BETHESDA, Md., Nov. 4, 2021 /PRNewswire/ -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH), a lodging-focused real estate investment trust that owns a portfolio of 31 premium hotels in the United States, today announced results of operations for the quarter ended September 30, 2021.

Highlights:

  • Net Loss: Net loss was $1.8 million and loss per diluted share was $0.02.
  • Comparable Revenues: Comparable total revenues were $181.5 million, which represents 20.4% decline from the comparable period of 2019.
  • Comparable RevPAR: Comparable RevPAR was $155.17, which represents a 19.6% decline from the comparable period of 2019. Comparable ADR increased 0.7% from the comparable period in 2019.
  • Comparable Hotel Adjusted EBITDA: Comparable Hotel Adjusted EBITDA was $48.3 million, a $18.4 million improvement from the second quarter of 2021.
  • Adjusted EBITDA: Adjusted EBITDA was $38.9 million, a $19.1 million improvement from the second quarter of 2021.
  • Adjusted FFO: Adjusted FFO was $20.9 million and Adjusted FFO per diluted share was $0.10.
  • Liquidity: The Company ended the third quarter with $537.9 million total liquidity. The Company has remained cash flow positive at the hotel level since March 2021.
  • Hotel Acquisitions: The Company acquired the Bourbon Orleans Hotel in New Orleans, Louisiana and the Henderson Park Inn in Destin, Florida during the quarter. These acquisitions continued the Company's strategy to increase exposure to resort and leisure-oriented hotels.
  • Preliminary October Results: Preliminary comparable revenues for October 2021 are 78.6% of the same period in 2019, as compared to 73.5% of the same period in 2019 for September 2021.

"Third quarter results exceeded our expectations as travel demand continued to return to our hotels and our asset management best practices enabled solid profit flow through.  Remarkably, the portfolio achieved a higher average room rate than the comparable quarter in 2019, with a number of our resorts setting all-time records," said Mark W. Brugger, President and Chief Executive Officer of DiamondRock Hospitality Company. "Our two recent acquisitions are tracking ahead of our underwriting for the year, and we are actively exploring a number of additional acquisition opportunities with our substantial investment capacity.  Additionally, we are finalizing the upbrandings of our resorts in Vail and Key West, with several more value-creation repositionings behind those.   Lastly, I want to say that we were honored to have our ESG efforts recognized by GRESB as DiamondRock was once again ranked #1 among our peers for our corporate responsibility program."

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 September 30,


Change From


2021

2020

2019


2020

2019


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

Comparable Operating Results (1)







ADR

$

238.34


$

209.07


$

236.57



14.0

%

0.7

%

Occupancy

65.1

%

19.9

%

81.6

%


45.2

%

(16.5)

%

RevPAR

$

155.17


$

41.55


$

192.99



273.5

%

(19.6)

%

Total RevPAR

$

216.03


$

62.18


$

271.43



247.4

%

(20.4)

%

Revenues

$

181.5


$

52.2


$

228.0



247.7

%

(20.4)

%

Hotel Adjusted EBITDA

$

48.3


$

(14.3)


$

70.6



437.8

%

(31.6)

%

Hotel Adjusted EBITDA Margin

26.60

%

(27.29)

%

30.95

%


5,389 bps

(435) bps

Available Rooms

840,236


839,960


839,960



276


276









Actual Operating Results (2)







Revenues

$

179.5


$

50.1


$

240.3



258.3

%

(25.3)

%

Net (loss) income

$

(1.8)


$

(79.6)


$

11.6



97.7

%

(115.5)

%

(Loss) income per diluted share

$

(0.02)


$

(0.40)


$

0.06



95.0

%

(133.3)

%

Adjusted EBITDA

$

38.9


$

(24.4)


$

67.5



259.4

%

(42.4)

%

Adjusted FFO

$

20.9


$

(44.3)


$

55.3



147.2

%

(62.2)

%

Adjusted FFO per diluted share

$

0.10


$

(0.22)


$

0.27



145.5

%

(63.0)

%



(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 from January 1, 2019 to July 28, 2021 and Henderson Park Inn from January 1, 2019 to July 29, 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.

 


Nine Months Ended September 30,


Change From


2021

2020

2019


2020

2019


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

Comparable Operating Results (1)







ADR

$

229.31


$

213.79


$

235.67



7.3

%

(2.7)

%

Occupancy

47.4

%

29.3

%

79.0

%


18.1

%

(31.6)

%

RevPAR

$

108.59


$

62.59


$

186.12



73.5

%

(41.7)

%

Total RevPAR

$

153.84


$

95.95


$

269.70



60.3

%

(43.0)

%

Revenues

$

383.5


$

240.0


$

671.9



59.8

%

(42.9)

%

Hotel Adjusted EBITDA

$

78.0


$

(18.6)


$

206.6



519.4

%

(62.2)

%

Hotel Adjusted EBITDA Margin

20.34

%

(7.73)

%

30.75

%


2,807 bps

(1,041) bps

Available Rooms

2,493,100


2,501,620


2,491,299



(8,520)


1,801









Actual Operating Results (2)







Revenues

$

377.2


$

240.4


$

700.6



56.9

%

(46.2)

%

Net (loss) income

$

(192.5)


$

(187.7)


$

49.6



(2.6)

%

(488.1)

%

(Loss) income per diluted share

$

(0.94)


$

(0.93)


$

0.24



(1.1)

%

(491.7)

%

Adjusted EBITDA

$

49.1


$

(49.6)


$

197.8



199.0

%

(75.2)

%

Adjusted FFO

$

7.2


$

(76.9)


$

162.3



109.4

%

(95.6)

%

Adjusted FFO per diluted share

$

0.03


$

(0.38)


$

0.80



107.9

%

(96.3)

%



(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 from January 1, 2019 to July 28, 2021 and Henderson Park Inn from January 1, 2019 to July 29, 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 operating information for the nine months ended September 30, 2021 and preliminary operating information for October 2021(1):


January

2021


February 

2021


March 

2021


April 

2021


May

2021


June        2021


Number of Hotels

31



31



31



31



31



31


Number of Rooms

9,133



9,133



9,133



9,133



9,133



9,133


Occupancy

21.2

%


29.1

%


35.5

%


38.4

%


46.9

%


58.7

%

ADR

$192.48



$216.02



$234.19



$227.18



$222.93



$222.16


RevPAR

$40.88



$62.87



$83.06



$87.21



$104.50



$130.37


Total RevPAR

$61.46



$92.71



$116.48



$127.47



$152.57



$181.92


2021 vs 2019

Occupancy change in bps

(4,280) bps


(4,600) bps


(4,380) bps


(4,300) bps


(3,360) bps


(2,690) bps

ADR Rate % change

(4.0)

%


(0.1)

%


(1.4)

%


(6.9)

%


(12.0)

%


(10.9)

%

RevPAR % change

(68.2)

%


(61.3)

%


(55.9)

%


(56.1)

%


(48.7)

%


(38.9)

%

Total RevPAR % change

(69.0)

%


(62.5)

%


(57.7)

%


(55.5)

%


(49.2)

%


(40.4)

%

 


July 

2021


August

2021


September

2021


Preliminary

October 2021


Number of Hotels

31



31



31



31


Number of Rooms

9,133



9,133



9,133



9,133


Occupancy

69.4

%


63.3

%


62.6

%


66.8

%

ADR

$242.18



$227.45



$245.31



$264.41


RevPAR

$168.00



$143.88



$153.57



$176.59


Total RevPAR

$230.84



$201.07



$216.18



$247.24


2021 vs 2019

Occupancy change in bps

(1,290) bps


(1,840) bps


(1,810) bps


(1,560) bps

ADR Rate % change

5.7

%


1.4

%


(4.6)

%


0.3

%

RevPAR % change

(10.9)

%


(21.6)

%


(26.0)

%


(18.7)

%

Total RevPAR % change

(12.5)

%


(21.8)

%


(26.5)

%


(21.4)

%



(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 and Henderson Park Inn.  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.

Hotel Acquisitions

The Company purchased the Bourbon Orleans Hotel in New Orleans, Louisiana on July 29, 2021 and the Henderson Park Inn in Destin, Florida on July 30, 2021.  The combined purchase price for the two hotels was $108.6 million. Inclusive of transaction costs, the total investment was $117.4 million.  The total investment in the Bourbon Orleans Hotel represents a 7% capitalization rate on 2019 net operating income ("NOI"). The hotel reopened in June and is expected to generate approximately a 6.3% NOI yield in 2022 and is underwritten to achieve a stabilized 8% NOI yield. The investment in the Henderson Park Inn represents an 8.8% capitalization rate on 2021 forecasted NOI.  Both hotels are currently forecasted to exceed the Company's original underwriting for 2021. 

Capital Expenditures

The Company has invested approximately $30.1 million in capital improvements at its operating hotels during the nine months ended September 30, 2021.  The Company spent approximately $2.7 million on the rebuild of Frenchman's Reef during the nine months ended September 30, 2021 and has no further obligation to fund any additional amounts related to the rebuild following the sale of the property on April 30, 2021.  The Company expects to spend approximately $55 million on necessary capital improvements and a select few transformational projects with attractive returns on investment in 2021. Significant projects include the following:

  • The Lodge at Sonoma: The Company completed an upgrade renovation to reposition and rebrand the hotel to an Autograph Collection Hotel during the third quarter. The renovation includes a new restaurant by celebrity chef Michael Mina.
  • Vail Marriott Mountain Resort: The Company is completing the final phase of a multi-year renovation to rebrand the resort as The Hythe Vail, a Luxury Collection Hotel in the fourth quarter of 2021.
  • Margaritaville Beach House Key West: The Company is investing $3 million to convert the Barbary Beach House Key West to the Margaritaville Beach Resort Key West in the fourth quarter of 2021.
  • JW Marriott Denver Cherry Creek: The Company is completing renovations in order to rebrand the hotel as Hotel Clio, a Luxury Collection Hotel at the first quarter of 2022.

Balance Sheet and Liquidity

As of September 30, 2021, the Company's liquidity was $537.9 million and is comprised of $66.5 million of unrestricted corporate cash, $71.4 million of unrestricted cash at its hotels and $400.0 million of capacity on its senior unsecured credit facility.  As of September 30, 2021, the Company had $1.0 billion of total debt outstanding, which consisted of $586.3 million of property-specific, non-recourse mortgage debt, $400.0 million of unsecured term loans and no outstanding borrowings on its $400.0 million senior unsecured credit facility.  The Company has no debt maturities until 2022. 

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 September 17, 2021.  This dividend was paid on September 30, 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 third quarter results on Friday, November 5, 2021, 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 9668876. 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. 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 top gateway markets and destination resort locations.  The Company currently owns 31 premium quality hotels with over 9,100 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)



September 30, 2021


December 31, 2020

ASSETS

(unaudited)



Property and equipment, net

$

2,544,486



$

2,817,356


Right-of-use assets

100,499



96,673


Restricted cash

31,333



23,050


Due from hotel managers

109,500



69,495


Prepaid and other assets (1)

19,335



28,403


Cash and cash equivalents

66,499



111,796


Total assets

$

2,871,652



$

3,146,773


LIABILITIES AND EQUITY




Liabilities:




Mortgage and other debt, net of unamortized debt issuance costs

$

584,365



$

595,149


Unsecured term loans, net of unamortized debt issuance costs

398,423



398,550


Senior unsecured credit facility

—



55,000


Total debt

982,788



1,048,699






Lease liabilities

107,939



104,973


Deferred rent

58,770



56,344


Due to hotel managers

84,464



95,548


Unfavorable contract liabilities, net

63,340



64,796


Accounts payable and accrued expenses (2)

42,324



46,542


Deferred income related to key money, net

7,753



10,946


Total liabilities

1,347,378



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 September 30, 2021 and December 31, 2020

48



48


Common stock, $0.01 par value; 400,000,000 shares authorized; 210,619,840 and 210,073,514  shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively

2,106



2,101


Additional paid-in capital

2,292,180



2,285,491


Accumulated deficit

(775,537)



(576,531)


Total stockholders' equity

1,518,797



1,711,109


Noncontrolling interests

5,477



7,816


Total equity

1,524,274



1,718,925


Total liabilities and equity

$

2,871,652



$

3,146,773




(1)

Includes $8.2 million and $10.7 million of prepaid expenses and $11.1 million and $15.3 million of other assets as of September 30, 2021 and December 31, 2020, respectively, and $2.4 million of insurance receivables as of December 31, 2020.



(2)

Includes $15.3 million and $15.2 million of accrued property taxes, $2.1 million and $3.9 million of accrued capital expenditures and $24.9 million and $24.8 million of other accrued liabilities as of September 30, 2021 and December 31, 2020, respectively, and $2.6 million of deferred tax liabilities as of December 31, 2020.

        

DIAMONDROCK HOSPITALITY COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(unaudited)



Three Months Ended September 30,


Nine Months Ended September 30,


2021


2020


2021


2020

Revenues:








Rooms

$

128,743



$

33,166



$

266,051



$

158,066


Food and beverage

36,513



9,586



76,052



56,529


Other

14,216



7,315



35,097



25,846


Total revenues

179,472



50,067



377,200



240,441


Operating Expenses:








Rooms

32,442



11,792



67,736



54,588


Food and beverage

26,957



10,043



58,091



45,845


Management fees

3,104



(755)



6,514



2,644


Franchise fees

6,011



1,813



12,193



8,402


Other hotel expenses

66,399



53,196



167,208



171,759


Depreciation and amortization

25,555



28,514



77,209



87,397


Impairment losses

—



—



126,697



—


Corporate expenses

8,341



7,267



23,790



19,650


Total operating expenses, net

168,809



111,870



539,438



390,285










Interest and other expense (income), net

11



(191)



(460)



58


Interest expense

10,052



10,818



29,246



43,665


  Total other expenses, net

10,063



10,627



28,786



43,723


Income (loss) before income taxes

600



(72,430)



(191,024)



(193,567)


Income tax (expense) benefit

(2,371)



(7,205)



(1,433)



5,853


Net loss

(1,771)



(79,635)



(192,457)



(187,714)


Less:  Net loss attributable to noncontrolling interests

6



43



812



781


Net loss attributable to the Company

(1,765)



(79,592)



(191,645)



(186,933)


Distributions to preferred stockholders

(2,454)



(845)



(7,362)



(845)


Net loss attributable to common stockholders

$

(4,219)



$

(80,437)



$

(199,007)



$

(187,778)


Loss per share:








Net loss per share available to common stockholders - basic

$

(0.02)



$

(0.40)



$

(0.94)



$

(0.93)


Net loss per share available to common stockholders - diluted

$

(0.02)



$

(0.40)



$

(0.94)



$

(0.93)










Weighted-average number of common shares outstanding:








Basic

212,256,590



200,978,327



211,966,969



200,994,434

Diluted

212,256,590



200,978,327



211,966,969



200,994,434

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 September 30,


2021


2020


2019

Net (loss) income

$

(1,771)



$

(79,635)



$

11,574


Interest expense

10,052



10,818



14,184


Income tax expense

2,371



7,205



1,217


Real estate related depreciation and amortization

25,555



28,514



29,474


EBITDAre

36,207



(33,098)



56,449


Non-cash lease expense and other amortization

1,664



1,715



1,750


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

335



593



6,378


Hotel manager transition items

523



(1,021)



582


Uninsured costs related to natural disasters (2)

187



—



—


Loss on early extinguishment of debt

—



—



2,373


Severance costs (3)

—



7,367



—


Adjusted EBITDA

$

38,916



$

(24,444)



$

67,532





Nine Months Ended September 30,


2021


2020


2019

Net (loss) income

$

(192,457)



$

(187,714)



$

49,628


Interest expense

29,246



43,665



38,264


Income tax expense (benefit)

1,433



(5,853)



1,939


Real estate related depreciation and amortization

77,209



87,397



87,805


EBITDA

(84,569)



(62,505)



177,636


Impairment losses

126,697



—



—


EBITDAre

42,128



(62,505)



177,636


Non-cash lease expense and other amortization

5,007



5,172



5,249


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

1,388



418



11,445


Hotel manager transition items

651



(460)



1,050


Uninsured costs related to natural disasters (2)

187



—



—


Loss on early extinguishment of debt

—



—



2,373


Severance costs (3)

(216)



7,760



—


Adjusted EBITDA

$

49,145



$

(49,615)



$

197,753




(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 September 30,


2021


2020


2019

Net (loss) income

$

(1,771)



$

(79,635)



$

11,574


Interest expense

10,052



10,818



14,184


Income tax expense

2,371



7,205



1,217


Real estate related depreciation and amortization

25,555



28,514



29,474


EBITDA

36,207



(33,098)



56,449


Corporate expenses

8,341



7,267



6,318


Interest and other expense (income), net

11



(191)



(102)


Uninsured costs related to natural disasters (1)

187


—



—


Loss on early extinguishment of debt

—



—



2,373


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

335


593



6,378


Hotel EBITDA

45,081



(25,429)



71,416


Non-cash lease expense and other amortization

1,664



1,715



1,750


Hotel manager transition items

523



(1,021)



582


Severance costs (3)

—



7,367



—


Hotel Adjusted EBITDA

$

47,268



$

(17,368)



$

73,748





Nine Months Ended September 30,


2021


2020


2019

Net (loss) income

$

(192,457)



$

(187,714)



$

49,628


Interest expense

29,246



43,665



38,264


Income tax expense (benefit)

1,433



(5,853)



1,939


Real estate related depreciation and amortization

77,209



87,397



87,805


EBITDA

(84,569)



(62,505)



177,636


Corporate expenses

23,790



19,650



20,785


Interest and other (income) expense, net

(460)



58



(510)


Uninsured costs related to natural disasters (1)

187



—



—


Loss on early extinguishment of debt

—



—



2,373


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

1,388



418



11,445


Impairment losses

126,697



—



—


Hotel EBITDA

67,033



(42,379)



211,729


Non-cash lease expense and other amortization

5,007



5,172



5,249


Hotel manager transition items

651



(460)



1,050


Severance costs (3)

(216)



7,760



—


Hotel Adjusted EBITDA

$

72,475



$

(29,907)



$

218,028




(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 September 30,


2021


2020


2019

Net (loss) income

$

(1,771)



$

(79,635)



$

11,574


Real estate related depreciation and amortization

25,555



28,514



29,474


Impairment losses, net of tax

(2,215)



—



—


FFO

21,569



(51,121)



41,048


Distribution to preferred stockholders

(2,454)



(845)



—


FFO available to common stock and unit holders

19,115



(51,966)



41,048


Non-cash lease expense and other amortization

1,664



1,715



1,750


Uninsured costs related to natural disasters (1)

187



—



—


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

335



593



6,378


Hotel manager transition items

523



(1,021)



582


Loss on early extinguishment of debt

—



—



2,373


Severance costs (3)

—



7,367



—


Fair value adjustments to interest rate swaps

(919)



(983)



3,143


Adjusted FFO available to common stock and unit holders

$

20,905



$

(44,295)



$

55,274


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

$

0.10



$

(0.22)



$

0.27





Nine Months Ended September 30,


2021


2020


2019

Net (loss) income

$

(192,457)



$

(187,714)



$

49,628


Real estate related depreciation and amortization

77,209



87,397



87,805


Impairment losses, net of tax

127,282



—



—


FFO

12,034



(100,317)



137,433


Distribution to preferred stockholders

(7,362)



(845)



—


FFO available to common stock and unit holders

4,672



(101,162)



137,433


Non-cash lease expense and other amortization

5,007



5,172



5,249


Uninsured costs related to natural disasters (1)

187



—



—


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

1,388



418



11,445


Hotel manager transition items

651



(460)



1,050


Loss on early extinguishment of debt

—



—



2,373


Severance costs (3)

(216)



7,760



—


Fair value adjustments to interest rate swaps

(4,488)



11,329



4,790


Adjusted FFO available to common stock and unit holders

$

7,201



$

(76,943)



$

162,340


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

$

0.03



$

(0.38)



$

0.80




(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 September 30,


2021


2020


2019

Revenues

$

179,472



$

50,067



$

240,279


Hotel revenues from prior ownership (1)

2,044



2,317



6,045


Hotel revenues from sold hotels (2)

—



(153)



(18,338)


Comparable Revenues

$

181,516



$

52,231



$

227,986








Hotel Adjusted EBITDA

$

47,268



$

(17,368)



$

73,748


Hotel Adjusted EBITDA from prior ownership (1)

833



339



1,756


Hotel Adjusted EBITDA from sold hotels (2)

178



2,776



(4,938)


Comparable Hotel Adjusted EBITDA

$

48,279



$

(14,253)



$

70,566








Hotel Adjusted EBITDA Margin

26.34

%


(34.69)

%


30.69

%

Comparable Hotel Adjusted EBITDA Margin

26.60

%


(27.29)

%


30.95

%




Nine Months Ended September 30,


2021


2020


2019

Revenues

$

377,200



$

240,441



$

700,572


Hotel revenues from prior ownership (1)

6,406



8,435



19,194


Hotel revenues from sold hotels (2)

(60)



(8,857)



(47,872)


Comparable Revenues

$

383,546



$

240,019



$

671,894








Hotel Adjusted EBITDA

$

72,475



$

(29,907)



$

218,028


Hotel Adjusted EBITDA from prior ownership (1)

888



1,273



6,307


Hotel Adjusted EBITDA from sold hotels (2)

4,664



10,081



(17,758)


Comparable Hotel Adjusted EBITDA

$

78,027



$

(18,553)



$

206,577








Hotel Adjusted EBITDA Margin

19.21

%


(12.44)

%


31.12

%

Comparable Hotel Adjusted EBITDA Margin

20.34

%


(7.73)

%


30.75

%



(1)

Amounts represent the pre-acquisition operating results for Bourbon Orleans Hotel from January 1, 2019 to July 28, 2021 and Henderson Park Inn from January 1, 2019 to July 29, 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 31-hotel portfolio, which includes our 2021 acquisitions and excludes our 2021 dispositions.


Quarter 1, 2019

Quarter 2, 2019

Quarter 3, 2019

Quarter 4, 2019

Full Year 2019

ADR

$

219.47


$

248.90


$

236.57


$

241.30


$

237.05


Occupancy

72.7

%

82.5

%

81.6

%

76.0

%

78.2

%

RevPAR

$

159.65


$

205.33


$

192.99


$

183.45


$

185.44


Total RevPAR

$

240.00


$

297.31


$

271.43


$

265.12


$

268.54


Revenues (in thousands)

$

197,032


$

246,876


$

227,986


$

222,692


$

894,586


Hotel Adjusted EBITDA (in thousands)

$

49,794


$

86,217


$

70,566


$

65,256


$

271,833


Hotel Adjusted EBITDA Margin

25.27

%

34.92

%

30.95

%

29.30

%

30.39

%

Available Rooms

820,964


830,375


839,960


839,960


3,331,259


 


Quarter 1, 2020

Quarter 2, 2020

Quarter 3, 2020

Quarter 4, 2020

Full Year 2020

ADR

$

220.21


$

182.83


$

209.07


$

204.26


$

211.78


Occupancy

58.9

%

9.2

%

19.9

%

23.2

%

27.8

%

RevPAR

$

129.70


$

16.75


$

41.55


$

47.47


$

58.79


Total RevPAR

$

199.94


$

26.09


$

62.18


$

72.34


$

90.01


Revenues (in thousands)

$

166,112


$

21,676


$

52,231


$

60,760


$

300,779


Hotel Adjusted EBITDA (in thousands)

$

22,901


$

(27,201)


$

(14,253)


$

(4,727)


$

(23,280)


Hotel Adjusted EBITDA Margin

13.79

%

(125.49)

%

(27.29)

%

(7.78)

%

(7.74)

%

Available Rooms

830,830


830,830


839,960


839,960


3,341,580


 


Quarter 1, 2021

Quarter 2, 2021

Quarter 3, 2021

ADR

$

217.76


$

223.74


$

238.34


Occupancy

28.6

%

48.0

%

65.1

%

RevPAR

$

62.25


$

107.33


$

155.17


Total RevPAR

$

90.13


$

153.97


$

216.03


Revenues (in thousands)

$

74,069


$

127,961


$

181,516


Hotel Adjusted EBITDA (in thousands)

$

(105)


$

29,853


$

48,279


Hotel Adjusted EBITDA Margin

(0.14)

%

23.33

%

26.60

%

Available Rooms

821,790


831,074


840,236


 

 


Market Capitalization as of September 30, 2021

(in thousands)

Enterprise Value






Common equity capitalization (at September 30, 2021 closing price of $9.45/share)


$

2,027,450


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


119,000


Consolidated debt (face amount)


986,342


Cash and cash equivalents


(66,499)


Total enterprise value


$

3,066,293


Share Reconciliation






Common shares outstanding


210,620


Operating partnership units


775


Unvested restricted stock held by management and employees


1,451


Share grants under deferred compensation plan


1,699


Combined shares and units


214,545


 

Debt Summary as of September 30, 2021

(dollars in thousands)

Loan


Interest Rate as of September 30, 2021


Term


Outstanding Principal


Maturity

Salt Lake City Marriott Downtown at City Creek


LIBOR + 3.25 (1)


Variable


45,900



January 2022 (2)

Westin Washington D.C. City Center


3.99%


Fixed


56,516



January 2023

The Lodge at Sonoma Resort


3.96%


Fixed


25,786



April 2023

Westin San Diego Downtown


3.94%


Fixed


59,023



April 2023

Courtyard New York Manhattan / Midtown East


4.40%


Fixed


78,305



August 2024

Worthington Renaissance Fort Worth Hotel


3.66%


Fixed


77,901



May 2025

JW Marriott Denver Cherry Creek


4.33%


Fixed


59,112



July 2025

Westin Boston Seaport District


4.36%


Fixed


183,799



November 2025

     Unamortized debt issuance costs






(1,977)




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






584,365













Unsecured term loan


LIBOR + 2.40% (3)


Variable


350,000



July 2024

Unsecured term loan


LIBOR + 2.40% (4)


Fixed


50,000



October 2023

     Unamortized debt issuance costs






(1,577)




Unsecured term loans, net of unamortized debt issuance costs




398,423













Senior unsecured credit facility


LIBOR + 2.55% (5)


Variable


—



July 2023 (6)










Total debt, net of unamortized debt issuance costs






$

982,788




Weighted-average interest rate of fixed rate debt


4.25

%







Total weighted-average interest rate


3.97

%





















(1)

LIBOR is subject to a floor of 1.0%.

(2)

The loan may be extended for an additional year upon satisfaction of certain conditions.

(3)

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%.

(4)

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

(5)

LIBOR is subject to a floor of 0.25%. 

(6)

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


July 2021

July 2020

B/(W) 2020


July 2021

July 2020

B/(W) 2020


July 2021

July 2020

B/(W) 2020














Total - 31 Hotels

9,133


$

242.18


$

215.16


12.6

%


69.4

%

16.8

%

52.6

%


$

168.00


$

36.24


363.6

%














Resorts - 14 Hotels

2,470


$

373.10


$

277.25


34.6

%


75.5

%

33.6

%

41.9

%


$

281.54


$

93.05


202.6

%
























































Number of Rooms

July 2021

July 2019

B/(W) 2019


July 2021

July 2019

B/(W) 2019


July 2021

July 2019

B/(W) 2019














Total - 31 Hotels

9,133


$

242.18


$

229.06


5.7

%


69.4

%

82.3

%

(12.9)

%


$

168.00


$

188.54


(10.9)

%














Resorts - 14 Hotels

2,470


$

373.10


$

256.15


45.7

%


75.5

%

81.0

%

(5.5)

%


$

281.54


$

207.49


35.7

%
























































Number of Rooms

August 2021

August 2020

B/(W) 2020


August 2021

August 2020

B/(W) 2020


August 2021

August 2020

B/(W) 2020



























Total - 31 Hotels

9,133


$

227.45


$

204.83


11.0

%


63.3

%

19.6

%

43.7

%


$

143.88


$

40.09


258.9

%














Resorts - 14 Hotels

2,470


$

345.37


$

264.56


30.5

%


63.2

%

39.1

%

24.1

%


$

218.33


$

103.35


111.3

%
























































Number of Rooms

August 2021

August 2019

B/(W) 2019


August 2021

August 2019

B/(W) 2019


August 2021

August 2019

B/(W) 2019



























Total - 31 Hotels

9,133


$

227.45


$

224.37


1.4

%


63.3

%

81.7

%

(18.4)

%


$

143.88


$

183.41


(21.6)

%














Resorts - 14 Hotels

2,470


$

345.37


$

253.88


36.0

%


63.2

%

76.6

%

(13.4)

%


$

218.33


$

194.39


12.3

%
























































Number of Rooms

September 2021

September 2020

B/(W) 2020


September 2021

September 2020

B/(W) 2020


September 2021

September 2020

B/(W) 2020



























Total - 31 Hotels

9,133


$

245.31


$

208.21


17.8

%


62.6

%

23.3

%

39.3

%


$

153.57


$

48.54


216.4

%














Resorts - 14 Hotels

2,470


$

346.90


$

284.45


22.0

%


61.4

%

40.0

%

21.4

%


$

213.06


$

113.84


87.2

%
























































Number of Rooms

September 2021

September 2019

B/(W) 2019


September 2021

September 2019

B/(W) 2019


September 2021

September 2019

B/(W) 2019



























Total - 31 Hotels

9,133


$

245.31


$

257.27


(4.6)

%


62.6

%

80.7

%

(18.1)

%


$

153.57


$

207.49


(26.0)

%














Resorts - 14 Hotels

2,470


$

346.90


$

259.03


33.9

%


61.4

%

69.6

%

(8.2)

%


$

213.06


$

180.26


18.2

%



(1)

All periods presented include the two hotels acquired in 2021: Bourbon Orleans Hotel and Henderson Park Inn and exclude the two hotels sold in 2021:  Frenchman's Reef and The Lexington Hotel.  

 


Operating Statistics – Third Quarter


Number of Rooms

ADR


Occupancy


RevPAR


3Q 2021

3Q 2020

B/(W) 2020


3Q 2021

3Q 2020

B/(W) 2020


3Q 2021

3Q 2020

B/(W) 2020



























Atlanta Marriott Alpharetta

318


$

119.77


$

96.94


23.6

%


63.2

%

13.3

%

49.9

%


$

75.75


$

12.89


487.7

%

Barbary Beach House Key West

186


$

382.97


$

194.90


96.5

%


76.3

%

33.6

%

42.7

%


$

292.20


$

65.49


346.2

%

Bethesda Marriott Suites

272


$

118.48


$

104.27


13.6

%


41.1

%

19.0

%

22.1

%


$

48.73


$

19.85


145.5

%

Bourbon Orleans Hotel (1)

218


$

189.19


$

—


100.0

%


55.9

%

—

%

55.9

%


$

105.73


$

—


100.0

%

Cavallo Point, The Lodge at the Golden Gate

142


$

697.33


$

510.79


36.5

%


58.6

%

26.1

%

32.5

%


$

408.40


$

133.09


206.9

%

Chicago Marriott Downtown Magnificent Mile

1,200


$

204.01


$

159.33


28.0

%


54.4

%

1.8

%

52.6

%


$

110.97


$

2.90


3,726.6

%

Courtyard Denver Downtown

177


$

198.04


$

105.53


87.7

%


77.0

%

29.1

%

47.9

%


$

152.42


$

30.71


396.3

%

Courtyard New York Manhattan/Fifth Avenue

189


$

188.42


$

—


100.0

%


94.3

%

—

%

94.3

%


$

177.64


$

—


100.0

%

Courtyard New York Manhattan/Midtown East

321


$

221.26


$

133.02


66.3

%


77.5

%

38.8

%

38.7

%


$

171.52


$

51.60


232.4

%

Havana Cabana Key West

106


$

289.47


$

152.98


89.2

%


85.6

%

69.0

%

16.6

%


$

247.92


$

105.59


134.8

%

Henderson Park Inn (2)

37


$

630.12


$

560.12


12.5

%


91.9

%

88.7

%

3.2

%


$

579.30


$

496.84


16.6

%

Hilton Boston Downtown/Faneuil Hall

403


$

236.15


$

139.19


69.7

%


82.3

%

12.3

%

70.0

%


$

194.26


$

17.09


1,036.7

%

Hilton Burlington Lake Champlain

258


$

304.18


$

176.52


72.3

%


83.1

%

22.4

%

60.7

%


$

252.78


$

39.55


539.1

%

Hilton Garden Inn New York/Times Square Central

282


$

178.29


$

—


100.0

%


89.6

%

—

%

89.6

%


$

159.71


$

—


100.0

%

Hotel Emblem San Francisco

96


$

163.36


$

141.40


15.5

%


61.4

%

14.3

%

47.1

%


$

100.30


$

20.22


396.0

%

Hotel Palomar Phoenix

242


$

166.94


$

118.13


41.3

%


56.3

%

28.8

%

27.5

%


$

93.95


$

34.05


175.9

%

JW Marriott Denver Cherry Creek

199


$

291.32


$

204.28


42.6

%


77.5

%

39.4

%

38.1

%


$

225.78


$

80.55


180.3

%

Kimpton Shorebreak Resort

157


$

390.89


$

290.80


34.4

%


79.9

%

53.5

%

26.4

%


$

312.46


$

155.54


100.9

%

L'Auberge de Sedona

88


$

833.84


$

606.77


37.4

%


73.0

%

76.5

%

(3.5)

%


$

609.01


$

464.45


31.1

%

Orchards Inn Sedona

70


$

263.02


$

197.72


33.0

%


66.1

%

59.5

%

6.6

%


$

173.86


$

117.56


47.9

%

Renaissance Charleston Historic District Hotel

167


$

322.94


$

174.20


85.4

%


89.8

%

44.5

%

45.3

%


$

290.15


$

77.55


274.1

%

Salt Lake City Marriott Downtown at City Creek

510


$

166.22


$

122.16


36.1

%


56.4

%

12.9

%

43.5

%


$

93.79


$

15.76


495.1

%

The Gwen Hotel

311


$

271.16


$

196.22


38.2

%


71.3

%

20.8

%

50.5

%


$

193.23


$

40.74


374.3

%

The Landing Lake Tahoe Resort & Spa

82


$

725.58


$

494.05


46.9

%


42.1

%

78.5

%

(36.4)

%


$

305.18


$

387.76


(21.3)

%

The Lodge at Sonoma Renaissance Resort & Spa

182


$

424.58


$

248.29


71.0

%


72.0

%

43.6

%

28.4

%


$

305.73


$

108.28


182.4

%

Vail Marriott Mountain Resort

344


$

262.06


$

228.66


14.6

%


45.9

%

36.0

%

9.9

%


$

120.41


$

82.35


46.2

%

Westin Boston Waterfront

793


$

210.10


$

141.08


48.9

%


63.9

%

3.8

%

60.1

%


$

134.26


$

5.36


2,404.9

%

Westin Fort Lauderdale Beach Resort

433


$

200.44


$

136.40


47.0

%


57.6

%

29.5

%

28.1

%


$

115.37


$

40.29


186.3

%

Westin San Diego Downtown

436


$

174.42


$

144.69


20.5

%


74.2

%

23.0

%

51.2

%


$

129.40


$

33.27


288.9

%

Westin Washington D.C. City Center

410


$

143.36


$

122.48


17.0

%


43.7

%

9.0

%

34.7

%


$

62.66


$

11.00


469.6

%

Worthington Renaissance Fort Worth Hotel

504


$

146.48


$

141.75


3.3

%


62.7

%

17.4

%

45.3

%


$

91.79


$

24.66


272.2

%

Comparable Total (3)

9,133


$

238.34


$

209.07


14.0

%


65.1

%

19.9

%

45.2

%


$

155.17


$

41.55


273.5

%














Resorts - 14 Hotels

2,470


$

356.79


$

271.59


31.4

%


66.8

%

38.4

%

28.4

%


$

238.24


$

104.24


128.5

%



(1)

Hotel was acquired on July 29, 2021.  Amounts reflect the operating results for the period from July 29, 2021 to September 30, 2021 and July 29, 2020 to September 30, 2020.

(2)

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

(3)

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

       


Operating Statistics – Third Quarter


Number of Rooms

ADR


Occupancy


RevPAR


3Q 2021

3Q 2019

B/(W) 2019


3Q 2021

3Q 2019

B/(W) 2019


3Q 2021

3Q 2019

B/(W) 2019



























Atlanta Marriott Alpharetta

318


$

119.77


$

163.80


(26.9)

%


63.2

%

72.9

%

(9.7)

%


$

75.75


$

119.41


(36.6)

%

Barbary Beach House Key West

186


$

382.97


$

205.47


86.4

%


76.3

%

61.4

%

14.9

%


$

292.20


$

126.16


131.6

%

Bethesda Marriott Suites

272


$

118.48


$

167.95


(29.5)

%


41.1

%

70.4

%

(29.3)

%


$

48.73


$

118.20


(58.8)

%

Bourbon Orleans Hotel (1)

218


$

189.19


$

189.73


(0.3)

%


55.9

%

77.2

%

(21.3)

%


$

105.73


$

146.38


(27.8)

%

Cavallo Point, The Lodge at the Golden Gate

142


$

697.33


$

469.36


48.6

%


58.6

%

68.1

%

(9.5)

%


$

408.40


$

319.72


27.7

%

Chicago Marriott Downtown Magnificent Mile

1,200


$

204.01


$

239.22


(14.7)

%


54.4

%

82.5

%

(28.1)

%


$

110.97


$

197.32


(43.8)

%

Courtyard Denver Downtown

177


$

198.04


$

218.40


(9.3)

%


77.0

%

85.9

%

(8.9)

%


$

152.42


$

187.70


(18.8)

%

Courtyard New York Manhattan/Fifth Avenue

189


$

188.42


$

256.72


(26.6)

%


94.3

%

91.6

%

2.7

%


$

177.64


$

235.21


(24.5)

%

Courtyard New York Manhattan/Midtown East

321


$

221.26


$

266.37


(16.9)

%


77.5

%

97.4

%

(19.9)

%


$

171.52


$

259.56


(33.9)

%

Havana Cabana Key West

106


$

289.47


$

170.13


70.1

%


85.6

%

85.9

%

(0.3)

%


$

247.92


$

146.13


69.7

%

Henderson Park Inn (2)

37


$

630.12


$

506.61


24.4

%


91.9

%

85.2

%

6.7

%


$

579.30


$

431.42


34.3

%

Hilton Boston Downtown/Faneuil Hall

403


$

236.15


$

342.48


(31.0)

%


82.3

%

92.6

%

(10.3)

%


$

194.26


$

317.16


(38.8)

%

Hilton Burlington Lake Champlain

258


$

304.18


$

244.03


24.6

%


83.1

%

90.1

%

(7.0)

%


$

252.78


$

219.97


14.9

%

Hilton Garden Inn New York/Times Square Central

282


$

178.29


$

249.41


(28.5)

%


89.6

%

98.7

%

(9.1)

%


$

159.71


$

246.24


(35.1)

%

Hotel Emblem San Francisco

96


$

163.36


$

247.06


(33.9)

%


61.4

%

91.7

%

(30.3)

%


$

100.30


$

226.47


(55.7)

%

Hotel Palomar Phoenix

242


$

166.94


$

143.55


16.3

%


56.3

%

73.4

%

(17.1)

%


$

93.95


$

105.30


(10.8)

%

JW Marriott Denver Cherry Creek

199


$

291.32


$

262.04


11.2

%


77.5

%

85.9

%

(8.4)

%


$

225.78


$

225.20


0.3

%

Kimpton Shorebreak Resort

157


$

390.89


$

306.54


27.5

%


79.9

%

81.8

%

(1.9)

%


$

312.46


$

250.72


24.6

%

L'Auberge de Sedona

88


$

833.84


$

533.79


56.2

%


73.0

%

71.7

%

1.3

%


$

609.01


$

382.61


59.2

%

Orchards Inn Sedona

70


$

263.02


$

207.09


27.0

%


66.1

%

74.3

%

(8.2)

%


$

173.86


$

153.97


12.9

%

Renaissance Charleston Historic District Hotel

167


$

322.94


$

239.40


34.9

%


89.8

%

77.9

%

11.9

%


$

290.15


$

186.38


55.7

%

Salt Lake City Marriott Downtown at City Creek

510


$

166.22


$

179.29


(7.3)

%


56.4

%

76.1

%

(19.7)

%


$

93.79


$

136.50


(31.3)

%

The Gwen Hotel

311


$

271.16


$

280.57


(3.4)

%


71.3

%

91.3

%

(20.0)

%


$

193.23


$

256.27


(24.6)

%

The Landing Lake Tahoe Resort & Spa

82


$

725.58


$

376.60


92.7

%


42.1

%

86.4

%

(44.3)

%


$

305.18


$

325.43


(6.2)

%

The Lodge at Sonoma Renaissance Resort & Spa

182


$

424.58


$

349.59


21.5

%


72.0

%

83.8

%

(11.8)

%


$

305.73


$

292.92


4.4

%

Vail Marriott Mountain Resort

344


$

262.06


$

212.25


23.5

%


45.9

%

70.4

%

(24.5)

%


$

120.41


$

149.45


(19.4)

%

Westin Boston Waterfront

793


$

210.10


$

261.88


(19.8)

%


63.9

%

84.5

%

(20.6)

%


$

134.26


$

221.26


(39.3)

%

Westin Fort Lauderdale Beach Resort

433


$

200.44


$

144.14


39.1

%


57.6

%

69.6

%

(12.0)

%


$

115.37


$

100.29


15.0

%

Westin San Diego Downtown

436


$

174.42


$

192.85


(9.6)

%


74.2

%

86.0

%

(11.8)

%


$

129.40


$

165.84


(22.0)

%

Westin Washington D.C. City Center

410


$

143.36


$

178.69


(19.8)

%


43.7

%

90.7

%

(47.0)

%


$

62.66


$

162.01


(61.3)

%

Worthington Renaissance Fort Worth Hotel

504


$

146.48


$

177.73


(17.6)

%


62.7

%

69.5

%

(6.8)

%


$

91.79


$

123.48


(25.7)

%

Comparable Total (3)

9,133


$

238.34


$

236.57


0.7

%


65.1

%

81.6

%

(16.5)

%


$

155.17


$

192.99


(19.6)

%














Resorts - 14 Hotels

2,470


$

356.79


$

256.01


39.4

%


66.8

%

75.8

%

(9.0)

%


$

238.24


$

194.11


22.7

%



(1)

Hotel was acquired on July 29, 2021.  Amounts reflect the operating results for the period from July 29, 2021 to September 30, 2021 and July 29, 2019 to September 30, 2019.

(2)

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

(3)

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


$

109.44


$

154.29


(29.1)

%


45.3

%

23.8

%

21.5

%


$

49.60


$

36.70


35.1

%

Barbary Beach House Key West

186


$

384.06


$

283.16


35.6

%


85.2

%

42.2

%

43.0

%


$

327.16


$

119.54


173.7

%

Bethesda Marriott Suites

272


$

111.73


$

150.98


(26.0)

%


30.6

%

23.6

%

7.0

%


$

34.20


$

35.60


(3.9)

%

Bourbon Orleans Hotel (1)

218


$

189.19


$

—


100.0

%


55.9

%

—

%

55.9

%


$

105.73


$

—


100.0

%

Cavallo Point, The Lodge at the Golden Gate

142


$

634.83


$

468.97


35.4

%


41.3

%

24.3

%

17.0

%


$

262.11


$

114.14


129.6

%

Chicago Marriott Downtown Magnificent Mile

1,200


$

194.21


$

164.09


18.4

%


25.1

%

14.9

%

10.2

%


$

48.76


$

24.42


99.7

%

Courtyard Denver Downtown

177


$

152.90


$

142.27


7.5

%


59.5

%

27.0

%

32.5

%


$

91.05


$

38.47


136.7

%

Courtyard New York Manhattan/Fifth Avenue

189


$

181.14


$

206.17


(12.1)

%


40.9

%

20.5

%

20.4

%


$

74.06


$

42.17


75.6

%

Courtyard New York Manhattan/Midtown East

321


$

171.24


$

150.19


14.0

%


75.4

%

63.7

%

11.7

%


$

129.17


$

95.61


35.1

%

Havana Cabana Key West

106


$

284.07


$

221.74


28.1

%


91.1

%

55.5

%

35.6

%


$

258.91


$

123.12


110.3

%

Henderson Park Inn (2)

37


$

630.12


$

560.12


12.5

%


91.9

%

88.7

%

3.2

%


$

579.30


$

496.84


16.6

%

Hilton Boston Downtown/Faneuil Hall

403


$

193.40


$

183.50


5.4

%


52.9

%

25.9

%

27.0

%


$

102.27


$

47.58


114.9

%

Hilton Burlington Lake Champlain

258


$

230.48


$

149.39


54.3

%


59.4

%

20.6

%

38.8

%


$

136.85


$

30.80


344.3

%

Hilton Garden Inn New York/Times Square Central

282


$

169.24


$

154.35


9.6

%


44.2

%

25.6

%

18.6

%


$

74.86


$

39.46


89.7

%

Hotel Emblem San Francisco

96


$

152.78


$

235.06


(35.0)

%


38.3

%

27.3

%

11.0

%


$

58.49


$

64.22


(8.9)

%

Hotel Palomar Phoenix

242


$

158.13


$

195.61


(19.2)

%


55.6

%

34.5

%

21.1

%


$

87.86


$

67.55


30.1

%

JW Marriott Denver Cherry Creek

199


$

256.72


$

219.17


17.1

%


61.9

%

34.2

%

27.7

%


$

158.94


$

75.00


111.9

%

Kimpton Shorebreak Resort

157


$

322.91


$

237.64


35.9

%


66.0

%

54.6

%

11.4

%


$

213.24


$

129.77


64.3

%

L'Auberge de Sedona

88


$

855.47


$

585.16


46.2

%


80.9

%

59.1

%

21.8

%


$

692.17


$

345.92


100.1

%

Orchards Inn Sedona

70


$

287.73


$

204.08


41.0

%


69.9

%

44.7

%

25.2

%


$

201.15


$

91.22


120.5

%

Renaissance Charleston Historic District Hotel

167


$

299.52


$

206.83


44.8

%


79.2

%

41.7

%

37.5

%


$

237.18


$

86.34


174.7

%

Salt Lake City Marriott Downtown at City Creek

510


$

141.35


$

158.91


(11.1)

%


43.3

%

22.9

%

20.4

%


$

61.25


$

36.39


68.3

%

The Gwen Hotel

311


$

244.80


$

194.12


26.1

%


48.7

%

28.1

%

20.6

%


$

119.29


$

54.54


118.7

%

The Landing Lake Tahoe Resort & Spa

82


$

486.70


$

405.37


20.1

%


50.0

%

48.4

%

1.6

%


$

243.57


$

196.06


24.2

%

The Lodge at Sonoma Renaissance Resort & Spa

182


$

345.68


$

240.69


43.6

%


56.7

%

29.9

%

26.8

%


$

195.99


$

71.94


172.4

%

Vail Marriott Mountain Resort

344


$

317.33


$

367.58


(13.7)

%


46.0

%

34.0

%

12.0

%


$

145.93


$

124.93


16.8

%

Westin Boston Waterfront

793


$

180.87


$

193.59


(6.6)

%


38.6

%

21.2

%

17.4

%


$

69.80


$

40.95


70.5

%

Westin Fort Lauderdale Beach Resort

433


$

236.88


$

224.57


5.5

%


60.2

%

42.8

%

17.4

%


$

142.53


$

96.09


48.3

%

Westin San Diego Downtown

436


$

157.46


$

175.26


(10.2)

%


51.3

%

39.2

%

12.1

%


$

80.71


$

68.65


17.6

%

Westin Washington D.C. City Center

410


$

139.24


$

182.86


(23.9)

%


25.8

%

23.6

%

2.2

%


$

35.88


$

43.20


(16.9)

%

Worthington Renaissance Fort Worth Hotel

504


$

148.82


$

177.91


(16.4)

%


51.2

%

28.7

%

22.5

%


$

76.19


$

51.10


49.1

%

Comparable Total (3)

9,133


$

229.31


$

213.79


7.3

%


47.4

%

29.3

%

18.1

%


$

108.59


$

62.59


73.5

%














Resorts - 14 Hotels

2,470


$

342.25


$

286.98


19.3

%


62.5

%

38.2

%

24.3

%


$

213.98


$

109.57


95.3

%



(1)

Hotel was acquired on July 29, 2021.  Amounts reflect the operating results for the period from July 29, 2021 to September 30, 2021 and July 29, 2020 to September 30, 2020.

(2)

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

(3)

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


$

109.44


$

166.97


(34.5)

%


45.3

%

72.7

%

(27.4)

%


$

49.60


$

121.42


(59.2)

%

Barbary Beach House Key West

186


$

384.06


$

259.71


47.9

%


85.2

%

80.5

%

4.7

%


$

327.16


$

209.08


56.5

%

Bethesda Marriott Suites

272


$

111.73


$

176.98


(36.9)

%


30.6

%

73.0

%

(42.4)

%


$

34.20


$

129.23


(73.5)

%

Bourbon Orleans Hotel (1)

218


$

189.19


$

189.73


(0.3)

%


55.9

%

77.2

%

(21.3)

%


$

105.73


$

146.38


(27.8)

%

Cavallo Point, The Lodge at the Golden Gate

142


$

634.83


$

458.60


38.4

%


41.3

%

65.2

%

(23.9)

%


$

262.11


$

298.90


(12.3)

%

Chicago Marriott Downtown Magnificent Mile

1,200


$

194.21


$

225.86


(14.0)

%


25.1

%

72.7

%

(47.6)

%


$

48.76


$

164.20


(70.3)

%

Courtyard Denver Downtown

177


$

152.90


$

200.80


(23.9)

%


59.5

%

81.1

%

(21.6)

%


$

91.05


$

162.75


(44.1)

%

Courtyard New York Manhattan/Fifth Avenue

189


$

181.14


$

248.54


(27.1)

%


40.9

%

86.7

%

(45.8)

%


$

74.06


$

215.49


(65.6)

%

Courtyard New York Manhattan/Midtown East

321


$

171.24


$

244.82


(30.1)

%


75.4

%

95.6

%

(20.2)

%


$

129.17


$

234.03


(44.8)

%

Havana Cabana Key West

106


$

284.07


$

210.19


35.1

%


91.1

%

90.3

%

0.8

%


$

258.91


$

189.78


36.4

%

Henderson Park Inn (2)

37


$

630.12


$

506.61


24.4

%


91.9

%

85.2

%

6.7

%


$

579.30


$

431.42


34.3

%

Hilton Boston Downtown/Faneuil Hall

403


$

193.40


$

308.79


(37.4)

%


52.9

%

88.9

%

(36.0)

%


$

102.27


$

274.58


(62.8)

%

Hilton Burlington Lake Champlain

258


$

230.48


$

193.56


19.1

%


59.4

%

81.7

%

(22.3)

%


$

136.85


$

158.11


(13.4)

%

Hilton Garden Inn New York/Times Square Central

282


$

169.24


$

235.87


(28.2)

%


44.2

%

98.5

%

(54.3)

%


$

74.86


$

232.29


(67.8)

%

Hotel Emblem San Francisco

96


$

152.78


$

240.00


(36.3)

%


38.3

%

78.9

%

(40.6)

%


$

58.49


$

189.34


(69.1)

%

Hotel Palomar Phoenix

242


$

158.13


$

185.74


(14.9)

%


55.6

%

82.7

%

(27.1)

%


$

87.86


$

153.51


(42.8)

%

JW Marriott Denver Cherry Creek

199


$

256.72


$

258.63


(0.7)

%


61.9

%

70.8

%

(8.9)

%


$

158.94


$

183.12


(13.2)

%

Kimpton Shorebreak Resort

157


$

322.91


$

268.57


20.2

%


66.0

%

78.7

%

(12.7)

%


$

213.24


$

211.27


0.9

%

L'Auberge de Sedona

88


$

855.47


$

596.05


43.5

%


80.9

%

78.6

%

2.3

%


$

692.17


$

468.42


47.8

%

Orchards Inn Sedona

70


$

287.73


$

244.33


17.8

%


69.9

%

77.7

%

(7.8)

%


$

201.15


$

189.96


5.9

%

Renaissance Charleston Historic District Hotel

167


$

299.52


$

260.92


14.8

%


79.2

%

84.0

%

(4.8)

%


$

237.18


$

219.09


8.3

%

Salt Lake City Marriott Downtown at City Creek

510


$

141.35


$

173.43


(18.5)

%


43.3

%

69.4

%

(26.1)

%


$

61.25


$

120.42


(49.1)

%

The Gwen Hotel

311


$

244.80


$

256.86


(4.7)

%


48.7

%

83.3

%

(34.6)

%


$

119.29


$

213.95


(44.2)

%

The Landing Lake Tahoe Resort & Spa

82


$

486.70


$

321.13


51.6

%


50.0

%

65.4

%

(15.4)

%


$

243.57


$

210.11


15.9

%

The Lodge at Sonoma Renaissance Resort & Spa

182


$

345.68


$

310.27


11.4

%


56.7

%

74.3

%

(17.6)

%


$

195.99


$

230.57


(15.0)

%

Vail Marriott Mountain Resort

344


$

317.33


$

298.07


6.5

%


46.0

%

65.6

%

(19.6)

%


$

145.93


$

195.66


(25.4)

%

Westin Boston Waterfront

793


$

180.87


$

251.43


(28.1)

%


38.6

%

78.4

%

(39.8)

%


$

69.80


$

197.05


(64.6)

%

Westin Fort Lauderdale Beach Resort

433


$

236.88


$

204.38


15.9

%


60.2

%

81.8

%

(21.6)

%


$

142.53


$

167.26


(14.8)

%

Westin San Diego Downtown

436


$

157.46


$

194.30


(19.0)

%


51.3

%

82.0

%

(30.7)

%


$

80.71


$

159.39


(49.4)

%

Westin Washington D.C. City Center

410


$

139.24


$

206.84


(32.7)

%


25.8

%

86.9

%

(61.1)

%


$

35.88


$

179.77


(80.0)

%

Worthington Renaissance Fort Worth Hotel

504


$

148.82


$

186.24


(20.1)

%


51.2

%

75.4

%

(24.2)

%


$

76.19


$

140.50


(45.8)

%

Comparable Total (3)

9,133


$

229.31


$

235.67


(2.7)

%


47.4

%

79.0

%

(31.6)

%


$

108.59


$

186.12


(41.7)

%














Resorts - 14 Hotels

2,470


$

342.25


$

272.08


25.8

%


62.5

%

77.0

%

(14.5)

%


$

213.98


$

209.56


2.1

%



(1)

Hotel was acquired on July 29, 2021.  Amounts reflect the operating results for the period from July 29, 2021 to September 30, 2021 and July 29, 2019 to September 30, 2019.

(2)

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

(3)

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

 

Hotel Adjusted EBITDA Reconciliation




Third 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

$

2,843



$

426


$

342


$

—


$

—


$

768


Barbary Beach House Key West


92

$

6,354



$

2,103


$

728


$

—


$

—


$

2,831


Bethesda Marriott Suites


92

$

1,553



$

(2,390)


$

532


$

—


$

1,490


$

(368)


Bourbon Orleans Hotel


64

$

1,646



$

(91)


$

543


$

—


$

4


$

456


Cavallo Point, The Lodge at the Golden Gate


92

$

11,455



$

1,697


$

2,023


$

—


$

94


$

3,814


Chicago Marriott Downtown Magnificent Mile


92

$

17,320



$

1,508


$

4,069


$

6


$

(397)


$

5,186


Courtyard Denver Downtown


92

$

2,755



$

959


$

376


$

—


$

—


$

1,335


Courtyard New York Manhattan/Fifth Avenue


92

$

3,146



$

(973)


$

329


$

—


$

253


$

(391)


Courtyard New York Manhattan/Midtown East


92

$

5,211



$

(938)


$

479


$

934


$

—


$

475


Frenchman's Reef & Morning Star Marriott Beach Resort


—

$

—



$

—


$

—


$

—


$

—


$

—


Havana Cabana Key West


92

$

3,282



$

1,129


$

267


$

—


$

—


$

1,396


Henderson Park Inn


63

$

1,813



$

696


$

150


$

—


$

—


$

846


Hilton Boston Downtown/Faneuil Hall


92

$

7,748



$

980


$

1,052


$

—


$

—


$

2,032


Hilton Burlington Lake Champlain


92

$

6,529



$

2,683


$

571


$

—


$

—


$

3,254


Hilton Garden Inn New York/Times Square Central


92

$

4,236



$

(918)


$

765


$

—


$

—


$

(153)


Hotel Emblem San Francisco


92

$

1,027



$

(305)


$

307


$

—


$

—


$

2


Hotel Palomar Phoenix


92

$

3,416



$

(410)


$

672


$

—


$

282


$

544


JW Marriott Denver Cherry Creek


92

$

6,507



$

757


$

779


$

665


$

5


$

2,206


Kimpton Shorebreak Resort


92

$

6,345



$

2,121


$

410


$

—


$

—


$

2,531


L'Auberge de Sedona


92

$

7,298



$

1,790


$

371


$

—


$

—


$

2,161


Orchards Inn Sedona


92

$

1,932



$

298


$

82


$

—


$

42


$

422


Renaissance Charleston Historic District Hotel


92

$

5,729



$

1,933


$

462


$

—


$

—


$

2,395


Salt Lake City Marriott Downtown at City Creek


92

$

5,932



$

1,017


$

513


$

520


$

11


$

2,061


The Gwen Hotel


92

$

8,616



$

1,605


$

1,085


$

—


$

—


$

2,690


The Landing Lake Tahoe Resort & Spa


92

$

3,501



$

1,055


$

434


$

—


$

—


$

1,489


The Lexington Hotel


—

$

—



$

(178)


$

—


$

—


$

—


$

(178)


The Lodge at Sonoma Resort


92

$

7,674



$

1,452


$

620


$

268


$

—


$

2,340


Vail Marriott Mountain Resort


92

$

4,971



$

(224)


$

1,064


$

—


$

—


$

840


Westin Boston Seaport District


92

$

14,033



$

(2,624)


$

2,531


$

2,094


$

(122)


$

1,879


Westin Fort Lauderdale Beach Resort


92

$

10,875



$

515


$

1,064


$

—


$

—


$

1,579


Westin San Diego Downtown


92

$

6,335



$

551


$

802


$

604


$

—


$

1,957


Westin Washington D.C. City Center


92

$

2,858



$

(2,011)


$

1,019


$

617


$

—


$

(375)


Worthington Renaissance Fort Worth Hotel


92

$

6,532



$

(626)


$

1,114


$

753


$

2


$

1,243


Total



$

179,472



$

13,587


$

25,555


$

6,461


$

1,664


$

47,268


Prior Ownership Results (2)



$

2,044



$

645


$

188


$

—


$

—


$

833


Less: Sold Hotels (3)



$

—



$

178


$

—


$

—


$

—


$

178


Comparable Total



$

181,516



$

14,410


$

25,743


$

6,461


$

1,664


$

48,279




(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 July 1, 2021 to July 28, 2021 and Henderson Park Inn from July 1, 2021 to July 29, 2021.

(3)

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

 

Hotel Adjusted EBITDA Reconciliation



Third Quarter 2020



 

Days of Operation



Net Income / (Loss)

Plus:

Plus:

Plus:

Equals: Hotel

Adjusted EBITDA



Total Revenues


Depreciation

Interest Expense

Adjustments (1)

Atlanta Marriott Alpharetta


92

$

434



$

(958)


$

357


$

—


$

—


$

(601)


Barbary Beach House Key West


92

$

1,586



$

(924)


$

669


$

—


$

—


$

(255)


Bethesda Marriott Suites


92

$

577



$

(2,735)


$

522


$

—


$

1,502


$

(711)


Cavallo Point, The Lodge at the Golden Gate


92

$

3,565



$

(1,755)


$

1,841


$

—


$

94


$

180


Chicago Marriott Downtown Magnificent Mile


30

$

615



$

(8,789)


$

4,155


$

62


$

(397)


$

(4,969)


Courtyard Denver Downtown


92

$

674



$

(452)


$

373


$

—


$

—


$

(79)


Courtyard New York Manhattan/Fifth Avenue


—

$

52



$

(2,108)


$

331


$

—


$

253


$

(1,524)


Courtyard New York Manhattan/Midtown East


92

$

1,551



$

(2,680)


$

488


$

952


$

—


$

(1,240)


Frenchman's Reef & Morning Star Marriott Beach Resort


—

$

—



$

—


$

—


$

—


$

—


$

—


Havana Cabana Key West


92

$

1,668



$

77


$

274


$

—


$

—


$

351


Hilton Boston Downtown/Faneuil Hall


62

$

1,070



$

(1,840)


$

1,239


$

—


$

—


$

(601)


Hilton Burlington Lake Champlain


77

$

1,135



$

(680)


$

627


$

—


$

—


$

(53)


Hilton Garden Inn New York/Times Square Central


—

$

55



$

(2,103)


$

846


$

—


$

—


$

(1,257)


Hotel Emblem San Francisco


92

$

220



$

(642)


$

386


$

—


$

—


$

(256)


Hotel Palomar Phoenix


92

$

1,192



$

(1,298)


$

672


$

39


$

286


$

(301)


JW Marriott Denver Cherry Creek


92

$

2,382



$

(1,655)


$

782


$

679


$

6


$

(188)


Kimpton Shorebreak Resort


92

$

3,265



$

687


$

411


$

—


$

—


$

1,098


L'Auberge de Sedona


92

$

5,461



$

1,476


$

640


$

—


$

—


$

2,116


Orchards Inn Sedona


92

$

1,046



$

(16)


$

80


$

—


$

42


$

106


Renaissance Charleston Historic District Hotel


92

$

1,409



$

(495)


$

432


$

—


$

(21)


$

(84)


Salt Lake City Marriott Downtown at City Creek


92

$

1,038



$

(1,826)


$

552


$

538


$

—


$

(736)


The Gwen Hotel


92

$

1,867



$

(1,830)


$

1,104


$

—


$

—


$

(726)


The Landing Lake Tahoe Resort & Spa


92

$

4,217



$

1,730


$

416


$

—


$

—


$

2,146


The Lexington Hotel


—

$

153



$

(5,235)


$

2,445


$

6


$

8


$

(2,776)


The Lodge at Sonoma Resort


92

$

2,329



$

(1,421)


$

478


$

274


$

—


$

(669)


Vail Marriott Mountain Resort


92

$

3,851



$

(601)


$

1,117


$

—


$

—


$

516


Westin Boston Seaport District


28

$

877



$

(7,859)


$

2,593


$

2,140


$

(60)


$

(3,186)


Westin Fort Lauderdale Beach Resort


92

$

4,003



$

(1,966)


$

1,118


$

—


$

—


$

(848)


Westin San Diego Downtown


92

$

1,600



$

(2,444)


$

1,124


$

621


$

—


$

(699)


Westin Washington D.C. City Center


92

$

486



$

(3,290)


$

1,316


$

640


$

—


$

(1,334)


Worthington Renaissance Fort Worth Hotel


92

$

1,689



$

(2,685)


$

1,126


$

769


$

2


$

(788)


Total



$

50,067



$

(54,317)


$

28,514


$

6,720


$

1,715


$

(17,368)


Add: Prior Ownership Results (2)



$

2,317



$

(224)


$

563


$

—


$

—


$

339


Less: Sold Hotels (3)



$

(153)



$

5,235


$

(2,445)


$

(6)


$

(8)


$

2,776


Comparable Total



$

52,231



$

(49,306)


$

26,632


$

6,714


$

1,707


$

(14,253)




(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 and Henderson Park Inn from July 1, 2020 to September 30, 2020.

(3)

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

 

Hotel Adjusted EBITDA Reconciliation



Third Quarter 2019



 

Days of Operation



 

Net Income / (Loss)

Plus:

Plus:

Plus:

Equals: Hotel

Adjusted EBITDA



Total Revenues


Depreciation

Interest Expense

Adjustments (1)

Atlanta Marriott Alpharetta


92

$

4,787



$

1,123


$

455


$

—


$

—


$

1,578


Barbary Beach House Key West


92

$

2,666



$

(55)


$

351


$

—


$

—


$

296


Bethesda Marriott Suites


92

$

3,880



$

(1,078)


$

471


$

—


$

1,514


$

907


Cavallo Point, The Lodge at the Golden Gate


92

$

10,633



$

1,327


$

1,828


$

—


$

79


$

3,234


Chicago Marriott Downtown Magnificent Mile


92

$

32,503



$

6,887


$

4,166


$

(8)


$

(397)


$

10,648


Courtyard Denver Downtown


92

$

3,344



$

1,393


$

298


$

—


$

—


$

1,691


Courtyard New York Manhattan/Fifth Avenue


92

$

4,191



$

103


$

449


$

—


$

253


$

805


Courtyard New York Manhattan/Midtown East


92

$

7,909



$

570


$

697


$

970


$

—


$

2,237


Frenchman's Reef & Morning Star Marriott Beach Resort


—

$

1



$

(2)


$

—


$

—


$

—


$

(2)


Havana Cabana Key West


92

$

1,996



$

87


$

260


$

—


$

—


$

347


Hilton Boston Downtown/Faneuil Hall


92

$

12,504



$

4,271


$

1,231


$

—


$

—


$

5,502


Hilton Burlington Lake Champlain


92

$

6,121



$

2,451


$

486


$

—


$

—


$

2,937


Hilton Garden Inn New York/Times Square Central


92

$

6,508



$

944


$

838


$

—


$

—


$

1,782


Hotel Emblem San Francisco


92

$

2,305



$

399


$

297


$

—


$

—


$

696


Hotel Palomar Phoenix


92

$

4,325



$

(424)


$

662


$

39


$

295


$

572


JW Marriott Denver Cherry Creek


92

$

5,907



$

269


$

746


$

692


$

6


$

1,713


Kimpton Shorebreak Resort


92

$

5,281



$

1,808


$

348


$

—


$

40


$

2,196


L'Auberge de Sedona


92

$

5,636



$

727


$

508


$

—


$

—


$

1,235


Orchards Inn Sedona


92

$

1,598



$

(11)


$

238


$

—


$

42


$

269


Renaissance Charleston Historic District Hotel


92

$

3,398



$

642


$

421


$

—


$

(32)


$

1,031


Salt Lake City Marriott Downtown at City Creek


92

$

8,849



$

2,368


$

575


$

608


$

—


$

3,551


The Gwen Hotel


92

$

10,771



$

3,256


$

1,077


$

—


$

—


$

4,333


The Landing Lake Tahoe Resort & Spa


92

$

4,060



$

1,086


$

418


$

—


$

—


$

1,504


The Lexington Hotel


92

$

18,337



$

1,319


$

3,607


$

6


$

8


$

4,940


The Lodge at Sonoma Resort


92

$

7,549



$

2,070


$

508


$

281


$

—


$

2,859


Vail Marriott Mountain Resort


92

$

8,109



$

1,140


$

1,011


$

—


$

—


$

2,151


Westin Boston Seaport District


92

$

24,009



$

2,413


$

2,418


$

2,182


$

(60)


$

6,953


Westin Fort Lauderdale Beach Resort


92

$

8,131



$

(949)


$

1,675


$

—


$

—


$

726


Westin San Diego Downtown


92

$

8,654



$

1,439


$

1,135


$

637


$

—


$

3,211


Westin Washington D.C. City Center


92

$

7,829



$

280


$

1,310


$

663


$

—


$

2,253


Worthington Renaissance Fort Worth Hotel


92

$

8,488



$

(132)


$

990


$

784


$

2


$

1,644


Total



$

240,279



$

35,721


$

29,474


$

6,854


$

1,750


$

73,748


Add: Prior Ownership Results (2)



$

6,045



$

1,193


$

563


$

—


$

—


$

1,756


Less: Sold Hotels (3)



$

(18,338)



$

(1,317)


$

(3,607)


$

(6)


$

(8)


$

(4,938)


Comparable Total



$

227,986



$

35,597


$

26,430


$

6,848


$

1,742


$

70,566




(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 and Henderson Park Inn from July 1, 2019 to September 30, 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


273

$

5,374



$

(308)


$

1,037


$

—


$

—


$

729


Barbary Beach House Key West


273

$

20,942



$

9,049


$

2,159


$

—


$

—


$

11,208


Bethesda Marriott Suites


273

$

3,119



$

(7,484)


$

1,570


$

—


$

4,486


$

(1,428)


Bourbon Orleans Hotel


64

$

1,646



$

(91)


$

543


$

—


$

4


$

456


Cavallo Point, The Lodge at the Golden Gate


273

$

21,678



$

885


$

5,698


$

—


$

281


$

6,864


Chicago Marriott Downtown Magnificent Mile


171

$

22,544



$

(10,294)


$

12,247


$

54


$

(1,192)


$

815


Courtyard Denver Downtown


273

$

5,042



$

696


$

1,135


$

—


$

—


$

1,831


Courtyard New York Manhattan/Fifth Avenue


122

$

3,980



$

(4,184)


$

986


$

—


$

760


$

(2,438)


Courtyard New York Manhattan/Midtown East


273

$

11,540



$

(5,226)


$

1,439


$

2,786


$

—


$

(1,001)


Frenchman's Reef & Morning Star Marriott Beach Resort


—

$

—



$

—


$

—


$

—


$

—


$

—


Havana Cabana Key West


273

$

10,234



$

3,990


$

808


$

—


$

—


$

4,798


Henderson Park Inn


63

$

1,813



$

696


$

150


$

—


$

—


$

846


Hilton Boston Downtown/Faneuil Hall


273

$

12,399



$

(2,635)


$

3,194


$

—


$

—


$

559


Hilton Burlington Lake Champlain


273

$

10,485



$

2,186


$

1,819


$

—


$

—


$

4,005


Hilton Garden Inn New York/Times Square Central


151

$

5,870



$

(4,955)


$

2,444


$

—


$

—


$

(2,511)


Hotel Emblem San Francisco


273

$

1,799



$

(1,660)


$

922


$

—


$

—


$

(738)


Hotel Palomar Phoenix


273

$

9,491



$

(919)


$

2,027


$

—


$

852


$

1,960


JW Marriott Denver Cherry Creek


273

$

13,930



$

(819)


$

2,352


$

1,983


$

14


$

3,530


Kimpton Shorebreak Resort


273

$

13,101



$

3,419


$

1,235


$

—


$

—


$

4,654


L'Auberge de Sedona


273

$

23,897



$

7,810


$

1,284


$

—


$

—


$

9,094


Orchards Inn Sedona


273

$

6,492



$

1,902


$

246


$

—


$

126


$

2,274


Renaissance Charleston Historic District Hotel


273

$

13,491



$

4,019


$

1,378


$

—


$

—


$

5,397


Salt Lake City Marriott Downtown at City Creek


273

$

11,495



$

(206)


$

1,557


$

1,555


$

21


$

2,927


The Gwen Hotel


273

$

15,657



$

(910)


$

3,273


$

—


$

—


$

2,363


The Landing Lake Tahoe Resort & Spa


273

$

8,028



$

2,167


$

1,268


$

—


$

—


$

3,435


The Lexington Hotel


—

$

60



$

(6,618)


$

1,925


$

13


$

16


$

(4,664)


The Lodge at Sonoma Resort


273

$

14,621



$

720


$

1,629


$

799


$

—


$

3,148


Vail Marriott Mountain Resort


273

$

18,183



$

3,211


$

3,019


$

—


$

—


$

6,230


Westin Boston Seaport District


273

$

21,664



$

(15,845)


$

7,608


$

6,250


$

(367)


$

(2,354)


Westin Fort Lauderdale Beach Resort


273

$

35,810



$

6,296


$

3,217


$

—


$

—


$

9,513


Westin San Diego Downtown


273

$

11,772



$

(2,341)


$

2,468


$

1,806


$

—


$

1,933


Westin Washington D.C. City Center


273

$

4,664



$

(7,625)


$

3,229


$

1,849


$

—


$

(2,547)


Worthington Renaissance Fort Worth Hotel


273

$

16,379



$

(4,051)


$

3,343


$

2,246


$

6


$

1,544


Total



$

377,200



$

(29,125)


$

77,209


$

19,341


$

5,007


$

72,475


Add: Prior Ownership Results (2)



$

6,406



$

(425)


$

1,313


$

—


$

—


$

888


Less: Sold Hotels (2)



$

(60)



$

6,618


$

(1,925)


$

(13)


$

(16)


$

4,664


Comparable Total



$

383,546



$

(22,932)


$

76,597


$

19,328


$

4,991


$

78,027




(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 and Henderson Park Inn from January 1, 2021 to July 29, 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


274

$

4,693



$

(1,183)


$

1,091


$

—


$

—


$

(92)


Barbary Beach House Key West


204

$

7,510



$

(1,008)


$

2,026


$

—


$

—


$

1,018


Bethesda Marriott Suites


274

$

3,555



$

(7,790)


$

1,728


$

—


$

4,522


$

(1,540)


Cavallo Point, The Lodge at the Golden Gate


175

$

11,417



$

(5,762)


$

5,547


$

—


$

281


$

66


Chicago Marriott Downtown Magnificent Mile


130

$

14,459



$

(25,975)


$

12,559


$

170


$

(1,192)


$

(14,438)


Courtyard Denver Downtown


201

$

2,338



$

(1,167)


$

1,092


$

—


$

—


$

(75)


Courtyard New York Manhattan/Fifth Avenue


86

$

2,377



$

(5,638)


$

1,111


$

—


$

760


$

(3,767)


Courtyard New York Manhattan/Midtown East


274

$

8,670



$

(6,610)


$

1,779


$

2,875


$

—


$

(1,956)


Frenchman's Reef & Morning Star Marriott Beach Resort


—

$

—



$

—


$

—


$

—


$

—


$

—


Havana Cabana Key West


204

$

4,832



$

368


$

799


$

—


$

—


$

1,167


Hilton Boston Downtown/Faneuil Hall


144

$

6,589



$

(5,223)


$

3,686


$

—


$

—


$

(1,537)


Hilton Burlington Lake Champlain


167

$

2,832



$

(2,666)


$

1,632


$

—


$

—


$

(1,034)


Hilton Garden Inn New York/Times Square Central


88

$

3,276



$

(6,342)


$

2,536


$

—


$

—


$

(3,806)


Hotel Emblem San Francisco


179

$

2,062



$

(1,434)


$

962


$

—


$

—


$

(472)


Hotel Palomar Phoenix


192

$

8,036



$

(1,519)


$

2,017


$

116


$

865


$

1,479


JW Marriott Denver Cherry Creek


203

$

6,043



$

(5,200)


$

2,124


$

2,031


$

18


$

(1,027)


Kimpton Shorebreak Resort


274

$

8,301



$

643


$

1,230


$

—


$

27


$

1,900


L'Auberge de Sedona


274

$

12,643



$

963


$

2,000


$

—


$

—


$

2,963


Orchards Inn Sedona


229

$

2,655



$

(387)


$

377


$

—


$

126


$

116


Renaissance Charleston Historic District Hotel


236

$

5,101



$

(732)


$

1,279


$

—


$

(85)


$

462


Salt Lake City Marriott Downtown at City Creek


274

$

8,666



$

(2,524)


$

1,663


$

1,712


$

—


$

851


The Gwen Hotel


203

$

6,872



$

(5,790)


$

3,327


$

—


$

—


$

(2,463)


The Landing Lake Tahoe Resort & Spa


200

$

6,664



$

903


$

1,251


$

—


$

—


$

2,154


The Lexington Hotel


88

$

8,857



$

(19,230)


$

9,107


$

18


$

24


$

(10,081)


The Lodge at Sonoma Resort


172

$

5,934



$

(4,159)


$

1,375


$

822


$

—


$

(1,962)


Vail Marriott Mountain Resort


190

$

16,413



$

472


$

3,348


$

—


$

—


$

3,820


Westin Boston Seaport District


112

$

17,551



$

(19,193)


$

7,762


$

6,405


$

(180)


$

(5,206)


Westin Fort Lauderdale Beach Resort


274

$

23,075



$

1,659


$

3,263


$

—


$

—


$

4,922


Westin San Diego Downtown


274

$

11,684



$

(3,383)


$

3,385


$

1,861


$

—


$

1,863


Westin Washington D.C. City Center


274

$

6,022



$

(8,319)


$

3,958


$

1,925


$

—


$

(2,436)


Worthington Renaissance Fort Worth Hotel


274

$

11,314



$

(6,490)


$

3,383


$

2,302


$

6


$

(799)


Total



$

240,441



$

(142,716)


$

87,397


$

20,237


$

5,172


$

(29,907)


Add: Prior Ownership Results (2)



$

8,435



$

(415)


$

1,688


$

—


$

—


$

1,273


Less: Sold Hotels (3)



$

(8,857)



$

19,230


$

(9,107)


$

(18)


$

(24)


$

10,081


Comparable Total



$

240,019



$

(123,901)


$

79,978


$

20,219


$

5,148


$

(18,553)




(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 and Henderson Park Inn from January 1, 2020 to September 30, 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


273

$

14,959



$

3,891


$

1,389


$

—


$

—


$

5,280


Barbary Beach House Key West


273

$

12,906



$

3,557


$

1,033


$

—


$

—


$

4,590


Bethesda Marriott Suites


273

$

13,051



$

(2,031)


$

1,422


$

—


$

4,555


$

3,946


Cavallo Point, The Lodge at the Golden Gate


273

$

30,600



$

2,374


$

5,557


$

—


$

221


$

8,152


Chicago Marriott Downtown Magnificent Mile


273

$

83,224



$

12,127


$

12,461


$

110


$

(1,192)


$

23,506


Courtyard Denver Downtown


273

$

8,881



$

3,407


$

881


$

—


$

—


$

4,288


Courtyard New York Manhattan/Fifth Avenue


273

$

11,417



$

(519)


$

1,330


$

—


$

760


$

1,571


Courtyard New York Manhattan/Midtown East


273

$

21,213



$

(70)


$

2,077


$

2,891


$

—


$

4,898


Frenchman's Reef & Morning Star Marriott Beach Resort


—

$

—



$

8,798


$

—


$

—


$

—


$

8,798


Havana Cabana Key West


273

$

7,351



$

2,035


$

740


$

—


$

—


$

2,775


Hilton Boston Downtown/Faneuil Hall


273

$

32,337



$

9,124


$

3,708


$

—


$

—


$

12,832


Hilton Burlington Lake Champlain


273

$

14,031



$

3,917


$

1,500


$

—


$

—


$

5,417


Hilton Garden Inn New York/Times Square Central


273

$

18,222



$

1,731


$

2,509


$

—


$

—


$

4,240


Hotel Emblem San Francisco


273

$

5,649



$

323


$

868


$

—


$

—


$

1,191


Hotel Palomar Phoenix


273

$

18,008



$

2,319


$

1,991


$

116


$

885


$

5,311


JW Marriott Denver Cherry Creek


273

$

14,380



$

(944)


$

1,975


$

2,062


$

18


$

3,111


Kimpton Shorebreak Resort


273

$

13,704



$

3,586


$

1,046


$

—


$

121


$

4,753


L'Auberge de Sedona


273

$

19,259



$

3,688


$

1,525


$

—


$

—


$

5,213


Orchards Inn Sedona


273

$

5,890



$

884


$

713


$

—


$

126


$

1,723


Renaissance Charleston Historic District Hotel


273

$

11,566



$

3,438


$

1,242


$

—


$

(95)


$

4,585


Salt Lake City Marriott Downtown at City Creek


273

$

23,586



$

5,120


$

1,680


$

1,818


$

—


$

8,618


The Gwen Hotel


273

$

25,709



$

4,030


$

3,285


$

—


$

—


$

7,315


The Landing Lake Tahoe Resort & Spa


273

$

7,618



$

294


$

1,179


$

—


$

—


$

1,473


The Lexington Hotel


273

$

47,872



$

(1,778)


$

10,697


$

17


$

24


$

8,960


The Lodge at Sonoma Resort


273

$

19,023



$

3,234


$

1,571


$

840


$

—


$

5,645


Vail Marriott Mountain Resort


273

$

27,989



$

6,063


$

3,035


$

—


$

—


$

9,098


Westin Boston Seaport District


273

$

70,991



$

6,286


$

7,266


$

6,506


$

(180)


$

19,878


Westin Fort Lauderdale Beach Resort


273

$

38,246



$

7,223


$

4,853


$

—


$

—


$

12,076


Westin San Diego Downtown


273

$

26,333



$

4,769


$

3,397


$

1,901


$

—


$

10,067


Westin Washington D.C. City Center


273

$

25,238



$

2,075


$

3,948


$

1,986


$

—


$

8,009


Worthington Renaissance Fort Worth Hotel


273

$

31,319



$

5,597


$

2,927


$

2,340


$

6


$

10,870


Total



$

700,572



$

104,548


$

87,805


$

20,587


$

5,249


$

218,028


Add: Prior Ownership Results (2)



$

19,194



$

4,619


$

1,688


$

—


$

—


$

6,307


Less: Sold Hotels (3)



$

(47,872)



$

(7,020)


$

(10,697)


$

(17)


$

(24)


$

(17,758)


Comparable Total



$

671,894



$

102,147


$

78,796


$

20,570


$

5,225


$

206,577




(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 and Henderson Park Inn from January 1, 2019 to September 30, 2019.

(3)

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

 

 

Cision View original content:https://www.prnewswire.com/news-releases/diamondrock-hospitality-company-reports-third-quarter-results-301417072.html

SOURCE DiamondRock Hospitality Company