BETHESDA, Md., Feb. 29, 2012 -- DiamondRock Hospitality
Company (the "Company") (NYSE: DRH) today announced results of operations for
its fourth fiscal quarter and full year ended December
31, 2011. The Company is a lodging-focused real estate
investment trust that currently owns a portfolio of 26 premium hotels
in the United States.
Recent Developments
- Lexington Rebranding: The Company entered
into a non-binding letter of intent with Marriott to license the
Lexington Hotel New York as a member of the "Autograph Collection." The
re-branding of the hotel as a member of the Autograph Collection will
involve $30 million in capital to
upgrade and reposition the hotel, which is expected to be completed in
early 2013.
- Lexington Mortgage Debt: The Company agreed
to terms on a $170 million loan secured
by the Lexington Hotel New York. The proceeds will be used to repay the
entire $140 million outstanding on the
Company's senior unsecured credit facility and for general corporate
purposes. The loan is expected to close during the first quarter of
2012.
- Three-Hotel Portfolio Sale: The Company
expects the previously announced sale of a three-hotel portfolio for a
contractual sales price of $262.5 million
to close during the first quarter of 2012.
- Prepayment of Courtyard Denver Mortgage: On
February 7, 2012, the Company
prepaid the $27 million mortgage debt
secured by the Courtyard Denver Downtown prior to its scheduled
maturity in August 2012. The Company
currently has thirteen hotels unencumbered by debt.
- Dividends: The Company's Board of Directors
declared a quarterly dividend of $0.08
per share to stockholders of record as of March
23, 2012. The dividend will be paid on April
4, 2012.
2011 Highlights
- Significant Acquisitions: The Company
successfully completed four transactions representing an investment of
over $585 million as follows:
- Entered into a $130 million
purchase and sale agreement for the 282-room Hilton Garden Inn Times
Square upon completion.
- Acquired the JW Marriott Denver at Cherry Creek for $74
million.
- Acquired the Lexington Hotel New York for $337 million.
- Acquired the Courtyard Denver Downtown for $46 million.
- Successful Equity Raise: The Company raised
approximately $150 million through a
follow-on offering of its common stock in January
2011.
- Hilton Minneapolis Financing: The Company
closed on a $100 million non-recourse
loan secured by the Hilton Minneapolis in April
2011. The previously unencumbered hotel was acquired in 2010 for
approximately $157 million.
- Credit Facility: The Company amended and
restated its $200 million senior
unsecured revolving credit facility to lower its borrowing rate,
increase its financial flexibility and extend the term for one year.
- Frenchman's Reef Capital Investment Program:
The Company substantially completed its comprehensive $45 million renovation and repositioning of
the Frenchman's Reef & Morning Star Marriott Beach Resort.
- Conrad Chicago Performance Guarantee: The
Company negotiated an amendment to the Conrad Chicago management
agreement with Hilton to include a
performance guarantee for the remaining term of the agreement, which
ends in 2015. Hilton funded $0.7 million during 2011 under this
performance guarantee.
- Dividends: The Company declared four
quarterly dividends totaling $0.32 per
share during 2011.
- Pro Forma RevPAR: The
Company's Pro Forma RevPAR was $123.01,
an increase of 6.3% from the comparable period in 2010.
- Pro Forma Hotel Adjusted EBITDA Margin: The
Company's Pro Forma Hotel Adjusted EBITDA margin was 26.18%, an
increase of 51 basis points from the comparable period in 2010.
- Adjusted EBITDA: The Company's
Adjusted EBITDA was $162.1 million,
which was impacted by $10 million of
renovation disruption at Frenchman's Reef and $0.9
million in accounts receivable write-offs as a result of the
American Airlines bankruptcy.
- Adjusted FFO: The Company's Adjusted FFO was $103.6 million and Adjusted FFO per diluted
share was $0.62, which was impacted by $10 million of renovation disruption at
Frenchman's Reef and $0.9 million in
accounts receivable write-offs as a result of the American Airlines
bankruptcy.
Fourth Quarter 2011 Highlights
- Pro Forma RevPAR: The
Company's Pro Forma RevPAR was $129.59,
an increase of 6.2% from the comparable period in 2010.
- Pro Forma Hotel Adjusted EBITDA Margin: The
Company's Pro Forma Hotel Adjusted EBITDA margin was 28.50%, a decrease
of 62 basis points from the comparable period in 2010, which was
impacted by increases in property taxes and the American Airlines
bankruptcy.
- Adjusted EBITDA: The Company's
Adjusted EBITDA was $60.5 million, which
was impacted by $2.4 million of
renovation disruption at Frenchman's Reef and $0.9
million in accounts receivable write-offs as a result of the
American Airlines bankruptcy.
- Adjusted FFO: The Company's Adjusted FFO was $40.0 million and Adjusted FFO per diluted
share was $0.24, which was impacted by $2.4 million of renovation disruption at
Frenchman's Reef and $0.9 million in
accounts receivable write-offs as a result of the American Airlines
bankruptcy.
- Dividends: The Company declared a quarterly
dividend of $0.08 per share during the
fourth quarter.
Mark W. Brugger, Chief
Executive Officer of DiamondRock Hospitality Company, stated, "Our
results for the fourth quarter and full year reflect the continued
growth of lodging fundamentals. We continued executing our strategy in
early 2012, including the $170 million
financing of the Lexington Hotel New York. Upon the closing of the
three-hotel portfolio sale and the Lexington
financing, DiamondRock will be well-positioned to actively pursue
attractive acquisition targets as a result of our strong balance sheet,
undrawn $200 million corporate revolver,
twelve unencumbered assets and approximately $120
million of corporate cash."
Operating Results
Please see "Certain Definitions" and "Non-GAAP Financial
Measures" attached to this press release for an explanation of the
terms "EBITDA," "Adjusted EBITDA," "Hotel Adjusted EBITDA Margin,"
"FFO" and "Adjusted FFO."
The discussions of "Pro Forma RevPAR" and "Pro Forma Hotel
Adjusted EBITDA Margin" assume the Company owned all of its hotels
since January 1, 2010 but exclude (i)
the operating results of the Frenchman's Reef & Morning Star
Marriott Beach Resort ("Frenchman's Reef") due to the impact of the
extensive renovation of the hotel in 2011, which included partial
closure of the hotel and (ii) the operating results of the three-hotel
portfolio classified as "held for sale."
For the fourth quarter beginning September
10, 2011 and ending December 31, 2011,
the Company reported the following:
- Pro Forma RevPAR growth of 6.2% and Pro Forma Hotel
Adjusted EBITDA margin contraction of 62 basis points compared to the
comparable period in 2010.
- Revenues of $248.9 million
compared to $209.3 million for the
comparable period in 2010, which includes amounts reported in
discontinued operations.
- Adjusted EBITDA of $60.5 million
compared to $51.2 million for the
comparable period in 2010.
- Adjusted FFO of $40.0 million
and Adjusted FFO per diluted share of $0.24
compared to $34.3 million and $0.22, respectively, for the comparable period
in 2010.
- Net income of $4.9 million
(or $0.03 per diluted share) compared to
a net income of $1.9 million (or $0.01 per diluted share) for the comparable
period in 2010.
The fourth quarter Pro Forma RevPAR growth of 6.2% (from $121.99 to $129.59) was driven by a 3.1%
increase in the average daily rate (from $169.75
to $175.09) and a 2.1 percentage point
increase in occupancy (from 71.9% to 74.0%). The fourth quarter Pro
Forma Hotel Adjusted EBITDA margin decreased 62 basis points (from
29.12% to 28.50%) from the comparable period in 2010.
The Company's fourth quarter results were impacted by several
items, the most significant of which was the post-renovation ramp-up at
Frenchman's Reef. The hotel's actual fourth quarter Hotel Adjusted
EBITDA was approximately $4.0 million
below the Company's expectations as of the end of the third quarter.
The hotel's operating results were impacted by disruption due to a
slight delay in guestrooms being placed back in service following the
renovation and incremental disruption caused by the loss of air
conditioning for several days as a result of a burst pipe in December 2011. The hotel was fully back in
service by the end of 2011 and is experiencing strong performance in
2012, with January 2012 RevPAR growth of
approximately 8% and Hotel Adjusted EBITDA growth of 25%. The Company
expects the hotel to exceed its renovation underwriting in 2012.
Additionally, as a result of the American Airlines bankruptcy, the
Company wrote off a total of $0.9 million
of airline receivables at three of its hotels.
The Company's fourth quarter Pro Forma Hotel Adjusted EBITDA
margin was negatively impacted by the increase in property taxes as a
result of the expiration of the PILOT program at the Westin Boston
Waterfront Hotel and a difficult comparison from favorable property tax
reductions at the Company's downtown Chicago
hotels recorded during the fourth quarter of 2010. Excluding these
property tax items, the Company's fourth quarter Pro Forma Hotel
Adjusted EBITDA margin would have increased 127 basis points.
If the three-hotel portfolio classified as "held for sale"
were included, the Company's fourth quarter Pro Forma RevPAR growth
would be 4.0% and Hotel Adjusted EBITDA margin contraction would be 98
basis points.
For the full year 2011, the Company reported the following:
- Pro Forma RevPAR growth of 6.3% and Pro Forma Hotel
Adjusted EBITDA margin expansion of 51 basis points compared to the
comparable period in 2010.
- Revenues of $719.6 million
compared to $624.4 million for the
comparable period in 2010, which includes amounts reported in
discontinued operations.
- Adjusted EBITDA of $162.1 million
compared to $138.5 million for the
comparable period in 2010.
- Adjusted FFO of $103.6 million
and Adjusted FFO per diluted share of $0.62
compared to $90.3 million and $0.63, respectively, for the comparable period
in 2010.
- Net loss of $7.7 million (or
$0.05 per diluted share)
compared to a net loss of $9.2 million
(or $0.06 per diluted share) for the
comparable period in 2010.
The full year Pro Forma RevPAR growth of 6.3% (from $115.73 to $123.01) was driven by a 3.7%
increase in the average daily rate (from $157.74
to $163.60) and a 1.8 percentage point
increase in occupancy (from 73.4% to 75.2%). The full year Pro Forma
Hotel Adjusted EBITDA margin increased 51 basis points (from 25.67% to
26.18%) from the comparable period in 2010.
The Company's full year results reflect approximately $10 million of renovation disruption at
Frenchman's Reef, $2.3 million of legal
expenses incurred related to the bankruptcy proceedings of the Allerton
Hotel, the $0.9 million of American
Airlines accounts receivable write-offs and a $1.7
million accrual for the tentative settlement of litigation at
the Los Angeles Airport Marriott. The litigation accrual has been added
back to the Company's calculations of Adjusted EBITDA and Adjusted FFO.
If the three-hotel portfolio classified as 'held for sale"
were included, the Company's full year Pro Forma RevPAR growth would be
5.4% and Hotel Adjusted EBITDA margin expansion would be 11 basis
points.
Sale of Hotel Portfolio
The Company remains under contract to sell a three-hotel
portfolio to Inland American for a sales price of $262.5 million. The three-hotel portfolio
consists of the Griffin Gate Marriott Resort and Spa located in Lexington, Kentucky, the Renaissance
Waverly located in Atlanta, Georgia,
and the Renaissance Austin located in the Arboretum submarket of Austin, Texas. The Company expects to
receive net cash proceeds of approximately $80
million from the disposition, which will include $180 million of mortgage debt assumption by
the buyer. The transaction is expected to close during the first
quarter of 2012 with the only material closing condition remaining
being the final lender consent for the Renaissance Austin mortgage loan
assumption.
Lexington Hotel New York Financing and Rebranding
The Company has agreed to terms on a $170
million loan secured by a mortgage on the Lexington Hotel New
York. The loan will have a term of three years and bear interest at a
floating rate of one-month LIBOR plus 300 basis points. The loan may be
extended for two additional one-year terms subject to the satisfaction
of certain terms and conditions and the payment of an extension fee.
The financing also includes $25 million
of corporate recourse, which will be eliminated when the hotel achieves
a specified debt yield test, the capital renovation plan is completed
and the branding requirements for the hotel are met. The closing of the
transaction is subject to the satisfaction of customary closing
conditions, including final loan syndication.
In connection with the acquisition of the hotel, the Company
assumed the existing franchise agreement with Radisson which provides
for certain termination options upon payment of a $750,000 termination fee. The Company plans to
exercise the termination right in 2012 and to enter into a franchise
agreement with Marriott to license the hotel as a member of the
"Autograph Collection." The Company expects to record the termination
fee during the first fiscal quarter of 2012, which will be added back
to Adjusted EBITDA and Adjusted FFO.
The Company entered into a non-binding term sheet with
Marriott to affiliate the hotel with the Autograph Collection; however,
there can be no assurance that Marriott will enter into a franchise
agreement and agree to license the hotel. Specifically, the re-branding
of the hotel as "The Lexington" and
the affiliation of the hotel with Marriott's Autograph Collection will
involve the completion of a $30 million
capital plan to renovate, reposition and significantly upgrade the
hotel. The Company intends to complete the majority of improvements in
early 2013 in order to minimize disruption to hotel operations. During
the interim period after termination of Radisson and prior to becoming
affiliated with the Autograph Collection, the Company expects to
operate the hotel as "The Lexington,"
an independent hotel.
2011 Acquisitions
During 2011, the Company took advantage of the attractive
hotel acquisition environment, completing three high-quality asset
acquisitions for total consideration of over $450
million and securing an exceptional hotel development
opportunity.
Hilton Garden Inn Times Square. In January 2011, the Company entered into a
purchase and sale agreement to acquire, upon completion, the 282-room
Hilton Garden Inn under development on West 42nd Street in Times
Square, New York City. This
transaction presents a rare opportunity to acquire a newly constructed
hotel in Times Square, one of the most desirable hotel locations in the
world. The hotel is scheduled to open in early 2014.
JW Marriott Denver Cherry Creek. In May 2011, the Company acquired the 196-room JW
Marriott Denver Cherry Creek for approximately $74
million. The hotel, which opened in 2004, is consistently the
market leader among its competitive set and is well-situated to
continue capturing Denver's high-end
demand.
The Lexington Hotel New York City. In June 2011, the Company acquired the 712-room
Lexington Hotel New York for approximately $337
million. The purchase enhanced the Company's overall portfolio
quality and increased the Company's participation in the Manhattan hotel market.
Courtyard Denver Downtown. In July 2011, the Company completed the
acquisition of the 177-room Courtyard Denver Downtown for approximately
$46 million. This urban hotel
consistently ranks first in its competitive set of downtown Denver hotels. With its premier location in
the heart of Denver's Central
Business District and its strong brand, the hotel is able to charge
full-service average daily rates while operating within a
limited–service cost structure.
Dividends
The Company's Board of Directors declared a quarterly dividend
of $0.08 per share to stockholders of
record as of December 30, 2011. The
dividend was paid on January 10, 2012.
In total, the Company declared $54 million
of cash dividends to stockholders in 2011.
The Company's Board of Directors declared a quarterly dividend
of $0.08 per share to stockholders of
record as of March 23, 2012. The
dividend will be paid on April 4, 2012.
Allerton Hotel Mortgage Loan
The Company owns the senior mortgage loan secured by the
Allerton Hotel, located in downtown Chicago,
Illinois. During 2011, the borrower filed for bankruptcy
protection. The Company continues to vigorously pursue its rights in
the bankruptcy case and expects resolution later this year.
Capital Expenditures
During 2011, the Company continued to invest in its portfolio
by spending approximately $55 million
for capital improvements. Of that amount, approximately $32 million was funded from corporate cash and
the balance from restricted cash reserves held by hotel managers and a $5.3 million contribution from Marriott
International towards the capital investment program at Frenchman's
Reef.
The Company has substantially completed the work scheduled for
2011 in its comprehensive $45 million
capital investment program at Frenchman's Reef. The majority of the
renovation and repositioning program commenced in early May 2011, when two of the resort's four
buildings closed, representing approximately 300 guestrooms. During the
fourth quarter the hotel reopened all of its guestrooms, restaurants,
three new resort pools, fitness center and state-of-the-art spa. The
Company experienced material renovation disruption to operations,
displacing approximately $10 million of
Hotel Adjusted EBITDA during 2011.
The Company expects to spend approximately $45 million on capital improvements at its
hotels in 2012, $16 million of which is
expected to be funded from corporate cash. Significant projects for
2012 include the following:
- Conrad Chicago:
The Company expects to spend $3.5
million to add 4,100 square feet of new meeting space,
reposition the food and beverage outlets and re-concept the hotel
lobby. The work is scheduled to take place during the summer of 2012
and the first quarter of 2013.
- Courtyard Midtown East:
The Company expects to spend approximately $2.0 million to renovate the lobby and
restaurant, as well as relocate the fitness center and add 5 additional
rooms at the hotel.
- Renaissance Worthington:
The Company expects to spend $1.2
million over the next two years to undertake a comprehensive
repair of the concrete façade of the hotel.
- Marriott Atlanta Alpharetta: The
Company expects to spend $2.4 million to
renovate the guestrooms at the hotel during the third quarter of 2012.
The Company is also currently evaluating extensive renovation
projects at the Chicago Marriott Downtown and Lexington Hotel, which
would begin in 2013. The project at the Chicago Marriott Downtown is
expected to include the replacement of the hotel's existing 2-pipe HVAC
system with a 4-pipe HVAC system and a comprehensive guestroom
renovation. The project at the Lexington Hotel is expected to include a
comprehensive renovation of the hotel, including the lobby, corridors,
guest rooms and guest bathrooms, in connection with the hotel's
rebranding.
Balance Sheet
The Company continues to maintain its straightforward capital
structure. The Company has no preferred equity outstanding and
continues to own 100% of its properties.
As of December 31, 2011, the
Company had $26.3 million of
unrestricted cash on hand and $1.0 billion
of debt outstanding, which consisted of $941.5
million of fixed rate, property-specific mortgage debt with
limited near-term maturities and $100 million
outstanding on the Company's $200 million
corporate credit facility. Subsequent to December
31, 2011, the Company drew an additional $40.0
million on the corporate credit facility. Upon the closing of
the three-hotel portfolio sale and the Lexington
financing, the Company expects to have approximately $120 million of unrestricted cash on hand and $0.9 billion of debt outstanding, with twelve
of its 23 hotels unencumbered by mortgage debt.
Outlook and Guidance
The Company is providing guidance, but does not undertake to
update it for any developments in its business. Achievement of the
anticipated results is subject to the risks disclosed in the Company's
filings with the Securities and Exchange Commission. The Company's 2012
RevPAR guidance assumes the following:
- All of the Company's hotels were owned since January 1, 2011;
- Frenchman's Reef is excluded due to the partial closure for
renovation during 2011; and
- The three hotels classified as "held for sale" are
excluded.
The Adjusted EBITDA and Adjusted FFO guidance include the 2012
pre-sale operating results of the three hotels classified as "held for
sale" and excludes cash interest payments and legal fees related to the
Allerton Hotel. The treatment of the Allerton
cash interest payments and legal fees differs from 2011, when both were
included in the calculations of Adjusted EBITDA and Adjusted FFO.
The Company's outlook and guidance incorporates the assumption
of 2012 North American upper upscale RevPAR growth of 4 to 6%.
Based on its outlook, the Company expects the following full
year 2012 results:
- RevPAR growth of 4 percent to 6 percent;
- Adjusted EBITDA of $167 million to
$176 million;
- Adjusted FFO of $114.5 million to
$121.5 million, which assumes the income tax provision to range
from a benefit of $2.0 million to an
expense of $1.0 million; and
- Adjusted FFO per share of $0.68 to
$0.72 based on 168.4 million diluted weighted average shares.
In addition, the Company expects the following results for its
first fiscal quarter:
- RevPAR growth of 5.5 percent to 7.5 percent;
- Adjusted EBITDA of $18 million to
$21 million;
- Adjusted FFO of $10 million to $13
million, which assumes an income tax benefit of $5.7 million to $5.2 million; and
- Adjusted FFO per share of $0.06 to
$0.08 based on 167.7 million diluted weighted average shares.
The Company incorporated the following market specific
considerations into its 2012 guidance:
- Boston is expected to
outperform during 2012 and the operator budget for the Westin Boston
Waterfront Hotel shows double-digit RevPAR growth in 2012.
- Chicago is expected to
benefit from a strong 2012 convention calendar, but this will be
slightly offset from profit disruption at the Chicago Marriott Downtown
caused by the G8 summit in May.
- Salt Lake City is expected
to be a top performing market due to a solid convention calendar and
the opening of the exciting $1 billion
City Creek mixed-use project, which surrounds the Company's hotel. The
Company expects double-digit RevPAR growth in 2012 at the Salt Lake
City Marriott.
- New York City, our most
significant market, started off 2012 with double-digit RevPAR growth in
January. The Company expects 5 percent to 7 percent RevPAR growth in
2012 from its four New York hotels.
- The Hilton Minneapolis is expected to underperform in 2012
due to a difficult convention calendar.
- The Bethesda Marriott Suites is expected to underperform
due to the expectation of a soft year in Washington,
DC and the lack of compression nights for the Bethesda submarket.
- The Vail Marriott is expected to underperform as a result
of late snowfall and the continued absorption of the new supply
additions in 2011.
- The Company expects $3 million
of Hotel Adjusted EBITDA disruption as a result of the first phase of
the façade project at the Worthington Renaissance and the impact
of the G8 summit on the Chicago Marriott Downtown. This disruption
negatively impacts the Company's 2012 RevPAR growth guidance by
approximately 75 basis points.
Earnings Call
The Company will host a conference call to discuss its fourth
quarter and full year results on Wednesday,
February 29, 2012, at 10:00 a.m. Eastern
Time (ET). To participate in the live call, investors are
invited to dial 888-679-8035 (for domestic callers) or 617-213-4848
(for international callers). The participant passcode is 92972901. A
live webcast of the call will be available via the investor relations
section of DiamondRock Hospitality Company's website at www.drhc.com.
A replay of the webcast will also be archived on the website for one
year.
About the Company
DiamondRock Hospitality Company is a self-advised real estate
investment trust (REIT) that is an owner of premium hotel properties.
The Company owns 26 premium hotels with approximately 12,000 rooms and
holds one senior mortgage loan. The Company's hotels are generally
operated under globally recognized brands such as Hilton, Marriott, and Westin. For further
information, 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: 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; risks associated with the level of the Company's
indebtedness; 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; risks associated with the
bankruptcy proceedings on the Allerton Hotel; risks associated with the
development of a hotel by a third-party developer; risks associated
with the rebranding and financing of the Lexington Hotel New York;
risks associated with completing the pending sale of the three-hotel
portfolio 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
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.
Reporting Periods for Statement of Operations
The results reported in the Company's consolidated statements
of operations are based on results of its hotels reported by hotel
managers. The Company's hotel managers use different reporting periods.
Marriott International, the manager of most of the Company's
properties, uses a fiscal year ending on the Friday closest to December 31 and reports 12 weeks of operations
for the first three quarters and 16 or 17 weeks for the fourth quarter
of the year for its domestic managed hotels. In contrast, Marriott
International for its non-domestic hotels (including Frenchman's Reef),
Davidson Hotel Company, manager of the Westin Atlanta North, Vail
Resorts, manager of the Vail Marriott, Hilton Hotels Corporation,
manager of the Conrad Chicago and the Hilton Minneapolis, Westin Hotel
Management, L.P., manager of the Westin Boston Waterfront, Alliance
Hospitality Management, manager of the Hilton Garden Inn Chelsea, Sage
Hospitality, manager of the JW Marriott Denver Cherry Creek and the
Courtyard Denver, and Highgate Hotels, manager of the Lexington Hotel,
report results on a monthly basis. Additionally, the Company, as a
REIT, is required by U.S. federal tax laws to report results on a
calendar year basis. As a result, the Company has adopted the reporting
periods used by Marriott International for its domestic hotels, except
that the fiscal year always ends on December 31
to comply with REIT rules. The first three fiscal quarters end on the
same day as Marriott International's fiscal quarters but the fourth
quarter ends on December 31 and full
year results, as reported in the statement of operations, always
include the same number of days as the calendar year.
Two consequences of the reporting cycle the Company has
adopted are: (1) quarterly start dates will usually differ between
years, except for the first quarter which always commences on January 1, and (2) the first and fourth
quarters of operations and year-to-date operations may not include the
same number of days as reflected in prior years.
While the reporting calendar the Company adopted is more
closely aligned with the reporting calendar used by the manager of most
of its properties, one final consequence of the calendar is the Company
is unable to report any results for Frenchman's Reef, Westin Atlanta
North, Vail Marriott, Conrad Chicago, Westin Boston Waterfront, Hilton
Minneapolis, Hilton Garden Inn Chelsea, JW Marriott Denver Cherry
Creek, Courtyard Denver or the Lexington Hotel for the month of
operations that ends after its fiscal quarter-end because none of Vail
Resorts, Davidson Hotel Company, Hilton Hotels Corporation, Westin
Hotel Management, L.P., Alliance Hospitality Management, Sage
Hospitality, Highgate Hotels and Marriott International (for
international hotels) make mid-month results available. As a result,
the quarterly results of operations include results from these hotels
as follows: first quarter (January and February), second quarter (March
to May), third quarter (June to August) and fourth quarter (September
to December). While this does not affect full-year results, it does
affect the reporting of quarterly results.
DIAMONDROCK
HOSPITALITY COMPANY
CONSOLIDATED
BALANCE SHEETS
As of
December 31, 2011 and 2010
(in
thousands, except share and per share amounts)
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Property
and equipment, at cost
|
$
|
2,667,682
|
|
|
$
|
2,468,289
|
|
|
Less:
accumulated depreciation
|
(433,178)
|
|
|
(396,686)
|
|
|
|
2,234,504
|
|
|
2,071,603
|
|
|
Assets
held for sale
|
263,399
|
|
|
—
|
|
|
Restricted
cash
|
53,871
|
|
|
51,936
|
|
|
Due
from hotel managers
|
50,728
|
|
|
50,715
|
|
|
Note
receivable
|
54,788
|
|
|
57,951
|
|
|
Favorable
lease assets, net
|
43,285
|
|
|
42,622
|
|
|
Prepaid
and other assets
|
65,900
|
|
|
50,089
|
|
|
Cash
and cash equivalents
|
26,291
|
|
|
84,201
|
|
|
Deferred
financing costs, net
|
5,869
|
|
|
5,492
|
|
|
Total
assets
|
$
|
2,798,635
|
|
|
$
|
2,414,609
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
|
|
|
Liabilities:
|
|
|
|
|
Mortgage
debt
|
$
|
762,933
|
|
|
$
|
780,880
|
|
|
Mortgage
debt of assets held for sale
|
180,000
|
|
|
—
|
|
|
Senior
unsecured credit facility
|
100,000
|
|
|
—
|
|
|
Total
debt
|
1,042,933
|
|
|
780,880
|
|
|
Deferred
income related to key money, net
|
24,593
|
|
|
19,199
|
|
|
Unfavorable
contract liabilities, net
|
81,914
|
|
|
83,613
|
|
|
Due to
hotel managers
|
41,676
|
|
|
36,168
|
|
|
Liabilities
of assets held for sale
|
3,805
|
|
|
—
|
|
|
Dividends
declared and unpaid
|
13,594
|
|
|
—
|
|
|
Accounts
payable and accrued expenses
|
87,963
|
|
|
81,232
|
|
|
Total
other liabilities
|
253,545
|
|
|
220,212
|
|
|
Stockholders'
Equity:
|
|
|
|
|
Preferred
stock, $0.01 par value; 10,000,000 shares authorized; no shares issued
and outstanding
|
—
|
|
|
—
|
|
|
Common
stock, $0.01 par value; 200,000,000 shares authorized; 167,502,359 and
154,570,543 shares issued and outstanding at December 31, 2011 and
2010, respectively
|
1,675
|
|
|
1,546
|
|
|
Additional
paid-in capital
|
1,708,427
|
|
|
1,558,047
|
|
|
Accumulated
deficit
|
(207,945)
|
|
|
(146,076)
|
|
|
Total
stockholders' equity
|
1,502,157
|
|
|
1,413,517
|
|
|
Total
liabilities and stockholders' equity
|
$
|
2,798,635
|
|
|
$
|
2,414,609
|
|
|
|
|
|
|
|
|
|
|
|
|
DIAMONDROCK
HOSPITALITY COMPANY
CONSOLIDATED
STATEMENTS OF OPERATIONS
For
the Years Ended December 31, 2011 and 2010
(in
thousands, except share and per share amounts)
|
|
|
2011
|
|
2010
|
|
Revenues:
|
|
|
|
|
Rooms
|
$
|
441,514
|
|
|
$
|
358,441
|
|
|
Food
and beverage
|
165,114
|
|
|
153,722
|
|
|
Other
|
31,602
|
|
|
27,160
|
|
|
Total
revenues
|
638,230
|
|
|
539,323
|
|
|
Operating
Expenses:
|
|
|
|
|
Rooms
|
118,701
|
|
|
95,975
|
|
|
Food
and beverage
|
117,205
|
|
|
108,895
|
|
|
Management
fees
|
22,031
|
|
|
19,055
|
|
|
Other
hotel expenses
|
228,559
|
|
|
195,336
|
|
|
Depreciation
and amortization
|
87,259
|
|
|
76,464
|
|
|
Hotel
acquisition costs
|
2,521
|
|
|
1,436
|
|
|
Corporate
expenses
|
21,247
|
|
|
16,384
|
|
|
Total
operating expenses
|
597,523
|
|
|
513,545
|
|
|
Operating
income
|
40,707
|
|
|
25,778
|
|
|
Interest
income
|
(614)
|
|
|
(783)
|
|
|
Interest
expense
|
45,406
|
|
|
35,425
|
|
|
Total
other expenses
|
44,792
|
|
|
34,642
|
|
|
Loss
from continuing operations before income taxes
|
(4,085)
|
|
|
(8,864)
|
|
|
Income
tax expense
|
(3,655)
|
|
|
(1,995)
|
|
|
Loss
from continuing operations
|
(7,740)
|
|
|
(10,859)
|
|
|
Income
from discontinued operations, net of income taxes
|
62
|
|
|
1,687
|
|
|
Net
loss
|
$
|
(7,678)
|
|
|
$
|
(9,172)
|
|
|
|
|
|
|
|
(Loss)
earnings per share:
|
|
|
|
|
Continuing
operations
|
$
|
(0.05)
|
|
|
$
|
(0.07)
|
|
|
Discontinued
operations
|
0.00
|
|
|
0.01
|
|
|
Basic
and diluted loss per share
|
$
|
(0.05)
|
|
|
$
|
(0.06)
|
|
|
|
|
|
|
|
Weighted-average
number of common shares outstanding:
|
|
|
|
|
Basic
|
166,667,459
|
|
144,463,587
|
|
Diluted
|
166,667,459
|
|
144,463,587
|
|
|
|
|
|
|
|
|
|
|
|
DIAMONDROCK
HOSPITALITY COMPANY
CONSOLIDATED
STATEMENTS OF OPERATIONS
For
the Fiscal Quarters Ended December 31, 2011 and 2010 (unaudited)
(in
thousands, except share and per share amounts)
|
|
|
2011
|
|
2010
|
|
Revenues:
|
|
|
|
|
Rooms
|
$
|
156,246
|
|
|
$
|
121,232
|
|
|
Food
and beverage
|
56,143
|
|
|
50,981
|
|
|
Other
|
10,934
|
|
|
8,645
|
|
|
Total
revenues
|
223,323
|
|
|
180,858
|
|
|
Operating
Expenses:
|
|
|
|
|
Rooms
|
41,718
|
|
|
31,935
|
|
|
Food
and beverage
|
38,848
|
|
|
35,302
|
|
|
Management
fees
|
8,272
|
|
|
7,326
|
|
|
Other
hotel expenses
|
77,821
|
|
|
61,710
|
|
|
Depreciation
and amortization
|
28,811
|
|
|
25,487
|
|
|
Hotel
acquisition costs
|
(84)
|
|
|
200
|
|
|
Corporate
expenses
|
6,347
|
|
|
5,525
|
|
|
Total
operating expenses
|
201,733
|
|
|
167,485
|
|
|
Operating
income
|
21,590
|
|
|
13,373
|
|
|
Interest
income
|
(35)
|
|
|
(142)
|
|
|
Interest
expense
|
15,292
|
|
|
11,969
|
|
|
Total
other expenses
|
15,257
|
|
|
11,827
|
|
|
Income
from continuing operations before income taxes
|
6,333
|
|
|
1,546
|
|
|
Income
tax expense
|
(1,803)
|
|
|
(1,029)
|
|
|
Income
from continuing operations
|
4,530
|
|
|
517
|
|
|
Income
from discontinued operations, net of income taxes
|
407
|
|
|
1,351
|
|
|
Net
income
|
$
|
4,937
|
|
|
$
|
1,868
|
|
|
|
|
|
|
|
Earnings
per share:
|
|
|
|
|
Continuing
operations
|
$
|
0.03
|
|
|
$
|
0.00
|
|
|
Discontinued
operations
|
0.00
|
|
|
0.01
|
|
|
Basic
and diluted earnings per share
|
$
|
0.03
|
|
|
$
|
0.01
|
|
|
|
|
|
|
|
Weighted-average
number of common shares outstanding:
|
|
|
|
|
Basic
|
167,536,176
|
|
154,585,849
|
|
Diluted
|
168,193,451
|
|
155,832,957
|
|
|
|
|
|
|
|
|
|
|
|
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 December 31,
|
|
Year
Ended December 31,
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
Net
income (loss)
|
$ 4,937
|
|
$ 1,868
|
|
$
(7,678)
|
|
$
(9,172)
|
|
Interest
expense (1)
|
18,419
|
|
15,069
|
|
55,507
|
|
45,524
|
|
Income
tax expense (2)
|
1,829
|
|
1,839
|
|
2,623
|
|
2,642
|
|
Depreciation
and amortization (3)
|
32,389
|
|
29,186
|
|
99,224
|
|
88,464
|
|
EBITDA
|
$
57,574
|
|
$
47,962
|
|
$
149,676
|
|
$
127,458
|
|
|
|
(1)
Amounts include interest expense included in discontinued operations as
follows: $10.1 million in 2011 and 2010 and $3.1 million in the fiscal
quarters ended December 31, 2011 and 2010.
(2)
Amounts include income tax expense (benefit) included in discontinued
operations as follows: ($1.0) million in 2011, $0.6 in 2010, $25,000 in
the fiscal quarter ended December 31, 2011 and $0.8 million in the
fiscal quarter ended December 31, 2010.
(3)
Amounts include depreciation expense included in discontinued
operations as follows: $12.0 million in 2011 and 2010 and $3.6 million
in the fiscal quarter ended December 31, 2011 and $3.7 million in the
fiscal quarter ended December 31, 2010.
|
|
|
|
|
|
|
|
|
|
|
|
|
Guidance
(in 000s)
|
|
|
Quarter
1, 2012
|
|
Full
Year 2012
|
|
|
Low End
|
|
High
End
|
|
Low End
|
|
High
End
|
|
Net
income (loss)
|
$
(13,100)
|
|
$
(10,100)
|
|
$
17,000
|
|
$
25,000
|
|
Interest
expense
|
13,500
|
|
13,000
|
|
54,000
|
|
53,000
|
|
Income
tax (benefit) expense
|
(5,700)
|
|
(5,200)
|
|
(2,000)
|
|
1,000
|
|
Depreciation
and amortization
|
21,000
|
|
21,000
|
|
91,000
|
|
90,000
|
|
EBITDA
|
$
15,700
|
|
$
18,700
|
|
$
160,000
|
|
$
169,000
|
|
|
|
|
|
|
|
|
|
|
|
The Company also evaluates its performance by reviewing
Adjusted EBITDA 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,
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 for the following items, which
may occur in any period, and refers to this measure as Adjusted EBITDA:
- Non-Cash Ground Rent: The Company excludes the non-cash
expense incurred from straight lining the rent from its ground lease
obligations and the non-cash amortization of its favorable lease assets.
- The impact of the non-cash amortization of the unfavorable
contract liabilities recorded in conjunction with the Company's
acquisitions of the Bethesda Marriott Suites, the Chicago Marriott
Downtown, the Renaissance Charleston and the Radisson Lexington. The
amortization of the unfavorable contract liabilities does not reflect
the underlying performance of the Company.
- Cumulative effect of a change in accounting principle:
Infrequently, the Financial Accounting Standards Board (FASB)
promulgates new accounting standards that require the consolidated
statement of operations to reflect the cumulative effect of a change in
accounting principle. The Company excludes these one-time adjustments
because they do not reflect its actual performance for that period.
- Gains from Early Extinguishment of Debt: The Company
excludes the effect of gains recorded on the early extinguishment of
debt because it believes that including them in EBITDA is not
consistent with reflecting the ongoing performance of its hotels.
- Impairment Losses: The Company excludes the effect of
impairment losses recorded because it believes that including them in
EBITDA is not consistent with reflecting the ongoing performance of its
hotels. In addition, the Company believes that impairment charges are
similar to depreciation expense, which is also excluded from EBITDA.
- Gains or Losses on Dispositions: The Company excludes the
effect of gains or losses on dispositions from EBITDA because it
believes that including them is not consistent with reflecting the
ongoing performance of its remaining hotels.
- Acquisition Costs: The Company excludes acquisition
transaction costs expensed during the period because it believes that
including these costs in EBITDA is not consistent with the underlying
performance of the Company.
- Allerton Loan: In 2011, the Company included cash payments
received on its senior loan secured by the Allerton Hotel in Adjusted
EBITDA. GAAP requires the Company to record the cash received from the
borrower as a reduction of its basis in the mortgage loan due to the
uncertainty over the timing and amount of cash payments on the loan.
Beginning in 2012, due to the uncertainty of the timing of the
bankruptcy resolution, the Company will exclude both cash interest
payments received from the borrower and the legal costs incurred as a
result of the bankruptcy proceedings from its calculation of Adjusted
EBITDA.
- Other Non-Cash and /or Unusual Items: The Company excludes
the effect of certain non-cash and/or unusual items because it believes
that including these costs in EBITDA is not consistent with the
underlying performance of the Company. In 2011, the Company excluded
the accrual for the tentative settlement of litigation at the Los
Angeles Airport Marriott because it believes that including it would
not be consistent with reflecting the ongoing performance of its
hotels. In 2010, the Company excluded the remediation costs incurred in
connection with the Hurricane Earl damage to Frenchman's Reef &
Morning Star Marriott Beach Resort due to the unusual nature of the
hurricane damage.
|
|
|
Historical
(in 000s)
|
|
|
Fiscal
Quarter Ended December 31,
|
|
Year
Ended December 31,
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
EBITDA
|
$
57,574
|
|
$
47,962
|
|
$
149,676
|
|
$
127,458
|
|
Non-cash
ground rent
|
2,118
|
|
1,988
|
|
6,996
|
|
7,092
|
|
Non-cash
amortization of unfavorable contract liabilities
|
(576)
|
|
(568)
|
|
(1,860)
|
|
(1,771)
|
|
Litigation
settlement
|
-
|
|
-
|
|
1,650
|
|
-
|
|
Hurricane
remediation expense
|
-
|
|
207
|
|
-
|
|
1,598
|
|
Allerton
loan interest payments
|
1,459
|
|
1,400
|
|
3,163
|
|
2,650
|
|
Acquisition
costs
|
(84)
|
|
200
|
|
2,521
|
|
1,436
|
|
Adjusted
EBITDA
|
$
60,491
|
|
$
51,189
|
|
$
162,146
|
|
$
138,463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guidance
(in 000s)
|
|
|
Quarter
1, 2012
|
|
Full
Year 2012
|
|
|
Low End
|
|
High
End
|
|
Low End
|
|
High
End
|
|
EBITDA
|
$
15,700
|
|
$
18,700
|
|
$
160,000
|
|
$
169,000
|
|
Non-cash
ground rent
|
1,500
|
|
1,500
|
|
6,100
|
|
6,100
|
|
Non-cash
amortization of unfavorable contract liabilities
|
(450)
|
|
(450)
|
|
(1,850)
|
|
(1,850)
|
|
Franchise
termination fee
|
750
|
|
750
|
|
750
|
|
750
|
|
Allerton
loan legal fees
|
500
|
|
500
|
|
2,000
|
|
2,000
|
|
Adjusted
EBITDA
|
$
18,000
|
|
$
21,000
|
|
$
167,000
|
|
$
176,000
|
|
|
|
|
|
|
|
|
|
|
|
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 and impairment losses, 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 December 31,
|
|
Year
Ended December 31,
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
Net
income (loss)
|
$ 4,937
|
|
$ 1,868
|
|
$
(7,678)
|
|
$
(9,172)
|
|
Real
estate related depreciation and amortization (1)
|
32,389
|
|
29,186
|
|
99,224
|
|
88,464
|
|
FFO
|
$
37,326
|
|
$
31,054
|
|
$
91,546
|
|
$
79,292
|
|
FFO
per share (basic and diluted)
|
$ 0.22
|
|
$ 0.20
|
|
$ 0.55
|
|
$ 0.55
|
|
|
|
(1)
Amounts include depreciation expense included in discontinued
operations as follows: $12.0 million in 2011 and 2010 and $3.6 million
in the fiscal quarter ended December 31, 2011 and $3.7 million in the
fiscal quarter ended December 31, 2010.
|
|
|
|
|
|
|
|
|
|
|
|
|
Guidance
(in 000s)
|
|
|
Quarter
1, 2012
|
|
Full
Year 2012
|
|
|
Low End
|
|
High
End
|
|
Low End
|
|
High
End
|
|
Net
income (loss)
|
$
(13,100)
|
|
$
(10,100)
|
|
$
17,000
|
|
$
25,000
|
|
Real
estate related depreciation and amortization
|
21,000
|
|
21,000
|
|
91,000
|
|
90,000
|
|
FFO
|
$ 7,900
|
|
$
10,900
|
|
$
108,000
|
|
$
115,000
|
|
FFO
per share (basic and diluted)
|
$ 0.05
|
|
$ 0.07
|
|
$ 0.64
|
|
$ 0.68
|
|
|
|
|
|
|
|
|
|
|
|
The Company also evaluates its performance by reviewing
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 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 FFO for the following items, which may
occur in any period, and refers to this measure as Adjusted FFO:
- Non-Cash Ground Rent: The Company excludes the non-cash
expense incurred from straight lining the rent from its ground lease
obligations and the non-cash amortization of its favorable lease assets.
- The impact of the non-cash amortization of the unfavorable
contract liabilities recorded in conjunction with the Company's
acquisitions of the Bethesda Marriott Suites, the Chicago Marriott
Downtown, the Renaissance Charleston and the Radisson Lexington. The
amortization of the unfavorable contract liabilities does not reflect
the underlying performance of the Company.
- The impact of the non-cash amortization of the debt
premiums recorded in conjunction with the acquisitions of the JW
Marriott Denver at Cherry Creek and
Courtyard Denver Downtown.
- Cumulative effect of a change in accounting principle:
Infrequently, the Financial Accounting Standards Board (FASB)
promulgates new accounting standards that require the consolidated
statement of operations to reflect the cumulative effect of a change in
accounting principle. The Company excludes these one-time adjustments
because they do not reflect its actual performance for that period.
- Gains from Early Extinguishment of Debt: The Company
excludes the effect of gains recorded on the early extinguishment of
debt because it believes that including them in FFO is not consistent
with reflecting the ongoing performance of its hotels.
- Acquisition Costs: The Company excludes acquisition
transaction costs expensed during the period because it believes that
including these costs in FFO is not consistent with the underlying
performance of the Company.
- Allerton Loan: In 2011, the Company included cash payments
received on its senior loan secured by the Allerton Hotel in Adjusted
FFO. GAAP requires the Company to record the cash received from the
borrower as a reduction of its basis in the mortgage loan due to the
uncertainty over the timing and amount of cash payments on the loan.
Beginning in 2012, due to the uncertainty of the timing of the
bankruptcy resolution, the Company will exclude both cash interest
payments received from the borrower and the legal costs incurred as a
result of the bankruptcy proceedings from its calculation of Adjusted
FFO.
- Other Non-Cash and /or Unusual Items: The Company excludes
the effect of certain non-cash and/or unusual items because it believes
that including these costs in FFO is not consistent with the underlying
performance of the Company. In 2011, the Company excluded the accrual
for the tentative settlement of litigation at the Los Angeles Airport
Marriott because it believes that including it would not be consistent
with reflecting the ongoing performance of its hotels. In 2010, the
Company excluded the remediation costs incurred in connection with the
Hurricane Earl damage to Frenchman's Reef & Morning Star Marriott
Beach Resort due to the unusual nature of the hurricane damage.
|
|
|
Historical
(in 000s)
|
|
|
Fiscal
Quarter Ended December 31,
|
|
Year
Ended December 31,
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
FFO
|
$
37,326
|
|
$
31,054
|
|
$
91,546
|
|
$
79,292
|
|
Non-cash
ground rent
|
2,118
|
|
1,988
|
|
6,996
|
|
7,092
|
|
Non-cash
amortization of unfavorable contract liabilities
|
(576)
|
|
(568)
|
|
(1,860)
|
|
(1,771)
|
|
Litigation
settlement
|
-
|
|
-
|
|
1,650
|
|
-
|
|
Hurricane
remediation expense
|
-
|
|
207
|
|
-
|
|
1,598
|
|
Debt
premium amortization
|
(212)
|
|
-
|
|
(373)
|
|
-
|
|
Allerton
loan interest payments
|
1,459
|
|
1,400
|
|
3,163
|
|
2,650
|
|
Acquisition
costs
|
(84)
|
|
200
|
|
2,521
|
|
1,436
|
|
Adjusted
FFO
|
$
40,031
|
|
$
34,281
|
|
$
103,643
|
|
$
90,297
|
|
Adjusted
FFO per share (diluted)
|
$ 0.24
|
|
$ 0.22
|
|
$ 0.62
|
|
$ 0.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guidance
(in 000s)
|
|
|
Quarter
1, 2012
|
|
Full
Year 2012
|
|
|
Low End
|
|
High
End
|
|
Low End
|
|
High
End
|
|
FFO
|
$ 7,900
|
|
$
10,900
|
|
$
108,000
|
|
$
115,000
|
|
Non-cash
ground rent
|
1,500
|
|
1,500
|
|
6,100
|
|
6,100
|
|
Non-cash
amortization of unfavorable contract liabilities
|
(450)
|
|
(450)
|
|
(1,850)
|
|
(1,850)
|
|
Debt
premium amortization
|
(200)
|
|
(200)
|
|
(500)
|
|
(500)
|
|
Franchise
termination fee
|
750
|
|
750
|
|
750
|
|
750
|
|
Allerton
loan legal fees
|
500
|
|
500
|
|
2,000
|
|
2,000
|
|
Adjusted
FFO
|
$
10,000
|
|
$
13,000
|
|
$
114,500
|
|
$
121,500
|
|
Adjusted
FFO per share (diluted)
|
$ 0.06
|
|
$ 0.08
|
|
$ 0.68
|
|
$ 0.72
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Pro Forma Financial Information
The following table is presented to provide investors with
selected historical quarterly operating information to include the
operating results for the Company's hotels as if they were owned since January 1, 2011 but exclude Frenchman's Reef
and the three hotels that are under agreement to be sold.
|
|
|
Quarter
1, 2011
|
|
Quarter
2, 2011
|
|
Quarter
3, 2011
|
|
Quarter
4, 2011
|
|
Full
Year 2011
|
|
RevPAR
|
$ 96.04
|
|
$
128.65
|
|
$
131.53
|
|
$
129.59
|
|
$
123.01
|
|
Revenues
(in thousands)
|
$
103,028
|
|
$
158,488
|
|
$
158,702
|
|
$
213,055
|
|
$
633,273
|
|
Hotel
Adjusted EBITDA (in thousands)
|
$
16,446
|
|
$
44,822
|
|
$
43,832
|
|
$
60,721
|
|
$
165,821
|
|
% of
Full Year
|
9.9%
|
|
27.0%
|
|
26.4%
|
|
36.6%
|
|
100.0%
|
|
Hotel
Adjusted EBITDA Margin
|
15.96%
|
|
28.28%
|
|
27.62%
|
|
28.50%
|
|
26.18%
|
|
Available
Rooms
|
734,561
|
|
863,096
|
|
863,096
|
|
1,154,207
|
|
3,614,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available Rooms
The following table is presented to provide investors with the
Company's total available rooms for its actual ownership period of all
its owned hotels during 2011 and 2012.
|
|
|
2011
|
|
2012
|
|
Quarter
1
|
818,196
|
|
839,308
|
|
Quarter
2
|
919,886
|
|
907,072
|
|
Quarter
3
|
988,589
|
|
907,072
|
|
Quarter
4
|
1,355,863
|
|
1,224,541
|
|
Full
Year
|
4,082,534
|
|
3,877,993
|
|
|
|
|
|
|
|
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, the Renaissance Charleston and
the Radisson Lexington. 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. Net debt is calculated
as total debt outstanding less unrestricted cash.
DIAMONDROCK
HOSPITALITY COMPANY
PRO
FORMA HOTEL OPERATING DATA
Schedule
of Property Level Results
(in
thousands)
(unaudited)
|
|
|
Fiscal
Quarter Ended December 31,
|
|
|
|
Year
Ended December 31,
|
|
|
|
|
2011
|
|
2010
|
|
%
Change
|
|
2011
|
|
2010
|
|
%
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
$149,570
|
|
$140,059
|
|
6.8%
|
|
$444,677
|
|
$418,313
|
|
6.3%
|
|
Food
and beverage
|
53,321
|
|
49,796
|
|
7.1%
|
|
157,410
|
|
152,784
|
|
3.0%
|
|
Other
|
10,164
|
|
9,152
|
|
11.1%
|
|
31,186
|
|
29,034
|
|
7.4%
|
|
Total
revenues
|
213,055
|
|
199,007
|
|
7.1%
|
|
633,273
|
|
600,131
|
|
5.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
|
$38,965
|
|
$36,711
|
|
6.1%
|
|
$120,090
|
|
$113,676
|
|
5.6%
|
|
Food
and beverage
|
35,670
|
|
33,630
|
|
6.1%
|
|
109,433
|
|
106,045
|
|
3.2%
|
|
Other
direct departmental
|
4,983
|
|
4,743
|
|
5.1%
|
|
16,241
|
|
15,551
|
|
4.4%
|
|
General
and administrative
|
17,817
|
|
17,024
|
|
4.7%
|
|
53,821
|
|
52,348
|
|
2.8%
|
|
Utilities
|
6,376
|
|
6,464
|
|
(1.4%)
|
|
21,185
|
|
21,336
|
|
(0.7%)
|
|
Repairs
and maintenance
|
9,204
|
|
9,047
|
|
1.7%
|
|
28,475
|
|
27,436
|
|
3.8%
|
|
Sales
and marketing
|
16,285
|
|
15,395
|
|
5.8%
|
|
49,568
|
|
46,281
|
|
7.1%
|
|
Base
management fees
|
5,588
|
|
5,228
|
|
6.9%
|
|
16,494
|
|
15,550
|
|
6.1%
|
|
Incentive
management fees
|
2,340
|
|
2,459
|
|
(4.8%)
|
|
5,206
|
|
4,749
|
|
9.6%
|
|
Property
taxes
|
9,068
|
|
4,607
|
|
96.8%
|
|
29,223
|
|
26,072
|
|
12.1%
|
|
Ground
rent
|
4,503
|
|
4,340
|
|
3.8%
|
|
14,199
|
|
13,650
|
|
4.0%
|
|
Other
fixed expenses
|
3,077
|
|
2,904
|
|
6.0%
|
|
8,723
|
|
8,328
|
|
4.7%
|
|
Total
hotel operating expenses
|
$153,876
|
|
$142,552
|
|
7.9%
|
|
$472,658
|
|
$451,022
|
|
4.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
59,179
|
|
56,455
|
|
4.8%
|
|
160,615
|
|
149,109
|
|
7.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash
ground rent
|
2,118
|
|
2,068
|
|
2.4%
|
|
6,983
|
|
6,734
|
|
3.7%
|
|
Non-cash
amortization of unfavorable contract liabilities
|
(576)
|
|
(576)
|
|
0.0%
|
|
(1,777)
|
|
(1,777)
|
|
0.0%
|
|
Hotel
Adjusted EBITDA
|
60,721
|
|
57,947
|
|
4.8%
|
|
165,821
|
|
154,066
|
|
7.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE:
The pro forma operating data above includes the operating
results for the Company's hotels assuming they were owned since January 1, 2010 but excludes the Frenchman's
Reef & Morning Star Marriott Beach Resort due to the extensive 2011
renovation and the operating results of the three-hotel portfolio
classified as "held for sale."
|
|
Market
Capitalization
as of December 31, 2011
(in
thousands, except per share data)
|
|
|
|
|
|
Enterprise
Value
|
|
|
|
|
|
|
|
Common
equity capitalization (at December 30, 2011 closing price of
$9.64/share)
|
|
$
1,624,784
|
|
Consolidated
debt
|
|
1,042,933
|
|
Cash
and cash equivalents
|
|
(26,291)
|
|
|
|
|
|
Total
enterprise value
|
|
$
2,641,426
|
|
|
|
|
|
|
|
|
|
Share
Reconciliation
|
|
|
|
|
|
|
|
Common
shares outstanding
|
|
167,502
|
|
|
|
|
|
Unvested
restricted stock held by management and employees
|
|
1,010
|
|
Share
grants under deferred compensation plan held by directors
|
34
|
|
|
|
|
|
Combined
shares outstanding
|
|
168,546
|
|
|
|
|
|
|
|
|
Debt
Summary as of December 31, 2011
|
|
(dollars
in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Property
|
|
Interest
Rate
|
|
Term
|
|
Outstanding
Principal
|
|
Maturity
|
|
|
|
|
|
|
|
|
|
|
|
Courtyard
Manhattan / Midtown East
|
|
8.810%
|
|
Fixed
|
|
$
42,303
|
|
October
2014
|
|
Salt
Lake City Marriott Downtown
|
|
5.500%
|
|
Fixed
|
|
30,210
|
|
January
2015
|
|
Courtyard
Manhattan / Fifth Avenue
|
|
6.480%
|
|
Fixed
|
|
50,708
|
|
June
2016
|
|
Los
Angeles Airport Marriott
|
|
5.300%
|
|
Fixed
|
|
82,600
|
|
July
2015
|
|
Marriott
Frenchman's Reef
|
5.440%
|
|
Fixed
|
|
59,645
|
|
August
2015
|
|
Renaissance
Worthington
|
|
5.400%
|
|
Fixed
|
|
55,540
|
|
July
2015
|
|
Orlando
Airport Marriott
|
|
5.680%
|
|
Fixed
|
|
58,334
|
|
January
2016
|
|
Chicago
Marriott Downtown
|
|
5.975%
|
|
Fixed
|
|
214,324
|
|
April
2016
|
|
Austin
Renaissance Hotel (1)
|
|
5.507%
|
|
Fixed
|
|
83,000
|
|
December
2016
|
|
Waverly
Renaissance Hotel (1)
|
|
5.503%
|
|
Fixed
|
|
97,000
|
|
December
2016
|
|
Hilton
Minneapolis
|
|
5.464%
|
|
Fixed
|
|
98,950
|
|
April
2021
|
|
JW
Marriott Denver Cherry Creek
|
|
6.470%
|
|
Fixed
|
|
41,845
|
|
July
2015
|
|
Courtyard
Denver Downtown (2)
|
|
6.260%
|
|
Fixed
|
|
27,034
|
|
August
2012
|
|
Debt
premiums (3)
|
|
|
|
|
|
1,440
|
|
|
|
Total
mortgage debt
|
|
|
|
|
|
942,933
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior
Unsecured Credit Facility
|
|
LIBOR
+ 3.00
|
|
Variable
|
|
100,000
|
|
August
2014
|
|
Total
Debt
|
|
|
|
$
1,042,933
|
|
|
|
|
|
(1)
Classified as mortgage debt of assets held for sale as of December 31,
2011.
(2)
The mortgage was prepaid in full on February 7, 2012.
(3)
Recorded upon the assumption of the JW Marriott Denver at Cherry Creek
and Courtyard Denver Downtown mortgage debt in 2011.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro
Forma Operating Statistics – Fourth Quarter (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
Occupancy
|
|
RevPAR
|
|
Hotel
Adjusted EBITDA Margin
|
|
|
|
4Q 2011
|
4Q
2010
|
B/(W)
|
|
4Q 2011
|
4Q
2010
|
B/(W)
|
|
4Q 2011
|
4Q
2010
|
B/(W)
|
|
4Q 2011
|
4Q
2010
|
B/(W)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta
Alpharetta
|
|
$
128.67
|
$
121.65
|
5.8%
|
|
67.4%
|
62.6%
|
4.8%
|
|
$ 86.78
|
$ 76.13
|
14.0%
|
|
27.33%
|
26.06%
|
127 bps
|
|
Westin
Atlanta North (2)
|
|
$
111.23
|
$
102.57
|
8.4%
|
|
64.2%
|
66.5%
|
(2.3%)
|
|
$ 71.42
|
$ 68.25
|
4.6%
|
|
16.21%
|
10.01%
|
620 bps
|
|
Atlanta
Waverly
|
|
$
130.96
|
$
127.40
|
2.8%
|
|
59.4%
|
62.4%
|
(3.0%)
|
|
$ 77.84
|
$ 79.54
|
(2.1%)
|
|
27.28%
|
24.05%
|
323 bps
|
|
Renaissance
Austin
|
|
$
139.50
|
$
148.96
|
(6.4%)
|
|
57.1%
|
60.1%
|
(3.0%)
|
|
$ 79.65
|
$ 89.58
|
(11.1%)
|
|
28.92%
|
31.01%
|
-209
bps
|
|
Bethesda
Marriott Suites
|
|
$
174.97
|
$
170.30
|
2.7%
|
|
63.3%
|
64.2%
|
(0.9%)
|
|
$
110.72
|
$
109.39
|
1.2%
|
|
26.68%
|
28.56%
|
-188
bps
|
|
Boston
Westin (2)
|
|
$
211.66
|
$
205.54
|
3.0%
|
|
65.7%
|
62.4%
|
3.3%
|
|
$
139.05
|
$
128.31
|
8.4%
|
|
24.76%
|
24.37%
|
39 bps
|
|
Renaissance
Charleston
|
|
$
164.23
|
$
160.63
|
2.2%
|
|
84.2%
|
80.4%
|
3.8%
|
|
$
138.28
|
$
129.18
|
7.0%
|
|
29.76%
|
33.99%
|
-423
bps
|
|
Hilton
Garden Inn Chelsea (2)
|
|
$
248.59
|
$
239.52
|
3.8%
|
|
93.6%
|
93.8%
|
(0.2%)
|
|
$
232.61
|
$
224.72
|
3.5%
|
|
51.44%
|
51.97%
|
-53 bps
|
|
Chicago
Marriott
|
|
$
204.72
|
$
202.07
|
1.3%
|
|
78.1%
|
73.8%
|
4.3%
|
|
$
159.83
|
$
149.12
|
7.2%
|
|
30.10%
|
35.99%
|
-589
bps
|
|
Chicago
Conrad (2)
|
|
$
219.55
|
$
205.31
|
6.9%
|
|
82.8%
|
85.5%
|
(2.7%)
|
|
$
181.86
|
$
175.52
|
3.6%
|
|
36.24%
|
43.87%
|
-763
bps
|
|
Courtyard
Denver Downtown (2)
|
|
$
148.15
|
$
150.67
|
(1.7%)
|
|
84.1%
|
75.7%
|
8.4%
|
|
$
124.60
|
$
114.04
|
9.3%
|
|
42.92%
|
35.07%
|
785 bps
|
|
Courtyard
Fifth Avenue
|
|
$
295.00
|
$
297.43
|
(0.8%)
|
|
89.4%
|
86.8%
|
2.6%
|
|
$
263.70
|
$
258.18
|
2.1%
|
|
33.64%
|
39.66%
|
-602
bps
|
|
Courtyard
Midtown East
|
|
$
305.03
|
$
294.21
|
3.7%
|
|
84.2%
|
86.2%
|
(2.0%)
|
|
$
256.85
|
$
253.64
|
1.3%
|
|
41.44%
|
42.04%
|
-60 bps
|
|
Frenchman's
Reef (2)
|
|
$
208.56
|
$
187.58
|
11.2%
|
|
78.1%
|
76.2%
|
1.9%
|
|
$
162.94
|
$
142.88
|
14.0%
|
|
(24.47%)
|
(0.78%)
|
-2369
bps
|
|
Griffin
Gate Marriott
|
|
$
134.58
|
$
208.76
|
(35.5%)
|
|
60.5%
|
58.9%
|
1.6%
|
|
$ 81.40
|
$
123.06
|
(33.9%)
|
|
27.51%
|
39.42%
|
-1191
bps
|
|
JW
Marriott Denver Cherry Creek (2)
|
|
$
226.27
|
$
228.17
|
(0.8%)
|
|
75.3%
|
74.5%
|
0.8%
|
|
$
170.35
|
$
169.93
|
0.2%
|
|
30.80%
|
27.79%
|
301 bps
|
|
Los
Angeles Airport
|
|
$
102.98
|
$ 98.85
|
4.2%
|
|
80.9%
|
79.6%
|
1.3%
|
|
$ 83.27
|
$ 78.65
|
5.9%
|
|
11.18%
|
14.23%
|
-305
bps
|
|
Hilton
Minneapolis (2)
|
|
$
148.32
|
$
139.22
|
6.5%
|
|
68.6%
|
66.4%
|
2.2%
|
|
$
101.79
|
$ 92.49
|
10.1%
|
|
27.00%
|
26.00%
|
100 bps
|
|
Oak
Brook Hills
|
|
$
119.05
|
$
110.95
|
7.3%
|
|
54.0%
|
49.7%
|
4.3%
|
|
$ 64.34
|
$ 55.17
|
16.6%
|
|
9.96%
|
11.06%
|
-110
bps
|
|
Orlando
Airport Marriott
|
|
$ 96.94
|
$ 91.65
|
5.8%
|
|
69.8%
|
75.2%
|
(5.4%)
|
|
$ 67.66
|
$ 68.90
|
(1.8%)
|
|
17.94%
|
26.14%
|
-820
bps
|
|
Salt
Lake City Marriott
|
|
$
127.82
|
$
121.43
|
5.3%
|
|
58.1%
|
54.3%
|
3.8%
|
|
$ 74.23
|
$ 65.95
|
12.6%
|
|
24.37%
|
20.08%
|
429 bps
|
|
The
Lodge at Sonoma
|
|
$
231.82
|
$
210.75
|
10.0%
|
|
69.3%
|
68.6%
|
0.7%
|
|
$
160.61
|
$
144.48
|
11.2%
|
|
25.89%
|
20.97%
|
492 bps
|
|
Torrance
Marriott South Bay
|
|
$
104.63
|
$
102.79
|
1.8%
|
|
81.3%
|
76.1%
|
5.2%
|
|
$ 85.05
|
$ 78.25
|
8.7%
|
|
23.82%
|
21.27%
|
255 bps
|
|
Vail
Marriott (2)
|
|
$
197.87
|
$
190.13
|
4.1%
|
|
51.7%
|
51.8%
|
(0.1%)
|
|
$
102.23
|
$ 98.54
|
3.7%
|
|
11.96%
|
6.40%
|
556 bps
|
|
Radisson
Lexington Hotel New York (2)
|
|
$
241.34
|
$
230.07
|
4.9%
|
|
95.8%
|
95.8%
|
0.0%
|
|
$
231.32
|
$
220.47
|
4.9%
|
|
44.72%
|
43.19%
|
153 bps
|
|
Renaissance
Worthington
|
|
$
151.96
|
$
159.88
|
(5.0%)
|
|
72.7%
|
61.7%
|
11.0%
|
|
$
110.48
|
$ 98.58
|
12.1%
|
|
28.23%
|
24.21%
|
402 bps
|
|
Total/Weighted
Average
|
|
$
172.30
|
$
169.22
|
1.8%
|
|
72.3%
|
70.7%
|
1.6%
|
|
$
124.66
|
$
119.64
|
4.2%
|
|
26.25%
|
27.93%
|
-168
bps
|
|
Comparable
Total/Weighted Average (3)
|
|
$
175.09
|
$
169.75
|
3.1%
|
|
74.0%
|
71.9%
|
2.1%
|
|
$
129.59
|
$
121.99
|
6.2%
|
|
28.50%
|
29.12%
|
-62 bps
|
|
|
|
(1)
The pro forma operating data includes the
operating results for the Company's hotels assuming they were owned
since January 1, 2010.
(2)
The hotel reports results on a monthly basis. The data presented is
based upon the Company's reporting calendar for the fourth quarter and
includes the months from September to December.
(3)
The comparable total excludes the Frenchman's Reef & Morning Star
Marriott Beach Resort and the three-hotel portfolio classified as "held
for sale."
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro Forma Operating Statistics – Full
Year (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
Occupancy
|
|
RevPAR
|
|
Hotel
Adjusted EBITDA Margin
|
|
|
|
YTD
2011
|
YTD
2010
|
B/(W)
|
|
YTD
2011
|
YTD
2010
|
B/(W)
|
|
YTD
2011
|
YTD
2010
|
B/(W)
|
|
YTD
2011
|
YTD
2010
|
B/(W)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta
Alpharetta
|
|
$
132.24
|
$
119.51
|
10.7%
|
|
67.8%
|
66.0%
|
1.8%
|
|
$ 89.70
|
$ 78.86
|
13.7%
|
|
29.21%
|
24.97%
|
424 bps
|
|
Westin
Atlanta North
|
|
$
108.94
|
$
102.45
|
6.3%
|
|
69.6%
|
69.8%
|
(0.2%)
|
|
$ 75.82
|
$ 71.51
|
6.0%
|
|
15.37%
|
13.41%
|
196 bps
|
|
Atlanta
Waverly
|
|
$
129.56
|
$
126.88
|
2.1%
|
|
65.5%
|
64.0%
|
1.5%
|
|
$ 84.87
|
$ 81.20
|
4.5%
|
|
24.78%
|
27.86%
|
-308
bps
|
|
Renaissance
Austin
|
|
$
140.49
|
$
143.89
|
(2.4%)
|
|
62.3%
|
61.2%
|
1.1%
|
|
$ 87.49
|
$ 88.11
|
(0.7%)
|
|
28.39%
|
29.41%
|
-102
bps
|
|
Bethesda
Marriott Suites
|
|
$
169.54
|
$
164.47
|
3.1%
|
|
64.4%
|
66.3%
|
(1.9%)
|
|
$
109.20
|
$
109.00
|
0.2%
|
|
25.88%
|
25.41%
|
47 bps
|
|
Boston
Westin
|
|
$
197.64
|
$
192.34
|
2.8%
|
|
69.7%
|
67.2%
|
2.5%
|
|
$
137.69
|
$
129.20
|
6.6%
|
|
23.74%
|
23.82%
|
-8 bps
|
|
Renaissance
Charleston
|
|
$
167.50
|
$
157.65
|
6.2%
|
|
84.6%
|
83.2%
|
1.4%
|
|
$
141.74
|
$
131.18
|
8.1%
|
|
32.28%
|
33.48%
|
-120
bps
|
|
Hilton
Garden Inn Chelsea
|
|
$
213.29
|
$
202.29
|
5.4%
|
|
92.6%
|
91.3%
|
1.3%
|
|
$
197.42
|
$
184.68
|
6.9%
|
|
46.10%
|
44.38%
|
172 bps
|
|
Chicago
Marriott
|
|
$
191.48
|
$
184.50
|
3.8%
|
|
72.8%
|
72.3%
|
0.5%
|
|
$
139.43
|
$
133.43
|
4.5%
|
|
23.89%
|
24.50%
|
-61 bps
|
|
Chicago
Conrad
|
|
$
198.14
|
$
186.54
|
6.2%
|
|
83.9%
|
80.3%
|
3.6%
|
|
$
166.33
|
$
149.83
|
11.0%
|
|
30.82%
|
30.31%
|
51 bps
|
|
Courtyard
Denver Downtown
|
|
$
151.30
|
$
147.63
|
2.5%
|
|
81.2%
|
80.0%
|
1.2%
|
|
$
122.84
|
$
118.03
|
4.1%
|
|
43.11%
|
40.14%
|
297 bps
|
|
Courtyard
Fifth Avenue
|
|
$
260.09
|
$
254.90
|
2.0%
|
|
86.9%
|
86.3%
|
0.6%
|
|
$
226.07
|
$
220.05
|
2.7%
|
|
27.97%
|
29.82%
|
-185
bps
|
|
Courtyard
Midtown East
|
|
$
262.99
|
$
244.03
|
7.8%
|
|
83.5%
|
85.8%
|
(2.3%)
|
|
$
219.68
|
$
209.26
|
5.0%
|
|
34.34%
|
33.45%
|
89 bps
|
|
Frenchman's
Reef
|
|
$
229.24
|
$
219.91
|
4.2%
|
|
81.8%
|
82.2%
|
(0.4%)
|
|
$
187.53
|
$
180.84
|
3.7%
|
|
(1.20%)
|
19.40%
|
-2060
bps
|
|
Griffin
Gate Marriott
|
|
$
131.44
|
$
148.75
|
(11.6%)
|
|
60.8%
|
62.2%
|
(1.4%)
|
|
$ 79.97
|
$ 92.59
|
(13.6%)
|
|
24.43%
|
28.87%
|
-444
bps
|
|
JW
Marriott Denver Cherry Creek
|
|
$
230.29
|
$
219.68
|
4.8%
|
|
72.8%
|
74.1%
|
(1.3%)
|
|
$
167.59
|
$
162.70
|
3.0%
|
|
29.33%
|
27.42%
|
191 bps
|
|
Los
Angeles Airport
|
|
$
104.15
|
$
101.36
|
2.8%
|
|
84.6%
|
81.6%
|
3.0%
|
|
$ 88.12
|
$ 82.67
|
6.6%
|
|
15.72%
|
15.22%
|
50 bps
|
|
Hilton
Minneapolis
|
|
$
142.22
|
$
134.12
|
6.0%
|
|
73.7%
|
71.9%
|
1.8%
|
|
$
104.87
|
$ 96.37
|
8.8%
|
|
29.24%
|
27.92%
|
132 bps
|
|
Oak
Brook Hills
|
|
$
115.30
|
$
108.05
|
6.7%
|
|
54.3%
|
51.7%
|
2.6%
|
|
$ 62.64
|
$ 55.90
|
12.1%
|
|
9.04%
|
10.39%
|
-135
bps
|
|
Orlando
Airport Marriott
|
|
$ 99.05
|
$ 95.74
|
3.5%
|
|
74.9%
|
72.7%
|
2.2%
|
|
$ 74.19
|
$ 69.59
|
6.6%
|
|
20.83%
|
21.41%
|
-58 bps
|
|
Salt
Lake City Marriott
|
|
$
127.40
|
$
130.12
|
(2.1%)
|
|
59.4%
|
54.1%
|
5.3%
|
|
$ 75.64
|
$ 70.36
|
7.5%
|
|
25.10%
|
24.55%
|
55 bps
|
|
The
Lodge at Sonoma
|
|
$
217.76
|
$
197.93
|
10.0%
|
|
70.4%
|
68.3%
|
2.1%
|
|
$
153.32
|
$
135.13
|
13.5%
|
|
18.75%
|
16.56%
|
219 bps
|
|
Torrance
Marriott South Bay
|
|
$
105.31
|
$
101.34
|
3.9%
|
|
81.2%
|
79.8%
|
1.4%
|
|
$ 85.46
|
$ 80.82
|
5.7%
|
|
24.56%
|
20.23%
|
433 bps
|
|
Vail
Marriott
|
|
$
218.23
|
$
220.44
|
(1.0%)
|
|
61.1%
|
61.1%
|
0.0%
|
|
$
133.33
|
$
134.71
|
(1.0%)
|
|
25.41%
|
26.15%
|
-74 bps
|
|
Radisson
Lexington Hotel New York
|
|
$
200.70
|
$
190.53
|
5.3%
|
|
95.5%
|
94.9%
|
0.6%
|
|
$
191.72
|
$
180.74
|
6.1%
|
|
36.90%
|
37.47%
|
-57 bps
|
|
Renaissance
Worthington
|
|
$
157.00
|
$
159.10
|
(1.3%)
|
|
71.9%
|
64.8%
|
7.1%
|
|
$
112.83
|
$
103.07
|
9.5%
|
|
29.79%
|
28.19%
|
160 bps
|
|
Total/Weighted
Average
|
|
$
162.53
|
$
158.49
|
2.5%
|
|
73.9%
|
72.4%
|
1.5%
|
|
$
120.10
|
$
114.76
|
4.7%
|
|
24.90%
|
25.60%
|
-70 bps
|
|
Comparable
Total/Weighted Average (2)
|
|
$
163.60
|
$
157.74
|
3.7%
|
|
75.2%
|
73.4%
|
1.8%
|
|
$
123.01
|
$
115.73
|
6.3%
|
|
26.18%
|
25.67%
|
51 bps
|
|
|
|
(1)
The pro forma operating data includes the
operating results for the Company's hotels assuming they were owned
since January 1, 2010.
(2)
The comparable total excludes the Frenchman's Reef & Morning Star
Marriott Beach Resort and the three-hotel portfolio classified as "held
for sale."
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro
Forma Hotel Adjusted EBITDA Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter 2011 (1)
|
|
|
|
|
|
|
Plus:
|
Plus:
|
Plus:
|
Equals:
|
|
|
|
Total
Revenues
|
|
Net
Income / (Loss)
|
Depreciation
|
Interest
Expense
|
Non-Cash
Adjustments
(2)
|
Hotel
Adjusted EBITDA
|
|
Atlanta
Alpharetta
|
|
$ 4,632
|
|
$ 876
|
$ 390
|
$ -
|
$ -
|
$ 1,266
|
|
Westin
Atlanta North (3)
|
|
$ 5,183
|
|
$ 235
|
$ 605
|
$ -
|
$ -
|
$ 840
|
|
Atlanta
Waverly
|
|
$ 9,409
|
|
$ (490)
|
$ 1,375
|
$ 1,682
|
$ -
|
$ 2,567
|
|
Renaissance
Austin
|
|
$ 8,466
|
|
$ (204)
|
$ 1,208
|
$ 1,444
|
$ -
|
$ 2,448
|
|
Bethesda
Marriott Suites
|
|
$ 4,760
|
|
$
(1,301)
|
$ 643
|
$ -
|
$ 1,928
|
$ 1,270
|
|
Boston
Westin (3)
|
|
$
22,803
|
|
$ 1,640
|
$ 3,849
|
$ -
|
$ 156
|
$ 5,645
|
|
Renaissance
Charleston
|
|
$ 3,233
|
|
$ 537
|
$ 464
|
$ -
|
$ (39)
|
$ 962
|
|
Hilton
Garden Inn Chelsea (3)
|
|
$ 4,930
|
|
$ 1,953
|
$ 583
|
$ -
|
$ -
|
$ 2,536
|
|
Chicago
Marriott
|
|
$
32,508
|
|
$ 2,304
|
$ 3,982
|
$ 3,984
|
$ (486)
|
$ 9,784
|
|
Chicago
Conrad (3)
|
|
$ 8,952
|
|
$ 1,964
|
$ 1,280
|
$ -
|
$ -
|
$ 3,244
|
|
Courtyard
Denver Downtown (3)
|
|
$ 2,922
|
|
$ 500
|
$ 311
|
$ 443
|
$ -
|
$ 1,254
|
|
Courtyard
Fifth Avenue
|
|
$ 5,589
|
|
$ 172
|
$ 593
|
$ 1,051
|
$ 64
|
$ 1,880
|
|
Courtyard
Midtown East
|
|
$ 9,391
|
|
$ 1,949
|
$ 709
|
$ 1,234
|
$ -
|
$ 3,892
|
|
Frenchman's
Reef (3)
|
|
$
10,268
|
|
$
(5,203)
|
$ 1,803
|
$ 887
|
$ -
|
$
(2,513)
|
|
Griffin
Gate Marriott
|
|
$ 7,681
|
|
$ 1,119
|
$ 995
|
$ -
|
$ (1)
|
$ 2,113
|
|
JW
Marriott Denver Cherry Creek (3)
|
|
$ 6,902
|
|
$ 801
|
$ 559
|
$ 766
|
$ -
|
$ 2,126
|
|
Los
Angeles Airport
|
|
$
15,727
|
|
$
(1,406)
|
$ 1,796
|
$ 1,369
|
$ -
|
$ 1,759
|
|
Minneapolis
Hilton (3)
|
|
$
16,788
|
|
$ 828
|
$ 2,274
|
$ 1,725
|
$ (294)
|
$ 4,533
|
|
Oak
Brook Hills
|
|
$ 6,516
|
|
$ (500)
|
$ 982
|
$ -
|
$ 167
|
$ 649
|
|
Orlando
Airport Marriott
|
|
$ 5,842
|
|
$ (977)
|
$ 997
|
$ 1,028
|
$ -
|
$ 1,048
|
|
Salt
Lake City Marriott
|
|
$ 6,418
|
|
$ 209
|
$ 833
|
$ 522
|
$ -
|
$ 1,564
|
|
The
Lodge at Sonoma
|
|
$ 5,512
|
|
$ 977
|
$ 450
|
$ -
|
$ -
|
$ 1,427
|
|
Torrance
Marriott South Bay
|
|
$ 7,036
|
|
$ 692
|
$ 984
|
$ -
|
$ -
|
$ 1,676
|
|
Vail
Marriott (3)
|
|
$ 6,110
|
|
$ 5
|
$ 726
|
$ -
|
$ -
|
$ 731
|
|
Radisson
Lexington Hotel New York (3)
|
|
$
21,275
|
|
$ 6,326
|
$ 3,140
|
$ 4
|
$ 44
|
$ 9,514
|
|
Renaissance
Worthington
|
|
$
10,026
|
|
$ 1,034
|
$ 855
|
$ 937
|
$ 4
|
$ 2,830
|
|
Total
|
|
$
248,879
|
|
$
14,040
|
$
32,386
|
$
17,076
|
$ 1,543
|
$
65,336
|
|
Comparable
Total (4)
|
|
$
213,055
|
|
$
18,818
|
$
27,005
|
$
13,063
|
$ 1,544
|
$
60,721
|
|
|
|
(1)
The pro forma operating data includes the
operating results for the Company's hotels assuming they were owned
since January 1, 2010.
(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 favorable lease assets, and the non-cash
amortization of unfavorable contract liabilities.
(3)
The hotel reports results on a monthly basis. The amounts presented are
based on the Company's reporting calendar for the fourth quarter and
include the months of September through December.
(4)
The comparable total excludes the Frenchman's Reef & Morning Star
Marriott Beach Resort and the three-hotel portfolio classified as "held
for sale."
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro
Forma Hotel Adjusted EBITDA Reconciliation
|
|
|
|
Fourth
Quarter 2010 (1)
|
|
|
|
|
|
|
Plus:
|
Plus:
|
Plus:
|
Equals:
|
|
|
|
Total
Revenues
|
|
Net
Income / (Loss)
|
Depreciation
|
Interest
Expense
|
Non-Cash
Adjustments
(2)
|
Hotel
Adjusted EBITDA
|
|
Atlanta
Alpharetta
|
|
$ 4,168
|
|
$ 660
|
$ 426
|
$ -
|
$ -
|
$ 1,086
|
|
Westin
Atlanta North (3)
|
|
$ 4,915
|
|
$ (115)
|
$ 607
|
$ -
|
$ -
|
$ 492
|
|
Atlanta
Waverly
|
|
$ 9,716
|
|
$ (767)
|
$ 1,436
|
$ 1,668
|
$ -
|
$ 2,337
|
|
Renaissance
Austin
|
|
$ 9,157
|
|
$ 223
|
$ 1,186
|
$ 1,431
|
$ -
|
$ 2,840
|
|
Bethesda
Marriott Suites
|
|
$ 4,794
|
|
$
(1,286)
|
$ 720
|
$ -
|
$ 1,935
|
$ 1,369
|
|
Boston
Westin (3)
|
|
$
20,862
|
|
$ 958
|
$ 3,970
|
$ -
|
$ 156
|
$ 5,084
|
|
Renaissance
Charleston
|
|
$ 2,945
|
|
$ 594
|
$ 446
|
$ -
|
$ (39)
|
$ 1,001
|
|
Hilton
Garden Inn Chelsea (3)
|
|
$ 4,762
|
|
$ 1,914
|
$ 561
|
$ -
|
$ -
|
$ 2,475
|
|
Chicago
Marriott
|
|
$
29,326
|
|
$ 2,676
|
$ 4,277
|
$ 4,086
|
$ (486)
|
$
10,553
|
|
Chicago
Conrad (3)
|
|
$ 8,790
|
|
$ 2,362
|
$ 1,494
|
$ -
|
$ -
|
$ 3,856
|
|
Courtyard
Denver Downtown (3)
|
|
$ 2,666
|
|
$ 108
|
$ 373
|
$ 454
|
$ -
|
$ 935
|
|
Courtyard
Fifth Avenue
|
|
$ 5,411
|
|
$ 435
|
$ 582
|
$ 1,065
|
$ 64
|
$ 2,146
|
|
Courtyard
Midtown East
|
|
$ 9,172
|
|
$ 1,904
|
$ 722
|
$ 1,230
|
$ -
|
$ 3,856
|
|
Frenchman's
Reef (3)
|
|
$
11,775
|
|
$
(2,516)
|
$ 1,284
|
$ 933
|
$ 207
|
$ (92)
|
|
Griffin
Gate Marriott
|
|
$ 9,575
|
|
$ 2,699
|
$ 1,076
|
$ -
|
$ (1)
|
$ 3,774
|
|
JW
Marriott Denver Cherry Creek (3)
|
|
$ 6,805
|
|
$ 551
|
$ 560
|
$ 780
|
$ -
|
$ 1,891
|
|
Los
Angeles Airport
|
|
$
15,149
|
|
$
(1,070)
|
$ 1,844
|
$ 1,381
|
$ -
|
$ 2,155
|
|
Minneapolis
Hilton (3)
|
|
$
15,308
|
|
$ 2,138
|
$ 2,222
|
$ -
|
$ (380)
|
$ 3,980
|
|
Oak
Brook Hills
|
|
$ 6,193
|
|
$ (683)
|
$ 1,201
|
$ -
|
$ 167
|
$ 685
|
|
Orlando
Airport Marriott
|
|
$ 5,620
|
|
$ (706)
|
$ 1,128
|
$ 1,047
|
$ -
|
$ 1,469
|
|
Salt
Lake City Marriott
|
|
$ 5,897
|
|
$ (347)
|
$ 979
|
$ 552
|
$ -
|
$ 1,184
|
|
The
Lodge at Sonoma
|
|
$ 5,122
|
|
$ 626
|
$ 448
|
$ -
|
$ -
|
$ 1,074
|
|
Torrance
Marriott South Bay
|
|
$ 6,285
|
|
$ 244
|
$ 1,093
|
$ -
|
$ -
|
$ 1,337
|
|
Vail
Marriott (3)
|
|
$ 5,769
|
|
$ (324)
|
$ 693
|
$ -
|
$ -
|
$ 369
|
|
Radisson
Lexington Hotel New York (3)
|
|
$
20,235
|
|
$ 5,551
|
$ 3,140
|
$ 4
|
$ 44
|
$ 8,739
|
|
Renaissance
Worthington
|
|
$ 8,813
|
|
$ 380
|
$ 791
|
$ 959
|
$ 4
|
$ 2,134
|
|
Total
|
|
$
239,230
|
|
$
16,209
|
$
33,259
|
$
15,590
|
$ 1,671
|
$
66,806
|
|
Comparable
Total (4)
|
|
$
199,007
|
|
$
16,570
|
$
28,277
|
$
11,558
|
$ 1,465
|
$
57,947
|
|
|
|
(1)
The pro forma operating data includes the operating results for the
Company's hotels assuming they were owned as of January 1, 2010.
(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 for the fourth quarter and
includes the months of September through December.
(4)
The comparable total excludes the Frenchman's Reef & Morning Star
Marriott Beach Resort and the three-hotel portfolio classified as "held
for sale."
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro
Forma Hotel Adjusted EBITDA Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full
Year 2011 (1)
|
|
|
|
|
|
|
Plus:
|
Plus:
|
Plus:
|
Equals:
|
|
|
|
Total
Revenues
|
|
Net
Income / (Loss)
|
Depreciation
|
Interest
Expense
|
Non-Cash
Adjustments
(2)
|
Hotel
Adjusted
EBITDA
|
|
Atlanta
Alpharetta
|
|
$
15,219
|
|
$ 3,195
|
$ 1,251
|
$ -
|
$ -
|
$ 4,446
|
|
Westin
Atlanta North
|
|
$
16,052
|
|
$ 584
|
$ 1,883
|
$ -
|
$ -
|
$ 2,467
|
|
Atlanta
Waverly
|
|
$
30,357
|
|
$
(2,520)
|
$ 4,607
|
$ 5,436
|
$ -
|
$ 7,523
|
|
Renaissance
Austin
|
|
$
27,939
|
|
$ (803)
|
$ 4,068
|
$ 4,666
|
$ -
|
$ 7,931
|
|
Bethesda
Marriott Suites
|
|
$
15,092
|
|
$
(4,459)
|
$ 2,094
|
$ -
|
$ 6,271
|
$ 3,906
|
|
Boston
Westin
|
|
$
66,564
|
|
$ 2,808
|
$
12,486
|
$ -
|
$ 507
|
$
15,801
|
|
Renaissance
Charleston
|
|
$
10,540
|
|
$ 2,060
|
$ 1,468
|
$ -
|
$ (126)
|
$ 3,402
|
|
Hilton
Garden Inn Chelsea
|
|
$
12,544
|
|
$ 3,918
|
$ 1,865
|
$ -
|
$ -
|
$ 5,783
|
|
Chicago
Marriott
|
|
$
90,912
|
|
$
(3,081)
|
$
13,200
|
$
13,182
|
$
(1,581)
|
$
21,720
|
|
Chicago
Conrad
|
|
$
24,904
|
|
$ 2,979
|
$ 4,697
|
$ -
|
$ -
|
$ 7,676
|
|
Courtyard
Denver Downtown
|
|
$ 8,595
|
|
$ 1,122
|
$ 1,135
|
$ 1,448
|
$ -
|
$ 3,705
|
|
Courtyard
Fifth Avenue
|
|
$
15,547
|
|
$
(1,233)
|
$ 1,909
|
$ 3,465
|
$ 207
|
$ 4,348
|
|
Courtyard
Midtown East
|
|
$
26,068
|
|
$ 2,658
|
$ 2,302
|
$ 3,991
|
$ -
|
$ 8,951
|
|
Frenchman's
Reef
|
|
$
34,367
|
|
$
(8,092)
|
$ 4,705
|
$ 2,976
|
$ -
|
$ (411)
|
|
Griffin
Gate Marriott
|
|
$
23,122
|
|
$ 2,362
|
$ 3,290
|
$ -
|
$ (4)
|
$ 5,648
|
|
JW
Marriott Denver Cherry Creek
|
|
$
19,628
|
|
$ 1,464
|
$ 1,817
|
$ 2,476
|
$ -
|
$ 5,757
|
|
Los
Angeles Airport
|
|
$
52,726
|
|
$
(2,026)
|
$ 5,816
|
$ 4,500
|
$ -
|
$ 8,290
|
|
Minneapolis
Hilton
|
|
$
50,769
|
|
$ 4,266
|
$ 7,348
|
$ 3,998
|
$ (768)
|
$
14,844
|
|
Oak
Brook Hills
|
|
$
20,471
|
|
$
(1,882)
|
$ 3,191
|
$ -
|
$ 542
|
$ 1,851
|
|
Orlando
Airport Marriott
|
|
$
19,699
|
|
$
(2,549)
|
$ 3,257
|
$ 3,395
|
$ -
|
$ 4,103
|
|
Salt
Lake City Marriott
|
|
$
20,990
|
|
$ 806
|
$ 2,718
|
$ 1,744
|
$ -
|
$ 5,268
|
|
The
Lodge at Sonoma
|
|
$
16,924
|
|
$ 1,750
|
$ 1,423
|
$ -
|
$ -
|
$ 3,173
|
|
Torrance
Marriott South Bay
|
|
$
22,093
|
|
$ 2,239
|
$ 3,188
|
$ -
|
$ -
|
$ 5,427
|
|
Vail
Marriott
|
|
$
23,225
|
|
$ 3,647
|
$ 2,254
|
$ -
|
$ -
|
$ 5,901
|
|
Radisson
Lexington Hotel New York
|
|
$
52,767
|
|
$ 9,119
|
$
10,189
|
$ 13
|
$ 148
|
$
19,469
|
|
Renaissance
Worthington
|
|
$
31,944
|
|
$ 3,674
|
$ 2,732
|
$ 3,098
|
$ 11
|
$ 9,515
|
|
Total
|
|
$
749,058
|
|
$
22,006
|
$
104,893
|
$
54,388
|
$ 5,207
|
$
186,512
|
|
Comparable
Total (3)
|
|
$
633,273
|
|
$
31,059
|
$
88,223
|
$
41,310
|
$ 5,211
|
$
165,821
|
|
|
|
(1)
The pro forma operating data includes the operating results for the
Company's hotels assuming they were owned as of January 1, 2010.
(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 comparable total excludes the Frenchman's Reef & Morning Star
Marriott Beach Resort and the three-hotel portfolio classified as "held
for sale."
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro
Forma Hotel Adjusted EBITDA Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full
Year 2010 (1)
|
|
|
|
|
|
|
Plus:
|
Plus:
|
Plus:
|
Equals:
|
|
|
|
Total
Revenues
|
|
Net
Income / (Loss)
|
Depreciation
|
Interest
Expense
|
Non-Cash
Adjustments (2)
|
Hotel
Adjusted EBITDA
|
|
Atlanta
Alpharetta
|
|
$
13,581
|
|
$ 2,108
|
$ 1,283
|
$ -
|
$ -
|
$ 3,391
|
|
Westin
Atlanta North
|
|
$
15,427
|
|
$ 196
|
$ 1,873
|
$ -
|
$ -
|
$ 2,069
|
|
Atlanta
Waverly
|
|
$
30,337
|
|
$
(1,577)
|
$ 4,591
|
$ 5,438
|
$ -
|
$ 8,452
|
|
Renaissance
Austin
|
|
$
29,085
|
|
$ (159)
|
$ 4,051
|
$ 4,663
|
$ -
|
$ 8,555
|
|
Bethesda
Marriott Suites
|
|
$
14,783
|
|
$
(4,790)
|
$ 2,244
|
$ -
|
$ 6,303
|
$ 3,757
|
|
Boston
Westin
|
|
$
63,397
|
|
$ 1,951
|
$
12,640
|
$ -
|
$ 507
|
$
15,098
|
|
Renaissance
Charleston
|
|
$ 9,784
|
|
$ 1,827
|
$ 1,575
|
$ -
|
$ (126)
|
$ 3,276
|
|
Hilton
Garden Inn Chelsea
|
|
$
11,739
|
|
$ 3,139
|
$ 2,071
|
$ -
|
$ -
|
$ 5,210
|
|
Chicago
Marriott
|
|
$
86,439
|
|
$
(4,532)
|
$
13,919
|
$
13,371
|
$
(1,581)
|
$
21,177
|
|
Chicago
Conrad
|
|
$
22,929
|
|
$ 2,137
|
$ 4,813
|
$ -
|
$ -
|
$ 6,950
|
|
Courtyard
Denver Downtown
|
|
$ 8,239
|
|
$ 618
|
$ 1,212
|
$ 1,477
|
$ -
|
$ 3,307
|
|
Courtyard
Fifth Avenue
|
|
$
15,041
|
|
$
(1,086)
|
$ 1,892
|
$ 3,470
|
$ 209
|
$ 4,485
|
|
Courtyard
Midtown East
|
|
$
24,762
|
|
$ 1,983
|
$ 2,283
|
$ 4,017
|
$ -
|
$ 8,283
|
|
Frenchman's
Reef
|
|
$
48,895
|
|
$ 3,244
|
$ 4,456
|
$ 188
|
$ 1,598
|
$ 9,486
|
|
Griffin
Gate Marriott
|
|
$
25,627
|
|
$ 4,044
|
$ 3,358
|
$ -
|
$ (4)
|
$ 7,398
|
|
JW
Marriott Denver Cherry Creek
|
|
$
18,932
|
|
$ 836
|
$ 1,820
|
$ 2,535
|
$ -
|
$ 5,191
|
|
Los
Angeles Airport
|
|
$
49,848
|
|
$
(2,695)
|
$ 5,780
|
$ 4,502
|
$ -
|
$ 7,587
|
|
Minneapolis
Hilton
|
|
$
46,780
|
|
$ 6,813
|
$ 7,299
|
$ -
|
$
(1,051)
|
$
13,061
|
|
Oak
Brook Hills
|
|
$
20,216
|
|
$
(1,883)
|
$ 3,442
|
$ -
|
$ 542
|
$ 2,101
|
|
Orlando
Airport Marriott
|
|
$
18,494
|
|
$
(2,806)
|
$ 3,354
|
$ 3,411
|
$ -
|
$ 3,959
|
|
Salt
Lake City Marriott
|
|
$
20,247
|
|
$ 21
|
$ 3,124
|
$ 1,825
|
$ -
|
$ 4,970
|
|
The
Lodge at Sonoma
|
|
$
15,409
|
|
$ 1,135
|
$ 1,416
|
$ -
|
$ -
|
$ 2,551
|
|
Torrance
Marriott South Bay
|
|
$
20,281
|
|
$ 753
|
$ 3,350
|
$ -
|
$ -
|
$ 4,103
|
|
Vail
Marriott
|
|
$
23,822
|
|
$ 3,619
|
$ 2,610
|
$ -
|
$ -
|
$ 6,229
|
|
Radisson
Lexington Hotel New York
|
|
$
49,751
|
|
$ 8,274
|
$
10,205
|
$ 13
|
$ 148
|
$
18,640
|
|
Renaissance
Worthington
|
|
$
30,230
|
|
$ 2,379
|
$ 2,990
|
$ 3,141
|
$ 11
|
$ 8,521
|
|
Total
|
|
$
734,075
|
|
$
25,549
|
$
107,651
|
$
48,051
|
$ 6,556
|
$
187,957
|
|
Comparable
Total (3)
|
|
$
600,131
|
|
$
19,997
|
$
91,195
|
$
37,762
|
$ 4,962
|
$
154,066
|
|
|
|
(1)
The pro forma operating data includes the operating results for the
Company's hotels assuming they were owned as of January 1, 2010.
(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 comparable total excludes the Frenchman's Reef & Morning Star
Marriott Beach Resort and the three-hotel portfolio classified as "held
for sale."
|
|