DALLAS, Feb. 26, 2020 /PRNewswire/ -- Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today reported financial results and performance measures for the fourth quarter and full year ended December 31, 2019.  The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company's hotel portfolio as of December 31, 2019 were owned as of the beginning of each of the periods presented.  Unless otherwise stated, all reported results compare the fourth quarter ended December 31, 2019 with the fourth quarter ended December 31, 2018 (see discussion below).  The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

STRATEGIC OVERVIEW

  • Focused strategy of investing in luxury hotels and resorts
  • Targets conservative leverage levels of 45% Net Debt to Gross Assets
  • Highly-aligned management team and advisory structure
  • Dividend yield of approximately 8.8%

FINANCIAL AND OPERATING HIGHLIGHTS

  • Net income attributable to common stockholders for the quarter was $12.7 million or $0.36 per diluted share. For the full year of 2019, net loss attributable to common stockholders was $9.8 million or $0.32 per diluted share.
  • Actual RevPAR for all hotels increased 9.9% to $223.70 during the quarter.
  • Comparable RevPAR for all hotels increased 6.2% to $223.70 during the quarter.
  • Adjusted funds from operations (AFFO) was $0.27 per diluted share for the quarter, an increase of 93% over the prior-year quarter.
  • Adjusted EBITDAre was $25.5 million for the quarter, an increase of 25% over the prior-year quarter.
  • During the quarter, the Company sold 19,897 shares of Ashford Inc. (NYSE American: AINC) ("Ashford") common stock to Ashford for net proceeds of approximately $0.6 million. Additionally, during the quarter, the Company distributed its remaining 174,983 shares of Ashford common stock on a pro-rata basis to its common shareholders and unitholders.
  • During the quarter, the Company announced it had refinanced its mortgage loan for the 142-room Pier House Resort & Spa in Key West, Florida.
  • During the quarter, the Company announced it had entered into a new secured credit facility to replace its previous secured credit facility.
  • During the quarter, the Company announced the opening of The Maple Grove Presidential Villa at the Bardessono Hotel & Spa in Yountville, CA.
  • During the quarter, the Company announced that it had reopened its 180-room Ritz-Carlton St. Thomas hotel in St. Thomas, USVI on November 22, 2019.
  • Capex invested during the quarter was $28.1 million, bringing the total capex invested for the full year to $136.3 million.

UPDATE ON BUSINESS INTERRUPTION INCOME
During the quarter, the Company recognized $2.8 million of business interruption ("BI") income for the Ritz-Carlton St. Thomas related to lost profits for the period of September 2019 through November 2019 due to the impact of Hurricane Irma.  BI income for the full year 2019 totaled $19.3 million and related to lost profits for the period of December 2018 through November 2019.  The Company will continue to work with its insurers on the claims at the Ritz-Carlton St. Thomas.

OPENING OF THE MAPLE GROVE PRESIDENTIAL VILLA
On October 3, 2019, the Company announced the opening of The Maple Grove Presidential Villa at the Bardessono Hotel & Spa in Yountville, California. The spacious Presidential Villa is available in its entirety, offering 3,705 square feet of space including three bedrooms at a published rate of $9,000 per night.  The Presidential Villa is also available as three separate large, one-bedroom suites: the Flint Villa, the Jaspe Villa, and the Quartole Villa. Each separate suite boasts a distinctive great room, stately king bedroom, spa bathroom and courtyard.  

REOPENING OF THE PRESTIGIOUS RITZ-CARLTON ST. THOMAS
On December 2, 2019, the Company announced it had reopened its 180-room Ritz-Carlton St. Thomas hotel in St. Thomas, USVI as planned on November 22, 2019.  The property, which had been operating with minimal operations since being struck by Hurricane Irma in September 2017, underwent approximately $100 million in renovations that were substantially funded by insurance proceeds.  The renovation included guestrooms, guest bathrooms, public space, meeting space, ballroom, lobby, F&B outlets as well as several infrastructure projects.  Additionally, during the renovation, several new amenities were added including expanding the meeting space pre-function area, renovating the lobby, expanding the retail space, repositioning the hotel's signature restaurant - Alloro, renovating the Kid's Club, adding a centralized café and market, constructing a family pool with splash pad, and adding 11 luxury pool cabanas.

CAPITAL STRUCTURE
At December 31, 2019, the Company had total assets of $1.8 billion and $1.1 billion of mortgage loans of which $49 million related to its joint venture partner's share of the mortgage loan on the Capital Hilton and Hilton La Jolla Torrey Pines.  The Company's total combined mortgage loans had a blended average interest rate of 4.0%. 

On October 2, 2019, the Company announced that it entered into a stock purchase agreement with Ashford under which Ashford purchased 19,897 shares of its common stock for $30 per share, resulting in total proceeds of approximately $0.6 million to the Company. The purchase price reflected a premium of approximately 20% based on the closing price of Ashford common stock on October 1, 2019.  Due to the parameters of the private letter ruling from the Internal Revenue Service received by the Company, Ashford was only able to acquire the shares held by the Company's taxable REIT subsidiary.  Additionally, on November 5, 2019, the Company distributed its remaining 174,983 shares of Ashford common stock to its common shareholders and unitholders through a pro-rata, taxable dividend.

On October 3, 2019, the Company announced that it had refinanced its mortgage loan for the 142-room Pier House Resort & Spa in Key West, Florida, which had an existing outstanding balance of $70 million, a floating interest rate of LIBOR + 2.25%, and a final maturity date in March 2020.  The new, non-recourse loan totals $80 million and has a five-year term. The loan is interest only and provides for a floating interest rate of LIBOR + 1.85%.  The Company's next hard maturity is not until April 2022.

On October 28, 2019, the Company announced that it had entered into a new $75 million secured credit facility, which replaced the Company's previous credit facility that was scheduled to mature in November 2019.  The new credit facility provides for a three-year revolving line of credit and bears interest at a range of LIBOR + 2.25%-3.50%, depending on the leverage level of the Company.  There are two, one-year extension options, subject to the satisfaction of certain conditions.  The new credit facility includes the opportunity to expand the borrowing capacity by up to $175 million to an aggregate size of $250 million.

On December 4, 2019, the Company entered into separate equity distribution agreements with B. Riley FBR, Inc. and Janney Montgomery Scott LLC, relating to our shares of 5.50% Series B Cumulative Convertible Preferred Stock, (the "Series B Preferred Stock"). As part of this "at-the-market" ("ATM") equity offering program, the Company may offer and sell, from time to time, up to an aggregate of $40 million of its Series B Preferred Stock.  Since the inception of the ATM program, the Company has sold $1.25 million of its Series B Preferred Stock at an average price of $19.02 and expects to use the proceeds for general corporate purposes.

Also during the quarter, the Company filed a registration statement for the issuance of up to $700 million of Series E or Series M non-traded perpetual preferred stock that the Company expects will permit it to issue securities through the financial advisor and registered investment advisor networks over the next 3 years, market conditions permitting. The Company is currently targeting to raise $350 million over that period, and has registered a larger amount to allow for a dividend reinvestment program, as well as the potential for a more favorable reception to the offering concurrent with a more attractive hotel investment market. That registration statement is now effective. Ashford Securities, a division of Ashford Inc., has been established and licensed by FINRA as a broker-dealer, in order to act as dealer-manager on behalf of the Company in respect of the Series E and Series M non-traded preferred stock.  The Company expects to use any proceeds from the sale of the Series E or Series M non-traded perpetual preferred stock for general corporate purposes and to enable the Company to continue to grow at a time when the retail capital markets are strong and the traditional equity markets are less favorable.

PORTFOLIO REVPAR
As of December 31, 2019, the portfolio consisted of thirteen hotels.  During the fourth quarter of 2019, eleven of the Company's hotels were not under renovation.  The Company believes reporting its operating metrics for its hotels on a comparable total basis (all 13 hotels) and comparable not under renovation basis (11 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.

  • Comparable RevPAR increased 6.2% to $223.70 for all hotels on a 4.5% increase in ADR and a 1.7% increase in occupancy.
  • Comparable RevPAR increased 4.8% to $219.11 for all hotels not under renovation on a 2.1% increase in ADR and a 2.7% increase in occupancy.

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company's hotels than sequential quarter-over-quarter comparisons.  To help investors better understand the substantial seasonality in the Company's portfolio, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company's 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 Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin.  The details of the quarterly calculations for the previous four quarters for the thirteen hotels are provided in the table attached to this release.

COMMON STOCK DIVIDEND 
On December 5, 2019, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.16 per diluted share for the Company's common stock for the fourth quarter ending December 31, 2019. The dividend, which equates to an annual rate of $0.64 per share, was paid on January 15, 2020, to shareholders of record as of December 31, 2019.

"We continue to diligently execute on our strategic objectives focusing on the luxury hotel segment," said Richard J. Stockton, Braemar's President and Chief Executive Officer. "Throughout 2019, we consistently made progress on our portfolio repositioning, capital investment, and the asset management front.  We recently completed the renovation of the Ritz-Carlton St. Thomas, which reopened in November, and also completed The Maple Grove Presidential Villa at the Bardessono.  We remain excited that the renovation and rebranding of the Courtyard Downtown San Francisco to The Clancy, an Autograph Collection Hotel, will be completed this May. Additionally, with our recent refinancing activity, we have pushed out our debt maturities while also lowering our cost of debt.  We will continue to look for opportunities to maximize value for our shareholders and remain focused on delivering solid operational performance. Heading into 2020, we believe our portfolio is well-positioned and has unique aspects that are expected to result in opportunities for RevPAR outperformance."  

INVESTOR CONFERENCE CALL AND SIMULCAST
Braemar will conduct a conference call on Thursday, February 27, 2020 at 11:00 a.m. ET. The number to call for this interactive teleconference is (201) 493-6725. A replay of the conference call will be available through Thursday, March 5, 2020, by dialing (412) 317-6671 and entering the confirmation number, 13697612.

The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2019 earnings release conference call.  The live broadcast of Braemar's quarterly conference call will be available online at the Company's web site, www.bhrreit.com on Thursday, February 27, 2020, beginning at 11:00 a.m. ET.  The online replay will follow shortly after the call and continue for approximately one year.

We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA.  Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated.  The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities.  Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.

*  *  *  *  *

Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.

Ashford has created an Ashford App for the hospitality REIT investor community.  The Ashford App is available for free download at Apple's App Store and the Google Play Store by searching "Ashford."

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 federal securities regulations.  Forward-looking statements in this press release may include, among others, statements about the implied share price for the Company's common stock.  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 Braemar'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 conditions 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; our ability to successfully complete and integrate acquisitions, and manage our planned growth, and the degree and nature of our competition.  These and other risk factors are more fully discussed in Braemar's filings with the Securities and Exchange Commission. 

The forward-looking statements included in this press release are only made as of the date of this press release.  The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur.  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.

 

 

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)






December 31,
 2019


December 31,
 2018

ASSETS




Investments in hotel properties, gross

$

1,791,174



$

1,562,806


Accumulated depreciation

(309,752)



(262,905)


Investments in hotel properties, net

1,481,422



1,299,901


Cash and cash equivalents

71,995



182,578


Restricted cash

58,388



75,910


Accounts receivable, net of allowance of $153 and $101, respectively

19,053



12,739


Inventories

2,794



1,862


Prepaid expenses

4,992



4,409


Investment in Ashford Inc., at fair value



10,114


Investment in OpenKey

1,899



1,766


Derivative assets

582



772


Other assets

13,018



13,831


Operating lease right-of-use assets

82,596




Intangible assets, net

5,019



27,678


Due from related parties, net

551




Due from third-party hotel managers

16,638



4,927


Total assets

$

1,758,947



$

1,636,487






LIABILITIES AND EQUITY




Liabilities:




Indebtedness, net

$

1,058,486



$

985,873


Accounts payable and accrued expenses

94,919



64,116


Dividends and distributions payable

9,143



8,514


Due to Ashford Inc., net

4,344



4,001


Due to related parties, net



224


Due to third-party hotel managers

1,685



1,633


Operating lease liabilities

61,118




Other liabilities

17,508



29,033


Total liabilities

1,247,203



1,093,394






5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 5,008,421 and 4,965,850 shares issued and
outstanding at December 31, 2019 and 2018, respectively

106,920



106,123


Redeemable noncontrolling interests in operating partnership

41,570



44,885


Equity:




Preferred stock, $0.01 value, 50,000,000 shares authorized:




Series D Cumulative Preferred Stock, 1,600,000 shares issued and outstanding at December 31, 2019 and 2018

16



16


Common stock, $0.01 par value, 200,000,000 shares authorized, 32,885,217 and 32,511,660 shares issued and outstanding at December 31, 2019 and 2018, respectively

329



325


Additional paid-in capital

519,551



512,545


Accumulated deficit

(150,629)



(115,410)


Total stockholders' equity of the Company

369,267



397,476


Noncontrolling interest in consolidated entities

(6,013)



(5,391)


Total equity

363,254



392,085


Total liabilities and equity

$

1,758,947



$

1,636,487



 

 

 

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)






Three Months Ended


Year Ended


December 31,


December 31,


2019


2018


2019


2018

REVENUE








Rooms

$

75,188



$

64,471



$

303,848



$

282,775


Food and beverage

30,759



24,607



115,085



94,671


Other

15,754



9,867



68,674



53,952


Total hotel revenue

121,701



98,945



487,607



431,398


Other





7




Total revenue

121,701



98,945



487,614



431,398


EXPENSES








Hotel operating expenses:








Rooms

18,217



14,304



70,297



62,498


Food and beverage

23,354



17,308



85,679



66,386


Other expenses

39,632



32,610



151,063



128,100


Management fees

4,031



3,567



16,573



15,648


Total hotel operating expenses

85,234



67,789



323,612



272,632


Property taxes, insurance and other

7,629



7,511



27,985



26,027


Depreciation and amortization

18,121



15,092



70,112



57,383


Impairment charges







71


Advisory services fee:








Base advisory fee

2,664



2,496



10,834



9,424


Reimbursable expenses

383



624



2,289



2,072


Incentive fee

(77)



(206)





2,035


Non-cash stock/unit-based compensation

1,978



1,241



7,404



6,481


Transaction costs





704



949


Corporate, general and administrative:








Non-cash stock/unit-based compensation

18





384



304


Other general and administrative

1,784



1,238



5,051



3,933


Total operating expenses

117,734



95,785



448,375



381,311


Gain (loss) on insurance settlement, disposition of assets and sale of hotel property

26,319



27



25,165



15,738


OPERATING INCOME (LOSS)

30,286



3,187



64,404



65,825


Equity in earnings (loss) of unconsolidated entity

(50)



(88)



(199)



(234)


Interest income

189



632



1,087



1,602


Other income (expense)

(13,577)



(63)



(13,947)



(253)


Interest expense

(11,518)



(12,609)



(50,164)



(45,393)


Amortization of loan costs

(1,095)



(1,103)



(4,343)



(4,260)


Write-off of loan costs and exit fees





(647)



(4,178)


Unrealized gain (loss) on investments

13,262



(4,672)



7,872



(8,010)


Unrealized gain (loss) on derivatives

(131)



721



(1,103)



(82)


INCOME (LOSS) BEFORE INCOME TAXES

17,366



(13,995)



2,960



5,017


Income tax (expense) benefit

(271)



82



(1,764)



(2,432)


NET INCOME (LOSS)

17,095



(13,913)



1,196



2,585


(Income) loss from consolidated entities attributable to noncontrolling interest

(282)



(274)



(2,032)



(2,016)


Net (income) loss attributable to redeemable noncontrolling interests in operating partnership

(1,563)



1,826



1,207



751


NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY

15,250



(12,361)



371



1,320


Preferred dividends

(2,545)



(2,083)



(10,142)



(7,205)


NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS

$

12,705



$

(14,444)



$

(9,771)



$

(5,885)










INCOME (LOSS) PER SHARE – BASIC AND DILUTED








Basic:








Net income (loss) attributable to common stockholders

$

0.38



$

(0.44)



$

(0.32)



$

(0.19)


Weighted average common shares outstanding – basic

32,376



32,058



32,289



31,944


Diluted:








Net income (loss) attributable to common stockholders

$

0.36



$

(0.44)



$

(0.32)



$

(0.19)


Weighted average common shares outstanding – diluted

38,995



32,058



32,289



31,944


Dividends declared per common share:

$

0.16



$

0.16



$

0.64



$

0.64


 

 

 

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)






Three Months Ended


Year Ended


December 31,


December 31,


2019


2018


2019


2018

Net income (loss)

$

17,095



$

(13,913)



$

1,196



$

2,585


Interest expense and amortization of loan costs

12,613



13,712



54,507



49,653


Depreciation and amortization

18,121



15,092



70,112



57,383


Income tax expense (benefit)

271



(82)



1,764



2,432


Equity in (earnings) loss of unconsolidated entity

50



88



199



234


Company's portion of EBITDA of OpenKey

(48)



(77)



(195)



(220)


EBITDA

48,102



14,820



127,583



112,067


Impairment charges on real estate







71


Gain (loss) on insurance settlement, disposition of assets and sale of hotel property

(26,319)



(27)



(25,165)



(15,738)


EBITDAre

21,783



14,793



102,418



96,400


Amortization of favorable (unfavorable) contract assets (liabilities)

285



52



651



195


Transaction and conversion costs

893



2,000



2,076



2,965


Other (income) expense

13,577



63



13,947



253


Write-off of loan costs and exit fees





647



4,178


Unrealized (gain) loss on investments

(13,262)



4,672



(7,872)



8,010


Unrealized (gain) loss on derivatives

131



(721)



1,103



82


Non-cash stock/unit-based compensation

2,035



1,295



7,943



7,004


Legal, advisory and settlement costs

93



426



527



(241)


Advisory services incentive fee

(77)



(2,241)






Uninsured hurricane and wildfire related costs







412


Company's portion of adjustments to EBITDAre of OpenKey

3



8



25



7


Adjusted EBITDAre

$

25,461



$

20,347



$

121,465



$

119,265


 

 

 

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)






Three Months Ended


Year Ended


December 31,


December 31,


2019


2018


2019


2018

Net income (loss)

$

17,095



$

(13,913)



$

1,196



$

2,585


(Income) loss from consolidated entities attributable to noncontrolling interest

(282)



(274)



(2,032)



(2,016)


Net (income) loss attributable to redeemable noncontrolling interests in operating partnership

(1,563)



1,826



1,207



751


Preferred dividends

(2,545)



(2,545)



(10,142)



(7,205)


Net income (loss) attributable to common stockholders

12,705



(14,906)



(9,771)



(5,885)


Depreciation and amortization on real estate

17,324



14,320



66,933



54,350


Impairment charges on real estate







71


Net income (loss) attributable to redeemable noncontrolling interests in operating partnership

1,563



(1,826)



(1,207)



(751)


Equity in (earnings) loss of unconsolidated entity

50



88



199



234


Gain (loss) on insurance settlement, disposition of assets and sale of hotel property

(26,319)



(27)



(25,165)



(15,738)


Company's portion of FFO of OpenKey

(50)



(78)



(201)



(224)


FFO available to common stockholders and OP unitholders

5,273



(2,429)



30,788



32,057


Series B Cumulative Convertible Preferred Stock dividends

1,720



1,707



6,842



6,829


Transaction and conversion costs

893



2,000



2,076



2,965


Other (income) expense

13,577



63



13,947



253


Interest expense accretion on refundable membership club deposits

213



300



864



676


Write-off of loan costs and exit fees





647



4,178


Amortization of loan costs

1,076



1,080



4,263



4,164


Unrealized (gain) loss on investments

(13,262)



4,672



(7,872)



8,010


Unrealized (gain) loss on derivatives

131



(721)



1,103



82


Non-cash stock/unit-based compensation

2,035



1,295



7,943



7,004


Legal, advisory and settlement costs

93



426



527



(241)


Advisory services incentive fee

(77)



(2,241)






Uninsured hurricane and wildfire related costs







412


Company's portion of adjustments to FFO of OpenKey

4



8



28



7


Adjusted FFO available to common stockholders and OP unitholders

$

11,676



$

6,160



$

61,156



$

66,396


Adjusted FFO per diluted share available to common stockholders and OP unitholders

$

0.27



$

0.14



$

1.41



$

1.55


Weighted average diluted shares

43,381



43,026



43,387



42,787



 

 

 

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
DECEMBER 31, 2019
(dollars in thousands)
(unaudited)


















Lender


Hotels


Maturity


Interest Rate


Fixed-
Rate
Debt


Floating-
Rate
Debt


Total
Debt


Comparable
TTM
Hotel
EBITDA(6)


Comparable
TTM
EBITDA
Debt Yield

JPMorgan


Park Hyatt Beaver Creek


April 2020


LIBOR + 2.75%


$



$

67,500


(1)

$

67,500



$

10,142



15.0

%

BAML


See footnote


June 2020


LIBOR + 2.16%




435,000


(2)

435,000



$

45,517



10.5

%

Apollo


Ritz-Carlton, St. Thomas


August 2021


LIBOR + 4.95%




42,500


(3)

42,500



11,399



26.8

%

BAML


Hotel Yountville


May 2022


LIBOR + 2.55%




51,000



51,000



6,202



12.2

%

BAML


Bardessono


August 2022


LIBOR + 2.55%




40,000



40,000



5,610



14.0

%

BAML secured
revolving credit facility


N/A


October 2022


Base Rate(5) + 1.25% to 2.50%
or LIBOR + 2.25% to 3.50%





(4)



      N/A


    N/A

BAML


Ritz-Carlton, Sarasota


April 2023


LIBOR + 2.65%




100,000



100,000



13,626



13.6

%

BAML


Ritz-Carlton, Lake Tahoe


January 2024


LIBOR + 2.10%




54,000



54,000



8,064



14.9

%

Prudential


Capital Hilton and Hilton
Torrey Pines


February 2024


LIBOR + 1.70%




195,000



195,000



29,836



15.3

%

BAML


Pier House Resort


September 2024


LIBOR + 1.85%




80,000



80,000



11,700



14.6

%

Total








$



$

1,065,000



$

1,065,000



$

142,096



13.3

%

Percentage








%


100.0

%


100.0

%





Weighted average
interest rate








%


4.04

%


4.04

%

























 

All indebtedness is non-recourse with the exception of the secured revolving credit facility.

(1)      This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the first was exercised in April 2019.

(2)      This mortgage loan has five one-year extension options subject to satisfaction of certain conditions. This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, San Francisco 
         Courtyard Downtown, Seattle Marriott Waterfront and The Notary Hotel.

(3)      This mortgage loan has three one-year extension options subject to satisfaction of certain conditions.

(4)      This credit facility has two one-year extension options subject to advance notice, certain conditions and a 0.25% extension fee beginning October 2022.

(5)      Base Rate, as defined in the secured revolving credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5%, or (iii) LIBOR + 1.0%.

(6)      See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.


 

 

 

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
DECEMBER 31, 2019
(dollars in thousands)
(unaudited)


Lender


Hotels


2020


2021


2022


2023


2024


Thereafter


Total

BAML secured revolving
credit facility


N/A


$



$



$



$



$



$



$


JPMorgan


Park Hyatt Beaver Creek






67,500









67,500


BAML


Hotel Yountville






51,000









51,000


BAML


Bardessono






40,000









40,000


BAML


Ritz-Carlton, Sarasota








98,000







98,000


BAML


Ritz-Carlton, Lake Tahoe










54,000





54,000


Prudential


Capital Hilton and Hilton
Torrey Pines










195,000





195,000


Apollo


Ritz-Carlton, St. Thomas










42,500





42,500


BAML


Pier House Resort










80,000





80,000


BAML


See footnote 1












435,000



435,000


Principal due in future periods




$



$



$

158,500



$

98,000



$

371,500



$

435,000



$

1,063,000


Scheduled amortization
payments remaining






500



1,000



500







2,000


Total indebtedness




$



$

500



$

159,500



$

98,500



$

371,500



$

435,000



$

1,065,000



(1)      This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, San Francisco Courtyard Downtown, Seattle Marriott Waterfront and The Notary Hotel.


 

 

 

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)

 



ALL HOTELS:




Three Months Ended December 31,



Actual


Non-
comparable
Adjustments


Comparable


Actual


Non-
comparable
Adjustments


Comparable


Actual


Comparable



2019


2019


2019


2018


2018


2018


% Variance


% Variance


Rooms revenue (in thousands)

$

74,753



$



$

74,753



$

64,471



$

5,538



$

70,009



15.95

%


6.78

%


RevPAR

$

223.70



$



$

223.70



$

203.51



$

354.11



$

210.59



9.92

%


6.23

%


Occupancy

76.46

%


%


76.46

%


75.58

%


67.79

%


75.22

%


1.16

%


1.65

%


ADR

$

292.58



$



$

292.58



$

269.24



$

522.33



$

279.97



8.67

%


4.50

%

 

ALL HOTELS:




Year Ended December 31,



Actual


Non-
comparable
Adjustments


Comparable


Actual


Non-
comparable
Adjustments


Comparable


Actual


Comparable



2019


2019


2019


2018


2018


2018


% Variance


% Variance


Rooms revenue (in thousands)

$

302,469



$

1,719



$

304,188



$

282,775



$

22,479



$

305,254



6.96

%


(0.35)

%


RevPAR

$

232.56



$

722.13



$

233.45



$

221.17



$

528.35



$

231.06



5.15

%


1.03

%


Occupancy

78.85

%


77.52

%


78.85

%


81.31

%


54.04

%


80.43

%


(3.03)

%


(1.96)

%


ADR

$

294.93



$

931.53



$

296.07



$

272.02



$

977.62



$

287.29



8.42

%


3.06

%

































 

NOTES:

(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2019, were owned as of the
beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results
from hotel properties sold during the period.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3) The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.

 

 

 

 

ALL HOTELS
     
NOT UNDER RENOVATION:


Three Months Ended December 31,



Actual


Non-
comparable
Adjustments


Comparable


Actual


Non-
comparable
Adjustments


Comparable


Actual


Comparable



2019


2019


2019


2018


2018


2018


% Variance


% Variance


Rooms revenue (in thousands)

$

63,134



$



$

63,134



$

54,657



$

5,538



$

60,195



15.51

%


4.88

%


RevPAR

$

219.11



$



$

219.11



$

200.77



$

354.11



$

209.11



9.13

%


4.78

%


Occupancy

76.37

%


%


76.37

%


74.75

%


67.79

%


74.37

%


2.17

%


2.69

%


ADR

$

286.91



$



$

286.91



$

268.58



$

522.33



$

281.15



6.82

%


2.05

%

 

ALL HOTELS
     
NOT UNDER RENOVATION:


Year Ended December 31,



Actual


Non-
comparable
Adjustments


Comparable


Actual


Non-
comparable
Adjustments


Comparable


Actual


Comparable



2019


2019


2019


2018


2018


2018


% Variance


% Variance


Rooms revenue (in thousands)

$

258,598



$

1,719



$

260,317



$

239,139



$

22,479



$

261,618



8.14

%


(0.50)

%


RevPAR

$

226.84



$

722.13



$

227.88



$

217.49



$

528.35



$

229.07



4.30

%


(0.52)

%


Occupancy

77.68

%


77.52

%


77.68

%


80.63

%


54.04

%


79.64

%


(3.66)

%


(2.46)

%


ADR

$

292.01



$

931.53



$

293.34



$

269.72



$

977.62



$

287.62



8.26

%


1.99

%

































NOTES:

(1) The above comparable information assumes the eleven hotel properties owned and included in the Company's operations at December 31, 2019, and not under renovation 
     during the three months ended December 31, 2019, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results 
     from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3) The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.

(4) Excluded Hotels Under Renovation:

     San Francisco Courtyard Downtown, St. Thomas Ritz-Carlton

 


 

 

 

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL EBITDA
(dollars in thousands)
(unaudited)





ALL HOTELS:

Three Months Ended


Year Ended



December 31,


December 31,



2019


2018


% Variance


2019


2018


% Variance


Total hotel revenue

$

121,265



$

98,945



22.56

%


$

486,228



$

431,398



12.71

%


Non-comparable adjustments



10,535





2,671



45,896





Comparable total hotel revenue

$

121,265



$

109,480



10.76

%


$

488,899



$

477,294



2.43

%















Hotel EBITDA

$

30,063



$

26,950



11.55

%


$

141,318



$

137,621



2.69

%


Non-comparable adjustments

(44)



2,301





778



7,067





Comparable hotel EBITDA

$

30,019



$

29,251



2.63

%


$

142,096



$

144,688



(1.79)

%


Hotel EBITDA margin

24.79

%



27.24

%


(2.45)

%


29.06

%


31.90

%


(2.84)

%


Comparable hotel EBITDA margin

24.75

%


26.72

%


(1.97)

%


29.06

%


30.31

%


(1.25)

%















Hotel EBITDA adjustments attributable to consolidated noncontrolling interests

$

1,521



$

1,519



0.13

%


$

7,459



$

7,304



2.12

%


Hotel EBITDA attributable to the Company and OP unitholders

$

28,542



$

25,431



12.23

%


$

133,859



$

130,317



2.72

%


Comparable hotel EBITDA attributable to the Company and OP unitholders

$

28,498



$

27,732



2.76

%


$

134,637



$

137,384



(2.00)

%

























 

NOTES:

(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2019, were owned as of the 
      beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results 
      from hotel properties sold during the period.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3) The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.

(4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

 

 

ALL HOTELS
     NOT UNDER RENOVATION:

Three Months Ended


Year Ended




December 31,


December 31,





2019


2018


% Variance


2019


2018



% Variance

Total hotel revenue

$

104,365



$

87,478



19.30

%


$

415,939



$

367,831



13.08

%

Non-comparable adjustments



10,535





2,671



45,896




Comparable total hotel revenue

$

104,365



$

98,013



6.48

%


$

418,610



$

413,727



1.18

%













Hotel EBITDA

$

26,465



$

24,970



5.99

%


$

115,671



$

113,496



1.92

%

Non-comparable adjustments

152



2,301





778



7,067




Comparable hotel EBITDA

$

26,617



$

27,271



(2.40)

%


$

116,449



$

120,563



(3.41)

%

Hotel EBITDA margin

25.36

%


28.54

%


(3.18)

%


27.81

%


30.86

%


(3.05)

%

Comparable hotel EBITDA margin

25.50

%


27.82

%


(2.32)

%


27.82

%


29.14

%


(1.32)

%













Hotel EBITDA adjustments attributable to consolidated noncontrolling interests

$

1,521



$

1,519



0.13

%


$

7,459



$

7,304



2.12

%

Hotel EBITDA attributable to the Company and OP unitholders

$

24,944



$

23,451



6.37

%


$

108,212



$

106,192



1.90

%

Comparable hotel EBITDA attributable to the Company and OP unitholders

$

25,096



$

25,752



(2.55)

%


$

108,990



$

113,259



(3.77)

%























 

NOTES:

(1) The above comparable information assumes the eleven hotel properties owned and included in the Company's operations at December 31, 2019, and not under renovation 
      during the three months ended December 31, 2019, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results 
      from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3) The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.

(4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

(5) Excluded Hotels Under Renovation:

      San Francisco Courtyard Downtown, St. Thomas Ritz-Carlton

 




 


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)




Three Months Ended December 31,


Actual


Non-
comparable
Adjustments


Comparable


Actual


Non-
comparable
Adjustments


Comparable


Actual


Comparable



2019


2019


2019


2018


2018


2018


% Variance


% Variance


CAPITAL HILTON WASHINGTON D.C.































Selected Financial Information:































Rooms revenue

$

8,775



$



$

8,775



$

8,801



$



$

8,801



(0.30)

%


(0.30)

%


Total hotel revenue

$

13,450



$



$

13,450



$

12,842



$



$

12,842



4.73

%


4.73

%


Hotel EBITDA

$

2,836



$



$

2,836



$

2,642



$



$

2,642



7.34

%


7.34

%


Hotel EBITDA margin

21.09

%




21.09

%


20.57

%




20.57

%


0.52

%


0.52

%


Selected Operating Information:

















RevPAR

$

173.43



$



$

173.43



$

173.93



$



$

173.93



(0.29)

%


(0.29)

%


Occupancy

78.12

%


%


78.12

%


77.49

%


%


77.49

%


0.81

%


0.81

%


ADR

$

222.00



$



$

222.00



$

224.45



$



$

224.45



(1.09)

%


(1.09)

%



















LA JOLLA HILTON TORREY PINES
















Selected Financial Information:

















Rooms revenue

$

5,355



$



$

5,355



$

5,801



$



$

5,801



(7.69)

%


(7.69)

%


Total hotel revenue

$

11,030



$



$

11,030



$

10,871



$



$

10,871



1.46

%


1.46

%


Hotel EBITDA

$

3,248



$



$

3,248



$

3,435



$



$

3,435



(5.44)

%


(5.44)

%


Hotel EBITDA margin

29.45

%




29.45

%


31.60

%




31.60

%


(2.15)

%


(2.15)

%


Selected Operating Information:

















RevPAR

$

147.74



$



$

147.74



$

160.03



$



$

160.03



(7.68)

%


(7.68)

%


Occupancy

76.63

%


%


76.63

%


79.79

%


%


79.79

%


(3.96)

%


(3.96)

%


ADR

$

192.79



$



$

192.79



$

200.57



$



$

200.57



(3.88)

%


(3.88)

%



















CHICAGO SOFITEL MAGNIFICENT MILE
















Selected Financial Information:

















Rooms revenue

$

6,313



$



$

6,313



$

6,550



$



$

6,550



(3.62)

%


(3.62)

%


Total hotel revenue

$

8,753



$



$

8,753



$

9,031



$



$

9,031



(3.08)

%


(3.08)

%


Hotel EBITDA

$

1,610



$



$

1,610



$

2,579



$



$

2,579



(37.57)

%


(37.57)

%


Hotel EBITDA margin

18.39

%




18.39

%


28.56

%




28.56

%


(10.17)

%


(10.17)

%


Selected Operating Information:

















RevPAR

$

165.33



$



$

165.33



$

171.54



$



$

171.54



(3.62)

%


(3.62)

%


Occupancy

79.82

%


%


79.82

%


76.74

%


%


76.74

%


4.01

%


4.01

%


ADR

$

207.14



$



$

207.14



$

223.54



$



$

223.54



(7.34)

%


(7.34)

%



















BARDESSONO HOTEL AND SPA
















Selected Financial Information:

















Rooms revenue

$

3,476



$



$

3,476



$

3,461



$



$

3,461



0.43

%


0.43

%


Total hotel revenue

$

4,790



$



$

4,790



$

4,731



$



$

4,731



1.25

%


1.25

%


Hotel EBITDA

$

1,353



$



$

1,353



$

1,545



$

(2)



$

1,543



(12.43)

%


(12.31)

%


Hotel EBITDA margin

28.25

%




28.25

%


32.66

%




32.61

%


(4.41)

%


(4.36)

%


Selected Operating Information:

















RevPAR

$

581.32



$



$

581.32



$

606.76



$



$

606.76



(4.19)

%


(4.19)

%


Occupancy

74.53

%


%


74.53

%


76.42

%


%


76.42

%


(2.47)

%


(2.47)

%


ADR

$

779.96



$



$

779.96



$

793.98



$



$

793.98



(1.77)

%


(1.77)

%



















KEY WEST PIER HOUSE RESORT
















Selected Financial Information:

















Rooms revenue

$

5,062



$



$

5,062



$

4,589



$



$

4,589



10.31

%


10.31

%


Total hotel revenue

$

6,587



$



$

6,587



$

5,961



$



$

5,961



10.50

%


10.50

%


Hotel EBITDA

$

2,883



$



$

2,883



$

2,685



$

4



$

2,689



7.37

%


7.21

%


Hotel EBITDA margin

43.77

%




43.77

%


45.04

%




45.11

%


(1.27)

%


(1.34)

%


Selected Operating Information:

















RevPAR

$

387.46



$



$

387.46



$

351.27



$



$

351.27



10.30

%


10.30

%


Occupancy

86.41

%


%


86.41

%


78.41

%


%


78.41

%


10.20

%


10.20

%


ADR

$

448.43



$



$

448.43



$

447.97



$



$

447.97



0.10

%


0.10

%



















HOTEL YOUNTVILLE
















Selected Financial Information:

















Rooms revenue

$

3,007



$



$

3,007



$

2,943



$



$

2,943



2.17

%


2.17

%


Total hotel revenue

$

3,747



$



$

3,747



$

3,633



$



$

3,633



3.14

%


3.14

%


Hotel EBITDA

$

1,422



$



$

1,422



$

1,372



$

(1)



$

1,371



3.64

%


3.72

%


Hotel EBITDA margin

37.95

%




37.95

%


37.76

%




37.74

%


0.19

%


0.21

%


Selected Operating Information:

















RevPAR

$

408.68



$



$

408.68



$

399.86



$



$

399.86



2.21

%


2.21

%


Occupancy

69.47

%


%


69.47

%


71.33

%


%


71.33

%


(2.61)

%


(2.61)

%


ADR

$

588.28



$



$

588.28



$

560.57



$



$

560.57



4.94

%


4.94

%



















PARK HYATT BEAVER CREEK
















Selected Financial Information:

















Rooms revenue

$

4,150



$



$

4,150



$

3,613



$



$

3,613



14.86

%


14.86

%


Total hotel revenue

$

9,000



$



$

9,000



$

8,168



$



$

8,168



10.19

%


10.19

%


Hotel EBITDA

$

1,105



$



$

1,105



$

1,015



$



$

1,015



8.87

%


8.87

%


Hotel EBITDA margin

12.28

%




12.28

%


12.43

%




12.43

%


(0.15)

%


(0.15)

%


Selected Operating Information:

















RevPAR

$

237.42



$



$

237.42



$

206.71



$



$

206.71



14.86

%


14.86

%


Occupancy

52.87

%


%


52.87

%


51.51

%


%


51.51

%


2.64

%


2.64

%


ADR

$

449.05



$



$

449.05



$

401.30



$



$

401.30



11.90

%


11.90

%



















THE NOTARY HOTEL
















Selected Financial Information:

















Rooms revenue

$

7,847



$



$

7,847



$

6,466



$



$

6,466



21.36

%


21.36

%


Total hotel revenue

$

9,738



$



$

9,738



$

8,161



$



$

8,161



19.32

%


19.32

%


Hotel EBITDA

$

3,333



$

118



$

3,451



$

3,218



$



$

3,218



3.57

%


7.24

%


Hotel EBITDA margin

34.23

%




35.44

%


39.43

%




39.43

%


(5.20)

%


(3.99)

%


Selected Operating Information:

















RevPAR

$

170.92



$



$

170.92



$

140.84



$



$

140.84



21.36

%


21.36

%


Occupancy

81.00

%


%


81.00

%


71.84

%


%


71.84

%


12.75

%


12.75

%


ADR

$

211.01



$



$

211.01



$

196.04



$



$

196.04



7.64

%


7.64

%



















SAN FRANCISCO COURTYARD DOWNTOWN
















Selected Financial Information:

















Rooms revenue

$

9,158



$



$

9,158



$

8,149



$



$

8,149



12.38

%


12.38

%


Total hotel revenue

$

9,825



$



$

9,825



$

9,004



$



$

9,004



9.12

%


9.12

%


Hotel EBITDA

$

2,678



$

(196)



$

2,482



$

2,487



$



$

2,487



7.68

%


(0.20)

%


Hotel EBITDA margin

27.26

%




25.26

%


27.62

%




27.62

%


(0.36)

%


(2.36)

%


Selected Operating Information:

















RevPAR

$

242.79



$



$

242.79



$

216.04



$



$

216.04



12.38

%


12.38

%


Occupancy

85.56

%


%


85.56

%


80.29

%


%


80.29

%


6.56

%


6.56

%


ADR

$

283.75



$



$

283.75



$

269.08



$



$

269.08



5.45

%


5.45

%



















SARASOTA RITZ-CARLTON
















Selected Financial Information:

















Rooms revenue

$

7,430



$



$

7,430



$

6,332



$



$

6,332



17.34

%


17.34

%


Total hotel revenue

$

18,197



$



$

18,197



$

15,872



$



$

15,872



14.65

%


14.65

%


Hotel EBITDA

$

4,462



$



$

4,462



$

3,637



$



$

3,637



22.68

%


22.68

%


Hotel EBITDA margin

24.52

%




24.52

%


22.91

%




22.91

%


1.61

%


1.61

%


Selected Operating Information:

















RevPAR

$

303.60



$



$

303.60



$

258.77



$



$

258.77



17.32

%


17.32

%


Occupancy

81.42

%


%


81.42

%


73.98

%


%


73.98

%


10.06

%


10.06

%


ADR

$

372.87



$



$

372.87



$

349.79



$



$

349.79



6.60

%


6.60

%


















LAKE TAHOE RITZ-CARLTON
















Selected Financial Information:

















Rooms revenue

$

5,862



$



$

5,862



$



$

5,538



$

5,538



%


5.85

%


Total hotel revenue

$

11,213



$



$

11,213



$



$

10,609



$

10,609



%


5.69

%


Hotel EBITDA

$

1,853



$

34



$

1,887



$



$

2,327



$

2,327



%


(18.91)

%


Hotel EBITDA margin

16.53

%




16.83

%


%




21.93

%


16.53

%


(5.10)

%


Selected Operating Information:

















RevPAR

$

374.80



$



$

374.80



$



$

354.11



$

354.11



%


5.84

%


Occupancy

64.26

%


%


64.26

%


%


67.79

%


67.79

%


%


(5.21)

%


ADR

$

583.27



$



$

583.27



$



$

522.33



$

522.33



%


11.67

%



















SEATTLE MARRIOTT WATERFRONT
















Selected Financial Information:

















Rooms revenue

$

5,857



$



$

5,857



$

6,101



$



$

6,101



(4.00)

%


(4.00)

%


Total hotel revenue

$

7,860



$



$

7,860



$

8,134



$



$

8,134



(3.37)

%


(3.37)

%


Hotel EBITDA

$

2,360



$



$

2,360



$

2,815



$



$

2,815



(16.16)

%


(16.16)

%


Hotel EBITDA margin

30.03

%




30.03

%


34.61

%




34.61

%


(4.58)

%


(4.58)

%


Selected Operating Information:

















RevPAR

$

176.36



$



$

176.36



$

183.70



$



$

183.70



(4.00)

%


(4.00)

%


Occupancy

75.30

%


%


75.30

%


78.67

%


%


78.67

%


(4.28)

%


(4.28)

%


ADR

$

234.20



$



$

234.20



$

233.52



$



$

233.52



0.29

%


0.29

%



















ST. THOMAS RITZ-CARLTON
















Selected Financial Information:

















Rooms revenue

$

2,461



$



$

2,461



$

1,665



$



$

1,665



47.81

%


47.81

%


Total hotel revenue

$

7,075



$



$

7,075



$

2,463



$



$

2,463



187.25

%


187.25

%


Hotel EBITDA

$

920



$



$

920



$

(507)



$



$

(507)



281.46

%


281.46

%


Hotel EBITDA margin

13.00

%




13.00

%


(20.58)

%




(20.58)

%


33.58

%


33.58

%


Selected Operating Information:

















RevPAR

$

296.19



$



$

296.19



$

242.95



$



$

242.95



21.91

%


21.91

%


Occupancy

38.13

%


%


38.13

%


82.74

%


%


82.74

%


(53.92)

%


(53.92)

%


ADR

$

776.76



$



$

776.76



$

293.63



$



$

293.63



164.54

%


164.54

%



















TAMPA RENAISSANCE
















Selected Financial Information:

















Rooms revenue

$



$



$



$



$



$



%


%


Total hotel revenue

$



$



$



$

74



$

(74)



$



%


%


Hotel EBITDA

$



$



$



$

27



$

(27)



$



(100.00)

%


%


Hotel EBITDA margin

%




%


%




%


%


%


Selected Operating Information:

















RevPAR

$



$



$



$



$



$



%


%


Occupancy

%


%


%


%


%


%


%


%


ADR

$



$



$



$



$



$



%


%



















BRAEMAR PROPERTIES TOTAL
















Selected Financial Information:

















Rooms revenue

$

74,753



$



$

74,753



$

64,471



$

5,538



$

70,009



15.95

%


6.78

%


Total hotel revenue

$

121,265



$



$

121,265



$

98,945



$

10,535



$

109,480



22.56

%


10.76

%


Hotel EBITDA

$

30,063



$

(44)



$

30,019



$

26,950



$

2,301



$

29,251



11.55

%


2.63

%


Hotel EBITDA margin

24.79

%




24.75

%


27.24

%




26.72

%


(2.45)

%


(1.97)

%


Selected Operating Information:

















RevPAR

$

223.70



$



$

223.70



$

203.51



$

354.11



$

210.59



9.92

%


6.23

%


Occupancy

76.46

%


%


76.46

%


75.58

%


67.79

%


75.22

%


1.16

%


1.65

%


ADR

$

292.58



$



$

292.58



$

269.24



$

522.33



$

279.97



8.67

%


4.50

%

































 

NOTES:

(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2019, were owned as of the beginning of each of the periods 
    presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)    The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.

(4)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

 

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)



Year Ended December 31,



Actual


Non-
comparable
Adjustments


Comparable


Actual


Non-
comparable
Adjustments


Comparable


Actual


Comparable



2019


2019


2019


2018


2018


2018


% Variance


% Variance


CAPITAL HILTON WASHINGTON D.C.





























Selected Financial Information:































Rooms revenue

$

38,735



$



$

38,735



$

39,191



$



$

39,191



(1.16)

%


(1.16)

%


Total hotel revenue

$

57,285



$



$

57,285



$

55,081



$



$

55,081



4.00

%


4.00

%


Hotel EBITDA

$

14,141



$



$

14,141



$

13,748



$



$

13,748



2.86

%


2.86

%


Hotel EBITDA margin

24.69

%




24.69

%


24.96

%




24.96

%


(0.27)

%


(0.27)

%


Selected Operating Information:

















RevPAR

$

192.95



$



$

192.95



$

195.22



$



$

195.22



(1.16)

%


(1.16)

%


Occupancy

82.95

%


%


82.95

%


83.53

%


%


83.53

%


(0.69)

%


(0.69)

%


ADR

$

232.62



$



$

232.62



$

233.73



$



$

233.73



(0.47)

%


(0.47)

%



















LA JOLLA HILTON TORREY PINES
















Selected Financial Information:

















Rooms revenue

$

25,822



$



$

25,822



$

26,304



$



$

26,304



(1.83)

%


(1.83)

%


Total hotel revenue

$

46,973



$



$

46,973



$

46,471



$



$

46,471



1.08

%


1.08

%


Hotel EBITDA

$

15,695



$



$

15,695



$

15,468



$



$

15,468



1.47

%


1.47

%


Hotel EBITDA margin

33.41

%




33.41

%


33.29

%




33.29

%


0.12

%


0.12

%


Selected Operating Information:

















RevPAR

$

179.56



$



$

179.56



$

182.91



$



$

182.91



(1.83)

%


(1.83)

%


Occupancy

83.06

%


%


83.06

%


85.33

%


%


85.33

%


(2.66)

%


(2.66)

%


ADR

$

216.18



$



$

216.18



$

214.34



$



$

214.34



0.86

%


0.86

%



















CHICAGO SOFITEL MAGNIFICENT MILE
















Selected Financial Information:

















Rooms revenue

$

25,366



$



$

25,366



$

25,909



$



$

25,909



(2.10)

%


(2.10)

%


Total hotel revenue

$

34,770



$



$

34,770



$

35,398



$



$

35,398



(1.77)

%


(1.77)

%


Hotel EBITDA

$

7,169



$



$

7,169



$

7,663



$



$

7,663



(6.45)

%


(6.45)

%


Hotel EBITDA margin

20.62

%




20.62

%


21.65

%




21.65

%


(1.03)

%


(1.03)

%


Selected Operating Information:

















RevPAR

$

167.46



$



$

167.46



$

171.04



$



$

171.04



(2.09)

%


(2.09)

%


Occupancy

82.35

%


%


82.35

%


79.15

%


%


79.15

%


4.04

%


4.04

%


ADR

$

203.34



$



$

203.34



$

216.11



$



$

216.11



(5.91)

%


(5.91)

%



















BARDESSONO HOTEL AND SPA
















Selected Financial Information:

















Rooms revenue

$

13,633



$



$

13,633



$

13,846



$



$

13,846



(1.54)

%


(1.54)

%


Total hotel revenue

$

19,060



$



$

19,060



$

19,693



$



$

19,693



(3.21)

%


(3.21)

%


Hotel EBITDA

$

5,610



$



$

5,610



$

6,464



$

(8)



$

6,456



(13.21)

%


(13.10)

%


Hotel EBITDA margin

29.43

%




29.43

%


32.82

%




32.78

%


(3.39)

%


(3.35)

%


Selected Operating Information:

















RevPAR

$

595.19



$



$

595.19



$

611.84



$



$

611.84



(2.72)

%


(2.72)

%


Occupancy

75.11

%


%


75.11

%


76.77

%


%


76.77

%


(2.16)

%


(2.16)

%


ADR

$

792.41



$



$

792.41



$

796.93



$



$

796.93



(0.57)

%


(0.57)

%



















KEY WEST PIER HOUSE RESORT
















Selected Financial Information:

















Rooms revenue

$

19,235



$



$

19,235



$

18,122



$



$

18,122



6.14

%


6.14

%


Total hotel revenue

$

25,056



$



$

25,056



$

23,609



$



$

23,609



6.13

%


6.13

%


Hotel EBITDA

$

11,700



$



$

11,700



$

10,907



$

16



$

10,923



7.27

%


7.11

%


Hotel EBITDA margin

46.70

%




46.70

%


46.20

%




46.27

%


0.50

%


0.43

%


Selected Operating Information:

















RevPAR

$

371.12



$



$

371.12



$

349.64



$



$

349.64



6.14

%


6.14

%


Occupancy

82.14

%


%


82.14

%


81.00

%


%


81.00

%


1.41

%


1.41

%


ADR

$

451.84



$



$

451.84



$

431.67



$



$

431.67



4.67

%


4.67

%



















HOTEL YOUNTVILLE
















Selected Financial Information:

















Rooms revenue

$

12,054



$



$

12,054



$

12,179



$



$

12,179



(1.03)

%


(1.03)

%


Total hotel revenue

$

15,305



$



$

15,305



$

15,570



$



$

15,570



(1.70)

%


(1.70)

%


Hotel EBITDA

$

6,202



$



$

6,202



$

6,418



$

(4)



$

6,414



(3.37)

%


(3.31)

%


Hotel EBITDA margin

40.52

%




40.52

%


41.22

%




41.19

%


(0.70)

%


(0.67)

%


Selected Operating Information:

















RevPAR

$

412.82



$



$

412.82



$

417.08



$



$

417.08



(1.02)

%


(1.02)

%


Occupancy

73.91

%


%


73.91

%


74.70

%


%


74.70

%


(1.06)

%


(1.06)

%


ADR

$

558.52



$



$

558.52



$

558.38



$



$

558.38



0.03

%


0.03

%



















PARK HYATT BEAVER CREEK
















Selected Financial Information:

















Rooms revenue

$

18,209



$



$

18,209



$

18,349



$



$

18,349



(0.76)

%


(0.76)

%


Total hotel revenue

$

40,688



$



$

40,688



$

40,292



$



$

40,292



0.98

%


0.98

%


Hotel EBITDA

$

10,142



$



$

10,142



$

9,238



$



$

9,238



9.79

%


9.79

%


Hotel EBITDA margin

24.93

%




24.93

%


22.93

%




22.93

%


2.00

%


2.00

%


Selected Operating Information:

















RevPAR

$

262.57



$



$

262.57



$

264.59



$



$

264.59



(0.76)

%


(0.76)

%


Occupancy

59.06

%


%


59.06

%


61.73

%


%


61.73

%


(4.33)

%


(4.33)

%


ADR

$

444.54



$



$

444.54



$

428.59



$



$

428.59



3.72

%


3.72

%



















THE NOTARY HOTEL
















Selected Financial Information:

















Rooms revenue

$

26,016



$



$

26,016



$

28,107



$



$

28,107



(7.44)

%


(7.44)

%


Total hotel revenue

$

31,887



$



$

31,887



$

34,983



$



$

34,983



(8.85)

%


(8.85)

%


Hotel EBITDA

$

9,850



$



$

9,850



$

14,038



$



$

14,038



(29.83)

%


(29.83)

%


Hotel EBITDA margin

30.89

%




30.89

%


40.13

%




40.13

%


(9.24)

%


(9.24)

%


Selected Operating Information:

















RevPAR

$

142.84



$



$

142.84



$

154.32



$



$

154.32



(7.44)

%


(7.44)

%


Occupancy

72.15

%


%


72.15

%


82.92

%


%


82.92

%


(12.99)

%


(12.99)

%


ADR

$

197.97



$



$

197.97



$

186.10



$



$

186.10



6.38

%


6.38

%



















SAN FRANCISCO COURTYARD DOWNTOWN
















Selected Financial Information:

















Rooms revenue

$

40,576



$



$

40,576



$

37,032



$



$

37,032



9.57

%


9.57

%


Total hotel revenue

$

44,167



$



$

44,167



$

41,933



$



$

41,933



5.33

%


5.33

%


Hotel EBITDA

$

14,248



$



$

14,248



$

13,834



$



$

13,834



2.99

%


2.99

%


Hotel EBITDA margin

32.26

%




32.26

%


32.99

%




32.99

%


(0.73)

%


(0.73)

%


Selected Operating Information:

















RevPAR

$

271.14



$



$

271.14



$

247.58



$



$

247.58



9.52

%


9.52

%


Occupancy

89.99

%


%


89.99

%


86.66

%


%


86.66

%


3.84

%


3.84

%


ADR

$

301.30



$



$

301.30



$

285.70



$



$

285.70



5.46

%


5.46

%



















SARASOTA RITZ-CARLTON
















Selected Financial Information:

















Rooms revenue

$

27,931



$



$

27,931



$

17,273



$

9,451



$

26,724



61.70

%


4.52

%


Total hotel revenue

$

65,524



$



$

65,524



$

42,232



$

20,073



$

62,305



55.15

%


5.17

%


Hotel EBITDA

$

13,626



$



$

13,626



$

7,142



$

5,567



$

12,709



90.79

%


7.22

%


Hotel EBITDA margin

20.80

%




20.80

%


16.91

%




20.40

%


3.89

%


0.40

%


Selected Operating Information:

















RevPAR

$

287.68



$



$

287.68



$

238.74



$

382.06



$

275.25



20.50

%


4.52

%


Occupancy

73.40

%


%


73.40

%


71.47

%


78.86

%


73.36

%


2.70

%


0.05

%


ADR

$

391.92



$



$

391.92



$

334.02



$

484.46



$

375.23



17.33

%


4.45

%


LAKE TAHOE RITZ-CARLTON
















Selected Financial Information:

















Rooms revenue

$

22,362



$

1,719



$

24,081



$



$

21,199



$

21,199



%


13.59

%


Total hotel revenue

$

41,894



$

2,671



$

44,565



$



$

40,434



$

40,434



%


10.22

%


Hotel EBITDA

$

7,286



$

778



$

8,064



$



$

8,021



$

8,021



%


0.54

%


Hotel EBITDA margin

17.39

%




18.09

%


%




19.84

%


17.39

%


(1.75)

%


Selected Operating Information:

















RevPAR

$

374.76



$

722.13



$

388.09



$



$

341.64



$

341.64



%


13.60

%


Occupancy

67.39

%


77.52

%


67.78

%


%


66.64

%


66.64

%


%


1.71

%


ADR

$

556.11



$

931.53



$

572.58



$



$

512.66



$

512.66



%


11.69

%



















SEATTLE MARRIOTT WATERFRONT
















Selected Financial Information:

















Rooms revenue

$

29,235



$



$

29,235



$

31,688



$



$

31,688



(7.74)

%


(7.74)

%


Total hotel revenue

$

37,497



$



$

37,497



$

39,891



$



$

39,891



(6.00)

%


(6.00)

%


Hotel EBITDA

$

14,250



$



$

14,250



$

15,885



$



$

15,885



(10.29)

%


(10.29)

%


Hotel EBITDA margin

38.00

%




38.00

%


39.82

%




39.82

%


(1.82)

%


(1.82)

%


Selected Operating Information:

















RevPAR

$

221.87



$



$

221.87



$

240.49



$



$

240.49



(7.74)

%


(7.74)

%


Occupancy

83.22

%


%


83.22

%


84.80

%


%


84.80

%


(1.86)

%


(1.86)

%


ADR

$

266.62



$



$

266.62



$

283.59



$



$

283.59



(5.98)

%


(5.98)

%



















ST. THOMAS RITZ-CARLTON
















Selected Financial Information:

















Rooms revenue

$

3,295



$



$

3,295



$

6,604



$



$

6,604



(50.11)

%


(50.11)

%


Total hotel revenue

$

26,122



$



$

26,122



$

21,634



$



$

21,634



20.75

%


20.75

%


Hotel EBITDA

$

11,399



$



$

11,399



$

10,291



$



$

10,291



10.77

%


10.77

%


Hotel EBITDA margin

43.64

%




43.64

%


47.57

%




47.57

%


(3.93)

%


(3.93)

%


Selected Operating Information:

















RevPAR

$

299.87



$



$

299.87



$

224.31



$



$

224.31



33.69

%


33.69

%


Occupancy

48.61

%


%


48.61

%


79.20

%


%


79.20

%


(38.62)

%


(38.62)

%


ADR

$

616.91



$



$

616.91



$

283.22



$



$

283.22



117.82

%


117.82

%



















TAMPA RENAISSANCE
















Selected Financial Information:

















Rooms revenue

$



$



$



$

8,171



$

(8,171)



$



(100.00)

%


%


Total hotel revenue

$



$



$



$

14,611



$

(14,611)



$



(100.00)

%


%


Hotel EBITDA

$



$



$



$

6,525



$

(6,525)



$



(100.00)

%


%


Hotel EBITDA margin

%




%


44.66

%




%


(44.66)

%


%


Selected Operating Information:

















RevPAR

$



$



$



$

184.70



$

(184.70)



$



(100.00)

%


%


Occupancy

%


%


%


85.59

%


(85.59)

%


%


(100.00)

%


%


ADR

$



$



$



$

215.80



$

(215.80)



$



(100.00)

%


%



















BRAEMAR PROPERTIES TOTAL
















Selected Financial Information:

















Rooms revenue

$

302,469



$

1,719



$

304,188



$

282,775



$

22,479



$

305,254



6.96

%


(0.35)

%


Total hotel revenue

$

486,228



$

2,671



$

488,899



$

431,398



$

45,896



$

477,294



12.71

%


2.43

%


Hotel EBITDA

$

141,318



$

778



$

142,096



$

137,621



$

7,067



$

144,688



2.69

%


(1.79)

%


Hotel EBITDA margin

29.06

%




29.06

%


31.90

%




30.31

%


(2.84)

%


(1.25)

%


Selected Operating Information:

















RevPAR

$

232.56



$

722.13



$

233.45



$

221.17



$

528.35



$

231.06



5.15

%


1.03

%


Occupancy

78.85

%


77.52

%


78.85

%


81.31

%


54.04

%


80.43

%


(3.03)

%


(1.96)

%


ADR

$

294.93



$

931.53



$

296.07



$

272.02



$

977.62



$

287.29



8.42

%


3.06

%

































 

NOTES:

(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2019, were owned as of the beginning of each of the periods 
         presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)    The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.

(4)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

 

 

 

 

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS
(dollars in thousands)
(unaudited)



























Actual


Non-
comparable
Adjustments


Comparable


Actual


Non-
comparable
Adjustments


Comparable


Actual


Non-
comparable
Adjustments


Comparable


Actual


Non-
comparable
Adjustments


Comparable


2019


2019


2019


2019


2019


2019


2019


2019


2019


2019


2019


2019


4th Quarter


4th Quarter


4th Quarter


3rd Quarter


3rd Quarter


3rd Quarter


2nd Quarter


2nd Quarter


2nd Quarter


1st Quarter


1st Quarter


1st Quarter

Total Hotel Revenue

$

121,265



$



$

121,265



$

118,525



$



$

118,525



$

118,412



$



$

118,412



$

128,026



$

2,671



$

130,697


Hotel EBITDA

$

30,063



$

(44)



$

30,019



$

33,417



$

11



$

33,428



$

38,149



$

161



$

38,310



$

39,689



$

650



$

40,339


Hotel EBITDA Margin

24.79

%




24.75

%


28.19

%




28.20

%


32.22

%




32.35

%


31.00

%




30.86

%

























EBITDA % of Total TTM

21.3

%




21.1

%


23.6

%




23.5

%


27.0

%




27.0

%


28.1

%




28.4

%

























JV Interests in EBITDA

$

1,521



$



$

1,521



$

1,545



$



$

1,545



$

2,527



$



$

2,527



$

1,866



$



$

1,866




Actual


Non-
comparable
Adjustments


Comparable





2019


2019


2019





TTM


TTM


TTM



Total Hotel Revenue


$

486,228



$

2,671



$

488,899




Hotel EBITDA


$

141,318



$

778



$

142,096




Hotel EBITDA Margin


29.06

%




29.06

%












EBITDA % of Total TTM


100.0

%




100.0

%












JV Interests in EBITDA


$

7,459



$



$

7,459




  

NOTES:

(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3) The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.

(4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.


 

 

 

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
DECEMBER 31, 2019
(in thousands, except share price)
(unaudited)




December 31, 2019


Common stock shares outstanding

32,885

Partnership units outstanding (common stock equivalents)

4,538

Combined common stock shares and partnership units outstanding

37,423

Common stock price

$

8.93


Market capitalization

$

334,187


Series B cumulative convertible preferred stock

$

125,211


Series D cumulative preferred stock

$

40,000


Indebtedness

$

1,065,000


Joint venture partner's share of consolidated indebtedness

$

(48,750)


Net working capital (see below)

$

(49,327)


Total enterprise value (TEV)

$

1,466,321




Cash and cash equivalents

$

65,118


Restricted cash

$

56,442


Accounts receivable, net

$

18,086


Prepaid expenses

$

4,814


Due from third-party hotel managers, net

$

15,138


Total current assets

$

159,598




Accounts payable, net & accrued expenses

$

97,339


Dividends and distributions payable

$

9,143


Due to affiliates, net

$

3,789


Total current liabilities

$

110,271




Net working capital*

$

49,327








* Includes the Company's pro rata share of net working capital in joint ventures.


 

 

 

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)




2019

2020



1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter


Rooms

Actual

Actual

Actual

Actual

Estimated

Estimated

Estimated

Estimated

Park Hyatt Beaver Creek

190



x

x






The Notary Hotel

499


x

x

x






Ritz-Carlton Sarasota

266








x

x

San Francisco Courtyard Downtown

410


x

x

x

x

x

x



St. Thomas Ritz-Carlton

180


x

x

x

x





Seattle Marriott Waterfront

358









x

Total


3

4

4

2

1

1

1

2



















(a) Only hotels which have had or are expected to have significant capital expenditures that could result in
      displacement in 2019 or 2020 are included in this table.

 

 

 

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)












2019


2019


2019


2019


December 31, 2019


4th Quarter


3rd Quarter


2nd Quarter


1st Quarter


TTM

Net income (loss)

$

31,519



$

9,196



$

12,770



$

16,470



$

69,955


Non-property adjustments

(26,320)



1,441



(9)





(24,888)


Interest income

(69)



(79)



(77)



(62)



(287)


Interest expense

5,210



4,829



4,965



4,856



19,860


Amortization of loan costs

309



229



209



345



1,092


Depreciation and amortization

18,310



16,831



18,474



16,686



70,301


Income tax expense (benefit)

(173)



(78)



422



115



286


Non-hotel EBITDA ownership expense

1,277



1,048



1,395



1,279



4,999


Hotel EBITDA including amounts attributable to noncontrolling interest

30,063



33,417



38,149



39,689



141,318


Non-comparable adjustments

(44)



11



161



650



778


Comparable hotel EBITDA

$

30,019



$

33,428



$

38,310



$

40,339



$

142,096


 

 





































Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)


Three Months Ended December 31, 2019


Capital Hilton Washington D.C.


La Jolla Hilton Torrey Pines


Chicago Sofitel Magnificent Mile


Bardessono Hotel & Spa


Key West Pier House Resort


Hotel Yountville


Park Hyatt Beaver Creek


The Notary Hotel


Plano Marriott Legacy Town Center


San Francisco Courtyard Downtown


Sarasota Ritz-Carlton


Lake Tahoe Ritz-Carlton


Seattle Marriott Waterfront


St. Thomas Ritz-Carlton


Tampa Renaissance


Hotel Total


Corporate / Allocated


Braemar Hotels & Resorts Inc.

Net income (loss)

$                      827


$                    1,921


$                      (92)


$                      (99)


$                    1,413


$                       176


$                   (862)


$                      891


$                         —


$                    (313)


$                    1,316


$                     (150)


$                    1,301


$                 25,190


$                         —


$                  31,519


$              (14,424)


$                  17,095

Non-property adjustments





(89)










(26,231)



(26,320)


26,320


Interest income

(13)


(17)







(9)



(4)


(16)



(9)


(1)



(69)


69


Interest expense




448


755


572


794





1,359


544



738



5,210


6,308


11,518

Amortization of loan cost




35


69


37






81


33



54



309


786


1,095

Depreciation and amortization

1,987


1,406


1,659


858


730


604


1,223


2,245



2,859


1,496


1,243


988


1,012



18,310


(189)


18,121

Income tax expense (benefit)


(87)







(52)







(34)



(173)


444


271

Non-hotel EBITDA ownership expense

35


25


43


111


5


33


(50)


258



136


226


183


80


192



1,277


(1,277)


Hotel EBITDA including amounts attributable to noncontrolling interest

2,836


3,248


1,610


1,353


2,883


1,422


1,105


3,333



2,678


4,462


1,853


2,360


920



30,063


18,037


48,100

Less: EBITDA adjustments attributable to consolidated noncontrolling interest

(709)


(811)















(1,520)


1,520


Equity in earnings (loss) of unconsolidated entities

















50


50

Company's portion of EBITDA of OpenKey

















(48)


(48)

Hotel EBITDA attributable to the Company and OP unitholders

$                   2,127


$                  2,437


$                    1,610


$                   1,353


$                  2,883


$                   1,422


$                    1,105


$                  3,333


$                         —


$                  2,678


$                  4,462


$                   1,853


$                  2,360


$                     920


$                         —


$                28,543


$                 19,559


$                 48,102

Non-comparable adjustments








118



(196)



34





(44)





Comparable hotel EBITDA

$                  2,836


$                  3,248


$                    1,610


$                   1,353


$                  2,883


$                   1,422


$                    1,105


$                   3,451


$                         —


$                  2,482


$                  4,462


$                   1,887


$                  2,360


$                     920


$                         —


$                30,019





ALL HOTELS NOT UNDER RENOVATION:




































Hotel EBITDA including amounts attributable to noncontrolling interest

$                  2,836


$                  3,248


$                    1,610


$                   1,353


$                  2,883