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) |
RLJ LODGING TRUST | ||
Dated: August 7, 2018 | By: | /s/ Leslie D. Hale |
Leslie D. Hale | ||
President ad Chief Executive Officer |
• | Sold Vinoy Renaissance for total consideration of $188.5 million, representing 19.6x TTM EBITDA |
• | Sold Embassy Suites Napa Valley for $102.0 million, equating to 14.6x TTM EBITDA |
• | Sold DoubleTree Burlington Vermont for $35.0 million, representing 17.3x TTM EBITDA inclusive of required capital expenditures |
• | Sold Holiday Inn Fisherman's Wharf for gross proceeds of $75.3 million subsequent to quarter-end, representing 18.8x TTM EBITDA |
• | Repaid $85.0 million mortgage loan secured by the Knickerbocker Hotel subsequent to quarter-end |
• | Pro forma RevPAR decreased 0.8% |
• | Net income was $74.7 million |
• | Adjusted EBITDA increased 22.4% to $132.7 million |
• | Adjusted FFO per diluted common share and unit was $0.58 |
Current Outlook | Prior Outlook as of August 7, 2018 | |
Pro forma RevPAR growth | -1.25% to -0.50% | -0.5% to +1.0% |
Pro forma Hotel EBITDA Margin | 31.25% to 32.5% | 31.25% to 32.5% |
Pro forma Consolidated Hotel EBITDA | $537M to $547M | $555M to $586M |
Adjusted EBITDA | $518M to $528M | $519M to $550M |
Corporate Cash General & Administrative | $37M to $39M | $37M to $39M |
• | Transaction Costs: The Company excludes transaction costs expensed during the period. |
• | Non-Cash Expenses: The Company excludes the effect of certain non-cash items such as the amortization of share-based compensation and non-cash income taxes. |
• | Other Non-Operational Expenses: The Company excludes the effect of certain non-operational expenses representing income and expenses outside of the normal course of operations, including debt modification costs and hurricane-related costs that were not reimbursed by insurance, executive transition costs, receipts of prior year employee tax credits, and activist shareholder costs. |
• | DoubleTree Suites by Hilton Austin |
• | DoubleTree Suites by Hilton Orlando - Lake Buena Vista |
• | Embassy Suites Atlanta - Buckhead |
• | Embassy Suites Birmingham |
• | Embassy Suites Boston - Marlborough |
• | Embassy Suites Dallas - Love Field |
• | Embassy Suites Deerfield Beach - Resort & Spa |
• | Embassy Suites Fort Lauderdale 17th Street |
• | Embassy Suites Los Angeles - International Airport/South |
• | Embassy Suites Mandalay Beach - Hotel & Resort |
• | Embassy Suites Miami - International Airport |
• | Embassy Suites Milpitas Silicon Valley |
• | Embassy Suites Minneapolis - Airport |
• | Embassy Suites Myrtle Beach - Oceanfront Resort |
• | Embassy Suites Napa Valley |
• | Embassy Suites Orlando - International Drive South/Convention Center |
• | Embassy Suites Phoenix - Biltmore |
• | Embassy Suites San Francisco Airport - South San Francisco |
• | Embassy Suites San Francisco Airport - Waterfront |
• | Embassy Suites Secaucus - Meadowlands |
• | Hilton Myrtle Beach Resort |
• | Holiday Inn San Francisco - Fisherman's Wharf |
• | San Francisco Marriott Union Square |
• | DoubleTree by Hilton Burlington Vermont, formerly the Sheraton Burlington Hotel & Conference Center |
• | Sheraton Philadelphia Society Hill Hotel |
• | The Fairmont Copley Plaza |
• | The Knickerbocker, New York |
• | The Mills House Wyndham Grand Hotel, Charleston |
• | The Vinoy Renaissance St. Petersburg Resort & Golf Club |
• | Wyndham Boston Beacon Hill |
• | Wyndham Houston - Medical Center Hotel & Suites |
• | Wyndham New Orleans - French Quarter |
• | Wyndham Philadelphia Historic District |
• | Wyndham Pittsburgh University Center |
• | Wyndham San Diego Bayside |
• | Wyndham Santa Monica At the Pier |
• | Embassy Suites Boston - Marlborough was sold in February 2018 |
• | Sheraton Philadelphia Society Hill Hotel was sold in March 2018 |
• | Embassy Suites Napa Valley was sold in July 2018 |
• | DoubleTree Hotel Columbia was sold in August 2018 |
• | The Vinoy Renaissance St. Petersburg Resort & Golf Club was sold in August 2018 |
• | DoubleTree by Hilton Burlington Vermont was sold in September 2018 |
September 30, 2018 | December 31, 2017 | ||||||
Assets | |||||||
Investment in hotel properties, net | $ | 5,373,171 | $ | 5,791,925 | |||
Investment in unconsolidated joint ventures | 22,472 | 23,885 | |||||
Cash and cash equivalents | 425,384 | 586,470 | |||||
Restricted cash reserves | 78,113 | 72,606 | |||||
Hotel and other receivables, net of allowance of $610 and $510, respectively | 76,914 | 60,011 | |||||
Deferred income tax asset, net | 52,415 | 56,761 | |||||
Intangible assets, net | 53,633 | 133,211 | |||||
Prepaid expense and other assets | 77,154 | 69,936 | |||||
Assets of hotel properties held for sale, net | 25,449 | — | |||||
Total assets | $ | 6,184,705 | $ | 6,794,805 | |||
Liabilities and Equity | |||||||
Debt, net | $ | 2,290,164 | $ | 2,880,488 | |||
Accounts payable and other liabilities | 203,982 | 225,664 | |||||
Deferred income tax liability | 5,547 | 5,547 | |||||
Advance deposits and deferred revenue | 29,506 | 30,463 | |||||
Accrued interest | 14,296 | 17,081 | |||||
Distributions payable | 65,746 | 65,284 | |||||
Total liabilities | 2,609,241 | 3,224,527 | |||||
Equity | |||||||
Shareholders’ equity: | |||||||
Preferred shares of beneficial interest, $0.01 par value, 50,000,000 shares authorized | |||||||
Series A Cumulative Convertible Preferred Shares, $0.01 par value, 12,950,000 shares authorized; 12,879,475 shares issued and outstanding, liquidation value of $328,266, at September 30, 2018 and December 31, 2017 | 366,936 | 366,936 | |||||
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 175,215,202 and 174,869,046 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively | 1,752 | 1,749 | |||||
Additional paid-in capital | 3,215,208 | 3,208,002 | |||||
Accumulated other comprehensive income | 38,315 | 8,846 | |||||
Distributions in excess of net earnings | (113,841 | ) | (82,566 | ) | |||
Total shareholders’ equity | 3,508,370 | 3,502,967 | |||||
Noncontrolling interest: | |||||||
Noncontrolling interest in consolidated joint ventures | 11,640 | 11,700 | |||||
Noncontrolling interest in the Operating Partnership | 11,024 | 11,181 | |||||
Total noncontrolling interest | 22,664 | 22,881 | |||||
Preferred equity in a consolidated joint venture, liquidation value of $45,515 and $45,430 at September 30, 2018 and December 31, 2017, respectively | 44,430 | 44,430 | |||||
Total equity | 3,575,464 | 3,570,278 | |||||
Total liabilities and equity | $ | 6,184,705 | $ | 6,794,805 |
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenues | |||||||||||||||
Operating revenues | |||||||||||||||
Room revenue | $ | 377,237 | $ | 292,046 | $ | 1,138,115 | $ | 770,751 | |||||||
Food and beverage revenue | 47,211 | 35,580 | 157,850 | 91,392 | |||||||||||
Other revenue | 22,594 | 13,629 | 65,362 | 31,628 | |||||||||||
Total revenues | $ | 447,042 | $ | 341,255 | $ | 1,361,327 | $ | 893,771 | |||||||
Expenses | |||||||||||||||
Operating expenses | |||||||||||||||
Room expense | $ | 95,161 | $ | 69,380 | $ | 279,589 | $ | 176,523 | |||||||
Food and beverage expense | 37,780 | 27,061 | 121,450 | 66,458 | |||||||||||
Management and franchise fee expense | 34,838 | 29,571 | 107,766 | 86,110 | |||||||||||
Other operating expense | 105,646 | 78,120 | 320,325 | 195,000 | |||||||||||
Total property operating expenses | 273,425 | 204,132 | 829,130 | 524,091 | |||||||||||
Depreciation and amortization | 60,373 | 45,231 | 183,429 | 122,136 | |||||||||||
Property tax, insurance and other | 34,382 | 23,618 | 104,418 | 60,929 | |||||||||||
General and administrative | 11,622 | 9,506 | 38,059 | 28,757 | |||||||||||
Transaction costs | 261 | 32,607 | 2,181 | 36,923 | |||||||||||
Total operating expenses | 380,063 | 315,094 | 1,157,217 | 772,836 | |||||||||||
Operating income | 66,979 | 26,161 | 204,110 | 120,935 | |||||||||||
Other income | 856 | 110 | 2,514 | 323 | |||||||||||
Interest income | 1,149 | 1,157 | 3,339 | 2,306 | |||||||||||
Interest expense | (24,629 | ) | (19,650 | ) | (78,772 | ) | (48,527 | ) | |||||||
Gain (loss) on sale of hotel properties, net | 35,895 | (19 | ) | 32,957 | (49 | ) | |||||||||
(Loss) gain on extinguishment of indebtedness, net | (1,656 | ) | — | 6,010 | — | ||||||||||
Gain on settlement of investment in loan | — | 2,670 | — | 2,670 | |||||||||||
Income before equity in income from unconsolidated joint ventures | 78,594 | 10,429 | 170,158 | 77,658 | |||||||||||
Equity in income from unconsolidated joint ventures | 219 | 57 | 637 | 57 | |||||||||||
Income before income tax expense | 78,813 | 10,486 | 170,795 | 77,715 | |||||||||||
Income tax expense | (4,156 | ) | (6,375 | ) | (7,852 | ) | (9,362 | ) | |||||||
Net income | 74,657 | 4,111 | 162,943 | 68,353 | |||||||||||
Net (income) loss attributable to noncontrolling interests: | |||||||||||||||
Noncontrolling interest in consolidated joint ventures | (9 | ) | (32 | ) | 170 | 5 | |||||||||
Noncontrolling interest in the Operating Partnership | (299 | ) | (43 | ) | (626 | ) | (318 | ) | |||||||
Preferred distributions - consolidated joint venture | (374 | ) | (122 | ) | (1,109 | ) | (122 | ) | |||||||
Net income attributable to RLJ | 73,975 | 3,914 | 161,378 | 67,918 | |||||||||||
Preferred dividends | (6,279 | ) | (2,093 | ) | (18,836 | ) | (2,093 | ) | |||||||
Net income attributable to common shareholders | $ | 67,696 | $ | 1,821 | $ | 142,542 | $ | 65,825 | |||||||
Basic per common share data: | |||||||||||||||
Net income per share attributable to common shareholders | $ | 0.39 | $ | 0.01 | $ | 0.81 | $ | 0.50 | |||||||
Weighted-average number of common shares | 174,326,198 | 140,249,961 | 174,253,393 | 129,317,120 | |||||||||||
Diluted per common share data: | |||||||||||||||
Net income per share attributable to common shareholders | $ | 0.39 | $ | 0.01 | $ | 0.81 | $ | 0.50 | |||||||
Weighted-average number of common shares | 174,479,341 | 140,307,269 | 174,365,101 | 129,399,177 |
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income | $ | 74,657 | $ | 4,111 | $ | 162,943 | $ | 68,353 | |||||||
Preferred dividends | (6,279 | ) | (2,093 | ) | (18,836 | ) | (2,093 | ) | |||||||
Preferred distributions - consolidated joint venture | (374 | ) | (122 | ) | (1,109 | ) | (122 | ) | |||||||
Depreciation and amortization | 60,373 | 45,231 | 183,429 | 122,136 | |||||||||||
(Gain) loss on sale of hotel properties, net | (35,895 | ) | 19 | (32,957 | ) | 49 | |||||||||
Noncontrolling interest in consolidated joint ventures | (9 | ) | (32 | ) | 170 | 5 | |||||||||
Adjustments related to consolidated joint ventures (1) | (78 | ) | (46 | ) | (233 | ) | (109 | ) | |||||||
Adjustments related to unconsolidated joint ventures (2) | 661 | 193 | 1,998 | 193 | |||||||||||
FFO | 93,056 | 47,261 | 295,405 | 188,412 | |||||||||||
Transaction costs | 261 | 32,607 | 2,181 | 36,923 | |||||||||||
Loss (gain) on extinguishment of indebtedness, net | 1,656 | — | (6,010 | ) | — | ||||||||||
Gain on settlement of investment in loan | — | (2,670 | ) | — | (2,670 | ) | |||||||||
Amortization of share-based compensation | 4,036 | 2,495 | 9,722 | 7,964 | |||||||||||
Non-cash income tax expense | 3,217 | 5,711 | 6,171 | 7,972 | |||||||||||
Other (income) expenses (3) | (839 | ) | 1,116 | 3,330 | 1,116 | ||||||||||
Adjusted FFO | $ | 101,387 | $ | 86,520 | $ | 310,799 | $ | 239,717 | |||||||
Adjusted FFO per common share and unit-basic | $ | 0.58 | $ | 0.61 | $ | 1.78 | $ | 1.85 | |||||||
Adjusted FFO per common share and unit-diluted | $ | 0.58 | $ | 0.61 | $ | 1.77 | $ | 1.84 | |||||||
Basic weighted-average common shares and units outstanding (4) | 175,100 | 140,879 | 175,027 | 129,900 | |||||||||||
Diluted weighted-average common shares and units outstanding (4) | 175,253 | 140,936 | 175,139 | 129,982 |
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income | $ | 74,657 | $ | 4,111 | $ | 162,943 | $ | 68,353 | |||||||
Depreciation and amortization | 60,373 | 45,231 | 183,429 | 122,136 | |||||||||||
Interest expense, net (1) | 23,479 | 18,873 | 75,433 | 47,589 | |||||||||||
Income tax expense | 4,156 | 6,375 | 7,852 | 9,362 | |||||||||||
Adjustments related to unconsolidated joint ventures (2) | 788 | 236 | 2,379 | 236 | |||||||||||
EBITDA | 163,453 | 74,826 | 432,036 | 247,676 | |||||||||||
(Gain) loss on sale of hotel properties, net | (35,895 | ) | 19 | (32,957 | ) | 49 | |||||||||
EBITDAre | 127,558 | 74,845 | 399,079 | 247,725 | |||||||||||
Transaction costs | 261 | 32,607 | 2,181 | 36,923 | |||||||||||
Loss (gain) on extinguishment of indebtedness, net | 1,656 | — | (6,010 | ) | — | ||||||||||
Gain on settlement of investment in loan | — | (2,670 | ) | — | (2,670 | ) | |||||||||
Amortization of share-based compensation | 4,036 | 2,495 | 9,722 | 7,964 | |||||||||||
Other (income) expenses (3) | (839 | ) | 1,116 | 3,330 | 1,116 | ||||||||||
Adjusted EBITDA | 132,672 | 108,393 | 408,302 | 291,058 | |||||||||||
General and administrative (4) | 7,586 | 7,011 | 28,337 | 20,794 | |||||||||||
Other corporate adjustments (5) | 760 | 48 | (2,004 | ) | (308 | ) | |||||||||
Consolidated Hotel EBITDA | 141,018 | 115,452 | 434,635 | 311,544 | |||||||||||
Pro forma adjustments - income from sold hotels | (1,045 | ) | (4,229 | ) | (12,675 | ) | (5,228 | ) | |||||||
Pro forma adjustments - income from prior ownership of acquired hotels (6) | — | 37,634 | — | 132,852 | |||||||||||
Pro forma Consolidated Hotel EBITDA | 139,973 | 148,857 | 421,960 | 439,168 | |||||||||||
Pro forma adjustments - income from non-comparable hotels | — | — | — | — | |||||||||||
Pro forma Hotel EBITDA | $ | 139,973 | $ | 148,857 | $ | 421,960 | $ | 439,168 |
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Total revenue | $ | 447,042 | $ | 341,255 | $ | 1,361,327 | $ | 893,771 | |||||||
Pro forma adjustments - revenue from sold hotels | (11,992 | ) | (16,385 | ) | (68,157 | ) | (19,646 | ) | |||||||
Pro forma adjustments - revenue from prior ownership of acquired hotels (1) | — | 111,765 | — | 416,744 | |||||||||||
Other corporate adjustments / non-hotel revenue | (1,669 | ) | (520 | ) | (3,295 | ) | (550 | ) | |||||||
Pro forma Hotel Revenue | $ | 433,381 | $ | 436,115 | $ | 1,289,875 | $ | 1,290,319 | |||||||
Pro forma Hotel EBITDA | $ | 139,973 | $ | 148,857 | $ | 421,960 | $ | 439,168 | |||||||
Pro forma Hotel EBITDA Margin | 32.3 | % | 34.1 | % | 32.7 | % | 34.0 | % |
Loan | Base Term (Years) | Maturity (incl. extensions) | Floating / Fixed | Interest Rate (1) | Balance as of September 30, 2018 (2) | ||||
Secured Debt | |||||||||
Scotiabank - 1 hotel (3) | 4 | Nov 2018 | Floating | 5.08 | % | $ | 85,000 | ||
Wells Fargo - 4 hotels | 3 | Oct 2021 | Floating (4) | 4.08 | % | 150,000 | |||
Wells Fargo - 4 hotels | 2 | Mar 2022 | Floating (4) | 4.05 | % | 141,000 | |||
Wells Fargo - 1 hotel | 10 | Jun 2022 | Fixed | 5.25 | % | 31,580 | |||
PNC - 2 hotels | 10 | Oct 2022 | Fixed | 4.95 | % | 57,360 | |||
Wells Fargo - 1 hotel | 10 | Oct 2022 | Fixed | 4.95 | % | 32,971 | |||
Prudential - 1 hotel | 10 | Oct 2022 | Fixed | 4.94 | % | 29,126 | |||
PNC - 5 hotels | 5 | Mar 2023 | Floating | 4.36 | % | 85,000 | |||
Weighted-Average / Secured Total | 4.48 | % | $ | 612,037 | |||||
Unsecured Debt | |||||||||
Revolver (5) | 4 | Apr 2021 | Floating | 3.76 | % | $ | — | ||
$400 Million Term Loan Maturing 2021 | 5 | Apr 2021 | Floating (4)(6) | 3.08 | % | 400,000 | |||
$150 Million Term Loan Maturing 2022 | 7 | Jan 2022 | Floating (4) | 3.08 | % | 150,000 | |||
$400 Million Term Loan Maturing 2023 | 5 | Jan 2023 | Floating (4)(6) | 3.19 | % | 400,000 | |||
$225 Million Term Loan Maturing 2023 | 5 | Jan 2023 | Floating (4) | 3.44 | % | 225,000 | |||
Senior Unsecured Notes | 10 | Jun 2025 | Fixed | 6.00 | % | 475,000 | |||
Weighted-Average / Unsecured Total | 4.00 | % | $ | 1,650,000 | |||||
Weighted-Average / Gross Debt | 4.13 | % | $ | 2,262,037 | |||||
Property | City/State | # of Rooms | Pro forma Consolidated Hotel EBITDA |
The Knickerbocker New York | New York, NY | 330 | $12,436 |
Marriott Louisville Downtown | Louisville, KY | 616 | 10,920 |
San Francisco Marriott Union Square | San Francisco, CA | 401 | 9,427 |
Wyndham San Diego Bayside | San Diego, CA | 600 | 9,388 |
Wyndham Boston Beacon Hill | Boston, MA | 304 | 9,332 |
The Mills House Wyndham Grand Hotel | Charleston, SC | 216 | 8,974 |
Embassy Suites San Francisco Airport - Waterfront | Burlingame, CA | 340 | 8,593 |
Embassy Suites Fort Lauderdale 17th Street | Fort Lauderdale, FL | 361 | 8,368 |
DoubleTree Metropolitan Hotel New York City | New York, NY | 764 | 8,340 |
Courtyard Austin Downtown Convention Center | Austin, TX | 270 | 8,245 |
Embassy Suites Los Angeles - International Airport South | El Segundo, CA | 349 | 8,058 |
Courtyard Portland City Center | Portland, OR | 256 | 7,913 |
Wyndham New Orleans - French Quarter | New Orleans, LA | 374 | 7,872 |
Embassy Suites Mandalay Beach - Hotel & Resort | Oxnard, CA | 250 | 7,691 |
Embassy Suites Tampa Downtown Convention Center | Tampa, FL | 360 | 7,582 |
DoubleTree Grand Key Resort | Key West, FL | 216 | 7,441 |
Hilton Myrtle Beach Resort | Myrtle Beach, SC | 385 | 7,306 |
Courtyard Chicago Downtown Magnificent Mile | Chicago, IL | 306 | 7,226 |
Residence Inn Palo Alto Los Altos | Los Altos, CA | 156 | 7,154 |
Courtyard San Francisco | San Francisco, CA | 166 | 7,085 |
Wyndham Santa Monica At the Pier | Santa Monica, CA | 132 | 6,883 |
Embassy Suites Myrtle Beach - Oceanfront Resort | Myrtle Beach, SC | 255 | 6,595 |
Renaissance Pittsburgh Hotel | Pittsburgh, PA | 300 | 6,592 |
Hilton Garden Inn San Francisco Oakland Bay Brg | Emeryville, CA | 278 | 6,583 |
Wyndham Philadelphia Historic District | Philadelphia, PA | 364 | 6,514 |
Embassy Suites Deerfield Beach - Resort & Spa | Deerfield Beach, FL | 244 | 6,421 |
Hyatt House Emeryville San Francisco Bay Area | Emeryville, CA | 234 | 6,204 |
Embassy Suites San Francisco Airport - South San Francisco | South San Francisco, CA | 312 | 6,163 |
Hyatt House Santa Clara | Santa Clara, CA | 150 | 6,098 |
Fairfield Inn & Suites Washington DC Downtown | Washington, DC | 198 | 6,065 |
Hyatt House San Jose Silicon Valley | San Jose, CA | 164 | 6,054 |
Courtyard Waikiki Beach | Honolulu, HI | 403 | 5,767 |
Hilton Cabana Miami Beach | Miami Beach, FL | 231 | 5,678 |
Wyndham Houston - Medical Center Hotel & Suites | Houston, TX | 287 | 5,673 |
Embassy Suites Atlanta - Buckhead | Atlanta, GA | 316 | 5,570 |
Marriott Denver South @ Park Meadows | Lone Tree, CO | 279 | 5,554 |
Renaissance Fort Lauderdale Plantation Hotel | Plantation, FL | 250 | 5,406 |
Residence Inn Bethesda Downtown | Bethesda, MD | 188 | 5,178 |
DoubleTree Suites by Hilton Austin | Austin, TX | 188 | 5,157 |
Embassy Suites Los Angeles Downey | Downey, CA | 220 | 4,965 |
Hyatt House San Diego Sorrento Mesa | San Diego, CA | 193 | 4,957 |
Residence Inn Austin Downtown Convention Center | Austin, TX | 179 | 4,927 |
Embassy Suites Boston Waltham | Waltham, MA | 275 | 4,906 |
Hilton Garden Inn Los Angeles Hollywood | Los Angeles, CA | 160 | 4,800 |
Embassy Suites Irvine Orange County | Irvine, CA | 293 | 4,651 |
Embassy Suites Orlando - International Drive South/Convention Center | Orlando, FL | 244 | 4,588 |
Courtyard Charleston Historic District | Charleston, SC | 176 | 4,581 |
Homewood Suites Washington DC Downtown | Washington, DC | 175 | 4,538 |
Embassy Suites Milpitas Silicon Valley | Milpitas, CA | 266 | 4,510 |
Renaissance Boulder Flatiron Hotel | Broomfield, CO | 232 | 4,490 |
Hyatt Place Washington DC Downtown K Street | Washington, DC | 164 | 4,327 |
Marriott Denver Airport @ Gateway Park | Aurora, CO | 238 | 4,271 |
Embassy Suites Dallas - Love Field | Dallas, TX | 248 | 4,152 |
Hyatt Place Fremont Silicon Valley | Fremont, CA | 151 | 4,099 |
Embassy Suites Minneapolis - Airport | Bloomington, MN | 310 | 4,040 |
Embassy Suites Phoenix - Biltmore | Phoenix, AZ | 232 | 3,845 |
Embassy Suites Miami - International Airport | Miami, FL | 318 | 3,826 |
Residence Inn National Harbor Washington DC | Oxon Hill, MD | 162 | 3,781 |
Wyndham Pittsburgh University Center | Pittsburgh, PA | 251 | 3,591 |
Hilton Garden Inn New Orleans Convention Center | New Orleans, LA | 286 | 3,567 |
Top 60 Assets | 16,566 | 374,918 | |
Other (91 Assets) | 12,616 | 183,123 | |
Total Portfolio | 29,182 | $558,041 |
Top Markets | # of Hotels | Occupancy | ADR | RevPAR | |||||||||||||||||||||||
2018 | 2017 | Var | 2018 | 2017 | Var | 2018 | 2017 | Var | |||||||||||||||||||
Northern California | 13 | 89.3 | % | 90.2 | % | (1.0 | )% | $ | 242.70 | $ | 229.61 | 5.7 | % | $ | 216.68 | $ | 207.07 | 4.6 | % | ||||||||
South Florida | 13 | 81.6 | % | 79.1 | % | 3.2 | % | 130.39 | 132.82 | (1.8 | )% | 106.40 | 105.00 | 1.3 | % | ||||||||||||
Southern California | 9 | 88.8 | % | 90.4 | % | (1.8 | )% | 192.73 | 193.53 | (0.4 | )% | 171.11 | 175.02 | (2.2 | )% | ||||||||||||
Austin | 14 | 68.2 | % | 74.0 | % | (7.9 | )% | 143.93 | 144.28 | (0.2 | )% | 98.19 | 106.83 | (8.1 | )% | ||||||||||||
Denver | 13 | 84.7 | % | 85.9 | % | (1.5 | )% | 148.21 | 152.37 | (2.7 | )% | 125.53 | 130.95 | (4.1 | )% | ||||||||||||
New York City | 5 | 92.7 | % | 93.2 | % | (0.6 | )% | 237.67 | 236.15 | 0.6 | % | 220.26 | 220.11 | 0.1 | % | ||||||||||||
Washington, DC | 7 | 82.9 | % | 83.6 | % | (0.8 | )% | 174.94 | 176.23 | (0.7 | )% | 145.08 | 147.38 | (1.6 | )% | ||||||||||||
Chicago | 14 | 78.9 | % | 76.1 | % | 3.7 | % | 152.28 | 148.03 | 2.9 | % | 120.17 | 112.60 | 6.7 | % | ||||||||||||
Houston | 11 | 65.7 | % | 70.1 | % | (6.2 | )% | 133.66 | 135.10 | (1.1 | )% | 87.87 | 94.66 | (7.2 | )% | ||||||||||||
Louisville | 5 | 58.8 | % | 69.1 | % | (14.9 | )% | 136.51 | 140.20 | (2.6 | )% | 80.33 | 96.94 | (17.1 | )% | ||||||||||||
Other | 47 | 77.9 | % | 79.0 | % | (1.3 | )% | 159.58 | 159.46 | 0.1 | % | 124.39 | 125.91 | (1.2 | )% | ||||||||||||
Total | 151 | 79.9 | % | 81.2 | % | (1.6 | )% | $ | 172.51 | $ | 171.06 | 0.9 | % | $ | 137.82 | $ | 138.93 | (0.8 | )% | ||||||||
Service Level | # of Hotels | Occupancy | ADR | RevPAR | |||||||||||||||||||||||
2018 | 2017 | Var | 2018 | 2017 | Var | 2018 | 2017 | Var | |||||||||||||||||||
Focused-Service | 102 | 78.4 | % | 80.1 | % | (2.1 | )% | $ | 159.31 | $ | 158.03 | 0.8 | % | $ | 124.85 | $ | 126.53 | (1.3 | )% | ||||||||
Compact Full-Service | 46 | 83.0 | % | 83.5 | % | (0.5 | )% | 185.19 | 183.52 | 0.9 | % | 153.79 | 153.22 | 0.4 | % | ||||||||||||
Full-Service | 3 | 64.5 | % | 70.7 | % | (8.8 | )% | 188.17 | 188.64 | (0.2 | )% | 121.33 | 133.43 | (9.1 | )% | ||||||||||||
Total | 151 | 79.9 | % | 81.2 | % | (1.6 | )% | $ | 172.51 | $ | 171.06 | 0.9 | % | $ | 137.82 | $ | 138.93 | (0.8 | )% | ||||||||
Chain Scale | # of Hotels | Occupancy | ADR | RevPAR | |||||||||||||||||||||||
2018 | 2017 | Var | 2018 | 2017 | Var | 2018 | 2017 | Var | |||||||||||||||||||
Upper Upscale | 37 | 78.6 | % | 79.8 | % | (1.5 | )% | $ | 176.36 | $ | 174.96 | 0.8 | % | $ | 138.56 | $ | 139.60 | (0.7 | )% | ||||||||
Upscale | 96 | 80.4 | % | 81.9 | % | (1.9 | )% | 167.41 | 166.02 | 0.8 | % | 134.54 | 135.96 | (1.0 | )% | ||||||||||||
Upper Midscale | 16 | 81.2 | % | 81.5 | % | (0.4 | )% | 168.84 | 169.01 | (0.1 | )% | 137.09 | 137.80 | (0.5 | )% | ||||||||||||
Other | 2 | 85.1 | % | 86.7 | % | (1.9 | )% | 286.75 | 273.86 | 4.7 | % | 244.02 | 237.47 | 2.8 | % | ||||||||||||
Total | 151 | 79.9 | % | 81.2 | % | (1.6 | )% | $ | 172.51 | $ | 171.06 | 0.9 | % | $ | 137.82 | $ | 138.93 | (0.8 | )% | ||||||||
Flags | # of Hotels | Occupancy | ADR | RevPAR | |||||||||||||||||||||||
2018 | 2017 | Var | 2018 | 2017 | Var | 2018 | 2017 | Var | |||||||||||||||||||
Residence Inn | 29 | 79.8 | % | 82.3 | % | (3.0 | )% | $ | 147.30 | $ | 148.35 | (0.7 | )% | $ | 117.50 | $ | 122.07 | (3.7 | )% | ||||||||
Courtyard | 24 | 78.4 | % | 80.6 | % | (2.8 | )% | 170.39 | 167.92 | 1.5 | % | 133.51 | 135.39 | (1.4 | )% | ||||||||||||
Embassy Suites | 22 | 81.5 | % | 82.2 | % | (0.8 | )% | 171.65 | 171.69 | 0.0 | % | 139.94 | 141.13 | (0.8 | )% | ||||||||||||
Hyatt House | 11 | 81.3 | % | 84.9 | % | (4.2 | )% | 184.20 | 177.00 | 4.1 | % | 149.74 | 150.23 | (0.3 | )% | ||||||||||||
Hilton Garden Inn | 8 | 77.0 | % | 75.1 | % | 2.6 | % | 162.25 | 157.53 | 3.0 | % | 124.93 | 118.23 | 5.7 | % | ||||||||||||
SpringHill Suites | 8 | 69.5 | % | 73.6 | % | (5.6 | )% | 127.20 | 130.89 | (2.8 | )% | 88.37 | 96.33 | (8.3 | )% | ||||||||||||
Wyndham | 8 | 83.7 | % | 83.2 | % | 0.7 | % | 173.45 | 176.10 | (1.5 | )% | 145.26 | 146.45 | (0.8 | )% | ||||||||||||
Fairfield Inn & Suites | 7 | 79.2 | % | 78.1 | % | 1.4 | % | 139.52 | 146.63 | (4.9 | )% | 110.44 | 114.45 | (3.5 | )% | ||||||||||||
Hampton Inn | 7 | 78.0 | % | 79.1 | % | (1.3 | )% | 138.41 | 139.09 | (0.5 | )% | 107.97 | 109.99 | (1.8 | )% | ||||||||||||
Marriott | 6 | 70.1 | % | 73.7 | % | (4.9 | )% | 194.67 | 187.87 | 3.6 | % | 136.49 | 138.51 | (1.5 | )% | ||||||||||||
DoubleTree | 4 | 89.3 | % | 89.9 | % | (0.6 | )% | 199.72 | 199.54 | 0.1 | % | 178.38 | 179.34 | (0.5 | )% | ||||||||||||
Renaissance | 3 | 81.4 | % | 81.5 | % | (0.2 | )% | 167.04 | 161.04 | 3.7 | % | 135.95 | 131.28 | 3.6 | % | ||||||||||||
Hyatt Place | 3 | 85.1 | % | 86.0 | % | (1.0 | )% | 188.85 | 180.93 | 4.4 | % | 160.77 | 155.57 | 3.3 | % | ||||||||||||
Homewood Suites | 2 | 84.9 | % | 84.2 | % | 0.9 | % | 174.95 | 181.25 | (3.5 | )% | 148.58 | 152.62 | (2.6 | )% | ||||||||||||
Hilton | 2 | 77.1 | % | 78.7 | % | (2.1 | )% | 172.28 | 177.96 | (3.2 | )% | 132.75 | 140.08 | (5.2 | )% | ||||||||||||
Hyatt | 2 | 79.2 | % | 79.1 | % | 0.1 | % | 189.81 | 174.05 | 9.1 | % | 150.31 | 137.74 | 9.1 | % | ||||||||||||
Other | 5 | 83.5 | % | 84.9 | % | (1.6 | )% | 248.02 | 238.00 | 4.2 | % | 207.17 | 201.95 | 2.6 | % | ||||||||||||
Total | 151 | 79.9 | % | 81.2 | % | (1.6 | )% | $ | 172.51 | $ | 171.06 | 0.9 | % | $ | 137.82 | $ | 138.93 | (0.8 | )% |
Top Markets | # of Hotels | Occupancy | ADR | RevPAR | |||||||||||||||||||||||
2018 | 2017 | Var | 2018 | 2017 | Var | 2018 | 2017 | Var | |||||||||||||||||||
Northern California | 13 | 84.5 | % | 86.5 | % | (2.3 | )% | $ | 228.96 | $ | 221.16 | 3.5 | % | $ | 193.53 | $ | 191.41 | 1.1 | % | ||||||||
South Florida | 13 | 86.5 | % | 83.4 | % | 3.8 | % | 172.85 | 169.31 | 2.1 | % | 149.57 | 141.16 | 6.0 | % | ||||||||||||
Southern California | 9 | 86.4 | % | 86.8 | % | (0.4 | )% | 182.70 | 182.87 | (0.1 | )% | 157.92 | 158.68 | (0.5 | )% | ||||||||||||
Austin | 14 | 75.0 | % | 77.6 | % | (3.3 | )% | 162.19 | 166.69 | (2.7 | )% | 121.66 | 129.37 | (6.0 | )% | ||||||||||||
Denver | 13 | 77.0 | % | 78.6 | % | (2.1 | )% | 141.26 | 142.67 | (1.0 | )% | 108.77 | 112.21 | (3.1 | )% | ||||||||||||
New York City | 5 | 89.4 | % | 88.1 | % | 1.4 | % | 222.60 | 219.75 | 1.3 | % | 198.90 | 193.59 | 2.7 | % | ||||||||||||
Washington, DC | 7 | 82.7 | % | 80.4 | % | 2.8 | % | 191.12 | 198.12 | (3.5 | )% | 158.03 | 159.35 | (0.8 | )% | ||||||||||||
Chicago | 14 | 72.3 | % | 68.8 | % | 5.2 | % | 144.08 | 143.50 | 0.4 | % | 104.22 | 98.68 | 5.6 | % | ||||||||||||
Houston | 11 | 71.1 | % | 70.6 | % | 0.7 | % | 140.88 | 146.28 | (3.7 | )% | 100.10 | 103.25 | (3.0 | )% | ||||||||||||
Louisville | 5 | 61.5 | % | 68.4 | % | (10.1 | )% | 154.04 | 160.02 | (3.7 | )% | 94.80 | 109.51 | (13.4 | )% | ||||||||||||
Other | 47 | 77.5 | % | 77.9 | % | (0.6 | )% | 161.67 | 161.28 | 0.2 | % | 125.23 | 125.71 | (0.4 | )% | ||||||||||||
Total | 151 | 79.1 | % | 79.4 | % | (0.3 | )% | $ | 174.39 | $ | 173.94 | 0.3 | % | $ | 138.03 | $ | 138.11 | (0.1 | )% | ||||||||
Service Level | # of Hotels | Occupancy | ADR | RevPAR | |||||||||||||||||||||||
2018 | 2017 | Var | 2018 | 2017 | Var | 2018 | 2017 | Var | |||||||||||||||||||
Focused-Service | 102 | 78.1 | % | 77.9 | % | 0.3 | % | $ | 160.74 | $ | 161.70 | (0.6 | )% | $ | 125.62 | $ | 125.99 | (0.3 | )% | ||||||||
Compact Full-Service | 46 | 81.9 | % | 82.2 | % | (0.4 | )% | 188.39 | 186.20 | 1.2 | % | 154.25 | 153.09 | 0.8 | % | ||||||||||||
Full-Service | 3 | 62.1 | % | 67.1 | % | (7.4 | )% | 180.77 | 182.14 | (0.8 | )% | 112.31 | 122.18 | (8.1 | )% | ||||||||||||
Total | 151 | 79.1 | % | 79.4 | % | (0.3 | )% | $ | 174.39 | $ | 173.94 | 0.3 | % | $ | 138.03 | $ | 138.11 | (0.1 | )% | ||||||||
Chain Scale | # of Hotels | Occupancy | ADR | RevPAR | |||||||||||||||||||||||
2018 | 2017 | Var | 2018 | 2017 | Var | 2018 | 2017 | Var | |||||||||||||||||||
Upper Upscale | 37 | 78.1 | % | 79.0 | % | (1.1 | )% | $ | 183.28 | $ | 181.28 | 1.1 | % | $ | 143.17 | $ | 143.16 | 0.0 | % | ||||||||
Upscale | 96 | 79.8 | % | 79.8 | % | 0.0 | % | 167.61 | 167.95 | (0.2 | )% | 133.79 | 134.08 | (0.2 | )% | ||||||||||||
Upper Midscale | 16 | 78.9 | % | 78.5 | % | 0.5 | % | 165.52 | 167.19 | (1.0 | )% | 130.58 | 131.29 | (0.5 | )% | ||||||||||||
Other | 2 | 79.1 | % | 78.1 | % | 1.4 | % | 274.83 | 267.54 | 2.7 | % | 217.51 | 208.89 | 4.1 | % | ||||||||||||
Total | 151 | 79.1 | % | 79.4 | % | (0.3 | )% | $ | 174.39 | $ | 173.94 | 0.3 | % | $ | 138.03 | $ | 138.11 | (0.1 | )% | ||||||||
Flags | # of Hotels | Occupancy | ADR | RevPAR | |||||||||||||||||||||||
2018 | 2017 | Var | 2018 | 2017 | Var | 2018 | 2017 | Var | |||||||||||||||||||
Residence Inn | 29 | 79.6 | % | 79.5 | % | 0.2 | % | $ | 152.53 | $ | 154.59 | (1.3 | )% | $ | 121.47 | $ | 122.87 | (1.1 | )% | ||||||||
Courtyard | 24 | 78.3 | % | 79.0 | % | (0.9 | )% | 168.10 | 168.42 | (0.2 | )% | 131.58 | 133.00 | (1.1 | )% | ||||||||||||
Embassy Suites | 22 | 81.4 | % | 81.9 | % | (0.6 | )% | 179.13 | 177.24 | 1.1 | % | 145.90 | 145.21 | 0.5 | % | ||||||||||||
Hyatt House | 11 | 82.9 | % | 82.2 | % | 0.9 | % | 178.78 | 175.30 | 2.0 | % | 148.21 | 144.06 | 2.9 | % | ||||||||||||
Hilton Garden Inn | 8 | 77.2 | % | 74.5 | % | 3.6 | % | 163.07 | 161.29 | 1.1 | % | 125.94 | 120.19 | 4.8 | % | ||||||||||||
SpringHill Suites | 8 | 69.1 | % | 71.6 | % | (3.5 | )% | 128.59 | 133.54 | (3.7 | )% | 88.85 | 95.57 | (7.0 | )% | ||||||||||||
Wyndham | 8 | 80.5 | % | 79.8 | % | 0.9 | % | 173.80 | 175.40 | (0.9 | )% | 139.93 | 139.95 | 0.0 | % | ||||||||||||
Fairfield Inn & Suites | 7 | 78.2 | % | 76.7 | % | 1.9 | % | 155.16 | 165.11 | (6.0 | )% | 121.27 | 126.67 | (4.3 | )% | ||||||||||||
Hampton Inn | 7 | 77.8 | % | 75.5 | % | 3.0 | % | 141.57 | 142.27 | (0.5 | )% | 110.14 | 107.41 | 2.5 | % | ||||||||||||
Marriott | 6 | 69.4 | % | 73.2 | % | (5.2 | )% | 197.97 | 197.03 | 0.5 | % | 137.48 | 144.31 | (4.7 | )% | ||||||||||||
DoubleTree | 4 | 90.2 | % | 91.3 | % | (1.2 | )% | 203.64 | 201.53 | 1.0 | % | 183.64 | 183.93 | (0.2 | )% | ||||||||||||
Renaissance | 3 | 78.7 | % | 77.0 | % | 2.1 | % | 169.42 | 165.34 | 2.5 | % | 133.28 | 127.37 | 4.6 | % | ||||||||||||
Hyatt Place | 3 | 81.8 | % | 83.3 | % | (1.9 | )% | 187.89 | 184.81 | 1.7 | % | 153.64 | 154.02 | (0.3 | )% | ||||||||||||
Homewood Suites | 2 | 79.0 | % | 80.4 | % | (1.8 | )% | 181.53 | 187.95 | (3.4 | )% | 143.36 | 151.10 | (5.1 | )% | ||||||||||||
Hilton | 2 | 72.7 | % | 72.4 | % | 0.4 | % | 178.35 | 175.10 | 1.9 | % | 129.59 | 126.73 | 2.3 | % | ||||||||||||
Hyatt | 2 | 80.5 | % | 79.3 | % | 1.5 | % | 195.70 | 186.95 | 4.7 | % | 157.58 | 148.26 | 6.3 | % | ||||||||||||
Other | 5 | 79.0 | % | 80.4 | % | (1.8 | )% | 228.07 | 219.78 | 3.8 | % | 180.09 | 176.80 | 1.9 | % | ||||||||||||
Total | 151 | 79.1 | % | 79.4 | % | (0.3 | )% | $ | 174.39 | $ | 173.94 | 0.3 | % | $ | 138.03 | $ | 138.11 | (0.1 | )% |