Maryland | 001-35169 | 27-4706509 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
3 Bethesda Metro Center Suite 1000 Bethesda, MD | 20814 | |
(Address of principal executive offices) | (Zip Code) |
Exhibit Number | Description | ||
99.1 | Press release dated November 4, 2015, issued by RLJ Lodging Trust, providing financial results for the quarter ended September 30, 2015. |
RLJ LODGING TRUST | ||
Dated: November 4, 2015 | By: | /s/ Thomas J. Baltimore, Jr. |
Thomas J. Baltimore, Jr. | ||
President, Chief Executive Officer and Trustee |
Exhibit Number | Description | ||
99.1 | Press release dated November 4, 2015, issued by RLJ Lodging Trust, providing financial results for the quarter ended September 30, 2015. |
• | Pro forma RevPAR increased 2.9%, Pro forma ADR increased 5.2%, and Pro forma Occupancy decreased 2.2% |
• | Achieved Pro forma Hotel EBITDA Margin of 37.1% |
• | Pro forma Consolidated Hotel EBITDA increased 2.6% to $105.9 million |
• | Repurchased 5.0 million shares for $140.1 million |
• | Completed and opened two hotel conversion properties located in San Francisco and Houston |
• | Acquired three hotels in attractive high-growth markets for $175.9 million |
• | Sold two non-strategic properties for $19.8 million, one of which was sold subsequent to quarter end |
Current Outlook | Prior Outlook | |
Pro forma RevPAR growth (1) | 4.0% to 5.0% | 4.5% to 5.5% |
Pro forma Hotel EBITDA Margin (1) | 36.0% to 36.5% | 36.0% to 37.0% |
Pro forma Consolidated Hotel EBITDA | $400.0M to $410.0M | $400.0M to $415.0M |
Corporate Cash General & Administrative | $26.0M to $27.0M | $26.0M to $27.0M |
• | Transaction and Pursuit Costs: The Company excludes transaction and pursuit costs expensed during the period because it believes they do not reflect the underlying performance of the Company. |
• | Non-Cash Expenses: The Company excludes the effect of certain non-cash items because it believes they do not reflect the underlying performance of the Company. The Company has excluded the amortization of share based compensation, non-cash gain or loss on the disposal of assets, non-cash debt extinguishment costs, and the accelerated amortization of deferred financing fees. |
September 30, 2015 | December 31, 2014 | ||||||
(unaudited) | |||||||
Assets | |||||||
Investment in hotel properties, net | $ | 3,677,386 | $ | 3,518,803 | |||
Cash and cash equivalents | 140,461 | 262,458 | |||||
Restricted cash reserves | 57,487 | 63,054 | |||||
Hotel and other receivables, net of allowance of $182 and $166, respectively | 39,514 | 25,691 | |||||
Deferred financing costs, net | 8,976 | 11,421 | |||||
Deferred income tax asset | 7,517 | 7,502 | |||||
Prepaid expense and other assets | 35,128 | 42,115 | |||||
Assets of hotel properties held for sale | — | 197,335 | |||||
Total assets | $ | 3,966,469 | $ | 4,128,379 | |||
Liabilities and Equity | |||||||
Mortgage loans | $ | 407,389 | $ | 532,747 | |||
Term loans | 1,175,000 | 1,025,000 | |||||
Accounts payable and other liabilities | 142,663 | 129,388 | |||||
Deferred income tax liability | 7,242 | 7,879 | |||||
Advance deposits and deferred revenue | 12,234 | 9,984 | |||||
Accrued interest | 4,589 | 2,783 | |||||
Distributions payable | 41,776 | 42,114 | |||||
Total liabilities | 1,790,893 | 1,749,895 | |||||
Equity | |||||||
Shareholders’ equity: | |||||||
Preferred shares of beneficial interest, $0.01 par value, 50,000,000 shares authorized; zero shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively | — | — | |||||
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 125,726,018 and 131,964,706 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively | 1,257 | 1,319 | |||||
Additional paid-in-capital | 2,219,407 | 2,419,731 | |||||
Accumulated other comprehensive loss | (32,294 | ) | (13,644 | ) | |||
Distributions in excess of net earnings | (30,217 | ) | (46,415 | ) | |||
Total shareholders’ equity | 2,158,153 | 2,360,991 | |||||
Noncontrolling interest | |||||||
Noncontrolling interest in joint venture | 6,126 | 6,295 | |||||
Noncontrolling interest in Operating Partnership | 11,297 | 11,198 | |||||
Total noncontrolling interest | 17,423 | 17,493 | |||||
Total equity | 2,175,576 | 2,378,484 | |||||
Total liabilities and equity | $ | 3,966,469 | $ | 4,128,379 |
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenue | |||||||||||||||
Operating revenue | |||||||||||||||
Room revenue | $ | 253,163 | $ | 261,895 | $ | 747,962 | $ | 727,367 | |||||||
Food and beverage revenue | 27,027 | 27,076 | 85,607 | 77,924 | |||||||||||
Other operating department revenue | 9,230 | 8,695 | 27,508 | 23,795 | |||||||||||
Total revenue | $ | 289,420 | $ | 297,666 | $ | 861,077 | $ | 829,086 | |||||||
Expense | |||||||||||||||
Operating expense | |||||||||||||||
Room expense | $ | 56,310 | $ | 57,012 | $ | 165,603 | $ | 158,669 | |||||||
Food and beverage expense | 19,494 | 19,397 | 60,750 | 55,016 | |||||||||||
Management and franchise fee expense | 28,985 | 30,709 | 88,704 | 86,574 | |||||||||||
Other operating expense | 61,676 | 64,133 | 181,485 | 180,346 | |||||||||||
Total property operating expense | 166,465 | 171,251 | 496,542 | 480,605 | |||||||||||
Depreciation and amortization | 39,847 | 37,243 | 114,828 | 105,541 | |||||||||||
Impairment loss | — | 9,200 | — | 9,200 | |||||||||||
Property tax, insurance and other | 19,458 | 17,874 | 57,782 | 53,064 | |||||||||||
General and administrative | 8,249 | 11,029 | 29,041 | 31,293 | |||||||||||
Transaction and pursuit costs | 2,017 | 480 | 3,005 | 4,375 | |||||||||||
Total operating expense | 236,036 | 247,077 | 701,198 | 684,078 | |||||||||||
Operating income | 53,384 | 50,589 | 159,879 | 145,008 | |||||||||||
Other income | 557 | 48 | 1,103 | 563 | |||||||||||
Interest income | 373 | 337 | 1,181 | 1,622 | |||||||||||
Interest expense | (14,042 | ) | (13,858 | ) | (39,885 | ) | (42,646 | ) | |||||||
Income from continuing operations before income tax expense | 40,272 | 37,116 | 122,278 | 104,547 | |||||||||||
Income tax expense | (151 | ) | (374 | ) | (615 | ) | (1,162 | ) | |||||||
Income from continuing operations | 40,121 | 36,742 | 121,663 | 103,385 | |||||||||||
Gain (loss) on disposal of hotel properties | 812 | 322 | 23,782 | (975 | ) | ||||||||||
Net income | 40,933 | 37,064 | 145,445 | 102,410 | |||||||||||
Net income attributable to noncontrolling interests | |||||||||||||||
Noncontrolling interest in consolidated joint venture | (49 | ) | (57 | ) | (26 | ) | (102 | ) | |||||||
Noncontrolling interest in common units of Operating Partnership | (290 | ) | (247 | ) | (984 | ) | (712 | ) | |||||||
Net income attributable to common shareholders | $ | 40,594 | $ | 36,760 | $ | 144,435 | $ | 101,596 | |||||||
Basic per common share data | |||||||||||||||
Net income per share attributable to common shareholders | $ | 0.32 | $ | 0.28 | $ | 1.10 | $ | 0.80 | |||||||
Weighted-average number of common shares | 127,663,480 | 131,106,440 | 129,855,686 | 126,070,309 | |||||||||||
Diluted per common share data | |||||||||||||||
Net income per share attributable to common shareholders | $ | 0.31 | $ | 0.28 | $ | 1.10 | $ | 0.79 | |||||||
Weighted-average number of common shares | 128,143,154 | 132,386,843 | 130,410,613 | 127,297,901 |
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net income | $ | 40,933 | $ | 37,064 | $ | 145,445 | $ | 102,410 | |||||||
Depreciation and amortization | 39,847 | 37,243 | 114,828 | 105,541 | |||||||||||
(Gain) loss on disposal of hotel properties | (812 | ) | (322 | ) | (23,782 | ) | 975 | ||||||||
Impairment loss | — | 9,200 | — | 9,200 | |||||||||||
Noncontrolling interest in consolidated joint venture | (49 | ) | (57 | ) | (26 | ) | (102 | ) | |||||||
Adjustments related to consolidated joint venture (1) | (43 | ) | (47 | ) | (128 | ) | (139 | ) | |||||||
FFO | 79,876 | 83,081 | 236,337 | 217,885 | |||||||||||
Transaction and pursuit costs | 2,017 | 480 | 3,005 | 4,375 | |||||||||||
Amortization of share-based compensation | 2,697 | 3,851 | 10,488 | 11,244 | |||||||||||
Loan related costs (2) | — | — | 97 | 1,073 | |||||||||||
Adjusted FFO | $ | 84,590 | $ | 87,412 | $ | 249,927 | $ | 234,577 | |||||||
Adjusted FFO per common share and unit-basic | $ | 0.66 | $ | 0.66 | $ | 1.91 | $ | 1.85 | |||||||
Adjusted FFO per common share and unit-diluted | $ | 0.66 | $ | 0.66 | $ | 1.90 | $ | 1.83 | |||||||
Basic weighted-average common shares and units outstanding (3) | 128,557 | 132,000 | 130,750 | 126,964 | |||||||||||
Diluted weighted-average common shares and units outstanding (3) | 129,037 | 133,281 | 131,305 | 128,192 |
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net income | $ | 40,933 | $ | 37,064 | $ | 145,445 | $ | 102,410 | |||||||
Depreciation and amortization | 39,847 | 37,243 | 114,828 | 105,541 | |||||||||||
Interest expense, net (1) | 14,035 | 13,850 | 39,859 | 41,991 | |||||||||||
Income tax expense | 151 | 374 | 615 | 1,162 | |||||||||||
Noncontrolling interest in consolidated joint venture | (49 | ) | (57 | ) | (26 | ) | (102 | ) | |||||||
Adjustments related to consolidated joint venture (2) | (43 | ) | (47 | ) | (128 | ) | (139 | ) | |||||||
EBITDA | 94,874 | 88,427 | 300,593 | 250,863 | |||||||||||
Transaction and pursuit costs | 2,017 | 480 | 3,005 | 4,375 | |||||||||||
Impairment loss | — | 9,200 | — | 9,200 | |||||||||||
(Gain) loss on disposal of hotel properties | (812 | ) | (322 | ) | (23,782 | ) | 975 | ||||||||
Amortization of share-based compensation | 2,697 | 3,851 | 10,488 | 11,244 | |||||||||||
Adjusted EBITDA | 98,776 | 101,636 | 290,304 | 276,657 | |||||||||||
General and administrative (3) | 5,552 | 7,178 | 18,553 | 20,049 | |||||||||||
Operating results from noncontrolling interest in joint venture | 92 | 104 | 154 | 241 | |||||||||||
Other corporate adjustments | 286 | 93 | (436 | ) | (48 | ) | |||||||||
Consolidated Hotel EBITDA | 104,706 | 109,011 | 308,575 | 296,899 | |||||||||||
Pro forma adjustments - Income from sold properties | (33 | ) | (8,833 | ) | (2,651 | ) | (23,603 | ) | |||||||
Pro forma adjustments - Income from prior ownership | 1,180 | 2,968 | 4,785 | 17,622 | |||||||||||
Pro forma Consolidated Hotel EBITDA | 105,853 | 103,146 | 310,709 | 290,918 | |||||||||||
Non-comparable hotels (4) | (1,146 | ) | (1,907 | ) | (9,321 | ) | (4,960 | ) | |||||||
Pro forma Hotel EBITDA | $ | 104,707 | $ | 101,239 | $ | 301,388 | $ | 285,958 |
Loan | Base Term (Years) | Maturity (incl. extensions) | Floating / Fixed | Interest Rate (1) | Balance as of September 30, 2015 | |||
Secured Debt | ||||||||
PNC Bank - 5 hotels | 4 | May 2017 | Floating | 2.54% | $ | 74,000 | ||
Wells Fargo - 4 hotels | 3 | Sep 2020 | Floating (2) | 4.19% | 150,000 | |||
Wells Fargo - 4 hotels | 3 | Oct 2021 | Floating (2) | 3.98% | 150,000 | |||
Wells Fargo - 1 hotel | 10 | Jun 2022 | Fixed | 5.25% | 33,389 | |||
Weighted Average / Secured Total | 3.90% | $ | 407,389 | |||||
Unsecured Debt | ||||||||
Credit Facility (3) | 4 | Nov 2017 | Floating | 1.94% | $ | — | ||
2013 Five-Year Term Loan | 5 | Aug 2018 | Floating (2)(4) | 3.07% | 400,000 | |||
2012 Five-Year Term Loan | 5 | Mar 2019 | Floating (2) | 2.72% | 400,000 | |||
2012 Seven-Year Term Loan | 7 | Nov 2019 | Floating (2) | 4.04% | 225,000 | |||
2014 Seven-Year Term Loan | 7 | Jan 2022 | Floating (2) | 3.43% | 150,000 | |||
Weighted Average / Unsecured Total | 3.18% | $ | 1,175,000 | |||||
Weighted Average / Total Debt | 3.37% | $ | 1,582,389 | |||||
Acquisitions | Location | Acquisition Date | Management Company | Rooms | Gross Purchase Price ($ in millions) | % Interest | ||||
2015 Acquisitions | ||||||||||
Hyatt Place DC/Downtown/K Street | Washington, DC | Jul 15, 2015 | Aimbridge Hospitality | 164 | $ | 68.0 | 100 | % | ||
Homewood Suites Seattle/Lynnwood | Lynnwood, WA | Jul 20, 2015 | InnVentures | 170 | 37.9 | 100 | % | |||
Residence Inn Palo Alto Los Altos | Los Altos, CA | Sep 25, 2015 | InnVentures | 156 | 70.0 | 100 | % | |||
2015 Acquisitions | 490 | $ | 175.9 | 100 | % | |||||
2014 Acquisitions | ||||||||||
Hyatt House Charlotte Center City | Charlotte, NC | Mar 12, 2014 | Hyatt Affiliate | 163 | $ | 32.5 | 100 | % | ||
Hyatt House Cypress Anaheim | Cypress, CA | Mar 12, 2014 | Hyatt Affiliate | 142 | 14.8 | 100 | % | |||
Hyatt House Emeryville SF Bay Area | Emeryville, CA | Mar 12, 2014 | Hyatt Affiliate | 234 | 39.3 | 100 | % | |||
Hyatt House San Diego Sorrento Mesa | San Diego, CA | Mar 12, 2014 | Hyatt Affiliate | 193 | 36.0 | 100 | % | |||
Hyatt House San Jose Silicon Valley | San Jose, CA | Mar 12, 2014 | Hyatt Affiliate | 164 | 44.2 | 100 | % | |||
Hyatt House San Ramon | San Ramon, CA | Mar 12, 2014 | Hyatt Affiliate | 142 | 20.8 | 100 | % | |||
Hyatt House Santa Clara | Santa Clara, CA | Mar 12, 2014 | Hyatt Affiliate | 150 | 40.6 | 100 | % | |||
Hyatt Market Street The Woodlands | The Woodlands, TX | Mar 12, 2014 | Hyatt Corporation | 70 | 25.8 | 100 | % | |||
Hyatt Place Fremont Silicon Valley | Fremont, CA | Mar 12, 2014 | Hyatt Affiliate | 151 | 23.5 | 100 | % | |||
Hyatt Place Madison Downtown | Madison, WI | Mar 12, 2014 | Hyatt Affiliate | 151 | 35.1 | 100 | % | |||
Courtyard Portland City Center | Portland, OR | May 22, 2014 | Sage Hospitality | 256 | 67.0 | 100 | % | |||
Embassy Suites Irvine Orange County | Irvine, CA | May 22, 2014 | Sage Hospitality | 293 | 53.0 | 100 | % | |||
Hilton Cabana Miami Beach | Miami Beach, FL | Jun 19, 2014 | Highgate Hotels | 231 | 71.7 | 100 | % | |||
Hyatt Atlanta Midtown | Atlanta, GA | Jul 14, 2014 | Interstate Hotels and Resorts | 194 | 49.5 | 100 | % | |||
DoubleTree Grand Key Resort (2) | Key West, FL | Sep 11, 2014 | Interstate Hotels and Resorts | 215 | 77.0 | 100 | % | |||
2014 Acquisitions (1) | 2,749 | $ | 630.7 | 100 | % | |||||
Total Acquisitions | 3,239 | $ | 806.6 | 100 | % | |||||
Property | City/State | # of Rooms | Pro forma Consolidated Hotel EBITDA | ||
Marriott Louisville Downtown | Louisville, KY | 616 | $ | 16,523 | |
DoubleTree NYC Metropolitan | New York, NY | 764 | 15,921 | ||
Courtyard Austin Dtwn Conv Ctr | Austin, TX | 270 | 10,072 | ||
Hilton New York Fashion District | New York, NY | 280 | 9,737 | ||
Hilton Garden Inn New York W 35th St | New York, NY | 298 | 9,436 | ||
Courtyard Portland City Center | Portland, OR | 256 | 8,040 | ||
Courtyard Chicago Downtown Mag Mile | Chicago, IL | 306 | 7,966 | ||
Embassy Suites Tampa Dtwn Conv Ctr | Tampa, FL | 360 | 6,838 | ||
Hilton Cabana Miami Beach | Miami Beach, FL | 231 | 6,697 | ||
Renaissance Pittsburgh Hotel | Pittsburgh, PA | 300 | 6,546 | ||
Hilton Garden Inn SF Oakland Bay Bridge | Emeryville, CA | 278 | 6,283 | ||
Doubletree Grand Key Resort | Key West, FL | 216 | 5,866 | ||
Courtyard Charleston Historic District | Charleston, SC | 176 | 5,700 | ||
Marriott Denver South @ Park Meadows | Lone Tree, CO | 279 | 5,661 | ||
Fairfield Inn & Suites DC Downtown | Washington, DC | 198 | 5,628 | ||
Residence Inn Palo Alto Los Altos | Los Altos, CA | 156 | 5,624 | ||
Embassy Suites Boston Waltham | Waltham, MA | 275 | 5,618 | ||
Residence Inn Austin Dtwn Conv Ctr | Austin, TX | 179 | 5,362 | ||
Hyatt House San Jose Silicon Valley | San Jose, CA | 164 | 5,329 | ||
Hilton Garden Inn New Orleans Conv Ctr | New Orleans, LA | 286 | 5,164 | ||
Renaissance Ft Lauderdale Plantation | Plantation, FL | 250 | 5,085 | ||
Marriott Denver Airport @ Gateway Park | Aurora, CO | 238 | 5,044 | ||
Courtyard Waikiki Beach | Waikiki, HI | 403 | 4,892 | ||
Courtyard New York Manhattan Upper East | New York, NY | 226 | 4,742 | ||
Hilton Garden Inn Los Angeles Hollywood | Los Angeles, CA | 160 | 4,731 | ||
Hyatt House Emeryville SF Bay Area | Emeryville, CA | 234 | 4,721 | ||
Residence Inn Bethesda Downtown | Bethesda, MD | 188 | 4,661 | ||
Hyatt House Santa Clara | Santa Clara, CA | 150 | 4,548 | ||
Homewood Suites Washington DC Downtown | Washington, DC | 175 | 4,526 | ||
Marriott Austin South | Austin, TX | 211 | 4,266 | ||
Embassy Suites Los Angeles Downey | Downey, CA | 220 | 4,153 | ||
Courtyard Houston By The Galleria | Houston, TX | 190 | 4,040 | ||
Embassy Suites Irvine Orange Cnty Arprt | Irvine, CA | 293 | 3,990 | ||
Hyatt Atlanta Midtown | Atlanta, GA | 194 | 3,827 | ||
Renaissance Boulder Flatiron Hotel | Broomfield, CO | 232 | 3,606 | ||
Hyatt Place Fremont Silicon Valley | Fremont, CA | 151 | 3,592 | ||
Residence Inn National Harbor DC | Oxon Hill, MD | 162 | 3,403 | ||
Residence Inn Houston By The Galleria | Houston, TX | 146 | 3,392 | ||
Embassy Suites West Palm Beach Central | West Palm Beach, FL | 194 | 3,376 | ||
Hyatt House Charlotte Center City | Charlotte, NC | 163 | 3,325 | ||
Fairfield Inn & Suites Key West | Key West, FL | 106 | 3,281 | ||
Courtyard Houston Dtwn Conv Ctr | Houston, TX | 191 | 3,226 | ||
Residence Inn Louisville Downtown | Louisville, KY | 140 | 3,191 | ||
Hyatt House San Diego Sorrento Mesa | San Diego, CA | 193 | 3,172 | ||
Residence Inn Chicago Oak Brook | Oak Brook, IL | 156 | 3,156 | ||
Hyatt Market Street The Woodlands | The Woodlands, TX | 70 | 3,103 | ||
Residence Inn Houston Dtwn Conv Ctr | Houston, TX | 171 | 3,073 | ||
Hampton Inn Houston Near The Galleria | Houston, TX | 176 | 2,824 | ||
Marriott Chicago Midway | Chicago, IL | 200 | 2,799 | ||
Hilton Garden Inn Bloomington | Bloomington, IN | 168 | 2,584 | ||
Top 50 Assets | 11,639 | 268,340 | |||
Other (1) | 8,982 | 136,260 | |||
Total Portfolio | 20,621 | $ | 404,600 |
Top Markets | Occupancy | ADR | RevPAR | % of Hotel EBITDA | ||||||||||||||||||||||||||
# of Hotels | 2015 | 2014 | Var | 2015 | 2014 | Var | 2015 | 2014 | Var | Q3 | ||||||||||||||||||||
NYC | 5 | 97.6 | % | 97.3 | % | 0.3 | % | $ | 252.62 | $ | 247.22 | 2.2 | % | $ | 246.65 | $ | 240.66 | 2.5 | % | 12 | % | |||||||||
Chicago | 15 | 77.8 | % | 85.1 | % | (8.5 | )% | 155.39 | 145.30 | 6.9 | % | 120.94 | 123.64 | (2.2 | )% | 10 | % | |||||||||||||
Austin | 13 | 79.6 | % | 79.1 | % | 0.6 | % | 146.79 | 138.60 | 5.9 | % | 116.79 | 109.59 | 6.6 | % | 8 | % | |||||||||||||
Denver | 13 | 87.9 | % | 88.8 | % | (1.0 | )% | 142.00 | 134.50 | 5.6 | % | 124.85 | 119.44 | 4.5 | % | 10 | % | |||||||||||||
Houston | 9 | 67.8 | % | 81.6 | % | (16.8 | )% | 154.59 | 148.74 | 3.9 | % | 104.86 | 121.32 | (13.6 | )% | 5 | % | |||||||||||||
DC | 7 | 76.3 | % | 82.3 | % | (7.3 | )% | 167.78 | 166.70 | 0.6 | % | 127.95 | 137.20 | (6.7 | )% | 5 | % | |||||||||||||
Other | 59 | 81.2 | % | 80.8 | % | 0.4 | % | 156.00 | 147.06 | 6.1 | % | 126.60 | 118.88 | 6.5 | % | 50 | % | |||||||||||||
Total | 121 | 81.6 | % | 83.4 | % | (2.2 | )% | $ | 164.17 | $ | 156.11 | 5.2 | % | $ | 133.95 | $ | 130.20 | 2.9 | % | 100 | % | |||||||||
Service Level | Occupancy | ADR | RevPAR | % of Hotel EBITDA | ||||||||||||||||||||||||||
# of Hotels | 2015 | 2014 | Var | 2015 | 2014 | Var | 2015 | 2014 | Var | Q3 | ||||||||||||||||||||
Focused-Service | 99 | 81.4 | % | 84.0 | % | (3.1 | )% | $ | 157.99 | $ | 148.61 | 6.3 | % | $ | 128.56 | $ | 124.80 | 3.0 | % | 71 | % | |||||||||
Compact Full-Service | 21 | 84.2 | % | 83.1 | % | 1.3 | % | 180.11 | 174.73 | 3.1 | % | 151.70 | 145.25 | 4.4 | % | 26 | % | |||||||||||||
Full-Service | 1 | 63.6 | % | 72.5 | % | (12.2 | )% | 162.54 | 170.02 | (4.4 | )% | 103.45 | 123.29 | (16.1 | )% | 3 | % | |||||||||||||
Total | 121 | 81.6 | % | 83.4 | % | (2.2 | )% | $ | 164.17 | $ | 156.11 | 5.2 | % | $ | 133.95 | $ | 130.20 | 2.9 | % | 100 | % | |||||||||
Chain Scale | Occupancy | ADR | RevPAR | % of Hotel EBITDA | ||||||||||||||||||||||||||
# of Hotels | 2015 | 2014 | Var | 2015 | 2014 | Var | 2015 | 2014 | Var | Q3 | ||||||||||||||||||||
Upper Upscale | 19 | 80.5 | % | 79.4 | % | 1.4 | % | $ | 165.35 | $ | 161.81 | 2.2 | % | $ | 133.09 | $ | 128.46 | 3.6 | % | 23 | % | |||||||||
Upscale | 86 | 82.5 | % | 85.1 | % | (3.1 | )% | 167.26 | 157.74 | 6.0 | % | 137.94 | 134.26 | 2.7 | % | 69 | % | |||||||||||||
Upper Midscale | 15 | 78.8 | % | 80.9 | % | (2.6 | )% | 140.39 | 134.17 | 4.6 | % | 110.66 | 108.59 | 1.9 | % | 8 | % | |||||||||||||
Midscale | 1 | 71.1 | % | 92.1 | % | (22.8 | )% | 115.79 | 86.45 | 33.9 | % | 82.34 | 79.66 | 3.4 | % | — | % | |||||||||||||
Total | 121 | 81.6 | % | 83.4 | % | (2.2 | )% | $ | 164.17 | $ | 156.11 | 5.2 | % | $ | 133.95 | $ | 130.20 | 2.9 | % | 100 | % | |||||||||
Flags | Occupancy | ADR | RevPAR | % of Hotel EBITDA | ||||||||||||||||||||||||||
# of Hotels | 2015 | 2014 | Var | 2015 | 2014 | Var | 2015 | 2014 | Var | Q3 | ||||||||||||||||||||
Residence Inn | 28 | 80.4 | % | 86.0 | % | (6.5 | )% | $ | 149.08 | $ | 141.54 | 5.3 | % | $ | 119.81 | $ | 121.66 | (1.5 | )% | 16 | % | |||||||||
Courtyard | 22 | 79.4 | % | 84.4 | % | (5.9 | )% | 166.62 | 156.54 | 6.4 | % | 132.28 | 132.05 | 0.2 | % | 19 | % | |||||||||||||
Hyatt House | 11 | 88.5 | % | 86.0 | % | 2.9 | % | 168.37 | 152.05 | 10.7 | % | 149.06 | 130.82 | 13.9 | % | 11 | % | |||||||||||||
Hilton Garden Inn | 9 | 81.1 | % | 82.1 | % | (1.2 | )% | 180.11 | 174.16 | 3.4 | % | 146.06 | 143.00 | 2.1 | % | 9 | % | |||||||||||||
SpringHill Suites | 7 | 84.1 | % | 80.7 | % | 4.2 | % | 147.60 | 142.03 | 3.9 | % | 124.18 | 114.67 | 8.3 | % | 6 | % | |||||||||||||
Embassy Suites | 7 | 78.8 | % | 80.3 | % | (1.9 | )% | 138.42 | 131.59 | 5.2 | % | 109.01 | 105.61 | 3.2 | % | 4 | % | |||||||||||||
Hampton Inn | 6 | 80.9 | % | 83.3 | % | (2.9 | )% | 140.90 | 136.06 | 3.6 | % | 113.92 | 113.34 | 0.5 | % | 3 | % | |||||||||||||
Fairfield Inn & Suites | 8 | 85.0 | % | 83.4 | % | 1.9 | % | 123.42 | 113.47 | 8.8 | % | 104.91 | 94.63 | 10.9 | % | 4 | % | |||||||||||||
Marriott | 5 | 73.6 | % | 77.7 | % | (5.3 | )% | 157.01 | 157.35 | (0.2 | )% | 115.54 | 122.23 | (5.5 | )% | 8 | % | |||||||||||||
Renaissance | 3 | 83.5 | % | 82.3 | % | 1.4 | % | 159.08 | 155.52 | 2.3 | % | 132.76 | 127.98 | 3.7 | % | 4 | % | |||||||||||||
DoubleTree | 3 | 88.9 | % | 93.3 | % | (4.6 | )% | 230.04 | 219.53 | 4.8 | % | 204.60 | 204.77 | (0.1 | )% | 6 | % | |||||||||||||
Hyatt | 2 | 75.6 | % | 73.6 | % | 2.8 | % | 208.04 | 196.80 | 5.7 | % | 157.34 | 144.78 | 8.7 | % | 2 | % | |||||||||||||
Hyatt Place | 2 | 90.4 | % | 90.5 | % | (0.1 | )% | 173.66 | 153.49 | 13.1 | % | 156.97 | 138.93 | 13.0 | % | 2 | % | |||||||||||||
Hilton | 2 | 87.1 | % | 78.6 | % | 10.8 | % | 234.18 | 236.36 | (0.9 | )% | 203.92 | 185.75 | 9.8 | % | 3 | % | |||||||||||||
Homewood Suites | 2 | 85.2 | % | 80.6 | % | 5.8 | % | 175.96 | 182.90 | (3.8 | )% | 150.00 | 147.40 | 1.8 | % | 2 | % | |||||||||||||
Other | 4 | 65.4 | % | 73.9 | % | (11.5 | )% | 137.78 | 121.36 | 13.5 | % | 90.10 | 89.72 | 0.4 | % | 1 | % | |||||||||||||
Total | 121 | 81.6 | % | 83.4 | % | (2.2 | )% | $ | 164.17 | $ | 156.11 | 5.2 | % | $ | 133.95 | $ | 130.20 | 2.9 | % | 100 | % | |||||||||
Top Markets | Occupancy | ADR | RevPAR | % of Hotel EBITDA | ||||||||||||||||||||||||||
# of Hotels | 2015 | 2014 | Var | 2015 | 2014 | Var | 2015 | 2014 | Var | Q3YTD | ||||||||||||||||||||
NYC | 5 | 95.4 | % | 96.0 | % | (0.6 | )% | $ | 226.83 | $ | 231.69 | (2.1 | )% | $ | 216.35 | $ | 222.42 | (2.7 | )% | 9 | % | |||||||||
Chicago | 15 | 72.5 | % | 76.9 | % | (5.8 | )% | 151.10 | 135.80 | 11.3 | % | 109.50 | 104.45 | 4.8 | % | 8 | % | |||||||||||||
Austin | 13 | 81.0 | % | 81.6 | % | (0.9 | )% | 160.91 | 150.43 | 7.0 | % | 130.26 | 122.82 | 6.1 | % | 10 | % | |||||||||||||
Denver | 13 | 78.6 | % | 79.8 | % | (1.6 | )% | 137.04 | 129.57 | 5.8 | % | 107.66 | 103.44 | 4.1 | % | 9 | % | |||||||||||||
Houston | 9 | 71.6 | % | 79.1 | % | (9.5 | )% | 164.54 | 159.78 | 3.0 | % | 117.84 | 126.45 | (6.8 | )% | 6 | % | |||||||||||||
Washington, DC | 7 | 77.2 | % | 78.5 | % | (1.6 | )% | 177.46 | 172.23 | 3.0 | % | 137.06 | 135.23 | 1.4 | % | 6 | % | |||||||||||||
Other | 60 | 80.2 | % | 80.0 | % | 0.2 | % | 160.51 | 148.80 | 7.9 | % | 128.71 | 119.07 | 8.1 | % | 52 | % | |||||||||||||
Total | 122 | 79.9 | % | 81.1 | % | (1.4 | )% | $ | 165.48 | $ | 156.33 | 5.9 | % | $ | 132.21 | $ | 126.73 | 4.3 | % | 100 | % | |||||||||
Service Level | Occupancy | ADR | RevPAR | % of Hotel EBITDA | ||||||||||||||||||||||||||
# of Hotels | 2015 | 2014 | Var | 2015 | 2014 | Var | 2015 | 2014 | Var | Q3YTD | ||||||||||||||||||||
Focused-Service | 100 | 79.3 | % | 80.9 | % | (2.0 | )% | $ | 159.02 | $ | 148.32 | 7.2 | % | $ | 126.10 | $ | 120.02 | 5.1 | % | 70 | % | |||||||||
Compact Full-Service | 21 | 82.8 | % | 82.6 | % | 0.2 | % | 180.33 | 174.93 | 3.1 | % | 149.23 | 144.43 | 3.3 | % | 26 | % | |||||||||||||
Full-Service | 1 | 69.5 | % | 71.8 | % | (3.3 | )% | 184.97 | 182.12 | 1.6 | % | 128.46 | 130.78 | (1.8 | )% | 4 | % | |||||||||||||
Total | 122 | 79.9 | % | 81.1 | % | (1.4 | )% | $ | 165.48 | $ | 156.33 | 5.9 | % | $ | 132.21 | $ | 126.73 | 4.3 | % | 100 | % | |||||||||
Chain Scale | Occupancy | ADR | RevPAR | % of Hotel EBITDA | ||||||||||||||||||||||||||
# of Hotels | 2015 | 2014 | Var | 2015 | 2014 | Var | 2015 | 2014 | Var | Q3YTD | ||||||||||||||||||||
Upper Upscale | 19 | 79.2 | % | 78.5 | % | 0.9 | % | $ | 171.43 | $ | 164.72 | 4.1 | % | $ | 135.76 | $ | 129.26 | 5.0 | % | 25 | % | |||||||||
Upscale | 86 | 80.6 | % | 82.3 | % | (2.0 | )% | 166.00 | 156.53 | 6.1 | % | 133.87 | 128.81 | 3.9 | % | 67 | % | |||||||||||||
Upper Midscale | 16 | 77.4 | % | 78.6 | % | (1.4 | )% | 149.81 | 140.09 | 6.9 | % | 115.98 | 110.05 | 5.4 | % | 8 | % | |||||||||||||
Midscale | 1 | 64.9 | % | 87.0 | % | (25.4 | )% | 108.23 | 73.77 | 46.7 | % | 70.23 | 64.19 | 9.4 | % | 0 | ||||||||||||||
Total | 122 | 79.9 | % | 81.1 | % | (1.4 | )% | $ | 165.48 | $ | 156.33 | 5.9 | % | $ | 132.21 | $ | 126.73 | 4.3 | % | 100 | % | |||||||||
Flags | Occupancy | ADR | RevPAR | % of Hotel EBITDA | ||||||||||||||||||||||||||
# of Hotels | 2015 | 2014 | Var | 2015 | 2014 | Var | 2015 | 2014 | Var | Q3YTD | ||||||||||||||||||||
Residence Inn | 28 | 79.7 | % | 83.2 | % | (4.2 | )% | $ | 152.89 | $ | 143.29 | 6.7 | % | $ | 121.85 | $ | 119.16 | 2.3 | % | 16 | % | |||||||||
Courtyard | 22 | 78.3 | % | 80.1 | % | (2.3 | )% | 166.39 | 155.75 | 6.8 | % | 130.25 | 124.83 | 4.3 | % | 19 | % | |||||||||||||
Hyatt House | 11 | 82.0 | % | 83.1 | % | (1.4 | )% | 164.40 | 148.33 | 10.8 | % | 134.84 | 123.32 | 9.3 | % | 9 | % | |||||||||||||
Hilton Garden Inn | 9 | 80.7 | % | 80.8 | % | (0.1 | )% | 174.97 | 168.46 | 3.9 | % | 141.19 | 136.05 | 3.8 | % | 9 | % | |||||||||||||
SpringHill Suites | 7 | 82.2 | % | 80.6 | % | 1.9 | % | 158.53 | 149.80 | 5.8 | % | 130.30 | 120.81 | 7.9 | % | 7 | % | |||||||||||||
Embassy Suites | 7 | 77.5 | % | 79.8 | % | (2.8 | )% | 142.63 | 134.68 | 5.9 | % | 110.58 | 107.44 | 2.9 | % | 4 | % | |||||||||||||
Hampton Inn | 6 | 79.7 | % | 78.8 | % | 1.2 | % | 158.66 | 148.02 | 7.2 | % | 126.46 | 116.57 | 8.5 | % | 4 | % | |||||||||||||
Fairfield Inn & Suites | 9 | 79.0 | % | 78.2 | % | 0.9 | % | 123.17 | 114.53 | 7.5 | % | 97.26 | 89.59 | 8.6 | % | 4 | % | |||||||||||||
Marriott | 5 | 73.3 | % | 75.5 | % | (2.9 | )% | 167.71 | 160.77 | 4.3 | % | 122.99 | 121.42 | 1.3 | % | 9 | % | |||||||||||||
Renaissance | 3 | 78.8 | % | 76.3 | % | 3.2 | % | 162.63 | 157.17 | 3.5 | % | 128.14 | 119.97 | 6.8 | % | 4 | % | |||||||||||||
DoubleTree | 3 | 90.2 | % | 93.6 | % | (3.6 | )% | 214.44 | 213.22 | 0.6 | % | 193.37 | 199.47 | (3.1 | )% | 5 | % | |||||||||||||
Hyatt | 2 | 76.9 | % | 73.5 | % | 4.6 | % | 206.80 | 193.64 | 6.8 | % | 158.94 | 142.24 | 11.7 | % | 2 | % | |||||||||||||
Hyatt Place | 2 | 86.8 | % | 86.7 | % | 0.2 | % | 160.67 | 140.21 | 14.6 | % | 139.52 | 121.54 | 14.8 | % | 2 | % | |||||||||||||
Hilton | 2 | 92.7 | % | 89.2 | % | 4.0 | % | 233.53 | 240.29 | (2.8 | )% | 216.58 | 214.28 | 1.1 | % | 3 | % | |||||||||||||
Homewood Suites | 2 | 81.3 | % | 76.7 | % | 6.0 | % | 202.41 | 201.93 | 0.2 | % | 164.56 | 154.88 | 6.2 | % | 2 | % | |||||||||||||
Other | 4 | 64.5 | % | 72.2 | % | (10.7 | )% | 145.07 | 123.40 | 17.6 | % | 93.61 | 89.13 | 5.0 | % | 1 | % | |||||||||||||
Total | 122 | 79.9 | % | 81.1 | % | (1.4 | )% | $ | 165.48 | $ | 156.33 | 5.9 | % | $ | 132.21 | $ | 126.73 | 4.3 | % | 100 | % | |||||||||