FT Markets Data
Diamondrock Hospitality Co

DIAMONDROCK HOSPITALITY COMPANY REPORTS SECOND QUARTER 2025 RESULTS

Completed $1.5 Billion Refinancing, No Debt Maturities Until 2028

Repurchased 3.6 Million Common Shares Year To Date

Increasing Midpoint of 2025 Adjusted EBITDA and FFO Per Share Guidance

BETHESDA, Md. , Aug. 7, 2025 /PRNewswire/ -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH), a lodging real estate investment trust that owns a portfolio of 36 premium hotels and resorts in the United States, today announced results of operations for the quarter ended June 30, 2025.

HIGHLIGHTS

  • Net Income: Net income attributable to common stockholders was $38.4 million, or $0.18 per diluted share, an increase of 73.8% compared to the second quarter of 2024.
  • Comparable RevPAR: $226.95, an increase of 0.1% compared to the second quarter of 2024, which was in line with expectations.
  • Comparable Total RevPAR: $350.00, an increase of 1.1% compared to the second quarter of 2024, which was stronger than expected with a 3.1% increase in out-of-room revenues.
  • Comparable Hotel Adjusted EBITDA: $95.4 million, a decrease of 1.9% compared to the second quarter of 2024.
  • Comparable Hotel Adjusted EBITDA Margin: 31.19%, a decrease of 97 basis points compared to the second quarter of 2024.
  • Adjusted EBITDA: $90.5 million, a decrease of 4.7% to the second quarter of 2024.
  • Adjusted FFO per Share: $0.35, which is flat to the second quarter of 2024.
  • Debt Refinancing: On July 22, 2025, the Company completed a $1.5 billion refinancing of its senior unsecured credit facility, increasing its size, funding all near-term debt maturities, and extending its maturity schedule.
  • Share Repurchases: Year-to-date through August 7, 2025, the Company has repurchased 3.6 million shares of its common stock at a weighted average price of $7.64 per share for total consideration of approximately $27.3 million.

"RevPAR in the second quarter was in line with our expectations, with demand down modestly and rates up compared to the same time last year.  Out-of-room spend accelerated from levels experienced in the first quarter, and that trend has continued into the third quarter. Excluding a larger than anticipated property tax increase in Chicago, we were able to limit expense growth to just 0.7%.  Comparable Hotel Adjusted EBITDA margins contracted 97 basis points, but excluding the impact of the Chicago property tax increase, margins expanded by an impressive 30 basis points.

We are beginning to see signs of a stabilization in travel patterns in our higher end portfolio and expect out-of-room revenues to remain a bright spot in the second half of the year. Policy and macroeconomic uncertainty remain, although to a lesser extent than three months ago.  We are comfortable raising the midpoint of our 2025 Adjusted EBITDA and FFO per share guidance.

In July, we successfully refinanced and extended the maturities under our senior unsecured credit facility, increasing its size from $1.2 billion to $1.5 billion with pricing unchanged.  Following the prepayment of our remaining mortgage loan in early September, we will have no hotels encumbered by debt, all our debt will be fully prepayable at any time without cost, and we will have no debt maturities until 2028.

We continued to take advantage of the disconnect in our share price and repurchased an additional $12.6 million of common shares in the second quarter, or $27.3 million year to date.  With an implied capitalization rate of 9.7% based on consensus estimates, we continue to view share repurchases as one of our best uses of capital."   

- Jeffrey J. Donnelly, Chief Executive Officer of DiamondRock Hospitality Company

OPERATING RESULTS

Please see "Non-GAAP Financial Measures" attached to this press release for an explanation of the terms "EBITDAre," "Adjusted EBITDA," "Hotel Adjusted EBITDA," "Hotel Adjusted EBITDA Margin," "FFO" and "Adjusted FFO" and a reconciliation of these measures to net income.  Comparable operating results include all hotels owned as of June 30, 2025 for all periods presented.  See "Reconciliation of Comparable Operating Results" attached to this press release for a reconciliation to historical amounts.


Three Months Ended June 30,


Six Months Ended June 30,


2025

2024

Change


2025

2024

Change


($ amounts in millions, except hotel statistics and per share amounts)

Comparable Operating Results(1)








ADR

$         295.78

$         292.59

1.1 %


$       287.24

$       282.04

1.8 %

Occupancy

76.7 %

77.5 %

(0.8) %


72.0 %

72.6 %

(0.6) %

RevPAR

$         226.95

$         226.83

0.1 %


$       206.69

$       204.67

1.0 %

Total RevPAR

$         350.00

$         346.27

1.1 %


$       320.95

$       316.69

1.3 %

Room Revenues

$           198.2

$           198.0

0.1 %


$         359.0

$         357.2

0.5 %

Total Revenues

$           305.7

$           302.2

1.2 %


$         557.5

$         552.7

0.9 %

Hotel Adjusted EBITDA

$             95.4

$             97.2

(1.9) %


$         156.7

$         157.3

(0.4) %

Hotel Adjusted EBITDA Margin

31.19 %

32.16 %

(97) bps


28.11 %

28.45 %

(34) bps

Available Rooms

873,489

872,781

708


1,737,039

1,745,289

(8,250)









Actual Operating Results(2)








Total Revenues

$           305.7

$           309.3

(1.2) %


$         560.6

$         565.7

(0.9) %

Net income attributable to
common stockholders

$             38.4

$             22.1

73.8 %


$           47.8

$           28.0

70.7 %

Earnings per diluted share

$             0.18

$             0.10

80.0 %


$           0.23

$           0.13

76.9 %

Adjusted EBITDA(3)

$             90.5

$             95.0

(4.7) %


$         146.6

$         151.3

(3.1) %

Adjusted FFO(3)

$             72.3

$             75.0

(3.6) %


$         111.8

$         113.6

(1.6) %

Adjusted FFO per diluted share(3)

$             0.35

$             0.35

— %


$           0.53

$           0.53

— %



(1)

Amounts include the pre-acquisition operating results for AC Hotel Minneapolis Downtown from January 1, 2024 to June 30, 2024 and exclude the operating results for Westin Washington D.C. City Center sold on February 19, 2025.  The pre-acquisition operating results were obtained from the seller of the hotel during the acquisition due diligence process. We have made no adjustments to the amounts provided to us by the seller. The pre-acquisition operating results were not audited or reviewed by the Company's independent auditors.

(2)  

Actual operating results include the operating results of all hotels for the Company's respective ownership periods.

(3)  

Effective January 1, 2025, the Company excludes share-based compensation from its calculations of Adjusted EBITDA and Adjusted FFO.  Amounts reported for 2024 have been adjusted to reflect the current year presentation.

DEBT REFINANCING

On July 22, 2025, the Company successfully refinanced, upsized, and extended the maturities under its senior unsecured credit facility (the "Credit Facility"), further enhancing the strength and flexibility of its conservative balance sheet.  The Company entered into an amendment and restatement of its existing $1.2 billion facility, increasing its size to $1.5 billion. The Credit Facility is comprised of a $400 million revolving credit facility maturing in January 2030, exclusive of two six-month extension options, a $500 million term loan maturing in January 2028, exclusive of two six-month extension options, a $300 million term loan maturing in January 2029, exclusive of two six-month extension options, and a $300 million term loan maturing in January 2030. The Credit Facility bears interest pursuant to a leverage-based pricing grid ranging from 1.35% to 2.25% over SOFR. Based upon the Company's current leverage, the pricing is at the lowest end of the grid.

The Company is utilizing the incremental $300 million of proceeds under the Credit Facility to repay three mortgage loans that matured or will mature in 2025. The mortgage loan secured by the Worthington Renaissance Fort Worth Hotel and the Hotel Clio, which together had a principal balance of approximately $125.0 million, were repaid on their respective maturity dates in May 2025 and July 2025 prior to the closing of the Credit Facility. The Company intends to prepay the $166.2 million mortgage loan secured by the Westin Boston Seaport District in September 2025.  Following this repayment, the Company will have no debt maturities until January 2028 and its portfolio will be fully unencumbered by secured debt.

CAPITAL EXPENDITURES

The Company invested approximately $41.3 million in capital improvements at its hotels during the six months ended June 30, 2025.  The Company continues to expect to invest approximately $85.0 to $95.0 million in capital improvements at its hotels in 2025.  Significant projects in 2025 include the following:

  • Hilton Garden Inn New York / Times Square Central: The Company completed a renovation of the hotel's guestrooms during the first quarter of 2025.
  • Sedona Repositioning: The Company commenced the repositioning of Orchards Inn as the Cliffs at L'Auberge on November 1, 2024. The repositioning will integrate the hotel with the adjacent L'Auberge de Sedona and includes construction of a new hillside pool and path connecting the two properties, renovation of the guestrooms and creation of a new arrival experience and new outdoor event space. The renovation of the guestrooms, arrival experience and event space was completed in May 2025. The Company expects to complete the pool and path project in the third quarter of 2025, after which the two properties will operate as one resort.
  • Kimpton Hotel Palomar Phoenix: The Company commenced a renovation of the hotel's guestrooms during the second quarter of 2025, which is expected to be completed in September 2025.
  • Courtyard New York Manhattan/Midtown East: The Company expects to commence a renovation of the hotel's guestrooms during the fourth quarter of 2025.

BALANCE SHEET

As of June 30, 2025, the Company had total debt outstanding of $1.0 billion, consisting of $800.0 million of unsecured term loans and two property-specific mortgage loans totaling $220.9 million, with a weighted average interest rate of 5.17%.  The Company used a portion of the proceeds from the Credit Facility refinancing to repay the  mortgage loan secured by the Hotel Clio that matured on July 6, 2025 and intends to prepay its one remaining mortgage loan in September 2025.  As of July 31, 2025, the Company had $400 million available under its undrawn revolving credit facility and approximately $287.1 million of unrestricted cash on hand.

SHARE REPURCHASE PROGRAM

During the quarter ended June 30, 2025, the Company repurchased 1.7 million shares of its common stock at an average price of $7.46 per share for a total purchase price of $12.6 million.  Subsequent to quarter end, the Company repurchased 0.5 million shares of its common stock at an average price of $7.64 for a total purchase price of $3.6 million.  The Company currently has $146.8 million of remaining capacity under its $200.0 million share repurchase program.

DIVIDENDS

On August 7, 2025, the Company's Board of Directors declared a quarterly cash dividend of $0.08 per share on its common stock.  The dividend will be paid on October 14, 2025 to shareholders of record as of September 30, 2025.  The Company's Board of Directors also declared a quarterly dividend of $0.515625 per share on its 8.250% Series A Cumulative Redeemable Preferred Stock. The dividend is payable on September 30, 2025 to shareholders of record as of September 19, 2025.

GUIDANCE

Achievement of the anticipated results is subject to the risks disclosed in the Company's filings with the U.S. Securities and Exchange Commission, which may cause actual results to differ materially from the anticipated results expressed or implied below.

The Company anticipates full year 2025 results to be in the following ranges:

Current Guidance

Previous Guidance

Change at
Midpoint


Metric

Low End

High End

Low End

High End



Comparable RevPAR Growth

(1.0) %

1.0 %

(1.0) %

1.0 %

— %


Comparable Total RevPAR Growth

(0.5 %)

1.5 %

(1.0) %

1.0 %

0.5 %


Adjusted EBITDA

$275 million

$295 million

$270 million

$295 million

$2.5 million


Adjusted FFO

$200.5 million

$220.5 million

$198 million

$223 million

—


Adjusted FFO per share

$0.96 per share

$1.06 per share

$0.94 per share

$1.06 per share

$0.01


Full year 2025 guidance is based in part on the following assumptions:

  • Full year corporate expenses of approximately $24 million to $25 million, excluding share-based compensation, which is unchanged from prior guidance;
  • Full year cash interest expense of approximately $63 million to $64 million, an increase of $2.5 million due to the upsizing of the Company's Credit Facility beyond initial expectations;
  • Fully diluted weighted average common shares and units of 209.0 million; and
  • 3,502,175 full year available rooms.

EARNINGS CALL

The Company will host a conference call to discuss its second quarter results on Friday, August 8, 2025, at 9:00 a.m. Eastern Time. The conference call will be accessible by telephone and through the internet. Interested individuals are requested to register for the call using this link to obtain dial-in and webcast details. Registration details are also available by visiting https://investor.drhc.com. A replay of the conference call webcast will be archived and available online. 

ABOUT THE COMPANY

DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in leisure destinations and top gateway markets. The Company currently owns 36 premium quality hotels with approximately 9,600 rooms. The Company has strategically positioned its portfolio to be operated both under leading global brand families as well as independent boutique hotels in the lifestyle segment. For further information on the Company and its portfolio, please visit DiamondRock Hospitality Company's website at www.drhc.com.

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 U.S., regional and global economies, travel, the hospitality industry, and the financial condition and results of operations of the Company and its hotels; negative developments or volatility in the economy, including, but not limited to elevated inflation and interest rates, job loss or growth trends, the imposition of trade sanctions or tariffs and any potential retaliatory responses thereto, an increase in unemployment or a decrease in corporate earnings and investment; risks associated with the lodging industry overall, including, without limitation, decreases in the frequency of travel, decreases in the demand for, or frequency of, international travel as a result of evolving global trade dynamics or otherwise, and increases in operating costs; relationships with property managers; the ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in taxes and government regulations which influence or determine wages, prices, construction procedures and costs; and other risk factors contained in the Company's filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.

 

DIAMONDROCK HOSPITALITY COMPANY  


CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)


June 30, 2025


December 31, 2024

ASSETS

(unaudited)



Property and equipment, net

$                  2,615,010


$                 2,631,221

Assets held for sale

—


93,400

Right-of-use assets

89,485


89,931

Restricted cash

51,155


47,408

Due from hotel managers

171,819


145,947

Prepaid and other assets

81,444


82,963

Cash and cash equivalents

52,402


81,381

Total assets

$                  3,061,315


$                 3,172,251





LIABILITIES AND EQUITY




Liabilities:




Debt, net of unamortized debt issuance costs

1,020,320


1,095,294

Lease liabilities

86,123


85,235

Due to hotel managers

131,948


121,734

Liabilities of assets held for sale

—


3,352

Deferred rent

75,614


73,535

Unfavorable contract liabilities, net

57,378


58,208

Accounts payable and accrued expenses

80,477


79,201

Distributions declared and unpaid

17,394


49,034

Deferred income related to key money, net

7,563


7,726

Total liabilities

1,476,817


1,573,319

Equity:




Preferred stock, $0.01 par value; 10,000,000 shares authorized;




    8.250% Series A Cumulative Redeemable Preferred Stock (liquidation
    preference $25.00 per share), 4,760,000 shares issued and outstanding at June
    30, 2025 and December 31, 2024

48


48

   Common stock, $0.01 par value; 400,000,000 shares authorized; 205,375,594
   and 207,592,210 shares issued and outstanding at June 30, 2025 and December
   31, 2024, respectively

2,053


2,076

Additional paid-in capital

2,243,618


2,268,521

Accumulated other comprehensive loss

(5,473)


(1,360)

Distributions in excess of earnings

(664,721)


(679,050)

Total stockholders' equity

1,575,525


1,590,235

Noncontrolling interests

8,973


8,697

Total equity

1,584,498


1,598,932

Total liabilities and equity

$                  3,061,315


$                 3,172,251

 

DIAMONDROCK HOSPITALITY COMPANY


CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts) 

(unaudited)



Three Months Ended June 30,


Six Months Ended June 30,


2025


2024


2025


2024

Revenues:








Rooms

$                198,237


$               203,487


$               361,355


$              366,994

Food and beverage

78,828


78,111


145,669


146,492

Other

28,655


27,682


53,549


52,217

Total revenues

305,720


309,280


560,573


565,703

Operating Expenses:








Rooms

47,272


47,585


91,115


91,553

Food and beverage

50,548


50,717


96,965


97,956

Other departmental and support expenses

68,719


67,817


134,005


132,417

Management fees

7,406


8,008


12,424


13,318

Franchise fees

10,003


10,567


19,051


19,593

Other property-level expenses

28,017


27,188


52,916


53,806

Depreciation and amortization

28,156


27,873


56,048


56,186

Corporate expenses

9,465


28,519


17,148


37,423

Total operating expenses

249,586


268,274


479,672


502,252









Interest expense

14,868


16,202


30,026


32,448

Interest (income) and other (income)
expense, net

(764)


(1,195)


(2,228)


(2,264)

  Total other expenses, net

14,104


15,007


27,798


30,184

Income before income taxes

42,030


25,999


53,103


33,267

Income tax expense

(991)


(1,368)


(149)


(278)

Net income

41,039


24,631


52,954


32,989

Less:  Net income attributable to
noncontrolling interests

(204)


(101)


(262)


(131)

Net income attributable to the Company

40,835


24,530


52,692


32,858

Distributions to preferred stockholders

(2,454)


(2,454)


(4,908)


(4,908)

Net income attributable to common
stockholders

$                  38,381


$                 22,076


$                 47,784


$                27,950

Earnings per share:








Earnings per share available to common
stockholders - basic

$                       0.19


$                      0.10


$                      0.23


$                     0.13

Earnings per share available to common
stockholders - diluted

$                       0.18


$                      0.10


$                      0.23


$                     0.13









Weighted-average number of common
shares outstanding:








Basic

206,804,961


211,195,763


207,652,548


211,432,403

Diluted

207,916,308


212,016,445


209,161,359


212,276,815

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, Hotel Adjusted EBITDA, FFO and Adjusted FFO. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with U.S. GAAP. EBITDA, EBITDAre, Adjusted EBITDA, Hotel Adjusted EBITDA, FFO and Adjusted FFO, as calculated by us, may not be comparable to other companies that do not define such terms exactly as the Company.

Use and Limitations of Non-GAAP Financial Measures

Our management and Board of Directors use EBITDA, EBITDAre, Adjusted EBITDA, Hotel Adjusted EBITDA, FFO and Adjusted FFO to evaluate the performance of our hotels and to facilitate comparisons between us and other lodging REITs, hotel owners who are not REITs and other capital intensive companies. The use of these non-GAAP financial measures has certain limitations. These non-GAAP financial measures as presented by us, may not be comparable to non-GAAP financial measures as calculated by other real estate companies. These measures do not reflect certain expenses or expenditures that we incurred and will incur, such as depreciation, interest and capital expenditures. We compensate for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of our operating performance. Our reconciliations to the most comparable U.S. GAAP financial measures, and our consolidated statements of operations and comprehensive income and consolidated statements of cash flows, include interest expense, capital expenditures, and other excluded items, all of which should be considered when evaluating our performance, as well as the usefulness of our non-GAAP financial measures.

These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with U.S. GAAP. They should not be considered as alternatives to operating profit, cash flow from operations, or any other operating performance measure prescribed by U.S. GAAP. These non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our U.S. GAAP results and the reconciliations to the corresponding U.S. GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. We strongly encourage investors to review our financial information in its entirety and not to rely on a single financial measure.

EBITDA and EBITDA re

EBITDA represents net income (calculated in accordance with U.S. GAAP) excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; and (3) depreciation and amortization. The Company computes EBITDAre in accordance with the National Association of Real Estate Investment Trusts ("Nareit") guidelines, as defined in its September 2017 white paper "Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate." EBITDAre represents net income (calculated in accordance with U.S. GAAP) adjusted for: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; (3) depreciation and amortization; (4) gains or losses on the disposition of depreciated property including gains or losses on change of control; (5) impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate; and (6) adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates.

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 U.S. GAAP) excluding gains or losses from sales of properties and impairment losses, plus real estate related depreciation and amortization. The Company believes that the presentation of FFO provides useful information to investors regarding its operating performance because it is a measure of the Company's operations without regard to specified non-cash items, such as real estate related depreciation and amortization and gains or losses on the sale of assets. The Company also uses FFO as one measure in assessing its operating results.

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 U.S. GAAP net income, EBITDAre and FFO, is beneficial to an investor's complete understanding of our consolidated and property-level operating performance.  We adjust EBITDAre and FFO for the following items:

  • 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 and Hotel Pre-Opening Costs: We exclude the transition costs associated with a change in hotel manager and 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.
  • Share-Based Compensation Expense: We exclude share-based compensation expense as it is a non-cash item. This adjustment aligns with the calculation of Adjusted EBITDA for our financial covenant ratios under our credit facility, supporting consistency in our financial reporting and covenant compliance, as well as comparability with our peers.
  • 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: non-cash realized gains or losses on our deferred compensation plan assets; management or franchise contract termination fees; terminated transaction costs; 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 and the portion of our non-cash ground lease expense recognized as interest expense.  We exclude these non-cash amounts because they do not reflect the underlying performance of the Company.

Hotel Adjusted EBITDA

We believe that Hotel Adjusted EBITDA provides our investors a useful financial measure to evaluate our hotel operating performance, excluding the impact of our capital structure (primarily interest), our asset base (primarily depreciation and amortization), and our corporate-level expenses.  With respect to Hotel Adjusted EBITDA, we believe that excluding the effect of corporate-level expenses provides a more complete understanding of the operating results over which individual hotels and third-party management companies have direct control.  We believe property-level results provide investors with supplemental information on the ongoing operational performance of our hotels and effectiveness of the third-party management companies operating our business on a property-level basis. Hotel Adjusted EBITDA margins are calculated as Hotel Adjusted EBITDA divided by total hotel revenues. 

Reconciliations of Non-GAAP Measures

EBITDA, EBITDAre, Adjusted EBITDA and Hotel Adjusted EBITDA

The following tables are reconciliations of our GAAP net income to EBITDA, EBITDAre and Adjusted EBITDA and Hotel Adjusted EBITDA (in thousands):        

Three Months Ended June 30,


Six Months Ended June 30,          


2025


2024
(As Adjusted)(1)


2025


2024
(As Adjusted)(1)

Net income

$                41,039


$                24,631


$                52,954


$                32,989

Interest expense

14,868


16,202


30,026


32,448

Income tax expense

991


1,368


149


278

Real estate related depreciation and amortization

28,156


27,873


56,048


56,186

EBITDA/EBITDAre

85,054


70,074


139,177


121,901

Non-cash lease expense and other amortization

1,284


1,555


2,583


3,073

Share-based compensation expense (2)

2,891


2,512


3,556


5,147

Hotel pre-opening costs

321


535


344


769

Terminated transaction costs

907


—


907


—

Severance costs

—


20,362


—


20,362

Adjusted EBITDA

90,457


95,038


146,567


151,252

Corporate expenses

5,655


5,636


12,003


11,884

Interest (income) and other (income) expense, net

(752)


(1,186)


(1,546)


(2,234)

Hotel Adjusted EBITDA

$                95,360


$                99,488


$              157,024


$              160,902



(1) 

Effective January 1, 2025, the Company excludes share-based compensation expense from its calculation of Adjusted EBITDA.  Amounts reported for 2024 have been adjusted to reflect the current year presentation.

(2) 

For each of the three months ended June 30, 2025 and 2024, amounts include less than $0.1 million of non-cash realized gains related to our deferred compensation plan. For the six months ended June 30, 2025 and 2024, amounts include $0.7 million and less than $0.1 million, respectively, of non-cash realized gains related to our deferred compensation plan.

 

Full Year 2025 Guidance


Low End


High End

Net income

$                      79,710


$                   100,710

Interest expense

64,000


63,000

Income tax expense

683


1,683

Real estate related depreciation and amortization

116,000


115,000

EBITDAre

260,393


280,393

Non-cash lease expense and other amortization

6,200


6,200

Share-based compensation expense

7,000


7,000

Terminated transaction costs

907


907

Hotel pre-opening costs

500


500

Adjusted EBITDA

$                   275,000


$                   295,000

FFO and Adjusted FFO

The following tables are reconciliations of our GAAP net income to FFO and Adjusted FFO (in thousands): 

Three Months Ended June 30,


Six Months Ended June 30,          


2025


2024
(As Adjusted)(1)



2025


2024
(As Adjusted)(1)

Net income

$                41,039


$                24,631



$                52,954


$                32,989

Real estate related depreciation and
amortization

28,156


27,873



56,048


56,186

FFO

69,195


52,504



109,002


89,175

Distribution to preferred stockholders

(2,454)


(2,454)



(4,908)


(4,908)

FFO available to common stock and unit
holders

66,741


50,050



104,094


84,267

Non-cash lease expense and other
amortization

1,470


1,555



2,945


3,073

Share-based compensation expense (2)

2,891


2,512



3,556


5,147

Terminated transaction costs

907


—



907


—

Severance costs

—


20,362



—


20,362

Hotel pre-opening costs

321


535



344


769

Adjusted FFO available to common stock
and unit holders

$                72,330


$                75,014



$              111,846


$              113,618

Adjusted FFO available to common stock
and unit holders, per diluted share

$                     0.35


$                     0.35



$                     0.53


$                     0.53

Diluted weighted average shares and units

208,943


212,879



210,178


213,086



(1) 

Effective January 1, 2025, the Company excludes share-based compensation from its calculation of Adjusted FFO.  Amounts reported for 2024 have been adjusted to reflect the current year presentation.

(2)   

For each of the three months ended June 30, 2025 and 2024, amounts include less than $0.1 million of non-cash realized gains related to our deferred compensation plan. For the six months ended June 30, 2025 and 2024, amounts include $0.7 million and less than $0.1 million, respectively, of non-cash realized gains related to our deferred compensation plan.

 

Full Year 2025 Guidance


Low End


High End

Net income

$                      79,710


$                   100,710

Real estate related depreciation and amortization

116,000


115,000

FFO

195,710


215,710

Distribution to preferred stockholders

(9,817)


(9,817)

FFO available to common stock and unit holders

185,893


205,893

Non-cash lease expense and other amortization

6,200


6,200

Share-based compensation expense

7,000


7,000

Terminated transaction costs

907


907

Hotel pre-opening costs

500


500

Adjusted FFO available to common stock and unit holders

$                   200,500


$                   220,500

Adjusted FFO available to common stock and unit holders, per diluted share

$                          0.96


$                          1.06

Diluted weighted average shares and units

209,000


209,000

Reconciliation of Comparable Operating Results

The following presents the revenues, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin together with comparable prior year results (in thousands):           

Three Months Ended June 30,

Six Months Ended June 30,          


2025


2024


2025


2024

Revenues

$          305,720


$          309,280


$          560,573


$          565,703

Hotel revenues from prior ownership (1)

—


2,966


—


4,500

Hotel revenues from sold hotel (2)

—


(10,029)


(3,077)


(17,495)

Comparable Revenues

$          305,720


$          302,217


$          557,496


$          552,708









Hotel Adjusted EBITDA

$             95,360


$             99,488


$          157,024


$          160,902

Hotel Adjusted EBITDA from prior ownership (1)

—


1,050


—


1,085

Hotel Adjusted EBITDA from sold hotel (2)

—


(3,332)


(331)


(4,734)

Comparable Hotel Adjusted EBITDA

$             95,360


$             97,206


$          156,693


$          157,253









Hotel Adjusted EBITDA Margin

31.19 %


32.17 %


28.01 %


28.44 %

Comparable Hotel Adjusted EBITDA Margin

31.19 %


32.16 %


28.11 %


28.45 %



(1)   

Amounts represent the pre-acquisition operating results for AC Hotel Minneapolis Downtown from January 1, 2024 to June 30, 2024.  The pre-acquisition operating results were obtained from the seller of the hotel during the acquisition due diligence process. We have made no adjustments to the amounts provided to us by the seller. The pre-acquisition operating results were not audited or reviewed by the Company's independent auditors.

(2)  

Amounts represent the operating results for Westin Washington D.C. City Center sold on February 19, 2025.

Selected Quarterly Comparable Operating Information

The following table is presented to provide investors with selected quarterly comparable operating information for the Company's current portfolio of 36 hotels.

Quarter 1, 2024

Quarter 2, 2024

Quarter 3, 2024

Quarter 4, 2024

Full Year 2024

ADR

$           269.95

$           292.59

$           282.05

$           291.24

$           284.26

Occupancy

67.6 %

77.5 %

76.2 %

69.5 %

72.7 %

RevPAR

$           182.50

$           226.83

$           214.79

$           202.40

$           206.64

Total RevPAR

$           287.09

$           346.27

$           318.60

$           309.18

$           315.28

Revenues (in thousands)

$         250,491

$         302,217

$         281,127

$         272,783

$      1,106,618

Hotel Adjusted EBITDA (in thousands)

$           60,047

$           97,206

$           82,003

$           73,899

$         313,155

Hotel Adjusted EBITDA Margin

23.97 %

32.16 %

29.17 %

27.09 %

28.30 %

Available Rooms

872,508

872,781

882,372

882,280

3,509,941

 

Market Capitalization as of June 30, 2025

(in thousands)

Enterprise Value






Common equity capitalization (at June 30, 2025 closing price of $7.66/share)


$              1,592,487

Preferred equity capitalization (at liquidation value of $25.00/share)


119,000

Consolidated debt (face amount)


1,020,876

Cash and cash equivalents


(52,402)

Total enterprise value


$              2,679,961

Share Reconciliation






Common shares outstanding


205,376

Operating partnership units


1,135

Unvested restricted stock held by management and employees


850

Share grants under deferred compensation plan


536

Combined shares and units


207,897

 

Debt Summary

(dollars in thousands)







Outstanding Principal as of



Loan


Interest Rate


Term


June 30, 2025


August 7, 2025


Maturity

Hotel Clio


4.33 %


Fixed


$                 53,910


$                         —


July 2025

Westin Boston Seaport District


4.36 %


Fixed


166,966


166,154


November 2025

Unsecured term loan


SOFR + 1.35% (1)


Variable


500,000


500,000


January 2028 (3)

Unsecured term loan


SOFR + 1.35% (2)


Variable


300,000


300,000


January 2029 (3)

Unsecured term loan


SOFR + 1.35% (2)


Variable


—


300,000


January 2030

Senior unsecured credit facility


SOFR + 1.40%


Variable


—


—


January 2030 (3)

Total debt






1,020,876


1,266,154



     Unamortized debt issuance costs (4)






(556)


(1,353)



Debt, net of unamortized debt issuance costs




$           1,020,320


$          1,264,801














Leverage Metrics






As of
June 30, 2025


As of
August 7, 2025



Total weighted-average interest rate (5)






5.2 %


5.3 %



Net debt to EBITDA (6)






3.3x


-



Net debt/ Preferred to EBITDA (6)






3.7x


-



Fixed charge coverage






4.6x


-



Average years to maturity






1.4


2.8














(1) 

Interest rate was 5.12% as of June 30, 2025 and 5.10% as of August 7, 2025, which includes the effect of interest rate swaps.

(2) 

Interest rate was 5.74% as of June 30, 2025 and 5.69% as of August 7, 2025.

(3)  

Maturity date may be extended for two six-month periods upon the payment of applicable fees and the satisfaction of certain customary conditions.

(4)   

Excludes debt issuance costs related to our senior unsecured credit facility, which are included within Prepaid and Other Assets on the accompanying consolidated balance sheet.

(5) 

Weighted-average interest rate includes the effect of interest rate swaps.

(6) 

Trailing 12 month EBITDA as of June 30, 2025.

 

Operating Statistics – Second Quarter


Rooms

ADR


Occupancy


RevPAR


 Total RevPAR


2Q 2025

2Q 2024

Change


2Q 2025

2Q 2024

Change


2Q 2025

2Q 2024

Change


2Q 2025

2Q 2024

Change


















AC Hotel Minneapolis Downtown (1)

245

$       157.62

$       178.99

(11.9) %


68.0 %

66.0 %

2.0 %


$       107.13

$       118.21

(9.4) %


$        123.16

$        133.02

(7.4) %

Atlanta Marriott Alpharetta

318

$       159.93

$       156.89

1.9 %


69.7 %

69.7 %

— %


$       111.51

$       109.41

1.9 %


$        150.07

$        158.18

(5.1) %

Bourbon Orleans Hotel

220

$       222.29

$       243.76

(8.8) %


73.0 %

78.6 %

(5.6) %


$       162.35

$       191.53

(15.2) %


$        214.85

$        241.16

(10.9) %

Cavallo Point, The Lodge at the Golden Gate

142

$       563.32

$       574.78

(2.0) %


63.2 %

61.7 %

1.5 %


$       355.86

$       354.87

0.3 %


$        968.38

$        978.70

(1.1) %

Chicago Marriott Downtown Magnificent Mile

1,200

$       283.76

$       279.63

1.5 %


71.9 %

67.4 %

4.5 %


$       203.91

$       188.37

8.2 %


$        347.15

$        306.39

13.3 %

Chico Hot Springs Resort & Day Spa

117

$       243.15

$       201.95

20.4 %


63.7 %

72.5 %

(8.8) %


$       154.79

$       146.43

5.7 %


$        345.69

$        355.60

(2.8) %

Courtyard Denver Downtown

177

$       232.21

$       221.52

4.8 %


84.5 %

83.7 %

0.8 %


$       196.29

$       185.35

5.9 %


$        216.05

$        204.72

5.5 %

Courtyard New York Manhattan/Fifth Avenue

189

$       330.15

$       316.32

4.4 %


99.0 %

88.9 %

10.1 %


$       327.01

$       281.34

16.2 %


$        332.59

$        288.49

15.3 %

Courtyard New York Manhattan/Midtown East

321

$       354.49

$       359.88

(1.5) %


91.7 %

94.0 %

(2.3) %


$       325.08

$       338.22

(3.9) %


$        334.11

$        348.70

(4.2) %

Embassy Suites by Hilton Bethesda

272

$       182.91

$       190.12

(3.8) %


78.3 %

83.5 %

(5.2) %


$       143.19

$       158.69

(9.8) %


$        166.46

$        178.96

(7.0) %

Havana Cabana Key West

106

$       242.76

$       287.85

(15.7) %


82.5 %

83.1 %

(0.6) %


$       200.18

$       239.30

(16.3) %


$        303.70

$        328.80

(7.6) %

Henderson Beach Resort

270

$       445.60

$       464.72

(4.1) %


71.1 %

74.4 %

(3.3) %


$       316.74

$       345.84

(8.4) %


$        606.22

$        613.43

(1.2) %

Henderson Park Inn

37

$       662.88

$       684.85

(3.2) %


83.9 %

84.9 %

(1.0) %


$       556.37

$       581.11

(4.3) %


$        915.22

$        899.70

1.7 %

Hilton Garden Inn New York/Times Square Central

282

$       294.15

$       284.16

3.5 %


97.7 %

89.5 %

8.2 %


$       287.31

$       254.22

13.0 %


$        321.79

$        284.28

13.2 %

Hotel Champlain Burlington

258

$       208.66

$       240.84

(13.4) %


73.6 %

75.9 %

(2.3) %


$       153.61

$       182.85

(16.0) %


$        228.38

$        243.22

(6.1) %

Hotel Clio

199

$       336.34

$       327.64

2.7 %


79.4 %

83.7 %

(4.3) %


$       266.93

$       274.30

(2.7) %


$        459.90

$        462.34

(0.5) %

Hotel Emblem San Francisco

96

$       188.40

$       184.02

2.4 %


71.4 %

62.5 %

8.9 %


$       134.51

$       115.04

16.9 %


$        162.90

$        142.72

14.1 %

Kimpton Hotel Palomar Phoenix

242

$       224.14

$       218.99

2.4 %


67.7 %

76.2 %

(8.5) %


$       151.63

$       166.96

(9.2) %


$        255.25

$        272.32

(6.3) %

Kimpton Shorebreak Fort Lauderdale Beach Resort

96

$       192.35

$       182.23

5.6 %


74.3 %

78.5 %

(4.2) %


$       142.96

$       142.99

— %


$        291.47

$        267.26

9.1 %

Kimpton Shorebreak Huntington Beach Resort

157

$       307.13

$       326.16

(5.8) %


81.9 %

85.7 %

(3.8) %


$       251.58

$       279.54

(10.0) %


$        383.45

$        402.32

(4.7) %

L'Auberge de Sedona

88

$       882.40

$       951.60

(7.3) %


76.2 %

74.2 %

2.0 %


$       672.71

$       705.97

(4.7) %


$     1,183.79

$     1,227.01

(3.5) %

Lake Austin Spa Resort

40

$     1,077.87

$     1,065.58

1.2 %


63.8 %

70.6 %

(6.8) %


$       688.18

$       752.64

(8.6) %


$     1,677.02

$     1,725.14

(2.8) %

Margaritaville Beach House Key West

186

$       363.85

$       371.14

(2.0) %


88.6 %

88.5 %

0.1 %


$       322.27

$       328.50

(1.9) %


$        450.94

$        461.12

(2.2) %

Orchards Inn Sedona

70

$       290.40

$       301.79

(3.8) %


11.6 %

68.1 %

(56.5) %


$         33.64

$       205.38

(83.6) %


$        176.85

$        404.96

(56.3) %

Salt Lake City Marriott Downtown at City Creek

510

$       212.39

$       196.94

7.8 %


72.6 %

73.0 %

(0.4) %


$       154.21

$       143.79

7.2 %


$        208.58

$        194.44

7.3 %

The Dagny Boston

403

$       334.24

$       302.27

10.6 %


86.3 %

89.3 %

(3.0) %


$       288.31

$       270.03

6.8 %


$        317.96

$        298.14

6.6 %

The Gwen

311

$       355.48

$       331.59

7.2 %


79.4 %

81.5 %

(2.1) %


$       282.15

$       270.37

4.4 %


$        427.84

$        405.17

5.6 %

The Hythe Vail

344

$       256.50

$       266.05

(3.6) %


40.3 %

50.8 %

(10.5) %


$       103.43

$       135.12

(23.5) %


$        189.99

$        255.37

(25.6) %

The Landing Lake Tahoe Resort & Spa

82

$       382.17

$       361.62

5.7 %


60.5 %

64.9 %

(4.4) %


$       231.39

$       234.60

(1.4) %


$        439.34

$        443.90

(1.0) %

The Lindy Renaissance Charleston Hotel

167

$       394.55

$       388.06

1.7 %


93.3 %

94.0 %

(0.7) %


$       368.17

$       364.77

0.9 %


$        463.82

$        442.56

4.8 %

The Lodge at Sonoma Resort

182

$       452.66

$       435.59

3.9 %


74.2 %

72.4 %

1.8 %


$       335.85

$       315.21

6.5 %


$        532.04

$        495.38

7.4 %

Tranquility Bay Beachfront Resort

103

$       604.79

$       605.29

(0.1) %


80.8 %

79.7 %

1.1 %


$       488.71

$       482.14

1.4 %


$        629.10

$        628.64

0.1 %

Westin Boston Waterfront

793

$       302.46

$       281.74

7.4 %


88.1 %

89.8 %

(1.7) %


$       266.47

$       253.03

5.3 %


$        411.91

$        412.33

(0.1) %

Westin Fort Lauderdale Beach Resort

432

$       250.54

$       247.85

1.1 %


78.9 %

80.8 %

(1.9) %


$       197.60

$       200.38

(1.4) %


$        419.31

$        419.88

(0.1) %

Westin San Diego Bayview

436

$       247.02

$       236.19

4.6 %


82.9 %

75.3 %

7.6 %


$       204.83

$       177.91

15.1 %


$        267.17

$        221.04

20.9 %

Worthington Renaissance Fort Worth Hotel

504

$       203.94

$       217.36

(6.2) %


76.3 %

76.6 %

(0.3) %


$       155.59

$       166.58

(6.6) %


$        295.97

$        309.09

(4.2) %

Comparable Total (2)

9,595

$       295.78

$       292.59

1.1 %


76.7 %

77.5 %

(0.8) %


$       226.95

$       226.83

0.1 %


$        350.00

$        346.27

1.1 %


















 (1)

Hotel was acquired on November 12, 2024.  Amounts reflect the pre-acquisition operating results of the period from April 1, 2024 to June 30, 2024. 

 (2)

Amounts include the pre-acquisition operating results of the AC Minneapolis Downtown acquired in 2024 and exclude the Westin Washington D.C. City Center which was sold in 2025. 

 

Operating Statistics – Year to Date



Rooms

ADR


Occupancy


RevPAR


 Total RevPAR


YTD 2025

YTD 2024

Change


YTD 2025

YTD 2024

Change


YTD 2025

YTD 2024

Change


YTD 2025

YTD 2024

Change


















AC Hotel Minneapolis Downtown (1)

245

$        146.65

$        166.70

(12.0) %


54.6 %

53.3 %

1.3 %


$         80.10

$         88.81

(9.8) %


$         93.62

$        100.94

(7.3) %

Atlanta Marriott Alpharetta

318

$        165.65

$        160.91

2.9 %


67.3 %

64.4 %

2.9 %


$        111.54

$        103.69

7.6 %


$        158.63

$        151.42

4.8 %

Bourbon Orleans Hotel

220

$        260.70

$        252.55

3.2 %


70.8 %

77.6 %

(6.8) %


$        184.67

$        196.01

(5.8) %


$        238.40

$        245.23

(2.8) %

Cavallo Point, The Lodge at the Golden Gate

142

$        552.72

$        563.98

(2.0) %


57.4 %

56.4 %

1.0 %


$        317.05

$        318.00

(0.3) %


$        863.68

$        870.35

(0.8) %

Chicago Marriott Downtown Magnificent Mile

1,200

$        252.45

$        236.23

6.9 %


57.5 %

56.9 %

0.6 %


$        145.11

$        134.30

8.0 %


$        253.34

$        241.50

4.9 %

Chico Hot Springs Resort & Day Spa

117

$        225.20

$        191.05

17.9 %


61.8 %

72.1 %

(10.3) %


$        139.16

$        137.79

1.0 %


$        329.64

$        339.66

(3.0) %

Courtyard Denver Downtown

177

$        201.74

$        192.63

4.7 %


77.8 %

75.7 %

2.1 %


$        156.90

$        145.88

7.6 %


$        175.45

$        164.02

7.0 %

Courtyard New York Manhattan/Fifth Avenue

189

$        279.25

$        262.20

6.5 %


96.5 %

89.0 %

7.5 %


$        269.42

$        233.30

15.5 %


$        274.86

$        240.21

14.4 %

Courtyard New York Manhattan/Midtown East

321

$        304.09

$        305.05

(0.3) %


89.7 %

92.6 %

(2.9) %


$        272.67

$        282.36

(3.4) %


$        282.28

$        292.94

(3.6) %

Embassy Suites by Hilton Bethesda

272

$        174.28

$        177.12

(1.6) %


67.0 %

71.2 %

(4.2) %


$        116.72

$        126.10

(7.4) %


$        136.18

$        142.81

(4.6) %

Havana Cabana Key West

106

$        293.04

$        348.71

(16.0) %


87.6 %

84.4 %

3.2 %


$        256.83

$        294.27

(12.7) %


$        361.23

$        378.71

(4.6) %

Henderson Beach Resort

270

$        388.37

$        415.52

(6.5) %


55.9 %

57.5 %

(1.6) %


$        217.09

$        239.12

(9.2) %


$        439.65

$        446.45

(1.5) %

Henderson Park Inn

37

$        571.49

$        574.38

(0.5) %


68.0 %

71.0 %

(3.0) %


$        388.70

$        407.88

(4.7) %


$        648.77

$        639.63

1.4 %

Hilton Garden Inn New York/Times Square Central

282

$        255.78

$        232.97

9.8 %


83.0 %

89.6 %

(6.6) %


$        212.32

$        208.70

1.7 %


$        241.33

$        238.50

1.2 %

Hotel Champlain Burlington

258

$        179.80

$        201.16

(10.6) %


65.6 %

66.1 %

(0.5) %


$        117.91

$        132.90

(11.3) %


$        178.07

$        178.60

(0.3) %

Hotel Clio

199

$        311.20

$        300.99

3.4 %


74.7 %

74.5 %

0.2 %


$        232.49

$        224.14

3.7 %


$        397.58

$        381.06

4.3 %

Hotel Emblem San Francisco

96

$        216.44

$        218.08

(0.8) %


63.7 %

60.7 %

3.0 %


$        137.95

$        132.27

4.3 %


$        169.02

$        164.46

2.8 %

Kimpton Hotel Palomar Phoenix

242

$        257.26

$        247.69

3.9 %


72.2 %

79.1 %

(6.9) %


$        185.78

$        195.90

(5.2) %


$        297.55

$        311.66

(4.5) %

Kimpton Shorebreak Fort Lauderdale Beach Resort

96

$        235.02

$        223.27

5.3 %


80.4 %

83.8 %

(3.4) %


$        188.87

$        187.08

1.0 %


$        356.35

$        322.39

10.5 %

Kimpton Shorebreak Huntington Beach Resort

157

$        298.15

$        307.37

(3.0) %


77.8 %

82.1 %

(4.3) %


$        231.86

$        252.39

(8.1) %


$        359.91

$        376.35

(4.4) %

L'Auberge de Sedona

88

$        836.90

$        909.10

(7.9) %


74.7 %

69.6 %

5.1 %


$        625.26

$        632.50

(1.1) %


$     1,075.77

$     1,071.71

0.4 %

Lake Austin Spa Resort

40

$     1,050.08

$     1,036.17

1.3 %


57.4 %

64.1 %

(6.7) %


$        602.64

$        664.40

(9.3) %


$     1,459.90

$     1,527.03

(4.4) %

Margaritaville Beach House Key West

186

$        422.83

$        443.07

(4.6) %


89.8 %

90.1 %

(0.3) %


$        379.71

$        399.42

(4.9) %


$        508.65

$        529.13

(3.9) %

Orchards Inn Sedona

70

$        289.58

$        299.20

(3.2) %


5.8 %

62.6 %

(56.8) %


$          16.91

$        187.32

(91.0) %


$        150.06

$        361.96

(58.5) %

Salt Lake City Marriott Downtown at City Creek

510

$        208.48

$        197.58

5.5 %


71.0 %

69.4 %

1.6 %


$        147.93

$        137.07

7.9 %


$        202.94

$        187.74

8.1 %

The Dagny Boston

403

$        271.07

$        252.32

7.4 %


82.1 %

83.1 %

(1.0) %


$        222.60

$        209.63

6.2 %


$        251.40

$        236.67

6.2 %

The Gwen

311

$        295.44

$        278.74

6.0 %


73.2 %

73.7 %

(0.5) %


$        216.32

$        205.54

5.2 %


$        323.70

$        299.27

8.2 %

The Hythe Vail

344

$        529.96

$        484.14

9.5 %


57.9 %

63.6 %

(5.7) %


$        306.70

$        307.95

(0.4) %


$        450.55

$        455.06

(1.0) %

The Landing Lake Tahoe Resort & Spa

82

$        357.07

$        349.50

2.2 %


54.2 %

55.8 %

(1.6) %


$        193.41

$        194.98

(0.8) %


$        366.50

$        366.58

— %

The Lindy Renaissance Charleston Hotel

167

$        364.41

$        355.33

2.6 %


89.4 %

90.3 %

(0.9) %


$        325.83

$        320.80

1.6 %


$        410.87

$        394.85

4.1 %

The Lodge at Sonoma Resort

182

$        400.40

$        387.62

3.3 %


67.5 %

58.9 %

8.6 %


$        270.37

$        228.16

18.5 %


$        445.58

$        384.69

15.8 %

Tranquility Bay Beachfront Resort

103

$        668.29

$        704.50

(5.1) %


79.8 %

77.6 %

2.2 %


$        533.61

$        546.47

(2.4) %


$        678.94

$        696.18

(2.5) %

Westin Boston Waterfront

793

$        271.43

$        252.99

7.3 %


82.2 %

83.9 %

(1.7) %


$        223.20

$        212.21

5.2 %


$        354.08

$        352.36

0.5 %

Westin Fort Lauderdale Beach Resort

432

$        291.78

$        290.74

0.4 %


81.7 %

84.2 %

(2.5) %


$        238.29

$        244.94

(2.7) %


$        495.17

$        514.78

(3.8) %

Westin San Diego Bayview

436

$        235.97

$        228.13

3.4 %


79.7 %

68.3 %

11.4 %


$        188.08

$        155.87

20.7 %


$        259.04

$        207.27

25.0 %

Westin Washington D.C. City Center

410

$        254.66

$        188.28

35.3 %


45.4 %

60.7 %

(15.3) %


$        115.57

$        114.25

1.2 %


$        153.18

$        146.08

4.9 %

Worthington Renaissance Fort Worth Hotel

504

$        207.93

$        213.47

(2.6) %


75.5 %

73.3 %

2.2 %


$        157.01

$        156.46

0.4 %


$        294.60

$        291.66

1.0 %

Comparable Total (2)

9,595

$        287.24

$        282.04

1.8 %


72.0 %

72.6 %

(0.6) %


$        206.69

$        204.67

1.0 %


$        320.95

$        316.69

1.3 %


















(1) 

Hotel was acquired on November 12, 2024.  Amounts reflect the pre-acquisition operating results of the period from January 1, 2024 to June 30, 2024. 

(2) 

Amounts include the pre-acquisition operating results of the AC Minneapolis Downtown acquired in 2024 and exclude the Westin Washington D.C. City Center which was sold in 2025. 

 

Hotel Adjusted EBITDA Reconciliation - Second Quarter 2025








Net Income / (Loss)

Plus:

Plus:

Plus:

Equals: Hotel
Adjusted EBITDA



Total Revenues


Depreciation

Interest Expense

Adjustments (1)

AC Hotel Minneapolis Downtown


$                     2,746


$                        555

$                        298

$                           —

$                           —

$                        853

Atlanta Marriott Alpharetta


$                     4,343


$                     1,270

$                        378

$                           —

$                           —

$                     1,648

Bourbon Orleans Hotel


$                     4,301


$                        508

$                     1,109

$                           —

$                            3

$                     1,620

Cavallo Point, The Lodge at the Golden Gate


$                   12,513


$                     2,266

$                     1,483

$                           —

$                          94

$                     3,843

Chicago Marriott Downtown Magnificent Mile


$                   37,909


$                     8,420

$                     3,048

$                            6

$                       (397)

$                   11,077

Chico Hot Springs Resort & Day Spa


$                     3,681


$                        335

$                        441

$                           —

$                           —

$                        776

Courtyard Denver Downtown


$                     3,480


$                     1,154

$                        386

$                           —

$                           —

$                     1,540

Courtyard New York Manhattan/Fifth Avenue


$                     5,720


$                        952

$                        344

$                        282

$                        204

$                     1,782

Courtyard New York Manhattan/Midtown East


$                     9,760


$                     2,773

$                        536

$                           —

$                           —

$                     3,309

Embassy Suites by Hilton Bethesda


$                     4,120


$                      (988)

$                        482

$                           —

$                     1,440

$                        934

Havana Cabana Key West


$                     2,929


$                        523

$                        235

$                           —

$                           —

$                        758

Henderson Beach Resort


$                   14,895


$                     4,032

$                     1,112

$                           —

$                           —

$                     5,144

Henderson Park Inn


$                     3,082


$                     1,427

$                        273

$                           —

$                           —

$                     1,700

Hilton Garden Inn New York/Times Square Central


$                     8,258


$                     1,972

$                        778

$                           —

$                           —

$                     2,750

Hotel Champlain Burlington


$                     5,362


$                        300

$                        782

$                           —

$                           —

$                     1,082

Hotel Clio


$                     8,328


$                        946

$                        848

$                        600

$                            5

$                     2,399

Hotel Emblem San Francisco


$                     1,423


$                      (189)

$                        292

$                           —

$                           —

$                        103

Kimpton Hotel Palomar Phoenix


$                     5,621


$                        454

$                        509

$                           —

$                        190

$                     1,153

Kimpton Shorebreak Fort Lauderdale Beach Resort


$                     2,546


$                        (71)

$                        371

$                           —

$                           —

$                        300

Kimpton Shorebreak Huntington Beach Resort


$                     5,478


$                     1,632

$                        338

$                           —

$                           —

$                     1,970

L'Auberge de Sedona


$                     9,480


$                     3,051

$                        420

$                           —

$                           —

$                     3,471

Lake Austin Spa Resort


$                     6,104


$                     1,348

$                        719

$                           —

$                           —

$                     2,067

Margaritaville Beach House Key West


$                     7,633


$                     2,478

$                        760

$                           —

$                           —

$                     3,238

Orchards Inn Sedona


$                     1,127


$                      (629)

$                        344

$                           —

$                          42

$                      (243)

Salt Lake City Marriott Downtown at City Creek


$                     9,680


$                     2,690

$                     1,062

$                           —

$                          11

$                     3,763

The Dagny Boston


$                   11,660


$                     3,377

$                     1,566

$                           —

$                           —

$                     4,943

The Gwen


$                   12,108


$                     3,058

$                        757

$                           —

$                           —

$                     3,815

The Hythe Vail


$                     6,013


$                   (1,355)

$                     1,149

$                           —

$                           —

$                      (206)

The Landing Lake Tahoe Resort & Spa


$                     3,278


$                        558

$                        315

$                           —

$                           —

$                        873

The Lindy Renaissance Charleston Hotel


$                     7,049


$                     3,167

$                        368

$                           —

$                           —

$                     3,535

The Lodge at Sonoma Resort


$                     8,812


$                     2,781

$                        478

$                           —

$                           —

$                     3,259

Tranquility Bay Beachfront Resort


$                     5,897


$                     1,519

$                        466

$                           —

$                           —

$                     1,985

Westin Boston Seaport District


$                   29,726


$                     5,158

$                     2,303

$                     1,884

$                       (122)

$                     9,223

Westin Fort Lauderdale Beach Resort


$                   16,484


$                     2,172

$                     1,113

$                           —

$                           —

$                     3,285

Westin San Diego Bayview


$                   10,600


$                     1,818

$                     1,349

$                           —

$                           —

$                     3,167

Worthington Renaissance Fort Worth Hotel


$                   13,574


$                     3,258

$                        944

$                        263

$                           —

$                     4,465

Total


$                 305,720


$                   62,720

$                   28,156

$                     3,035

$                     1,470

$                   95,360



(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.

 

Hotel Adjusted EBITDA Reconciliation - Second Quarter 2024





Net Income / (Loss)

Plus:

Plus:

Plus:

Equals: Hotel



Total Revenues


Depreciation

Interest Expense

Adjustments (1)

Adjusted EBITDA

Atlanta Marriott Alpharetta


$                     4,577


$                     1,360

$                        347

$                           —

$                          —

$                     1,707

Bourbon Orleans Hotel


$                     4,828


$                     1,135

$                        883

$                           —

$                           3

$                     2,021

Cavallo Point, The Lodge at the Golden Gate


$                   12,647


$                     2,241

$                     1,409

$                           —

$                         94

$                     3,744

Chicago Marriott Downtown Magnificent Mile


$                   33,458


$                     8,301

$                     3,058

$                            6

$                      (397)

$                   10,968

Chico Hot Springs Resort & Day Spa


$                     3,657


$                          58

$                        396

$                           —

$                           2

$                        456

Courtyard Denver Downtown


$                     3,297


$                     1,175

$                        331

$                           —

$                          —

$                     1,506

Courtyard New York Manhattan/Fifth Avenue


$                     4,962


$                        378

$                        324

$                           —

$                       253

$                        955

Courtyard New York Manhattan/Midtown East


$                   10,186


$                     2,305

$                        490

$                        870

$                          —

$                     3,665

Embassy Suites by Hilton Bethesda


$                     4,430


$                      (930)

$                        638

$                           —

$                    1,454

$                     1,162

Havana Cabana Key West


$                     3,172


$                        548

$                        444

$                           —

$                          —

$                        992

Henderson Beach Resort


$                   15,016


$                     3,854

$                     1,091

$                           —

$                          —

$                     4,945

Henderson Park Inn


$                     3,029


$                     1,345

$                        268

$                           —

$                          —

$                     1,613

Hilton Garden Inn New York/Times Square Central


$                     7,295


$                     1,517

$                        650

$                           —

$                          —

$                     2,167

Hotel Champlain Burlington


$                     5,710


$                        604

$                        621

$                           —

$                          —

$                     1,225

Hotel Clio


$                     8,373


$                     1,472

$                        799

$                        618

$                           5

$                     2,894

Hotel Emblem San Francisco


$                     1,247


$                      (313)

$                        313

$                           —

$                          —

$                           —

Kimpton Hotel Palomar Phoenix


$                     5,997


$                        660

$                        464

$                           —

$                       193

$                     1,317

Kimpton Shorebreak Fort Lauderdale Beach Resort


$                     2,335


$                      (311)

$                        351

$                           —

$                          —

$                          40

Kimpton Shorebreak Huntington Beach Resort


$                     5,748


$                     1,884

$                        342

$                           —

$                          —

$                     2,226

L'Auberge de Sedona


$                     9,826


$                     3,194

$                        346

$                           —

$                          —

$                     3,540

Lake Austin Spa Resort


$                     6,280


$                     1,384

$                        701

$                           —

$                          —

$                     2,085

Margaritaville Beach House Key West


$                     7,805


$                     2,621

$                        535

$                           —

$                          —

$                     3,156

Orchards Inn Sedona


$                     2,580


$                        693

$                          90

$                           —

$                         42

$                        825

Salt Lake City Marriott Downtown at City Creek


$                     9,024


$                     2,570

$                        965

$                           —

$                         28

$                     3,563

The Dagny Boston


$                   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

The Landing Lake Tahoe Resort & Spa


$                     3,312


$                        656

$                        220

$                           —

$                          —

$                        876

The Lindy Renaissance Charleston Hotel


$                     6,726


$                     2,977

$                        388

$                           —

$                          —

$                     3,365

The Lodge at Sonoma Resort


$                     8,205


$                     2,374

$                        505

$                           —

$                          —

$                     2,879

Tranquility Bay Beachfront Resort


$                     5,892


$                     1,521

$                        453

$                           —

$                          —

$                     1,974

Westin Boston Seaport District


$                   29,752


$                     5,087

$                     2,435

$                     1,940

$                      (122)

$                     9,340

Westin Fort Lauderdale Beach Resort


$                   16,544


$                     2,763

$                     1,053

$                           —

$                          —

$                     3,816

Westin San Diego Bayview


$                     8,770


$                     1,283

$                     1,331

$                           —

$                          —

$                     2,614

Westin Washington D.C. City Center


$                   10,029


$                     2,184

$                     1,148

$                           —

$                          —

$                     3,332

Worthington Renaissance Fort Worth Hotel


$                   14,176


$                     3,396

$                        874

$                        698

$                          —

$                     4,968

Total


$                 309,280


$                   65,928

$                   27,873

$                     4,132

$                    1,555

$                   99,488

Add: Prior Ownership Results (2)


$                     2,966


$                        725

$                        325

$                           —

$                          —

$                     1,050

Less: Sold Hotel(3)


$                 (10,029)


$                   (2,184)

$                   (1,148)

$                           —

$                          —

$                   (3,332)

Comparable Total


$                 302,217


$                   64,469

$                   27,050

$                     4,132

$                     1,555

$                   97,206



(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 the AC Minneapolis Downtown acquired in 2024. 

(3)

Represents the operating results of the Westin Washington D.C. City Center sold in 2025.  

 

Hotel Adjusted EBITDA Reconciliation - Year to Date 2025



Total Revenues


Net Income / (Loss)

Plus: Depreciation

Plus: Interest
Expense

Plus: Adjustments (1)

Equals: Hotel
Adjusted EBITDA




AC Hotel Minneapolis Downtown


$                  4,151


$                        192

$                        595

$                           —

$                               —

$                        787

Atlanta Marriott Alpharetta


$                  9,131


$                     2,875

$                        741

$                           —

$                               —

$                     3,616

Bourbon Orleans Hotel


$                  9,493


$                     1,877

$                     2,166

$                           —

$                                6

$                     4,049

Cavallo Point, The Lodge at the Golden Gate


$                22,198


$                     1,999

$                     2,939

$                           —

$                            187

$                     5,125

Chicago Marriott Downtown Magnificent Mile


$                55,025


$                     5,402

$                     6,158

$                          12

$                           (795)

$                   10,777

Chico Hot Springs Resort & Day Spa


$                  6,981


$                          99

$                        871

$                           —

$                               —

$                        970

Courtyard Denver Downtown


$                  5,621


$                     1,285

$                        769

$                           —

$                               —

$                     2,054

Courtyard New York Manhattan/Fifth Avenue


$                  9,403


$                        308

$                        686

$                        567

$                            404

$                     1,965

Courtyard New York Manhattan/Midtown East


$                16,401


$                     3,055

$                     1,066

$                           —

$                               —

$                     4,121

Embassy Suites by Hilton Bethesda


$                  6,705


$                    (2,959)

$                     1,028

$                           —

$                         2,890

$                        959

Havana Cabana Key West


$                  6,931


$                     1,886

$                        548

$                           —

$                               —

$                     2,434

Henderson Beach Resort


$                21,486


$                     3,098

$                     2,222

$                           —

$                               —

$                     5,320

Henderson Park Inn


$                  4,345


$                     1,394

$                        551

$                           —

$                               —

$                     1,945

Hilton Garden Inn New York/Times Square Central


$                12,318


$                        886

$                     1,436

$                           —

$                               —

$                     2,322

Hotel Champlain Burlington


$                  8,315


$                      (919)

$                     1,562

$                           —

$                               —

$                        643

Hotel Clio


$                14,320


$                        244

$                     1,702

$                     1,200

$                              10

$                     3,156

Hotel Emblem San Francisco


$                  2,937


$                      (245)

$                        586

$                           —

$                               —

$                        341

Kimpton Hotel Palomar Phoenix


$                13,033


$                     2,410

$                     1,016

$                           —

$                            383

$                     3,809

Kimpton Shorebreak Fort Lauderdale Beach Resort


$                  6,192


$                        625

$                        740

$                           —

$                               —

$                     1,365

Kimpton Shorebreak Huntington Beach Resort


$                10,228


$                     2,465

$                        680

$                           —

$                               —

$                     3,145

L'Auberge de Sedona


$                17,135


$                     4,981

$                        831

$                           —

$                               —

$                     5,812

Lake Austin Spa Resort


$                10,570


$                     1,629

$                     1,435

$                           —

$                               —

$                     3,064

Margaritaville Beach House Key West


$                17,124


$                     6,430

$                     1,520

$                           —

$                               —

$                     7,950

Orchards Inn Sedona


$                  1,901


$                    (1,088)

$                        439

$                           —

$                              84

$                      (565)

Salt Lake City Marriott Downtown at City Creek


$                18,734


$                     5,264

$                     2,110

$                           —

$                              21

$                     7,395

The Dagny Boston


$                18,338


$                     2,391

$                     3,126

$                           —

$                               —

$                     5,517

The Gwen


$                18,221


$                     1,433

$                     1,511

$                           —

$                               —

$                     2,944

The Hythe Vail


$                28,208


$                     9,245

$                     2,310

$                           —

$                               —

$                   11,555

The Landing Lake Tahoe Resort & Spa


$                  5,440


$                        446

$                        634

$                           —

$                               —

$                     1,080

The Lindy Renaissance Charleston Hotel


$                12,419


$                     5,091

$                        731

$                           —

$                               —

$                     5,822

The Lodge at Sonoma Resort


$                14,678


$                     3,217

$                        971

$                           —

$                               —

$                     4,188

Tranquility Bay Beachfront Resort


$                12,657


$                     3,453

$                        934

$                           —

$                               —

$                     4,387

Westin Boston Seaport District


$                50,822


$                     3,990

$                     4,604

$                     3,761

$                           (245)

$                   12,110

Westin Fort Lauderdale Beach Resort


$                38,718


$                     9,501

$                     2,227

$                           —

$                               —

$                   11,728

Westin San Diego Bayview


$                20,442


$                     3,435

$                     2,698

$                           —

$                               —

$                     6,133

Westin Washington D.C. City Center


$                  3,077


$                        331

$                           —

$                           —

$                               —

$                        331

Worthington Renaissance Fort Worth Hotel


$                26,875


$                     5,862

$                     1,905

$                        940

$                               —

$                     8,707

Total


$              560,573


$                   91,588

$                   56,048

$                     6,480

$                         2,945

$                 157,024

Less: Sold Hotel(2)


$                 (3,077)


$                      (331)

$                           —

$                           —

$                               —

$                      (331)

Comparable Total


$              557,496


$                   91,257

$                   56,048

$                     6,480

$                         2,945

$                 156,693



(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 operating results of the Westin Washington D.C. City Center sold in 2025.

 

Hotel Adjusted EBITDA Reconciliation - Year to Date 2024





Net Income /(Loss)

Plus:

Plus:

Plus:

Equals: Hotel



Total Revenues


Depreciation

Interest Expense

Adjustments (1)

Adjusted EBITDA

Atlanta Marriott Alpharetta


$                     8,764


$                     2,450

$                        722

$                           —

$                           —

$                     3,172

Bourbon Orleans Hotel


$                     9,819


$                     2,450

$                     1,757

$                           —

$                         (26)

$                     4,181

Cavallo Point, The Lodge at the Golden Gate


$                   22,493


$                     2,176

$                     2,870

$                           —

$                         187

$                     5,233

Chicago Marriott Downtown Magnificent Mile


$                   52,744


$                     6,724

$                     6,473

$                          12

$                       (795)

$                   12,414

Chico Hot Springs Resort & Day Spa


$                     6,985


$                      (199)

$                        783

$                           —

$                            3

$                        587

Courtyard Denver Downtown


$                     5,284


$                     1,342

$                        711

$                           —

$                           —

$                     2,053

Courtyard New York Manhattan/Fifth Avenue


$                     8,263


$                      (562)

$                        683

$                           —

$                        507

$                        628

Courtyard New York Manhattan/Midtown East


$                   17,114


$                     1,736

$                     1,016

$                     1,746

$                           —

$                     4,498

Embassy Suites by Hilton Bethesda


$                     7,070


$                   (2,965)

$                     1,213

$                           —

$                     2,918

$                     1,166

Havana Cabana Key West


$                     7,306


$                     2,012

$                        742

$                           —

$                           —

$                     2,754

Henderson Beach Resort


$                   21,735


$                     2,897

$                     2,153

$                           —

$                           —

$                     5,050

Henderson Park Inn


$                     4,307


$                     1,228

$                        542

$                           —

$                           —

$                     1,770

Hilton Garden Inn New York/Times Square Central


$                   12,241


$                        981

$                     1,300

$                           —

$                           —

$                     2,281

Hotel Champlain Burlington


$                     8,386


$                      (207)

$                     1,195

$                           —

$                           —

$                        988

Hotel Clio


$                   13,801


$                        438

$                     1,644

$                     1,239

$                          10

$                     3,331

Hotel Emblem San Francisco


$                     2,873


$                      (350)

$                        615

$                           —

$                           —

$                        265

Kimpton Hotel Palomar Phoenix


$                   13,727


$                     2,907

$                        965

$                           —

$                        392

$                     4,264

Kimpton Shorebreak Fort Lauderdale Beach Resort


$                     5,633


$                        175

$                        708

$                           —

$                           —

$                        883

Kimpton Shorebreak Huntington Beach Resort


$                   10,754


$                     2,864

$                        722

$                           —

$                           —

$                     3,586

L'Auberge de Sedona


$                   17,165


$                     4,821

$                        732

$                           —

$                           —

$                     5,553

Lake Austin Spa Resort


$                   11,117


$                     1,696

$                     1,382

$                           —

$                           —

$                     3,078

Margaritaville Beach House Key West


$                   17,912


$                     6,821

$                     1,301

$                           —

$                           —

$                     8,122

Orchards Inn Sedona


$                     4,611


$                     1,108

$                        177

$                           —

$                          84

$                     1,369

Salt Lake City Marriott Downtown at City Creek


$                   17,426


$                     4,726

$                     1,883

$                           —

$                          38

$                     6,647

The Dagny Boston


$                   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

The Landing Lake Tahoe Resort & Spa


$                     5,471


$                        542

$                        439

$                           —

$                           —

$                        981

The Lindy Renaissance Charleston Hotel


$                   12,001


$                     4,678

$                        781

$                           —

$                           —

$                     5,459

The Lodge at Sonoma Resort


$                   12,742


$                     1,735

$                     1,123

$                           —

$                           —

$                     2,858

Tranquility Bay Beachfront Resort


$                   13,051


$                     3,459

$                        905

$                           —

$                           —

$                     4,364

Westin Boston Seaport District


$                   50,856


$                     3,886

$                     4,924

$                     3,893

$                       (245)

$                   12,458

Westin Fort Lauderdale Beach Resort


$                   40,568


$                   11,024

$                     2,136

$                           —

$                           —

$                   13,160

Westin San Diego Bayview


$                   16,447


$                     2,085

$                     2,399

$                           —

$                           —

$                     4,484

Westin Washington D.C. City Center


$                   17,495


$                     2,538

$                     2,196

$                           —

$                           —

$                     4,734

Worthington Renaissance Fort Worth Hotel


$                   26,753


$                     5,570

$                     1,725

$                     1,400

$                           —

$                     8,695

Total


$                 565,703


$                   93,255

$                   56,186

$                     8,290

$                     3,073

$                 160,902

Add: Prior Ownership Results (2)


$                     4,500


$                        437

$                        648

$                           —

$                           —

$                     1,085

Less: Sold Hotel (3)


$                 (17,495)


$                   (2,538)

$                   (2,196)

$                           —

$                           —

$                   (4,734)

Comparable Total


$                 552,708


$                   91,154

$                   54,638

$                     8,290

$                     3,073

$                 157,253



(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 the AC Minneapolis Downtown acquired in 2024. 

(3) 

Represents the operating results of the Westin Washington D.C. City Center sold in 2025.  

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/diamondrock-hospitality-company-reports-second-quarter-2025-results-302524781.html

SOURCE DiamondRock Hospitality Company