Comparable Total Revenues 4.8% Above 2023
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Raises Midpoint of Full Year Guidance
BETHESDA, Md., Aug. 1, 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 ended June 30, 2024.
Second Quarter 2024 Highlights
- Net Income: Net income was $24.6 million and earnings per diluted share was $0.10.
- Comparable Revenues: Comparable total revenues were $309.3 million, a 4.8% increase from the second quarter of 2023.
- Comparable RevPAR: Comparable RevPAR was $229.21, a 2.2% increase from the second quarter of 2023.
- Comparable Total RevPAR: Comparable RevPAR was $348.37, a 4.5% increase from the second quarter of 2023.
- Comparable Hotel Adjusted EBITDA: Comparable Hotel Adjusted EBITDA was $99.5 million, a 5.5% increase from the second quarter of 2023.
- Comparable Hotel Adjusted EBITDA Margin: Comparable Hotel Adjusted EBITDA margin was 32.17%, a 20 basis point increase from the second quarter of 2023.
- Adjusted EBITDA: Adjusted EBITDA was $92.5 million, a 7.8% increase from the second quarter of 2023.
- Adjusted FFO: Adjusted FFO was $72.5 million and Adjusted FFO per diluted share was $0.34.
- Share Repurchases: The Company repurchased 2.5 million shares of its common stock at a weighted average price of $8.39 per share for a total consideration of approximately $20.6 million during the second quarter of 2024.
Recent Developments
- Brand Conversion: In July 2024, the Company completed the repositioning and rebranding of the Hilton Burlington Lake Champlain as the Hotel Champlain Burlington, Curio Collection by Hilton. The transformation of the 258-room hotel represents a strong return-on-investment opportunity and included the creation of new lifestyle community spaces, a new all-day cafe, an upgraded state-of-the-art fitness center, and a new signature seafood restaurant, Original Skiff Fish & Oysters, in partnership with a local award-winning chef.
- Share Repurchases: The Company continued share repurchase activity subsequent to the end of the second quarter. To date in 2024, the Company has repurchased 2.8 million shares of its common stock at a weighted average price of $8.36 per share for a total consideration of approximately $23.5 million.
“Second quarter operating results surpassed our expectations. Our strategy to focus on building a larger base of group demand drove strong room revenues and significantly stronger food and beverage revenues, particularly at our larger urban properties. Group pace in the second half of the year is strong, but we remain vigilant given the uncertain economic and election backdrop.
Due to the strong second quarter performance and robust expense controls, we feel comfortable raising the midpoint of our full-year earnings guidance to a range of $0.95 to $1.00 for Adjusted FFO per share and $278 million to $290 million for Adjusted EBITDA based upon a full-year 2024 RevPAR outlook of 1.5% to 3%.
Earlier in the year DiamondRock took steps to reduce our corporate overhead and we are just as focused on optimizing the efficiency of our long-term capital expenditures to retain more cash for accretive investments. For example, we are reducing the scope of the previously announced Bourbon Orleans renovation by nearly 40%. We expect we can deliver an attractive room product with a more reliable return profile without the incremental capital cost and operating expense of adding food and beverage outlets; nevertheless we have preserved this option for the future. We are also keenly focused on recycling capital from non-core properties and proactively working to recycle those potential proceeds into more attractive investments such as share repurchases and new on-strategy investments.”
– Jeffrey J. Donnelly, Chief Executive Officer of DiamondRock Hospitality Company
Operating Results
Please see “Non-GAAP Financial Measures” attached to this press release for an explanation of the terms “EBITDAre,” “Adjusted EBITDA,” “Hotel Adjusted EBITDA,” “Hotel Adjusted EBITDA Margin,” “FFO” and “Adjusted FFO” and a reconciliation of these measures to net income. Comparable operating results include all hotels currently owned for all periods presented. See “Reconciliation of Comparable Operating Results” attached to this press release for a reconciliation to historical amounts.
|
Quarter Ended June 30, |
Six Months Ended June 30, |
|||||||
|
2024 |
2023 |
Change |
2024 |
2023 |
Change |
|||
|
($ amounts in millions, except hotel statistics and per share amounts) |
||||||||
|
Comparable Operating Results (1) |
||||||||
|
ADR |
nbsp; 294.55 |
nbsp; 292.67 |
0.6 % |
nbsp; 282.85 |
nbsp; 285.15 |
(0.8) % |
||
|
Occupancy |
77.8 % |
76.6 % |
1.2 % |
73.1 % |
71.8 % |
1.3 % |
||
|
RevPAR |
nbsp; 229.21 |
nbsp; 224.27 |
2.2 % |
nbsp; 206.72 |
nbsp; 204.75 |
1.0 % |
||
|
Total RevPAR |
nbsp; 348.37 |
nbsp; 333.24 |
4.5 % |
nbsp; 318.65 |
nbsp; 307.91 |
3.5 % |
||
|
Room Revenues |
nbsp; 203.5 |
nbsp; 198.6 |
2.5 % |
nbsp; 367.0 |
nbsp; 360.5 |
1.8 % |
||
|
Total Revenues |
nbsp; 309.3 |
nbsp; 295.1 |
4.8 % |
nbsp; 565.7 |
nbsp; 542.1 |
4.4 % |
||
|
Hotel Adjusted EBITDA |
nbsp; 99.5 |
nbsp; 94.3 |
5.5 % |
nbsp; 160.9 |
nbsp; 157.7 |
2.0 % |
||
|
Hotel Adjusted EBITDA Margin |
32.17 % |
31.97 % |
20 bps |
28.44 % |
29.09 % |
(65 bps) |
||
|
Available Rooms |
887,796 |
885,430 |
2,366 |
1,775,319 |
1,760,556 |
14,763 |
||
|
Actual Operating Results (2) |
||||||||
|
Total Revenues |
nbsp; 309.3 |
nbsp; 291.2 |
6.2 % |
nbsp; 565.7 |
nbsp; 534.8 |
5.8 % |
||
|
Net income |
nbsp; 24.6 |
nbsp; 39.1 |
(37.1) % |
nbsp; 33.0 |
nbsp; 48.3 |
(31.7) % |
||
|
Earnings per diluted share |
nbsp; 0.10 |
nbsp; 0.17 |
(41.2) % |
nbsp; 0.13 |
nbsp; 0.20 |
(35.0) % |
||
|
Adjusted EBITDA |
nbsp; 92.5 |
nbsp; 85.8 |
7.8 % |
nbsp; 146.1 |
nbsp; 141.1 |
3.5 % |
||
|
Adjusted FFO |
nbsp; 72.5 |
nbsp; 67.3 |
7.7 % |
nbsp; 108.5 |
nbsp; 105.3 |
3.0 % |
||
|
Adjusted FFO per diluted share |
nbsp; 0.34 |
nbsp; 0.32 |
6.3 % |
nbsp; 0.51 |
nbsp; 0.49 |
4.1 % |
||
|
(1) |
Amounts represent the pre-acquisition operating results for Chico Hot Springs Resort from January 1, 2023 to June 30, 2023. The pre-acquisition operating results were obtained from the seller of the hotel 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. |
Capital Expenditures
The Company has invested approximately $35.8 million in capital improvements at its hotels during the six months ended June 30, 2024. The Company expects to spend approximately $90 to $100 million on capital improvements at its hotels in 2024. Significant projects in 2024 include the following:
- Hotel Champlain Burlington: The Company completed the rebranding and repositioning of the Hilton Burlington Lake Champlain to Hotel Champlain Burlington, a Curio Collection by Hilton hotel in July 2024.
- Westin San Diego Bayview: The Company substantially completed a comprehensive renovation of the hotel’s guestrooms during the second quarter of 2024.
- Orchards Inn Sedona: The Company expects to commence a repositioning of Orchards Inn as the Cliffs at L’Auberge in the fourth quarter of 2024. The project is expected to be completed in 2025 and will integrate the hotel with the adjacent L’Auberge de Sedona and include construction of a new pool connecting the two properties, renovation of the guestrooms and creation of a new arrival experience and new outdoor event space.
- The Landing Lake Tahoe Resort and Spa: The Company expects to commence a renovation of the property to accommodate 14 new keys and construct an adjacent indoor/outdoor event space to be completed in 2025.
Balance Sheet and Liquidity
The Company ended the quarter with $629.5 million of liquidity, comprised of $125.2 million of unrestricted corporate cash, $104.3 million of unrestricted cash at its hotels and full availability on its $400 million senior unsecured credit facility. As of June 30, 2024, the Company had $1.2 billion of total debt outstanding, which consisted of $800.0 million of unsecured term loans and $373.3 million of property-specific, non-recourse mortgage debt.
Share Repurchase Program
In May 2024, the Company’s Board of Directors approved a new $200 million share repurchase program through May 1, 2026, which replaced the existing share repurchase program. During the quarter ended June 30, 2024, the Company repurchased 2.5 million shares of its common stock at an average price of $8.39 per share for a total purchase price of $20.6 million. Subsequent to quarter end, the Company repurchased an additional 0.4 million shares of its common stock at an average price of $8.17 per share for a total purchase price of $2.9 million. The Company currently has $176.5 million of remaining authorized capacity under the share repurchase program.
Dividends
The Company declared a quarterly cash dividend of $0.03 per common share, which was paid on July 12, 2024 to shareholders of record as of June 28, 2024. The Company paid a quarterly dividend of $0.515625 per share on its 8.250% Series A Cumulative Redeemable Preferred Stock on June 28, 2024 to shareholders of record as of June 18, 2024.
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 is revising its annual guidance for 2024 and now expects full year 2024 results to be as follows:
|
Previous Guidance |
Revised Guidance |
Change at |
||||
|
Metric |
Low End |
High End |
Low End |
High End |
||
|
Comparable RevPAR Growth |
2.0 % |
4.0 % |
1.5 % |
3.0 % |
(0.75 %) |
|
|
Adjusted EBITDA |
$270 million |
$290 million |
$278 million |
$290 million |
+ $4.0 million |
|
|
Adjusted FFO |
$194 million |
$214 million |
$201.5 million |
$213.5 million |
+ $3.5 million |
|
|
Adjusted FFO per share (based |
$0.91 per |
$1.00 per |
$0.95 per |
$1.00 per |
+$0.02 per |
|
The guidance above incorporates the following assumptions:
- Corporate expenses of $30.5 million to $31.5 million, excluding executive transition costs which are excluded from Adjusted EBITDA and Adjusted FFO;
- Interest expense of $65.2 million to $66.2 million;
- Income tax expense of $0.5 million to $1.5 million; and
- 3,570,423 available rooms.
Earnings Call
The Company will host a conference call to discuss its second quarter results on Friday, August 2, 2024, at 9:00 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 any future pandemic, epidemic or outbreak of any highly infectious disease 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
(in thousands, except share and per share amounts) |
|||
|
June 30, 2024 |
December 31, 2023 |
||
|
ASSETS |
(unaudited) |
||
|
Property and equipment, net |
nbsp; 2,734,626 |
nbsp; 2,755,195 |
|
|
Right-of-use assets |
96,823 |
97,692 |
|
|
Restricted cash |
45,205 |
45,576 |
|
|
Due from hotel managers |
171,793 |
144,689 |
|
|
Prepaid and other assets |
74,986 |
73,940 |
|
|
Cash and cash equivalents |
125,219 |
121,595 |
|
|
Total assets |
nbsp; 3,248,652 |
nbsp; 3,238,687 |
|
|
LIABILITIES AND EQUITY |
|||
|
Liabilities: |
|||
|
Debt, net of unamortized debt issuance costs |
1,172,479 |
1,177,005 |
|
|
Lease liabilities |
113,779 |
112,866 |
|
|
Due to hotel managers |
131,683 |
116,522 |
|
|
Deferred rent |
71,554 |
69,209 |
|
|
Unfavorable contract liabilities, net |
59,037 |
59,866 |
|
|
Accounts payable and accrued expenses |
36,887 |
39,563 |
|
|
Distributions declared and unpaid |
6,067 |
6,324 |
|
|
Deferred income related to key money, net |
8,134 |
8,349 |
|
|
Total liabilities |
1,599,620 |
1,589,704 |
|
|
Equity: |
|||
|
Preferred stock, $0.01 par value; 10,000,000 shares authorized; |
|||
|
8.250% Series A Cumulative Redeemable Preferred Stock (liquidation |
48 |
48 |
|
|
Common stock, $0.01 par value; 400,000,000 shares authorized; 207,918,179 |
2,079 |
2,096 |
|
|
Additional paid-in capital |
2,274,223 |
2,291,297 |
|
|
Accumulated other comprehensive loss |
(2,077) |
(2,036) |
|
|
Distributions in excess of earnings |
(633,919) |
(649,330) |
|
|
Total stockholders’ equity |
1,640,354 |
1,642,075 |
|
|
Noncontrolling interests |
8,678 |
6,908 |
|
|
Total equity |
1,649,032 |
1,648,983 |
|
|
Total liabilities and equity |
nbsp; 3,248,652 |
nbsp; 3,238,687 |
|
|
DIAMONDROCK HOSPITALITY COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) (unaudited) |
|||||||
|
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||
|
2024 |
2023 |
2024 |
2023 |
||||
|
Revenues: |
|||||||
|
Rooms |
nbsp; 203,487 |
nbsp; 197,318 |
nbsp; 366,994 |
nbsp; 357,991 |
|||
|
Food and beverage |
78,111 |
68,369 |
146,492 |
128,146 |
|||
|
Other |
27,682 |
25,560 |
52,217 |
48,663 |
|||
|
Total revenues |
309,280 |
291,247 |
565,703 |
534,800 |
|||
|
Operating Expenses: |
|||||||
|
Rooms |
47,585 |
45,116 |
91,553 |
85,319 |
|||
|
Food and beverage |
50,717 |
45,908 |
97,956 |
89,058 |
|||
|
Other departmental and support expenses |
67,817 |
65,445 |
132,417 |
127,413 |
|||
|
Management fees |
8,008 |
6,885 |
13,318 |
11,873 |
|||
|
Franchise fees |
10,567 |
9,403 |
19,593 |
17,480 |
|||
|
Other property-level expenses |
27,188 |
26,934 |
53,806 |
51,051 |
|||
|
Depreciation and amortization |
27,873 |
27,840 |
56,186 |
55,312 |
|||
|
Impairment losses |
— |
941 |
— |
941 |
|||
|
Corporate expenses |
28,519 |
8,284 |
37,423 |
16,151 |
|||
|
Business interruption insurance income |
— |
(110) |
— |
(110) |
|||
|
Total operating expenses, net |
268,274 |
236,646 |
502,252 |
454,488 |
|||
|
Interest expense |
16,202 |
15,567 |
32,448 |
32,739 |
|||
|
Interest (income) and other (income) expense, net |
(1,195) |
(522) |
(2,264) |
(945) |
|||
|
Total other expenses, net |
15,007 |
15,045 |
30,184 |
31,794 |
|||
|
Income before income taxes |
25,999 |
39,556 |
33,267 |
48,518 |
|||
|
Income tax expense |
(1,368) |
(422) |
(278) |
(196) |
|||
|
Net income |
24,631 |
39,134 |
32,989 |
48,322 |
|||
|
Less: Net income attributable to noncontrolling |
(101) |
(169) |
(131) |
(201) |
|||
|
Net income attributable to the Company |
24,530 |
38,965 |
32,858 |
48,121 |
|||
|
Distributions to preferred stockholders |
(2,454) |
(2,454) |
(4,908) |
(4,908) |
|||
|
Net income attributable to common |
nbsp; 22,076 |
nbsp; 36,511 |
nbsp; 27,950 |
nbsp; 43,213 |
|||
|
Earnings per share: |
|||||||
|
Earnings per share available to common |
nbsp; 0.10 |
nbsp; 0.17 |
nbsp; 0.13 |
nbsp; 0.20 |
|||
|
Earnings per share available to common |
nbsp; 0.10 |
nbsp; 0.17 |
nbsp; 0.13 |
nbsp; 0.20 |
|||
|
Weighted-average number of common shares |
|||||||
|
Basic |
211,195,463 |
211,673,828 |
211,432,403 |
211,543,398 |
|||
|
Diluted |
212,016,445 |
212,161,950 |
212,276,815 |
212,092,590 |
|||
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:
- Non-Cash Lease Expense and Other Amortization: We exclude the non-cash expense incurred from the straight line recognition of expense from our ground leases and other contractual obligations and the non-cash amortization of our favorable and unfavorable contracts, originally recorded in conjunction with certain hotel acquisitions. We exclude these non-cash items because they do not reflect the actual cash amounts due to the respective lessors in the current period and they are of lesser significance in evaluating our actual performance for that period.
- Cumulative Effect of a Change in Accounting Principle: The Financial Accounting Standards Board promulgates new accounting standards that require or permit the consolidated statement of operations and comprehensive income to reflect the cumulative effect of a change in accounting principle. We exclude the effect of these adjustments, which include the accounting impact from prior periods, because they do not reflect the Company’s actual underlying performance for the current period.
- Gains or Losses from Early Extinguishment of Debt: We exclude the effect of gains or losses recorded on the early extinguishment of debt because these gains or losses result from transaction activity related to the Company’s capital structure that we believe are not indicative of the ongoing operating performance of the Company or our hotels.
- Hotel Acquisition Costs: We exclude hotel acquisition costs expensed during the period because we believe these transaction costs are not reflective of the ongoing performance of the Company or our hotels.
- Severance Costs: We exclude corporate severance costs, or reversals thereof, incurred with the termination of corporate-level employees and severance costs incurred at our hotels related to lease terminations or structured severance programs because we believe these costs do not reflect the ongoing performance of the Company or our hotels.
- Hotel Manager Transition Items: We exclude the transition items associated with a change in hotel manager because we believe these items do not reflect the ongoing performance of the Company or our hotels.
- Hotel Pre-Opening Costs: We exclude the pre-opening costs associated with the redevelopment or rebranding of a hotel because we believe these items do not reflect the ongoing performance of the Company or our hotels.
- Other Items: From time to time we incur costs or realize gains that we consider outside the ordinary course of business and that we do not believe reflect the ongoing performance of the Company or our hotels. Such items may include, but are not limited to the following: lease preparation costs incurred to prepare vacant space for marketing; management or franchise contract termination fees; gains or losses from legal settlements; costs incurred related to natural disasters; and gains on property insurance claim settlements, other than income related to business interruption insurance.
In addition, to derive Adjusted FFO we exclude any 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 June 30, |
Six Months Ended June 30, |
|||||||
|
2024 |
2023 |
2024 |
2023 |
|||||
|
Net income |
nbsp; 24,631 |
nbsp; 39,134 |
nbsp; 32,989 |
nbsp; 48,322 |
||||
|
Interest expense |
16,202 |
15,567 |
32,448 |
32,739 |
||||
|
Income tax expense |
1,368 |
422 |
278 |
196 |
||||
|
Real estate related depreciation and amortization |
27,873 |
27,840 |
56,186 |
55,312 |
||||
|
EBITDA |
70,074 |
82,963 |
121,901 |
136,569 |
||||
|
Impairment losses |
— |
941 |
— |
941 |
||||
|
EBITDAre |
70,074 |
83,904 |
121,901 |
137,510 |
||||
|
Non-cash lease expense and other amortization |
1,555 |
1,537 |
3,073 |
3,087 |
||||
|
Severance costs |
20,362 |
— |
20,362 |
— |
||||
|
Hotel pre-opening costs |
535 |
326 |
769 |
542 |
||||
|
Adjusted EBITDA |
92,526 |
85,767 |
146,105 |
141,139 |
||||
|
Corporate expenses |
8,157 |
8,284 |
17,061 |
16,151 |
||||
|
Interest (income) and other (income) expense, net |
(1,195) |
(522) |
(2,264) |
(945) |
||||
|
Hotel Adjusted EBITDA |
nbsp; 99,488 |
nbsp; 93,529 |
nbsp; 160,902 |
nbsp; 156,345 |
||||
|
Full Year 2024 Guidance |
|||
|
Low End |
High End |
||
|
Net income |
nbsp; 73,955 |
nbsp; 87,955 |
|
|
Interest expense |
66,183 |
65,183 |
|
|
Income tax expense |
500 |
1,500 |
|
|
Real estate related depreciation and amortization |
110,000 |
108,000 |
|
|
EBITDA/EBITDAre |
250,638 |
262,638 |
|
|
Non-cash lease expense and other amortization |
6,200 |
6,200 |
|
|
Severance costs |
20,362 |
20,362 |
|
|
Hotel pre-opening costs |
800 |
800 |
|
|
Adjusted EBITDA |
nbsp; 278,000 |
nbsp; 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 June 30, |
Six Months Ended June 30, |
|||||||
|
2024 |
2023 |
2024 |
2023 |
|||||
|
Net income |
nbsp; 24,631 |
nbsp; 39,134 |
nbsp; 32,989 |
nbsp; 48,322 |
||||
|
Real estate related depreciation and amortization |
27,873 |
27,840 |
56,186 |
55,312 |
||||
|
Impairment losses |
— |
941 |
— |
941 |
||||
|
FFO |
52,504 |
67,915 |
89,175 |
104,575 |
||||
|
Distribution to preferred stockholders |
(2,454) |
(2,454) |
(4,908) |
(4,908) |
||||
|
FFO available to common stock and unit holders |
50,050 |
65,461 |
84,267 |
99,667 |
||||
|
Non-cash lease expense and other amortization |
1,555 |
1,537 |
3,073 |
3,087 |
||||
|
Severance costs |
20,362 |
— |
20,362 |
— |
||||
|
Hotel pre-opening costs |
535 |
326 |
769 |
542 |
||||
|
Fair value adjustments to interest rate swaps |
— |
19 |
— |
2,033 |
||||
|
Adjusted FFO available to common stock and |
nbsp; 72,502 |
nbsp; 67,343 |
nbsp; 108,471 |
nbsp; 105,329 |
||||
|
Adjusted FFO available to common stock and |
nbsp; 0.34 |
nbsp; 0.32 |
nbsp; 0.51 |
nbsp; 0.49 |
||||
|
Full Year 2024 Guidance |
|||
|
Low End |
High End |
||
|
Net income |
nbsp; 73,955 |
nbsp; 87,955 |
|
|
Real estate related depreciation and amortization |
110,000 |
108,000 |
|
|
FFO |
183,955 |
195,955 |
|
|
Distribution to preferred stockholders |
(9,817) |
(9,817) |
|
|
FFO available to common stock and unit holders |
174,138 |
186,138 |
|
|
Non-cash lease expense and other amortization |
6,200 |
6,200 |
|
|
Severance costs |
20,362 |
20,362 |
|
|
Hotel pre-opening costs |
800 |
800 |
|
|
Adjusted FFO available to common stock and unit holders |
nbsp; 201,500 |
nbsp; 213,500 |
|
|
Adjusted FFO available to common stock and unit holders, per diluted share |
nbsp; 0.95 |
nbsp; 1.00 |
|
Reconciliation of Comparable Operating Results
The following presents the revenues, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin together with comparable prior year results (in thousands):
|
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||
|
2024 |
2023 |
2024 |
2023 |
||||
|
Revenues |
nbsp; 309,280 |
nbsp; 291,247 |
nbsp; 565,703 |
nbsp; 534,800 |
|||
|
Hotel revenues from prior ownership (1) |
— |
3,812 |
— |
7,293 |
|||
|
Comparable Revenues |
nbsp; 309,280 |
nbsp; 295,059 |
nbsp; 565,703 |
nbsp; 542,093 |
|||
|
Hotel Adjusted EBITDA |
nbsp; 99,488 |
nbsp; 93,529 |
nbsp; 160,902 |
nbsp; 156,345 |
|||
|
Hotel Adjusted EBITDA from prior ownership (1) |
— |
806 |
— |
1,326 |
|||
|
Comparable Hotel Adjusted EBITDA |
nbsp; 99,488 |
nbsp; 94,335 |
nbsp; 160,902 |
nbsp; 157,671 |
|||
|
Hotel Adjusted EBITDA Margin |
32.17 % |
32.11 % |
28.44 % |
29.23 % |
|||
|
Comparable Hotel Adjusted EBITDA Margin |
32.17 % |
31.97 % |
28.44 % |
29.09 % |
|||
|
(1) |
Amounts represent the pre-acquisition operating results for Chico Hot Springs Resort from January 1, 2023 to June 30, 2023. The pre-acquisition operating results were obtained from the seller of the hotel 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. |
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.
|
Quarter 1, 2023 |
Quarter 2, 2023 |
Quarter 3, 2023 |
Quarter 4, 2023 |
Full Year 2023 |
|
|
ADR |
nbsp; 276.43 |
nbsp; 292.67 |
nbsp; 273.28 |
nbsp; 282.57 |
nbsp; 281.36 |
|
Occupancy |
66.9 % |
76.6 % |
76.4 % |
68.4 % |
72.1 % |
|
RevPAR |
nbsp; 185.00 |
nbsp; 224.27 |
nbsp; 208.66 |
nbsp; 193.16 |
nbsp; 202.81 |
|
Total RevPAR |
nbsp; 282.28 |
nbsp; 333.24 |
nbsp; 310.54 |
nbsp; 294.05 |
nbsp; 305.08 |
|
Revenues (in thousands) |
nbsp; 247,034 |
nbsp; 295,059 |
nbsp; 278,162 |
nbsp; 263,547 |
nbsp; 1,083,802 |
|
Hotel Adjusted EBITDA (in thousands) |
nbsp; 63,336 |
nbsp; 94,335 |
nbsp; 80,492 |
nbsp; 64,817 |
nbsp; 302,980 |
|
Hotel Adjusted EBITDA Margin |
25.64 % |
31.97 % |
28.94 % |
24.59 % |
27.96 % |
|
Available Rooms |
875,126 |
885,430 |
895,743 |
896,260 |
3,552,559 |
|
Quarter 1, 2024 |
Quarter 2, 2024 |
|
|
ADR |
nbsp; 269.53 |
nbsp; 294.55 |
|
Occupancy |
68.4 % |
77.8 % |
|
RevPAR |
nbsp; 184.23 |
nbsp; 229.21 |
|
Total RevPAR |
nbsp; 288.92 |
nbsp; 348.37 |
|
Revenues (in thousands) |
nbsp; 256,423 |
nbsp; 309,280 |
|
Hotel Adjusted EBITDA (in thousands) |
nbsp; 61,414 |
nbsp; 99,488 |
|
Hotel Adjusted EBITDA Margin |
23.95 % |
32.17 % |
|
Available Rooms |
887,523 |
887,796 |
|
Market Capitalization as of June 30, 2024 |
||
|
(in thousands) |
||
|
Enterprise Value |
||
|
Common equity capitalization (at June 30, 2024 closing price of $8.45/share) |
nbsp; 1,787,852 |
|
|
Preferred equity capitalization (at liquidation value of $25.00/share) |
119,000 |
|
|
Consolidated debt (face amount) |
1,173,285 |
|
|
Cash and cash equivalents |
(125,219) |
|
|
Total enterprise value |
nbsp; 2,954,918 |
|
|
Share Reconciliation |
||
|
Common shares outstanding |
207,918 |
|
|
Operating partnership units |
1,134 |
|
|
Unvested restricted stock held by management and employees |
624 |
|
|
Share grants under deferred compensation plan |
1,904 |
|
|
Combined shares and units |
211,580 |
|
|
Debt Summary as of June 30, 2024 |
||||||||
|
(dollars in thousands) |
||||||||
|
Loan |
Interest Rate |
Term |
Outstanding |
Maturity |
||||
|
Courtyard New York Manhattan / Midtown East |
4.40 % |
Fixed |
nbsp; 73,416 |
August 2024 |
||||
|
Worthington Renaissance Fort Worth Hotel |
3.66 % |
Fixed |
72,756 |
May 2025 |
||||
|
Hotel Clio |
4.33 % |
Fixed |
55,382 |
July 2025 |
||||
|
Westin Boston Seaport District |
4.36 % |
Fixed |
171,731 |
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) |
||||
|
Total debt |
1,173,285 |
|||||||
|
Unamortized debt issuance costs (3) |
(806) |
|||||||
|
Debt, net of unamortized debt issuance costs |
nbsp; 1,172,479 |
|||||||
|
Weighted-average interest rate of fixed rate debt |
4.09 % |
|||||||
|
Total weighted-average interest rate (4) |
5.22 % |
|||||||
|
(1) |
Interest rate as of June 30, 2024 was 6.80%, which excludes effect of interest rate swaps. |
|
(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 – Second Quarter |
||||||||||||
|
Number |
ADR |
Occupancy |
RevPAR |
|||||||||
|
2Q 2024 |
2Q 2023 |
B/(W) 2023 |
2Q 2024 |
2Q 2023 |
B/(W) 2023 |
2Q 2024 |
2Q 2023 |
B/(W) 2023 |
||||
|
Atlanta Marriott Alpharetta |
318 |
nbsp; 156.89 |
nbsp; 150.26 |
4.4 % |
69.7 % |
73.5 % |
(3.8) % |
nbsp; 109.41 |
nbsp; 110.41 |
(0.9) % |
||
|
Bourbon Orleans Hotel |
220 |
nbsp; 243.76 |
nbsp; 242.09 |
0.7 % |
78.6 % |
83.7 % |
(5.1) % |
nbsp; 191.53 |
nbsp; 202.69 |
(5.5) % |
||
|
Cavallo Point, The Lodge at the Golden Gate |
142 |
nbsp; 574.78 |
nbsp; 613.11 |
(6.3) % |
61.7 % |
56.8 % |
4.9 % |
nbsp; 354.87 |
nbsp; 348.54 |
1.8 % |
||
|
Chicago Marriott Downtown Magnificent Mile |
1,200 |
nbsp; 279.63 |
nbsp; 273.80 |
2.1 % |
67.4 % |
70.8 % |
(3.4) % |
nbsp; 188.37 |
nbsp; 193.76 |
(2.8) % |
||
|
Chico Hot Springs Resort & Day Spa |
117 |
nbsp; 201.95 |
nbsp; 178.19 |
13.3 % |
72.5 % |
68.4 % |
4.1 % |
nbsp; 146.43 |
nbsp; 121.87 |
20.2 % |
||
|
Courtyard Denver Downtown |
177 |
nbsp; 221.52 |
nbsp; 233.95 |
(5.3) % |
83.7 % |
83.3 % |
0.4 % |
nbsp; 185.35 |
nbsp; 194.88 |
(4.9) % |
||
|
Courtyard New York Manhattan/Fifth Avenue |
189 |
nbsp; 316.32 |
nbsp; 306.37 |
3.2 % |
88.9 % |
94.7 % |
(5.8) % |
nbsp; 281.34 |
nbsp; 290.00 |
(3.0) % |
||
|
Courtyard New York Manhattan/Midtown East |
321 |
nbsp; 359.88 |
nbsp; 348.02 |
3.4 % |
94.0 % |
92.4 % |
1.6 % |
nbsp; 338.22 |
nbsp; 321.54 |
5.2 % |
||
|
Embassy Suites by Hilton Bethesda |
272 |
nbsp; 190.12 |
nbsp; 183.55 |
3.6 % |
83.5 % |
80.0 % |
3.5 % |
nbsp; 158.69 |
nbsp; 146.80 |
8.1 % |
||
|
Havana Cabana Key West |
106 |
nbsp; 287.85 |
nbsp; 293.87 |
(2.0) % |
83.1 % |
86.7 % |
(3.6) % |
nbsp; 239.30 |
nbsp; 254.75 |
(6.1) % |
||
|
Henderson Beach Resort |
269 |
nbsp; 464.72 |
nbsp; 500.73 |
(7.2) % |
74.4 % |
74.1 % |
0.3 % |
nbsp; 345.84 |
nbsp; 370.82 |
(6.7) % |
||
|
Henderson Park Inn |
37 |
nbsp; 684.85 |
nbsp; 680.86 |
0.6 % |
84.9 % |
87.2 % |
(2.3) % |
nbsp; 581.11 |
nbsp; 593.91 |
(2.2) % |
||
|
Hilton Garden Inn New York/Times Square Central |
282 |
nbsp; 284.16 |
nbsp; 283.37 |
0.3 % |
89.5 % |
85.6 % |
3.9 % |
nbsp; 254.22 |
nbsp; 242.70 |
4.7 % |
||
|
Hotel Champlain Burlington |
258 |
nbsp; 240.84 |
nbsp; 242.28 |
(0.6) % |
75.9 % |
79.0 % |
(3.1) % |
nbsp; 182.85 |
nbsp; 191.35 |
(4.4) % |
||
|
Hotel Clio |
199 |
nbsp; 327.64 |
nbsp; 326.27 |
0.4 % |
83.7 % |
74.2 % |
9.5 % |
nbsp; 274.30 |
nbsp; 241.96 |
13.4 % |
||
|
Hotel Emblem San Francisco |
96 |
nbsp; 184.02 |
nbsp; 221.08 |
(16.8) % |
62.5 % |
66.8 % |
(4.3) % |
nbsp; 115.04 |
nbsp; 147.71 |
(22.1) % |
||
|
Kimpton Hotel Palomar Phoenix |
242 |
nbsp; 218.99 |
nbsp; 204.26 |
7.2 % |
76.2 % |
78.2 % |
(2.0) % |
nbsp; 166.96 |
nbsp; 159.72 |
4.5 % |
||
|
Kimpton Shorebreak Fort Lauderdale Beach Resort |
96 |
nbsp; 182.23 |
nbsp; 202.15 |
(9.9) % |
78.5 % |
65.4 % |
13.1 % |
nbsp; 142.99 |
nbsp; 132.13 |
8.2 % |
||
|
Kimpton Shorebreak Huntington Beach Resort |
157 |
nbsp; 326.16 |
nbsp; 337.46 |
(3.3) % |
85.7 % |
83.3 % |
2.4 % |
nbsp; 279.54 |
nbsp; 280.94 |
(0.5) % |
||
|
L’Auberge de Sedona |
88 |
nbsp; 951.60 |
nbsp; 979.53 |
(2.9) % |
74.2 % |
67.9 % |
6.3 % |
nbsp; 705.97 |
nbsp; 664.92 |
6.2 % |
||
|
Lake Austin Spa Resort |
40 |
nbsp; 1,065.58 |
nbsp; 1,101.21 |
(3.2) % |
70.6 % |
66.9 % |
3.7 % |
nbsp; 752.64 |
nbsp; 736.66 |
2.2 % |
||
|
Margaritaville Beach House Key West |
186 |
nbsp; 371.14 |
nbsp; 396.70 |
(6.4) % |
88.5 % |
90.0 % |
(1.5) % |
nbsp; 328.50 |
nbsp; 356.95 |
(8.0) % |
||
|
Orchards Inn Sedona |
70 |
nbsp; 301.79 |
nbsp; 303.14 |
(0.4) % |
68.1 % |
69.9 % |
(1.8) % |
nbsp; 205.38 |
nbsp; 211.91 |
(3.1) % |
||
|
Salt Lake City Marriott Downtown at City Creek |
510 |
nbsp; 196.94 |
nbsp; 190.99 |
3.1 % |
73.0 % |
61.1 % |
11.9 % |
nbsp; 143.79 |
nbsp; 116.64 |
23.3 % |
||
|
The Dagny Boston |
403 |
nbsp; 302.27 |
nbsp; 327.33 |
(7.7) % |
89.3 % |
89.1 % |
0.2 % |
nbsp; 270.03 |
nbsp; 291.81 |
(7.5) % |
||
|
The Gwen |
311 |
nbsp; 331.59 |
nbsp; 339.69 |
(2.4) % |
81.5 % |
78.4 % |
3.1 % |
nbsp; 270.37 |
nbsp; 266.27 |
1.5 % |
||
|
The Hythe Vail |
344 |
nbsp; 266.05 |
nbsp; 261.14 |
1.9 % |
50.8 % |
34.3 % |
16.5 % |
nbsp; 135.12 |
nbsp; 89.56 |
50.9 % |
||
|
The Landing Lake Tahoe Resort & Spa |
82 |
nbsp; 361.62 |
nbsp; 390.10 |
(7.3) % |
64.9 % |
50.6 % |
14.3 % |
nbsp; 234.60 |
nbsp; 197.24 |
18.9 % |
||
|
The Lindy Renaissance Charleston Hotel |
167 |
nbsp; 388.06 |
nbsp; 393.54 |
(1.4) % |
94.0 % |
94.1 % |
(0.1) % |
nbsp; 364.77 |
nbsp; 370.39 |
(1.5) % |
||
|
The Lodge at Sonoma Resort |
182 |
nbsp; 435.59 |
nbsp; 497.28 |
(12.4) % |
72.4 % |
65.2 % |
7.2 % |
nbsp; 315.21 |
nbsp; 324.37 |
(2.8) % |
||
|
Tranquility Bay Beachfront Resort |
103 |
nbsp; 605.29 |
nbsp; 663.23 |
(8.7) % |
79.7 % |
79.9 % |
(0.2) % |
nbsp; 482.14 |
nbsp; 529.64 |
(9.0) % |
||
|
Westin Boston Waterfront |
793 |
nbsp; 281.74 |
nbsp; 267.62 |
5.3 % |
89.8 % |
91.4 % |
(1.6) % |
nbsp; 253.03 |
nbsp; 244.72 |
3.4 % |
||
|
Westin Fort Lauderdale Beach Resort |
433 |
nbsp; 247.85 |
nbsp; 258.71 |
(4.2) % |
80.8 % |
73.7 % |
7.1 % |
nbsp; 200.38 |
nbsp; 190.66 |
5.1 % |
||
|
Westin San Diego Bayview |
436 |
nbsp; 236.19 |
nbsp; 205.93 |
14.7 % |
75.3 % |
80.0 % |
(4.7) % |
nbsp; 177.91 |
nbsp; 164.71 |
8.0 % |
||
|
Westin Washington D.C. City Center |
410 |
nbsp; 281.63 |
nbsp; 250.82 |
12.3 % |
77.6 % |
78.0 % |
(0.4) % |
nbsp; 218.41 |
nbsp; 195.73 |
11.6 % |
||
|
Worthington Renaissance Fort Worth Hotel |
504 |
nbsp; 217.36 |
nbsp; 198.93 |
9.3 % |
76.6 % |
79.1 % |
(2.5) % |
nbsp; 166.58 |
nbsp; 157.31 |
5.9 % |
||
|
Comparable Total (1) |
9,760 |
nbsp; 294.55 |
nbsp; 292.67 |
0.6 % |
77.8 % |
76.6 % |
1.2 % |
nbsp; 229.21 |
nbsp; 224.27 |
2.2 % |
||
|
(1) |
Amounts include the pre-acquisition operating results of Chico Hot Springs Resort & Day Spa acquired in 2023. |
|
Operating Statistics – Year to Date |
||||||||||||
|
Number |
ADR |
Occupancy |
RevPAR |
|||||||||
|
YTD 2024 |
YTD 2023 |
B/(W) 2023 |
YTD 2024 |
YTD 2023 |
B/(W) 2023 |
YTD 2024 |
YTD 2023 |
B/(W) 2023 |
||||
|
Atlanta Marriott Alpharetta |
318 |
nbsp; 160.91 |
nbsp; 154.36 |
4.2 % |
64.4 % |
68.0 % |
(3.6) % |
nbsp; 103.69 |
nbsp; 105.04 |
(1.3) % |
||
|
Bourbon Orleans Hotel |
220 |
nbsp; 252.55 |
nbsp; 250.91 |
0.7 % |
77.6 % |
82.3 % |
(4.7) % |
nbsp; 196.01 |
nbsp; 206.55 |
(5.1) % |
||
|
Cavallo Point, The Lodge at the Golden Gate |
142 |
nbsp; 563.98 |
nbsp; 591.51 |
(4.7) % |
56.4 % |
54.8 % |
1.6 % |
nbsp; 318.00 |
nbsp; 324.01 |
(1.9) % |
||
|
Chicago Marriott Downtown Magnificent Mile |
1,200 |
nbsp; 236.23 |
nbsp; 243.61 |
(3.0) % |
56.9 % |
55.2 % |
1.7 % |
nbsp; 134.30 |
nbsp; 134.56 |
(0.2) % |
||
|
Chico Hot Springs Resort & Day Spa |
117 |
nbsp; 191.05 |
nbsp; 171.34 |
11.5 % |
72.1 % |
70.8 % |
1.3 % |
nbsp; 137.79 |
nbsp; 121.30 |
13.6 % |
||
|
Courtyard Denver Downtown |
177 |
nbsp; 192.63 |
nbsp; 209.18 |
(7.9) % |
75.7 % |
76.2 % |
(0.5) % |
nbsp; 145.88 |
nbsp; 159.47 |
(8.5) % |
||
|
Courtyard New York Manhattan/Fifth Avenue |
189 |
nbsp; 262.20 |
nbsp; 254.77 |
2.9 % |
89.0 % |
94.1 % |
(5.1) % |
nbsp; 233.30 |
nbsp; 239.68 |
(2.7) % |
||
|
Courtyard New York Manhattan/Midtown East |
321 |
nbsp; 305.05 |
nbsp; 292.46 |
4.3 % |
92.6 % |
90.2 % |
2.4 % |
nbsp; 282.36 |
nbsp; 263.73 |
7.1 % |
||
|
Embassy Suites by Hilton Bethesda |
272 |
nbsp; 177.12 |
nbsp; 165.60 |
7.0 % |
71.2 % |
70.9 % |
0.3 % |
nbsp; 126.10 |
nbsp; 117.35 |
7.5 % |
||
|
Havana Cabana Key West |
106 |
nbsp; 348.71 |
nbsp; 336.84 |
3.5 % |
84.4 % |
87.3 % |
(2.9) % |
nbsp; 294.27 |
nbsp; 294.11 |
0.1 % |
||
|
Henderson Park Resort |
269 |
nbsp; 415.52 |
nbsp; 450.86 |
(7.8) % |
57.5 % |
58.7 % |
(1.2) % |
nbsp; 239.12 |
nbsp; 264.61 |
(9.6) % |
||
|
Henderson Park Inn |
37 |
nbsp; 574.38 |
nbsp; 615.29 |
(6.6) % |
71.0 % |
65.0 % |
6.0 % |
nbsp; 407.88 |
nbsp; 399.75 |
2.0 % |
||
|
Hilton Garden Inn New York/Times Square Central |
282 |
nbsp; 232.97 |
nbsp; 238.67 |
(2.4) % |
89.6 % |
85.5 % |
4.1 % |
nbsp; 208.70 |
nbsp; 204.00 |
2.3 % |
||
|
Hotel Champlain Burlington |
258 |
nbsp; 201.16 |
nbsp; 208.51 |
(3.5) % |
66.1 % |
71.1 % |
(5.0) % |
nbsp; 132.90 |
nbsp; 148.29 |
(10.4) % |
||
|
Hotel Clio |
199 |
nbsp; 300.99 |
nbsp; 313.65 |
(4.0) % |
74.5 % |
68.0 % |
6.5 % |
nbsp; 224.14 |
nbsp; 213.28 |
5.1 % |
||
|
Hotel Emblem San Francisco |
96 |
nbsp; 218.08 |
nbsp; 252.09 |
(13.5) % |
60.7 % |
65.3 % |
(4.6) % |
nbsp; 132.27 |
nbsp; 164.54 |
(19.6) % |
||
|
Kimpton Hotel Palomar Phoenix |
242 |
nbsp; 247.69 |
nbsp; 251.11 |
(1.4) % |
79.1 % |
75.9 % |
3.2 % |
nbsp; 195.90 |
nbsp; 190.70 |
2.7 % |
||
|
Kimpton Shorebreak Fort Lauderdale Beach Resort |
96 |
nbsp; 223.27 |
nbsp; 242.58 |
(8.0) % |
83.8 % |
76.4 % |
7.4 % |
nbsp; 187.08 |
nbsp; 185.27 |
1.0 % |
||
|
Kimpton Shorebreak Huntington Beach Resort |
157 |
nbsp; 307.37 |
nbsp; 316.01 |
(2.7) % |
82.1 % |
79.5 % |
2.6 % |
nbsp; 252.39 |
nbsp; 251.10 |
0.5 % |
||
|
L’Auberge de Sedona |
88 |
nbsp; 909.10 |
nbsp; 969.79 |
(6.3) % |
69.6 % |
62.7 % |
6.9 % |
nbsp; 632.50 |
nbsp; 608.25 |
4.0 % |
||
|
Lake Austin Spa Resort |
40 |
nbsp; 1,036.17 |
nbsp; 1,110.65 |
(6.7) % |
64.1 % |
61.3 % |
2.8 % |
nbsp; 664.40 |
nbsp; 680.96 |
(2.4) % |
||
|
Margaritaville Beach House Key West |
186 |
nbsp; 443.07 |
nbsp; 444.25 |
(0.3) % |
90.1 % |
87.6 % |
2.5 % |
nbsp; 399.42 |
nbsp; 388.99 |
2.7 % |
||
|
Orchards Inn Sedona |
70 |
nbsp; 299.20 |
nbsp; 297.81 |
0.5 % |
62.6 % |
64.7 % |
(2.1) % |
nbsp; 187.32 |
nbsp; 192.81 |
(2.8) % |
||
|
Salt Lake City Marriott Downtown at City Creek |
510 |
nbsp; 197.58 |
nbsp; 195.54 |
1.0 % |
69.4 % |
64.1 % |
5.3 % |
nbsp; 137.07 |
nbsp; 125.36 |
9.3 % |
||
|
The Dagny Boston |
403 |
nbsp; 252.32 |
nbsp; 292.45 |
(13.7) % |
83.1 % |
69.2 % |
13.9 % |
nbsp; 209.63 |
nbsp; 202.29 |
3.6 % |
||
|
The Gwen |
311 |
nbsp; 278.74 |
nbsp; 286.85 |
(2.8) % |
73.7 % |
71.8 % |
1.9 % |
nbsp; 205.54 |
nbsp; 206.01 |
(0.2) % |
||
|
The Hythe Vail |
344 |
nbsp; 484.14 |
nbsp; 520.67 |
(7.0) % |
63.6 % |
59.1 % |
4.5 % |
nbsp; 307.95 |
nbsp; 307.67 |
0.1 % |
||
|
The Landing Lake Tahoe Resort & Spa |
82 |
nbsp; 349.50 |
nbsp; 379.67 |
(7.9) % |
55.8 % |
40.8 % |
15.0 % |
nbsp; 194.98 |
nbsp; 155.02 |
25.8 % |
||
|
The Lindy Renaissance Charleston Hotel |
167 |
nbsp; 355.33 |
nbsp; 365.12 |
(2.7) % |
90.3 % |
89.3 % |
1.0 % |
nbsp; 320.80 |
nbsp; 326.19 |
(1.7) % |
||
|
The Lodge at Sonoma Resort |
182 |
nbsp; 387.62 |
nbsp; 435.66 |
(11.0) % |
58.9 % |
59.9 % |
(1.0) % |
nbsp; 228.16 |
nbsp; 260.85 |
(12.5) % |
||
|
Tranquility Bay Beachfront Resort |
103 |
nbsp; 704.50 |
nbsp; 735.05 |
(4.2) % |
77.6 % |
77.0 % |
0.6 % |
nbsp; 546.47 |
nbsp; 565.82 |
(3.4) % |
||
|
Westin Boston Waterfront |
793 |
nbsp; 252.99 |
nbsp; 239.76 |
5.5 % |
83.9 % |
81.6 % |
2.3 % |
nbsp; 212.21 |
nbsp; 195.76 |
8.4 % |
||
|
Westin Fort Lauderdale Beach Resort |
433 |
nbsp; 290.74 |
nbsp; 307.21 |
(5.4) % |
84.2 % |
80.8 % |
3.4 % |
nbsp; 244.94 |
nbsp; 248.15 |
(1.3) % |
||
|
Westin San Diego Bayview |
436 |
nbsp; 228.13 |
nbsp; 210.13 |
8.6 % |
68.3 % |
77.0 % |
(8.7) % |
nbsp; 155.87 |
nbsp; 161.75 |
(3.6) % |
||
|
Westin Washington D.C. City Center |
410 |
nbsp; 251.10 |
nbsp; 234.16 |
7.2 % |
73.4 % |
73.0 % |
0.4 % |
nbsp; 184.20 |
nbsp; 171.01 |
7.7 % |
||
|
Worthington Renaissance Fort Worth Hotel |
504 |
nbsp; 213.47 |
nbsp; 197.81 |
7.9 % |
73.3 % |
76.6 % |
(3.3) % |
nbsp; 156.46 |
nbsp; 151.51 |
3.3 % |
||
|
Comparable Total (1) |
9,760 |
nbsp; 282.85 |
nbsp; 285.15 |
(0.8) % |
73.1 % |
71.8 % |
1.3 % |
nbsp; 206.72 |
nbsp; 204.75 |
1.0 % |
||
|
(1) |
Amounts include the pre-acquisition operating results of Chico Hot Springs Resort & Day Spa acquired in 2023. |
|
Hotel Adjusted EBITDA Reconciliation – Second Quarter 2024 |
||||||||
|
Net Income |
Plus: |
Plus: |
Plus: |
Equals: Hotel |
||||
|
Total Revenues |
Depreciation |
Interest Expense |
Adjustments (1) |
|||||
|
Atlanta Marriott Alpharetta |
nbsp; 4,577 |
nbsp; 1,360 |
nbsp; 347 |
nbsp; — |
nbsp; — |
nbsp; 1,707 |
||
|
Bourbon Orleans Hotel |
nbsp; 4,828 |
nbsp; 1,135 |
nbsp; 883 |
nbsp; — |
nbsp; 3 |
nbsp; 2,021 |
||
|
Cavallo Point, The Lodge at the Golden Gate |
nbsp; 12,647 |
nbsp; 2,241 |
nbsp; 1,409 |
nbsp; — |
nbsp; 94 |
nbsp; 3,744 |
||
|
Chicago Marriott Downtown Magnificent Mile |
nbsp; 33,458 |
nbsp; 8,301 |
nbsp; 3,058 |
nbsp; 6 |
nbsp; (397) |
nbsp; 10,968 |
||
|
Chico Hot Springs Resort & Day Spa |
nbsp; 3,657 |
nbsp; 58 |
nbsp; 396 |
nbsp; — |
nbsp; 2 |
nbsp; 456 |
||
|
Courtyard Denver Downtown |
nbsp; 3,297 |
nbsp; 1,175 |
nbsp; 331 |
nbsp; — |
nbsp; — |
nbsp; 1,506 |
||
|
Courtyard New York Manhattan/Fifth Avenue |
nbsp; 4,962 |
nbsp; 378 |
nbsp; 324 |
nbsp; — |
nbsp; 253 |
nbsp; 955 |
||
|
Courtyard New York Manhattan/Midtown East |
nbsp; 10,186 |
nbsp; 2,305 |
nbsp; 490 |
nbsp; 870 |
nbsp; — |
nbsp; 3,665 |
||
|
Embassy Suites by Hilton Bethesda |
nbsp; 4,430 |
nbsp; (930) |
nbsp; 638 |
nbsp; — |
nbsp; 1,454 |
nbsp; 1,162 |
||
|
Havana Cabana Key West |
nbsp; 3,172 |
nbsp; 548 |
nbsp; 444 |
nbsp; — |
nbsp; — |
nbsp; 992 |
||
|
Henderson Beach Resort |
nbsp; 15,016 |
nbsp; 3,854 |
nbsp; 1,091 |
nbsp; — |
nbsp; — |
nbsp; 4,945 |
||
|
Henderson Park Inn |
nbsp; 3,029 |
nbsp; 1,345 |
nbsp; 268 |
nbsp; — |
nbsp; — |
nbsp; 1,613 |
||
|
Hilton Garden Inn New York/Times Square Central |
nbsp; 7,295 |
nbsp; 1,517 |
nbsp; 650 |
nbsp; — |
nbsp; — |
nbsp; 2,167 |
||
|
Hotel Champlain Burlington |
nbsp; 5,710 |
nbsp; 604 |
nbsp; 621 |
nbsp; — |
nbsp; — |
nbsp; 1,225 |
||
|
Hotel Clio |
nbsp; 8,373 |
nbsp; 1,472 |
nbsp; 799 |
nbsp; 618 |
nbsp; 5 |
nbsp; 2,894 |
||
|
Hotel Emblem San Francisco |
nbsp; 1,247 |
nbsp; (313) |
nbsp; 313 |
nbsp; — |
nbsp; — |
nbsp; — |
||
|
Kimpton Hotel Palomar Phoenix |
nbsp; 5,997 |
nbsp; 660 |
nbsp; 464 |
nbsp; — |
nbsp; 193 |
nbsp; 1,317 |
||
|
Kimpton Shorebreak Fort Lauderdale Beach Resort |
nbsp; 2,335 |
nbsp; (311) |
nbsp; 351 |
nbsp; — |
nbsp; — |
nbsp; 40 |
||
|
Kimpton Shorebreak Huntington Beach Resort |
nbsp; 5,748 |
nbsp; 1,884 |
nbsp; 342 |
nbsp; — |
nbsp; — |
nbsp; 2,226 |
||
|
L’Auberge de Sedona |
nbsp; 9,826 |
nbsp; 3,194 |
nbsp; 346 |
nbsp; — |
nbsp; — |
nbsp; 3,540 |
||
|
Lake Austin Spa Resort |
nbsp; 6,280 |
nbsp; 1,384 |
nbsp; 701 |
nbsp; — |
nbsp; — |
nbsp; 2,085 |
||
|
Margaritaville Beach House Key West |
nbsp; 7,805 |
nbsp; 2,621 |
nbsp; 535 |
nbsp; — |
nbsp; — |
nbsp; 3,156 |
||
|
Orchards Inn Sedona |
nbsp; 2,580 |
nbsp; 693 |
nbsp; 90 |
nbsp; — |
nbsp; 42 |
nbsp; 825 |
||
|
Salt Lake City Marriott Downtown at City Creek |
nbsp; 9,024 |
nbsp; 2,570 |
nbsp; 965 |
nbsp; — |
nbsp; 28 |
nbsp; 3,563 |
||
|
The Dagny Boston |
nbsp; 10,934 |
nbsp; 2,820 |
nbsp; 1,656 |
nbsp; — |
nbsp; — |
nbsp; 4,476 |
||
|
The Gwen |
nbsp; 11,467 |
nbsp; 2,926 |
nbsp; 782 |
nbsp; — |
nbsp; — |
nbsp; 3,708 |
||
|
The Hythe Vail |
nbsp; 7,994 |
nbsp; 196 |
nbsp; 1,172 |
nbsp; — |
nbsp; — |
nbsp; 1,368 |
||
|
The Landing Lake Tahoe Resort & Spa |
nbsp; 3,312 |
nbsp; 656 |
nbsp; 220 |
nbsp; — |
nbsp; — |
nbsp; 876 |
||
|
The Lindy Renaissance Charleston Hotel |
nbsp; 6,726 |
nbsp; 2,977 |
nbsp; 388 |
nbsp; — |
nbsp; — |
nbsp; 3,365 |
||
|
The Lodge at Sonoma Resort |
nbsp; 8,205 |
nbsp; 2,374 |
nbsp; 505 |
nbsp; — |
nbsp; — |
nbsp; 2,879 |
||
|
Tranquility Bay Beachfront Resort |
nbsp; 5,892 |
nbsp; 1,521 |
nbsp; 453 |
nbsp; — |
nbsp; — |
nbsp; 1,974 |
||
|
Westin Boston Seaport District |
nbsp; 29,752 |
nbsp; 5,087 |
nbsp; 2,435 |
nbsp; 1,940 |
nbsp; (122) |
nbsp; 9,340 |
||
|
Westin Fort Lauderdale Beach Resort |
nbsp; 16,544 |
nbsp; 2,763 |
nbsp; 1,053 |
nbsp; — |
nbsp; — |
nbsp; 3,816 |
||
|
Westin San Diego Bayview |
nbsp; 8,770 |
nbsp; 1,283 |
nbsp; 1,331 |
nbsp; — |
nbsp; — |
nbsp; 2,614 |
||
|
Westin Washington D.C. City Center |
nbsp; 10,029 |
nbsp; 2,184 |
nbsp; 1,148 |
nbsp; — |
nbsp; — |
nbsp; 3,332 |
||
|
Worthington Renaissance Fort Worth Hotel |
nbsp; 14,176 |
nbsp; 3,396 |
nbsp; 874 |
nbsp; 698 |
nbsp; — |
nbsp; 4,968 |
||
|
Comparable Total |
nbsp; 309,280 |
nbsp; 65,928 |
nbsp; 27,873 |
nbsp; 4,132 |
nbsp; 1,555 |
nbsp; 99,488 |
||
|
(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. |
|
Hotel Adjusted EBITDA Reconciliation – Second Quarter 2023 |
||||||||
|
Net Income |
Plus: |
Plus: |
Plus: |
Equals: Hotel |
||||
|
Total Revenues |
Depreciation |
Interest Expense |
Adjustments (1) |
Adjusted EBITDA |
||||
|
Atlanta Marriott Alpharetta |
nbsp; 4,240 |
nbsp; 1,122 |
nbsp; 359 |
nbsp; — |
nbsp; — |
nbsp; 1,481 |
||
|
Bourbon Orleans Hotel |
nbsp; 4,947 |
nbsp; 1,326 |
nbsp; 850 |
nbsp; — |
nbsp; 6 |
nbsp; 2,182 |
||
|
Cavallo Point, The Lodge at the Golden Gate |
nbsp; 12,255 |
nbsp; 2,205 |
nbsp; 1,396 |
nbsp; — |
nbsp; 94 |
nbsp; 3,695 |
||
|
Chicago Marriott Downtown Magnificent Mile |
nbsp; 31,983 |
nbsp; 8,556 |
nbsp; 3,538 |
nbsp; 6 |
nbsp; (397) |
nbsp; 11,703 |
||
|
Courtyard Denver Downtown |
nbsp; 3,455 |
nbsp; 1,238 |
nbsp; 378 |
nbsp; — |
nbsp; — |
nbsp; 1,616 |
||
|
Courtyard New York Manhattan/Fifth Avenue |
nbsp; 5,081 |
nbsp; 849 |
nbsp; 401 |
nbsp; — |
nbsp; 253 |
nbsp; 1,503 |
||
|
Courtyard New York Manhattan/Midtown East |
nbsp; 9,763 |
nbsp; 2,281 |
nbsp; 504 |
nbsp; 891 |
nbsp; — |
nbsp; 3,676 |
||
|
Embassy Suites by Hilton Bethesda |
nbsp; 4,187 |
nbsp; (989) |
nbsp; 568 |
nbsp; — |
nbsp; 1,467 |
nbsp; 1,046 |
||
|
Havana Cabana Key West |
nbsp; 3,338 |
nbsp; 786 |
nbsp; 309 |
nbsp; — |
nbsp; — |
nbsp; 1,095 |
||
|
Henderson Beach Resort |
nbsp; 14,243 |
nbsp; 3,466 |
nbsp; 1,034 |
nbsp; — |
nbsp; — |
nbsp; 4,500 |
||
|
Henderson Park Inn |
nbsp; 3,126 |
nbsp; 1,387 |
nbsp; 250 |
nbsp; — |
nbsp; — |
nbsp; 1,637 |
||
|
Hilton Garden Inn New York/Times Square Central |
nbsp; 6,855 |
nbsp; 1,216 |
nbsp; 645 |
nbsp; — |
nbsp; — |
nbsp; 1,861 |
||
|
Hotel Champlain Burlington |
nbsp; 6,207 |
nbsp; 1,711 |
nbsp; 560 |
nbsp; — |
nbsp; — |
nbsp; 2,271 |
||
|
Hotel Clio |
nbsp; 6,781 |
nbsp; 203 |
nbsp; 860 |
nbsp; 633 |
nbsp; 5 |
nbsp; 1,701 |
||
|
Hotel Emblem San Francisco |
nbsp; 1,538 |
nbsp; (447) |
nbsp; 296 |
nbsp; — |
nbsp; — |
nbsp; (151) |
||
|
Kimpton Hotel Palomar Phoenix |
nbsp; 6,201 |
nbsp; 944 |
nbsp; 488 |
nbsp; — |
nbsp; 178 |
nbsp; 1,610 |
||
|
Kimpton Shorebreak Fort Lauderdale Beach Resort |
nbsp; 1,971 |
nbsp; (397) |
nbsp; 306 |
nbsp; — |
nbsp; — |
nbsp; (91) |
||
|
Kimpton Shorebreak Huntington Beach Resort |
nbsp; 5,849 |
nbsp; 1,834 |
nbsp; 383 |
nbsp; — |
nbsp; — |
nbsp; 2,217 |
||
|
L’Auberge de Sedona |
nbsp; 8,755 |
nbsp; 2,546 |
nbsp; 383 |
nbsp; — |
nbsp; — |
nbsp; 2,929 |
||
|
Lake Austin Spa Resort |
nbsp; 5,970 |
nbsp; 1,264 |
nbsp; 641 |
nbsp; — |
nbsp; — |
nbsp; 1,905 |
||
|
Margaritaville Beach House Key West |
nbsp; 8,201 |
nbsp; 2,806 |
nbsp; 791 |
nbsp; — |
nbsp; — |
nbsp; 3,597 |
||
|
Orchards Inn Sedona |
nbsp; 2,591 |
nbsp; 661 |
nbsp; 89 |
nbsp; — |
nbsp; 42 |
nbsp; 792 |
||
|
Salt Lake City Marriott Downtown at City Creek |
nbsp; 7,312 |
nbsp; 2,021 |
nbsp; 668 |
nbsp; — |
nbsp; 11 |
nbsp; 2,700 |
||
|
The Dagny Boston |
nbsp; 11,812 |
nbsp; 3,122 |
nbsp; 1,548 |
nbsp; — |
nbsp; — |
nbsp; 4,670 |
||
|
The Gwen |
nbsp; 10,790 |
nbsp; 2,300 |
nbsp; 1,050 |
nbsp; — |
nbsp; — |
nbsp; 3,350 |
||
|
The Hythe Vail |
nbsp; 5,412 |
nbsp; (1,177) |
nbsp; 1,200 |
nbsp; — |
nbsp; — |
nbsp; 23 |
||
|
The Landing Lake Tahoe Resort & Spa |
nbsp; 2,754 |
nbsp; 405 |
nbsp; 309 |
nbsp; — |
nbsp; — |
nbsp; 714 |
||
|
The Lindy Renaissance Charleston Hotel |
nbsp; 6,849 |
nbsp; 2,912 |
nbsp; 476 |
nbsp; — |
nbsp; — |
nbsp; 3,388 |
||
|
The Lodge at Sonoma Resort |
nbsp; 8,960 |
nbsp; 2,184 |
nbsp; 641 |
nbsp; — |
nbsp; — |
nbsp; 2,825 |
||
|
Tranquility Bay Beachfront Resort |
nbsp; 6,352 |
nbsp; 1,649 |
nbsp; 437 |
nbsp; — |
nbsp; — |
nbsp; 2,086 |
||
|
Westin Boston Seaport District |
nbsp; 27,399 |
nbsp; 4,001 |
nbsp; 2,478 |
nbsp; 1,990 |
nbsp; (122) |
nbsp; 8,347 |
||
|
Westin Fort Lauderdale Beach Resort |
nbsp; 16,236 |
nbsp; 2,504 |
nbsp; 1,015 |
nbsp; — |
nbsp; — |
nbsp; 3,519 |
||
|
Westin San Diego Bayview |
nbsp; 8,418 |
nbsp; 1,425 |
nbsp; 855 |
nbsp; — |
nbsp; — |
nbsp; 2,280 |
||
|
Westin Washington D.C. City Center |
nbsp; 8,948 |
nbsp; 1,743 |
nbsp; 1,024 |
nbsp; — |
nbsp; — |
nbsp; 2,767 |
||
|
Worthington Renaissance Fort Worth Hotel |
nbsp; 12,468 |
nbsp; 2,266 |
nbsp; 1,110 |
nbsp; 715 |
nbsp; — |
nbsp; 4,091 |
||
|
Total |
nbsp; 291,247 |
nbsp; 59,923 |
nbsp; 27,840 |
nbsp; 4,235 |
nbsp; 1,537 |
nbsp; 93,529 |
||
|
Add: Prior Ownership Results (2) |
nbsp; 3,812 |
nbsp; 581 |
nbsp; 225 |
nbsp; — |
nbsp; — |
nbsp; 806 |
||
|
Comparable Total |
nbsp; 295,059 |
nbsp; 60,504 |
nbsp; 28,065 |
nbsp; 4,235 |
nbsp; 1,537 |
nbsp; 94,335 |
||
|
(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 Chico Hot Springs Resort & Day Spa acquired in 2023. |
|
Hotel Adjusted EBITDA Reconciliation – Year to Date 2024 |
||||||||
|
Total Revenues |
Net Income |
Plus: |
Plus: |
Plus: |
Equals: Hotel |
|||
|
Atlanta Marriott Alpharetta |
nbsp; 8,764 |
nbsp; 2,450 |
nbsp; 722 |
nbsp; — |
nbsp; — |
nbsp; 3,172 |
||
|
Bourbon Orleans Hotel |
nbsp; 9,819 |
nbsp; 2,450 |
nbsp; 1,757 |
nbsp; — |
nbsp; (26) |
nbsp; 4,181 |
||
|
Cavallo Point, The Lodge at the Golden Gate |
nbsp; 22,493 |
nbsp; 2,176 |
nbsp; 2,870 |
nbsp; — |
nbsp; 187 |
nbsp; 5,233 |
||
|
Chicago Marriott Downtown Magnificent Mile |
nbsp; 52,744 |
nbsp; 6,724 |
nbsp; 6,473 |
nbsp; 12 |
nbsp; (795) |
nbsp; 12,414 |
||
|
Chico Hot Springs Resort & Day Spa |
nbsp; 6,985 |
nbsp; (199) |
nbsp; 783 |
nbsp; — |
nbsp; 3 |
nbsp; 587 |
||
|
Courtyard Denver Downtown |
nbsp; 5,284 |
nbsp; 1,342 |
nbsp; 711 |
nbsp; — |
nbsp; — |
nbsp; 2,053 |
||
|
Courtyard New York Manhattan/Fifth Avenue |
nbsp; 8,263 |
nbsp; (562) |
nbsp; 683 |
nbsp; — |
nbsp; 507 |
nbsp; 628 |
||
|
Courtyard New York Manhattan/Midtown East |
nbsp; 17,114 |
nbsp; 1,736 |
nbsp; 1,016 |
nbsp; 1,746 |
nbsp; — |
nbsp; 4,498 |
||
|
Embassy Suites by Hilton Bethesda |
nbsp; 7,070 |
nbsp; (2,965) |
nbsp; 1,213 |
nbsp; — |
nbsp; 2,918 |
nbsp; 1,166 |
||
|
Havana Cabana Key West |
nbsp; 7,306 |
nbsp; 2,012 |
nbsp; 742 |
nbsp; — |
nbsp; — |
nbsp; 2,754 |
||
|
Henderson Beach Resort |
nbsp; 21,735 |
nbsp; 2,897 |
nbsp; 2,153 |
nbsp; — |
nbsp; — |
nbsp; 5,050 |
||
|
Henderson Park Inn |
nbsp; 4,307 |
nbsp; 1,228 |
nbsp; 542 |
nbsp; — |
nbsp; — |
nbsp; 1,770 |
||
|
Hilton Garden Inn New York/Times Square Central |
nbsp; 12,241 |
nbsp; 981 |
nbsp; 1,300 |
nbsp; — |
nbsp; — |
nbsp; 2,281 |
||
|
Hotel Champlain Burlington |
nbsp; 8,386 |
nbsp; (207) |
nbsp; 1,195 |
nbsp; — |
nbsp; — |
nbsp; 988 |
||
|
Hotel Clio |
nbsp; 13,801 |
nbsp; 438 |
nbsp; 1,644 |
nbsp; 1,239 |
nbsp; 10 |
nbsp; 3,331 |
||
|
Hotel Emblem San Francisco |
nbsp; 2,873 |
nbsp; (350) |
nbsp; 615 |
nbsp; — |
nbsp; — |
nbsp; 265 |
||
|
Kimpton Hotel Palomar Phoenix |
nbsp; 13,727 |
nbsp; 2,907 |
nbsp; 965 |
nbsp; — |
nbsp; 392 |
nbsp; 4,264 |
||
|
Kimpton Shorebreak Fort Lauderdale Beach Resort |
nbsp; 5,633 |
nbsp; 175 |
nbsp; 708 |
nbsp; — |
nbsp; — |
nbsp; 883 |
||
|
Kimpton Shorebreak Huntington Beach Resort |
nbsp; 10,754 |
nbsp; 2,864 |
nbsp; 722 |
nbsp; — |
nbsp; — |
nbsp; 3,586 |
||
|
L’Auberge de Sedona |
nbsp; 17,165 |
nbsp; 4,821 |
nbsp; 732 |
nbsp; — |
nbsp; — |
nbsp; 5,553 |
||
|
Lake Austin Spa Resort |
nbsp; 11,117 |
nbsp; 1,696 |
nbsp; 1,382 |
nbsp; — |
nbsp; — |
nbsp; 3,078 |
||
|
Margaritaville Beach House Key West |
nbsp; 17,912 |
nbsp; 6,821 |
nbsp; 1,301 |
nbsp; — |
nbsp; — |
nbsp; 8,122 |
||
|
Orchards Inn Sedona |
nbsp; 4,611 |
nbsp; 1,108 |
nbsp; 177 |
nbsp; — |
nbsp; 84 |
nbsp; 1,369 |
||
|
Salt Lake City Marriott Downtown at City Creek |
nbsp; 17,426 |
nbsp; 4,726 |
nbsp; 1,883 |
nbsp; — |
nbsp; 38 |
nbsp; 6,647 |
||
|
The Dagny Boston |
nbsp; 17,359 |
nbsp; 1,704 |
nbsp; 3,186 |
nbsp; — |
nbsp; — |
nbsp; 4,890 |
||
|
The Gwen |
nbsp; 16,940 |
nbsp; 1,060 |
nbsp; 1,730 |
nbsp; — |
nbsp; — |
nbsp; 2,790 |
||
|
The Hythe Vail |
nbsp; 28,490 |
nbsp; 9,705 |
nbsp; 2,353 |
nbsp; — |
nbsp; — |
nbsp; 12,058 |
||
|
The Landing Lake Tahoe Resort & Spa |
nbsp; 5,471 |
nbsp; 542 |
nbsp; 439 |
nbsp; — |
nbsp; — |
nbsp; 981 |
||
|
The Lindy Renaissance Charleston Hotel |
nbsp; 12,001 |
nbsp; 4,678 |
nbsp; 781 |
nbsp; — |
nbsp; — |
nbsp; 5,459 |
||
|
The Lodge at Sonoma Resort |
nbsp; 12,742 |
nbsp; 1,735 |
nbsp; 1,123 |
nbsp; — |
nbsp; — |
nbsp; 2,858 |
||
|
Tranquility Bay Beachfront Resort |
nbsp; 13,051 |
nbsp; 3,459 |
nbsp; 905 |
nbsp; — |
nbsp; — |
nbsp; 4,364 |
||
|
Westin Boston Seaport District |
nbsp; 50,856 |
nbsp; 3,886 |
nbsp; 4,924 |
nbsp; 3,893 |
nbsp; (245) |
nbsp; 12,458 |
||
|
Westin Fort Lauderdale Beach Resort |
nbsp; 40,568 |
nbsp; 11,024 |
nbsp; 2,136 |
nbsp; — |
nbsp; — |
nbsp; 13,160 |
||
|
Westin San Diego Bayview |
nbsp; 16,447 |
nbsp; 2,085 |
nbsp; 2,399 |
nbsp; — |
nbsp; — |
nbsp; 4,484 |
||
|
Westin Washington D.C. City Center |
nbsp; 17,495 |
nbsp; 2,538 |
nbsp; 2,196 |
nbsp; — |
nbsp; — |
nbsp; 4,734 |
||
|
Worthington Renaissance Fort Worth Hotel |
nbsp; 26,753 |
nbsp; 5,570 |
nbsp; 1,725 |
nbsp; 1,400 |
nbsp; — |
nbsp; 8,695 |
||
|
Comparable Total |
nbsp; 565,703 |
nbsp; 93,255 |
nbsp; 56,186 |
nbsp; 8,290 |
nbsp; 3,073 |
nbsp; 160,902 |
||
|
(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. |
|
Hotel Adjusted EBITDA Reconciliation – Year to Date 2023 |
||||||||
|
Net Income /(Loss) |
Plus: |
Plus: |
Plus: |
Equals: Hotel |
||||
|
Total Revenues |
Depreciation |
Interest Expense |
Adjustments (1) |
Adjusted EBITDA |
||||
|
Atlanta Marriott Alpharetta |
nbsp; 8,257 |
nbsp; 2,062 |
nbsp; 724 |
nbsp; — |
nbsp; — |
nbsp; 2,786 |
||
|
Bourbon Orleans Hotel |
nbsp; 10,011 |
nbsp; 2,755 |
nbsp; 1,687 |
nbsp; — |
nbsp; 13 |
nbsp; 4,455 |
||
|
Cavallo Point, The Lodge at the Golden Gate |
nbsp; 22,648 |
nbsp; 3,099 |
nbsp; 2,788 |
nbsp; — |
nbsp; 187 |
nbsp; 6,074 |
||
|
Chicago Marriott Downtown Magnificent Mile |
nbsp; 47,267 |
nbsp; 5,961 |
nbsp; 7,192 |
nbsp; 12 |
nbsp; (795) |
nbsp; 12,370 |
||
|
Courtyard Denver Downtown |
nbsp; 5,653 |
nbsp; 1,514 |
nbsp; 754 |
nbsp; — |
nbsp; — |
nbsp; 2,268 |
||
|
Courtyard New York Manhattan/Fifth Avenue |
nbsp; 8,344 |
nbsp; 94 |
nbsp; 746 |
nbsp; — |
nbsp; 507 |
nbsp; 1,347 |
||
|
Courtyard New York Manhattan/Midtown East |
nbsp; 15,969 |
nbsp; 1,279 |
nbsp; 1,005 |
nbsp; 1,777 |
nbsp; — |
nbsp; 4,061 |
||
|
Embassy Suites by Hilton Bethesda |
nbsp; 6,752 |
nbsp; (3,152) |
nbsp; 1,143 |
nbsp; — |
nbsp; 2,946 |
nbsp; 937 |
||
|
Havana Cabana Key West |
nbsp; 7,339 |
nbsp; 2,329 |
nbsp; 587 |
nbsp; — |
nbsp; — |
nbsp; 2,916 |
||
|
Henderson Beach Resort |
nbsp; 20,800 |
nbsp; 2,458 |
nbsp; 2,033 |
nbsp; — |
nbsp; — |
nbsp; 4,491 |
||
|
Henderson Park Inn |
nbsp; 4,198 |
nbsp; 1,139 |
nbsp; 502 |
nbsp; — |
nbsp; — |
nbsp; 1,641 |
||
|
Hilton Garden Inn New York/Times Square Central |
nbsp; 11,608 |
nbsp; 981 |
nbsp; 1,284 |
nbsp; — |
nbsp; — |
nbsp; 2,265 |
||
|
Hotel Champlain Burlington |
nbsp; 9,479 |
nbsp; 1,281 |
nbsp; 1,128 |
nbsp; — |
nbsp; — |
nbsp; 2,409 |
||
|
Hotel Clio |
nbsp; 12,135 |
nbsp; (717) |
nbsp; 1,722 |
nbsp; 1,262 |
nbsp; 10 |
nbsp; 2,277 |
||
|
Hotel Emblem San Francisco |
nbsp; 3,539 |
nbsp; (477) |
nbsp; 594 |
nbsp; — |
nbsp; — |
nbsp; 117 |
||
|
Kimpton Hotel Palomar Phoenix |
nbsp; 13,855 |
nbsp; 2,924 |
nbsp; 1,149 |
nbsp; — |
nbsp; 359 |
nbsp; 4,432 |
||
|
Kimpton Shorebreak Fort Lauderdale Beach Resort |
nbsp; 5,146 |
nbsp; 187 |
nbsp; 609 |
nbsp; — |
nbsp; — |
nbsp; 796 |
||
|
Kimpton Shorebreak Huntington Beach Resort |
nbsp; 10,376 |
nbsp; 2,614 |
nbsp; 796 |
nbsp; — |
nbsp; — |
nbsp; 3,410 |
||
|
L’Auberge de Sedona |
nbsp; 15,616 |
nbsp; 3,982 |
nbsp; 744 |
nbsp; — |
nbsp; — |
nbsp; 4,726 |
||
|
Lake Austin Spa Resort |
nbsp; 10,919 |
nbsp; 1,719 |
nbsp; 1,269 |
nbsp; — |
nbsp; — |
nbsp; 2,988 |
||
|
Margaritaville Beach House Key West |
nbsp; 17,422 |
nbsp; 6,884 |
nbsp; 1,591 |
nbsp; — |
nbsp; — |
nbsp; 8,475 |
||
|
Orchards Inn Sedona |
nbsp; 4,639 |
nbsp; 1,100 |
nbsp; 180 |
nbsp; — |
nbsp; 84 |
nbsp; 1,364 |
||
|
Salt Lake City Marriott Downtown at City Creek |
nbsp; 15,604 |
nbsp; 4,514 |
nbsp; 1,234 |
nbsp; — |
nbsp; 21 |
nbsp; 5,769 |
||
|
The Dagny Boston |
nbsp; 16,598 |
nbsp; 1,578 |
nbsp; 2,672 |
nbsp; — |
nbsp; — |
nbsp; 4,250 |
||
|
The Gwen |
nbsp; 16,379 |
nbsp; 786 |
nbsp; 2,133 |
nbsp; — |
nbsp; — |
nbsp; 2,919 |
||
|
The Hythe Vail |
nbsp; 27,307 |
nbsp; 9,477 |
nbsp; 2,402 |
nbsp; — |
nbsp; — |
nbsp; 11,879 |
||
|
The Landing Lake Tahoe Resort & Spa |
nbsp; 4,307 |
nbsp; (155) |
nbsp; 532 |
nbsp; — |
nbsp; — |
nbsp; 377 |
||
|
The Lindy Renaissance Charleston Hotel |
nbsp; 12,250 |
nbsp; 4,786 |
nbsp; 941 |
nbsp; — |
nbsp; — |
nbsp; 5,727 |
||
|
The Lodge at Sonoma Resort |
nbsp; 15,066 |
nbsp; 2,581 |
nbsp; 1,298 |
nbsp; — |
nbsp; — |
nbsp; 3,879 |
||
|
Tranquility Bay Beachfront Resort |
nbsp; 13,334 |
nbsp; 3,688 |
nbsp; 866 |
nbsp; — |
nbsp; — |
nbsp; 4,554 |
||
|
Westin Boston Seaport District |
nbsp; 45,431 |
nbsp; 2,135 |
nbsp; 4,949 |
nbsp; 3,970 |
nbsp; (245) |
nbsp; 10,809 |
||
|
Westin Fort Lauderdale Beach Resort |
nbsp; 39,219 |
nbsp; 10,810 |
nbsp; 2,068 |
nbsp; — |
nbsp; — |
nbsp; 12,878 |
||
|
Westin San Diego Bayview |
nbsp; 17,118 |
nbsp; 3,437 |
nbsp; 1,710 |
nbsp; — |
nbsp; — |
nbsp; 5,147 |
||
|
Westin Washington D.C. City Center |
nbsp; 15,655 |
nbsp; 1,679 |
nbsp; 2,044 |
nbsp; — |
nbsp; — |
nbsp; 3,723 |
||
|
Worthington Renaissance Fort Worth Hotel |
nbsp; 24,560 |
nbsp; 4,173 |
nbsp; 2,236 |
nbsp; 1,427 |
nbsp; — |
nbsp; 7,836 |
||
|
Total |
nbsp; 534,800 |
nbsp; 89,505 |
nbsp; 55,312 |
nbsp; 8,448 |
nbsp; 3,087 |
nbsp; 156,345 |
||
|
Add: Prior Ownership Results (2) |
nbsp; 7,293 |
nbsp; 876 |
nbsp; 450 |
nbsp; — |
nbsp; — |
nbsp; 1,326 |
||
|
Comparable Total |
nbsp; 542,093 |
nbsp; 90,381 |
nbsp; 55,762 |
nbsp; 8,448 |
nbsp; 3,087 |
nbsp; 157,671 |
||
|
(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 Chico Hot Springs Resort & Day Spa acquired in 2023. |
View original content:https://www.prnewswire.com/news-releases/diamondrock-hospitality-company-reports-second-quarter-2024-results-302212778.html
SOURCE DiamondRock Hospitality Company
