(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)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
DIAMONDROCK HOSPITALITY COMPANY | ||||||||||||||||||||
Dated: November 3, 2022 | By: | /s/ Briony R. Quinn | ||||||||||||||||||
Briony R. Quinn | ||||||||||||||||||||
Senior Vice President and Treasurer |
Quarter Ended September 30, | Change From | |||||||||||||||||||
2022 | 2021 | 2019 | 2021 | 2019 | ||||||||||||||||
($ amounts in millions, except hotel statistics and per share amounts) | ||||||||||||||||||||
Comparable Operating Results (1) | ||||||||||||||||||||
ADR | $ | 281.36 | $ | 249.83 | $ | 239.39 | 12.6 | % | 17.5 | % | ||||||||||
Occupancy | 75.1 | % | 65.4 | % | 81.2 | % | 9.7 | % | (6.1) | % | ||||||||||
RevPAR | $ | 211.40 | $ | 163.45 | $ | 194.40 | 29.3 | % | 8.7 | % | ||||||||||
Total RevPAR | $ | 306.35 | $ | 228.71 | $ | 274.93 | 33.9 | % | 11.4 | % | ||||||||||
Revenues | $ | 266.9 | $ | 198.9 | $ | 239.0 | 34.2 | % | 11.7 | % | ||||||||||
Hotel Adjusted EBITDA | $ | 84.2 | $ | 53.5 | $ | 72.4 | 57.4 | % | 16.3 | % | ||||||||||
Hotel Adjusted EBITDA Margin | 31.55 | % | 26.89 | % | 30.30 | % | 466 bps | 125 bps | ||||||||||||
Available Rooms | 871,332 | 869,584 | 869,216 | 1,748 | 2,116 | |||||||||||||||
Actual Operating Results (2) | ||||||||||||||||||||
Revenues | $ | 268.2 | $ | 179.5 | $ | 240.3 | 49.4 | % | 11.6 | % | ||||||||||
Net income (loss) | $ | 28.6 | $ | (1.8) | $ | 11.6 | 1688.9 | % | 146.6 | % | ||||||||||
Income (loss) per diluted share | $ | 0.12 | $ | (0.02) | $ | 0.06 | 700.0 | % | 100.0 | % | ||||||||||
Adjusted EBITDA | $ | 76.3 | $ | 38.9 | $ | 67.5 | 96.1 | % | 13.0 | % | ||||||||||
Adjusted FFO | $ | 60.6 | $ | 20.9 | $ | 55.3 | 190.0 | % | 9.6 | % | ||||||||||
Adjusted FFO per diluted share | $ | 0.28 | $ | 0.10 | $ | 0.27 | 180.0 | % | 3.7 | % |
Nine Months Ended September 30, | Change From | |||||||||||||||||||
2022 | 2021 | 2019 | 2021 | 2019 | ||||||||||||||||
($ amounts in millions, except hotel statistics and per share amounts) | ||||||||||||||||||||
Comparable Operating Results (1) | ||||||||||||||||||||
ADR | $ | 286.56 | $ | 244.24 | $ | 239.27 | 17.3 | % | 19.8 | % | ||||||||||
Occupancy | 68.7 | % | 48.3 | % | 78.6 | % | 20.4 | % | (9.9) | % | ||||||||||
RevPAR | $ | 196.84 | $ | 117.85 | $ | 188.15 | 67.0 | % | 4.6 | % | ||||||||||
Total RevPAR | $ | 287.91 | $ | 167.80 | $ | 273.66 | 71.6 | % | 5.2 | % | ||||||||||
Revenues | $ | 743.6 | $ | 433.0 | $ | 705.6 | 71.7 | % | 5.4 | % | ||||||||||
Hotel Adjusted EBITDA | $ | 236.3 | $ | 91.6 | $ | 212.7 | 158.0 | % | 11.1 | % | ||||||||||
Hotel Adjusted EBITDA Margin | 31.78 | % | 21.15 | % | 30.15 | % | 1,063 bps | 163 bps | ||||||||||||
Available Rooms | 2,582,857 | 2,580,187 | 2,578,264 | 2,670 | 4,593 | |||||||||||||||
Actual Operating Results (2) | ||||||||||||||||||||
Revenues | $ | 746.4 | $ | 377.2 | $ | 700.6 | 97.9 | % | 6.5 | % | ||||||||||
Net income (loss) | $ | 91.3 | $ | (192.5) | $ | 49.6 | 147.4 | % | 84.1 | % | ||||||||||
Income (loss) per diluted share | $ | 0.39 | $ | (0.94) | $ | 0.24 | 141.5 | % | 62.5 | % | ||||||||||
Adjusted EBITDA | $ | 213.2 | $ | 49.1 | $ | 197.8 | 334.2 | % | 7.8 | % | ||||||||||
Adjusted FFO | $ | 168.0 | $ | 7.2 | $ | 162.3 | 2233.3 | % | 3.5 | % | ||||||||||
Adjusted FFO per diluted share | $ | 0.78 | $ | 0.03 | $ | 0.80 | 2500.0 | % | (2.5) | % |
January 2022 | February 2022 | March 2022 | April 2022 | May 2022 | June 2022 | |||||||||||||||||||||||||||||||||
Number of Hotels | 33 | 33 | 33 | 33 | 33 | 33 | ||||||||||||||||||||||||||||||||
Number of Rooms | 9,454 | 9,454 | 9,454 | 9,454 | 9,454 | 9,471 | ||||||||||||||||||||||||||||||||
Occupancy | 41.3 | % | 57.9 | % | 68.4 | % | 72.4 | % | 72.9 | % | 79.4 | % | ||||||||||||||||||||||||||
ADR | $245.13 | $283.49 | $296.22 | $291.71 | $297.08 | $302.78 | ||||||||||||||||||||||||||||||||
RevPAR | $101.19 | $164.25 | $202.67 | $211.29 | $216.62 | $240.37 | ||||||||||||||||||||||||||||||||
Total RevPAR | $154.77 | $242.91 | $298.92 | $304.35 | $325.36 | $344.28 | ||||||||||||||||||||||||||||||||
2022 vs 2019 | ||||||||||||||||||||||||||||||||||||||
Occupancy change in bps | (2,216) bps | (1,633) bps | (1,062) bps | (882) bps | (740) bps | (634) bps | ||||||||||||||||||||||||||||||||
ADR Rate % change | 20.6 | % | 29.1 | % | 21.7 | % | 17.5 | % | 16.1 | % | 19.3 | % | ||||||||||||||||||||||||||
RevPAR % change | (21.5) | % | 0.7 | % | 5.3 | % | 4.7 | % | 5.4 | % | 10.5 | % | ||||||||||||||||||||||||||
Total RevPAR % change | (22.2) | % | (2.3) | % | 6.1 | % | 4.3 | % | 7.0 | % | 10.2 | % |
July 2022 | August 2022 | September 2022 | Preliminary October 2022 | |||||||||||||||||||||||
Number of Hotels | 33 | 33 | 33 | 33 | ||||||||||||||||||||||
Number of Rooms | 9,471 | 9,471 | 9,471 | 9,471 | ||||||||||||||||||||||
Occupancy | 74.9 | % | 74.6 | % | 75.9 | % | 74.8 | % | ||||||||||||||||||
ADR | $286.18 | $261.49 | $296.63 | $306.32 | ||||||||||||||||||||||
RevPAR | $214.31 | $195.19 | $225.13 | $229.24 | ||||||||||||||||||||||
Total RevPAR | $305.82 | $285.29 | $328.66 | $337.21 | ||||||||||||||||||||||
2022 vs 2019 | ||||||||||||||||||||||||||
Occupancy change in bps | (750) bps | (677) bps | (386) bps | (670) bps | ||||||||||||||||||||||
ADR Rate % change | 21.7 | % | 15.2 | % | 15.4 | % | 16.2 | % | ||||||||||||||||||
RevPAR % change | 10.6 | % | 5.6 | % | 9.8 | % | 6.7 | % | ||||||||||||||||||
Total RevPAR % change | 12.4 | % | 9.5 | % | 12.2 | % | 7.8 | % |
September 30, 2022 | December 31, 2021 | ||||||||||
ASSETS | (unaudited) | ||||||||||
Property and equipment, net | $ | 2,674,380 | $ | 2,651,444 | |||||||
Right-of-use assets | 99,332 | 100,212 | |||||||||
Restricted cash | 45,989 | 36,887 | |||||||||
Due from hotel managers | 182,845 | 120,671 | |||||||||
Prepaid and other assets | 69,792 | 17,472 | |||||||||
Cash and cash equivalents | 313,871 | 38,620 | |||||||||
Total assets | $ | 3,386,209 | $ | 2,965,306 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Liabilities: | |||||||||||
Mortgage and other debt, net of unamortized debt issuance costs | $ | 567,369 | $ | 578,651 | |||||||
Unsecured term loans, net of unamortized debt issuance costs | 799,071 | 398,572 | |||||||||
Senior unsecured credit facility | — | 90,000 | |||||||||
Total debt | 1,366,440 | 1,067,223 | |||||||||
Lease liabilities | 110,287 | 108,605 | |||||||||
Deferred rent | 64,132 | 60,800 | |||||||||
Due to hotel managers | 123,837 | 85,493 | |||||||||
Unfavorable contract liabilities, net | 61,484 | 62,780 | |||||||||
Accounts payable and accrued expenses | 41,190 | 51,238 | |||||||||
Distributions declared and unpaid | 6,489 | — | |||||||||
Deferred income related to key money, net | 8,888 | 8,203 | |||||||||
Total liabilities | 1,782,747 | 1,444,342 | |||||||||
Equity: | |||||||||||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; | |||||||||||
8.250% Series A Cumulative Redeemable Preferred Stock (liquidation preference $25.00 per share), 4,760,000 shares issued and outstanding at September 30, 2022 and December 31, 2021 | 48 | 48 | |||||||||
Common stock, $0.01 par value; 400,000,000 shares authorized; 210,944,517 and 210,746,895 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively | 2,109 | 2,107 | |||||||||
Additional paid-in capital | 2,298,866 | 2,293,990 | |||||||||
Distributions in excess of earnings | (703,747) | (780,931) | |||||||||
Total stockholders’ equity | 1,597,276 | 1,515,214 | |||||||||
Noncontrolling interests | 6,186 | 5,750 | |||||||||
Total equity | 1,603,462 | 1,520,964 | |||||||||
Total liabilities and equity | $ | 3,386,209 | $ | 2,965,306 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rooms | $ | 184,994 | $ | 128,743 | $ | 510,189 | $ | 266,051 | |||||||||||||||
Food and beverage | 61,940 | 36,513 | 176,294 | 76,052 | |||||||||||||||||||
Other | 21,274 | 14,216 | 59,965 | 35,097 | |||||||||||||||||||
Total revenues | 268,208 | 179,472 | 746,448 | 377,200 | |||||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
Rooms | 43,899 | 32,442 | 120,374 | 67,736 | |||||||||||||||||||
Food and beverage | 43,227 | 26,957 | 119,919 | 58,091 | |||||||||||||||||||
Management fees | 6,697 | 3,104 | 17,029 | 6,514 | |||||||||||||||||||
Franchise fees | 8,709 | 6,011 | 23,212 | 12,193 | |||||||||||||||||||
Other hotel expenses | 83,318 | 66,399 | 234,325 | 167,208 | |||||||||||||||||||
Depreciation and amortization | 27,053 | 25,555 | 81,097 | 77,209 | |||||||||||||||||||
Impairment losses | — | — | 2,843 | 126,697 | |||||||||||||||||||
Corporate expenses | 7,516 | 8,341 | 22,275 | 23,790 | |||||||||||||||||||
Business interruption insurance income | — | — | (499) | — | |||||||||||||||||||
Total operating expenses, net | 220,419 | 168,809 | 620,575 | 539,438 | |||||||||||||||||||
Interest and other expense (income), net | 152 | 11 | 1,044 | (460) | |||||||||||||||||||
Interest expense | 9,072 | 10,052 | 22,866 | 29,246 | |||||||||||||||||||
Loss on early extinguishment of debt | 9,698 | — | 9,698 | — | |||||||||||||||||||
Total other expenses, net | 18,922 | 10,063 | 33,608 | 28,786 | |||||||||||||||||||
Income (loss) before income taxes | 28,867 | 600 | 92,265 | (191,024) | |||||||||||||||||||
Income tax expense | (312) | (2,371) | (949) | (1,433) | |||||||||||||||||||
Net income (loss) | 28,555 | (1,771) | 91,316 | (192,457) | |||||||||||||||||||
Less: Net (income) loss attributable to noncontrolling interests | (99) | 6 | (315) | 812 | |||||||||||||||||||
Net income (loss) attributable to the Company | 28,456 | (1,765) | 91,001 | (191,645) | |||||||||||||||||||
Distributions to preferred stockholders | (2,454) | (2,454) | (7,362) | (7,362) | |||||||||||||||||||
Net income (loss) attributable to common stockholders | $ | 26,002 | $ | (4,219) | $ | 83,639 | $ | (199,007) | |||||||||||||||
Earnings (loss) per share: | |||||||||||||||||||||||
Earnings (loss) per share available to common stockholders - basic | $ | 0.12 | $ | (0.02) | $ | 0.39 | $ | (0.94) | |||||||||||||||
Earnings (loss) per share available to common stockholders - diluted | $ | 0.12 | $ | (0.02) | $ | 0.39 | $ | (0.94) | |||||||||||||||
Weighted-average number of common shares outstanding: | |||||||||||||||||||||||
Basic | 212,878,364 | 212,256,590 | 212,736,133 | 211,966,969 | |||||||||||||||||||
Diluted | 214,145,329 | 212,256,590 | 213,459,354 | 211,966,969 |
Three Months Ended September 30, | |||||||||||||||||
2022 | 2021 | 2019 | |||||||||||||||
Net income (loss) | $ | 28,555 | $ | (1,771) | $ | 11,574 | |||||||||||
Interest expense | 9,072 | 10,052 | 14,184 | ||||||||||||||
Income tax expense | 312 | 2,371 | 1,217 | ||||||||||||||
Real estate related depreciation and amortization | 27,053 | 25,555 | 29,474 | ||||||||||||||
EBITDAre | 64,992 | 36,207 | 56,449 | ||||||||||||||
Professional fees and pre-opening costs related to Frenchman's Reef (1) | — | 335 | 6,378 | ||||||||||||||
Non-cash lease expense and other amortization | 1,551 | 1,664 | 1,750 | ||||||||||||||
Hotel manager transition items | 11 | 523 | 582 | ||||||||||||||
Uninsured costs related to natural disasters | — | 187 | — | ||||||||||||||
Loss on early extinguishment of debt | 9,698 | — | 2,373 | ||||||||||||||
Adjusted EBITDA | $ | 76,252 | $ | 38,916 | $ | 67,532 |
Nine Months Ended September 30, | |||||||||||||||||
2022 | 2021 | 2019 | |||||||||||||||
Net income (loss) | $ | 91,316 | $ | (192,457) | $ | 49,628 | |||||||||||
Interest expense | 22,866 | 29,246 | 38,264 | ||||||||||||||
Income tax expense | 949 | 1,433 | 1,939 | ||||||||||||||
Real estate related depreciation and amortization | 81,097 | 77,209 | 87,805 | ||||||||||||||
EBITDA | 196,228 | (84,569) | 177,636 | ||||||||||||||
Impairment losses | 2,843 | 126,697 | — | ||||||||||||||
EBITDAre | 199,071 | 42,128 | 177,636 | ||||||||||||||
Non-cash lease expense and other amortization | 4,675 | 5,007 | 5,249 | ||||||||||||||
Professional fees and pre-opening costs related to Frenchman's Reef (1) | — | 1,388 | 11,445 | ||||||||||||||
Uninsured costs related to natural disasters | — | 187 | — | ||||||||||||||
Loss on early extinguishment of debt | 9,698 | — | 2,373 | ||||||||||||||
Severance costs (2) | (532) | (216) | — | ||||||||||||||
Hotel manager transition items | 247 | 651 | 1,050 | ||||||||||||||
Adjusted EBITDA | $ | 213,159 | $ | 49,145 | $ | 197,753 |
Three Months Ended September 30, | |||||||||||||||||
2022 | 2021 | 2019 | |||||||||||||||
Net income (loss) | $ | 28,555 | $ | (1,771) | $ | 11,574 | |||||||||||
Interest expense | 9,072 | 10,052 | 14,184 | ||||||||||||||
Income tax expense | 312 | 2,371 | 1,217 | ||||||||||||||
Real estate related depreciation and amortization | 27,053 | 25,555 | 29,474 | ||||||||||||||
EBITDA | 64,992 | 36,207 | 56,449 | ||||||||||||||
Corporate expenses | 7,516 | 8,341 | 6,318 | ||||||||||||||
Interest and other expense (income), net | 152 | 11 | (102) | ||||||||||||||
Uninsured costs related to natural disasters | — | 187 | — | ||||||||||||||
Professional fees and pre-opening costs related to Frenchman's Reef (1) | — | 335 | 6,378 | ||||||||||||||
Loss on early extinguishment of debt | 9,698 | — | 2,373 | ||||||||||||||
Hotel EBITDA | 82,358 | 45,081 | 71,416 | ||||||||||||||
Non-cash lease expense and other amortization | 1,551 | 1,664 | 1,750 | ||||||||||||||
Hotel manager transition items | 11 | 523 | 582 | ||||||||||||||
Hotel Adjusted EBITDA | $ | 83,920 | $ | 47,268 | $ | 73,748 |
Nine Months Ended September 30, | |||||||||||||||||
2022 | 2021 | 2019 | |||||||||||||||
Net income (loss) | $ | 91,316 | $ | (192,457) | $ | 49,628 | |||||||||||
Interest expense | 22,866 | 29,246 | 38,264 | ||||||||||||||
Income tax expense | 949 | 1,433 | 1,939 | ||||||||||||||
Real estate related depreciation and amortization | 81,097 | 77,209 | 87,805 | ||||||||||||||
EBITDA | 196,228 | (84,569) | 177,636 | ||||||||||||||
Corporate expenses | 22,275 | 23,790 | 20,785 | ||||||||||||||
Interest and other expense (income), net | 1,044 | (460) | (510) | ||||||||||||||
Uninsured costs related to natural disasters | — | 187 | — | ||||||||||||||
Loss on early extinguishment of debt | 9,698 | — | 2,373 | ||||||||||||||
Professional fees and pre-opening costs related to Frenchman's Reef (1) | — | 1,388 | 11,445 | ||||||||||||||
Impairment losses | 2,843 | 126,697 | — | ||||||||||||||
Hotel EBITDA | 232,088 | 67,033 | 211,729 | ||||||||||||||
Non-cash lease expense and other amortization | 4,675 | 5,007 | 5,249 | ||||||||||||||
Hotel manager transition items | 247 | 651 | 1,050 | ||||||||||||||
Severance costs (2) | (532) | (216) | — | ||||||||||||||
Hotel Adjusted EBITDA | $ | 236,478 | $ | 72,475 | $ | 218,028 |
Three Months Ended September 30, | |||||||||||||||||
2022 | 2021 | 2019 | |||||||||||||||
Net income (loss) | $ | 28,555 | $ | (1,771) | $ | 11,574 | |||||||||||
Real estate related depreciation and amortization | 27,053 | 25,555 | 29,474 | ||||||||||||||
Impairment losses, net of tax | — | (2,215) | — | ||||||||||||||
FFO | 55,608 | 21,569 | 41,048 | ||||||||||||||
Distribution to preferred stockholders | (2,454) | (2,454) | — | ||||||||||||||
FFO available to common stock and unit holders | 53,154 | 19,115 | 41,048 | ||||||||||||||
Non-cash lease expense and other amortization | 1,551 | 1,664 | 1,750 | ||||||||||||||
Uninsured costs related to natural disasters | — | 187 | — | ||||||||||||||
Professional fees and pre-opening costs related to Frenchman's Reef (1) | — | 335 | 6,378 | ||||||||||||||
Loss on early extinguishment of debt | 9,698 | — | 2,373 | ||||||||||||||
Hotel manager transition items | 11 | 523 | 582 | ||||||||||||||
Fair value adjustments to interest rate swaps | (3,780) | (919) | 3,143 | ||||||||||||||
Adjusted FFO available to common stock and unit holders | $ | 60,634 | $ | 20,905 | $ | 55,274 | |||||||||||
Adjusted FFO available to common stock and unit holders, per diluted share | $ | 0.28 | $ | 0.10 | $ | 0.27 |
Nine Months Ended September 30, | |||||||||||||||||
2022 | 2021 | 2019 | |||||||||||||||
Net income (loss) | $ | 91,316 | $ | (192,457) | $ | 49,628 | |||||||||||
Real estate related depreciation and amortization | 81,097 | 77,209 | 87,805 | ||||||||||||||
Impairment losses, net of tax | 2,843 | 127,282 | — | ||||||||||||||
FFO | 175,256 | 12,034 | 137,433 | ||||||||||||||
Distribution to preferred stockholders | (7,362) | (7,362) | — | ||||||||||||||
FFO available to common stock and unit holders | 167,894 | 4,672 | 137,433 | ||||||||||||||
Non-cash lease expense and other amortization | 4,675 | 5,007 | 5,249 | ||||||||||||||
Uninsured costs related to natural disasters | — | 187 | — | ||||||||||||||
Professional fees and pre-opening costs related to Frenchman's Reef (1) | — | 1,388 | 11,445 | ||||||||||||||
Hotel manager transition items | 247 | 651 | 1,050 | ||||||||||||||
Loss on early extinguishment of debt | 9,698 | (216) | 2,373 | ||||||||||||||
Severance costs (2) | (532) | — | — | ||||||||||||||
Fair value adjustments to interest rate swaps | (14,002) | (4,488) | 4,790 | ||||||||||||||
Adjusted FFO available to common stock and unit holders | $ | 167,980 | $ | 7,201 | $ | 162,340 | |||||||||||
Adjusted FFO available to common stock and unit holders, per diluted share | $ | 0.78 | $ | 0.03 | $ | 0.80 |
Three Months Ended September 30, | |||||||||||||||||
2022 | 2021 | 2019 | |||||||||||||||
Revenues | $ | 268,208 | $ | 179,472 | $ | 240,279 | |||||||||||
Hotel revenues from prior ownership (1) | (1,275) | 19,413 | 17,036 | ||||||||||||||
Hotel revenues from sold hotels (2) | — | — | (18,338) | ||||||||||||||
Comparable Revenues | $ | 266,933 | $ | 198,885 | $ | 238,977 | |||||||||||
Hotel Adjusted EBITDA | $ | 83,920 | $ | 47,268 | $ | 73,748 | |||||||||||
Hotel Adjusted EBITDA from prior ownership (1) | 291 | 6,026 | 3,601 | ||||||||||||||
Hotel Adjusted EBITDA from sold hotels (2) | — | 178 | (4,938) | ||||||||||||||
Comparable Hotel Adjusted EBITDA | $ | 84,211 | $ | 53,472 | $ | 72,411 | |||||||||||
Hotel Adjusted EBITDA Margin | 31.29 | % | 26.34 | % | 30.69 | % | |||||||||||
Comparable Hotel Adjusted EBITDA Margin | 31.55 | % | 26.89 | % | 30.30 | % |
Nine Months Ended September 30, | |||||||||||||||||
2022 | 2021 | 2019 | |||||||||||||||
Revenues | $ | 746,448 | $ | 377,200 | $ | 700,572 | |||||||||||
Hotel revenues from prior ownership (1) | (3,237) | 55,816 | 52,876 | ||||||||||||||
Hotel revenues from sold hotels (2) | 430 | (60) | (47,872) | ||||||||||||||
Comparable Revenues | $ | 743,641 | $ | 432,956 | $ | 705,576 | |||||||||||
Hotel Adjusted EBITDA | $ | 236,478 | $ | 72,475 | $ | 218,028 | |||||||||||
Hotel Adjusted EBITDA from prior ownership (1) | (62) | 14,445 | 12,426 | ||||||||||||||
Hotel Adjusted EBITDA from sold hotels (2) | (106) | 4,664 | (17,758) | ||||||||||||||
Comparable Hotel Adjusted EBITDA | $ | 236,310 | $ | 91,584 | $ | 212,696 | |||||||||||
Hotel Adjusted EBITDA Margin | 31.68 | % | 19.21 | % | 31.12 | % | |||||||||||
Comparable Hotel Adjusted EBITDA Margin | 31.78 | % | 21.15 | % | 30.15 | % |
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 | $ | 260,227 | $ | 238,977 | $ | 230,571 | $ | 936,145 | |||||||
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, 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 |
Quarter 1, 2022 | Quarter 2, 2022 | Quarter 3, 2022 | |||||||||
ADR | $ | 279.09 | $ | 297.36 | $ | 281.36 | |||||
Occupancy | 55.8 | % | 74.9 | % | 75.1 | % | |||||
RevPAR | $ | 155.76 | $ | 222.70 | $ | 211.40 | |||||
Total RevPAR | $ | 231.84 | $ | 324.68 | $ | 306.35 | |||||
Revenues (in thousands) | $ | 197,263 | $ | 279,445 | $ | 266,933 | |||||
Hotel Adjusted EBITDA (in thousands) | $ | 51,121 | $ | 100,978 | $ | 84,211 | |||||
Hotel Adjusted EBITDA Margin | 25.92 | % | 36.14 | % | 31.55 | % | |||||
Available Rooms | 850,842 | 860,683 | 871,332 |
Market Capitalization as of September 30, 2022 | ||||||||
(in thousands) | ||||||||
Enterprise Value | ||||||||
Common equity capitalization (at September 30, 2022 closing price of $7.51/share) | $ | 1,615,230 | ||||||
Preferred equity capitalization (at liquidation value of $25.00/share) | 119,000 | |||||||
Consolidated debt (face amount) | 1,368,651 | |||||||
Cash and cash equivalents | (313,871) | |||||||
Total enterprise value | $ | 2,789,010 | ||||||
Share Reconciliation | ||||||||
Common shares outstanding | 210,945 | |||||||
Operating partnership units | 817 | |||||||
Unvested restricted stock held by management and employees | 1,365 | |||||||
Share grants under deferred compensation plan | 1,950 | |||||||
Combined shares and units | 215,077 |
Debt Summary as of November 3, 2022 | ||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Loan | Interest Rate | Term | Outstanding Principal | Maturity | ||||||||||||||||||||||
Westin San Diego Bayview | 3.94% | Fixed | 57,163 | April 2023 | ||||||||||||||||||||||
Courtyard New York Manhattan / Midtown East | 4.40% | Fixed | 76,445 | August 2024 | ||||||||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 3.66% | Fixed | 75,933 | May 2025 | ||||||||||||||||||||||
Hotel Clio | 4.33% | Fixed | 57,692 | July 2025 | ||||||||||||||||||||||
Westin Boston Seaport District | 4.36% | Fixed | 179,208 | November 2025 | ||||||||||||||||||||||
Unamortized debt issuance costs | (1,218) | |||||||||||||||||||||||||
Total mortgage debt, net of unamortized debt issuance costs | 445,223 | |||||||||||||||||||||||||
Unsecured term loan | SOFR + 1.35% | Variable | 500,000 | January 2028 | ||||||||||||||||||||||
Unsecured term loan | SOFR + 1.35% | Variable | 300,000 | January 2025 (1) | ||||||||||||||||||||||
Unamortized debt issuance costs | (907) | |||||||||||||||||||||||||
Unsecured term loans, net of unamortized debt issuance costs | 799,093 | |||||||||||||||||||||||||
Senior unsecured credit facility | SOFR + 1.40% | Variable | — | September 2026 (1) | ||||||||||||||||||||||
Total debt, net of unamortized debt issuance costs | $ | 1,244,316 | ||||||||||||||||||||||||
Weighted-average interest rate of fixed rate debt | 3.92% | |||||||||||||||||||||||||
Total weighted-average interest rate (2) | 4.54% |
Monthly Operating Statistics (1) | ||||||||||||||||||||||||||||||||||||||
Number of Rooms | ADR | Occupancy | RevPAR | |||||||||||||||||||||||||||||||||||
July 2022 | July 2021 | B/(W) 2021 | July 2022 | July 2021 | B/(W) 2021 | July 2022 | July 2021 | B/(W) 2021 | ||||||||||||||||||||||||||||||
Total - 33 Hotels | 9,471 | $ | 286.18 | $ | 259.43 | 10.3 | % | 74.9 | % | 70.2 | % | 4.7 | % | $ | 214.31 | $ | 182.00 | 17.8 | % | |||||||||||||||||||
Resort/Lifestyle - 20 Hotels | 3,656 | $ | 373.15 | $ | 371.90 | 0.3 | % | 74.1 | % | 75.3 | % | (1.2) | % | $ | 276.43 | $ | 280.02 | (1.3) | % | |||||||||||||||||||
Number of Rooms | July 2022 | July 2019 | B/(W) 2019 | July 2022 | July 2019 | B/(W) 2019 | July 2022 | July 2019 | B/(W) 2019 | |||||||||||||||||||||||||||||
Total - 33 Hotels | 9,471 | $ | 286.18 | $ | 235.11 | 21.7 | % | 74.9 | % | 82.4 | % | (7.5) | % | $ | 214.31 | $ | 193.72 | 10.6 | % | |||||||||||||||||||
Resort/Lifestyle - 20 Hotels | 3,656 | $ | 373.15 | $ | 262.65 | 42.1 | % | 74.1 | % | 81.6 | % | (7.5) | % | $ | 276.43 | $ | 214.40 | 28.9 | % | |||||||||||||||||||
Number of Rooms | August 2022 | August 2021 | B/(W) 2021 | August 2022 | August 2021 | B/(W) 2021 | August 2022 | August 2021 | B/(W) 2021 | |||||||||||||||||||||||||||||
Total - 33 Hotels | 9,471 | $ | 261.49 | $ | 237.99 | 9.9 | % | 74.6 | % | 63.6 | % | 11.0 | % | $ | 195.19 | $ | 151.37 | 28.9 | % | |||||||||||||||||||
Resort/Lifestyle - 20 Hotels | 3,656 | $ | 333.49 | $ | 335.02 | (0.5) | % | 72.5 | % | 64.3 | % | 8.2 | % | $ | 241.79 | $ | 215.31 | 12.3 | % | |||||||||||||||||||
Number of Rooms | August 2022 | August 2019 | B/(W) 2019 | August 2022 | August 2019 | B/(W) 2019 | August 2022 | August 2019 | B/(W) 2019 | |||||||||||||||||||||||||||||
Total - 33 Hotels | 9,471 | $ | 261.49 | $ | 226.98 | 15.2 | % | 74.6 | % | 81.4 | % | (6.8) | % | $ | 195.19 | $ | 184.80 | 5.6 | % | |||||||||||||||||||
Resort/Lifestyle - 20 Hotels | 3,656 | $ | 333.49 | $ | 252.70 | 32.0 | % | 72.5 | % | 78.6 | % | (6.1) | % | $ | 241.79 | $ | 198.53 | 21.8 | % | |||||||||||||||||||
Number of Rooms | September 2022 | September 2021 | B/(W) 2021 | September 2022 | September 2021 | B/(W) 2021 | September 2022 | September 2021 | B/(W) 2021 | |||||||||||||||||||||||||||||
Total - 33 Hotels | 9,471 | $ | 296.63 | $ | 251.13 | 18.1 | % | 75.9 | % | 62.4 | % | 13.5 | % | $ | 225.13 | $ | 156.76 | 43.6 | % | |||||||||||||||||||
Resort/Lifestyle - 20 Hotels | 3,656 | $ | 343.17 | $ | 328.84 | 4.4 | % | 70.3 | % | 63.0 | % | 7.3 | % | $ | 241.14 | $ | 207.21 | 16.4 | % | |||||||||||||||||||
Number of Rooms | September 2022 | September 2019 | B/(W) 2019 | September 2022 | September 2019 | B/(W) 2019 | September 2022 | September 2019 | B/(W) 2019 | |||||||||||||||||||||||||||||
Total - 33 Hotels | 9,471 | $ | 296.63 | $ | 257.04 | 15.4 | % | 75.9 | % | 79.8 | % | (3.9) | % | $ | 225.13 | $ | 205.01 | 9.8 | % | |||||||||||||||||||
Resort/Lifestyle - 20 Hotels | 3,656 | $ | 343.17 | $ | 257.73 | 33.2 | % | 70.3 | % | 72.0 | % | (1.7) | % | $ | 241.14 | $ | 185.66 | 29.9 | % | |||||||||||||||||||
Operating Statistics – Third Quarter | ||||||||||||||||||||||||||||||||||||||
Number of Rooms | ADR | Occupancy | RevPAR | |||||||||||||||||||||||||||||||||||
3Q 2022 | 3Q 2021 | B/(W) 2021 | 3Q 2022 | 3Q 2021 | B/(W) 2021 | 3Q 2022 | 3Q 2021 | B/(W) 2021 | ||||||||||||||||||||||||||||||
Atlanta Marriott Alpharetta | 318 | $ | 155.35 | $ | 119.77 | 29.7 | % | 60.7 | % | 63.2 | % | (2.5) | % | $ | 94.35 | $ | 75.75 | 24.6 | % | |||||||||||||||||||
Bourbon Orleans Hotel | 220 | $ | 198.82 | $ | 185.94 | 6.9 | % | 67.0 | % | 57.4 | % | 9.6 | % | $ | 133.24 | $ | 106.65 | 24.9 | % | |||||||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | 142 | $ | 723.68 | $ | 697.33 | 3.8 | % | 50.8 | % | 58.6 | % | (7.8) | % | $ | 367.33 | $ | 408.40 | (10.1) | % | |||||||||||||||||||
Chicago Marriott Downtown Magnificent Mile | 1,200 | $ | 253.84 | $ | 204.01 | 24.4 | % | 72.9 | % | 54.4 | % | 18.5 | % | $ | 185.02 | $ | 110.97 | 66.7 | % | |||||||||||||||||||
Courtyard Denver Downtown | 177 | $ | 232.76 | $ | 198.04 | 17.5 | % | 83.0 | % | 77.0 | % | 6.0 | % | $ | 193.21 | $ | 152.42 | 26.8 | % | |||||||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | 189 | $ | 288.20 | $ | 188.42 | 53.0 | % | 96.8 | % | 94.3 | % | 2.5 | % | $ | 279.10 | $ | 177.64 | 57.1 | % | |||||||||||||||||||
Courtyard New York Manhattan/Midtown East | 321 | $ | 338.74 | $ | 221.26 | 53.1 | % | 90.7 | % | 77.5 | % | 13.2 | % | $ | 307.21 | $ | 171.52 | 79.1 | % | |||||||||||||||||||
Embassy Suites by Hilton Bethesda | 272 | $ | 140.80 | $ | 118.48 | 18.8 | % | 56.9 | % | 41.1 | % | 15.8 | % | $ | 80.12 | $ | 48.73 | 64.4 | % | |||||||||||||||||||
Havana Cabana Key West | 106 | $ | 259.31 | $ | 289.47 | (10.4) | % | 80.0 | % | 85.6 | % | (5.6) | % | $ | 207.40 | $ | 247.92 | (16.3) | % | |||||||||||||||||||
Henderson Beach Resort | 233 | $ | 501.78 | $ | 518.47 | (3.2) | % | 75.6 | % | 74.8 | % | 0.8 | % | $ | 379.49 | $ | 387.81 | (2.1) | % | |||||||||||||||||||
Henderson Park Inn | 37 | $ | 711.75 | $ | 728.19 | (2.3) | % | 81.3 | % | 93.7 | % | (12.4) | % | $ | 578.98 | $ | 681.98 | (15.1) | % | |||||||||||||||||||
Hilton Boston Downtown/Faneuil Hall | 403 | $ | 334.30 | $ | 236.15 | 41.6 | % | 88.2 | % | 82.3 | % | 5.9 | % | $ | 294.90 | $ | 194.26 | 51.8 | % | |||||||||||||||||||
Hilton Burlington Lake Champlain | 258 | $ | 315.25 | $ | 304.18 | 3.6 | % | 88.5 | % | 83.1 | % | 5.4 | % | $ | 279.11 | $ | 252.78 | 10.4 | % | |||||||||||||||||||
Hilton Garden Inn New York/Times Square Central | 282 | $ | 276.98 | $ | 178.29 | 55.4 | % | 98.4 | % | 89.6 | % | 8.8 | % | $ | 272.65 | $ | 159.71 | 70.7 | % | |||||||||||||||||||
Hotel Clio | 199 | $ | 329.77 | $ | 291.32 | 13.2 | % | 76.3 | % | 77.5 | % | (1.2) | % | $ | 251.56 | $ | 225.78 | 11.4 | % | |||||||||||||||||||
Hotel Emblem San Francisco | 96 | $ | 244.50 | $ | 163.36 | 49.7 | % | 80.7 | % | 61.4 | % | 19.3 | % | $ | 197.39 | $ | 100.30 | 96.8 | % | |||||||||||||||||||
Hotel Palomar Phoenix | 242 | $ | 172.35 | $ | 166.94 | 3.2 | % | 61.7 | % | 56.3 | % | 5.4 | % | $ | 106.41 | $ | 93.95 | 13.3 | % | |||||||||||||||||||
Kimpton Fort Lauderdale Beach Resort | 96 | $ | 157.26 | $ | 182.66 | (13.9) | % | 57.5 | % | 46.9 | % | 10.6 | % | $ | 90.40 | $ | 85.67 | 5.5 | % | |||||||||||||||||||
Kimpton Shorebreak Resort | 157 | $ | 406.55 | $ | 390.89 | 4.0 | % | 88.0 | % | 79.9 | % | 8.1 | % | $ | 357.63 | $ | 312.46 | 14.5 | % | |||||||||||||||||||
L'Auberge de Sedona | 88 | $ | 766.54 | $ | 833.84 | (8.1) | % | 68.8 | % | 73.0 | % | (4.2) | % | $ | 527.38 | $ | 609.01 | (13.4) | % | |||||||||||||||||||
Margaritaville Beach House Key West | 186 | $ | 353.53 | $ | 382.97 | (7.7) | % | 70.5 | % | 76.3 | % | (5.8) | % | $ | 249.32 | $ | 292.20 | (14.7) | % | |||||||||||||||||||
Orchards Inn Sedona | 70 | $ | 228.40 | $ | 263.02 | (13.2) | % | 65.4 | % | 66.1 | % | (0.7) | % | $ | 149.38 | $ | 173.86 | (14.1) | % | |||||||||||||||||||
Renaissance Charleston Historic District Hotel | 167 | $ | 340.67 | $ | 322.94 | 5.5 | % | 85.6 | % | 89.8 | % | (4.2) | % | $ | 291.51 | $ | 290.15 | 0.5 | % | |||||||||||||||||||
Salt Lake City Marriott Downtown at City Creek | 510 | $ | 173.45 | $ | 166.22 | 4.3 | % | 67.9 | % | 56.4 | % | 11.5 | % | $ | 117.76 | $ | 93.79 | 25.6 | % | |||||||||||||||||||
The Gwen Hotel | 311 | $ | 329.43 | $ | 271.16 | 21.5 | % | 78.7 | % | 71.3 | % | 7.4 | % | $ | 259.15 | $ | 193.23 | 34.1 | % | |||||||||||||||||||
The Hythe Vail | 344 | $ | 269.70 | $ | 262.06 | 2.9 | % | 64.9 | % | 45.9 | % | 19.0 | % | $ | 174.94 | $ | 120.41 | 45.3 | % | |||||||||||||||||||
The Landing Lake Tahoe Resort & Spa | 82 | $ | 670.73 | $ | 725.58 | (7.6) | % | 63.1 | % | 42.1 | % | 21.0 | % | $ | 423.03 | $ | 305.18 | 38.6 | % | |||||||||||||||||||
The Lodge at Sonoma Resort | 182 | $ | 502.90 | $ | 424.58 | 18.4 | % | 70.5 | % | 72.0 | % | (1.5) | % | $ | 354.59 | $ | 305.73 | 16.0 | % | |||||||||||||||||||
Tranquility Bay Beachfront Resort | 103 | $ | 588.88 | $ | 576.74 | 2.1 | % | 63.7 | % | 74.0 | % | (10.3) | % | $ | 375.17 | $ | 427.01 | (12.1) | % | |||||||||||||||||||
Westin Boston Waterfront | 793 | $ | 249.19 | $ | 210.10 | 18.6 | % | 86.4 | % | 63.9 | % | 22.5 | % | $ | 215.40 | $ | 134.26 | 60.4 | % | |||||||||||||||||||
Westin Fort Lauderdale Beach Resort | 433 | $ | 201.15 | $ | 200.44 | 0.4 | % | 67.8 | % | 57.6 | % | 10.2 | % | $ | 136.47 | $ | 115.37 | 18.3 | % | |||||||||||||||||||
Westin San Diego Bayview | 436 | $ | 216.33 | $ | 174.42 | 24.0 | % | 87.4 | % | 74.2 | % | 13.2 | % | $ | 189.13 | $ | 129.40 | 46.2 | % | |||||||||||||||||||
Westin Washington D.C. City Center | 410 | $ | 196.28 | $ | 143.36 | 36.9 | % | 61.3 | % | 43.7 | % | 17.6 | % | $ | 120.35 | $ | 62.66 | 92.1 | % | |||||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 504 | $ | 176.37 | $ | 146.48 | 20.4 | % | 65.8 | % | 62.7 | % | 3.1 | % | $ | 115.99 | $ | 91.79 | 26.4 | % | |||||||||||||||||||
Comparable Total (1) | 9,471 | $ | 281.36 | $ | 249.83 | 12.6 | % | 75.1 | % | 65.4 | % | 9.7 | % | $ | 211.40 | $ | 163.45 | 29.3 | % | |||||||||||||||||||
Operating Statistics – Third Quarter | ||||||||||||||||||||||||||||||||||||||
Number of Rooms | ADR | Occupancy | RevPAR | |||||||||||||||||||||||||||||||||||
3Q 2022 | 3Q 2019 | B/(W) 2019 | 3Q 2022 | 3Q 2019 | B/(W) 2019 | 3Q 2022 | 3Q 2019 | B/(W) 2019 | ||||||||||||||||||||||||||||||
Atlanta Marriott Alpharetta | 318 | $ | 155.35 | $ | 163.80 | (5.2) | % | 60.7 | % | 72.9 | % | (12.2) | % | $ | 94.35 | $ | 119.41 | (21.0) | % | |||||||||||||||||||
Bourbon Orleans Hotel | 220 | $ | 198.82 | $ | 193.21 | 2.9 | % | 67.0 | % | 75.3 | % | (8.3) | % | $ | 133.24 | $ | 145.55 | (8.5) | % | |||||||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | 142 | $ | 723.68 | $ | 469.36 | 54.2 | % | 50.8 | % | 68.1 | % | (17.3) | % | $ | 367.33 | $ | 319.72 | 14.9 | % | |||||||||||||||||||
Chicago Marriott Downtown Magnificent Mile | 1,200 | $ | 253.84 | $ | 239.22 | 6.1 | % | 72.9 | % | 82.5 | % | (9.6) | % | $ | 185.02 | $ | 197.32 | (6.2) | % | |||||||||||||||||||
Courtyard Denver Downtown | 177 | $ | 232.76 | $ | 218.40 | 6.6 | % | 83.0 | % | 85.9 | % | (2.9) | % | $ | 193.21 | $ | 187.70 | 2.9 | % | |||||||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | 189 | $ | 288.20 | $ | 256.72 | 12.3 | % | 96.8 | % | 91.6 | % | 5.2 | % | $ | 279.10 | $ | 235.21 | 18.7 | % | |||||||||||||||||||
Courtyard New York Manhattan/Midtown East | 321 | $ | 338.74 | $ | 266.37 | 27.2 | % | 90.7 | % | 97.4 | % | (6.7) | % | $ | 307.21 | $ | 259.56 | 18.4 | % | |||||||||||||||||||
Embassy Suites by Hilton Bethesda | 272 | $ | 140.80 | $ | 167.95 | (16.2) | % | 56.9 | % | 70.4 | % | (13.5) | % | $ | 80.12 | $ | 118.20 | (32.2) | % | |||||||||||||||||||
Havana Cabana Key West | 106 | $ | 259.31 | $ | 170.13 | 52.4 | % | 80.0 | % | 85.9 | % | (5.9) | % | $ | 207.40 | $ | 146.13 | 41.9 | % | |||||||||||||||||||
Henderson Beach Resort | 233 | $ | 501.78 | $ | 333.54 | 50.4 | % | 75.6 | % | 65.7 | % | 9.9 | % | $ | 379.49 | $ | 219.30 | 73.0 | % | |||||||||||||||||||
Henderson Park Inn | 37 | $ | 711.75 | $ | 520.73 | 36.7 | % | 81.3 | % | 87.7 | % | (6.4) | % | $ | 578.98 | $ | 456.78 | 26.8 | % | |||||||||||||||||||
Hilton Boston Downtown/Faneuil Hall | 403 | $ | 334.30 | $ | 342.48 | (2.4) | % | 88.2 | % | 92.6 | % | (4.4) | % | $ | 294.90 | $ | 317.16 | (7.0) | % | |||||||||||||||||||
Hilton Burlington Lake Champlain | 258 | $ | 315.25 | $ | 244.03 | 29.2 | % | 88.5 | % | 90.1 | % | (1.6) | % | $ | 279.11 | $ | 219.97 | 26.9 | % | |||||||||||||||||||
Hilton Garden Inn New York/Times Square Central | 282 | $ | 276.98 | $ | 249.41 | 11.1 | % | 98.4 | % | 98.7 | % | (0.3) | % | $ | 272.65 | $ | 246.24 | 10.7 | % | |||||||||||||||||||
Hotel Clio | 199 | $ | 329.77 | $ | 262.04 | 25.8 | % | 76.3 | % | 85.9 | % | (9.6) | % | $ | 251.56 | $ | 225.20 | 11.7 | % | |||||||||||||||||||
Hotel Emblem San Francisco | 96 | $ | 244.50 | $ | 247.06 | (1.0) | % | 80.7 | % | 91.7 | % | (11.0) | % | $ | 197.39 | $ | 226.47 | (12.8) | % | |||||||||||||||||||
Hotel Palomar Phoenix | 242 | $ | 172.35 | $ | 143.55 | 20.1 | % | 61.7 | % | 73.4 | % | (11.7) | % | $ | 106.41 | $ | 105.30 | 1.1 | % | |||||||||||||||||||
Kimpton Shorebreak Resort | 157 | $ | 406.55 | $ | 306.54 | 32.6 | % | 88.0 | % | 81.8 | % | 6.2 | % | $ | 357.63 | $ | 250.72 | 42.6 | % | |||||||||||||||||||
L'Auberge de Sedona | 88 | $ | 766.54 | $ | 533.79 | 43.6 | % | 68.8 | % | 71.7 | % | (2.9) | % | $ | 527.38 | $ | 382.61 | 37.8 | % | |||||||||||||||||||
Margaritaville Beach House Key West | 186 | $ | 353.53 | $ | 205.47 | 72.1 | % | 70.5 | % | 61.4 | % | 9.1 | % | $ | 249.32 | $ | 126.16 | 97.6 | % | |||||||||||||||||||
Orchards Inn Sedona | 70 | $ | 228.40 | $ | 207.09 | 10.3 | % | 65.4 | % | 74.3 | % | (8.9) | % | $ | 149.38 | $ | 153.97 | (3.0) | % | |||||||||||||||||||
Renaissance Charleston Historic District Hotel | 167 | $ | 340.67 | $ | 239.40 | 42.3 | % | 85.6 | % | 77.9 | % | 7.7 | % | $ | 291.51 | $ | 186.38 | 56.4 | % | |||||||||||||||||||
Salt Lake City Marriott Downtown at City Creek | 510 | $ | 173.45 | $ | 179.29 | (3.3) | % | 67.9 | % | 76.1 | % | (8.2) | % | $ | 117.76 | $ | 136.50 | (13.7) | % | |||||||||||||||||||
The Gwen Hotel | 311 | $ | 329.43 | $ | 280.57 | 17.4 | % | 78.7 | % | 91.3 | % | (12.6) | % | $ | 259.15 | $ | 256.27 | 1.1 | % | |||||||||||||||||||
The Hythe Vail | 344 | $ | 269.70 | $ | 212.25 | 27.1 | % | 64.9 | % | 70.4 | % | (5.5) | % | $ | 174.94 | $ | 149.45 | 17.1 | % | |||||||||||||||||||
The Landing Lake Tahoe Resort & Spa | 82 | $ | 670.73 | $ | 376.60 | 78.1 | % | 63.1 | % | 86.4 | % | (23.3) | % | $ | 423.03 | $ | 325.43 | 30.0 | % | |||||||||||||||||||
The Lodge at Sonoma Resort | 182 | $ | 502.90 | $ | 349.59 | 43.9 | % | 70.5 | % | 83.8 | % | (13.3) | % | $ | 354.59 | $ | 292.92 | 21.1 | % | |||||||||||||||||||
Tranquility Bay Beachfront Resort | 103 | $ | 588.88 | $ | 331.66 | 77.6 | % | 63.7 | % | 80.5 | % | (16.8) | % | $ | 375.17 | $ | 267.05 | 40.5 | % | |||||||||||||||||||
Westin Boston Waterfront | 793 | $ | 249.19 | $ | 261.88 | (4.8) | % | 86.4 | % | 84.5 | % | 1.9 | % | $ | 215.40 | $ | 221.26 | (2.6) | % | |||||||||||||||||||
Westin Fort Lauderdale Beach Resort | 433 | $ | 201.15 | $ | 144.14 | 39.6 | % | 67.8 | % | 69.6 | % | (1.8) | % | $ | 136.47 | $ | 100.29 | 36.1 | % | |||||||||||||||||||
Westin San Diego Bayview | 436 | $ | 216.33 | $ | 192.85 | 12.2 | % | 87.4 | % | 86.0 | % | 1.4 | % | $ | 189.13 | $ | 165.84 | 14.0 | % | |||||||||||||||||||
Westin Washington D.C. City Center | 410 | $ | 196.28 | $ | 178.69 | 9.8 | % | 61.3 | % | 90.7 | % | (29.4) | % | $ | 120.35 | $ | 162.01 | (25.7) | % | |||||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 504 | $ | 176.37 | $ | 177.73 | (0.8) | % | 65.8 | % | 69.5 | % | (3.7) | % | $ | 115.99 | $ | 123.48 | (6.1) | % | |||||||||||||||||||
Comparable Total (1) | 9,471 | $ | 281.36 | $ | 239.39 | 17.5 | % | 75.1 | % | 81.2 | % | (6.1) | % | $ | 211.40 | $ | 194.40 | 8.7 | % | |||||||||||||||||||
Operating Statistics – Year to Date | ||||||||||||||||||||||||||||||||||||||
Number of Rooms | ADR | Occupancy | RevPAR | |||||||||||||||||||||||||||||||||||
YTD 2022 | YTD 2021 | B/(W) 2021 | YTD 2022 | YTD 2021 | B/(W) 2021 | YTD 2022 | YTD 2021 | B/(W) 2021 | ||||||||||||||||||||||||||||||
Atlanta Marriott Alpharetta | 318 | $ | 150.91 | $ | 109.44 | 37.9 | % | 54.9 | % | 45.3 | % | 9.6 | % | $ | 82.78 | $ | 49.60 | 66.9 | % | |||||||||||||||||||
Bourbon Orleans Hotel | 220 | $ | 231.33 | $ | 186.55 | 24.0 | % | 60.9 | % | 25.3 | % | 35.6 | % | $ | 140.87 | $ | 47.19 | 198.5 | % | |||||||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | 142 | $ | 714.46 | $ | 634.83 | 12.5 | % | 51.7 | % | 41.3 | % | 10.4 | % | $ | 369.12 | $ | 262.11 | 40.8 | % | |||||||||||||||||||
Chicago Marriott Downtown Magnificent Mile | 1,200 | $ | 241.50 | $ | 194.21 | 24.3 | % | 53.9 | % | 25.1 | % | 28.8 | % | $ | 130.14 | $ | 48.76 | 166.9 | % | |||||||||||||||||||
Courtyard Denver Downtown | 177 | $ | 208.00 | $ | 152.90 | 36.0 | % | 75.2 | % | 59.5 | % | 15.7 | % | $ | 156.32 | $ | 91.05 | 71.7 | % | |||||||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | 189 | $ | 251.64 | $ | 181.14 | 38.9 | % | 92.0 | % | 40.9 | % | 51.1 | % | $ | 231.47 | $ | 74.06 | 212.5 | % | |||||||||||||||||||
Courtyard New York Manhattan/Midtown East | 321 | $ | 299.94 | $ | 171.24 | 75.2 | % | 81.3 | % | 75.4 | % | 5.9 | % | $ | 243.72 | $ | 129.17 | 88.7 | % | |||||||||||||||||||
Embassy Suites by Hilton Bethesda | 272 | $ | 144.33 | $ | 111.73 | 29.2 | % | 48.8 | % | 30.6 | % | 18.2 | % | $ | 70.50 | $ | 34.20 | 106.1 | % | |||||||||||||||||||
Havana Cabana Key West | 106 | $ | 337.36 | $ | 284.07 | 18.8 | % | 87.9 | % | 91.1 | % | (3.2) | % | $ | 296.70 | $ | 258.91 | 14.6 | % | |||||||||||||||||||
Henderson Park Resort | 233 | $ | 494.31 | $ | 456.26 | 8.3 | % | 69.4 | % | 68.9 | % | 0.5 | % | $ | 343.16 | $ | 314.53 | 9.1 | % | |||||||||||||||||||
Henderson Park Inn | 37 | $ | 668.31 | $ | 525.19 | 27.3 | % | 77.7 | % | 88.6 | % | (10.9) | % | $ | 519.31 | $ | 465.14 | 11.6 | % | |||||||||||||||||||
Hilton Boston Downtown/Faneuil Hall | 403 | $ | 291.00 | $ | 193.40 | 50.5 | % | 79.0 | % | 52.9 | % | 26.1 | % | $ | 229.86 | $ | 102.27 | 124.8 | % | |||||||||||||||||||
Hilton Burlington Lake Champlain | 258 | $ | 246.52 | $ | 230.48 | 7.0 | % | 74.7 | % | 59.4 | % | 15.3 | % | $ | 184.15 | $ | 136.85 | 34.6 | % | |||||||||||||||||||
Hilton Garden Inn New York/Times Square Central | 282 | $ | 247.70 | $ | 169.24 | 46.4 | % | 91.5 | % | 44.2 | % | 47.3 | % | $ | 226.63 | $ | 74.86 | 202.7 | % | |||||||||||||||||||
Hotel Clio | 199 | $ | 305.20 | $ | 256.72 | 18.9 | % | 69.6 | % | 61.9 | % | 7.7 | % | $ | 212.32 | $ | 158.94 | 33.6 | % | |||||||||||||||||||
Hotel Emblem San Francisco | 96 | $ | 227.72 | $ | 152.78 | 49.1 | % | 73.5 | % | 38.3 | % | 35.2 | % | $ | 167.44 | $ | 58.49 | 186.3 | % | |||||||||||||||||||
Hotel Palomar Phoenix | 242 | $ | 215.33 | $ | 158.13 | 36.2 | % | 67.9 | % | 55.6 | % | 12.3 | % | $ | 146.24 | $ | 87.86 | 66.4 | % | |||||||||||||||||||
Kimpton Fort Lauderdale Beach Resort (1) | 96 | $ | 199.10 | $ | 196.52 | 1.3 | % | 61.4 | % | 42.5 | % | 18.9 | % | $ | 122.19 | $ | 83.62 | 46.1 | % | |||||||||||||||||||
Kimpton Shorebreak Resort | 157 | $ | 357.34 | $ | 322.91 | 10.7 | % | 81.7 | % | 66.0 | % | 15.7 | % | $ | 292.03 | $ | 213.24 | 36.9 | % | |||||||||||||||||||
L'Auberge de Sedona | 88 | $ | 964.94 | $ | 855.47 | 12.8 | % | 72.6 | % | 80.9 | % | (8.3) | % | $ | 700.49 | $ | 692.17 | 1.2 | % | |||||||||||||||||||
Margaritaville Beach House Key West | 186 | $ | 469.76 | $ | 384.06 | 22.3 | % | 83.1 | % | 85.2 | % | (2.1) | % | $ | 390.37 | $ | 327.16 | 19.3 | % | |||||||||||||||||||
Orchards Inn Sedona | 70 | $ | 298.31 | $ | 287.73 | 3.7 | % | 66.4 | % | 69.9 | % | (3.5) | % | $ | 197.97 | $ | 201.15 | (1.6) | % | |||||||||||||||||||
Renaissance Charleston Historic District Hotel | 167 | $ | 357.66 | $ | 299.52 | 19.4 | % | 86.7 | % | 79.2 | % | 7.5 | % | $ | 310.06 | $ | 237.18 | 30.7 | % | |||||||||||||||||||
Salt Lake City Marriott Downtown at City Creek | 510 | $ | 176.93 | $ | 141.35 | 25.2 | % | 60.2 | % | 43.3 | % | 16.9 | % | $ | 106.44 | $ | 61.25 | 73.8 | % | |||||||||||||||||||
The Gwen Hotel | 311 | $ | 296.79 | $ | 244.80 | 21.2 | % | 72.4 | % | 48.7 | % | 23.7 | % | $ | 214.85 | $ | 119.29 | 80.1 | % | |||||||||||||||||||
The Hythe Vail | 344 | $ | 416.30 | $ | 317.33 | 31.2 | % | 56.8 | % | 46.0 | % | 10.8 | % | $ | 236.33 | $ | 145.93 | 61.9 | % | |||||||||||||||||||
The Landing Lake Tahoe Resort & Spa | 82 | $ | 527.40 | $ | 486.70 | 8.4 | % | 52.8 | % | 50.0 | % | 2.8 | % | $ | 278.45 | $ | 243.57 | 14.3 | % | |||||||||||||||||||
The Lodge at Sonoma Resort | 182 | $ | 464.17 | $ | 345.68 | 34.3 | % | 63.4 | % | 56.7 | % | 6.7 | % | $ | 294.12 | $ | 195.99 | 50.1 | % | |||||||||||||||||||
Tranquility Bay Beachfront Resort (2) | 103 | $ | 784.86 | $ | 626.58 | 25.3 | % | 76.0 | % | 84.4 | % | (8.4) | % | $ | 596.75 | $ | 528.93 | 12.8 | % | |||||||||||||||||||
Westin Boston Waterfront | 793 | $ | 238.48 | $ | 180.87 | 31.9 | % | 75.5 | % | 38.6 | % | 36.9 | % | $ | 180.00 | $ | 69.80 | 157.9 | % | |||||||||||||||||||
Westin Fort Lauderdale Beach Resort | 433 | $ | 271.85 | $ | 236.88 | 14.8 | % | 79.2 | % | 60.2 | % | 19.0 | % | $ | 215.27 | $ | 142.53 | 51.0 | % | |||||||||||||||||||
Westin San Diego Bayview | 436 | $ | 203.80 | $ | 157.46 | 29.4 | % | 74.1 | % | 51.3 | % | 22.8 | % | $ | 151.06 | $ | 80.71 | 87.2 | % | |||||||||||||||||||
Westin Washington D.C. City Center | 410 | $ | 210.68 | $ | 139.24 | 51.3 | % | 58.8 | % | 25.8 | % | 33.0 | % | $ | 123.90 | $ | 35.88 | 245.3 | % | |||||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 504 | $ | 186.23 | $ | 148.82 | 25.1 | % | 68.0 | % | 51.2 | % | 16.8 | % | $ | 126.62 | $ | 76.19 | 66.2 | % | |||||||||||||||||||
Comparable Total (3) | 9,471 | $ | 286.56 | $ | 244.24 | 17.3 | % | 68.7 | % | 48.3 | % | 20.4 | % | $ | 196.84 | $ | 117.85 | 67.0 | % | |||||||||||||||||||
Operating Statistics – Year to Date | ||||||||||||||||||||||||||||||||||||||
Number of Rooms | ADR | Occupancy | RevPAR | |||||||||||||||||||||||||||||||||||
YTD 2022 | YTD 2019 | B/(W) 2019 | YTD 2022 | YTD 2019 | B/(W) 2019 | YTD 2022 | YTD 2019 | B/(W) 2019 | ||||||||||||||||||||||||||||||
Atlanta Marriott Alpharetta | 318 | $ | 150.91 | $ | 166.97 | (9.6) | % | 54.9 | % | 72.7 | % | (17.8) | % | $ | 82.78 | $ | 121.42 | (31.8) | % | |||||||||||||||||||
Bourbon Orleans Hotel | 220 | $ | 231.33 | $ | 217.20 | 6.5 | % | 60.9 | % | 82.8 | % | (21.9) | % | $ | 140.87 | $ | 179.87 | (21.7) | % | |||||||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | 142 | $ | 714.46 | $ | 458.60 | 55.8 | % | 51.7 | % | 65.2 | % | (13.5) | % | $ | 369.12 | $ | 298.90 | 23.5 | % | |||||||||||||||||||
Chicago Marriott Downtown Magnificent Mile | 1,200 | $ | 241.50 | $ | 225.86 | 6.9 | % | 53.9 | % | 72.7 | % | (18.8) | % | $ | 130.14 | $ | 164.20 | (20.7) | % | |||||||||||||||||||
Courtyard Denver Downtown | 177 | $ | 208.00 | $ | 200.80 | 3.6 | % | 75.2 | % | 81.1 | % | (5.9) | % | $ | 156.32 | $ | 162.75 | (4.0) | % | |||||||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | 189 | $ | 251.64 | $ | 248.54 | 1.2 | % | 92.0 | % | 86.7 | % | 5.3 | % | $ | 231.47 | $ | 215.49 | 7.4 | % | |||||||||||||||||||
Courtyard New York Manhattan/Midtown East | 321 | $ | 299.94 | $ | 244.82 | 22.5 | % | 81.3 | % | 95.6 | % | (14.3) | % | $ | 243.72 | $ | 234.03 | 4.1 | % | |||||||||||||||||||
Embassy Suites by Hilton Bethesda | 272 | $ | 144.33 | $ | 176.98 | (18.4) | % | 48.8 | % | 73.0 | % | (24.2) | % | $ | 70.50 | $ | 129.23 | (45.4) | % | |||||||||||||||||||
Havana Cabana Key West | 106 | $ | 337.36 | $ | 210.19 | 60.5 | % | 87.9 | % | 90.3 | % | (2.4) | % | $ | 296.70 | $ | 189.78 | 56.3 | % | |||||||||||||||||||
Henderson Beach Resort | 233 | $ | 494.31 | $ | 315.85 | 56.5 | % | 69.4 | % | 60.0 | % | 9.4 | % | $ | 343.16 | $ | 189.66 | 80.9 | % | |||||||||||||||||||
Henderson Park Inn | 37 | $ | 668.31 | $ | 480.49 | 39.1 | % | 77.7 | % | 77.1 | % | 0.6 | % | $ | 519.31 | $ | 370.28 | 40.2 | % | |||||||||||||||||||
Hilton Boston Downtown/Faneuil Hall | 403 | $ | 291.00 | $ | 308.79 | (5.8) | % | 79.0 | % | 88.9 | % | (9.9) | % | $ | 229.86 | $ | 274.58 | (16.3) | % | |||||||||||||||||||
Hilton Burlington Lake Champlain | 258 | $ | 246.52 | $ | 193.56 | 27.4 | % | 74.7 | % | 81.7 | % | (7.0) | % | $ | 184.15 | $ | 158.11 | 16.5 | % | |||||||||||||||||||
Hilton Garden Inn New York/Times Square Central | 282 | $ | 247.70 | $ | 235.87 | 5.0 | % | 91.5 | % | 98.5 | % | (7.0) | % | $ | 226.63 | $ | 232.29 | (2.4) | % | |||||||||||||||||||
Hotel Clio | 199 | $ | 305.20 | $ | 258.63 | 18.0 | % | 69.6 | % | 70.8 | % | (1.2) | % | $ | 212.32 | $ | 183.12 | 15.9 | % | |||||||||||||||||||
Hotel Emblem San Francisco | 96 | $ | 227.72 | $ | 240.00 | (5.1) | % | 73.5 | % | 78.9 | % | (5.4) | % | $ | 167.44 | $ | 189.34 | (11.6) | % | |||||||||||||||||||
Hotel Palomar Phoenix | 242 | $ | 215.33 | $ | 185.74 | 15.9 | % | 67.9 | % | 82.7 | % | (14.8) | % | $ | 146.24 | $ | 153.51 | (4.7) | % | |||||||||||||||||||
Kimpton Shorebreak Resort | 157 | $ | 357.34 | $ | 268.57 | 33.1 | % | 81.7 | % | 78.7 | % | 3.0 | % | $ | 292.03 | $ | 211.27 | 38.2 | % | |||||||||||||||||||
L'Auberge de Sedona | 88 | $ | 964.94 | $ | 596.05 | 61.9 | % | 72.6 | % | 78.6 | % | (6.0) | % | $ | 700.49 | $ | 468.42 | 49.5 | % | |||||||||||||||||||
Margaritaville Beach House Key West | 186 | $ | 469.76 | $ | 259.71 | 80.9 | % | 83.1 | % | 80.5 | % | 2.6 | % | $ | 390.37 | $ | 209.08 | 86.7 | % | |||||||||||||||||||
Orchards Inn Sedona | 70 | $ | 298.31 | $ | 244.33 | 22.1 | % | 66.4 | % | 77.7 | % | (11.3) | % | $ | 197.97 | $ | 189.96 | 4.2 | % | |||||||||||||||||||
Renaissance Charleston Historic District Hotel | 167 | $ | 357.66 | $ | 260.92 | 37.1 | % | 86.7 | % | 84.0 | % | 2.7 | % | $ | 310.06 | $ | 219.09 | 41.5 | % | |||||||||||||||||||
Salt Lake City Marriott Downtown at City Creek | 510 | $ | 176.93 | $ | 173.43 | 2.0 | % | 60.2 | % | 69.4 | % | (9.2) | % | $ | 106.44 | $ | 120.42 | (11.6) | % | |||||||||||||||||||
The Gwen Hotel | 311 | $ | 296.79 | $ | 256.86 | 15.5 | % | 72.4 | % | 83.3 | % | (10.9) | % | $ | 214.85 | $ | 213.95 | 0.4 | % | |||||||||||||||||||
The Hythe Vail | 344 | $ | 416.30 | $ | 298.07 | 39.7 | % | 56.8 | % | 65.6 | % | (8.8) | % | $ | 236.33 | $ | 195.66 | 20.8 | % | |||||||||||||||||||
The Landing Lake Tahoe Resort & Spa | 82 | $ | 527.40 | $ | 321.13 | 64.2 | % | 52.8 | % | 65.4 | % | (12.6) | % | $ | 278.45 | $ | 210.11 | 32.5 | % | |||||||||||||||||||
The Lodge at Sonoma Resort | 182 | $ | 464.17 | $ | 310.27 | 49.6 | % | 63.4 | % | 74.3 | % | (10.9) | % | $ | 294.12 | $ | 230.57 | 27.6 | % | |||||||||||||||||||
Tranquility Bay Beachfront Resort (1) | 103 | $ | 784.86 | $ | 418.48 | 87.6 | % | 76.0 | % | 87.3 | % | (11.3) | % | $ | 596.75 | $ | 365.46 | 63.3 | % | |||||||||||||||||||
Westin Boston Waterfront | 793 | $ | 238.48 | $ | 251.43 | (5.2) | % | 75.5 | % | 78.4 | % | (2.9) | % | $ | 180.00 | $ | 197.05 | (8.7) | % | |||||||||||||||||||
Westin Fort Lauderdale Beach Resort | 433 | $ | 271.85 | $ | 204.38 | 33.0 | % | 79.2 | % | 81.8 | % | (2.6) | % | $ | 215.27 | $ | 167.26 | 28.7 | % | |||||||||||||||||||
Westin San Diego Bayview | 436 | $ | 203.80 | $ | 194.30 | 4.9 | % | 74.1 | % | 82.0 | % | (7.9) | % | $ | 151.06 | $ | 159.39 | (5.2) | % | |||||||||||||||||||
Westin Washington D.C. City Center | 410 | $ | 210.68 | $ | 206.84 | 1.9 | % | 58.8 | % | 86.9 | % | (28.1) | % | $ | 123.90 | $ | 179.77 | (31.1) | % | |||||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 504 | $ | 186.23 | $ | 186.24 | — | % | 68.0 | % | 75.4 | % | (7.4) | % | $ | 126.62 | $ | 140.50 | (9.9) | % | |||||||||||||||||||
Comparable Total (2) | 9,471 | $ | 286.56 | $ | 239.27 | 19.8 | % | 68.7 | % | 78.6 | % | (9.9) | % | $ | 196.84 | $ | 188.15 | 4.6 | % |
Hotel Adjusted EBITDA Reconciliation - Third Quarter 2022 | |||||||||||||||||||||||||||||
Days of Operation | Net Income / (Loss) | Plus: | Plus: | Plus: | Equals: Hotel Adjusted EBITDA | ||||||||||||||||||||||||
Total Revenues | Depreciation | Interest Expense | Adjustments (1) | ||||||||||||||||||||||||||
Atlanta Marriott Alpharetta | 92 | $ | 3,654 | $ | 843 | $ | 369 | $ | — | $ | — | $ | 1,212 | ||||||||||||||||
Bourbon Orleans Hotel | 92 | $ | 3,763 | $ | 218 | $ | 838 | $ | — | $ | 6 | $ | 1,062 | ||||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | 92 | $ | 10,963 | $ | 808 | $ | 1,844 | $ | — | $ | 94 | $ | 2,746 | ||||||||||||||||
Chicago Marriott Downtown Magnificent Mile | 92 | $ | 31,715 | $ | 10,640 | $ | 3,838 | $ | 6 | $ | (397) | $ | 14,087 | ||||||||||||||||
Courtyard Denver Downtown | 92 | $ | 3,448 | $ | 1,398 | $ | 377 | $ | — | $ | — | $ | 1,775 | ||||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | 92 | $ | 4,907 | $ | 490 | $ | 332 | $ | — | $ | 253 | $ | 1,075 | ||||||||||||||||
Courtyard New York Manhattan/Midtown East | 92 | $ | 9,332 | $ | 1,742 | $ | 485 | $ | 915 | $ | — | $ | 3,142 | ||||||||||||||||
Embassy Suites by Hilton Bethesda | 92 | $ | 2,378 | $ | (2,396) | $ | 567 | $ | — | $ | 1,477 | $ | (352) | ||||||||||||||||
Havana Cabana Key West | 92 | $ | 2,715 | $ | 526 | $ | 276 | $ | — | $ | — | $ | 802 | ||||||||||||||||
Henderson Beach Resort | 92 | $ | 13,113 | $ | 2,703 | $ | 990 | $ | — | $ | — | $ | 3,693 | ||||||||||||||||
Henderson Park Inn | 92 | $ | 2,750 | $ | 1,010 | $ | 228 | $ | — | $ | — | $ | 1,238 | ||||||||||||||||
Hilton Boston Downtown/Faneuil Hall | 92 | $ | 11,999 | $ | 3,846 | $ | 1,000 | $ | — | $ | — | $ | 4,846 | ||||||||||||||||
Hilton Burlington Lake Champlain | 92 | $ | 8,088 | $ | 3,323 | $ | 574 | $ | — | $ | — | $ | 3,897 | ||||||||||||||||
Hilton Garden Inn New York/Times Square Central | 92 | $ | 7,727 | $ | 1,903 | $ | 634 | $ | — | $ | — | $ | 2,537 | ||||||||||||||||
Hotel Clio | 92 | $ | 7,683 | $ | 864 | $ | 876 | $ | 650 | $ | 5 | $ | 2,395 | ||||||||||||||||
Hotel Emblem San Francisco | 92 | $ | 2,065 | $ | 132 | $ | 296 | $ | — | $ | — | $ | 428 | ||||||||||||||||
Hotel Palomar Phoenix | 92 | $ | 3,609 | $ | (551) | $ | 649 | $ | — | $ | 181 | $ | 279 | ||||||||||||||||
Kimpton Fort Lauderdale Beach Resort | 92 | $ | 1,275 | $ | (585) | $ | 294 | $ | — | $ | — | $ | (291) | ||||||||||||||||
Kimpton Shorebreak Resort | 92 | $ | 6,941 | $ | 2,657 | $ | 396 | $ | — | $ | — | $ | 3,053 | ||||||||||||||||
L'Auberge de Sedona | 92 | $ | 6,727 | $ | 614 | $ | 352 | $ | — | $ | — | $ | 966 | ||||||||||||||||
Margaritaville Beach House Key West | 92 | $ | 5,834 | $ | 766 | $ | 795 | $ | — | $ | — | $ | 1,561 | ||||||||||||||||
Orchards Inn Sedona | 92 | $ | 1,772 | $ | 27 | $ | 85 | $ | — | $ | 42 | $ | 154 | ||||||||||||||||
Renaissance Charleston Historic District Hotel | 92 | $ | 5,571 | $ | 1,910 | $ | 454 | $ | — | $ | — | $ | 2,364 | ||||||||||||||||
Salt Lake City Marriott Downtown at City Creek | 92 | $ | 7,649 | $ | 1,620 | $ | 571 | $ | 621 | $ | 11 | $ | 2,823 | ||||||||||||||||
The Gwen Hotel | 92 | $ | 11,129 | $ | 3,115 | $ | 1,062 | $ | — | $ | — | $ | 4,177 | ||||||||||||||||
The Hythe Vail | 92 | $ | 9,529 | $ | 1,248 | $ | 1,207 | $ | — | $ | — | $ | 2,455 | ||||||||||||||||
The Landing Lake Tahoe Resort & Spa | 92 | $ | 5,007 | $ | 2,144 | $ | 218 | $ | — | $ | — | $ | 2,362 | ||||||||||||||||
The Lodge at Sonoma Resort | 92 | $ | 9,203 | $ | 1,966 | $ | 645 | $ | 261 | $ | — | $ | 2,872 | ||||||||||||||||
Tranquility Bay Beachfront Resort | 92 | $ | 4,429 | $ | 714 | $ | 412 | $ | — | $ | — | $ | 1,126 | ||||||||||||||||
Westin Boston Seaport District | 92 | $ | 24,663 | $ | 2,904 | $ | 2,448 | $ | 2,048 | $ | (122) | $ | 7,278 | ||||||||||||||||
Westin Fort Lauderdale Beach Resort | 92 | $ | 13,223 | $ | 987 | $ | 967 | $ | — | $ | — | $ | 1,954 | ||||||||||||||||
Westin San Diego Bayview | 92 | $ | 9,415 | $ | 1,808 | $ | 842 | $ | 587 | $ | — | $ | 3,237 | ||||||||||||||||
Westin Washington D.C. City Center | 92 | $ | 6,019 | $ | (1,189) | $ | 1,026 | $ | 597 | $ | — | $ | 434 | ||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 92 | $ | 9,913 | $ | 690 | $ | 1,106 | $ | 736 | $ | 1 | $ | 2,533 | ||||||||||||||||
Total | $ | 268,208 | $ | 48,895 | $ | 27,053 | $ | 6,421 | $ | 1,551 | $ | 83,920 | |||||||||||||||||
Less: Non Comparable Hotel (2) | $ | (1,275) | $ | 585 | $ | (294) | $ | — | $ | — | $ | 291 | |||||||||||||||||
Comparable Total | $ | 266,933 | $ | 49,480 | $ | 26,759 | $ | 6,421 | $ | 1,551 | $ | 84,211 | |||||||||||||||||
Hotel Adjusted EBITDA Reconciliation - Third Quarter 2021 | |||||||||||||||||||||||||||||
Days of Operation | Net Income / (Loss) | Plus: | Plus: | Plus: | Equals: Hotel | ||||||||||||||||||||||||
Total Revenues | Depreciation | Interest Expense | Adjustments (1) | Adjusted EBITDA | |||||||||||||||||||||||||
Atlanta Marriott Alpharetta | 92 | $ | 2,843 | $ | 426 | $ | 342 | $ | — | $ | — | $ | 768 | ||||||||||||||||
Bourbon Orleans Hotel | 64 | $ | 1,646 | $ | (91) | $ | 543 | $ | — | $ | 4 | $ | 456 | ||||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | 92 | $ | 11,455 | $ | 1,697 | $ | 2,023 | $ | — | $ | 94 | $ | 3,814 | ||||||||||||||||
Chicago Marriott Downtown Magnificent Mile | 92 | $ | 17,320 | $ | 1,508 | $ | 4,069 | $ | 6 | $ | (397) | $ | 5,186 | ||||||||||||||||
Courtyard Denver Downtown | 92 | $ | 2,755 | $ | 959 | $ | 376 | $ | — | $ | — | $ | 1,335 | ||||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | 92 | $ | 3,146 | $ | (973) | $ | 329 | $ | — | $ | 253 | $ | (391) | ||||||||||||||||
Courtyard New York Manhattan/Midtown East | 92 | $ | 5,211 | $ | (938) | $ | 479 | $ | 934 | $ | — | $ | 475 | ||||||||||||||||
Embassy Suites by Hilton Bethesda | 92 | $ | 1,553 | $ | (2,390) | $ | 532 | $ | — | $ | 1,490 | $ | (368) | ||||||||||||||||
Frenchman's Reef & Morning Star Marriott Beach Resort | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Havana Cabana Key West | 92 | $ | 3,282 | $ | 1,129 | $ | 267 | $ | — | $ | — | $ | 1,396 | ||||||||||||||||
Henderson Park Inn | 63 | $ | 1,813 | $ | 696 | $ | 150 | $ | — | $ | — | $ | 846 | ||||||||||||||||
Hilton Boston Downtown/Faneuil Hall | 92 | $ | 7,748 | $ | 980 | $ | 1,052 | $ | — | $ | — | $ | 2,032 | ||||||||||||||||
Hilton Burlington Lake Champlain | 92 | $ | 6,529 | $ | 2,683 | $ | 571 | $ | — | $ | — | $ | 3,254 | ||||||||||||||||
Hilton Garden Inn New York/Times Square Central | 92 | $ | 4,236 | $ | (918) | $ | 765 | $ | — | $ | — | $ | (153) | ||||||||||||||||
Hotel Clio | 92 | $ | 6,507 | $ | 757 | $ | 779 | $ | 665 | $ | 5 | $ | 2,206 | ||||||||||||||||
Hotel Emblem San Francisco | 92 | $ | 1,027 | $ | (305) | $ | 307 | $ | — | $ | — | $ | 2 | ||||||||||||||||
Hotel Palomar Phoenix | 92 | $ | 3,416 | $ | (410) | $ | 672 | $ | — | $ | 282 | $ | 544 | ||||||||||||||||
Kimpton Shorebreak Resort | 92 | $ | 6,345 | $ | 2,121 | $ | 410 | $ | — | $ | — | $ | 2,531 | ||||||||||||||||
L'Auberge de Sedona | 92 | $ | 7,298 | $ | 1,790 | $ | 371 | $ | — | $ | — | $ | 2,161 | ||||||||||||||||
Margaritaville Beach House Key West | 92 | $ | 6,354 | $ | 2,103 | $ | 728 | $ | — | $ | — | $ | 2,831 | ||||||||||||||||
Orchards Inn Sedona | 92 | $ | 1,932 | $ | 298 | $ | 82 | $ | — | $ | 42 | $ | 422 | ||||||||||||||||
Renaissance Charleston Historic District Hotel | 92 | $ | 5,729 | $ | 1,933 | $ | 462 | $ | — | $ | — | $ | 2,395 | ||||||||||||||||
Salt Lake City Marriott Downtown at City Creek | 92 | $ | 5,932 | $ | 1,017 | $ | 513 | $ | 520 | $ | 11 | $ | 2,061 | ||||||||||||||||
The Gwen Hotel | 92 | $ | 8,616 | $ | 1,605 | $ | 1,085 | $ | — | $ | — | $ | 2,690 | ||||||||||||||||
The Hythe Vail | 92 | $ | 4,971 | $ | (224) | $ | 1,064 | $ | — | $ | — | $ | 840 | ||||||||||||||||
The Landing Lake Tahoe Resort & Spa | 92 | $ | 3,501 | $ | 1,055 | $ | 434 | $ | — | $ | — | $ | 1,489 | ||||||||||||||||
The Lexington Hotel | — | $ | — | $ | (178) | $ | — | $ | — | $ | — | $ | (178) | ||||||||||||||||
The Lodge at Sonoma Resort | 92 | $ | 7,674 | $ | 1,452 | $ | 620 | $ | 268 | $ | — | $ | 2,340 | ||||||||||||||||
Westin Boston Seaport District | 92 | $ | 14,033 | $ | (2,624) | $ | 2,531 | $ | 2,094 | $ | (122) | $ | 1,879 | ||||||||||||||||
Westin Fort Lauderdale Beach Resort | 92 | $ | 10,875 | $ | 515 | $ | 1,064 | $ | — | $ | — | $ | 1,579 | ||||||||||||||||
Westin San Diego Bayview | 92 | $ | 6,335 | $ | 551 | $ | 802 | $ | 604 | $ | — | $ | 1,957 | ||||||||||||||||
Westin Washington D.C. City Center | 92 | $ | 2,858 | $ | (2,011) | $ | 1,019 | $ | 617 | $ | — | $ | (375) | ||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 92 | $ | 6,532 | $ | (626) | $ | 1,114 | $ | 753 | $ | 2 | $ | 1,243 | ||||||||||||||||
Total | $ | 179,472 | $ | 13,587 | $ | 25,555 | $ | 6,461 | $ | 1,664 | $ | 47,268 | |||||||||||||||||
Add: Prior Ownership Results (2) | $ | 19,413 | $ | 4,662 | $ | 1,364 | $ | — | $ | — | $ | 6,026 | |||||||||||||||||
Less: Sold Hotels (3) | $ | — | $ | 178 | $ | — | $ | — | $ | — | $ | 178 | |||||||||||||||||
Comparable Total | $ | 198,885 | $ | 18,427 | $ | 26,919 | $ | 6,461 | $ | 1,664 | $ | 53,472 | |||||||||||||||||
Hotel Adjusted EBITDA Reconciliation - Third Quarter 2019 | |||||||||||||||||||||||||||||
Days of Operation | Net Income / (Loss) | Plus: | Plus: | Plus: | Equals: Hotel | ||||||||||||||||||||||||
Total Revenues | Depreciation | Interest Expense | Adjustments (1) | Adjusted EBITDA | |||||||||||||||||||||||||
Atlanta Marriott Alpharetta | 92 | $ | 4,787 | $ | 1,123 | $ | 455 | $ | — | $ | — | $ | 1,578 | ||||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | 92 | $ | 10,633 | $ | 1,327 | $ | 1,828 | $ | — | $ | 79 | $ | 3,234 | ||||||||||||||||
Chicago Marriott Downtown Magnificent Mile | 92 | $ | 32,503 | $ | 6,887 | $ | 4,166 | $ | (8) | $ | (397) | $ | 10,648 | ||||||||||||||||
Courtyard Denver Downtown | 92 | $ | 3,344 | $ | 1,393 | $ | 298 | $ | — | $ | — | $ | 1,691 | ||||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | 92 | $ | 4,191 | $ | 103 | $ | 449 | $ | — | $ | 253 | $ | 805 | ||||||||||||||||
Courtyard New York Manhattan/Midtown East | 92 | $ | 7,909 | $ | 570 | $ | 697 | $ | 970 | $ | — | $ | 2,237 | ||||||||||||||||
Embassy Suites by Hilton Bethesda | 92 | $ | 3,880 | $ | (1,078) | $ | 471 | $ | — | $ | 1,514 | $ | 907 | ||||||||||||||||
Frenchman's Reef & Morning Star Marriott Beach Resort | — | $ | 1 | $ | (2) | $ | — | $ | — | $ | — | $ | (2) | ||||||||||||||||
Havana Cabana Key West | 92 | $ | 1,996 | $ | 87 | $ | 260 | $ | — | $ | — | $ | 347 | ||||||||||||||||
Hilton Boston Downtown/Faneuil Hall | 92 | $ | 12,504 | $ | 4,271 | $ | 1,231 | $ | — | $ | — | $ | 5,502 | ||||||||||||||||
Hilton Burlington Lake Champlain | 92 | $ | 6,121 | $ | 2,451 | $ | 486 | $ | — | $ | — | $ | 2,937 | ||||||||||||||||
Hilton Garden Inn New York/Times Square Central | 92 | $ | 6,508 | $ | 944 | $ | 838 | $ | — | $ | — | $ | 1,782 | ||||||||||||||||
Hotel Clio | 92 | $ | 5,907 | $ | 269 | $ | 746 | $ | 692 | $ | 6 | $ | 1,713 | ||||||||||||||||
Hotel Emblem San Francisco | 92 | $ | 2,305 | $ | 399 | $ | 297 | $ | — | $ | — | $ | 696 | ||||||||||||||||
Hotel Palomar Phoenix | 92 | $ | 4,325 | $ | (424) | $ | 662 | $ | 39 | $ | 295 | $ | 572 | ||||||||||||||||
Kimpton Shorebreak Resort | 92 | $ | 5,281 | $ | 1,808 | $ | 348 | $ | — | $ | 40 | $ | 2,196 | ||||||||||||||||
L'Auberge de Sedona | 92 | $ | 5,636 | $ | 727 | $ | 508 | $ | — | $ | — | $ | 1,235 | ||||||||||||||||
Margaritaville Beach House Key West | 92 | $ | 2,666 | $ | (55) | $ | 351 | $ | — | $ | — | $ | 296 | ||||||||||||||||
Orchards Inn Sedona | 92 | $ | 1,598 | $ | (11) | $ | 238 | $ | — | $ | 42 | $ | 269 | ||||||||||||||||
Renaissance Charleston Historic District Hotel | 92 | $ | 3,398 | $ | 642 | $ | 421 | $ | — | $ | (32) | $ | 1,031 | ||||||||||||||||
Salt Lake City Marriott Downtown at City Creek | 92 | $ | 8,849 | $ | 2,368 | $ | 575 | $ | 608 | $ | — | $ | 3,551 | ||||||||||||||||
The Gwen Hotel | 92 | $ | 10,771 | $ | 3,256 | $ | 1,077 | $ | — | $ | — | $ | 4,333 | ||||||||||||||||
The Hythe Vail | 92 | $ | 8,109 | $ | 1,140 | $ | 1,011 | $ | — | $ | — | $ | 2,151 | ||||||||||||||||
The Landing Lake Tahoe Resort & Spa | 92 | $ | 4,060 | $ | 1,086 | $ | 418 | $ | — | $ | — | $ | 1,504 | ||||||||||||||||
The Lexington Hotel | 92 | $ | 18,337 | $ | 1,319 | $ | 3,607 | $ | 6 | $ | 8 | $ | 4,940 | ||||||||||||||||
The Lodge at Sonoma Resort | 92 | $ | 7,549 | $ | 2,070 | $ | 508 | $ | 281 | $ | — | $ | 2,859 | ||||||||||||||||
Westin Boston Seaport District | 92 | $ | 24,009 | $ | 2,413 | $ | 2,418 | $ | 2,182 | $ | (60) | $ | 6,953 | ||||||||||||||||
Westin Fort Lauderdale Beach Resort | 92 | $ | 8,131 | $ | (949) | $ | 1,675 | $ | — | $ | — | $ | 726 | ||||||||||||||||
Westin San Diego Bayview | 92 | $ | 8,654 | $ | 1,439 | $ | 1,135 | $ | 637 | $ | — | $ | 3,211 | ||||||||||||||||
Westin Washington D.C. City Center | 92 | $ | 7,829 | $ | 280 | $ | 1,310 | $ | 663 | $ | — | $ | 2,253 | ||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 92 | $ | 8,488 | $ | (132) | $ | 990 | $ | 784 | $ | 2 | $ | 1,644 | ||||||||||||||||
Total | $ | 240,279 | $ | 35,721 | $ | 29,474 | $ | 6,854 | $ | 1,750 | $ | 73,748 | |||||||||||||||||
Add: Prior Ownership Results (2) | $ | 17,036 | $ | 1,862 | $ | 1,739 | $ | — | $ | — | $ | 3,601 | |||||||||||||||||
Less: Sold Hotels (3) | $ | (18,338) | $ | (1,317) | $ | (3,607) | $ | (6) | $ | (8) | $ | (4,938) | |||||||||||||||||
Comparable Total | $ | 238,977 | $ | 36,266 | $ | 27,606 | $ | 6,848 | $ | 1,742 | $ | 72,411 | |||||||||||||||||
Hotel Adjusted EBITDA Reconciliation - Year to Date 2022 | |||||||||||||||||||||||||||||
Days of Operation | Total Revenues | Net Income / (Loss) | Plus: Depreciation | Plus: Interest Expense | Plus: Adjustments (1) | Equals: Hotel Adjusted EBITDA | |||||||||||||||||||||||
Atlanta Marriott Alpharetta | 273 | $ | 9,908 | $ | 2,010 | $ | 1,112 | $ | — | $ | — | $ | 3,122 | ||||||||||||||||
Bourbon Orleans Hotel | 273 | $ | 11,027 | $ | 1,429 | $ | 2,486 | $ | — | $ | 19 | $ | 3,934 | ||||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | 273 | $ | 33,993 | $ | 4,712 | $ | 5,535 | $ | — | $ | 281 | $ | 10,528 | ||||||||||||||||
Chicago Marriott Downtown Magnificent Mile | 273 | $ | 67,600 | $ | 12,805 | $ | 11,686 | $ | 17 | $ | (1,192) | $ | 23,316 | ||||||||||||||||
Courtyard Denver Downtown | 273 | $ | 8,453 | $ | 2,917 | $ | 1,129 | $ | — | $ | — | $ | 4,046 | ||||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | 273 | $ | 12,144 | $ | (141) | $ | 994 | $ | — | $ | 760 | $ | 1,613 | ||||||||||||||||
Courtyard New York Manhattan/Midtown East | 273 | $ | 22,049 | $ | 1,178 | $ | 1,456 | $ | 2,730 | $ | — | $ | 5,364 | ||||||||||||||||
Embassy Suites by Hilton Bethesda | 273 | $ | 6,233 | $ | (7,305) | $ | 1,681 | $ | — | $ | 4,449 | $ | (1,175) | ||||||||||||||||
Havana Cabana Key West | 273 | $ | 11,119 | $ | 4,044 | $ | 830 | $ | — | $ | — | $ | 4,874 | ||||||||||||||||
Henderson Beach Resort | 273 | $ | 35,406 | $ | 5,599 | $ | 2,913 | $ | — | $ | — | $ | 8,512 | ||||||||||||||||
Henderson Park Inn | 273 | $ | 7,187 | $ | 2,261 | $ | 666 | $ | — | $ | — | $ | 2,927 | ||||||||||||||||
Hilton Boston Downtown/Faneuil Hall | 273 | $ | 28,099 | $ | 6,564 | $ | 3,072 | $ | — | $ | — | $ | 9,636 | ||||||||||||||||
Hilton Burlington Lake Champlain | 273 | $ | 16,350 | $ | 4,689 | $ | 1,698 | $ | — | $ | — | $ | 6,387 | ||||||||||||||||
Hilton Garden Inn New York/Times Square Central | 273 | $ | 19,138 | $ | 3,348 | $ | 1,878 | $ | — | $ | — | $ | 5,226 | ||||||||||||||||
Hotel Clio | 273 | $ | 19,594 | $ | 709 | $ | 2,527 | $ | 1,941 | $ | 14 | $ | 5,191 | ||||||||||||||||
Hotel Emblem San Francisco | 273 | $ | 5,297 | $ | (112) | $ | 891 | $ | — | $ | — | $ | 779 | ||||||||||||||||
Hotel Palomar Phoenix | 273 | $ | 15,334 | $ | 1,978 | $ | 1,995 | $ | — | $ | 548 | $ | 4,521 | ||||||||||||||||
Kimpton Fort Lauderdale Beach Resort | 183 | $ | 3,237 | $ | (547) | $ | 609 | $ | — | $ | — | $ | 62 | ||||||||||||||||
Kimpton Shorebreak Resort | 273 | $ | 17,721 | $ | 5,892 | $ | 1,201 | $ | — | $ | — | $ | 7,093 | ||||||||||||||||
L'Auberge de Sedona | 273 | $ | 25,120 | $ | 7,056 | $ | 1,101 | $ | — | $ | — | $ | 8,157 | ||||||||||||||||
Margaritaville Beach House Key West | 273 | $ | 25,524 | $ | 9,623 | $ | 2,387 | $ | — | $ | — | $ | 12,010 | ||||||||||||||||
Orchards Inn Sedona | 273 | $ | 6,788 | $ | 1,724 | $ | 254 | $ | — | $ | 126 | $ | 2,104 | ||||||||||||||||
Renaissance Charleston Historic District Hotel | 273 | $ | 17,672 | $ | 6,528 | $ | 1,372 | $ | — | $ | — | $ | 7,900 | ||||||||||||||||
Salt Lake City Marriott Downtown at City Creek | 273 | $ | 20,333 | $ | 4,064 | $ | 1,657 | $ | 1,578 | $ | 32 | $ | 7,331 | ||||||||||||||||
The Gwen Hotel | 273 | $ | 27,302 | $ | 5,168 | $ | 3,207 | $ | — | $ | — | $ | 8,375 | ||||||||||||||||
The Hythe Vail | 273 | $ | 32,526 | $ | 7,491 | $ | 3,607 | $ | — | $ | — | $ | 11,098 | ||||||||||||||||
The Landing Lake Tahoe Resort & Spa | 273 | $ | 9,947 | $ | 3,256 | $ | 793 | $ | — | $ | — | $ | 4,049 | ||||||||||||||||
The Lodge at Sonoma Resort | 273 | $ | 23,733 | $ | 4,335 | $ | 1,905 | $ | 782 | $ | — | $ | 7,022 | ||||||||||||||||
Tranquility Bay Beachfront Resort | 268 | $ | 19,650 | $ | 5,325 | $ | 1,277 | $ | — | $ | — | $ | 6,602 | ||||||||||||||||
Westin Boston Seaport District | 273 | $ | 63,111 | $ | 2,872 | $ | 7,346 | $ | 6,112 | $ | (367) | $ | 15,963 | ||||||||||||||||
Westin Fort Lauderdale Beach Resort | 273 | $ | 53,957 | $ | 16,539 | $ | 2,942 | $ | — | $ | — | $ | 19,481 | ||||||||||||||||
Westin San Diego Bayview | 273 | $ | 22,978 | $ | 3,507 | $ | 2,484 | $ | 1,756 | $ | — | $ | 7,747 | ||||||||||||||||
Westin Washington D.C. City Center | 273 | $ | 17,814 | $ | (1,145) | $ | 3,078 | $ | 1,781 | $ | — | $ | 3,714 | ||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 273 | $ | 30,104 | $ | 3,440 | $ | 3,328 | $ | 2,196 | $ | 5 | $ | 8,969 | ||||||||||||||||
Total | $ | 746,448 | $ | 131,813 | $ | 81,097 | $ | 18,893 | $ | 4,675 | $ | 236,478 | |||||||||||||||||
Less: Non-Comparable Hotel (2) | $ | (3,237) | $ | 547 | $ | (609) | $ | — | $ | — | $ | (62) | |||||||||||||||||
Add: Prior Ownership Results (3) | $ | 430 | $ | (116) | $ | 10 | $ | — | $ | — | $ | (106) | |||||||||||||||||
Comparable Total | $ | 743,641 | $ | 132,244 | $ | 80,498 | $ | 18,893 | $ | 4,675 | $ | 236,310 |
Hotel Adjusted EBITDA Reconciliation - Year to Date 2021 | |||||||||||||||||||||||||||||
Plus: | Plus: | Plus: | Equals: | ||||||||||||||||||||||||||
Days of Operation | Total Revenues | Net Income / (Loss) | Depreciation | Interest Expense | Adjustments (1) | Hotel Adjusted EBITDA | |||||||||||||||||||||||
Atlanta Marriott Alpharetta | 273 | $ | 5,374 | $ | (308) | $ | 1,037 | $ | — | $ | — | $ | 729 | ||||||||||||||||
Bourbon Orleans Hotel | 64 | $ | 1,646 | $ | (91) | $ | 543 | $ | — | $ | 4 | $ | 456 | ||||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | 273 | $ | 21,678 | $ | 885 | $ | 5,698 | $ | — | $ | 281 | $ | 6,864 | ||||||||||||||||
Chicago Marriott Downtown Magnificent Mile | 171 | $ | 22,544 | $ | (10,294) | $ | 12,247 | $ | 54 | $ | (1,192) | $ | 815 | ||||||||||||||||
Courtyard Denver Downtown | 273 | $ | 5,042 | $ | 696 | $ | 1,135 | $ | — | $ | — | $ | 1,831 | ||||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | 122 | $ | 3,980 | $ | (4,184) | $ | 986 | $ | — | $ | 760 | $ | (2,438) | ||||||||||||||||
Courtyard New York Manhattan/Midtown East | 273 | $ | 11,540 | $ | (5,226) | $ | 1,439 | $ | 2,786 | $ | — | $ | (1,001) | ||||||||||||||||
Embassy Suites by Hilton Bethesda | 273 | $ | 3,119 | $ | (7,484) | $ | 1,570 | $ | — | $ | 4,486 | $ | (1,428) | ||||||||||||||||
Frenchman's Reef & Morning Star Marriott Beach Resort | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Havana Cabana Key West | 273 | $ | 10,234 | $ | 3,990 | $ | 808 | $ | — | $ | — | $ | 4,798 | ||||||||||||||||
Henderson Park Inn | 63 | $ | 1,813 | $ | 696 | $ | 150 | $ | — | $ | — | $ | 846 | ||||||||||||||||
Hilton Boston Downtown/Faneuil Hall | 273 | $ | 12,399 | $ | (2,635) | $ | 3,194 | $ | — | $ | — | $ | 559 | ||||||||||||||||
Hilton Burlington Lake Champlain | 273 | $ | 10,485 | $ | 2,186 | $ | 1,819 | $ | — | $ | — | $ | 4,005 | ||||||||||||||||
Hilton Garden Inn New York/Times Square Central | 151 | $ | 5,870 | $ | (4,955) | $ | 2,444 | $ | — | $ | — | $ | (2,511) | ||||||||||||||||
Hotel Clio | 273 | $ | 13,930 | $ | (819) | $ | 2,352 | $ | 1,983 | $ | 14 | $ | 3,530 | ||||||||||||||||
Hotel Emblem San Francisco | 273 | $ | 1,799 | $ | (1,660) | $ | 922 | $ | — | $ | — | $ | (738) | ||||||||||||||||
Hotel Palomar Phoenix | 273 | $ | 9,491 | $ | (919) | $ | 2,027 | $ | — | $ | 852 | $ | 1,960 | ||||||||||||||||
Kimpton Shorebreak Resort | 273 | $ | 13,101 | $ | 3,419 | $ | 1,235 | $ | — | $ | — | $ | 4,654 | ||||||||||||||||
L'Auberge de Sedona | 273 | $ | 23,897 | $ | 7,810 | $ | 1,284 | $ | — | $ | — | $ | 9,094 | ||||||||||||||||
Margaritaville Beach House Key West | 273 | $ | 20,942 | $ | 9,049 | $ | 2,159 | $ | — | $ | — | $ | 11,208 | ||||||||||||||||
Orchards Inn Sedona | 273 | $ | 6,492 | $ | 1,902 | $ | 246 | $ | — | $ | 126 | $ | 2,274 | ||||||||||||||||
Renaissance Charleston Historic District Hotel | 273 | $ | 13,491 | $ | 4,019 | $ | 1,378 | $ | — | $ | — | $ | 5,397 | ||||||||||||||||
Salt Lake City Marriott Downtown at City Creek | 273 | $ | 11,495 | $ | (206) | $ | 1,557 | $ | 1,555 | $ | 21 | $ | 2,927 | ||||||||||||||||
The Gwen Hotel | 273 | $ | 15,657 | $ | (910) | $ | 3,273 | $ | — | $ | — | $ | 2,363 | ||||||||||||||||
The Hythe Vail | 273 | $ | 18,183 | $ | 3,211 | $ | 3,019 | $ | — | $ | — | $ | 6,230 | ||||||||||||||||
The Landing Lake Tahoe Resort & Spa | 273 | $ | 8,028 | $ | 2,167 | $ | 1,268 | $ | — | $ | — | $ | 3,435 | ||||||||||||||||
The Lexington Hotel | — | $ | 60 | $ | (6,618) | $ | 1,925 | $ | 13 | $ | 16 | $ | (4,664) | ||||||||||||||||
The Lodge at Sonoma Resort | 273 | $ | 14,621 | $ | 720 | $ | 1,629 | $ | 799 | $ | — | $ | 3,148 | ||||||||||||||||
Westin Boston Seaport District | 273 | $ | 21,664 | $ | (15,845) | $ | 7,608 | $ | 6,250 | $ | (367) | $ | (2,354) | ||||||||||||||||
Westin Fort Lauderdale Beach Resort | 273 | $ | 35,810 | $ | 6,296 | $ | 3,217 | $ | — | $ | — | $ | 9,513 | ||||||||||||||||
Westin San Diego Bayview | 273 | $ | 11,772 | $ | (2,341) | $ | 2,468 | $ | 1,806 | $ | — | $ | 1,933 | ||||||||||||||||
Westin Washington D.C. City Center | 273 | $ | 4,664 | $ | (7,625) | $ | 3,229 | $ | 1,849 | $ | — | $ | (2,547) | ||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 273 | $ | 16,379 | $ | (4,051) | $ | 3,343 | $ | 2,246 | $ | 6 | $ | 1,544 | ||||||||||||||||
Total | $ | 377,200 | $ | (29,125) | $ | 77,209 | $ | 19,341 | $ | 5,007 | $ | 72,475 | |||||||||||||||||
Add: Prior Ownership Results (2) | $ | 55,816 | $ | 9,604 | $ | 4,841 | $ | — | $ | — | $ | 14,445 | |||||||||||||||||
Less: Sold Hotels (3) | $ | (60) | $ | 6,618 | $ | (1,925) | $ | (13) | $ | (16) | $ | 4,664 | |||||||||||||||||
Comparable Total | $ | 432,956 | $ | (12,903) | $ | 80,125 | $ | 19,328 | $ | 4,991 | $ | 91,584 |
Hotel Adjusted EBITDA Reconciliation - Year to Date 2019 | |||||||||||||||||||||||||||||
Plus: | Plus: | Plus: | Equals: | ||||||||||||||||||||||||||
Days of Operation | Total Revenues | Net Income / (Loss) | Depreciation | Interest Expense | Adjustments (1) | Hotel Adjusted EBITDA | |||||||||||||||||||||||
Atlanta Marriott Alpharetta | 273 | $ | 14,959 | $ | 3,891 | $ | 1,389 | $ | — | $ | — | $ | 5,280 | ||||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | 273 | $ | 30,600 | $ | 2,374 | $ | 5,557 | $ | — | $ | 221 | $ | 8,152 | ||||||||||||||||
Chicago Marriott Downtown Magnificent Mile | 273 | $ | 83,224 | $ | 12,127 | $ | 12,461 | $ | 110 | $ | (1,192) | $ | 23,506 | ||||||||||||||||
Courtyard Denver Downtown | 273 | $ | 8,881 | $ | 3,407 | $ | 881 | $ | — | $ | — | $ | 4,288 | ||||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | 273 | $ | 11,417 | $ | (519) | $ | 1,330 | $ | — | $ | 760 | $ | 1,571 | ||||||||||||||||
Courtyard New York Manhattan/Midtown East | 273 | $ | 21,213 | $ | (70) | $ | 2,077 | $ | 2,891 | $ | — | $ | 4,898 | ||||||||||||||||
Embassy Suites by Hilton Bethesda | 273 | $ | 13,051 | $ | (2,031) | $ | 1,422 | $ | — | $ | 4,555 | $ | 3,946 | ||||||||||||||||
Frenchman's Reef & Morning Star Marriott Beach Resort | — | $ | — | $ | 8,798 | $ | — | $ | — | $ | — | $ | 8,798 | ||||||||||||||||
Havana Cabana Key West | 273 | $ | 7,351 | $ | 2,035 | $ | 740 | $ | — | $ | — | $ | 2,775 | ||||||||||||||||
Hilton Boston Downtown/Faneuil Hall | 273 | $ | 32,337 | $ | 9,124 | $ | 3,708 | $ | — | $ | — | $ | 12,832 | ||||||||||||||||
Hilton Burlington Lake Champlain | 273 | $ | 14,031 | $ | 3,917 | $ | 1,500 | $ | — | $ | — | $ | 5,417 | ||||||||||||||||
Hilton Garden Inn New York/Times Square Central | 273 | $ | 18,222 | $ | 1,731 | $ | 2,509 | $ | — | $ | — | $ | 4,240 | ||||||||||||||||
Hotel Clio | 273 | $ | 14,380 | $ | (944) | $ | 1,975 | $ | 2,062 | $ | 18 | $ | 3,111 | ||||||||||||||||
Hotel Emblem San Francisco | 273 | $ | 5,649 | $ | 323 | $ | 868 | $ | — | $ | — | $ | 1,191 | ||||||||||||||||
Hotel Palomar Phoenix | 273 | $ | 18,008 | $ | 2,319 | $ | 1,991 | $ | 116 | $ | 885 | $ | 5,311 | ||||||||||||||||
Kimpton Shorebreak Resort | 273 | $ | 13,704 | $ | 3,586 | $ | 1,046 | $ | — | $ | 121 | $ | 4,753 | ||||||||||||||||
L'Auberge de Sedona | 273 | $ | 19,259 | $ | 3,688 | $ | 1,525 | $ | — | $ | — | $ | 5,213 | ||||||||||||||||
Margaritaville Beach House Key West | 273 | $ | 12,906 | $ | 3,557 | $ | 1,033 | $ | — | $ | — | $ | 4,590 | ||||||||||||||||
Orchards Inn Sedona | 273 | $ | 5,890 | $ | 884 | $ | 713 | $ | — | $ | 126 | $ | 1,723 | ||||||||||||||||
Renaissance Charleston Historic District Hotel | 273 | $ | 11,566 | $ | 3,438 | $ | 1,242 | $ | — | $ | (95) | $ | 4,585 | ||||||||||||||||
Salt Lake City Marriott Downtown at City Creek | 273 | $ | 23,586 | $ | 5,120 | $ | 1,680 | $ | 1,818 | $ | — | $ | 8,618 | ||||||||||||||||
The Gwen Hotel | 273 | $ | 25,709 | $ | 4,030 | $ | 3,285 | $ | — | $ | — | $ | 7,315 | ||||||||||||||||
The Hythe Vail, a Luxury Collection Resort | 273 | $ | 27,989 | $ | 6,063 | $ | 3,035 | $ | — | $ | — | $ | 9,098 | ||||||||||||||||
The Landing Lake Tahoe Resort & Spa | 273 | $ | 7,618 | $ | 294 | $ | 1,179 | $ | — | $ | — | $ | 1,473 | ||||||||||||||||
The Lexington Hotel | 273 | $ | 47,872 | $ | (1,778) | $ | 10,697 | $ | 17 | $ | 24 | $ | 8,960 | ||||||||||||||||
The Lodge at Sonoma Resort | 273 | $ | 19,023 | $ | 3,234 | $ | 1,571 | $ | 840 | $ | — | $ | 5,645 | ||||||||||||||||
Westin Boston Seaport District | 273 | $ | 70,991 | $ | 6,286 | $ | 7,266 | $ | 6,506 | $ | (180) | $ | 19,878 | ||||||||||||||||
Westin Fort Lauderdale Beach Resort | 273 | $ | 38,246 | $ | 7,223 | $ | 4,853 | $ | — | $ | — | $ | 12,076 | ||||||||||||||||
Westin San Diego Bayview | 273 | $ | 26,333 | $ | 4,769 | $ | 3,397 | $ | 1,901 | $ | — | $ | 10,067 | ||||||||||||||||
Westin Washington D.C. City Center | 273 | $ | 25,238 | $ | 2,075 | $ | 3,948 | $ | 1,986 | $ | — | $ | 8,009 | ||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 273 | $ | 31,319 | $ | 5,597 | $ | 2,927 | $ | 2,340 | $ | 6 | $ | 10,870 | ||||||||||||||||
Total | $ | 700,572 | $ | 104,548 | $ | 87,805 | $ | 20,587 | $ | 5,249 | $ | 218,028 | |||||||||||||||||
Add: Prior Ownership Results (2) | $ | 52,876 | $ | 7,210 | $ | 5,216 | $ | — | $ | — | $ | 12,426 | |||||||||||||||||
Less: Sold Hotels (3) | $ | (47,872) | $ | (7,020) | $ | (10,697) | $ | (17) | $ | (24) | $ | (17,758) | |||||||||||||||||
Comparable Total | $ | 705,576 | $ | 104,738 | $ | 82,324 | $ | 20,570 | $ | 5,225 | $ | 212,696 |
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