %
|
Westin Boston
Waterfront
|
793
|
$
267.62
|
$
278.41
|
(3.9) %
|
|
91.4 %
|
85.0 %
|
6.4 %
|
|
$
244.72
|
$
236.51
|
3.5 %
|
Westin Fort Lauderdale
Beach Resort
|
433
|
$
258.71
|
$
198.53
|
30.3 %
|
|
73.7 %
|
80.7 %
|
(7.0) %
|
|
$
190.66
|
$
160.28
|
19.0 %
|
Westin San Diego
Bayview
|
436
|
$
205.93
|
$
199.95
|
3.0 %
|
|
80.0 %
|
82.5 %
|
(2.5) %
|
|
$
164.71
|
$
164.92
|
(0.1) %
|
Westin Washington D.C.
City Center
|
410
|
$
250.82
|
$
239.48
|
4.7 %
|
|
78.0 %
|
92.4 %
|
(14.4) %
|
|
$
195.73
|
$
221.35
|
(11.6) %
|
Worthington Renaissance
Fort Worth Hotel
|
504
|
$
198.93
|
$
192.06
|
3.6 %
|
|
79.1 %
|
77.5 %
|
1.6 %
|
|
$
157.31
|
$
148.88
|
5.7 %
|
Comparable Total
(1)
|
9,521
|
$
294.66
|
$
254.63
|
15.7 %
|
|
76.8 %
|
82.3 %
|
(5.5) %
|
|
$
226.41
|
$
209.59
|
8.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Amounts include the
pre-acquisition operating results of hotels acquired in 2021 and
2022 and exclude the Kimpton Fort Lauderdale Beach Resort as the
hotel opened during 2021.
|
|
Operating Statistics
– Year to Date
|
|
Number
of Rooms
|
ADR
|
|
Occupancy
|
|
RevPAR
|
|
YTD
2023
|
YTD
2022
|
B/(W)
2022
|
|
YTD
2023
|
YTD
2022
|
B/(W)
2022
|
|
YTD
2023
|
YTD
2022
|
B/(W)
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta Marriott
Alpharetta
|
318
|
$
154.36
|
$
148.27
|
4.1 %
|
|
68.0 %
|
51.9 %
|
16.1 %
|
|
$
105.04
|
$
76.90
|
36.6 %
|
Bourbon Orleans
Hotel
|
220
|
$
250.91
|
$
250.51
|
0.2 %
|
|
82.3 %
|
57.8 %
|
24.5 %
|
|
$
206.55
|
$
144.75
|
42.7 %
|
Cavallo Point, The
Lodge at the Golden Gate
|
142
|
$
591.51
|
$
709.90
|
(16.7) %
|
|
54.8 %
|
52.1 %
|
2.7 %
|
|
$
324.01
|
$
370.03
|
(12.4) %
|
Chicago Marriott
Downtown Magnificent Mile
|
1,200
|
$
243.61
|
$
231.16
|
5.4 %
|
|
55.2 %
|
44.2 %
|
11.0 %
|
|
$
134.56
|
$
102.24
|
31.6 %
|
Courtyard Denver
Downtown
|
177
|
$
209.18
|
$
193.32
|
8.2 %
|
|
76.2 %
|
71.2 %
|
5.0 %
|
|
$
159.47
|
$
137.56
|
15.9 %
|
Courtyard New York
Manhattan/Fifth Avenue
|
189
|
$
254.77
|
$
231.54
|
10.0 %
|
|
94.1 %
|
89.5 %
|
4.6 %
|
|
$
239.68
|
$
207.26
|
15.6 %
|
Courtyard New York
Manhattan/Midtown East
|
321
|
$
292.46
|
$
276.54
|
5.8 %
|
|
90.2 %
|
76.5 %
|
13.7 %
|
|
$
263.73
|
$
211.45
|
24.7 %
|
Embassy Suites by
Hilton Bethesda
|
272
|
$
165.60
|
$
146.62
|
12.9 %
|
|
70.9 %
|
44.7 %
|
26.2 %
|
|
$
117.35
|
$
65.61
|
78.9 %
|
Havana Cabana Key
West
|
106
|
$
336.84
|
$
371.86
|
(9.4) %
|
|
87.3 %
|
92.0 %
|
(4.7) %
|
|
$
294.11
|
$
342.09
|
(14.0) %
|
Henderson Park
Resort
|
243
|
$
450.86
|
$
489.67
|
(7.9) %
|
|
58.7 %
|
66.0 %
|
(7.3) %
|
|
$
264.61
|
$
323.42
|
(18.2) %
|
Henderson Park
Inn
|
37
|
$
615.29
|
$
644.64
|
(4.6) %
|
|
65.0 %
|
75.9 %
|
(10.9) %
|
|
$
399.75
|
$
488.99
|
(18.2) %
|
Hilton Boston
Downtown/Faneuil Hall
|
403
|
$
292.45
|
$
264.87
|
10.4 %
|
|
69.2 %
|
74.3 %
|
(5.1) %
|
|
$
202.29
|
$
196.80
|
2.8 %
|
Hilton Burlington Lake
Champlain
|
258
|
$
208.51
|
$
200.81
|
3.8 %
|
|
71.1 %
|
67.7 %
|
3.4 %
|
|
$
148.29
|
$
135.88
|
9.1 %
|
Hilton Garden Inn New
York/Times Square Central
|
282
|
$
238.67
|
$
231.05
|
3.3 %
|
|
85.5 %
|
88.0 %
|
(2.5) %
|
|
$
204.00
|
$
203.24
|
0.4 %
|
Hotel Clio
|
199
|
$
313.65
|
$
290.80
|
7.9 %
|
|
68.0 %
|
66.2 %
|
1.8 %
|
|
$
213.28
|
$
192.37
|
10.9 %
|
Hotel Emblem San
Francisco
|
96
|
$
252.09
|
$
217.86
|
15.7 %
|
|
65.3 %
|
69.9 %
|
(4.6) %
|
|
$
164.54
|
$
152.22
|
8.1 %
|
Hotel Palomar
Phoenix
|
242
|
$
251.11
|
$
234.31
|
7.2 %
|
|
75.9 %
|
71.1 %
|
4.8 %
|
|
$
190.70
|
$
166.48
|
14.5 %
|
Kimpton Fort Lauderdale
Beach Resort
|
96
|
$
242.58
|
$
262.57
|
(7.6) %
|
|
76.4 %
|
71.0 %
|
5.4 %
|
|
$
185.27
|
$
186.38
|
(0.6) %
|
Kimpton Shorebreak
Resort
|
157
|
$
316.01
|
$
329.33
|
(4.0) %
|
|
79.5 %
|
78.5 %
|
1.0 %
|
|
$
251.10
|
$
258.69
|
(2.9) %
|
L'Auberge de
Sedona
|
88
|
$
969.79
|
$ 1,058.04
|
(8.3) %
|
|
62.7 %
|
74.5 %
|
(11.8) %
|
|
$
608.25
|
$
788.48
|
(22.9) %
|
Lake Austin Spa
Resort
|
40
|
$ 1,110.65
|
$ 1,112.70
|
(0.2) %
|
|
61.3 %
|
73.0 %
|
(11.7) %
|
|
$
680.96
|
$
812.70
|
(16.2) %
|
Margaritaville Beach
House Key West
|
186
|
$
444.25
|
$
516.31
|
(14.0) %
|
|
87.6 %
|
89.5 %
|
(1.9) %
|
|
$
388.99
|
$
462.06
|
(15.8) %
|
Orchards Inn
Sedona
|
70
|
$
297.81
|
$
333.07
|
(10.6) %
|
|
64.7 %
|
66.9 %
|
(2.2) %
|
|
$
192.81
|
$
222.66
|
(13.4) %
|
Salt Lake City Marriott
Downtown at City Creek
|
510
|
$
195.54
|
$
179.07
|
9.2 %
|
|
64.1 %
|
56.2 %
|
7.9 %
|
|
$
125.36
|
$
100.68
|
24.5 %
|
The Gwen
Hotel
|
311
|
$
286.85
|
$
277.93
|
3.2 %
|
|
71.8 %
|
69.2 %
|
2.6 %
|
|
$
206.01
|
$
192.33
|
7.1 %
|
The Hythe
Vail
|
344
|
$
520.67
|
$
508.11
|
2.5 %
|
|
59.1 %
|
52.7 %
|
6.4 %
|
|
$
307.67
|
$
267.53
|
15.0 %
|
The Landing Lake Tahoe
Resort & Spa
|
82
|
$
379.67
|
$
430.83
|
(11.9) %
|
|
40.8 %
|
47.6 %
|
(6.8) %
|
|
$
155.02
|
$
204.96
|
(24.4) %
|
The Lindy Renaissance
Charleston Hotel
|
167
|
$
365.12
|
$
366.12
|
(0.3) %
|
|
89.3 %
|
87.3 %
|
2.0 %
|
|
$
326.19
|
$
319.49
|
2.1 %
|
The Lodge at Sonoma
Resort
|
182
|
$
435.66
|
$
440.93
|
(1.2) %
|
|
59.9 %
|
59.7 %
|
0.2 %
|
|
$
260.85
|
$
263.38
|
(1.0) %
|
Tranquility Bay
Beachfront Resort
|
103
|
$
735.05
|
$
864.42
|
(15.0) %
|
|
77.0 %
|
82.4 %
|
(5.4) %
|
|
$
565.82
|
$
712.19
|
(20.6) %
|
Westin Boston
Waterfront
|
793
|
$
239.76
|
$
231.75
|
3.5 %
|
|
81.6 %
|
69.9 %
|
11.7 %
|
|
$
195.76
|
$
162.00
|
20.8 %
|
Westin Fort Lauderdale
Beach Resort
|
433
|
$
307.21
|
$
300.54
|
2.2 %
|
|
80.8 %
|
85.0 %
|
(4.2) %
|
|
$
248.15
|
$
255.32
|
(2.8) %
|
Westin San Diego
Bayview
|
436
|
$
210.13
|
$
195.54
|
7.5 %
|
|
77.0 %
|
67.4 %
|
9.6 %
|
|
$
161.75
|
$
131.71
|
22.8 %
|
Westin Washington D.C.
City Center
|
410
|
$
234.16
|
$
218.49
|
7.2 %
|
|
73.0 %
|
57.5 %
|
15.5 %
|
|
$
171.01
|
$
125.70
|
36.0 %
|
Worthington Renaissance
Fort Worth Hotel
|
504
|
$
197.81
|
$
191.00
|
3.6 %
|
|
76.6 %
|
69.1 %
|
7.5 %
|
|
$
151.51
|
$
132.02
|
14.8 %
|
Comparable Total
(1)
|
9,521
|
$
286.94
|
$
293.47
|
(2.2) %
|
|
71.8 %
|
65.4 %
|
6.4 %
|
|
$
205.94
|
$
192.05
|
7.2 %
|
|
|
(1)
|
Amounts include the
pre-acquisition operating results of hotels acquired in 2022 and
exclude the Kimpton Fort Lauderdale Beach Resort as the hotel
opened during 2021.
|
|
Operating Statistics
– Year to Date
|
|
Number
of Rooms
|
ADR
|
|
Occupancy
|
|
RevPAR
|
|
YTD
2023
|
YTD
2019
|
B/(W)
2019
|
|
YTD
2023
|
YTD
2019
|
B/(W)
2019
|
|
YTD
2023
|
YTD
2019
|
B/(W)
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta Marriott
Alpharetta
|
318
|
$
154.36
|
$
168.59
|
(8.4) %
|
|
68.0 %
|
72.6 %
|
(4.6) %
|
|
$
105.04
|
$
122.44
|
(14.2) %
|
Bourbon Orleans
Hotel
|
220
|
$
250.91
|
$
227.80
|
10.1 %
|
|
82.3 %
|
86.6 %
|
(4.3) %
|
|
$
206.55
|
$
197.32
|
4.7 %
|
Cavallo Point, The
Lodge at the Golden Gate
|
142
|
$
591.51
|
$
452.75
|
30.6 %
|
|
54.8 %
|
63.7 %
|
(8.9) %
|
|
$
324.01
|
$
288.31
|
12.4 %
|
Chicago Marriott
Downtown Magnificent Mile
|
1,200
|
$
243.61
|
$
217.58
|
12.0 %
|
|
55.2 %
|
67.7 %
|
(12.5) %
|
|
$
134.56
|
$
147.36
|
(8.7) %
|
Courtyard Denver
Downtown
|
177
|
$
209.18
|
$
191.01
|
9.5 %
|
|
76.2 %
|
78.6 %
|
(2.4) %
|
|
$
159.47
|
$
150.07
|
6.3 %
|
Courtyard New York
Manhattan/Fifth Avenue
|
189
|
$
254.77
|
$
244.03
|
4.4 %
|
|
94.1 %
|
84.2 %
|
9.9 %
|
|
$
239.68
|
$
205.48
|
16.6 %
|
Courtyard New York
Manhattan/Midtown East
|
321
|
$
292.46
|
$
233.54
|
25.2 %
|
|
90.2 %
|
94.7 %
|
(4.5) %
|
|
$
263.73
|
$
221.06
|
19.3 %
|
Embassy Suites by
Hilton Bethesda
|
272
|
$
165.60
|
$
181.32
|
(8.7) %
|
|
70.9 %
|
74.4 %
|
(3.5) %
|
|
$
117.35
|
$
134.84
|
(13.0) %
|
Havana Cabana Key
West
|
106
|
$
336.84
|
$
229.10
|
47.0 %
|
|
87.3 %
|
92.5 %
|
(5.2) %
|
|
$
294.11
|
$
211.96
|
38.8 %
|
Henderson Beach
Resort
|
243
|
$
450.86
|
$
305.54
|
47.6 %
|
|
58.7 %
|
57.2 %
|
1.5 %
|
|
$
264.61
|
$
174.65
|
51.5 %
|
Henderson Park
Inn
|
37
|
$
615.29
|
$
455.46
|
35.1 %
|
|
65.0 %
|
71.6 %
|
(6.6) %
|
|
$
399.75
|
$
326.31
|
22.5 %
|
Hilton Boston
Downtown/Faneuil Hall
|
403
|
$
292.45
|
$
290.58
|
0.6 %
|
|
69.2 %
|
87.0 %
|
(17.8) %
|
|
$
202.29
|
$
252.94
|
(20.0) %
|
Hilton Burlington Lake
Champlain
|
258
|
$
208.51
|
$
163.67
|
27.4 %
|
|
71.1 %
|
77.4 %
|
(6.3) %
|
|
$
148.29
|
$
126.66
|
17.1 %
|
Hilton Garden Inn New
York/Times Square Central
|
282
|
$
238.67
|
$
228.97
|
4.2 %
|
|
85.5 %
|
98.4 %
|
(12.9) %
|
|
$
204.00
|
$
225.19
|
(9.4) %
|
Hotel Clio
|
199
|
$
313.65
|
$
256.26
|
22.4 %
|
|
68.0 %
|
63.1 %
|
4.9 %
|
|
$
213.28
|
$
161.57
|
32.0 %
|
Hotel Emblem San
Francisco
|
96
|
$
252.09
|
$
235.46
|
7.1 %
|
|
65.3 %
|
72.4 %
|
(7.1) %
|
|
$
164.54
|
$
170.45
|
(3.5) %
|
Hotel Palomar
Phoenix
|
242
|
$
251.11
|
$
203.74
|
23.3 %
|
|
75.9 %
|
87.4 %
|
(11.5) %
|
|
$
190.70
|
$
178.02
|
7.1 %
|
Kimpton Shorebreak
Resort
|
157
|
$
316.01
|
$
248.09
|
27.4 %
|
|
79.5 %
|
77.1 %
|
2.4 %
|
|
$
251.10
|
$
191.22
|
31.3 %
|
L'Auberge de
Sedona
|
88
|
$
969.79
|
$
623.67
|
55.5 %
|
|
62.7 %
|
82.1 %
|
(19.4) %
|
|
$
608.25
|
$
512.04
|
18.8 %
|
Lake Austin Spa
Resort
|
40
|
$ 1,110.65
|
$
842.67
|
31.8 %
|
|
61.3 %
|
61.0 %
|
0.3 %
|
|
$
680.96
|
$
513.63
|
32.6 %
|
Margaritaville Beach
House Key West
|
186
|
$
444.25
|
$
278.48
|
59.5 %
|
|
87.6 %
|
90.2 %
|
(2.6) %
|
|
$
388.99
|
$
251.22
|
54.8 %
|
Orchards Inn
Sedona
|
70
|
$
297.81
|
$
262.04
|
13.7 %
|
|
64.7 %
|
79.5 %
|
(14.8) %
|
|
$
192.81
|
$
208.25
|
(7.4) %
|
Salt Lake City Marriott
Downtown at City Creek
|
510
|
$
195.54
|
$
170.00
|
15.0 %
|
|
64.1 %
|
66.0 %
|
(1.9) %
|
|
$
125.36
|
$
112.24
|
11.7 %
|
The Gwen
Hotel
|
311
|
$
286.85
|
$
242.95
|
18.1 %
|
|
71.8 %
|
79.2 %
|
(7.4) %
|
|
$
206.01
|
$
192.44
|
7.1 %
|
The Hythe
Vail
|
344
|
$
520.67
|
$
346.67
|
50.2 %
|
|
59.1 %
|
63.2 %
|
(4.1) %
|
|
$
307.67
|
$
219.14
|
40.4 %
|
The Landing Lake Tahoe
Resort & Spa
|
82
|
$
379.67
|
$
273.14
|
39.0 %
|
|
40.8 %
|
54.1 %
|
(13.3) %
|
|
$
155.02
|
$
147.69
|
5.0 %
|
The Lindy Renaissance
Charleston Hotel
|
167
|
$
365.12
|
$
270.69
|
34.9 %
|
|
89.3 %
|
87.1 %
|
2.2 %
|
|
$
326.19
|
$
235.71
|
38.4 %
|
The Lodge at Sonoma
Resort
|
182
|
$
435.66
|
$
286.18
|
52.2 %
|
|
59.9 %
|
69.5 %
|
(9.6) %
|
|
$
260.85
|
$
198.88
|
31.2 %
|
Tranquility Bay
Beachfront Resort
|
103
|
$
735.05
|
$
456.26
|
61.1 %
|
|
77.0 %
|
90.9 %
|
(13.9) %
|
|
$
565.82
|
$
414.93
|
36.4 %
|
Westin Boston
Waterfront
|
793
|
$
239.76
|
$
245.47
|
(2.3) %
|
|
81.6 %
|
75.3 %
|
6.3 %
|
|
$
195.76
|
$
184.74
|
6.0 %
|
Westin Fort Lauderdale
Beach Resort
|
433
|
$
307.21
|
$
228.58
|
34.4 %
|
|
80.8 %
|
88.1 %
|
(7.3) %
|
|
$
248.15
|
$
201.29
|
23.3 %
|
Westin San Diego
Bayview
|
436
|
$
210.13
|
$
195.09
|
7.7 %
|
|
77.0 %
|
80.0 %
|
(3.0) %
|
|
$
161.75
|
$
156.11
|
3.6 %
|
Westin Washington D.C.
City Center
|
410
|
$
234.16
|
$
222.10
|
5.4 %
|
|
73.0 %
|
85.0 %
|
(12.0) %
|
|
$
171.01
|
$
188.80
|
(9.4) %
|
Worthington Renaissance
Fort Worth Hotel
|
504
|
$
197.81
|
$
190.08
|
4.1 %
|
|
76.6 %
|
78.5 %
|
(1.9) %
|
|
$
151.51
|
$
149.15
|
1.6 %
|
Comparable Total
(1)
|
9,521
|
$
286.94
|
$
241.22
|
19.0 %
|
|
71.8 %
|
77.3 %
|
(5.5) %
|
|
$
205.94
|
$
186.36
|
10.5 %
|
(1)|Amounts include the pre-acquisition operating
results of hotels acquired in 2021 and 2022 and exclude the Kimpton
Fort Lauderdale Beach Resort as the hotel opened during
2021.
|
|
Hotel Adjusted
EBITDA Reconciliation - Second Quarter 2023
|
|
|
|
|
|
|
|
Net Income /
(Loss)
|
Plus:
|
Plus:
|
Plus:
|
Equals: Hotel
Adjusted EBITDA
|
|
|
Total
Revenues
|
|
Depreciation
|
Interest
Expense
|
Adjustments
(1)
|
Atlanta Marriott
Alpharetta
|
|
$
4,240
|
|
$
1,122
|
$
359
|
$
—
|
$
—
|
$
1,481
|
Bourbon Orleans
Hotel
|
|
$
4,947
|
|
$
1,326
|
$
850
|
$
—
|
$
6
|
$
2,182
|
Cavallo Point, The
Lodge at the Golden Gate
|
|
$
12,255
|
|
$
2,205
|
$
1,396
|
$
—
|
$
94
|
$
3,695
|
Chicago Marriott
Downtown Magnificent Mile
|
|
$
31,983
|
|
$
8,556
|
$
3,538
|
$
6
|
$
(397)
|
$
11,703
|
Courtyard Denver
Downtown
|
|
$
3,455
|
|
$
1,238
|
$
378
|
$
—
|
$
—
|
$
1,616
|
Courtyard New York
Manhattan/Fifth Avenue
|
|
$
5,081
|
|
$
849
|
$
401
|
$
—
|
$
253
|
$
1,503
|
Courtyard New York
Manhattan/Midtown East
|
|
$
9,763
|
|
$
2,281
|
$
504
|
$
891
|
$
—
|
$
3,676
|
Embassy Suites by
Hilton Bethesda
|
|
$
4,187
|
|
$
(989)
|
$
568
|
$
—
|
$
1,467
|
$
1,046
|
Havana Cabana Key
West
|
|
$
3,338
|
|
$
786
|
$
309
|
$
—
|
$
—
|
$
1,095
|
Henderson Beach
Resort
|
|
$
14,243
|
|
$
3,466
|
$
1,034
|
$
—
|
$
—
|
$
4,500
|
Henderson Park
Inn
|
|
$
3,126
|
|
$
1,387
|
$
250
|
$
—
|
$
—
|
$
1,637
|
Hilton Boston
Downtown/Faneuil Hall
|
|
$
11,812
|
|
$
3,122
|
$
1,548
|
$
—
|
$
—
|
$
4,670
|
Hilton Burlington Lake
Champlain
|
|
$
6,207
|
|
$
1,711
|
$
560
|
$
—
|
$
—
|
$
2,271
|
Hilton Garden Inn New
York/Times Square Central
|
|
$
6,855
|
|
$
1,216
|
$
645
|
$
—
|
$
—
|
$
1,861
|
Hotel Clio
|
|
$
6,781
|
|
$
203
|
$
860
|
$
633
|
$
5
|
$
1,701
|
Hotel Emblem San
Francisco
|
|
$
1,538
|
|
$
(447)
|
$
296
|
$
—
|
$
—
|
$
(151)
|
Hotel Palomar
Phoenix
|
|
$
6,201
|
|
$
944
|
$
488
|
$
—
|
$
178
|
$
1,610
|
Kimpton Fort Lauderdale
Beach Resort
|
|
$
1,971
|
|
$
(397)
|
$
306
|
$
—
|
$
—
|
$
(91)
|
Kimpton Shorebreak
Resort
|
|
$
5,849
|
|
$
1,834
|
$
383
|
$
—
|
$
—
|
$
2,217
|
L'Auberge de
Sedona
|
|
$
8,755
|
|
$
2,546
|
$
383
|
$
—
|
$
—
|
$
2,929
|
Lake Austin Spa
Resort
|
|
$
5,970
|
|
$
1,264
|
$
641
|
$
—
|
$
—
|
$
1,905
|
Margaritaville Beach
House Key West
|
|
$
8,201
|
|
$
2,806
|
$
791
|
$
—
|
$
—
|
$
3,597
|
Orchards Inn
Sedona
|
|
$
2,591
|
|
$
661
|
$
89
|
$
—
|
$
42
|
$
792
|
Salt Lake City Marriott
Downtown at City Creek
|
|
$
7,312
|
|
$
2,021
|
$
668
|
$
—
|
$
11
|
$
2,700
|
The Gwen
Hotel
|
|
$
10,790
|
|
$
2,300
|
$
1,050
|
$
—
|
$
—
|
$
3,350
|
The Hythe
Vail
|
|
$
5,412
|
|
$
(1,177)
|
$
1,200
|
$
—
|
$
—
|
$
23
|
The Landing Lake Tahoe
Resort & Spa
|
|
$
2,754
|
|
$
405
|
$
309
|
$
—
|
$
—
|
$
714
|
The Lindy Renaissance
Charleston Hotel
|
|
$
6,849
|
|
$
2,912
|
$
476
|
$
—
|
$
—
|
$
3,388
|
The Lodge at Sonoma
Resort
|
|
$
8,960
|
|
$
2,184
|
$
641
|
$
—
|
$
—
|
$
2,825
|
Tranquility Bay
Beachfront Resort
|
|
$
6,352
|
|
$
1,649
|
$
437
|
$
—
|
$
—
|
$
2,086
|
Westin Boston Seaport
District
|
|
$
27,399
|
|
$
4,001
|
$
2,478
|
$
1,990
|
$
(122)
|
$
8,347
|
Westin Fort Lauderdale
Beach Resort
|
|
$
16,236
|
|
$
2,504
|
$
1,015
|
$
—
|
$
—
|
$
3,519
|
Westin San Diego
Bayview
|
|
$
8,418
|
|
$
1,425
|
$
855
|
$
—
|
$
—
|
$
2,280
|
Westin Washington D.C.
City Center
|
|
$
8,948
|
|
$
1,743
|
$
1,024
|
$
—
|
$
—
|
$
2,767
|
Worthington Renaissance
Fort Worth Hotel
|
|
$
12,468
|
|
$
2,266
|
$
1,110
|
$
715
|
$
—
|
$
4,091
|
Total
|
|
$
291,247
|
|
$
59,923
|
$
27,840
|
$
4,235
|
$
1,537
|
$
93,529
|
Less: Non Comparable
Hotel (2)
|
|
$
(1,971)
|
|
$
397
|
$
(306)
|
$
—
|
$
—
|
$
91
|
Comparable
Total
|
|
$
289,276
|
|
$
60,320
|
$
27,534
|
$
4,235
|
$
1,537
|
$
93,620
|
|
|
(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 of
intangible assets and liabilities.
|
(2)
|
Represents the
operating results of the Kimpton Fort Lauderdale Beach Resort,
which is non-comparable since the hotel opened during
2021.
|
|
|
Hotel Adjusted
EBITDA Reconciliation - Second Quarter 2022
|
|
|
|
|
Net Income /
(Loss)
|
Plus:
|
Plus:
|
Plus:
|
Equals:
Hotel
|
|
|
Total
Revenues
|
|
Depreciation
|
Interest
Expense
|
Adjustments
(1)
|
Adjusted
EBITDA
|
Atlanta Marriott
Alpharetta
|
|
$
3,786
|
|
$
888
|
$
373
|
$
—
|
$
—
|
$
1,261
|
Bourbon Orleans
Hotel
|
|
$
4,215
|
|
$
1,135
|
$
828
|
$
—
|
$
6
|
$
1,969
|
Cavallo Point, The
Lodge at the Golden Gate
|
|
$
13,395
|
|
$
2,872
|
$
1,865
|
$
—
|
$
94
|
$
4,831
|
Chicago Marriott
Downtown Magnificent Mile
|
|
$
27,279
|
|
$
8,367
|
$
3,855
|
$
6
|
$
(397)
|
$
11,831
|
Courtyard Denver
Downtown
|
|
$
3,272
|
|
$
1,338
|
$
376
|
$
—
|
$
—
|
$
1,714
|
Courtyard New York
Manhattan/Fifth Avenue
|
|
$
4,887
|
|
$
544
|
$
331
|
$
—
|
$
253
|
$
1,128
|
Courtyard New York
Manhattan/Midtown East
|
|
$
8,877
|
|
$
1,708
|
$
487
|
$
910
|
$
—
|
$
3,105
|
Embassy Suites by
Hilton Bethesda
|
|
$
2,915
|
|
$
(1,811)
|
$
561
|
$
—
|
$
1,481
|
$
231
|
Havana Cabana Key
West
|
|
$
3,790
|
|
$
1,336
|
$
271
|
$
—
|
$
—
|
$
1,607
|
Henderson Beach
Resort
|
|
$
15,388
|
|
$
3,502
|
$
970
|
$
—
|
$
—
|
$
4,472
|
Henderson Park
Inn
|
|
$
3,060
|
|
$
1,334
|
$
223
|
$
—
|
$
—
|
$
1,557
|
Hilton Boston
Downtown/Faneuil Hall
|
|
$
11,310
|
|
$
3,756
|
$
1,016
|
$
—
|
$
—
|
$
4,772
|
Hilton Burlington Lake
Champlain
|
|
$
5,495
|
|
$
1,465
|
$
563
|
$
—
|
$
—
|
$
2,028
|
Hilton Garden Inn New
York/Times Square Central
|
|
$
7,733
|
|
$
2,056
|
$
625
|
$
—
|
$
—
|
$
2,681
|
Hotel Clio
|
|
$
6,971
|
|
$
291
|
$
851
|
$
647
|
$
5
|
$
1,794
|
Hotel Emblem San
Francisco
|
|
$
2,158
|
|
$
230
|
$
294
|
$
—
|
$
—
|
$
524
|
Hotel Palomar
Phoenix
|
|
$
5,343
|
|
$
722
|
$
672
|
$
—
|
$
181
|
$
1,575
|
Kimpton Fort Lauderdale
Beach Resort
|
|
$
1,962
|
|
$
39
|
$
314
|
$
—
|
$
—
|
$
353
|
Kimpton Shorebreak
Resort
|
|
$
6,381
|
|
$
2,240
|
$
402
|
$
—
|
$
—
|
$
2,642
|
L'Auberge de
Sedona
|
|
$
10,198
|
|
$
4,064
|
$
356
|
$
—
|
$
—
|
$
4,420
|
Margaritaville Beach
House Key West
|
|
$
8,741
|
|
$
3,521
|
$
786
|
$
—
|
$
—
|
$
4,307
|
Orchards Inn
Sedona
|
|
$
2,783
|
|
$
1,107
|
$
85
|
$
—
|
$
42
|
$
1,234
|
Salt Lake City Marriott
Downtown at City Creek
|
|
$
6,786
|
|
$
1,402
|
$
564
|
$
479
|
$
11
|
$
2,456
|
The Gwen
Hotel
|
|
$
11,136
|
|
$
3,737
|
$
1,070
|
$
—
|
$
—
|
$
4,807
|
The Hythe
Vail
|
|
$
5,263
|
|
$
(1,684)
|
$
1,203
|
$
—
|
$
—
|
$
(481)
|
The Landing Lake Tahoe
Resort & Spa
|
|
$
2,763
|
|
$
556
|
$
217
|
$
—
|
$
—
|
$
773
|
The Lindy Renaissance
Charleston Hotel
|
|
$
7,178
|
|
$
2,997
|
$
462
|
$
—
|
$
—
|
$
3,459
|
The Lodge at Sonoma
Resort
|
|
$
9,333
|
|
$
2,466
|
$
632
|
$
261
|
$
—
|
$
3,359
|
Tranquility Bay
Beachfront Resort
|
|
$
7,173
|
|
$
1,737
|
$
732
|
$
—
|
$
—
|
$
2,469
|
Westin Boston Seaport
District
|
|
$
25,423
|
|
$
3,823
|
$
2,442
|
$
2,037
|
$
(122)
|
$
8,180
|
Westin Fort Lauderdale
Beach Resort
|
|
$
18,282
|
|
$
5,295
|
$
982
|
$
—
|
$
—
|
$
6,277
|
Westin San Diego
Bayview
|
|
$
8,557
|
|
$
2,009
|
$
836
|
$
585
|
$
—
|
$
3,430
|
Westin Washington D.C.
City Center
|
|
$
8,879
|
|
$
1,427
|
$
1,034
|
$
592
|
$
—
|
$
3,053
|
Worthington Renaissance
Fort Worth Hotel
|
|
$
10,695
|
|
$
1,668
|
$
1,111
|
$
732
|
$
2
|
$
3,513
|
Total
|
|
$
281,407
|
|
$
66,137
|
$
27,389
|
$
6,249
|
$
1,556
|
$
101,331
|
Add: Prior Ownership
Results (2)
|
|
$
5,171
|
|
$
2,337
|
$
(14)
|
$
—
|
$
—
|
$
2,323
|
Comparable
Total
|
|
$
286,578
|
|
$
68,474
|
$
27,375
|
$
6,249
|
$
1,556
|
$
103,654
|
|
|
(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 of
intangible assets and liabilities.
|
(2)
|
Represents the
pre-acquisition operating results of our 2022 acquisitions and
excludes the Kimpton Fort Lauderdale Beach Resort.
|
|
|
Hotel Adjusted
EBITDA Reconciliation - Second Quarter 2019
|
|
|
|
|
Net Income /
(Loss)
|
Plus:
|
Plus:
|
Plus:
|
Equals:
Hotel
|
|
|
Total
Revenues
|
|
Depreciation
|
Interest
Expense
|
Adjustments
(1)
|
Adjusted
EBITDA
|
Atlanta Marriott
Alpharetta
|
|
$
4,862
|
|
$
1,188
|
$
459
|
$
—
|
$
—
|
$
1,647
|
Cavallo Point, The
Lodge at the Golden Gate
|
|
$
10,721
|
|
$
1,268
|
$
1,789
|
$
—
|
$
110
|
$
3,167
|
Chicago Marriott
Downtown Magnificent Mile
|
|
$
34,590
|
|
$
9,306
|
$
4,166
|
$
47
|
$
(397)
|
$
13,122
|
Courtyard Denver
Downtown
|
|
$
3,291
|
|
$
1,466
|
$
287
|
$
—
|
$
—
|
$
1,753
|
Courtyard New York
Manhattan/Fifth Avenue
|
|
$
4,341
|
|
$
283
|
$
440
|
$
—
|
$
253
|
$
976
|
Courtyard New York
Manhattan/Midtown East
|
|
$
8,048
|
|
$
981
|
$
688
|
$
964
|
$
—
|
$
2,633
|
Embassy Suites by
Hilton Bethesda
|
|
$
5,234
|
|
$
18
|
$
474
|
$
—
|
$
1,517
|
$
2,009
|
Frenchman's Reef &
Morning Star Marriott Beach Resort
|
|
$
—
|
|
$
(2)
|
$
—
|
$
—
|
$
—
|
$
(2)
|
Havana Cabana Key
West
|
|
$
2,438
|
|
$
746
|
$
235
|
$
—
|
$
—
|
$
981
|
Hilton Boston
Downtown/Faneuil Hall
|
|
$
13,161
|
|
$
4,939
|
$
1,233
|
$
—
|
$
—
|
$
6,172
|
Hilton Burlington Lake
Champlain
|
|
$
4,993
|
|
$
1,422
|
$
515
|
$
—
|
$
—
|
$
1,937
|
Hilton Garden Inn New
York/Times Square Central
|
|
$
7,090
|
|
$
1,457
|
$
826
|
$
—
|
$
—
|
$
2,283
|
Hotel Clio
|
|
$
5,797
|
|
$
265
|
$
688
|
$
687
|
$
6
|
$
1,646
|
Hotel Emblem San
Francisco
|
|
$
1,995
|
|
$
180
|
$
297
|
$
—
|
$
—
|
$
477
|
Hotel Palomar
Phoenix
|
|
$
6,070
|
|
$
668
|
$
663
|
$
38
|
$
295
|
$
1,664
|
Kimpton Shorebreak
Resort
|
|
$
4,483
|
|
$
1,192
|
$
349
|
$
—
|
$
40
|
$
1,581
|
L'Auberge de
Sedona
|
|
$
7,668
|
|
$
2,101
|
$
508
|
$
—
|
$
—
|
$
2,609
|
Margaritaville Beach
House Key West
|
|
$
4,446
|
|
$
1,217
|
$
344
|
$
—
|
$
—
|
$
1,561
|
Orchards Inn
Sedona
|
|
$
2,414
|
|
$
622
|
$
237
|
$
—
|
$
42
|
$
901
|
Salt Lake City Marriott
Downtown at City Creek
|
|
$
7,863
|
|
$
1,695
|
$
574
|
$
606
|
$
—
|
$
2,875
|
The Gwen
Hotel
|
|
$
9,881
|
|
$
2,332
|
$
1,149
|
$
—
|
$
—
|
$
3,481
|
The Hythe
Vail
|
|
$
4,485
|
|
$
(1,622)
|
$
1,035
|
$
—
|
$
—
|
$
(587)
|
The Landing Lake Tahoe
Resort & Spa
|
|
$
1,804
|
|
$
(332)
|
$
385
|
$
—
|
$
—
|
$
53
|
The Lexington
Hotel
|
|
$
18,275
|
|
$
1,324
|
$
3,557
|
$
8
|
$
8
|
$
4,897
|
The Lindy Renaissance
Charleston Hotel
|
|
$
4,685
|
|
$
1,906
|
$
418
|
$
—
|
$
(32)
|
$
2,292
|
The Lodge at Sonoma
Resort
|
|
$
6,946
|
|
$
1,501
|
$
529
|
$
280
|
$
—
|
$
2,310
|
Westin Boston Seaport
District
|
|
$
29,239
|
|
$
5,918
|
$
2,436
|
$
2,169
|
$
(60)
|
$
10,463
|
Westin Fort Lauderdale
Beach Resort
|
|
$
12,614
|
|
$
2,220
|
$
1,633
|
$
—
|
$
—
|
$
3,853
|
Westin San Diego
Bayview
|
|
$
9,033
|
|
$
1,629
|
$
1,136
|
$
634
|
$
—
|
$
3,399
|
Westin Washington D.C.
City Center
|
|
$
10,316
|
|
$
2,030
|
$
1,317
|
$
662
|
$
—
|
$
4,009
|
Worthington Renaissance
Fort Worth Hotel
|
|
$
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)
|
|
$
25,088
|
|
$
4,897
|
$
2,039
|
$
—
|
$
—
|
$
6,936
|
Less: Sold Hotels
(3)
|
|
$
(18,275)
|
|
$
(1,322)
|
$
(3,557)
|
$
(8)
|
$
(8)
|
$
(4,895)
|
Comparable
Total
|
|
$
264,731
|
|
$
54,041
|
$
27,817
|
$
6,867
|
$
1,776
|
$
90,392
|
|
|
(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 of
intangible assets and 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 2023
|
|
|
Total
Revenues
|
|
Net Income /
(Loss)
|
Plus:
Depreciation
|
Plus:
Interest Expense
|
Plus:
Adjustments (1)
|
Equals: Hotel
Adjusted EBITDA
|
|
|
|
Atlanta Marriott
Alpharetta
|
|
$
8,257
|
|
$
2,062
|
$
724
|
$
—
|
$
—
|
$
2,786
|
Bourbon Orleans
Hotel
|
|
$
10,011
|
|
$
2,755
|
$
1,687
|
$
—
|
$
13
|
$
4,455
|
Cavallo Point, The
Lodge at the Golden Gate
|
|
$
22,648
|
|
$
3,099
|
$
2,788
|
$
—
|
$
187
|
$
6,074
|
Chicago Marriott
Downtown Magnificent Mile
|
|
$
47,267
|
|
$
5,961
|
$
7,192
|
$
12
|
$
(795)
|
$
12,370
|
Courtyard Denver
Downtown
|
|
$
5,653
|
|
$
1,514
|
$
754
|
$
—
|
$
—
|
$
2,268
|
Courtyard New York
Manhattan/Fifth Avenue
|
|
$
8,344
|
|
$
94
|
$
746
|
$
—
|
$
507
|
$
1,347
|
Courtyard New York
Manhattan/Midtown East
|
|
$
15,969
|
|
$
1,279
|
$
1,005
|
$
1,777
|
$
—
|
$
4,061
|
Embassy Suites by
Hilton Bethesda
|
|
$
6,752
|
|
$
(3,152)
|
$
1,143
|
$
—
|
$
2,946
|
$
937
|
Havana Cabana Key
West
|
|
$
7,339
|
|
$
2,329
|
$
587
|
$
—
|
$
—
|
$
2,916
|
Henderson Beach
Resort
|
|
$
20,800
|
|
$
2,458
|
$
2,033
|
$
—
|
$
—
|
$
4,491
|
Henderson Park
Inn
|
|
$
4,198
|
|
$
1,139
|
$
502
|
$
—
|
$
—
|
$
1,641
|
Hilton Boston
Downtown/Faneuil Hall
|
|
$
16,598
|
|
$
1,578
|
$
2,672
|
$
—
|
$
—
|
$
4,250
|
Hilton Burlington Lake
Champlain
|
|
$
9,479
|
|
$
1,281
|
$
1,128
|
$
—
|
$
—
|
$
2,409
|
Hilton Garden Inn New
York/Times Square Central
|
|
$
11,608
|
|
$
981
|
$
1,284
|
$
—
|
$
—
|
$
2,265
|
Hotel Clio
|
|
$
12,135
|
|
$
(717)
|
$
1,722
|
$
1,262
|
$
10
|
$
2,277
|
Hotel Emblem San
Francisco
|
|
$
3,539
|
|
$
(477)
|
$
594
|
$
—
|
$
—
|
$
117
|
Hotel Palomar
Phoenix
|
|
$
13,855
|
|
$
2,924
|
$
1,149
|
$
—
|
$
359
|
$
4,432
|
Kimpton Fort Lauderdale
Beach Resort
|
|
$
5,146
|
|
$
187
|
$
609
|
$
—
|
$
—
|
$
796
|
Kimpton Shorebreak
Resort
|
|
$
10,376
|
|
$
2,614
|
$
796
|
$
—
|
$
—
|
$
3,410
|
L'Auberge de
Sedona
|
|
$
15,616
|
|
$
3,982
|
$
744
|
$
—
|
$
—
|
$
4,726
|
Lake Austin Spa
Resort
|
|
$
10,919
|
|
$
1,719
|
$
1,269
|
$
—
|
$
—
|
$
2,988
|
Margaritaville Beach
House Key West
|
|
$
17,422
|
|
$
6,884
|
$
1,591
|
$
—
|
$
—
|
$
8,475
|
Orchards Inn
Sedona
|
|
$
4,639
|
|
$
1,100
|
$
180
|
$
—
|
$
84
|
$
1,364
|
Salt Lake City Marriott
Downtown at City Creek
|
|
$
15,604
|
|
$
4,514
|
$
1,234
|
$
—
|
$
21
|
$
5,769
|
The Gwen
Hotel
|
|
$
16,379
|
|
$
786
|
$
2,133
|
$
—
|
$
—
|
$
2,919
|
The Hythe
Vail
|
|
$
27,307
|
|
$
9,477
|
$
2,402
|
$
—
|
$
—
|
$
11,879
|
The Landing Lake Tahoe
Resort & Spa
|
|
$
4,307
|
|
$
(155)
|
$
532
|
$
—
|
$
—
|
$
377
|
The Lindy Renaissance
Charleston Hotel
|
|
$
12,250
|
|
$
4,786
|
$
941
|
$
—
|
$
—
|
$
5,727
|
The Lodge at Sonoma
Resort
|
|
$
15,066
|
|
$
2,581
|
$
1,298
|
$
—
|
$
—
|
$
3,879
|
Tranquility Bay
Beachfront Resort
|
|
$
13,334
|
|
$
3,688
|
$
866
|
$
—
|
$
—
|
$
4,554
|
Westin Boston Seaport
District
|
|
$
45,431
|
|
$
2,135
|
$
4,949
|
$
3,970
|
$
(245)
|
$
10,809
|
Westin Fort Lauderdale
Beach Resort
|
|
$
39,219
|
|
$
10,810
|
$
2,068
|
$
—
|
$
—
|
$
12,878
|
Westin San Diego
Bayview
|
|
$
17,118
|
|
$
3,437
|
$
1,710
|
$
—
|
$
—
|
$
5,147
|
Westin Washington D.C.
City Center
|
|
$
15,655
|
|
$
1,679
|
$
2,044
|
$
—
|
$
—
|
$
3,723
|
Worthington Renaissance
Fort Worth Hotel
|
|
$
24,560
|
|
$
4,173
|
$
2,236
|
$
1,427
|
$
—
|
$
7,836
|
Total
|
|
$
534,800
|
|
$
89,505
|
$
55,312
|
$
8,448
|
$
3,087
|
$
156,345
|
Less: Non-Comparable
Hotel (2)
|
|
$
(5,146)
|
|
$
(187)
|
$
(609)
|
$
—
|
$
—
|
$
(796)
|
Comparable
Total
|
|
$
529,654
|
|
$
89,318
|
$
54,703
|
$
8,448
|
$
3,087
|
$
155,549
|
|
|
(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 of
intangible assets and liabilities.
|
(2)
|
Represents the
operating results of the Kimpton Fort Lauderdale Beach Resort,
which is non-comparable since the hotel opened during
2021.
|
|
|
Hotel Adjusted
EBITDA Reconciliation - Year to Date 2022
|
|
|
|
|
Net Income /
(Loss)
|
Plus:
|
Plus:
|
Plus:
|
Equals:
Hotel
|
|
|
Total
Revenues
|
|
Depreciation
|
Interest
Expense
|
Adjustments
(1)
|
Adjusted
EBITDA
|
Atlanta Marriott
Alpharetta
|
|
$
6,254
|
|
$
1,167
|
$
743
|
$
—
|
$
—
|
$
1,910
|
Bourbon Orleans
Hotel
|
|
$
7,264
|
|
$
1,210
|
$
1,648
|
$
—
|
$
13
|
$
2,871
|
Cavallo Point, The
Lodge at the Golden Gate
|
|
$
23,030
|
|
$
3,904
|
$
3,691
|
$
—
|
$
187
|
$
7,782
|
Chicago Marriott
Downtown Magnificent Mile
|
|
$
35,885
|
|
$
2,165
|
$
7,848
|
$
11
|
$
(795)
|
$
9,229
|
Courtyard Denver
Downtown
|
|
$
5,005
|
|
$
1,520
|
$
752
|
$
—
|
$
—
|
$
2,272
|
Courtyard New York
Manhattan/Fifth Avenue
|
|
$
7,237
|
|
$
(631)
|
$
661
|
$
—
|
$
507
|
$
537
|
Courtyard New York
Manhattan/Midtown East
|
|
$
12,717
|
|
$
(564)
|
$
971
|
$
1,816
|
$
—
|
$
2,223
|
Embassy Suites by
Hilton Bethesda
|
|
$
3,855
|
|
$
(4,910)
|
$
1,114
|
$
—
|
$
2,972
|
$
(824)
|
Havana Cabana Key
West
|
|
$
8,405
|
|
$
3,518
|
$
554
|
$
—
|
$
—
|
$
4,072
|
Henderson Beach
Resort
|
|
$
22,294
|
|
$
2,896
|
$
1,923
|
$
—
|
$
—
|
$
4,819
|
Henderson Park
Inn
|
|
$
4,437
|
|
$
1,251
|
$
438
|
$
—
|
$
—
|
$
1,689
|
Hilton Boston
Downtown/Faneuil Hall
|
|
$
16,100
|
|
$
2,719
|
$
2,073
|
$
—
|
$
—
|
$
4,792
|
Hilton Burlington Lake
Champlain
|
|
$
8,263
|
|
$
1,367
|
$
1,124
|
$
—
|
$
—
|
$
2,491
|
Hilton Garden Inn New
York/Times Square Central
|
|
$
11,411
|
|
$
1,445
|
$
1,245
|
$
—
|
$
—
|
$
2,690
|
Hotel Clio
|
|
$
11,911
|
|
$
(155)
|
$
1,652
|
$
1,291
|
$
10
|
$
2,798
|
Hotel Emblem San
Francisco
|
|
$
3,232
|
|
$
(243)
|
$
594
|
$
—
|
$
—
|
$
351
|
Hotel Palomar
Phoenix
|
|
$
11,725
|
|
$
2,529
|
$
1,347
|
$
—
|
$
366
|
$
4,242
|
Kimpton Fort Lauderdale
Beach Resort
|
|
$
1,962
|
|
$
39
|
$
314
|
$
—
|
$
—
|
$
353
|
Kimpton Shorebreak
Resort
|
|
$
10,780
|
|
$
3,235
|
$
805
|
$
—
|
$
—
|
$
4,040
|
L'Auberge de
Sedona
|
|
$
18,393
|
|
$
6,442
|
$
749
|
$
—
|
$
—
|
$
7,191
|
Margaritaville Beach
House Key West
|
|
$
19,690
|
|
$
8,857
|
$
1,592
|
$
—
|
$
—
|
$
10,449
|
Orchards Inn
Sedona
|
|
$
5,016
|
|
$
1,698
|
$
169
|
$
—
|
$
84
|
$
1,951
|
Salt Lake City Marriott
Downtown at City Creek
|
|
$
12,684
|
|
$
2,444
|
$
1,086
|
$
957
|
$
21
|
$
4,508
|
The Gwen
Hotel
|
|
$
16,174
|
|
$
2,053
|
$
2,145
|
$
—
|
$
—
|
$
4,198
|
The Hythe
Vail
|
|
$
22,996
|
|
$
6,243
|
$
2,400
|
$
—
|
$
—
|
$
8,643
|
The Landing Lake Tahoe
Resort & Spa
|
|
$
4,939
|
|
$
1,112
|
$
575
|
$
—
|
$
—
|
$
1,687
|
The Lindy Renaissance
Charleston Hotel
|
|
$
12,102
|
|
$
4,618
|
$
918
|
$
—
|
$
—
|
$
5,536
|
The Lodge at Sonoma
Resort
|
|
$
14,530
|
|
$
2,369
|
$
1,260
|
$
521
|
$
—
|
$
4,150
|
Tranquility Bay
Beachfront Resort
|
|
$
15,222
|
|
$
4,611
|
$
865
|
$
—
|
$
—
|
$
5,476
|
Westin Boston Seaport
District
|
|
$
38,447
|
|
$
(38)
|
$
4,898
|
$
4,065
|
$
(245)
|
$
8,680
|
Westin Fort Lauderdale
Beach Resort
|
|
$
40,731
|
|
$
15,555
|
$
1,974
|
$
—
|
$
—
|
$
17,529
|
Westin San Diego
Bayview
|
|
$
13,562
|
|
$
1,698
|
$
1,642
|
$
1,169
|
$
—
|
$
4,509
|
Westin Washington D.C.
City Center
|
|
$
11,796
|
|
$
44
|
$
2,052
|
$
1,184
|
$
—
|
$
3,280
|
Worthington Renaissance
Fort Worth Hotel
|
|
$
20,191
|
|
$
2,750
|
$
2,222
|
$
1,461
|
$
4
|
$
6,437
|
Total
|
|
$
478,240
|
|
$
82,918
|
$
54,044
|
$
12,475
|
$
3,124
|
$
152,558
|
Add: Prior Ownership
Results (2)
|
|
$
12,010
|
|
$
4,199
|
$
296
|
$
—
|
$
—
|
$
4,495
|
Comparable
Total
|
|
$
490,250
|
|
$
87,117
|
$
54,340
|
$
12,475
|
$
3,124
|
$
157,053
|
|
|
(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 of
intangible assets and liabilities.
|
(2)
|
Represents the
pre-acquisition operating results of our 2022 acquisitions and
excludes the Kimpton Fort Lauderdale Beach Resort.
|
|
|
Hotel Adjusted
EBITDA Reconciliation - Year to Date 2019
|
|
|
|
|
|
Plus:
|
Plus:
|
Plus:
|
Equals:
|
|
|
Total
Revenues
|
|
Net Income /
(Loss)
|
Depreciation
|
Interest
Expense
|
Adjustments
(1)
|
Hotel Adjusted
EBITDA
|
Atlanta Marriott
Alpharetta
|
|
$
10,172
|
|
$
2,768
|
$
934
|
$
—
|
$
—
|
$
3,702
|
Cavallo Point, The
Lodge at the Golden Gate
|
|
$
19,967
|
|
$
1,047
|
$
3,729
|
$
—
|
$
142
|
$
4,918
|
Chicago Marriott
Downtown Magnificent Mile
|
|
$
50,721
|
|
$
5,239
|
$
8,295
|
$
118
|
$
(795)
|
$
12,857
|
Courtyard Denver
Downtown
|
|
$
5,537
|
|
$
2,014
|
$
584
|
$
—
|
$
—
|
$
2,598
|
Courtyard New York
Manhattan/Fifth Avenue
|
|
$
7,226
|
|
$
(622)
|
$
881
|
$
—
|
$
507
|
$
766
|
Courtyard New York
Manhattan/Midtown East
|
|
$
13,303
|
|
$
(640)
|
$
1,379
|
$
1,922
|
$
—
|
$
2,661
|
Embassy Suites by
Hilton Bethesda
|
|
$
9,171
|
|
$
(954)
|
$
951
|
$
—
|
$
3,042
|
$
3,039
|
Frenchman's Reef &
Morning Star Marriott Beach Resort
|
|
$
—
|
|
$
8,800
|
$
—
|
$
—
|
$
—
|
$
8,800
|
Havana Cabana Key
West
|
|
$
5,354
|
|
$
1,949
|
$
480
|
$
—
|
$
—
|
$
2,429
|
Hilton Boston
Downtown/Faneuil Hall
|
|
$
19,833
|
|
$
4,853
|
$
2,477
|
$
—
|
$
—
|
$
7,330
|
Hilton Burlington Lake
Champlain
|
|
$
7,910
|
|
$
1,466
|
$
1,015
|
$
—
|
$
—
|
$
2,481
|
Hilton Garden Inn New
York/Times Square Central
|
|
$
11,714
|
|
$
787
|
$
1,671
|
$
—
|
$
—
|
$
2,458
|
Hotel Clio
|
|
$
8,474
|
|
$
(1,213)
|
$
1,229
|
$
1,370
|
$
12
|
$
1,398
|
Hotel Emblem San
Francisco
|
|
$
3,344
|
|
$
(77)
|
$
572
|
$
—
|
$
—
|
$
495
|
Hotel Palomar
Phoenix
|
|
$
13,683
|
|
$
2,743
|
$
1,329
|
$
76
|
$
589
|
$
4,737
|
Kimpton Shorebreak
Resort
|
|
$
8,424
|
|
$
1,778
|
$
698
|
$
—
|
$
81
|
$
2,557
|
L'Auberge de
Sedona
|
|
$
13,622
|
|
$
2,960
|
$
1,017
|
$
—
|
$
—
|
$
3,977
|
Margaritaville Beach
House Key West
|
|
$
10,240
|
|
$
3,612
|
$
682
|
$
—
|
$
—
|
$
4,294
|
Orchards Inn
Sedona
|
|
$
4,292
|
|
$
896
|
$
475
|
$
—
|
$
84
|
$
1,455
|
Salt Lake City Marriott
Downtown at City Creek
|
|
$
14,737
|
|
$
2,752
|
$
1,104
|
$
1,210
|
$
—
|
$
5,066
|
The Gwen
Hotel
|
|
$
14,937
|
|
$
773
|
$
2,208
|
$
—
|
$
—
|
$
2,981
|
The Hythe Vail, a
Luxury Collection Resort
|
|
$
19,880
|
|
$
4,923
|
$
2,025
|
$
—
|
$
—
|
$
6,948
|
The Landing Lake Tahoe
Resort & Spa
|
|
$
3,558
|
|
$
(792)
|
$
761
|
$
—
|
$
—
|
$
(31)
|
The Lexington
Hotel
|
|
$
29,534
|
|
$
(3,098)
|
$
7,085
|
$
12
|
$
16
|
$
4,015
|
The Lindy Renaissance
Charleston Hotel
|
|
$
8,168
|
|
$
2,796
|
$
821
|
$
—
|
$
(63)
|
$
3,554
|
The Lodge at Sonoma
Resort
|
|
$
11,475
|
|
$
1,165
|
$
1,064
|
$
558
|
$
—
|
$
2,787
|
Westin Boston Seaport
District
|
|
$
46,982
|
|
$
3,873
|
$
4,849
|
$
4,324
|
$
(120)
|
$
12,926
|
Westin Fort Lauderdale
Beach Resort
|
|
$
30,115
|
|
$
8,172
|
$
3,178
|
$
—
|
$
—
|
$
11,350
|
Westin San Diego
Bayview
|
|
$
17,679
|
|
$
3,330
|
$
2,262
|
$
1,264
|
$
—
|
$
6,856
|
Westin Washington D.C.
City Center
|
|
$
17,410
|
|
$
1,795
|
$
2,639
|
$
1,322
|
$
—
|
$
5,756
|
Worthington Renaissance
Fort Worth Hotel
|
|
$
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)
|
|
$
44,475
|
|
$
6,617
|
$
4,077
|
$
—
|
$
—
|
$
10,694
|
Less: Sold Hotels
(3)
|
|
$
(29,534)
|
|
$
(5,702)
|
$
(7,085)
|
$
(12)
|
$
(16)
|
$
(12,815)
|
Comparable
Total
|
|
$
475,234
|
|
$
69,739
|
$
55,323
|
$
13,719
|
$
3,483
|
$
142,159
|
|
|
(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 of
intangible assets and 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.
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View original
content:https://www.prnewswire.com/news-releases/diamondrock-hospitality-company-reports-second-quarter-results-301892967.html
SOURCE DiamondRock Hospitality Company