Item 2.01. Completion of Acquisition or Disposition of Assets.
On
At closing, the Purchaser entered into a short-term franchise agreement with
Item 7.01. Regulation FD Disclosure.
A copy of the company's press release, dated
Non-GAAP Financial Measures
The following is a reconciliation of pro forma Adjusted EBITDA to amounts
previously reported, to reflect (i) the sale of the Company's hotels in
Year EndedDecember 31, 2019
Adjusted EBITDA from continuing operations- as previously reported
$ 11,592
Less:
(2,182 ) Less: Asset sold with this filing (3,265 ) Pro Forma Adjusted EBITDA$ 6,145
EBITDA is defined as net income (loss), before interest, taxes, depreciation and
amortization. We believe it is a useful financial performance measure due to the
significance of our long-lived assets and level of indebtedness. Adjusted EBITDA
is an additional measure of financial performance. We believe that the inclusion
or exclusion of certain special items, such as gains and losses on asset
dispositions and impairments, is necessary to provide the most accurate measure
of core operating results and as a means to evaluate comparative results. Refer
to our previously filed 10-K for the year ended
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Item 9.01. Financial Statements and Exhibits.
(b) Pro Forma Financial Information.
Attached hereto as Exhibit 99.1 and incorporated by reference herein is
unaudited pro forma consolidated financial information of the registrant that
gives effect to (i) the sale of the Company's hotels in
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(d) Exhibits. Exhibit Number Exhibit Title or Description 99.1 Press release datedMarch 2, 2020 99.2 Unaudited pro forma consolidated financial information
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