BETHESDA, Md., Feb. 17, 2022 /PRNewswire/ -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH), a lodging-focused real estate investment trust that owns a portfolio of 33 premium hotels in the United States, today announced results of operations for the quarter and year ended December 31, 2021.

(PRNewsfoto/DiamondRock Hospitality Company)

Fourth Quarter 2021 Highlights

  • Net Loss: Net loss was $2.9 million and loss per diluted share was $0.03.
  • Comparable Revenues: Comparable total revenues were $196.8 million, which represents a 13.3% decline from the comparable period of 2019.
  • Comparable RevPAR: Comparable RevPAR was $158.53, which represents a 12.5% decline from the comparable period of 2019. Comparable ADR increased 7.6% from the comparable period in 2019.
  • Comparable Hotel Adjusted EBITDA: Comparable Hotel Adjusted EBITDA was $43.1 million, a 33.1% decline from the comparable period of 2019.
  • Adjusted EBITDA: Adjusted EBITDA was $34.4 million.
  • Adjusted FFO: Adjusted FFO was $19.1 million and Adjusted FFO per diluted share was $0.09.
  • Hotel Acquisition: The Company acquired the Henderson Beach Resort in Destin, Florida for $112.5 million on December 23, 2021.
  • Mortgage Loan Extension: The Company executed a one year extension of the mortgage loan secured by the Salt Lake City Marriott, which takes the maturity of this loan to January 2023.

Full Year 2021 Highlights

  • Net Loss: Net loss was $195.4 million and loss per diluted share was $0.96.
  • Comparable Revenues: Comparable total revenues were $611.7 million, which represents a 33.5% decline from the comparable period of 2019.
  • Comparable RevPAR: Comparable RevPAR was $124.74, which represents a 32.6% decline from the comparable period of 2019. Comparable ADR increased 2.4% from the comparable period in 2019.
  • Comparable Hotel Adjusted EBITDA: Comparable Hotel Adjusted EBITDA was $129.1 million, a $144.1 million decline from the comparable period of 2019.
  • Adjusted EBITDA: Adjusted EBITDA was $83.5 million.
  • Adjusted FFO: Adjusted FFO was $26.3 million and Adjusted FFO per diluted share was $0.12.
  • Liquidity: The Company ended 2021 with $441.3 million total liquidity. The Company has remained cash flow positive at the hotel level since March 2021.
  • Capital Recycling Transactions: Completed six transactions to recycle $220 million from low-yield, encumbered, capital-intensive properties into $293 million of high-quality, unencumbered, independent hotels and resorts.

Recent Developments

  • Hotel Acquisition: The Company acquired the Tranquility Bay Beachfront Resort in Marathon, Florida for $63.0 million on January 6, 2022.
  • Hotel Brand Conversions: The Company completed the conversion of the Bethesda Marriott Suites to the Embassy Suites by Hilton Bethesda in February 2022. The Company is currently completing renovations to rebrand the JW Marriott Denver Cherry Creek as Hotel Clio, a Luxury Collection Hotel at the end of the first quarter of 2022.
  • Loan Amendments: The Company executed further amendments to the credit agreements for its $400 million revolving credit facility and $400 million in unsecured term loans to extend the waiver of financial covenants through the first quarter of 2022 and the modification of certain financial covenants through the second quarter of 2023.

"The results for 2021 far exceeded our original expectations with Comparable Total RevPAR within 1.5% of 2019 levels in December.  Our strategic decision over 7 years ago to pivot to destination resorts and lifestyle hotels has paid off as those properties have collectively exceeded prior peak revenues from robust leisure demand.  Gateway hotels improved as well but due to restraints on corporate travel their best days lie ahead. Forward bookings into 2022 were strong, although the Omicron variant likely delayed the emerging business and group recovery by a few months," said Mark W. Brugger, President and Chief Executive Officer of DiamondRock Hospitality Company. "We are particularly proud of the $500 million in transformative real estate transactions completed over the last year.  These transactions are expected to add an incremental $20 million of Hotel Adjusted EBITDA in 2022 and continue to build the Company's resort and urban lifestyle hotel portfolio, which now comprises over 60% of the Company's hotels."

Operating Results

Please see "Non-GAAP Financial Measures" attached to this press release for an explanation of the terms "EBITDAre," "Adjusted EBITDA," "Hotel Adjusted EBITDA," "Hotel Adjusted EBITDA Margin," "FFO" and "Adjusted FFO" and a reconciliation of these measures to net income. Comparable operating results include our 2021 acquisitions and exclude our 2021 dispositions for all periods presented.  See "Reconciliation of Comparable Operating Results" attached to this press release for a reconciliation to historical amounts.


Quarter Ended December 31,


Change From


2021

2020

2019


2020

2019


($ amounts in millions, except hotel statistics and per share amounts)

Comparable Operating Results (1)







ADR

$            259.63

$            208.13

$            241.25


24.7%

7.6%

Occupancy

61.1%

23.7%

75.1%


37.4%

(14.0)%

RevPAR

$            158.53

$              49.41

$            181.27


220.8%

(12.5)%

Total RevPAR

$            228.81

$              77.28

$            264.12


196.1%

(13.4)%

Revenues

$              196.8

$                66.5

$              227.1


195.9%

(13.3)%

Hotel Adjusted EBITDA

$                43.1

$                 (4.5)

$                64.4


1057.8%

(33.1)%

Hotel Adjusted EBITDA Margin

21.90%

(6.79)%

28.37%


2,869 bps

(647) bps

Available Rooms

860,108

859,833

859,740


275

368








Actual Operating Results (2)







Revenues

$              189.9

$                59.0

$              237.5


221.9%

(20.0)%

Net (loss) income

$                 (2.9)

$             (208.3)

$              134.6


98.6%

(102.2)%

(Loss) income per diluted share

$               (0.03)

$               (1.04)

$                0.66


97.1%

(104.5)%

Adjusted EBITDA

$                34.4

$               (14.9)

$                62.7


330.9%

(45.1)%

Adjusted FFO

$                19.1

$                 (8.3)

$                54.7


330.1%

(65.1)%

Adjusted FFO per diluted share

$                0.09

$               (0.04)

$                0.27


325.0%

(66.7)%


Year Ended December 31,


Change From


2021

2020

2019


2020

2019


($ amounts in millions, except hotel statistics and per share amounts)

Comparable Operating Results (1)







ADR

$            243.71

$            216.83

$            238.10


12.4%

2.4%

Occupancy

51.2%

28.2%

77.7%


23.0%

(26.5)%

RevPAR

$            124.74

$              61.19

$            184.95


103.9%

(32.6)%

Total RevPAR

$            179.28

$              94.91

$            269.75


88.9%

(33.5)%

Revenues

$              611.7

$              324.7

$              919.8


88.4%

(33.5)%

Hotel Adjusted EBITDA

$              129.1

$               (21.5)

$              273.2


700.5%

(52.7)%

Hotel Adjusted EBITDA Margin

21.10%

(6.61)%

29.70%


2,771 bps

(860) bps

Available Rooms

3,412,176

3,420,783

3,409,885


(8,607)

2,291








Actual Operating Results (2)







Revenues

$              567.1

$              299.5

$              938.1


89.3%

(39.5)%

Net (loss) income

$             (195.4)

$             (396.0)

$              184.2


50.7%

(206.1)%

(Loss) income per diluted share

$               (0.96)

$               (1.97)

$                0.90


51.3%

(206.7)%

Adjusted EBITDA

$                83.5

$               (64.5)

$              260.4


229.5%

(67.9)%

Adjusted FFO

$                26.3

$               (85.3)

$              217.0


130.8%

(87.9)%

Adjusted FFO per diluted share

$                0.12

$               (0.42)

$                1.07


128.6%

(88.8)%



(1)  

The amounts for all periods presented does not adjust for hotels that had suspended operations.  The amounts for all
periods presented also include pre-acquisition operating results for Bourbon Orleans Hotel from January 1, 2019 to
July 28, 2021, Henderson Park Inn from January 1, 2019 to July 29, 2021 and Henderson Beach Resort from
January 1, 2019 to December 22, 2021.  The pre-acquisition operating results were obtained from the sellers of the hotels
during the acquisition due diligence process. We have made no adjustments to the amounts provided to us by the seller.
The pre-acquisition operating results were not audited or reviewed by the Company's independent auditors.



(2) 

Actual operating results include the operating results of hotels acquired and disposed of for the Company's respective ownership periods.



The following tables provide comparable monthly operating information for the year ended December 31, 2021(1):


January
2021


February 
2021


March
2021


April 
2021


May
2021


June
2021


Number of Hotels

32


32


32


32


32


32

Number of Rooms

9,349


9,349


9,349


9,349


9,349


9,349

Occupancy

21.3%


29.2%


36.5%


39.4%


47.8%


59.5%

ADR

$193.61


$217.42


$241.35


$236.06


$232.30


$233.32

RevPAR

$41.18


$63.43


$88.08


$92.89


$111.00


$138.76

Total RevPAR

$63.14


$95.47


$126.23


$137.95


$164.37


$195.40

2021 vs 2019

Occupancy change in bps

(4,184) bps


(4,490) bps


(4,241) bps


(4,179) bps


(3,244) bps


(2,621) bps

ADR Rate % change

(3.4)%


0.6%


1.2%


(3.7)%


(8.8)%


(7.4)%

RevPAR % change

(67.4)%


(60.4)%


(53.2)%


(53.3)%


(45.7)%


(35.7)%

Total RevPAR % change

(67.8)%


(61.1)%


(54.4)%


(52.2)%


(45.8)%


(37.2)%

 


July
2021


August 
2021


September
2021


 October
2021


November
2021


December
2021








Number of Hotels

32


32


32


32


32


32


Number of Rooms

9,349


9,349


9,349


9,349


9,349


9,349


Occupancy

70.0%


63.5%


62.5%


66.7%


60.2%


56.3%


ADR

$253.06


$234.00


$249.61


$267.90


$238.98


$271.21


RevPAR

$177.06


$148.52


$155.90


$178.63


$143.93


$152.56


Total RevPAR

$244.78


$209.30


$222.31


$254.23


$210.57


$221.05


2021 vs 2019

Occupancy change in bps

(1,232) bps


(1,794) bps


(1,744) bps


(1,483) bps


(1,495) bps


(1,247) bps


ADR Rate % change

8.6%


3.7%


(3.0)%


1.6%


5.2%


18.2%


RevPAR % change

(7.7)%


(19.1)%


(24.2)%


(16.9)%


(15.7)%


(3.3)%


Total RevPAR % change

(9.3)%


(19.3)%


(24.4)%


(18.9)%


(17.1)%


(1.5)%




(1) 

The amounts for all periods presented exclude the two hotels sold during 2021, Frenchman's Reef and The Lexington Hotel and does not adjust for hotels that had
suspended operations.  The amounts for all periods presented also include pre-acquisition operating results for Bourbon Orleans Hotel, Henderson Park Inn and
Henderson Beach Resort.  The pre-acquisition operating results were obtained from the sellers of the hotels during the acquisition due diligence process. We have
made no adjustments to the amounts provided to us by the seller. The pre-acquisition operating results were not audited or reviewed by the Company's independent
auditors.



As a result of the spike in COVID-19 cases from the Omicron variant, we expect the change in total revenues and Hotel Adjusted EBITDA margins as compared to 2019 will be softer in the first quarter of 2022 than in the fourth quarter of 2021. Preliminary January 2022 total revenues are expected to be up 126% compared to January 2021 and down approximately 23% compared to January 2019.  January 2022 ADR is expected to be higher than 2019 by approximately 20%, but is offset by a 22-point decrease in occupancy due to the impact on demand from Omicron. The monthly sequential comparison to 2019 for portfolio total revenue is expected to increase for the balance of the first quarter 2022.

Hotel Acquisitions

The Company completed four acquisitions during 2021 and early 2022, which have shifted the Company's portfolio to almost two-thirds leisure-oriented hotels and resorts. 

  • Bourbon Orleans Hotel (New Orleans, Louisiana): This 220-room independent boutique lifestyle hotel, located at the heart of the French Quarter, was acquired in July 2021 for $89.9 million or a 7.0% capitalization rate on 2019 hotel net operating income ("NOI").
  • Henderson Park Inn (Destin, Florida): This 37-room beachfront resort Henderson Park Inn was acquired in July 2021 for $27.5 million. The resort has exceeded the Company's initial underwriting and generated a 9.0% yield on 2021 hotel NOI.
  • Henderson Beach Resort (Destin, Florida): This 170-room recently constructed luxury oceanfront resort was purchased in December 2021 for $112.5 million. The purchase price represents a 6.4% yield on 2021 hotel NOI and is expected to stabilize above an 8.0% yield.
  • Tranquility Bay Beachfront Resort (Marathon, Florida): This 103-unit luxury beachfront resort was purchased in January 2022 for $63.0 million. The resort has a total of 231 bedrooms in 87 two-bedroom and three-bedroom beach houses, as well as 16 tropical garden guest rooms. The purchase price represents an 11.6% yield on 2021 hotel NOI.

Loan Amendments

On December 27, 2021, the Company extended its only near-term debt maturity, the mortgage loan secured by the Salt Lake City Marriott, to January 2023.

On February 4, 2022, the Company further amended the credit agreements for its $400 million revolving credit facility and $400 million in unsecured term loans to extend the waiver period for the testing of financial covenants from December 31, 2021 to March 31, 2022, unless terminated early at the Company's option. The amendments also extend the modification of certain financial covenants, once quarterly testing resumes, to June 30, 2023.  The amendments also provide the Company with the ability to acquire up to $550 million of unencumbered properties upon certain conditions.

Capital Expenditures

The Company invested approximately $44.5 million on capital improvements at its hotels during the year ended December 31, 2021.  In addition, the Company spent approximately $2.7 million on the rebuild of Frenchman's Reef during the year ended December 31, 2021, but has no further obligation to fund any additional amounts related to the rebuild following the sale of the property on April 30, 2021.  Significant projects in 2021 include the following:

  • The Lodge at Sonoma: The Company completed a renovation to reposition and rebrand the hotel to an Autograph Collection Hotel in July of 2021. The renovation includes a new restaurant by celebrity chef Michael Mina.
  • The Hythe Vail, a Luxury Collection Resort: The Company completed the final phase of a multi-year renovation to rebrand the Vail Marriott Mountain Resort as The Hythe Vail, a Luxury Collection Resort, in the fourth quarter of 2021.
  • Margaritaville Beach House Key West: The Company converted the Barbary Beach House Key West to the Margaritaville Beach Resort Key West in the fourth quarter of 2021.

The Company expects to spend approximately $100 million on capital improvements at its hotels in 2022, which includes the completion of certain projects that commenced in 2021. Significant projects in 2022 include the following:

  • JW Marriott Denver Cherry Creek: The Company is completing renovations to rebrand the hotel as Hotel Clio, a Luxury Collection Hotel at the end of the first quarter of 2022.
  • Hilton Boston Downtown/Faneuil Hall: The Company expects to commence a comprehensive renovation and repositioning of the hotel commencing in the fourth quarter of 2022. The hotel's franchise agreement expires in 2023.
  • Orchards Inn Sedona: The Company expects to commence the first phase of the upgrade renovation of the resort in mid-2022.
  • Hilton Burlington Lake Champlain: The Company expects to complete a renovation of the hotel to rebrand it as a Curio Collection Hotel in late 2022. The renovation is expected to include a new restaurant concept by a local renowned chef.

Balance Sheet and Liquidity

As of December 31, 2021, the Company's liquidity was $441.3 million, comprised of $38.6 million of unrestricted corporate cash, $92.7 million of unrestricted cash at its hotels and $310.0 million of capacity on its senior unsecured credit facility.  As of December 31, 2021, the Company had $1.1 billion of total debt outstanding, which consisted of $580.5 million of property-specific, non-recourse mortgage debt, $400.0 million of unsecured term loans and $90.0 million of outstanding borrowings on its $400.0 million senior unsecured credit facility.  Subsequent to December 31, 2021, the Company drew an additional $70.0 million on its senior unsecured credit facility to fund the Tranquility Bay Beachfront Resort acquisition.  

Dividends

The Company declared a quarterly dividend of $0.515625 per share on its 8.250% Series A Cumulative Redeemable Preferred Stock to shareholders of record as of December 20, 2021.  This dividend was paid on December 31, 2021.  The Company has suspended its quarterly common stock cash dividends. The resumption in quarterly common dividends will be determined by the Company's Board of Directors after considering the Company's obligations under its various financing agreements, projected taxable income, compliance with its debt covenants, long-term operating projections, expected capital requirements and risks affecting the Company's business.

Earnings Call

The Company will host a conference call to discuss its fourth quarter and full year results on Friday, February 18, 2022, at 9:00 a.m. Eastern Time (ET).  To participate in the live call, investors are invited to dial 844-287-6622 (for domestic callers) or 530-379-4559 (for international callers).  The participant passcode is 6819388. A live webcast of the call will be available via the investor relations section of DiamondRock Hospitality Company's website at www.drhc.com or www.earnings.com. For those unable to listen to the call live, a taped rebroadcast will be available two hours after completion of the live call through March 11, 2022.  To access the rebroadcast, dial 855-859-2056, or internationally at 404-537-3406, and use conference ID 6819388. A replay of the webcast will also be archived on the website for one week.

About the Company

DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in leisure destinations and top gateway markets.  The Company currently owns 33 premium quality hotels with over 9,400 rooms. The Company has strategically positioned its hotels to be operated both under leading global brand families as well as unique boutique hotels in the lifestyle segment.  For further information on the Company and its portfolio, please visit DiamondRock Hospitality Company's website at www.drhc.com.

This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "believe," "expect," "intend," "project," "forecast," "plan" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: the adverse impact of the novel coronavirus (COVID-19) on the U.S., regional and global economies, travel, the hospitality industry, and the financial condition and results of operations of the Company and its hotels; national and local economic and business conditions, including the potential for additional terrorist attacks, that will affect occupancy rates at the Company's hotels and the demand for hotel products and services; operating risks associated with the hotel business; risks associated with the level of the Company's indebtedness and its ability to obtain covenant waivers on its credit agreements for its senior unsecured credit facility and unsecured term loans; relationships with property managers; the ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in travel patterns, taxes and government regulations which influence or determine wages, prices, construction procedures and costs; and other risk factors contained in the Company's filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.

 

 

DIAMONDROCK HOSPITALITY COMPANY
CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

 



December 31, 2021


December 31, 2020

ASSETS

(unaudited)



Property and equipment, net

$                  2,651,444


$                 2,817,356

Right-of-use assets

100,212


96,673

Restricted cash

36,887


23,050

Due from hotel managers

120,671


69,495

Prepaid and other assets

17,472


28,403

Cash and cash equivalents

38,620


111,796

Total assets

$                  2,965,306


$                 3,146,773

LIABILITIES AND EQUITY




Liabilities:




Mortgage and other debt, net of unamortized debt issuance costs

$                      578,651


$                    595,149

Unsecured term loans, net of unamortized debt issuance costs

398,572


398,550

Senior unsecured credit facility

90,000


55,000

Total debt

1,067,223


1,048,699





Lease liabilities

108,605


104,973

Deferred rent

60,800


56,344

Due to hotel managers

85,493


95,548

Unfavorable contract liabilities, net

62,780


64,796

Accounts payable and accrued expenses

51,238


46,542

Deferred income related to key money, net

8,203


10,946

Total liabilities

1,444,342


1,427,848

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
December 31, 2021 and 2020

48


48

Common stock, $0.01 par value; 400,000,000 shares authorized; 210,746,895
and 210,073,514  shares issued and outstanding at December 31, 2021 and
2020, respectively

2,107


2,101

Additional paid-in capital

2,293,990


2,285,491

Deficit

(780,931)


(576,531)

Total stockholders' equity

1,515,214


1,711,109

Noncontrolling interests

5,750


7,816

Total equity

1,520,964


1,718,925

Total liabilities and equity

$                  2,965,306


$                 3,146,773

 

DIAMONDROCK HOSPITALITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

(unaudited)

 



Three Months Ended December 31,


Year Ended December 31,


2021


2020


2021


2020

Revenues:








Rooms

$               133,004


$                 38,670


$               399,055


$              196,736

Food and beverage

41,690


12,037


117,742


68,566

Other

15,240


8,340


50,337


34,186

Total revenues

189,934


59,047


567,134


299,488

Operating Expenses:








Rooms

34,447


14,015


102,183


68,603

Food and beverage

31,704


12,546


89,795


58,391

Management fees

3,694


934


10,208


3,578

Franchise fees

6,472


1,729


18,665


10,131

Other hotel expenses

73,610


41,872


240,818


213,631

Depreciation and amortization

25,754


27,319


102,963


114,716

Impairment losses

—


174,120


126,697


174,120

Corporate expenses

8,762


7,751


32,552


27,401

Business interruption insurance income

(705)


(2,208)


(705)


(2,208)

Total operating expenses, net

183,738


278,078


723,176


668,363









Interest and other income, net

(487)


(449)


(947)


(391)

Interest expense

7,797


10,330


37,043


53,995

  Total other expenses, net

7,310


9,881


36,096


53,604

Loss before income taxes

(1,114)


(228,912)


(192,138)


(422,479)

Income tax (expense) benefit

(1,834)


20,599


(3,267)


26,452

Net loss

(2,948)


(208,313)


(195,405)


(396,027)

Less:  Net loss attributable to noncontrolling
interests

9


871


821


1,652

Net loss attributable to the Company

(2,939)


(207,442)


(194,584)


(394,375)

Distributions to preferred stockholders

(2,455)


(2,455)


(9,817)


(3,300)

Net loss attributable to common
stockholders

$                  (5,394)


$             (209,897)


$             (204,401)


$            (397,675)

Loss per share:








Net loss per share available to common
stockholders - basic

$                    (0.03)


$                    (1.04)


$                    (0.96)


$                   (1.97)

Net loss per share available to common
stockholders - diluted

$                    (0.03)


$                    (1.04)


$                    (0.96)


$                   (1.97)









Weighted-average number of common
shares outstanding:








Basic

212,323,852


203,684,881


212,056,923


201,670,721

Diluted

212,323,852


203,684,881


212,056,923


201,670,721

 

Non-GAAP Financial Measures

We use the following non-GAAP financial measures that we believe are useful to investors as key measures of our operating performance: EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, Hotel Adjusted EBITDA, FFO and Adjusted FFO. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with U.S. GAAP.  EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, Hotel Adjusted EBITDA, FFO and Adjusted FFO, as calculated by us, may not be comparable to other companies that do not define such terms exactly as the Company.

Use and Limitations of Non-GAAP Financial Measures

Our management and Board of Directors use EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, Hotel Adjusted EBITDA, FFO and Adjusted FFO to evaluate the performance of our hotels and to facilitate comparisons between us and other lodging REITs, hotel owners who are not REITs and other capital intensive companies. The use of these non-GAAP financial measures has certain limitations. These non-GAAP financial measures as presented by us, may not be comparable to non-GAAP financial measures as calculated by other real estate companies. These measures do not reflect certain expenses or expenditures that we incurred and will incur, such as depreciation, interest and capital expenditures. We compensate for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of our operating performance. Our reconciliations to the most comparable U.S. GAAP financial measures, and our consolidated statements of operations and cash flows, include interest expense, capital expenditures, and other excluded items, all of which should be considered when evaluating our performance, as well as the usefulness of our non-GAAP financial measures.

These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with U.S. GAAP. They should not be considered as alternatives to operating profit, cash flow from operations, or any other operating performance measure prescribed by U.S. GAAP. These non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our U.S. GAAP results and the reconciliations to the corresponding U.S. GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. We strongly encourage investors to review our financial information in its entirety and not to rely on a single financial measure.

EBITDA, EBITDAre and FFO

EBITDA represents net income (calculated in accordance with U.S. GAAP) excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; and (3) depreciation and amortization.  The Company computes EBITDAre in accordance with the National Association of Real Estate Investment Trusts ("Nareit") guidelines, as defined in its September 2017 white paper "Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate."  EBITDAre represents net income (calculated in accordance with U.S. GAAP) adjusted for: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; (3) depreciation and amortization; (4) gains or losses on the disposition of depreciated property including gains or losses on change of control; (5) impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate; and (6) adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates.

We believe EBITDA and EBITDAre are useful to an investor in evaluating our operating performance because they help investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization, and in the case of EBITDAre, impairment and gains or losses on dispositions of depreciated property) from our operating results. In addition, covenants included in our debt agreements use EBITDA as a measure of financial compliance. We also use EBITDA and EBITDAre as measures in determining the value of hotel acquisitions and dispositions.

The Company computes FFO in accordance with standards established by the Nareit, which defines FFO as net income determined in accordance with U.S. GAAP, excluding gains or losses from sales of properties and impairment losses, plus real estate related depreciation and amortization. The Company believes that the presentation of FFO provides useful information to investors regarding its operating performance because it is a measure of the Company's operations without regard to specified non-cash items, such as real estate related depreciation and amortization and gains or losses on the sale of assets.  The Company also uses FFO as one measure in assessing its operating results.

Hotel EBITDA

Hotel EBITDA represents net income excluding:  (1) interest expense, (2) income taxes, (3) depreciation and amortization, (4) corporate general and administrative expenses (shown as corporate expenses on the consolidated statements of operations), and (5) hotel acquisition costs. We believe that Hotel EBITDA provides our investors a useful financial measure to evaluate our hotel operating performance, excluding the impact of our capital structure (primarily interest), our asset base (primarily depreciation and amortization), and our corporate-level expenses (corporate expenses and hotel acquisition costs).  With respect to Hotel EBITDA, we believe that excluding the effect of corporate-level expenses provides a more complete understanding of the operating results over which individual hotels and third-party management companies have direct control.  We believe property-level results provide investors with supplemental information on the ongoing operational performance of our hotels and effectiveness of the third-party management companies operating our business on a property-level basis.

Adjustments to EBITDAre, FFO and Hotel EBITDA

We adjust EBITDAre, FFO and Hotel EBITDA when evaluating our performance because we believe that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance and that the presentation of Adjusted EBITDA, Adjusted FFO and Hotel Adjusted EBITDA when combined with U.S. GAAP net income, EBITDAre, FFO and Hotel EBITDA, is beneficial to an investor's complete understanding of our consolidated and property-level operating performance.  Hotel Adjusted EBITDA margins are calculated as Hotel Adjusted EBITDA divided by total hotel revenues.  We adjust EBITDAre, FFO and Hotel EBITDA for the following items:

  • Non-Cash Lease Expense and Other Amortization: We exclude the non-cash expense incurred from the straight line recognition of expense from our ground leases and other contractual obligations and the non-cash amortization of our favorable and unfavorable contracts, originally recorded in conjunction with certain hotel acquisitions. We exclude these non-cash items because they do not reflect the actual cash amounts due to the respective lessors and service providers in the current period and they are of lesser significance in evaluating our actual performance for that period.
  • Cumulative Effect of a Change in Accounting Principle: The Financial Accounting Standards Board promulgates new accounting standards that require or permit the consolidated statement of operations to reflect the cumulative effect of a change in accounting principle. We exclude the effect of these adjustments, which include the accounting impact from prior periods, because they do not reflect the Company's actual underlying performance for the current period.
  • Gains or Losses from Early Extinguishment of Debt: We exclude the effect of gains or losses recorded on the early extinguishment of debt because these gains or losses result from transaction activity related to the Company's capital structure that we believe are not indicative of the ongoing operating performance of the Company or our hotels.
  • Hotel Acquisition Costs: We exclude hotel acquisition costs expensed during the period because we believe these transaction costs are not reflective of the ongoing performance of the Company or our hotels.
  • Severance Costs: We exclude corporate severance costs, or reversals thereof, incurred with the termination of corporate-level employees and severance costs incurred at our hotels related to lease terminations or structured severance programs because we believe these costs do not reflect the ongoing performance of the Company or our hotels.
  • Hotel Manager Transition Items: We exclude the transition items associated with a change in hotel manager because we believe these items do not reflect the ongoing performance of the Company or our hotels.
  • Other Items: From time to time we incur costs or realize gains that we consider outside the ordinary course of business and that we do not believe reflect the ongoing performance of the Company or our hotels. Such items may include, but are not limited to, the following: pre-opening costs incurred with newly developed hotels; lease preparation costs incurred to prepare vacant space for marketing; management or franchise contract termination fees; gains or losses from legal settlements; costs incurred related to natural disasters; and gains on property insurance claim settlements, other than income related to business interruption insurance.

In addition, to derive Adjusted FFO we exclude any fair value adjustments to interest rate swaps.  We exclude these non-cash amounts because they do not reflect the underlying performance of the Company.

Reconciliations of Non-GAAP Measures

EBITDA, EBITDAre and Adjusted EBITDA

The following tables are reconciliations of our GAAP net income to EBITDA, EBITDAre and Adjusted EBITDA (in thousands):      


Three Months Ended December 31,


2021


2020


2019

Net (loss) income

$                (2,948)


$           (208,313)


$             134,583

Interest expense

7,797


10,330


8,320

Income tax expense (benefit)

1,834


(20,599)


20,089

Real estate related depreciation and amortization

25,754


27,319


30,305

EBITDA

32,437


(191,263)


193,297

Impairment losses

—


174,120


—

EBITDAre

32,437


(17,143)


193,297

Non-cash lease expense and other amortization

1,666


1,737


1,765

Professional fees and pre-opening costs related to Frenchman's Reef (1)

$                       —


594


9,079

Hotel manager transition items

—


27


2,708

Uninsured costs related to natural disasters (2)

111


—


—

Gain on property insurance settlement

—


—


(144,192)

Severance costs (3)

179


(112)


—

Adjusted EBITDA

$               34,393


$             (14,897)


$               62,657

 


Year Ended December 31,


2021


2020


2019

Net (loss) income

$           (195,405)


$           (396,027)


$             184,211

Interest expense

37,043


53,995


46,584

Income tax expense (benefit)

3,267


(26,452)


22,028

Real estate related depreciation and amortization

102,963


114,716


118,110

EBITDA

(52,132)


(253,768)


370,933

Impairment losses

126,697


174,120


—

EBITDAre

74,565


(79,648)


370,933

Non-cash lease expense and other amortization

6,673


6,910


7,013

Professional fees and pre-opening costs related to Frenchman's Reef (1)

1,388


1,012


20,524

Hotel manager transition items

651


(434)


3,758

Uninsured costs related to natural disasters (2)

298


—


—

Gain on property insurance settlement

—


—


(144,192)

Loss on early extinguishment of debt

—


—


2,373

Severance costs (3)

(37)


7,648


—

Adjusted EBITDA

$               83,538


$             (64,512)


$             260,409



(1) 

Represents pre-opening costs related to the re-opening of Frenchman's Reef, as well as legal and professional fees and other costs incurred at Frenchman's Reef as a result of Hurricane Irma that are not covered by insurance.

(2) 

Represents costs incurred at the Bourbon Orleans Hotel as a result of Hurricane Ida, which are not covered by insurance.

(3) 

Consists of severance costs incurred with the elimination of positions at our hotels, which are classified within other hotel expenses on the
consolidated statement of operations.



Hotel EBITDA and Hotel Adjusted EBITDA                       

The following table is a reconciliation of our GAAP net income to Hotel EBITDA and Hotel Adjusted EBITDA (in thousands):


Three Months Ended December 31,


2021


2020


2019

Net (loss) income

$                (2,948)


$           (208,313)


$            134,583

Interest expense

7,797


10,330


8,320

Income tax expense (benefit)

1,834


(20,599)


20,089

Real estate related depreciation and amortization

25,754


27,319


30,305

EBITDA

32,437


(191,263)


193,297

Corporate expenses

8,762


7,751


7,446

Interest and other income, net

(487)


(449)


(687)

Uninsured costs related to natural disasters (1)

111


—


—

Professional fees and pre-opening costs related to Frenchman's Reef (2)

—


594


9,079

Impairment losses

—


174,120


—

Gain on property insurance settlement

—


—


(144,192)

Hotel EBITDA

40,823


(9,247)


64,943

Non-cash lease expense and other amortization

1,666


1,737


1,765

Hotel manager transition items

—


27


2,708

Severance costs (3)

179


(112)


—

Hotel Adjusted EBITDA

$               42,668


$                (7,595)


$              69,416

 


Year Ended December 31,


2021


2020


2019

Net (loss) income

$           (195,405)


$           (396,027)


$            184,211

Interest expense

37,043


53,995


46,584

Income tax expense (benefit)

3,267


(26,452)


22,028

Real estate related depreciation and amortization

102,963


114,716


118,110

EBITDA

(52,132)


(253,768)


370,933

Corporate expenses

32,552


27,401


28,231

Interest and other income, net

(947)


(391)


(1,197)

Uninsured costs related to natural disasters (1)

298


—


—

Loss on early extinguishment of debt

—


—


2,373

Professional fees and pre-opening costs related to Frenchman's Reef (2)

1,388


1,012


20,524

Impairment losses

126,697


174,120


—

Gain on property insurance settlement

—


—


(144,192)

Hotel EBITDA

107,856


(51,626)


276,672

Non-cash lease expense and other amortization

6,673


6,910


7,013

Hotel manager transition items

651


(434)


3,758

Severance costs (3)

(37)


7,648


—

Hotel Adjusted EBITDA

$             115,143


$             (37,502)


$            287,443



(1)

Represents costs incurred at the Bourbon Orleans Hotel as a result of Hurricane Ida, which are not covered by insurance.

(2)

Represents pre-opening costs related to the re-opening of Frenchman's Reef, as well as legal and professional fees and other costs incurred at Frenchman's Reef as a result of Hurricane Irma that are not covered by insurance.

(3) 

Consists of severance costs incurred with the elimination of positions at our hotels, which are classified within other hotel expenses on the consolidated statement of operations.



FFO and Adjusted FFO

The following tables are reconciliations of our GAAP net income to FFO and Adjusted FFO (in thousands):


Three Months Ended December 31,


2021


2020


2019

Net (loss) income

$                (2,948)


$           (208,313)


$             134,583

Real estate related depreciation and amortization

25,754


27,319


30,305

Impairment losses, net of tax

—


174,120


—

FFO

22,806


(6,874)


164,888

Distribution to preferred stockholders

(2,455)


(2,455)


—

FFO available to common stock and unit holders

20,351


(9,329)


164,888

Non-cash lease expense and other amortization

1,666


1,737


1,765

Uninsured costs related to natural disasters (1)

111


—


—

Professional fees and pre-opening costs related to Frenchman's Reef  (2)

—


594


9,079

Hotel manager transition items

—


27


2,708

Gain on property insurance settlement, net of income tax

—


—


(121,525)

Severance costs (3)

179


(112)


—

Fair value adjustments to interest rate swaps

(3,202)


(1,257)


(2,245)

Adjusted FFO available to common stock and unit holders

$               19,105


$                (8,340)


$               54,670

Adjusted FFO available to common stock and unit holders, per
diluted share

$                   0.09


$                  (0.04)


$                   0.27

 


Year Ended December 31,


2021


2020


2019

Net (loss) income

$           (195,405)


$           (396,027)


$             184,211

Real estate related depreciation and amortization

102,963


114,716


118,110

Impairment losses, net of tax

127,282


174,120


—

FFO

34,840


(107,191)


302,321

Distribution to preferred stockholders

(9,817)


(3,300)


—

FFO available to common stock and unit holders

25,023


(110,491)


302,321

Non-cash lease expense and other amortization

6,673


6,910


7,013

Uninsured costs related to natural disasters (1)

298


—


—

Professional fees and pre-opening costs related to Frenchman's Reef (2)

1,388


1,012


20,524

Hotel manager transition items

651


(434)


3,758

Gain on property insurance settlement, net of income tax

—


—


(121,525)

Loss on early extinguishment of debt

—


—


2,373

Severance costs (3)

(37)


7,648


—

Fair value adjustments to interest rate swaps

(7,690)


10,072


2,545

Adjusted FFO available to common stock and unit holders

$               26,306


$             (85,283)


$             217,009

Adjusted FFO available to common stock and unit holders, per
diluted share

$                   0.12


$                  (0.42)


$                   1.07



(1) 

Represents costs incurred at the Bourbon Orleans Hotel as a result of Hurricane Ida, which are not covered by insurance.

(2) 

Represents pre-opening costs related to the re-opening of Frenchman's Reef, as well as legal and professional fees and other costs incurred at Frenchman's Reef as a result of Hurricane Irma that are not covered by insurance.

(3)  

Consists of severance costs incurred with the elimination of positions at our hotels, which are classified within other hotel expenses on the consolidated
statement of operations.



Reconciliation of Comparable Operating Results

The following presents the revenues, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin together with comparable prior year results, which excludes the results for our 2021 dispositions (in thousands):         


Three Months Ended December 31,


2021


2020


2019

Revenues

$       189,934


$         59,047


$       237,519

Hotel revenues from prior ownership (1)

6,867


7,477


10,570

Hotel revenues from sold hotels (2)

—


(73)


(21,013)

Comparable Revenues

$       196,801


$         66,451


$       227,076







Hotel Adjusted EBITDA

$         42,668


$          (7,595)


$         69,416

Hotel Adjusted EBITDA from prior ownership (1)

429


11


1,147

Hotel Adjusted EBITDA from sold hotels (2)

12


3,069


(6,148)

Comparable Hotel Adjusted EBITDA

$         43,109


$          (4,515)


$         64,415







Hotel Adjusted EBITDA Margin

22.46%


(12.86)%


29.23%

Comparable Hotel Adjusted EBITDA Margin

21.90%


(6.79)%


28.37%


Year Ended December 31,


2021


2020


2019

Revenues

$       567,134


$       299,488


$       938,091

Hotel revenues from prior ownership (1)

44,664


34,095


50,618

Hotel revenues from sold hotels (2)

(60)


(8,930)


(68,886)

Comparable Revenues

$       611,738


$       324,653


$       919,823







Hotel Adjusted EBITDA

$       115,143


$        (37,502)


$       287,443

Hotel Adjusted EBITDA from prior ownership (1)

9,248


2,902


9,685

Hotel Adjusted EBITDA from sold hotels (2)

4,675


13,148


(23,904)

Comparable Hotel Adjusted EBITDA

$       129,066


$        (21,452)


$       273,224







Hotel Adjusted EBITDA Margin

20.30%


(12.52)%


30.64%

Comparable Hotel Adjusted EBITDA Margin

21.10%


(6.61)%


29.70%



(1) 

Amounts represent the pre-acquisition operating results for Bourbon Orleans Hotel from January 1, 2019 to July 28, 2021,  Henderson Park Inn from January 1, 2019 to July 29, 2021 and Henderson Beach Resort from January 1, 2019 to December 22, 2021.  The pre-acquisition operating results were obtained from the sellers of the hotels during the acquisition due diligence process. We have made no adjustments to the amounts provided to us by the seller. The pre-acquisition operating results were not audited or reviewed by the Company's independent auditors.

(2) 

Amounts represent the operating results of Frenchman's Reef and The Lexington Hotel.



Selected Quarterly Comparable Operating Information

The following tables are presented to provide investors with selected quarterly comparable operating information.  The operating information includes historical quarterly operating results for our 33-hotel portfolio owned as of the date of this press release.


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

$        260,230

$        238,977

$        230,571

$        936,148

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, 2020

Quarter 2, 2020

Quarter 3, 2020

Quarter 4, 2020

Full Year 2020

ADR

$          223.79

$          207.25

$           229.07

$           215.43

$           221.58

Occupancy

58.5%

9.9%

21.9%

24.4%

28.7%

RevPAR

$          130.96

$            20.61

$             50.10

$             52.62

$             63.51

Total RevPAR

$          202.29

$            31.96

$             75.53

$             81.12

$             97.62

Revenues (in thousands)

$        173,931

$          27,486

$           65,669

$           70,519

$         337,605

Hotel Adjusted EBITDA (in thousands)

$          22,943

$         (27,075)

$          (10,644)

$           (3,460)

$            (18,236)

Hotel Adjusted EBITDA Margin

13.19%

(98.50)%

(16.21)%

(4.91)%

(5.40)%

Available Rooms

859,819

859,950

869,403

869,309

3,458,481

 


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

 

Market Capitalization as of December 31, 2021

(in thousands)


Enterprise Value






Common equity capitalization (at December 31, 2021 closing price of $9.61/share)


$              2,061,681

Preferred equity capitalization (at liquidation value of $25.00/share)


119,000

Consolidated debt (face amount)


1,070,504

Cash and cash equivalents


(38,620)

Total enterprise value


$              3,212,565

Share Reconciliation






Common shares outstanding


210,747

Operating partnership units


775

Unvested restricted stock held by management and employees


1,433

Share grants under deferred compensation plan


1,580

Combined shares and units


214,535

 

Debt Summary as of December 31, 2021

(dollars in thousands)


Loan


Interest Rate as of
December 31, 2021


Term


Outstanding
Principal


Maturity

Salt Lake City Marriott Downtown at City Creek


LIBOR + 3.25 (1)


Variable


43,570


January 2023

Westin Washington D.C. City Center


3.99%


Fixed


55,913


January 2023

The Lodge at Sonoma Resort


3.96%


Fixed


25,542


April 2023

Westin San Diego Downtown


3.94%


Fixed


58,600


April 2023

Courtyard New York Manhattan / Midtown East


4.40%


Fixed


77,882


August 2024

Worthington Renaissance Fort Worth Hotel


3.66%


Fixed


77,453


May 2025

JW Marriott Denver Cherry Creek


4.33%


Fixed


58,789


July 2025

Westin Boston Seaport District


4.36%


Fixed


182,755


November 2025

     Unamortized debt issuance costs






(1,853)



Total mortgage and other debt, net of unamortized
debt issuance costs






578,651












Unsecured term loan


LIBOR + 2.40% (2)


Variable


350,000


July 2024

Unsecured term loan


LIBOR + 2.40% (3)


Fixed


50,000


October 2023

     Unamortized debt issuance costs






(1,428)



Unsecured term loans, net of unamortized debt
issuance costs




398,572












Senior unsecured credit facility


LIBOR + 2.55% (4)


Variable


90,000


July 2023 (5)










Total debt, net of unamortized debt issuance costs






$    1,067,223



Weighted-average interest rate of fixed rate debt


4.25%







Total weighted-average interest rate


3.88%









(1)

LIBOR is subject to a floor of 1.0%.

(2)

The Company entered into an interest rate swap agreement in July 2019 to fix LIBOR at 1.70% for $175 million of the term loan through July 2024.  LIBOR is subject to a floor of 0.25%.

(3)

The Company entered into an interest rate swap agreement in January 2019 to fix LIBOR at 2.41% through October 2023.

(4)

LIBOR is subject to a floor of 0.25%. 

(5)

May be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions.

 


Monthly Operating Statistics (1)


Number
of Rooms

ADR


Occupancy


RevPAR


October
2021

October
2020

B/(W) 2020


October
2021

October
2020

B/(W) 2020


October
2021

October
2020

B/(W) 2020














Total - 32 Hotels

9,349

$         267.90

$         211.45

26.7%


66.7%

28.3%

38.4%


$         178.63

$          59.85

198.5%














Resorts - 15 Hotels

2,686

$         385.55

$         297.65

29.5%


64.7%

46.0%

18.7%


$         249.28

$         136.78

82.2%

     


Number
of Rooms

October
2021

October
2019

B/(W) 2019


October
2021

October
2019

B/(W) 2019


October
2021

October
2019

B/(W) 2019














Total - 32 Hotels

9,349

$         267.90

$         263.80

1.6%


66.7%

81.5%

(14.8)%


$         178.63

$         215.02

(16.9)%














Resorts - 15 Hotels

2,686

$         385.55

$         277.19

39.1%


64.7%

70.2%

(5.5)%


$         249.28

$         194.66

28.1%

     


Number
of Rooms

November
2021

November
2020

B/(W) 2020


November
2021

November
2020

B/(W) 2020


November
2021

November
2020

B/(W) 2020



























Total - 32 Hotels

9,349

$         238.98

$         200.72

19.1%


60.2%

20.6%

39.6%


$         143.93

$          41.40

247.7%














Resorts - 15 Hotels

2,686

$         343.61

$         275.94

24.5%


59.9%

35.5%

24.4%


$         205.89

$          97.92

110.3%

     


Number
of Rooms

November
2021

November
2019

B/(W) 2019


November
2021

November
2019

B/(W) 2019


November
2021

November
2019

B/(W) 2019



























Total - 32 Hotels

9,349

$         238.98

$         227.12

5.2%


60.2%

75.2%

(15.0)%


$         143.93

$         170.76

(15.7)%














Resorts - 15 Hotels

2,686

$         343.61

$         249.71

37.6%


59.9%

69.9%

(10.0)%


$         205.89

$         174.48

18.0%

 


Number
of Rooms

December
2021

December
2020

B/(W) 2020


December
2021

December
2020

B/(W) 2020


December
2021

December
2020

B/(W) 2020



























Total - 32 Hotels

9,349

$         271.21

$         210.58

28.8%


56.3%

22.2%

34.1%


$         152.56

$          46.73

226.5%














Resorts - 15 Hotels

2,686

$         411.23

$         297.37

38.3%


64.1%

37.9%

26.2%


$         263.42

$         112.59

134.0%

   


Number
of Rooms

December
2021

December
2019

B/(W) 2019


December
2021

December
2019

B/(W) 2019


December
2021

December
2019

B/(W) 2019



























Total - 32 Hotels

9,349

$         271.21

$         229.47

18.2%


56.3%

68.7%

(12.4)%


$         152.56

$         157.69

(3.3)%














Resorts - 15 Hotels

2,686

$         411.23

$         295.62

39.1%


64.1%

67.2%

(3.1)%


$         263.42

$         198.70

32.6%



 (1) 

All periods presented include the pre-acquisition operating results of the three hotels acquired in 2021 and exclude the two hotels sold in 2021.




Operating Statistics – Fourth Quarter


Number
of Rooms

ADR


Occupancy


RevPAR


4Q 2021

4Q 2020

B/(W) 2020


4Q 2021

4Q 2020

B/(W) 2020


4Q 2021

4Q 2020

B/(W) 2020



























Atlanta Marriott Alpharetta

318

$         127.04

$           92.73

37.0%


43.9%

16.1%

27.8%


$          55.71

$          14.95

272.6%

Bethesda Marriott Suites

272

$         118.24

$         104.53

13.1%


46.3%

17.5%

28.8%


$          54.70

$          18.28

199.2%

Bourbon Orleans Hotel

218

$         240.42

$                —

100.0%


54.9%

—%

54.9%


$        132.04

$               —

100.0%

Cavallo Point, The Lodge at the Golden Gate

142

$         688.59

$         545.66

26.2%


58.1%

26.1%

32.0%


$        400.33

$        142.43

181.1%

Chicago Marriott Downtown Magnificent Mile

1,200

$         201.94

$         132.34

52.6%


49.2%

6.9%

42.3%


$          99.41

$            9.13

988.8%

Courtyard Denver Downtown

177

$         167.00

$           96.36

73.3%


61.5%

28.6%

32.9%


$        102.73

$          27.60

272.2%

Courtyard New York Manhattan/Fifth Avenue

189

$         251.62

$                —

100.0%


94.1%

—%

94.1%


$        236.81

$               —

100.0%

Courtyard New York Manhattan/Midtown East

321

$         285.50

$         118.55

140.8%


81.3%

31.6%

49.7%


$        232.12

$          37.40

520.6%

Havana Cabana Key West

106

$         290.90

$         183.60

58.4%


87.5%

73.9%

13.6%


$        254.45

$        135.65

87.6%

Henderson Beach Resort (1)

216

$         437.94

$         243.42

79.9%


55.9%

27.6%

28.3%


$        244.88

$          67.22

264.3%

Henderson Park Inn

37

$         530.83

$         433.09

22.6%


76.6%

81.5%

(4.9)%


$        406.38

$        353.06

15.1%

Hilton Boston Downtown/Faneuil Hall

403

$         225.47

$         128.66

75.2%


81.8%

16.1%

65.7%


$        184.42

$          20.71

790.5%

Hilton Burlington Lake Champlain

258

$         253.04

$         165.57

52.8%


64.9%

25.4%

39.5%


$        164.34

$          42.13

290.1%

Hilton Garden Inn New York/Times Square Central

282

$         252.83

$                —

100.0%


95.0%

—%

95.0%


$        240.11

$               —

100.0%

Hotel Emblem San Francisco

96

$         168.26

$         140.34

19.9%


62.8%

12.3%

50.5%


$        105.66

$          17.27

511.8%

Hotel Palomar Phoenix

242

$         197.76

$         135.59

45.9%


68.2%

36.4%

31.8%


$        134.95

$          49.30

173.7%

JW Marriott Denver Cherry Creek

199

$         272.93

$         205.28

33.0%


69.6%

33.9%

35.7%


$        190.06

$          69.55

173.3%

Kimpton Shorebreak Resort

157

$         277.50

$         221.69

25.2%


69.6%

46.6%

23.0%


$        193.06

$        103.40

86.7%

L'Auberge de Sedona

88

$      1,120.22

$         867.12

29.2%


77.4%

79.5%

(2.1)%


$        867.42

$        689.44

25.8%

Margaritaville Beach House Key West

186

$         386.14

$         245.65

57.2%


83.0%

47.6%

35.4%


$        320.61

$        116.92

174.2%

Orchards Inn Sedona

70

$         350.14

$         284.85

22.9%


77.6%

67.8%

9.8%


$        271.58

$        193.25

40.5%

Renaissance Charleston Historic District Hotel

167

$         332.51

$         197.41

68.4%


88.2%

64.8%

23.4%


$        293.43

$        127.92

129.4%

Salt Lake City Marriott Downtown at City Creek

510

$         157.49

$         103.83

51.7%


43.4%

23.3%

20.1%


$          68.33

$          24.20

182.4%

The Gwen Hotel

311

$         265.16

$         167.49

58.3%


71.0%

17.7%

53.3%


$        188.28

$          29.70

533.9%

The Hythe Vail, a Luxury Collection Resort

344

$         480.03

$         315.63

52.1%


43.0%

32.7%

10.3%


$        206.53

$        103.22

100.1%

The Landing Lake Tahoe Resort & Spa

82

$         472.96

$         329.56

43.5%


29.9%

53.6%

(23.7)%


$        141.19

$        176.70

(20.1)%

The Lodge at Sonoma Resort

182

$         396.54

$         235.20

68.6%


66.7%

27.2%

39.5%


$        264.58

$          64.02

313.3%

Westin Boston Waterfront

793

$         224.12

$         128.55

74.3%


62.5%

12.6%

49.9%


$        140.09

$          16.18

765.8%

Westin Fort Lauderdale Beach Resort

433

$         257.68

$         174.35

47.8%


60.7%

38.8%

21.9%


$        156.33

$          67.70

130.9%

Westin San Diego Downtown

436

$         163.59

$         135.51

20.7%


56.1%

25.4%

30.7%


$          91.76

$          34.42

166.6%

Westin Washington D.C. City Center

410

$         171.38

$         119.32

43.6%


40.5%

7.7%

32.8%


$          69.43

$            9.17

657.1%

Worthington Renaissance Fort Worth Hotel

504

$         172.91

$         143.19

20.8%


60.6%

33.5%

27.1%


$        104.70

$          47.97

118.3%

Comparable Total (2)

9,349

$         259.63

$         208.13

24.7%


61.1%

23.7%

37.4%


$         158.53

$          49.41

220.8%














Resorts - 15 Hotels

2,686

$         381.70

$         290.80

31.3%


63.9%

39.3%

24.6%


$         244.05

$        114.19

113.7%



(1)

Hotel was acquired on December 23, 2021.  Amounts reflect the operating results for the period from December 23, 2021 to December 31, 2021 and December 23, 2020 to December 31, 2020.

(2)

Amounts include the pre-acquisition operating results of the three hotels acquired in 2021 and exclude the two hotels sold in 2021.



       


Operating Statistics – Fourth Quarter


Number
of Rooms

ADR


Occupancy


RevPAR


4Q 2021

4Q 2019

B/(W) 2019


4Q 2021

4Q 2019

B/(W) 2019


4Q 2021

4Q 2019

B/(W) 2019



























Atlanta Marriott Alpharetta

318

$         127.04

$         160.31

(20.8)%


43.9%

65.9%

(22.0)%


$           55.71

$         105.72

(47.3)%

Bethesda Marriott Suites

272

$         118.24

$         171.89

(31.2)%


46.3%

71.4%

(25.1)%


$           54.70

$         122.69

(55.4)%

Bourbon Orleans Hotel

218

$         240.42

$         224.82

6.9%


54.9%

80.5%

(25.6)%


$         132.04

$         181.06

(27.1)%

Cavallo Point, The Lodge at the Golden Gate

142

$         688.59

$         490.30

40.4%


58.1%

63.5%

(5.4)%


$         400.33

$         311.28

28.6%

Chicago Marriott Downtown Magnificent Mile

1,200

$         201.94

$         231.59

(12.8)%


49.2%

74.0%

(24.8)%


$           99.41

$         171.27

(42.0)%

Courtyard Denver Downtown

177

$         167.00

$         189.47

(11.9)%


61.5%

70.7%

(9.2)%


$         102.73

$         133.97

(23.3)%

Courtyard New York Manhattan/Fifth Avenue

189

$         251.62

$         289.47

(13.1)%


94.1%

92.1%

2.0%


$         236.81

$         266.52

(11.1)%

Courtyard New York Manhattan/Midtown East

321

$         285.50

$         310.44

(8.0)%


81.3%

97.5%

(16.2)%


$         232.12

$         302.61

(23.3)%

Havana Cabana Key West

106

$         290.90

$         212.18

37.1%


87.5%

88.1%

(0.6)%


$         254.45

$         186.96

36.1%

Henderson Beach Resort (1)

216

$         437.94

$         212.53

106.1%


55.9%

27.0%

28.9%


$         244.88

$           57.37

326.8%

Henderson Park Inn

37

$         530.83

$         397.77

33.5%


76.6%

65.7%

10.9%


$         406.38

$         261.29

55.5%

Hilton Boston Downtown/Faneuil Hall

403

$         225.47

$         278.31

(19.0)%


81.8%

87.3%

(5.5)%


$         184.42

$         243.07

(24.1)%

Hilton Burlington Lake Champlain

258

$         253.04

$         181.60

39.3%


64.9%

79.2%

(14.3)%


$         164.34

$         143.81

14.3%

Hilton Garden Inn New York/Times Square Central

282

$         252.83

$         311.91

(18.9)%


95.0%

99.1%

(4.1)%


$         240.11

$         309.21

(22.3)%

Hotel Emblem San Francisco

96

$         168.26

$         244.13

(31.1)%


62.8%

84.0%

(21.2)%


$         105.66

$         204.96

(48.4)%

Hotel Palomar Phoenix

242

$         197.76

$         192.45

2.8%


68.2%

82.8%

(14.6)%


$         134.95

$         159.40

(15.3)%

JW Marriott Denver Cherry Creek

199

$         272.93

$         239.49

14.0%


69.6%

77.0%

(7.4)%


$         190.06

$         184.42

3.1%

Kimpton Shorebreak Resort

157

$         277.50

$         229.55

20.9%


69.6%

68.2%

1.4%


$         193.06

$         156.62

23.3%

L'Auberge de Sedona

88

$      1,120.22

$         724.32

54.7%


77.4%

76.5%

0.9%


$         867.42

$         553.98

56.6%

Margaritaville Beach House Key West

186

$         386.14

$         262.62

47.0%


83.0%

57.9%

25.1%


$         320.61

$         152.03

110.9%

Orchards Inn Sedona

70

$         350.14

$         268.22

30.5%


77.6%

69.4%

8.2%


$         271.58

$         186.13

45.9%

Renaissance Charleston Historic District Hotel

167

$         332.51

$         272.57

22.0%


88.2%

85.0%

3.2%


$         293.43

$         231.57

26.7%

Salt Lake City Marriott Downtown at City Creek

510

$         157.49

$         168.38

(6.5)%


43.4%

65.5%

(22.1)%


$           68.33

$         110.37

(38.1)%

The Gwen Hotel

311

$         265.16

$         265.22

—%


71.0%

83.9%

(12.9)%


$         188.28

$         222.61

(15.4)%

The Hythe Vail, a Luxury Collection Resort

344

$         480.03

$         342.90

40.0%


43.0%

51.5%

(8.5)%


$         206.53

$         176.63

16.9%

The Landing Lake Tahoe Resort & Spa

82

$         472.96

$         327.30

44.5%


29.9%

50.9%

(21.0)%


$         141.19

$         166.60

(15.3)%

The Lodge at Sonoma Resort

182

$         396.54

$         302.54

31.1%


66.7%

71.9%

(5.2)%


$         264.58

$         217.47

21.7%

Westin Boston Waterfront

793

$         224.12

$         244.57

(8.4)%


62.5%

74.6%

(12.1)%


$         140.09

$         182.36

(23.2)%

Westin Fort Lauderdale Beach Resort

433

$         257.68

$         197.38

30.6%


60.7%

84.2%

(23.5)%


$         156.33

$         166.20

(5.9)%

Westin San Diego Downtown

436

$         163.59

$         175.45

(6.8)%


56.1%

69.9%

(13.8)%


$           91.76

$         122.63

(25.2)%

Westin Washington D.C. City Center

410

$         171.38

$         205.91

(16.8)%


40.5%

84.4%

(43.9)%


$           69.43

$         173.78

(60.0)%

Worthington Renaissance Fort Worth Hotel

504

$         172.91

$         185.65

(6.9)%


60.6%

71.8%

(11.2)%


$         104.70

$         133.25

(21.4)%

Comparable Total (2)

9,349

$         259.63

$         241.25

7.6%


61.1%

75.1%

(14.0)%


$         158.53

$         181.27

(12.5)%














Resorts - 15 Hotels

2,686

$         381.70

$         275.66

38.5%


63.9%

71.5%

(7.6)%


$         244.05

$         197.03

23.9%



(1)

Hotel was acquired on December 23, 2021.  Amounts reflect the operating results for the period from December 23, 2021 to December 31, 2021 and December 23, 2019 to December 31, 2019.

(2)

Comparable total includes the pre-acquisition operating results of the three hotels acquired in 2021 and excludes the two hotels sold in 2021.       



 


Operating Statistics – Year to Date


Number
of Rooms

ADR


Occupancy


RevPAR


YTD 2021

YTD 2020

B/(W) 2020


YTD 2021

YTD 2020

B/(W) 2020


YTD 2021

YTD 2020

B/(W) 2020



























Atlanta Marriott Alpharetta

318

$         113.77

$         142.88

(20.4)%


44.9%

21.9%

23.0%


$           51.14

$           31.24

63.7%

Bethesda Marriott Suites

272

$         113.93

$         141.72

(19.6)%


34.6%

22.0%

12.6%


$           39.37

$           31.25

26.0%

Bourbon Orleans Hotel (1)

218

$         219.19

$                 —

100.0%


55.3%

—%

55.3%


$         121.25

$                —

100.0%

Cavallo Point, The Lodge at the Golden Gate

142

$         652.13

$         489.27

33.3%


45.5%

24.8%

20.7%


$         296.95

$         121.25

144.9%

Chicago Marriott Downtown Magnificent Mile

1,200

$         197.29

$         159.81

23.5%


31.2%

12.9%

18.3%


$           61.53

$           20.58

199.0%

Courtyard Denver Downtown

177

$         156.54

$         130.23

20.2%


60.0%

27.4%

32.6%


$           93.99

$           35.74

163.0%

Courtyard New York Manhattan/Fifth Avenue

189

$         211.93

$         206.17

2.8%


54.3%

15.3%

39.0%


$         115.08

$           31.57

264.5%

Courtyard New York Manhattan/Midtown East

321

$         201.68

$         145.67

38.4%


76.9%

55.6%

21.3%


$         155.12

$           80.98

91.6%

Havana Cabana Key West

106

$         285.74

$         209.96

36.1%


90.2%

60.1%

30.1%


$         257.78

$         126.27

104.1%

Henderson Park Resort (2)

216

$         437.94

$         243.42

79.9%


55.9%

27.6%

28.3%


$         244.88

$           67.22

264.3%

Henderson Park Inn (3)

37

$         575.63

$         486.33

18.4%


82.8%

84.4%

(1.6)%


$         476.67

$         410.38

16.2%

Hilton Boston Downtown/Faneuil Hall

403

$         204.39

$         174.04

17.4%


60.2%

23.5%

36.7%


$         122.97

$           40.82

201.2%

Hilton Burlington Lake Champlain

258

$         236.55

$         154.13

53.5%


60.8%

21.8%

39.0%


$         143.78

$           33.65

327.3%

Hilton Garden Inn New York/Times Square Central

282

$         204.33

$         154.35

32.4%


57.0%

19.1%

37.9%


$         116.51

$           29.54

294.4%

Hotel Emblem San Francisco

96

$         158.29

$         222.62

(28.9)%


44.5%

23.5%

21.0%


$           70.38

$           52.42

34.3%

Hotel Palomar Phoenix

242

$         169.73

$         179.93

(5.7)%


58.8%

35.0%

23.8%


$           99.73

$           62.97

58.4%

JW Marriott Denver Cherry Creek

199

$         261.17

$         215.70

21.1%


63.9%

34.1%

29.8%


$         166.79

$           73.63

126.5%

Kimpton Shorebreak Resort

157

$         311.01

$         234.09

32.9%


66.9%

52.6%

14.3%


$         208.15

$         123.14

69.0%

L'Auberge de Sedona

88

$         920.04

$         672.88

36.7%


80.0%

64.2%

15.8%


$         736.34

$         432.27

70.3%

Margaritaville Beach House Key West

186

$         384.58

$         272.86

40.9%


84.6%

43.6%

41.0%


$         325.51

$         118.88

173.8%

Orchards Inn Sedona

70

$         304.71

$         231.35

31.7%


71.8%

50.5%

21.3%


$         218.91

$         116.87

87.3%

Renaissance Charleston Historic District Hotel

167

$         308.52

$         203.60

51.5%


81.5%

47.5%

34.0%


$         251.36

$           96.79

159.7%

Salt Lake City Marriott Downtown at City Creek

510

$         145.42

$         144.88

0.4%


43.3%

23.0%

20.3%


$           63.04

$           33.33

89.1%

The Gwen Hotel

311

$         251.51

$         189.46

32.8%


54.3%

25.5%

28.8%


$         136.68

$           48.29

183.0%

The Hythe Vail, a Luxury Collection Resort

344

$         356.33

$         354.89

0.4%


45.2%

33.7%

11.5%


$         161.20

$         119.48

34.9%

The Landing Lake Tahoe Resort & Spa

82

$         484.40

$         384.80

25.9%


45.0%

49.7%

(4.7)%


$         217.76

$         191.20

13.9%

The Lodge at Sonoma Resort

182

$         360.12

$         239.40

50.4%


59.2%

29.2%

30.0%


$         213.28

$           69.95

204.9%

Westin Boston Waterfront

793

$         196.14

$         182.76

7.3%


44.6%

19.0%

25.6%


$           87.51

$           34.73

152.0%

Westin Fort Lauderdale Beach Resort

433

$         242.16

$         212.84

13.8%


60.3%

41.8%

18.5%


$         146.01

$           88.96

64.1%

Westin San Diego Downtown

436

$         159.11

$         168.15

(5.4)%


52.5%

35.7%

16.8%


$           83.49

$           60.04

39.1%

Westin Washington D.C. City Center

410

$         150.37

$         176.61

(14.9)%


29.5%

19.6%

9.9%


$           44.34

$           34.65

28.0%

Worthington Renaissance Fort Worth Hotel

504

$         155.68

$         168.14

(7.4)%


53.6%

29.9%

23.7%


$           83.37

$           50.31

65.7%

Comparable Total (4)

9,349

$         243.71

$         216.83

12.4%


51.2%

28.2%

23.0%


$         124.74

$           61.19

103.9%














Resorts - 15 Hotels

2,686

$         353.06

$         288.03

22.6%


62.9%

38.5%

24.4%


$         222.09

$         110.81

100.4%



(1)

Hotel was acquired on July 29, 2021.  Amounts reflect the operating results for the period from July 29, 2021 to December 31, 2021 and July 29, 2020 to December 31, 2020.

(2)

Hotel was acquired on December 23, 2021. Amounts reflect the operating results for the period from December 23, 2021 to December 31, 2021 and December 23, 2020 to December 31, 2020.

(3)

Hotel was acquired on July 30, 2021.  Amounts reflect the operating results for the period from July 30, 2021 to December 31, 2021 and July 30, 2020 to December 31, 2020.

(4)

Comparable total includes the pre-acquisition operating results of the three hotels acquired in 2021 and excludes the two hotels sold in 2021.          



 


Operating Statistics – Year to Date


Number
of Rooms

ADR


Occupancy


RevPAR


YTD 2021

YTD 2019

B/(W) 2019


YTD 2021

YTD 2019

B/(W) 2019


YTD 2021

YTD 2019

B/(W) 2019



























Atlanta Marriott Alpharetta

318

$         113.77

$         165.41

(31.2)%


44.9%

71.0%

(26.1)%


$           51.14

$         117.46

(56.5)%

Bethesda Marriott Suites

272

$         113.93

$         175.72

(35.2)%


34.6%

72.6%

(38.0)%


$           39.37

$         127.58

(69.1)%

Bourbon Orleans Hotel (1)

218

$         219.19

$         211.19

3.8%


55.3%

79.2%

(23.9)%


$         121.25

$         167.23

(27.5)%

Cavallo Point, The Lodge at the Golden Gate

142

$         652.13

$         466.43

39.8%


45.5%

64.8%

(19.3)%


$         296.95

$         302.02

(1.7)%

Chicago Marriott Downtown Magnificent Mile

1,200

$         197.29

$         227.32

(13.2)%


31.2%

73.0%

(41.8)%


$           61.53

$         165.98

(62.9)%

Courtyard Denver Downtown

177

$         156.54

$         198.23

(21.0)%


60.0%

78.4%

(18.4)%


$           93.99

$         155.50

(39.6)%

Courtyard New York Manhattan/Fifth Avenue

189

$         211.93

$         259.33

(18.3)%


54.3%

88.1%

(33.8)%


$         115.08

$         228.35

(49.6)%

Courtyard New York Manhattan/Midtown East

321

$         201.68

$         261.60

(22.9)%


76.9%

96.1%

(19.2)%


$         155.12

$         251.32

(38.3)%

Havana Cabana Key West

106

$         285.74

$         210.68

35.6%


90.2%

89.7%

0.5%


$         257.78

$         189.07

36.3%

Henderson Beach Resort (2)

216

$         437.94

$         212.53

106.1%


55.9%

27.0%

28.9%


$         244.88

$           57.37

326.8%

Henderson Park Inn (3)

37

$         575.63

$         448.08

28.5%


82.8%

73.4%

9.4%


$         476.67

$         329.12

44.8%

Hilton Boston Downtown/Faneuil Hall

403

$         204.39

$         301.21

(32.1)%


60.2%

88.5%

(28.3)%


$         122.97

$         266.64

(53.9)%

Hilton Burlington Lake Champlain

258

$         236.55

$         190.61

24.1%


60.8%

81.1%

(20.3)%


$         143.78

$         154.50

(6.9)%

Hilton Garden Inn New York/Times Square Central

282

$         204.33

$         255.13

(19.9)%


57.0%

98.6%

(41.6)%


$         116.51

$         251.68

(53.7)%

Hotel Emblem San Francisco

96

$         158.29

$         241.09

(34.3)%


44.5%

80.2%

(35.7)%


$           70.38

$         193.28

(63.6)%

Hotel Palomar Phoenix

242

$         169.73

$         187.43

(9.4)%


58.8%

82.7%

(23.9)%


$           99.73

$         155.00

(35.7)%

JW Marriott Denver Cherry Creek

199

$         261.17

$         253.48

3.0%


63.9%

72.4%

(8.5)%


$         166.79

$         183.45

(9.1)%

Kimpton Shorebreak Resort

157

$         311.01

$         259.74

19.7%


66.9%

76.0%

(9.1)%


$         208.15

$         197.50

5.4%

L'Auberge de Sedona

88

$         920.04

$         627.73

46.6%


80.0%

78.1%

1.9%


$         736.34

$         489.99

50.3%

Margaritaville Beach House Key West

186

$         384.58

$         260.28

47.8%


84.6%

74.8%

9.8%


$         325.51

$         194.70

67.2%

Orchards Inn Sedona

70

$         304.71

$         249.86

22.0%


71.8%

75.6%

(3.8)%


$         218.91

$         188.99

15.8%

Renaissance Charleston Historic District Hotel

167

$         308.52

$         263.88

16.9%


81.5%

84.2%

(2.7)%


$         251.36

$         222.23

13.1%

Salt Lake City Marriott Downtown at City Creek

510

$         145.42

$         172.21

(15.6)%


43.3%

68.5%

(25.2)%


$           63.04

$         117.88

(46.5)%

The Gwen Hotel

311

$         251.51

$         258.98

(2.9)%


54.3%

83.5%

(29.2)%


$         136.68

$         216.13

(36.8)%

The Hythe Vail, a Luxury Collection Resort

344

$         356.33

$         307.45

15.9%


45.2%

62.1%

(16.9)%


$         161.20

$         190.86

(15.5)%

The Landing Lake Tahoe Resort & Spa

82

$         484.40

$         322.45

50.2%


45.0%

61.7%

(16.7)%


$         217.76

$         198.80

9.5%

The Lodge at Sonoma Resort

182

$         360.12

$         308.37

16.8%


59.2%

73.7%

(14.5)%


$         213.28

$         227.27

(6.2)%

Westin Boston Waterfront

793

$         196.14

$         249.76

(21.5)%


44.6%

77.4%

(32.8)%


$           87.51

$         193.34

(54.7)%

Westin Fort Lauderdale Beach Resort

433

$         242.16

$         202.58

19.5%


60.3%

82.4%

(22.1)%


$         146.01

$         166.99

(12.6)%

Westin San Diego Downtown

436

$         159.11

$         190.09

(16.3)%


52.5%

79.0%

(26.5)%


$           83.49

$         150.12

(44.4)%

Westin Washington D.C. City Center

410

$         150.37

$         206.61

(27.2)%


29.5%

86.3%

(56.8)%


$           44.34

$         178.26

(75.1)%

Worthington Renaissance Fort Worth Hotel

504

$         155.68

$         186.10

(16.3)%


53.6%

74.5%

(20.9)%


$           83.37

$         138.67

(39.9)%

Comparable Total (4)

9,349

$         243.71

$         238.10

2.4%


51.2%

77.7%

(26.5)%


$         124.74

$         184.95

(32.6)%














Resorts - 15 Hotels

2,686

$         353.06

$         273.02

29.3%


62.9%

75.5%

(12.6)%


$         222.09

$         206.20

7.7%



(1)

Hotel was acquired on July 29, 2021.  Amounts reflect the operating results for the period from July 29, 2021 to December 31, 2021 and July 29, 2019 to December 31, 2019.

(2)

Hotel was acquired on December 23, 2021.  Amounts reflect the operating results for the period from December 23, 2021 to December 31, 2021 and December 23, 2019 to December 31, 2019.

(3)

Hotel was acquired on July 30, 2021.  Amounts reflect the operating results for the period from July 30, 2021 to December 31, 2021 and July 30, 2019 to December 31, 2019.

(4)

Comparable total includes the pre-acquisition operating results of the two hotels acquired in 2021 and excludes the two hotels sold in 2021.   



 

Hotel Adjusted EBITDA Reconciliation




Fourth Quarter 2021



Days of
Operation



Net Income /
(Loss)

Plus:

Plus:

Plus:

Equals: Hotel
Adjusted EBITDA



Total Revenues


Depreciation

Interest Expense

Adjustments (1)

Atlanta Marriott Alpharetta


92

$                   2,466


$                        472

$                      337

$                         —

$                         —

$                       809

Bethesda Marriott Suites


92

$                   1,778


$                   (2,224)

$                      546

$                         —

$                    1,489

$                      (189)

Bourbon Orleans Hotel


92

$                   3,306


$                        361

$                      807

$                         —

$                           7

$                    1,175

Cavallo Point, The Lodge at the Golden Gate


92

$                 11,833


$                     1,756

$                   1,884

$                         —

$                         94

$                    3,734

Chicago Marriott Downtown Magnificent Mile


92

$                 16,085


$                   (2,764)

$                   4,063

$                           6

$                     (397)

$                       908

Courtyard Denver Downtown


92

$                   1,995


$                        298

$                      377

$                         —

$                         —

$                       675

Courtyard New York Manhattan/Fifth Avenue


92

$                   4,232


$                      (575)

$                      331

$                         —

$                       253

$                           9

Courtyard New York Manhattan/Midtown East


92

$                   7,077


$                        174

$                      501

$                       929

$                         —

$                    1,604

Frenchman's Reef & Morning Star Marriott Beach Resort


—

$                        —


$                          —

$                        —

$                         —

$                         —

$                         —

Havana Cabana Key West


92

$                   3,288


$                     1,039

$                      268

$                         —

$                         —

$                   1,307

Henderson Beach Resort


9

$                      788


$                        212

$                        —

$                         —

$                         —

$                      212

Henderson Park Inn


92

$                   1,864


$                        414

$                      214

$                         —

$                         —

$                      628

Hilton Boston Downtown/Faneuil Hall


92

$                   7,600


$                     1,160

$                   1,057

$                         —

$                         —

$                   2,217

Hilton Burlington Lake Champlain


92

$                   4,703


$                     1,156

$                      569

$                         —

$                         —

$                   1,725

Hilton Garden Inn New York/Times Square Central


92

$                   6,391


$                        650

$                      641

$                         —

$                         —

$                   1,291

Hotel Emblem San Francisco


92

$                   1,172


$                      (409)

$                      307

$                         —

$                         —

$                     (102)

Hotel Palomar Phoenix


92

$                   5,303


$                       716

$                      671

$                         —

$                       282

$                   1,669

JW Marriott Denver Cherry Creek


92

$                   5,683


$                      (226)

$                      786

$                       661

$                           5

$                   1,226

Kimpton Shorebreak Resort


92

$                   4,248


$                       673

$                      410

$                         —

$                         —

$                   1,083

L'Auberge de Sedona


92

$                   9,894


$                    2,886

$                      417

$                         —

$                         —

$                   3,303

Margaritaville Beach House Key West


92

$                   6,697


$                    1,797

$                      745

$                         —

$                         —

$                   2,542

Orchards Inn Sedona


92

$                   2,793


$                       762

$                        86

$                         —

$                         42

$                      890

Renaissance Charleston Historic District Hotel


92

$                   5,638


$                    1,787

$                      460

$                         —

$                         —

$                   2,247

Salt Lake City Marriott Downtown at City Creek


92

$                   4,861


$                         13

$                      508

$                       513

$                         11

$                   1,045

The Gwen Hotel


92

$                   7,860


$                   (1,111)

$                   1,088

$                         —

$                         —

$                       (23)

The Hythe Vail, a Luxury Collection Resort


92

$                   8,210


$                          (2)

$                   1,144

$                         —

$                         —

$                   1,142

The Landing Lake Tahoe Resort & Spa


92

$                   1,816


$                       578

$                      428

$                         —

$                         —

$                   1,006

The Lexington Hotel


—

$                        —


$                        (12)

$                        —

$                         —

$                         —

$                       (12)

The Lodge at Sonoma Resort


92

$                   6,857


$                       754

$                      624

$                       268

$                         —

$                   1,646

Westin Boston Seaport District


92

$                 15,547


$                  (2,344)

$                   2,490

$                    2,083

$                     (122)

$                   2,107

Westin Fort Lauderdale Beach Resort


92

$                 13,144


$                    1,848

$                   1,083

$                         —

$                         —

$                   2,931

Westin San Diego Downtown


92

$                   4,904


$                     (398)

$                      801

$                       600

$                         —

$                   1,003

Westin Washington D.C. City Center


92

$                   3,289


$                  (1,902)

$                   1,003

$                       611

$                         —

$                     (288)

Worthington Renaissance Fort Worth Hotel


92

$                   8,612


$                    1,287

$                   1,108

$                       748

$                           2

$                   3,145

Total



$               189,934


$                    8,826

$                 25,754

$                    6,419

$                    1,666

$                  42,668

Prior Ownership Results (2)



$                   6,867


$                      (647)

$                   1,076

$                         —

$                         —

$                       429

Less: Sold Hotels (3)



$                        —


$                         12

$                        —

$                         —

$                         —

$                         12

Comparable Total



$               196,801


$                    8,191

$                 26,830

$                    6,419

$                    1,666

$                  43,109



(1)

Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization favorable and unfavorable contract liabilities.

(2)

Amounts represent the pre-acquisition operating results of the Henderson Beach Resort from October 1, 2021 to December 22, 2021.

(3)

Amounts represent the operating results of Frenchman's Reef and The Lexington Hotel.



 

Hotel Adjusted EBITDA Reconciliation



Fourth Quarter 2020



Days of
Operation

Total Revenues


Net Income /
(Loss)

Depreciation

Plus:

Interest Expense

Plus:

Adjustments (1)

Equals: Hotel
Adjusted EBITDA

Atlanta Marriott Alpharetta


92

$                      534


$                     (782)

$                      355

$                         —

$                         —

$                     (427)

Bethesda Marriott Suites


92

$                      526


$                  (2,668)

$                      518

$                         —

$                    1,503

$                     (647)

Cavallo Point, The Lodge at the Golden Gate


92

$                   3,876


$                  (1,968)

$                   1,839

$                         —

$                         94

$                       (35)

Chicago Marriott Downtown Magnificent Mile


92

$                   1,520


$                  (3,966)

$                   4,122

$                         79

$                     (397)

$                     (162)

Courtyard Denver Downtown


92

$                      600


$                     (543)

$                      376

$                         —

$                         —

$                     (167)

Courtyard New York Manhattan/Fifth Avenue


—

$                        45


$                  (1,909)

$                      330

$                         —

$                       253

$                  (1,326)

Courtyard New York Manhattan/Midtown East


92

$                   1,122


$                  (3,483)

$                      473

$                       948

$                         —

$                  (2,062)

Frenchman's Reef & Morning Star Marriott Beach Resort


—

$                         —


$                         —

$                         —

$                         —

$                         —

$                         —

Havana Cabana Key West


92

$                   1,920


$                       199

$                      266

$                         —

$                         —

$                      465

Hilton Boston Downtown/Faneuil Hall


92

$                   1,178


$                  (2,228)

$                   1,200

$                         —

$                         —

$                  (1,028)

Hilton Burlington Lake Champlain


92

$                      928


$                     (700)

$                      638

$                         —

$                         —

$                       (62)

Hilton Garden Inn New York/Times Square Central


—

$                     (104)


$                  (2,347)

$                      844

$                         —

$                         —

$                  (1,503)

Hotel Emblem San Francisco


92

$                      184


$                     (858)

$                      309

$                         —

$                         —

$                     (549)

Hotel Palomar Phoenix


92

$                   1,845


$                     (899)

$                      672

$                         28

$                       286

$                        87

JW Marriott Denver Cherry Creek


92

$                   2,247


$                  (1,734)

$                      789

$                       675

$                           6

$                     (264)

Kimpton Shorebreak Resort


92

$                   2,216


$                     (109)

$                      410

$                         —

$                         —

$                      301

L'Auberge de Sedona


92

$                   7,897


$                   2,856

$                      646

$                         —

$                         —

$                   3,502

Margaritaville Beach House Key West


92

$                   2,624


$                      391

$                      171

$                         —

$                         —

$                      562

Orchards Inn Sedona


92

$                   1,749


$                      529

$                        85

$                         —

$                         42

$                      656

Renaissance Charleston Historic District Hotel


92

$                   2,301


$                      115

$                      460

$                         —

$                         —

$                      575

Salt Lake City Marriott Downtown at City Creek


92

$                   1,623


$                  (1,345)

$                      548

$                       533

$                         —

$                     (264)

The Gwen Hotel


92

$                   1,320


$                  (1,625)

$                   1,097

$                         —

$                         —

$                     (528)

The Hythe Vail, a Luxury Collection Resort


92

$                   4,835


$                         (4)

$                   1,110

$                         —

$                         —

$                   1,106

The Landing Lake Tahoe Resort & Spa


92

$                   1,999


$                       (29)

$                      416

$                         —

$                         —

$                      387

The Lexington Hotel


—

$                        73


$                  (5,060)

$                   1,977

$                           6

$                           8

$                  (3,069)

The Lodge at Sonoma Resort


92

$                   2,005


$                  (1,414)

$                      507

$                       273

$                         —

$                     (634)

Westin Boston Seaport District


92

$                   2,269


$                  (5,260)

$                   2,552

$                    2,128

$                       (60)

$                     (640)

Westin Fort Lauderdale Beach Resort


92

$                   6,041


$                  (1,051)

$                   1,074

$                          —

$                         —

$                        23

Westin San Diego Downtown


92

$                   1,701


$                  (2,348)

$                   1,076

$                       617

$                         —

$                     (655)

Westin Washington D.C. City Center


92

$                      409


$                  (2,971)

$                   1,319

$                       635

$                         —

$                  (1,017)

Worthington Renaissance Fort Worth Hotel


92

$                   3,564


$                  (2,126)

$                   1,140

$                       765

$                           2

$                     (219)

Total



$                 59,047


$                (43,337)

$                 27,319

$                    6,687

$                    1,737

$                  (7,595)

Add: Prior Ownership Results (2)



$                   7,477


$                  (1,628)

$                   1,639

$                          —

$                         —

$                         11

Less: Sold Hotels (3)



$                       (73)


$                   5,060

$                  (1,977)

$                          (6)

$                         (8)

$                    3,069

Comparable Total



$                 66,451


$                (39,905)

$                 26,981

$                    6,681

$                    1,729

$                  (4,515)



(1)

Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization favorable and unfavorable contract liabilities.

(2)

Amounts represent the pre-acquisition operating results of the Bourbon Orleans Hotel, Henderson Park Inn and Henderson Beach Resort from October 1, 2020 to December 31, 2020.

(3)

Amounts represent the operating results of Frenchman's Reef and The Lexington Hotel.



 

Hotel Adjusted EBITDA Reconciliation



Fourth Quarter 2019



Days of
Operation

Total Revenues


Net Income /
(Loss)

Plus:

Depreciation

Plus:

Interest Expense

Plus:

Adjustments (1)

Equals: Hotel
Adjusted EBITDA

Atlanta Marriott Alpharetta


92

$                   4,627


$                    1,159

$                      407

$                         —

$                         —

$                   1,566

Bethesda Marriott Suites


92

$                   4,288


$                     (660)

$                      468

$                         —

$                    1,516

$                   1,324

Cavallo Point, The Lodge at the Golden Gate


92

$                 10,010


$                      924

$                   1,814

$                         —

$                         94

$                   2,832

Chicago Marriott Downtown Magnificent Mile


92

$                 29,038


$                   4,750

$                   4,248

$                           5

$                      (397)

$                   8,606

Courtyard Denver Downtown


92

$                   2,425


$                      726

$                      325

$                         —

$                          —

$                   1,051

Courtyard New York Manhattan/Fifth Avenue


92

$                   4,770


$                      545

$                      451

$                         —

$                       253

$                   1,249

Courtyard New York Manhattan/Midtown East


92

$                   9,211


$                   1,385

$                      704

$                       965

$                         —

$                   3,054

Frenchman's Reef & Morning Star Marriott Beach Resort


—

$                         —


$                         —

$                         —

$                         —

$                         —

$                         —

Havana Cabana Key West


92

$                   2,420


$                      412

$                      238

$                         —

$                         —

$                      650

Hilton Boston Downtown/Faneuil Hall


92

$                 10,002


$                   2,660

$                   1,223

$                         —

$                         —

$                   3,883

Hilton Burlington Lake Champlain


92

$                   4,542


$                   1,217

$                      501

$                         —

$                         —

$                   1,718

Hilton Garden Inn New York/Times Square Central


92

$                   8,153


$                   2,185

$                      840

$                         —

$                         —

$                   3,025

Hotel Emblem San Francisco


92

$                   2,254


$                      320

$                      285

$                         —

$                         —

$                      605

Hotel Palomar Phoenix


92

$                   6,693


$                   1,159

$                      681

$                         38

$                       293

$                   2,171

JW Marriott Denver Cherry Creek


92

$                   5,049


$                     (235)

$                      823

$                       688

$                           6

$                   1,282

Kimpton Shorebreak Resort


92

$                   3,661


$                      246

$                      439

$                         —

$                         40

$                      725

L'Auberge de Sedona


92

$                   7,610


$                   1,936

$                      594

$                         —

$                         —

$                   2,530

Margaritaville Beach House Key West


92

$                   2,989


$                     (177)

$                      534

$                         —

$                         —

$                      357

Orchards Inn Sedona


92

$                   1,840


$                      176

$                      238

$                         —

$                         42

$                      456

Renaissance Charleston Historic District Hotel


92

$                   4,172


$                   1,225

$                      423

$                         —

$                       (32)

$                   1,616

Salt Lake City Marriott Downtown at City Creek


92

$                   7,968


$                   1,676

$                      549

$                       603

$                         —

$                   2,828

The Gwen Hotel


92

$                   8,722


$                   1,156

$                   1,157

$                         —

$                         —

$                   2,313

The Hythe Vail, a Luxury Collection Resort


92

$                   8,139


$                      764

$                   1,098

$                         —

$                         —

$                   1,862

The Landing Lake Tahoe Resort & Spa


92

$                   1,904


$                     (176)

$                      411

$                         —

$                         —

$                      235

The Lexington Hotel


92

$                 21,013


$                   2,524

$                   3,610

$                          6

$                           8

$                   6,148

The Lodge at Sonoma Resort


92

$                   5,622


$                      537

$                      505

$                      279

$                         —

$                   1,321

Westin Boston Seaport District


92

$                 22,364


$                      796

$                   2,551

$                   2,171

$                       (60)

$                   5,458

Westin Fort Lauderdale Beach Resort


92

$                 12,746


$                   1,860

$                   1,634

$                        —

$                         —

$                   3,494

Westin San Diego Downtown


92

$                   7,227


$                      170

$                   1,151

$                      633

$                         —

$                   1,954

Westin Washington D.C. City Center


92

$                   8,004


$                      444

$                   1,370

$                      658

$                         —

$                   2,472

Worthington Renaissance Fort Worth Hotel


92

$                 10,056


$                      781

$                   1,033

$                      781

$                           2

$                   2,597

Total



$               237,519


$                 30,485

$                 30,305

$                   6,827

$                    1,765

$                 69,416

Add: Prior Ownership Results (2)



$                 10,570


$                     (492)

$                   1,639

$                         —

$                         —

$                   1,147

Less: Sold Hotels (3)



$               (21,013)


$                  (2,524)

$                  (3,610)

$                         (6)

$                         (8)

$                  (6,148)

Comparable Total



$               227,076


$                 27,469

$                 28,334

$                   6,821

$                    1,757

$                 64,415



(1)

Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization favorable and unfavorable contract liabilities.

(2)

Amounts represent the pre-acquisition operating results of the Bourbon Orleans Hotel, Henderson Park Inn and Henderson Beach Resort from October 1, 2019 to December 31, 2019.

(3)

Amounts represent the operating results of Frenchman's Reef and The Lexington Hotel.



 

Hotel Adjusted EBITDA Reconciliation




Year to Date 2021



Days of
Operation

Total Revenues


Net Income /
(Loss)

Plus:
Depreciation

Plus:
Interest Expense

Plus:
Adjustments (1)

Equals: Hotel
Adjusted EBITDA




Atlanta Marriott Alpharetta


365

$                 7,840


$                       164

$                   1,373

$                         —

$                             —

$                   1,537

Bethesda Marriott Suites


365

$                 4,897


$                   (9,707)

$                   2,116

$                         —

$                       5,976

$                  (1,615)

Bourbon Orleans Hotel


156

$                 4,951


$                       270

$                   1,350

$                         —

$                            11

$                   1,631

Cavallo Point, The Lodge at the Golden Gate


365

$               33,511


$                    2,641

$                   7,583

$                         —

$                          375

$                 10,599

Chicago Marriott Downtown Magnificent Mile


263

$               38,629


$                 (13,058)

$                 16,310

$                         59

$                      (1,589)

$                   1,722

Courtyard Denver Downtown


365

$                 7,036


$                       994

$                   1,512

$                         —

$                             —

$                   2,506

Courtyard New York Manhattan/Fifth Avenue


214

$                 8,212


$                   (4,759)

$                   1,317

$                         —

$                       1,014

$                  (2,428)

Courtyard New York Manhattan/Midtown East


365

$               18,617


$                   (5,052)

$                   1,940

$                   3,716

$                             —

$                       604

Frenchman's Reef & Morning Star Marriott Beach Resort


—

$                      —


$                          —

$                        —

$                         —

$                             —

$                         —

Havana Cabana Key West


365

$               13,523


$                    5,028

$                   1,075

$                         —

$                             —

$                   6,103

Henderson Beach Resort


9

$                    788


$                       212

$                        —

$                         —

$                             —

$                      212

Henderson Park Inn


155

$                 3,677


$                    1,110

$                      365

$                         —

$                             —

$                   1,475

Hilton Boston Downtown/Faneuil Hall


365

$               19,999


$                   (1,475)

$                   4,251

$                         —

$                             —

$                   2,776

Hilton Burlington Lake Champlain


365

$               15,188


$                    3,342

$                   2,389

$                         —

$                             —

$                   5,731

Hilton Garden Inn New York/Times Square Central


243

$               12,260


$                   (4,305)

$                   3,086

$                         —

$                             —

$                  (1,219)

Hotel Emblem San Francisco


365

$                 2,971


$                   (2,070)

$                   1,229

$                         —

$                             —

$                     (841)

Hotel Palomar Phoenix


365

$               14,794


$                      (202)

$                   2,697

$                         —

$                       1,133

$                   3,628

JW Marriott Denver Cherry Creek


365

$               19,613


$                   (1,045)

$                   3,137

$                   2,645

$                             19

$                   4,756

Kimpton Shorebreak Resort


365

$               17,349


$                    4,092

$                   1,645

$                         —

$                             —

$                   5,737

L'Auberge de Sedona


365

$               33,791


$                  10,696

$                   1,701

$                         —

$                             —

$                 12,397

Margaritaville Beach House Key West


365

$               27,639


$                  10,845

$                   2,905

$                         —

$                             —

$                 13,750

Orchards Inn Sedona


365

$                 9,285


$                    2,664

$                      332

$                         —

$                          168

$                   3,164

Renaissance Charleston Historic District Hotel


365

$               19,129


$                    5,806

$                   1,838

$                         —

$                             —

$                   7,644

Salt Lake City Marriott Downtown at City Creek


365

$               16,356


$                     (194)

$                   2,064

$                   2,068

$                             32

$                   3,970

The Gwen Hotel


365

$               23,517


$                  (2,022)

$                   4,361

$                         —

$                             —

$                   2,339

The Hythe Vail, a Luxury Collection Resort


365

$               26,393


$                   3,210

$                   4,163

$                         —

$                             —

$                   7,373

The Landing Lake Tahoe Resort & Spa


365

$                 9,844


$                   2,745

$                   1,696

$                         —

$                             —

$                   4,441

The Lexington Hotel


—

$                      60


$                  (6,629)

$                   1,925

$                         13

$                             16

$                  (4,675)

The Lodge at Sonoma Resort


365

$               21,478


$                   1,474

$                   2,253

$                   1,067

$                             —

$                   4,794

Westin Boston Seaport District


365

$               37,211


$                (18,188)

$                 10,097

$                   8,333

$                         (490)

$                     (248)

Westin Fort Lauderdale Beach Resort


365

$               48,956


$                   8,144

$                   4,303

$                         —

$                             —

$                 12,447

Westin San Diego Downtown


365

$               16,676


$                  (2,740)

$                   3,268

$                   2,406

$                             —

$                   2,934

Westin Washington D.C. City Center


365

$                 7,953


$                  (9,528)

$                   4,231

$                   2,459

$                             —

$                  (2,838)

Worthington Renaissance Fort Worth Hotel


365

$               24,991


$                  (2,764)

$                   4,451

$                   2,995

$                               8

$                   4,690

Total



$             567,134


$                (20,301)

$               102,963

$                 25,761

$                       6,673

$               115,143

Add: Prior Ownership Results (2)



$               44,664


$                   3,631

$                   5,617

$                         —

$                             —

$                   9,248

Less: Sold Hotels (2)



$                     (60)


$                   6,629

$                  (1,925)

$                       (13)

$                           (16)

$                   4,675

Comparable Total



$             611,738


$                (10,041)

$               106,655

$                 25,748

$                       6,657

$               129,066



(1)

Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization favorable and unfavorable contract liabilities.

(2)

 Amounts represent the pre-acquisition operating results of the Bourbon Orleans Hotel from January 1, 2021 to July 28, 2021, Henderson Park Inn from January 1, 2021 to July 29, 2021 and Henderson Beach Resort from January 1, 2021 to December 22, 2021.

(3)

Amounts represent the operating results of Frenchman's Reef and The Lexington Hotel.



 

Hotel Adjusted EBITDA Reconciliation



Year to Date 2020



Days of
Operation

Total Revenues


Net Income /
(Loss)

Plus:

Depreciation

Plus:

Interest Expense

Plus:

Adjustments (1)

Equals:

Hotel Adjusted
EBITDA

Atlanta Marriott Alpharetta


366

$                   5,227


$                  (1,965)

$                   1,446

$                         —

$                         —

$                     (519)

Bethesda Marriott Suites


366

$                   4,081


$                (10,458)

$                   2,245

$                         —

$                   6,024

$                  (2,189)

Cavallo Point, The Lodge at the Golden Gate


267

$                 15,295


$                  (7,731)

$                   7,385

$                         —

$                      375

$                         29

Chicago Marriott Downtown Magnificent Mile


222

$                 15,979


$                (29,941)

$                 16,681

$                      249

$                  (1,589)

$                (14,600)

Courtyard Denver Downtown


293

$                   2,938


$                  (1,710)

$                   1,469

$                         —

$                         —

$                     (241)

Courtyard New York Manhattan/Fifth Avenue


86

$                   2,421


$                  (7,547)

$                   1,441

$                         —

$                   1,014

$                  (5,092)

Courtyard New York Manhattan/Midtown East


366

$                   9,792


$                (10,092)

$                   2,251

$                   3,823

$                         —

$                  (4,018)

Frenchman's Reef & Morning Star Marriott Beach Resort


—

$                         —


$                         —

$                         —

$                         —

$                         —

$                         —

Havana Cabana Key West


296

$                   6,752


$                      567

$                   1,065

$                         —

$                         —

$                   1,632

Hilton Boston Downtown/Faneuil Hall


236

$                   7,767


$                  (7,451)

$                   4,886

$                         —

$                         —

$                  (2,565)

Hilton Burlington Lake Champlain


259

$                   3,760


$                  (3,366)

$                   2,271

$                         —

$                         —

$                  (1,095)

Hilton Garden Inn New York/Times Square Central


88

$                   3,172


$                  (8,689)

$                   3,380

$                         —

$                         —

$                  (5,309)

Hotel Emblem San Francisco


271

$                   2,247


$                  (2,292)

$                   1,271

$                         —

$                         —

$                  (1,021)

Hotel Palomar Phoenix


284

$                   9,881


$                  (2,418)

$                   2,689

$                      144

$                   1,152

$                   1,567

JW Marriott Denver Cherry Creek


295

$                   8,291


$                  (6,934)

$                   2,912

$                   2,706

$                         24

$                  (1,292)

Kimpton Shorebreak Resort


366

$                 10,517


$                      534

$                   1,641

$                         —

$                         27

$                   2,202

L'Auberge de Sedona


366

$                 20,540


$                   3,819

$                   2,646

$                         —

$                         —

$                   6,465

Margaritaville Beach House Key West


296

$                 10,133


$                     (617)

$                   2,198

$                         —

$                         —

$                   1,581

Orchards Inn Sedona


321

$                   4,404


$                      142

$                      462

$                         —

$                      168

$                      772

Renaissance Charleston Historic District Hotel


328

$                   7,403


$                     (617)

$                   1,738

$                         —

$                       (85)

$                   1,036

Salt Lake City Marriott Downtown at City Creek


366

$                 10,289


$                  (3,869)

$                   2,211

$                   2,244

$                         —

$                      586

The Gwen Hotel


295

$                   8,192


$                  (7,415)

$                   4,424

$                         —

$                         —

$                  (2,991)

The Hythe Vail, a Luxury Collection Resort


282

$                 21,247


$                      469

$                   4,457

$                         —

$                         —

$                   4,926

The Landing Lake Tahoe Resort & Spa


292

$                   8,662


$                      874

$                   1,668

$                         —

$                         —

$                   2,542

The Lexington Hotel


88

$                   8,930


$                (24,290)

$                 11,085

$                         25

$                         32

$               (13,148)

The Lodge at Sonoma Resort


264

$                   7,939


$                  (5,573)

$                   1,882

$                   1,095

$                         —

$                  (2,596)

Westin Boston Seaport District


204

$                 19,820


$                (24,453)

$                 10,314

$                   8,533

$                     (240)

$                  (5,846)

Westin Fort Lauderdale Beach Resort


366

$                 29,116


$                      608

$                   4,336

$                         —

$                         —

$                   4,944

Westin San Diego Downtown


366

$                 13,384


$                  (5,731)

$                   4,461

$                   2,478

$                         —

$                   1,208

Westin Washington D.C. City Center


366

$                   6,431


$                (11,290)

$                   5,278

$                   2,560

$                         —

$                  (3,452)

Worthington Renaissance Fort Worth Hotel


366

$                 14,878


$                  (8,616)

$                   4,523

$                   3,067

$                           8

$                  (1,018)

Total



$               299,488


$              (186,052)

$               114,716

$                 26,924

$                   6,910

$                (37,502)

Add: Prior Ownership Results (2)



$                 34,095


$                  (3,652)

$                   6,554

$                         —

$                         —

$                   2,902

Less: Sold Hotels (3)



$                  (8,930)


$                 24,290

$               (11,085)

$                       (25)

$                       (32)

$                 13,148

Comparable Total



$               324,653


$              (165,414)

$               110,185

$                 26,899

$                   6,878

$               (21,452)



(1)

Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization favorable and unfavorable contract liabilities.

(2)

Amounts represent the pre-acquisition operating results of the Bourbon Orleans Hotel, Henderson Park Inn and Henderson Beach Resort from January 1, 2020 to December 31, 2020.

(3)

Amounts represent the operating results of Frenchman's Reef and The Lexington Hotel.



 

Hotel Adjusted EBITDA Reconciliation



Year to Date 2019



Days of
Operation

Total Revenues


Net Income /
(Loss)

Plus:

Depreciation

Plus:

Interest Expense

Plus:

Adjustments (1)

Equals:

Hotel Adjusted
EBITDA

Atlanta Marriott Alpharetta


365

$                 19,586


$                   5,050

$                   1,796

$                         —

$                         —

$                   6,846

Bethesda Marriott Suites


365

$                 17,339


$                  (2,691)

$                   1,890

$                         —

$                   6,068

$                   5,267

Cavallo Point, The Lodge at the Golden Gate


365

$                 40,610


$                   3,298

$                   7,371

$                         —

$                      315

$                 10,984

Chicago Marriott Downtown Magnificent Mile


365

$               112,262


$                 16,876

$                 16,710

$                       116

$                  (1,589)

$                 32,113

Courtyard Denver Downtown


365

$                 11,306


$                   4,133

$                   1,206

$                         —

$                         —

$                   5,339

Courtyard New York Manhattan/Fifth Avenue


365

$                 16,187


$                        26

$                   1,781

$                         —

$                    1,014

$                   2,821

Courtyard New York Manhattan/Midtown East


365

$                 30,424


$                   1,315

$                   2,781

$                    3,856

$                         —

$                   7,952

Frenchman's Reef & Morning Star Marriott Beach Resort


—

$                         —


$                   8,799

$                         —

$                         —

$                         —

$                   8,799

Havana Cabana Key West


365

$                   9,771


$                   2,447

$                      979

$                         —

$                         —

$                   3,426

Hilton Boston Downtown/Faneuil Hall


365

$                 42,339


$                 11,784

$                   4,931

$                         —

$                         —

$                 16,715

Hilton Burlington Lake Champlain


365

$                 18,572


$                   5,134

$                   2,002

$                         —

$                         —

$                   7,136

Hilton Garden Inn New York/Times Square Central


365

$                 26,375


$                   3,916

$                   3,349

$                         —

$                         —

$                   7,265

Hotel Emblem San Francisco


365

$                   7,904


$                      643

$                   1,153

$                         —

$                         —

$                   1,796

Hotel Palomar Phoenix


365

$                 24,701


$                   3,478

$                   2,671

$                       154

$                    1,177

$                   7,480

JW Marriott Denver Cherry Creek


365

$                 19,429


$                  (1,179)

$                   2,798

$                    2,751

$                         24

$                   4,394

Kimpton Shorebreak Resort


365

$                 17,365


$                   3,832

$                   1,485

$                         —

$                       162

$                   5,479

L'Auberge de Sedona


365

$                 26,868


$                   5,623

$                   2,119

$                         —

$                         —

$                   7,742

Margaritaville Beach House Key West


365

$                 15,895


$                   3,380

$                   1,567

$                         —

$                         —

$                   4,947

Orchards Inn Sedona


365

$                   7,730


$                   1,061

$                      951

$                         —

$                       168

$                   2,180

Renaissance Charleston Historic District Hotel


365

$                 15,738


$                   4,663

$                   1,665

$                         —

$                     (126)

$                   6,202

Salt Lake City Marriott Downtown at City Creek


365

$                 31,554


$                   6,796

$                   2,228

$                    2,421

$                         —

$                 11,445

The Gwen Hotel


365

$                 34,431


$                   5,185

$                   4,442

$                         —

$                         —

$                   9,627

The Hythe Vail, a Luxury Collection Resort


365

$                 36,128


$                   6,827

$                   4,133

$                         —

$                         —

$                 10,960

The Landing Lake Tahoe Resort & Spa


365

$                   9,522


$                      118

$                   1,590

$                         —

$                         —

$                   1,708

The Lexington Hotel


365

$                 68,886


$                      745

$                 14,305

$                         23

$                         32

$                 15,105

The Lodge at Sonoma Resort


365

$                 24,645


$                   3,771

$                   2,076

$                    1,119

$                         —

$                   6,966

Westin Boston Seaport District


365

$                 93,355


$                   7,082

$                   9,817

$                    8,677

$                     (240)

$                 25,336

Westin Fort Lauderdale Beach Resort


365

$                 50,992


$                   9,083

$                   6,487

$                         —

$                         —

$                 15,570

Westin San Diego Downtown


365

$                 33,560


$                   4,939

$                   4,548

$                    2,534

$                         —

$                 12,021

Westin Washington D.C. City Center


365

$                 33,242


$                   2,518

$                   5,319

$                    2,643

$                         —

$                 10,480

Worthington Renaissance Fort Worth Hotel


365

$                 41,375


$                   6,378

$                   3,960

$                    3,120

$                           8

$                 13,466

Total



$               938,091


$               135,030

$               118,110

$                  27,414

$                    7,013

$               287,443

Add: Prior Ownership Results (2)



$                 50,618


$                   3,131

$                   6,554

$                         —

$                         —

$                   9,685

Less: Sold Hotels (3)



$               (68,886)


$                  (9,544)

$               (14,305)

$                       (23)

$                       (32)

$                (23,904)

Comparable Total



$               919,823


$               128,617

$               110,359

$                  27,391

$                    6,981

$               273,224



(1)

Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization favorable and unfavorable contract liabilities.

(2)

Amounts represent the pre-acquisition operating results of the Bourbon Orleans Hotel, Henderson Park Inn and Henderson Beach Resort from January 1, 2019 to December 31, 2019.

(3)

Amounts represent the operating results of Frenchman's Reef and The Lexington Hotel.



 

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SOURCE DiamondRock Hospitality Company