DALLAS, Aug. 2, 2017 /PRNewswire/ -- Ashford
Hospitality Prime, Inc. (NYSE: AHP) ("Ashford Prime" or the "Company") today reported
the following results and performance measures for the second
quarter ended June 30, 2017.
The performance measurements for Occupancy, Average Daily Rate
(ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA are
comparable assuming each of the hotel properties in the Company's
hotel portfolio as of June 30, 2017
were owned as of the beginning of each of the periods
presented. Unless otherwise stated, all reported results
compare the second quarter ended June 30,
2017, with the second quarter ended June 30, 2016 (see discussion below). The
reconciliation of non-GAAP financial measures is included in the
financial tables accompanying this press release.
STRATEGIC OVERVIEW
- Focused strategy of investing in luxury hotels and resorts
- Targets conservative leverage levels of 45% Net Debt to Gross
Assets
- Highly-aligned management team and advisory structure
- Dividend yield of approximately 6%
FINANCIAL AND OPERATING HIGHLIGHTS
- Net loss attributable to common stockholders for the quarter
was $2.6 million or $0.09 per diluted share
- Comparable RevPAR for all hotels increased 0.4% to $223.24 during the second quarter
- Comparable RevPAR for all hotels not under renovation increased
2.7% to $235.54 during the second
quarter
- Comparable Hotel EBITDA Margin for all hotels not under
renovation increased 109 basis points for the quarter
- Comparable Hotel EBITDA flow-through for all hotels not under
renovation was 80% for the quarter
- Adjusted funds from operations (AFFO) was $0.50 per diluted share for the quarter as
compared with $0.60 per diluted share
from the prior-year quarter
- Adjusted EBITDA was $30.8 million
for the quarter
- During the quarter, the Company completed the acquisition of
the 80-room Hotel Yountville in Yountville, California for $96.5 million. Concurrent with the
completion of the acquisition, the Company financed the hotel with
a $51.0 million non-recourse mortgage
loan. The loan is interest only and provides for a floating
interest rate of LIBOR + 2.55% with a five-year
term.
- During the quarter, the Company announced that at its Annual
Meeting of Stockholders, its stockholders approved the Company's
amended and restated advisory agreement with Ashford Inc. (NYSE
American: AINC) with over 95% of shares voted approving the
amendment. The amended agreement significantly lowers the
termination fee and addresses other investor feedback.
- During the quarter, the Company announced that it entered into
an agreement with Marriott to convert its Courtyard Philadelphia
Downtown hotel to an Autograph Collection property
- During the quarter, the Company reached an agreement with the
City of San Diego for an extension
of the ground lease at the Hilton La Jolla Torrey Pines
hotel. The lease, which was scheduled to expire in 2043, was
extended by 24 years and will now expire in 2067.
Additionally, the Company has options to further extend the ground
lease by either 10 or 20 additional years depending on the amount
of capital expenditures invested in the hotel during the
term.
- Capex invested during the quarter was $12.5 million
UPDATE ON ACQUISITIONS
On May 11, 2017, the Company
completed the acquisition of the 80-room Hotel Yountville in
Yountville, California for
$96.5 million. Concurrent with
the completion of the acquisition, the Company financed the hotel
with a $51.0 million non-recourse
mortgage loan. The loan is interest only and provides for a
floating interest rate of LIBOR + 2.55% with a five-year term. The
property will be managed by Remington Lodging.
UPDATE ON ASSET MANAGEMENT INITIATIVES
On June 19, 2017, the Company
announced that it had reached an agreement with the City of San Diego for an extension of the
ground lease at the Hilton La Jolla Torrey Pines hotel. The
lease, which had an expiration of 2043, was extended by 24 years
and now expires in 2067. Through this agreement, the
Company was also able to secure options to further extend the
ground lease by either 10 or 20 additional years depending on the
amount of capital expenditures invested in the hotel during the
term.
UPDATE ON NON-CORE HOTELS STRATEGY
Consistent with the announcement of its refined strategy of
focusing on luxury hotels and resorts, the Company has been
exploring opportunities to either reposition its non-core hotels to
better fit that strategy or to opportunistically sell them if
conditions warrant.
To that end, on June 20, 2017, the
Company announced that it had entered into an agreement with
Marriott to convert its Courtyard Philadelphia Downtown hotel (the
"Courtyard Philadelphia") to an Autograph Collection
property. The agreement with Marriott calls for the Courtyard
Philadelphia to be converted to an Autograph hotel by June 30, 2019 pursuant to a conversion Product
Improvement Plan ("PIP") currently estimated to involve
approximately $23 million of capital
expenditures - including updates to the guestrooms, guest
bathrooms, corridors, lobby, restaurant, and meeting space – which
will create a distinctive theme and style for the property that is
commensurate with the Autograph Collection product. Marriott
will continue to manage the property after the conversion.
AMENDED ADVISORY AGREEMENT WITH ASHFORD INC.
On June 12, 2017, the Company
announced that at its Annual Meeting of Stockholders, held on
June 9, 2017, its stockholders
approved the Company's amended and restated advisory agreement with
Ashford Inc. with over 95% of shares voted approving the amendment.
The amended agreement significantly lowers the termination fee and
addresses other investor feedback. Highlights of the amended
agreement include the following:
- Removal of the tax gross-up provision and the 1.1 times
multiple from the calculation of the termination fee.
- The revenues and allocated expenses of Ashford Inc. used to
calculate the termination fee will be publicly disclosed on a
quarterly basis.
- The termination provisions of the advisory agreement have been
amended and, specifically, a change in a majority of the Company's
incumbent directors no longer triggers a termination fee.
- The advisor's right under the existing advisory agreement to
appoint a "Designated Chief Executive Officer" has been eliminated.
The role of the current CEO of Ashford
Prime, Richard Stockton, is
not impacted by the removal of this provision, and he will continue
to serve as CEO in the same capacity as he has since his
appointment on November 14,
2016.
- In addition to the termination fee, a payment of $45 million would be owed to Ashford Inc. in the
event the amended agreement is terminated prior to any incremental
growth in the hotel portfolio. This amount will reduce ratably to
zero over time based on incremental asset growth. Currently,
with the completion of the two acquisitions this year, this
potential payment has been reduced to $35.9
million.
CAPITAL STRUCTURE
At June 30, 2017, the Company had
total assets of $1.5 billion.
As of June 30, 2017, the Company had
$915 million of mortgage debt of
which $48 million related to its
joint venture partner's share of debt on the Capital Hilton and
Hilton La Jolla Torrey Pines. The Company's total combined
debt had a blended average interest rate of 4.1%.
PORTFOLIO REVPAR
As of June 30, 2017, the portfolio
consisted of thirteen properties. During the second quarter
of 2017, eleven of the Company's hotels were not under
renovation. The Company believes reporting its operating
metrics for its hotels on a comparable total basis (all 13 hotels)
and comparable not under renovation basis (11 hotels) is a measure
that reflects a meaningful and focused comparison of the operating
results in its portfolio. Details of each category are
provided in the tables attached to this release.
- Comparable RevPAR increased 0.4% to $223.24 for all hotels on a 0.6% increase in ADR
and a 0.2% decrease in occupancy
- Comparable RevPAR increased 2.7% to $235.54 for hotels not under renovation on a 2.3%
increase in ADR and 0.4% increase in occupancy
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year Comparable Hotel EBITDA and
Comparable Hotel EBITDA Margin comparisons are more meaningful to
gauge the performance of the Company's hotels than sequential
quarter-over-quarter comparisons. Given the substantial
seasonality in the Company's portfolio, to help investors better
understand this seasonality, the Company provides quarterly detail
on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin
for the current and certain prior-year periods based upon the
number of hotels in the Company's portfolio as of the end of the
current period. As the Company's portfolio mix changes from
time to time so will the seasonality for Comparable Hotel EBITDA
and Comparable Hotel EBITDA Margin. The details of the
quarterly calculations for the previous four quarters for the
thirteen hotels are provided in the table attached to this
release.
COMMON STOCK DIVIDEND
On June 14, 2017, the Company
announced that its Board of Directors declared a quarterly cash
dividend of $0.16 per diluted share
for the Company's common stock for the second quarter ending
June 30, 2017. The dividend,
which equates to an annual rate of $0.64 per share, is payable on July 17, 2017, to shareholders of record as of
June 30, 2017.
"Our second quarter RevPAR results for all hotels not under
renovation were solid and outperformed the luxury segment as a
whole," commented Richard J.
Stockton, Ashford Prime's
President and Chief Executive Officer. "With the recent
acquisitions of the Hotel Yountville, the Park Hyatt Beaver Creek
Resort & Spa and the announced upbranding of the Courtyard
Philadelphia to an Autograph Collection property, we continue to
successfully execute on our refined strategy to grow our portfolio
within the luxury chain scale segment in a manner that we believe
is accretive to long-term shareholder returns."
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Prime, Inc. will conduct a conference call
on Thursday, August 3, 2017, at
11:00 a.m. ET. The number to
call for this interactive teleconference is (719) 325-4778. A
replay of the conference call will be available through
Thursday, August 10, 2017, by dialing
(719) 457-0820 and entering the confirmation number,
9811300.
The Company will also provide an online simulcast and
rebroadcast of its second quarter 2017 earnings release conference
call. The live broadcast of Ashford Hospitality Prime's
quarterly conference call will be available online at the Company's
web site, www.ahpreit.com on Thursday,
August 3, 2017, beginning at 11:00
a.m. ET. The online replay will follow shortly after
the call and continue for approximately one year.
Substantially all of our non-current assets consist of real
estate investments secured by real estate. Historical cost
accounting for real estate assets implicitly assumes that the value
of real estate assets diminishes predictably over time. Since
real estate values instead have historically risen or fallen with
market conditions, most industry investors consider supplemental
measures of performance, which are not measures of operating
performance under GAAP, to assist in evaluating a real estate
company's operations. These supplemental measures include FFO,
AFFO, EBITDA, and Hotel EBITDA. FFO is computed in accordance
with our interpretation of standards established by NAREIT, which
may not be comparable to FFO reported by other REITs that do not
define the term in accordance with the current NAREIT definition or
that interpret the NAREIT definition differently than us.
None of FFO, AFFO, EBITDA or Hotel EBITDA represents cash generated
from operating activities as determined by GAAP and should not be
considered as an alternative to a) GAAP net income (loss) as an
indication of our financial performance or b) GAAP cash flows from
operating activities as a measure of our liquidity, nor are such
measures indicative of funds available to satisfy our cash needs,
including our ability to make cash distributions. However,
management believes FFO, AFFO, EBITDA, and Hotel EBITDA to be
meaningful measures of a REIT's performance and should be
considered along with, but not as an alternative to, net income and
cash flow as a measure of our operating performance.
* * * * *
Ashford Hospitality Prime is a real estate investment trust
(REIT) focused on investing in luxury hotels and resorts.
Ashford has created an Ashford App for the hospitality REIT
investor community. The Ashford App is available for free
download at Apple's App Store and
the Google Play Store by searching "Ashford."
Certain statements and assumptions in this press release
contain or are based upon "forward-looking" information and are
being made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements in this press release include, among others, statements
about the implied share price for the Company's common stock.
These forward-looking statements are subject to risks and
uncertainties. When we use the words "will likely result,"
"may," "anticipate," "estimate," "should," "expect," "believe,"
"intend," or similar expressions, we intend to identify
forward-looking statements. Such statements are subject to
numerous assumptions and uncertainties, many of which are outside
Ashford Prime's control.
These forward-looking statements are subject to known and
unknown risks and uncertainties, which could cause actual results
to differ materially from those anticipated, including, without
limitation: general volatility of the capital markets and the
market price of our common stock; changes in our business or
investment strategy; availability, terms and deployment of capital;
availability of qualified personnel; changes in our industry and
the market in which we operate, interest rates or the general
economy; our ability to successfully complete and integrate
acquisitions, and manage our planned growth, and the degree and
nature of our competition. These and other risk factors are
more fully discussed in Ashford
Prime's filings with the Securities and Exchange
Commission. EBITDA is defined as net income before interest,
taxes, depreciation and amortization. EBITDA yield is defined
as trailing twelve month EBITDA divided by the purchase
price. A capitalization rate is determined by dividing the
property's annual net operating income by the purchase price.
Net operating income is the property's funds from operations minus
a capital expense reserve of either 4% or 5% of gross
revenues. Hotel EBITDA flow-through is the change in Hotel
EBITDA divided by the change in total revenues. Hotel EBITDA
Margin is Hotel EBITDA divided by total revenues. Funds from
operations ("FFO"), as defined by the White Paper on FFO approved
by the Board of Governors of the National Association of Real
Estate Investment Trusts ("NAREIT") in April
2002, represents net income (loss) computed in accordance
with generally accepted accounting principles ("GAAP"), excluding
gains (or losses) from sales of properties and extraordinary items
as defined by GAAP, plus depreciation and amortization of real
estate assets, and net of adjustments for the portion of these
items related to unconsolidated entities and joint
ventures.
The forward-looking statements included in this press release
are only made as of the date of this press release. Investors
should not place undue reliance on these forward-looking
statements. We are not obligated to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or circumstances, changes in
expectations or otherwise
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(in thousands,
except share amounts)
|
(unaudited)
|
|
|
June 30,
2017
|
|
December 31,
2016
|
ASSETS
|
|
|
|
Investments in hotel
properties, gross
|
$
|
1,518,286
|
|
|
$
|
1,258,412
|
|
Accumulated
depreciation
|
(265,807)
|
|
|
(243,880)
|
|
Investments in hotel
properties, net
|
1,252,479
|
|
|
1,014,532
|
|
Cash and cash
equivalents
|
129,675
|
|
|
126,790
|
|
Restricted
cash
|
34,793
|
|
|
37,855
|
|
Accounts receivable,
net of allowance of $92 and $96, respectively
|
18,607
|
|
|
18,194
|
|
Inventories
|
1,780
|
|
|
1,479
|
|
Note
receivable
|
8,098
|
|
|
8,098
|
|
Deferred costs,
net
|
835
|
|
|
1,020
|
|
Prepaid
expenses
|
5,764
|
|
|
3,669
|
|
Investment in Ashford
Inc., at fair value
|
9,935
|
|
|
8,407
|
|
Derivative
assets
|
218
|
|
|
1,149
|
|
Other
assets
|
5,542
|
|
|
2,249
|
|
Intangible assets,
net
|
22,684
|
|
|
22,846
|
|
Due from Ashford
Trust OP, net
|
—
|
|
|
488
|
|
Due from AQUA U.S.
Fund
|
—
|
|
|
2,289
|
|
Due from related
party, net
|
321
|
|
|
377
|
|
Due from third-party
hotel managers
|
8,227
|
|
|
7,555
|
|
Total
assets
|
$
|
1,498,958
|
|
|
$
|
1,256,997
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Liabilities:
|
|
|
|
Indebtedness,
net
|
$
|
907,002
|
|
|
$
|
764,616
|
|
Accounts payable and
accrued expenses
|
54,604
|
|
|
44,791
|
|
Dividends and distributions
payable
|
8,356
|
|
|
5,038
|
|
Due to Ashford Trust
OP, net
|
1
|
|
|
—
|
|
Due to Ashford
Inc.
|
3,889
|
|
|
5,085
|
|
Due to
affiliate
|
—
|
|
|
2,500
|
|
Due to third-party
hotel managers
|
2,583
|
|
|
973
|
|
Intangible liability,
net
|
3,597
|
|
|
3,625
|
|
Other
liabilities
|
1,520
|
|
|
1,432
|
|
Total
liabilities
|
981,552
|
|
|
828,060
|
|
|
|
|
|
5.50% Series B
cumulative convertible preferred stock, $0.01 par value, 4,965,850
and 2,890,850 shares issued and
outstanding at June 30, 2017 and December 31, 2016,
respectively
|
106,129
|
|
|
65,960
|
|
Redeemable
noncontrolling interests in operating partnership
|
47,550
|
|
|
59,544
|
|
Equity:
|
|
|
|
Common stock, $0.01
par value, 200,000,000 shares authorized, 31,952,536 and 26,021,552
shares issued and
outstanding at June 30, 2017 and December 31, 2016,
respectively
|
319
|
|
|
260
|
|
Additional paid-in
capital
|
467,866
|
|
|
401,790
|
|
Accumulated
deficit
|
(99,060)
|
|
|
(93,254)
|
|
Total stockholders'
equity of the Company
|
369,125
|
|
|
308,796
|
|
Noncontrolling
interest in consolidated entities
|
(5,398)
|
|
|
(5,363)
|
|
Total
equity
|
363,727
|
|
|
303,433
|
|
Total liabilities and
equity
|
$
|
1,498,958
|
|
|
$
|
1,256,997
|
|
|
|
|
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(in thousands,
except per share amounts)
|
(unaudited)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
REVENUE
|
|
|
|
|
|
|
|
Rooms
|
$
|
79,449
|
|
|
$
|
79,583
|
|
|
$
|
146,867
|
|
|
$
|
148,834
|
|
Food and
beverage
|
27,980
|
|
|
27,051
|
|
|
52,453
|
|
|
51,916
|
|
Other
|
8,626
|
|
|
5,761
|
|
|
13,991
|
|
|
11,409
|
|
Total hotel
revenue
|
116,055
|
|
|
112,395
|
|
|
213,311
|
|
|
212,159
|
|
Other
|
37
|
|
|
37
|
|
|
77
|
|
|
70
|
|
Total
revenue
|
116,092
|
|
|
112,432
|
|
|
213,388
|
|
|
212,229
|
|
EXPENSES
|
|
|
|
|
|
|
|
Hotel operating
expenses
|
|
|
|
|
|
|
|
Rooms
|
17,613
|
|
|
17,096
|
|
|
33,410
|
|
|
32,915
|
|
Food and
beverage
|
19,263
|
|
|
18,267
|
|
|
36,124
|
|
|
35,712
|
|
Other
expenses
|
32,021
|
|
|
30,335
|
|
|
59,752
|
|
|
58,674
|
|
Management
fees
|
4,209
|
|
|
4,331
|
|
|
7,754
|
|
|
8,138
|
|
Total hotel operating
expenses
|
73,106
|
|
|
70,029
|
|
|
137,040
|
|
|
135,439
|
|
Property taxes,
insurance and other
|
5,370
|
|
|
4,514
|
|
|
10,444
|
|
|
9,557
|
|
Depreciation and
amortization
|
13,469
|
|
|
11,263
|
|
|
25,440
|
|
|
23,167
|
|
Advisory services
fee:
|
|
|
|
|
|
|
|
Base advisory
fee
|
2,276
|
|
|
2,206
|
|
|
4,279
|
|
|
4,231
|
|
Reimbursable
expenses
|
532
|
|
|
645
|
|
|
1,079
|
|
|
1,297
|
|
Incentive fee
|
—
|
|
|
285
|
|
|
—
|
|
|
285
|
|
Non-cash stock/unit-based
compensation
|
335
|
|
|
2,699
|
|
|
(1,350)
|
|
|
2,086
|
|
Contract modification
cost
|
5000
|
|
|
—
|
|
|
5000
|
|
|
—
|
|
Transaction
costs
|
2,066
|
|
|
438
|
|
|
6,394
|
|
|
438
|
|
Corporate, general
and administrative:
|
|
|
|
|
|
|
|
Non-cash
stock/unit-based compensation
|
227
|
|
|
221
|
|
|
245
|
|
|
221
|
|
Other general and
administrative
|
1,304
|
|
|
9,617
|
|
|
5,160
|
|
|
13,540
|
|
Total operating
expenses
|
103,685
|
|
|
101,917
|
|
|
193,731
|
|
|
190,261
|
|
OPERATING INCOME
(LOSS)
|
12,407
|
|
|
10,515
|
|
|
19,657
|
|
|
21,968
|
|
Equity in earnings
(loss) of unconsolidated entity
|
—
|
|
|
63
|
|
|
—
|
|
|
(2,587)
|
|
Interest
income
|
165
|
|
|
50
|
|
|
277
|
|
|
82
|
|
Other income
(expense)
|
(113)
|
|
|
—
|
|
|
(270)
|
|
|
(10)
|
|
Interest
expense
|
(8,582)
|
|
|
(9,879)
|
|
|
(15,735)
|
|
|
(19,632)
|
|
Amortization of loan
costs
|
(1,349)
|
|
|
(758)
|
|
|
(2,398)
|
|
|
(1,639)
|
|
Write-off of loan
costs and exit fees
|
—
|
|
|
—
|
|
|
(1,963)
|
|
|
—
|
|
Unrealized gain
(loss) on investments
|
(1,563)
|
|
|
860
|
|
|
1,528
|
|
|
(633)
|
|
Unrealized gain
(loss) on derivatives
|
(100)
|
|
|
2,597
|
|
|
(998)
|
|
|
6,130
|
|
INCOME (LOSS)
BEFORE INCOME TAXES
|
865
|
|
|
3,448
|
|
|
98
|
|
|
3,679
|
|
Income tax (expense)
benefit
|
(479)
|
|
|
(1,156)
|
|
|
(1)
|
|
|
(1,526)
|
|
NET INCOME
(LOSS)
|
386
|
|
|
2,292
|
|
|
97
|
|
|
2,153
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(1,614)
|
|
|
80
|
|
|
(1,593)
|
|
|
(65)
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
343
|
|
|
(184)
|
|
|
598
|
|
|
(34)
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO THE COMPANY
|
(885)
|
|
|
2,188
|
|
|
(898)
|
|
|
2,054
|
|
Preferred
dividends
|
(1,707)
|
|
|
(978)
|
|
|
(3,380)
|
|
|
(1,872)
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
(2,592)
|
|
|
$
|
1,210
|
|
|
$
|
(4,278)
|
|
|
$
|
182
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) PER
SHARE – BASIC AND DILUTED
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
|
(0.09)
|
|
|
$
|
0.04
|
|
|
$
|
(0.16)
|
|
|
$
|
—
|
|
Weighted average
common shares outstanding – basic
|
31,469
|
|
|
27,916
|
|
|
29,380
|
|
|
28,121
|
|
Diluted:
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
|
(0.09)
|
|
|
$
|
0.04
|
|
|
$
|
(0.16)
|
|
|
$
|
—
|
|
Weighted average
common shares outstanding – diluted
|
31,469
|
|
|
32,418
|
|
|
29,380
|
|
|
28,224
|
|
Dividends declared
per common share:
|
$
|
0.16
|
|
|
$
|
0.12
|
|
|
$
|
0.32
|
|
|
$
|
0.22
|
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net income
(loss)
|
$
|
386
|
|
|
$
|
2,292
|
|
|
$
|
97
|
|
|
$
|
2,153
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(1,614)
|
|
|
80
|
|
|
(1,593)
|
|
|
(65)
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
343
|
|
|
(184)
|
|
|
598
|
|
|
(34)
|
|
Net income (loss)
attributable to the Company
|
(885)
|
|
|
2,188
|
|
|
(898)
|
|
|
2,054
|
|
Interest
income
|
(163)
|
|
|
(50)
|
|
|
(275)
|
|
|
(82)
|
|
Interest expense and
amortization of loan costs
|
9,463
|
|
|
10,230
|
|
|
17,227
|
|
|
20,459
|
|
Depreciation and
amortization
|
12,752
|
|
|
10,557
|
|
|
24,003
|
|
|
21,757
|
|
Income tax expense
(benefit)
|
394
|
|
|
1,156
|
|
|
(107)
|
|
|
1,526
|
|
Net income (loss)
attributable to redeemable noncontrolling interests in operating
partnership
|
(343)
|
|
|
184
|
|
|
(598)
|
|
|
34
|
|
EBITDA available
to the Company and OP unitholders
|
21,218
|
|
|
24,265
|
|
|
39,352
|
|
|
45,748
|
|
Amortization of
favorable (unfavorable) contract assets (liabilities)
|
44
|
|
|
(23)
|
|
|
93
|
|
|
(62)
|
|
Transaction and
management conversion costs
|
2,112
|
|
|
438
|
|
|
6,440
|
|
|
438
|
|
Other (income)
expense
|
113
|
|
|
—
|
|
|
270
|
|
|
10
|
|
Write-off of loan
costs and exit fees
|
—
|
|
|
—
|
|
|
1,963
|
|
|
—
|
|
Unrealized (gain)
loss on investments
|
1,563
|
|
|
(860)
|
|
|
(1,528)
|
|
|
633
|
|
Unrealized (gain)
loss on derivatives
|
100
|
|
|
(2,597)
|
|
|
998
|
|
|
(6,130)
|
|
Non-cash
stock/unit-based compensation
|
597
|
|
|
2,920
|
|
|
(1,071)
|
|
|
2,307
|
|
Legal, advisory and
settlement costs
|
3
|
|
|
8,913
|
|
|
2,948
|
|
|
12,226
|
|
Contract modification
cost
|
5,000
|
|
|
—
|
|
|
5,000
|
|
|
—
|
|
Software
implementation costs
|
79
|
|
|
—
|
|
|
79
|
|
|
—
|
|
Company's portion of
unrealized (gain) loss of investment in securities investment
fund
|
—
|
|
|
(63)
|
|
|
—
|
|
|
2,587
|
|
Adjusted EBITDA
available to the Company and OP unitholders
|
$
|
30,829
|
|
|
$
|
32,993
|
|
|
$
|
54,544
|
|
|
$
|
57,757
|
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED
FFO
|
(in thousands,
except per share amounts)
|
(unaudited)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net income
(loss)
|
$
|
386
|
|
|
$
|
2,292
|
|
|
$
|
97
|
|
|
$
|
2,153
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(1,614)
|
|
|
80
|
|
|
(1,593)
|
|
|
(65)
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
343
|
|
|
(184)
|
|
|
598
|
|
|
(34)
|
|
Preferred
dividends
|
(1,707)
|
|
|
(978)
|
|
|
(3,380)
|
|
|
(1,872)
|
|
Net income (loss)
attributable to common stockholders
|
(2,592)
|
|
|
1,210
|
|
|
(4,278)
|
|
|
182
|
|
Depreciation and
amortization on real estate
|
12,752
|
|
|
10,557
|
|
|
24,003
|
|
|
21,757
|
|
Net income (loss)
attributable to redeemable noncontrolling interests in operating
partnership
|
(343)
|
|
|
184
|
|
|
(598)
|
|
|
34
|
|
FFO available to
common stockholders and OP unitholders
|
9,817
|
|
|
11,951
|
|
|
19,127
|
|
|
21,973
|
|
Preferred
dividends
|
1,707
|
|
|
978
|
|
|
3,380
|
|
|
1,872
|
|
Transaction and
management conversion costs
|
2,112
|
|
|
438
|
|
|
6,440
|
|
|
438
|
|
Other (income)
expense
|
113
|
|
|
—
|
|
|
270
|
|
|
10
|
|
Write-off of loan
costs and exit fees
|
—
|
|
|
—
|
|
|
1,963
|
|
|
—
|
|
Unrealized (gain)
loss on investments
|
1,563
|
|
|
(860)
|
|
|
(1,528)
|
|
|
633
|
|
Unrealized (gain)
loss on derivatives
|
100
|
|
|
(2,597)
|
|
|
998
|
|
|
(6,130)
|
|
Non-cash
stock/unit-based compensation
|
597
|
|
|
2,920
|
|
|
(1,071)
|
|
|
2,307
|
|
Legal, advisory and
settlement costs
|
3
|
|
|
8,913
|
|
|
2,948
|
|
|
12,226
|
|
Contract modification
cost
|
5,000
|
|
|
—
|
|
|
5,000
|
|
|
—
|
|
Software
implementation costs
|
79
|
|
|
—
|
|
|
79
|
|
|
—
|
|
Company's portion of
unrealized (gain) loss of investment in securities investment
fund
|
—
|
|
|
(63)
|
|
|
—
|
|
|
2,587
|
|
Adjusted FFO
available to the Company and OP unitholders
|
$
|
21,091
|
|
|
$
|
21,680
|
|
|
$
|
37,606
|
|
|
$
|
35,916
|
|
Adjusted FFO per
diluted share available to the Company and OP
unitholders
|
$
|
0.50
|
|
|
$
|
0.60
|
|
|
$
|
0.95
|
|
|
$
|
0.99
|
|
Weighted average
diluted shares
|
42,556
|
|
|
36,152
|
|
|
39,426
|
|
|
36,319
|
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
|
SUMMARY OF
INDEBTEDNESS
|
JUNE 30,
2017
|
(dollars in
thousands)
|
(unaudited)
|
|
Indebtedness
|
|
Maturity
|
|
Interest
Rate
|
|
Fixed-
Rate
Debt
|
|
Floating-
Rate
Debt
|
|
Total
Debt
|
|
Comparable
TTM
Hotel
EBITDA (8)
|
|
Comparable
TTM
EBITDA
Debt Yield
|
Column
Financial Bardessono - 1 hotel
|
|
December
2017
|
|
LIBOR +
4.95%
|
|
$
|
—
|
|
|
$
|
40,000
|
|
(1)
|
$
|
40,000
|
|
|
$
|
5,151
|
|
|
12.9
|
%
|
Apollo
Ritz-Carlton St. Thomas - 1 hotel
|
|
December
2017
|
|
LIBOR +
4.95%
|
|
—
|
|
|
42,000
|
|
(1)
|
42,000
|
|
|
8,814
|
|
|
21.0
|
%
|
GACC Sofitel -
1 hotel
|
|
March 2018
|
|
LIBOR +
2.30%
|
|
—
|
|
|
80,000
|
|
(2)
|
80,000
|
|
|
7,252
|
|
|
9.1
|
%
|
Credit Agricole
Pier House - 1 hotel
|
|
March 2018
|
|
LIBOR +
2.25%
|
|
—
|
|
|
70,000
|
|
(3)
|
70,000
|
|
|
10,522
|
|
|
15.0
|
%
|
TIF Philly CY -
1 hotel
|
|
June 2018
|
|
12.85%
|
|
8,098
|
|
|
—
|
|
|
8,098
|
|
|
N/A
|
|
|
N/A
|
|
Morgan Stanley
Pool - 5 hotels
|
|
February
2019
|
|
LIBOR +
2.58%
|
|
—
|
|
|
365,000
|
|
(4)
|
365,000
|
|
|
58,020
|
|
|
15.9
|
%
|
JPMorgan Park
Hyatt Beaver Creek - 1 hotel
|
|
April 2019
|
|
LIBOR +
2.75%
|
|
—
|
|
|
67,500
|
|
(1)
|
67,500
|
|
|
10,198
|
|
|
15.1
|
%
|
Aareal - 2
hotels
|
|
November
2019
|
|
LIBOR +
2.65%
|
|
—
|
|
|
191,408
|
|
(5)
|
191,408
|
|
|
33,097
|
|
|
17.3
|
%
|
Secured
revolving credit facility - various
|
|
November
2019
|
|
Base
Rate(7) + 1.25% to 2.50% or
LIBOR + 2.25% to 3.50%
|
|
—
|
|
|
—
|
|
(6)
|
—
|
|
|
N/A
|
|
|
N/A
|
|
BAML Hotel
Yountville - 1 hotel
|
|
May 2022
|
|
LIBOR +
2.55%
|
|
—
|
|
|
51,000
|
|
|
51,000
|
|
|
6,530
|
|
|
12.8
|
%
|
Total
|
|
|
|
|
|
$
|
8,098
|
|
|
$
|
906,908
|
|
|
$
|
915,006
|
|
|
$
|
139,584
|
|
|
15.3
|
%
|
Percentage
|
|
|
|
|
|
0.9
|
%
|
|
99.1
|
%
|
|
100
|
%
|
|
|
|
|
Weighted
average interest rate
|
|
|
|
|
|
12.85
|
%
|
|
3.99
|
%
|
|
4.07
|
%
|
|
|
|
|
All indebtedness is
non-recourse with the exception of the secured revolving credit
facility.
|
(1)
|
This mortgage loan
has three one-year extension options subject to satisfaction of
certain conditions.
|
(2)
|
This mortgage loan
has three one-year extension options subject to satisfaction of
certain conditions, of which the second was exercised in March
2017.
|
(3)
|
This mortgage
loan has three one-year extension options subject to satisfaction
of certain conditions, of which the first was exercised in March
2017.
|
(4)
|
On January 18, 2017,
we refinanced three mortgage loans totaling $333.7 million set to
mature in April 2017 with a new $365.0 million loan with a two-year
initial term and five one-year extension options subject to the
satisfaction of certain conditions. The new loan is interest only
and bears interest at a rate of LIBOR + 2.58%.
|
(5)
|
This mortgage loan
has two one-year extension options subject to satisfaction of
certain conditions.
|
(6)
|
This credit facility
has two one-year extension options subject to advance notice,
certain conditions and a 0.25% extension fee beginning November
2019.
|
(7)
|
Base Rate, as defined
in the secured revolving credit facility agreement, is the greater
of (i) the prime rate set by Bank of America, or (ii) federal funds
rate + 0.5%, or (iii) LIBOR + 1.0%.
|
(8)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
|
INDEBTEDNESS BY
MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
|
JUNE 30,
2017
|
(dollars in
thousands)
|
(unaudited)
|
|
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
|
Total
|
Secured
revolving credit facility - various
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
TIF Philly CY -
1 hotel
|
|
—
|
|
|
8,098
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,098
|
|
GACC Sofitel -
1 hotel
|
|
—
|
|
|
—
|
|
|
80,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
80,000
|
|
Credit Agricole
Pier House - 1 hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
70,000
|
|
|
—
|
|
|
—
|
|
|
70,000
|
|
Column
Financial Bardessono - 1 hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40,000
|
|
|
—
|
|
|
—
|
|
|
40,000
|
|
Apollo
Ritz-Carlton St. Thomas - 1 hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42,000
|
|
|
—
|
|
|
—
|
|
|
42,000
|
|
Aareal - 2
hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
177,486
|
|
|
—
|
|
|
177,486
|
|
Morgan Stanley
Pool - 5 hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
365,000
|
|
|
365,000
|
|
JPMorgan Park
Hyatt Beaver Creek - 1 hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67,500
|
|
|
67,500
|
|
BAML Hotel
Yountville - 1 hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51,000
|
|
|
51,000
|
|
Principal due
in future periods
|
|
$
|
—
|
|
|
$
|
8,098
|
|
|
$
|
80,000
|
|
|
$
|
152,000
|
|
|
$
|
177,486
|
|
|
$
|
483,500
|
|
|
$
|
901,084
|
|
Scheduled
amortization payments remaining
|
|
1,635
|
|
|
2,939
|
|
|
3,120
|
|
|
3,312
|
|
|
2,916
|
|
|
—
|
|
|
13,922
|
|
Total
indebtedness
|
|
$
|
1,635
|
|
|
$
|
11,037
|
|
|
$
|
83,120
|
|
|
$
|
155,312
|
|
|
$
|
180,402
|
|
|
$
|
483,500
|
|
|
$
|
915,006
|
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
|
KEY PERFORMANCE
INDICATORS
|
(unaudited)
|
|
|
ALL
HOTELS:
|
|
|
|
Three Months Ended
June 30, 2017
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
79,449
|
|
|
$
|
1,285
|
|
|
$
|
80,734
|
|
|
$
|
79,583
|
|
|
$
|
820
|
|
|
$
|
80,403
|
|
|
(0.17)
|
%
|
|
0.41
|
%
|
|
RevPAR
|
$
|
221.65
|
|
|
$
|
401.52
|
|
|
$
|
223.24
|
|
|
$
|
221.29
|
|
|
$
|
450.53
|
|
|
$
|
222.44
|
|
|
0.16
|
%
|
|
0.36
|
%
|
|
Occupancy
|
84.07
|
%
|
|
77.72
|
%
|
|
84.01
|
%
|
|
86.47
|
%
|
|
(363.30)
|
%
|
|
84.21
|
%
|
|
(2.78)
|
%
|
|
(0.24)
|
%
|
|
ADR
|
$
|
263.65
|
|
|
$
|
516.64
|
|
|
$
|
265.72
|
|
|
$
|
255.90
|
|
|
$
|
(124.01)
|
|
|
$
|
264.16
|
|
|
3.03
|
%
|
|
0.59
|
%
|
|
|
ALL
HOTELS:
|
|
|
|
Six Months Ended
June 30, 2017
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
146,867
|
|
|
$
|
13,507
|
|
|
$
|
160,374
|
|
|
$
|
148,834
|
|
|
$
|
10,310
|
|
|
$
|
159,144
|
|
|
(1.32)
|
%
|
|
0.77
|
%
|
|
RevPAR
|
$
|
212.35
|
|
|
$
|
491.16
|
|
|
$
|
223.01
|
|
|
$
|
206.93
|
|
|
$
|
2,832.54
|
|
|
$
|
220.15
|
|
|
2.62
|
%
|
|
1.30
|
%
|
|
Occupancy
|
81.35
|
%
|
|
80.63
|
%
|
|
81.33
|
%
|
|
82.12
|
%
|
|
(120.11)
|
%
|
|
81.10
|
%
|
|
(0.94)
|
%
|
|
0.28
|
%
|
|
ADR
|
$
|
261.03
|
|
|
$
|
609.13
|
|
|
$
|
274.22
|
|
|
$
|
251.98
|
|
|
$
|
(2,358.29)
|
|
|
$
|
271.45
|
|
|
3.59
|
%
|
|
1.02
|
%
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the thirteen hotel properties owned and
included in the Company's operations at June 30, 2017, were
owned as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotel properties acquired during the period offset by results from
hotel properties sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
ALL
HOTELS
NOT UNDER
RENOVATION:
|
Three Months Ended
June 30, 2017
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
66,511
|
|
|
$
|
1,285
|
|
|
$
|
67,796
|
|
|
$
|
65,181
|
|
|
$
|
820
|
|
|
$
|
66,001
|
|
|
2.04
|
%
|
|
2.72
|
%
|
|
RevPAR
|
$
|
233.67
|
|
|
$
|
401.52
|
|
|
$
|
235.54
|
|
|
$
|
227.89
|
|
|
$
|
450.53
|
|
|
$
|
229.30
|
|
|
2.54
|
%
|
|
2.72
|
%
|
|
Occupancy
|
85.39
|
%
|
|
77.72
|
%
|
|
85.31
|
%
|
|
87.82
|
%
|
|
(363.30)
|
%
|
|
84.97
|
%
|
|
(2.77)
|
%
|
|
0.40
|
%
|
|
ADR
|
$
|
273.64
|
|
|
$
|
516.64
|
|
|
$
|
276.10
|
|
|
$
|
259.49
|
|
|
$
|
(124.01)
|
|
|
$
|
269.86
|
|
|
5.45
|
%
|
|
2.31
|
%
|
|
|
ALL
HOTELS
NOT UNDER
RENOVATION:
|
|
|
|
Six Months Ended
June 30, 2017
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
120,481
|
|
|
$
|
13,506
|
|
|
$
|
133,987
|
|
|
$
|
119,816
|
|
|
$
|
10,310
|
|
|
$
|
130,126
|
|
|
0.56
|
%
|
|
2.97
|
%
|
|
RevPAR
|
$
|
221.06
|
|
|
$
|
491.16
|
|
|
$
|
234.04
|
|
|
$
|
209.46
|
|
|
$
|
2,832.54
|
|
|
$
|
226.04
|
|
|
5.54
|
%
|
|
3.54
|
%
|
|
Occupancy
|
82.45
|
%
|
|
80.63
|
%
|
|
82.36
|
%
|
|
82.72
|
%
|
|
(120.11)
|
%
|
|
81.43
|
%
|
|
(0.33)
|
%
|
|
1.14
|
%
|
|
ADR
|
$
|
268.11
|
|
|
$
|
609.13
|
|
|
$
|
284.15
|
|
|
$
|
253.22
|
|
|
$
|
(2,358.29)
|
|
|
$
|
277.58
|
|
|
5.88
|
%
|
|
2.37
|
%
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the eleven hotel properties owned and included
in the Company's operations at June 30, 2017, and not under
renovation during the three months ended June 30, 2017, were
owned as of the beginning of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotel properties
acquired during the period offset by results from hotel properties
sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
(3)
|
Excluded Hotels Under
Renovation:
|
|
Plano Marriott Legacy
Town Center, San Francisco Courtyard Downtown
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
|
HOTEL
EBITDA
|
(dollars in
thousands)
|
(unaudited)
|
|
ALL
HOTELS:
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
|
2017
|
|
2016
|
|
%
Variance
|
|
2017
|
|
2016
|
|
%
Variance
|
|
Total hotel
revenue
|
$
|
116,055
|
|
|
$
|
112,395
|
|
|
3.26
|
%
|
|
$
|
213,311
|
|
|
$
|
212,159
|
|
|
0.54
|
%
|
|
Non-comparable
adjustments
|
1,571
|
|
|
4,178
|
|
|
|
|
23,086
|
|
|
21,915
|
|
|
|
|
Comparable total
hotel revenue
|
$
|
117,626
|
|
|
$
|
116,573
|
|
|
0.90
|
%
|
|
$
|
236,397
|
|
|
$
|
234,074
|
|
|
0.99
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
|
38,371
|
|
|
$
|
38,485
|
|
|
(0.30)
|
%
|
|
$
|
67,102
|
|
|
$
|
67,942
|
|
|
(1.24)
|
%
|
|
Non-comparable
adjustments
|
562
|
|
|
(645)
|
|
|
|
|
8,291
|
|
|
5,632
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
38,933
|
|
|
$
|
37,840
|
|
|
2.89
|
%
|
|
$
|
75,393
|
|
|
$
|
73,574
|
|
|
2.47
|
%
|
|
Hotel EBITDA
margin
|
33.06
|
%
|
|
34.24
|
%
|
|
(1.18)
|
%
|
|
31.46
|
%
|
|
32.02
|
%
|
|
(0.56)
|
%
|
|
Comparable hotel
EBITDA margin
|
33.10
|
%
|
|
32.46
|
%
|
|
0.64
|
%
|
|
31.89
|
%
|
|
31.43
|
%
|
|
0.46
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
adjustments attributable to consolidated noncontrolling
interests
|
$
|
2,641
|
|
|
$
|
2,416
|
|
|
9.31
|
%
|
|
$
|
4,865
|
|
|
$
|
4,176
|
|
|
16.49
|
%
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
35,730
|
|
|
$
|
36,069
|
|
|
(0.94)
|
%
|
|
$
|
62,237
|
|
|
$
|
63,766
|
|
|
(2.40)
|
%
|
|
Comparable hotel
EBITDA attributable to the Company and OP unitholders
|
$
|
36,292
|
|
|
$
|
35,424
|
|
|
2.45
|
%
|
|
$
|
70,528
|
|
|
$
|
69,398
|
|
|
1.63
|
%
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the thirteen hotel properties owned and
included in the Company's operations at June 30, 2017, were
owned as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotel properties acquired during the period offset by results from
hotel properties sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
|
Adjustments have been
made to the pre-aquisition results as indicated below:
|
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
(3)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
ALL HOTELS
NOT UNDER RENOVATION:
|
Three Months
Ended
|
|
Six Months
Ended
|
June
30,
|
|
June
30,
|
|
|
2017
|
|
2016
|
|
%
Variance
|
|
2017
|
|
2016
|
|
%
Variance
|
|
Total hotel
revenue
|
$
|
98,301
|
|
|
$
|
93,412
|
|
|
5.23
|
%
|
|
$
|
177,377
|
|
|
$
|
173,857
|
|
|
2.02
|
%
|
|
Non-comparable
adjustments
|
1,571
|
|
|
4,178
|
|
|
|
|
23,086
|
|
|
21,915
|
|
|
|
|
Comparable total
hotel revenue
|
$
|
99,872
|
|
|
$
|
97,590
|
|
|
2.34
|
%
|
|
$
|
200,463
|
|
|
$
|
195,772
|
|
|
2.40
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
|
32,552
|
|
|
$
|
31,945
|
|
|
1.90
|
%
|
|
$
|
54,989
|
|
|
$
|
54,896
|
|
|
0.17
|
%
|
|
Non-comparable
adjustments
|
562
|
|
|
(645)
|
|
|
|
|
8,291
|
|
|
5,632
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
33,114
|
|
|
$
|
31,300
|
|
|
5.80
|
%
|
|
$
|
63,280
|
|
|
$
|
60,528
|
|
|
4.55
|
%
|
|
Hotel EBITDA
margin
|
33.11
|
%
|
|
34.20
|
%
|
|
(1.09)
|
%
|
|
31.00
|
%
|
|
31.58
|
%
|
|
(0.58)
|
%
|
|
Comparable hotel
EBITDA margin
|
33.16
|
%
|
|
32.07
|
%
|
|
1.09
|
%
|
|
31.57
|
%
|
|
30.92
|
%
|
|
0.65
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
adjustments attributable to consolidated noncontrolling
interests
|
$
|
2,641
|
|
|
$
|
2,416
|
|
|
9.31
|
%
|
|
$
|
4,865
|
|
|
$
|
4,176
|
|
|
16.49
|
%
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
29,911
|
|
|
$
|
29,529
|
|
|
1.29
|
%
|
|
$
|
50,124
|
|
|
$
|
50,720
|
|
|
(1.17)
|
%
|
|
Comparable hotel
EBITDA attributable to the Company and OP unitholders
|
$
|
30,473
|
|
|
$
|
28,884
|
|
|
5.50
|
%
|
|
$
|
58,415
|
|
|
$
|
56,352
|
|
|
3.66
|
%
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the eleven hotel properties owned and included
in the Company's operations at June 30, 2017, and not under
renovation during the three months ended June 30, 2017, were
owned as of the beginning of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotel properties
acquired during the period offset by results from hotel properties
sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
|
Adjustments have been
made to the pre-aquisition results as indicated below:
|
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
(3)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
(4)
|
Excluded Hotels Under
Renovation:
|
|
Plano Marriott Legacy
Town Center, San Francisco Courtyard Downtown
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
|
SELECTED FINANCIAL
AND OPERATING INFORMATION BY PROPERTY
|
(in thousands,
except operating information)
|
(unaudited)
|
|
|
|
Three Months Ended
June 30,
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
%
Variance
|
|
%
Variance
|
CAPITAL HILTON
WASHINGTON D.C.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
12,516
|
|
|
$
|
—
|
|
|
$
|
12,516
|
|
|
$
|
12,136
|
|
|
$
|
—
|
|
|
$
|
12,136
|
|
|
3.13
|
%
|
|
3.13
|
%
|
|
Total hotel
revenue
|
$
|
16,997
|
|
|
$
|
—
|
|
|
$
|
16,997
|
|
|
$
|
17,030
|
|
|
$
|
—
|
|
|
$
|
17,030
|
|
|
(0.19)
|
%
|
|
(0.19)
|
%
|
|
Hotel
EBITDA
|
$
|
6,248
|
|
|
$
|
—
|
|
|
$
|
6,248
|
|
|
$
|
6,483
|
|
|
$
|
—
|
|
|
$
|
6,483
|
|
|
(3.62)
|
%
|
|
(3.62)
|
%
|
|
Hotel EBITDA
margin
|
36.76
|
%
|
|
|
|
36.76
|
%
|
|
38.07
|
%
|
|
|
|
38.07
|
%
|
|
(1.31)
|
%
|
|
(1.31)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
250.07
|
|
|
$
|
—
|
|
|
$
|
250.07
|
|
|
$
|
242.48
|
|
|
$
|
—
|
|
|
$
|
242.48
|
|
|
3.13
|
%
|
|
3.13
|
%
|
|
Occupancy
|
94.65
|
%
|
|
—
|
%
|
|
94.65
|
%
|
|
93.96
|
%
|
|
—
|
%
|
|
93.96
|
%
|
|
0.73
|
%
|
|
0.73
|
%
|
|
ADR
|
$
|
264.22
|
|
|
$
|
—
|
|
|
$
|
264.22
|
|
|
$
|
258.05
|
|
|
$
|
—
|
|
|
$
|
258.05
|
|
|
2.39
|
%
|
|
2.39
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA JOLLA HILTON
TORREY PINES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
6,124
|
|
|
$
|
—
|
|
|
$
|
6,124
|
|
|
$
|
5,808
|
|
|
$
|
—
|
|
|
$
|
5,808
|
|
|
5.44
|
%
|
|
5.44
|
%
|
|
Total hotel
revenue
|
$
|
11,570
|
|
|
$
|
—
|
|
|
$
|
11,570
|
|
|
$
|
10,410
|
|
|
$
|
—
|
|
|
$
|
10,410
|
|
|
11.14
|
%
|
|
11.14
|
%
|
|
Hotel
EBITDA
|
$
|
4,318
|
|
|
$
|
—
|
|
|
$
|
4,318
|
|
|
$
|
3,182
|
|
|
$
|
—
|
|
|
$
|
3,182
|
|
|
35.70
|
%
|
|
35.70
|
%
|
|
Hotel EBITDA
margin
|
37.32
|
%
|
|
|
|
37.32
|
%
|
|
30.57
|
%
|
|
|
|
30.57
|
%
|
|
6.75
|
%
|
|
6.75
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
170.80
|
|
|
$
|
—
|
|
|
$
|
170.80
|
|
|
$
|
162.00
|
|
|
$
|
—
|
|
|
$
|
162.00
|
|
|
5.43
|
%
|
|
5.43
|
%
|
|
Occupancy
|
84.76
|
%
|
|
—
|
%
|
|
84.76
|
%
|
|
84.20
|
%
|
|
—
|
%
|
|
84.20
|
%
|
|
0.67
|
%
|
|
0.67
|
%
|
|
ADR
|
$
|
201.50
|
|
|
$
|
—
|
|
|
$
|
201.50
|
|
|
$
|
192.40
|
|
|
$
|
—
|
|
|
$
|
192.40
|
|
|
4.73
|
%
|
|
4.73
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHICAGO SOFITEL
MAGNIFICENT MILE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
7,824
|
|
|
$
|
—
|
|
|
$
|
7,824
|
|
|
$
|
8,326
|
|
|
$
|
—
|
|
|
$
|
8,326
|
|
|
(6.03)
|
%
|
|
(6.03)
|
%
|
|
Total hotel
revenue
|
$
|
10,386
|
|
|
$
|
—
|
|
|
$
|
10,386
|
|
|
$
|
11,370
|
|
|
$
|
—
|
|
|
$
|
11,370
|
|
|
(8.65)
|
%
|
|
(8.65)
|
%
|
|
Hotel
EBITDA
|
$
|
3,215
|
|
|
$
|
—
|
|
|
$
|
3,215
|
|
|
$
|
3,910
|
|
|
$
|
—
|
|
|
$
|
3,910
|
|
|
(17.77)
|
%
|
|
(17.77)
|
%
|
|
Hotel EBITDA
margin
|
30.96
|
%
|
|
|
|
30.96
|
%
|
|
34.39
|
%
|
|
|
|
34.39
|
%
|
|
(3.43)
|
%
|
|
(3.43)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
207.17
|
|
|
$
|
—
|
|
|
$
|
207.17
|
|
|
$
|
220.45
|
|
|
$
|
—
|
|
|
$
|
220.45
|
|
|
(6.02)
|
%
|
|
(6.02)
|
%
|
|
Occupancy
|
89.18
|
%
|
|
—
|
%
|
|
89.18
|
%
|
|
89.10
|
%
|
|
—
|
%
|
|
89.10
|
%
|
|
0.09
|
%
|
|
0.09
|
%
|
|
ADR
|
$
|
232.31
|
|
|
$
|
—
|
|
|
$
|
232.31
|
|
|
$
|
247.43
|
|
|
$
|
—
|
|
|
$
|
247.43
|
|
|
(6.11)
|
%
|
|
(6.11)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BARDESSONO HOTEL
AND SPA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
3,829
|
|
|
$
|
—
|
|
|
$
|
3,829
|
|
|
$
|
3,704
|
|
|
$
|
—
|
|
|
$
|
3,704
|
|
|
3.37
|
%
|
|
3.37
|
%
|
|
Total hotel
revenue
|
$
|
5,053
|
|
|
$
|
—
|
|
|
$
|
5,053
|
|
|
$
|
5,000
|
|
|
$
|
—
|
|
|
$
|
5,000
|
|
|
1.06
|
%
|
|
1.06
|
%
|
|
Hotel
EBITDA
|
$
|
1,571
|
|
|
$
|
—
|
|
|
$
|
1,571
|
|
|
$
|
1,539
|
|
|
$
|
—
|
|
|
$
|
1,539
|
|
|
2.08
|
%
|
|
2.08
|
%
|
|
Hotel EBITDA
margin
|
31.09
|
%
|
|
|
|
31.09
|
%
|
|
30.78
|
%
|
|
|
|
30.78
|
%
|
|
0.31
|
%
|
|
0.31
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
678.78
|
|
|
$
|
—
|
|
|
$
|
678.78
|
|
|
$
|
656.49
|
|
|
$
|
—
|
|
|
$
|
656.49
|
|
|
3.40
|
%
|
|
3.40
|
%
|
|
Occupancy
|
81.81
|
%
|
|
—
|
%
|
|
81.81
|
%
|
|
86.69
|
%
|
|
—
|
%
|
|
86.69
|
%
|
|
(5.63)
|
%
|
|
(5.63)
|
%
|
|
ADR
|
$
|
829.66
|
|
|
$
|
—
|
|
|
$
|
829.66
|
|
|
$
|
757.29
|
|
|
$
|
—
|
|
|
$
|
757.29
|
|
|
9.56
|
%
|
|
9.56
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY WEST PIER
HOUSE RESORT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
4,687
|
|
|
$
|
—
|
|
|
$
|
4,687
|
|
|
$
|
4,605
|
|
|
$
|
—
|
|
|
$
|
4,605
|
|
|
1.78
|
%
|
|
1.78
|
%
|
|
Total hotel
revenue
|
$
|
6,161
|
|
|
$
|
—
|
|
|
$
|
6,161
|
|
|
$
|
5,796
|
|
|
$
|
—
|
|
|
$
|
5,796
|
|
|
6.30
|
%
|
|
6.30
|
%
|
|
Hotel
EBITDA
|
$
|
2,715
|
|
|
$
|
—
|
|
|
$
|
2,715
|
|
|
$
|
2,416
|
|
|
$
|
—
|
|
|
$
|
2,416
|
|
|
12.38
|
%
|
|
12.38
|
%
|
|
Hotel EBITDA
margin
|
44.07
|
%
|
|
|
|
44.07
|
%
|
|
41.68
|
%
|
|
|
|
41.68
|
%
|
|
2.39
|
%
|
|
2.39
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
362.69
|
|
|
$
|
—
|
|
|
$
|
362.69
|
|
|
$
|
356.38
|
|
|
$
|
—
|
|
|
$
|
356.38
|
|
|
1.77
|
%
|
|
1.77
|
%
|
|
Occupancy
|
84.82
|
%
|
|
—
|
%
|
|
84.82
|
%
|
|
87.47
|
%
|
|
—
|
%
|
|
87.47
|
%
|
|
(3.03)
|
%
|
|
(3.03)
|
%
|
|
ADR
|
$
|
427.58
|
|
|
$
|
—
|
|
|
$
|
427.58
|
|
|
$
|
407.43
|
|
|
$
|
—
|
|
|
$
|
407.43
|
|
|
4.95
|
%
|
|
4.95
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTEL
YOUNTVILLE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
1,982
|
|
|
$
|
1,285
|
|
|
$
|
3,267
|
|
|
$
|
—
|
|
|
$
|
3,619
|
|
|
$
|
3,619
|
|
|
—
|
%
|
|
(9.73)
|
%
|
|
Total hotel
revenue
|
$
|
2,355
|
|
|
$
|
1,571
|
|
|
$
|
3,926
|
|
|
$
|
—
|
|
|
$
|
4,406
|
|
|
$
|
4,406
|
|
|
—
|
%
|
|
(10.89)
|
%
|
|
Hotel
EBITDA
|
$
|
984
|
|
|
$
|
572
|
|
|
$
|
1,556
|
|
|
$
|
—
|
|
|
$
|
1,990
|
|
|
$
|
1,990
|
|
|
—
|
%
|
|
(21.81)
|
%
|
|
Hotel EBITDA
margin
|
41.78
|
%
|
|
|
|
39.63
|
%
|
|
—
|
%
|
|
|
|
45.17
|
%
|
|
41.78
|
%
|
|
(5.54)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
485.76
|
|
|
$
|
401.52
|
|
|
$
|
448.73
|
|
|
$
|
—
|
|
|
$
|
497.08
|
|
|
$
|
497.08
|
|
|
—
|
%
|
|
(9.73)
|
%
|
|
Occupancy
|
77.33
|
%
|
|
77.72
|
%
|
|
77.50
|
%
|
|
—
|
%
|
|
90.47
|
%
|
|
90.47
|
%
|
|
—
|
%
|
|
(14.34)
|
%
|
|
ADR
|
$
|
628.17
|
|
|
$
|
516.64
|
|
|
$
|
579.01
|
|
|
$
|
—
|
|
|
$
|
549.46
|
|
|
$
|
549.46
|
|
|
—
|
%
|
|
5.38
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARK HYATT BEAVER
CREEK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
1,717
|
|
|
$
|
—
|
|
|
$
|
1,717
|
|
|
$
|
—
|
|
|
$
|
1,434
|
|
|
$
|
1,434
|
|
|
—
|
%
|
|
19.74
|
%
|
|
Total hotel
revenue
|
$
|
4,946
|
|
|
$
|
—
|
|
|
$
|
4,946
|
|
|
$
|
—
|
|
|
$
|
4,580
|
|
|
$
|
4,580
|
|
|
—
|
%
|
|
7.99
|
%
|
|
Hotel
EBITDA
|
$
|
(447)
|
|
|
$
|
—
|
|
|
$
|
(447)
|
|
|
$
|
—
|
|
|
$
|
(695)
|
|
|
$
|
(695)
|
|
|
—
|
%
|
|
35.68
|
%
|
|
Hotel EBITDA
margin
|
(9.04)
|
%
|
|
|
|
(9.04)
|
%
|
|
—
|
%
|
|
|
|
(15.17)
|
%
|
|
(9.04)
|
%
|
|
6.13
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
99.29
|
|
|
$
|
—
|
|
|
$
|
99.29
|
|
|
$
|
—
|
|
|
$
|
82.96
|
|
|
$
|
82.96
|
|
|
—
|
%
|
|
19.68
|
%
|
|
Occupancy
|
43.91
|
%
|
|
—
|
%
|
|
43.91
|
%
|
|
—
|
%
|
|
41.37
|
%
|
|
41.37
|
%
|
|
—
|
%
|
|
6.14
|
%
|
|
ADR
|
$
|
226.13
|
|
|
$
|
—
|
|
|
$
|
226.13
|
|
|
$
|
—
|
|
|
$
|
200.53
|
|
|
$
|
200.53
|
|
|
—
|
%
|
|
12.77
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PHILADELPHIA
COURTYARD DOWNTOWN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
7,781
|
|
|
$
|
—
|
|
|
$
|
7,781
|
|
|
$
|
7,736
|
|
|
$
|
—
|
|
|
$
|
7,736
|
|
|
0.58
|
%
|
|
0.58
|
%
|
|
Total hotel
revenue
|
$
|
9,425
|
|
|
$
|
—
|
|
|
$
|
9,425
|
|
|
$
|
9,254
|
|
|
$
|
—
|
|
|
$
|
9,254
|
|
|
1.85
|
%
|
|
1.85
|
%
|
|
Hotel
EBITDA
|
$
|
4,194
|
|
|
$
|
—
|
|
|
$
|
4,194
|
|
|
$
|
3,985
|
|
|
$
|
—
|
|
|
$
|
3,985
|
|
|
5.24
|
%
|
|
5.24
|
%
|
|
Hotel EBITDA
margin
|
44.50
|
%
|
|
|
|
44.50
|
%
|
|
43.06
|
%
|
|
|
|
43.06
|
%
|
|
1.44
|
%
|
|
1.44
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
171.35
|
|
|
$
|
—
|
|
|
$
|
171.35
|
|
|
$
|
170.37
|
|
|
$
|
—
|
|
|
$
|
170.37
|
|
|
0.58
|
%
|
|
0.58
|
%
|
|
Occupancy
|
87.65
|
%
|
|
—
|
%
|
|
87.65
|
%
|
|
87.54
|
%
|
|
—
|
%
|
|
87.54
|
%
|
|
0.13
|
%
|
|
0.13
|
%
|
|
ADR
|
$
|
195.50
|
|
|
$
|
—
|
|
|
$
|
195.50
|
|
|
$
|
194.62
|
|
|
$
|
—
|
|
|
$
|
194.62
|
|
|
0.45
|
%
|
|
0.45
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLANO MARRIOTT
LEGACY TOWN CENTER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
5,218
|
|
|
$
|
—
|
|
|
$
|
5,218
|
|
|
$
|
5,301
|
|
|
$
|
—
|
|
|
$
|
5,301
|
|
|
(1.57)
|
%
|
|
(1.57)
|
%
|
|
Total hotel
revenue
|
$
|
8,878
|
|
|
$
|
—
|
|
|
$
|
8,878
|
|
|
$
|
8,491
|
|
|
$
|
—
|
|
|
$
|
8,491
|
|
|
4.56
|
%
|
|
4.56
|
%
|
|
Hotel
EBITDA
|
$
|
3,036
|
|
|
$
|
—
|
|
|
$
|
3,036
|
|
|
$
|
3,073
|
|
|
$
|
—
|
|
|
$
|
3,073
|
|
|
(1.20)
|
%
|
|
(1.20)
|
%
|
|
Hotel EBITDA
margin
|
34.20
|
%
|
|
|
|
34.20
|
%
|
|
36.19
|
%
|
|
|
|
36.19
|
%
|
|
(1.99)
|
%
|
|
(1.99)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
141.95
|
|
|
$
|
—
|
|
|
$
|
141.95
|
|
|
$
|
144.18
|
|
|
$
|
—
|
|
|
$
|
144.18
|
|
|
(1.55)
|
%
|
|
(1.55)
|
%
|
|
Occupancy
|
76.19
|
%
|
|
—
|
%
|
|
76.19
|
%
|
|
74.00
|
%
|
|
—
|
%
|
|
74.00
|
%
|
|
2.96
|
%
|
|
2.96
|
%
|
|
ADR
|
$
|
186.30
|
|
|
$
|
—
|
|
|
$
|
186.30
|
|
|
$
|
194.84
|
|
|
$
|
—
|
|
|
$
|
194.84
|
|
|
(4.38)
|
%
|
|
(4.38)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAN FRANCISCO
COURTYARD DOWNTOWN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
7,720
|
|
|
$
|
—
|
|
|
$
|
7,720
|
|
|
$
|
9,101
|
|
|
$
|
—
|
|
|
$
|
9,101
|
|
|
(15.17)
|
%
|
|
(15.17)
|
%
|
|
Total hotel
revenue
|
$
|
8,876
|
|
|
$
|
—
|
|
|
$
|
8,876
|
|
|
$
|
10,492
|
|
|
$
|
—
|
|
|
$
|
10,492
|
|
|
(15.40)
|
%
|
|
(15.40)
|
%
|
|
Hotel
EBITDA
|
$
|
2,783
|
|
|
$
|
—
|
|
|
$
|
2,783
|
|
|
$
|
3,467
|
|
|
$
|
—
|
|
|
$
|
3,467
|
|
|
(19.73)
|
%
|
|
(19.73)
|
%
|
|
Hotel EBITDA
margin
|
31.35
|
%
|
|
|
|
31.35
|
%
|
|
33.04
|
%
|
|
|
|
33.04
|
%
|
|
(1.69)
|
%
|
|
(1.69)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
208.40
|
|
|
$
|
—
|
|
|
$
|
208.40
|
|
|
$
|
246.94
|
|
|
$
|
—
|
|
|
$
|
246.94
|
|
|
(15.61)
|
%
|
|
(15.61)
|
%
|
|
Occupancy
|
81.72
|
%
|
|
—
|
%
|
|
81.72
|
%
|
|
88.44
|
%
|
|
—
|
%
|
|
88.44
|
%
|
|
(7.60)
|
%
|
|
(7.60)
|
%
|
|
ADR
|
$
|
255.03
|
|
|
$
|
—
|
|
|
$
|
255.03
|
|
|
$
|
279.22
|
|
|
$
|
—
|
|
|
$
|
279.22
|
|
|
(8.66)
|
%
|
|
(8.66)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEATTLE COURTYARD
DOWNTOWN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,233
|
|
|
$
|
(4,233)
|
|
|
$
|
—
|
|
|
(100.00)
|
%
|
|
—
|
%
|
|
Total hotel
revenue
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,808
|
|
|
$
|
(4,808)
|
|
|
$
|
—
|
|
|
(100.00)
|
%
|
|
—
|
%
|
|
Hotel
EBITDA
|
$
|
10
|
|
|
$
|
(10)
|
|
|
$
|
—
|
|
|
$
|
1,940
|
|
|
$
|
(1,940)
|
|
|
$
|
—
|
|
|
(99.48)
|
%
|
|
—
|
%
|
|
Hotel EBITDA
margin
|
—
|
%
|
|
|
|
—
|
%
|
|
40.35
|
%
|
|
|
|
—
|
%
|
|
(40.35)
|
%
|
|
—
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
186.07
|
|
|
$
|
(186.07)
|
|
|
$
|
—
|
|
|
(100.00)
|
%
|
|
—
|
%
|
|
Occupancy
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
89.45
|
%
|
|
(89.45)
|
%
|
|
—
|
%
|
|
(100.00)
|
%
|
|
—
|
%
|
|
ADR
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
208.01
|
|
|
$
|
(208.01)
|
|
|
$
|
—
|
|
|
(100.00)
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEATTLE MARRIOTT
WATERFRONT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
8,761
|
|
|
$
|
—
|
|
|
$
|
8,761
|
|
|
$
|
7,882
|
|
|
$
|
—
|
|
|
$
|
7,882
|
|
|
11.15
|
%
|
|
11.15
|
%
|
|
Total hotel
revenue
|
$
|
11,668
|
|
|
$
|
—
|
|
|
$
|
11,668
|
|
|
$
|
10,500
|
|
|
$
|
—
|
|
|
$
|
10,500
|
|
|
11.12
|
%
|
|
11.12
|
%
|
|
Hotel
EBITDA
|
$
|
4,922
|
|
|
$
|
—
|
|
|
$
|
4,922
|
|
|
$
|
4,510
|
|
|
$
|
—
|
|
|
$
|
4,510
|
|
|
9.14
|
%
|
|
9.14
|
%
|
|
Hotel EBITDA
margin
|
42.18
|
%
|
|
|
|
42.18
|
%
|
|
42.95
|
%
|
|
|
|
42.95
|
%
|
|
(0.77)
|
%
|
|
(0.77)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
268.92
|
|
|
$
|
—
|
|
|
$
|
268.92
|
|
|
$
|
241.92
|
|
|
$
|
—
|
|
|
$
|
241.92
|
|
|
11.16
|
%
|
|
11.16
|
%
|
|
Occupancy
|
92.66
|
%
|
|
—
|
%
|
|
92.66
|
%
|
|
87.03
|
%
|
|
—
|
%
|
|
87.03
|
%
|
|
6.47
|
%
|
|
6.47
|
%
|
|
ADR
|
$
|
290.22
|
|
|
$
|
—
|
|
|
$
|
290.22
|
|
|
$
|
277.98
|
|
|
$
|
—
|
|
|
$
|
277.98
|
|
|
4.40
|
%
|
|
4.40
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ST. THOMAS
RITZ-CARLTON
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
7,329
|
|
|
$
|
—
|
|
|
$
|
7,329
|
|
|
$
|
6,612
|
|
|
$
|
—
|
|
|
$
|
6,612
|
|
|
10.84
|
%
|
|
10.84
|
%
|
|
Total hotel
revenue
|
$
|
14,096
|
|
|
$
|
—
|
|
|
$
|
14,096
|
|
|
$
|
13,272
|
|
|
$
|
—
|
|
|
$
|
13,272
|
|
|
6.21
|
%
|
|
6.21
|
%
|
|
Hotel
EBITDA
|
$
|
3,110
|
|
|
$
|
—
|
|
|
$
|
3,110
|
|
|
$
|
2,546
|
|
|
$
|
—
|
|
|
$
|
2,546
|
|
|
22.15
|
%
|
|
22.15
|
%
|
|
Hotel EBITDA
margin
|
22.06
|
%
|
|
|
|
22.06
|
%
|
|
19.18
|
%
|
|
|
|
19.18
|
%
|
|
2.88
|
%
|
|
2.88
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
447.41
|
|
|
$
|
—
|
|
|
$
|
447.41
|
|
|
$
|
403.68
|
|
|
$
|
—
|
|
|
$
|
403.68
|
|
|
10.83
|
%
|
|
10.83
|
%
|
|
Occupancy
|
81.25
|
%
|
|
—
|
%
|
|
81.25
|
%
|
|
85.05
|
%
|
|
—
|
%
|
|
85.05
|
%
|
|
(4.47)
|
%
|
|
(4.47)
|
%
|
|
ADR
|
$
|
550.68
|
|
|
$
|
—
|
|
|
$
|
550.68
|
|
|
$
|
474.64
|
|
|
$
|
—
|
|
|
$
|
474.64
|
|
|
16.02
|
%
|
|
16.02
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAMPA
RENAISSANCE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
3,961
|
|
|
$
|
—
|
|
|
$
|
3,961
|
|
|
$
|
4,139
|
|
|
$
|
—
|
|
|
$
|
4,139
|
|
|
(4.30)
|
%
|
|
(4.30)
|
%
|
|
Total hotel
revenue
|
$
|
5,644
|
|
|
$
|
—
|
|
|
$
|
5,644
|
|
|
$
|
5,972
|
|
|
$
|
—
|
|
|
$
|
5,972
|
|
|
(5.49)
|
%
|
|
(5.49)
|
%
|
|
Hotel
EBITDA
|
$
|
1,712
|
|
|
$
|
—
|
|
|
$
|
1,712
|
|
|
$
|
1,434
|
|
|
$
|
—
|
|
|
$
|
1,434
|
|
|
19.39
|
%
|
|
19.39
|
%
|
|
Hotel EBITDA
margin
|
30.33
|
%
|
|
|
|
30.33
|
%
|
|
24.01
|
%
|
|
|
|
24.01
|
%
|
|
6.32
|
%
|
|
6.32
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
148.59
|
|
|
$
|
—
|
|
|
$
|
148.59
|
|
|
$
|
155.23
|
|
|
$
|
—
|
|
|
$
|
155.23
|
|
|
(4.28)
|
%
|
|
(4.28)
|
%
|
|
Occupancy
|
82.51
|
%
|
|
—
|
%
|
|
82.51
|
%
|
|
81.54
|
%
|
|
—
|
%
|
|
81.54
|
%
|
|
1.19
|
%
|
|
1.19
|
%
|
|
ADR
|
$
|
180.08
|
|
|
$
|
—
|
|
|
$
|
180.08
|
|
|
$
|
190.37
|
|
|
$
|
—
|
|
|
$
|
190.37
|
|
|
(5.41)
|
%
|
|
(5.41)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRIME PROPERTIES
TOTAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
79,449
|
|
|
$
|
1,285
|
|
|
$
|
80,734
|
|
|
$
|
79,583
|
|
|
$
|
820
|
|
|
$
|
80,403
|
|
|
(0.17)
|
%
|
|
0.41
|
%
|
|
Total hotel
revenue
|
$
|
116,055
|
|
|
$
|
1,571
|
|
|
$
|
117,626
|
|
|
$
|
112,395
|
|
|
$
|
4,178
|
|
|
$
|
116,573
|
|
|
3.26
|
%
|
|
0.90
|
%
|
|
Hotel
EBITDA
|
$
|
38,371
|
|
|
$
|
562
|
|
|
$
|
38,933
|
|
|
$
|
38,485
|
|
|
$
|
(645)
|
|
|
$
|
37,840
|
|
|
(0.30)
|
%
|
|
2.89
|
%
|
|
Hotel EBITDA
margin
|
33.06
|
%
|
|
|
|
33.10
|
%
|
|
34.24
|
%
|
|
|
|
32.46
|
%
|
|
(1.18)
|
%
|
|
0.64
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
221.65
|
|
|
$
|
401.52
|
|
|
$
|
223.24
|
|
|
$
|
221.29
|
|
|
$
|
450.53
|
|
|
$
|
222.44
|
|
|
0.16
|
%
|
|
0.36
|
%
|
|
Occupancy
|
84.07
|
%
|
|
77.72
|
%
|
|
84.01
|
%
|
|
86.47
|
%
|
|
363.30
|
%
|
|
84.21
|
%
|
|
(2.78)
|
%
|
|
(0.24)
|
%
|
|
ADR
|
$
|
263.65
|
|
|
$
|
516.64
|
|
|
$
|
265.72
|
|
|
$
|
255.90
|
|
|
$
|
(124.01)
|
|
|
$
|
264.16
|
|
|
3.03
|
%
|
|
0.59
|
%
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the thirteen hotel properties owned and
included in the Company's operations at June 30, 2017, were
owned as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotel properties acquired during the period offset by results from
hotel properties sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
|
Adjustments have been
made to the pre-aquisition results as indicated below:
|
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
(3)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
|
SELECTED FINANCIAL
AND OPERATING INFORMATION BY PROPERTY
|
(in thousands,
except operating information)
|
(unaudited)
|
|
|
|
Six Months Ended
June 30,
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
%
Variance
|
|
%
Variance
|
CAPITAL HILTON
WASHINGTON D.C.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
23,390
|
|
|
$
|
—
|
|
|
$
|
23,390
|
|
|
$
|
21,363
|
|
|
$
|
—
|
|
|
$
|
21,363
|
|
|
9.49
|
%
|
|
9.49
|
%
|
|
Total hotel
revenue
|
$
|
32,832
|
|
|
$
|
—
|
|
|
$
|
32,832
|
|
|
$
|
30,796
|
|
|
$
|
—
|
|
|
$
|
30,796
|
|
|
6.61
|
%
|
|
6.61
|
%
|
|
Hotel
EBITDA
|
$
|
11,253
|
|
|
$
|
—
|
|
|
$
|
11,253
|
|
|
$
|
10,098
|
|
|
$
|
—
|
|
|
$
|
10,098
|
|
|
11.44
|
%
|
|
11.44
|
%
|
|
Hotel EBITDA
margin
|
34.27
|
%
|
|
|
|
34.27
|
%
|
|
32.79
|
%
|
|
|
|
32.79
|
%
|
|
1.48
|
%
|
|
1.48
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
234.96
|
|
|
$
|
—
|
|
|
$
|
234.96
|
|
|
$
|
213.41
|
|
|
$
|
—
|
|
|
$
|
213.41
|
|
|
10.10
|
%
|
|
10.10
|
%
|
|
Occupancy
|
90.59
|
%
|
|
—
|
%
|
|
90.59
|
%
|
|
87.71
|
%
|
|
—
|
%
|
|
87.71
|
%
|
|
3.28
|
%
|
|
3.28
|
%
|
|
ADR
|
$
|
259.36
|
|
|
$
|
—
|
|
|
$
|
259.36
|
|
|
$
|
243.32
|
|
|
$
|
—
|
|
|
$
|
243.32
|
|
|
6.59
|
%
|
|
6.59
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA JOLLA HILTON
TORREY PINES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
12,249
|
|
|
$
|
—
|
|
|
$
|
12,249
|
|
|
$
|
11,633
|
|
|
$
|
—
|
|
|
$
|
11,633
|
|
|
5.30
|
%
|
|
5.30
|
%
|
|
Total hotel
revenue
|
$
|
22,806
|
|
|
$
|
—
|
|
|
$
|
22,806
|
|
|
$
|
21,249
|
|
|
$
|
—
|
|
|
$
|
21,249
|
|
|
7.33
|
%
|
|
7.33
|
%
|
|
Hotel
EBITDA
|
$
|
8,205
|
|
|
$
|
—
|
|
|
$
|
8,205
|
|
|
$
|
6,607
|
|
|
$
|
—
|
|
|
$
|
6,607
|
|
|
24.19
|
%
|
|
24.19
|
%
|
|
Hotel EBITDA
margin
|
35.98
|
%
|
|
|
|
35.98
|
%
|
|
31.09
|
%
|
|
|
|
31.09
|
%
|
|
4.89
|
%
|
|
4.89
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
171.76
|
|
|
$
|
—
|
|
|
$
|
171.76
|
|
|
$
|
162.22
|
|
|
$
|
—
|
|
|
$
|
162.22
|
|
|
5.88
|
%
|
|
5.88
|
%
|
|
Occupancy
|
82.33
|
%
|
|
—
|
%
|
|
82.33
|
%
|
|
81.07
|
%
|
|
—
|
%
|
|
81.07
|
%
|
|
1.55
|
%
|
|
1.55
|
%
|
|
ADR
|
$
|
208.62
|
|
|
$
|
—
|
|
|
$
|
208.62
|
|
|
$
|
200.10
|
|
|
$
|
—
|
|
|
$
|
200.10
|
|
|
4.26
|
%
|
|
4.26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHICAGO SOFITEL
MAGNIFICENT MILE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
11,297
|
|
|
$
|
—
|
|
|
$
|
11,297
|
|
|
$
|
11,943
|
|
|
$
|
—
|
|
|
$
|
11,943
|
|
|
(5.41)
|
%
|
|
(5.41)
|
%
|
|
Total hotel
revenue
|
$
|
15,172
|
|
|
$
|
—
|
|
|
$
|
15,172
|
|
|
$
|
16,630
|
|
|
$
|
—
|
|
|
$
|
16,630
|
|
|
(8.77)
|
%
|
|
(8.77)
|
%
|
|
Hotel
EBITDA
|
$
|
2,039
|
|
|
$
|
—
|
|
|
$
|
2,039
|
|
|
$
|
3,187
|
|
|
$
|
—
|
|
|
$
|
3,187
|
|
|
(36.02)
|
%
|
|
(36.02)
|
%
|
|
Hotel EBITDA
margin
|
13.44
|
%
|
|
|
|
13.44
|
%
|
|
19.16
|
%
|
|
|
|
19.16
|
%
|
|
(5.72)
|
%
|
|
(5.72)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
150.39
|
|
|
$
|
—
|
|
|
$
|
150.39
|
|
|
$
|
158.13
|
|
|
$
|
—
|
|
|
$
|
158.13
|
|
|
(4.89)
|
%
|
|
(4.89)
|
%
|
|
Occupancy
|
77.94
|
%
|
|
—
|
%
|
|
77.94
|
%
|
|
77.08
|
%
|
|
—
|
%
|
|
77.08
|
%
|
|
1.12
|
%
|
|
1.12
|
%
|
|
ADR
|
$
|
192.96
|
|
|
$
|
—
|
|
|
$
|
192.96
|
|
|
$
|
205.14
|
|
|
$
|
—
|
|
|
$
|
205.14
|
|
|
(5.94)
|
%
|
|
(5.94)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BARDESSONO HOTEL
AND SPA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
6,286
|
|
|
$
|
—
|
|
|
$
|
6,286
|
|
|
$
|
5,994
|
|
|
$
|
—
|
|
|
$
|
5,994
|
|
|
4.87
|
%
|
|
4.87
|
%
|
|
Total hotel
revenue
|
$
|
8,537
|
|
|
$
|
—
|
|
|
$
|
8,537
|
|
|
$
|
8,452
|
|
|
$
|
—
|
|
|
$
|
8,452
|
|
|
1.01
|
%
|
|
1.01
|
%
|
|
Hotel
EBITDA
|
$
|
1,804
|
|
|
$
|
—
|
|
|
$
|
1,804
|
|
|
$
|
1,682
|
|
|
$
|
—
|
|
|
$
|
1,682
|
|
|
7.25
|
%
|
|
7.25
|
%
|
|
Hotel EBITDA
margin
|
21.13
|
%
|
|
|
|
21.13
|
%
|
|
19.90
|
%
|
|
|
|
19.90
|
%
|
|
1.23
|
%
|
|
1.23
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
560.20
|
|
|
$
|
—
|
|
|
$
|
560.20
|
|
|
$
|
531.19
|
|
|
$
|
—
|
|
|
$
|
531.19
|
|
|
5.46
|
%
|
|
5.46
|
%
|
|
Occupancy
|
78.77
|
%
|
|
—
|
%
|
|
78.77
|
%
|
|
81.00
|
%
|
|
—
|
%
|
|
81.00
|
%
|
|
(2.75)
|
%
|
|
(2.75)
|
%
|
|
ADR
|
$
|
711.15
|
|
|
$
|
—
|
|
|
$
|
711.15
|
|
|
$
|
655.79
|
|
|
$
|
—
|
|
|
$
|
655.79
|
|
|
8.44
|
%
|
|
8.44
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY WEST PIER
HOUSE RESORT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
10,369
|
|
|
$
|
—
|
|
|
$
|
10,369
|
|
|
$
|
10,449
|
|
|
$
|
—
|
|
|
$
|
10,449
|
|
|
(0.77)
|
%
|
|
(0.77)
|
%
|
|
Total hotel
revenue
|
$
|
13,138
|
|
|
$
|
—
|
|
|
$
|
13,138
|
|
|
$
|
12,868
|
|
|
$
|
—
|
|
|
$
|
12,868
|
|
|
2.10
|
%
|
|
2.10
|
%
|
|
Hotel
EBITDA
|
$
|
6,377
|
|
|
$
|
—
|
|
|
$
|
6,377
|
|
|
$
|
6,084
|
|
|
$
|
—
|
|
|
$
|
6,084
|
|
|
4.82
|
%
|
|
4.82
|
%
|
|
Hotel EBITDA
margin
|
48.54
|
%
|
|
|
|
48.54
|
%
|
|
47.28
|
%
|
|
|
|
47.28
|
%
|
|
1.26
|
%
|
|
1.26
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
403.42
|
|
|
$
|
—
|
|
|
$
|
403.42
|
|
|
$
|
404.32
|
|
|
$
|
—
|
|
|
$
|
404.32
|
|
|
(0.22)
|
%
|
|
(0.22)
|
%
|
|
Occupancy
|
87.11
|
%
|
|
—
|
%
|
|
87.11
|
%
|
|
90.17
|
%
|
|
—
|
%
|
|
90.17
|
%
|
|
(3.39)
|
%
|
|
(3.39)
|
%
|
|
ADR
|
$
|
463.09
|
|
|
$
|
—
|
|
|
$
|
463.09
|
|
|
$
|
448.39
|
|
|
$
|
—
|
|
|
$
|
448.39
|
|
|
3.28
|
%
|
|
3.28
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTEL
YOUNTVILLE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
1,982
|
|
|
$
|
3,473
|
|
|
$
|
5,455
|
|
|
$
|
—
|
|
|
$
|
5,953
|
|
|
$
|
5,953
|
|
|
—
|
%
|
|
(8.37)
|
%
|
|
Total hotel
revenue
|
$
|
2,355
|
|
|
$
|
4,276
|
|
|
$
|
6,631
|
|
|
$
|
—
|
|
|
$
|
7,302
|
|
|
$
|
7,302
|
|
|
—
|
%
|
|
(9.19)
|
%
|
|
Hotel
EBITDA
|
$
|
983
|
|
|
$
|
1,233
|
|
|
$
|
2,216
|
|
|
$
|
—
|
|
|
$
|
2,647
|
|
|
$
|
2,647
|
|
|
—
|
%
|
|
(16.28)
|
%
|
|
Hotel EBITDA
margin
|
41.74
|
%
|
|
|
|
33.42
|
%
|
|
—
|
%
|
|
|
|
36.25
|
%
|
|
41.74
|
%
|
|
(2.83)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
485.76
|
|
|
$
|
333.88
|
|
|
$
|
376.67
|
|
|
$
|
—
|
|
|
$
|
408.89
|
|
|
$
|
408.89
|
|
|
—
|
%
|
|
(7.88)
|
%
|
|
Occupancy
|
77.33
|
%
|
|
75.52
|
%
|
|
76.03
|
%
|
|
—
|
%
|
|
85.63
|
%
|
|
85.63
|
%
|
|
—
|
%
|
|
(11.21)
|
%
|
|
ADR
|
$
|
628.17
|
|
|
$
|
442.11
|
|
|
$
|
495.43
|
|
|
$
|
—
|
|
|
$
|
477.53
|
|
|
$
|
477.53
|
|
|
—
|
%
|
|
3.75
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARK HYATT BEAVER
CREEK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
1,717
|
|
|
$
|
10,034
|
|
|
$
|
11,751
|
|
|
$
|
—
|
|
|
$
|
11,326
|
|
|
$
|
11,326
|
|
|
—
|
%
|
|
3.75
|
%
|
|
Total hotel
revenue
|
$
|
4,946
|
|
|
$
|
18,810
|
|
|
$
|
23,756
|
|
|
$
|
—
|
|
|
$
|
22,608
|
|
|
$
|
22,608
|
|
|
—
|
%
|
|
5.08
|
%
|
|
Hotel
EBITDA
|
$
|
(447)
|
|
|
$
|
7,068
|
|
|
$
|
6,621
|
|
|
$
|
—
|
|
|
$
|
6,153
|
|
|
$
|
6,153
|
|
|
—
|
%
|
|
7.61
|
%
|
|
Hotel EBITDA
margin
|
(9.04)
|
%
|
|
|
|
27.87
|
%
|
|
—
|
%
|
|
|
|
27.22
|
%
|
|
(9.04)
|
%
|
|
0.65
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
99.29
|
|
|
$
|
586.82
|
|
|
$
|
341.71
|
|
|
$
|
—
|
|
|
$
|
327.53
|
|
|
$
|
327.53
|
|
|
—
|
%
|
|
4.33
|
%
|
|
Occupancy
|
43.91
|
%
|
|
83.74
|
%
|
|
63.72
|
%
|
|
—
|
%
|
|
61.48
|
%
|
|
61.48
|
%
|
|
—
|
%
|
|
3.64
|
%
|
|
ADR
|
$
|
226.13
|
|
|
$
|
700.74
|
|
|
$
|
536.30
|
|
|
$
|
—
|
|
|
$
|
532.76
|
|
|
$
|
532.76
|
|
|
—
|
%
|
|
0.66
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PHILADELPHIA
COURTYARD DOWNTOWN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
12,741
|
|
|
$
|
—
|
|
|
$
|
12,741
|
|
|
$
|
12,801
|
|
|
$
|
—
|
|
|
$
|
12,801
|
|
|
(0.47)
|
%
|
|
(0.47)
|
%
|
|
Total hotel
revenue
|
$
|
15,547
|
|
|
$
|
—
|
|
|
$
|
15,547
|
|
|
$
|
15,519
|
|
|
$
|
—
|
|
|
$
|
15,519
|
|
|
0.18
|
%
|
|
0.18
|
%
|
|
Hotel
EBITDA
|
$
|
5,777
|
|
|
$
|
—
|
|
|
$
|
5,777
|
|
|
$
|
5,682
|
|
|
$
|
—
|
|
|
$
|
5,682
|
|
|
1.67
|
%
|
|
1.67
|
%
|
|
Hotel EBITDA
margin
|
37.16
|
%
|
|
|
|
37.16
|
%
|
|
36.61
|
%
|
|
|
|
36.61
|
%
|
|
0.55
|
%
|
|
0.55
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
141.07
|
|
|
$
|
—
|
|
|
$
|
141.07
|
|
|
$
|
140.95
|
|
|
$
|
—
|
|
|
$
|
140.95
|
|
|
0.09
|
%
|
|
0.09
|
%
|
|
Occupancy
|
81.23
|
%
|
|
—
|
%
|
|
81.23
|
%
|
|
81.43
|
%
|
|
—
|
%
|
|
81.43
|
%
|
|
(0.25)
|
%
|
|
(0.25)
|
%
|
|
ADR
|
$
|
173.67
|
|
|
$
|
—
|
|
|
$
|
173.67
|
|
|
$
|
173.11
|
|
|
$
|
—
|
|
|
$
|
173.11
|
|
|
0.32
|
%
|
|
0.32
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLANO MARRIOTT
LEGACY TOWN CENTER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
10,324
|
|
|
$
|
—
|
|
|
$
|
10,324
|
|
|
$
|
10,518
|
|
|
$
|
—
|
|
|
$
|
10,518
|
|
|
(1.84)
|
%
|
|
(1.84)
|
%
|
|
Total hotel
revenue
|
$
|
17,437
|
|
|
$
|
—
|
|
|
$
|
17,437
|
|
|
$
|
17,033
|
|
|
$
|
—
|
|
|
$
|
17,033
|
|
|
2.37
|
%
|
|
2.37
|
%
|
|
Hotel
EBITDA
|
$
|
6,092
|
|
|
$
|
—
|
|
|
$
|
6,092
|
|
|
$
|
6,050
|
|
|
$
|
—
|
|
|
$
|
6,050
|
|
|
0.69
|
%
|
|
0.69
|
%
|
|
Hotel EBITDA
margin
|
34.94
|
%
|
|
|
|
34.94
|
%
|
|
35.52
|
%
|
|
|
|
35.52
|
%
|
|
(0.58)
|
%
|
|
(0.58)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
141.19
|
|
|
$
|
—
|
|
|
$
|
141.19
|
|
|
$
|
143.05
|
|
|
$
|
—
|
|
|
$
|
143.05
|
|
|
(1.30)
|
%
|
|
(1.30)
|
%
|
|
Occupancy
|
74.00
|
%
|
|
—
|
%
|
|
74.00
|
%
|
|
71.48
|
%
|
|
—
|
%
|
|
71.48
|
%
|
|
3.53
|
%
|
|
3.53
|
%
|
|
ADR
|
$
|
190.81
|
|
|
$
|
—
|
|
|
$
|
190.81
|
|
|
$
|
200.12
|
|
|
$
|
—
|
|
|
$
|
200.12
|
|
|
(4.65)
|
%
|
|
(4.65)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAN FRANCISCO
COURTYARD DOWNTOWN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
16,062
|
|
|
$
|
—
|
|
|
$
|
16,062
|
|
|
$
|
18,500
|
|
|
$
|
—
|
|
|
$
|
18,500
|
|
|
(13.18)
|
%
|
|
(13.18)
|
%
|
|
Total hotel
revenue
|
$
|
18,497
|
|
|
$
|
—
|
|
|
$
|
18,497
|
|
|
$
|
21,269
|
|
|
$
|
—
|
|
|
$
|
21,269
|
|
|
(13.03)
|
%
|
|
(13.03)
|
%
|
|
Hotel
EBITDA
|
$
|
6,021
|
|
|
$
|
—
|
|
|
$
|
6,021
|
|
|
$
|
6,996
|
|
|
$
|
—
|
|
|
$
|
6,996
|
|
|
(13.94)
|
%
|
|
(13.94)
|
%
|
|
Hotel EBITDA
margin
|
32.55
|
%
|
|
|
|
32.55
|
%
|
|
32.89
|
%
|
|
|
|
32.89
|
%
|
|
(0.34)
|
%
|
|
(0.34)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
218.55
|
|
|
$
|
—
|
|
|
$
|
218.55
|
|
|
$
|
250.98
|
|
|
$
|
—
|
|
|
$
|
250.98
|
|
|
(12.92)
|
%
|
|
(12.92)
|
%
|
|
Occupancy
|
80.52
|
%
|
|
—
|
%
|
|
80.52
|
%
|
|
88.08
|
%
|
|
—
|
%
|
|
88.08
|
%
|
|
(8.58)
|
%
|
|
(8.58)
|
%
|
|
ADR
|
$
|
271.44
|
|
|
$
|
—
|
|
|
$
|
271.44
|
|
|
$
|
284.93
|
|
|
$
|
—
|
|
|
$
|
284.93
|
|
|
(4.73)
|
%
|
|
(4.73)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEATTLE COURTYARD
DOWNTOWN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,969
|
|
|
$
|
(6,969)
|
|
|
$
|
—
|
|
|
(100.00)
|
%
|
|
—
|
%
|
|
Total hotel
revenue
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,995
|
|
|
$
|
(7,995)
|
|
|
$
|
—
|
|
|
(100.00)
|
%
|
|
—
|
%
|
|
Hotel
EBITDA
|
$
|
10
|
|
|
$
|
(10)
|
|
|
$
|
—
|
|
|
$
|
3,168
|
|
|
$
|
(3,168)
|
|
|
$
|
—
|
|
|
(99.68)
|
%
|
|
—
|
%
|
|
Hotel EBITDA
margin
|
—
|
%
|
|
|
|
—
|
%
|
|
39.62
|
%
|
|
|
|
—
|
%
|
|
(39.62)
|
%
|
|
—
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
153.16
|
|
|
$
|
(153.16)
|
|
|
$
|
—
|
|
|
(100.00)
|
%
|
|
—
|
%
|
|
Occupancy
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
83.73
|
%
|
|
(83.73)
|
%
|
|
—
|
%
|
|
(100.00)
|
%
|
|
—
|
%
|
|
ADR
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
182.92
|
|
|
$
|
(182.92)
|
|
|
$
|
—
|
|
|
(100.00)
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEATTLE MARRIOTT
WATERFRONT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
14,174
|
|
|
$
|
—
|
|
|
$
|
14,174
|
|
|
$
|
12,868
|
|
|
$
|
—
|
|
|
$
|
12,868
|
|
|
10.15
|
%
|
|
10.15
|
%
|
|
Total hotel
revenue
|
$
|
19,166
|
|
|
$
|
—
|
|
|
$
|
19,166
|
|
|
$
|
17,365
|
|
|
$
|
—
|
|
|
$
|
17,365
|
|
|
10.37
|
%
|
|
10.37
|
%
|
|
Hotel
EBITDA
|
$
|
7,489
|
|
|
$
|
—
|
|
|
$
|
7,489
|
|
|
$
|
6,681
|
|
|
$
|
—
|
|
|
$
|
6,681
|
|
|
12.09
|
%
|
|
12.09
|
%
|
|
Hotel EBITDA
margin
|
39.07
|
%
|
|
|
|
39.07
|
%
|
|
38.47
|
%
|
|
|
|
38.47
|
%
|
|
0.60
|
%
|
|
0.60
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
218.74
|
|
|
$
|
—
|
|
|
$
|
218.74
|
|
|
$
|
197.50
|
|
|
$
|
—
|
|
|
$
|
197.50
|
|
|
10.75
|
%
|
|
10.75
|
%
|
|
Occupancy
|
86.98
|
%
|
|
—
|
%
|
|
86.98
|
%
|
|
80.30
|
%
|
|
—
|
%
|
|
80.30
|
%
|
|
8.32
|
%
|
|
8.32
|
%
|
|
ADR
|
$
|
251.48
|
|
|
$
|
—
|
|
|
$
|
251.48
|
|
|
$
|
245.97
|
|
|
$
|
—
|
|
|
$
|
245.97
|
|
|
2.24
|
%
|
|
2.24
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ST. THOMAS
RITZ-CARLTON
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
17,072
|
|
|
$
|
—
|
|
|
$
|
17,072
|
|
|
$
|
16,449
|
|
|
$
|
—
|
|
|
$
|
16,449
|
|
|
3.79
|
%
|
|
3.79
|
%
|
|
Total hotel
revenue
|
$
|
29,771
|
|
|
$
|
—
|
|
|
$
|
29,771
|
|
|
$
|
29,590
|
|
|
$
|
—
|
|
|
$
|
29,590
|
|
|
0.61
|
%
|
|
0.61
|
%
|
|
Hotel
EBITDA
|
$
|
7,519
|
|
|
$
|
—
|
|
|
$
|
7,519
|
|
|
$
|
7,517
|
|
|
$
|
—
|
|
|
$
|
7,517
|
|
|
0.03
|
%
|
|
0.03
|
%
|
|
Hotel EBITDA
margin
|
25.26
|
%
|
|
|
|
25.26
|
%
|
|
25.40
|
%
|
|
|
|
25.40
|
%
|
|
(0.14)
|
%
|
|
(0.14)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
523.99
|
|
|
$
|
—
|
|
|
$
|
523.99
|
|
|
$
|
502.10
|
|
|
$
|
—
|
|
|
$
|
502.10
|
|
|
4.36
|
%
|
|
4.36
|
%
|
|
Occupancy
|
79.97
|
%
|
|
—
|
%
|
|
79.97
|
%
|
|
82.26
|
%
|
|
—
|
%
|
|
82.26
|
%
|
|
(2.78)
|
%
|
|
(2.78)
|
%
|
|
ADR
|
$
|
655.24
|
|
|
$
|
—
|
|
|
$
|
655.24
|
|
|
$
|
610.37
|
|
|
$
|
—
|
|
|
$
|
610.37
|
|
|
7.35
|
%
|
|
7.35
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAMPA
RENAISSANCE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
9,204
|
|
|
$
|
—
|
|
|
$
|
9,204
|
|
|
$
|
9,347
|
|
|
$
|
—
|
|
|
$
|
9,347
|
|
|
(1.53)
|
%
|
|
(1.53)
|
%
|
|
Total hotel
revenue
|
$
|
13,107
|
|
|
$
|
—
|
|
|
$
|
13,107
|
|
|
$
|
13,393
|
|
|
$
|
—
|
|
|
$
|
13,393
|
|
|
(2.14)
|
%
|
|
(2.14)
|
%
|
|
Hotel
EBITDA
|
$
|
3,980
|
|
|
$
|
—
|
|
|
$
|
3,980
|
|
|
$
|
4,190
|
|
|
$
|
—
|
|
|
$
|
4,190
|
|
|
(5.01)
|
%
|
|
(5.01)
|
%
|
|
Hotel EBITDA
margin
|
30.37
|
%
|
|
|
|
30.37
|
%
|
|
31.28
|
%
|
|
|
|
31.28
|
%
|
|
(0.91)
|
%
|
|
(0.91)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
173.56
|
|
|
$
|
—
|
|
|
$
|
173.56
|
|
|
$
|
175.28
|
|
|
$
|
—
|
|
|
$
|
175.28
|
|
|
(0.98)
|
%
|
|
(0.98)
|
%
|
|
Occupancy
|
83.29
|
%
|
|
—
|
%
|
|
83.29
|
%
|
|
84.87
|
%
|
|
—
|
%
|
|
84.87
|
%
|
|
(1.86)
|
%
|
|
(1.86)
|
%
|
|
ADR
|
$
|
208.37
|
|
|
$
|
—
|
|
|
$
|
208.37
|
|
|
$
|
206.53
|
|
|
$
|
—
|
|
|
$
|
206.53
|
|
|
0.89
|
%
|
|
0.89
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRIME PROPERTIES
TOTAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
146,867
|
|
|
$
|
13,507
|
|
|
$
|
160,374
|
|
|
$
|
148,834
|
|
|
$
|
10,310
|
|
|
$
|
159,144
|
|
|
(1.32)
|
%
|
|
0.77
|
%
|
|
Total hotel
revenue
|
$
|
213,311
|
|
|
$
|
23,086
|
|
|
$
|
236,397
|
|
|
$
|
212,159
|
|
|
$
|
21,915
|
|
|
$
|
234,074
|
|
|
0.54
|
%
|
|
0.99
|
%
|
|
Hotel
EBITDA
|
$
|
67,102
|
|
|
$
|
8,291
|
|
|
$
|
75,393
|
|
|
$
|
67,942
|
|
|
$
|
5,632
|
|
|
$
|
73,574
|
|
|
(1.24)
|
%
|
|
2.47
|
%
|
|
Hotel EBITDA
margin
|
31.46
|
%
|
|
|
|
31.89
|
%
|
|
32.02
|
%
|
|
|
|
31.43
|
%
|
|
(0.56)
|
%
|
|
0.46
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
212.35
|
|
|
$
|
491.16
|
|
|
$
|
223.01
|
|
|
$
|
206.93
|
|
|
$
|
2,832.54
|
|
|
$
|
220.15
|
|
|
2.62
|
%
|
|
1.30
|
%
|
|
Occupancy
|
81.35
|
%
|
|
80.63
|
%
|
|
81.33
|
%
|
|
82.12
|
%
|
|
120.11
|
%
|
|
81.10
|
%
|
|
(0.94)
|
%
|
|
0.28
|
%
|
|
ADR
|
$
|
261.03
|
|
|
$
|
609.13
|
|
|
$
|
274.22
|
|
|
$
|
251.98
|
|
|
$
|
(2,358.29)
|
|
|
$
|
271.45
|
|
|
3.59
|
%
|
|
1.02
|
%
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the thirteen hotel properties owned and
included in the Company's operations at June 30, 2017, were
owned as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotel properties acquired during the period offset by results from
hotel properties sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
|
Adjustments have been
made to the pre-aquisition results as indicated below:
|
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
(3)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
|
SELECTED FINANCIAL
AND OPERATING INFORMATION BY PROPERTY
|
(in thousands,
except operating information)
|
(unaudited)
|
|
|
TTM Ended June
30,
|
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
|
2017
|
|
2017
|
|
2017
|
CAPITAL HILTON
WASHINGTON D.C.
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
43,165
|
|
|
$
|
—
|
|
|
$
|
43,165
|
|
|
Total hotel
revenue
|
$
|
60,648
|
|
|
$
|
—
|
|
|
$
|
60,648
|
|
|
Hotel
EBITDA
|
$
|
18,577
|
|
|
$
|
—
|
|
|
$
|
18,577
|
|
|
Hotel EBITDA
margin
|
30.63
|
%
|
|
|
|
30.63
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
215.02
|
|
|
$
|
—
|
|
|
$
|
215.02
|
|
|
Occupancy
|
90.02
|
%
|
|
—
|
%
|
|
90.02
|
%
|
|
ADR
|
$
|
238.86
|
|
|
$
|
—
|
|
|
$
|
238.86
|
|
|
|
|
|
|
|
|
LA JOLLA HILTON
TORREY PINES
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
24,181
|
|
|
$
|
—
|
|
|
$
|
24,181
|
|
|
Total hotel
revenue
|
$
|
43,615
|
|
|
$
|
—
|
|
|
$
|
43,615
|
|
|
Hotel
EBITDA
|
$
|
14,520
|
|
|
$
|
—
|
|
|
$
|
14,520
|
|
|
Hotel EBITDA
margin
|
33.29
|
%
|
|
|
|
33.29
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
168.14
|
|
|
$
|
—
|
|
|
$
|
168.14
|
|
|
Occupancy
|
84.47
|
%
|
|
—
|
%
|
|
84.47
|
%
|
|
ADR
|
$
|
199.07
|
|
|
$
|
—
|
|
|
$
|
199.07
|
|
|
|
|
|
|
|
|
CHICAGO SOFITEL
MAGNIFICENT MILE
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
26,379
|
|
|
$
|
—
|
|
|
$
|
26,379
|
|
|
Total hotel
revenue
|
$
|
35,421
|
|
|
$
|
—
|
|
|
$
|
35,421
|
|
|
Hotel
EBITDA
|
$
|
7,252
|
|
|
$
|
—
|
|
|
$
|
7,252
|
|
|
Hotel EBITDA
margin
|
20.47
|
%
|
|
|
|
20.47
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
174.15
|
|
|
$
|
—
|
|
|
$
|
174.15
|
|
|
Occupancy
|
82.86
|
%
|
|
—
|
%
|
|
82.86
|
%
|
|
ADR
|
$
|
210.18
|
|
|
$
|
—
|
|
|
$
|
210.18
|
|
|
|
|
|
|
|
|
BARDESSONO HOTEL
AND SPA
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
14,339
|
|
|
$
|
—
|
|
|
$
|
14,339
|
|
|
Total hotel
revenue
|
$
|
19,019
|
|
|
$
|
—
|
|
|
$
|
19,019
|
|
|
Hotel
EBITDA
|
$
|
5,151
|
|
|
$
|
—
|
|
|
$
|
5,151
|
|
|
Hotel EBITDA
margin
|
27.08
|
%
|
|
|
|
27.08
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
633.64
|
|
|
$
|
—
|
|
|
$
|
633.64
|
|
|
Occupancy
|
83.28
|
%
|
|
—
|
%
|
|
83.28
|
%
|
|
ADR
|
$
|
760.87
|
|
|
$
|
—
|
|
|
$
|
760.87
|
|
|
|
|
|
|
|
|
KEY WEST PIER
HOUSE RESORT
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
18,686
|
|
|
$
|
—
|
|
|
$
|
18,686
|
|
|
Total hotel
revenue
|
$
|
23,705
|
|
|
$
|
—
|
|
|
$
|
23,705
|
|
|
Hotel
EBITDA
|
$
|
10,522
|
|
|
$
|
—
|
|
|
$
|
10,522
|
|
|
Hotel EBITDA
margin
|
44.39
|
%
|
|
|
|
44.39
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
360.51
|
|
|
$
|
—
|
|
|
$
|
360.51
|
|
|
Occupancy
|
86.38
|
%
|
|
—
|
%
|
|
86.38
|
%
|
|
ADR
|
$
|
417.38
|
|
|
$
|
—
|
|
|
$
|
417.38
|
|
|
|
|
|
|
|
|
HOTEL
YOUNTVILLE
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
1,982
|
|
|
$
|
11,218
|
|
|
$
|
13,200
|
|
|
Total hotel
revenue
|
$
|
2,355
|
|
|
$
|
13,385
|
|
|
$
|
15,740
|
|
|
Hotel
EBITDA
|
$
|
984
|
|
|
$
|
5,546
|
|
|
$
|
6,530
|
|
|
Hotel EBITDA
margin
|
41.78
|
%
|
|
|
|
41.49
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
485.76
|
|
|
$
|
446.52
|
|
|
$
|
452.01
|
|
|
Occupancy
|
77.33
|
%
|
|
82.37
|
%
|
|
81.67
|
%
|
|
ADR
|
$
|
628.17
|
|
|
$
|
542.08
|
|
|
$
|
553.47
|
|
|
|
|
|
|
|
|
PARK HYATT BEAVER
CREEK
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
1,717
|
|
|
$
|
17,485
|
|
|
$
|
19,202
|
|
|
Total hotel
revenue
|
$
|
4,946
|
|
|
$
|
36,351
|
|
|
$
|
41,297
|
|
|
Hotel
EBITDA
|
$
|
(447)
|
|
|
$
|
10,645
|
|
|
$
|
10,198
|
|
|
Hotel EBITDA
margin
|
(9.04)
|
%
|
|
|
|
24.69
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
99.29
|
|
|
$
|
335.88
|
|
|
$
|
276.89
|
|
|
Occupancy
|
43.91
|
%
|
|
69.52
|
%
|
|
63.14
|
%
|
|
ADR
|
$
|
226.13
|
|
|
$
|
483.11
|
|
|
$
|
438.55
|
|
|
|
|
|
|
|
|
PHILADELPHIA
COURTYARD DOWNTOWN
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
27,200
|
|
|
$
|
—
|
|
|
$
|
27,200
|
|
|
Total hotel
revenue
|
$
|
32,671
|
|
|
$
|
—
|
|
|
$
|
32,671
|
|
|
Hotel
EBITDA
|
$
|
12,651
|
|
|
$
|
—
|
|
|
$
|
12,651
|
|
|
Hotel EBITDA
margin
|
38.72
|
%
|
|
|
|
38.72
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
149.34
|
|
|
$
|
—
|
|
|
$
|
149.34
|
|
|
Occupancy
|
81.71
|
%
|
|
—
|
%
|
|
81.71
|
%
|
|
ADR
|
$
|
182.78
|
|
|
$
|
—
|
|
|
$
|
182.78
|
|
|
|
|
|
|
|
|
PLANO MARRIOTT
LEGACY TOWN CENTER
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
19,705
|
|
|
$
|
—
|
|
|
$
|
19,705
|
|
|
Total hotel
revenue
|
$
|
32,407
|
|
|
$
|
—
|
|
|
$
|
32,407
|
|
|
Hotel
EBITDA
|
$
|
11,063
|
|
|
$
|
—
|
|
|
$
|
11,063
|
|
|
Hotel EBITDA
margin
|
34.14
|
%
|
|
|
|
34.14
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
133.63
|
|
|
$
|
—
|
|
|
$
|
133.63
|
|
|
Occupancy
|
71.81
|
%
|
|
—
|
%
|
|
71.81
|
%
|
|
ADR
|
$
|
186.08
|
|
|
$
|
—
|
|
|
$
|
186.08
|
|
|
|
|
|
|
|
|
SAN FRANCISCO
COURTYARD DOWNTOWN
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
33,811
|
|
|
$
|
—
|
|
|
$
|
33,811
|
|
|
Total hotel
revenue
|
$
|
38,591
|
|
|
$
|
—
|
|
|
$
|
38,591
|
|
|
Hotel
EBITDA
|
$
|
11,815
|
|
|
$
|
—
|
|
|
$
|
11,815
|
|
|
Hotel EBITDA
margin
|
30.62
|
%
|
|
|
|
30.62
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
228.43
|
|
|
$
|
—
|
|
|
$
|
228.43
|
|
|
Occupancy
|
85.80
|
%
|
|
—
|
%
|
|
85.80
|
%
|
|
ADR
|
$
|
266.24
|
|
|
$
|
—
|
|
|
$
|
266.24
|
|
|
|
|
|
|
|
|
SEATTLE COURTYARD
DOWNTOWN
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Total hotel
revenue
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Hotel
EBITDA
|
$
|
6
|
|
|
$
|
(6)
|
|
|
$
|
—
|
|
|
Hotel EBITDA
margin
|
—
|
%
|
|
|
|
—
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Occupancy
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
ADR
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
SEATTLE MARRIOTT
WATERFRONT
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
30,053
|
|
|
$
|
—
|
|
|
$
|
30,053
|
|
|
Total hotel
revenue
|
$
|
39,450
|
|
|
$
|
—
|
|
|
$
|
39,450
|
|
|
Hotel
EBITDA
|
$
|
15,923
|
|
|
$
|
—
|
|
|
$
|
15,923
|
|
|
Hotel EBITDA
margin
|
40.36
|
%
|
|
|
|
40.36
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
229.99
|
|
|
$
|
—
|
|
|
$
|
229.99
|
|
|
Occupancy
|
86.40
|
%
|
|
—
|
%
|
|
86.40
|
%
|
|
ADR
|
$
|
266.21
|
|
|
$
|
—
|
|
|
$
|
266.21
|
|
|
|
|
|
|
|
|
ST. THOMAS
RITZ-CARLTON
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
28,418
|
|
|
$
|
—
|
|
|
$
|
28,418
|
|
|
Total hotel
revenue
|
$
|
50,458
|
|
|
$
|
—
|
|
|
$
|
50,458
|
|
|
Hotel
EBITDA
|
$
|
8,814
|
|
|
$
|
—
|
|
|
$
|
8,814
|
|
|
Hotel EBITDA
margin
|
17.47
|
%
|
|
|
|
17.47
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
432.54
|
|
|
$
|
—
|
|
|
$
|
432.54
|
|
|
Occupancy
|
77.31
|
%
|
|
—
|
%
|
|
77.31
|
%
|
|
ADR
|
$
|
559.48
|
|
|
$
|
—
|
|
|
$
|
559.48
|
|
|
|
|
|
|
|
|
TAMPA
RENAISSANCE
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
16,241
|
|
|
$
|
—
|
|
|
$
|
16,241
|
|
|
Total hotel
revenue
|
$
|
23,595
|
|
|
$
|
—
|
|
|
$
|
23,595
|
|
|
Hotel
EBITDA
|
$
|
6,568
|
|
|
$
|
—
|
|
|
$
|
6,568
|
|
|
Hotel EBITDA
margin
|
27.84
|
%
|
|
|
|
27.84
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
151.88
|
|
|
$
|
—
|
|
|
$
|
151.88
|
|
|
Occupancy
|
80.43
|
%
|
|
—
|
%
|
|
80.43
|
%
|
|
ADR
|
$
|
188.84
|
|
|
$
|
—
|
|
|
$
|
188.84
|
|
|
|
|
|
|
|
|
PRIME PROPERTIES
TOTAL
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
285,877
|
|
|
$
|
28,703
|
|
|
$
|
314,580
|
|
|
Total hotel
revenue
|
$
|
406,881
|
|
|
$
|
49,736
|
|
|
$
|
456,617
|
|
|
Hotel
EBITDA
|
$
|
123,399
|
|
|
$
|
16,185
|
|
|
$
|
139,584
|
|
|
Hotel EBITDA
margin
|
30.33
|
%
|
|
|
|
30.57
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
208.25
|
|
|
$
|
371.89
|
|
|
$
|
216.96
|
|
|
Occupancy
|
82.57
|
%
|
|
73.71
|
%
|
|
82.09
|
%
|
|
ADR
|
$
|
252.22
|
|
|
$
|
504.56
|
|
|
$
|
264.28
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the thirteen hotel properties owned and
included in the Company's operations at June 30, 2017, were
owned as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotel properties acquired during the period offset by results from
hotel properties sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
|
Adjustments have been
made to the pre-aquisition results as indicated below:
|
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
(3)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
|
HOTEL REVENUE
& EBITDA FOR TRAILING TWELVE MONTHS
|
(dollars in
thousands)
|
(unaudited)
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2nd
Quarter
|
|
2nd
Quarter
|
|
2nd
Quarter
|
|
1st
Quarter
|
|
1st
Quarter
|
|
1st
Quarter
|
|
4th
Quarter
|
|
4th
Quarter
|
|
4th
Quarter
|
|
3rd
Quarter
|
|
3rd
Quarter
|
|
3rd
Quarter
|
Total Hotel
Revenue
|
$
|
116,055
|
|
|
$
|
1,571
|
|
|
$
|
117,626
|
|
|
$
|
97,256
|
|
|
$
|
21,515
|
|
|
$
|
118,771
|
|
|
$
|
93,952
|
|
|
$
|
12,797
|
|
|
$
|
106,749
|
|
|
$
|
99,618
|
|
|
$
|
13,853
|
|
|
$
|
113,471
|
|
Hotel
EBITDA
|
$
|
38,371
|
|
|
$
|
562
|
|
|
$
|
38,933
|
|
|
$
|
28,731
|
|
|
$
|
7,729
|
|
|
$
|
36,460
|
|
|
$
|
26,326
|
|
|
$
|
3,333
|
|
|
$
|
29,659
|
|
|
$
|
29,971
|
|
|
$
|
4,561
|
|
|
$
|
34,532
|
|
Hotel EBITDA
Margin
|
33.06
|
%
|
|
|
|
33.10
|
%
|
|
29.54
|
%
|
|
|
|
30.70
|
%
|
|
28.02
|
%
|
|
|
|
27.78
|
%
|
|
30.09
|
%
|
|
|
|
30.43
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of Total
TTM
|
31.1
|
%
|
|
|
|
28.0
|
%
|
|
23.3
|
%
|
|
|
|
26.1
|
%
|
|
21.3
|
%
|
|
|
|
21.2
|
%
|
|
24.3
|
%
|
|
|
|
24.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV Interests in
EBITDA
|
$
|
2,642
|
|
|
$
|
—
|
|
|
$
|
2,642
|
|
|
$
|
2,223
|
|
|
$
|
—
|
|
|
$
|
2,223
|
|
|
$
|
1,722
|
|
|
$
|
—
|
|
|
$
|
1,722
|
|
|
$
|
1,688
|
|
|
$
|
—
|
|
|
$
|
1,688
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
2017
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TTM
|
|
TTM
|
|
TTM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Hotel
Revenue
|
$
|
406,881
|
|
|
$
|
49,736
|
|
|
$
|
456,617
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
|
123,399
|
|
|
$
|
16,185
|
|
|
$
|
139,584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
Margin
|
30.33
|
%
|
|
|
|
30.57
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of Total
TTM
|
100.0
|
%
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV Interests in
EBITDA
|
$
|
8,275
|
|
|
$
|
—
|
|
|
$
|
8,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the thirteen hotel properties owned and
included in the Company's operations at June 30, 2017, were
owned as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotel properties acquired during the period offset by results from
hotel properties sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
|
Adjustments have been
made to the pre-aquisition results as indicated below:
|
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
(3)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
|
TOTAL ENTERPRISE
VALUE
|
JUNE 30,
2017
|
(in thousands,
except share price)
|
(unaudited)
|
|
|
June 30,
2017
|
End of quarter common
shares outstanding
|
31,953
|
|
Partnership units
outstanding (common stock equivalents)
|
5,367
|
|
Combined common
shares and partnership units outstanding
|
37,320
|
|
Common stock price at
quarter end
|
$
|
10.29
|
|
Market
capitalization at quarter end
|
$
|
384,023
|
|
Series B convertible
preferred stock
|
$
|
124,146
|
|
Debt on balance sheet
date
|
$
|
915,006
|
|
Joint venture
partner's share of consolidated debt
|
$
|
(47,852)
|
|
Net working capital
(see below)
|
$
|
(133,617)
|
|
Total enterprise
value (TEV)
|
$
|
1,241,706
|
|
|
|
Ashford Inc.
Investment:
|
|
Common stock owned at
end of quarter
|
195
|
|
Common stock price at
quarter end
|
$
|
50.98
|
|
Market value of
Ashford Inc. investment
|
$
|
9,935
|
|
|
|
Cash and cash
equivalents
|
$
|
123,668
|
|
Restricted
cash
|
$
|
32,783
|
|
Accounts receivable,
net
|
$
|
17,176
|
|
Prepaid
expenses
|
$
|
5,482
|
|
Due from affiliates,
net
|
$
|
(3,569)
|
|
Due from third-party
hotel managers, net
|
$
|
5,860
|
|
Market value of
Ashford Inc. investment
|
$
|
9,935
|
|
Total current
assets
|
$
|
191,335
|
|
|
|
Accounts
payable and accrued expenses
|
$
|
49,362
|
|
Dividends and distributions
payable
|
$
|
8,356
|
|
Total current
liabilities
|
$
|
57,718
|
|
|
|
Net working
capital*
|
$
|
133,617
|
|
|
* Includes the
Company's pro rata share of net working capital in joint
ventures.
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
|
ANTICIPATED
CAPITAL EXPENDITURES CALENDAR (a)
|
|
|
|
|
2017
|
|
Rooms
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
|
|
Actual
|
Actual
|
Estimated
|
Estimated
|
Philadelphia
Courtyard Downtown
|
499
|
|
x
|
|
|
|
San Francisco
Courtyard Downtown
|
405
|
|
x
|
x
|
x
|
x
|
Capital Hilton
Washington D.C.
|
550
|
|
|
|
|
x
|
Plano Marriott
Legacy Town Center
|
404
|
|
x
|
x
|
|
x
|
Key West Pier
House Resort
|
142
|
|
|
|
x
|
x
|
Chicago Sofitel
Magnificent Mile
|
415
|
|
x
|
|
|
x
|
(a) Only hotels which
have had or are expected to have significant capital expenditures
that could result in displacement in 2017 are included in this
table.
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
June 30,
2017
|
|
2nd
Quarter
|
|
1st
Quarter
|
|
4th
Quarter
|
|
3rd
Quarter
|
|
TTM
|
Net income
(loss)
|
$
|
21,607
|
|
|
$
|
14,951
|
|
|
$
|
12,615
|
|
|
$
|
42,999
|
|
|
$
|
92,172
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(1,825)
|
|
|
(1,444)
|
|
|
(971)
|
|
|
(965)
|
|
|
(5,205)
|
|
Net income (loss)
attributable to the Company
|
19,782
|
|
|
13,507
|
|
|
11,644
|
|
|
42,034
|
|
|
86,967
|
|
Non-property
adjustments
|
—
|
|
|
—
|
|
|
1
|
|
|
(26,358)
|
|
|
(26,357)
|
|
Interest
income
|
(10)
|
|
|
(10)
|
|
|
(10)
|
|
|
(9)
|
|
|
(39)
|
|
Interest
expense
|
2,204
|
|
|
1,280
|
|
|
1,672
|
|
|
1,655
|
|
|
6,811
|
|
Amortization of loan
costs
|
271
|
|
|
130
|
|
|
135
|
|
|
133
|
|
|
669
|
|
Depreciation and
amortization
|
13,468
|
|
|
11,851
|
|
|
11,555
|
|
|
11,175
|
|
|
48,049
|
|
Income tax expense
(benefit)
|
366
|
|
|
133
|
|
|
(21)
|
|
|
53
|
|
|
531
|
|
Non-hotel EBITDA
ownership expense
|
465
|
|
|
396
|
|
|
379
|
|
|
323
|
|
|
1,563
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interest
|
1,825
|
|
|
1,444
|
|
|
971
|
|
|
965
|
|
|
5,205
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
38,371
|
|
|
28,731
|
|
|
26,326
|
|
|
29,971
|
|
|
123,399
|
|
Non-comparable
adjustments
|
562
|
|
|
7,729
|
|
|
3,333
|
|
|
4,561
|
|
|
16,185
|
|
Comparable hotel
EBITDA
|
$
|
38,933
|
|
|
$
|
36,460
|
|
|
$
|
29,659
|
|
|
$
|
34,532
|
|
|
$
|
139,584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
1
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2017
|
|
Capital
Hilton
Washington
D.C.
|
|
La Jolla
Hilton
Torrey
Pines
|
|
Chicago
Sofitel
Magnificent
Mile
|
|
Bardessono
Hotel & Spa
|
|
Key West
Pier House
Resort
|
|
Hotel
Yountville
|
|
Park Hyatt
Beaver
Creek
|
|
Philadelphia
Courtyard
Downtown
|
|
Plano
Marriott
Legacy
Town Center
|
|
San
Francisco
Courtyard
Downtown
|
|
Seattle
Courtyard
Downtown
|
|
Seattle
Marriott
Waterfront
|
|
St. Thomas
Ritz-
Carlton
|
|
Tampa
Renaissance
|
|
Hotel
Total
|
|
Corporate
/ Allocated
|
|
Ashford
Hospitality
Prime, Inc.
|
Net income
(loss)
|
$
4,433
|
|
$
2,643
|
|
$
1,416
|
|
$
785
|
|
$
1,995
|
|
$
297
|
|
$
(2,032)
|
|
$
2,548
|
|
$
1,792
|
|
$
1,605
|
|
$
10
|
|
$
3,895
|
|
$
1,435
|
|
$
785
|
|
$
21,607
|
|
$
(21,221)
|
|
$
386
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(1,141)
|
|
(684)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,825)
|
|
211
|
|
(1,614)
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
344
|
|
344
|
Net income (loss)
attributable to the Company
|
3,292
|
|
1,959
|
|
1,416
|
|
785
|
|
1,995
|
|
297
|
|
(2,032)
|
|
2,548
|
|
1,792
|
|
1,605
|
|
10
|
|
3,895
|
|
1,435
|
|
785
|
|
19,782
|
|
(20,666)
|
|
(884)
|
Non-property
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Interest
income
|
(4)
|
|
(1)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1)
|
|
—
|
|
(3)
|
|
(1)
|
|
—
|
|
(10)
|
|
(155)
|
|
(165)
|
Interest
expense
|
—
|
|
—
|
|
669
|
|
—
|
|
—
|
|
258
|
|
644
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
633
|
|
—
|
|
2,204
|
|
6,378
|
|
8,582
|
Amortization of loan
cost
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
11
|
|
128
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
132
|
|
—
|
|
271
|
|
1,078
|
|
1,349
|
Depreciation and
amortization
|
1,582
|
|
1,509
|
|
1,123
|
|
627
|
|
713
|
|
365
|
|
812
|
|
1,519
|
|
1,241
|
|
1,141
|
|
—
|
|
1,013
|
|
885
|
|
938
|
|
13,468
|
|
1
|
|
13,469
|
Income tax expense
(benefit)
|
184
|
|
154
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5
|
|
—
|
|
—
|
|
—
|
|
—
|
|
23
|
|
—
|
|
366
|
|
113
|
|
479
|
Non-hotel EBITDA
ownership expense
|
53
|
|
13
|
|
7
|
|
159
|
|
7
|
|
53
|
|
1
|
|
122
|
|
3
|
|
38
|
|
—
|
|
17
|
|
3
|
|
(11)
|
|
465
|
|
(465)
|
|
—
|
Income (loss) from
consolidated entities attributable to noncontrolling
interest
|
1,141
|
|
684
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,825
|
|
(1,825)
|
|
—
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
6,248
|
|
4,318
|
|
3,215
|
|
1,571
|
|
2,715
|
|
984
|
|
(447)
|
|
4,194
|
|
3,036
|
|
2,783
|
|
10
|
|
4,922
|
|
3,110
|
|
1,712
|
|
38,371
|
|
(15,541)
|
|
22,830
|
Less: EBITDA
adjustments attributable to noncontrolling interest
|
(421)
|
|
(396)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(817)
|
|
(451)
|
|
(1,268)
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(1,141)
|
|
(684)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,825)
|
|
1,825
|
|
—
|
Net income (loss)
attributable to redeemable
noncontrolling interests in operating partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(344)
|
|
(344)
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
4,686
|
|
$
3,238
|
|
$
3,215
|
|
$
1,571
|
|
$
2,715
|
|
$
984
|
|
$
(447)
|
|
$
4,194
|
|
$
3,036
|
|
$
2,783
|
|
$
10
|
|
$
4,922
|
|
$
3,110
|
|
$
1,712
|
|
$
35,729
|
|
$
(14,511)
|
|
$
21,218
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
572
|
|
|
|
—
|
|
—
|
|
—
|
|
(10)
|
|
—
|
|
—
|
|
—
|
|
562
|
|
|
|
|
Comparable hotel
EBITDA
|
$
6,248
|
|
$
4,318
|
|
$
3,215
|
|
$
1,571
|
|
$
2,715
|
|
$
1,556
|
|
$
(447)
|
|
$
4,194
|
|
$
3,036
|
|
$
2,783
|
|
$
—
|
|
$
4,922
|
|
$
3,110
|
|
$
1,712
|
|
$
38,933
|
|
|
|
|
ALL HOTELS NOT
UNDER RENOVATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
$
6,248
|
|
$
4,318
|
|
$
3,215
|
|
$
1,571
|
|
$
2,715
|
|
$
984
|
|
$
(447)
|
|
$
4,194
|
|
$
—
|
|
$
—
|
|
$
10
|
|
$
4,922
|
|
$
3,110
|
|
$
1,712
|
|
$
32,552
|
|
|
|
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
572
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(10)
|
|
—
|
|
—
|
|
—
|
|
562
|
|
|
|
|
Comparable hotel
EBITDA
|
$
6,248
|
|
$
4,318
|
|
$
3,215
|
|
$
1,571
|
|
$
2,715
|
|
$
1,556
|
|
$
(447)
|
|
$
4,194
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
4,922
|
|
$
3,110
|
|
$
1,712
|
|
$
33,114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTEL EBITDA BY
LOAN POOL
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GACC Sofitel - 1
hotel
|
$
—
|
|
$
—
|
|
$
3,215
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
3,215
|
|
|
|
|
Credit Agricole Pier
House - 1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
2,715
|
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,715
|
|
|
|
|
Column Financial
Bardessono - 1 hotel
|
—
|
|
—
|
|
—
|
|
1,571
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,571
|
|
|
|
|
BAML Hotel Yountville
- 1 hotel
|
|
|
|
|
|
|
|
|
|
|
1,556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,556
|
|
|
|
|
Apollo Ritz-Carlton
St Thomas - 1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3,110
|
|
—
|
|
3,110
|
|
|
|
|
Aareal - 2
hotels
|
6,248
|
|
4,318
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
10,566
|
|
|
|
|
Morgan Stanley Pool
-5 hotels
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4,194
|
|
3,036
|
|
2,783
|
|
—
|
|
4,922
|
|
—
|
|
1,712
|
|
16,647
|
|
|
|
|
JP Morgan Park Hyatt
Beaver Creek -1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(447)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(447)
|
|
|
|
|
Total
|
$
6,248
|
|
$
4,318
|
|
$
3,215
|
|
$
1,571
|
|
$
2,715
|
|
$
1,556
|
|
$
(447)
|
|
$
4,194
|
|
$
3,036
|
|
$
2,783
|
|
—
|
|
$
4,922
|
|
$
3,110
|
|
$
1,712
|
|
$
38,933
|
|
|
|
|
|
NOTES:
|
(1) The above
comparable information assumes the thirteen hotel properties owned
and included in the Company's operations at June 30, 2017, were
owned as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotel properties acquired during the period offset by results from
hotel properties sold during the period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) All
pre-acquisition information was obtained from the prior owner. The
Company performed a limited review of the information as part of
its analysis of the acquisition.
|
Adjustments have been
made to the pre-aquisition results as indicated below:
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
(3) Excluded Hotels
Under Renovation:
|
Plano Marriott Legacy
Town Center, San Francisco Courtyard Downtown
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
1
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2017
|
|
Capital
Hilton
Washington
D.C.
|
|
La Jolla
Hilton
Torrey
Pines
|
|
Chicago
Sofitel
Magnificent
Mile
|
|
Bardessono
Hotel & Spa
|
|
Key West
Pier House
Resort
|
|
Hotel
Yountville
|
|
Park Hyatt
Beaver
Creek
|
|
Philadelphia
Courtyard
Downtown
|
|
Plano
Marriott
Legacy
Town Center
|
|
San
Francisco
Courtyard
Downtown
|
|
Seattle
Courtyard
Downtown
|
|
Seattle
Marriott
Waterfront
|
|
St. Thomas
Ritz-
Carlton
|
|
Tampa
Renaissance
|
|
Hotel
Total
|
|
Corporate
/ Allocated
|
|
Ashford
Hospitality
Prime, Inc.
|
Net income
(loss)
|
$
3,286
|
|
$
2,265
|
|
$
(2,768)
|
|
$
(547)
|
|
$
2,963
|
|
$
—
|
|
$
(7)
|
|
$
10
|
|
$
1,867
|
|
$
2,217
|
|
$
—
|
|
$
1,570
|
|
$
2,749
|
|
$
1,346
|
|
$
14,951
|
|
$
(15,240)
|
|
$
(289)
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(854)
|
|
(590)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,444)
|
|
1,465
|
|
21
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
255
|
|
255
|
Net income (loss)
attributable to the Company
|
2,432
|
|
1,675
|
|
(2,768)
|
|
(547)
|
|
2,963
|
|
—
|
|
(7)
|
|
10
|
|
1,867
|
|
2,217
|
|
—
|
|
1,570
|
|
2,749
|
|
1,346
|
|
13,507
|
|
(13,520)
|
|
(13)
|
Non-property
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Interest
income
|
(2)
|
|
(1)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(3)
|
|
—
|
|
(3)
|
|
(1)
|
|
—
|
|
(10)
|
|
(102)
|
|
(112)
|
Interest
expense
|
—
|
|
—
|
|
617
|
|
—
|
|
—
|
|
—
|
|
7
|
|
54
|
|
—
|
|
—
|
|
—
|
|
—
|
|
602
|
|
—
|
|
1,280
|
|
5,873
|
|
7,153
|
Amortization of loan
cost
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
130
|
|
—
|
|
130
|
|
919
|
|
1,049
|
Depreciation and
amortization
|
1,588
|
|
1,518
|
|
972
|
|
618
|
|
689
|
|
—
|
|
—
|
|
1,507
|
|
1,188
|
|
989
|
|
—
|
|
994
|
|
855
|
|
933
|
|
11,851
|
|
120
|
|
11,971
|
Income tax expense
(benefit)
|
—
|
|
94
|
|
(1)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2
|
|
(1)
|
|
—
|
|
—
|
|
—
|
|
39
|
|
—
|
|
133
|
|
(611)
|
|
(478)
|
Non-hotel EBITDA
ownership expense
|
133
|
|
11
|
|
4
|
|
162
|
|
10
|
|
—
|
|
—
|
|
10
|
|
2
|
|
35
|
|
—
|
|
6
|
|
34
|
|
(11)
|
|
396
|
|
(396)
|
|
—
|
Income (loss) from
consolidated entities attributable to noncontrolling
interest
|
854
|
|
590
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,444
|
|
(1,444)
|
|
—
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
5,005
|
|
3,887
|
|
(1,176)
|
|
233
|
|
3,662
|
|
—
|
|
—
|
|
1,583
|
|
3,056
|
|
3,238
|
|
—
|
|
2,567
|
|
4,408
|
|
2,268
|
|
28,731
|
|
(9,161)
|
|
19,570
|
Less: EBITDA
adjustments attributable to noncontrolling interest
|
(397)
|
|
(382)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(779)
|
|
(402)
|
|
(1,181)
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(854)
|
|
(590)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,444)
|
|
1,444
|
|
—
|
Net income (loss)
attributable to redeemable
noncontrolling interests in operating partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(255)
|
|
(255)
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
3,754
|
|
$
2,915
|
|
$
(1,176)
|
|
$
233
|
|
$
3,662
|
|
$
—
|
|
$
—
|
|
$
1,583
|
|
$
3,056
|
|
$
3,238
|
|
$
—
|
|
$
2,567
|
|
$
4,408
|
|
$
2,268
|
|
$
26,508
|
|
$
(8,374)
|
|
$
18,134
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
661
|
|
7,068
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
7,729
|
|
|
|
|
Comparable hotel
EBITDA
|
$
5,005
|
|
$
3,887
|
|
$
(1,176)
|
|
$
233
|
|
$
3,662
|
|
$
661
|
|
$
7,068
|
|
$
1,583
|
|
$
3,056
|
|
$
3,238
|
|
$
—
|
|
$
2,567
|
|
$
4,408
|
|
$
2,268
|
|
$
36,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTEL EBITDA BY
LOAN POOL
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GACC Sofitel - 1
hotel
|
$
—
|
|
$
—
|
|
$
(1,176)
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(1,176)
|
|
|
|
|
Credit Agricole Pier
House - 1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
3,662
|
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3,662
|
|
|
|
|
Column Financial
Bardessono - 1 hotel
|
—
|
|
—
|
|
—
|
|
233
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
233
|
|
|
|
|
BAML Hotel Yountville
- 1 hotel
|
|
|
|
|
|
|
|
|
|
|
661
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
661
|
|
|
|
|
Apollo Ritz-Carlton
St Thomas - 1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4,408
|
|
—
|
|
4,408
|
|
|
|
|
Aareal - 2
hotels
|
5,005
|
|
3,887
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
8,892
|
|
|
|
|
Morgan Stanley Pool
-5 hotels
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,583
|
|
3,056
|
|
3,238
|
|
—
|
|
2,567
|
|
—
|
|
2,268
|
|
12,712
|
|
|
|
|
JP Morgan Park Hyatt
Beaver Creek -1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
7,068
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
7,068
|
|
|
|
|
Total
|
$
5,005
|
|
$
3,887
|
|
$
(1,176)
|
|
$
233
|
|
$
3,662
|
|
$
661
|
|
$
7,068
|
|
$
1,583
|
|
$
3,056
|
|
$
3,238
|
|
$
—
|
|
$
2,567
|
|
$
4,408
|
|
$
2,268
|
|
$
36,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
(1) The above
comparable information assumes the thirteen hotel properties owned
and included in the Company's operations at June 30, 2017, were
owned as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotel properties acquired during the period offset by results from
hotel properties sold during the period.
|
(2) All
pre-acquisition information was obtained from the prior owner. The
Company performed a limited review of the information as part of
its analysis of the acquisition. Adjustments have been made to the
pre-aquisition results as indicated below:
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
1
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2016
|
|
Capital
Hilton
Washington
D.C.
|
|
La Jolla
Hilton
Torrey
Pines
|
|
Chicago
Sofitel
Magnificent
Mile
|
|
Bardessono
Hotel & Spa
|
|
Key West
Pier House
Resort
|
|
Hotel
Yountville
|
|
Park Hyatt
Beaver
Creek
|
|
Philadelphia
Courtyard
Downtown
|
|
Plano
Marriott
Legacy
Town Center
|
|
San
Francisco
Courtyard
Downtown
|
|
Seattle
Courtyard
Downtown
|
|
Seattle
Marriott
Waterfront
|
|
St. Thomas
Ritz-
Carlton
|
|
Tampa
Renaissance
|
|
Hotel
Total
|
|
Corporate
/ Allocated
|
|
Ashford
Hospitality
Prime, Inc.
|
Net income
(loss)
|
$
2,448
|
|
$
1,204
|
|
$
586
|
|
$
663
|
|
$
1,781
|
|
$
—
|
|
$
—
|
|
$
818
|
|
$
1,533
|
|
$
1,160
|
|
$
—
|
|
$
2,078
|
|
$
(353)
|
|
$
697
|
|
$
12,615
|
|
$
(11,770)
|
|
$
845
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(645)
|
|
(326)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(971)
|
|
435
|
|
(536)
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
95
|
|
95
|
Net income (loss)
attributable to the Company
|
1,803
|
|
878
|
|
586
|
|
663
|
|
1,781
|
|
—
|
|
—
|
|
818
|
|
1,533
|
|
1,160
|
|
—
|
|
2,078
|
|
(353)
|
|
697
|
|
11,644
|
|
(11,240)
|
|
404
|
Non-property
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
—
|
|
1
|
|
(1)
|
|
—
|
Interest
income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1)
|
|
(1)
|
|
(4)
|
|
—
|
|
(3)
|
|
(1)
|
|
—
|
|
(10)
|
|
(25)
|
|
(35)
|
Interest
expense
|
—
|
|
—
|
|
586
|
|
—
|
|
—
|
|
—
|
|
—
|
|
496
|
|
—
|
|
—
|
|
—
|
|
—
|
|
590
|
|
—
|
|
1,672
|
|
7,380
|
|
9,052
|
Amortization of loan
cost
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
8
|
|
—
|
|
—
|
|
—
|
|
—
|
|
127
|
|
—
|
|
135
|
|
628
|
|
763
|
Depreciation and
amortization
|
1,582
|
|
1,512
|
|
951
|
|
610
|
|
687
|
|
—
|
|
—
|
|
1,470
|
|
1,174
|
|
825
|
|
—
|
|
964
|
|
831
|
|
949
|
|
11,555
|
|
—
|
|
11,555
|
Income tax expense
(benefit)
|
29
|
|
(32)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(16)
|
|
—
|
|
(21)
|
|
573
|
|
552
|
Non-hotel EBITDA
ownership expense
|
37
|
|
106
|
|
64
|
|
158
|
|
1
|
|
—
|
|
—
|
|
5
|
|
(8)
|
|
6
|
|
—
|
|
9
|
|
10
|
|
(9)
|
|
379
|
|
(379)
|
|
—
|
Income (loss) from
consolidated entities attributable to noncontrolling
interest
|
645
|
|
326
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
971
|
|
(971)
|
|
—
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
4,096
|
|
2,790
|
|
2,187
|
|
1,431
|
|
2,469
|
|
—
|
|
—
|
|
2,794
|
|
2,698
|
|
1,987
|
|
—
|
|
3,048
|
|
1,189
|
|
1,637
|
|
26,326
|
|
(4,035)
|
|
22,291
|
Less: EBITDA
adjustments attributable to noncontrolling interest
|
(379)
|
|
(372)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(751)
|
|
(388)
|
|
(1,139)
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(645)
|
|
(326)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(971)
|
|
971
|
|
—
|
Net income (loss)
attributable to redeemable
noncontrolling interests in operating partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(95)
|
|
(95)
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
3,072
|
|
$
2,092
|
|
$
2,187
|
|
$
1,431
|
|
$
2,469
|
|
$
—
|
|
$
—
|
|
$
2,794
|
|
$
2,698
|
|
$
1,987
|
|
$
—
|
|
$
3,048
|
|
$
1,189
|
|
$
1,637
|
|
$
24,604
|
|
$
(3,547)
|
|
$
21,057
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,567
|
|
1,766
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3,333
|
|
|
|
|
Comparable hotel
EBITDA
|
$
4,096
|
|
$
2,790
|
|
$
2,187
|
|
$
1,431
|
|
$
2,469
|
|
$
1,567
|
|
$
1,766
|
|
$
2,794
|
|
$
2,698
|
|
$
1,987
|
|
$
—
|
|
$
3,048
|
|
$
1,189
|
|
$
1,637
|
|
$
29,659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTEL EBITDA BY
LOAN POOL
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GACC Sofitel - 1
hotel
|
$
—
|
|
$
—
|
|
$
2,187
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
2,187
|
|
|
|
|
Credit Agricole Pier
House - 1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
2,469
|
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,469
|
|
|
|
|
Column Financial
Bardessono - 1 hotel
|
—
|
|
—
|
|
—
|
|
1,431
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,431
|
|
|
|
|
BAML Hotel Yountville
- 1 hotel
|
|
|
|
|
|
|
|
|
|
|
1,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,567
|
|
|
|
|
Apollo Ritz-Carlton
St Thomas - 1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,189
|
|
—
|
|
1,189
|
|
|
|
|
Aareal - 2
hotels
|
4,096
|
|
2,790
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6,886
|
|
|
|
|
Morgan Stanley Pool
-5 hotels
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,794
|
|
2,698
|
|
1,987
|
|
—
|
|
3,048
|
|
—
|
|
1,637
|
|
12,164
|
|
|
|
|
JP Morgan Park Hyatt
Beaver Creek -1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,766
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,766
|
|
|
|
|
Total
|
$
4,096
|
|
$
2,790
|
|
$
2,187
|
|
$
1,431
|
|
$
2,469
|
|
$
1,567
|
|
$
1,766
|
|
$
2,794
|
|
$
2,698
|
|
$
1,987
|
|
$
—
|
|
$
3,048
|
|
$
1,189
|
|
$
1,637
|
|
$
29,659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
(1) The above
comparable information assumes the thirteen hotel properties owned
and included in the Company's operations at June 30, 2017, were
owned as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotel properties acquired during the period offset by results from
hotel properties sold during the period.
|
(2) All
pre-acquisition information was obtained from the prior owner. The
Company performed a limited review of the information as part of
its analysis of the acquisition.
|
Adjustments have been
made to the pre-aquisition results as indicated below:
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
1
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2016
|
|
Capital
Hilton
Washington
D.C.
|
|
La Jolla
Hilton
Torrey
Pines
|
|
Chicago
Sofitel
Magnificent
Mile
|
|
Bardessono
Hotel & Spa
|
|
Key West
Pier House
Resort
|
|
Hotel
Yountville
|
|
Park Hyatt
Beaver
Creek
|
|
Philadelphia
Courtyard
Downtown
|
|
Plano
Marriott
Legacy
Town Center
|
|
San
Francisco
Courtyard
Downtown
|
|
Seattle
Courtyard
Downtown
|
|
Seattle
Marriott
Waterfront
|
|
St. Thomas
Ritz-
Carlton
|
|
Tampa
Renaissance
|
|
Hotel
Total
|
|
Corporate
/ Allocated
|
|
Ashford
Hospitality
Prime, Inc.
|
Net income
(loss)
|
$
1,697
|
|
$
1,937
|
|
$
1,515
|
|
$
1,137
|
|
$
987
|
|
$
—
|
|
$
—
|
|
$
2,090
|
|
$
1,211
|
|
$
3,114
|
|
$
26,356
|
|
$
4,426
|
|
$
(1,488)
|
|
$
17
|
|
$
42,999
|
|
$
(21,677)
|
|
$
21,322
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(457)
|
|
(508)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(965)
|
|
(1,539)
|
|
(2,504)
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,960)
|
|
(1,960)
|
Net income (loss)
attributable to the Company
|
1,240
|
|
1,429
|
|
1,515
|
|
1,137
|
|
987
|
|
—
|
|
—
|
|
2,090
|
|
1,211
|
|
3,114
|
|
26,356
|
|
4,426
|
|
(1,488)
|
|
17
|
|
42,034
|
|
(25,176)
|
|
16,858
|
Non-property
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(26,359)
|
|
—
|
|
1
|
|
—
|
|
(26,358)
|
|
26,358
|
|
—
|
Interest
income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1)
|
|
(1)
|
|
(4)
|
|
—
|
|
(2)
|
|
(1)
|
|
—
|
|
(9)
|
|
(41)
|
|
(50)
|
Interest
expense
|
—
|
|
—
|
|
572
|
|
—
|
|
—
|
|
—
|
|
—
|
|
499
|
|
—
|
|
—
|
|
—
|
|
—
|
|
584
|
|
—
|
|
1,655
|
|
7,373
|
|
9,028
|
Amortization of loan
cost
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
8
|
|
—
|
|
—
|
|
—
|
|
—
|
|
125
|
|
—
|
|
133
|
|
634
|
|
767
|
Depreciation and
amortization
|
1,586
|
|
1,504
|
|
931
|
|
605
|
|
678
|
|
—
|
|
—
|
|
1,467
|
|
1,055
|
|
673
|
|
—
|
|
952
|
|
778
|
|
946
|
|
11,175
|
|
—
|
|
11,175
|
Income tax expense
(benefit)
|
—
|
|
71
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
13
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(31)
|
|
—
|
|
53
|
|
(557)
|
|
(504)
|
Non-hotel EBITDA
ownership expense
|
(55)
|
|
13
|
|
8
|
|
174
|
|
11
|
|
—
|
|
—
|
|
5
|
|
8
|
|
24
|
|
(1)
|
|
10
|
|
139
|
|
(13)
|
|
323
|
|
(323)
|
|
—
|
Income (loss) from
consolidated entities attributable to noncontrolling
interest
|
457
|
|
508
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
965
|
|
(965)
|
|
—
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
3,228
|
|
3,525
|
|
3,026
|
|
1,916
|
|
1,676
|
|
—
|
|
—
|
|
4,081
|
|
2,273
|
|
3,807
|
|
(4)
|
|
5,386
|
|
107
|
|
950
|
|
29,971
|
|
7,303
|
|
37,274
|
Less: EBITDA
adjustments attributable to noncontrolling interest
|
(372)
|
|
(352)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(724)
|
|
(407)
|
|
(1,131)
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(457)
|
|
(508)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(965)
|
|
965
|
|
—
|
Net income (loss)
attributable to redeemable
noncontrolling interests in operating partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,960
|
|
1,960
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
2,399
|
|
$
2,665
|
|
$
3,026
|
|
$
1,916
|
|
$
1,676
|
|
$
—
|
|
$
—
|
|
$
4,081
|
|
$
2,273
|
|
$
3,807
|
|
$
(4)
|
|
$
5,386
|
|
$
107
|
|
$
950
|
|
$
28,282
|
|
$
9,821
|
|
$
38,103
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
2,746
|
|
1,811
|
|
—
|
|
—
|
|
—
|
|
4
|
|
—
|
|
—
|
|
—
|
|
4,561
|
|
|
|
|
Comparable hotel
EBITDA
|
$
3,228
|
|
$
3,525
|
|
$
3,026
|
|
$
1,916
|
|
$
1,676
|
|
$
2,746
|
|
$
1,811
|
|
$
4,081
|
|
$
2,273
|
|
$
3,807
|
|
$
—
|
|
$
5,386
|
|
$
107
|
|
$
950
|
|
$
34,532
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTEL EBITDA BY
LOAN POOL
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GACC Sofitel - 1
hotel
|
$
—
|
|
$
—
|
|
$
3,026
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
3,026
|
|
|
|
|
Credit Agricole Pier
House - 1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
1,676
|
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,676
|
|
|
|
|
Column Financial
Bardessono - 1 hotel
|
—
|
|
—
|
|
—
|
|
1,916
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,916
|
|
|
|
|
BAML Hotel Yountville
- 1 hotel
|
|
|
|
|
|
|
|
|
|
|
2,746
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,746
|
|
|
|
|
Apollo Ritz-Carlton
St Thomas - 1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
107
|
|
—
|
|
107
|
|
|
|
|
Aareal - 2
hotels
|
3,228
|
|
3,525
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6,753
|
|
|
|
|
Morgan Stanley Pool
-5 hotels
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4,081
|
|
2,273
|
|
3,807
|
|
—
|
|
5,386
|
|
—
|
|
950
|
|
16,497
|
|
|
|
|
JP Morgan Park Hyatt
Beaver Creek -1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,811
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,811
|
|
|
|
|
Total
|
$
3,228
|
|
$
3,525
|
|
$
3,026
|
|
$
1,916
|
|
$
1,676
|
|
$
2,746
|
|
$
1,811
|
|
$
4,081
|
|
$
2,273
|
|
$
3,807
|
|
$
—
|
|
$
5,386
|
|
$
107
|
|
$
950
|
|
$
34,532
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
(1) The above
comparable information assumes the thirteen hotel properties owned
and included in the Company's operations at June 30, 2017, were
owned as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotel properties acquired during the period offset by results from
hotel properties sold during the period.
|
(2) All
pre-acquisition information was obtained from the prior owner. The
Company performed a limited review of the information as part of
its analysis of the acquisition.
|
Adjustments have been
made to the pre-aquisition results as indicated below:
|
|
|
|
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
1
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2016
|
|
Capital
Hilton
Washington
D.C.
|
|
La Jolla
Hilton
Torrey
Pines
|
|
Chicago
Sofitel
Magnificent
Mile
|
|
Bardessono
Hotel & Spa
|
|
Key West
Pier House
Resort
|
|
Hotel
Yountville
|
|
Park Hyatt
Beaver
Creek
|
|
Philadelphia
Courtyard
Downtown
|
|
Plano
Marriott
Legacy
Town Center
|
|
San
Francisco
Courtyard
Downtown
|
|
Seattle
Courtyard
Downtown
|
|
Seattle
Marriott
Waterfront
|
|
St. Thomas
Ritz-
Carlton
|
|
Tampa
Renaissance
|
|
Hotel
Total
|
|
Corporate
/ Allocated
|
|
Ashford
Hospitality
Prime, Inc.
|
Net income
(loss)
|
$
4,822
|
|
$
1,755
|
|
$
2,435
|
|
$
760
|
|
$
1,738
|
|
$
—
|
|
$
—
|
|
$
1,784
|
|
$
2,017
|
|
$
2,871
|
|
$
1,642
|
|
$
3,565
|
|
$
1,094
|
|
$
521
|
|
$
25,004
|
|
$
(22,712)
|
|
$
2,292
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(1,238)
|
|
(462)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,700)
|
|
1,780
|
|
80
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(184)
|
|
(184)
|
Net income (loss)
attributable to the Company
|
3,584
|
|
1,293
|
|
2,435
|
|
760
|
|
1,738
|
|
—
|
|
—
|
|
1,784
|
|
2,017
|
|
2,871
|
|
1,642
|
|
3,565
|
|
1,094
|
|
521
|
|
23,304
|
|
(21,116)
|
|
2,188
|
Non-property
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
9
|
|
—
|
|
9
|
|
(9)
|
|
—
|
Interest
income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1)
|
|
(1)
|
|
(4)
|
|
—
|
|
(2)
|
|
—
|
|
—
|
|
(8)
|
|
(42)
|
|
(50)
|
Interest
expense
|
—
|
|
—
|
|
554
|
|
—
|
|
—
|
|
—
|
|
—
|
|
496
|
|
—
|
|
—
|
|
—
|
|
—
|
|
573
|
|
—
|
|
1,623
|
|
8,256
|
|
9,879
|
Amortization of loan
cost
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
8
|
|
—
|
|
—
|
|
—
|
|
—
|
|
122
|
|
—
|
|
130
|
|
628
|
|
758
|
Depreciation and
amortization
|
1,558
|
|
1,494
|
|
916
|
|
597
|
|
676
|
|
—
|
|
—
|
|
1,458
|
|
1,051
|
|
595
|
|
295
|
|
939
|
|
758
|
|
926
|
|
11,263
|
|
—
|
|
11,263
|
Income tax expense
(benefit)
|
—
|
|
(85)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(12)
|
|
—
|
|
(92)
|
|
1,248
|
|
1,156
|
Non-hotel EBITDA
ownership expense
|
103
|
|
18
|
|
5
|
|
182
|
|
2
|
|
—
|
|
—
|
|
235
|
|
6
|
|
5
|
|
3
|
|
8
|
|
2
|
|
(13)
|
|
556
|
|
(556)
|
|
—
|
Income (loss) from
consolidated entities attributable to noncontrolling
interest
|
1,238
|
|
462
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,700
|
|
(1,700)
|
|
—
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
6,483
|
|
3,182
|
|
3,910
|
|
1,539
|
|
2,416
|
|
—
|
|
—
|
|
3,985
|
|
3,073
|
|
3,467
|
|
1,940
|
|
4,510
|
|
2,546
|
|
1,434
|
|
38,485
|
|
(13,291)
|
|
25,194
|
Less: EBITDA
adjustments attributable to noncontrolling interest
|
(366)
|
|
(350)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(716)
|
|
(397)
|
|
(1,113)
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(1,238)
|
|
(462)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,700)
|
|
1,700
|
|
—
|
Net income (loss)
attributable to redeemable
noncontrolling interests in operating partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
184
|
|
184
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
4,879
|
|
$
2,370
|
|
$
3,910
|
|
$
1,539
|
|
$
2,416
|
|
$
—
|
|
$
—
|
|
$
3,985
|
|
$
3,073
|
|
$
3,467
|
|
$
1,940
|
|
$
4,510
|
|
$
2,546
|
|
$
1,434
|
|
$
36,069
|
|
$
(11,804)
|
|
$
24,265
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
1,990
|
|
(695)
|
|
—
|
|
—
|
|
—
|
|
(1,940)
|
|
—
|
|
—
|
|
—
|
|
(645)
|
|
|
|
|
Comparable hotel
EBITDA
|
$
6,483
|
|
$
3,182
|
|
$
3,910
|
|
$
1,539
|
|
$
2,416
|
|
$
1,990
|
|
$
(695)
|
|
$
3,985
|
|
$
3,073
|
|
$
3,467
|
|
$
—
|
|
$
4,510
|
|
$
2,546
|
|
$
1,434
|
|
$
37,840
|
|
|
|
|
ALL HOTELS NOT
UNDER RENOVATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
$
6,483
|
|
$
3,182
|
|
$
3,910
|
|
$
1,539
|
|
$
2,416
|
|
$
—
|
|
$
—
|
|
$
3,985
|
|
$
—
|
|
$
—
|
|
$
1,940
|
|
$
4,510
|
|
$
2,546
|
|
$
1,434
|
|
$
31,945
|
|
|
|
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,990
|
|
(695)
|
|
—
|
|
—
|
|
—
|
|
(1,940)
|
|
—
|
|
—
|
|
—
|
|
(645)
|
|
|
|
|
Comparable hotel
EBITDA
|
$
6,483
|
|
$
3,182
|
|
$
3,910
|
|
$
1,539
|
|
$
2,416
|
|
$
1,990
|
|
$
(695)
|
|
$
3,985
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
4,510
|
|
$
2,546
|
|
$
1,434
|
|
$
31,300
|
|
|
|
|
|
NOTES:
|
(1) The above
comparable information assumes the thirteen hotel properties owned
and included in the Company's operations at June 30, 2017, were
owned as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotel properties acquired during the period offset by results from
hotel properties sold during the period.
|
(2) All
pre-acquisition information was obtained from the prior owner. The
Company performed a limited review of the information as part of
its analysis of the acquisition.
Adjustments have been made to the pre-aquisition results as
indicated below:
(a) Management fee expense was adjusted to reflect current
contractual rates.
|
(3) Excluded Hotels
Under Renovation:
|
Plano Marriott Legacy
Town Center, San Francisco Courtyard Downtown
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
1
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2017
|
|
Capital
Hilton
Washington
D.C.
|
|
La Jolla
Hilton
Torrey
Pines
|
|
Chicago
Sofitel
Magnificent
Mile
|
|
Bardessono
Hotel & Spa
|
|
Key West
Pier House
Resort
|
|
Hotel
Yountville
|
|
Park Hyatt
Beaver
Creek
|
|
Philadelphia
Courtyard
Downtown
|
|
Plano
Marriott
Legacy
Town Center
|
|
San
Francisco
Courtyard
Downtown
|
|
Seattle
Courtyard
Downtown
|
|
Seattle
Marriott
Waterfront
|
|
St. Thomas
Ritz-
Carlton
|
|
Tampa
Renaissance
|
|
Hotel
Total
|
|
Corporate
/ Allocated
|
|
Ashford
Hospitality
Prime, Inc.
|
Net income
(loss)
|
$
7,719
|
|
$
4,908
|
|
$
(1,352)
|
|
$
238
|
|
$
4,958
|
|
$
297
|
|
$
(2,039)
|
|
$
2,558
|
|
$
3,659
|
|
$
3,822
|
|
$
10
|
|
$
5,465
|
|
$
4,184
|
|
$
2,131
|
|
$
36,558
|
|
$
(36,461)
|
|
$
97
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(1,995)
|
|
(1,274)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(3,269)
|
|
1,676
|
|
(1,593)
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
598
|
|
598
|
Net income (loss)
attributable to the Company
|
5,724
|
|
3,634
|
|
(1,352)
|
|
238
|
|
4,958
|
|
297
|
|
(2,039)
|
|
2,558
|
|
3,659
|
|
3,822
|
|
10
|
|
5,465
|
|
4,184
|
|
2,131
|
|
33,289
|
|
(34,187)
|
|
(898)
|
Non-property
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Interest
income
|
(6)
|
|
(2)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(4)
|
|
—
|
|
(6)
|
|
(2)
|
|
—
|
|
(20)
|
|
(257)
|
|
(277)
|
Interest
expense
|
—
|
|
—
|
|
1,286
|
|
—
|
|
—
|
|
258
|
|
651
|
|
54
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,235
|
|
—
|
|
3,484
|
|
12,251
|
|
15,735
|
Amortization of loan
cost
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
11
|
|
128
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
262
|
|
—
|
|
401
|
|
1,997
|
|
2,398
|
Depreciation and
amortization
|
3,170
|
|
3,027
|
|
2,095
|
|
1,245
|
|
1,402
|
|
365
|
|
812
|
|
3,026
|
|
2,429
|
|
2,130
|
|
—
|
|
2,007
|
|
1,740
|
|
1,871
|
|
25,319
|
|
121
|
|
25,440
|
Income tax expense
(benefit)
|
184
|
|
248
|
|
(1)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
7
|
|
(1)
|
|
—
|
|
—
|
|
—
|
|
62
|
|
—
|
|
499
|
|
(498)
|
|
1
|
Non-hotel EBITDA
ownership expense
|
186
|
|
24
|
|
11
|
|
321
|
|
17
|
|
52
|
|
1
|
|
132
|
|
5
|
|
73
|
|
—
|
|
23
|
|
38
|
|
(22)
|
|
861
|
|
(861)
|
|
—
|
Income (loss) from
consolidated entities attributable to noncontrolling
interest
|
1,995
|
|
1,274
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3,269
|
|
(3,269)
|
|
—
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
11,253
|
|
8,205
|
|
2,039
|
|
1,804
|
|
6,377
|
|
983
|
|
(447)
|
|
5,777
|
|
6,092
|
|
6,021
|
|
10
|
|
7,489
|
|
7,519
|
|
3,980
|
|
67,102
|
|
(24,703)
|
|
42,399
|
Less: EBITDA
adjustments attributable to noncontrolling interest
|
(818)
|
|
(778)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,596)
|
|
(853)
|
|
(2,449)
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(1,995)
|
|
(1,274)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(3,269)
|
|
3,269
|
|
—
|
Net income (loss)
attributable to redeemable
noncontrolling interests in operating partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(598)
|
|
(598)
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
8,440
|
|
$
6,153
|
|
$
2,039
|
|
$
1,804
|
|
$
6,377
|
|
$
983
|
|
$
(447)
|
|
$
5,777
|
|
$
6,092
|
|
$
6,021
|
|
$
10
|
|
$
7,489
|
|
$
7,519
|
|
$
3,980
|
|
$
62,237
|
|
$
(22,885)
|
|
$
39,352
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,233
|
|
7,068
|
|
—
|
|
—
|
|
—
|
|
(10)
|
|
—
|
|
—
|
|
—
|
|
8,291
|
|
|
|
|
Comparable hotel
EBITDA
|
$
11,253
|
|
$
8,205
|
|
$
2,039
|
|
$
1,804
|
|
$
6,377
|
|
$
2,216
|
|
$
6,621
|
|
$
5,777
|
|
$
6,092
|
|
$
6,021
|
|
$
—
|
|
$
7,489
|
|
$
7,519
|
|
$
3,980
|
|
$
75,393
|
|
|
|
|
ALL HOTELS NOT
UNDER RENOVATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
$
11,253
|
|
$
8,205
|
|
$
2,039
|
|
$
1,804
|
|
$
6,377
|
|
$
983
|
|
$
(447)
|
|
$
5,777
|
|
$
—
|
|
$
—
|
|
$
10
|
|
$
7,489
|
|
$
7,519
|
|
$
3,980
|
|
$
54,989
|
|
|
|
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,233
|
|
7,068
|
|
—
|
|
—
|
|
—
|
|
(10)
|
|
—
|
|
—
|
|
—
|
|
8,291
|
|
|
|
|
Comparable hotel
EBITDA
|
$
11,253
|
|
$
8,205
|
|
$
2,039
|
|
$
1,804
|
|
$
6,377
|
|
$
2,216
|
|
$
6,621
|
|
$
5,777
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
7,489
|
|
$
7,519
|
|
$
3,980
|
|
$
63,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
(1) The above
comparable information assumes the thirteen hotel properties owned
and included in the Company's operations at June 30, 2017, were
owned as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotel properties acquired during the period offset by results from
hotel properties sold during the period.
|
(2) All
pre-acquisition information was obtained from the prior owner. The
Company performed a limited review of the information as part of
its analysis of the acquisition.
|
Adjustments have been
made to the pre-aquisition results as indicated below:
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
(3) Excluded Hotels
Under Renovation:
|
Plano Marriott Legacy
Town Center, San Francisco Courtyard Downtown
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
1
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, 2016
|
|
Capital
Hilton
Washington
D.C.
|
|
La Jolla
Hilton
Torrey
Pines
|
|
Chicago
Sofitel
Magnificent
Mile
|
|
Bardessono
Hotel & Spa
|
|
Key West
Pier House
Resort
|
|
Hotel
Yountville
|
|
Park Hyatt
Beaver
Creek
|
|
Philadelphia
Courtyard
Downtown
|
|
Plano
Marriott
Legacy
Town Center
|
|
San
Francisco
Courtyard
Downtown
|
|
Seattle
Courtyard
Downtown
|
|
Seattle
Marriott
Waterfront
|
|
St. Thomas
Ritz-
Carlton
|
|
Tampa
Renaissance
|
|
Hotel
Total
|
|
Corporate
/ Allocated
|
|
Ashford
Hospitality
Prime, Inc.
|
Net income
(loss)
|
$
7,089
|
|
$
3,741
|
|
$
(335)
|
|
$
142
|
|
$
4,743
|
|
$
—
|
|
$
—
|
|
$
1,526
|
|
$
3,905
|
|
$
5,816
|
|
$
2,369
|
|
$
4,783
|
|
$
4,505
|
|
$
2,305
|
|
$
40,589
|
|
$
(38,436)
|
|
$
2,153
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(1,838)
|
|
(982)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2,820)
|
|
2,755
|
|
(65)
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(34)
|
|
(34)
|
Net income (loss)
attributable to the Company
|
5,251
|
|
2,759
|
|
(335)
|
|
142
|
|
4,743
|
|
—
|
|
—
|
|
1,526
|
|
3,905
|
|
5,816
|
|
2,369
|
|
4,783
|
|
4,505
|
|
2,305
|
|
37,769
|
|
(35,715)
|
|
2,054
|
Non-property
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
41
|
|
—
|
|
41
|
|
(41)
|
|
—
|
Interest
income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2)
|
|
(1)
|
|
(8)
|
|
—
|
|
(4)
|
|
(1)
|
|
—
|
|
(16)
|
|
(66)
|
|
(82)
|
Interest
expense
|
—
|
|
—
|
|
1,104
|
|
—
|
|
—
|
|
—
|
|
—
|
|
982
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,144
|
|
—
|
|
3,230
|
|
16,402
|
|
19,632
|
Amortization of loan
cost
|
—
|
|
—
|
|
119
|
|
—
|
|
—
|
|
—
|
|
—
|
|
16
|
|
—
|
|
—
|
|
—
|
|
—
|
|
251
|
|
—
|
|
386
|
|
1,253
|
|
1,639
|
Depreciation and
amortization
|
3,101
|
|
2,993
|
|
2,267
|
|
1,184
|
|
1,338
|
|
—
|
|
—
|
|
2,917
|
|
2,095
|
|
1,178
|
|
834
|
|
1,886
|
|
1,540
|
|
1,834
|
|
23,167
|
|
—
|
|
23,167
|
Income tax expense
(benefit)
|
—
|
|
(159)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
7
|
|
—
|
|
—
|
|
—
|
|
—
|
|
30
|
|
—
|
|
(122)
|
|
1,648
|
|
1,526
|
Non-hotel EBITDA
ownership expense
|
(92)
|
|
32
|
|
32
|
|
356
|
|
3
|
|
—
|
|
—
|
|
236
|
|
51
|
|
10
|
|
(35)
|
|
16
|
|
7
|
|
51
|
|
667
|
|
(667)
|
|
—
|
Income (loss) from
consolidated entities attributable to noncontrolling
interest
|
1,838
|
|
982
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,820
|
|
(2,820)
|
|
—
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
10,098
|
|
6,607
|
|
3,187
|
|
1,682
|
|
6,084
|
|
—
|
|
—
|
|
5,682
|
|
6,050
|
|
6,996
|
|
3,168
|
|
6,681
|
|
7,517
|
|
4,190
|
|
67,942
|
|
(20,006)
|
|
47,936
|
Less: EBITDA
adjustments attributable to noncontrolling interest
|
(670)
|
|
(686)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,356)
|
|
(866)
|
|
(2,222)
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(1,838)
|
|
(982)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2,820)
|
|
2,820
|
|
—
|
Net income (loss)
attributable to redeemable
noncontrolling interests in operating partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
34
|
|
34
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
7,590
|
|
$
4,939
|
|
$
3,187
|
|
$
1,682
|
|
$
6,084
|
|
$
—
|
|
$
—
|
|
$
5,682
|
|
$
6,050
|
|
$
6,996
|
|
$
3,168
|
|
$
6,681
|
|
$
7,517
|
|
$
4,190
|
|
$
63,766
|
|
$
(18,018)
|
|
$
45,748
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
|
|
—
|
|
2,647
|
|
6,153
|
|
—
|
|
—
|
|
—
|
|
(3,168)
|
|
—
|
|
—
|
|
—
|
|
5,632
|
|
|
|
|
Comparable hotel
EBITDA
|
$
10,098
|
|
$
6,607
|
|
$
3,187
|
|
$
1,682
|
|
$
6,084
|
|
$
2,647
|
|
$
6,153
|
|
$
5,682
|
|
$
6,050
|
|
$
6,996
|
|
$
—
|
|
$
6,681
|
|
$
7,517
|
|
$
4,190
|
|
$
73,574
|
|
|
|
|
ALL HOTELS NOT
UNDER RENOVATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
$
10,098
|
|
$
6,607
|
|
$
3,187
|
|
$
1,682
|
|
$
6,084
|
|
$
—
|
|
$
—
|
|
$
5,682
|
|
$
—
|
|
$
—
|
|
$
3,168
|
|
$
6,681
|
|
$
7,517
|
|
$
4,190
|
|
$
54,896
|
|
|
|
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,647
|
|
6,153
|
|
—
|
|
—
|
|
—
|
|
(3,168)
|
|
—
|
|
—
|
|
—
|
|
5,632
|
|
|
|
|
Comparable hotel
EBITDA
|
$
10,098
|
|
$
6,607
|
|
$
3,187
|
|
$
1,682
|
|
$
6,084
|
|
$
2,647
|
|
$
6,153
|
|
$
5,682
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
6,681
|
|
$
7,517
|
|
$
4,190
|
|
$
60,528
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
(1) The above
comparable information assumes the thirteen hotel properties owned
and included in the Company's operations at June 30, 2017, were
owned as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotel properties acquired during the period offset by results from
hotel properties sold during the period.
|
(2) All
pre-acquisition information was obtained from the prior owner. The
Company performed a limited review of the information as part of
its analysis of the acquisition.
|
Adjustments have been
made to the pre-aquisition results as indicated below:
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
(3) Excluded Hotels
Under Renovation:
|
Plano Marriott Legacy
Town Center, San Francisco Courtyard Downtown
|
View original
content:http://www.prnewswire.com/news-releases/ashford-prime-reports-second-quarter-2017-results-300498693.html
SOURCE Ashford Hospitality Prime, Inc.