Maryland | 1-14045 | 36-4219376 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
LASALLE HOTEL PROPERTIES | ||||
Dated: October 19, 2017 | By: | /s/ Kenneth G. Fuller | ||
Kenneth G. Fuller | ||||
Chief Financial Officer, Executive Vice President, Secretary and Treasurer |
News Release |
Third Quarter | Year-to-Date | ||||||||||||||||||||
2017 | 2016 | % Var. | 2017 | 2016 | % Var. | ||||||||||||||||
($'s in millions except per share/unit data) | |||||||||||||||||||||
Net income attributable to common shareholders(1) | $ | 31.1 | $ | 152.1 | -79.6 | % | $ | 162.7 | $ | 213.3 | -23.7 | % | |||||||||
Net income attributable to common shareholders per diluted share(1) | $ | 0.27 | $ | 1.34 | -79.9 | % | $ | 1.43 | $ | 1.88 | -23.9 | % | |||||||||
Excludes Key West in the Third Quarter for Both Years | |||||||||||||||||||||
RevPAR(2) | $ | 219.38 | $ | 227.69 | -3.6 | % | $ | 208.52 | $ | 211.70 | -1.5 | % | |||||||||
Hotel EBITDA Margin(2) | 34.8 | % | 36.4 | % | 33.8 | % | 34.5 | % | |||||||||||||
Hotel EBITDA Margin Change(2) | -162 bps | -62 bps | |||||||||||||||||||
All Properties | |||||||||||||||||||||
RevPAR(2) | $ | 217.57 | $ | 228.31 | -4.7 | % | $ | 208.03 | $ | 212.10 | -1.9 | % | |||||||||
Hotel EBITDA Margin(2) | 34.6 | % | 36.6 | % | 33.8 | % | 34.5 | % | |||||||||||||
Hotel EBITDA Margin Change(2) | -193 bps | -75 bps | |||||||||||||||||||
Total Revenues | $ | 285.9 | $ | 326.9 | -12.5 | % | $ | 847.3 | $ | 938.1 | -9.7 | % | |||||||||
EBITDA(1,2) | $ | 90.6 | $ | 219.1 | -58.6 | % | $ | 345.4 | $ | 409.6 | -15.7 | % | |||||||||
Adjusted EBITDA(2) | $ | 93.5 | $ | 115.3 | -18.9 | % | $ | 265.7 | $ | 310.8 | -14.5 | % | |||||||||
Note: Adjusted EBITDA in the third quarter of 2016 included $12.7 million for assets that the Company sold in 2016 and 2017. Year-to-date adjusted EBITDA in 2016 included $41.4 million for assets that the Company sold in 2016 and 2017. | |||||||||||||||||||||
FFO attributable to common shareholders and unitholders(2) | $ | 74.4 | $ | 95.7 | -22.3 | % | $ | 212.0 | $ | 253.4 | -16.3 | % | |||||||||
Adjusted FFO attributable to common shareholders and unitholders(2) | $ | 77.4 | $ | 96.4 | -19.7 | % | $ | 220.2 | $ | 259.1 | -15.0 | % | |||||||||
FFO attributable to common shareholders and unitholders per diluted share/unit(2) | $ | 0.66 | $ | 0.84 | -21.4 | % | $ | 1.87 | $ | 2.24 | -16.5 | % | |||||||||
Adjusted FFO attributable to common shareholders and unitholders per diluted share/unit(2) | $ | 0.68 | $ | 0.85 | -20.0 | % | $ | 1.94 | $ | 2.29 | -15.3 | % |
▪ | Net Income: The Company’s net income attributable to common shareholders was $31.1 million, which decreased by $121.0 million from the third quarter of 2016, predominantly due to a $104.8 million gain relating to the sale of the Indianapolis Marriott Downtown in July 2016. |
▪ | RevPAR: Excluding Key West, the Company’s third quarter RevPAR decreased 3.6% to $219.38, driven by a 3.6% decline in average daily rate to $243.31 and flat occupancy at 90.2%. |
▪ | Hotel EBITDA Margin: Excluding Key West, the Company’s hotel EBITDA margin was 34.8%, which was 162 basis points below that of the comparable prior year period. The Company’s hotel expenses declined by 0.3% from the third quarter of 2016. |
▪ | Adjusted EBITDA: The Company’s adjusted EBITDA was $93.5 million, a decrease of $21.8 million from the third quarter of 2016. Third quarter 2016 adjusted EBITDA included $12.7 million from seven assets the Company sold between July 2016 and September 2017 (the “Disposed Assets”): Indianapolis Marriott Downtown, the mezzanine loan on Shutters on the Beach and Casa Del Mar, Hotel Deca, Lansdowne Resort, Alexis Hotel, Hotel Triton, and Westin Philadelphia. |
▪ | Adjusted FFO: The Company generated adjusted FFO of $77.4 million, or $0.68 per diluted share/unit, compared to $96.4 million, or $0.85 per diluted share/unit, for the comparable prior year period. As with adjusted EBITDA, the Disposed Assets provided approximately $12.7 million of adjusted FFO during the third quarter 2016. |
▪ | Balance Sheet Summary as of September 30, 2017: The Company had total outstanding debt of $1.1 billion, and total net debt to trailing 12 month Corporate EBITDA (as defined in the financial covenant section of the Company’s senior unsecured credit facility, adjusted for all cash and cash equivalents on its balance sheet) was 2.0 times. The Company’s fixed charge coverage ratio was 5.5 times, and its weighted average interest rate for the third quarter was 3.0%. The Company had capacity of $772.6 million available on its credit facilities, in addition to $444.3 million of cash and cash equivalents on its balance sheet. |
▪ | Interest Rate Hedge: On July 25, 2017, the Company swapped the interest rate on its $300.0 million senior unsecured term loan to an all-in fixed rate of 3.23% through loan maturity in January 2022. The previous interest rate swap was set to mature on August 2, 2017. |
▪ | Share Repurchase: The Company did not acquire any common shares during the third quarter of 2017 or to date during the fourth quarter of 2017. |
For the three months ended | For the nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues: | |||||||||||||||
Hotel operating revenues: | |||||||||||||||
Room | $ | 209,019 | $ | 237,757 | $ | 609,769 | $ | 664,463 | |||||||
Food and beverage | 50,191 | 61,718 | 161,803 | 197,090 | |||||||||||
Other operating department | 24,243 | 25,892 | 66,728 | 70,992 | |||||||||||
Total hotel operating revenues | 283,453 | 325,367 | 838,300 | 932,545 | |||||||||||
Other income | 2,403 | 1,569 | 9,005 | 5,582 | |||||||||||
Total revenues | 285,856 | 326,936 | 847,305 | 938,127 | |||||||||||
Expenses: | |||||||||||||||
Hotel operating expenses: | |||||||||||||||
Room | 55,474 | 59,342 | 163,068 | 170,596 | |||||||||||
Food and beverage | 37,628 | 44,307 | 116,908 | 137,209 | |||||||||||
Other direct | 2,793 | 4,562 | 9,631 | 13,218 | |||||||||||
Other indirect | 69,207 | 78,734 | 212,040 | 230,932 | |||||||||||
Total hotel operating expenses | 165,102 | 186,945 | 501,647 | 551,955 | |||||||||||
Depreciation and amortization | 43,355 | 48,022 | 134,684 | 144,491 | |||||||||||
Real estate taxes, personal property taxes and insurance | 16,663 | 13,913 | 46,867 | 47,023 | |||||||||||
Ground rent | 4,788 | 4,570 | 11,996 | 12,491 | |||||||||||
General and administrative | 6,475 | 6,076 | 19,946 | 19,549 | |||||||||||
Other expenses | 3,179 | 1,007 | 6,656 | 5,512 | |||||||||||
Total operating expenses | 239,562 | 260,533 | 721,796 | 781,021 | |||||||||||
Operating income | 46,294 | 66,403 | 125,509 | 157,106 | |||||||||||
Interest income | 951 | 167 | 1,408 | 3,497 | |||||||||||
Interest expense | (10,026 | ) | (10,332 | ) | (29,276 | ) | (33,681 | ) | |||||||
Loss from extinguishment of debt | 0 | 0 | (1,706 | ) | 0 | ||||||||||
Income before income tax expense | 37,219 | 56,238 | 95,935 | 126,922 | |||||||||||
Income tax expense | (1,978 | ) | (3,109 | ) | (2,208 | ) | (5,099 | ) | |||||||
Income before net gain on sale of properties and sale of note receivable | 35,241 | 53,129 | 93,727 | 121,823 | |||||||||||
Net gain on sale of properties and sale of note receivable | 31 | 104,549 | 85,545 | 104,549 | |||||||||||
Net income | 35,272 | 157,678 | 179,272 | 226,372 | |||||||||||
Net income attributable to noncontrolling interests: | |||||||||||||||
Noncontrolling interests in consolidated entities | 0 | 0 | (8 | ) | (8 | ) | |||||||||
Noncontrolling interests of common units in Operating Partnership | (49 | ) | (203 | ) | (242 | ) | (299 | ) | |||||||
Net income attributable to noncontrolling interests | (49 | ) | (203 | ) | (250 | ) | (307 | ) | |||||||
Net income attributable to the Company | 35,223 | 157,475 | 179,022 | 226,065 | |||||||||||
Distributions to preferred shareholders | (4,116 | ) | (5,405 | ) | (13,908 | ) | (12,802 | ) | |||||||
Issuance costs of redeemed preferred shares | 0 | 0 | (2,401 | ) | 0 | ||||||||||
Net income attributable to common shareholders | $ | 31,107 | $ | 152,070 | $ | 162,713 | $ | 213,263 |
For the three months ended | For the nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Earnings per Common Share - Basic: | |||||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 0.27 | $ | 1.34 | $ | 1.44 | $ | 1.89 | |||||||
Earnings per Common Share - Diluted: | |||||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 0.27 | $ | 1.34 | $ | 1.43 | $ | 1.88 | |||||||
Weighted average number of common shares outstanding: | |||||||||||||||
Basic | 113,007,475 | 112,811,403 | 112,961,365 | 112,781,732 | |||||||||||
Diluted | 113,383,360 | 113,159,844 | 113,343,711 | 113,138,897 | |||||||||||
Comprehensive Income: | |||||||||||||||
Net income | $ | 35,272 | $ | 157,678 | $ | 179,272 | $ | 226,372 | |||||||
Other comprehensive income: | |||||||||||||||
Unrealized gain (loss) on interest rate derivative instruments | 517 | 3,172 | (34 | ) | (17,051 | ) | |||||||||
Reclassification adjustment for amounts recognized in net income | 547 | 1,637 | 2,030 | 5,147 | |||||||||||
36,336 | 162,487 | 181,268 | 214,468 | ||||||||||||
Comprehensive income attributable to noncontrolling interests: | |||||||||||||||
Noncontrolling interests in consolidated entities | 0 | 0 | (8 | ) | (8 | ) | |||||||||
Noncontrolling interests of common units in Operating Partnership | (51 | ) | (209 | ) | (245 | ) | (284 | ) | |||||||
Comprehensive income attributable to noncontrolling interests | (51 | ) | (209 | ) | (253 | ) | (292 | ) | |||||||
Comprehensive income attributable to the Company | $ | 36,285 | $ | 162,278 | $ | 181,015 | $ | 214,176 |
For the three months ended | For the nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income | $ | 35,272 | $ | 157,678 | $ | 179,272 | $ | 226,372 | ||||||||
Depreciation | 43,205 | 47,888 | 134,264 | 144,088 | ||||||||||||
Amortization of deferred lease costs | 104 | 82 | 274 | 244 | ||||||||||||
Less: Gain on sale of properties less costs associated with sale of note receivable | (31 | ) | (104,549 | ) | (85,545 | ) | (104,549 | ) | ||||||||
FFO | $ | 78,550 | $ | 101,099 | $ | 228,265 | $ | 266,155 | ||||||||
Distributions to preferred shareholders | (4,116 | ) | (5,405 | ) | (13,908 | ) | (12,802 | ) | ||||||||
Issuance costs of redeemed preferred shares | 0 | 0 | (2,401 | ) | 0 | |||||||||||
FFO attributable to common shareholders and unitholders | $ | 74,434 | $ | 95,694 | $ | 211,956 | $ | 253,353 | ||||||||
Pre-opening, management transition and severance expenses | 126 | 231 | 377 | 4,295 | ||||||||||||
Issuance costs of redeemed preferred shares | 0 | 0 | 2,401 | 0 | ||||||||||||
Loss from extinguishment of debt | 0 | 0 | 1,706 | 0 | ||||||||||||
Estimated hurricane related repairs and cleanup costs | 2,338 | 0 | 2,338 | 0 | ||||||||||||
Non-cash ground rent | 459 | 472 | 1,384 | 1,420 | ||||||||||||
Adjusted FFO attributable to common shareholders and unitholders | $ | 77,357 | $ | 96,397 | $ | 220,162 | $ | 259,068 | ||||||||
Weighted average number of common shares and units outstanding: | ||||||||||||||||
Basic | 113,152,698 | 112,956,626 | 113,106,588 | 112,926,955 | ||||||||||||
Diluted | 113,528,583 | 113,305,067 | 113,488,934 | 113,284,120 | ||||||||||||
FFO attributable to common shareholders and unitholders per diluted share/unit | $ | 0.66 | $ | 0.84 | $ | 1.87 | $ | 2.24 | ||||||||
Adjusted FFO attributable to common shareholders and unitholders per diluted share/unit | $ | 0.68 | $ | 0.85 | $ | 1.94 | $ | 2.29 |
For the three months ended | For the nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income | $ | 35,272 | $ | 157,678 | $ | 179,272 | $ | 226,372 | ||||||||
Interest expense | 10,026 | 10,332 | 29,276 | 33,681 | ||||||||||||
Income tax expense | 1,978 | 3,109 | 2,208 | 5,099 | ||||||||||||
Depreciation and amortization | 43,355 | 48,022 | 134,684 | 144,491 | ||||||||||||
EBITDA | $ | 90,631 | $ | 219,141 | $ | 345,440 | $ | 409,643 | ||||||||
Pre-opening, management transition and severance expenses | 126 | 231 | 377 | 4,295 | ||||||||||||
Loss from extinguishment of debt | 0 | 0 | 1,706 | 0 | ||||||||||||
Estimated hurricane related repairs and cleanup costs | 2,338 | 0 | 2,338 | 0 | ||||||||||||
Gain on sale of properties less costs associated with sale of note receivable | (31 | ) | (104,549 | ) | (85,545 | ) | (104,549 | ) | ||||||||
Non-cash ground rent | 459 | 472 | 1,384 | 1,420 | ||||||||||||
Adjusted EBITDA | $ | 93,523 | $ | 115,295 | $ | 265,700 | $ | 310,809 | ||||||||
Corporate expense | 7,498 | 6,949 | 24,666 | 21,358 | ||||||||||||
Interest and other income | (3,354 | ) | (1,736 | ) | (10,414 | ) | (9,079 | ) | ||||||||
Pro forma hotel level adjustments, net(1) | 567 | (12,655 | ) | (7,091 | ) | (36,830 | ) | |||||||||
Hotel EBITDA for all properties | $ | 98,234 | $ | 107,853 | $ | 272,861 | $ | 286,258 | ||||||||
Pro forma hotel level adjustment related to Key West(2) | (2,322 | ) | (4,559 | ) | (2,322 | ) | (4,559 | ) | ||||||||
Hotel EBITDA excluding Key West | $ | 95,912 | $ | 103,294 | $ | 270,539 | $ | 281,699 |
(1) | Pro forma excludes (i) Mason & Rook Hotel for the first quarter in both 2016 and 2017 because the hotel was closed for renovation during the entire first quarter of 2016, and (ii) Hotel Deca, Lansdowne Resort, Alexis Hotel, Hotel Triton and Westin Philadelphia due to their dispositions in 2017 and Indianapolis Marriott Downtown due to its disposition in July 2016. |
(2) | The Marker Waterfront Resort and Southernmost Beach Resort Key West are excluded from the third quarter in both 2016 and 2017 due to their closure during Hurricane Irma in early September 2017 and for a period following the storm due to subsequent building repairs and clean up. |
For the three months ended | For the nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Revenues: | ||||||||||||||||
Room | $ | 209,195 | $ | 219,499 | $ | 590,193 | $ | 603,719 | ||||||||
Food and beverage | 50,209 | 53,817 | 152,720 | 165,605 | ||||||||||||
Other | 24,260 | 21,719 | 64,572 | 59,480 | ||||||||||||
Total hotel revenues | 283,664 | 295,035 | 807,485 | 828,804 | ||||||||||||
Expenses: | ||||||||||||||||
Room | 55,530 | 54,951 | 158,299 | 157,358 | ||||||||||||
Food and beverage | 37,624 | 39,230 | 111,332 | 118,847 | ||||||||||||
Other direct | 2,782 | 2,734 | 7,697 | 7,575 | ||||||||||||
General and administrative | 19,198 | 20,016 | 57,340 | 58,149 | ||||||||||||
Information and telecommunications systems | 3,979 | 3,858 | 12,065 | 11,618 | ||||||||||||
Sales and marketing | 18,330 | 19,166 | 54,974 | 55,771 | ||||||||||||
Management fees | 9,964 | 11,084 | 27,464 | 27,499 | ||||||||||||
Property operations and maintenance | 9,114 | 9,005 | 27,006 | 26,528 | ||||||||||||
Energy and utilities | 7,007 | 7,086 | 19,499 | 19,339 | ||||||||||||
Property taxes | 15,047 | 13,197 | 40,952 | 40,319 | ||||||||||||
Other fixed expenses(2) | 6,855 | 6,855 | 17,996 | 19,543 | ||||||||||||
Total hotel expenses | 185,430 | 187,182 | 534,624 | 542,546 | ||||||||||||
Hotel EBITDA | $ | 98,234 | $ | 107,853 | $ | 272,861 | $ | 286,258 | ||||||||
Hotel EBITDA Margin | 34.6 | % | 36.6 | % | 33.8 | % | 34.5 | % |
(1) | This schedule includes the operating data for the three and nine months ended September 30, 2017 for all properties owned by the Company as of September 30, 2017. Mason & Rook Hotel is excluded from the first quarter in both 2016 and 2017 because the hotel was closed for renovation during the entire first quarter of 2016. Pro forma excludes the results of operations of Hotel Deca, Lansdowne Resort, Alexis Hotel, Hotel Triton and Westin Philadelphia due to their dispositions in 2017 and Indianapolis Marriott Downtown due to its disposition in July 2016. |
(2) | Other fixed expenses includes ground rent expense, but excludes ground rent payments for The Roger and Harbor Court in all periods due to the hotels being subject to capital leases of land and building under GAAP. At The Roger, the base ground rent payments were $99 and $298 for the three and nine months ended September 30, 2017 and 2016, respectively. At Harbor Court, the base and participating ground rent payments were $335 and $921 for the three and nine months ended September 30, 2017, respectively, and $334 and $1,004 for the three and nine months ended September 30, 2016, respectively. |
For the three months ended | For the nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Revenues: | ||||||||||||||||
Room | $ | 203,710 | $ | 211,425 | $ | 584,708 | $ | 595,645 | ||||||||
Food and beverage | 48,617 | 51,681 | 151,128 | 163,469 | ||||||||||||
Other | 23,268 | 20,485 | 63,579 | 58,246 | ||||||||||||
Total hotel revenues | 275,595 | 283,591 | 799,415 | 817,360 | ||||||||||||
Expenses: | ||||||||||||||||
Room | 54,062 | 53,149 | 156,831 | 155,557 | ||||||||||||
Food and beverage | 36,380 | 37,694 | 110,087 | 117,310 | ||||||||||||
Other direct | 2,685 | 2,588 | 7,600 | 7,429 | ||||||||||||
General and administrative | 18,542 | 19,202 | 56,684 | 57,335 | ||||||||||||
Information and telecommunications systems | 3,877 | 3,719 | 11,963 | 11,479 | ||||||||||||
Sales and marketing | 18,003 | 18,767 | 54,647 | 55,372 | ||||||||||||
Management fees | 9,636 | 10,608 | 27,137 | 27,024 | ||||||||||||
Property operations and maintenance | 8,630 | 8,494 | 26,522 | 26,017 | ||||||||||||
Energy and utilities | 6,727 | 6,820 | 19,219 | 19,072 | ||||||||||||
Property taxes | 14,786 | 12,921 | 40,691 | 40,043 | ||||||||||||
Other fixed expenses(2) | 6,355 | 6,335 | 17,495 | 19,023 | ||||||||||||
Total hotel expenses | 179,683 | 180,297 | 528,876 | 535,661 | ||||||||||||
Hotel EBITDA | $ | 95,912 | $ | 103,294 | $ | 270,539 | $ | 281,699 | ||||||||
Hotel EBITDA Margin | 34.8 | % | 36.4 | % | 33.8 | % | 34.5 | % |
(1) | This schedule includes the operating data for the three and nine months ended September 30, 2017 for all properties owned by the Company as of September 30, 2017. Mason & Rook Hotel is excluded from the first quarter in both 2016 and 2017 because the hotel was closed for renovation during the entire first quarter of 2016. The Marker Waterfront Resort and Southernmost Beach Resort Key West are excluded from the third quarter in both 2016 and 2017 due to their closure during Hurricane Irma in early September 2017 and for a period following the storm due to subsequent building repairs and clean up. Pro forma excludes the results of operations of Hotel Deca, Lansdowne Resort, Alexis Hotel, Hotel Triton and Westin Philadelphia due to their dispositions in 2017 and Indianapolis Marriott Downtown due to its disposition in July 2016. |
(2) | Other fixed expenses includes ground rent expense, but excludes ground rent payments for The Roger and Harbor Court in all periods due to the hotels being subject to capital leases of land and building under GAAP. At The Roger, the base ground rent payments were $99 and $298 for the three and nine months ended September 30, 2017 and 2016, respectively. At Harbor Court, the base and participating ground rent payments were $335 and $921 for the three and nine months ended September 30, 2017, respectively, and $334 and $1,004 for the three and nine months ended September 30, 2016, respectively. |
For the three months ended | For the nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Total Portfolio | ||||||||||||||||
Occupancy | 90.2 | % | 90.2 | % | 85.3 | % | 85.7 | % | ||||||||
Decrease | 0.0 | % | (0.4 | )% | ||||||||||||
ADR | $ | 243.31 | $ | 252.32 | $ | 244.35 | $ | 247.16 | ||||||||
Decrease | (3.6 | )% | (1.1 | )% | ||||||||||||
RevPAR | $ | 219.38 | $ | 227.69 | $ | 208.52 | $ | 211.70 | ||||||||
Decrease | (3.6 | )% | (1.5 | )% |
For the three months ended September 30, 2017 | For the nine months ended September 30, 2017 | |||
Market Detail | RevPAR Variance % | |||
Boston | (3.3)% | 1.9% | ||
Chicago | (8.0)% | (5.1)% | ||
Los Angeles | (4.8)% | (6.0)% | ||
New York | (1.0)% | (0.7)% | ||
Other(2) | (0.4)% | 0.8% | ||
San Diego Downtown | (1.2)% | 2.4% | ||
San Francisco | (4.0)% | (7.5)% | ||
Washington, DC | (6.7)% | 3.5% |
(1) | This schedule includes the statistical data for the three and nine months ended September 30, 2017 for all properties owned by the Company as of September 30, 2017. Mason & Rook Hotel is excluded from the first quarter in both 2016 and 2017 because the hotel was closed for renovation during the entire first quarter of 2016. The Marker Waterfront Resort and Southernmost Beach Resort Key West are excluded from the third quarter in both 2016 and 2017 due to their closure during Hurricane Irma in early September 2017 and for a period following the storm due to subsequent building repairs and clean up. Pro forma excludes the results of Hotel Deca, Lansdowne Resort, Alexis Hotel, Hotel Triton and Westin Philadelphia due to their dispositions in 2017 and Indianapolis Marriott Downtown due to its disposition in July 2016. |
(2) | Other includes The Heathman Hotel in Portland, Chaminade Resort in Santa Cruz, Embassy Suites Philadelphia - Center City in Philadelphia, L’Auberge Del Mar in Del Mar, and The Hilton San Diego Resort and Paradise Point Resort in San Diego. |
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