PR Newswire
BETHESDA, Md., Feb. 17, 2022
BETHESDA, Md., Feb. 17, 2022 /PRNewswire/ -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH), a lodging-focused real estate investment trust that owns a portfolio of 33 premium hotels in the United States, today announced results of operations for the quarter and year ended December 31, 2021.
Fourth Quarter 2021 Highlights
Full Year 2021 Highlights
Recent Developments
"The results for 2021 far exceeded our original expectations with Comparable Total RevPAR within 1.5% of 2019 levels in December. Our strategic decision over 7 years ago to pivot to destination resorts and lifestyle hotels has paid off as those properties have collectively exceeded prior peak revenues from robust leisure demand. Gateway hotels improved as well but due to restraints on corporate travel their best days lie ahead. Forward bookings into 2022 were strong, although the Omicron variant likely delayed the emerging business and group recovery by a few months," said Mark W. Brugger, President and Chief Executive Officer of DiamondRock Hospitality Company. "We are particularly proud of the $500 million in transformative real estate transactions completed over the last year. These transactions are expected to add an incremental $20 million of Hotel Adjusted EBITDA in 2022 and continue to build the Company's resort and urban lifestyle hotel portfolio, which now comprises over 60% of the Company's hotels."
Operating Results
Please see "Non-GAAP Financial Measures" attached to this press release for an explanation of the terms "EBITDAre," "Adjusted EBITDA," "Hotel Adjusted EBITDA," "Hotel Adjusted EBITDA Margin," "FFO" and "Adjusted FFO" and a reconciliation of these measures to net income. Comparable operating results include our 2021 acquisitions and exclude our 2021 dispositions for all periods presented. See "Reconciliation of Comparable Operating Results" attached to this press release for a reconciliation to historical amounts.
Quarter Ended December 31, | Change From | |||||
2021 | 2020 | 2019 | 2020 | 2019 | ||
($ amounts in millions, except hotel statistics and per share amounts) | ||||||
Comparable Operating Results (1) | ||||||
ADR | $ 259.63 | $ 208.13 | $ 241.25 | 24.7% | 7.6% | |
Occupancy | 61.1% | 23.7% | 75.1% | 37.4% | (14.0)% | |
RevPAR | $ 158.53 | $ 49.41 | $ 181.27 | 220.8% | (12.5)% | |
Total RevPAR | $ 228.81 | $ 77.28 | $ 264.12 | 196.1% | (13.4)% | |
Revenues | $ 196.8 | $ 66.5 | $ 227.1 | 195.9% | (13.3)% | |
Hotel Adjusted EBITDA | $ 43.1 | $ (4.5) | $ 64.4 | 1057.8% | (33.1)% | |
Hotel Adjusted EBITDA Margin | 21.90% | (6.79)% | 28.37% | 2,869 bps | (647) bps | |
Available Rooms | 860,108 | 859,833 | 859,740 | 275 | 368 | |
Actual Operating Results (2) | ||||||
Revenues | $ 189.9 | $ 59.0 | $ 237.5 | 221.9% | (20.0)% | |
Net (loss) income | $ (2.9) | $ (208.3) | $ 134.6 | 98.6% | (102.2)% | |
(Loss) income per diluted share | $ (0.03) | $ (1.04) | $ 0.66 | 97.1% | (104.5)% | |
Adjusted EBITDA | $ 34.4 | $ (14.9) | $ 62.7 | 330.9% | (45.1)% | |
Adjusted FFO | $ 19.1 | $ (8.3) | $ 54.7 | 330.1% | (65.1)% | |
Adjusted FFO per diluted share | $ 0.09 | $ (0.04) | $ 0.27 | 325.0% | (66.7)% |
Year Ended December 31, | Change From | |||||
2021 | 2020 | 2019 | 2020 | 2019 | ||
($ amounts in millions, except hotel statistics and per share amounts) | ||||||
Comparable Operating Results (1) | ||||||
ADR | $ 243.71 | $ 216.83 | $ 238.10 | 12.4% | 2.4% | |
Occupancy | 51.2% | 28.2% | 77.7% | 23.0% | (26.5)% | |
RevPAR | $ 124.74 | $ 61.19 | $ 184.95 | 103.9% | (32.6)% | |
Total RevPAR | $ 179.28 | $ 94.91 | $ 269.75 | 88.9% | (33.5)% | |
Revenues | $ 611.7 | $ 324.7 | $ 919.8 | 88.4% | (33.5)% | |
Hotel Adjusted EBITDA | $ 129.1 | $ (21.5) | $ 273.2 | 700.5% | (52.7)% | |
Hotel Adjusted EBITDA Margin | 21.10% | (6.61)% | 29.70% | 2,771 bps | (860) bps | |
Available Rooms | 3,412,176 | 3,420,783 | 3,409,885 | (8,607) | 2,291 | |
Actual Operating Results (2) | ||||||
Revenues | $ 567.1 | $ 299.5 | $ 938.1 | 89.3% | (39.5)% | |
Net (loss) income | $ (195.4) | $ (396.0) | $ 184.2 | 50.7% | (206.1)% | |
(Loss) income per diluted share | $ (0.96) | $ (1.97) | $ 0.90 | 51.3% | (206.7)% | |
Adjusted EBITDA | $ 83.5 | $ (64.5) | $ 260.4 | 229.5% | (67.9)% | |
Adjusted FFO | $ 26.3 | $ (85.3) | $ 217.0 | 130.8% | (87.9)% | |
Adjusted FFO per diluted share | $ 0.12 | $ (0.42) | $ 1.07 | 128.6% | (88.8)% |
(1) | The amounts for all periods presented does not adjust for hotels that had suspended operations. The amounts for all |
(2) | Actual operating results include the operating results of hotels acquired and disposed of for the Company's respective ownership periods. |
The following tables provide comparable monthly operating information for the year ended December 31, 2021(1):
January | February | March | April | May | June | ||||||
Number of Hotels | 32 | 32 | 32 | 32 | 32 | 32 | |||||
Number of Rooms | 9,349 | 9,349 | 9,349 | 9,349 | 9,349 | 9,349 | |||||
Occupancy | 21.3% | 29.2% | 36.5% | 39.4% | 47.8% | 59.5% | |||||
ADR | $193.61 | $217.42 | $241.35 | $236.06 | $232.30 | $233.32 | |||||
RevPAR | $41.18 | $63.43 | $88.08 | $92.89 | $111.00 | $138.76 | |||||
Total RevPAR | $63.14 | $95.47 | $126.23 | $137.95 | $164.37 | $195.40 | |||||
2021 vs 2019 | |||||||||||
Occupancy change in bps | (4,184) bps | (4,490) bps | (4,241) bps | (4,179) bps | (3,244) bps | (2,621) bps | |||||
ADR Rate % change | (3.4)% | 0.6% | 1.2% | (3.7)% | (8.8)% | (7.4)% | |||||
RevPAR % change | (67.4)% | (60.4)% | (53.2)% | (53.3)% | (45.7)% | (35.7)% | |||||
Total RevPAR % change | (67.8)% | (61.1)% | (54.4)% | (52.2)% | (45.8)% | (37.2)% |
July | August | September | October | November | December | |||||||
Number of Hotels | 32 | 32 | 32 | 32 | 32 | 32 | ||||||
Number of Rooms | 9,349 | 9,349 | 9,349 | 9,349 | 9,349 | 9,349 | ||||||
Occupancy | 70.0% | 63.5% | 62.5% | 66.7% | 60.2% | 56.3% | ||||||
ADR | $253.06 | $234.00 | $249.61 | $267.90 | $238.98 | $271.21 | ||||||
RevPAR | $177.06 | $148.52 | $155.90 | $178.63 | $143.93 | $152.56 | ||||||
Total RevPAR | $244.78 | $209.30 | $222.31 | $254.23 | $210.57 | $221.05 | ||||||
2021 vs 2019 | ||||||||||||
Occupancy change in bps | (1,232) bps | (1,794) bps | (1,744) bps | (1,483) bps | (1,495) bps | (1,247) bps | ||||||
ADR Rate % change | 8.6% | 3.7% | (3.0)% | 1.6% | 5.2% | 18.2% | ||||||
RevPAR % change | (7.7)% | (19.1)% | (24.2)% | (16.9)% | (15.7)% | (3.3)% | ||||||
Total RevPAR % change | (9.3)% | (19.3)% | (24.4)% | (18.9)% | (17.1)% | (1.5)% |
(1) | The amounts for all periods presented exclude the two hotels sold during 2021, Frenchman's Reef and The Lexington Hotel and does not adjust for hotels that had |
As a result of the spike in COVID-19 cases from the Omicron variant, we expect the change in total revenues and Hotel Adjusted EBITDA margins as compared to 2019 will be softer in the first quarter of 2022 than in the fourth quarter of 2021. Preliminary January 2022 total revenues are expected to be up 126% compared to January 2021 and down approximately 23% compared to January 2019. January 2022 ADR is expected to be higher than 2019 by approximately 20%, but is offset by a 22-point decrease in occupancy due to the impact on demand from Omicron. The monthly sequential comparison to 2019 for portfolio total revenue is expected to increase for the balance of the first quarter 2022.
Hotel Acquisitions
The Company completed four acquisitions during 2021 and early 2022, which have shifted the Company's portfolio to almost two-thirds leisure-oriented hotels and resorts.
Loan Amendments
On December 27, 2021, the Company extended its only near-term debt maturity, the mortgage loan secured by the Salt Lake City Marriott, to January 2023.
On February 4, 2022, the Company further amended the credit agreements for its $400 million revolving credit facility and $400 million in unsecured term loans to extend the waiver period for the testing of financial covenants from December 31, 2021 to March 31, 2022, unless terminated early at the Company's option. The amendments also extend the modification of certain financial covenants, once quarterly testing resumes, to June 30, 2023. The amendments also provide the Company with the ability to acquire up to $550 million of unencumbered properties upon certain conditions.
Capital Expenditures
The Company invested approximately $44.5 million on capital improvements at its hotels during the year ended December 31, 2021. In addition, the Company spent approximately $2.7 million on the rebuild of Frenchman's Reef during the year ended December 31, 2021, but has no further obligation to fund any additional amounts related to the rebuild following the sale of the property on April 30, 2021. Significant projects in 2021 include the following:
The Company expects to spend approximately $100 million on capital improvements at its hotels in 2022, which includes the completion of certain projects that commenced in 2021. Significant projects in 2022 include the following:
Balance Sheet and Liquidity
As of December 31, 2021, the Company's liquidity was $441.3 million, comprised of $38.6 million of unrestricted corporate cash, $92.7 million of unrestricted cash at its hotels and $310.0 million of capacity on its senior unsecured credit facility. As of December 31, 2021, the Company had $1.1 billion of total debt outstanding, which consisted of $580.5 million of property-specific, non-recourse mortgage debt, $400.0 million of unsecured term loans and $90.0 million of outstanding borrowings on its $400.0 million senior unsecured credit facility. Subsequent to December 31, 2021, the Company drew an additional $70.0 million on its senior unsecured credit facility to fund the Tranquility Bay Beachfront Resort acquisition.
Dividends
The Company declared a quarterly dividend of $0.515625 per share on its 8.250% Series A Cumulative Redeemable Preferred Stock to shareholders of record as of December 20, 2021. This dividend was paid on December 31, 2021. The Company has suspended its quarterly common stock cash dividends. The resumption in quarterly common dividends will be determined by the Company's Board of Directors after considering the Company's obligations under its various financing agreements, projected taxable income, compliance with its debt covenants, long-term operating projections, expected capital requirements and risks affecting the Company's business.
Earnings Call
The Company will host a conference call to discuss its fourth quarter and full year results on Friday, February 18, 2022, at 9:00 a.m. Eastern Time (ET). To participate in the live call, investors are invited to dial 844-287-6622 (for domestic callers) or 530-379-4559 (for international callers). The participant passcode is 6819388. A live webcast of the call will be available via the investor relations section of DiamondRock Hospitality Company's website at www.drhc.com or www.earnings.com. For those unable to listen to the call live, a taped rebroadcast will be available two hours after completion of the live call through March 11, 2022. To access the rebroadcast, dial 855-859-2056, or internationally at 404-537-3406, and use conference ID 6819388. A replay of the webcast will also be archived on the website for one week.
About the Company
DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in leisure destinations and top gateway markets. The Company currently owns 33 premium quality hotels with over 9,400 rooms. The Company has strategically positioned its hotels to be operated both under leading global brand families as well as unique boutique hotels in the lifestyle segment. For further information on the Company and its portfolio, please visit DiamondRock Hospitality Company's website at www.drhc.com.
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "believe," "expect," "intend," "project," "forecast," "plan" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: the adverse impact of the novel coronavirus (COVID-19) on the U.S., regional and global economies, travel, the hospitality industry, and the financial condition and results of operations of the Company and its hotels; national and local economic and business conditions, including the potential for additional terrorist attacks, that will affect occupancy rates at the Company's hotels and the demand for hotel products and services; operating risks associated with the hotel business; risks associated with the level of the Company's indebtedness and its ability to obtain covenant waivers on its credit agreements for its senior unsecured credit facility and unsecured term loans; relationships with property managers; the ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in travel patterns, taxes and government regulations which influence or determine wages, prices, construction procedures and costs; and other risk factors contained in the Company's filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
DIAMONDROCK HOSPITALITY COMPANY (in thousands, except share and per share amounts)
| |||
December 31, 2021 | December 31, 2020 | ||
ASSETS | (unaudited) | ||
Property and equipment, net | $ 2,651,444 | $ 2,817,356 | |
Right-of-use assets | 100,212 | 96,673 | |
Restricted cash | 36,887 | 23,050 | |
Due from hotel managers | 120,671 | 69,495 | |
Prepaid and other assets | 17,472 | 28,403 | |
Cash and cash equivalents | 38,620 | 111,796 | |
Total assets | $ 2,965,306 | $ 3,146,773 | |
LIABILITIES AND EQUITY | |||
Liabilities: | |||
Mortgage and other debt, net of unamortized debt issuance costs | $ 578,651 | $ 595,149 | |
Unsecured term loans, net of unamortized debt issuance costs | 398,572 | 398,550 | |
Senior unsecured credit facility | 90,000 | 55,000 | |
Total debt | 1,067,223 | 1,048,699 | |
Lease liabilities | 108,605 | 104,973 | |
Deferred rent | 60,800 | 56,344 | |
Due to hotel managers | 85,493 | 95,548 | |
Unfavorable contract liabilities, net | 62,780 | 64,796 | |
Accounts payable and accrued expenses | 51,238 | 46,542 | |
Deferred income related to key money, net | 8,203 | 10,946 | |
Total liabilities | 1,444,342 | 1,427,848 | |
Equity: | |||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; | |||
8.250% Series A Cumulative Redeemable Preferred Stock (liquidation | 48 | 48 | |
Common stock, $0.01 par value; 400,000,000 shares authorized; 210,746,895 | 2,107 | 2,101 | |
Additional paid-in capital | 2,293,990 | 2,285,491 | |
Deficit | (780,931) | (576,531) | |
Total stockholders' equity | 1,515,214 | 1,711,109 | |
Noncontrolling interests | 5,750 | 7,816 | |
Total equity | 1,520,964 | 1,718,925 | |
Total liabilities and equity | $ 2,965,306 | $ 3,146,773 |
DIAMONDROCK HOSPITALITY COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) (unaudited)
| |||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||
2021 | 2020 | 2021 | 2020 | ||||
Revenues: | |||||||
Rooms | $ 133,004 | $ 38,670 | $ 399,055 | $ 196,736 | |||
Food and beverage | 41,690 | 12,037 | 117,742 | 68,566 | |||
Other | 15,240 | 8,340 | 50,337 | 34,186 | |||
Total revenues | 189,934 | 59,047 | 567,134 | 299,488 | |||
Operating Expenses: | |||||||
Rooms | 34,447 | 14,015 | 102,183 | 68,603 | |||
Food and beverage | 31,704 | 12,546 | 89,795 | 58,391 | |||
Management fees | 3,694 | 934 | 10,208 | 3,578 | |||
Franchise fees | 6,472 | 1,729 | 18,665 | 10,131 | |||
Other hotel expenses | 73,610 | 41,872 | 240,818 | 213,631 | |||
Depreciation and amortization | 25,754 | 27,319 | 102,963 | 114,716 | |||
Impairment losses | — | 174,120 | 126,697 | 174,120 | |||
Corporate expenses | 8,762 | 7,751 | 32,552 | 27,401 | |||
Business interruption insurance income | (705) | (2,208) | (705) | (2,208) | |||
Total operating expenses, net | 183,738 | 278,078 | 723,176 | 668,363 | |||
Interest and other income, net | (487) | (449) | (947) | (391) | |||
Interest expense | 7,797 | 10,330 | 37,043 | 53,995 | |||
Total other expenses, net | 7,310 | 9,881 | 36,096 | 53,604 | |||
Loss before income taxes | (1,114) | (228,912) | (192,138) | (422,479) | |||
Income tax (expense) benefit | (1,834) | 20,599 | (3,267) | 26,452 | |||
Net loss | (2,948) | (208,313) | (195,405) | (396,027) | |||
Less: Net loss attributable to noncontrolling | 9 | 871 | 821 | 1,652 | |||
Net loss attributable to the Company | (2,939) | (207,442) | (194,584) | (394,375) | |||
Distributions to preferred stockholders | (2,455) | (2,455) | (9,817) | (3,300) | |||
Net loss attributable to common | $ (5,394) | $ (209,897) | $ (204,401) | $ (397,675) | |||
Loss per share: | |||||||
Net loss per share available to common | $ (0.03) | $ (1.04) | $ (0.96) | $ (1.97) | |||
Net loss per share available to common | $ (0.03) | $ (1.04) | $ (0.96) | $ (1.97) | |||
Weighted-average number of common | |||||||
Basic | 212,323,852 | 203,684,881 | 212,056,923 | 201,670,721 | |||
Diluted | 212,323,852 | 203,684,881 | 212,056,923 | 201,670,721 |
Non-GAAP Financial Measures
We use the following non-GAAP financial measures that we believe are useful to investors as key measures of our operating performance: EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, Hotel Adjusted EBITDA, FFO and Adjusted FFO. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with U.S. GAAP. EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, Hotel Adjusted EBITDA, FFO and Adjusted FFO, as calculated by us, may not be comparable to other companies that do not define such terms exactly as the Company.
Use and Limitations of Non-GAAP Financial Measures
Our management and Board of Directors use EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, Hotel Adjusted EBITDA, FFO and Adjusted FFO to evaluate the performance of our hotels and to facilitate comparisons between us and other lodging REITs, hotel owners who are not REITs and other capital intensive companies. The use of these non-GAAP financial measures has certain limitations. These non-GAAP financial measures as presented by us, may not be comparable to non-GAAP financial measures as calculated by other real estate companies. These measures do not reflect certain expenses or expenditures that we incurred and will incur, such as depreciation, interest and capital expenditures. We compensate for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of our operating performance. Our reconciliations to the most comparable U.S. GAAP financial measures, and our consolidated statements of operations and cash flows, include interest expense, capital expenditures, and other excluded items, all of which should be considered when evaluating our performance, as well as the usefulness of our non-GAAP financial measures.
These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with U.S. GAAP. They should not be considered as alternatives to operating profit, cash flow from operations, or any other operating performance measure prescribed by U.S. GAAP. These non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our U.S. GAAP results and the reconciliations to the corresponding U.S. GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. We strongly encourage investors to review our financial information in its entirety and not to rely on a single financial measure.
EBITDA, EBITDAre and FFO
EBITDA represents net income (calculated in accordance with U.S. GAAP) excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; and (3) depreciation and amortization. The Company computes EBITDAre in accordance with the National Association of Real Estate Investment Trusts ("Nareit") guidelines, as defined in its September 2017 white paper "Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate." EBITDAre represents net income (calculated in accordance with U.S. GAAP) adjusted for: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; (3) depreciation and amortization; (4) gains or losses on the disposition of depreciated property including gains or losses on change of control; (5) impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate; and (6) adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates.
We believe EBITDA and EBITDAre are useful to an investor in evaluating our operating performance because they help investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization, and in the case of EBITDAre, impairment and gains or losses on dispositions of depreciated property) from our operating results. In addition, covenants included in our debt agreements use EBITDA as a measure of financial compliance. We also use EBITDA and EBITDAre as measures in determining the value of hotel acquisitions and dispositions.
The Company computes FFO in accordance with standards established by the Nareit, which defines FFO as net income determined in accordance with U.S. GAAP, excluding gains or losses from sales of properties and impairment losses, plus real estate related depreciation and amortization. The Company believes that the presentation of FFO provides useful information to investors regarding its operating performance because it is a measure of the Company's operations without regard to specified non-cash items, such as real estate related depreciation and amortization and gains or losses on the sale of assets. The Company also uses FFO as one measure in assessing its operating results.
Hotel EBITDA
Hotel EBITDA represents net income excluding: (1) interest expense, (2) income taxes, (3) depreciation and amortization, (4) corporate general and administrative expenses (shown as corporate expenses on the consolidated statements of operations), and (5) hotel acquisition costs. We believe that Hotel EBITDA provides our investors a useful financial measure to evaluate our hotel operating performance, excluding the impact of our capital structure (primarily interest), our asset base (primarily depreciation and amortization), and our corporate-level expenses (corporate expenses and hotel acquisition costs). With respect to Hotel EBITDA, we believe that excluding the effect of corporate-level expenses provides a more complete understanding of the operating results over which individual hotels and third-party management companies have direct control. We believe property-level results provide investors with supplemental information on the ongoing operational performance of our hotels and effectiveness of the third-party management companies operating our business on a property-level basis.
Adjustments to EBITDAre, FFO and Hotel EBITDA
We adjust EBITDAre, FFO and Hotel EBITDA when evaluating our performance because we believe that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance and that the presentation of Adjusted EBITDA, Adjusted FFO and Hotel Adjusted EBITDA when combined with U.S. GAAP net income, EBITDAre, FFO and Hotel EBITDA, is beneficial to an investor's complete understanding of our consolidated and property-level operating performance. Hotel Adjusted EBITDA margins are calculated as Hotel Adjusted EBITDA divided by total hotel revenues. We adjust EBITDAre, FFO and Hotel EBITDA for the following items:
In addition, to derive Adjusted FFO we exclude any fair value adjustments to interest rate swaps. We exclude these non-cash amounts because they do not reflect the underlying performance of the Company.
Reconciliations of Non-GAAP Measures
EBITDA, EBITDAre and Adjusted EBITDA
The following tables are reconciliations of our GAAP net income to EBITDA, EBITDAre and Adjusted EBITDA (in thousands):
Three Months Ended December 31, | |||||
2021 | 2020 | 2019 | |||
Net (loss) income | $ (2,948) | $ (208,313) | $ 134,583 | ||
Interest expense | 7,797 | 10,330 | 8,320 | ||
Income tax expense (benefit) | 1,834 | (20,599) | 20,089 | ||
Real estate related depreciation and amortization | 25,754 | 27,319 | 30,305 | ||
EBITDA | 32,437 | (191,263) | 193,297 | ||
Impairment losses | — | 174,120 | — | ||
EBITDAre | 32,437 | (17,143) | 193,297 | ||
Non-cash lease expense and other amortization | 1,666 | 1,737 | 1,765 | ||
Professional fees and pre-opening costs related to Frenchman's Reef (1) | $ — | 594 | 9,079 | ||
Hotel manager transition items | — | 27 | 2,708 | ||
Uninsured costs related to natural disasters (2) | 111 | — | — | ||
Gain on property insurance settlement | — | — | (144,192) | ||
Severance costs (3) | 179 | (112) | — | ||
Adjusted EBITDA | $ 34,393 | $ (14,897) | $ 62,657 |
Year Ended December 31, | |||||
2021 | 2020 | 2019 | |||
Net (loss) income | $ (195,405) | $ (396,027) | $ 184,211 | ||
Interest expense | 37,043 | 53,995 | 46,584 | ||
Income tax expense (benefit) | 3,267 | (26,452) | 22,028 | ||
Real estate related depreciation and amortization | 102,963 | 114,716 | 118,110 | ||
EBITDA | (52,132) | (253,768) | 370,933 | ||
Impairment losses | 126,697 | 174,120 | — | ||
EBITDAre | 74,565 | (79,648) | 370,933 | ||
Non-cash lease expense and other amortization | 6,673 | 6,910 | 7,013 | ||
Professional fees and pre-opening costs related to Frenchman's Reef (1) | 1,388 | 1,012 | 20,524 | ||
Hotel manager transition items | 651 | (434) | 3,758 | ||
Uninsured costs related to natural disasters (2) | 298 | — | — | ||
Gain on property insurance settlement | — | — | (144,192) | ||
Loss on early extinguishment of debt | — | — | 2,373 | ||
Severance costs (3) | (37) | 7,648 | — | ||
Adjusted EBITDA | $ 83,538 | $ (64,512) | $ 260,409 |
(1) | Represents pre-opening costs related to the re-opening of Frenchman's Reef, as well as legal and professional fees and other costs incurred at Frenchman's Reef as a result of Hurricane Irma that are not covered by insurance. |
(2) | Represents costs incurred at the Bourbon Orleans Hotel as a result of Hurricane Ida, which are not covered by insurance. |
(3) | Consists of severance costs incurred with the elimination of positions at our hotels, which are classified within other hotel expenses on the |
Hotel EBITDA and Hotel Adjusted EBITDA
The following table is a reconciliation of our GAAP net income to Hotel EBITDA and Hotel Adjusted EBITDA (in thousands):
Three Months Ended December 31, | |||||
2021 | 2020 | 2019 | |||
Net (loss) income | $ (2,948) | $ (208,313) | $ 134,583 | ||
Interest expense | 7,797 | 10,330 | 8,320 | ||
Income tax expense (benefit) | 1,834 | (20,599) | 20,089 | ||
Real estate related depreciation and amortization | 25,754 | 27,319 | 30,305 | ||
EBITDA | 32,437 | (191,263) | 193,297 | ||
Corporate expenses | 8,762 | 7,751 | 7,446 | ||
Interest and other income, net | (487) | (449) | (687) | ||
Uninsured costs related to natural disasters (1) | 111 | — | — | ||
Professional fees and pre-opening costs related to Frenchman's Reef (2) | — | 594 | 9,079 | ||
Impairment losses | — | 174,120 | — | ||
Gain on property insurance settlement | — | — | (144,192) | ||
Hotel EBITDA | 40,823 | (9,247) | 64,943 | ||
Non-cash lease expense and other amortization | 1,666 | 1,737 | 1,765 | ||
Hotel manager transition items | — | 27 | 2,708 | ||
Severance costs (3) | 179 | (112) | — | ||
Hotel Adjusted EBITDA | $ 42,668 | $ (7,595) | $ 69,416 |
Year Ended December 31, | |||||
2021 | 2020 | 2019 | |||
Net (loss) income | $ (195,405) | $ (396,027) | $ 184,211 | ||
Interest expense | 37,043 | 53,995 | 46,584 | ||
Income tax expense (benefit) | 3,267 | (26,452) | 22,028 | ||
Real estate related depreciation and amortization | 102,963 | 114,716 | 118,110 | ||
EBITDA | (52,132) | (253,768) | 370,933 | ||
Corporate expenses | 32,552 | 27,401 | 28,231 | ||
Interest and other income, net | (947) | (391) | (1,197) | ||
Uninsured costs related to natural disasters (1) | 298 | — | — | ||
Loss on early extinguishment of debt | — | — | 2,373 | ||
Professional fees and pre-opening costs related to Frenchman's Reef (2) | 1,388 | 1,012 | 20,524 | ||
Impairment losses | 126,697 | 174,120 | — | ||
Gain on property insurance settlement | — | — | (144,192) | ||
Hotel EBITDA | 107,856 | (51,626) | 276,672 | ||
Non-cash lease expense and other amortization | 6,673 | 6,910 | 7,013 | ||
Hotel manager transition items | 651 | (434) | 3,758 | ||
Severance costs (3) | (37) | 7,648 | — | ||
Hotel Adjusted EBITDA | $ 115,143 | $ (37,502) | $ 287,443 |
(1) | Represents costs incurred at the Bourbon Orleans Hotel as a result of Hurricane Ida, which are not covered by insurance. |
(2) | Represents pre-opening costs related to the re-opening of Frenchman's Reef, as well as legal and professional fees and other costs incurred at Frenchman's Reef as a result of Hurricane Irma that are not covered by insurance. |
(3) | Consists of severance costs incurred with the elimination of positions at our hotels, which are classified within other hotel expenses on the consolidated statement of operations. |
FFO and Adjusted FFO
The following tables are reconciliations of our GAAP net income to FFO and Adjusted FFO (in thousands):
Three Months Ended December 31, | |||||
2021 | 2020 | 2019 | |||
Net (loss) income | $ (2,948) | $ (208,313) | $ 134,583 | ||
Real estate related depreciation and amortization | 25,754 | 27,319 | 30,305 | ||
Impairment losses, net of tax | — | 174,120 | — | ||
FFO | 22,806 | (6,874) | 164,888 | ||
Distribution to preferred stockholders | (2,455) | (2,455) | — | ||
FFO available to common stock and unit holders | 20,351 | (9,329) | 164,888 | ||
Non-cash lease expense and other amortization | 1,666 | 1,737 | 1,765 | ||
Uninsured costs related to natural disasters (1) | 111 | — | — | ||
Professional fees and pre-opening costs related to Frenchman's Reef (2) | — | 594 | 9,079 | ||
Hotel manager transition items | — | 27 | 2,708 | ||
Gain on property insurance settlement, net of income tax | — | — | (121,525) | ||
Severance costs (3) | 179 | (112) | — | ||
Fair value adjustments to interest rate swaps | (3,202) | (1,257) | (2,245) | ||
Adjusted FFO available to common stock and unit holders | $ 19,105 | $ (8,340) | $ 54,670 | ||
Adjusted FFO available to common stock and unit holders, per | $ 0.09 | $ (0.04) | $ 0.27 |
Year Ended December 31, | |||||
2021 | 2020 | 2019 | |||
Net (loss) income | $ (195,405) | $ (396,027) | $ 184,211 | ||
Real estate related depreciation and amortization | 102,963 | 114,716 | 118,110 | ||
Impairment losses, net of tax | 127,282 | 174,120 | — | ||
FFO | 34,840 | (107,191) | 302,321 | ||
Distribution to preferred stockholders | (9,817) | (3,300) | — | ||
FFO available to common stock and unit holders | 25,023 | (110,491) | 302,321 | ||
Non-cash lease expense and other amortization | 6,673 | 6,910 | 7,013 | ||
Uninsured costs related to natural disasters (1) | 298 | — | — | ||
Professional fees and pre-opening costs related to Frenchman's Reef (2) | 1,388 | 1,012 | 20,524 | ||
Hotel manager transition items | 651 | (434) | 3,758 | ||
Gain on property insurance settlement, net of income tax | — | — | (121,525) | ||
Loss on early extinguishment of debt | — | — | 2,373 | ||
Severance costs (3) | (37) | 7,648 | — | ||
Fair value adjustments to interest rate swaps | (7,690) | 10,072 | 2,545 | ||
Adjusted FFO available to common stock and unit holders | $ 26,306 | $ (85,283) | $ 217,009 | ||
Adjusted FFO available to common stock and unit holders, per | $ 0.12 | $ (0.42) | $ 1.07 |
(1) | Represents costs incurred at the Bourbon Orleans Hotel as a result of Hurricane Ida, which are not covered by insurance. |
(2) | Represents pre-opening costs related to the re-opening of Frenchman's Reef, as well as legal and professional fees and other costs incurred at Frenchman's Reef as a result of Hurricane Irma that are not covered by insurance. |
(3) | Consists of severance costs incurred with the elimination of positions at our hotels, which are classified within other hotel expenses on the consolidated |
Reconciliation of Comparable Operating Results
The following presents the revenues, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin together with comparable prior year results, which excludes the results for our 2021 dispositions (in thousands):
Three Months Ended December 31, | |||||
2021 | 2020 | 2019 | |||
Revenues | $ 189,934 | $ 59,047 | $ 237,519 | ||
Hotel revenues from prior ownership (1) | 6,867 | 7,477 | 10,570 | ||
Hotel revenues from sold hotels (2) | — | (73) | (21,013) | ||
Comparable Revenues | $ 196,801 | $ 66,451 | $ 227,076 | ||
Hotel Adjusted EBITDA | $ 42,668 | $ (7,595) | $ 69,416 | ||
Hotel Adjusted EBITDA from prior ownership (1) | 429 | 11 | 1,147 | ||
Hotel Adjusted EBITDA from sold hotels (2) | 12 | 3,069 | (6,148) | ||
Comparable Hotel Adjusted EBITDA | $ 43,109 | $ (4,515) | $ 64,415 | ||
Hotel Adjusted EBITDA Margin | 22.46% | (12.86)% | 29.23% | ||
Comparable Hotel Adjusted EBITDA Margin | 21.90% | (6.79)% | 28.37% |
Year Ended December 31, | |||||
2021 | 2020 | 2019 | |||
Revenues | $ 567,134 | $ 299,488 | $ 938,091 | ||
Hotel revenues from prior ownership (1) | 44,664 | 34,095 | 50,618 | ||
Hotel revenues from sold hotels (2) | (60) | (8,930) | (68,886) | ||
Comparable Revenues | $ 611,738 | $ 324,653 | $ 919,823 | ||
Hotel Adjusted EBITDA | $ 115,143 | $ (37,502) | $ 287,443 | ||
Hotel Adjusted EBITDA from prior ownership (1) | 9,248 | 2,902 | 9,685 | ||
Hotel Adjusted EBITDA from sold hotels (2) | 4,675 | 13,148 | (23,904) | ||
Comparable Hotel Adjusted EBITDA | $ 129,066 | $ (21,452) | $ 273,224 | ||
Hotel Adjusted EBITDA Margin | 20.30% | (12.52)% | 30.64% | ||
Comparable Hotel Adjusted EBITDA Margin | 21.10% | (6.61)% | 29.70% |
(1) | Amounts represent the pre-acquisition operating results for Bourbon Orleans Hotel from January 1, 2019 to July 28, 2021, Henderson Park Inn from January 1, 2019 to July 29, 2021 and Henderson Beach Resort from January 1, 2019 to December 22, 2021. The pre-acquisition operating results were obtained from the sellers of the hotels during the acquisition due diligence process. We have made no adjustments to the amounts provided to us by the seller. The pre-acquisition operating results were not audited or reviewed by the Company's independent auditors. |
(2) | Amounts represent the operating results of Frenchman's Reef and The Lexington Hotel. |
Selected Quarterly Comparable Operating Information
The following tables are presented to provide investors with selected quarterly comparable operating information. The operating information includes historical quarterly operating results for our 33-hotel portfolio owned as of the date of this press release.
Quarter 1, 2019 | Quarter 2, 2019 | Quarter 3, 2019 | Quarter 4, 2019 | Full Year 2019 | |
ADR | $ 223.66 | $ 252.68 | $ 239.39 | $ 242.68 | $ 240.10 |
Occupancy | 72.2% | 82.4% | 81.2% | 75.2% | 77.8% |
RevPAR | $ 161.44 | $ 208.24 | $ 194.40 | $ 182.52 | $ 186.73 |
Total RevPAR | $ 242.88 | $ 302.81 | $ 274.93 | $ 265.26 | $ 271.55 |
Revenues (in thousands) | $ 206,370 | $ 260,230 | $ 238,977 | $ 230,571 | $ 936,148 |
Hotel Adjusted EBITDA (in thousands) | $ 50,975 | $ 89,310 | $ 72,411 | $ 65,196 | $ 277,892 |
Hotel Adjusted EBITDA Margin | 24.70% | 34.32% | 30.30% | 28.28% | 29.68% |
Available Rooms | 849,674 | 859,374 | 869,216 | 869,216 | 3,447,480 |
Quarter 1, 2020 | Quarter 2, 2020 | Quarter 3, 2020 | Quarter 4, 2020 | Full Year 2020 | |
ADR | $ 223.79 | $ 207.25 | $ 229.07 | $ 215.43 | $ 221.58 |
Occupancy | 58.5% | 9.9% | 21.9% | 24.4% | 28.7% |
RevPAR | $ 130.96 | $ 20.61 | $ 50.10 | $ 52.62 | $ 63.51 |
Total RevPAR | $ 202.29 | $ 31.96 | $ 75.53 | $ 81.12 | $ 97.62 |
Revenues (in thousands) | $ 173,931 | $ 27,486 | $ 65,669 | $ 70,519 | $ 337,605 |
Hotel Adjusted EBITDA (in thousands) | $ 22,943 | $ (27,075) | $ (10,644) | $ (3,460) | $ (18,236) |
Hotel Adjusted EBITDA Margin | 13.19% | (98.50)% | (16.21)% | (4.91)% | (5.40)% |
Available Rooms | 859,819 | 859,950 | 869,403 | 869,309 | 3,458,481 |
Quarter 1, 2021 | Quarter 2, 2021 | Quarter 3, 2021 | Quarter 4, 2021 | Full Year 2021 | |
ADR | $ 236.48 | $ 241.35 | $ 249.83 | $ 265.54 | $ 250.62 |
Occupancy | 29.6% | 49.3% | 65.4% | 61.2% | 51.5% |
RevPAR | $ 70.08 | $ 119.00 | $ 163.45 | $ 162.47 | $ 129.10 |
Total RevPAR | $ 101.74 | $ 171.53 | $ 228.71 | $ 233.25 | $ 184.30 |
Revenues (in thousands) | $ 86,534 | $ 147,537 | $ 198,885 | $ 202,826 | $ 635,782 |
Hotel Adjusted EBITDA (in thousands) | $ 2,156 | $ 35,956 | $ 53,472 | $ 45,017 | $ 136,601 |
Hotel Adjusted EBITDA Margin | 2.49% | 24.37% | 26.89% | 22.19% | 21.49% |
Available Rooms | 850,500 | 860,103 | 869,584 | 869,584 | 3,449,771 |
Market Capitalization as of December 31, 2021 | ||
(in thousands) | ||
Enterprise Value | ||
Common equity capitalization (at December 31, 2021 closing price of $9.61/share) | $ 2,061,681 | |
Preferred equity capitalization (at liquidation value of $25.00/share) | 119,000 | |
Consolidated debt (face amount) | 1,070,504 | |
Cash and cash equivalents | (38,620) | |
Total enterprise value | $ 3,212,565 | |
Share Reconciliation | ||
Common shares outstanding | 210,747 | |
Operating partnership units | 775 | |
Unvested restricted stock held by management and employees | 1,433 | |
Share grants under deferred compensation plan | 1,580 | |
Combined shares and units | 214,535 |
Debt Summary as of December 31, 2021 | ||||||||
(dollars in thousands) | ||||||||
Loan | Interest Rate as of | Term | Outstanding | Maturity | ||||
Salt Lake City Marriott Downtown at City Creek | LIBOR + 3.25 (1) | Variable | 43,570 | January 2023 | ||||
Westin Washington D.C. City Center | 3.99% | Fixed | 55,913 | January 2023 | ||||
The Lodge at Sonoma Resort | 3.96% | Fixed | 25,542 | April 2023 | ||||
Westin San Diego Downtown | 3.94% | Fixed | 58,600 | April 2023 | ||||
Courtyard New York Manhattan / Midtown East | 4.40% | Fixed | 77,882 | August 2024 | ||||
Worthington Renaissance Fort Worth Hotel | 3.66% | Fixed | 77,453 | May 2025 | ||||
JW Marriott Denver Cherry Creek | 4.33% | Fixed | 58,789 | July 2025 | ||||
Westin Boston Seaport District | 4.36% | Fixed | 182,755 | November 2025 | ||||
Unamortized debt issuance costs | (1,853) | |||||||
Total mortgage and other debt, net of unamortized | 578,651 | |||||||
Unsecured term loan | LIBOR + 2.40% (2) | Variable | 350,000 | July 2024 | ||||
Unsecured term loan | LIBOR + 2.40% (3) | Fixed | 50,000 | October 2023 | ||||
Unamortized debt issuance costs | (1,428) | |||||||
Unsecured term loans, net of unamortized debt | 398,572 | |||||||
Senior unsecured credit facility | LIBOR + 2.55% (4) | Variable | 90,000 | July 2023 (5) | ||||
Total debt, net of unamortized debt issuance costs | $ 1,067,223 | |||||||
Weighted-average interest rate of fixed rate debt | 4.25% | |||||||
Total weighted-average interest rate | 3.88% |
(1) | LIBOR is subject to a floor of 1.0%. |
(2) | The Company entered into an interest rate swap agreement in July 2019 to fix LIBOR at 1.70% for $175 million of the term loan through July 2024. LIBOR is subject to a floor of 0.25%. |
(3) | The Company entered into an interest rate swap agreement in January 2019 to fix LIBOR at 2.41% through October 2023. |
(4) | LIBOR is subject to a floor of 0.25%. |
(5) | May be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions. |
Monthly Operating Statistics (1) | ||||||||||||
Number | ADR | Occupancy | RevPAR | |||||||||
October | October | B/(W) 2020 | October | October | B/(W) 2020 | October | October | B/(W) 2020 | ||||
Total - 32 Hotels | 9,349 | $ 267.90 | $ 211.45 | 26.7% | 66.7% | 28.3% | 38.4% | $ 178.63 | $ 59.85 | 198.5% | ||
Resorts - 15 Hotels | 2,686 | $ 385.55 | $ 297.65 | 29.5% | 64.7% | 46.0% | 18.7% | $ 249.28 | $ 136.78 | 82.2% |
Number | October | October | B/(W) 2019 | October | October | B/(W) 2019 | October | October | B/(W) 2019 | |||
Total - 32 Hotels | 9,349 | $ 267.90 | $ 263.80 | 1.6% | 66.7% | 81.5% | (14.8)% | $ 178.63 | $ 215.02 | (16.9)% | ||
Resorts - 15 Hotels | 2,686 | $ 385.55 | $ 277.19 | 39.1% | 64.7% | 70.2% | (5.5)% | $ 249.28 | $ 194.66 | 28.1% |
Number | November | November | B/(W) 2020 | November | November | B/(W) 2020 | November | November | B/(W) 2020 | |||
Total - 32 Hotels | 9,349 | $ 238.98 | $ 200.72 | 19.1% | 60.2% | 20.6% | 39.6% | $ 143.93 | $ 41.40 | 247.7% | ||
Resorts - 15 Hotels | 2,686 | $ 343.61 | $ 275.94 | 24.5% | 59.9% | 35.5% | 24.4% | $ 205.89 | $ 97.92 | 110.3% |
Number | November | November | B/(W) 2019 | November | November | B/(W) 2019 | November | November | B/(W) 2019 | |||
Total - 32 Hotels | 9,349 | $ 238.98 | $ 227.12 | 5.2% | 60.2% | 75.2% | (15.0)% | $ 143.93 | $ 170.76 | (15.7)% | ||
Resorts - 15 Hotels | 2,686 | $ 343.61 | $ 249.71 | 37.6% | 59.9% | 69.9% | (10.0)% | $ 205.89 | $ 174.48 | 18.0% |
Number | December | December | B/(W) 2020 | December | December | B/(W) 2020 | December | December | B/(W) 2020 | |||
Total - 32 Hotels | 9,349 | $ 271.21 | $ 210.58 | 28.8% | 56.3% | 22.2% | 34.1% | $ 152.56 | $ 46.73 | 226.5% | ||
Resorts - 15 Hotels | 2,686 | $ 411.23 | $ 297.37 | 38.3% | 64.1% | 37.9% | 26.2% | $ 263.42 | $ 112.59 | 134.0% |
Number | December | December | B/(W) 2019 | December | December | B/(W) 2019 | December | December | B/(W) 2019 | |||
Total - 32 Hotels | 9,349 | $ 271.21 | $ 229.47 | 18.2% | 56.3% | 68.7% | (12.4)% | $ 152.56 | $ 157.69 | (3.3)% | ||
Resorts - 15 Hotels | 2,686 | $ 411.23 | $ 295.62 | 39.1% | 64.1% | 67.2% | (3.1)% | $ 263.42 | $ 198.70 | 32.6% |
(1) | All periods presented include the pre-acquisition operating results of the three hotels acquired in 2021 and exclude the two hotels sold in 2021. |
Operating Statistics – Fourth Quarter | ||||||||||||
Number | ADR | Occupancy | RevPAR | |||||||||
4Q 2021 | 4Q 2020 | B/(W) 2020 | 4Q 2021 | 4Q 2020 | B/(W) 2020 | 4Q 2021 | 4Q 2020 | B/(W) 2020 | ||||
Atlanta Marriott Alpharetta | 318 | $ 127.04 | $ 92.73 | 37.0% | 43.9% | 16.1% | 27.8% | $ 55.71 | $ 14.95 | 272.6% | ||
Bethesda Marriott Suites | 272 | $ 118.24 | $ 104.53 | 13.1% | 46.3% | 17.5% | 28.8% | $ 54.70 | $ 18.28 | 199.2% | ||
Bourbon Orleans Hotel | 218 | $ 240.42 | $ — | 100.0% | 54.9% | —% | 54.9% | $ 132.04 | $ — | 100.0% | ||
Cavallo Point, The Lodge at the Golden Gate | 142 | $ 688.59 | $ 545.66 | 26.2% | 58.1% | 26.1% | 32.0% | $ 400.33 | $ 142.43 | 181.1% | ||
Chicago Marriott Downtown Magnificent Mile | 1,200 | $ 201.94 | $ 132.34 | 52.6% | 49.2% | 6.9% | 42.3% | $ 99.41 | $ 9.13 | 988.8% | ||
Courtyard Denver Downtown | 177 | $ 167.00 | $ 96.36 | 73.3% | 61.5% | 28.6% | 32.9% | $ 102.73 | $ 27.60 | 272.2% | ||
Courtyard New York Manhattan/Fifth Avenue | 189 | $ 251.62 | $ — | 100.0% | 94.1% | —% | 94.1% | $ 236.81 | $ — | 100.0% | ||
Courtyard New York Manhattan/Midtown East | 321 | $ 285.50 | $ 118.55 | 140.8% | 81.3% | 31.6% | 49.7% | $ 232.12 | $ 37.40 | 520.6% | ||
Havana Cabana Key West | 106 | $ 290.90 | $ 183.60 | 58.4% | 87.5% | 73.9% | 13.6% | $ 254.45 | $ 135.65 | 87.6% | ||
Henderson Beach Resort (1) | 216 | $ 437.94 | $ 243.42 | 79.9% | 55.9% | 27.6% | 28.3% | $ 244.88 | $ 67.22 | 264.3% | ||
Henderson Park Inn | 37 | $ 530.83 | $ 433.09 | 22.6% | 76.6% | 81.5% | (4.9)% | $ 406.38 | $ 353.06 | 15.1% | ||
Hilton Boston Downtown/Faneuil Hall | 403 | $ 225.47 | $ 128.66 | 75.2% | 81.8% | 16.1% | 65.7% | $ 184.42 | $ 20.71 | 790.5% | ||
Hilton Burlington Lake Champlain | 258 | $ 253.04 | $ 165.57 | 52.8% | 64.9% | 25.4% | 39.5% | $ 164.34 | $ 42.13 | 290.1% | ||
Hilton Garden Inn New York/Times Square Central | 282 | $ 252.83 | $ — | 100.0% | 95.0% | —% | 95.0% | $ 240.11 | $ — | 100.0% | ||
Hotel Emblem San Francisco | 96 | $ 168.26 | $ 140.34 | 19.9% | 62.8% | 12.3% | 50.5% | $ 105.66 | $ 17.27 | 511.8% | ||
Hotel Palomar Phoenix | 242 | $ 197.76 | $ 135.59 | 45.9% | 68.2% | 36.4% | 31.8% | $ 134.95 | $ 49.30 | 173.7% | ||
JW Marriott Denver Cherry Creek | 199 | $ 272.93 | $ 205.28 | 33.0% | 69.6% | 33.9% | 35.7% | $ 190.06 | $ 69.55 | 173.3% | ||
Kimpton Shorebreak Resort | 157 | $ 277.50 | $ 221.69 | 25.2% | 69.6% | 46.6% | 23.0% | $ 193.06 | $ 103.40 | 86.7% | ||
L'Auberge de Sedona | 88 | $ 1,120.22 | $ 867.12 | 29.2% | 77.4% | 79.5% | (2.1)% | $ 867.42 | $ 689.44 | 25.8% | ||
Margaritaville Beach House Key West | 186 | $ 386.14 | $ 245.65 | 57.2% | 83.0% | 47.6% | 35.4% | $ 320.61 | $ 116.92 | 174.2% | ||
Orchards Inn Sedona | 70 | $ 350.14 | $ 284.85 | 22.9% | 77.6% | 67.8% | 9.8% | $ 271.58 | $ 193.25 | 40.5% | ||
Renaissance Charleston Historic District Hotel | 167 | $ 332.51 | $ 197.41 | 68.4% | 88.2% | 64.8% | 23.4% | $ 293.43 | $ 127.92 | 129.4% | ||
Salt Lake City Marriott Downtown at City Creek | 510 | $ 157.49 | $ 103.83 | 51.7% | 43.4% | 23.3% | 20.1% | $ 68.33 | $ 24.20 | 182.4% | ||
The Gwen Hotel | 311 | $ 265.16 | $ 167.49 | 58.3% | 71.0% | 17.7% | 53.3% | $ 188.28 | $ 29.70 | 533.9% | ||
The Hythe Vail, a Luxury Collection Resort | 344 | $ 480.03 | $ 315.63 | 52.1% | 43.0% | 32.7% | 10.3% | $ 206.53 | $ 103.22 | 100.1% | ||
The Landing Lake Tahoe Resort & Spa | 82 | $ 472.96 | $ 329.56 | 43.5% | 29.9% | 53.6% | (23.7)% | $ 141.19 | $ 176.70 | (20.1)% | ||
The Lodge at Sonoma Resort | 182 | $ 396.54 | $ 235.20 | 68.6% | 66.7% | 27.2% | 39.5% | $ 264.58 | $ 64.02 | 313.3% | ||
Westin Boston Waterfront | 793 | $ 224.12 | $ 128.55 | 74.3% | 62.5% | 12.6% | 49.9% | $ 140.09 | $ 16.18 | 765.8% | ||
Westin Fort Lauderdale Beach Resort | 433 | $ 257.68 | $ 174.35 | 47.8% | 60.7% | 38.8% | 21.9% | $ 156.33 | $ 67.70 | 130.9% | ||
Westin San Diego Downtown | 436 | $ 163.59 | $ 135.51 | 20.7% | 56.1% | 25.4% | 30.7% | $ 91.76 | $ 34.42 | 166.6% | ||
Westin Washington D.C. City Center | 410 | $ 171.38 | $ 119.32 | 43.6% | 40.5% | 7.7% | 32.8% | $ 69.43 | $ 9.17 | 657.1% | ||
Worthington Renaissance Fort Worth Hotel | 504 | $ 172.91 | $ 143.19 | 20.8% | 60.6% | 33.5% | 27.1% | $ 104.70 | $ 47.97 | 118.3% | ||
Comparable Total (2) | 9,349 | $ 259.63 | $ 208.13 | 24.7% | 61.1% | 23.7% | 37.4% | $ 158.53 | $ 49.41 | 220.8% | ||
Resorts - 15 Hotels | 2,686 | $ 381.70 | $ 290.80 | 31.3% | 63.9% | 39.3% | 24.6% | $ 244.05 | $ 114.19 | 113.7% |
(1) | Hotel was acquired on December 23, 2021. Amounts reflect the operating results for the period from December 23, 2021 to December 31, 2021 and December 23, 2020 to December 31, 2020. |
(2) | Amounts include the pre-acquisition operating results of the three hotels acquired in 2021 and exclude the two hotels sold in 2021. |
Operating Statistics – Fourth Quarter | ||||||||||||
Number | ADR | Occupancy | RevPAR | |||||||||
4Q 2021 | 4Q 2019 | B/(W) 2019 | 4Q 2021 | 4Q 2019 | B/(W) 2019 | 4Q 2021 | 4Q 2019 | B/(W) 2019 | ||||
Atlanta Marriott Alpharetta | 318 | $ 127.04 | $ 160.31 | (20.8)% | 43.9% | 65.9% | (22.0)% | $ 55.71 | $ 105.72 | (47.3)% | ||
Bethesda Marriott Suites | 272 | $ 118.24 | $ 171.89 | (31.2)% | 46.3% | 71.4% | (25.1)% | $ 54.70 | $ 122.69 | (55.4)% | ||
Bourbon Orleans Hotel | 218 | $ 240.42 | $ 224.82 | 6.9% | 54.9% | 80.5% | (25.6)% | $ 132.04 | $ 181.06 | (27.1)% | ||
Cavallo Point, The Lodge at the Golden Gate | 142 | $ 688.59 | $ 490.30 | 40.4% | 58.1% | 63.5% | (5.4)% | $ 400.33 | $ 311.28 | 28.6% | ||
Chicago Marriott Downtown Magnificent Mile | 1,200 | $ 201.94 | $ 231.59 | (12.8)% | 49.2% | 74.0% | (24.8)% | $ 99.41 | $ 171.27 | (42.0)% | ||
Courtyard Denver Downtown | 177 | $ 167.00 | $ 189.47 | (11.9)% | 61.5% | 70.7% | (9.2)% | $ 102.73 | $ 133.97 | (23.3)% | ||
Courtyard New York Manhattan/Fifth Avenue | 189 | $ 251.62 | $ 289.47 | (13.1)% | 94.1% | 92.1% | 2.0% | $ 236.81 | $ 266.52 | (11.1)% | ||
Courtyard New York Manhattan/Midtown East | 321 | $ 285.50 | $ 310.44 | (8.0)% | 81.3% | 97.5% | (16.2)% | $ 232.12 | $ 302.61 | (23.3)% | ||
Havana Cabana Key West | 106 | $ 290.90 | $ 212.18 | 37.1% | 87.5% | 88.1% | (0.6)% | $ 254.45 | $ 186.96 | 36.1% | ||
Henderson Beach Resort (1) | 216 | $ 437.94 | $ 212.53 | 106.1% | 55.9% | 27.0% | 28.9% | $ 244.88 | $ 57.37 | 326.8% | ||
Henderson Park Inn | 37 | $ 530.83 | $ 397.77 | 33.5% | 76.6% | 65.7% | 10.9% | $ 406.38 | $ 261.29 | 55.5% | ||
Hilton Boston Downtown/Faneuil Hall | 403 | $ 225.47 | $ 278.31 | (19.0)% | 81.8% | 87.3% | (5.5)% | $ 184.42 | $ 243.07 | (24.1)% | ||
Hilton Burlington Lake Champlain | 258 | $ 253.04 | $ 181.60 | 39.3% | 64.9% | 79.2% | (14.3)% | $ 164.34 | $ 143.81 | 14.3% | ||
Hilton Garden Inn New York/Times Square Central | 282 | $ 252.83 | $ 311.91 | (18.9)% | 95.0% | 99.1% | (4.1)% | $ 240.11 | $ 309.21 | (22.3)% | ||
Hotel Emblem San Francisco | 96 | $ 168.26 | $ 244.13 | (31.1)% | 62.8% | 84.0% | (21.2)% | $ 105.66 | $ 204.96 | (48.4)% | ||
Hotel Palomar Phoenix | 242 | $ 197.76 | $ 192.45 | 2.8% | 68.2% | 82.8% | (14.6)% | $ 134.95 | $ 159.40 | (15.3)% | ||
JW Marriott Denver Cherry Creek | 199 | $ 272.93 | $ 239.49 | 14.0% | 69.6% | 77.0% | (7.4)% | $ 190.06 | $ 184.42 | 3.1% | ||
Kimpton Shorebreak Resort | 157 | $ 277.50 | $ 229.55 | 20.9% | 69.6% | 68.2% | 1.4% | $ 193.06 | $ 156.62 | 23.3% | ||
L'Auberge de Sedona | 88 | $ 1,120.22 | $ 724.32 | 54.7% | 77.4% | 76.5% | 0.9% | $ 867.42 | $ 553.98 | 56.6% | ||
Margaritaville Beach House Key West | 186 | $ 386.14 | $ 262.62 | 47.0% | 83.0% | 57.9% | 25.1% | $ 320.61 | $ 152.03 | 110.9% | ||
Orchards Inn Sedona | 70 | $ 350.14 | $ 268.22 | 30.5% | 77.6% | 69.4% | 8.2% | $ 271.58 | $ 186.13 | 45.9% | ||
Renaissance Charleston Historic District Hotel | 167 | $ 332.51 | $ 272.57 | 22.0% | 88.2% | 85.0% | 3.2% | $ 293.43 | $ 231.57 | 26.7% | ||
Salt Lake City Marriott Downtown at City Creek | 510 | $ 157.49 | $ 168.38 | (6.5)% | 43.4% | 65.5% | (22.1)% | $ 68.33 | $ 110.37 | (38.1)% | ||
The Gwen Hotel | 311 | $ 265.16 | $ 265.22 | —% | 71.0% | 83.9% | (12.9)% | $ 188.28 | $ 222.61 | (15.4)% | ||
The Hythe Vail, a Luxury Collection Resort | 344 | $ 480.03 | $ 342.90 | 40.0% | 43.0% | 51.5% | (8.5)% | $ 206.53 | $ 176.63 | 16.9% | ||
The Landing Lake Tahoe Resort & Spa | 82 | $ 472.96 | $ 327.30 | 44.5% | 29.9% | 50.9% | (21.0)% | $ 141.19 | $ 166.60 | (15.3)% | ||
The Lodge at Sonoma Resort | 182 | $ 396.54 | $ 302.54 | 31.1% | 66.7% | 71.9% | (5.2)% | $ 264.58 | $ 217.47 | 21.7% | ||
Westin Boston Waterfront | 793 | $ 224.12 | $ 244.57 | (8.4)% | 62.5% | 74.6% | (12.1)% | $ 140.09 | $ 182.36 | (23.2)% | ||
Westin Fort Lauderdale Beach Resort | 433 | $ 257.68 | $ 197.38 | 30.6% | 60.7% | 84.2% | (23.5)% | $ 156.33 | $ 166.20 | (5.9)% | ||
Westin San Diego Downtown | 436 | $ 163.59 | $ 175.45 | (6.8)% | 56.1% | 69.9% | (13.8)% | $ 91.76 | $ 122.63 | (25.2)% | ||
Westin Washington D.C. City Center | 410 | $ 171.38 | $ 205.91 | (16.8)% | 40.5% | 84.4% | (43.9)% | $ 69.43 | $ 173.78 | (60.0)% | ||
Worthington Renaissance Fort Worth Hotel | 504 | $ 172.91 | $ 185.65 | (6.9)% | 60.6% | 71.8% | (11.2)% | $ 104.70 | $ 133.25 | (21.4)% | ||
Comparable Total (2) | 9,349 | $ 259.63 | $ 241.25 | 7.6% | 61.1% | 75.1% | (14.0)% | $ 158.53 | $ 181.27 | (12.5)% | ||
Resorts - 15 Hotels | 2,686 | $ 381.70 | $ 275.66 | 38.5% | 63.9% | 71.5% | (7.6)% | $ 244.05 | $ 197.03 | 23.9% |
(1) | Hotel was acquired on December 23, 2021. Amounts reflect the operating results for the period from December 23, 2021 to December 31, 2021 and December 23, 2019 to December 31, 2019. |
(2) | Comparable total includes the pre-acquisition operating results of the three hotels acquired in 2021 and excludes the two hotels sold in 2021. |
Operating Statistics – Year to Date | ||||||||||||
Number | ADR | Occupancy | RevPAR | |||||||||
YTD 2021 | YTD 2020 | B/(W) 2020 | YTD 2021 | YTD 2020 | B/(W) 2020 | YTD 2021 | YTD 2020 | B/(W) 2020 | ||||
Atlanta Marriott Alpharetta | 318 | $ 113.77 | $ 142.88 | (20.4)% | 44.9% | 21.9% | 23.0% | $ 51.14 | $ 31.24 | 63.7% | ||
Bethesda Marriott Suites | 272 | $ 113.93 | $ 141.72 | (19.6)% | 34.6% | 22.0% | 12.6% | $ 39.37 | $ 31.25 | 26.0% | ||
Bourbon Orleans Hotel (1) | 218 | $ 219.19 | $ — | 100.0% | 55.3% | —% | 55.3% | $ 121.25 | $ — | 100.0% | ||
Cavallo Point, The Lodge at the Golden Gate | 142 | $ 652.13 | $ 489.27 | 33.3% | 45.5% | 24.8% | 20.7% | $ 296.95 | $ 121.25 | 144.9% | ||
Chicago Marriott Downtown Magnificent Mile | 1,200 | $ 197.29 | $ 159.81 | 23.5% | 31.2% | 12.9% | 18.3% | $ 61.53 | $ 20.58 | 199.0% | ||
Courtyard Denver Downtown | 177 | $ 156.54 | $ 130.23 | 20.2% | 60.0% | 27.4% | 32.6% | $ 93.99 | $ 35.74 | 163.0% | ||
Courtyard New York Manhattan/Fifth Avenue | 189 | $ 211.93 | $ 206.17 | 2.8% | 54.3% | 15.3% | 39.0% | $ 115.08 | $ 31.57 | 264.5% | ||
Courtyard New York Manhattan/Midtown East | 321 | $ 201.68 | $ 145.67 | 38.4% | 76.9% | 55.6% | 21.3% | $ 155.12 | $ 80.98 | 91.6% | ||
Havana Cabana Key West | 106 | $ 285.74 | $ 209.96 | 36.1% | 90.2% | 60.1% | 30.1% | $ 257.78 | $ 126.27 | 104.1% | ||
Henderson Park Resort (2) | 216 | $ 437.94 | $ 243.42 | 79.9% | 55.9% | 27.6% | 28.3% | $ 244.88 | $ 67.22 | 264.3% | ||
Henderson Park Inn (3) | 37 | $ 575.63 | $ 486.33 | 18.4% | 82.8% | 84.4% | (1.6)% | $ 476.67 | $ 410.38 | 16.2% | ||
Hilton Boston Downtown/Faneuil Hall | 403 | $ 204.39 | $ 174.04 | 17.4% | 60.2% | 23.5% | 36.7% | $ 122.97 | $ 40.82 | 201.2% | ||
Hilton Burlington Lake Champlain | 258 | $ 236.55 | $ 154.13 | 53.5% | 60.8% | 21.8% | 39.0% | $ 143.78 | $ 33.65 | 327.3% | ||
Hilton Garden Inn New York/Times Square Central | 282 | $ 204.33 | $ 154.35 | 32.4% | 57.0% | 19.1% | 37.9% | $ 116.51 | $ 29.54 | 294.4% | ||
Hotel Emblem San Francisco | 96 | $ 158.29 | $ 222.62 | (28.9)% | 44.5% | 23.5% | 21.0% | $ 70.38 | $ 52.42 | 34.3% | ||
Hotel Palomar Phoenix | 242 | $ 169.73 | $ 179.93 | (5.7)% | 58.8% | 35.0% | 23.8% | $ 99.73 | $ 62.97 | 58.4% | ||
JW Marriott Denver Cherry Creek | 199 | $ 261.17 | $ 215.70 | 21.1% | 63.9% | 34.1% | 29.8% | $ 166.79 | $ 73.63 | 126.5% | ||
Kimpton Shorebreak Resort | 157 | $ 311.01 | $ 234.09 | 32.9% | 66.9% | 52.6% | 14.3% | $ 208.15 | $ 123.14 | 69.0% | ||
L'Auberge de Sedona | 88 | $ 920.04 | $ 672.88 | 36.7% | 80.0% | 64.2% | 15.8% | $ 736.34 | $ 432.27 | 70.3% | ||
Margaritaville Beach House Key West | 186 | $ 384.58 | $ 272.86 | 40.9% | 84.6% | 43.6% | 41.0% | $ 325.51 | $ 118.88 | 173.8% | ||
Orchards Inn Sedona | 70 | $ 304.71 | $ 231.35 | 31.7% | 71.8% | 50.5% | 21.3% | $ 218.91 | $ 116.87 | 87.3% | ||
Renaissance Charleston Historic District Hotel | 167 | $ 308.52 | $ 203.60 | 51.5% | 81.5% | 47.5% | 34.0% | $ 251.36 | $ 96.79 | 159.7% | ||
Salt Lake City Marriott Downtown at City Creek | 510 | $ 145.42 | $ 144.88 | 0.4% | 43.3% | 23.0% | 20.3% | $ 63.04 | $ 33.33 | 89.1% | ||
The Gwen Hotel | 311 | $ 251.51 | $ 189.46 | 32.8% | 54.3% | 25.5% | 28.8% | $ 136.68 | $ 48.29 | 183.0% | ||
The Hythe Vail, a Luxury Collection Resort | 344 | $ 356.33 | $ 354.89 | 0.4% | 45.2% | 33.7% | 11.5% | $ 161.20 | $ 119.48 | 34.9% | ||
The Landing Lake Tahoe Resort & Spa | 82 | $ 484.40 | $ 384.80 | 25.9% | 45.0% | 49.7% | (4.7)% | $ 217.76 | $ 191.20 | 13.9% | ||
The Lodge at Sonoma Resort | 182 | $ 360.12 | $ 239.40 | 50.4% | 59.2% | 29.2% | 30.0% | $ 213.28 | $ 69.95 | 204.9% | ||
Westin Boston Waterfront | 793 | $ 196.14 | $ 182.76 | 7.3% | 44.6% | 19.0% | 25.6% | $ 87.51 | $ 34.73 | 152.0% | ||
Westin Fort Lauderdale Beach Resort | 433 | $ 242.16 | $ 212.84 | 13.8% | 60.3% | 41.8% | 18.5% | $ 146.01 | $ 88.96 | 64.1% | ||
Westin San Diego Downtown | 436 | $ 159.11 | $ 168.15 | (5.4)% | 52.5% | 35.7% | 16.8% | $ 83.49 | $ 60.04 | 39.1% | ||
Westin Washington D.C. City Center | 410 | $ 150.37 | $ 176.61 | (14.9)% | 29.5% | 19.6% | 9.9% | $ 44.34 | $ 34.65 | 28.0% | ||
Worthington Renaissance Fort Worth Hotel | 504 | $ 155.68 | $ 168.14 | (7.4)% | 53.6% | 29.9% | 23.7% | $ 83.37 | $ 50.31 | 65.7% | ||
Comparable Total (4) | 9,349 | $ 243.71 | $ 216.83 | 12.4% | 51.2% | 28.2% | 23.0% | $ 124.74 | $ 61.19 | 103.9% | ||
Resorts - 15 Hotels | 2,686 | $ 353.06 | $ 288.03 | 22.6% | 62.9% | 38.5% | 24.4% | $ 222.09 | $ 110.81 | 100.4% |
(1) | Hotel was acquired on July 29, 2021. Amounts reflect the operating results for the period from July 29, 2021 to December 31, 2021 and July 29, 2020 to December 31, 2020. |
(2) | Hotel was acquired on December 23, 2021. Amounts reflect the operating results for the period from December 23, 2021 to December 31, 2021 and December 23, 2020 to December 31, 2020. |
(3) | Hotel was acquired on July 30, 2021. Amounts reflect the operating results for the period from July 30, 2021 to December 31, 2021 and July 30, 2020 to December 31, 2020. |
(4) | Comparable total includes the pre-acquisition operating results of the three hotels acquired in 2021 and excludes the two hotels sold in 2021. |
Operating Statistics – Year to Date | ||||||||||||
Number | ADR | Occupancy | RevPAR | |||||||||
YTD 2021 | YTD 2019 | B/(W) 2019 | YTD 2021 | YTD 2019 | B/(W) 2019 | YTD 2021 | YTD 2019 | B/(W) 2019 | ||||
Atlanta Marriott Alpharetta | 318 | $ 113.77 | $ 165.41 | (31.2)% | 44.9% | 71.0% | (26.1)% | $ 51.14 | $ 117.46 | (56.5)% | ||
Bethesda Marriott Suites | 272 | $ 113.93 | $ 175.72 | (35.2)% | 34.6% | 72.6% | (38.0)% | $ 39.37 | $ 127.58 | (69.1)% | ||
Bourbon Orleans Hotel (1) | 218 | $ 219.19 | $ 211.19 | 3.8% | 55.3% | 79.2% | (23.9)% | $ 121.25 | $ 167.23 | (27.5)% | ||
Cavallo Point, The Lodge at the Golden Gate | 142 | $ 652.13 | $ 466.43 | 39.8% | 45.5% | 64.8% | (19.3)% | $ 296.95 | $ 302.02 | (1.7)% | ||
Chicago Marriott Downtown Magnificent Mile | 1,200 | $ 197.29 | $ 227.32 | (13.2)% | 31.2% | 73.0% | (41.8)% | $ 61.53 | $ 165.98 | (62.9)% | ||
Courtyard Denver Downtown | 177 | $ 156.54 | $ 198.23 | (21.0)% | 60.0% | 78.4% | (18.4)% | $ 93.99 | $ 155.50 | (39.6)% | ||
Courtyard New York Manhattan/Fifth Avenue | 189 | $ 211.93 | $ 259.33 | (18.3)% | 54.3% | 88.1% | (33.8)% | $ 115.08 | $ 228.35 | (49.6)% | ||
Courtyard New York Manhattan/Midtown East | 321 | $ 201.68 | $ 261.60 | (22.9)% | 76.9% | 96.1% | (19.2)% | $ 155.12 | $ 251.32 | (38.3)% | ||
Havana Cabana Key West | 106 | $ 285.74 | $ 210.68 | 35.6% | 90.2% | 89.7% | 0.5% | $ 257.78 | $ 189.07 | 36.3% | ||
Henderson Beach Resort (2) | 216 | $ 437.94 | $ 212.53 | 106.1% | 55.9% | 27.0% | 28.9% | $ 244.88 | $ 57.37 | 326.8% | ||
Henderson Park Inn (3) | 37 | $ 575.63 | $ 448.08 | 28.5% | 82.8% | 73.4% | 9.4% | $ 476.67 | $ 329.12 | 44.8% | ||
Hilton Boston Downtown/Faneuil Hall | 403 | $ 204.39 | $ 301.21 | (32.1)% | 60.2% | 88.5% | (28.3)% | $ 122.97 | $ 266.64 | (53.9)% | ||
Hilton Burlington Lake Champlain | 258 | $ 236.55 | $ 190.61 | 24.1% | 60.8% | 81.1% | (20.3)% | $ 143.78 | $ 154.50 | (6.9)% | ||
Hilton Garden Inn New York/Times Square Central | 282 | $ 204.33 | $ 255.13 | (19.9)% | 57.0% | 98.6% | (41.6)% | $ 116.51 | $ 251.68 | (53.7)% | ||
Hotel Emblem San Francisco | 96 | $ 158.29 | $ 241.09 | (34.3)% | 44.5% | 80.2% | (35.7)% | $ 70.38 | $ 193.28 | (63.6)% | ||
Hotel Palomar Phoenix | 242 | $ 169.73 | $ 187.43 | (9.4)% | 58.8% | 82.7% | (23.9)% | $ 99.73 | $ 155.00 | (35.7)% | ||
JW Marriott Denver Cherry Creek | 199 | $ 261.17 | $ 253.48 | 3.0% | 63.9% | 72.4% | (8.5)% | $ 166.79 | $ 183.45 | (9.1)% | ||
Kimpton Shorebreak Resort | 157 | $ 311.01 | $ 259.74 | 19.7% | 66.9% | 76.0% | (9.1)% | $ 208.15 | $ 197.50 | 5.4% | ||
L'Auberge de Sedona | 88 | $ 920.04 | $ 627.73 | 46.6% | 80.0% | 78.1% | 1.9% | $ 736.34 | $ 489.99 | 50.3% | ||
Margaritaville Beach House Key West | 186 | $ 384.58 | $ 260.28 | 47.8% | 84.6% | 74.8% | 9.8% | $ 325.51 | $ 194.70 | 67.2% | ||
Orchards Inn Sedona | 70 | $ 304.71 | $ 249.86 | 22.0% | 71.8% | 75.6% | (3.8)% | $ 218.91 | $ 188.99 | 15.8% | ||
Renaissance Charleston Historic District Hotel | 167 | $ 308.52 | $ 263.88 | 16.9% | 81.5% | 84.2% | (2.7)% | $ 251.36 | $ 222.23 | 13.1% | ||
Salt Lake City Marriott Downtown at City Creek | 510 | $ 145.42 | $ 172.21 | (15.6)% | 43.3% | 68.5% | (25.2)% | $ 63.04 | $ 117.88 | (46.5)% | ||
The Gwen Hotel | 311 | $ 251.51 | $ 258.98 | (2.9)% | 54.3% | 83.5% | (29.2)% | $ 136.68 | $ 216.13 | (36.8)% | ||
The Hythe Vail, a Luxury Collection Resort | 344 | $ 356.33 | $ 307.45 | 15.9% | 45.2% | 62.1% | (16.9)% | $ 161.20 | $ 190.86 | (15.5)% | ||
The Landing Lake Tahoe Resort & Spa | 82 | $ 484.40 | $ 322.45 | 50.2% | 45.0% | 61.7% | (16.7)% | $ 217.76 | $ 198.80 | 9.5% | ||
The Lodge at Sonoma Resort | 182 | $ 360.12 | $ 308.37 | 16.8% | 59.2% | 73.7% | (14.5)% | $ 213.28 | $ 227.27 | (6.2)% | ||
Westin Boston Waterfront | 793 | $ 196.14 | $ 249.76 | (21.5)% | 44.6% | 77.4% | (32.8)% | $ 87.51 | $ 193.34 | (54.7)% | ||
Westin Fort Lauderdale Beach Resort | 433 | $ 242.16 | $ 202.58 | 19.5% | 60.3% | 82.4% | (22.1)% | $ 146.01 | $ 166.99 | (12.6)% | ||
Westin San Diego Downtown | 436 | $ 159.11 | $ 190.09 | (16.3)% | 52.5% | 79.0% | (26.5)% | $ 83.49 | $ 150.12 | (44.4)% | ||
Westin Washington D.C. City Center | 410 | $ 150.37 | $ 206.61 | (27.2)% | 29.5% | 86.3% | (56.8)% | $ 44.34 | $ 178.26 | (75.1)% | ||
Worthington Renaissance Fort Worth Hotel | 504 | $ 155.68 | $ 186.10 | (16.3)% | 53.6% | 74.5% | (20.9)% | $ 83.37 | $ 138.67 | (39.9)% | ||
Comparable Total (4) | 9,349 | $ 243.71 | $ 238.10 | 2.4% | 51.2% | 77.7% | (26.5)% | $ 124.74 | $ 184.95 | (32.6)% | ||
Resorts - 15 Hotels | 2,686 | $ 353.06 | $ 273.02 | 29.3% | 62.9% | 75.5% | (12.6)% | $ 222.09 | $ 206.20 | 7.7% |
(1) | Hotel was acquired on July 29, 2021. Amounts reflect the operating results for the period from July 29, 2021 to December 31, 2021 and July 29, 2019 to December 31, 2019. |
(2) | Hotel was acquired on December 23, 2021. Amounts reflect the operating results for the period from December 23, 2021 to December 31, 2021 and December 23, 2019 to December 31, 2019. |
(3) | Hotel was acquired on July 30, 2021. Amounts reflect the operating results for the period from July 30, 2021 to December 31, 2021 and July 30, 2019 to December 31, 2019. |
(4) | Comparable total includes the pre-acquisition operating results of the two hotels acquired in 2021 and excludes the two hotels sold in 2021. |
Hotel Adjusted EBITDA Reconciliation | |||||||||
Fourth Quarter 2021 | |||||||||
Days of | Net Income / | Plus: | Plus: | Plus: | Equals: Hotel | ||||
Total Revenues | Depreciation | Interest Expense | Adjustments (1) | ||||||
Atlanta Marriott Alpharetta | 92 | $ 2,466 | $ 472 | $ 337 | $ — | $ — | $ 809 | ||
Bethesda Marriott Suites | 92 | $ 1,778 | $ (2,224) | $ 546 | $ — | $ 1,489 | $ (189) | ||
Bourbon Orleans Hotel | 92 | $ 3,306 | $ 361 | $ 807 | $ — | $ 7 | $ 1,175 | ||
Cavallo Point, The Lodge at the Golden Gate | 92 | $ 11,833 | $ 1,756 | $ 1,884 | $ — | $ 94 | $ 3,734 | ||
Chicago Marriott Downtown Magnificent Mile | 92 | $ 16,085 | $ (2,764) | $ 4,063 | $ 6 | $ (397) | $ 908 | ||
Courtyard Denver Downtown | 92 | $ 1,995 | $ 298 | $ 377 | $ — | $ — | $ 675 | ||
Courtyard New York Manhattan/Fifth Avenue | 92 | $ 4,232 | $ (575) | $ 331 | $ — | $ 253 | $ 9 | ||
Courtyard New York Manhattan/Midtown East | 92 | $ 7,077 | $ 174 | $ 501 | $ 929 | $ — | $ 1,604 | ||
Frenchman's Reef & Morning Star Marriott Beach Resort | — | $ — | $ — | $ — | $ — | $ — | $ — | ||
Havana Cabana Key West | 92 | $ 3,288 | $ 1,039 | $ 268 | $ — | $ — | $ 1,307 | ||
Henderson Beach Resort | 9 | $ 788 | $ 212 | $ — | $ — | $ — | $ 212 | ||
Henderson Park Inn | 92 | $ 1,864 | $ 414 | $ 214 | $ — | $ — | $ 628 | ||
Hilton Boston Downtown/Faneuil Hall | 92 | $ 7,600 | $ 1,160 | $ 1,057 | $ — | $ — | $ 2,217 | ||
Hilton Burlington Lake Champlain | 92 | $ 4,703 | $ 1,156 | $ 569 | $ — | $ — | $ 1,725 | ||
Hilton Garden Inn New York/Times Square Central | 92 | $ 6,391 | $ 650 | $ 641 | $ — | $ — | $ 1,291 | ||
Hotel Emblem San Francisco | 92 | $ 1,172 | $ (409) | $ 307 | $ — | $ — | $ (102) | ||
Hotel Palomar Phoenix | 92 | $ 5,303 | $ 716 | $ 671 | $ — | $ 282 | $ 1,669 | ||
JW Marriott Denver Cherry Creek | 92 | $ 5,683 | $ (226) | $ 786 | $ 661 | $ 5 | $ 1,226 | ||
Kimpton Shorebreak Resort | 92 | $ 4,248 | $ 673 | $ 410 | $ — | $ — | $ 1,083 | ||
L'Auberge de Sedona | 92 | $ 9,894 | $ 2,886 | $ 417 | $ — | $ — | $ 3,303 | ||
Margaritaville Beach House Key West | 92 | $ 6,697 | $ 1,797 | $ 745 | $ — | $ — | $ 2,542 | ||
Orchards Inn Sedona | 92 | $ 2,793 | $ 762 | $ 86 | $ — | $ 42 | $ 890 | ||
Renaissance Charleston Historic District Hotel | 92 | $ 5,638 | $ 1,787 | $ 460 | $ — | $ — | $ 2,247 | ||
Salt Lake City Marriott Downtown at City Creek | 92 | $ 4,861 | $ 13 | $ 508 | $ 513 | $ 11 | $ 1,045 | ||
The Gwen Hotel | 92 | $ 7,860 | $ (1,111) | $ 1,088 | $ — | $ — | $ (23) | ||
The Hythe Vail, a Luxury Collection Resort | 92 | $ 8,210 | $ (2) | $ 1,144 | $ — | $ — | $ 1,142 | ||
The Landing Lake Tahoe Resort & Spa | 92 | $ 1,816 | $ 578 | $ 428 | $ — | $ — | $ 1,006 | ||
The Lexington Hotel | — | $ — | $ (12) | $ — | $ — | $ — | $ (12) | ||
The Lodge at Sonoma Resort | 92 | $ 6,857 | $ 754 | $ 624 | $ 268 | $ — | $ 1,646 | ||
Westin Boston Seaport District | 92 | $ 15,547 | $ (2,344) | $ 2,490 | $ 2,083 | $ (122) | $ 2,107 | ||
Westin Fort Lauderdale Beach Resort | 92 | $ 13,144 | $ 1,848 | $ 1,083 | $ — | $ — | $ 2,931 | ||
Westin San Diego Downtown | 92 | $ 4,904 | $ (398) | $ 801 | $ 600 | $ — | $ 1,003 | ||
Westin Washington D.C. City Center | 92 | $ 3,289 | $ (1,902) | $ 1,003 | $ 611 | $ — | $ (288) | ||
Worthington Renaissance Fort Worth Hotel | 92 | $ 8,612 | $ 1,287 | $ 1,108 | $ 748 | $ 2 | $ 3,145 | ||
Total | $ 189,934 | $ 8,826 | $ 25,754 | $ 6,419 | $ 1,666 | $ 42,668 | |||
Prior Ownership Results (2) | $ 6,867 | $ (647) | $ 1,076 | $ — | $ — | $ 429 | |||
Less: Sold Hotels (3) | $ — | $ 12 | $ — | $ — | $ — | $ 12 | |||
Comparable Total | $ 196,801 | $ 8,191 | $ 26,830 | $ 6,419 | $ 1,666 | $ 43,109 |
(1) | Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization favorable and unfavorable contract liabilities. |
(2) | Amounts represent the pre-acquisition operating results of the Henderson Beach Resort from October 1, 2021 to December 22, 2021. |
(3) | Amounts represent the operating results of Frenchman's Reef and The Lexington Hotel. |
Hotel Adjusted EBITDA Reconciliation | |||||||||
Fourth Quarter 2020 | |||||||||
Days of | Total Revenues | Net Income / | Depreciation |
Plus: Interest Expense |
Plus: Adjustments (1) |
Equals: Hotel | |||
Atlanta Marriott Alpharetta | 92 | $ 534 | $ (782) | $ 355 | $ — | $ — | $ (427) | ||
Bethesda Marriott Suites | 92 | $ 526 | $ (2,668) | $ 518 | $ — | $ 1,503 | $ (647) | ||
Cavallo Point, The Lodge at the Golden Gate | 92 | $ 3,876 | $ (1,968) | $ 1,839 | $ — | $ 94 | $ (35) | ||
Chicago Marriott Downtown Magnificent Mile | 92 | $ 1,520 | $ (3,966) | $ 4,122 | $ 79 | $ (397) | $ (162) | ||
Courtyard Denver Downtown | 92 | $ 600 | $ (543) | $ 376 | $ — | $ — | $ (167) | ||
Courtyard New York Manhattan/Fifth Avenue | — | $ 45 | $ (1,909) | $ 330 | $ — | $ 253 | $ (1,326) | ||
Courtyard New York Manhattan/Midtown East | 92 | $ 1,122 | $ (3,483) | $ 473 | $ 948 | $ — | $ (2,062) | ||
Frenchman's Reef & Morning Star Marriott Beach Resort | — | $ — | $ — | $ — | $ — | $ — | $ — | ||
Havana Cabana Key West | 92 | $ 1,920 | $ 199 | $ 266 | $ — | $ — | $ 465 | ||
Hilton Boston Downtown/Faneuil Hall | 92 | $ 1,178 | $ (2,228) | $ 1,200 | $ — | $ — | $ (1,028) | ||
Hilton Burlington Lake Champlain | 92 | $ 928 | $ (700) | $ 638 | $ — | $ — | $ (62) | ||
Hilton Garden Inn New York/Times Square Central | — | $ (104) | $ (2,347) | $ 844 | $ — | $ — | $ (1,503) | ||
Hotel Emblem San Francisco | 92 | $ 184 | $ (858) | $ 309 | $ — | $ — | $ (549) | ||
Hotel Palomar Phoenix | 92 | $ 1,845 | $ (899) | $ 672 | $ 28 | $ 286 | $ 87 | ||
JW Marriott Denver Cherry Creek | 92 | $ 2,247 | $ (1,734) | $ 789 | $ 675 | $ 6 | $ (264) | ||
Kimpton Shorebreak Resort | 92 | $ 2,216 | $ (109) | $ 410 | $ — | $ — | $ 301 | ||
L'Auberge de Sedona | 92 | $ 7,897 | $ 2,856 | $ 646 | $ — | $ — | $ 3,502 | ||
Margaritaville Beach House Key West | 92 | $ 2,624 | $ 391 | $ 171 | $ — | $ — | $ 562 | ||
Orchards Inn Sedona | 92 | $ 1,749 | $ 529 | $ 85 | $ — | $ 42 | $ 656 | ||
Renaissance Charleston Historic District Hotel | 92 | $ 2,301 | $ 115 | $ 460 | $ — | $ — | $ 575 | ||
Salt Lake City Marriott Downtown at City Creek | 92 | $ 1,623 | $ (1,345) | $ 548 | $ 533 | $ — | $ (264) | ||
The Gwen Hotel | 92 | $ 1,320 | $ (1,625) | $ 1,097 | $ — | $ — | $ (528) | ||
The Hythe Vail, a Luxury Collection Resort | 92 | $ 4,835 | $ (4) | $ 1,110 | $ — | $ — | $ 1,106 | ||
The Landing Lake Tahoe Resort & Spa | 92 | $ 1,999 | $ (29) | $ 416 | $ — | $ — | $ 387 | ||
The Lexington Hotel | — | $ 73 | $ (5,060) | $ 1,977 | $ 6 | $ 8 | $ (3,069) | ||
The Lodge at Sonoma Resort | 92 | $ 2,005 | $ (1,414) | $ 507 | $ 273 | $ — | $ (634) | ||
Westin Boston Seaport District | 92 | $ 2,269 | $ (5,260) | $ 2,552 | $ 2,128 | $ (60) | $ (640) | ||
Westin Fort Lauderdale Beach Resort | 92 | $ 6,041 | $ (1,051) | $ 1,074 | $ — | $ — | $ 23 | ||
Westin San Diego Downtown | 92 | $ 1,701 | $ (2,348) | $ 1,076 | $ 617 | $ — | $ (655) | ||
Westin Washington D.C. City Center | 92 | $ 409 | $ (2,971) | $ 1,319 | $ 635 | $ — | $ (1,017) | ||
Worthington Renaissance Fort Worth Hotel | 92 | $ 3,564 | $ (2,126) | $ 1,140 | $ 765 | $ 2 | $ (219) | ||
Total | $ 59,047 | $ (43,337) | $ 27,319 | $ 6,687 | $ 1,737 | $ (7,595) | |||
Add: Prior Ownership Results (2) | $ 7,477 | $ (1,628) | $ 1,639 | $ — | $ — | $ 11 | |||
Less: Sold Hotels (3) | $ (73) | $ 5,060 | $ (1,977) | $ (6) | $ (8) | $ 3,069 | |||
Comparable Total | $ 66,451 | $ (39,905) | $ 26,981 | $ 6,681 | $ 1,729 | $ (4,515) |
(1) | Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization favorable and unfavorable contract liabilities. |
(2) | Amounts represent the pre-acquisition operating results of the Bourbon Orleans Hotel, Henderson Park Inn and Henderson Beach Resort from October 1, 2020 to December 31, 2020. |
(3) | Amounts represent the operating results of Frenchman's Reef and The Lexington Hotel. |
Hotel Adjusted EBITDA Reconciliation | |||||||||
Fourth Quarter 2019 | |||||||||
Days of | Total Revenues | Net Income / |
Plus: Depreciation |
Plus: Interest Expense |
Plus: Adjustments (1) |
Equals: Hotel | |||
Atlanta Marriott Alpharetta | 92 | $ 4,627 | $ 1,159 | $ 407 | $ — | $ — | $ 1,566 | ||
Bethesda Marriott Suites | 92 | $ 4,288 | $ (660) | $ 468 | $ — | $ 1,516 | $ 1,324 | ||
Cavallo Point, The Lodge at the Golden Gate | 92 | $ 10,010 | $ 924 | $ 1,814 | $ — | $ 94 | $ 2,832 | ||
Chicago Marriott Downtown Magnificent Mile | 92 | $ 29,038 | $ 4,750 | $ 4,248 | $ 5 | $ (397) | $ 8,606 | ||
Courtyard Denver Downtown | 92 | $ 2,425 | $ 726 | $ 325 | $ — | $ — | $ 1,051 | ||
Courtyard New York Manhattan/Fifth Avenue | 92 | $ 4,770 | $ 545 | $ 451 | $ — | $ 253 | $ 1,249 | ||
Courtyard New York Manhattan/Midtown East | 92 | $ 9,211 | $ 1,385 | $ 704 | $ 965 | $ — | $ 3,054 | ||
Frenchman's Reef & Morning Star Marriott Beach Resort | — | $ — | $ — | $ — | $ — | $ — | $ — | ||
Havana Cabana Key West | 92 | $ 2,420 | $ 412 | $ 238 | $ — | $ — | $ 650 | ||
Hilton Boston Downtown/Faneuil Hall | 92 | $ 10,002 | $ 2,660 | $ 1,223 | $ — | $ — | $ 3,883 | ||
Hilton Burlington Lake Champlain | 92 | $ 4,542 | $ 1,217 | $ 501 | $ — | $ — | $ 1,718 | ||
Hilton Garden Inn New York/Times Square Central | 92 | $ 8,153 | $ 2,185 | $ 840 | $ — | $ — | $ 3,025 | ||
Hotel Emblem San Francisco | 92 | $ 2,254 | $ 320 | $ 285 | $ — | $ — | $ 605 | ||
Hotel Palomar Phoenix | 92 | $ 6,693 | $ 1,159 | $ 681 | $ 38 | $ 293 | $ 2,171 | ||
JW Marriott Denver Cherry Creek | 92 | $ 5,049 | $ (235) | $ 823 | $ 688 | $ 6 | $ 1,282 | ||
Kimpton Shorebreak Resort | 92 | $ 3,661 | $ 246 | $ 439 | $ — | $ 40 | $ 725 | ||
L'Auberge de Sedona | 92 | $ 7,610 | $ 1,936 | $ 594 | $ — | $ — | $ 2,530 | ||
Margaritaville Beach House Key West | 92 | $ 2,989 | $ (177) | $ 534 | $ — | $ — | $ 357 | ||
Orchards Inn Sedona | 92 | $ 1,840 | $ 176 | $ 238 | $ — | $ 42 | $ 456 | ||
Renaissance Charleston Historic District Hotel | 92 | $ 4,172 | $ 1,225 | $ 423 | $ — | $ (32) | $ 1,616 | ||
Salt Lake City Marriott Downtown at City Creek | 92 | $ 7,968 | $ 1,676 | $ 549 | $ 603 | $ — | $ 2,828 | ||
The Gwen Hotel | 92 | $ 8,722 | $ 1,156 | $ 1,157 | $ — | $ — | $ 2,313 | ||
The Hythe Vail, a Luxury Collection Resort | 92 | $ 8,139 | $ 764 | $ 1,098 | $ — | $ — | $ 1,862 | ||
The Landing Lake Tahoe Resort & Spa | 92 | $ 1,904 | $ (176) | $ 411 | $ — | $ — | $ 235 | ||
The Lexington Hotel | 92 | $ 21,013 | $ 2,524 | $ 3,610 | $ 6 | $ 8 | $ 6,148 | ||
The Lodge at Sonoma Resort | 92 | $ 5,622 | $ 537 | $ 505 | $ 279 | $ — | $ 1,321 | ||
Westin Boston Seaport District | 92 | $ 22,364 | $ 796 | $ 2,551 | $ 2,171 | $ (60) | $ 5,458 | ||
Westin Fort Lauderdale Beach Resort | 92 | $ 12,746 | $ 1,860 | $ 1,634 | $ — | $ — | $ 3,494 | ||
Westin San Diego Downtown | 92 | $ 7,227 | $ 170 | $ 1,151 | $ 633 | $ — | $ 1,954 | ||
Westin Washington D.C. City Center | 92 | $ 8,004 | $ 444 | $ 1,370 | $ 658 | $ — | $ 2,472 | ||
Worthington Renaissance Fort Worth Hotel | 92 | $ 10,056 | $ 781 | $ 1,033 | $ 781 | $ 2 | $ 2,597 | ||
Total | $ 237,519 | $ 30,485 | $ 30,305 | $ 6,827 | $ 1,765 | $ 69,416 | |||
Add: Prior Ownership Results (2) | $ 10,570 | $ (492) | $ 1,639 | $ — | $ — | $ 1,147 | |||
Less: Sold Hotels (3) | $ (21,013) | $ (2,524) | $ (3,610) | $ (6) | $ (8) | $ (6,148) | |||
Comparable Total | $ 227,076 | $ 27,469 | $ 28,334 | $ 6,821 | $ 1,757 | $ 64,415 |
(1) | Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization favorable and unfavorable contract liabilities. |
(2) | Amounts represent the pre-acquisition operating results of the Bourbon Orleans Hotel, Henderson Park Inn and Henderson Beach Resort from October 1, 2019 to December 31, 2019. |
(3) | Amounts represent the operating results of Frenchman's Reef and The Lexington Hotel. |
Hotel Adjusted EBITDA Reconciliation | |||||||||
Year to Date 2021 | |||||||||
Days of | Total Revenues | Net Income / | Plus: | Plus: | Plus: | Equals: Hotel | |||
Atlanta Marriott Alpharetta | 365 | $ 7,840 | $ 164 | $ 1,373 | $ — | $ — | $ 1,537 | ||
Bethesda Marriott Suites | 365 | $ 4,897 | $ (9,707) | $ 2,116 | $ — | $ 5,976 | $ (1,615) | ||
Bourbon Orleans Hotel | 156 | $ 4,951 | $ 270 | $ 1,350 | $ — | $ 11 | $ 1,631 | ||
Cavallo Point, The Lodge at the Golden Gate | 365 | $ 33,511 | $ 2,641 | $ 7,583 | $ — | $ 375 | $ 10,599 | ||
Chicago Marriott Downtown Magnificent Mile | 263 | $ 38,629 | $ (13,058) | $ 16,310 | $ 59 | $ (1,589) | $ 1,722 | ||
Courtyard Denver Downtown | 365 | $ 7,036 | $ 994 | $ 1,512 | $ — | $ — | $ 2,506 | ||
Courtyard New York Manhattan/Fifth Avenue | 214 | $ 8,212 | $ (4,759) | $ 1,317 | $ — | $ 1,014 | $ (2,428) | ||
Courtyard New York Manhattan/Midtown East | 365 | $ 18,617 | $ (5,052) | $ 1,940 | $ 3,716 | $ — | $ 604 | ||
Frenchman's Reef & Morning Star Marriott Beach Resort | — | $ — | $ — | $ — | $ — | $ — | $ — | ||
Havana Cabana Key West | 365 | $ 13,523 | $ 5,028 | $ 1,075 | $ — | $ — | $ 6,103 | ||
Henderson Beach Resort | 9 | $ 788 | $ 212 | $ — | $ — | $ — | $ 212 | ||
Henderson Park Inn | 155 | $ 3,677 | $ 1,110 | $ 365 | $ — | $ — | $ 1,475 | ||
Hilton Boston Downtown/Faneuil Hall | 365 | $ 19,999 | $ (1,475) | $ 4,251 | $ — | $ — | $ 2,776 | ||
Hilton Burlington Lake Champlain | 365 | $ 15,188 | $ 3,342 | $ 2,389 | $ — | $ — | $ 5,731 | ||
Hilton Garden Inn New York/Times Square Central | 243 | $ 12,260 | $ (4,305) | $ 3,086 | $ — | $ — | $ (1,219) | ||
Hotel Emblem San Francisco | 365 | $ 2,971 | $ (2,070) | $ 1,229 | $ — | $ — | $ (841) | ||
Hotel Palomar Phoenix | 365 | $ 14,794 | $ (202) | $ 2,697 | $ — | $ 1,133 | $ 3,628 | ||
JW Marriott Denver Cherry Creek | 365 | $ 19,613 | $ (1,045) | $ 3,137 | $ 2,645 | $ 19 | $ 4,756 | ||
Kimpton Shorebreak Resort | 365 | $ 17,349 | $ 4,092 | $ 1,645 | $ — | $ — | $ 5,737 | ||
L'Auberge de Sedona | 365 | $ 33,791 | $ 10,696 | $ 1,701 | $ — | $ — | $ 12,397 | ||
Margaritaville Beach House Key West | 365 | $ 27,639 | $ 10,845 | $ 2,905 | $ — | $ — | $ 13,750 | ||
Orchards Inn Sedona | 365 | $ 9,285 | $ 2,664 | $ 332 | $ — | $ 168 | $ 3,164 | ||
Renaissance Charleston Historic District Hotel | 365 | $ 19,129 | $ 5,806 | $ 1,838 | $ — | $ — | $ 7,644 | ||
Salt Lake City Marriott Downtown at City Creek | 365 | $ 16,356 | $ (194) | $ 2,064 | $ 2,068 | $ 32 | $ 3,970 | ||
The Gwen Hotel | 365 | $ 23,517 | $ (2,022) | $ 4,361 | $ — | $ — | $ 2,339 | ||
The Hythe Vail, a Luxury Collection Resort | 365 | $ 26,393 | $ 3,210 | $ 4,163 | $ — | $ — | $ 7,373 | ||
The Landing Lake Tahoe Resort & Spa | 365 | $ 9,844 | $ 2,745 | $ 1,696 | $ — | $ — | $ 4,441 | ||
The Lexington Hotel | — | $ 60 | $ (6,629) | $ 1,925 | $ 13 | $ 16 | $ (4,675) | ||
The Lodge at Sonoma Resort | 365 | $ 21,478 | $ 1,474 | $ 2,253 | $ 1,067 | $ — | $ 4,794 | ||
Westin Boston Seaport District | 365 | $ 37,211 | $ (18,188) | $ 10,097 | $ 8,333 | $ (490) | $ (248) | ||
Westin Fort Lauderdale Beach Resort | 365 | $ 48,956 | $ 8,144 | $ 4,303 | $ — | $ — | $ 12,447 | ||
Westin San Diego Downtown | 365 | $ 16,676 | $ (2,740) | $ 3,268 | $ 2,406 | $ — | $ 2,934 | ||
Westin Washington D.C. City Center | 365 | $ 7,953 | $ (9,528) | $ 4,231 | $ 2,459 | $ — | $ (2,838) | ||
Worthington Renaissance Fort Worth Hotel | 365 | $ 24,991 | $ (2,764) | $ 4,451 | $ 2,995 | $ 8 | $ 4,690 | ||
Total | $ 567,134 | $ (20,301) | $ 102,963 | $ 25,761 | $ 6,673 | $ 115,143 | |||
Add: Prior Ownership Results (2) | $ 44,664 | $ 3,631 | $ 5,617 | $ — | $ — | $ 9,248 | |||
Less: Sold Hotels (2) | $ (60) | $ 6,629 | $ (1,925) | $ (13) | $ (16) | $ 4,675 | |||
Comparable Total | $ 611,738 | $ (10,041) | $ 106,655 | $ 25,748 | $ 6,657 | $ 129,066 |
(1) | Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization favorable and unfavorable contract liabilities. |
(2) | Amounts represent the pre-acquisition operating results of the Bourbon Orleans Hotel from January 1, 2021 to July 28, 2021, Henderson Park Inn from January 1, 2021 to July 29, 2021 and Henderson Beach Resort from January 1, 2021 to December 22, 2021. |
(3) | Amounts represent the operating results of Frenchman's Reef and The Lexington Hotel. |
Hotel Adjusted EBITDA Reconciliation | |||||||||
Year to Date 2020 | |||||||||
Days of | Total Revenues | Net Income / |
Plus: Depreciation |
Plus: Interest Expense | Plus: Adjustments (1) | Equals: Hotel Adjusted | |||
Atlanta Marriott Alpharetta | 366 | $ 5,227 | $ (1,965) | $ 1,446 | $ — | $ — | $ (519) | ||
Bethesda Marriott Suites | 366 | $ 4,081 | $ (10,458) | $ 2,245 | $ — | $ 6,024 | $ (2,189) | ||
Cavallo Point, The Lodge at the Golden Gate | 267 | $ 15,295 | $ (7,731) | $ 7,385 | $ — | $ 375 | $ 29 | ||
Chicago Marriott Downtown Magnificent Mile | 222 | $ 15,979 | $ (29,941) | $ 16,681 | $ 249 | $ (1,589) | $ (14,600) | ||
Courtyard Denver Downtown | 293 | $ 2,938 | $ (1,710) | $ 1,469 | $ — | $ — | $ (241) | ||
Courtyard New York Manhattan/Fifth Avenue | 86 | $ 2,421 | $ (7,547) | $ 1,441 | $ — | $ 1,014 | $ (5,092) | ||
Courtyard New York Manhattan/Midtown East | 366 | $ 9,792 | $ (10,092) | $ 2,251 | $ 3,823 | $ — | $ (4,018) | ||
Frenchman's Reef & Morning Star Marriott Beach Resort | — | $ — | $ — | $ — | $ — | $ — | $ — | ||
Havana Cabana Key West | 296 | $ 6,752 | $ 567 | $ 1,065 | $ — | $ — | $ 1,632 | ||
Hilton Boston Downtown/Faneuil Hall | 236 | $ 7,767 | $ (7,451) | $ 4,886 | $ — | $ — | $ (2,565) | ||
Hilton Burlington Lake Champlain | 259 | $ 3,760 | $ (3,366) | $ 2,271 | $ — | $ — | $ (1,095) | ||
Hilton Garden Inn New York/Times Square Central | 88 | $ 3,172 | $ (8,689) | $ 3,380 | $ — | $ — | $ (5,309) | ||
Hotel Emblem San Francisco | 271 | $ 2,247 | $ (2,292) | $ 1,271 | $ — | $ — | $ (1,021) | ||
Hotel Palomar Phoenix | 284 | $ 9,881 | $ (2,418) | $ 2,689 | $ 144 | $ 1,152 | $ 1,567 | ||
JW Marriott Denver Cherry Creek | 295 | $ 8,291 | $ (6,934) | $ 2,912 | $ 2,706 | $ 24 | $ (1,292) | ||
Kimpton Shorebreak Resort | 366 | $ 10,517 | $ 534 | $ 1,641 | $ — | $ 27 | $ 2,202 | ||
L'Auberge de Sedona | 366 | $ 20,540 | $ 3,819 | $ 2,646 | $ — | $ — | $ 6,465 | ||
Margaritaville Beach House Key West | 296 | $ 10,133 | $ (617) | $ 2,198 | $ — | $ — | $ 1,581 | ||
Orchards Inn Sedona | 321 | $ 4,404 | $ 142 | $ 462 | $ — | $ 168 | $ 772 | ||
Renaissance Charleston Historic District Hotel | 328 | $ 7,403 | $ (617) | $ 1,738 | $ — | $ (85) | $ 1,036 | ||
Salt Lake City Marriott Downtown at City Creek | 366 | $ 10,289 | $ (3,869) | $ 2,211 | $ 2,244 | $ — | $ 586 | ||
The Gwen Hotel | 295 | $ 8,192 | $ (7,415) | $ 4,424 | $ — | $ — | $ (2,991) | ||
The Hythe Vail, a Luxury Collection Resort | 282 | $ 21,247 | $ 469 | $ 4,457 | $ — | $ — | $ 4,926 | ||
The Landing Lake Tahoe Resort & Spa | 292 | $ 8,662 | $ 874 | $ 1,668 | $ — | $ — | $ 2,542 | ||
The Lexington Hotel | 88 | $ 8,930 | $ (24,290) | $ 11,085 | $ 25 | $ 32 | $ (13,148) | ||
The Lodge at Sonoma Resort | 264 | $ 7,939 | $ (5,573) | $ 1,882 | $ 1,095 | $ — | $ (2,596) | ||
Westin Boston Seaport District | 204 | $ 19,820 | $ (24,453) | $ 10,314 | $ 8,533 | $ (240) | $ (5,846) | ||
Westin Fort Lauderdale Beach Resort | 366 | $ 29,116 | $ 608 | $ 4,336 | $ — | $ — | $ 4,944 | ||
Westin San Diego Downtown | 366 | $ 13,384 | $ (5,731) | $ 4,461 | $ 2,478 | $ — | $ 1,208 | ||
Westin Washington D.C. City Center | 366 | $ 6,431 | $ (11,290) | $ 5,278 | $ 2,560 | $ — | $ (3,452) | ||
Worthington Renaissance Fort Worth Hotel | 366 | $ 14,878 | $ (8,616) | $ 4,523 | $ 3,067 | $ 8 | $ (1,018) | ||
Total | $ 299,488 | $ (186,052) | $ 114,716 | $ 26,924 | $ 6,910 | $ (37,502) | |||
Add: Prior Ownership Results (2) | $ 34,095 | $ (3,652) | $ 6,554 | $ — | $ — | $ 2,902 | |||
Less: Sold Hotels (3) | $ (8,930) | $ 24,290 | $ (11,085) | $ (25) | $ (32) | $ 13,148 | |||
Comparable Total | $ 324,653 | $ (165,414) | $ 110,185 | $ 26,899 | $ 6,878 | $ (21,452) |
(1) | Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization favorable and unfavorable contract liabilities. |
(2) | Amounts represent the pre-acquisition operating results of the Bourbon Orleans Hotel, Henderson Park Inn and Henderson Beach Resort from January 1, 2020 to December 31, 2020. |
(3) | Amounts represent the operating results of Frenchman's Reef and The Lexington Hotel. |
Hotel Adjusted EBITDA Reconciliation | |||||||||
Year to Date 2019 | |||||||||
Days of | Total Revenues | Net Income / | Plus: Depreciation | Plus: Interest Expense | Plus: Adjustments (1) |
Equals: Hotel Adjusted | |||
Atlanta Marriott Alpharetta | 365 | $ 19,586 | $ 5,050 | $ 1,796 | $ — | $ — | $ 6,846 | ||
Bethesda Marriott Suites | 365 | $ 17,339 | $ (2,691) | $ 1,890 | $ — | $ 6,068 | $ 5,267 | ||
Cavallo Point, The Lodge at the Golden Gate | 365 | $ 40,610 | $ 3,298 | $ 7,371 | $ — | $ 315 | $ 10,984 | ||
Chicago Marriott Downtown Magnificent Mile | 365 | $ 112,262 | $ 16,876 | $ 16,710 | $ 116 | $ (1,589) | $ 32,113 | ||
Courtyard Denver Downtown | 365 | $ 11,306 | $ 4,133 | $ 1,206 | $ — | $ — | $ 5,339 | ||
Courtyard New York Manhattan/Fifth Avenue | 365 | $ 16,187 | $ 26 | $ 1,781 | $ — | $ 1,014 | $ 2,821 | ||
Courtyard New York Manhattan/Midtown East | 365 | $ 30,424 | $ 1,315 | $ 2,781 | $ 3,856 | $ — | $ 7,952 | ||
Frenchman's Reef & Morning Star Marriott Beach Resort | — | $ — | $ 8,799 | $ — | $ — | $ — | $ 8,799 | ||
Havana Cabana Key West | 365 | $ 9,771 | $ 2,447 | $ 979 | $ — | $ — | $ 3,426 | ||
Hilton Boston Downtown/Faneuil Hall | 365 | $ 42,339 | $ 11,784 | $ 4,931 | $ — | $ — | $ 16,715 | ||
Hilton Burlington Lake Champlain | 365 | $ 18,572 | $ 5,134 | $ 2,002 | $ — | $ — | $ 7,136 | ||
Hilton Garden Inn New York/Times Square Central | 365 | $ 26,375 | $ 3,916 | $ 3,349 | $ — | $ — | $ 7,265 | ||
Hotel Emblem San Francisco | 365 | $ 7,904 | $ 643 | $ 1,153 | $ — | $ — | $ 1,796 | ||
Hotel Palomar Phoenix | 365 | $ 24,701 | $ 3,478 | $ 2,671 | $ 154 | $ 1,177 | $ 7,480 | ||
JW Marriott Denver Cherry Creek | 365 | $ 19,429 | $ (1,179) | $ 2,798 | $ 2,751 | $ 24 | $ 4,394 | ||
Kimpton Shorebreak Resort | 365 | $ 17,365 | $ 3,832 | $ 1,485 | $ — | $ 162 | $ 5,479 | ||
L'Auberge de Sedona | 365 | $ 26,868 | $ 5,623 | $ 2,119 | $ — | $ — | $ 7,742 | ||
Margaritaville Beach House Key West | 365 | $ 15,895 | $ 3,380 | $ 1,567 | $ — | $ — | $ 4,947 | ||
Orchards Inn Sedona | 365 | $ 7,730 | $ 1,061 | $ 951 | $ — | $ 168 | $ 2,180 | ||
Renaissance Charleston Historic District Hotel | 365 | $ 15,738 | $ 4,663 | $ 1,665 | $ — | $ (126) | $ 6,202 | ||
Salt Lake City Marriott Downtown at City Creek | 365 | $ 31,554 | $ 6,796 | $ 2,228 | $ 2,421 | $ — | $ 11,445 | ||
The Gwen Hotel | 365 | $ 34,431 | $ 5,185 | $ 4,442 | $ — | $ — | $ 9,627 | ||
The Hythe Vail, a Luxury Collection Resort | 365 | $ 36,128 | $ 6,827 | $ 4,133 | $ — | $ — | $ 10,960 | ||
The Landing Lake Tahoe Resort & Spa | 365 | $ 9,522 | $ 118 | $ 1,590 | $ — | $ — | $ 1,708 | ||
The Lexington Hotel | 365 | $ 68,886 | $ 745 | $ 14,305 | $ 23 | $ 32 | $ 15,105 | ||
The Lodge at Sonoma Resort | 365 | $ 24,645 | $ 3,771 | $ 2,076 | $ 1,119 | $ — | $ 6,966 | ||
Westin Boston Seaport District | 365 | $ 93,355 | $ 7,082 | $ 9,817 | $ 8,677 | $ (240) | $ 25,336 | ||
Westin Fort Lauderdale Beach Resort | 365 | $ 50,992 | $ 9,083 | $ 6,487 | $ — | $ — | $ 15,570 | ||
Westin San Diego Downtown | 365 | $ 33,560 | $ 4,939 | $ 4,548 | $ 2,534 | $ — | $ 12,021 | ||
Westin Washington D.C. City Center | 365 | $ 33,242 | $ 2,518 | $ 5,319 | $ 2,643 | $ — | $ 10,480 | ||
Worthington Renaissance Fort Worth Hotel | 365 | $ 41,375 | $ 6,378 | $ 3,960 | $ 3,120 | $ 8 | $ 13,466 | ||
Total | $ 938,091 | $ 135,030 | $ 118,110 | $ 27,414 | $ 7,013 | $ 287,443 | |||
Add: Prior Ownership Results (2) | $ 50,618 | $ 3,131 | $ 6,554 | $ — | $ — | $ 9,685 | |||
Less: Sold Hotels (3) | $ (68,886) | $ (9,544) | $ (14,305) | $ (23) | $ (32) | $ (23,904) | |||
Comparable Total | $ 919,823 | $ 128,617 | $ 110,359 | $ 27,391 | $ 6,981 | $ 273,224 |
(1) | Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization favorable and unfavorable contract liabilities. |
(2) | Amounts represent the pre-acquisition operating results of the Bourbon Orleans Hotel, Henderson Park Inn and Henderson Beach Resort from January 1, 2019 to December 31, 2019. |
(3) | Amounts represent the operating results of Frenchman's Reef and The Lexington Hotel. |
View original content to download multimedia:https://www.prnewswire.com/news-releases/diamondrock-hospitality-company-reports-fourth-quarter-and-full-year-2021-results-301485261.html
SOURCE DiamondRock Hospitality Company
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