Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - STRATEGIC HOTELS & RESORTS, INC | d305467d8k.htm |
| EX-99.1 - EX-99.1 - STRATEGIC HOTELS & RESORTS, INC | d305467dex991.htm |
Exhibit 99.2
Strategic Hotels & Resorts, Inc.
Supplemental Financial Information
December 31, 2011
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR)
|
Supplemental Financial Information December 31, 2011
|
TABLE OF CONTENTS
| PAGE | ||||
| CORPORATE INFORMATION |
||||
| The Company |
1 | |||
| Board of Directors |
2 | |||
| Officers |
3 | |||
| Equity Research Coverage |
4 | |||
| FINANCIAL HIGHLIGHTS |
||||
| Supplemental Financial Data |
5 | |||
| Consolidated Statements of Operations |
6 | |||
| Consolidated Balance Sheets |
7 | |||
| Discontinued Operations |
8 | |||
| Investments in the Hotel del Coronado and Fairmont Scottsdale Princess Hotel |
9 | |||
| Leasehold Information |
10 | |||
| Non-GAAP Financial Measures |
11 | |||
| Reconciliation of Net Loss Attributable to SHR Common Shareholders to EBITDA and Comparable EBITDA |
12 | |||
| Reconciliation of Net Loss Attributable to SHR Common Shareholders to Funds From Operations (FFO), FFO—Fully Diluted and Comparable FFO |
13 | |||
| Debt Summary |
14 | |||
| PORTFOLIO DATA |
||||
| Portfolio at December 31, 2011 |
15 | |||
| Seasonality by Geographic Region |
16 | |||
| Operating Statistics by Geographic Region |
17 | |||
| Selected Financial and Operating Information by Property |
18-22 | |||
| Reconciliation of Property EBITDA to EBITDA |
23 | |||
| Reconciliation of Property EBITDA to Comparable EBITDA |
24 | |||
| 2012 Guidance |
25 | |||
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR)
|
Supplemental Financial Information December 31, 2011
|
CORPORATE INFORMATION
The Company
Strategic Hotels & Resorts, Inc. is an industry-leading owner and asset manager of high-end hotels and resorts. We own interests in or lease a quality portfolio of upper upscale and luxury hotels and resorts in desirable North American and European locations. Our portfolio is currently made up of 17 properties totaling 7,762 rooms. We own interests in or lease unique hotels with complex operations, sophisticated customers and multiple revenue streams. Our properties include large convention hotels, business hotels and resorts, which are managed by internationally recognized hotel management companies.
We believe our asset management expertise is what truly distinguishes us. Asset management is our focus, our core competency, and our competitive advantage. Our business is driven by our team’s depth of knowledge and hands-on expertise in every aspect of the lodging industry. While our focus is to drive top line revenues, we importantly focus on every component of bottom line profitability. We use our experience to make selective, value added acquisitions and recycle capital through thoughtful and planned dispositions. Simply put, we are utilizing our expert management skills in building a great hotel company which we believe will provide attractive returns for our shareholders.
Strategic Hotels & Resorts, Inc. is a real estate investment trust (REIT) and is traded on the New York Stock Exchange under the symbol BEE.
Fiscal Year End:
December 31
Number of Full-Time Equivalent Employees:
40
Corporate Headquarters:
200 West Madison Street, Suite 1700
Chicago, IL 60606
(312) 658-5000
Company Contacts:
Diane M. Morefield
Executive Vice President, Chief Financial Officer
(312) 658-5000
Jonathan P. Stanner
Vice President, Capital Markets and Treasurer
(312) 658-5000
1
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR)
|
Supplemental Financial Information December 31, 2011
|
Board of Directors
Raymond L. Gellein, Jr.
Chairman of the Board and Executive Committee
Laurence S. Geller
Director, President and Chief Executive Officer
Robert P. Bowen
Director and Chairman of the Audit Committee
James A. Jeffs
Director and Chairman of the Compensation Committee
William A. Prezant
Director and Chairman of the Corporate Governance and Nominating Committee
Kenneth Fisher
Director
Richard D. Kincaid
Director
Sir David M.C. Michels
Director
Eugene F. Reilly
Director
2
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR)
|
Supplemental Financial Information December 31, 2011
|
Officers
Laurence S. Geller
President and Chief Executive Officer
Diane M. Morefield
Executive Vice President, Chief Financial Officer (Principal Financial Officer)
Richard J. Moreau
Executive Vice President, Chief Operating Officer
Stephen M. Briggs
Senior Vice President, Chief Accounting Officer (Principal Accounting Officer)
Paula C. Maggio
Senior Vice President, Secretary & General Counsel
Robert T. McAllister
Senior Vice President, Tax
Patricia A. Needham
Senior Vice President, Assistant Secretary
John K.T. Barrett
Vice President, Asset Management
Gregory A. Brenner
Vice President, Controller
D. Robert Britt
Vice President, Asset Management
Michael A. Dalton
Vice President, Design
Eric D. Hassberger
Vice President, Capital Markets
Thomas G. Healy
Vice President, Asset Management
David R. Hogin, Jr.
Vice President, Asset Management
Jonathan P. Stanner
Vice President, Capital Markets and Treasurer
Cory P. Warning
Vice President, Investments
3
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR)
|
Supplemental Financial Information December 31, 2011
|
Equity Research Coverage
| Firm |
Analyst |
Telephone | ||
| Bank of America Merrill Lynch |
Andrew Didora | (646) 855-2924 | ||
| Deutsche Bank North America |
Carlo Santarelli | (212) 250-5815 | ||
| Green Street Advisors |
Enrique Torres | (949) 640-8780 | ||
| International Strategy & Investment Group, Inc. |
Ian Weissman | (212) 446-9461 | ||
| JMP Securities |
Will Marks | (415) 835-8944 | ||
| J.P. Morgan Securities |
Joseph Greff | (212) 622-0548 | ||
| Keefe, Bruyette & Woods |
Smedes Rose | (212) 887-3696 | ||
| Morgan Stanley |
Mark Strawn | (212) 761-4990 | ||
| Raymond James & Associates |
William Crow | (727) 567-2594 | ||
| Robert W. Baird & Co. |
David Loeb | (414) 765-7063 | ||
| Wells Fargo Securities, LLC |
Jeffrey Donnelly | (617) 603-4262 | ||
Strategic Hotels & Resorts, Inc. is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding Strategic Hotels & Resorts, Inc.’s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Strategic Hotels & Resorts, Inc. or its management. Strategic Hotels & Resorts, Inc. does not by its reference here imply its endorsement of, or concurrence with, such information, conclusions or recommendations.
4
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR)
|
Supplemental Financial Information December 31, 2011
|
FINANCIAL HIGHLIGHTS
Supplemental Financial Data
(in thousands, except per share information)
| December 31, 2011 | ||||||||
| Pro Rata Share | Consolidated | |||||||
| Capitalization |
||||||||
| Common shares outstanding |
185,627 | 185,627 | ||||||
| Operating partnership units outstanding |
853 | 853 | ||||||
| Restricted stock units outstanding |
1,208 | 1,208 | ||||||
| Value Creation Plan units outstanding |
1,156 | 1,156 | ||||||
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| Combined shares and units outstanding |
188,844 | 188,844 | ||||||
| Common stock price at end of period |
$ | 5.37 | $ | 5.37 | ||||
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| Common equity capitalization |
$ | 1,014,092 | $ | 1,014,092 | ||||
| Preferred equity capitalization (at $25.00 face value) |
289,102 | 289,102 | ||||||
| Consolidated debt |
1,050,385 | 1,050,385 | ||||||
| Pro rata share of unconsolidated debt |
212,275 | — | ||||||
| Pro rata share of consolidated debt |
(45,548 | ) | — | |||||
| Cash and cash equivalents |
(72,013 | ) | (72,013 | ) | ||||
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| Total enterprise value |
$ | 2,448,293 | $ | 2,281,566 | ||||
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| Net Debt / Total Enterprise Value |
46.8 | % | 42.9 | % | ||||
| Preferred Equity / Total Enterprise Value |
11.8 | % | 12.7 | % | ||||
| Common Equity / Total Enterprise Value |
41.4 | % | 44.4 | % | ||||
5
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR)
|
Supplemental Financial Information Three Months and Years Ended December 31, 2011 and 2010
|
Consolidated Statements of Operations
(in thousands, except per share data)
| Three Months Ended December 31, |
Years
Ended December 31, |
|||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Revenues: |
||||||||||||||||
| Rooms |
$ | 99,985 | $ | 93,885 | $ | 410,315 | $ | 362,559 | ||||||||
| Food and beverage |
71,207 | 66,339 | 267,194 | 238,762 | ||||||||||||
| Other hotel operating revenue |
21,047 | 22,696 | 80,907 | 79,981 | ||||||||||||
| Lease revenue |
1,675 | 1,608 | 5,422 | 4,991 | ||||||||||||
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| Total revenues |
193,914 | 184,528 | 763,838 | 686,293 | ||||||||||||
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| Operating Costs and Expenses: |
||||||||||||||||
| Rooms |
28,359 | 27,204 | 114,087 | 105,142 | ||||||||||||
| Food and beverage |
50,018 | 47,241 | 192,028 | 171,279 | ||||||||||||
| Other departmental expenses |
51,808 | 53,467 | 207,664 | 199,336 | ||||||||||||
| Management fees |
6,516 | 6,093 | 24,719 | 22,911 | ||||||||||||
| Other hotel expenses |
14,311 | 8,733 | 53,808 | 48,781 | ||||||||||||
| Lease expense |
1,163 | 1,170 | 4,865 | 4,566 | ||||||||||||
| Depreciation and amortization |
25,840 | 32,406 | 112,062 | 130,601 | ||||||||||||
| Impairment losses and other charges |
— | 141,858 | — | 141,858 | ||||||||||||
| Corporate expenses |
15,650 | 12,594 | 39,856 | 34,692 | ||||||||||||
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| Total operating costs and expenses |
193,665 | 330,766 | 749,089 | 859,166 | ||||||||||||
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| Operating income (loss) |
249 | (146,238 | ) | 14,749 | (172,873 | ) | ||||||||||
| Interest expense |
(19,299 | ) | (17,797 | ) | (86,447 | ) | (86,285 | ) | ||||||||
| Interest income |
49 | 61 | 173 | 430 | ||||||||||||
| Loss on early extinguishment of debt |
— | — | (1,237 | ) | (925 | ) | ||||||||||
| Loss on early termination of derivative financial instruments |
— | — | (29,242 | ) | (18,263 | ) | ||||||||||
| Equity in (losses) earnings of unconsolidated affiliates |
(2,949 | ) | 10,125 | (9,215 | ) | 13,025 | ||||||||||
| Foreign currency exchange loss |
(79 | ) | (16 | ) | (2 | ) | (1,410 | ) | ||||||||
| Other income, net |
1,051 | 99 | 5,767 | 2,398 | ||||||||||||
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| Loss before income taxes and discontinued operations |
(20,978 | ) | (153,766 | ) | (105,454 | ) | (263,903 | ) | ||||||||
| Income tax expense |
(691 | ) | (1,112 | ) | (970 | ) | (1,408 | ) | ||||||||
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| Loss from continuing operations |
(21,669 | ) | (154,878 | ) | (106,424 | ) | (265,311 | ) | ||||||||
| Income from discontinued operations, net of tax |
357 | 28,037 | 101,572 | 34,511 | ||||||||||||
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| Net loss |
(21,312 | ) | (126,841 | ) | (4,852 | ) | (230,800 | ) | ||||||||
| Net loss attributable to the noncontrolling interests in SHR’s operating partnership |
99 | 808 | 29 | 1,687 | ||||||||||||
| Net loss (income) attributable to the noncontrolling interests in consolidated affiliates |
614 | (1,080 | ) | (383 | ) | (1,938 | ) | |||||||||
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| Net loss attributable to SHR |
(20,599 | ) | (127,113 | ) | (5,206 | ) | (231,051 | ) | ||||||||
| Preferred shareholder dividends |
4,682 | (7,722 | ) | (18,482 | ) | (30,886 | ) | |||||||||
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| Net loss attributable to SHR common shareholders |
$ | (15,917 | ) | $ | (134,835 | ) | $ | (23,688 | ) | $ | (261,937 | ) | ||||
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| Basic and Diluted Loss Per Share: |
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| Loss from continuing operations attributable to SHR common shareholders |
$ | (0.09 | ) | $ | (1.07 | ) | $ | (0.70 | ) | $ | (2.41 | ) | ||||
| Income from discontinued operations attributable to SHR common shareholders |
— | 0.18 | 0.57 | 0.28 | ||||||||||||
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| Net loss attributable to SHR common shareholders |
$ | (0.09 | ) | $ | (0.89 | ) | $ | (0.13 | ) | $ | (2.13 | ) | ||||
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| Weighted average common shares outstanding |
186,151 | 151,663 | 176,576 | 122,933 | ||||||||||||
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6
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR)
|
Supplemental Financial Information December 31, 2011 and 2010
|
Consolidated Balance Sheets
(in thousands, except share data)
| December 31, | ||||||||
| 2011 | 2010 | |||||||
| Assets |
||||||||
| Investment in hotel properties, net |
$ | 1,692,431 | $ | 1,835,451 | ||||
| Goodwill |
40,359 | 40,359 | ||||||
| Intangible assets, net of accumulated amortization of $8,915 and $6,536 |
30,635 | 32,620 | ||||||
| Assets held for sale |
— | 45,145 | ||||||
| Investment in unconsolidated affiliates |
126,034 | 18,024 | ||||||
| Cash and cash equivalents |
72,013 | 78,842 | ||||||
| Restricted cash and cash equivalents |
39,498 | 34,618 | ||||||
| Accounts receivable, net of allowance for doubtful accounts of $1,698 and $1,922 |
43,597 | 35,250 | ||||||
| Deferred financing costs, net of accumulated amortization of $3,488 and $15,756 |
10,845 | 3,322 | ||||||
| Deferred tax assets |
2,230 | 4,121 | ||||||
| Prepaid expenses and other assets |
29,047 | 34,564 | ||||||
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| Total assets |
$ | 2,086,689 | $ | 2,162,316 | ||||
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| Liabilities, Noncontrolling Interests and Equity |
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| Liabilities: |
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| Mortgages and other debt payable |
$ | 1,000,385 | $ | 1,118,281 | ||||
| Bank credit facility |
50,000 | 28,000 | ||||||
| Liabilities of assets held for sale |
— | 93,206 | ||||||
| Accounts payable and accrued expenses |
249,179 | 270,703 | ||||||
| Distributions payable |
72,499 | — | ||||||
| Deferred tax liabilities |
47,623 | 1,732 | ||||||
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| Total liabilities |
1,419,686 | 1,511,922 | ||||||
| Noncontrolling interests in SHR’s operating partnership |
4,583 | 5,050 | ||||||
| Equity: |
||||||||
| SHR’s shareholders’ equity: |
||||||||
| 8.50% Series A Cumulative Redeemable Preferred Stock ($0.01 par value; 4,148,141 and 4,488,750 shares issued and outstanding; liquidation preference $25.00 per share plus accrued distributions and $130,148 and $131,296 in the aggregate) |
99,995 | 108,206 | ||||||
| 8.25% Series B Cumulative Redeemable Preferred Stock ($0.01 par value; 3,615,375 and 4,600,000 shares issued and outstanding; liquidation preference $25.00 per share plus accrued distributions and $112,755 and $133,975 in the aggregate) |
87,064 | 110,775 | ||||||
| 8.25% Series C Cumulative Redeemable Preferred Stock ($0.01 par value; 3,827,727 and 5,750,000 shares issued and outstanding; liquidation preference $25.00 per share plus accrued distributions and $119,377 and $167,469 in the aggregate) |
92,489 | 138,940 | ||||||
| Common shares ($0.01 par value; 250,000,000 common shares authorized; 185,627,199 and 151,305,314 common shares issued and outstanding) |
1,856 | 1,513 | ||||||
| Additional paid-in capital |
1,634,067 | 1,553,286 | ||||||
| Accumulated deficit |
(1,190,621 | ) | (1,185,294 | ) | ||||
| Accumulated other comprehensive loss |
(70,652 | ) | (107,164 | ) | ||||
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| Total SHR’s shareholders’ equity |
654,198 | 620,262 | ||||||
| Noncontrolling interests in consolidated affiliates |
8,222 | 25,082 | ||||||
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| Total equity |
662,420 | 645,344 | ||||||
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| Total liabilities, noncontrolling interests and equity |
$ | 2,086,689 | $ | 2,162,316 | ||||
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7
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR)
|
Supplemental Financial Information Three Months and Years Ended December 31, 2011 and 2010
|
Discontinued Operations
The results of operations of hotels sold are classified as discontinued operations and segregated in the consolidated statements of operations for all periods presented. The following hotels were sold during 2011 and 2010 (in thousands):
| Hotel |
Date Sold | Net Sales Proceeds | ||||||
| Paris Marriott Champs Elysees (Paris Marriott) |
April 6, 2011 | $ | 58,012 | |||||
| InterContinental Prague |
December 15, 2010 | $ | 3,564 | |||||
The following is a summary of income from discontinued operations for the three months and years ended December 31, 2011 and 2010 (in thousands):
| Three Months Ended | Years Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Hotel operating revenues |
$ | — | $ | 16,896 | $ | 9,743 | $ | 68,883 | ||||||||
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| Operating costs and expenses |
— | 14,858 | 9,456 | 55,252 | ||||||||||||
| Depreciation and amortization |
— | 567 | — | 5,980 | ||||||||||||
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| Total operating costs and expenses |
— | 15,425 | 9,456 | 61,232 | ||||||||||||
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| Operating income |
— | 1,471 | 287 | 7,651 | ||||||||||||
| Interest expense |
— | (1,990 | ) | — | (9,706 | ) | ||||||||||
| Interest income |
— | 13 | — | 32 | ||||||||||||
| Loss on early extinguishment of debt |
— | (95 | ) | — | (95 | ) | ||||||||||
| Foreign currency exchange (loss) gain |
— | (98 | ) | 51 | 7,392 | |||||||||||
| Other income, net |
— | — | 326 | — | ||||||||||||
| Income tax benefit (expense) |
— | 260 | (379 | ) | (476 | ) | ||||||||||
| Gain on sale |
357 | 28,476 | 101,287 | 29,713 | ||||||||||||
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| Income from discontinued operations |
$ | 357 | $ | 28,037 | $ | 101,572 | $ | 34,511 | ||||||||
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8
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR)
|
Supplemental Financial Information Three Months and Years Ended December 31, 2011 and 2010
|
Investments in the Hotel del Coronado and Fairmont Scottsdale Princess Hotel
(in thousands)
On January 9, 2006, we purchased a 45% interest in the unconsolidated affiliate that owns the Hotel del Coronado. On February 4, 2011, we completed a recapitalization of the unconsolidated affiliate. As part of the recapitalization, a new unconsolidated affiliate was formed to own the Hotel del Coronado and to invest cash in the asset. Pursuant to the terms of the recapitalization, we became a limited partner in the new unconsolidated affiliate, and our ownership interest in the Hotel del Coronado decreased from 45% to 34.3%. On June 9, 2011, we completed a recapitalization of the Fairmont Scottsdale Princess hotel. As part of the recapitalization, our ownership interest in the Fairmont Scottsdale Princess hotel decreased from 100% to 50%. We account for these investments using the equity method of accounting.
| Three Months Ended December 31, 2011 |
Three Months Ended December 31, 2010 |
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| Hotel del Coronado |
Fairmont Scottsdale Princess |
Total | Hotel del Coronado |
Fairmont Scottsdale Princess |
Total | |||||||||||||||||||
| Total revenues (100%) |
$ | 30,324 | $ | 18,322 | $ | 48,646 | $ | 29,021 | $ | — | $ | 29,021 | ||||||||||||
| Property EBITDA (100%) |
$ | 7,697 | $ | 2,052 | $ | 9,749 | $ | 5,629 | $ | — | $ | 5,629 | ||||||||||||
| Equity in (losses) earnings of unconsolidated affiliates (SHR ownership) |
||||||||||||||||||||||||
| Property EBITDA |
$ | 2,640 | $ | 1,026 | $ | 3,666 | $ | 2,533 | $ | — | $ | 2,533 | ||||||||||||
| Depreciation and amortization |
(1,674 | ) | (1,765 | ) | (3,439 | ) | (1,891 | ) | — | (1,891 | ) | |||||||||||||
| Interest expense |
(2,515 | ) | (204 | ) | (2,719 | ) | (2,003 | ) | — | (2,003 | ) | |||||||||||||
| Gain on extinguishment of debt |
— | — | — | 11,025 | — | 11,025 | ||||||||||||||||||
| Other expenses, net |
(22 | ) | (17 | ) | (39 | ) | (32 | ) | — | (32 | ) | |||||||||||||
| Income taxes |
(49 | ) | — | (49 | ) | 392 | — | 392 | ||||||||||||||||
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| Equity in (losses) earnings of unconsolidated affiliates |
$ | (1,620 | ) | $ | (960 | ) | $ | (2,580 | ) | $ | 10,024 | $ | — | $ | 10,024 | |||||||||
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| EBITDA Contribution |
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| Equity in (losses) earnings of unconsolidated affiliates |
$ | (1,620 | ) | $ | (960 | ) | $ | (2,580 | ) | $ | 10,024 | $ | — | $ | 10,024 | |||||||||
| Depreciation and amortization |
1,674 | 1,765 | 3,439 | 1,891 | — | 1,891 | ||||||||||||||||||
| Interest expense |
2,515 | 204 | 2,719 | 2,003 | — | 2,003 | ||||||||||||||||||
| Gain on extinguishment of debt |
— | — | — | (11,025 | ) | — | (11,025 | ) | ||||||||||||||||
| Income taxes |
49 | — | 49 | (392 | ) | — | (392 | ) | ||||||||||||||||
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| EBITDA Contribution |
$ | 2,618 | $ | 1,009 | $ | 3,627 | $ | 2,501 | $ | — | $ | 2,501 | ||||||||||||
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| FFO Contribution |
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| Equity in (losses) earnings of unconsolidated affiliates |
$ | (1,620 | ) | $ | (960 | ) | $ | (2,580 | ) | $ | 10,024 | $ | — | $ | 10,024 | |||||||||
| Depreciation and amortization |
1,674 | 1,765 | 3,439 | 1,891 | — | 1,891 | ||||||||||||||||||
| Gain on extinguishment of debt |
— | — | — | (11,025 | ) | — | (11,025 | ) | ||||||||||||||||
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|
|
|
|
|
|
|||||||||||||
| FFO Contribution |
$ | 54 | $ | 805 | $ | 859 | $ | 890 | $ | — | $ | 890 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Year Ended December 31, 2011 |
Year Ended December 31, 2010 |
|||||||||||||||||||||||
| Hotel del Coronado |
Fairmont Scottsdale Princess |
Total | Hotel del Coronado |
Fairmont Scottsdale Princess |
Total | |||||||||||||||||||
| Total revenues (100%) |
$ | 136,727 | $ | 30,711 | $ | 167,438 | $ | 127,960 | $ | — | $ | 127,960 | ||||||||||||
| Property EBITDA (100%) |
$ | 42,445 | $ | (1,144 | ) | $ | 41,301 | $ | 36,500 | $ | — | $ | 36,500 | |||||||||||
| Equity in (losses) earnings of unconsolidated affiliates (SHR ownership) |
||||||||||||||||||||||||
| Property EBITDA |
$ | 14,662 | $ | (572 | ) | $ | 14,090 | $ | 16,425 | $ | — | $ | 16,425 | |||||||||||
| Depreciation and amortization |
(6,637 | ) | (4,022 | ) | (10,659 | ) | (7,894 | ) | — | (7,894 | ) | |||||||||||||
| Interest expense |
(9,897 | ) | (452 | ) | (10,349 | ) | (7,714 | ) | — | (7,714 | ) | |||||||||||||
| Gain on extinguishment of debt |
— | — | — | 11,025 | — | 11,025 | ||||||||||||||||||
| Other expenses, net |
(1,569 | ) | (657 | ) | (2,226 | ) | (195 | ) | — | (195 | ) | |||||||||||||
| Income taxes |
505 | — | 505 | 503 | — | 503 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Equity in (losses) earnings of unconsolidated affiliates |
$ | (2,936 | ) | $ | (5,703 | ) | $ | (8,639 | ) | $ | 12,150 | $ | — | $ | 12,150 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| EBITDA Contribution |
||||||||||||||||||||||||
| Equity in (losses) earnings of unconsolidated affiliates |
$ | (2,936 | ) | $ | (5,703 | ) | $ | (8,639 | ) | $ | 12,150 | $ | — | $ | 12,150 | |||||||||
| Depreciation and amortization |
6,637 | 4,022 | 10,659 | 7,894 | — | 7,894 | ||||||||||||||||||
| Interest expense |
9,897 | 452 | 10,349 | 7,714 | — | 7,714 | ||||||||||||||||||
| Gain on extinguishment of debt |
— | — | — | (11,025 | ) | — | (11,025 | ) | ||||||||||||||||
| Income taxes |
(505 | ) | — | (505 | ) | (503 | ) | — | (503 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| EBITDA Contribution |
$ | 13,093 | $ | (1,229 | ) | $ | 11,864 | $ | 16,230 | $ | — | $ | 16,230 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| FFO Contribution |
||||||||||||||||||||||||
| Equity in (losses) earnings of unconsolidated affiliates |
$ | (2,936 | ) | $ | (5,703 | ) | $ | (8,639 | ) | $ | 12,150 | $ | — | $ | 12,150 | |||||||||
| Depreciation and amortization |
6,637 | 4,022 | 10,659 | 7,894 | — | 7,894 | ||||||||||||||||||
| Gain on extinguishment of debt |
— | — | — | (11,025 | ) | — | (11,025 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| FFO Contribution |
$ | 3,701 | $ | (1,681 | ) | $ | 2,020 | $ | 9,019 | $ | — | $ | 9,019 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Debt |
Interest Rate | Spread over LIBOR |
Loan Amount | Maturity (b) | ||||||||||||
| Hotel del Coronado |
||||||||||||||||
| CMBS Mortgage and Mezzanine |
5.80 | % (a) | 480 bp | (a) | $ | 425,000 | March 2016 | |||||||||
| Cash and cash equivalents |
(23,223 | ) | ||||||||||||||
|
|
|
|||||||||||||||
| Net Debt |
$ | 401,777 | ||||||||||||||
|
|
|
|||||||||||||||
| Fairmont Scottsdale Princess |
||||||||||||||||
| CMBS Mortgage |
0.66 | % | 36 bp | $ | 133,000 | April 2015 | ||||||||||
| Cash and cash equivalents |
(2,460 | ) | ||||||||||||||
|
|
|
|||||||||||||||
| Net Debt |
$ | 130,540 | ||||||||||||||
|
|
|
|||||||||||||||
| Caps |
Effective Date | LIBOR Cap Rate | Notional Amount | Maturity | ||||||||||||
| Hotel del Coronado |
||||||||||||||||
| CMBS Mortgage and Mezzanine Loan Caps |
February 2011 | 2.00 | % | $ | 425,000 | February 2013 | ||||||||||
| CMBS Mortgage and Mezzanine Loan Caps |
February 2013 | 2.50 | % | $ | 425,000 | March 2013 | ||||||||||
| Fairmont Scottsdale Princess |
||||||||||||||||
| CMBS Mortgage Loan Cap |
June 2011 | 4.00 | % | $ | 133,000 | December 2013 | ||||||||||
| (a) | Subject to a 1% LIBOR floor. |
| (b) | Includes extension options. |
9
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR)
|
Supplemental Financial Information Three Months and Years Ended December 31, 2011 and 2010
|
Leasehold Information
(in thousands)
| Three Months Ended December 31, |
Years Ended December 31, |
|||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Paris Marriott (a): |
||||||||||||||||
| Property EBITDA |
$ | — | $ | 3,753 | $ | 3,455 | $ | 19,611 | ||||||||
| Revenue (b) |
$ | — | $ | 3,753 | $ | 3,455 | $ | 19,611 | ||||||||
| Lease expense |
— | (2,978 | ) | (3,274 | ) | (11,893 | ) | |||||||||
| Less: Deferred gain on sale-leaseback |
— | (1,144 | ) | (1,214 | ) | (4,465 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted lease expense |
— | (4,122 | ) | (4,488 | ) | (16,358 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| EBITDA contribution from leasehold |
$ | — | $ | (369 | ) | $ | (1,033 | ) | $ | 3,253 | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Marriott Hamburg: |
||||||||||||||||
| Property EBITDA |
$ | 1,568 | $ | 1,681 | $ | 6,603 | $ | 6,051 | ||||||||
| Revenue (b) |
$ | 1,675 | $ | 1,608 | $ | 5,422 | $ | 4,991 | ||||||||
| Lease expense |
(1,163 | ) | (1,170 | ) | (4,865 | ) | (4,566 | ) | ||||||||
| Less: Deferred gain on sale-leaseback |
(66 | ) | (53 | ) | (217 | ) | (207 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted lease expense |
(1,229 | ) | (1,223 | ) | (5,082 | ) | (4,773 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| EBITDA contribution from leasehold |
$ | 446 | $ | 385 | $ | 340 | $ | 218 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Leaseholds: |
||||||||||||||||
| Property EBITDA |
$ | 1,568 | $ | 5,434 | $ | 10,058 | $ | 25,662 | ||||||||
| Revenue (b) |
$ | 1,675 | $ | 5,361 | $ | 8,877 | $ | 24,602 | ||||||||
| Lease expense |
(1,163 | ) | (4,148 | ) | (8,139 | ) | (16,459 | ) | ||||||||
| Less: Deferred gain on sale-leasebacks |
(66 | ) | (1,197 | ) | (1,431 | ) | (4,672 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted lease expense |
(1,229 | ) | (5,345 | ) | (9,570 | ) | (21,131 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| EBITDA contribution from leaseholds |
$ | 446 | $ | 16 | $ | (693 | ) | $ | 3,471 | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| December 31, | ||||||||
| Security Deposits (c): | 2011 | 2010 | ||||||
| Paris Marriott |
$ | — | $ | 14,459 | ||||
| Marriott Hamburg |
2,462 | 2,540 | ||||||
|
|
|
|
|
|||||
| Total |
$ | 2,462 | $ | 16,999 | ||||
|
|
|
|
|
|||||
| (a) | On April 6, 2011, we sold our leasehold interest in the Paris Marriott. The results of operations for the Paris Marriott have been classified as discontinued operations for all periods presented. |
| (b) | For the three months and years ended December 31, 2011 and 2010, Revenue for the Paris Marriott represents Property EBITDA. For the three months and years ended December 31, 2011 and 2010, Revenue for the Marriott Hamburg represents lease revenue. |
| (c) | The security deposits are recorded in other assets on the consolidated balance sheets. |
10
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR)
|
Supplemental Financial Information December 31, 2011
|
Non-GAAP Financial Measures
We present five non-GAAP financial measures that we believe are useful to management and investors as key measures of our operating performance: Funds from Operations (FFO); FFO—Fully Diluted; Comparable FFO; Earnings Before Interest Expense, Taxes, Depreciation and Amortization (EBITDA); and Comparable EBITDA.
EBITDA represents net income (or loss) attributable to SHR common shareholders excluding: (i) interest expense, (ii) income taxes, including deferred income tax benefits and expenses applicable to our foreign subsidiaries and income taxes applicable to sale of assets; (iii) depreciation and amortization; and (iv) preferred stock dividends. EBITDA also excludes interest expense, income taxes and depreciation and amortization of our unconsolidated affiliates. EBITDA is presented on a full participation basis, which means we have assumed conversion of all redeemable noncontrolling interests of our operating partnership into our common stock. We believe this treatment of noncontrolling interests provides useful information for management and our investors and appropriately considers our current capital structure. We also present Comparable EBITDA, which eliminates the effect of realizing deferred gains on our sale leasebacks, as well as the effect of gains or losses on sales of assets, early extinguishment of debt, impairment losses, foreign currency exchange gains or losses and other non-cash charges, such as the Value Creation Plan expense. We believe EBITDA and Comparable EBITDA are useful to management and investors in evaluating our operating performance because they provide management and investors with an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures and to fund other cash needs or reinvest cash into our business. We also believe they help management and investors meaningfully evaluate and compare the results of our operations from period to period by removing the impact of our asset base (primarily depreciation and amortization) from our operating results. Our management also uses EBITDA and Comparable EBITDA as measures in determining the value of acquisitions and dispositions.
We compute FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, with the exception of impairment of depreciable real estate. NAREIT adopted a definition of FFO in order to promote an industry-wide standard measure of REIT operating performance. NAREIT defines FFO as net income (or loss) (computed in accordance with GAAP) excluding losses or gains from sales of depreciable property, impairment of depreciable real estate, real estate-related depreciation and amortization, and our portion of these items related to unconsolidated affiliates. We also present FFO—Fully Diluted, which is FFO plus income or loss on income attributable to redeemable noncontrolling interests in our operating partnership. We also present Comparable FFO, which is FFO—Fully Diluted excluding the impact of any gains or losses on early extinguishment of debt, impairment losses, foreign currency exchange gains or losses and other non-cash charges, such as the Value Creation Plan expense. We believe that the presentation of FFO, FFO—Fully Diluted and Comparable FFO provides useful information to management and investors regarding our results of operations because they are measures of our ability to fund capital expenditures and expand our business. In addition, FFO is widely used in the real estate industry to measure operating performance without regard to items such as depreciation and amortization. We also present Comparable FFO per diluted share as a non-GAAP measure of our performance. We calculate Comparable FFO per diluted share for a given operating period as our Comparable FFO (as defined above) divided by the weighted average of fully diluted shares outstanding. Comparable FFO per diluted share, in accordance with NAREIT, is adjusted for the effects of dilutive securities. Dilutive securities may include shares granted under share-based compensation plans, operating partnership units and exchangeable debt securities. No effect is shown for securities that are anti-dilutive.
We caution investors that amounts presented in accordance with our definitions of FFO, FFO—Fully Diluted, Comparable FFO, EBITDA, and Comparable EBITDA may not be comparable to similar measures disclosed by other companies, since not all companies calculate these non-GAAP measures in the same manner. FFO, FFO—Fully Diluted, Comparable FFO, EBITDA, and Comparable EBITDA should not be considered as an alternative measure of our net income (or loss) or operating performance. FFO, FFO—Fully Diluted, Comparable FFO, EBITDA, and Comparable EBITDA may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that FFO, FFO—Fully Diluted, Comparable FFO, EBITDA, and Comparable EBITDA can enhance your understanding of our financial condition and results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily a better indicator of any trend as compared to comparable GAAP measures such as net income (or loss) attributable to SHR common shareholders. In addition, you should be aware that adverse economic and market conditions might negatively impact our cash flow. We have provided a quantitative reconciliation of FFO, FFO—Fully Diluted, Comparable FFO, EBITDA, and Comparable EBITDA to the most directly comparable GAAP financial performance measure, which is net income (or loss) attributable to SHR common shareholders.
11
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR)
|
Supplemental Financial Information Three Months and Years Ended December 31, 2011 and 2010
|
Reconciliation of Net Loss Attributable to SHR Common Shareholders to EBITDA and Comparable EBITDA
(in thousands)
| Three Months Ended December 31, |
Years Ended December 31, |
|||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Net loss attributable to SHR common shareholders |
$ | (15,917 | ) | $ | (134,835 | ) | $ | (23,688 | ) | $ | (261,937 | ) | ||||
| Depreciation and amortization—continuing operations |
25,840 | 32,406 | 112,062 | 130,601 | ||||||||||||
| Depreciation and amortization—discontinued operations |
— | 567 | — | 5,980 | ||||||||||||
| Interest expense—continuing operations |
19,299 | 17,797 | 86,447 | 86,285 | ||||||||||||
| Interest expense—discontinued operations |
— | 1,990 | — | 9,706 | ||||||||||||
| Income taxes—continuing operations |
691 | 1,112 | 970 | 1,408 | ||||||||||||
| Income taxes—discontinued operations |
— | (260 | ) | 379 | 476 | |||||||||||
| Noncontrolling interests |
(99 | ) | (808 | ) | (29 | ) | (1,687 | ) | ||||||||
| Adjustments from consolidated affiliates |
(1,302 | ) | (2,013 | ) | (6,733 | ) | (7,609 | ) | ||||||||
| Adjustments from unconsolidated affiliates |
6,928 | 3,673 | 23,221 | 15,563 | ||||||||||||
| Preferred shareholder dividends |
(4,682 | ) | 7,722 | 18,482 | 30,886 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| EBITDA |
30,758 | (72,649 | ) | 211,111 | 9,672 | |||||||||||
| Realized portion of deferred gain on sale-leaseback—continuing operations |
(66 | ) | (53 | ) | (217 | ) | (207 | ) | ||||||||
| Realized portion of deferred gain on sale-leaseback—discontinued operations |
— | (1,144 | ) | (1,214 | ) | (4,465 | ) | |||||||||
| Gain on sale of assets—continuing operations |
— | — | (2,640 | ) | — | |||||||||||
| Gain on sale of assets—discontinued operations |
(357 | ) | (28,476 | ) | (101,287 | ) | (29,713 | ) | ||||||||
| Impairment losses and other charges |
— | 141,858 | — | 141,858 | ||||||||||||
| Loss on early extinguishment of debt—continuing operations |
— | — | 1,237 | 925 | ||||||||||||
| Loss on early extinguishment of debt—discontinued operations |
— | 95 | — | 95 | ||||||||||||
| Loss on early termination of derivative financial instruments |
— | — | 29,242 | 18,263 | ||||||||||||
| Gain on extinguishment of debt of unconsolidated affiliate |
— | (11,025 | ) | — | (11,025 | ) | ||||||||||
| Foreign currency exchange loss—continuing operations (a) |
79 | 16 | 2 | 1,410 | ||||||||||||
| Foreign currency exchange loss (gain)—discontinued operations (a) |
— | 98 | (51 | ) | (7,392 | ) | ||||||||||
| Adjustment for Value Creation Plan |
9,529 | 5,743 | 18,607 | 12,614 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Comparable EBITDA |
$ | 39,943 | $ | 34,463 | $ | 154,790 | $ | 132,035 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) | Foreign currency exchange gains or losses applicable to third-party and inter-company debt and certain balance sheet items held by foreign subsidiaries. |
12
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR)
|
Supplemental Financial Information Three Months and Years Ended December 31, 2011 and 2010
|
Reconciliation of Net Loss Attributable to SHR Common Shareholders to
Funds From Operations (FFO), FFO—Fully Diluted and Comparable FFO
(in thousands, except per share data)
| Three Months Ended December 31, |
Years Ended December 31, |
|||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Net loss attributable to SHR common shareholders |
$ | (15,917 | ) | $ | (134,835 | ) | $ | (23,688 | ) | $ | (261,937 | ) | ||||
| Depreciation and amortization—continuing operations |
25,840 | 32,406 | 112,062 | 130,601 | ||||||||||||
| Depreciation and amortization—discontinued operations |
— | 567 | — | 5,980 | ||||||||||||
| Corporate depreciation |
(273 | ) | (303 | ) | (1,141 | ) | (1,217 | ) | ||||||||
| Gain on sale of assets—continuing operations |
— | — | (2,640 | ) | — | |||||||||||
| Gain on sale of assets—discontinued operations |
(357 | ) | (28,476 | ) | (101,287 | ) | (29,713 | ) | ||||||||
| Realized portion of deferred gain on sale-leaseback—continuing operations |
(66 | ) | (53 | ) | (217 | ) | (207 | ) | ||||||||
| Realized portion of deferred gain on sale-leaseback—discontinued operations |
— | (1,144 | ) | (1,214 | ) | (4,465 | ) | |||||||||
| Deferred tax expense on realized portion of deferred gain on sale-leasebacks |
— | 357 | 379 | 1,393 | ||||||||||||
| Noncontrolling interests adjustments |
(135 | ) | (222 | ) | (575 | ) | (1,159 | ) | ||||||||
| Adjustments from consolidated affiliates |
(664 | ) | (1,335 | ) | (4,486 | ) | (5,979 | ) | ||||||||
| Adjustments from unconsolidated affiliates |
3,740 | 1,874 | 11,763 | 7,973 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| FFO |
12,168 | (131,164 | ) | (11,044 | ) | (158,730 | ) | |||||||||
| Redeemable noncontrolling interests |
36 | (586 | ) | 546 | (528 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| FFO—Fully Diluted |
12,204 | (131,750 | ) | (10,498 | ) | (159,258 | ) | |||||||||
| Impairment losses and other charges |
— | 141,858 | — | 141,858 | ||||||||||||
| Non-cash mark to market of interest rate swaps—continuing operations |
(1,696 | ) | (535 | ) | (2,183 | ) | 9,014 | |||||||||
| Non-cash mark to market of interest rate swaps—discontinued operations |
— | (204 | ) | — | 25 | |||||||||||
| Loss on early extinguishment of debt—continuing operations |
— | — | 1,237 | 925 | ||||||||||||
| Loss on early extinguishment of debt—discontinued operations |
— | 95 | — | 95 | ||||||||||||
| Loss on early termination of derivative financial instruments |
— | — | 29,242 | 18,263 | ||||||||||||
| Gain on extinguishment of debt of unconsolidated affiliate |
— | (11,025 | ) | — | (11,025 | ) | ||||||||||
| Foreign currency exchange loss—continuing operations (a) |
79 | 16 | 2 | 1,410 | ||||||||||||
| Foreign currency exchange loss (gain), net of tax—discontinued operations (a) |
— | 95 | (51 | ) | (7,421 | ) | ||||||||||
| Adjustment for Value Creation Plan |
9,529 | 5,743 | 18,607 | 12,614 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Comparable FFO |
$ | 20,116 | $ | 4,293 | $ | 36,356 | $ | 6,500 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Comparable FFO per diluted share |
$ | 0.11 | $ | 0.03 | $ | 0.20 | $ | 0.05 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Weighted average diluted shares |
188,340 | 151,663 | 179,319 | 122,933 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) | Foreign currency exchange gains or losses applicable to third-party and inter-company debt and certain balance sheet items held by foreign subsidiaries. |
13
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR)
|
Supplemental Financial Information December 31, 2011
|
Debt Summary
(dollars in thousands)
| Debt |
Interest Rate | Spread (a) | Loan Amount | Maturity (b) | ||||||
| Hyatt Regency La Jolla |
1.30% | 100 bp | $ | 97,500 | September 2012 | |||||
| North Beach Venture |
5.00% | Fixed | 1,476 | January 2013 | ||||||
| Marriott London Grosvenor Square (c) |
2.18% | 110 bp (c) | 113,659 | October 2013 | ||||||
| Bank credit facility |
3.30% | 300 bp | 50,000 | June 2015 | ||||||
| Four Seasons Washington, D.C. |
3.45% | 315 bp | 130,000 | July 2016 | ||||||
| Westin St. Francis |
6.09% | Fixed | 220,000 | June 2017 | ||||||
| Fairmont Chicago |
6.09% | Fixed | 97,750 | June 2017 | ||||||
| InterContinental Miami |
3.80% | 350 bp | 85,000 | July 2018 | ||||||
| Loews Santa Monica Beach Hotel |
4.15% | 385 bp | 110,000 | July 2018 | ||||||
| InterContinental Chicago |
5.61% | Fixed | 145,000 | August 2021 | ||||||
|
|
|
|||||||||
| $ | 1,050,385 | |||||||||
|
|
|
|||||||||
| (a) | Spread over LIBOR (0.30% at December 31, 2011). |
| (b) | Includes extension options. |
| (c) | Principal balance of £73,130,000 at December 31, 2011. Spread over three-month GBP LIBOR (1.08% at December 31, 2011). |
Domestic and European Interest Rate Swaps
| Swap Effective Date |
Fixed Pay Rate Against LIBOR |
Notional Amount |
Maturity | |||||
| February 2010 |
4.90% | $ | 100,000 | September 2014 | ||||
| February 2010 |
4.96% | 100,000 | December 2014 | |||||
| December 2010 |
5.23% | 100,000 | December 2015 | |||||
| February 2011 |
5.27% | 100,000 | February 2016 | |||||
|
|
|
|
||||||
| 5.09% | $ | 400,000 | ||||||
|
|
|
|
||||||
| Swap Effective Date |
Fixed Pay Rate Against GBP LIBOR |
Notional Amount |
Maturity | |||||||||
| October 2007 |
5.72 | % | £ | 73,130 | October 2013 | |||||||
At December 31, 2011, future scheduled debt principal payments (including extension options) are as follows:
| Years ending December 31, |
Amount | |||
| 2012 |
$ | 109,099 | ||
| 2013 |
122,799 | |||
| 2014 |
13,872 | |||
| 2015 |
65,046 | |||
| 2016 |
145,861 | |||
| Thereafter |
593,708 | |||
|
|
|
|||
| $ | 1,050,385 | |||
|
|
|
|||
| Percent of fixed rate debt including U.S. and European swaps |
93.1 | % | ||
| Weighted average interest rate including U.S. and European swaps (d) |
6.63 | % | ||
| Weighted average maturity of fixed rate debt (debt with maturity of greater than one year) |
4.81 |
| (d) | Excludes the amortization of deferred financing costs and the amortization of the interest rate swap costs. |
14
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR)
|
Supplemental Financial Information December 31, 2011
|
Portfolio Data
Portfolio at December 31, 2011
(dollars in thousands)
| Hotel |
Location | Number of Rooms |
% of Total Rooms |
% of QTR December 2011 Property EBITDA |
QTR December 2011 Property EBITDA |
|||||||||||||
| United States: |
||||||||||||||||||
| Westin St. Francis |
San Francisco, CA | 1,195 | 15 | % | 20 | % | $ | 9,050 | ||||||||||
| InterContinental Chicago (a) |
Chicago, IL | 792 | 10 | % | 12 | % | 5,502 | |||||||||||
| Hotel del Coronado (b) |
Coronado, CA | 757 | 10 | % | 6 | % | 2,640 | |||||||||||
| Fairmont Chicago |
Chicago, IL | 687 | 9 | % | 9 | % | 3,947 | |||||||||||
| Fairmont Scottsdale Princess (c) |
Scottsdale, AZ | 649 | 8 | % | 2 | % | 1,026 | |||||||||||
| InterContinental Miami |
Miami, FL | 641 | 8 | % | 6 | % | 2,824 | |||||||||||
| Hyatt Regency La Jolla (d) |
La Jolla, CA | 419 | 5 | % | 2 | % | 658 | |||||||||||
| Ritz-Carlton Laguna Niguel |
Dana Point, CA | 396 | 5 | % | 3 | % | 1,105 | |||||||||||
| Marriott Lincolnshire Resort |
Lincolnshire, IL | 389 | 5 | % | 2 | % | 1,097 | |||||||||||
| Loews Santa Monica Beach Hotel |
Santa Monica, CA | 342 | 5 | % | 6 | % | 2,601 | |||||||||||
| Ritz-Carlton Half Moon Bay |
Half Moon Bay, CA | 261 | 3 | % | 5 | % | 2,208 | |||||||||||
| Four Seasons Washington, D.C. |
Washington, D.C. | 222 | 3 | % | 8 | % | 3,783 | |||||||||||
| Four Seasons Silicon Valley (e) |
East Palo Alto, CA | 200 | 3 | % | 3 | % | 1,319 | |||||||||||
| Four Seasons Jackson Hole (e) |
Teton Village, WY | 124 | 2 | % | -1 | % | (370 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total United States |
7,074 | 91 | % | 83 | % | 37,390 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Mexican: |
||||||||||||||||||
| Four Seasons Punta Mita Resort |
Punta Mita, Mexico | 173 | 2 | % | 6 | % | 2,814 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Mexican |
173 | 2 | % | 6 | % | 2,814 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total North American |
7,247 | 93 | % | 89 | % | 40,204 | ||||||||||||
| European: |
||||||||||||||||||
| Marriott Hamburg (f) |
Hamburg, Germany | 278 | 4 | % | N/A | N/A | ||||||||||||
| Marriott London Grosvenor Square |
London, England | 237 | 3 | % | 11 | % | 4,877 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total European |
515 | 7 | % | 11 | % | 4,877 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| 7,762 | 100 | % | 100 | % | $ | 45,081 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| (a) | Prior to June 24, 2011, we owned a 51% controlling interest in the entity that owns the InterContinental Chicago hotel and consolidated this hotel for reporting purposes. On June 24, 2011, we purchased the remaining 49% interest and now own 100% of this hotel. |
| (b) | Prior to February 4, 2011, we owned a 45% interest in the unconsolidated affiliate that owns the Hotel del Coronado. On February 4, 2011, we completed a recapitalization of the unconsolidated affiliate and our ownership interest decreased from 45% to 34.3%. We account for this investment under the equity method of accounting and record equity in (losses) earnings of the unconsolidated affiliate in our consolidated statements of operations. Property EBITDA has been calculated based on our 34.3% ownership. |
| (c) | Prior to June 9, 2011, we owned 100% of the Fairmont Scottsdale Princess hotel. On June 9, 2011, we completed a recapitalization of the entity and our ownership interest decreased to 50%. We now account for this investment under the equity method of accounting and record equity in (losses) earnings of the unconsolidated affiliate in our consolidated statements of operations. Property EBITDA has been calculated based on our 50.0% ownership. |
| (d) | Prior to June 24, 2011, we owned a 51% controlling interest in the entity that owns the Hyatt Regency La Jolla hotel. On June 24, 2011, we purchased an additional 2.5% interest and continue to consolidate this hotel for reporting purposes. |
| (e) | On March 11, 2011, we purchased these hotels. |
| (f) | We sublease this property and have not included it in the percentage of Property EBITDA calculation. |
15
| Supplemental Financial Information | ||
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR) |
Four Quarters Ended December 31, 2011 |
Seasonality by Geographic Region
(dollars in thousands)
Same store property revenues have been adjusted to show hotel performance on a comparable quarter-over-quarter basis. Adjustments include (i) exclusion of Paris Marriott as its results of operations were reclassified to discontinued operations, (ii) exclusion of the unconsolidated Hotel del Coronado and Fairmont Scottsdale Princess hotel and (iii) presentation of the hotels without regard to either ownership structure or leaseholds. Acquisition properties and the related dates of purchase are as follows: Four Seasons Jackson Hole hotel (March 11, 2011) and Four Seasons Silicon Valley hotel (March 11, 2011).
United States Hotels (as of December 31, 2011)
Acquisition property revenues—2 Properties and 324 Rooms
Same store property revenues—10 Properties and 5,344 Rooms
| Three Months Ended | ||||||||||||||||||||
| March 31, 2011 | June 30, 2011 | September 30, 2011 | December 31, 2011 | Total | ||||||||||||||||
| Acquisition property revenues (a) |
$ | 4,209 | $ | 11,376 | $ | 17,792 | $ | 13,234 | $ | 46,611 | ||||||||||
| Acquisition property revenues (b) |
13,086 | — | — | — | 13,086 | |||||||||||||||
| Same store property revenues |
127,484 | 156,302 | 156,555 | 158,564 | 598,905 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total pro forma revenues |
$ | 144,779 | $ | 167,678 | $ | 174,347 | $ | 171,798 | $ | 658,602 | ||||||||||
| Pro forma seasonality % |
22.0 | % | 25.4 | % | 26.5 | % | 26.1 | % | 100.0 | % | ||||||||||
Mexican Hotel (as of December 31, 2011)
Same store property revenues—1 Property and 173 Rooms
| Three Months Ended | ||||||||||||||||||||
| March 31, 2011 | June 30, 2011 | September 30, 2011 | December 31, 2011 | Total | ||||||||||||||||
| Same store property revenues |
$ | 10,561 | $ | 8,594 | $ | 4,457 | $ | 10,181 | $ | 33,793 | ||||||||||
| Same store seasonality % |
31.3 | % | 25.4 | % | 13.2 | % | 30.1 | % | 100.0 | % | ||||||||||
North American Hotels (as of December 31, 2011)
Acquistion property revenues—2 Properties and 324 Rooms
Same store property revenues—11 Properties and 5,517 Rooms
| Three Months Ended | ||||||||||||||||||||
| March 31, 2011 | June 30, 2011 | September 30, 2011 | December 31, 2011 | Total | ||||||||||||||||
| Acquisition property revenues (a) |
$ | 4,209 | $ | 11,376 | $ | 17,792 | $ | 13,234 | $ | 46,611 | ||||||||||
| Acquisition property revenues (b) |
13,086 | — | — | — | 13,086 | |||||||||||||||
| Same store property revenues |
138,045 | 164,896 | 161,012 | 168,745 | 632,698 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total pro forma revenues |
$ | 155,340 | $ | 176,272 | $ | 178,804 | $ | 181,979 | $ | 692,395 | ||||||||||
| Pro forma seasonality % |
22.4 | % | 25.5 | % | 25.8 | % | 26.3 | % | 100.0 | % | ||||||||||
European Hotels (as of December 31, 2011)
Same store property revenues—2 Properties and 515 Rooms
| Three Months Ended | ||||||||||||||||||||
| March 31, 2011 | June 30, 2011 | September 30, 2011 | December 31, 2011 | Total | ||||||||||||||||
| Same store property revenues |
$ | 11,513 | $ | 16,367 | $ | 15,832 | $ | 16,230 | $ | 59,942 | ||||||||||
| Same store seasonality % |
19.2 | % | 27.3 | % | 26.4 | % | 27.1 | % | 100.0 | % | ||||||||||
| (a) | Acquisition property revenues for our period of ownership |
| (b) | Acquisition property revenues prior to our period of ownership |
16
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR)
|
Supplemental Financial Information Three Months and Years Ended December 31, 2011 and 2010
|
Operating Statistics by Geographic Region
Operating results have been adjusted to show hotel performance on a comparable period basis. Adjustments are the (i) exclusion of unconsolidated Hotel del Coronado and Fairmont Scottsdale Princess hotel, (ii) exclusion of Four Seasons Jackson Hole and Four Seasons Silicon Valley hotels, (iii) exclusion of Paris Marriott and InterContinental Prague hotels as these properties results of operations were reclassified to discontinued operations for the periods presented and (iv) presentation of the hotels without regard to either ownership structure or leaseholds.
United States Hotels (as of December 31, 2011)
10 Properties
5,344 Rooms
| Three Months Ended | Years Ended | |||||||||||||||||||||||||||
| December 31, | December 31, | |||||||||||||||||||||||||||
| 2011 | 2010 | Change | 2011 | 2010 | Change | |||||||||||||||||||||||
| ADR |
$ | 232.54 | $ | 218.25 | 6.5 | % | $ | 228.07 | $ | 213.18 | 7.0 | % | ||||||||||||||||
| Average Occupancy |
70.4 | % | 68.2 | % | 2.2 | pts | 72.6 | % | 69.0 | % | 3.6 | pts | ||||||||||||||||
| RevPAR |
$ | 163.81 | $ | 148.80 | 10.1 | % | $ | 165.67 | $ | 147.06 | 12.7 | % | ||||||||||||||||
| Total RevPAR |
$ | 317.49 | $ | 288.60 | 10.0 | % | $ | 307.10 | $ | 275.98 | 11.3 | % | ||||||||||||||||
| Property EBITDA Margin |
20.7 | % | 21.2 | % | (0.5 | ) | pts | 21.0 | % | 18.8 | % | 2.2 | pts | |||||||||||||||
Mexican Hotel (as of December 31, 2011)
1 Property
173 Rooms
| Three Months Ended | Years Ended | |||||||||||||||||||||||||||
| December 31, | December 31, | |||||||||||||||||||||||||||
| 2011 | 2010 | Change | 2011 | 2010 | Change | |||||||||||||||||||||||
| ADR |
$ | 777.05 | $ | 718.15 | 8.2 | % | $ | 645.00 | $ | 655.90 | (1.7 | )% | ||||||||||||||||
| Average Occupancy |
47.0 | % | 48.1 | % | (1.1 | ) | pts | 44.8 | % | 49.9 | % | (5.1 | ) | pts | ||||||||||||||
| RevPAR |
$ | 365.33 | $ | 345.63 | 5.7 | % | $ | 289.13 | $ | 327.42 | (11.7 | )% | ||||||||||||||||
| Total RevPAR |
$ | 639.66 | $ | 672.45 | (4.9 | )% | $ | 535.15 | $ | 616.49 | (13.2 | )% | ||||||||||||||||
| Property EBITDA Margin |
27.6 | % | 31.3 | % | (3.7 | ) | pts | 22.7 | % | 30.4 | % | (7.7 | ) | pts | ||||||||||||||
North American Hotels (as of December 31, 2011)
11 Properties
5,517 Rooms
| Three Months Ended | Years Ended | |||||||||||||||||||||||||||
| December 31, | December 31, | |||||||||||||||||||||||||||
| 2011 | 2010 | Change | 2011 | 2010 | Change | |||||||||||||||||||||||
| ADR |
$ | 243.88 | $ | 229.25 | 6.4 | % | $ | 236.24 | $ | 223.31 | 5.8 | % | ||||||||||||||||
| Average Occupancy |
69.7 | % | 67.6 | % | 2.1 | pts | 71.8 | % | 68.4 | % | 3.4 | pts | ||||||||||||||||
| RevPAR |
$ | 170.03 | $ | 154.88 | 9.8 | % | $ | 169.54 | $ | 152.72 | 11.0 | % | ||||||||||||||||
| Total RevPAR |
$ | 327.44 | $ | 300.45 | 9.0 | % | $ | 314.26 | $ | 286.65 | 9.6 | % | ||||||||||||||||
| Property EBITDA Margin |
21.1 | % | 21.9 | % | (0.8 | ) | pts | 21.1 | % | 19.5 | % | 1.6 | pts | |||||||||||||||
European Hotels (as of December 31, 2011)
2 Properties
515 Rooms
| Three Months Ended | Years Ended | |||||||||||||||||||||||||||
| December 31, | December 31, | |||||||||||||||||||||||||||
| 2011 | 2010 | Change | 2011 | 2010 | Change | |||||||||||||||||||||||
| ADR |
$ | 270.60 | $ | 270.86 | (0.1 | )% | $ | 280.41 | $ | 261.99 | 7.0 | % | ||||||||||||||||
| Average Occupancy |
82.4 | % | 82.4 | % | — | pts | 81.7 | % | 80.6 | % | 1.1 | pts | ||||||||||||||||
| RevPAR |
$ | 223.06 | $ | 223.20 | (0.1 | )% | $ | 229.21 | $ | 211.28 | 8.5 | % | ||||||||||||||||
| Total RevPAR |
$ | 342.54 | $ | 334.99 | 2.3 | % | $ | 318.88 | $ | 294.73 | 8.2 | % | ||||||||||||||||
| Property EBITDA Margin |
39.7 | % | 37.1 | % | 2.6 | pts | 37.4 | % | 36.7 | % | 0.7 | pts | ||||||||||||||||
17
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR)
|
Supplemental Financial Information Three Months and Years Ended December 31, 2011 and 2010
|
Selected Financial and Operating Information by Property
(in thousands, except operating information)
The following tables present selected financial and operating information by property for the three months and years ended December 31, 2011 and 2010. Property EBITDA reflects property net operating income or loss plus depreciation and amortization.
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
| UNITED STATES HOTELS: | 2011 | 2010 | Change | 2011 | 2010 | Change | ||||||||||||||||||
| FAIRMONT CHICAGO |
||||||||||||||||||||||||
| Selected Financial Information: |
||||||||||||||||||||||||
| Total revenues |
$ | 16,978 | $ | 14,992 | 13.2 | % | $ | 59,272 | $ | 52,934 | 12.0 | % | ||||||||||||
| Property EBITDA |
$ | 3,947 | $ | 5,554 | (28.9 | )% | $ | 11,467 | $ | 9,337 | 22.8 | % | ||||||||||||
| Selected Operating Information: |
||||||||||||||||||||||||
| Rooms |
687 | 687 | — | 687 | 687 | — | ||||||||||||||||||
| Average occupancy |
68.5 | % | 61.8 | % | 6.7 | pts | 66.4 | % | 60.4 | % | 6.0 | pts | ||||||||||||
| ADR |
$ | 228.27 | $ | 225.35 | 1.3 | % | $ | 212.06 | $ | 204.00 | 4.0 | % | ||||||||||||
| RevPAR |
$ | 156.42 | $ | 139.29 | 12.3 | % | $ | 140.87 | $ | 123.17 | 14.4 | % | ||||||||||||
| Total RevPAR |
$ | 268.63 | $ | 237.20 | 13.2 | % | $ | 236.37 | $ | 211.10 | 12.0 | % | ||||||||||||
| FAIRMONT SCOTTSDALE PRINCESS |
||||||||||||||||||||||||
| Selected Financial Information (Amounts below are 100% of operations, of which SHR owns 50% and 100% as of December 31, 2011 and 2010, respectively): |
| |||||||||||||||||||||||
| Total revenues |
$ | 18,322 | $ | 18,243 | 0.4 | % | $ | 73,245 | $ | 69,710 | 5.1 | % | ||||||||||||
| Property EBITDA |
$ | 2,052 | $ | 2,154 | (4.7 | )% | $ | 10,128 | $ | 7,649 | 32.4 | % | ||||||||||||
| Selected Operating Information: |
||||||||||||||||||||||||
| Rooms |
649 | 649 | — | 649 | 649 | — | ||||||||||||||||||
| Average occupancy |
65.0 | % | 66.3 | % | (1.3 | )pts | 65.3 | % | 65.8 | % | (0.5 | )pts | ||||||||||||
| ADR |
$ | 205.77 | $ | 191.37 | 7.5 | % | $ | 215.39 | $ | 194.14 | 10.9 | % | ||||||||||||
| RevPAR |
$ | 133.73 | $ | 126.81 | 5.5 | % | $ | 140.57 | $ | 127.74 | 10.0 | % | ||||||||||||
| Total RevPAR |
$ | 306.86 | $ | 305.54 | 0.4 | % | $ | 309.20 | $ | 294.28 | 5.1 | % | ||||||||||||
| FOUR SEASONS JACKSON HOLE |
||||||||||||||||||||||||
| Selected Financial Information (This table includes financial information only for our period of ownership): |
| |||||||||||||||||||||||
| Total revenues |
$ | 5,600 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||
| Property EBITDA |
$ | (370 | ) | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||
| Selected Operating Information (This table includes statistical information only for our period of ownership. For the three months ended December 31, 2010, average occupancy was 31.8%, ADR was $430.29, RevPAR was $136.96 and Total RevPAR was $397.07. For the year ended December 31, 2011, average occupancy was 56.7%, ADR was $522.12, RevPAR was $296.09 and Total RevPAR was $691.68. For the year ended December 31, 2010, average occupancy was 53.1%, ADR was $512.14, RevPAR was $272.11 and Total RevPAR was $659.46.): |
| |||||||||||||||||||||||
| Rooms |
124 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
| Average occupancy |
36.0 | % | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||
| ADR |
$ | 514.89 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||
| RevPAR |
$ | 185.32 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||
| Total RevPAR |
$ | 490.90 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||
| FOUR SEASONS SILICON VALLEY |
||||||||||||||||||||||||
| Selected Financial Information (This table includes financial information only for our period of ownership): |
| |||||||||||||||||||||||
| Total revenues |
$ | 7,634 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||
| Property EBITDA |
$ | 1,319 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||
| Selected Operating Information (This table includes statistical information only for our period of ownership. For the three months ended December 31, 2010, average occupancy was 63.7%, ADR was $289.90, RevPAR was $184.64 and Total RevPAR was $373.20. For the year ended December 31, 2011, average occupancy was 68.2%, ADR was $298.36, RevPAR was $203.38 and Total RevPAR was $388.43. For the year ended December 31, 2010, average occupancy was 66.2%, ADR was $271.05, RevPAR was $179.47 and Total RevPAR was $340.99.): |
| |||||||||||||||||||||||
| Rooms |
200 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
| Average occupancy |
65.4 | % | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||
| ADR |
$ | 303.04 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||
| RevPAR |
$ | 198.19 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||
| Total RevPAR |
$ | 414.88 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||
18
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR)
|
Supplemental Financial Information Three Months and Years Ended December 31, 2011 and 2010
|
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
| 2011 | 2010 | Change | 2011 | 2010 | Change | |||||||||||||||||||
| FOUR SEASONS WASHINGTON, D.C. |
||||||||||||||||||||||||
| Selected Financial Information: |
||||||||||||||||||||||||
| Total revenues |
$ | 16,421 | $ | 16,675 | (1.5 | )% | $ | 61,736 | $ | 58,402 | 5.7 | % | ||||||||||||
| Property EBITDA |
$ | 3,783 | $ | 4,507 | (16.1 | )% | $ | 14,305 | $ | 12,666 | 12.9 | % | ||||||||||||
| Selected Operating Information: |
||||||||||||||||||||||||
| Rooms |
222 | 222 | — | 222 | 222 | — | ||||||||||||||||||
| Average occupancy |
71.8 | % | 67.1 | % | 4.7 | pts | 71.5 | % | 69.9 | % | 1.6 | pts | ||||||||||||
| ADR |
$ | 525.01 | $ | 600.60 | (12.6 | )% | $ | 530.23 | $ | 522.01 | 1.6 | % | ||||||||||||
| RevPAR |
$ | 377.20 | $ | 403.22 | (6.5 | )% | $ | 378.97 | $ | 364.64 | 3.9 | % | ||||||||||||
| Total RevPAR |
$ | 804.00 | $ | 816.45 | (1.5 | )% | $ | 761.89 | $ | 720.75 | 5.7 | % | ||||||||||||
| HOTEL DEL CORONADO |
||||||||||||||||||||||||
| Selected Financial Information (Amounts below are 100% of operations, of which SHR owns 34.3% and 45% as of December 31, 2011 and 2010, respectively): |
| |||||||||||||||||||||||
| Total revenues |
$ | 30,324 | $ | 29,021 | 4.5 | % | $ | 136,727 | $ | 127,960 | 6.9 | % | ||||||||||||
| Property EBITDA |
$ | 7,697 | $ | 5,629 | 36.7 | % | $ | 42,445 | $ | 36,500 | 16.3 | % | ||||||||||||
| Selected Operating Information: |
||||||||||||||||||||||||
| Rooms |
757 | 757 | — | 757 | 757 | — | ||||||||||||||||||
| Average occupancy |
53.9 | % | 56.3 | % | (2.4 | )pts | 67.1 | % | 64.1 | % | 3.0 | pts | ||||||||||||
| ADR |
$ | 340.98 | $ | 305.31 | 11.7 | % | $ | 358.33 | $ | 347.69 | 3.1 | % | ||||||||||||
| RevPAR |
$ | 183.82 | $ | 171.77 | 7.0 | % | $ | 240.60 | $ | 222.96 | 7.9 | % | ||||||||||||
| Total RevPAR |
$ | 435.41 | $ | 416.70 | 4.5 | % | $ | 494.84 | $ | 463.11 | 6.9 | % | ||||||||||||
| HYATT REGENCY LA JOLLA |
||||||||||||||||||||||||
| Selected Financial Information: |
||||||||||||||||||||||||
| Total revenues |
$ | 7,074 | $ | 6,694 | 5.7 | % | $ | 32,998 | $ | 29,618 | 11.4 | % | ||||||||||||
| Property EBITDA |
$ | 658 | $ | 413 | 59.3 | % | $ | 5,309 | $ | 3,477 | 52.7 | % | ||||||||||||
| Selected Operating Information: |
||||||||||||||||||||||||
| Rooms |
419 | 419 | — | 419 | 419 | — | ||||||||||||||||||
| Average occupancy |
59.4 | % | 57.8 | % | 1.6 | pts | 72.9 | % | 69.1 | % | 3.8 | pts | ||||||||||||
| ADR |
$ | 157.52 | $ | 144.54 | 9.0 | % | $ | 158.68 | $ | 148.82 | 6.6 | % | ||||||||||||
| RevPAR |
$ | 93.56 | $ | 83.51 | 12.0 | % | $ | 115.62 | $ | 102.86 | 12.4 | % | ||||||||||||
| Total RevPAR |
$ | 183.52 | $ | 173.67 | 5.7 | % | $ | 215.76 | $ | 193.67 | 11.4 | % | ||||||||||||
| INTERCONTINENTAL CHICAGO |
||||||||||||||||||||||||
| Selected Financial Information: |
||||||||||||||||||||||||
| Total revenues |
$ | 19,461 | $ | 17,620 | 10.4 | % | $ | 67,537 | $ | 62,768 | 7.6 | % | ||||||||||||
| Property EBITDA |
$ | 5,502 | $ | 6,232 | (11.7 | )% | $ | 16,959 | $ | 17,127 | (1.0 | )% | ||||||||||||
| Selected Operating Information: |
||||||||||||||||||||||||
| Rooms |
792 | 792 | — | 792 | 792 | — | ||||||||||||||||||
| Average occupancy |
76.5 | % | 77.2 | % | (0.7 | )pts | 76.5 | % | 73.4 | % | 3.1 | pts | ||||||||||||
| ADR |
$ | 204.75 | $ | 192.29 | 6.5 | % | $ | 186.26 | $ | 178.19 | 4.5 | % | ||||||||||||
| RevPAR |
$ | 156.62 | $ | 148.43 | 5.5 | % | $ | 142.47 | $ | 130.74 | 9.0 | % | ||||||||||||
| Total RevPAR |
$ | 267.09 | $ | 241.82 | 10.5 | % | $ | 233.63 | $ | 217.13 | 7.6 | % | ||||||||||||
| INTERCONTINENTAL MIAMI |
||||||||||||||||||||||||
| Selected Financial Information: |
||||||||||||||||||||||||
| Total revenues |
$ | 12,123 | $ | 11,173 | 8.5 | % | $ | 47,430 | $ | 45,731 | 3.7 | % | ||||||||||||
| Property EBITDA |
$ | 2,824 | $ | 1,826 | 54.7 | % | $ | 10,737 | $ | 9,354 | 14.8 | % | ||||||||||||
| Selected Operating Information: |
||||||||||||||||||||||||
| Rooms |
641 | 641 | — | 641 | 641 | — | ||||||||||||||||||
| Average occupancy |
74.7 | % | 69.7 | % | 5.0 | pts | 70.5 | % | 67.3 | % | 3.2 | pts | ||||||||||||
| ADR |
$ | 156.68 | $ | 150.24 | 4.3 | % | $ | 162.79 | $ | 161.31 | 0.9 | % | ||||||||||||
| RevPAR |
$ | 117.02 | $ | 104.74 | 11.7 | % | $ | 114.72 | $ | 108.64 | 5.6 | % | ||||||||||||
| Total RevPAR |
$ | 205.56 | $ | 189.46 | 8.5 | % | $ | 202.72 | $ | 195.46 | 3.7 | % | ||||||||||||
19
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR)
|
Supplemental Financial Information Three Months and Years Ended December 31, 2011 and 2010
|
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
| 2011 | 2010 | Change | 2011 | 2010 | Change | |||||||||||||||||||
| LOEWS SANTA MONICA BEACH HOTEL |
||||||||||||||||||||||||
| Selected Financial Information: |
||||||||||||||||||||||||
| Total revenues |
$ | 10,860 | $ | 10,677 | 1.7 | % | $ | 48,139 | $ | 44,671 | 7.8 | % | ||||||||||||
| Property EBITDA |
$ | 2,601 | $ | 2,329 | 11.7 | % | $ | 12,655 | $ | 11,574 | 9.3 | % | ||||||||||||
| Selected Operating Information: |
||||||||||||||||||||||||
| Rooms |
342 | 342 | — | 342 | 342 | — | ||||||||||||||||||
| Average occupancy |
77.5 | % | 84.1 | % | (6.6 | )pts | 86.6 | % | 87.0 | % | (0.4 | )pts | ||||||||||||
| ADR |
$ | 274.18 | $ | 257.11 | 6.6 | % | $ | 298.57 | $ | 271.61 | 9.9 | % | ||||||||||||
| RevPAR |
$ | 212.46 | $ | 216.11 | (1.7 | )% | $ | 258.50 | $ | 236.27 | 9.4 | % | ||||||||||||
| Total RevPAR |
$ | 345.15 | $ | 339.34 | 1.7 | % | $ | 385.64 | $ | 357.85 | 7.8 | % | ||||||||||||
| MARRIOTT LINCOLNSHIRE RESORT |
||||||||||||||||||||||||
| Selected Financial Information: |
||||||||||||||||||||||||
| Total revenues |
$ | 11,557 | $ | 10,750 | 7.5 | % | $ | 32,570 | $ | 30,150 | 8.0 | % | ||||||||||||
| Property EBITDA |
$ | 1,097 | $ | 1,115 | (1.6 | )% | $ | 2,268 | $ | 683 | 232.1 | % | ||||||||||||
| Selected Operating Information: |
||||||||||||||||||||||||
| Rooms |
389 | 389 | — | 389 | 389 | — | ||||||||||||||||||
| Average occupancy |
54.5 | % | 48.8 | % | 5.7 | pts | 52.1 | % | 48.1 | % | 4.0 | pts | ||||||||||||
| ADR |
$ | 128.31 | $ | 121.66 | 5.5 | % | $ | 124.11 | $ | 115.33 | 7.6 | % | ||||||||||||
| RevPAR |
$ | 69.98 | $ | 59.41 | 17.8 | % | $ | 64.61 | $ | 55.49 | 16.5 | % | ||||||||||||
| Total RevPAR |
$ | 265.25 | $ | 246.74 | 7.5 | % | $ | 230.02 | $ | 212.93 | 8.0 | % | ||||||||||||
| RITZ-CARLTON HALF MOON BAY |
||||||||||||||||||||||||
| Selected Financial Information: |
||||||||||||||||||||||||
| Total revenues |
$ | 14,196 | $ | 12,774 | 11.1 | % | $ | 55,666 | $ | 51,727 | 7.6 | % | ||||||||||||
| Property EBITDA |
$ | 2,208 | $ | 1,851 | 19.3 | % | $ | 9,444 | $ | 7,505 | 25.8 | % | ||||||||||||
| Selected Operating Information: |
||||||||||||||||||||||||
| Rooms |
261 | 261 | — | 261 | 261 | — | ||||||||||||||||||
| Average occupancy |
66.0 | % | 59.2 | % | 6.8 | pts | 67.7 | % | 66.7 | % | 1. | 0pts | ||||||||||||
| ADR |
$ | 378.00 | $ | 354.13 | 6.7 | % | $ | 358.94 | $ | 327.19 | 9.7 | % | ||||||||||||
| RevPAR |
$ | 249.51 | $ | 209.78 | 18.9 | % | $ | 243.06 | $ | 218.10 | 11.4 | % | ||||||||||||
| Total RevPAR |
$ | 591.21 | $ | 532.00 | 11.1 | % | $ | 584.33 | $ | 542.98 | 7.6 | % | ||||||||||||
| RITZ-CARLTON LAGUNA NIGUEL |
||||||||||||||||||||||||
| Selected Financial Information: |
||||||||||||||||||||||||
| Total revenues |
$ | 14,012 | $ | 11,271 | 24.3 | % | $ | 64,658 | $ | 54,248 | 19.2 | % | ||||||||||||
| Property EBITDA |
$ | 1,105 | $ | (166 | ) | 765.7 | % | $ | 13,896 | $ | 8,882 | 56.5 | % | |||||||||||
| Selected Operating Information: |
||||||||||||||||||||||||
| Rooms |
396 | 396 | — | 396 | 396 | — | ||||||||||||||||||
| Average occupancy |
49.6 | % | 40.2 | % | 9.4 | pts | 60.8 | % | 51.7 | % | 9.1 | pts | ||||||||||||
| ADR |
$ | 322.01 | $ | 310.16 | 3.8 | % | $ | 339.83 | $ | 338.84 | 0.3 | % | ||||||||||||
| RevPAR |
$ | 159.69 | $ | 124.54 | 28.2 | % | $ | 206.73 | $ | 175.20 | 18.0 | % | ||||||||||||
| Total RevPAR |
$ | 384.61 | $ | 309.38 | 24.3 | % | $ | 447.34 | $ | 375.31 | 19.2 | % | ||||||||||||
| WESTIN ST. FRANCIS |
||||||||||||||||||||||||
| Selected Financial Information: |
||||||||||||||||||||||||
| Total revenues |
$ | 35,882 | $ | 31,506 | 13.9 | % | $ | 128,899 | $ | 107,949 | 19.4 | % | ||||||||||||
| Property EBITDA |
$ | 9,050 | $ | 6,863 | 31.9 | % | $ | 28,883 | $ | 20,318 | 42.2 | % | ||||||||||||
| Selected Operating Information: |
||||||||||||||||||||||||
| Rooms |
1,195 | 1,195 | — | 1,195 | 1,195 | — | ||||||||||||||||||
| Average occupancy |
81.0 | % | 83.2 | % | (2.2 | )pts | 82.6 | % | 79.6 | % | 3.0 | pts | ||||||||||||
| ADR |
$ | 232.99 | $ | 197.79 | 17.8 | % | $ | 213.32 | $ | 184.35 | 15.7 | % | ||||||||||||
| RevPAR |
$ | 188.79 | $ | 164.65 | 14.7 | % | $ | 176.28 | $ | 146.67 | 20.2 | % | ||||||||||||
| Total RevPAR |
$ | 326.38 | $ | 286.57 | 13.9 | % | $ | 295.52 | $ | 247.49 | 19.4 | % | ||||||||||||
20
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR)
|
Supplemental Financial Information Three Months and Years Ended December 31, 2011 and 2010
|
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
| MEXICAN HOTEL: | 2011 | 2010 | Change | 2011 | 2010 | Change | ||||||||||||||||||
| FOUR SEASONS PUNTA MITA RESORT |
||||||||||||||||||||||||
| Selected Financial Information: |
||||||||||||||||||||||||
| Total revenues |
$ | 10,181 | $ | 10,703 | (4.9 | )% | $ | 33,792 | $ | 38,928 | (13.2 | )% | ||||||||||||
| Property EBITDA |
$ | 2,814 | $ | 3,351 | (16.0 | )% | $ | 7,659 | $ | 11,823 | (35.2 | )% | ||||||||||||
| Selected Operating Information: |
||||||||||||||||||||||||
| Rooms |
173 | 173 | — | 173 | 173 | — | ||||||||||||||||||
| Average occupancy |
47.0 | % | 48.1 | % | (1.1 | )pts | 44.8 | % | 49.9 | % | (5.1 | )pts | ||||||||||||
| ADR |
$ | 777.05 | $ | 718.15 | 8.2 | % | $ | 645.00 | $ | 655.90 | (1.7 | )% | ||||||||||||
| RevPAR |
$ | 365.33 | $ | 345.63 | 5.7 | % | $ | 289.13 | $ | 327.42 | (11.7 | )% | ||||||||||||
| Total RevPAR |
$ | 639.66 | $ | 672.45 | (4.9 | )% | $ | 535.15 | $ | 616.49 | (13.2 | )% | ||||||||||||
21
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR)
|
Supplemental Financial Information Three Months and Years Ended December 31, 2011 and 2010
|
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
| EUROPEAN HOTELS: | 2011 | 2010 | Change | 2011 | 2010 | Change | ||||||||||||||||||
| MARRIOTT HAMBURG |
||||||||||||||||||||||||
| Selected Financial Information: |
||||||||||||||||||||||||
| Total revenues |
$ | 5,979 | $ | 6,030 | (0.8 | )% | $ | 23,428 | $ | 20,936 | 11.9 | % | ||||||||||||
| Property EBITDA |
$ | 1,568 | $ | 1,681 | (6.7 | )% | $ | 6,603 | $ | 6,051 | 9.1 | % | ||||||||||||
| Selected Operating Information: |
||||||||||||||||||||||||
| Rooms |
278 | 278 | — | 278 | 278 | — | ||||||||||||||||||
| Average occupancy |
81.7 | % | 81.9 | % | (0.2 | )pts | 82.3 | % | 79.0 | % | 3.3 | pts | ||||||||||||
| ADR |
$ | 189.97 | $ | 194.63 | (2.4 | )% | $ | 199.17 | $ | 185.78 | 7.2 | % | ||||||||||||
| RevPAR |
$ | 155.16 | $ | 159.45 | (2.7 | )% | $ | 163.84 | $ | 146.73 | 11.7 | % | ||||||||||||
| Total RevPAR |
$ | 233.77 | $ | 235.78 | (0.9 | )% | $ | 230.88 | $ | 206.33 | 11.9 | % | ||||||||||||
| MARRIOTT LONDON GROSVENOR SQUARE |
||||||||||||||||||||||||
| Selected Financial Information: |
||||||||||||||||||||||||
| Total revenues |
$ | 10,251 | $ | 9,842 | 4.2 | % | $ | 36,514 | $ | 34,465 | 5.9 | % | ||||||||||||
| Property EBITDA |
$ | 4,877 | $ | 4,212 | 15.8 | % | $ | 15,812 | $ | 14,293 | 10.6 | % | ||||||||||||
| Selected Operating Information: |
||||||||||||||||||||||||
| Rooms |
237 | 237 | — | 237 | 237 | — | ||||||||||||||||||
| Average occupancy |
83.3 | % | 83.0 | % | 0. | 3pts | 81.1 | % | 82.6 | % | (1.5 | )pts | ||||||||||||
| ADR |
$ | 363.31 | $ | 359.17 | 1.2 | % | $ | 377.05 | $ | 347.48 | 8.5 | % | ||||||||||||
| RevPAR |
$ | 302.71 | $ | 297.97 | 1.6 | % | $ | 305.88 | $ | 286.99 | 6.6 | % | ||||||||||||
| Total RevPAR |
$ | 470.14 | $ | 451.37 | 4.2 | % | $ | 422.10 | $ | 398.42 | 5.9 | % | ||||||||||||
22
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR)
|
Supplemental Financial Information Three Months and Years Ended December 31, 2011 and 2010
|
Reconciliation of Property EBITDA to EBITDA
(in thousands)
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||||||||||
| Property | Property | Property | Property | |||||||||||||||||||||||||||||
| Hotel | EBITDA | EBITDA | EBITDA | EBITDA | EBITDA | EBITDA | EBITDA | EBITDA | ||||||||||||||||||||||||
| Fairmont Chicago |
$ | 3,947 | $ | 3,947 | $ | 5,554 | $ | 5,554 | $ | 11,467 | $ | 11,467 | $ | 9,337 | $ | 9,337 | ||||||||||||||||
| Fairmont Scottsdale Princess (a) |
2,052 | — | 2,154 | 2,154 | 10,128 | 11,272 | 7,649 | 7,649 | ||||||||||||||||||||||||
| Four Seasons Jackson Hole (b) |
(370 | ) | (370 | ) | — | — | — | 2,592 | — | — | ||||||||||||||||||||||
| Four Seasons Silicon Valley (b) |
1,319 | 1,319 | — | — | — | 3,823 | — | — | ||||||||||||||||||||||||
| Four Seasons Washington, D.C. |
3,783 | 3,783 | 4,507 | 4,507 | 14,305 | 14,305 | 12,666 | 12,666 | ||||||||||||||||||||||||
| Hotel del Coronado (c) |
7,697 | — | 5,629 | — | 42,445 | — | 36,500 | — | ||||||||||||||||||||||||
| Hyatt Regency La Jolla |
658 | 658 | 413 | 413 | 5,309 | 5,309 | 3,477 | 3,477 | ||||||||||||||||||||||||
| InterContinental Chicago |
5,502 | 5,502 | 6,232 | 6,232 | 16,959 | 16,959 | 17,127 | 17,127 | ||||||||||||||||||||||||
| InterContinental Miami |
2,824 | 2,824 | 1,826 | 1,826 | 10,737 | 10,737 | 9,354 | 9,354 | ||||||||||||||||||||||||
| Loews Santa Monica Beach Hotel |
2,601 | 2,601 | 2,329 | 2,329 | 12,655 | 12,655 | 11,574 | 11,574 | ||||||||||||||||||||||||
| Marriott Lincolnshire Resort |
1,097 | 1,097 | 1,115 | 1,115 | 2,268 | 2,268 | 683 | 683 | ||||||||||||||||||||||||
| Ritz-Carlton Half Moon Bay |
2,208 | 2,208 | 1,851 | 1,851 | 9,444 | 9,444 | 7,505 | 7,505 | ||||||||||||||||||||||||
| Ritz-Carlton Laguna Niguel |
1,105 | 1,105 | (166 | ) | (166 | ) | 13,896 | 13,896 | 8,882 | 8,882 | ||||||||||||||||||||||
| Westin St. Francis |
9,050 | 9,050 | 6,863 | 6,863 | 28,883 | 28,883 | 20,318 | 20,318 | ||||||||||||||||||||||||
| Four Seasons Punta Mita Resort |
2,814 | 2,814 | 3,351 | 3,351 | 7,659 | 7,659 | 11,823 | 11,823 | ||||||||||||||||||||||||
| Marriott Hamburg (d) |
1,568 | 512 | 1,681 | 438 | 6,603 | 557 | 6,051 | 426 | ||||||||||||||||||||||||
| Marriott London Grosvenor Square |
4,877 | 4,877 | 4,212 | 4,212 | 15,812 | 15,812 | 14,293 | 14,293 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| $ | 52,732 | $ | 41,927 | $ | 47,551 | $ | 40,679 | $ | 208,570 | $ | 167,638 | $ | 177,239 | $ | 135,114 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Adjustments: |
||||||||||||||||||||||||||||||||
| Impairment losses and other charges |
— | (141,858 | ) | — | (141,858 | ) | ||||||||||||||||||||||||||
| Corporate expenses |
(15,650 | ) | (12,594 | ) | (39,856 | ) | (34,692 | ) | ||||||||||||||||||||||||
| Interest income |
49 | 61 | 173 | 430 | ||||||||||||||||||||||||||||
| Loss on early extinguishment of debt |
— | — | (1,237 | ) | (925 | ) | ||||||||||||||||||||||||||
| Loss on early termination of derivative financial instruments |
|
— | — | (29,242 | ) | (18,263 | ) | |||||||||||||||||||||||||
| Equity in (losses) earnings of unconsolidated affiliates |
(2,949 | ) | 10,125 | (9,215 | ) | 13,025 | ||||||||||||||||||||||||||
| Foreign currency exchange loss |
(79 | ) | (16 | ) | (2 | ) | (1,410 | ) | ||||||||||||||||||||||||
| Other income, net |
1,051 | 99 | 5,767 | 2,398 | ||||||||||||||||||||||||||||
| Income from discontinued operations |
357 | 28,037 | 101,572 | 34,511 | ||||||||||||||||||||||||||||
| Depreciation expense—discontinued operations |
— | 567 | — | 5,980 | ||||||||||||||||||||||||||||
| Interest expense—discontinued operations |
— | 1,990 | — | 9,706 | ||||||||||||||||||||||||||||
| Income taxes—discontinued operations |
— | (260 | ) | 379 | 476 | |||||||||||||||||||||||||||
| Noncontrolling interest in consolidated affiliates |
614 | (1,080 | ) | (383 | ) | (1,938 | ) | |||||||||||||||||||||||||
| Adjustments from consolidated affiliates |
(1,302 | ) | (2,013 | ) | (6,733 | ) | (7,609 | ) | ||||||||||||||||||||||||
| Adjustments from unconsolidated affiliates |
6,928 | 3,673 | 23,221 | 15,563 | ||||||||||||||||||||||||||||
| Other adjustments |
(188 | ) | (59 | ) | (971 | ) | (836 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| EBITDA |
$ | 30,758 | $ | (72,649 | ) | $ | 211,111 | $ | 9,672 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| (a) | Prior to June 9, 2011, we owned 100% of the Fairmont Scottsdale Princess hotel. On June 9, 2011, we completed a recapitalization of the entity and our ownership interest decreased to 50%. We now account for this investment under the equity method of accounting. Therefore, EBITDA related to our interest in this property subsequent to June 9, 2011 is reflected in adjustments from unconsolidated affiliates for the three months and years ended December 31, 2011. Property EBITDA represents 100% of revenue and expenses generated by the property. |
| (b) | On March 11, 2011, we purchased the Four Seasons Jackson Hole and the Four Seasons Silicon Valley hotels. We have not included the results of these hotels in Property EBITDA for the year ended December 31, 2011 above since we did not own the properties for the entire period. |
| (c) | We account for this property under the equity method of accounting. Therefore, EBITDA related to our interest in this property is reflected in adjustments from unconsolidated affiliates for the three months and years ended December 31, 2011 and 2010, respectively. Property EBITDA represents 100% of revenue and expenses generated by the property. |
| (d) | We have a leasehold interest in and sublease this property. Therefore, EBITDA represents the lease revenue less the lease expense recorded in our statements. Property EBITDA represents the revenue less expenses generated by the property. |
23
| Supplemental Financial Information | ||
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR) |
Three Months and Years Ended December 31, 2011 |
Reconciliation of Property EBITDA to Comparable EBITDA
(in thousands)
| Three Months Ended December 31, 2011 | Year Ended December 31, 2011 | |||||||||||||||||||||||
| Property | Comparable | Property | Comparable | |||||||||||||||||||||
| EBITDA | Adjustments | EBITDA | EBITDA | Adjustments | EBITDA | |||||||||||||||||||
| Meetings & Business Hotels: |
||||||||||||||||||||||||
| Fairmont Chicago |
$ | 3,947 | $ | — | $ | 3,947 | $ | 11,467 | $ | — | $ | 11,467 | ||||||||||||
| Fairmont Scottsdale Princess |
2,052 | (1,043 | ) | 1,009 | 10,128 | (85 | ) | 10,043 | ||||||||||||||||
| Four Seasons Jackson Hole |
(370 | ) | — | (370 | ) | — | 2,592 | 2,592 | ||||||||||||||||
| Four Seasons Silicon Valley |
1,319 | — | 1,319 | — | 3,823 | 3,823 | ||||||||||||||||||
| Four Seasons Washington, D.C. |
3,783 | — | 3,783 | 14,305 | — | 14,305 | ||||||||||||||||||
| Hyatt Regency La Jolla |
658 | (306 | ) | 352 | 5,309 | (2,552 | ) | 2,757 | ||||||||||||||||
| InterContinental Chicago |
5,502 | — | 5,502 | 16,959 | (2,885 | ) | 14,074 | |||||||||||||||||
| InterContinental Miami |
2,824 | — | 2,824 | 10,737 | — | 10,737 | ||||||||||||||||||
| Westin St. Francis |
9,050 | — | 9,050 | 28,883 | — | 28,883 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Meetings & Business Hotels |
28,765 | (1,349 | ) | 27,416 | 97,788 | 893 | 98,681 | |||||||||||||||||
|
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|
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|
|
|||||||||||||
| Ocean Front Resorts: |
||||||||||||||||||||||||
| Four Seasons Punta Mita Resort |
2,814 | — | 2,814 | 7,659 | — | 7,659 | ||||||||||||||||||
| Hotel del Coronado |
7,697 | (5,079 | ) | 2,618 | 42,445 | (29,352 | ) | 13,093 | ||||||||||||||||
| Loews Santa Monica Beach Hotel |
2,601 | — | 2,601 | 12,655 | — | 12,655 | ||||||||||||||||||
| Ritz-Carlton Half Moon Bay |
2,208 | — | 2,208 | 9,444 | — | 9,444 | ||||||||||||||||||
| Ritz-Carlton Laguna Niguel |
1,105 | — | 1,105 | 13,896 | — | 13,896 | ||||||||||||||||||
|
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|
|
|
|
|
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|
|
|||||||||||||
| Total Ocean Front Resorts |
16,425 | (5,079 | ) | 11,346 | 86,099 | (29,352 | ) | 56,747 | ||||||||||||||||
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| European Hotels: |
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| Marriott Hamburg |
1,568 | (1,122 | ) | 446 | 6,603 | (6,263 | ) | 340 | ||||||||||||||||
| Marriott London Grosvenor Square |
4,877 | — | 4,877 | 15,812 | — | 15,812 | ||||||||||||||||||
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| Total European Hotels |
6,445 | (1,122 | ) | 5,323 | 22,415 | (6,263 | ) | 16,152 | ||||||||||||||||
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| Non-Core Assets: |
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| Marriott Lincolnshire Resort |
1,097 | — | 1,097 | 2,268 | — | 2,268 | ||||||||||||||||||
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| Total Non-Core Assets |
1,097 | — | 1,097 | 2,268 | — | 2,268 | ||||||||||||||||||
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| $ | 52,732 | $ | (7,550 | ) | $ | 45,182 | $ | 208,570 | $ | (34,722 | ) | $ | 173,848 | |||||||||||
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| % of QTR | % of YTD | |||||||
| Comparable EBITDA | Comparable EBITDA | |||||||
| Meetings & Business Hotels |
61 | % | 57 | % | ||||
| Ocean Front Resorts |
25 | % | 33 | % | ||||
| European Hotels |
12 | % | 9 | % | ||||
| Non-Core Assets |
2 | % | 1 | % | ||||
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| Total |
100 | % | 100 | % | ||||
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24
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR)
|
Supplemental Financial Information December 31, 2011
|
2012 Guidance
(in millions, except per share data)
| Year Ended December 31, 2012 |
||||||||
| Operational Guidance |
Low Range |
High Range |
||||||
| North American same store Total RevPAR growth (a) |
5.0 | % | 7.0 | % | ||||
| North American same store RevPAR growth (a) |
6.0 | % | 8.0 | % | ||||
| (a) | Includes North American hotels which are consolidated in our financial results, but excludes the Four Seasons Jackson Hole and Four Seasons Silicon Valley hotels, which were acquired in 2011. |
| Year Ended | ||||||||
| December 31, 2012 | ||||||||
| Comparable EBITDA Guidance |
Low Range |
High Range |
||||||
| Net loss attributable to common shareholders |
$ | (86.7 | ) | $ | (71.8 | ) | ||
| Depreciation and amortization |
111.2 | 111.2 | ||||||
| Interest expense |
86.0 | 86.0 | ||||||
| Income taxes |
1.0 | 1.0 | ||||||
| Noncontrolling interests |
(0.3 | ) | (0.2 | ) | ||||
| Adjustments from consolidated affiliates |
(4.2 | ) | (4.2 | ) | ||||
| Adjustments from unconsolidated affiliates |
28.8 | 28.8 | ||||||
| Preferred shareholder dividends |
24.2 | 24.2 | ||||||
| Realized portion of deferred gain on sale-leasebacks |
(0.2 | ) | (0.2 | ) | ||||
| Adjustment for Value Creation Plan |
5.2 | 5.2 | ||||||
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| Comparable EBITDA |
$ | 165.0 | $ | 180.0 | ||||
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| Year Ended | ||||||||
| December 31, 2012 | ||||||||
| Comparable FFO Guidance |
Low Range |
High Range |
||||||
| Net loss attributable to common shareholders |
$ | (86.7 | ) | $ | (71.8 | ) | ||
| Depreciation and amortization |
109.9 | 109.9 | ||||||
| Realized portion of deferred gain on sale-leasebacks |
(0.2 | ) | (0.2 | ) | ||||
| Noncontrolling interests |
(0.3 | ) | (0.2 | ) | ||||
| Adjustments from consolidated affiliates |
(1.2 | ) | (1.2 | ) | ||||
| Adjustments from unconsolidated affiliates |
15.6 | 15.6 | ||||||
| Adjustment for Value Creation Plan |
5.2 | 5.2 | ||||||
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| Comparable FFO |
$ | 42.3 | $ | 57.3 | ||||
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| Comparable FFO per diluted share |
$ | 0.22 | $ | 0.30 | ||||
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25