INNKEEPERS USA TRUST
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except share and per share data)
Three Months Ended
March 31,
2005 2004
----------- -----------
Revenue:
Hotel Operating
---------------
-----------------------
Rooms
$53,031 $34,447
-----------------------
Food and beverage
299 77
-----------------------
Telephone
392 414
-----------------------
Other
1,271 654
-----------------------
Corporate
---------
-----------------------
Percentage lease(1)
0 5,073
-----------------------
Other
106 89
-----------------------
Total revenue
$55,099 $40,754
-----------------------
Expenses:
-----------------------
Hotel Operating
---------------
-----------------------
Rooms
$11,200 $7,796
-----------------------
Food and beverage
236 77
-----------------------
Telephone
683 448
-----------------------
Other
595 297
-----------------------
General and administrative
5,690 3,417
-----------------------
Franchise and marketing fees
3,773 2,569
-----------------------
Amortization of deferred franchise
conversion
363 226
-----------------------
Advertising and promotions
1,688 1,160
-----------------------
Utilities
2,961 1,670
-----------------------
Repairs and maintenance
2,424 1,944
-----------------------
Management fees
1,792 1,146
-----------------------
Amortization of deferred lease acquisition
131 120
-----------------------
Insurance
387 255
-----------------------
Corporate
---------
-----------------------
Depreciation
8,502 7,811
-----------------------
Amortization of franchise fees
17 10
-----------------------
Ground rent
129 127
-----------------------
Interest
4,908 4,494
-----------------------
Amortization of loan origination fees
210 269
-----------------------
Property taxes and insurance
2,893 2,778
-----------------------
General and administrative
2,038 1,631
-----------------------
Amortization of unearned compensation
97 227
-----------------------
Other charges(2)
2,698 371
-----------------------
Total expenses
$53,415 $38,843
-----------------------
-----------------------
Income before minority interest
$1,684 $1,911
-----------------------
Minority interest, common
20 157
-----------------------
Minority interest, preferred
(1,068) (1,068)
-----------------------
Income from continuing operations
$636 $1,000
-----------------------
-----------------------
Discontinued operations(3)
1,436 833
-----------------------
Net income
$2,072 $1,833
-----------------------
-----------------------
Series A preferred share issuance costs(4)
0 (4,249)
-----------------------
Preferred share dividends
(2,900) (2,789)
-----------------------
Net loss applicable to common shareholders
$828 ($5,205)
-----------------------
-----------------------
Diluted loss per share
($0.02) ($0.14)
-----------------------
Weighted average number of common shares
-----------------------
39,902,804 37,430,579
-----------------------
(1) Percentage lease revenue was recognized in the first
quarter 2004
prior to the completion of the transaction
under which the
company's TRS acquired the remaining
hotel leases held by
Innkeepers Hospitality Management,
Inc. (IHM).
(2) Other charges for the first quarter 2005 include $2,698,000
of
prepaid interest, loan origination
fees and other costs associated
with the extinguishment of debt relating
to the partial defeasance
of loans encumbered by three hotels
that were sold during the
first quarter 2005. Other charges
for the first quarter 2004
include $250,000 paid to IHM relating
to reimbursement of expenses
incurred for the transition of 17
Marriott International, Inc.
managed hotels to IHM.
(3) Discontinued operations for the first quarter 2005
include three
hotels sold in the first quarter 2005.
The operations of the three
hotels have been recognized and categorized
as discontinued
operations. Included in discontinued
operations in the first
quarter 2005 is a $1,490,000 gain
on sale relating to the three
hotels. Discontinued operations for
the first quarter 2004 in
addition to the three hotels noted
above, include two additional
hotels that were sold in January 2004
and July 2004. The
operations of the five hotels have
been recognized and categorized
as discontinued operations. Included
in discontinued operations in
the first quarter 2004 is a $1,029,000
gain on sale relating to
the hotel sold in January 2004.
(4) Issuance costs pertaining to Series A Cumulative Convertible
Preferred shares that were redeemed
in January 2004.
INNKEEPERS USA TRUST
CALCULATION OF FFO, EBITDA AND RECONCILIATION TO NET
LOSS (UNAUDITED)
(in thousands, except share and per share data)
Three Months Ended
March 31,
2005 2004
-----------------------
CALCULATION OF FFO
-----------------------
Net loss applicable to common shareholders
($828) ($5,205)
-----------------------
Depreciation
8,502 7,811
-----------------------
Depreciation included in discontinued
operations
0 600
-----------------------
Gain on sale of hotels included in
discontinued operations
(1,490) (1,029)
-----------------------
Minority interest, common
(20) (157)
-----------------------
FFO
$6,164 $2,020
-----------------------
Weighted average number of common
41,033,267 38,651,749
shares and common share equivalents
-----------------------
-----------------------
FFO per share
$0.15 $0.05
-----------------------
-----------------------
FFO
$6,164 $2,020
-----------------------
Series A preferred share issuance costs
0 4,249
-----------------------
Other charges
2,698 371
-----------------------
Discontinued operations
54 (404)
-----------------------
Adjusted FFO
$8,916 $6,236
-----------------------
Adjusted FFO per share
$0.22 $0.16
-----------------------
Three Months Ended
March 31,
2005 2004
-----------------------
CALCULATION OF EBITDA
-----------------------
Net loss applicable to common shareholders
($828) ($5,205)
-----------------------
Interest
4,908 4,494
-----------------------
Depreciation and amortization
9,320 8,663
-----------------------
Depreciation included in discontinued
operations
0 600
-----------------------
Minority interest, common
(20) (157)
-----------------------
Minority interest, preferred
1,068 1,068
-----------------------
Series A preferred share issuance costs
0 4,249
-----------------------
Preferred share dividends
2,900 2,789
-----------------------
EBITDA
$17,348 $16,501
-----------------------
Other charges
2,698 371
-----------------------
Discontinued operations
54 (404)
-----------------------
Gain on sale of hotels included in
discontinued operations
(1,490) (1,029)
-----------------------
Adjusted EBITDA
$18,610 $15,439
-----------------------
INNKEEPERS USA TRUST
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except share and per share data)
March 31, December 31,
2005 2004
-----------------------
ASSETS
Investment in hotels:
-----------------------
Land and improvements
$136,228 $127,392
-----------------------
Building and improvements
705,849 687,754
-----------------------
Furniture and equipment
104,278 101,909
-----------------------
Renovations in process
6,597 2,794
-----------------------
Hotels under development
4,029 3,864
-----------------------
Hotels held for sale
0 19,299
-----------------------
956,981 943,012
-----------------------
Accumulated depreciation
(216,355) (207,853)
-----------------------
Net investment in hotels
740,626 735,159
-----------------------
-----------------------
Cash and cash equivalents
28,408 22,837
-----------------------
Restricted cash and cash equivalents
9,662 10,781
-----------------------
Accounts receivable
7,078 4,577
-----------------------
Prepaid and other
2,075 2,539
-----------------------
Deferred and other
18,301 20,099
-----------------------
Total
assets
$806,150 $795,992
-----------------------
-----------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
-----------------------
Debt
$239,906 $286,865
-----------------------
Accounts payable and accrued expenses
12,718 12,663
-----------------------
Payable to manager
429 209
-----------------------
Franchise conversion fee obligations
11,135 10,825
-----------------------
Distributions payable
5,713 5,450
-----------------------
Minority interest in Partnership
48,409 51,088
-----------------------
Total liabilities
318,310 367,100
-----------------------
-----------------------
Shareholders' equity:
-----------------------
Preferred shares, $0.01 par
value, 145,000
145,000
20,000,000 shares authorized,
5,800,000 -----------------------
shares issued and outstanding
-----------------------
-----------------------
Common shares, $0.01 par value,
428 380
100,000,000 shares authorized,
-----------------------
42,774,412 and 37,966,756
issued and
outstanding, respectively
-----------------------
-----------------------
Additional paid-in capital
458,828 396,631
-----------------------
Unearned compensation
(351) (448)
-----------------------
Distributions in excess of earnings
(116,065) (112,671)
-----------------------
Total shareholders' equity
487,840 428,892
-----------------------
Total liabilities and shareholders'
equity
$806,150 $795,992
-----------------------
INNKEEPERS USA TRUST
DEBT COMPOSITION (UNAUDITED)
As of March 31, 2005
(outstanding balance in thousands)
Stated
Outstanding Interest Maturity Encumbered
DEBT
Balance Rate
Date Properties
------------------------------------ -------- -------------
----------
----------- -------- ------------- ----------
Unsecured Line of
Credit(1)
$30,000 5.27% July 2007
-
----------- -------- ------------- ----------
Industrial Revenue
Bonds(1)
$10,000 3.30% December 2014
-
----------- -------- ------------- ----------
Term Loan #1
$24,000 8.17% October 2007
8
----------- -------- ------------- ----------
Term Loan #2
$36,000 8.15% March 2009
8
----------- -------- ------------- ----------
Term Loan #3
$29,000 7.02% April 2010
7
----------- -------- ------------- ----------
Term Loan #4
$46,000 7.16% October 2009
6
----------- -------- ------------- ----------
Term Loan #5
$50,000 7.75% January 2011
6
----------- -------- ------------- ----------
Mortgage
$13,000 10.35% June 2010
1
----------- -------- ------------- ----------
Adjustment(2)
$2,000 -
- -
----------- -------- ------------- ----------
TOTAL
$240,000 7.3%(3) 5 years(4)
36
----------- -------- ------------- ----------
(1) Variable rated debt. The stated interest rate of the
industrial
revenue bonds includes an annual letter
of credit fee of 1.25%
(2) Adjustment to record $13 million mortgage at a fair
market
interest rate of 7% (the stated interest
rate is 10.35%)
(3) Weighted average calculated using the stated interest
rate
(4) Weighted average maturity
INNKEEPERS USA TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
Three Months Ended
March 31,
2005 2004
-------------------
Cash flows from operating activities:
-------------------
Net income
$2,072 $1,833
-------------------
Adjustments to reconcile net income to net
cash
-------------------
provided by operating activities:
-------------------
Depreciation and amortization
9,320 9,266
-------------------
Interest on franchise conversion
fee
obligations
254 0
-------------------
Other charges
274 0
-------------------
Minority interests
1,048 911
-------------------
Gain on sale of hotels included
in
discontinued operations
(1,490) (1,029)
-------------------
Changes in operating assets
and liabilities:
-------------------
Accounts receivable
(excluding allowance) (2,962)
2,398
-------------------
Allowance for doubtful
accounts
461 0
-------------------
Prepaid and other
464 402
-------------------
Accounts payable
and accrued expenses
(55) 4,319
-------------------
Payable to manager
220 (452)
-------------------
Net cash provided by operating
activities $9,716 $17,648
-------------------
-------------------
Cash flows from investing activities:
-------------------
Investment in hotels
($32,544) ($6,964)
-------------------
Proceeds from property insurance
782 0
-------------------
Proceeds from sale of hotels
20,789 4,028
-------------------
Net withdrawals (deposits) into restricted cash
and cash equivalents
1,119 (323)
-------------------
Lease acquisitions
0 (1,336)
-------------------
Payment of franchise fees
(45) 0
-------------------
Repayment of advances
150 0
-------------------
Net cash used in investing activities
($9,749) ($4,595)
-------------------
-------------------
Cash flows from financing activities:
-------------------
Proceeds from debt issuance
$46,000 $0
-------------------
Payments on debt
(92,959) (1,202)
-------------------
Payments on franchise conversion fee obligations
(686) (91)
-------------------
Distributions paid to unit holders
(1,135) (1,103)
-------------------
Distributions paid to shareholders
(5,178) (3,400)
-------------------
Redemption of shares and units
0 (115,730)
-------------------
Proceeds from issuance of common and preferred
shares
59,585 140,300
-------------------
Loan origination fees and costs paid
(23) (34)
-------------------
Net cash provided
by financing activities $5,604 $18,740
-------------------
-------------------
Net increase in cash and cash equivalents
$5,571 $31,793
-------------------
Cash and cash equivalents at beginning of period
22,837 9,586
-------------------
Cash and cash equivalents at end of period
$28,408 $41,379
-------------------
Supplemental cash flow information:
-------------------
Interest paid
$4,818 $4,331
-------------------
INNKEEPERS USA TRUST
OTHER DATA (UNAUDITED)
(in thousands, except shares data)
March 31, March 31,
2005 2004
-----------------------
CAPITALIZATION
-----------------------
Common share market capitalization
$552,000 $343,000
-----------------------
Market capitalization
$996,000 $766,000
-----------------------
Common share closing price
$12.91 $9.14
-----------------------
Common share dividend(1)
$0.21 $0.12
-----------------------
Common share dividend yield(1)
1.6% 1.3%
-----------------------
Preferred share closing price
$25.10 $25.50
-----------------------
Preferred share dividend(2)
$2.00 $2.00
-----------------------
Preferred share dividend yield(2)
8.0% 7.8%
-----------------------
DEBT COVERAGE
-----------------------
Debt weighted average interest
rate
7.3% 7.5%
-----------------------
Debt to investment in hotel
properties
25% 27%
-----------------------
Debt and preferred shares to
investment
in hotel properties
40% 44%
-----------------------
Debt to market capitalization
24% 30%
-----------------------
Debt and preferred shares to
market
capitalization
39% 49%
-----------------------
LIQUIDITY/FLEXIBILITY
-----------------------
Debt due 2004
-- $4,000
-----------------------
Debt due 2005
$4,000 $6,000
-----------------------
Debt due 2006
$5,000 $5,000
-----------------------
Debt due 2007 and thereafter
$231,000 $216,000
-----------------------
-----------------------
Unencumbered hotel assets(3)
47% 41%
-----------------------
Unsecured Line of Credit outstanding
balance
$30,000 $0
-----------------------
Unsecured Line of Credit available
balance(4)
$95,000 $125,000
-----------------------
SHARES AND UNITS OUTSTANDING
-----------------------
Common Shares
42,774,412 37,573,076
-----------------------
Common Partnership Units
709,400 1,167,236
-----------------------
Preferred Partnership Units
3,884,469 3,884,469
-----------------------
Preferred Shares
5,800,000 5,800,000
-----------------------
(1) Regular common share dividends declared for the trailing
twelve
months ended March 31, 2005 and March
31, 2004
(2) Regular annual preferred share dividends
(3) Based upon the number of hotels
(4) The actual amount that may be borrowed is contingent
upon many
factors, such as compliance with unsecured
line of credit
covenants and the use of proceeds
from borrowings. The $135
million revolving unsecured line of
credit available balance has
been reduced by a $10 million letter
of credit.
INNKEEPERS USA TRUST
HOTEL OPERATING RESULTS (UNAUDITED)
Three Months Ended
March 31 %
March 31, 2005 2005 2004
Inc (dec)
------------------------------------------
PORTFOLIO(1)
------------
---------------------------
Average Daily Rate
$102.58 $95.70 7.19%
---------------------------
Occupancy
72.33% 71.23% 1.54%
---------------------------
RevPAR
$74.20 $68.17 8.85%
---------------------------
--------------
Number of hotel
properties
65
--------------
Percent of total rooms
100.0%
--------------
Percent of room
revenue(2)
100.0%
--------------
BY SEGMENT
----------
Upscale Extended Stay
---------------------------
Average Daily Rate
$101.81 $96.17 5.86%
---------------------------
Occupancy
75.14% 74.01% 1.53%
---------------------------
RevPAR
$76.50 $71.18 7.47%
---------------------------
--------------
Number of hotel
properties
49
--------------
Percent of total rooms
74.7%
--------------
Percent of room
revenue(2)
77.1%
--------------
Upscale(1)
---------------------------
Average Daily Rate
$119.35 $102.95 15.93%
---------------------------
Occupancy
68.96% 77.70% -11.25%
---------------------------
RevPAR
$82.31 $79.99 2.90%
---------------------------
--------------
Number of hotel
properties
3
--------------
Percent of total rooms
5.8%
--------------
Percent of room
revenue(2)
6.4%
--------------
Mid Price(1)
---------------------------
Average Daily Rate
$100.70 $90.60 11.15%
---------------------------
Occupancy
62.54% 58.66% 6.61%
---------------------------
RevPAR
$62.97 $53.15 18.48%
---------------------------
--------------
Number of hotel
properties
13
--------------
Percent of total rooms
19.5%
--------------
Percent of room
revenue(2)
16.5%
--------------
BY FRANCHISE AFFILIATION
------------------------
Residence Inn
---------------------------
Average Daily Rate
$102.20 $96.20 6.24%
---------------------------
Occupancy
74.23% 72.57% 2.29%
---------------------------
RevPAR
$75.86 $69.81 8.67%
---------------------------
--------------
Number of hotel
properties
42
--------------
Percent of total rooms
63.5%
--------------
Percent of room
revenue(2)
64.9%
--------------
Three Months Ended
March 31, %
March 31, 2005 2005 2004
Inc (dec)
------------------------------------------
Summerfield Suites
---------------------------
Average Daily Rate
$94.73 $90.56 4.60%
---------------------------
Occupancy
80.43% 82.05% -1.97%
---------------------------
RevPAR
$76.19 $74.31 2.53%
---------------------------
--------------
Number of hotel
properties
6
--------------
Percent of total rooms
9.4%
--------------
Percent of room
revenue(2)
9.6%
--------------
Hampton Inn(1)
---------------------------
Average Daily Rate
$101.57 $91.20 11.37%
---------------------------
Occupancy
62.47% 58.30% 7.15%
---------------------------
RevPAR
$63.45 $53.18 19.31%
---------------------------
--------------
Number of hotel
properties
12
--------------
Percent of total rooms
18.3%
--------------
Percent of room
revenue(2)
15.6%
--------------
BY MANAGEMENT COMPANY
---------------------
Innkeepers Hospitality Management(1)
---------------------------
Average Daily Rate
$102.76 $96.11 6.92%
---------------------------
Occupancy
72.83% 71.09% 2.45%
---------------------------
RevPAR
$74.85 $68.33 9.54%
---------------------------
--------------
Number of hotel
properties
64
--------------
Percent of total rooms
97.3%
--------------
Percent of room
revenue(2)
98.1%
--------------
Third Party Managed
---------------------------
Average Daily Rate
$94.08 $82.01 14.72%
---------------------------
Occupancy
54.28% 76.36% -28.92%
---------------------------
RevPAR
$51.07 $62.62 -18.44%
---------------------------
--------------
Number of hotel
properties
1
--------------
Percent of total rooms
2.7%
--------------
Percent of room
revenue(2)
1.9%
--------------
Three Months Ended
March 31, %
March 31, 2005 2005 2004
Inc (dec)
------------------------------------------
BY GEOGRAPHIC REGION
--------------------
New England (ME, NH, VT, MA,
CT, RI)
---------------------------
Average Daily Rate
$99.18 $95.35 4.02%
---------------------------
Occupancy
66.23% 59.01% 12.24%
---------------------------
RevPAR
$65.68 $56.27 16.72%
---------------------------
--------------
Number of hotel
properties
4
--------------
Percent of total rooms
4.6%
--------------
Percent of room
revenue(2)
4.1%
--------------
Middle Atlantic(1) (NY, NJ,
PA)
---------------------------
Average Daily Rate
$102.96 $98.10 4.95%
---------------------------
Occupancy
70.53% 67.17% 5.00%
---------------------------
RevPAR
$72.61 $65.89 10.20%
---------------------------
--------------
Number of hotel
properties
10
--------------
Percent of total rooms
14.1%
--------------
Percent of room
revenue(2)
13.9%
--------------
South Atlantic (DE, MD, WV,
DC, VA, NC, SC, GA, FL)
---------------------------
Average Daily Rate
$111.60 $98.66 13.12%
---------------------------
Occupancy
74.90% 74.73% 0.23%
---------------------------
RevPAR
$83.59 $73.73 13.37%
---------------------------
--------------
Number of hotel
properties
15
--------------
Percent of total rooms
23.9%
--------------
Percent of room
revenue(2)
26.9%
--------------
East North Central (OH, MI,
IN, IL, WI)
---------------------------
Average Daily Rate
$90.16 $84.88 6.22%
---------------------------
Occupancy
66.22% 62.08% 6.67%
---------------------------
RevPAR
$59.71 $52.70 13.30%
---------------------------
--------------
Number of hotel
properties
12
--------------
Percent of total rooms
16.7%
--------------
Percent of room
revenue(2)
13.4%
--------------
East South Central(1) (KY,
TN, AL, MS)
---------------------------
Average Daily Rate
$78.82 $73.74 6.89%
---------------------------
Occupancy
78.09% 87.33% -10.58%
---------------------------
RevPAR
$61.55 $64.39 -4.41%
---------------------------
--------------
Number of hotel
properties
2
--------------
Percent of total rooms
2.2%
--------------
Percent of room
revenue(2)
1.8%
--------------
Three Months Ended
March 31, %
March 31, 2005 2005 2004
Inc (dec)
------------------------------------------
West North Central (MN, IA,
MO, KS, NE, SD, ND)
---------------------------
Average Daily Rate
$79.02 $81.50 -3.04%
---------------------------
Occupancy
83.73% 72.58% 15.36%
---------------------------
RevPAR
$66.17 $59.15 11.87%
---------------------------
--------------
Number of hotel
properties
1
--------------
Percent of total rooms
0.8%
--------------
Percent of room
revenue(2)
0.7%
--------------
West South Central (AR, LA,
OK, TX)
---------------------------
Average Daily Rate
$92.10 $89.52 2.88%
---------------------------
Occupancy
79.03% 78.07% 1.23%
---------------------------
RevPAR
$72.78 $69.89 4.14%
---------------------------
--------------
Number of hotel
properties
5
--------------
Percent of total rooms
8.7%
--------------
Percent of room
revenue(2)
8.5%
--------------
Mountain (MT, ID, WY, CO,
UT, NM, AZ, NV)
---------------------------
Average Daily Rate
$90.54 $86.45 4.73%
---------------------------
Occupancy
65.65% 65.58% 0.11%
---------------------------
RevPAR
$59.44 $56.69 4.85%
---------------------------
--------------
Number of hotel
properties
2
--------------
Percent of total rooms
3.6%
--------------
Percent of room
revenue(2)
2.9%
--------------
Pacific (WA, OR, CA, AK, HI)
---------------------------
Average Daily Rate
$110.07 $103.62 6.22%
---------------------------
Occupancy
73.83% 75.47% -2.17%
---------------------------
RevPAR
$81.26 $78.21 3.90%
---------------------------
--------------
Number of hotel
properties
14
--------------
Percent of total rooms
25.4%
--------------
Percent of room
revenue(2)
27.8%
--------------
BY SELECTED MSA
---------------
Atlanta
---------------------------
Average Daily Rate
$99.31 $95.76 3.71%
---------------------------
Occupancy
74.09% 67.71% 9.42%
---------------------------
RevPAR
$73.57 $64.84 13.46%
---------------------------
--------------
Number of hotel
properties
2
--------------
Percent of total rooms
3.5%
--------------
Percent of room
revenue(2)
3.5%
--------------
Three Months Ended
March 31, %
March 31, 2005 2005 2004
Inc (dec)
------------------------------------------
Chicago
---------------------------
Average Daily Rate
$91.36 $88.36 3.40%
---------------------------
Occupancy
61.78% 53.88% 14.66%
---------------------------
RevPAR
$56.45 $47.60 18.59%
---------------------------
--------------
Number of hotel
properties
4
--------------
Percent of total rooms
7.0%
--------------
Percent of room
revenue(2)
5.4%
--------------
Dallas/Ft. Worth
---------------------------
Average Daily Rate
$82.93 $79.62 4.16%
---------------------------
Occupancy
78.86% 76.79% 2.70%
---------------------------
RevPAR
$65.39 $61.13 6.97%
---------------------------
--------------
Number of hotel
properties
4
--------------
Percent of total rooms
6.8%
--------------
Percent of room
revenue(2)
6.0%
--------------
Denver
---------------------------
Average Daily Rate
$90.54 $86.45 4.73%
---------------------------
Occupancy
65.65% 65.58% 0.11%
---------------------------
RevPAR
$59.44 $56.69 4.85%
---------------------------
--------------
Number of hotel
properties
2
--------------
Percent of total rooms
3.6%
--------------
Percent of room
revenue(2)
2.9%
--------------
Detroit
---------------------------
Average Daily Rate
$95.57 $86.36 10.66%
---------------------------
Occupancy
67.83% 71.63% -5.31%
---------------------------
RevPAR
$64.82 $61.86 4.78%
---------------------------
--------------
Number of hotel
properties
3
--------------
Percent of total rooms
4.5%
--------------
Percent of room
revenue(2)
4.0%
--------------
Three Months Ended
March 31, %
March 31, 2005 2005 2004
Inc (dec)
------------------------------------------
Hartford
---------------------------
Average Daily Rate
$107.58 $103.29 4.15%
---------------------------
Occupancy
69.70% 61.78% 12.82%
---------------------------
RevPAR
$74.99 $63.81 17.52%
---------------------------
--------------
Number of hotel
properties
2
--------------
Percent of total rooms
2.4%
--------------
Percent of room
revenue(2)
2.4%
--------------
Philadelphia
---------------------------
Average Daily Rate
$96.69 $92.62 4.39%
---------------------------
Occupancy
77.81% 72.42% 7.44%
---------------------------
RevPAR
$75.24 $67.08 12.16%
---------------------------
--------------
Number of hotel
properties
4
--------------
Percent of total rooms
5.8%
--------------
Percent of room
revenue(2)
5.8%
--------------
Richmond
---------------------------
Average Daily Rate
$92.96 $92.10 0.93%
---------------------------
Occupancy
84.00% 69.34% 21.14%
---------------------------
RevPAR
$78.09 $63.86 22.28%
---------------------------
--------------
Number of hotel
properties
2
--------------
Percent of total rooms
2.3%
--------------
Percent of room
revenue(2)
2.4%
--------------
San Francisco/San
Jose/Oakland
---------------------------
Average Daily Rate
$111.50 $103.87 7.35%
---------------------------
Occupancy
67.13% 70.02% -4.13%
---------------------------
RevPAR
$74.85 $72.74 2.90%
---------------------------
--------------
Number of hotel
properties
8
--------------
Percent of total rooms
15.0%
--------------
Percent of room
revenue(2)
15.1%
--------------
Seattle/Portland
---------------------------
Average Daily Rate
$103.73 $103.79 -0.06%
---------------------------
Occupancy
82.72% 78.07% 5.96%
---------------------------
RevPAR
$85.81 $81.02 5.91%
---------------------------
--------------
Number of hotel
properties
4
--------------
Percent of total rooms
6.3%
--------------
Percent of room
revenue(2)
7.3%
--------------
Three Months Ended
March 31, %
March 31, 2005 2005 2004
Inc (dec)
------------------------------------------
Washington, D.C.
---------------------------
Average Daily Rate
$131.27 $112.64 16.54%
---------------------------
Occupancy
65.99% 72.99% -9.59%
---------------------------
RevPAR
$86.62 $82.22 5.35%
---------------------------
--------------
Number of hotel
properties
4
--------------
Percent of total rooms
6.7%
--------------
Percent of room
revenue(2)
7.9%
--------------
(1) Hotel operating results exclude one hotel acquired
in June 2003
which will be converted to a Courtyard
hotel, one hotel acquired
in June 2004 which will be converted
to a Hampton Inn hotel and
one hotel acquired in January 2005
which will be converted to a
Courtyard hotel.
(2) Room revenue for the first quarter 2005.
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