DIAMONDROCK HOSPITALITY COMPANY REPORTS SECOND QUARTER RESULTS

News provided by

DiamondRock Hospitality Company

Aug 03, 2022, 16:05 ET

Achieves Record Revenues and Profits

Reinstates Quarterly Common Dividend

BETHESDA, Md., Aug. 3, 2022 /PRNewswire/ -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH), a lodging-focused real estate investment trust that owns a portfolio of 34 premium hotels in the United States, today announced results of operations for the quarter ended June 30, 2022.

Second Quarter 2022 Highlights

  • Net Income: Net income was $52.7 million and earnings per diluted share was $0.23.
  • Comparable Revenues: Comparable total revenues were $279.4 million, a 89.4% increase over 2021 and a 7.4% increase over 2019.
  • Comparable RevPAR: Comparable RevPAR was $222.70, a 87.1% increase over 2021 and a 6.9% increase over 2019.
  • Comparable Hotel Adjusted EBITDA: Comparable Hotel Adjusted EBITDA was $101.0 million, which exceeded the comparable period of 2019 by 13.1%.
  • Comparable Hotel Adjusted EBITDA Margin: Comparable Hotel Adjusted EBITDA margin was 36.14%, which exceeded the comparable period of 2019 by 182 basis points and set a new record for the Company.
  • Adjusted EBITDA: Adjusted EBITDA was $92.0 million, a 13.4% increase over 2019.
  • Adjusted FFO: Adjusted FFO was $76.5 million and Adjusted FFO per diluted share was $0.36.
  • Hotel Acquisition: The Company acquired the Kimpton Fort Lauderdale Beach Resort for $35.3 million on April 1, 2022.
  • Debt Covenant Compliance: The Company is in compliance with all of the original financial covenants under its credit agreements as of June 30, 2022 and has exited the covenant waiver period.

Recent Developments

  • Reinstatement of Common Dividend: On August 2, 2022, the Company declared a quarterly cash dividend of $0.03 per share on its common shares.
  • Preliminary July Comparable RevPAR: July Comparable RevPAR was $214.98, a 11.0% increase over 2019.

"We are pleased to report that DiamondRock set new records for RevPAR, total revenues, and hotel profit margins in the second quarter on robust travel demand," said Mark W. Brugger, President and Chief Executive Officer of DiamondRock Hospitality Company. "With the outstanding results of our strategically assembled portfolio, we easily complied with all of our loan covenants, exited all the covenant waiver restrictions and resumed our cash dividend to common shareholders."

Operating Results

Please see "Non-GAAP Financial Measures" attached to this press release for an explanation of the terms "EBITDAre," "Adjusted EBITDA," "Hotel Adjusted EBITDA," "Hotel Adjusted EBITDA Margin," "FFO" and "Adjusted FFO" and a reconciliation of these measures to net income. Comparable operating results include our 2021 and 2022 acquisitions and exclude our 2021 dispositions, as well as the Kimpton Fort Lauderdale Beach Resort, which opened in April 2021, 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,


Change From


2022

2021

2019


2021

2019


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

Comparable Operating Results (1)







ADR

$            297.36

$            241.35

$            252.68


23.2 %

17.7 %

Occupancy

74.9 %

49.3 %

82.4 %


25.6 %

(7.5) %

RevPAR

$            222.70

$            119.00

$            208.24


87.1 %

6.9 %

Total RevPAR

$            324.68

$            171.53

$            302.81


89.3 %

7.2 %

Revenues

$              279.4

$              147.5

$              260.2


89.4 %

7.4 %

Hotel Adjusted EBITDA

$              101.0

$                36.0

$                89.3


180.6 %

13.1 %

Hotel Adjusted EBITDA Margin

36.14 %

24.37 %

34.32 %


1,177 bps

182 bps

Available Rooms

860,683

860,103

859,374


580

1,309








Actual Operating Results (2)







Revenues

$              281.4

$              124.8

$              257.9


125.5 %

9.1 %

Net income (loss)

$                52.7

$               (19.1)

$                29.1


375.9 %

81.1 %

Income (loss) per diluted share

$                0.23

$               (0.10)

$                0.14


330.0 %

64.3 %

Adjusted EBITDA

$                92.0

$                19.8

$                81.1


364.6 %

13.4 %

Adjusted FFO

$                76.5

$                11.1

$                65.1


589.2 %

17.5 %

Adjusted FFO per diluted share

$                0.36

$                0.05

$                0.32


620.0 %

12.5 %


Six Months Ended June 30,


Change From


2022

2021

2019


2021

2019


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

Comparable Operating Results (1)







ADR

$            289.60

$            239.53

$            239.21


20.9 %

21.1 %

Occupancy

65.4 %

39.5 %

77.3 %


25.9 %

(11.9) %

RevPAR

$            189.43

$              94.68

$            184.97


100.1 %

2.4 %

Total RevPAR

$            278.53

$            136.83

$            273.02


103.6 %

2.0 %

Revenues

$              476.7

$              234.1

$              466.6


103.6 %

2.2 %

Hotel Adjusted EBITDA

$              152.1

$                38.1

$              140.3


299.2 %

8.4 %

Hotel Adjusted EBITDA Margin

31.91 %

16.28 %

30.07 %


1,563 bps

184 bps

Available Rooms

1,711,525

1,710,603

1,709,048


922

2,477








Actual Operating Results (2)







Revenues

$              478.2

$              197.7

$              460.3


141.9 %

3.9 %

Net income (loss)

$                62.8

$             (190.7)

$                38.1


132.9 %

64.8 %

Income (loss) per diluted share

$                0.27

$               (0.92)

$                0.19


129.3 %

42.1 %

Adjusted EBITDA

$              136.9

$                10.2

$              130.2


1242.2 %

5.1 %

Adjusted FFO

$              107.3

$               (13.7)

$              107.1


883.2 %

0.2 %

Adjusted FFO per diluted share

$                0.50

$               (0.06)

$                0.53


933.3 %

(5.7) %

(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 and Tranquility Bay Beachfront Resort from January 1, 2019 to January 5, 2022 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 hotels acquired and disposed of for the Company's respective ownership periods.

The following tables provide comparable monthly operating information for the Company's portfolio owned as of June 30, 2022:  


January
2022


February
2022


March
2022


April
2022


May
2022


June
2022


Preliminary
July 2022



Number of Hotels

33


33


33


33


33


33


33


Number of Rooms

9,454


9,454


9,454


9,454


9,454


9,471


9,471


Occupancy

41.3 %


57.9 %


68.4 %


72.4 %


72.9 %


79.4 %


74.9 %


ADR

$245.13


$283.49


$296.22


$291.71


$297.08


$302.78


$287.06


RevPAR

$101.19


$164.25


$202.67


$211.29


$216.62


$240.37


$214.98


Total RevPAR

$154.77


$242.91


$298.92


$304.35


$325.36


$344.28


$306.24


2022 vs 2019

Occupancy change in bps

(2,216) bps


(1,633) bps


(1,062) bps


(882) bps


(740) bps


(634) bps


(749) bps


ADR Rate % change

20.6 %


29.1 %


21.7 %


17.5 %


16.1 %


19.3 %


22.1 %


RevPAR % change

(21.5) %


0.7 %


5.3 %


4.7 %


5.4 %


10.5 %


11.0 %


Total RevPAR % change

(22.2) %


(2.3) %


6.1 %


4.3 %


7.0 %


10.2 %


12.6 %


Hotel Acquisition

On April 1, 2022, the Company acquired the 96-room Kimpton Fort Lauderdale Beach Resort for $35.3 million, or $367,700 per key in an off-market transaction.  Upon acquisition, the Company engaged HEI Hotels & Resorts to operate the hotel in order to combine operations and realize synergies with its nearby Westin Fort Lauderdale Beach Resort & Spa.

Capital Expenditures

The Company invested approximately $28.0 million in capital improvements at its hotels during the six months ended June 30, 2022.  The Company continues to expect to spend approximately $100 million on capital improvements at its hotels in 2022. Significant projects include the following:

  • Hotel Clio: The Company completed renovations in March 2022 to rebrand the JW Marriott Denver Cherry Creek as the Hotel Clio, a Luxury Collection Hotel.
  • Kimpton Hotel Palomar Phoenix: The Company is in the process of completing a comprehensive rebranding and repositioning of the rooftop bar and pool at the hotel.
  • Hilton Boston Downtown/Faneuil Hall: The Company expects to commence a comprehensive renovation in the fourth quarter of 2022 to reposition the hotel as an experiential lifestyle property to be completed in mid-2023.
  • Orchards Inn Sedona: The Company expects to commence an upgrade renovation of the resort in late 2022. The renovation will reposition the resort as The Cliffs at L'Auberge.
  • Hilton Burlington Lake Champlain: The Company is working with Hilton Worldwide to potentially rebrand the hotel as a Curio Collection hotel. The repositioning is expected to be completed in early 2023 and includes a new restaurant concept by a local James Beard-nominated chef.

Balance Sheet and Liquidity

The Company ended the quarter with liquidity of $390.2 million, comprised of $71.7 million of unrestricted corporate cash, $118.5 million of unrestricted cash at its hotels and $200.0 million of capacity on its senior unsecured credit facility. As of June 30, 2022, the Company had $1.2 billion of total debt outstanding, which consisted of $572.7 million of property-specific, non-recourse mortgage debt, $400.0 million of unsecured term loans and $200.0 million of outstanding borrowings on its $400.0 million senior unsecured credit facility.  Subsequent to June 30, 2022, the Company repaid $25.0 million on its senior unsecured credit facility.

The Company is in compliance with all of the original financial covenants under the credit agreements for its unsecured term loans and senior unsecured credit facility as of June 30, 2022 and has exited the covenant waiver restriction period. 

Dividends

The Company declared a quarterly dividend of $0.515625 per share on its 8.250% Series A Cumulative Redeemable Preferred Stock to shareholders of record as of June 17, 2022.  This dividend was paid on June 30, 2022.

On August 2, 2022, the Company declared a quarterly cash dividend of $0.03 per share on its common shares, which will be paid to stockholders of record as of September 30, 2022.  The dividend will be paid on October 12, 2022.   

Earnings Call

The Company will host a conference call to discuss its second quarter results on Thursday, August 4, 2022, at 12:00 p.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 34 premium quality hotels with over 9,500 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; risks associated with the level of the Company's indebtedness and its ability to obtain covenant waivers on its credit agreements for its senior unsecured credit facility and unsecured term loans; relationships with property managers; the ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in travel patterns, taxes and government regulations which influence or determine wages, prices, construction procedures and costs; and other risk factors contained in the Company's filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.

DIAMONDROCK HOSPITALITY COMPANY 
CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)



June 30, 2022


December 31, 2021

ASSETS

(unaudited)



Property and equipment, net

$                  2,689,059


$                 2,651,444

Right-of-use assets

99,617


100,212

Restricted cash

42,354


36,887

Due from hotel managers

174,407


120,671

Prepaid and other assets

67,656


17,472

Cash and cash equivalents

71,713


38,620

Total assets

$                  3,144,806


$                 2,965,306

LIABILITIES AND EQUITY




Liabilities:




Mortgage and other debt, net of unamortized debt issuance costs

$                      571,192


$                    578,651

Unsecured term loans, net of unamortized debt issuance costs

398,822


398,572

Senior unsecured credit facility

200,000


90,000

Total debt

1,170,014


1,067,223





Lease liabilities

109,708


108,605

Deferred rent

63,064


60,800

Due to hotel managers

106,048


85,493

Unfavorable contract liabilities, net

61,898


62,780

Accounts payable and accrued expenses

43,162


51,238

Deferred income related to key money, net

8,996


8,203

Total liabilities

1,562,890


1,444,342

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 June 30, 2022 and December 31, 2021

48


48

Common stock, $0.01 par value; 400,000,000 shares authorized; 210,923,015 and 210,746,895 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively

2,109


2,107

Additional paid-in capital

2,296,864


2,293,990

Distributions in excess of earnings

(723,294)


(780,931)

Total stockholders' equity

1,575,727


1,515,214

Noncontrolling interests

6,189


5,750

Total equity

1,581,916


1,520,964

Total liabilities and equity

$                  3,144,806


$                 2,965,306

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,


2022


2021


2022


2021

Revenues:








Rooms

$           193,025


$             86,896


$           325,195


$           137,308

Food and beverage

68,606


25,614


114,354


39,539

Other

19,776


12,281


38,691


20,881

Total revenues

281,407


124,791


478,240


197,728

Operating Expenses:








Rooms

42,645


21,466


76,475


35,294

Food and beverage

43,471


19,573


76,692


31,134

Management fees

6,312


2,291


10,332


3,410

Franchise fees

8,693


3,735


14,503


6,182

Other hotel expenses

80,498


51,874


151,007


100,809

Depreciation and amortization

27,389


24,692


54,044


51,654

Impairment losses

—


4,145


2,843


126,697

Corporate expenses

8,726


8,290


14,759


15,449

Business interruption insurance income

—


—


(499)


—

Total operating expenses, net

217,734


136,066


400,156


370,629









Interest and other expense (income), net

606


(315)


892


(471)

Interest expense

9,675


10,710


13,794


19,194

  Total other expenses, net

10,281


10,395


14,686


18,723

Income (loss) before income taxes

53,392


(21,670)


63,398


(191,624)

Income tax (expense) benefit

(691)


2,551


(637)


938

Net income (loss)

52,701


(19,119)


62,761


(190,686)

Less:  Net (income) loss attributable to noncontrolling
interests

(184)


86


(216)


806

Net income (loss) attributable to the Company

52,517


(19,033)


62,545


(189,880)

Distributions to preferred stockholders

(2,454)


(2,454)


(4,908)


(4,908)

Net income (loss) attributable to common
stockholders

$             50,063


$            (21,487)


$             57,637


$          (194,788)

Earnings (loss) per share:








Earnings (loss) per share available to common
stockholders - basic

$                  0.24


$                (0.10)


$                  0.27


$                (0.92)

Earnings (loss) per share available to common
stockholders - diluted

$                  0.23


$                (0.10)


$                  0.27


$                (0.92)









Weighted-average number of common shares
outstanding:








Basic

212,834,222


211,966,308


212,663,838


211,819,758

Diluted

213,520,706


211,966,308


213,279,174


211,819,758

Non-GAAP Financial Measures

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

Use and Limitations of Non-GAAP Financial Measures

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

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

EBITDA, EBITDAre and FFO

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

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

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

Hotel EBITDA

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

Adjustments to EBITDAre, FFO and Hotel EBITDA

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

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

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

Reconciliations of Non-GAAP Measures

EBITDA, EBITDAre and Adjusted EBITDA

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


Three Months Ended June 30,


2022


2021


2019

Net income (loss)

$               52,701


$             (19,119)


$               29,074

Interest expense

9,675


10,710


12,418

Income tax expense (benefit)

691


(2,551)


4,571

Real estate related depreciation and amortization

27,389


24,692


29,335

EBITDA

90,456


13,732


75,398

Impairment losses

—


4,145


—

EBITDAre

90,456


17,877


75,398

Non-cash lease expense and other amortization

1,556


1,671


1,784

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

—


478


3,700

Hotel manager transition items

(13)


—


171

Severance costs (2)

—


(226)


—

Adjusted EBITDA

$               91,999


$               19,800


$               81,053


Six Months Ended June 30,


2022


2021


2019

Net income (loss)

$               62,761


$           (190,686)


$               38,054

Interest expense

13,794


19,194


24,080

Income tax expense (benefit)

637


(938)


722

Real estate related depreciation and amortization

54,044


51,654


58,331

EBITDA

131,236


(120,776)


121,187

Impairment losses

2,843


126,697


—

EBITDAre

134,079


5,921


121,187

Non-cash lease expense and other amortization

3,124


3,343


3,499

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

—


1,053


5,067

Hotel manager transition items

236


128


468

Severance costs (2)

(532)


(216)


—

Adjusted EBITDA

$             136,907


$               10,229


$             130,221

(1)

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

(2)

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.

Hotel EBITDA and Hotel Adjusted EBITDA

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


Three Months Ended June 30,


2022


2021


2019

Net income (loss)

$               52,701


$             (19,119)


$              29,074

Interest expense

9,675


10,710


12,418

Income tax expense (benefit)

691


(2,551)


4,571

Real estate related depreciation and amortization

27,389


24,692


29,335

EBITDA

90,456


13,732


75,398

Corporate expenses

8,726


8,290


7,403

Interest and other expense (income), net

606


(315)


(105)

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

—


478


3,700

Impairment losses

—


4,145


—

Hotel EBITDA

99,788


26,330


86,396

Non-cash lease expense and other amortization

1,556


1,671


1,784

Hotel manager transition items

(13)


—


171

Severance costs (2)

—


(226)


—

Hotel Adjusted EBITDA

$             101,331


$               27,775


$              88,351


Six Months Ended June 30,


2022


2021


2019

Net income (loss)

$               62,761


$           (190,686)


$              38,054

Interest expense

13,794


19,194


24,080

Income tax expense (benefit)

637


(938)


722

Real estate related depreciation and amortization

54,044


51,654


58,331

EBITDA

131,236


(120,776)


121,187

Corporate expenses

14,759


15,449


14,467

Interest and other expense (income), net

892


(471)


(408)

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

—


1,053


5,067

Impairment losses

2,843


126,697


—

Hotel EBITDA

149,730


21,952


140,313

Non-cash lease expense and other amortization

3,124


3,343


3,499

Hotel manager transition items

236


128


468

Severance costs (2)

(532)


(216)


—

Hotel Adjusted EBITDA

$             152,558


$               25,207


$            144,280

(1)

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

(2)

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

FFO and Adjusted FFO

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


Three Months Ended June 30,


2022


2021


2019

Net income (loss)

$               52,701


$             (19,119)


$               29,074

Real estate related depreciation and amortization

27,389


24,692


29,335

Impairment losses, net of tax

—


6,945


—

FFO

80,090


12,518


58,409

Distribution to preferred stockholders

(2,454)


(2,454)


—

FFO available to common stock and unit holders

77,636


10,064


58,409

Non-cash lease expense and other amortization

1,556


1,671


1,784

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

—


478


3,700

Hotel manager transition items

(13)


—


171

Severance costs (2)

—


(226)


—

Fair value adjustments to interest rate swaps

(2,720)


(838)


1,075

Adjusted FFO available to common stock and unit holders

$               76,459


$               11,149


$               65,139

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

$                   0.36


$                   0.05


$                   0.32


Six Months Ended June 30,


2022


2021


2019

Net income (loss)

$               62,761


$           (190,686)


$               38,054

Real estate related depreciation and amortization

54,044


51,654


58,331

Impairment losses, net of tax

2,843


129,497


—

FFO

119,648


(9,535)


96,385

Distribution to preferred stockholders

(4,908)


(4,908)


—

FFO available to common stock and unit holders

114,740


(14,443)


96,385

Non-cash lease expense and other amortization

3,124


3,343


3,499

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

—


1,053


5,067

Hotel manager transition items

236


128


468

Severance costs (2)

(532)


(216)


—

Fair value adjustments to interest rate swaps

(10,222)


(3,569)


1,647

Adjusted FFO available to common stock and unit holders

$             107,346


$             (13,704)


$             107,066

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

$                   0.50


$                  (0.06)


$                   0.53

(1) 

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

(2)  

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

Reconciliation of Comparable Operating Results

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


Three Months Ended June 30,


2022


2021


2019

Revenues

$       281,407


$       124,791


$       257,918

Hotel revenues from prior ownership (1)

(1,962)


22,764


20,584

Hotel revenues from sold hotels (2)

—


(18)


(18,275)

Comparable Revenues

$       279,445


$       147,537


$       260,227







Hotel Adjusted EBITDA

$       101,331


$         27,775


$         88,351

Hotel Adjusted EBITDA from prior ownership (1)

(353)


6,918


5,854

Hotel Adjusted EBITDA from sold hotels (2)

—


1,263


(4,895)

Comparable Hotel Adjusted EBITDA

$       100,978


$         35,956


$         89,310







Hotel Adjusted EBITDA Margin

36.01 %


22.26 %


34.26 %

Comparable Hotel Adjusted EBITDA Margin

36.14 %


24.37 %


34.32 %


Six Months Ended June 30,


2022


2021


2019

Revenues

$       478,240


$       197,728


$       460,293

Hotel revenues from prior ownership (1)

(1,532)


36,402


35,841

Hotel revenues from sold hotels (2)

—


(60)


(29,534)

Comparable Revenues

$       476,708


$       234,070


$       466,600







Hotel Adjusted EBITDA

$       152,558


$         25,207


$       144,280

Hotel Adjusted EBITDA from prior ownership (1)

(460)


8,419


8,820

Hotel Adjusted EBITDA from sold hotels (2)

—


4,486


(12,815)

Comparable Hotel Adjusted EBITDA

$       152,098


$         38,112


$       140,285







Hotel Adjusted EBITDA Margin

31.90 %


12.75 %


31.35 %

Comparable Hotel Adjusted EBITDA Margin

31.91 %


16.28 %


30.07 %

(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 and Tranquility Bay Beachfront Resort from January 1, 2019 to January 5, 2022 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)  

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 as the hotel opened in April 2021.


Quarter 1, 2019

Quarter 2, 2019

Quarter 3, 2019

Quarter 4, 2019

Full Year 2019

ADR

$          223.66

$          252.68

$          239.39

$          242.68

$          240.10

Occupancy

72.2 %

82.4 %

81.2 %

75.2 %

77.8 %

RevPAR

$          161.44

$          208.24

$          194.40

$          182.52

$          186.73

Total RevPAR

$          242.88

$          302.81

$          274.93

$          265.26

$          271.55

Revenues (in thousands)

$        206,370

$        260,227

$        238,977

$        230,571

$        936,145

Hotel Adjusted EBITDA (in thousands)

$          50,975

$          89,310

$          72,411

$          65,196

$        277,892

Hotel Adjusted EBITDA Margin

24.70 %

34.32 %

30.30 %

28.28 %

29.68 %

Available Rooms

849,674

859,374

869,216

869,216

3,447,480


Quarter 1, 2021

Quarter 2, 2021

Quarter 3, 2021

Quarter 4, 2021

Full Year 2021

ADR

$          236.48

$          241.35

$          249.83

$          265.54

$          250.62

Occupancy

29.6 %

49.3 %

65.4 %

61.2 %

51.5 %

RevPAR

$             70.08

$          119.00

$          163.45

$          162.47

$          129.10

Total RevPAR

$          101.74

$          171.53

$          228.71

$          233.25

$          184.30

Revenues (in thousands)

$          86,534

$        147,537

$        198,885

$        202,826

$        635,782

Hotel Adjusted EBITDA (in thousands)

$             2,156

$          35,956

$          53,472

$          45,017

$        136,601

Hotel Adjusted EBITDA Margin

2.49 %

24.37 %

26.89 %

22.19 %

21.49 %

Available Rooms

850,500

860,103

869,584

869,584

3,449,771


Quarter 1, 2022

Quarter 2, 2022

ADR

$          279.09

$          297.36

Occupancy

55.8 %

74.9 %

RevPAR

$          155.76

$          222.70

Total RevPAR

$          231.84

$          324.68

Revenues (in thousands)

$        197,263

$        279,445

Hotel Adjusted EBITDA (in thousands)

$          51,121

$        100,978

Hotel Adjusted EBITDA Margin

25.92 %

36.14 %

Available Rooms

850,842

860,683

Market Capitalization as of June 30, 2022

(in thousands)

Enterprise Value






Common equity capitalization (at June 30, 2022 closing price of $8.21/share)


$              1,765,099

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


119,000

Consolidated debt (face amount)


1,172,661

Cash and cash equivalents


(71,713)

Total enterprise value


$              2,985,047

Share Reconciliation






Common shares outstanding


210,923

Operating partnership units


768

Unvested restricted stock held by management and employees


1,353

Share grants under deferred compensation plan


1,950

Combined shares and units


214,994

Debt Summary as of June 30, 2022

(dollars in thousands)

Loan


Interest Rate as of
June 30, 2022


Term


Outstanding
Principal


Maturity

Salt Lake City Marriott Downtown at City Creek


LIBOR + 3.25 (1)


Variable


42,670


January 2023

Westin Washington D.C. City Center


3.99 %


Fixed


54,690


January 2023

The Lodge at Sonoma Resort


3.96 %


Fixed


25,228


April 2023

Westin San Diego Bayview


3.94 %


Fixed


57,741


April 2023

Courtyard New York Manhattan / Midtown East


4.40 %


Fixed


77,023


August 2024

Worthington Renaissance Fort Worth Hotel


3.66 %


Fixed


76,543


May 2025

Hotel Clio


4.33 %


Fixed


58,133


July 2025

Westin Boston Seaport District


4.36 %


Fixed


180,633


November 2025

     Unamortized debt issuance costs






(1,469)



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






571,192












Unsecured term loan


LIBOR + 2.40% (2)


Variable


350,000


July 2024

Unsecured term loan


LIBOR + 2.40% (3)


Fixed


50,000


October 2023

     Unamortized debt issuance costs






(1,178)



Unsecured term loans, net of unamortized debt
issuance costs




398,822












Senior unsecured credit facility


LIBOR + 2.55% (4)


Variable


200,000


July 2023 (5)










Total debt, net of unamortized debt issuance costs






$    1,170,014



Weighted-average interest rate of fixed rate debt


4.25 %







Total weighted-average interest rate


4.20 %







(1)  

LIBOR is subject to a floor of 1.0%.

(2)  

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

(3)  

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

(4)  

LIBOR is subject to a floor of 0.25%. 

(5)  

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


Monthly Operating Statistics (1)


Number
of Rooms

ADR


Occupancy


RevPAR


April 2022

April  2021

B/(W) 2021


April 2022

April  2021

B/(W) 2021


April 2022

April  2021

B/(W) 2021














Total - 33 Hotels

9,454

$         291.71

$         249.38

17.0 %


72.4 %

39.9 %

32.5 %


$         211.29

$          99.49

112.4 %














Resorts - 16 Hotels

2,791

$         436.92

$         376.83

15.9 %


74.6 %

61.9 %

12.7 %


$         325.89

$         233.07

39.8 %


Number
of Rooms

April 2022

April 2019

B/(W) 2019


April 2022

April 2019

B/(W) 2019


April 2022

April 2019

B/(W) 2019














Total - 33 Hotels

9,454

$         291.71

$         248.26

17.5 %


72.4 %

81.2 %

(8.8) %


$         211.29

$         201.71

4.7 %














Resorts - 16 Hotels

2,791

$         436.92

$         293.19

49.0 %


74.6 %

76.4 %

(1.8) %


$         325.89

$         224.11

45.4 %


Number
of Rooms

May 2022

May 2021

B/(W) 2021


May 2022

May 2021

B/(W) 2021


May 2022

May 2021

B/(W) 2021



























Total - 33 Hotels

9,454

$         297.08

$         238.23

24.7 %


72.9 %

48.2 %

24.7 %


$         216.62

$         114.94

88.5 %














Resorts - 16 Hotels

2,791

$         408.99

$         383.11

6.8 %


71.4 %

60.3 %

11.1 %


$         291.87

$         230.87

26.4 %


Number
of Rooms

May 2022

May 2019

B/(W) 2019


May 2022

May 2019

B/(W) 2019


May 2022

May 2019

B/(W) 2019



























Total - 33 Hotels

9,454

$         297.08

$         255.97

16.1 %


72.9 %

80.3 %

(7.4) %


$         216.62

$         205.60

5.4 %














Resorts - 16 Hotels

2,791

$         408.99

$         277.22

47.5 %


71.4 %

73.6 %

(2.2) %


$         291.87

$         203.97

43.1 %


Number
of Rooms

June 2022

June 2021

B/(W) 2021


June 2022

June 2021

B/(W) 2021


June 2022

June 2021

B/(W) 2021



























Total - 33 Hotels

9,471

$         302.78

$         238.59

26.9 %


79.4 %

59.8 %

19.6 %


$         240.37

$         142.71

68.4 %














Resorts - 16 Hotels

2,808

$         395.39

$         371.28

6.5 %


75.6 %

70.9 %

4.7 %


$         298.82

$         263.24

13.5 %


Number
of Rooms

June 2022

June 2019

B/(W) 2019


June 2022

June 2019

B/(W) 2019


June 2022

June 2019

B/(W) 2019



























Total - 33 Hotels

9,471

$         302.78

$         253.70

19.3 %


79.4 %

85.7 %

(6.3) %


$         240.37

$         217.49

10.5 %














Resorts - 16 Hotels

2,808

$         395.39

$         259.73

52.2 %


75.6 %

81.1 %

(5.5) %


$         298.82

$         210.61

41.9 %

(1)  

All periods presented include the pre-acquisition operating results of hotels acquired in 2021 and 2022 and excludes hotels sold in 2021 and the Kimpton Fort Lauderdale Beach Resort as the hotel opened during 2021.


Operating Statistics – Second Quarter


Number
of Rooms

ADR


Occupancy


RevPAR


2Q 2022

2Q 2021

B/(W) 2021


2Q 2022

2Q 2021

B/(W) 2021


2Q 2022

2Q 2021

B/(W) 2021



























Atlanta Marriott Alpharetta

318

$         152.51

$         102.97

48.1 %


62.0 %

49.4 %

12.6 %


$           94.58

$          50.82

86.1 %

Bourbon Orleans Hotel

220

$         254.65

$         189.16

34.6 %


65.8 %

17.9 %

47.9 %


$         167.61

$          33.87

394.9 %

Cavallo Point, The Lodge at the Golden Gate

142

$         729.78

$         590.31

23.6 %


59.5 %

45.5 %

14.0 %


$         434.41

$        268.80

61.6 %

Chicago Marriott Downtown Magnificent Mile

1,200

$         258.98

$         167.94

54.2 %


60.9 %

20.1 %

40.8 %


$         157.74

$          33.75

367.4 %

Courtyard Denver Downtown

177

$         223.78

$         130.97

70.9 %


82.2 %

65.5 %

16.7 %


$         183.96

$          85.82

114.4 %

Courtyard New York Manhattan/Fifth Avenue

189

$         291.51

$         155.79

87.1 %


96.1 %

27.3 %

68.8 %


$         280.01

$          42.59

557.5 %

Courtyard New York Manhattan/Midtown East

321

$         330.68

$         159.76

107.0 %


89.2 %

81.7 %

7.5 %


$         294.94

$        130.51

126.0 %

Embassy Suites by Hilton Bethesda

272

$         160.43

$         106.48

50.7 %


62.9 %

32.0 %

30.9 %


$         100.86

$          34.07

196.0 %

Havana Cabana Key West

106

$         330.95

$         300.11

10.3 %


90.2 %

97.0 %

(6.8) %


$         298.59

$        291.21

2.5 %

Henderson Beach Resort

233

$         528.34

$         467.86

12.9 %


87.2 %

86.4 %

0.8 %


$         460.58

$        404.02

14.0 %

Henderson Park Inn

37

$         732.17

$         492.83

48.6 %


90.9 %

98.2 %

(7.3) %


$         665.62

$        484.19

37.5 %

Hilton Boston Downtown/Faneuil Hall

403

$         330.88

$         161.64

104.7 %


85.4 %

54.5 %

30.9 %


$         282.69

$          88.05

221.1 %

Hilton Burlington Lake Champlain

258

$         233.43

$         190.76

22.4 %


76.7 %

61.7 %

15.0 %


$         178.98

$        117.78

52.0 %

Hilton Garden Inn New York/Times Square Central

282

$         284.89

$         149.79

90.2 %


98.0 %

42.1 %

55.9 %


$         279.23

$          63.11

342.4 %

Hotel Clio

199

$         318.95

$         248.86

28.2 %


69.8 %

68.4 %

1.4 %


$         222.73

$        170.32

30.8 %

Hotel Emblem San Francisco

96

$         236.51

$         145.08

63.0 %


85.7 %

37.8 %

47.9 %


$         202.78

$          54.77

270.2 %

Hotel Palomar Phoenix

242

$         218.59

$         158.11

38.3 %


65.3 %

60.6 %

4.7 %


$         142.83

$          95.78

49.1 %

Kimpton Fort Lauderdale Beach Resort

96

$         236.33

$         213.74

10.6 %


65.3 %

38.2 %

27.1 %


$         154.33

$          81.55

89.2 %

Kimpton Shorebreak Resort

157

$         356.28

$         302.65

17.7 %


85.2 %

74.4 %

10.8 %


$         303.51

$        225.22

34.8 %

L'Auberge de Sedona

88

$      1,068.06

$         997.93

7.0 %


80.5 %

89.0 %

(8.5) %


$         859.86

$        888.40

(3.2) %

Margaritaville Beach House Key West

186

$         450.34

$         416.33

8.2 %


87.0 %

96.1 %

(9.1) %


$         391.96

$        400.05

(2.0) %

Orchards Inn Sedona

70

$         354.54

$         334.13

6.1 %


70.0 %

81.4 %

(11.4) %


$         248.13

$        271.81

(8.7) %

Renaissance Charleston Historic District Hotel

167

$         412.06

$         328.57

25.4 %


94.1 %

90.5 %

3.6 %


$         387.87

$        297.43

30.4 %

Salt Lake City Marriott Downtown at City Creek

510

$         181.35

$         131.56

37.8 %


63.4 %

42.8 %

20.6 %


$         114.99

$          56.29

104.3 %

The Gwen Hotel

311

$         324.50

$         232.02

39.9 %


80.1 %

50.9 %

29.2 %


$         259.81

$        118.16

119.9 %

The Hythe Vail

344

$         240.14

$         237.42

1.1 %


38.4 %

18.7 %

19.7 %


$           92.28

$          44.34

108.1 %

The Landing Lake Tahoe Resort & Spa

82

$         451.54

$         437.62

3.2 %


48.7 %

58.6 %

(9.9) %


$         219.78

$        256.64

(14.4) %

The Lodge at Sonoma Resort

182

$         490.14

$         314.26

56.0 %


71.3 %

69.9 %

1.4 %


$         349.50

$        219.71

59.1 %

Tranquility Bay Beachfront Resort

103

$         784.22

$         617.36

27.0 %


81.7 %

90.1 %

(8.4) %


$         640.73

$        556.24

15.2 %

Westin Boston Waterfront

793

$         255.07

$         153.88

65.8 %


85.9 %

36.4 %

49.5 %


$         219.10

$          55.94

291.7 %

Westin Fort Lauderdale Beach Resort

433

$         262.17

$         253.42

3.5 %


82.3 %

67.0 %

15.3 %


$         215.70

$        169.80

27.0 %

Westin San Diego Bayview

436

$         208.76

$         141.23

47.8 %


81.5 %

57.1 %

24.4 %


$         170.19

$          80.58

111.2 %

Westin Washington D.C. City Center

410

$         237.11

$         127.66

85.7 %


79.6 %

24.4 %

55.2 %


$         188.68

$          31.21

504.5 %

Worthington Renaissance Fort Worth Hotel

504

$         188.25

$         159.15

18.3 %


73.9 %

55.8 %

18.1 %


$         139.06

$          88.74

56.7 %

Comparable Total (1)

9,471

$         297.36

$         241.35

23.2 %


74.9 %

49.3 %

25.6 %


$         222.70

$        119.00

87.1 %














(1)

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


Operating Statistics – Second Quarter


Number
of Rooms

ADR


Occupancy


RevPAR


2Q 2022

2Q 2019

B/(W) 2019


2Q 2022

2Q 2019

B/(W) 2019


2Q 2022

2Q 2019

B/(W) 2019



























Atlanta Marriott Alpharetta

318

$         152.51

$         160.44

(4.9) %


62.0 %

74.8 %

(12.8) %


$          94.58

$         119.97

(21.2) %

Bourbon Orleans Hotel

220

$         254.65

$         218.43

16.6 %


65.8 %

90.8 %

(25.0) %


$         167.61

$         198.25

(15.5) %

Cavallo Point, The Lodge at the Golden Gate

142

$         729.78

$         467.43

56.1 %


59.5 %

64.0 %

(4.5) %


$         434.41

$         299.11

45.2 %

Chicago Marriott Downtown Magnificent Mile

1,200

$         258.98

$         253.76

2.1 %


60.9 %

83.6 %

(22.7) %


$         157.74

$         212.22

(25.7) %

Courtyard Denver Downtown

177

$         223.78

$         207.53

7.8 %


82.2 %

83.8 %

(1.6) %


$         183.96

$         173.87

5.8 %

Courtyard New York Manhattan/Fifth Avenue

189

$         291.51

$         270.86

7.6 %


96.1 %

90.9 %

5.2 %


$         280.01

$         246.20

13.7 %

Courtyard New York Manhattan/Midtown East

321

$         330.68

$         274.26

20.6 %


89.2 %

97.3 %

(8.1) %


$         294.94

$         266.76

10.6 %

Embassy Suites by Hilton Bethesda

272

$         160.43

$         188.39

(14.8) %


62.9 %

83.3 %

(20.4) %


$         100.86

$         156.97

(35.7) %

Havana Cabana Key West

106

$         330.95

$         202.86

63.1 %


90.2 %

90.4 %

(0.2) %


$         298.59

$         183.30

62.9 %

Henderson Beach Resort

233

$         528.34

$         332.50

58.9 %


87.2 %

75.1 %

12.1 %


$         460.58

$         249.74

84.4 %

Henderson Park Inn

37

$         732.17

$         515.16

42.1 %


90.9 %

90.8 %

0.1 %


$         665.62

$         467.58

42.4 %

Hilton Boston Downtown/Faneuil Hall

403

$         330.88

$         375.21

(11.8) %


85.4 %

90.5 %

(5.1) %


$         282.69

$         339.67

(16.8) %

Hilton Burlington Lake Champlain

258

$         233.43

$         191.05

22.2 %


76.7 %

84.0 %

(7.3) %


$         178.98

$         160.56

11.5 %

Hilton Garden Inn New York/Times Square Central

282

$         284.89

$         275.97

3.2 %


98.0 %

98.7 %

(0.7) %


$         279.23

$         272.38

2.5 %

Hotel Clio

199

$         318.95

$         265.01

20.4 %


69.8 %

79.2 %

(9.4) %


$         222.73

$         209.77

6.2 %

Hotel Emblem San Francisco

96

$         236.51

$         227.87

3.8 %


85.7 %

87.1 %

(1.4) %


$         202.78

$         198.47

2.2 %

Hotel Palomar Phoenix

242

$         218.59

$         174.16

25.5 %


65.3 %

86.5 %

(21.2) %


$         142.83

$         150.69

(5.2) %

Kimpton Shorebreak Resort

157

$         356.28

$         258.74

37.7 %


85.2 %

78.9 %

6.3 %


$         303.51

$         204.07

48.7 %

L'Auberge de Sedona

88

$      1,068.06

$         669.18

59.6 %


80.5 %

83.8 %

(3.3) %


$         859.86

$         560.63

53.4 %

Margaritaville Beach House Key West

186

$         450.34

$         244.49

84.2 %


87.0 %

86.4 %

0.6 %


$         391.96

$         211.26

85.5 %

Orchards Inn Sedona

70

$         354.54

$         267.91

32.3 %


70.0 %

85.0 %

(15.0) %


$         248.13

$         227.70

9.0 %

Renaissance Charleston Historic District Hotel

167

$         412.06

$         301.89

36.5 %


94.1 %

90.3 %

3.8 %


$         387.87

$         272.57

42.3 %

Salt Lake City Marriott Downtown at City Creek

510

$         181.35

$         167.09

8.5 %


63.4 %

72.8 %

(9.4) %


$         114.99

$         121.65

(5.5) %

The Gwen Hotel

311

$         324.50

$         285.70

13.6 %


80.1 %

87.9 %

(7.8) %


$         259.81

$         251.18

3.4 %

The Hythe Vail

344

$         240.14

$         174.07

38.0 %


38.4 %

44.3 %

(5.9) %


$           92.28

$           77.08

19.7 %

The Landing Lake Tahoe Resort & Spa

82

$         451.54

$         270.62

66.9 %


48.7 %

55.1 %

(6.4) %


$         219.78

$         149.15

47.4 %

The Lodge at Sonoma Resort

182

$         490.14

$         327.39

49.7 %


71.3 %

77.4 %

(6.1) %


$         349.50

$         253.52

37.9 %

Tranquility Bay Beachfront Resort

103

$         784.22

$         420.16

86.6 %


81.7 %

90.2 %

(8.5) %


$         640.73

$         379.06

69.0 %

Westin Boston Waterfront

793

$         255.07

$         278.41

(8.4) %


85.9 %

85.0 %

0.9 %


$         219.10

$         236.51

(7.4) %

Westin Fort Lauderdale Beach Resort

433

$         262.17

$         198.53

32.1 %


82.3 %

80.7 %

1.6 %


$         215.70

$         160.28

34.6 %

Westin San Diego Bayview

436

$         208.76

$         199.95

4.4 %


81.5 %

82.5 %

(1.0) %


$         170.19

$         164.92

3.2 %

Westin Washington D.C. City Center

410

$         237.11

$         239.48

(1.0) %


79.6 %

92.4 %

(12.8) %


$         188.68

$         221.35

(14.8) %

Worthington Renaissance Fort Worth Hotel

504

$         188.25

$         192.06

(2.0) %


73.9 %

77.5 %

(3.6) %


$         139.06

$         148.88

(6.6) %

Comparable Total (1)

9,471

$         297.36

$         252.68

17.7 %


74.9 %

82.4 %

(7.5) %


$         222.70

$         208.24

6.9 %














 (1)

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


Operating Statistics – Year to Date


Number
of Rooms

ADR


Occupancy


RevPAR


YTD 2022

YTD 2021

B/(W) 2021


YTD 2022

YTD 2021

B/(W) 2021


YTD 2022

YTD 2021

B/(W) 2021



























Atlanta Marriott Alpharetta

318

$         148.27

$         100.26

47.9 %


51.9 %

36.2 %

15.7 %


$           76.90

$          36.30

111.8 %

Bourbon Orleans Hotel

220

$         250.51

$         188.52

32.9 %


57.8 %

9.0 %

48.8 %


$         144.75

$          16.97

753.0 %

Cavallo Point, The Lodge at the Golden Gate

142

$         709.90

$         577.59

22.9 %


52.1 %

32.5 %

19.6 %


$         370.03

$        187.76

97.1 %

Chicago Marriott Downtown Magnificent Mile

1,200

$         231.16

$         167.72

37.8 %


44.2 %

10.2 %

34.0 %


$         102.24

$          17.14

496.5 %

Courtyard Denver Downtown

177

$         193.32

$         118.06

63.7 %


71.2 %

50.7 %

20.5 %


$         137.56

$          59.86

129.8 %

Courtyard New York Manhattan/Fifth Avenue

189

$         231.54

$         155.79

48.6 %


89.5 %

13.7 %

75.8 %


$         207.26

$          21.41

868.1 %

Courtyard New York Manhattan/Midtown East

321

$         276.54

$         144.74

91.1 %


76.5 %

74.4 %

2.1 %


$         211.45

$        107.65

96.4 %

Embassy Suites by Hilton Bethesda

272

$         146.62

$         106.15

38.1 %


44.7 %

25.3 %

19.4 %


$           65.61

$          26.82

144.6 %

Havana Cabana Key West

106

$         371.86

$         281.56

32.1 %


92.0 %

93.9 %

(1.9) %


$         342.09

$        264.50

29.3 %

Henderson Park Resort

233

$         489.67

$         420.39

16.5 %


66.0 %

66.0 %

— %


$         323.42

$        277.28

16.6 %

Henderson Park Inn

37

$         644.64

$         412.80

56.2 %


75.9 %

86.0 %

(10.1) %


$         488.99

$        354.92

37.8 %

Hilton Boston Downtown/Faneuil Hall

403

$         264.87

$         146.29

81.1 %


74.3 %

37.9 %

36.4 %


$         196.80

$          55.51

254.5 %

Hilton Burlington Lake Champlain

258

$         200.81

$         164.69

21.9 %


67.7 %

47.3 %

20.4 %


$         135.88

$          77.93

74.4 %

Hilton Garden Inn New York/Times Square Central

282

$         231.05

$         149.79

54.2 %


88.0 %

21.2 %

66.8 %


$         203.24

$          31.73

540.5 %

Hotel Clio

199

$         290.80

$         231.47

25.6 %


66.2 %

54.0 %

12.2 %


$         192.37

$        124.97

53.9 %

Hotel Emblem San Francisco

96

$         217.86

$         140.33

55.2 %


69.9 %

26.5 %

43.4 %


$         152.22

$          37.24

308.8 %

Hotel Palomar Phoenix

242

$         234.31

$         153.56

52.6 %


71.1 %

55.2 %

15.9 %


$         166.48

$          84.76

96.4 %

Kimpton Fort Lauderdale Beach Resort (1)

96

$         236.33

$         213.74

10.6 %


65.3 %

38.2 %

27.1 %


$         154.33

$          81.55

89.2 %

Kimpton Shorebreak Resort

157

$         329.33

$         276.07

19.3 %


78.5 %

59.0 %

19.5 %


$         258.69

$        162.80

58.9 %

L'Auberge de Sedona

88

$      1,058.04

$         864.93

22.3 %


74.5 %

84.9 %

(10.4) %


$         788.48

$        734.44

7.4 %

Margaritaville Beach House Key West

186

$         516.31

$         384.54

34.3 %


89.5 %

89.7 %

(0.2) %


$         462.06

$        345.05

33.9 %

Orchards Inn Sedona

70

$         333.07

$         299.29

11.3 %


66.9 %

71.8 %

(4.9) %


$         222.66

$        215.03

3.5 %

Renaissance Charleston Historic District Hotel

167

$         366.12

$         285.01

28.5 %


87.3 %

73.8 %

13.5 %


$         319.49

$        210.26

51.9 %

Salt Lake City Marriott Downtown at City Creek

510

$         179.07

$         121.90

46.9 %


56.2 %

36.7 %

19.5 %


$         100.68

$          44.71

125.2 %

The Gwen Hotel

311

$         277.93

$         219.19

26.8 %


69.2 %

37.3 %

31.9 %


$         192.33

$          81.70

135.4 %

The Hythe Vail

344

$         508.11

$         345.38

47.1 %


52.7 %

46.0 %

6.7 %


$         267.53

$        158.90

68.4 %

The Landing Lake Tahoe Resort & Spa

82

$         430.83

$         392.31

9.8 %


47.6 %

54.1 %

(6.5) %


$         204.96

$        212.25

(3.4) %

The Lodge at Sonoma Resort

182

$         440.93

$         286.64

53.8 %


59.7 %

48.9 %

10.8 %


$         263.38

$        140.21

87.8 %

Tranquility Bay Beachfront Resort (2)

103

$         863.99

$         648.05

33.3 %


82.5 %

89.8 %

(7.3) %


$         712.57

$        582.20

22.4 %

Westin Boston Waterfront

793

$         231.75

$         143.95

61.0 %


69.9 %

25.7 %

44.2 %


$         162.00

$          37.03

337.5 %

Westin Fort Lauderdale Beach Resort

433

$         300.54

$         254.22

18.2 %


85.0 %

61.5 %

23.5 %


$         255.32

$        156.34

63.3 %

Westin San Diego Bayview

436

$         195.54

$         141.30

38.4 %


67.4 %

39.6 %

27.8 %


$         131.71

$          55.96

135.4 %

Westin Washington D.C. City Center

410

$         218.49

$         133.76

63.3 %


57.5 %

16.7 %

40.8 %


$         125.70

$          22.27

464.4 %

Worthington Renaissance Fort Worth Hotel

504

$         191.00

$         150.46

26.9 %


69.1 %

45.4 %

23.7 %


$         132.02

$          68.26

93.4 %

Comparable Total (3)

9,471

$         289.60

$         239.53

20.9 %


65.4 %

39.5 %

25.9 %


$         189.43

$          94.68

100.1 %














(1) 

Hotel was acquired on April 1, 2022.  Amounts reflect the operating results for the period from April 1, 2022 to June 30, 2022 and April 1, 2021 to June 30, 2021.

(2) 

Hotel was acquired on January 6, 2022.  Amounts reflect the operating results for the period from January 6, 2022 to June 30, 2022 and January 6, 2021 to June 30, 2021.

(3)

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

. 


Operating Statistics – Year to Date


Number
of Rooms

ADR


Occupancy


RevPAR


YTD 2022

YTD 2019

B/(W) 2019


YTD 2022

YTD 2019

B/(W) 2019


YTD 2022

YTD 2019

B/(W) 2019



























Atlanta Marriott Alpharetta

318

$         148.27

$         168.59

(12.1) %


51.9 %

72.6 %

(20.7) %


$           76.90

$         122.44

(37.2) %

Bourbon Orleans Hotel

220

$         250.51

$         227.80

10.0 %


57.8 %

86.6 %

(28.8) %


$         144.75

$         197.32

(26.6) %

Cavallo Point, The Lodge at the Golden Gate

142

$         709.90

$         452.75

56.8 %


52.1 %

63.7 %

(11.6) %


$         370.03

$         288.31

28.3 %

Chicago Marriott Downtown Magnificent Mile

1,200

$         231.16

$         217.58

6.2 %


44.2 %

67.7 %

(23.5) %


$         102.24

$         147.36

(30.6) %

Courtyard Denver Downtown

177

$         193.32

$         191.01

1.2 %


71.2 %

78.6 %

(7.4) %


$         137.56

$         150.07

(8.3) %

Courtyard New York Manhattan/Fifth Avenue

189

$         231.54

$         244.03

(5.1) %


89.5 %

84.2 %

5.3 %


$         207.26

$         205.48

0.9 %

Courtyard New York Manhattan/Midtown East

321

$         276.54

$         233.54

18.4 %


76.5 %

94.7 %

(18.2) %


$         211.45

$         221.06

(4.3) %

Embassy Suites by Hilton Bethesda

272

$         146.62

$         181.32

(19.1) %


44.7 %

74.4 %

(29.7) %


$           65.61

$         134.84

(51.3) %

Havana Cabana Key West

106

$         371.86

$         229.10

62.3 %


92.0 %

92.5 %

(0.5) %


$         342.09

$         211.96

61.4 %

Henderson Beach Resort

233

$         489.67

$         305.54

60.3 %


66.0 %

57.2 %

8.8 %


$         323.42

$         174.65

85.2 %

Henderson Park Inn

37

$         644.64

$         455.46

41.5 %


75.9 %

71.6 %

4.3 %


$         488.99

$         326.31

49.9 %

Hilton Boston Downtown/Faneuil Hall

403

$         264.87

$         290.58

(8.8) %


74.3 %

87.0 %

(12.7) %


$         196.80

$         252.94

(22.2) %

Hilton Burlington Lake Champlain

258

$         200.81

$         163.67

22.7 %


67.7 %

77.4 %

(9.7) %


$         135.88

$         126.66

7.3 %

Hilton Garden Inn New York/Times Square Central

282

$         231.05

$         228.97

0.9 %


88.0 %

98.4 %

(10.4) %


$         203.24

$         225.19

(9.7) %

Hotel Clio

199

$         290.80

$         256.26

13.5 %


66.2 %

63.1 %

3.1 %


$         192.37

$         161.57

19.1 %

Hotel Emblem San Francisco

96

$         217.86

$         235.46

(7.5) %


69.9 %

72.4 %

(2.5) %


$         152.22

$         170.45

(10.7) %

Hotel Palomar Phoenix

242

$         234.31

$         203.74

15.0 %


71.1 %

87.4 %

(16.3) %


$         166.48

$         178.02

(6.5) %

Kimpton Shorebreak Resort

157

$         329.33

$         248.09

32.7 %


78.5 %

77.1 %

1.4 %


$         258.69

$         191.22

35.3 %

L'Auberge de Sedona

88

$      1,058.04

$         623.67

69.6 %


74.5 %

82.1 %

(7.6) %


$         788.48

$         512.04

54.0 %

Margaritaville Beach House Key West

186

$         516.31

$         278.48

85.4 %


89.5 %

90.2 %

(0.7) %


$         462.06

$         251.22

83.9 %

Orchards Inn Sedona

70

$         333.07

$         262.04

27.1 %


66.9 %

79.5 %

(12.6) %


$         222.66

$         208.25

6.9 %

Renaissance Charleston Historic District Hotel

167

$         366.12

$         270.69

35.3 %


87.3 %

87.1 %

0.2 %


$         319.49

$         235.71

35.5 %

Salt Lake City Marriott Downtown at City Creek

510

$         179.07

$         170.00

5.3 %


56.2 %

66.0 %

(9.8) %


$         100.68

$         112.24

(10.3) %

The Gwen Hotel

311

$         277.93

$         242.95

14.4 %


69.2 %

79.2 %

(10.0) %


$         192.33

$         192.44

(0.1) %

The Hythe Vail

344

$         508.11

$         346.67

46.6 %


52.7 %

63.2 %

(10.5) %


$         267.53

$         219.14

22.1 %

The Landing Lake Tahoe Resort & Spa

82

$         430.83

$         273.14

57.7 %


47.6 %

54.1 %

(6.5) %


$         204.96

$         147.69

38.8 %

The Lodge at Sonoma Resort

182

$         440.93

$         286.18

54.1 %


59.7 %

69.5 %

(9.8) %


$         263.38

$         198.88

32.4 %

Tranquility Bay Beachfront Resort (1)

103

$         863.99

$         458.69

88.4 %


82.5 %

90.9 %

(8.4) %


$         712.57

$         416.90

70.9 %

Westin Boston Waterfront

793

$         231.75

$         245.47

(5.6) %


69.9 %

75.3 %

(5.4) %


$         162.00

$         184.74

(12.3) %

Westin Fort Lauderdale Beach Resort

433

$         300.54

$         228.58

31.5 %


85.0 %

88.1 %

(3.1) %


$         255.32

$         201.29

26.8 %

Westin San Diego Bayview

436

$         195.54

$         195.09

0.2 %


67.4 %

80.0 %

(12.6) %


$         131.71

$         156.11

(15.6) %

Westin Washington D.C. City Center

410

$         218.49

$         222.10

(1.6) %


57.5 %

85.0 %

(27.5) %


$         125.70

$         188.80

(33.4) %

Worthington Renaissance Fort Worth Hotel

504

$         191.00

$         190.08

0.5 %


69.1 %

78.5 %

(9.4) %


$         132.02

$         149.15

(11.5) %














Comparable Total (2)

9,471

$         289.60

$         239.21

21.1 %


65.4 %

77.3 %

(11.9) %


$         189.43

$         184.97

2.4 %

(1) 

Hotel was acquired on January 6, 2022.  Amounts reflect the operating results for the period from January 6, 2022 to June 30, 2022 and January 6, 2019 to June 30, 2019.

(2)

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



Hotel Adjusted EBITDA Reconciliation - Second Quarter 2022







Days of
Operation



Net Income /
(Loss)

Plus:

Plus:

Plus:

Equals: Hotel
Adjusted EBITDA



Total Revenues


Depreciation

Interest Expense

Adjustments (1)

Atlanta Marriott Alpharetta


91

$                   3,786


$                      888

$                      373

$                         —

$                         —

$                   1,261

Bourbon Orleans Hotel


91

$                   4,215


$                   1,135

$                      828

$                         —

$                           6

$                   1,969

Cavallo Point, The Lodge at the Golden Gate


91

$                 13,395


$                   2,872

$                   1,865

$                         —

$                         94

$                   4,831

Chicago Marriott Downtown Magnificent Mile


91

$                 27,279


$                   8,367

$                   3,855

$                           6

$                      (397)

$                 11,831

Courtyard Denver Downtown


91

$                   3,272


$                   1,338

$                      376

$                         —

$                         —

$                   1,714

Courtyard New York Manhattan/Fifth Avenue


91

$                   4,887


$                      544

$                      331

$                         —

$                       253

$                   1,128

Courtyard New York Manhattan/Midtown East


91

$                   8,877


$                   1,708

$                      487

$                       910

$                         —

$                   3,105

Embassy Suites by Hilton Bethesda


91

$                   2,915


$                  (1,811)

$                      561

$                         —

$                    1,481

$                      231

Havana Cabana Key West


91

$                   3,790


$                   1,336

$                      271

$                         —

$                         —

$                   1,607

Henderson Beach Resort


91

$                 15,388


$                   3,502

$                      970

$                         —

$                         —

$                   4,472

Henderson Park Inn


91

$                   3,060


$                   1,334

$                      223

$                         —

$                         —

$                   1,557

Hilton Boston Downtown/Faneuil Hall


91

$                 11,310


$                   3,756

$                   1,016

$                         —

$                         —

$                   4,772

Hilton Burlington Lake Champlain


91

$                   5,495


$                   1,465

$                      563

$                         —

$                         —

$                   2,028

Hilton Garden Inn New York/Times Square Central


91

$                   7,733


$                   2,056

$                      625

$                         —

$                         —

$                   2,681

Hotel Clio


91

$                   6,971


$                      291

$                      851

$                       647

$                           5

$                   1,794

Hotel Emblem San Francisco


91

$                   2,158


$                      230

$                      294

$                         —

$                         —

$                      524

Hotel Palomar Phoenix


91

$                   5,343


$                      722

$                      672

$                         —

$                       181

$                   1,575

Kimpton Fort Lauderdale Beach Resort


91

$                   1,962


$                        39

$                      314

$                         —

$                         —

$                      353

Kimpton Shorebreak Resort


91

$                   6,381


$                   2,240

$                      402

$                         —

$                         —

$                   2,642

L'Auberge de Sedona


91

$                 10,198


$                   4,064

$                      356

$                         —

$                         —

$                   4,420

Margaritaville Beach House Key West


91

$                   8,741


$                   3,521

$                      786

$                         —

$                         —

$                   4,307

Orchards Inn Sedona


91

$                   2,783


$                   1,107

$                        85

$                         —

$                         42

$                   1,234

Renaissance Charleston Historic District Hotel


91

$                   7,178


$                   2,997

$                      462

$                         —

$                         —

$                   3,459

Salt Lake City Marriott Downtown at City Creek


91

$                   6,786


$                   1,402

$                      564

$                       479

$                         11

$                   2,456

The Gwen Hotel


91

$                 11,136


$                   3,737

$                   1,070

$                         —

$                         —

$                   4,807

The Hythe Vail


91

$                   5,263


$                  (1,684)

$                   1,203

$                         —

$                         —

$                     (481)

The Landing Lake Tahoe Resort & Spa


91

$                   2,763


$                      556

$                      217

$                         —

$                         —

$                      773

The Lodge at Sonoma Resort


91

$                   9,333


$                   2,466

$                      632

$                       261

$                         —

$                   3,359

Tranquility Bay Beachfront Resort


91

$                   7,173


$                   1,737

$                      732

$                         —

$                         —

$                   2,469

Westin Boston Seaport District


91

$                 25,423


$                   3,823

$                   2,442

$                    2,037

$                     (122)

$                   8,180

Westin Fort Lauderdale Beach Resort


91

$                 18,282


$                   5,295

$                      982

$                         —

$                         —

$                   6,277

Westin San Diego Bayview


91

$                   8,557


$                   2,009

$                      836

$                       585

$                         —

$                   3,430

Westin Washington D.C. City Center


91

$                   8,879


$                   1,427

$                   1,034

$                       592

$                         —

$                   3,053

Worthington Renaissance Fort Worth Hotel


91

$                 10,695


$                   1,668

$                    1,111

$                       732

$                           2

$                   3,513

Total



$               281,407


$                 66,137

$                 27,389

$                    6,249

$                    1,556

$               101,331

Less: Non Comparable Hotel (2)



$                  (1,962)


$                       (39)

$                     (314)

$                         —

$                         —

$                     (353)

Comparable Total



$               279,445


$                 66,098

$                 27,075

$                   6,249

$                    1,556

$               100,978

(1)  

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

(2) 

Represents the operating results of the Kimpton Fort Lauderdale Beach Resort since the hotel opened during 2021.



Hotel Adjusted EBITDA Reconciliation - Second Quarter 2021



Days of
Operation



Net Income /
(Loss)

Plus:

Plus:

Plus:

Equals: Hotel



Total Revenues


Depreciation

Interest Expense

Adjustments (1)

Adjusted EBITDA

Atlanta Marriott Alpharetta


91

$                   1,769


$                       (82)

$                      347

$                         —

$                         —

$                      265

Cavallo Point, The Lodge at the Golden Gate


91

$                   7,346


$                      919

$                   1,838

$                         —

$                         94

$                   2,851

Chicago Marriott Downtown Magnificent Mile


77

$                   5,110


$                  (4,466)

$                   4,072

$                           6

$                     (397)

$                     (785)

Courtyard Denver Downtown


91

$                   1,595


$                      199

$                      376

$                         —

$                         —

$                      575

Courtyard New York Manhattan/Fifth Avenue


30

$                      781


$                  (1,554)

$                      329

$                         —

$                      253

$                     (972)

Courtyard New York Manhattan/Midtown East


91

$                   3,863


$                  (1,645)

$                      476

$                       929

$                         —

$                     (240)

Embassy Suites by Hilton Bethesda


91

$                   1,012


$                  (2,439)

$                      515

$                         —

$                   1,494

$                     (430)

Frenchman's Reef & Morning Star Marriott Beach Resort


—

$                        —


$                         —

$                         —

$                         —

$                         —

$                         —

Havana Cabana Key West


91

$                   3,834


$                   1,682

$                      275

$                         —

$                         —

$                   1,957

Hilton Boston Downtown/Faneuil Hall


91

$                   3,816


$                     (796)

$                   1,047

$                         —

$                         —

$                      251

Hilton Burlington Lake Champlain


91

$                   2,988


$                      398

$                      599

$                         —

$                         —

$                      997

Hilton Garden Inn New York/Times Square Central


59

$                   1,634


$                  (1,785)

$                      840

$                         —

$                         —

$                     (945)

Hotel Clio


91

$                   5,003


$                       (66)

$                      779

$                      661

$                           5

$                   1,379

Hotel Emblem San Francisco


91

$                      564


$                     (583)

$                      308

$                         —

$                         —

$                     (275)

Hotel Palomar Phoenix


91

$                   3,533


$                          4

$                      675

$                         —

$                      281

$                      960

Kimpton Shorebreak Resort


91

$                   4,659


$                   1,417

$                      415

$                         —

$                         —

$                   1,832

L'Auberge de Sedona


91

$                 10,122


$                   4,265

$                      369

$                         —

$                         —

$                   4,634

Margaritaville Beach House Key West


91

$                   8,552


$                   4,412

$                      721

$                         —

$                         —

$                   5,133

Orchards Inn Sedona


91

$                   2,779


$                   1,126

$                        82

$                         —

$                         42

$                   1,250

Renaissance Charleston Historic District Hotel


91

$                   5,516


$                   1,967

$                      464

$                         —

$                         —

$                   2,431

Salt Lake City Marriott Downtown at City Creek


91

$                   3,445


$                     (159)

$                      516

$                      518

$                         11

$                      886

The Gwen Hotel


91

$                   5,104


$                     (371)

$                   1,093

$                         —

$                         —

$                      722

The Hythe Vail


91

$                   1,936


$                  (1,619)

$                   1,053

$                         —

$                         —

$                     (566)

The Landing Lake Tahoe Resort & Spa


91

$                   2,918


$                      919

$                      418

$                         —

$                         —

$                   1,337

The Lexington Hotel


—

$                        18


$                  (1,278)

$                         —

$                          7

$                           8

$                  (1,263)

The Lodge at Sonoma Resort


91

$                   5,513


$                      487

$                      463

$                      266

$                         —

$                   1,216

Westin Boston Seaport District


91

$                   6,269


$                  (5,224)

$                   2,532

$                   2,083

$                     (122)

$                     (731)

Westin Fort Lauderdale Beach Resort


91

$                 13,862


$                   3,333

$                   1,091

$                         —

$                         —

$                   4,424

Westin San Diego Bayview


91

$                   3,945


$                     (675)

$                      821

$                      602

$                         —

$                      748

Westin Washington D.C. City Center


91

$                   1,250


$                  (2,491)

$                   1,062

$                      616

$                         —

$                     (813)

Worthington Renaissance Fort Worth Hotel


91

$                   6,055


$                     (963)

$                   1,116

$                      749

$                           2

$                      904

Total



$               124,791


$                  (5,068)

$                 24,692

$                   6,437

$                    1,671

$                 27,775

Add: Prior Ownership Results (2)



$                 22,764


$                   5,179

$                   1,739

$                        —

$                         —

$                   6,918

Less: Sold Hotels (3)



$                       (18)


$                   1,278

$                        —

$                        (7)

$                         (8)

$                   1,263

Comparable Total



$               147,537


$                   1,389

$                 26,431

$                  6,430

$                   1,663

$                 35,956

(1)  

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

(2)  

Represents the pre-acquisition operating results of our 2021 and 2022 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 - Second Quarter 2019



Days of
Operation



Net Income /
(Loss)

Plus:

Plus:

Plus:

Equals: Hotel



Total Revenues


Depreciation

Interest Expense

Adjustments (1)

Adjusted EBITDA

Atlanta Marriott Alpharetta


91

$                   4,862


$                   1,188

$                      459

$                         —

$                         —

$                   1,647

Cavallo Point, The Lodge at the Golden Gate


91

$                 10,721


$                   1,268

$                   1,789

$                         —

$                       110

$                   3,167

Chicago Marriott Downtown Magnificent Mile


91

$                 34,590


$                   9,306

$                   4,166

$                         47

$                     (397)

$                 13,122

Courtyard Denver Downtown


91

$                   3,291


$                   1,466

$                      287

$                         —

$                         —

$                   1,753

Courtyard New York Manhattan/Fifth Avenue


91

$                   4,341


$                      283

$                      440

$                         —

$                       253

$                      976

Courtyard New York Manhattan/Midtown East


91

$                   8,048


$                      981

$                      688

$                      964

$                         —

$                   2,633

Embassy Suites by Hilton Bethesda


91

$                   5,234


$                         18

$                      474

$                         —

$                    1,517

$                   2,009

Frenchman's Reef & Morning Star Marriott Beach Resort


—

$                        —


$                         (2)

$                         —

$                         —

$                         —

$                         (2)

Havana Cabana Key West


91

$                   2,438


$                      746

$                      235

$                         —

$                         —

$                      981

Hilton Boston Downtown/Faneuil Hall


91

$                 13,161


$                   4,939

$                   1,233

$                         —

$                         —

$                   6,172

Hilton Burlington Lake Champlain


91

$                   4,993


$                   1,422

$                      515

$                         —

$                         —

$                   1,937

Hilton Garden Inn New York/Times Square Central


91

$                   7,090


$                   1,457

$                      826

$                         —

$                         —

$                   2,283

Hotel Clio


91

$                   5,797


$                      265

$                      688

$                      687

$                           6

$                   1,646

Hotel Emblem San Francisco


91

$                   1,995


$                      180

$                      297

$                         —

$                         —

$                      477

Hotel Palomar Phoenix


91

$                   6,070


$                      668

$                      663

$                         38

$                       295

$                   1,664

Kimpton Shorebreak Resort


91

$                   4,483


$                   1,192

$                      349

$                         —

$                         40

$                   1,581

L'Auberge de Sedona


91

$                   7,668


$                   2,101

$                      508

$                         —

$                         —

$                   2,609

Margaritaville Beach House Key West


91

$                   4,446


$                   1,217

$                      344

$                         —

$                         —

$                   1,561

Orchards Inn Sedona


91

$                   2,414


$                      622

$                      237

$                         —

$                         42

$                      901

Renaissance Charleston Historic District Hotel


91

$                   4,685


$                   1,906

$                      418

$                         —

$                       (32)

$                   2,292

Salt Lake City Marriott Downtown at City Creek


91

$                   7,863


$                   1,695

$                      574

$                      606

$                         —

$                   2,875

The Gwen Hotel


91

$                   9,881


$                   2,332

$                   1,149

$                         —

$                         —

$                   3,481

The Hythe Vail


91

$                   4,485


$                  (1,622)

$                   1,035

$                         —

$                         —

$                     (587)

The Landing Lake Tahoe Resort & Spa


91

$                   1,804


$                     (332)

$                      385

$                         —

$                         —

$                        53

The Lexington Hotel


91

$                 18,275


$                   1,324

$                   3,557

$                           8

$                           8

$                   4,897

The Lodge at Sonoma Resort


91

$                   6,946


$                   1,501

$                      529

$                      280

$                         —

$                   2,310

Westin Boston Seaport District


91

$                 29,239


$                   5,918

$                   2,436

$                   2,169

$                       (60)

$                 10,463

Westin Fort Lauderdale Beach Resort


91

$                 12,614


$                   2,220

$                   1,633

$                         —

$                         —

$                   3,853

Westin San Diego Bayview


91

$                   9,033


$                   1,629

$                   1,136

$                      634

$                         —

$                   3,399

Westin Washington D.C. City Center


91

$                 10,316


$                   2,030

$                   1,317

$                      662

$                         —

$                   4,009

Worthington Renaissance Fort Worth Hotel


91

$                 11,135


$                   2,548

$                      968

$                      780

$                           2

$                   4,298

Total



$               257,918


$                 50,466

$                 29,335

$                   6,875

$                    1,784

$                 88,351

Add: Prior Ownership Results (2)



$                 20,584


$                   4,115

$                   1,739

$                         —

$                         —

$                   5,854

Less: Sold Hotels (3)



$                (18,275)


$                  (1,322)

$                  (3,557)

$                         (8)

$                         (8)

$                  (4,895)

Comparable Total



$               260,227


$                 53,259

$                 27,517

$                   6,867

$                    1,776

$                 89,310

(1)  

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

(2) 

Represents the pre-acquisition operating results of our 2021 and 2022 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 2022



Days of
Operation

Total Revenues


Net Income /
(Loss)

Plus:
Depreciation

Plus:
Interest Expense

Plus:
Adjustments (1)

Equals: Hotel
Adjusted EBITDA




Atlanta Marriott Alpharetta


181

$                 6,254


$                   1,167

$                      743

$                         —

$                             —

$                   1,910

Bourbon Orleans Hotel


181

$                 7,264


$                   1,210

$                   1,648

$                         —

$                             13

$                   2,871

Cavallo Point, The Lodge at the Golden Gate


181

$               23,030


$                   3,904

$                   3,691

$                         —

$                           187

$                   7,782

Chicago Marriott Downtown Magnificent Mile


181

$               35,885


$                   2,165

$                   7,848

$                         11

$                         (795)

$                   9,229

Courtyard Denver Downtown


181

$                 5,005


$                   1,520

$                      752

$                         —

$                             —

$                   2,272

Courtyard New York Manhattan/Fifth Avenue


181

$                 7,237


$                     (631)

$                      661

$                         —

$                          507

$                      537

Courtyard New York Manhattan/Midtown East


181

$               12,717


$                     (564)

$                      971

$                    1,816

$                             —

$                   2,223

Embassy Suites by Hilton Bethesda


181

$                 3,855


$                  (4,910)

$                   1,114

$                         —

$                        2,972

$                     (824)

Havana Cabana Key West


181

$                 8,405


$                   3,518

$                      554

$                         —

$                             —

$                   4,072

Henderson Beach Resort


181

$               22,294


$                   2,896

$                   1,923

$                         —

$                             —

$                   4,819

Henderson Park Inn


181

$                 4,437


$                   1,251

$                      438

$                         —

$                             —

$                   1,689

Hilton Boston Downtown/Faneuil Hall


181

$               16,100


$                   2,719

$                   2,073

$                         —

$                             —

$                   4,792

Hilton Burlington Lake Champlain


181

$                 8,263


$                   1,367

$                   1,124

$                         —

$                             —

$                   2,491

Hilton Garden Inn New York/Times Square Central


181

$               11,411


$                   1,445

$                   1,245

$                         —

$                             —

$                   2,690

Hotel Clio


181

$               11,911


$                     (155)

$                   1,652

$                    1,291

$                             10

$                   2,798

Hotel Emblem San Francisco


181

$                 3,232


$                     (243)

$                      594

$                         —

$                             —

$                      351

Hotel Palomar Phoenix


181

$               11,725


$                   2,529

$                   1,347

$                         —

$                           366

$                   4,242

Kimpton Fort Lauderdale Beach Resort


91

$                 1,962


$                        39

$                      314

$                         —

$                             —

$                      353

Kimpton Shorebreak Resort


181

$               10,780


$                   3,235

$                      805

$                         —

$                             —

$                   4,040

L'Auberge de Sedona


181

$               18,393


$                   6,442

$                      749

$                         —

$                             —

$                   7,191

Margaritaville Beach House Key West


181

$               19,690


$                   8,857

$                   1,592

$                         —

$                             —

$                 10,449

Orchards Inn Sedona


181

$                 5,016


$                   1,698

$                      169

$                         —

$                             84

$                   1,951

Renaissance Charleston Historic District Hotel


181

$               12,102


$                   4,618

$                      918

$                         —

$                             —

$                   5,536

Salt Lake City Marriott Downtown at City Creek


181

$               12,684


$                   2,444

$                   1,086

$                       957

$                             21

$                   4,508

The Gwen Hotel


181

$               16,174


$                   2,053

$                   2,145

$                         —

$                             —

$                   4,198

The Hythe Vail


181

$               22,996


$                   6,243

$                   2,400

$                         —

$                             —

$                   8,643

The Landing Lake Tahoe Resort & Spa


181

$                 4,939


$                   1,112

$                      575

$                         —

$                             —

$                   1,687

The Lodge at Sonoma Resort


181

$               14,530


$                   2,369

$                   1,260

$                       521

$                             —

$                   4,150

Tranquility Bay Beachfront Resort


176

$               15,222


$                   4,611

$                      865

$                         —

$                             —

$                   5,476

Westin Boston Seaport District


181

$               38,447


$                       (38)

$                   4,898

$                    4,065

$                         (245)

$                   8,680

Westin Fort Lauderdale Beach Resort


181

$               40,731


$                 15,555

$                   1,974

$                         —

$                             —

$                 17,529

Westin San Diego Bayview


181

$               13,562


$                   1,698

$                   1,642

$                    1,169

$                             —

$                   4,509

Westin Washington D.C. City Center


181

$               11,796


$                        44

$                   2,052

$                    1,184

$                             —

$                   3,280

Worthington Renaissance Fort Worth Hotel


181

$               20,191


$                   2,750

$                   2,222

$                    1,461

$                               4

$                   6,437

Total



$             478,240


$                 82,918

$                 54,044

$                  12,475

$                        3,124

$               152,558

Less: Non-Comparable Hotel (2)



$                (1,962)


$                       (39)

$                     (314)

$                         —

$                             —

$                     (353)

Add: Prior Ownership Results (3)



$                    430


$                     (117)

$                        10

$                         —

$                             —

$                     (107)

Comparable Total



$             476,708


$                 82,762

$                 53,740

$                  12,475

$                        3,124

$               152,098

(1) 

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

(2)  

Represents the operating results of the Kimpton Fort Lauderdale Beach Resort since the hotel opened during 2021.

(3)  

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



Hotel Adjusted EBITDA Reconciliation - Year to Date 2021



Days of
Operation

Total Revenues


Net Income /
(Loss)

Plus:
Depreciation

Plus:
Interest Expense

Plus:
Adjustments (1)

Equals: Hotel
Adjusted EBITDA

Atlanta Marriott Alpharetta


181

$                   2,532


$                     (734)

$                      695

$                         —

$                         —

$                       (39)

Cavallo Point, The Lodge at the Golden Gate


181

$                 10,224


$                     (812)

$                   3,675

$                         —

$                      187

$                   3,050

Chicago Marriott Downtown Magnificent Mile


79

$                   5,224


$                (11,802)

$                   8,177

$                         48

$                     (795)

$                  (4,372)

Courtyard Denver Downtown


181

$                   2,286


$                     (263)

$                      759

$                         —

$                         —

$                      496

Courtyard New York Manhattan/Fifth Avenue


30

$                      833


$                  (3,211)

$                      658

$                         —

$                      507

$                  (2,046)

Courtyard New York Manhattan/Midtown East


181

$                   6,328


$                  (4,288)

$                      961

$                   1,853

$                         —

$                  (1,474)

Embassy Suites by Hilton Bethesda


181

$                   1,566


$                  (5,094)

$                   1,038

$                         —

$                   2,996

$                  (1,060)

Frenchman's Reef & Morning Star Marriott Beach Resort


—

$                        —


$                         —

$                         —

$                         —

$                         —

$                         —

Havana Cabana Key West


181

$                   6,952


$                   2,860

$                      541

$                         —

$                         —

$                   3,401

Hilton Boston Downtown/Faneuil Hall


181

$                   4,651


$                  (3,615)

$                   2,142

$                         —

$                         —

$                  (1,473)

Hilton Burlington Lake Champlain


181

$                   3,956


$                     (497)

$                   1,248

$                         —

$                         —

$                      751

Hilton Garden Inn New York/Times Square Central


59

$                   1,633


$                  (4,037)

$                   1,679

$                         —

$                         —

$                  (2,358)

Hotel Clio


181

$                   7,423


$                  (1,576)

$                   1,573

$                   1,318

$                         10

$                   1,325

Hotel Emblem San Francisco


181

$                      772


$                  (1,355)

$                      615

$                         —

$                         —

$                     (740)

Hotel Palomar Phoenix


181

$                   6,075


$                     (509)

$                   1,354

$                         —

$                       568

$                   1,413

Kimpton Shorebreak Resort


181

$                   6,756


$                   1,298

$                      825

$                         —

$                         —

$                   2,123

L'Auberge de Sedona


181

$                 16,600


$                   6,020

$                      912

$                         —

$                         —

$                   6,932

Margaritaville Beach House Key West


181

$                 14,587


$                   6,945

$                   1,432

$                         —

$                         —

$                   8,377

Orchards Inn Sedona


181

$                   4,561


$                   1,604

$                      164

$                         —

$                         84

$                   1,852

Renaissance Charleston Historic District Hotel


181

$                   7,762


$                   2,086

$                      917

$                         —

$                         —

$                   3,003

Salt Lake City Marriott Downtown at City Creek


181

$                   5,563


$                  (1,223)

$                   1,044

$                    1,035

$                         11

$                      867

The Gwen Hotel


181

$                   7,041


$                  (2,516)

$                   2,188

$                         —

$                         —

$                     (328)

The Hythe Vail


181

$                 13,211


$                    3,435

$                   1,954

$                         —

$                         —

$                   5,389

The Landing Lake Tahoe Resort & Spa


181

$                   4,527


$                    1,113

$                      834

$                         —

$                         —

$                   1,947

The Lexington Hotel


—

$                        60


$                  (6,440)

$                   1,925

$                         13

$                         16

$                  (4,486)

The Lodge at Sonoma Resort


181

$                   6,947


$                     (732)

$                   1,008

$                       531

$                         —

$                      807

Westin Boston Seaport District


181

$                   7,632


$                (13,221)

$                   5,077

$                    4,155

$                     (245)

$                  (4,234)

Westin Fort Lauderdale Beach Resort


181

$                 24,935


$                   5,781

$                   2,154

$                         —

$                         —

$                   7,935

Westin San Diego Bayview


181

$                   5,437


$                  (2,893)

$                   1,666

$                    1,202

$                         —

$                       (25)

Westin Washington D.C. City Center


181

$                   1,807


$                  (5,614)

$                   2,210

$                    1,232

$                         —

$                  (2,172)

Worthington Renaissance Fort Worth Hotel


181

$                   9,847


$                  (3,425)

$                   2,229

$                    1,494

$                           4

$                      302

Total



$               197,728


$                (42,715)

$                 51,654

$                  12,881

$                    3,343

$                 25,207

Add: Prior Ownership Results (2)



$                 36,402


$                   4,942

$                   3,477

$                         —

$                         —

$                   8,419

Less: Sold Hotels (3)



$                       (60)


$                   6,440

$                  (1,925)

$                       (13)

$                       (16)

$                   4,486

Comparable Total



$               234,070


$               (31,333)

$                 53,206

$                  12,868

$                   3,327

$                 38,112

(1)  

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

(2)  

Represents the pre-acquisition operating results of our 2021 and 2022 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 2019













Days of
Operation

Total Revenues


Net Income /
(Loss)

Plus:
Depreciation

Plus:
Interest Expense

Plus:
Adjustments (1)

Equals: Hotel
Adjusted EBITDA

Atlanta Marriott Alpharetta


181

$                 10,172


$                   2,768

$                      934

$                         —

$                          —

$                   3,702

Cavallo Point, The Lodge at the Golden Gate


181

$                 19,967


$                   1,047

$                   3,729

$                         —

$                       142

$                   4,918

Chicago Marriott Downtown Magnificent Mile


181

$                 50,721


$                   5,239

$                   8,295

$                       118

$                      (795)

$                 12,857

Courtyard Denver Downtown


181

$                   5,537


$                   2,014

$                      584

$                         —

$                          —

$                   2,598

Courtyard New York Manhattan/Fifth Avenue


181

$                   7,226


$                     (622)

$                      881

$                         —

$                       507

$                      766

Courtyard New York Manhattan/Midtown East


181

$                 13,303


$                     (640)

$                   1,379

$                   1,922

$                         —

$                   2,661

Embassy Suites by Hilton Bethesda


181

$                   9,171


$                     (954)

$                      951

$                         —

$                    3,042

$                   3,039

Frenchman's Reef & Morning Star Marriott Beach Resort


—

$                        —


$                   8,800

$                         —

$                         —

$                         —

$                   8,800

Havana Cabana Key West


181

$                   5,354


$                   1,949

$                      480

$                         —

$                         —

$                   2,429

Hilton Boston Downtown/Faneuil Hall


181

$                 19,833


$                   4,853

$                   2,477

$                         —

$                         —

$                   7,330

Hilton Burlington Lake Champlain


181

$                   7,910


$                   1,466

$                   1,015

$                         —

$                         —

$                   2,481

Hilton Garden Inn New York/Times Square Central


181

$                 11,714


$                      787

$                   1,671

$                         —

$                         —

$                   2,458

Hotel Clio


181

$                   8,474


$                  (1,213)

$                   1,229

$                    1,370

$                         12

$                   1,398

Hotel Emblem San Francisco


181

$                   3,344


$                       (77)

$                      572

$                         —

$                         —

$                      495

Hotel Palomar Phoenix


181

$                 13,683


$                   2,743

$                   1,329

$                         76

$                       589

$                   4,737

Kimpton Shorebreak Resort


181

$                   8,424


$                   1,778

$                      698

$                         —

$                         81

$                   2,557

L'Auberge de Sedona


181

$                 13,622


$                   2,960

$                   1,017

$                         —

$                         —

$                   3,977

Margaritaville Beach House Key West


181

$                 10,240


$                   3,612

$                      682

$                         —

$                         —

$                   4,294

Orchards Inn Sedona


181

$                   4,292


$                      896

$                      475

$                         —

$                         84

$                   1,455

Renaissance Charleston Historic District Hotel


181

$                   8,168


$                   2,796

$                      821

$                         —

$                       (63)

$                   3,554

Salt Lake City Marriott Downtown at City Creek


181

$                 14,737


$                   2,752

$                   1,104

$                    1,210

$                         —

$                   5,066

The Gwen Hotel


181

$                 14,937


$                      773

$                   2,208

$                         —

$                         —

$                   2,981

The Hythe Vail, a Luxury Collection Resort


181

$                 19,880


$                   4,923

$                   2,025

$                         —

$                         —

$                   6,948

The Landing Lake Tahoe Resort & Spa


181

$                   3,558


$                     (792)

$                      761

$                         —

$                         —

$                       (31)

The Lexington Hotel


181

$                 29,534


$                  (3,098)

$                   7,085

$                         12

$                         16

$                   4,015

The Lodge at Sonoma Resort


181

$                 11,475


$                   1,165

$                   1,064

$                       558

$                         —

$                   2,787

Westin Boston Seaport District


181

$                 46,982


$                   3,873

$                   4,849

$                    4,324

$                     (120)

$                 12,926

Westin Fort Lauderdale Beach Resort


181

$                 30,115


$                   8,172

$                   3,178

$                         —

$                         —

$                 11,350

Westin San Diego Bayview


181

$                 17,679


$                   3,330

$                   2,262

$                    1,264

$                         —

$                   6,856

Westin Washington D.C. City Center


181

$                 17,410


$                   1,795

$                   2,639

$                    1,322

$                         —

$                   5,756

Worthington Renaissance Fort Worth Hotel


181

$                 22,831


$                   5,729

$                   1,937

$                    1,555

$                           4

$                   9,225

Total



$               460,293


$                 68,824

$                 58,331

$                  13,731

$                    3,499

$               144,280

Add: Prior Ownership Results (2)



$                 35,841


$                   5,343

$                   3,477

$                         —

$                         —

$                   8,820

Less: Sold Hotels (3)



$                (29,534)


$                  (5,702)

$                  (7,085)

$                       (12)

$                       (16)

$                (12,815)

Comparable Total



$               466,600


$                 68,465

$                 54,723

$                 13,719

$                   3,483

$               140,285

(1)  

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

(2)  

Represents the pre-acquisition operating results of our 2021 and 2022 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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