LaSalle Hotel Properties Reports Q4 2016 Net Income of $21.3 Million, Down from $23.5 Million in Q4 2015; RevPAR Up 2.5%
February 23, 2017 7:50am
BETHESDA, Md.--LaSalle Hotel Properties (NYSE: LHO) today announced results for the quarter ended December 31, 2016. The Company’s results include the following:
“Throughout 2016, our portfolio performed well in a slow growth operating environment, with softening industry demand and increasing hotel supply. We are proud that our teams continue to operate with excellent efficiency across the portfolio, as evidenced by limited annual expense growth and our highest-ever reported annual EBITDA margin,” said Michael D. Barnello, President and Chief Executive Officer of LaSalle Hotel Properties.
“Following our opportunistic preferred share issuance with a record low coupon, the disposition of three assets since July, and our newly refinanced credit facility, the Company now has an even stronger balance sheet, with a low debt-to-EBITDA ratio, an excellent quality portfolio primarily in core locations, and a well-covered dividend providing a high yield,” added Mr. Barnello.
Fourth Quarter Results
Park Central Hotel New York and WestHouse Hotel New York Recovery
Excluding Park Central Hotel New York and WestHouse Hotel New York from the fourth quarter 2016 and the comparable period in 2015, the Company’s fourth quarter RevPAR grew by 1.9 percent and its hotel EBITDA margin increased by 18 basis points to 31.7 percent. During the fourth quarter, the Company regained $1.3 million of the $2.0 million of lost hotel EBITDA from the comparable prior year period. For the third quarter and fourth quarter combined, the Company regained $6.9 million of the $9.2 million of lost hotel EBITDA from the comparable prior year period.
Disposition and Investment Activity
Balance Sheet and Capital Markets Activities
On December 15, 2016, the Company declared a fourth quarter 2016 dividend of $0.45 per common share of beneficial interest. The dividend represents an annual run rate of $1.80 per share and a 6.0 percent yield based on the closing share price on February 21, 2017.
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q4 2016 results
LaSalle Hotel Properties is a leading multi-operator real estate investment trust. The Company owns 45 properties, which are upscale, full-service hotels, totaling approximately 11,300 guest rooms in 13 markets in nine states and the District of Columbia. The Company focuses on owning, redeveloping and repositioning upscale, full-service hotels located in urban, resort and convention markets. LaSalle Hotel Properties seeks to grow through strategic relationships with premier lodging groups, including Hilton Hotels Corporation, Marriott International, Outrigger Lodging Services, Noble House Hotels & Resorts, Hyatt Hotels Corporation, Benchmark Hospitality, Two Roads Hospitality, Davidson Hotel Company, Kimpton Hotel & Restaurant Group, LLC, Accor, HEI Hotels & Resorts, JRK Hotel Group, Inc., Viceroy Hotel Group, Highgate Hotels, Access Hotels & Resorts, and Provenance Hotels.
Contact: Kenneth G. Fuller or Max D. Leinweber
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