Ashford Hospitality Trust, Inc. (NYSE: AHT) today reported the
following results and performance measures for the fourth quarter
ended December 31, 2007. The proforma performance measurements for
Occupancy, Average Daily Rate (ADR), revenue per available room
(RevPAR), and Hotel Operating Profit (or Hotel EBITDA) include the
Company's 110 hotels owned as of December 31, 2007, which excludes
2 hotel assets (the Sheraton Iowa City and the JW Marriott New
Orleans) held for sale as of that date. Unless otherwise stated,
all reported results compare the fourth quarter ended December 31,
2007, with the fourth quarter ended December 31, 2006. The
reconciliation of non-GAAP financial measures is included in the
financial tables accompanying this press release. FINANCIAL
HIGHLIGHTS Total revenue increased 145% to $345.1 million from
$141.1 million Net loss to common shareholders was $9.9 million, or
$0.08 per diluted share Adjusted funds from operations (AFFO),
excluding gains on sales, increased 68% to $42.8 million AFFO per
diluted share increased 11.1% to $0.30 from $0.27 Cash available
for distribution (CAD) increased 53% to $32.6 million CAD per
diluted share was $0.23 Declared quarterly common dividend of $0.21
per diluted share Dividend coverage in 2007 was 120% of CAD and
152% of AFFO STRONG INTERNAL GROWTH Proforma RevPAR increased 7.8%
for hotels not under renovation on a 5.0% increase in ADR to
$137.06 and a 176-basis point improvement in occupancy Proforma
RevPAR increased 6.1% for all hotels on a 5.2% increase in ADR to
$140.14 and a 61-basis point improvement in occupancy Proforma
same-property Hotel Operating Profit for hotels not under
renovation improved 13.7% Proforma same-property Hotel Operating
Profit margin for hotels not under renovation improved 175 basis
points CAPITAL RECYCLING AND ASSET ALLOCATION Capex invested in the
fourth quarter and in 2007 totaled $50 million and $127 million,
respectively Capex for 2008 is estimated at $140 million, which
includes $80 million for brand PIP�s or renovations already
underway and $60 million for projects that could be deferred,
additionally $50 million of ROI projects are under evaluation Five
hotels sold in the fourth quarter for $155 million, bringing the
total of asset sales completed in 2007 to $312 million One hotel
sold to date in the first quarter for $67.5 million Repurchased 2.4
million shares of common stock in the fourth quarter for a total of
$18.2 million, leaving $31.8 million outstanding under the current
authorization at December 31, 2007 PORTFOLIO REVPAR GROWTH As of
December 31, 2007, the Company had a portfolio of direct hotel
investments consisting of 110 properties classified in continuing
operations. During the fourth quarter, 99 of the hotels included in
continuing operations were not under renovation. The Company
believes reporting its operating metrics for continuing operations
on a proforma total basis (all 110 hotels) and proforma
not-under-renovation basis (99 hotels) is a measure that reflects a
meaningful and focused comparison of the operating results in its
direct hotel portfolio. The Company's reporting by region and brand
includes the results of all 110 hotels. Details of each category
are provided in the tables attached to this release. RevPAR growth
by region was led by: New England (4) with 11.4%; West South
Central (11 hotels) with a 10.4% increase; Pacific (22) with 8.2%;
West North Central (3) with 5.8%; South Atlantic (39) with 5.7%;
East North Central (10) with 4.1%; Middle Atlantic (10) with 3.4%;
Mountain (8) with 2.8%; East South Central (2) with 0.1%; and
Canada (1) with 1.0% decrease. RevPAR growth by brand was led by:
InterContinental (2 hotels) with 10.9%; Radisson (2) with 7.2%;
Marriott (57) with 7.0%; Hyatt (5) with 6.1%; Hilton (35 hotels)
with 5.7%; Starwood (7) with 5.1%; and independents (2) with a
38.6% decrease HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY
TRENDS For the 99 hotels as of December 31, 2007 that were not
under renovation, Proforma Hotel EBITDA (adjusted as if all hotels
were included throughout both periods) increased 13.7% to $84.4
million. Proforma Hotel EBITDA margin (expressed as a percentage of
Total Hotel Revenue) improved 175 basis points to 28.48%. For all
110 hotels included in continuing operations as of December 31,
2007, Proforma Hotel EBITDA increased 8.4% to $93.4 million and
Hotel EBITDA margin increased 88 basis points to 26.81%. Ashford
believes year-over-year Hotel EBITDA and 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 and
its active capital recycling, to help investors better understand
this seasonality, the Company provides quarterly detail on its
Proforma Hotel EBITDA and Proforma Hotel EBITDA margin for the
current and certain prior-year periods based upon the number of
core hotels in the portfolio as of the end of the current period.
As Ashford�s portfolio mix changes from time to time so will the
seasonality for Proforma Hotel EBITDA and Proforma Hotel EBITDA
margin. The details of the quarterly calculations for the last four
quarters for the current portfolio of 110 hotels are provided in
the tables attached to this release. Monty J. Bennett, President
and CEO, commented, "Execution of our internal growth strategies
delivered strong year-over-year RevPAR growth, margin improvement,
and AFFO growth in the fourth quarter. We were very active in
capital recycling with $155 million of asset sales completed during
the quarter and accelerated our mezzanine lending with $22 million
in loans acquired or originated and another $58 million to date in
the first quarter. Consistent with our objective of securing
sources of capital in addition to asset sales, we formed a $400
million joint venture with PREI to pursue domestic structured debt
and equity investments." CAPITAL STRUCTURE At December 31, 2007,
the Company's net debt (defined as total debt less unrestricted
cash) to total gross assets (defined as un-depreciated investment
in hotel property plus notes receivable) was 61.5%. As of December
31, 2007, the Company�s $2.7 billion debt balance consisted of 81%
of fixed-rate debt, with a total weighted average interest rate of
5.94%. The Company�s weighted average debt maturity including
extension options is 7.0 years. The Company�s EBITDA to fixed
charge ratio was 2.4x for 2007. FOURTH QUARTER INVESTMENT ACTIVITY
On October 2, 2007, the Company sold the Hilton Birmingham
Perimeter Park in Birmingham, Alabama for approximately $25
million. In November 2007, the Company sold two Residence Inns in
Torrance, California, and Atlanta, Georgia, for approximately $61.5
million; its Residence Inn in Kansas City, Missouri, for
approximately $7.0 million; and the Marriott BWI Airport in
Baltimore, Maryland, for approximately $61.5 million. As the
Company acquired these properties on April 11, 2007, no gain or
loss was recognized on the sales. In connection with these sales,
the Company paid down $161.2 million of mortgage debt. On December
5, 2007, the Company originated a $21.5 million mezzanine loan
secured by interests in the Westin La Paloma Resort & Spa in
Tucson, Arizona and the Westin Hilton Head Resort in Hilton Head,
South Carolina. On December 15, 2007, the Company completed an
asset swap with Hilton Hotels Corporation, its partner in two joint
ventures which were simultaneously dissolved, whereby the Company
surrendered its majority ownership interest in two hotel properties
in exchange for the joint venture partner�s minority ownership
interest in nine hotel properties. In connection with this asset
swap, the Company assumed $41.9 million of debt previously
attributable to the joint venture partner�s minority ownership in
the nine acquired hotel properties that secured such debt and
surrendered $109.5 million of debt, of which $80.1 million was
attributable to its majority ownership in the two surrendered hotel
properties that secured such debt and the remainder attributable to
the joint venture partner�s former minority ownership. SUBSEQUENT
INVESTMENT ACTIVITY On January 2, 2008, the Company originated a
$7.1 million mezzanine loan secured by an interest in the Hotel La
Jolla in La Jolla, California. Maturing January 2011, the loan
bears interest at a rate of 900 basis points over LIBOR, with
interest-only payments through maturity. On January 11, 2008, the
Company sold its JW Marriott in New Orleans, Louisiana, for
approximately $67.5 million. As the Company acquired this property
on April 11, 2007, no gain or loss will be recognized on this sale.
In connection with this sale, the buyer assumed approximately $43.5
million mortgage debt, payable at an 8.08% interest rate, due
August 1, 2010. On January 22, 2008, the Company formed a joint
venture with Prudential Real Estate Investors (�PREI�) to invest in
structured debt and equity hotel investments in the United States.
The joint venture, which is expected to be funded over the next two
years, will ultimately be capitalized with $300 million from
investors in a fund managed by PREI and $100 million from the
Company. The Company and PREI will contribute the capital required
for each mezzanine investment on a 25%/75% basis, respectively. The
Company will be entitled to annual management and sourcing fees,
reimbursement of expenses, and a promoted yield equal to a current
1.3x the venture yield subject to maximum threshold limitations,
but further enhanced by an additional promote based upon a total
net return to PREI. PREI�s equity will be in a senior position on
each investment. With limited exceptions, the joint venture will be
the primary vehicle for the Company�s hotel lending efforts. The
joint venture will have the right of first refusal on all mezzanine
investment opportunities presented by the Company, provided the
investment meets certain criteria. On February 6, 2008, PREI
acquired a 75% interest in the Company�s $21.5 million Westin
Tucson and Westin Hilton Head mezzanine loan receivable, which the
Company originated December 5, 2007, and matures January 2018.
Simultaneously, the Company and PREI capitalized the joint venture
by contributing this $21.5 million mezzanine loan receivable to the
joint venture. On February 6, 2008, the Company acquired a $38.0
million mezzanine loan secured by the Ritz-Carlton Key Biscayne in
Miami, Florida, for approximately $33.0 million. Maturing in June
2017, the loan bears interest at a rate of 9.66% at par with an
expected yield to the maturity to the Company of approximately
12.5%. This loan is wholly owned by the Company. On February 14,
2008, the Company�s joint venture with PREI acquired a senior
mezzanine loan secured by a 29-hotel portfolio of full- and
select-service hotels. The Company�s 25% of the joint venture
investment equals $17.5 million and is priced to yield
approximately 17.9% based upon the purchase price discount to par,
the forward LIBOR curve through the initial maturity of the loan,
and the joint venture promote. INVESTMENT OUTLOOK Mr. Bennett
concluded, "Generating continued internal growth from our
portfolio, recycling capital and finding the best risk-adjusted
returns for our shareholders in accretive opportunities remain our
primary objectives for 2008. We believe there continues to be a
significant disconnect in perceptions of the lodging industry�s
fundamentals and its underlying strength. We have positioned our
capital structure with long-term, low-cost, fixed-rate debt and low
LTV�s, prioritized our capital allocations and secured access to
multiple capital sources to ensure that we are able to continue
deleveraging and take advantage of the increasing number of very
attractive investment options available. Should the current
misperception of the industry eventually turn into reality,
however, we already have other contingency plans in place."
INVESTOR CONFERENCE CALL AND SIMULCAST Ashford Hospitality Trust,
Inc. will conduct a conference call on Thursday, February 28, 2008,
at 11:00 a.m. ET. The number to call for this interactive
teleconference is (800) 218-9073. A replay of the conference call
will be available through March 6, 2008, by dialing (303)�590-3000
and entering the confirmation number, 11105973#. The Company will
also provide an online simulcast and rebroadcast of its fourth
quarter 2007 earnings release conference call. The live broadcast
of Ashford's quarterly conference call will be available online at
the Company's website at www.ahtreit.com on Thursday, February 28,
2008, beginning at 11:00 a.m. ET. The online replay will follow
shortly after the call and continue for approximately one year. A
direct link to the live broadcast can be found at:
http://www.videonewswire.com/event.asp?id=44835. Substantially all
of our non-current assets consist of real estate investments and
debt 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,
Hotel Operating Profit, and CAD. 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. Neither FFO,
AFFO, EBITDA, Hotel Operating Profit, nor CAD 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, Hotel Operating
Profit, and CAD 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 Trust is a self-administered real estate
investment trust focused on investing in the hospitality industry
across all segments and at all levels of the capital structure,
including direct hotel investments, first mortgages, mezzanine
loans and sale-leaseback transactions. Additional information can
be found on the Company's web site at www.ahtreit.com. 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. 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 forward-looking
statements include, but are not limited to, the timing for closing,
the impact of the transaction on our business and future financial
condition, our business and investment strategy, our understanding
of our competition and current market trends and opportunities and
projected capital expenditures. Such statements are subject to
numerous assumptions and uncertainties, many of which are outside
Ashford'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; and the degree and nature of our competition. These and
other risk factors are more fully discussed in Ashford'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.
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 or 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 TRUST, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In
Thousands, Except Share and Per Share Amounts) (Unaudited) � � � �
� Year Ended December 31, 2007 Year Ended December 31, 2006 Three
Months Ended December 31, 2007 Three Months Ended December 31, 2006
� REVENUE Rooms $ 817,735 $ 358,420 $ 243,193 $ 102,805 Food and
beverage 245,213 79,494 82,041 29,482 Rental income from operating
leases 4,548 - 1,915 - Other � 48,932 � � 17,090 � � 15,153 � �
5,132 � Total hotel revenue 1,116,428 455,004 342,302 137,419
Interest income from notes receivable 11,005 14,858 2,411 3,341
Asset management fees from affiliates � 1,334 � � 1,266 � � 338 � �
331 � Total Revenue 1,128,767 471,128 345,051 141,091 � EXPENSES
Hotel operating expenses Rooms 187,225 80,273 57,256 24,188 Food
and beverage 176,052 59,099 56,691 20,832 Other direct 25,854 7,971
8,253 2,426 Indirect 307,231 134,459 94,556 41,018 Management fees
� 42,775 � � 17,571 � � 13,752 � � 5,221 � Total hotel expenses
739,137 299,373 230,508 93,685 � Property taxes, insurance, and
other 58,285 25,825 17,909 8,040 Depreciation and amortization
153,285 48,460 47,245 14,618 Corporate general and administrative:
Stock-based compensation 6,225 5,204 1,556 1,083 Other corporate
and administrative � 20,728 � � 15,155 � � 5,593 � � 4,317 � Total
Operating Expenses � 977,660 � � 394,017 � � 302,811 � � 121,743 �
OPERATING INCOME 151,107 77,111 42,240 19,348 � Interest income
3,178 2,917 928 852 Interest expense (133,275 ) (43,201 ) (40,263 )
(11,937 ) Amortization of loan costs (5,838 ) (1,984 ) (2,061 )
(554 ) Write-off of loan costs and exit fees � (4,216 ) � (101 ) �
(143 ) � - � INCOME (LOSS) BEFORE INCOME TAXES AND MINORITY
INTEREST 10,956 34,742 701 7,709 (Provision for) benefit from
income taxes (4,981 ) 2,945 (6,394 ) 2,340 Minority interest in
consolidated joint ventures (323 ) - (1,660 ) - Minority interest
related to limited partners � (1,684 ) � (4,540 ) � 402 � � (417 )
INCOME (LOSS) FROM CONTINUING OPERATIONS 3,968 33,147 (6,951 )
9,632 Income (loss) from discontinued operations, net: (including
gains on sales net of income taxes of approximately $28.2 million
for the year ended December 31, 2007) � 26,192 � � 4,649 � � 4,028
� � 1,029 � NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS
30,160 37,796 (2,923 ) 10,661 Preferred dividends � 23,990 � �
10,875 � � 7,018 � � 2,719 � NET INCOME (LOSS) $ 6,170 � $ 26,921 �
$ (9,941 ) $ 7,942 � � (Loss) Income From Continuing Operations Per
Share Available To Common Shareholders: Basic $ (0.19 ) $ 0.36 � $
(0.12 ) $ 0.10 � Diluted $ (0.19 ) $ 0.36 � $ (0.12 ) $ 0.08 �
Income From Discontinued Operations Per Share: Basic $ 0.25 � $
0.08 � $ 0.03 � $ 0.01 � Diluted $ 0.25 � $ 0.07 � $ 0.03 � $ 0.01
� Net Income (Loss) Per Share Available To Common Shareholders:
Basic $ 0.06 � $ 0.44 � $ (0.08 ) $ 0.11 � Diluted $ 0.06 � $ 0.43
� $ (0.08 ) $ 0.09 � Weighted Average Common Shares Outstanding:
Basic � 105,786,502 � � 61,713,178 � � 120,870,709 � � 71,781,641 �
Diluted � 105,786,502 � � 62,127,948 � � 120,870,709 � � 85,788,414
� � � ASHFORD HOSPITALITY TRUST, INC. CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Amounts) (Unaudited) �
December 31, December 31, 2007 2006 � ASSETS Investment in hotel
properties, net $ 3,885,737 $ 1,632,946 Cash and cash equivalents
92,271 73,343 Restricted cash 52,872 9,413 Accounts receivable, net
51,314 22,081 Inventories 4,100 2,110 Assets held for sale 75,739
119,342 Notes receivable 94,225 102,833 Deferred costs, net 25,714
14,143 Prepaid expenses 20,223 11,154 Other assets 6,027 7,826
Intangible assets, net 13,889 - Due from third-party hotel managers
58,300 15,964 Due from related parties � 880 � � 757 � Total assets
$ 4,381,291 � $ 2,011,912 � � � LIABILITIES AND OWNERS' EQUITY
Indebtedness $ 2,700,775 $ 1,091,150 Capital leases payable 498 177
Accounts payable 55,177 16,371 Accrued expenses 69,519 32,591
Dividends payable 35,031 19,975 Deferred income 254 294 Deferred
incentive management fees 3,557 3,744 Unfavorable management
contract liabilities 23,396 15,281 Other liabilities 4,703 - Due to
third-party hotel managers 4,699 1,604 Due to related parties �
3,612 � � 4,152 � Total liabilities 2,901,221 1,185,339 �
Commitments and contingencies Minority interest in consolidated
joint ventures 19,036 - Minority interest related to limited
partnership interests 101,031 109,864 Preferred stock, $0.01 par
value: Series B Cumulative Convertible Redeemable Preferred Stock,
7,447,865 issued and outstanding at December 31, 2007 and 2006,
respectively 75,000 75,000 � Preferred stock, $0.01 par value,
50,000,000 shares authorized: Series A Cumulative Preferred Stock,
2,300,000 issued and outstanding at December 31, 2007 and 2006,
respectively 23 23 Series D Cumulative Preferred Stock, 8,000,000
issued and outstanding at December 31, 2007 80 - Common stock,
$0.01 par value, 200,000,000 shares authorized,122,765,691 shares
issued and 120,376,055 shares outstanding at December 31, 2007 and
72,942,841 shares issued and outstanding at December 31, 2006 1,228
729 Additional paid-in capital 1,455,917 708,420 Accumulated other
comprehensive income (loss) (115 ) 111 Accumulated deficit (153,664
) (67,574 ) Treasury stock, at cost (2,389,636 shares) � (18,466 )
� - � Total owners' equity 1,285,003 641,709 � � Total liabilities
and owners' equity $ 4,381,291 � $ 2,011,912 � � ASHFORD
HOSPITALITY TRUST, INC. EBITDA (In Thousands) (Unaudited) � � � � �
Year Year Three Months Three Months Ended Ended Ended Ended
December 31, 2007 December 31, 2006 December 31, 2007 December 31,
2006 � Net income (loss) $ 30,160 � $ 37,796 � $ (2,923 ) $ 10,661
� � Add back: Interest income (3,064 ) (2,917 ) (814 ) (852 )
Interest expense and amortization of loan costs 154,338 48,457
44,483 13,285 Depreciation and amortization 166,161 52,863 48,516
15,743 Minority interest relating to limited partners 3,957 5,277
(69 ) 417 Provision for (benefit from) income taxes � 5,599 � �
(2,719 ) � 514 � � (2,027 ) 326,991 100,961 92,630 26,566 � � � �
EBITDA $ 357,151 � $ 138,757 � $ 89,707 � $ 37,227 � � For the year
ended December 31, 2007, EBITDA has not been adjusted to deduct the
amortization of the unfavorable management contract liabilities of
approximately $2.3 million, add back the write-off of loan costs
and exit fees of approximately $8.7 million, and deduct gains on
sales of properties of approximately $35.1 million. � For the year
ended December 31, 2006, EBITDA has not been adjusted to add back
the write-off of loan costs of approximately $788,000 and the loss
from reclassification from discontinued to continuing of
approximately $863,000 or deduct the amortization of the
unfavorable management contract liability of approximately
$531,000. � For the three months ended December 31, 2007, EBITDA
has not been adjusted to deduct the amortization of the unfavorable
management contract liabilities of approximately $753,000, add back
the write-off of loan costs and exit fees of approximately $2.7
million, and add back losses on sales of properties of
approximately $166,000. � For the three months ended December 31,
2006, EBITDA has not been adjusted to deduct the amortization of
the unfavorable management contract liability of approximately
$318,000. � � � � ASHFORD HOSPITALITY TRUST, INC. FFO and Adjusted
FFO (In Thousands, Except Share And Per Share Amounts) (Unaudited)
� Year Year Three Months Three Months Ended Ended Ended Ended
December 31, 2007 � December 31, 2006 � December 31, 2007 �
December 31, 2006 � Net income (loss) available to common
shareholders $ 6,170 � $ 26,921 $ (9,941 ) $ 7,942 � Plus real
estate depreciation and amortization 165,757 52,550 48,391 15,663
Remove gains or losses on hotel sales, net of related income taxes
(28,204 ) - 166 - Remove minority interest relating to limited
partners � 3,957 � � 5,277 � (69 ) � 417 FFO available to common
shareholders $ 147,680 � $ 84,748 $ 38,547 � $ 24,022 � Add back
dividends on convertible preferred stock 6,256 5,958 1,564 1,490
Add back non-cash dividends on Series C preferred stock 845 - - -
Add back write-off of loan costs and exit fees 8,664 788 2,697 -
Add back loss from reclassification of discontinued to continuing �
- � � 863 � - � � - Adjusted FFO $ 163,445 � $ 92,357 $ 42,808 � $
25,512 � Adjusted FFO per diluted share available to common
shareholders $ 1.28 � $ 1.13 $ 0.30 � $ 0.27 � Diluted weighted
average shares outstanding � 127,194,958 � � 81,884,419 �
141,721,212 � � 93,236,279 � ASHFORD HOSPITALITY TRUST, INC. CASH
AVAILABLE FOR DISTRIBUTION ("CAD") (In Thousands, Except Per Share
Amounts) (Unaudited) � � � � � � YearEndedDecember 31,2007 (per
diluted share) YearEndedDecember 31,2006 (per diluted share) � Net
income available to common shareholders $ 6,170 $ 0.05 $ 26,921 $
0.33 Add back dividends on convertible preferred stock � 6,256 � �
0.05 � � 5,958 � � 0.07 � Total $ 12,426 $ 0.10 $ 32,879 $ 0.40 �
Plus real estate depreciation and amortization $ 165,757 $ 1.30 $
52,550 $ 0.64 Plus non-cash dividends related to Series C preferred
stock 845 0.01 - 0.00 Remove minority interest relating to limited
partners 3,957 0.03 5,277 0.06 Plus stock-based compensation 6,225
0.05 5,204 0.06 Plus amortization of loan costs 7,781 0.06 2,038
0.02 Plus write-off of loan costs and exit fees 8,664 0.07 788 0.01
Plus loss from reclassification of discontinued to continuing -
0.00 863 0.01 Less amortization of unfavorable management contract
liabilities (2,254 ) (0.02 ) (531 ) (0.01 ) Less gains on sales of
properties, net of related income taxes (28,204 ) (0.22 ) - 0.00
Less capital improvements reserve � (47,309 ) � (0.37 ) � (18,369 )
� (0.22 ) CAD $ 127,888 � $ 1.01 � $ 80,699 � $ 0.99 � � � � Three
MonthsEndedDecember 31, 2007 (per diluted share) Three
MonthsEndedDecember 31, 2006 (per diluted share) � Net income
(loss) available to common shareholders $ (9,941 ) $ (0.07 ) $
7,942 $ 0.09 Add back dividends on convertible preferred stock �
1,564 � � 0.01 � � 1,490 � � 0.02 � Total $ (8,377 ) $ (0.06 ) $
9,432 $ 0.10 � Plus real estate depreciation and amortization $
48,391 $ 0.34 $ 15,663 $ 0.17 Remove minority interest relating to
limited partners (69 ) (0.00 ) 417 0.00 Plus stock-based
compensation 1,556 0.01 1,083 0.01 Plus amortization of loan costs
2,335 0.02 569 0.01 Plus write-off of loan costs and exit fees
2,697 0.02 - 0.00 Plus loss from reclassification of discontinued
to continuing - 0.00 - 0.00 Less amortization of unfavorable
management contract liabilities (753 ) (0.01 ) (318 ) (0.00 ) Less
gains on sales of properties, net of related income taxes 166 0.00
- 0.00 Less capital improvements reserve � (13,389 ) � (0.09 ) �
(5,552 ) � (0.06 ) CAD $ 32,557 � $ 0.23 � $ 21,294 � $ 0.23 � � �
� � ASHFORD HOSPITALITY TRUST, INC. KEY PERFORMANCE INDICATORS -
PRO FORMA (Unaudited) � � � Three Months Ended Twelve Months Ended
December 31, December 31, 2007 2006 % Variance 2007 2006 % Variance
� ALL HOTELS INCLUDED IN CONTINUING OPERATIONS: � Room revenues (1)
$ 250,133,802 $ 236,027,497 5.98% $ 969,778,636 $ 915,334,923 5.95%
RevPAR (1) $ 97.26 $ 91.67 6.09% $ 103.02 $ 97.03 6.17% Occupancy
69.40% 68.79% 0.89% 73.65% 73.47% 0.26% ADR $ 140.14 $ 133.27 5.15%
$ 139.86 $ 132.08 5.90% � � NOTE: The above pro forma table assumes
the 110 hotel properties owned and included in continuing
operations at December 31, 2007 were owned as of the beginning of
the periods presented. � � Three Months Ended Twelve Months Ended
December 31, December 31, 2007 2006 % Variance 2007 2006 % Variance
� ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING
OPERATIONS: � Room revenues (1) $ 216,972,161 $ 201,600,046 7.63% $
840,064,260 $ 785,857,794 6.90% RevPAR (1) $ 95.92 $ 89.02 7.75% $
101.61 $ 94.83 7.15% Occupancy 69.98% 68.22% 2.58% 73.74% 72.91%
1.13% ADR $ 137.06 $ 130.49 5.04% $ 137.80 $ 130.06 5.96% � � NOTE:
The above pro forma table assumes the 99 hotel properties owned and
included in continuing operations at December 31, 2007 but not
under renovation for the three and twelve months ended December 31,
2007 were owned as of the beginning of the periods presented. � �
Excluded Hotels Under Renovation: Sea Turtle Inn Jacksonville, JW
Marriott San Francisco, Homewood Suites Mobile, Residence Inn
Jacksonville, Marriott Gateway Arlington, Sheraton San Diego
Mission Valley, Hilton Tucson El Conquistador, Hilton Minneapolis
Airport, Residence Inn Lake Buena Vista, Embassy Suites
Philadelphia Airport, Embassy Suites Walnut Creek � OTHER NOTES: �
NOTE 1: On March 26, 2006, the Company converted its Radisson hotel
in Ft. Worth, Texas, to a Hilton hotel, which resulted in a room
count reduction from 517 to 294. Consequently, the increase in pro
forma RevPAR exceeded the increase in pro forma room revenues for
the twelve months ended December 31, 2007 compared to the same 2006
period. � NOTE 2: As the Company�s Courtyard by Marriott hotel in
Philadelphia, Pennsylvania, is leased to a third-party tenant on a
triple-net lease basis, the Company only records rental income
related to this operating lease for GAAP purposes. However, in the
above pro-forma tables, all room revenues related to this hotel are
reflected, which is consistent with the Company�s other hotels. � �
� � � � � ASHFORD HOSPITALITY TRUST, INC. Pro Forma Hotel RevPAR by
Region (Unaudited) � Three Months EndedDecember 31, Twelve Months
EndedDecember 31, PercentChange in RevPAR Region Number of Hotels
Number of Rooms 2007 2006 2007 2006 Quarter YTD � Pacific (1) 22
5,864 $108.81 $100.54 $115.94 $107.56 8.2% 7.8% Mountain (2) 8
1,704 $94.54 $91.97 $102.09 $97.41 2.8% 4.8% West North Central (3)
3 690 $84.66 $80.00 $89.48 $85.55 5.8% 4.6% West South Central (4)
11 2,585 $96.26 $87.23 $98.45 $88.82 10.4% 10.8% East North Central
(5) 10 2,624 $76.31 $73.31 $80.82 $79.69 4.1% 1.4% East South
Central (6) 2 236 $77.61 $77.54 $85.78 $83.83 0.1% 2.3% Middle
Atlantic (7) 10 2,669 $103.14 $99.75 $104.09 $97.20 3.4% 7.1% South
Atlantic (8) 39 8,044 $97.66 $92.43 $106.60 $100.98 5.7% 5.6% New
England (9) 4 458 $69.88 $62.71 $69.16 $62.88 11.4% 10.0% Canada 1
607 $85.68 $86.53 $90.61 $95.28 -1.0% -4.9% � � � � � � � � Total
Portfolio 110 25,481 $97.26 $91.67 $103.02 $97.03 6.1% 6.2% � � �
(1) Includes Alaska and California (2) Includes Nevada, Arizona,
New Mexico, and Utah (3) Includes Minnesota and Kansas (4) Includes
Texas (5) Includes Ohio, Illinois, and Indiana (6) Includes
Kentucky and Alabama (7) Includes New York and Pennsylvania (8)
Includes Virginia, Florida, Georgia, Maryland, and North Carolina
(9) Includes Massachusetts � � NOTE 1: The above pro forma table
assumes the 110 hotel properties owned and included in continuing
operations as of December 31, 2007 were owned as of the beginning
of the periods presented. � NOTE 2: As the Company�s Courtyard by
Marriott hotel in Philadelphia, Pennsylvania, is leased to a
third-party tenant on a triple-net lease basis, the Company only
records rental income related to this operating lease for GAAP
purposes. However, in the above pro-forma table, all room revenues
related to this hotel are reflected, which is consistent with the
Company�s other hotels. � � � � � � � � ASHFORD HOSPITALITY TRUST,
INC. Pro Forma Hotel RevPAR by Brand (Unaudited) � Three Months
EndedDecember 31, Twelve Months EndedDecember 31, PercentChange in
RevPAR Brand Number of Hotels Number of Rooms 2007 2006 2007 2006
Quarter YTD � Hilton 35 8,012 $101.67 $96.17 $110.15 $101.44 5.7%
8.6% Hyatt 5 2,591 $92.17 $86.85 $97.51 $92.81 6.1% 5.1%
InterContinental 2 420 $136.86 $123.37 $148.35 $133.01 10.9% 11.5%
Independent 2 317 $42.99 $70.01 $63.59 $79.29 -38.6% -19.8%
Marriott 57 11,713 $99.24 $92.74 $102.35 $97.13 7.0% 5.4% Radisson
2 315 $59.28 $55.31 $61.43 $59.90 7.2% 2.6% Starwood 7 2,113 $79.14
$75.33 $88.71 $85.35 5.1% 3.9% � � � � � � � � Total Portfolio 110
25,481 $97.26 $91.67 $103.02 $97.03 6.1% 6.2% � � � NOTE 1: The
above pro forma table assumes the 110 hotel properties owned and
included in continuing operations as of December 31, 2007 were
owned as of the beginning of the periods presented. NOTE 2: As the
Company�s Courtyard by Marriott hotel in Philadelphia,
Pennsylvania, is leased to a third-party tenant on a triple-net
lease basis, the Company only records rental income related to this
operating lease for GAAP purposes. However, in the above pro-forma
table, all room revenues related to this hotel are reflected, which
is consistent with the Company�s other hotels. � ASHFORD
HOSPITALITY TRUST, INC. PRO FORMA HOTEL OPERATING PROFIT (In
Thousands) (Unaudited) � � � � ALL HOTELS INCLUDED IN CONTINUING
OPERATIONS: � � � � Three Months Ended Twelve Months Ended December
31, 2007 December 31, 2006 % Variance December 31, 2007 December
31, 2006 % Variance � REVENUE Rooms (1) 250,134 236,027 5.98%
969,779 915,335 5.95% Food and beverage 83,316 80,889 3.00% 289,509
279,807 3.47% Other 15,017 15,483 -3.01% 59,842 60,939 -1.80% Total
hotel revenue 348,467 332,400 4.83% 1,319,130 1,256,081 5.02% �
EXPENSES Hotel operating expenses Rooms (1) 58,831 56,906 3.38%
221,451 216,152 2.45% Food and beverage 57,498 56,585 1.61% 208,552
203,623 2.42% Other direct 8,326 8,439 -1.33% 32,290 33,399 -3.32%
Indirect 94,310 88,413 6.67% 349,923 332,152 5.35% Management fees,
includes base and incentive fees 18,125 17,134 5.78% 63,906 61,140
4.52% Total hotel operating expenses 237,090 227,477 4.23% 876,121
846,466 3.50% � Property taxes, insurance, and other 17,946 18,718
-4.13% 68,945 67,800 1.69% � � � � � � HOTEL OPERATING PROFIT
(Hotel EBITDA) 93,431 86,205 8.38% 374,063 341,815 9.43% � Minority
interest in consolidated joint ventures 1,567 1,519 3.13% 7,130
6,884 3.57% HOTEL OPERATING PROFIT (Hotel EBITDA), excluding
minority interest in joint ventures 91,865 84,686 8.48% 366,933
334,931 9.55% � � NOTE: The above pro forma table assumes the 110
hotel properties owned and included in continuing operations at
December 31, 2007 were owned as of the beginning of the periods
presented. � � � ALL HOTELS NOT UNDER RENOVATION INCLUDED IN
CONTINUING OPERATIONS: � Three Months Ended Twelve Months Ended
December 31, 2007 December 31, 2006 % Variance December 31, 2007
December 31, 2006 % Variance � REVENUE Rooms (1) 216,972 201,600
7.63% 840,064 785,858 6.90% Food and beverage 68,069 64,587 5.39%
235,951 224,937 4.90% Other 11,327 11,578 -2.17% 44,138 45,431 �
-2.85% Total hotel revenue 296,368 277,766 6.70% 1,120,153
1,056,226 6.05% � EXPENSES Hotel operating expenses Rooms (1)
50,720 48,065 5.52% 190,485 181,997 4.66% Food and beverage 46,852
45,418 3.16% 170,842 164,915 3.59% Other direct 5,732 5,913 -3.06%
22,150 23,070 -3.99% Indirect 78,733 74,311 5.95% 294,381 280,271
5.03% Management fees, includes base and incentive fees 15,071
14,104 6.86% 53,240 50,395 � 5.65% Total hotel operating expenses
197,109 187,811 4.95% 731,098 700,647 4.35% � Property taxes,
insurance, and other 14,852 15,706 -5.44% 58,476 57,133 2.35% � � �
� � � � HOTEL OPERATING PROFIT (Hotel EBITDA) 84,408 74,249 13.68%
330,579 298,446 � 10.77% � Minority interest in consolidated joint
ventures 1,567 1,519 3.13% 7,130 6,884 � 3.57% HOTEL OPERATING
PROFIT (Hotel EBITDA), excluding minority interest in joint
ventures 82,841 72,730 13.90% 323,449 291,562 � 10.94% � � NOTE:
The above pro forma table assumes the 99 hotel properties owned and
included in continuing operations at December 31, 2007 but not
under renovation during the three and twelve months ended December
31, 2007 were owned as of the beginning of the periods presented.
(1) On March 26, 2006, the Company converted its Radisson hotel in
Ft. Worth, Texas, to a Hilton hotel, which resulted in a room count
reduction from 517 to 294. Consequently, the increase in pro forma
RevPAR exceeded the increase in pro forma room revenues for the
twelve months ended December 31, 2007 compared to the same 2006
period. � � (2) As the Company�s Courtyard by Marriott hotel in
Philadelphia, Pennsylvania, is leased to a third-party tenant on a
triple-net lease basis, the Company only records rental income
related to this operating lease for GAAP purposes. However, in the
above pro-forma tables, all operating results related to this hotel
are reflected, which is consistent with the Company�s other hotels.
� � � � � � � � � � � � � ASHFORD HOSPITALITY TRUST, INC. Pro Forma
Hotel Operating Profit by Region (In Thousands) (Unaudited) � Three
Months EndedDecember 31, Twelve Months EndedDecember 31, Percent
Change inHotel Operating Profit Region Number of Hotels Number of
Rooms 2007 � % Total 2006 � % Total 2007 � % Total 2006 � % Total
Quarter YTD � Pacific (1) 22 5,864 $25,020 26.8% $22,327 25.9%
$102,964 27.5% $91,677 26.8% 12.1% 12.3% Mountain (2) 8 1,704
$6,158 6.6% $6,624 7.7% $25,895 6.9% $24,731 7.2% -7.0% 4.7% West
North Central (3) 3 690 $2,371 2.5% $2,171 2.5% $9,867 2.6% $8,913
2.6% 9.2% 10.7% West South Central (4) 11 2,585 $9,848 10.5% $8,694
10.1% $38,029 10.2% $31,561 9.2% 13.3% 20.5% East North Central (5)
10 2,624 $6,210 6.6% $6,239 7.2% $26,822 7.2% $29,009 8.5% -0.5%
-7.5% East South Central (6) 2 236 $510 0.5% $634 0.7% $2,976 0.8%
$3,151 0.9% -19.5% -5.6% Middle Atlantic (7) 10 2,669 $11,170 12.0%
$10,313 12.0% $37,869 10.1% $33,304 9.7% 8.3% 13.7% South Atlantic
(8) 39 8,044 $30,275 32.4% $27,297 31.7% $123,114 32.9% $111,593
32.6% 10.9% 10.3% New England (9) 4 458 $871 0.9% $618 0.7% $2,989
0.8% $2,202 0.6% 40.9% 35.7% Canada 1 607 $999 1.1% $1,288 1.5%
$3,538 0.9% $5,672 1.7% -22.4% -37.6% � � � � � � � � � � � � � � �
� Total Portfolio 110 25,481 $93,431 � 100.0% $86,205 � 100.0%
$374,063 � 100.0% $341,815 � 100.0% 8.4% 9.4% � � � (1) Includes
Alaska and California (2) Includes Nevada, Arizona, New Mexico, and
Utah (3) Includes Minnesota and Kansas (4) Includes Texas (5)
Includes Ohio, Illinois, and Indiana (6) Includes Kentucky and
Alabama (7) Includes New York and Pennsylvania (8) Includes
Virginia, Florida, Georgia, Maryland, and North Carolina (9)
Includes Massachusetts � � NOTE 1: The above pro forma table
assumes the 110 hotel properties owned and included in continuing
operations as of December 31, 2007 were owned as of the beginning
of the periods presented. NOTE 2: As the Company�s Courtyard by
Marriott hotel in Philadelphia, Pennsylvania, is leased to a
third-party tenant on a triple-net lease basis, the Company only
records rental income related to this operating lease for GAAP
purposes. However, in the above pro-forma table, all operating
results related to this hotel are reflected, which is consistent
with the Company�s other hotels. � ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA HOTEL OPERATING PROFIT MARGIN (Unaudited) � � 99 HOTELS
NOT UNDER RENOVATION AND INCLUDED IN CONTINUING OPERATIONS AT
DECEMBER 31, 2007 AS IF SUCH HOTELS WERE OWNED AS OF THE BEGINNING
OF THE PERIODS PRESENTED: � � HOTEL OPERATING PROFIT (HOTEL EBITDA)
MARGIN: � 4th Quarter 2007 28.48% 4th Quarter 2006 26.73% Variance
1.75% � HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN VARIANCE
BREAKDOWN: � Rooms 0.21% Food & Beverage and Other Departmental
0.74% Administrative & General 0.09% Sales & Marketing
0.32% Hospitality -0.02% Repair & Maintenance -0.04% Energy
0.17% Franchise Fee -0.23% Management Fee -0.03% Incentive
Management Fee 0.02% Insurance 0.31% Property Taxes 0.33%
Leases/Other -0.13% Total 1.75% � � � NOTE 1: As the Company�s
Courtyard by Marriott hotel in Philadelphia, Pennsylvania, is
leased to a third-party tenant on a triple-net lease basis, the
Company only records rental income related to this operating lease
for GAAP purposes. However, in the above pro-forma table, all
operating results related to this hotel are reflected, which is
consistent with the Company�s other hotels. � ASHFORD HOSPITALITY
TRUST, INC. PRO FORMA SEASONALITY TABLE (In Thousands) (Unaudited)
� � � � � � ALL 110 HOTELS OWNED AND INCLUDED IN CONTINUING
OPERATIONS AS OF DECEMBER 31, 2007: � � � 2007 � 2007 � 2007 � 2007
� 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter TTM � Total Hotel
Revenue $ 314,148 $ 342,603 $ 313,911 $ 348,467 $ 1,319,129 Hotel
EBITDA $ 91,044 $ 105,768 $ 83,821 $ 93,431 $ 374,064 Hotel EBITDA
Margin 29.0% 30.9% 26.7% 26.8% 28.4% � EBITDA % of Total TTM 24.3%
28.3% 22.4% 25.0% 100.0% � JV Interests in EBITDA $ 1,657 $ 2,330 $
1,577 $ 1,567 $ 7,131 � � NOTE 1: The above pro forma table assumes
that the 110 hotel properties owned and included in continuing
operations as of December 31, 2007 were owned as of the beginning
of the periods presented. � NOTE 2: As the Company�s Courtyard by
Marriott hotel in Philadelphia, Pennsylvania, is leased to a
third-party tenant on a triple-net lease basis, the Company only
records rental income related to this operating lease for GAAP
purposes. However, in the above pro-forma table, all operating
results related to this hotel are reflected, which is consistent
with the Company�s other hotels. � � � Ashford Hospitality Trust,
Inc. Debt Summary As of December 31, 2007 (in millions) �
Fixed-RateDebt Floating-RateDebt TotalDebt � $487.1 million
mortgage note payable secured by 32 hotel properties, matures
between July 1, 2015 and February 1, 2016, at an average interest
rate of 5.42% $ 455.1 $ - $ 455.1 $211.5 million term loan secured
by 16 hotel properties, matures between December 11, 2014 and
December 11, 2015, at an average interest rate of 5.73% 211.5 -
211.5 $300.0 million secured credit facility, matures April 9,
2010, at an interest rate of LIBOR plus a range of 1.55% to 1.95%
depending on the loan-to-value ratio, with two one-year extension
options - 65.0 65.0 $47.5 million term loan secured by 1 hotel
property, matures October 10, 2008, at an interest rate of LIBOR
plus 2.0%, with interest-only payments due monthly, with three
one-year extension options - 47.5 47.5 Mortgage note payable
secured by one hotel property, matures December 1, 2017, at an
interest rate of 7.24% through December 31, 2007 and 7.39%
thereafter 50.8 - 50.8 Mortgage note payable secured by one hotel
property, matures December 8, 2016, at an interest rate of 5.81%
101.0 - 101.0 Mortgage note payable secured by six hotel
properties, matures December 11, 2009, at an interest rate of LIBOR
plus 1.72%, with two one-year extension options - 184.0 184.0
$928.5 million mortgage loan secured by 28 hotel properties,
matures April 11, 2017, at an average blended interest rate of
5.95% 928.5 - 928.5 $213.9 million loan secured by 13 hotels and
mezzanine notes receivable, matures May 9, 2009, at an interest
rate of LIBOR plus 1.65%, with three one-year extension options -
213.9 213.9 Mortgage loans assumed with acquisition of CNL
portfolio, maturing between 2008 and 2018, with an average blended
interest rate of 6.07% � 405.0 � � - � � 405.0 � Total Debt
Excluding Premium $ 2,151.9 � $ 510.4 � $ 2,662.3 Mark-to-Market
Premium 3.7 Plus Debt Attributable to Joint Venture Partners � 34.8
� Net Debt Including Premium $ 2,700.8 � � Percentage of Total �
80.83 % � 19.17 % � 100.00 % � Weighted Average Interest Rate at
December 31, 2007 � 5.94 % ASHFORD HOSPITALITY TRUST, INC. Capital
Expenditures Calendar 110 Core Hotels (a) � � � � � � � � � � � � �
� � � � 2007 2008 Actual � Actual � Actual � Actual Estimated �
Estimated � Estimated � Estimated Rooms � 1st Quarter � 2nd Quarter
� 3rd Quarter � 4th Quarter � 1st Quarter � 2nd Quarter � 3rd
Quarter � 4th Quarter � Residence Inn Evansville 78 x SpringHill
Suites BWI Airport 133 x SpringHill Suites Centreville 136 x
SpringHill Suites Gaithersburg 162 x Courtyard Overland Park 168 x
Hilton Santa Fe 157 x Hilton Garden Inn Jacksonville 119 x Marriott
at Research Triangle Park 225 x x x Marriott Crystal Gateway 697 x
x x x Hyatt Dulles 316 x x x Sea Turtle Inn Jacksonville 193 x x x
x x x Sheraton City Center - Indianapolis 371 x x x JW Marriott San
Francisco 338 x x x x x Embassy Suites Las Vegas Airport 220 x
Homewood Suites Mobile 86 x x Residence Inn Lake Buena Vista 210 x
x Embassy Suites Walnut Creek 249 x x x Embassy Suites Philadelphia
Airport 263 x x x Sheraton San Diego Mission Valley 260 x x Hilton
Tucson El Conquistador Golf Resort 428 x x x Residence Inn
Jacksonville 120 x x Hilton Minneapolis Airport 300 x x x Courtyard
San Francisco Downtown 405 x Courtyard Basking Ridge 235 x
TownePlace Suites Manhattan Beach 144 x Embassy Suites Santa Clara
- Silicon Valley 257 x x Sheraton Anchorage 375 x x Hampton Inn
Jacksonville 118 x x Hampton Inn Lawrenceville 86 x x Hilton Dallas
- Lincoln Centre 500 x x Hampton Inn Houston Galleria 150 x x
Embassy Suites West Palm Beach 160 x x Courtyard Ft. Lauderdale
Weston 174 x x Doubletree Suites Columbus 194 x x Hyatt Regency
Coral Gables 242 x x Hilton Rye Town 446 x Marriott Legacy Center
404 x Hyatt Regency Orange County 654 x Courtyard Louisville
Airport 150 x SpringHill Suites Manhattan Beach 164 x SpringHill
Suites Charlotte 136 x SpringHill Suites Raleigh Airport 120 x
SpringHill Suites Mall of Georgia 96 x SpringHill Suites Richmond
136 x Hilton Nassau Bay - Clear Lake 243 x Hilton Costa Mesa 486 x
Courtyard Edison 146 x SpringHill Suites Philadelphia 199 x
Marriott Bridgewater 347 � � � � � � � � � � � � � � � x � � � (a)
Only hotels which have had or are expected to have significant
capital expenditures during 2007 or 2008 are included in this
table. This table excludes a possible $50.0 million related to ROI
projects.
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