drh-20230803
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
August 3, 2023 
DiamondRock Hospitality Company
(Exact name of registrant as specified in charter)
Maryland 001-32514 20-1180098
(State or Other Jurisdiction
of Incorporation)
 (Commission
File Number)
 (IRS Employer
Identification No.)
2 Bethesda Metro Center, Suite 1400
BethesdaMD 20814
(Address of Principal Executive Offices) (Zip Code)

(Registrant’s telephone number, including area code): (240) 744-1150
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareDRHNew York Stock Exchange
8.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per shareDRH Pr ANew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.      






This Current Report on Form 8-K (“Current Report”) contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as “believe,” “expect,” “intend,” “project,” “anticipate,” “position,” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to national and local economic and business conditions, including the impact of COVID-19 on occupancy rates at our hotels and the demand for hotel products and services, and those risks and uncertainties described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K filed on February 24, 2023 and our Quarterly Report on Form 10-Q filed on May 5, 2023. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this Current Report is as of the date of this Current Report, and we undertake no obligation to update any forward-looking statement to conform the statement to actual results or changes in our expectations.

ITEM 2.02. Results of Operations and Financial Condition.

On August 3, 2023, DiamondRock Hospitality Company issued a press release announcing its financial results for the three and six months ended June 30, 2023. A copy of that press release is furnished as Exhibit 99.1 and is incorporated by reference herein.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, regardless of any general incorporation language in such filing.


ITEM 9.01. Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are included with this report:
Exhibit No. Description
99.1                    Press Release, dated August 3, 2023
101.SCH                Inline XBRL Taxonomy Extension Schema Document
101.CAL                Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF                Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB                Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE                Inline XBRL Taxonomy Extension Presentation Linkbase Document
104                    Cover Page Interactive Data File











SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
  DIAMONDROCK HOSPITALITY COMPANY
Dated: August 3, 2023  By: 
/s/ Briony R. Quinn
   Briony R. Quinn
   Senior Vice President and Treasurer






Document

https://cdn.kscope.io/65b298273c9e340c49e98beb9b39744b-drhlogopressreleasea35.gif

COMPANY CONTACTS    

Jeff Donnelly
Chief Financial Officer
(240) 744-1190

Briony Quinn
Senior Vice President
(240) 744-1196

FOR IMMEDIATE RELEASE

DIAMONDROCK HOSPITALITY COMPANY REPORTS SECOND QUARTER RESULTS

BETHESDA, Maryland, Thursday, August 3, 2023 – DiamondRock Hospitality Company (the “Company”) (NYSE: DRH), a lodging-focused real estate investment trust that owns a portfolio of 36 premium hotels and resorts in the United States, today announced results of operations for the quarter ended June 30, 2023.

Second Quarter 2023 Highlights

Net Income: Net income was $39.1 million and earnings per diluted share was $0.17.
Comparable Revenues: Comparable total revenues were $289.3 million, a 0.9% increase over 2022 and a 9.3% increase over 2019.
Comparable RevPAR: Comparable RevPAR was $226.41, a 0.5% increase over 2022 and a 8.0% increase over 2019.
Comparable Hotel Adjusted EBITDA: Comparable Hotel Adjusted EBITDA was $93.6 million, a 9.7% decrease over 2022 and a 3.5% increase over 2019.
Comparable Hotel Adjusted EBITDA Margin: Comparable Hotel Adjusted EBITDA margin was 32.36%, a 381 basis point decrease over 2022 and a 178 basis point decrease over 2019.
Adjusted EBITDA: Adjusted EBITDA was $85.8 million, a 6.7% decrease over 2022 and a 5.8% increase over 2019.
Adjusted FFO: Adjusted FFO was $67.3 million and Adjusted FFO per diluted share was $0.32.
Share Repurchases: The Company repurchased 262,054 shares of its common stock at an average price of $7.67 per share for a total purchase price of $2.0 million during the second quarter.

Recent Developments

Hotel Acquisition: The Company acquired Chico Hot Springs Resort located in Paradise Valley, Montana for $33.0 million on August 1, 2023.
Hotel Rebranding: The Company completed the rebranding of the Hilton Boston Downtown/Faneuil Hall to The Dagny, an independent lifestyle boutique hotel, on August 1, 2023.

“The DiamondRock portfolio delivered a new record for comparable revenues in the quarter even as it made major investments into its portfolio to secure future performance. Our urban portfolio delivered strong total revenue growth of 7.1% with solid performance from group, but the rate of improvement in business transient demand



appears to be moderating. Competition from international destinations and cruise lines led our smaller portfolio of resorts to rebalance to a ‘new normal’ with total revenues declining 8.3%. However, revenues from our resorts remained 33.1% ahead of the comparable period in 2019 as destination resorts remain the biggest winner from an acceleration in the secular demand for leisure travel. After quarter end, we completed the major repositioning of The Dagny in Boston as well as acquiring a very attractive boutique resort in Montana,” said Mark W. Brugger, President and Chief Executive Officer of DiamondRock Hospitality Company.

Operating Results

Please see “Non-GAAP Financial Measures” attached to this press release for an explanation of the terms “EBITDAre,” “Adjusted EBITDA,” “Hotel Adjusted EBITDA,” “Hotel Adjusted EBITDA Margin,” “FFO” and “Adjusted FFO” and a reconciliation of these measures to net income. Comparable operating results include all hotels currently owned for all periods presented, except the Kimpton Fort Lauderdale Beach Resort, which opened in April 2021. See “Reconciliation of Comparable Operating Results” attached to this press release for a reconciliation to historical amounts.
Quarter Ended June 30,Change From
20232022201920222019
($ amounts in millions, except hotel statistics and per share amounts)
Comparable Operating Results (1)
ADR$294.66 $300.68 $254.63 (2.0)%15.7 %
Occupancy76.8 %74.9 %82.3 %1.9 %(5.5)%
RevPAR$226.41 $225.19 $209.59 0.5 %8.0 %
Total RevPAR$333.88 $331.56 $306.75 0.7 %8.8 %
Revenues$289.3 $286.6 $264.7 0.9 %9.3 %
Hotel Adjusted EBITDA$93.6 $103.7 $90.4 (9.7)%3.5 %
Hotel Adjusted EBITDA Margin32.36 %36.17 %34.14 %(381 bps)(178 bps)
Available Rooms866,411 864,323 863,014 2,088 3,397 
Actual Operating Results (2)
Revenues$291.2 $281.4 $257.9 3.5 %12.9 %
Net income$39.1 $52.7 $29.1 (25.8)%34.4 %
Earnings per diluted share$0.17 $0.23 $0.14 (26.1)%21.4 %
Adjusted EBITDA$85.8 $92.0 $81.1 (6.7)%5.8 %
Adjusted FFO $67.3 $76.5 $65.1 (12.0)%3.4 %
Adjusted FFO per diluted share$0.32 $0.36 $0.32 (11.1)%— %


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Six Months Ended June 30,Change From
20232022201920222019
($ amounts in millions, except hotel statistics and per share amounts)
Comparable Operating Results (1)
ADR$286.94 $293.47 $241.22 (2.2)%19.0 %
Occupancy71.8 %65.4 %77.3 %6.4 %(5.5)%
RevPAR$205.94 $192.05 $186.36 7.2 %10.5 %
Total RevPAR$307.45 $285.23 $276.90 7.8 %11.0 %
Revenues$529.7 $490.3 $475.2 8.0 %11.5 %
Hotel Adjusted EBITDA$155.5 $157.1 $142.2 (1.0)%9.4 %
Hotel Adjusted EBITDA Margin29.37 %32.04 %29.91 %(267 bps)(54 bps)
Available Rooms1,722,727 1,718,765 1,716,288 3,962 6,439 
Actual Operating Results (2)
Revenues$534.8 $478.2 $460.3 11.8 %16.2 %
Net income$48.3 $62.8 $38.1 (23.1)%26.8 %
Earnings per diluted share$0.20 $0.27 $0.19 (25.9)%5.3 %
Adjusted EBITDA$141.1 $136.9 $130.2 3.1 %8.4 %
Adjusted FFO $105.3 $107.3 $107.1 (1.9)%(1.7)%
Adjusted FFO per diluted share$0.49 $0.50 $0.53 (2.0)%(7.5)%
(1) Amounts represent the pre-acquisition operating results for Bourbon Orleans Hotel from January 1, 2019 to July 28, 2021, Henderson Park Inn from January 1, 2019 to July 29, 2021, Henderson Beach Resort from January 1, 2019 to December 22, 2021, Tranquility Bay Beachfront Resort from January 1, 2019 to January 5, 2022 and Lake Austin Spa Resort from January 1, 2019 to November 20, 2022 and exclude the operating results of the Kimpton Fort Lauderdale Beach Resort as the hotel opened in April 2021. The pre-acquisition operating results were obtained from the sellers of the hotels during the acquisition due diligence process. We have made no adjustments to the amounts provided to us by the seller. The pre-acquisition operating results were not audited or reviewed by the Company's independent auditors.

(2) Actual operating results include the operating results of all hotels for the Company's respective ownership periods.

Ground Lease Buyout

On April 20, 2023, the Company acquired the fee simple interest in a land parcel underlying the parking structure at the Renaissance Worthington Hotel that had been subject to a ground lease. The purchase price of $1.8 million represents a 5.2% capitalization rate on the annual rent.

Capital Expenditures

The Company invested approximately $47.9 million in capital improvements at its hotels during the six months ended June 30, 2023. The Company continues to expect to spend $100 million to $115 million on capital improvements at its hotels in 2023. Significant projects in 2023 include the following:

Hilton Boston Downtown/Faneuil Hall: The Company completed a comprehensive renovation to rebrand the hotel as The Dagny, an independent lifestyle hotel.
Salt Lake City Marriott: The Company is in the process of completing a renovation of the guestrooms, which is expected to be completed in the third quarter of 2023.
Hilton Burlington Lake Champlain: The Company commenced a repositioning of the hotel to rebrand it as a Curio Collection hotel. The repositioning is expected to be completed in the first quarter of 2024 and includes a new restaurant concept by a well-known, award-winning chef.



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Share Repurchase Program

During the quarter ended June 30, 2023, the Company repurchased 262,054 shares of its common stock at an average price of $7.67 per share for a total purchase price of $2.0 million. Since October 2022, the Company has repurchased 1.9 million shares of it common stock at an average price of $7.77 per share.

Balance Sheet and Liquidity

The Company ended the quarter with $604.8 million of liquidity, comprised of $98.6 million of unrestricted corporate cash, $106.2 million of unrestricted cash at its hotels and full capacity on its $400 million senior unsecured credit facility. As of June 30, 2023, the Company had $1.2 billion of total debt outstanding, which consisted of $800.0 million of unsecured term loans and $383.0 million of property-specific, non-recourse mortgage debt.

Dividends

The Company declared a quarterly cash dividend of $0.03 per common share, which was was paid on July 12, 2023 to shareholders of record as of June 30, 2023. The Company paid a quarterly dividend of $0.515625 per share on its 8.250% Series A Cumulative Redeemable Preferred Stock on June 30, 2023 to shareholders of record as of June 20, 2023.

Earnings Call
The Company will host a conference call to discuss its second quarter results on Thursday, August 3, 2023, at 5:00 p.m. Eastern Time (ET). The conference call will be accessible by telephone and through the internet. Interested individuals are requested to register for the call by visiting https://investor.drhc.com. A replay of the conference call webcast will be archived and available online.

About the Company
DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in leisure destinations and top gateway markets. The Company currently owns 36 premium quality hotels with over 9,700 rooms. The Company has strategically positioned its portfolio to be operated both under leading global brand families as well as independent boutique hotels in the lifestyle segment. For further information on the Company and its portfolio, please visit DiamondRock Hospitality Company’s website at www.drhc.com.

This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as “believe,” “expect,” “intend,” “project,” “forecast,” “plan” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: the adverse impact of the novel coronavirus (COVID-19) on the U.S., regional and global economies, travel, the hospitality industry, and the financial condition and results of operations of the Company and its hotels; national and local economic and business conditions, including the potential for additional terrorist attacks, that will affect occupancy rates at the Company’s hotels and the demand for hotel products and services; operating risks associated with the hotel business; relationships with property managers; the ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in travel patterns, taxes and government regulations which influence or determine wages, prices, construction procedures and costs; and other risk factors contained in the Company’s filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be

4


material. All information in this release is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.

5


DIAMONDROCK HOSPITALITY COMPANY

CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)

June 30, 2023December 31, 2022
ASSETS(unaudited)
Property and equipment, net$2,740,395 $2,748,476 
Right-of-use assets97,834 99,047 
Restricted cash37,535 39,614 
Due from hotel managers164,193 176,708 
Prepaid and other assets 86,224 76,131 
Cash and cash equivalents98,556 67,564 
Total assets
$3,224,737 $3,207,540 
LIABILITIES AND EQUITY
Liabilities:
Mortgage and other debt, net of unamortized debt issuance costs$382,157 $386,655 
Unsecured term loans, net of unamortized debt issuance costs799,271 799,138 
Senior unsecured credit facility— — 
Total debt1,181,428 1,185,793 
Lease liabilities111,233 110,875 
Due to hotel managers119,706 123,682 
Deferred rent67,260 65,097 
Unfavorable contract liabilities, net60,240 61,069 
Accounts payable and accrued expenses 39,811 43,120 
Distributions declared and unpaid6,437 12,946 
Deferred income related to key money, net8,565 8,780 
Total liabilities
1,594,680 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 June 30, 2023 and December 31, 202248 48 
   Common stock, $0.01 par value; 400,000,000 shares authorized; 209,589,638 and 209,374,830 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively2,095 2,094 
Additional paid-in capital2,287,348 2,288,433 
Accumulated other comprehensive income3,830 — 
Distributions in excess of earnings(670,063)(700,694)
Total stockholders’ equity
1,623,258 1,589,881 
Noncontrolling interests6,799 6,297 
Total equity
1,630,057 1,596,178 
Total liabilities and equity
$3,224,737 $3,207,540 



6


DIAMONDROCK HOSPITALITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended June 30, Six Months Ended June 30,
2023202220232022
Revenues:
Rooms
$197,318 $193,025 $357,991 $325,195 
Food and beverage
68,369 68,606 128,146 114,354 
Other
25,560 19,776 48,663 38,691 
Total revenues
291,247 281,407 534,800 478,240 
Operating Expenses:
Rooms
45,116 42,645 85,319 76,475 
Food and beverage
45,908 43,471 89,058 76,692 
Other departmental and support expenses65,445 59,521 127,413 108,058 
Management fees
6,885 6,312 11,873 10,332 
Franchise fees
9,403 8,693 17,480 14,503 
Other property-level expenses26,934 20,977 51,051 42,949 
Depreciation and amortization
27,840 27,389 55,312 54,044 
Impairment losses
941 — 941 2,843 
Corporate expenses
8,284 8,726 16,151 14,759 
Business interruption insurance income(110)— (110)(499)
Total operating expenses, net
236,646 217,734 454,488 400,156 
Interest expense
15,567 9,675 32,739 13,794 
Interest (income) and other (income) expense, net(522)606 (945)892 
  Total other expenses, net
15,045 10,281 31,794 14,686 
Income before income taxes
39,556 53,392 48,518 63,398 
Income tax expense
(422)(691)(196)(637)
Net income
39,134 52,701 48,322 62,761 
Less: Net income attributable to noncontrolling interests
(169)(184)(201)(216)
Net income attributable to the Company
38,965 52,517 48,121 62,545 
Distributions to preferred stockholders(2,454)(2,454)(4,908)(4,908)
Net income attributable to common stockholders$36,511 $50,063 $43,213 $57,637 
Earnings per share:
Earnings per share available to common stockholders - basic
$0.17 $0.24 $0.20 $0.27 
Earnings per share available to common stockholders - diluted
$0.17 $0.23 $0.20 $0.27 
Weighted-average number of common shares outstanding:
Basic
211,673,828 212,834,222 211,543,398 212,663,838
Diluted
212,161,950 213,520,706 212,092,590 213,279,174



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Non-GAAP Financial Measures

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

Use and Limitations of Non-GAAP Financial Measures

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

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

EBITDA, EBITDAre and FFO

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

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

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

8


Hotel EBITDA

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

Adjustments to EBITDAre, FFO and Hotel EBITDA

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

Non-Cash Lease Expense and Other Amortization: We exclude the non-cash expense incurred from the straight line recognition of expense from our ground leases and other contractual obligations and the non-cash amortization of our favorable and unfavorable contracts, originally recorded in conjunction with certain hotel acquisitions. We exclude these non-cash items because they do not reflect the actual cash amounts due to the respective lessors and service providers in the current period and they are of lesser significance in evaluating our actual performance for that period.

Cumulative Effect of a Change in Accounting Principle: The Financial Accounting Standards Board promulgates new accounting standards that require or permit the consolidated statement of operations to reflect the cumulative effect of a change in accounting principle. We exclude the effect of these adjustments, which include the accounting impact from prior periods, because they do not reflect the Company’s actual underlying performance for the current period.

Gains or Losses from Early Extinguishment of Debt: We exclude the effect of gains or losses recorded on the early extinguishment of debt because these gains or losses result from transaction activity related to the Company’s capital structure that we believe are not indicative of the ongoing operating performance of the Company or our hotels.

Hotel Acquisition Costs: We exclude hotel acquisition costs expensed during the period because we believe these transaction costs are not reflective of the ongoing performance of the Company or our hotels.

Severance Costs: We exclude corporate severance costs, or reversals thereof, incurred with the termination of corporate-level employees and severance costs incurred at our hotels related to lease terminations or structured severance programs because we believe these costs do not reflect the ongoing performance of the Company or our hotels.

Hotel Manager Transition Items: We exclude the transition items associated with a change in hotel manager because we believe these items do not reflect the ongoing performance of the Company or our hotels.

Hotel Pre-Opening Costs: We exclude the pre-opening costs associated with the redevelopment or rebranding of a hotel because we believe these items do not reflect the ongoing performance of the Company or our hotels.

Other Items:  From time to time we incur costs or realize gains that we consider outside the ordinary course of business and that we do not believe reflect the ongoing performance of the Company or our hotels. Such items may include, but are not limited to, the following: lease preparation costs incurred to prepare vacant space for marketing; management or franchise contract termination fees; gains or losses from legal settlements; costs incurred related to natural disasters; and gains on property insurance claim settlements, other than income related to business interruption insurance.

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



9


Reconciliations of Non-GAAP Measures

EBITDA, EBITDAre and Adjusted EBITDA

The following tables are reconciliations of our GAAP net income to EBITDA, EBITDAre and Adjusted EBITDA (in thousands):
Three Months Ended June 30,
202320222019
Net income $39,134 $52,701 $29,074 
Interest expense 15,567 9,675 12,418 
Income tax expense422 691 4,571 
Real estate related depreciation and amortization27,840 27,389 29,335 
EBITDA82,963 90,456 75,398 
Impairment losses941 — — 
EBITDAre
83,904 90,456 75,398 
Non-cash lease expense and other amortization1,537 1,556 1,784 
Professional fees and pre-opening costs related to Frenchman's Reef (1)
— — 3,700 
Hotel pre-opening costs326 — — 
Hotel manager transition items — (13)171 
Adjusted EBITDA$85,767 $91,999 $81,053 

Six Months Ended June 30,
202320222019
Net income $48,322 $62,761 $38,054 
Interest expense 32,739 13,794 24,080 
Income tax expense196 637 722 
Real estate related depreciation and amortization55,312 54,044 58,331 
EBITDA136,569 131,236 121,187 
Impairment losses941 2,843 — 
EBITDAre
137,510 134,079 121,187 
Non-cash lease expense and other amortization3,087 3,124 3,499 
Professional fees and pre-opening costs related to Frenchman's Reef (1)
— — 5,067 
Hotel pre-opening costs542 — — 
Severance costs (2)
— (532)— 
Hotel manager transition items — 236 468 
Adjusted EBITDA$141,139 $136,907 $130,221 
(1)Represents pre-opening costs related to the re-opening of Frenchman's Reef, as well as legal and professional fees and other costs incurred at Frenchman's Reef as a result of Hurricane Irma that are not covered by insurance.
(2)Consists of severance costs incurred, and adjustments thereto, associated with the elimination of positions at our hotels, which are classified within other hotel expenses on the consolidated statement of operations.











10


Hotel EBITDA and Hotel Adjusted EBITDA
    The following table is a reconciliation of our GAAP net income to Hotel EBITDA and Hotel Adjusted EBITDA (in thousands):
Three Months Ended June 30,
202320222019
Net income $39,134 $52,701 $29,074 
Interest expense 15,567 9,675 12,418 
Income tax expense422 691 4,571 
Real estate related depreciation and amortization27,840 27,389 29,335 
EBITDA82,963 90,456 75,398 
Corporate expenses8,284 8,726 7,403 
Interest (income) and other (income) expense, net(522)606 (105)
Impairment losses941 — — 
Professional fees and pre-opening costs related to Frenchman's Reef (1)
— — 3,700 
Hotel EBITDA91,666 99,788 86,396 
Non-cash lease expense and other amortization1,537 1,556 1,784 
Hotel pre-opening costs326 — — 
Hotel manager transition items — (13)171 
Hotel Adjusted EBITDA$93,529 $101,331 $88,351 

Six Months Ended June 30,
202320222019
Net income $48,322 $62,761 $38,054 
Interest expense 32,739 13,794 24,080 
Income tax expense 196 637 722 
Real estate related depreciation and amortization55,312 54,044 58,331 
EBITDA136,569 131,236 121,187 
Corporate expenses16,151 14,759 14,467 
Interest (income) and other (income) expense, net(945)892 (408)
Impairment losses941 2,843 — 
Professional fees and pre-opening costs related to Frenchman's Reef (1)
— — 5,067 
Hotel EBITDA152,716 149,730 140,313 
Non-cash lease expense and other amortization3,087 3,124 3,499 
Hotel pre-opening costs542 — — 
Hotel manager transition items — 236 468 
Severance costs (2)
— (532)— 
Hotel Adjusted EBITDA$156,345 $152,558 $144,280 
(1)Represents pre-opening costs related to the re-opening of Frenchman's Reef, as well as legal and professional fees and other costs incurred at Frenchman's Reef as a result of Hurricane Irma that are not covered by insurance.
(2)Consists of severance costs incurred, or adjustments thereto, associated with the elimination of positions at our hotels, which are classified within other hotel expenses on the consolidated statement of operations.







11


FFO and Adjusted FFO
The following tables are reconciliations of our GAAP net income to FFO and Adjusted FFO (in thousands):
Three Months Ended June 30,
202320222019
Net income $39,134 $52,701 $29,074 
Real estate related depreciation and amortization27,840 27,389 29,335 
Impairment losses941 — — 
FFO67,915 80,090 58,409 
Distribution to preferred stockholders(2,454)(2,454)— 
FFO available to common stock and unit holders65,461 77,636 58,409 
Non-cash lease expense and other amortization1,537 1,556 1,784 
Professional fees and pre-opening costs related to Frenchman's Reef (1)
— — 3,700 
Hotel pre-opening costs326 — — 
Hotel manager transition items — (13)171 
Fair value adjustments to interest rate swaps19 (2,720)1,075 
Adjusted FFO available to common stock and unit holders$67,343 $76,459 $65,139 
Adjusted FFO available to common stock and unit holders, per diluted share$0.32 $0.36 $0.32 
Six Months Ended June 30,
202320222019
Net income $48,322 $62,761 $38,054 
Real estate related depreciation and amortization55,312 54,044 58,331 
Impairment losses941 2,843 — 
FFO104,575 119,648 96,385 
Distribution to preferred stockholders(4,908)(4,908)— 
FFO available to common stock and unit holders99,667 114,740 96,385 
Non-cash lease expense and other amortization3,087 3,124 3,499 
Professional fees and pre-opening costs related to Frenchman's Reef (1)
— — 5,067 
Hotel pre-opening costs542 — — 
Hotel manager transition items — 236 468 
Severance costs (2)
— (532)— 
Fair value adjustments to interest rate swaps2,033 (10,222)1,647 
Adjusted FFO available to common stock and unit holders$105,329 $107,346 $107,066 
Adjusted FFO available to common stock and unit holders, per diluted share$0.49 $0.50 $0.53 
(1)Represents pre-opening costs related to the re-opening of Frenchman's Reef, as well as legal and professional fees and other costs incurred at Frenchman's Reef as a result of Hurricane Irma that are not covered by insurance.
(2)Consists of severance costs incurred, or adjustments thereto, associated with the elimination of positions at our hotels, which are classified within other hotel expenses on the consolidated statement of operations.










12



Reconciliation of Comparable Operating Results

The following presents the revenues, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin together with comparable prior year results, which excludes the results for our 2021 dispositions (in thousands):
Three Months Ended June 30,
202320222019
Revenues$291,247 $281,407 $257,918 
Hotel revenues from prior ownership (1)
(1,971)5,171 25,088 
Hotel revenues from sold hotels (2)
— — (18,275)
Comparable Revenues$289,276 $286,578 $264,731 
Hotel Adjusted EBITDA$93,529 $101,331 $88,351 
Hotel Adjusted EBITDA from prior ownership (1)
91 2,323 6,936 
Hotel Adjusted EBITDA from sold hotels (2)
— — (4,895)
Comparable Hotel Adjusted EBITDA$93,620 $103,654 $90,392 
Hotel Adjusted EBITDA Margin32.11 %36.01 %34.26 %
Comparable Hotel Adjusted EBITDA Margin32.36 %36.17 %34.14 %

Six Months Ended June 30,
202320222019
Revenues$534,800 $478,240 $460,293 
Hotel revenues from prior ownership (1)
(5,146)12,010 44,475 
Hotel revenues from sold hotels (2)
— — (29,534)
Comparable Revenues$529,654 $490,250 $475,234 
Hotel Adjusted EBITDA$156,345 $152,558 $144,280 
Hotel Adjusted EBITDA from prior ownership (1)
(796)4,495 10,694 
Hotel Adjusted EBITDA from sold hotels (2)
— — (12,815)
Comparable Hotel Adjusted EBITDA$155,549 $157,053 $142,159 
Hotel Adjusted EBITDA Margin29.23 %31.90 %31.35 %
Comparable Hotel Adjusted EBITDA Margin29.37 %32.04 %29.91 %
(1) Amounts represent the pre-acquisition operating results for Bourbon Orleans Hotel from January 1, 2019 to July 28, 2021, Henderson Park Inn from January 1, 2019 to July 29, 2021, Henderson Beach Resort from January 1, 2019 to December 22, 2021, Tranquility Bay Beachfront Resort from January 1, 2019 to January 5, 2022 and Lake Austin Spa Resort from January 1, 2019 to November 20, 2022. The pre-acquisition operating results of the Kimpton Fort Lauderdale Beach Resort are excluded from all periods as the hotel opened in April 2021. The pre-acquisition operating results were obtained from the sellers of the hotels during the acquisition due diligence process. We have made no adjustments to the amounts provided to us by the seller. The pre-acquisition operating results were not audited or reviewed by the Company's independent auditors.
(2) Amounts represent the operating results of Frenchman's Reef and The Lexington Hotel.










13


Selected Quarterly Comparable Operating Information

The following tables are presented to provide investors with selected quarterly comparable operating information. The operating information includes historical quarterly operating results for our portfolio, excluding the Kimpton Fort Lauderdale Beach Resort since the hotel opened in April 2021.

Quarter 1, 2019Quarter 2, 2019Quarter 3, 2019Quarter 4, 2019Full Year 2019
ADR$225.75 $254.63 $241.37 $244.35 $242.03 
Occupancy72.1 %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 Margin24.59 %34.14 %30.18 %28.04 %29.52 %
Available Rooms853,274 863,014 872,896 872,896 3,462,080 

Quarter 1, 2022Quarter 2, 2022Quarter 3, 2022Quarter 4, 2022Full Year 2022
ADR$283.70 $300.68 $283.87 $291.05 $290.21 
Occupancy55.9 %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 Margin26.22 %36.17 %31.47 %29.96 %31.36 %
Available Rooms854,442 864,323 874,702 875,012 3,468,479 

Quarter 1, 2023Quarter 2, 2023
ADR$277.92 $294.66 
Occupancy66.7 %76.8 %
RevPAR$185.26 $226.41 
Total RevPAR$280.77 $333.88 
Revenues (in thousands)$240,378 $289,276 
Hotel Adjusted EBITDA (in thousands)$61,929 $93,620 
Hotel Adjusted EBITDA Margin25.76 %32.36 %
Available Rooms856,316 866,411 

14


Market Capitalization as of June 30, 2023
(in thousands)
Enterprise Value
Common equity capitalization (at June 30, 2023 closing price of $8.01/share)
$1,712,105 
Preferred equity capitalization (at liquidation value of $25.00/share)119,000 
Consolidated debt (face amount)1,182,990 
Cash and cash equivalents(98,556)
Total enterprise value
$2,915,539 
Share Reconciliation
Common shares outstanding209,590 
Operating partnership units1,075 
Unvested restricted stock held by management and employees1,210 
Share grants under deferred compensation plan1,871 
Combined shares and units213,746
Debt Summary as of June 30, 2023
(dollars in thousands)
LoanInterest RateTermOutstanding PrincipalMaturity
Courtyard New York Manhattan / Midtown East4.40%Fixed75,255 August 2024
Worthington Renaissance Fort Worth Hotel3.66%Fixed74,681 May 2025
Hotel Clio4.33%Fixed56,784 July 2025
Westin Boston Seaport District4.36%Fixed176,270 November 2025
     Unamortized debt issuance costs(833)
Total mortgage debt, net of unamortized debt issuance costs382,157 
Unsecured term loanSOFR + 1.35% Variable500,000 January 2028
Unsecured term loanSOFR + 1.35%Variable300,000 
January 2025 (1)
     Unamortized debt issuance costs(729)
Unsecured term loans, net of unamortized debt issuance costs799,271 
Senior unsecured credit facility SOFR + 1.40%Variable— 
September 2026 (1)
Total debt, net of unamortized debt issuance costs$1,181,428 
Weighted-average interest rate of fixed rate debt3.87%
Total weighted-average interest rate (2)
4.88%

(1)    May be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions.
(2)    Weighted-average interest rate includes effect of interest rate swaps.

15


Operating Statistics – Second Quarter
Number of RoomsADROccupancyRevPAR
2Q 20232Q 2022B/(W) 20222Q 20232Q 2022B/(W) 20222Q 20232Q 2022B/(W) 2022
Atlanta Marriott Alpharetta318 $150.26 $152.51 (1.5)%73.5 %62.0 %11.5 %$110.41 $94.58 16.7 %
Bourbon Orleans Hotel220 $242.09 $254.65 (4.9)%83.7 %65.8 %17.9 %$202.69 $167.61 20.9 %
Cavallo Point, The Lodge at the Golden Gate 142 $613.11 $729.78 (16.0)%56.8 %59.5 %(2.7)%$348.54 $434.41 (19.8)%
Chicago Marriott Downtown Magnificent Mile1,200 $273.80 $258.98 5.7 %70.8 %60.9 %9.9 %$193.76 $157.74 22.8 %
Courtyard Denver Downtown177 $233.95 $223.78 4.5 %83.3 %82.2 %1.1 %$194.88 $183.96 5.9 %
Courtyard New York Manhattan/Fifth Avenue189 $306.37 $291.51 5.1 %94.7 %96.1 %(1.4)%$290.00 $280.01 3.6 %
Courtyard New York Manhattan/Midtown East321 $348.02 $330.68 5.2 %92.4 %89.2 %3.2 %$321.54 $294.94 9.0 %
Embassy Suites by Hilton Bethesda272 $183.55 $160.43 14.4 %80.0 %62.9 %17.1 %$146.80 $100.86 45.5 %
Havana Cabana Key West106 $293.87 $330.95 (11.2)%86.7 %90.2 %(3.5)%$254.75 $298.59 (14.7)%
Henderson Beach Resort243 $500.73 $528.34 (5.2)%74.1 %87.2 %(13.1)%$370.82 $460.58 (19.5)%
Henderson Park Inn37 $680.86 $732.17 (7.0)%87.2 %90.9 %(3.7)%$593.91 $665.62 (10.8)%
Hilton Boston Downtown/Faneuil Hall403 $327.33 $330.88 (1.1)%89.1 %85.4 %3.7 %$291.81 $282.69 3.2 %
Hilton Burlington Lake Champlain258 $242.28 $233.43 3.8 %79.0 %76.7 %2.3 %$191.35 $178.98 6.9 %
Hilton Garden Inn New York/Times Square Central282 $283.37 $284.89 (0.5)%85.6 %98.0 %(12.4)%$242.70 $279.23 (13.1)%
Hotel Clio199 $326.27 $318.95 2.3 %74.2 %69.8 %4.4 %$241.96 $222.73 8.6 %
Hotel Emblem San Francisco96 $221.08 $236.51 (6.5)%66.8 %85.7 %(18.9)%$147.71 $202.78 (27.2)%
Hotel Palomar Phoenix242 $204.26 $218.59 (6.6)%78.2 %65.3 %12.9 %$159.72 $142.83 11.8 %
Kimpton Fort Lauderdale Beach Resort96 $202.15 $236.33 (14.5)%65.4 %65.3 %0.1 %$132.13 $154.33 (14.4)%
Kimpton Shorebreak Resort157 $337.46 $356.28 (5.3)%83.3 %85.2 %(1.9)%$280.94 $303.51 (7.4)%
L'Auberge de Sedona 88 $979.53 $1,068.06 (8.3)%67.9 %80.5 %(12.6)%$664.92 $859.86 (22.7)%
Lake Austin Spa Resort40 $1,101.21 $1,078.62 2.1 %66.9 %75.5 %(8.6)%$736.66 $814.30 (9.5)%
Margaritaville Beach House Key West186 $396.70 $450.34 (11.9)%90.0 %87.0 %3.0 %$356.95 $391.96 (8.9)%
Orchards Inn Sedona70 $303.14 $354.54 (14.5)%69.9 %70.0 %(0.1)%$211.91 $248.13 (14.6)%
Salt Lake City Marriott Downtown at City Creek510 $190.99 $181.35 5.3 %61.1 %63.4 %(2.3)%$116.64 $114.99 1.4 %
The Gwen Hotel311 $339.69 $324.50 4.7 %78.4 %80.1 %(1.7)%$266.27 $259.81 2.5 %
The Hythe Vail344 $261.14 $240.14 8.7 %34.3 %38.4 %(4.1)%$89.56 $92.28 (2.9)%
The Landing Lake Tahoe Resort & Spa82 $390.10 $451.54 (13.6)%50.6 %48.7 %1.9 %$197.24 $219.78 (10.3)%
The Lindy Renaissance Charleston Hotel167 $393.54 $412.06 (4.5)%94.1 %94.1 %— %$370.39 $387.87 (4.5)%
The Lodge at Sonoma Resort182 $497.28 $490.14 1.5 %65.2 %71.3 %(6.1)%$324.37 $349.50 (7.2)%
Tranquility Bay Beachfront Resort103 $663.23 $784.22 (15.4)%79.9 %81.7 %(1.8)%$529.64 $640.73 (17.3)%
Westin Boston Waterfront793 $267.62 $255.07 4.9 %91.4 %85.9 %5.5 %$244.72 $219.10 11.7 %
Westin Fort Lauderdale Beach Resort433 $258.71 $262.17 (1.3)%73.7 %82.3 %(8.6)%$190.66 $215.70 (11.6)%
Westin San Diego Bayview436 $205.93 $208.76 (1.4)%80.0 %81.5 %(1.5)%$164.71 $170.19 (3.2)%
Westin Washington D.C. City Center410 $250.82 $237.11 5.8 %78.0 %79.6 %(1.6)%$195.73 $188.68 3.7 %
Worthington Renaissance Fort Worth Hotel504 $198.93 $188.25 5.7 %79.1 %73.9 %5.2 %$157.31 $139.06 13.1 %
Comparable Total (1)
9,521 $294.66 $300.68 (2.0)%76.8 %74.9 %1.9 %$226.41 $225.19 0.5 %
(1) Amounts include the pre-acquisition operating results of hotels acquired in 2022 and exclude the Kimpton Fort Lauderdale Beach Resort as the hotel opened during 2021.
16



17



 Operating Statistics – Second Quarter
Number of RoomsADROccupancyRevPAR
2Q 20232Q 2019B/(W) 20192Q 20232Q 2019B/(W) 20192Q 20232Q 2019B/(W) 2019
Atlanta Marriott Alpharetta318 $150.26 $160.44 (6.3)%73.5 %74.8 %(1.3)%$110.41 $119.97 (8.0)%
Bourbon Orleans Hotel220 $242.09 $218.43 10.8 %83.7 %90.8 %(7.1)%$202.69 $198.25 2.2 %
Cavallo Point, The Lodge at the Golden Gate 142 $613.11 $467.43 31.2 %56.8 %64.0 %(7.2)%$348.54 $299.11 16.5 %
Chicago Marriott Downtown Magnificent Mile1,200 $273.80 $253.76 7.9 %70.8 %83.6 %(12.8)%$193.76 $212.22 (8.7)%
Courtyard Denver Downtown177 $233.95 $207.53 12.7 %83.3 %83.8 %(0.5)%$194.88 $173.87 12.1 %
Courtyard New York Manhattan/Fifth Avenue189 $306.37 $270.86 13.1 %94.7 %90.9 %3.8 %$290.00 $246.20 17.8 %
Courtyard New York Manhattan/Midtown East321 $348.02 $274.26 26.9 %92.4 %97.3 %(4.9)%$321.54 $266.76 20.5 %
Embassy Suites by Hilton Bethesda272 $183.55 $188.39 (2.6)%80.0 %83.3 %(3.3)%$146.80 $156.97 (6.5)%
Havana Cabana Key West106 $293.87 $202.86 44.9 %86.7 %90.4 %(3.7)%$254.75 $183.30 39.0 %
Henderson Beach Resort243 $500.73 $332.50 50.6 %74.1 %75.1 %(1.0)%$370.82 $249.74 48.5 %
Henderson Park Inn37 $680.86 $515.16 32.2 %87.2 %90.8 %(3.6)%$593.91 $467.58 27.0 %
Hilton Boston Downtown/Faneuil Hall403 $327.33 $375.21 (12.8)%89.1 %90.5 %(1.4)%$291.81 $339.67 (14.1)%
Hilton Burlington Lake Champlain258 $242.28 $191.05 26.8 %79.0 %84.0 %(5.0)%$191.35 $160.56 19.2 %
Hilton Garden Inn New York/Times Square Central282 $283.37 $275.97 2.7 %85.6 %98.7 %(13.1)%$242.70 $272.38 (10.9)%
Hotel Clio199 $326.27 $265.01 23.1 %74.2 %79.2 %(5.0)%$241.96 $209.77 15.3 %
Hotel Emblem San Francisco96 $221.08 $227.87 (3.0)%66.8 %87.1 %(20.3)%$147.71 $198.47 (25.6)%
Hotel Palomar Phoenix242 $204.26 $174.16 17.3 %78.2 %86.5 %(8.3)%$159.72 $150.69 6.0 %
Kimpton Shorebreak Resort157 $337.46 $258.74 30.4 %83.3 %78.9 %4.4 %$280.94 $204.07 37.7 %
L'Auberge de Sedona 88 $979.53 $669.18 46.4 %67.9 %83.8 %(15.9)%$664.92 $560.63 18.6 %
Lake Austin Spa Resort40 $1,101.21 $896.53 22.8 %66.9 %59.0 %7.9 %$736.66 $528.56 39.4 %
Margaritaville Beach House Key West186 $396.70 $244.49 62.3 %90.0 %86.4 %3.6 %$356.95 $211.26 69.0 %
Orchards Inn Sedona70 $303.14 $267.91 13.1 %69.9 %85.0 %(15.1)%$211.91 $227.70 (6.9)%
Salt Lake City Marriott Downtown at City Creek510 $190.99 $167.09 14.3 %61.1 %72.8 %(11.7)%$116.64 $121.65 (4.1)%
The Gwen Hotel311 $339.69 $285.70 18.9 %78.4 %87.9 %(9.5)