Ashford Hospitality Trust, Inc. (NYSE:AHT) today reported the
following results and performance measures for the third quarter
ended September 30, 2008. 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 103 hotels owned and included in continuing operations as
of September 30, 2008. Unless otherwise stated, all reported
results compare the third quarter ended September 30, 2008, with
the third quarter ended September 30, 2007. The reconciliation of
non-GAAP financial measures is included in the financial tables
accompanying this press release. FINANCIAL HIGHLIGHTS AND LIQUIDITY
Corporate unrestricted available cash at the end of the quarter was
$135 million; corporate unrestricted available cash currently
available is $225 million Total revenue increased 2.1% to $285.3
million from $279.5 million Net income available to common
shareholders was $1.8 million, or $0.02 per diluted share, compared
with net loss of $6.6 million or $0.05 loss per diluted share, in
the prior-year quarter Adjusted funds from operations (AFFO) per
diluted share increased 4.0% to $0.26 per diluted share Cash
available for distribution (CAD) per diluted share increased 11.1%
to $0.20 per diluted share CAD dividend coverage was 119% year to
date Fixed charge ratios were 1.72x and 1.75x under the senior
credit facility covenants and the Series B convertible preferred
covenants, respectively, versus required minimums of 1.25x each
PORTFOLIO HIGHLIGHTS Proforma RevPAR was down 0.03% for hotels not
under renovation on a 1.8% increase in ADR to $139.59 and a
138-basis point decline in occupancy Proforma RevPAR decreased 0.9%
for all hotels on a 1.9% increase in ADR to $139.12 and a 206-basis
point decline in occupancy Proforma Hotel Operating Profit for
hotels not under renovation improved 0.9% Proforma Hotel Operating
Profit margin for hotels not under renovation improved 23 basis
points CAPITAL RECYCLING Remaining common stock repurchase amount
of $20 million of the $75 million authorization has been modified
by the Board to now include preferred stock Three hotels sold in
the quarter and one subsequent to quarter end for $148.2 million
Year to date asset sales reach $437 million on a 6.6% trailing
12-month NOI cap rate and 12.0x trailing 12-month EBITDA multiple
Repurchased 9.9 million common shares in the quarter and 17.2
million common shares to date in fourth quarter Common stock
repurchase program totals $105 million since inception Currently
anticipate announcing a determination of the 4th quarter dividend
and dividend guidance for 2009 on or around December 17, 2008 One
mezzanine loan acquired in the quarter for $98.4 million Capex
invested in the quarter totaled $25.7 million Property level hard
debt maturities with no extension options include $29.6 million in
2009 and $75 million in 2010 Other property level debt totaling
$411.8 million that initially matures in 2009 and 2010 may be
extended subject to no events of default, proper notice of election
to extend, and purchases of LIBOR caps The Company�s senior credit
revolver of $300 million initially matures 2010 with two one-year
extension options subject to no events of default and coverage
tests PORTFOLIO REVPAR As of September 30, 2008, the Company had a
portfolio of direct hotel investments consisting of 103 properties
classified in continuing operations. During the third quarter, 97
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 103
hotels) and proforma not-under-renovation basis (97 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 103
hotels in continuing operations. Details of each category are
provided in the tables attached to this release. Proforma RevPAR
was down 0.03% for hotels not under renovation on a 1.8% increase
in ADR to $139.59 and a 138-basis point decline in occupancy
Proforma RevPAR decreased 0.9% for all hotels on a 1.9% increase in
ADR to $139.12 and a 206-basis point decline in occupancy HOTEL
EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS For the 97 hotels
as of September 30, 2008 that were not under renovation, Proforma
Hotel EBITDA (adjusted as if all hotels were included throughout
both periods) increased 0.9% to $75.3 million. Proforma Hotel
EBITDA margin (expressed as a percentage of Total Hotel Revenue)
improved 23 basis points to 28.6%. For all 103 hotels included in
continuing operations as of September 30, 2008, Proforma Hotel
EBITDA decreased 1.7% to $75.4 million and Hotel EBITDA margin
decreased 23 basis points to 27.1%. 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 previous four quarters for
the current portfolio of 103 hotels included in continuing
operations are provided in the tables attached to this release.
Monty J. Bennett, President and CEO, commented, "The second half of
the year has been more difficult for the lodging industry than
projected, yet we continued to make progress on asset sales and
redeploying capital to accretive opportunities such as share
repurchases and a mezzanine loan purchase. Cost containment efforts
at our hotels have helped mitigate declining RevPAR trends, and we
have enhanced our liquidity considerably with a combination of
recent asset sales, financings and a full drawdown on our credit
facility." CAPITAL STRUCTURE On August 6, 2008, the Company
refinanced its major debt maturity in 2009, a loan with Prudential
that was secured by interests in the Capital Hilton and the Hilton
Torrey Pines. These two assets are owned in a joint venture between
Ashford and Hilton. The gross principal outstanding was $127.2
million, with Ashford�s share being $95.4 million. The new $160.0
million loan has an interest rate of 275 basis points over LIBOR
and is for a three year term with two one-year extension options.
The excess proceeds will be used to fund future renovations of the
two hotels. On September 5, 2008, the Board of Directors authorized
an additional $75 million of the Company�s common stock that may be
purchased under its share repurchase program. The Company had
recently completed all of the repurchase of the $50 million
previously allocated under its existing share repurchase program.
The Board has modified its most recent authority related to the $75
million share repurchase program to include both common and
preferred shares. On September 5, 2008, the Company closed a
financing of its JW Marriott San Francisco totaling $55 million.
The two-year loan bears interest at a rate of 375 basis points over
LIBOR with two one-year extension options. Ashford purchased a
LIBOR cap at a strike rate of 5.0% for the initial term of the
loan. On September 9, 2008, the Company closed a financing of its
Hyatt Regency Orange County totaling $65 million. The Hyatt loan
was repaid on October 2, 2008 upon the sale of the hotel property
and the related interest rate cap was subsequently sold. At
September 30, 2008, 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 59.8%. With the effect of the $1.8 billion interest rate swap,
the Company�s $2.8 billion debt balance as of September 30, 2008,
consisted of 95% of floating-rate debt, with a total weighted
average interest rate of 6.25%. The Company�s weighted average debt
maturity including extension options is 6.3 years. Since September
30, 2008, the Company made a full draw on its senior credit
revolver which the Company invested in U.S. Treasuries and
separately repaid the mortgage note on the Hyatt Regency Orange
County. The Company as of today has total debt outstanding of $2.8
billion with a weighted average interest rate of 4.46% based on the
current 30-day LIBOR rate of 1.96%. For each 10 basis point
reduction in LIBOR, the Company would save approximately $2.8
million in annual interest payments. The Company currently has no
debt maturing in the remainder of 2008. Assuming available
extension options are exercised on all debt with initial maturities
in 2009 and 2010, the only maturities will be $29.6 million in 2009
and $75 million in 2010. With the effect of the $1.8 billion
interest rate swap, $2.7 billion of the Company�s $2.8 billion debt
at September 30, 2008 was floating rate debt, of which $2.5 billion
is subject to interest rate caps of varying time periods.
INVESTMENT ACTIVITY On July 14, 2008, the Company acquired a
mezzanine loan participation secured by interests in 681
extended-stay hotels purchased by affiliates of the Lightstone
Group and Arbor Realty Trust. The loan participation, which is part
of a $400 million mezzanine loan tranche, was acquired for $98.4
million and had a face value of $164 million and an interest rate
of 250 basis points over LIBOR at par. Ashford�s investment at the
time of purchase is expected to yield approximately 23.9% based
upon the purchase price discount to par and the forward LIBOR curve
at the time purchase through the final maturity of the loan
(initial maturity in June 2009 and all three one-year extension
options). The loan can be prepaid at anytime. Financing on the
portfolio includes $6 billion in first mortgage and mezzanine
financing senior to the $400 million tranche in which Ashford is
participating, $1 billion in mezzanine financing junior to
Ashford�s position, and $600 million in equity, which is also
junior to Ashford�s position. Based on trailing 12-month net cash
flow from the portfolio, the debt service coverage ratio at closing
through Ashford�s position was approximately 1.63x, and Ashford�s
investment in the capital structure is approximately 75% to 80%
loan to cost, or $82,142 per key. In the third quarter, the Company
sold three hotels: the Radisson Hotel in Rockland, Massachusetts,
the Sheraton Milford in Milford, Massachusetts, and the Radisson
Hotel MacArthur Airport in Holtsville, New York. Subsequent to
quarter end, Ashford sold the Hyatt Regency Orange County in
Anaheim, California. The four sales in aggregate represent a total
of $148.2 million in proceeds, or pricing equating to approximately
$130,000 per key, a 7.8% trailing 12-month cap rate, and a 10.6x
trailing 12-month EBITDA multiple. INVESTOR CONFERENCE CALL AND
SIMULCAST Ashford Hospitality Trust, Inc. will conduct a conference
call on Thursday, November 6, 2008, at 11:00 a.m. ET. The number to
call for this interactive teleconference is (303) 262-2053. A
replay of the conference call will be available through November
14, 2008, by dialing (303)�590-3000 and entering the confirmation
number, 11111808#. The Company will also provide an online
simulcast and rebroadcast of its third quarter 2008 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, November 6, 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=51628. 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, second 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. AND SUBSIDIARIES CONSOLIDATED BALANCE
SHEETS (in thousands, except share amounts) � � � September 30,
December 31, � 2008 � � 2007 � (Unaudited) ASSETS Investment in
hotel properties, net $ 3,583,827 $ 3,885,737 Cash and cash
equivalents 227,816 92,271 Restricted cash 64,812 52,872 Accounts
receivable, net 49,703 51,314 Inventories 3,858 4,100 Assets held
for sale 70,829 75,739 Notes receivable 211,470 94,225 Investment
in unconsolidated joint venture 24,083 - Deferred costs, net 25,290
25,714 Prepaid expenses 16,334 20,223 Other assets 6,983 6,027
Intangible assets, net 3,100 13,889 Due from third-party hotel
managers � 46,262 � � 58,300 � � Total assets $ 4,334,367 � $
4,380,411 � � LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities
Indebtedness - continuing operations $ 2,724,273 $ 2,639,546
Indebtedness - discontinued operations 65,000 61,229 Capital leases
payable 249 498 Accounts payable and accrued expenses 118,171
124,696 Dividends payable 33,127 35,031 Unfavorable management
contract liabilities 21,703 23,396 Due to related parties 1,056
2,732 Due to third-party hotel managers 3,446 4,699 Interest rate
derivatives 32,855 - Other liabilities � 8,215 � � 8,514 � � Total
liabilities � 3,008,095 � � 2,900,341 � � Minority interests in
consolidated joint ventures 21,631 19,036 Minority interests in
operating partnership 92,214 101,031 Series B Cumulative
Convertible Redeemable Preferred stock, 7,447,865 issued and
outstanding 75,000 75,000 � Stockholders' Equity: Preferred stock,
$0.01 par value, 50,000,000 shares authorized: Series A Cumulative
Preferred Stock, 2,300,000 shares issued and outstanding 23 23
Series D Cumulative Preferred Stock, 8,000,000 shares issued and
outstanding 80 80 Common stock, $0.01 par value, 200,000,000 shares
authorized, 122,748,859 shares issued and 109,973,985 shares
outstanding at September 30, 2008 and 122,765,691 shares issued and
120,376,055 shares outstanding at December 31, 2007 � � 1,227 1,228
Additional paid-in capital 1,458,687 1,455,917 Accumulated other
comprehensive loss (203 ) (115 ) Accumulated deficit (259,620 )
(153,664 ) Treasury stock, at cost (12,774,874 shares at September
30, 2008 and 2,389,636 shares at December 31, 2007) � (62,767 ) �
(18,466 ) � Total shareholders' equity � 1,137,427 � � 1,285,003 �
� Total liabilities and owners' equity $ 4,334,367 � $ 4,380,411 �
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF OPERATIONS (in thousands, except per share amounts) �
� � � � Three Months Ended Nine Months Ended September 30, �
September 30, � � 2008 � � 2007 � � 2008 � � 2007 � (Unaudited)
REVENUE Rooms $ 208,856 $ 210,276 $ 642,264 $ 517,582 Food and
beverage 53,143 52,928 175,153 138,330 Rental income from operating
leases 1,367 1,449 4,239 2,633 Other � 12,604 � � 12,106 � � 38,924
� � 29,280 � � Total hotel revenue 275,970 276,759 860,580 687,825
Interest income from notes receivable 8,801 2,373 15,273 8,594
Asset management fees and other � 510 � � 334 � � 1,953 � � 996 � �
Total Revenue � 285,281 � � 279,466 � � 877,806 � � 697,415 � �
EXPENSES Hotel operating expenses Rooms 47,258 48,128 140,530
114,229 Food and beverage 39,468 39,878 124,237 99,476 Other direct
6,726 7,203 21,218 16,223 Indirect 80,110 79,714 238,405 190,944
Management fees � 10,690 � � 10,755 � � 33,726 � � 26,285 � � Total
hotel expenses 184,252 185,678 558,116 447,157 � Property taxes,
insurance, and other 14,918 14,248 45,776 36,106 Depreciation and
amortization 44,406 33,137 126,405 97,171 Corporate general and
administrative: Stock-based compensation 1,719 1,704 5,188 4,669
Other general and administrative � 7,115 � � 6,365 � � 19,715 � �
15,141 � � Total Operating Expenses � 252,410 � � 241,132 � �
755,200 � � 600,244 � � OPERATING INCOME 32,871 38,334 122,606
97,171 � Equity in earnings of unconsolidated joint venture 491 -
2,304 - Interest income 697 776 1,594 2,249 Other income 3,379 -
6,244 - Interest expense (38,436 ) (38,911 ) (112,004 ) (91,054 )
Amortization of loan costs (1,434 ) (1,931 ) (4,767 ) (4,229 )
Write-off of loan costs and exit fees (1,226 ) - (1,226 ) (3,709 )
Unrealized gains/(losses) on derivatives � 12,528 � � (175 ) �
(38,861 ) � (144 ) � INCOME/(LOSS) FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES AND MINORITY INTERESTS 8,870 (1,907 ) (24,110 )
284 Income tax expense (421 ) (2,116 ) (1,150 ) (762 ) Minority
interests in (earnings)/losses of consolidated joint ventures (123
) (106 ) (2,907 ) 417 Minority interests in (earnings)/losses of
operating partnership � (747 ) � 253 � � 1,987 � � (741 ) �
INCOME/(LOSS) FROM CONTINUING OPERATIONS 7,579 (3,876 ) (26,180 )
(802 ) Income from discontinued operations, net � 1,220 � � 4,384 �
� 14,660 � � 33,885 � � NET INCOME/(LOSS) 8,799 508 (11,520 )
33,083 Preferred dividends � (7,018 ) � (7,146 ) � (21,054 ) �
(16,972 ) � NET INCOME/(LOSS) AVAILABLE TO COMMON SHAREHOLDERS $
1,781 � $ (6,638 ) $ (32,574 ) $ 16,111 � � INCOME (LOSS) AVAILABLE
TO COMMON SHAREHOLDERS PER SHARE: Basic ? Income/(loss) from
continuing operations $ 0.01 $ (0.09 ) $ (0.40 ) $ (0.18 ) Income
from discontinued operations � 0.01 � � 0.04 � � 0.12 � � 0.34 � �
Net income/(loss) $ 0.02 � $ (0.05 ) $ (0.28 ) $ 0.16 � Diluted ?
Income/(loss) from continuing operations $ 0.01 $ (0.09 ) $ (0.40 )
$ (0.18 ) Income from discontinued operations � 0.01 � � 0.04 � �
0.12 � � 0.34 � � Net income/(loss) $ 0.02 � $ (0.05 ) $ (0.28 ) $
0.16 � Weighted Average Common Shares Outstanding: Basic � 115,819
� � 121,235 � � 117,828 � � 100,708 � Diluted � 115,852 � � 121,235
� � 117,828 � � 100,708 � ASHFORD HOSPITALITY TRUST, INC. AND
SUBSIDIARIES RECONCILIATION OF NET INCOME TO EBITDA (in thousands,
except per share amounts and ratios) � � � � � Three Months Ended
Nine Months Ended September 30, September 30, � 2008 � � 2007 � �
2008 � � 2007 � (Unaudited) � Net income/(loss) $ 8,799 $ 508 $
(11,520 ) $ 33,083 � Interest income (697 ) (776 ) (1,594 ) (2,249
) Interest expense and amortization of loan costs 39,756 47,649
118,389 109,857 Depreciation and amortization 44,731 40,235 131,716
117,644 Minority interest in earnings/(losses) of operating
partnership 856 219 (738 ) 4,026 Income tax expense (benefit) � 421
� � (1,309 ) � 1,360 � � 5,085 � � EBITDA 93,866 86,526 237,613
267,446 � Amortization of unfavorable management contract
liabilities (565 ) (564 ) (1,693 ) (1,501 ) Gains on sale of
properties (1,411 ) (531 ) (8,315 ) (35,237 ) Write-off of loan
costs, premiums and exit fees (1) 1,354 - 8 5,966 Unrealized
(gains)/losses on derivatives (12,528 ) 175 38,861 144 � � � �
Adjusted EBITDA $ 80,716 � $ 85,606 � $ 266,474 � $ 236,818 � � �
RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS ("FFO") (in
thousands) � Three Months Ended Nine Months Ended September 30,
September 30, � 2008 � � 2007 � � 2008 � � 2007 � (Unaudited) � Net
income $ 8,799 $ 508 $ (11,520 ) $ 33,083 Preferred dividends �
(7,018 ) � (7,146 ) � (21,054 ) � (16,972 ) � Net income/(loss)
available to common shareholders 1,781 (6,638 ) (32,574 ) 16,111 �
Depreciation and amortization on real estate 44,609 40,128 131,351
117,372 Gains on sales of hotel properties, net of related income
taxes (1,411 ) (531 ) (8,315 ) (28,370 ) Minority interest in
earnings/(loss) of operating partnership � 856 � � 219 � � (738 ) �
4,026 � � FFO available to common shareholders 45,835 33,178 89,724
109,139 � Dividends on convertible preferred stock 1,564 1,564
4,692 4,692 Non-cash dividends on Series C preferred stock - 140 -
845 Write-off of loan costs, premiums and exit fees (1) 1,354 - 8
5,966 Unrealized (gains)/losses on derivatives � (12,528 ) � 175 �
� 38,861 � � 144 � � Adjusted FFO $ 36,225 � $ 35,057 � $ 133,285 �
$ 120,786 � � Adjusted FFO per diluted share available to common
shareholders $ 0.26 � $ 0.25 � $ 0.96 � $ 0.99 � � Weighted average
diluted shares � 137,690 � � 142,249 � � 139,372 � � 122,152 � �
Dividend declared on common stock, units and Series B Preferred $
27,614 � $ 30,077 � $ 86,940 � $ 79,965 � � Dividend declared
coverage ratio � 131 % � 117 % � 153 % � 151 % � (1)For the nine
months ended September 30, 2008, the amount includes a write-off of
debt premium of $2,086,000 at the sale of a hotel property. ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES CASH AVAILABLE FOR
DISTRIBUTION ("CAD") (in thousands, except per share amounts) � � �
� � � � � � � � � � � � � Three Months Three Months Nine Months
Nine Months Ended Per Ended Per Ended Per Ended Per September 30,
Diluted September 30, Diluted September 30, Diluted September 30,
Diluted 2008 Share 2007 Share 2008 Share 2007 Share � Net
income/(loss) available to common shareholders $ 1,781 $ 0.01 $
(6,638) $ (0.05) $ (32,574) $ (0.23) $ 16,111 $ 0.13 Dividends on
convertible preferred stock 1,564 0.01 1,564 0.01 4,692 0.03 4,692
0.04 � Total 3,345 0.02 (5,074) (0.04) (27,882) (0.20) 20,803 0.17
� Depreciation and amortization on real estate 44,609 0.33 40,128
0.28 131,351 0.94 117,372 0.96 Non-cash dividends on Series C
preferred stock - - 140 0.00 - - 845 0.01 Minority interest in
(losses)/earnings of operating partnership 856 0.01 219 0.00 (738)
(0.01) 4,026 0.03 Stock-based compensation 1,719 0.01 1,704 0.01
5,188 0.04 4,669 0.04 Amortization of loan costs 1,440 0.01 2,524
0.02 4,924 0.04 5,447 0.04 Write-off of loan costs, premiums and
exit fees (1) 1,354 0.01 - - 8 0.00 5,966 0.05 Amortization of
unfavorable management contract liabilities (565) (0.00) (564)
(0.00) (1,693) (0.01) (1,501) (0.01) Gains on sales of properties,
net of related income taxes (1,411) (0.01) (531) (0.00) (8,315)
(0.06) (28,370) (0.23) Unrealized (gains)/losses on derivatives
(12,528) (0.09) 175 0.00 38,861 0.28 144 0.00 Capital improvements
reserve (11,948) (0.09) (13,430) (0.09) (38,061) (0.27) (33,920)
(0.28) � CAD $ 26,871 $ 0.20 $ 25,291 $ 0.18 $ 103,643 $ 0.75 $
95,481 $ 0.78 � Dividends declared $ 27,614 $ 30,077 $ 86,940 $
79,965 � Dividend declared coverage ratio 97% 84% 119% 119% � (1)
For the nine months ended September 30, 2008, the amount includes a
write-off of debt premium of $2,086,000 at the sale of a hotel
property. ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES DEBT
SUMMARY SEPTEMBER 30, 2008 (dollars in thousands) � � � �
Fixed-Rate Floating-Rate Total Debt Debt Debt � Mortgage loan
secured by 25 hotel properties, matures between July 1, 2015 and
February 1, 2016, at an average interest rate of 5.42% � $ 455,115
$ - $ 455,115 Mortgage loan secured by 16 hotel properties, matures
between December 11, 2014 and December 11, 2015, at an average
interest rate of 5.73% � 211,475 - 211,475 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 � - 195,000 195,000 Mortgage loan
secured by one hotel property, matures December 1, 2017, with an
interest rate of 7.39% at September 30, 2008 48,019 - 48,019
Mortgage loan secured by one hotel property, matures December 8,
2016, at an interest rate of 5.81% 101,000 - 101,000 Mortgage loan
secured by five hotel properties, matures December 11, 2009, at an
interest rate of LIBOR plus 1.72%, with two one-year extension
options � - 189,570 189,570 Mortgage loan secured by 28 hotel
properties, matures April 11, 2017, at an average blended interest
rate of 5.95% 928,465 - 928,465 Mortgage loan secured by 10 hotel
properties, matures May 9, 2009, at an interest rate of LIBOR plus
1.65%, with three one-year extension options - 167,202 167,202
Mortgage loan secured by one hotel property, matures January 1,
2011, at an interest rate of 8.32% 5,111 - 5,111 Mortgage loan
secured by one hotel property, matures January 1, 2023, at an
interest rate of 7.78% 6,122 - 6,122 TIF loan secured by one hotel
property, matures June 30, 2018, at an interest rate of 12.85%
6,927 - 6,927 Mortgage loan secured by one hotel property, matures
April 1, 2009, at an interest rate of 5.6% 29,641 - 29,641 Mortgage
loan secured by three hotel property, matures April 5, 2011, at an
interest rate of 5.47% 66,801 - 66,801 Mortgage loan secured by
four hotel property, matures March 1, 2010, at an interest rate of
5.95% 75,000 - 75,000 Mortgage loan secured by one hotel property,
matures June 1, 2011, at an interest rate of LIBOR plus 2% - 19,740
19,740 Mortgage loan secured by two hotel properties, matures
August 8, 2011, at an interest rate of LIBOR plus 2.75%, with two
one-year extension options 119,850 119,850 Mortgage loan secured by
one hotel properties, matures August 6, 2011, at an interest rate
of LIBOR plus 2.5%, with two one-year extension options 65,000
65,000 Mortgage loan secured by one hotel properties, matures
September 9, 2010, at an interest rate of LIBOR plus 3.75%, with
two one-year extension options � 55,000 55,000 � Total Debt
Excluding Premium $ 1,933,676 $ 811,362 2,745,038 Mark-to-Market
Premium 1,447 Plus Debt Attributable to joint venture partners
42,788 Total Debt Including Premium and debt attributable to joint
venture partners $ 2,789,273 Percentage 70.4% 29.6% 100.0% �
Weighted average interest rate at September 30, 2008 5.90% � Total
with the effect of interest rate swap $ 133,676 $ 2,611,362 $
2,745,038 � Percentage with the effect of interest rate swap 4.9%
95.1% 100.0% � Weighted average interest rate with the effect of
interest rate swap 6.25% ASHFORD HOSPITALITY TRUST, INC. AND
SUBSIDIARIES DEBT BY MATURITY ASSUMING EXTENSION OPTIONS NOT
SUBJECT TO COVERAGE TESTS ARE EXERCISED SEPTEMBER 30, 2008 (in
thousands) � � � � � � � � 2009 � 2010 � 2011 � 2012 � 2013
Thereafter Total � Mortgage loan secured by one hotel property $
29,641 $ - $ - $ - $ - $ - $ 29,641 Mortgage loan secured by four
hotel property - 75,000 - - - - 75,000 Mortgage loan secured by one
hotel property - - 5,111 - - - 5,111 Mortgage loan secured by three
hotel property - - 66,801 - - - 66,801 Mortgage loan secured by one
hotel property - - 19,740 - - - 19,740 Mortgage loan secured by
five hotel property - - 189,570 - - - 189,570 Secured credit
facility - 195,000 (a) (1) - - - - 195,000 Mortgage loan secured by
10 hotel property - - - 167,202 - - 167,202 Mortgage loan secured
by one hotel property - - 55,000 (a) - - - 55,000 Mortgage loan
secured by two hotel property - - 119,850 (a) - - - 119,850
Mortgage loan secured by one hotel property - - 65,000 (b) - - -
65,000 Mortgage loan secured by eight hotel property - - - - -
110,899 110,899 Mortgage loan secured by eight hotel property - - -
- - 100,576 100,576 Mortgage loan secured by 25 hotel property part
I - - - - - 160,490 160,490 Mortgage loan secured by one hotel
property - - - - - 101,000 101,000 Mortgage loan secured by 25
hotel property part II - - - - - 294,625 294,625 Mortgage loan
secured by one hotel property - - - - - 49,466 49,466 Mortgage loan
secured by 28 hotel property part I - - - - - 893,465 893,465
Mortgage loan secured by 28 hotel property part II - - - - - 35,000
35,000 TIF loan secured by one hotel property - - - - - 6,927 6,927
Mortgage loan secured by one hotel property - - - - - 6,122 6,122 �
� � � � � � 29,641 270,000 521,072 167,202 - 1,758,570 2,746,485 �
Debt attributable to joint venture partners - - 40,852 - - 1,936
42,788 � � � � � � � $ 29,641 $ 270,000 $ 561,924 $ 167,202 $ - $
1,760,506 $ 2,789,273 � � NOTE: These maturities assume no event of
default would occur. (a) Extensions available but certain coverage
tests have to be met. (b) Paid off October 2, 2008. (1) Since has
been fully drawn to $300 million. ASHFORD HOSPITALITY TRUST, INC.
KEY PERFORMANCE INDICATORS - PRO FORMA (Unaudited) � � � � � � �
Three Months Ended Nine Months Ended September 30, September 30,
2008 2007 % Variance � 2008 2007 % Variance � ALL HOTELS INCLUDED
IN CONTINUING OPERATIONS: � Room revenues (in thousands) $ 213,820
$ 215,763 -0.90% $ 657,903 $ 654,904 0.46% RevPAR $ 103.76 $ 104.68
-0.88% $ 106.87 $ 106.62 0.23% Occupancy 74.58% 76.64% -2.06%
73.87% 75.60% -1.73% ADR $ 139.12 $ 136.58 1.86% $ 144.67 $ 141.04
2.57% � � NOTE:The above pro forma table assumes the 103 hotel
properties owned and included in continuing operations at September
30, 2008 were owned as of the beginning of period presented. � �
Three Months Ended Nine Months Ended September 30, September 30,
2008 2007 % Variance � 2008 2007 % Variance � ALL HOTELS NOT UNDER
RENOVATION INCLUDED IN CONTINUING OPERATIONS: Room revenues (in
thousands) $ 204,141 $ 204,249 -0.05% $ 617,063 $ 611,268 0.95%
RevPAR $ 105.60 $ 105.63 -0.03% $ 106.83 $ 106.06 0.73% Occupancy
75.65% 77.03% -1.38% 74.22% 75.56% -1.34% ADR $ 139.59 $ 137.13
1.80% $ 143.93 $ 140.36 2.55% � � NOTE:The above pro forma table
assumes the 97 hotel properties owned and included in continuing
operations at September 30, 2008 but not under renovation for the
three and nine months ended September 30, 2008 were owned as of the
beginning of the periods presented. � Excluded Hotels Under
Renovation: Embassy Suites Philadelphia Airport, Hilton Tucson El
Conquistador, Hampton Inn Houston Galleria, Hampton Inn
Jacksonville Embassy Suites West Palm Beach, Hyatt Regency Coral
Gables � OTHER NOTE: 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 OPERATING PROFIT
(dollars in thousands) (Unaudited) � ALL HOTELS INCLUDED IN
CONTINUING OPERATIONS: � � Three Months Ended Nine Months Ended
September 30, September 30, 2008 2007 % Variance � 2008 2007 %
Variance REVENUE Rooms $ 213,820 $ 215,763 -0.9% $ 657,903 $
654,904 0.5% Food and beverage 53,853 52,496 2.6% 177,490 176,060
0.8% Other 10,850 12,772 -15.0% 37,375 40,721 -8.2% Total hotel
revenue 278,523 281,031 -0.9% 872,768 871,685 0.1% � EXPENSES Rooms
48,342 49,358 -2.1% 143,817 144,330 -0.4% Food and beverage 40,017
40,442 -1.1% 125,943 127,773 -1.4% Other direct 6,792 7,266 -6.5%
21,410 22,177 -3.5% Indirect 79,441 78,706 0.9% 238,053 231,287
2.9% Management fees, includes base and incentive fees 13,376
13,846 -3.4% 40,796 41,867 -2.6% Total hotel operating expenses
187,968 189,618 -0.9% 570,019 567,434 0.5% Property taxes,
insurance, and other 15,182 14,719 3.1% 46,069 45,922 0.3% HOTEL
OPERATING PROFIT (Hotel EBITDA) 75,373 76,694 -1.7% 256,680 258,329
-0.6% Hotel EBITDA Margin 27.06% 27.29% -0.23% 29.41% 29.64% -0.23%
� Minority interest in earnings of consolidated joint ventures
1,644 1,577 4.2% 6,267 5,564 12.6% HOTEL OPERATING PROFIT (Hotel
EBITDA), excluding minority interest in joint ventures $ 73,729 $
75,117 -1.8% $250,413 $252,765 -0.9% � NOTE:The above pro forma
table assumes the 103 hotel properties owned and included in
continuing operations at September 30, 2008 were owned as of the
beginning of the periods presented. � � ALL HOTELS NOT UNDER
RENOVATION INCLUDED IN CONTINUING OPERATIONS: � Three Months Ended
Nine Months Ended September 30, September 30, 2008 2007 % Variance
� 2008 2007 % Variance REVENUE Rooms (1) $ 204,141 $ 204,249 -0.1%
$ 617,063 $ 611,268 0.9% Food and beverage 49,845 48,165 3.5%
162,028 159,694 1.5% Other 9,347 10,665 -12.4% 30,352 32,182 -5.7%
Total hotel revenue 263,333 263,079 0.1% 809,443 803,144 0.8% �
EXPENSES Rooms (1) 45,582 46,274 -1.5% 134,496 134,532 0.0% Food
and beverage 36,607 36,934 -0.9% 114,668 116,001 -1.1% Other direct
5,202 5,479 -5.1% 16,021 16,335 -1.9% Indirect 73,636 72,846 1.1%
219,802 212,573 3.4% Management fees, includes base and incentive
fees 13,078 13,217 -1.1% 38,699 39,542 -2.1% Total hotel operating
expenses 174,105 174,750 -0.4% 523,686 518,983 0.9% Property taxes,
insurance, and other 13,916 13,689 1.7% 42,132 41,861 0.6% HOTEL
OPERATING PROFIT (Hotel EBITDA) 75,312 74,640 0.9% 243,625 242,300
0.5% Hotel EBITDA Margin 28.60% 28.37% 0.23% 30.09% 30.17% -0.08% �
Minority interest in earnings of consolidated joint ventures 1,644
1,577 4.2% 6,267 5,564 12.6% HOTEL OPERATING PROFIT (Hotel EBITDA),
excluding minority interest in joint ventures $ 73,668 $ 73,063
0.8% $237,358 $236,736 0.3% � NOTES: (1) The above pro forma table
assumes the 97 hotel properties owned and included in continuing
operations at September 30, 2008 but not under renovation during
the three and nine months ended September 30, 2008 were owned as of
the beginning of the periods presented. (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 form 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 REVPAR BY REGION (Unaudited) � � � � �
Three Months Ended Nine Months Ended Number of Number of September
30, September 30, Region Hotels Rooms 2008 2007 % Change 2008 2007
% Change � Pacific (1) 21 5,209 $ 132.97 $ 130.07 2.2% $ 121.86 $
120.85 0.8% Mountain (2) 8 1,704 $ 82.41 $ 87.23 -5.5% $ 104.38 $
104.99 -0.6% West North Central (3) 3 690 $ 102.46 $ 96.82 5.8% $
91.07 $ 91.22 -0.2% West South Central (4) 10 2,086 $ 99.32 $ 97.53
1.8% $ 105.41 $ 101.92 3.4% East North Central (5) 10 2,624 $ 83.59
$ 87.24 -4.2% $ 82.28 $ 82.34 -0.1% East South Central (6) 2 236 $
93.07 $ 85.87 8.4% $ 94.13 $ 88.53 6.3% Middle Atlantic (7) 9 2,481
$ 107.01 $ 115.25 -7.1% $ 104.06 $ 107.58 -3.3% South Atlantic (8)
38 7,728 $ 96.81 $ 97.58 -0.8% $ 109.46 $ 109.28 0.2% New England
(9) 2 158 $ 87.06 $ 92.54 -5.9% $ 87.94 $ 83.92 4.8% � � � � � � �
� Total Portfolio 103 22,916 $ 103.76 $ 104.68 -0.9% $ 106.87 $
106.62 0.2% � � (1) Includes Alaska, California, Oregon, and
Washington (2) Includes Nevada, Arizona, New Mexico, and Utah (3)
Includes Minnesota and Kansas (4) Includes Texas (5) Includes Ohio,
Michigan, Illinois, and Indiana (6) Includes Kentucky and Alabama
(7) Includes New York, New Jersey, and Pennsylvania (8) Includes
Virginia, Florida, Georgia, Maryland, District of Columbia, and
North Carolina (9) Includes Massachusetts and Connecticut � �
NOTES: (1) The above pro forma table assumes the 103 hotel
properties owned and included in continuing operations as of
September 30, 2008 were owned as of the beginning of the periods
presented. (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 Ended Nine Months
Ended Number of Number of September 30, September 30, Brand � �
Hotels Rooms 2008 2007 % Change � 2008 2007 % Change � Hilton 34
7,512 $ 108.91 $ 110.98 -1.9% $ 114.14 $ 114.58 -0.4% Hyatt 2 1,014
$ 74.48 $ 85.44 -12.8% $ 91.38 $ 92.80 -1.5% InterContinental 2 420
$ 143.38 $ 135.05 6.2% $ 152.46 $ 152.22 0.2% Independent 2 317 $
65.03 $ 64.15 1.4% $ 55.59 $ 70.53 -21.2% Marriott 57 11,713 $
101.14 $ 101.14 0.0% $ 105.04 $ 103.67 1.3% Starwood 6 1,940 $
111.01 $ 109.45 1.4% $ 94.78 $ 94.82 0.0% � � � � � � � � Total
Portfolio 103 22,916 $ 103.76 $ 104.68 -0.9% $ 106.87 $ 106.62 0.2%
� � NOTES: (1)The above pro forma table assumes the 103 hotel
properties owned and included in continuing operations as of
September 30, 2008 were owned as of the beginning of the periods
presented. (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 BY
REGION (dollars in thousands) (Unaudited) � � � � � � � � � Three
Months Ended Nine Months Ended Number of Number of September 30,
September 30, Region Hotels Rooms 2008 % Total � 2007 % Total � %
Change � 2008 % Total 2007 % Total % Change � Pacific (1) 21 5,209
$ 26,196 34.8% $ 24,231 31.6% 8.1% $ 70,801 27.6% $ 69,940 27.1%
1.2% Mountain (2) 8 1,704 2,600 3.4% 3,695 4.8% -29.6% 18,586 7.2%
19,585 7.6% -5.1% West North Central (3) 3 690 2,952 3.9% 2,625
3.4% 12.5% 7,503 2.9% 7,495 2.9% 0.1% West South Central (4) 10
2,086 5,974 7.9% 6,714 8.8% -11.0% 23,261 9.1% 22,671 8.8% 2.6%
East North Central (5) 10 2,624 7,769 10.3% 7,366 9.6% 5.5% 22,477
8.8% 20,613 8.0% 9.0% East South Central (6) 2 236 848 1.1% 778
1.0% 9.0% 2,602 1.0% 2,466 0.9% 5.5% Middle Atlantic (7) 9 2,481
8,042 10.7% 9,212 12.0% -12.7% 22,905 8.9% 25,494 9.9% -10.2% South
Atlantic (8) 38 7,728 20,537 27.3% 21,565 28.1% -4.8% 87,189 34.0%
88,862 34.4% -1.9% New England (9) 2 158 455 0.6% 508 0.7% -10.4%
1,356 0.5% 1,203 0.5% 12.7% � � � � � � � � � � � � Total Portfolio
103 22,916 $ 75,373 100.0% $ 76,694 100.0% -1.7% $ 256,680 100.0% $
258,329 100.0% -0.6% � � (1) Includes Alaska, California, Oregon,
and Washington (2) Includes Nevada, Arizona, New Mexico, and Utah
(3) Includes Minnesota and Kansas (4) Includes Texas (5) Includes
Ohio, Michigan, Illinois, and Indiana (6) Includes Kentucky and
Alabama (7) Includes New York, New Jersey, and Pennsylvania (8)
Includes Virginia, Florida, Georgia, Maryland, District of
Columbia, and North Carolina (9) Includes Massachusetts and
Connecticut � NOTES: (1) The above pro forma table assumes the 103
hotel properties owned and included in continuing operations as of
September 30, 2008 were owned as of the beginning of the periods
presented.��������������������������� � (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) � �
97 HOTELS NOT UNDER RENOVATION AND INCLUDED IN CONTINUING
OPERATIONS AT SEPTEMBER 30, 2008 AS IF SUCH HOTELS WERE OWNED AS OF
THE BEGINNING OF THE PERIODS PRESENTED: � � HOTEL OPERATING PROFIT
(HOTEL EBITDA) MARGIN: � 3rd Quarter 2008 28.60% 3rd Quarter 2007
28.37% Variance 0.23% � HOTEL OPERATING PROFIT (HOTEL EBITDA)
MARGIN VARIANCE BREAKDOWN: � Rooms 0.30% Food & Beverage and
Other Departmental 0.25% Administrative & General 0.25% Sales
& Marketing -0.31% Hospitality -0.02% Repair & Maintenance
-0.03% Energy -0.30% Franchise Fee -0.08% Management Fee 0.01%
Incentive Management Fee 0.04% Insurance 0.19% Property Taxes
-0.28% Leases/Other 0.21% Total 0.23% � � NOTE: 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 (dollars in thousands)
(Unaudited) � � � � � � ALL 103 HOTELS OWNED AND INCLUDED IN
CONTINUING OPERATIONS AS OF SEPTEMBER 30, 2008: � � 2008 2008 2008
2007 3rd Quarter 2nd Quarter 1st Quarter 4th Quarter TTM � Total
Hotel Revenue $ 278,523 $ 307,691 $ 286,555 $ 313,735 $ 1,186,504
Hotel EBITDA $ 75,373 $ 97,770 $ 83,861 $ 86,543 $ 343,547 Hotel
EBITDA Margin 27.1% 31.8% 29.3% 27.6% 29.0% � EBITDA % of Total TTM
21.9% 28.5% 24.4% 25.2% 100.0% � JV Interests in EBITDA $ 1,644 $
2,868 $ 1,754 $ 1,567 $ 7,833 � � NOTES: (1)The above pro forma
table assumes that the 103 hotel properties owned and included in
continuing operations as of September 30, 2008 were owned as of the
beginning of the periods presented. (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.
Capital Expenditures Calendar 103 Core Hotels (a) � � � � � � � � �
� 2007 2008 Actual Actual Actual Actual Actual Actual Actual
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 One Ocean 193 x x x x x x
Sheraton City Center - Indianapolis 371 x x x JW Marriott San
Francisco 338 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 x x Residence Inn Jacksonville 120 x Hilton
Tucson El Conquistador Golf Resort 428 x x Sheraton San Diego
Mission Valley 260 x x Hilton Minneapolis Airport 300 x x Courtyard
Basking Ridge 235 x TownePlace Suites Manhattan Beach 144 x
Courtyard San Francisco Downtown 405 x x Embassy Suites Santa Clara
- Silicon Valley 257 x x Sheraton Anchorage 375 x x x Hampton Inn
Houston Galleria 150 x x Hampton Inn Jacksonville 118 x x Embassy
Suites West Palm Beach 160 x x Hyatt Regency Coral Gables 242 x x
Hampton Inn Lawrenceville 86 x Courtyard Ft. Lauderdale Weston 174
x Hilton Rye Town 446 � � � � � � � � 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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