Attached files
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EX-99.1 - EX-99.1 - Sunstone Hotel Investors, Inc. | sho-20210503xex99d1.htm |
8-K - 8-K - Sunstone Hotel Investors, Inc. | sho-20210503x8k.htm |
Exhibit 99.2
Supplemental Financial Information |
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Supplemental Financial Information For the quarter ended March 31, 2021 May 3, 2021 |
Supplemental Financial Information |
Table of Contents
Supplemental Financial Information |
Table of Contents
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Supplemental Financial Information |
CORPORATE PROFILE, FINANCIAL DISCLOSURES,
AND SAFE HARBOR
CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR | | Page 3 | ||||||
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Supplemental Financial Information |
Sunstone Hotel Investors, Inc. (the “Company,” “we,” and “our”) (NYSE: SHO) is a lodging real estate investment trust (“REIT”) that as of May 3, 2021 has interests in 18 hotels comprised of 9,147 rooms, the majority of which are operated under nationally recognized brands. Sunstone’s business is to acquire, own, asset manage and renovate or reposition hotels that the Company considers to be Long-Term Relevant Real Estate®.
As demand for lodging generally fluctuates with the overall economy, the Company seeks to own Long-Term Relevant Real Estate® that will maintain a high appeal with lodging travelers over long periods of time and will generate superior economic earnings materially in excess of recurring capital requirements. Sunstone’s strategy is to maximize stockholder value through focused asset management and disciplined capital recycling, which is likely to include selective acquisitions and dispositions, while maintaining balance sheet flexibility and strength. Sunstone’s goal is to maintain appropriate leverage and financial flexibility to position the Company to create value throughout all phases of the operating and financial cycles.
Corporate Headquarters
200 Spectrum Center Drive, 21st Floor
Irvine, CA 92618
(949) 330-4000
Company Contacts
John Arabia
President and Chief Executive Officer
(949) 382-3008
Bryan Giglia
Executive Vice President and Chief Financial Officer
(949) 382-3036
Aaron Reyes
Senior Vice President, Corporate Finance and Treasurer
(949) 382-3018
CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR | | Page 4 | ||||||
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Supplemental Financial Information |
This presentation 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 “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will” and other similar terms and phrases, including opinions, 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 that 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 impact the COVID-19 pandemic has on the Company’s business and the economy, as well as the response of governments and the Company to the pandemic, and how quickly and successfully effective vaccines and therapies are distributed and administered; increased risks related to employee matters, including increased employment litigation and claims for severance or other benefits tied to termination or furloughs as a result of temporary hotel suspensions or reduced hotel operations due to COVID-19; general economic and business conditions, including a U.S. recession, trade conflicts and tariffs, regional or global economic slowdowns and any type of flu or disease-related pandemic that impacts travel or the ability to travel, including the COVID-19 pandemic; the need for business-related travel, including the increased use of business-related technology; rising hotel operating costs due to labor costs, workers’ compensation and health-care related costs, utility costs, property and liability insurance costs, unanticipated costs such as acts of nature and their consequences and other costs that may not be offset by increased room rates; the ground, building or airspace leases for three of the hotels the Company has interests in as of the date of this presentation; the need for renovations, repositionings and other capital expenditures for the Company’s hotels; the impact, including any delays, of renovations and repositionings on hotel operations; new hotel supply, or alternative lodging options such as timeshare, vacation rentals or sharing services such as Airbnb, in the Company’s markets, which could harm its occupancy levels and revenue at its hotels; competition from hotels not owned by the Company; relationships with, and the requirements, performance and reputation of, the managers of the Company’s hotels; relationships with, and the requirements and reputation of, the Company’s franchisors and hotel brands; the Company’s hotels may become impaired, or its hotels which have previously become impaired may become further impaired in the future, which may adversely affect its financial condition and results of operations; competition for the acquisition of hotels, and the Company’s ability to complete acquisitions and dispositions; performance of hotels after they are acquired; changes in the Company’s business strategy or acquisition or disposition plans; the Company’s level of debt, including secured, unsecured, fixed and variable rate debt; financial and other covenants in the Company’s debt and preferred stock; the impact on the Company’s business of potential defaults by the Company on its debt agreements or leases; volatility in the capital markets and the effect on lodging demand or the Company’s ability to obtain capital on favorable terms or at all; the Company’s need to operate as a REIT and comply with other applicable laws and regulations, including new laws, interpretations or court decisions that may change the federal or state tax laws or the federal or state income tax consequences of the Company’s qualification as a REIT; potential adverse tax consequences in the event that the Company’s operating leases with its taxable REIT subsidiaries are not held to have been made on an arm’s-length basis; system security risks, data protection breaches, cyber-attacks, including those impacting the Company’s hotel managers or other third parties, and systems integration issues; other events beyond the Company’s control, including climate change, natural disasters, terrorist attacks or civil unrest; and other risks and uncertainties associated with the Company’s business described in its 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 forward-looking information provided herein is as of the date of this presentation, 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.
This presentation contains unaudited information, and should be read together with the consolidated financial statements and notes thereto included in our most recent reports on Form 10-K and Form 10-Q. Copies of these reports are available on our website at www.sunstonehotels.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.
CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR | | Page 5 | ||||||
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Supplemental Financial Information |
We present the following non-GAAP financial measures that we believe are useful to investors as key supplemental measures of our operating performance: earnings before interest expense, taxes, depreciation and amortization for real estate, or EBITDAre; Adjusted EBITDAre, excluding noncontrolling interest (as defined below); funds from operations attributable to common stockholders, or FFO attributable to common stockholders; Adjusted FFO attributable to common stockholders (as defined below); hotel Adjusted EBITDAre; and hotel Adjusted EBITDAre margins. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with GAAP. In addition, our calculation of these measures may not be comparable to other companies that do not define such terms exactly the same as the Company. These non-GAAP measures are used in addition to and in conjunction with results presented in accordance with GAAP. They should not be considered as alternatives to net income (loss), cash flow from operations, or any other operating performance measure prescribed by GAAP. These non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding 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.
We present EBITDAre in accordance with guidelines established by the National Association of Real Estate Investment Trusts (“NAREIT”), as defined in its September 2017 white paper “Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate.” We believe EBITDAre is a useful performance measure to help investors evaluate and compare the results of our operations from period to period in comparison to our peers. NAREIT defines EBITDAre as net income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property in the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.
We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional items described below provides useful information to investors regarding our operating performance, and that the presentation of Adjusted EBITDAre, excluding noncontrolling interest, when combined with the primary GAAP presentation of net income, is beneficial to an investor’s complete understanding of our operating performance. In addition, we use both EBITDAre and Adjusted EBITDAre, excluding noncontrolling interest as measures in determining the value of hotel acquisitions and dispositions.
We believe that the presentation of FFO attributable to common stockholders provides useful information to investors regarding our operating performance because it is a measure of our operations without regard to specified noncash items such as real estate depreciation and amortization, any real estate impairment loss and any gain or loss on sale of real estate assets, all of which are based on historical cost accounting and may be of lesser significance in evaluating our current performance. Our presentation of FFO attributable to common stockholders conforms to NAREIT’s definition of “FFO applicable to common shares.” Our presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current NAREIT definition, or that interpret the current NAREIT definition differently that we do.
CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR | | Page 6 | ||||||
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Supplemental Financial Information |
We also present Adjusted FFO attributable to common stockholders when evaluating our operating 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 may facilitate comparisons of operating performance between periods and our peer companies.
We adjust EBITDAre and FFO attributable to common stockholders for the following items, which may occur in any period, and refer to these measures as either Adjusted EBITDAre, excluding noncontrolling interest or Adjusted FFO attributable to common stockholders:
● | Amortization of favorable and unfavorable contracts: we exclude the noncash amortization of the favorable management contract asset recorded in conjunction with our acquisition of the Hilton Garden Inn Chicago Downtown/Magnificent Mile, along with the favorable and unfavorable tenant lease contracts, as applicable, recorded in conjunction with our acquisitions of the Boston Park Plaza, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hyatt Regency San Francisco and the Wailea Beach Resort. We exclude the noncash amortization of favorable and unfavorable contracts because it is based on historical cost accounting and is of lesser significance in evaluating our actual performance for the current period. |
● | Gains or losses from debt transactions: we exclude the effect of finance charges and premiums associated with the extinguishment of debt, including the acceleration of deferred financing costs from the original issuance of the debt being redeemed or retired because, like interest expense, their removal helps investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure. |
● | Acquisition costs: under GAAP, costs associated with acquisitions that meet the definition of a business are expensed in the year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company or our hotels. |
● | Cumulative effect of a change in accounting principle: from time to time, the FASB promulgates new accounting standards that require the consolidated statement of operations to reflect the cumulative effect of a change in accounting principle. We exclude these one-time adjustments, which include the accounting impact from prior periods, because they do not reflect our actual performance for that period. |
● | Other adjustments: we exclude other adjustments that we believe are outside the ordinary course of business because we do not believe these costs reflect our actual performance for the period and/or the ongoing operations of our hotels. Such items may include: lawsuit settlement costs; prior year property tax assessments or credits; the write-off of development costs associated with abandoned projects; property-level restructuring, severance and management transition costs; debt resolution costs; lease terminations; and property insurance proceeds or uninsured losses. |
In addition, to derive Adjusted EBITDAre, excluding noncontrolling interest we exclude the noncontrolling partner’s pro rata share of the net (income) loss allocated to the Hilton San Diego Bayfront partnership, as well as the noncontrolling partner’s pro rata share of any EBITDAre and Adjusted EBITDAre components. We also exclude the noncash expense incurred with the amortization of deferred stock compensation as this expense is based on historical stock prices at the date of grant to our corporate employees and does not reflect the underlying performance of our hotels. In addition, we exclude the amortization of our right-of-use assets and liabilities as these expenses are based on historical cost accounting and do not reflect the actual rent amounts due to the respective lessors or the underlying performance of our hotels. Additionally, we include an adjustment for the cash
CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR | | Page 7 | ||||||
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Supplemental Financial Information |
finance lease expenses recorded on the ground lease at the Courtyard by Marriott Los Angeles (prior to the hotel’s sale in October 2019) and the building lease at the Hyatt Centric Chicago Magnificent Mile. We determined that both of these leases are finance leases, and, therefore, we include a portion of the lease payments each month in interest expense. We adjust EBITDAre for these two finance leases in order to more accurately reflect the actual rent due to both hotels’ lessors in the current period, as well as the operating performance of both hotels. We also exclude the effect of gains and losses on the disposition of undepreciated assets because we believe that including them in Adjusted EBITDAre, excluding noncontrolling interest is not consistent with reflecting the ongoing performance of our assets.
To derive Adjusted FFO attributable to common stockholders, we also exclude the noncash interest on our derivatives and finance lease obligations as we believe that these items are not reflective of our ongoing finance costs. Additionally, we exclude the noncontrolling partner’s pro rata share of any FFO adjustments related to our consolidated Hilton San Diego Bayfront partnership. We also exclude the real estate amortization of our right-of-use assets and liabilities, which includes the amortization of both our finance and operating lease intangibles (with the exception of our corporate operating lease), as these expenses are based on historical cost accounting and do not reflect the actual rent amounts due to the respective lessors or the underlying performance of our hotels. In addition, we exclude changes to deferred tax assets, liabilities or valuation allowances, and income tax benefits or provisions associated with the application of net operating loss carryforwards, uncertain tax positions or with the sale of assets other than real estate investments.
In presenting hotel Adjusted EBITDAre and hotel Adjusted EBITDAre margins, miscellaneous non-hotel items have been excluded. We believe the calculation of hotel Adjusted EBITDAre results in a more accurate presentation of the hotel Adjusted EBITDAre margins for our hotels, and that these non-GAAP financial measures are useful to investors in evaluating our property-level operating performance.
Reconciliations of net (loss) income to EBITDAre, Adjusted EBITDAre, excluding noncontrolling interest, FFO attributable to common stockholders, Adjusted FFO attributable to common stockholders, hotel Adjusted EBITDAre and hotel Adjusted EBITDAre margins are set forth in the following pages of this supplemental package.
The 17 Hotel Portfolio includes all hotels owned by the Company as of March 31, 2021. The 18 Hotel Pro Forma Portfolio includes the 17 Hotel Portfolio plus the Montage Healdsburg, acquired by the Company in April 2021.
CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR | | Page 8 | ||||||
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Supplemental Financial Information |
CORPORATE FINANCIAL INFORMATION
CORPORATE FINANCIAL INFORMATION | | Page 9 | ||||||
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Supplemental Financial Information |
Condensed Consolidated Balance Sheets
Q1 2021 – Q1 2020
(In thousands) | | March 31, 2021 (1) | | December 31, 2020 (2) | | September 30, 2020 (3) | | June 30, 2020 (4) | | March 31, 2020 (5) | | |||||
Assets |
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Investment in hotel properties: | | | | | | | | | | | | | | | | |
Land | | $ | 571,212 | | $ | 571,212 | | $ | 581,426 | | $ | 581,426 | | $ | 600,649 | |
Buildings & improvements | | | 2,527,654 | | | 2,523,750 | | | 2,707,102 | | | 2,694,935 | | | 2,800,187 | |
Furniture, fixtures, & equipment | | | 432,493 | | | 431,918 | | | 464,588 | | | 460,526 | | | 496,312 | |
Other | | | 41,868 | | | 37,766 | | | 64,880 | | | 72,775 | | | 71,327 | |
| | | 3,573,227 | | | 3,564,646 | | | 3,817,996 | | | 3,809,662 | | | 3,968,475 | |
Less accumulated depreciation & amortization | | | (1,133,264) | | | (1,103,148) | | | (1,196,520) | | | (1,164,181) | | | (1,212,063) | |
| | | 2,439,963 | | | 2,461,498 | | | 2,621,476 | | | 2,645,481 | | | 2,756,412 | |
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Finance lease right-of-use asset, net | | | 45,814 | | | 46,182 | | | 46,549 | | | 46,917 | | | 47,284 | |
Operating lease right-of-use assets, net | | | 25,196 | | | 26,093 | | | 39,489 | | | 40,351 | | | 41,198 | |
Other noncurrent assets, net | | | 15,847 | | | 16,799 | | | 16,510 | | | 15,415 | | | 16,390 | |
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Current assets: | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | 320,275 | | | 368,406 | | | 461,288 | | | 540,420 | | | 847,445 | |
Restricted cash | | | 44,982 | | | 47,733 | | | 42,346 | | | 45,960 | | | 53,485 | |
Other current assets, net | | | 24,597 | | | 19,006 | | | 19,124 | | | 12,474 | | | 37,326 | |
Assets held for sale, net | | | — | | | — | | | — | | | 76,683 | | | — | |
Total assets | | $ | 2,916,674 | | $ | 2,985,717 | | $ | 3,246,782 | | $ | 3,423,701 | | $ | 3,799,540 | |
*Footnotes on following page
CORPORATE FINANCIAL INFORMATION | | Page 10 | ||||||
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Supplemental Financial Information |
Condensed Consolidated Balance Sheets
Q1 2021– Q1 2020 (continued)
(In thousands) | | March 31, 2021 (1) | | December 31, 2020 (2) | | September 30, 2020 (3) | | June 30, 2020 (4) | | March 31, 2020 (5) | | |||||
Liabilities |
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Current liabilities: | | | | | | | | | | | | | | | | |
Current portion of notes payable, net | | $ | 2,295 | | $ | 2,261 | | $ | 188,096 | | $ | 188,757 | | $ | 82,189 | |
Other current liabilities | | | 81,947 | | | 88,532 | | | 99,679 | | | 97,129 | | | 104,029 | |
Total current liabilities | | | 84,242 | | | 90,793 | | | 287,775 | | | 285,886 | | | 186,218 | |
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Notes payable, less current portion, net | | | 741,922 | | | 742,528 | | | 743,545 | | | 829,673 | | | 1,187,468 | |
Finance lease obligation, less current portion | | | 15,569 | | | 15,569 | | | 15,569 | | | 15,570 | | | 15,570 | |
Operating lease obligations, less current portion | | | 28,649 | | | 29,954 | | | 45,939 | | | 47,206 | | | 48,460 | |
Other liabilities | | | 14,679 | | | 17,494 | | | 25,909 | | | 25,374 | | | 24,818 | |
Total liabilities | | | 885,061 | | | 896,338 | | | 1,118,737 | | | 1,203,709 | | | 1,462,534 | |
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Equity | | | | | | | | | | | | | | | | |
Stockholders' equity: | | | | | | | | | | | | | | | | |
6.95% Series E cumulative redeemable preferred stock | | | 115,000 | | | 115,000 | | | 115,000 | | | 115,000 | | | 115,000 | |
6.45% Series F cumulative redeemable preferred stock | | | 75,000 | | | 75,000 | | | 75,000 | | | 75,000 | | | 75,000 | |
Common stock, $0.01 par value, 500,000,000 shares authorized | | | 2,162 | | | 2,156 | | | 2,156 | | | 2,156 | | | 2,155 | |
Additional paid in capital | | | 2,585,455 | | | 2,586,108 | | | 2,584,005 | | | 2,581,637 | | | 2,578,445 | |
Retained earnings | | | 860,454 | | | 913,766 | | | 951,765 | | | 1,041,056 | | | 1,156,394 | |
Cumulative dividends and distributions | | | (1,646,593) | | | (1,643,386) | | | (1,640,178) | | | (1,636,970) | | | (1,633,763) | |
Total stockholders' equity | | | 1,991,478 | | | 2,048,644 | | | 2,087,748 | | | 2,177,879 | | | 2,293,231 | |
Noncontrolling interest in consolidated joint venture | | | 40,135 | | | 40,735 | | | 40,297 | | | 42,113 | | | 43,775 | |
Total equity | | | 2,031,613 | | | 2,089,379 | | | 2,128,045 | | | 2,219,992 | | | 2,337,006 | |
Total liabilities and equity | | $ | 2,916,674 | | $ | 2,985,717 | | $ | 3,246,782 | | $ | 3,423,701 | | $ | 3,799,540 | |
(1) | As presented on Form 10-Q to be filed in May 2021. |
(2) | As presented on Form 10-K filed on February 12, 2021. |
(3) | As presented on Form 10-Q filed on November 6, 2020. |
(4) | As presented on Form 10-Q filed on August 5, 2020. |
(5) | As presented on Form 10-Q filed on May 11, 2020. |
CORPORATE FINANCIAL INFORMATION | | Page 11 | ||||||
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Supplemental Financial Information |
Consolidated Statements of Operations
Q1 2021/2020
| | Quarter Ended March 31, | ||||
(In thousands, except per share data) |
| 2021 |
| 2020 | ||
Revenues | | | | | | |
Room | | $ | 34,219 | | $ | 127,400 |
Food and beverage | | | 4,971 | | | 47,990 |
Other operating | | | 11,443 | | | 15,822 |
Total revenues | | | 50,633 | | | 191,212 |
Operating expenses | | | | | | |
Room | | | 11,640 | | | 44,245 |
Food and beverage | | | 5,979 | | | 41,760 |
Other operating | | | 1,805 | | | 3,764 |
Advertising and promotion | | | 4,875 | | | 12,462 |
Repairs and maintenance | | | 5,545 | | | 10,049 |
Utilities | | | 4,151 | | | 5,842 |
Franchise costs | | | 991 | | | 5,336 |
Property tax, ground lease and insurance | | | 14,661 | | | 20,051 |
Other property-level expenses | | | 10,477 | | | 28,845 |
Corporate overhead | | | 7,177 | | | 7,394 |
Depreciation and amortization | | | 30,770 | | | 36,746 |
Impairment losses | | | — | | | 115,366 |
Total operating expenses | | | 98,071 | | | 331,860 |
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Interest and other income (loss) | | | (379) | | | 2,306 |
Interest expense | | | (7,649) | | | (17,507) |
Gain on extinguishment of debt | | | 222 | | | — |
Loss before income taxes | | | (55,244) | | | (155,849) |
Income tax provision, net | | | (43) | | | (6,670) |
Net loss | | | (55,287) | | | (162,519) |
Loss from consolidated joint venture attributable to noncontrolling interest | | | 1,975 | | | 458 |
Preferred stock dividends | | | (3,207) | | | (3,207) |
Loss attributable to common stockholders | | $ | (56,519) | | $ | (165,268) |
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Basic and diluted per share amounts: | | | | | | |
Basic and diluted loss attributable to common stockholders per common share | | $ | (0.26) | | $ | (0.75) |
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Basic and diluted weighted average common shares outstanding | | | 214,438 | | | 221,036 |
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Distributions declared per common share | | $ | — | | $ | 0.05 |
CORPORATE FINANCIAL INFORMATION | | Page 12 | ||||||
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Supplemental Financial Information |
Reconciliation of Net Loss to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest
Q1 2021/2020
| | Quarter Ended March 31, | ||||
(In thousands) |
| 2021 |
| 2020 | ||
Net loss | | $ | (55,287) | | $ | (162,519) |
Operations held for investment: | | | | | | |
Depreciation and amortization | | | 30,770 | | | 36,746 |
Interest expense | | | 7,649 | | | 17,507 |
Income tax provision, net | | | 43 | | | 6,670 |
Loss on sale of assets | | | 70 | | | — |
Impairment losses - hotel properties | | | — | | | 113,064 |
EBITDAre | | | (16,755) | | | 11,468 |
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Operations held for investment: | | | | | | |
Amortization of deferred stock compensation | | | 2,752 | | | 2,207 |
Amortization of right-of-use assets and liabilities | | | (331) | | | (261) |
Finance lease obligation interest - cash ground rent | | | (351) | | | (351) |
Gain on extinguishment of debt | | | (222) | | | — |
Prior year property tax adjustments, net | | | (827) | | | (81) |
Impairment loss - abandoned development costs | | | — | | | 2,302 |
Noncontrolling interest: | | | | | | |
Loss from consolidated joint venture attributable to noncontrolling interest | | | 1,975 | | | 458 |
Depreciation and amortization | | | (810) | | | (804) |
Interest expense | | | (161) | | | (420) |
Amortization of right-of-use asset and liability | | | 72 | | | 72 |
Impairment loss - abandoned development costs | | | — | | | (449) |
Adjustments to EBITDAre, net | | | 2,097 | | | 2,673 |
Adjusted EBITDAre, excluding noncontrolling interest | | $ | (14,658) | | $ | 14,141 |
CORPORATE FINANCIAL INFORMATION | | Page 13 | ||||||
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Supplemental Financial Information |
Reconciliation of Net Loss to FFO and Adjusted FFO Attributable to Common Stockholders
Q1 2021/2020
| | Quarter Ended March 31, | ||||
(In thousands, except per share data) |
| 2021 |
| 2020 | ||
Net loss | | $ | (55,287) | | $ | (162,519) |
Preferred stock dividends | | | (3,207) | | | (3,207) |
Operations held for investment: | | | | | | |
Real estate depreciation and amortization | | | 30,143 | | | 36,122 |
Loss on sale of assets | | | 70 | | | — |
Impairment losses - hotel properties | | | — | | | 113,064 |
Noncontrolling interest: | | | | | | |
Loss from consolidated joint venture attributable to noncontrolling interest | | | 1,975 | | | 458 |
Real estate depreciation and amortization | | | (810) | | | (804) |
FFO attributable to common stockholders | | | (27,116) | | | (16,886) |
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Operations held for investment: | | | | | | |
Real estate amortization of right-of-use assets and liabilities | | | 85 | | | 146 |
Noncash interest on derivatives | | | (869) | | | 6,080 |
Gain on extinguishment of debt | | | (222) | | | — |
Prior year property tax adjustments, net | | | (827) | | | (81) |
Impairment loss - abandoned development costs | | | — | | | 2,302 |
Noncash income tax provision, net | | | — | | | 7,415 |
Noncontrolling interest: | | | | | | |
Real estate amortization of right-of-use asset and liability | | | 72 | | | 72 |
Impairment loss - abandoned development costs | | | — | | | (449) |
Adjustments to FFO attributable to common stockholders, net | | | (1,761) | | | 15,485 |
Adjusted FFO attributable to common stockholders | | $ | (28,877) | | $ | (1,401) |
FFO attributable to common stockholders per diluted share | | $ | (0.13) | | $ | (0.08) |
Adjusted FFO attributable to common stockholders per diluted share | | $ | (0.13) | | $ | (0.01) |
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Basic weighted average shares outstanding | | | 214,438 | | | 221,036 |
Shares associated with unvested restricted stock awards | | | 210 | | | — |
Diluted weighted average shares outstanding | | | 214,648 | | | 221,036 |
CORPORATE FINANCIAL INFORMATION | | Page 14 | ||||||
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Supplemental Financial Information |
Pro Forma Consolidated Statements of Operations
Q1 2021 – Q2 2020, FY 2020
| Quarter Ended (1) | | Year Ended (1) | | |||||||||||
(Unaudited and in thousands) | | March 31, | | December 31, | | September 30, | | June 30, | | December 31, | | ||||
| | 2021 |
| 2020 |
| 2020 |
| 2020 |
| 2020 | | ||||
Revenues | | | | | | | | | | | | | | | |
Room | $ | 34,219 | | $ | 21,026 | | $ | 14,745 | | $ | 2,395 | | $ | 151,641 | |
Food and beverage | | 4,971 | | | 4,493 | | | 1,979 | | | 142 | | | 50,986 | |
Other operating | | 11,443 | | | 10,592 | | | 10,252 | | | 6,144 | | | 41,183 | |
Total revenues | | 50,633 | | | 36,111 | | | 26,976 | | | 8,681 | | | 243,810 | |
| | | | | | | | | | | | | | | |
Operating Expenses | | | | | | | | | | | | | | | |
Room | | 11,640 | | | 11,519 | | | 9,326 | | | 4,995 | | | 63,081 | |
Food and beverage | | 5,979 | | | 8,392 | | | 5,719 | | | 4,379 | | | 55,961 | |
Other expenses | | 42,505 | | | 30,293 | | | 39,741 | | | 35,607 | | | 179,949 | |
Corporate overhead | | 7,177 | | | 5,735 | | | 6,582 | | | 8,438 | | | 28,149 | |
Depreciation and amortization | | 30,770 | | | 31,505 | | | 31,121 | | | 31,363 | | | 125,865 | |
Impairment losses | | — | | | 13,478 | | | — | | | — | | | 20,987 | |
Total operating expenses | | 98,071 | | | 100,922 | | | 92,489 | | | 84,782 | | | 473,992 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Interest and other income (loss) | | (379) | | | 85 | | | 139 | | | 306 | | | 2,836 | |
Interest expense | | (7,649) | | | (7,676) | | | (8,999) | | | (9,322) | | | (40,642) | |
Gain (loss) on extinguishment of debt, net | | 222 | | | — | | | (210) | | | — | | | (210) | |
Loss before income taxes | | (55,244) | | | (72,402) | | | (74,583) | | | (85,117) | | | (268,198) | |
Income tax (provision) benefit, net | | (43) | | | (15) | | | 83 | | | 12 | | | (6,590) | |
Net loss | $ | (55,287) | | $ | (72,417) | | $ | (74,500) | | $ | (85,105) | | $ | (274,788) | |
| | | | | | | | | | | | | | | |
Adjusted EBITDAre, excluding noncontrolling interest (2) | $ | (14,658) | | $ | (14,886) | | $ | (30,656) | | $ | (39,588) | | $ | (66,826) | |
(1) | Includes the Company's ownership results for the 17 Hotel Portfolio. Excludes the Company's ownership results for the Renaissance Harborplace and the Renaissance Los Angeles Airport due to their sales in July 2020 and December 2020, respectively. In addition, excludes the Company's ownership results for the Hilton Times Square due to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder, as well as the elimination of interest expense and loss on extinguishment of debt on the mortgage loan secured by the Renaissance Washington DC due to its repayment in December 2020. |
(2) | Adjusted EBITDAre, excluding noncontrolling interest reconciliation for the year ended December 31, 2020 can be found on page 17 in this supplemental package. |
CORPORATE FINANCIAL INFORMATION | | Page 15 | ||||||
| | | ||||||
Supplemental Financial Information |
Pro Forma Consolidated Statements of Operations
Q4 2019 – Q1 2019, FY 2019
| Quarter Ended (1) | | Year Ended (1) | |||||||||||
(Unaudited and in thousands) | | December 31, | | September 30, | | June 30, | | March 31, | | December 31, | ||||
| | 2019 |
| 2019 |
| 2019 |
| 2019 |
| 2019 | ||||
Revenues | | | | | | | | | | | | | | |
Room | $ | 160,370 | | $ | 171,544 | | $ | 179,838 | | $ | 150,734 | | $ | 662,486 |
Food and beverage | | 60,403 | | | 56,052 | | | 68,588 | | | 63,819 | | | 248,862 |
Other operating | | 17,555 | | | 18,275 | | | 16,943 | | | 15,358 | | | 68,131 |
Total revenues | | 238,328 | | | 245,871 | | | 265,369 | | | 229,911 | | | 979,479 |
| | | | | | | | | | | | | | |
Operating Expenses | | | | | | | | | | | | | | |
Room | | 42,414 | | | 43,947 | | | 43,744 | | | 40,711 | | | 170,816 |
Food and beverage | | 41,382 | | | 40,143 | | | 43,201 | | | 42,129 | | | 166,855 |
Other expenses | | 82,501 | | | 82,373 | | | 84,012 | | | 81,716 | | | 330,602 |
Corporate overhead | | 7,275 | | | 7,395 | | | 8,078 | | | 7,516 | | | 30,264 |
Depreciation and amortization | | 31,780 | | | 31,854 | | | 31,217 | | | 31,056 | | | 125,907 |
Total operating expenses | | 205,352 | | | 205,712 | | | 210,252 | | | 203,128 | | | 824,444 |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Interest and other income | | 3,060 | | | 3,762 | | | 4,811 | | | 4,924 | | | 16,557 |
Interest expense | | (7,867) | | | (10,064) | | | (12,621) | | | (11,131) | | | (41,683) |
Income before income taxes | | 28,169 | | | 33,857 | | | 47,307 | | | 20,576 | | | 129,909 |
Income tax (provision) benefit, net | | (1,034) | | | 749 | | | (2,676) | | | 3,112 | | | 151 |
Net income | $ | 27,135 | | $ | 34,606 | | $ | 44,631 | | $ | 23,688 | | $ | 130,060 |
| | | | | | | | | | | | | | |
Adjusted EBITDAre, excluding noncontrolling interest (2) | $ | 66,968 | | $ | 73,500 | | $ | 89,511 | | $ | 61,915 | | $ | 291,894 |
(1) | Includes the Company's ownership results for the 17 Hotel Portfolio. Excludes the Company's ownership results for the Courtyard by Marriott Los Angeles, the Renaissance Harborplace and the Renaissance Los Angeles Airport due to their sales in October 2019, July 2020 and December 2020, respectively. In addition, excludes the Company's ownership results for the Hilton Times Square due to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder, as well as the elimination of interest expense on the mortgage loan secured by the Renaissance Washington DC due to its repayment in December 2020. |
(2) | Adjusted EBITDAre, excluding noncontrolling interest reconciliation for the year ended December 31, 2019 can be found on page 20 in this supplemental package. |
CORPORATE FINANCIAL INFORMATION | | Page 16 | ||||||
| | | ||||||
Supplemental Financial Information |
Pro Forma Reconciliation of Net Loss to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest
FY 2020
| Year Ended December 31, 2020 | |||||||||||
| | | | Disposition: | | Disposition: | | Disposition: | | | | |
| | | | Renaissance | | Renaissance | | Hilton | | Debt & Equity | | Pro |
(In thousands) | | Actual (1) | | Harborplace (2) | | Los Angeles Airport (2) | | Times Square (2) | | Transactions (3) | | Forma (4) |
| | | | | | | | | | | | |
Net loss | $ | (410,506) | $ | 23,386 | $ | (29,132) | $ | 134,845 | $ | 6,619 | $ | (274,788) |
Operations held for investment: | | | | | | | | | | | | |
Depreciation and amortization | | 137,051 | | (2,622) | | (3,897) | | (4,667) | | — | | 125,865 |
Interest expense | | 53,307 | | — | | — | | (6,079) | | (6,586) | | 40,642 |
Income tax provision, net | | 6,590 | | — | | — | | — | | — | | 6,590 |
Gain on sale of assets | | (34,298) | | 189 | | 34,109 | | — | | — | | — |
Impairment losses | | 144,642 | | (18,100) | | — | | (107,857) | | — | | 18,685 |
EBITDAre | | (103,214) | | 2,853 | | 1,080 | | 16,242 | | 33 | | (83,006) |
| | | | | | | | | | | | |
Operations held for investment: | | | | | | | | | | | | |
Amortization of deferred stock compensation | | 9,576 | | — | | — | | — | | — | | 9,576 |
Amortization of right-of-use assets and liabilities | | (1,260) | | — | | — | | (34) | | — | | (1,294) |
Finance lease obligation interest - cash ground rent | | (1,404) | | — | | — | | — | | — | | (1,404) |
Gain on extinguishment of debt, net | | (6,146) | | — | | — | | 6,389 | | (33) | | 210 |
Property-level severance | | 11,038 | | — | | (109) | | (5,637) | | — | | 5,292 |
Prior year property tax adjustments, net | | (276) | | 57 | | 481 | | — | | — | | 262 |
Impairment loss - abandoned development costs | | 2,302 | | — | | — | | — | | — | | 2,302 |
Noncontrolling interest: | | | | | | | | | | | | |
Loss from consolidated joint venture attributable to noncontrolling interest | | 5,817 | | — | | — | | — | | — | | 5,817 |
Depreciation and amortization | | (3,228) | | — | | — | | — | | — | | (3,228) |
Interest expense | | (1,194) | | — | | — | | — | | — | | (1,194) |
Amortization of right-of-use asset and liability | | 290 | | — | | — | | — | | — | | 290 |
Impairment loss - abandoned development costs | | (449) | | — | | — | | — | | — | | (449) |
Adjustments to EBITDAre, net | | 15,066 | | 57 | | 372 | | 718 | | (33) | | 16,180 |
| | | | | | | | | | | | |
Adjusted EBITDAre, excluding noncontrolling interest | $ | (88,148) | $ | 2,910 | $ | 1,452 | $ | 16,960 | $ | — | $ | (66,826) |
*Footnotes on Page 19
CORPORATE FINANCIAL INFORMATION | | Page 17 | ||||||
| | | ||||||
Supplemental Financial Information |
Pro Forma Reconciliation of Net Loss to FFO and Adjusted FFO Attributable to Common Stockholders
FY 2020
| Year Ended December 31, 2020 | |||||||||||
| | | | Disposition: | | Disposition: | | Disposition: | | | | |
| | | | Renaissance | | Renaissance | | Hilton | | Debt & Equity | | Pro |
(In thousands, except per share amounts) | | Actual (1) | | Harborplace (2) | | Los Angeles Airport (2) | | Times Square (2) | | Transactions (3) | | Forma (4) |
| | | | | | | | | | | | |
Net loss | $ | (410,506) | $ | 23,386 | $ | (29,132) | $ | 134,845 | $ | 6,619 | $ | (274,788) |
Preferred stock dividends | | (12,830) | | — | | — | | — | | — | | (12,830) |
Operations held for investment: | | | | | | | | | | | | |
Real estate depreciation and amortization | | 134,555 | | (2,622) | | (3,897) | | (4,667) | | — | | 123,369 |
Gain on sale of assets | | (34,298) | | 189 | | 34,109 | | — | | — | | — |
Impairment losses | | 144,642 | | (18,100) | | — | | (107,857) | | — | | 18,685 |
Noncontrolling interest: | | | | | | | | | | | | |
Loss from consolidated joint venture attributable to noncontrolling interest | | 5,817 | | — | | — | | — | | — | | 5,817 |
Real estate depreciation and amortization | | (3,228) | | — | | — | | — | | — | | (3,228) |
FFO attributable to common stockholders | | (175,848) | | 2,853 | | 1,080 | | 22,321 | | 6,619 | | (142,975) |
| | | | | | | | | | | | |
Operations held for investment: | | | | | | | | | | | | |
Real estate amortization of right-of-use assets and liabilities | | 376 | | — | | — | | (34) | | — | | 342 |
Noncash interest on derivatives and finance lease obligation, net | | 4,740 | | — | | — | | — | | — | | 4,740 |
Gain on extinguishment of debt, net | | (6,146) | | — | | — | | 6,389 | | (33) | | 210 |
Property-level severance | | 11,038 | | — | | (109) | | (5,637) | | — | | 5,292 |
Prior year property tax adjustments, net | | (276) | | 57 | | 481 | | — | | — | | 262 |
Impairment loss - abandoned development costs | | 2,302 | | — | | — | | — | | — | | 2,302 |
Noncash income tax provision, net | | 7,415 | | — | | — | | — | | — | | 7,415 |
Noncontrolling interest: | | | | | | | | | | | | |
Real estate amortization of right-of-use asset and liability | | 290 | | — | | — | | — | | — | | 290 |
Noncash interest on derivatives, net | | (27) | | — | | — | | — | | — | | (27) |
Impairment loss - abandoned development costs | | (449) | | — | | — | | — | | — | | (449) |
Adjustments to FFO attributable to common stockholders, net | | 19,263 | | 57 | | 372 | | 718 | | (33) | | 20,377 |
| | | | | | | | | | | | |
Adjusted FFO attributable to common stockholders | $ | (156,585) | $ | 2,910 | $ | 1,452 | $ | 23,039 | $ | 6,586 | $ | (122,598) |
| | | | | | | | | | | | |
FFO attributable to common stockholders per diluted share | $ | (0.81) | | | | | | | | | $ | (0.67) |
| | | | | | | | | | | | |
Adjusted FFO attributable to common stockholders per diluted share | $ | (0.73) | | | | | | | | | $ | (0.57) |
| | | | | | | | | | | | |
Basic weighted average shares outstanding | | 215,934 | | | | | | | | (1,742) | | 214,192 |
Shares associated with unvested restricted stock awards | | — | | | | | | | | — | | — |
Diluted weighted average shares outstanding | | 215,934 | | | | | | | | (1,742) | | 214,192 |
*Footnotes on Page 19
CORPORATE FINANCIAL INFORMATION | | Page 18 | ||||||
| | | ||||||
Supplemental Financial Information |
Pro Forma Reconciliation of Net Loss to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest,
FFO and Adjusted FFO Attributable to Common Stockholders
FY 2020 Footnotes
(1) | Actual represents the Company's ownership results for the 17 hotels owned by the Company as of December 31, 2020, as well as results for the Renaissance Harborplace and the Renaissance Los Angeles Airport prior to their sales in July 2020 and December 2020, respectively. In addition, Actual includes the Company's ownership results for the Hilton Times Square prior to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder. |
(2) | Disposition represents the Company's ownership results for the Renaissance Harborplace and the Renaissance Los Angeles Airport prior to their sales in July 2020 and December 2020, respectively. In addition, Disposition includes the Company's ownership results for the Hilton Times Square prior to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder. |
(3) | Debt & Equity Transactions represent the elimination of interest expense and loss on extinguishment of debt on the mortgage loan secured by the Renaissance Washington DC due to its repayment in December 2020, along with the 9,770,081 shares repurchased in the first quarter of 2020. |
(4) | Pro Forma represents the Company's ownership results for the 17 Hotel Portfolio, as well as the Renaissance Washington DC loan repayment and the common stock repurchases in the first quarter of 2020. |
CORPORATE FINANCIAL INFORMATION | | Page 19 | ||||||
| | | ||||||
Supplemental Financial Information |
Pro Forma Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest
FY 2019
| Year Ended December 31, 2019 | |||||||||||||
| | | | Disposition: | | Disposition: | | Disposition: | | Disposition: | | | | |
| | | | Courtyard by Marriott | | Renaissance | | Renaissance | | Hilton | | Debt & Equity | | Pro |
(In thousands) | | Actual (1) | | Los Angeles (2) | | Harborplace (2) | | Los Angeles Airport (2) | | Times Square (2) | | Transactions (3) | | Forma (4) |
| | | | | | | | | | | | | | |
Net income | $ | 142,793 | $ | (44,979) | $ | 21,507 | $ | (3,331) | $ | 7,284 | $ | 6,786 | $ | 130,060 |
Operations held for investment: | | | | | | | | | | | | | | |
Depreciation and amortization | | 147,748 | | (760) | | (6,719) | | (4,205) | | (10,157) | | — | | 125,907 |
Interest expense | | 54,223 | | (955) | | — | | — | | (4,799) | | (6,786) | | 41,683 |
Income tax benefit, net | | (151) | | — | | — | | — | | — | | — | | (151) |
Gain on sale of assets | | (42,935) | | 42,935 | | — | | — | | — | | — | | — |
Impairment loss | | 24,713 | | — | | (24,713) | | — | | — | | — | | — |
EBITDAre | | 326,391 | | (3,759) | | (9,925) | | (7,536) | | (7,672) | | — | | 297,499 |
| | | | | | | | | | | | | | |
Operations held for investment: | | | | | | | | | | | | | | |
Amortization of deferred stock compensation | | 9,313 | | — | | — | | — | | — | | — | | 9,313 |
Amortization of right-of-use assets and liabilities | | (782) | | — | | — | | — | | (239) | | — | | (1,021) |
Finance lease obligation interest - cash ground rent | | (2,175) | | 772 | | — | | — | | — | | — | | (1,403) |
Prior year property tax adjustments, net | | 168 | | — | | — | | 9 | | — | | — | | 177 |
Prior owner contingency funding | | (900) | | — | | — | | — | | — | | — | | (900) |
Noncontrolling interest: | | | | | | | | | | | | | | |
Income from consolidated joint venture attributable to noncontrolling interest | | (7,060) | | — | | — | | — | | — | | — | | (7,060) |
Depreciation and amortization | | (2,875) | | — | | — | | — | | — | | — | | (2,875) |
Interest expense | | (2,126) | | — | | — | | — | | — | | — | | (2,126) |
Amortization of right-of-use asset and liability | | 290 | | — | | — | | — | | — | | — | | 290 |
Adjustments to EBITDAre, net | | (6,147) | | 772 | | — | | 9 | | (239) | | — | | (5,605) |
| | | | | | | | | | | | | | |
Adjusted EBITDAre, excluding noncontrolling interest | $ | 320,244 | $ | (2,987) | $ | (9,925) | $ | (7,527) | $ | (7,911) | $ | — | $ | 291,894 |
*Footnotes on Page 22
CORPORATE FINANCIAL INFORMATION | | Page 20 | ||||||
| | | ||||||
Supplemental Financial Information |
Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders
FY 2019
| Year Ended December 31, 2019 | |||||||||||||
| | | | Disposition: | | Disposition: | | Disposition: | | Disposition: | | | | |
| | | | Courtyard by Marriott | | Renaissance | | Renaissance | | Hilton | | Debt & Equity | | Pro |
(In thousands, except per share amounts) | | Actual (1) | | Los Angeles (2) | | Harborplace (2) | | Los Angeles Airport (2) | | Times Square (2) | | Transactions (3) | | Forma (4) |
| | | | | | | | | | | | | | |
Net income | $ | 142,793 | $ | (44,979) | $ | 21,507 | $ | (3,331) | $ | 7,284 | $ | 6,786 | $ | 130,060 |
Preferred stock dividends | | (12,830) | | — | | — | | — | | — | | — | | (12,830) |
Operations held for investment: | | | | | | | | | | | | | | |
Real estate depreciation and amortization | | 145,260 | | (760) | | (6,719) | | (4,205) | | (10,157) | | — | | 123,419 |
Gain on sale of assets | | (42,935) | | 42,935 | | — | | — | | — | | — | | — |
Impairment loss | | 24,713 | | — | | (24,713) | | — | | — | | — | | — |
Noncontrolling interest: | | | | | | | | | | | | | | |
Income from consolidated joint venture attributable to noncontrolling interest | | (7,060) | | — | | — | | — | | — | | — | | (7,060) |
Real estate depreciation and amortization | | (2,875) | | — | | — | | — | | — | | — | | (2,875) |
FFO attributable to common stockholders | | 247,066 | | (2,804) | | (9,925) | | (7,536) | | (2,873) | | 6,786 | | 230,714 |
| | | | | | | | | | | | | | |
Operations held for investment: | | | | | | | | | | | | | | |
Real estate amortization of right-of-use assets and liabilities | | 590 | | — | | — | | — | | (239) | | — | | 351 |
Noncash interest on derivatives and finance lease obligations, net | | 6,051 | | (183) | | — | | — | | — | | — | | 5,868 |
Prior year property tax adjustments, net | | 168 | | — | | — | | 9 | | — | | — | | 177 |
Prior owner contingency funding | | (900) | | — | | — | | — | | — | | — | | (900) |
Noncash income tax provision, net | | 688 | | — | | — | | — | | — | | — | | 688 |
Noncontrolling interest: | | | | | | | | | | | | | | |
Real estate amortization of right-of-use asset and liability | | 290 | | — | | — | | — | | — | | — | | 290 |
Adjustments to FFO attributable to common stockholders, net | | 6,887 | | (183) | | — | | 9 | | (239) | | — | | 6,474 |
| | | | | | | | | | | | | | |
Adjusted FFO attributable to common stockholders | $ | 253,953 | $ | (2,987) | $ | (9,925) | $ | (7,527) | $ | (3,112) | $ | 6,786 | $ | 237,188 |
| | | | | | | | | | | | | | |
FFO attributable to common stockholders per diluted share | $ | 1.09 | | | | | | | | | | | $ | 1.08 |
| | | | | | | | | | | | | | |
Adjusted FFO attributable to common stockholders per diluted share | $ | 1.12 | | | | | | | | | | | $ | 1.11 |
| | | | | | | | | | | | | | |
Basic weighted average shares outstanding | | 225,681 | | | | | | | | | | (11,868) | | 213,813 |
Shares associated with unvested restricted stock awards | | 276 | | | | | | | | | | — | | 276 |
Diluted weighted average shares outstanding | | 225,957 | | | | | | | | | | (11,868) | | 214,089 |
*Footnotes on Page 22
CORPORATE FINANCIAL INFORMATION | | Page 21 | ||||||
| | | ||||||
Supplemental Financial Information |
Pro Forma Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest,
FFO and Adjusted FFO Attributable to Common Stockholders
FY 2019 Footnotes
(1) | Actual represents the Company's ownership results for the 20 hotels owned by the Company as of December 31, 2019, as well as results for the Courtyard by Marriott Los Angeles prior to its sale in October 2019. |
(2) | Disposition represents the Company's ownership results for the Courtyard by Marriott Los Angeles, the Renaissance Harborplace and the Renaissance Los Angeles Airport prior to their sales in October 2019, July 2020 and December 2020, respectively. In addition, Disposition includes the Company's ownership results for the Hilton Times Square prior to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder. |
(3) | Debt & Equity Transactions represent the elimination of interest expense on the mortgage loan secured by the Renaissance Washington DC due to its repayment in December 2020, along with the 3,783,936 shares of common stock repurchased in the second, third and fourth quarters of 2019, and the 9,770,081 shares repurchased in the first quarter of 2020. |
(4) | Pro Forma represents the Company's ownership results for the 17 Hotel Portfolio, as well as the Renaissance Washington DC loan repayment in 2020 and the common stock repurchases in 2019 and 2020. |
CORPORATE FINANCIAL INFORMATION | | Page 22 | ||||||
| | | ||||||
Supplemental Financial Information |
CAPITALIZATION | | Page 23 | ||||||
| | | ||||||
Supplemental Financial Information |
Comparative Capitalization
Q1 2021 – Q1 2020
| | March 31, | | December 31, | | September 30, | | June 30, | | March 31, | | |||||
(In thousands, except per share data) |
| 2021 |
| 2020 |
| 2020 |
| 2020 |
| 2020 | | |||||
| | | | | | | | | | | | | | | | |
Common Share Price & Dividends | | | | | | | | | | | | | | | | |
At the end of the quarter | | $ | 12.46 | | $ | 11.33 | | $ | 7.94 | | $ | 8.15 | | $ | 8.71 | |
High during quarter ended | | $ | 13.57 | | $ | 11.42 | | $ | 8.70 | | $ | 10.65 | | $ | 13.81 | |
Low during quarter ended | | $ | 10.25 | | $ | 7.27 | | $ | 7.27 | | $ | 7.04 | | $ | 6.99 | |
Common dividends per share | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 0.05 | |
| | | | | | | | | | | | | | | | |
Common Shares & Units | | | | | | | | | | | | | | | | |
Common shares outstanding | | | 216,175 | | | 215,593 | | | 215,636 | | | 215,636 | | | 215,541 | |
Units outstanding | | | — | | | — | | | — | | | — | | | — | |
Total common shares and units outstanding | | | 216,175 | | | 215,593 | | | 215,636 | | | 215,636 | | | 215,541 | |
| | | | | | | | | | | | | | | | |
Capitalization | | | | | | | | | | | | | | | | |
Market value of common equity | | $ | 2,693,542 | | $ | 2,442,673 | | $ | 1,712,146 | | $ | 1,757,430 | | $ | 1,877,363 | |
Liquidation value of preferred equity - Series E | | | 115,000 | | | 115,000 | | | 115,000 | | | 115,000 | | | 115,000 | |
Liquidation value of preferred equity - Series F | | | 75,000 | | | 75,000 | | | 75,000 | | | 75,000 | | | 75,000 | |
Consolidated debt | | | 747,113 | | | 747,945 | | | 934,673 | | | 1,021,247 | | | 1,272,965 | |
Consolidated total capitalization | | | 3,630,655 | | | 3,380,618 | | | 2,836,819 | | | 2,968,677 | | | 3,340,328 | |
| | | | | | | | | | | | | | | | |
Noncontrolling interest in consolidated debt | | | (55,000) | | | (55,000) | | | (55,000) | | | (55,000) | | | (55,000) | |
Pro rata total capitalization | | $ | 3,575,655 | | $ | 3,325,618 | | $ | 2,781,819 | | $ | 2,913,677 | | $ | 3,285,328 | |
| | | | | | | | | | | | | | | | |
Consolidated debt to consolidated total capitalization | | | 20.6 | % | | 22.1 | % | | 32.9 | % | | 34.4 | % | | 38.1 | % |
Pro rata debt to pro rata total capitalization | | | 19.4 | % | | 20.8 | % | | 31.6 | % | | 33.2 | % | | 37.1 | % |
Consolidated debt and preferred equity to consolidated total capitalization | | | 25.8 | % | | 27.7 | % | | 39.6 | % | | 40.8 | % | | 43.8 | % |
Pro rata debt and preferred equity to pro rata total capitalization | | | 24.7 | % | | 26.5 | % | | 38.5 | % | | 39.7 | % | | 42.9 | % |
CAPITALIZATION | | Page 24 | ||||||
| | | ||||||
Supplemental Financial Information |
Consolidated Debt Summary Schedule
(In thousands) | | | | Interest Rate / | | Maturity | | | March 31, 2021 | | | Balance At |
Debt |
| Collateral |
| Spread |
| Date |
| | Balance |
| | Maturity |
| | | | | | | | | | | | |
Fixed Rate Debt | | | | | | | | | | | | |
Term Loan Facility (1) | | Unsecured | | 3.94% | | 09/03/2022 | | $ | 85,000 | | $ | 85,000 |
Term Loan Facility (1) | | Unsecured | | 4.20% | | 01/31/2023 | | | 100,000 | | | 100,000 |
Secured Mortgage Debt | | JW Marriott New Orleans | | 4.15% | | 12/11/2024 | | | 79,572 | | | 72,071 |
Secured Mortgage Debt | | Embassy Suites La Jolla | | 4.12% | | 01/06/2025 | | | 57,541 | | | 51,987 |
Series A Senior Notes (2) | | Unsecured | | 5.94% | | 01/10/2026 | | | 90,000 | | | 90,000 |
Series B Senior Notes (2) | | Unsecured | | 6.04% | | 01/10/2028 | | | 115,000 | | | 115,000 |
Total Fixed Rate Debt | | | | | | | | | 527,113 | | | 514,058 |
Variable Rate Debt | | | | | | | | | | | | |
Secured Mortgage Debt (3) | | Hilton San Diego Bayfront | | 1.16% | | 12/09/2023 | | | 220,000 | | | 220,000 |
Credit Facility (1) | | Unsecured | | L + 1.40% - 2.40% | | 04/14/2023 | | | — | | | — |
Total Variable Rate Debt | | | | | | | | | 220,000 | | | 220,000 |
| | | | | | | | | | | | |
TOTAL CONSOLIDATED DEBT | | | | | | | | $ | 747,113 | | $ | 734,058 |
| | | | | | | | | | | | |
Preferred Stock | | | | | | | | | | | | |
Series E cumulative redeemable preferred | | | | 6.95% | | perpetual | | $ | 115,000 | | | |
Series F cumulative redeemable preferred | | | | 6.45% | | perpetual | | | 75,000 | | | |
Total Preferred Stock | | | | | | | | $ | 190,000 | | | |
| | | | | | | | | | | | |
Debt Statistics | | | | | | | | | | | | |
% Fixed Rate Debt | | | | | | | | | 70.6 | % | | |
% Floating Rate Debt | | | | | | | | | 29.4 | % | | |
Average Interest Rate (4) | | | | | | | | | 3.76 | % | | |
Weighted Average Maturity of Debt (3) | | | | | | | | | 3.5 years | | | |
(2) | In July and December 2020, the Company executed amendments to the agreement governing the Senior Notes, providing covenant relief through the first quarter of 2022, with the first quarterly covenant test as of the period ended March 31, 2022. The July and December 2020 amendments increased the annual interest rates on the Senior Notes by 1.0% and an additional 0.25%, respectively. After the covenant relief period, the interest rates on the Senior Notes will decrease by 0.25% until the Company’s leverage ratio is below 5.0x. The interest rates presented reflect the terms of the amended agreements. |
(3) | In December 2020, the Company exercised its first option to extend the maturity date of the $220.0 million loan secured by the Hilton San Diego Bayfront from December 2020 to December 2021. Two additional one-year options to extend remain, which the Company also intends to exercise, extending the maturity date to December 2023. By extending this loan, the Company's weighted average maturity of debt increases from 2.9 years to 3.5 years. |
(4) | Average Interest Rate is calculated based on rates at March 31, 2021, and includes the effect of the Company's interest rate derivative agreements. |
CAPITALIZATION | | Page 25 | ||||||
| | | ||||||
Supplemental Financial Information |
Consolidated Amortization and Debt Maturity Schedule
As of March 31, 2021
(1) | In December 2020, the Company exercised its first option to extend the maturity date of the $220.0 million loan secured by the Hilton San Diego Bayfront from December 2020 to December 2021. Two additional one-year options to extend remain, which the Company also intends to exercise, extending the maturity date to December 2023. |
(2) | Percent of Current Total Capitalization is calculated by dividing the sum of scheduled principal amortization and maturity payments by the March 31, 2021 consolidated total capitalization as presented on page 24. |
CAPITALIZATION | | Page 26 | ||||||
| | | ||||||
Supplemental Financial Information |
PROPERTY-LEVEL DATA | | Page 27 | ||||||
| | | ||||||
Supplemental Financial Information |
Hotel Information as of May 3, 2021
Hotel |
| Location |
| Brand |
| Number of |
| % of Total |
| Interest | | Open / Suspension Date (1) |
| Resumption Date (1) |
| Year Acquired | ||
| | | | | | | | | | | | | | | | | | |
1 |
| Hilton San Diego Bayfront (2) (3) | | California | | Hilton | | 1,190 | | 13.01% | | Leasehold | | March 23, 2020 | | August 11, 2020 | | 2011 |
2 | | Boston Park Plaza | | Massachusetts | | Independent | | 1,060 | | 11.59% | | Fee Simple | | Open | | N/A | | 2013 |
3 | | Hyatt Regency San Francisco | | California | | Hyatt | | 821 | | 8.98% | | Fee Simple | | March 22, 2020 | | October 1, 2020 | | 2013 |
4 | | Renaissance Washington DC | | Washington DC | | Marriott | | 807 | | 8.82% | | Fee Simple | | March 26, 2020 | | August 24, 2020 | | 2005 |
5 | | Renaissance Orlando at SeaWorld® | | Florida | | Marriott | | 781 | | 8.54% | | Fee Simple | | March 20, 2020 | | October 1, 2020 | | 2005 |
6 | | Wailea Beach Resort | | Hawaii | | Marriott | | 547 | | 5.98% | | Fee Simple | | March 25, 2020 | | November 1, 2020 | | 2014 |
7 | | JW Marriott New Orleans (4) | | Louisiana | | Marriott | | 501 | | 5.48% | | Fee Simple | | March 28, 2020 | | July 14, 2020 | | 2011 |
8 | | Hyatt Centric Chicago Magnificent Mile (3) | | Illinois | | Hyatt | | 419 | | 4.58% | | Leasehold | | April 6, 2020 | | July 13, 2020 | | 2012 |
9 | | Marriott Boston Long Wharf | | Massachusetts | | Marriott | | 415 | | 4.54% | | Fee Simple | | March 12, 2020 | | July 7, 2020 | | 2007 |
10 | | Renaissance Long Beach | | California | | Marriott | | 374 | | 4.09% | | Fee Simple | | Open | | N/A | | 2005 |
11 | | Embassy Suites Chicago | | Illinois | | Hilton | | 368 | | 4.02% | | Fee Simple | | April 1, 2020 | | July 1, 2020 | | 2002 |
12 | | Hilton Garden Inn Chicago Downtown/Magnificent Mile | | Illinois | | Hilton | | 361 | | 3.95% | | Fee Simple | | March 27, 2020 | | April 1, 2021 | | 2012 |
13 | | Renaissance Westchester | | New York | | Marriott | | 348 | | 3.80% | | Fee Simple | | April 4, 2020 | | | | 2010 |
14 | | Embassy Suites La Jolla | | California | | Hilton | | 340 | | 3.72% | | Fee Simple | | Open | | N/A | | 2006 |
15 | | The Bidwell Marriott Portland | | Oregon | | Marriott | | 258 | | 2.82% | | Fee Simple | | March 27, 2020 | | October 5, 2020 | | 2000 |
16 | | Hilton New Orleans St. Charles | | Louisiana | | Hilton | | 252 | | 2.76% | | Fee Simple | | March 28, 2020 | | July 13, 2020 | | 2013 |
17 | | Oceans Edge Resort & Marina | | Florida | | Independent | | 175 | | 1.91% | | Fee Simple | | March 22, 2020 | | June 4, 2020 | | 2017 |
18 | | Montage Healdsburg (5) | | California | | Montage | | 130 | | 1.42% | | Fee Simple | | Open | | N/A | | 2021 |
| | | | | | | | | | | | | | | | | | |
| | Total 18 Hotel Portfolio | | | | | | 9,147 | | 100% | | | | | | | | |
(1) | In March 2020, the COVID-19 pandemic was declared a National Public Health Emergency, which led to material group cancellations, corporate and government travel restrictions and an unprecedented decline in hotel demand. As a result of these cancellations, restrictions and the health concerns related to COVID-19, the Company determined that it was in the best interest of its hotel employees and the communities in which its hotels operate to temporarily suspend operations at the majority of its hotels. As of the date of this presentation, operations continue to be temporarily suspended at one of the Company’s hotels, and 17 hotels are operating under a significantly reduced capacity. |
(2) | The Company owns 75% of the joint venture that owns the Hilton San Diego Bayfront. |
(3) | Assuming the full exercise of all lease extensions, the ground lease at the Hilton San Diego Bayfront and the building lease at the Hyatt Centric Chicago Magnificent Mile mature in 2071 and 2097, respectively. |
(4) | Hotel is subject to a municipal airspace lease that matures in 2044 and applies only to certain balcony space fronting Canal Street that is not integral to the hotel’s operations. |
(5) | In April 2021, the Company acquired the newly constructed luxury resort Montage Healdsburg, which was completed in December 2020. |
PROPERTY-LEVEL DATA | | Page 28 | ||||||
| | | ||||||
Supplemental Financial Information |
PROPERTY-LEVEL OPERATING STATISTICS
PROPERTY-LEVEL OPERATING STATISTICS | | Page 29 | ||||||
| | | ||||||
Supplemental Financial Information |
Property-Level Operating Statistics
Q1 2021/2020
| | | | ADR | | Occupancy | | | RevPAR | |||||||||||||||
| | Hotels sorted by number of rooms | | For the Three Months Ended March 31, | | For the Three Months Ended March 31, | | For the Three Months Ended March 31, | ||||||||||||||||
| | |
| 2021 | |
| 2020 |
| Change |
| 2021 |
| 2020 |
| Change |
| 2021 |
| 2020 |
| Change | |||
1 | | Hilton San Diego Bayfront | | $ | 141.47 | | $ | 242.45 | | (41.6)% | | 16.1% | | 59.5% | | (72.9)% | | $ | 22.78 | | $ | 144.26 | | (84.2)% |
2 | | Boston Park Plaza | | $ | 140.65 | | $ | 147.71 | | (4.8)% | | 15.3% | | 55.8% | | (72.6)% | | $ | 21.52 | | $ | 82.42 | | (73.9)% |
3 | | Hyatt Regency San Francisco | | $ | 193.28 | | $ | 320.43 | | (39.7)% | | 8.9% | | 60.1% | | (85.2)% | | $ | 17.20 | | $ | 192.58 | | (91.1)% |
4 | | Renaissance Washington DC | | $ | 142.23 | | $ | 223.48 | | (36.4)% | | 53.2% | | 56.6% | | (6.0)% | | $ | 75.67 | | $ | 126.49 | | (40.2)% |
5 | | Renaissance Orlando at SeaWorld ® | | $ | 124.87 | | $ | 193.68 | | (35.5)% | | 19.3% | | 58.4% | | (67.0)% | | $ | 24.10 | | $ | 113.11 | | (78.7)% |
6 | | Wailea Beach Resort | | $ | 531.17 | | $ | 550.69 | | (3.5)% | | 34.7% | | 76.0% | | (54.3)% | | $ | 184.32 | | $ | 418.52 | | (56.0)% |
7 | | JW Marriott New Orleans | | $ | 145.40 | | $ | 229.11 | | (36.5)% | | 23.5% | | 64.5% | | (63.6)% | | $ | 34.17 | | $ | 147.78 | | (76.9)% |
8 | | Hyatt Centric Chicago Magnificent Mile | | $ | 144.72 | | $ | 126.91 | | 14.0% | | 12.5% | | 48.2% | | (74.1)% | | $ | 18.09 | | $ | 61.17 | | (70.4)% |
9 | | Marriott Boston Long Wharf | | $ | 231.39 | | $ | 228.33 | | 1.3% | | 9.9% | | 60.5% | | (83.6)% | | $ | 22.91 | | $ | 138.14 | | (83.4)% |
10 | | Renaissance Long Beach | | $ | 134.05 | | $ | 188.10 | | (28.7)% | | 27.5% | | 66.5% | | (58.6)% | | $ | 36.86 | | $ | 125.09 | | (70.5)% |
11 | | Embassy Suites Chicago | | $ | 126.70 | | $ | 121.79 | | 4.0% | | 14.5% | | 59.8% | | (75.8)% | | $ | 18.37 | | $ | 72.83 | | (74.8)% |
12 | | Embassy Suites La Jolla | | $ | 119.25 | | $ | 190.37 | | (37.4)% | | 47.9% | | 72.8% | | (34.2)% | | $ | 57.12 | | $ | 138.59 | | (58.8)% |
13 | | The Bidwell Marriott Portland (1) | | $ | 139.65 | | $ | 141.72 | | (1.5)% | | 9.9% | | 39.1% | | (74.7)% | | $ | 13.83 | | $ | 55.41 | | (75.0)% |
14 |
| Hilton New Orleans St. Charles | | $ | 107.89 | | $ | 183.38 | | (41.2)% | | 23.6% | | 64.8% | | (63.6)% | | $ | 25.46 | | $ | 118.83 | | (78.6)% |
15 | | Oceans Edge Resort & Marina | | $ | 380.69 | | $ | 329.84 | | 15.4% | | 77.2% | | 78.6% | | (1.8)% | | $ | 293.89 | | $ | 259.25 | | 13.4% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 15 Hotels Open for the Entire First Quarter of 2021 | | $ | 195.32 | | $ | 240.08 | | (18.6)% | | 23.4% | | 60.4% | | (61.3)% | | $ | 45.70 | | $ | 145.01 | | (68.5)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 2 Hotels with Suspended Operations During All of the First Quarter of 2021 | | $ | — | | $ | 123.88 | | (100.0)% | | 0.0% | | 49.7% | | (100.0)% | | $ | — | | $ | 61.57 | | (100.0)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 17 Hotel Portfolio (2) | | $ | 195.32 | | $ | 232.45 | | (16.0)% | | 21.6% | | 59.6% | | (63.8)% | | $ | 42.19 | | $ | 138.54 | | (69.5)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Sold/Disposed Hotels (3) | | $ | — | | $ | 151.14 | | (100.0)% | | 0.0% | | 63.2% | | (100.0)% | | $ | — | | $ | 95.52 | | (100.0)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (4) | | $ | 195.32 | | $ | 219.54 | | (11.0)% | | 21.6% | | 60.1% | | (64.1)% | | $ | 42.19 | | $ | 131.94 | | (68.0)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg (5) | | $ | 875.29 | | | N/A | | N/A | | 20.4% | | N/A | | N/A | | $ | 178.56 | | | N/A | | N/A |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 18 Hotel Pro Forma Portfolio (6) | | $ | 204.45 | | | | | | | 21.6% | | | | | | $ | 44.16 | | | | | |
*Footnotes on page 38
PROPERTY-LEVEL OPERATING STATISTICS | | Page 30 | ||||||
| | | ||||||
Supplemental Financial Information |
Property-Level Operating Statistics
Q1 2021/2019
| | | | ADR | | Occupancy | | | RevPAR | |||||||||||||||
| | Hotels sorted by number of rooms | | For the Three Months Ended March 31, | | For the Three Months Ended March 31, | | For the Three Months Ended March 31, | ||||||||||||||||
| | |
| 2021 | |
| 2019 |
| Change |
| 2021 |
| 2019 |
| Change |
| 2021 |
| 2019 |
| Change | |||
1 | | Hilton San Diego Bayfront (1) | | $ | 141.47 | | $ | 257.17 | | (45.0)% | | 16.1% | | 75.4% | | (78.6)% | | $ | 22.78 | | $ | 193.91 | | (88.3)% |
2 | | Boston Park Plaza | | $ | 140.65 | | $ | 155.36 | | (9.5)% | | 15.3% | | 80.8% | | (81.1)% | | $ | 21.52 | | $ | 125.53 | | (82.9)% |
3 | | Hyatt Regency San Francisco | | $ | 193.28 | | $ | 353.37 | | (45.3)% | | 8.9% | | 84.2% | | (89.4)% | | $ | 17.20 | | $ | 297.54 | | (94.2)% |
4 | | Renaissance Washington DC | | $ | 142.23 | | $ | 242.86 | | (41.4)% | | 53.2% | | 73.5% | | (27.6)% | | $ | 75.67 | | $ | 178.50 | | (57.6)% |
5 | | Renaissance Orlando at SeaWorld ® | | $ | 124.87 | | $ | 197.30 | | (36.7)% | | 19.3% | | 83.8% | | (77.0)% | | $ | 24.10 | | $ | 165.34 | | (85.4)% |
6 | | Wailea Beach Resort | | $ | 531.17 | | $ | 496.33 | | 7.0% | | 34.7% | | 92.8% | | (62.6)% | | $ | 184.32 | | $ | 460.59 | | (60.0)% |
7 | | JW Marriott New Orleans | | $ | 145.40 | | $ | 226.85 | | (35.9)% | | 23.5% | | 86.4% | | (72.8)% | | $ | 34.17 | | $ | 196.00 | | (82.6)% |
8 | | Hyatt Centric Chicago Magnificent Mile | | $ | 144.72 | | $ | 125.94 | | 14.9% | | 12.5% | | 68.9% | | (81.9)% | | $ | 18.09 | | $ | 86.77 | | (79.2)% |
9 | | Marriott Boston Long Wharf | | $ | 231.39 | | $ | 231.95 | | (0.2)% | | 9.9% | | 78.5% | | (87.4)% | | $ | 22.91 | | $ | 182.08 | | (87.4)% |
10 | | Renaissance Long Beach | | $ | 134.05 | | $ | 192.79 | | (30.5)% | | 27.5% | | 82.7% | | (66.7)% | | $ | 36.86 | | $ | 159.44 | | (76.9)% |
11 | | Embassy Suites Chicago | | $ | 126.70 | | $ | 126.11 | | 0.5% | | 14.5% | | 80.6% | | (82.0)% | | $ | 18.37 | | $ | 101.64 | | (81.9)% |
12 | | Embassy Suites La Jolla | | $ | 119.25 | | $ | 195.39 | | (39.0)% | | 47.9% | | 87.7% | | (45.4)% | | $ | 57.12 | | $ | 171.36 | | (66.7)% |
13 | | The Bidwell Marriott Portland | | $ | 139.65 | | $ | 162.13 | | (13.9)% | | 9.9% | | 79.0% | | (87.5)% | | $ | 13.83 | | $ | 128.08 | | (89.2)% |
14 |
| Hilton New Orleans St. Charles | | $ | 107.89 | | $ | 189.41 | | (43.0)% | | 23.6% | | 79.6% | | (70.4)% | | $ | 25.46 | | $ | 150.77 | | (83.1)% |
15 | | Oceans Edge Resort & Marina | | $ | 380.69 | | $ | 313.20 | | 21.5% | | 77.2% | | 95.0% | | (18.7)% | | $ | 293.89 | | $ | 297.54 | | (1.2)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 15 Hotels Open for the Entire First Quarter of 2021 | | $ | 195.32 | | $ | 241.08 | | (19.0)% | | 23.4% | | 80.9% | | (71.1)% | | $ | 45.70 | | $ | 195.03 | | (76.6)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 2 Hotels with Suspended Operations During All of the First Quarter of 2021 | | $ | — | | $ | 124.49 | | (100.0)% | | 0.0% | | 67.3% | | (100.0)% | | $ | — | | $ | 83.78 | | (100.0)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 17 Hotel Portfolio (2) | | $ | 195.32 | | $ | 233.33 | | (16.3)% | | 21.6% | | 79.8% | | (72.9)% | | $ | 42.19 | | $ | 186.20 | | (77.3)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Sold/Disposed Hotels (3) (1) | | $ | — | | $ | 173.20 | | (100.0)% | | 0.0% | | 75.8% | | (100.0)% | | $ | — | | $ | 131.29 | | (100.0)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (4) | | $ | 195.32 | | $ | 223.78 | | (12.7)% | | 21.6% | | 79.2% | | (72.7)% | | $ | 42.19 | | $ | 177.23 | | (76.2)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg (5) | | $ | 875.29 | | | N/A | | N/A | | 20.4% | | N/A | | N/A | | $ | 178.56 | | | N/A | | N/A |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 18 Hotel Pro Forma Portfolio (6) | | $ | 204.45 | | | | | | | 21.6% | | | | | | $ | 44.16 | | | | | |
*Footnotes on page 38
PROPERTY-LEVEL OPERATING STATISTICS | | Page 31 | ||||||
| | | ||||||
Supplemental Financial Information |
Property-Level Operating Statistics
January 2021/2020
| | | | ADR | | Occupancy | | | RevPAR | |||||||||||||||
| | Hotels sorted by number of rooms | | January | | January | | January | ||||||||||||||||
| | |
| 2021 | |
| 2020 |
| Change |
| 2021 |
| 2020 |
| Change |
| 2021 |
| 2020 |
| Change | |||
1 | | Hilton San Diego Bayfront | | $ | 119.40 | | $ | 221.94 | | (46.2)% | | 8.3% | | 77.2% | | (89.2)% | | $ | 9.91 | | $ | 171.34 | | (94.2)% |
2 | | Boston Park Plaza | | $ | 143.52 | | $ | 138.41 | | 3.7% | | 11.2% | | 66.8% | | (83.2)% | | $ | 16.07 | | $ | 92.46 | | (82.6)% |
3 | | Hyatt Regency San Francisco | | $ | 169.87 | | $ | 351.67 | | (51.7)% | | 6.9% | | 77.6% | | (91.1)% | | $ | 11.72 | | $ | 272.90 | | (95.7)% |
4 | | Renaissance Washington DC | | $ | 173.46 | | $ | 180.18 | | (3.7)% | | 29.4% | | 62.6% | | (53.0)% | | $ | 51.00 | | $ | 112.79 | | (54.8)% |
5 | | Renaissance Orlando at SeaWorld ® | | $ | 122.51 | | $ | 196.55 | | (37.7)% | | 7.9% | | 68.8% | | (88.5)% | | $ | 9.68 | | $ | 135.23 | | (92.8)% |
6 | | Wailea Beach Resort | | $ | 524.04 | | $ | 556.25 | | (5.8)% | | 19.3% | | 88.0% | | (78.1)% | | $ | 101.14 | | $ | 489.50 | | (79.3)% |
7 | | JW Marriott New Orleans | | $ | 138.06 | | $ | 219.30 | | (37.0)% | | 16.6% | | 79.8% | | (79.2)% | | $ | 22.92 | | $ | 175.00 | | (86.9)% |
8 | | Hyatt Centric Chicago Magnificent Mile | | $ | 134.84 | | $ | 117.17 | | 15.1% | | 8.0% | | 62.0% | | (87.1)% | | $ | 10.79 | | $ | 72.65 | | (85.1)% |
9 | | Marriott Boston Long Wharf | | $ | 214.80 | | $ | 216.35 | | (0.7)% | | 5.1% | | 74.7% | | (93.2)% | | $ | 10.95 | | $ | 161.61 | | (93.2)% |
10 | | Renaissance Long Beach | | $ | 137.63 | | $ | 182.47 | | (24.6)% | | 13.8% | | 80.6% | | (82.9)% | | $ | 18.99 | | $ | 147.07 | | (87.1)% |
11 | | Embassy Suites Chicago | | $ | 115.27 | | $ | 111.74 | | 3.2% | | 9.2% | | 73.7% | | (87.5)% | | $ | 10.60 | | $ | 82.35 | | (87.1)% |
12 | | Embassy Suites La Jolla | | $ | 109.48 | | $ | 188.27 | | (41.8)% | | 37.6% | | 83.1% | | (54.8)% | | $ | 41.16 | | $ | 156.45 | | (73.7)% |
13 | | The Bidwell Marriott Portland (1) | | $ | 128.62 | | $ | 143.32 | | (10.3)% | | 7.0% | | 47.0% | | (85.1)% | | $ | 9.00 | | $ | 67.36 | | (86.6)% |
14 |
| Hilton New Orleans St. Charles | | $ | 108.68 | | $ | 171.82 | | (36.7)% | | 16.9% | | 79.5% | | (78.7)% | | $ | 18.37 | | $ | 136.60 | | (86.6)% |
15 | | Oceans Edge Resort & Marina | | $ | 263.07 | | $ | 304.52 | | (13.6)% | | 60.8% | | 89.7% | | (32.2)% | | $ | 159.95 | | $ | 273.15 | | (41.4)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 15 Hotels Open for the Entire First Quarter of 2021 | | $ | 186.33 | | $ | 232.14 | | (19.7)% | | 14.4% | | 73.4% | | (80.4)% | | $ | 26.83 | | $ | 170.39 | | (84.3)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 2 Hotels with Suspended Operations During All of the First Quarter of 2021 | | $ | — | | $ | 125.22 | | (100.0)% | | 0.0% | | 59.2% | | (100.0)% | | $ | — | | $ | 74.13 | | (100.0)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 17 Hotel Portfolio (2) | | $ | 186.33 | | $ | 225.24 | | (17.3)% | | 13.3% | | 72.2% | | (81.6)% | | $ | 24.78 | | $ | 162.62 | | (84.8)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Sold/Disposed Hotels (3) | | $ | — | | $ | 154.08 | | (100.0)% | | 0.0% | | 76.0% | | (100.0)% | | $ | — | | $ | 117.10 | | (100.0)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (4) | | $ | 186.33 | | $ | 214.02 | | (12.9)% | | 13.3% | | 72.8% | | (81.7)% | | $ | 24.78 | | $ | 155.81 | | (84.1)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg (5) | | $ | 762.81 | | | N/A | | N/A | | 4.9% | | N/A | | N/A | | $ | 37.38 | | | N/A | | N/A |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 18 Hotel Pro Forma Portfolio (6) | | $ | 189.39 | | | | | | | 13.2% | | | | | | $ | 25.00 | | | | | |
*Footnotes on page 38
PROPERTY-LEVEL OPERATING STATISTICS | | Page 32 | ||||||
| | | ||||||
Supplemental Financial Information |
Property-Level Operating Statistics
| | | | ADR | | Occupancy | | | RevPAR | |||||||||||||||
| | Hotels sorted by number of rooms | | January | | January | | January | ||||||||||||||||
| | |
| 2021 | |
| 2019 |
| Change |
| 2021 |
| 2019 |
| Change |
| 2021 |
| 2019 |
| Change | |||
1 | | Hilton San Diego Bayfront (1) | | $ | 119.40 | | $ | 231.72 | | (48.5)% | | 8.3% | | 68.2% | | (87.8)% | | $ | 9.91 | | $ | 158.03 | | (93.7)% |
2 | | Boston Park Plaza | | $ | 143.52 | | $ | 142.16 | | 1.0% | | 11.2% | | 75.6% | | (85.2)% | | $ | 16.07 | | $ | 107.47 | | (85.0)% |
3 | | Hyatt Regency San Francisco | | $ | 169.87 | | $ | 396.40 | | (57.1)% | | 6.9% | | 77.0% | | (91.0)% | | $ | 11.72 | | $ | 305.23 | | (96.2)% |
4 | | Renaissance Washington DC | | $ | 173.46 | | $ | 185.07 | | (6.3)% | | 29.4% | | 61.0% | | (51.8)% | | $ | 51.00 | | $ | 112.89 | | (54.8)% |
5 | | Renaissance Orlando at SeaWorld ® | | $ | 122.51 | | $ | 194.14 | | (36.9)% | | 7.9% | | 78.9% | | (90.0)% | | $ | 9.68 | | $ | 153.18 | | (93.7)% |
6 | | Wailea Beach Resort | | $ | 524.04 | | $ | 491.86 | | 6.5% | | 19.3% | | 91.0% | | (78.8)% | | $ | 101.14 | | $ | 447.59 | | (77.4)% |
7 | | JW Marriott New Orleans | | $ | 138.06 | | $ | 196.26 | | (29.7)% | | 16.6% | | 84.9% | | (80.4)% | | $ | 22.92 | | $ | 166.62 | | (86.2)% |
8 | | Hyatt Centric Chicago Magnificent Mile | | $ | 134.84 | | $ | 106.52 | | 26.6% | | 8.0% | | 55.7% | | (85.6)% | | $ | 10.79 | | $ | 59.33 | | (81.8)% |
9 | | Marriott Boston Long Wharf | | $ | 214.80 | | $ | 209.78 | | 2.4% | | 5.1% | | 68.5% | | (92.6)% | | $ | 10.95 | | $ | 143.70 | | (92.4)% |
10 | | Renaissance Long Beach | | $ | 137.63 | | $ | 183.97 | | (25.2)% | | 13.8% | | 71.7% | | (80.8)% | | $ | 18.99 | | $ | 131.91 | | (85.6)% |
11 | | Embassy Suites Chicago | | $ | 115.27 | | $ | 101.67 | | 13.4% | | 9.2% | | 66.0% | | (86.1)% | | $ | 10.60 | | $ | 67.10 | | (84.2)% |
12 | | Embassy Suites La Jolla | | $ | 109.48 | | $ | 189.14 | | (42.1)% | | 37.6% | | 85.2% | | (55.9)% | | $ | 41.16 | | $ | 161.15 | | (74.5)% |
13 | | The Bidwell Marriott Portland | | $ | 128.62 | | $ | 153.75 | | (16.3)% | | 7.0% | | 72.4% | | (90.3)% | | $ | 9.00 | | $ | 111.32 | | (91.9)% |
14 |
| Hilton New Orleans St. Charles | | $ | 108.68 | | $ | 161.66 | | (32.8)% | | 16.9% | | 74.2% | | (77.2)% | | $ | 18.37 | | $ | 119.95 | | (84.7)% |
15 | | Oceans Edge Resort & Marina | | $ | 263.07 | | $ | 252.45 | | 4.2% | | 60.8% | | 94.0% | | (35.3)% | | $ | 159.95 | | $ | 237.30 | | (32.6)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 15 Hotels Open for the Entire First Quarter of 2021 | | $ | 186.33 | | $ | 228.87 | | (18.6)% | | 14.4% | | 73.8% | | (80.5)% | | $ | 26.83 | | $ | 168.91 | | (84.1)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 2 Hotels with Suspended Operations During All of the First Quarter of 2021 | | $ | — | | $ | 115.70 | | (100.0)% | | 0.0% | | 60.1% | | (100.0)% | | $ | — | | $ | 69.54 | | (100.0)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 17 Hotel Portfolio (2) | | $ | 186.33 | | $ | 221.50 | | (15.9)% | | 13.3% | | 72.7% | | (81.7)% | | $ | 24.78 | | $ | 161.03 | | (84.6)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Sold/Disposed Hotels (3) (1) | | $ | — | | $ | 161.03 | | (100.0)% | | 0.0% | | 72.6% | | (100.0)% | | $ | — | | $ | 116.91 | | (100.0)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (4) | | $ | 186.33 | | $ | 211.48 | | (11.9)% | | 13.3% | | 72.7% | | (81.7)% | | $ | 24.78 | | $ | 153.75 | | (83.9)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg (5) | | $ | 762.81 | | | N/A | | N/A | | 4.9% | | N/A | | N/A | | $ | 37.38 | | | N/A | | N/A |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 18 Hotel Pro Forma Portfolio (6) | | $ | 189.39 | | | | | | | 13.2% | | | | | | $ | 25.00 | | | | | |
*Footnotes on page 38
PROPERTY-LEVEL OPERATING STATISTICS | | Page 33 | ||||||
| | | ||||||
Supplemental Financial Information |
Property-Level Operating Statistics
February 2021/2020
| | | | ADR | | Occupancy | | | RevPAR | |||||||||||||||
| | Hotels sorted by number of rooms | | February | | February | | February | ||||||||||||||||
| | |
| 2021 | |
| 2020 |
| Change |
| 2021 |
| 2020 |
| Change |
| 2021 |
| 2020 |
| Change | |||
1 | | Hilton San Diego Bayfront | | $ | 147.03 | | $ | 261.15 | | (43.7)% | | 16.2% | | 83.9% | | (80.7)% | | $ | 23.82 | | $ | 219.10 | | (89.1)% |
2 | | Boston Park Plaza | | $ | 141.00 | | $ | 145.74 | | (3.3)% | | 16.4% | | 69.5% | | (76.4)% | | $ | 23.12 | | $ | 101.29 | | (77.2)% |
3 | | Hyatt Regency San Francisco | | $ | 197.02 | | $ | 301.04 | | (34.6)% | | 8.5% | | 82.6% | | (89.7)% | | $ | 16.75 | | $ | 248.66 | | (93.3)% |
4 | | Renaissance Washington DC | | $ | 134.84 | | $ | 232.97 | | (42.1)% | | 67.8% | | 75.8% | | (10.6)% | | $ | 91.42 | | $ | 176.59 | | (48.2)% |
5 | | Renaissance Orlando at SeaWorld ® | | $ | 114.77 | | $ | 192.31 | | (40.3)% | | 15.8% | | 87.7% | | (82.0)% | | $ | 18.13 | | $ | 168.66 | | (89.3)% |
6 | | Wailea Beach Resort | | $ | 510.37 | | $ | 580.48 | | (12.1)% | | 33.0% | | 92.1% | | (64.2)% | | $ | 168.42 | | $ | 534.62 | | (68.5)% |
7 | | JW Marriott New Orleans | | $ | 142.97 | | $ | 240.41 | | (40.5)% | | 18.2% | | 82.2% | | (77.9)% | | $ | 26.02 | | $ | 197.62 | | (86.8)% |
8 | | Hyatt Centric Chicago Magnificent Mile | | $ | 150.18 | | $ | 132.27 | | 13.5% | | 12.4% | | 61.1% | | (79.7)% | | $ | 18.62 | | $ | 80.82 | | (77.0)% |
9 | | Marriott Boston Long Wharf | | $ | 222.93 | | $ | 229.82 | | (3.0)% | | 10.5% | | 84.9% | | (87.6)% | | $ | 23.41 | | $ | 195.12 | | (88.0)% |
10 | | Renaissance Long Beach | | $ | 131.96 | | $ | 191.70 | | (31.2)% | | 31.1% | | 84.9% | | (63.4)% | | $ | 41.04 | | $ | 162.75 | | (74.8)% |
11 | | Embassy Suites Chicago | | $ | 128.85 | | $ | 123.88 | | 4.0% | | 12.3% | | 73.9% | | (83.4)% | | $ | 15.85 | | $ | 91.55 | | (82.7)% |
12 | | Embassy Suites La Jolla | | $ | 118.27 | | $ | 197.95 | | (40.3)% | | 48.7% | | 85.8% | | (43.2)% | | $ | 57.60 | | $ | 169.84 | | (66.1)% |
13 | | The Bidwell Marriott Portland (1) | | $ | 138.90 | | $ | 143.86 | | (3.4)% | | 11.3% | | 48.8% | | (76.8)% | | $ | 15.70 | | $ | 70.20 | | (77.6)% |
14 |
| Hilton New Orleans St. Charles | | $ | 98.83 | | $ | 195.75 | | (49.5)% | | 21.1% | | 84.3% | | (75.0)% | | $ | 20.85 | | $ | 165.02 | | (87.4)% |
15 | | Oceans Edge Resort & Marina | | $ | 374.45 | | $ | 362.28 | | 3.4% | | 79.7% | | 91.6% | | (13.0)% | | $ | 298.44 | | $ | 331.85 | | (10.1)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 15 Hotels Open for the Entire First Quarter of 2021 | | $ | 187.61 | | $ | 245.44 | | (23.6)% | | 24.4% | | 79.6% | | (69.3)% | | $ | 45.78 | | $ | 195.37 | | (76.6)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 2 Hotels with Suspended Operations During All of the First Quarter of 2021 | | $ | — | | $ | 120.04 | | (100.0)% | | 0.0% | | 65.9% | | (100.0)% | | $ | — | | $ | 79.11 | | (100.0)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 17 Hotel Portfolio (2) | | $ | 187.61 | | $ | 237.16 | | (20.9)% | | 22.4% | | 78.6% | | (71.5)% | | $ | 42.02 | | $ | 186.41 | | (77.5)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Sold/Disposed Hotels (3) | | $ | — | | $ | 150.15 | | (100.0)% | | 0.0% | | 79.9% | | (100.0)% | | $ | — | | $ | 119.97 | | (100.0)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (4) | | $ | 187.61 | | $ | 223.83 | | (16.2)% | | 22.4% | | 78.8% | | (71.6)% | | $ | 42.02 | | $ | 176.38 | | (76.2)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg (5) | | $ | 873.17 | | | N/A | | N/A | | 22.6% | | N/A | | N/A | | $ | 197.34 | | | N/A | | N/A |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 18 Hotel Pro Forma Portfolio (6) | | $ | 197.42 | | | | | | | 22.4% | | | | | | $ | 44.22 | | | | | |
*Footnotes on page 38
PROPERTY-LEVEL OPERATING STATISTICS | | Page 34 | ||||||
| | | ||||||
Supplemental Financial Information |
Property-Level Operating Statistics
February 2021/2019
| | | | ADR | | Occupancy | | | RevPAR | |||||||||||||||
| | Hotels sorted by number of rooms | | February | | February | | February | ||||||||||||||||
| | |
| 2021 | |
| 2019 |
| Change |
| 2021 |
| 2019 |
| Change |
| 2021 |
| 2019 |
| Change | |||
1 | | Hilton San Diego Bayfront (1) | | $ | 147.03 | | $ | 279.63 | | (47.4)% | | 16.2% | | 79.8% | | (79.7)% | | $ | 23.82 | | $ | 223.14 | | (89.3)% |
2 | | Boston Park Plaza | | $ | 141.00 | | $ | 136.62 | | 3.2% | | 16.4% | | 75.7% | | (78.3)% | | $ | 23.12 | | $ | 103.42 | | (77.6)% |
3 | | Hyatt Regency San Francisco | | $ | 197.02 | | $ | 340.71 | | (42.2)% | | 8.5% | | 87.2% | | (90.3)% | | $ | 16.75 | | $ | 297.10 | | (94.4)% |
4 | | Renaissance Washington DC | | $ | 134.84 | | $ | 229.44 | | (41.2)% | | 67.8% | | 71.7% | | (5.4)% | | $ | 91.42 | | $ | 164.51 | | (44.4)% |
5 | | Renaissance Orlando at SeaWorld ® | | $ | 114.77 | | $ | 205.95 | | (44.3)% | | 15.8% | | 85.2% | | (81.5)% | | $ | 18.13 | | $ | 175.47 | | (89.7)% |
6 | | Wailea Beach Resort | | $ | 510.37 | | $ | 518.96 | | (1.7)% | | 33.0% | | 93.3% | | (64.6)% | | $ | 168.42 | | $ | 484.19 | | (65.2)% |
7 | | JW Marriott New Orleans | | $ | 142.97 | | $ | 234.70 | | (39.1)% | | 18.2% | | 82.5% | | (77.9)% | | $ | 26.02 | | $ | 193.63 | | (86.6)% |
8 | | Hyatt Centric Chicago Magnificent Mile | | $ | 150.18 | | $ | 118.87 | | 26.3% | | 12.4% | | 71.1% | | (82.6)% | | $ | 18.62 | | $ | 84.52 | | (78.0)% |
9 | | Marriott Boston Long Wharf | | $ | 222.93 | | $ | 213.35 | | 4.5% | | 10.5% | | 81.1% | | (87.1)% | | $ | 23.41 | | $ | 173.03 | | (86.5)% |
10 | | Renaissance Long Beach | | $ | 131.96 | | $ | 198.49 | | (33.5)% | | 31.1% | | 86.5% | | (64.0)% | | $ | 41.04 | | $ | 171.69 | | (76.1)% |
11 | | Embassy Suites Chicago | | $ | 128.85 | | $ | 116.27 | | 10.8% | | 12.3% | | 81.6% | | (84.9)% | | $ | 15.85 | | $ | 94.88 | | (83.3)% |
12 | | Embassy Suites La Jolla | | $ | 118.27 | | $ | 199.90 | | (40.8)% | | 48.7% | | 85.8% | | (43.2)% | | $ | 57.60 | | $ | 171.51 | | (66.4)% |
13 | | The Bidwell Marriott Portland | | $ | 138.90 | | $ | 159.01 | | (12.6)% | | 11.3% | | 85.5% | | (86.8)% | | $ | 15.70 | | $ | 135.95 | | (88.5)% |
14 |
| Hilton New Orleans St. Charles | | $ | 98.83 | | $ | 200.35 | | (50.7)% | | 21.1% | | 74.0% | | (71.5)% | | $ | 20.85 | | $ | 148.26 | | (85.9)% |
15 | | Oceans Edge Resort & Marina | | $ | 374.45 | | $ | 341.63 | | 9.6% | | 79.7% | | 95.8% | | (16.8)% | | $ | 298.44 | | $ | 327.28 | | (8.8)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 15 Hotels Open for the Entire First Quarter of 2021 | | $ | 187.61 | | $ | 243.23 | | (22.9)% | | 24.4% | | 81.4% | | (70.0)% | | $ | 45.78 | | $ | 197.99 | | (76.9)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 2 Hotels with Suspended Operations During All of the First Quarter of 2021 | | $ | — | | $ | 121.53 | | (100.0)% | | 0.0% | | 66.1% | | (100.0)% | | $ | — | | $ | 80.33 | | (100.0)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 17 Hotel Portfolio (2) | | $ | 187.61 | | $ | 235.32 | | (20.3)% | | 22.4% | | 80.2% | | (72.1)% | | $ | 42.02 | | $ | 188.73 | | (77.7)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Sold/Disposed Hotels (3) (1) | | $ | — | | $ | 165.29 | | (100.0)% | | 0.0% | | 76.8% | | (100.0)% | | $ | — | | $ | 126.94 | | (100.0)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (4) | | $ | 187.61 | | $ | 224.11 | | (16.3)% | | 22.4% | | 79.6% | | (71.9)% | | $ | 42.02 | | $ | 178.39 | | (76.4)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg (5) | | $ | 873.17 | | | N/A | | N/A | | 22.6% | | N/A | | N/A | | $ | 197.34 | | | N/A | | N/A |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 18 Hotel Pro Forma Portfolio (6) | | $ | 197.42 | | | | | | | 22.4% | | | | | | $ | 44.22 | | | | | |
*Footnotes on page 38
PROPERTY-LEVEL OPERATING STATISTICS | | Page 35 | ||||||
| | | ||||||
Supplemental Financial Information |
Property-Level Operating Statistics
March 2021/2020
| | | | ADR | | Occupancy | | | RevPAR | |||||||||||||||
| | Hotels sorted by number of rooms | | March | | March | | March | ||||||||||||||||
| | |
| 2021 | |
| 2020 |
| Change |
| 2021 |
| 2020 |
| Change |
| 2021 |
| 2020 |
| Change | |||
1 | | Hilton San Diego Bayfront | | $ | 145.79 | | $ | 248.59 | | (41.4)% | | 23.8% | | 18.9% | | 25.9% | | $ | 34.70 | | $ | 46.98 | | (26.1)% |
2 | | Boston Park Plaza | | $ | 138.64 | | $ | 171.07 | | (19.0)% | | 18.5% | | 32.1% | | (42.4)% | | $ | 25.65 | | $ | 54.91 | | (53.3)% |
3 | | Hyatt Regency San Francisco | | $ | 205.20 | | $ | 277.68 | | (26.1)% | | 11.2% | | 21.6% | | (48.1)% | | $ | 22.98 | | $ | 59.98 | | (61.7)% |
4 | | Renaissance Washington DC | | $ | 134.93 | | $ | 286.36 | | (52.9)% | | 63.8% | | 32.4% | | 96.9% | | $ | 86.09 | | $ | 92.78 | | (7.2)% |
5 | | Renaissance Orlando at SeaWorld ® | | $ | 129.68 | | $ | 189.54 | | (31.6)% | | 33.9% | | 20.6% | | 64.6% | | $ | 43.96 | | $ | 39.05 | | 12.6% |
6 | | Wailea Beach Resort | | $ | 545.90 | | $ | 488.43 | | 11.8% | | 51.5% | | 49.1% | | 4.9% | | $ | 281.14 | | $ | 239.82 | | 17.2% |
7 | | JW Marriott New Orleans | | $ | 150.03 | | $ | 226.47 | | (33.8)% | | 35.0% | | 32.5% | | 7.7% | | $ | 52.51 | | $ | 73.60 | | (28.7)% |
8 | | Hyatt Centric Chicago Magnificent Mile | | $ | 145.79 | | $ | 140.23 | | 4.0% | | 16.9% | | 22.3% | | (24.2)% | | $ | 24.64 | | $ | 31.27 | | (21.2)% |
9 | | Marriott Boston Long Wharf | | $ | 243.09 | | $ | 261.53 | | (7.1)% | | 14.1% | | 23.4% | | (39.7)% | | $ | 34.28 | | $ | 61.20 | | (44.0)% |
10 | | Renaissance Long Beach | | $ | 134.29 | | $ | 192.85 | | (30.4)% | | 37.9% | | 35.3% | | 7.4% | | $ | 50.90 | | $ | 68.08 | | (25.2)% |
11 | | Embassy Suites Chicago | | $ | 130.41 | | $ | 139.94 | | (6.8)% | | 21.7% | | 32.8% | | (33.8)% | | $ | 28.30 | | $ | 45.90 | | (38.3)% |
12 | | Embassy Suites La Jolla | | $ | 126.40 | | $ | 181.72 | | (30.4)% | | 57.4% | | 50.2% | | 14.3% | | $ | 72.55 | | $ | 91.22 | | (20.5)% |
13 | | The Bidwell Marriott Portland (1) | | $ | 147.10 | | $ | 133.96 | | 9.8% | | 11.4% | | 22.2% | | (48.6)% | | $ | 16.77 | | $ | 29.74 | | (43.6)% |
14 |
| Hilton New Orleans St. Charles | | $ | 112.78 | | $ | 181.61 | | (37.9)% | | 32.6% | | 31.8% | | 2.5% | | $ | 36.77 | | $ | 57.75 | | (36.3)% |
15 | | Oceans Edge Resort & Marina | | $ | 463.81 | | $ | 320.63 | | 44.7% | | 91.4% | | 55.2% | | 65.6% | | $ | 423.92 | | $ | 176.99 | | 139.5% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 15 Hotels Open for the Entire First Quarter of 2021 | | $ | 204.78 | | $ | 246.31 | | (16.9)% | | 31.6% | | 29.4% | | 7.5% | | $ | 64.71 | | $ | 72.42 | | (10.6)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 2 Hotels with Suspended Operations During All of the First Quarter of 2021 | | $ | — | | $ | 130.17 | | (100.0)% | | 0.0% | | 25.0% | | (100.0)% | | $ | — | | $ | 32.54 | | (100.0)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 17 Hotel Portfolio (2) | | $ | 204.78 | | $ | 238.46 | | (14.1)% | | 29.1% | | 29.1% | | 0.0% | | $ | 59.59 | | $ | 69.39 | | (14.1)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Sold/Disposed Hotels (3) | | $ | — | | $ | 146.83 | | (100.0)% | | 0.0% | | 34.8% | | (100.0)% | | $ | — | | $ | 51.10 | | (100.0)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (4) | | $ | 204.78 | | $ | 222.39 | | (7.9)% | | 29.1% | | 29.9% | | (2.7)% | | $ | 59.59 | | $ | 66.49 | | (10.4)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg (5) | | $ | 892.86 | | | N/A | | N/A | | 33.9% | | N/A | | N/A | | $ | 302.68 | | | N/A | | N/A |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 18 Hotel Pro Forma Portfolio (6) | | $ | 216.14 | | | | | | | 29.2% | | | | | | $ | 63.11 | | | | | |
*Footnotes on page 38
PROPERTY-LEVEL OPERATING STATISTICS | | Page 36 | ||||||
| | | ||||||
Supplemental Financial Information |
Property-Level Operating Statistics
March 2021/2019
| | | | ADR | | Occupancy | | | RevPAR | |||||||||||||||
| | Hotels sorted by number of rooms | | March | | March | | March | ||||||||||||||||
| | |
| 2021 | |
| 2019 |
| Change |
| 2021 |
| 2019 |
| Change |
| 2021 |
| 2019 |
| Change | |||
1 | | Hilton San Diego Bayfront (1) | | $ | 145.79 | | $ | 258.62 | | (43.6)% | | 23.8% | | 78.5% | | (69.7)% | | $ | 34.70 | | $ | 203.02 | | (82.9)% |
2 | | Boston Park Plaza | | $ | 138.64 | | $ | 180.55 | | (23.2)% | | 18.5% | | 90.5% | | (79.6)% | | $ | 25.65 | | $ | 163.40 | | (84.3)% |
3 | | Hyatt Regency San Francisco | | $ | 205.20 | | $ | 327.27 | | (37.3)% | | 11.2% | | 88.7% | | (87.4)% | | $ | 22.98 | | $ | 290.29 | | (92.1)% |
4 | | Renaissance Washington DC | | $ | 134.93 | | $ | 292.95 | | (53.9)% | | 63.8% | | 87.7% | | (27.3)% | | $ | 86.09 | | $ | 256.92 | | (66.5)% |
5 | | Renaissance Orlando at SeaWorld ® | | $ | 129.68 | | $ | 192.53 | | (32.6)% | | 33.9% | | 87.4% | | (61.2)% | | $ | 43.96 | | $ | 168.27 | | (73.9)% |
6 | | Wailea Beach Resort | | $ | 545.90 | | $ | 480.37 | | 13.6% | | 51.5% | | 94.0% | | (45.2)% | | $ | 281.14 | | $ | 451.55 | | (37.7)% |
7 | | JW Marriott New Orleans | | $ | 150.03 | | $ | 248.88 | | (39.7)% | | 35.0% | | 91.3% | | (61.7)% | | $ | 52.51 | | $ | 227.23 | | (76.9)% |
8 | | Hyatt Centric Chicago Magnificent Mile | | $ | 145.79 | | $ | 145.08 | | 0.5% | | 16.9% | | 80.2% | | (78.9)% | | $ | 24.64 | | $ | 116.35 | | (78.8)% |
9 | | Marriott Boston Long Wharf | | $ | 243.09 | | $ | 265.41 | | (8.4)% | | 14.1% | | 86.1% | | (83.6)% | | $ | 34.28 | | $ | 228.52 | | (85.0)% |
10 | | Renaissance Long Beach | | $ | 134.29 | | $ | 194.86 | | (31.1)% | | 37.9% | | 90.2% | | (58.0)% | | $ | 50.90 | | $ | 175.76 | | (71.0)% |
11 | | Embassy Suites Chicago | | $ | 130.41 | | $ | 150.89 | | (13.6)% | | 21.7% | | 94.3% | | (77.0)% | | $ | 28.30 | | $ | 142.29 | | (80.1)% |
12 | | Embassy Suites La Jolla | | $ | 126.40 | | $ | 197.38 | | (36.0)% | | 57.4% | | 91.9% | | (37.5)% | | $ | 72.55 | | $ | 181.39 | | (60.0)% |
13 | | The Bidwell Marriott Portland | | $ | 147.10 | | $ | 172.77 | | (14.9)% | | 11.4% | | 79.6% | | (85.7)% | | $ | 16.77 | | $ | 137.52 | | (87.8)% |
14 |
| Hilton New Orleans St. Charles | | $ | 112.78 | | $ | 204.11 | | (44.7)% | | 32.6% | | 90.2% | | (63.9)% | | $ | 36.77 | | $ | 184.11 | | (80.0)% |
15 | | Oceans Edge Resort & Marina | | $ | 463.81 | | $ | 347.36 | | 33.5% | | 91.4% | | 95.2% | | (4.0)% | | $ | 423.92 | | $ | 330.69 | | 28.2% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 15 Hotels Open for the Entire First Quarter of 2021 | | $ | 204.78 | | $ | 249.58 | | (18.0)% | | 31.6% | | 87.6% | | (63.9)% | | $ | 64.71 | | $ | 218.63 | | (70.4)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 2 Hotels with Suspended Operations During All of the First Quarter of 2021 | | $ | — | | $ | 133.80 | | (100.0)% | | 0.0% | | 75.7% | | (100.0)% | | $ | — | | $ | 101.29 | | (100.0)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 17 Hotel Portfolio (2) | | $ | 204.78 | | $ | 241.60 | | (15.2)% | | 29.1% | | 86.6% | | (66.4)% | | $ | 59.59 | | $ | 209.23 | | (71.5)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Sold/Disposed Hotels (3) (1) | | $ | — | | $ | 191.57 | | (100.0)% | | 0.0% | | 78.0% | | (100.0)% | | $ | — | | $ | 149.42 | | (100.0)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (4) | | $ | 204.78 | | $ | 234.01 | | (12.5)% | | 29.1% | | 85.2% | | (65.8)% | | $ | 59.59 | | $ | 199.38 | | (70.1)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg (5) | | $ | 892.86 | | | N/A | | N/A | | 33.9% | | N/A | | N/A | | $ | 302.68 | | | N/A | | N/A |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 18 Hotel Pro Forma Portfolio (6) | | $ | 216.14 | | | | | | | 29.2% | | | | | | $ | 63.11 | | | | | |
*Footnotes on page 38
PROPERTY-LEVEL OPERATING STATISTICS | | Page 37 | ||||||
| | | ||||||
Supplemental Financial Information |
Property-Level Operating Statistics
Q1, January, February and March 2021/2020 and 2021/2019
(1) | Operating statistics for the first quarter, January, February and March of 2020 are impacted by a room renovation at The Bidwell Marriott Portland. Operating statistics for the first quarter, January, February and March of 2019 are impacted by room renovations at the Hilton San Diego Bayfront and the Renaissance Harborplace. |
(2) | 17 Hotel Portfolio includes all hotels owned by the Company as of March 31, 2021. |
(3) | Sold/Disposed Hotels for the first quarter, January, February and March of 2020 include results for the Renaissance Harborplace and the Renaissance Los Angeles Airport, sold in July 2020 and December 2020, respectively, and the Hilton Times Square, assigned to its mortgage holder in December 2020. Sold/Disposed Hotels for the first quarter, January, February and March of 2019 also include results for the Courtyard by Marriott Los Angeles, sold in October 2019. |
(4) | Actual Portfolio includes the 17 Hotel Portfolio plus the Sold/Disposed Hotels. |
(5) | Montage Healdsburg was acquired by the Company in April 2021. Includes prior ownership results obtained by the Company from the prior owner of the Montage Healdsburg during the due diligence period before acquiring the hotel. The Company performed a limited review of the information as part of its analysis of the acquisition. The newly developed hotel opened in December 2020; therefore, there is no prior year information. |
(6) | 18 Hotel Pro Forma Portfolio includes the 17 Hotel Portfolio plus the Montage Healdsburg, acquired by the Company in April 2021. |
PROPERTY-LEVEL OPERATING STATISTICS | | Page 38 | ||||||
| | | ||||||
Supplemental Financial Information |
PROPERTY-LEVEL ADJUSTED EBITDAre &
ADJUSTED EBITDAre MARGINS
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 39 | ||||||
| | | ||||||
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
Q1 2021
| | Hotels sorted by number of rooms | | For the Three Months Ended March 31, 2021 | ||||||||||||||||||
| | (In thousands) | | | | | | Plus: | | Plus: | | Plus: | | Equals: | | Hotel | ||||||
| | | | Total | | Net Income / | | Other | | | | | | Hotel Adjusted | | Adjusted EBITDAre | ||||||
| | |
| Revenues |
| (Loss) |
| Adjustments (1) |
| Depreciation |
| Interest Expense |
| EBITDAre (2) |
| Margins (2) | ||||||
1 | | Hilton San Diego Bayfront | | $ | 3,955 | | $ | (7,899) | | $ | (289) | | $ | 3,241 | | $ | 643 | | $ | (4,304) | | (108.8)% |
2 | | Boston Park Plaza | | | 2,716 | | | (8,298) | | | — | | | 4,481 | | | — | | | (3,817) | | (140.5)% |
3 | | Hyatt Regency San Francisco | | | 1,649 | | | (7,342) | | | — | | | 3,244 | | | — | | | (4,098) | | (248.5)% |
4 | | Renaissance Washington DC | | | 5,843 | | | (189) | | | (72) | | | 1,875 | | | — | | | 1,614 | | 27.6% |
5 | | Renaissance Orlando at SeaWorld ® | | | 3,590 | | | (3,504) | | | — | | | 2,220 | | | — | | | (1,284) | | (35.8)% |
6 | | Wailea Beach Resort | | | 12,259 | | | (480) | | | — | | | 4,081 | | | — | | | 3,601 | | 29.4% |
7 | | JW Marriott New Orleans | | | 1,933 | | | (2,998) | | | 2 | | | 1,612 | | | 842 | | | (542) | | (28.0)% |
8 | | Hyatt Centric Chicago Magnificent Mile | | | 769 | | | (3,395) | | | (351) | | | 1,145 | | | 351 | | | (2,250) | | (292.6)% |
9 | | Marriott Boston Long Wharf | | | 1,230 | | | (4,845) | | | — | | | 2,779 | | | — | | | (2,066) | | (168.0)% |
10 | | Renaissance Long Beach | | | 1,600 | | | (1,213) | | | — | | | 845 | | | — | | | (368) | | (23.0)% |
11 | | Embassy Suites Chicago | | | 867 | | | (1,984) | | | — | | | 757 | | | — | | | (1,227) | | (141.5)% |
12 | | Embassy Suites La Jolla | | | 2,104 | | | (1,588) | | | — | | | 988 | | | 605 | | | 5 | | 0.2% |
13 | | The Bidwell Marriott Portland | | | 422 | | | (1,562) | | | — | | | 807 | | | — | | | (755) | | (178.9)% |
14 |
| Hilton New Orleans St. Charles | | | 746 | | | (926) | | | — | | | 619 | | | — | | | (307) | | (41.2)% |
15 | | Oceans Edge Resort & Marina | | | 6,649 | | | 2,066 | | | — | | | 879 | | | — | | | 2,945 | | 44.3% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 15 Hotels Open for the Entire First Quarter of 2021 | | | 46,332 | | | (44,157) | | | (710) | | | 29,573 | | | 2,441 | | | (12,853) | | (27.7)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2 Hotels with Suspended Operations During All of the First Quarter of 2021 | | | 238 | | | (3,278) | | | 63 | | | 936 | | | — | | | (2,279) | | (957.6)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 17 Hotel Portfolio (3) | | $ | 46,570 | | $ | (47,435) | | $ | (647) | | $ | 30,509 | | $ | 2,441 | | $ | (15,132) | | (32.5)% |
*Footnotes on pages 52 and 53
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 40 | ||||||
| | | ||||||
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
Q1 2020
| | Hotels sorted by number of rooms | | For the Three Months Ended March 31, 2020 | ||||||||||||||||||
| | (In thousands) | | | | | | Plus: | | Plus: | | Plus: | | Equals: | | Hotel | ||||||
| | | | Total | | Net Income / | | Other | | | | | | Hotel Adjusted | | Adjusted EBITDAre | ||||||
| | |
| Revenues |
| (Loss) |
| Adjustments (1) |
| Depreciation |
| Interest Expense |
| EBITDAre (2) |
| Margins (2) | ||||||
1 | | Hilton San Diego Bayfront (4) | | $ | 27,040 | | $ | (30) | | $ | (290) | | $ | 3,217 | | $ | 1,679 | | $ | 4,576 | | 16.9% |
2 | | Boston Park Plaza (4) | | | 11,357 | | | (6,771) | | | — | | | 4,514 | | | — | | | (2,257) | | (19.9)% |
3 | | Hyatt Regency San Francisco (4) | | | 20,779 | | | (1,136) | | | 136 | | | 3,230 | | | — | | | 2,230 | | 10.7% |
4 | | Renaissance Washington DC (4) | | | 14,862 | | | (2,782) | | | — | | | 2,067 | | | 1,669 | | | 954 | | 6.4% |
5 | | Renaissance Orlando at SeaWorld ® (4) | | | 18,805 | | | 2,637 | | | — | | | 2,607 | | | — | | | 5,244 | | 27.9% |
6 | | Wailea Beach Resort (4) | | | 28,817 | | | 6,216 | | | — | | | 3,969 | | | — | | | 10,185 | | 35.3% |
7 | | JW Marriott New Orleans (4) | | | 9,257 | | | 526 | | | 2 | | | 1,636 | | | 871 | | | 3,035 | | 32.8% |
8 | | Hyatt Centric Chicago Magnificent Mile (4) | | | 3,304 | | | (3,683) | | | (351) | | | 1,446 | | | 351 | | | (2,237) | | (67.7)% |
9 | | Marriott Boston Long Wharf (4) | | | 8,128 | | | (3,482) | | | — | | | 2,737 | | | — | | | (745) | | (9.2)% |
10 | | Renaissance Long Beach (4) | | | 5,765 | | | (111) | | | — | | | 990 | | | — | | | 879 | | 15.2% |
11 | | Embassy Suites Chicago (4) | | | 2,929 | | | (1,513) | | | (24) | | | 753 | | | — | | | (784) | | (26.8)% |
12 | | Embassy Suites La Jolla (4) | | | 4,991 | | | (192) | | | — | | | 1,052 | | | 626 | | | 1,486 | | 29.8% |
13 | | The Bidwell Marriott Portland (4) (5) | | | 1,413 | | | (890) | | | — | | | 381 | | | — | | | (509) | | (36.0)% |
14 |
| Hilton New Orleans St. Charles (4) | | | 3,139 | | | 126 | | | — | | | 645 | | | — | | | 771 | | 24.6% |
15 | | Oceans Edge Resort & Marina | | | 5,965 | | | 1,490 | | | — | | | 826 | | | — | | | 2,316 | | 38.8% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 15 Hotels Open for the Entire First Quarter of 2021 | | | 166,551 | | | (9,595) | | | (527) | | | 30,070 | | | 5,196 | | | 25,144 | | 15.1% |
| | | | | | | | | | | | | | | | | | | | | | |
|
| 2 Hotels with Suspended Operations During All of the First Quarter of 2021 (4) | | | 5,469 | | | (4,180) | | | 7 | | | 1,550 | | | — | | | (2,623) | | (48.0)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 17 Hotel Portfolio (3) | | | 172,020 | | | (13,775) | | | (520) | | | 31,620 | | | 5,196 | | | 22,521 | | 13.1% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Sold/Disposed Hotels (6) | | | | | | | | | | | | | | | | | | | | |
| | Renaissance Harborplace (4) | | | 5,604 | | | (2,292) | | | (57) | | | 1,329 | | | — | | | (1,020) | | (18.2)% |
| | Renaissance Los Angeles Airport (4) | | | 6,646 | | | (476) | | | — | | | 1,063 | | | — | | | 587 | | 8.8% |
| | Hilton Times Square (4) | | | 6,920 | | | (7,459) | | | 58 | | | 2,478 | | | 1,193 | | | (3,730) | | (53.9)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (7) | | $ | 191,190 | | $ | (24,002) | | $ | (519) | | $ | 36,490 | | $ | 6,389 | | $ | 18,358 | | 9.6% |
*Footnotes on pages 52 and 53
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 41 | ||||||
| | | ||||||
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
Q1 2019
| | Hotels sorted by number of rooms | | For the Three Months Ended March 31, 2019 | ||||||||||||||||||
| | (In thousands) | | | | | | Plus: | | Plus: | | Plus: | | Equals: | | Hotel | ||||||
| | | | Total | | Net Income / | | Other | | | | | | Hotel Adjusted | | Adjusted EBITDAre | ||||||
| | |
| Revenues |
| (Loss) |
| Adjustments (1) |
| Depreciation |
| Interest Expense |
| EBITDAre (2) |
| Margins (2) | ||||||
1 | | Hilton San Diego Bayfront (5) | | $ | 36,686 | | $ | 6,405 | | $ | (290) | | $ | 2,558 | | $ | 2,238 | | $ | 10,911 | | 29.7% |
2 | | Boston Park Plaza | | | 17,860 | | | (3,177) | | | — | | | 4,446 | | | — | | | 1,269 | | 7.1% |
3 | | Hyatt Regency San Francisco | | | 31,197 | | | 5,367 | | | 360 | | | 3,127 | | | — | | | 8,854 | | 28.4% |
4 | | Renaissance Washington DC | | | 20,896 | | | 1,419 | | | — | | | 2,455 | | | 1,713 | | | 5,587 | | 26.7% |
5 | | Renaissance Orlando at SeaWorld ® | | | 25,713 | | | 7,670 | | | — | | | 2,554 | | | — | | | 10,224 | | 39.8% |
6 | | Wailea Beach Resort | | | 31,669 | | | 9,340 | | | — | | | 3,879 | | | — | | | 13,219 | | 41.7% |
7 | | JW Marriott New Orleans | | | 11,732 | | | 2,944 | | | 2 | | | 1,597 | | | 880 | | | 5,423 | | 46.2% |
8 | | Hyatt Centric Chicago Magnificent Mile | | | 5,108 | | | (2,493) | | | (350) | | | 1,442 | | | 350 | | | (1,051) | | (20.6)% |
9 | | Marriott Boston Long Wharf | | | 10,094 | | | (1,104) | | | — | | | 2,693 | | | — | | | 1,589 | | 15.7% |
10 | | Renaissance Long Beach | | | 7,591 | | | 1,469 | | | — | | | 946 | | | — | | | 2,415 | | 31.8% |
11 | | Embassy Suites Chicago | | | 4,166 | | | (645) | | | — | | | 743 | | | — | | | 98 | | 2.4% |
12 | | Embassy Suites La Jolla | | | 6,054 | | | 712 | | | — | | | 1,031 | | | 632 | | | 2,375 | | 39.2% |
13 | | The Bidwell Marriott Portland | | | 3,337 | | | 644 | | | — | | | 396 | | | — | | | 1,040 | | 31.2% |
14 |
| Hilton New Orleans St. Charles | | | 3,877 | | | 543 | | | — | | | 623 | | | — | | | 1,166 | | 30.1% |
15 | | Oceans Edge Resort & Marina | | | 6,732 | | | 1,777 | | | 189 | | | 777 | | | — | | | 2,743 | | 40.7% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 15 Hotels Open for the Entire First Quarter of 2021 | | | 222,712 | | | 30,871 | | | (89) | | | 29,267 | | | 5,813 | | | 65,862 | | 29.6% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2 Hotels with Suspended Operations During All of the First Quarter of 2021 | | | 7,176 | | | (2,120) | | | 9 | | | 1,538 | | | — | | | (573) | | (8.0)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 17 Hotel Portfolio (3) | | | 229,888 | | | 28,751 | | | (80) | | | 30,805 | | | 5,813 | | | 65,289 | | 28.4% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Sold/Disposed Hotels (6) | | | | | | | | | | | | | | | | | | | | |
| | Courtyard by Marriott Los Angeles | | | 3,070 | | | 567 | | | (239) | | | 253 | | | 294 | | | 875 | | 28.5% |
| | Renaissance Harborplace (5) | | | 6,970 | | | (1,133) | | | — | | | 1,490 | | | — | | | 357 | | 5.1% |
| | Renaissance Los Angeles Airport | | | 7,962 | | | 853 | | | — | | | 1,043 | | | — | | | 1,896 | | 23.8% |
| | Hilton Times Square | | | 9,767 | | | (4,346) | | | 64 | | | 2,545 | | | 1,188 | | | (549) | | (5.6)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (7) | | $ | 257,657 | | $ | 24,692 | | $ | (255) | | $ | 36,136 | | $ | 7,295 | | $ | 67,868 | | 26.3% |
*Footnotes on pages 52 and 53
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 42 | ||||||
| | | ||||||
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
January 2021
| | Hotels sorted by number of rooms | | For the Month of January 2021 | ||||||||||||||||||
| | (In thousands) | | | | | | Plus: | | Plus: | | Plus: | | Equals: | | Hotel | ||||||
| | | | Total | | Net Income / | | Other | | | | | | Hotel Adjusted | | Adjusted EBITDAre | ||||||
| | |
| Revenues |
| (Loss) |
| Adjustments (8) |
| Depreciation |
| Interest Expense |
| EBITDAre |
| Margins | ||||||
1 | | Hilton San Diego Bayfront | | $ | 648 | | $ | (3,156) | | $ | (97) | | $ | 1,080 | | $ | 224 | | $ | (1,949) | | (300.8)% |
2 | | Boston Park Plaza | | | 654 | | | (2,976) | | | — | | | 1,504 | | | — | | | (1,472) | | (225.1)% |
3 | | Hyatt Regency San Francisco | | | 381 | | | (2,654) | | | — | | | 1,081 | | | — | | | (1,573) | | (412.9)% |
4 | | Renaissance Washington DC | | | 1,386 | | | (781) | | | — | | | 625 | | | — | | | (156) | | (11.3)% |
5 | | Renaissance Orlando at SeaWorld ® | | | 886 | | | (1,358) | | | — | | | 743 | | | — | | | (615) | | (69.4)% |
6 | | Wailea Beach Resort | | | 2,367 | | | (1,387) | | | — | | | 1,357 | | | — | | | (30) | | (1.3)% |
7 | | JW Marriott New Orleans | | | 472 | | | (1,150) | | | — | | | 538 | | | 290 | | | (322) | | (68.2)% |
8 | | Hyatt Centric Chicago Magnificent Mile | | | 181 | | | (1,175) | | | (117) | | | 382 | | | 117 | | | (793) | | (438.1)% |
9 | | Marriott Boston Long Wharf | | | 226 | | | (1,912) | | | — | | | 926 | | | — | | | (986) | | (436.3)% |
10 | | Renaissance Long Beach | | | 285 | | | (596) | | | — | | | 314 | | | — | | | (282) | | (98.9)% |
11 | | Embassy Suites Chicago | | | 186 | | | (729) | | | — | | | 253 | | | — | | | (476) | | (255.9)% |
12 | | Embassy Suites La Jolla | | | 509 | | | (662) | | | — | | | 330 | | | 209 | | | (123) | | (24.2)% |
13 | | The Bidwell Marriott Portland | | | 92 | | | (546) | | | — | | | 268 | | | — | | | (278) | | (302.2)% |
14 |
| Hilton New Orleans St. Charles | | | 190 | | | (354) | | | — | | | 207 | | | — | | | (147) | | (77.4)% |
15 | | Oceans Edge Resort & Marina | | | 1,479 | | | 90 | | | — | | | 293 | | | — | | | 383 | | 25.9% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 15 Hotels Open for the Entire First Quarter of 2021 | | | 9,942 | | | (19,346) | | | (214) | | | 9,901 | | | 840 | | | (8,819) | | (88.7)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2 Hotels with Suspended Operations During All of the First Quarter of 2021 | | | 70 | | | (1,061) | | | 2 | | | 312 | | | — | | | (747) | | (1067.1)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 17 Hotel Portfolio (3) | | $ | 10,012 | | $ | (20,407) | | $ | (212) | | $ | 10,213 | | $ | 840 | | $ | (9,566) | | (95.5)% |
*Footnotes on pages 52 and 53
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 43 | ||||||
| | | ||||||
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
January 2020
| | Hotels sorted by number of rooms | | For the Month of January 2020 | ||||||||||||||||||
| | (In thousands) | | | | | | Plus: | | Plus: | | Plus: | | Equals: | | Hotel | ||||||
| | | | Total | | Net Income / | | Other | | | | | | Hotel Adjusted | | Adjusted EBITDAre | ||||||
| | |
| Revenues |
| (Loss) |
| Adjustments (8) |
| Depreciation |
| Interest Expense |
| EBITDAre (2) |
| Margins (2) | ||||||
1 | | Hilton San Diego Bayfront | | $ | 11,202 | | $ | 462 | | $ | (97) | | $ | 1,072 | | $ | 616 | | $ | 2,053 | | 18.3% |
2 | | Boston Park Plaza | | | 4,444 | | | (2,132) | | | — | | | 1,511 | | | — | | | (621) | | (14.0)% |
3 | | Hyatt Regency San Francisco | | | 9,327 | | | 1,089 | | | 90 | | | 1,074 | | | — | | | 2,253 | | 24.2% |
4 | | Renaissance Washington DC | | | 4,404 | | | (1,423) | | | — | | | 699 | | | 557 | | | (167) | | (3.8)% |
5 | | Renaissance Orlando at SeaWorld ® | | | 7,584 | | | 1,555 | | | — | | | 868 | | | — | | | 2,423 | | 31.9% |
6 | | Wailea Beach Resort | | | 11,333 | | | 3,191 | | | — | | | 1,320 | | | — | | | 4,511 | | 39.8% |
7 | | JW Marriott New Orleans | | | 3,804 | | | 563 | | | 1 | | | 558 | | | 297 | | | 1,419 | | 37.3% |
8 | | Hyatt Centric Chicago Magnificent Mile | | | 1,469 | | | (1,076) | | | (117) | | | 482 | | | 117 | | | (594) | | (40.4)% |
9 | | Marriott Boston Long Wharf | | | 3,243 | | | (805) | | | — | | | 916 | | | — | | | 111 | | 3.4% |
10 | | Renaissance Long Beach | | | 2,425 | | | 296 | | | — | | | 330 | | | — | | | 626 | | 25.8% |
11 | | Embassy Suites Chicago | | | 1,091 | | | (551) | | | — | | | 247 | | | — | | | (304) | | (27.9)% |
12 | | Embassy Suites La Jolla | | | 1,918 | | | 75 | | | — | | | 353 | | | 213 | | | 641 | | 33.4% |
13 | | The Bidwell Marriott Portland (5) | | | 589 | | | (211) | | | — | | | 135 | | | — | | | (76) | | (12.9)% |
14 |
| Hilton New Orleans St. Charles | | | 1,204 | | | 117 | | | — | | | 218 | | | — | | | 335 | | 27.8% |
15 | | Oceans Edge Resort & Marina | | | 2,135 | | | 535 | | | — | | | 273 | | | — | | | 808 | | 37.8% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 15 Hotels Open for the Entire First Quarter of 2021 | | | 66,172 | | | 1,685 | | | (123) | | | 10,056 | | | 1,800 | | | 13,418 | | 20.3% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2 Hotels with Suspended Operations During All of the First Quarter of 2021 | | | 2,413 | | | (857) | | | 3 | | | 517 | | | — | | | (337) | | (14.0)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 17 Hotel Portfolio (3) | | | 68,585 | | | 828 | | | (120) | | | 10,573 | | | 1,800 | | | 13,081 | | 19.1% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Sold/Disposed Hotels (6) | | | | | | | | | | | | | | | | | | | | |
| | Renaissance Harborplace | | | 2,161 | | | (641) | | | — | | | 471 | | | — | | | (170) | | (7.9)% |
| | Renaissance Los Angeles Airport | | | 2,567 | | | 49 | | | — | | | 353 | | | — | | | 402 | | 15.7% |
| | Hilton Times Square | | | 3,012 | | | (1,815) | | | 19 | | | 845 | | | 405 | | | (546) | | (18.1)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (7) | | $ | 76,325 | | $ | (1,579) | | $ | (101) | | $ | 12,242 | | $ | 2,205 | | $ | 12,767 | | 16.7% |
*Footnotes on pages 52 and 53
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 44 | ||||||
| | | ||||||
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
January 2019
| | Hotels sorted by number of rooms | | For the Month of January 2019 | ||||||||||||||||||
| | (In thousands) | | | | | | Plus: | | Plus: | | Plus: | | Equals: | | Hotel | ||||||
| | | | Total | | Net Income / | | Other | | | | | | Hotel Adjusted | | Adjusted EBITDAre | ||||||
| | |
| Revenues |
| (Loss) |
| Adjustments (8) |
| Depreciation |
| Interest Expense |
| EBITDAre |
| Margins | ||||||
1 | | Hilton San Diego Bayfront (5) | | $ | 10,612 | | $ | 470 | | $ | (97) | | $ | 856 | | $ | 767 | | | 1,996 | | 18.8% |
2 | | Boston Park Plaza | | | 6,479 | | | (1,079) | | | — | | | 1,481 | | | — | | $ | 402 | | 6.2% |
3 | | Hyatt Regency San Francisco | | | 10,468 | | | 1,767 | | | 118 | | | 1,042 | | | — | | | 2,927 | | 28.0% |
4 | | Renaissance Washington DC | | | 4,640 | | | (1,079) | | | — | | | 819 | | | 572 | | | 312 | | 6.7% |
5 | | Renaissance Orlando at SeaWorld ® | | | 8,643 | | | 2,431 | | | — | | | 841 | | | — | | | 3,272 | | 37.9% |
6 | | Wailea Beach Resort | | | 10,842 | | | 2,949 | | | — | | | 1,291 | | | — | | | 4,240 | | 39.1% |
7 | | JW Marriott New Orleans | | | 3,609 | | | 642 | | | 1 | | | 532 | | | 304 | | | 1,479 | | 41.0% |
8 | | Hyatt Centric Chicago Magnificent Mile | | | 1,186 | | | (1,237) | | | (117) | | | 480 | | | 117 | | | (757) | | (63.8)% |
9 | | Marriott Boston Long Wharf | | | 3,083 | | | (680) | | | — | | | 899 | | | — | | | 219 | | 7.1% |
10 | | Renaissance Long Beach | | | 2,105 | | | 118 | | | — | | | 315 | | | — | | | 433 | | 20.6% |
11 | | Embassy Suites Chicago | | | 972 | | | (577) | | | — | | | 246 | | | — | | | (331) | | (34.1)% |
12 | | Embassy Suites La Jolla | | | 1,949 | | | 100 | | | — | | | 345 | | | 218 | | | 663 | | 34.0% |
13 | | The Bidwell Marriott Portland | | | 1,015 | | | 118 | | | — | | | 132 | | | — | | | 250 | | 24.6% |
14 |
| Hilton New Orleans St. Charles | | | 1,058 | | | 16 | | | — | | | 207 | | | — | | | 223 | | 21.1% |
15 | | Oceans Edge Resort & Marina | | | 1,963 | | | 376 | | | — | | | 258 | | | — | | | 634 | | 32.3% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 15 Hotels Open for the Entire First Quarter of 2021 | | | 68,624 | | | 4,335 | | | (95) | | | 9,744 | | | 1,978 | | | 15,962 | | 23.3% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2 Hotels with Suspended Operations During All of the First Quarter of 2021 | | | 2,072 | | | (1,033) | | | 3 | | | 512 | | | — | | | (518) | | (25.0)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 17 Hotel Portfolio (3) | | | 70,696 | | | 3,302 | | | (92) | | | 10,256 | | | 1,978 | | | 15,444 | | 21.8% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Sold/Disposed Hotels (6) | | | | | | | | | | | | | | | | | | | | |
| | Courtyard by Marriott Los Angeles | | | 940 | | | 107 | | | (80) | | | 84 | | | 98 | | | 209 | | 22.2% |
| | Renaissance Harborplace (5) | | | 1,816 | | | (717) | | | — | | | 499 | | | — | | | (218) | | (12.0)% |
| | Renaissance Los Angeles Airport | | | 2,611 | | | 212 | | | — | | | 348 | | | — | | | 560 | | 21.4% |
| | Hilton Times Square | | | 3,033 | | | (1,835) | | | 21 | | | 849 | | | 407 | | | (558) | | (18.4)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (7) | | $ | 79,096 | | $ | 1,069 | | $ | (151) | | $ | 12,036 | | $ | 2,483 | | $ | 15,437 | | 19.5% |
*Footnotes on pages 52 and 53
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 45 | ||||||
| | | ||||||
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
February 2021
| | Hotels sorted by number of rooms | | For the Month of February 2021 | ||||||||||||||||||
| | (In thousands) | | | | | | Plus: | | Plus: | | Plus: | | Equals: | | Hotel | ||||||
| | | | Total | | Net Income / | | Other | | | | | | Hotel Adjusted | | Adjusted EBITDAre | ||||||
| | |
| Revenues |
| (Loss) |
| Adjustments (9) |
| Depreciation |
| Interest Expense |
| EBITDAre (2) |
| Margins (2) | ||||||
1 | | Hilton San Diego Bayfront | | $ | 1,232 | | $ | (2,634) | | $ | (96) | | $ | 1,080 | | $ | 199 | | $ | (1,451) | | (117.8)% |
2 | | Boston Park Plaza | | | 909 | | | (2,745) | | | — | | | 1,490 | | | — | | | (1,255) | | (138.1)% |
3 | | Hyatt Regency San Francisco | | | 499 | | | (2,395) | | | — | | | 1,081 | | | — | | | (1,314) | | (263.3)% |
4 | | Renaissance Washington DC | | | 2,121 | | | 98 | | | 1 | | | 625 | | | — | | | 724 | | 34.1% |
5 | | Renaissance Orlando at SeaWorld ® | | | 751 | | | (1,397) | | | — | | | 743 | | | — | | | (654) | | (87.1)% |
6 | | Wailea Beach Resort | | | 3,471 | | | (629) | | | — | | | 1,358 | | | — | | | 729 | | 21.0% |
7 | | JW Marriott New Orleans | | | 468 | | | (1,064) | | | — | | | 537 | | | 262 | | | (265) | | (56.6)% |
8 | | Hyatt Centric Chicago Magnificent Mile | | | 238 | | | (1,126) | | | (117) | | | 382 | | | 117 | | | (744) | | (312.6)% |
9 | | Marriott Boston Long Wharf | | | 409 | | | (1,623) | | | — | | | 927 | | | — | | | (696) | | (170.2)% |
10 | | Renaissance Long Beach | | | 556 | | | (402) | | | — | | | 266 | | | — | | | (136) | | (24.5)% |
11 | | Embassy Suites Chicago | | | 246 | | | (687) | | | — | | | 252 | | | — | | | (435) | | (176.8)% |
12 | | Embassy Suites La Jolla | | | 688 | | | (513) | | | — | | | 329 | | | 189 | | | 5 | | 0.7% |
13 | | The Bidwell Marriott Portland | | | 152 | | | (486) | | | — | | | 270 | | | — | | | (216) | | (142.1)% |
14 |
| Hilton New Orleans St. Charles | | | 190 | | | (345) | | | — | | | 207 | | | — | | | (138) | | (72.6)% |
15 | | Oceans Edge Resort & Marina | | | 2,121 | | | 634 | | | — | | | 293 | | | — | | | 927 | | 43.7% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 15 Hotels Open for the Entire First Quarter of 2021 | | | 14,051 | | | (15,314) | | | (212) | | | 9,840 | | | 767 | | | (4,919) | | (35.0)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2 Hotels with Suspended Operations During All of the First Quarter of 2021 | | | 95 | | | (1,041) | | | 19 | | | 312 | | | — | | | (710) | | (747.4)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 17 Hotel Portfolio (3) | | $ | 14,146 | | $ | (16,355) | | $ | (193) | | $ | 10,152 | | $ | 767 | | $ | (5,629) | | (39.8)% |
*Footnotes on pages 52 and 53
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 46 | ||||||
| | | ||||||
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
February 2020
| | Hotels sorted by number of rooms | | For the Month of February 2020 | ||||||||||||||||||
| | (In thousands) | | | | | | Plus: | | Plus: | | Plus: | | Equals: | | Hotel | ||||||
| | | | Total | | Net Income / | | Other | | | | | | Hotel Adjusted | | Adjusted EBITDAre | ||||||
| | |
| Revenues |
| (Loss) |
| Adjustments (9) |
| Depreciation |
| Interest Expense |
| EBITDAre (2) |
| Margins (2) | ||||||
1 | | Hilton San Diego Bayfront | | $ | 12,928 | | $ | 2,511 | | $ | (96) | | $ | 1,074 | | $ | 576 | | $ | 4,065 | | 31.4% |
2 | | Boston Park Plaza | | | 4,204 | | | (1,931) | | | — | | | 1,497 | | | — | | | (434) | | (10.3)% |
3 | | Hyatt Regency San Francisco | | | 8,946 | | | 1,052 | | | 90 | | | 1,076 | | | — | | | 2,218 | | 24.8% |
4 | | Renaissance Washington DC | | | 7,011 | | | 971 | | | — | | | 679 | | | 556 | | | 2,206 | | 31.5% |
5 | | Renaissance Orlando at SeaWorld ® | | | 8,805 | | | 2,642 | | | — | | | 868 | | | — | | | 3,510 | | 39.9% |
6 | | Wailea Beach Resort | | | 11,912 | | | 3,864 | | | — | | | 1,324 | | | — | | | 5,188 | | 43.6% |
7 | | JW Marriott New Orleans | | | 3,820 | | | 808 | | | — | | | 532 | | | 278 | | | 1,618 | | 42.4% |
8 | | Hyatt Centric Chicago Magnificent Mile | | | 1,273 | | | (1,088) | | | (117) | | | 482 | | | 117 | | | (606) | | (47.6)% |
9 | | Marriott Boston Long Wharf | | | 3,658 | | | (251) | | | — | | | 910 | | | — | | | 659 | | 18.0% |
10 | | Renaissance Long Beach | | | 2,375 | | | 396 | | | — | | | 330 | | | — | | | 726 | | 30.6% |
11 | | Embassy Suites Chicago | | | 1,160 | | | (346) | | | (24) | | | 253 | | | — | | | (117) | | (10.1)% |
12 | | Embassy Suites La Jolla | | | 1,933 | | | 143 | | | — | | | 348 | | | 200 | | | 691 | | 35.7% |
13 | | The Bidwell Marriott Portland (5) | | | 565 | | | (222) | | | — | | | 135 | | | — | | | (87) | | (15.4)% |
14 |
| Hilton New Orleans St. Charles | | | 1,373 | | | 259 | | | — | | | 211 | | | — | | | 470 | | 34.2% |
15 | | Oceans Edge Resort & Marina | | | 2,344 | | | 763 | | | — | | | 275 | | | — | | | 1,038 | | 44.3% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 15 Hotels Open for the Entire First Quarter of 2021 | | | 72,307 | | | 9,571 | | | (147) | | | 9,994 | | | 1,727 | | | 21,145 | | 29.2% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2 Hotels with Suspended Operations During All of the First Quarter of 2021 | | | 2,078 | | | (929) | | | 2 | | | 517 | | | — | | | (410) | | (19.7)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 17 Hotel Portfolio (3) | | | 74,385 | | | 8,642 | | | (145) | | | 10,511 | | | 1,727 | | | 20,735 | | 27.9% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Sold /Disposed Hotels (6) | | | | | | | | | | | | | | | | | | | | |
| | Renaissance Harborplace | | | 2,342 | | | (355) | | | — | | | 426 | | | — | | | 71 | | 3.0% |
| | Renaissance Los Angeles Airport | | | 2,716 | | | 377 | | | — | | | 353 | | | — | | | 730 | | 26.9% |
| | Hilton Times Square | | | 2,790 | | | (1,686) | | | 19 | | | 844 | | | 383 | | | (440) | | (15.8)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (7) | | $ | 82,233 | | $ | 6,978 | | $ | (126) | | $ | 12,134 | | $ | 2,110 | | $ | 21,096 | | 25.7% |
*Footnotes on pages 52 and 53
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 47 | ||||||
| | | ||||||
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
February 2019
| | Hotels sorted by number of rooms | | For the Month of February 2019 | ||||||||||||||||||
| | (In thousands) | | | | | | Plus: | | Plus: | | Plus: | | Equals: | | Hotel | ||||||
| | | | Total | | Net Income / | | Other | | | | | | Hotel Adjusted | | Adjusted EBITDAre | ||||||
| | |
| Revenues |
| (Loss) |
| Adjustments (9) |
| Depreciation |
| Interest Expense |
| EBITDAre (2) |
| Margins (2) | ||||||
1 | | Hilton San Diego Bayfront (5) | | $ | 12,301 | | $ | 2,642 | | $ | (96) | | $ | 857 | | $ | 703 | | | 4,106 | | 33.4% |
2 | | Boston Park Plaza | | | 4,113 | | | (2,071) | | | — | | | 1,483 | | | — | | $ | (588) | | (14.3)% |
3 | | Hyatt Regency San Francisco | | | 10,054 | | | 1,690 | | | 118 | | | 1,042 | | | — | | | 2,850 | | 28.3% |
4 | | Renaissance Washington DC | | | 6,121 | | | 234 | | | — | | | 815 | | | 571 | | | 1,620 | | 26.5% |
5 | | Renaissance Orlando at SeaWorld ® | | | 8,918 | | | 2,848 | | | — | | | 856 | | | — | | | 3,704 | | 41.5% |
6 | | Wailea Beach Resort | | | 10,345 | | | 3,178 | | | — | | | 1,294 | | | — | | | 4,472 | | 43.2% |
7 | | JW Marriott New Orleans | | | 3,429 | | | 687 | | | 1 | | | 532 | | | 274 | | | 1,494 | | 43.6% |
8 | | Hyatt Centric Chicago Magnificent Mile | | | 1,608 | | | (875) | | | (117) | | | 481 | | | 117 | | | (394) | | (24.5)% |
9 | | Marriott Boston Long Wharf | | | 2,989 | | | (569) | | | — | | | 897 | | | — | | | 328 | | 11.0% |
10 | | Renaissance Long Beach | | | 2,500 | | | 575 | | | — | | | 315 | | | — | | | 890 | | 35.6% |
11 | | Embassy Suites Chicago | | | 1,253 | | | (275) | | | — | | | 247 | | | — | | | (28) | | (2.2)% |
12 | | Embassy Suites La Jolla | | | 1,918 | | | 249 | | | — | | | 343 | | | 197 | | | 789 | | 41.1% |
13 | | The Bidwell Marriott Portland | | | 1,100 | | | 240 | | | — | | | 132 | | | — | | | 372 | | 33.8% |
14 |
| Hilton New Orleans St. Charles | | | 1,178 | | | 91 | | | — | | | 208 | | | — | | | 299 | | 25.4% |
15 | | Oceans Edge Resort & Marina | | | 2,195 | | | 509 | | | 189 | | | 258 | | | — | | | 956 | | 43.6% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 15 Hotels Open for the Entire First Quarter of 2021 | | | 70,022 | | | 9,153 | | | 95 | | | 9,760 | | | 1,862 | | | 20,870 | | 29.8% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2 Hotels with Suspended Operations During All of the First Quarter of 2021 | | | 2,175 | | | (732) | | | 3 | | | 513 | | | — | | | (216) | | (9.9)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 17 Hotel Portfolio (3) | | | 72,197 | | | 8,421 | | | 98 | | | 10,273 | | | 1,862 | | | 20,654 | | 28.6% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Sold /Disposed Hotels (6) | | | | | | | | | | | | | | | | | | | | |
| | Courtyard by Marriott Los Angeles | | | 1,011 | | | 215 | | | (80) | | | 85 | | | 98 | | | 318 | | 31.5% |
| | Renaissance Harborplace (5) | | | 1,890 | | | (721) | | | — | | | 494 | | | — | | | (227) | | (12.0)% |
| | Renaissance Los Angeles Airport | | | 2,671 | | | 362 | | | — | | | 347 | | | — | | | 709 | | 26.5% |
| | Hilton Times Square | | | 2,773 | | | (1,664) | | | 21 | | | 848 | | | 374 | | | (421) | | (15.2)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (7) | | $ | 80,542 | | $ | 6,613 | | $ | 39 | | $ | 12,047 | | $ | 2,334 | | $ | 21,033 | | 26.1% |
*Footnotes on pages 52 and 53
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 48 | ||||||
| | | ||||||
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
March 2021
| | Hotels sorted by number of rooms | | For the Month of March 2021 | ||||||||||||||||||
| | (In thousands) | | | | | | Plus: | | Plus: | | Plus: | | Equals: | | Hotel | ||||||
| | | | Total | | Net Income / | | Other | | | | | | Hotel Adjusted | | Adjusted EBITDAre | ||||||
| | |
| Revenues |
| (Loss) |
| Adjustments (10) |
| Depreciation |
| Interest Expense |
| EBITDAre (2) |
| Margins (2) | ||||||
1 | | Hilton San Diego Bayfront | | $ | 2,075 | | $ | (2,109) | | $ | (96) | | $ | 1,081 | | $ | 220 | | $ | (904) | | (43.6)% |
2 | | Boston Park Plaza | | | 1,153 | | | (2,577) | | | — | | | 1,487 | | | — | | | (1,090) | | (94.5)% |
3 | | Hyatt Regency San Francisco | | | 769 | | | (2,293) | | | — | | | 1,082 | | | — | | | (1,211) | | (157.5)% |
4 | | Renaissance Washington DC | | | 2,336 | | | 494 | | | (73) | | | 625 | | | — | | | 1,046 | | 44.8% |
5 | | Renaissance Orlando at SeaWorld ® | | | 1,953 | | | (749) | | | — | | | 734 | | | — | | | (15) | | (0.8)% |
6 | | Wailea Beach Resort | | | 6,421 | | | 1,536 | | | — | | | 1,366 | | | — | | | 2,902 | | 45.2% |
7 | | JW Marriott New Orleans | | | 993 | | | (784) | | | 2 | | | 537 | | | 290 | | | 45 | | 4.5% |
8 | | Hyatt Centric Chicago Magnificent Mile | | | 350 | | | (1,094) | | | (117) | | | 381 | | | 117 | | | (713) | | (203.7)% |
9 | | Marriott Boston Long Wharf | | | 595 | | | (1,310) | | | — | | | 926 | | | — | | | (384) | | (64.5)% |
10 | | Renaissance Long Beach | | | 759 | | | (215) | | | — | | | 265 | | | — | | | 50 | | 6.6% |
11 | | Embassy Suites Chicago | | | 435 | | | (568) | | | — | | | 252 | | | — | | | (316) | | (72.6)% |
12 | | Embassy Suites La Jolla | | | 907 | | | (413) | | | — | | | 329 | | | 207 | | | 123 | | 13.6% |
13 | | The Bidwell Marriott Portland | | | 178 | | | (530) | | | — | | | 269 | | | — | | | (261) | | (146.6)% |
14 |
| Hilton New Orleans St. Charles | | | 366 | | | (227) | | | — | | | 205 | | | — | | | (22) | | (6.0)% |
15 | | Oceans Edge Resort & Marina | | | 3,049 | | | 1,342 | | | — | | | 293 | | | — | | | 1,635 | | 53.6% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 15 Hotels Open for the Entire First Quarter of 2021 | | | 22,339 | | | (9,497) | | | (284) | | | 9,832 | | | 834 | | | 885 | | 4.0% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2 Hotels with Suspended Operations During All of the First Quarter of 2021 | | | 73 | | | (1,176) | | | 42 | | | 312 | | | — | | | (822) | | (1126.0)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 17 Hotel Portfolio (3) | | $ | 22,412 | | $ | (10,673) | | $ | (242) | | $ | 10,144 | | $ | 834 | | $ | 63 | | 0.3% |
*Footnotes on pages 52 and 53
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 49 | ||||||
| | | ||||||
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
March 2020
| | Hotels sorted by number of rooms | | For the Month of March 2020 | ||||||||||||||||||
| | (In thousands) | | | | | | Plus: | | Plus: | | Plus: | | Equals: | | Hotel | ||||||
| | | | Total | | Net Income / | | Other | | | | | | Hotel Adjusted | | Adjusted EBITDAre | ||||||
| | |
| Revenues |
| (Loss) |
| Adjustments (10) |
| Depreciation |
| Interest Expense |
| EBITDAre (2) |
| Margins (2) | ||||||
1 | | Hilton San Diego Bayfront (4) | | $ | 2,910 | | $ | (3,003) | | $ | (97) | | $ | 1,071 | | $ | 487 | | $ | (1,542) | | (53.0)% |
2 | | Boston Park Plaza (4) | | | 2,709 | | | (2,708) | | | — | | | 1,506 | | | — | | | (1,202) | | (44.4)% |
3 | | Hyatt Regency San Francisco (4) | | | 2,506 | | | (3,277) | | | (44) | | | 1,080 | | | — | | | (2,241) | | (89.4)% |
4 | | Renaissance Washington DC (4) | | | 3,447 | | | (2,330) | | | — | | | 689 | | | 556 | | | (1,085) | | (31.5)% |
5 | | Renaissance Orlando at SeaWorld ® (4) | | | 2,416 | | | (1,560) | | | — | | | 871 | | | — | | | (689) | | (28.5)% |
6 | | Wailea Beach Resort (4) | | | 5,572 | | | (839) | | | — | | | 1,325 | | | — | | | 486 | | 8.7% |
7 | | JW Marriott New Orleans (4) | | | 1,633 | | | (845) | | | 1 | | | 546 | | | 296 | | | (2) | | (0.1)% |
8 | | Hyatt Centric Chicago Magnificent Mile (4) | | | 562 | | | (1,519) | | | (117) | | | 482 | | | 117 | | | (1,037) | | (184.5)% |
9 | | Marriott Boston Long Wharf (4) | | | 1,227 | | | (2,426) | | | — | | | 911 | | | — | | | (1,515) | | (123.5)% |
10 | | Renaissance Long Beach (4) | | | 965 | | | (803) | | | — | | | 330 | | | — | | | (473) | | (49.0)% |
11 | | Embassy Suites Chicago (4) | | | 678 | | | (616) | | | — | | | 253 | | | — | | | (363) | | (53.5)% |
12 | | Embassy Suites La Jolla (4) | | | 1,140 | | | (410) | | | — | | | 351 | | | 213 | | | 154 | | 13.5% |
13 | | The Bidwell Marriott Portland (4) (5) | | | 259 | | | (457) | | | — | | | 111 | | | — | | | (346) | | (133.6)% |
14 |
| Hilton New Orleans St. Charles (4) | | | 562 | | | (250) | | | — | | | 216 | | | — | | | (34) | | (6.0)% |
15 | | Oceans Edge Resort & Marina | | | 1,486 | | | 192 | | | — | | | 278 | | | — | | | 470 | | 31.6% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 15 Hotels Open for the Entire First Quarter of 2021 | | | 28,072 | | | (20,851) | | | (257) | | | 10,020 | | | 1,669 | | | (9,419) | | (33.6)% |
| | | | | | | | | | | | | | | | | | | | | | |
|
| 2 Hotels with Suspended Operations During All of the First Quarter of 2021 (4) | | | 978 | | | (2,394) | | | 2 | | | 516 | | | — | | | (1,876) | | (191.8)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 17 Hotel Portfolio (3) | | | 29,050 | | | (23,245) | | | (255) | | | 10,536 | | | 1,669 | | | (11,295) | | (38.9)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Sold/Disposed Hotels (6) | | | | | | | | | | | | | | | | | | | | |
| | Renaissance Harborplace (4) | | | 1,101 | | | (1,296) | | | (57) | | | 432 | | | — | | | (921) | | (83.7)% |
| | Renaissance Los Angeles Airport (4) | | | 1,363 | | | (902) | | | — | | | 357 | | | — | | | (545) | | (40.0)% |
| | Hilton Times Square (4) | | | 1,118 | | | (3,958) | | | 20 | | | 789 | | | 405 | | | (2,744) | | (245.4)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (7) | | $ | 32,632 | | $ | (29,401) | | $ | (292) | | $ | 12,114 | | $ | 2,074 | | $ | (15,505) | | (47.5)% |
*Footnotes on pages 52 and 53
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 50 | ||||||
| | | ||||||
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
March 2019
| | Hotels sorted by number of rooms | | For the Month of March 2019 | ||||||||||||||||||
| | (In thousands) | | | | | | Plus: | | Plus: | | Plus: | | Equals: | | Hotel | ||||||
| | | | Total | | Net Income / | | Other | | | | | | Hotel Adjusted | | Adjusted EBITDAre | ||||||
| | |
| Revenues |
| (Loss) |
| Adjustments (10) |
| Depreciation |
| Interest Expense |
| EBITDAre |
| Margins | ||||||
1 | | Hilton San Diego Bayfront (5) | | $ | 13,773 | | $ | 3,293 | | $ | (97) | | $ | 845 | | $ | 768 | | $ | 4,809 | | 34.9% |
2 | | Boston Park Plaza | | | 7,268 | | | (27) | | | — | | | 1,482 | | | — | | | 1,455 | | 20.0% |
3 | | Hyatt Regency San Francisco | | | 10,675 | | | 1,910 | | | 124 | | | 1,043 | | | — | | | 3,077 | | 28.8% |
4 | | Renaissance Washington DC | | | 10,135 | | | 2,264 | | | — | | | 821 | | | 570 | | | 3,655 | | 36.1% |
5 | | Renaissance Orlando at SeaWorld ® | | | 8,152 | | | 2,391 | | | — | | | 857 | | | — | | | 3,248 | | 39.8% |
6 | | Wailea Beach Resort | | | 10,482 | | | 3,213 | | | — | | | 1,294 | | | — | | | 4,507 | | 43.0% |
7 | | JW Marriott New Orleans | | | 4,694 | | | 1,615 | | | — | | | 533 | | | 302 | | | 2,450 | | 52.2% |
8 | | Hyatt Centric Chicago Magnificent Mile | | | 2,314 | | | (381) | | | (116) | | | 481 | | | 116 | | | 100 | | 4.3% |
9 | | Marriott Boston Long Wharf | | | 4,022 | | | 145 | | | — | | | 897 | | | — | | | 1,042 | | 25.9% |
10 | | Renaissance Long Beach | | | 2,986 | | | 776 | | | — | | | 316 | | | — | | | 1,092 | | 36.6% |
11 | | Embassy Suites Chicago | | | 1,941 | | | 207 | | | — | | | 250 | | | — | | | 457 | | 23.5% |
12 | | Embassy Suites La Jolla | | | 2,187 | | | 363 | | | — | | | 343 | | | 217 | | | 923 | | 42.2% |
13 | | The Bidwell Marriott Portland | | | 1,222 | | | 286 | | | — | | | 132 | | | — | | | 418 | | 34.2% |
14 |
| Hilton New Orleans St. Charles | | | 1,641 | | | 436 | | | — | | | 208 | | | — | | | 644 | | 39.2% |
15 | | Oceans Edge Resort & Marina | | | 2,574 | | | 892 | | | — | | | 261 | | | — | | | 1,153 | | 44.8% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 15 Hotels Open for the Entire First Quarter of 2021 | | | 84,066 | | | 17,383 | | | (89) | | | 9,763 | | | 1,973 | | | 29,030 | | 34.5% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 2 Hotels with Suspended Operations During All of the First Quarter of 2021 | | | 2,929 | | | (355) | | | 3 | | | 513 | | | — | | | 161 | | 5.5% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 17 Hotel Portfolio (3) | | | 86,995 | | | 17,028 | | | (86) | | | 10,276 | | | 1,973 | | | 29,191 | | 33.6% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Sold/Disposed Hotels (6) | | | | | | | | | | | | | | | | | | | | |
| | Courtyard by Marriott Los Angeles | | | 1,119 | | | 245 | | | (79) | | | 84 | | | 98 | | | 348 | | 31.1% |
| | Renaissance Harborplace (5) | | | 3,264 | | | 305 | | | — | | | 497 | | | — | | | 802 | | 24.6% |
| | Renaissance Los Angeles Airport | | | 2,680 | | | 279 | | | — | | | 348 | | | — | | | 627 | | 23.4% |
| | Hilton Times Square | | | 3,961 | | | (847) | | | 22 | | | 848 | | | 407 | | | 430 | | 10.9% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (7) | | $ | 98,019 | | $ | 17,010 | | $ | (143) | | $ | 12,053 | | $ | 2,478 | | $ | 31,398 | | 32.0% |
*Footnotes on pages 52 and 53
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 51 | ||||||
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Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
Q1, January, February and March 2021/2020/2019 Footnotes
(1) | Other Adjustments for the first quarter of 2021 include: a total of $(0.3) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, and the JW Marriott New Orleans; $(0.3) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile; a $(0.1) million prior year property tax net credit received at the Renaissance Washington DC; and $0.1 million in legal fees at the Renaissance Westchester. Other Adjustments for the first quarter of 2020 include: $(0.3) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; $(0.3) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile; $0.1 million in city taxes assessed on commercial rents at the Hyatt Regency San Francisco; and a total of $(0.1) million in prior year property tax credits, net of appeal fees received at the Embassy Suites Chicago and the Renaissance Harborplace. Other Adjustments for the first quarter of 2019 include: a total of $(0.3) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; a total of $(0.6) million in finance lease obligation interest - cash ground rent at the Courtyard by Marriott Los Angeles and the Hyatt Centric Chicago Magnificent Mile; $0.4 million in city taxes assessed on commercial rents at the Hyatt Regency San Francisco; and a $0.2 million prior year property tax assessment received at the Oceans Edge Resort & Marina. |
(2) | Both Hotel Adjusted EBITDAre and Hotel Adjusted EBITDAre Margins are presented excluding any prior year property tax assessments and credits, net of any appeal fees. In the first quarters of 2021, 2020 and 2019, a $(0.1) million prior year property tax credit was received at the Renaissance Washington DC, a total of $(0.1) million in prior year property tax credits, net of appeal fees was received at the Embassy Suites Chicago and the Renaissance Harborplace and a $0.2 million prior year property tax assessment was received at the Oceans Edge Resort & Marina, respectively. |
(3) | 17 Hotel Portfolio includes all hotels owned by the Company as of March 31, 2021. |
(4) | During the first quarter of 2020, a total of $10.1 million in COVID-19-related costs consisting of additional wages and benefits for furloughed or laid off employees was incurred at the following hotels: $0.1 million Boston Park Plaza; $0.1 million Embassy Suites Chicago; $0.1 million Embassy Suites La Jolla; $0.1 million Hilton Garden Inn Chicago Downtown/Magnificent Mile; $45,000 Hilton New Orleans St. Charles; $0.2 million Hilton San Diego Bayfront; $1.4 million Hilton Times Square; $0.1 million Hyatt Centric Chicago Magnificent Mile; $0.8 million Hyatt Regency San Francisco; $0.3 million JW Marriott New Orleans; $1.0 million Marriott Boston Long Wharf; $0.1 million The Bidwell Marriott Portland; $0.4 million Renaissance Harborplace; $0.3 million Renaissance Long Beach; $0.4 million Renaissance Los Angeles Airport; $0.8 million Renaissance Orlando at SeaWorld®; $1.3 million Renaissance Washington DC; $0.8 million Renaissance Westchester; and $1.8 million Wailea Beach Resort. |
(5) | Hotel Adjusted EBITDAre for the first quarter of 2020 is impacted by a room renovation at The Bidwell Marriott Portland. Hotel Adjusted EBITDAre for the first quarter of 2019 is impacted by room renovations at the Hilton San Diego Bayfront and the Renaissance Harborplace. |
(6) | Sold/Disposed Hotels includes results for the Renaissance Harborplace and the Renaissance Los Angeles Airport, sold in July 2020 and December 2020, respectively, and the Hilton Times Square, assigned to its mortgage holder in December 2020. Sold/Disposed Hotels for the first quarter of 2019 also includes results for the Courtyard by Marriott Los Angeles, sold in October 2019 |
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 52 | ||||||
| | | ||||||
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
Q1, January, February and March 2021/2020/2019 Footnotes (continued)
(7) | Actual Portfolio includes the 17 Hotel Portfolio plus the Sold/Disposed Hotels. |
(8) | Other Adjustments for January 2021 include: a total of $(0.1) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, and the JW Marriott New Orleans; and $(0.1) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile. Other Adjustments for January 2020 include: a total of $(0.1) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; $(0.1) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile; and $0.1 million in city taxes assessed on commercial rents at the Hyatt Regency San Francisco. Other Adjustments for January 2019 include: a total of $(0.1) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; $(0.2) million in finance lease obligation interest - cash ground rent at the Courtyard by Marriott Los Angeles and the Hyatt Centric Chicago Magnificent Mile; and $0.1 million in city taxes assessed on commercial rents at the Hyatt Regency San Francisco. |
(9) | Other Adjustments for February 2021 include: a total of $(0.1) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, and the JW Marriott New Orleans; $(0.1) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile; a nominal prior year property tax assessment received at the Renaissance Washington DC; and $17,000 in legal fees at the Renaissance Westchester. Other adjustments for February 2020 include: a total of $(0.1) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; $(0.1) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile; $0.1 million in city taxes assessed on commercial rents at the Hyatt Regency San Francisco; and a $(24,000) prior year property tax credit received at the Embassy Suites Chicago. Other adjustments for February 2019 include: a total of $(0.1) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; $(0.2) million in finance lease obligation interest - cash ground rent at the Courtyard by Marriott Los Angeles and the Hyatt Centric Chicago Magnificent Mile; $0.1 million in city taxes assessed on commercial rents at the Hyatt Regency San Francisco; and a $0.2 million prior year property tax assessment received at the Oceans Edge Resort & Marina. |
(10) | Other Adjustments for March 2021 include: a total of $(0.1) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, and the JW Marriott New Orleans; $(0.1) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile; a $(0.1) million prior year property tax credit received at the Renaissance Washington DC; and $41,000 in legal fees at the Renaissance Westchester. Other Adjustments for March 2020 include: $(0.1) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; $(0.1) million in finance lease obligation interest - cash ground rent at the Hyatt Centric Chicago Magnificent Mile; a $(44,000) true-up in city taxes assessed on commercial rents at the Hyatt Regency San Francisco; and a $(0.1) million prior year property tax credit, net of appeal fees at the Renaissance Harborplace. Other Adjustments for March 2019 include: a total of $(0.1) million in amortization of the operating lease right-of-use assets and liabilities at the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Hilton San Diego Bayfront, the Hilton Times Square and the JW Marriott New Orleans; a total of $(0.2) million in finance lease obligation interest - cash ground rent at the Courtyard by Marriott Los Angeles and the Hyatt Centric Chicago Magnificent Mile; and $0.1 million in city taxes assessed on commercial rents at the Hyatt Regency San Francisco. |
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 53 | ||||||
| | | ||||||