News for the Hospitality Executive |
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DIAMONDROCK HOSPITALITY COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS As of September 10, 2010 and December 31, 2009 (in thousands, except share amounts) |
|||||
ASSETS |
|||||
September 10, 2010 |
December 31, 2009 |
||||
(Unaudited) |
|||||
Property and equipment, at cost |
$ |
2,446,205 |
$ |
2,171,311 |
|
Less: accumulated depreciation |
(367,890) |
(309,224) |
|||
2,078,315 |
1,862,087 |
||||
Deferred financing costs, net |
6,040 |
3,624 |
|||
Restricted cash |
48,242 |
31,274 |
|||
Due from hotel managers |
70,172 |
45,200 |
|||
Note receivable |
59,365 |
- |
|||
Favorable lease assets, net |
42,880 |
37,319 |
|||
Prepaid and other assets |
56,110 |
58,607 |
|||
Cash and cash equivalents |
61,281 |
177,380 |
|||
Total assets |
$ |
2,422,405 |
$ |
2,215,491 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||
Liabilities: |
|||||
Mortgage debt |
$ |
782,656 |
$ |
786,777 |
|
Senior unsecured credit facility |
- |
- |
|||
Total debt |
782,656 |
786,777 |
|||
Deferred income related to key money, net |
19,373 |
19,763 |
|||
Unfavorable contract liabilities, net |
84,181 |
82,684 |
|||
Due to hotel managers |
41,529 |
29,847 |
|||
Dividends declared and unpaid |
- |
41,810 |
|||
Accounts payable and accrued expenses |
84,063 |
79,104 |
|||
Total other liabilities |
229,146 |
253,208 |
|||
Stockholders' Equity: |
|||||
Preferred stock, $.01 par value; 10,000,000 shares authorized; no shares issued and outstanding |
- |
- |
|||
Common stock, $.01 par value; 200,000,000 shares authorized; 154,570,543 and 124,299,423 shares issued and outstanding at September 10, 2010 and December 31, 2009, respectively |
1,546 |
1,243 |
|||
Additional paid-in capital |
1,557,002 |
1,311,053 |
|||
Accumulated deficit |
(147,945) |
(136,790) |
|||
Total stockholders' equity |
1,410,603 |
1,175,506 |
|||
Total liabilities and stockholders' equity |
$ |
2,422,405 |
$ |
2,215,491 |
|
DIAMONDROCK HOSPITALITY COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS For the
Fiscal Quarters Ended September 10, 2010 and September 11,
2009 and (in thousands, except per share amounts) |
|||||
Fiscal
Quarter |
Fiscal
Quarter |
Period from |
Period from |
||
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
Revenues: |
|||||
Rooms |
$ 99,703 |
$ 88,318 |
$ 267,081 |
$ 253,661 |
|
Food and beverage |
43,370 |
40,836 |
126,620 |
122,423 |
|
Other |
8,040 |
8,646 |
21,364 |
23,866 |
|
Total revenues |
151,113 |
137,800 |
415,065 |
399,950 |
|
Operating Expenses: |
|||||
Rooms |
26,979 |
23,912 |
71,510 |
66,868 |
|
Food and beverage |
30,534 |
29,068 |
86,748 |
85,969 |
|
Management fees |
5,080 |
4,907 |
13,634 |
13,243 |
|
Other hotel expenses |
55,613 |
50,161 |
152,232 |
146,701 |
|
Impairment of favorable lease asset |
- |
- |
- |
1,286 |
|
Depreciation and amortization |
21,297 |
18,866 |
59,278 |
57,312 |
|
Hotel acquisition costs |
899 |
- |
1,236 |
- |
|
Corporate expenses |
3,948 |
3,675 |
10,859 |
11,094 |
|
Total operating expenses |
144,350 |
130,589 |
395,497 |
382,473 |
|
Operating profit |
6,763 |
7,211 |
19,568 |
17,477 |
|
Other Expenses (Income): |
|||||
Interest income |
(283) |
(82) |
(650) |
(265) |
|
Interest expense |
11,240 |
11,090 |
30,455 |
33,673 |
|
Total other expenses |
10,957 |
11,008 |
29,805 |
33,408 |
|
Loss before income taxes |
(4,194) |
(3,797) |
(10,237) |
(15,931) |
|
Income tax benefit (expense) |
660 |
4,558 |
(803) |
13,856 |
|
Net (loss) income |
$ (3,534) |
$ 761 |
$ (11,040) |
$ (2,075) |
|
Earnings (loss) per share: |
|||||
Basic and diluted earnings (loss) per share |
$ (0.02) |
$ 0.01 |
$ (0.08) |
$ (0.02) |
|
DIAMONDROCK HOSPITALITY COMPANY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Periods from January 1, 2010 to September 10, 2010 and January 1, 2009 to September 11, 2009 (in thousands) |
|||
Period from |
Period from |
||
Cash flows from operating activities: |
(Unaudited) |
(Unaudited) |
|
Net loss |
$ (11,040) |
$ (2,075) |
|
Adjustments to reconcile net loss to net cash provided by operating activities: |
|||
Real estate depreciation |
59,278 |
57,312 |
|
Corporate asset depreciation as corporate expenses |
110 |
101 |
|
Non-cash ground rent |
5,104 |
5,350 |
|
Non-cash financing costs as interest |
804 |
556 |
|
Non-cash reversal of penalty interest |
(3,134) |
- |
|
Impairment of favorable lease asset |
- |
1,286 |
|
Amortization of unfavorable contract liabilities |
(1,203) |
(1,190) |
|
Amortization of deferred income |
(390) |
(391) |
|
Stock-based compensation |
2,794 |
3,892 |
|
Changes in assets and liabilities: |
|||
Prepaid expenses and other assets |
2,482 |
(1,982) |
|
Restricted cash |
(3,892) |
(1,700) |
|
Due to/from hotel managers |
(11,765) |
4,958 |
|
Accounts payable and accrued expenses |
3,368 |
(16,235) |
|
Net cash provided by operating activities |
42,516 |
49,882 |
|
Cash flows from investing activities: |
|||
Hotel capital expenditures |
(16,154) |
(17,735) |
|
Hotel acquisitions |
(265,998) |
- |
|
Purchase of mortgage loan |
(60,615) |
- |
|
Cash received from mortgage loan |
1,250 |
- |
|
Change in restricted cash |
(11,290) |
(2,702) |
|
Net cash used in investing activities |
(352,807) |
(20,437) |
|
Cash flows from financing activities: |
|||
Repayments of credit facility |
- |
(57,000) |
|
Proceeds from mortgage debt |
- |
43,000 |
|
Repayment of mortgage debt |
- |
(40,528) |
|
Scheduled mortgage debt principal payments |
(4,121) |
(2,972) |
|
Repurchase of common stock |
(3,961) |
(309) |
|
Proceeds from sale of common stock, net |
209,817 |
134,878 |
|
Payment of financing costs |
(3,220) |
(1,008) |
|
Payment of cash dividends |
(4,323) |
(80) |
|
Net cash provided by financing activities |
194,192 |
75,981 |
|
Net (decrease) increase in cash and cash equivalents |
(116,099) |
105,426 |
|
Cash and cash equivalents, beginning of period |
177,380 |
13,830 |
|
Cash and cash equivalents, end of period |
$ 61,281 |
$ 119,256 |
|
Supplemental Disclosure of Cash Flow Information: |
|||
Cash paid for interest |
$ 33,381 |
$ 35,905 |
|
Cash paid for income taxes |
$ 642 |
$ 901 |
|
Non-GAAP Financial Measures
The Company uses the following four non-GAAP financial measures that it believes are useful to investors as key measures of its operating performance: (1) EBITDA, (2) FFO, (3) Adjusted EBITDA and (4) Adjusted FFO.
EBITDA represents net (loss) income excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; and (3) depreciation and amortization. The Company believes EBITDA is useful to an investor in evaluating its operating performance because it helps investors evaluate and compare the results of its operations from period to period by removing the impact of the Company's capital structure (primarily interest expense) and its asset base (primarily depreciation and amortization) from its operating results. The Company also uses EBITDA as one measure in determining the value of hotel acquisitions and dispositions.
Historical (in 000s) |
||||||||
Fiscal Quarter Ended |
Period From |
|||||||
September 10, |
September 11, |
January 1,
2010 |
January 1,
2009 |
|||||
Net income (loss) |
$ (3,534) |
$ 761 |
$ (11,040) |
$ (2,075) |
||||
Interest expense |
11,240 |
11,090 |
30,455 |
33,673 |
||||
Income tax expense (benefit) |
(660) |
(4,558) |
803 |
(13,856) |
||||
Depreciation and amortization |
21,297 |
18,866 |
59,278 |
57,312 |
||||
EBITDA |
$ 28,343 |
$ 26,159 |
$ 79,496 |
$ 75,054 |
||||
Quarter 4 Forecast 2010 (in 000s) |
Full Year Forecast 2010 (in 000s) |
|||||||
Low End |
High End |
Low End |
High End |
|||||
Net income (loss) |
$ (2,850) |
$ 150 |
$ (11,477) |
$ (8,477) |
||||
Interest expense |
15,000 |
15,000 |
45,500 |
45,500 |
||||
Income tax expense (benefit) |
2,000 |
3,000 |
1,500 |
2,500 |
||||
Depreciation and amortization |
30,000 |
29,000 |
89,000 |
88,000 |
||||
EBITDA |
$ 44,150 |
$ 47,150 |
$ 124,523 |
$ 127,523 |
||||
The Company computes FFO in accordance with standards established by NAREIT, which defines FFO as net (loss) income determined in accordance with GAAP, excluding gains (losses) from sales of property, plus 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 depreciation and amortization and gain or loss on sale of assets. The Company also uses FFO as one measure in assessing its results.
Historical (in 000s) |
||||||||
Fiscal Quarter Ended |
Period From |
|||||||
September 10, |
September 11, |
January 1,
2010 |
January 1,
2009 |
|||||
Net income (loss) |
$ (3,534) |
$ 761 |
$ (11,040) |
$ (2,075) |
||||
Real estate related depreciation and amortization |
21,297 |
18,866 |
59,278 |
57,312 |
||||
FFO |
$ 17,763 |
$ 19,627 |
$ 48,238 |
$ 55,237 |
||||
FFO per share (basic and diluted) |
$ 0.11 |
$ 0.18 |
$ 0.34 |
$ 0.54 |
||||
Quarter 4 Forecast 2010 (in 000s) |
Full Year Forecast 2010 (in 000s) |
|||||||
Low End |
High End |
Low End |
High End |
|||||
Net income (loss) |
$ (2,850) |
$ 150 |
$ (11,477) |
$ (8,477) |
||||
Real estate related depreciation and amortization |
30,000 |
29,000 |
89,000 |
88,000 |
||||
FFO |
$ 27,150 |
$ 29,150 |
$ 77,523 |
$ 79,523 |
||||
FFO per share (basic and diluted) |
$ 0.18 |
$ 0.19 |
$ 0.54 |
$ 0.55 |
||||
The Company also evaluates its performance by reviewing Adjusted EBITDA and Adjusted FFO because it believes that the exclusion of certain additional recurring and non-recurring items described below provides useful supplemental information regarding the Company's ongoing operating performance and that the presentation of Adjusted EBITDA and Adjusted FFO, when combined with the primary GAAP presentation of net income (loss), is beneficial to a complete understanding of the Company's operating performance. The Company adjusts EBITDA and FFO for the following items, which may occur in any period, and refers to these measures as Adjusted EBITDA and Adjusted FFO:
Historical (in 000s) |
||||||||
Fiscal Quarter Ended |
Period From |
|||||||
September 10, |
September 11, |
January 1,
2010 |
January 1,
2009 |
|||||
EBITDA |
$ 28,343 |
$ 26,159 |
$ 79,496 |
$ 75,054 |
||||
Non-cash ground rent |
1,538 |
1,781 |
5,104 |
5,350 |
||||
Non-cash amortization of unfavorable contract liabilities |
(409) |
(397) |
(1,203) |
(1,190) |
||||
Hurricane remediation expense |
1,391 |
- |
1,391 |
- |
||||
Mortgage loan cash payments |
1,250 |
- |
1,250 |
- |
||||
Acquisition costs |
899 |
- |
1,236 |
- |
||||
Impairment of favorable lease asset |
- |
- |
- |
1,286 |
||||
Adjusted EBITDA |
$ 33,012 |
$ 27,543 |
$ 87,274 |
$ 80,500 |
||||
Quarter 4 Forecast 2010 (in 000s) |
Full Year Forecast 2010 (in 000s) |
|||||||
Low End |
High End |
Low End |
High End |
|||||
EBITDA |
$ 44,150 |
$ 47,150 |
$ 124,523 |
$ 127,523 |
||||
Non-cash ground rent |
2,000 |
2,000 |
7,100 |
7,100 |
||||
Non-cash amortization of unfavorable contract liabilities |
(400) |
(400) |
(1,750) |
(1,750) |
||||
Hurricane remediation expense |
- |
- |
1,391 |
1,391 |
||||
Mortgage loan cash payments |
1,250 |
1,250 |
2,500 |
2,500 |
||||
Acquisition costs |
- |
- |
1,236 |
1,236 |
||||
Adjusted EBITDA |
$ 47,000 |
$ 50,000 |
$ 135,000 |
$ 138,000 |
||||
Historical (in 000s) |
||||||||
Fiscal Quarter Ended |
Period From |
|||||||
September 10, |
September 11, |
January 1,
2010 |
January 1,
2009 |
|||||
FFO |
$ 17,763 |
$ 19,627 |
$ 48,238 |
$ 55,237 |
||||
Non-cash ground rent |
1,538 |
1,781 |
5,104 |
5,350 |
||||
Non-cash amortization of unfavorable contract liabilities |
(409) |
(397) |
(1,203) |
(1,190) |
||||
Hurricane remediation expense |
1,391 |
- |
1,391 |
- |
||||
Mortgage loan cash payments |
1,250 |
- |
1,250 |
- |
||||
Acquisition costs |
899 |
- |
1,236 |
- |
||||
Impairment of favorable lease asset |
- |
- |
- |
1,286 |
||||
Adjusted FFO |
$ 22,432 |
$ 21,011 |
$ 56,016 |
$ 60,683 |
||||
Adjusted FFO per share (basic and diluted) |
$ 0.15 |
$ 0.19 |
$ 0.40 |
$ 0.60 |
||||
Quarter 4 Forecast 2010 (in 000s) |
Full Year Forecast 2010 (in 000s) |
|||||||
Low End |
High End |
Low End |
High End |
|||||
FFO |
$ 27,150 |
$ 29,150 |
$ 77,523 |
$ 79,523 |
||||
Non-cash ground rent |
2,000 |
2,000 |
7,100 |
7,100 |
||||
Non-cash amortization of unfavorable contract liabilities |
(400) |
(400) |
(1,750) |
(1,750) |
||||
Hurricane remediation expense |
- |
- |
1,391 |
1,391 |
||||
Mortgage loan cash payments |
1,250 |
1,250 |
2,500 |
2,500 |
||||
Acquisition costs |
- |
- |
1,236 |
1,236 |
||||
Adjusted FFO |
$ 30,000 |
$ 32,000 |
$ 88,000 |
$ 90,000 |
||||
Adjusted FFO per share (basic and diluted) |
$ 0.19 |
$ 0.21 |
$ 0.61 |
$ 0.62 |
||||
Pro Forma Financial Information
The following table presents selected consolidated quarterly financial information on a pro forma basis. The pro forma financial information below includes the operating results for all of the Company's 23 hotels as if they were owned sinceJanuary 1, 2009.
Consolidated Pro Forma Quarterly Results |
||||||
Quarter 1, 2010 |
Quarter 2, 2010 |
Quarter 3, 2010 |
||||
RevPAR |
$ 93.85 |
$ 116.51 |
$ 113.38 |
|||
RevPAR Change from 2009 |
(3.0%) |
6.5% |
5.0% |
|||
Revenues (in thousands) |
$ 121,579 |
$ 168,544 |
$ 157,506 |
|||
Hotel Adjusted EBITDA (in thousands) |
$ 23,173 |
$ 44,964 |
$ 37,415 |
|||
Hotel Adjusted EBITDA Margin |
19.06% |
26.68% |
23.75% |
|||
Hotel Adjusted EBITDA Margin Change from 2009 |
(75 bps) |
110 bps |
33 bps |
|||
Available Rooms |
825,343 |
926,516 |
926,516 |
|||
Certain Definitions
In this release, when we discuss "Hotel Adjusted EBITDA," we exclude from Hotel EBITDA the non-cash expense incurred by the hotels due to the straight lining of the rent from our ground lease obligations, the non-cash amortization of our favorable lease assets, the non-cash amortization of the unfavorable contract liabilities recorded in conjunction with the acquisitions of the Bethesda Marriott Suites, the Chicago Marriott Downtown and the Renaissance Charleston and the unusual hurricane damage at the Frenchman's Reef & Morning Star Marriott Beach Resort. Hotel EBITDA represents hotel net income excluding: (1) interest expense; (2) income taxes; and (3) depreciation and amortization. Hotel Adjusted EBITDA margins are calculated as Hotel Adjusted EBITDA divided by total hotel revenues.
DIAMONDROCK HOSPITALITY COMPANY HOTEL OPERATIONAL DATA Schedule of Property Level Results (in thousands) (unaudited) |
|||||||
Fiscal
Quarter |
Fiscal
Quarter |
% Change |
Period from |
Period from |
% Change |
||
Revenues: |
|||||||
Rooms |
$ 99,703 |
$ 95,532 |
4.4% |
$ 267,081 |
$ 260,875 |
2.4% |
|
Food and beverage |
43,370 |
43,684 |
(0.7)% |
126,620 |
125,272 |
1.1% |
|
Other |
8,040 |
9,166 |
(12.3)% |
21,364 |
24,387 |
(12.4)% |
|
Total revenues |
151,113 |
148,382 |
1.8% |
415,065 |
410,534 |
1.1% |
|
Operating Expenses: |
|||||||
Rooms |
26,979 |
25,619 |
5.3% |
71,510 |
68,570 |
4.3% |
|
Food and beverage |
30,534 |
30,812 |
(0.9)% |
86,748 |
87,714 |
(1.1)% |
|
Other direct departmental |
4,551 |
4,936 |
(7.8)% |
12,573 |
13,653 |
(7.9)% |
|
General and administrative |
13,622 |
12,897 |
5.6% |
37,766 |
36,425 |
3.7% |
|
Utilities |
6,946 |
6,489 |
7.0% |
17,694 |
17,296 |
2.3% |
|
Repairs and maintenance |
7,188 |
7,105 |
1.2% |
20,031 |
20,132 |
(0.5)% |
|
Sales and marketing |
11,398 |
10,733 |
6.2% |
30,816 |
29,582 |
4.2% |
|
Base management fees |
4,088 |
3,945 |
3.6% |
11,136 |
10,870 |
2.4% |
|
Incentive management fees |
992 |
1,277 |
(22.3)% |
2,498 |
2,690 |
(7.1)% |
|
Property taxes |
4,879 |
5,869 |
(16.9)% |
17,554 |
18,148 |
(3.3)% |
|
Ground rent |
3,068 |
3,559 |
(13.8)% |
7,499 |
7,992 |
(6.2)% |
|
Other fixed expenses |
3,961 |
2,509 |
57.9% |
8,299 |
7,393 |
12.3% |
|
Total operating expenses |
118,206 |
115,750 |
2.1% |
324,124 |
320,465 |
1.1% |
|
Hotel EBITDA |
$ 32,907 |
$ 32,632 |
0.8% |
$ 90,941 |
$ 90,069 |
1.0% |
|
Non-cash ground rent |
1,538 |
2,040 |
(24.6)% |
5,104 |
5,604 |
(8.9)% |
|
Non-cash amortization of unfavorable contract liabilities |
(409) |
(397) |
3.0% |
(1,203) |
(1,190) |
1.1% |
|
Hurricane expense |
1,391 |
- |
100% |
1,391 |
- |
100% |
|
Hotel Adjusted EBITDA |
$ 35,427 |
$ 34,275 |
3.4% |
$ 96,233 |
$ 94,483 |
1.9% |
|
(1) For the 2010 acquisitions, the amounts presented include the results of operations of the hotels under previous ownership for the comparable prior year period to our 2010 ownership period. |
|||||||
Market Capitalization as of September 10, 2010 (in thousands, except per share data) |
|||
Enterprise Value |
|||
Common equity capitalization (at September 10, 2010 closing price of $9.26/share) |
$ 1,445,806 |
||
Consolidated debt |
782,656 |
||
Cash and cash equivalents |
(61,281) |
||
Total enterprise value |
$ 2,167,181 |
||
Share Reconciliation |
|||
Common shares outstanding |
154,571 |
||
Unvested restricted stock held by management and employees |
1,549 |
||
Share grants under deferred compensation plan held by directors |
15 |
||
Combined shares outstanding |
156,135 |
||
Debt Summary as of September 10, 2010 |
||||||||
(dollars in thousands) |
||||||||
Property |
Interest |
Term |
Outstanding |
Maturity |
||||
Courtyard Manhattan / Midtown East |
8.810% |
Fixed |
$ 42,721 |
October 2014 |
||||
Salt Lake City Marriott Downtown |
5.500% |
Fixed |
32,060 |
January 2015 |
||||
Courtyard Manhattan / Fifth Avenue |
6.480% |
Fixed |
51,000 |
June 2016 |
||||
Los Angeles Airport Marriott |
5.300% |
Fixed |
82,600 |
July 2015 |
||||
Marriott Frenchman's Reef |
5.440% |
Fixed |
60,781 |
August 2015 |
||||
Renaissance Worthington |
5.400% |
Fixed |
56,598 |
July 2015 |
||||
Orlando Airport Marriott |
5.680% |
Fixed |
59,000 |
January 2016 |
||||
Chicago Marriott Downtown |
5.975% |
Fixed |
217,896 |
April 2016 |
||||
Austin Renaissance Hotel |
5.507% |
Fixed |
83,000 |
December 2016 |
||||
Waverly Renaissance Hotel |
5.503% |
Fixed |
97,000 |
December 2016 |
||||
Senior Unsecured Credit Facility |
LIBOR + 3.00 |
Variable |
- |
August 2014 |
||||
Total Debt |
$ 782,656 |
|||||||
ADR |
Occupancy |
RevPAR |
Hotel Adjusted EBITDA Margin |
||||||||||||||
3Q 2010 |
3Q 2009 |
B/(W) |
3Q 2010 |
3Q 2009 |
B/(W) |
3Q 2010 |
3Q 2009 |
B/(W) |
3Q 2010 |
3Q 2009 |
B/(W) |
||||||
Atlanta Alpharetta |
$ 117.07 |
$ 116.95 |
0.1% |
69.0% |
62.2% |
6.8% |
$ 80.72 |
$ 72.70 |
11.0% |
22.55% |
24.91% |
-236bps |
|||||
Westin Atlanta North (2) |
$ 102.37 |
$ 99.34 |
3.1% |
72.0% |
71.8% |
0.2% |
$ 73.72 |
$ 71.32 |
3.4% |
13.43% |
11.69% |
174bps |
|||||
Atlanta Waverly |
$ 120.96 |
$ 124.54 |
(2.9%) |
63.7% |
66.2% |
(2.5%) |
$ 77.04 |
$ 82.40 |
(6.5%) |
47.07% |
23.23% |
2384bps |
|||||
Renaissance Austin |
$ 137.25 |
$ 130.90 |
4.9% |
57.5% |
60.1% |
(2.6%) |
$ 78.89 |
$ 78.67 |
0.3% |
22.79% |
25.72% |
-293bps |
|||||
Bethesda Marriott Suites |
$ 152.06 |
$ 148.26 |
2.6% |
67.6% |
64.2% |
3.4% |
$ 102.87 |
$ 95.22 |
8.0% |
20.71% |
14.96% |
575bps |
|||||
Boston Westin (2) |
$ 184.80 |
$ 194.03 |
(4.8%) |
79.9% |
83.0% |
(3.1%) |
$ 147.72 |
$ 161.01 |
(8.3%) |
25.37% |
31.88% |
-651bps |
|||||
Renaissance Charleston (4) |
$ 148.55 |
$ 140.39 |
5.8% |
84.4% |
82.7% |
1.7% |
$ 125.31 |
$ 116.12 |
7.9% |
29.44% |
24.54% |
490bps |
|||||
Hilton Garden Inn Chelsea (5) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||
Chicago Marriott |
$ 175.41 |
$ 168.19 |
4.3% |
84.7% |
85.9% |
(1.2%) |
$ 148.52 |
$ 144.53 |
2.8% |
23.71% |
24.68% |
-97bps |
|||||
Chicago Conrad (2) |
$ 198.78 |
$ 183.85 |
8.1% |
89.4% |
84.2% |
5.2% |
$ 177.66 |
$ 154.72 |
14.8% |
31.85% |
31.15% |
70bps |
|||||
Courtyard Fifth Avenue |
$ 247.56 |
$ 209.56 |
18.1% |
84.7% |
91.5% |
(6.8%) |
$ 209.72 |
$ 191.84 |
9.3% |
23.72% |
21.49% |
223bps |
|||||
Courtyard Midtown East |
$ 235.92 |
$ 197.48 |
19.5% |
87.4% |
90.4% |
(3.0%) |
$ 206.26 |
$ 178.47 |
15.6% |
28.91% |
24.51% |
440bps |
|||||
Frenchman's Reef (2) |
$ 175.16 |
$ 174.86 |
0.2% |
85.6% |
90.1% |
(4.5%) |
$ 149.90 |
$ 157.63 |
(4.9%) |
5.01% |
16.08% |
-1107bps |
|||||
Griffin Gate Marriott |
$ 127.74 |
$ 122.72 |
4.1% |
71.2% |
73.6% |
(2.4%) |
$ 90.99 |
$ 90.31 |
0.8% |
28.90% |
27.34% |
156bps |
|||||
Los Angeles Airport |
$ 100.33 |
$ 101.34 |
(1.0%) |
85.3% |
73.1% |
12.2% |
$ 85.59 |
$ 74.12 |
15.5% |
13.81% |
11.35% |
246bps |
|||||
Hilton Minneapolis (3) |
$ 143.61 |
$ 137.14 |
4.7% |
85.9% |
75.2% |
10.7% |
$ 123.43 |
$ 103.15 |
19.7% |
37.89% |
29.88% |
801bps |
|||||
Oak Brook Hills |
$ 109.28 |
$ 113.70 |
(3.9%) |
61.5% |
58.4% |
3.1% |
$ 67.25 |
$ 66.41 |
1.3% |
17.55% |
25.17% |
-762bps |
|||||
Orlando Airport Marriott |
$ 86.92 |
$ 92.47 |
(6.0%) |
65.1% |
68.1% |
(3.0%) |
$ 56.60 |
$ 63.01 |
(10.2%) |
7.35% |
15.00% |
-765bps |
|||||
Salt Lake City Marriott |
$ 133.49 |
$ 135.67 |
(1.6%) |
53.6% |
51.9% |
1.7% |
$ 71.58 |
$ 70.35 |
1.7% |
21.81% |
20.73% |
108bps |
|||||
The Lodge at Sonoma |
$ 214.37 |
$ 207.44 |
3.3% |
86.1% |
82.1% |
4.0% |
$ 184.52 |
$ 170.32 |
8.3% |
27.59% |
25.85% |
174bps |
|||||
Torrance Marriott South Bay |
$ 101.60 |
$ 106.15 |
(4.3%) |
79.0% |
79.0% |
0.0% |
$ 80.24 |
$ 83.82 |
(4.3%) |
19.55% |
21.66% |
-211bps |
|||||
Vail Marriott (2) |
$ 183.45 |
$ 151.36 |
21.2% |
65.7% |
57.6% |
8.1% |
$ 120.61 |
$ 87.15 |
38.4% |
23.24% |
12.26% |
1098bps |
|||||
Renaissance Worthington |
$ 156.29 |
$ 150.65 |
3.7% |
54.9% |
58.3% |
(3.4%) |
$ 85.78 |
$ 87.78 |
(2.3%) |
16.52% |
18.24% |
-172bps |
|||||
Total/Weighted Average |
$ 149.35 |
$ 145.93 |
2.3% |
75.0% |
73.5% |
1.5% |
$ 111.94 |
$ 107.25 |
4.4% |
23.45% |
23.10% |
35bps |
|||||
(1) For the 2010 acquisitions, the operating statistics include the results of operations of the hotels under previous ownership for the comparable prior year period to the Company's 2010 ownership period. (2) The hotel reports results on a monthly basis. The data presented is based upon the Company's reporting calendar for the third quarter and includes the months of June, July and August. (3) Hilton Minneapolis was acquired on June 16, 2010 and reports operations on a calendar month and year basis. The fiscal quarter ended September 10, 2010 includes the operations of the hotel from June 16, 2010 to August 31, 2010. (4) Renaissance Charleston was acquired on August 6, 2010. The fiscal quarter ended September 10, 2010 includes the operations of the hotel from August 6, 2010 to September 10, 2010. (5) Hilton Garden Inn Chelsea reports operations on a calendar month and year basis. The fiscal quarter ended September 10, 2010 excludes the operations of the hotel since it was acquired on September 8, 2010. |
|||||||||||||||||
Operating Statistics – Year to Date (1) |
||||||||||||||||||
ADR |
Occupancy |
RevPAR |
Hotel Adjusted EBITDA Margin |
|||||||||||||||
YTD 2010 |
YTD 2009 |
B/(W) |
YTD 2010 |
YTD 2009 |
B/(W) |
YTD 2010 |
YTD 2009 |
B/(W) |
YTD 2010 |
YTD 2009 |
B/(W) |
|||||||
Atlanta Alpharetta |
$ 118.63 |
$ 124.47 |
(4.7%) |
67.5% |
60.1% |
7.4% |
$ 80.07 |
$ 74.79 |
7.1% |
24.55% |
25.72% |
-117bps |
||||||
Westin Atlanta North (2) |
$ 102.40 |
$ 102.07 |
0.3% |
71.4% |
68.5% |
2.9% |
$ 73.14 |
$ 69.93 |
4.6% |
15.00% |
12.55% |
245bps |
||||||
Atlanta Waverly |
$ 126.66 |
$ 133.06 |
(4.8%) |
64.7% |
63.8% |
0.9% |
$ 81.93 |
$ 84.88 |
(3.5%) |
29.65% |
23.26% |
639bps |
||||||
Renaissance Austin |
$ 141.71 |
$ 146.44 |
(3.2%) |
61.7% |
62.2% |
(0.5%) |
$ 87.46 |
$ 91.02 |
(3.9%) |
28.68% |
29.58% |
-90bps |
||||||
Bethesda Marriott Suites |
$ 162.00 |
$ 168.94 |
(4.1%) |
67.2% |
63.2% |
4.0% |
$ 108.83 |
$ 106.75 |
1.9% |
23.89% |
23.83% |
6bps |
||||||
Boston Westin (2) |
$ 186.39 |
$ 191.91 |
(2.9%) |
69.6% |
68.7% |
0.9% |
$ 129.65 |
$ 131.80 |
(1.6%) |
23.54% |
27.03% |
-349bps |
||||||
Renaissance Charleston (4) |
$ 148.55 |
$ 140.39 |
5.8% |
84.4% |
82.7% |
1.7% |
$ 125.31 |
$ 116.12 |
7.9% |
29.44% |
24.54% |
490bps |
||||||
Hilton Garden Inn Chelsea (5) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||
Chicago Marriott |
$ 176.48 |
$ 169.30 |
4.2% |
71.7% |
73.9% |
(2.2%) |
$ 126.48 |
$ 125.07 |
1.1% |
18.63% |
19.72% |
-109bps |
||||||
Chicago Conrad (2) |
$ 176.17 |
$ 180.41 |
(2.4%) |
77.7% |
73.6% |
4.1% |
$ 136.93 |
$ 132.85 |
3.1% |
21.88% |
22.58% |
-70bps |
||||||
Courtyard Fifth Avenue |
$ 235.93 |
$ 208.92 |
12.9% |
86.1% |
89.4% |
(3.3%) |
$ 203.18 |
$ 186.80 |
8.8% |
24.29% |
21.15% |
314bps |
||||||
Courtyard Midtown East |
$ 221.64 |
$ 201.73 |
9.9% |
85.6% |
85.6% |
0.0% |
$ 189.62 |
$ 172.60 |
9.9% |
28.40% |
25.25% |
315bps |
||||||
Frenchman's Reef (2) |
$ 232.26 |
$ 222.47 |
4.4% |
84.8% |
87.9% |
(3.1%) |
$ 197.00 |
$ 195.52 |
0.8% |
25.80% |
26.46% |
-66bps |
||||||
Griffin Gate Marriott |
$ 124.17 |
$ 122.79 |
1.1% |
63.7% |
62.8% |
0.9% |
$ 79.11 |
$ 77.06 |
2.7% |
22.62% |
23.26% |
-64bps |
||||||
Los Angeles Airport |
$ 102.44 |
$ 108.71 |
(5.8%) |
82.4% |
74.4% |
8.0% |
$ 84.45 |
$ 80.92 |
4.4% |
15.65% |
16.28% |
-63bps |
||||||
Hilton Minneapolis (3) |
$ 143.61 |
$ 137.14 |
4.7% |
85.9% |
75.2% |
10.7% |
$ 123.43 |
$ 103.15 |
19.7% |
37.89% |
29.88% |
801bps |
||||||
Oak Brook Hills |
$ 106.83 |
$ 117.40 |
(9.0%) |
52.6% |
42.9% |
9.7% |
$ 56.22 |
$ 50.42 |
11.5% |
10.09% |
14.49% |
-440bps |
||||||
Orlando Airport Marriott |
$ 97.65 |
$ 105.46 |
(7.4%) |
71.6% |
75.0% |
(3.4%) |
$ 69.90 |
$ 79.12 |
(11.7%) |
19.34% |
26.94% |
-760bps |
||||||
Salt Lake City Marriott |
$ 134.00 |
$ 134.94 |
(0.7%) |
54.0% |
53.5% |
0.5% |
$ 72.32 |
$ 72.22 |
0.1% |
26.10% |
22.85% |
325bps |
||||||
The Lodge at Sonoma |
$ 192.22 |
$ 189.98 |
1.2% |
68.1% |
61.6% |
6.5% |
$ 130.99 |
$ 116.96 |
12.0% |
14.36% |
11.18% |
318bps |
||||||
Torrance Marriott South Bay |
$ 100.73 |
$ 112.02 |
(10.1%) |
81.4% |
71.2% |
10.2% |
$ 81.96 |
$ 79.77 |
2.7% |
19.76% |
22.38% |
-262bps |
||||||
Vail Marriott (2) |
$ 232.48 |
$ 211.05 |
10.2% |
65.8% |
64.0% |
1.8% |
$ 152.94 |
$ 135.05 |
13.2% |
32.46% |
24.87% |
759bps |
||||||
Renaissance Worthington |
$ 158.77 |
$ 161.74 |
(1.8%) |
66.2% |
64.9% |
1.3% |
$ 105.07 |
$ 104.90 |
0.2% |
29.87% |
28.57% |
130bps |
||||||
Total/Weighted Average |
$ 151.94 |
$ 152.98 |
(0.7%) |
71.3% |
69.0% |
2.3% |
$ 108.34 |
$ 105.51 |
2.7% |
23.19% |
23.02% |
17bps |
||||||
(1) For the 2010 acquisitions, the operating statistics include the results of operations of the hotels under previous ownership for the comparable prior year period to the 2010 ownership period. (2) The hotel reports results on a monthly basis. The data presented is based upon the Company's reporting calendar and includes the months of January through August. (3) Hilton Minneapolis was acquired on June 16, 2010 and reports operations on a calendar month and year basis. The period from January 1, 2010 to September 10, 2010 includes the operations of the hotel from June 16, 2010 to August 31, 2010. (4) Renaissance Charleston was acquired on August 6, 2010. The period from January 1, 2010 to September 10, 2010 includes the operations of the hotel from August 6, 2010 to September 10, 2010. (5) Hilton Garden Inn Chelsea reports operations on a calendar month and year basis. The period from January 1, 2010 to September 10, 2010 excludes the operations of the hotel since it was acquired on September 8, 2010. |
||||||||||||||||||
Hotel Adjusted EBITDA Reconciliation |
|||||||||
Third Quarter 2010 |
|||||||||
Plus: |
Plus: |
Plus: |
Equals: |
||||||
Total |
Net Income / |
Depreciation |
Interest Expense |
Non-Cash |
Hotel
Adjusted |
||||
Atlanta Alpharetta |
$ 3,060 |
$ 404 |
$ 286 |
$ - |
$ - |
$ 690 |
|||
Westin Atlanta North (2) |
$ 3,931 |
$ 96 |
$ 432 |
$ - |
$ - |
$ 528 |
|||
Atlanta Waverly |
$ 6,662 |
$ 818 |
$ 1,066 |
$ 1,252 |
$ - |
$ 3,136 |
|||
Renaissance Austin |
$ 5,982 |
$ (666) |
$ 954 |
$ 1,075 |
$ - |
$ 1,363 |
|||
Bethesda Marriott Suites |
$ 3,197 |
$ (1,292) |
$ 503 |
$ - |
$ 1,451 |
$ 662 |
|||
Boston Westin (2) |
$ 16,170 |
$ 1,092 |
$ 2,894 |
$ - |
$ 117 |
$ 4,103 |
|||
Renaissance Charleston (4) |
$ 907 |
$ 174 |
$ 105 |
$ - |
$ (12) |
$ 267 |
|||
Hilton Garden Inn Chelsea (5) |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
|||
Chicago Marriott |
$ 21,634 |
$ (1,029) |
$ 3,444 |
$ 3,079 |
$ (365) |
$ 5,129 |
|||
Chicago Conrad (2) |
$ 7,096 |
$ 1,152 |
$ 1,108 |
$ - |
$ - |
$ 2,260 |
|||
Courtyard Fifth Avenue |
$ 3,288 |
$ (504) |
$ 437 |
$ 799 |
$ 48 |
$ 780 |
|||
Courtyard Midtown East |
$ 5,597 |
$ 183 |
$ 522 |
$ 913 |
$ - |
$ 1,618 |
|||
Frenchman's Reef (2) |
$ 10,789 |
$ (3,043) |
$ 1,402 |
$ 791 |
$ 1,391 |
$ 541 |
|||
Griffin Gate Marriott |
$ 6,046 |
$ 998 |
$ 751 |
$ - |
$ (1) |
$ 1,748 |
|||
Los Angeles Airport |
$ 11,329 |
$ (796) |
$ 1,324 |
$ 1,036 |
$ - |
$ 1,564 |
|||
Hilton Minneapolis (3) |
$ 11,821 |
$ 3,053 |
$ 1,662 |
$ - |
$ (236) |
$ 4,479 |
|||
Oak Brook Hills |
$ 5,691 |
$ 128 |
$ 746 |
$ - |
$ 125 |
$ 999 |
|||
Orlando Airport Marriott |
$ 3,238 |
$ (1,297) |
$ 750 |
$ 785 |
$ - |
$ 238 |
|||
Salt Lake City Marriott |
$ 4,420 |
$ (169) |
$ 714 |
$ 419 |
$ - |
$ 964 |
|||
The Lodge at Sonoma |
$ 4,552 |
$ 932 |
$ 324 |
$ - |
$ - |
$ 1,256 |
|||
Torrance Marriott South Bay |
$ 4,492 |
$ 125 |
$ 753 |
$ - |
$ - |
$ 878 |
|||
Vail Marriott (2) |
$ 5,835 |
$ 861 |
$ 495 |
$ - |
$ - |
$ 1,356 |
|||
Renaissance Worthington |
$ 5,374 |
$ (462) |
$ 625 |
$ 722 |
$ 3 |
$ 888 |
|||
Total |
$ 151,113 |
$ 758 |
$ 21,297 |
$ 10,871 |
$ 2,521 |
$ 35,427 |
|||
(1) The non-cash adjustments include expenses incurred by the hotels due to the straight lining of the rent from our ground lease obligations, the non-cash amortization of favorable lease assets, the non-cash amortization of unfavorable contract liabilities and the unusual hurricane remediation expense at Frenchman's Reef. (2) The hotel reports results on a monthly basis. The amounts presented are based on the Company's reporting calendar for the third quarter and include the months of June, July and August. (3) Hilton Minneapolis reports operations on a calendar month and year basis. The fiscal quarter ended September 10, 2010 includes the operations for the period from June 16, 2010 to August 31, 2010. (4) Renaissance Charleston was acquired on August 6, 2010 and includes operations from August 6, 2010 to September 10, 2010. (5) Hilton Garden Inn Chelsea reports operations on a calendar month and year basis. The fiscal quarter ended September 10, 2010 excludes the operations of the hotel since it was acquired on September 8, 2010. |
|||||||||
Hotel Adjusted EBITDA Reconciliation |
|||||||||
Third Quarter 2009 (1) |
|||||||||
Plus: |
Plus: |
Plus: |
Equals: |
||||||
Total |
Net Income / |
Depreciation |
Interest Expense |
Non-Cash |
Hotel
Adjusted |
||||
Atlanta Alpharetta |
$ 2,734 |
$ 406 |
$ 275 |
$ - |
$ - |
$ 681 |
|||
Westin Atlanta North (3) |
$ 3,748 |
$ 34 |
$ 404 |
$ - |
$ - |
$ 438 |
|||
Atlanta Waverly |
$ 6,948 |
$ (623) |
$ 986 |
$ 1,251 |
$ - |
$ 1,614 |
|||
Renaissance Austin |
$ 6,053 |
$ (458) |
$ 942 |
$ 1,073 |
$ - |
$ 1,557 |
|||
Bethesda Marriott Suites |
$ 2,947 |
$ (1,565) |
$ 504 |
$ 43 |
$ 1,459 |
$ 441 |
|||
Boston Westin (3) |
$ 18,470 |
$ 2,904 |
$ 2,867 |
$ - |
$ 117 |
$ 5,888 |
|||
Renaissance Charleston |
$ 856 |
$ 83 |
$ 128 |
$ - |
$ - |
$ 211 |
|||
Chicago Marriott |
$ 21,702 |
$ (378) |
$ 3,005 |
$ 3,093 |
$ (365) |
$ 5,355 |
|||
Chicago Conrad (3) |
$ 6,479 |
$ 909 |
$ 1,109 |
$ - |
$ - |
$ 2,018 |
|||
Courtyard Fifth Avenue |
$ 3,025 |
$ (632) |
$ 435 |
$ 799 |
$ 48 |
$ 650 |
|||
Courtyard Midtown East |
$ 4,896 |
$ 160 |
$ 517 |
$ 523 |
$ - |
$ 1,200 |
|||
Frenchman's Reef (3) |
$ 11,447 |
$ 315 |
$ 745 |
$ 781 |
$ - |
$ 1,841 |
|||
Griffin Gate Marriott |
$ 6,031 |
$ 525 |
$ 788 |
$ 337 |
$ (1) |
$ 1,649 |
|||
Los Angeles Airport |
$ 10,178 |
$ (1,163) |
$ 1,284 |
$ 1,034 |
$ - |
$ 1,155 |
|||
Minneapolis Hilton |
$ 9,730 |
$ 954 |
$ 1,695 |
$ - |
$ 258 |
$ 2,907 |
|||
Oak Brook Hills |
$ 6,119 |
$ 670 |
$ 745 |
$ - |
$ 125 |
$ 1,540 |
|||
Orlando Airport Marriott |
$ 3,853 |
$ (938) |
$ 731 |
$ 785 |
$ - |
$ 578 |
|||
Salt Lake City Marriott |
$ 4,351 |
$ (263) |
$ 729 |
$ 436 |
$ - |
$ 902 |
|||
The Lodge at Sonoma |
$ 4,085 |
$ 529 |
$ 527 |
$ - |
$ - |
$ 1,056 |
|||
Torrance Marriott South Bay |
$ 4,761 |
$ 268 |
$ 763 |
$ - |
$ - |
$ 1,031 |
|||
Vail Marriott (3) |
$ 4,493 |
$ (186) |
$ 737 |
$ - |
$ - |
$ 551 |
|||
Renaissance Worthington |
$ 5,482 |
$ (507) |
$ 773 |
$ 731 |
$ 3 |
$ 1,000 |
|||
Total |
$ 148,382 |
$ 1,044 |
$ 20,689 |
$ 10,886 |
$ 1,644 |
$ 34,275 |
|||
(1) For the 2010 acquisitions, the amounts presented include the results of operations of the hotels under previous ownership for the comparable prior year period to the Company's 2010 ownership period. (2) The non-cash adjustments include expenses incurred by the hotels due to the straight lining of the rent from our ground lease obligations, the non-cash amortization of our favorable lease assets and the non-cash amortization of our unfavorable contract liabilities. (3) The hotel reports results on a monthly basis. The data presented is based upon the Company's reporting calendar and includes the months of June, July, and August. |
|||||||||
Hotel Adjusted EBITDA Reconciliation |
|||||||||
Year to Date 2010 |
|||||||||
Plus: |
Plus: |
Plus: |
Equals: |
||||||
Total |
Net Income / |
Depreciation |
Interest Expense |
Non-Cash |
Hotel
Adjusted |
||||
Atlanta Alpharetta |
$ 9,413 |
$ 1,453 |
$ 858 |
$ - |
$ - |
$ 2,311 |
|||
Westin Atlanta North (2) |
$ 10,511 |
$ 311 |
$ 1,266 |
$ - |
$ - |
$ 1,577 |
|||
Atlanta Waverly |
$ 20,622 |
$ (810) |
$ 3,155 |
$ 3,770 |
$ - |
$ 6,115 |
|||
Renaissance Austin |
$ 19,928 |
$ (381) |
$ 2,865 |
$ 3,232 |
$ - |
$ 5,716 |
|||
Bethesda Marriott Suites |
$ 9,988 |
$ (3,505) |
$ 1,523 |
$ - |
$ 4,368 |
$ 2,386 |
|||
Boston Westin (2) |
$ 42,536 |
$ 994 |
$ 8,670 |
$ - |
$ 351 |
$ 10,015 |
|||
Renaissance Charleston (4) |
$ 907 |
$ 174 |
$ 105 |
$ - |
$ (12) |
$ 267 |
|||
Hilton Garden Inn Chelsea (5) |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
|||
Chicago Marriott |
$ 57,113 |
$ (7,190) |
$ 9,641 |
$ 9,285 |
$ (1,095) |
$ 10,641 |
|||
Chicago Conrad (2) |
$ 14,139 |
$ (225) |
$ 3,319 |
$ - |
$ - |
$ 3,094 |
|||
Courtyard Fifth Avenue |
$ 9,630 |
$ (1,521) |
$ 1,310 |
$ 2,405 |
$ 145 |
$ 2,339 |
|||
Courtyard Midtown East |
$ 15,590 |
$ 79 |
$ 1,561 |
$ 2,787 |
$ - |
$ 4,427 |
|||
Frenchman's Reef (2) |
$ 37,119 |
$ 5,758 |
$ 3,173 |
$ (745) |
$ 1,391 |
$ 9,577 |
|||
Griffin Gate Marriott |
$ 16,051 |
$ 1,352 |
$ 2,282 |
$ - |
$ (3) |
$ 3,631 |
|||
Los Angeles Airport |
$ 34,699 |
$ (1,624) |
$ 3,936 |
$ 3,120 |
$ - |
$ 5,432 |
|||
Hilton Minneapolis (3) |
$ 11,821 |
$ 3,053 |
$ 1,662 |
$ - |
$ (236) |
$ 4,479 |
|||
Oak Brook Hills |
$ 14,023 |
$ (1,200) |
$ 2,240 |
$ - |
$ 375 |
$ 1,415 |
|||
Orlando Airport Marriott |
$ 12,874 |
$ (2,100) |
$ 2,226 |
$ 2,364 |
$ - |
$ 2,490 |
|||
Salt Lake City Marriott |
$ 14,350 |
$ 327 |
$ 2,145 |
$ 1,274 |
$ - |
$ 3,746 |
|||
The Lodge at Sonoma |
$ 10,287 |
$ 509 |
$ 968 |
$ - |
$ - |
$ 1,477 |
|||
Torrance Marriott South Bay |
$ 13,995 |
$ 509 |
$ 2,257 |
$ - |
$ - |
$ 2,766 |
|||
Vail Marriott (2) |
$ 18,053 |
$ 3,943 |
$ 1,917 |
$ - |
$ - |
$ 5,860 |
|||
Renaissance Worthington |
$ 21,417 |
$ 2,008 |
$ 2,199 |
$ 2,182 |
$ 8 |
$ 6,397 |
|||
Total |
$ 415,065 |
$ 1,913 |
$ 59,278 |
$ 29,674 |
$ 5,292 |
$ 96,233 |
|||
(1) The non-cash adjustments include expenses incurred by the hotels due to the straight lining of the rent from our ground lease obligations, the non-cash amortization of favorable lease assets, the non-cash amortization of unfavorable contract liabilities and the unusual hurricane remediation expense at Frenchman's Reef. (2) The hotel reports results on a monthly basis. The figures presented are based on the Company's reporting calendar for the third quarter and include the months of January through August. (3) Hilton Minneapolis reports operations on a calendar month and year basis. The period from January 1, 2010 to September 10, 2010 includes the operations for the period from June 16, 2010 to August 31, 2010. (4) Renaissance Charleston was acquired on August 6, 2010 and includes operations from August 6, 2010 to September 10, 2010. (5) Hilton Garden Inn Chelsea reports operations on a calendar month and year basis. The period from January 1, 2010 to September 10, 2010 excludes the operations of the hotel since it was acquired on September 8, 2010. |
|||||||||
Hotel Adjusted EBITDA Reconciliation |
|||||||||
Year to Date 2009 (1) |
|||||||||
Plus: |
Plus: |
Plus: |
Equals: |
||||||
Total |
Net Income / |
Depreciation |
Interest |
Non-Cash |
Hotel
Adjusted |
||||
Atlanta Alpharetta |
$ 8,740 |
$ 1,443 |
$ 805 |
$ - |
$ - |
$ 2,248 |
|||
Westin Atlanta North (3) |
$ 9,970 |
$ (308) |
$ 1,559 |
$ - |
$ - |
$ 1,251 |
|||
Atlanta Waverly |
$ 21,272 |
$ (1,783) |
$ 2,947 |
$ 3,784 |
$ - |
$ 4,948 |
|||
Renaissance Austin |
$ 20,882 |
$ 169 |
$ 2,764 |
$ 3,243 |
$ - |
$ 6,176 |
|||
Bethesda Marriott Suites |
$ 9,816 |
$ (3,641) |
$ 1,496 |
$ 114 |
$ 4,376 |
$ 2,345 |
|||
Boston Westin (3) |
$ 43,632 |
$ 2,890 |
$ 8,554 |
$ - |
$ 351 |
$ 11,795 |
|||
Renaissance Charleston |
$ 856 |
$ 83 |
$ 128 |
$ - |
$ - |
$ 211 |
|||
Chicago Marriott |
$ 58,130 |
$ (6,545) |
$ 9,756 |
$ 9,350 |
$ (1,095) |
$ 11,466 |
|||
Chicago Conrad (3) |
$ 14,102 |
$ (104) |
$ 3,288 |
$ - |
$ - |
$ 3,184 |
|||
Courtyard Fifth Avenue |
$ 8,902 |
$ (1,980) |
$ 1,305 |
$ 2,415 |
$ 143 |
$ 1,883 |
|||
Courtyard Midtown East |
$ 14,330 |
$ 530 |
$ 1,545 |
$ 1,544 |
$ - |
$ 3,619 |
|||
Frenchman's Reef (3) |
$ 36,080 |
$ 4,965 |
$ 2,194 |
$ 2,389 |
$ - |
$ 9,548 |
|||
Griffin Gate Marriott |
$ 15,906 |
$ 307 |
$ 2,369 |
$ 1,026 |
$ (3) |
$ 3,699 |
|||
Los Angeles Airport |
$ 33,757 |
$ (1,471) |
$ 3,841 |
$ 3,124 |
$ - |
$ 5,494 |
|||
Minneapolis Hilton |
$ 9,730 |
$ 954 |
$ 1,695 |
$ - |
$ 258 |
$ 2,907 |
|||
Oak Brook Hills |
$ 14,023 |
$ (620) |
$ 2,277 |
$ - |
$ 375 |
$ 2,032 |
|||
Orlando Airport Marriott |
$ 15,031 |
$ (546) |
$ 2,221 |
$ 2,374 |
$ - |
$ 4,049 |
|||
Salt Lake City Marriott |
$ 14,143 |
$ (122) |
$ 2,041 |
$ 1,312 |
$ - |
$ 3,231 |
|||
The Lodge at Sonoma |
$ 9,403 |
$ (505) |
$ 1,556 |
$ - |
$ - |
$ 1,051 |
|||
Torrance Marriott South Bay |
$ 14,270 |
$ 902 |
$ 2,291 |
$ - |
$ - |
$ 3,193 |
|||
Vail Marriott (3) |
$ 16,128 |
$ 1,835 |
$ 2,176 |
$ - |
$ - |
$ 4,011 |
|||
Renaissance Worthington |
$ 21,432 |
$ 1,578 |
$ 2,326 |
$ 2,212 |
$ 8 |
$ 6,124 |
|||
Total |
$ 410,534 |
$ (1,969) |
$ 59,134 |
$ 32,887 |
$ 4,413 |
$ 94,483 |
|||
(1) For the 2010 acquisitions, the amounts presented include the results of operations of the hotels under previous ownership for the comparable prior year period to the Company's 2010 ownership periods. (2) The non-cash adjustments include expenses incurred by the hotels due to the straight lining of the rent from our ground lease obligations, the non-cash amortization of our favorable lease assets and the non-cash amortization of our unfavorable contract liabilities. (3) The hotel reports results on a monthly basis. The data presented is based upon the Company's reporting calendar and includes the months of January through August. |
|||||||||
Contact:
DiamondRock Hospitality Company
|