Exhibit 99.1
| | |
 | | NEWS RELEASE |
| | | | | | |
| Contact: | | David Kimichik | | Scott Eckstein | | |
| | Chief Financial Officer | | Financial Relations Board | | |
| | (972) 490-9600 | | (212) 827-3766 | | |
ASHFORD HOSPITALITY TRUST REPORTS
SECOND QUARTER RESULTS
RevPAR Growth of 7.6% for Highland Hotels Not Under Renovation
RevPAR Growth of 7.3% for Legacy Hotels Not Under Renovation
205 Basis Point Improvement in Hotel EBITDA Margin for All Highland Hotels
DALLAS, August 1, 2012 — Ashford Hospitality Trust, Inc. (NYSE: AHT) today reported the following results and performance measures for the second quarter ended June 30, 2012. The performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel Operating Profit (or Hotel EBITDA) are proforma. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2012, with the second quarter ended June 30, 2011 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FINANCIAL HIGHLIGHTS
| | • | | RevPAR increased 6.2% for all Legacy hotels in continuing operations, driven by a 3.7% increase in ADR and a 182 basis point increase in occupancy |
| | • | | RevPAR increased 6.4% for all hotels in the Highland Hospitality Portfolio, driven by a 3.1% increase in ADR and a 239 basis point increase in occupancy |
| | • | | Hotel operating profit for all hotels, including Highland, increased by $10.7 million, or 10.8% |
| | • | | Hotel operating profit margin increased 159 basis points for all Legacy hotels not under renovation in continuing operations |
| | • | | Hotel operating profit margin increased 221 basis points for the 22 hotels in the Highland Hospitality Portfolio not under renovation in continuing operations |
| | • | | Net loss attributable to common shareholders was $13.3 million, or $0.20 per diluted share, compared with net loss attributable to common shareholders of $29.1 million, or $0.49 per diluted share, in the prior-year quarter |
| | • | | Adjusted funds from operations (AFFO) was $0.52 per diluted share for the quarter as compared with $0.65 from the prior-year quarter; Interest Rate Derivative Income decreased by $10.2 million as the benefits from our Flooridor terminated in 2011, impacting AFFO per share by $0.12; Increases in Income Taxes, Interest Expense, Equity Based Compensation, and Preferred Dividends impacted AFFO per share by an additional $0.07 |
| | • | | Fixed charge coverage ratio was 1.48x under the senior credit facility covenant versus a required minimum of 1.35x |
| | • | | During the second quarter 2012, Ashford sold 300,802 shares of its Series A and Series D Cumulative Preferred Stock through its At-the-Market program for total gross proceeds of $7.4 million |
| | • | | At the end of the second quarter 2012, Ashford had cash and cash equivalents of $139 million |
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AHT Reports Second Quarter Results
Page 2
August 1, 2012
CAPITAL ALLOCATION
| | • | | Capex invested in the quarter for the Legacy portfolio was $20.8 million |
| | • | | Capex invested in the quarter for the Highland Hospitality Portfolio was $7.0 million |
CAPITAL STRUCTURE
During the second quarter, Ashford successfully refinanced its sole 2012 debt maturity. The $167.2 million loan set to mature in May 2012 was refinanced with a new $135.0 million loan that matures in May of 2014 and has three one-year extension options subject to satisfaction of certain conditions. The new loan provides for a floating interest rate of LIBOR + 6.50%, with no LIBOR Floor. Additionally, the new loan is secured by nine hotels as the Doubletree Guest Suites in Columbus, Ohio, was unencumbered as a result of this refinancing. The Company is currently actively marketing the Doubletree Columbus for sale.
Ashford is presently engaged in discussions regarding the refinancing of its $101 million of loans in the Highland Hospitality Portfolio set to mature in early 2013. The trailing 12-month debt yield on this high quality portfolio is currently in excess of 16%. At this time, given the potential loan proceeds, there is no anticipated pay down required. The Company is well positioned for essentially all upcoming debt maturities in 2013 and 2014.
During the second quarter, the Company took an impairment charge of $4.1 million on the Hilton El Conquistador Resort in Tucson, AZ. The Company is currently in discussions with the lender on the property for a potential deed-in-lieu or consensual foreclosure and receivership transaction.
Additionally, in the second quarter 2012, the Company sold 48,575 shares of its 8.55% Series A Cumulative Preferred Stock at $24.61 per share and sold 252,227 shares of its 8.45% Series D Cumulative Preferred Stock at $24.49 per share through its At-the-Market program for total gross proceeds of $7.4 million.
HIGHLAND HOSPITALITY PORTFOLIO UPDATE
The Highland Hospitality Portfolio experienced RevPAR growth of 6.4% during the second quarter of 2012, with RevPAR growth for hotels not under renovation in continuing operations of 7.6%. For all 28 hotels in the Highland Hospitality Portfolio, Hotel EBITDA Margin increased 205 bps and Hotel EBITDA flow-through was 80%. For the 22 hotels not under renovation during the second quarter 2012, Hotel EBITDA Margin increased 221 basis points and Hotel EBITDA flow-through was 71%. Hotel EBITDA increased 11.3% in the second quarter for all hotels in the Highland Hospitality Portfolio, and since the closing of the acquisition, trailing 12-month EBITDA has increased 15.8%.
PORTFOLIO REVPAR
As of June 30, 2012, the Company’s Legacy portfolio consisted of direct hotel investments with 96 properties classified in continuing operations. During the second quarter, 87 of the hotels included in continuing operations were not under renovation. The Company believes reporting its operating metrics for continuing operations on a proforma total basis (all 96 hotels) and proforma not under renovation basis (87 hotels) is a measure that reflects a meaningful and focused comparison of the operating results in its direct hotel portfolio. The Company’s reporting by region and brand includes the results of all 96 hotels in continuing operations. Details of each category are provided in the tables attached to this release.
| | • | | Proforma RevPAR increased 6.2% to $106.40 for all hotels in the Legacy portfolio on a 3.7% increase in ADR and a 182 basis point increase in occupancy |
| | • | | Proforma RevPAR increased 7.3% to $105.06 for hotels not under renovation in the Legacy portfolio on a 4.0% increase in ADR and a 237 basis point increase in occupancy |
| | • | | Proforma RevPAR increased 6.4% to $111.89 for all hotels in the Highland Hospitality Portfolio on a 3.1% increase in ADR and a 239 basis point increase in occupancy |
| | • | | Proforma RevPAR increased 7.6% to $110.97 for hotels not under renovation in the Highland Hospitality Portfolio on a 3.0% increase in ADR and a 328 basis point increase in occupancy |
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AHT Reports Second Quarter Results
Page 3
August 1, 2012
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
During the quarter, Hotel operating profit (Hotel EBITDA) for all Legacy hotels increased 10.7% to $82.6 million. For the 87 hotels that were not under renovation, Proforma Hotel EBITDA increased 12.4% to $72.9 million. Proforma Hotel EBITDA margin (expressed as a percentage of Total Hotel Revenue) increased 159 basis points to 34.1% for the 87 Legacy hotels not under renovation. For all 96 Legacy hotels included in continuing operations, Proforma Hotel EBITDA margin increased 142 basis points to 33.4%.
For the Company’s 71.74% share of all hotels in the Highland Hospitality Portfolio, Hotel operating profit (Hotel EBITDA) increased 11.3% to $26.9 million. For the 22 hotels in the Highland Hospitality Portfolio that were not under renovation, Proforma Hotel EBITDA increased 13.5% to $21.4 million. Proforma Hotel EBITDA margin (expressed as a percentage of Total Hotel Revenue) increased 221 basis points to 32.2% for the 22 Highland hotels not under renovation. For all 28 Highland Hospitality hotels included in continuing operations, Proforma Hotel EBITDA margin increased 205 basis points to 33.2%.
Beginning with this quarterly release, the Company has added additional disclosure information regarding property level trailing 12-month Hotel EBITDA by debt pool. The decision to add this additional disclosure comes after the Company had received feedback from multiple investors and analysts. The Company believes this additional disclosure will assist the investment community in analyzing Ashford and help analysts and investors see the benefits of the non-recourse nature of its property level debt. Prior to providing this information, the investment community could only reference the Company’s total EBITDA and total debt when applying a valuation multiple. With this new disclosure, analysts and investors can analyze the EBITDA of the Company by debt pool and when using a valuation multiple approach, can see where the market might be inadvertently implying negative equity value to certain debt pools. Implied negative equity value in any debt pools may underestimate the benefits of non-recourse debt, and all of the Company’s property level debt is non-recourse. Also, as a result of the feedback received from analysts and investors, the Company has added some additional performance tables to the release while other tables have been removed.
Additionally, the Company has started adding back the non-cash stock/unit-based amortization expense in its calculation of Adjusted EBITDA. Since this is a non-cash item, the Company believes this gives a better picture of true cash EBITDA and is consistent with many industry peers. The Company will continue to show the non-cash stock/unit-based amortization expense as a deduct for AFFO purposes and the associated shares are reflected in its fully diluted share count once the shares vest.
Ashford believes year-over-year Hotel EBITDA and Hotel EBITDA margin comparisons are more meaningful to gauge the performance of the Company’s hotels than sequential quarter-over-quarter comparisons. Given the substantial seasonality in the Company’s portfolio and its active capital recycling, to help investors better understand this seasonality, the Company provides quarterly detail on its Proforma Hotel EBITDA and Proforma Hotel EBITDA margin for the current and certain prior-year periods based upon the number of core hotels in the portfolio as well as its pro-rata share of the Highland portfolio as of the end of the current period. As Ashford’s portfolio mix changes from time to time so will the seasonality for Proforma Hotel EBITDA and Proforma Hotel EBITDA margin. The details of the quarterly calculations for the previous four quarters for the current portfolio of 96 Legacy hotels included in continuing operations together with Ashford’s pro-rata share of the Highland portfolio are provided in the table attached to this release.
COMMON STOCK DIVIDEND
On June 15, 2012, Ashford announced that its Board of Directors had declared a quarterly cash dividend of $0.11 per diluted share for the Company’s common stock for the second quarter ending June 30, 2012, payable July 16, 2012, to shareholders of record as of June 29, 2012.
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AHT Reports Second Quarter Results
Page 4
August 1, 2012
Monty J. Bennett, Chief Executive Officer, commented, “Our solid second quarter 2012 RevPAR improvement for both our Legacy and Highland Hospitality portfolios reflects the continuing, successful integration of Highland into our overall portfolio, as the Highland hotels benefit from more efficient property management and capital investments that we’ve made to unlock the inherent value in these assets. At the same time, U.S. lodging industry conditions have shown steady improvement as a lack of new supply has helped the market. We maintain that we are still in the early stages in this cycle and see tremendous potential upside as market conditions gradually strengthen. At Ashford, we remain conservative after what we’ve seen during the prior industry down cycle. With today’s continuing economic concerns, we have been diligent in proactively addressing upcoming debt maturities and ensuring the Company has the necessary financial flexibility to weather any potential short-term economic fluctuations, while positioning ourselves to take advantage of opportunistic investments that meet our risk-adjusted return criteria as hotel fundamentals continue to improve.”
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Trust, Inc. will conduct a conference call on Thursday August 2, 2012, at 11:00 a.m. ET. The number to call for this interactive teleconference is (480) 629-9771. A replay of the conference call will be available through Thursday August 9, 2012, by dialing (303) 590-3030 and entering the confirmation number, 4549835.
The Company will also provide an online simulcast and rebroadcast of its second quarter 2012 earnings release conference call. The live broadcast of Ashford Hospitality Trust’s quarterly conference call will be available online at the Company’s web site, www.ahtreit.com on Thursday August 2, 2012, beginning at 11:00 a.m. ET. 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 assist in evaluating a real estate company’s operations. These supplemental measures include FFO, AFFO, EBITDA, and Hotel Operating Profit. 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, nor Hotel Operating Profit 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 satisfy our cash needs, including our ability to make cash distributions. However, management believes FFO, AFFO, EBITDA, and Hotel Operating Profit 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 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. Additional information can be found on the Company’s website 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 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, the timing for closing, the impact of the transaction on our business and future financial condition, our business and investment strategy, our understanding of our competition and 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.
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AHT Reports Second Quarter Results
Page 5
August 1, 2012
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 Ashford’s filings with the Securities and Exchange Commission. EBITDA is defined as net income before interest, taxes, depreciation and amortization. EBITDA yield is defined as trailing twelve month EBITDA divided by the purchase price. A capitalization rate is determined by dividing the property’s annual net operating income by the purchase price. Net operating income is the property’s funds from operations minus a capital expense reserve of either 4% or 5% of gross revenues. Funds from operations (“FFO”), as defined by the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”) in April 2002, represents net income (loss) computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains (or losses) from sales of properties and extraordinary items as defined by GAAP, plus depreciation and amortization of real estate assets, and net of adjustments for the portion of these items related to unconsolidated entities and joint ventures.
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. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
| | | | | | | | |
| | | June 30, | | | December 31, | |
| | | 2012 | | | 2011 | |
| | | (Unaudited) | |
ASSETS | | | | | | | | |
Investment in hotel properties, net | | $ | 2,929,113 | | | $ | 2,957,899 | |
Cash and cash equivalents | | | 139,466 | | | | 167,609 | |
Restricted cash | | | 76,558 | | | | 84,069 | |
Accounts receivable, net of allowance of $246 and $212, respectively | | | 41,167 | | | | 28,623 | |
Inventories | | | 2,366 | | | | 2,371 | |
Notes receivable | | | 11,262 | | | | 11,199 | |
Investment in unconsolidated joint ventures | | | 169,246 | | | | 179,527 | |
Investments in securities and other | | | 30,739 | | | | 21,374 | |
Deferred costs, net | | | 18,265 | | | | 17,421 | |
Prepaid expenses | | | 13,897 | | | | 11,308 | |
Derivative assets | | | 22,253 | | | | 37,918 | |
Other assets | | | 5,467 | | | | 4,851 | |
Intangible asset, net | | | 2,765 | | | | 2,810 | |
Due from third-party hotel managers | | | 62,115 | | | | 62,747 | |
| | | | | | | | |
Total assets | | $ | 3,524,679 | | | $ | 3,589,726 | |
| | | | | | | | |
LIABILITIES AND EQUITY | | | | | | | | |
Liabilities: | | | | | | | | |
Indebtedness | | $ | 2,318,943 | | | $ | 2,362,458 | |
Accounts payable and accrued expenses | | | 94,232 | | | | 82,282 | |
Dividends payable | | | 18,260 | | | | 16,941 | |
Unfavorable management contract liabilities | | | 12,482 | | | | 13,611 | |
Due to related party, net | | | 2,330 | | | | 2,569 | |
Due to third-party hotel managers | | | 2,146 | | | | 1,602 | |
Liabilities associated with investments in securities and other | | | 9,953 | | | | 2,246 | |
Other liabilities | | | 5,435 | | | | 5,400 | |
| | | | | | | | |
Total liabilities | | | 2,463,781 | | | | 2,487,109 | |
| | | | | | | | |
Redeemable noncontrolling interests in operating partnership | | | 126,466 | | | | 112,796 | |
Equity: | | | | | | | | |
Preferred stock, $0.01 par value, 50,000,000 shares authorized: | | | | | | | | |
Series A Cumulative Preferred Stock, 1,657,206 shares issued and outstanding at June 30, 2012 and 1,487,900 shares issued and outstanding at December 31, 2011 | | | 17 | | | | 15 | |
Series D Cumulative Preferred Stock, 9,468,706 shares issued and outstanding at June 30, 2012 and 8,966,797 shares issued and outstanding at December 31, 2011 | | | 95 | | | | 90 | |
Series E Cumulative Preferred Stock, 4,630,000 shares issued and outstanding | | | 46 | | | | 46 | |
Common stock, $0.01 par value, 200,000,000 shares authorized, 124,896,765 shares issued, 68,163,909 and 68,032,289 shares outstanding, respectively | | | 1,249 | | | | 1,249 | |
Additional paid-in capital | | | 1,761,158 | | | | 1,746,259 | |
Accumulated other comprehensive loss | | | (261 | ) | | | (184 | ) |
Accumulated deficit | | | (679,533 | ) | | | (609,272 | ) |
Treasury stock, at cost (56,732,856 shares and 56,864,476 shares, respectively) | | | (164,829 | ) | | | (164,796 | ) |
| | | | | | | | |
Total shareholders’ equity of the Company | | | 917,942 | | | | 973,407 | |
Noncontrolling interests in consolidated joint ventures | | | 16,490 | | | | 16,414 | |
| | | | | | | | |
Total equity | | | 934,432 | | | | 989,821 | |
| | | | | | | | |
Total liabilities and equity | | $ | 3,524,679 | | | $ | 3,589,726 | |
| | | | | | | | |
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
| | | | | | | | | | | | | | | | |
| | | Three Months
Ended June 30, | | | Six Months Ended
June 30, | |
| | | 2012 | | | 2011 | | | 2012 | | | 2011 | |
| | | (Unaudited) | | | (Unaudited) | |
REVENUE | | | | | | | | | | | | | | | | |
Rooms | | $ | 194,188 | | | $ | 177,040 | | | $ | 368,736 | | | $ | 339,789 | |
Food and beverage | | | 44,415 | | | | 41,242 | | | | 86,117 | | | | 79,649 | |
Rental income from operating leases | | | — | | | | 1,484 | | | | — | | | | 2,704 | |
Other | | | 10,453 | | | | 10,253 | | | | 20,015 | | | | 19,599 | |
| | | | | | | | | | | | | | | | |
Total hotel revenue | | | 249,056 | | | | 230,019 | | | | 474,868 | | | | 441,741 | |
Asset management fees and other | | | 77 | | | | 80 | | | | 152 | | | | 148 | |
| | | | | | | | | | | | | | | | |
Total Revenue | | | 249,133 | | | | 230,099 | | | | 475,020 | | | | 441,889 | |
| | | | | | | | | | | | | | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Hotel operating expenses | | | | | | | | | | | | | | | | |
Rooms | | | 42,852 | | | | 39,205 | | | | 82,590 | | | | 76,251 | |
Food and beverage | | | 28,758 | | | | 27,121 | | | | 57,401 | | | | 53,602 | |
Other expenses | | | 75,715 | | | | 68,928 | | | | 145,061 | | | | 134,402 | |
Management fees | | | 10,047 | | | | 9,184 | | | | 19,198 | | | | 18,043 | |
| | | | | | | | | | | | | | | | |
Total hotel operating expenses | | | 157,372 | | | | 144,438 | | | | 304,250 | | | | 282,298 | |
Property taxes, insurance, and other | | | 10,525 | | | | 11,769 | | | | 22,680 | | | | 22,656 | |
Depreciation and amortization | | | 34,184 | | | | 33,027 | | | | 68,539 | | | | 65,804 | |
Impairment charges | | | 4,025 | | | | (4,316 | ) | | | 3,933 | | | | (4,656 | ) |
Gain on insurance settlement | | | — | | | | (1,905 | ) | | | — | | | | (1,905 | ) |
Transaction acquisition costs | | | — | | | | 406 | | | | — | | | | (818 | ) |
Corporate, general, and administrative: | | | | | | | | | | | | | | | | |
Stock/unit-based compensation | | | 4,223 | | | | 3,546 | | | | 9,369 | | | | 5,360 | |
Other general and administrative | | | 7,707 | | | | 7,459 | | | | 12,807 | | | | 19,528 | |
| | | | | | | | | | | | | | | | |
Total Operating Expenses | | | 218,036 | | | | 194,424 | | | | 421,578 | | | | 388,267 | |
| | | | | | | | | | | | | | | | |
OPERATING INCOME | | | 31,097 | | | | 35,675 | | | | 53,442 | | | | 53,622 | |
Equity in earnings (loss) of unconsolidated joint ventures | | | 23 | | | | (2,301 | ) | | | (10,281 | ) | | | 25,824 | |
Interest income | | | 22 | | | | 23 | | | | 54 | | | | 59 | |
Other income | | | 6,703 | | | | 18,157 | | | | 14,317 | | | | 66,160 | |
Interest expense | | | (35,123 | ) | | | (33,520 | ) | | | (69,116 | ) | | | (67,019 | ) |
Amortization of loan costs | | | (1,466 | ) | | | (1,288 | ) | | | (2,678 | ) | | | (2,367 | ) |
Unrealized gain on investments | | | 1,628 | | | | 39 | | | | 3,413 | | | | 39 | |
Unrealized loss on derivatives | | | (7,458 | ) | | | (17,733 | ) | | | (17,399 | ) | | | (34,550 | ) |
| | | | | | | | | | | | | | | | |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOMETAXES | | | (4,574 | ) | | | (948 | ) | | | (28,248 | ) | | | 41,768 | |
Income tax expense | | | (1,366 | ) | | | (285 | ) | | | (2,245 | ) | | | (1,329 | ) |
| | | | | | | | | | | | | | | | |
INCOME (LOSS) FROM CONTINUING OPERATIONS | | | (5,940 | ) | | | (1,233 | ) | | | (30,493 | ) | | | 40,439 | |
Loss from discontinued operations | | | — | | | | (6,029 | ) | | | — | | | | (3,819 | ) |
| | | | | | | | | | | | | | | | |
NET INCOME (LOSS) | | | (5,940 | ) | | | (7,262 | ) | | | (30,493 | ) | | | 36,620 | |
(Income) loss from consolidated joint ventures attributable to noncontrolling interests | | | (54 | ) | | | (438 | ) | | | 224 | | | | (1,369 | ) |
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | | | 1,180 | | | | 3,389 | | | | 4,238 | | | | (1,729 | ) |
| | | | | | | | | | | | | | | | |
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | | | (4,814 | ) | | | (4,311 | ) | | | (26,031 | ) | | | 33,522 | |
Preferred dividends | | | (8,490 | ) | | | (24,771 | ) | | | (16,822 | ) | | | (31,326 | ) |
| | | | | | | | | | | | | | | | |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | | $ | (13,304 | ) | | $ | (29,082 | ) | | $ | (42,853 | ) | | $ | 2,196 | |
| | | | | | | | | | | | | | | | |
INCOME PER SHARE – BASIC AND DILUTED: | | | | | | | | | | | | | | | | |
Basic: | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations attributable to common shareholders | | $ | (0.20 | ) | | $ | (0.40 | ) | | $ | (0.64 | ) | | $ | 0.11 | |
Loss from discontinued operations attributable to common shareholders | | | — | | | | (0.09 | ) | | | — | | | | (0.07 | ) |
| | | | | | | | | | | | | | | | |
Net income (loss) attributable to common shareholders | | $ | (0.20 | ) | | $ | (0.49 | ) | | $ | (0.64 | ) | | $ | 0.04 | |
| | | | | | | | | | | | | | | | |
Weighted average common shares outstanding – basic | | | 67,639 | | | | 59,482 | | | | 67,396 | | | | 58,157 | |
| | | | | | | | | | | | | | | | |
Diluted: | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations attributable to common shareholders | | $ | (0.20 | ) | | $ | (0.40 | ) | | $ | (0.64 | ) | | $ | 0.11 | |
Loss from discontinued operations attributable to common shareholders | | | — | | | | (0.09 | ) | | | — | | | | (0.07 | ) |
| | | | | | | | | | | | | | | | |
Net income (loss) attributable to common shareholders | | $ | (0.20 | ) | | $ | (0.49 | ) | | $ | (0.64 | ) | | $ | 0.04 | |
| | | | | | | | | | | | | | | | |
Weighted average common shares outstanding – diluted | | | 67,639 | | | | 59,482 | | | | 67,396 | | | | 58,157 | |
| | | | | | | | | | | | | | | | |
Dividends declared per common share: | | $ | 0.11 | | | $ | 0.10 | | | $ | 0.22 | | | $ | 0.20 | |
| | | | | | | | | | | | | | | | |
Amounts attributable to common shareholders: | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations, net of tax | | $ | (4,814 | ) | | $ | 969 | | | $ | (26,031 | ) | | $ | 37,768 | |
Loss from discontinued operations, net of tax | | | — | | | | (5,280 | ) | | | — | | | | (4,246 | ) |
Preferred dividends | | | (8,490 | ) | | | (24,771 | ) | | | (16,822 | ) | | | (31,326 | ) |
| | | | | | | | | | | | | | | | |
Net income (income) attributable to common shareholders | | $ | (13,304 | ) | | $ | (29,082 | ) | | $ | (42,853 | ) | | $ | 2,196 | |
| | | | | | | | | | | | | | | | |
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA
(in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | |
| | | Three Months
Ended June 30, | | | Six Months Ended
June 30, | |
| | | 2012 | | | 2011 | | | 2012 | | | 2011 | |
Net income (loss) | | $ | (5,940 | ) | | $ | (7,262 | ) | | $ | (30,493 | ) | | $ | 36,620 | |
(Income) loss from consolidated joint ventures attributable to noncontrolling interests | | | (54 | ) | | | (438 | ) | | | 224 | | | | (1,369 | ) |
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | | | 1,180 | | | | 3,389 | | | | 4,238 | | | | (1,729 | ) |
| | | | | | | | | | | | | | | | |
Net income (loss) attributable to the Company | | | (4,814 | ) | | | (4,311 | ) | | | (26,031 | ) | | | 33,522 | |
Interest income | | | (22 | ) | | | (23 | ) | | | (54 | ) | | | (59 | ) |
Interest expense and amortization of loan costs | | | 36,239 | | | | 34,346 | | | | 71,090 | | | | 69,162 | |
Depreciation and amortization | | | 33,434 | | | | 32,402 | | | | 67,017 | | | | 64,563 | |
Impairment charges | | | 4,025 | | | | 1,921 | | | | 3,933 | | | | 1,581 | |
Income tax expense | | | 1,366 | | | | 285 | | | | 2,245 | | | | 1,414 | |
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership | | | (1,180 | ) | | | (3,389 | ) | | | (4,238 | ) | | | 1,729 | |
Equity in (earnings) loss of unconsolidated joint ventures | | | (23 | ) | | | 2,301 | | | | 10,281 | | | | (25,824 | ) |
Company’s portion of EBITDA of unconsolidated joint ventures | | | 25,116 | | | | 21,864 | | | | 39,680 | | | | 67,909 | |
| | | | | | | | | | | | | | | | |
EBITDA | | | 94,141 | | | | 85,396 | | | | 163,923 | | | | 213,997 | |
Amortization of unfavorable management contract liabilities | | | (565 | ) | | | (565 | ) | | | (1,129 | ) | | | (1,129 | ) |
Gain on sale/disposition of properties | | | — | | | | (158 | ) | | | — | | | | (2,961 | ) |
Non-cash gain on insurance settlements | | | — | | | | (1,157 | ) | | | — | | | | (1,157 | ) |
Write-off of loan costs, premiums, and exit fees, net | | | — | | | | — | | | | — | | | | 948 | |
Other income (1) | | | (6,703 | ) | | | (18,157 | ) | | | (14,317 | ) | | | (66,160 | ) |
Transaction acquisition costs | | | — | | | | 406 | | | | — | | | | (818 | ) |
Legal costs related to litigation settlements (2) | | | 1,467 | | | | 1,375 | | | | 1,707 | | | | 6,875 | |
Unrealized gain on investments | | | (1,628 | ) | | | (39 | ) | | | (3,413 | ) | | | (39 | ) |
Unrealized loss on derivatives | | | 7,458 | | | | 17,733 | | | | 17,399 | | | | 34,550 | |
Equity-based compensation | | | 4,223 | | | | 3,546 | | | | 9,369 | | | | 5,360 | |
Company’s portion of adjustments to EBITDA of unconsolidated joint ventures | | | 49 | | | | 1,217 | | | | 144 | | | | (39,794 | ) |
| | | | | | | | | | | | | | | | |
Adjusted EBITDA | | $ | 98,442 | | | $ | 89,597 | | | $ | 173,683 | | | $ | 149,672 | |
| | | | | | | | | | | | | | | | |
| (1) | Other income primarily consisting of income from interest rate derivatives in both periods, net realized loss on investments in securities and other in 2012, and a $30 million litigation settlement in 2011 are excluded from Adjusted EBITDA. |
| (2) | Legal costs associated with litigation settlements are excluded from Adjusted EBITDA. |
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS (“FFO”)
(in thousands, except per share amounts)
(Unaudited)
| | | | | | | | | | | | | | | | |
| | | Three Months
Ended June 30, | | | Six Months Ended
June 30, | |
| | | 2012 | | | 2011 | | | 2012 | | | 2011 | |
Net income (loss) | | $ | (5,940 | ) | | $ | (7,262 | ) | | $ | (30,493 | ) | | $ | 36,620 | |
(Income) loss from consolidated joint ventures attributable to noncontrolling interests | | | (54 | ) | | | (438 | ) | | | 224 | | | | (1,369 | ) |
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | | | 1,180 | | | | 3,389 | | | | 4,238 | | | | (1,729 | ) |
Preferred dividends | | | (8,490 | ) | | | (24,771 | ) | | | (16,822 | ) | | | (31,326 | ) |
| | | | | | | | | | | | | | | | |
Net income (loss) attributable to common shareholders | | | (13,304 | ) | | | (29,082 | ) | | | (42,853 | ) | | | 2,196 | |
Depreciation and amortization on real estate | | | 33,374 | | | | 32,340 | | | | 66,892 | | | | 64,439 | |
Impairment charges | | | 4,025 | | | | 1,921 | | | | 3,933 | | | | 1,581 | |
Gain on sale/dispoistion of properties | | | — | | | | (158 | ) | | | — | | | | (2,961 | ) |
Non-cash gain on insurance settlements | | | — | | | | (1,157 | ) | | | — | | | | (1,157 | ) |
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership | | | (1,180 | ) | | | (3,389 | ) | | | (4,238 | ) | | | 1,729 | |
Equity in (earnings) loss of unconsolidated joint ventures | | | (23 | ) | | | 2,301 | | | | 10,281 | | | | (25,824 | ) |
Company’s portion of FFO of unconsolidated joint ventures | | | 12,955 | | | | 9,974 | | | | 15,410 | | | | (999 | ) |
| | | | | | | | | | | | | | | | |
FFO available to common shareholders | | | 35,847 | | | | 12,750 | | | | 49,425 | | | | 39,004 | |
Dividends on convertible preferred stock | | | — | | | | 350 | | | | — | | | | 1,374 | |
Write-off of loan costs, premiums, and exit fees, net | | | — | | | | — | | | | — | | | | 948 | |
Transaction acquisition costs | | | — | | | | 406 | | | | — | | | | (818 | ) |
Legal costs related to litigation settlements (2) | | | 1,467 | | | | 1,375 | | | | 1,707 | | | | 6,875 | |
Other income (1) | | | 1,303 | | | | — | | | | 1,681 | | | | (30,000 | ) |
Unrealized gain on investments | | | (1,628 | ) | | | (39 | ) | | | (3,413 | ) | | | (39 | ) |
Unrealized loss on derivatives | | | 7,458 | | | | 17,733 | | | | 17,399 | | | | 34,550 | |
Non-cash dividends on Series B-1 preferred stock | | | — | | | | 17,363 | | | | — | | | | 17,363 | |
Equity-based compensation adjustment related to modified employment terms | | | (511 | ) | | | — | | | | 480 | | | | — | |
Company’s portion of adjustments to FFO of unconsolidated joint ventures | | | 49 | | | | 1,217 | | | | 144 | | | | 14,278 | |
| | | | | | | | | | | | | | | | |
Adjusted FFO available to common shareholders | | $ | 43,985 | | | $ | 51,155 | | | $ | 67,423 | | | $ | 83,535 | |
| | | | | | | | | | | | | | | | |
Adjusted FFO per diluted share available to common shareholders | | $ | 0.52 | | | $ | 0.65 | | | $ | 0.80 | | | $ | 1.06 | |
| | | | | | | | | | | | | | | | |
Weighted average diluted shares | | | 85,317 | | | | 78,435 | | | | 84,791 | | | | 78,828 | |
| | | | | | | | | | | | | | | | |
| (1) | Other income in 2012 primarily represents net realized loss on investments in securities and other which is excluded from Adjusted FFO. Other income in 2011 represents a gain from a litigation settlement which is excluded from Adjusted FFO. |
| (2) | Legal costs associated with litigation settlements are excluded from Adjusted FFO. |
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
LEGAGY PORTFOLIO ONLY
SUMMARY OF INDEBTEDNESS OF CONTINUING OPERATIONS
JUNE 30, 2012
(dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
Indebtedness | | Maturity | | Interest Rate | | Fixed-
Rate Debt | | | Floating-Rate
Debt | | | Total
Debt | | | TTM Hotel
EBITDA | |
Aareal—2 hotels | | August 2013 | | LIBOR + 2.75% | | $ | — | | | $ | 143,667 | | | $ | 143,667 | | | $ | 23,418 | |
BoA MIP—5 hotels | | March 2014 | | LIBOR + 4.50% | | | — | | | | 176,400 | (1) | | | 176,400 | | | | 18,242 | |
JPM Floater—9 hotels | | May 2014 | | LIBOR + 6.50% | | | — | | | | 135,000 | | | | 135,000 | | | | 15,469 | |
GEMSA Manchester—1 hotel | | May 2014 | | 8.32% | | | 5,381 | | | | — | | | | 5,381 | | | | 585 | |
Senior credit facility—Various | | September 2014 | | LIBOR + 2.75% to 3.5% | | | — | | | | — | | | | — | | | | N/A | |
Met Life El Con—1 hotel | | December 2014 | | Greater of 5.5% or LIBOR + 3.5% | | | — | | | | 19,740 | | | | 19,740 | | | | (1,362 | ) |
UBS 1—8 hotels | | December 2014 | | 5.75% | | | 105,787 | | | | — | | | | 105,787 | | | | 12,443 | |
Merrill 1—10 hotels | | July 2015 | | 5.22% | | | 154,172 | | | | — | | | | 154,172 | | | | 18,508 | |
UBS 2—8 hotels | | December 2015 | | 5.70% | | | 97,860 | | | | — | | | | 97,860 | | | | 13,548 | |
Prudential/Wheelock—5 hotels | | December 2015 | | 12.72% | | | 152,929 | | | | — | | | | 152,929 | | | | 23,727 | |
Merrill 2—5 hotels | | February 2016 | | 5.53% | | | 111,310 | | | | — | | | | 111,310 | | | | 16,204 | |
Merrill 3—5 hotels | | February 2016 | | 5.53% | | | 92,310 | | | | — | | | | 92,310 | | | | 14,933 | |
Merrill 7—5 hotels | | February 2016 | | 5.53% | | | 79,961 | | | | — | | | | 79,961 | | | | 12,490 | |
Wachovia Philly CY—1 hotel | | April 2017 | | 5.91% | | | 34,935 | | | | — | | | | 34,935 | | | | 9,092 | |
Wachovia 3—2 hotels | | April 2017 | | 5.95% | | | 128,014 | | | | — | | | | 128,014 | | | | 13,281 | |
Wachovia 7—3 hotels | | April 2017 | | 5.95% | | | 260,497 | | | | — | | | | 260,497 | | | | 22,491 | |
Wachovia 1—5 hotels | | April 2017 | | 5.95% | | | 115,386 | | | | — | | | | 115,386 | | | | 9,942 | |
Wachovia 5—5 hotels | | April 2017 | | 5.95% | | | 103,714 | | | | — | | | | 103,714 | | | | 8,516 | |
Wachovia 6—5 hotels | | April 2017 | | 5.95% | | | 157,813 | | | | — | | | | 157,813 | | | | 14,624 | |
Wachovia 2—7 hotels | | April 2017 | | 5.95% | | | 126,232 | | | | — | | | | 126,232 | | | | 10,776 | |
TIF Philly CY—1 hotel | | June 2018 | | 12.85% | | | 8,098 | | | | — | | | | 8,098 | | | | N/A | |
GACC Gateway—1 hotel | | November 2020 | | 6.26% | | | 103,170 | | | | — | | | | 103,170 | | | | 16,215 | |
Zion Jacksonville RI—1 hotel | | April 2034 | | Greater of 6% or Prime + 1% | | | — | | | | 6,568 | | | | 6,568 | | | | 1,015 | |
Unencumbered hotels | | | | | | | — | | | | — | | | | — | | | | 2,864 | |
| | | | | | | | | | | | | | | | | | | | |
Total | | | | | | $ | 1,837,569 | | | $ | 481,375 | | | $ | 2,318,943 | | | $ | 277,021 | |
| | | | | | | | | | | | | | | | | | | | |
Percentage | | | | | | | 79.2 | % | | | 20.8 | % | | | 100.0 | % | | | | |
| | | | | | | | | | | | | | | | | | | | |
Weighted average interest rate | | | | | | | 6.43 | % | | | 4.83 | % | | | 6.10 | % | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total indebtedness with effect of interest rate swaps | | | | | | $ | 1,837,569 | | | $ | 481,375 | | | $ | 2,318,943 | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Percentage with the effect of interest rate swaps | | | | | | | 79.2 | % | | | 20.8 | % | | | 100.0 | % | | | | |
| | | | | | | | | | | | | | | | | | | | |
Weighted average interest rate with the effect of interest rate swaps | | | | | | | 4.71 | %(2) | | | 4.83 | %(2) | | | 4.74 | % | | | | |
| | | | | | | | | | | | | | | | | | | | |
All indebtedness is non-recourse with the exception of the credit facility.
| (1) | This mortgage loan has a one-year extension option beginning March 2014, subject to satisfaction of certain conditions. |
| (2) | These rates are calculated assuming the LIBOR rate stays at the March 31, 2012 level and with the effect of our interest rate derivatives. |
HIGHLAND HOSPITALITY PORTFOLIO
(PIM HIGHLAND HOLDING LLC)
SUMMARY OF INDEBTEDNESS
ASHFORD’S PRO RATA 71.74% SHARE
JUNE 30, 2012
(dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
Indebtedness | | Maturity | | Interest Rate | | Fixed-
Rate Debt | | | Floating-Rate
Debt | | | Total
Debt | | | TTM Hotel
EBITDA | |
CIGNA Boston Back Bay—1 hotel | | January 2013 | | 5.96% | | $ | 45,634 | | | $ | — | | | $ | 45,634 | | | $ | 8,720 | |
CIGNA Westin Princeton—1 hotel | | February 2013 | | 5.97% | | | 23,185 | | | | | | | | 23,185 | | | | 3,403 | |
CIGNA Nashville Renaissance—1 hotel | | April 2013 | | 6.11% | | | 32,563 | | | | | | | | 32,563 | | | | 7,880 | |
Wells Senior—25 hotels | | March 2014 | | LIBOR + 2.75% | | | — | | | | 380,222 | (1) | | | 380,222 | | | | 59,202 | |
Mezz 1—28 hotels | | March 2014 | | Greater of 7.00% or LIBOR + 6.00% | | | — | | | | 103,642 | (1) | | | 103,642 | | | | 79,205 | |
Mezz 2—28 hotels | | March 2014 | | Greater of 8.00% or LIBOR + 7.00% | | | — | | | | 98,665 | (1) | | | 98,665 | | | | 79,205 | |
Mezz 3—28 hotels | | March 2014 | | Greater of 10.50% or LIBOR + 9.50% | | | — | | | | 84,570 | (1) | | | 84,570 | | | | 79,205 | |
Mezz 4—28 hotels | | March 2014 | | LIBOR + 2.00% | | | | | | | 13,218 | (1) | | | 13,218 | | | | 79,205 | |
| | | | | | | | | | | | | | | | | | | | |
Total (Ashford's 71.74% share only) | | | | | | $ | 101,382 | | | $ | 680,316 | | | $ | 781,698 | | | $ | 79,205 | |
| | | | | | | | | | | | | | | | | | | | |
Percentage | | | | | | | 13.0 | % | | | 87.0 | % | | | 100.0 | % | | | | |
| | | | | | | | | | | | | | | | | | | | |
Weighted average interest rate | | | | | | | 6.01 | % | | | 5.25 | % | | | 5.35 | % | | | | |
| | | | | | | | | | | | | | | | | | | | |
Percentage with the effect of interest rate swaps | | | | | | | 13.0 | % | | | 87.0 | % | | | 100.0 | % | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total Ashford plus Ashford's 71.74% share of PIM Highland Holding LLC | | | | | | $ | 1,938,951 | | | $ | 1,161,691 | | | $ | 3,100,641 | | | $ | 356,226 | |
| | | | | | | | | | | | | | | | | | | | |
Percentage with the effect of interest rate swaps | | | | | | | 62.5 | % | | | 37.5 | % | | | 100.0 | % | | | | |
| | | | | | | | | | | | | | | | | | | | |
Weighted average interest rate with the effect of interest rate swaps | | | | | | | 4.78 | % | | | 5.08 | % | | | 4.89 | % | | | | |
| | | | | | | | | | | | | | | | | | | | |
| (1) | Each of these loans has two one-year extension options beginning March 2014. |
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
LEGAGY PORTFOLIO ONLY
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
JUNE 30, 2012
(in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2012 | | | 2013 | | | 2014 | | | 2015 | | | 2016 | | | Thereafter | | | Total | |
Aareal—2 hotels | | $ | — | | | $ | 140,167 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | 140,167 | |
GEMSA Manchester—1 hotel | | | — | | | | — | | | | 5,004 | | | | — | | | | — | | | | — | | | | 5,004 | |
Senior credit facility—Various | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Met Life El Con—1 hotel | | | — | | | | — | | | | 19,740 | | | | — | | | | — | | | | — | | | | 19,740 | |
UBS 1—8 hotels | | | — | | | | — | | | | 100,119 | | | | — | | | | — | | | | — | | | | 100,119 | |
BoA MIP—5 hotels | | | — | | | | — | | | | — | | | | 176,400 | | | | — | | | | — | | | | 176,400 | |
Merrill 1—10 hotels | | | — | | | | — | | | | — | | | | 142,922 | | | | — | | | | — | | | | 142,922 | |
UBS 2—8 hotels | | | — | | | | — | | | | — | | | | 90,680 | | | | — | | | | — | | | | 90,680 | |
Prudential/Wheelock—5 hotels | | | — | | | | — | | | | — | | | | 146,415 | | | | — | | | | — | | | | 146,415 | |
Merrill 2—5 hotels | | | — | | | | — | | | | — | | | | — | | | | 101,740 | | | | — | | | | 101,740 | |
Merrill 3—5 hotels | | | — | | | | — | | | | — | | | | — | | | | 84,374 | | | | — | | | | 84,374 | |
Merrill 7—5 hotels | | | — | | | | — | | | | — | | | | — | | | | 73,086 | | | | — | | | | 73,086 | |
JPM Floater—9 hotels | | | — | | | | — | | | | — | | | | — | | | | — | | | | 135,000 | | | | 135,000 | |
Wachovia Philly CY—1 hotel | | | — | | | | — | | | | — | | | | — | | | | — | | | | 32,532 | | | | 32,532 | |
Wachovia 3—2 hotels | | | — | | | | — | | | | — | | | | — | | | | — | | | | 119,245 | | | | 119,245 | |
Wachovia 7—3 hotels | | | — | | | | — | | | | — | | | | — | | | | — | | | | 242,201 | | | | 242,201 | |
Wachovia 1—5 hotels | | | — | | | | — | | | | — | | | | — | | | | — | | | | 107,351 | | | | 107,351 | |
Wachovia 5—5 hotels | | | — | | | | — | | | | — | | | | — | | | | — | | | | 96,491 | | | | 96,491 | |
Wachovia 6—5 hotels | | | — | | | | — | | | | — | | | | — | | | | — | | | | 146,823 | | | | 146,823 | |
Wachovia 2—7 hotels | | | — | | | | — | | | | — | | | | — | | | | — | | | | 117,441 | | | | 117,441 | |
TIF Philly CY—1 hotel | | | — | | | | — | | | | — | | | | — | | | | — | | | | 8,098 | | | | 8,098 | |
GACC Gateway—1 hotel | | | — | | | | — | | | | — | | | | — | | | | — | | | | 89,886 | | | | 89,886 | |
Zion Jacksonville RI—1 hotel | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal due in future periods | | $ | — | | | $ | 140,167 | | | $ | 124,863 | | | $ | 556,417 | | | $ | 259,200 | | | $ | 1,095,068 | | | $ | 2,175,715 | |
Scheduled amortization payments remaining | | | 18,510 | | | | 31,030 | | | | 30,978 | | | | 28,230 | | | | 16,723 | | | | 17,757 | | | | 143,228 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total indebtedness of continuing operations | | $ | 18,510 | | | $ | 171,197 | | | $ | 155,841 | | | $ | 584,647 | | | $ | 275,923 | | | $ | 1,112,825 | | | $ | 2,318,943 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NOTE: These maturities assume no event of default would occur. | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
HIGHLAND HOSPITALITY PORTFOLIO
(PIM HIGHLAND HOLDING LLC)
INDEBTEDNESS BY MATURITY
ASSUMING EXTENSION OPTIONS ARE EXERCISED
ASHFORD’S PRO RATA 71.74% SHARE
JUNE 30, 2012
(in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2012 | | | 2013 | | | 2014 | | | 2015 | | | 2016 | | | Thereafter | | | Total | |
CIGNA Boston Back Bay—1 hotel | | $ | — | | | $ | 45,215 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 45,215 | |
CIGNA Westin Princeton—1 hotel | | | — | | | | 22,939 | | | | — | | | | — | | | | — | | | | — | | | | 22,939 | |
CIGNA Nashville Renaissance—1 hotel | | | — | | | | 31,774 | | | | — | | | | — | | | | — | | | | — | | | | 31,774 | |
Wells Senior—25 hotels | | | — | | | | — | | | | — | | | | — | | | | 380,222 | | | | — | | | | 380,222 | |
Mezz 1—28 hotels | | | — | | | | — | | | | — | | | | — | | | | 103,642 | | | | — | | | | 103,642 | |
Mezz 2—28 hotels | | | — | | | | — | | | | — | | | | — | | | | 98,665 | | | | — | | | | 98,665 | |
Mezz 3—28 hotels | | | — | | | | — | | | | — | | | | — | | | | 84,570 | | | | — | | | | 84,570 | |
Mezz 4—28 hotels | | | — | | | | — | | | | — | | | | — | | | | 13,218 | | | | — | | | | 13,218 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Principal due in future periods | | $ | — | | | $ | 99,928 | | | $ | — | | | $ | — | | | $ | 680,316 | | | $ | — | | | $ | 780,244 | |
Scheduled amortization payments remaining | | | 992 | | | | 462 | | | | — | | | | — | | | | — | | | | — | | | | 1,454 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total indebtedness of continuing operations (Ashford’s 71.74% share only) | | $ | 992 | | | $ | 100,390 | | | $ | — | | | $ | — | | | $ | 680,316 | | | $ | — | | | $ | 781,698 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total indebtedness of continuing operations plus Ashford’s 71.74% share of PIM Highland Holding LLC | | $ | 19,502 | | | $ | 271,587 | | | $ | 155,841 | | | $ | 584,647 | | | $ | 956,239 | | | $ | 1,112,825 | | | $ | 3,100,641 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
-MORE-
ASHFORD HOSPITALITY TRUST, INC.
KEY PERFORMANCE INDICATORS—PRO FORMA
LEGACY PORTFOLIO ONLY
(dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2012 | | | 2011 | | | % Variance | | | 2012 | | | 2011 | | | % Variance | |
ALL HOTELS INCLUDED IN CONTINUING OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
Room revenues (in thousands) | | $ | 193,002 | | | $ | 181,795 | | | | 6.16 | % | | $ | 366,434 | | | $ | 348,234 | | | | 5.23 | % |
RevPAR | | $ | 106.40 | | | $ | 100.22 | | | | 6.17 | % | | $ | 101.01 | | | $ | 96.28 | | | | 4.91 | % |
Occupancy | | | 78.16 | % | | | 76.34 | % | | | 1.82 | % | | | 74.57 | % | | | 73.11 | % | | | 1.46 | % |
ADR | | $ | 136.13 | | | $ | 131.29 | | | | 3.69 | % | | $ | 135.46 | | | $ | 131.69 | | | | 2.86 | % |
| |
NOTE: The above pro forma table assumes the 96 hotel properties owned and included in continuing operations at June 30, 2012 were owned as of the beginning of the period presented. | | | | | |
| | | | | | |
ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
Room revenues (in thousands) | | $ | 169,337 | | | $ | 157,892 | | | | 7.25 | % | | $ | 321,341 | | | $ | 303,119 | | | | 6.01 | % |
RevPAR | | $ | 105.06 | | | $ | 97.95 | | | | 7.26 | % | | $ | 99.68 | | | $ | 94.29 | | | | 5.72 | % |
Occupancy | | | 78.66 | % | | | 76.29 | % | | | 2.37 | % | | | 75.14 | % | | | 73.23 | % | | | 1.91 | % |
ADR | | $ | 133.56 | | | $ | 128.39 | | | | 4.03 | % | | $ | 132.67 | | | $ | 128.77 | | | | 3.03 | % |
NOTES:
| (1) | The above pro forma table assumes the 87 hotel properties owned and included in continuing operations at June 30, 2012 but not under renovation for three and six months ended June 30, 2012 were owned as of the beginning of the periods presented. |
| (2) | Excluded Hotels Under Renovation: |
Capital Hilton, Crowne Plaza La Concha—Key West, Embassy Suites Flagstaff, Hilton Santa Fe, Hilton Tucson El Conquistador Golf Resort, SpringHill Suites Manhattan Beach, Hampton Inn Evansville, Sheraton Indy City Center, Courtyard Atlanta Alpharetta
HIGHLAND HOSPITALITY PORTFOLIO
(PIM HIGHLAND HOLDING LLC)
KEY PERFORMANCE INDICATORS—PRO FORMA
(dollars in thousands)
(Unaudited)
THE FOLLOWING TABLE PRESENTS THE PRO FORMA PERFORMANCE OF THE HIGHLAND HOSPITALITY PORTFOLIO (IN PIM HIGHLAND HOLDING LLC) AS IF THEY WERE OWNED AS OF THE BEGINNING OF THE FIRST COMPARATIVE REPORTING PERIOD.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2012 | | | 2011 | | | % Variance | | | 2012 | | | 2011 | | | % Variance | |
71.74% PRO-RATA SHARE OF ALL HOTELS INCLUDED IN | | | | | | | | | | | | | | | | | | | | | | | | |
CONTINUING OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
Room revenues (in thousands) | | $ | 57,980 | | | $ | 54,495 | | | | 6.40 | % | | $ | 105,074 | | | $ | 100,575 | | | | 4.47 | % |
RevPAR | | $ | 111.89 | | | $ | 105.16 | | | | 6.40 | % | | $ | 101.39 | | | $ | 97.46 | | | | 4.03 | % |
Occupancy | | | 76.55 | % | | | 74.16 | % | | | 2.39 | % | | | 72.36 | % | | | 70.94 | % | | | 1.42 | % |
ADR | | $ | 146.17 | | | $ | 141.80 | | | | 3.08 | % | | $ | 140.11 | | | $ | 137.38 | | | | 1.99 | % |
| |
NOTE: The above pro forma table assumes the 28 hotel properties owned and included in continuing operations at June 30, 2012 were owned as of the beginning of the periods presented. | | | | | |
| | | | | | |
71.74% PRO-RATA SHARE OF ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | |
Room revenues (in thousands) | | $ | 46,841 | | | $ | 43,515 | | | | 7.64 | % | | $ | 86,623 | | | $ | 82,072 | | | | 5.55 | % |
RevPAR | | $ | 110.97 | | | $ | 103.09 | | | | 7.64 | % | | $ | 102.61 | | | $ | 97.63 | | | | 5.10 | % |
Occupancy | | | 75.92 | % | | | 72.64 | % | | | 3.28 | % | | | 72.55 | % | | | 69.93 | % | | | 2.62 | % |
ADR | | $ | 146.16 | | | $ | 141.92 | | | | 2.99 | % | | $ | 141.44 | | | $ | 139.60 | | | | 1.32 | % |
NOTES:
| (1) | The above pro forma table assumes the 22 hotel properties owned and included in continuing operations at June 30, 2012 but not under renovation for the three and six months ended June 30, 2012 were owned as of the beginning of the periods presented. |
| (2) | Excluded Hotels Under Renovation: |
Marriott San Antonio Plaza, The Melrose, Courtyard Boston Tremont, Courtyard Savannah, Hilton Garden Inn Virginia Beach, Hyatt Regency Wind Watch
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ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA HOTEL OPERATING PROFIT
LEGACY PORTFOLIO ONLY
(dollars in thousands)
(Unaudited)
ALL HOTELS INCLUDED IN CONTINUING OPERATIONS:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2012 | | | 2011 | | | % Variance | | | 2012 | | | 2011 | | | % Variance | |
REVENUE | | | | | | | | | | | | | | | | | | | | | | | | |
Rooms | | $ | 193,002 | | | $ | 181,795 | | | | 6.2 | % | | $ | 366,434 | | | $ | 348,234 | | | | 5.2 | % |
Food and beverage | | | 44,371 | | | | 42,015 | | | | 5.6 | % | | | 86,046 | | | | 80,953 | | | | 6.3 | % |
Other | | | 10,161 | | | | 9,800 | | | | 3.7 | % | | | 19,447 | | | | 19,018 | | | | 2.3 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total hotel revenue | | | 247,534 | | | | 233,610 | | | | 6.0 | % | | | 471,927 | | | | 448,205 | | | | 5.3 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | |
Rooms | | | 42,498 | | | | 40,031 | | | | 6.2 | % | | | 81,879 | | | | 77,975 | | | | 5.0 | % |
Food and beverage | | | 28,733 | | | | 27,667 | | | | 3.9 | % | | | 57,358 | | | | 54,588 | | | | 5.1 | % |
Other direct | | | 6,199 | | | | 6,147 | | | | 0.8 | % | | | 11,995 | | | | 11,597 | | | | 3.4 | % |
Indirect | | | 64,032 | | | | 61,774 | | | | 3.7 | % | | | 126,088 | | | | 122,981 | | | | 2.5 | % |
Management fees, includes base and incentive fees | | | 13,091 | | | | 11,453 | | | | 14.3 | % | | | 22,544 | | | | 20,717 | | | | 8.8 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total hotel operating expenses | | | 154,553 | | | | 147,072 | | | | 5.1 | % | | | 299,864 | | | | 287,858 | | | | 4.2 | % |
Property taxes, insurance, and other | | | 10,397 | | | | 11,917 | | | | -12.8 | % | | | 22,446 | | | | 23,240 | | | | -3.4 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
HOTEL OPERATING PROFIT (Hotel EBITDA) | | | 82,584 | | | | 74,621 | | | | 10.7 | % | | | 149,617 | | | | 137,107 | | | | 9.1 | % |
Hotel EBITDA Margin | | | 33.36 | % | | | 31.94 | % | | | 1.42 | % | | | 31.70 | % | | | 30.59 | % | | | 1.11 | % |
| | | | | | |
Minority interest in earnings of consolidated joint ventures | | | 2,069 | | | | 1,969 | | | | 5.1 | % | | | 3,409 | | | | 3,454 | | | | -1.3 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures | | $ | 80,515 | | | $ | 72,652 | | | | 10.8 | % | | $ | 146,208 | | | $ | 133,653 | | | | 9.4 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| NOTE: | The above pro forma table assumes the 96 hotel properties owned and included in continuing operations at were owned as of the beginning of the period presented. |
ALL HOTELS NOT UNDER RENOVATION INCLUDED IN CONTINUING OPERATIONS:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2012 | | | 2011 | | | % Variance | | | 2012 | | | 2011 | | | % Variance | |
REVENUE | | | | | | | | | | | | | | | | | | | | | | | | |
Rooms | | $ | 169,337 | | | $ | 157,892 | | | | 7.2 | % | | $ | 321,341 | | | $ | 303,119 | | | | 6.0 | % |
Food and beverage | | | 36,762 | | | | 34,270 | | | | 7.3 | % | | | 70,835 | | | | 66,169 | | | | 7.1 | % |
Other | | | 7,852 | | | | 7,467 | | | | 5.2 | % | | | 14,625 | | | | 14,084 | | | | 3.8 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total hotel revenue | | | 213,951 | | | | 199,629 | | | | 7.2 | % | | | 406,801 | | | | 383,372 | | | | 6.1 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | |
Rooms | | | 37,122 | | | | 34,801 | | | | 6.7 | % | | | 71,340 | | | | 67,781 | | | | 5.3 | % |
Food and beverage | | | 23,308 | | | | 22,414 | | | | 4.0 | % | | | 46,279 | | | | 44,159 | | | | 4.8 | % |
Other direct | | | 4,350 | | | | 4,265 | | | | 2.0 | % | | | 8,610 | | | | 8,196 | | | | 5.1 | % |
Indirect | | | 55,239 | | | | 53,017 | | | | 4.2 | % | | | 108,578 | | | | 105,571 | | | | 2.8 | % |
Management fees, includes base and incentive fees | | | 12,017 | | | | 10,236 | | | | 17.4 | % | | | 20,543 | | | | 18,478 | | | | 11.2 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total hotel operating expenses | | | 132,036 | | | | 124,733 | | | | 5.9 | % | | | 255,350 | | | | 244,185 | | | | 4.6 | % |
Property taxes, insurance, and other | | | 9,056 | | | | 10,079 | | | | -10.1 | % | | | 19,552 | | | | 20,001 | | | | -2.2 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
HOTEL OPERATING PROFIT (Hotel EBITDA) | | | 72,859 | | | | 64,817 | | | | 12.4 | % | | | 131,899 | | | | 119,186 | | | | 10.7 | % |
Hotel EBITDA Margin | | | 34.05 | % | | | 32.47 | % | | | 1.59 | % | | | 32.42 | % | | | 31.09 | % | | | 1.33 | % |
| | | | | | |
Minority interest in earnings of consolidated joint ventures | | | 648 | | | | 662 | | | | -2.1 | % | | | 1,220 | | | | 1,241 | | | | -1.7 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
HOTEL OPERATING PROFIT (Hotel EBITDA), excluding minority interest in joint ventures | | $ | 72,211 | | | $ | 64,155 | | | | 12.6 | % | | $ | 130,679 | | | $ | 117,945 | | | | 10.8 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
NOTES:
| (1) | The above pro forma table assumes the 87 hotel properties owned and included in continuing operations at June 30, 2012 but not under renovation for three and six months ended June 30, 2012 were owned as of the beginning of the periods presented. |
| (2) | Excluded Hotels Under Renovation: Capital Hilton, Crowne Plaza La Concha—Key West, Embassy Suites Flagstaff, Hilton Santa Fe, Hilton Tucson El Conquistador Golf Resort, SpringHill Suites Manhattan Beach, Hampton Inn Evansville, Sheraton Indy City Center, Courtyard Atlanta Alpharetta |
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HIGHLAND HOSPITALITY PORTFOLIO
(PIM Highland Holding LLC)
PRO FORMA HOTEL OPERATING PROFIT
(dollars in thousands)
(Unaudited)
71.74% PRO-RATA SHARE OF ALL HOTELS INCLUDED IN HIGHLAND HOSPITALITY PORTFOLIO CONTINUING OPERATIONS:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2012 | | | 2011 | | | % Variance | | | 2012 | | | 2011 | | | % Variance | |
REVENUE | | | | | | | | | | | | | | | | | | | | | | | | |
Rooms | | $ | 57,980 | | | $ | 54,495 | | | | 6.4 | % | | $ | 105,074 | | | $ | 100,575 | | | | 4.5 | % |
Food and beverage | | | 20,164 | | | | 19,838 | | | | 1.6 | % | | | 37,350 | | | | 36,871 | | | | 1.3 | % |
Other | | | 2,734 | | | | 3,142 | | | | -13.0 | % | | | 5,305 | | | | 5,888 | | | | -9.9 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total hotel revenue | | | 80,878 | | | | 77,475 | | | | 4.4 | % | | | 147,729 | | | | 143,334 | | | | 3.1 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | |
Rooms | | | 12,137 | | | | 11,546 | | | | 5.1 | % | | | 23,372 | | | | 23,571 | | | | -0.8 | % |
Food and beverage | | | 12,687 | | | | 12,887 | | | | -1.6 | % | | | 24,483 | | | | 25,299 | | | | -3.2 | % |
Other direct | | | 1,299 | | | | 1,331 | | | | -2.4 | % | | | 2,572 | | | | 2,687 | | | | -4.3 | % |
Indirect | | | 21,529 | | | | 20,658 | | | | 4.2 | % | | | 42,574 | | | | 41,061 | | | | 3.7 | % |
Management fees, includes base and incentive fees | | | 3,307 | | | | 2,756 | | | | 20.0 | % | | | 5,451 | | | | 4,735 | | | | 15.1 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total hotel operating expenses | | | 50,959 | | | | 49,178 | | | | 3.6 | % | | | 98,452 | | | | 97,353 | | | | 1.1 | % |
Property taxes, insurance, and other | | | 3,063 | | | | 4,157 | | | | -26.3 | % | | | 6,652 | | | | 8,201 | | | | -18.9 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
HOTEL OPERATING PROFIT (Hotel EBITDA) | | $ | 26,856 | | | $ | 24,140 | | | | 11.3 | % | | $ | 42,625 | | | $ | 37,780 | | | | 12.8 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Hotel EBITDA Margin | | | 33.21 | % | | | 31.16 | % | | | 2.05 | % | | | 28.85 | % | | | 26.36 | % | | | 2.50 | % |
| NOTE: | The above pro forma table assumes the 28 hotel properties owned and included in continuing operations at June 30, 2012 were owned as of the beginning of the periods presented. |
71.74% PRO-RATA SHARE OF ALL HOTELS INCLUDED IN HIGHLAND HOSPITALITY PORTFOLIO CONTINUING OPERATIONS NOT UNDER RENOVATION:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2012 | | | 2011 | | | % Variance | | | 2012 | | | 2011 | | | % Variance | |
REVENUE | | | | | | | | | | | | | | | | | | | | | | | | |
Rooms | | $ | 46,841 | | | $ | 43,515 | | | | 7.6 | % | | $ | 86,623 | | | $ | 82,072 | | | | 5.5 | % |
Food and beverage | | | 17,697 | | | | 17,070 | | | | 3.7 | % | | | 33,052 | | | | 32,145 | | | | 2.8 | % |
Other | | | 2,165 | | | | 2,515 | | | | -13.9 | % | | | 4,227 | | | | 4,726 | | | | -10.6 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total hotel revenue | | | 66,703 | | | | 63,100 | | | | 5.7 | % | | | 123,902 | | | | 118,943 | | | | 4.2 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | |
Rooms | | | 9,868 | | | | 9,289 | | | | 6.2 | % | | | 19,195 | | | | 19,230 | | | | -0.2 | % |
Food and beverage | | | 11,055 | | | | 11,135 | | | | -0.7 | % | | | 21,420 | | | | 21,987 | | | | -2.6 | % |
Other direct | | | 1,166 | | | | 1,178 | | | | -1.0 | % | | | 2,313 | | | | 2,378 | | | | -2.7 | % |
Indirect | | | 17,975 | | | | 17,144 | | | | 4.8 | % | | | 35,580 | | | | 34,260 | | | | 3.9 | % |
Management fees, includes base and incentive fees | | | 2,780 | | | | 2,245 | | | | 23.8 | % | | | 4,580 | | | | 3,899 | | | | 17.5 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total hotel operating expenses | | | 42,844 | | | | 40,991 | | | | 4.5 | % | | | 83,088 | | | | 81,754 | | | | 1.6 | % |
Property taxes, insurance, and other | | | 2,412 | | | | 3,212 | | | | -24.9 | % | | | 5,547 | | | | 6,223 | | | | -10.9 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
HOTEL OPERATING PROFIT (Hotel EBITDA) | | $ | 21,447 | | | $ | 18,897 | | | | 13.5 | % | | $ | 35,267 | | | $ | 30,966 | | | | 13.9 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
Hotel EBITDA Margin | | | 32.15 | % | | | 29.95 | % | | | 2.21 | % | | | 28.46 | % | | | 26.03 | % | | | 2.43 | % |
NOTES:
| (1) | The above pro forma table assumes the 22 hotel properties owned and included in continuing operations at June 30, 2012 but not under renovation for the three and six months ended June 30, 2012 were owned as of the beginning of the periods presented. |
| (2) | Excluded Hotels Under Renovation: |
Marriott San Antonio Plaza, The Melrose, Courtyard Boston Tremont, Courtyard Savannah, Hilton Garden Inn Virginia Beach, Hyatt Regency Wind Watch
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ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS
(dollars in thousands)
(Unaudited)
THE FOLLOWING PRO FORMA SEASONALITY TABLES REFLECT: (I) ALL 96 HOTELS INCLUDED IN THE COMPANY'S CONTINUING OPERATIONS, (II) THE COMPANY'S 71.74% SHARE OF THE 28 HOTELS INCLUDED IN HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND HOLDING LLC), AND (III) THE COMBINED PORTFOLIO, AS IF THESE HOTELS WERE OWNED AT THE BEGINNING OF THE FIRST COMPARATIVE REPORTING PERIOD.
| | | | | | | | | | | | | | | | | | | | |
| | | 2012 | | | 2012 | | | 2011 | | | 2011 | | | | |
| | | 2nd Quarter | | | 1st Quarter | | | 4th Quarter | | | 3rd Quarter | | | TTM | |
| Legacy Portfolio | | | | | | | | | | | | | | | | | | | | |
Total Hotel Revenue | | $ | 247,534 | | | $ | 224,394 | | | $ | 236,898 | | | $ | 217,033 | | | $ | 925,859 | |
Hotel EBITDA | | $ | 82,584 | | | $ | 67,034 | | | $ | 67,050 | | | $ | 60,353 | | | $ | 277,021 | |
Hotel EBITDA Margin | | | 33.4 | % | | | 29.9 | % | | | 28.3 | % | | | 27.8 | % | | | 29.9 | % |
| | | | | |
EBITDA % of Total TTM | | | 29.8 | % | | | 24.2 | % | | | 24.2 | % | | | 21.8 | % | | | 100.0 | % |
| | | | | |
JV Interests in EBITDA | | $ | 2,069 | | | $ | 1,340 | | | $ | 1,366 | | | $ | 1,313 | | | $ | 6,088 | |
| | | | | |
Highland Hospitality Portfolio (PIM Highland Holding LLC) | | | | | | | | | | | | | | | | | | | | |
Total Hotel Revenue | | $ | 80,878 | | | $ | 66,852 | | | $ | 74,859 | | | $ | 69,845 | | | $ | 292,434 | |
Hotel EBITDA | | $ | 26,856 | | | $ | 15,770 | | | $ | 19,042 | | | $ | 17,537 | | | $ | 79,205 | |
Hotel EBITDA Margin | | | 33.2 | % | | | 23.6 | % | | | 25.4 | % | | | 25.1 | % | | | 27.1 | % |
| | | | | |
EBITDA % of Total TTM | | | 33.9 | % | | | 19.9 | % | | | 24.0 | % | | | 22.1 | % | | | 100.0 | % |
| | |
Legacy and Highland Hospitality Portfolio (PIM Highland Holding LLC) Combined | | | | | | | | | |
Total Hotel Revenue | | $ | 328,412 | | | $ | 291,246 | | | $ | 311,757 | | | $ | 286,878 | | | $ | 1,200,965 | |
Hotel EBITDA | | $ | 109,440 | | | $ | 82,804 | | | $ | 86,092 | | | $ | 77,890 | | | $ | 356,226 | |
Hotel EBITDA Margin | | | 33.3 | % | | | 28.4 | % | | | 27.6 | % | | | 27.2 | % | | | 29.7 | % |
| | | | | |
EBITDA % of Total TTM | | | 30.7 | % | | | 23.2 | % | | | 24.2 | % | | | 21.9 | % | | | 100.0 | % |
| | | | | |
JV Interests in EBITDA | | $ | 2,069 | | | $ | 1,340 | | | $ | 1,366 | | | $ | 1,313 | | | $ | 6,088 | |
| NOTE: | For comparative purposes, data in the tables above for Highland Hospitality Portfolio (PIM Highland LLC) properties have been adjusted to eliminate one-time real estate tax refunds received by prior owner. |
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ASHFORD HOSPITALITY TRUST, INC.
LEGACY AND ASHFORD’S 71.74% SHARE OF HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND HOLDING LLC)
PRO FORMA HOTEL REVPAR BY MARKET
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Number of
Hotels | | | Number of
Rooms | | | Three Months Ended
June 30, | | | Six Months Ended
June 30, | |
Region | | | | 2012 | | | 2011 | | | % Change | | | 2012 | | | 2011 | | | % Change | |
Atlanta, GA Area | | | 9 | | | | 1,429 | | | $ | 82.68 | | | $ | 74.06 | | | | 11.6 | % | | $ | 81.71 | | | $ | 74.81 | | | | 9.2 | % |
Boston, MA Area | | | 2 | | | | 506 | | | $ | 198.75 | | | $ | 183.60 | | | | 8.3 | % | | $ | 155.21 | | | $ | 141.08 | | | | 10.0 | % |
Dallas / Ft. Worth Area | | | 7 | | | | 1,745 | | | $ | 94.23 | | | $ | 91.75 | | | | 2.7 | % | | $ | 95.01 | | | $ | 95.88 | | | | -0.9 | % |
Houston, TX Area | | | 3 | | | | 608 | | | $ | 108.71 | | | $ | 97.99 | | | | 10.9 | % | | $ | 105.26 | | | $ | 95.01 | | | | 10.8 | % |
Los Angeles, CA Metro Area | | | 8 | | | | 1,785 | | | $ | 95.20 | | | $ | 85.06 | | | | 11.9 | % | | $ | 92.69 | | | $ | 87.54 | | | | 5.9 | % |
Miami, FL Metro Area | | | 3 | | | | 576 | | | $ | 99.30 | | | $ | 93.74 | | | | 5.9 | % | | $ | 120.48 | | | $ | 114.14 | | | | 5.6 | % |
Minneapolis—St. Paul, MN-WI Area | | | 2 | | | | 522 | | | $ | 92.61 | | | $ | 90.91 | | | | 1.9 | % | | $ | 85.88 | | | $ | 85.66 | | | | 0.3 | % |
New York / New Jersey Metro Area | | | 7 | | | | 1,560 | | | $ | 104.79 | | | $ | 100.07 | | | | 4.7 | % | | $ | 95.03 | | | $ | 92.74 | | | | 2.5 | % |
Orlando, FL Area | | | 6 | | | | 1,834 | | | $ | 81.71 | | | $ | 77.69 | | | | 5.2 | % | | $ | 83.24 | | | $ | 81.44 | | | | 2.2 | % |
Philadelphia, PA Area | | | 4 | | | | 1,147 | | | $ | 125.43 | | | $ | 110.23 | | | | 13.8 | % | | $ | 105.28 | | | $ | 96.55 | | | | 9.0 | % |
San Diego, CA Area | | | 3 | | | | 706 | | | $ | 110.33 | | | $ | 96.81 | | | | 14.0 | % | | $ | 108.61 | | | $ | 97.88 | | | | 11.0 | % |
San Francisco—Oakland, CA Metro Area | | | 6 | | | | 1,416 | | | $ | 122.60 | | | $ | 109.93 | | | | 11.5 | % | | $ | 116.92 | | | $ | 106.21 | | | | 10.1 | % |
Seattle, WA Area | | | 2 | | | | 608 | | | $ | 133.52 | | | $ | 129.83 | | | | 2.8 | % | | $ | 113.92 | | | $ | 105.62 | | | | 7.9 | % |
Tampa, FL Area | | | 4 | | | | 875 | | | $ | 102.10 | | | $ | 86.25 | | | | 18.4 | % | | $ | 111.45 | | | $ | 98.12 | | | | 13.6 | % |
Washington DC—MD—VA Area | | | 11 | | | | 2,698 | | | $ | 159.99 | | | $ | 159.54 | | | | 0.3 | % | | $ | 138.02 | | | $ | 139.51 | | | | -1.1 | % |
Other Areas | | | 47 | | | | 8,180 | | | $ | 95.39 | | | $ | 91.10 | | | | 4.7 | % | | $ | 90.14 | | | $ | 86.21 | | | | 4.6 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio | | | 124 | | | | 26,195 | | | $ | 107.62 | | | $ | 101.32 | | | | 6.2 | % | | $ | 101.09 | | | $ | 96.54 | | | | 4.7 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NOTES:
| (1) | The above pro forma table presents the 96 hotel properties included in Company's continuing operations and the 28 hotel properties included in Highland Hospitality Portfolio (PIM Highland Holding LLC) as if these hotels were owned as of the beginning of the periods presented. |
ASHFORD HOSPITALITY TRUST, INC.
LEGACY AND ASHFORD’S 71.74% SHARE OF HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND HOLDING LLC)
PRO FORMA HOTEL OPERATING PROFIT (HOTEL EBITDA) BY MARKET
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Number of
Hotels | | | Number of
Rooms | | | Three Months Ended
June 30, | | | Six Months Ended
June 30, | |
Region | | | | 2012 | | | % of
Total | | | 2011 | | | % of
Total | | | % Change | | | 2012 | | | % of
Total | | | 2011 | | | % of
Total | | | % Change | |
Atlanta, GA Area | | | 9 | | | | 1,429 | | | $ | 3,343 | | | | 3.1 | % | | $ | 2,651 | | | | 2.7 | % | | | 26.1 | % | | $ | 6,647 | | | | 3.5 | % | | $ | 5,320 | | | | 3.0 | % | | | 24.9 | % |
Boston, MA Area | | | 2 | | | | 506 | | | | 4,513 | | | | 4.1 | % | | | 4,259 | | | | 4.3 | % | | | 6.0 | % | | | 5,919 | | | | 3.1 | % | | | 5,142 | | | | 2.9 | % | | | 15.1 | % |
Dallas / Ft. Worth Area | | | 7 | | | | 1,745 | | | | 6,219 | | | | 5.7 | % | | | 5,654 | | | | 5.7 | % | | | 10.0 | % | | | 12,599 | | | | 6.6 | % | | | 12,443 | | | | 7.1 | % | | | 1.3 | % |
Houston, TX Area | | | 3 | | | | 608 | | | | 3,052 | | | | 2.8 | % | | | 2,466 | | | | 2.5 | % | | | 23.8 | % | | | 5,844 | | | | 3.0 | % | | | 4,541 | | | | 2.6 | % | | | 28.7 | % |
Los Angeles, CA Metro Area | | | 8 | | | | 1,785 | | | | 6,888 | | | | 6.3 | % | | | 5,457 | | | | 5.5 | % | | | 26.2 | % | | | 12,490 | | | | 6.5 | % | | | 10,576 | | | | 6.0 | % | | | 18.1 | % |
Miami, FL Metro Area | | | 3 | | | | 576 | | | | 1,785 | | | | 1.6 | % | | | 1,506 | | | | 1.5 | % | | | 18.5 | % | | | 5,259 | | | | 2.7 | % | | | 4,532 | | | | 2.6 | % | | | 16.0 | % |
Minneapolis—St. Paul, MN-WI Area | | | 2 | | | | 522 | | | | 2,180 | | | | 2.0 | % | | | 2,124 | | | | 2.2 | % | | | 2.6 | % | | | 3,620 | | | | 1.9 | % | | | 3,620 | | | | 2.1 | % | | | 0.0 | % |
New York / New Jersey Metro Area | | | 7 | | | | 1,560 | | | | 7,272 | | | | 6.6 | % | | | 6,724 | | | | 6.8 | % | | | 8.1 | % | | | 11,035 | | | | 5.7 | % | | | 10,080 | | | | 5.8 | % | | | 9.5 | % |
Orlando, FL Area | | | 6 | | | | 1,834 | | | | 4,278 | | | | 3.9 | % | | | 3,726 | | | | 3.8 | % | | | 14.8 | % | | | 8,705 | | | | 4.5 | % | | | 8,531 | | | | 4.9 | % | | | 2.0 | % |
Philadelphia, PA Area | | | 4 | | | | 1,147 | | | | 5,567 | | | | 5.1 | % | | | 4,318 | | | | 4.4 | % | | | 28.9 | % | | | 8,014 | | | | 4.2 | % | | | 6,186 | | | | 3.5 | % | | | 29.6 | % |
San Diego, CA Area | | | 3 | | | | 706 | | | | 3,706 | | | | 3.4 | % | | | 3,490 | | | | 3.5 | % | | | 6.2 | % | | | 7,108 | | | | 3.7 | % | | | 6,610 | | | | 3.8 | % | | | 7.5 | % |
San Francisco—Oakland, CA Metro Area | | | 6 | | | | 1,416 | | | | 5,834 | | | | 5.3 | % | | | 4,864 | | | | 4.9 | % | | | 19.9 | % | | | 10,755 | | | | 5.6 | % | | | 9,606 | | | | 5.5 | % | | | 12.0 | % |
Seattle, WA Area | | | 2 | | | | 608 | | | | 3,717 | | | | 3.4 | % | | | 3,606 | | | | 3.7 | % | | | 3.1 | % | | | 5,584 | | | | 2.9 | % | | | 5,076 | | | | 2.9 | % | | | 10.0 | % |
Tampa, FL Area | | | 4 | | | | 875 | | | | 3,196 | | | | 2.9 | % | | | 2,180 | | | | 2.2 | % | | | 46.6 | % | | | 7,698 | | | | 4.0 | % | | | 6,143 | | | | 3.5 | % | | | 25.3 | % |
Washington DC—MD—VA Area | | | 11 | | | | 2,698 | | | | 19,353 | | | | 17.7 | % | | | 19,410 | | | | 19.7 | % | | | -0.3 | % | | | 29,838 | | | | 15.5 | % | | | 30,703 | | | | 17.6 | % | | | -2.8 | % |
Other Areas | | | 47 | | | | 8,180 | | | | 28,536 | | | | 26.1 | % | | | 26,324 | | | | 26.7 | % | | | 8.4 | % | | | 51,128 | | | | 26.6 | % | | | 45,778 | | | | 26.2 | % | | | 11.7 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio | | | 124 | | | | 26,195 | | | $ | 109,439 | | | | 100.0 | % | | $ | 98,761 | | | | 100.0 | % | | | 10.8 | % | | $ | 192,243 | | | | 100.0 | % | | $ | 174,887 | | | | 100.0 | % | | | 9.9 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NOTES:
| (1) | The above pro forma table presents the 96 hotel properties included in Company's continuing operations and the 28 hotel properties included in Highland Hospitality Portfolio (PIM Highland Holding LLC) as if these hotels were owned as of the beginning of the periods presented. |
| (2) | The above pro forma table includes hotel operating profit for 100% of the 96 hotel properties included in the Company's continuting operations and the Company's 71.74% share of the 28 hotels included in Highland Hospitality Portfolio (PIM Highland Holding LLC) as if these hotels were owned as of the beginning of the periods presented. |
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ASHFORD HOSPITALITY TRUST, INC.
PRO FORMA HOTEL OPERATING PROFIT MARGIN
(Unaudited)
THE FOLLOWING PRO FORMA HOTEL OPERATING PROFIT MARGIN PRESENTS THE 96 HOTELS INCLUDED IN THE COMPANY'S CONTINUING OPERATIONS AND THE 28 HOTELS INCLUDED IN HIGHLAND HOSPITALITY PORTFOLIO (PIM HIGHLAND HOLDING LLC) AS IF THESE HOTELS WERE OWNED AS OF THE BEGINNING OF THE FIRST COMPARATIVE REPORTING PERIOD.
| | | | | | | | |
| | | 96 Legacy
Properties | | | Highland
Hospitality
Portfolio
(PIM
Highland
Holding LLC)
28 Properties | |
HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN: | | | | | | | | |
2nd Quarter 2012 | | | 33.36 | % | | | 33.21 | % |
2nd Quarter 2011 | | | 31.94 | % | | | 31.16 | % |
| | | | | | | | |
Variance | | | 1.42 | % | | | 2.05 | % |
| | | | | | | | |
HOTEL OPERATING PROFIT (HOTEL EBITDA) MARGIN VARIANCE BREAKDOWN: | | | | | | | | |
| | |
Rooms | | | -0.06 | % | | | -0.09 | % |
Food & Beverage and Other Departmental | | | 0.36 | % | | | 1.06 | % |
Administrative & General | | | 0.33 | % | | | 0.33 | % |
Sales & Marketing | | | -0.01 | % | | | 0.50 | % |
Hospitality | | | 0.03 | % | | | -0.01 | % |
Repair & Maintenance | | | 0.00 | % | | | 0.10 | % |
Energy | | | 0.26 | % | | | 0.30 | % |
Franchise Fee | | | 0.16 | % | | | -1.25 | % |
Management Fee | | | -0.13 | % | | | -0.03 | % |
Incentive Management Fee | | | -0.26 | % | | | -0.50 | % |
Insurance | | | 0.56 | % | | | 0.94 | % |
Property Taxes | | | 0.33 | % | | | 0.62 | % |
Other Taxes | | | 0.01 | % | | | 0.03 | % |
Leases/Other | | | -0.16 | % | | | 0.05 | % |
| | | | | | | | |
Total | | | 1.42 | % | | | 2.05 | % |
| | | | | | | | |
| NOTE: | For comparative purposes, data in the table above for Highland Hospitality Portfolio (PIM Highland LLC) properties has been adjusted to eliminate one-time real estate tax refunds received by prior owner. |
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ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
JUNE 30, 2012
(dollars in thousands)
(Unaudited)
| | | | |
| | | June 30,
2012 | |
End of quarter common shares outstanding | | | 68,164 | |
Partnership units outstanding (common share equivalents) | | | 17,610 | |
Combined common shares and partnership units outstanding | | | 85,774 | |
Common stock price at quarter end | | $ | 8.43 | |
Market capitalization at quarter end | | $ | 723,078 | |
| |
Series A preferred stock | | $ | 41,430 | |
Series D preferred stock | | $ | 236,718 | |
Series E preferred stock | | $ | 115,750 | |
Consolidated debt on balance sheet date | | $ | 2,318,943 | |
Joint venture partners' share of consolidated debt | | $ | (36,724 | ) |
Ashford's share of Highland portfolio debt | | $ | 781,698 | |
Cash and cash equivalents | | $ | (139,466 | ) |
| | | | |
Total enterprise value (TEV) as of June 30, 2012 | | $ | 4,041,428 | |
| | | | |
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Ashford Hospitality Trust, Inc.
Anticipated Capital Expenditures Calendar
96 Legacy Hotels (a)
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 2012 |
| | | Rooms | | 1st Quarter
Actual | | 2nd Quarter
Actual | | 3rd Quarter
Estimated | | 4th Quarter
Estimated |
Hilton Santa Fe | | | | 157 | | | | | x | | | | | x | | | | | x | | | | | x | |
Crowne Plaza Key West | | | | 160 | | | | | x | | | | | x | | | | | | | | | | | |
Embassy Suites Flagstaff | | | | 119 | | | | | x | | | | | x | | | | | | | | | | | |
Hilton Capital | | | | 408 | | | | | x | | | | | x | | | | | | | | | | | |
Hilton Tucson El Conquistador Golf & Tennis Resort | | | | 428 | | | | | x | | | | | x | | | | | | | | | | | |
SpringHill Suites Manhattan Beach | | | | 164 | | | | | x | | | | | x | | | | | | | | | | | |
Hilton Costa Mesa | | | | 486 | | | | | x | | | | | | | | | | x | | | | | x | |
Sheraton San Diego Mission Valley | | | | 260 | | | | | x | | | | | | | | | | x | | | | | x | |
Courtyard Hartford Manchester | | | | 90 | | | | | x | | | | | | | | | | | | | | | x | |
Courtyard Seattle Downtown Lake Union | | | | 250 | | | | | x | | | | | | | | | | | | | | | x | |
Embassy Suites Houston | | | | 150 | | | | | x | | | | | | | | | | | | | | | x | |
Embassy Suites Portland Downtown | | | | 276 | | | | | x | | | | | | | | | | | | | | | x | |
Embassy Suites Walnut Creek | | | | 249 | | | | | x | | | | | | | | | | | | | | | x | |
Hilton Nassau Bay | | | | 243 | | | | | x | | | | | | | | | | | | | | | x | |
Courtyard Basking Ridge | | | | 235 | | | | | x | | | | | | | | | | | | | | | | |
Courtyard Oakland Airport | | | | 156 | | | | | x | | | | | | | | | | | | | | | | |
Courtyard Philadelphia Downtown | | | | 498 | | | | | x | | | | | | | | | | | | | | | | |
Embassy Suites Santa Clara | | | | 257 | | | | | x | | | | | | | | | | | | | | | | |
Historic Inn Annapolis | | | | 124 | | | | | x | | | | | | | | | | | | | | | | |
Marriott Bridgewater | | | | 347 | | | | | x | | | | | | | | | | | | | | | | |
Residence Inn Jacksonville | | | | 120 | | | | | x | | | | | | | | | | | | | | | | |
Residence Inn Las Vegas | | | | 256 | | | | | x | | | | | | | | | | | | | | | | |
Springhill Suites Buford Mall of Georgia | | | | 96 | | | | | x | | | | | | | | | | | | | | | | |
Springhill Suites Charlotte | | | | 136 | | | | | x | | | | | | | | | | | | | | | | |
Springhill Suites Philadelphia | | | | 199 | | | | | x | | | | | | | | | | | | | | | | |
Hampton Inn Evansville | | | | 141 | | | | | | | | | | x | | | | | x | | | | | x | |
Sheraton Indy City Center | | | | 371 | | | | | | | | | | x | | | | | x | | | | | x | |
Courtyard Atlanta Alpharetta | | | | 154 | | | | | | | | | | x | | | | | | | | | | | |
Courtyard Ft.Lauderdale Weston | | | | 174 | | | | | | | | | | | | | | | x | | | | | x | |
Courtyard Palm Desert | | | | 151 | | | | | | | | | | | | | | | x | | | | | x | |
Residence Inn Dallas Plano | | | | 126 | | | | | | | | | | | | | | | x | | | | | x | |
Residence Inn Palm Desert | | | | 130 | | | | | | | | | | | | | | | x | | | | | x | |
Residence Inn Salt Lake City | | | | 144 | | | | | | | | | | | | | | | x | | | | | x | |
Courtyard Dallas Plano in Legacy Park | | | | 153 | | | | | | | | | | | | | | | | | | | | x | |
Embassy Suites Austin | | | | 150 | | | | | | | | | | | | | | | | | | | | x | |
Embassy Suites Crystal City | | | | 267 | | | | | | | | | | | | | | | | | | | | x | |
Embassy Suites Dallas | | | | 150 | | | | | | | | | | | | | | | | | | | | x | |
Embassy Suites Dulles | | | | 150 | | | | | | | | | | | | | | | | | | | | x | |
Embassy Suites East Syracuse | | | | 215 | | | | | | | | | | | | | | | | | | | | x | |
Embassy Suites Palm Beach Garden | | | | 160 | | | | | | | | | | | | | | | | | | | | x | |
Hampton Inn Lawrenceville | | | | 86 | | | | | | | | | | | | | | | | | | | | x | |
Hilton LaJolla Torrey Pines | | | | 296 | | | | | | | | | | | | | | | | | | | | x | |
Residence Inn Atlanta Buckhead Lenox Park | | | | 150 | | | | | | | | | | | | | | | | | | | | x | |
Residence Inn Fairfax Merrifield | | | | 159 | | | | | | | | | | | | | | | | | | | | x | |
Residence Inn Lake Buena Vista | | | | 210 | | | | | | | | | | | | | | | | | | | | x | |
| (a) | Only hotels which have had or are expected to have significant capital expenditures that could result in displacement during 2012 are included in this table. |
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HIGHLAND HOSPITALITY PORTFOLIO
(PIM Highland Holding LLC)
Anticipated Capital Expenditures Calendar
28 Highland Hotels (a)
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 2012 |
| | | Rooms | | 1st Quarter
Actual | | 2nd Quarter
Actual | | 3rd Quarter
Estimated | | 4th Quarter
Estimated |
Courtyard Boston Tremont | | | | 315 | | | | | x | | | | | x | | | | | x | | | | | x | |
Courtyard Savannah | | | | 156 | | | | | x | | | | | x | | | | | | | | | | x | |
Marriott San Antonio Plaza | | | | 251 | | | | | x | | | | | x | | | | | | | | | | x | |
The Melrose | | | | 240 | | | | | x | | | | | x | | | | | | | | | | x | |
Hilton Garden Inn Virginia Beach | | | | 176 | | | | | x | | | | | x | | | | | | | | | | | |
Ritz-Carlton Atlanta | | | | 444 | | | | | x | | | | | | | | | | | | | | | | |
The Churchill | | | | 173 | | | | | x | | | | | | | | | | | | | | | | |
Hyatt Regency Wind Watch | | | | 358 | | | | | | | | | | x | | | | | x | | | | | x | |
Hyatt Regency Savannah | | | | 351 | | | | | | | | | | | | | | | x | | | | | x | |
Marriott Omaha | | | | 300 | | | | | | | | | | | | | | | x | | | | | x | |
Hilton Boston Back Bay | | | | 390 | | | | | | | | | | | | | | | | | | | | x | |
Hilton Parsippany | | | | 354 | | | | | | | | | | | | | | | | | | | | x | |
Marriott Sugarland | | | | 300 | | | | | | | | | | | | | | | | | | | | x | |
Westin Princeton | | | | 296 | | | | | | | | | | | | | | | | | | | | x | |
| (a) | Only hotels which have had or are expected to have significant capital expenditures that could result in displacement during 2012 are included in this table. |
