(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
DIAMONDROCK HOSPITALITY COMPANY | ||||||||||||||||||||
Dated: November 5, 2020 | By: | /s/ Briony R. Quinn | ||||||||||||||||||
Briony R. Quinn | ||||||||||||||||||||
Senior Vice President and Treasurer |
Third Quarter | ||||||||||||||
2020 | 2019 | Change | ||||||||||||
Comparable Operating Results (1) | ||||||||||||||
ADR | $201.82 | $238.50 | (15.4) | % | ||||||||||
Occupancy | 18.6 | % | 82.7 | % | (64.1) | % | ||||||||
RevPAR | $37.55 | $197.14 | (81.0) | % | ||||||||||
Total RevPAR | $56.69 | $272.05 | (79.2) | % | ||||||||||
Revenues | $50.1 million | $240.3 million | (79.2) | % | ||||||||||
Hotel Adjusted EBITDA | ($17.4) million | $73.8 million | (123.6) | % | ||||||||||
Hotel Adjusted EBITDA Margin | (34.69) | % | 30.69 | % | (6,538) basis points | |||||||||
Available Rooms | 883,200 | 883,200 | – rooms | |||||||||||
Actual Operating Results | ||||||||||||||
Revenues | $50.1 million | $240.3 million | (79.2) | % | ||||||||||
Net loss/income | ($79.6) million | $11.6 million | ($91.2) million | |||||||||||
Loss/Earnings per diluted share | ($0.40) | $0.06 | ($0.46) | |||||||||||
Adjusted EBITDA | ($24.4) million | $67.5 million | ($91.9) million | |||||||||||
Adjusted FFO | ($43.5) million | $55.3 million | ($98.8) million | |||||||||||
Adjusted FFO per diluted share | ($0.22) | $0.27 | ($0.49) |
Year to Date | ||||||||||||||
2020 | 2019 | Change | ||||||||||||
Comparable Operating Results (1) | ||||||||||||||
ADR | $209.23 | $235.89 | (11.3) | % | ||||||||||
Occupancy | 28.7 | % | 79.7 | % | (51.0) | % | ||||||||
RevPAR | $60.09 | $187.96 | (68.0) | % | ||||||||||
Total RevPAR | $91.41 | $267.43 | (65.8) | % | ||||||||||
Revenues | $240.4 million | $700.6 million | (65.7) | % | ||||||||||
Hotel Adjusted EBITDA | ($29.9) million | $209.2 million | (114.3) | % | ||||||||||
Hotel Adjusted EBITDA Margin | (12.44) | % | 29.87 | % | (4,231) basis points | |||||||||
Available Rooms | 2,630,400 | 2,619,609 | 10,791 rooms | |||||||||||
Actual Operating Results | ||||||||||||||
Revenues | $240.4 million | $700.6 million | (65.7) | % | ||||||||||
Net loss/income | ($187.7) million | $49.6 million | ($237.3) million | |||||||||||
Loss/Earnings per diluted share | ($0.93) | $0.24 | ($1.17) | |||||||||||
Adjusted EBITDA | ($49.6) million | $197.8 million | ($247.4) million | |||||||||||
Adjusted FFO | ($76.1) million | $162.3 million | ($238.4) million | |||||||||||
Adjusted FFO per diluted share | ($0.38) | $0.80 | ($1.18) |
Property | # of Rooms | Date of Suspension | Date of Reopening | |||||||||||||||||
Renaissance Charleston Historic District Hotel | 166 | 4/6/2020 | 5/14/2020 | |||||||||||||||||
Orchards Inn Sedona | 70 | 3/31/2020 | 5/15/2020 | |||||||||||||||||
Courtyard Denver Downtown | 177 | 3/20/2020 | 6/1/2020 | |||||||||||||||||
JW Marriott Denver Cherry Creek | 199 | 3/22/2020 | 6/1/2020 | |||||||||||||||||
Havana Cabana Key West | 106 | 3/23/2020 | 6/1/2020 | |||||||||||||||||
Barbary Beach House Key West | 184 | 3/23/2020 | 6/1/2020 | |||||||||||||||||
The Landing Lake Tahoe Resort & Spa | 82 | 3/23/2020 | 6/5/2020 | |||||||||||||||||
The Gwen Chicago | 311 | 3/31/2020 | 6/10/2020 | |||||||||||||||||
Vail Marriott Mountain Resort | 344 | 3/20/2020 | 6/12/2020 | |||||||||||||||||
Hotel Palomar Phoenix | 242 | 3/31/2020 | 6/21/2020 | |||||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | 142 | 3/17/2020 | 6/24/2020 | |||||||||||||||||
Hotel Emblem San Francisco | 96 | 3/23/2020 | 6/26/2020 | |||||||||||||||||
The Lodge at Sonoma Renaissance Resort & Spa | 182 | 3/21/2020 | 7/1/2020 | |||||||||||||||||
Hilton Burlington Lake Champlain | 258 | 3/31/2020 | 7/16/2020 | |||||||||||||||||
Hilton Boston Downtown/Faneuil Hall | 403 | 3/23/2020 | 7/31/2020 | |||||||||||||||||
Chicago Marriott Downtown Magnificent Mile | 1,200 | 4/10/2020 | 9/1/2020 | |||||||||||||||||
Westin Boston Waterfront | 793 | 3/25/2020 | 9/3/2020 | |||||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | 189 | 3/27/2020 | - | |||||||||||||||||
Hilton Garden Inn New York Times Square Central | 282 | 3/29/2020 | - | |||||||||||||||||
The Lexington Hotel | 725 | 3/29/2020 | - |
July 2020 | August 2020 | September 2020 | Third Quarter 2020 | ||||||||||||||||||||
Hotels Open and Operating the Entire Period | |||||||||||||||||||||||
Number of Hotels | 23 | 23 | 23 | 23 | |||||||||||||||||||
Occupancy | 25.8 | % | 28.1 | % | 31.1 | % | 28.3 | % | |||||||||||||||
ADR | $206.98 | $200.78 | $210.92 | $206.32 | |||||||||||||||||||
RevPAR | $53.43 | $56.40 | $65.54 | $58.38 | |||||||||||||||||||
Total RevPAR | $76.36 | $84.68 | $100.89 | $87.16 |
July 2020 | August 2020 | September 2020 | Third Quarter 2020 | ||||||||||||||||||||
Resorts Open and Operating the Entire Period | |||||||||||||||||||||||
Number of Hotels | 11 | 11 | 11 | 11 | |||||||||||||||||||
Occupancy | 39.8 | % | 44.1 | % | 45.1 | % | 43.0 | % | |||||||||||||||
ADR | $265.29 | $258.48 | $282.70 | $268.89 | |||||||||||||||||||
RevPAR | $105.49 | $114.10 | $127.49 | $115.57 | |||||||||||||||||||
Total RevPAR | $157.89 | $176.87 | $206.76 | $180.22 |
July 2020 | August 2020 | September 2020 | Third Quarter 2020 | ||||||||||||||||||||
Hotels Open and Operating at Any Point During the Period | |||||||||||||||||||||||
Number of Hotels | 25 | 25 | 27 | 27 | |||||||||||||||||||
Occupancy | 23.5 | % | 27.4 | % | 25.0 | % | 25.3 | % | |||||||||||||||
ADR | $206.35 | $197.12 | $202.53 | $201.82 | |||||||||||||||||||
RevPAR | $48.55 | $54.09 | $50.64 | $51.06 | |||||||||||||||||||
Total RevPAR | $69.50 | $80.19 | $77.36 | $75.82 |
September 30, 2020 | December 31, 2019 | ||||||||||
ASSETS | (unaudited) | ||||||||||
Property and equipment, net | $ | 3,013,989 | $ | 3,026,769 | |||||||
Right-of-use assets | 96,956 | 98,145 | |||||||||
Restricted cash | 31,478 | 57,268 | |||||||||
Due from hotel managers | 67,951 | 91,207 | |||||||||
Prepaid and other assets (1) | 33,194 | 29,853 | |||||||||
Cash and cash equivalents | 110,555 | 122,524 | |||||||||
Total assets | $ | 3,354,123 | $ | 3,425,766 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Liabilities: | |||||||||||
Mortgage and other debt, net of unamortized debt issuance costs | $ | 601,715 | $ | 616,329 | |||||||
Unsecured term loans, net of unamortized debt issuance costs | 398,443 | 398,770 | |||||||||
Senior unsecured credit facility | 99,985 | 75,000 | |||||||||
Total debt | 1,100,143 | 1,090,099 | |||||||||
Deferred income related to key money, net | 11,045 | 11,342 | |||||||||
Unfavorable contract liabilities, net | 64,564 | 67,422 | |||||||||
Deferred rent | 55,270 | 52,012 | |||||||||
Lease liabilities | 104,275 | 103,625 | |||||||||
Due to hotel managers | 94,473 | 72,445 | |||||||||
Distributions declared and unpaid | 138 | 25,815 | |||||||||
Accounts payable and accrued expenses (2) | 82,026 | 81,944 | |||||||||
Total liabilities | 1,511,934 | 1,504,704 | |||||||||
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 and no shares issues and outstanding at September 30, 2020 and December 31, 2019, respectively | 48 | — | |||||||||
Common stock, $0.01 par value; 400,000,000 shares authorized; 199,518,880 and 200,207,795 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively | 1,995 | 2,002 | |||||||||
Additional paid-in capital | 2,198,376 | 2,089,349 | |||||||||
Accumulated deficit | (366,635) | (178,861) | |||||||||
Total stockholders’ equity | 1,833,784 | 1,912,490 | |||||||||
Noncontrolling interests | 8,405 | 8,572 | |||||||||
Total equity | 1,842,189 | 1,921,062 | |||||||||
Total liabilities and equity | $ | 3,354,123 | $ | 3,425,766 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rooms | $ | 33,166 | $ | 174,113 | $ | 158,066 | $ | 492,395 | |||||||||||||||
Food and beverage | 9,586 | 50,624 | 56,529 | 161,803 | |||||||||||||||||||
Other | 7,315 | 15,542 | 25,846 | 46,374 | |||||||||||||||||||
Total revenues | 50,067 | 240,279 | 240,441 | 700,572 | |||||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
Rooms | 11,792 | 42,840 | 54,588 | 124,581 | |||||||||||||||||||
Food and beverage | 10,043 | 34,262 | 45,845 | 103,868 | |||||||||||||||||||
Management fees | (755) | 6,088 | 2,644 | 18,745 | |||||||||||||||||||
Franchise fees | 1,813 | 6,894 | 8,402 | 19,961 | |||||||||||||||||||
Other hotel expenses | 53,196 | 85,157 | 171,759 | 241,955 | |||||||||||||||||||
Depreciation and amortization | 28,514 | 29,474 | 87,397 | 87,805 | |||||||||||||||||||
Corporate expenses | 7,267 | 6,318 | 19,650 | 20,785 | |||||||||||||||||||
Business interruption insurance income | — | — | — | (8,822) | |||||||||||||||||||
Total operating expenses, net | 111,870 | 211,033 | 390,285 | 608,878 | |||||||||||||||||||
Interest and other (income) expense, net | (191) | (102) | 58 | (510) | |||||||||||||||||||
Interest expense | 10,818 | 14,184 | 43,665 | 38,264 | |||||||||||||||||||
Loss on early extinguishment of debt | — | 2,373 | — | 2,373 | |||||||||||||||||||
Total other expenses, net | 10,627 | 16,455 | 43,723 | 40,127 | |||||||||||||||||||
(Loss) income before income taxes | (72,430) | 12,791 | (193,567) | 51,567 | |||||||||||||||||||
Income tax (expense) benefit | (7,205) | (1,217) | 5,853 | (1,939) | |||||||||||||||||||
Net (loss) income | (79,635) | 11,574 | (187,714) | 49,628 | |||||||||||||||||||
Less: Net loss (income) attributable to noncontrolling interests | 43 | (45) | 781 | (194) | |||||||||||||||||||
Net (loss) income attributable to the Company | (79,592) | 11,529 | (186,933) | 49,434 | |||||||||||||||||||
Distributions to preferred stockholders | (845) | — | (845) | — | |||||||||||||||||||
Net (loss) income attributable to common stockholders | $ | (80,437) | $ | 11,529 | $ | (187,778) | $ | 49,434 | |||||||||||||||
(Loss) earnings per share: | |||||||||||||||||||||||
Net (loss) income per share available to common stockholders - basic | $ | (0.40) | $ | 0.06 | $ | (0.93) | $ | 0.24 | |||||||||||||||
Net (loss) income per share available to common stockholders - diluted | $ | (0.40) | $ | 0.06 | $ | (0.93) | $ | 0.24 | |||||||||||||||
Weighted-average number of common shares outstanding: | |||||||||||||||||||||||
Basic | 200,978,327 | 201,448,348 | 200,994,434 | 202,218,646 | |||||||||||||||||||
Diluted | 200,978,327 | 201,992,289 | 200,994,434 | 202,682,588 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net (loss) income | $ | (79,635) | $ | 11,574 | $ | (187,714) | $ | 49,628 | |||||||||||||||
Interest expense | 10,818 | 14,184 | 43,665 | 38,264 | |||||||||||||||||||
Income tax expense (benefit) | 7,205 | 1,217 | (5,853) | 1,939 | |||||||||||||||||||
Real estate related depreciation and amortization | 28,514 | 29,474 | 87,397 | 87,805 | |||||||||||||||||||
EBITDA/EBITDAre | (33,098) | 56,449 | (62,505) | 177,636 | |||||||||||||||||||
Non-cash lease expense and other amortization | 1,715 | 1,750 | 5,172 | 5,249 | |||||||||||||||||||
Professional fees and pre-opening costs related to Frenchman's Reef (1) | 593 | 6,378 | 418 | 11,445 | |||||||||||||||||||
Hotel manager transition items (2) | (1,021) | 582 | (460) | 1,050 | |||||||||||||||||||
Loss on early extinguishment of debt | — | 2,373 | — | 2,373 | |||||||||||||||||||
Severance costs (3) | 7,367 | — | 7,760 | — | |||||||||||||||||||
Adjusted EBITDA | $ | (24,444) | $ | 67,532 | $ | (49,615) | $ | 197,753 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net (loss) income | $ | (79,635) | $ | 11,574 | $ | (187,714) | $ | 49,628 | |||||||||||||||
Interest expense | 10,818 | 14,184 | 43,665 | 38,264 | |||||||||||||||||||
Income tax expense (benefit) | 7,205 | 1,217 | (5,853) | 1,939 | |||||||||||||||||||
Real estate related depreciation and amortization | 28,514 | 29,474 | 87,397 | 87,805 | |||||||||||||||||||
EBITDA | (33,098) | 56,449 | (62,505) | 177,636 | |||||||||||||||||||
Corporate expenses | 7,267 | 6,318 | 19,650 | 20,785 | |||||||||||||||||||
Interest and other (income) expense, net | (191) | (102) | 58 | (510) | |||||||||||||||||||
Loss on early extinguishment of debt | — | 2,373 | — | 2,373 | |||||||||||||||||||
Professional fees and pre-opening costs related to Frenchman's Reef (1) | 593 | 6,378 | 418 | 11,445 | |||||||||||||||||||
Hotel EBITDA | (25,429) | 71,416 | (42,379) | 211,729 | |||||||||||||||||||
Non-cash lease expense and other amortization | 1,715 | 1,750 | 5,172 | 5,249 | |||||||||||||||||||
Severance costs (3) | 7,367 | — | 7,760 | — | |||||||||||||||||||
Hotel manager transition items (2) | (1,021) | 582 | (460) | 1,050 | |||||||||||||||||||
Hotel Adjusted EBITDA | $ | (17,368) | $ | 73,748 | $ | (29,907) | $ | 218,028 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net (loss) income | $ | (79,635) | $ | 11,574 | $ | (187,714) | $ | 49,628 | |||||||||||||||
Real estate related depreciation and amortization | 28,514 | 29,474 | 87,397 | 87,805 | |||||||||||||||||||
FFO | (51,121) | 41,048 | (100,317) | 137,433 | |||||||||||||||||||
Non-cash lease expense and other amortization | 1,715 | 1,750 | 5,172 | 5,249 | |||||||||||||||||||
Professional fees and pre-opening costs related to Frenchman's Reef (1) | 593 | 6,378 | 418 | 11,445 | |||||||||||||||||||
Hotel manager transition items (2) | (1,021) | 582 | (460) | 1,050 | |||||||||||||||||||
Loss on early extinguishment of debt | — | 2,373 | — | 2,373 | |||||||||||||||||||
Severance costs (3) | 7,367 | — | 7,760 | — | |||||||||||||||||||
Fair value adjustments to interest rate swaps | (983) | 3,143 | 11,329 | 4,790 | |||||||||||||||||||
Adjusted FFO | $ | (43,450) | $ | 55,274 | $ | (76,098) | $ | 162,340 | |||||||||||||||
Adjusted FFO per diluted share | $ | (0.22) | $ | 0.27 | $ | (0.38) | $ | 0.80 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenues | $ | 50,067 | $ | 240,279 | $ | 240,441 | $ | 700,572 | |||||||||||||||
Hotel revenues from Frenchman's Reef & Morning Star Marriott Beach Resort | — | (1) | — | — | |||||||||||||||||||
Comparable Revenues | $ | 50,067 | $ | 240,278 | $ | 240,441 | $ | 700,572 | |||||||||||||||
Hotel Adjusted EBITDA | $ | (17,368) | $ | 73,748 | $ | (29,907) | $ | 218,028 | |||||||||||||||
Hotel Adjusted EBITDA from Frenchman's Reef & Morning Star Marriott Beach Resort | — | 2 | — | (8,798) | |||||||||||||||||||
Comparable Hotel Adjusted EBITDA | $ | (17,368) | $ | 73,750 | $ | (29,907) | $ | 209,230 | |||||||||||||||
Hotel Adjusted EBITDA Margin | (34.69) | % | 30.69 | % | (12.44) | % | 31.12 | % | |||||||||||||||
Comparable Hotel Adjusted EBITDA Margin | (34.69) | % | 30.69 | % | (12.44) | % | 29.87 | % |
Quarter 1, 2020 | Quarter 2, 2020 | Quarter 3, 2020 | |||||||||||||||
ADR | $ | 216.42 | $ | 175.74 | $ | 201.82 | |||||||||||
Occupancy | 59.1 | % | 8.5 | % | 18.6 | % | |||||||||||
RevPAR | $ | 127.98 | $ | 14.99 | $ | 37.55 | |||||||||||
Revenues (in thousands) | $ | 169,995 | $ | 20,379 | $ | 50,067 | |||||||||||
Hotel Adjusted EBITDA (in thousands) | $ | 17,819 | $ | (30,363) | $ | (17,368) | |||||||||||
Hotel Adjusted EBITDA Margin | 10.48 | % | (148.99) | % | (34.69) | % | |||||||||||
Available Rooms | 873,600 | 873,600 | 883,200 |
Quarter 1, 2019 | Quarter 2, 2019 | Quarter 3, 2019 | Quarter 4, 2019 | Full Year 2019 | |||||||||||||
ADR | $ | 216.38 | $ | 250.23 | $ | 238.50 | $ | 247.02 | $ | 238.63 | |||||||
Occupancy | 73.2 | % | 83.1 | % | 82.7 | % | 77.4 | % | 79.1 | % | |||||||
RevPAR | $ | 158.30 | $ | 208.02 | $ | 197.14 | $ | 191.08 | $ | 188.75 | |||||||
Revenues (in thousands) | $ | 202,375 | $ | 257,918 | $ | 240,279 | $ | 237,519 | $ | 938,091 | |||||||
Hotel Adjusted EBITDA (in thousands) | $ | 47,127 | $ | 88,353 | $ | 73,750 | $ | 69,415 | $ | 278,645 | |||||||
% of full Year | 16.91 | % | 31.71 | % | 26.47 | % | 24.91 | % | 100.0 | % | |||||||
Hotel Adjusted EBITDA Margin | 23.29 | % | 34.26 | % | 30.69 | % | 29.23 | % | 29.70 | % | |||||||
Available Rooms | 863,264 | 873,145 | 883,200 | 883,200 | 3,502,809 |
Market Capitalization as of September 30, 2020 | ||||||||
(in thousands) | ||||||||
Enterprise Value | ||||||||
Common equity capitalization (at September 30, 2020 closing price of $5.07/share) | 1,021,861 | |||||||
Consolidated debt (face amount) | 1,104,445 | |||||||
Cash and cash equivalents | (110,555) | |||||||
Total enterprise value | $ | 2,015,751 | ||||||
Share Reconciliation | ||||||||
Common shares outstanding | 199,519 | |||||||
Unvested restricted stock held by management and employees | 573 | |||||||
Share grants under deferred compensation plan | 1,458 | |||||||
Combined shares outstanding | 201,550 |
Debt Summary as of September 30, 2020 | ||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Loan | Interest Rate as of September 30, 2020 | Term | Outstanding Principal | Maturity | ||||||||||||||||||||||
Salt Lake City Marriott Downtown at City Creek | LIBOR + 3.25 (1) | Variable | 47,700 | January 2022 (2) | ||||||||||||||||||||||
Westin Washington D.C. City Center | 3.99% | Fixed | 58,860 | January 2023 | ||||||||||||||||||||||
The Lodge at Sonoma Renaissance Resort & Spa | 3.96% | Fixed | 26,502 | April 2023 | ||||||||||||||||||||||
Westin San Diego Downtown | 3.94% | Fixed | 60,668 | April 2023 | ||||||||||||||||||||||
Courtyard New York Manhattan / Midtown East | 4.40% | Fixed | 79,940 | August 2024 | ||||||||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 3.66% | Fixed | 79,647 | May 2025 | ||||||||||||||||||||||
JW Marriott Denver Cherry Creek | 4.33% | Fixed | 60,361 | July 2025 | ||||||||||||||||||||||
Westin Boston Waterfront | 4.36% | Fixed | 187,839 | November 2025 | ||||||||||||||||||||||
New Market Tax Credit loan (3) | 5.17% | Fixed | 2,943 | December 2020 | ||||||||||||||||||||||
Unamortized debt issuance costs | (2,745) | |||||||||||||||||||||||||
Total mortgage and other debt, net of unamortized debt issuance costs | 601,715 | |||||||||||||||||||||||||
Unsecured term loan | LIBOR + 2.35% (4) | Variable | 350,000 | July 2024 | ||||||||||||||||||||||
Unsecured term loan | LIBOR + 2.35% (5) | Fixed | 50,000 | October 2023 | ||||||||||||||||||||||
Unamortized debt issuance costs | (1,557) | |||||||||||||||||||||||||
Unsecured term loans, net of unamortized debt issuance costs | 398,443 | |||||||||||||||||||||||||
Senior unsecured credit facility | LIBOR + 2.40% (6) | Variable | 99,985 | July 2023 (7) | ||||||||||||||||||||||
Total debt, net of unamortized debt issuance costs | $ | 1,100,143 | ||||||||||||||||||||||||
Weighted-average interest rate of fixed rate debt | 4.23 | % | ||||||||||||||||||||||||
Total weighted-average interest rate | 3.84 | % |
Operating Statistics – July | ||||||||||||||||||||||||||||||||||||||
Number of Rooms | ADR | Occupancy | RevPAR | |||||||||||||||||||||||||||||||||||
July 2020 | July 2019 | B/(W) 2019 | July 2020 | July 2019 | B/(W) 2019 | July 2020 | July 2019 | B/(W) 2019 | ||||||||||||||||||||||||||||||
Atlanta Marriott Alpharetta | 318 | $ | 93.92 | $ | 162.46 | (42.2) | % | 15.6 | % | 73.9 | % | (58.3) | % | $ | 14.63 | $ | 120.04 | (87.8) | % | |||||||||||||||||||
Barbary Beach House Key West | 184 | $ | 222.62 | $ | 220.45 | 1.0 | % | 36.0 | % | 87.1 | % | (51.1) | % | $ | 80.13 | $ | 192.08 | (58.3) | % | |||||||||||||||||||
Bethesda Marriott Suites | 272 | $ | 110.20 | $ | 152.91 | (27.9) | % | 15.6 | % | 73.1 | % | (57.5) | % | $ | 17.24 | $ | 111.78 | (84.6) | % | |||||||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | 142 | $ | 444.98 | $ | 486.46 | (8.5) | % | 16.7 | % | 63.1 | % | (46.4) | % | $ | 74.30 | $ | 307.10 | (75.8) | % | |||||||||||||||||||
Courtyard Denver Downtown | 177 | $ | 108.13 | $ | 208.67 | (48.2) | % | 24.7 | % | 89.3 | % | (64.6) | % | $ | 26.72 | $ | 186.38 | (85.7) | % | |||||||||||||||||||
Courtyard New York Manhattan/Midtown East | 321 | $ | 144.64 | $ | 244.62 | (40.9) | % | 56.1 | % | 97.2 | % | (41.1) | % | $ | 81.12 | $ | 237.84 | (65.9) | % | |||||||||||||||||||
Havana Cabana Key West | 106 | $ | 186.78 | $ | 191.71 | (2.6) | % | 60.6 | % | 93.0 | % | (32.4) | % | $ | 113.11 | $ | 178.24 | (36.5) | % | |||||||||||||||||||
Hotel Emblem San Francisco | 96 | $ | 136.90 | $ | 205.59 | (33.4) | % | 11.3 | % | 90.8 | % | (79.5) | % | $ | 15.46 | $ | 186.66 | (91.7) | % | |||||||||||||||||||
Hotel Palomar Phoenix | 242 | $ | 119.36 | $ | 131.36 | (9.1) | % | 21.0 | % | 67.0 | % | (46.0) | % | $ | 25.06 | $ | 88.08 | (71.5) | % | |||||||||||||||||||
JW Marriott Denver Cherry Creek | 199 | $ | 200.79 | $ | 256.67 | (21.8) | % | 31.2 | % | 84.6 | % | (53.4) | % | $ | 62.66 | $ | 217.18 | (71.1) | % | |||||||||||||||||||
Kimpton Shorebreak Resort | 157 | $ | 284.70 | $ | 335.66 | (15.2) | % | 48.5 | % | 85.5 | % | (37.0) | % | $ | 138.17 | $ | 286.83 | (51.8) | % | |||||||||||||||||||
L'Auberge de Sedona | 88 | $ | 552.85 | $ | 484.63 | 14.1 | % | 68.3 | % | 68.8 | % | (0.5) | % | $ | 377.35 | $ | 333.45 | 13.2 | % | |||||||||||||||||||
Orchards Inn Sedona | 70 | $ | 165.55 | $ | 186.63 | (11.3) | % | 61.8 | % | 75.3 | % | (13.5) | % | $ | 102.38 | $ | 140.53 | (27.1) | % | |||||||||||||||||||
Renaissance Charleston Historic District Hotel | 166 | $ | 163.95 | $ | 227.40 | (27.9) | % | 37.1 | % | 85.5 | % | (48.4) | % | $ | 60.79 | $ | 194.39 | (68.7) | % | |||||||||||||||||||
Salt Lake City Marriott Downtown at City Creek | 510 | $ | 119.42 | $ | 176.13 | (32.2) | % | 10.2 | % | 77.8 | % | (67.6) | % | $ | 12.18 | $ | 137.03 | (91.1) | % | |||||||||||||||||||
The Gwen Hotel | 311 | $ | 200.27 | $ | 270.72 | (26.0) | % | 22.9 | % | 90.0 | % | (67.1) | % | $ | 45.84 | $ | 243.63 | (81.2) | % | |||||||||||||||||||
The Landing Lake Tahoe Resort & Spa | 82 | $ | 519.03 | $ | 426.86 | 21.6 | % | 80.3 | % | 86.3 | % | (6.0) | % | $ | 416.53 | $ | 368.42 | 13.1 | % | |||||||||||||||||||
The Lodge at Sonoma Renaissance Resort & Spa | 182 | $ | 248.77 | $ | 343.50 | (27.6) | % | 45.7 | % | 81.3 | % | (35.6) | % | $ | 113.71 | $ | 279.33 | (59.3) | % | |||||||||||||||||||
Vail Marriott Mountain Resort | 344 | $ | 216.06 | $ | 220.87 | (2.2) | % | 34.9 | % | 76.3 | % | (41.4) | % | $ | 75.39 | $ | 168.57 | (55.3) | % | |||||||||||||||||||
Westin Fort Lauderdale Beach Resort | 433 | $ | 141.08 | $ | 146.19 | (3.5) | % | 26.0 | % | 80.2 | % | (54.2) | % | $ | 36.74 | $ | 117.31 | (68.7) | % | |||||||||||||||||||
Westin San Diego Downtown | 436 | $ | 145.28 | $ | 205.24 | (29.2) | % | 17.2 | % | 89.5 | % | (72.3) | % | $ | 24.94 | $ | 183.74 | (86.4) | % | |||||||||||||||||||
Westin Washington D.C. City Center | 410 | $ | 120.95 | $ | 178.39 | (32.2) | % | 5.7 | % | 91.1 | % | (85.4) | % | $ | 6.94 | $ | 162.54 | (95.7) | % | |||||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 504 | $ | 146.84 | $ | 175.26 | (16.2) | % | 9.2 | % | 64.0 | % | (54.8) | % | $ | 13.45 | $ | 112.15 | (88.0) | % | |||||||||||||||||||
Total Open for Entire Period - 23 Hotels | 5,750 | $ | 206.98 | $ | 217.88 | (5.0) | % | 25.8 | % | 80.9 | % | (55.1) | % | $ | 53.43 | $ | 176.25 | (69.7) | % | |||||||||||||||||||
Total Partially Open During Period - 2 Hotels | 661 | $ | 167.77 | $ | 297.78 | (43.7) | % | 3.6 | % | 92.6 | % | (89.0) | % | $ | 6.10 | $ | 275.66 | (97.8) | % | |||||||||||||||||||
Total Closed for Entire Period - 5 Hotels | 3,189 | $ | — | $ | 228.51 | (100.0) | % | — | % | 86.0 | % | (86.0) | % | $ | — | $ | 196.41 | (100.0) | % | |||||||||||||||||||
Resorts - 12 Hotels | 2,212 | $ | 262.78 | $ | 255.45 | 2.9 | % | 36.1 | % | 81.7 | % | (45.6) | % | $ | 94.88 | $ | 208.75 | (54.5) | % | |||||||||||||||||||
Portfolio Total (1) | 9,600 | $ | 206.29 | $ | 227.63 | (9.4) | % | 15.7 | % | 83.4 | % | (67.7) | % | $ | 32.41 | $ | 189.79 | (82.9) | % |
Operating Statistics – August | ||||||||||||||||||||||||||||||||||||||
Number of Rooms | ADR | Occupancy | RevPAR | |||||||||||||||||||||||||||||||||||
August 2020 | August 2019 | B/(W) 2019 | August 2020 | August 2019 | B/(W) 2019 | August 2020 | August 2019 | B/(W) 2019 | ||||||||||||||||||||||||||||||
Atlanta Marriott Alpharetta | 318 | $ | 94.35 | $ | 161.59 | (41.6) | % | 12.3 | % | 71.7 | % | (59.4) | % | $ | 11.63 | $ | 115.81 | (90.0) | % | |||||||||||||||||||
Barbary Beach House Key West | 184 | $ | 181.40 | $ | 199.25 | (9.0) | % | 35.0 | % | 70.4 | % | (35.4) | % | $ | 63.41 | $ | 140.18 | (54.8) | % | |||||||||||||||||||
Bethesda Marriott Suites | 272 | $ | 102.62 | $ | 149.39 | (31.3) | % | 20.4 | % | 66.1 | % | (45.7) | % | $ | 20.97 | $ | 98.72 | (78.8) | % | |||||||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | 142 | $ | 489.25 | $ | 457.46 | 6.9 | % | 26.5 | % | 70.7 | % | (44.2) | % | $ | 129.48 | $ | 323.51 | (60.0) | % | |||||||||||||||||||
Courtyard Denver Downtown | 177 | $ | 103.06 | $ | 219.37 | (53.0) | % | 28.7 | % | 84.3 | % | (55.6) | % | $ | 29.60 | $ | 184.87 | (84.0) | % | |||||||||||||||||||
Courtyard New York Manhattan/Midtown East | 321 | $ | 122.13 | $ | 241.09 | (49.3) | % | 27.9 | % | 98.8 | % | (70.9) | % | $ | 34.10 | $ | 238.13 | (85.7) | % | |||||||||||||||||||
Havana Cabana Key West | 106 | $ | 142.09 | $ | 176.93 | (19.7) | % | 71.9 | % | 86.7 | % | (14.8) | % | $ | 102.22 | $ | 153.35 | (33.3) | % | |||||||||||||||||||
Hilton Boston Downtown/Faneuil Hall | 403 | $ | 136.22 | $ | 306.70 | (55.6) | % | 17.5 | % | 91.7 | % | (74.2) | % | $ | 23.84 | $ | 281.12 | (91.5) | % | |||||||||||||||||||
Hilton Burlington Lake Champlain | 258 | $ | 175.06 | $ | 253.47 | (30.9) | % | 28.5 | % | 92.7 | % | (64.2) | % | $ | 49.97 | $ | 235.05 | (78.7) | % | |||||||||||||||||||
Hotel Emblem San Francisco | 96 | $ | 142.37 | $ | 253.93 | (43.9) | % | 14.9 | % | 93.9 | % | (79.0) | % | $ | 21.14 | $ | 238.49 | (91.1) | % | |||||||||||||||||||
Hotel Palomar Phoenix | 242 | $ | 113.72 | $ | 124.88 | (8.9) | % | 26.2 | % | 75.7 | % | (49.5) | % | $ | 29.80 | $ | 94.52 | (68.5) | % | |||||||||||||||||||
JW Marriott Denver Cherry Creek | 199 | $ | 202.38 | $ | 262.08 | (22.8) | % | 39.4 | % | 87.1 | % | (47.7) | % | $ | 79.82 | $ | 228.26 | (65.0) | % | |||||||||||||||||||
Kimpton Shorebreak Resort | 157 | $ | 289.23 | $ | 313.84 | (7.8) | % | 56.4 | % | 80.6 | % | (24.2) | % | $ | 163.01 | $ | 252.84 | (35.5) | % | |||||||||||||||||||
L'Auberge de Sedona | 88 | $ | 523.87 | $ | 478.33 | 9.5 | % | 80.2 | % | 71.8 | % | 8.4 | % | $ | 419.98 | $ | 343.67 | 22.2 | % | |||||||||||||||||||
Orchards Inn Sedona | 70 | $ | 174.43 | $ | 188.47 | (7.4) | % | 56.1 | % | 69.5 | % | (13.4) | % | $ | 97.82 | $ | 130.97 | (25.3) | % | |||||||||||||||||||
Renaissance Charleston Historic District Hotel | 166 | $ | 172.70 | $ | 235.20 | (26.6) | % | 38.6 | % | 86.2 | % | (47.6) | % | $ | 66.72 | $ | 202.66 | (67.1) | % | |||||||||||||||||||
Salt Lake City Marriott Downtown at City Creek | 510 | $ | 125.39 | $ | 168.07 | (25.4) | % | 11.5 | % | 76.1 | % | (64.6) | % | $ | 14.42 | $ | 127.98 | (88.7) | % | |||||||||||||||||||
The Gwen Hotel | 311 | $ | 191.55 | $ | 273.02 | (29.8) | % | 15.2 | % | 93.1 | % | (77.9) | % | $ | 29.21 | $ | 254.10 | (88.5) | % | |||||||||||||||||||
The Landing Lake Tahoe Resort & Spa | 82 | $ | 506.70 | $ | 393.55 | 28.8 | % | 85.1 | % | 86.6 | % | (1.5) | % | $ | 430.95 | $ | 340.92 | 26.4 | % | |||||||||||||||||||
The Lodge at Sonoma Renaissance Resort & Spa | 182 | $ | 246.17 | $ | 349.13 | (29.5) | % | 42.8 | % | 80.0 | % | (37.2) | % | $ | 105.24 | $ | 279.45 | (62.3) | % | |||||||||||||||||||
Vail Marriott Mountain Resort | 344 | $ | 217.30 | $ | 225.07 | (3.5) | % | 38.7 | % | 70.3 | % | (31.6) | % | $ | 84.16 | $ | 158.16 | (46.8) | % | |||||||||||||||||||
Westin Fort Lauderdale Beach Resort | 433 | $ | 128.52 | $ | 134.69 | (4.6) | % | 32.6 | % | 68.5 | % | (35.9) | % | $ | 41.91 | $ | 92.26 | (54.6) | % | |||||||||||||||||||
Westin San Diego Downtown | 436 | $ | 140.96 | $ | 181.40 | (22.3) | % | 24.8 | % | 85.6 | % | (60.8) | % | $ | 34.91 | $ | 155.20 | (77.5) | % | |||||||||||||||||||
Westin Washington D.C. City Center | 410 | $ | 122.37 | $ | 145.02 | (15.6) | % | 10.9 | % | 92.0 | % | (81.1) | % | $ | 13.35 | $ | 133.35 | (90.0) | % | |||||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 504 | $ | 131.77 | $ | 167.32 | (21.2) | % | 20.3 | % | 68.6 | % | (48.3) | % | $ | 26.76 | $ | 114.76 | (76.7) | % | |||||||||||||||||||
Total Open for Entire Period - 25 Hotels | 6,411 | $ | 197.12 | $ | 220.19 | (10.5) | % | 27.4 | % | 80.5 | % | (53.1) | % | $ | 54.09 | $ | 177.25 | (69.5) | % | |||||||||||||||||||
Total Closed for Entire Period - 5 Hotels | 3,189 | $ | — | $ | 230.10 | (100.0) | % | — | % | 87.7 | % | (87.7) | % | $ | — | $ | 201.78 | (100.0) | % | |||||||||||||||||||
Resorts - 12 Hotels | 2,212 | $ | 251.92 | $ | 256.01 | (1.6) | % | 42.3 | % | 76.7 | % | (34.4) | % | $ | 106.62 | $ | 196.45 | (45.7) | % | |||||||||||||||||||
Portfolio Total (1) | 9,600 | $ | 197.17 | $ | 223.67 | (11.8) | % | 18.3 | % | 82.9 | % | (64.6) | % | $ | 36.13 | $ | 185.40 | (80.5) | % |
Operating Statistics – September | ||||||||||||||||||||||||||||||||||||||
Number of Rooms | ADR | Occupancy | RevPAR | |||||||||||||||||||||||||||||||||||
September 2020 | September 2019 | B/(W) 2019 | September 2020 | September 2019 | B/(W) 2019 | September 2020 | September 2019 | B/(W) 2019 | ||||||||||||||||||||||||||||||
Atlanta Marriott Alpharetta | 318 | $ | 103.77 | $ | 167.43 | (38.0) | % | 11.9 | % | 73.2 | % | (61.3) | % | $ | 12.38 | $ | 122.49 | (89.9) | % | |||||||||||||||||||
Barbary Beach House Key West | 184 | $ | 176.62 | $ | 170.36 | 3.7 | % | 29.7 | % | 25.6 | % | 4.1 | % | $ | 52.51 | $ | 43.55 | 20.6 | % | |||||||||||||||||||
Bethesda Marriott Suites | 272 | $ | 101.38 | $ | 201.33 | (49.6) | % | 21.1 | % | 72.0 | % | (50.9) | % | $ | 21.38 | $ | 144.95 | (85.3) | % | |||||||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | 142 | $ | 560.76 | $ | 465.89 | 20.4 | % | 35.2 | % | 70.6 | % | (35.4) | % | $ | 197.58 | $ | 328.86 | (39.9) | % | |||||||||||||||||||
Chicago Marriott Downtown Magnificent Mile | 1,200 | $ | 159.09 | $ | 272.68 | (41.7) | % | 5.6 | % | 85.5 | % | (79.9) | % | $ | 8.88 | $ | 233.19 | (96.2) | % | |||||||||||||||||||
Courtyard Denver Downtown | 177 | $ | 105.75 | $ | 228.07 | (53.6) | % | 34.0 | % | 84.2 | % | (50.2) | % | $ | 35.99 | $ | 191.99 | (81.3) | % | |||||||||||||||||||
Courtyard New York Manhattan/Midtown East | 321 | $ | 121.87 | $ | 315.86 | (61.4) | % | 32.2 | % | 96.3 | % | (64.1) | % | $ | 39.19 | $ | 304.15 | (87.1) | % | |||||||||||||||||||
Havana Cabana Key West | 106 | $ | 135.51 | $ | 135.65 | (0.1) | % | 74.7 | % | 77.8 | % | (3.1) | % | $ | 101.30 | $ | 105.49 | (4.0) | % | |||||||||||||||||||
Hilton Boston Downtown/Faneuil Hall | 403 | $ | 142.47 | $ | 385.01 | (63.0) | % | 19.0 | % | 94.2 | % | (75.2) | % | $ | 27.01 | $ | 362.59 | (92.6) | % | |||||||||||||||||||
Hilton Burlington Lake Champlain | 258 | $ | 179.05 | $ | 239.09 | (25.1) | % | 30.6 | % | 84.1 | % | (53.5) | % | $ | 54.71 | $ | 201.00 | (72.8) | % | |||||||||||||||||||
Hotel Emblem San Francisco | 96 | $ | 143.64 | $ | 282.77 | (49.2) | % | 16.8 | % | 90.2 | % | (73.4) | % | $ | 24.19 | $ | 255.18 | (90.5) | % | |||||||||||||||||||
Hotel Palomar Phoenix | 242 | $ | 120.48 | $ | 173.31 | (30.5) | % | 39.6 | % | 77.5 | % | (37.9) | % | $ | 47.74 | $ | 134.23 | (64.4) | % | |||||||||||||||||||
JW Marriott Denver Cherry Creek | 199 | $ | 208.25 | $ | 267.46 | (22.1) | % | 47.9 | % | 86.1 | % | (38.2) | % | $ | 99.80 | $ | 230.32 | (56.7) | % | |||||||||||||||||||
Kimpton Shorebreak Resort | 157 | $ | 297.92 | $ | 266.43 | 11.8 | % | 55.6 | % | 79.3 | % | (23.7) | % | $ | 165.79 | $ | 211.22 | (21.5) | % | |||||||||||||||||||
L'Auberge de Sedona | 88 | $ | 737.92 | $ | 636.01 | 16.0 | % | 81.4 | % | 74.5 | % | 6.9 | % | $ | 600.40 | $ | 473.63 | 26.8 | % | |||||||||||||||||||
Orchards Inn Sedona | 70 | $ | 254.04 | $ | 244.47 | 3.9 | % | 60.5 | % | 78.4 | % | (17.9) | % | $ | 153.63 | $ | 191.62 | (19.8) | % | |||||||||||||||||||
Renaissance Charleston Historic District Hotel | 166 | $ | 181.95 | $ | 262.76 | (30.8) | % | 58.3 | % | 61.4 | % | (3.1) | % | $ | 106.07 | $ | 161.30 | (34.2) | % | |||||||||||||||||||
Salt Lake City Marriott Downtown at City Creek | 510 | $ | 121.61 | $ | 194.57 | (37.5) | % | 17.2 | % | 74.4 | % | (57.2) | % | $ | 20.86 | $ | 144.76 | (85.6) | % | |||||||||||||||||||
The Gwen Hotel | 311 | $ | 195.31 | $ | 298.63 | (34.6) | % | 24.3 | % | 90.9 | % | (66.6) | % | $ | 47.39 | $ | 271.59 | (82.6) | % | |||||||||||||||||||
The Landing Lake Tahoe Resort & Spa | 82 | $ | 448.50 | $ | 307.08 | 46.1 | % | 69.9 | % | 86.3 | % | (16.4) | % | $ | 313.40 | $ | 265.01 | 18.3 | % | |||||||||||||||||||
The Lodge at Sonoma Renaissance Resort & Spa | 182 | $ | 249.97 | $ | 355.67 | (29.7) | % | 42.3 | % | 90.2 | % | (47.9) | % | $ | 105.80 | $ | 320.89 | (67.0) | % | |||||||||||||||||||
Vail Marriott Mountain Resort | 344 | $ | 223.43 | $ | 187.25 | 19.3 | % | 39.2 | % | 64.5 | % | (25.3) | % | $ | 87.68 | $ | 120.70 | (27.4) | % | |||||||||||||||||||
Westin Fort Lauderdale Beach Resort | 433 | $ | 141.06 | $ | 152.48 | (7.5) | % | 30.0 | % | 59.7 | % | (29.7) | % | $ | 42.28 | $ | 91.02 | (53.5) | % | |||||||||||||||||||
Westin San Diego Downtown | 436 | $ | 147.81 | $ | 191.24 | (22.7) | % | 27.2 | % | 82.8 | % | (55.6) | % | $ | 40.19 | $ | 158.33 | (74.6) | % | |||||||||||||||||||
Westin Washington D.C. City Center | 410 | $ | 123.46 | $ | 214.99 | (42.6) | % | 10.3 | % | 88.9 | % | (78.6) | % | $ | 12.77 | $ | 191.08 | (93.3) | % | |||||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 504 | $ | 148.80 | $ | 189.59 | (21.5) | % | 22.9 | % | 76.1 | % | (53.2) | % | $ | 34.07 | $ | 144.20 | (76.4) | % | |||||||||||||||||||
Total Open for Entire Period - 26 Hotels | 7,611 | $ | 205.34 | $ | 251.10 | (18.2) | % | 26.4 | % | 79.1 | % | (52.7) | % | $ | 54.20 | $ | 198.52 | (72.7) | % | |||||||||||||||||||
Total Partially Open During Period - 1 Hotel | 793 | $ | 141.34 | $ | 291.30 | (51.5) | % | 11.6 | % | 86.7 | % | (75.1) | % | $ | 16.46 | $ | 252.45 | (93.5) | % | |||||||||||||||||||
Total Closed for Entire Period - 3 Hotels | 1,196 | $ | — | $ | 326.45 | (100.0) | % | — | % | 94.9 | % | (94.9) | % | $ | — | $ | 309.96 | (100.0) | % | |||||||||||||||||||
Resorts - 12 Hotels | 2,212 | $ | 274.19 | $ | 261.08 | 5.0 | % | 43.4 | % | 68.2 | % | (24.8) | % | $ | 119.00 | $ | 178.05 | (33.2) | % | |||||||||||||||||||
Portfolio Total (1) | 9,600 | $ | 202.53 | $ | 265.54 | (23.7) | % | 21.9 | % | 81.7 | % | (59.8) | % | $ | 44.33 | $ | 216.86 | (79.6) | % |
Operating Statistics – Third Quarter | ||||||||||||||||||||||||||||||||||||||
Number of Rooms | ADR | Occupancy | RevPAR | |||||||||||||||||||||||||||||||||||
3Q 2020 | 3Q 2019 | B/(W) 2019 | 3Q 2020 | 3Q 2019 | B/(W) 2019 | 3Q 2020 | 3Q 2019 | B/(W) 2019 | ||||||||||||||||||||||||||||||
Atlanta Marriott Alpharetta | 318 | $ | 96.94 | $ | 163.80 | (40.8) | % | 13.3 | % | 72.9 | % | (59.6) | % | $ | 12.89 | $ | 119.41 | (89.2) | % | |||||||||||||||||||
Barbary Beach House Key West | 184 | $ | 194.90 | $ | 205.47 | (5.1) | % | 33.6 | % | 61.4 | % | (27.8) | % | $ | 65.49 | $ | 126.16 | (48.1) | % | |||||||||||||||||||
Bethesda Marriott Suites | 272 | $ | 104.27 | $ | 167.95 | (37.9) | % | 19.0 | % | 70.4 | % | (51.4) | % | $ | 19.85 | $ | 118.20 | (83.2) | % | |||||||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | 142 | $ | 511.24 | $ | 469.36 | 8.9 | % | 26.0 | % | 68.1 | % | (42.1) | % | $ | 133.09 | $ | 319.72 | (58.4) | % | |||||||||||||||||||
Courtyard Denver Downtown | 177 | $ | 105.53 | $ | 218.40 | (51.7) | % | 29.1 | % | 85.9 | % | (56.8) | % | $ | 30.71 | $ | 187.70 | (83.6) | % | |||||||||||||||||||
Courtyard New York Manhattan/Midtown East | 321 | $ | 133.02 | $ | 266.37 | (50.1) | % | 38.8 | % | 97.4 | % | (58.6) | % | $ | 51.60 | $ | 259.56 | (80.1) | % | |||||||||||||||||||
Havana Cabana Key West | 106 | $ | 152.98 | $ | 170.13 | (10.1) | % | 69.0 | % | 85.9 | % | (16.9) | % | $ | 105.59 | $ | 146.13 | (27.7) | % | |||||||||||||||||||
Hotel Emblem San Francisco | 96 | $ | 141.40 | $ | 247.06 | (42.8) | % | 14.3 | % | 91.7 | % | (77.4) | % | $ | 20.22 | $ | 226.47 | (91.1) | % | |||||||||||||||||||
Hotel Palomar Phoenix | 242 | $ | 118.13 | $ | 143.55 | (17.7) | % | 28.8 | % | 73.4 | % | (44.6) | % | $ | 34.05 | $ | 105.30 | (67.7) | % | |||||||||||||||||||
JW Marriott Denver Cherry Creek | 199 | $ | 204.28 | $ | 262.04 | (22.0) | % | 39.4 | % | 85.9 | % | (46.5) | % | $ | 80.55 | $ | 225.20 | (64.2) | % | |||||||||||||||||||
Kimpton Shorebreak Resort | 157 | $ | 290.80 | $ | 306.54 | (5.1) | % | 53.5 | % | 81.8 | % | (28.3) | % | $ | 155.54 | $ | 250.72 | (38.0) | % | |||||||||||||||||||
L'Auberge de Sedona | 88 | $ | 606.77 | $ | 533.79 | 13.7 | % | 76.5 | % | 71.7 | % | 4.8 | % | $ | 464.45 | $ | 382.61 | 21.4 | % | |||||||||||||||||||
Orchards Inn Sedona | 70 | $ | 197.72 | $ | 207.09 | (4.5) | % | 59.5 | % | 74.3 | % | (14.8) | % | $ | 117.56 | $ | 153.97 | (23.6) | % | |||||||||||||||||||
Renaissance Charleston Historic District Hotel | 166 | $ | 174.20 | $ | 239.40 | (27.2) | % | 44.5 | % | 77.9 | % | (33.4) | % | $ | 77.55 | $ | 186.38 | (58.4) | % | |||||||||||||||||||
Salt Lake City Marriott Downtown at City Creek | 510 | $ | 122.16 | $ | 179.29 | (31.9) | % | 12.9 | % | 76.1 | % | (63.2) | % | $ | 15.76 | $ | 136.50 | (88.5) | % | |||||||||||||||||||
The Gwen Hotel | 311 | $ | 196.22 | $ | 280.57 | (30.1) | % | 20.8 | % | 91.3 | % | (70.5) | % | $ | 40.74 | $ | 256.27 | (84.1) | % | |||||||||||||||||||
The Landing Lake Tahoe Resort & Spa | 82 | $ | 494.05 | $ | 376.60 | 31.2 | % | 78.5 | % | 86.4 | % | (7.9) | % | $ | 387.76 | $ | 325.43 | 19.2 | % | |||||||||||||||||||
The Lodge at Sonoma Renaissance Resort & Spa | 182 | $ | 248.29 | $ | 349.59 | (29.0) | % | 43.6 | % | 83.8 | % | (40.2) | % | $ | 108.28 | $ | 292.92 | (63.0) | % | |||||||||||||||||||
Vail Marriott Mountain Resort | 344 | $ | 219.00 | $ | 212.25 | 3.2 | % | 37.6 | % | 70.4 | % | (32.8) | % | $ | 82.35 | $ | 149.45 | (44.9) | % | |||||||||||||||||||
Westin Fort Lauderdale Beach Resort | 433 | $ | 136.40 | $ | 144.14 | (5.4) | % | 29.5 | % | 69.6 | % | (40.1) | % | $ | 40.29 | $ | 100.29 | (59.8) | % | |||||||||||||||||||
Westin San Diego Downtown | 436 | $ | 144.69 | $ | 192.85 | (25.0) | % | 23.0 | % | 86.0 | % | (63.0) | % | $ | 33.27 | $ | 165.84 | (79.9) | % | |||||||||||||||||||
Westin Washington D.C. City Center | 410 | $ | 122.48 | $ | 178.69 | (31.5) | % | 9.0 | % | 90.7 | % | (81.7) | % | $ | 11.00 | $ | 162.01 | (93.2) | % | |||||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 504 | $ | 141.75 | $ | 177.73 | (20.2) | % | 17.4 | % | 69.5 | % | (52.1) | % | $ | 24.66 | $ | 123.48 | (80.0) | % | |||||||||||||||||||
Total Open for Entire Period - 23 Hotels | 5,750 | $ | 206.32 | $ | 221.13 | (6.7) | % | 28.3 | % | 78.9 | % | (50.6) | % | $ | 58.38 | $ | 174.38 | (66.5) | % | |||||||||||||||||||
Total Partially Open During Period - 4 Hotels | 2,654 | $ | 155.86 | $ | 263.43 | (40.8) | % | 6.0 | % | 85.4 | % | (79.4) | % | $ | 9.35 | $ | 224.87 | (95.8) | % | |||||||||||||||||||
Total Closed for Entire Period - 3 Hotels | 1,196 | $ | — | $ | 258.16 | (100.0) | % | — | % | 94.9 | % | (94.9) | % | $ | — | $ | 245.02 | (100.0) | % | |||||||||||||||||||
Resorts - 12 Hotels | 2,212 | $ | 262.94 | $ | 257.29 | 2.2 | % | 40.6 | % | 75.6 | % | (35.0) | % | $ | 106.70 | $ | 194.59 | (45.2) | % | |||||||||||||||||||
Portfolio Total (1) | 9,600 | $ | 201.82 | $ | 238.50 | (15.4) | % | 18.6 | % | 82.7 | % | (64.1) | % | $ | 37.55 | $ | 197.14 | (81.0) | % |
Operating Statistics – Year to Date | ||||||||||||||||||||||||||||||||||||||
Number of Rooms | ADR | Occupancy | RevPAR | |||||||||||||||||||||||||||||||||||
YTD 2020 | YTD 2019 | B/(W) 2019 | YTD 2020 | YTD 2019 | B/(W) 2019 | YTD 2020 | YTD 2019 | B/(W) 2019 | ||||||||||||||||||||||||||||||
Atlanta Marriott Alpharetta | 318 | $ | 154.29 | $ | 166.97 | (7.6) | % | 23.8 | % | 72.7 | % | (48.9) | % | $ | 36.70 | $ | 121.42 | (69.8) | % | |||||||||||||||||||
Bethesda Marriott Suites | 272 | $ | 150.98 | $ | 176.98 | (14.7) | % | 23.6 | % | 73.0 | % | (49.4) | % | $ | 35.60 | $ | 129.23 | (72.5) | % | |||||||||||||||||||
Courtyard New York Manhattan/Midtown East | 321 | $ | 150.19 | $ | 244.82 | (38.7) | % | 63.7 | % | 95.6 | % | (31.9) | % | $ | 95.61 | $ | 234.03 | (59.1) | % | |||||||||||||||||||
Kimpton Shorebreak Resort | 157 | $ | 237.64 | $ | 268.57 | (11.5) | % | 54.6 | % | 78.7 | % | (24.1) | % | $ | 129.77 | $ | 211.27 | (38.6) | % | |||||||||||||||||||
L'Auberge de Sedona | 88 | $ | 585.16 | $ | 596.05 | (1.8) | % | 59.1 | % | 78.6 | % | (19.5) | % | $ | 345.92 | $ | 468.42 | (26.2) | % | |||||||||||||||||||
Salt Lake City Marriott Downtown at City Creek | 510 | $ | 158.91 | $ | 173.43 | (8.4) | % | 22.9 | % | 69.4 | % | (46.5) | % | $ | 36.39 | $ | 120.42 | (69.8) | % | |||||||||||||||||||
Westin Fort Lauderdale Beach Resort | 433 | $ | 224.57 | $ | 204.38 | 9.9 | % | 42.8 | % | 81.8 | % | (39.0) | % | $ | 96.09 | $ | 167.26 | (42.6) | % | |||||||||||||||||||
Westin San Diego Downtown | 436 | $ | 175.26 | $ | 194.30 | (9.8) | % | 39.2 | % | 82.0 | % | (42.8) | % | $ | 68.65 | $ | 159.39 | (56.9) | % | |||||||||||||||||||
Westin Washington D.C. City Center | 410 | $ | 182.86 | $ | 206.84 | (11.6) | % | 23.6 | % | 86.9 | % | (63.3) | % | $ | 43.20 | $ | 179.77 | (76.0) | % | |||||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 504 | $ | 177.91 | $ | 186.24 | (4.5) | % | 28.7 | % | 75.4 | % | (46.7) | % | $ | 51.10 | $ | 140.50 | (63.6) | % | |||||||||||||||||||
Total Open for Entire Period - 10 Hotels | 3,449 | $ | 197.62 | $ | 209.05 | (5.5) | % | 34.7 | % | 79.2 | % | (44.5) | % | $ | 68.55 | $ | 165.59 | (58.6) | % | |||||||||||||||||||
Total Partially Open During Period - 20 Hotels | 6,151 | $ | 218.13 | $ | 250.81 | (13.0) | % | 25.4 | % | 79.9 | % | (54.5) | % | $ | 55.35 | $ | 200.52 | (72.4) | % | |||||||||||||||||||
Resorts - 12 Hotels | 2,212 | $ | 283.93 | $ | 272.92 | 4.0 | % | 38.9 | % | 77.0 | % | (38.1) | % | $ | 110.53 | $ | 210.13 | (47.4) | % | |||||||||||||||||||
Portfolio Total (1) | 9,600 | $ | 209.23 | $ | 235.89 | (11.3) | % | 28.7 | % | 79.7 | % | (51.0) | % | $ | 60.09 | $ | 187.96 | (68.0) | % |
Hotel Adjusted EBITDA Reconciliation | |||||||||||||||||||||||||||||
Third Quarter 2020 | |||||||||||||||||||||||||||||
Plus: | Plus: | Plus: | Equals: | ||||||||||||||||||||||||||
Days of Operation | Total Revenues | Net Income / (Loss) | Depreciation | Interest Expense | Adjustments (1) | Hotel Adjusted EBITDA | |||||||||||||||||||||||
Atlanta Marriott Alpharetta | 92 | $ | 434 | $ | (958) | $ | 357 | $ | — | $ | — | $ | (601) | ||||||||||||||||
Barbary Beach House Key West | 92 | $ | 1,586 | $ | (924) | $ | 669 | $ | — | $ | — | $ | (255) | ||||||||||||||||
Bethesda Marriott Suites | 92 | $ | 577 | $ | (2,735) | $ | 522 | $ | — | $ | 1,502 | $ | (711) | ||||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | 92 | $ | 3,565 | $ | (1,755) | $ | 1,841 | $ | — | $ | 94 | $ | 180 | ||||||||||||||||
Chicago Marriott Downtown Magnificent Mile | 30 | $ | 615 | $ | (8,789) | $ | 4,155 | $ | 62 | $ | (397) | $ | (4,969) | ||||||||||||||||
Courtyard Denver Downtown | 92 | $ | 674 | $ | (452) | $ | 373 | $ | — | $ | — | $ | (79) | ||||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | — | $ | 52 | $ | (2,108) | $ | 331 | $ | — | $ | 253 | $ | (1,524) | ||||||||||||||||
Courtyard New York Manhattan/Midtown East | 92 | $ | 1,551 | $ | (2,680) | $ | 488 | $ | 952 | $ | — | $ | (1,240) | ||||||||||||||||
Frenchman's Reef & Morning Star Marriott Beach Resort | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Havana Cabana Key West | 92 | $ | 1,668 | $ | 77 | $ | 274 | $ | — | $ | — | $ | 351 | ||||||||||||||||
Hilton Boston Downtown/Faneuil Hall | 62 | $ | 1,070 | $ | (1,840) | $ | 1,239 | $ | — | $ | — | $ | (601) | ||||||||||||||||
Hilton Burlington Lake Champlain | 77 | $ | 1,135 | $ | (680) | $ | 627 | $ | — | $ | — | $ | (53) | ||||||||||||||||
Hilton Garden Inn New York/Times Square Central | — | $ | 55 | $ | (2,103) | $ | 846 | $ | — | $ | — | $ | (1,257) | ||||||||||||||||
Hotel Emblem San Francisco | 92 | $ | 220 | $ | (642) | $ | 386 | $ | — | $ | — | $ | (256) | ||||||||||||||||
Hotel Palomar Phoenix | 92 | $ | 1,192 | $ | (1,298) | $ | 672 | $ | 39 | $ | 286 | $ | (301) | ||||||||||||||||
JW Marriott Denver Cherry Creek | 92 | $ | 2,382 | $ | (1,655) | $ | 782 | $ | 679 | $ | 6 | $ | (188) | ||||||||||||||||
Kimpton Shorebreak Resort | 92 | $ | 3,265 | $ | 687 | $ | 411 | $ | — | $ | — | $ | 1,098 | ||||||||||||||||
L'Auberge de Sedona | 92 | $ | 5,461 | $ | 1,476 | $ | 640 | $ | — | $ | — | $ | 2,116 | ||||||||||||||||
Orchards Inn Sedona | 92 | $ | 1,046 | $ | (16) | $ | 80 | $ | — | $ | 42 | $ | 106 | ||||||||||||||||
Renaissance Charleston Historic District Hotel | 92 | $ | 1,409 | $ | (495) | $ | 432 | $ | — | $ | (21) | $ | (84) | ||||||||||||||||
Salt Lake City Marriott Downtown at City Creek | 92 | $ | 1,038 | $ | (1,826) | $ | 552 | $ | 538 | $ | — | $ | (736) | ||||||||||||||||
The Gwen Hotel | 92 | $ | 1,867 | $ | (1,830) | $ | 1,104 | $ | — | $ | — | $ | (726) | ||||||||||||||||
The Landing Lake Tahoe Resort & Spa | 92 | $ | 4,217 | $ | 1,730 | $ | 416 | $ | — | $ | — | $ | 2,146 | ||||||||||||||||
The Lexington Hotel | — | $ | 153 | $ | (5,235) | $ | 2,445 | $ | 6 | $ | 8 | $ | (2,776) | ||||||||||||||||
The Lodge at Sonoma Renaissance Resort & Spa | 92 | $ | 2,329 | $ | (1,421) | $ | 478 | $ | 274 | $ | — | $ | (669) | ||||||||||||||||
Vail Marriott Mountain Resort | 92 | $ | 3,851 | $ | (601) | $ | 1,117 | $ | — | $ | — | $ | 516 | ||||||||||||||||
Westin Boston Waterfront | 28 | $ | 877 | $ | (7,859) | $ | 2,593 | $ | 2,140 | $ | (60) | $ | (3,186) | ||||||||||||||||
Westin Fort Lauderdale Beach Resort | 92 | $ | 4,003 | $ | (1,966) | $ | 1,118 | $ | — | $ | — | $ | (848) | ||||||||||||||||
Westin San Diego Downtown | 92 | $ | 1,600 | $ | (2,444) | $ | 1,124 | $ | 621 | $ | — | $ | (699) | ||||||||||||||||
Westin Washington D.C. City Center | 92 | $ | 486 | $ | (3,290) | $ | 1,316 | $ | 640 | $ | — | $ | (1,334) | ||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 92 | $ | 1,689 | $ | (2,685) | $ | 1,126 | $ | 769 | $ | 2 | $ | (788) | ||||||||||||||||
Total | $ | 50,067 | $ | (54,317) | $ | 28,514 | $ | 6,720 | $ | 1,715 | $ | (17,368) | |||||||||||||||||
Less: Frenchman's Reef & Morning Star Marriott Beach Resort | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Comparable Total | $ | 50,067 | $ | (54,317) | $ | 28,514 | $ | 6,720 | $ | 1,715 | $ | (17,368) |
Hotel Adjusted EBITDA Reconciliation | ||||||||||||||||||||||||||
Third Quarter 2019 | ||||||||||||||||||||||||||
Plus: | Plus: | Plus: | Equals: | |||||||||||||||||||||||
Total Revenues | Net Income / (Loss) | Depreciation | Interest Expense | Adjustments (1) | Hotel Adjusted EBITDA | |||||||||||||||||||||
Atlanta Marriott Alpharetta | $ | 4,787 | $ | 1,123 | $ | 455 | $ | — | $ | — | $ | 1,578 | ||||||||||||||
Barbary Beach House Key West | $ | 2,666 | $ | (55) | $ | 351 | $ | — | $ | — | $ | 296 | ||||||||||||||
Bethesda Marriott Suites | $ | 3,880 | $ | (1,078) | $ | 471 | $ | — | $ | 1,514 | $ | 907 | ||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | $ | 10,633 | $ | 1,327 | $ | 1,828 | $ | — | $ | 79 | $ | 3,234 | ||||||||||||||
Chicago Marriott Downtown Magnificent Mile | $ | 32,503 | $ | 6,887 | $ | 4,166 | $ | (8) | $ | (397) | $ | 10,648 | ||||||||||||||
Courtyard Denver Downtown | $ | 3,344 | $ | 1,393 | $ | 298 | $ | — | $ | — | $ | 1,691 | ||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | $ | 4,191 | $ | 103 | $ | 449 | $ | — | $ | 253 | $ | 805 | ||||||||||||||
Courtyard New York Manhattan/Midtown East | $ | 7,909 | $ | 570 | $ | 697 | $ | 970 | $ | — | $ | 2,237 | ||||||||||||||
Frenchman's Reef & Morning Star Marriott Beach Resort | $ | 1 | $ | (2) | $ | — | $ | — | $ | — | $ | (2) | ||||||||||||||
Havana Cabana Key West | $ | 1,996 | $ | 87 | $ | 260 | $ | — | $ | — | $ | 347 | ||||||||||||||
Hilton Boston Downtown/Faneuil Hall | $ | 12,504 | $ | 4,271 | $ | 1,231 | $ | — | $ | — | $ | 5,502 | ||||||||||||||
Hilton Burlington Lake Champlain | $ | 6,121 | $ | 2,451 | $ | 486 | $ | — | $ | — | $ | 2,937 | ||||||||||||||
Hilton Garden Inn New York/Times Square Central | $ | 6,508 | $ | 944 | $ | 838 | $ | — | $ | — | $ | 1,782 | ||||||||||||||
Hotel Emblem San Francisco | $ | 2,305 | $ | 399 | $ | 297 | $ | — | $ | — | $ | 696 | ||||||||||||||
Hotel Palomar Phoenix | $ | 4,325 | $ | (424) | $ | 662 | $ | 39 | $ | 293 | $ | 570 | ||||||||||||||
JW Marriott Denver Cherry Creek | $ | 5,907 | $ | 269 | $ | 746 | $ | 692 | $ | 6 | $ | 1,713 | ||||||||||||||
Kimpton Shorebreak Resort | $ | 5,281 | $ | 1,808 | $ | 348 | $ | — | $ | 40 | $ | 2,196 | ||||||||||||||
L'Auberge de Sedona | $ | 5,636 | $ | 727 | $ | 508 | $ | — | $ | — | $ | 1,235 | ||||||||||||||
Orchards Inn Sedona | $ | 1,598 | $ | (11) | $ | 238 | $ | — | $ | 42 | $ | 269 | ||||||||||||||
Renaissance Charleston Historic District Hotel | $ | 3,398 | $ | 642 | $ | 421 | $ | — | $ | (32) | $ | 1,031 | ||||||||||||||
Salt Lake City Marriott Downtown at City Creek | $ | 8,849 | $ | 2,368 | $ | 575 | $ | 608 | $ | — | $ | 3,551 | ||||||||||||||
The Gwen Hotel | $ | 10,771 | $ | 3,256 | $ | 1,077 | $ | — | $ | — | $ | 4,333 | ||||||||||||||
The Landing Lake Tahoe Resort & Spa | $ | 4,060 | $ | 1,086 | $ | 418 | $ | — | $ | — | $ | 1,504 | ||||||||||||||
The Lexington Hotel | $ | 18,337 | $ | 1,319 | $ | 3,607 | $ | 6 | $ | 8 | $ | 4,940 | ||||||||||||||
The Lodge at Sonoma Renaissance Resort & Spa | $ | 7,549 | $ | 2,070 | $ | 508 | $ | 281 | $ | — | $ | 2,859 | ||||||||||||||
Vail Marriott Mountain Resort | $ | 8,109 | $ | 1,140 | $ | 1,011 | $ | — | $ | — | $ | 2,151 | ||||||||||||||
Westin Boston Waterfront | $ | 24,009 | $ | 2,413 | $ | 2,418 | $ | 2,182 | $ | (60) | $ | 6,953 | ||||||||||||||
Westin Fort Lauderdale Beach Resort | $ | 8,131 | $ | (949) | $ | 1,675 | $ | — | $ | — | $ | 726 | ||||||||||||||
Westin San Diego Downtown | $ | 8,654 | $ | 1,439 | $ | 1,135 | $ | 637 | $ | — | $ | 3,211 | ||||||||||||||
Westin Washington D.C. City Center | $ | 7,829 | $ | 280 | $ | 1,310 | $ | 663 | $ | — | $ | 2,253 | ||||||||||||||
Worthington Renaissance Fort Worth Hotel | $ | 8,488 | $ | (132) | $ | 990 | $ | 784 | $ | 2 | $ | 1,644 | ||||||||||||||
Total | $ | 240,279 | $ | 35,721 | $ | 29,474 | $ | 6,854 | $ | 1,748 | $ | 73,748 | ||||||||||||||
Less: Frenchman's Reef & Morning Star Marriott Beach Resort | $ | (1) | $ | 2 | $ | — | $ | — | $ | — | $ | 2 | ||||||||||||||
Comparable Total | $ | 240,278 | $ | 35,723 | $ | 29,474 | $ | 6,854 | $ | 1,748 | $ | 73,750 |
Hotel Adjusted EBITDA Reconciliation | |||||||||||||||||||||||||||||
Year to Date 2020 | |||||||||||||||||||||||||||||
Plus: | Plus: | Plus: | Equals: | ||||||||||||||||||||||||||
Days of Operation | Total Revenues | Net Income / (Loss) | Depreciation | Interest Expense | Adjustments (1) | Hotel Adjusted EBITDA | |||||||||||||||||||||||
Atlanta Marriott Alpharetta | 274 | $ | 4,693 | $ | (1,183) | $ | 1,091 | $ | — | $ | — | $ | (92) | ||||||||||||||||
Barbary Beach House Key West | 204 | $ | 7,510 | $ | (1,008) | $ | 2,026 | $ | — | $ | — | $ | 1,018 | ||||||||||||||||
Bethesda Marriott Suites | 274 | $ | 3,555 | $ | (7,790) | $ | 1,728 | $ | — | $ | 4,522 | $ | (1,540) | ||||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | 175 | $ | 11,417 | $ | (5,762) | $ | 5,547 | $ | — | $ | 281 | $ | 66 | ||||||||||||||||
Chicago Marriott Downtown Magnificent Mile | 130 | $ | 14,459 | $ | (25,975) | $ | 12,559 | $ | 170 | $ | (1,192) | $ | (14,438) | ||||||||||||||||
Courtyard Denver Downtown | 201 | $ | 2,338 | $ | (1,167) | $ | 1,092 | $ | — | $ | — | $ | (75) | ||||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | 86 | $ | 2,377 | $ | (5,638) | $ | 1,111 | $ | — | $ | 760 | $ | (3,767) | ||||||||||||||||
Courtyard New York Manhattan/Midtown East | 274 | $ | 8,670 | $ | (6,610) | $ | 1,779 | $ | 2,875 | $ | — | $ | (1,956) | ||||||||||||||||
Frenchman's Reef & Morning Star Marriott Beach Resort | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Havana Cabana Key West | 204 | $ | 4,832 | $ | 368 | $ | 799 | $ | — | $ | — | $ | 1,167 | ||||||||||||||||
Hilton Boston Downtown/Faneuil Hall | 144 | $ | 6,589 | $ | (5,223) | $ | 3,686 | $ | — | $ | — | $ | (1,537) | ||||||||||||||||
Hilton Burlington Lake Champlain | 167 | $ | 2,832 | $ | (2,666) | $ | 1,632 | $ | — | $ | — | $ | (1,034) | ||||||||||||||||
Hilton Garden Inn New York/Times Square Central | 88 | $ | 3,276 | $ | (6,342) | $ | 2,536 | $ | — | $ | — | $ | (3,806) | ||||||||||||||||
Hotel Emblem San Francisco | 179 | $ | 2,062 | $ | (1,434) | $ | 962 | $ | — | $ | — | $ | (472) | ||||||||||||||||
Hotel Palomar Phoenix | 192 | $ | 8,036 | $ | (1,519) | $ | 2,017 | $ | 116 | $ | 865 | $ | 1,479 | ||||||||||||||||
JW Marriott Denver Cherry Creek | 203 | $ | 6,043 | $ | (5,200) | $ | 2,124 | $ | 2,031 | $ | 18 | $ | (1,027) | ||||||||||||||||
Kimpton Shorebreak Resort | 274 | $ | 8,301 | $ | 643 | $ | 1,230 | $ | — | $ | 27 | $ | 1,900 | ||||||||||||||||
L'Auberge de Sedona | 274 | $ | 12,643 | $ | 963 | $ | 2,000 | $ | — | $ | — | $ | 2,963 | ||||||||||||||||
Orchards Inn Sedona | 229 | $ | 2,655 | $ | (387) | $ | 377 | $ | — | $ | 126 | $ | 116 | ||||||||||||||||
Renaissance Charleston Historic District Hotel | 236 | $ | 5,101 | $ | (732) | $ | 1,279 | $ | — | $ | (85) | $ | 462 | ||||||||||||||||
Salt Lake City Marriott Downtown at City Creek | 274 | $ | 8,666 | $ | (2,524) | $ | 1,663 | $ | 1,712 | $ | — | $ | 851 | ||||||||||||||||
The Gwen Hotel | 203 | $ | 6,872 | $ | (5,790) | $ | 3,327 | $ | — | $ | — | $ | (2,463) | ||||||||||||||||
The Landing Lake Tahoe Resort & Spa | 200 | $ | 6,664 | $ | 903 | $ | 1,251 | $ | — | $ | — | $ | 2,154 | ||||||||||||||||
The Lexington Hotel | 88 | $ | 8,857 | $ | (19,230) | $ | 9,107 | $ | 18 | $ | 24 | $ | (10,081) | ||||||||||||||||
The Lodge at Sonoma Renaissance Resort & Spa | 172 | $ | 5,934 | $ | (4,159) | $ | 1,375 | $ | 822 | $ | — | $ | (1,962) | ||||||||||||||||
Vail Marriott Mountain Resort | 190 | $ | 16,413 | $ | 472 | $ | 3,348 | $ | — | $ | — | $ | 3,820 | ||||||||||||||||
Westin Boston Waterfront | 112 | $ | 17,551 | $ | (19,193) | $ | 7,762 | $ | 6,405 | $ | (180) | $ | (5,206) | ||||||||||||||||
Westin Fort Lauderdale Beach Resort | 274 | $ | 23,075 | $ | 1,659 | $ | 3,263 | $ | — | $ | — | $ | 4,922 | ||||||||||||||||
Westin San Diego Downtown | 274 | $ | 11,684 | $ | (3,383) | $ | 3,385 | $ | 1,861 | $ | — | $ | 1,863 | ||||||||||||||||
Westin Washington D.C. City Center | 274 | $ | 6,022 | $ | (8,319) | $ | 3,958 | $ | 1,925 | $ | — | $ | (2,436) | ||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 274 | $ | 11,314 | $ | (6,490) | $ | 3,383 | $ | 2,302 | $ | 6 | $ | (799) | ||||||||||||||||
Total | $ | 240,441 | $ | (142,716) | $ | 87,397 | $ | 20,237 | $ | 5,172 | $ | (29,907) | |||||||||||||||||
Less: Frenchman's Reef & Morning Star Marriott Beach Resort | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Comparable Total | $ | 240,441 | $ | (142,716) | $ | 87,397 | $ | 20,237 | $ | 5,172 | $ | (29,907) |
Hotel Adjusted EBITDA Reconciliation | ||||||||||||||||||||||||||
Year to Date 2019 | ||||||||||||||||||||||||||
Plus: | Plus: | Plus: | Equals: | |||||||||||||||||||||||
Total Revenues | Net Income / (Loss) | Depreciation | Interest Expense | Adjustments (1) | Hotel Adjusted EBITDA | |||||||||||||||||||||
Atlanta Marriott Alpharetta | $ | 14,959 | $ | 3,891 | $ | 1,389 | $ | — | $ | — | $ | 5,280 | ||||||||||||||
Barbary Beach House Key West | $ | 12,906 | $ | 3,557 | $ | 1,033 | $ | — | $ | — | $ | 4,590 | ||||||||||||||
Bethesda Marriott Suites | $ | 13,051 | $ | (2,031) | $ | 1,422 | $ | — | $ | 4,555 | $ | 3,946 | ||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | $ | 30,600 | $ | 2,374 | $ | 5,557 | $ | — | $ | 221 | $ | 8,152 | ||||||||||||||
Chicago Marriott Downtown Magnificent Mile | $ | 83,224 | $ | 12,127 | $ | 12,461 | $ | 110 | $ | (1,192) | $ | 23,506 | ||||||||||||||
Courtyard Denver Downtown | $ | 8,881 | $ | 3,407 | $ | 881 | $ | — | $ | — | $ | 4,288 | ||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | $ | 11,417 | $ | (519) | $ | 1,330 | $ | — | $ | 760 | $ | 1,571 | ||||||||||||||
Courtyard New York Manhattan/Midtown East | $ | 21,213 | $ | (70) | $ | 2,077 | $ | 2,891 | $ | — | $ | 4,898 | ||||||||||||||
Frenchman's Reef & Morning Star Marriott Beach Resort | $ | — | $ | 8,798 | $ | — | $ | — | $ | — | $ | 8,798 | ||||||||||||||
Havana Cabana Key West | $ | 7,351 | $ | 2,035 | $ | 740 | $ | — | $ | — | $ | 2,775 | ||||||||||||||
Hilton Boston Downtown/Faneuil Hall | $ | 32,337 | $ | 9,124 | $ | 3,708 | $ | — | $ | — | $ | 12,832 | ||||||||||||||
Hilton Burlington Lake Champlain | $ | 14,031 | $ | 3,917 | $ | 1,500 | $ | — | $ | — | $ | 5,417 | ||||||||||||||
Hilton Garden Inn New York/Times Square Central | $ | 18,222 | $ | 1,731 | $ | 2,509 | $ | — | $ | — | $ | 4,240 | ||||||||||||||
Hotel Emblem San Francisco | $ | 5,649 | $ | 323 | $ | 868 | $ | — | $ | — | $ | 1,191 | ||||||||||||||
Hotel Palomar Phoenix | $ | 18,008 | $ | 2,319 | $ | 1,991 | $ | 116 | $ | 883 | $ | 5,309 | ||||||||||||||
JW Marriott Denver Cherry Creek | $ | 14,380 | $ | (944) | $ | 1,975 | $ | 2,062 | $ | 18 | $ | 3,111 | ||||||||||||||
Kimpton Shorebreak Resort | $ | 13,704 | $ | 3,586 | $ | 1,046 | $ | — | $ | 121 | $ | 4,753 | ||||||||||||||
L'Auberge de Sedona | $ | 19,259 | $ | 3,688 | $ | 1,525 | $ | — | $ | — | $ | 5,213 | ||||||||||||||
Orchards Inn Sedona | $ | 5,890 | $ | 884 | $ | 713 | $ | — | $ | 126 | $ | 1,723 | ||||||||||||||
Renaissance Charleston Historic District Hotel | $ | 11,566 | $ | 3,438 | $ | 1,242 | $ | — | $ | (95) | $ | 4,585 | ||||||||||||||
Salt Lake City Marriott Downtown at City Creek | $ | 23,586 | $ | 5,120 | $ | 1,680 | $ | 1,818 | $ | — | $ | 8,618 | ||||||||||||||
The Gwen Hotel | $ | 25,709 | $ | 4,030 | $ | 3,285 | $ | — | $ | — | $ | 7,315 | ||||||||||||||
The Landing Lake Tahoe Resort & Spa | $ | 7,618 | $ | 294 | $ | 1,179 | $ | — | $ | — | $ | 1,473 | ||||||||||||||
The Lexington Hotel | $ | 47,872 | $ | (1,778) | $ | 10,697 | $ | 17 | $ | 24 | $ | 8,960 | ||||||||||||||
The Lodge at Sonoma Renaissance Resort & Spa | $ | 19,023 | $ | 3,234 | $ | 1,571 | $ | 840 | $ | — | $ | 5,645 | ||||||||||||||
Vail Marriott Mountain Resort | $ | 27,989 | $ | 6,063 | $ | 3,035 | $ | — | $ | — | $ | 9,098 | ||||||||||||||
Westin Boston Waterfront | $ | 70,991 | $ | 6,286 | $ | 7,266 | $ | 6,506 | $ | (180) | $ | 19,878 | ||||||||||||||
Westin Fort Lauderdale Beach Resort | $ | 38,246 | $ | 7,223 | $ | 4,853 | $ | — | $ | — | $ | 12,076 | ||||||||||||||
Westin San Diego Downtown | $ | 26,333 | $ | 4,769 | $ | 3,397 | $ | 1,901 | $ | — | $ | 10,067 | ||||||||||||||
Westin Washington D.C. City Center | $ | 25,238 | $ | 2,075 | $ | 3,948 | $ | 1,986 | $ | — | $ | 8,009 | ||||||||||||||
Worthington Renaissance Fort Worth Hotel | $ | 31,319 | $ | 5,597 | $ | 2,927 | $ | 2,340 | $ | 6 | $ | 10,870 | ||||||||||||||
Total | $ | 700,572 | $ | 104,548 | $ | 87,805 | $ | 20,587 | $ | 5,247 | $ | 218,028 | ||||||||||||||
Less: Frenchman's Reef & Morning Star Marriott Beach Resort | $ | — | $ | (8,798) | $ | — | $ | — | $ | — | $ | (8,798) | ||||||||||||||
Comparable Total | $ | 700,572 | $ | 95,750 | $ | 87,805 | $ | 20,587 | $ | 5,247 | $ | 209,230 |