Exhibit 99.1
LaSalle Hotel Properties
3 Bethesda Metro Center, Suite 1200
Bethesda, MD 20814
Ph. (301) 941-1500
Fax (301) 941-1553
www.lasallehotels.com
LASALLE HOTEL PROPERTIES REPORTS FOURTH QUARTER
AND FULL YEAR 2009 RESULTS
Company reports 27.4 percent hotel EBITDA margin for the year
BETHESDA, MD, February 25, 2010 —LaSalle Hotel Properties (NYSE: LHO) today reported a net loss to common shareholders of $18.8 million, or ($0.34) per diluted share for the year ended December 31, 2009 compared to net income of $10.6 million, or $0.25 per diluted share for the prior year. The net loss for 2009 includes $5.7 million of after-tax income related to the recognition of prior termination cure payments from the previous manager of the Company’s Seaview Resort and a $1.0 million fee for exchanging 2,348,888 7.25% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest for 2,348,888 7.25% Series G Cumulative Redeemable Preferred Shares of Beneficial Interest (the “Preferred Share Exchange”). Net income for 2008 was reduced by a $4.3 million final settlement expense related to the Meridien litigation.
For the year ended December 31, 2009, the Company generated funds from operations (“FFO”) of $90.8 million versus $117.1 million for the same period of 2008. On a per diluted share basis, FFO for 2009 was $1.66, compared to $2.90 for the prior year. FFO for 2009 included $5.7 million of after-tax income related to the recognition of prior termination cure payments and the $1.0 million fee for the Preferred Share Exchange. FFO for 2008 was reduced by the $4.3 million settlement expense related to the Meridien litigation.
The Company’s earnings before interest, taxes, depreciation and amortization (“EBITDA”) for 2009 were $160.1 million as compared to $192.0 million for 2008. EBITDA for 2009 included $9.5 million of pre-tax income related to the recognition of prior termination cure payments and the $1.0 million fee related to the Preferred Share Exchange. EBITDA for 2008 was reduced by the $4.3 million settlement expense related to the Meridien litigation.
“2009 was an extremely challenging year, during which our Company and the US lodging industry overall faced the largest RevPAR decline in recorded history,” said Michael Barnello, President and Chief Executive Officer of LaSalle Hotel Properties. “Despite the challenges of the 2009 operating environment, our Company delivered best-in-class EBITDA margins as our asset managers and property teams did an outstanding job limiting margin erosion.”
Room revenue per available room (“RevPAR”) in 2009 was $120.80, which was a decrease of 17.0 percent compared to 2008. Average daily rate (“ADR”) declined 13.5 percent versus 2008 to $172.55, while occupancy fell 4.1 percent to 70.0 percent.
The Company’s hotels generated $160.0 million of EBITDA for the year ended December 31, 2009 compared with $209.0 million for the same period of 2008. Hotel revenues declined 15.1 percent while hotel expenses were reduced by 11.5 percent. As a result, the hotel EBITDA margin was 27.4 percent for the year ended December 31, 2009, which is a decline of 297 basis points compared to the same period last year.
As of December 31, 2009, the Company had total outstanding debt of $643.8 million and the Company had no outstanding balance on its senior unsecured credit facility. Total debt to trailing 12 month Corporate EBITDA (as defined in the Company’s senior unsecured credit facility) equaled 3.9 times as of December 31, 2009. For the year, the Company’s weighted average interest rate was 4.6 percent. As of December 31, 2009, based on the Company’s covenants under its senior unsecured credit facility, the Company’s EBITDA to interest coverage ratio was 4.4 times and its fixed charge coverage ratio was 2.2 times. At the end of 2009, the Company had $20.2 million of cash and cash equivalents on its balance sheet and an aggregate of $466.7 million available on its credit facilities.
2009 Highlights
In 2009, the Company retired, without penalty, $89.3 million of outstanding mortgage principal balances secured by the following four hotel properties:
| | - | Westin City Center Dallas and Sheraton Bloomington Hotel Minneapolis South—$38.4 million mortgage paid on February 2, 2009; |
| | - | Hilton Alexandria Old Town—$30.9 million mortgage paid on June 1, 2009; and |
| | - | Gild Hall—$20.0 million mortgage paid on October 27, 2009. |
The Company completed two underwritten public offerings during the second quarter of 2009 and raised net proceeds of $260.4 million. The two offerings served to strengthen the balance sheet and position the Company to acquire assets as they become available.
On September 14, 2009 the Company announced that Michael D. Barnello was named as its Chief Executive Officer. Additionally, Alfred L. Young was appointed Chief Operating Officer of the Company effective November 3, 2009.
Fourth Quarter Results
For the three months ended December 31, 2009, net loss to common shareholders was $11.5 million, or ($0.18) per diluted share compared to net loss of $7.6 million, or ($0.19) for the same period of 2008.
For the quarter ended December 31, 2009, FFO was $15.9 million, or $0.25 per diluted share compared to $20.0 million, or $0.49 per diluted share for the same period of 2008. EBITDA for 2009’s fourth quarter was $30.9 million versus $37.0 million in the prior year period.
RevPAR for the quarter ended December 31, 2009 decreased 11.0 percent to $111.46 versus the same prior year period. ADR declined 11.6 percent from the fourth quarter of 2008 to $171.09, while occupancy increased 0.7 percent to 65.1 percent during the same period.
The Company’s hotels generated $34.6 million of EBITDA for the fourth quarter of 2009 compared with $41.1 million for the same period last year. During the three months ended December 31, 2009, hotel revenues declined 11.8 percent, while hotel expenses were reduced by 10.4 percent. As a result, the hotel EBITDA margin was 24.8 percent for the three months ended December 31, 2009 and was limited to a decrease of 118 basis points compared to the same period last year.
Subsequent Events
On January 15, 2010, the Company paid the fourth quarter 2009 dividend of $0.01 per common share of beneficial interest to shareholders of record as of December 31, 2009.
On February 1, 2010, the Company retired without penalty, the $12.8 million outstanding mortgage principal balance on the LeMontrose Suite Hotel. As of February 2, 2010, twenty-four of the Company’s hotels were unencumbered by debt.
On February 2, 2010, the Company and LaSalle Investment Management mutually agreed to dissolve their joint venture agreement. As of the date of dissolution, there were no acquisitions through the joint venture.
Agreement to Acquire Sofitel Lafayette Square, Washington, D.C.
On February 8, 2010, the Company entered into an agreement to acquire the Sofitel Lafayette Square in Washington, D.C. for $95.0 million. The Sofitel is an urban, full-service hotel with 237 guestrooms. The hotel is located in the heart of the business district of downtown Washington, D.C., two blocks from the White House. Closing of the acquisition is subject to the satisfaction of certain conditions and there is no assurance that the acquisition will occur or that it will occur based on the expected terms.
2010 Outlook
Based on the current economic environment and assuming that recent signs of economic recovery continue to improve, the Company’s 2010 outlook is as follows:
| | |
Net Loss | | ($51.0) million—($36.5) million; |
FFO | | $48.5 million—$62.5 million; and |
EBITDA | | $113.5 million—$128.5 million. |
This 2010 outlook is based on the following major assumptions:
| | - | Portfolio RevPAR decline of (4.0%) to (6.0%) compared to 2009; |
| | - | Portfolio hotel EBITDA margins between 22.4% and 24.4% (decline of 300 to 500 basis points); |
| | - | Corporate general and administrative expenses of $16.0 million to $16.5 million; |
| | - | Total capital investments of $26.0 million to $30.0 million; |
| | - | Non-cash income tax expense of $2.0 million to $3.0 million; |
| | - | Acquisition of the Sofitel Lafayette Square, Washington, D.C.; and |
| | - | FFO and EBITDA include transaction costs of approximately $2.0 million related to the Sofitel acquisition, which will be recognized as expenses in accordance with GAAP. |
Due to the uncertainty of the pace of recovery in the economy and subsequently the lodging sector we are not providing a quarterly breakdown of our outlook. However, based on the portfolio’s performance the first two months of the quarter, we expect RevPAR to decline 11.0 to 13.0 percent resulting in FFO of ($1.0) million to $1.0 million and EBITDA of $11.5 million to $13.5 million for the first quarter. Both FFO and EBITDA for the quarter include the expensing of approximately $2.0 million of transaction costs related to the Sofitel acquisition. Excluding the impact of the inauguration, our outlook for our portfolio RevPAR performance in the first quarter would be a decline of 7.5 to 9.5 percent.
Earnings Call
The Company will conduct its quarterly conference call on Friday, February 26, 2010 at 9:00 AM EST. To participate in the conference call, please dial (888) 378-4398. Additionally, a live webcast of the conference call will be available through the Company’s website. To access, log on tohttp://www.lasallehotels.com. A replay of the conference call will be archived and available online through the Investor Relations section ofhttp://www.lasallehotels.com.
LaSalle Hotel Properties is a leading multi-operator real estate investment trust owning 31 upscale full-service hotels, totaling approximately 8,500 guest rooms in 14 markets in 11 states and the District of Columbia. The Company focuses on owning, redeveloping and repositioning upscale full-service hotels located in urban, resort and convention markets. LaSalle Hotel Properties seeks to grow through strategic relationships with premier lodging companies, including Westin Hotels and Resorts, Sheraton Hotels & Resorts Worldwide, Inc., Hilton Hotels Corporation, Outrigger Lodging Services, Noble House Hotels & Resorts, Hyatt Hotels Corporation, Benchmark Hospitality, White Lodging Services Corporation, Thompson Hotels, Sandcastle Resorts & Hotels, Davidson Hotel Company, Denihan Hospitality Group, Dolce Hotels and Resorts and the Kimpton Hotel & Restaurant Group, LLC.
This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project” or similar expressions. Forward-looking statements in this press release include, among others, statements about net loss, FFO and EBITDA outlook and hotel assumptions, RevPAR and EBITDA performance expectations and the Company’s potential acquisition of the Sofitel Lafayette Square hotel. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, (i) the Company’s dependence on third-party managers of its hotels, including its inability to implement strategic business decisions directly, (ii) risks associated with the hotel industry, including competition, increases in wages, energy costs and other operating costs, actual or threatened terrorist attacks, downturns in general and local economic conditions and cancellation of or delays in the completion of anticipated demand generators, (iii) the availability and terms of financing and capital and the general volatility of securities markets, (iv) risks associated with the real estate industry, including environmental contamination and costs of complying with the Americans with Disabilities Act and similar laws, (v) interest rate increases, (vi) the possible failure of the Company to qualify as a REIT and the risk of changes in laws affecting REITs, (vii) the possibility of uninsured losses, (viii) risks associated with redevelopment and repositioning projects, including delays and cost overruns and (ix) the risk factors discussed in the Company’s Annual Report on Form 10-K as updated in its Quarterly Reports. Accordingly, there is no assurance that the Company’s expectations will be realized. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
# # #
Additional Contacts:
Hans Weger, Chief Financial Officer, LaSalle Hotel Properties – (301) 941-1500
For additional information or to receive press releases via e-mail, please visit our website at
www.lasallehotels.com.
LASALLE HOTEL PROPERTIES
Consolidated Statement of Operations
(Dollars in thousands, except per share data)
(unaudited)
| | | | | | | | | | | | | | | | |
| | | For the three months
ended December 31, | | | For the year ended
December 31, | |
| | | 2009 | | | 2008 | | | 2009 | | | 2008 | |
Revenues: | | | | | | | | | | | | | | | | |
Hotel operating revenues: | | | | | | | | | | | | | | | | |
Room | | $ | 87,103 | | | $ | 95,202 | | | $ | 374,579 | | | $ | 430,148 | |
Food and beverage | | | 42,883 | | | | 47,723 | | | | 168,835 | | | | 181,221 | |
Other operating department | | | 10,199 | | | | 11,982 | | | | 47,332 | | | | 51,637 | |
| | | | | | | | | | | | | | | | |
Total hotel operating revenues | | | 140,185 | | | | 154,907 | | | | 590,746 | | | | 663,006 | |
Participating lease revenue | | | — | | | | 842 | | | | — | | | | 12,799 | |
Other income | | | 1,773 | | | | 1,412 | | | | 16,253 | | | | 7,572 | |
| | | | | | | | | | | | | | | | |
Total revenues | | | 141,958 | | | | 157,161 | | | | 606,999 | | | | 683,377 | |
| | | | | | | | | | | | | | | | |
| | | | |
Expenses: | | | | | | | | | | | | | | | | |
Hotel operating expenses: | | | | | | | | | | | | | | | | |
Room | | | 21,987 | | | | 23,524 | | | | 91,757 | | | | 100,162 | |
Food and beverage | | | 29,367 | | | | 31,235 | | | | 115,417 | | | | 121,866 | |
Other direct | | | 5,011 | | | | 5,389 | | | | 22,055 | | | | 23,788 | |
Other indirect | | | 39,528 | | | | 43,802 | | | | 161,071 | | | | 178,541 | |
| | | | | | | | | | | | | | | | |
Total hotel operating expenses | | | 95,893 | | | | 103,950 | | | | 390,300 | | | | 424,357 | |
Depreciation and amortization | | | 27,565 | | | | 27,816 | | | | 109,896 | | | | 106,748 | |
Real estate taxes, personal property taxes and insurance | | | 8,514 | | | | 8,842 | | | | 32,167 | | | | 34,606 | |
Ground rent | | | 937 | | | | 1,427 | | | | 5,828 | | | | 7,213 | |
General and administrative | | | 4,417 | | | | 4,613 | | | | 15,239 | | | | 17,549 | |
Lease termination expense | | | — | | | | 27 | | | | — | | | | 4,296 | |
Other expenses | | | 1,361 | | | | 1,350 | | | | 3,449 | | | | 3,504 | |
| | | | | | | | | | | | | | | | |
Total operating expenses | | | 138,687 | | | | 148,025 | | | | 556,879 | | | | 598,273 | |
| | | | | | | | | | | | | | | | |
Operating income | | | 3,271 | | | | 9,136 | | | | 50,120 | | | | 85,104 | |
Interest income | | | 20 | | | | 30 | | | | 63 | | | | 159 | |
Interest expense | | | (9,037 | ) | | | (12,003 | ) | | | (37,956 | ) | | | (48,213 | ) |
| | | | | | | | | | | | | | | | |
(Loss) income before income tax benefit (expense) and equity in earnings of joint venture | | | (5,746 | ) | | | (2,837 | ) | | | 12,227 | | | | 37,050 | |
Income tax benefit (expense) | | | 878 | | | | 1,966 | | | | (4,257 | ) | | | 1,316 | |
| | | | | | | | | | | | | | | | |
Net (loss) income | | | (4,868 | ) | | | (871 | ) | | | 7,970 | | | | 38,366 | |
| | | | | | | | | | | | | | | | |
Noncontrolling interests: | | | | | | | | | | | | | | | | |
Redeemable noncontrolling interest in loss of consolidated entity | | | 9 | | | | 28 | | | | 30 | | | | 39 | |
Noncontrolling interest of common units in Operating Partnership | | | 7 | | | | 6 | | | | (15 | ) | | | (100 | ) |
Noncontrolling interest of preferred units in Operating Partnership | | | — | | | | (1,157 | ) | | | (367 | ) | | | (5,178 | ) |
| | | | | | | | | | | | | | | | |
Net loss (income) attributable to noncontrolling interests | | | 16 | | | | (1,123 | ) | | | (352 | ) | | | (5,239 | ) |
| | | | | | | | | | | | | | | | |
Net (loss) income attributable to the Company | | | (4,852 | ) | | | (1,994 | ) | | | 7,618 | | | | 33,127 | |
Distributions to preferred shareholders | | | (6,689 | ) | | | (5,624 | ) | | | (26,388 | ) | | | (22,497 | ) |
| | | | | | | | | | | | | | | | |
Net (loss) income attributable to common shareholders | | $ | (11,541 | ) | | $ | (7,618 | ) | | $ | (18,770 | ) | | $ | 10,630 | |
| | | | | | | | | | | | | | | | |
LASALLE HOTEL PROPERTIES
Consolidated Statements of Operations—Continued
(Dollars in thousands, except per share data)
(unaudited)
| | | | | | | | | | | | | | | |
| | | For the three months ended
December 31, | | | For the year ended
December 31, |
| | | 2009 | | | 2008 | | | 2009 | | | 2008 |
Earnings per Common Share—Basic: | | | | | | | | | | | | | | | |
Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares | | $ | (0.18 | ) | | $ | (0.19 | ) | | $ | (0.34 | ) | | $ | 0.25 |
| | | | | | | | | | | | | | | |
| | | | |
Earnings per Common Share—Diluted: | | | | | | | | | | | | | | | |
Net (loss) income attributable to common shareholders excluding amounts attributable to unvested restricted shares | | $ | (0.18 | ) | | $ | (0.19 | ) | | $ | (0.34 | ) | | $ | 0.25 |
| | | | | | | | | | | | | | | |
| | | | |
Weighted average number of common shares outstanding: | | | | | | | | | | | | | | | |
Basic | | | 63,043,417 | | | | 40,526,984 | | | | 54,477,414 | | | | 40,158,745 |
Diluted | | | 63,116,118 | | | | 40,589,103 | | | | 54,554,449 | | | | 40,257,970 |
LASALLE HOTEL PROPERTIES
FFO and EBITDA
(Dollars in thousands, except share and unit data)
(unaudited)
| | | | | | | | | | | | | | | | |
| | | For the three months ended
December 31, | | | For the year ended
December 31, | |
| | | 2009 | | | 2008 | | | 2009 | | | 2008 | |
Net (loss) income attributable to common shareholders | | $ | (11,541 | ) | | $ | (7,618 | ) | | $ | (18,770 | ) | | $ | 10,630 | |
Depreciation | | | 27,377 | | | | 27,541 | | | | 109,174 | | | | 105,746 | |
Amortization of deferred lease costs | | | 127 | | | | 101 | | | | 436 | | | | 692 | |
Noncontrolling interests: | | | | | | | | | | | | | | | | |
Redeemable noncontrolling interest in consolidated entity | | | (9 | ) | | | (28 | ) | | | (30 | ) | | | (39 | ) |
Noncontrolling interest of common units in Operating Partnership | | | (7 | ) | | | (6 | ) | | | 15 | | | | 100 | |
| | | | | | | | | | | | | | | | |
FFO | | $ | 15,947 | | | $ | 19,990 | | | $ | 90,825 | | | $ | 117,129 | |
| | | | | | | | | | | | | | | | |
| | | | |
Weighted average number of common shares and units outstanding: | | | | | | | | | | | | | | | | |
Basic | | | 63,076,444 | | | | 40,606,460 | | | | 54,534,939 | | | | 40,256,228 | |
Diluted | | | 63,149,145 | | | | 40,668,579 | | | | 54,611,974 | | | | 40,355,453 | |
| | |
| | | For the three months ended
December 31, | | | For the year ended
December 31, | |
| | | 2009 | | | 2008 | | | 2009 | | | 2008 | |
Net (loss) income attributable to common shareholders | | $ | (11,541 | ) | | $ | (7,618 | ) | | $ | (18,770 | ) | | $ | 10,630 | |
Interest expense | | | 9,037 | | | | 12,003 | | | | 37,956 | | | | 48,213 | |
Income tax (benefit) expense | | | (878 | ) | | | (1,966 | ) | | | 4,257 | | | | (1,316 | ) |
Depreciation and amortization | | | 27,565 | | | | 27,816 | | | | 109,896 | | | | 106,748 | |
Noncontrolling interests: | | | | | | | | | | | | | | | | |
Redeemable noncontrolling interest in consolidated entity | | | (9 | ) | | | (28 | ) | | | (30 | ) | | | (39 | ) |
Noncontrolling interest of common units in Operating Partnership | | | (7 | ) | | | (6 | ) | | | 15 | | | | 100 | |
Noncontrolling interest of preferred units in Operating Partnership | | | — | | | | 1,157 | | | | 367 | | | | 5,178 | |
Distributions to preferred shareholders | | | 6,689 | | | | 5,624 | | | | 26,388 | | | | 22,497 | |
| | | | | | | | | | | | | | | | |
EBITDA | | $ | 30,856 | | | $ | 36,982 | | | $ | 160,079 | | | $ | 192,011 | |
| | | | |
Corporate expense | | | 5,977 | | | | 6,365 | | | | 19,003 | | | | 26,714 | |
Interest and other income | | | (1,793 | ) | | | (1,442 | ) | | | (16,316 | ) | | | (7,731 | ) |
Participating lease adjustments, net | | | — | | | | 77 | | | | — | | | | 559 | |
Hotel level adjustments, net | | | (395 | ) | | | (853 | ) | | | (2,763 | ) | | | (2,567 | ) |
| | | | | | | | | | | | | | | | |
Hotel EBITDA | | $ | 34,645 | | | $ | 41,129 | | | $ | 160,003 | | | $ | 208,986 | |
| | | | | | | | | | | | | | | | |
With respect to Hotel EBITDA, the Company believes that excluding the effect of corporate-level expenses, non-cash items, and the portion of these items related to unconsolidated entities, provides a more complete understanding of the operating results over which individual hotels and operators have direct control. We believe property-level results provide investors with supplemental information on the ongoing operational performance of our hotels and effectiveness of the third-party management companies operating our business on a property-level basis.
Hotel EBITDA for the three and twelve months ended December 31, 2008 includes the operating data for all properties leased to LHL and to third parties for the three and twelve months ended December 31, 2008. For the three and twelve months ended December 31, 2009, all properties were leased to LHL. Hotel EBITDA includes adjustments made for periods when hotels were closed for renovations for presentation of comparable information.
LASALLE HOTEL PROPERTIES
Hotel Operational Data
Schedule of Property Level Results
(Dollars in thousands)
(unaudited)
| | | | | | | | | | | | |
| | | For the three months
ended December 31, | | For the year ended
December 31, |
| | | 2009 | | 2008 | | 2009 | | 2008 |
Revenues | | | | | | | | | | | | |
Room | | $ | 87,101 | | $ | 98,573 | | $ | 371,768 | | $ | 449,305 |
Food and beverage | | | 42,883 | | | 48,115 | | | 168,522 | | | 189,119 |
Other | | | 9,553 | | | 11,458 | | | 44,322 | | | 50,517 |
| | | | | | | | | | | | |
Total hotel revenues | | | 139,537 | | | 158,146 | | | 584,612 | | | 688,941 |
| | | | | | | | | | | | |
| | | | |
Expenses | | | | | | | | | | | | |
Room | | | 21,987 | | | 24,036 | | | 91,058 | | | 104,098 |
Food and beverage | | | 29,368 | | | 32,012 | | | 115,086 | | | 126,445 |
Other direct | | | 4,883 | | | 5,458 | | | 21,497 | | | 24,083 |
General and administrative | | | 11,939 | | | 13,517 | | | 47,812 | | | 55,773 |
Sales and marketing | | | 10,209 | | | 11,402 | | | 42,438 | | | 49,039 |
Management fees | | | 5,499 | | | 7,150 | | | 21,542 | | | 26,567 |
Property operations and maintenance | | | 5,912 | | | 6,734 | | | 23,168 | | | 26,360 |
Energy and utilities | | | 5,038 | | | 5,977 | | | 21,502 | | | 23,855 |
Property taxes | | | 7,705 | | | 7,863 | | | 29,069 | | | 30,966 |
Other fixed expenses | | | 2,352 | | | 2,868 | | | 11,437 | | | 12,769 |
| | | | | | | | | | | | |
Total hotel expenses | | | 104,892 | | | 117,017 | | | 424,609 | | | 479,955 |
| | | | | | | | | | | | |
| | | | |
Hotel EBITDA | | $ | 34,645 | | $ | 41,129 | | $ | 160,003 | | $ | 208,986 |
| | | | | | | | | | | | |
Note:
This schedule includes the operating data for all properties leased to LHL as of December 31, 2009, excluding the Donovan House for the first quarter (as it was not open during the first quarter of 2008) and Chaminade Resort, which is excluded from January (closed for renovations in January 2008).
LASALLE HOTEL PROPERTIES
Statistical Data for the Hotels
(unaudited)
| | | | | | | | | | | | | | | | |
| | | For the three months ended
December 31, | | | For the year ended
December 31, | |
| | | 2009 | | | 2008 | | | 2009 | | | 2008 | |
Total Portfolio | | | | | | | | | | | | | | | | |
Occupancy | | | 65.1 | % | | | 64.7 | % | | | 70.0 | % | | | 73.0 | % |
Increase/(Decrease) | | | 0.7 | % | | | | | | | (4.1 | %) | | | | |
ADR | | $ | 171.09 | | | $ | 193.46 | | | $ | 172.55 | | | $ | 199.45 | |
Increase/(Decrease) | | | (11.6 | %) | | | | | | | (13.5 | %) | | | | |
RevPAR | | $ | 111.46 | | | $ | 125.19 | | | $ | 120.80 | | | $ | 145.61 | |
Increase/(Decrease) | | | (11.0 | %) | | | | | | | (17.0 | %) | | | | |
Note:
This schedule includes the operating data for all properties leased to LHL as of December 31, 2009, excluding the Donovan House for the first quarter (as it was not open during the first quarter of 2008) and Chaminade Resort, which is excluded from January (closed for renovations in January 2008).
