DiamondRock Hospitality Company reports second quarter 2015 net income of $24.8 million compared to $51.9 in the year-ago quarter. Pro Forma RevPAR increased 6.0% to $184.50 from the comparable period of 2014 and is a new record for the Company. Increases Full Year Guidance To Reflect Key West Acquisition
Second Quarter 2015 Highlights
- Pro Forma RevPAR: Pro Forma RevPAR was $184.50, an increase of 6.0% from the comparable period of 2014 and a new record for the Company.
- Pro Forma Hotel Adjusted EBITDA Margin: Pro Forma Hotel Adjusted EBITDA margin was 34.56%, an increase of 166 basis points from 2014.
- Pro Forma Hotel Adjusted EBITDA: Pro Forma Hotel Adjusted EBITDA was $85.4 million, an increase of 11.3% from 2014.
- Adjusted EBITDA: Adjusted EBITDA was $81.1 million, an increase of 14.3% from 2014.
- Adjusted FFO: Adjusted FFO was $61.5 million and Adjusted FFO per diluted share was $0.31.
- Key West Acquisition: The Company acquired the 184-suite Sheraton Suites Key West for $94.0 million on June 30, 2015.
- Financing Activity: The Company refinanced the Renaissance Worthington in April 2015 with a new 10-year $85.0 million mortgage loan that bears interest at a fixed rate of 3.66%. The Company also repaid the $56.2 million mortgage loan secured by the Frenchman’s Reef & Morning Star Marriott Beach Resort in May 2015.
- Dividends: The Company declared a dividend of $0.125 per share during the second quarter, which was paid on July 14, 2015.
To view full second quarter financial results please visit:
http://investor.drhc.com/phoenix.zhtml?c=181049&p=irol-irhome
Sunstone Hotel Investors, Inc. reports second quarter 2015 net income of $48.9 million, an increase of 23.5% over comparable year ago period. Comparable Hotel RevPAR increased 7.1%.
Second Quarter 2015 Operational Results (as compared to Second Quarter 2014):
- Comparable Hotel RevPAR, including adoption of the industry’s Uniform System of Accounts for the Lodging Industry, Eleventh Revised Edition (“USALI Eleventh Revised Edition”), which became effective January 1, 2015, increased 7.1% to $184.05.
- Comparable Hotel Adjusted EBITDA Margin, including USALI Eleventh Revised Edition adoption and excluding non-current year property taxes, net increased 160 basis points to 34.9%.
- Adjusted EBITDA increased 16.9% to $110.4 million.
- Adjusted FFO attributable to common stockholders per diluted share increased 10.3% to $0.43.
- Income attributable to common stockholders increased 23.5% to $48.9 million.
- Income attributable to common stockholders per diluted share increased 4.5% to $0.23.
To view full second quarter financial results please visit:
http://phx.corporate-ir.net/phoenix.zhtml?c=181566&p=irol-news&nyo=0
Ashford Hospitality Prime, Inc. reports second quarter 2015 net income of $6.5 million compared to $3.5 in same period 2014. RevPAR for all hotels increased 9.0%.
FINANCIAL AND OPERATING HIGHLIGHTS
- The Company’s common stock is currently trading at a trailing 12-month NOI cap rate of approximately 9.4%, while similar assets to those in its portfolio are trading in the private market at an approximate average trailing 12-month NOI cap rate of 6.50%. A 6.50% cap rate implies a share price for the Company’s common stock of $27.60
- RevPAR for all hotels increased 9.0% to $200.86 during the second quarter, driven by a 7.6% increase in ADR and a 1.3% increase in occupancy
- Hotel EBITDA increased $3.2 million or 10.5% for all hotels
- Adjusted funds from operations (AFFO) was $0.60 per diluted share for the quarter compared with $0.45 from the prior-year quarter representing an increase of 33%
- During the quarter, the Company’s Board of Directors increased its quarterly common dividend by 100%
- During the quarter, the Company closed a private placement of its Series A Cumulative Convertible Preferred Stock in a 144A offering for $65.0 million in gross proceeds. The Company also closed a private placement under Regulation D under the Securities Act of 1933 of 200,000 shares of the Company’s common stock at a price of $15.52 per share for gross proceeds of $3.1 million
- Subsequent to quarter end, the Company announced it had completed the acquisition of the leasehold interest in the award-winning 62-room Bardessono Hotel and Spa in Yountville, CA for total consideration of $85.0 million. Ashford Inc. provided $2.0 million in key money consideration for the acquisition
- Capex invested in the quarter was $4.1 million
To view full second quarter financial results please visit:
http://www.snl.com/IRWebLinkX/corporateprofile.aspx?iid=4384791
Ashford Hospitality Trust reports second quarter 2015 net loss of $20.7 million compared to a loss of $10.1 million in the year-ago quarter. RevPAR for all hotels increased 6.6% during the quarter.
- 7.9% RevPAR Increase for All Hotels Not Under Renovation for the Second Quarter
- Adjusted EBITDA Increased 24%
- Adjusted Funds From Operations per Share Increased 26%
- Announced Planned Sale of Select-Service Hotel Portfolio and Strategy Refinements
STRATEGY REFINEMENTS
- The Company will focus on acquiring and owning upper upscale, full service hotels
- The Company is not planning nor expects any future platform spinoffs
- The Company will continue to target a net debt to gross assets ratio of 55% – 60%
- The Company will continue to target cash and cash equivalents at a level of 25% – 35% of its total equity market capitalization for the purposes of:
- property-level and corporate-level working capital needs
- as a hedge against a downturn in the economy or hotel fundamentals
- to be prepared to pursue accretive investments or stock buybacks as those opportunities arise
- The Company plans to continue working with the research analysts that follow the Company to update their models to reflect the approximately $1.0 billion of acquisitions that the Company has either closed on or announced year-to-date
- The Company plans to sell a portfolio of 23 select-service hotels with anticipated closing in the first quarter
FINANCIAL AND OPERATING HIGHLIGHTS
- The Company’s common stock is currently trading at a trailing 12-month NOI cap rate of approximately 8.4%, while similar assets to those in its portfolio are trading in the private market at an approximate average trailing 12-month NOI cap rate of 7.0%. A 7.0% cap rate implies a share price for the Company’s common stock of $15.85
- The Company’s common stock is currently trading at an approximate 6.0% dividend yield
- RevPAR for all hotels increased 6.6% during the quarter
- RevPAR for all hotels not under renovation increased 7.9% during the quarter
- Hotel EBITDA increased 8.8% for all hotels
- Hotel EBITDA Margin increased 114 basis points for all hotels not under renovation
- Adjusted EBITDA increased $24 million or 24%
- Adjusted funds from operations (AFFO) was $0.49 per diluted share for the quarter as compared with $0.39 from the prior-year quarter representing an increase of 26%
- Subsequent to quarter end, on July 7, 2015, the Company announced it had completed the conversion of the 260-room Beverly Hills Marriott, formerly the Crowne Plaza Beverly Hills, following an extensive $26.0 million renovation
- Subsequent to quarter end, on July 27, 2015, the Company distributed the remaining units and shares that it owned of Ashford Hospitality Prime, Inc. (NYSE: AHP) (“Ashford Prime”) to its shareholders through a pro-rata, taxable dividend
- Capex invested in the quarter was $37.4 million
To view full second quarter financial results please visit: http://www.ahtreit.com/resourcefiles/pdf/aht-q2-earnings.pdf
