Apple Hospitality REIT Reports Results of Operations for Fourth Quarter and Full Year 2023
Selected Statistical and Financial Data
As of and For the Three Months and Year Ended (Unaudited) (in thousands, except statistical and per share amounts)(1) |
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Three Months Ended |
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Year Ended |
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2023 |
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2022 |
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% Change |
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2023 |
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2022 |
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% Change |
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Net income |
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798.1% |
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22.6% |
Net income per share |
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800.0% |
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22.2% |
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Operating income |
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122.5% |
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19.9% |
Operating margin % |
12.5% |
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5.8% |
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670 bps |
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18.4% |
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16.7% |
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170 bps |
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Adjusted EBITDAre |
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0.9% |
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5.8% |
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(1.9%) |
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4.6% |
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32.9% |
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34.5% |
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(160 bps) |
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36.4% |
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37.3% |
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(90 bps) |
Modified funds from operations (MFFO) |
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(2.9%) |
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4.4% |
MFFO per share |
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(6.1%) |
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4.6% |
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Average Daily Rate (ADR) (Actual) |
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1.8% |
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4.3% |
Occupancy (Actual) |
69.6% |
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69.7% |
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(0.1%) |
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74.2% |
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72.6% |
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2.2% |
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1.5% |
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6.6% |
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Comparable Hotels ADR |
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2.5% |
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4.6% |
Comparable Hotels Occupancy |
69.7% |
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69.8% |
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(0.1%) |
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74.2% |
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72.6% |
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2.2% |
Comparable Hotels RevPAR |
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2.4% |
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7.0% |
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Distributions paid |
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4.7% |
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70.9% |
Distributions paid per share |
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4.3% |
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70.5% |
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Cash and cash equivalents |
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Total debt outstanding |
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Total debt outstanding, net of cash and cash equivalents |
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Total debt outstanding, net of cash and cash equivalents, to total capitalization (2) |
25.4% |
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____________________ | ||
(1) |
Explanations of and reconciliations to net income determined in accordance with generally accepted accounting principles (“GAAP”) of non-GAAP financial measures, Adjusted EBITDAre, |
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(2) |
Total debt outstanding, net of cash and cash equivalents ("net total debt outstanding"), divided by net total debt outstanding plus equity market capitalization based on the Company’s closing share price of |
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As of
Highlights
-
Strong operating performance: Comparable Hotels RevPAR was
$105 for the fourth quarter 2023 and$116 for the full year 2023, increases of 2% and 7%, respectively, as compared to the same periods of 2022. Comparable Hotels ADR was$151 for the fourth quarter 2023 and$157 for the full year 2023, increases of 3% and 5%, respectively, as compared to the same periods of 2022. Comparable Hotels Occupancy was 70% for the fourth quarter 2023, essentially flat to fourth quarter 2022, and 74% for the full year 2023, an increase of 2% as compared to 2022. Comparable Hotels Occupancy and RevPAR exceeded industry averages as reported by STR for the fourth quarter 2023. Comparable Hotels Occupancy, ADR and RevPAR exceeded industry averages as reported by STR for the full year 2023. Based on preliminary results for the Company's portfolio for the month ofJanuary 2024 , Comparable Hotels Occupancy was approximately 64%, an increase compared toJanuary 2023 , with growth in Comparable Hotels ADR as compared toJanuary 2023 . -
Strong bottom-line performance: The Company achieved
Comparable Hotels Adjusted Hotel EBITDA of approximately$104 million for the fourth quarter 2023 and$500 million for the full year 2023, down 2% and up 5%, respectively, as compared to the same periods of 2022. The Company achievedComparable Hotels Adjusted Hotel EBITDA Margin of approximately 32.9% for the fourth quarter 2023 and 36.4% for the full year 2023, down 160 bps and 90 bps, respectively, as compared to the same periods of 2022. -
Transactional activity: During the year, the Company acquired six hotels and a free-standing parking garage for a combined total purchase price of approximately
$289.8 million . The Company currently has two additional hotels under contract for purchase for an anticipated combined total purchase price of approximately$177.5 million . InFebruary 2024 , the Company sold two hotels for a combined gross sales price of approximately$33.5 million . -
Capital markets: During the fourth quarter 2023, the Company sold approximately 12.8 million shares under its at-the-market offering program (the “ATM Program”) at a weighted-average market sales price of approximately
$17.05 per common share and received net proceeds of approximately$216 million . -
Balance sheet: The Company has maintained the strength and flexibility of its balance sheet. At
December 31, 2023 , the Company’s total debt to total capitalization, net of cash and cash equivalents, was approximately 25%. -
Monthly distributions: During the three months ended
December 31, 2023 , the Company paid distributions totaling$0.24 per common share. Based on the Company’s common stock closing price of$15.91 onFebruary 20, 2024 , the current annualized monthly cash distribution of$0.96 per common share represents an annual yield of approximately 6.0%. -
Corporate Responsibility Report: In
December 2023 , the Company published its annual Corporate Responsibility Report which details the Company's performance and initiatives in this area and features its commitment to environmental sustainability, governance and resiliency, corporate employees, hotel associates and guests, communities and other stakeholders. The Company's 2023 Corporate Responsibility Report and related materials can be found on the Corporate Responsibility section of the Company's website.
The Company is providing monthly performance detail for its
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% Change |
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October |
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November |
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December |
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October |
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November |
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December |
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October |
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November |
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December |
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2023 |
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2023 |
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2023 |
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Q4 2023 |
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2022 |
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2022 |
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2022 |
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Q4 2022 |
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2022 |
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2022 |
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2022 |
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Q4 2022 |
ADR ( |
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3.9% |
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2.2% |
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1.1% |
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2.5% |
Occupancy ( |
77.3% |
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70.3% |
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61.5% |
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69.7% |
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78.2% |
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70.0% |
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61.2% |
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69.8% |
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(1.2%) |
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0.4% |
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0.5% |
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(0.1%) |
RevPAR ( |
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2.8% |
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2.7% |
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1.5% |
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2.4% |
Operating income (Loss) (Actual) |
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1.2% |
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(3.1%) |
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86.8% |
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122.5% |
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1.2% |
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(2.4%) |
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(0.3%) |
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(0.2%) |
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(0.3%) |
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(4.7%) |
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(1.4%) |
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(1.9%) |
____________________ | ||
(1) |
See explanation and reconciliation of |
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(2) |
See explanation and reconciliation of |
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Portfolio Activity
Acquisitions
As previously announced, during 2023, the Company acquired six hotels and a free-standing parking garage for a combined total purchase price of approximately
-
In
June 2023 , the Company acquired the 154-room Courtyard byMarriott Cleveland University Circle for a total purchase price of approximately$31.0 million , or$201,000 per key. -
In
October 2023 , the Company acquired the 175-room Courtyard byMarriott Salt Lake City Downtown for a total purchase price of approximately$48.1 million , or$275,000 per key. -
In
October 2023 , the Company acquired the 159-room Hyatt House SaltLake City/Downtown for a total purchase price of approximately$34.3 million , or$215,000 per key. -
In
October 2023 , the Company acquired a 346-space parking garage for approximately$9.1 million , which serves the twoSalt Lake City hotels as well as the surrounding area. -
In
October 2023 , the Company acquired the 146-roomResidence Inn byMarriott Seattle South/Renton for a total purchase price of approximately$55.5 million , or$380,000 per key. -
In
November 2023 , the Company acquired the 192-roomEmbassy Suites byHilton South Jordan Salt Lake City for a total purchase price of approximately$36.8 million , or$191,000 per key. -
In
December 2023 , the Company acquired the 299-room SpringHill Suites byMarriott Las Vegas Convention Center for a total purchase price of approximately$75.0 million , or$251,000 per key.
Contracts for Potential Acquisitions
As previously announced, the Company currently has two additional hotels under contract for purchase for a combined total anticipated purchase price of approximately
-
An
Embassy Suites by Hilton currently under development in downtownMadison, Wisconsin , for an anticipated total purchase price of approximately$79.3 million with an expected 262 rooms, which the Company anticipates acquiring in mid-2024 following completion of construction. -
A Motto by Hilton to be developed in downtown
Nashville, Tennessee , for an anticipated total purchase price of approximately$98.2 million with an expected 260 rooms, which the Company anticipates acquiring in late 2025 following completion of construction.
There are many conditions to closing on each of these hotels that have not yet been satisfied, and there can be no assurance that closings on these hotels will occur under the outstanding purchase contracts.
Dispositions
In
Capital Improvements
Apple Hospitality consistently reinvests in its hotels to maintain and enhance each property’s relevance and competitive position within its respective market. During the year ended
Balance Sheet and Liquidity
Summary
As of
Capital Markets
Share Repurchase Program
The Company has in place a Share Repurchase Program that provides for share repurchases in open market transactions. During the year ended
ATM Program
During the fourth quarter 2023, the Company sold approximately 12.8 million shares under its ATM Program at a weighted-average market sales price of approximately
Shareholder Distributions
During the three months ended
Based on the Company’s common stock closing price of
2024 Outlook
The Company is providing its operational and financial outlook for 2024. This outlook, which is based on management’s current view of both operating and economic fundamentals of the Company's existing portfolio of hotels, does not take into account any unanticipated developments in its business or changes in its operating environment, nor does it take into account any unannounced hotel acquisitions or dispositions. Comparable Hotels RevPAR Change guidance, which is the change in Comparable Hotels RevPAR in 2024 compared to 2023, and
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2024 Guidance(1) |
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Low-End |
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High-End |
Net income |
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Comparable Hotels RevPAR Change |
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2.0% |
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4.0% |
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34.6% |
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35.6% |
Adjusted EBITDAre |
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Capital expenditures |
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____________________ | ||
(1) |
Explanations of and reconciliations to net income guidance of Adjusted EBITDAre and |
Fourth Quarter and Full Year 2023 Earnings Conference Call
The Company will host a quarterly conference call for investors and interested parties at
About
Apple Hospitality REIT Non-GAAP Financial Measures
The Company considers the following non-GAAP financial measures useful to investors as key supplemental measures of its operating performance: Funds from Operations (“FFO”); Modified FFO (“MFFO”); Earnings Before Interest, Income Taxes, Depreciation and Amortization (“EBITDA”); Earnings Before Interest, Income Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”); Adjusted EBITDAre;
Forward-Looking Statements Disclaimer
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are typically identified by use of statements that include phrases such as “may,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “target,” “goal,” “plan,” “should,” “will,” “predict,” “potential,” “outlook,” “strategy,” and similar expressions that convey the uncertainty of future events or outcomes. Such statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.
Such factors include, but are not limited to, the ability of the Company to effectively acquire and dispose of properties and redeploy proceeds; the anticipated timing and frequency of shareholder distributions; the ability of the Company to fund capital obligations; the ability of the Company to successfully integrate pending transactions and implement its operating strategy; changes in general political, economic and competitive conditions and specific market conditions (including the potential effects of inflation or a recessionary environment); reduced business and leisure travel due to geopolitical uncertainty, including terrorism and acts of war; travel-related health concerns, including widespread outbreaks of infectious or contagious diseases in the
For additional information or to receive press releases by email, visit www.applehospitalityreit.com .
Consolidated Balance Sheets (in thousands, except share data) |
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As of |
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2023 |
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2022 |
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Assets |
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Investment in real estate, net of accumulated depreciation and amortization of |
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Assets held for sale |
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15,283 |
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- |
Cash and cash equivalents |
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10,287 |
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4,077 |
Restricted cash-furniture, fixtures and other escrows |
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33,331 |
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39,435 |
Due from third-party managers, net |
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36,437 |
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43,331 |
Other assets, net |
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64,586 |
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74,909 |
Total Assets |
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Liabilities |
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Debt, net |
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Finance lease liabilities |
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111,892 |
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112,006 |
Accounts payable and other liabilities |
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129,931 |
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116,064 |
Total Liabilities |
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1,613,317 |
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1,594,319 |
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Shareholders' Equity |
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Preferred stock, authorized 30,000,000 shares; none issued and outstanding |
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- |
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- |
Common stock, no par value, authorized 800,000,000 shares; issued and outstanding 241,515,532 and 228,644,861 shares, respectively |
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4,794,804 |
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4,577,022 |
Accumulated other comprehensive income |
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20,404 |
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36,881 |
Distributions greater than net income |
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(1,491,227) |
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(1,435,508) |
Total Shareholders' Equity |
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3,323,981 |
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3,178,395 |
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Total Liabilities and Shareholders' Equity |
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____________________
Note:
The Consolidated Balance Sheets and corresponding footnotes can be found in the Company’s Annual Report on Form 10-K for the year ended |
Consolidated Statements of Operations and Comprehensive Income (in thousands, except per share data) |
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Three Months Ended |
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Year Ended |
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2023 |
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2022 |
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2023 |
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2022 |
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Revenues: |
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Room |
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$ |
282,475 |
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$ |
273,150 |
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$ |
1,226,159 |
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$ |
1,139,436 |
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Food and beverage |
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14,936 |
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13,657 |
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56,968 |
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|
46,010 |
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Other |
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15,045 |
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12,314 |
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60,673 |
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|
52,971 |
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Total revenue |
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312,456 |
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|
299,121 |
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1,343,800 |
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1,238,417 |
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Expenses: |
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Hotel operating expense: |
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Operating |
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83,311 |
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79,137 |
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332,714 |
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300,852 |
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Hotel administrative |
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28,138 |
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|
26,685 |
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114,071 |
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|
105,396 |
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Sales and marketing |
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28,132 |
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|
26,262 |
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|
117,538 |
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|
104,756 |
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Utilities |
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|
11,151 |
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|
|
10,791 |
|
|
|
47,422 |
|
|
|
45,017 |
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Repair and maintenance |
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|
16,960 |
|
|
|
15,261 |
|
|
|
65,412 |
|
|
|
58,729 |
|
Franchise fees |
|
|
13,908 |
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|
|
12,886 |
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|
|
59,315 |
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|
|
53,901 |
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Management fees |
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|
9,737 |
|
|
|
9,875 |
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|
|
44,253 |
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|
|
41,830 |
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Total hotel operating expense |
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|
191,337 |
|
|
|
180,897 |
|
|
|
780,725 |
|
|
|
710,481 |
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Property taxes, insurance and other |
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|
17,960 |
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|
|
16,397 |
|
|
|
79,307 |
|
|
|
72,907 |
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General and administrative |
|
|
12,761 |
|
|
|
12,248 |
|
|
|
47,401 |
|
|
|
42,464 |
|
Loss on impairment of depreciable real estate assets |
|
|
5,644 |
|
|
|
26,175 |
|
|
|
5,644 |
|
|
|
26,175 |
|
Depreciation and amortization |
|
|
45,844 |
|
|
|
45,916 |
|
|
|
183,242 |
|
|
|
181,697 |
|
Total expense |
|
|
273,546 |
|
|
|
281,633 |
|
|
|
1,096,319 |
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|
|
1,033,724 |
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Gain on sale of real estate |
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- |
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- |
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- |
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|
1,785 |
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Operating income |
|
|
38,910 |
|
|
|
17,488 |
|
|
|
247,481 |
|
|
|
206,478 |
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Interest and other expense, net |
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|
(17,884 |
) |
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|
(14,948 |
) |
|
|
(68,857 |
) |
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(59,733 |
) |
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Income before income taxes |
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21,026 |
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|
2,540 |
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|
178,624 |
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|
146,745 |
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Income tax expense |
|
|
(261 |
) |
|
|
(228 |
) |
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(1,135 |
) |
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(1,940 |
) |
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Net income |
|
$ |
20,765 |
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|
$ |
2,312 |
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$ |
177,489 |
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|
$ |
144,805 |
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Other comprehensive income (loss): |
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Interest rate derivatives |
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|
(17,007 |
) |
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|
(1,473 |
) |
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|
(16,477 |
) |
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|
52,389 |
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Comprehensive income |
|
$ |
3,758 |
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|
$ |
839 |
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|
$ |
161,012 |
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|
$ |
197,194 |
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Basic and diluted net income per common share |
|
$ |
0.09 |
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|
$ |
0.01 |
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|
$ |
0.77 |
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|
$ |
0.63 |
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Weighted average common shares outstanding - basic and diluted |
|
|
230,000 |
|
|
|
228,811 |
|
|
|
229,329 |
|
|
|
228,946 |
|
____________________
Note:
The Consolidated Statements of Operations and Comprehensive Income and corresponding footnotes can be found in the Company’s Annual Report on Form 10-K for the year ended |
Comparable Hotels Operating Metrics and Statistical Data (Unaudited) (in thousands, except statistical data) |
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|
|
Three Months Ended |
Year Ended |
|||||||||
|
|
|
|
|||||||||
|
|
|
|
|
|
% Change |
|
|
|
|
|
% Change |
|
|
2023 |
|
2022 |
|
2022 |
|
2023 |
|
2022 |
|
2022 |
Operating income (Actual) |
|
|
|
|
|
122.5% |
|
|
|
|
|
19.9% |
Operating margin % (Actual) |
|
12.5% |
|
5.8% |
|
670 bps |
|
18.4% |
|
16.7% |
|
170 bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Hotels Total Revenue |
|
|
|
|
|
2.7% |
|
|
|
|
|
7.4% |
Comparable Hotels Total Operating Expenses |
|
|
|
|
|
5.1% |
|
|
|
|
|
9.0% |
|
|
|
|
|
|
(1.9%) |
|
|
|
|
|
4.6% |
|
|
32.9% |
|
34.5% |
|
(160 bps) |
|
36.4% |
|
37.3% |
|
(90 bps) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR ( |
|
|
|
|
|
2.5% |
|
|
|
|
|
4.6% |
Occupancy ( |
|
69.7% |
|
69.8% |
|
(0.1%) |
|
74.2% |
|
72.6% |
|
2.2% |
RevPAR ( |
|
|
|
|
|
2.4% |
|
|
|
|
|
7.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR (Actual) |
|
|
|
|
|
1.8% |
|
|
|
|
|
4.3% |
Occupancy (Actual) |
|
69.6% |
|
69.7% |
|
(0.1%) |
|
74.2% |
|
72.6% |
|
2.2% |
RevPAR (Actual) |
|
|
|
|
|
1.5% |
|
|
|
|
|
6.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to Actual Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from acquisitions prior to ownership |
|
6,826 |
|
14,790 |
|
|
|
50,308 |
|
66,913 |
|
|
Revenue from dispositions/assets held for sale |
|
(2,242) |
|
(1,964) |
|
|
|
(9,552) |
|
(9,617) |
|
|
Revenue from non-hotel property |
|
(2,127) |
|
(5,386) |
|
|
|
(9,862) |
|
(15,334) |
|
|
Comparable Hotels Total Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AHEBITDA from acquisitions prior to ownership |
|
2,711 |
|
6,036 |
|
|
|
21,336 |
|
27,472 |
|
|
AHEBITDA from dispositions/assets held for sale |
|
(782) |
|
(808) |
|
|
|
(3,723) |
|
(3,606) |
|
|
AHEBITDA from non-hotel property (2) |
|
- |
|
(1,551) |
|
|
|
574 |
|
(1,569) |
|
|
Comparable Hotels AHEBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
____________________ | ||
(1) |
Represents the Company's actual |
|
(2) |
|
|
Note:
|
||
Reconciliation of net income to non-GAAP financial measures is included in the following pages. |
Comparable Hotels Quarterly Operating Metrics and Statistical Data (Unaudited) (in thousands, except statistical data) |
||||||||||||||||
|
|
2022 |
|
2023 |
||||||||||||
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
Operating income (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin % (Actual) |
|
12.6% |
|
23.9% |
|
22.1% |
|
5.8% |
|
15.8% |
|
23.0% |
|
21.3% |
|
12.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Hotels Total Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Hotels Total Operating Expenses |
|
177,579 |
|
206,527 |
|
217,475 |
|
200,922 |
|
208,370 |
|
224,755 |
|
230,244 |
|
211,246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34.6% |
|
41.0% |
|
38.3% |
|
34.5% |
|
35.3% |
|
39.4% |
|
37.3% |
|
32.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR ( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy ( |
|
67.3% |
|
77.7% |
|
75.7% |
|
69.8% |
|
72.1% |
|
78.1% |
|
77.2% |
|
69.7% |
RevPAR ( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (Actual) |
|
67.1% |
|
77.9% |
|
75.7% |
|
69.7% |
|
72.0% |
|
78.2% |
|
77.1% |
|
69.6% |
RevPAR (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to Actual Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from acquisitions prior to ownership |
|
14,445 |
|
18,982 |
|
18,696 |
|
14,790 |
|
15,037 |
|
14,856 |
|
13,589 |
|
6,826 |
Revenue from dispositions/assets held for sale |
|
(1,650) |
|
(3,065) |
|
(2,938) |
|
(1,964) |
|
(1,709) |
|
(2,805) |
|
(2,796) |
|
(2,242) |
Revenue from non-hotel property |
|
(1,945) |
|
(3,794) |
|
(4,209) |
|
(5,386) |
|
(2,843) |
|
(2,880) |
|
(2,012) |
|
(2,127) |
Comparable Hotels Total Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AHEBITDA from acquisitions prior to ownership |
|
5,228 |
|
8,347 |
|
7,861 |
|
6,036 |
|
6,493 |
|
6,286 |
|
5,846 |
|
2,711 |
AHEBITDA from dispositions/assets held for sale |
|
(336) |
|
(1,276) |
|
(1,186) |
|
(808) |
|
(469) |
|
(1,262) |
|
(1,210) |
|
(782) |
AHEBITDA from non-hotel property (2) |
|
921 |
|
(322) |
|
(617) |
|
(1,551) |
|
796 |
|
(222) |
|
- |
|
- |
Comparable Hotels AHEBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
____________________ | ||
(1) |
Represents the Company's actual |
|
(2) |
|
|
|
||
Note: |
||
|
||
Reconciliation of net income to non-GAAP financial measures is included in the following pages. |
Same Store Hotels Operating Metrics and Statistical Data (Unaudited) (in thousands, except statistical data) |
||||||||||||
|
|
Three Months Ended |
|
Year Ended |
||||||||
|
|
|
|
|
||||||||
|
|
|
|
|
|
% Change |
|
|
|
|
|
% Change |
|
|
2023 |
|
2022 |
|
2022 |
|
2023 |
|
2022 |
|
2022 |
Operating income (Actual) |
|
|
|
|
|
122.5% |
|
|
|
|
|
19.9% |
Operating margin % (Actual) |
|
12.5% |
|
5.8% |
|
670 bps |
|
18.4% |
|
16.7% |
|
170 bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Hotels Total Revenue |
|
|
|
|
|
2.5% |
|
|
|
|
|
7.1% |
Same Store Hotels Total Operating Expenses |
|
200,717 |
|
190,987 |
|
5.1% |
|
830,700 |
|
761,881 |
|
9.0% |
|
|
|
|
|
|
(2.6%) |
|
|
|
|
|
3.9% |
|
|
32.3% |
|
34.0% |
|
(170 bps) |
|
36.0% |
|
37.1% |
|
(110 bps) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR ( |
|
|
|
|
|
2.1% |
|
|
|
|
|
4.3% |
Occupancy ( |
|
69.7% |
|
69.7% |
|
0.0% |
|
74.3% |
|
72.6% |
|
2.3% |
RevPAR ( |
|
|
|
|
|
2.1% |
|
|
|
|
|
6.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR (Actual) |
|
|
|
|
|
1.8% |
|
|
|
|
|
4.3% |
Occupancy (Actual) |
|
69.6% |
|
69.7% |
|
(0.1%) |
|
74.2% |
|
72.6% |
|
2.2% |
RevPAR (Actual) |
|
|
|
|
|
1.5% |
|
|
|
|
|
6.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to Actual Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from acquisitions |
|
(11,508) |
|
(2,367) |
|
|
|
(26,797) |
|
(2,367) |
|
|
Revenue from dispositions/assets held for sale |
|
(2,242) |
|
(1,964) |
|
|
|
(9,552) |
|
(9,617) |
|
|
Revenue from non-hotel property |
|
(2,127) |
|
(5,386) |
|
|
|
(9,862) |
|
(15,334) |
|
|
Same Store Hotels Total Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AHEBITDA from acquisitions |
|
(5,094) |
|
(1,186) |
|
|
|
(11,854) |
|
(1,186) |
|
|
AHEBITDA from dispositions/assets held for sale |
|
(782) |
|
(808) |
|
|
|
(3,723) |
|
(3,606) |
|
|
AHEBITDA from non-hotel property (2) |
|
- |
|
(1,551) |
|
|
|
574 |
|
(1,569) |
|
|
Same Store Hotels AHEBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
____________________ | ||
(1) |
Represents the Company's actual |
|
(2) |
|
|
|
||
Note: |
||
|
||
Reconciliation of net income to non-GAAP financial measures is included in the following pages. |
Same Store Hotels Quarterly Operating Metrics and Statistical Data (Unaudited) (in thousands, except statistical data) |
||||||||||||||||
|
|
2022 |
|
2023 |
||||||||||||
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
Operating income (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin % (Actual) |
|
12.6% |
|
23.9% |
|
22.1% |
|
5.8% |
|
15.8% |
|
23.0% |
|
21.3% |
|
12.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Hotels Total Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Hotels Total Operating Expenses |
|
168,362 |
|
195,892 |
|
206,640 |
|
190,987 |
|
197,594 |
|
213,608 |
|
218,781 |
|
200,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34.5% |
|
40.8% |
|
38.1% |
|
34.0% |
|
34.9% |
|
39.1% |
|
36.9% |
|
32.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR ( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy ( |
|
67.3% |
|
77.8% |
|
75.6% |
|
69.7% |
|
72.1% |
|
78.2% |
|
77.1% |
|
69.7% |
RevPAR ( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (Actual) |
|
67.1% |
|
77.9% |
|
75.7% |
|
69.7% |
|
72.0% |
|
78.2% |
|
77.1% |
|
69.6% |
RevPAR (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to Actual Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue (Actual) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from acquisitions |
|
- |
|
- |
|
- |
|
(2,367) |
|
(3,291) |
|
(5,269) |
|
(6,729) |
|
(11,508) |
Revenue from dispositions/assets held for sale |
|
(1,650) |
|
(3,065) |
|
(2,938) |
|
(1,964) |
|
(1,709) |
|
(2,805) |
|
(2,796) |
|
(2,242) |
Revenue from non-hotel property |
|
(1,945) |
|
(3,794) |
|
(4,209) |
|
(5,386) |
|
(2,843) |
|
(2,880) |
|
(2,012) |
|
(2,127) |
Same Store Hotels Total Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AHEBITDA from acquisitions |
|
- |
|
- |
|
- |
|
(1,186) |
|
(1,059) |
|
(2,692) |
|
(3,009) |
|
(5,094) |
AHEBITDA from dispositions/assets held for sale |
|
(336) |
|
(1,276) |
|
(1,186) |
|
(808) |
|
(469) |
|
(1,262) |
|
(1,210) |
|
(782) |
AHEBITDA from non-hotel property (2) |
|
921 |
|
(322) |
|
(617) |
|
(1,551) |
|
796 |
|
(222) |
|
- |
|
- |
Same Store Hotels AHEBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
____________________ | ||
(1) |
Represents the Company's actual |
|
(2) |
|
|
|
||
Note: |
||
|
||
Reconciliation of net income to non-GAAP financial measures is included in the following pages. |
Reconciliation of Net Income to EBITDA, EBITDAre, Adjusted EBITDAre and
(Unaudited)
(in thousands)
EBITDA is a commonly used measure of performance in many industries and is defined as net income (loss) excluding interest, income taxes, depreciation and amortization. The Company believes EBITDA is useful to investors because it helps the Company and its investors evaluate the ongoing operating performance of the Company by removing the impact of its capital structure (primarily interest expense) and its asset base (primarily depreciation and amortization). In addition, certain covenants included in the agreements governing the Company’s indebtedness use EBITDA, as defined in the specific credit agreement, as a measure of financial compliance.
In addition to EBITDA, the Company also calculates and presents EBITDAre in accordance with standards established by the
The Company also considers the exclusion of non-cash straight-line operating ground lease expense from EBITDAre useful, as this expense does not reflect the underlying performance of the related hotels (Adjusted EBITDAre).
The Company further excludes actual corporate-level general and administrative expense for the Company as well as Adjusted EBITDAre from its non-hotel property from Adjusted EBITDAre (
The following table reconciles the Company’s GAAP net income to EBITDA, EBITDAre, Adjusted EBITDAre and
|
|
2022 |
|
2023 |
||||||||||||
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
45,324 |
|
45,322 |
|
45,135 |
|
45,916 |
|
45,906 |
|
45,994 |
|
45,498 |
|
45,844 |
Amortization of favorable and unfavorable operating leases, net |
|
99 |
|
103 |
|
97 |
|
97 |
|
97 |
|
85 |
|
99 |
|
102 |
Interest and other expense, net |
|
14,654 |
|
15,198 |
|
14,933 |
|
14,948 |
|
16,004 |
|
17,499 |
|
17,470 |
|
17,884 |
Income tax expense |
|
179 |
|
202 |
|
1,331 |
|
228 |
|
320 |
|
241 |
|
313 |
|
261 |
EBITDA |
|
78,258 |
|
126,170 |
|
120,642 |
|
63,501 |
|
95,250 |
|
129,108 |
|
121,892 |
|
84,856 |
Gain on sale of real estate |
|
- |
|
- |
|
(1,785) |
|
- |
|
- |
|
- |
|
- |
|
- |
Loss on impairment of depreciable real estate assets |
|
- |
|
- |
|
- |
|
26,175 |
|
- |
|
- |
|
- |
|
5,644 |
EBITDAre |
|
78,258 |
|
126,170 |
|
118,857 |
|
89,676 |
|
95,250 |
|
129,108 |
|
121,892 |
|
90,500 |
Non-cash straight-line operating ground lease expense |
|
40 |
|
38 |
|
38 |
|
38 |
|
38 |
|
36 |
|
35 |
|
36 |
Adjusted EBITDAre |
|
78,298 |
|
126,208 |
|
118,895 |
|
89,714 |
|
95,288 |
|
129,144 |
|
121,927 |
|
90,536 |
General and administrative expense |
|
9,638 |
|
10,307 |
|
10,271 |
|
12,248 |
|
11,461 |
|
12,100 |
|
11,079 |
|
12,761 |
Adjusted EBITDAre from non-hotel property (1) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(845) |
|
(1,559) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Non-hotel property only includes the results of one hotel in |
Reconciliation of Net Income to FFO and MFFO
(Unaudited)
(in thousands)
The Company calculates and presents FFO in accordance with standards established by Nareit, which defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains and losses from the sale of certain real estate assets (including gains and losses from change in control), extraordinary items as defined by GAAP, and the cumulative effect of changes in accounting principles, plus real estate related depreciation, amortization and impairments, and adjustments for unconsolidated affiliates. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most real estate industry investors consider FFO to be helpful in evaluating a real estate company’s operations. The Company further believes that by excluding the effects of these items, FFO is useful to investors in comparing its operating performance between periods and between REITs that report FFO using the Nareit definition. FFO as presented by the Company is applicable only to its common shareholders, but does not represent an amount that accrues directly to common shareholders.
The Company calculates MFFO by further adjusting FFO for the exclusion of amortization of finance ground lease assets, amortization of favorable and unfavorable operating leases, net and non-cash straight-line operating ground lease expense, as these expenses do not reflect the underlying performance of the related hotels. The Company presents MFFO when evaluating its performance because it believes that it provides further useful supplemental information to investors regarding its ongoing operating performance.
The following table reconciles the Company’s GAAP net income to FFO and MFFO for the three months and year ended
|
|
Three Months Ended
|
|
Year Ended
|
||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net income |
|
|
|
|
|
|
|
|
Depreciation of real estate owned |
|
45,080 |
|
45,152 |
|
180,185 |
|
178,641 |
Gain on sale of real estate |
|
- |
|
- |
|
- |
|
(1,785) |
Loss on impairment of depreciable real estate assets |
|
5,644 |
|
26,175 |
|
5,644 |
|
26,175 |
Funds from operations |
|
71,489 |
|
73,639 |
|
363,318 |
|
347,836 |
Amortization of finance ground lease assets |
|
760 |
|
760 |
|
3,038 |
|
3,038 |
Amortization of favorable and unfavorable operating leases, net |
|
102 |
|
97 |
|
383 |
|
396 |
Non-cash straight-line operating ground lease expense |
|
36 |
|
38 |
|
145 |
|
154 |
Modified funds from operations |
|
|
|
|
|
|
|
|
2024 Guidance Reconciliation of Net Income to EBITDA, EBITDAre, Adjusted EBITDAre,
and
(Unaudited)
(in thousands)
The guidance of net income, EBITDA, EBITDAre, Adjusted EBITDAre,
The following table reconciles the Company’s GAAP net income guidance to EBITDA, EBITDAre, Adjusted EBITDAre,
|
Year Ending |
||
|
Low-End |
|
High-End |
Net income |
|
|
|
Depreciation and amortization |
186,000 |
|
183,000 |
Amortization of favorable and unfavorable leases, net |
408 |
|
408 |
Interest and other expense, net |
74,000 |
|
72,000 |
Income tax expense |
850 |
|
1,150 |
EBITDA and EBITDAre |
|
|
|
Non-cash straight-line operating ground lease expense |
135 |
|
135 |
Adjusted EBITDAre |
|
|
|
General and administrative expense |
37,500 |
|
42,500 |
AEBITDAre from non-hotel property (1) |
(1,500) |
|
(3,500) |
|
|
|
|
AHEBITDA from acquisitions prior to ownership(2) |
- |
|
- |
AHEBITDA from dispositions(3) |
100 |
|
125 |
|
|
|
|
____________________ | ||
(1) |
Represents Adjusted EBITDAre from one non-hotel property leased to third parties. |
|
(2) |
Results for periods prior to the Company's ownership have not been included in the Company's actual Consolidated Financial Statements and are included only for comparison purposes. Results included for periods prior to the Company's ownership are based on information from the prior owner of each hotel and have not been audited or adjusted. |
|
(3) |
Represents AHEBITDA from two hotels prior to their disposition in |
Debt Summary (Unaudited) ($ in thousands)
|
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
2024 |
|
|
2025 |
|
|
2026 |
|
|
2027 |
|
|
2028 |
|
|
Thereafter |
|
|
Total |
|
|
Value |
|
||||||||
Total debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Maturities |
|
$ |
113,597 |
|
|
$ |
295,140 |
|
|
$ |
74,649 |
|
|
$ |
278,602 |
|
|
$ |
334,066 |
|
|
$ |
281,948 |
|
|
$ |
1,378,002 |
|
|
$ |
1,331,522 |
|
Average interest rates (1) |
|
|
4.6 |
% |
|
|
4.9 |
% |
|
|
5.3 |
% |
|
|
5.3 |
% |
|
|
4.7 |
% |
|
|
3.9 |
% |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Variable-rate debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Maturities |
|
$ |
85,000 |
|
|
$ |
225,000 |
|
|
$ |
- |
|
|
$ |
275,000 |
|
|
$ |
300,000 |
|
|
$ |
85,000 |
|
|
$ |
970,000 |
|
|
$ |
967,761 |
|
Average interest rates (1) |
|
|
4.8 |
% |
|
|
5.4 |
% |
|
|
5.8 |
% |
|
|
5.9 |
% |
|
|
5.2 |
% |
|
|
3.6 |
% |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fixed-rate debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Maturities |
|
$ |
28,597 |
|
|
$ |
70,140 |
|
|
$ |
74,649 |
|
|
$ |
3,602 |
|
|
$ |
34,066 |
|
|
$ |
196,948 |
|
|
$ |
408,002 |
|
|
$ |
363,761 |
|
Average interest rates |
|
|
4.1 |
% |
|
|
4.0 |
% |
|
|
4.0 |
% |
|
|
4.1 |
% |
|
|
4.1 |
% |
|
|
4.1 |
% |
|
|
|
|
|
|
____________________ | ||
(1) |
The average interest rate gives effect to interest rate swaps, as applicable. |
|
|
||
Note: See further information on the Company’s indebtedness in the Company’s Annual Report on Form 10-K for the year ended |
Comparable Hotels Operating Metrics by Market
Three Months Ended (Unaudited) |
|||||||||||||||
|
|
|
Occupancy |
|
ADR |
|
RevPAR |
|
% of Adjusted
|
||||||
|
# of
|
|
Q4 2023 |
Q4 2022 |
% Change |
|
Q4 2023 |
Q4 2022 |
% Change |
|
Q4 2023 |
Q4 2022 |
% Change |
|
Q4 2023 |
Top 20 Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
|
78.1% |
81.4% |
(4.1%) |
|
|
|
6.0% |
|
|
|
1.7% |
|
6.6% |
|
8 |
|
79.7% |
77.2% |
3.2% |
|
|
|
1.9% |
|
|
|
5.2% |
|
5.6% |
|
7 |
|
70.7% |
68.7% |
2.9% |
|
|
|
(2.2%) |
|
|
|
0.7% |
|
4.9% |
|
4 |
|
78.4% |
77.3% |
1.4% |
|
|
|
3.6% |
|
|
|
5.1% |
|
3.9% |
|
6 |
|
73.1% |
74.6% |
(2.0%) |
|
|
|
2.6% |
|
|
|
0.6% |
|
3.7% |
|
6 |
|
72.1% |
73.1% |
(1.4%) |
|
|
|
2.3% |
|
|
|
0.9% |
|
3.6% |
|
3 |
|
69.1% |
63.6% |
8.6% |
|
|
|
3.1% |
|
|
|
12.0% |
|
3.2% |
|
7 |
|
63.5% |
64.7% |
(1.9%) |
|
|
|
1.4% |
|
|
|
(0.5%) |
|
3.0% |
|
3 |
|
75.7% |
71.1% |
6.5% |
|
|
|
(2.6%) |
|
|
|
3.7% |
|
2.9% |
|
5 |
|
70.6% |
75.5% |
(6.5%) |
|
|
|
4.1% |
|
|
|
(2.7%) |
|
2.7% |
|
3 |
|
78.9% |
83.7% |
(5.7%) |
|
|
|
5.4% |
|
|
|
(0.7%) |
|
2.4% |
Salt |
5 |
|
63.1% |
66.5% |
(5.1%) |
|
|
|
4.2% |
|
|
|
(1.2%) |
|
2.1% |
|
1 |
|
79.6% |
75.6% |
5.3% |
|
|
|
14.0% |
|
|
|
20.0% |
|
2.1% |
|
3 |
|
89.0% |
81.4% |
9.3% |
|
|
|
(1.3%) |
|
|
|
7.9% |
|
1.8% |
|
5 |
|
66.0% |
69.0% |
(4.3%) |
|
|
|
6.1% |
|
|
|
1.6% |
|
1.8% |
|
2 |
|
78.5% |
85.8% |
(8.5%) |
|
|
|
13.9% |
|
|
|
4.2% |
|
1.6% |
|
4 |
|
68.6% |
64.7% |
6.0% |
|
|
|
5.3% |
|
|
|
11.8% |
|
1.6% |
|
7 |
|
67.9% |
71.5% |
(5.0%) |
|
|
|
(0.1%) |
|
|
|
(5.2%) |
|
1.5% |
|
6 |
|
65.6% |
59.6% |
10.1% |
|
|
|
4.7% |
|
|
|
15.1% |
|
1.4% |
|
2 |
|
62.6% |
66.6% |
(6.0%) |
|
|
|
(2.4%) |
|
|
|
(8.3%) |
|
1.4% |
Top 20 Markets |
97 |
|
71.9% |
72.0% |
(0.1%) |
|
|
|
3.0% |
|
|
|
2.8% |
|
57.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Other Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
|
70.1% |
65.0% |
7.8% |
|
|
|
(4.8%) |
|
|
|
2.7% |
|
1.4% |
|
3 |
|
70.0% |
69.5% |
0.7% |
|
|
|
9.7% |
|
|
|
10.5% |
|
1.3% |
|
3 |
|
72.0% |
69.9% |
3.0% |
|
|
|
4.1% |
|
|
|
7.2% |
|
1.3% |
Alabama South |
4 |
|
70.8% |
67.4% |
5.0% |
|
|
|
4.2% |
|
|
|
9.4% |
|
1.3% |
North |
4 |
|
64.8% |
61.5% |
5.4% |
|
|
|
0.2% |
|
|
|
5.5% |
|
1.2% |
|
1 |
|
69.4% |
71.1% |
(2.4%) |
|
|
|
8.0% |
|
|
|
5.4% |
|
1.2% |
Florida |
5 |
|
62.9% |
61.6% |
2.1% |
|
|
|
1.6% |
|
|
|
3.8% |
|
1.2% |
|
4 |
|
70.0% |
65.5% |
6.9% |
|
|
|
1.0% |
|
|
|
8.0% |
|
1.2% |
|
2 |
|
59.1% |
57.8% |
2.2% |
|
|
|
5.3% |
|
|
|
7.8% |
|
1.1% |
Alabama North |
4 |
|
66.8% |
78.3% |
(14.7%) |
|
|
|
9.7% |
|
|
|
(6.4%) |
|
1.1% |
|
2 |
|
81.7% |
75.4% |
8.4% |
|
|
|
2.0% |
|
|
|
10.6% |
|
1.1% |
|
1 |
|
75.7% |
78.4% |
(3.4%) |
|
|
|
(3.5%) |
|
|
|
(6.8%) |
|
1.1% |
Indiana North |
3 |
|
52.8% |
55.3% |
(4.5%) |
|
|
|
(4.6%) |
|
|
|
(8.9%) |
|
1.1% |
|
3 |
|
80.9% |
81.0% |
(0.1%) |
|
|
|
5.6% |
|
|
|
5.4% |
|
1.1% |
|
2 |
|
79.7% |
79.5% |
0.3% |
|
|
|
1.8% |
|
|
|
2.0% |
|
1.0% |
|
3 |
|
62.5% |
63.0% |
(0.8%) |
|
|
|
7.2% |
|
|
|
6.2% |
|
1.0% |
|
2 |
|
66.0% |
70.9% |
(6.9%) |
|
|
|
0.3% |
|
|
|
(6.6%) |
|
1.0% |
|
3 |
|
75.0% |
67.9% |
10.5% |
|
|
|
3.7% |
|
|
|
14.5% |
|
1.0% |
|
1 |
|
66.6% |
52.4% |
27.1% |
|
|
|
(5.6%) |
|
|
|
19.9% |
|
1.0% |
|
4 |
|
55.3% |
62.2% |
(11.1%) |
|
|
|
(2.4%) |
|
|
|
(13.3%) |
|
0.9% |
|
4 |
|
66.5% |
65.6% |
1.4% |
|
|
|
3.3% |
|
|
|
4.7% |
|
0.9% |
|
1 |
|
55.6% |
56.1% |
(0.9%) |
|
|
|
15.5% |
|
|
|
14.5% |
|
0.9% |
|
3 |
|
71.8% |
79.7% |
(9.9%) |
|
|
|
(4.1%) |
|
|
|
(13.6%) |
|
0.9% |
|
3 |
|
65.0% |
67.8% |
(4.1%) |
|
|
|
1.4% |
|
|
|
(2.8%) |
|
0.9% |
|
1 |
|
68.1% |
62.0% |
9.8% |
|
|
|
(0.2%) |
|
|
|
9.6% |
|
0.8% |
|
1 |
|
74.2% |
67.4% |
10.1% |
|
|
|
(1.4%) |
|
|
|
8.6% |
|
0.8% |
|
2 |
|
57.9% |
54.4% |
6.4% |
|
|
|
0.0% |
|
|
|
6.4% |
|
0.8% |
Note:
Market categorization based on STR designation. Top 20 markets based on |
Comparable Hotels Operating Metrics by Market
Three Months Ended (Unaudited) |
|||||||||||||||
All Other Markets (continued) |
|
|
Occupancy |
|
ADR |
|
RevPAR |
|
% of Adjusted
|
||||||
|
# of
|
|
Q4 2023 |
Q4 2022 |
% Change |
|
Q4 2023 |
Q4 2022 |
% Change |
|
Q4 2023 |
Q4 2022 |
% Change |
|
Q4 2023 |
Texas West |
1 |
|
94.6% |
92.3% |
2.5% |
|
|
|
19.6% |
|
|
|
22.6% |
|
0.7% |
Louisiana South |
2 |
|
66.9% |
69.0% |
(3.0%) |
|
|
|
1.0% |
|
|
|
(2.2%) |
|
0.6% |
|
1 |
|
79.7% |
85.9% |
(7.2%) |
|
|
|
(15.1%) |
|
|
|
(21.2%) |
|
0.6% |
|
1 |
|
80.1% |
84.1% |
(4.8%) |
|
|
|
(1.0%) |
|
|
|
(5.8%) |
|
0.6% |
|
4 |
|
58.9% |
61.1% |
(3.6%) |
|
|
|
2.1% |
|
|
|
(1.6%) |
|
0.6% |
Florida Central |
2 |
|
68.1% |
64.0% |
6.4% |
|
|
|
6.2% |
|
|
|
13.0% |
|
0.5% |
|
2 |
|
61.8% |
59.8% |
3.3% |
|
|
|
7.6% |
|
|
|
11.2% |
|
0.5% |
|
1 |
|
60.5% |
60.5% |
0.0% |
|
|
|
(0.6%) |
|
|
|
(0.6%) |
|
0.5% |
|
2 |
|
83.0% |
79.8% |
4.0% |
|
|
|
1.3% |
|
|
|
5.4% |
|
0.5% |
|
1 |
|
73.2% |
73.6% |
(0.5%) |
|
|
|
(2.6%) |
|
|
|
(3.2%) |
|
0.5% |
|
1 |
|
59.3% |
54.7% |
8.4% |
|
|
|
6.8% |
|
|
|
15.7% |
|
0.5% |
|
2 |
|
73.6% |
75.6% |
(2.6%) |
|
|
|
(4.0%) |
|
|
|
(6.5%) |
|
0.5% |
|
1 |
|
85.7% |
90.7% |
(5.5%) |
|
|
|
11.4% |
|
|
|
5.3% |
|
0.4% |
|
1 |
|
73.3% |
76.3% |
(3.9%) |
|
|
|
2.5% |
|
|
|
(1.5%) |
|
0.4% |
|
1 |
|
73.7% |
80.0% |
(7.9%) |
|
|
|
6.6% |
|
|
|
(1.7%) |
|
0.4% |
|
1 |
|
68.7% |
62.8% |
9.4% |
|
|
|
2.6% |
|
|
|
12.1% |
|
0.4% |
Inland |
1 |
|
65.8% |
80.2% |
(18.0%) |
|
|
|
(9.5%) |
|
|
|
(25.8%) |
|
0.4% |
|
2 |
|
70.6% |
70.1% |
0.7% |
|
|
|
1.5% |
|
|
|
2.3% |
|
0.4% |
|
1 |
|
53.9% |
63.2% |
(14.7%) |
|
|
|
6.8% |
|
|
|
(9.0%) |
|
0.4% |
|
2 |
|
68.5% |
64.3% |
6.5% |
|
|
|
2.7% |
|
|
|
9.4% |
|
0.4% |
|
1 |
|
71.7% |
70.7% |
1.4% |
|
|
|
8.3% |
|
|
|
9.7% |
|
0.4% |
|
1 |
|
77.7% |
65.6% |
18.4% |
|
|
|
(14.4%) |
|
|
|
1.3% |
|
0.4% |
|
1 |
|
76.6% |
83.1% |
(7.8%) |
|
|
|
(2.4%) |
|
|
|
(10.0%) |
|
0.3% |
|
1 |
|
70.5% |
64.2% |
9.8% |
|
|
|
7.8% |
|
|
|
18.5% |
|
0.3% |
California South/Central |
2 |
|
70.6% |
71.5% |
(1.3%) |
|
|
|
1.6% |
|
|
|
0.4% |
|
0.3% |
|
1 |
|
72.4% |
69.9% |
3.6% |
|
|
|
4.9% |
|
|
|
8.6% |
|
0.3% |
|
1 |
|
65.6% |
67.9% |
(3.4%) |
|
|
|
2.0% |
|
|
|
(1.5%) |
|
0.3% |
|
1 |
|
84.9% |
72.3% |
17.4% |
|
|
|
(0.1%) |
|
|
|
17.3% |
|
0.2% |
|
1 |
|
77.4% |
82.0% |
(5.6%) |
|
|
|
4.3% |
|
|
|
(1.4%) |
|
0.2% |
|
1 |
|
67.0% |
64.6% |
3.7% |
|
|
|
(0.2%) |
|
|
|
3.5% |
|
0.2% |
|
1 |
|
66.3% |
70.1% |
(5.4%) |
|
|
|
2.8% |
|
|
|
(2.8%) |
|
0.2% |
|
3 |
|
55.9% |
64.1% |
(12.8%) |
|
|
|
8.0% |
|
|
|
(5.9%) |
|
0.2% |
Texas East |
1 |
|
70.9% |
72.1% |
(1.7%) |
|
|
|
15.3% |
|
|
|
13.3% |
|
0.2% |
|
1 |
|
63.0% |
67.4% |
(6.5%) |
|
|
|
(5.6%) |
|
|
|
(11.9%) |
|
0.2% |
|
1 |
|
67.8% |
73.6% |
(7.9%) |
|
|
|
3.5% |
|
|
|
(4.7%) |
|
0.1% |
|
1 |
|
65.8% |
53.5% |
23.0% |
|
|
|
(4.4%) |
|
|
|
17.5% |
|
0.1% |
|
1 |
|
63.8% |
63.3% |
0.8% |
|
|
|
5.4% |
|
|
|
6.4% |
|
0.1% |
|
1 |
|
57.0% |
55.7% |
2.3% |
|
|
|
1.2% |
|
|
|
3.6% |
|
0.0% |
|
1 |
|
46.4% |
51.6% |
(10.1%) |
|
|
|
2.4% |
|
|
|
(7.9%) |
|
(0.1)% |
|
1 |
|
53.3% |
57.2% |
(6.8%) |
|
|
|
1.5% |
|
|
|
(5.5%) |
|
(0.1)% |
All Other Markets |
126 |
|
67.6% |
67.7% |
(0.1%) |
|
|
|
2.0% |
|
|
|
1.9% |
|
42.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio |
223 |
|
69.7% |
69.8% |
(0.1%) |
|
|
|
2.5% |
|
|
|
2.4% |
|
100.0% |
Note:
Market categorization based on STR designation. Top 20 markets based on |
Comparable Hotels Operating Metrics by Market
Year Ended (Unaudited) |
|||||||||||||||
|
|
|
Occupancy |
|
ADR |
|
RevPAR |
|
% of Adjusted
|
||||||
|
# of
|
|
YTD 2023 |
YTD 2022 |
% Change |
|
YTD 2023 |
YTD 2022 |
% Change |
|
YTD 2023 |
YTD 2022 |
% Change |
|
YTD 2023 |
Top 20 Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
|
78.5% |
74.4% |
5.5% |
|
|
|
11.9% |
|
|
|
18.1% |
|
5.9% |
|
7 |
|
76.3% |
75.0% |
1.7% |
|
|
|
4.9% |
|
|
|
6.8% |
|
5.6% |
|
8 |
|
83.7% |
82.8% |
1.1% |
|
|
|
3.2% |
|
|
|
4.4% |
|
5.3% |
|
4 |
|
82.2% |
81.2% |
1.2% |
|
|
|
8.8% |
|
|
|
10.2% |
|
3.9% |
|
6 |
|
77.7% |
76.1% |
2.1% |
|
|
|
3.1% |
|
|
|
5.3% |
|
3.5% |
|
3 |
|
76.0% |
72.1% |
5.4% |
|
|
|
(2.0%) |
|
|
|
3.3% |
|
3.3% |
|
6 |
|
78.6% |
78.1% |
0.6% |
|
|
|
5.8% |
|
|
|
6.4% |
|
3.0% |
Salt |
5 |
|
75.0% |
73.6% |
1.9% |
|
|
|
7.8% |
|
|
|
9.8% |
|
2.9% |
|
5 |
|
79.2% |
78.7% |
0.6% |
|
|
|
0.5% |
|
|
|
1.1% |
|
2.8% |
|
7 |
|
67.1% |
64.1% |
4.7% |
|
|
|
4.0% |
|
|
|
8.9% |
|
2.6% |
|
3 |
|
69.4% |
65.2% |
6.4% |
|
|
|
3.5% |
|
|
|
10.2% |
|
2.4% |
|
3 |
|
82.8% |
84.4% |
(1.9%) |
|
|
|
9.9% |
|
|
|
7.8% |
|
2.2% |
|
2 |
|
83.5% |
88.9% |
(6.1%) |
|
|
|
13.9% |
|
|
|
6.9% |
|
2.2% |
|
4 |
|
73.7% |
74.5% |
(1.1%) |
|
|
|
1.2% |
|
|
|
0.0% |
|
1.9% |
|
4 |
|
66.6% |
64.6% |
3.1% |
|
|
|
6.4% |
|
|
|
9.7% |
|
1.9% |
North |
4 |
|
74.8% |
70.7% |
5.8% |
|
|
|
0.2% |
|
|
|
6.1% |
|
1.8% |
|
3 |
|
88.5% |
81.8% |
8.2% |
|
|
|
2.8% |
|
|
|
11.1% |
|
1.7% |
|
4 |
|
74.1% |
70.1% |
5.7% |
|
|
|
9.3% |
|
|
|
15.6% |
|
1.6% |
|
5 |
|
68.4% |
66.7% |
2.5% |
|
|
|
6.7% |
|
|
|
9.4% |
|
1.5% |
|
7 |
|
72.2% |
72.5% |
(0.4%) |
|
|
|
(0.2%) |
|
|
|
(0.7%) |
|
1.5% |
Top 20 Markets |
100 |
|
75.9% |
74.0% |
2.6% |
|
|
|
5.0% |
|
|
|
7.6% |
|
57.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Other Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
|
74.1% |
65.9% |
12.4% |
|
|
|
(2.4%) |
|
|
|
9.8% |
|
1.4% |
|
1 |
|
74.8% |
72.9% |
2.6% |
|
|
|
11.9% |
|
|
|
14.8% |
|
1.4% |
Alabama North |
4 |
|
79.0% |
81.3% |
(2.8%) |
|
|
|
12.0% |
|
|
|
8.9% |
|
1.4% |
Florida |
5 |
|
68.8% |
68.1% |
1.0% |
|
|
|
(0.7%) |
|
|
|
0.2% |
|
1.3% |
|
3 |
|
69.7% |
71.4% |
(2.4%) |
|
|
|
9.8% |
|
|
|
7.2% |
|
1.3% |
|
2 |
|
68.4% |
66.6% |
2.7% |
|
|
|
(0.5%) |
|
|
|
2.4% |
|
1.3% |
|
4 |
|
76.8% |
71.6% |
7.3% |
|
|
|
0.0% |
|
|
|
7.2% |
|
1.2% |
|
6 |
|
66.8% |
60.5% |
10.4% |
|
|
|
8.3% |
|
|
|
19.6% |
|
1.2% |
Alabama South |
4 |
|
73.6% |
72.1% |
2.1% |
|
|
|
3.5% |
|
|
|
5.7% |
|
1.1% |
|
3 |
|
71.2% |
67.9% |
4.9% |
|
|
|
6.8% |
|
|
|
12.0% |
|
1.1% |
|
2 |
|
64.4% |
59.8% |
7.7% |
|
|
|
0.3% |
|
|
|
8.0% |
|
1.0% |
|
3 |
|
75.2% |
74.4% |
1.1% |
|
|
|
1.1% |
|
|
|
2.3% |
|
1.0% |
|
2 |
|
81.1% |
82.5% |
(1.7%) |
|
|
|
6.4% |
|
|
|
4.6% |
|
1.0% |
|
3 |
|
83.1% |
80.0% |
3.9% |
|
|
|
6.6% |
|
|
|
10.7% |
|
1.0% |
|
2 |
|
74.3% |
77.0% |
(3.5%) |
|
|
|
7.7% |
|
|
|
3.9% |
|
1.0% |
|
3 |
|
70.2% |
73.3% |
(4.2%) |
|
|
|
10.3% |
|
|
|
5.5% |
|
1.0% |
|
4 |
|
72.1% |
71.5% |
0.8% |
|
|
|
7.4% |
|
|
|
8.4% |
|
1.0% |
Indiana North |
3 |
|
60.9% |
61.7% |
(1.3%) |
|
|
|
4.4% |
|
|
|
2.9% |
|
0.9% |
|
2 |
|
78.9% |
77.1% |
2.3% |
|
|
|
4.4% |
|
|
|
6.8% |
|
0.9% |
|
1 |
|
74.6% |
72.9% |
2.3% |
|
|
|
10.5% |
|
|
|
13.2% |
|
0.9% |
|
3 |
|
78.7% |
76.5% |
2.9% |
|
|
|
8.4% |
|
|
|
11.4% |
|
0.9% |
|
3 |
|
67.6% |
65.7% |
2.9% |
|
|
|
4.5% |
|
|
|
7.6% |
|
0.9% |
|
2 |
|
64.8% |
65.1% |
(0.5%) |
|
|
|
1.3% |
|
|
|
1.0% |
|
0.9% |
|
1 |
|
77.8% |
74.8% |
4.0% |
|
|
|
5.6% |
|
|
|
9.9% |
|
0.8% |
|
1 |
|
68.0% |
62.8% |
8.3% |
|
|
|
(2.4%) |
|
|
|
5.8% |
|
0.7% |
|
1 |
|
63.4% |
64.0% |
(0.9%) |
|
|
|
7.2% |
|
|
|
6.4% |
|
0.7% |
|
1 |
|
73.7% |
76.5% |
(3.7%) |
|
|
|
5.9% |
|
|
|
2.0% |
|
0.7% |
Note:
Market categorization based on STR designation. Top 20 markets based on |
Comparable Hotels Operating Metrics by Market
Year Ended (Unaudited) |
|||||||||||||||
All Other Markets (continued) |
|
|
Occupancy |
|
ADR |
|
RevPAR |
|
% of Adjusted
|
||||||
|
# of
|
|
YTD 2023 |
YTD 2022 |
% Change |
|
YTD 2023 |
YTD 2022 |
% Change |
|
YTD 2023 |
YTD 2022 |
% Change |
|
YTD 2023 |
|
1 |
|
79.4% |
82.6% |
(3.9%) |
|
|
|
5.5% |
|
|
|
1.4% |
|
0.7% |
|
2 |
|
64.5% |
62.7% |
2.9% |
|
|
|
6.7% |
|
|
|
9.9% |
|
0.6% |
Louisiana South |
2 |
|
68.4% |
69.0% |
(0.9%) |
|
|
|
1.5% |
|
|
|
0.7% |
|
0.6% |
|
1 |
|
82.7% |
84.8% |
(2.5%) |
|
|
|
3.3% |
|
|
|
0.7% |
|
0.6% |
|
1 |
|
63.1% |
58.9% |
7.1% |
|
|
|
(8.7%) |
|
|
|
(2.2%) |
|
0.6% |
|
1 |
|
80.9% |
82.0% |
(1.3%) |
|
|
|
(1.1%) |
|
|
|
(2.3%) |
|
0.6% |
Texas West |
1 |
|
96.4% |
94.8% |
1.7% |
|
|
|
10.5% |
|
|
|
12.4% |
|
0.5% |
|
2 |
|
80.5% |
80.2% |
0.4% |
|
|
|
(0.8%) |
|
|
|
(0.4%) |
|
0.5% |
Florida Central |
2 |
|
77.2% |
77.1% |
0.1% |
|
|
|
3.5% |
|
|
|
3.6% |
|
0.5% |
|
3 |
|
68.4% |
69.2% |
(1.2%) |
|
|
|
10.2% |
|
|
|
8.9% |
|
0.5% |
|
2 |
|
81.5% |
82.8% |
(1.6%) |
|
|
|
4.5% |
|
|
|
3.0% |
|
0.5% |
|
1 |
|
76.8% |
75.2% |
2.1% |
|
|
|
1.8% |
|
|
|
4.0% |
|
0.5% |
|
1 |
|
70.2% |
66.4% |
5.7% |
|
|
|
7.7% |
|
|
|
13.9% |
|
0.4% |
|
1 |
|
79.9% |
79.8% |
0.1% |
|
|
|
6.6% |
|
|
|
6.8% |
|
0.4% |
|
1 |
|
62.4% |
59.1% |
5.6% |
|
|
|
8.4% |
|
|
|
14.5% |
|
0.4% |
Inland |
1 |
|
76.3% |
80.7% |
(5.5%) |
|
|
|
(6.9%) |
|
|
|
(12.0%) |
|
0.4% |
|
1 |
|
76.2% |
74.9% |
1.7% |
|
|
|
10.6% |
|
|
|
12.4% |
|
0.4% |
California South/Central |
2 |
|
75.1% |
77.9% |
(3.6%) |
|
|
|
1.3% |
|
|
|
(2.3%) |
|
0.4% |
|
1 |
|
74.9% |
67.5% |
11.0% |
|
|
|
(3.4%) |
|
|
|
7.1% |
|
0.4% |
|
1 |
|
79.9% |
84.6% |
(5.6%) |
|
|
|
5.1% |
|
|
|
(0.8%) |
|
0.4% |
|
1 |
|
75.3% |
73.9% |
1.9% |
|
|
|
(1.5%) |
|
|
|
0.3% |
|
0.4% |
|
1 |
|
90.0% |
92.4% |
(2.6%) |
|
|
|
10.6% |
|
|
|
7.9% |
|
0.4% |
|
1 |
|
81.1% |
75.9% |
6.9% |
|
|
|
7.7% |
|
|
|
15.1% |
|
0.4% |
|
2 |
|
71.1% |
72.0% |
(1.3%) |
|
|
|
3.2% |
|
|
|
2.0% |
|
0.3% |
|
1 |
|
76.4% |
73.8% |
3.5% |
|
|
|
(4.9%) |
|
|
|
(1.6%) |
|
0.3% |
|
1 |
|
75.6% |
71.1% |
6.3% |
|
|
|
0.5% |
|
|
|
6.9% |
|
0.3% |
|
1 |
|
71.8% |
63.4% |
13.2% |
|
|
|
2.4% |
|
|
|
16.0% |
|
0.3% |
|
2 |
|
70.8% |
68.3% |
3.7% |
|
|
|
4.7% |
|
|
|
8.5% |
|
0.3% |
|
1 |
|
71.2% |
71.1% |
0.1% |
|
|
|
7.2% |
|
|
|
7.3% |
|
0.3% |
|
1 |
|
62.7% |
64.9% |
(3.4%) |
|
|
|
3.5% |
|
|
|
0.0% |
|
0.3% |
|
1 |
|
69.3% |
70.1% |
(1.1%) |
|
|
|
8.6% |
|
|
|
7.4% |
|
0.2% |
|
1 |
|
78.6% |
83.9% |
(6.3%) |
|
|
|
(0.1%) |
|
|
|
(6.5%) |
|
0.2% |
Texas East |
1 |
|
77.3% |
84.6% |
(8.6%) |
|
|
|
13.6% |
|
|
|
3.8% |
|
0.2% |
|
1 |
|
87.3% |
76.3% |
14.4% |
|
|
|
(6.0%) |
|
|
|
7.7% |
|
0.2% |
|
1 |
|
68.2% |
63.7% |
7.1% |
|
|
|
(0.2%) |
|
|
|
6.7% |
|
0.1% |
|
1 |
|
69.6% |
65.3% |
6.6% |
|
|
|
3.0% |
|
|
|
9.9% |
|
0.1% |
|
1 |
|
63.7% |
65.1% |
(2.2%) |
|
|
|
8.9% |
|
|
|
6.6% |
|
0.1% |
|
1 |
|
70.2% |
74.3% |
(5.5%) |
|
|
|
8.3% |
|
|
|
2.3% |
|
0.1% |
|
1 |
|
62.2% |
56.4% |
10.3% |
|
|
|
2.1% |
|
|
|
12.5% |
|
0.1% |
|
1 |
|
52.9% |
61.1% |
(13.4%) |
|
|
|
6.2% |
|
|
|
(7.9%) |
|
0.0% |
All Other Markets |
123 |
|
72.7% |
71.3% |
2.0% |
|
|
|
4.2% |
|
|
|
6.2% |
|
42.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio |
223 |
|
74.2% |
72.6% |
2.2% |
|
|
|
4.6% |
|
|
|
7.0% |
|
100.0% |
Note:
Market categorization based on STR designation. Top 20 markets based on |
Comparable Hotels Operating Metrics by Region
Three Months Ended (Unaudited) |
|||||||||||||||
Region |
|
|
Occupancy |
|
ADR |
|
RevPAR |
|
% of Adjusted
|
||||||
|
# of
|
|
Q4 2023 |
Q4 2022 |
% Change |
|
Q4 2023 |
Q4 2022 |
% Change |
|
Q4 2023 |
Q4 2022 |
% Change |
|
Q4 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
East North Central |
16 |
|
61.1% |
61.6% |
(0.8%) |
|
|
|
2.6% |
|
|
|
1.9% |
|
6.1% |
East South Central |
27 |
|
69.8% |
70.4% |
(0.9%) |
|
|
|
2.6% |
|
|
|
1.7% |
|
10.6% |
Middle |
12 |
|
70.5% |
70.7% |
(0.3%) |
|
|
|
3.1% |
|
|
|
2.9% |
|
5.4% |
Mountain |
25 |
|
72.5% |
73.9% |
(1.9%) |
|
|
|
6.3% |
|
|
|
4.2% |
|
14.0% |
|
6 |
|
74.3% |
70.6% |
5.2% |
|
|
|
(0.3%) |
|
|
|
4.9% |
|
4.3% |
Pacific |
33 |
|
74.0% |
73.8% |
0.3% |
|
|
|
1.4% |
|
|
|
1.6% |
|
22.6% |
South |
53 |
|
71.0% |
70.4% |
0.9% |
|
|
|
1.4% |
|
|
|
2.2% |
|
21.2% |
West North Central |
17 |
|
59.0% |
61.4% |
(3.9%) |
|
|
|
3.1% |
|
|
|
(0.8%) |
|
3.3% |
West South Central |
34 |
|
69.3% |
68.6% |
1.0% |
|
|
|
2.4% |
|
|
|
3.4% |
|
12.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio |
223 |
|
69.7% |
69.8% |
(0.1%) |
|
|
|
2.5% |
|
|
|
2.4% |
|
100.0% |
Note: Region categorization based on STR designation. |
Comparable Hotels Operating Metrics by Region
Year Ended (Unaudited) |
|||||||||||||||
Region |
|
|
Occupancy |
|
ADR |
|
RevPAR |
|
% of Adjusted
|
||||||
|
# of
|
|
YTD 2023 |
YTD 2022 |
% Change |
|
YTD 2023 |
YTD 2022 |
% Change |
|
YTD 2023 |
YTD 2022 |
% Change |
|
YTD 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
East North Central |
16 |
|
66.0% |
63.8% |
3.4% |
|
|
|
5.3% |
|
|
|
8.8% |
|
5.7% |
East South Central |
27 |
|
76.1% |
74.5% |
2.1% |
|
|
|
3.2% |
|
|
|
5.5% |
|
10.3% |
Middle |
12 |
|
73.2% |
71.3% |
2.7% |
|
|
|
3.6% |
|
|
|
6.3% |
|
5.0% |
Mountain |
25 |
|
76.4% |
74.1% |
3.1% |
|
|
|
9.6% |
|
|
|
13.0% |
|
13.9% |
|
6 |
|
73.8% |
72.6% |
1.7% |
|
|
|
2.3% |
|
|
|
4.0% |
|
4.2% |
Pacific |
33 |
|
79.1% |
78.4% |
0.9% |
|
|
|
4.6% |
|
|
|
5.5% |
|
23.2% |
South |
53 |
|
75.6% |
74.1% |
2.0% |
|
|
|
3.7% |
|
|
|
5.8% |
|
22.0% |
West North Central |
17 |
|
67.1% |
66.4% |
1.1% |
|
|
|
6.2% |
|
|
|
7.3% |
|
5.0% |
West South Central |
34 |
|
72.3% |
69.9% |
3.4% |
|
|
|
3.1% |
|
|
|
6.7% |
|
10.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio |
223 |
|
74.2% |
72.6% |
2.2% |
|
|
|
4.6% |
|
|
|
7.0% |
|
100.0% |
Note: Region categorization based on STR designation. |
Comparable Hotels Operating Metrics by Chain Scale
Three Months Ended (Unaudited) |
|||||||||||||||
Chain Scale/Brand |
|
|
Occupancy |
|
ADR |
|
RevPAR |
|
% of Adjusted
|
||||||
|
# of
|
|
Q4 2023 |
Q4 2022 |
% Change |
|
Q4 2023 |
Q4 2022 |
% Change |
|
Q4 2023 |
Q4 2022 |
% Change |
|
Q4 2023 |
Upscale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
71.4% |
70.4% |
1.4% |
|
|
|
5.9% |
|
|
|
7.5% |
|
3.3% |
Aloft |
1 |
|
72.3% |
68.3% |
5.9% |
|
|
|
(16.4%) |
|
|
|
(11.5%) |
|
0.8% |
Courtyard |
35 |
|
67.1% |
65.0% |
3.2% |
|
|
|
3.1% |
|
|
|
6.5% |
|
16.9% |
|
40 |
|
65.9% |
67.9% |
(2.9%) |
|
|
|
1.1% |
|
|
|
(1.9%) |
|
16.5% |
Homewood Suites |
29 |
|
78.3% |
76.9% |
1.8% |
|
|
|
2.7% |
|
|
|
4.6% |
|
12.3% |
Hyatt House |
2 |
|
63.0% |
73.6% |
(14.4%) |
|
|
|
8.0% |
|
|
|
(7.5%) |
|
0.8% |
|
3 |
|
76.2% |
80.9% |
(5.8%) |
|
|
|
5.0% |
|
|
|
(1.0%) |
|
1.4% |
|
30 |
|
75.0% |
73.9% |
1.5% |
|
|
|
1.7% |
|
|
|
3.2% |
|
16.3% |
SpringHill Suites |
10 |
|
69.7% |
68.1% |
2.3% |
|
|
|
7.8% |
|
|
|
10.4% |
|
5.4% |
Upscale Total |
153 |
|
70.5% |
70.1% |
0.6% |
|
|
|
2.6% |
|
|
|
3.1% |
|
73.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upper Midscale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
|
64.3% |
67.8% |
(5.2%) |
|
|
|
(0.1%) |
|
|
|
(5.3%) |
|
2.6% |
|
36 |
|
67.0% |
67.2% |
(0.3%) |
|
|
|
2.5% |
|
|
|
2.2% |
|
13.4% |
Home2 Suites |
10 |
|
71.8% |
78.5% |
(8.5%) |
|
|
|
6.7% |
|
|
|
(2.4%) |
|
4.0% |
TownePlace Suites |
9 |
|
71.1% |
71.0% |
0.1% |
|
|
|
(1.0%) |
|
|
|
(0.9%) |
|
2.1% |
Upper Midscale Total |
65 |
|
67.7% |
69.3% |
(2.3%) |
|
|
|
2.4% |
|
|
|
0.1% |
|
22.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upper Upscale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
75.2% |
79.7% |
(5.6%) |
|
|
|
1.2% |
|
|
|
(4.5%) |
|
2.0% |
Marriott |
2 |
|
64.2% |
56.1% |
14.4% |
|
|
|
0.7% |
|
|
|
15.2% |
|
2.2% |
Upper Upscale Total |
5 |
|
69.2% |
66.8% |
3.6% |
|
|
|
0.7% |
|
|
|
4.3% |
|
4.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio |
223 |
|
69.7% |
69.8% |
(0.1%) |
|
|
|
2.5% |
|
|
|
2.4% |
|
100.0% |
Note: Chain scale categorization based on STR designation. |
Comparable Hotels Operating Metrics by Chain Scale
Year Ended (Unaudited) |
|||||||||||||||
Chain Scale/Brand |
|
|
Occupancy |
|
ADR |
|
RevPAR |
|
% of Adjusted
|
||||||
|
# of
|
|
YTD 2023 |
YTD 2022 |
% Change |
|
YTD 2023 |
YTD 2022 |
% Change |
|
YTD 2023 |
YTD 2022 |
% Change |
|
YTD 2023 |
Upscale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AC Hotels |
3 |
|
74.9% |
72.3% |
3.6% |
|
$214.30 |
$203.93 |
5.1% |
|
$160.47 |
$147.42 |
8.9% |
|
3.1% |
Aloft |
1 |
|
72.4% |
65.6% |
10.4% |
|
$195.53 |
$221.17 |
(11.6%) |
|
$141.64 |
$145.17 |
(2.4%) |
|
0.7% |
Courtyard |
35 |
|
72.1% |
69.3% |
4.0% |
|
$161.88 |
$154.75 |
4.6% |
|
$116.65 |
$107.20 |
8.8% |
|
18.3% |
|
40 |
|
71.2% |
70.0% |
1.7% |
|
$150.93 |
$145.89 |
3.5% |
|
$107.53 |
$102.08 |
5.3% |
|
16.6% |
Homewood Suites |
29 |
|
81.3% |
80.4% |
1.1% |
|
$151.10 |
$144.20 |
4.8% |
|
$122.81 |
$115.87 |
6.0% |
|
11.1% |
Hyatt House |
2 |
|
74.6% |
74.5% |
0.1% |
|
$161.16 |
$142.42 |
13.2% |
|
$120.26 |
$106.14 |
13.3% |
|
1.0% |
Hyatt Place |
3 |
|
77.4% |
75.0% |
3.2% |
|
$148.78 |
$139.89 |
6.4% |
|
$115.16 |
$104.98 |
9.7% |
|
1.2% |
Residence Inn |
30 |
|
78.3% |
78.5% |
(0.3%) |
|
$165.24 |
$156.76 |
5.4% |
|
$129.35 |
$123.07 |
5.1% |
|
15.4% |
SpringHill Suites |
10 |
|
73.3% |
69.4% |
5.6% |
|
$152.65 |
$141.43 |
7.9% |
|
$111.94 |
$98.22 |
14.0% |
|
4.7% |
Upscale Total |
153 |
|
74.8% |
73.2% |
2.2% |
|
$158.25 |
$151.10 |
4.7% |
|
$118.30 |
$110.54 |
7.0% |
|
72.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upper Midscale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
|
69.5% |
67.9% |
2.4% |
|
$131.57 |
$127.37 |
3.3% |
|
$91.40 |
$86.44 |
5.7% |
|
2.6% |
|
36 |
|
72.0% |
69.7% |
3.3% |
|
$154.90 |
$149.27 |
3.8% |
|
$111.56 |
$104.03 |
7.2% |
|
14.0% |
Home2 Suites |
10 |
|
81.9% |
81.5% |
0.5% |
|
$159.85 |
$151.40 |
5.6% |
|
$131.00 |
$123.38 |
6.2% |
|
4.8% |
TownePlace Suites |
9 |
|
76.0% |
77.7% |
(2.2%) |
|
$121.38 |
$118.05 |
2.8% |
|
$92.19 |
$91.77 |
0.5% |
|
2.4% |
Upper Midscale Total |
65 |
|
73.5% |
72.0% |
2.1% |
|
$148.41 |
$142.66 |
4.0% |
|
$109.07 |
$102.73 |
6.2% |
|
23.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upper Upscale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
80.5% |
82.6% |
(2.5%) |
|
$202.62 |
$186.60 |
8.6% |
|
$163.10 |
$154.11 |
5.8% |
|
2.6% |
Marriott |
2 |
|
62.4% |
55.0% |
13.5% |
|
$166.05 |
$158.95 |
4.5% |
|
$103.63 |
$87.44 |
18.5% |
|
1.5% |
Upper Upscale Total |
5 |
|
70.6% |
67.4% |
4.7% |
|
$184.86 |
$174.22 |
6.1% |
|
$130.43 |
$117.49 |
11.0% |
|
4.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio |
223 |
|
74.2% |
72.6% |
2.2% |
|
$156.55 |
$149.62 |
4.6% |
|
$116.23 |
$108.67 |
7.0% |
|
100.0% |
Note: Chain scale categorization based on STR designation. |
Comparable Hotels Operating Metrics by Location Three Months Ended December 31 (Unaudited) |
|||||||||||||||
Location |
|
|
Occupancy |
|
ADR |
|
RevPAR |
|
% of Adjusted
|
||||||
|
# of
|
|
Q4 2023 |
Q4 2022 |
% Change |
|
Q4 2023 |
Q4 2022 |
% Change |
|
Q4 2023 |
Q4 2022 |
% Change |
|
Q4 2023 |
STR Location |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airport |
18 |
|
76.0% |
78.0% |
(2.6%) |
|
$138.59 |
$136.19 |
1.8% |
|
$105.35 |
$106.17 |
(0.8%) |
|
7.3% |
Interstate |
4 |
|
67.0% |
67.5% |
(0.7%) |
|
$119.24 |
$111.70 |
6.8% |
|
$79.86 |
$75.35 |
6.0% |
|
1.0% |
Resort |
11 |
|
65.9% |
69.7% |
(5.5%) |
|
$147.02 |
$145.13 |
1.3% |
|
$96.93 |
$101.17 |
(4.2%) |
|
4.2% |
Small Metro/Town |
9 |
|
77.6% |
78.0% |
(0.5%) |
|
$140.61 |
$134.58 |
4.5% |
|
$109.10 |
$105.00 |
3.9% |
|
4.3% |
Suburban |
128 |
|
70.5% |
69.9% |
0.9% |
|
$146.06 |
$142.29 |
2.6% |
|
$102.92 |
$99.46 |
3.5% |
|
50.6% |
Urban |
53 |
|
66.2% |
66.3% |
(0.2%) |
|
$168.40 |
$164.52 |
2.4% |
|
$111.45 |
$109.09 |
2.2% |
|
32.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio |
223 |
|
69.7% |
69.8% |
(0.1%) |
|
$150.72 |
$146.99 |
2.5% |
|
$105.01 |
$102.56 |
2.4% |
|
100.0% |
Note: Location categorization based on STR designation. |
Comparable Hotels Operating Metrics by Location Year Ended December 31 (Unaudited) |
|||||||||||||||
Location |
|
|
Occupancy |
|
ADR |
|
RevPAR |
|
% of Adjusted
|
||||||
|
# of
|
|
YTD 2023 |
YTD 2022 |
% Change |
|
YTD 2023 |
YTD 2022 |
% Change |
|
YTD 2023 |
YTD 2022 |
% Change |
|
YTD 2023 |
STR Location |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airport |
18 |
|
79.5% |
78.1% |
1.8% |
|
$143.35 |
$135.33 |
5.9% |
|
$113.97 |
$105.73 |
7.8% |
|
6.9% |
Interstate |
4 |
|
69.8% |
68.1% |
2.5% |
|
$119.71 |
$114.96 |
4.1% |
|
$83.55 |
$78.23 |
6.8% |
|
1.0% |
Resort |
11 |
|
73.3% |
72.8% |
0.7% |
|
$169.31 |
$165.40 |
2.4% |
|
$124.05 |
$120.34 |
3.1% |
|
5.8% |
Small Metro/Town |
9 |
|
79.2% |
77.2% |
2.6% |
|
$142.03 |
$129.31 |
9.8% |
|
$112.52 |
$99.88 |
12.7% |
|
3.7% |
Suburban |
128 |
|
74.5% |
73.3% |
1.6% |
|
$150.47 |
$143.44 |
4.9% |
|
$112.07 |
$105.10 |
6.6% |
|
49.5% |
Urban |
53 |
|
72.1% |
69.5% |
3.7% |
|
$174.53 |
$168.59 |
3.5% |
|
$125.85 |
$117.10 |
7.5% |
|
33.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Portfolio |
223 |
|
74.2% |
72.6% |
2.2% |
|
$156.55 |
$149.62 |
4.6% |
|
$116.23 |
$108.67 |
7.0% |
|
100.0% |
Note: Location categorization based on STR designation. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240221575623/en/
804-727-6321
kclarke@applereit.com
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