DIAMONDROCK HOSPITALITY COMPANY REPORTS SECOND QUARTER 2024 RESULTS
Comparable Total Revenues 4.8% Above 2023
Raises Midpoint of Full Year Guidance
Second Quarter 2024 Highlights
-
Net Income: Net income was
$24.6 million and earnings per diluted share was$0.10 . -
Comparable Revenues: Comparable total revenues were
$309.3 million , a 4.8% increase from the second quarter of 2023. -
Comparable RevPAR: Comparable RevPAR was
$229.21 , a 2.2% increase from the second quarter of 2023. -
Comparable Total RevPAR: Comparable RevPAR was
$348.37 , a 4.5% increase from the second quarter of 2023. -
Comparable Hotel Adjusted EBITDA :Comparable Hotel Adjusted EBITDA was$99.5 million , a 5.5% increase from the second quarter of 2023. -
Comparable Hotel Adjusted EBITDA Margin :Comparable Hotel Adjusted EBITDA margin was 32.17%, a 20 basis point increase from the second quarter of 2023. -
Adjusted EBITDA: Adjusted EBITDA was
$92.5 million , a 7.8% increase from the second quarter of 2023. -
Adjusted FFO: Adjusted FFO was
$72.5 million and Adjusted FFO per diluted share was$0.34 . -
Share Repurchases: The Company repurchased 2.5 million shares of its common stock at a weighted average price of
$8.39 per share for a total consideration of approximately$20.6 million during the second quarter of 2024.
Recent Developments
-
Brand Conversion: In
July 2024 , the Company completed the repositioning and rebranding of theHilton Burlington Lake Champlain as theHotel Champlain Burlington , Curio Collection by Hilton. The transformation of the 258-room hotel represents a strong return-on-investment opportunity and included the creation of new lifestyle community spaces, a new all-day cafe, an upgraded state-of-the-art fitness center, and a new signature seafood restaurant, OriginalSkiff Fish & Oysters, in partnership with a local award-winning chef. -
Share Repurchases: The Company continued share repurchase activity subsequent to the end of the second quarter. To date in 2024, the Company has repurchased 2.8 million shares of its common stock at a weighted average price of
$8.36 per share for a total consideration of approximately$23.5 million .
"Second quarter operating results surpassed our expectations. Our strategy to focus on building a larger base of group demand drove strong room revenues and significantly stronger food and beverage revenues, particularly at our larger urban properties. Group pace in the second half of the year is strong, but we remain vigilant given the uncertain economic and election backdrop.
Due to the strong second quarter performance and robust expense controls, we feel comfortable raising the midpoint of our full-year earnings guidance to a range of
Earlier in the year DiamondRock took steps to reduce our corporate overhead and we are just as focused on optimizing the efficiency of our long-term capital expenditures to retain more cash for accretive investments. For example, we are reducing the scope of the previously announced Bourbon Orleans renovation by nearly 40%. We expect we can deliver an attractive room product with a more reliable return profile without the incremental capital cost and operating expense of adding food and beverage outlets; nevertheless we have preserved this option for the future. We are also keenly focused on recycling capital from non-core properties and proactively working to recycle those potential proceeds into more attractive investments such as share repurchases and new on-strategy investments."
-
Operating Results
Please see "Non-GAAP Financial Measures" attached to this press release for an explanation of the terms "EBITDAre," "Adjusted EBITDA," "
|
Quarter Ended |
|
Six Months Ended |
|||||
|
2024 |
|
2023 |
Change |
|
2024 |
2023 |
Change |
|
($ amounts in millions, except hotel statistics and per share amounts) |
|||||||
Comparable Operating Results (1) |
|
|
|
|
|
|
|
|
ADR |
$ 294.55 |
|
$ 292.67 |
0.6 % |
|
$ 282.85 |
$ 285.15 |
(0.8) % |
Occupancy |
77.8 % |
|
76.6 % |
1.2 % |
|
73.1 % |
71.8 % |
1.3 % |
RevPAR |
$ 229.21 |
|
$ 224.27 |
2.2 % |
|
$ 206.72 |
$ 204.75 |
1.0 % |
Total RevPAR |
$ 348.37 |
|
$ 333.24 |
4.5 % |
|
$ 318.65 |
$ 307.91 |
3.5 % |
Room Revenues |
$ 203.5 |
|
$ 198.6 |
2.5 % |
|
$ 367.0 |
$ 360.5 |
1.8 % |
Total Revenues |
$ 309.3 |
|
$ 295.1 |
4.8 % |
|
$ 565.7 |
$ 542.1 |
4.4 % |
|
$ 99.5 |
|
$ 94.3 |
5.5 % |
|
$ 160.9 |
$ 157.7 |
2.0 % |
|
32.17 % |
|
31.97 % |
20 bps |
|
28.44 % |
29.09 % |
(65 bps) |
Available Rooms |
887,796 |
|
885,430 |
2,366 |
|
1,775,319 |
1,760,556 |
14,763 |
|
|
|
|
|
|
|
|
|
Actual Operating Results (2) |
|
|
|
|
|
|
|
|
Total Revenues |
$ 309.3 |
|
$ 291.2 |
6.2 % |
|
$ 565.7 |
$ 534.8 |
5.8 % |
Net income |
$ 24.6 |
|
$ 39.1 |
(37.1) % |
|
$ 33.0 |
$ 48.3 |
(31.7) % |
Earnings per diluted share |
$ 0.10 |
|
$ 0.17 |
(41.2) % |
|
$ 0.13 |
$ 0.20 |
(35.0) % |
Adjusted EBITDA |
$ 92.5 |
|
$ 85.8 |
7.8 % |
|
$ 146.1 |
$ 141.1 |
3.5 % |
Adjusted FFO |
$ 72.5 |
|
$ 67.3 |
7.7 % |
|
$ 108.5 |
$ 105.3 |
3.0 % |
Adjusted FFO per diluted share |
$ 0.34 |
|
$ 0.32 |
6.3 % |
|
$ 0.51 |
$ 0.49 |
4.1 % |
|
|
(1) |
Amounts represent the pre-acquisition operating results for |
|
|
(2) |
Actual operating results include the operating results of all hotels for the Company's respective ownership periods. |
Capital Expenditures
The Company has invested approximately
-
Hotel Champlain Burlington : The Company completed the rebranding and repositioning of theHilton Burlington Lake Champlain toHotel Champlain Burlington , a Curio Collection by Hilton hotel inJuly 2024 . -
Westin San Diego Bayview : The Company substantially completed a comprehensive renovation of the hotel's guestrooms during the second quarter of 2024. -
Orchards Inn Sedona : The Company expects to commence a repositioning of Orchards Inn as the Cliffs at L'Auberge in the fourth quarter of 2024. The project is expected to be completed in 2025 and will integrate the hotel with the adjacent L'Auberge de Sedona and include construction of a new pool connecting the two properties, renovation of the guestrooms and creation of a new arrival experience and new outdoor event space. -
The Landing Lake Tahoe Resort and Spa : The Company expects to commence a renovation of the property to accommodate 14 new keys and construct an adjacent indoor/outdoor event space to be completed in 2025.
Balance Sheet and Liquidity
The Company ended the quarter with
Share Repurchase Program
In
Dividends
The Company declared a quarterly cash dividend of
Guidance
The Company is providing annual guidance for 2024, but does not undertake to update it for any developments in its business. Achievement of the anticipated results is subject to the risks disclosed in the Company's filings with the
The Company is revising its annual guidance for 2024 and now expects full year 2024 results to be as follows:
|
Previous Guidance |
Revised Guidance |
Change at |
|
||
Metric |
Low End |
High End |
Low End |
High End |
|
|
|
||||||
Comparable RevPAR Growth |
2.0 % |
4.0 % |
1.5 % |
3.0 % |
(0.75 %) |
|
Adjusted EBITDA |
|
|
|
|
+ |
|
Adjusted FFO |
|
|
|
|
+ |
|
Adjusted FFO per share (based |
|
|
|
|
|
|
The guidance above incorporates the following assumptions:
- Corporate expenses of
$30.5 million to$31.5 million , excluding executive transition costs which are excluded from Adjusted EBITDA and Adjusted FFO; - Interest expense of
$65.2 million to$66.2 million ; - Income tax expense of
$0.5 million to$1.5 million ; and - 3,570,423 available rooms.
Earnings Call
The Company will host a conference call to discuss its second quarter results on
About the Company
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "believe," "expect," "intend," "project," "forecast," "plan" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: the adverse impact of any future pandemic, epidemic or outbreak of any highly infectious disease on the
(in thousands, except share and per share amounts) |
|||
|
|||
|
|
|
|
ASSETS |
(unaudited) |
|
|
Property and equipment, net |
$ 2,734,626 |
|
$ 2,755,195 |
Right-of-use assets |
96,823 |
|
97,692 |
Restricted cash |
45,205 |
|
45,576 |
Due from hotel managers |
171,793 |
|
144,689 |
Prepaid and other assets |
74,986 |
|
73,940 |
Cash and cash equivalents |
125,219 |
|
121,595 |
Total assets |
$ 3,248,652 |
|
$ 3,238,687 |
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
Liabilities: |
|
|
|
Debt, net of unamortized debt issuance costs |
1,172,479 |
|
1,177,005 |
Lease liabilities |
113,779 |
|
112,866 |
Due to hotel managers |
131,683 |
|
116,522 |
Deferred rent |
71,554 |
|
69,209 |
Unfavorable contract liabilities, net |
59,037 |
|
59,866 |
Accounts payable and accrued expenses |
36,887 |
|
39,563 |
Distributions declared and unpaid |
6,067 |
|
6,324 |
Deferred income related to key money, net |
8,134 |
|
8,349 |
Total liabilities |
1,599,620 |
|
1,589,704 |
Equity: |
|
|
|
Preferred stock, |
|
|
|
8.250% Series A Cumulative Redeemable Preferred Stock (liquidation |
48 |
|
48 |
Common stock, |
2,079 |
|
2,096 |
Additional paid-in capital |
2,274,223 |
|
2,291,297 |
Accumulated other comprehensive loss |
(2,077) |
|
(2,036) |
Distributions in excess of earnings |
(633,919) |
|
(649,330) |
Total stockholders' equity |
1,640,354 |
|
1,642,075 |
Noncontrolling interests |
8,678 |
|
6,908 |
Total equity |
1,649,032 |
|
1,648,983 |
Total liabilities and equity |
$ 3,248,652 |
|
$ 3,238,687 |
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) (unaudited) |
|||||||
|
|||||||
|
Three Months Ended |
|
Six Months Ended |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Revenues: |
|
|
|
|
|
|
|
Rooms |
$ 203,487 |
|
$ 197,318 |
|
$ 366,994 |
|
$ 357,991 |
Food and beverage |
78,111 |
|
68,369 |
|
146,492 |
|
128,146 |
Other |
27,682 |
|
25,560 |
|
52,217 |
|
48,663 |
Total revenues |
309,280 |
|
291,247 |
|
565,703 |
|
534,800 |
Operating Expenses: |
|
|
|
|
|
|
|
Rooms |
47,585 |
|
45,116 |
|
91,553 |
|
85,319 |
Food and beverage |
50,717 |
|
45,908 |
|
97,956 |
|
89,058 |
Other departmental and support expenses |
67,817 |
|
65,445 |
|
132,417 |
|
127,413 |
Management fees |
8,008 |
|
6,885 |
|
13,318 |
|
11,873 |
Franchise fees |
10,567 |
|
9,403 |
|
19,593 |
|
17,480 |
Other property-level expenses |
27,188 |
|
26,934 |
|
53,806 |
|
51,051 |
Depreciation and amortization |
27,873 |
|
27,840 |
|
56,186 |
|
55,312 |
Impairment losses |
— |
|
941 |
|
— |
|
941 |
Corporate expenses |
28,519 |
|
8,284 |
|
37,423 |
|
16,151 |
Business interruption insurance income |
— |
|
(110) |
|
— |
|
(110) |
Total operating expenses, net |
268,274 |
|
236,646 |
|
502,252 |
|
454,488 |
|
|
|
|
|
|
|
|
Interest expense |
16,202 |
|
15,567 |
|
32,448 |
|
32,739 |
Interest (income) and other (income) expense, net |
(1,195) |
|
(522) |
|
(2,264) |
|
(945) |
Total other expenses, net |
15,007 |
|
15,045 |
|
30,184 |
|
31,794 |
Income before income taxes |
25,999 |
|
39,556 |
|
33,267 |
|
48,518 |
Income tax expense |
(1,368) |
|
(422) |
|
(278) |
|
(196) |
Net income |
24,631 |
|
39,134 |
|
32,989 |
|
48,322 |
Less: Net income attributable to noncontrolling |
(101) |
|
(169) |
|
(131) |
|
(201) |
Net income attributable to the Company |
24,530 |
|
38,965 |
|
32,858 |
|
48,121 |
Distributions to preferred stockholders |
(2,454) |
|
(2,454) |
|
(4,908) |
|
(4,908) |
Net income attributable to common |
$ 22,076 |
|
$ 36,511 |
|
$ 27,950 |
|
$ 43,213 |
Earnings per share: |
|
|
|
|
|
|
|
Earnings per share available to common |
$ 0.10 |
|
$ 0.17 |
|
$ 0.13 |
|
$ 0.20 |
Earnings per share available to common |
$ 0.10 |
|
$ 0.17 |
|
$ 0.13 |
|
$ 0.20 |
|
|
|
|
|
|
|
|
Weighted-average number of common shares |
|
|
|
|
|
|
|
Basic |
211,195,463 |
|
211,673,828 |
|
211,432,403 |
|
211,543,398 |
Diluted |
212,016,445 |
|
212,161,950 |
|
212,276,815 |
|
212,092,590 |
Non-GAAP Financial Measures
We use the following non-GAAP financial measures that we believe are useful to investors as key measures of our operating performance: EBITDA, EBITDAre, Adjusted EBITDA,
Use and Limitations of Non-GAAP Financial Measures
Our management and Board of Directors use EBITDA, EBITDAre, Adjusted EBITDA,
These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with
EBITDA and EBITDA re
EBITDA represents net income (calculated in accordance with
We believe EBITDA and EBITDAre are useful to an investor in evaluating our operating performance because they help investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization, and in the case of EBITDAre, impairment and gains or losses on dispositions of depreciated property) from our operating results. In addition, covenants included in our debt agreements use EBITDA as a measure of financial compliance. We also use EBITDA and EBITDAre as measures in determining the value of hotel acquisitions and dispositions.
FFO
The Company computes FFO in accordance with standards established by Nareit, which defines FFO as net income (calculated in accordance with
Adjustments to EBITDAre and FFO
We adjust EBITDAre and FFO when evaluating our performance because we believe that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance and that the presentation of Adjusted EBITDA and Adjusted FFO when combined with
-
Non-Cash Lease Expense and Other Amortization: We exclude the non-cash expense incurred from the straight line recognition of expense from our ground leases and other contractual obligations and the non-cash amortization of our favorable and unfavorable contracts, originally recorded in conjunction with certain hotel acquisitions. We exclude these non-cash items because they do not reflect the actual cash amounts due to the respective lessors in the current period and they are of lesser significance in evaluating our actual performance for that period.
-
Cumulative Effect of a Change in Accounting Principle: The
Financial Accounting Standards Board promulgates new accounting standards that require or permit the consolidated statement of operations and comprehensive income to reflect the cumulative effect of a change in accounting principle. We exclude the effect of these adjustments, which include the accounting impact from prior periods, because they do not reflect the Company's actual underlying performance for the current period.
-
Gains or Losses from Early Extinguishment of Debt: We exclude the effect of gains or losses recorded on the early extinguishment of debt because these gains or losses result from transaction activity related to the Company's capital structure that we believe are not indicative of the ongoing operating performance of the Company or our hotels.
-
Hotel Acquisition Costs : We exclude hotel acquisition costs expensed during the period because we believe these transaction costs are not reflective of the ongoing performance of the Company or our hotels.
-
Severance Costs: We exclude corporate severance costs, or reversals thereof, incurred with the termination of corporate-level employees and severance costs incurred at our hotels related to lease terminations or structured severance programs because we believe these costs do not reflect the ongoing performance of the Company or our hotels.
-
Hotel Manager Transition Items : We exclude the transition items associated with a change in hotel manager because we believe these items do not reflect the ongoing performance of the Company or our hotels.
-
Hotel Pre-Opening Costs : We exclude the pre-opening costs associated with the redevelopment or rebranding of a hotel because we believe these items do not reflect the ongoing performance of the Company or our hotels.
- Other Items: From time to time we incur costs or realize gains that we consider outside the ordinary course of business and that we do not believe reflect the ongoing performance of the Company or our hotels. Such items may include, but are not limited to the following: lease preparation costs incurred to prepare vacant space for marketing; management or franchise contract termination fees; gains or losses from legal settlements; costs incurred related to natural disasters; and gains on property insurance claim settlements, other than income related to business interruption insurance.
In addition, to derive Adjusted FFO we exclude any unrealized fair value adjustments to interest rate swaps. We exclude these non-cash amounts because they do not reflect the underlying performance of the Company.
We believe that
Reconciliations of Non-GAAP Measures
EBITDA, EBITDAre, Adjusted EBITDA and
The following tables are reconciliations of our GAAP net income to EBITDA, EBITDAre and Adjusted EBITDA and
|
Three Months Ended |
|
Six Months Ended |
|||||
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
Net income |
$ 24,631 |
|
$ 39,134 |
|
|
$ 32,989 |
|
$ 48,322 |
Interest expense |
16,202 |
|
15,567 |
|
|
32,448 |
|
32,739 |
Income tax expense |
1,368 |
|
422 |
|
|
278 |
|
196 |
Real estate related depreciation and amortization |
27,873 |
|
27,840 |
|
|
56,186 |
|
55,312 |
EBITDA |
70,074 |
|
82,963 |
|
|
121,901 |
|
136,569 |
Impairment losses |
— |
|
941 |
|
|
— |
|
941 |
EBITDAre |
70,074 |
|
83,904 |
|
|
121,901 |
|
137,510 |
Non-cash lease expense and other amortization |
1,555 |
|
1,537 |
|
|
3,073 |
|
3,087 |
Severance costs |
20,362 |
|
— |
|
|
20,362 |
|
— |
Hotel pre-opening costs |
535 |
|
326 |
|
|
769 |
|
542 |
Adjusted EBITDA |
92,526 |
|
85,767 |
|
|
146,105 |
|
141,139 |
Corporate expenses |
8,157 |
|
8,284 |
|
|
17,061 |
|
16,151 |
Interest (income) and other (income) expense, net |
(1,195) |
|
(522) |
|
|
(2,264) |
|
(945) |
|
$ 99,488 |
|
$ 93,529 |
|
|
$ 160,902 |
|
$ 156,345 |
|
Full Year 2024 Guidance |
||
|
Low End |
|
High End |
Net income |
$ 73,955 |
|
$ 87,955 |
Interest expense |
66,183 |
|
65,183 |
Income tax expense |
500 |
|
1,500 |
Real estate related depreciation and amortization |
110,000 |
|
108,000 |
EBITDA/EBITDAre |
250,638 |
|
262,638 |
Non-cash lease expense and other amortization |
6,200 |
|
6,200 |
Severance costs |
20,362 |
|
20,362 |
Hotel pre-opening costs |
800 |
|
800 |
Adjusted EBITDA |
$ 278,000 |
|
$ 290,000 |
FFO and Adjusted FFO
The following tables are reconciliations of our GAAP net income to FFO and Adjusted FFO (in thousands):
|
Three Months Ended |
|
Six Months Ended |
|||||
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
Net income |
$ 24,631 |
|
$ 39,134 |
|
|
$ 32,989 |
|
$ 48,322 |
Real estate related depreciation and amortization |
27,873 |
|
27,840 |
|
|
56,186 |
|
55,312 |
Impairment losses |
— |
|
941 |
|
|
— |
|
941 |
FFO |
52,504 |
|
67,915 |
|
|
89,175 |
|
104,575 |
Distribution to preferred stockholders |
(2,454) |
|
(2,454) |
|
|
(4,908) |
|
(4,908) |
FFO available to common stock and unit holders |
50,050 |
|
65,461 |
|
|
84,267 |
|
99,667 |
Non-cash lease expense and other amortization |
1,555 |
|
1,537 |
|
|
3,073 |
|
3,087 |
Severance costs |
20,362 |
|
— |
|
|
20,362 |
|
— |
Hotel pre-opening costs |
535 |
|
326 |
|
|
769 |
|
542 |
Fair value adjustments to interest rate swaps |
— |
|
19 |
|
|
— |
|
2,033 |
Adjusted FFO available to common stock and |
$ 72,502 |
|
$ 67,343 |
|
|
$ 108,471 |
|
$ 105,329 |
Adjusted FFO available to common stock and |
$ 0.34 |
|
$ 0.32 |
|
|
$ 0.51 |
|
$ 0.49 |
|
Full Year 2024 Guidance |
||
|
Low End |
|
High End |
Net income |
$ 73,955 |
|
$ 87,955 |
Real estate related depreciation and amortization |
110,000 |
|
108,000 |
FFO |
183,955 |
|
195,955 |
Distribution to preferred stockholders |
(9,817) |
|
(9,817) |
FFO available to common stock and unit holders |
174,138 |
|
186,138 |
Non-cash lease expense and other amortization |
6,200 |
|
6,200 |
Severance costs |
20,362 |
|
20,362 |
Hotel pre-opening costs |
800 |
|
800 |
Adjusted FFO available to common stock and unit holders |
$ 201,500 |
|
$ 213,500 |
Adjusted FFO available to common stock and unit holders, per diluted share |
$ 0.95 |
|
$ 1.00 |
Reconciliation of Comparable Operating Results
The following presents the revenues,
|
Three Months Ended |
Six Months Ended |
|||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Revenues |
$ 309,280 |
|
$ 291,247 |
|
$ 565,703 |
|
$ 534,800 |
Hotel revenues from prior ownership (1) |
— |
|
3,812 |
|
— |
|
7,293 |
Comparable Revenues |
$ 309,280 |
|
$ 295,059 |
|
$ 565,703 |
|
$ 542,093 |
|
|
|
|
|
|
|
|
|
$ 99,488 |
|
$ 93,529 |
|
$ 160,902 |
|
$ 156,345 |
|
— |
|
806 |
|
— |
|
1,326 |
|
$ 99,488 |
|
$ 94,335 |
|
$ 160,902 |
|
$ 157,671 |
|
|
|
|
|
|
|
|
|
32.17 % |
|
32.11 % |
|
28.44 % |
|
29.23 % |
|
32.17 % |
|
31.97 % |
|
28.44 % |
|
29.09 % |
|
|
(1) |
Amounts represent the pre-acquisition operating results for |
Selected Quarterly Comparable Operating Information
The following tables are presented to provide investors with selected quarterly comparable operating information. The operating information includes historical quarterly operating results for our portfolio.
|
Quarter 1, 2023 |
Quarter 2, 2023 |
Quarter 3, 2023 |
Quarter 4, 2023 |
Full Year 2023 |
ADR |
$ 276.43 |
$ 292.67 |
$ 273.28 |
$ 282.57 |
$ 281.36 |
Occupancy |
66.9 % |
76.6 % |
76.4 % |
68.4 % |
72.1 % |
RevPAR |
$ 185.00 |
$ 224.27 |
$ 208.66 |
$ 193.16 |
$ 202.81 |
Total RevPAR |
$ 282.28 |
$ 333.24 |
$ 310.54 |
$ 294.05 |
$ 305.08 |
Revenues (in thousands) |
$ 247,034 |
$ 295,059 |
$ 278,162 |
$ 263,547 |
$ 1,083,802 |
|
$ 63,336 |
$ 94,335 |
$ 80,492 |
$ 64,817 |
$ 302,980 |
|
25.64 % |
31.97 % |
28.94 % |
24.59 % |
27.96 % |
Available Rooms |
875,126 |
885,430 |
895,743 |
896,260 |
3,552,559 |
|
Quarter 1, 2024 |
Quarter 2, 2024 |
ADR |
$ 269.53 |
$ 294.55 |
Occupancy |
68.4 % |
77.8 % |
RevPAR |
$ 184.23 |
$ 229.21 |
Total RevPAR |
$ 288.92 |
$ 348.37 |
Revenues (in thousands) |
$ 256,423 |
$ 309,280 |
|
$ 61,414 |
$ 99,488 |
|
23.95 % |
32.17 % |
Available Rooms |
887,523 |
887,796 |
Market Capitalization as of |
||
(in thousands) |
||
Enterprise Value |
|
|
|
|
|
Common equity capitalization (at |
|
$ 1,787,852 |
Preferred equity capitalization (at liquidation value of |
|
119,000 |
Consolidated debt (face amount) |
|
1,173,285 |
Cash and cash equivalents |
|
(125,219) |
Total enterprise value |
|
$ 2,954,918 |
Share Reconciliation |
|
|
|
|
|
Common shares outstanding |
|
207,918 |
Operating partnership units |
|
1,134 |
Unvested restricted stock held by management and employees |
|
624 |
Share grants under deferred compensation plan |
|
1,904 |
Combined shares and units |
|
211,580 |
Debt Summary as of |
||||||||
(dollars in thousands) |
||||||||
Loan |
|
Interest Rate |
|
Term |
|
Outstanding |
|
Maturity |
Courtyard New York Manhattan / |
|
4.40 % |
|
Fixed |
|
$ 73,416 |
|
|
|
|
3.66 % |
|
Fixed |
|
72,756 |
|
|
|
|
4.33 % |
|
Fixed |
|
55,382 |
|
|
|
|
4.36 % |
|
Fixed |
|
171,731 |
|
|
Unsecured term loan |
|
SOFR + 1.35% (1) |
|
Variable |
|
500,000 |
|
|
Unsecured term loan |
|
SOFR + 1.35% (1) |
|
Variable |
|
300,000 |
|
|
Senior unsecured credit facility |
|
SOFR + 1.40% |
|
Variable |
|
— |
|
|
Total debt |
|
|
|
|
|
1,173,285 |
|
|
Unamortized debt issuance costs (3) |
|
|
|
|
|
(806) |
|
|
Debt, net of unamortized debt issuance costs |
|
|
|
$ 1,172,479 |
|
|
||
|
|
|
|
|
|
|
|
|
Weighted-average interest rate of fixed rate debt |
|
4.09 % |
|
|
|
|
|
|
Total weighted-average interest rate (4) |
|
5.22 % |
|
|
|
|
|
|
|
|
(1) |
Interest rate as of |
(2) |
Maturity date may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions. |
(3) |
Excludes debt issuance costs related to our senior unsecured credit facility, which are included within Other Assets on the accompanying consolidated balance sheet. |
(4) |
Weighted-average interest rate includes effect of interest rate swaps. |
|
Operating Statistics – Second Quarter |
|||||||||||
|
Number |
ADR |
|
Occupancy |
|
RevPAR |
||||||
|
2Q 2024 |
2Q 2023 |
B/(W) 2023 |
|
2Q 2024 |
2Q 2023 |
B/(W) 2023 |
|
2Q 2024 |
2Q 2023 |
B/(W) 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
318 |
$ 156.89 |
$ 150.26 |
4.4 % |
|
69.7 % |
73.5 % |
(3.8) % |
|
$ 109.41 |
$ 110.41 |
(0.9) % |
|
220 |
$ 243.76 |
$ 242.09 |
0.7 % |
|
78.6 % |
83.7 % |
(5.1) % |
|
$ 191.53 |
$ 202.69 |
(5.5) % |
|
142 |
$ 574.78 |
$ 613.11 |
(6.3) % |
|
61.7 % |
56.8 % |
4.9 % |
|
$ 354.87 |
$ 348.54 |
1.8 % |
|
1,200 |
$ 279.63 |
$ 273.80 |
2.1 % |
|
67.4 % |
70.8 % |
(3.4) % |
|
$ 188.37 |
$ 193.76 |
(2.8) % |
|
117 |
$ 201.95 |
$ 178.19 |
13.3 % |
|
72.5 % |
68.4 % |
4.1 % |
|
$ 146.43 |
$ 121.87 |
20.2 % |
Courtyard Denver Downtown |
177 |
$ 221.52 |
$ 233.95 |
(5.3) % |
|
83.7 % |
83.3 % |
0.4 % |
|
$ 185.35 |
$ 194.88 |
(4.9) % |
|
189 |
$ 316.32 |
$ 306.37 |
3.2 % |
|
88.9 % |
94.7 % |
(5.8) % |
|
$ 281.34 |
$ 290.00 |
(3.0) % |
Courtyard New York Manhattan/ |
321 |
$ 359.88 |
$ 348.02 |
3.4 % |
|
94.0 % |
92.4 % |
1.6 % |
|
$ 338.22 |
$ 321.54 |
5.2 % |
|
272 |
$ 190.12 |
$ 183.55 |
3.6 % |
|
83.5 % |
80.0 % |
3.5 % |
|
$ 158.69 |
$ 146.80 |
8.1 % |
Havana Cabana |
106 |
$ 287.85 |
$ 293.87 |
(2.0) % |
|
83.1 % |
86.7 % |
(3.6) % |
|
$ 239.30 |
$ 254.75 |
(6.1) % |
|
269 |
$ 464.72 |
$ 500.73 |
(7.2) % |
|
74.4 % |
74.1 % |
0.3 % |
|
$ 345.84 |
$ 370.82 |
(6.7) % |
|
37 |
$ 684.85 |
$ 680.86 |
0.6 % |
|
84.9 % |
87.2 % |
(2.3) % |
|
$ 581.11 |
$ 593.91 |
(2.2) % |
|
282 |
$ 284.16 |
$ 283.37 |
0.3 % |
|
89.5 % |
85.6 % |
3.9 % |
|
$ 254.22 |
$ 242.70 |
4.7 % |
|
258 |
$ 240.84 |
$ 242.28 |
(0.6) % |
|
75.9 % |
79.0 % |
(3.1) % |
|
$ 182.85 |
$ 191.35 |
(4.4) % |
|
199 |
$ 327.64 |
$ 326.27 |
0.4 % |
|
83.7 % |
74.2 % |
9.5 % |
|
$ 274.30 |
$ 241.96 |
13.4 % |
|
96 |
$ 184.02 |
$ 221.08 |
(16.8) % |
|
62.5 % |
66.8 % |
(4.3) % |
|
$ 115.04 |
$ 147.71 |
(22.1) % |
|
242 |
$ 218.99 |
$ 204.26 |
7.2 % |
|
76.2 % |
78.2 % |
(2.0) % |
|
$ 166.96 |
$ 159.72 |
4.5 % |
|
96 |
$ 182.23 |
$ 202.15 |
(9.9) % |
|
78.5 % |
65.4 % |
13.1 % |
|
$ 142.99 |
$ 132.13 |
8.2 % |
|
157 |
$ 326.16 |
$ 337.46 |
(3.3) % |
|
85.7 % |
83.3 % |
2.4 % |
|
$ 279.54 |
$ 280.94 |
(0.5) % |
L'Auberge de Sedona |
88 |
$ 951.60 |
$ 979.53 |
(2.9) % |
|
74.2 % |
67.9 % |
6.3 % |
|
$ 705.97 |
$ 664.92 |
6.2 % |
|
40 |
$ 1,065.58 |
$ 1,101.21 |
(3.2) % |
|
70.6 % |
66.9 % |
3.7 % |
|
$ 752.64 |
$ 736.66 |
2.2 % |
Margaritaville Beach House Key West |
186 |
$ 371.14 |
$ 396.70 |
(6.4) % |
|
88.5 % |
90.0 % |
(1.5) % |
|
$ 328.50 |
$ 356.95 |
(8.0) % |
|
70 |
$ 301.79 |
$ 303.14 |
(0.4) % |
|
68.1 % |
69.9 % |
(1.8) % |
|
$ 205.38 |
$ 211.91 |
(3.1) % |
|
510 |
$ 196.94 |
$ 190.99 |
3.1 % |
|
73.0 % |
61.1 % |
11.9 % |
|
$ 143.79 |
$ 116.64 |
23.3 % |
The |
403 |
$ 302.27 |
$ 327.33 |
(7.7) % |
|
89.3 % |
89.1 % |
0.2 % |
|
$ 270.03 |
$ 291.81 |
(7.5) % |
The Gwen |
311 |
$ 331.59 |
$ 339.69 |
(2.4) % |
|
81.5 % |
78.4 % |
3.1 % |
|
$ 270.37 |
$ 266.27 |
1.5 % |
The Hythe Vail |
344 |
$ 266.05 |
$ 261.14 |
1.9 % |
|
50.8 % |
34.3 % |
16.5 % |
|
$ 135.12 |
$ 89.56 |
50.9 % |
|
82 |
$ 361.62 |
$ 390.10 |
(7.3) % |
|
64.9 % |
50.6 % |
14.3 % |
|
$ 234.60 |
$ 197.24 |
18.9 % |
|
167 |
$ 388.06 |
$ 393.54 |
(1.4) % |
|
94.0 % |
94.1 % |
(0.1) % |
|
$ 364.77 |
$ 370.39 |
(1.5) % |
The Lodge at |
182 |
$ 435.59 |
$ 497.28 |
(12.4) % |
|
72.4 % |
65.2 % |
7.2 % |
|
$ 315.21 |
$ 324.37 |
(2.8) % |
|
103 |
$ 605.29 |
$ 663.23 |
(8.7) % |
|
79.7 % |
79.9 % |
(0.2) % |
|
$ 482.14 |
$ 529.64 |
(9.0) % |
|
793 |
$ 281.74 |
$ 267.62 |
5.3 % |
|
89.8 % |
91.4 % |
(1.6) % |
|
$ 253.03 |
$ 244.72 |
3.4 % |
|
433 |
$ 247.85 |
$ 258.71 |
(4.2) % |
|
80.8 % |
73.7 % |
7.1 % |
|
$ 200.38 |
$ 190.66 |
5.1 % |
|
436 |
$ 236.19 |
$ 205.93 |
14.7 % |
|
75.3 % |
80.0 % |
(4.7) % |
|
$ 177.91 |
$ 164.71 |
8.0 % |
|
410 |
$ 281.63 |
$ 250.82 |
12.3 % |
|
77.6 % |
78.0 % |
(0.4) % |
|
$ 218.41 |
$ 195.73 |
11.6 % |
|
504 |
$ 217.36 |
$ 198.93 |
9.3 % |
|
76.6 % |
79.1 % |
(2.5) % |
|
$ 166.58 |
$ 157.31 |
5.9 % |
Comparable Total (1) |
9,760 |
$ 294.55 |
$ 292.67 |
0.6 % |
|
77.8 % |
76.6 % |
1.2 % |
|
$ 229.21 |
$ 224.27 |
2.2 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Amounts include the pre-acquisition operating results of |
|
Operating Statistics – Year to Date |
|||||||||||
|
Number |
ADR |
|
Occupancy |
|
RevPAR |
||||||
|
YTD 2024 |
YTD 2023 |
B/(W) 2023 |
|
YTD 2024 |
YTD 2023 |
B/(W) 2023 |
|
YTD 2024 |
YTD 2023 |
B/(W) 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
318 |
$ 160.91 |
$ 154.36 |
4.2 % |
|
64.4 % |
68.0 % |
(3.6) % |
|
$ 103.69 |
$ 105.04 |
(1.3) % |
|
220 |
$ 252.55 |
$ 250.91 |
0.7 % |
|
77.6 % |
82.3 % |
(4.7) % |
|
$ 196.01 |
$ 206.55 |
(5.1) % |
|
142 |
$ 563.98 |
$ 591.51 |
(4.7) % |
|
56.4 % |
54.8 % |
1.6 % |
|
$ 318.00 |
$ 324.01 |
(1.9) % |
|
1,200 |
$ 236.23 |
$ 243.61 |
(3.0) % |
|
56.9 % |
55.2 % |
1.7 % |
|
$ 134.30 |
$ 134.56 |
(0.2) % |
|
117 |
$ 191.05 |
$ 171.34 |
11.5 % |
|
72.1 % |
70.8 % |
1.3 % |
|
$ 137.79 |
$ 121.30 |
13.6 % |
Courtyard Denver Downtown |
177 |
$ 192.63 |
$ 209.18 |
(7.9) % |
|
75.7 % |
76.2 % |
(0.5) % |
|
$ 145.88 |
$ 159.47 |
(8.5) % |
|
189 |
$ 262.20 |
$ 254.77 |
2.9 % |
|
89.0 % |
94.1 % |
(5.1) % |
|
$ 233.30 |
$ 239.68 |
(2.7) % |
Courtyard New York Manhattan/ |
321 |
$ 305.05 |
$ 292.46 |
4.3 % |
|
92.6 % |
90.2 % |
2.4 % |
|
$ 282.36 |
$ 263.73 |
7.1 % |
|
272 |
$ 177.12 |
$ 165.60 |
7.0 % |
|
71.2 % |
70.9 % |
0.3 % |
|
$ 126.10 |
$ 117.35 |
7.5 % |
Havana Cabana |
106 |
$ 348.71 |
$ 336.84 |
3.5 % |
|
84.4 % |
87.3 % |
(2.9) % |
|
$ 294.27 |
$ 294.11 |
0.1 % |
|
269 |
$ 415.52 |
$ 450.86 |
(7.8) % |
|
57.5 % |
58.7 % |
(1.2) % |
|
$ 239.12 |
$ 264.61 |
(9.6) % |
|
37 |
$ 574.38 |
$ 615.29 |
(6.6) % |
|
71.0 % |
65.0 % |
6.0 % |
|
$ 407.88 |
$ 399.75 |
2.0 % |
|
282 |
$ 232.97 |
$ 238.67 |
(2.4) % |
|
89.6 % |
85.5 % |
4.1 % |
|
$ 208.70 |
$ 204.00 |
2.3 % |
|
258 |
$ 201.16 |
$ 208.51 |
(3.5) % |
|
66.1 % |
71.1 % |
(5.0) % |
|
$ 132.90 |
$ 148.29 |
(10.4) % |
|
199 |
$ 300.99 |
$ 313.65 |
(4.0) % |
|
74.5 % |
68.0 % |
6.5 % |
|
$ 224.14 |
$ 213.28 |
5.1 % |
|
96 |
$ 218.08 |
$ 252.09 |
(13.5) % |
|
60.7 % |
65.3 % |
(4.6) % |
|
$ 132.27 |
$ 164.54 |
(19.6) % |
|
242 |
$ 247.69 |
$ 251.11 |
(1.4) % |
|
79.1 % |
75.9 % |
3.2 % |
|
$ 195.90 |
$ 190.70 |
2.7 % |
|
96 |
$ 223.27 |
$ 242.58 |
(8.0) % |
|
83.8 % |
76.4 % |
7.4 % |
|
$ 187.08 |
$ 185.27 |
1.0 % |
|
157 |
$ 307.37 |
$ 316.01 |
(2.7) % |
|
82.1 % |
79.5 % |
2.6 % |
|
$ 252.39 |
$ 251.10 |
0.5 % |
L'Auberge de Sedona |
88 |
$ 909.10 |
$ 969.79 |
(6.3) % |
|
69.6 % |
62.7 % |
6.9 % |
|
$ 632.50 |
$ 608.25 |
4.0 % |
|
40 |
$ 1,036.17 |
$ 1,110.65 |
(6.7) % |
|
64.1 % |
61.3 % |
2.8 % |
|
$ 664.40 |
$ 680.96 |
(2.4) % |
Margaritaville Beach House Key West |
186 |
$ 443.07 |
$ 444.25 |
(0.3) % |
|
90.1 % |
87.6 % |
2.5 % |
|
$ 399.42 |
$ 388.99 |
2.7 % |
|
70 |
$ 299.20 |
$ 297.81 |
0.5 % |
|
62.6 % |
64.7 % |
(2.1) % |
|
$ 187.32 |
$ 192.81 |
(2.8) % |
|
510 |
$ 197.58 |
$ 195.54 |
1.0 % |
|
69.4 % |
64.1 % |
5.3 % |
|
$ 137.07 |
$ 125.36 |
9.3 % |
The |
403 |
$ 252.32 |
$ 292.45 |
(13.7) % |
|
83.1 % |
69.2 % |
13.9 % |
|
$ 209.63 |
$ 202.29 |
3.6 % |
The Gwen |
311 |
$ 278.74 |
$ 286.85 |
(2.8) % |
|
73.7 % |
71.8 % |
1.9 % |
|
$ 205.54 |
$ 206.01 |
(0.2) % |
The Hythe Vail |
344 |
$ 484.14 |
$ 520.67 |
(7.0) % |
|
63.6 % |
59.1 % |
4.5 % |
|
$ 307.95 |
$ 307.67 |
0.1 % |
|
82 |
$ 349.50 |
$ 379.67 |
(7.9) % |
|
55.8 % |
40.8 % |
15.0 % |
|
$ 194.98 |
$ 155.02 |
25.8 % |
|
167 |
$ 355.33 |
$ 365.12 |
(2.7) % |
|
90.3 % |
89.3 % |
1.0 % |
|
$ 320.80 |
$ 326.19 |
(1.7) % |
The Lodge at |
182 |
$ 387.62 |
$ 435.66 |
(11.0) % |
|
58.9 % |
59.9 % |
(1.0) % |
|
$ 228.16 |
$ 260.85 |
(12.5) % |
Tranquility Bay Beachfront Resort |
103 |
$ 704.50 |
$ 735.05 |
(4.2) % |
|
77.6 % |
77.0 % |
0.6 % |
|
$ 546.47 |
$ 565.82 |
(3.4) % |
|
793 |
$ 252.99 |
$ 239.76 |
5.5 % |
|
83.9 % |
81.6 % |
2.3 % |
|
$ 212.21 |
$ 195.76 |
8.4 % |
|
433 |
$ 290.74 |
$ 307.21 |
(5.4) % |
|
84.2 % |
80.8 % |
3.4 % |
|
$ 244.94 |
$ 248.15 |
(1.3) % |
|
436 |
$ 228.13 |
$ 210.13 |
8.6 % |
|
68.3 % |
77.0 % |
(8.7) % |
|
$ 155.87 |
$ 161.75 |
(3.6) % |
|
410 |
$ 251.10 |
$ 234.16 |
7.2 % |
|
73.4 % |
73.0 % |
0.4 % |
|
$ 184.20 |
$ 171.01 |
7.7 % |
|
504 |
$ 213.47 |
$ 197.81 |
7.9 % |
|
73.3 % |
76.6 % |
(3.3) % |
|
$ 156.46 |
$ 151.51 |
3.3 % |
Comparable Total (1) |
9,760 |
$ 282.85 |
$ 285.15 |
(0.8) % |
|
73.1 % |
71.8 % |
1.3 % |
|
$ 206.72 |
$ 204.75 |
1.0 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Amounts include the pre-acquisition operating results of |
|
|
|
||||||
|
|
|
||||||
|
|
|
|
Net Income |
Plus: |
Plus: |
Plus: |
Equals: Hotel |
|
|
Total Revenues |
|
Depreciation |
Interest Expense |
Adjustments (1) |
||
|
|
$ 4,577 |
|
$ 1,360 |
$ 347 |
$ — |
$ — |
$ 1,707 |
|
|
$ 4,828 |
|
$ 1,135 |
$ 883 |
$ — |
$ 3 |
$ 2,021 |
|
|
$ 12,647 |
|
$ 2,241 |
$ 1,409 |
$ — |
$ 94 |
$ 3,744 |
|
|
$ 33,458 |
|
$ 8,301 |
$ 3,058 |
$ 6 |
$ (397) |
$ 10,968 |
|
|
$ 3,657 |
|
$ 58 |
$ 396 |
$ — |
$ 2 |
$ 456 |
Courtyard Denver Downtown |
|
$ 3,297 |
|
$ 1,175 |
$ 331 |
$ — |
$ — |
$ 1,506 |
|
|
$ 4,962 |
|
$ 378 |
$ 324 |
$ — |
$ 253 |
$ 955 |
Courtyard New York Manhattan/ |
|
$ 10,186 |
|
$ 2,305 |
$ 490 |
$ 870 |
$ — |
$ 3,665 |
|
|
$ 4,430 |
|
$ (930) |
$ 638 |
$ — |
$ 1,454 |
$ 1,162 |
Havana Cabana |
|
$ 3,172 |
|
$ 548 |
$ 444 |
$ — |
$ — |
$ 992 |
|
|
$ 15,016 |
|
$ 3,854 |
$ 1,091 |
$ — |
$ — |
$ 4,945 |
|
|
$ 3,029 |
|
$ 1,345 |
$ 268 |
$ — |
$ — |
$ 1,613 |
|
|
$ 7,295 |
|
$ 1,517 |
$ 650 |
$ — |
$ — |
$ 2,167 |
|
|
$ 5,710 |
|
$ 604 |
$ 621 |
$ — |
$ — |
$ 1,225 |
|
|
$ 8,373 |
|
$ 1,472 |
$ 799 |
$ 618 |
$ 5 |
$ 2,894 |
|
|
$ 1,247 |
|
$ (313) |
$ 313 |
$ — |
$ — |
$ — |
|
|
$ 5,997 |
|
$ 660 |
$ 464 |
$ — |
$ 193 |
$ 1,317 |
|
|
$ 2,335 |
|
$ (311) |
$ 351 |
$ — |
$ — |
$ 40 |
|
|
$ 5,748 |
|
$ 1,884 |
$ 342 |
$ — |
$ — |
$ 2,226 |
L'Auberge de Sedona |
|
$ 9,826 |
|
$ 3,194 |
$ 346 |
$ — |
$ — |
$ 3,540 |
|
|
$ 6,280 |
|
$ 1,384 |
$ 701 |
$ — |
$ — |
$ 2,085 |
Margaritaville Beach House Key West |
|
$ 7,805 |
|
$ 2,621 |
$ 535 |
$ — |
$ — |
$ 3,156 |
|
|
$ 2,580 |
|
$ 693 |
$ 90 |
$ — |
$ 42 |
$ 825 |
|
|
$ 9,024 |
|
$ 2,570 |
$ 965 |
$ — |
$ 28 |
$ 3,563 |
The |
|
$ 10,934 |
|
$ 2,820 |
$ 1,656 |
$ — |
$ — |
$ 4,476 |
The Gwen |
|
$ 11,467 |
|
$ 2,926 |
$ 782 |
$ — |
$ — |
$ 3,708 |
The Hythe Vail |
|
$ 7,994 |
|
$ 196 |
$ 1,172 |
$ — |
$ — |
$ 1,368 |
|
|
$ 3,312 |
|
$ 656 |
$ 220 |
$ — |
$ — |
$ 876 |
|
|
$ 6,726 |
|
$ 2,977 |
$ 388 |
$ — |
$ — |
$ 3,365 |
The Lodge at |
|
$ 8,205 |
|
$ 2,374 |
$ 505 |
$ — |
$ — |
$ 2,879 |
|
|
$ 5,892 |
|
$ 1,521 |
$ 453 |
$ — |
$ — |
$ 1,974 |
|
|
$ 29,752 |
|
$ 5,087 |
$ 2,435 |
$ 1,940 |
$ (122) |
$ 9,340 |
|
|
$ 16,544 |
|
$ 2,763 |
$ 1,053 |
$ — |
$ — |
$ 3,816 |
|
|
$ 8,770 |
|
$ 1,283 |
$ 1,331 |
$ — |
$ — |
$ 2,614 |
|
|
$ 10,029 |
|
$ 2,184 |
$ 1,148 |
$ — |
$ — |
$ 3,332 |
|
|
$ 14,176 |
|
$ 3,396 |
$ 874 |
$ 698 |
$ — |
$ 4,968 |
Comparable Total |
|
$ 309,280 |
|
$ 65,928 |
$ 27,873 |
$ 4,132 |
$ 1,555 |
$ 99,488 |
|
|
(1) |
Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities. |
|
|
|
||||||
|
|
|
|
Net Income |
Plus: |
Plus: |
Plus: |
Equals: Hotel |
|
|
Total Revenues |
|
Depreciation |
Interest Expense |
Adjustments (1) |
Adjusted EBITDA |
|
|
|
$ 4,240 |
|
$ 1,122 |
$ 359 |
$ — |
$ — |
$ 1,481 |
|
|
$ 4,947 |
|
$ 1,326 |
$ 850 |
$ — |
$ 6 |
$ 2,182 |
|
|
$ 12,255 |
|
$ 2,205 |
$ 1,396 |
$ — |
$ 94 |
$ 3,695 |
|
|
$ 31,983 |
|
$ 8,556 |
$ 3,538 |
$ 6 |
$ (397) |
$ 11,703 |
Courtyard Denver Downtown |
|
$ 3,455 |
|
$ 1,238 |
$ 378 |
$ — |
$ — |
$ 1,616 |
|
|
$ 5,081 |
|
$ 849 |
$ 401 |
$ — |
$ 253 |
$ 1,503 |
Courtyard New York Manhattan/ |
|
$ 9,763 |
|
$ 2,281 |
$ 504 |
$ 891 |
$ — |
$ 3,676 |
|
|
$ 4,187 |
|
$ (989) |
$ 568 |
$ — |
$ 1,467 |
$ 1,046 |
Havana Cabana |
|
$ 3,338 |
|
$ 786 |
$ 309 |
$ — |
$ — |
$ 1,095 |
|
|
$ 14,243 |
|
$ 3,466 |
$ 1,034 |
$ — |
$ — |
$ 4,500 |
|
|
$ 3,126 |
|
$ 1,387 |
$ 250 |
$ — |
$ — |
$ 1,637 |
|
|
$ 6,855 |
|
$ 1,216 |
$ 645 |
$ — |
$ — |
$ 1,861 |
|
|
$ 6,207 |
|
$ 1,711 |
$ 560 |
$ — |
$ — |
$ 2,271 |
|
|
$ 6,781 |
|
$ 203 |
$ 860 |
$ 633 |
$ 5 |
$ 1,701 |
|
|
$ 1,538 |
|
$ (447) |
$ 296 |
$ — |
$ — |
$ (151) |
|
|
$ 6,201 |
|
$ 944 |
$ 488 |
$ — |
$ 178 |
$ 1,610 |
|
|
$ 1,971 |
|
$ (397) |
$ 306 |
$ — |
$ — |
$ (91) |
|
|
$ 5,849 |
|
$ 1,834 |
$ 383 |
$ — |
$ — |
$ 2,217 |
L'Auberge de Sedona |
|
$ 8,755 |
|
$ 2,546 |
$ 383 |
$ — |
$ — |
$ 2,929 |
|
|
$ 5,970 |
|
$ 1,264 |
$ 641 |
$ — |
$ — |
$ 1,905 |
Margaritaville Beach House Key West |
|
$ 8,201 |
|
$ 2,806 |
$ 791 |
$ — |
$ — |
$ 3,597 |
|
|
$ 2,591 |
|
$ 661 |
$ 89 |
$ — |
$ 42 |
$ 792 |
|
|
$ 7,312 |
|
$ 2,021 |
$ 668 |
$ — |
$ 11 |
$ 2,700 |
The |
|
$ 11,812 |
|
$ 3,122 |
$ 1,548 |
$ — |
$ — |
$ 4,670 |
The Gwen |
|
$ 10,790 |
|
$ 2,300 |
$ 1,050 |
$ — |
$ — |
$ 3,350 |
The Hythe Vail |
|
$ 5,412 |
|
$ (1,177) |
$ 1,200 |
$ — |
$ — |
$ 23 |
|
|
$ 2,754 |
|
$ 405 |
$ 309 |
$ — |
$ — |
$ 714 |
|
|
$ 6,849 |
|
$ 2,912 |
$ 476 |
$ — |
$ — |
$ 3,388 |
The Lodge at |
|
$ 8,960 |
|
$ 2,184 |
$ 641 |
$ — |
$ — |
$ 2,825 |
|
|
$ 6,352 |
|
$ 1,649 |
$ 437 |
$ — |
$ — |
$ 2,086 |
|
|
$ 27,399 |
|
$ 4,001 |
$ 2,478 |
$ 1,990 |
$ (122) |
$ 8,347 |
|
|
$ 16,236 |
|
$ 2,504 |
$ 1,015 |
$ — |
$ — |
$ 3,519 |
|
|
$ 8,418 |
|
$ 1,425 |
$ 855 |
$ — |
$ — |
$ 2,280 |
|
|
$ 8,948 |
|
$ 1,743 |
$ 1,024 |
$ — |
$ — |
$ 2,767 |
|
|
$ 12,468 |
|
$ 2,266 |
$ 1,110 |
$ 715 |
$ — |
$ 4,091 |
Total |
|
$ 291,247 |
|
$ 59,923 |
$ 27,840 |
$ 4,235 |
$ 1,537 |
$ 93,529 |
Add: Prior Ownership Results (2) |
|
$ 3,812 |
|
$ 581 |
$ 225 |
$ — |
$ — |
$ 806 |
Comparable Total |
|
$ 295,059 |
|
$ 60,504 |
$ 28,065 |
$ 4,235 |
$ 1,537 |
$ 94,335 |
|
|
(1) |
Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities. |
(2) |
Represents the pre-acquisition operating results of |
|
|
|
||||||
|
|
Total Revenues |
|
Net Income |
Plus: |
Plus: |
Plus: |
Equals: Hotel |
|
|
|
||||||
|
|
$ 8,764 |
|
$ 2,450 |
$ 722 |
$ — |
$ — |
$ 3,172 |
|
|
$ 9,819 |
|
$ 2,450 |
$ 1,757 |
$ — |
$ (26) |
$ 4,181 |
|
|
$ 22,493 |
|
$ 2,176 |
$ 2,870 |
$ — |
$ 187 |
$ 5,233 |
|
|
$ 52,744 |
|
$ 6,724 |
$ 6,473 |
$ 12 |
$ (795) |
$ 12,414 |
|
|
$ 6,985 |
|
$ (199) |
$ 783 |
$ — |
$ 3 |
$ 587 |
Courtyard Denver Downtown |
|
$ 5,284 |
|
$ 1,342 |
$ 711 |
$ — |
$ — |
$ 2,053 |
|
|
$ 8,263 |
|
$ (562) |
$ 683 |
$ — |
$ 507 |
$ 628 |
Courtyard New York Manhattan/ |
|
$ 17,114 |
|
$ 1,736 |
$ 1,016 |
$ 1,746 |
$ — |
$ 4,498 |
|
|
$ 7,070 |
|
$ (2,965) |
$ 1,213 |
$ — |
$ 2,918 |
$ 1,166 |
Havana Cabana |
|
$ 7,306 |
|
$ 2,012 |
$ 742 |
$ — |
$ — |
$ 2,754 |
|
|
$ 21,735 |
|
$ 2,897 |
$ 2,153 |
$ — |
$ — |
$ 5,050 |
|
|
$ 4,307 |
|
$ 1,228 |
$ 542 |
$ — |
$ — |
$ 1,770 |
|
|
$ 12,241 |
|
$ 981 |
$ 1,300 |
$ — |
$ — |
$ 2,281 |
|
|
$ 8,386 |
|
$ (207) |
$ 1,195 |
$ — |
$ — |
$ 988 |
|
|
$ 13,801 |
|
$ 438 |
$ 1,644 |
$ 1,239 |
$ 10 |
$ 3,331 |
|
|
$ 2,873 |
|
$ (350) |
$ 615 |
$ — |
$ — |
$ 265 |
|
|
$ 13,727 |
|
$ 2,907 |
$ 965 |
$ — |
$ 392 |
$ 4,264 |
|
|
$ 5,633 |
|
$ 175 |
$ 708 |
$ — |
$ — |
$ 883 |
|
|
$ 10,754 |
|
$ 2,864 |
$ 722 |
$ — |
$ — |
$ 3,586 |
L'Auberge de Sedona |
|
$ 17,165 |
|
$ 4,821 |
$ 732 |
$ — |
$ — |
$ 5,553 |
|
|
$ 11,117 |
|
$ 1,696 |
$ 1,382 |
$ — |
$ — |
$ 3,078 |
Margaritaville Beach House Key West |
|
$ 17,912 |
|
$ 6,821 |
$ 1,301 |
$ — |
$ — |
$ 8,122 |
|
|
$ 4,611 |
|
$ 1,108 |
$ 177 |
$ — |
$ 84 |
$ 1,369 |
|
|
$ 17,426 |
|
$ 4,726 |
$ 1,883 |
$ — |
$ 38 |
$ 6,647 |
The |
|
$ 17,359 |
|
$ 1,704 |
$ 3,186 |
$ — |
$ — |
$ 4,890 |
The Gwen |
|
$ 16,940 |
|
$ 1,060 |
$ 1,730 |
$ — |
$ — |
$ 2,790 |
The Hythe Vail |
|
$ 28,490 |
|
$ 9,705 |
$ 2,353 |
$ — |
$ — |
$ 12,058 |
|
|
$ 5,471 |
|
$ 542 |
$ 439 |
$ — |
$ — |
$ 981 |
|
|
$ 12,001 |
|
$ 4,678 |
$ 781 |
$ — |
$ — |
$ 5,459 |
The Lodge at |
|
$ 12,742 |
|
$ 1,735 |
$ 1,123 |
$ — |
$ — |
$ 2,858 |
|
|
$ 13,051 |
|
$ 3,459 |
$ 905 |
$ — |
$ — |
$ 4,364 |
|
|
$ 50,856 |
|
$ 3,886 |
$ 4,924 |
$ 3,893 |
$ (245) |
$ 12,458 |
|
|
$ 40,568 |
|
$ 11,024 |
$ 2,136 |
$ — |
$ — |
$ 13,160 |
|
|
$ 16,447 |
|
$ 2,085 |
$ 2,399 |
$ — |
$ — |
$ 4,484 |
|
|
$ 17,495 |
|
$ 2,538 |
$ 2,196 |
$ — |
$ — |
$ 4,734 |
|
|
$ 26,753 |
|
$ 5,570 |
$ 1,725 |
$ 1,400 |
$ — |
$ 8,695 |
Comparable Total |
|
$ 565,703 |
|
$ 93,255 |
$ 56,186 |
$ 8,290 |
$ 3,073 |
$ 160,902 |
|
|
(1) |
Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities. |
|
|
|
||||||
|
|
|
|
Net Income /(Loss) |
Plus: |
Plus: |
Plus: |
Equals: Hotel |
|
|
Total Revenues |
|
Depreciation |
Interest Expense |
Adjustments (1) |
Adjusted EBITDA |
|
|
|
$ 8,257 |
|
$ 2,062 |
$ 724 |
$ — |
$ — |
$ 2,786 |
|
|
$ 10,011 |
|
$ 2,755 |
$ 1,687 |
$ — |
$ 13 |
$ 4,455 |
|
|
$ 22,648 |
|
$ 3,099 |
$ 2,788 |
$ — |
$ 187 |
$ 6,074 |
|
|
$ 47,267 |
|
$ 5,961 |
$ 7,192 |
$ 12 |
$ (795) |
$ 12,370 |
Courtyard Denver Downtown |
|
$ 5,653 |
|
$ 1,514 |
$ 754 |
$ — |
$ — |
$ 2,268 |
|
|
$ 8,344 |
|
$ 94 |
$ 746 |
$ — |
$ 507 |
$ 1,347 |
Courtyard New York Manhattan/ |
|
$ 15,969 |
|
$ 1,279 |
$ 1,005 |
$ 1,777 |
$ — |
$ 4,061 |
|
|
$ 6,752 |
|
$ (3,152) |
$ 1,143 |
$ — |
$ 2,946 |
$ 937 |
Havana Cabana |
|
$ 7,339 |
|
$ 2,329 |
$ 587 |
$ — |
$ — |
$ 2,916 |
|
|
$ 20,800 |
|
$ 2,458 |
$ 2,033 |
$ — |
$ — |
$ 4,491 |
|
|
$ 4,198 |
|
$ 1,139 |
$ 502 |
$ — |
$ — |
$ 1,641 |
|
|
$ 11,608 |
|
$ 981 |
$ 1,284 |
$ — |
$ — |
$ 2,265 |
|
|
$ 9,479 |
|
$ 1,281 |
$ 1,128 |
$ — |
$ — |
$ 2,409 |
|
|
$ 12,135 |
|
$ (717) |
$ 1,722 |
$ 1,262 |
$ 10 |
$ 2,277 |
|
|
$ 3,539 |
|
$ (477) |
$ 594 |
$ — |
$ — |
$ 117 |
|
|
$ 13,855 |
|
$ 2,924 |
$ 1,149 |
$ — |
$ 359 |
$ 4,432 |
|
|
$ 5,146 |
|
$ 187 |
$ 609 |
$ — |
$ — |
$ 796 |
|
|
$ 10,376 |
|
$ 2,614 |
$ 796 |
$ — |
$ — |
$ 3,410 |
L'Auberge de Sedona |
|
$ 15,616 |
|
$ 3,982 |
$ 744 |
$ — |
$ — |
$ 4,726 |
|
|
$ 10,919 |
|
$ 1,719 |
$ 1,269 |
$ — |
$ — |
$ 2,988 |
Margaritaville Beach House Key West |
|
$ 17,422 |
|
$ 6,884 |
$ 1,591 |
$ — |
$ — |
$ 8,475 |
|
|
$ 4,639 |
|
$ 1,100 |
$ 180 |
$ — |
$ 84 |
$ 1,364 |
|
|
$ 15,604 |
|
$ 4,514 |
$ 1,234 |
$ — |
$ 21 |
$ 5,769 |
The |
|
$ 16,598 |
|
$ 1,578 |
$ 2,672 |
$ — |
$ — |
$ 4,250 |
The Gwen |
|
$ 16,379 |
|
$ 786 |
$ 2,133 |
$ — |
$ — |
$ 2,919 |
The Hythe Vail |
|
$ 27,307 |
|
$ 9,477 |
$ 2,402 |
$ — |
$ — |
$ 11,879 |
|
|
$ 4,307 |
|
$ (155) |
$ 532 |
$ — |
$ — |
$ 377 |
|
|
$ 12,250 |
|
$ 4,786 |
$ 941 |
$ — |
$ — |
$ 5,727 |
The Lodge at |
|
$ 15,066 |
|
$ 2,581 |
$ 1,298 |
$ — |
$ — |
$ 3,879 |
|
|
$ 13,334 |
|
$ 3,688 |
$ 866 |
$ — |
$ — |
$ 4,554 |
|
|
$ 45,431 |
|
$ 2,135 |
$ 4,949 |
$ 3,970 |
$ (245) |
$ 10,809 |
|
|
$ 39,219 |
|
$ 10,810 |
$ 2,068 |
$ — |
$ — |
$ 12,878 |
|
|
$ 17,118 |
|
$ 3,437 |
$ 1,710 |
$ — |
$ — |
$ 5,147 |
|
|
$ 15,655 |
|
$ 1,679 |
$ 2,044 |
$ — |
$ — |
$ 3,723 |
|
|
$ 24,560 |
|
$ 4,173 |
$ 2,236 |
$ 1,427 |
$ — |
$ 7,836 |
Total |
|
$ 534,800 |
|
$ 89,505 |
$ 55,312 |
$ 8,448 |
$ 3,087 |
$ 156,345 |
Add: Prior Ownership Results (2) |
|
$ 7,293 |
|
$ 876 |
$ 450 |
$ — |
$ — |
$ 1,326 |
Comparable Total |
|
$ 542,093 |
|
$ 90,381 |
$ 55,762 |
$ 8,448 |
$ 3,087 |
$ 157,671 |
|
|
(1) |
Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities. |
(2) |
Represents the pre-acquisition operating results of |
View original content:https://www.prnewswire.com/news-releases/diamondrock-hospitality-company-reports-second-quarter-2024-results-302212778.html
SOURCE