Comparable Revenues Increase 18.0% over
2022 and 14.2% Over 2019
BETHESDA, Md., May 4, 2023
/PRNewswire/ -- DiamondRock Hospitality Company (the "Company")
(NYSE: DRH), a lodging-focused real estate investment trust that
owns a portfolio of 35 premium hotels and resorts in the United States, today announced results of
operations for the quarter ended March 31,
2023.
First Quarter 2023 Highlights
- Net Income: Net income was $9.2 million and earnings per diluted share was
$0.03.
- Comparable Revenues: Comparable total revenues were
$240.4 million, a 18.0% increase over
2022 and a 14.2% increase over 2019.
- Comparable RevPAR: Comparable RevPAR was
$185.26, a 16.9% increase over 2022
and a 13.8% increase over 2019.
- Comparable Hotel Adjusted EBITDA: Comparable Hotel
Adjusted EBITDA was $61.9 million, a
15.9% increase over 2022 and a 19.5% increase over 2019.
- Comparable Hotel Adjusted EBITDA Margin: Comparable
Hotel Adjusted EBITDA margin was 25.76%, a 46 basis point decrease
over 2022 and a 117 basis point increase over 2019.
- Adjusted EBITDA: Adjusted EBITDA was $55.4 million, a 23.4% increase over 2022 and a
12.6% increase over 2019.
- Adjusted FFO: Adjusted FFO was $38.0 million and Adjusted FFO per diluted share
was $0.18.
- Dividends: The Company declared a quarterly cash
dividend of $0.03 per common
share.
"DiamondRock's portfolio once again delivered record-setting
revenues and profits in the first quarter," said Mark W. Brugger, President and Chief Executive
Officer of DiamondRock Hospitality Company. "We experienced robust
travel demand and expect revenues to set a new record for the full
year 2023 as we benefit from a favorable footprint for our hotels.
Our high-quality portfolio, located in prime urban and highly
desirable resort markets, is strategically designed to take
advantage of the leading travel demands in order to position
DiamondRock to distinguish itself now and in the future."
Operating Results
Please see "Non-GAAP Financial Measures" attached to this
press release for an explanation of the terms "EBITDAre," "Adjusted
EBITDA," "Hotel Adjusted EBITDA," "Hotel Adjusted EBITDA Margin,"
"FFO" and "Adjusted FFO" and a reconciliation of these measures to
net income. Comparable operating results include all hotels
currently owned for all periods presented, except the Kimpton Fort
Lauderdale Beach Resort, which opened in April 2021. See "Reconciliation of Comparable
Operating Results" attached to this press release for a
reconciliation to historical amounts.
|
Quarter Ended March
31,
|
|
Change
From
|
|
2023
|
|
2022
|
|
2019
|
|
2022
|
|
2019
|
|
($ amounts in millions,
except hotel statistics and per share amounts)
|
Comparable Operating
Results (1)
|
|
|
|
|
|
|
|
|
|
ADR
|
$
277.92
|
|
$
283.70
|
|
$
225.75
|
|
(2.0) %
|
|
23.1 %
|
Occupancy
|
66.7 %
|
|
55.9 %
|
|
72.1 %
|
|
10.8 %
|
|
(5.4) %
|
RevPAR
|
$
185.26
|
|
$
158.52
|
|
$
162.86
|
|
16.9 %
|
|
13.8 %
|
Total RevPAR
|
$
280.77
|
|
$
238.37
|
|
$
246.70
|
|
17.8 %
|
|
13.8 %
|
Revenues
|
$
240.4
|
|
$
203.7
|
|
$
210.5
|
|
18.0 %
|
|
14.2 %
|
Hotel Adjusted
EBITDA
|
$
61.9
|
|
$
53.4
|
|
$
51.8
|
|
15.9 %
|
|
19.5 %
|
Hotel Adjusted EBITDA
Margin
|
25.76 %
|
|
26.22 %
|
|
24.59 %
|
|
(46 bps)
|
|
117 bps
|
Available
Rooms
|
856,128
|
|
854,442
|
|
853,274
|
|
1,686
|
|
2,854
|
|
|
|
|
|
|
|
|
|
|
Actual Operating
Results (2)
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
243.6
|
|
$
196.8
|
|
$
202.4
|
|
23.8 %
|
|
20.4 %
|
Net income
|
$
9.2
|
|
$
10.1
|
|
$
9.0
|
|
(8.9) %
|
|
2.2 %
|
Earnings per diluted
share
|
$
0.03
|
|
$
0.04
|
|
$
0.04
|
|
(25.0) %
|
|
(25.0) %
|
Adjusted
EBITDA
|
$
55.4
|
|
$
44.9
|
|
$
49.2
|
|
23.4 %
|
|
12.6 %
|
Adjusted FFO
|
$
38.0
|
|
$
30.9
|
|
$
41.9
|
|
23.0 %
|
|
(9.3) %
|
Adjusted FFO per
diluted share
|
$
0.18
|
|
$
0.14
|
|
$
0.21
|
|
28.6 %
|
|
(14.3) %
|
|
|
(1)
|
Amounts represent the
pre-acquisition operating results for Bourbon Orleans Hotel from
January 1, 2019 to July 28, 2021, Henderson Park Inn from January
1, 2019 to July 29, 2021, Henderson Beach Resort from January 1,
2019 to December 22, 2021, Tranquility Bay Beachfront Resort from
January 1, 2019 to January 5, 2022 and Lake Austin Spa Resort from
January 1, 2019 to November 20, 2022 and exclude the operating
results of the Kimpton Fort Lauderdale Beach Resort as the hotel
opened in April 2021. The pre-acquisition operating results were
obtained from the sellers of the hotels during the acquisition due
diligence process. We have made no adjustments to the amounts
provided to us by the seller. The pre-acquisition operating results
were not audited or reviewed by the Company's independent
auditors.
|
(2)
|
Actual operating
results include the operating results of all hotels for the
Company's respective ownership periods.
|
Ground Lease Buyout
On April 20, 2023, the Company
acquired the fee simple interest in a land parcel underlying the
parking structure at the Renaissance Worthington Hotel that had
been subject to a ground lease. The purchase price of $1.8 million represents a 5.2% capitalization
rate on the annual rent.
Capital Expenditures
The Company invested approximately $21.6
million in capital improvements at its hotels during the
three months ended March 31, 2023.
The Company continues to expect to spend $100 million to $115
million on capital improvements at its hotels in 2023, which
includes the completion of certain projects that commenced in 2022.
Significant projects in 2023 include the following:
- Hilton Boston Downtown/Faneuil Hall: The
Company commenced a comprehensive renovation in the fourth quarter
of 2022 to reposition the hotel as an experiential lifestyle
property with completion expected in mid-2023.
- Hilton Burlington Lake
Champlain: The Company commenced a
repositioning of the hotel to rebrand it as a Curio Collection
hotel. The repositioning is expected to be completed in the third
quarter of 2023 and includes a new restaurant concept by a
well-known, award-winning chef.
- Salt Lake City Marriott: The Company commenced a
renovation of the guestrooms, which is expected to be completed in
the third quarter of 2023.
- Bourbon Orleans Hotel: The Company expects
to commence a renovation of the public areas and a refresh of the
guestrooms in the second half of 2023.
Balance Sheet and Liquidity
The Company ended the quarter with $585.0
million of liquidity, comprised of $76.5 million of unrestricted corporate cash,
$108.5 million of unrestricted cash
at its hotels and full capacity on its $400
million senior unsecured credit facility. As of March 31, 2023, the Company had $1.2 billion of total debt outstanding, which
consisted of $800.0 million of
unsecured term loans and $385.3
million of property-specific, non-recourse mortgage debt.
During the quarter ended March 31,
2023, the Company entered into $150
million of interest rate swaps resulting in 64% of the
Company's total debt being at fixed rates.
Share Repurchase Program
During the quarter ended March 31,
2023, the Company repurchased 56,400 shares of its common
stock at an average price of $7.26
per share for a total purchase price of $0.4
million. Since October 2022,
the Company has repurchased 1.6 million shares of it common stock
at an average price of $7.79 per
share.
Dividends
The Company declared a quarterly cash dividend of $0.03 per common share. The dividend was paid on
April 12, 2023 to shareholders of
record as of March 31, 2023.
The Company declared a quarterly dividend of $0.515625 per share on its 8.250% Series A
Cumulative Redeemable Preferred Stock to shareholders of record as
of March 17, 2023. The dividend
was paid on March 31, 2023.
Earnings Call
The Company will host a conference call to discuss its first
quarter results on Friday, May 5,
2023, at 9:00 a.m. Eastern
Time (ET). The conference call will be accessible by
telephone and through the internet. Interested individuals are
requested to register for the call by visiting
https://investor.drhc.com. A replay of the conference call webcast
will be archived and available online.
About the Company
DiamondRock Hospitality Company is a self-advised real estate
investment trust (REIT) that is an owner of a leading portfolio of
geographically diversified hotels concentrated in leisure
destinations and top gateway markets. The Company currently owns 35
premium quality hotels with over 9,600 rooms. The Company has
strategically positioned its portfolio to be operated both under
leading global brand families as well as independent boutique
hotels in the lifestyle segment. For further information on the
Company and its portfolio, please visit DiamondRock Hospitality
Company's website at www.drhc.com.
This press release contains forward-looking statements within
the meaning of federal securities laws and regulations. These
forward-looking statements are identified by their use of terms and
phrases such as "believe," "expect," "intend," "project,"
"forecast," "plan" and other similar terms and phrases, including
references to assumptions and forecasts of future results.
Forward-looking statements are not guarantees of future performance
and involve known and unknown risks, uncertainties and other
factors which may cause the actual results to differ materially
from those anticipated at the time the forward-looking statements
are made. These risks include, but are not limited to: the adverse
impact of the novel coronavirus (COVID-19) on the U.S., regional
and global economies, travel, the hospitality industry, and the
financial condition and results of operations of the Company and
its hotels; national and local economic and business conditions,
including the potential for additional terrorist attacks, that will
affect occupancy rates at the Company's hotels and the demand for
hotel products and services; operating risks associated with the
hotel business; relationships with property managers; the ability
to compete effectively in areas such as access, location, quality
of accommodations and room rate structures; changes in travel
patterns, taxes and government regulations which influence or
determine wages, prices, construction procedures and costs; and
other risk factors contained in the Company's filings with the
Securities and Exchange Commission. Although the Company believes
the expectations reflected in such forward-looking statements are
based upon reasonable assumptions, it can give no assurance that
the expectations will be attained or that any deviation will not be
material. All information in this release is as of the date of this
release, and the Company undertakes no obligation to update any
forward-looking statement to conform the statement to actual
results or changes in the Company's expectations.
DIAMONDROCK
HOSPITALITY COMPANY
CONSOLIDATED BALANCE SHEETS (in thousands, except
share and per share amounts)
|
|
|
March 31,
2023
|
|
December 31,
2022
|
ASSETS
|
(unaudited)
|
|
|
Property and equipment,
net
|
$
2,742,565
|
|
$
2,748,476
|
Right-of-use
assets
|
98,747
|
|
99,047
|
Restricted
cash
|
46,039
|
|
39,614
|
Due from hotel
managers
|
149,005
|
|
176,708
|
Prepaid and other
assets
|
70,657
|
|
76,131
|
Cash and cash
equivalents
|
76,503
|
|
67,564
|
Total
assets
|
$
3,183,516
|
|
$
3,207,540
|
LIABILITIES AND
EQUITY
|
|
|
|
Liabilities:
|
|
|
|
Mortgage and other
debt, net of unamortized debt issuance costs
|
$
384,374
|
|
$
386,655
|
Unsecured term loans,
net of unamortized debt issuance costs
|
799,204
|
|
799,138
|
Senior unsecured credit
facility
|
—
|
|
—
|
Total debt
|
1,183,578
|
|
1,185,793
|
|
|
|
|
Lease
liabilities
|
111,437
|
|
110,875
|
Due to hotel
managers
|
110,270
|
|
123,682
|
Deferred
rent
|
66,205
|
|
65,097
|
Unfavorable contract
liabilities, net
|
60,654
|
|
61,069
|
Accounts payable and
accrued expenses
|
40,927
|
|
43,120
|
Distributions declared
and unpaid
|
6,500
|
|
12,946
|
Deferred income related
to key money, net
|
8,672
|
|
8,780
|
Total
liabilities
|
1,588,243
|
|
1,611,362
|
Equity:
|
|
|
|
Preferred stock, $0.01
par value; 10,000,000 shares authorized;
|
|
|
|
8.250% Series A Cumulative Redeemable Preferred Stock
(liquidation
preference $25.00 per share), 4,760,000 shares issued and
outstanding
at March 31, 2023 and December 31, 2022
|
48
|
|
48
|
Common stock, $0.01
par value; 400,000,000 shares authorized;
209,789,192 and 209,374,830 shares issued and outstanding at
March 31, 2023 and December 31, 2022, respectively
|
2,098
|
|
2,094
|
Additional paid-in
capital
|
2,286,824
|
|
2,288,433
|
Accumulated other
comprehensive income
|
153
|
|
—
|
Distributions in excess
of earnings
|
(700,287)
|
|
(700,694)
|
Total stockholders'
equity
|
1,588,836
|
|
1,589,881
|
Noncontrolling
interests
|
6,437
|
|
6,297
|
Total
equity
|
1,595,273
|
|
1,596,178
|
Total liabilities and
equity
|
$
3,183,516
|
|
$
3,207,540
|
DIAMONDROCK
HOSPITALITY COMPANY CONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands, except share and per share
amounts) (unaudited)
|
|
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
Revenues:
|
|
|
|
Rooms
|
$
160,673
|
|
$
132,170
|
Food and
beverage
|
59,777
|
|
45,748
|
Other
|
23,103
|
|
18,915
|
Total
revenues
|
243,553
|
|
196,833
|
Operating
Expenses:
|
|
|
|
Rooms
|
40,203
|
|
33,830
|
Food and
beverage
|
43,150
|
|
33,221
|
Other departmental and
support expenses
|
61,968
|
|
48,537
|
Management
fees
|
4,988
|
|
4,020
|
Franchise
fees
|
8,077
|
|
5,810
|
Other property-level
expenses
|
24,117
|
|
21,972
|
Depreciation and
amortization
|
27,472
|
|
26,655
|
Impairment
losses
|
—
|
|
2,843
|
Corporate
expenses
|
7,867
|
|
6,033
|
Business interruption
insurance income
|
—
|
|
(499)
|
Total operating
expenses, net
|
217,842
|
|
182,422
|
|
|
|
|
Interest
expense
|
17,172
|
|
4,119
|
Interest (income) and
other expense (income), net
|
(423)
|
|
286
|
Total other
expenses, net
|
16,749
|
|
4,405
|
Income before income
taxes
|
8,962
|
|
10,006
|
Income tax
benefit
|
226
|
|
54
|
Net
income
|
9,188
|
|
10,060
|
Less: Net income
attributable to noncontrolling interests
|
(32)
|
|
(32)
|
Net income
attributable to the Company
|
9,156
|
|
10,028
|
Distributions to
preferred stockholders
|
(2,454)
|
|
(2,454)
|
Net income
attributable to common stockholders
|
$
6,702
|
|
$
7,574
|
Earnings per
share:
|
|
|
|
Earnings per share
available to common stockholders - basic
|
$
0.03
|
|
$
0.04
|
Earnings per share
available to common stockholders - diluted
|
$
0.03
|
|
$
0.04
|
|
|
|
|
Weighted-average
number of common shares outstanding:
|
|
|
|
Basic
|
211,411,519
|
|
212,491,561
|
Diluted
|
211,814,722
|
|
213,150,818
|
Non-GAAP Financial Measures
We use the following non-GAAP financial measures that we believe
are useful to investors as key measures of our operating
performance: EBITDA, EBITDAre, Adjusted EBITDA, Hotel
EBITDA, Hotel Adjusted EBITDA, FFO and Adjusted FFO. These measures
should not be considered in isolation or as a substitute for
measures of performance in accordance with U.S. GAAP. EBITDA,
EBITDAre, Adjusted EBITDA, Hotel EBITDA, Hotel Adjusted
EBITDA, FFO and Adjusted FFO, as calculated by us, may not be
comparable to other companies that do not define such terms exactly
as the Company.
Use and Limitations of Non-GAAP Financial
Measures
Our management and Board of Directors use EBITDA,
EBITDAre, Adjusted EBITDA, Hotel EBITDA, Hotel Adjusted
EBITDA, FFO and Adjusted FFO to evaluate the performance of our
hotels and to facilitate comparisons between us and other lodging
REITs, hotel owners who are not REITs and other capital intensive
companies. The use of these non-GAAP financial measures has certain
limitations. These non-GAAP financial measures as presented by us,
may not be comparable to non-GAAP financial measures as calculated
by other real estate companies. These measures do not reflect
certain expenses or expenditures that we incurred and will incur,
such as depreciation, interest and capital expenditures. We
compensate for these limitations by separately considering the
impact of these excluded items to the extent they are material to
operating decisions or assessments of our operating performance.
Our reconciliations to the most comparable U.S. GAAP financial
measures, and our consolidated statements of operations and cash
flows, include interest expense, capital expenditures, and other
excluded items, all of which should be considered when evaluating
our performance, as well as the usefulness of our non-GAAP
financial measures.
These non-GAAP financial measures are used in addition to and in
conjunction with results presented in accordance with U.S. GAAP.
They should not be considered as alternatives to operating profit,
cash flow from operations, or any other operating performance
measure prescribed by U.S. GAAP. These non-GAAP financial measures
reflect additional ways of viewing our operations that we believe,
when viewed with our U.S. GAAP results and the reconciliations to
the corresponding U.S. GAAP financial measures, provide a more
complete understanding of factors and trends affecting our business
than could be obtained absent this disclosure. We strongly
encourage investors to review our financial information in its
entirety and not to rely on a single financial measure.
EBITDA, EBITDAre and FFO
EBITDA represents net income (calculated in accordance with U.S.
GAAP) excluding: (1) interest expense; (2) provision for income
taxes, including income taxes applicable to sale of assets; and (3)
depreciation and amortization. The Company computes EBITDAre
in accordance with the National Association of Real Estate
Investment Trusts ("Nareit") guidelines, as defined in its
September 2017 white paper "Earnings
Before Interest, Taxes, Depreciation and Amortization for Real
Estate." EBITDAre represents net income (calculated in
accordance with U.S. GAAP) adjusted for: (1) interest expense;
(2) provision for income taxes, including income taxes
applicable to sale of assets; (3) depreciation and
amortization; (4) gains or losses on the disposition of
depreciated property including gains or losses on change of
control; (5) impairment write-downs of depreciated property and of
investments in unconsolidated affiliates caused by a decrease in
value of depreciated property in the affiliate; and (6) adjustments
to reflect the entity's share of EBITDAre of unconsolidated
affiliates.
We believe EBITDA and EBITDAre are useful to an investor
in evaluating our operating performance because they help investors
evaluate and compare the results of our operations from period to
period by removing the impact of our capital structure (primarily
interest expense) and our asset base (primarily depreciation and
amortization, and in the case of EBITDAre, impairment and
gains or losses on dispositions of depreciated property) from our
operating results. In addition, covenants included in our debt
agreements use EBITDA as a measure of financial compliance. We also
use EBITDA and EBITDAre as measures in determining the value
of hotel acquisitions and dispositions.
The Company computes FFO in accordance with standards
established by the Nareit, which defines FFO as net income
determined in accordance with U.S. GAAP, excluding gains or losses
from sales of properties and impairment losses, plus real estate
related depreciation and amortization. The Company believes that
the presentation of FFO provides useful information to investors
regarding its operating performance because it is a measure of the
Company's operations without regard to specified non-cash items,
such as real estate related depreciation and amortization and gains
or losses on the sale of assets. The Company also uses FFO as one
measure in assessing its operating results.
Hotel EBITDA
Hotel EBITDA represents net income excluding: (1) interest
expense, (2) income taxes, (3) depreciation and amortization, (4)
corporate general and administrative expenses (shown as corporate
expenses on the consolidated statements of operations), and (5)
hotel acquisition costs. We believe that Hotel EBITDA provides our
investors a useful financial measure to evaluate our hotel
operating performance, excluding the impact of our capital
structure (primarily interest), our asset base (primarily
depreciation and amortization), and our corporate-level expenses
(corporate expenses and hotel acquisition costs). With respect to
Hotel EBITDA, we believe that excluding the effect of
corporate-level expenses provides a more complete understanding of
the operating results over which individual hotels and third-party
management companies have direct control. We believe property-level
results provide investors with supplemental information on the
ongoing operational performance of our hotels and effectiveness of
the third-party management companies operating our business on a
property-level basis.
Adjustments to EBITDAre, FFO and Hotel EBITDA
We adjust EBITDAre, FFO and Hotel EBITDA when evaluating
our performance because we believe that the exclusion of certain
additional items described below provides useful supplemental
information to investors regarding our ongoing operating
performance and that the presentation of Adjusted EBITDA, Adjusted
FFO and Hotel Adjusted EBITDA when combined with U.S. GAAP net
income, EBITDAre, FFO and Hotel EBITDA, is beneficial to an
investor's complete understanding of our consolidated and
property-level operating performance. Hotel Adjusted EBITDA
margins are calculated as Hotel Adjusted EBITDA divided by total
hotel revenues. We adjust EBITDAre, FFO and Hotel
EBITDA for the following items:
- Non-Cash Lease Expense and Other Amortization: We
exclude the non-cash expense incurred from the straight line
recognition of expense from our ground leases and other contractual
obligations and the non-cash amortization of our favorable and
unfavorable contracts, originally recorded in conjunction with
certain hotel acquisitions. We exclude these non-cash items
because they do not reflect the actual cash amounts due to the
respective lessors and service providers in the current period and
they are of lesser significance in evaluating our actual
performance for that period.
- Cumulative Effect of a Change in Accounting Principle:
The Financial Accounting Standards Board promulgates new accounting
standards that require or permit the consolidated statement of
operations to reflect the cumulative effect of a change in
accounting principle. We exclude the effect of these adjustments,
which include the accounting impact from prior periods, because
they do not reflect the Company's actual underlying performance for
the current period.
- Gains or Losses from Early Extinguishment of Debt: We
exclude the effect of gains or losses recorded on the early
extinguishment of debt because these gains or losses result from
transaction activity related to the Company's capital structure
that we believe are not indicative of the ongoing operating
performance of the Company or our hotels.
- Hotel Acquisition Costs: We exclude hotel acquisition
costs expensed during the period because we believe these
transaction costs are not reflective of the ongoing performance of
the Company or our hotels.
- Severance Costs: We exclude corporate severance costs,
or reversals thereof, incurred with the termination of
corporate-level employees and severance costs incurred at our
hotels related to lease terminations or structured severance
programs because we believe these costs do not reflect the ongoing
performance of the Company or our hotels.
- Hotel Manager Transition Items: We exclude the
transition items associated with a change in hotel manager because
we believe these items do not reflect the ongoing performance of
the Company or our hotels.
- Hotel Pre-Opening Costs: We exclude the pre-opening
costs associated with the redevelopment or rebranding of a hotel
because we believe these items do not reflect the ongoing
performance of the Company or our hotels.
- Other Items: From time to time we incur costs or realize
gains that we consider outside the ordinary course of business and
that we do not believe reflect the ongoing performance of the
Company or our hotels. Such items may include, but are not limited
to, the following: lease preparation costs incurred to prepare
vacant space for marketing; management or franchise contract
termination fees; gains or losses from legal settlements; costs
incurred related to natural disasters; and gains on property
insurance claim settlements, other than income related to business
interruption insurance.
In addition, to derive Adjusted FFO we exclude any fair value
adjustments to interest rate swaps. We exclude these non-cash
amounts because they do not reflect the underlying performance of
the Company.
Reconciliations of
Non-GAAP Measures
|
|
EBITDA, EBITDAre
and Adjusted EBITDA
|
|
The following tables
are reconciliations of our GAAP net income to EBITDA, EBITDAre and
Adjusted EBITDA (in thousands):
|
|
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
|
2019
|
Net
income
|
$
9,188
|
|
$
10,060
|
|
$
8,980
|
Interest
expense
|
17,172
|
|
4,119
|
|
11,662
|
Income tax
benefit
|
(226)
|
|
(54)
|
|
(3,849)
|
Real estate related
depreciation and amortization
|
27,472
|
|
26,655
|
|
28,996
|
EBITDA
|
53,606
|
|
40,780
|
|
45,789
|
Impairment
losses
|
—
|
|
2,843
|
|
—
|
EBITDAre
|
53,606
|
|
43,623
|
|
45,789
|
Non-cash lease expense
and other amortization
|
1,550
|
|
1,568
|
|
1,715
|
Professional fees and
pre-opening costs related to Frenchman's Reef
(1)
|
—
|
|
—
|
|
1,367
|
Hotel pre-opening
costs
|
216
|
|
—
|
|
—
|
Hotel manager
transition items
|
—
|
|
249
|
|
297
|
Severance costs
(2)
|
—
|
|
(532)
|
|
—
|
Adjusted
EBITDA
|
$
55,372
|
|
$
44,908
|
|
$
49,168
|
|
|
(1)
|
Represents pre-opening
costs related to the re-opening of Frenchman's Reef, as well as
legal and professional fees and other costs incurred at Frenchman's
Reef as a result of Hurricane Irma that are not covered by
insurance.
|
(2)
|
Consists of severance
costs incurred, and adjustments thereto, associated with the
elimination of positions at our hotels, which are classified within
other hotel expenses on the consolidated statement of
operations.
|
Hotel EBITDA and
Hotel Adjusted EBITDA
|
|
The following table is
a reconciliation of our GAAP net income to Hotel EBITDA and Hotel
Adjusted EBITDA (in thousands):
|
|
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
|
2019
|
Net
income
|
$
9,188
|
|
$
10,060
|
|
$
8,980
|
Interest
expense
|
17,172
|
|
4,119
|
|
11,662
|
Income tax
benefit
|
(226)
|
|
(54)
|
|
(3,849)
|
Real estate related
depreciation and amortization
|
27,472
|
|
26,655
|
|
28,996
|
EBITDA
|
53,606
|
|
40,780
|
|
45,789
|
Corporate
expenses
|
7,867
|
|
6,033
|
|
7,064
|
Interest and other
(income) expense, net
|
(423)
|
|
286
|
|
(303)
|
Impairment
losses
|
—
|
|
2,843
|
|
—
|
Professional fees and
pre-opening costs related to Frenchman's Reef
(1)
|
—
|
|
—
|
|
1,367
|
Hotel
EBITDA
|
61,050
|
|
49,942
|
|
53,917
|
Non-cash lease expense
and other amortization
|
1,550
|
|
1,568
|
|
1,715
|
Hotel pre-opening
costs
|
216
|
|
—
|
|
—
|
Hotel manager
transition items
|
—
|
|
249
|
|
297
|
Severance costs
(2)
|
—
|
|
(532)
|
|
—
|
Hotel Adjusted
EBITDA
|
$
62,816
|
|
$
51,227
|
|
$
55,929
|
|
|
(1)
|
Represents pre-opening
costs related to the re-opening of Frenchman's Reef, as well as
legal and professional fees and other costs incurred at Frenchman's
Reef as a result of Hurricane Irma that are not covered by
insurance.
|
(2)
|
Consists of severance
costs incurred, or adjustments thereto, associated with the
elimination of positions at our hotels, which are classified within
other hotel expenses on the consolidated statement of
operations.
|
FFO and Adjusted
FFO
|
|
The following tables
are reconciliations of our GAAP net income to FFO and Adjusted FFO
(in thousands):
|
|
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
|
2019
|
Net
income
|
$
9,188
|
|
$
10,060
|
|
$
8,980
|
Real estate related
depreciation and amortization
|
27,472
|
|
26,655
|
|
28,996
|
Impairment
losses
|
—
|
|
2,843
|
|
—
|
FFO
|
36,660
|
|
39,558
|
|
37,976
|
Distribution to
preferred stockholders
|
(2,454)
|
|
(2,454)
|
|
—
|
FFO available to
common stock and unit holders
|
34,206
|
|
37,104
|
|
37,976
|
Non-cash lease expense
and other amortization
|
1,550
|
|
1,568
|
|
1,715
|
Professional fees and
pre-opening costs related to Frenchman's Reef
(1)
|
—
|
|
—
|
|
1,367
|
Severance costs
(2)
|
—
|
|
(532)
|
|
—
|
Hotel pre-opening
costs
|
216
|
|
—
|
|
—
|
Hotel manager
transition items
|
—
|
|
249
|
|
297
|
Fair value adjustments
to interest rate swaps
|
2,014
|
|
(7,502)
|
|
572
|
Adjusted FFO
available to common stock and unit holders
|
$
37,986
|
|
$
30,887
|
|
$
41,927
|
Adjusted FFO
available to common stock and unit holders, per
diluted share
|
$
0.18
|
|
$
0.14
|
|
$
0.21
|
|
|
(1)
|
Represents pre-opening
costs related to the re-opening of Frenchman's Reef, as well as
legal and professional fees and other costs incurred at Frenchman's
Reef as a result of Hurricane Irma that are not covered by
insurance.
|
(2)
|
Consists of severance
costs incurred, or adjustments thereto, associated with the
elimination of positions at our hotels, which are classified within
other hotel expenses on the consolidated statement of
operations.
|
Reconciliation of Comparable Operating
Results
|
|
The following presents
the revenues, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA
Margin together with comparable
prior year results, which excludes the results for our 2021
dispositions (in thousands):
|
|
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
|
2019
|
Revenues
|
$
243,553
|
|
$
196,833
|
|
$
202,375
|
Hotel revenues from
prior ownership (1)
|
(3,175)
|
|
6,839
|
|
19,393
|
Hotel revenues from
sold hotels (2)
|
—
|
|
—
|
|
(11,265)
|
Comparable
Revenues
|
$
240,378
|
|
$
203,672
|
|
$
210,503
|
|
|
|
|
|
|
Hotel Adjusted
EBITDA
|
$
62,816
|
|
$
51,227
|
|
$
55,929
|
Hotel Adjusted EBITDA
from prior ownership (1)
|
(887)
|
|
2,172
|
|
3,758
|
Hotel Adjusted EBITDA
from sold hotels (2)
|
—
|
|
—
|
|
(7,920)
|
Comparable Hotel
Adjusted EBITDA
|
$
61,929
|
|
$
53,399
|
|
$
51,767
|
|
|
|
|
|
|
Hotel Adjusted
EBITDA Margin
|
25.79 %
|
|
26.03 %
|
|
27.64 %
|
Comparable Hotel
Adjusted EBITDA Margin
|
25.76 %
|
|
26.22 %
|
|
24.59 %
|
|
|
(1)
|
Amounts represent the
pre-acquisition operating results for Bourbon Orleans Hotel from
January 1, 2019 to July 28, 2021, Henderson Park Inn from January
1, 2019 to July 29, 2021, Henderson Beach Resort from January 1,
2019 to December 22, 2021, Tranquility Bay Beachfront Resort from
January 1, 2019 to January 5, 2022 and Lake Austin Spa Resort from
January 1, 2019 to November 20, 2022. The pre-acquisition operating
results of the Kimpton Fort Lauderdale Beach Resort are excluded
from all periods as the hotel opened in April 2021. The
pre-acquisition operating results were obtained from the sellers of
the hotels during the acquisition due diligence process. We have
made no adjustments to the amounts provided to us by the seller.
The pre-acquisition operating results were not audited or reviewed
by the Company's independent auditors.
|
(2)
|
Amounts represent the
operating results of Frenchman's Reef and The Lexington
Hotel.
|
Selected Quarterly
Comparable Operating Information
|
|
The following tables
are presented to provide investors with selected quarterly
comparable operating
information. The operating information includes historical
quarterly operating results for our portfolio,
excluding the Kimpton Fort Lauderdale Beach Resort since the hotel
opened in April 2021.
|
|
|
Quarter 1,
2019
|
Quarter 2,
2019
|
Quarter 3,
2019
|
Quarter 4,
2019
|
Full Year
2019
|
ADR
|
$
225.75
|
$
254.63
|
$
241.37
|
$
244.35
|
$
242.03
|
Occupancy
|
72.1 %
|
82.3 %
|
81.2 %
|
75.1 %
|
77.7 %
|
RevPAR
|
$
162.86
|
$
209.59
|
$
195.88
|
$
183.60
|
$
188.07
|
Total RevPAR
|
$
246.70
|
$
306.75
|
$
278.99
|
$
268.73
|
$
275.36
|
Revenues (in
thousands)
|
$
210,503
|
$
264,731
|
$
243,528
|
$
234,573
|
$
953,335
|
Hotel Adjusted EBITDA
(in thousands)
|
$
51,767
|
$
90,392
|
$
73,486
|
$
65,779
|
$
281,424
|
Hotel Adjusted EBITDA
Margin
|
24.59 %
|
34.14 %
|
30.18 %
|
28.04 %
|
29.52 %
|
Available
Rooms
|
853,274
|
863,014
|
872,896
|
872,896
|
3,462,080
|
|
Quarter 1,
2022
|
Quarter 2,
2022
|
Quarter 3,
2022
|
Quarter 4,
2022
|
Full Year
2022
|
ADR
|
$
283.70
|
$
300.68
|
$
283.87
|
$
291.05
|
$
290.21
|
Occupancy
|
55.9 %
|
74.9 %
|
75.1 %
|
67.3 %
|
68.4 %
|
RevPAR
|
$
158.52
|
$
225.19
|
$
213.19
|
$
195.99
|
$
198.37
|
Total RevPAR
|
$
238.37
|
$
331.56
|
$
311.71
|
$
293.64
|
$
294.03
|
Revenues (in
thousands)
|
$
203,672
|
$
286,578
|
$
272,659
|
$
256,938
|
$ 1,019,847
|
Hotel Adjusted EBITDA
(in thousands)
|
$
53,399
|
$
103,654
|
$
85,804
|
$
76,981
|
$
319,838
|
Hotel Adjusted EBITDA
Margin
|
26.22 %
|
36.17 %
|
31.47 %
|
29.96 %
|
31.36 %
|
Available
Rooms
|
854,442
|
864,323
|
874,702
|
875,012
|
3,468,479
|
|
Quarter 1,
2023
|
ADR
|
$
277.92
|
Occupancy
|
66.7 %
|
RevPAR
|
$
185.26
|
Total RevPAR
|
$
280.77
|
Revenues (in
thousands)
|
$
240,378
|
Hotel Adjusted EBITDA
(in thousands)
|
$
61,929
|
Hotel Adjusted EBITDA
Margin
|
25.76 %
|
Available
Rooms
|
856,128
|
Market
Capitalization as of March 31, 2023
|
(in
thousands)
|
Enterprise
Value
|
|
|
|
|
|
Common equity
capitalization (at March 31, 2023 closing price of
$8.13/share)
|
|
$
1,739,271
|
Preferred equity
capitalization (at liquidation value of $25.00/share)
|
|
119,000
|
Consolidated debt (face
amount)
|
|
1,185,330
|
Cash and cash
equivalents
|
|
(76,503)
|
Total enterprise
value
|
|
$
2,967,098
|
Share
Reconciliation
|
|
|
|
|
|
Common shares
outstanding
|
|
209,789
|
Operating partnership
units
|
|
1,075
|
Unvested restricted
stock held by management and employees
|
|
1,222
|
Share grants under
deferred compensation plan
|
|
1,847
|
Combined shares and
units
|
|
213,933
|
Debt Summary as of
March 31, 2023
|
(dollars in
thousands)
|
Loan
|
|
Interest
Rate
|
|
Term
|
|
Outstanding
Principal
|
|
Maturity
|
Courtyard New York
Manhattan / Midtown East
|
|
4.40 %
|
|
Fixed
|
|
75,698
|
|
August 2024
|
Worthington Renaissance
Fort Worth Hotel
|
|
3.66 %
|
|
Fixed
|
|
75,147
|
|
May 2025
|
Hotel Clio
|
|
4.33 %
|
|
Fixed
|
|
57,122
|
|
July 2025
|
Westin Boston Seaport
District
|
|
4.36 %
|
|
Fixed
|
|
177,363
|
|
November
2025
|
Unamortized debt issuance
costs
|
|
|
|
|
|
(956)
|
|
|
Total mortgage debt,
net of unamortized debt issuance costs
|
|
|
|
|
|
384,374
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured term
loan
|
|
SOFR + 1.35%
|
|
Variable
|
|
500,000
|
|
January 2028
|
Unsecured term
loan
|
|
SOFR + 1.35%
|
|
Variable
|
|
300,000
|
|
January 2025
(1)
|
Unamortized debt issuance
costs
|
|
|
|
|
|
(796)
|
|
|
Unsecured term loans,
net of unamortized debt issuance costs
|
|
|
|
799,204
|
|
|
|
|
|
|
|
|
|
|
|
Senior unsecured credit
facility
|
|
SOFR + 1.40%
|
|
Variable
|
|
—
|
|
September 2026
(1)
|
|
|
|
|
|
|
|
|
|
Total debt, net of
unamortized debt issuance costs
|
|
|
|
|
|
$
1,183,578
|
|
|
Weighted-average
interest rate of fixed rate debt
|
|
3.87 %
|
|
|
|
|
|
|
Total weighted-average
interest rate (2)
|
|
4.88 %
|
|
|
|
|
|
|
|
|
(1)
|
May be extended for an
additional year upon the payment of applicable fees and the
satisfaction of certain customary conditions.
|
(2)
|
Weighted-average
interest rate includes effect of interest rate swaps.
|
|
Operating Statistics
– First Quarter
|
|
Number of
Rooms
|
ADR
|
|
Occupancy
|
|
RevPAR
|
|
1Q
2023
|
1Q
2022
|
B/(W)
2022
|
|
1Q
2023
|
1Q
2022
|
B/(W)
2022
|
|
1Q
2023
|
1Q
2022
|
B/(W)
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta Marriott
Alpharetta
|
318
|
$
159.23
|
$
141.87
|
12.2 %
|
|
62.6 %
|
41.6 %
|
21.0 %
|
|
$
99.61
|
$
59.03
|
68.7 %
|
Bourbon Orleans
Hotel
|
220
|
$
260.14
|
$
244.94
|
6.2 %
|
|
80.9 %
|
49.6 %
|
31.3 %
|
|
$
210.46
|
$
121.61
|
73.1 %
|
Cavallo Point, The
Lodge at the Golden Gate
|
142
|
$
566.26
|
$
683.10
|
(17.1) %
|
|
52.8 %
|
44.6 %
|
8.2 %
|
|
$
299.21
|
$
304.93
|
(1.9) %
|
Chicago Marriott
Downtown Magnificent Mile
|
1,200
|
$
188.98
|
$
168.57
|
12.1 %
|
|
39.5 %
|
27.4 %
|
12.1 %
|
|
$
74.71
|
$
46.13
|
62.0 %
|
Courtyard Denver
Downtown
|
177
|
$
178.98
|
$
151.12
|
18.4 %
|
|
69.1 %
|
60.0 %
|
9.1 %
|
|
$
123.67
|
$
90.65
|
36.4 %
|
Courtyard New York
Manhattan/Fifth Avenue
|
189
|
$
201.95
|
$
161.28
|
25.2 %
|
|
93.5 %
|
82.9 %
|
10.6 %
|
|
$
188.81
|
$
133.69
|
41.2 %
|
Courtyard New York
Manhattan/Midtown East
|
321
|
$
233.43
|
$
199.77
|
16.8 %
|
|
87.9 %
|
63.6 %
|
24.3 %
|
|
$
205.28
|
$
127.03
|
61.6 %
|
Embassy Suites by
Hilton Bethesda
|
272
|
$
142.06
|
$
113.40
|
25.3 %
|
|
61.6 %
|
26.4 %
|
35.2 %
|
|
$
87.57
|
$
29.97
|
192.2 %
|
Havana Cabana Key
West
|
106
|
$
379.67
|
$
411.65
|
(7.8) %
|
|
87.9 %
|
93.8 %
|
(5.9) %
|
|
$
333.90
|
$
386.07
|
(13.5) %
|
Henderson Beach
Resort
|
233
|
$
361.12
|
$
411.26
|
(12.2) %
|
|
43.1 %
|
44.3 %
|
(1.2) %
|
|
$
155.70
|
$
182.13
|
(14.5) %
|
Henderson Park
Inn
|
37
|
$
479.08
|
$
511.93
|
(6.4) %
|
|
42.5 %
|
60.6 %
|
(18.1) %
|
|
$
203.43
|
$
310.39
|
(34.5) %
|
Hilton Boston
Downtown/Faneuil Hall
|
403
|
$
228.24
|
$
174.41
|
30.9 %
|
|
49.0 %
|
63.0 %
|
(14.0) %
|
|
$
111.77
|
$
109.95
|
1.7 %
|
Hilton Burlington Lake
Champlain
|
258
|
$
165.81
|
$
157.63
|
5.2 %
|
|
63.2 %
|
58.6 %
|
4.6 %
|
|
$
104.76
|
$
92.30
|
13.5 %
|
Hilton Garden Inn New
York/Times Square Central
|
282
|
$
193.29
|
$
162.46
|
19.0 %
|
|
85.3 %
|
77.8 %
|
7.5 %
|
|
$
164.87
|
$
126.40
|
30.4 %
|
Hotel Clio
|
199
|
$
298.34
|
$
258.96
|
15.2 %
|
|
61.8 %
|
62.4 %
|
(0.6) %
|
|
$
184.29
|
$
161.68
|
14.0 %
|
Hotel Emblem San
Francisco
|
96
|
$
284.99
|
$
187.82
|
51.7 %
|
|
63.7 %
|
53.8 %
|
9.9 %
|
|
$
181.55
|
$
101.10
|
79.6 %
|
Hotel Palomar
Phoenix
|
242
|
$
301.38
|
$
247.83
|
21.6 %
|
|
73.7 %
|
76.8 %
|
(3.1) %
|
|
$
222.03
|
$
190.39
|
16.6 %
|
Kimpton Fort Lauderdale
Beach Resort
|
96
|
$
273.10
|
$
285.15
|
(4.2) %
|
|
87.5 %
|
76.7 %
|
10.8 %
|
|
$
239.00
|
$
218.78
|
9.2 %
|
Kimpton Shorebreak
Resort
|
157
|
$
292.14
|
$
297.03
|
(1.6) %
|
|
75.6 %
|
71.8 %
|
3.8 %
|
|
$
220.94
|
$
213.36
|
3.6 %
|
L'Auberge de
Sedona
|
88
|
$
958.17
|
$ 1,046.12
|
(8.4) %
|
|
57.5 %
|
68.5 %
|
(11.0) %
|
|
$
550.94
|
$
716.30
|
(23.1) %
|
Lake Austin Spa
Resort
|
40
|
$ 1,122.11
|
$ 1,149.57
|
(2.4) %
|
|
55.7 %
|
70.6 %
|
(14.9) %
|
|
$
624.64
|
$
811.08
|
(23.0) %
|
Margaritaville Beach
House Key West
|
186
|
$
495.09
|
$
579.43
|
(14.6) %
|
|
85.1 %
|
92.0 %
|
(6.9) %
|
|
$
421.38
|
$
532.94
|
(20.9) %
|
Orchards Inn
Sedona
|
70
|
$
291.48
|
$
309.21
|
(5.7) %
|
|
59.5 %
|
63.7 %
|
(4.2) %
|
|
$
173.50
|
$
196.91
|
(11.9) %
|
Renaissance Charleston
Historic District Hotel
|
167
|
$
333.13
|
$
311.69
|
6.9 %
|
|
84.5 %
|
80.3 %
|
4.2 %
|
|
$
281.51
|
$
250.35
|
12.4 %
|
Salt Lake City Marriott
Downtown at City Creek
|
510
|
$
199.71
|
$
176.07
|
13.4 %
|
|
67.2 %
|
49.0 %
|
18.2 %
|
|
$
134.17
|
$
86.21
|
55.6 %
|
The Gwen
Hotel
|
311
|
$
222.60
|
$
213.18
|
4.4 %
|
|
65.2 %
|
58.2 %
|
7.0 %
|
|
$
145.07
|
$
124.11
|
16.9 %
|
The Hythe
Vail
|
344
|
$
627.60
|
$
663.43
|
(5.4) %
|
|
84.2 %
|
67.0 %
|
17.2 %
|
|
$
528.21
|
$
444.73
|
18.8 %
|
The Landing Lake Tahoe
Resort & Spa
|
82
|
$
362.47
|
$
408.90
|
(11.4) %
|
|
31.0 %
|
46.5 %
|
(15.5) %
|
|
$
112.33
|
$
189.99
|
(40.9) %
|
The Lodge at Sonoma
Resort
|
182
|
$
361.03
|
$
367.07
|
(1.6) %
|
|
54.5 %
|
48.0 %
|
6.5 %
|
|
$
196.63
|
$
176.30
|
11.5 %
|
Tranquility Bay
Beachfront Resort
|
103
|
$
813.34
|
$
944.15
|
(13.9) %
|
|
74.1 %
|
83.1 %
|
(9.0) %
|
|
$
602.42
|
$
784.45
|
(23.2) %
|
Westin Boston
Waterfront
|
793
|
$
203.87
|
$
194.05
|
5.1 %
|
|
71.7 %
|
53.7 %
|
18.0 %
|
|
$
146.25
|
$
104.27
|
40.3 %
|
Westin Fort Lauderdale
Beach Resort
|
433
|
$
348.32
|
$
336.96
|
3.4 %
|
|
87.9 %
|
87.7 %
|
0.2 %
|
|
$
306.27
|
$
295.38
|
3.7 %
|
Westin San Diego
Bayview
|
436
|
$
214.73
|
$
175.00
|
22.7 %
|
|
73.9 %
|
53.0 %
|
20.9 %
|
|
$
158.76
|
$
92.81
|
71.1 %
|
Westin Washington D.C.
City Center
|
410
|
$
214.83
|
$
175.98
|
22.1 %
|
|
68.0 %
|
35.2 %
|
32.8 %
|
|
$
146.02
|
$
62.02
|
135.4 %
|
Worthington Renaissance
Fort Worth Hotel
|
504
|
$
196.60
|
$
194.19
|
1.2 %
|
|
74.1 %
|
64.3 %
|
9.8 %
|
|
$
145.65
|
$
124.90
|
16.6 %
|
Comparable Total
(1)
|
9,511
|
$
277.92
|
$
283.70
|
(2.0) %
|
|
66.7 %
|
55.9 %
|
10.8 %
|
|
$
185.26
|
$
158.52
|
16.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Amounts exclude
the Kimpton Fort Lauderdale Beach Resort as the hotel opened during
2021.
|
|
Operating Statistics
– First Quarter
|
|
Number of
Rooms
|
ADR
|
|
Occupancy
|
|
RevPAR
|
|
1Q
2023
|
1Q
2019
|
B/(W)
2019
|
|
1Q
2023
|
1Q
2019
|
B/(W)
2019
|
|
1Q
2023
|
1Q
2019
|
B/(W)
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta Marriott
Alpharetta
|
318
|
$
159.23
|
$
177.33
|
(10.2) %
|
|
62.6 %
|
70.5 %
|
(7.9) %
|
|
$
99.61
|
$
124.93
|
(20.3) %
|
Bourbon Orleans
Hotel
|
220
|
$
260.14
|
$
238.23
|
9.2 %
|
|
80.9 %
|
82.4 %
|
(1.5) %
|
|
$
210.46
|
$
196.37
|
7.2 %
|
Cavallo Point, The
Lodge at the Golden Gate
|
142
|
$
566.26
|
$
437.76
|
29.4 %
|
|
52.8 %
|
63.4 %
|
(10.6) %
|
|
$
299.21
|
$
277.38
|
7.9 %
|
Chicago Marriott
Downtown Magnificent Mile
|
1,200
|
$
188.98
|
$
158.35
|
19.3 %
|
|
39.5 %
|
51.7 %
|
(12.2) %
|
|
$
74.71
|
$
81.79
|
(8.7) %
|
Courtyard Denver
Downtown
|
177
|
$
178.98
|
$
171.92
|
4.1 %
|
|
69.1 %
|
73.3 %
|
(4.2) %
|
|
$
123.67
|
$
126.00
|
(1.8) %
|
Courtyard New York
Manhattan/Fifth Avenue
|
189
|
$
201.95
|
$
212.18
|
(4.8) %
|
|
93.5 %
|
77.4 %
|
16.1 %
|
|
$
188.81
|
$
164.30
|
14.9 %
|
Courtyard New York
Manhattan/Midtown East
|
321
|
$
233.43
|
$
190.02
|
22.8 %
|
|
87.9 %
|
92.0 %
|
(4.1) %
|
|
$
205.28
|
$
174.85
|
17.4 %
|
Embassy Suites by
Hilton Bethesda
|
272
|
$
142.06
|
$
172.21
|
(17.5) %
|
|
61.6 %
|
65.3 %
|
(3.7) %
|
|
$
87.57
|
$
112.46
|
(22.1) %
|
Havana Cabana Key
West
|
106
|
$
379.67
|
$
254.41
|
49.2 %
|
|
87.9 %
|
94.7 %
|
(6.8) %
|
|
$
333.90
|
$
240.94
|
38.6 %
|
Henderson Beach
Resort
|
233
|
$
361.12
|
$
253.18
|
42.6 %
|
|
43.1 %
|
39.0 %
|
4.1 %
|
|
$
155.70
|
$
98.85
|
57.5 %
|
Henderson Park
Inn
|
37
|
$
479.08
|
$
350.71
|
36.6 %
|
|
42.5 %
|
52.3 %
|
(9.8) %
|
|
$
203.43
|
$
183.47
|
10.9 %
|
Hilton Boston
Downtown/Faneuil Hall
|
403
|
$
228.24
|
$
197.84
|
15.4 %
|
|
49.0 %
|
83.5 %
|
(34.5) %
|
|
$
111.77
|
$
165.25
|
(32.4) %
|
Hilton Burlington Lake
Champlain
|
258
|
$
165.81
|
$
130.74
|
26.8 %
|
|
63.2 %
|
70.7 %
|
(7.5) %
|
|
$
104.76
|
$
92.39
|
13.4 %
|
Hilton Garden Inn New
York/Times Square Central
|
282
|
$
193.29
|
$
181.10
|
6.7 %
|
|
85.3 %
|
98.0 %
|
(12.7) %
|
|
$
164.87
|
$
177.48
|
(7.1) %
|
Hotel Clio
|
199
|
$
298.34
|
$
240.96
|
23.8 %
|
|
61.8 %
|
46.5 %
|
15.3 %
|
|
$
184.29
|
$
112.09
|
64.4 %
|
Hotel Emblem San
Francisco
|
96
|
$
284.99
|
$
247.10
|
15.3 %
|
|
63.7 %
|
57.5 %
|
6.2 %
|
|
$
181.55
|
$
142.06
|
27.8 %
|
Hotel Palomar
Phoenix
|
242
|
$
301.38
|
$
233.06
|
29.3 %
|
|
73.7 %
|
88.2 %
|
(14.5) %
|
|
$
222.03
|
$
205.66
|
8.0 %
|
Kimpton Shorebreak
Resort
|
157
|
$
292.14
|
$
236.80
|
23.4 %
|
|
75.6 %
|
75.3 %
|
0.3 %
|
|
$
220.94
|
$
178.23
|
24.0 %
|
L'Auberge de
Sedona
|
88
|
$
958.17
|
$
575.73
|
66.4 %
|
|
57.5 %
|
80.4 %
|
(22.9) %
|
|
$
550.94
|
$
462.91
|
19.0 %
|
Lake Austin Spa
Resort
|
40
|
$ 1,122.11
|
$
791.68
|
41.7 %
|
|
55.7 %
|
63.0 %
|
(7.3) %
|
|
$
624.64
|
$
498.54
|
25.3 %
|
Margaritaville Beach
House Key West
|
186
|
$
495.09
|
$
310.04
|
59.7 %
|
|
85.1 %
|
94.1 %
|
(9.0) %
|
|
$
421.38
|
$
291.63
|
44.5 %
|
Orchards Inn
Sedona
|
70
|
$
291.48
|
$
255.22
|
14.2 %
|
|
59.5 %
|
73.9 %
|
(14.4) %
|
|
$
173.50
|
$
188.58
|
(8.0) %
|
Renaissance Charleston
Historic District Hotel
|
167
|
$
333.13
|
$
236.72
|
40.7 %
|
|
84.5 %
|
83.8 %
|
0.7 %
|
|
$
281.51
|
$
198.44
|
41.9 %
|
Salt Lake City Marriott
Downtown at City Creek
|
510
|
$
199.71
|
$
173.62
|
15.0 %
|
|
67.2 %
|
59.2 %
|
8.0 %
|
|
$
134.17
|
$
102.73
|
30.6 %
|
The Gwen
Hotel
|
311
|
$
222.60
|
$
188.98
|
17.8 %
|
|
65.2 %
|
70.4 %
|
(5.2) %
|
|
$
145.07
|
$
133.05
|
9.0 %
|
The Hythe
Vail
|
344
|
$
627.60
|
$
440.49
|
42.5 %
|
|
84.2 %
|
82.4 %
|
1.8 %
|
|
$
528.21
|
$
362.79
|
45.6 %
|
The Landing Lake Tahoe
Resort & Spa
|
82
|
$
362.47
|
$
275.79
|
31.4 %
|
|
31.0 %
|
53.0 %
|
(22.0) %
|
|
$
112.33
|
$
146.21
|
(23.2) %
|
The Lodge at Sonoma
Resort
|
182
|
$
361.03
|
$
233.68
|
54.5 %
|
|
54.5 %
|
61.5 %
|
(7.0) %
|
|
$
196.63
|
$
143.63
|
36.9 %
|
Tranquility Bay
Beachfront Resort
|
103
|
$
813.34
|
$
492.18
|
65.3 %
|
|
74.1 %
|
91.7 %
|
(17.6) %
|
|
$
602.42
|
$
451.20
|
33.5 %
|
Westin Boston
Waterfront
|
793
|
$
203.87
|
$
202.24
|
0.8 %
|
|
71.7 %
|
65.5 %
|
6.2 %
|
|
$
146.25
|
$
132.39
|
10.5 %
|
Westin Fort Lauderdale
Beach Resort
|
433
|
$
348.32
|
$
254.27
|
37.0 %
|
|
87.9 %
|
95.5 %
|
(7.6) %
|
|
$
306.27
|
$
242.76
|
26.2 %
|
Westin San Diego
Bayview
|
436
|
$
214.73
|
$
189.85
|
13.1 %
|
|
73.9 %
|
77.5 %
|
(3.6) %
|
|
$
158.76
|
$
147.20
|
7.9 %
|
Westin Washington D.C.
City Center
|
410
|
$
214.83
|
$
201.14
|
6.8 %
|
|
68.0 %
|
77.5 %
|
(9.5) %
|
|
$
146.02
|
$
155.88
|
(6.3) %
|
Worthington Renaissance
Fort Worth Hotel
|
504
|
$
196.60
|
$
188.12
|
4.5 %
|
|
74.1 %
|
79.4 %
|
(5.3) %
|
|
$
145.65
|
$
149.42
|
(2.5) %
|
Comparable Total
(1)
|
9,511
|
$
277.92
|
$
225.75
|
23.1 %
|
|
66.7 %
|
72.1 %
|
(5.4) %
|
|
$
185.26
|
$
162.86
|
13.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Amounts exclude the
Kimpton Fort Lauderdale Beach Resort as the hotel opened during
2021.
|
|
|
Hotel Adjusted
EBITDA Reconciliation - First Quarter 2023
|
|
|
|
|
|
|
|
Net Income /
(Loss)
|
Plus:
|
Plus:
|
Plus:
|
Equals: Hotel
Adjusted EBITDA
|
|
|
Total
Revenues
|
|
Depreciation
|
Interest
Expense
|
Adjustments
(1)
|
Atlanta Marriott
Alpharetta
|
|
$
4,017
|
|
$
939
|
$
364
|
$
—
|
$
—
|
$
1,303
|
Bourbon Orleans
Hotel
|
|
$
5,064
|
|
$
1,429
|
$
837
|
$
—
|
$
6
|
$
2,272
|
Cavallo Point, The
Lodge at the Golden Gate
|
|
$
10,393
|
|
$
894
|
$
1,392
|
$
—
|
$
94
|
$
2,380
|
Chicago Marriott
Downtown Magnificent Mile
|
|
$
15,284
|
|
$
(2,595)
|
$
3,654
|
$
6
|
$
(397)
|
$
668
|
Courtyard Denver
Downtown
|
|
$
2,198
|
|
$
276
|
$
377
|
$
—
|
$
—
|
$
653
|
Courtyard New York
Manhattan/Fifth Avenue
|
|
$
3,263
|
|
$
(755)
|
$
345
|
$
—
|
$
253
|
$
(157)
|
Courtyard New York
Manhattan/Midtown East
|
|
$
6,206
|
|
$
(1,002)
|
$
501
|
$
886
|
$
—
|
$
385
|
Embassy Suites by
Hilton Bethesda
|
|
$
2,565
|
|
$
(2,163)
|
$
575
|
$
—
|
$
1,477
|
$
(111)
|
Havana Cabana Key
West
|
|
$
4,001
|
|
$
1,543
|
$
278
|
$
—
|
$
—
|
$
1,821
|
Henderson Beach
Resort
|
|
$
6,557
|
|
$
(1,008)
|
$
999
|
$
—
|
$
—
|
$
(9)
|
Henderson Park
Inn
|
|
$
1,071
|
|
$
(249)
|
$
252
|
$
—
|
$
—
|
$
3
|
Hilton Boston
Downtown/Faneuil Hall
|
|
$
4,786
|
|
$
(1,544)
|
$
1,124
|
$
—
|
$
—
|
$
(420)
|
Hilton Burlington Lake
Champlain
|
|
$
3,272
|
|
$
(430)
|
$
568
|
$
—
|
$
—
|
$
138
|
Hilton Garden Inn New
York/Times Square Central
|
|
$
4,752
|
|
$
(235)
|
$
639
|
$
—
|
$
—
|
$
404
|
Hotel Clio
|
|
$
5,353
|
|
$
(921)
|
$
862
|
$
629
|
$
5
|
$
575
|
Hotel Emblem San
Francisco
|
|
$
2,001
|
|
$
(30)
|
$
297
|
$
—
|
$
—
|
$
267
|
Hotel Palomar
Phoenix
|
|
$
7,654
|
|
$
1,981
|
$
660
|
$
—
|
$
181
|
$
2,822
|
Kimpton Fort Lauderdale
Beach Resort
|
|
$
3,175
|
|
$
583
|
$
304
|
$
—
|
$
—
|
$
887
|
Kimpton Shorebreak
Resort
|
|
$
4,527
|
|
$
780
|
$
412
|
$
—
|
$
—
|
$
1,192
|
L'Auberge de
Sedona
|
|
$
6,862
|
|
$
1,435
|
$
361
|
$
—
|
$
—
|
$
1,796
|
Lake Austin Spa
Resort
|
|
$
4,950
|
|
$
456
|
$
628
|
$
—
|
$
—
|
$
1,084
|
Margaritaville Beach
House Key West
|
|
$
9,221
|
|
$
4,078
|
$
800
|
$
—
|
$
—
|
$
4,878
|
Orchards Inn
Sedona
|
|
$
2,048
|
|
$
439
|
$
92
|
$
—
|
$
42
|
$
573
|
Renaissance Charleston
Historic District Hotel
|
|
$
5,401
|
|
$
1,874
|
$
465
|
$
—
|
$
—
|
$
2,339
|
Salt Lake City Marriott
Downtown at City Creek
|
|
$
8,291
|
|
$
2,492
|
$
567
|
$
—
|
$
11
|
$
3,070
|
The Gwen
Hotel
|
|
$
5,589
|
|
$
(1,514)
|
$
1,083
|
$
—
|
$
—
|
$
(431)
|
The Hythe
Vail
|
|
$
21,895
|
|
$
10,653
|
$
1,202
|
$
—
|
$
—
|
$
11,855
|
The Landing Lake Tahoe
Resort & Spa
|
|
$
1,553
|
|
$
(560)
|
$
223
|
$
—
|
$
—
|
$
(337)
|
The Lodge at Sonoma
Resort
|
|
$
6,105
|
|
$
396
|
$
657
|
$
—
|
$
—
|
$
1,053
|
Tranquility Bay
Beachfront Resort
|
|
$
6,982
|
|
$
2,039
|
$
429
|
$
—
|
$
—
|
$
2,468
|
Westin Boston Seaport
District
|
|
$
18,031
|
|
$
(1,865)
|
$
2,470
|
$
1,981
|
$
(122)
|
$
2,464
|
Westin Fort Lauderdale
Beach Resort
|
|
$
22,987
|
|
$
8,306
|
$
1,054
|
$
—
|
$
—
|
$
9,360
|
Westin San Diego
Bayview
|
|
$
8,700
|
|
$
2,013
|
$
855
|
$
—
|
$
—
|
$
2,868
|
Westin Washington D.C.
City Center
|
|
$
6,707
|
|
$
(63)
|
$
1,020
|
$
—
|
$
—
|
$
957
|
Worthington Renaissance
Fort Worth Hotel
|
|
$
12,092
|
|
$
1,907
|
$
1,126
|
$
712
|
$
—
|
$
3,745
|
Total
|
|
$
243,553
|
|
$
29,579
|
$
27,472
|
$
4,214
|
$
1,550
|
$
62,816
|
Less: Non Comparable
Hotel (2)
|
|
$
(3,175)
|
|
$
(583)
|
$
(304)
|
$
—
|
$
—
|
$
(887)
|
Comparable
Total
|
|
$
240,378
|
|
$
28,996
|
$
27,168
|
$
4,214
|
$
1,550
|
$
61,929
|
|
|
(1)
|
Includes non-cash
expenses incurred by the hotels due to the straight lining of the
rent from ground lease obligations and the non-cash amortization of
intangible assets and liabilities.
|
(2)
|
Represents the
operating results of the Kimpton Fort Lauderdale Beach Resort,
which is non-comparable since the hotel opened during
2021.
|
|
|
Hotel Adjusted
EBITDA Reconciliation - First Quarter 2022
|
|
|
|
|
Net Income /
(Loss)
|
Plus:
|
Plus:
|
Plus:
|
Equals:
Hotel
|
|
|
Total
Revenues
|
|
Depreciation
|
Interest
Expense
|
Adjustments
(1)
|
Adjusted
EBITDA
|
Atlanta Marriott
Alpharetta
|
|
$
2,468
|
|
$
279
|
$
370
|
$
—
|
$
—
|
$
649
|
Bourbon Orleans
Hotel
|
|
$
3,049
|
|
$
75
|
$
820
|
$
—
|
$
6
|
$
901
|
Cavallo Point, The
Lodge at the Golden Gate
|
|
$
9,635
|
|
$
1,032
|
$
1,826
|
$
—
|
$
94
|
$
2,952
|
Chicago Marriott
Downtown Magnificent Mile
|
|
$
8,606
|
|
$
(6,202)
|
$
3,993
|
$
6
|
$
(397)
|
$
(2,600)
|
Courtyard Denver
Downtown
|
|
$
1,733
|
|
$
182
|
$
377
|
$
—
|
$
—
|
$
559
|
Courtyard New York
Manhattan/Fifth Avenue
|
|
$
2,349
|
|
$
(1,175)
|
$
330
|
$
—
|
$
253
|
$
(592)
|
Courtyard New York
Manhattan/Midtown East
|
|
$
3,840
|
|
$
(2,273)
|
$
484
|
$
905
|
$
—
|
$
(884)
|
Embassy Suites by
Hilton Bethesda
|
|
$
939
|
|
$
(3,099)
|
$
553
|
$
—
|
$
1,489
|
$
(1,057)
|
Havana Cabana Key
West
|
|
$
4,615
|
|
$
2,182
|
$
283
|
$
—
|
$
—
|
$
2,465
|
Henderson Beach
Resort
|
|
$
6,906
|
|
$
(607)
|
$
953
|
$
—
|
$
—
|
$
346
|
Henderson Park
Inn
|
|
$
1,377
|
|
$
(83)
|
$
215
|
$
—
|
$
—
|
$
132
|
Hilton Boston
Downtown/Faneuil Hall
|
|
$
4,790
|
|
$
(1,037)
|
$
1,057
|
$
—
|
$
—
|
$
20
|
Hilton Burlington Lake
Champlain
|
|
$
2,768
|
|
$
(98)
|
$
560
|
$
—
|
$
—
|
$
462
|
Hilton Garden Inn New
York/Times Square Central
|
|
$
3,678
|
|
$
(611)
|
$
620
|
$
—
|
$
—
|
$
9
|
Hotel Clio
|
|
$
4,941
|
|
$
(447)
|
$
800
|
$
644
|
$
5
|
$
1,002
|
Hotel Emblem San
Francisco
|
|
$
1,074
|
|
$
(473)
|
$
301
|
$
—
|
$
—
|
$
(172)
|
Hotel Palomar
Phoenix
|
|
$
6,382
|
|
$
1,807
|
$
674
|
$
—
|
$
185
|
$
2,666
|
Kimpton Shorebreak
Resort
|
|
$
4,398
|
|
$
995
|
$
403
|
$
—
|
$
—
|
$
1,398
|
L'Auberge de
Sedona
|
|
$
8,195
|
|
$
2,378
|
$
393
|
$
—
|
$
—
|
$
2,771
|
Margaritaville Beach
House Key West
|
|
$
10,948
|
|
$
5,337
|
$
806
|
$
—
|
$
—
|
$
6,143
|
Orchards Inn
Sedona
|
|
$
2,233
|
|
$
590
|
$
84
|
$
—
|
$
42
|
$
716
|
Renaissance Charleston
Historic District Hotel
|
|
$
4,924
|
|
$
1,621
|
$
456
|
$
—
|
$
—
|
$
2,077
|
Salt Lake City Marriott
Downtown at City Creek
|
|
$
5,899
|
|
$
1,042
|
$
522
|
$
478
|
$
11
|
$
2,053
|
The Gwen
Hotel
|
|
$
5,038
|
|
$
(1,684)
|
$
1,075
|
$
—
|
$
—
|
$
(609)
|
The Hythe
Vail
|
|
$
17,733
|
|
$
7,928
|
$
1,197
|
$
—
|
$
—
|
$
9,125
|
The Landing Lake Tahoe
Resort & Spa
|
|
$
2,177
|
|
$
556
|
$
358
|
$
—
|
$
—
|
$
914
|
The Lodge at Sonoma
Resort
|
|
$
5,197
|
|
$
(97)
|
$
628
|
$
260
|
$
—
|
$
791
|
Tranquility Bay
Beachfront Resort
|
|
$
8,048
|
|
$
2,873
|
$
133
|
$
—
|
$
—
|
$
3,006
|
Westin Boston Seaport
District
|
|
$
13,023
|
|
$
(3,862)
|
$
2,456
|
$
2,027
|
$
(122)
|
$
499
|
Westin Fort Lauderdale
Beach Resort
|
|
$
22,452
|
|
$
10,262
|
$
993
|
$
—
|
$
—
|
$
11,255
|
Westin San Diego
Bayview
|
|
$
5,006
|
|
$
(311)
|
$
806
|
$
583
|
$
—
|
$
1,078
|
Westin Washington D.C.
City Center
|
|
$
2,916
|
|
$
(1,382)
|
$
1,018
|
$
592
|
$
—
|
$
228
|
Worthington Renaissance
Fort Worth Hotel
|
|
$
9,496
|
|
$
1,082
|
$
1,111
|
$
729
|
$
2
|
$
2,924
|
Total
|
|
$
196,833
|
|
$
16,780
|
$
26,655
|
$
6,224
|
$
1,568
|
$
51,227
|
Add: Prior Ownership
Results (2)
|
|
$
6,839
|
|
$
1,862
|
$
310
|
$
—
|
$
—
|
$
2,172
|
Comparable
Total
|
|
$
203,672
|
|
$
18,642
|
$
26,965
|
$
6,224
|
$
1,568
|
$
53,399
|
|
|
(1)
|
Includes non-cash
expenses incurred by the hotels due to the straight lining of the
rent from ground lease obligations and the non-cash amortization of
intangible assets and liabilities.
|
(2)
|
Represents the
pre-acquisition operating results of our 2021 and 2022 acquisitions
(excluding the Kimpton Fort Lauderdale Beach Resort).
|
|
|
Hotel Adjusted
EBITDA Reconciliation - First Quarter 2019
|
|
|
|
|
Net Income /
(Loss)
|
Plus:
|
Plus:
|
Plus:
|
Equals:
Hotel
|
|
|
Total
Revenues
|
|
Depreciation
|
Interest
Expense
|
Adjustments
(1)
|
Adjusted
EBITDA
|
Atlanta Marriott
Alpharetta
|
|
$
5,311
|
|
$
1,579
|
$
475
|
$
—
|
$
—
|
$
2,054
|
Cavallo Point, The
Lodge at the Golden Gate
|
|
$
9,247
|
|
$
(221)
|
$
1,941
|
$
—
|
$
31
|
$
1,751
|
Chicago Marriott
Downtown Magnificent Mile
|
|
$
16,131
|
|
$
(4,067)
|
$
4,129
|
$
71
|
$
(397)
|
$
(264)
|
Courtyard Denver
Downtown
|
|
$
2,245
|
|
$
548
|
$
296
|
$
—
|
$
—
|
$
844
|
Courtyard New York
Manhattan/Fifth Avenue
|
|
$
2,884
|
|
$
(905)
|
$
441
|
$
—
|
$
253
|
$
(211)
|
Courtyard New York
Manhattan/Midtown East
|
|
$
5,256
|
|
$
(1,621)
|
$
692
|
$
958
|
$
—
|
$
29
|
Embassy Suites by
Hilton Bethesda
|
|
$
3,937
|
|
$
(971)
|
$
478
|
$
—
|
$
1,525
|
$
1,032
|
Frenchman's Reef &
Morning Star Marriott Beach Resort
|
|
$
—
|
|
$
8,799
|
$
—
|
$
—
|
$
—
|
$
8,799
|
Havana Cabana Key
West
|
|
$
2,916
|
|
$
1,202
|
$
245
|
$
—
|
$
—
|
$
1,447
|
Hilton Boston
Downtown/Faneuil Hall
|
|
$
6,672
|
|
$
(87)
|
$
1,244
|
$
—
|
$
—
|
$
1,157
|
Hilton Burlington Lake
Champlain
|
|
$
2,916
|
|
$
44
|
$
499
|
$
—
|
$
—
|
$
543
|
Hilton Garden Inn New
York/Times Square Central
|
|
$
4,624
|
|
$
(670)
|
$
844
|
$
—
|
$
—
|
$
174
|
Hotel Clio
|
|
$
2,676
|
|
$
(1,477)
|
$
541
|
$
683
|
$
6
|
$
(247)
|
Hotel Emblem San
Francisco
|
|
$
1,349
|
|
$
(256)
|
$
275
|
$
—
|
$
—
|
$
19
|
Hotel Palomar
Phoenix
|
|
$
7,613
|
|
$
2,075
|
$
666
|
$
38
|
$
296
|
$
3,075
|
Kimpton Shorebreak
Resort
|
|
$
3,940
|
|
$
586
|
$
349
|
$
—
|
$
41
|
$
976
|
L'Auberge de
Sedona
|
|
$
5,954
|
|
$
859
|
$
508
|
$
—
|
$
—
|
$
1,367
|
Margaritaville Beach
House Key West
|
|
$
5,794
|
|
$
2,395
|
$
338
|
$
—
|
$
—
|
$
2,733
|
Orchards Inn
Sedona
|
|
$
1,878
|
|
$
274
|
$
238
|
$
—
|
$
42
|
$
554
|
Renaissance Charleston
Historic District Hotel
|
|
$
3,483
|
|
$
890
|
$
403
|
$
—
|
$
(32)
|
$
1,261
|
Salt Lake City Marriott
Downtown at City Creek
|
|
$
6,874
|
|
$
1,058
|
$
530
|
$
604
|
$
—
|
$
2,192
|
The Gwen
Hotel
|
|
$
5,056
|
|
$
(1,559)
|
$
1,058
|
$
—
|
$
—
|
$
(501)
|
The Hythe
Vail
|
|
$
15,395
|
|
$
6,545
|
$
990
|
$
—
|
$
—
|
$
7,535
|
The Landing Lake Tahoe
Resort & Spa
|
|
$
1,753
|
|
$
(460)
|
$
376
|
$
—
|
$
—
|
$
(84)
|
The Lexington
Hotel
|
|
$
11,265
|
|
$
(4,421)
|
$
3,530
|
$
4
|
$
8
|
$
(879)
|
The Lodge at Sonoma
Resort
|
|
$
4,529
|
|
$
(336)
|
$
535
|
$
279
|
$
—
|
$
478
|
Westin Boston Seaport
District
|
|
$
17,742
|
|
$
(2,045)
|
$
2,413
|
$
2,156
|
$
(60)
|
$
2,464
|
Westin Fort Lauderdale
Beach Resort
|
|
$
17,500
|
|
$
5,952
|
$
1,545
|
$
—
|
$
—
|
$
7,497
|
Westin San Diego
Bayview
|
|
$
8,645
|
|
$
1,701
|
$
1,126
|
$
631
|
$
—
|
$
3,458
|
Westin Washington D.C.
City Center
|
|
$
7,094
|
|
$
(235)
|
$
1,322
|
$
661
|
$
—
|
$
1,748
|
Worthington Renaissance
Fort Worth Hotel
|
|
$
11,696
|
|
$
3,182
|
$
969
|
$
775
|
$
2
|
$
4,928
|
Total
|
|
$
202,375
|
|
$
18,358
|
$
28,996
|
$
6,860
|
$
1,715
|
$
55,929
|
Add: Prior Ownership
Results (2)
|
|
$
19,393
|
|
$
1,719
|
$
2,039
|
$
—
|
$
—
|
$
3,758
|
Less: Sold Hotels
(3)
|
|
$
(11,265)
|
|
$
(4,378)
|
$
(3,530)
|
$
(4)
|
$
(8)
|
$
(7,920)
|
Comparable
Total
|
|
$
210,503
|
|
$
15,699
|
$
27,505
|
$
6,856
|
$
1,707
|
$
51,767
|
|
|
(1)
|
Includes non-cash
expenses incurred by the hotels due to the straight lining of the
rent from ground lease obligations and the non-cash amortization of
intangible assets and liabilities.
|
(2)
|
Represents the
pre-acquisition operating results of our 2021 and 2022 acquisitions
(excluding the Kimpton Fort Lauderdale Beach Resort).
|
(3)
|
Represents the
operating results of Frenchman's Reef and The Lexington
Hotel.
|
View original
content:https://www.prnewswire.com/news-releases/diamondrock-hospitality-company-reports-first-quarter-results-301816507.html
SOURCE DiamondRock Hospitality Company