Maryland | 001-32514 | 20-1180098 | ||||||||||||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, $0.01 par value per share | DRH | New York Stock Exchange | ||||||||||||
8.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share | DRH Pr A | New York Stock Exchange |
Name | For | Against | Abstain | Broker Non-Votes | ||||||||||||||||||||||
William W. McCarten | 193,066,982 | 2,302,050 | 13,488 | 1,594,952 | ||||||||||||||||||||||
Timothy R. Chi | 166,399,821 | 28,961,879 | 20,820 | 1,594,952 | ||||||||||||||||||||||
Michael A. Hartmeier | 188,112,969 | 7,250,257 | 19,294 | 1,594,952 | ||||||||||||||||||||||
Kathleen A. Merrill | 189,036,153 | 6,334,853 | 11,514 | 1,594,952 | ||||||||||||||||||||||
William J. Shaw | 186,034,435 | 9,331,165 | 16,920 | 1,594,952 | ||||||||||||||||||||||
Bruce D. Wardinski | 186,537,035 | 8,814,728 | 30,757 | 1,594,952 | ||||||||||||||||||||||
Tabassum S. Zalotrawala | 189,038,550 | 6,335,385 | 8,585 | 1,594,952 |
For | Against | Abstain | Broker Non-Votes | |||||||||||||||||
187,832,825 | 7,518,203 | 31,492 | 1,594,952 |
For | Against | Abstain | ||||||||||||
190,427,552 | 6,539,718 | 10,202 |
For | Against | Abstain | Broker Non-Votes | |||||||||||||||||
189,270,759 | 6,080,275 | 31,486 | 1,594,952 |
DIAMONDROCK HOSPITALITY COMPANY | ||||||||||||||||||||
Dated: May 2, 2024 | By: | /s/ Briony R. Quinn |
||||||||||||||||||
Briony R. Quinn | ||||||||||||||||||||
Executive Vice President, Chief Financial Officer and Treasurer |
Quarter Ended March 31, | Change From | |||||||||||||||||||
2024 | 2023 | 2023 | ||||||||||||||||||
($ amounts in millions, except hotel statistics and per share amounts) | ||||||||||||||||||||
Comparable Operating Results (1) |
||||||||||||||||||||
ADR | $ | 269.53 | $ | 276.43 | (2.5) | % | ||||||||||||||
Occupancy | 68.4 | % | 66.9 | % | 1.5 | % | ||||||||||||||
RevPAR | $ | 184.23 | $ | 185.00 | (0.4) | % | ||||||||||||||
Total RevPAR | $ | 288.92 | $ | 282.28 | 2.4 | % | ||||||||||||||
Room Revenues | $ | 163.5 | $ | 161.9 | 1.0 | % | ||||||||||||||
Total Revenues | $ | 256.4 | $ | 247.0 | 3.8 | % | ||||||||||||||
Hotel Adjusted EBITDA | $ | 61.4 | $ | 63.3 | (3.0) | % | ||||||||||||||
Hotel Adjusted EBITDA Margin | 23.95 | % | 25.64 | % | (169 bps) | |||||||||||||||
Available Rooms | 887,523 | 875,126 | 12,397 | |||||||||||||||||
Actual Operating Results (2) |
||||||||||||||||||||
Total Revenues | $ | 256.4 | $ | 243.6 | 5.3 | % | ||||||||||||||
Net income | $ | 8.4 | $ | 9.2 | (8.7) | % | ||||||||||||||
Earnings per diluted share | $ | 0.03 | $ | 0.03 | 0.0 | % | ||||||||||||||
Adjusted EBITDA | $ | 53.6 | $ | 55.4 | (3.2) | % | ||||||||||||||
Adjusted FFO | $ | 36.0 | $ | 38.0 | (5.3) | % | ||||||||||||||
Adjusted FFO per diluted share | $ | 0.17 | $ | 0.18 | (5.6) | % |
Previous Guidance | Revised Guidance | Change at Midpoint | |||||||||||||||
Metric | Low End | High End | Low End | High End | |||||||||||||
Comparable RevPAR Growth | 2.0% | 4.0% | 2.0% | 4.0% | - | ||||||||||||
Adjusted EBITDA | $260 million | $290 million | $270 million | $290 million | + $5.0 million | ||||||||||||
Adjusted FFO | $187 million | $217 million | $194 million | $214 million | + $2.0 million | ||||||||||||
Adjusted FFO per share (based on 213.5 million diluted shares) | $0.88 per share | $1.02 per share | $0.91 per share | $1.00 per share | +$0.01 per share |
March 31, 2024 | December 31, 2023 | ||||||||||
ASSETS | (unaudited) | ||||||||||
Property and equipment, net | $ | 2,750,573 | $ | 2,755,195 | |||||||
Right-of-use assets | 97,151 | 97,692 | |||||||||
Restricted cash | 45,180 | 45,576 | |||||||||
Due from hotel managers | 155,744 | 144,689 | |||||||||
Prepaid and other assets | 70,085 | 73,940 | |||||||||
Cash and cash equivalents | 120,064 | 121,595 | |||||||||
Total assets |
$ | 3,238,797 | $ | 3,238,687 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Liabilities: | |||||||||||
Debt, net of unamortized debt issuance costs | 1,174,733 | 1,177,005 | |||||||||
Lease liabilities | 113,201 | 112,866 | |||||||||
Due to hotel managers | 119,178 | 116,522 | |||||||||
Deferred rent | 70,638 | 69,209 | |||||||||
Unfavorable contract liabilities, net | 59,452 | 59,866 | |||||||||
Accounts payable and accrued expenses | 37,926 | 39,563 | |||||||||
Distributions declared and unpaid | 6,186 | 6,324 | |||||||||
Deferred income related to key money, net | 8,241 | 8,349 | |||||||||
Total liabilities |
1,589,555 | 1,589,704 | |||||||||
Equity: | |||||||||||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; | |||||||||||
8.250% Series A Cumulative Redeemable Preferred Stock (liquidation preference $25.00 per share), 4,760,000 shares issued and outstanding at March 31, 2024 and December 31, 2023 | 48 | 48 | |||||||||
Common stock, $0.01 par value; 400,000,000 shares authorized; 210,064,433 and 209,627,197 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 2,100 | 2,096 | |||||||||
Additional paid-in capital | 2,290,288 | 2,291,297 | |||||||||
Accumulated other comprehensive income | (781) | (2,036) | |||||||||
Distributions in excess of earnings | (649,757) | (649,330) | |||||||||
Total stockholders’ equity |
1,641,898 | 1,642,075 | |||||||||
Noncontrolling interests | 7,344 | 6,908 | |||||||||
Total equity |
1,649,242 | 1,648,983 | |||||||||
Total liabilities and equity |
$ | 3,238,797 | $ | 3,238,687 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Revenues: |
|||||||||||
Rooms |
$ | 163,507 | $ | 160,673 | |||||||
Food and beverage |
68,381 | 59,777 | |||||||||
Other |
24,535 | 23,103 | |||||||||
Total revenues |
256,423 | 243,553 | |||||||||
Operating Expenses: |
|||||||||||
Rooms |
43,968 | 40,203 | |||||||||
Food and beverage |
47,239 | 43,150 | |||||||||
Other departmental and support expenses | 64,600 | 61,968 | |||||||||
Management fees |
5,310 | 4,988 | |||||||||
Franchise fees |
9,026 | 8,077 | |||||||||
Other property-level expenses | 26,618 | 24,117 | |||||||||
Depreciation and amortization |
28,313 | 27,472 | |||||||||
Corporate expenses |
8,904 | 7,867 | |||||||||
Total operating expenses, net |
233,978 | 217,842 | |||||||||
Interest expense |
16,246 | 17,172 | |||||||||
Interest (income) and other (income) expense, net | (1,069) | (423) | |||||||||
Total other expenses, net |
15,177 | 16,749 | |||||||||
Income before income taxes |
7,268 | 8,962 | |||||||||
Income tax benefit |
1,090 | 226 | |||||||||
Net income |
8,358 | 9,188 | |||||||||
Less: Net income attributable to noncontrolling interests |
(30) | (32) | |||||||||
Net income attributable to the Company |
8,328 | 9,156 | |||||||||
Distributions to preferred stockholders | (2,454) | (2,454) | |||||||||
Net income attributable to common stockholders | $ | 5,874 | $ | 6,702 | |||||||
Earnings per share: |
|||||||||||
Earnings per share available to common stockholders - basic |
$ | 0.03 | $ | 0.03 | |||||||
Earnings per share available to common stockholders - diluted |
$ | 0.03 | $ | 0.03 | |||||||
Weighted-average number of common shares outstanding: |
|||||||||||
Basic |
211,669,343 | 211,411,519 | |||||||||
Diluted |
212,342,467 | 211,814,722 |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Net income | $ | 8,358 | $ | 9,188 | ||||||||||
Interest expense | 16,246 | 17,172 | ||||||||||||
Income tax benefit | (1,090) | (226) | ||||||||||||
Real estate related depreciation and amortization | 28,313 | 27,472 | ||||||||||||
EBITDA/EBITDAre |
51,827 | 53,606 | ||||||||||||
Non-cash lease expense and other amortization | 1,518 | 1,550 | ||||||||||||
Hotel pre-opening costs | 234 | 216 | ||||||||||||
Adjusted EBITDA | 53,579 | 55,372 | ||||||||||||
Corporate expenses | 8,904 | 7,867 | ||||||||||||
Interest (income) and other (income) expense, net | (1,069) | (423) | ||||||||||||
Hotel Adjusted EBITDA | $ | 61,414 | $ | 62,816 |
Full Year 2024 Guidance | |||||||||||
Low End | High End | ||||||||||
Net income | $ | 86,817 | $ | 108,817 | |||||||
Interest expense | 66,183 | 65,183 | |||||||||
Income tax expense | — | 1,000 | |||||||||
Real estate related depreciation and amortization | 110,000 | 108,000 | |||||||||
EBITDA/EBITDAre |
263,000 | 283,000 | |||||||||
Non-cash lease expense and other amortization | 6,200 | 6,200 | |||||||||
Hotel pre-opening costs | 800 | 800 | |||||||||
Adjusted EBITDA | $ | 270,000 | $ | 290,000 |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Net income | $ | 8,358 | $ | 9,188 | ||||||||||
Real estate related depreciation and amortization | 28,313 | 27,472 | ||||||||||||
FFO | 36,671 | 36,660 | ||||||||||||
Distribution to preferred stockholders | (2,454) | (2,454) | ||||||||||||
FFO available to common stock and unit holders | 34,217 | 34,206 | ||||||||||||
Non-cash lease expense and other amortization | 1,518 | 1,550 | ||||||||||||
Hotel pre-opening costs | 234 | 216 | ||||||||||||
Fair value adjustments to interest rate swaps | — | 2,014 | ||||||||||||
Adjusted FFO available to common stock and unit holders | $ | 35,969 | $ | 37,986 | ||||||||||
Adjusted FFO available to common stock and unit holders, per diluted share | $ | 0.17 | $ | 0.18 |
Full Year 2024 Guidance | |||||||||||
Low End | High End | ||||||||||
Net income | $ | 86,817 | $ | 108,817 | |||||||
Real estate related depreciation and amortization | 110,000 | 108,000 | |||||||||
FFO | 196,817 | 216,817 | |||||||||
Distribution to preferred stockholders | (9,817) | (9,817) | |||||||||
FFO available to common stock and unit holders | 187,000 | 207,000 | |||||||||
Non-cash lease expense and other amortization | 6,200 | 6,200 | |||||||||
Hotel pre-opening costs | 800 | 800 | |||||||||
Adjusted FFO available to common stock and unit holders | $ | 194,000 | $ | 214,000 | |||||||
Adjusted FFO available to common stock and unit holders, per diluted share | $ | 0.91 | $ | 1.00 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Revenues | $ | 256,423 | $ | 243,553 | |||||||
Hotel revenues from prior ownership (1) |
— | 3,481 | |||||||||
Comparable Revenues | $ | 256,423 | $ | 247,034 | |||||||
Hotel Adjusted EBITDA | $ | 61,414 | $ | 62,816 | |||||||
Hotel Adjusted EBITDA from prior ownership (1) |
— | 520 | |||||||||
Comparable Hotel Adjusted EBITDA | $ | 61,414 | $ | 63,336 | |||||||
Hotel Adjusted EBITDA Margin | 23.95 | % | 25.79 | % | |||||||
Comparable Hotel Adjusted EBITDA Margin | 23.95 | % | 25.64 | % |
Quarter 1, 2023 | Quarter 2, 2023 | Quarter 3, 2023 | Quarter 4, 2023 | Full Year 2023 | |||||||||||||
ADR | $ | 276.43 | $ | 292.67 | $ | 273.28 | $ | 282.57 | $ | 281.36 | |||||||
Occupancy | 66.9 | % | 76.6 | % | 76.4 | % | 68.4 | % | 72.1 | % | |||||||
RevPAR | $ | 185.00 | $ | 224.27 | $ | 208.66 | $ | 193.16 | $ | 202.81 | |||||||
Total RevPAR | $ | 282.28 | $ | 333.24 | $ | 310.54 | $ | 294.05 | $ | 305.08 | |||||||
Revenues (in thousands) | $ | 247,034 | $ | 295,059 | $ | 278,162 | $ | 263,547 | $ | 1,083,802 | |||||||
Hotel Adjusted EBITDA (in thousands) | $ | 63,336 | $ | 94,335 | $ | 80,492 | $ | 64,817 | $ | 302,980 | |||||||
Hotel Adjusted EBITDA Margin | 25.64 | % | 31.97 | % | 28.94 | % | 24.59 | % | 27.96 | % | |||||||
Available Rooms | 875,126 | 885,430 | 895,743 | 896,260 | 3,552,559 |
Quarter 1, 2024 | |||||
ADR | $ | 269.53 | |||
Occupancy | 68.4 | % | |||
RevPAR | $ | 184.23 | |||
Total RevPAR | $ | 288.92 | |||
Revenues (in thousands) | $ | 256,423 | |||
Hotel Adjusted EBITDA (in thousands) | $ | 61,414 | |||
Hotel Adjusted EBITDA Margin | 23.95 | % | |||
Available Rooms | 887,523 |
Market Capitalization as of March 31, 2024 | ||||||||
(in thousands) | ||||||||
Enterprise Value | ||||||||
Common equity capitalization (at March 31, 2024 closing price of $9.61/share) | $ | 2,053,739 | ||||||
Preferred equity capitalization (at liquidation value of $25.00/share) | 119,000 | |||||||
Consolidated debt (face amount) | 1,175,728 | |||||||
Cash and cash equivalents | (120,064) | |||||||
Total enterprise value |
$ | 3,228,403 | ||||||
Share Reconciliation | ||||||||
Common shares outstanding | 210,064 | |||||||
Operating partnership units | 1,037 | |||||||
Unvested restricted stock held by management and employees | 716 | |||||||
Share grants under deferred compensation plan | 1,891 | |||||||
Combined shares and units | 213,708 |
Debt Summary as of March 31, 2024 | ||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
Loan | Interest Rate | Term | Outstanding Principal | Maturity | ||||||||||||||||||||||
Courtyard New York Manhattan / Midtown East | 4.40% | Fixed | $ | 73,879 | August 2024 | |||||||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 3.66% | Fixed | 73,240 | May 2025 | ||||||||||||||||||||||
Hotel Clio | 4.33% | Fixed | 55,735 | July 2025 | ||||||||||||||||||||||
Westin Boston Seaport District | 4.36% | Fixed | 172,874 | November 2025 | ||||||||||||||||||||||
Unsecured term loan | SOFR + 1.35% (1) |
Variable | 500,000 | January 2028 | ||||||||||||||||||||||
Unsecured term loan | SOFR + 1.35% (1) |
Variable | 300,000 | January 2025 (2) |
||||||||||||||||||||||
Senior unsecured credit facility | SOFR + 1.40% | Variable | — | September 2026 (2) |
||||||||||||||||||||||
Total debt | 1,175,728 | |||||||||||||||||||||||||
Unamortized debt issuance costs (3) |
(995) | |||||||||||||||||||||||||
Debt, net of unamortized debt issuance costs | $ | 1,174,733 | ||||||||||||||||||||||||
Weighted-average interest rate of fixed rate debt | 4.09% | |||||||||||||||||||||||||
Total weighted-average interest rate (4) |
5.22% |
Operating Statistics – First Quarter | ||||||||||||||||||||||||||||||||||||||
Number of Rooms | ADR | Occupancy | RevPAR | |||||||||||||||||||||||||||||||||||
1Q 2024 | 1Q 2023 | B/(W) 2023 | 1Q 2024 | 1Q 2023 | B/(W) 2023 | 1Q 2024 | 1Q 2023 | B/(W) 2023 | ||||||||||||||||||||||||||||||
Atlanta Marriott Alpharetta | 318 | $ | 165.66 | $ | 159.23 | 4.0 | % | 59.1 | % | 62.6 | % | (3.5) | % | $ | 97.96 | $ | 99.61 | (1.7) | % | |||||||||||||||||||
Bourbon Orleans Hotel | 220 | $ | 261.57 | $ | 260.14 | 0.5 | % | 76.6 | % | 80.9 | % | (4.3) | % | $ | 200.49 | $ | 210.46 | (4.7) | % | |||||||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | 142 | $ | 550.92 | $ | 567.94 | (3.0) | % | 51.0 | % | 52.7 | % | (1.7) | % | $ | 281.13 | $ | 299.21 | (6.0) | % | |||||||||||||||||||
Chicago Marriott Downtown Magnificent Mile | 1,200 | $ | 173.13 | $ | 188.98 | (8.4) | % | 46.3 | % | 39.5 | % | 6.8 | % | $ | 80.22 | $ | 74.71 | 7.4 | % | |||||||||||||||||||
Chico Hot Springs Resort & Day Spa | 117 | $ | 180.03 | $ | 164.87 | 9.2 | % | 71.7 | % | 73.2 | % | (1.5) | % | $ | 129.16 | $ | 120.72 | 7.0 | % | |||||||||||||||||||
Courtyard Denver Downtown | 177 | $ | 156.97 | $ | 178.98 | (12.3) | % | 67.8 | % | 69.1 | % | (1.3) | % | $ | 106.42 | $ | 123.67 | (13.9) | % | |||||||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | 189 | $ | 208.12 | $ | 201.95 | 3.1 | % | 89.0 | % | 93.5 | % | (4.5) | % | $ | 185.26 | $ | 188.81 | (1.9) | % | |||||||||||||||||||
Courtyard New York Manhattan/Midtown East | 321 | $ | 248.51 | $ | 233.43 | 6.5 | % | 91.1 | % | 87.9 | % | 3.2 | % | $ | 226.49 | $ | 205.28 | 10.3 | % | |||||||||||||||||||
Embassy Suites by Hilton Bethesda | 272 | $ | 158.71 | $ | 142.06 | 11.7 | % | 58.9 | % | 61.6 | % | (2.7) | % | $ | 93.52 | $ | 87.57 | 6.8 | % | |||||||||||||||||||
Havana Cabana Key West | 106 | $ | 407.80 | $ | 379.67 | 7.4 | % | 85.6 | % | 87.9 | % | (2.3) | % | $ | 349.24 | $ | 333.90 | 4.6 | % | |||||||||||||||||||
Henderson Beach Resort | 266 | $ | 324.06 | $ | 361.12 | (10.3) | % | 40.5 | % | 42.7 | % | (2.2) | % | $ | 131.20 | $ | 154.33 | (15.0) | % | |||||||||||||||||||
Henderson Park Inn | 37 | $ | 410.42 | $ | 479.08 | (14.3) | % | 57.2 | % | 42.5 | % | 14.7 | % | $ | 234.65 | $ | 203.43 | 15.3 | % | |||||||||||||||||||
Hilton Burlington Lake Champlain | 258 | $ | 147.57 | $ | 165.81 | (11.0) | % | 56.2 | % | 63.2 | % | (7.0) | % | $ | 82.96 | $ | 104.76 | (20.8) | % | |||||||||||||||||||
Hilton Garden Inn New York/Times Square Central | 282 | $ | 181.91 | $ | 193.29 | (5.9) | % | 89.7 | % | 85.3 | % | 4.4 | % | $ | 163.18 | $ | 164.87 | (1.0) | % | |||||||||||||||||||
Hotel Clio | 199 | $ | 266.77 | $ | 298.34 | (10.6) | % | 65.2 | % | 61.8 | % | 3.4 | % | $ | 173.98 | $ | 184.29 | (5.6) | % | |||||||||||||||||||
Hotel Emblem San Francisco | 96 | $ | 254.29 | $ | 284.99 | (10.8) | % | 58.8 | % | 63.7 | % | (4.9) | % | $ | 149.50 | $ | 181.55 | (17.7) | % | |||||||||||||||||||
Kimpton Hotel Palomar Phoenix | 242 | $ | 274.39 | $ | 301.38 | (9.0) | % | 81.9 | % | 73.7 | % | 8.2 | % | $ | 224.84 | $ | 222.03 | 1.3 | % | |||||||||||||||||||
Kimpton Shorebreak Fort Lauderdale Beach Resort | 96 | $ | 259.42 | $ | 273.10 | (5.0) | % | 89.1 | % | 87.5 | % | 1.6 | % | $ | 231.18 | $ | 239.00 | (3.3) | % | |||||||||||||||||||
Kimpton Shorebreak Huntington Beach Resort | 157 | $ | 286.87 | $ | 292.14 | (1.8) | % | 78.5 | % | 75.6 | % | 2.9 | % | $ | 225.25 | $ | 220.94 | 2.0 | % | |||||||||||||||||||
L'Auberge de Sedona | 88 | $ | 860.57 | $ | 958.17 | (10.2) | % | 65.0 | % | 57.5 | % | 7.5 | % | $ | 559.03 | $ | 550.94 | 1.5 | % | |||||||||||||||||||
Lake Austin Spa Resort | 40 | $ | 1,000.12 | $ | 1,122.11 | (10.9) | % | 57.6 | % | 55.7 | % | 1.9 | % | $ | 576.17 | $ | 624.64 | (7.8) | % | |||||||||||||||||||
Margaritaville Beach House Key West | 186 | $ | 512.43 | $ | 495.09 | 3.5 | % | 91.8 | % | 85.1 | % | 6.7 | % | $ | 470.35 | $ | 421.38 | 11.6 | % | |||||||||||||||||||
Orchards Inn Sedona | 70 | $ | 296.11 | $ | 291.48 | 1.6 | % | 57.2 | % | 59.5 | % | (2.3) | % | $ | 169.25 | $ | 173.50 | (2.4) | % | |||||||||||||||||||
Salt Lake City Marriott Downtown at City Creek | 510 | $ | 198.29 | $ | 199.71 | (0.7) | % | 65.7 | % | 67.2 | % | (1.5) | % | $ | 130.36 | $ | 134.17 | (2.8) | % | |||||||||||||||||||
The Dagny Boston | 403 | $ | 194.24 | $ | 228.24 | (14.9) | % | 76.8 | % | 49.0 | % | 27.8 | % | $ | 149.23 | $ | 111.77 | 33.5 | % | |||||||||||||||||||
The Gwen | 311 | $ | 213.40 | $ | 222.60 | (4.1) | % | 65.9 | % | 65.2 | % | 0.7 | % | $ | 140.71 | $ | 145.07 | (3.0) | % | |||||||||||||||||||
The Hythe Vail | 344 | $ | 629.06 | $ | 627.60 | 0.2 | % | 76.4 | % | 84.2 | % | (7.8) | % | $ | 480.78 | $ | 528.21 | (9.0) | % | |||||||||||||||||||
The Landing Lake Tahoe Resort & Spa | 82 | $ | 332.66 | $ | 362.47 | (8.2) | % | 46.7 | % | 31.0 | % | 15.7 | % | $ | 155.36 | $ | 112.33 | 38.3 | % | |||||||||||||||||||
The Lindy Renaissance Charleston Hotel | 167 | $ | 319.79 | $ | 333.13 | (4.0) | % | 86.6 | % | 84.5 | % | 2.1 | % | $ | 276.82 | $ | 281.51 | (1.7) | % | |||||||||||||||||||
The Lodge at Sonoma Resort | 182 | $ | 311.09 | $ | 361.03 | (13.8) | % | 45.4 | % | 54.5 | % | (9.1) | % | $ | 141.10 | $ | 196.63 | (28.2) | % | |||||||||||||||||||
Tranquility Bay Beachfront Resort | 103 | $ | 809.20 | $ | 813.34 | (0.5) | % | 75.5 | % | 74.1 | % | 1.4 | % | $ | 610.81 | $ | 602.42 | 1.4 | % | |||||||||||||||||||
Westin Boston Waterfront | 793 | $ | 219.87 | $ | 203.87 | 7.8 | % | 78.0 | % | 71.7 | % | 6.3 | % | $ | 171.40 | $ | 146.25 | 17.2 | % | |||||||||||||||||||
Westin Fort Lauderdale Beach Resort | 433 | $ | 330.31 | $ | 348.32 | (5.2) | % | 87.6 | % | 87.9 | % | (0.3) | % | $ | 289.51 | $ | 306.27 | (5.5) | % | |||||||||||||||||||
Westin San Diego Bayview | 436 | $ | 218.22 | $ | 214.73 | 1.6 | % | 61.3 | % | 73.9 | % | (12.6) | % | $ | 133.84 | $ | 158.76 | (15.7) | % | |||||||||||||||||||
Westin Washington D.C. City Center | 410 | $ | 216.86 | $ | 214.83 | 0.9 | % | 69.2 | % | 68.0 | % | 1.2 | % | $ | 149.98 | $ | 146.02 | 2.7 | % | |||||||||||||||||||
Worthington Renaissance Fort Worth Hotel | 504 | $ | 209.20 | $ | 196.60 | 6.4 | % | 69.9 | % | 74.1 | % | (4.2) | % | $ | 146.33 | $ | 145.65 | 0.5 | % | |||||||||||||||||||
Comparable Total (1) |
9,757 | $ | 269.53 | $ | 276.43 | (2.5) | % | 68.4 | % | 66.9 | % | 1.5 | % | $ | 184.23 | $ | 185.00 | (0.4) | % | |||||||||||||||||||
Hotel Adjusted EBITDA Reconciliation - First Quarter 2024 | ||||||||||||||||||||||||||
Net Income / (Loss) | Plus: | Plus: | Plus: | Equals: Hotel Adjusted EBITDA | ||||||||||||||||||||||
Total Revenues | Depreciation | Interest Expense | Adjustments (1) |
|||||||||||||||||||||||
Atlanta Marriott Alpharetta | $ | 4,186 | $ | 1,090 | $ | 375 | $ | — | $ | — | $ | 1,465 | ||||||||||||||
Bourbon Orleans Hotel | $ | 4,991 | $ | 1,314 | $ | 874 | $ | — | $ | (29) | $ | 2,159 | ||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | $ | 9,847 | $ | (66) | $ | 1,461 | $ | — | $ | 94 | $ | 1,489 | ||||||||||||||
Chicago Marriott Downtown Magnificent Mile | $ | 19,287 | $ | (1,577) | $ | 3,415 | $ | 6 | $ | (397) | $ | 1,447 | ||||||||||||||
Chico Hot Springs Resort & Day Spa | $ | 3,329 | $ | (256) | $ | 387 | $ | — | $ | 2 | $ | 133 | ||||||||||||||
Courtyard Denver Downtown | $ | 1,986 | $ | 168 | $ | 381 | $ | — | $ | — | $ | 549 | ||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | $ | 3,301 | $ | (941) | $ | 359 | $ | — | $ | 253 | $ | (329) | ||||||||||||||
Courtyard New York Manhattan/Midtown East | $ | 6,928 | $ | (569) | $ | 526 | $ | 875 | $ | — | $ | 832 | ||||||||||||||
Embassy Suites by Hilton Bethesda | $ | 2,640 | $ | (2,035) | $ | 575 | $ | — | $ | 1,462 | $ | 2 | ||||||||||||||
Havana Cabana Key West | $ | 4,135 | $ | 1,464 | $ | 298 | $ | — | $ | — | $ | 1,762 | ||||||||||||||
Henderson Beach Resort | $ | 6,719 | $ | (957) | $ | 1,062 | $ | — | $ | — | $ | 105 | ||||||||||||||
Henderson Park Inn | $ | 1,278 | $ | (117) | $ | 274 | $ | — | $ | — | $ | 157 | ||||||||||||||
Hilton Burlington Lake Champlain | $ | 2,676 | $ | (810) | $ | 574 | $ | — | $ | — | $ | (236) | ||||||||||||||
Hilton Garden Inn New York/Times Square Central | $ | 4,946 | $ | (536) | $ | 650 | $ | — | $ | — | $ | 114 | ||||||||||||||
Hotel Clio | $ | 5,429 | $ | (1,034) | $ | 845 | $ | 621 | $ | 5 | $ | 437 | ||||||||||||||
Hotel Emblem San Francisco | $ | 1,627 | $ | (36) | $ | 302 | $ | — | $ | — | $ | 266 | ||||||||||||||
Kimpton Hotel Palomar Phoenix | $ | 7,730 | $ | 2,247 | $ | 501 | $ | — | $ | 197 | $ | 2,945 | ||||||||||||||
Kimpton Shorebreak Fort Lauderdale Beach Resort | $ | 3,298 | $ | 486 | $ | 357 | $ | — | $ | — | $ | 843 | ||||||||||||||
Kimpton Shorebreak Huntington Beach Resort | $ | 5,006 | $ | 981 | $ | 380 | $ | — | $ | — | $ | 1,361 | ||||||||||||||
L'Auberge de Sedona | $ | 7,339 | $ | 1,627 | $ | 386 | $ | — | $ | — | $ | 2,013 | ||||||||||||||
Lake Austin Spa Resort | $ | 4,837 | $ | 312 | $ | 681 | $ | — | $ | — | $ | 993 | ||||||||||||||
Margaritaville Beach House Key West | $ | 10,107 | $ | 4,200 | $ | 766 | $ | — | $ | — | $ | 4,966 | ||||||||||||||
Orchards Inn Sedona | $ | 2,032 | $ | 415 | $ | 88 | $ | — | $ | 42 | $ | 545 | ||||||||||||||
Salt Lake City Marriott Downtown at City Creek | $ | 8,402 | $ | 2,156 | $ | 918 | $ | — | $ | 11 | $ | 3,085 | ||||||||||||||
The Dagny Boston | $ | 6,425 | $ | (1,116) | $ | 1,530 | $ | — | $ | — | $ | 414 | ||||||||||||||
The Gwen | $ | 5,473 | $ | (1,865) | $ | 949 | $ | — | $ | — | $ | (916) | ||||||||||||||
The Hythe Vail | $ | 20,496 | $ | 9,508 | $ | 1,181 | $ | — | $ | — | $ | 10,689 | ||||||||||||||
The Landing Lake Tahoe Resort & Spa | $ | 2,159 | $ | (114) | $ | 219 | $ | — | $ | — | $ | 105 | ||||||||||||||
The Lindy Renaissance Charleston Hotel | $ | 5,275 | $ | 1,700 | $ | 394 | $ | — | $ | — | $ | 2,094 | ||||||||||||||
The Lodge at Sonoma Resort | $ | 4,538 | $ | (639) | $ | 618 | $ | — | $ | — | $ | (21) | ||||||||||||||
Tranquility Bay Beachfront Resort | $ | 7,158 | $ | 1,937 | $ | 453 | $ | — | $ | — | $ | 2,390 | ||||||||||||||
Westin Boston Seaport District | $ | 21,101 | $ | (1,199) | $ | 2,484 | $ | 1,953 | $ | (122) | $ | 3,116 | ||||||||||||||
Westin Fort Lauderdale Beach Resort | $ | 24,022 | $ | 8,261 | $ | 1,083 | $ | — | $ | — | $ | 9,344 | ||||||||||||||
Westin San Diego Bayview | $ | 7,677 | $ | 802 | $ | 1,068 | $ | — | $ | — | $ | 1,870 | ||||||||||||||
Westin Washington D.C. City Center | $ | 7,466 | $ | 353 | $ | 1,048 | $ | — | $ | — | $ | 1,401 | ||||||||||||||
Worthington Renaissance Fort Worth Hotel | $ | 12,577 | $ | 2,174 | $ | 851 | $ | 702 | $ | — | $ | 3,727 | ||||||||||||||
Comparable Total | $ | 256,423 | $ | 27,328 | $ | 28,313 | $ | 4,157 | $ | 1,518 | $ | 61,414 | ||||||||||||||
Hotel Adjusted EBITDA Reconciliation - First Quarter 2023 | ||||||||||||||||||||||||||
Net Income / (Loss) | Plus: | Plus: | Plus: | Equals: Hotel | ||||||||||||||||||||||
Total Revenues | Depreciation | Interest Expense | Adjustments (1) |
Adjusted EBITDA | ||||||||||||||||||||||
Atlanta Marriott Alpharetta | $ | 4,017 | $ | 939 | $ | 364 | $ | — | $ | — | $ | 1,303 | ||||||||||||||
Bourbon Orleans Hotel | $ | 5,064 | $ | 1,429 | $ | 837 | $ | — | $ | 6 | $ | 2,272 | ||||||||||||||
Cavallo Point, The Lodge at the Golden Gate | $ | 10,393 | $ | 894 | $ | 1,392 | $ | — | $ | 94 | $ | 2,380 | ||||||||||||||
Chicago Marriott Downtown Magnificent Mile | $ | 15,284 | $ | (2,595) | $ | 3,654 | $ | 6 | $ | (397) | $ | 668 | ||||||||||||||
Courtyard Denver Downtown | $ | 2,198 | $ | 276 | $ | 377 | $ | — | $ | — | $ | 653 | ||||||||||||||
Courtyard New York Manhattan/Fifth Avenue | $ | 3,263 | $ | (755) | $ | 345 | $ | — | $ | 253 | $ | (157) | ||||||||||||||
Courtyard New York Manhattan/Midtown East | $ | 6,206 | $ | (1,002) | $ | 501 | $ | 886 | $ | — | $ | 385 | ||||||||||||||
Embassy Suites by Hilton Bethesda | $ | 2,565 | $ | (2,163) | $ | 575 | $ | — | $ | 1,477 | $ | (111) | ||||||||||||||
Havana Cabana Key West | $ | 4,001 | $ | 1,543 | $ | 278 | $ | — | $ | — | $ | 1,821 | ||||||||||||||
Henderson Beach Resort | $ | 6,557 | $ | (1,008) | $ | 999 | $ | — | $ | — | $ | (9) | ||||||||||||||
Henderson Park Inn | $ | 1,071 | $ | (249) | $ | 252 | $ | — | $ | — | $ | 3 | ||||||||||||||
Hilton Burlington Lake Champlain | $ | 3,272 | $ | (430) | $ | 568 | $ | — | $ | — | $ | 138 | ||||||||||||||
Hilton Garden Inn New York/Times Square Central | $ | 4,752 | $ | (235) | $ | 639 | $ | — | $ | — | $ | 404 | ||||||||||||||
Hotel Clio | $ | 5,353 | $ | (921) | $ | 862 | $ | 629 | $ | 5 | $ | 575 | ||||||||||||||
Hotel Emblem San Francisco | $ | 2,001 | $ | (30) | $ | 297 | $ | — | $ | — | $ | 267 | ||||||||||||||
Kimpton Hotel Palomar Phoenix | $ | 7,654 | $ | 1,981 | $ | 660 | $ | — | $ | 181 | $ | 2,822 | ||||||||||||||
Kimpton Shorebreak Fort Lauderdale Beach Resort | $ | 3,175 | $ | 583 | $ | 304 | $ | — | $ | — | $ | 887 | ||||||||||||||
Kimpton Shorebreak Huntington Beach Resort | $ | 4,527 | $ | 780 | $ | 412 | $ | — | $ | — | $ | 1,192 | ||||||||||||||
L'Auberge de Sedona | $ | 6,862 | $ | 1,435 | $ | 361 | $ | — | $ | — | $ | 1,796 | ||||||||||||||
Lake Austin Spa Resort | $ | 4,950 | $ | 456 | $ | 628 | $ | — | $ | — | $ | 1,084 | ||||||||||||||
Margaritaville Beach House Key West | $ | 9,221 | $ | 4,078 | $ | 800 | $ | — | $ | — | $ | 4,878 | ||||||||||||||
Orchards Inn Sedona | $ | 2,048 | $ | 439 | $ | 92 | $ | — | $ | 42 | $ | 573 | ||||||||||||||
Salt Lake City Marriott Downtown at City Creek | $ | 8,291 | $ | 2,492 | $ | 567 | $ | — | $ | 11 | $ | 3,070 | ||||||||||||||
The Dagny Boston | $ | 4,786 | $ | (1,544) | $ | 1,124 | $ | — | $ | — | $ | (420) | ||||||||||||||
The Gwen | $ | 5,589 | $ | (1,514) | $ | 1,083 | $ | — | $ | — | $ | (431) | ||||||||||||||
The Hythe Vail | $ | 21,895 | $ | 10,653 | $ | 1,202 | $ | — | $ | — | $ | 11,855 | ||||||||||||||
The Landing Lake Tahoe Resort & Spa | $ | 1,553 | $ | (560) | $ | 223 | $ | — | $ | — | $ | (337) | ||||||||||||||
The Lindy Renaissance Charleston Hotel | $ | 5,401 | $ | 1,874 | $ | 465 | $ | — | $ | — | $ | 2,339 | ||||||||||||||
The Lodge at Sonoma Resort | $ | 6,105 | $ | 396 | $ | 657 | $ | — | $ | — | $ | 1,053 | ||||||||||||||
Tranquility Bay Beachfront Resort | $ | 6,982 | $ | 2,039 | $ | 429 | $ | — | $ | — | $ | 2,468 | ||||||||||||||
Westin Boston Seaport District | $ | 18,031 | $ | (1,865) | $ | 2,470 | $ | 1,981 | $ | (122) | $ | 2,464 | ||||||||||||||
Westin Fort Lauderdale Beach Resort | $ | 22,987 | $ | 8,306 | $ | 1,054 | $ | — | $ | — | $ | 9,360 | ||||||||||||||
Westin San Diego Bayview | $ | 8,700 | $ | 2,013 | $ | 855 | $ | — | $ | — | $ | 2,868 | ||||||||||||||
Westin Washington D.C. City Center | $ | 6,707 | $ | (63) | $ | 1,020 | $ | — | $ | — | $ | 957 | ||||||||||||||
Worthington Renaissance Fort Worth Hotel | $ | 12,092 | $ | 1,907 | $ | 1,126 | $ | 712 | $ | — | $ | 3,745 | ||||||||||||||
Total | $ | 243,553 | $ | 29,579 | $ | 27,472 | $ | 4,214 | $ | 1,550 | $ | 62,816 | ||||||||||||||
Add: Prior Ownership Results (2) |
$ | 3,481 | $ | 295 | $ | 225 | $ | — | $ | — | $ | 520 | ||||||||||||||
Comparable Total | $ | 247,034 | $ | 29,874 | $ | 27,697 | $ | 4,214 | $ | 1,550 | $ | 63,336 | ||||||||||||||