Le Lézard
Classified in: Tourism and vacations, Business, Covid-19 virus
Subjects: ERN, ERP

DIAMONDROCK HOSPITALITY COMPANY REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS


Comparable Full Year Total Revenues 4.0% Above 2022 and 11.3% Above 2019 

Provides 2024 Outlook

BETHESDA, Md., Feb. 22, 2024 /PRNewswire/ -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH), a lodging-focused real estate investment trust that owns a portfolio of 36 premium hotels and resorts in the United States, today announced results of operations for the quarter and year ended December 31, 2023.

Fourth Quarter 2023 Highlights

Full Year 2023 Highlights

"DiamondRock's unique strategy led to record hotel revenues in 2023 with 4% revenue growth and positions the Company well going forward. We enter 2024 with group revenue pace up a strong 21% as a result of a favorable geographic footprint," stated Mark Brugger, President and Chief Executive Officer of DiamondRock Hospitality Company. Mr. Brugger added, "We are also pleased to reintroduce guidance for the first time in four years as visibility on the economy and lodging fundamentals has improved."

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 all hotels currently owned for all periods presented, except the Kimpton Fort Lauderdale Beach Resort, which opened in April 2021.  See "Reconciliation of Comparable Operating Results" attached to this press release for a reconciliation to historical amounts.


Quarter Ended December 31,


Change From


2023


2022


2019


2022


2019


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

Comparable Operating Results (1)










ADR

$            283.50


$            289.83


$            243.26


(2.2) %


16.5 %

Occupancy

68.3 %


67.2 %


75.1 %


1.1 %


(6.8) %

RevPAR

$            193.69


$            194.91


$            182.59


(0.6) %


6.1 %

Total RevPAR

$            294.45


$            293.70


$            268.71


0.3 %


9.6 %

Revenues

$              261.3


$              260.2


$              237.4


0.4 %


10.1 %

Hotel Adjusted EBITDA

$                64.6


$                77.4


$                66.0


(16.5) %


(2.1) %

Hotel Adjusted EBITDA Margin

24.71 %


29.76 %


27.80 %


(505 bps)


(309 bps)

Available Rooms

887,428


885,776


883,660


1,652


3,768











Actual Operating Results (2)










Revenues

$              263.5


$              255.1


$              237.5


3.3 %


10.9 %

Net income

$                11.0


$                18.4


$              134.6


(40.2) %


(91.8) %

Earnings per diluted share

$                0.04


$                0.07


$                0.66


(42.9) %


(93.9) %

Adjusted EBITDA

$                57.3


$                67.4


$                62.7


(15.0) %


(8.6) %

Adjusted FFO

$                38.6


$                48.0


$                54.7


(19.6) %


(29.4) %

Adjusted FFO per diluted share

$                0.18


$                0.23


$                0.27


(21.7) %


(33.3) %

 


Year Ended December 31,


Change From


2023


2022


2019


2022


2019


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

Comparable Operating Results (1)










ADR

$            282.02


$            288.78


$            240.76


(2.3) %


17.1 %

Occupancy

72.1 %


68.3 %


77.7 %


3.8 %


(5.6) %

RevPAR

$            203.41


$            197.36


$            187.17


3.1 %


8.7 %

Total RevPAR

$            305.72


$            294.45


$            275.71


3.8 %


10.9 %

Revenues

$           1,075.4


$           1,033.9


$              966.3


4.0 %


11.3 %

Hotel Adjusted EBITDA

$              302.6


$              322.6


$              283.8


(6.2) %


6.6 %

Hotel Adjusted EBITDA Margin

28.14 %


31.20 %


29.36 %


(306 bps)


(122 bps)

Available Rooms

3,517,519


3,511,184


3,504,785


6,335


12,734











Actual Operating Results (2)










Revenues

$           1,074.9


$           1,001.5


$              938.1


7.3 %


14.6 %

Net income

$                86.6


$              109.7


$              184.2


(21.1) %


(53.0) %

Earnings per diluted share

$                0.36


$                0.47


$                0.90


(23.4) %


(60.0) %

Adjusted EBITDA

$              271.7


$              280.6


$              260.4


(3.2) %


4.3 %

Adjusted FFO

$              198.5


$              215.9


$              217.0


(8.1) %


(8.5) %

Adjusted FFO per diluted share

$                0.93


$                1.01


$                1.07


(7.9) %


(13.1) %



(1)

Amounts represent the pre-acquisition operating results for Bourbon Orleans Hotel from January 1, 2019 to July 28, 2021, Henderson Park Inn from January 1, 2019 to July 29, 2021, Henderson Beach Resort from January 1, 2019 to December 22, 2021, Tranquility Bay Beachfront Resort from January 1, 2019 to January 5, 2022, Lake Austin Spa Resort from January 1, 2019 to November 20, 2022 Chico Hot Springs Resort from January 1, 2019 to July 31, 2023 and exclude the operating results of the Kimpton Fort Lauderdale Beach Resort as the hotel opened in April 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 all hotels for the Company's respective ownership periods.

 

Hotel Acquisition

On August 1, 2023, the Company acquired the fee-simple interest in Chico Hot Springs Resort, a lifestyle resort, and adjacent ranch in Paradise Valley, Montana and near Yellowstone National Park for $33 million.  The $27 million purchase price for the 117-room, 153-acre resort represents an 8.1% capitalization rate on 2022 net operating income ("NOI"). The adjacent ranch, a 595-acre parcel purchased for approximately $6 million, provides extensive on-site trails for hiking and horseback riding as well as potential for future expansion of the resort or residential lot sales. The acquisition was funded from corporate cash on hand.

Share Repurchase Program

During the year ended December 31, 2023, the Company repurchased 318,454 shares of its common stock at an average price of $7.60 per share for a total purchase price of $2.4 million.  Since October 2022, the Company has repurchased 1.9 million shares of it common stock at an average price of $7.77 per share.

Capital Expenditures

The Company invested approximately $86.3 million in capital improvements at its hotels during the year ended December 31, 2023. Significant projects in 2023 include the following:

The Company expects to spend approximately $100 million in capital improvements at its hotels in 2024, which includes the completion of certain projects that commenced in 2023. Significant projects in 2024 include the following:

Balance Sheet and Liquidity

The Company ended the year with $623.5 million of liquidity, comprised of $121.6 million of unrestricted corporate cash, $101.9 million of unrestricted cash at its hotels and full capacity on its $400 million senior unsecured credit facility.  As of December 31, 2023, the Company had $1.2 billion of total debt outstanding, which consisted of $800.0 million of unsecured term loans and $378.2 million of property-specific, non-recourse mortgage debt.  

Dividends

The Company declared a quarterly cash dividend of $0.03 per common share, which was was paid on January 11, 2024 to shareholders of record as of December 29, 2023.  The Company paid a quarterly dividend of $0.515625 per share on its 8.250% Series A Cumulative Redeemable Preferred Stock on December 29, 2023 to shareholders of record as of December 19, 2023.

Guidance

The Company is providing annual guidance for 2024, but does not undertake to update it for any developments in its business. Achievement of the anticipated results is subject to the risks disclosed in the Company's filings with the U.S. Securities and Exchange Commission.

The Company expects full year 2024 results to be as follows:   

Metric

Low End

High End



Comparable RevPAR Growth

2.0 %

4.0 %


Adjusted EBITDA

$260 million

$290 million


Adjusted FFO

$187 million

$217 million


Adjusted FFO per share (based on 213.5 million diluted shares)

$0.88 per share

$1.02 per share


 

The guidance above incorporates the following assumptions:

Earnings Call

The Company will host a conference call to discuss its fourth quarter and full year results on Friday, February 23, 2024, at 11:00 a.m. Eastern Time (ET).  The conference call will be accessible by telephone and through the internet.  Interested individuals are requested to register for the call by visiting https://investor.drhc.com. A replay of the conference call webcast will be archived and available online.

About the Company

DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in leisure destinations and top gateway markets.  The Company currently owns 36 premium quality hotels with over 9,700 rooms. The Company has strategically positioned its portfolio to be operated both under leading global brand families as well as independent 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; relationships with property managers; the ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in travel patterns, taxes and government regulations which influence or determine wages, prices, construction procedures and costs; and other risk factors contained in the Company's filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.

DIAMONDROCK HOSPITALITY COMPANY 


CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)



December 31, 2023


December 31, 2022

ASSETS

(unaudited)



Property and equipment, net

$                  2,755,195


$                 2,748,476

Right-of-use assets

97,692


99,047

Restricted cash

45,576


39,614

Due from hotel managers

144,689


176,708

Prepaid and other assets

73,940


76,131

Cash and cash equivalents

121,595


67,564

Total assets

$                  3,238,687


$                 3,207,540





LIABILITIES AND EQUITY




Liabilities:




Debt, net of unamortized debt issuance costs

1,177,005


1,185,793

Lease liabilities

112,866


110,875

Due to hotel managers

116,522


123,682

Deferred rent

69,209


65,097

Unfavorable contract liabilities, net

59,866


61,069

Accounts payable and accrued expenses

39,563


43,120

Distributions declared and unpaid

6,324


12,946

Deferred income related to key money, net

8,349


8,780

Total liabilities

1,589,704


1,611,362

Equity:




Preferred stock, $0.01 par value; 10,000,000 shares authorized;




    8.250% Series A Cumulative Redeemable Preferred Stock (liquidation
preference $25.00 per share), 4,760,000 shares issued and outstanding
at December 31, 2023 and 2022

48


48

   Common stock, $0.01 par value; 400,000,000 shares authorized; 209,627,197
and 209,374,830 shares issued and outstanding at December 31, 2023 and 2022, respectively

2,096


2,094

Additional paid-in capital

2,291,297


2,288,433

Accumulated other comprehensive income

(2,036)


?

Distributions in excess of earnings

(649,330)


(700,694)

Total stockholders' equity

1,642,075


1,589,881

Noncontrolling interests

6,908


6,297

Total equity

1,648,983


1,596,178

Total liabilities and equity

$                  3,238,687


$                 3,207,540

                

DIAMONDROCK HOSPITALITY COMPANY

 

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

(unaudited)



Three Months Ended December 31,


Year Ended December 31,


2023


2022


2023


2022

Revenues:








Rooms

$               173,122


$               171,080


$               717,447


$               681,269

Food and beverage

66,888


61,940


259,757


238,234

Other

23,537


22,035


97,663


82,000

Total revenues

263,547


255,055


1,074,867


1,001,503

Operating Expenses:








Rooms

45,673


42,688


176,765


163,062

Food and beverage

46,060


43,703


180,546


163,622

Other departmental and support expenses

68,171


63,363


261,536


233,691

Management fees

5,802


6,410


24,998


23,439

Franchise fees

9,345


9,471


35,738


32,683

Other property-level expenses

25,422


16,261


102,177


80,258

Depreciation and amortization

28,307


27,752


111,302


108,849

Impairment losses

?


?


941


2,843

Corporate expenses

8,371


9,515


32,048


31,790

Business interruption insurance income

?


?


(647)


(499)

Total operating expenses, net

237,151


219,163


925,404


839,738









Interest expense

16,360


15,417


65,072


38,283

Interest (income) and other (income) expense, net

(844)


360


(2,561)


1,404

Loss on early extinguishment of debt

?


68


?


9,766

  Total other expenses, net

15,516


15,845


62,511


49,453

Income before income taxes

10,880


20,047


86,952


112,312

Income tax benefit (expense)

103


(1,658)


(317)


(2,607)

Net income

10,983


18,389


86,635


109,705

Less:  Net income attributable to noncontrolling interests

(36)


(62)


(295)


(377)

Net income attributable to the Company

10,947


18,327


86,340


109,328

Distributions to preferred stockholders

(2,454)


(2,454)


(9,817)


(9,817)

Net income attributable to common stockholders

$                    8,493


$                 15,873


$                 76,523


$                 99,511

Earnings per share:








Earnings per share available to common stockholders - basic

$                      0.04


$                      0.08


$                      0.36


$                     0.47

Earnings per share available to common stockholders - diluted

$                      0.04


$                      0.07


$                      0.36


$                     0.47









Weighted-average number of common shares outstanding:








Basic

211,498,736


211,497,277


211,518,826


212,423,873

Diluted

212,578,308


212,439,150


212,304,117


213,188,987

 

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 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 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 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 comprehensive income and consolidated statements of 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 and EBITDAre

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.

FFO

The Company computes FFO in accordance with standards established by Nareit, which defines FFO as net income (calculated 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.

Adjustments to EBITDAre and FFO

We adjust EBITDAre and FFO 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 and Adjusted FFO when combined with U.S. GAAP net income, EBITDAre and FFO, is beneficial to an investor's complete understanding of our consolidated and property-level operating performance.  We adjust EBITDAre and FFO for the following items:

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

Hotel Adjusted EBITDA

We believe that Hotel Adjusted 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.  With respect to Hotel Adjusted 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. Hotel Adjusted EBITDA margins are calculated as Hotel Adjusted EBITDA divided by total hotel revenues. 

Reconciliations of Non-GAAP Measures

EBITDA, EBITDAre, Adjusted EBITDA and Hotel Adjusted EBITDA

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


Three Months Ended December 31,


2023


2022


2019

Net income

$               10,983


$               18,389


$             134,583

Interest expense

16,360


15,417


8,320

Income tax (benefit) expense

(103)


1,658


20,089

Real estate related depreciation and amortization

28,307


27,752


30,305

EBITDA

55,547


63,216


193,297

Loss on sale of hotel properties (1)

?


1,659


?

EBITDAre

55,547


64,875


193,297

Non-cash lease expense and other amortization

1,536


1,551


1,765

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

?


?


9,079

Hotel pre-opening costs

208


?


?

Hotel manager transition items

?


916


2,708

Gain on property insurance settlement

?


?


(144,192)

Loss on early extinguishment of debt

?


68


?

Adjusted EBITDA

57,291


67,410


62,657

Corporate expenses

8,371


9,515


7,446

Interest (income) and other (income) expense, net

(844)


(1,299)


(687)

Hotel Adjusted EBITDA

$               64,818


$               75,626


$               69,416

 


Year Ended December 31,


2023


2022


2019

Net income

$               86,635


$             109,705


$             184,211

Interest expense

65,072


38,283


46,584

Income tax expense

317


2,607


22,028

Real estate related depreciation and amortization

111,302


108,849


118,110

EBITDA

263,326


259,444


370,933

Impairment losses

941


2,843


?

Loss on sale of hotel properties (1)

?


1,659


?

EBITDAre

264,267


263,946


370,933

Non-cash lease expense and other amortization

6,156


6,226


7,013

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

?


?


20,524

Gain on property insurance settlement

?


?


(144,192)

Loss on early extinguishment of debt

?


9,766


2,373

Hotel pre-opening costs

1,246


?


?

Severance costs (3)

?


(532)


?

Hotel manager transition items

?


1,164


3,758

Adjusted EBITDA

271,669


280,570


260,409

Corporate expenses

32,048


31,790


28,231

Interest (income) and other (income) expense, net

(2,561)


(255)


(1,197)

Hotel Adjusted EBITDA

$             301,156


$             312,105


$             287,443



(1)

During the year ended December 31, 2022, we recognized an incremental loss of $1.7 million due to post-closing adjustments related to hotels sold in 2021.

(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 were not covered by insurance.

(3)

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

 


Full Year 2024 Guidance


Low End


High End

Net income

$                     79,817


$                   111,817

Interest expense

63,183


61,183

Income tax expense

?


2,000

Real estate related depreciation and amortization

110,000


108,000

EBITDA/EBITDAre

253,000


283,000

Non-cash lease expense and other amortization

6,200


6,200

Hotel pre-opening costs

800


800

Adjusted EBITDA

$                   260,000


$                   290,000

 

FFO and Adjusted FFO

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


Three Months Ended December 31,


2023


2022


2019

Net income

$               10,983


$               18,389


$             134,583

Real estate related depreciation and amortization

28,307


27,752


30,305

Loss on sale of hotel properties (1)

?


1,659


?

FFO

39,290


47,800


164,888

Distribution to preferred stockholders

(2,454)


(2,454)


?

FFO available to common stock and unit holders

36,836


45,346


164,888

Non-cash lease expense and other amortization

1,536


1,551


1,765

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

?


?


9,079

Gain on property insurance settlement, net of income tax

?


?


(121,525)

Loss on early extinguishment of debt

?


68


?

Hotel pre-opening costs

208


?


?

Hotel manager transition items

?


916


2,708

Fair value adjustments to interest rate swaps

?


88


(2,245)

Adjusted FFO available to common stock and unit holders

$               38,580


$               47,969


$               54,670

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

$                   0.18


$                   0.23


$                   0.27

     


Year Ended December 31,


2023


2022


2019

Net income

$               86,635


$             109,705


$             184,211

Real estate related depreciation and amortization

111,302


108,849


118,110

Impairment losses, net of tax

941


2,843


?

Loss on sale of hotel properties (1)

?


1,659


?

FFO

198,878


223,056


302,321

Distribution to preferred stockholders

(9,817)


(9,817)


?

FFO available to common stock and unit holders

189,061


213,239


302,321

Non-cash lease expense and other amortization

6,156


6,226


7,013

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

?


?


20,524

Hotel pre-opening costs

1,246


?


?

Hotel manager transition items

?


1,164


3,758

Gain on property insurance settlement, net of income tax

?


?


(121,525)

Loss on early extinguishment of debt

?


9,766


2,373

Severance costs (3)

?


(532)


?

Fair value adjustments to interest rate swaps

2,033


(13,914)


2,545

Adjusted FFO available to common stock and unit holders

$             198,496


$             215,949


$             217,009

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

$                   0.93


$                   1.01


$                   1.07



(1)

During the year ended December 31, 2022, we recognized an incremental loss of $1.7 million due to post-closing adjustments related to hotels sold in 2021.

(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 were not covered by insurance.

(3)

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

 


Full Year 2024 Guidance


Low End


High End

Net income

$                     79,817


$                   111,817

Real estate related depreciation and amortization

110,000


108,000

FFO

189,817


219,817

Distribution to preferred stockholders

(9,817)


(9,817)

FFO available to common stock and unit holders

180,000


210,000

Non-cash lease expense and other amortization

6,200


6,200

Hotel pre-opening costs

800


800

Adjusted FFO available to common stock and unit holders

$                   187,000


$                   217,000

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

$                          0.88


$                          1.02

 

Reconciliation of Comparable Operating Results

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


Three Months Ended December 31,


2023


2022


2019

Revenues

$       263,547


$       255,055


$       237,519

Hotel revenues from prior ownership (1)

(2,247)


5,095


20,943

Hotel revenues from sold hotels (2)

?


?


(21,013)

Comparable Revenues

$       261,300


$       260,150


$       237,449







Hotel Adjusted EBITDA

$         64,818


$         75,626


$         69,416

Hotel Adjusted EBITDA from prior ownership (1)

(239)


1,805


2,752

Hotel Adjusted EBITDA from sold hotels (2)

?


?


(6,148)

Comparable Hotel Adjusted EBITDA

$         64,579


$         77,431


$         66,020







Hotel Adjusted EBITDA Margin

24.59 %


29.65 %


29.23 %

Comparable Hotel Adjusted EBITDA Margin

24.71 %


29.76 %


27.80 %

 


Year Ended December 31,


2023


2022


2019

Revenues

$    1,074,867


$    1,001,503


$       938,091

Hotel revenues from prior ownership (1)

520


32,372


97,106

Hotel revenues from sold hotels (2)

?


?


(68,886)

Comparable Revenues

$    1,075,387


$    1,033,875


$       966,311







Hotel Adjusted EBITDA

$       301,156


$       312,105


$       287,443

Hotel Adjusted EBITDA from prior ownership (1)

1,417


10,497


20,212

Hotel Adjusted EBITDA from sold hotels (2)

?


?


(23,904)

Comparable Hotel Adjusted EBITDA

$       302,573


$       322,602


$       283,751







Hotel Adjusted EBITDA Margin

28.02 %


31.16 %


30.64 %

Comparable Hotel Adjusted EBITDA Margin

28.14 %


31.20 %


29.36 %



(1)

Amounts represent the pre-acquisition operating results for Bourbon Orleans Hotel from January 1, 2019 to July 28, 2021, Henderson Park Inn from January 1, 2019 to July 29, 2021, Henderson Beach Resort from January 1, 2019 to December 22, 2021, Tranquility Bay Beachfront Resort from January 1, 2019 to January 5, 2022, Lake Austin Spa Resort from January 1, 2019 to November 20, 2022 and Chico Hot Springs Resort from January 1, 2019 to July 31, 2023.  The pre-acquisition operating results of the Kimpton Fort Lauderdale Beach Resort are excluded from all periods as the hotel opened in April 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 portfolio, excluding the Kimpton Fort Lauderdale Beach Resort since the hotel opened in April 2021.


Quarter 1, 2019

Quarter 2, 2019

Quarter 3, 2019

Quarter 4, 2019

Full Year 2019

ADR

$          224.54

$          253.23

$          240.06

$          243.26

$          240.76

Occupancy

72.2 %

82.3 %

81.3 %

75.1 %

77.7 %

RevPAR

$          162.14

$          208.45

$          195.19

$          182.59

$          187.17

Total RevPAR

$          247.08

$          306.77

$          280.00

$          268.71

$          275.71

Revenues (in thousands)

$        213,429

$        268,008

$        247,425

$        237,449

$        966,311

Hotel Adjusted EBITDA (in thousands)

$          52,197

$          91,004

$          74,530

$          66,020

$        283,751

Hotel Adjusted EBITDA Margin

24.46 %

33.96 %

30.12 %

27.80 %

29.36 %

Available Rooms

863,804

873,661

883,660

883,660

3,504,785

 


Quarter 1, 2022

Quarter 2, 2022

Quarter 3, 2022

Quarter 4, 2022

Full Year 2022

ADR

$          281.93

$          299.28

$          282.49

$          289.83

$          288.78

Occupancy

56.0 %

74.8 %

75.1 %

67.2 %

68.3 %

RevPAR

$          157.86

$          223.81

$          212.27

$          194.91

$          197.36

Total RevPAR

$          239.15

$          331.55

$          312.57

$          293.70

$          294.45

Revenues (in thousands)

$        206,858

$        290,093

$        276,774

$        260,150

$     1,033,875

Hotel Adjusted EBITDA (in thousands)

$          53,958

$        104,378

$          86,835

$          77,431

$        322,602

Hotel Adjusted EBITDA Margin

26.08 %

35.98 %

31.37 %

29.76 %

31.20 %

Available Rooms

864,972

874,970

885,466

885,776

3,511,184

 


Quarter 1, 2023

Quarter 2, 2023

Quarter 3, 2023

Quarter 4, 2023

Full Year 2023

ADR

$          276.48

$          293.44

$          274.00

$          283.50

$          282.02

Occupancy

66.7 %

76.7 %

76.7 %

68.3 %

72.1 %

RevPAR

$          184.39

$          225.09

$          210.03

$          193.69

$          203.41

Total RevPAR

$          281.32

$          334.17

$          312.35

$          294.45

$          305.72

Revenues (in thousands)

$        243,859

$        293,088

$        277,140

$        261,300

$     1,075,387

Hotel Adjusted EBITDA (in thousands)

$          62,450

$          94,426

$          81,118

$          64,579

$        302,573

Hotel Adjusted EBITDA Margin

25.61 %

32.22 %

29.27 %

24.71 %

28.14 %

Available Rooms

866,486

876,694

886,911

887,428

3,517,519

 

Market Capitalization as of December 31, 2023

(in thousands)

Enterprise Value






Common equity capitalization (at December 31, 2023 closing price of $9.39/share)


$              2,006,988

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


119,000

Consolidated debt (face amount)


1,178,189

Cash and cash equivalents


(121,595)

Total enterprise value


$              3,182,582

Share Reconciliation






Common shares outstanding


209,627

Operating partnership units


1,037

Unvested restricted stock held by management and employees


1,201

Share grants under deferred compensation plan


1,872

Combined shares and units


213,737

 

Debt Summary as of December 31, 2023

(dollars in thousands)

Loan


Interest Rate


Term


Outstanding
Principal


Maturity

Courtyard New York Manhattan / Midtown East


4.40 %


Fixed


$         74,346


August 2024

Worthington Renaissance Fort Worth Hotel


3.66 %


Fixed


73,727


May 2025

Hotel Clio


4.33 %


Fixed


56,091


July 2025

Westin Boston Seaport District


4.36 %


Fixed


174,025


November 2025

Unsecured term loan


SOFR + 1.35% (1)


Variable


500,000


January 2028

Unsecured term loan


SOFR + 1.35% (1)


Variable


300,000


January 2025 (2)

Senior unsecured credit facility


SOFR + 1.40%


Variable


?


September 2026 (2)

     Unamortized debt issuance costs (3)






(1,184)



Debt, net of unamortized debt issuance costs




1,177,005












Weighted-average interest rate of fixed rate debt


4.09 %







Total weighted-average interest rate (4)


5.22 %









(1)

Interest rate as of December 31, 2023 was 6.81%.

(2)

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

(3)

Excludes debt issuance costs related to our senior unsecured credit facility, which are included within Other Assets on the accompanying consolidated balance sheet.

(4)

Weighted-average interest rate includes effect of interest rate swaps.

 


Operating Statistics ? Fourth Quarter


Number of
Rooms

ADR


Occupancy


RevPAR


4Q 2023

4Q 2022

B/(W) 2022


4Q 2023

4Q 2022

B/(W) 2022


4Q 2023

4Q 2022

B/(W) 2022



























Atlanta Marriott Alpharetta

318

$         159.19

$         148.40

7.3 %


57.4 %

59.5 %

(2.1) %


$          91.42

$          88.25

3.6 %

Bourbon Orleans Hotel

220

$         254.80

$         248.34

2.6 %


71.7 %

85.5 %

(13.8) %


$         182.57

$         212.25

(14.0) %

Cavallo Point, The Lodge at the Golden Gate

142

$         595.48

$         657.57

(9.4) %


54.1 %

49.6 %

4.5 %


$         322.08

$         326.02

(1.2) %

Chicago Marriott Downtown Magnificent Mile

1,200

$         248.64

$         244.72

1.6 %


55.9 %

56.5 %

(0.6) %


$         138.90

$         138.33

0.4 %

Chico Hot Springs Resort & Day Spa

117

$         183.22

$         178.60

2.6 %


56.8 %

59.9 %

(3.1) %


$         104.05

$         107.05

(2.8) %

Courtyard Denver Downtown

177

$         203.58

$         193.56

5.2 %


65.8 %

71.5 %

(5.7) %


$         133.97

$         138.40

(3.2) %

Courtyard New York Manhattan/Fifth Avenue

189

$         346.88

$         349.45

(0.7) %


95.8 %

97.3 %

(1.5) %


$         332.38

$         339.90

(2.2) %

Courtyard New York Manhattan/Midtown East

321

$         424.16

$         402.88

5.3 %


92.0 %

91.3 %

0.7 %


$         390.33

$         368.00

6.1 %

Embassy Suites by Hilton Bethesda

272

$         164.99

$         142.39

15.9 %


68.6 %

62.1 %

6.5 %


$         113.20

$          88.41

28.0 %

Havana Cabana Key West

106

$         285.15

$         293.06

(2.7) %


80.2 %

77.5 %

2.7 %


$         228.69

$         227.07

0.7 %

Henderson Beach Resort

255

$         313.74

$         369.73

(15.1) %


37.4 %

39.4 %

(2.0) %


$         117.44

$         145.78

(19.4) %

Henderson Park Inn

37

$         490.86

$         543.39

(9.7) %


65.0 %

59.5 %

5.5 %


$         318.83

$         323.26

(1.4) %

Hilton Burlington Lake Champlain

258

$         237.78

$         243.82

(2.5) %


74.1 %

70.8 %

3.3 %


$         176.23

$         172.58

2.1 %

Hilton Garden Inn New York/Times Square Central

282

$         338.43

$         356.84

(5.2) %


97.4 %

98.3 %

(0.9) %


$         329.68

$         350.75

(6.0) %

Hotel Clio

199

$         294.92

$         300.50

(1.9) %


74.0 %

70.1 %

3.9 %


$         218.31

$         210.55

3.7 %

Hotel Emblem San Francisco

96

$         198.08

$         212.07

(6.6) %


62.2 %

69.0 %

(6.8) %


$         123.24

$         146.40

(15.8) %

Kimpton Hotel Palomar Phoenix

242

$         222.15

$         240.63

(7.7) %


76.2 %

59.5 %

16.7 %


$         169.22

$         143.22

18.2 %

Kimpton Shorebreak Fort Lauderdale Beach Resort

96

$         194.74

$         222.36

(12.4) %


72.1 %

65.8 %

6.3 %


$         140.34

$         146.25

(4.0) %

Kimpton Shorebreak Huntington Beach Resort

157

$         278.33

$         307.10

(9.4) %


83.7 %

77.5 %

6.2 %


$         232.99

$         238.02

(2.1) %

L'Auberge de Sedona

88

$         976.16

$      1,091.78

(10.6) %


71.0 %

67.9 %

3.1 %


$         693.17

$         741.43

(6.5) %

Lake Austin Spa Resort

40

$      1,048.17

$      1,143.94

(8.4) %


58.3 %

66.6 %

(8.3) %


$         610.67

$         761.90

(19.8) %

Margaritaville Beach House Key West

186

$         380.73

$         379.48

0.3 %


77.9 %

70.0 %

7.9 %


$         296.54

$         265.72

11.6 %

Orchards Inn Sedona

70

$         328.61

$         319.54

2.8 %


61.0 %

66.9 %

(5.9) %


$         200.43

$         213.76

(6.2) %

Salt Lake City Marriott Downtown at City Creek

510

$         174.37

$         174.07

0.2 %


60.6 %

57.2 %

3.4 %


$         105.72

$          99.54

6.2 %

The Dagny Boston

403

$         243.15

$         299.79

(18.9) %


86.2 %

73.9 %

12.3 %


$         209.62

$         221.67

(5.4) %

The Gwen

311

$         291.32

$         301.01

(3.2) %


74.3 %

75.0 %

(0.7) %


$         216.48

$         225.70

(4.1) %

The Hythe Vail

344

$         443.41

$         490.05

(9.5) %


42.4 %

42.6 %

(0.2) %


$         187.87

$         208.62

(9.9) %

The Landing Lake Tahoe Resort & Spa

82

$         367.30

$         434.09

(15.4) %


46.7 %

37.8 %

8.9 %


$         171.38

$         164.11

4.4 %

The Lindy Renaissance Charleston Hotel

167

$         332.83

$         367.50

(9.4) %


87.1 %

81.5 %

5.6 %


$         289.77

$         299.40

(3.2) %

The Lodge at Sonoma Resort

182

$         438.25

$         458.72

(4.5) %


52.9 %

60.2 %

(7.3) %


$         231.63

$         276.15

(16.1) %

Tranquility Bay Beachfront Resort

103

$         560.50

$         598.88

(6.4) %


74.0 %

65.5 %

8.5 %


$         414.99

$         392.16

5.8 %

Westin Boston Waterfront

793

$         258.04

$         246.54

4.7 %


71.8 %

74.8 %

(3.0) %


$         185.18

$         184.34

0.5 %

Westin Fort Lauderdale Beach Resort

433

$         235.79

$         259.28

(9.1) %


76.9 %

66.1 %

10.8 %


$         181.42

$         171.44

5.8 %

Westin San Diego Bayview

436

$         224.65

$         194.75

15.4 %


65.0 %

69.0 %

(4.0) %


$         146.08

$         134.45

8.7 %

Westin Washington D.C. City Center

410

$         227.50

$         225.07

1.1 %


64.6 %

63.8 %

0.8 %


$         146.92

$         143.63

2.3 %

Worthington Renaissance Fort Worth Hotel

504

$         208.37

$         195.60

6.5 %


69.9 %

71.5 %

(1.6) %


$         145.65

$         139.84

4.2 %

Comparable Total (1)

9,650

$         283.50

$         289.83

(2.2) %


68.3 %

67.2 %

1.1 %


$         193.69

$         194.91

(0.6) %
















(1)

Amounts include the pre-acquisition operating results of hotels acquired in 2023 and 2022 and exclude the Kimpton Fort Lauderdale Beach Resort as the hotel opened during 2021. 

      


Operating Statistics ? Fourth Quarter


Number
of Rooms

ADR


Occupancy


RevPAR


4Q 2023

4Q 2019

B/(W) 2019


4Q 2023

4Q 2019

B/(W) 2019


4Q 2023

4Q 2019

B/(W) 2019



























Atlanta Marriott Alpharetta

318

$         159.19

$         160.31

(0.7) %


57.4 %

65.9 %

(8.5) %


$          91.42

$         105.72

(13.5) %

Bourbon Orleans Hotel

220

$         254.80

$         224.82

13.3 %


71.7 %

80.5 %

(8.8) %


$         182.57

$         181.06

0.8 %

Cavallo Point, The Lodge at the Golden Gate

142

$         595.48

$         490.30

21.5 %


54.1 %

63.5 %

(9.4) %


$         322.08

$         311.28

3.5 %

Chicago Marriott Downtown Magnificent Mile

1,200

$         248.64

$         231.59

7.4 %


55.9 %

74.0 %

(18.1) %


$         138.90

$         171.27

(18.9) %

Chico Hot Springs Resort & Day Spa

117

$         183.22

$         146.28

25.3 %


56.8 %

68.8 %

(12.0) %


$         104.05

$         100.65

3.4 %

Courtyard Denver Downtown

177

$         203.58

$         189.47

7.4 %


65.8 %

70.7 %

(4.9) %


$         133.97

$         133.97

? %

Courtyard New York Manhattan/Fifth Avenue

189

$         346.88

$         289.47

19.8 %


95.8 %

92.1 %

3.7 %


$         332.38

$         266.52

24.7 %

Courtyard New York Manhattan/Midtown East

321

$         424.16

$         310.44

36.6 %


92.0 %

97.5 %

(5.5) %


$         390.33

$         302.61

29.0 %

Embassy Suites by Hilton Bethesda

272

$         164.99

$         171.89

(4.0) %


68.6 %

71.4 %

(2.8) %


$         113.20

$         122.69

(7.7) %

Havana Cabana Key West

106

$         285.15

$         212.18

34.4 %


80.2 %

88.1 %

(7.9) %


$         228.69

$         186.96

22.3 %

Henderson Beach Resort

255

$         313.74

$         236.89

32.4 %


37.4 %

37.4 %

? %


$         117.44

$          88.71

32.4 %

Henderson Park Inn

37

$         490.86

$         397.77

23.4 %


65.0 %

65.7 %

(0.7) %


$         318.83

$         261.29

22.0 %

Hilton Burlington Lake Champlain

258

$         237.78

$         181.60

30.9 %


74.1 %

79.2 %

(5.1) %


$         176.23

$         143.81

22.5 %

Hilton Garden Inn New York/Times Square Central

282

$         338.43

$         311.91

8.5 %


97.4 %

99.1 %

(1.7) %


$         329.68

$         309.21

6.6 %

Hotel Clio

199

$         294.92

$         239.49

23.1 %


74.0 %

77.0 %

(3.0) %


$         218.31

$         184.42

18.4 %

Hotel Emblem San Francisco

96

$         198.08

$         244.13

(18.9) %


62.2 %

84.0 %

(21.8) %


$         123.24

$         204.96

(39.9) %

Kimpton Hotel Palomar Phoenix

242

$         222.15

$         192.45

15.4 %


76.2 %

82.8 %

(6.6) %


$         169.22

$         159.40

6.2 %

Kimpton Shorebreak Huntington Beach Resort

157

$         278.33

$         229.55

21.3 %


83.7 %

68.2 %

15.5 %


$         232.99

$         156.62

48.8 %

L'Auberge de Sedona

88

$         976.16

$         724.32

34.8 %


71.0 %

76.5 %

(5.5) %


$         693.17

$         553.98

25.1 %

Lake Austin Spa Resort

40

$      1,048.17

$         757.02

38.5 %


58.3 %

58.0 %

0.3 %


$         610.67

$         438.99

39.1 %

Margaritaville Beach House Key West

186

$         380.73

$         262.62

45.0 %


77.9 %

57.9 %

20.0 %


$         296.54

$         152.03

95.1 %

Orchards Inn Sedona

70

$         328.61

$         268.22

22.5 %


61.0 %

69.4 %

(8.4) %


$         200.43

$         186.13

7.7 %

Salt Lake City Marriott Downtown at City Creek

510

$         174.37

$         168.38

3.6 %


60.6 %

65.5 %

(4.9) %


$         105.72

$         110.37

(4.2) %

The Dagny Boston

403

$         243.15

$         278.31

(12.6) %


86.2 %

87.3 %

(1.1) %


$         209.62

$         243.07

(13.8) %

The Gwen

311

$         291.32

$         265.22

9.8 %


74.3 %

83.9 %

(9.6) %


$         216.48

$         222.61

(2.8) %

The Hythe Vail

344

$         443.41

$         342.90

29.3 %


42.4 %

51.5 %

(9.1) %


$         187.87

$         176.63

6.4 %

The Landing Lake Tahoe Resort & Spa

82

$         367.30

$         327.30

12.2 %


46.7 %

50.9 %

(4.2) %


$         171.38

$         166.60

2.9 %

The Lindy Renaissance Charleston Hotel

167

$         332.83

$         272.57

22.1 %


87.1 %

85.0 %

2.1 %


$         289.77

$         231.57

25.1 %

The Lodge at Sonoma Resort

182

$         438.25

$         302.54

44.9 %


52.9 %

71.9 %

(19.0) %


$         231.63

$         217.47

6.5 %

Tranquility Bay Beachfront Resort

103

$         560.50

$         361.44

55.1 %


74.0 %

82.0 %

(8.0) %


$         414.99

$         296.56

39.9 %

Westin Boston Waterfront

793

$         258.04

$         244.57

5.5 %


71.8 %

74.6 %

(2.8) %


$         185.18

$         182.36

1.5 %

Westin Fort Lauderdale Beach Resort

433

$         235.79

$         197.38

19.5 %


76.9 %

84.2 %

(7.3) %


$         181.42

$         166.20

9.2 %

Westin San Diego Bayview

436

$         224.65

$         175.45

28.0 %


65.0 %

69.9 %

(4.9) %


$         146.08

$         122.63

19.1 %

Westin Washington D.C. City Center

410

$         227.50

$         205.91

10.5 %


64.6 %

84.4 %

(19.8) %


$         146.92

$         173.78

(15.5) %

Worthington Renaissance Fort Worth Hotel

504

$         208.37

$         185.65

12.2 %


69.9 %

71.8 %

(1.9) %


$         145.65

$         133.25

9.3 %

Comparable Total (1)

9,650

$         283.50

$         243.26

16.5 %


68.3 %

75.1 %

(6.8) %


$         193.69

$         182.59

6.1 %
















(1)

Amounts include the pre-acquisition operating results of hotels acquired in 2023, 2022 and 2021 and exclude the Kimpton Fort Lauderdale Beach Resort as the hotel opened during 2021. 

 


Operating Statistics ? Year to Date


Number
of Rooms

ADR


Occupancy


RevPAR


YTD 2023

YTD 2022

B/(W) 2022


YTD 2023

YTD 2022

B/(W) 2022


YTD 2023

YTD 2022

B/(W) 2022



























Atlanta Marriott Alpharetta

318

$         155.55

$         150.24

3.5 %


65.7 %

56.0 %

9.7 %


$         102.21

$          84.16

21.4 %

Bourbon Orleans Hotel

220

$         241.00

$         236.79

1.8 %


75.6 %

67.1 %

8.5 %


$         182.23

$         158.86

14.7 %

Cavallo Point, The Lodge at the Golden Gate

142

$         591.89

$         700.56

(15.5) %


55.4 %

51.1 %

4.3 %


$         327.66

$         358.26

(8.5) %

Chicago Marriott Downtown Magnificent Mile

1,200

$         246.73

$         242.34

1.8 %


59.5 %

54.6 %

4.9 %


$         146.76

$         132.20

11.0 %

Chico Hot Springs Resort & Day Spa

117

$         183.46

$         177.15

3.6 %


67.0 %

66.0 %

1.0 %


$         122.97

$         117.00

5.1 %

Courtyard Denver Downtown

177

$         216.78

$         204.49

6.0 %


75.2 %

74.2 %

1.0 %


$         163.04

$         151.80

7.4 %

Courtyard New York Manhattan/Fifth Avenue

189

$         289.73

$         277.34

4.5 %


95.3 %

93.3 %

2.0 %


$         276.15

$         258.80

6.7 %

Courtyard New York Manhattan/Midtown East

321

$         342.30

$         328.22

4.3 %


90.9 %

83.8 %

7.1 %


$         311.13

$         275.05

13.1 %

Embassy Suites by Hilton Bethesda

272

$         163.92

$         143.75

14.0 %


71.0 %

52.2 %

18.8 %


$         116.45

$          75.01

55.2 %

Havana Cabana Key West

106

$         300.60

$         327.22

(8.1) %


83.2 %

85.3 %

(2.1) %


$         250.01

$         279.15

(10.4) %

Henderson Park Resort

255

$         432.60

$         473.56

(8.6) %


55.4 %

61.8 %

(6.4) %


$         239.49

$         292.87

(18.2) %

Henderson Park Inn

37

$         595.38

$         642.69

(7.4) %


68.9 %

73.1 %

(4.2) %


$         410.13

$         469.90

(12.7) %

Hilton Burlington Lake Champlain

258

$         248.79

$         245.87

1.2 %


75.7 %

73.7 %

2.0 %


$         188.22

$         181.23

3.9 %

Hilton Garden Inn New York/Times Square Central

282

$         275.67

$         276.71

(0.4) %


91.4 %

93.2 %

(1.8) %


$         251.93

$         257.91

(2.3) %

Hotel Clio

199

$         313.75

$         304.01

3.2 %


71.9 %

69.7 %

2.2 %


$         225.52

$         211.87

6.4 %

Hotel Emblem San Francisco

96

$         234.34

$         223.96

4.6 %


65.8 %

72.4 %

(6.6) %


$         154.14

$         162.14

(4.9) %

Kimpton Hotel Palomar Phoenix

242

$         222.03

$         221.10

0.4 %


76.0 %

65.8 %

10.2 %


$         168.84

$         145.48

16.1 %

Kimpton Shorebreak Fort Lauderdale Beach Resort

96

$         211.05

$         229.48

(8.0) %


67.7 %

66.3 %

1.4 %


$         142.94

$         152.07

(6.0) %

Kimpton Shorebreak Huntington Beach Resort

157

$         322.69

$         345.17

(6.5) %


81.9 %

80.7 %

1.2 %


$         264.35

$         278.42

(5.1) %

L'Auberge de Sedona

88

$         926.89

$         995.34

(6.9) %


62.8 %

71.4 %

(8.6) %


$         581.76

$         710.81

(18.2) %

Lake Austin Spa Resort

40

$      1,065.76

$      1,099.46

(3.1) %


58.5 %

68.3 %

(9.8) %


$         623.11

$         751.25

(17.1) %

Margaritaville Beach House Key West

186

$         398.18

$         449.79

(11.5) %


82.7 %

79.8 %

2.9 %


$         329.19

$         358.95

(8.3) %

Orchards Inn Sedona

70

$         293.83

$         303.69

(3.2) %


59.9 %

66.5 %

(6.6) %


$         176.08

$         201.95

(12.8) %

Salt Lake City Marriott Downtown at City Creek

510

$         186.86

$         176.24

6.0 %


62.6 %

59.4 %

3.2 %


$         116.96

$         104.70

11.7 %

The Dagny Boston

403

$         278.65

$         293.11

(4.9) %


77.8 %

77.7 %

0.1 %


$         216.90

$         227.79

(4.8) %

The Gwen

311

$         297.18

$         297.88

(0.2) %


74.5 %

73.0 %

1.5 %


$         221.33

$         217.59

1.7 %

The Hythe Vail

344

$         436.67

$         431.18

1.3 %


56.4 %

53.2 %

3.2 %


$         246.16

$         229.35

7.3 %

The Landing Lake Tahoe Resort & Spa

82

$         448.48

$         509.26

(11.9) %


51.4 %

49.0 %

2.4 %


$         230.43

$         249.63

(7.7) %

The Lindy Renaissance Charleston Hotel

167

$         347.26

$         360.02

(3.5) %


88.7 %

85.4 %

3.3 %


$         307.88

$         307.37

0.2 %

The Lodge at Sonoma Resort

182

$         451.90

$         462.85

(2.4) %


60.2 %

62.6 %

(2.4) %


$         272.13

$         289.59

(6.0) %

Tranquility Bay Beachfront Resort 

103

$         630.39

$         744.46

(15.3) %


76.8 %

73.4 %

3.4 %


$         484.26

$         546.58

(11.4) %

Westin Boston Waterfront

793

$         246.93

$         240.49

2.7 %


81.9 %

75.3 %

6.6 %


$         202.17

$         181.09

11.6 %

Westin Fort Lauderdale Beach Resort

433

$         264.71

$         269.09

(1.6) %


74.2 %

75.9 %

(1.7) %


$         196.48

$         204.22

(3.8) %

Westin San Diego Bayview

436

$         217.02

$         201.64

7.6 %


76.1 %

72.8 %

3.3 %


$         165.18

$         146.88

12.5 %

Westin Washington D.C. City Center

410

$         219.08

$         214.53

2.1 %


73.0 %

60.1 %

12.9 %


$         159.99

$         128.87

24.1 %

Worthington Renaissance Fort Worth Hotel

504

$         197.52

$         188.68

4.7 %


73.3 %

68.9 %

4.4 %


$         144.86

$         129.95

11.5 %

Comparable Total (1)

9,650

$         282.02

$         288.78

(2.3) %


72.1 %

68.3 %

3.8 %


$         203.41

$         197.36

3.1 %



(1)

Amounts include the pre-acquisition operating results of hotels acquired in 2023 and 2022 and exclude the Kimpton Fort Lauderdale Beach Resort as the hotel opened during 2021. 


Operating Statistics ? Year to Date


Number
of Rooms

ADR


Occupancy


RevPAR


YTD 2023

YTD 2019

B/(W) 2019


YTD 2023

YTD 2019

B/(W) 2019


YTD 2023

YTD 2019

B/(W) 2019



























Atlanta Marriott Alpharetta

318

$         155.55

$         165.41

(6.0) %


65.7 %

71.0 %

(5.3) %


$         102.21

$         117.46

(13.0) %

Bourbon Orleans Hotel

220

$         241.00

$         219.08

10.0 %


75.6 %

82.2 %

(6.6) %


$         182.23

$         180.17

1.1 %

Cavallo Point, The Lodge at the Golden Gate

142

$         591.89

$         466.43

26.9 %


55.4 %

64.8 %

(9.4) %


$         327.66

$         302.02

8.5 %

Chicago Marriott Downtown Magnificent Mile

1,200

$         246.73

$         227.32

8.5 %


59.5 %

73.0 %

(13.5) %


$         146.76

$         165.98

(11.6) %

Chico Hot Springs Resort & Day Spa

117

$         183.46

$         147.07

24.7 %


67.0 %

78.6 %

(11.6) %


$         122.97

$         115.53

6.4 %

Courtyard Denver Downtown

177

$         216.78

$         198.23

9.4 %


75.2 %

78.4 %

(3.2) %


$         163.04

$         155.50

4.8 %

Courtyard New York Manhattan/Fifth Avenue

189

$         289.73

$         259.33

11.7 %


95.3 %

88.1 %

7.2 %


$         276.15

$         228.35

20.9 %

Courtyard New York Manhattan/Midtown East

321

$         342.30

$         261.60

30.8 %


90.9 %

96.1 %

(5.2) %


$         311.13

$         251.32

23.8 %

Embassy Suites by Hilton Bethesda

272

$         163.92

$         175.72

(6.7) %


71.0 %

72.6 %

(1.6) %


$         116.45

$         127.58

(8.7) %

Havana Cabana Key West

106

$         300.60

$         210.68

42.7 %


83.2 %

89.7 %

(6.5) %


$         250.01

$         189.07

32.2 %

Henderson Beach Resort

255

$         432.60

$         302.16

43.2 %


55.4 %

54.4 %

1.0 %


$         239.49

$         164.26

45.8 %

Henderson Park Inn

37

$         595.38

$         462.04

28.9 %


68.9 %

74.2 %

(5.3) %


$         410.13

$         342.81

19.6 %

Hilton Burlington Lake Champlain

258

$         248.79

$         190.61

30.5 %


75.7 %

81.1 %

(5.4) %


$         188.22

$         154.50

21.8 %

Hilton Garden Inn New York/Times Square Central

282

$         275.67

$         255.13

8.1 %


91.4 %

98.6 %

(7.2) %


$         251.93

$         251.68

0.1 %

Hotel Clio

199

$         313.75

$         253.48

23.8 %


71.9 %

72.4 %

(0.5) %


$         225.52

$         183.45

22.9 %

Hotel Emblem San Francisco

96

$         234.34

$         241.09

(2.8) %


65.8 %

80.2 %

(14.4) %


$         154.14

$         193.28

(20.3) %

Kimpton Hotel Palomar Phoenix

242

$         222.03

$         187.43

18.5 %


76.0 %

82.7 %

(6.7) %


$         168.84

$         155.00

8.9 %

Kimpton Shorebreak Huntington Beach Resort

157

$         322.69

$         259.74

24.2 %


81.9 %

76.0 %

5.9 %


$         264.35

$         197.50

33.8 %

L'Auberge de Sedona

88

$         926.89

$         627.73

47.7 %


62.8 %

78.1 %

(15.3) %


$         581.76

$         489.99

18.7 %

Lake Austin Spa Resort

40

$      1,065.76

$         809.52

31.7 %


58.5 %

62.2 %

(3.7) %


$         623.11

$         503.18

23.8 %

Margaritaville Beach House Key West

186

$         398.18

$         260.28

53.0 %


82.7 %

74.8 %

7.9 %


$         329.19

$         194.70

69.1 %

Orchards Inn Sedona

70

$         293.83

$         249.86

17.6 %


59.9 %

75.6 %

(15.7) %


$         176.08

$         188.99

(6.8) %

Salt Lake City Marriott Downtown at City Creek

510

$         186.86

$         172.21

8.5 %


62.6 %

68.5 %

(5.9) %


$         116.96

$         117.88

(0.8) %

The Dagny Boston

403

$         278.65

$         301.21

(7.5) %


77.8 %

88.5 %

(10.7) %


$         216.90

$         266.64

(18.7) %

The Gwen

311

$         297.18

$         258.98

14.8 %


74.5 %

83.5 %

(9.0) %


$         221.33

$         216.13

2.4 %

The Hythe Vail

344

$         436.67

$         307.45

42.0 %


56.4 %

62.1 %

(5.7) %


$         246.16

$         190.86

29.0 %

The Landing Lake Tahoe Resort & Spa

82

$         448.48

$         322.45

39.1 %


51.4 %

61.7 %

(10.3) %


$         230.43

$         198.80

15.9 %

The Lindy Renaissance Charleston Hotel

167

$         347.26

$         263.88

31.6 %


88.7 %

84.2 %

4.5 %


$         307.88

$         222.23

38.5 %

The Lodge at Sonoma Resort

182

$         451.90

$         308.37

46.5 %


60.2 %

73.7 %

(13.5) %


$         272.13

$         227.27

19.7 %

Tranquility Bay Beachfront Resort

103

$         630.39

$         404.10

56.0 %


76.8 %

86.1 %

(9.3) %


$         484.26

$         347.82

39.2 %

Westin Boston Waterfront

793

$         246.93

$         249.76

(1.1) %


81.9 %

77.4 %

4.5 %


$         202.17

$         193.34

4.6 %

Westin Fort Lauderdale Beach Resort

433

$         264.71

$         202.58

30.7 %


74.2 %

82.4 %

(8.2) %


$         196.48

$         166.99

17.7 %

Westin San Diego Bayview

436

$         217.02

$         190.09

14.2 %


76.1 %

79.0 %

(2.9) %


$         165.18

$         150.12

10.0 %

Westin Washington D.C. City Center

410

$         219.08

$         206.61

6.0 %


73.0 %

86.3 %

(13.3) %


$         159.99

$         178.26

(10.2) %

Worthington Renaissance Fort Worth Hotel

504

$         197.52

$         186.10

6.1 %


73.3 %

74.5 %

(1.2) %


$         144.86

$         138.67

4.5 %

Comparable Total (1)

9,650

$         282.02

$         240.76

17.1 %


72.1 %

77.7 %

(5.6) %


$         203.41

$         187.17

8.7 %


(1)  

Amounts include the pre-acquisition operating results of hotels acquired in 2023, 2022 and 2021 and exclude the Kimpton Fort Lauderdale Beach Resort as the hotel opened during 2021.

 



Hotel Adjusted EBITDA Reconciliation - Fourth Quarter 2023








Net Income /
(Loss)

Plus:

Plus:

Plus:

Equals: Hotel
Adjusted EBITDA



Total Revenues


Depreciation

Interest Expense

Adjustments (1)

Atlanta Marriott Alpharetta


$                   4,012


$                       944

$                      367

$                         ?

$                         ?

$                    1,311

Bourbon Orleans Hotel


$                   4,630


$                       931

$                      873

$                         ?

$                           6

$                    1,810

Cavallo Point, The Lodge at the Golden Gate


$                 11,228


$                       684

$                   1,411

$                         ?

$                         94

$                    2,189

Chicago Marriott Downtown Magnificent Mile


$                 24,363


$                    1,974

$                   3,515

$                           6

$                     (397)

$                    5,098

Chico Hot Springs Resort & Day Spa


$                   2,789


$                      (434)

$                      434

$                         ?

$                           3

$                           3

Courtyard Denver Downtown


$                   2,481


$                       547

$                      374

$                         ?

$                         ?

$                       921

Courtyard New York Manhattan/Fifth Avenue


$                   5,865


$                       903

$                      356

$                         ?

$                       253

$                    1,512

Courtyard New York Manhattan/Midtown East


$                 11,883


$                    3,336

$                      504

$                       890

$                         ?

$                    4,730

Embassy Suites by Hilton Bethesda


$                   3,326


$                   (1,775)

$                      569

$                         ?

$                    1,463

$                       257

Havana Cabana Key West


$                   3,028


$                       338

$                      306

$                         ?

$                         ?

$                       644

Henderson Beach Resort


$                   6,862


$                      (807)

$                   1,043

$                         ?

$                         ?

$                       236

Henderson Park Inn


$                   1,679


$                       156

$                      272

$                         ?

$                         ?

$                       428

Hilton Burlington Lake Champlain


$                   5,537


$                       860

$                      596

$                         ?

$                         ?

$                    1,456

Hilton Garden Inn New York/Times Square Central


$                   9,327


$                    2,862

$                      649

$                         ?

$                         ?

$                    3,511

Hotel Clio


$                   7,394


$                       330

$                      845

$                       632

$                           5

$                    1,812

Hotel Emblem San Francisco


$                   1,337


$                      (284)

$                      295

$                         ?

$                         ?

$                         11

Kimpton Hotel Palomar Phoenix


$                   7,089


$                    1,386

$                      497

$                         ?

$                       178

$                    2,061

Kimpton Shorebreak Fort Lauderdale Beach Resort


$                   2,247


$                      (112)

$                      351

$                         ?

$                         ?

$                       239

Kimpton Shorebreak Huntington Beach Resort


$                   5,406


$                    1,410

$                      380

$                         ?

$                         ?

$                    1,790

L'Auberge de Sedona


$                   9,573


$                    3,120

$                      375

$                         ?

$                         ?

$                    3,495

Lake Austin Spa Resort


$                   4,969


$                         28

$                      696

$                         ?

$                         ?

$                       724

Margaritaville Beach House Key West


$                   6,876


$                       765

$                      771

$                         ?

$                         ?

$                    1,536

Orchards Inn Sedona


$                   2,266


$                       588

$                        85

$                         ?

$                         42

$                       715

Salt Lake City Marriott Downtown at City Creek


$                   7,873


$                    1,831

$                      917

$                         ?

$                         11

$                    2,759

The Dagny Boston


$                   8,537


$                       650

$                   1,534

$                         ?

$                         ?

$                    2,184

The Gwen


$                   9,281


$                    1,215

$                   1,038

$                         ?

$                         ?

$                    2,253

The Hythe Vail


$                   8,880


$                       832

$                   1,189

$                         ?

$                         ?

$                    2,021

The Landing Lake Tahoe Resort & Spa


$                   2,426


$                       221

$                      222

$                         ?

$                         ?

$                       443

The Lindy Renaissance Charleston Hotel


$                   5,583


$                    1,965

$                      474

$                         ?

$                         ?

$                    2,439

The Lodge at Sonoma Resort


$                   6,592


$                       518

$                      633

$                         ?

$                         ?

$                    1,151

Tranquility Bay Beachfront Resort


$                   5,064


$                       930

$                      447

$                         ?

$                         ?

$                    1,377

Westin Boston Seaport District


$                 22,327


$                       161

$                   2,447

$                    1,986

$                     (122)

$                   4,472

Westin Fort Lauderdale Beach Resort


$                 15,567


$                    1,799

$                   1,022

$                         ?

$                         ?

$                    2,821

Westin San Diego Bayview


$                   7,860


$                       998

$                      856

$                         ?

$                         ?

$                    1,854

Westin Washington D.C. City Center


$                   7,150


$                     (729)

$                   1,026

$                         ?

$                         ?

$                       297

Worthington Renaissance Fort Worth Hotel


$                 12,240


$                    2,523

$                      938

$                       714

$                         ?

$                   4,175

Total


$               263,547


$                  30,664

$                 28,307

$                    4,228

$                    1,536

$                 64,818

Less: Non Comparable Hotel (2)


$                  (2,247)


$                       112

$                     (351)

$                         ?

$                         ?

$                     (239)

Comparable Total


$               261,300


$                  30,776

$                 27,956

$                    4,228

$                    1,536

$                 64,579



(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 of intangible assets and liabilities.

(2)

Excludes the Kimpton Fort Lauderdale Beach Resort as the hotel opened during 2021.

 



Hotel Adjusted EBITDA Reconciliation - Fourth Quarter 2022





Net Income /
(Loss)

Plus:

Plus:

Plus:

Equals: Hotel



Total Revenues


Depreciation

Interest Expense

Adjustments (1)

Adjusted EBITDA

Atlanta Marriott Alpharetta


$                   3,798


$                      837

$                      366

$                         ?

$                         ?

$                   1,203

Bourbon Orleans Hotel


$                   5,477


$                   1,558

$                      836

$                         ?

$                           6

$                   2,400

Cavallo Point, The Lodge at the Golden Gate


$                 11,037


$                       (48)

$                   1,998

$                         ?

$                         94

$                   2,044

Chicago Marriott Downtown Magnificent Mile


$                 24,334


$                   6,615

$                   3,828

$                           6

$                     (397)

$                 10,052

Courtyard Denver Downtown


$                   2,554


$                      610

$                      378

$                         ?

$                         ?

$                      988

Courtyard New York Manhattan/Fifth Avenue


$                   5,975


$                   1,250

$                      339

$                         ?

$                       253

$                   1,842

Courtyard New York Manhattan/Midtown East


$                 11,202


$                   3,029

$                      507

$                      910

$                         ?

$                   4,446

Embassy Suites by Hilton Bethesda


$                   2,659


$                  (1,948)

$                      562

$                         ?

$                    1,477

$                        91

Havana Cabana Key West


$                   2,894


$                      633

$                      281

$                         ?

$                         ?

$                      914

Henderson Beach Resort


$                   6,881


$                     (638)

$                      993

$                         ?

$                         ?

$                      355

Henderson Park Inn


$                   1,582


$                         26

$                      233

$                         ?

$                         ?

$                      259

Hilton Burlington Lake Champlain


$                   5,485


$                   1,775

$                      564

$                         ?

$                         ?

$                   2,339

Hilton Garden Inn New York/Times Square Central


$                   9,940


$                   3,262

$                      638

$                         ?

$                         ?

$                   3,900

Hotel Clio


$                   7,132


$                      257

$                      878

$                      647

$                           5

$                   1,787

Hotel Emblem San Francisco


$                   1,630


$                     (250)

$                      296

$                         ?

$                         ?

$                        46

Kimpton Hotel Palomar Phoenix


$                   5,288


$                      409

$                      726

$                         ?

$                      181

$                   1,316

Kimpton Shorebreak Fort Lauderdale Beach Resort


$                   1,987


$                     (378)

$                      302

$                         ?

$                         ?

$                       (76)

Kimpton Shorebreak Huntington Beach Resort


$                   5,294


$                   1,095

$                      389

$                         ?

$                         ?

$                   1,484

L'Auberge de Sedona


$                   9,444


$                   3,361

$                      374

$                         ?

$                         ?

$                   3,735

Lake Austin Spa Resort


$                   1,944


$                      132

$                      212

$                         ?

$                         ?

$                      344

Margaritaville Beach House Key West


$                   6,342


$                      522

$                      795

$                         ?

$                         ?

$                   1,317

Orchards Inn Sedona


$                   2,336


$                      580

$                        89

$                         ?

$                         42

$                      711

Salt Lake City Marriott Downtown at City Creek


$                   7,173


$                   1,336

$                      567

$                      225

$                         11

$                   2,139

The Dagny Boston


$                   9,321


$                   1,629

$                   1,046

$                         ?

$                         ?

$                   2,675

The Gwen


$                   9,482


$                   3,204

$                   1,077

$                         ?

$                         ?

$                   4,281

The Hythe Vail


$                   9,200


$                      913

$                   1,176

$                         ?

$                         ?

$                   2,089

The Landing Lake Tahoe Resort & Spa


$                   2,323


$                        98

$                      222

$                         ?

$                         ?

$                      320

The Lindy Renaissance Charleston Hotel


$                   5,667


$                   2,150

$                      441

$                         ?

$                         ?

$                   2,591

The Lodge at Sonoma Resort


$                   7,900


$                   1,273

$                      714

$                         88

$                         ?

$                   2,075

Tranquility Bay Beachfront Resort


$                   4,671


$                   1,104

$                      432

$                         ?

$                         ?

$                   1,536

Westin Boston Seaport District


$                 21,076


$                      233

$                   2,481

$                    2,036

$                     (122)

$                   4,628

Westin Fort Lauderdale Beach Resort


$                 16,147


$                   3,590

$                   1,011

$                         ?

$                         ?

$                   4,601

Westin San Diego Bayview


$                   7,333


$                      287

$                      860

$                       421

$                         ?

$                   1,568

Westin Washington D.C. City Center


$                   7,141


$                       (38)

$                   1,023

$                         25

$                         ?

$                   1,010

Worthington Renaissance Fort Worth Hotel


$                 12,406


$                   2,770

$                   1,118

$                       731

$                           1

$                   4,620

Total


$               255,055


$                 41,238

$                 27,752

$                   5,089

$                   1,551

$                 75,626

Add: Prior Ownership Results (2)


$                   5,095


$                   1,794

$                         11

$                         ?

$                         ?

$                   1,805

Comparable Total


$               260,150


$                 43,032

$                 27,763

$                   5,089

$                   1,551

$                 77,431



(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 of intangible assets and liabilities.

(2)

Represents the pre-acquisition operating results of our 2023 and 2022 acquisitions and excludes the Kimpton Fort Lauderdale Beach Resort.

 



Hotel Adjusted EBITDA Reconciliation - Fourth Quarter 2019





Net Income /
(Loss)

Plus:

Plus:

Plus:

Equals: Hotel



Total Revenues


Depreciation

Interest Expense

Adjustments (1)

Adjusted EBITDA

Atlanta Marriott Alpharetta


$                   4,627


$                   1,159

$                      407

$                         ?

$                         ?

$                   1,566

Cavallo Point, The Lodge at the Golden Gate


$                 10,010


$                      924

$                   1,814

$                         ?

$                         94

$                   2,832

Chicago Marriott Downtown Magnificent Mile


$                 29,038


$                   4,750

$                   4,248

$                           5

$                     (397)

$                   8,606

Courtyard Denver Downtown


$                   2,425


$                      726

$                      325

$                         ?

$                         ?

$                   1,051

Courtyard New York Manhattan/Fifth Avenue


$                   4,770


$                      545

$                      451

$                         ?

$                      253

$                   1,249

Courtyard New York Manhattan/Midtown East


$                   9,211


$                   1,385

$                      704

$                      965

$                         ?

$                   3,054

Embassy Suites by Hilton Bethesda


$                   4,288


$                     (660)

$                      468

$                         ?

$                    1,516

$                   1,324

Frenchman's Reef & Morning Star Marriott Beach Resort


$                         ?


$                         ?

$                         ?

$                         ?

$                         ?

$                         ?

Havana Cabana Key West


$                   2,420


$                      412

$                      238

$                         ?

$                         ?

$                      650

Hilton Burlington Lake Champlain


$                   4,542


$                   1,217

$                      501

$                         ?

$                         ?

$                   1,718

Hilton Garden Inn New York/Times Square Central


$                   8,153


$                   2,185

$                      840

$                         ?

$                         ?

$                   3,025

Hotel Clio


$                   5,049


$                     (235)

$                      823

$                      688

$                           6

$                   1,282

Hotel Emblem San Francisco


$                   2,254


$                      320

$                      285

$                         ?

$                         ?

$                      605

Kimpton Hotel Palomar Phoenix


$                   6,693


$                   1,159

$                      681

$                         38

$                       293

$                   2,171

Kimpton Shorebreak Huntington Beach Resort


$                   3,661


$                      246

$                      439

$                         ?

$                         40

$                      725

L'Auberge de Sedona


$                   7,610


$                   1,936

$                      594

$                         ?

$                         ?

$                   2,530

Margaritaville Beach House Key West


$                   2,989


$                     (177)

$                      534

$                         ?

$                         ?

$                      357

Orchards Inn Sedona


$                   1,840


$                      176

$                      238

$                         ?

$                         42

$                      456

Salt Lake City Marriott Downtown at City Creek


$                   7,968


$                   1,676

$                      549

$                      603

$                         ?

$                   2,828

The Dagny Boston


$                 10,002


$                   2,660

$                   1,223

$                         ?

$                         ?

$                   3,883

The Gwen


$                   8,722


$                   1,156

$                   1,157

$                         ?

$                         ?

$                   2,313

The Hythe Vail


$                   8,139


$                      764

$                   1,098

$                         ?

$                         ?

$                   1,862

The Landing Lake Tahoe Resort & Spa


$                   1,904


$                     (176)

$                      411

$                         ?

$                         ?

$                      235

The Lexington Hotel


$                 21,013


$                   2,524

$                   3,610

$                           6

$                           8

$                   6,148

The Lindy Renaissance Charleston Hotel


$                   4,172


$                   1,225

$                      423

$                         ?

$                       (32)

$                   1,616

The Lodge at Sonoma Resort


$                   5,622


$                      537

$                      505

$                      279

$                         ?

$                   1,321

Westin Boston Seaport District


$                 22,364


$                      796

$                   2,551

$                   2,171

$                       (60)

$                   5,458

Westin Fort Lauderdale Beach Resort


$                 12,746


$                   1,860

$                   1,634

$                         ?

$                         ?

$                   3,494

Westin San Diego Bayview


$                   7,227


$                      170

$                   1,151

$                      633

$                         ?

$                   1,954

Westin Washington D.C. City Center


$                   8,004


$                      444

$                   1,370

$                      658

$                         ?

$                   2,472

Worthington Renaissance Fort Worth Hotel


$                 10,056


$                      781

$                   1,033

$                      781

$                           2

$                   2,597

Total


$               237,519


$                 30,485

$                 30,305

$                   6,827

$                   1,765

$                 69,416

Add: Prior Ownership Results (2)


$                 20,943


$                      488

$                   2,264

$                         ?

$                         ?

$                   2,752

Less: Sold Hotels (3)


$                (21,013)


$                  (2,524)

$                  (3,610)

$                         (6)

$                         (8)

$                 (6,148)

Comparable Total


$               237,449


$                 28,449

$                 28,959

$                   6,821

$                   1,757

$                 66,020



(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 of intangible assets and liabilities.

(2)

Represents the pre-acquisition operating results of our 2023, 2022 and 2021 acquisitions (excluding the Kimpton Fort Lauderdale Beach Resort).

(3)

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

 



Hotel Adjusted EBITDA Reconciliation - Year to Date 2023



Total Revenues


Net Income /
(Loss)

Plus: Depreciation

Plus: Interest
Expense

Plus: Adjustments (1)

Equals: Hotel
Adjusted EBITDA




Atlanta Marriott Alpharetta


$              16,596


$                   4,024

$                   1,458

$                         ?

$                             ?

$                   5,482

Bourbon Orleans Hotel


$              18,079


$                   3,762

$                   3,425

$                         ?

$                             25

$                   7,212

Cavallo Point, The Lodge at the Golden Gate


$              44,990


$                   5,131

$                   5,609

$                         ?

$                           375

$                 11,115

Chicago Marriott Downtown Magnificent Mile


$            103,932


$                 16,266

$                 14,224

$                         23

$                       (1,589)

$                 28,924

Chico Hot Springs Resort & Day Spa


$                5,384


$                       (77)

$                      629

$                         ?

$                               3

$                      555

Courtyard Denver Downtown


$              11,696


$                   3,446

$                   1,500

$                         ?

$                              ?

$                   4,946

Courtyard New York Manhattan/Fifth Avenue


$              19,536


$                   1,777

$                   1,453

$                         ?

$                        1,014

$                   4,244

Courtyard New York Manhattan/Midtown East


$              37,773


$                   6,687

$                   2,028

$                    3,561

$                             ?

$                 12,276

Embassy Suites by Hilton Bethesda


$              13,438


$                 (6,692)

$                   2,282

$                         ?

$                        5,873

$                   1,463

Havana Cabana Key West


$              12,884


$                   2,632

$                   1,183

$                         ?

$                             ?

$                   3,815

Henderson Beach Resort


$              39,382


$                   3,685

$                   4,091

$                         ?

$                             ?

$                   7,776

Henderson Park Inn


$                8,723


$                   2,365

$                   1,057

$                         ?

$                             ?

$                   3,422

Hilton Burlington Lake Champlain


$              23,437


$                   5,697

$                   2,275

$                         ?

$                             ?

$                   7,972

Hilton Garden Inn New York/Times Square Central


$              28,635


$                   6,184

$                   2,578

$                         ?

$                             ?

$                   8,762

Hotel Clio


$              27,208


$                      449

$                   3,335

$                   2,529

$                             19

$                   6,332

Hotel Emblem San Francisco


$                6,561


$                 (1,024)

$                   1,185

$                         ?

$                             ?

$                      161

Kimpton Hotel Palomar Phoenix


$              25,669


$                   4,110

$                   2,143

$                         ?

$                          716

$                   6,969

Kimpton Shorebreak Fort Lauderdale Beach Resort


$                8,414


$                     (863)

$                   1,272

$                         ?

$                             ?

$                       409

Kimpton Shorebreak Huntington Beach Resort


$              21,986


$                   6,073

$                   1,557

$                         ?

$                             ?

$                   7,630

L'Auberge de Sedona


$              31,140


$                   7,743

$                   1,480

$                         ?

$                             ?

$                   9,223

Lake Austin Spa Resort


$              20,431


$                   1,865

$                   2,612

$                         ?

$                             ?

$                   4,477

Margaritaville Beach House Key West


$              30,231


$                   8,583

$                   3,137

$                         ?

$                             ?

$                 11,720

Orchards Inn Sedona


$                8,491


$                   1,694

$                      358

$                         ?

$                           168

$                   2,220

Salt Lake City Marriott Downtown at City Creek


$              31,106


$                   8,380

$                   2,828

$                         ?

$                             42

$                 11,250

The Dagny Boston


$              35,555


$                   4,324

$                   5,729

$                         ?

$                             ?

$                 10,053

The Gwen


$              36,407


$                   4,726

$                   4,201

$                         ?

$                             ?

$                   8,927

The Hythe Vail


$              46,607


$                 12,206

$                   4,792

$                         ?

$                             ?

$                 16,998

The Landing Lake Tahoe Resort & Spa


$              12,500


$                   2,741

$                      888

$                         ?

$                             ?

$                   3,629

The Lindy Renaissance Charleston Hotel


$              23,341


$                   8,548

$                   1,892

$                         ?

$                             ?

$                 10,440

The Lodge at Sonoma Resort


$              30,403


$                   5,435

$                   2,566

$                         ?

$                             ?

$                   8,001

Tranquility Bay Beachfront Resort


$              23,286


$                   5,331

$                   1,762

$                         ?

$                             ?

$                   7,093

Westin Boston Seaport District


$              93,839


$                   5,431

$                   9,870

$                    7,955

$                         (490)

$                 22,766

Westin Fort Lauderdale Beach Resort


$              65,632


$                 10,977

$                   4,117

$                         ?

$                             ?

$                 15,094

Westin San Diego Bayview


$              34,984


$                   7,021

$                   3,417

$                         ?

$                             ?

$                 10,438

Westin Washington D.C. City Center


$              29,631


$                      706

$                   4,096

$                         ?

$                            ?

$                   4,802

Worthington Renaissance Fort Worth Hotel


$              46,960


$                   7,348

$                   4,273

$                   2,858

$                             ?

$                 14,479

Total


$         1,074,867


$               166,691

$               111,302

$                 16,926

$                       6,156

$               301,156

Add: Prior Ownership Results (2)


$                   520


$                   2,164

$                    (747)

$                         ?

$                             ?

$                   1,417

Comparable Total


$         1,075,387


$               168,855

$               110,555

$                 16,926

$                       6,156

$               302,573



(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 of intangible assets and liabilities.

(2)

Represents the pre-acquisition operating results of our 2023 acquisition and excludes the Kimpton Fort Lauderdale Beach Resort.

 



Hotel Adjusted EBITDA Reconciliation - Year to Date 2022





Net Income /
Loss)

Plus:

Plus:

Plus:

Equals: Hotel



Total Revenues


Depreciation

Interest Expense

Adjustments (1)

Adjusted EBITDA

Atlanta Marriott Alpharetta


$                 13,706


$                   2,847

$                   1,478

$                         ?

$                         ?

$                   4,325

Bourbon Orleans Hotel


$                 16,503


$                   2,986

$                   3,321

$                         ?

$                         25

$                   6,332

Cavallo Point, The Lodge at the Golden Gate


$                 45,030


$                   4,663

$                   7,533

$                         ?

$                      375

$                 12,571

Chicago Marriott Downtown Magnificent Mile


$                 91,934


$                 19,420

$                 15,514

$                         23

$                 (1,589)

$                 33,368

Courtyard Denver Downtown


$                 11,007


$                   3,527

$                   1,508

$                         ?

$                         ?

$                   5,035

Courtyard New York Manhattan/Fifth Avenue


$                 18,119


$                   1,108

$                   1,333

$                         ?

$                   1,014

$                   3,455

Courtyard New York Manhattan/Midtown East


$                 33,251


$                   4,207

$                   1,963

$                   3,640

$                         ?

$                   9,810

Embassy Suites by Hilton Bethesda


$                   8,892


$                  (9,254)

$                   2,243

$                         ?

$                   5,928

$                  (1,083)

Havana Cabana Key West


$                 14,014


$                   4,677

$                   1,111

$                         ?

$                         ?

$                   5,788

Henderson Beach Resort


$                 42,287


$                   4,961

$                   3,906

$                         ?

$                         ?

$                   8,867

Henderson Park Inn


$                   8,769


$                   2,286

$                      899

$                         ?

$                         ?

$                   3,185

Hilton Burlington Lake Champlain


$                 21,836


$                   6,464

$                   2,262

$                         ?

$                         ?

$                   8,726

Hilton Garden Inn New York/Times Square Central


$                 29,078


$                   6,610

$                   2,517

$                         ?

$                         ?

$                   9,127

Hotel Clio


$                 26,726


$                      966

$                   3,405

$                   2,588

$                        19

$                   6,978

Hotel Emblem San Francisco


$                   6,927


$                     (362)

$                   1,187

$                         ?

$                         ?

$                      825

Kimpton Hotel Palomar Phoenix


$                 20,622


$                   2,387

$                   2,722

$                         ?

$                       729

$                   5,838

Kimpton Shorebreak Fort Lauderdale Beach Resort


$                   5,224


$                     (925)

$                      911

$                         ?

$                         ?

$                       (14)

Kimpton Shorebreak Huntington Beach Resort


$                 23,015


$                   6,987

$                   1,590

$                         ?

$                         ?

$                   8,577

L'Auberge de Sedona


$                 34,564


$                 10,417

$                   1,475

$                         ?

$                         ?

$                 11,892

Lake Austin Spa Resort


$                   1,944


$                      132

$                      212

$                         ?

$                         ?

$                      344

Margaritaville Beach House Key West


$                 31,866


$                 10,145

$                   3,182

$                         ?

$                         ?

$                 13,327

Orchards Inn Sedona


$                   9,124


$                   2,304

$                      343

$                         ?

$                      168

$                   2,815

Salt Lake City Marriott Downtown at City Creek


$                 27,506


$                   5,400

$                   2,224

$                    1,803

$                         42

$                   9,469

The Dagny Boston


$                 37,420


$                   8,194

$                   4,118

$                         ?

$                         ?

$                 12,312

The Gwen


$                 36,784


$                   8,372

$                   4,284

$                         ?

$                         ?

$                 12,656

The Hythe Vail


$                 41,726


$                   8,404

$                   4,783

$                         ?

$                         ?

$                 13,187

The Landing Lake Tahoe Resort & Spa


$                 12,269


$                   3,354

$                   1,015

$                         ?

$                         ?

$                   4,369

The Lindy Renaissance Charleston Hotel


$                 23,340


$                   8,677

$                   1,813

$                         ?

$                         ?

$                 10,490

The Lodge at Sonoma Resort


$                 31,633


$                   5,607

$                   2,619

$                      870

$                         ?

$                   9,096

Tranquility Bay Beachfront Resort


$                 24,321


$                   6,429

$                   1,709

$                         ?

$                         ?

$                   8,138

Westin Boston Seaport District


$                 84,186


$                   3,105

$                   9,825

$                    8,148

$                     (490)

$                 20,588

Westin Fort Lauderdale Beach Resort


$                 70,104


$                 20,129

$                   3,953

$                         ?

$                         ?

$                 24,082

Westin San Diego Bayview


$                 30,310


$                   3,794

$                   3,344

$                   2,177

$                         ?

$                   9,315

Westin Washington D.C. City Center


$                 24,956


$                  (1,182)

$                   4,101

$                   1,806

$                         ?

$                   4,725

Worthington Renaissance Fort Worth Hotel


$                 42,510


$                   6,210

$                   4,446

$                   2,928

$                           5

$                 13,589

Total


$            1,001,503


$               173,046

$               108,849

$                 23,983

$                   6,226

$               312,105

Add: Prior Ownership Results (2)


$                 32,372


$                   9,509

$                      988

$                         ?

$                         ?

$                 10,497

Comparable Total


$            1,033,875


$               182,555

$               109,837

$                  23,983

$                   6,226

$               322,602



(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 of intangible assets and liabilities.

(2)

Represents the pre-acquisition operating results of our 2023 and 2022 acquisitions and excludes the Kimpton Fort Lauderdale Beach Resort.

 



Hotel Adjusted EBITDA Reconciliation - Year to Date 2019






Plus:

Plus:

Plus:

Equals:



Total Revenues


Net Income /
(Loss)

Depreciation

Interest Expense

Adjustments (1)

Hotel Adjusted

EBITDA

Atlanta Marriott Alpharetta


$                 19,586


$                   5,050

$                   1,796

$                         ?

$                         ?

$                   6,846

Cavallo Point, The Lodge at the Golden Gate


$                 40,610


$                   3,298

$                   7,371

$                         ?

$                      315

$                 10,984

Chicago Marriott Downtown Magnificent Mile


$               112,262


$                 16,876

$                 16,710

$                       116

$                  (1,589)

$                 32,113

Courtyard Denver Downtown


$                 11,306


$                   4,133

$                   1,206

$                         ?

$                         ?

$                   5,339

Courtyard New York Manhattan/Fifth Avenue


$                 16,187


$                        26

$                   1,781

$                         ?

$                   1,014

$                   2,821

Courtyard New York Manhattan/Midtown East


$                 30,424


$                   1,315

$                   2,781

$                    3,856

$                         ?

$                   7,952

Embassy Suites by Hilton Bethesda


$                 17,339


$                  (2,691)

$                   1,890

$                         ?

$                   6,068

$                   5,267

Frenchman's Reef & Morning Star Marriott Beach Resort


$                         ?


$                   8,799

$                         ?

$                         ?

$                         ?

$                   8,799

Havana Cabana Key West


$                   9,771


$                   2,447

$                      979

$                         ?

$                         ?

$                   3,426

Hilton Burlington Lake Champlain


$                 18,572


$                   5,134

$                   2,002

$                         ?

$                         ?

$                   7,136

Hilton Garden Inn New York/Times Square Central


$                 26,375


$                   3,916

$                   3,349

$                         ?

$                         ?

$                   7,265

Hotel Clio


$                 19,429


$                  (1,179)

$                   2,798

$                   2,751

$                         24

$                   4,394

Hotel Emblem San Francisco


$                   7,904


$                      643

$                   1,153

$                         ?

$                         ?

$                   1,796

Kimpton Hotel Palomar Phoenix


$                 24,701


$                   3,478

$                   2,671

$                      154

$                   1,177

$                   7,480

Kimpton Shorebreak Huntington Beach Resort


$                 17,365


$                   3,832

$                   1,485

$                         ?

$                      162

$                   5,479

L'Auberge de Sedona


$                 26,868


$                   5,623

$                   2,119

$                         ?

$                         ?

$                   7,742

Margaritaville Beach House Key West


$                 15,895


$                   3,380

$                   1,567

$                         ?

$                         ?

$                   4,947

Orchards Inn Sedona


$                   7,730


$                   1,061

$                      951

$                         ?

$                      168

$                   2,180

Salt Lake City Marriott Downtown at City Creek


$                 31,554


$                   6,796

$                   2,228

$                   2,421

$                         ?

$                 11,445

The Dagny Boston


$                 42,339


$                 11,784

$                   4,931

$                         ?

$                         ?

$                 16,715

The Gwen


$                 34,431


$                   5,185

$                   4,442

$                         ?

$                         ?

$                   9,627

The Hythe Vail, a Luxury Collection Resort


$                 36,128


$                   6,827

$                   4,133

$                         ?

$                         ?

$                 10,960

The Landing Lake Tahoe Resort & Spa


$                   9,522


$                      118

$                   1,590

$                         ?

$                         ?

$                   1,708

The Lexington Hotel


$                 68,886


$                      745

$                 14,305

$                         23

$                         32

$                 15,105

The Lindy Renaissance Charleston Hotel


$                 15,738


$                   4,663

$                   1,665

$                         ?

$                     (126)

$                   6,202

The Lodge at Sonoma Resort


$                 24,645


$                   3,771

$                   2,076

$                    1,119

$                         ?

$                   6,966

Westin Boston Seaport District


$                 93,355


$                   7,082

$                   9,817

$                    8,677

$                     (240)

$                 25,336

Westin Fort Lauderdale Beach Resort


$                 50,992


$                   9,083

$                   6,487

$                         ?

$                         ?

$                 15,570

Westin San Diego Bayview


$                 33,560


$                   4,939

$                   4,548

$                   2,534

$                         ?

$                 12,021

Westin Washington D.C. City Center


$                 33,242


$                   2,518

$                   5,319

$                   2,643

$                         ?

$                 10,480

Worthington Renaissance Fort Worth Hotel


$                 41,375


$                   6,378

$                   3,960

$                   3,120

$                           8

$                 13,466

Total


$               938,091


$               135,030

$               118,110

$                 27,414

$                    7,013

$               287,443

Add: Prior Ownership Results (2)


$                 97,106


$                 11,158

$                   9,054

$                         ?

$                         ?

$                 20,212

Less: Sold Hotels (3)


$                (68,886)


$                 (9,544)

$                (14,305)

$                       (23)

$                       (32)

$               (23,904)

Comparable Total


$                966,311


$

136,644

$               112,859

$                 27,391

$                   6,981

$               283,751



(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 of intangible assets and liabilities.

(2)

Represents the pre-acquisition operating results of our 2023, 2022 and 2021 acquisitions (excluding the Kimpton Fort Lauderdale Beach Resort).

(3)

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

 

SOURCE DiamondRock Hospitality Company


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