Quarter Ended March 31, | Change From | ||||||||||||||||||||||||||||
2023 | 2022 | 2019 | 2022 | 2019 | |||||||||||||||||||||||||
($ amounts in millions, except hotel statistics and per share amounts) | |||||||||||||||||||||||||||||
Comparable Operating Results (1) | |||||||||||||||||||||||||||||
ADR | $ | 277.92 | $ | 283.70 | $ | 225.75 | (2.0) | % | 23.1 | % | |||||||||||||||||||
Occupancy | 66.7 | % | 55.9 | % | 72.1 | % | 10.8 | % | (5.4) | % | |||||||||||||||||||
RevPAR | $ | 185.26 | $ | 158.52 | $ | 162.86 | 16.9 | % | 13.8 | % | |||||||||||||||||||
Total RevPAR | $ | 280.77 | $ | 238.37 | $ | 246.70 | 17.8 | % | 13.8 | % | |||||||||||||||||||
Revenues | $ | 240.4 | $ | 203.7 | $ | 210.5 | 18.0 | % | 14.2 | % | |||||||||||||||||||
Hotel Adjusted EBITDA | $ | 61.9 | $ | 53.4 | $ | 51.8 | 15.9 | % | 19.5 | % | |||||||||||||||||||
Hotel Adjusted EBITDA Margin | 25.76 | % | 26.22 | % | 24.59 | % | (46 bps) | 117 bps | |||||||||||||||||||||
Available Rooms | 856,128 | 854,442 | 853,274 | 1,686 | 2,854 | ||||||||||||||||||||||||
Actual Operating Results (2) | |||||||||||||||||||||||||||||
Revenues | $ | 243.6 | $ | 196.8 | $ | 202.4 | 23.8 | % | 20.4 | % | |||||||||||||||||||
Net income | $ | 9.2 | $ | 10.1 | $ | 9.0 | (8.9) | % | 2.2 | % | |||||||||||||||||||
Earnings per diluted share | $ | 0.03 | $ | 0.04 | $ | 0.04 | (25.0) | % | (25.0) | % | |||||||||||||||||||
Adjusted EBITDA | $ | 55.4 | $ | 44.9 | $ | 49.2 | 23.4 | % | 12.6 | % | |||||||||||||||||||
Adjusted FFO | $ | 38.0 | $ | 30.9 | $ | 41.9 | 23.0 | % | (9.3) | % | |||||||||||||||||||
Adjusted FFO per diluted share | $ | 0.18 | $ | 0.14 | $ | 0.21 | 28.6 | % | (14.3) | % |
March 31, 2023 | December 31, 2022 | ||||||||||
ASSETS | (unaudited) | ||||||||||
Property and equipment, net | $ | 2,742,565 | $ | 2,748,476 | |||||||
Right-of-use assets | 98,747 | 99,047 | |||||||||
Restricted cash | 46,039 | 39,614 | |||||||||
Due from hotel managers | 149,005 | 176,708 | |||||||||
Prepaid and other assets | 70,657 | 76,131 | |||||||||
Cash and cash equivalents | 76,503 | 67,564 | |||||||||
Total assets | $ | 3,183,516 | $ | 3,207,540 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Liabilities: | |||||||||||
Mortgage and other debt, net of unamortized debt issuance costs | $ | 384,374 | $ | 386,655 | |||||||
Unsecured term loans, net of unamortized debt issuance costs | 799,204 | 799,138 | |||||||||
Senior unsecured credit facility | — | — | |||||||||
Total debt | 1,183,578 | 1,185,793 | |||||||||
Lease liabilities | 111,437 | 110,875 | |||||||||
Due to hotel managers | 110,270 | 123,682 | |||||||||
Deferred rent | 66,205 | 65,097 | |||||||||
Unfavorable contract liabilities, net | 60,654 | 61,069 | |||||||||
Accounts payable and accrued expenses | 40,927 | 43,120 | |||||||||
Distributions declared and unpaid | 6,500 | 12,946 | |||||||||
Deferred income related to key money, net | 8,672 | 8,780 | |||||||||
Total liabilities | 1,588,243 | 1,611,362 | |||||||||
Equity: | |||||||||||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; | |||||||||||
8.250% Series A Cumulative Redeemable Preferred Stock (liquidation preference $25.00 per share), 4,760,000 shares issued and outstanding at March 31, 2023 and December 31, 2022 | 48 | 48 | |||||||||
Common stock, $0.01 par value; 400,000,000 shares authorized; 209,789,192 and 209,374,830 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 2,098 | 2,094 | |||||||||
Additional paid-in capital | 2,286,824 | 2,288,433 | |||||||||
Accumulated other comprehensive income | 153 | — | |||||||||
Distributions in excess of earnings | (700,287) | (700,694) | |||||||||
Total stockholders’ equity | 1,588,836 | 1,589,881 | |||||||||
Noncontrolling interests | 6,437 | 6,297 | |||||||||
Total equity | 1,595,273 | 1,596,178 | |||||||||
Total liabilities and equity | $ | 3,183,516 | $ | 3,207,540 |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Revenues: | |||||||||||
Rooms | $ | 160,673 | $ | 132,170 | |||||||
Food and beverage | 59,777 | 45,748 | |||||||||
Other | 23,103 | 18,915 | |||||||||
Total revenues | 243,553 | 196,833 | |||||||||
Operating Expenses: | |||||||||||
Rooms | 40,203 | 33,830 | |||||||||
Food and beverage | 43,150 | 33,221 | |||||||||
Other departmental and support expenses | 61,968 | 48,537 | |||||||||
Management fees | 4,988 | 4,020 | |||||||||
Franchise fees | 8,077 | 5,810 | |||||||||
Other property-level expenses | 24,117 | 21,972 | |||||||||
Depreciation and amortization | 27,472 | 26,655 | |||||||||
Impairment losses | — | 2,843 | |||||||||
Corporate expenses | 7,867 | 6,033 | |||||||||
Business interruption insurance income | — | (499) | |||||||||
Total operating expenses, net | 217,842 | 182,422 | |||||||||
Interest expense | 17,172 | 4,119 | |||||||||
Interest (income) and other expense (income), net | (423) | 286 | |||||||||
Total other expenses, net | 16,749 | 4,405 | |||||||||
Income before income taxes | 8,962 | 10,006 | |||||||||
Income tax benefit | 226 | 54 | |||||||||
Net income | 9,188 | 10,060 | |||||||||
Less: Net income attributable to noncontrolling interests | (32) | (32) | |||||||||
Net income attributable to the Company | 9,156 | 10,028 | |||||||||
Distributions to preferred stockholders | (2,454) | (2,454) | |||||||||
Net income attributable to common stockholders | $ | 6,702 | $ | 7,574 | |||||||
Earnings per share: | |||||||||||
Earnings per share available to common stockholders - basic | $ | 0.03 | $ | 0.04 | |||||||
Earnings per share available to common stockholders - diluted | $ | 0.03 | $ | 0.04 | |||||||
Weighted-average number of common shares outstanding: | |||||||||||
Basic | 211,411,519 | 212,491,561 | |||||||||
Diluted | 211,814,722 | 213,150,818 |
Three Months Ended March 31, | |||||||||||||||||
2023 | 2022 | 2019 | |||||||||||||||
Net income | $ | 9,188 | $ | 10,060 | $ | 8,980 | |||||||||||
Interest expense | 17,172 | 4,119 | 11,662 | ||||||||||||||
Income tax benefit | (226) | (54) | (3,849) | ||||||||||||||
Real estate related depreciation and amortization | 27,472 | 26,655 | 28,996 | ||||||||||||||
EBITDA | 53,606 | 40,780 | 45,789 | ||||||||||||||
Impairment losses | — | 2,843 | — | ||||||||||||||
EBITDAre | 53,606 | 43,623 | 45,789 | ||||||||||||||
Non-cash lease expense and other amortization | 1,550 | 1,568 | 1,715 | ||||||||||||||
Professional fees and pre-opening costs related to Frenchman's Reef (1) | — | — | 1,367 | ||||||||||||||
Hotel pre-opening costs | 216 | — | — | ||||||||||||||
Hotel manager transition items | — | 249 | 297 | ||||||||||||||
Severance costs (2) | — | (532) | — | ||||||||||||||
Adjusted EBITDA | $ | 55,372 | $ | 44,908 | $ | 49,168 |
Year Ended December 31, | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2023 | 2022 | 2019 | |||||||||||||||
Net income | $ | 9,188 | $ | 10,060 | $ | 8,980 | |||||||||||
Interest expense | 17,172 | 4,119 | 11,662 | ||||||||||||||
Income tax benefit | (226) | (54) | (3,849) | ||||||||||||||
Real estate related depreciation and amortization | 27,472 | 26,655 | 28,996 | ||||||||||||||
EBITDA | 53,606 | 40,780 | 45,789 | ||||||||||||||
Corporate expenses | 7,867 | 6,033 | 7,064 | ||||||||||||||
Interest and other (income) expense, net | (423) | 286 | (303) | ||||||||||||||
Impairment losses | — | 2,843 | — | ||||||||||||||
Professional fees and pre-opening costs related to Frenchman's Reef (1) | — | — | 1,367 | ||||||||||||||
Hotel EBITDA | 61,050 | 49,942 | 53,917 | ||||||||||||||
Non-cash lease expense and other amortization | 1,550 | 1,568 | 1,715 | ||||||||||||||
Hotel pre-opening costs | 216 | — | — | ||||||||||||||
Hotel manager transition items | — | 249 | 297 | ||||||||||||||
Severance costs (2) | — | (532) | — | ||||||||||||||
Hotel Adjusted EBITDA | $ | 62,816 | $ | 51,227 | $ | 55,929 |
Year Ended December 31, | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2023 | 2022 | 2019 | |||||||||||||||
Net income | $ | 9,188 | $ | 10,060 | $ | 8,980 | |||||||||||
Real estate related depreciation and amortization | 27,472 | 26,655 | 28,996 | ||||||||||||||
Impairment losses | — | 2,843 | — | ||||||||||||||
FFO | 36,660 | 39,558 | 37,976 | ||||||||||||||
Distribution to preferred stockholders | (2,454) | (2,454) | — | ||||||||||||||
FFO available to common stock and unit holders | 34,206 | 37,104 | 37,976 | ||||||||||||||
Non-cash lease expense and other amortization | 1,550 | 1,568 | 1,715 | ||||||||||||||
Professional fees and pre-opening costs related to Frenchman's Reef (1) | — | — | 1,367 | ||||||||||||||
Severance costs (2) | — | (532) | — | ||||||||||||||
Hotel pre-opening costs | 216 | — | — | ||||||||||||||
Hotel manager transition items | — | 249 | 297 | ||||||||||||||
Fair value adjustments to interest rate swaps | 2,014 | (7,502) | 572 | ||||||||||||||
Adjusted FFO available to common stock and unit holders | $ | 37,986 | $ | 30,887 | $ | 41,927 | |||||||||||
Adjusted FFO available to common stock and unit holders, per diluted share | $ | 0.18 | $ | 0.14 | $ | 0.21 |
Year Ended December 31, | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2023 | 2022 | 2019 | |||||||||||||||
Revenues | $ | 243,553 | $ | 196,833 | $ | 202,375 | |||||||||||
Hotel revenues from prior ownership (1) | (3,175) | 6,839 | 19,393 | ||||||||||||||
Hotel revenues from sold hotels (2) | — | — | (11,265) | ||||||||||||||
Comparable Revenues | $ | 240,378 | $ | 203,672 | $ | 210,503 | |||||||||||
Hotel Adjusted EBITDA | $ | 62,816 | $ | 51,227 | $ | 55,929 | |||||||||||
Hotel Adjusted EBITDA from prior ownership (1) | (887) | 2,172 | 3,758 | ||||||||||||||
Hotel Adjusted EBITDA from sold hotels (2) | — | — | (7,920) | ||||||||||||||
Comparable Hotel Adjusted EBITDA | $ | 61,929 | $ | 53,399 | $ | 51,767 | |||||||||||
Hotel Adjusted EBITDA Margin | 25.79 | % | 26.03 | % | 27.64 | % | |||||||||||
Comparable Hotel Adjusted EBITDA Margin | 25.76 | % | 26.22 | % | 24.59 | % |
Year Ended December 31, | |||||||||||||||||
Quarter 1, 2019 | Quarter 2, 2019 | Quarter 3, 2019 | Quarter 4, 2019 | Full Year 2019 | |||||||||||||
ADR | $ | 225.75 | $ | 254.63 | $ | 241.37 | $ | 244.35 | $ | 242.03 | |||||||
Occupancy | 72.1 | % | 82.3 | % | 81.2 | % | 75.1 | % | 77.7 | % | |||||||
RevPAR | $ | 162.86 | $ | 209.59 | $ | 195.88 | $ | 183.60 | $ | 188.07 | |||||||
Total RevPAR | $ | 246.70 | $ | 306.75 | $ | 278.99 | $ | 268.73 | $ | 275.36 | |||||||
Revenues (in thousands) | $ | 210,503 | $ | 264,731 | $ | 243,528 | $ | 234,573 | $ | 953,335 | |||||||
Hotel Adjusted EBITDA (in thousands) | $ | 51,767 | $ | 90,392 | $ | 73,486 | $ | 65,779 | $ | 281,424 | |||||||
Hotel Adjusted EBITDA Margin | 24.59 | % | 34.14 | % | 30.18 | % | 28.04 | % | 29.52 | % | |||||||
Available Rooms | 853,274 | 863,014 | 872,896 | 872,896 | 3,462,080 |
Quarter 1, 2022 | Quarter 2, 2022 | Quarter 3, 2022 | Quarter 4, 2022 | Full Year 2022 | |||||||||||||
ADR | $ | 283.70 | $ | 300.68 | $ | 283.87 | $ | 291.05 | $ | 290.21 | |||||||
Occupancy | 55.9 | % | 74.9 | % | 75.1 | % | 67.3 | % | 68.4 | % | |||||||
RevPAR | $ | 158.52 | $ | 225.19 | $ | 213.19 | $ | 195.99 | $ | 198.37 | |||||||
Total RevPAR | $ | 238.37 | $ | 331.56 | $ | 311.71 | $ | 293.64 | $ | 294.03 | |||||||
Revenues (in thousands) | $ | 203,672 | $ | 286,578 | $ | 272,659 | $ | 256,938 | $ | 1,019,847 | |||||||
Hotel Adjusted EBITDA (in thousands) | $ | 53,399 | $ | 103,654 | $ | 85,804 | $ | 76,981 | $ | 319,838 | |||||||
Hotel Adjusted EBITDA Margin | 26.22 | % | 36.17 | % | 31.47 | % | 29.96 | % | 31.36 | % | |||||||
Available Rooms | 854,442 | 864,323 | 874,702 | 875,012 | 3,468,479 |
Quarter 1, 2023 | |||||
ADR | $ | 277.92 | |||
Occupancy | 66.7 | % | |||
RevPAR | $ | 185.26 | |||
Total RevPAR | $ | 280.77 | |||
Revenues (in thousands) | $ | 240,378 | |||
Hotel Adjusted EBITDA (in thousands) | $ | 61,929 | |||
Hotel Adjusted EBITDA Margin | 25.76 | % | |||
Available Rooms | 856,128 |
Market Capitalization as of March 31, 2023 | ||||||||
(in thousands) | ||||||||
Enterprise Value | ||||||||
Common equity capitalization (at March 31, 2023 closing price of $8.13/share) | $ | 1,739,271 | ||||||
Preferred equity capitalization (at liquidation value of $25.00/share) | 119,000 | |||||||
Consolidated debt (face amount) | 1,185,330 | |||||||
Cash and cash equivalents | (76,503) | |||||||
Total enterprise value | $ | 2,967,098 | ||||||
Share Reconciliation | ||||||||
Common shares outstanding | 209,789 | |||||||
Operating partnership units | 1,075 | |||||||
Unvested restricted stock held by management and employees | 1,222 | |||||||
Share grants under deferred compensation plan | 1,847 | |||||||
Combined shares and units | 213,933 |
Debt Summary as of March 31, 2023 | ||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Loan | Interest Rate | Term | Outstanding Principal | Maturity | ||||||||||||||||||||||
Courtyard New York Manhattan / Midtown East | 4.40% | Fixed | 75,698 | August 2024 | ||||||||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 3.66% | Fixed | 75,147 | May 2025 | ||||||||||||||||||||||
Hotel Clio | 4.33% | Fixed | 57,122 | July 2025 | ||||||||||||||||||||||
Westin Boston Seaport District | 4.36% | Fixed | 177,363 | November 2025 | ||||||||||||||||||||||
Unamortized debt issuance costs | (956) | |||||||||||||||||||||||||
Total mortgage debt, net of unamortized debt issuance costs | 384,374 | |||||||||||||||||||||||||
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 | (796) | |||||||||||||||||||||||||
Unsecured term loans, net of unamortized debt issuance costs | 799,204 | |||||||||||||||||||||||||
Senior unsecured credit facility | SOFR + 1.40% | Variable | — | September 2026 (1) | ||||||||||||||||||||||
Total debt, net of unamortized debt issuance costs | $ | 1,183,578 | ||||||||||||||||||||||||
Weighted-average interest rate of fixed rate debt | 3.87% | |||||||||||||||||||||||||
Total weighted-average interest rate (2) | 4.88% |
Operating Statistics – First Quarter | ||||||||||||||||||||||||||||||||||||||
Number of Rooms | ADR | Occupancy | RevPAR | |||||||||||||||||||||||||||||||||||
1Q 2023 | 1Q 2022 | B/(W) 2022 | 1Q 2023 | 1Q 2022 | B/(W) 2022 | 1Q 2023 | 1Q 2022 | B/(W) 2022 | ||||||||||||||||||||||||||||||
Atlanta Marriott Alpharetta | 318 | $ | 159.23 | $ | 141.87 | 12.2 | % | 62.6 | % | 41.6 | % | 21.0 | % | $ | 99.61 | $ | 59.03 | 68.7 | % | |||||||||||||||||||
Bourbon Orleans Hotel | 220 | $ | 260.14 | $ | 244.94 | 6.2 | % | 80.9 | % | 49.6 | % | 31.3 | % | $ | 210.46 | $ | 121.61 | 73.1 | % | |||||||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | 142 | $ | 566.26 | $ | 683.10 | (17.1) | % | 52.8 | % | 44.6 | % | 8.2 | % | $ | 299.21 | $ | 304.93 | (1.9) | % | |||||||||||||||||||
Chicago Marriott Downtown Magnificent Mile | 1,200 | $ | 188.98 | $ | 168.57 | 12.1 | % | 39.5 | % | 27.4 | % | 12.1 | % | $ | 74.71 | $ | 46.13 | 62.0 | % | |||||||||||||||||||
Courtyard Denver Downtown | 177 | $ | 178.98 | $ | 151.12 | 18.4 | % | 69.1 | % | 60.0 | % | 9.1 | % | $ | 123.67 | $ | 90.65 | 36.4 | % | |||||||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | 189 | $ | 201.95 | $ | 161.28 | 25.2 | % | 93.5 | % | 82.9 | % | 10.6 | % | $ | 188.81 | $ | 133.69 | 41.2 | % | |||||||||||||||||||
Courtyard New York Manhattan/Midtown East | 321 | $ | 233.43 | $ | 199.77 | 16.8 | % | 87.9 | % | 63.6 | % | 24.3 | % | $ | 205.28 | $ | 127.03 | 61.6 | % | |||||||||||||||||||
Embassy Suites by Hilton Bethesda | 272 | $ | 142.06 | $ | 113.40 | 25.3 | % | 61.6 | % | 26.4 | % | 35.2 | % | $ | 87.57 | $ | 29.97 | 192.2 | % | |||||||||||||||||||
Havana Cabana Key West | 106 | $ | 379.67 | $ | 411.65 | (7.8) | % | 87.9 | % | 93.8 | % | (5.9) | % | $ | 333.90 | $ | 386.07 | (13.5) | % | |||||||||||||||||||
Henderson Beach Resort | 233 | $ | 361.12 | $ | 411.26 | (12.2) | % | 43.1 | % | 44.3 | % | (1.2) | % | $ | 155.70 | $ | 182.13 | (14.5) | % | |||||||||||||||||||
Henderson Park Inn | 37 | $ | 479.08 | $ | 511.93 | (6.4) | % | 42.5 | % | 60.6 | % | (18.1) | % | $ | 203.43 | $ | 310.39 | (34.5) | % | |||||||||||||||||||
Hilton Boston Downtown/Faneuil Hall | 403 | $ | 228.24 | $ | 174.41 | 30.9 | % | 49.0 | % | 63.0 | % | (14.0) | % | $ | 111.77 | $ | 109.95 | 1.7 | % | |||||||||||||||||||
Hilton Burlington Lake Champlain | 258 | $ | 165.81 | $ | 157.63 | 5.2 | % | 63.2 | % | 58.6 | % | 4.6 | % | $ | 104.76 | $ | 92.30 | 13.5 | % | |||||||||||||||||||
Hilton Garden Inn New York/Times Square Central | 282 | $ | 193.29 | $ | 162.46 | 19.0 | % | 85.3 | % | 77.8 | % | 7.5 | % | $ | 164.87 | $ | 126.40 | 30.4 | % | |||||||||||||||||||
Hotel Clio | 199 | $ | 298.34 | $ | 258.96 | 15.2 | % | 61.8 | % | 62.4 | % | (0.6) | % | $ | 184.29 | $ | 161.68 | 14.0 | % | |||||||||||||||||||
Hotel Emblem San Francisco | 96 | $ | 284.99 | $ | 187.82 | 51.7 | % | 63.7 | % | 53.8 | % | 9.9 | % | $ | 181.55 | $ | 101.10 | 79.6 | % | |||||||||||||||||||
Hotel Palomar Phoenix | 242 | $ | 301.38 | $ | 247.83 | 21.6 | % | 73.7 | % | 76.8 | % | (3.1) | % | $ | 222.03 | $ | 190.39 | 16.6 | % | |||||||||||||||||||
Kimpton Fort Lauderdale Beach Resort | 96 | $ | 273.10 | $ | 285.15 | (4.2) | % | 87.5 | % | 76.7 | % | 10.8 | % | $ | 239.00 | $ | 218.78 | 9.2 | % | |||||||||||||||||||
Kimpton Shorebreak Resort | 157 | $ | 292.14 | $ | 297.03 | (1.6) | % | 75.6 | % | 71.8 | % | 3.8 | % | $ | 220.94 | $ | 213.36 | 3.6 | % | |||||||||||||||||||
L'Auberge de Sedona | 88 | $ | 958.17 | $ | 1,046.12 | (8.4) | % | 57.5 | % | 68.5 | % | (11.0) | % | $ | 550.94 | $ | 716.30 | (23.1) | % | |||||||||||||||||||
Lake Austin Spa Resort | 40 | $ | 1,122.11 | $ | 1,149.57 | (2.4) | % | 55.7 | % | 70.6 | % | (14.9) | % | $ | 624.64 | $ | 811.08 | (23.0) | % | |||||||||||||||||||
Margaritaville Beach House Key West | 186 | $ | 495.09 | $ | 579.43 | (14.6) | % | 85.1 | % | 92.0 | % | (6.9) | % | $ | 421.38 | $ | 532.94 | (20.9) | % | |||||||||||||||||||
Orchards Inn Sedona | 70 | $ | 291.48 | $ | 309.21 | (5.7) | % | 59.5 | % | 63.7 | % | (4.2) | % | $ | 173.50 | $ | 196.91 | (11.9) | % | |||||||||||||||||||
Renaissance Charleston Historic District Hotel | 167 | $ | 333.13 | $ | 311.69 | 6.9 | % | 84.5 | % | 80.3 | % | 4.2 | % | $ | 281.51 | $ | 250.35 | 12.4 | % | |||||||||||||||||||
Salt Lake City Marriott Downtown at City Creek | 510 | $ | 199.71 | $ | 176.07 | 13.4 | % | 67.2 | % | 49.0 | % | 18.2 | % | $ | 134.17 | $ | 86.21 | 55.6 | % | |||||||||||||||||||
The Gwen Hotel | 311 | $ | 222.60 | $ | 213.18 | 4.4 | % | 65.2 | % | 58.2 | % | 7.0 | % | $ | 145.07 | $ | 124.11 | 16.9 | % | |||||||||||||||||||
The Hythe Vail | 344 | $ | 627.60 | $ | 663.43 | (5.4) | % | 84.2 | % | 67.0 | % | 17.2 | % | $ | 528.21 | $ | 444.73 | 18.8 | % | |||||||||||||||||||
The Landing Lake Tahoe Resort & Spa | 82 | $ | 362.47 | $ | 408.90 | (11.4) | % | 31.0 | % | 46.5 | % | (15.5) | % | $ | 112.33 | $ | 189.99 | (40.9) | % | |||||||||||||||||||
The Lodge at Sonoma Resort | 182 | $ | 361.03 | $ | 367.07 | (1.6) | % | 54.5 | % | 48.0 | % | 6.5 | % | $ | 196.63 | $ | 176.30 | 11.5 | % | |||||||||||||||||||
Tranquility Bay Beachfront Resort | 103 | $ | 813.34 | $ | 944.15 | (13.9) | % | 74.1 | % | 83.1 | % | (9.0) | % | $ | 602.42 | $ | 784.45 | (23.2) | % | |||||||||||||||||||
Westin Boston Waterfront | 793 | $ | 203.87 | $ | 194.05 | 5.1 | % | 71.7 | % | 53.7 | % | 18.0 | % | $ | 146.25 | $ | 104.27 | 40.3 | % | |||||||||||||||||||
Westin Fort Lauderdale Beach Resort | 433 | $ | 348.32 | $ | 336.96 | 3.4 | % | 87.9 | % | 87.7 | % | 0.2 | % | $ | 306.27 | $ | 295.38 | 3.7 | % | |||||||||||||||||||
Westin San Diego Bayview | 436 | $ | 214.73 | $ | 175.00 | 22.7 | % | 73.9 | % | 53.0 | % | 20.9 | % | $ | 158.76 | $ | 92.81 | 71.1 | % | |||||||||||||||||||
Westin Washington D.C. City Center | 410 | $ | 214.83 | $ | 175.98 | 22.1 | % | 68.0 | % | 35.2 | % | 32.8 | % | $ | 146.02 | $ | 62.02 | 135.4 | % | |||||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 504 | $ | 196.60 | $ | 194.19 | 1.2 | % | 74.1 | % | 64.3 | % | 9.8 | % | $ | 145.65 | $ | 124.90 | 16.6 | % | |||||||||||||||||||
Comparable Total (1) | 9,511 | $ | 277.92 | $ | 283.70 | (2.0) | % | 66.7 | % | 55.9 | % | 10.8 | % | $ | 185.26 | $ | 158.52 | 16.9 | % | |||||||||||||||||||
Operating Statistics – First Quarter | ||||||||||||||||||||||||||||||||||||||
Number of Rooms | ADR | Occupancy | RevPAR | |||||||||||||||||||||||||||||||||||
1Q 2023 | 1Q 2019 | B/(W) 2019 | 1Q 2023 | 1Q 2019 | B/(W) 2019 | 1Q 2023 | 1Q 2019 | B/(W) 2019 | ||||||||||||||||||||||||||||||
Atlanta Marriott Alpharetta | 318 | $ | 159.23 | $ | 177.33 | (10.2) | % | 62.6 | % | 70.5 | % | (7.9) | % | $ | 99.61 | $ | 124.93 | (20.3) | % | |||||||||||||||||||
Bourbon Orleans Hotel | 220 | $ | 260.14 | $ | 238.23 | 9.2 | % | 80.9 | % | 82.4 | % | (1.5) | % | $ | 210.46 | $ | 196.37 | 7.2 | % | |||||||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | 142 | $ | 566.26 | $ | 437.76 | 29.4 | % | 52.8 | % | 63.4 | % | (10.6) | % | $ | 299.21 | $ | 277.38 | 7.9 | % | |||||||||||||||||||
Chicago Marriott Downtown Magnificent Mile | 1,200 | $ | 188.98 | $ | 158.35 | 19.3 | % | 39.5 | % | 51.7 | % | (12.2) | % | $ | 74.71 | $ | 81.79 | (8.7) | % | |||||||||||||||||||
Courtyard Denver Downtown | 177 | $ | 178.98 | $ | 171.92 | 4.1 | % | 69.1 | % | 73.3 | % | (4.2) | % | $ | 123.67 | $ | 126.00 | (1.8) | % | |||||||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | 189 | $ | 201.95 | $ | 212.18 | (4.8) | % | 93.5 | % | 77.4 | % | 16.1 | % | $ | 188.81 | $ | 164.30 | 14.9 | % | |||||||||||||||||||
Courtyard New York Manhattan/Midtown East | 321 | $ | 233.43 | $ | 190.02 | 22.8 | % | 87.9 | % | 92.0 | % | (4.1) | % | $ | 205.28 | $ | 174.85 | 17.4 | % | |||||||||||||||||||
Embassy Suites by Hilton Bethesda | 272 | $ | 142.06 | $ | 172.21 | (17.5) | % | 61.6 | % | 65.3 | % | (3.7) | % | $ | 87.57 | $ | 112.46 | (22.1) | % | |||||||||||||||||||
Havana Cabana Key West | 106 | $ | 379.67 | $ | 254.41 | 49.2 | % | 87.9 | % | 94.7 | % | (6.8) | % | $ | 333.90 | $ | 240.94 | 38.6 | % | |||||||||||||||||||
Henderson Beach Resort | 233 | $ | 361.12 | $ | 253.18 | 42.6 | % | 43.1 | % | 39.0 | % | 4.1 | % | $ | 155.70 | $ | 98.85 | 57.5 | % | |||||||||||||||||||
Henderson Park Inn | 37 | $ | 479.08 | $ | 350.71 | 36.6 | % | 42.5 | % | 52.3 | % | (9.8) | % | $ | 203.43 | $ | 183.47 | 10.9 | % | |||||||||||||||||||
Hilton Boston Downtown/Faneuil Hall | 403 | $ | 228.24 | $ | 197.84 | 15.4 | % | 49.0 | % | 83.5 | % | (34.5) | % | $ | 111.77 | $ | 165.25 | (32.4) | % | |||||||||||||||||||
Hilton Burlington Lake Champlain | 258 | $ | 165.81 | $ | 130.74 | 26.8 | % | 63.2 | % | 70.7 | % | (7.5) | % | $ | 104.76 | $ | 92.39 | 13.4 | % | |||||||||||||||||||
Hilton Garden Inn New York/Times Square Central | 282 | $ | 193.29 | $ | 181.10 | 6.7 | % | 85.3 | % | 98.0 | % | (12.7) | % | $ | 164.87 | $ | 177.48 | (7.1) | % | |||||||||||||||||||
Hotel Clio | 199 | $ | 298.34 | $ | 240.96 | 23.8 | % | 61.8 | % | 46.5 | % | 15.3 | % | $ | 184.29 | $ | 112.09 | 64.4 | % | |||||||||||||||||||
Hotel Emblem San Francisco | 96 | $ | 284.99 | $ | 247.10 | 15.3 | % | 63.7 | % | 57.5 | % | 6.2 | % | $ | 181.55 | $ | 142.06 | 27.8 | % | |||||||||||||||||||
Hotel Palomar Phoenix | 242 | $ | 301.38 | $ | 233.06 | 29.3 | % | 73.7 | % | 88.2 | % | (14.5) | % | $ | 222.03 | $ | 205.66 | 8.0 | % | |||||||||||||||||||
Kimpton Shorebreak Resort | 157 | $ | 292.14 | $ | 236.80 | 23.4 | % | 75.6 | % | 75.3 | % | 0.3 | % | $ | 220.94 | $ | 178.23 | 24.0 | % | |||||||||||||||||||
L'Auberge de Sedona | 88 | $ | 958.17 | $ | 575.73 | 66.4 | % | 57.5 | % | 80.4 | % | (22.9) | % | $ | 550.94 | $ | 462.91 | 19.0 | % | |||||||||||||||||||
Lake Austin Spa Resort | 40 | $ | 1,122.11 | $ | 791.68 | 41.7 | % | 55.7 | % | 63.0 | % | (7.3) | % | $ | 624.64 | $ | 498.54 | 25.3 | % | |||||||||||||||||||
Margaritaville Beach House Key West | 186 | $ | 495.09 | $ | 310.04 | 59.7 | % | 85.1 | % | 94.1 | % | (9.0) | % | $ | 421.38 | $ | 291.63 | 44.5 | % | |||||||||||||||||||
Orchards Inn Sedona | 70 | $ | 291.48 | $ | 255.22 | 14.2 | % | 59.5 | % | 73.9 | % | (14.4) | % | $ | 173.50 | $ | 188.58 | (8.0) | % | |||||||||||||||||||
Renaissance Charleston Historic District Hotel | 167 | $ | 333.13 | $ | 236.72 | 40.7 | % | 84.5 | % | 83.8 | % | 0.7 | % | $ | 281.51 | $ | 198.44 | 41.9 | % | |||||||||||||||||||
Salt Lake City Marriott Downtown at City Creek | 510 | $ | 199.71 | $ | 173.62 | 15.0 | % | 67.2 | % | 59.2 | % | 8.0 | % | $ | 134.17 | $ | 102.73 | 30.6 | % | |||||||||||||||||||
The Gwen Hotel | 311 | $ | 222.60 | $ | 188.98 | 17.8 | % | 65.2 | % | 70.4 | % | (5.2) | % | $ | 145.07 | $ | 133.05 | 9.0 | % | |||||||||||||||||||
The Hythe Vail | 344 | $ | 627.60 | $ | 440.49 | 42.5 | % | 84.2 | % | 82.4 | % | 1.8 | % | $ | 528.21 | $ | 362.79 | 45.6 | % | |||||||||||||||||||
The Landing Lake Tahoe Resort & Spa | 82 | $ | 362.47 | $ | 275.79 | 31.4 | % | 31.0 | % | 53.0 | % | (22.0) | % | $ | 112.33 | $ | 146.21 | (23.2) | % | |||||||||||||||||||
The Lodge at Sonoma Resort | 182 | $ | 361.03 | $ | 233.68 | 54.5 | % | 54.5 | % | 61.5 | % | (7.0) | % | $ | 196.63 | $ | 143.63 | 36.9 | % | |||||||||||||||||||
Tranquility Bay Beachfront Resort | 103 | $ | 813.34 | $ | 492.18 | 65.3 | % | 74.1 | % | 91.7 | % | (17.6) | % | $ | 602.42 | $ | 451.20 | 33.5 | % | |||||||||||||||||||
Westin Boston Waterfront | 793 | $ | 203.87 | $ | 202.24 | 0.8 | % | 71.7 | % | 65.5 | % | 6.2 | % | $ | 146.25 | $ | 132.39 | 10.5 | % | |||||||||||||||||||
Westin Fort Lauderdale Beach Resort | 433 | $ | 348.32 | $ | 254.27 | 37.0 | % | 87.9 | % | 95.5 | % | (7.6) | % | $ | 306.27 | $ | 242.76 | 26.2 | % | |||||||||||||||||||
Westin San Diego Bayview | 436 | $ | 214.73 | $ | 189.85 | 13.1 | % | 73.9 | % | 77.5 | % | (3.6) | % | $ | 158.76 | $ | 147.20 | 7.9 | % | |||||||||||||||||||
Westin Washington D.C. City Center | 410 | $ | 214.83 | $ | 201.14 | 6.8 | % | 68.0 | % | 77.5 | % | (9.5) | % | $ | 146.02 | $ | 155.88 | (6.3) | % | |||||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 504 | $ | 196.60 | $ | 188.12 | 4.5 | % | 74.1 | % | 79.4 | % | (5.3) | % | $ | 145.65 | $ | 149.42 | (2.5) | % | |||||||||||||||||||
Comparable Total (1) | 9,511 | $ | 277.92 | $ | 225.75 | 23.1 | % | 66.7 | % | 72.1 | % | (5.4) | % | $ | 185.26 | $ | 162.86 | 13.8 | % | |||||||||||||||||||
Hotel Adjusted EBITDA Reconciliation - First Quarter 2023 | ||||||||||||||||||||||||||
Net Income / (Loss) | Plus: | Plus: | Plus: | Equals: Hotel Adjusted EBITDA | ||||||||||||||||||||||
Total Revenues | Depreciation | Interest Expense | Adjustments (1) | |||||||||||||||||||||||
Atlanta Marriott Alpharetta | $ | 4,017 | $ | 939 | $ | 364 | $ | — | $ | — | $ | 1,303 | ||||||||||||||
Bourbon Orleans Hotel | $ | 5,064 | $ | 1,429 | $ | 837 | $ | — | $ | 6 | $ | 2,272 | ||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | $ | 10,393 | $ | 894 | $ | 1,392 | $ | — | $ | 94 | $ | 2,380 | ||||||||||||||
Chicago Marriott Downtown Magnificent Mile | $ | 15,284 | $ | (2,595) | $ | 3,654 | $ | 6 | $ | (397) | $ | 668 | ||||||||||||||
Courtyard Denver Downtown | $ | 2,198 | $ | 276 | $ | 377 | $ | — | $ | — | $ | 653 | ||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | $ | 3,263 | $ | (755) | $ | 345 | $ | — | $ | 253 | $ | (157) | ||||||||||||||
Courtyard New York Manhattan/Midtown East | $ | 6,206 | $ | (1,002) | $ | 501 | $ | 886 | $ | — | $ | 385 | ||||||||||||||
Embassy Suites by Hilton Bethesda | $ | 2,565 | $ | (2,163) | $ | 575 | $ | — | $ | 1,477 | $ | (111) | ||||||||||||||
Havana Cabana Key West | $ | 4,001 | $ | 1,543 | $ | 278 | $ | — | $ | — | $ | 1,821 | ||||||||||||||
Henderson Beach Resort | $ | 6,557 | $ | (1,008) | $ | 999 | $ | — | $ | — | $ | (9) | ||||||||||||||
Henderson Park Inn | $ | 1,071 | $ | (249) | $ | 252 | $ | — | $ | — | $ | 3 | ||||||||||||||
Hilton Boston Downtown/Faneuil Hall | $ | 4,786 | $ | (1,544) | $ | 1,124 | $ | — | $ | — | $ | (420) | ||||||||||||||
Hilton Burlington Lake Champlain | $ | 3,272 | $ | (430) | $ | 568 | $ | — | $ | — | $ | 138 | ||||||||||||||
Hilton Garden Inn New York/Times Square Central | $ | 4,752 | $ | (235) | $ | 639 | $ | — | $ | — | $ | 404 | ||||||||||||||
Hotel Clio | $ | 5,353 | $ | (921) | $ | 862 | $ | 629 | $ | 5 | $ | 575 | ||||||||||||||
Hotel Emblem San Francisco | $ | 2,001 | $ | (30) | $ | 297 | $ | — | $ | — | $ | 267 | ||||||||||||||
Hotel Palomar Phoenix | $ | 7,654 | $ | 1,981 | $ | 660 | $ | — | $ | 181 | $ | 2,822 | ||||||||||||||
Kimpton Fort Lauderdale Beach Resort | $ | 3,175 | $ | 583 | $ | 304 | $ | — | $ | — | $ | 887 | ||||||||||||||
Kimpton Shorebreak Resort | $ | 4,527 | $ | 780 | $ | 412 | $ | — | $ | — | $ | 1,192 | ||||||||||||||
L'Auberge de Sedona | $ | 6,862 | $ | 1,435 | $ | 361 | $ | — | $ | — | $ | 1,796 | ||||||||||||||
Lake Austin Spa Resort | $ | 4,950 | $ | 456 | $ | 628 | $ | — | $ | — | $ | 1,084 | ||||||||||||||
Margaritaville Beach House Key West | $ | 9,221 | $ | 4,078 | $ | 800 | $ | — | $ | — | $ | 4,878 | ||||||||||||||
Orchards Inn Sedona | $ | 2,048 | $ | 439 | $ | 92 | $ | — | $ | 42 | $ | 573 | ||||||||||||||
Renaissance Charleston Historic District Hotel | $ | 5,401 | $ | 1,874 | $ | 465 | $ | — | $ | — | $ | 2,339 | ||||||||||||||
Salt Lake City Marriott Downtown at City Creek | $ | 8,291 | $ | 2,492 | $ | 567 | $ | — | $ | 11 | $ | 3,070 | ||||||||||||||
The Gwen Hotel | $ | 5,589 | $ | (1,514) | $ | 1,083 | $ | — | $ | — | $ | (431) | ||||||||||||||
The Hythe Vail | $ | 21,895 | $ | 10,653 | $ | 1,202 | $ | — | $ | — | $ | 11,855 | ||||||||||||||
The Landing Lake Tahoe Resort & Spa | $ | 1,553 | $ | (560) | $ | 223 | $ | — | $ | — | $ | (337) | ||||||||||||||
The Lodge at Sonoma Resort | $ | 6,105 | $ | 396 | $ | 657 | $ | — | $ | — | $ | 1,053 | ||||||||||||||
Tranquility Bay Beachfront Resort | $ | 6,982 | $ | 2,039 | $ | 429 | $ | — | $ | — | $ | 2,468 | ||||||||||||||
Westin Boston Seaport District | $ | 18,031 | $ | (1,865) | $ | 2,470 | $ | 1,981 | $ | (122) | $ | 2,464 | ||||||||||||||
Westin Fort Lauderdale Beach Resort | $ | 22,987 | $ | 8,306 | $ | 1,054 | $ | — | $ | — | $ | 9,360 | ||||||||||||||
Westin San Diego Bayview | $ | 8,700 | $ | 2,013 | $ | 855 | $ | — | $ | — | $ | 2,868 | ||||||||||||||
Westin Washington D.C. City Center | $ | 6,707 | $ | (63) | $ | 1,020 | $ | — | $ | — | $ | 957 | ||||||||||||||
Worthington Renaissance Fort Worth Hotel | $ | 12,092 | $ | 1,907 | $ | 1,126 | $ | 712 | $ | — | $ | 3,745 | ||||||||||||||
Total | $ | 243,553 | $ | 29,579 | $ | 27,472 | $ | 4,214 | $ | 1,550 | $ | 62,816 | ||||||||||||||
Less: Non Comparable Hotel (2) | $ | (3,175) | $ | (583) | $ | (304) | $ | — | $ | — | $ | (887) | ||||||||||||||
Comparable Total | $ | 240,378 | $ | 28,996 | $ | 27,168 | $ | 4,214 | $ | 1,550 | $ | 61,929 | ||||||||||||||
Hotel Adjusted EBITDA Reconciliation - First Quarter 2022 | ||||||||||||||||||||||||||
Net Income / (Loss) | Plus: | Plus: | Plus: | Equals: Hotel | ||||||||||||||||||||||
Total Revenues | Depreciation | Interest Expense | Adjustments (1) | Adjusted EBITDA | ||||||||||||||||||||||
Atlanta Marriott Alpharetta | $ | 2,468 | $ | 279 | $ | 370 | $ | — | $ | — | $ | 649 | ||||||||||||||
Bourbon Orleans Hotel | $ | 3,049 | $ | 75 | $ | 820 | $ | — | $ | 6 | $ | 901 | ||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | $ | 9,635 | $ | 1,032 | $ | 1,826 | $ | — | $ | 94 | $ | 2,952 | ||||||||||||||
Chicago Marriott Downtown Magnificent Mile | $ | 8,606 | $ | (6,202) | $ | 3,993 | $ | 6 | $ | (397) | $ | (2,600) | ||||||||||||||
Courtyard Denver Downtown | $ | 1,733 | $ | 182 | $ | 377 | $ | — | $ | — | $ | 559 | ||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | $ | 2,349 | $ | (1,175) | $ | 330 | $ | — | $ | 253 | $ | (592) | ||||||||||||||
Courtyard New York Manhattan/Midtown East | $ | 3,840 | $ | (2,273) | $ | 484 | $ | 905 | $ | — | $ | (884) | ||||||||||||||
Embassy Suites by Hilton Bethesda | $ | 939 | $ | (3,099) | $ | 553 | $ | — | $ | 1,489 | $ | (1,057) | ||||||||||||||
Havana Cabana Key West | $ | 4,615 | $ | 2,182 | $ | 283 | $ | — | $ | — | $ | 2,465 | ||||||||||||||
Henderson Beach Resort | $ | 6,906 | $ | (607) | $ | 953 | $ | — | $ | — | $ | 346 | ||||||||||||||
Henderson Park Inn | $ | 1,377 | $ | (83) | $ | 215 | $ | — | $ | — | $ | 132 | ||||||||||||||
Hilton Boston Downtown/Faneuil Hall | $ | 4,790 | $ | (1,037) | $ | 1,057 | $ | — | $ | — | $ | 20 | ||||||||||||||
Hilton Burlington Lake Champlain | $ | 2,768 | $ | (98) | $ | 560 | $ | — | $ | — | $ | 462 | ||||||||||||||
Hilton Garden Inn New York/Times Square Central | $ | 3,678 | $ | (611) | $ | 620 | $ | — | $ | — | $ | 9 | ||||||||||||||
Hotel Clio | $ | 4,941 | $ | (447) | $ | 800 | $ | 644 | $ | 5 | $ | 1,002 | ||||||||||||||
Hotel Emblem San Francisco | $ | 1,074 | $ | (473) | $ | 301 | $ | — | $ | — | $ | (172) | ||||||||||||||
Hotel Palomar Phoenix | $ | 6,382 | $ | 1,807 | $ | 674 | $ | — | $ | 185 | $ | 2,666 | ||||||||||||||
Kimpton Shorebreak Resort | $ | 4,398 | $ | 995 | $ | 403 | $ | — | $ | — | $ | 1,398 | ||||||||||||||
L'Auberge de Sedona | $ | 8,195 | $ | 2,378 | $ | 393 | $ | — | $ | — | $ | 2,771 | ||||||||||||||
Margaritaville Beach House Key West | $ | 10,948 | $ | 5,337 | $ | 806 | $ | — | $ | — | $ | 6,143 | ||||||||||||||
Orchards Inn Sedona | $ | 2,233 | $ | 590 | $ | 84 | $ | — | $ | 42 | $ | 716 | ||||||||||||||
Renaissance Charleston Historic District Hotel | $ | 4,924 | $ | 1,621 | $ | 456 | $ | — | $ | — | $ | 2,077 | ||||||||||||||
Salt Lake City Marriott Downtown at City Creek | $ | 5,899 | $ | 1,042 | $ | 522 | $ | 478 | $ | 11 | $ | 2,053 | ||||||||||||||
The Gwen Hotel | $ | 5,038 | $ | (1,684) | $ | 1,075 | $ | — | $ | — | $ | (609) | ||||||||||||||
The Hythe Vail | $ | 17,733 | $ | 7,928 | $ | 1,197 | $ | — | $ | — | $ | 9,125 | ||||||||||||||
The Landing Lake Tahoe Resort & Spa | $ | 2,177 | $ | 556 | $ | 358 | $ | — | $ | — | $ | 914 | ||||||||||||||
The Lodge at Sonoma Resort | $ | 5,197 | $ | (97) | $ | 628 | $ | 260 | $ | — | $ | 791 | ||||||||||||||
Tranquility Bay Beachfront Resort | $ | 8,048 | $ | 2,873 | $ | 133 | $ | — | $ | — | $ | 3,006 | ||||||||||||||
Westin Boston Seaport District | $ | 13,023 | $ | (3,862) | $ | 2,456 | $ | 2,027 | $ | (122) | $ | 499 | ||||||||||||||
Westin Fort Lauderdale Beach Resort | $ | 22,452 | $ | 10,262 | $ | 993 | $ | — | $ | — | $ | 11,255 | ||||||||||||||
Westin San Diego Bayview | $ | 5,006 | $ | (311) | $ | 806 | $ | 583 | $ | — | $ | 1,078 | ||||||||||||||
Westin Washington D.C. City Center | $ | 2,916 | $ | (1,382) | $ | 1,018 | $ | 592 | $ | — | $ | 228 | ||||||||||||||
Worthington Renaissance Fort Worth Hotel | $ | 9,496 | $ | 1,082 | $ | 1,111 | $ | 729 | $ | 2 | $ | 2,924 | ||||||||||||||
Total | $ | 196,833 | $ | 16,780 | $ | 26,655 | $ | 6,224 | $ | 1,568 | $ | 51,227 | ||||||||||||||
Add: Prior Ownership Results (2) | $ | 6,839 | $ | 1,862 | $ | 310 | $ | — | $ | — | $ | 2,172 | ||||||||||||||
Comparable Total | $ | 203,672 | $ | 18,642 | $ | 26,965 | $ | 6,224 | $ | 1,568 | $ | 53,399 | ||||||||||||||
Hotel Adjusted EBITDA Reconciliation - First Quarter 2019 | ||||||||||||||||||||||||||
Net Income / (Loss) | Plus: | Plus: | Plus: | Equals: Hotel | ||||||||||||||||||||||
Total Revenues | Depreciation | Interest Expense | Adjustments (1) | Adjusted EBITDA | ||||||||||||||||||||||
Atlanta Marriott Alpharetta | $ | 5,311 | $ | 1,579 | $ | 475 | $ | — | $ | — | $ | 2,054 | ||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | $ | 9,247 | $ | (221) | $ | 1,941 | $ | — | $ | 31 | $ | 1,751 | ||||||||||||||
Chicago Marriott Downtown Magnificent Mile | $ | 16,131 | $ | (4,067) | $ | 4,129 | $ | 71 | $ | (397) | $ | (264) | ||||||||||||||
Courtyard Denver Downtown | $ | 2,245 | $ | 548 | $ | 296 | $ | — | $ | — | $ | 844 | ||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | $ | 2,884 | $ | (905) | $ | 441 | $ | — | $ | 253 | $ | (211) | ||||||||||||||
Courtyard New York Manhattan/Midtown East | $ | 5,256 | $ | (1,621) | $ | 692 | $ | 958 | $ | — | $ | 29 | ||||||||||||||
Embassy Suites by Hilton Bethesda | $ | 3,937 | $ | (971) | $ | 478 | $ | — | $ | 1,525 | $ | 1,032 | ||||||||||||||
Frenchman's Reef & Morning Star Marriott Beach Resort | $ | — | $ | 8,799 | $ | — | $ | — | $ | — | $ | 8,799 | ||||||||||||||
Havana Cabana Key West | $ | 2,916 | $ | 1,202 | $ | 245 | $ | — | $ | — | $ | 1,447 | ||||||||||||||
Hilton Boston Downtown/Faneuil Hall | $ | 6,672 | $ | (87) | $ | 1,244 | $ | — | $ | — | $ | 1,157 | ||||||||||||||
Hilton Burlington Lake Champlain | $ | 2,916 | $ | 44 | $ | 499 | $ | — | $ | — | $ | 543 | ||||||||||||||
Hilton Garden Inn New York/Times Square Central | $ | 4,624 | $ | (670) | $ | 844 | $ | — | $ | — | $ | 174 | ||||||||||||||
Hotel Clio | $ | 2,676 | $ | (1,477) | $ | 541 | $ | 683 | $ | 6 | $ | (247) | ||||||||||||||
Hotel Emblem San Francisco | $ | 1,349 | $ | (256) | $ | 275 | $ | — | $ | — | $ | 19 | ||||||||||||||
Hotel Palomar Phoenix | $ | 7,613 | $ | 2,075 | $ | 666 | $ | 38 | $ | 296 | $ | 3,075 | ||||||||||||||
Kimpton Shorebreak Resort | $ | 3,940 | $ | 586 | $ | 349 | $ | — | $ | 41 | $ | 976 | ||||||||||||||
L'Auberge de Sedona | $ | 5,954 | $ | 859 | $ | 508 | $ | — | $ | — | $ | 1,367 | ||||||||||||||
Margaritaville Beach House Key West | $ | 5,794 | $ | 2,395 | $ | 338 | $ | — | $ | — | $ | 2,733 | ||||||||||||||
Orchards Inn Sedona | $ | 1,878 | $ | 274 | $ | 238 | $ | — | $ | 42 | $ | 554 | ||||||||||||||
Renaissance Charleston Historic District Hotel | $ | 3,483 | $ | 890 | $ | 403 | $ | — | $ | (32) | $ | 1,261 | ||||||||||||||
Salt Lake City Marriott Downtown at City Creek | $ | 6,874 | $ | 1,058 | $ | 530 | $ | 604 | $ | — | $ | 2,192 | ||||||||||||||
The Gwen Hotel | $ | 5,056 | $ | (1,559) | $ | 1,058 | $ | — | $ | — | $ | (501) | ||||||||||||||
The Hythe Vail | $ | 15,395 | $ | 6,545 | $ | 990 | $ | — | $ | — | $ | 7,535 | ||||||||||||||
The Landing Lake Tahoe Resort & Spa | $ | 1,753 | $ | (460) | $ | 376 | $ | — | $ | — | $ | (84) | ||||||||||||||
The Lexington Hotel | $ | 11,265 | $ | (4,421) | $ | 3,530 | $ | 4 | $ | 8 | $ | (879) | ||||||||||||||
The Lodge at Sonoma Resort | $ | 4,529 | $ | (336) | $ | 535 | $ | 279 | $ | — | $ | 478 | ||||||||||||||
Westin Boston Seaport District | $ | 17,742 | $ | (2,045) | $ | 2,413 | $ | 2,156 | $ | (60) | $ | 2,464 | ||||||||||||||
Westin Fort Lauderdale Beach Resort | $ | 17,500 | $ | 5,952 | $ | 1,545 | $ | — | $ | — | $ | 7,497 | ||||||||||||||
Westin San Diego Bayview | $ | 8,645 | $ | 1,701 | $ | 1,126 | $ | 631 | $ | — | $ | 3,458 | ||||||||||||||
Westin Washington D.C. City Center | $ | 7,094 | $ | (235) | $ | 1,322 | $ | 661 | $ | — | $ | 1,748 | ||||||||||||||
Worthington Renaissance Fort Worth Hotel | $ | 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) | $ | 19,393 | $ | 1,719 | $ | 2,039 | $ | — | $ | — | $ | 3,758 | ||||||||||||||
Less: Sold Hotels (3) | $ | (11,265) | $ | (4,378) | $ | (3,530) | $ | (4) | $ | (8) | $ | (7,920) | ||||||||||||||
Comparable Total | $ | 210,503 | $ | 15,699 | $ | 27,505 | $ | 6,856 | $ | 1,707 | $ | 51,767 | ||||||||||||||
January 2023 | January 2019 | B/(W) 2019 | January 2023 | January 2019 | B/(W) 2019 | January 2023 | January 2019 | B/(W) 2019 | ||||||||||||||||||||||||||||||
Number of Rooms | ADR | Occupancy | RevPAR | |||||||||||||||||||||||||||||||||||
February 2023 | February 2019 | B/(W) 2019 | February 2023 | February 2019 | B/(W) 2019 | February 2023 | February 2019 | B/(W) 2019 | ||||||||||||||||||||||||||||||
Number of Rooms | ADR | Occupancy | RevPAR | |||||||||||||||||||||||||||||||||||
March 2023 | March 2019 | B/(W) 2019 | March 2023 | March 2019 | B/(W) 2019 | March 2023 | March 2019 | B/(W) 2019 | ||||||||||||||||||||||||||||||