Ashford Hospitality Trust, Inc. (NYSE:AHT) today reported the
following results and performance measures for the first quarter
ended March 31, 2011. 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 97 hotels owned and included in continuing operations as
of March 31, 2011, but does not include the 28 recently acquired
Highland Hospitality hotels. Unless otherwise stated, all reported
results compare the first quarter ended March 31, 2011, with the
first quarter ended March 31, 2010 (see discussion below). The
reconciliation of non-GAAP financial measures is included in the
financial tables accompanying this press release.
FINANCIAL HIGHLIGHTS
- RevPAR increased 8.8% for the hotels
not under renovation
- Operating profit margin increased 280
basis points for the hotels not under renovation
- Net income attributable to common
shareholders was $31.3 million, or $0.46 per diluted share,
compared with net income attributable to common shareholders of
$305,000, or $0.01 per diluted share, in the prior-year
quarter
- Adjusted funds from operations (AFFO)
was $0.41 per diluted share for the quarter as compared with $0.31
from the prior-year quarter
- Fixed charge coverage ratio was 1.70x
under the senior credit facility covenant versus a required minimum
of 1.25x
CAPITAL ALLOCATION
- Capex invested in the quarter was $13.9
million
ACQUISITION ACTIVITY
On March 10, 2011, the Company together with an institutional
partner took ownership of the 28-hotel Highland Hospitality
portfolio. The acquisition and restructuring were completed through
a consensual foreclosure for total consideration of $1.277 billion,
which equates to a purchase price of $158,000 per key. Based on
2010 results, the purchase price equates to an EBITDA multiple of
13.4x and a capitalization rate of 6.1% utilizing NOI that is
approximately 36% below its peak levels. Ashford invested $150
million and owns 71.74% of the joint venture. The new money
investment from Ashford and the institutional partner was utilized
to reduce debt and to fund projected capital expenditures. Ashford
funded its contribution from available cash. As a result of equal
control provisions, the joint venture is not consolidated in
Ashford’s financial statements.
Also on March 10, 2011, Ashford acquired 96 units at the World
Quest Resort Hotel in Orlando, Florida, for $12.0 million in cash,
or a total investment of $125,000 per key. The purchase includes 62
furnished units, 34 unfurnished units and developable land for up
to 179 additional units. The hotel, which was developed in 2006, is
located between two major convention hotels and in close proximity
to Walt Disney World.
DISPOSITION ACTIVITY
On February 24, 2011, Ashford completed the sale of the JW
Marriott San Francisco for $96.0 million in cash to an affiliate of
Thayer Lodging Group. Ashford used the proceeds from the sale to
payoff a $47.5 million loan secured by the hotel that was maturing
in March 2013 and to reduce borrowings on its credit facility.
On March 7, 2011, the Company completed the sale of the Hilton
Rye Town in Rye Brook, New York for $35.5 million in cash to an
investment group spearheaded by Lodging Capital Partners. Ashford
used the proceeds from the sale to reduce borrowings on its credit
facility.
On March 14, 2011, the Company completed the sale of the Hampton
Inn Houston Galleria in Houston, Texas, for $20.3 million in cash
to an undisclosed buyer. Ashford used the proceeds from the sale to
pay off a $2.7 million mortgage secured by the hotel, pay the joint
venture partner $2.7 million and to reduce borrowings on its credit
facility. The sales of these three hotels equated to an NOI
capitalization rate of 2.5% on a trailing twelve month basis.
CAPITAL STRUCTURE
On April 7, 2011, the Company received a discounted payoff of
$22 million on its $25.7 million mezzanine loan secured by
interests in a portfolio of limited service hotels owned by
affiliates of Goldman Sach’s Whitehall Funds, representing a debt
yield of approximately 6.9% on the Company’s last dollar of
investment in the loan. The Company had previously written down its
investment in the mezzanine loan by $7.8 million in the fourth
quarter of 2010. The discounted payoff will result in a $4.2
million gain recognized as a credit to impairment charges in the
second quarter of 2011.
During April 2011, the Company completed an offering of
3,350,000 shares of 9.000% Series E Cumulative Preferred Stock at
$25.00 per share. The annual dividend for the preferred stock is
$2.25 per share, payable quarterly.
On May 3, 2011, Ashford used $73 million of the net proceeds of
the Series E offering to repurchase 5,854,993 shares of the
Company’s Series B-1 Cumulative Preferred Stock, all of the shares
of which were held by Security Capital Preferred Growth
Incorporated. In addition, Security Capital Preferred Growth
Incorporated converted the remaining 1,392,872 shares of its Series
B-1 Preferred Stock to common stock.
On May 5, 2011, Ashford closed a three-year extension on the
Company’s $5.8 million mortgage secured by the Courtyard in
Manchester, Connecticut. Basic terms for the loan, which now
matures in May 2014, remain unchanged.
PORTFOLIO REVPAR
As of March 31, 2011, the Company had a portfolio of direct
hotel investments consisting of 97 properties classified in
continuing operations. During the first quarter, 85 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 97 hotels) and proforma
not-under-renovation basis (85 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 97 hotels in continuing operations.
Details of each category are provided in the tables attached to
this release.
- Proforma RevPAR increased 8.8% for
hotels not under renovation on a 4.6% increase in ADR to $130.08
and a 271 basis point increase in occupancy
- Proforma RevPAR increased 7.6% for all
hotels on a 4.3% increase in ADR to $131.94 and a 209 basis
point increase in occupancy
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
For the 85 hotels as of March 31, 2011, that were not under
renovation, Proforma Hotel EBITDA increased 19.1% to $54.1 million.
Proforma Hotel EBITDA margin (expressed as a percentage of Total
Hotel Revenue) increased 280 basis points to 30.1%. For all 97
hotels included in continuing operations as of March 31, 2011,
Proforma Hotel EBITDA increased 15.3% to $62.8 million and Hotel
EBITDA margin increased 219 basis points to 29.2%.
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 well as it’s pro-rata
share of the Highland 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 97 hotels
included in continuing operations together with Ashford’s pro-rata
share of the Highland portfolio are provided in the table attached
to this release.
Monty J. Bennett, Chief Executive Officer, commented, “We
executed well on all aspects of our business strategies. Our asset
management efforts succeeded in driving RevPAR and operating margin
growth within our portfolio. With the strong trends in the lodging
market, we will look to continue this improvement over the balance
of the year. The transformational acquisition of the former
Highland Hospitality portfolio, combined with over $150 million of
dispositions, $81.1 million of net proceeds from our Series E
preferred offering and the retirement of the Company’s Series B-1
preferred stock, should propel our growth even further.”
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call
on Monday, May 9, 2011, at 11 a.m. ET. The number to call
for this interactive teleconference is (212) 231-2912. A replay of
the conference call will be available through Monday, May 16, 2011,
by dialing (402) 977-9140 and entering the confirmation number
21520625.
The Company will also provide an online simulcast and
rebroadcast of its first quarter 2011 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 Monday, May 9, 2011, beginning at 11 a.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, first mortgages, mezzanine
loans and sale-leaseback transactions. Additional information can
be found on the Company's website 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) March 31,
December 31, 2011 2010 (Unaudited)
ASSETS Investment in hotel properties, net $ 3,017,661 $
3,023,736 Cash and cash equivalents 92,411 217,690 Restricted cash
73,485 67,666 Accounts receivable, net 70,111 27,493 Inventories
2,588 2,909 Notes receivable 20,897 20,870 Investment in
unconsolidated joint ventures 193,125 15,000 Assets held for sale -
144,511 Deferred costs, net 18,050 17,519 Prepaid expenses 10,296
12,727 Interest rate derivatives 90,058 106,867 Other assets 4,637
7,502 Intangible assets, net 2,877 2,899 Due from third-party hotel
managers 50,571 49,135 Total
assets $ 3,646,767 $ 3,716,524
LIABILITIES
AND EQUITY Liabilities Indebtedness of continuing operations $
2,444,610 $ 2,518,164 Indebtedness of assets held for sale - 50,619
Capital leases payable 24 36 Accounts payable and accrued expenses
98,760 79,248 Dividends payable 14,269 7,281 Unfavorable management
contract liabilities 15,493 16,058 Due to related parties 1,998
2,400 Due to third-party hotel managers 2,328 1,870 Other
liabilities 4,597 4,627 Other liabilities of assets held for sale
- 2,995 Total liabilities
2,582,079 2,683,298
Series B-1 Cumulative Convertible
Redeemable Preferred stock, 7,247,865 shares issued and outstanding
at March 31, 2011 and December 31, 2010
72,986 72,986 Redeemable noncontrolling interests in operating
partnership 142,998 126,722 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 March 31, 2011 and
December 31, 2010
15 15
Series D Cumulative Preferred Stock,
8,966,797 shares issued and outstanding at March 31, 2011 and
December 31, 2010
90 90
Common stock, $0.01 par value, 200,000,000
shares authorized, 123,503,893 shares and 123,403,893 shares issued
at March 31, 2011 and December 31, 2010, 59,403,816 and 58,999,324
shares outstanding at March 31, 2011 and December 31, 2010
1,235 1,234 Additional paid-in capital 1,556,040 1,552,657
Accumulated other comprehensive loss (411 ) (550 ) Accumulated
deficit (531,547 ) (543,788 )
Treasury stock, at cost (64,100,077 shares
and 64,404,569 shares at March 31, 2011 and December 31, 2010)
(191,578 ) (192,850 ) Total shareholders' equity of
the Company 833,844 816,808 Noncontrolling interests in
consolidated joint ventures 14,860 16,710
Total equity 848,704 833,518
Total liabilities and equity $ 3,646,767 $
3,716,524
ASHFORD HOSPITALITY TRUST, INC. AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended
March 31,
2011 2010 (Unaudited) REVENUE Rooms $
163,060 $ 151,726 Food and beverage 38,394 36,169 Rental income
from operating leases 1,220 1,089 Other 9,282
9,808 Total hotel revenue 211,956 198,792 Interest
income from notes receivable - 337 Asset management fees and other
338 74
Total Revenue
212,294 199,203
EXPENSES Hotel operating expenses Rooms 37,088 34,635 Food
and beverage 26,473 25,482 Other direct 5,437 5,409 Indirect 60,156
57,261 Management fees 8,879 8,368
Total hotel operating expenses 138,033 131,155
Property taxes, insurance, and other 10,929 13,154 Depreciation and
amortization 32,973 34,040 Impairment charges (340 ) (769 )
Transaction acquisition costs (1,224 ) - Corporate general and
administrative: Stock/unit-based compensation 1,814 1,172 Other
general and administrative 12,069 5,486
Total Operating Expenses 194,254
184,238 OPERATING INCOME
18,040 14,965 Equity in earnings of
unconsolidated joint ventures 28,124 658 Interest income 36 61
Other income 48,003 15,519 Interest expense (33,499 ) (33,541 )
Amortization of loan costs (1,079 ) (1,523 ) Unrealized gain (loss)
on derivatives (16,817 ) 13,908
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
42,808 10,047 Income tax expense (1,044 )
(44 )
INCOME FROM CONTINUING OPERATIONS
41,764 10,003 Income (loss) from discontinued
operations 2,118 (4,777
) NET INCOME 43,882 5,226
(Income) loss from consolidated joint ventures attributable to
noncontrolling interests (931 ) 701 Net income attributable to
redeemable noncontrolling interests in operating partnership
(5,118 ) (792 )
NET INCOME ATTRIBUTABLE TO THE
COMPANY 37,833 5,135 Preferred dividends
(6,555 ) (4,830 )
NET INCOME ATTRIBUTABLE TO
COMMON SHAREHOLDERS $ 31,278 $
305 INCOME PER SHARE – BASIC AND
DILUTED:
Basic -
Income from continuing operations attributable to common
shareholders $ 0.51 $ 0.08
Income (loss) from discontinued operations attributable to
common shareholders 0.02
(0.07 ) Net income attributable to common
shareholders $ 0.53 $ 0.01
Weighted average common shares outstanding –
basic 57,931 53,073
Diluted -
Income from continuing operations attributable to common
shareholders $ 0.45 $ 0.08
Income (loss) from discontinued operations attributable to
common shareholders 0.01
(0.07 ) Net income attributable to common
shareholders $ 0.46 $ 0.01
Weighted average common shares outstanding –
diluted 79,330 53,073
Amounts attributable to common shareholders: Income
from continuing operations, net of tax $ 36,873 $ 9,208 Income
(loss) from discontinued operations, net of tax 960 (4,073 )
Preferred dividends (6,555 ) (4,830 )
Net
income attributable to common shareholders $ 31,278 $
305
ASHFORD HOSPITALITY TRUST, INC. AND
SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO
EBITDA (in thousands) Three
Months Ended March 31, 2011 2010
(Unaudited) Net income $ 43,882 $ 5,226 (Income) loss
from consolidated joint ventures attributable to noncontrolling
interests (931 ) 701 Net income attributable to redeemable
noncontrolling interests in operating partnership (5,118 )
(792 ) Net income attributable to the Company 37,833 5,135
Interest income (36 ) (60 ) Interest expense and
amortization of loan costs 34,817 37,105 Depreciation and
amortization 32,161 36,318 Net income attributable to redeemable
noncontrolling interests in operating partnership 5,118 792 Income
tax expense 1,129 (15 )
EBITDA
111,022 79,275 Amortization of unfavorable
management contract liabilities (565 ) (565 ) Gain on
sale/disposition of properties (2,802 ) - Write-off of loan costs,
premiums and exit fees, net 948 - Other income (1) (48,003 )
(15,534 ) Impairment charges (340 ) (769 ) Transaction acquisition
costs (1,223 ) - Fees related to a litigation settlement 5,500 -
Unrealized (gain) loss on derivatives 16,817 (13,908 ) Equity
earnings in unconsolidated joint ventures (28,124 ) (658 ) The
Company's portion of adjusted EBITDA of unconsolidated joint
ventures 5,126 658
Adjusted EBITDA $
58,356 $ 48,499
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS
("FFO") (in thousands, except per share amounts)
Three Months Ended March 31, 2011
2010 (Unaudited) Net income $ 43,882 $ 5,226
(Income) loss from consolidated joint ventures attributable to
noncontrolling interests (931 ) 701 Net income attributable to
redeemable noncontrolling interests in operating partnership (5,118
) (792 ) Preferred dividends (6,555 ) (4,830 )
Net loss attributable to common shareholders 31,278 305
Depreciation and amortization on real estate 32,100 36,250 Gain on
sale/disposition of properties (2,802 ) - Net income attributable
to redeemable noncontrolling interests in operating partnership
5,118 792
FFO available to
common shareholders 65,694 37,347
Dividends on convertible preferred stock 1,025 1,042 Write-off of
loan costs, premiums and exit fees, net 948 - Impairment charges
(340 ) (769 ) Transaction acquisition costs (1,223 ) - Fees related
to a litigation settlement 5,500 - Other income (1) (30,000 ) -
Unrealized (gain) loss on derivatives 16,817 (13,908 ) Equity
earnings in unconsolidated joint ventures (28,124 ) (658 ) The
Company's portion of adjusted FFO of unconsolidated joint ventures
2,179 658
Adjusted FFO
$ 32,476 $ 23,712
Adjusted FFO per diluted share available to common shareholders $
0.41 $ 0.31 Weighted average diluted shares
80,118 75,791
(1)
Income from interest rate derivatives is
excluded from the adjusted EBITDA. For the 2011 quarter, a gain of
$24,500 from legal settlement is also excluded from the adjusted
EBITDA.
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS OF CONTINUING OPERATIONS MARCH
31, 2011 (dollars in thousands) (Unaudited)
Fixed-Rate Floating-Rate Total
Indebtedness Collateral Maturity Interest
Rate Debt Debt Debt Mortgage loan 1
hotel January 2011 8.32% $ 5,775
(1)
$ - $ 5,775 Mortgage loan 5 hotels December 2011 LIBOR + 1.72% -
203,400 203,400 Senior credit facility Notes receivable April 2012
LIBOR + 2.75% to 3.5% - 45,000
(2)
45,000 Mortgage loan 10 hotels May 2011 LIBOR + 1.65% - 167,202
(3)
167,202 Mortgage loan 2 hotels August 2013 LIBOR + 2.75% - 148,958
148,958 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% 108,410 - 108,410 Mortgage loan 10 hotels July 2015 5.22%
158,443 - 158,443 Mortgage loan 8 hotels December 2015 5.70%
100,119 - 100,119 Mortgage loan 5 hotels December 2015 12.26%
148,753 - 148,753 Mortgage loan 5 hotels February 2016 5.53%
114,242 - 114,242 Mortgage loan 5 hotels February 2016 5.53% 94,742
- 94,742 Mortgage loan 5 hotels February 2016 5.53% 82,067 - 82,067
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 November 2020 6.26% 104,600 - 104,600
Mortgage loan 1 hotel April 2034 Greater of 6% or Prime + 1% -
6,753 6,753 Total indebtedness of continuing
operations $ 1,853,557 $ 591,053 $ 2,444,610 Percentage
75.8% 24.2% 100.0% Weighted average
interest rate at March 31, 2011 6.38% 2.47%
5.43% Weighted average interest rate with the effect of
interest rate swap and flooridor 2.58%
(4)
2.47%
(4)
2.55%
(4)
(1)
We are currently working with the loan
servicer for an extension or a restructure of the loan.
(2)
Based on the debt-to-assets ratio defined
in the loan agreement, interest rate on this debt was at LIBOR plus
3% as of March 31, 2011.
(3)
The remaining one-year extension option as
of March 31, 2011 has been exercised.
(4)
These rates are calculated assuming the
LIBOR rate stays at the March 31, 2011 level and with the effect of
our interest rate derivatives.
PIM HIGHLAND HOLDING LLC SUMMARY OF
INDEBTEDNESS MARCH 31, 2011 (dollars in
thousands) (Unaudited) Fixed-Rate
Floating-Rate Total Indebtedness
Collateral Maturity Interest Rate Debt
Debt Debt Mortgage loan 1 hotel January 2013
5.96% $ 65,082 $ - $ 65,082 Mortgage loan 1 hotel April 2013 6.11%
46,938 46,938 Mortgage loan 1 hotel February 2013 5.97% 33,061
33,061 Mortgage loan 25 hotels March 2014 LIBOR + 2.75% - 530,000
(1)
530,000 Mezzanine loan None March 2014 Greater of 6.50% or LIBOR +
6.00% - 144,681
(1)
144,681 Mezzanine loan None March 2014 Greater of 7.5% or LIBOR +
7.00% - 137,734
(1)
137,734 Mezzanine loan None March 2014 Greater of 10.00% or LIBOR +
9.50% - 118,057
(1)
118,057 Mezzanine loan None March 2014 LIBOR + 2.00% 18,425
(1)
18,425 Total indebtedness 145,081 948,897
1,093,978 Ashford's proportionate obligations x 71.74% x 71.74% x
71.74% $ 104,081 $ 680,739 $ 784,820 Percentage 13.3%
86.7% 100.0% Weighted average interest rate at
March 31, 2011 6.01% 5.04% 5.17%
Total indebtedness of continuing
operations plus Ashford's 71.74% share of PIM Highland Holding
LLC
$ 1,957,638 $ 1,271,792 $ 3,229,430 Weighted average
interest rate with the effect of interest rate swap and flooridor
2.76% 3.84% 3.19%
(1)
Each of these loans has two one-year
extension options beginning March 2014.
ASHFORD HOSPITALITY
TRUST, INC. AND SUBSIDIARIES INDEBTEDNESS OF CONTINUING
OPERATIONS BY MATURITY ASSUMING EXTENSION OPTIONS NOT
SUBJECT TO COVERAGE/LTV TESTS ARE EXERCISED MARCH 31,
2011 (in thousands) (Unaudited)
2011 2012
2013 2014
2015 Thereafter
Total Mortgage loan secured by
Manchester Courtyard $ 5,775
(1)
$ - $ - $ - $ - $ - $ 5,775 Secured credit facility - 45,000 - - -
- 45,000 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
two hotel properties - - 148,958 - - - 148,958 Mortgage loan
secured by El Conquistador Hilton - - - 19,740 - - 19,740 Mortgage
loan secured by eight hotel properties, UBS Pool 1 - - - 108,410 -
- 108,410 Mortgage loan secured by 10 hotel properties, Merrill
Lynch Pool 1 - - - - 158,443 - 158,443 Mortgage loan secured by
eight hotel properties, UBS Pool 2 - - - - 100,119 - 100,119
Mortgage loan secured by five hotel properties - - - - 148,753 -
148,753 Mortgage loan secured by five hotel properties, Merrill
Lynch Pool 2 - - - - - 114,242 114,242 Mortgage loan secured by
five hotel properties, Merrill Lynch Pool 3 - - 94,742 94,742
Mortgage loan secured by five hotel properties, Merrill Lynch Pool
7 - - 82,067 82,067 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 Arlington Marriott - - - - -
104,600 104,600 Mortgage loan secured by Jacksonville Residence Inn
- - - - - 6,753 6,753
Total indebtedness of continuing operations $ 209,175 $
212,202 $ 148,958 $ 128,150 $ 407,315 $ 1,338,810 $ 2,444,610
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.
PIM HIGHLAND HOLDING LLC INDEBTEDNESS BY
MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
MARCH 31, 2011 (in thousands) (Unaudited)
2011 2012
2013 2014
2015 Thereafter
Total Mortgage loan secured by Boston
Hilton $ - $ - $ 65,082 $ - $ - $ - $ 65,082 Mortgage loan secured
by Nashville Renaissance - - 46,938 - - - 46,938 Mortgage loan
secured by Princeton Westin - - 33,061 - - - 33,061 Mortgage loan
secured by 25 hotel properties - - - - - 530,000 530,000 Mezzanine
loan - - - - - 144,681 144,681 Mezzanine loan - - - - - 137,734
137,734 Mezzanine loan - - - - - 118,057 118,057 Mezzanine loan - -
- - - 18,425 18,425
Total indebtedness - - 145,081 - - 948,897 1,093,978
Ashford's proportionate obligations x 71.74% x 71.74% x 71.74% x
71.74% x 71.74% x 71.74% x 71.74% $ - $ - $ 104,081 $ - $ - $
680,739 $ 784,820
Total indebtedness of continuing
operations plus Ashford's 71.74% share of PIM Highland Holding
LLC
$ 209,175 $ 212,202 $ 253,039 $ 128,150 $ 407,315 $ 2,019,549 $
3,229,430
ASHFORD HOSPITALITY TRUST, INC.
KEY PERFORMANCE INDICATORS - PRO FORMA LEGACY PORTFOLIO
ONLY (dollars in thousands) (Unaudited)
Three Months Ended March 31, 2011
2010 % Variance ALL HOTELS INCLUDED IN
CONTINUING OPERATIONS: Room revenues (in thousands) $ 167,203 $
155,444 7.56 % RevPAR $ 92.20 $ 85.72 7.56 % Occupancy 69.88 %
67.79 % 2.09 % ADR $ 131.94 $ 126.45 4.34 %
NOTES: The above pro forma table assumes
the 97 hotel properties owned and included in continuing operations
as of March 31, 2011, were owned as of the beginning of the first
comparative reporting period.
ALL HOTELS NOT UNDER RENOVATION
INCLUDED IN CONTINUING OPERATIONS:
Room revenues (in thousands) $ 140,482 $ 129,083 8.83 % RevPAR $
91.72 $ 84.28 8.83 % Occupancy 70.51 % 67.80 % 2.71 % ADR $ 130.08
$ 124.31 4.64 % NOTES:
The above pro forma table assumes the 85
hotel properties owned and included in continuing operations as of
March 31, 2011, but not under renovation for the three months ended
March 31, 2011, were owned as of the beginning of the first
comparative reporting period.
Excluded Hotels Under Renovation:
Courtyard Edison, Hilton Costa Mesa, Sheraton Minneapolis West,
Crowne Plaza Beverly Hills, Embassy Suites Crystal City-Reagan
Airport, Marriott Seattle Waterfront, Fairfield Inn and Suites
Kennesaw, Renaissance Tampa, Courtyard Crystal City Reagan Airport,
Courtyard Philadelphia Downtown, One Ocean, and Courtyard
Louisville Airport.
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 LEGACY PORTFOLIO ONLY
(dollars in thousands) (Unaudited)
ALL HOTELS INCLUDED IN CONTINUING OPERATIONS:
Three Months Ended March 31, 2011 2010
% Variance REVENUE Rooms $ 167,203 $ 155,444 7.6 %
Food and beverage 38,939 36,771 5.9 % Other 9,229
9,710 -5.0 % Total hotel revenue 215,371
201,925 6.7 %
EXPENSES Rooms
38,094 35,584 7.1 % Food and beverage 26,921 25,948 3.7 % Other
direct 5,459 5,429 0.6 % Indirect 61,443 58,677 4.7 % Management
fees, includes base and incentive fees 9,300
8,540 8.9 % Total hotel operating expenses 141,217 134,178
5.2 % Property taxes, insurance, and other 11,381
13,310 -14.5 %
HOTEL OPERATING PROFIT (Hotel
EBITDA) 62,773 54,437 15.3 % Hotel EBITDA Margin 29.15 % 26.96
% 2.19 % Minority interest in earnings of consolidated joint
ventures 1,602 1,084 47.8 %
HOTEL OPERATING PROFIT (Hotel EBITDA),
excluding minority interest in joint ventures
$ 61,171 $ 53,353
14.7 % NOTE:
The above pro forma table assumes the 97
hotel properties owned and included in continuing operations as of
March 31, 2011 were owned as of the beginning of the first
comparative reporting period.
85 HOTELS NOT UNDER RENOVATION INCLUDED IN
CONTINUING OPERATIONS: Three Months Ended
March 31, 2011 2010 % Variance
REVENUE Rooms $ 140,482 $ 129,083 8.8 % Food and beverage
31,711 29,262 8.4 % Other 7,256 7,718
-6.0 % Total hotel revenue 179,449 166,063
8.1 %
EXPENSES Rooms 31,912 29,527 8.1 % Food
and beverage 21,369 20,369 4.9 % Other direct 4,296 4,259 0.9 %
Indirect 50,505 48,054 5.1 % Management fees, includes base and
incentive fees 8,205 7,422 10.5 % Total
hotel operating expenses 116,287 109,631 6.1 % Property taxes,
insurance, and other 9,069 11,031 -17.8
%
HOTEL OPERATING PROFIT (Hotel EBITDA) 54,093 45,401 19.1 %
Hotel EBITDA Margin 30.14 % 27.34 % 2.80 % Minority interest
in earnings of consolidated joint ventures 579
467 24.0 %
HOTEL OPERATING PROFIT (Hotel EBITDA),
excluding minority interest in joint ventures
$ 53,514 $ 44,934
19.1 % NOTES: (1)
The above pro forma table assumes the 85
hotel properties owned and included in continuing operations as of
March 31, 2011, but not under renovation during the three months
ended March 31, 2011 were owned as of the beginning of the first
comparative reporting period.
(2)
Excluded Hotels Under Renovation:
Courtyard Edison, Hilton Costa Mesa, Sheraton Minneapolis West,
Crowne Plaza Beverly Hills, Embassy Suites Crystal City-Reagan
Airport, Marriott Seattle Waterfront, Fairfield Inn and Suites
Kennesaw, Renaissance Tampa, Courtyard Crystal City Reagan Airport,
Courtyard Philadelphia Downtown, One Ocean, and Courtyard
Louisville Airport.
(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 LEGACY PORTFOLIO ONLY
(Unaudited)
Three Months Ended Number of Number of
March 31, Region Hotels Rooms
2011 2010 % Change Pacific (1) 20 4,867
$ 91.67 $ 84.26 8.8 % Mountain (2) 8 1,704 86.87 84.56 2.7 % West
North Central (3) 3 690 72.23 68.63 5.2 % West South Central (4) 9
1,936 99.62 88.07 13.1 % East North Central (5) 7 1,103 64.13 57.93
10.7 % East South Central (6) 2 236 75.48 78.06 -3.3 % Middle
Atlantic (7) 8 2,035 87.64 81.18 8.0 % South Atlantic (8) 38 7,728
99.85 93.71 6.6 % New England (9) 2 159 76.10 69.26 9.9 %
Total Portfolio 97
20,458 $ 92.20 $ 85.72
7.6 % (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:
The above pro forma table assumes the 97
hotel properties owned and included in continuing operations as of
March 31, 2011 were owned as of the beginning of the comparative
reporting period.
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 LEGACY PORTFOLIO ONLY (Unaudited)
Three Months Ended
Number of Number of March 31, Brand
Hotels Rooms 2011 2010 % Change
Hilton 31 6,693 $ 100.22 $ 92.80 8.0% Hyatt 1 242 172.36
157.33 9.6% InterContinental 2 420 163.53 151.06 8.3% Independent 2
317 73.40 66.34 10.6% Marriott 56 11,376 87.28 81.77 6.7% Starwood
5 1,410 59.61 53.61 11.2%
Total Portfolio 97 20,458 $
92.20 $ 85.72 7.6% NOTES:
The above pro forma table assumes the 97
hotel properties owned and included in continuing operations as of
March 31, 2011 were owned as of the beginning of the first
comparative reporting period.
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
LEGACY PORTFOLIO ONLY (dollars in thousands)
(Unaudited) Three Months Ended
Number of Number of March 31, Region
Hotels Rooms 2011 % Total
2010 % Total % Change Pacific
(1) 20 4,867 $ 14,736 23.5 % $ 11,958 22.0 % 23.2 % Mountain (2) 8
1,704 4,539 7.2 % 4,757 8.7 % -4.6 % West North Central (3) 3 690
1,662 2.7 % 1,427 2.6 % 16.5 % West South Central (4) 9 1,936 7,370
11.7 % 5,721 10.5 % 28.8 % East North Central (5) 7 1,103 1,952 3.1
% 1,359 2.5 % 43.6 % East South Central (6) 2 236 621 1.0 % 709 1.3
% -12.4 % Middle Atlantic (7) 8 2,035 4,678 7.5 % 3,907 7.2 % 19.7
% South Atlantic (8) 38 7,728 26,874 42.8 % 24,322 44.7 % 10.5 %
New England (9) 2 159 342 0.5 % 277 0.5 % 23.5 %
Total
Portfolio 97 20,458 $ 62,774
100.0 % $ 54,437 100.0
% 15.3 % (1) Includes Alaska,
California, Oregon, and Washington (2) Includes Nevada, Arizona,
New Mexico, and Utah (3) Includes Minnesota and Kansas (4) Includes
Texas (5) Includes Ohio 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:
The above pro forma table assumes the 97
hotel properties owned and included in continuing operations as of
March 31, 2011 were owned as of the beginning of the first
comparative reporting period.
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.
PIM HIGHLAND HOLDING LLC PRO FORMA
PORTFOLIO PERFORMANCE (dollars in thousands)
(Unaudited)
THE FOLLOWING TABLES PRESENT THE
COMPANY'S 71.74% OF THE PRO FORMA PERFORMANCE OF THE 28-HOTEL
PROPERTY PORTFOLIO INCLUDED IN PIM HIGHLAND HOLDING LLC AS IF THEY
WERE OWNED AS OF THE BEGINNING OF FIRST COMPARATIVE REPORTING
PERIOD.
Three Months Ended March 31, 2011
2010 % Variance
HOTEL PERFORMANCE
INDICATORS:
Room revenues (in thousands) $ 46,080 $ 43,699 5.45% RevPAR $ 89.69
$ 85.06 5.44% Occupancy 67.70% 65.92% 1.78% ADR $ 130.70 $ 129.04
1.29%
HOTEL
PROFIT:
Revenue Rooms $ 46,080 $ 43,699 5.4% Food and
beverage 17,033 16,243 4.9% Other 2,746 2,860 -4.0%
Total hotel revenue 65,859 62,802 4.9%
Expenses Rooms 12,024 11,210 7.3% Food and beverage 12,412
11,753 5.6% Other direct 1,356 1,290 5.1% Indirect 20,196 19,442
3.9% Management fees, includes base and incentive fees 1,978
1,813 9.1% Total hotel operating expenses 47,966 45,508 5.4%
Property taxes, insurance, and other 4,044 4,067
-0.6%
Hotel Operating Profit (Hotel EBITDA) $ 13,849 $
13,227 4.7% Hotel EBITDA Margin 21.03% 21.06% -0.03%
ASHFORD HOSPITALITY TRUST, INC. PRO FORMA HOTEL OPERATING
PROFIT MARGIN (Unaudited)
THE FOLLOWING PRO FORMA HOTEL OPERATING
PROFIT MARGIN PRESENTS THE 85 HOTELS INCLUDED IN THE COMPANY'S
CONTINUING OPERATIONS THAT WERE NOT UNDER RENOVATION AND THE 28
HOTELS INCLUDED IN PIM HIGHLAND HOLDING AS IF THESE HOTELS WERE
OWNED AS OF THE BEGINNING OF THE FIRST COMPARATIVE REPORTING
PERIOD.
PIM Highland 85 Legacy Holding LLC
Properties 28 Properties
HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN: First
Quarter 2011 30.14% 21.03% First Quarter 2010 27.34% 21.06%
Variance 2.80% -0.03%
HOTEL OPERATING PROFIT (HOTEL
EBITDA) MARGIN VARIANCE BREAKDOWN: Rooms -0.03% -0.40%
Food & Beverage and Other Departmental 0.53% -0.13%
Administrative & General 0.03% -0.10% Sales & Marketing
0.03% -0.37% Hospitality 0.02% -0.01% Repair & Maintenance
0.35% -0.08% Energy 0.28% 0.32% Franchise Fee -0.07% -0.10%
Management Fee 0.03% -0.06% Incentive Management Fee -0.13% -0.06%
Insurance 0.27% -0.09% Property Taxes 1.23% 0.57% Other Taxes 0.09%
-0.15% Leases/Other 0.17% 0.63% Total 2.80% -0.03%
NOTE: As the Company’s Courtyard by
Marriott hotel in Philadelphia, Pennsylvania, is leased to a
third-party tenant on a triple-net lease basis, the Company only
records rental income related to this operating lease for GAAP
purposes. However, in the above pro forma tables, all 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)
THE FOLLOWING PRO FORMA SEASONALITY
TABLES REFLECT: (I) ALL 97 HOTELS INCLUDED IN THE COMPANY'S
CONTINUING OPERATIONS, (II) THE COMPANY'S 71.74% SHARE OF THE 28
HOTELS INCLUDED IN PIM HIGHLAND HOLDING LLC, AND (III) THE COMBINED
PORTFOLIO, AS IF THESE HOTELS WERE OWNED AT THE BEGINNING OF THE
FIRST COMPARATIVE REPORTING PERIOD.
2011 2010 2010 2010
1st Quarter 4th Quarter 3rd Quarter 2nd
Quarter TTM Legacy Portfolio
Total Hotel Revenue $ 215,371 $ 225,622 $ 205,526 $ 222,040 $
868,559 Hotel EBITDA $ 62,773 $ 60,716 $ 54,567 $ 65,318 $ 243,374
Hotel EBITDA Margin 29.1% 26.9% 26.5% 29.4% 28.0% EBITDA %
of Total TTM 25.8% 25.0% 22.4% 26.8% 100.0% JV Interests in
EBITDA $ 1,602 $ 1,445 $ 1,125 $ 1,892 $ 6,064
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 room revenues
related to this hotel are reflected, which is consistent with the
Company's other hotels.
PIM Highland
Holding LLC Portfolio
Total Hotel Revenue $ 65,859 $ 73,684 $ 65,720 $ 74,452 $ 279,715
Hotel EBITDA $ 13,849 $ 18,366 $ 14,991 $ 21,758 $ 68,964 Hotel
EBITDA Margin 21.0% 24.9% 22.8% 29.2% 24.7% EBITDA % of
Total TTM 20.1% 26.6% 21.7% 31.6% 100.0%
Legacy and PIM
Highland Holding LLC Combined
Total Hotel Revenue $ 281,230 $ 299,306 $ 271,246 $ 296,492 $
1,148,274 Hotel EBITDA $ 76,622 $ 79,082 $ 69,558 $ 87,076 $
312,338 Hotel EBITDA Margin 27.2% 26.4% 25.6% 29.4% 27.2%
EBITDA % of Total TTM 24.5% 25.3% 22.3% 27.9% 100.0% JV
Interests in EBITDA $ 1,602 $ 1,445 $ 1,125 $ 1,892 $ 6,064
Anticipated Capital Expenditures Calendar 97 Legacy
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
Actual Estimated Estimated
Estimated Courtyard Louisville Airport 150
x x x x x Hilton Costa
Mesa 486
x x x Courtyard Crystal City
Reagan Airport 272
x x x Courtyard
Edison 146
x x x Courtyard Philadelphia
Downtown 498
x x Crowne Plaza Beverly
Hills 260
x x Embassy Suites Crystal City -
Reagan Airport 267
x x Fairfield Inn and
Suites Kennesaw 87
x x Marriott Seattle
Waterfront 358
x x One Ocean 193
x
x Renaissance Tampa 293
x x Sheraton
Minneapolis West 222
x x Embassy Suites Austin
Arboretum 150
x x x x Embassy
Suites Dallas Galleria 150
x x x
Embassy Suites Houston 150
x x x
Hilton Nassau Bay - Clear Lake 243
x x
x x x Courtyard Old Town Scottsdale 180
x x Capital Hilton 408
x x
x x x x Courtyard Legacy Park
153
x x Courtyard Newark 181
x x
Crowne Plaza La Concha - Key West 160
x x
Embassy Suites Walnut Creek 249
x x
Residence Inn Las Vegas 256
x x Sheraton
City Center - Indianapolis 371
x x x
x SpringHill Suites Charlotte 136
x x
SpringHill Suites Raleigh Airport 120
x x
SpringHill Suites Richmond 136
x x
Courtyard San Francisco Downtown 405
x Marriott
Dallas Market Center 265
x Marriott Legacy Center
404
x x Residence Inn Newark 168
x
Residence Inn Phoenix Airport 200
x Courtyard
Basking Ridge 235
x Courtyard Foothill Ranch
Irvine 156
x Courtyard Hartford - Manchester 90
x Courtyard Oakland Airport 156
x Courtyard
Seattle Downtown 250
x Embassy Suites Flagstaff
119
x Embassy Suites Portland - Downtown 276
x
x Embassy Suites Santa Clara - Silicon Valley 257
x Hilton Santa Fe 157
x Marriott
Bridgewater 347
x x Residence Inn
Jacksonville 120
x Sheraton San Diego Mission
Valley 260
x SpringHill Suites Mall of Georgia 96
x SpringHill Suites Manhattan Beach 164
x
SpringHill Suites Philadelphia 199
x
(a) Only hotels which have had or
are expected to have significant capital expenditures that could
result in displacement during 2011 are included in this table.
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