 | NEWS RELEASE |
| Contact: | David Kimichik | Tripp Sullivan | ||
| Chief Financial Officer | Corporate Communications, Inc. | |||
| (972) 490-9600 | (615) 254-3376 |
ASHFORD HOSPITALITY TRUST REPORTS FIRST QUARTER RESULTS
DALLAS — (May 3, 2006) — Ashford Hospitality Trust, Inc. (NYSE: AHT) today reported the following results and performance measures for the first quarter ended March 31, 2006. The proforma performance measurements for Occupancy, ADR, RevPar, and Hotel Operating Profit include the Company’s 64 core hotels, which exclude 7 hotel assets held for sale through March 31, 2006. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2006, to the first quarter ended March 31, 2005. The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FINANCIAL HIGHLIGHTS
| • | Total revenue increased 122.5% to $108.9 million from $49.0 million | ||
| • | Net income available to common shareholders was $4.7 million compared to $63,000 | ||
| • | Net income available to common shareholders per share was $0.09 compared with $0.00 | ||
| • | Adjusted funds from operations (AFFO) increased 169% to $19.2 million from $7.1 million | ||
| • | AFFO per diluted share increased 59% to $0.27 from $0.17 | ||
| • | Cash available for distribution (CAD) was $17.3 million, or $0.24 per diluted share | ||
| • | CAD per share increased by 41.2% for the quarter, or $0.07 per diluted share | ||
| • | Declared quarterly common dividend of $0.20 per share | ||
| • | Dividend payout ratio was 83.3 % of CAD for the quarter |
STRONG INTERNAL GROWTH
| • | Proforma revenue per available room (RevPAR) increased 12.0% for hotels not under renovation on a 7.1% increase in ADR to $119.61 and 327-basis point improvement in occupancy | ||
| • | Proforma RevPAR increased 11.0% for consolidated hotels on an 8.3% increase in ADR to $118.29 and 171-basis point improvement in occupancy | ||
| • | Proforma same-property hotel operating profit for hotels not under renovation improved 8.0% |
CAPITAL RECYCLING AND ASSET ALLOCATION
| • | Capex invested in first quarter totals $9.7 million | ||
| • | Additional Capex estimated for 2006 totals approximately $50 million |
EXTERNAL GROWTH
| • | Total enterprise value improved to $1.6 billion at March 31, 2006 | ||
| • | Acquired the Marriott at Research Triangle park in Durham, NC, for $28.0 million in cash and capital improvements planned of $5.7 million | ||
| • | Mezzanine and first mortgage loan portfolio totaled $108.1 million at March 31, 2006, with weighted average interest rate of 14.6% |
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14185Dallas Parkway, Suite 1100, Dallas, TX 75254Phone: (972) 490-9600
AHT Announces First Quarter Results
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PORTFOLIO REVPAR REFLECTS BENEFIT OF VALUE-ADDED RENOVATIONS
As of March 31, 2006, the Company had a portfolio of direct hotel investments consisting of 71 properties, 64 of which were classified in continuing operations. During the first quarter, 52 of the hotels included in continuing operations were not under renovation. The Company believes reporting its operating metrics for continuing operations on a proforma consolidated and proforma not-under-renovation basis is a measure that reflects a meaningful and more focused comparison of the operating results in its direct hotel portfolio. The Company’s reporting by region and brand includes the results of all the 64 hotels in continuing operations. Details of each category are provided in the tables attached to this release.
As of March 31, 2006, the Company had a portfolio of direct hotel investments consisting of 71 properties, 64 of which were classified in continuing operations. During the first quarter, 52 of the hotels included in continuing operations were not under renovation. The Company believes reporting its operating metrics for continuing operations on a proforma consolidated and proforma not-under-renovation basis is a measure that reflects a meaningful and more focused comparison of the operating results in its direct hotel portfolio. The Company’s reporting by region and brand includes the results of all the 64 hotels in continuing operations. Details of each category are provided in the tables attached to this release.
| • | RevPAR growth by region was led by: East North Central (11 hotels) with a 19.9% increase; West South Central (5) with 18.2%; Middle Atlantic (3) with 15.5%; Pacific (6) with 11.9%; South Atlantic (26) with 8.5%; New England (2) with 8.2%; East South Central (4) with 7.6%; Mountain (5) with 7.3%; and West North Central (2) with 3.1%. | ||
| • | RevPAR growth by brand was led by: Starwood (2 hotels) with a 23.7% increase; InterContinental (2) with 17.5%; Hyatt (2) with 14.7%; Hilton (22) with 11.3%; Marriott (28) with 10.9%; Radisson (6) with 4.0 %; and independents (2) with an 11.7% decrease. |
Monty J. Bennett, President and CEO, commented, “The performance of our portfolio reflects the significant value we have created through the selective assembly of assets with long-term growth potential and an aggressive renovation program. With an additional $50 million set aside for investments in 9 new renovations to begin between now and year end, we expect this program to fuel continued growth in RevPAR and hotel operating profit. Additionally we have opportunities to further enhance our hotel operating margins and we are confident our property managers can help us realize the value inherent in the assets we have renovated. While our hotel operating profit for the 52 hotels not under renovation was up $1.9 million, or 8%, for the quarter our profit margin decreased by 80 basis points. This was primarily the result of an unfavorable comparison to the 15 CNL hotels which had a different management fee structure in 2005 and resulted in an increased expense of 80 basis points as well as an overall escalation of uncontrollable costs for energy, insurance and franchise fees of 40 basis points. Additionally, the Company has strategically increased service levels at certain hotels, which in the long term will add to our RevPAR growth, but in the short term affects year over year expense comparisons. As we look forward in 2006 we believe these cost challenges will work themselves through our statements and should be alleviated in the second half of the year.”
FINANCING ACTIVITY LOWERS BORROWING COSTS
At March 31, 2006, the Company’s net debt, defined as total debt less cash, to total enterprise value, defined as net debt plus the market value of all common shares, preferred shares and operating partnership units outstanding was 38.6% based upon the Company’s closing stock price of $12.40. As of March 31, 2006, the Company’s $719.8 million debt portfolio consisted of approximately 97% of fixed-rate debt and approximately 3% of variable-rate debt, with a total weighted average interest rate of 5.56%. The Company’s weighted average debt maturity is 9.2 years.
At March 31, 2006, the Company’s net debt, defined as total debt less cash, to total enterprise value, defined as net debt plus the market value of all common shares, preferred shares and operating partnership units outstanding was 38.6% based upon the Company’s closing stock price of $12.40. As of March 31, 2006, the Company’s $719.8 million debt portfolio consisted of approximately 97% of fixed-rate debt and approximately 3% of variable-rate debt, with a total weighted average interest rate of 5.56%. The Company’s weighted average debt maturity is 9.2 years.
On January 25, 2006, in an underwritten follow-on public offering, the Company issued 12,107,623 shares of its common stock at $11.15 per share, which generated gross proceeds of approximately $135.0 million. The aggregate proceeds to the Company, net of underwriters’ discount and offering costs, was approximately $128.1 million. The net proceeds were used for a $60.0 million pay-down on the Company’s $100.0 million credit facility due August 17, 2008, a $45.0 million pay-down on the Company’s $45.0 million mortgage loan due October 10, 2007 secured by the Hyatt Dulles, and the $28.0 million acquisition of the Marriott at Research Triangle Park. The additional share count resulting from the capital raise caused AFFO per diluted share to decrease by $0.02 for the quarter from what it would
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have otherwise been. On April 19, 2006 the Company utilized the benefit from the capital raise to acquire the Pan Pacific Hotel in San Francisco for $95 million.
On April 3, 2006, the Company modified its $45.0 million mortgage note payable secured by the Hyatt Dulles, due October 10, 2007, at an interest rate of LIBOR plus 2%, to a $47.5 million revolving credit facility, with a revolving period through October 11, 2006, maturity remaining through October 10, 2007, and interest rates during the revolving period ranging from LIBOR plus 1% to LIBOR plus 1.5% depending on the outstanding balance. After the revolving period expires, the interest rate resumes its original rate of LIBOR plus 2%. Consistent with the original mortgage, the modified credit facility requires monthly interest-only payments and has three one-year extension options.
FIRST QUARTER INVESTMENT ACTIVITY
On February 24, 2006, the Company acquired the Marriott at Research Triangle Park in Durham, NC, for $28.0 million in cash. The purchase price, on a pro-forma basis excluding Marriott incentive management fees that are not payable going forward by Ashford and using a 5% FF&E reserve, equates to a 9.5x trailing twelve-month EBITDA multiple, an EBITDA yield of 10.5% and a trailing twelve-month net operating income capitalization rate of 8.5%. The property generated revenues of $9.9 million on a trailing twelve month basis.
On February 24, 2006, the Company acquired the Marriott at Research Triangle Park in Durham, NC, for $28.0 million in cash. The purchase price, on a pro-forma basis excluding Marriott incentive management fees that are not payable going forward by Ashford and using a 5% FF&E reserve, equates to a 9.5x trailing twelve-month EBITDA multiple, an EBITDA yield of 10.5% and a trailing twelve-month net operating income capitalization rate of 8.5%. The property generated revenues of $9.9 million on a trailing twelve month basis.
On March 24, 2006, the Company sold eight non-core hotels for a total sales price of $102 million. The sale price includes $93.7 million of existing financing assumed by the buyer. The hotels, which are all Generation One Residence Inns, were acquired by Ashford in June 2005 as part of the 30-hotel portfolio acquired from CNL Hotels and Resorts. Collectively, the properties were sold at a 9.1% net operating income (NOI) capitalization rate on trailing 12-month net operating income. The hotels had been designated as non-core properties along with seven other hotels in that portfolio. The remaining 15 core hotels from the original 30 hotels purchased as of March 31, 2006 produce a trailing 12-month NOI return of 9.2% and EBITDA yield of 10.1% based upon their original allocated purchase price.
SUBSEQUENT INVESTMENT ACTIVITY
On April 1, 2006, Company management made a strategic decision to discontinue further sales efforts related to the seven remaining hotels, a portfolio of Towne Place Suites, classified as assets held for sale and included in income from discontinued operations as of and for the three months ended March 31, 2006. Over the last twelve months the Revpar for these hotels has increased over 16% while EBITDA has increased over 22%. Consequently, the Company will classify such assets and operating results as continuing operations in future periods. Such assets will be reported at the lower of carrying value (net of depreciation not recognized while said assets were held for sale) or fair value. In addition, all income statement results previously reported as discontinued related to these hotels will be reclassified to continuing operations for all comparative future periods.
On April 1, 2006, Company management made a strategic decision to discontinue further sales efforts related to the seven remaining hotels, a portfolio of Towne Place Suites, classified as assets held for sale and included in income from discontinued operations as of and for the three months ended March 31, 2006. Over the last twelve months the Revpar for these hotels has increased over 16% while EBITDA has increased over 22%. Consequently, the Company will classify such assets and operating results as continuing operations in future periods. Such assets will be reported at the lower of carrying value (net of depreciation not recognized while said assets were held for sale) or fair value. In addition, all income statement results previously reported as discontinued related to these hotels will be reclassified to continuing operations for all comparative future periods.
On April 19, 2006, the Company acquired the Pan Pacific San Francisco Hotel in San Francisco, California, for approximately $95.0 million in cash. The Company used proceeds from its credit facility to fund this acquisition. The Company immediately re-branded this hotel to a JW Marriott and expects to invest $10 million to renovate and upgrade the property. On a forward twelve-month basis, the purchase price equates to a 12.2x EBITDA multiple, an EBITDA yield of 8.2% and a net operating income capitalization rate of 6.5% with projected annual revenues of $32 million. The purchase price equates to a trailing twelve-month net operating income capitalization rate of 3.9% and a 5.0% EBITDA yield. The property generated revenues of $25.5 million for the calendar year 2005.
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INVESTMENT OUTLOOK
Mr. Bennett concluded, “We believe 2006 will be our best year yet, and the first quarter has lived up to that lofty expectation in terms of internal growth and new investments, further strengthening of our capital structure and capital recycling. Year to date, we have acquired two assets for a total of $123 million. In a competitive market filled with low cap rate deals, we were able to source these very attractive opportunities with much higher first year returns, exceptional brands and markets experiencing rapid RevPAR growth. Our continued success in recycling over $100 million in capital with the sale of ten assets and the transition of our debt structure to 97% fixed rates has also created a strong platform to execute our investment strategy. We are very optimistic this strategy will continue to produce strong year-over-year growth in all of our key metrics — AFFO, CAD, RevPAR and hotel operating profit.”
Mr. Bennett concluded, “We believe 2006 will be our best year yet, and the first quarter has lived up to that lofty expectation in terms of internal growth and new investments, further strengthening of our capital structure and capital recycling. Year to date, we have acquired two assets for a total of $123 million. In a competitive market filled with low cap rate deals, we were able to source these very attractive opportunities with much higher first year returns, exceptional brands and markets experiencing rapid RevPAR growth. Our continued success in recycling over $100 million in capital with the sale of ten assets and the transition of our debt structure to 97% fixed rates has also created a strong platform to execute our investment strategy. We are very optimistic this strategy will continue to produce strong year-over-year growth in all of our key metrics — AFFO, CAD, RevPAR and hotel operating profit.”
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call at 11:00 a.m. eastern time on May 4, 2006, to discuss the first quarter results. The number to call for this interactive teleconference is 913-981-5533. A seven-day replay of the conference call will be available by dialing 719-457-0820 and entering the confirmation number, 1042667.
Ashford Hospitality Trust, Inc. will conduct a conference call at 11:00 a.m. eastern time on May 4, 2006, to discuss the first quarter results. The number to call for this interactive teleconference is 913-981-5533. A seven-day replay of the conference call will be available by dialing 719-457-0820 and entering the confirmation number, 1042667.
The Company will also provide an online simulcast and rebroadcast of its first quarter 2006 earnings release conference call. The live broadcast of Ashford’s quarterly conference call will be available online at the Company’s website at www.ahtreit.com as well as onhttp://www.videonewswire.com/event.asp?id=33199 on May 4, 2006, beginning at 11:00 a.m. eastern time. The online replay will follow shortly after the call and continue for approximately one year.
Substantially all of our non-current assets consist of real estate investments and debt investments secured by real estate. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider supplemental measures of performance, which are not measures of operating performance under GAAP, to be helpful in evaluating a real estate company’s operations. These supplemental measures include FFO, AFFO, EBITDA, Hotel Operating Profit, and CAD. FFO is computed in accordance with our interpretation of standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the NAREIT definition differently than us. Neither FFO, AFFO, EBITDA, Hotel Operating Profit, nor CAD represents cash generated from operating activities as determined by GAAP and should not be considered as an alternative to a) GAAP net income (loss) as an indication of our financial performance or b) GAAP cash flows from operating activities as a measure of our liquidity, nor are such measures indicative of funds available to fund our cash needs, including our ability to make cash distributions. However, management believes FFO, AFFO, EBITDA, Hotel Operating Profit, and CAD to be meaningful measures of a REIT’s performance and should be considered along with, but not as an alternative to, net income and cash flow as a measure of our operating performance.
* * * * *
Ashford Hospitality Trust is a self-administered real estate investment trust focused on investing in the hospitality industry across all segments and at all levels of the capital structure, including direct hotel investments, first mortgages, mezzanine loans and sale-leaseback transactions. Additional information can be found on the Company’s web site atwww.ahtreit.com.
Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties. When we use
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the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such forward-looking statements include, but are not limited to, our business and investment strategy, timing for closings, our understanding of our competition, current market trends and opportunities, and projected capital expenditures. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford’s control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in the section entitled “Risk Factors” in Ashford’s Registration Statement onForm S-3, (File Number 333-114283), and from time to time, in Ashford’s other filings with the Securities and Exchange Commission.
The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.
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ASHFORD HOSPITALITY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)
| Three Months | Three Months | |||||||
| Ended | Ended | |||||||
| March 31, 2006 | March 31, 2005 | |||||||
REVENUE | ||||||||
| Rooms | $ | 84,458 | $ | 36,612 | ||||
| Food and beverage | 16,074 | 7,573 | ||||||
| Other | 4,117 | 1,889 | ||||||
| Total hotel revenue | 104,649 | 46,074 | ||||||
| Interest income from notes receivable | 3,946 | 2,548 | ||||||
| Asset management fees from affiliates | 318 | 338 | ||||||
Total Revenue | 108,913 | 48,960 | ||||||
EXPENSES | ||||||||
| Hotel operating expenses | ||||||||
| Rooms | 18,290 | 8,138 | ||||||
| Food and beverage | 12,499 | 5,666 | ||||||
| Other direct | 1,718 | 850 | ||||||
| Indirect | 32,551 | 14,051 | ||||||
| Management fees | 4,134 | 1,457 | ||||||
| Total hotel expenses | 69,192 | 30,162 | ||||||
| Property taxes, insurance, and other | 5,603 | 2,573 | ||||||
| Depreciation and amortization | 10,935 | 4,291 | ||||||
| Corporate general and administrative: | ||||||||
| Stock-based compensation | 940 | 620 | ||||||
| Other corporate and administrative | 3,870 | 2,680 | ||||||
Total Operating Expenses | 90,540 | 40,326 | ||||||
OPERATING INCOME | 18,373 | 8,634 | ||||||
| Interest income | 494 | 277 | ||||||
| Interest expense | (11,432 | ) | (4,024 | ) | ||||
| Amortization of loan costs | (514 | ) | (948 | ) | ||||
| Write-off of loan costs and exit fees | (687 | ) | (151 | ) | ||||
| Loss on debt extinguishment | — | (2,257 | ) | |||||
INCOME BEFORE INCOME TAXES AND MINORITY INTEREST | 6,234 | 1,531 | ||||||
| (Provision for) benefit from income taxes | (78 | ) | 242 | |||||
| Minority interest | (1,079 | ) | (304 | ) | ||||
INCOME FROM CONTINUING OPERATIONS | 5,077 | 1,469 | ||||||
Income (loss) from discontinued operations, net | 2,385 | (18 | ) | |||||
NET INCOME | 7,462 | 1,451 | ||||||
| Preferred dividends | 2,719 | 1,388 | ||||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ | 4,743 | $ | 63 | ||||
Basic and Diluted: | ||||||||
Income From Continuing Operations Per Share Available To Common Shareholders | $ | 0.05 | $ | — | ||||
Income (Loss) From Discontinued Operations Per Share | $ | 0.05 | $ | — | ||||
Net Income Per Share Available To Common Shareholders | $ | 0.09 | $ | — | ||||
Weighted Average Common Shares Outstanding | 51,924,540 | 33,449,674 | ||||||
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ASHFORD HOSPITALITY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)
| March 31, | December 31, | |||||||
| 2006 | 2005 | |||||||
ASSETS | ||||||||
| Investment in hotel properties, net | $ | 1,098,621 | $ | 1,066,962 | ||||
| Cash and cash equivalents | 88,323 | 57,995 | ||||||
| Restricted cash | 9,483 | 27,842 | ||||||
| Accounts receivable, net of allowance of $461 and $366, respectively | 24,853 | 21,355 | ||||||
| Inventories | 1,274 | 1,186 | ||||||
| Assets held for sale | 42,181 | 157,579 | ||||||
| Notes receivable | 108,106 | 107,985 | ||||||
| Deferred costs, net | 12,706 | 13,975 | ||||||
| Prepaid expenses | 7,620 | 9,662 | ||||||
| Other assets | 9,728 | 4,014 | ||||||
| Intangible assets, net | 1,160 | 1,181 | ||||||
| Due from third-party hotel managers | 16,230 | 12,274 | ||||||
| Due from affiliates | 1,665 | 476 | ||||||
| Total assets | $ | 1,421,950 | $ | 1,482,486 | ||||
LIABILITIES AND OWNERS’ EQUITY | ||||||||
| Indebtedness | $ | 719,807 | $ | 908,623 | ||||
| Capital leases payable | 357 | 453 | ||||||
| Accounts payable | 12,931 | 9,984 | ||||||
| Accrued expenses | 24,239 | 21,054 | ||||||
| Dividends payable | 16,253 | 13,703 | ||||||
| Deferred income | 324 | 338 | ||||||
| Due to third-party hotel managers | 1,711 | 1,385 | ||||||
| Due to affiliates | 3,565 | 5,654 | ||||||
| Total liabilities | 779,187 | 961,194 | ||||||
| Commitments and contingencies | ||||||||
| Minority interest | 86,662 | 87,969 | ||||||
| Preferred stock, $0.01 par value: | ||||||||
| Series B Cumulative Convertible Redeemable Preferred Stock, 7,447,865 issued and outstanding at March 31, 2006 and December 31, 2005 | 75,000 | 75,000 | ||||||
| Preferred stock, $0.01 par value, 50,000,000 shares authorized: | ||||||||
| Series A Cumulative Preferred Stock, 2,300,000 issued and outstanding at March 31, 2006 and December 31, 2005 | 23 | 23 | ||||||
| Common stock, $0.01 par value, 200,000,000 shares authorized, 56,663,044 and 43,831,394 shares issued and outstanding at March 31, 2006 and December 31, 2005, respectively | 566 | 438 | ||||||
| Additional paid-in capital | 528,730 | 399,127 | ||||||
| Accumulated other comprehensive income | 1,009 | 1,372 | ||||||
| Accumulated deficit | (49,227 | ) | (42,637 | ) | ||||
| Total owners’ equity | 481,101 | 358,323 | ||||||
| Total liabilities and owners’ equity | $ | 1,421,950 | $ | 1,482,486 | ||||
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ASHFORD HOSPITALITY TRUST, INC.
FFO and Adjusted FFO
(In Thousands, Except Share And Per Share Amounts)
(Unaudited)
FFO and Adjusted FFO
(In Thousands, Except Share And Per Share Amounts)
(Unaudited)
| Three Months | Three Months | |||||||
| Ended | Ended | |||||||
| March 31, 2006 | March 31, 2005 | |||||||
| Net income available to common shareholders | $ | 4,743 | $ | 63 | ||||
| �� | ||||||||
| Plus real estate depreciation and amortization | 10,725 | 4,222 | ||||||
| Remove minority interest | 1,585 | 299 | ||||||
| FFO available to common shareholders | $ | 17,053 | $ | 4,584 | ||||
| Add back dividends on redeemable preferred stock | 1,490 | 159 | ||||||
| Add back write-off of loan costs and exit fees | 687 | 151 | ||||||
| Add back loss on debt extinguishment | — | 2,257 | ||||||
| Adjusted FFO | $ | 19,230 | $ | 7,151 | ||||
| Adjusted FFO per diluted share available to common shareholders | $ | 0.27 | $ | 0.17 | ||||
| Diluted weighted average shares outstanding | 70,931,242 | 41,865,016 | ||||||
ASHFORD HOSPITALITY TRUST, INC.
EBITDA
(In Thousands)
(Unaudited)
EBITDA
(In Thousands)
(Unaudited)
| Three Months | Three Months | |||||||
| Ended | Ended | |||||||
| March 31, | March 31, | |||||||
| 2006 | 2005 | |||||||
| Net income | $ | 7,462 | $ | 1,451 | ||||
| Add back: | ||||||||
| Interest income | 494 | 277 | ||||||
| Interest expense and amortization of loan costs | (11,946 | ) | (4,972 | ) | ||||
| Minority interest | (1,585 | ) | (299 | ) | ||||
| Depreciation and amortization | (10,935 | ) | (4,297 | ) | ||||
| (Provision for) benefit from income taxes | (153 | ) | 242 | |||||
| (24,125 | ) | (9,049 | ) | |||||
| EBITDA | $ | 31,587 | $ | 10,500 | ||||
For the three months ended March 31, 2006, EBITDA has not been adjusted to add back the write-off of loan costs of approximately $687,000.
For the three months ended March 31, 2005, EBITDA has not been adjusted to add back the loss on debt extinguishment of approximately $2.3 million and the write-off of loan costs and exit fees of approximately $151,000.
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ASHFORD HOSPITALITY TRUST, INC.
CASH AVAILABLE FOR DISTRIBUTION
(In Thousands, Except Per Share Amounts)
(Unaudited)
CASH AVAILABLE FOR DISTRIBUTION
(In Thousands, Except Per Share Amounts)
(Unaudited)
| Three Months | Three Months | |||||||||||||||
| Ended | Ended | |||||||||||||||
| March 31, 2006 | (per diluted share) | March 31, 2005 | (per diluted share) | |||||||||||||
| Net income available to common shareholders | $ | 4,743 | $ | 0.07 | $ | 63 | $ | 0.00 | ||||||||
| Add back dividends on redeemable preferred stock | 1,490 | 0.02 | 159 | 0.00 | ||||||||||||
| Total | $ | 6,233 | $ | 0.09 | $ | 222 | $ | 0.01 | ||||||||
| Plus real estate depreciation and amortization | 10,725 | $ | 0.15 | 4,222 | $ | 0.10 | ||||||||||
| Remove minority interest | 1,585 | 0.02 | 299 | 0.01 | ||||||||||||
| Plus stock-based compensation | 940 | 0.01 | 620 | 0.01 | ||||||||||||
| Plus amortization of loan costs | 514 | 0.01 | 948 | 0.02 | ||||||||||||
| Plus write-off of loan costs | 687 | 0.01 | 151 | 0.00 | ||||||||||||
| Plus loss on debt extinguishment | — | 0.00 | 2,257 | 0.05 | ||||||||||||
| Less debt premium amortization to reduce interest expense | — | 0.00 | (75 | ) | (0.00 | ) | ||||||||||
| Less capital improvements reserve | (3,393 | ) | (0.05 | ) | (1,706 | ) | (0.04 | ) | ||||||||
| CAD | $ | 17,291 | $ | 0.24 | $ | 6,938 | $ | 0.17 | ||||||||
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May 1, 2006
ASHFORD HOSPITALITY TRUST, INC.
KEY PERFORMANCE INDICATORS — PRO FORMA
(Unaudited)
KEY PERFORMANCE INDICATORS — PRO FORMA
(Unaudited)
ALL HOTELS INCLUDED IN CONTINUING OPERATIONS:
| Three Months Ended | ||||||||||||
| March 31, | ||||||||||||
| 2006 | 2005 | % Variance | ||||||||||
| Room revenues | $ | 85,657,310 | $ | 77,178,912 | 10.98 | % | ||||||
| RevPar | $ | 84.48 | $ | 76.12 | 10.98 | % | ||||||
| Occupancy | 71.42 | % | 69.71 | % | 2.44 | % | ||||||
| ADR | $ | 118.29 | $ | 109.18 | 8.34 | % | ||||||
NOTE: The above pro forma table includes the 64 hotel properties included in income from continuing operations for the three months ended March 31, 2006 as if all such hotels were owned as of the beginning of the periods presented.
ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS:
| Three Months Ended | ||||||||||||
| March 31, | ||||||||||||
| 2006 | 2005 | % Variance | ||||||||||
| Room revenues | $ | 68,001,916 | $ | 60,716,196 | 12.00 | % | ||||||
| RevPar | $ | 88.51 | $ | 79.03 | 12.00 | % | ||||||
| Occupancy | 74.00 | % | 70.73 | % | 4.61 | % | ||||||
| ADR | $ | 119.61 | $ | 111.72 | 7.06 | % | ||||||
NOTE: The above pro forma table includes the 52 hotel properties included in income from continuing operations that were not under renovation during the quarter and year ended March 31, 2006 as if all such hotels were owned as of the beginning of the periods presented.
Excluded Hotels Under Renovation:
Crowne Plaza Beverly Hills, Embassy Suites Houston, Embassy Suites West Palm Beach, Hilton Nassau Bay, Annapolis Inn, Radisson City Center Indianapolis, Radisson Airport Indianapolis, Radisson Milford, Hilton Ft. Worth, Radisson Rockland, Sheraton Minneapolis, Marriott Residence Inn San Diego
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AHT Announces First Quarter Results
Page 11
May 1, 2006
Page 11
May 1, 2006
ASHFORD HOSPITALITY TRUST, INC.
Pro Forma Hotel RevPAR by Region
(Unaudited)
Pro Forma Hotel RevPAR by Region
(Unaudited)
| Three Months Ended | Percent | ||||||||||||||||||||
| March 31, | Change in RevPAR | ||||||||||||||||||||
| Region | Number of Hotels | Number of Rooms | 2006 | 2005 | Quarter | ||||||||||||||||
| Pacific (1) | 6 | 1,501 | $ | 97.76 | $ | 87.36 | 11.9 | % | |||||||||||||
| Mountain (2) | 5 | 869 | $ | 101.51 | $ | 94.57 | 7.3 | % | |||||||||||||
| West North Central (3) | 2 | 390 | $ | 65.53 | $ | 63.57 | 3.1 | % | |||||||||||||
| West South Central (4) | 5 | 987 | $ | 82.18 | $ | 69.54 | 18.2 | % | |||||||||||||
| East North Central (5) | 11 | 1,682 | $ | 57.29 | $ | 47.79 | 19.9 | % | |||||||||||||
| East South Central (6) | 4 | 573 | $ | 57.11 | $ | 53.07 | 7.6 | % | |||||||||||||
| Middle Atlantic (7) | 3 | 590 | $ | 60.46 | $ | 52.32 | 15.5 | % | |||||||||||||
| South Atlantic (8) | 26 | 4,339 | $ | 100.29 | $ | 92.41 | 8.5 | % | |||||||||||||
| New England (9) | 2 | 300 | $ | 32.84 | $ | 30.34 | 8.2 | % | |||||||||||||
Total Portfolio | 64 | 11,231 | $ | 84.48 | $ | 76.12 | 11.0 | % | |||||||||||||
| (1) | Includes California | |
| (2) | Includes Nevada, Arizona, New Mexico, and Utah | |
| (3) | Includes Minnesota and Kansas | |
| (4) | Includes Texas | |
| (5) | Includes Ohio and Indiana | |
| (6) | Includes Kentucky and Alabama | |
| (7) | Includes New York and Pennsylvania | |
| (8) | Includes Virginia, Florida, Georgia, Maryland, and North Carolina | |
| (9) | Includes Massachusetts |
NOTE: The above pro forma table assumes the 64 hotel properties included in income from continuing operations for the three months ended March 31, 2006 were owned as of the beginning of the periods presented. For both comparative periods presented, the above table excludes the 7 hotel properties included in discontinued operations at March 31, 2006.
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AHT Announces First Quarter Results
Page 12
May 1, 2006
Page 12
May 1, 2006
ASHFORD HOSPITALITY TRUST, INC.
Pro Forma Hotel RevPAR by Brand
(Unaudited)
Pro Forma Hotel RevPAR by Brand
(Unaudited)
| Three Months Ended | Percent | |||||||||||||||||||
| March 31, | Change in RevPAR | |||||||||||||||||||
| Brand | Number of Hotels | Number of Rooms | 2006 | 2005 | Quarter | |||||||||||||||
| Hilton | 22 | 3,638 | $ | 86.80 | $ | 77.97 | 11.3 | % | ||||||||||||
| Hyatt | 2 | 970 | $ | 100.01 | $ | 87.16 | 14.7 | % | ||||||||||||
| InterContinental | 2 | 420 | $ | 152.68 | $ | 129.98 | 17.5 | % | ||||||||||||
| Independent | 2 | 317 | $ | 72.36 | $ | 81.94 | -11.7 | % | ||||||||||||
| Marriott | 28 | 4,123 | $ | 88.41 | $ | 79.72 | 10.9 | % | ||||||||||||
| Radisson | 6 | 1,354 | $ | 44.53 | $ | 42.80 | 4.0 | % | ||||||||||||
| Starwood | 2 | 409 | $ | 59.51 | $ | 48.12 | 23.7 | % | ||||||||||||
Total Portfolio | 64 | 11,231 | $ | 84.48 | $ | 76.12 | 11.0 | % | ||||||||||||
NOTE: The above pro forma table assumes the 64 hotel properties included in income from continuing operations for the three months ended March 31, 2006 were owned as of the beginning of the periods presented. For both comparative periods presented, the above table excludes the 7 hotel properties included in discontinued operations at March 31, 2006.
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AHT Announces First Quarter Results
Page 13
May 1, 2006
Page 13
May 1, 2006
ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA HOTEL OPERATING PROFIT
(In Thousands)
(Unaudited)
PRO FORMA HOTEL OPERATING PROFIT
(In Thousands)
(Unaudited)
ALL HOTELS INCLUDED IN CONTINUING OPERATIONS:
| Three Months Ended | ||||||||||||
| March 31, 2006 | March 31, 2005 | % Variance | ||||||||||
REVENUE | ||||||||||||
| Rooms | $ | 85,657 | $ | 77,179 | 10.98 | % | ||||||
| Food and beverage | 16,451 | 16,035 | 2.59 | % | ||||||||
| Other | 3,627 | 3,326 | 9.05 | % | ||||||||
| Total hotel revenue | 105,735 | 96,540 | 9.52 | % | ||||||||
EXPENSES | ||||||||||||
| Hotel operating expenses | ||||||||||||
| Rooms | 18,852 | 16,953 | 11.20 | % | ||||||||
| Food and beverage | 12,650 | 11,850 | 6.75 | % | ||||||||
| Other direct | 1,748 | 1,506 | 16.07 | % | ||||||||
| Indirect | 32,198 | 28,412 | 13.33 | % | ||||||||
| Management fees, includes base and incentive fees | 5,056 | 3,857 | 31.09 | % | ||||||||
| Total hotel operating expenses | 70,504 | 62,578 | 12.67 | % | ||||||||
| Property taxes, insurance, and other | 5,638 | 5,127 | 9.97 | % | ||||||||
HOTEL OPERATING PROFIT (EBITDA) | $ | 29,593 | $ | 28,835 | 2.63 | % | ||||||
NOTE: The above pro forma table assumes the 64 hotel properties included in income from continuing operations for the three months ended March 31, 2006 were owned as of the beginning of the periods presented. For the comparative periods presented, the above table excludes the 7 hotel properties included indiscontinued operations at March 31, 2006.
ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS:
| Three Months Ended | ||||||||||||
| March 31, 2006 | March 31, 2005 | % Variance | ||||||||||
REVENUE | ||||||||||||
| Rooms | $ | 68,002 | $ | 60,716 | 12.00 | % | ||||||
| Food and beverage | 11,649 | 11,293 | 3.15 | % | ||||||||
| Other | 2,747 | 2,409 | 14.03 | % | ||||||||
| Total hotel revenue | 82,398 | 74,418 | 10.72 | % | ||||||||
EXPENSES | ||||||||||||
| Hotel operating expenses | ||||||||||||
| Rooms | 15,070 | 13,673 | 10.22 | % | ||||||||
| Food and beverage | 8,858 | 8,276 | 7.03 | % | ||||||||
| Other direct | 1,302 | 1,099 | 18.47 | % | ||||||||
| Indirect | 23,321 | 20,715 | 12.58 | % | ||||||||
| Management fees, includes base and incentive fees | 4,123 | 3,124 | 31.98 | % | ||||||||
| Total hotel operating expenses | 52,674 | 46,887 | 12.34 | % | ||||||||
| Property taxes, insurance, and other | 4,149 | 3,860 | 7.49 | % | ||||||||
HOTEL OPERATING PROFIT (EBITDA) | $ | 25,575 | $ | 23,671 | 8.04 | % | ||||||
NOTE: The above pro forma table assumes the 52 hotel properties not under renovation and included in income from continuing operations for the three months ended March 31, 2006 were owned as of the beginning of the periods presented. For the comparative periods presented, the above table excludes the 7 hotel properties included in discontinued operations at March 31, 2006.
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AHT Announces First Quarter Results
Page 14
May 1, 2006
Page 14
May 1, 2006
ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA HOTEL OPERATING PROFIT MARGIN
(Unaudited)
PRO FORMA HOTEL OPERATING PROFIT MARGIN
(Unaudited)
ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS:
HOTEL OPERATING PROFIT (EBITDA) MARGIN:
| 1st Quarter 2006 | 31.0 | % | ||
| 1st Quarter 2005 | 31.8 | % | ||
| Variance | -0.8 | % | ||
HOTEL OPERATING PROFIT (EBITDA) MARGIN VARIANCE BREAKDOWN:
Rooms(1) | -0.1 | % | ||
| Food & Beverage and Other Departmental | -0.3 | % | ||
Administrative & General(2) | 0.4 | % | ||
| Sales & Marketing | -0.1 | % | ||
Repair & Maintenance(3) | — | |||
Energy(4) | 0.1 | % | ||
Franchise Fee(5) | 0.2 | % | ||
Management Fee(6) | 0.1 | % | ||
Incentive Management Fee(6) | 0.7 | % | ||
Insurance(7) | 0.1 | % | ||
| Taxes | -0.2 | % | ||
| Leases/Other | -0.2 | % | ||
| Total | 0.8 | % | ||
NOTE: The above pro forma table assumes the 52 hotel properties not under renovation and included in income from continuing operations for the three months ended March 31, 2006 were owned as of the beginning of the periods presented. For the comparative periods presented, the above table excludes the 7 hotel properties included in discontinued operations at March 31, 2006.
(1) Service levels were increased at many properties during the second half of 2005 which prevented a more favorable first quarter comparison. Occupied rooms increased 461 basis points in the quarter which also increased rooms expense. Management believes rooms profit margin should see improvement in the second half of 2006.
(2) Management staffing was increased at several properties during the second half of 2005 which prevented a more favorable comparison. Also credit card usage as a form of payment has increased significantly during the last six months. Management believes A&G expense should see a more favorable comparison in the second half of 2006.
(3) Maintenance expenses were increased at many properties during the second half of 2005 in order to improve service levels. Occupied rooms increased 461 basis points in the quarter which also increased this expense. Management believes R&M expense comparison should see improvement in the second half of 2006.
(4) Energy costs are currently increasing at a rate higher than RevPAR. Management believes this trend may continue throughout 2006.
(5) These fees are up due to an unfavorable comparison for the Marriott Research Triangle Park which was not a franchised property in 2006, as well as a step-up in Royalty Fee percentages at two hotels. Additionally, customer loyalty program usage has been increasing over the last twelve months.
(6) These fees are up due to an unfavorable comparison for the Marriott managed properties which had a different fee structure in place prior to our acquisition from CNL. A comparable fee comparison for these assets will begin in the third quarter of 2006.
(7) Following the 2005 hurricane season, insurance costs experienced a significant increase. Management believes this unfavorable comparison will continue throughout 2006.
AHT Announces First Quarter Results
Page 15
May 1, 2006
Page 15
May 1, 2006
ASHFORD HOSPITALITY TRUST, INC.
Pro Forma Hotel Operating Profit by Region
(In Thousands)
(Unaudited)
Pro Forma Hotel Operating Profit by Region
(In Thousands)
(Unaudited)
| Three Months Ended | Percent Change in | |||||||||||||||||||||||||||
| March 31, | Hotel Operating Profit | |||||||||||||||||||||||||||
| Region | Number of Hotels | Number of Rooms | 2006 | % Total | 2005 | % Total | Quarter | |||||||||||||||||||||
| Pacific (1) | 6 | 1,501 | $ | 5,446 | 18.4 | % | $ | 5,454 | 18.9 | % | -0.1 | % | ||||||||||||||||
| Mountain (2) | 5 | 869 | $ | 2,868 | 9.7 | % | $ | 2,816 | 9.8 | % | 1.8 | % | ||||||||||||||||
| West North Central (3) | 2 | 390 | $ | 772 | 2.6 | % | $ | 743 | 2.6 | % | 3.9 | % | ||||||||||||||||
| West South Central (4) | 5 | 987 | $ | 2,167 | 7.3 | % | $ | 2,116 | 7.3 | % | 2.4 | % | ||||||||||||||||
| East North Central (5) | 11 | 1,682 | $ | 2,397 | 8.1 | % | $ | 1,729 | 6.0 | % | 38.6 | % | ||||||||||||||||
| East South Central (6) | 4 | 573 | $ | 800 | 2.7 | % | $ | 695 | 2.4 | % | 15.1 | % | ||||||||||||||||
| Middle Atlantic (7) | 3 | 590 | $ | 172 | 0.6 | % | $ | 95 | 0.3 | % | 81.1 | % | ||||||||||||||||
| South Atlantic (8) | 26 | 4,339 | $ | 15,386 | 52.0 | % | $ | 15,420 | 53.5 | % | -0.2 | % | ||||||||||||||||
| New England (9) | 2 | 300 | $ | (415 | ) | -1.4 | % | $ | (233 | ) | -0.8 | % | 78.1 | % | ||||||||||||||
Total Portfolio | 64 | 11,231 | $ | 29,593 | 100.0 | % | $ | 28,835 | 100.0 | % | 2.6 | % | ||||||||||||||||
| (1) | Includes California | |
| (2) | Includes Nevada, Arizona, New Mexico, and Utah | |
| (3) | Includes Minnesota and Kansas | |
| (4) | Includes Texas | |
| (5) | Includes Ohio and Indiana | |
| (6) | Includes Kentucky and Alabama | |
| (7) | Includes New York and Pennsylvania | |
| (8) | Includes Virginia, Florida, Georgia, Maryland, and North Carolina | |
| (9) | Includes Massachusetts |
NOTE: The above pro forma table assumes the 64 hotel properties included in income from continuing operations for the three months ended March 31, 2006 were owned as of the beginning of the periods presented. For both comparative periods presented, the above table excludes the 7 hotel properties included in discontinued operations at March 31, 2006.
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AHT Announces First Quarter Results
Page 16
May 1, 2006
Page 16
May 1, 2006
Ashford Hospitality Trust, Inc.
Debt Summary
As of March 31, 2006
(in millions)
Debt Summary
As of March 31, 2006
(in millions)
| Fixed-Rate | Floating-Rate | Total | ||||||||||
| Debt | Debt | Debt | ||||||||||
| $487.1 million mortgage note payable secured by 32 hotel properties, matures between July 1, 2015 and February 1, 2016, at an average interest rate of 5.41% | $ | 487.1 | $ | — | $ | 487.1 | ||||||
| $211.5 million term loan secured by 16 hotel properties, matures between December 11, 2014 and December 11, 2015, at an average interest rate of 5.73% | 211.5 | — | 211.5 | |||||||||
| $100.0 million secured credit facility secured by 6 hotel properties, matures August 17, 2008, at an interest rate of LIBOR plus a range of 1.6% to 1.95% depending on the loan-to-value ratio | — | 10.0 | 10.0 | |||||||||
| Mortgage note payable secured by one hotel property, matures April 1, 2011, at an interest rate of the average weekly yield for 30-day commercial paper plus 3.4% | — | 11.2 | 11.2 | |||||||||
| Total Debt Excluding Premium | $ | 698.6 | $ | 21.2 | $ | 719.8 | ||||||
| Percentage of Total | 97.05 | % | 2.95 | % | 100.00 | % | ||||||
| Weighted Average Interest Rate at March 31, 2006 | 5.56 | % | ||||||||||
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AHT Announces First Quarter Results
Page 17
May 1, 2006
Page 17
May 1, 2006
ASHFORD HOSPITALITY TRUST, INC.
Capital Expenditures Calendar
72 Core Hotels
Capital Expenditures Calendar
72 Core Hotels
| 2004 | 2005 | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Actual | Estimated | Estimated | Estimated | |||||||||||||||||||||||||||||||||||||||||
| Rooms | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||||||||||||||||||||||||||||
| Doubletree Suites Columbus | 194 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
| Doubletree Suites Dayton | 137 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
| Embassy Suites East Syracuse | 215 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
| Embassy Suites Phoenix Airport | 229 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
| Sheraton Bucks County | 187 | x | x | x | x | |||||||||||||||||||||||||||||||||||||||||||||||
| Hyatt Regency Orange County | 654 | x | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Hampton Inn Mall of Georgia | 92 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
| Hampton Inn Terre Haute | 112 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
| Hampton Inn Horse Cave | 101 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
| Hampton Inn Evansville | 141 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
| Hilton St. Petersburg Bayfront | 333 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
| Fairfield Inn Evansville West | 110 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
| Residence Inn Evansville | 78 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
| Fairfield Inn Princeton | 73 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
| Courtyard Columbus Tipton Lakes | 90 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
| Courtyard Bloomington | 117 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
| Radisson Milford | 173 | x | x | x | x | |||||||||||||||||||||||||||||||||||||||||||||||
| Residence Inn Salt Lake City | 144 | x | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Hilton Fort Worth | 294 | x | x | x | x | |||||||||||||||||||||||||||||||||||||||||||||||
| Historic Inns of Annapolis | 124 | x | x | x | x | |||||||||||||||||||||||||||||||||||||||||||||||
| Residence Inn Palm Desert | 130 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
| Embassy Suites Houston | 150 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
| Radisson Rockland | 127 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
| Sheraton Minneapolis West | 222 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
| Residence Inn San Diego Sorrento Mesa | 150 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
| Radisson Hotel Airport — Indianapolis | 259 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
| Hilton Nassau Bay — Clear Lake | 243 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
| Embassy Suites West Palm Beach | 160 | x | x | x | x | |||||||||||||||||||||||||||||||||||||||||||||||
| Crowne Plaza Beverly Hills | 260 | x | x | x | x | |||||||||||||||||||||||||||||||||||||||||||||||
| Radisson City Center — Indianapolis | 371 | x | x | x | ||||||||||||||||||||||||||||||||||||||||||||||||
| Crowne Plaza La Concha — Key West | 160 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
| Hilton Santa Fe | 157 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
| Residence Inn Fairfax Merrifield | 159 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
| Courtyard Crystal City Reagan Airport | 272 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
| Hyatt Dulles | 316 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
| SpringHill Suites Kennesaw | 90 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
| SpringHill Suites Jacksonville | 102 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
| Sea Turtle Inn Jacksonville | 193 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
| Courtyard Palm Desert | 151 | x | x | |||||||||||||||||||||||||||||||||||||||||||||||||
| Marriott at Research Triangle Park | 225 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Hilton Garden Inn Jacksonville | 119 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| SpringHill Suites BWI Airport | 133 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| SpringHill Suites Centreville | 136 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| SpringHill Suites Gaithersburg | 162 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Courtyard Overland Park | 168 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| JW Marriott San Francisco | 338 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| TownePlace Suites Boston Tewksbury | 95 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| TownePlace Suites Miami Lakes | 95 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| TownePlace Suites Ft. Worth | 95 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| TownePlace Suites Miami Airport | 95 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| TownePlace Suites Newark Silicon Valley | 127 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| TownePlace Suites Mt. Laurel | 95 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| TownePlace Suites Portland Scarborough | 95 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Courtyard Atlanta Alpharetta | 154 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Courtyard Ft. Lauderdale Weston | 174 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Courtyard Foothill Ranch Irvine | 156 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Courtyard Louisville Airport | 150 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Embassy Suites Austin Arboretum | 150 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Embassy Suites Dallas Galleria | 150 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Embassy Suites Dulles Int’l | 150 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Embassy Suites Flagstaff | 119 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Embassy Suites Las Vegas Airport | 220 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Fairfield Inn and Suites Kennesaw | 87 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Hampton Inn Lawrenceville | 86 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Homewood Suites Mobile | 86 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Radisson Cincinnati Riverfront | 236 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Radisson Hotel MacArthur Airport | 188 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Residence Inn Lake Buena Vista | 210 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Residence Inn Orlando Sea World | 350 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| SpringHill Suites Charlotte | 136 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| SpringHill Suites Mall of Georgia | 96 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| SpringHill Suites Raleigh Airport | 120 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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