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 THIRD QUARTER RESULTS
Third Quarter RevPAR Increases 6.3 Percent
BETHESDA, MD, October 20, 2010 —LaSalle Hotel Properties (NYSE: LHO) today reported net income to common shareholders of $10.1 million, or $0.14 per diluted share for the quarter ended September 30, 2010 compared to net income of $3.4 million, or $0.05 per diluted share for the third quarter of 2009. For the third quarter of 2010, net income included a $29.2 million gain on sale related to the sale of The Westin City Center Dallas, partially offset by a $23.6 million impairment loss related to the sale of Seaview Resort and $0.6 million of transaction costs.
For the quarter ended September 30, 2010, the Company generated funds from operations (“FFO”) of $8.5 million versus $30.7 million for the third quarter of 2009. On a per diluted share basis, FFO for the third quarter was $0.12, compared to $0.49 for the same period of 2009. For the third quarter of 2010, FFO included the $23.6 million impairment loss related to the sale of Seaview Resort and the $0.6 million of transaction costs.
The Company’s earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the third quarter of 2010 were $55.1 million as compared to $48.4 million for the third quarter of 2009. EBITDA for the third quarter of 2010 included the $29.2 million gain on sale related to the sale of The Westin City Center Dallas, partially offset by the $23.6 million impairment loss related to the sale of Seaview Resort and $0.6 million of transaction costs.
Room revenue per available room (“RevPAR”) in the third quarter of 2010 was $148.39, which was an increase of 6.3 percent compared to the same period of 2009. Average daily rate (“ADR”) rose 5.8 percent from the third quarter of 2009 to $181.64, while occupancy grew 0.5 percent to 81.7 percent.
“We are excited about the Company’s accomplishments during the quarter. We were able to acquire terrific assets in San Francisco and Philadelphia and subsequently New York City and at the same time we were able to dispose of two non-core assets in Dallas and New Jersey. As a result of our strong balance sheet and portfolio performance, we increased the dividend to a much more significant level,” stated Michael D. Barnello, President and Chief Executive Officer of LaSalle Hotel Properties. “In addition, we are pleased with the performance of our portfolio in the third quarter and in particular the ability of our operators to grow average rate at the hotels, providing further evidence that the recovery is taking shape.”
The Company’s hotels generated $52.7 million of EBITDA for the quarter ended September 30, 2010 compared with $49.6 million for the same period of 2009. Hotel revenues grew 4.9 percent while hotel expenses increased by 4.2 percent. As a result, the hotel EBITDA margin was 31.4 percent for the quarter ended September 30, 2010, which is an increase of 44 basis points compared to the same period last year.
As of September 30, 2010, the Company had total outstanding debt of $759.5 million including $135.0 million outstanding on the Company’s senior unsecured credit facility. Total debt to trailing 12 month Corporate EBITDA (as defined in the Company’s senior unsecured credit facility) equaled 4.3 times as of September 30, 2010. For the quarter, the Company’s weighted average interest rate was 4.9 percent. As of September 30, 2010, based on the Company’s covenants under its senior unsecured credit facility, the Company’s EBITDA to interest coverage ratio was 4.5 times and its fixed charge coverage ratio was 2.1 times. At the end of the third quarter, the Company had $46.7 million of cash and cash equivalents on its balance sheet and an aggregate of $332.8 million available on its credit facilities.
For the nine months ended September 30, 2010, the Company reported a net loss to common shareholders of $7.8 million compared to a net loss of $7.2 million for the same period of 2009. Net loss for the nine months ended September 30, 2010 included the $29.2 million gain on sale related to the sale of The Westin City Center Dallas, partially offset by the $23.6 million impairment loss related to the sale of Seaview Resort and $2.0 million of transaction costs.
For the nine months ended September 30, 2010, FFO was $45.8 million, or $0.67 per diluted share compared to $74.9 million, or $1.45 per diluted share for the same period of 2009. For the nine months ended September 30, 2010, FFO included the $23.6 million impairment loss related to the sale of Seaview Resort and $2.0 million of transaction costs. For the nine months ended September 30, 2009, net loss and FFO included $5.7 million of after-tax income related to the recognition of prior termination cure payments and a $1.0 million fee for exchanging Series C Cumulative Redeemable Preferred Shares of Beneficial Interest for Series G Cumulative Redeemable Preferred Shares of Beneficial Interest (the “Preferred Share Exchange”).
EBITDA for the nine months ended September 30, 2010 decreased to $125.4 million from $129.2 million for the nine months ended September 30, 2009. For the nine months ended September 30, 2010, EBITDA included the $29.2 million gain on sale related to the sale of The Westin City Center Dallas, partially offset by the $23.6 million impairment loss related to the sale of Seaview Resort and $2.0 million of transaction costs. For the nine months ended September 30, 2009, EBITDA 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.
RevPAR grew 2.6 percent for the nine months ended September 30, 2010 to $133.80 versus the same prior year period. ADR increased 0.1 percent from the nine months ended September 30, 2009 to $177.46, while occupancy rose 2.5 percent to 75.4 percent during the same period.
For the nine months ended September 30, 2010, the Company’s hotels generated $127.9 million of EBITDA compared with $127.6 million for the same period last year. During the nine months ended September 30, 2010, hotel revenues grew 2.3 percent, while hotel expenses increased by 3.1 percent. As a result, the hotel EBITDA margin was 28.5 percent for the nine months ended September 30, 2010 and was limited to a decline of 58 basis points compared to the same period last year.
Third Quarter Highlights
During August 2010, the Company sold 3,270,936 common shares through its at-the-market offering program resulting in net proceeds of approximately $74.9 million.
On September 1, 2010, the Company acquired Hotel Monaco San Francisco for $68.5 million, The Westin Philadelphia for $145.0 million and The Embassy Suites Philadelphia – Center City for $79.0 million in three separate transactions and sold Seaview Resort for $20.0 million. In conjunction with the sale of Seaview Resort, the Company recorded an impairment loss of $23.6 million.
Hotel Monaco features 201 guestrooms, is within two blocks of Union Square and is well located relative to the Financial District and Moscone Convention Center. The property includes 35 suites, the 190-seat Grand Café – Brasserie and Bar and 9,000 square feet of flexible meeting and function space. The hotel is managed by the Kimpton Hotel & Restaurant Group.
The Westin Philadelphia has 294 guestrooms and is located at Liberty Place, which is a mixed-use development near Rittenhouse Square with over 2.5-million square feet of Class-A office space and more than 70 retail outlets. The hotel includes 19 suites, three food and beverage outlets and 17,000 square feet of flexible function space.
The Embassy Suites Philadelphia – Center City includes 288 suites which average in size from 700 to 750 square feet. The hotel is located one block off of Logan Circle within very close proximity to several corporate demand drivers. The property has 3,000 square feet of meeting space and a third-party lease for a 280-seat full service restaurant located on the lobby level.
On September 14, 2010, the Company increased its quarterly dividend from $0.01 to $0.11 per common share for the third quarter of 2010. The third quarter dividend was paid on October 15, 2010 to common shareholders of record on September 30, 2010.
On September 27, 2010, the Company announced that it and Hans S. Weger, the Company’s Executive Vice President, Chief Financial Officer, Secretary and Treasurer, agreed that Mr. Weger’s employment with the Company would terminate no later than February 28, 2011. Mr. Weger will continue to serve as the Company’s Chief Financial Officer for the transitional period, during which the Company will hire an individual to succeed Mr. Weger.
On September 30, 2010, the Company announced the sale of The Westin City Center Dallas for $50.0 million. In conjunction with the sale of The Westin City Center Dallas, the Company recognized a gain on sale of $29.2 million.
Subsequent Events
On October 6, 2010, the Company announced that it acquired the leasehold interest in Hotel Roger Williams in New York City for $90.0 million plus approximately $4.5 million of additional costs, of which approximately $0.5 million will be recognized as transaction expenses during the fourth quarter of 2010. The property is located at the corner of Madison Avenue and 31st Street, just four blocks from the Empire State Building and within just a few blocks of Madison Square Garden, Penn Station, Broadway and numerous other corporate and leisure demand drivers. The property features 193 rooms, the Lounge Roger Williams and 1,300 square feet of meeting and function space.
2010 Outlook
Based on the current economic environment and assuming that recent signs of economic recovery continue, the Company’s revised 2010 outlook is as follows:
| Net Loss | ($20.0) million - ($15.0) million; | |
| FFO | $60.0 million - $65.0 million; and | |
| EBITDA | $160.0 million - $165.0 million. |
This 2010 outlook is based on the following major assumptions:
| • | Portfolio RevPAR increase of 2.0 percent to 3.0 percent compared to 2009 (RevPAR for 2010 of $130.87 to $132.15); |
| • | Portfolio hotel EBITDA margins between 28.0 percent and 29.0 percent; |
| • | Corporate general and administrative expenses of $18.0 million to $18.5 million (including $1.8 million in expenses to be recognized in the fourth quarter related to the departure of the CFO); |
| • | Transaction costs of $2.5 million related to the acquisitions; |
| • | Total capital investments of $26.0 million to $30.0 million; |
| • | Interest expense of $36.5 million to $37.0 million; |
| • | Non-cash income tax expense of $5.0 million to $6.0 million; |
| • | Weighted average fully diluted shares of 69.7 million; |
| • | Net loss and EBITDA include the $29.2 million gain on sale related to the sale of The Westin City Center Dallas, partially offset by the $23.6 million impairment loss related to the sale of Seaview Resort, the $2.5 million of transaction costs related to the acquisitions and the $1.8 million in expenses to be recognized in the fourth quarter related to the departure of the CFO; and |
| • | FFO includes the $23.6 million impairment loss related to the sale of Seaview Resort, the $2.5 million of transaction costs related to the acquisitions and the $1.8 million in expenses to be recognized in the fourth quarter related to the departure of the CFO. |
Earnings Call
The Company will conduct its quarterly conference call on Thursday, October 21, 2010 at 9:00 AM EDT. To participate in the conference call, please dial (888) 215-7027. 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 34 upscale full-service hotels, totaling over 9,000 guest rooms in 14 markets in 10 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, the Kimpton Hotel & Restaurant Group, LLC, Accor, Destination Hotels & Resorts, HEI Hotels & Resorts and JRK Hotel Group, Inc.
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 the lodging sector demand trends, the timing, strength and length of the recovery, and the Company’s outlook for Net Loss, FFO and EBITDA. 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:
Michael Barnello or Kenneth Fuller, LaSalle Hotel Properties – (301) 941-1500
For additional information or to receive press releases via e-mail, please visit our website atwww.lasallehotels.com.
LASALLE HOTEL PROPERTIES
Consolidated Statements of Operations
(in thousands, except share data)
(unaudited)
| For the three months ended | For the nine months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
Revenues: | ||||||||||||||||
Hotel operating revenues: | ||||||||||||||||
Room | $ | 113,070 | $ | 98,916 | $ | 294,486 | $ | 272,764 | ||||||||
Food and beverage | 43,340 | 40,143 | 122,469 | 116,001 | ||||||||||||
Other operating department | 12,333 | 12,618 | 33,128 | 32,967 | ||||||||||||
Total hotel operating revenues | 168,743 | 151,677 | 450,083 | 421,732 | ||||||||||||
Other income | 1,566 | 1,277 | 4,813 | 14,476 | ||||||||||||
Total revenues | 170,309 | 152,954 | 454,896 | 436,208 | ||||||||||||
Expenses: | ||||||||||||||||
Hotel operating expenses: | ||||||||||||||||
Room | 26,559 | 23,786 | 71,912 | 66,249 | ||||||||||||
Food and beverage | 30,429 | 26,971 | 85,836 | 78,341 | ||||||||||||
Other direct | 5,603 | 5,152 | 14,747 | 13,907 | ||||||||||||
Other indirect | 42,387 | 37,811 | 117,330 | 112,076 | ||||||||||||
Total hotel operating expenses | 104,978 | 93,720 | 289,825 | 270,573 | ||||||||||||
Depreciation and amortization | 26,526 | 26,121 | 79,606 | 78,744 | ||||||||||||
Real estate taxes, personal property taxes and insurance | 8,760 | 8,234 | 25,790 | 22,744 | ||||||||||||
Ground rent | 1,742 | 1,890 | 4,639 | 4,891 | ||||||||||||
General and administrative | 4,187 | 2,263 | 11,784 | 10,691 | ||||||||||||
Acquisition transaction costs | 555 | — | 2,026 | — | ||||||||||||
Other expenses | 798 | 355 | 2,540 | 1,661 | ||||||||||||
Total operating expenses | 147,546 | 132,583 | 416,210 | 389,304 | ||||||||||||
Operating income | 22,763 | 20,371 | 38,686 | 46,904 | ||||||||||||
Interest income | 26 | 14 | 78 | 43 | ||||||||||||
Interest expense | (8,872 | ) | (9,171 | ) | (26,369 | ) | (28,915 | ) | ||||||||
Income before income tax expense and discontinued operations | 13,917 | 11,214 | 12,395 | 18,032 | ||||||||||||
Income tax expense | (2,026 | ) | (2,007 | ) | (4,285 | ) | (6,107 | ) | ||||||||
Income from continuing operations | 11,891 | 9,207 | 8,110 | 11,925 | ||||||||||||
Discontinued operations: | ||||||||||||||||
Income (loss) from operations of properties disposed of, including gain on sale and loss on impairment | 4,712 | 747 | 3,711 | (59 | ) | |||||||||||
Income tax benefit | 166 | 176 | 459 | 972 | ||||||||||||
Net income from discontinued operations | 4,878 | 923 | 4,170 | 913 | ||||||||||||
Net income | 16,769 | 10,130 | 12,280 | 12,838 | ||||||||||||
Noncontrolling interests: | ||||||||||||||||
Redeemable noncontrolling interest in loss of consolidated entity | 17 | 2 | 36 | 21 | ||||||||||||
Noncontrolling interest of common units in Operating Partnership | — | (13 | ) | — | (22 | ) | ||||||||||
Noncontrolling interest of preferred units in Operating Partnership | — | — | — | (367 | ) | |||||||||||
Net loss (income) attributable to noncontrolling interests | 17 | (11 | ) | 36 | (368 | ) | ||||||||||
Net income attributable to the Company | 16,786 | 10,119 | 12,316 | 12,470 | ||||||||||||
Distributions to preferred shareholders | (6,689 | ) | (6,688 | ) | (20,066 | ) | (19,699 | ) | ||||||||
Net income (loss) attributable to common shareholders | $ | 10,097 | $ | 3,431 | $ | (7,750 | ) | $ | (7,229 | ) | ||||||
LASALLE HOTEL PROPERTIES
Consolidated Statements of Operations - Continued
(in thousands, except share data)
(unaudited)
| For the three months ended | For the nine months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
Earnings per Common Share—Basic: | ||||||||||||||||
Net income (loss) attributable to common shareholders before discontinued operations and excluding amounts attributable to unvested restricted shares | $ | 0.07 | $ | 0.04 | $ | (0.17 | ) | $ | (0.16 | ) | ||||||
Discontinued operations | 0.07 | 0.01 | 0.06 | 0.02 | ||||||||||||
Net income (loss) attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 0.14 | $ | 0.05 | $ | (0.11 | ) | $ | (0.14 | ) | ||||||
Earnings per Common Share—Diluted: | ||||||||||||||||
Net income (loss) attributable to common shareholders before discontinued operations and excluding amounts attributable to unvested restricted shares | $ | 0.07 | $ | 0.04 | $ | (0.17 | ) | $ | (0.16 | ) | ||||||
Discontinued operations | 0.07 | 0.01 | 0.06 | 0.02 | ||||||||||||
Net income (loss) attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | 0.14 | $ | 0.05 | $ | (0.11 | ) | $ | (0.14 | ) | ||||||
Weighted average number of common shares outstanding: | ||||||||||||||||
Basic | 71,246,259 | 63,002,718 | 68,531,224 | 51,590,702 | ||||||||||||
Diluted | 71,345,731 | 63,078,201 | 68,531,224 | 51,590,702 | ||||||||||||
LASALLE HOTEL PROPERTIES
FFO and EBITDA
(in thousands, except share data)
(unaudited)
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
Net income (loss) attributable to common shareholders | $ | 10,097 | $ | 3,431 | $ | (7,750 | ) | $ | (7,229 | ) | ||||||
Depreciation(1) | 27,453 | 27,107 | 82,503 | 81,797 | ||||||||||||
Amortization of deferred lease costs | 86 | 109 | 278 | 309 | ||||||||||||
Noncontrolling interests: | ||||||||||||||||
Redeemable noncontrolling interest in consolidated entity | (17 | ) | (2 | ) | (36 | ) | (21 | ) | ||||||||
Noncontrolling interest of common units in Operating Partnership | — | 13 | — | 22 | ||||||||||||
Less: Gain on sale of property | (29,168 | ) | — | (29,168 | ) | — | �� | |||||||||
FFO | $ | 8,451 | $ | 30,658 | $ | 45,827 | $ | 74,878 | ||||||||
Weighted average number of common share sand units outstanding: | ||||||||||||||||
Basic | 71,246,259 | 63,060,196 | 68,531,224 | 51,656,483 | ||||||||||||
Diluted | 71,345,731 | 63,135,679 | 68,632,093 | 51,732,882 | ||||||||||||
| (1) | Includes amount from discontinued operations. |
FFO includes the loss on impairment of Seaview Resort of $23.6 million.
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
Net income (loss) attributable to common shareholders | $ | 10,097 | $ | 3,431 | $ | (7,750 | ) | $ | (7,229 | ) | ||||||
Interest expense(1) | 8,872 | 9,172 | 26,373 | 28,919 | ||||||||||||
Income tax expense (1) | 1,860 | 1,831 | 3,826 | 5,135 | ||||||||||||
Depreciation and amortization (1) | 27,584 | 27,290 | 82,910 | 82,331 | ||||||||||||
Noncontrolling interests: | ||||||||||||||||
Redeemable noncontrolling interest in consolidated entity | (17 | ) | (2 | ) | (36 | ) | (21 | ) | ||||||||
Noncontrolling interest of common units in Operating Partnership | — | 13 | — | 22 | ||||||||||||
Noncontrolling interest of preferred units in Operating Partnership | — | — | — | 367 | ||||||||||||
Distributions to preferred shareholders | 6,689 | 6,688 | 20,066 | 19,699 | ||||||||||||
EBITDA | $ | 55,085 | $ | 48,423 | $ | 125,389 | $ | 129,223 | ||||||||
Corporate expense | 381 | 2,921 | 11,980 | 13,188 | ||||||||||||
Interest and other income | (1,602 | ) | (1,293 | ) | (4,904 | ) | (14,523 | ) | ||||||||
Hotel level adjustments, net | (1,126 | ) | (480 | ) | (4,564 | ) | (268 | ) | ||||||||
Hotel EBITDA | $ | 52,738 | $ | 49,571 | $ | 127,901 | $ | 127,620 | ||||||||
| (1) | Includes amount from discontinued operations. |
EBITDA includes the gain on sale of Westin City Center Dallas of $29.2 million and the loss on impairment of Seaview Resort of $23.6 million.
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 includes the operating data for all properties, except those disposed of during either year, for the three and nine months ended September 30, 2010 and 2009. Hotel EBITDA includes adjustments made for presentation of comparable information.
LASALLE HOTEL PROPERTIES
Hotel Operational Data
Schedule of Property Level Results
(in thousands)
(unaudited)
| For the three months ended | For the nine months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
Revenues | ||||||||||||||||
Room | $ | 113,071 | $ | 106,338 | $ | 294,486 | $ | 286,978 | ||||||||
Food and beverage | 43,340 | 42,004 | 122,469 | 120,081 | ||||||||||||
Other | 11,804 | 12,028 | 31,474 | 31,414 | ||||||||||||
Total hotel revenues | 168,215 | 160,370 | 448,429 | 438,473 | ||||||||||||
Expenses | ||||||||||||||||
Room | 26,455 | 25,795 | 71,808 | 69,842 | ||||||||||||
Food and beverage | 30,428 | 29,014 | 85,835 | 82,035 | ||||||||||||
Other direct | 5,446 | 5,243 | 14,364 | 14,016 | ||||||||||||
General and administrative | 12,901 | 12,106 | 36,142 | 35,096 | ||||||||||||
Sales and marketing | 11,548 | 10,460 | 32,579 | 31,265 | ||||||||||||
Management fees | 6,298 | 6,002 | 15,912 | 15,929 | ||||||||||||
Property operations and maintenance | 6,087 | 5,775 | 17,544 | 16,667 | ||||||||||||
Energy and utilities | 5,477 | 5,516 | 14,938 | 15,699 | ||||||||||||
Property taxes | 7,887 | 7,845 | 23,172 | 21,793 | ||||||||||||
Other fixed expenses | 2,950 | 3,043 | 8,234 | 8,511 | ||||||||||||
Total hotel expenses | 115,477 | 110,799 | 320,528 | 310,853 | ||||||||||||
Hotel EBITDA | $ | 52,738 | $ | 49,571 | $ | 127,901 | $ | 127,620 | ||||||||
Note:
This schedule includes the operating data for the three and nine months ended September 30, 2010, for all properties owned by the Company as of September 30, 2010, including Sofitel, Monaco, Westin Philadelphia and Embassy Suites Philadelphia for the Company’s period of ownership. Sofitel, Monaco, Westin Philadelphia and Embassy Suites Philadelphia are shown in 2009 for their comparative period of ownership in 2010.
Both 2009 and 2010 exclude Westin City Center Dallas and Seaview Resort.
LASALLE HOTEL PROPERTIES
Statistical Data for the Hotels
(unaudited)
| For the three months ended | For the nine months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
Total Portfolio | ||||||||||||||||
Occupancy | 81.7 | % | 81.3 | % | 75.4 | % | 73.6 | % | ||||||||
Increase/(Decrease) | 0.5 | % | 2.5 | % | ||||||||||||
ADR | $ | 181.64 | $ | 171.65 | $ | 177.46 | $ | 177.22 | ||||||||
Increase/(Decrease) | 5.8 | % | 0.1 | % | ||||||||||||
RevPAR | $ | 148.39 | $ | 139.56 | $ | 133.80 | $ | 130.39 | ||||||||
Increase/(Decrease) | 6.3 | % | 2.6 | % | ||||||||||||
Note:
This schedule includes the operating data for the three and nine months ended September 30, 2010, for all properties owned by the Company as of September 30, 2010, including Sofitel, Monaco, Westin Philadelphia and Embassy Suites Philadelphia for the Company’s period of ownership. Sofitel, Monaco, Westin Philadelphia and Embassy Suites Philadelphia are shown in 2009 for their comparative period of ownership in 2010.
Both 2009 and 2010 exclude Westin City Center Dallas and Seaview Resort.