Quarter Ended March 31, | Change From | |||||||||||||||||||
2022 | 2021 | 2019 | 2021 | 2019 | ||||||||||||||||
($ amounts in millions, except hotel statistics and per share amounts) | ||||||||||||||||||||
Comparable Operating Results (1) | ||||||||||||||||||||
ADR | $ | 279.09 | $ | 236.48 | $ | 223.66 | 18.0 | % | 24.8 | % | ||||||||||
Occupancy | 55.8 | % | 29.6 | % | 72.2 | % | 26.2 | % | (16.4) | % | ||||||||||
RevPAR | $ | 155.76 | $ | 70.08 | $ | 161.44 | 122.3 | % | (3.5) | % | ||||||||||
Total RevPAR | $ | 231.84 | $ | 101.74 | $ | 242.88 | 127.9 | % | (4.5) | % | ||||||||||
Revenues | $ | 197.3 | $ | 86.5 | $ | 206.4 | 128.1 | % | (4.4) | % | ||||||||||
Hotel Adjusted EBITDA | $ | 51.1 | $ | 2.2 | $ | 51.0 | 2222.7 | % | 0.2 | % | ||||||||||
Hotel Adjusted EBITDA Margin | 25.92 | % | 2.49 | % | 24.70 | % | 2,343 bps | 122 bps | ||||||||||||
Available Rooms | 850,842 | 850,500 | 849,674 | 342 | 1,168 | |||||||||||||||
Actual Operating Results (2) | ||||||||||||||||||||
Revenues | $ | 196.8 | $ | 72.9 | $ | 202.4 | 170.0 | % | (2.8) | % | ||||||||||
Net income (loss) | $ | 10.1 | $ | (171.6) | $ | 9.0 | 105.9 | % | 12.2 | % | ||||||||||
Income (loss) per diluted share | $ | 0.04 | $ | (0.82) | $ | 0.04 | 104.9 | % | — | % | ||||||||||
Adjusted EBITDA | $ | 44.9 | $ | (9.6) | $ | 49.2 | 567.7 | % | (8.7) | % | ||||||||||
Adjusted FFO | $ | 30.9 | $ | (24.9) | $ | 41.9 | 224.1 | % | (26.3) | % | ||||||||||
Adjusted FFO per diluted share | $ | 0.14 | $ | (0.12) | $ | 0.21 | 216.7 | % | (33.3) | % |
January 2022 | February 2022 | March 2022 | Preliminary April 2022 (1) | |||||||||||||||||||||||
Number of Hotels | 33 | 33 | 33 | 33 | ||||||||||||||||||||||
Number of Rooms | 9,454 | 9,454 | 9,454 | 9,454 | ||||||||||||||||||||||
Occupancy | 41.3 | % | 57.9 | % | 68.4 | % | 72.3 | % | ||||||||||||||||||
ADR | $245.13 | $283.49 | $296.22 | $292.68 | ||||||||||||||||||||||
RevPAR | $101.19 | $164.25 | $202.67 | $211.48 | ||||||||||||||||||||||
Total RevPAR | $154.77 | $242.91 | $298.92 | $303.87 | ||||||||||||||||||||||
2022 vs 2019 | ||||||||||||||||||||||||||
Occupancy change in bps | (2,216) bps | (1,633) bps | (1,062) bps | (895) bps | ||||||||||||||||||||||
ADR Rate % change | 20.6 | % | 29.1 | % | 21.7 | % | 17.9 | % | ||||||||||||||||||
RevPAR % change | (21.5) | % | 0.7 | % | 5.3 | % | 4.8 | % | ||||||||||||||||||
Total RevPAR % change | (22.2) | % | (2.3) | % | 6.1 | % | 4.2 | % |
March 31, 2022 | December 31, 2021 | ||||||||||
ASSETS | (unaudited) | ||||||||||
Property and equipment, net | $ | 2,659,123 | $ | 2,651,444 | |||||||
Right-of-use assets | 97,067 | 100,212 | |||||||||
Restricted cash | 38,882 | 36,887 | |||||||||
Due from hotel managers | 154,199 | 120,671 | |||||||||
Prepaid and other assets | 98,375 | 17,472 | |||||||||
Cash and cash equivalents | 41,581 | 38,620 | |||||||||
Total assets | $ | 3,089,227 | $ | 2,965,306 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Liabilities: | |||||||||||
Mortgage and other debt, net of unamortized debt issuance costs | $ | 574,909 | $ | 578,651 | |||||||
Unsecured term loans, net of unamortized debt issuance costs | 398,668 | 398,572 | |||||||||
Senior unsecured credit facility | 200,000 | 90,000 | |||||||||
Total debt | 1,173,577 | 1,067,223 | |||||||||
Lease liabilities | 109,149 | 108,605 | |||||||||
Deferred rent | 61,955 | 60,800 | |||||||||
Due to hotel managers | 102,879 | 85,493 | |||||||||
Unfavorable contract liabilities, net | 62,313 | 62,780 | |||||||||
Accounts payable and accrued expenses | 41,331 | 51,238 | |||||||||
Deferred income related to key money, net | 9,103 | 8,203 | |||||||||
Total liabilities | 1,560,307 | 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 March 31, 2022 and December 31, 2021 | 48 | 48 | |||||||||
Common stock, $0.01 par value; 400,000,000 shares authorized; 210,861,105 and 210,746,895 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 2,109 | 2,107 | |||||||||
Additional paid-in capital | 2,294,129 | 2,293,990 | |||||||||
Deficit | (773,357) | (780,931) | |||||||||
Total stockholders’ equity | 1,522,929 | 1,515,214 | |||||||||
Noncontrolling interests | 5,991 | 5,750 | |||||||||
Total equity | 1,528,920 | 1,520,964 | |||||||||
Total liabilities and equity | $ | 3,089,227 | $ | 2,965,306 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Revenues: | |||||||||||
Rooms | $ | 132,170 | $ | 50,412 | |||||||
Food and beverage | 45,748 | 13,925 | |||||||||
Other | 18,915 | 8,600 | |||||||||
Total revenues | 196,833 | 72,937 | |||||||||
Operating Expenses: | |||||||||||
Rooms | 33,830 | 13,828 | |||||||||
Food and beverage | 33,221 | 11,561 | |||||||||
Management fees | 4,020 | 1,119 | |||||||||
Franchise fees | 5,810 | 2,447 | |||||||||
Other hotel expenses | 70,509 | 48,935 | |||||||||
Depreciation and amortization | 26,655 | 26,962 | |||||||||
Impairment losses | 2,843 | 122,552 | |||||||||
Corporate expenses | 6,033 | 7,159 | |||||||||
Business interruption insurance income | (499) | — | |||||||||
Total operating expenses, net | 182,422 | 234,563 | |||||||||
Interest and other expense (income), net | 286 | (156) | |||||||||
Interest expense | 4,119 | 8,484 | |||||||||
Total other expenses, net | 4,405 | 8,328 | |||||||||
Income (loss) before income taxes | 10,006 | (169,954) | |||||||||
Income tax benefit (expense) | 54 | (1,613) | |||||||||
Net income (loss) | 10,060 | (171,567) | |||||||||
Less: Net (income) loss attributable to noncontrolling interests | (32) | 720 | |||||||||
Net income (loss) attributable to the Company | 10,028 | (170,847) | |||||||||
Distributions to preferred stockholders | (2,454) | (2,454) | |||||||||
Net income (loss) attributable to common stockholders | $ | 7,574 | $ | (173,301) | |||||||
Earnings (loss) per share: | |||||||||||
Earnings (loss) per share available to common stockholders - basic | $ | 0.04 | $ | (0.82) | |||||||
Earnings (loss) per share available to common stockholders - diluted | $ | 0.04 | $ | (0.82) | |||||||
Weighted-average number of common shares outstanding: | |||||||||||
Basic | 212,491,561 | 211,671,581 | |||||||||
Diluted | 213,150,818 | 211,671,581 |
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | 2019 | |||||||||||||||
Net income (loss) | $ | 10,060 | $ | (171,567) | $ | 8,980 | |||||||||||
Interest expense | 4,119 | 8,484 | 11,662 | ||||||||||||||
Income tax (benefit) expense | (54) | 1,613 | (3,849) | ||||||||||||||
Real estate related depreciation and amortization | 26,655 | 26,962 | 28,996 | ||||||||||||||
EBITDA | 40,780 | (134,508) | 45,789 | ||||||||||||||
Impairment losses | 2,843 | 122,552 | — | ||||||||||||||
EBITDAre | 43,623 | (11,956) | 45,789 | ||||||||||||||
Non-cash lease expense and other amortization | 1,568 | 1,672 | 1,715 | ||||||||||||||
Professional fees and pre-opening costs related to Frenchman's Reef (1) | — | 575 | 1,367 | ||||||||||||||
Hotel manager transition items | 249 | 128 | 297 | ||||||||||||||
Gain on property insurance settlement | — | — | — | ||||||||||||||
Severance costs (2) | (532) | 10 | — | ||||||||||||||
Adjusted EBITDA | $ | 44,908 | $ | (9,571) | $ | 49,168 |
Year Ended December 31, | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | 2019 | |||||||||||||||
Net income (loss) | $ | 10,060 | $ | (171,567) | $ | 8,980 | |||||||||||
Interest expense | 4,119 | 8,484 | 11,662 | ||||||||||||||
Income tax (benefit) expense | (54) | 1,613 | (3,849) | ||||||||||||||
Real estate related depreciation and amortization | 26,655 | 26,962 | 28,996 | ||||||||||||||
EBITDA | 40,780 | (134,508) | 45,789 | ||||||||||||||
Corporate expenses | 6,033 | 7,159 | 7,064 | ||||||||||||||
Interest and other expense (income), net | 286 | (156) | (303) | ||||||||||||||
Professional fees and pre-opening costs related to Frenchman's Reef (1) | — | 575 | 1,367 | ||||||||||||||
Impairment losses | 2,843 | 122,552 | — | ||||||||||||||
Gain on property insurance settlement | — | — | — | ||||||||||||||
Hotel EBITDA | 49,942 | (4,378) | 53,917 | ||||||||||||||
Non-cash lease expense and other amortization | 1,568 | 1,672 | 1,715 | ||||||||||||||
Hotel manager transition items | 249 | 128 | 297 | ||||||||||||||
Severance costs (2) | (532) | 10 | — | ||||||||||||||
Hotel Adjusted EBITDA | $ | 51,227 | $ | (2,568) | $ | 55,929 |
Year Ended December 31, | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | 2019 | |||||||||||||||
Net (loss) income | $ | 10,060 | $ | (171,567) | $ | 8,980 | |||||||||||
Real estate related depreciation and amortization | 26,655 | 26,962 | 28,996 | ||||||||||||||
Impairment losses, net of tax | 2,843 | 122,552 | — | ||||||||||||||
FFO | 39,558 | (22,053) | 37,976 | ||||||||||||||
Distribution to preferred stockholders | (2,454) | (2,454) | — | ||||||||||||||
FFO available to common stock and unit holders | 37,104 | (24,507) | 37,976 | ||||||||||||||
Non-cash lease expense and other amortization | 1,568 | 1,672 | 1,715 | ||||||||||||||
Professional fees and pre-opening costs related to Frenchman's Reef (1) | — | 575 | 1,367 | ||||||||||||||
Hotel manager transition items | 249 | 128 | 297 | ||||||||||||||
Severance costs (2) | (532) | 10 | — | ||||||||||||||
Fair value adjustments to interest rate swaps | (7,502) | (2,731) | 572 | ||||||||||||||
Adjusted FFO available to common stock and unit holders | $ | 30,887 | $ | (24,853) | $ | 41,927 | |||||||||||
Adjusted FFO available to common stock and unit holders, per diluted share | $ | 0.14 | $ | (0.12) | $ | 0.21 |
Year Ended December 31, | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2022 | 2021 | 2019 | |||||||||||||||
Revenues | $ | 196,833 | $ | 72,937 | $ | 202,375 | |||||||||||
Hotel revenues from prior ownership (1) | 430 | 13,639 | 15,260 | ||||||||||||||
Hotel revenues from sold hotels (2) | — | (42) | (11,265) | ||||||||||||||
Comparable Revenues | $ | 197,263 | $ | 86,534 | $ | 206,370 | |||||||||||
Hotel Adjusted EBITDA | $ | 51,227 | $ | (2,568) | $ | 55,929 | |||||||||||
Hotel Adjusted EBITDA from prior ownership (1) | (106) | 1,501 | 2,966 | ||||||||||||||
Hotel Adjusted EBITDA from sold hotels (2) | — | 3,223 | (7,920) | ||||||||||||||
Comparable Hotel Adjusted EBITDA | $ | 51,121 | $ | 2,156 | $ | 50,975 | |||||||||||
Hotel Adjusted EBITDA Margin | 26.03 | % | (3.52) | % | 27.64 | % | |||||||||||
Comparable Hotel Adjusted EBITDA Margin | 25.92 | % | 2.49 | % | 24.70 | % |
Year Ended December 31, | |||||||||||||||||
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 | $ | 260,230 | $ | 238,977 | $ | 230,571 | $ | 936,148 | |||||||
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 | |||||
ADR | $ | 279.09 | |||
Occupancy | 55.8 | % | |||
RevPAR | $ | 155.76 | |||
Total RevPAR | $ | 231.84 | |||
Revenues (in thousands) | $ | 197,263 | |||
Hotel Adjusted EBITDA (in thousands) | $ | 51,121 | |||
Hotel Adjusted EBITDA Margin | 25.92 | % | |||
Available Rooms | 850,842 |
Market Capitalization as of March 31, 2022 | ||||||||
(in thousands) | ||||||||
Enterprise Value | ||||||||
Common equity capitalization (at March 31, 2022 closing price of $10.10/share) | $ | 2,171,120 | ||||||
Preferred equity capitalization (at liquidation value of $25.00/share) | 119,000 | |||||||
Consolidated debt (face amount) | 1,176,570 | |||||||
Cash and cash equivalents | (41,581) | |||||||
Total enterprise value | $ | 3,425,109 | ||||||
Share Reconciliation | ||||||||
Common shares outstanding | 210,861 | |||||||
Operating partnership units | 775 | |||||||
Unvested restricted stock held by management and employees | 1,397 | |||||||
Share grants under deferred compensation plan | 1,929 | |||||||
Combined shares and units | 214,962 |
Debt Summary as of March 31, 2022 | ||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Loan | Interest Rate as of March 31, 2022 | Term | Outstanding Principal | Maturity | ||||||||||||||||||||||
Salt Lake City Marriott Downtown at City Creek | LIBOR + 3.25 (1) | Variable | 43,120 | January 2023 | ||||||||||||||||||||||
Westin Washington D.C. City Center | 3.99% | Fixed | 55,299 | January 2023 | ||||||||||||||||||||||
The Lodge at Sonoma Resort | 3.96% | Fixed | 25,413 | April 2023 | ||||||||||||||||||||||
Westin San Diego Bayview | 3.94% | Fixed | 58,166 | April 2023 | ||||||||||||||||||||||
Courtyard New York Manhattan / Midtown East | 4.40% | Fixed | 77,445 | August 2024 | ||||||||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 3.66% | Fixed | 76,992 | May 2025 | ||||||||||||||||||||||
Hotel Clio | 4.33% | Fixed | 58,456 | July 2025 | ||||||||||||||||||||||
Westin Boston Seaport District | 4.36% | Fixed | 181,679 | November 2025 | ||||||||||||||||||||||
Unamortized debt issuance costs | (1,661) | |||||||||||||||||||||||||
Total mortgage and other debt, net of unamortized debt issuance costs | 574,909 | |||||||||||||||||||||||||
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 | (1,332) | |||||||||||||||||||||||||
Unsecured term loans, net of unamortized debt issuance costs | 398,668 | |||||||||||||||||||||||||
Senior unsecured credit facility | LIBOR + 2.55% (4) | Variable | 200,000 | July 2023 (5) | ||||||||||||||||||||||
Total debt, net of unamortized debt issuance costs | $ | 1,173,577 | ||||||||||||||||||||||||
Weighted-average interest rate of fixed rate debt | 4.25 | % | ||||||||||||||||||||||||
Total weighted-average interest rate | 3.78 | % |
Monthly Operating Statistics (1) | ||||||||||||||||||||||||||||||||||||||
Number of Rooms | ADR | Occupancy | RevPAR | |||||||||||||||||||||||||||||||||||
January 2022 | January 2021 | B/(W) 2021 | January 2022 | January 2021 | B/(W) 2021 | January 2022 | January 2021 | B/(W) 2021 | ||||||||||||||||||||||||||||||
Total - 33 Hotels | 9,454 | $ | 245.13 | $ | 204.81 | 19.7 | % | 41.3 | % | 22.0 | % | 19.3 | % | $ | 101.19 | $ | 45.07 | 124.5 | % | |||||||||||||||||||
Resorts - 16 Hotels | 2,791 | $ | 379.78 | $ | 273.90 | 38.7 | % | 54.3 | % | 39.6 | % | 14.7 | % | $ | 206.10 | $ | 108.58 | 89.8 | % | |||||||||||||||||||
Number of Rooms | January 2022 | January 2019 | B/(W) 2019 | January 2022 | January 2019 | B/(W) 2019 | January 2022 | January 2019 | B/(W) 2019 | |||||||||||||||||||||||||||||
Total - 33 Hotels | 9,454 | $ | 245.13 | $ | 203.19 | 20.6 | % | 41.3 | % | 63.4 | % | (22.1) | % | $ | 101.19 | $ | 128.90 | (21.5) | % | |||||||||||||||||||
Resorts - 16 Hotels | 2,791 | $ | 379.78 | $ | 263.16 | 44.3 | % | 54.3 | % | 69.3 | % | (15.0) | % | $ | 206.10 | $ | 182.35 | 13.0 | % | |||||||||||||||||||
Number of Rooms | February 2022 | February 2021 | B/(W) 2021 | February 2022 | February 2021 | B/(W) 2021 | February 2022 | February 2021 | B/(W) 2021 | |||||||||||||||||||||||||||||
Total - 33 Hotels | 9,454 | $ | 283.49 | $ | 230.39 | 23.0 | % | 57.9 | % | 29.8 | % | 28.1 | % | $ | 164.25 | $ | 68.72 | 139.0 | % | |||||||||||||||||||
Resorts - 16 Hotels | 2,791 | $ | 475.48 | $ | 323.23 | 47.1 | % | 70.9 | % | 52.7 | % | 18.2 | % | $ | 337.13 | $ | 170.46 | 97.8 | % | |||||||||||||||||||
Number of Rooms | February 2022 | February 2019 | B/(W) 2019 | February 2022 | February 2019 | B/(W) 2019 | February 2022 | February 2019 | B/(W) 2019 | |||||||||||||||||||||||||||||
Total - 33 Hotels | 9,454 | $ | 283.49 | $ | 219.64 | 29.1 | % | 57.9 | % | 74.3 | % | (16.4) | % | $ | 164.25 | $ | 163.12 | 0.7 | % | |||||||||||||||||||
Resorts - 16 Hotels | 2,791 | $ | 475.48 | $ | 303.51 | 56.7 | % | 70.9 | % | 80.1 | % | (9.2) | % | $ | 337.13 | $ | 243.10 | 38.7 | % | |||||||||||||||||||
Number of Rooms | March 2022 | March 2021 | B/(W) 2021 | March 2022 | March 2021 | B/(W) 2021 | March 2022 | March 2021 | B/(W) 2021 | |||||||||||||||||||||||||||||
Total - 33 Hotels | 9,454 | $ | 296.22 | $ | 259.69 | 14.1 | % | 68.4 | % | 37.1 | % | 31.3 | % | $ | 202.67 | $ | 96.32 | 110.4 | % | |||||||||||||||||||
Resorts - 16 Hotels | 2,791 | $ | 475.15 | $ | 383.61 | 23.9 | % | 77.8 | % | 63.0 | % | 14.8 | % | $ | 369.65 | $ | 241.75 | 52.9 | % | |||||||||||||||||||
Number of Rooms | March 2022 | March 2019 | B/(W) 2019 | March 2022 | March 2019 | B/(W) 2019 | March 2022 | March 2019 | B/(W) 2019 | |||||||||||||||||||||||||||||
Total - 33 Hotels | 9,454 | $ | 296.22 | $ | 243.50 | 21.7 | % | 68.4 | % | 79.0 | % | (10.6) | % | $ | 202.67 | $ | 192.46 | 5.3 | % | |||||||||||||||||||
Resorts - 16 Hotels | 2,791 | $ | 475.15 | $ | 322.87 | 47.2 | % | 77.8 | % | 83.1 | % | (5.3) | % | $ | 369.65 | $ | 268.31 | 37.8 | % | |||||||||||||||||||
Operating Statistics – First Quarter | ||||||||||||||||||||||||||||||||||||||
Number of Rooms | ADR | Occupancy | RevPAR | |||||||||||||||||||||||||||||||||||
1Q 2022 | 1Q 2021 | B/(W) 2021 | 1Q 2022 | 1Q 2021 | B/(W) 2021 | 1Q 2022 | 1Q 2021 | B/(W) 2021 | ||||||||||||||||||||||||||||||
Atlanta Marriott Alpharetta | 318 | $ | 141.87 | $ | 94.37 | 50.3 | % | 41.6 | % | 22.9 | % | 18.7 | % | $ | 59.03 | $ | 21.61 | 173.2 | % | |||||||||||||||||||
Bourbon Orleans Hotel | 220 | $ | 244.94 | $ | — | 100.0 | % | 49.6 | % | — | % | 49.6 | % | $ | 121.61 | $ | — | 100.0 | % | |||||||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | 142 | $ | 683.10 | $ | 547.30 | 24.8 | % | 44.6 | % | 19.3 | % | 25.3 | % | $ | 304.93 | $ | 105.82 | 188.2 | % | |||||||||||||||||||
Chicago Marriott Downtown Magnificent Mile | 1,200 | $ | 168.57 | $ | 148.58 | 13.5 | % | 27.4 | % | 0.2 | % | 27.2 | % | $ | 46.13 | $ | 0.35 | 13,080.0 | % | |||||||||||||||||||
Courtyard Denver Downtown | 177 | $ | 151.12 | $ | 94.11 | 60.6 | % | 60.0 | % | 35.7 | % | 24.3 | % | $ | 90.65 | $ | 33.60 | 169.8 | % | |||||||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | 189 | $ | 161.28 | $ | — | 100.0 | % | 82.9 | % | — | % | 82.9 | % | $ | 133.69 | $ | — | 100.0 | % | |||||||||||||||||||
Courtyard New York Manhattan/Midtown East | 321 | $ | 199.77 | $ | 126.21 | 58.3 | % | 63.6 | % | 67.0 | % | (3.4) | % | $ | 127.03 | $ | 84.54 | 50.3 | % | |||||||||||||||||||
Embassy Suites by Hilton Bethesda | 272 | $ | 113.40 | $ | 105.58 | 7.4 | % | 26.4 | % | 18.5 | % | 7.9 | % | $ | 29.97 | $ | 19.49 | 53.8 | % | |||||||||||||||||||
Havana Cabana Key West | 106 | $ | 411.65 | $ | 261.53 | 57.4 | % | 93.8 | % | 90.8 | % | 3.0 | % | $ | 386.07 | $ | 237.49 | 62.6 | % | |||||||||||||||||||
Henderson Beach Resort | 216 | $ | 411.26 | $ | 328.98 | 25.0 | % | 44.3 | % | 45.3 | % | (1.0) | % | $ | 182.13 | $ | 149.14 | 22.1 | % | |||||||||||||||||||
Henderson Park Inn | 37 | $ | 511.93 | $ | 304.75 | 68.0 | % | 60.6 | % | 73.6 | % | (13.0) | % | $ | 310.39 | $ | 224.22 | 38.4 | % | |||||||||||||||||||
Hilton Boston Downtown/Faneuil Hall | 403 | $ | 174.41 | $ | 106.46 | 63.8 | % | 63.0 | % | 21.2 | % | 41.8 | % | $ | 109.95 | $ | 22.60 | 386.5 | % | |||||||||||||||||||
Hilton Burlington Lake Champlain | 258 | $ | 157.63 | $ | 114.95 | 37.1 | % | 58.6 | % | 32.7 | % | 25.9 | % | $ | 92.30 | $ | 37.63 | 145.3 | % | |||||||||||||||||||
Hilton Garden Inn New York/Times Square Central | 282 | $ | 162.46 | $ | — | 100.0 | % | 77.8 | % | — | % | 77.8 | % | $ | 126.40 | $ | — | 100.0 | % | |||||||||||||||||||
Hotel Clio | 199 | $ | 258.96 | $ | 200.92 | 28.9 | % | 62.4 | % | 39.4 | % | 23.0 | % | $ | 161.68 | $ | 79.12 | 104.3 | % | |||||||||||||||||||
Hotel Emblem San Francisco | 96 | $ | 189.44 | $ | 128.42 | 47.5 | % | 53.4 | % | 15.2 | % | 38.2 | % | $ | 101.10 | $ | 19.52 | 417.9 | % | |||||||||||||||||||
Hotel Palomar Phoenix | 242 | $ | 247.83 | $ | 147.96 | 67.5 | % | 76.8 | % | 49.8 | % | 27.0 | % | $ | 190.39 | $ | 73.63 | 158.6 | % | |||||||||||||||||||
Kimpton Shorebreak Resort | 157 | $ | 297.03 | $ | 229.94 | 29.2 | % | 71.8 | % | 43.4 | % | 28.4 | % | $ | 213.36 | $ | 99.69 | 114.0 | % | |||||||||||||||||||
L'Auberge de Sedona | 88 | $ | 1,046.12 | $ | 716.68 | 46.0 | % | 68.5 | % | 80.8 | % | (12.3) | % | $ | 716.30 | $ | 578.77 | 23.8 | % | |||||||||||||||||||
Margaritaville Beach House Key West | 186 | $ | 579.43 | $ | 347.09 | 66.9 | % | 92.0 | % | 83.2 | % | 8.8 | % | $ | 532.94 | $ | 288.93 | 84.5 | % | |||||||||||||||||||
Orchards Inn Sedona | 70 | $ | 309.21 | $ | 253.24 | 22.1 | % | 63.7 | % | 62.2 | % | 1.5 | % | $ | 196.91 | $ | 157.61 | 24.9 | % | |||||||||||||||||||
Renaissance Charleston Historic District Hotel | 167 | $ | 311.69 | $ | 214.87 | 45.1 | % | 80.3 | % | 56.8 | % | 23.5 | % | $ | 250.35 | $ | 122.12 | 105.0 | % | |||||||||||||||||||
Salt Lake City Marriott Downtown at City Creek | 510 | $ | 176.07 | $ | 108.20 | 62.7 | % | 49.0 | % | 30.5 | % | 18.5 | % | $ | 86.21 | $ | 33.00 | 161.2 | % | |||||||||||||||||||
The Gwen Hotel | 311 | $ | 213.18 | $ | 191.04 | 11.6 | % | 58.2 | % | 23.5 | % | 34.7 | % | $ | 124.11 | $ | 44.84 | 176.8 | % | |||||||||||||||||||
The Hythe Vail | 344 | $ | 663.43 | $ | 373.06 | 77.8 | % | 67.0 | % | 73.6 | % | (6.6) | % | $ | 444.73 | $ | 274.74 | 61.9 | % | |||||||||||||||||||
The Landing Lake Tahoe Resort & Spa | 82 | $ | 408.90 | $ | 338.05 | 21.0 | % | 46.5 | % | 49.5 | % | (3.0) | % | $ | 189.99 | $ | 167.37 | 13.5 | % | |||||||||||||||||||
The Lodge at Sonoma Resort | 182 | $ | 367.07 | $ | 216.11 | 69.9 | % | 48.0 | % | 27.7 | % | 20.3 | % | $ | 176.30 | $ | 59.82 | 194.7 | % | |||||||||||||||||||
Tranquility Bay Beachfront Resort (1) | 103 | $ | 947.75 | $ | 681.11 | 39.1 | % | 83.3 | % | 89.6 | % | (6.3) | % | $ | 789.49 | $ | 609.99 | 29.4 | % | |||||||||||||||||||
Westin Boston Waterfront | 793 | $ | 194.05 | $ | 119.58 | 62.3 | % | 53.7 | % | 15.0 | % | 38.7 | % | $ | 104.27 | $ | 17.91 | 482.2 | % | |||||||||||||||||||
Westin Fort Lauderdale Beach Resort | 433 | $ | 336.96 | $ | 255.18 | 32.0 | % | 87.7 | % | 55.9 | % | 31.8 | % | $ | 295.38 | $ | 142.74 | 106.9 | % | |||||||||||||||||||
Westin San Diego Bayview | 436 | $ | 175.00 | $ | 141.50 | 23.7 | % | 53.0 | % | 22.0 | % | 31.0 | % | $ | 92.81 | $ | 31.06 | 198.8 | % | |||||||||||||||||||
Westin Washington D.C. City Center | 410 | $ | 175.98 | $ | 150.94 | 16.6 | % | 35.2 | % | 8.8 | % | 26.4 | % | $ | 62.02 | $ | 13.23 | 368.8 | % | |||||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 504 | $ | 194.19 | $ | 136.41 | 42.4 | % | 64.3 | % | 34.9 | % | 29.4 | % | $ | 124.90 | $ | 47.54 | 162.7 | % | |||||||||||||||||||
Comparable Total (2) | 9,454 | $ | 279.09 | $ | 236.48 | 18.0 | % | 55.8 | % | 29.6 | % | 26.2 | % | $ | 155.76 | $ | 70.08 | 122.3 | % | |||||||||||||||||||
Operating Statistics – First Quarter | ||||||||||||||||||||||||||||||||||||||
Number of Rooms | ADR | Occupancy | RevPAR | |||||||||||||||||||||||||||||||||||
1Q 2022 | 1Q 2019 | B/(W) 2019 | 1Q 2022 | 1Q 2019 | B/(W) 2019 | 1Q 2022 | 1Q 2019 | B/(W) 2019 | ||||||||||||||||||||||||||||||
Atlanta Marriott Alpharetta | 318 | $ | 141.87 | $ | 177.33 | (20.0) | % | 41.6 | % | 70.5 | % | (28.9) | % | $ | 59.03 | $ | 124.93 | (52.7) | % | |||||||||||||||||||
Bourbon Orleans Hotel | 220 | $ | 244.94 | $ | 238.23 | 2.8 | % | 49.6 | % | 82.4 | % | (32.8) | % | $ | 121.61 | $ | 196.37 | (38.1) | % | |||||||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | 142 | $ | 683.10 | $ | 437.76 | 56.0 | % | 44.6 | % | 63.4 | % | (18.8) | % | $ | 304.93 | $ | 277.38 | 9.9 | % | |||||||||||||||||||
Chicago Marriott Downtown Magnificent Mile | 1,200 | $ | 168.57 | $ | 158.35 | 6.5 | % | 27.4 | % | 51.7 | % | (24.3) | % | $ | 46.13 | $ | 81.79 | (43.6) | % | |||||||||||||||||||
Courtyard Denver Downtown | 177 | $ | 151.12 | $ | 171.92 | (12.1) | % | 60.0 | % | 73.3 | % | (13.3) | % | $ | 90.65 | $ | 126.00 | (28.1) | % | |||||||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | 189 | $ | 161.28 | $ | 212.18 | (24.0) | % | 82.9 | % | 77.4 | % | 5.5 | % | $ | 133.69 | $ | 164.30 | (18.6) | % | |||||||||||||||||||
Courtyard New York Manhattan/Midtown East | 321 | $ | 199.77 | $ | 190.02 | 5.1 | % | 63.6 | % | 92.0 | % | (28.4) | % | $ | 127.03 | $ | 174.85 | (27.3) | % | |||||||||||||||||||
Embassy Suites by Hilton Bethesda | 272 | $ | 113.40 | $ | 172.21 | (34.2) | % | 26.4 | % | 65.3 | % | (38.9) | % | $ | 29.97 | $ | 112.46 | (73.4) | % | |||||||||||||||||||
Havana Cabana Key West | 106 | $ | 411.65 | $ | 254.41 | 61.8 | % | 93.8 | % | 94.7 | % | (0.9) | % | $ | 386.07 | $ | 240.94 | 60.2 | % | |||||||||||||||||||
Henderson Beach Resort | 216 | $ | 411.26 | $ | 253.18 | 62.4 | % | 44.3 | % | 39.0 | % | 5.3 | % | $ | 182.13 | $ | 98.85 | 84.2 | % | |||||||||||||||||||
Henderson Park Inn | 37 | $ | 511.93 | $ | 350.71 | 46.0 | % | 60.6 | % | 52.3 | % | 8.3 | % | $ | 310.39 | $ | 183.47 | 69.2 | % | |||||||||||||||||||
Hilton Boston Downtown/Faneuil Hall | 403 | $ | 174.41 | $ | 197.84 | (11.8) | % | 63.0 | % | 83.5 | % | (20.5) | % | $ | 109.95 | $ | 165.25 | (33.5) | % | |||||||||||||||||||
Hilton Burlington Lake Champlain | 258 | $ | 157.63 | $ | 130.74 | 20.6 | % | 58.6 | % | 70.7 | % | (12.1) | % | $ | 92.30 | $ | 92.39 | (0.1) | % | |||||||||||||||||||
Hilton Garden Inn New York/Times Square Central | 282 | $ | 162.46 | $ | 181.10 | (10.3) | % | 77.8 | % | 98.0 | % | (20.2) | % | $ | 126.40 | $ | 177.48 | (28.8) | % | |||||||||||||||||||
Hotel Clio | 199 | $ | 258.96 | $ | 240.96 | 7.5 | % | 62.4 | % | 46.5 | % | 15.9 | % | $ | 161.68 | $ | 112.09 | 44.2 | % | |||||||||||||||||||
Hotel Emblem San Francisco | 96 | $ | 189.44 | $ | 247.10 | (23.3) | % | 53.4 | % | 57.5 | % | (4.1) | % | $ | 101.10 | $ | 142.06 | (28.8) | % | |||||||||||||||||||
Hotel Palomar Phoenix | 242 | $ | 247.83 | $ | 233.06 | 6.3 | % | 76.8 | % | 88.2 | % | (11.4) | % | $ | 190.39 | $ | 205.66 | (7.4) | % | |||||||||||||||||||
Kimpton Shorebreak Resort | 157 | $ | 297.03 | $ | 236.80 | 25.4 | % | 71.8 | % | 75.3 | % | (3.5) | % | $ | 213.36 | $ | 178.23 | 19.7 | % | |||||||||||||||||||
L'Auberge de Sedona | 88 | $ | 1,046.12 | $ | 575.73 | 81.7 | % | 68.5 | % | 80.4 | % | (11.9) | % | $ | 716.30 | $ | 462.91 | 54.7 | % | |||||||||||||||||||
Margaritaville Beach House Key West | 186 | $ | 579.43 | $ | 310.04 | 86.9 | % | 92.0 | % | 94.1 | % | (2.1) | % | $ | 532.94 | $ | 291.63 | 82.7 | % | |||||||||||||||||||
Orchards Inn Sedona | 70 | $ | 309.21 | $ | 255.22 | 21.2 | % | 63.7 | % | 73.9 | % | (10.2) | % | $ | 196.91 | $ | 188.58 | 4.4 | % | |||||||||||||||||||
Renaissance Charleston Historic District Hotel | 167 | $ | 311.69 | $ | 236.72 | 31.7 | % | 80.3 | % | 83.8 | % | (3.5) | % | $ | 250.35 | $ | 198.44 | 26.2 | % | |||||||||||||||||||
Salt Lake City Marriott Downtown at City Creek | 510 | $ | 176.07 | $ | 173.62 | 1.4 | % | 49.0 | % | 59.2 | % | (10.2) | % | $ | 86.21 | $ | 102.73 | (16.1) | % | |||||||||||||||||||
The Gwen Hotel | 311 | $ | 213.18 | $ | 188.98 | 12.8 | % | 58.2 | % | 70.4 | % | (12.2) | % | $ | 124.11 | $ | 133.05 | (6.7) | % | |||||||||||||||||||
The Hythe Vail | 344 | $ | 663.43 | $ | 440.49 | 50.6 | % | 67.0 | % | 82.4 | % | (15.4) | % | $ | 444.73 | $ | 362.79 | 22.6 | % | |||||||||||||||||||
The Landing Lake Tahoe Resort & Spa | 82 | $ | 408.90 | $ | 275.79 | 48.3 | % | 46.5 | % | 53.0 | % | (6.5) | % | $ | 189.99 | $ | 146.21 | 29.9 | % | |||||||||||||||||||
The Lodge at Sonoma Resort | 182 | $ | 367.07 | $ | 233.68 | 57.1 | % | 48.0 | % | 61.5 | % | (13.5) | % | $ | 176.30 | $ | 143.63 | 22.7 | % | |||||||||||||||||||
Tranquility Bay Beachfront Resort (1) | 103 | $ | 947.75 | $ | 499.30 | 89.8 | % | 83.3 | % | 91.6 | % | (8.3) | % | $ | 789.49 | $ | 457.41 | 72.6 | % | |||||||||||||||||||
Westin Boston Waterfront | 793 | $ | 194.05 | $ | 202.24 | (4.0) | % | 53.7 | % | 65.5 | % | (11.8) | % | $ | 104.27 | $ | 132.39 | (21.2) | % | |||||||||||||||||||
Westin Fort Lauderdale Beach Resort | 433 | $ | 336.96 | $ | 254.27 | 32.5 | % | 87.7 | % | 95.5 | % | (7.8) | % | $ | 295.38 | $ | 242.76 | 21.7 | % | |||||||||||||||||||
Westin San Diego Bayview | 436 | $ | 175.00 | $ | 189.85 | (7.8) | % | 53.0 | % | 77.5 | % | (24.5) | % | $ | 92.81 | $ | 147.20 | (36.9) | % | |||||||||||||||||||
Westin Washington D.C. City Center | 410 | $ | 175.98 | $ | 201.14 | (12.5) | % | 35.2 | % | 77.5 | % | (42.3) | % | $ | 62.02 | $ | 155.88 | (60.2) | % | |||||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 504 | $ | 194.19 | $ | 188.12 | 3.2 | % | 64.3 | % | 79.4 | % | (15.1) | % | $ | 124.90 | $ | 149.42 | (16.4) | % | |||||||||||||||||||
Comparable Total (2) | 9,454 | $ | 279.09 | $ | 223.66 | 24.8 | % | 55.8 | % | 72.2 | % | (16.4) | % | $ | 155.76 | $ | 161.44 | (3.5) | % | |||||||||||||||||||
Hotel Adjusted EBITDA Reconciliation - First 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 | 90 | $ | 2,468 | $ | 279 | $ | 370 | $ | — | $ | — | $ | 649 | ||||||||||||||||
Bourbon Orleans Hotel | 90 | $ | 3,049 | $ | 75 | $ | 820 | $ | — | $ | 6 | $ | 901 | ||||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | 90 | $ | 9,635 | $ | 1,032 | $ | 1,826 | $ | — | $ | 94 | $ | 2,952 | ||||||||||||||||
Chicago Marriott Downtown Magnificent Mile | 90 | $ | 8,606 | $ | (6,202) | $ | 3,993 | $ | 6 | $ | (397) | $ | (2,600) | ||||||||||||||||
Courtyard Denver Downtown | 90 | $ | 1,733 | $ | 182 | $ | 377 | $ | — | $ | — | $ | 559 | ||||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | 90 | $ | 2,349 | $ | (1,175) | $ | 330 | $ | — | $ | 253 | $ | (592) | ||||||||||||||||
Courtyard New York Manhattan/Midtown East | 90 | $ | 3,840 | $ | (2,273) | $ | 484 | $ | 905 | $ | — | $ | (884) | ||||||||||||||||
Embassy Suites by Hilton Bethesda | 90 | $ | 939 | $ | (3,099) | $ | 553 | $ | — | $ | 1,489 | $ | (1,057) | ||||||||||||||||
Havana Cabana Key West | 90 | $ | 4,615 | $ | 2,182 | $ | 283 | $ | — | $ | — | $ | 2,465 | ||||||||||||||||
Henderson Beach Resort | 90 | $ | 6,906 | $ | (607) | $ | 953 | $ | — | $ | — | $ | 346 | ||||||||||||||||
Henderson Park Inn | 90 | $ | 1,377 | $ | (83) | $ | 215 | $ | — | $ | — | $ | 132 | ||||||||||||||||
Hilton Boston Downtown/Faneuil Hall | 90 | $ | 4,790 | $ | (1,037) | $ | 1,057 | $ | — | $ | — | $ | 20 | ||||||||||||||||
Hilton Burlington Lake Champlain | 90 | $ | 2,768 | $ | (98) | $ | 560 | $ | — | $ | — | $ | 462 | ||||||||||||||||
Hilton Garden Inn New York/Times Square Central | 90 | $ | 3,678 | $ | (611) | $ | 620 | $ | — | $ | — | $ | 9 | ||||||||||||||||
Hotel Clio | 90 | $ | 4,941 | $ | (447) | $ | 800 | $ | 644 | $ | 5 | $ | 1,002 | ||||||||||||||||
Hotel Emblem San Francisco | 90 | $ | 1,074 | $ | (473) | $ | 301 | $ | — | $ | — | $ | (172) | ||||||||||||||||
Hotel Palomar Phoenix | 90 | $ | 6,382 | $ | 1,807 | $ | 674 | $ | — | $ | 185 | $ | 2,666 | ||||||||||||||||
Kimpton Shorebreak Resort | 90 | $ | 4,398 | $ | 995 | $ | 403 | $ | — | $ | — | $ | 1,398 | ||||||||||||||||
L'Auberge de Sedona | 90 | $ | 8,195 | $ | 2,378 | $ | 393 | $ | — | $ | — | $ | 2,771 | ||||||||||||||||
Margaritaville Beach House Key West | 90 | $ | 10,948 | $ | 5,337 | $ | 806 | $ | — | $ | — | $ | 6,143 | ||||||||||||||||
Orchards Inn Sedona | 90 | $ | 2,233 | $ | 590 | $ | 84 | $ | — | $ | 42 | $ | 716 | ||||||||||||||||
Renaissance Charleston Historic District Hotel | 90 | $ | 4,924 | $ | 1,621 | $ | 456 | $ | — | $ | — | $ | 2,077 | ||||||||||||||||
Salt Lake City Marriott Downtown at City Creek | 90 | $ | 5,899 | $ | 1,042 | $ | 522 | $ | 478 | $ | 11 | $ | 2,053 | ||||||||||||||||
The Gwen Hotel | 90 | $ | 5,038 | $ | (1,684) | $ | 1,075 | $ | — | $ | — | $ | (609) | ||||||||||||||||
The Hythe Vail | 90 | $ | 17,733 | $ | 7,928 | $ | 1,197 | $ | — | $ | — | $ | 9,125 | ||||||||||||||||
The Landing Lake Tahoe Resort & Spa | 90 | $ | 2,177 | $ | 556 | $ | 358 | $ | — | $ | — | $ | 914 | ||||||||||||||||
The Lodge at Sonoma Resort | 90 | $ | 5,197 | $ | (97) | $ | 628 | $ | 260 | $ | — | $ | 791 | ||||||||||||||||
Tranquility Bay Beachfront Resort | 85 | $ | 8,048 | $ | 2,873 | $ | 133 | $ | — | $ | — | $ | 3,006 | ||||||||||||||||
Westin Boston Seaport District | 90 | $ | 13,023 | $ | (3,862) | $ | 2,456 | $ | 2,027 | $ | (122) | $ | 499 | ||||||||||||||||
Westin Fort Lauderdale Beach Resort | 90 | $ | 22,452 | $ | 10,262 | $ | 993 | $ | — | $ | — | $ | 11,255 | ||||||||||||||||
Westin San Diego Bayview | 90 | $ | 5,006 | $ | (311) | $ | 806 | $ | 583 | $ | — | $ | 1,078 | ||||||||||||||||
Westin Washington D.C. City Center | 90 | $ | 2,916 | $ | (1,382) | $ | 1,018 | $ | 592 | $ | — | $ | 228 | ||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 90 | $ | 9,496 | $ | 1,082 | $ | 1,111 | $ | 729 | $ | 2 | $ | 2,924 | ||||||||||||||||
Total | $ | 196,833 | $ | 16,780 | $ | 26,655 | $ | 6,224 | $ | 1,568 | $ | 51,227 | |||||||||||||||||
Prior Ownership Results (2) | $ | 430 | $ | (116) | $ | 10 | $ | — | $ | — | $ | (106) | |||||||||||||||||
Comparable Total | $ | 197,263 | $ | 16,664 | $ | 26,665 | $ | 6,224 | $ | 1,568 | $ | 51,121 | |||||||||||||||||
Hotel Adjusted EBITDA Reconciliation - First 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 | 90 | $ | 762 | $ | (652) | $ | 348 | $ | — | $ | — | $ | (304) | ||||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | 90 | $ | 2,878 | $ | (1,731) | $ | 1,838 | $ | — | $ | 94 | $ | 201 | ||||||||||||||||
Chicago Marriott Downtown Magnificent Mile | 2 | $ | 114 | $ | (7,336) | $ | 4,106 | $ | 43 | $ | (397) | $ | (3,584) | ||||||||||||||||
Courtyard Denver Downtown | 90 | $ | 692 | $ | (462) | $ | 383 | $ | — | $ | — | $ | (79) | ||||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | — | $ | 52 | $ | (1,657) | $ | 329 | $ | — | $ | 253 | $ | (1,075) | ||||||||||||||||
Courtyard New York Manhattan/Midtown East | 90 | $ | 2,465 | $ | (2,643) | $ | 485 | $ | 924 | $ | — | $ | (1,234) | ||||||||||||||||
Embassy Suites by Hilton Bethesda | 90 | $ | 554 | $ | (2,655) | $ | 523 | $ | — | $ | 1,501 | $ | (631) | ||||||||||||||||
Frenchman's Reef & Morning Star Marriott Beach Resort | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Havana Cabana Key West | 90 | $ | 3,118 | $ | 1,178 | $ | 266 | $ | — | $ | — | $ | 1,444 | ||||||||||||||||
Hilton Boston Downtown/Faneuil Hall | 90 | $ | 835 | $ | (2,819) | $ | 1,095 | $ | — | $ | — | $ | (1,724) | ||||||||||||||||
Hilton Burlington Lake Champlain | 90 | $ | 968 | $ | (895) | $ | 649 | $ | — | $ | — | $ | (246) | ||||||||||||||||
Hilton Garden Inn New York/Times Square Central | — | $ | (1) | $ | (2,252) | $ | 839 | $ | — | $ | — | $ | (1,413) | ||||||||||||||||
Hotel Clio | 90 | $ | 2,420 | $ | (1,510) | $ | 793 | $ | 657 | $ | 5 | $ | (55) | ||||||||||||||||
Hotel Emblem San Francisco | 90 | $ | 208 | $ | (772) | $ | 308 | $ | — | $ | — | $ | (464) | ||||||||||||||||
Hotel Palomar Phoenix | 90 | $ | 2,542 | $ | (513) | $ | 679 | $ | — | $ | 286 | $ | 452 | ||||||||||||||||
Kimpton Shorebreak Resort | 90 | $ | 2,098 | $ | (119) | $ | 410 | $ | — | $ | — | $ | 291 | ||||||||||||||||
L'Auberge de Sedona | 90 | $ | 6,478 | $ | 1,755 | $ | 543 | $ | — | $ | — | $ | 2,298 | ||||||||||||||||
Margaritaville Beach House Key West | 90 | $ | 6,035 | $ | 2,533 | $ | 711 | $ | — | $ | — | $ | 3,244 | ||||||||||||||||
Orchards Inn Sedona | 90 | $ | 1,782 | $ | 478 | $ | 82 | $ | — | $ | 42 | $ | 602 | ||||||||||||||||
Renaissance Charleston Historic District Hotel | 90 | $ | 2,246 | $ | 120 | $ | 453 | $ | — | $ | — | $ | 573 | ||||||||||||||||
Salt Lake City Marriott Downtown at City Creek | 90 | $ | 2,118 | $ | (1,064) | $ | 527 | $ | 517 | $ | — | $ | (20) | ||||||||||||||||
The Gwen Hotel | 90 | $ | 1,937 | $ | (2,145) | $ | 1,095 | $ | — | $ | — | $ | (1,050) | ||||||||||||||||
The Hythe Vail | 90 | $ | 11,275 | $ | 5,054 | $ | 901 | $ | — | $ | — | $ | 5,955 | ||||||||||||||||
The Landing Lake Tahoe Resort & Spa | 90 | $ | 1,609 | $ | 193 | $ | 416 | $ | — | $ | — | $ | 609 | ||||||||||||||||
The Lexington Hotel | — | $ | 42 | $ | (5,162) | $ | 1,925 | $ | 6 | $ | 8 | $ | (3,223) | ||||||||||||||||
The Lodge at Sonoma Resort | 90 | $ | 1,434 | $ | (1,218) | $ | 545 | $ | 265 | $ | — | $ | (408) | ||||||||||||||||
Westin Boston Seaport District | 90 | $ | 1,363 | $ | (7,997) | $ | 2,546 | $ | 2,072 | $ | (122) | $ | (3,501) | ||||||||||||||||
Westin Fort Lauderdale Beach Resort | 90 | $ | 11,073 | $ | 2,446 | $ | 1,063 | $ | — | $ | — | $ | 3,509 | ||||||||||||||||
Westin San Diego Bayview | 90 | $ | 1,492 | $ | (2,217) | $ | 845 | $ | 600 | $ | — | $ | (772) | ||||||||||||||||
Westin Washington D.C. City Center | 90 | $ | 556 | $ | (3,123) | $ | 1,147 | $ | 616 | $ | — | $ | (1,360) | ||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 90 | $ | 3,792 | $ | (2,462) | $ | 1,112 | $ | 745 | $ | 2 | $ | (603) | ||||||||||||||||
Total | $ | 72,937 | $ | (37,647) | $ | 26,962 | $ | 6,445 | $ | 1,672 | $ | (2,568) | |||||||||||||||||
Add: Prior Ownership Results (2) | $ | 13,639 | $ | (238) | $ | 1,739 | $ | — | $ | — | $ | 1,501 | |||||||||||||||||
Less: Sold Hotels (3) | $ | (42) | $ | 5,162 | $ | (1,925) | $ | (6) | $ | (8) | $ | 3,223 | |||||||||||||||||
Comparable Total | $ | 86,534 | $ | (32,723) | $ | 26,776 | $ | 6,439 | $ | 1,664 | $ | 2,156 | |||||||||||||||||
Hotel Adjusted EBITDA Reconciliation - First 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 | 90 | $ | 5,311 | $ | 1,579 | $ | 475 | $ | — | $ | — | $ | 2,054 | ||||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | 90 | $ | 9,247 | $ | (221) | $ | 1,941 | $ | — | $ | 31 | $ | 1,751 | ||||||||||||||||
Chicago Marriott Downtown Magnificent Mile | 90 | $ | 16,131 | $ | (4,067) | $ | 4,129 | $ | 71 | $ | (397) | $ | (264) | ||||||||||||||||
Courtyard Denver Downtown | 90 | $ | 2,245 | $ | 548 | $ | 296 | $ | — | $ | — | $ | 844 | ||||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | 90 | $ | 2,884 | $ | (905) | $ | 441 | $ | — | $ | 253 | $ | (211) | ||||||||||||||||
Courtyard New York Manhattan/Midtown East | 90 | $ | 5,256 | $ | (1,621) | $ | 692 | $ | 958 | $ | — | $ | 29 | ||||||||||||||||
Embassy Suites by Hilton Bethesda | 90 | $ | 3,937 | $ | (971) | $ | 478 | $ | — | $ | 1,525 | $ | 1,032 | ||||||||||||||||
Frenchman's Reef & Morning Star Marriott Beach Resort | — | $ | — | $ | 8,799 | $ | — | $ | — | $ | — | $ | 8,799 | ||||||||||||||||
Havana Cabana Key West | 90 | $ | 2,916 | $ | 1,202 | $ | 245 | $ | — | $ | — | $ | 1,447 | ||||||||||||||||
Hilton Boston Downtown/Faneuil Hall | 90 | $ | 6,672 | $ | (87) | $ | 1,244 | $ | — | $ | — | $ | 1,157 | ||||||||||||||||
Hilton Burlington Lake Champlain | 90 | $ | 2,916 | $ | 44 | $ | 499 | $ | — | $ | — | $ | 543 | ||||||||||||||||
Hilton Garden Inn New York/Times Square Central | 90 | $ | 4,624 | $ | (670) | $ | 844 | $ | — | $ | — | $ | 174 | ||||||||||||||||
Hotel Clio | 90 | $ | 2,676 | $ | (1,477) | $ | 541 | $ | 683 | $ | 6 | $ | (247) | ||||||||||||||||
Hotel Emblem San Francisco | 90 | $ | 1,349 | $ | (256) | $ | 275 | $ | — | $ | — | $ | 19 | ||||||||||||||||
Hotel Palomar Phoenix | 90 | $ | 7,613 | $ | 2,075 | $ | 666 | $ | 38 | $ | 296 | $ | 3,075 | ||||||||||||||||
Kimpton Shorebreak Resort | 90 | $ | 3,940 | $ | 586 | $ | 349 | $ | — | $ | 41 | $ | 976 | ||||||||||||||||
L'Auberge de Sedona | 90 | $ | 5,954 | $ | 859 | $ | 508 | $ | — | $ | — | $ | 1,367 | ||||||||||||||||
Margaritaville Beach House Key West | 90 | $ | 5,794 | $ | 2,395 | $ | 338 | $ | — | $ | — | $ | 2,733 | ||||||||||||||||
Orchards Inn Sedona | 90 | $ | 1,878 | $ | 274 | $ | 238 | $ | — | $ | 42 | $ | 554 | ||||||||||||||||
Renaissance Charleston Historic District Hotel | 90 | $ | 3,483 | $ | 890 | $ | 403 | $ | — | $ | (32) | $ | 1,261 | ||||||||||||||||
Salt Lake City Marriott Downtown at City Creek | 90 | $ | 6,874 | $ | 1,058 | $ | 530 | $ | 604 | $ | — | $ | 2,192 | ||||||||||||||||
The Gwen Hotel | 90 | $ | 5,056 | $ | (1,559) | $ | 1,058 | $ | — | $ | — | $ | (501) | ||||||||||||||||
The Hythe Vail | 90 | $ | 15,395 | $ | 6,545 | $ | 990 | $ | — | $ | — | $ | 7,535 | ||||||||||||||||
The Landing Lake Tahoe Resort & Spa | 90 | $ | 1,753 | $ | (460) | $ | 376 | $ | — | $ | — | $ | (84) | ||||||||||||||||
The Lexington Hotel | 90 | $ | 11,265 | $ | (4,421) | $ | 3,530 | $ | 4 | $ | 8 | $ | (879) | ||||||||||||||||
The Lodge at Sonoma Resort | 90 | $ | 4,529 | $ | (336) | $ | 535 | $ | 279 | $ | — | $ | 478 | ||||||||||||||||
Westin Boston Seaport District | 90 | $ | 17,742 | $ | (2,045) | $ | 2,413 | $ | 2,156 | $ | (60) | $ | 2,464 | ||||||||||||||||
Westin Fort Lauderdale Beach Resort | 90 | $ | 17,500 | $ | 5,952 | $ | 1,545 | $ | — | $ | — | $ | 7,497 | ||||||||||||||||
Westin San Diego Bayview | 90 | $ | 8,645 | $ | 1,701 | $ | 1,126 | $ | 631 | $ | — | $ | 3,458 | ||||||||||||||||
Westin Washington D.C. City Center | 90 | $ | 7,094 | $ | (235) | $ | 1,322 | $ | 661 | $ | — | $ | 1,748 | ||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 90 | $ | 11,696 | $ | 3,182 | $ | 969 | $ | 775 | $ | 2 | $ | 4,928 | ||||||||||||||||
Total | $ | 202,375 | $ | 18,358 | $ | 28,996 | $ | 6,860 | $ | 1,715 | $ | 55,929 | |||||||||||||||||
Add: Prior Ownership Results (2) | $ | 15,260 | $ | 1,227 | $ | 1,739 | $ | — | $ | — | $ | 2,966 | |||||||||||||||||
Less: Sold Hotels (3) | $ | (11,265) | $ | (4,378) | $ | (3,530) | $ | (4) | $ | (8) | $ | (7,920) | |||||||||||||||||
Comparable Total | $ | 206,370 | $ | 15,207 | $ | 27,205 | $ | 6,856 | $ | 1,707 | $ | 50,975 | |||||||||||||||||