Strategic Hotels & Resorts Reports Fourth Quarter And Full Year 2014 Results:
Fourth Quarter Highlights
- Total consolidated revenues were $313.0 million in the fourth quarter of 2014, a 35.0 percent increase over the prior year period. This increase was primarily driven by the consolidation of both the Hotel del Coronado and Fairmont Scottsdale Princess.
- Net income attributable to common shareholders was $1.4 million, or $0.01 per diluted share, in the fourth quarter of 2014, compared with $3.2 million, or $0.02 per diluted share, in the fourth quarter of 2013. Fourth quarter 2014 results include a $2.0 million loss on early extinguishment of debt. This charge and other one-time items have been excluded from Comparable EBITDA, FFO, and FFO per share.
- Comparable FFO was $0.17 per fully diluted share in the fourth quarter of 2014 compared with $0.14 per fully diluted share in the prior year period, a 21.4 percent increase over the prior year period.
- Comparable EBITDA was $63.7 million in the fourth quarter of 2014 compared with $58.3 million in the prior year period, a 9.2 percent increase.
- Same Store United States portfolio RevPAR increased 7.3 percent in the fourth quarter of 2014, driven by a 5.9 percent increase in ADR and a 1.0 percentage point increase in occupancy compared to the fourth quarter of 2013. Total RevPAR increased 6.9 percent between periods with non-rooms revenue increasing 6.5 percent between periods.
- Group occupied room nights in the Same Store United States portfolio increased 6.6 percent, offsetting a 2.2 percent decline in transient occupied rooms in the fourth quarter of 2014 compared to the fourth quarter of 2013. Transient ADR increased 6.4 percent compared to the fourth quarter of 2013 and group ADR increased 5.7 percent compared to the fourth quarter of 2013.
- Same Store United States portfolio EBITDA margins expanded 160 basis points in the fourth quarter of 2014 compared to the fourth quarter of 2013. EBITDA margins in both years have been adjusted to exclude payments recorded pursuant to the JW Marriott Essex House NOI guarantee, the amortization of the below market hotel management agreement related to the Hotel del Coronado, and other adjustments related to the adoption of the USALI Eleventh Revised Edition to improve comparability between years.
Full Year Highlights
- Total consolidated revenues were $1.1 billion in 2014, a 26.1 percent increase over the prior year period. This increase was primarily driven by the consolidation of both the Hotel del Coronado and Fairmont Scottsdale Princess.
- Net income attributable to common shareholders was $320.4 million, or $1.30 per diluted share in 2014 compared with a net loss attributable to common shareholders of $13.2 million, or $0.06 per diluted share, in the prior year. Full year 2014 results include gains on sales of assets totaling $156.8 million, net of taxes, and gains on consolidation of affiliates of $143.5 million. These gains, and other one-time items, have been excluded from Comparable EBITDA, FFO, and FFO per share.
- Comparable FFO was $0.68 per fully diluted share in 2014 compared with $0.43 per fully diluted share in the prior year, a 58.1 percent increase.
- Comparable EBITDA was $249.0 million in 2014 compared with $213.2 million in the prior year, a 16.8 percent increase.
- Same Store United States portfolio RevPAR increased 6.3 percent in 2014, driven by a 5.5 percent increase in ADR and a 0.6 percentage point increase in occupancy, compared to the full year 2013. Total RevPAR increased 7.4 percent between periods with non-rooms revenue increasing 8.6 percent between periods.
- Group occupied room nights in the Same Store United States portfolio increased 6.5 percent, offsetting a 3.4 percent decline in transient occupied room nights compared to 2013. Transient ADR increased 7.0 percent in 2014 and group ADR increased 4.3 percent compared to 2013.
- Same Store United States portfolio EBITDA margins expanded 160 basis points in 2014 compared to the full year 2013. EBITDA margins in both years have been adjusted to exclude payments recorded pursuant to the JW Marriott Essex House NOI guarantee, the amortization of the below market hotel management agreement related to the Hotel del Coronado, and other adjustments related to the adoption of the USALI Eleventh Revised Edition to improve comparability between years.
To view full fourth quarter and full year financial results please visit:
http://ir.strategichotels.com/phoenix.zhtml?c=176522&p=irol-newsArticle&ID=2019123
DiamondRock Hospitality Company Reports Fourth Quarter And Full Year 2014 Results:
2014 Operating Highlights
- Pro Forma RevPAR: Pro Forma RevPAR was $161.44, an increase of 11.6% from 2013.
- Pro Forma Hotel Adjusted EBITDA Margin: Pro Forma Hotel Adjusted EBITDA margin was 29.53%, an increase of 275 basis points from 2013.
- Pro Forma Hotel Adjusted EBITDA: Pro Forma Hotel Adjusted EBITDA was $248.6 million, an increase of 21.3% from 2013.
- Adjusted EBITDA: Adjusted EBITDA was $235.8 million, an increase of 19.8% from 2013.
- Adjusted FFO: Adjusted FFO was $171.5 million and Adjusted FFO per diluted share was $0.87.
- Dividends: The Company declared four quarterly dividends totaling $0.41 per share during 2014, returning approximately $80 million to shareholders.
Fourth Quarter 2014 Highlights
- Pro Forma RevPAR: Pro Forma RevPAR was $159.64, an increase of 8.3% from the comparable period of 2013.
- Pro Forma Hotel Adjusted EBITDA Margin: Pro Forma Hotel Adjusted EBITDA margin was 29.30%, an increase of 196 basis points from 2013.
- Pro Forma Hotel Adjusted EBITDA: Pro Forma Hotel Adjusted EBITDA was $61.4 million, an increase of 15.7% from 2013.
- Adjusted EBITDA: Adjusted EBITDA was $60.8 million, an increase of 23.3% from 2013.
- Adjusted FFO: Adjusted FFO was $41.8 million and Adjusted FFO per diluted share was $0.21.
- Westin Fort Lauderdale Acquisition: The Company acquired the 432-room Westin Fort Lauderdale Beach Resort for $149 million in December 2014.
- Non-Core Hotel Disposition: The Company sold the 1,004-room Los Angeles Airport Marriott for proceeds of approximately $160 million in December 2014.
- Lexington Hotel Refinancing: The Company amended its existing $170.4 million mortgage loan secured by the Lexington Hotel New York City in October 2014. The amendment reduced the interest rate and extended the term of the loan.
- Dividends: The Company declared a quarterly dividend of $0.1025 per share during the fourth quarter.
Recent Developments
- Shorebreak Hotel: The Company acquired the Shorebreak Hotel, a 157-room boutique hotel in Huntington Beach, California, for $58.5 million in February 2015.
- Dividend Increase: The Company announced today a 22% increase in its quarterly dividend to $0.125 per share.
- January 2015 RevPAR: Pro Forma RevPAR for January 2015 was $130.70, an increase of 8.8% from the comparable period in 2014.
To view full fourth quarter and full year financial results please visit:
http://investor.drhc.com/phoenix.zhtml?c=181049&p=irol-irhome
Chatham Lodging Trust Caps Record Year with Strong Fourth Quarter:
Fourth Quarter 2014 Highlights
- Portfolio RevPAR – Increased hotel RevPAR 6.5 percent to $112 for Chatham’s 34, wholly owned hotels. Excluding the Maitland, Fla., hotel which had significant rooms out of service due to the unexpected replacement of its copper water supply lines, RevPAR increased 7.5 percent.
- Adjusted EBITDA – Improved 68 percent to $21.4 million.
- Adjusted FFO – Rose 68 percent to $12.7 million. Adjusted FFO per diluted share advanced 28 percent to $0.37 from $0.29, within the company’s guidance range of $0.36-$0.39 per share. Adjusted FFO per share was adversely impacted approximately $0.01 due to the delay in closing the Inland transactions in late November and $0.01 related to the displacement in Maitland, Fla.
- Operating Margins – Increased hotel EBITDA margins 370 basis points to an industry leading 39.7 percent. Year-over-year comparable hotel EBITDA margins advanced 100 basis points for the quarter (includes all hotels regardless of ownership).
- New Acquisitions–Invested $107 million to acquire four hotels comprising 575 rooms, plus an additional $28 million into a joint venture between Chatham and NorthStar Realty Finance Corp. (NYSE: NRF) which acquired a 48-hotel, 6,401-room portfolio of upscale, extended-stay and premium-branded, select-service hotels for a cash purchase price of approximately $1.0 billion from Inland American Real Estate Trust, Inc.
To view full fourth quarter and full year financial results please visit:
http://phx.corporate-ir.net/phoenix.zhtml?c=237429&p=irol-newsArticle&ID=2019368
