DALLAS, Feb. 27, 2014 /PRNewswire/ -- Today, Ashford
Hospitality Trust, Inc. (NYSE: AHT) ("the Company" or "Ashford
Trust") announced that its Board of Directors has unanimously
approved a plan to spin-off its asset management business into a
separate publicly traded company in the form of a taxable
distribution. The distribution is expected to be completed in
the third quarter of 2014 and will be comprised of common stock in
Ashford, Inc. ("Ashford Inc."), a
newly formed or successor company of the Company's existing advisor
subsidiary, Ashford Hospitality Advisors LLC, which currently
advises Ashford Hospitality Prime, Inc. (NYSE: AHP) ("Ashford Prime"). The Company plans to file
a listing application for Ashford Inc. with the NYSE or NYSE MKT
Exchanges. In connection with the spin-off, it is anticipated
that Ashford Inc. will enter into a 20-year advisory agreement to
externally advise the Company. In addition, Ashford Inc. will
continue to externally advise Ashford
Prime.
It is expected that Ashford Inc. will be well positioned to grow
its asset management business. The Company's investment
securities subsidiary is raising capital and it is expected that
Ashford Inc. will advise this platform. In addition, other business
opportunities for Ashford Inc. include future external advisory
services to other platforms, such as a select service hotel
platform and a hotel debt platform, both of which are opportunities
being explored by the Company. Further, it is anticipated
that Ashford Inc. will pursue other business acquisitions which may
include hotel management, project and construction management, and
other hospitality related services.
This distribution is anticipated to be declared during the third
quarter of 2014; however, it remains subject to the filing of the
required registration statement with the Securities and Exchange
Commission ("SEC"), the review of the registration statement by the
SEC, the approval of the listing of shares by the applicable
exchange, and other legal requirements. The Company expects to file
the required registration statement next month. The
Company cannot be certain this distribution will proceed or
proceed in the manner as currently anticipated.
Further, the Company reported the following results and
performance measures for the fourth quarter ended December 31, 2013. Prior to the third
quarter of 2013, the Company had been reporting its Legacy
Portfolio and Highland Hospitality Portfolio pro forma hotel
operating statistics separately. In the third quarter 2013,
the Company changed its reporting format and now combines the pro
forma hotel operating statistics for its Legacy Portfolio and
Ashford Trust's pro rata share of the Highland Hospitality
Portfolio as the Ashford Trust Portfolio. The performance
measurements for Occupancy, Average Daily Rate (ADR), Revenue Per
Available Room (RevPAR), and Hotel Operating Profit (or Hotel
EBITDA) are pro forma. Unless otherwise stated, all reported
results compare the fourth quarter ended December 31, 2013, with the fourth quarter ended
December 31, 2012 (see discussion
below). The reconciliation of non-GAAP financial measures is
included in the financial tables accompanying this press
release.
FINANCIAL AND OPERATING HIGHLIGHTS
- During the quarter, the Company completed the spin-off of
Ashford Prime, which started trading
under the ticker symbol "AHP" on November
20, 2013, on the New York Stock Exchange
- The Company closed mortgage loans totaling $18.2 million on the Residence Inn Jacksonville, FL and the Residence Inn
Manchester, CT
- Subsequent to the end of the fourth quarter, the Company
refinanced its $165 million MIP
Portfolio mortgage loan, with a new $200
million non-recourse mortgage loan
- At the end of the fourth quarter 2013, the Company had total
net working capital, including its pro rata share of the Highland
Hospitality Portfolio net working capital and the market value of
its OP Units in Ashford Prime, of
$381 million
- RevPAR for the Ashford Trust Portfolio hotels not under
renovation increased 2.5% during the quarter
- RevPAR for all Ashford Trust Portfolio hotels increased 1.3%
during the quarter
- Excluding Washington, D.C.
assets and markets positively impacted by Hurricane Sandy, RevPAR
increased 4.3% for all Ashford Trust Portfolio hotels
- Hotel EBITDA flow-through was 62% for all Ashford Trust
Portfolio hotels
- Due to Marriott's change to calendar reporting in 2013, the
prior year fourth quarter included twenty more days than the fourth
quarter 2013 which significantly impacted the year over year
comparisons
- Net loss attributable to common shareholders for the Company
was $25.9 million, or $0.32 per diluted share, compared with net loss
attributable to common shareholders of $21.1
million, or $0.32 per diluted
share, in the prior-year quarter
- Adjusted funds from operations (AFFO) for the Company was
$0.14 per diluted share for the
quarter as compared with $0.39 from
the prior-year quarter
- Interest rate derivative income decreased by $8.1 million from the prior year quarter,
impacting AFFO per share by $0.08
CAPITAL EXPENDITURES
- Capex invested in the quarter for the Ashford Trust Portfolio
was $40.8 million
- For the full-year 2013, capex invested in the Ashford Trust
Portfolio was $149.2 million
CAPITAL STRUCTURE
At December
31, 2013, the Company had total assets of $2.7 billion in continuing operations, and
$3.7 billion overall including the
Highland Hospitality Portfolio which is not consolidated. As
of December 31, 2013, the Company had
$1.8 billion of mortgage debt in
continuing operations and $2.6
billion overall including the Highland Hospitality
Portfolio. Ashford Trust's total combined debt had a blended
average interest rate of 5.3%, with a weighted average debt
maturity of 2.8 years.
On November 19, 2013 Ashford Trust
completed the spin-off of Ashford
Prime, which began trading on the New York Stock Exchange
("NYSE") under the ticker symbol "AHP" on November 20, 2013. Ashford Trust completed
the spin-off by distributing a pro-rata taxable dividend of
Ashford Prime common stock to
Ashford Trust stockholders of record as of the close of business of
the NYSE on November 8, 2013 (the
"Record Date"). The distribution was based on a distribution
ratio of one share of Ashford Prime
common stock for every five shares of Ashford Trust common stock
held by such stockholder on the Record Date. Following the
distribution, there were approximately 24.9 million shares of
Ashford Prime common stock and
partnership units outstanding. This was comprised of
approximately 16.1 million shares of Ashford Prime common stock and 8.8 million
partnership units, which includes the partnership units issued to
Ashford Trust reflecting its 20% ownership in Ashford Prime's operating partnership.
On December 23, 2013, the Company
announced that it had closed mortgage loans totaling $18.2 million on the Residence Inn Jacksonville, FL and the Residence Inn
Manchester, CT, with both loans
now set to mature in January 2024. The previous $6.4 million loan balance on the Residence Inn
Jacksonville was refinanced with a new $10.8
million loan, with a 10-year term that provides for a fixed
interest rate of 5.49% and is non-recourse. The refinance
resulted in excess net proceeds of approximately $4.0 million, which were added to the Company's
unrestricted cash balance. As a result, this refinancing was
neutral to the Company on a net debt basis.
The new financing on the Residence Inn Manchester includes a
$7.4 million loan, also with a
10-year term. The new loan provides for a fixed interest rate
of 5.49% and is non-recourse. Ashford has an 85% ownership
interest in the property, with Interstate Hotels & Resorts
holding the remaining 15%. Terms described in this press
release refer to 100% of the loan indebtedness unless otherwise
indicated. This property was previously unencumbered, and the
excess loan proceeds above typical closing costs and reserves were
distributed to the partners on a pro rata basis. Ashford
Trust's share of the excess proceeds was approximately $6.0 million, which were added to the Company's
unrestricted cash balance. As a result, this refinancing was
neutral to the Company on a net debt basis.
Subsequent to the end of the fourth quarter, on January 27, 2014, the Company announced it had
successfully refinanced its $165
million MIP Portfolio mortgage loan, with a new $200 million non-recourse mortgage loan with a
two-year initial term and three one-year extension options, subject
to the satisfaction of certain conditions. The new loan is
interest only and provides for a floating interest rate of LIBOR +
4.75% with a 0.20% LIBOR Floor. The refinance resulted in
excess net proceeds of approximately $30
million, which were added to the Company's unrestricted cash
balance. As a result, this refinancing is neutral to the Company on
a net debt basis. The new loan remains secured by the same
five hotels including: the Embassy Suites Philadelphia Airport,
Embassy Suites Walnut Creek, Sheraton Mission Valley San Diego,
Sheraton Anchorage and the Hilton Minneapolis/St Paul Airport Mall
of America.
The Company expects to close on the sale of the Pier House
Resort to Ashford Prime on
February 28, 2014. The sales
price is $92.7 million.
Ashford Prime will assume the
$69 million mortgage and will pay the
balance of the purchase price in cash.
PORTFOLIO REVPAR
As of December 31, 2013, the Ashford Trust Portfolio
consisted of direct hotel investments with 115 properties
classified in continuing operations. During the fourth
quarter of 2013, 99 of the Ashford Trust Portfolio hotels included
in continuing operations were not under renovation. The
Company believes reporting its operating metrics for the Ashford
Trust Portfolio hotels in continuing operations on a pro forma
total basis (all 115 hotels) and pro forma not under renovation
basis (99 hotels) is a measure that reflects a meaningful and
focused comparison of the operating results in its portfolio.
Details of each category are provided in the tables attached to
this release.
- Pro forma RevPAR increased 1.3% to $88.86 for all hotels in the Ashford Trust
Portfolio on a 1.6% increase in ADR and a 17 basis point decrease
in occupancy
- Pro forma RevPAR increased 2.5% to $88.40 for hotels not under renovation in the
Ashford Trust Portfolio on a 1.4% increase in ADR and a 72 basis
point increase in occupancy
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY
TRENDS
The Company 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 Hotel EBITDA and Hotel
EBITDA Margin for the current and certain prior-year periods based
upon the number of hotels in the Ashford Trust Portfolio, including
its pro-rata share of the Highland Hospitality Portfolio as of the
end of the current period. As the Company's portfolio mix
changes from time to time so will the seasonality for Pro forma
Hotel EBITDA and Pro forma Hotel EBITDA margin. The details
of the quarterly calculations for the previous four quarters for
the 115 Ashford Trust Portfolio hotels included in continuing
operations are provided in the table attached to this release.
In addition, in 2013, Marriott Hotels and Resorts converted to a
monthly reporting calendar as opposed to its traditional
thirteen-period reporting calendar. Historically, the Company
has recorded four of its Marriott-managed hotels' accounting
periods in the fourth quarter and three in each of the other
quarters during the year. Presently, Marriott manages 40
hotels for the Company, making it one of the Company's largest
property managers. Accordingly, this year the Company has
converted its 2012 numbers on a pro forma basis to calendar months,
consistent with the new Marriott monthly reporting calendar, to
provide necessary consistency in period-to-period
comparisons.
COMMON STOCK DIVIDEND
On December 16, 2013, the Company announced that its
Board of Directors had declared a quarterly cash dividend of
$0.12 per diluted share for the
Company's common stock for the fourth quarter ending December 31, 2013, payable on January 15, 2014, to shareholders of record as of
December 31, 2013.
The Board also approved the Company's dividend policy for
2014. The Company expects to pay a quarterly cash dividend of
$0.12 per share for 2014, or
$0.48 per share on an annualized
basis. The Company believes this dividend policy is
appropriate given the recent spin-off of Ashford Hospitality Prime,
and its recent dividend announcement. The adoption of a
dividend policy does not commit the Board of Directors to declare
future dividends or the amount thereof. The Board will continue to
review its dividend policy on a quarter-to-quarter basis.
"Ashford Trust has made significant progress in creating value
for our shareholders. We have completed $487 million of refinancings since the beginning
of 2013 resulting in significant excess proceeds, and, in November,
we completed the spin-off of Ashford
Prime," commented Monty J.
Bennett, Ashford Trust's Chairman and Chief Executive
Officer. "The announced plan to spin-off Ashford Trust's
asset management business is another step toward maximizing value
for our shareholders. With advisory agreements in place with
two publicly traded REITs, the anticipated launch of our securities
investment platform, and several potential business possibilities
in front of us, Ashford Inc. is well positioned for growth.
This transaction provides an opportunity to unlock that value for
the benefit of Ashford Trust shareholders. With both Ashford
Trust and Ashford Prime pursuing
distinct investment strategies, we believe both companies are well
positioned to capitalize on the attractive lodging industry
fundamentals we expect to continue for the next several years, and
that Ashford's asset management business will benefit from that
growth. For Ashford Trust, we will also continue to
proactively address our debt maturities by capitalizing on the
current attractive interest rates and debt market conditions we are
seeing. As the management team with the highest insider
ownership in our industry, you can be assured we are highly aligned
with you in our pursuit to maximize shareholder value."
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford
Hospitality Trust, Inc. will conduct a conference call on
Friday, February 28, 2014, at
11:00 a.m. ET. The number to
call for this interactive teleconference is (480) 629-9835. A
replay of the conference call will be available through
Friday, March 7, 2014, by dialing
(303) 590-3030 and entering the confirmation number, 4662726.
The Company will also provide an online simulcast and
rebroadcast of its fourth quarter 2013 earnings release conference
call. The live broadcast of Ashford Hospitality Trust's
quarterly conference call will be available online at the Company's
web site, www.ahtreit.com on Friday,
February 28, 2014, beginning at 11:00
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 real estate investment trust
(REIT) focused on investing opportunistically in the hospitality
industry across all segments and at all levels of the capital
structure primarily within the United
States.
Follow Chairman and CEO Monty
Bennett on Twitter at www.twitter.com/MBennettAshford or
@MBennettAshford.
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 statements are subject to
numerous assumptions and uncertainties, many of which are outside
Ashford Trust'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 Trust'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. Hotel EBITDA flow-through
is the change in Hotel EBITDA divided by the change in total
revenues. Hotel EBITDA Margin is Hotel EBITDA divided by
total 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)
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
(Unaudited)
|
ASSETS
|
|
|
|
|
Cash and cash
equivalents
|
$
128,780
|
|
$
185,935
|
|
Marketable
securities
|
29,601
|
|
23,620
|
|
|
Total cash, cash
equivalents and marketable securities
|
158,381
|
|
209,555
|
|
Investment in hotel
properties, net
|
2,164,389
|
|
2,872,304
|
|
Restricted
cash
|
61,498
|
|
84,786
|
|
Accounts receivable,
net of allowance of $242 and $265, respectively
|
21,791
|
|
35,116
|
|
Inventories
|
1,946
|
|
2,111
|
|
Notes receivable, net
of allowance of $7,937 and $8,333, respectively
|
3,384
|
|
11,331
|
|
Investment in
Highland Hospitality
|
139,302
|
|
158,694
|
|
Investment in Ashford
Prime
|
56,243
|
|
-
|
|
Deferred costs,
net
|
10,155
|
|
17,194
|
|
Prepaid
expenses
|
7,519
|
|
10,145
|
|
Derivative assets,
net
|
19
|
|
6,391
|
|
Other
assets
|
4,303
|
|
4,594
|
|
Intangible asset,
net
|
-
|
|
2,721
|
|
Due from Ashford
Prime, net
|
13,042
|
|
-
|
|
Due from
affiliates
|
1,302
|
|
1,168
|
|
Due from third-party
hotel managers
|
33,728
|
|
48,619
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
2,677,002
|
|
$
3,464,729
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Liabilities:
|
|
|
|
|
Indebtedness
|
$
1,818,929
|
|
$
2,339,410
|
|
Capital leases
payable
|
28
|
|
-
|
|
Accounts payable and
accrued expenses
|
70,683
|
|
84,293
|
|
Dividends
payable
|
20,735
|
|
18,258
|
|
Unfavorable
management contract liabilities
|
7,306
|
|
11,165
|
|
Due to related party,
net
|
270
|
|
3,725
|
|
Due to third-party
hotel managers
|
958
|
|
1,410
|
|
Liabilities
associated with marketable securities and other
|
3,764
|
|
1,641
|
|
Other
liabilities
|
1,286
|
|
6,348
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
1,923,959
|
|
2,466,250
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests in operating partnership
|
134,206
|
|
151,179
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
Preferred stock,
$0.01 par value, 50,000,000 shares authorized -
|
|
|
|
|
|
|
Series A Cumulative
Preferred Stock, 1,657,206 shares issued and outstanding
at
|
|
|
|
|
|
|
|
December 31, 2013 and
December 31, 2012
|
17
|
|
17
|
|
|
|
Series D Cumulative
Preferred Stock, 9,468,706 shares issued and outstanding
at
|
|
|
|
|
|
|
|
December 31, 2013 and
December 31, 2012
|
95
|
|
95
|
|
|
|
Series E Cumulative
Preferred Stock, 4,630,000 shares issued and outstanding
at
|
|
|
|
|
|
|
|
December 31, 2013 and
December 31, 2012
|
46
|
|
46
|
|
|
Common stock, $0.01
par value, 200,000,000 shares authorized, 124,896,765
shares
|
|
|
|
|
|
|
issued, 80,565,563
and 68,150,617 shares outstanding, respectively
|
1,249
|
|
1,249
|
|
|
Additional paid-in
capital
|
1,652,743
|
|
1,766,168
|
|
|
Accumulated other
comprehensive loss
|
(197)
|
|
(282)
|
|
|
Accumulated
deficit
|
(896,110)
|
|
(770,467)
|
|
|
Treasury stock, at
cost (44,331,202 shares and 56,746,148 shares,
respectively)
|
(140,054)
|
|
(164,884)
|
|
|
|
Total shareholders'
equity of the Company
|
617,789
|
|
831,942
|
|
Noncontrolling
interests in consolidated entities
|
1,048
|
|
15,358
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
618,837
|
|
847,300
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
equity
|
$
2,677,002
|
|
$
3,464,729
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
REVENUE
|
|
|
|
|
|
|
|
|
Rooms
|
$
162,994
|
|
$
186,326
|
|
$
749,270
|
|
$
727,124
|
|
Food and
beverage
|
36,274
|
|
45,106
|
|
153,602
|
|
160,488
|
|
Other
|
9,306
|
|
9,094
|
|
37,815
|
|
34,689
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total hotel
revenue
|
208,574
|
|
240,526
|
|
940,687
|
|
922,301
|
|
Advisory
services
|
1,047
|
|
-
|
|
1,047
|
|
-
|
|
Other
|
134
|
|
52
|
|
526
|
|
305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
209,755
|
|
240,578
|
|
942,260
|
|
922,606
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
Hotel operating
expenses
|
|
|
|
|
|
|
|
|
|
Rooms
|
38,696
|
|
44,550
|
|
171,006
|
|
166,625
|
|
|
Food and
beverage
|
23,885
|
|
29,838
|
|
104,536
|
|
108,274
|
|
|
Other
expenses
|
65,903
|
|
72,961
|
|
281,826
|
|
276,949
|
|
|
Management
fees
|
8,478
|
|
10,350
|
|
38,945
|
|
38,492
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total hotel operating
expenses
|
136,962
|
|
157,699
|
|
596,313
|
|
590,340
|
|
|
|
|
|
|
|
|
|
|
|
|
Property taxes,
insurance and other
|
10,690
|
|
11,566
|
|
47,075
|
|
44,903
|
|
Depreciation and
amortization
|
29,891
|
|
33,287
|
|
127,990
|
|
133,979
|
|
Impairment
charges
|
(100)
|
|
(96)
|
|
(396)
|
|
(5,349)
|
|
Gain on insurance
settlements
|
(270)
|
|
(91)
|
|
(270)
|
|
(91)
|
|
Transaction
costs
|
28
|
|
—
|
|
1,324
|
|
—
|
|
Corporate, general
and administrative:
|
|
|
|
|
|
|
|
|
|
Stock/unit-based
compensation
|
8,490
|
|
3,739
|
|
25,539
|
|
17,440
|
|
|
Other general and
administrative
|
1,651
|
|
7,283
|
|
27,282
|
|
26,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
187,342
|
|
213,387
|
|
824,857
|
|
807,832
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
22,413
|
|
27,191
|
|
117,403
|
|
114,774
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in loss of
unconsolidated entities
|
(8,778)
|
|
(3,179)
|
|
(23,404)
|
|
(20,833)
|
|
Interest
income
|
10
|
|
41
|
|
71
|
|
125
|
|
Other income
(loss)
|
(796)
|
|
8,712
|
|
5,650
|
|
31,700
|
|
Interest
expense
|
(31,397)
|
|
(34,615)
|
|
(133,697)
|
|
(138,661)
|
|
Amortization of loan
costs
|
(2,041)
|
|
(1,892)
|
|
(7,772)
|
|
(6,135)
|
|
Write-off of loan
costs and exit fees
|
(127)
|
|
(3,998)
|
|
(2,098)
|
|
(3,998)
|
|
Unrealized gain
(loss) on marketable securities
|
3,076
|
|
(863)
|
|
5,115
|
|
2,502
|
|
Unrealized loss on
derivatives
|
(1,138)
|
|
(8,905)
|
|
(8,315)
|
|
(35,657)
|
|
|
|
|
|
|
|
|
|
|
|
LOSS FROM
CONTINUING OPERATIONS BEFORE INCOME TAXES
|
(18,778)
|
|
(17,508)
|
|
(47,047)
|
|
(56,183)
|
|
Income tax (expense)
benefit
|
177
|
|
509
|
|
(1,511)
|
|
(2,375)
|
|
|
|
|
|
|
|
|
|
|
|
LOSS FROM
CONTINUING OPERATIONS
|
(18,601)
|
|
(16,999)
|
|
(48,558)
|
|
(58,558)
|
Income (loss) from
discontinued operations
|
—
|
|
3,316
|
|
—
|
|
(3,650)
|
|
|
|
|
|
|
|
|
|
|
|
NET
LOSS
|
(18,601)
|
|
(13,683)
|
|
(48,558)
|
|
(62,208)
|
Income from
consolidated entities attributable to noncontrolling
interests
|
(1,798)
|
|
(1,311)
|
|
(908)
|
|
(868)
|
Net loss attributable
to redeemable noncontrolling interests in operating
partnership
|
3,031
|
|
2,393
|
|
8,183
|
|
9,296
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS
ATTRIBUTABLE TO THE COMPANY
|
(17,368)
|
|
(12,601)
|
|
(41,283)
|
|
(53,780)
|
Preferred
dividends
|
(8,491)
|
|
(8,491)
|
|
(33,962)
|
|
(33,802)
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS
ATTRIBUTABLE TO COMMON SHAREHOLDERS
|
$
(25,859)
|
|
$
(21,092)
|
|
$
(75,245)
|
|
$
(87,582)
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) PER
SHARE – BASIC AND DILUTED
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations attributable to common shareholders
|
$
(0.32)
|
|
$
(0.36)
|
|
$
(1.00)
|
|
$
(1.25)
|
|
|
Income (loss) from
discontinued operations attributable to common
shareholders
|
—
|
|
0.04
|
|
—
|
|
$
(0.05)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to common shareholders
|
$
(0.32)
|
|
$
(0.32)
|
|
$
(1.00)
|
|
$
(1.30)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding – basic
|
81,383
|
|
67,670
|
|
75,155
|
|
67,533
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations attributable to common shareholders
|
$
(0.32)
|
|
$
(0.36)
|
|
$
(1.00)
|
|
$
(1.25)
|
|
|
Income (loss) from
discontinued operations attributable to common
shareholders
|
—
|
|
$
0.04
|
|
—
|
|
$
(0.05)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to common shareholders
|
$
(0.32)
|
|
$
(0.32)
|
|
$
(1.00)
|
|
$
(1.30)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding – diluted
|
81,383
|
|
67,670
|
|
75,155
|
|
67,533
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per common share:
|
$
0.12
|
|
$
0.11
|
|
$
0.48
|
|
$
0.44
|
|
|
|
|
|
|
|
|
|
|
|
Amounts
attributable to common shareholders:
|
|
|
|
|
|
|
|
|
Loss from continuing
operations
|
$
(17,368)
|
|
$
(15,488)
|
|
$
(41,283)
|
|
$
(50,570)
|
|
Income (loss) from
discontinued operations
|
—
|
|
2,887
|
|
—
|
|
(3,210)
|
|
Preferred
dividends
|
(8,491)
|
|
(8,491)
|
|
(33,962)
|
|
(33,802)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to common shareholders
|
$
(25,859)
|
|
$
(21,092)
|
|
$
(75,245)
|
|
$
(87,582)
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
RECONCILIATION OF NET LOSS TO
EBITDA
|
(in
thousands)
|
(Unaudited)
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
$
(18,601)
|
|
$
(13,683)
|
|
$
(48,558)
|
|
$
(62,208)
|
Income from
consolidated entities attributable to noncontrolling
interests
|
(1,798)
|
|
(1,311)
|
|
(908)
|
|
(868)
|
Net loss
attributable to redeemable noncontrolling interests in operating
partnership
|
3,031
|
|
2,393
|
|
8,183
|
|
9,296
|
Net loss
attributable to the Company
|
(17,368)
|
|
(12,601)
|
|
(41,283)
|
|
(53,780)
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
(10)
|
|
(41)
|
|
(70)
|
|
(124)
|
|
Interest
expense and amortization of loan costs
|
33,161
|
|
36,576
|
|
139,782
|
|
144,857
|
|
Depreciation
and amortization
|
29,424
|
|
33,011
|
|
125,041
|
|
133,463
|
|
Income tax
expense (benefit)
|
(177)
|
|
(532)
|
|
1,511
|
|
2,352
|
|
Net loss
attributable to redeemable noncontrolling interests in operating
partnership
|
(3,031)
|
|
(2,393)
|
|
(8,183)
|
|
(9,296)
|
|
Equity in loss
of unconsolidated entities
|
8,778
|
|
3,179
|
|
23,404
|
|
20,833
|
|
Company's
portion of EBITDA of unconsolidated entity (Prime)
|
(2,577)
|
|
-
|
|
(2,577)
|
|
-
|
|
Company's
portion of EBITDA of unconsolidated joint venture
(Highland)
|
17,625
|
|
21,054
|
|
76,901
|
|
78,730
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
65,825
|
|
78,253
|
|
314,526
|
|
317,035
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
unfavorable management contract liabilities
|
(515)
|
|
(753)
|
|
(2,245)
|
|
(2,447)
|
|
Impairment
charges
|
(100)
|
|
(96)
|
|
(396)
|
|
(1,229)
|
|
Gain on
sale/disposition of properties
|
-
|
|
(4,490)
|
|
-
|
|
(4,488)
|
|
Non-cash gain
on insurance settlements
|
(270)
|
|
(91)
|
|
(270)
|
|
(91)
|
|
Write-off of
loan costs and exit fees
|
127
|
|
4,117
|
|
2,098
|
|
4,117
|
|
Other (income)
loss (1)
|
796
|
|
(8,712)
|
|
(5,650)
|
|
(31,700)
|
|
Transaction,
acquisition and management conversion costs
|
31
|
|
-
|
|
1,657
|
|
-
|
|
Transaction
costs related to spin-off, net of reimbursements
|
(4,894)
|
|
-
|
|
1,548
|
|
-
|
|
Dead deal
costs
|
-
|
|
869
|
|
-
|
|
869
|
|
Legal costs
related to litigation settlements (2)
|
-
|
|
28
|
|
-
|
|
2,491
|
|
Unrealized
(gain) loss on marketable securities
|
(3,076)
|
|
863
|
|
(5,115)
|
|
(2,502)
|
|
Unrealized loss
on derivatives
|
1,138
|
|
8,905
|
|
8,315
|
|
35,657
|
|
El Conquistador
results since appointment of receiver
|
-
|
|
505
|
|
-
|
|
1,402
|
|
Modification of
rent terms
|
539
|
|
-
|
|
539
|
|
-
|
|
Equity-based
compensation
|
8,490
|
|
3,739
|
|
25,539
|
|
17,440
|
|
Company's
portion of adjustments to EBITDA of unconsolidated entity
(Prime)
|
2,781
|
|
-
|
|
2,781
|
|
-
|
|
Company's
portion of adjustments to EBITDA of unconsolidated joint venture
(Highland)
|
296
|
|
(7)
|
|
4,442
|
|
219
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
71,168
|
|
$
83,130
|
|
$
347,769
|
|
$
336,773
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Other (income) loss,
primarily consisting of income from interest rate derivatives in
both periods and net realized loss on marketable securities in both
periods, is excluded from Adjusted EBITDA.
|
(2)
|
Legal costs
associated with litigation settlements are excluded from Adjusted
EBITDA.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NET LOSS TO FUNDS FROM
OPERATIONS ("FFO")
|
(in
thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
$
(18,601)
|
|
$
(13,683)
|
|
$
(48,558)
|
|
$
(62,208)
|
Income from
consolidated entities attributable to noncontrolling
interests
|
(1,798)
|
|
(1,311)
|
|
(908)
|
|
(868)
|
Net loss
attributable to redeemable noncontrolling interests in operating
partnership
|
3,031
|
|
2,393
|
|
8,183
|
|
9,296
|
Preferred
dividends
|
(8,491)
|
|
(8,491)
|
|
(33,962)
|
|
(33,802)
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to common shareholders
|
(25,859)
|
|
(21,092)
|
|
(75,245)
|
|
(87,582)
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization on real estate
|
29,308
|
|
32,957
|
|
124,611
|
|
133,246
|
|
Gain on
sale/disposition of properties
|
-
|
|
(4,490)
|
|
-
|
|
(4,488)
|
|
Net loss
attributable to redeemable noncontrolling interests in operating
partnership
|
(3,031)
|
|
(2,393)
|
|
(8,183)
|
|
(9,296)
|
|
Equity in loss
of unconsolidated entities
|
8,778
|
|
3,179
|
|
23,404
|
|
20,833
|
|
Company's
portion of FFO of unconsolidated entity (Prime)
|
(3,339)
|
|
-
|
|
(3,339)
|
|
-
|
|
Company's
portion of FFO of unconsolidated joint venture
(Highland)
|
7,031
|
|
10,241
|
|
34,275
|
|
31,496
|
|
|
|
|
|
|
|
|
|
|
FFO
available to common shareholders
|
12,888
|
|
18,402
|
|
95,523
|
|
84,209
|
|
|
|
|
|
|
|
|
|
|
|
Write-off of
loan costs and exit fees
|
127
|
|
4,117
|
|
2,098
|
|
4,117
|
|
Impairment
charges
|
(100)
|
|
(96)
|
|
(396)
|
|
(1,229)
|
|
Non-cash gain
on insurance settlements
|
(270)
|
|
(91)
|
|
(270)
|
|
(91)
|
|
Other (income)
loss (1)
|
796
|
|
(660)
|
|
565
|
|
340
|
|
Legal costs
related to litigation settlements (2)
|
-
|
|
28
|
|
-
|
|
2,491
|
|
Transaction,
acquisition and management conversion costs
|
31
|
|
-
|
|
1,657
|
|
-
|
|
Transaction
costs related to spin-off, net of reimbursements
|
(4,894)
|
|
-
|
|
1,548
|
|
-
|
|
Unrealized
(gain) loss on marketable securities
|
(3,076)
|
|
863
|
|
(5,115)
|
|
(2,502)
|
|
Unrealized loss
on derivatives
|
1,138
|
|
8,905
|
|
8,315
|
|
35,657
|
|
Dead deal
costs
|
-
|
|
869
|
|
-
|
|
869
|
|
El Conquistador
results since appointment of receiver
|
-
|
|
924
|
|
-
|
|
2,068
|
|
Modification of
rent terms
|
539
|
|
-
|
|
539
|
|
-
|
|
Equity-based
compensation adjustment related to modified employment
terms
|
-
|
|
-
|
|
4,678
|
|
480
|
|
Equity-based
compensation related to spin-off deferred
compensation
|
4,313
|
|
-
|
|
4,313
|
|
-
|
|
Company's
portion of adjustments to FFO of unconsolidated entity
(Prime)
|
2,716
|
|
-
|
|
2,716
|
|
-
|
|
Company's
portion of adjustments to FFO of unconsolidated joint venture
(Highland)
|
-
|
|
1
|
|
24
|
|
234
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO
available to common shareholders
|
$
14,208
|
|
$
33,262
|
|
$
116,195
|
|
$
126,643
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO
per diluted share available to common shareholders
|
$
0.14
|
|
$
0.39
|
|
$
1.24
|
|
$
1.49
|
|
|
|
|
|
|
|
|
|
|
Weighted
average diluted shares
|
100,497
|
|
85,389
|
|
93,982
|
|
85,082
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Other (income) loss,
primarily consisting of net realized loss on marketable securities
in both periods, is excluded from Adjusted
FFO.
|
(2)
|
Legal costs
associated with litigation settlements are excluded from Adjusted
FFO.
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
ASHFORD TRUST
(INCLUDING 71.74% PRO RATA SHARE OF HIGHLAND HOSPITALITY PORTFOLIO,
EXCLUDING PRIME PORTFOLIO)
|
SUMMARY OF
INDEBTEDNESS OF CONTINUING OPERATIONS
|
DECEMBER 31,
2013
|
(dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proforma
|
|
Proforma
|
|
|
|
|
|
|
Fixed-Rate
|
|
Floating-Rate
|
|
Total
|
|
TTM
Hotel
|
|
TTM
EBITDA
|
Indebtedness
|
|
Maturity
|
|
Interest
Rate
|
|
Debt
|
|
Debt
|
|
Debt
|
|
EBITDA
|
|
Debt
Yield
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BoA MIP - 5
hotels
|
|
March 2014
|
|
LIBOR +
4.50%
|
|
$
-
|
|
$
164,433
|
(1)
|
$
164,433
|
|
$
18,888
|
|
11.5%
|
Wells Senior -
25 hotels
|
|
March 2014
|
|
LIBOR +
3.00%
|
|
-
|
|
380,222
|
(5)
|
380,222
|
|
65,249
|
|
17.2%
|
Mezz 1 - 28
hotels
|
|
March 2014
|
|
Greater of 7.00% or
LIBOR + 6.00%
|
|
-
|
|
93,497
|
(5)
|
93,497
|
|
87,717
|
|
14.0%
|
Mezz 2 - 28
hotels
|
|
March 2014
|
|
Greater of 8.00% or
LIBOR + 7.00%
|
|
-
|
|
89,007
|
(5)
|
89,007
|
|
87,717
|
|
12.3%
|
Mezz 3 - 28
hotels
|
|
March 2014
|
|
Greater of 10.50% or
LIBOR + 9.50%
|
|
-
|
|
76,292
|
(5)
|
76,292
|
|
87,717
|
|
11.1%
|
Mezz 4 - 28
hotels
|
|
March 2014
|
|
LIBOR +
2.00%
|
|
|
|
13,218
|
(5)
|
13,218
|
|
87,717
|
|
10.9%
|
JPM Floater - 9
hotels
|
|
May 2014
|
|
LIBOR +
6.50%
|
|
-
|
|
135,000
|
(2)
|
135,000
|
|
17,563
|
|
13.0%
|
GEMSA
Manchester - 1 hotel
|
|
May 2014
|
|
8.32%
|
|
5,075
|
|
-
|
|
5,075
|
|
766
|
|
15.1%
|
Senior credit
facility - Various
|
|
September
2014
|
|
LIBOR + 2.75% to
3.5%
|
|
-
|
|
-
|
(6)
|
-
|
|
N/A
|
|
N/A
|
Goldman Sachs -
5 hotels
|
|
November
2014
|
|
Greater of 6.40% or
LIBOR + 6.15%
|
|
-
|
|
211,000
|
(3)
|
211,000
|
|
24,632
|
|
11.7%
|
UBS 1 - 8
hotels
|
|
December
2014
|
|
5.75%
|
|
102,348
|
|
-
|
|
102,348
|
|
11,788
|
|
11.5%
|
Merrill 1 - 10
hotels
|
|
July 2015
|
|
5.22%
|
|
148,990
|
|
-
|
|
148,990
|
|
21,714
|
|
14.6%
|
JPM Pier House
- 1 hotel
|
|
September
2015
|
|
LIBOR +
4.90%
|
|
-
|
|
69,000
|
(4)
|
69,000
|
|
7,567
|
|
11.0%
|
UBS 2 - 8
hotels
|
|
December
2015
|
|
5.70%
|
|
94,899
|
|
-
|
|
94,899
|
|
11,459
|
|
12.1%
|
Merrill 2 - 5
hotels
|
|
February
2016
|
|
5.53%
|
|
107,737
|
|
-
|
|
107,737
|
|
16,487
|
|
15.3%
|
Merrill 3 - 5
hotels
|
|
February
2016
|
|
5.53%
|
|
89,347
|
|
-
|
|
89,347
|
|
15,967
|
|
17.9%
|
Merrill 7 - 5
hotels
|
|
February
2016
|
|
5.53%
|
|
77,394
|
|
-
|
|
77,394
|
|
12,890
|
|
16.7%
|
Wachovia 1 - 5
hotels
|
|
April 2017
|
|
5.95%
|
|
113,343
|
|
-
|
|
113,343
|
|
12,806
|
|
11.3%
|
Wachovia 5 - 5
hotels
|
|
April 2017
|
|
5.95%
|
|
101,878
|
|
-
|
|
101,878
|
|
10,883
|
|
10.7%
|
Wachovia 6 - 5
hotels
|
|
April 2017
|
|
5.95%
|
|
155,019
|
|
-
|
|
155,019
|
|
16,400
|
|
10.6%
|
Wachovia 2 - 7
hotels
|
|
April 2017
|
|
5.95%
|
|
123,997
|
|
-
|
|
123,997
|
|
12,913
|
|
10.4%
|
Morgan Stanley
Boston Back Bay - 1 hotel
|
|
January
2018
|
|
4.38%
|
|
72,814
|
|
-
|
|
72,814
|
|
9,527
|
|
13.1%
|
Morgan Stanley
Princeton/Nashville - 2 hotels
|
|
January
2018
|
|
4.44%
|
|
79,614
|
|
-
|
|
79,614
|
|
12,941
|
|
16.3%
|
GACC Gateway -
1 hotel
|
|
November
2020
|
|
6.26%
|
|
101,268
|
|
-
|
|
101,268
|
|
15,087
|
|
14.9%
|
GACC
Jacksonville RI - 1 hotel
|
|
January
2024
|
|
5.49%
|
|
10,800
|
|
-
|
|
10,800
|
|
1,283
|
|
11.9%
|
GACC Manchester
RI - 1 hotel
|
|
January
2024
|
|
5.49%
|
|
7,400
|
|
-
|
|
7,400
|
|
1,001
|
|
13.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
$
1,391,923
|
|
$
1,231,669
|
|
$
2,623,592
|
|
$
317,811
|
|
12.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
53.1%
|
|
46.9%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average interest rate
|
|
|
|
|
|
5.61%
|
|
5.50%
|
|
5.56%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average interest rate with the effect of interest rate
swaps
|
|
|
|
5.17%
|
(7)
|
5.50%
|
(7)
|
5.32%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All indebtedness is
non-recourse with the exception of the senior credit
facility.
|
|
|
|
|
|
|
|
(1)This
mortgage loan has a one-year extension option beginning March 2014,
subject to satisfaction of certain conditions.
|
|
|
|
|
|
|
|
(2)This
mortgage loan has three one-year extension options beginning May
2014, subject to satisfaction of certain conditions.
|
|
|
|
|
|
|
|
(3)This
mortgage loan has three one-year extension options beginning
November 2014, subject to satisfaction of certain
conditions.
|
|
|
|
|
|
|
|
(4)This
mortgage loan has three one-year extension options beginning
September 2015, subject to satisfaction of certain
conditions.
|
|
|
|
|
|
|
|
(5)Each of
these loans has two one-year extension options beginning March
2014.
|
|
|
|
|
|
|
|
(6)This
credit facility has a one-year extension option subject to advance
notice and a 0.25% extension fee beginning September
2014.
|
|
|
|
|
|
|
|
(7)These
rates are calculated assuming the LIBOR rate stays at the December
31, 2013 level and with the effect of our interest rate
derivatives.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
|
ASHFORD TRUST
(INCLUDING 71.74% PRO RATA SHARE OF HIGHLAND HOSPITALITY PORTFOLIO,
EXCLUDING PRIME PORTFOLIO)
|
INDEBTEDNESS
BY MATURITY ASSUMING EXTENSION OPTIONS ARE
EXERCISED
|
|
DECEMBER 31,
2013
|
(in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
Thereafter
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GEMSA
Manchester - 1 hotel
|
|
$
5,004
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
5,004
|
|
Senior credit
facility - Various
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
UBS 1 - 8
hotels
|
|
|
100,119
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
100,119
|
|
BoA MIP - 5
hotels
|
|
-
|
|
164,433
|
|
-
|
|
-
|
|
-
|
|
-
|
|
164,433
|
|
Merrill 1 - 10
hotels
|
|
-
|
|
142,922
|
|
-
|
|
-
|
|
-
|
|
-
|
|
142,922
|
|
UBS 2 - 8
hotels
|
|
|
-
|
|
90,680
|
|
-
|
|
-
|
|
-
|
|
-
|
|
90,680
|
|
Merrill 2 - 5
hotels
|
|
-
|
|
-
|
|
101,740
|
|
-
|
|
-
|
|
-
|
|
101,740
|
|
Merrill 3 - 5
hotels
|
|
-
|
|
-
|
|
84,374
|
|
-
|
|
-
|
|
-
|
|
84,374
|
|
Merrill 7 - 5
hotels
|
|
-
|
|
-
|
|
73,086
|
|
-
|
|
-
|
|
-
|
|
73,086
|
|
Wells Senior -
25 hotels
|
|
-
|
|
-
|
|
380,222
|
|
-
|
|
-
|
|
-
|
|
380,222
|
|
Mezz 1 - 28
hotels
|
|
-
|
|
-
|
|
93,581
|
|
-
|
|
-
|
|
-
|
|
93,581
|
|
Mezz 2 - 28
hotels
|
|
-
|
|
-
|
|
89,087
|
|
-
|
|
-
|
|
-
|
|
89,087
|
|
Mezz 3 - 28
hotels
|
|
-
|
|
-
|
|
76,360
|
|
-
|
|
-
|
|
-
|
|
76,360
|
|
Mezz 4 - 28
hotels
|
|
-
|
|
-
|
|
13,218
|
|
-
|
|
-
|
|
-
|
|
13,218
|
|
JPM Floater - 9
hotels
|
|
-
|
|
-
|
|
-
|
|
135,000
|
|
-
|
|
-
|
|
135,000
|
|
Wachovia 1 - 5
hotels
|
|
-
|
|
-
|
|
-
|
|
107,351
|
|
-
|
|
-
|
|
107,351
|
|
Wachovia 5 - 5
hotels
|
|
-
|
|
-
|
|
-
|
|
96,491
|
|
-
|
|
-
|
|
96,491
|
|
Wachovia 6 - 5
hotels
|
|
-
|
|
-
|
|
-
|
|
146,823
|
|
-
|
|
-
|
|
146,823
|
|
Wachovia 2 - 7
hotels
|
|
-
|
|
-
|
|
-
|
|
117,441
|
|
-
|
|
-
|
|
117,441
|
|
Goldman Sachs -
5 hotels
|
|
-
|
|
-
|
|
-
|
|
211,000
|
|
-
|
|
-
|
|
211,000
|
|
JPM Pier House
- 1 hotel
|
|
-
|
|
-
|
|
-
|
|
-
|
|
69,000
|
|
-
|
|
69,000
|
|
Morgan Stanley
Boston Back Bay - 1 hotel
|
-
|
|
-
|
|
-
|
|
-
|
|
67,358
|
|
-
|
|
67,358
|
|
Morgan Stanley
Princeton/Nashville - 2 hotels
|
-
|
|
-
|
|
-
|
|
-
|
|
73,703
|
|
-
|
|
73,703
|
|
GACC Gateway -
1 hotel
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
89,886
|
|
89,886
|
|
GACC
Jacksonville RI - 1 hotel
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
9,036
|
|
9,036
|
|
GACC Manchester
RI - 1 hotel
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
6,191
|
|
6,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal due
in future periods
|
|
$
105,123
|
|
$
398,035
|
|
$
911,667
|
|
$
814,106
|
|
$
210,060
|
|
$
105,113
|
|
$
2,544,105
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Scheduled
amortization payments remaining
|
25,017
|
|
23,272
|
|
13,106
|
|
16,066
|
|
-
|
|
2,026
|
|
79,487
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
indebtedness of continuing operations
|
$
130,140
|
|
$
421,307
|
|
$
924,773
|
|
$
830,172
|
|
$
210,060
|
|
$
107,139
|
|
$
2,623,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE: These
maturities assume no event of default would occur.
|
|
|
|
|
|
|
|
|
|
ASHFORD TRUST
(INCLUDING 71.74% PRO RATA SHARE OF HIGHLAND HOSPITALITY
PORTFOLIO)
|
KEY PERFORMANCE
INDICATORS - PRO FORMA
|
(dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2013
|
|
2012
|
|
%
Variance
|
|
2013
|
|
2012
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL HOTELS
INCLUDED IN ASHFORD TRUST
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTINUING
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room revenues (in
thousands)
|
$
186,686
|
|
$
181,958
|
|
2.60%
|
|
$
812,160
|
|
$
789,404
|
|
2.88%
|
|
|
RevPAR
|
$
88.86
|
|
$
87.69
|
|
1.33%
|
|
$
97.14
|
|
$
94.65
|
|
2.63%
|
|
|
Occupancy
|
68.38%
|
|
68.55%
|
|
-0.17%
|
|
72.62%
|
|
72.84%
|
|
-0.22%
|
|
|
ADR
|
$
129.96
|
|
$
127.93
|
|
1.59%
|
|
$
133.76
|
|
$
129.94
|
|
2.94%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above pro forma
table assumes the 115 hotel properties owned and included in
continuing operations at December 31, 2013 were owned as of
the
|
|
|
beginning of the
period presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL HOTELS NOT
UNDER RENOVATION INCLUDED
|
|
|
|
|
|
|
|
|
|
|
|
|
IN ASHFORD TRUST
CONTINUING OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room revenues (in
thousands)
|
$
152,750
|
|
$
147,224
|
|
3.75%
|
|
$
660,639
|
|
$
641,126
|
|
3.04%
|
|
|
RevPAR
|
$
88.40
|
|
$
86.29
|
|
2.45%
|
|
$
96.06
|
|
$
93.46
|
|
2.78%
|
|
|
Occupancy
|
68.98%
|
|
68.26%
|
|
0.72%
|
|
72.59%
|
|
72.55%
|
|
0.04%
|
|
|
ADR
|
$
128.14
|
|
$
126.41
|
|
1.37%
|
|
$
132.32
|
|
$
128.82
|
|
2.72%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above pro forma
table assumes the 99 hotel properties owned and included in
continuing operations at December 31, 2013, but not under
renovation for
|
|
|
three and twelve
months ended December 31, 2013 were owned as of the beginning of
the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Excluded Hotels Under
Renovation:
|
|
|
|
|
|
|
|
|
|
|
|
|
Courtyard Boston
Downtown, Marriott Sugarland, Renaissance Nashville, Crowne Plaza
Ravinia, Hilton Parsippany, Hyatt Regency Wind Watch,
|
|
|
|
Silversmith, Embassy
Suites Portland Downtown, Residence Inn Atlanta Buckhead, Residence
Inn Salt Lake City, Residence Inn San Diego,
|
|
|
|
|
Courtyard Marriott
Village LBV, Crowne Plaza Key West, Embassy Suites Dallas, Hilton
Costa Mesa, Hilton St. Petersburg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
On January 1, 2013,
Marriott converted from a fiscal year with 12 weeks of operations
in each of the first three quarters of the year and 16 weeks in the
fourth
|
|
|
quarter of the year,
to calendar quarters. The above proforma table assumes
the Marriott-managed properties were reported on calendar quarters
for
|
|
|
all periods
presented.
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
PRO FORMA HOTEL
OPERATING PROFIT MARGIN
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE FOLLOWING PRO
FORMA EBITDA MARGIN TABLE REFLECTS THE 87 HOTELS INCLUDED IN THE
COMPANY'S
|
CONTINUING
OPERATIONS AND THE COMPANY'S 71.74% SHARE OF THE 28 HOTELS INCLUDED
IN THE HIGHLAND
|
HOSPITALITY
PORTFOLIO (PIM HIGHLAND HOLDING LLC), AS IF THESE HOTELS WERE OWNED
AT THE BEGINNING
|
OF THE FIRST
COMPARATIVE REPORTING PERIOD.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months
Ended
|
|
12 Months
Ended
|
|
|
|
|
|
December
31
|
|
December
31
|
|
|
HOTEL OPERATING
PROFIT (HOTEL EBITDA) MARGIN:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
28.30%
|
|
30.71%
|
|
|
|
2012
|
27.60%
|
|
30.20%
|
|
|
|
|
Variance
|
0.70%
|
|
0.51%
|
|
|
|
|
|
|
|
|
|
|
HOTEL OPERATING
PROFIT (HOTEL EBITDA) MARGIN VARIANCE BREAKDOWN:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
-0.02%
|
|
-0.06%
|
|
|
|
Food & Beverage
and Other Departmental
|
0.45%
|
|
0.44%
|
|
|
|
Administrative &
General
|
0.28%
|
|
0.09%
|
|
|
|
Sales &
Marketing
|
0.42%
|
|
0.21%
|
|
|
|
Hospitality
|
-0.13%
|
|
-0.07%
|
|
|
|
Repair &
Maintenance
|
-0.15%
|
|
-0.03%
|
|
|
|
Energy
|
-0.13%
|
|
0.07%
|
|
|
|
Franchise
Fee
|
-0.26%
|
|
-0.10%
|
|
|
|
Management
Fee
|
-0.03%
|
|
-0.01%
|
|
|
|
Incentive Management
Fee
|
0.13%
|
|
0.16%
|
|
|
|
Insurance
|
0.19%
|
|
-0.07%
|
|
|
|
Property
Taxes
|
0.07%
|
|
-0.07%
|
|
|
|
Other
Taxes
|
-0.14%
|
|
-0.05%
|
|
|
|
Leases/Other
|
0.02%
|
|
0.00%
|
|
|
|
|
Total
|
0.70%
|
|
0.51%
|
|
|
|
|
|
|
|
|
|
|
NOTE:
|
|
|
|
|
|
|
|
On January 1, 2013,
Marriott converted from a fiscal year with 12 weeks of operations
in each of the first three quarters
|
|
|
|
of the year and 16
weeks in the fourth quarter of the year, to calendar
quarters. The above proforma table assumes
the
|
|
|
|
Marriott-managed
properties were reported on calendar quarters for all periods
presented.
|
|
|
ASHFORD TRUST
(INCLUDING 71.74% PRO RATA SHARE OF HIGHLAND HOSPITALITY
PORTFOLIO)
|
PRO FORMA
HOTEL OPERATING PROFIT
|
(dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL HOTELS
INCLUDED IN ASHFORD TRUST CONTINUING
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve
Months Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2013
|
|
2012
|
|
%
Variance
|
|
2013
|
|
2012
|
|
%
Variance
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
$
186,686
|
|
$
181,958
|
|
2.6%
|
|
$
812,160
|
|
$
789,404
|
|
2.9%
|
|
Food and
beverage
|
47,530
|
|
48,473
|
|
-1.9%
|
|
184,252
|
|
187,365
|
|
-1.7%
|
|
Other
|
9,884
|
|
8,777
|
|
12.6%
|
|
38,407
|
|
36,348
|
|
5.7%
|
|
|
Total hotel
revenue
|
244,100
|
|
239,208
|
|
2.0%
|
|
1,034,819
|
|
1,013,117
|
|
2.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
43,970
|
|
42,733,000
|
|
2.9%
|
|
182,941
|
|
177,797,000
|
|
2.9%
|
|
Food and
beverage
|
31,568
|
|
32,191,000
|
|
-1.9%
|
|
125,157
|
|
126,778,000
|
|
-1.3%
|
|
Other
direct
|
4,990
|
|
4,713,000
|
|
5.9%
|
|
20,550
|
|
20,354,000
|
|
1.0%
|
|
Indirect
|
70,843
|
|
69,823,000
|
|
1.5%
|
|
290,532
|
|
286,836,000
|
|
1.3%
|
|
Management
fees, includes base and incentive fees
|
10,457
|
|
10,476,000
|
|
-0.2%
|
|
44,255
|
|
44,848,000
|
|
-1.3%
|
|
|
Total hotel
operating expenses
|
161,828
|
|
159,936
|
|
1.2%
|
|
663,435
|
|
656,613
|
|
1.0%
|
|
Property taxes,
insurance, and other
|
13,201
|
|
13,254
|
|
-0.4%
|
|
53,573
|
|
50,575
|
|
5.9%
|
HOTEL
OPERATING PROFIT (Hotel EBITDA)
|
69,071
|
|
66,018
|
|
4.6%
|
|
317,811
|
|
305,929
|
|
3.9%
|
|
|
Hotel EBITDA
Margin
|
28.30%
|
|
27.60%
|
|
0.70%
|
|
30.71%
|
|
30.20%
|
|
0.51%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority
interest in earnings of consolidated joint
ventures
|
73
|
|
56
|
|
30.4%
|
|
265
|
|
210
|
|
26.2%
|
HOTEL
OPERATING PROFIT (Hotel EBITDA),
|
|
|
|
|
|
|
|
|
|
|
|
|
excluding
minority interest in joint ventures
|
$
68,998
|
|
$
65,962
|
|
4.6%
|
|
$
317,546
|
|
$
305,719
|
|
3.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above pro forma
table assumes the 115 hotel properties owned and included in
continuing operations at December 31, 2013 were owned as of
the
|
|
|
|
|
beginning of the
periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
On January 1, 2013,
Marriott converted from a fiscal year with 12 weeks of operations
in each of the first three quarters of the year and 16 weeks in the
fourth
|
|
|
|
quarter of the year,
to calendar quarters. The above proforma table assumes
the Marriott-managed properties were reported on calendar quarters
for
|
|
|
|
|
all periods
presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL HOTELS
NOT UNDER RENOVATION INCLUDED IN CONTINUING
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve
Months Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2013
|
|
2012
|
|
%
Variance
|
|
2013
|
|
2012
|
|
%
Variance
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
$
152,750
|
|
$
147,224
|
|
3.8%
|
|
$
660,639
|
|
$
641,126
|
|
3.0%
|
|
Food and
beverage
|
35,693
|
|
35,407
|
|
0.8%
|
|
136,489
|
|
137,291
|
|
-0.6%
|
|
Other
|
7,940
|
|
6,800
|
|
16.8%
|
|
30,793
|
|
28,280
|
|
8.9%
|
|
|
Total hotel
revenue
|
196,383
|
|
189,431
|
|
3.7%
|
|
827,921
|
|
806,697
|
|
2.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
35,984
|
|
34,808,574
|
|
3.4%
|
|
149,434
|
|
145,438,000
|
|
2.7%
|
|
Food and
beverage
|
23,717
|
|
23,749,000
|
|
-0.1%
|
|
93,668
|
|
94,134,000
|
|
-0.5%
|
|
Other
direct
|
4,153
|
|
3,794,000
|
|
9.5%
|
|
17,019
|
|
16,506,000
|
|
3.1%
|
|
Indirect
|
56,778
|
|
55,532,000
|
|
2.2%
|
|
231,687
|
|
227,942,000
|
|
1.6%
|
|
Management
fees, includes base and incentive fees
|
8,599
|
|
8,670
|
|
-0.8%
|
|
35,982
|
|
36,322
|
|
-0.9%
|
|
|
Total hotel
operating expenses
|
129,231
|
|
126,554
|
|
2.1%
|
|
527,790
|
|
520,342
|
|
1.4%
|
|
Property taxes,
insurance, and other
|
11,164
|
|
10,699
|
|
4.3%
|
|
43,861
|
|
41,406
|
|
5.9%
|
HOTEL
OPERATING PROFIT (Hotel EBITDA)
|
55,988
|
|
52,178
|
|
7.3%
|
|
256,270
|
|
244,949
|
|
4.6%
|
|
|
Hotel EBITDA
Margin
|
28.51%
|
|
27.54%
|
|
0.96%
|
|
30.95%
|
|
30.36%
|
|
0.59%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority
interest in earnings of consolidated joint
ventures
|
73
|
|
56
|
|
30.4%
|
|
265
|
|
210
|
|
26.2%
|
HOTEL
OPERATING PROFIT (Hotel EBITDA),
|
|
|
|
|
|
|
|
|
|
|
|
|
excluding
minority interest in joint ventures
|
$
55,915
|
|
$
52,122
|
|
7.3%
|
|
$
256,005
|
|
$
244,739
|
|
4.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above pro forma
table assumes the 99 hotel properties owned and included in
continuing operations at December 31, 2013 but not under renovation
for
|
|
|
|
|
three and twelve
months ended December 31, 2013, were owned as of the beginning of
the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Excluded Hotels Under
Renovation:
|
|
|
|
|
|
|
|
|
|
|
|
|
Courtyard Boston
Downtown, Marriott Sugarland, Renaissance Nashville, Crowne Plaza
Ravinia, Hilton Parsippany, Hyatt Regency Wind Watch,
|
|
|
|
|
Silversmith, Embassy
Suites Portland Downtown, Residence Inn Atlanta Buckhead, Residence
Inn Salt Lake City, Residence Inn San Diego,
|
|
|
|
|
Courtyard Marriott
Village LBV, Crowne Plaza Key West, Embassy Suites Dallas, Hilton
Costa Mesa, Hilton St. Petersburg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
On January 1, 2013,
Marriott converted from a fiscal year with 12 weeks of operations
in each of the first three quarters of the year and 16 weeks in the
fourth
|
|
|
|
quarter of the year,
to calendar quarters. The above proforma table assumes
the Marriott-managed properties were reported on calendar quarters
for
|
|
|
|
|
all periods
presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HIGHLAND
HOSPITALITY PORTFOLIO
|
(PIM Highland
Holding LLC)
|
PRO FORMA
HOTEL OPERATING PROFIT
|
(dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71.74% PRO-RATA
SHARE OF ALL HOTELS INCLUDED IN HIGHLAND HOSPITALITY PORTFOLIO
CONTINUING OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve
Months Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2013
|
|
2012
|
|
%
Variance
|
|
2013
|
|
2012
|
|
%
Variance
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
$
50,626
|
|
$
51,319
|
|
-1.4%
|
|
$
219,457
|
|
$
213,100
|
|
3.0%
|
|
Food and
beverage
|
19,551
|
|
19,653
|
|
-0.5%
|
|
75,536
|
|
74,791
|
|
1.0%
|
|
Other
|
2,919
|
|
2,795
|
|
4.4%
|
|
10,895
|
|
11,008
|
|
-1.0%
|
|
|
Total hotel
revenue
|
73,096
|
|
73,767
|
|
-0.9%
|
|
305,888
|
|
298,899
|
|
2.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
11,507
|
|
11,760
|
|
-2.2%
|
|
48,730
|
|
47,697
|
|
2.2%
|
|
Food and
beverage
|
12,562
|
|
12,670
|
|
-0.9%
|
|
49,859
|
|
49,467
|
|
0.8%
|
|
Other
direct
|
1,183
|
|
1,107
|
|
6.9%
|
|
4,937
|
|
5,051
|
|
-2.3%
|
|
Indirect
|
21,452
|
|
21,061
|
|
1.9%
|
|
86,920
|
|
86,218
|
|
0.8%
|
|
Management
fees, includes base and incentive fees
|
2,792
|
|
2,889
|
|
-3.4%
|
|
11,326
|
|
11,130
|
|
1.8%
|
|
|
Total hotel
operating expenses
|
49,496
|
|
49,487
|
|
0.0%
|
|
201,772
|
|
199,563
|
|
1.1%
|
|
Property taxes,
insurance, and other
|
4,029
|
|
4,193
|
|
-3.9%
|
|
16,399
|
|
14,789
|
|
10.9%
|
HOTEL
OPERATING PROFIT (Hotel EBITDA)
|
$
19,571
|
|
$
20,087
|
|
-2.6%
|
|
$
87,717
|
|
$
84,547
|
|
3.7%
|
|
|
Hotel EBITDA
Margin
|
26.77%
|
|
27.23%
|
|
-0.46%
|
|
28.68%
|
|
28.29%
|
|
0.39%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
-
|
|
-
|
|
|
|
-
|
|
-
|
|
|
|
(1)
|
The above pro forma
table assumes the 28 hotel properties owned and included in
continuing operations at December 31, 2013 were owned as of
the
|
|
|
beginning of the
periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
On January 1, 2013,
Marriott converted from a fiscal year with 12 weeks of operations
in each of the first three quarters of the year and 16 weeks in the
fourth
|
|
|
quarter of the year,
to calendar quarters. The above proforma table assumes
the Marriott-managed properties were reported on calendar quarters
for
|
|
|
all periods
presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
These 28
properties are also included in the pro forma hotel operating
profit of Ashford Trust.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
|
PRO FORMA HOTEL
REVENUE & EBITDA FOR TRAILING TWELVE MONTHS
|
|
(dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE FOLLOWING PRO
FORMA SEASONALITY TABLE REFLECTS THE 87 HOTELS INCLUDED
IN
|
|
|
THE COMPANY'S
CONTINUING OPERATIONS AND THE COMPANY'S 71.74% SHARE OF THE 28
HOTELS
|
|
|
INCLUDED IN
HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND HOLDING
LLC)
|
|
|
|
AS IF THESE HOTELS
WERE OWNED AT THE BEGINNING OF THE FIRST COMPARATIVE REPORTING
PERIOD.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
2013
|
2013
|
2013
|
|
|
|
|
|
4th
Quarter
|
3rd
Quarter
|
2nd
Quarter
|
1st
Quarter
|
|
TTM
|
|
|
|
|
|
|
|
|
|
Ashford
Trust
|
|
|
|
|
|
|
Total Hotel
Revenue
|
$
244,100
|
$
254,222
|
$
281,029
|
$
255,469
|
|
$
1,034,820
|
Hotel
EBITDA
|
$
69,071
|
$
75,613
|
$
95,732
|
$
77,395
|
|
$
317,811
|
Hotel EBITDA
Margin
|
28.3%
|
29.74%
|
34.06%
|
30.30%
|
|
30.71%
|
|
|
|
|
|
|
|
|
|
EBITDA % of Total
TTM
|
21.7%
|
23.8%
|
30.1%
|
24.4%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
JV Interests in
EBITDA
|
$
73
|
$
80
|
$
75
|
$
37
|
|
$
265
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71.74% of PIM
Highland Holding LLC Portfolio (included in Ashford Trust
above)
|
|
|
|
|
Total Hotel
Revenue
|
$
73,095
|
$
74,709
|
$
84,763
|
$
73,320
|
|
$
305,887
|
Hotel
EBITDA
|
$
19,571
|
$
20,953
|
$
28,277
|
$
18,916
|
|
$
87,717
|
Hotel EBITDA
Margin
|
26.77%
|
28.05%
|
33.36%
|
25.80%
|
|
28.68%
|
|
|
|
|
|
|
|
|
|
EBITDA % of Total
TTM
|
22.3%
|
23.9%
|
32.2%
|
21.6%
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE:
|
|
|
|
|
|
|
|
|
On January 1, 2013,
Marriott converted from a fiscal year with 12 weeks of operations
in each of the first three quarters
|
|
|
|
|
of the year and 16
weeks in the fourth quarter of the year, to calendar
quarters. The above proforma tables assume
the
|
|
|
|
|
Marriott-managed
properties were reported on calendar quarters for all periods
presented.
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
INCLUDING 71.74%
PRO RATA SHARE OF HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND
HOLDING LLC)
|
PRO FORMA HOTEL
REVPAR BY MARKET
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
|
Number
of
|
|
Number
of
|
|
December
31,
|
|
December
31,
|
|
|
|
Region
|
|
Hotels
|
|
Rooms
|
|
2013
|
2012
|
%
Change
|
|
2013
|
|
2012
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta, GA
Area
|
|
9
|
|
1,428
|
|
$
78.76
|
$
78.51
|
0.3%
|
|
$
85.62
|
|
$
80.70
|
6.1%
|
|
|
|
Boston, MA
Area
|
|
2
|
|
506
|
|
$
155.25
|
$
149.86
|
3.6%
|
|
$
161.39
|
|
$
161.83
|
-0.3%
|
|
|
|
Dallas / Ft. Worth
Area
|
|
6
|
|
1,340
|
|
$
89.75
|
$
83.01
|
8.1%
|
|
$
90.64
|
|
$
87.17
|
4.0%
|
|
|
|
Houston, TX
Area
|
|
3
|
|
607
|
|
$
101.59
|
$
95.12
|
6.8%
|
|
$
107.29
|
|
$
100.74
|
6.5%
|
|
|
|
Los Angeles, CA Metro
Area
|
|
8
|
|
1,783
|
|
$
82.72
|
$
78.57
|
5.3%
|
|
$
92.71
|
|
$
87.17
|
6.4%
|
|
|
|
Miami, FL Metro
Area
|
|
3
|
|
584
|
|
$
105.47
|
$
100.65
|
4.8%
|
|
$
108.93
|
|
$
103.32
|
5.4%
|
|
|
|
Minneapolis - St.
Paul, MN-WI Area
|
|
2
|
|
520
|
|
$
85.26
|
$
80.44
|
6.0%
|
|
$
91.04
|
|
$
87.57
|
4.0%
|
|
|
|
New York / New Jersey
Metro Area
|
|
7
|
|
1,559
|
|
$
94.91
|
$
108.41
|
-12.5%
|
|
$
101.87
|
|
$
100.62
|
1.2%
|
|
|
|
Orlando, FL
Area
|
|
6
|
|
1,834
|
|
$
73.50
|
$
69.19
|
6.2%
|
|
$
78.12
|
|
$
74.91
|
4.3%
|
|
|
|
Philadelphia, PA
Area
|
|
3
|
|
648
|
|
$
78.04
|
$
84.14
|
-7.2%
|
|
$
86.00
|
|
$
89.23
|
-3.6%
|
|
|
|
San Diego, CA
Area
|
|
2
|
|
410
|
|
$
78.70
|
$
73.92
|
6.5%
|
|
$
91.56
|
|
$
91.83
|
-0.3%
|
|
|
|
San Francisco -
Oakland, CA Metro Area
|
|
5
|
|
1,011
|
|
$
107.54
|
$
95.14
|
13.0%
|
|
$
110.48
|
|
$
99.36
|
11.2%
|
|
|
|
Tampa, FL
Area
|
|
3
|
|
582
|
|
$
73.72
|
$
77.39
|
-4.7%
|
|
$
85.66
|
|
$
89.78
|
-4.6%
|
|
|
|
Washington DC - MD -
VA Area
|
|
10
|
|
2,290
|
|
$
93.29
|
$
102.91
|
-9.3%
|
|
$
110.03
|
|
$
117.98
|
-6.7%
|
|
|
|
Other
Areas
|
|
46
|
|
7,734
|
|
$
86.88
|
$
83.73
|
3.8%
|
|
$
96.02
|
|
$
92.12
|
4.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Portfolio
|
|
115
|
|
22,836
|
|
$
88.86
|
$
87.69
|
1.3%
|
|
$
97.14
|
|
$
94.65
|
2.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above pro forma
table presents the 87 hotel properties included in Company's
continuing operations and the 28 hotel properties included in
Highland Hospitality Portfolio (PIM Highland Holding
LLC)
|
|
|
as if these
hotels were owned as of the beginning of the periods
presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC.
|
INCLUDING 71.74%
PRO RATA SHARE OF HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND
HOLDING LLC)
|
PRO FORMA HOTEL
OPERATING PROFIT (HOTEL EBITDA) BY MARKET
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
Number
of
|
|
Number
of
|
|
December
31,
|
|
December
31,
|
Region
|
|
Hotels
|
|
Rooms
|
|
2013
|
% of
Total
|
2012
|
% of
Total
|
%
Change
|
|
2013
|
% of
Total
|
2012
|
% of
Total
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta, GA
Area
|
|
9
|
|
1,428
|
|
$
3,496
|
5.1%
|
$
3,698
|
5.6%
|
-5.5%
|
|
$
15,253
|
4.8%
|
$
13,914
|
4.5%
|
9.6%
|
Boston, MA
Area
|
|
2
|
|
506
|
|
3,030
|
4.4%
|
3,047
|
4.6%
|
-0.6%
|
|
13,461
|
4.2%
|
13,693
|
4.5%
|
-1.7%
|
Dallas / Ft. Worth
Area
|
|
6
|
|
1,340
|
|
4,235
|
6.1%
|
3,594
|
5.4%
|
17.8%
|
|
17,460
|
5.5%
|
16,066
|
5.3%
|
8.7%
|
Houston, TX
Area
|
|
3
|
|
607
|
|
3,039
|
4.4%
|
2,825
|
4.3%
|
7.6%
|
|
11,346
|
3.6%
|
10,862
|
3.6%
|
4.5%
|
Los Angeles, CA Metro
Area
|
|
8
|
|
1,783
|
|
5,011
|
7.3%
|
3,922
|
5.9%
|
27.8%
|
|
24,013
|
7.6%
|
21,572
|
7.1%
|
11.3%
|
Miami, FL Metro
Area
|
|
3
|
|
584
|
|
2,395
|
3.5%
|
2,112
|
3.2%
|
13.4%
|
|
8,966
|
2.8%
|
7,830
|
2.6%
|
14.5%
|
Minneapolis - St.
Paul, MN-WI Area
|
|
2
|
|
520
|
|
1,902
|
2.8%
|
1,692
|
2.6%
|
12.4%
|
|
7,870
|
2.5%
|
7,682
|
2.5%
|
2.4%
|
New York / New Jersey
Metro Area
|
|
7
|
|
1,559
|
|
5,827
|
8.4%
|
6,974
|
10.6%
|
-16.4%
|
|
25,505
|
8.0%
|
24,873
|
8.1%
|
2.5%
|
Orlando, FL
Area
|
|
6
|
|
1,834
|
|
3,564
|
5.2%
|
3,060
|
4.6%
|
16.5%
|
|
16,321
|
5.1%
|
14,706
|
4.8%
|
11.0%
|
Philadelphia, PA
Area
|
|
3
|
|
648
|
|
1,576
|
2.3%
|
1,602
|
2.4%
|
-1.6%
|
|
6,560
|
2.1%
|
6,975
|
2.3%
|
-5.9%
|
San Diego, CA
Area
|
|
2
|
|
410
|
|
998
|
1.4%
|
856
|
1.3%
|
16.6%
|
|
5,125
|
1.6%
|
5,366
|
1.8%
|
-4.5%
|
San Francisco -
Oakland, CA Metro Area
|
|
5
|
|
1,011
|
|
3,941
|
5.7%
|
3,049
|
4.6%
|
29.3%
|
|
17,039
|
5.4%
|
14,155
|
4.6%
|
20.4%
|
Tampa, FL
Area
|
|
3
|
|
582
|
|
1,401
|
2.0%
|
1,566
|
2.4%
|
-10.5%
|
|
7,064
|
2.2%
|
7,674
|
2.5%
|
-7.9%
|
Washington DC - MD -
VA Area
|
|
10
|
|
2,290
|
|
6,956
|
10.1%
|
7,853
|
11.9%
|
-11.4%
|
|
36,005
|
11.3%
|
40,679
|
13.3%
|
-11.5%
|
Other
Areas
|
|
46
|
|
7,734
|
|
21,700
|
31.4%
|
20,169
|
30.6%
|
7.6%
|
|
105,824
|
33.3%
|
99,881
|
32.6%
|
6.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Portfolio
|
|
115
|
|
22,836
|
|
$
69,071
|
100.0%
|
$
66,018
|
100.0%
|
4.6%
|
|
$
317,811
|
100.0%
|
$
305,929
|
100.0%
|
3.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above pro forma
table presents the 87 hotel properties included in Company's
continuing operations and the 28 hotel properties included in
Highland Hospitality Portfolio (PIM Highland Holding
LLC)
|
|
|
as if these
hotels were owned as of the beginning of the periods
presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
The above pro forma
table includes hotel operating profit for 100% of the 95 hotel
properties included in the Company's continuing operations and the
Company's 71.74% share of the 28 hotels included
in
|
|
|
Highland Hospitality
Portfolio (PIM Highland Holding LLC) as if these hotels were owned
as of the beginning of the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
On January 1, 2013,
Marriott converted from a fiscal year with 12 weeks of operations
in each of the first three quarters of the year and 16 weeks in the
fourth quarter of the year, to calendar quarters.
|
|
|
|
The above proforma
table assumes the Marriott-managed properties were reported on
calendar quarters for all periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY TRUST, INC. AND SUBSIDIARIES
|
TOTAL
ENTERPRISE VALUE
|
DECEMBER 31,
2013
|
(in
thousands except share price)
|
(Unaudited)
|
|
|
|
|
|
December
31,
|
|
2013
|
End of quarter
diluted shares outstanding
|
82,068
|
Partnership
units outstanding (common share equivalents)
|
18,991
|
Combined
diluted shares and partnership units outstanding
|
101,059
|
Common stock
price at quarter end
|
$
8.28
|
Market
capitalization at quarter end
|
$
836,769
|
Series A
preferred stock
|
$
41,430
|
Series D
preferred stock
|
$
236,718
|
Series E
preferred stock
|
$
115,750
|
Debt on balance
sheet date*
|
$
2,623,592
|
Joint venture
partners' share of consolidated debt
|
$
(1,871)
|
Net working
capital (see below)
|
$
(381,410)
|
Total enterprise
value (TEV)*
|
$
3,470,978
|
|
|
Ashford Prime
Investment:
|
|
Partnership units
owned at end of quarter
|
4,978
|
Common stock price at
quarter end
|
$
18.20
|
Market value of
Ashford Prime investment
|
$
90,600
|
|
|
|
|
Cash & cash
equivalents*
|
$
148,438
|
Marketable
securities, net
|
25,837
|
Restricted
cash*
|
130,333
|
Accounts receivable,
net*
|
31,848
|
Prepaid
expenses*
|
13,057
|
Due from affiliates,
net*
|
12,682
|
Due from 3rd party
hotel managers, net*
|
49,493
|
Market value of
Ashford Prime investment
|
90,600
|
Total current
assets
|
$
502,288
|
|
|
Accounts payable, net
& accrued expenses*
|
$
100,143
|
Dividends
payable
|
20,735
|
Total current
liabilities
|
$
120,878
|
|
|
Net working
capital
|
$
381,410
|
|
|
* Includes AHT's
71.74% interest in Highland Hospitality
|
|
|
|
Ashford
Hospitality Trust, Inc.
|
Anticipated
Capital Expenditures Calendar (a)
|
(includes Highland
Hospitality portfolio)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
2014
|
|
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
|
Courtyard Hartford
Manchester
|
90
|
x
|
|
|
|
|
|
|
|
|
Courtyard
Savannah
|
156
|
x
|
|
|
|
|
|
|
|
|
Embassy Suites
Dulles
|
150
|
x
|
|
|
|
|
|
|
|
|
Embassy Suites
East Syracuse
|
215
|
x
|
|
|
|
|
|
|
|
|
Hampton Inn
Lawrenceville
|
86
|
x
|
|
|
|
|
|
|
|
|
Hyatt Regency
Savannah
|
351
|
x
|
|
|
|
|
|
|
|
x
|
Marriott San
Antonio Plaza
|
251
|
x
|
|
|
|
|
|
|
|
|
Residence Inn Lake
Buena Vista
|
210
|
x
|
|
|
|
|
|
|
|
|
Sheraton San Diego
Mission Valley
|
260
|
x
|
|
|
|
|
|
|
|
|
The
Melrose
|
240
|
x
|
|
|
|
|
|
|
|
|
Hilton Boston Back
Bay
|
390
|
x
|
x
|
|
|
|
|
|
|
|
Courtyard Dallas
Plano in Legacy Park
|
153
|
x
|
x
|
|
|
|
|
|
|
|
Hilton Santa
Fe
|
158
|
x
|
x
|
|
|
|
|
|
|
|
Courtyard Boston
Downtown
|
315
|
x
|
x
|
x
|
x
|
|
x
|
x
|
|
|
Hilton Costa
Mesa
|
486
|
x
|
|
|
x
|
|
x
|
|
|
|
Marriott
Sugarland
|
300
|
x
|
|
|
x
|
|
x
|
|
|
|
Embassy Suites
Walnut Creek
|
249
|
|
x
|
|
|
|
|
|
|
|
Hilton Garden Inn
BWI
|
158
|
|
x
|
|
|
|
|
|
|
|
Hilton Garden Inn
Virginia Beach
|
176
|
|
x
|
|
|
|
|
|
|
|
Residence Inn Palm
Desert
|
130
|
|
x
|
|
|
|
|
|
|
|
Hampton Inn
Buford
|
92
|
|
x
|
x
|
|
|
|
|
|
|
Hampton Inn Terre
Haute
|
112
|
|
x
|
x
|
|
|
|
|
|
|
Hyatt Regency Wind
Watch
|
358
|
|
x
|
x
|
x
|
|
x
|
|
|
|
Embassy Suites
Palm Beach Garden
|
160
|
|
|
x
|
|
|
|
x
|
x
|
|
Hilton Garden Inn
Austin
|
254
|
|
|
x
|
|
|
|
|
|
|
Hilton Garden Inn
Jacksonville
|
119
|
|
|
x
|
|
|
|
|
|
|
Hyatt Coral
Gables
|
250
|
|
|
x
|
|
|
|
|
x
|
|
Marriott Crystal
Gateway
|
697
|
|
|
x
|
|
|
|
|
|
|
Marriott
DFW
|
491
|
|
|
x
|
|
|
|
|
|
|
Hilton
Parsippany
|
354
|
|
|
x
|
x
|
|
|
|
x
|
x
|
Hilton St
Petersburg
|
333
|
|
|
x
|
x
|
|
|
|
|
|
Renaissance
Nashville
|
673
|
|
|
x
|
x
|
|
x
|
|
|
|
Residence Inn
Atlanta Buckhead Lenox Park
|
150
|
|
|
x
|
x
|
|
|
|
|
|
Silversmith
|
143
|
|
|
x
|
x
|
|
x
|
|
|
|
Courtyard Marriott
Village at LBV
|
312
|
|
|
|
x
|
|
|
|
|
|
Crowne Plaza Key
West
|
160
|
|
|
|
x
|
|
x
|
x
|
|
|
Crowne Plaza
Ravinia
|
495
|
|
|
|
x
|
|
x
|
x
|
|
|
Embassy Suites
Dallas
|
150
|
|
|
|
x
|
|
|
|
|
|
Embassy Suites
Portland Downtown
|
276
|
|
|
|
x
|
|
x
|
|
|
|
Residence Inn Salt
Lake City
|
144
|
|
|
|
x
|
|
|
|
|
|
Residence Inn San
Diego Sorrento Mesa
|
150
|
|
|
|
x
|
|
|
|
|
|
Residence Inn
Hartford
|
96
|
|
|
|
|
|
x
|
x
|
|
|
Sheraton
Indianapolis
|
378
|
|
|
|
|
|
x
|
x
|
|
|
Residence Inn
Newark
|
168
|
|
|
|
|
|
x
|
x
|
|
|
Courtyard Overland
Park
|
168
|
|
|
|
|
|
x
|
x
|
|
|
Embassy Suites
Crystal City
|
267
|
|
|
|
|
|
x
|
x
|
|
|
Hilton Fort
Worth
|
294
|
|
|
|
|
|
x
|
x
|
|
|
Residence Inn
Evansville
|
78
|
|
|
|
|
|
x
|
x
|
|
|
Residence Inn
Plano
|
126
|
|
|
|
|
|
x
|
x
|
|
|
Courtyard
Bloomington
|
117
|
|
|
|
|
|
x
|
|
|
|
Residence Inn
Phoenix Airport
|
200
|
|
|
|
|
|
|
x
|
x
|
|
Sheraton
Minnetonka
|
220
|
|
|
|
|
|
|
x
|
x
|
|
Courtyard Tipton
Lakes
|
90
|
|
|
|
|
|
|
x
|
|
|
Marriott
RTP
|
225
|
|
|
|
|
|
|
x
|
|
|
Hilton
Minneapolis
|
300
|
|
|
|
|
|
|
|
x
|
x
|
Courtyard
Newark/Silicon Valley
|
181
|
|
|
|
|
|
|
|
x
|
x
|
Springhill Suites
Orlando LBV
|
400
|
|
|
|
|
|
|
|
x
|
x
|
Crowne Plaza
Beverly Hills
|
258
|
|
|
|
|
|
|
|
x
|
x
|
Hilton
Tampa
|
238
|
|
|
|
|
|
|
|
x
|
x
|
Westin
Princeton
|
296
|
|
|
|
|
|
|
|
|
x
|
Sheraton Bucks
County
|
186
|
|
|
|
|
|
|
|
|
x
|
Marriott
Bridgewater
|
347
|
|
|
|
|
|
|
|
|
x
|
Marriott Dallas
Market Center
|
265
|
|
|
|
|
|
|
|
|
x
|
(a) Only
hotels which have had or are expected to have significant capital
expenditures that could result in displacement during 2013-2014 are
included in this table.
|
|
|
|
|
|
|
|
SOURCE Ashford Hospitality Trust, Inc.