WYNDHAM INTERNATIONAL, INC.
2003 OPERATING STATISTICS BY QUARTER
Quarter Ended March 31,
2003
2003 2002 % Change
-------- -------- ---------
COMPARABLE WYNDHAM BRANDED HOTELS (a)
Wyndham Hotels & Resorts
Average daily rate
$127.88 $136.80 -6.5%
Occupancy
69.9% 66.3% 3.6 ppt
RevPAR
$89.38 $90.72 -1.5%
Wyndham Luxury Resorts (b)
Average daily rate
$249.38 $267.09 -6.6%
Occupancy
48.2% 48.1% 0.1 ppt
RevPAR
$120.11 $128.52 -6.5%
Summerfield by Wyndham
Average daily rate
$93.53 $105.53 -11.4%
Occupancy
78.9% 74.3% 4.7 ppt
RevPAR
$73.82 $78.36 -5.8%
Wyndham Garden
Average daily rate
$82.21 $89.86 -8.5%
Occupancy
69.5% 63.0% 6.5 ppt
RevPAR
$57.11 $56.63 0.9%
COMPARABLE OWNED & LEASED HOTELS Proprietary
Branded (c)
Average daily rate
$122.20 $131.65 -7.2%
Occupancy
72.2% 67.6% 4.6 ppt
RevPAR
$88.27 $89.01 -0.8%
Non-Proprietary Branded (d)
Average daily rate
$91.86 $97.93 -6.2%
Occupancy
57.8% 58.1% -0.3 ppt
RevPAR
$53.11 $56.93 -6.7%
Total Portfolio
Average daily rate
$114.69 $122.85 -6.6%
Occupancy
68.0% 64.8% 3.2 ppt
RevPAR
$78.03 $79.66 -2.0%
NOTE: All hotel statistics exclude assets sold to
date.
(a) Brand statistics are based on comparable owned,
managed and leased
hotels for respective periods.
(b) Reflects results of the Boulders, Carmel Valley
Ranch, the Lodge
at Ventana Canyon, and Isla
Navidad.
(c) Reflects Wyndham Hotels & Resorts, Wyndham
Luxury Resorts,
Summerfield by Wyndham and Wyndham
Garden Hotels that were branded
as of Jan. 1, 2003.
(d) Non-proprietary brand hotels owned by the Company
as of Jan. 1,
2003.
WYNDHAM INTERNATIONAL, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(in thousands)
(Unaudited)
Quarter Ended
March 31,
2003
Pro Comparable
Forma
Actual Adjustments Pro Forma
(1)
---------- ------------------------
Revenues:
Hotel revenues $413,763
$35,758 A $378,005
Management fees and
service fee income 4,420
53 B 4,367
Interest and other
income
1,256 6 C
1,250
---------- --------- -----------
Total revenues
419,439 35,817 383,622
---------- --------- -----------
Expenses:
Hotel expenses
321,391 36,636 D 284,755
General and
administrative costs 12,453
- 12,453
Interest expense
44,989 -
44,989
---------- --------- -----------
Total operating costs
and expenses
378,833 36,636 342,197
---------- --------- -----------
Revenues net of direct expenses 40,606
(819) 41,425
Adjustments:
Professional fees and
other
2,425 -
2,425
Abandoned transaction
costs
126 -
126
Loss (gain) on
derivative instruments 11,668
- 11,668
Impairment of assets
held for sale
4,093 4,093 E
-
Impairment of assets -
HPT
104,292 104,292 F
-
Loss on sale of assets 4,937
- 4,937
Write-off of
management, leasehold
costs and license
agreements
- -
-
---------- --------- -----------
Total adjustments 127,541
108,385 19,156
---------- --------- -----------
Depreciation and amortization
61,557 3,213 G 58,344
Equity in (earnings) loss from
unconsolidated subsidiaries
574 -
574
Minority interest in
consolidated subsidiaries
289 -
289
---------- --------- -----------
62,420 3,213
59,207
---------- --------- -----------
Loss from continued
before operations before
income taxes
taxes
(149,355) (112,417) (36,938)
Income tax benefit
61,340 44,996 H 16,344
---------- --------- -----------
Loss from continued
operations
(88,015) (67,421) (20,594)
---------- --------- -----------
Loss from discontinued
operations, net of
taxes and minority
interest
(19,398) (19,398)I
-
---------- --------- -----------
Loss before accounting
change, net of
applicable taxes
(107,413) (86,819) (20,594)
Accounting change, net
of applicable taxes
- -
-
---------- --------- -----------
Net loss
$(107,413) $(86,819) $(20,594)
========== ========= ===========
EBITDA, as adjusted
$87,945 $915
$87,030
========== ========= ===========
Quarter Ended
March 31,
2002
Pro Forma Comparable
Actual Adjustments Pro Forma
(1)
---------- -----------------------
Revenues:
Hotel revenues $435,463
$46,235 L $389,228
Management fees and
service fee income 4,470
441 M 4,029
Interest and other
income
2,105 409 C
1,696
---------- ---------- -----------
Total revenues 442,038
47,085 394,953
---------- ---------- -----------
Expenses:
Hotel expenses
324,905 43,508 N 281,397
General and
administrative costs 15,040
- 15,040
Interest expense
60,205 355 O
59,850
---------- ---------- -----------
Total operating costs
and expenses
400,150 43,863 356,287
---------- ---------- -----------
Revenues net of direct expenses 41,888
3,222 38,666
Adjustments:
Professional fees and
other
1,740 -
1,740
Abandoned transaction costs
1,118 -
1,118
Loss (gain) on derivative
instruments
(1,334) -
(1,334)
Impairment of assets held for
sale
162 -
162
Impairment of assets - HPT
- -
-
Loss on sale of assets
4,770 -
4,770
Write-off of management,
leasehold costs and license
agreements
1,005 -
1,005
---------- ---------- -----------
Total adjustments
7,461 -
7,461
---------- ---------- -----------
Depreciation and amortization
62,917 3,036 G 59,881
Equity in (earnings) loss from
unconsolidated subsidiaries
(844) (521)P
(323)
Minority interest in
consolidated subsidiaries
627 -
627
---------- ---------- -----------
62,700 2,515
60,185
---------- ---------- -----------
Loss from continued
before operations before
income taxes
(28,273) 707
(28,980)
Income tax benefit
10,442 129 H
10,313
---------- ---------- -----------
Loss from continued
operations
(17,831) 836
(18,667)
---------- ---------- -----------
Loss from discontinued
operations, net of taxes
and minority interest
(1,244) (1,244)I
-
---------- ---------- -----------
Loss before accounting
change, net of applicable
taxes
(19,075) (408) (18,667)
Accounting change, net of
applicable taxes
(324,102) (324,102)Q
-
---------- ---------- -----------
Net loss
$(343,177) $(324,510) $(18,667)
========== ========== ===========
EBITDA, as adjusted
$114,321 $14,758 $99,563
========== ========== ===========
(1) The Comparable Pro Forma financial statements
have been adjusted
to remove the operations of
hotels sold and related interest
expense from corresponding retired
debt and management contract
revenue from terminated management
contracts.
WYNDHAM INTERNATIONAL, INC.
EBITDA Reconciliation
(in thousands, except per share
data)
(Unaudited)
Quarter Ended
March 31,
2003 2003
2003
Pro Forma Comparable
Actual Adjustments Pro Forma(1)
---------- -------------------------
EBITDA Reconciliation
Net loss
$(107,413) $(86,819) $(20,594)
Interest expense
44,989
- 44,989
Depreciation and amortization
61,557 3,213 G
58,344
Income tax benefit
(61,340) (44,996)H (16,344)
Accounting change, net of
applicable taxes
- -
-
---------- ----------- -----------
EBITDA
(62,207) (128,602) 66,395
Interest, depreciation and
amortization from equity
interest in unconsolidated
subsidiaries
1,513 (63)J
1,576
Interest, depreciation and
amortization attributable
to minority interests
(413) (33)K
(380)
Professional fees and other
2,283
- 2,283
Abandoned transaction costs
- -
-
Amortization of unearned
compensation
551 -
551
Loss (gain) on derivative
instruments
11,668
- 11,668
Impairment of assets held for
sale
4,093 4,093 E
-
Impairment of assets - HPT
104,292 104,292 F
-
Loss on sale of assets
4,937
- 4,937
Write-off of management,
leasehold costs and license
agreements
- -
-
Discontinued operations
adjustments
21,228 21,228 I
-
---------- ----------- -----------
EBITDA, as adjusted
$87,945 $915
$87,030
========== =========== ===========
Per Share Calculations:
Loss from continued operations $(88,015)
$(20,594)
Loss from discontinued
operations, net of taxes and
minority interest
(19,398)
-
Accounting change, net of
applicable taxes
-
-
----------
-----------
Net loss
$(107,413)
$(20,594)
Adjustment for preferred stock
(37,799)
(37,799)
----------
-----------
Net loss attributable to common
shareholders
$(145,212)
$(58,393)
----------
-----------
Basic and diluted loss per
common share:
Loss from continued operations
$(0.75)
$(0.35)
Loss from discontinued
operations, net of taxes and
minority interest
(0.12)
-
Accounting change, net of
applicable taxes
-
-
----------
-----------
Net
loss per common share $(0.87)
$(0.35)
==========
===========
Basic and diluted weighted
average common shares and share
equivalents
168,004
168,004
Quarter Ended
March 31,
2002 2002
2002
Pro Forma Comparable
Actual Adjustments Pro Forma (1)
EBITDA Reconciliation
Net loss
$(343,177)$(324,510) $(18,667)
Interest expense
60,205 355
59,850
Depreciation and amortization
62,917 3,036 G 59,881
Income tax benefit
(10,442) (129)H (10,313)
Accounting change, net of
applicable taxes
324,102 324,102
-
--------------------- -----------
EBITDA
93,605 2,854
90,751
Interest, depreciation and
amortization from equity
interest in unconsolidated
subsidiaries
813 (119) J
932
Interest, depreciation and
amortization attributable
to minority interests
(1,503) (1,035) K (468)
Professional fees and other
1,740 -
1,740
Abandoned transaction costs
1,118 -
1,118
Amortization of unearned
compensation
887 -
887
Loss (gain) on derivative
instruments
(1,334) -
(1,334)
Impairment of assets held for
sale
162 -
162
Impairment of assets - HPT
- -
-
Loss on sale of assets
4,770 -
4,770
Write-off of management,
leasehold costs and license
agreements
1,005 -
1,005
Discontinued operations
adjustments
13,058 13,058 I
-
--------------------- -----------
EBITDA, as adjusted
$114,321 $14,758 $99,563
===================== ===========
Per Share Calculations:
Loss from continued operations $(17,831)
$(18,667)
Loss from discontinued
operations, net of taxes and
minority interest
(1,244)
-
Accounting change, net of
applicable taxes
(324,102)
-
-----------
-----------
Net loss
$(343,177)
$(18,667)
Adjustment for preferred stock
(35,080)
(35,080)
-----------
-----------
Net loss attributable to common
shareholders
$(378,257)
$(53,747)
-----------
-----------
Basic and diluted loss per
common share:
Loss from continued operations
$(0.31)
$(0.31)
Loss from discontinued
operations, net of taxes and
minority interest
(0.01)
-
Accounting change, net of
applicable taxes
(1.93)
-
-----------
-----------
Net loss per common
share
$(2.25)
$(0.31)
===========
===========
Basic and diluted weighted
average common shares and
share equivalents
167,853
167,853
WYNDHAM INTERNATIONAL, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
Quarters Ended March 31, 2003 and 2002
(Unaudited)
Notes to Pro Forma Adjustments:
A) Reduction of hotel revenues associated with
the termination of the
HPT Summerfield lease, the HPT
Garden lease and the reduction of
hotel revenues from the sale
of eight Wyndham Garden hotels sold
on April 3, 2003, and one hotel
sold on April 29, 2003.
B) Reduction of management fees due to the termination
of two
management contracts.
C) Reduction of dividend income from a sold investment.
D) Corresponding reduction of hotel expenses for
hotels noted in (A)
above.
E) Removal of impairment charge related to Marriott
Indian River.
F) Removal of impairment charges related to the
HPT Summerfield lease
and HPT Garden lease terminations.
G) Reduction of HPT Summerfield and HPT Garden
leasehold cost
amortization.
H) Tax benefit associated with the pro forma adjustments
using an
effective tax rate of 40%.
I) Removal of assets sold and assets held for sale.
J) Removal of equity investments sold.
K) Removal of minority interest of hotel held for
sale.
L) Reduction of hotel revenues associated with
the termination of the
HPT Summerfield lease, the HPT
Garden lease and the reduction of
hotel revenues from the sale
of eight Wyndham Garden hotels sold
on April 3, 2003, one hotel
sold on April 29, 2003, and four
hotels sold in 2003 and 2002.
M) Reduction of management fees due to the termination
of eight hotel
management contracts.
N) Corresponding reduction of hotel expenses for
hotels noted in (L)
above.
O) Reduction of interest income associated with
a sold hotel.
P) Removal of two equity investments.
Q) Removal of accounting change associated with
the write-off of
goodwill, in accordance with
FAS 142.
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