Quarter Ended September 30,

Change From

2022

2021

2019

2021

2019

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

Comparable Operating Results (1)

ADR

$            281.36

$            249.83

$            239.39

12.6 %

17.5 %

Occupancy

75.1 %

65.4 %

81.2 %

9.7 %

(6.1) %

RevPAR

$            211.40

$            163.45

$            194.40

29.3 %

8.7 %

Total RevPAR

$            306.35

$            228.71

$            274.93

33.9 %

11.4 %

Revenues

$              266.9

$              198.9

$              239.0

34.2 %

11.7 %

Hotel Adjusted EBITDA

$                84.2

$                53.5

$                72.4

57.4 %

16.3 %

Hotel Adjusted EBITDA Margin

31.55 %

26.89 %

30.30 %

466 bps

125 bps

Available Rooms

871,332

869,584

869,216

1,748

2,116

Actual Operating Results (2)

Revenues

$              268.2

$              179.5

$              240.3

49.4 %

11.6 %

Net income (loss)

$                28.6

$                 (1.8)

$                11.6

1688.9 %

146.6 %

Income (loss) per diluted share

$                0.12

$               (0.02)

$                0.06

700.0 %

100.0 %

Adjusted EBITDA

$                76.3

$                38.9

$                67.5

96.1 %

13.0 %

Adjusted FFO

$                60.6

$                20.9

$                55.3

190.0 %

9.6 %

Adjusted FFO per diluted share

$                0.28

$               0.10

$                0.27

180.0 %

3.7 %

Nine Months Ended September 30,

Change From

2022

2021

2019

2021

2019

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

Comparable Operating Results (1)

ADR

$            286.56

$            244.24

$            239.27

17.3 %

19.8 %

Occupancy

68.7 %

48.3 %

78.6 %

20.4 %

(9.9) %

RevPAR

$            196.84

$            117.85

$            188.15

67.0 %

4.6 %

Total RevPAR

$            287.91

$            167.80

$            273.66

71.6 %

5.2 %

Revenues

$              743.6

$              433.0

$              705.6

71.7 %

5.4 %

Hotel Adjusted EBITDA

$              236.3

$                91.6

$              212.7

158.0 %

11.1 %

Hotel Adjusted EBITDA Margin

31.78 %

21.15 %

30.15 %

1,063 bps

163 bps

Available Rooms

2,582,857

2,580,187

2,578,264

2,670

4,593

Actual Operating Results (2)

Revenues

$              746.4

$              377.2

$              700.6

97.9 %

6.5 %

Net income (loss)

$                91.3

$             (192.5)

$                49.6

147.4 %

84.1 %

Income (loss) per diluted share

$                0.39

$               (0.94)

$                0.24

141.5 %

62.5 %

Adjusted EBITDA

$              213.2

$                49.1

$              197.8

334.2 %

7.8 %

Adjusted FFO

$              168.0

$                  7.2

$              162.3

2233.3 %

3.5 %

Adjusted FFO per diluted share

$                0.78

$               0.03

$                0.80

2500.0 %

(2.5) %

(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.

January 2022

February  2022

March2022

April2022

May2022

June2022

Number of Hotels

33

33

33

33

33

33

Number of Rooms

9,454

9,454

9,454

9,454

9,454

9,471

Occupancy

41.3 %

57.9 %

68.4 %

72.4 %

72.9 %

79.4 %

ADR

$245.13

$283.49

$296.22

$291.71

$297.08

$302.78

RevPAR

$101.19

$164.25

$202.67

$211.29

$216.62

$240.37

Total RevPAR

$154.77

$242.91

$298.92

$304.35

$325.36

$344.28

2022 vs 2019

Occupancy change in bps

(2,216) bps

(1,633) bps

(1,062) bps

(882) bps

(740) bps

(634) bps

ADR Rate % change

20.6 %

29.1 %

21.7 %

17.5 %

16.1 %

19.3 %

RevPAR % change

(21.5) %

0.7 %

5.3 %

4.7 %

5.4 %

10.5 %

Total RevPAR % change

(22.2) %

(2.3) %

6.1 %

4.3 %

7.0 %

10.2 %

July2022

August2022

September2022

PreliminaryOctober 2022

Number of Hotels

33

33

33

33

Number of Rooms

9,471

9,471

9,471

9,471

Occupancy

74.9 %

74.6 %

75.9 %

74.8 %

ADR

$286.18

$261.49

$296.63

$306.32

RevPAR

$214.31

$195.19

$225.13

$229.24

Total RevPAR

$305.82

$285.29

$328.66

$337.21

2022 vs 2019

Occupancy change in bps

(750) bps

(677) bps

(386) bps

(670) bps

ADR Rate % change

21.7 %

15.2 %

15.4 %

16.2 %

RevPAR % change

10.6 %

5.6 %

9.8 %

6.7 %

Total RevPAR % change

12.4 %

9.5 %

12.2 %

7.8 %

DIAMONDROCK HOSPITALITY COMPANY CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

September 30, 2022

December 31, 2021

ASSETS

(unaudited)

Property and equipment, net

$                  2,674,380

$                 2,651,444

Right-of-use assets

99,332

100,212

Restricted cash

45,989

36,887

Due from hotel managers

182,845

120,671

Prepaid and other assets

69,792

17,472

Cash and cash equivalents

313,871

38,620

Total assets

$                  3,386,209

$                 2,965,306

LIABILITIES AND EQUITY

Liabilities:

Mortgage and other debt, net of unamortized debt issuance costs

$                      567,369

$                    578,651

Unsecured term loans, net of unamortized debt issuance costs

799,071

398,572

Senior unsecured credit facility

—

90,000

Total debt

1,366,440

1,067,223

Lease liabilities

110,287

108,605

Deferred rent

64,132

60,800

Due to hotel managers

123,837

85,493

Unfavorable contract liabilities, net

61,484

62,780

Accounts payable and accrued expenses

41,190

51,238

Distributions declared and unpaid

6,489

—

Deferred income related to key money, net

8,888

8,203

Total liabilities

1,782,747

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       September 30, 2022 and December 31, 2021

48

48

    Common stock, $0.01 par value; 400,000,000 shares authorized; 210,944,517    and 210,746,895 shares issued and outstanding at September 30, 2022 and     December 31, 2021, respectively

2,109

2,107

Additional paid-in capital

2,298,866

2,293,990

Distributions in excess of earnings

(703,747)

(780,931)

Total stockholders' equity

1,597,276

1,515,214

Noncontrolling interests

6,186

5,750

Total equity

1,603,462

1,520,964

Total liabilities and equity

$                  3,386,209

$                 2,965,306

DIAMONDROCK HOSPITALITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

(unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2022

2021

2022

2021

Revenues:

Rooms

$               184,994

$               128,743

$               510,189

$               266,051

Food and beverage

61,940

36,513

176,294

76,052

Other

21,274

14,216

59,965

35,097

Total revenues

268,208

179,472

746,448

377,200

Operating Expenses:

Rooms

43,899

32,442

120,374

67,736

Food and beverage

43,227

26,957

119,919

58,091

Management fees

6,697

3,104

17,029

6,514

Franchise fees

8,709

6,011

23,212

12,193

Other hotel expenses

83,318

66,399

234,325

167,208

Depreciation and amortization

27,053

25,555

81,097

77,209

Impairment losses

—

—

2,843

126,697

Corporate expenses

7,516

8,341

22,275

23,790

Business interruption insurance income

—

—

(499)

—

Total operating expenses, net

220,419

168,809

620,575

539,438

Interest and other expense (income), net

152

11

1,044

(460)

Interest expense

9,072

10,052

22,866

29,246

Loss on early extinguishment of debt

9,698

—

9,698

—

  Total other expenses, net

18,922

10,063

33,608

28,786

Income (loss) before income taxes

28,867

600

92,265

(191,024)

Income tax expense

(312)

(2,371)

(949)

(1,433)

Net income (loss)

28,555

(1,771)

91,316

(192,457)

Less:  Net (income) loss attributable to noncontrolling interests

(99)

6

(315)

812

Net income (loss) attributable to the Company

28,456

(1,765)

91,001

(191,645)

Distributions to preferred stockholders

(2,454)

(2,454)

(7,362)

(7,362)

Net income (loss) attributable to common stockholders

$                 26,002

$                  (4,219)

$                 83,639

$             (199,007)

Earnings (loss) per share:

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

$                     0.12

$                    (0.02)

$                     0.39

$                   (0.94)

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

$                      0.12

$                    (0.02)

$                      0.39

$                   (0.94)

Weighted-average number of common shares outstanding:

Basic

212,878,364

212,256,590

212,736,133

211,966,969

Diluted

214,145,329

212,256,590

213,459,354

211,966,969

EBITDA, EBITDAre and Adjusted EBITDA

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

Three Months Ended September 30,

2022

2021

2019

Net income (loss)

$               28,555

$               (1,771)

$               11,574

Interest expense

9,072

10,052

14,184

Income tax expense

312

2,371

1,217

Real estate related depreciation and amortization

27,053

25,555

29,474

EBITDAre

64,992

36,207

56,449

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

—

335

6,378

Non-cash lease expense and other amortization

1,551

1,664

1,750

Hotel manager transition items

11

523

582

Uninsured costs related to natural disasters

—

187

—

Loss on early extinguishment of debt

9,698

—

2,373

Adjusted EBITDA

$               76,252

$               38,916

$               67,532

Nine Months Ended September 30,

2022

2021

2019

Net income (loss)

$               91,316

$           (192,457)

$               49,628

Interest expense

22,866

29,246

38,264

Income tax expense

949

1,433

1,939

Real estate related depreciation and amortization

81,097

77,209

87,805

EBITDA

196,228

(84,569)

177,636

Impairment losses

2,843

126,697

—

EBITDAre

199,071

42,128

177,636

Non-cash lease expense and other amortization

4,675

5,007

5,249

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

—

1,388

11,445

Uninsured costs related to natural disasters

—

187

—

Loss on early extinguishment of debt

9,698

—

2,373

Severance costs (2)

(532)

(216)

—

Hotel manager transition items

247

651

1,050

Adjusted EBITDA

$             213,159

$               49,145

$             197,753

(1)

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

(2)

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.

Three Months Ended September 30,

2022

2021

2019

Net income (loss)

$               28,555

$               (1,771)

$              11,574

Interest expense

9,072

10,052

14,184

Income tax expense

312

2,371

1,217

Real estate related depreciation and amortization

27,053

25,555

29,474

EBITDA

64,992

36,207

56,449

Corporate expenses

7,516

8,341

6,318

Interest and other expense (income), net

152

11

(102)

Uninsured costs related to natural disasters

—

187

—

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

—

335

6,378

Loss on early extinguishment of debt

9,698

—

2,373

Hotel EBITDA

82,358

45,081

71,416

Non-cash lease expense and other amortization

1,551

1,664

1,750

Hotel manager transition items

11

523

582

Hotel Adjusted EBITDA

$               83,920

$               47,268

$              73,748

Nine Months Ended September 30,

2022

2021

2019

Net income (loss)

$               91,316

$           (192,457)

$              49,628

Interest expense

22,866

29,246

38,264

Income tax expense

949

1,433

1,939

Real estate related depreciation and amortization

81,097

77,209

87,805

EBITDA

196,228

(84,569)

177,636

Corporate expenses

22,275

23,790

20,785

Interest and other expense (income), net

1,044

(460)

(510)

Uninsured costs related to natural disasters

—

187

—

Loss on early extinguishment of debt

9,698

—

2,373

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

—

1,388

11,445

Impairment losses

2,843

126,697

—

Hotel EBITDA

232,088

67,033

211,729

Non-cash lease expense and other amortization

4,675

5,007

5,249

Hotel manager transition items

247

651

1,050

Severance costs (2)

(532)

(216)

—

Hotel Adjusted EBITDA

$             236,478

$               72,475

$            218,028

(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.

Three Months Ended September 30,

2022

2021

2019

Net income (loss)

$               28,555

$               (1,771)

$               11,574

Real estate related depreciation and amortization

27,053

25,555

29,474

Impairment losses, net of tax

—

(2,215)

—

FFO

55,608

21,569

41,048

Distribution to preferred stockholders

(2,454)

(2,454)

—

FFO available to common stock and unit holders

53,154

19,115

41,048

Non-cash lease expense and other amortization

1,551

1,664

1,750

Uninsured costs related to natural disasters

—

187

—

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

—

335

6,378

Loss on early extinguishment of debt

9,698

—

2,373

Hotel manager transition items

11

523

582

Fair value adjustments to interest rate swaps

(3,780)

(919)

3,143

Adjusted FFO available to common stock and unit holders

$               60,634

$               20,905

$               55,274

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

$                   0.28

$                   0.10

$                   0.27

Nine Months Ended September 30,

2022

2021

2019

Net income (loss)

$               91,316

$           (192,457)

$               49,628

Real estate related depreciation and amortization

81,097

77,209

87,805

Impairment losses, net of tax

2,843

127,282

—

FFO

175,256

12,034

137,433

Distribution to preferred stockholders

(7,362)

(7,362)

—

FFO available to common stock and unit holders

167,894

4,672

137,433

Non-cash lease expense and other amortization

4,675

5,007

5,249

Uninsured costs related to natural disasters

—

187

—

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

—

1,388

11,445

Hotel manager transition items

247

651

1,050

Loss on early extinguishment of debt

9,698

(216)

2,373

Severance costs (2)

(532)

—

—

Fair value adjustments to interest rate swaps

(14,002)

(4,488)

4,790

Adjusted FFO available to common stock and unit holders

$             167,980

$                 7,201

$             162,340

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

$                   0.78

$                   0.03

$                   0.80

(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.

Three Months Ended September 30,

2022

2021

2019

Revenues

$       268,208

$       179,472

$       240,279

Hotel revenues from prior ownership (1)

(1,275)

19,413

17,036

Hotel revenues from sold hotels (2)

—

—

(18,338)

Comparable Revenues

$       266,933

$       198,885

$       238,977

Hotel Adjusted EBITDA

$         83,920

$         47,268

$         73,748

Hotel Adjusted EBITDA from prior ownership (1)

291

6,026

3,601

Hotel Adjusted EBITDA from sold hotels (2)

—

178

(4,938)

Comparable Hotel Adjusted EBITDA

$         84,211

$         53,472

$         72,411

Hotel Adjusted EBITDA Margin

31.29 %

26.34 %

30.69 %

Comparable Hotel Adjusted EBITDA Margin

31.55 %

26.89 %

30.30 %

Nine Months Ended September 30,

2022

2021

2019

Revenues

$       746,448

$       377,200

$       700,572

Hotel revenues from prior ownership (1)

(3,237)

55,816

52,876

Hotel revenues from sold hotels (2)

430

(60)

(47,872)

Comparable Revenues

$       743,641

$       432,956

$       705,576

Hotel Adjusted EBITDA

$       236,478

$         72,475

$       218,028

Hotel Adjusted EBITDA from prior ownership (1)

(62)

14,445

12,426

Hotel Adjusted EBITDA from sold hotels (2)

(106)

4,664

(17,758)

Comparable Hotel Adjusted EBITDA

$      236,310

$         91,584

$       212,696

Hotel Adjusted EBITDA Margin

31.68 %

19.21 %

31.12 %

Comparable Hotel Adjusted EBITDA Margin

31.78 %

21.15 %

30.15 %

(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.  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.

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

Quarter 3, 2022

ADR

$          279.09

$          297.36

$          281.36

Occupancy

55.8 %

74.9 %

75.1 %

RevPAR

$          155.76

$          222.70

$          211.40

Total RevPAR

$          231.84

$          324.68

$          306.35

Revenues (in thousands)

$        197,263

$        279,445

$        266,933

Hotel Adjusted EBITDA (in thousands)

$          51,121

$        100,978

$          84,211

Hotel Adjusted EBITDA Margin

25.92 %

36.14 %

31.55 %

Available Rooms

850,842

860,683

871,332

Market Capitalization as of September 30, 2022

(in thousands)

Enterprise Value

Common equity capitalization (at September 30, 2022 closing price of $7.51/share)

$              1,615,230

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

119,000

Consolidated debt (face amount)

1,368,651

Cash and cash equivalents

(313,871)

Total enterprise value

$              2,789,010

Share Reconciliation

Common shares outstanding

210,945

Operating partnership units

817

Unvested restricted stock held by management and employees

1,365

Share grants under deferred compensation plan

1,950

Combined shares and units

215,077

Debt Summary as of November 3, 2022

(dollars in thousands)

Loan

Interest Rate

Term

Outstanding Principal

Maturity

Westin San Diego Bayview

3.94 %

Fixed

57,163

April 2023

Courtyard New York Manhattan / Midtown East

4.40 %

Fixed

76,445

August 2024

Worthington Renaissance Fort Worth Hotel

3.66 %

Fixed

75,933

May 2025

Hotel Clio

4.33 %

Fixed

57,692

July 2025

Westin Boston Seaport District

4.36 %

Fixed

179,208

November 2025

     Unamortized debt issuance costs

(1,218)

Total mortgage debt, net of unamortized debt issuance costs

445,223

Unsecured term loan

SOFR + 1.35%

Variable

500,000

January 2028

Unsecured term loan

SOFR + 1.35%

Variable

300,000

January 2025 (1)

     Unamortized debt issuance costs

(907)

Unsecured term loans, net of unamortized debt issuance costs

799,093

Senior unsecured credit facility

SOFR + 1.40%

Variable

—

September 2026 (1)

Total debt, net of unamortized debt issuance costs

$    1,244,316

Weighted-average interest rate of fixed rate debt

3.92 %

Total weighted-average interest rate (2)

4.54 %

(1)

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

(2)

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

Monthly Operating Statistics (1)

Number of Rooms

ADR

Occupancy

RevPAR

July 2022

July 2021

B/(W) 2021

July 2022

July  2021

B/(W) 2021

July 2022

July 2021

B/(W) 2021

Total - 33 Hotels

9,471

$         286.18

$         259.43

10.3 %

74.9 %

70.2 %

4.7 %

$         214.31

$         182.00

17.8 %

Resort/Lifestyle - 20 Hotels

3,656

$         373.15

$         371.90

0.3 %

74.1 %

75.3 %

(1.2) %

$         276.43

$         280.02

(1.3) %

Number of Rooms

ADR

July 2019

B/(W) 2019

Occupancy

July 2019

B/(W) 2019

RevPAR

July 2019

B/(W) 2019

Total - 33 Hotels

9,471

$         286.18

$         235.11

21.7 %

74.9 %

82.4 %

(7.5) %

$         214.31

$         193.72

10.6 %

Resort/Lifestyle - 20 Hotels

3,656

$         373.15

$         262.65

42.1 %

74.1 %

81.6 %

(7.5) %

$         276.43

$         214.40

28.9 %

Number of Rooms

ADR

August 2021

B/(W) 2021

Occupancy

August 2021

B/(W) 2021

RevPAR

August 2021

B/(W) 2021

Total - 33 Hotels

9,471

$         261.49

$         237.99

9.9 %

74.6 %

63.6 %

11.0 %

$         195.19

$         151.37

28.9 %

Resort/Lifestyle - 20 Hotels

3,656

$         333.49

$         335.02

(0.5) %

72.5 %

64.3 %

8.2 %

$         241.79

$         215.31

12.3 %

Number of Rooms

ADR

August 2019

B/(W) 2019

Occupancy

August 2019

B/(W) 2019

RevPAR

August 2019

B/(W) 2019

Total - 33 Hotels

9,471

$         261.49

$         226.98

15.2 %

74.6 %

81.4 %

(6.8) %

$         195.19

$         184.80

5.6 %

Resort/Lifestyle - 20 Hotels

3,656

$         333.49

$         252.70

32.0 %

72.5 %

78.6 %

(6.1) %

$         241.79

$         198.53

21.8 %

Number of Rooms

ADR

September 2021

B/(W) 2021

Occupancy

September 2021

B/(W) 2021

RevPAR

September 2021

B/(W) 2021

Total - 33 Hotels

9,471

$         296.63

$         251.13

18.1 %

75.9 %

62.4 %

13.5 %

$         225.13

$         156.76

43.6 %

Resort/Lifestyle - 20 Hotels

3,656

$         343.17

$         328.84

4.4 %

70.3 %

63.0 %

7.3 %

$         241.14

$         207.21

16.4 %

Number of Rooms

ADR

September 2019

B/(W) 2019

Occupancy

September 2019

B/(W) 2019

RevPAR

September 2019

B/(W) 2019

Total - 33 Hotels

9,471

$         296.63

$         257.04

15.4 %

75.9 %

79.8 %

(3.9) %

$         225.13

$         205.01

9.8 %

Resort/Lifestyle - 20 Hotels

3,656

$         343.17

$         257.73

33.2 %

70.3 %

72.0 %

(1.7) %

$         241.14

$         185.66

29.9 %

(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 – Third Quarter

Number of Rooms

ADR

Occupancy

RevPAR

3Q 2022

3Q 2021

B/(W) 2021

3Q 2022

3Q 2021

B/(W) 2021

3Q 2022

3Q 2021

B/(W) 2021

Atlanta Marriott Alpharetta

318

$         155.35

$         119.77

29.7 %

60.7 %

63.2 %

(2.5) %

$          94.35

$          75.75

24.6 %

Bourbon Orleans Hotel

220

$         198.82

$         185.94

6.9 %

67.0 %

57.4 %

9.6 %

$         133.24

$         106.65

24.9 %

Cavallo Point, The Lodge at the Golden Gate

142

$         723.68

$         697.33

3.8 %

50.8 %

58.6 %

(7.8) %

$         367.33

$         408.40

(10.1) %

Chicago Marriott Downtown Magnificent Mile

1,200

$         253.84

$         204.01

24.4 %

72.9 %

54.4 %

18.5 %

$         185.02

$         110.97

66.7 %

Courtyard Denver Downtown

177

$         232.76

$         198.04

17.5 %

83.0 %

77.0 %

6.0 %

$         193.21

$         152.42

26.8 %

Courtyard New York Manhattan/Fifth Avenue

189

$         288.20

$         188.42

53.0 %

96.8 %

94.3 %

2.5 %

$         279.10

$         177.64

57.1 %

Courtyard New York Manhattan/Midtown East

321

$         338.74

$         221.26

53.1 %

90.7 %

77.5 %

13.2 %

$         307.21

$         171.52

79.1 %

Embassy Suites by Hilton Bethesda

272

$         140.80

$         118.48

18.8 %

56.9 %

41.1 %

15.8 %

$          80.12

$          48.73

64.4 %

Havana Cabana Key West

106

$         259.31

$         289.47

(10.4) %

80.0 %

85.6 %

(5.6) %

$         207.40

$         247.92

(16.3) %

Henderson Beach Resort

233

$         501.78

$         518.47

(3.2) %

75.6 %

74.8 %

0.8 %

$         379.49

$         387.81

(2.1) %

Henderson Park Inn

37

$         711.75

$         728.19

(2.3) %

81.3 %

93.7 %

(12.4) %

$         578.98

$         681.98

(15.1) %

Hilton Boston Downtown/Faneuil Hall

403

$         334.30

$         236.15

41.6 %

88.2 %

82.3 %

5.9 %

$         294.90

$         194.26

51.8 %

Hilton Burlington Lake Champlain

258

$         315.25

$         304.18

3.6 %

88.5 %

83.1 %

5.4 %

$         279.11

$         252.78

10.4 %

Hilton Garden Inn New York/Times Square Central

282

$         276.98

$         178.29

55.4 %

98.4 %

89.6 %

8.8 %

$         272.65

$         159.71

70.7 %

Hotel Clio

199

$         329.77

$         291.32

13.2 %

76.3 %

77.5 %

(1.2) %

$         251.56

$         225.78

11.4 %

Hotel Emblem San Francisco

96

$         244.50

$         163.36

49.7 %

80.7 %

61.4 %

19.3 %

$         197.39

$         100.30

96.8 %

Hotel Palomar Phoenix

242

$         172.35

$         166.94

3.2 %

61.7 %

56.3 %

5.4 %

$         106.41

$          93.95

13.3 %

Kimpton Fort Lauderdale Beach Resort

96

$         157.26

$         182.66

(13.9) %

57.5 %

46.9 %

10.6 %

$          90.40

$          85.67

5.5 %

Kimpton Shorebreak Resort

157

$         406.55

$         390.89

4.0 %

88.0 %

79.9 %

8.1 %

$         357.63

$         312.46

14.5 %

L'Auberge de Sedona

88

$         766.54

$         833.84

(8.1) %

68.8 %

73.0 %

(4.2) %

$         527.38

$         609.01

(13.4) %

Margaritaville Beach House Key West

186

$         353.53

$         382.97

(7.7) %

70.5 %

76.3 %

(5.8) %

$         249.32

$         292.20

(14.7) %

Orchards Inn Sedona

70

$         228.40

$         263.02

(13.2) %

65.4 %

66.1 %

(0.7) %

$         149.38

$         173.86

(14.1) %

Renaissance Charleston Historic District Hotel

167

$         340.67

$         322.94

5.5 %

85.6 %

89.8 %

(4.2) %

$         291.51

$         290.15

0.5 %

Salt Lake City Marriott Downtown at City Creek

510

$         173.45

$         166.22

4.3 %

67.9 %

56.4 %

11.5 %

$         117.76

$          93.79

25.6 %

The Gwen Hotel

311

$         329.43

$         271.16

21.5 %

78.7 %

71.3 %

7.4 %

$         259.15

$         193.23

34.1 %

The Hythe Vail

344

$         269.70

$         262.06

2.9 %

64.9 %

45.9 %

19.0 %

$         174.94

$         120.41

45.3 %

The Landing Lake Tahoe Resort & Spa

82

$         670.73

$         725.58

(7.6) %

63.1 %

42.1 %

21.0 %

$         423.03

$         305.18

38.6 %

The Lodge at Sonoma Resort

182

$         502.90

$         424.58

18.4 %

70.5 %

72.0 %

(1.5) %

$         354.59

$         305.73

16.0 %

Tranquility Bay Beachfront Resort

103

$         588.88

$         576.74

2.1 %

63.7 %

74.0 %

(10.3) %

$         375.17

$         427.01

(12.1) %

Westin Boston Waterfront

793

$         249.19

$         210.10

18.6 %

86.4 %

63.9 %

22.5 %

$         215.40

$         134.26

60.4 %

Westin Fort Lauderdale Beach Resort

433

$         201.15

$         200.44

0.4 %

67.8 %

57.6 %

10.2 %

$         136.47

$         115.37

18.3 %

Westin San Diego Bayview

436

$         216.33

$         174.42

24.0 %

87.4 %

74.2 %

13.2 %

$         189.13

$         129.40

46.2 %

Westin Washington D.C. City Center

410

$         196.28

$         143.36

36.9 %

61.3 %

43.7 %

17.6 %

$         120.35

$          62.66

92.1 %

Worthington Renaissance Fort Worth Hotel

504

$         176.37

$         146.48

20.4 %

65.8 %

62.7 %

3.1 %

$         115.99

$          91.79

26.4 %

Comparable Total (1)

9,471

$         281.36

$         249.83

12.6 %

75.1 %

65.4 %

9.7 %

$         211.40

$         163.45

29.3 %

  (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 – Third Quarter