Pebblebrook Hotel Trust Reports 2023 Results and Provides 2024 Outlook
2023 FINANCIAL RESULTS |
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Q4 FINANCIAL HIGHLIGHTS |
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PORTFOLIO UPDATES, BALANCE SHEET & CAPITAL REINVESTMENTS |
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2024 OUTLOOK |
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(1) |
See tables later in this press release for a description of Same-Property information and reconciliations from net income (loss) to non-GAAP financial measures used in the table above and elsewhere in this press release. |
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"In 2023, we benefited from a significant resurgence in urban demand across our portfolio, particularly in
“We remain cautiously optimistic regarding our prospects for 2024. While overall industry demand has been softening in the lower to middle segments, likely as a result of the Federal Reserve’s initiatives to diminish inflation, the ongoing recovery in our urban markets, and in the upper upscale segment, which includes most of our hotels and resorts, remains favorable. We anticipate positive benefits from strong convention calendars in many of our key urban markets, including Boston,
- |
Fourth Quarter and Year-to-Date Highlights
Fourth Quarter |
Twelve Months Ended
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Same-Property and Corporate Highlights |
2023 |
2022 |
Variance |
2023 |
2022 |
Variance |
($ in millions except per share and RevPAR data) |
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Net income (loss) |
( |
( |
NM |
( |
( |
NM |
Same-Property Room Revenues(1) |
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5.1% |
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4.3% |
Same-Property Total Revenues(1) |
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5.8% |
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6.0% |
Same Property Total Expenses(1) |
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5.8% |
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9.3% |
Same Property EBITDA(1) |
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5.8% |
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(2.6%) |
Adjusted EBITDAre(1) |
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10.3% |
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(0.1%) |
Adjusted FFO(1) |
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(3.8%) |
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(11.0%) |
Adjusted FFO per diluted share(1) |
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5.0% |
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(5.3%) |
2023 Monthly Results |
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Same-Property
|
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
($ in millions except per share and RevPAR data) |
||||||||||||
Occupancy |
47% |
60% |
67% |
71% |
72% |
77% |
77% |
74% |
75% |
75% |
64% |
54% |
ADR |
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RevPAR |
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Total Revenues |
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Total Revenues Growth Rate ('23 vs. '22) |
59% |
20% |
10% |
1% |
3% |
(1%) |
0% |
(1%) |
1% |
4% |
7% |
8% |
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NM = Not Meaningful | |
(1) |
See tables later in this press release for a description of Same-Property information and reconciliations from net income (loss) to non-GAAP financial measures, including Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre"), Adjusted EBITDAre, Funds from Operations ("FFO"), FFO per share, Adjusted FFO and Adjusted FFO per share. |
(2) |
Includes information for all the hotels the Company owned as of
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"Our fourth quarter results surpassed expectations, driven by healthy urban demand and favorable short-term pickup, notably at our
Update on Impact from Hurricane Ian
The Company has made great progress restoring and reopening the 189-room
Capital Investments and Strategic Property Redevelopments
In 2023, the Company invested
For 2024, the Company expects to invest
-
The completion of
Newport Harbor Island Resort's $49 million comprehensive redevelopment and transformation into a luxury island resort by early Q2 2024; -
The finalization of
Estancia La Jolla Hotel & Spa's $26 million redevelopment and repositioning, including fully renovated public areas, and adding a lobby bar, outdoor meeting venues, an outdoor pool bar and grill, upgraded and additional cabanas, including cabana rooms, and upgrades to the main ballroom, the Mustangs and Burros restaurant, and extensive public area landscaping, all by early Q2 2024; and -
The progression of
Skamania Lodge's $20 million phase 1 of its much larger master plan to introduce alternative lodging accommodations, including adding private cabins, villas, luxury glamping units, and other enhancements of resort amenities including a new multi-million-dollar outdoor meeting and event venue, and road and utility infrastructure for existing and future alternative accommodations, with completion of this phase targeted in Q2 2024.
Upon completing these investments in 2024, virtually all of the Company's properties will have undergone recent major renovations or redevelopments. This will mark a transition to a period of significantly reduced capital investments planned for the next few years.
Since 2018, the Company has reinvested approximately
Update on Strategic Dispositions
The Company successfully completed seven property sales, generating
Net proceeds from the Company’s dispositions are being used for general corporate purposes, including reducing the Company’s debt, increasing the Company’s cash position, and repurchasing common and preferred shares to further strengthen the Company’s balance sheet and enhance shareholder value.
Common and Preferred Share Repurchases
In
During the fourth quarter, in two unsolicited transactions, the Company repurchased a total of 1.0 million shares of its Series H preferred shares for
Balance Sheet and Liquidity
As of
The Company's current
Common and Preferred Dividends
On
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$0.39844 per 6.375% Series E Cumulative Redeemable Preferred Share; -
$0.39375 per 6.3% Series F Cumulative Redeemable Preferred Share; -
$0.39844 per 6.375% Series G Cumulative Redeemable Preferred Share; and -
$0.35625 per 5.7% Series H Cumulative Redeemable Preferred Share.
Update on Curator Hotel & Resort Collection
Curator Hotel & Resort Collection (“Curator”) is a curated collection of experientially focused small brands and independent lifestyle hotels and resorts worldwide founded by Pebblebrook and several industry-leading independent lifestyle hotel operators. Curator has 106 member hotels and resorts and 118 master service agreements with preferred vendor partners. Curator added 30 new member properties in 2023, up from 23 in 2022. The master service agreements provide Curator member hotels with preferred pricing, enhanced operating terms, and early access to curated new technologies. Curator's mission is to support lifestyle hotels and resorts through its best-in-class operating agreements, services, and technology while helping properties amplify their independent brands and what makes them unique.
2024 Outlook
The Company's 2024 outlook, which does not assume any acquisitions or dispositions, incorporates planned capital investments and key assumptions, including an estimated
2024 Outlook |
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Low |
High |
($ and shares/units in millions, except per share and RevPAR data) |
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Net income (loss) |
( |
( |
Adjusted EBITDAre |
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Adjusted FFO |
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Adjusted FFO per diluted share |
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This 2024 Outlook is based, in part, on the following estimates and assumptions:
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0.0% |
2.0% |
Same-Property RevPAR variance vs. 2023 |
2.0% |
4.0% |
Same-Property Total Revenue variance vs. 2023 |
3.1% |
4.6% |
Same-Property Total Expense variance vs. 2023 |
4.7% |
5.3% |
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(1.5%) |
2.8% |
The Company’s Q1 2024 Outlook is as follows:
Q1 2024 Outlook |
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Low |
High |
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($ and shares/units in millions, except per share and RevPAR data) |
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Net income (loss) |
( |
( |
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Adjusted EBITDAre |
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Adjusted FFO |
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Adjusted FFO per diluted share |
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This Q1 2024 Outlook is based, in part, on the following estimates and assumptions:
Same-Property RevPAR |
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Same-Property RevPAR variance vs. 2023 |
0.0% |
2.0% |
Same-Property Total Revenue variance vs. 2023 |
0.8% |
2.8% |
Same-Property Total Expense variance vs. 2023 |
4.4% |
5.4% |
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(12.6%) |
(6.8%) |
The Q1 2024 outlook includes an estimated
Year End 2023 Earnings and 2024 Outlook Call
The Company will conduct its quarterly analyst and investor conference call on
About
This press release contains certain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “forecast,” “continue,” “assume,” “plan,” references to “outlook” or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections and forecasts and other forward-looking information and estimates. Examples of forward-looking statements include the following: descriptions of the Company’s plans or objectives for future capital investment projects, operations or services; forecasts of the Company’s future economic performance; forecasts of hotel industry performance; statements regarding expectations of hotel dispositions and use of proceeds; and descriptions of assumptions underlying or relating to any of the foregoing expectations including assumptions regarding the timing of their occurrence. These forward-looking statements are subject to various risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the US economy and the supply of hotel properties, and other factors as are described in greater detail in the Company’s filings with the
For further information about the Company’s business and financial results, please refer to the "Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s filings with the
All information in this press release is as of
For additional information or to receive press releases via email, please visit www.pebblebrookhotels.com
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ASSETS | |||||||||
Assets: | |||||||||
Investment in hotel properties, net |
$ |
5,490,776 |
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$ |
5,874,876 |
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Hotels held for sale |
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- |
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44,861 |
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Cash and cash equivalents |
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183,747 |
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41,040 |
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Restricted cash |
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9,894 |
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11,229 |
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Hotel receivables (net of allowance for doubtful accounts of |
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43,912 |
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45,258 |
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Prepaid expenses and other assets |
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96,644 |
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116,276 |
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Total assets |
$ |
5,824,973 |
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$ |
6,133,540 |
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LIABILITIES AND EQUITY | |||||||||
Liabilities: | |||||||||
Unsecured revolving credit facilities |
$ |
- |
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$ |
- |
|
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Unsecured term loans, net of unamortized deferred financing costs |
|
1,375,004 |
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1,372,057 |
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Convertible senior notes, net of unamortized debt premium and discount and deferred financing costs |
|
747,262 |
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746,326 |
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Senior unsecured notes, net of unamortized deferred financing costs |
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2,395 |
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49,920 |
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Mortgage loans, net of unamortized debt discount and deferred financing costs |
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195,140 |
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218,990 |
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Accounts payable, accrued expenses and other liabilities |
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238,644 |
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250,518 |
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Lease liabilities - operating leases |
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320,617 |
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320,402 |
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Deferred revenues |
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76,874 |
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73,603 |
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Accrued interest |
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6,830 |
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4,535 |
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Liabilities related to hotels held for sale |
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- |
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|
428 |
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Distribution payable |
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11,862 |
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12,218 |
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Total liabilities |
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2,974,628 |
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3,048,997 |
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Commitments and contingencies | |||||||||
Shareholders' Equity: | |||||||||
Preferred shares of beneficial interest, |
|
276 |
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|
286 |
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Common shares of beneficial interest, |
|
1,202 |
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|
1,263 |
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Additional paid-in capital |
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4,078,912 |
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4,182,359 |
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Accumulated other comprehensive income (loss) |
|
24,374 |
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35,724 |
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Distributions in excess of retained earnings |
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(1,341,264 |
) |
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(1,223,117 |
) |
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Total shareholders' equity |
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2,763,500 |
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2,996,515 |
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Non-controlling interests |
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86,845 |
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88,028 |
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Total equity |
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2,850,345 |
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3,084,543 |
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Total liabilities and equity |
$ |
5,824,973 |
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$ |
6,133,540 |
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Three months ended |
Twelve months 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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(Unaudited) |
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Revenues: | ||||||||||||||||||
Room |
$ |
207,404 |
|
$ |
202,939 |
|
$ |
914,109 |
|
$ |
910,936 |
|
||||||
Food and beverage |
|
90,680 |
|
|
85,474 |
|
|
351,852 |
|
|
346,702 |
|
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Other operating |
|
36,004 |
|
|
31,193 |
|
|
153,988 |
|
|
134,253 |
|
||||||
Total revenues |
$ |
334,088 |
|
$ |
319,606 |
|
$ |
1,419,949 |
|
$ |
1,391,891 |
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Expenses: | ||||||||||||||||||
Hotel operating expenses: | ||||||||||||||||||
Room |
$ |
58,841 |
|
$ |
58,890 |
|
$ |
248,020 |
|
$ |
225,992 |
|
||||||
Food and beverage |
|
67,415 |
|
|
63,684 |
|
|
264,163 |
|
|
243,543 |
|
||||||
Other direct and indirect |
|
104,733 |
|
|
106,622 |
|
|
428,897 |
|
|
413,939 |
|
||||||
Total hotel operating expenses |
|
230,989 |
|
|
229,196 |
|
|
941,080 |
|
|
883,474 |
|
||||||
Depreciation and amortization |
|
61,047 |
|
|
59,837 |
|
|
240,645 |
|
|
239,583 |
|
||||||
Real estate taxes, personal property taxes, property insurance, and ground rent |
|
33,215 |
|
|
28,016 |
|
|
124,595 |
|
|
126,134 |
|
||||||
General and administrative |
|
12,050 |
|
|
9,512 |
|
|
44,789 |
|
|
39,187 |
|
||||||
Impairment |
|
10,372 |
|
|
3,514 |
|
|
81,788 |
|
|
89,633 |
|
||||||
(Gain) loss on sale of hotel properties |
|
(156 |
) |
|
- |
|
|
(30,375 |
) |
|
(6,194 |
) |
||||||
Business interruption insurance income |
|
- |
|
|
- |
|
|
(32,985 |
) |
|
- |
|
||||||
Other operating expenses |
|
2,726 |
|
|
1,307 |
|
|
12,602 |
|
|
5,352 |
|
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Total operating expenses |
|
350,243 |
|
|
331,382 |
|
|
1,382,139 |
|
|
1,377,169 |
|
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Operating income (loss) |
|
(16,155 |
) |
|
(11,776 |
) |
|
37,810 |
|
|
14,722 |
|
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Interest expense |
|
(27,664 |
) |
|
(29,235 |
) |
|
(115,660 |
) |
|
(99,988 |
) |
||||||
Other |
|
1,691 |
|
|
406 |
|
|
4,229 |
|
|
562 |
|
||||||
Income (loss) before income taxes |
|
(42,128 |
) |
|
(40,605 |
) |
|
(73,621 |
) |
|
(84,704 |
) |
||||||
Income tax (expense) benefit |
|
198 |
|
|
738 |
|
|
(655 |
) |
|
(277 |
) |
||||||
Net income (loss) |
|
(41,930 |
) |
|
(39,867 |
) |
|
(74,276 |
) |
|
(84,981 |
) |
||||||
Net income (loss) attributable to non-controlling interests |
|
742 |
|
|
831 |
|
|
3,741 |
|
|
2,190 |
|
||||||
Net income (loss) attributable to the Company |
|
(42,672 |
) |
|
(40,698 |
) |
|
(78,017 |
) |
|
(87,171 |
) |
||||||
Distributions to preferred shareholders |
|
(10,686 |
) |
|
(11,043 |
) |
|
(43,649 |
) |
|
(45,074 |
) |
||||||
Redemption of preferred shares |
|
8,396 |
|
|
8,186 |
|
|
8,396 |
|
|
8,186 |
|
||||||
Net income (loss) attributable to common shareholders |
$ |
(44,962 |
) |
$ |
(43,555 |
) |
$ |
(113,270 |
) |
$ |
(124,059 |
) |
||||||
Net income (loss) per share available to common shareholders, basic |
$ |
(0.37 |
) |
$ |
(0.34 |
) |
$ |
(0.93 |
) |
$ |
(0.95 |
) |
||||||
Net income (loss) per share available to common shareholders, diluted |
$ |
(0.37 |
) |
$ |
(0.34 |
) |
$ |
(0.93 |
) |
$ |
(0.95 |
) |
||||||
Weighted-average number of common shares, basic |
|
120,088,241 |
|
|
129,116,171 |
|
|
121,813,042 |
|
|
130,453,944 |
|
||||||
Weighted-average number of common shares, diluted |
|
120,088,241 |
|
|
129,116,171 |
|
|
121,813,042 |
|
|
130,453,944 |
|
Considerations Regarding Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures. These measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from similarly titled non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP.
Funds from Operations (“FFO”) - FFO represents net income (computed in accordance with GAAP), excluding gains or losses from sales of properties, plus real estate-related depreciation and amortization and after adjustments for unconsolidated partnerships. The Company considers FFO a useful measure of performance for an equity REIT because it facilitates an understanding of the Company's operating performance without giving effect to real estate depreciation and amortization, which assume that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, the Company believes that FFO provides a meaningful indication of its performance. The Company also considers FFO an appropriate performance measure given its wide use by investors and analysts. The Company computes FFO in accordance with standards established by the
Earnings before Interest, Taxes, and Depreciation and Amortization ("EBITDA") - The Company believes that EBITDA provides investors a useful financial measure to evaluate its operating performance, excluding the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization).
Earnings before Interest, Taxes, and Depreciation and Amortization for Real Estate ("EBITDAre") - The Company believes that EBITDAre provides investors a useful financial measure to evaluate its operating performance, and the Company presents EBITDAre in accordance with Nareit guidelines, as defined in its
The Company also evaluates its performance by reviewing Adjusted FFO and Adjusted EBITDAre because it believes that adjusting FFO to exclude certain recurring and non-recurring items described below provides useful supplemental information regarding the Company's ongoing operating performance and that the presentation of Adjusted FFO and Adjusted EBITDAre, when combined with the primary GAAP presentation of net income (loss), more completely describes the Company's operating performance. The Company adjusts FFO available to common share and unit holders for the following items, which may occur in any period, and refers to this measure as Adjusted FFO and Adjusted EBITDAre:
- Transaction costs: The Company excludes transaction costs expensed during the period because it believes that including these costs in FFO does not reflect the underlying financial performance of the Company and its hotels.
- Non-cash ground rent: The Company excludes the non-cash ground rent expense, which is primarily made up of the straight-line rent impact from a ground lease.
- Management/franchise contract transition costs: The Company excludes one-time management and/or franchise contract transition costs expensed during the period because it believes that including these costs in FFO and Adjusted EBITDAre does not reflect the underlying financial performance of the Company and its hotels.
- Interest expense adjustment for acquired liabilities: The Company excludes interest expense adjustment for acquired liabilities assumed in connection with acquisitions, because it believes that including these non-cash adjustments in FFO and Adjusted EBITDAre does not reflect the underlying financial performance of the Company.
- Finance lease adjustment: The Company excludes the effect of non-cash interest expense from finance leases because it believes that including these non-cash adjustments in FFO and Adjusted EBITDAre does not reflect the underlying financial performance of the Company.
- Non-cash amortization of acquired intangibles: The Company excludes the non-cash amortization of acquired intangibles, which includes but is not limited to the amortization of favorable and unfavorable leases or management agreements and above/below market real estate tax reduction agreements because it believes that including these non-cash adjustments in FFO and Adjusted EBITDAre does not reflect the underlying financial performance of the Company.
- Non-cash interest expense, one-time operation suspension expenses, early extinguishment of debt, amortization of share-based compensation expense, issuance costs of redeemed preferred shares, and hurricane-related repairs costs: The Company excludes these items because the Company believes that including these adjustments in FFO does not reflect the underlying financial performance of the Company and its hotels.
- One-time operation suspension expenses, amortization of share-based compensation expense, and hurricane-related costs: The Company excludes these items because it believes that including these costs in EBITDAre does not reflect the underlying financial performance of the Company and its hotels.
The Company presents weighted-average number of basic and fully diluted common shares and units by excluding the dilutive effect of shares issuable upon conversion of convertible debt.
The Company’s presentation of FFO and Adjusted EBITDAre as adjusted by the Company, should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the Company’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity. The Company’s presentation of EBITDAre, and as adjusted by the Company, should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the Company’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity.
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Three months ended |
Twelve months ended |
||||||||||||||||
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|||
Net income (loss) |
$ |
(41,930 |
) |
$ |
(39,867 |
) |
$ |
(74,276 |
) |
$ |
(84,981 |
) |
|||||
Adjustments: | |||||||||||||||||
Real estate depreciation and amortization |
|
60,963 |
|
|
59,751 |
|
|
240,304 |
|
|
239,231 |
|
|||||
Gain on sale of hotel properties |
|
(156 |
) |
|
- |
|
|
(30,375 |
) |
|
(6,194 |
) |
|||||
Impairment loss |
|
10,372 |
|
|
3,514 |
|
|
81,788 |
|
|
89,633 |
|
|||||
FFO |
$ |
29,249 |
|
$ |
23,398 |
|
$ |
217,441 |
|
$ |
237,689 |
|
|||||
Distribution to preferred shareholders and unit holders |
|
(11,851 |
) |
|
(12,207 |
) |
|
(48,306 |
) |
|
(48,049 |
) |
|||||
Issuance costs of redeemed preferred shares |
|
8,396 |
|
|
8,186 |
|
|
8,396 |
|
|
8,186 |
|
|||||
FFO available to common share and unit holders |
$ |
25,794 |
|
$ |
19,377 |
|
$ |
177,531 |
|
$ |
197,826 |
|
|||||
Transaction costs |
|
105 |
|
|
99 |
|
|
688 |
|
|
430 |
|
|||||
Non-cash ground rent |
|
1,896 |
|
|
1,929 |
|
|
7,608 |
|
|
7,737 |
|
|||||
Management/franchise contract transition costs |
|
149 |
|
|
471 |
|
|
359 |
|
|
817 |
|
|||||
Interest expense adjustment for acquired liabilities |
|
185 |
|
|
542 |
|
|
1,672 |
|
|
2,549 |
|
|||||
Finance lease adjustment |
|
742 |
|
|
731 |
|
|
2,952 |
|
|
2,906 |
|
|||||
Non-cash amortization of acquired intangibles |
|
(481 |
) |
|
(529 |
) |
|
(5,494 |
) |
|
(2,149 |
) |
|||||
Non-cash interest expense |
|
- |
|
|
- |
|
|
- |
|
|
49 |
|
|||||
Early extinguishment of debt |
|
31 |
|
|
7,995 |
|
|
1,035 |
|
|
7,995 |
|
|||||
Amortization of share-based compensation expense |
|
3,313 |
|
|
3,195 |
|
|
12,545 |
|
|
11,349 |
|
|||||
Issuance costs of redeemed preferred shares |
|
(8,396 |
) |
|
(8,186 |
) |
|
(8,396 |
) |
|
(8,186 |
) |
|||||
Hurricane-related costs |
|
1,540 |
|
|
249 |
|
|
6,598 |
|
|
249 |
|
|||||
Adjusted FFO available to common share and unit holders |
$ |
24,878 |
|
$ |
25,873 |
|
$ |
197,098 |
|
$ |
221,572 |
|
|||||
FFO per common share - basic |
$ |
0.21 |
|
$ |
0.15 |
|
$ |
1.45 |
|
$ |
1.51 |
|
|||||
FFO per common share - diluted |
$ |
0.21 |
|
$ |
0.15 |
|
$ |
1.44 |
|
$ |
1.51 |
|
|||||
Adjusted FFO per common share - basic |
$ |
0.21 |
|
$ |
0.20 |
|
$ |
1.61 |
|
$ |
1.69 |
|
|||||
Adjusted FFO per common share - diluted |
$ |
0.21 |
|
$ |
0.20 |
|
$ |
1.60 |
|
$ |
1.69 |
|
|||||
Weighted-average number of basic common shares and units |
|
120,963,016 |
|
|
129,993,275 |
|
|
122,687,817 |
|
|
131,331,048 |
|
|||||
Weighted-average number of fully diluted common shares and units |
|
121,204,126 |
|
|
129,993,275 |
|
|
123,039,851 |
|
|
131,331,048 |
|
|||||
See “Considerations Regarding Non-GAAP Financial Measures” of this press release for important considerations regarding our use of non-GAAP financial measures. Any differences are a result of rounding. |
|
||||||||||||||||||
Three months ended |
Twelve months ended |
|||||||||||||||||
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
||||
Net income (loss) |
$ |
(41,930 |
) |
$ |
(39,867 |
) |
$ |
(74,276 |
) |
$ |
(84,981 |
) |
||||||
Adjustments: | ||||||||||||||||||
Interest expense |
|
27,664 |
|
|
29,235 |
|
|
115,660 |
|
|
99,988 |
|
||||||
Income tax expense (benefit) |
|
(198 |
) |
|
(738 |
) |
|
655 |
|
|
277 |
|
||||||
Depreciation and amortization |
|
61,047 |
|
|
59,837 |
|
|
240,645 |
|
|
239,583 |
|
||||||
EBITDA |
$ |
46,583 |
|
$ |
48,467 |
|
$ |
282,684 |
|
$ |
254,867 |
|
||||||
Gain on sale of hotel properties |
|
(156 |
) |
|
- |
|
|
(30,375 |
) |
|
(6,194 |
) |
||||||
Impairment loss |
|
10,372 |
|
|
3,514 |
|
|
81,788 |
|
|
89,633 |
|
||||||
EBITDAre |
$ |
56,799 |
|
$ |
51,981 |
|
$ |
334,097 |
|
$ |
338,306 |
|
||||||
Transaction costs |
|
105 |
|
|
99 |
|
|
688 |
|
|
430 |
|
||||||
Non-cash ground rent |
|
1,896 |
|
|
1,929 |
|
|
7,608 |
|
|
7,737 |
|
||||||
Management/franchise contract transition costs |
|
149 |
|
|
471 |
|
|
359 |
|
|
817 |
|
||||||
Non-cash amortization of acquired intangibles |
|
(481 |
) |
|
(529 |
) |
|
(5,494 |
) |
|
(2,149 |
) |
||||||
Amortization of share-based compensation expense |
|
3,313 |
|
|
3,195 |
|
|
12,545 |
|
|
11,349 |
|
||||||
Hurricane-related costs |
|
1,540 |
|
|
249 |
|
|
6,598 |
|
|
249 |
|
||||||
Adjusted EBITDAre |
$ |
63,321 |
|
$ |
57,395 |
|
$ |
356,401 |
|
$ |
356,739 |
|
||||||
See “Considerations Regarding Non-GAAP Financial Measures” of this press release for important considerations regarding our use of non-GAAP financial measures. Any differences are a result of rounding. |
|
|||||||||||||||||
Three months ending |
Year ending |
||||||||||||||||
Low | High | Low | High | ||||||||||||||
Net income (loss) |
$ |
(44 |
) |
$ |
(41 |
) |
$ |
(62 |
) |
$ |
(47 |
) |
|||||
Adjustments: | |||||||||||||||||
Real estate depreciation and amortization |
|
65 |
|
|
65 |
|
|
263 |
|
|
263 |
|
|||||
(Gain) loss on sale of hotel properties |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||
Impairment loss |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||
FFO |
$ |
21 |
|
$ |
24 |
|
$ |
201 |
|
$ |
216 |
|
|||||
Distribution to preferred shareholders and unit holders |
|
(12 |
) |
|
(12 |
) |
|
(47 |
) |
|
(47 |
) |
|||||
FFO available to common share and unit holders |
$ |
9 |
|
$ |
12 |
|
$ |
154 |
|
$ |
169 |
|
|||||
Non-cash ground rent |
|
2 |
|
|
2 |
|
|
8 |
|
|
8 |
|
|||||
Amortization of share-based compensation expense |
|
3 |
|
|
3 |
|
|
13 |
|
|
13 |
|
|||||
Other |
|
2 |
|
|
3 |
|
|
6 |
|
|
6 |
|
|||||
Adjusted FFO available to common share and unit holders |
$ |
16 |
|
$ |
20 |
|
$ |
181 |
|
$ |
196 |
|
|||||
FFO per common share - diluted |
$ |
0.07 |
|
$ |
0.10 |
|
$ |
1.27 |
|
$ |
1.39 |
|
|||||
Adjusted FFO per common share - diluted |
$ |
0.13 |
|
$ |
0.16 |
|
$ |
1.49 |
|
$ |
1.61 |
|
|||||
Weighted-average number of fully diluted common shares and units |
|
121.2 |
|
|
121.2 |
|
|
121.2 |
|
|
121.2 |
|
|||||
See “Considerations Regarding Non-GAAP Financial Measures” of this press release for important considerations regarding our use of non-GAAP financial measures. Any differences are a result of rounding. |
|
|||||||||||||||||
Three months ending |
Year ending |
||||||||||||||||
Low | High | Low | High | ||||||||||||||
Net income (loss) |
$ |
(44 |
) |
$ |
(41 |
) |
$ |
(62 |
) |
$ |
(47 |
) |
|||||
Adjustments: | |||||||||||||||||
Interest expense and income tax expense |
|
27 |
|
|
27 |
|
|
117 |
|
|
117 |
|
|||||
Depreciation and amortization |
|
65 |
|
|
65 |
|
|
263 |
|
|
263 |
|
|||||
EBITDA |
$ |
48 |
|
$ |
51 |
|
$ |
318 |
|
$ |
333 |
|
|||||
(Gain) loss on sale of hotel properties |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||
Impairment loss |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||
EBITDAre |
$ |
48 |
|
$ |
51 |
|
$ |
318 |
|
$ |
333 |
|
|||||
Non-cash ground rent |
|
2 |
|
|
2 |
|
|
8 |
|
|
8 |
|
|||||
Amortization of share-based compensation expense |
|
3 |
|
|
3 |
|
|
13 |
|
|
13 |
|
|||||
Other |
|
(1 |
) |
|
- |
|
|
- |
|
|
- |
|
|||||
Adjusted EBITDAre |
$ |
52 |
|
$ |
56 |
|
$ |
339 |
|
$ |
354 |
|
|||||
See “Considerations Regarding Non-GAAP Financial Measures” of this press release for important considerations regarding our use of non-GAAP financial measures. Any differences are a result of rounding. |
|
||||||||||||||||||
Three months ended |
Twelve months ended |
|||||||||||||||||
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
||||
Same-Property Occupancy |
|
64.3 |
% |
|
61.0 |
% |
|
67.7 |
% |
|
63.1 |
% |
||||||
2023 vs. 2022 Increase/(Decrease) |
|
5.4 |
% |
|
7.3 |
% |
||||||||||||
Same-Property ADR |
$ |
295.54 |
|
$ |
296.49 |
|
$ |
302.96 |
|
$ |
312.01 |
|
||||||
2023 vs. 2022 Increase/(Decrease) |
|
(0.3 |
%) |
|
(2.9 |
%) |
||||||||||||
Same-Property RevPAR |
$ |
190.06 |
|
$ |
180.96 |
|
$ |
205.24 |
|
$ |
196.96 |
|
||||||
2023 vs. 2022 Increase/(Decrease) |
|
5.0 |
% |
|
4.2 |
% |
||||||||||||
Same-Property Total RevPAR |
$ |
299.08 |
|
$ |
282.86 |
|
$ |
316.02 |
|
$ |
298.38 |
|
||||||
2023 vs. 2022 Increase/(Decrease) |
|
5.7 |
% |
|
5.9 |
% |
||||||||||||
Notes:
|
|
|||||
Same-Property Statistical Data - by Market | |||||
(Unaudited) | |||||
Three months ended
|
|
Twelve months ended
|
|||
2023 |
|
2023 |
|||
Same-Property RevPAR variance to 2022: | |||||
|
17.3 |
% |
23.1 |
% |
|
|
12.4 |
% |
31.9 |
% |
|
Boston |
11.3 |
% |
5.2 |
% |
|
|
6.1 |
% |
8.4 |
% |
|
|
1.4 |
% |
(1.2 |
%) |
|
|
(1.8 |
%) |
7.6 |
% |
|
|
(2.1 |
%) |
(8.3 |
%) |
|
Other |
(3.3 |
%) |
(14.0 |
%) |
|
Portland |
(10.6 |
%) |
0.9 |
% |
|
Urban |
7.3 |
% |
9.3 |
% |
|
Resorts |
(0.9 |
%) |
(6.5 |
%) |
|
Notes: | |||||
For the three months ended • • For the twelve months ended • • 1 • • • • • • Marina City Retail Parcel is included in Jan-Sep only due to its sale. "Other" includes These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding. The information above has not been audited and is presented only for comparison purposes. |
|
||||||||||||||||||
|
||||||||||||||||||
Schedule of Same-Property Results | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
Three months ended
|
|
Twelve months ended
|
||||||||||||||||
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
||||
Same-Property Revenues: | ||||||||||||||||||
Room |
$ |
200,645 |
|
$ |
190,911 |
|
$ |
884,601 |
|
$ |
848,521 |
|
||||||
Food and beverage |
|
84,062 |
|
|
80,470 |
|
|
335,726 |
|
|
319,028 |
|
||||||
Other |
|
31,040 |
|
|
27,023 |
|
|
141,759 |
|
|
117,872 |
|
||||||
Total hotel revenues |
|
315,747 |
|
|
298,404 |
|
|
1,362,086 |
|
|
1,285,421 |
|
||||||
Same-Property Expenses: | ||||||||||||||||||
Room |
$ |
57,093 |
|
$ |
54,796 |
|
$ |
239,626 |
|
$ |
210,805 |
|
||||||
Food and beverage |
|
62,586 |
|
|
59,229 |
|
|
248,692 |
|
|
224,326 |
|
||||||
Other direct |
|
7,695 |
|
|
7,503 |
|
|
32,261 |
|
|
29,533 |
|
||||||
General and administrative |
|
28,529 |
|
|
28,066 |
|
|
115,059 |
|
|
107,054 |
|
||||||
Information and telecommunication systems |
|
5,133 |
|
|
4,751 |
|
|
20,380 |
|
|
17,839 |
|
||||||
Sales and marketing |
|
25,523 |
|
|
24,426 |
|
|
103,561 |
|
|
91,123 |
|
||||||
Management fees |
|
9,252 |
|
|
7,970 |
|
|
39,419 |
|
|
38,152 |
|
||||||
Property operations and maintenance |
|
13,265 |
|
|
12,766 |
|
|
52,829 |
|
|
47,708 |
|
||||||
Energy and utilities |
|
9,782 |
|
|
8,616 |
|
|
41,567 |
|
|
36,873 |
|
||||||
Property taxes |
|
16,645 |
|
|
14,010 |
|
|
61,289 |
|
|
68,686 |
|
||||||
Other fixed expenses |
|
13,654 |
|
|
13,320 |
|
|
56,491 |
|
|
52,904 |
|
||||||
Total hotel expenses |
|
249,157 |
|
|
235,453 |
|
|
1,011,174 |
|
|
925,003 |
|
||||||
Same-Property EBITDA |
$ |
66,590 |
|
$ |
62,951 |
|
$ |
350,912 |
|
$ |
360,418 |
|
||||||
Same-Property EBITDA Margin |
|
21.1 |
% |
|
21.1 |
% |
|
25.8 |
% |
|
28.0 |
% |
||||||
Notes: | ||||||||||||||||||
For the three months ended • • For the twelve months ended • • 1 • • • • • • Marina City Retail Parcel is included in Jan-Sep only due to its sale. These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding. The information above has not been audited and is presented only for comparison purposes. |
|
|||||||||
Historical Operating Data | |||||||||
($ in millions except ADR and RevPAR data) | |||||||||
(Unaudited) | |||||||||
Historical Operating Data: | |||||||||
First Quarter |
|
Second Quarter |
|
Third Quarter |
|
Fourth Quarter |
|
Full Year |
|
2019 |
|
2019 |
|
2019 |
|
2019 |
|
2019 |
|
Occupancy |
74% |
86% |
86% |
77% |
81% |
||||
ADR |
|
|
|
|
|
||||
RevPAR |
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
25.2% |
35.3% |
34.0% |
26.6% |
30.7% |
||||
First Quarter |
|
Second Quarter |
|
Third Quarter |
|
Fourth Quarter |
|
Full Year |
|
2022 |
|
2022 |
|
2022 |
|
2022 |
|
2022 |
|
Occupancy |
49% |
69% |
73% |
61% |
63% |
||||
ADR |
|
|
|
|
|
||||
RevPAR |
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
20.4% |
34.4% |
31.8% |
20.7% |
27.9% |
||||
First Quarter |
|
Second Quarter |
|
Third Quarter |
|
Fourth Quarter |
|
Full Year |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
Occupancy |
59% |
73% |
75% |
64% |
68% |
||||
ADR |
|
|
|
|
|
||||
RevPAR |
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
|
|
|
|
|
||||
|
20.4% |
29.7% |
29.2% |
21.1% |
25.6% |
||||
Notes: | |||||||||
These historical hotel operating results include information for all of the hotels the Company owned as of These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding. The information above has not been audited and is presented only for comparison purposes. |
|
||||||||
2023 Same-Property Inclusion Reference Table | ||||||||
Hotels | Q1 | Q2 | Q3 | Q4 | ||||
|
X | |||||||
|
X | |||||||
|
||||||||
1 |
X | X | ||||||
The Westin Michigan Avenue Chicago - Retail Parcel | X | |||||||
|
X | X | X | |||||
|
X | X | X | |||||
Marina City Retail Parcel | X | X | X | |||||
Notes: | ||||||||
A property marked with an "X" in a specific quarter denotes that the same-property operating results of that property are included in the Same-Property Statistical Data and in the Schedule of Same-Property Results. The Company's fourth quarter Same-Property RevPAR, RevPAR Growth, Total RevPAR, Total RevPAR Growth, ADR, Occupancy, Revenues, Expenses, EBITDA and EBITDA Margin include all of the hotels the Company owned as of • • The Company's estimates and assumptions for Same-Property RevPAR, RevPAR Growth, Total RevPAR, Total RevPAR Growth, ADR, Occupancy, Revenues, Expenses, EBITDA and EBITDA Margin for the first quarter of 2024 include all of the hotels the Company owned as of • • Operating statistics and financial results may include periods prior to the Company's ownership of the hotels. |
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||
( |
|||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
2023 |
|||||||||||||||||||||||||||||||||||||||||||
Market / Hotel |
2010 |
|
2011 |
|
2012 |
|
2013 |
|
2014 |
|
2015 |
|
2016 |
|
2017 |
|
2018 |
|
2019 |
|
2020 |
|
2021 |
|
2022 |
|
2023 |
|
|||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||
Inn on Fifth |
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
4.8 |
|
5.8 |
|
4.6 |
|
5.6 |
|
6.0 |
|
3.1 |
|
7.9 |
|
7.9 |
|
7.0 |
|
72.9 |
|
|||||||||||||||||
|
9.0 |
|
10.4 |
|
10.8 |
|
14.1 |
|
17.6 |
|
19.9 |
|
21.1 |
|
17.9 |
|
19.3 |
|
21.4 |
|
13.1 |
|
24.4 |
|
24.2 |
|
21.3 |
|
72.0 |
|
|||||||||||||||||
L'Auberge |
4.6 |
|
5.4 |
|
5.6 |
|
7.7 |
|
8.1 |
|
9.9 |
|
9.3 |
|
9.4 |
|
9.5 |
|
7.3 |
|
2.7 |
|
8.5 |
|
9.0 |
|
8.7 |
|
71.9 |
|
|||||||||||||||||
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
17.8 |
|
0.4 |
|
22.1 |
|
24.5 |
|
21.2 |
|
57.5 |
|
|||||||||||||||||
|
4.4 |
|
4.8 |
|
5.2 |
|
6.0 |
|
6.8 |
|
7.7 |
|
8.1 |
|
9.0 |
|
9.5 |
|
10.3 |
|
1.2 |
|
7.7 |
|
12.3 |
|
12.6 |
|
47.9 |
|
|||||||||||||||||
|
8.3 |
|
11.8 |
|
13.7 |
|
14.8 |
|
16.1 |
|
16.7 |
|
14.7 |
|
16.8 |
|
17.5 |
|
15.3 |
|
4.6 |
|
14.1 |
|
20.5 |
|
21.1 |
|
45.7 |
|
|||||||||||||||||
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
7.4 |
|
4.2 |
|
13.9 |
|
13.1 |
|
9.3 |
|
36.2 |
|
|||||||||||||||||
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
8.1 |
|
(0.3 |
) |
4.6 |
|
10.6 |
|
7.5 |
|
35.7 |
|
|||||||||||||||||
|
3.3 |
|
3.6 |
|
3.7 |
|
4.3 |
|
4.7 |
|
5.0 |
|
4.8 |
|
5.2 |
|
5.4 |
|
4.4 |
|
(1.1 |
) |
3.3 |
|
7.3 |
|
5.1 |
|
32.7 |
|
|||||||||||||||||
|
4.4 |
|
4.7 |
|
5.2 |
|
5.5 |
|
7.0 |
|
7.9 |
|
8.3 |
|
8.8 |
|
8.1 |
|
5.5 |
|
(4.2 |
) |
6.9 |
|
9.5 |
|
10.8 |
|
30.3 |
|
|||||||||||||||||
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
5.0 |
|
2.7 |
|
8.7 |
|
7.4 |
|
5.3 |
|
26.5 |
|
|||||||||||||||||
|
5.7 |
|
7.6 |
|
8.7 |
|
10.7 |
|
12.4 |
|
15.7 |
|
16.2 |
|
11.8 |
|
16.5 |
|
17.7 |
|
14.0 |
|
27.4 |
|
24.8 |
|
(0.6 |
) |
(3.2 |
) |
|||||||||||||||||
Unique Lifestyle Resorts Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||
The Liberty, a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
21.3 |
|
23.5 |
|
24.4 |
|
25.8 |
|
28.7 |
|
32.7 |
|
33.3 |
|
31.5 |
|
28.5 |
|
32.9 |
|
(4.4 |
) |
3.0 |
|
30.7 |
|
33.7 |
|
42.0 |
|
|||||||||||||||||
|
3.3 |
|
6.1 |
|
5.7 |
|
9.2 |
|
11.7 |
|
13.3 |
|
12.2 |
|
12.6 |
|
12.4 |
|
11.8 |
|
(6.1 |
) |
2.8 |
|
15.7 |
|
13.9 |
|
39.0 |
|
|||||||||||||||||
|
3.8 |
|
4.4 |
|
5.8 |
|
6.2 |
|
8.1 |
|
9.6 |
|
9.3 |
|
9.2 |
|
7.9 |
|
8.1 |
|
(2.6 |
) |
2.4 |
|
7.2 |
|
7.9 |
|
33.2 |
|
|||||||||||||||||
|
6.2 |
|
6.7 |
|
7.3 |
|
7.7 |
|
9.3 |
|
11.1 |
|
10.8 |
|
10.8 |
|
10.7 |
|
10.1 |
|
(2.2 |
) |
1.6 |
|
5.6 |
|
6.1 |
|
22.6 |
|
|||||||||||||||||
Boston Total |
$40.7 |
|
$50.3 |
|
$56.5 |
|
$64.7 |
|
$75.0 |
|
$84.9 |
|
$84.1 |
|
$83.1 |
|
$80.9 |
|
$84.1 |
|
($15.0 |
) |
$20.3 |
|
$80.3 |
|
$80.1 |
|
$40.8 |
|
|||||||||||||||||
San Diego Urban | |||||||||||||||||||||||||||||||||||||||||||||||
The Westin San Diego Gaslamp Quarter |
$8.4 |
|
$8.2 |
|
$9.7 |
|
$11.2 |
|
$12.7 |
|
$14.6 |
|
$16.9 |
|
$16.0 |
|
$14.4 |
|
$14.2 |
|
($1.3 |
) |
$2.2 |
|
$12.7 |
|
$14.2 |
|
$31.6 |
|
|||||||||||||||||
Embassy Suites San Diego Bay - Downtown |
7.6 |
|
8.2 |
|
8.8 |
|
8.9 |
|
9.5 |
|
11.3 |
|
11.3 |
|
11.1 |
|
11.7 |
|
10.4 |
|
(0.2 |
) |
4.5 |
|
9.1 |
|
9.7 |
|
28.4 |
|
|||||||||||||||||
Hilton San Diego Gaslamp Quarter |
7.6 |
|
8.5 |
|
8.8 |
|
8.9 |
|
9.5 |
|
10.5 |
|
10.9 |
|
11.1 |
|
11.6 |
|
10.5 |
|
(0.4 |
) |
0.6 |
|
7.1 |
|
7.6 |
|
26.6 |
|
|||||||||||||||||
Margaritaville Hotel San Diego Gaslamp Quarter |
5.2 |
|
6.3 |
|
6.5 |
|
6.3 |
|
6.5 |
|
7.4 |
|
7.7 |
|
7.3 |
|
7.3 |
|
7.0 |
|
(0.4 |
) |
2.1 |
|
6.2 |
|
0.8 |
|
3.4 |
|
|||||||||||||||||
San Diego Total |
$28.8 |
|
$31.2 |
|
$33.8 |
|
$35.3 |
|
$38.2 |
|
$43.8 |
|
$46.8 |
|
$45.5 |
|
$45.0 |
|
$42.1 |
|
($2.3 |
) |
$9.4 |
|
$35.1 |
|
$32.3 |
|
$24.6 |
|
|||||||||||||||||
Los Angeles Urban | |||||||||||||||||||||||||||||||||||||||||||||||
|
$3.9 |
|
$4.3 |
|
$4.2 |
|
$5.5 |
|
$5.9 |
|
$5.9 |
|
$6.5 |
|
$5.9 |
|
$3.9 |
|
$4.7 |
|
$0.3 |
|
$1.0 |
|
$3.6 |
|
$4.3 |
|
$32.3 |
|
|||||||||||||||||
|
4.2 |
|
4.5 |
|
4.7 |
|
5.3 |
|
5.6 |
|
6.1 |
|
7.0 |
|
6.1 |
|
6.1 |
|
5.8 |
|
(0.1 |
) |
2.8 |
|
5.5 |
|
4.4 |
|
28.6 |
|
|||||||||||||||||
|
5.6 |
|
6.9 |
|
8.0 |
|
8.7 |
|
8.9 |
|
9.5 |
|
12.3 |
|
11.5 |
|
10.2 |
|
8.4 |
|
(2.0 |
) |
0.7 |
|
6.8 |
|
7.8 |
|
26.3 |
|
|||||||||||||||||
Viceroy Santa Monica Hotel |
3.0 |
|
5.8 |
|
6.9 |
|
7.6 |
|
8.2 |
|
8.4 |
|
7.8 |
|
7.0 |
|
6.6 |
|
6.2 |
|
(2.9 |
) |
1.8 |
|
5.4 |
|
4.4 |
|
26.0 |
|
|||||||||||||||||
Chamberlain West Hollywood Hotel |
1.0 |
|
3.4 |
|
3.8 |
|
4.1 |
|
4.8 |
|
4.8 |
|
5.2 |
|
4.4 |
|
3.1 |
|
3.7 |
|
(0.2 |
) |
1.2 |
|
3.5 |
|
2.9 |
|
25.2 |
|
|||||||||||||||||
Le Méridien Delfina Santa Monica |
5.3 |
|
6.8 |
|
6.9 |
|
8.0 |
|
` |
9.9 |
|
11.7 |
|
13.8 |
|
13.4 |
|
12.7 |
|
11.2 |
|
(0.8 |
) |
2.2 |
|
7.0 |
|
7.7 |
|
24.4 |
|
||||||||||||||||
Mondrian |
7.9 |
|
8.9 |
|
7.4 |
|
8.2 |
|
11.0 |
|
12.2 |
|
12.6 |
|
11.8 |
|
8.6 |
|
7.6 |
|
(2.0 |
) |
2.1 |
|
5.0 |
|
4.3 |
|
18.2 |
|
|||||||||||||||||
Hotel |
1.9 |
|
2.2 |
|
2.2 |
|
2.0 |
|
1.5 |
|
0.9 |
|
2.8 |
|
2.8 |
|
2.8 |
|
2.8 |
|
0.0 |
|
1.1 |
|
1.1 |
|
1.7 |
|
15.7 |
|
|||||||||||||||||
Hotel Palomar Los Angeles Beverly Hills |
2.3 |
|
2.9 |
|
3.9 |
|
3.8 |
|
4.5 |
|
4.2 |
|
6.2 |
|
4.0 |
|
7.4 |
|
5.7 |
|
(4.2 |
) |
(1.2 |
) |
3.6 |
|
4.0 |
|
15.2 |
|
|||||||||||||||||
Los Angeles Total |
$35.1 |
|
$45.7 |
|
$48.0 |
|
$53.2 |
|
$60.3 |
|
$63.7 |
|
$74.2 |
|
$66.9 |
|
$61.4 |
|
$56.1 |
|
($11.9 |
) |
$11.7 |
|
$41.5 |
|
$41.5 |
|
$23.2 |
|
|||||||||||||||||
Washington DC Urban | |||||||||||||||||||||||||||||||||||||||||||||||
Hotel Monaco Washington DC |
$5.5 |
|
$6.9 |
|
$7.6 |
|
$7.9 |
|
$7.9 |
|
$8.1 |
|
$8.1 |
|
$9.9 |
|
$8.6 |
|
$7.9 |
|
($1.4 |
) |
($0.5 |
) |
$4.7 |
|
$6.5 |
|
$35.3 |
|
|||||||||||||||||
George Hotel |
4.2 |
|
4.6 |
|
4.1 |
|
4.1 |
|
4.3 |
|
5.2 |
|
5.7 |
|
6.3 |
|
5.7 |
|
5.3 |
|
(0.5 |
) |
0.0 |
|
3.7 |
|
3.9 |
|
28.1 |
|
|||||||||||||||||
Hotel Zena Washington DC |
4.0 |
|
4.6 |
|
3.8 |
|
4.3 |
|
5.2 |
|
5.8 |
|
6.1 |
|
6.4 |
|
5.1 |
|
3.8 |
|
(2.3 |
) |
(2.7 |
) |
0.6 |
|
1.3 |
|
6.8 |
|
|||||||||||||||||
Viceroy |
3.3 |
|
3.6 |
|
3.4 |
|
3.2 |
|
3.2 |
|
3.0 |
|
3.6 |
|
5.8 |
|
5.5 |
|
4.9 |
|
(2.3 |
) |
(1.3 |
) |
1.1 |
|
0.9 |
|
5.1 |
|
|||||||||||||||||
Washington DC Total |
$17.0 |
|
$19.7 |
|
$18.9 |
|
$19.5 |
|
$20.6 |
|
$22.1 |
|
$23.5 |
|
$28.4 |
|
$24.9 |
|
$21.9 |
|
($6.5 |
) |
($4.5 |
) |
$10.1 |
|
$12.6 |
|
$18.2 |
|
|||||||||||||||||
San Francisco Urban | |||||||||||||||||||||||||||||||||||||||||||||||
Argonaut Hotel |
$5.2 |
|
$6.5 |
|
$8.5 |
|
$10.2 |
|
$11.8 |
|
$13.0 |
|
$13.0 |
|
$11.7 |
|
$12.9 |
|
$14.6 |
|
($1.5 |
) |
$1.5 |
|
$7.1 |
|
$7.5 |
|
$29.8 |
|
|||||||||||||||||
1 |
4.0 |
|
6.0 |
|
7.4 |
|
7.3 |
|
8.6 |
|
11.0 |
|
10.3 |
|
9.8 |
|
8.0 |
|
7.5 |
|
(4.0 |
) |
(4.9 |
) |
(2.9 |
) |
4.7 |
|
23.5 |
|
|||||||||||||||||
Harbor Court Hotel San Francisco |
2.7 |
|
4.0 |
|
3.7 |
|
4.9 |
|
5.8 |
|
6.1 |
|
5.6 |
|
3.9 |
|
4.3 |
|
5.6 |
|
(0.3 |
) |
(1.0 |
) |
2.0 |
|
2.9 |
|
22.1 |
|
|||||||||||||||||
Hotel |
7.3 |
|
8.7 |
|
11.2 |
|
12.1 |
|
12.1 |
|
12.6 |
|
16.2 |
|
13.1 |
|
13.7 |
|
16.8 |
|
(1.1 |
) |
0.5 |
|
4.9 |
|
5.8 |
|
16.1 |
|
|||||||||||||||||
Hotel Zetta San Francisco |
N/A |
|
N/A |
|
N/A |
|
2.8 |
|
5.4 |
|
6.2 |
|
5.6 |
|
5.5 |
|
6.0 |
|
6.0 |
|
(0.3 |
) |
(1.4 |
) |
1.4 |
|
1.3 |
|
11.2 |
|
|||||||||||||||||
Hotel Zelos San Francisco |
1.3 |
|
3.0 |
|
3.8 |
|
4.6 |
|
6.2 |
|
7.3 |
|
5.9 |
|
7.2 |
|
6.9 |
|
8.4 |
|
(2.5 |
) |
(4.6 |
) |
(0.1 |
) |
1.6 |
|
7.9 |
|
|||||||||||||||||
Hotel Zeppelin San Francisco |
N/A |
|
2.3 |
|
2.7 |
|
3.4 |
|
4.0 |
|
4.0 |
|
3.3 |
|
6.3 |
|
7.5 |
|
7.7 |
|
(1.2 |
) |
(1.6 |
) |
(1.2 |
) |
0.0 |
|
0.0 |
|
|||||||||||||||||
San Francisco Total |
$20.5 |
|
$30.5 |
|
$37.3 |
|
$45.3 |
|
$53.9 |
|
$60.2 |
|
$59.9 |
|
$57.5 |
|
$59.3 |
|
$66.6 |
|
($10.9 |
) |
($11.5 |
) |
$11.2 |
|
$23.8 |
|
$16.3 |
|
|||||||||||||||||
Chicago Urban | |||||||||||||||||||||||||||||||||||||||||||||||
Hotel Chicago Downtown, Autograph Collection |
$5.5 |
|
$5.3 |
|
$7.3 |
|
$8.4 |
|
$8.5 |
|
$10.4 |
|
$12.4 |
|
$12.3 |
|
$9.0 |
|
$9.2 |
|
($2.4 |
) |
$0.6 |
|
$6.9 |
|
$7.4 |
|
$20.9 |
|
|||||||||||||||||
The Westin Michigan Avenue Chicago |
14.7 |
|
15.8 |
|
16.7 |
|
16.0 |
|
18.0 |
|
19.4 |
|
17.9 |
|
13.1 |
|
10.5 |
|
8.1 |
|
(11.1 |
) |
(5.2 |
) |
4.4 |
|
5.4 |
|
7.2 |
|
|||||||||||||||||
Chicago Total |
$20.2 |
|
$21.1 |
|
$24.0 |
|
$24.4 |
|
$26.5 |
|
$29.8 |
|
$30.3 |
|
$25.4 |
|
$19.5 |
|
$17.3 |
|
($13.5 |
) |
($4.6 |
) |
$11.3 |
|
$12.8 |
|
$11.6 |
|
|||||||||||||||||
Portland Urban | |||||||||||||||||||||||||||||||||||||||||||||||
The Nines, a Luxury Collection Hotel, Portland |
$6.2 |
|
$8.0 |
|
$8.9 |
|
$10.8 |
|
$12.8 |
|
$15.2 |
|
$15.6 |
|
$15.8 |
|
$15.6 |
|
$13.0 |
|
($0.6 |
) |
$3.8 |
|
$8.0 |
|
$5.3 |
|
$16.0 |
|
|||||||||||||||||
The Hotel Zags |
2.7 |
|
3.3 |
|
3.9 |
|
4.5 |
|
5.6 |
|
6.5 |
|
6.7 |
|
5.4 |
|
3.8 |
|
3.3 |
|
(1.0 |
) |
(0.6 |
) |
0.4 |
|
(0.2 |
) |
(1.1 |
) |
|||||||||||||||||
Portland Total |
$8.9 |
|
$11.3 |
|
$12.8 |
|
$15.3 |
|
$18.4 |
|
$21.7 |
|
$22.3 |
|
$21.2 |
|
$19.4 |
|
$16.3 |
|
($1.6 |
) |
$3.2 |
|
$8.4 |
|
$5.1 |
|
$10.1 |
|
|||||||||||||||||
Urban Total |
$171.2 |
|
$209.8 |
|
$231.3 |
|
$257.7 |
|
$292.9 |
|
$326.2 |
|
$341.1 |
|
$328.0 |
|
$310.4 |
|
$304.4 |
|
($61.7 |
) |
$24.0 |
|
$197.9 |
|
$208.2 |
|
$23.6 |
|
|||||||||||||||||
Total Hotel EBITDA |
$210.9 |
$258.1 |
$284.2 |
$320.8 |
$365.6 |
$413.8 |
$429.4 |
$411.5 |
$401.8 |
$435.7 |
($17.1 |
) |
$183.2 |
$380.9 |
$348.3 |
$29.2 |
Notes: | ||
These historical Same-Property Hotel EBITDA results include available information for all of the hotels the Company owned or had an ownership interest in as of December 31, 2023. These historical operating results include periods prior to the Company's ownership of the hotels. The information above does not reflect the Company's corporate general and administrative expense, interest expense, property acquisition costs, depreciation and amortization, taxes and other expenses. The parking garage at Revere Hotel Boston Common was sold on June 23, 2017. The historical results for Revere Hotel Boston Common have been adjusted to reflect the estimated impact of excluding the parking-related income. The high-street retail parcel at Westin Michigan Avenue was sold on March 20, 2023. Historical results beginning with the year 2018, onward, for Westin Michigan Avenue have been adjusted to reflect the estimated impact of excluding the retail-related income. The retail space and two parking facilities at Hotel Chicago Downtown, Autograph Collection were sold on December 21, 2023. Historical results beginning from the year 2018, onward, for Hotel Chicago Downtown, Autograph Collection have been adjusted to reflect the estimated impact of excluding the retail and parking-related income. Border indicates Hotel EBITDA for the year in which the hotel was acquired by the Company. The information above has not been audited and is presented only for comparison purposes. Any differences are a result of rounding. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240221980576/en/
Co-President and Chief Financial Officer,
(240) 507-1330
Source: