DALLAS, Nov. 3, 2010 /PRNewswire-FirstCall/ -- Ashford
Hospitality Trust, Inc. (NYSE: AHT) today reported the following
results and performance measures for the third quarter ended
September 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 100 hotels owned and
included in continuing operations as of September 30, 2010. Unless otherwise
stated, all reported results compare the third quarter ended
September 30, 2010, with the third
quarter ended September 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
- RevPAR increased 6.1% for the quarter for the hotels not under
renovation
- Operating profit margin increased 192 basis points for the
hotels not under renovation
- Net income attributable to common shareholders was $36.3 million, or $0.73 per diluted share, compared with net loss
attributable to common shareholders of $33.6
million, or $0.52 per diluted
share, in the prior-year quarter
- Adjusted funds from operations (AFFO) was $0.33 per diluted share
- Net debt to gross assets ratio improved to 54.9% compared with
57.8% a year ago
- Fixed charge coverage ratio was 1.83x under the senior credit
facility covenant versus a required minimum of 1.25x
CAPITAL ALLOCATION
- Capex invested in the quarter was $13.0
million and $46.5 million year
to date
CAPITAL STRUCTURE
On July 9, 2010, the Company
restructured its $52.5 million loan
with Capmark Bank secured by the JW Marriott San Francisco.
The modification provided a full extension of the loan
maturity to March 2013 without tests
and maintained the interest rate at 3.75% over LIBOR, subject to a
LIBOR floor of 2.5%, in exchange for a reduction in the loan
balance of $5.0 million. The loan had
been set to mature in March 2011 and
had two one-year extension options.
On September 1, 2010, the Company
sold the Hilton Suites in Auburn Hills,
Michigan for $5.1 million, and
on September 10, 2010, the Company
transferred the Westin O'Hare in Rosemont, Illinois to the special servicer via
a consensual deed in lieu of foreclosure, which resulted in a gain
of $56.2 million in the third quarter
and offset a previous impairment taken on the asset in 2009 to the
level of non-recourse debt on the property.
On September 3, 2010, the Company
entered into an "at-the-market" (ATM) program with JMP Securities
to sell from time to time up to $50
million in common stock. No shares were sold during the
third quarter pursuant to this program. Proceeds from the ATM
program are expected to be used for general corporate purposes or
to reduce outstanding borrowings on the Company's senior credit
facility.
On September 22, 2010, the Company
issued and sold 3,300,000 shares of its 8.45% Series D Cumulative
Preferred Stock (liquidation preference $25.00 per share) for a gross price of
$23.178 per share. The proceeds from
the offering, along with available cash, were used by the Company
to reduce outstanding borrowings under its existing senior credit
facility from $250 million to
approximately $75 million at quarter
end.
SUBSEQUENT EVENTS
On October 19, 2010, the Company
converted its $1.8 billion interest
rate swap to a fixed rate of 4.09%. Under the previous swap, which
expires in 2013, the Company received a fixed rate of 5.84% and
paid a variable rate of LIBOR plus 2.64%, subject to a LIBOR floor
of 1.25%. Under the terms of the new swap transaction, the Company
will continue to receive a fixed rate of 5.84%, but will pay a
fixed rate of 4.09%. The new transaction results in locked-in
annual interest expense savings of approximately $32 million for the remaining term of the
swap.
On October 29, 2010, the Company
closed on a $105 million refinancing
of the Marriott Gateway in Arlington,
Virginia. The new loan, which has a 10-year term and fixed
interest rate of 6.26%, replaces a $60.8
million loan set to mature in 2012 with an interest rate of
LIBOR plus 4.0%. The excess proceeds were used to further reduce
outstanding borrowings on the Company's senior credit facility.
PORTFOLIO REVPAR
As of September 30, 2010, the
Company had a portfolio of direct hotel investments consisting of
100 properties classified in continuing operations. During
the third quarter, 94 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 100 hotels) and proforma
not-under-renovation basis (94 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 100 hotels in continuing operations.
Details of each category are provided in the tables attached
to this release.
- Proforma RevPAR increased 6.1% for hotels not under renovation
on a 0.7% increase in ADR to $122.88
and a 372 basis point increase in occupancy
- Proforma RevPAR increased 5.1% for all hotels on a 0.6%
increase in ADR to $124.15 and a
313 basis point increase in occupancy
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
For the 94 hotels as of September 30,
2010 that were not under renovation, Proforma Hotel EBITDA
increased 13.3% to $50.5 million.
Proforma Hotel EBITDA margin (expressed as a percentage of Total
Hotel Revenue) increased 192 basis points to 25.6%. For all 100
hotels included in continuing operations as of September 30, 2010, Proforma Hotel EBITDA
increased 11.7% to $55.2 million and
Hotel EBITDA margin increased 173 basis points to 25.4%.
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 100 hotels included in continuing operations are
provided in the tables attached to this release.
Monty J. Bennett, Chief Executive
Officer, commented, "We have sustained a sharp focus on improving
our balance sheet and enhancing liquidity. The transactions
completed during and subsequent to the quarter have reduced our
leverage ratio, extended our maturities and locked-in significant
interest expense savings. Our capital allocation strategies have
also created tremendous shareholder value through the repurchase of
over 73 million shares of common stock during a period when most of
our peers were issuing equity, and the repurchase and subsequent
reissuance of preferred stock at substantial premiums.
"Our asset management strategies have also delivered significant
results as our strong flowthrough and operating discipline across
the portfolio, continue to leverage improving RevPAR trends. While
we are encouraged by the continued traction in lodging
fundamentals, we will maintain a cautiously optimistic outlook
until we see more clarity in job growth, business travel, and the
general economic recovery."
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call
on Thursday, November 4, 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,
November 11, 2010, by dialing (402) 977-9140 and
entering the confirmation number, 21463991.
The Company will also provide an online simulcast and
rebroadcast of its third 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, November 4,
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)
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December 31,
|
|
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
(Unaudited)
|
|
ASSETS
|
|
|
|
|
|
|
Investment in hotel properties,
net
|
$
3,253,095
|
|
$
3,383,759
|
|
|
Cash and cash
equivalents
|
72,120
|
|
165,168
|
|
|
Restricted cash
|
68,113
|
|
77,566
|
|
|
Accounts receivable,
net
|
36,682
|
|
31,503
|
|
|
Inventories
|
2,816
|
|
2,975
|
|
|
Notes receivable
|
33,095
|
|
55,655
|
|
|
Investment in unconsolidated
joint ventures
|
36,590
|
|
20,736
|
|
|
Deferred costs, net
|
19,832
|
|
20,960
|
|
|
Prepaid expenses
|
15,410
|
|
13,234
|
|
|
Interest rate
derivatives
|
125,256
|
|
94,645
|
|
|
Other assets
|
3,492
|
|
3,471
|
|
|
Intangible assets,
net
|
2,921
|
|
2,988
|
|
|
Due from third-party hotel
managers
|
45,122
|
|
41,838
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
3,714,544
|
|
$
3,914,498
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Indebtedness
|
$
2,489,475
|
|
$
2,772,396
|
|
|
Capital leases
payable
|
49
|
|
83
|
|
|
Accounts payable and accrued
expenses
|
98,940
|
|
91,387
|
|
|
Dividends payable
|
7,309
|
|
5,566
|
|
|
Unfavorable management contract
liabilities
|
16,810
|
|
18,504
|
|
|
Due to related
parties
|
1,929
|
|
1,009
|
|
|
Due to third-party hotel
managers
|
2,059
|
|
1,563
|
|
|
Other liabilities
|
7,714
|
|
7,932
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
2,624,285
|
|
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
|
118,720
|
|
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 September 30,
2010 and December 31, 2009
|
15
|
|
15
|
|
|
|
|
Series D Cumulative Preferred
Stock, 8,966,797 shares issued and
|
|
|
|
|
|
|
|
|
outstanding at September 30,
2010 and December 31, 2009
|
90
|
|
57
|
|
|
|
Common stock, $0.01 par value,
200,000,000 shares authorized,
|
|
|
|
|
|
|
|
123,026,246 shares issued,
51,121,677 shares and 57,596,878 shares
|
|
|
|
|
|
|
|
outstanding at September 30,
2010 and December 31, 2009
|
1,230
|
|
1,227
|
|
|
|
Additional paid-in
capital
|
1,513,224
|
|
1,436,009
|
|
|
|
Accumulated other comprehensive
loss
|
(796)
|
|
(897)
|
|
|
|
Accumulated deficit
|
(405,802)
|
|
(412,011)
|
|
|
|
Treasury stock, at cost
(71,904,569 shares and 65,151,981 shares at
|
|
|
|
|
|
|
|
September 30, 2010 and December
31, 2009)
|
(228,422)
|
|
(186,424)
|
|
|
|
|
Total shareholders' equity of
the Company
|
879,539
|
|
837,976
|
|
|
Noncontrolling interests in
consolidated joint ventures
|
17,000
|
|
17,915
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
896,539
|
|
855,891
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
equity
|
$
3,714,544
|
|
$
3,914,498
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
(in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
|
(Unaudited)
|
|
REVENUE
|
|
|
|
|
|
|
|
|
|
Rooms
|
$ 168,351
|
|
$ 159,798
|
|
$ 502,626
|
|
$ 494,555
|
|
|
Food and beverage
|
34,483
|
|
33,488
|
|
117,518
|
|
118,106
|
|
|
Rental income from operating
leases
|
1,185
|
|
1,236
|
|
3,727
|
|
3,830
|
|
|
Other
|
9,914
|
|
10,641
|
|
30,636
|
|
32,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total hotel revenue
|
213,933
|
|
205,163
|
|
654,507
|
|
649,067
|
|
|
Interest income from notes
receivable
|
349
|
|
1,761
|
|
1,032
|
|
10,397
|
|
|
Asset management fees and
other
|
100
|
|
173
|
|
312
|
|
552
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
214,382
|
|
207,097
|
|
655,851
|
|
660,016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
Hotel operating
expenses
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
40,304
|
|
38,091
|
|
117,244
|
|
112,758
|
|
|
|
Food and beverage
|
26,602
|
|
26,220
|
|
84,265
|
|
85,153
|
|
|
|
Other direct
|
6,321
|
|
6,340
|
|
18,405
|
|
18,517
|
|
|
|
Indirect
|
63,568
|
|
62,347
|
|
190,902
|
|
192,016
|
|
|
|
Management fees
|
8,616
|
|
8,270
|
|
26,486
|
|
26,115
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total hotel operating
expenses
|
145,411
|
|
141,268
|
|
437,302
|
|
434,559
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property taxes, insurance, and
other
|
13,281
|
|
14,643
|
|
40,715
|
|
42,433
|
|
|
Depreciation and
amortization
|
35,836
|
|
36,868
|
|
108,158
|
|
111,941
|
|
|
Impairment charges
|
694
|
|
19,816
|
|
(1,263)
|
|
149,272
|
|
|
Corporate general and
administrative:
|
|
|
|
|
|
|
|
|
|
|
Stock/unit-based
compensation
|
1,929
|
|
1,139
|
|
5,168
|
|
3,896
|
|
|
|
Other general and
administrative
|
5,771
|
|
8,118
|
|
17,512
|
|
19,118
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Expenses
|
202,922
|
|
221,852
|
|
607,592
|
|
761,219
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
(LOSS)
|
11,460
|
|
(14,755)
|
|
48,259
|
|
(101,203)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of
unconsolidated joint ventures
|
3
|
|
642
|
|
1,325
|
|
1,863
|
|
|
Interest income
|
114
|
|
56
|
|
226
|
|
253
|
|
|
Other income
|
15,874
|
|
13,228
|
|
47,045
|
|
35,140
|
|
|
Interest expense
|
(34,926)
|
|
(32,653)
|
|
(104,437)
|
|
(97,678)
|
|
|
Amortization of loan
costs
|
(1,261)
|
|
(1,825)
|
|
(4,251)
|
|
(5,818)
|
|
|
Write-off of premiums, loan
costs, premiums and exit fees, net
|
-
|
|
-
|
|
-
|
|
930
|
|
|
Unrealized gain (loss) on
derivatives
|
382
|
|
5,525
|
|
30,824
|
|
(14,166)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME FROM CONTINUING
OPERATIONS BEFORE INCOME TAXES
|
(8,354)
|
|
(29,782)
|
|
18,991
|
|
(180,679)
|
|
|
Income tax benefit
(expense)
|
14
|
|
(138)
|
|
(395)
|
|
(397)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME FROM CONTINUING
OPERATIONS
|
(8,340)
|
|
(29,920)
|
|
18,596
|
|
(181,076)
|
|
Income (loss) from discontinued
operations
|
56,005
|
|
(3,776)
|
|
41,796
|
|
(23,318)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
|
47,665
|
|
(33,696)
|
|
60,392
|
|
(204,394)
|
|
Loss from consolidated joint
ventures attributable to noncontrolling interests
|
293
|
|
476
|
|
1,422
|
|
629
|
|
Net (income) loss attributable
to redeemable noncontrolling interests in operating
partnership
|
(6,689)
|
|
4,424
|
|
(8,610)
|
|
25,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) ATTRIBUTABLE
TO THE COMPANY
|
41,269
|
|
(28,796)
|
|
53,204
|
|
(178,198)
|
|
Preferred dividends
|
(4,988)
|
|
(4,831)
|
|
(14,649)
|
|
(14,492)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) ATTRIBUTABLE
TO COMMON SHAREHOLDERS
|
$ 36,281
|
|
$ (33,627)
|
|
$ 38,555
|
|
$ (192,690)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME PER SHARE – BASIC AND
DILUTED:
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from continuing
operations attributable to common shareholders
|
$
(0.24)
|
|
$
(0.47)
|
|
$
0.04
|
|
$
(2.39)
|
|
|
|
Income (loss) from discontinued
operations attributable to common shareholders
|
0.97
|
|
(0.05)
|
|
0.69
|
|
(0.28)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
to common shareholders
|
$
0.73
|
|
$
(0.52)
|
|
$
0.73
|
|
$
(2.67)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding – basic and diluted
|
49,714
|
|
65,266
|
|
51,251
|
|
72,167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable to common
shareholders:
|
|
|
|
|
|
|
|
|
|
(Loss) income from continuing
operations, net of tax
|
$ (6,842)
|
|
$ (25,519)
|
|
$ 16,959
|
|
$ (157,722)
|
|
|
Income (loss) from discontinued
operations, net of tax
|
48,111
|
|
(3,277)
|
|
36,245
|
|
(20,476)
|
|
|
Preferred dividends
|
(4,988)
|
|
(4,831)
|
|
(14,649)
|
|
(14,492)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
to common shareholders
|
$ 36,281
|
|
$ (33,627)
|
|
$ 38,555
|
|
$ (192,690)
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
|
RECONCILIATION OF NET INCOME
(LOSS) TO EBITDA
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
$ 47,665
|
|
$ (33,696)
|
|
$ 60,392
|
|
$ (204,394)
|
|
Loss from consolidated joint
ventures attributable to noncontrolling interests
|
293
|
|
476
|
|
1,422
|
|
629
|
|
Net (income) loss attributable
to redeemable noncontrolling interests in operating
partnership
|
(6,689)
|
|
4,424
|
|
(8,610)
|
|
25,567
|
|
Net income (loss) attributable
to the Company
|
41,269
|
|
(28,796)
|
|
53,204
|
|
(178,198)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
(105)
|
|
(54)
|
|
(216)
|
|
(245)
|
|
|
Interest expense and
amortization of loan costs
|
36,873
|
|
36,064
|
|
111,415
|
|
108,226
|
|
|
Depreciation and amortization
|
35,200
|
|
38,140
|
|
106,841
|
|
116,566
|
|
|
Net income (loss) attributable
to redeemable noncontrolling interests in operating
partnership
|
6,689
|
|
(4,424)
|
|
8,610
|
|
(25,567)
|
|
|
Income tax expense
|
96
|
|
193
|
|
517
|
|
585
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
120,022
|
|
41,123
|
|
280,371
|
|
21,367
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of unfavorable
management contract liabilities
|
(565)
|
|
(565)
|
|
(1,694)
|
|
(1,694)
|
|
|
Gain on sale/disposition of
properties
|
(55,931)
|
|
-
|
|
(55,931)
|
|
-
|
|
|
Write-off of loan costs,
premiums and exit fees, net (1)
|
-
|
|
-
|
|
-
|
|
(930)
|
|
|
Income from interest rate
derivatives (2)
|
(15,879)
|
|
(11,279)
|
|
(47,120)
|
|
(33,203)
|
|
|
Impairment charges
|
694
|
|
19,816
|
|
10,805
|
|
160,143
|
|
|
Unrealized (gain) loss on
derivatives
|
(382)
|
|
(5,525)
|
|
(30,824)
|
|
14,166
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
$ 47,959
|
|
$ 43,570
|
|
$ 155,607
|
|
$ 159,849
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NET INCOME
(LOSS) TO FUNDS FROM OPERATIONS ("FFO")
|
|
(in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
$ 47,665
|
|
$ (33,696)
|
|
$ 60,392
|
|
$ (204,394)
|
|
Loss from consolidated joint
ventures attributable to noncontrolling interests
|
293
|
|
476
|
|
1,422
|
|
629
|
|
Net (income) loss attributable
to redeemable noncontrolling interests in operating
partnership
|
(6,689)
|
|
4,424
|
|
(8,610)
|
|
25,567
|
|
Preferred dividends
|
(4,988)
|
|
(4,831)
|
|
(14,649)
|
|
(14,492)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable
to common shareholders
|
36,281
|
|
(33,627)
|
|
38,555
|
|
(192,690)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization on
real estate
|
35,138
|
|
38,071
|
|
106,643
|
|
116,350
|
|
|
Gain on sale/disposition of
properties
|
(55,931)
|
|
-
|
|
(55,931)
|
|
-
|
|
|
Net income (loss) attributable
to redeemable noncontrolling interests in operating
partnership
|
6,689
|
|
(4,424)
|
|
8,610
|
|
(25,567)
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO available to common
shareholders
|
22,177
|
|
20
|
|
97,877
|
|
(101,907)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on convertible
preferred stock
|
1,043
|
|
1,043
|
|
3,128
|
|
3,128
|
|
|
Write-off of loan costs,
premiums and exit fees, net (1)
|
-
|
|
-
|
|
-
|
|
(930)
|
|
|
Impairment charges
|
694
|
|
19,816
|
|
10,805
|
|
160,143
|
|
|
Unrealized (gain) loss on
derivatives
|
(382)
|
|
(5,525)
|
|
(30,824)
|
|
14,166
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO
|
$ 23,532
|
|
$ 15,354
|
|
$ 80,986
|
|
$
74,600
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO per diluted share
available to common shareholders
|
$ 0.33
|
|
$
0.18
|
|
$
1.09
|
|
$
0.80
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted
shares
|
72,221
|
|
86,747
|
|
73,967
|
|
93,424
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The amounts include
write-off of debt premiums of $1,341 for the refinancing of a
mortgage loan for the nine months ended September 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
|
|
|
SEPTEMBER
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%
|
|
-
|
|
75,000
|
(1) (3)
|
75,000
|
|
|
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%
|
|
-
|
|
47,500
|
|
47,500
|
|
|
Mortgage loan
|
|
2
hotel
|
|
August
2013
|
|
LIBOR +
2.75%
|
|
-
|
|
151,808
|
|
151,808
|
|
|
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%
|
|
109,445
|
|
-
|
|
109,445
|
|
|
Mortgage loan
|
|
1
hotel
|
|
January
2015
|
|
7.78%
|
|
3,909
|
|
-
|
|
3,909
|
|
|
Mortgage loan
|
|
10
hotels
|
|
July
2015
|
|
5.22%
|
|
160,014
|
|
-
|
|
160,014
|
|
|
Mortgage loan
|
|
8
hotels
|
|
December
2015
|
|
5.70%
|
|
100,576
|
|
-
|
|
100,576
|
|
|
Mortgage loan
|
|
5
hotels
|
|
December
2015
|
|
12.26%
|
|
147,276
|
|
-
|
|
147,276
|
|
|
Mortgage loan
|
|
5
hotels
|
|
February
2016
|
|
5.53%
|
|
115,321
|
|
-
|
|
115,321
|
|
|
Mortgage loan
|
|
5
hotels
|
|
February
2016
|
|
5.53%
|
|
95,637
|
|
-
|
|
95,637
|
|
|
Mortgage loan
|
|
5
hotels
|
|
February
2016
|
|
5.53%
|
|
82,842
|
|
-
|
|
82,842
|
|
|
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%
|
|
-
|
|
6,824
|
|
6,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt
|
|
|
|
|
|
|
|
$
1,757,201
|
|
$
732,274
|
|
$
2,489,475
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
|
|
70.6%
|
|
29.4%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average interest rate
at September 30, 2010
|
|
|
|
|
6.37%
|
|
2.90%
|
|
5.35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt with the effect of
interest rate derivatives
|
|
|
|
|
$
-
|
|
$
2,489,475
|
|
$
2,489,475
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage with the effect of
interest rate derivatives
|
|
|
|
|
0.0%
|
|
100.0%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average interest rate
with the effect of interest rate derivatives
|
|
|
0.00%
|
(5)
|
2.90%
|
(5)
|
2.90%
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Each of these loans has a
one-year extension option as of September 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 September 30, 2010.
|
|
(4) This loan has two one-year
extension options remaining as of September 30, 2010.
|
|
(5) These rates are calculated
assuming the LIBOR rate stays at the September 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
|
|
SEPTEMBER
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
|
-
|
|
75,000
|
(2)
|
-
|
|
-
|
|
-
|
|
-
|
|
75,000
|
|
Mortgage loan secured by JW
Marriott San Francisco
|
-
|
|
-
|
|
-
|
|
47,500
|
|
-
|
|
-
|
|
47,500
|
|
Mortgage loan secured by two
hotel properties
|
-
|
|
-
|
|
-
|
|
151,808
|
|
-
|
|
-
|
|
151,808
|
|
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
|
-
|
|
-
|
|
-
|
|
-
|
|
109,445
|
|
-
|
|
109,445
|
|
Mortgage loan secured by 10
hotel properties, Merrill Lynch Pool 1
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
160,014
|
|
160,014
|
|
Mortgage loan secured by eight
hotel properties, UBS Pool 2
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
100,576
|
|
100,576
|
|
Mortgage loan secured by five
hotel properties
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
147,276
|
|
147,276
|
|
Mortgage loan secured by five
hotel properties, Merrill Lynch Pool 2
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
115,321
|
|
115,321
|
|
Mortgage loan secured by five
hotel properties, Merrill Lynch Pool 3
|
|
|
|
|
|
|
|
|
-
|
|
95,637
|
|
95,637
|
|
Mortgage loan secured by five
hotel properties, Merrill Lynch Pool 7
|
|
|
|
|
|
|
|
|
-
|
|
82,842
|
|
82,842
|
|
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
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
3,909
|
|
3,909
|
|
Mortgage loan secured by
Jacksonville Residence Inn
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
6,824
|
|
6,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
-
|
|
$ 284,175
|
|
$ 167,202
|
|
$ 199,308
|
|
$ 189,985
|
|
$
1,648,805
|
|
$
2,489,475
|
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
|
KEY
PERFORMANCE INDICATORS - PRO FORMA
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2010
|
|
2009
|
|
%
Variance
|
|
2010
|
|
2009
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL HOTELS INCLUDED
IN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTINUING
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room revenues (in
thousands)
|
$
172,305
|
|
$
163,851
|
|
5.16%
|
|
$
515,174
|
|
$
507,618
|
|
1.49%
|
|
|
|
RevPAR
|
$
89.66
|
|
$
85.27
|
|
5.15%
|
|
$
89.92
|
|
$
88.60
|
|
1.49%
|
|
|
|
Occupancy
|
72.22%
|
|
69.09%
|
|
3.13%
|
|
71.23%
|
|
67.33%
|
|
3.90%
|
|
|
|
ADR
|
$
124.15
|
|
$
123.41
|
|
0.60%
|
|
$
126.24
|
|
$
131.60
|
|
-4.07%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2010
|
|
2009
|
|
%
Variance
|
|
2010
|
|
2009
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL HOTELS NOT UNDER
RENOVATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCLUDED IN CONTINUING
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room revenues (in
thousands)
|
$
157,009
|
|
$
147,954
|
|
6.12%
|
|
$
467,753
|
|
$
455,814
|
|
2.62%
|
|
|
|
RevPAR
|
$
89.06
|
|
$
83.93
|
|
6.11%
|
|
$
88.95
|
|
$
86.68
|
|
2.62%
|
|
|
|
Occupancy
|
72.47%
|
|
68.75%
|
|
3.72%
|
|
71.42%
|
|
66.77%
|
|
4.65%
|
|
|
|
ADR
|
$
122.88
|
|
$
122.07
|
|
0.66%
|
|
$
124.55
|
|
$
129.82
|
|
-4.06%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
(1) The above pro forma
table assumes the 94 hotel properties owned and included in
continuing operations at September 30, 2010, but not under
renovation for the three and nine months ended September 30, 2010,
were owned as of the beginning of the periods presented.
|
|
|
|
(2) Excluded Hotels Under
Renovation: Hilton Nassau Bay, Capital Hilton, Sheraton
Indianapolis, Courtyard Edison, Embassy Suites Philadelphia
Airport, and Embassy Suites Austin Arboretum
|
|
|
|
(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
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2010
|
|
2009
|
|
%
Variance
|
|
2010
|
|
2009
|
|
%
Variance
|
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
$ 172,305
|
|
$ 163,851
|
|
5.2%
|
|
$ 515,174
|
|
$ 507,618
|
|
1.5%
|
|
|
Food and beverage
|
35,008
|
|
34,285
|
|
2.1%
|
|
119,583
|
|
120,406
|
|
-0.7%
|
|
|
Other
|
9,854
|
|
10,515
|
|
-6.3%
|
|
30,334
|
|
32,147
|
|
-5.6%
|
|
|
|
Total hotel revenue
|
217,167
|
|
208,651
|
|
4.1%
|
|
665,091
|
|
660,171
|
|
0.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
41,316
|
|
39,039
|
|
5.8%
|
|
120,225
|
|
115,719
|
|
3.9%
|
|
|
Food and beverage
|
27,034
|
|
26,753
|
|
1.1%
|
|
85,708
|
|
86,738
|
|
-1.2%
|
|
|
Other direct
|
6,351
|
|
6,396
|
|
-0.7%
|
|
18,476
|
|
18,692
|
|
-1.2%
|
|
|
Indirect
|
64,990
|
|
63,404
|
|
2.5%
|
|
192,234
|
|
193,895
|
|
-0.9%
|
|
|
Management fees, includes base
and incentive fees
|
8,793
|
|
8,789
|
|
0.0%
|
|
29,748
|
|
29,137
|
|
2.1%
|
|
|
|
Total hotel operating
expenses
|
148,484
|
|
144,381
|
|
2.8%
|
|
446,391
|
|
444,181
|
|
0.5%
|
|
|
Property taxes, insurance, and
other
|
13,501
|
|
14,870
|
|
-9.2%
|
|
41,296
|
|
43,091
|
|
-4.2%
|
|
HOTEL OPERATING PROFIT (Hotel
EBITDA)
|
55,182
|
|
49,400
|
|
11.7%
|
|
177,404
|
|
172,899
|
|
2.6%
|
|
|
Hotel EBITDA Margin
|
25.41%
|
|
23.68%
|
|
1.73%
|
|
26.67%
|
|
26.19%
|
|
0.48%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest in earnings of
consolidated joint ventures
|
1,177
|
|
1,139
|
|
3.3%
|
|
4,308
|
|
4,548
|
|
-5.3%
|
|
HOTEL OPERATING PROFIT (Hotel
EBITDA),
|
|
|
|
|
|
|
|
|
|
|
|
|
|
excluding minority interest in
joint ventures
|
$ 54,005
|
|
$ 48,261
|
|
11.9%
|
|
$ 173,096
|
|
$ 168,351
|
|
2.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE: The above pro forma table
assumes the 100 hotel properties owned and included in continuing
operations at September 30, 2010 were owned as of
the beginning of the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL HOTELS NOT UNDER RENOVATION
INCLUDED IN CONTINUING OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2010
|
|
2009
|
|
%
Variance
|
|
2010
|
|
2009
|
|
%
Variance
|
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
$ 157,009
|
|
$ 147,954
|
|
6.1%
|
|
$ 467,753
|
|
$ 455,814
|
|
2.6%
|
|
|
Food and beverage
|
30,795
|
|
30,306
|
|
1.6%
|
|
104,697
|
|
105,262
|
|
-0.5%
|
|
|
Other
|
9,038
|
|
9,488
|
|
-4.7%
|
|
27,643
|
|
29,173
|
|
-5.2%
|
|
|
|
Total hotel revenue
|
196,842
|
|
187,748
|
|
4.8%
|
|
600,093
|
|
590,249
|
|
1.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
37,442
|
|
35,187
|
|
6.4%
|
|
108,706
|
|
103,992
|
|
4.5%
|
|
|
Food and beverage
|
23,707
|
|
23,505
|
|
0.9%
|
|
75,194
|
|
75,841
|
|
-0.9%
|
|
|
Other direct
|
5,929
|
|
5,945
|
|
-0.3%
|
|
17,223
|
|
17,231
|
|
0.0%
|
|
|
Indirect
|
58,986
|
|
57,117
|
|
3.3%
|
|
174,363
|
|
174,653
|
|
-0.2%
|
|
|
Management fees, includes base
and incentive fees
|
8,165
|
|
8,098
|
|
0.8%
|
|
27,741
|
|
26,848
|
|
3.3%
|
|
|
|
Total hotel operating
expenses
|
134,229
|
|
129,852
|
|
3.4%
|
|
403,227
|
|
398,565
|
|
1.2%
|
|
|
Property taxes, insurance, and
other
|
12,134
|
|
13,361
|
|
-9.2%
|
|
37,115
|
|
38,228
|
|
-2.9%
|
|
HOTEL OPERATING PROFIT (Hotel
EBITDA)
|
50,479
|
|
44,535
|
|
13.3%
|
|
159,751
|
|
153,456
|
|
4.1%
|
|
|
Hotel EBITDA Margin
|
25.64%
|
|
23.72%
|
|
1.92%
|
|
26.62%
|
|
26.00%
|
|
0.62%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest in earnings of
consolidated joint ventures
|
1,177
|
|
1,139
|
|
3.3%
|
|
4,308
|
|
4,548
|
|
-5.3%
|
|
HOTEL OPERATING PROFIT (Hotel
EBITDA),
|
|
|
|
|
|
|
|
|
|
|
|
|
|
excluding minority interest in
joint ventures
|
$ 49,302
|
|
$ 43,396
|
|
13.6%
|
|
$ 155,443
|
|
$ 148,908
|
|
4.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
(1) The above pro forma
table assumes the 94 hotel properties owned and included in
continuing operations at September 30, 2010, but not under
renovation during the three and nine months
ended September 30, 2010 were owned as of the beginning of the
periods presented.
|
|
|
|
(2) Excluded Hotels Under
Renovation: Hilton Nassau Bay, Capital Hilton, Sheraton
Indianapolis, Courtyard Edison, Embassy Suites Philadelphia
Airport, and Embassy Suites Austin
Arboretum
|
|
|
|
(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
|
|
Nine Months
Ended
|
|
|
|
Number
of
|
|
Number
of
|
|
September
30,
|
|
September
30,
|
|
Region
|
|
Hotels
|
|
Rooms
|
|
2010
|
|
2009
|
|
%
Change
|
|
2010
|
|
2009
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific (1)
|
|
21
|
|
5,205
|
|
$ 112.25
|
|
$ 103.78
|
|
8.2%
|
|
$ 99.44
|
|
$ 93.50
|
|
6.4%
|
|
Mountain (2)
|
|
8
|
|
1,704
|
|
71.41
|
|
67.81
|
|
5.3%
|
|
79.02
|
|
77.78
|
|
1.6%
|
|
West North Central
(3)
|
|
3
|
|
690
|
|
83.36
|
|
81.31
|
|
2.5%
|
|
76.45
|
|
72.16
|
|
5.9%
|
|
West South Central
(4)
|
|
10
|
|
2,086
|
|
78.12
|
|
79.65
|
|
-1.9%
|
|
84.55
|
|
86.09
|
|
-1.8%
|
|
East North Central
(5)
|
|
7
|
|
1,103
|
|
71.63
|
|
69.32
|
|
3.3%
|
|
67.61
|
|
65.68
|
|
2.9%
|
|
East South Central
(6)
|
|
2
|
|
236
|
|
96.21
|
|
74.87
|
|
28.5%
|
|
88.62
|
|
78.67
|
|
12.6%
|
|
Middle Atlantic (7)
|
|
9
|
|
2,481
|
|
89.90
|
|
85.59
|
|
5.0%
|
|
87.55
|
|
84.60
|
|
3.5%
|
|
South Atlantic (8)
|
|
38
|
|
7,728
|
|
84.62
|
|
81.37
|
|
4.0%
|
|
92.90
|
|
95.25
|
|
-2.5%
|
|
New England (9)
|
|
2
|
|
159
|
|
84.94
|
|
73.26
|
|
15.9%
|
|
78.11
|
|
68.41
|
|
14.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio
|
|
100
|
|
21,392
|
|
$ 89.66
|
|
$ 85.27
|
|
5.1%
|
|
$ 89.92
|
|
$ 88.60
|
|
1.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 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
Connecticut
|
|
|
|
|
|
NOTES:
|
|
(1) The above pro forma
table assumes the 100 hotel properties owned and included in
continuing operations at September 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
|
|
Nine Months
Ended
|
|
|
|
Number
of
|
|
Number
of
|
|
September
30,
|
|
September
30,
|
|
Brand
|
|
Hotels
|
|
Rooms
|
|
2010
|
|
2009
|
|
%
Change
|
|
2010
|
|
2009
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hilton
|
|
33
|
|
7,289
|
|
$ 95.19
|
|
$ 90.22
|
|
5.5%
|
|
$ 95.36
|
|
$ 94.28
|
|
1.1%
|
|
Hyatt
|
|
1
|
|
242
|
|
78.71
|
|
70.50
|
|
11.6%
|
|
112.71
|
|
106.31
|
|
6.0%
|
|
InterContinental
|
|
2
|
|
420
|
|
129.04
|
|
127.82
|
|
1.0%
|
|
135.90
|
|
129.71
|
|
4.8%
|
|
Independent
|
|
2
|
|
317
|
|
78.35
|
|
72.92
|
|
7.4%
|
|
81.26
|
|
72.12
|
|
12.7%
|
|
Marriott
|
|
57
|
|
11,714
|
|
85.23
|
|
80.98
|
|
5.2%
|
|
86.52
|
|
85.85
|
|
0.8%
|
|
Starwood
|
|
5
|
|
1,410
|
|
87.33
|
|
84.90
|
|
2.9%
|
|
71.77
|
|
68.19
|
|
5.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio
|
|
100
|
|
21,392
|
|
$ 89.66
|
|
$ 85.27
|
|
5.1%
|
|
$ 89.92
|
|
$ 88.60
|
|
1.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
(1) The above pro forma
table assumes the 100 hotel properties owned and included in
continuing operations at September 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
|
|
Nine Months
Ended
|
|
|
|
Number
of
|
|
Number
of
|
|
September
30,
|
|
September
30,
|
|
Region
|
|
Hotels
|
|
Rooms
|
|
2010
|
%
Total
|
|
2009
|
%
Total
|
|
%
Change
|
|
2010
|
%
Total
|
|
2009
|
%
Total
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific (1)
|
|
21
|
|
5,205
|
|
$ 19,602
|
35.5%
|
|
$ 16,721
|
33.8%
|
|
17.2%
|
|
$ 48,025
|
27.1%
|
|
$ 43,160
|
25.0%
|
|
11.3%
|
|
Mountain (2)
|
|
8
|
|
1,704
|
|
2,413
|
4.4%
|
|
1,490
|
3.0%
|
|
61.9%
|
|
10,420
|
5.9%
|
|
10,621
|
6.1%
|
|
-1.9%
|
|
West North Central
(3)
|
|
3
|
|
690
|
|
2,360
|
4.3%
|
|
2,209
|
4.5%
|
|
6.8%
|
|
5,809
|
3.3%
|
|
5,091
|
2.9%
|
|
14.1%
|
|
West South Central
(4)
|
|
10
|
|
2,086
|
|
4,763
|
8.6%
|
|
4,771
|
9.7%
|
|
-0.2%
|
|
17,658
|
9.9%
|
|
18,039
|
10.4%
|
|
-2.1%
|
|
East North Central
(5)
|
|
7
|
|
1,103
|
|
2,875
|
5.2%
|
|
2,685
|
5.4%
|
|
7.1%
|
|
7,084
|
4.0%
|
|
6,316
|
3.7%
|
|
12.2%
|
|
East South Central
(6)
|
|
2
|
|
236
|
|
916
|
1.7%
|
|
626
|
1.3%
|
|
46.3%
|
|
2,450
|
1.4%
|
|
2,050
|
1.2%
|
|
19.5%
|
|
Middle Atlantic (7)
|
|
9
|
|
2,481
|
|
5,545
|
10.0%
|
|
5,282
|
10.7%
|
|
5.0%
|
|
16,786
|
9.5%
|
|
15,436
|
8.9%
|
|
8.7%
|
|
South Atlantic (8)
|
|
38
|
|
7,728
|
|
16,220
|
29.4%
|
|
15,235
|
30.8%
|
|
6.5%
|
|
68,002
|
38.3%
|
|
71,387
|
41.3%
|
|
-4.7%
|
|
New England (9)
|
|
2
|
|
159
|
|
488
|
0.9%
|
|
381
|
0.8%
|
|
28.1%
|
|
1,170
|
0.6%
|
|
799
|
0.5%
|
|
46.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio
|
|
100
|
|
21,392
|
|
$ 55,182
|
100.0%
|
|
$ 49,400
|
100.0%
|
|
11.7%
|
|
$ 177,404
|
100.0%
|
|
$ 172,899
|
100.0%
|
|
2.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes Alaska, California,
Oregon, and Washington
|
|
(2) Includes Nevada, Arizona,
New Mexico, and Utah
|
|
(3) Includes Minnesota and
Kansas
|
|
(4) Includes Texas
|
|
(5) Includes Ohio 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
Connecticut
|
|
|
|
|
|
NOTES:
|
|
(1) The above pro forma
table assumes the 100 hotel properties owned and included in
continuing operations at September 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)
|
|
|
|
|
|
|
94 HOTELS INCLUDED IN
CONTINUING OPERATIONS AT SEPTEMBER 30, 2010 AS IF
|
|
SUCH HOTELS WERE OWNED AS OF THE
BEGINNING OF THE PERIODS PRESENTED:
|
|
|
|
|
|
|
|
|
|
|
|
HOTEL OPERATING PROFIT (HOTEL
EBITDA) MARGIN:
|
|
|
|
|
|
|
|
|
Third Quarter 2010
|
25.64%
|
|
|
Third Quarter 2009
|
23.72%
|
|
|
|
Variance
|
1.92%
|
|
|
|
|
|
|
HOTEL OPERATING PROFIT (HOTEL
EBITDA) MARGIN VARIANCE BREAKDOWN:
|
|
|
|
|
|
|
|
|
Rooms
|
-0.28%
|
|
|
Food & Beverage and Other
Departmental
|
0.63%
|
|
|
Administrative &
General
|
0.16%
|
|
|
Sales & Marketing
|
-0.24%
|
|
|
Hospitality
|
0.00%
|
|
|
Repair &
Maintenance
|
0.08%
|
|
|
Energy
|
0.28%
|
|
|
Franchise Fee
|
-0.07%
|
|
|
Management Fee
|
0.00%
|
|
|
Incentive Management
Fee
|
0.16%
|
|
|
Insurance
|
0.15%
|
|
|
Property Taxes
|
0.85%
|
|
|
Other Taxes
|
-0.05%
|
|
|
Leases/Other
|
0.25%
|
|
|
|
Total
|
1.92%
|
|
|
|
|
|
|
|
|
|
|
|
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 100 HOTELS OWNED AND
INCLUDED IN CONTINUING OPERATIONS AS OF SEPTEMBER 30,
2010:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
2010
|
|
2010
|
|
2009
|
|
|
|
|
|
3rd
Quarter
|
|
2nd
Quarter
|
|
1st
Quarter
|
|
4th
Quarter
|
|
TTM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Hotel Revenue
|
|
$
217,167
|
|
$
234,507
|
|
$
213,417
|
|
$
231,396
|
|
$ 896,487
|
|
Hotel EBITDA
|
|
$
55,182
|
|
$
66,851
|
|
$
55,371
|
|
$
55,021
|
|
$ 232,425
|
|
Hotel EBITDA Margin
|
|
25.4%
|
|
28.5%
|
|
25.9%
|
|
23.8%
|
|
25.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of Total TTM
|
|
23.7%
|
|
28.8%
|
|
23.8%
|
|
23.7%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV Interests in
EBITDA
|
|
$
1,177
|
|
$
1,974
|
|
$
1,157
|
|
$
1,483
|
|
$ 5,791
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
(1) The above pro forma
table assumes the 100 hotel properties owned and included in
continuing operations at September 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.
|
|
Anticipated
Capital Expenditures Calendar
|
|
100 Core
Hotels (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
2011
|
|
|
Rooms
|
1st Quarter
|
2nd Quarter
|
3rd Quarter
|
4th Quarter
|
1st Quarter
|
2nd Quarter
|
3rd Quarter
|
4th Quarter
|
|
|
|
Actual
|
Actual
|
Actual
|
Actual
|
Estimated
|
Estimated
|
Estimated
|
Estimated
|
|
Hilton Nassau Bay - Clear
Lake
|
243
|
x
|
|
x
|
|
|
x
|
x
|
|
|
Hilton La Jolla Torrey
Pines
|
296
|
x
|
|
|
|
|
|
|
|
|
Embassy Suites Portland -
Downtown
|
276
|
x
|
|
|
|
|
|
|
x
|
|
Marriott
Bridgewater
|
347
|
x
|
|
|
|
|
|
|
x
|
|
Capital Hilton
|
408
|
x
|
x
|
x
|
x
|
|
|
|
|
|
Sheraton City Center -
Indianapolis
|
371
|
|
x
|
x
|
|
|
|
|
|
|
Embassy Suites Austin
Arboretum
|
150
|
|
|
x
|
|
|
|
|
|
|
Embassy Suites Philadelphia
Airport
|
263
|
|
|
x
|
x
|
|
|
|
|
|
Embassy Suites Las Vegas
Airport
|
220
|
|
|
|
x
|
|
|
|
|
|
Sheraton
Anchorage
|
370
|
|
|
|
x
|
|
|
|
|
|
Courtyard Edison
|
146
|
|
|
x
|
x
|
x
|
|
|
|
|
Hilton Costa Mesa
|
486
|
|
|
|
x
|
x
|
|
|
x
|
|
Sheraton Minneapolis
West
|
222
|
|
|
|
x
|
x
|
|
|
|
|
Crowne Plaza Beverly
Hills
|
260
|
|
|
|
x
|
x
|
|
|
|
|
Embassy Suites Crystal City -
Reagan Airport
|
267
|
|
|
|
x
|
x
|
|
|
|
|
Hilton Minneapolis
Airport
|
300
|
|
|
|
x
|
x
|
|
|
|
|
Marriott Seattle
Waterfront
|
358
|
|
|
|
x
|
x
|
|
|
|
|
Fairfield Inn and Suites
Kennesaw
|
87
|
|
|
|
x
|
x
|
|
|
|
|
Renaissance Tampa
|
293
|
|
|
|
x
|
x
|
|
|
|
|
Courtyard Crystal City Reagan
Airport
|
272
|
|
|
|
x
|
x
|
|
|
|
|
Courtyard Philadelphia
Downtown
|
498
|
|
|
|
x
|
x
|
|
|
|
|
Courtyard Louisville
Airport
|
150
|
|
|
|
x
|
x
|
x
|
x
|
|
|
Marriott Legacy
Center
|
404
|
|
|
|
x
|
x
|
|
|
x
|
|
Embassy Suites Walnut
Creek
|
249
|
|
|
|
|
|
x
|
x
|
|
|
Hilton Fort Worth
|
294
|
|
|
|
|
|
x
|
x
|
|
|
Marriott Suites Dallas Market
Center
|
266
|
|
|
|
|
|
x
|
x
|
|
|
Residence Inn
Jacksonville
|
120
|
|
|
|
|
|
x
|
x
|
|
|
Residence Inn Las
Vegas
|
256
|
|
|
|
|
|
x
|
x
|
|
|
Residence Inn
Newark
|
168
|
|
|
|
|
|
x
|
x
|
|
|
Residence Inn Phoenix
Airport
|
200
|
|
|
|
|
|
x
|
x
|
|
|
SpringHill Suites
Richmond
|
136
|
|
|
|
|
|
x
|
x
|
|
|
Crowne Plaza La Concha - Key
West
|
160
|
|
|
|
|
|
x
|
x
|
|
|
Courtyard Legacy
Park
|
153
|
|
|
|
|
|
|
|
x
|
|
Courtyard Oakland
Airport
|
156
|
|
|
|
|
|
|
|
x
|
|
Courtyard Old Town
Scottsdale
|
180
|
|
|
|
|
|
|
|
x
|
|
Courtyard Newark
|
181
|
|
|
|
|
|
|
|
x
|
|
Courtyard Basking
Ridge
|
235
|
|
|
|
|
|
|
|
x
|
|
Courtyard Foothill Ranch
Irvine
|
156
|
|
|
|
|
|
|
|
x
|
|
Courtyard Hartford -
Manchester
|
90
|
|
|
|
|
|
|
|
x
|
|
Courtyard Seattle
Downtown
|
250
|
|
|
|
|
|
|
|
x
|
|
SpringHill Suites Mall of
Georgia
|
96
|
|
|
|
|
|
|
|
x
|
|
SpringHill Suites
Philadelphia
|
199
|
|
|
|
|
|
|
|
x
|
|
SpringHill Suites Manhattan
Beach
|
164
|
|
|
|
|
|
|
|
x
|
|
Embassy Suites Dallas
Galleria
|
150
|
|
|
|
|
|
|
|
x
|
|
Embassy Suites
Houston
|
150
|
|
|
|
|
|
|
|
x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Only hotels
which have had or are expected to have significant
capital expenditures that could result in displacement during 2010
and 2011 are included in this table.
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Ashford Hospitality Trust, Inc.