Marriott International Reports First Quarter 2015 Results
HIGHLIGHTS
- First quarter diluted EPS totaled $0.73, a 28 percent increase over prior year results;
- North American comparable systemwide constant dollar RevPAR rose 6.9 percent in the first quarter;
- On a constant dollar basis, worldwide comparable systemwide RevPAR rose 6.8 percent in the first quarter;
- Marriott repurchased 5.5 million shares of the company’s common stock for $431 million during the first quarter. Year-to-date through April 29, the company repurchased 7.2 million shares for $566 million;
- Comparable company-operated house profit margins increased 120 basis points both in North America and worldwide in the first quarter;
- The company’s adjusted operating income margin increased to 48 percent compared to 42 percent in the year-ago quarter;
- Over 10,000 rooms were added during the first quarter, including over 2,000 rooms converted from competitor brands and 4,000 rooms in international markets;
- Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) totaled $429 million in the quarter, a 27 percent increase over first quarter 2014 adjusted EBITDA.
To view full first quarter financial results please visit:
http://news.marriott.com/2015/04/marriott-international-reports-first-quarter-2015-results.html
Host Hotels & Resorts, Inc. Reports Results For The First Quarter 2015 And Announces Share Repurchase Program
First quarter 2015 results reflect the following:
- Comparable RevPAR on a constant dollar basis improved 3.8% for the quarter, driven by rate growth of 4.8%, partially offset by a decrease in occupancy of 0.7 percentage points. The Company’s comparable operating results were significantly affected by disruption related to the renovation of guest rooms and public spaces. For the 85 hotels with no renovation disruption in either of the first quarter of 2014 and 2015, RevPAR increased 5.5% on a constant dollar basis.
- The Boston market had very strong RevPAR growth of 20.5% for the quarter, benefiting from improvements in group demand in 2015 and less disruption as a result of the completion of significant renovations in 2014. Consistent with recent trends, the west coast markets had strong operating results, especially San Francisco where RevPAR increased 15.4%. Driven by strong group and transient demand, this market experienced a 10.3% improvement in rates with occupancy levels in excess of 81%.
- During the first quarter, the Company’s New York and Washington, D.C. markets continued to lag the portfolio. In New York several factors contributed to softer demand and overall pricing weakness, including a reduction in city-wide events, particularly the Super Bowl in the first quarter of 2014, and a series of winter storms, as well as increased supply. In Washington, D.C., results were negatively affected by significant room renovations at several of the Company’s largest properties, including the Grand Hyatt Washington, JW Marriott Washington, D.C. and Hyatt Regency Reston.
- Total revenues increased 0.6% for the quarter, reflecting revenue growth of 3.0% at the Company’s comparable properties, partially offset by disposition activity that exceeded acquisitions over the past twelve months that reduced total revenues by $23 million for the quarter.
- The Company’s comparable room revenue increased 3.0% for the quarter, reflecting a 3.8% increase in comparable RevPAR on a constant dollar basis, partially offset by currency translation effects for our international properties. Comparable results were affected by international properties, which had a RevPAR increase of 1.3% in constant dollars. Excluding the Calgary Marriott Downtown from the international results, which experienced a RevPAR decrease of 42% during the quarter due to renovations, the Company’s international properties had a RevPAR increase of 6.0% in constant dollars.
- Adjusted EBITDA increased $13 million in the quarter reflecting improvements in the operating results of the Company’s portfolio. In the first quarter, Adjusted EBITDA was negatively affected by hotel dispositions and currency fluctuations. The net effect of dispositions and acquisitions is estimated to have decreased net income by $4 million and Adjusted EBITDA by $6 million, while the effect of currency fluctuations is estimated to have decreased Adjusted EBITDA by $4 million, with no impact to net income.
- Comparable hotel EBITDA increased 5.0% for the quarter, resulting in an increase in comparable hotel EBITDA margin of 50 basis points compared to the first quarter 2014.
- Adjusted FFO per diluted share increased 6.1% to $0.35 per share for the quarter.
- Net income decreased $81 million to $104 million for the quarter, as the increase in operations was offset by a decrease in gains on asset sales of $108 million.
Share Repurchase Program
As the Company has achieved its long term balance sheet objectives and expects to continue to generate cash from operations and proceeds from asset sales, its Board of Directors has authorized a program to repurchase up to $500 million of common stock. The common stock may be purchased in the open market or through private transactions from time to time over the next 18 months depending upon market conditions. The level of purchases will also depend upon operating results, funds generated by sales activity, dividends that may be required by those sales, and investment options that may be available, including reinvesting in the portfolio or acquiring new hotels, as well as maintaining the Company’s strong leverage position. The plan does not obligate the Company to repurchase any specific number of shares and may be suspended at any time at its discretion.
To view full first quarter financial results please visit:
http://ir.hosthotels.com/phoenix.zhtml?c=60734&p=irol-newsArticle&ID=2042080
Belmond Ltd. Reports First Quarter 2015 Results
Highlights:
- First quarter same store revenue per available room (“RevPAR”) up 9% in local currency over prior-year quarter
- First quarter total revenue of $99.1 million, down 3% from prior-year quarter
- First quarter total adjusted EBITDA of $4.3 million, up $3.6 million over prior-year quarter
- Announced $75.0 million share repurchase program in March 2015
To view full first quarter financial results please visit:
http://www.investor.belmond.com/news/2015/04-29-2015a.aspx
Extended Stay America Announces First Quarter 2015 Results
First Quarter 2015 Highlights
- RevPAR grew 6.8% to $41.44
- Revenue increased 6.4% to $287.6 million
- Adjusted EBITDA1 increased 9.4% to $122.9 million
- Net income increased 73.2% to $27.9 million
- Adjusted Paired Share Income1 of $30.4 million, or $0.15 per diluted Paired Share
To view full first quarter financial results please visit:
