Company Announcements

Ashford Trust Reports Third Quarter 2019 Results

DALLAS, Oct. 29, 2019 /PRNewswire/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT) ("Ashford Trust" or the "Company") today reported financial results and performance measures for the third quarter ended September 30, 2019. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company's hotel portfolio as of September 30, 2019 were owned as of the beginning of each of the periods presented.  Unless otherwise stated, all reported results compare the third quarter ended September 30, 2019 with the third quarter ended September 30, 2018 (see discussion below).  The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

STRATEGIC OVERVIEW

  • Opportunistic focus on upper upscale, full-service hotels
  • Targets moderate leverage levels to enhance equity returns
  • Highly-aligned management team and advisory structure
  • Targets cash and cash equivalents at a level of 25 - 35% of total equity market capitalization for the purposes of:
      • working capital needs at property and corporate levels;
      • providing a hedge in the event of uncertain economic times; and
      • being prepared to pursue accretive investments or stock buybacks as those opportunities arise

FINANCIAL AND OPERATING HIGHLIGHTS

  • Net loss attributable to common stockholders was $41.8 million or $0.42 per diluted share for the quarter.
  • Actual RevPAR for all hotels increased 3.5% to $129.47 during the quarter.
  • Comparable RevPAR for all hotels increased 1.4% to $129.64 during the quarter.
  • Comparable RevPAR for all hotels not under renovation increased 1.7% to $128.76 during the quarter.
  • Comparable Total RevPAR for all hotels increased 1.9% during the quarter.
  • Adjusted EBITDAre was $103.1 million for the quarter, an increase of 1.3% over the prior-year quarter.
  • Adjusted funds from operations (AFFO) was $0.28 per diluted share.
  • Based on the closing stock price on October 28, 2019, the Company's common stock is trading at an approximate 9.2% dividend yield.
  • During the quarter, the Company completed the sale of the Marriott Plaza San Antonio in San Antonio, Texas for $34.0 million.
  • During the quarter, the Company completed the sales of the Courtyard Savannah Downtown in Savannah, Georgia and the Hilton Garden Inn in Wisconsin Dells, Wisconsin for a combined $37.8 million.
  • Subsequent to quarter end, the Company announced the sale of 393,077 shares of Ashford Inc. (NYSE American: AINC) ("Ashford") to Ashford for net proceeds of approximately $11.8 million and a plan to distribute its remaining shares of Ashford to its shareholders and unitholders.
  • Subsequent to quarter end, the Company entered into a new franchise agreement for the Hilton Alexandria Old Town in Alexandria, Virginia that transitioned the hotel from being Hilton-managed to being managed by Remington Lodging.
  • Subsequent to quarter end, the Company entered into a new franchise agreement with Marriott International to convert the Crowne Plaza Key West La Concha Hotel in Key West, Florida to an Autograph Collection property.
  • Subsequent to quarter end, the Company announced it had sold the parking lot adjacent to the Hilton St. Petersburg in St. Petersburg, Florida for $17.5 million.
  • Capex invested during the quarter was $40.2 million.

ASSET SALES
On August 5, 2019, the Company announced the sale of the 251-room Marriott Plaza San Antonio in San Antonio, Texas for $34.0 million ($135,500 per key). The sales price, inclusive of the buyer's estimated anticipated capex of $21.3 million, represented a trailing twelve-month cap rate of 4.9% on net operating income and a 17.1x Hotel EBITDA multiple as of June 30, 2019.

On August 15, 2019, the Company announced the sales of the 156-room Courtyard Savannah Downtown in Savannah, Georgia and the 128-room Hilton Garden Inn in Wisconsin Dells, Wisconsin for $37.8 million. The combined sales price, inclusive of the buyers' estimated anticipated capex of $8.2 million, represented a trailing twelve-month cap rate of 5.3% on net operating income and a 16.2x Hotel EBITDA multiple as of June 30, 2019.

CAPITAL STRUCTURE
At September 30, 2019, the Company had total mortgage loans of $4.1 billion with a blended average interest rate of 5.3% and a weighted average maturity of 5.0 years assuming full extension of the loans.

On October 2, 2019, the Company announced a stock purchase agreement with Ashford Inc. under which Ashford Inc. purchased 393,077 shares of its common stock for $30 per share, resulting in total proceeds of approximately $11.8 million to the Company.  The purchase price reflected a premium of approximately 20% based on the closing price of Ashford Inc. common stock on October 1, 2019.  Due to the parameters of the private letter ruling from the Internal Revenue Service received by the Company, Ashford Inc. was only able to acquire the shares held by the Company's taxable REIT subsidiaries.  Additionally, the Company announced that it would distribute the remaining 205,086 shares of Ashford Inc. common stock on a pro-rata basis to Ashford Trust common shareholders and unitholders. The pro-rata distribution of Ashford Inc. shares is expected to be completed on November 5, 2019 to shareholders of record as of October 29, 2019.

CONVERSION OF THE HILTON ALEXANDRIA TO A FRANCHISED PROPERTY
On October 3, 2019, the Company announced that it had entered into a new franchise agreement for the 252-room Hilton Alexandria Old Town in Alexandria, Virginia that it acquired in June 2018.  Under the new franchise agreement, the hotel transitioned from being Hilton-managed to being managed by Remington Lodging. The management conversion was effective on October 1, 2019 and did not require a Property Improvement Plan ("PIP").

CONVERSION OF CROWNE PLAZA KEY WEST TO AUTOGRAPH COLLECTION
On October 3, 2019, the Company announced it entered into a new franchise agreement with Marriott International ("Marriott") to convert the Crowne Plaza Key West La Concha Hotel in Key West, Florida to an Autograph Collection property.  The 160-room hotel is ideally located on Duval Street in the heart of Old Town Key West within walking distance of major attractions, shopping, entertainment, and nightlife.

The agreement with Marriott calls for the hotel to be converted to an Autograph Collection property by July 1, 2022, pursuant to a conversion PIP that is currently estimated to be $13.7 million, approximately $7.8 million of which is incremental.  The PIP includes updates to the exterior, guestrooms, guest bathrooms, corridors, lobby, restaurant, lounge, pool, and meeting space. The conversion will create a distinctive theme and style for the hotel that is commensurate with the upper-upscale/luxury Autograph product.  Post-conversion, Remington Lodging will continue to manage the property pursuant to the new franchise agreement. The Company believes that post-conversion, the new Autograph property should realize a RevPAR premium to the current hotel and that its incremental investment should yield an approximate 19% unlevered internal rate of return.

SALE OF PARKING LOT AT HILTON ST. PETERSBURG
On October 15, 2019, the Company announced the sale of a 1.65-acre (72,068 square foot) parking lot adjacent to the Hilton St. Petersburg Bayfront Hotel in St. Petersburg, Florida for total consideration of $17.5 million to be paid over time. The lot was sold to a Florida-based company and will be developed into a 35-story condominium tower and parking garage.  As part of the agreement, following project completion, the Company will have ownership rights to 205 covered parking spaces in the new parking garage for use by Hilton St. Petersburg Bayfront guests.  The first payment tranche resulted in approximately $8.0 million of debt paydown.

PORTFOLIO REVPAR
As of September 30, 2019, the portfolio consisted of 118 properties.  During the third quarter of 2019, 113 of the Company's hotels were not under renovation. The Company believes reporting its operating metrics for its hotels on a comparable total basis (all 118 hotels), and comparable not under renovation basis (113 hotels), is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio.  Details of each category are provided in the tables attached to this release.

  • Comparable RevPAR increased 1.4% to $129.64 for all hotels on a 1.4% increase in ADR and flat occupancy.
  • Comparable RevPAR increased 1.7% to $128.76 for all hotels not under renovation on a 1.5% increase in ADR and a 0.2% increase in occupancy.

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company's hotels than sequential quarter-over-quarter comparisons.  To help investors better understand the seasonality in the Company's portfolio, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company's portfolio as of the end of the current period.  As the Company's portfolio mix changes from time to time, so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin.  The details of the quarterly calculations for the previous four quarters for the 118 hotels are provided in the table attached to this release.

COMMON STOCK DIVIDEND
On September 12, 2019, the Company announced that its Board of Directors had declared a quarterly cash dividend of $0.06 per diluted share for the Company's common stock for the third quarter ending September 30, 2019, payable on October 15, 2019, to shareholders of record as of September 30, 2019.

"We are pleased with our third quarter operating results and believe that the Company remains well-positioned to capitalize on future opportunities," commented Douglas A. Kessler, Ashford Trust's President and Chief Executive Officer. "We continue to benefit from our diversified, high-quality portfolio of hotels and expect to see strong results from several of our recent acquisitions.  We also have a proven track record of unlocking value in our assets and are excited about our recent announcement of the conversion of the Hilton Alexandria to a franchised property as we believe that there is a valuation premium for franchised hotels. Also, the upbranding of the Key West La Concha Hotel to an Autograph Collection property should elevate the property into a more desirable niche in the very attractive, high-barrier-to-entry, high-RevPAR Key West market. Additionally, disciplined capital recycling remains an important component of our strategy and during the quarter we sold three non-core properties with RevPAR below our portfolio average, but at premium multiples to where we are currently trading. Looking ahead, we are committed to increasing the performance of our portfolio and pursuing value-added initiatives that we believe will enhance returns for our shareholders."

INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Wednesday, October 30, 2019, at 11:00 a.m. ET.  The number to call for this interactive teleconference is (201) 689-8573. A replay of the conference call will be available through Wednesday, November 6, 2019, by dialing (412) 317-6671 and entering the confirmation number, 13694100.

The Company will also provide an online simulcast and rebroadcast of its third quarter 2019 earnings release conference call.  The live broadcast of Ashford Hospitality Trust's quarterly conference call will be available online at the Company's web site, www.ahtreit.com on Wednesday, October 30, 2019, beginning at 11:00 a.m. ET.  The online replay will follow shortly after the call and continue for approximately one year.

We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA.  Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated.  The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.

*  *  *  *  *

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing opportunistically in the hospitality industry in upper upscale, full-service hotels.

Ashford has created an Ashford App for the hospitality REIT investor community.  The Ashford App is available for free download at Apple's App Store and the Google Play Store by searching "Ashford."

Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the federal securities regulations.  Forward-looking statements in this press release may include, among others, statements about the Company's strategy and future plans.  When we use the words "will likely result," "may," " anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements.  Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust's control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation:  general conditions of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; our ability to successfully complete and integrate acquisitions, and manage our planned growth, and the degree and nature of our competition.  These and other risk factors are more fully discussed in Ashford Trust's filings with the Securities and Exchange Commission

The forward-looking statements included in this press release are only made as of the date of this press release.  The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur.  We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)



September 30,
 2019


December 31,
 2018

ASSETS




Investments in hotel properties, net

$

4,172,030



$

4,105,219


Cash and cash equivalents

256,303



319,210


Restricted cash

148,826



120,602


Marketable securities

14,445



21,816


Accounts receivable, net of allowance of $596 and $485, respectively

53,786



37,060


Inventories

4,370



4,224


Investment in Ashford Inc.



1,896


Investment in OpenKey

2,928



2,593


Deferred costs, net

2,772



3,449


Prepaid expenses

29,863



19,982


Derivative assets, net

2,386



2,396


Operating lease right-of-use assets

40,807




Other assets

14,147



15,923


Intangible assets, net

797



9,824


Due from related party, net

2,743




Due from third-party hotel managers

22,848



21,760


Total assets

$

4,769,051



$

4,685,954






LIABILITIES AND EQUITY




Liabilities:




Indebtedness, net

$

4,109,590



$

3,927,266


Accounts payable and accrued expenses

168,311



136,757


Dividends and distributions payable

20,641



26,794


Due to Ashford Inc., net

6,616



23,034


Due to related party, net

16



1,477


Due to third-party hotel managers

3,774



2,529


Intangible liabilities, net

2,357



15,483


Operating lease liabilities

43,536




Derivative liabilities, net

28



50


Other liabilities

26,100



18,716


Total liabilities

4,380,969



4,152,106






Redeemable noncontrolling interests in operating partnership

78,241



80,743


Equity:




Preferred stock, $0.01 par value, 50,000,000 shares authorized :




Series D Cumulative Preferred Stock 2,389,393 shares issued and outstanding at September 30, 2019 and December 31, 2018

24



24


Series F Cumulative Preferred Stock 4,800,000 shares issued and outstanding at September 30, 2019 and December 31, 2018

48



48


Series G Cumulative Preferred Stock 6,200,000 shares issued and outstanding at September 30, 2019 and December 31, 2018

62



62


Series H Cumulative Preferred Stock 3,800,000 shares issued and outstanding at September 30, 2019 and December 31, 2018

38



38


Series I Cumulative Preferred Stock 5,400,000 shares issued and outstanding at September 30, 2019 and December 31, 2018

54



54


Common stock, $0.01 par value, 400,000,000 shares authorized, 102,109,649 and 101,035,530 shares issued and outstanding 
     at September 30, 2019 and December 31, 2018, respectively

1,021



1,010


Additional paid-in capital

1,822,391



1,814,273


Accumulated deficit

(1,514,411)



(1,363,020)


Total shareholders' equity of the Company

309,227



452,489


Noncontrolling interests in consolidated entities

614



616


Total equity

309,841



453,105


Total liabilities and equity

$

4,769,051



$

4,685,954


 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2019


2018


2019


2018

REVENUE








Rooms

$

301,704



$

288,016



$

910,337



$

868,090


Food and beverage

53,738



49,396



182,097



164,869


Other

17,751



17,309



52,430



51,358


Total hotel revenue

373,193



354,721



1,144,864



1,084,317


Other

1,044



1,209



3,239



2,984


Total revenue

374,237



355,930



1,148,103



1,087,301


EXPENSES








Hotel operating expenses








Rooms

66,434



64,197



195,260



187,497


Food and beverage

40,089



37,649



125,534



116,270


Other expenses

118,993



109,992



357,129



332,629


Management fees

13,393



13,198



41,165



40,306


Total hotel operating expenses

238,909



225,036



719,088



676,702


Property taxes, insurance and other

21,972



20,774



64,131



59,363


Depreciation and amortization

67,906



64,923



202,595



192,536


Impairment charges



(27)



6,533



1,652


Transaction costs





2



11


Advisory services fee:








Base advisory fee

8,949



9,156



27,300



26,644


Reimbursable expenses

2,367



2,251



7,763



5,777


Non-cash stock/unit-based compensation

4,648



4,855



13,486



20,540


Incentive fee



(3,457)






Corporate, general and administrative:








Non-cash stock/unit-based compensation

83





804



536


Other general and administrative

2,327



3,090



7,124



7,914


Total operating expenses

347,161



326,601



1,048,826



991,675


Gain (loss) on sale of assets and hotel properties

2,362



(9)



2,923



394


OPERATING INCOME (LOSS)

29,438



29,320



102,200



96,020


Equity in earnings (loss) of unconsolidated entities

(278)



310



(2,208)



892


Interest income

836



1,150



2,402



2,779


Other income (expense), net

(328)



(202)



(982)



80


Interest expense, net of premium amortization

(58,692)



(54,057)



(177,979)



(159,063)


Amortization of loan costs

(7,664)



(6,674)



(22,530)



(14,617)


Write-off of premiums, loan costs and exit fees

(426)



(1,572)



(2,578)



(9,316)


Unrealized gain (loss) on marketable securities

315



68



1,721



(758)


Unrealized gain (loss) on derivatives

(2,536)



(2,085)



(4,054)



(3,672)


INCOME (LOSS) BEFORE INCOME TAXES

(39,335)



(33,742)



(104,008)



(87,655)


Income tax benefit (expense)

249



(519)



(3,052)



(2,606)


NET INCOME (LOSS)

(39,086)



(34,261)



(107,060)



(90,261)


(Income) loss from consolidated entities attributable to noncontrolling interest

(10)



(10)



2



8


Net (income) loss attributable to redeemable noncontrolling interests in operating partnership

7,919



6,682



21,582



18,087


NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY

(31,177)



(27,589)



(85,476)



(72,166)


Preferred dividends

(10,645)



(10,645)



(31,933)



(31,933)


NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS

$

(41,822)



$

(38,234)



$

(117,409)



$

(104,099)










INCOME (LOSS) PER SHARE – BASIC AND DILUTED








Basic:








Net income (loss) attributable to common stockholders

$

(0.42)



$

(0.40)



$

(1.19)



$

(1.09)


Weighted average common shares outstanding – basic

99,971



97,647



99,790



96,591


Diluted:








Net income (loss) attributable to common stockholders

$

(0.42)



$

(0.40)



$

(1.19)



$

(1.09)


Weighted average common shares outstanding – diluted

99,971



97,467



99,790



96,591


Dividends declared per common share:

$

0.06



$

0.12



$

0.24



$

0.36


 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre

(in thousands)

(unaudited)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2019


2018


2019


2018

Net income (loss)

$

(39,086)



$

(34,261)



$

(107,060)



$

(90,261)


Interest expense and amortization of premiums and loan costs, net

66,356



60,731



200,509



173,680


Depreciation and amortization

67,906



64,923



202,595



192,536


Income tax expense (benefit)

(249)



519



3,052



2,606


Equity in (earnings) loss of unconsolidated entities

278



(310)



2,208



(892)


Company's portion of EBITDA of Ashford Inc.

785



(1,607)



4,362



959


Company's portion of EBITDA of OpenKey

(99)



(158)



(308)



(419)


EBITDA

95,891



89,837



305,358



278,209


Impairment charges on real estate



(27)



6,533



1,652


(Gain) loss on sale of assets and hotel properties

(2,362)



9



(2,923)



(394)


EBITDAre

93,529



89,819



308,968



279,467


Amortization of unfavorable contract liabilities

82



(39)



160



(117)


Uninsured hurricane related costs



(43)





(271)


(Gain) loss on insurance settlements

(7)





(43)




Write-off of premiums, loan costs and exit fees

426



1,572



2,578



9,316


Other (income) expense, net

398



10



1,173



(80)


Transaction, acquisition and management conversion costs

375



391



1,061



596


Legal judgment and related legal costs

6



1



1,822



928


Unrealized (gain) loss on marketable securities

(315)



(68)



(1,721)



758


Unrealized (gain) loss on derivatives

2,536



2,085



4,054



3,672


Dead deal costs



52



50



55


Non-cash stock/unit-based compensation

4,905



5,143



14,863



21,946


Company's portion of adjustments to EBITDAre of Ashford Inc.

1,148



2,814



2,679



4,997


Company's portion of adjustments to EBITDAre of OpenKey

8



4



43



12


Adjusted EBITDAre

$

103,091



$

101,741



$

335,687



$

321,279


 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO

(in thousands, except per share amounts)

(unaudited)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2019


2018


2019


2018

Net income (loss)

$

(39,086)



$

(34,261)



$

(107,060)



$

(90,261)


(Income) loss from consolidated entities attributable to noncontrolling interest

(10)



(10)



2



8


Net (income) loss attributable to redeemable noncontrolling interests in operating partnership

7,919



6,682



21,582



18,087


Preferred dividends

(10,645)



(10,645)



(31,933)



(31,933)


Net income (loss) attributable to common stockholders

(41,822)



(38,234)



(117,409)



(104,099)


Depreciation and amortization on real estate

67,851



64,865



202,424



192,363


(Gain) loss on sale of assets and hotel properties

(2,362)



9



(2,923)



(394)


Net income (loss) attributable to redeemable noncontrolling interests in operating partnership

(7,919)



(6,682)



(21,582)



(18,087)


Equity in (earnings) loss of unconsolidated entities

278



(310)



2,208



(892)


Impairment charges on real estate



(27)



6,533



1,652


Company's portion of FFO of Ashford Inc.

(2,188)



470



(3,590)



1,391


Company's portion of FFO of OpenKey

(101)



(160)



(297)



(426)


FFO available to common stockholders and OP unitholders

13,737



19,931



65,364



71,508


Write-off of premiums, loan costs and exit fees

426



1,572



2,578



9,316


(Gain) loss on insurance settlements

(7)





(43)




Uninsured hurricane related costs



(43)





(271)


Other (income) expense, net

398



10



1,173



(80)


Transaction, acquisition and management conversion costs

375



391



1,061



596


Legal judgment and related legal costs

6



1



1,822



928


Unrealized (gain) loss on marketable securities

(315)



(68)



(1,721)



758


Unrealized (gain) loss on derivatives

2,536



2,085



4,054



3,672


Dead deal costs



52



50



55


Non-cash stock/unit-based compensation

4,905



5,143



14,863



21,946


Amortization of loan costs

7,663



6,673



22,525



14,612


Company's portion of adjustments to FFO of Ashford Inc.

3,122



(1,453)



7,762



730


Company's portion of adjustments to FFO of OpenKey

9



4



46



12


Adjusted FFO available to common stockholders and OP unitholders

$

32,855



$

34,298



$

119,534



$

123,782


Adjusted FFO per diluted share available to common stockholders and OP unitholders

$

0.28



$

0.30



$

1.00



$

1.08


Weighted average diluted shares

119,312



115,318



118,966



115,016


 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

SEPTEMBER 30, 2019

(dollars in thousands)

(unaudited)


Indebtedness


Maturity


Interest Rate


Fixed-Rate
Debt


Floating-Rate
Debt


Total
Debt


Comparable
TTM
Hotel
EBITDA (6)


Comparable
TTM
EBITDA
Debt Yield

Morgan Stanley Pool - 17 hotels


November 2019


LIBOR + 3.00%




427,000


(1)

427,000



48,620



11.4

%

JPMorgan Chase - 8 hotels


February 2020


LIBOR + 2.92%




395,000


(1)

395,000



41,435



10.5

%

BAML Highland Pool - 19 hotels


April 2020


LIBOR + 3.20%




907,030


(1)

907,030



105,021



11.6

%

BAML Indigo Atlanta - 1 hotel


May 2020


LIBOR + 2.90%




16,035


(2)

16,035



2,509



15.6

%

BAML Le Pavillon - 1 hotel


June 2020


LIBOR + 5.10%




43,750


(3)

43,750



2,756



6.3

%

KEYS Pool A - 7 hotels


June 2020


LIBOR + 3.65%




180,720


(1)

180,720



21,023



11.6

%

KEYS Pool B - 7 hotels


June 2020


LIBOR + 3.39%




174,400


(1)

174,400



21,150



12.1

%

KEYS Pool C - 5 hotels


June 2020


LIBOR + 3.73%




221,040


(1)

221,040



21,568



9.8

%

KEYS Pool D - 5 hotels


June 2020


LIBOR + 4.02%




262,640


(1)

262,640



28,054



10.7

%

KEYS Pool E - 5 hotels


June 2020


LIBOR + 2.73%




160,000


(1)

160,000



25,109



15.7

%

KEYS Pool F - 5 hotels


June 2020


LIBOR + 3.68%




215,120


(1)

215,120



23,538



10.9

%

Morgan Stanley Ann Arbor - 1 hotel


July 2020


LIBOR + 4.40%




35,200


(4)

35,200



3,191



9.1

%

Morgan Stanley - 8 hotels


July 2020


LIBOR + 4.33%




144,000


(4)

144,000



10,966



7.6

%

GACC Gateway - 1 hotel


November 2020


6.26%


92,030





92,030



12,830



13.9

%

JPMorgan Chase La Posada - 1 hotel


November 2020


LIBOR + 2.55%




25,000


(5)

25,000



3,934



15.7

%

BAML Princeton/Nashville - 2 hotels


March 2021


LIBOR + 2.75%




240,000


(1)

240,000



34,162



14.2

%

SPT Embassy Suites New York Manhattan Times
Square - 1 hotel


February 2022


LIBOR + 3.90%




145,000


(2)

145,000



8,593



5.9

%

Prudential Boston Back Bay - 1 hotel


November 2022


LIBOR + 2.00%




97,000



97,000



14,689



15.1

%

Deutsche Bank W Minneapolis - 1 hotel


May 2023


5.46%


52,100





52,100



5,254



10.1

%

Aareal Hilton Alexandria - 1 hotel


June 2023


LIBOR + 2.45%




73,450



73,450



8,150



11.1

%

GACC Manchester RI - 1 hotel


January 2024


5.49%


6,791





6,791



1,087



16.0

%

GACC Jacksonville RI - 1 hotel


January 2024


5.49%


9,911





9,911



1,922



19.4

%

Key Bank Manchester CY - 1 hotel


May 2024


4.99%


6,323





6,323



1,083



17.1

%

Southside Bank Ashton - 1 hotel


June 2024


LIBOR + 2.00%




8,881



8,881



861



9.7

%

Morgan Stanley Pool C1 - 3 hotels


August 2024


5.20%


64,555





64,555



6,818



10.6

%

Morgan Stanley Pool C2 - 2 hotels


August 2024


4.85%


11,914





11,914



1,324



11.1

%

Morgan Stanley Pool C3 - 3 hotels


August 2024


4.90%


23,819





23,819



3,064



12.9

%

BAML Pool 5 - 2 hotels


February 2025


4.45%


19,572





19,572



2,585



13.2

%

BAML Pool 3 - 3 hotels


February 2025


4.45%


50,623





50,623



8,623



17.0

%

US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel


March 2025


4.66%


25,043





25,043



3,043



12.2

%

Unencumbered hotels












1,934



N/A


Total






$

362,681



$

3,771,266



$

4,133,947



$

474,896



11.5

%

Percentage






8.8

%


91.2

%


100.0

%





Weighted average interest rate






5.30

%


5.31

%


5.31

%






All indebtedness is non-recourse.

(1)      This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions.

(2)      This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.

(3)      This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in June 2019.

(4)      This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. The third one-year extension period began in July 2019.

(5)      This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions.

(6)      See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. 

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

SEPTEMBER 30, 2019

(dollars in thousands)

(unaudited)




2019


2020


2021


2022


2023


Thereafter


Total

BAML Le Pavillon - 1 hotel




43,750











43,750


Morgan Stanley - 8 hotels




144,000











144,000


Morgan Stanley Ann Arbor - 1 hotel




35,200











35,200


GACC Gateway - 1 hotel




89,886











89,886


BAML Indigo Atlanta - 1 hotel








15,470







15,470


Prudential Boston Back Bay - 1 hotel








97,000







97,000


Deutsche Bank W Minneapolis - 1 hotel










48,182





48,182


Aareal Hilton Alexandria - 1 hotel










73,450





73,450


JPMorgan Chase La Posada - 1 hotel










25,000





25,000


GACC Jacksonville RI - 1 hotel












9,036



9,036


GACC Manchester RI - 1 hotel












6,191



6,191


SPT Embassy Suites New York Manhattan Times Square - 1 hotel












145,000



145,000


Key Bank Manchester CY - 1 hotel












5,671



5,671


Southside Bank Ashton - 1 hotel












8,881



8,881


Morgan Stanley Pool C1 - 3 hotels












58,612



58,612


Morgan Stanley Pool C2 - 2 hotels












10,755



10,755


Morgan Stanley Pool C3 - 3 hotels












21,522



21,522


Morgan Stanley Pool - 17 hotels












427,000



427,000


JPMorgan Chase - 8 hotels












395,000



395,000


BAML Pool 3 - 3 hotels












44,413



44,413


BAML Pool 5 - 2 hotels












17,073



17,073


US Bank Hilton Santa Cruz/Scotts Valley - 1 hotel












22,030



22,030


BAML Highland Pool - 19 hotels












907,030



907,030


KEYS Pool A - 7 hotels












180,720



180,720


KEYS Pool B - 7 hotels












174,400



174,400


KEYS Pool C - 5 hotels












221,040



221,040


KEYS Pool D - 5 hotels












262,640



262,640


KEYS Pool E - 5 hotels












160,000



160,000


KEYS Pool F - 5 hotels












215,120



215,120


BAML Princeton/Nashville - 2 hotels












240,000



240,000


Principal due in future periods




312,836





112,470



146,632



3,532,134



4,104,072


Scheduled amortization payments remaining


1,837



7,039



5,702



5,862



5,242



4,193



29,875


Total indebtedness


$

1,837



$

319,875



$

5,702



$

118,332



$

151,874



$

3,536,327



$

4,133,947


 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)


ALL HOTELS:




Three Months Ended September 30,



Actual


Non-
comparable
Adjustments


Comparable


Actual


Non-
comparable
Adjustments


Comparable


Actual


Comparable



2019


2019


2019


2018


2018


2018


% Variance


% Variance


Rooms revenue (in thousands)

$

300,832



$

(2,146)



$

298,686



$

287,104



$

7,568



$

294,672



4.78

%


1.36

%


RevPAR

$

129.47



$

(110.04)



$

129.64



$

125.15



$

747.89



$

127.89



3.45

%


1.37

%


Occupancy

78.40

%


(81.47)

%


78.37

%


78.04

%


152.39

%


78.37

%


0.46

%


%


ADR

$

165.15



$

(135.08)



$

165.41



$

160.36



$

490.77



$

163.18



2.99

%


1.37

%



ALL HOTELS:




Nine Months Ended September 30,



Actual


Non-
comparable
Adjustments


Comparable


Actual


Non-
comparable
Adjustments


Comparable


Actual


Comparable



2019


2019


2019


2018


2018


2018


% Variance


% Variance


Rooms revenue (in thousands)

$

907,262



$

(9,967)



$

897,295



$

864,604



$

17,516



$

882,120



4.93

%


1.72

%


RevPAR

$

130.79



$

(99.81)



$

131.24



$

127.19



$

533.03



$

129.14



2.84

%


1.63

%


Occupancy

77.41

%


(76.94)

%


77.41

%


77.59

%


102.57

%


77.71

%


(0.23)

%


(0.38)

%


ADR

$

168.97



$

(129.72)



$

169.54



$

163.92



$

519.69



$

166.18



3.08

%


2.02

%


NOTES:

(1)

The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2)

All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)

The above information does not reflect the operations of Orlando WorldQuest Resort.





ALL HOTELS
     NOT UNDER RENOVATION:

 

Three Months Ended September 30,



Actual


Non-
comparable
Adjustments


Comparable


Actual


Non-
comparable
Adjustments


Comparable


Actual


Comparable



2019


2019


2019


2018


2018


2018


% Variance


% Variance


Rooms revenue (in thousands)

$

277,856



$

(2,146)



$

275,710



$

263,632



$

7,568



$

271,200



5.40

%


1.66

%


RevPAR

$

128.59



$

(110.04)



$

128.76



$

123.69



$

747.89



$

126.64



3.96

%


1.67

%


Occupancy

78.54

%


(81.47)

%


78.51

%


78.01

%


152.39

%


78.36

%


0.68

%


0.19

%


ADR

$

163.73



$

(135.08)



$

164.00



$

158.56



$

490.77



$

161.61



3.26

%


1.48

%



ALL HOTELS
     NOT UNDER RENOVATION:




Nine Months Ended September 30,

Actual


Non-
comparable
Adjustments


Comparable


Actual


Non-
comparable
Adjustments


Comparable


Actual


Comparable



2019


2019


2019


2018


2018


2018


% Variance


% Variance


Rooms revenue (in thousands)

$

834,322



$

(9,967)



$

824,355



$

792,138



$

17,516



$

809,654



5.33

%


1.82

%


RevPAR

$

129.28



$

(99.81)



$

129.74



$

125.44



$

533.03



$

127.55



3.06

%


1.72

%


Occupancy

77.35

%


(76.94)

%


77.35

%


77.35

%


102.57

%


77.48

%


%


(0.17)

%


ADR

$

167.14



$

(129.72)



$

167.73



$

162.17



$

519.69



$

164.62



3.07

%


1.89

%


NOTES:

(1)

The above comparable information assumes the 113 hotel properties owned and included in the Company's operations at September 30, 2019, and not under renovation during the three months ended September 30, 2019, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2)

All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)

The above information does not reflect the operations of Orlando WorldQuest Resort.

(4)

Excluded Hotels Under Renovation:


Fairfield Inn and Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott RTP, Renaissance Nashville

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA

(dollars in thousands)

(unaudited)


ALL HOTELS:

Three Months Ended


Nine Months Ended


September 30,


September 30,


2019


2018


% Variance


2019


2018


% Variance

Total hotel revenue

$

371,999



$

353,504



5.23

%


$

1,140,722



$

1,079,802



5.64

%

Non-comparable adjustments

(2,468)



9,224





(12,576)



23,336




Comparable total hotel revenue

$

369,531



$

362,728



1.88

%


$

1,128,146



$

1,103,138



2.27

%













Hotel EBITDA

$

115,796



$

111,389



3.96

%


$

373,032



$

356,795



4.55

%

Non-comparable adjustments

(615)



4,085





(3,798)



8,064




Comparable hotel EBITDA

$

115,181



$

115,474



(0.25)

%


$

369,234



$

364,859



1.20

%

Hotel EBITDA margin

31.13

%


31.51

%


(0.38)

%


32.70

%


33.04

%


(0.34)

%

Comparable hotel EBITDA margin

31.17

%


31.83

%


(0.66)

%


32.73

%


33.07

%


(0.34)

%













Hotel EBITDA adjustments attributable to consolidated noncontrolling interests

$

98



$

101



(2.97)

%


$

263



$

258



1.94

%

Hotel EBITDA attributable to the Company and OP unitholders

$

115,698



$

111,288



3.96

%


$

372,769



$

356,537



4.55

%

Comparable hotel EBITDA attributable to the Company and OP unitholders

$

115,083



$

115,373



(0.25)

%


$

368,971



$

364,601



1.20

%


NOTES:

(1)  The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)  The above information does not reflect the operations of Orlando WorldQuest Resort.

(4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.



ALL HOTELS
     NOT UNDER RENOVATION:

Three Months Ended


Nine Months Ended

September 30,


September 30,


2019


2018


% Variance


2019


2018


% Variance

Total hotel revenue

$

340,019



$

322,292



5.50

%


$

1,036,556



$

983,297



5.42

%

Non-comparable adjustments

(2,468)



9,224





(12,576)



23,336




Comparable total hotel revenue

$

337,551



$

331,516



1.82

%


$

1,023,980



$

1,006,633



1.72

%













Hotel EBITDA

$

104,748



$

100,360



4.37

%


$

333,651



$

321,875



3.66

%

Non-comparable adjustments

(615)



4,040





(3,798)



7,935




Comparable hotel EBITDA

$

104,133



$

104,400



(0.26)

%


$

329,853



$

329,810



0.01

%

Hotel EBITDA margin

30.81

%


31.14

%


(0.33)

%


32.19

%


32.73

%


(0.54)

%

Comparable hotel EBITDA margin

30.85

%


31.49

%


(0.64)

%


32.21

%


32.76

%


(0.55)

%













Hotel EBITDA adjustments attributable to consolidated noncontrolling interests

$

98



$

101



(2.97)

%


$

263



$

258



1.94

%

Hotel EBITDA attributable to the Company and OP unitholders

$

104,650



$

100,259



4.38

%


$

333,388



$

321,617



3.66

%

Comparable hotel EBITDA attributable to the Company and OP unitholders

$

104,035



$

104,299



(0.25)

%


$

329,590



$

329,552



0.01

%


NOTES:

(1)  The above comparable information assumes the 113 hotel properties owned and included in the Company's operations at September 30, 2019, and not under renovation during the three months ended September 30, 2019, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)  The above information does not reflect the operations of Orlando WorldQuest Resort.

(4)  See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

(5)  Excluded Hotels Under Renovation:

Fairfield Inn and Suites Kennesaw, Hilton Fort Worth, Marriott DFW Airport, Marriott RTP, Renaissance Nashville

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS

(dollars in thousands)

(unaudited)



Actual


Non-
comparable
Adjustments


Comparable


Actual


Non-
comparable
Adjustments


Comparable


Actual


Non-
comparable
Adjustments


Comparable


Actual


Non-
comparable
Adjustments


Comparable


2019


2019


2019


2019


2019


2019


2019


2019


2019


2018


2018


2018


3rd Quarter


3rd Quarter


3rd Quarter


2nd Quarter


2nd Quarter


2nd Quarter


1st Quarter


1st Quarter


1st Quarter


4th Quarter


4th Quarter


4th Quarter

Total hotel revenue

$

371,999



$

(2,468)



$

369,531



$

412,671



$

(6,102)



$

406,569



$

356,052



$

(4,007)



$

352,045



$

341,229



$

6,795



$

348,024


Hotel EBITDA

$

115,796



$

(615)



$

115,181



$

145,327



$

(1,631)



$

143,696



$

111,909



$

(1,552)



$

110,357



$

102,549



$

3,113



$

105,662


Hotel EBITDA margin

31.13

%




31.17

%


35.22

%




35.34

%


31.43

%




31.35

%


30.05

%




30.36

%

























EBITDA % of total TTM

24.3

%




24.3

%


30.6

%




30.3

%


23.5

%




23.2

%


21.6

%




22.2

%

























JV interests in EBITDA

$

98



$



$

98



$

105



$



$

105



$

60



$



$

60



$

63



$



$

63



























Actual


Non-
comparable
Adjustments


Comparable




















2019


2019


2019




















TTM


TTM


TTM



















Total hotel revenue

$

1,481,951



$

(5,782)



$

1,476,169




















Hotel EBITDA

$

475,581



$

(685)



$

474,896




















Hotel EBITDA margin

32.09

%




32.17

%











































EBITDA % of total TTM

100.0

%




100.0

%











































JV interests in EBITDA

$

326



$



$

326





















NOTES:

(1)  The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)  The above information does not reflect the operations of Orlando WorldQuest Resort.

(4)  See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)







Three Months Ended September 30,


Number of
Hotels


Number of
Rooms


Actual


Non-comparable
Adjustments


Comparable


Actual


Non-comparable
Adjustments


Comparable


Actual


Comparable




2019


2019


2019


2018


2018


2018


% Variance


% Variance

Atlanta, GA Area

9



1,426



$

131.62



$



$

131.62



$

128.47



$



$

128.47



2.5

%


2.5

%

Boston, MA Area

3



915



220.28





220.28



217.08





217.08



1.5

%


1.5

%

Dallas / Ft. Worth, TX Area

7



1,518



97.52





97.52



103.19





103.19



(5.5)

%


(5.5)

%

Houston, TX Area

3



692



98.68





98.68



100.18





100.18



(1.5)

%


(1.5)

%

Los Angeles, CA Metro Area

6



1,619



134.56





134.56



129.81





129.81



3.7

%


3.7

%

Miami, FL Metro Area

3



588



95.78





95.78



93.92





93.92



2.0

%


2.0

%

Minneapolis - St. Paul, MN-WI Area

4



809



127.53





127.53



133.42





133.42



(4.4)

%


(4.4)

%

Nashville, TN Area

1



673



205.28





205.28



207.60





207.60



(1.1)

%


(1.1)

%

New York / New Jersey Metro Area

7



2,051



144.90





144.90



122.75



208.20



135.66



18.0

%


6.8

%

Orlando, FL Area

3



734



91.68





91.68



92.44





92.44



(0.8)

%


(0.8)

%

Philadelphia, PA Area

3



648



113.40





113.40



115.70





115.70



(2.0)

%


(2.0)

%

San Diego, CA Area

2



410



135.57





135.57



138.61





138.61



(2.2)

%


(2.2)

%

San Francisco - Oakland, CA Metro Area

7



1,547



171.36





171.36



172.17



204.78



175.92



(0.5)

%


(2.6)

%

Tampa, FL Area

2



571



96.33





96.33



87.28





87.28



10.4

%


10.4

%

Washington D.C. - MD - VA Area

9



2,426



134.72





134.72



126.23





126.23



6.7

%


6.7

%

Other Areas

49



8,417



116.86



(110.04)



117.03



113.08



(49.54)



115.93



3.3

%


0.9

%

Total Portfolio

118



25,044



$

129.47



$

(110.04)



$

129.64



$

125.15



$

747.89



$

127.89



3.5

%


1.4

%


NOTES:

(1)    The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)    The above information does not reflect the operations of Orlando WorldQuest Resort.

(4)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA BY MARKET

(in thousands)

(unaudited)







Three Months Ended September 30,


Number
of Hotels


Number
of Rooms


Actual


Non-
comparable
Adjustments


Comparable


% of
Total


Actual


Non-
comparable
Adjustments


Comparable


% of
Total


Actual


Comparable




2019


2019


2019



2018


2018


2018



% Variance


% Variance

Atlanta, GA Area

9



1,426



$

5,557



$



$

5,557



4.8

%


$

6,135



$

13



$

6,148



5.3

%


(9.4)

%


(9.6)

%

Boston, MA Area

3



915



8,821





8,821



7.7

%


9,110



33



9,143



7.9

%


(3.2)

%


(3.5)

%

Dallas / Ft. Worth, TX Area

7



1,518



5,122





5,122



4.4

%


5,449



62



5,511



4.8

%


(6.0)

%


(7.1)

%

Houston, TX Area

3



692



2,223





2,223



1.9

%


2,371



28



2,399



2.1

%


(6.2)

%


(7.3)

%

Los Angeles, CA Metro Area

6



1,619



7,818





7,818



6.8

%


7,388



(36)



7,352



6.4

%


5.8

%


6.3

%

Miami, FL Metro Area

3



588



938





938



0.8

%


1,027



(3)



1,024



0.9

%


(8.7)

%


(8.4)

%

Minneapolis - St. Paul, MN-WI Area

4



809



3,648





3,648



3.2

%


4,159



16



4,175



3.6

%


(12.3)

%


(12.6)

%

Nashville, TN Area

1



673



6,719





6,719



5.8

%


6,577



(1.00)



6,576



5.7

%


2.2

%


2.2

%

New York / New Jersey Metro Area

7



2,051



10,204





10,204



8.9

%


7,527



2,126



9,653



8.4

%


35.6

%


5.7

%

Orlando, FL Area

3



734



1,258





1,258



1.1

%


1,350



(5)



1,345



1.2

%


(6.8)

%


(6.5)

%

Philadelphia, PA Area

3



648



2,417





2,417



2.1

%


2,437



(30)



2,407



2.1

%


(0.8)

%


0.4

%

San Diego, CA Area

2



410



2,041





2,041



1.8

%


2,180



(7)



2,173



1.9

%


(6.4)

%


(6.1)

%

San Francisco - Oakland, CA Metro Area

7



1,547



10,683





10,683



9.3

%


10,038



1,693



11,731



10.2

%


6.4

%


(8.9)

%

Tampa, FL Area

2



571



1,234





1,234



1.1

%


1,185



(87)



1,098



1.0

%


4.1

%


12.4

%

Washington D.C. - MD - VA Area

9



2,426



10,796





10,796



9.4

%


9,743



12



9,755



8.4

%


10.8

%


10.7

%

Other Areas

49



8,417



36,317



(615)



35,702



30.9

%


34,713



271



34,984



30.1

%


4.6

%


2.1

%

Total Portfolio

118



25,044



$

115,796



$

(615)



$

115,181



100.0

%


$

111,389



$

4,085



$

115,474



100.0

%


4.0

%


(0.3)

%


NOTES:

(1)    The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)    The above information does not reflect the operations of Orlando WorldQuest Resort.

(4)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL REVPAR BY MARKET

(unaudited)







Nine Months Ended September 30,


Number of
Hotels


Number of
Rooms


Actual


Non-
comparable
Adjustments


Comparable


Actual


Non-
comparable
Adjustments


Comparable


Actual


Comparable




2019


2019


2019


2018


2018


2018


% Variance


% Variance

Atlanta, GA Area

9



1,426



$

142.68



$



$

142.68



$

131.43



$



$

131.43



8.6

%


8.6

%

Boston, MA Area

3



915



187.73





187.73



180.33





180.33



4.1

%


4.1

%

Dallas / Ft. Worth, TX Area

7



1,518



109.82





109.82



114.44





114.44



(4.0)

%


(4.0)

%

Houston, TX Area

3



692



105.14





105.14



109.04





109.04



(3.6)

%


(3.6)

%

Los Angeles, CA Metro Area

6



1,619



137.71





137.71



135.55





135.55



1.6

%


1.6

%

Miami, FL Metro Area

3



588



130.26





130.26



137.37





137.37



(5.2)

%


(5.2)

%

Minneapolis - St. Paul, MN-WI Area

4



809



113.46





113.46



127.81





127.81



(11.2)

%


(11.2)

%

Nashville, TN Area

1



673



214.07





214.07



207.65





207.65



3.1

%


3.1

%

New York / New Jersey Metro Area

7



2,051



133.01



118.67



132.85



119.29



173.50



127.07



11.5

%


4.5

%

Orlando, FL Area

3



734



113.65





113.65



108.61





108.61



4.6

%


4.6

%

Philadelphia, PA Area

3



648



104.38





104.38



105.07





105.07



(0.7)

%


(0.7)

%

San Diego, CA Area

2



410



126.66





126.66



127.08





127.08



(0.3)

%


(0.3)

%

San Francisco - Oakland, CA Metro Area

7



1,547



170.37



109.80



168.94



164.78



162.17



164.48



3.4

%


2.7

%

Tampa, FL Area

2



571



125.67





125.67



116.11



(154.79)



112.62



8.2

%


11.6

%

Washington D.C. - MD - VA Area

9



2,426



144.13





144.13



138.94



235.98



143.14



3.7

%


0.7

%

Other Areas

49



8,417



115.56



(101.72)



116.26



112.79



(79.75)



114.37



2.5

%


1.7

%

Total Portfolio

118



25,044



$

130.79



$

(99.81)



$

131.24



$

127.19



$

533.03



$

129.14



2.8

%


1.6

%


NOTES:

(1)    The above comparable information assumes the 118 hotel properties owned and included in the Company's operations at September 30, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)    The above information does not reflect the operations of Orlando WorldQuest Resort.

(4)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

 

 

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES

HOTEL EBITDA BY MARKET

(in thousands)

(unaudited)







Nine Months Ended September 30,


Number
of Hotels


Number
of Rooms


Actual


Non-
comparable
Adjustments


Comparable


% of
Total


Actual


Non-
comparable
Adjustments


Comparable


% of
Total


Actual


Comparable




2019


2019


2019



2018


2018


2018



% Variance


% Variance

Atlanta, GA Area

9



1,426



$

22,051



$

8



$

22,059



6.0

%


$

18,644



$

16



$

18,660



5.1

%


18.2

%


18.2

%

Boston, MA Area

3



915



20,035





20,035



5.4

%


19,270



101



19,371



5.3

%


4.0

%


3.4

%

Dallas / Ft. Worth, TX Area

7



1,518



19,653





19,653



5.3

%


20,626



185



20,811



5.7

%


(4.7)

%


(5.6)

%

Houston, TX Area

3



692



7,942





7,942



2.2

%


9,008



85



9,093



2.5

%


(11.8)

%


(12.7)

%

Los Angeles, CA Metro Area

6



1,619



25,644





25,644



6.9

%


25,717



(108)



25,609



7.0

%


(0.3)

%


0.1

%

Miami, FL Metro Area

3



588



8,209





8,209



2.2

%


9,373



(9)



9,364



2.6

%


(12.4)

%


(12.3)

%

Minneapolis - St. Paul, MN-WI Area

4



809



8,185





8,185



2.2

%


11,519



47



11,566



3.2

%


(28.9)

%


(29.2)

%

Nashville, TN Area

1



673



23,512





23,512



6.4

%


18,666





18,666



5.1

%


26.0

%


26.0

%

New York / New Jersey Metro Area

7



2,051



28,195



69



28,264



7.7

%


22,985



3,728



26,713



7.3

%


22.7

%


5.8

%

Orlando, FL Area

3



734



7,647





7,647



2.1

%


7,181



(14)



7,167



2.0

%


6.5

%


6.7

%

Philadelphia, PA Area

3



648



6,148





6,148



1.7

%


6,554



(91)



6,463



1.8

%


(6.2)

%


(4.9)

%

San Diego, CA Area

2



410



5,551





5,551



1.5

%


5,774



(22)



5,752



1.6

%


(3.9)

%


(3.5)

%

San Francisco - Oakland, CA Metro Area

7



1,547



31,187



218



31,405



8.5

%


28,077



3,389



31,466



8.6

%


11.1

%


(0.2)

%

Tampa, FL Area

2



571



8,707





8,707



2.4

%


8,968



(1,160)



7,808



2.1

%


(2.9)

%


11.5

%

Washington D.C. - MD - VA Area

9



2,426



38,190





38,190



10.3

%


33,087



4,736



37,823



10.4

%


15.4

%


1.1

%

Other Areas

49



8,417



112,176



(4,093)



108,083



29.2

%


111,346



(2,819)



108,527



29.7

%


0.7

%


(0.4)

%

Total Portfolio

118