DALLAS, Aug. 4 /PRNewswire-FirstCall/ -- Ashford
Hospitality Trust, Inc. (NYSE: AHT) today reported the following
results and performance measures for the second quarter ended
June 30, 2010. 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 101 hotels owned and included
in continuing operations as of June 30,
2010. Unless otherwise stated, all reported results
compare the second quarter ended June 30,
2010, with the second quarter ended June 30, 2009 (see discussion below). The
reconciliation of non-GAAP financial measures is included in the
financial tables accompanying this press release.
FINANCIAL HIGHLIGHTS AND LIQUIDITY
- Unrestricted cash at the end of the quarter was $174.9 million
- RevPAR increased 4.5% for the quarter for the hotels not under
renovation
- Operating profit margin increased 195 basis points for all
hotels
- Net income attributable to common shareholders was $2.0 million, or $0.06 per diluted share, compared with net loss
attributable to common shareholders of $165.9 million, or $2.34 per diluted share, in the prior-year
quarter
- Adjusted funds from operations (AFFO) was $0.46 per diluted share
- Fixed charge coverage ratio was 1.76x under the senior credit
facility covenant versus a required minimum of 1.25x
CAPITAL ALLOCATION
- Repurchased 2.1 million common shares in the quarter for
$16.0 million
- Capex invested in the quarter was $15.3
million and $33.5 million year
to date
CAPITAL STRUCTURE
On April 1, 2010, the Company
restructured the $156.2 million loan
with Aareal Bank AG that is secured by the Hilton LaJolla Torrey
Pines and the Capital Hilton held in a joint venture with Hilton
Worldwide. The modification provided a full extension of the loan
maturity to August 2013 without tests
along with reduced cash management provisions in exchange for a
principal payment of $2.5 million at closing and another
$2.5 million over the next twelve
months. The loan was set to mature in August
2011 and had two one-year extension options.
In April 2010, the Company
suspended making mortgage payments on the $5.8 million loan set to mature in January 2011 and secured by the Courtyard
Hartford – Manchester in
Manchester, Connecticut. The
Company intends to restructure the loan with the special
servicer.
SUBSEQUENT EVENTS
On July 9, 2010, the Company
restructured the $52.5 million loan
with Capmark Bank that is secured by the JW Marriott San Francisco.
The modification provides a full extension of the loan maturity to
March 2013 without tests and
maintains the interest rate at 375 basis points over LIBOR (LIBOR
floor of 2.5%) in exchange for a principal payment of $5.0 million at closing. The loan was set to
mature in March 2011 and had two
one-year extension options.
On July 9, 2010, the Company and
Prudential Real Estate Investors ("PREI") participated in a
discounted purchase of a partial interest in an existing mezzanine
loan tranche associated with JER Partner's 2007 privatization of
the Highland Hospitality portfolio. Ashford contributed
$15 million to this investment, which
is more senior in the capital stack, and is a strategic complement
to the Company's existing joint venture investment made with
Prudential in 2008.
PORTFOLIO REVPAR
As of June 30, 2010, the Company
had a portfolio of direct hotel investments consisting of 101
properties classified in continuing operations. During the
second quarter, 98 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 101 hotels) and proforma not-under-renovation basis (98
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 101 hotels in continuing operations. Details of each
category are provided in the tables attached to this release.
- Proforma RevPAR increased 4.5% for hotels not under renovation
on a 3.4% decrease in ADR to $124.25
and a 561 basis point increase in occupancy
- Proforma RevPAR increased 3.9% for all hotels on a 3.1%
decrease in ADR to $126.80 and a
502 basis point increase in occupancy
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
For the 98 hotels as of June 30,
2010, that were not under renovation, Proforma Hotel EBITDA
increased 11.5% to $61.8 million.
Proforma Hotel EBITDA margin (expressed as a percentage of Total
Hotel Revenue) increased 166 basis points to 27.6%. For all 101
hotels included in continuing operations as of June 30, 2010, Proforma Hotel EBITDA increased
12.2% to $68.7 million and Hotel
EBITDA margin increased 195 basis points to 28.3%.
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 101 hotels included in continuing operations are
provided in the tables attached to this release.
Monty J. Bennett, Chief Executive
Officer, commented, "We were able to capitalize on improved hotel
industry RevPAR trends to deliver our highest quarterly AFFO per
share ever on the strength of a dramatic improvement in hotel
operating margins and a highly accretive stock repurchase strategy.
With nearly $500 million of new
financings, modifications or restructurings completed in the last
two years and continued benefits from our interest rate strategy,
we are a much stronger company today."
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call
on Thursday, August 5, 2010, at
12 p.m. ET. The number to call for this interactive
teleconference is (212) 231-2901. A replay of the conference
call will be available through Thursday,
August 12, 2010, by dialing (402) 977-9140 and entering
the confirmation number, 21463979.
The Company will also provide an online simulcast and
rebroadcast of its second quarter 2010 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, August 5, 2010, beginning
at 12 p.m. ET. The online
replay will follow shortly after the call and continue for
approximately one year.
Substantially all of our non-current assets consist of real
estate investments 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, and Hotel Operating Profit.
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,
nor Hotel Operating Profit represents cash generated from operating
activities as determined by GAAP and should not be considered as an
alternative to a) GAAP net income (loss) as an indication of our
financial performance or b) GAAP cash flows from operating
activities as a measure of our liquidity, nor are such measures
indicative of funds available to satisfy our cash needs, including
our ability to make cash distributions. However, management
believes FFO, AFFO, EBITDA, and Hotel Operating Profit 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 of
properties and extraordinary items as defined by GAAP, plus
depreciation and amortization of real estate assets, and net of
adjustments for the portion of these items related to
unconsolidated entities and joint ventures.
The forward-looking statements included in this press release
are only made as of the date of this press release. Investors
should not place undue reliance on these forward-looking
statements. We are not obligated to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or circumstances, changes in
expectations or otherwise.
ASHFORD HOSPITALITY TRUST, INC.
AND SUBSIDIARIES
|
|
CONSOLIDATED BALANCE
SHEETS
|
|
(in thousands, except share
amounts)
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
(Unaudited)
|
|
ASSETS
|
|
|
|
|
|
|
Investment in hotel properties,
net
|
$ 3,323,468
|
|
$
3,383,759
|
|
|
Cash and cash
equivalents
|
174,852
|
|
165,168
|
|
|
Restricted cash
|
72,230
|
|
77,566
|
|
|
Accounts receivable,
net
|
43,270
|
|
31,503
|
|
|
Inventories
|
2,923
|
|
2,975
|
|
|
Notes receivable
|
35,627
|
|
55,655
|
|
|
Investment in unconsolidated
joint ventures
|
21,666
|
|
20,736
|
|
|
Assets held for sale
|
5,100
|
|
-
|
|
|
Deferred costs, net
|
20,259
|
|
20,960
|
|
|
Prepaid expenses
|
16,143
|
|
13,234
|
|
|
Interest rate
derivatives
|
124,884
|
|
94,645
|
|
|
Other assets
|
3,034
|
|
3,471
|
|
|
Intangible assets,
net
|
2,944
|
|
2,988
|
|
|
Due from third-party hotel
managers
|
40,731
|
|
41,838
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$ 3,887,131
|
|
$
3,914,498
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Indebtedness
|
$ 2,769,024
|
|
$
2,772,396
|
|
|
Capital leases
payable
|
60
|
|
83
|
|
|
Accounts payable and accrued
expenses
|
107,549
|
|
91,387
|
|
|
Dividends payable
|
5,566
|
|
5,566
|
|
|
Unfavorable management contract
liabilities
|
17,375
|
|
18,504
|
|
|
Due to related
parties
|
1,431
|
|
1,009
|
|
|
Due to third-party hotel
managers
|
2,723
|
|
1,563
|
|
|
Other liabilities
|
7,786
|
|
7,932
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
2,911,514
|
|
2,898,440
|
|
|
|
|
|
|
|
|
|
|
Series B-1 Cumulative
Convertible Redeemable Preferred stock,
|
|
|
|
|
|
7,447,865 issued and
outstanding
|
75,000
|
|
75,000
|
|
Redeemable noncontrolling
interests in operating partnership
|
102,771
|
|
85,167
|
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
Shareholders' equity of the
Company
|
|
|
|
|
|
|
Preferred stock, $0.01 par
value, 50,000,000 shares authorized:
|
|
|
|
|
|
|
|
Series A Cumulative Preferred
Stock, 1,487,900 shares issued and
|
|
|
|
|
|
|
|
|
outstanding at June 30, 2010 and
December 31, 2009
|
15
|
|
15
|
|
|
|
|
Series D Cumulative Preferred
Stock, 5,666,797 shares issued and
|
|
|
|
|
|
|
|
|
outstanding at June 30, 2010 and
December 31, 2009
|
57
|
|
57
|
|
|
|
Common stock, $0.01 par value,
200,000,000 shares authorized,
|
|
|
|
|
|
|
|
123,026,246 shares issued,
51,137,900 shares and 57,596,878 shares
|
|
|
|
|
|
|
|
outstanding at June 30, 2010 and
December 31, 2009
|
1,230
|
|
1,227
|
|
|
|
Additional paid-in
capital
|
1,439,819
|
|
1,436,009
|
|
|
|
Accumulated other comprehensive
loss
|
(908)
|
|
(897)
|
|
|
|
Accumulated deficit
|
(431,428)
|
|
(412,011)
|
|
|
|
Treasury stock, at cost
(71,888,346 shares and 65,151,981 shares at
|
|
|
|
|
|
|
|
June 30, 2010 and December 31,
2009)
|
(228,296)
|
|
(186,424)
|
|
|
|
|
Total shareholders' equity of
the Company
|
780,489
|
|
837,976
|
|
|
Noncontrolling interests in
consolidated joint ventures
|
17,357
|
|
17,915
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
797,846
|
|
855,891
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
equity
|
$ 3,887,131
|
|
$
3,914,498
|
|
|
|
|
|
|
|
|
|
ASHFORD HOSPITALITY TRUST, INC.
AND SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
(in thousands, except per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months Ended
|
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
|
(Unaudited)
|
|
REVENUE
|
|
|
|
|
|
|
|
|
|
Rooms
|
178,685
|
|
$ 171,551
|
|
$ 341,007
|
|
$ 340,915
|
|
|
Food and beverage
|
47,862
|
|
44,188
|
|
89,485
|
|
89,544
|
|
|
Rental income from operating
leases
|
1,454
|
|
1,405
|
|
2,542
|
|
2,594
|
|
|
Other
|
10,993
|
|
11,360
|
|
21,543
|
|
22,971
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total hotel revenue
|
238,994
|
|
228,504
|
|
454,577
|
|
456,024
|
|
|
Interest income from notes
receivable
|
346
|
|
2,421
|
|
683
|
|
8,636
|
|
|
Asset management fees and
other
|
137
|
|
205
|
|
212
|
|
379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
239,477
|
|
231,130
|
|
455,472
|
|
465,039
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
Hotel operating
expenses
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
40,879
|
|
38,953
|
|
79,077
|
|
76,667
|
|
|
|
Food and beverage
|
32,134
|
|
30,734
|
|
61,907
|
|
62,611
|
|
|
|
Other direct
|
6,585
|
|
6,338
|
|
12,302
|
|
12,425
|
|
|
|
Indirect
|
68,128
|
|
67,097
|
|
130,965
|
|
133,085
|
|
|
|
Management fees
|
9,461
|
|
9,107
|
|
18,289
|
|
18,208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total hotel operating
expenses
|
157,187
|
|
152,229
|
|
302,540
|
|
302,996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property taxes, insurance, and
other
|
14,079
|
|
15,547
|
|
28,996
|
|
29,331
|
|
|
Depreciation and
amortization
|
36,129
|
|
38,169
|
|
73,205
|
|
78,494
|
|
|
Impairment charges
|
(1,188)
|
|
129,456
|
|
(1,957)
|
|
129,456
|
|
|
Corporate general and
administrative:
|
|
|
|
|
|
|
|
|
|
|
Stock/unit-based
compensation
|
2,067
|
|
1,201
|
|
3,239
|
|
2,757
|
|
|
|
Other general and
administrative
|
6,256
|
|
5,710
|
|
11,742
|
|
11,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Expenses
|
214,530
|
|
342,312
|
|
417,765
|
|
554,034
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
(LOSS)
|
24,947
|
|
(111,182)
|
|
37,707
|
|
(88,995)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of
unconsolidated joint ventures
|
664
|
|
617
|
|
1,322
|
|
1,221
|
|
|
Interest income
|
51
|
|
92
|
|
112
|
|
197
|
|
|
Other income
|
15,652
|
|
11,214
|
|
31,171
|
|
21,912
|
|
|
Interest expense
|
(36,569)
|
|
(34,035)
|
|
(72,461)
|
|
(67,975)
|
|
|
Amortization of loan
costs
|
(1,328)
|
|
(1,972)
|
|
(2,998)
|
|
(4,002)
|
|
|
Write-off of premiums, loan
costs, premiums and exit fees, net
|
|
|
-
|
|
|
|
930
|
|
|
Unrealized gain (loss) on
derivatives
|
16,534
|
|
(37,723)
|
|
30,442
|
|
(19,691)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM CONTINUING
OPERATIONS BEFORE INCOME TAXES
|
19,951
|
|
(172,989)
|
|
25,295
|
|
(156,403)
|
|
|
Income tax expense
|
(424)
|
|
(91)
|
|
(409)
|
|
(259)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM CONTINUING
OPERATIONS
|
19,527
|
|
(173,080)
|
|
24,886
|
|
(156,662)
|
|
Loss from discontinued
operations
|
(12,025)
|
|
(11,131)
|
|
(12,159)
|
|
(14,037)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
|
7,502
|
|
(184,211)
|
|
12,727
|
|
(170,699)
|
|
Loss from consolidated joint
ventures attributable to noncontrolling interests
|
427
|
|
450
|
|
1,129
|
|
153
|
|
Net (income) loss attributable
to redeemable noncontrolling interests in operating
partnership
|
(1,129)
|
|
22,702
|
|
(1,921)
|
|
21,144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) ATTRIBUTABLE
TO THE COMPANY
|
6,800
|
|
(161,059)
|
|
11,935
|
|
(149,402)
|
|
Preferred dividends
|
(4,831)
|
|
(4,831)
|
|
(9,661)
|
|
(9,661)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) ATTRIBUTABLE
TO COMMON SHAREHOLDERS
|
$ 1,969
|
|
$ (165,890)
|
|
$
2,274
|
|
$ (159,063)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME PER SHARE:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing
operations attributable to common shareholders
|
$
0.23
|
|
$
(2.20)
|
|
$
0.23
|
|
$
(1.94)
|
|
|
|
Loss from discontinued
operations attributable to common shareholders
|
(0.19)
|
|
(0.14)
|
|
(0.19)
|
|
(0.16)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
to common shareholders
|
$
0.04
|
|
$
(2.34)
|
|
$
0.04
|
|
$
(2.10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing
operations attributable to common shareholders
|
$
0.22
|
|
$
(2.20)
|
|
$
0.23
|
|
$
(1.94)
|
|
|
|
Loss from discontinued
operations attributable to common shareholders
|
(0.16)
|
|
(0.14)
|
|
(0.19)
|
|
(0.16)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
to common shareholders
|
$
0.06
|
|
$
(2.34)
|
|
$
0.04
|
|
$
(2.10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding – basic
|
50,716
|
|
70,882
|
|
51,953
|
|
75,685
|
|
|
Weighted average common shares
outstanding – diluted
|
72,981
|
|
70,882
|
|
51,953
|
|
75,685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable to common
shareholders:
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing
operations, net of tax
|
$ 16,821
|
|
$ (151,304)
|
|
$ 22,070
|
|
$ (137,067)
|
|
|
Loss from discontinued
operations, net of tax
|
(10,021)
|
|
(9,755)
|
|
(10,135)
|
|
(12,335)
|
|
|
Preferred dividends
|
(4,831)
|
|
(4,831)
|
|
(9,661)
|
|
(9,661)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
to common shareholders
|
$ 1,969
|
|
$ (165,890)
|
|
$ 2,274
|
|
$ (159,063)
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD HOSPITALITY TRUST, INC.
AND SUBSIDIARIES
|
|
RECONCILIATION OF NET INCOME
(LOSS) TO EBITDA
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
$ 7,502
|
|
$ (184,211)
|
|
$ 12,727
|
|
$ (170,699)
|
|
Loss from consolidated joint
ventures attributable to noncontrolling interests
|
427
|
|
450
|
|
1,129
|
|
153
|
|
Net (income) loss attributable
to redeemable noncontrolling interests in operating
partnership
|
(1,129)
|
|
22,702
|
|
(1,921)
|
|
21,144
|
|
Net income (loss) attributable
to the Company
|
6,800
|
|
(161,059)
|
|
11,935
|
|
(149,402)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
(51)
|
|
(91)
|
|
(111)
|
|
(191)
|
|
|
Interest expense and
amortization of loan costs
|
37,436
|
|
36,090
|
|
74,541
|
|
72,162
|
|
|
Depreciation and amortization
|
35,322
|
|
37,783
|
|
71,640
|
|
78,426
|
|
|
Net income (loss) attributable
to redeemable noncontrolling interests in operating
partnership
|
1,129
|
|
(22,702)
|
|
1,921
|
|
(21,144)
|
|
|
Income tax expense
|
436
|
|
172
|
|
421
|
|
393
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
81,072
|
|
(109,807)
|
|
160,347
|
|
(19,756)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of unfavorable
management contract liabilities
|
(564)
|
|
(564)
|
|
(1,129)
|
|
(1,129)
|
|
|
Write-off of loan costs,
premiums and exit fees, net (1)
|
-
|
|
-
|
|
-
|
|
(930)
|
|
|
Income from interest rate
derivatives (2)
|
(15,707)
|
|
(11,157)
|
|
(31,241)
|
|
(21,924)
|
|
|
Impairment charges
|
10,880
|
|
140,327
|
|
10,112
|
|
140,327
|
|
|
Unrealized (gain) loss on
derivatives
|
(16,534)
|
|
37,723
|
|
(30,442)
|
|
19,691
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
$ 59,147
|
|
$
56,522
|
|
$ 107,647
|
|
$ 116,279
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NET INCOME
(LOSS) TO FUNDS FROM OPERATIONS ("FFO")
|
|
(in thousands, except per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
$ 7,502
|
|
$ (184,211)
|
|
$ 12,727
|
|
$ (170,699)
|
|
Loss from consolidated joint
ventures attributable to noncontrolling interests
|
427
|
|
450
|
|
1,129
|
|
153
|
|
Net (income) loss attributable
to redeemable noncontrolling interests in operating
partnership
|
(1,129)
|
|
22,702
|
|
(1,921)
|
|
21,144
|
|
Preferred dividends
|
(4,831)
|
|
(4,831)
|
|
(9,661)
|
|
(9,661)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
to common shareholders
|
1,969
|
|
(165,890)
|
|
2,274
|
|
(159,063)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization on
real estate
|
35,255
|
|
37,713
|
|
71,505
|
|
78,279
|
|
|
Net income (loss) attributable
to redeemable noncontrolling interests in operating
partnership
|
1,129
|
|
(22,702)
|
|
1,921
|
|
(21,144)
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO available to common
shareholders
|
38,353
|
|
(150,879)
|
|
75,700
|
|
(101,928)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on convertible
preferred stock
|
1,043
|
|
1,043
|
|
2,085
|
|
2,085
|
|
|
Write-off of loan costs,
premiums and exit fees, net (1)
|
-
|
|
-
|
|
-
|
|
(930)
|
|
|
Impairment charges
|
10,880
|
|
140,327
|
|
10,112
|
|
140,327
|
|
|
Unrealized (gain) loss on
derivatives
|
(16,534)
|
|
37,723
|
|
(30,442)
|
|
19,691
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO
|
$ 33,742
|
|
$
28,214
|
|
$ 57,455
|
|
$
59,245
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO per diluted share
available to common shareholders
|
$ 0.46
|
|
$
0.31
|
|
$
0.77
|
|
$
0.61
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted
shares
|
73,638
|
|
92,284
|
|
74,773
|
|
96,829
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The amounts include
write-off of debt premiums of $1,341 for the refinancing of a
mortgage loan for the six months ended June 30, 2009
|
|
(2) Income from interest
rate derivatives is excluded from the adjusted EBITDA calculations
for all periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD HOSPITALITY TRUST, INC.
AND SUBSIDIARIES
|
|
DEBT SUMMARY
|
|
JUNE 30, 2010
|
|
(dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed-Rate
|
|
Floating-Rate
|
|
Total
|
|
|
Indebtedness
|
|
Collateral
|
|
Maturity
|
|
Interest Rate
|
|
Debt
|
|
Debt
|
|
Debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loan
|
|
5 hotels
|
|
December 2010
|
|
LIBOR + 1.72%
|
|
$
-
|
|
$
203,400
|
(1)
|
$
203,400
|
|
|
Mortgage loan
|
|
1 hotel
|
|
January 2011
|
|
8.32%
|
|
5,775
|
(2)
|
-
|
|
5,775
|
|
|
Senior credit
facility
|
|
Notes receivable
|
|
April 2011
|
|
LIBOR + 2.75% to 3.5%
|
|
-
|
|
250,000
|
(1) (3)
|
250,000
|
|
|
Mortgage loan
|
|
10 hotels
|
|
May 2011
|
|
LIBOR + 1.65%
|
|
-
|
|
167,202
|
(1)
|
167,202
|
|
|
Mortgage loan
|
|
1 hotel
|
|
March 2012
|
|
LIBOR + 4%
|
|
-
|
|
60,800
|
(4)
|
60,800
|
|
|
Mortgage loan
|
|
1 hotel
|
|
March 2013
|
|
Greater of 6.25% or LIBOR +
3.75%
|
|
-
|
|
52,500
|
(5)
|
52,500
|
|
|
Mortgage loan
|
|
2 hotel
|
|
August 2013
|
|
LIBOR + 2.75%
|
|
-
|
|
153,100
|
(6)
|
153,100
|
|
|
Mortgage loan
|
|
1 hotel
|
|
December 2014
|
|
Greater of 5.5% or LIBOR +
3.5%
|
|
-
|
|
19,740
|
|
19,740
|
|
|
Mortgage loan
|
|
8 hotels
|
|
December 2014
|
|
5.75%
|
|
109,925
|
|
-
|
|
109,925
|
|
|
Mortgage loan
|
|
1 hotel
|
|
January 2015
|
|
7.78%
|
|
4,057
|
|
-
|
|
4,057
|
|
|
Mortgage loan
|
|
10 hotels
|
|
July 2015
|
|
5.22%
|
|
160,490
|
|
-
|
|
160,490
|
|
|
Mortgage loan
|
|
8 hotels
|
|
December 2015
|
|
5.70%
|
|
100,576
|
|
-
|
|
100,576
|
|
|
Mortgage loan
|
|
5 hotels
|
|
December 2015
|
|
12.26%
|
|
142,573
|
|
-
|
|
142,573
|
|
|
Mortgage loan
|
|
5 hotels
|
|
February 2016
|
|
5.53%
|
|
115,645
|
|
-
|
|
115,645
|
|
|
Mortgage loan
|
|
5 hotels
|
|
February 2016
|
|
5.53%
|
|
95,905
|
|
-
|
|
95,905
|
|
|
Mortgage loan
|
|
5 hotels
|
|
February 2016
|
|
5.53%
|
|
83,075
|
|
-
|
|
83,075
|
|
|
Mortgage loan
|
|
1 hotel
|
|
December 2016
|
|
5.81%
|
|
101,000
|
(7)
|
-
|
|
101,000
|
|
|
Mortgage loan
|
|
1 hotel
|
|
April 2017
|
|
5.91%
|
|
35,000
|
|
-
|
|
35,000
|
|
|
Mortgage loan
|
|
2 hotels
|
|
April 2017
|
|
5.95%
|
|
128,251
|
|
-
|
|
128,251
|
|
|
Mortgage loan
|
|
3 hotels
|
|
April 2017
|
|
5.95%
|
|
260,980
|
|
-
|
|
260,980
|
|
|
Mortgage loan
|
|
5 hotels
|
|
April 2017
|
|
5.95%
|
|
115,600
|
|
-
|
|
115,600
|
|
|
Mortgage loan
|
|
5 hotels
|
|
April 2017
|
|
5.95%
|
|
103,906
|
|
-
|
|
103,906
|
|
|
Mortgage loan
|
|
5 hotels
|
|
April 2017
|
|
5.95%
|
|
158,105
|
|
-
|
|
158,105
|
|
|
Mortgage loan
|
|
7 hotels
|
|
April 2017
|
|
5.95%
|
|
126,466
|
|
-
|
|
126,466
|
|
|
TIF loan
|
|
1 hotel
|
|
June 2018
|
|
12.85%
|
|
8,098
|
|
-
|
|
8,098
|
|
|
Mortgage loan
|
|
1 hotel
|
|
April 2034
|
|
Greater of 6% or Prime +
1%
|
|
-
|
|
6,855
|
|
6,855
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt
|
|
|
|
|
|
|
|
$ 1,855,427
|
|
$
913,597
|
|
$ 2,769,024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
|
|
67.0%
|
|
33.0%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average interest rate
at June 30, 2010
|
|
|
|
6.31%
|
|
3.07%
|
|
5.24%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt with the effect of
interest rate swap
|
|
|
|
$
55,427
|
|
$
2,713,597
|
|
$ 2,769,024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage with the effect of
interest rate swap
|
|
|
|
2.0%
|
|
98.0%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average interest rate
with the effect of interest rate swap
|
|
2.92%
|
(8)
|
3.07%
|
(8)
|
2.97%
|
(8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Each of these loans has a
one-year extension option as of June 30, 2010.
|
|
(2) We are currently working
with the loan servicer for an extension or a restructure of the
loan.
|
|
(3) Based on the debt-to-assets
ratio defined in the loan agreement, interest rate on this debt was
at LIBOR plus 3% as of June 30, 2010.
|
|
(4) This loan has two one-year
extension options remaining as of June 30, 2010.
|
|
(5) This loan was modified
effective July 7, 2010 to its fully extended maturity of March 2013
in exchange for a principal payment of $5.0 million.
|
|
(6) This loan was modified
effective April 1, 2010 to its fully extended maturity of August
2013 without any extension tests.
|
|
(7) We are currently working
with the lender for a deed-in-lieu of foreclosure.
|
|
(8) These rates are calculated
assuming the LIBOR rate stays at the June 30, 2010 level and with
the effect of our interest rate derivatives.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD HOSPITALITY TRUST, INC.
AND SUBSIDIARIES
|
|
DEBT BY MATURITY ASSUMING
EXTENSION OPTIONS NOT SUBJECT TO COVERAGE/LTV TESTS ARE
EXERCISED
|
|
JUNE 30, 2010
|
|
(in thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
2011
|
|
2012
|
|
2013
|
|
2014
|
|
Thereafter
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loan secured by 10
hotel properties, Wachovia Floater
|
$-
|
|
$ -
|
|
$167,202
|
|
$ -
|
|
$ -
|
|
$ -
|
|
$167,202
|
|
Mortgage loan secured by five
hotel properties
|
|
-
|
|
203,400
|
|
-
|
|
-
|
|
-
|
|
-
|
|
203,400
|
|
Mortgage loan secured by
Manchester Courtyard
|
-
|
|
5,775
|
(1)
|
-
|
|
-
|
|
-
|
|
-
|
|
5,775
|
|
Secured credit
facility
|
|
|
-
|
|
$250,000
|
(2)
|
-
|
|
-
|
|
-
|
|
-
|
|
250,000
|
|
Mortgage loan secured by JW
Marriott San Francisco
|
-
|
|
-
|
|
-
|
|
52,500
|
(3)
|
-
|
|
-
|
|
52,500
|
|
Mortgage loan secured by two
hotel properties
|
|
-
|
|
-
|
|
-
|
|
153,100
|
|
-
|
|
-
|
|
153,100
|
|
Mortgage loan secured by
Arlington Marriott
|
|
-
|
|
-
|
|
-
|
|
-
|
|
60,800
|
|
-
|
|
60,800
|
|
Mortgage loan secured by El
Conquistador Hilton
|
-
|
|
-
|
|
-
|
|
-
|
|
19,740
|
|
-
|
|
19,740
|
|
Mortgage loan secured by eight
hotel properties, UBS Pool 1
|
-
|
|
-
|
|
-
|
|
-
|
|
109,925
|
|
-
|
|
109,925
|
|
Mortgage loan secured by 10
hotel properties, Merrill Lynch Pool 1
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
160,490
|
|
160,490
|
|
Mortgage loan secured by eight
hotel properties, UBS Pool 2
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
100,576
|
|
100,576
|
|
Mortgage loan secured by five
hotel properties
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
142,573
|
|
142,573
|
|
Mortgage loan secured by five
hotel properties, Merrill Lynch Pool 2
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
115,645
|
|
115,645
|
|
Mortgage loan secured by five
hotel properties, Merrill Lynch Pool 3
|
|
|
|
|
|
|
|
|
-
|
|
95,905
|
|
95,905
|
|
Mortgage loan secured by five
hotel properties, Merrill Lynch Pool 7
|
|
|
|
|
|
|
|
|
-
|
|
83,075
|
|
83,075
|
|
Mortgage loan secured by Westin
O'Hare
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
101,000
|
(4)
|
101,000
|
|
Mortgage loan secured by
Philadelphia Courtyard, Wachovia Stand-Alone
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
35,000
|
|
35,000
|
|
Mortgage loan secured by two
hotel properties, Wachovia Fixed Rate Pool 3
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
128,251
|
|
128,251
|
|
Mortgage loan secured by three
hotel properties, Wachovia Fixed Rate Pool 7
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
260,980
|
|
260,980
|
|
Mortgage loan secured by five
hotel properties, Wachovia Fixed Rate Pool 1
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
115,600
|
|
115,600
|
|
Mortgage loan secured by five
hotel properties, Wachovia Fixed Rate Pool 5
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
103,906
|
|
103,906
|
|
Mortgage loan secured by five
hotel properties, Wachovia Fixed Rate Pool 6
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
158,105
|
|
158,105
|
|
Mortgage loan secured by seven
hotel properties, Wachovia Fixed Rate Pool 2
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
126,466
|
|
126,466
|
|
TIF loan secured by Philadelphia
Courtyard
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
8,098
|
|
8,098
|
|
Mortgage loan secured by Houston
Hampton Inn
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
4,057
|
|
4,057
|
|
Mortgage loan secured by
Jacksonville Residence Inn
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
6,855
|
|
6,855
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$-
|
|
$459,175
|
|
$167,202
|
|
$205,600
|
|
$190,465
|
|
$1,746,582
|
|
$2,769,024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE: These maturities assume no
event of default would occur.
|
|
(1) We are currently
working with the loan servicer for an extension or a restructure of
the loan.
|
|
(2) Extensions available
but certain coverage tests have to be met.
|
|
(3) This loan was
modified effective July 7, 2010 to its fully extended maturity of
March 2013 in exchange for a principal payment of $5.0 million.
|
|
(4) We are currently
working with the lender for a deed-in-lieu of foreclosure.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD HOSPITALITY TRUST,
INC.
|
|
KEY PERFORMANCE INDICATORS - PRO
FORMA
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
2010
|
|
2009
|
|
% Variance
|
|
2010
|
|
2009
|
|
% Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL HOTELS INCLUDED
IN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTINUING
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room revenues (in
thousands)
|
$183,561
|
|
$176,661
|
|
3.91%
|
|
$349,602
|
|
$349,924
|
|
-0.09%
|
|
|
|
RevPAR
|
$93.77
|
|
$90.24
|
|
3.91%
|
|
$89.58
|
|
$89.66
|
|
-0.09%
|
|
|
|
Occupancy
|
73.95%
|
|
68.93%
|
|
5.02%
|
|
70.53%
|
|
66.18%
|
|
4.35%
|
|
|
|
ADR
|
$126.80
|
|
$130.91
|
|
-3.14%
|
|
$127.02
|
|
$135.47
|
|
-6.24%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
2010
|
|
2009
|
|
% Variance
|
|
2010
|
|
2009
|
|
% Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL HOTELS NOT UNDER
RENOVATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCLUDED IN CONTINUING
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room revenues (in
thousands)
|
$170,364
|
|
$163,059
|
|
4.48%
|
|
$326,694
|
|
$323,425
|
|
1.01%
|
|
|
|
RevPAR
|
$92.01
|
|
$88.07
|
|
4.47%
|
|
$88.49
|
|
$87.61
|
|
1.00%
|
|
|
|
Occupancy
|
74.06%
|
|
68.45%
|
|
5.61%
|
|
70.82%
|
|
65.68%
|
|
5.14%
|
|
|
|
ADR
|
$124.25
|
|
$128.66
|
|
-3.43%
|
|
$124.96
|
|
$133.38
|
|
-6.31%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
-1 The above pro forma
table assumes the 98 hotel properties owned and included in
continuing operations at June 30, 2010, but not under renovation
|
|
for the three and six
months ended June 30, 2010, were owned as of the beginning of the
periods presented.
|
|
|
|
-2 Excluded Hotels Under
Renovation: Hilton Nassau Bay, Capital Hilton, and Sheraton
Indianapolis
|
|
|
|
-3 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
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
2010
|
|
2009
|
|
% Variance
|
|
2010
|
|
2009
|
|
% Variance
|
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
$183,561
|
|
$176,661
|
|
3.9%
|
|
$349,602
|
|
$349,924
|
|
-0.1%
|
|
|
Food and beverage
|
48,800
|
|
45,019
|
|
8.4%
|
|
91,024
|
|
91,048
|
|
0.0%
|
|
|
Other
|
10,848
|
|
11,186
|
|
-3.0%
|
|
21,301
|
|
22,669
|
|
-6.0%
|
|
|
|
Total hotel revenue
|
243,209
|
|
232,866
|
|
4.4%
|
|
461,927
|
|
463,641
|
|
-0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
41,900
|
|
40,037
|
|
4.7%
|
|
81,047
|
|
78,679
|
|
3.0%
|
|
|
Food and beverage
|
32,679
|
|
31,279
|
|
4.5%
|
|
62,918
|
|
63,663
|
|
-1.2%
|
|
|
Other direct
|
6,605
|
|
6,394
|
|
3.3%
|
|
12,342
|
|
12,544
|
|
-1.6%
|
|
|
Indirect
|
66,453
|
|
66,477
|
|
0.0%
|
|
130,685
|
|
133,846
|
|
-2.4%
|
|
|
Management fees, includes base
and incentive fees
|
12,546
|
|
11,665
|
|
7.6%
|
|
21,565
|
|
20,771
|
|
3.8%
|
|
|
|
Total hotel operating
expenses
|
160,183
|
|
155,852
|
|
2.8%
|
|
308,557
|
|
309,503
|
|
-0.3%
|
|
|
Property taxes, insurance, and
other
|
14,285
|
|
15,746
|
|
-9.3%
|
|
29,357
|
|
29,761
|
|
-1.4%
|
|
HOTEL OPERATING PROFIT (Hotel
EBITDA)
|
68,741
|
|
61,268
|
|
12.2%
|
|
124,013
|
|
124,377
|
|
-0.3%
|
|
|
Hotel EBITDA Margin
|
28.26%
|
|
26.31%
|
|
1.95%
|
|
26.85%
|
|
26.82%
|
|
0.03%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest in earnings of
consolidated joint ventures
|
1,974
|
|
1,839
|
|
7.3%
|
|
3,131
|
|
3,409
|
|
-8.2%
|
|
HOTEL OPERATING PROFIT (Hotel
EBITDA),
|
|
|
|
|
|
|
|
|
|
|
|
|
|
excluding minority interest in
joint ventures
|
$66,767
|
|
$59,429
|
|
12.3%
|
|
$120,882
|
|
$120,968
|
|
-0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE: The above pro forma table
assumes the 101 hotel properties owned and included in continuing
operations at June 30, 2010 were owned as of the beginning of the
periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL HOTELS NOT UNDER RENOVATION
INCLUDED IN CONTINUING OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
2010
|
|
2009
|
|
% Variance
|
|
2010
|
|
2009
|
|
% Variance
|
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
$170,364
|
|
$163,059
|
|
4.5%
|
|
$326,694
|
|
$323,425
|
|
1.0%
|
|
|
Food and beverage
|
43,529
|
|
40,126
|
|
8.5%
|
|
81,702
|
|
81,277
|
|
0.5%
|
|
|
Other
|
9,959
|
|
10,348
|
|
-3.8%
|
|
19,596
|
|
20,901
|
|
-6.2%
|
|
|
|
Total hotel revenue
|
223,852
|
|
213,533
|
|
4.8%
|
|
427,992
|
|
425,603
|
|
0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
38,919
|
|
37,034
|
|
5.1%
|
|
75,460
|
|
72,818
|
|
3.6%
|
|
|
Food and beverage
|
29,400
|
|
28,110
|
|
4.6%
|
|
56,648
|
|
56,984
|
|
-0.6%
|
|
|
Other direct
|
6,254
|
|
5,974
|
|
4.7%
|
|
11,643
|
|
11,680
|
|
-0.3%
|
|
|
Indirect
|
62,179
|
|
61,962
|
|
0.4%
|
|
122,326
|
|
124,624
|
|
-1.8%
|
|
|
Management fees, includes base
and incentive fees
|
11,968
|
|
10,965
|
|
9.1%
|
|
20,552
|
|
19,512
|
|
5.3%
|
|
|
|
Total hotel operating
expenses
|
148,720
|
|
144,045
|
|
3.2%
|
|
286,629
|
|
285,618
|
|
0.4%
|
|
|
Property taxes, insurance, and
other
|
13,312
|
|
14,052
|
|
-5.3%
|
|
27,244
|
|
27,104
|
|
0.5%
|
|
HOTEL OPERATING PROFIT (Hotel
EBITDA)
|
61,820
|
|
55,436
|
|
11.5%
|
|
114,119
|
|
112,881
|
|
1.1%
|
|
|
Hotel EBITDA Margin
|
27.62%
|
|
25.96%
|
|
1.66%
|
|
26.66%
|
|
26.52%
|
|
0.14%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest in earnings of
consolidated joint ventures
|
1,974
|
|
1,839
|
|
7.3%
|
|
3,131
|
|
3,409
|
|
-8.2%
|
|
HOTEL OPERATING PROFIT (Hotel
EBITDA),
|
|
|
|
|
|
|
|
|
|
|
|
|
|
excluding minority interest in
joint ventures
|
$59,846
|
|
$53,597
|
|
11.7%
|
|
$110,988
|
|
$109,472
|
|
1.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
-1 The above pro forma
table assumes the 98 hotel properties owned and included in
continuing operations at June 30, 2010, but not under renovation
during
|
|
three and six months
ended June 30, 2010 were owned as of the beginning of the periods
presented.
|
|
|
|
-2 Excluded Hotels Under
Renovation: Hilton Nassau Bay, Capital Hilton, and Sheraton
Indianapolis
|
|
|
|
-3 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
Ended
|
|
Six Months Ended
|
|
|
|
|
Number of
|
|
Number of
|
|
June 30,
|
|
June 30,
|
|
Region
|
Hotels
|
|
Rooms
|
|
2010
|
|
2009
|
|
% Change
|
|
2010
|
|
2009
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific (1)
|
21
|
|
5,205
|
|
$97.62
|
|
$91.09
|
|
7.2%
|
|
$92.58
|
|
$88.32
|
|
4.8%
|
|
Mountain (2)
|
8
|
|
1,704
|
|
81.16
|
|
70.05
|
|
15.9%
|
|
82.86
|
|
82.81
|
|
0.1%
|
|
West North Central
(3)
|
3
|
|
690
|
|
77.22
|
|
72.00
|
|
7.3%
|
|
72.94
|
|
67.53
|
|
8.0%
|
|
West South Central
(4)
|
10
|
|
2,086
|
|
88.19
|
|
86.07
|
|
2.5%
|
|
87.79
|
|
89.34
|
|
-1.7%
|
|
East North Central
(5)
|
8
|
|
1,628
|
|
78.21
|
|
70.88
|
|
10.3%
|
|
67.27
|
|
64.14
|
|
4.9%
|
|
East South Central
(6)
|
2
|
|
236
|
|
91.41
|
|
82.58
|
|
10.7%
|
|
84.77
|
|
80.61
|
|
5.2%
|
|
Middle Atlantic (7)
|
9
|
|
2,481
|
|
94.57
|
|
90.79
|
|
4.2%
|
|
86.37
|
|
84.09
|
|
2.7%
|
|
South Atlantic (8)
|
38
|
|
7,728
|
|
100.42
|
|
101.49
|
|
-1.1%
|
|
97.08
|
|
102.26
|
|
-5.1%
|
|
New England (9)
|
2
|
|
159
|
|
79.97
|
|
72.06
|
|
11.0%
|
|
74.64
|
|
65.94
|
|
13.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio
|
101
|
|
21,917
|
|
$93.77
|
|
$90.24
|
|
3.9%
|
|
$89.58
|
|
$89.66
|
|
-0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 98 hotel properties owned and included in
continuing operations at June 30, 2010, but not under renovation
during
|
|
three and six months ended
June 30, 2010 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
|
|
Six Months Ended
|
|
|
|
|
Number of
|
|
Number of
|
|
June 30,
|
|
June 30,
|
|
Brand
|
Hotels
|
|
Rooms
|
|
2010
|
|
2009
|
|
% Change
|
|
2010
|
|
2009
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hilton
|
|
33
|
|
7,289
|
|
$100.01
|
|
$95.25
|
|
5.0%
|
|
$95.44
|
|
$96.35
|
|
-0.9%
|
|
Hyatt
|
|
1
|
|
242
|
|
102.94
|
|
105.53
|
|
-2.5%
|
|
129.99
|
|
124.50
|
|
4.4%
|
|
InterContinental
|
2
|
|
420
|
|
127.84
|
|
124.80
|
|
2.4%
|
|
139.39
|
|
130.66
|
|
6.7%
|
|
Independent
|
2
|
|
317
|
|
98.96
|
|
80.74
|
|
22.6%
|
|
82.74
|
|
71.71
|
|
15.4%
|
|
Marriott
|
|
57
|
|
11,714
|
|
90.63
|
|
89.21
|
|
1.6%
|
|
87.17
|
|
88.29
|
|
-1.3%
|
|
Starwood
|
6
|
|
1,935
|
|
78.04
|
|
68.75
|
|
13.5%
|
|
65.75
|
|
61.07
|
|
7.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio
|
101
|
|
21,917
|
|
$93.77
|
|
$90.24
|
|
3.9%
|
|
$89.58
|
|
$89.66
|
|
-0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
-1 The above pro forma
table assumes the 98 hotel properties owned and included in
continuing operations at June 30, 2010, but not under renovation
during
|
|
three and six months ended
June 30, 2010 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
|
|
Six Months Ended
|
|
|
|
|
Number of
|
|
Number of
|
|
June 30,
|
|
June 30,
|
|
Region
|
Hotels
|
|
Rooms
|
|
2010
|
% Total
|
|
2009
|
% Total
|
|
% Change
|
|
2010
|
% Total
|
|
2009
|
% Total
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific (1)
|
21
|
|
5,205
|
|
$15,564
|
22.7%
|
|
$13,547
|
22.1%
|
|
14.9%
|
|
$28,423
|
22.9%
|
|
$26,441
|
21.3%
|
|
7.5%
|
|
Mountain (2)
|
8
|
|
1,704
|
|
3,249
|
4.7%
|
|
2,169
|
3.6%
|
|
49.8%
|
|
8,006
|
6.5%
|
|
9,131
|
7.3%
|
|
-12.3%
|
|
West North Central
(3)
|
3
|
|
690
|
|
2,022
|
2.9%
|
|
1,771
|
2.9%
|
|
14.2%
|
|
3,449
|
2.8%
|
|
2,881
|
2.3%
|
|
19.7%
|
|
West South Central
(4)
|
10
|
|
2,086
|
|
6,684
|
9.7%
|
|
6,140
|
10.0%
|
|
8.9%
|
|
12,895
|
10.4%
|
|
13,268
|
10.7%
|
|
-2.8%
|
|
East North Central
(5)
|
8
|
|
1,628
|
|
4,740
|
6.9%
|
|
2,885
|
4.7%
|
|
64.3%
|
|
6,000
|
4.8%
|
|
4,506
|
3.6%
|
|
33.2%
|
|
East South Central
(6)
|
2
|
|
236
|
|
825
|
1.2%
|
|
730
|
1.2%
|
|
13.0%
|
|
1,534
|
1.2%
|
|
1,424
|
1.1%
|
|
7.7%
|
|
Middle Atlantic (7)
|
9
|
|
2,481
|
|
7,791
|
11.3%
|
|
6,828
|
11.1%
|
|
14.1%
|
|
11,241
|
9.1%
|
|
10,153
|
8.2%
|
|
10.7%
|
|
South Atlantic (8)
|
38
|
|
7,728
|
|
27,461
|
40.0%
|
|
26,904
|
43.9%
|
|
2.1%
|
|
51,783
|
41.8%
|
|
56,155
|
45.2%
|
|
-7.8%
|
|
New England (9)
|
2
|
|
159
|
|
405
|
0.6%
|
|
292
|
0.5%
|
|
38.7%
|
|
682
|
0.5%
|
|
418
|
0.3%
|
|
63.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio
|
101
|
|
21,917
|
|
$68,741
|
100.0%
|
|
$61,266
|
100.0%
|
|
12.2%
|
|
$124,013
|
100.0%
|
|
$124,377
|
100.0%
|
|
-0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 98 hotel properties owned and included in
continuing operations at June 30, 2010, but not under renovation
during the three and six months ended
|
|
June 30, 2010 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
MARGIN
|
|
(Unaudited)
|
|
|
|
|
|
|
101 HOTELS INCLUDED IN
CONTINUING OPERATIONS AT JUNE 30, 2010 AS IF SUCH
|
|
|
HOTELS WERE OWNED AS OF THE
BEGINNING OF THE PERIODS PRESENTED:
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTEL OPERATING PROFIT (HOTEL
EBITDA) MARGIN:
|
|
|
|
|
|
|
|
|
2nd Quarter 2010
|
28.26%
|
|
|
2nd Quarter 2009
|
26.31%
|
|
|
|
Variance
|
1.95%
|
|
|
|
|
|
|
HOTEL OPERATING PROFIT (HOTEL
EBITDA) MARGIN VARIANCE BREAKDOWN:
|
|
|
|
|
|
|
|
|
Rooms
|
-0.02%
|
|
|
Food & Beverage and Other
Departmental
|
0.03%
|
|
|
Administrative &
General
|
0.33%
|
|
|
Sales & Marketing
|
-0.04%
|
|
|
Hospitality
|
-0.02%
|
|
|
Repair &
Maintenance
|
0.12%
|
|
|
Energy
|
0.23%
|
|
|
Franchise Fee
|
0.03%
|
|
|
Management Fee
|
0.02%
|
|
|
Incentive Management
Fee
|
-0.17%
|
|
|
Insurance
|
0.18%
|
|
|
Property Taxes
|
0.60%
|
|
|
Other Taxes
|
0.10%
|
|
|
Leases/Other
|
0.56%
|
|
|
|
Total
|
1.95%
|
|
|
|
|
|
|
|
|
|
|
|
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 101 HOTELS OWNED AND
INCLUDED IN CONTINUING OPERATIONS AS OF JUNE 30,
2010:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
2010
|
|
2009
|
|
2009
|
|
|
|
|
2nd Quarter
|
|
1st Quarter
|
|
4th Quarter
|
|
3rd Quarter
|
|
TTM
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Hotel Revenue
|
$243,209
|
|
$218,718
|
|
$238,535
|
|
$215,293
|
|
$915,755
|
|
Hotel EBITDA
|
$68,741
|
|
$55,271
|
|
$55,798
|
|
$49,976
|
|
$229,786
|
|
Hotel EBITDA Margin
|
28.3%
|
|
25.3%
|
|
23.4%
|
|
23.2%
|
|
25.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of Total TTM
|
29.9%
|
|
24.1%
|
|
24.3%
|
|
21.7%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
JV Interests in
EBITDA
|
$1,974
|
|
$1,157
|
|
$1,483
|
|
$1,139
|
|
$5,753
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
-1 The above pro forma
table assumes the 101 hotel properties owned and included in
continuing operations
|
|
at June 30, 2010 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.
|
|
Capital Expenditures
Calendar
|
|
101 Core Hotels Included in
Continuing Operations (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
2010
|
|
|
Rooms
|
1st Quarter
|
2nd Quarter
|
3rd Quarter
|
4th Quarter
|
1st Quarter
|
2nd Quarter
|
3rd Quarter
|
4th Quarter
|
|
|
|
Actual
|
Actual
|
Actual
|
Actual
|
Actual
|
Actual
|
Estimated
|
Estimated
|
|
Sheraton
Anchorage
|
370
|
x
|
|
|
|
|
|
x
|
|
|
Marriott Legacy
Center
|
404
|
x
|
|
|
|
|
|
|
x
|
|
Hilton Rye Town
|
446
|
x
|
x
|
x
|
|
|
|
|
|
|
Hilton Nassau Bay - Clear
Lake
|
243
|
x
|
x
|
x
|
x
|
x
|
x
|
|
|
|
Courtyard Edison
|
146
|
|
|
x
|
x
|
|
|
x
|
x
|
|
Residence Inn Orlando Sea
World
|
350
|
|
|
x
|
x
|
|
|
|
|
|
Embassy Suites Orlando
Airport
|
174
|
|
|
x
|
x
|
|
|
|
|
|
Embassy Suites Portland -
Downtown
|
276
|
|
|
|
x
|
x
|
|
|
|
|
Hilton La Jolla Torrey
Pines
|
296
|
|
|
|
x
|
x
|
|
|
|
|
Marriott
Bridgewater
|
347
|
|
|
|
x
|
x
|
|
|
|
|
Capital Hilton
|
408
|
|
|
|
|
x
|
x
|
x
|
x
|
|
Sheraton City Center -
Indianapolis
|
371
|
|
|
|
|
|
x
|
x
|
|
|
Embassy Suites Philadelphia
Airport
|
263
|
|
|
|
|
|
|
x
|
x
|
|
Embassy Suites Las Vegas
Airport
|
220
|
|
|
|
|
|
|
x
|
x
|
|
Embassy Suites Santa Clara -
Silicon Valley
|
257
|
|
|
|
|
|
|
x
|
x
|
|
Embassy Suites Austin
Arboretum
|
150
|
|
|
|
|
|
|
x
|
|
|
Hilton Costa Mesa
|
486
|
|
|
|
|
|
|
|
x
|
|
Sheraton Minneapolis
West
|
222
|
|
|
|
|
|
|
|
x
|
|
Crowne Plaza Beverly
Hills
|
260
|
|
|
|
|
|
|
|
x
|
|
Embassy Suites Crystal City -
Reagan Airport
|
267
|
|
|
|
|
|
|
|
x
|
|
Hilton Minneapolis
Airport
|
300
|
|
|
|
|
|
|
|
x
|
|
Marriott Seattle
Waterfront
|
358
|
|
|
|
|
|
|
|
x
|
|
Renaissance Tampa
|
293
|
|
|
|
|
|
|
|
x
|
|
Fairfield Inn and Suites
Kennesaw
|
87
|
|
|
|
|
|
|
|
x
|
|
Courtyard Louisville
Airport
|
150
|
|
|
|
|
|
|
|
x
|
|
Courtyard Crystal City Reagan
Airport
|
272
|
|
|
|
|
|
|
|
x
|
|
Courtyard Philadelphia
Downtown
|
498
|
|
|
|
|
|
|
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Only hotels which have had
or are expected to have significant capital expenditures that could
result in displacement during 2009 and 2010 are included in this
table.
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Ashford Hospitality Trust, Inc.
Copyright g. 4 PR Newswire