Exhibit 99.2
Supplemental Financial Information |
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Supplemental Financial Information For the quarter and year ended December 31, 2021 February 22, 2022 |
Supplemental Financial Information |
Table of Contents
Supplemental Financial Information |
Table of Contents
Supplemental Financial Information |
CORPORATE PROFILE, FINANCIAL DISCLOSURES,
AND SAFE HARBOR
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CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR | | Page 3 | ||||||
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Supplemental Financial Information |
Sunstone Hotel Investors, Inc. (the “Company,” “we,” and “our”) (NYSE: SHO) is a lodging real estate investment trust (“REIT”) that as of February 22, 2022 has interests in 16 hotels comprised of 8,125 rooms, the majority of which are operated under nationally recognized brands. Sunstone’s business is to acquire, own, asset manage and renovate or reposition hotels that the Company considers to be Long-Term Relevant Real Estate®.
As demand for lodging generally fluctuates with the overall economy, the Company seeks to own Long-Term Relevant Real Estate® that will maintain a high appeal with lodging travelers over long periods of time and will generate superior economic earnings materially in excess of recurring capital requirements. Sunstone’s strategy is to maximize stockholder value through focused asset management and disciplined capital recycling, which is likely to include selective acquisitions and dispositions, while maintaining balance sheet flexibility and strength. Sunstone’s goal is to maintain appropriate leverage and financial flexibility to position the Company to create value throughout all phases of the operating and financial cycles.
Corporate Headquarters
200 Spectrum Center Drive, 21st Floor
Irvine, CA 92618
(949) 330-4000
Company Contacts
Bryan Giglia
Executive Vice President and Chief Financial Officer
(949) 382-3036
Aaron Reyes
Senior Vice President, Corporate Finance and Treasurer
(949) 382-3018
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CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR | | Page 4 | ||||||
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Supplemental Financial Information |
This presentation contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will” and other similar terms and phrases, including opinions, references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: the impact the COVID-19 pandemic has on the Company’s business and the economy, as well as the response of governments and the Company to the pandemic, and how quickly and successfully effective vaccines and therapies are distributed and administered; increased risks related to employee matters, including increased employment litigation and claims for severance or other benefits tied to termination or furloughs as a result of temporary hotel suspensions or reduced hotel operations due to COVID-19; general economic and business conditions, including a U.S. recession or increased inflation, trade conflicts and tariffs, regional or global economic slowdowns and any type of flu or disease-related pandemic that impacts travel or the ability to travel, including COVID-19; the need for business-related travel, including the increased use of business-related technology; rising hotel operating costs due to labor costs, workers’ compensation and health-care related costs, utility costs, property and liability insurance costs, unanticipated costs such as acts of nature and their consequences and other costs that may not be offset by increased room rates; the ground or airspace leases for two of the hotels the Company has interests in as of the date of this presentation; the need for renovations, repositionings and other capital expenditures for the Company’s hotels; the impact, including any delays, of renovations and repositionings on hotel operations; new hotel supply, or alternative lodging options such as timeshare, vacation rentals or sharing services such as Airbnb, in the Company’s markets, which could harm its occupancy levels and revenue at its hotels; competition from hotels not owned by the Company; relationships with, and the requirements, performance and reputation of, the managers of the Company’s hotels; relationships with, and the requirements and reputation of, the Company’s franchisors and hotel brands; the Company’s hotels may become impaired, or its hotels which have previously become impaired may become further impaired in the future, which may adversely affect its financial condition and results of operations; competition for the acquisition of hotels, and the Company’s ability to complete acquisitions and dispositions; performance of hotels after they are acquired; changes in the Company’s business strategy or acquisition or disposition plans; the Company’s level of debt, including secured, unsecured, fixed and variable rate debt; financial and other covenants in the Company’s debt and preferred stock; the impact on the Company’s business of potential defaults by the Company on its debt agreements or leases; volatility in the capital markets and the effect on lodging demand or the Company’s ability to obtain capital on favorable terms or at all; the Company’s need to operate as a REIT and comply with other applicable laws and regulations, including new laws, interpretations or court decisions that may change the federal or state tax laws or the federal or state income tax consequences of the Company’s qualification as a REIT; potential adverse tax consequences in the event that the Company’s operating leases with its taxable REIT subsidiaries are not held to have been made on an arm’s-length basis; system security risks, data protection breaches, cyber-attacks and systems integration issues, including those impacting the Company’s suppliers, hotel managers or franchisors; other events beyond the Company’s control, including climate change, natural disasters, terrorist attacks or civil unrest; and other risks and uncertainties associated with the Company’s business described in its filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All forward-looking information provided herein is as of the date of this presentation, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.
This presentation contains unaudited information, and should be read together with the consolidated financial statements and notes thereto included in our most recent reports on Form 10-K and Form 10-Q. Copies of these reports are available on our website at www.sunstonehotels.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.
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CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR | | Page 5 | ||||||
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Supplemental Financial Information |
We present the following non-GAAP financial measures that we believe are useful to investors as key supplemental measures of our operating performance: earnings before interest expense, taxes, depreciation and amortization for real estate, or EBITDAre; Adjusted EBITDAre, excluding noncontrolling interest (as defined below); funds from operations attributable to common stockholders, or FFO attributable to common stockholders; Adjusted FFO attributable to common stockholders (as defined below); hotel Adjusted EBITDAre; and hotel Adjusted EBITDAre margins. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with GAAP. In addition, our calculation of these measures may not be comparable to other companies that do not define such terms exactly the same as the Company. These non-GAAP measures are used in addition to and in conjunction with results presented in accordance with GAAP. They should not be considered as alternatives to net income (loss), cash flow from operations, or any other operating performance measure prescribed by GAAP. These non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. We strongly encourage investors to review our financial information in its entirety and not to rely on a single financial measure.
We present EBITDAre in accordance with guidelines established by the National Association of Real Estate Investment Trusts (“NAREIT”), as defined in its September 2017 white paper “Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate.” We believe EBITDAre is a useful performance measure to help investors evaluate and compare the results of our operations from period to period in comparison to our peers. NAREIT defines EBITDAre as net income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property in the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.
We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional items described below provides useful information to investors regarding our operating performance, and that the presentation of Adjusted EBITDAre, excluding noncontrolling interest, when combined with the primary GAAP presentation of net income, is beneficial to an investor’s complete understanding of our operating performance. In addition, we use both EBITDAre and Adjusted EBITDAre, excluding noncontrolling interest as measures in determining the value of hotel acquisitions and dispositions.
We believe that the presentation of FFO attributable to common stockholders provides useful information to investors regarding our operating performance because it is a measure of our operations without regard to specified noncash items such as real estate depreciation and amortization, any real estate impairment loss and any gain or loss on sale of real estate assets, all of which are based on historical cost accounting and may be of lesser significance in evaluating our current performance. Our presentation of FFO attributable to common stockholders conforms to NAREIT’s definition of “FFO applicable to common shares.” Our presentation may not be comparable to FFO reported by other REITs that do not define the terms in accordance with the current NAREIT definition, or that interpret the current NAREIT definition differently that we do.
We also present Adjusted FFO attributable to common stockholders when evaluating our operating performance because we believe that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance, and may facilitate comparisons of operating performance between periods and our peer companies.
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CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR | | Page 6 | ||||||
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Supplemental Financial Information |
We adjust EBITDAre and FFO attributable to common stockholders for the following items, which may occur in any period, and refer to these measures as either Adjusted EBITDAre, excluding noncontrolling interest or Adjusted FFO attributable to common stockholders:
● | Amortization of contract intangibles: we exclude the noncash amortization of the favorable management contract asset recorded in conjunction with our acquisition of the Hilton Garden Inn Chicago Downtown/Magnificent Mile, along with the unfavorable tenant lease contracts recorded in conjunction with our acquisitions of the Boston Park Plaza and the Hilton Garden Inn Chicago Downtown/Magnificent Mile. We exclude the noncash amortization of contract intangibles because it is based on historical cost accounting and is of lesser significance in evaluating our actual performance for the current period. |
● | Gains or losses from debt transactions: we exclude the effect of finance charges and premiums associated with the extinguishment of debt, including the acceleration of deferred financing costs from the original issuance of the debt being redeemed or retired because, like interest expense, their removal helps investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure. |
● | Acquisition costs: under GAAP, costs associated with acquisitions that meet the definition of a business are expensed in the year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company or our hotels. |
● | Cumulative effect of a change in accounting principle: from time to time, the FASB promulgates new accounting standards that require the consolidated statement of operations to reflect the cumulative effect of a change in accounting principle. We exclude these one-time adjustments, which include the accounting impact from prior periods, because they do not reflect our actual performance for that period. |
● | Other adjustments: we exclude other adjustments that we believe are outside the ordinary course of business because we do not believe these costs reflect our actual performance for the period and/or the ongoing operations of our hotels. Such items may include: lawsuit settlement costs; prior year property tax assessments or credits; the write-off of development costs associated with abandoned projects; property-level restructuring, severance and management transition costs; debt resolution costs; lease terminations; property insurance proceeds or uninsured losses; and other nonrecurring identified adjustments. |
In addition, to derive Adjusted EBITDAre, excluding noncontrolling interest we exclude the noncontrolling partner’s pro rata share of the net (income) loss allocated to the Hilton San Diego Bayfront partnership, as well as the noncontrolling partner’s pro rata share of any EBITDAre and Adjusted EBITDAre components. We also exclude the noncash expense incurred with the amortization of deferred stock compensation as this expense is based on historical stock prices at the date of grant to our corporate employees and does not reflect the underlying performance of our hotels. In addition, we exclude the amortization of our right-of-use assets and liabilities as these expenses are based on historical cost accounting and do not reflect the actual rent amounts due to the respective lessors or the underlying performance of our hotels. Additionally, we include an adjustment for the cash finance lease expense recorded on the building lease at the Hyatt Centric Chicago Magnificent Mile (before the hotel’s sale in February 2022). We determined that the building lease is a finance lease, and, therefore, we include a portion of the lease payment each month in interest expense. We adjust EBITDAre for the finance lease in order to more accurately reflect the actual rent due to the hotel’s lessor in the current period, as well as the operating performance of the hotel. We also exclude the effect of gains and losses on the disposition of undepreciated assets because we believe that including them in Adjusted EBITDAre, excluding noncontrolling interest is not consistent with reflecting the ongoing performance of our assets.
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CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR | | Page 7 | ||||||
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Supplemental Financial Information |
To derive Adjusted FFO attributable to common stockholders, we also exclude the noncash interest on our derivatives and finance lease obligation as we believe that these items are not reflective of our ongoing finance costs. Additionally, we exclude the noncontrolling partner’s pro rata share of any FFO adjustments related to our consolidated Hilton San Diego Bayfront partnership. We also exclude the real estate amortization of our right-of-use assets and liabilities, which includes the amortization of both our finance and operating lease intangibles (with the exception of our corporate operating lease), as these expenses are based on historical cost accounting and do not reflect the actual rent amounts due to the respective lessors or the underlying performance of our hotels. In addition, we exclude preferred stock redemption charges, changes to deferred tax assets, liabilities or valuation allowances, and income tax benefits or provisions associated with the application of net operating loss carryforwards, uncertain tax positions or with the sale of assets other than real estate investments.
In presenting hotel Adjusted EBITDAre and hotel Adjusted EBITDAre margins, miscellaneous non-hotel items have been excluded. We believe the calculation of hotel Adjusted EBITDAre results in a more accurate presentation of the hotel Adjusted EBITDAre margins for our hotels, and that these non-GAAP financial measures are useful to investors in evaluating our property-level operating performance.
Reconciliations of net income (loss) to EBITDAre, Adjusted EBITDAre, excluding noncontrolling interest, FFO attributable to common stockholders, Adjusted FFO attributable to common stockholders, hotel Adjusted EBITDAre and hotel Adjusted EBITDAre margins are set forth in the following pages of this supplemental package.
The 16 Hotel Portfolio includes all hotels owned by the Company as of December 31, 2021 except the Hyatt Centric Chicago Magnificent Mile, which was classified as held for sale as of December 31, 2021 and sold in February 2022. The 14 Hotel Portfolio includes the 16 Hotel Portfolio less the Montage Healdsburg and the Four Seasons Resort Napa Valley, acquired by the Company in April 2021 and December 2021, respectively.
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CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR | | Page 8 | ||||||
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Supplemental Financial Information |
CORPORATE FINANCIAL INFORMATION
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CORPORATE FINANCIAL INFORMATION | | Page 9 | ||||||
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Supplemental Financial Information |
Condensed Consolidated Balance Sheets
Q4 2021 – Q4 2020
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(In thousands) | | December 31, 2021 (1) | | September 30, 2021 (2) | | June 30, 2021 (3) | | March 31, 2021 (4) | | December 31, 2020 (5) | | |||||
Assets |
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Investment in hotel properties: | | | | | | | | | | | | | | | | |
Land | | $ | 604,692 | | $ | 609,078 | | $ | 611,538 | | $ | 571,212 | | $ | 571,212 | |
Buildings & improvements | | | 2,729,461 | | | 2,723,520 | | | 2,725,893 | | | 2,527,654 | | | 2,523,750 | |
Furniture, fixtures, & equipment | | | 431,780 | | | 452,294 | | | 452,610 | | | 432,493 | | | 431,918 | |
Other | | | 84,377 | | | 80,342 | | | 62,716 | | | 41,868 | | | 37,766 | |
| | | 3,850,310 | | | 3,865,234 | | | 3,852,757 | | | 3,573,227 | | | 3,564,646 | |
Less accumulated depreciation & amortization | | | (1,130,294) | | | (1,196,065) | | | (1,165,362) | | | (1,133,264) | | | (1,103,148) | |
| | | 2,720,016 | | | 2,669,169 | | | 2,687,395 | | | 2,439,963 | | | 2,461,498 | |
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Finance lease right-of-use asset, net | | | — | | | 45,079 | | | 45,447 | | | 45,814 | | | 46,182 | |
Operating lease right-of-use assets, net | | | 23,161 | | | 23,971 | | | 24,939 | | | 25,196 | | | 26,093 | |
Other noncurrent assets, net | | | 15,776 | | | 14,145 | | | 14,736 | | | 15,847 | | | 16,799 | |
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Current assets: | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | 120,483 | | | 179,487 | | | 162,898 | | | 320,275 | | | 368,406 | |
Restricted cash | | | 42,234 | | | 42,124 | | | 47,490 | | | 44,982 | | | 47,733 | |
Other current assets, net | | | 43,071 | | | 46,861 | | | 32,457 | | | 24,597 | | | 19,006 | |
Assets held for sale, net | | | 76,308 | | | 13,759 | | | — | | | — | | | — | |
Total assets | | $ | 3,041,049 | | $ | 3,034,595 | | $ | 3,015,362 | | $ | 2,916,674 | | $ | 2,985,717 | |
*Footnotes on page 11
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CORPORATE FINANCIAL INFORMATION | | Page 10 | ||||||
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Supplemental Financial Information |
Condensed Consolidated Balance Sheets
Q4 2021– Q4 2020 (continued)
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(In thousands, except share and per share data) | | December 31, 2021 (1) | | September 30, 2021 (2) | | June 30, 2021 (3) | | March 31, 2021 (4) | | December 31, 2020 (5) | | |||||
Liabilities |
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Current liabilities: | | | | | | | | | | | | | | | | |
Current portion of notes payable, net | | $ | 20,694 | | $ | 87,396 | | $ | 2,331 | | $ | 2,295 | | $ | 2,261 | |
Other current liabilities | | | 129,851 | | | 127,038 | | | 111,393 | | | 81,947 | | | 88,532 | |
Liabilities of assets held for sale | | | 25,213 | | | 5,490 | | | — | | | — | | | — | |
Total current liabilities | | | 175,758 | | | 219,924 | | | 113,724 | | | 84,242 | | | 90,793 | |
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Notes payable, less current portion, net | | | 588,741 | | | 655,713 | | | 741,337 | | | 741,922 | | | 742,528 | |
Finance lease obligation, less current portion | | | — | | | 15,568 | | | 15,568 | | | 15,569 | | | 15,569 | |
Operating lease obligations, less current portion | | | 25,120 | | | 26,432 | | | 27,816 | | | 28,649 | | | 29,954 | |
Other liabilities | | | 11,656 | | | 14,495 | | | 13,612 | | | 14,679 | | | 17,494 | |
Total liabilities | | | 801,275 | | | 932,132 | | | 912,057 | | | 885,061 | | | 896,338 | |
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Equity | | | | | | | | | | | | | | | | |
Stockholders' equity: | | | | | | | | | | | | | | | | |
6.95% Series E cumulative redeemable preferred stock | | | — | | | — | | | — | | | 115,000 | | | 115,000 | |
6.45% Series F cumulative redeemable preferred stock | | | — | | | — | | | 75,000 | | | 75,000 | | | 75,000 | |
Series G cumulative redeemable preferred stock | | | 66,250 | | | 66,250 | | | 66,250 | | | — | | | — | |
6.125% Series H cumulative redeemable preferred stock | | | 115,000 | | | 115,000 | | | 115,000 | | | — | | | — | |
5.70% Series I cumulative redeemable preferred stock | | | 100,000 | | | 100,000 | | | — | | | — | | | — | |
Common stock, $0.01 par value, 500,000,000 shares authorized | | | 2,193 | | | 2,193 | | | 2,190 | | | 2,162 | | | 2,156 | |
Additional paid in capital | | | 2,631,484 | | | 2,629,148 | | | 2,626,582 | | | 2,585,455 | | | 2,586,108 | |
Retained earnings | | | 948,064 | | | 810,075 | | | 833,132 | | | 860,454 | | | 913,766 | |
Cumulative dividends and distributions | | | (1,664,024) | | | (1,660,675) | | | (1,654,388) | | | (1,646,593) | | | (1,643,386) | |
Total stockholders' equity | | | 2,198,967 | | | 2,061,991 | | | 2,063,766 | | | 1,991,478 | | | 2,048,644 | |
Noncontrolling interest in consolidated joint venture | | | 40,807 | | | 40,472 | | | 39,539 | | | 40,135 | | | 40,735 | |
Total equity | | | 2,239,774 | | | 2,102,463 | | | 2,103,305 | | | 2,031,613 | | | 2,089,379 | |
Total liabilities and equity | | $ | 3,041,049 | | $ | 3,034,595 | | $ | 3,015,362 | | $ | 2,916,674 | | $ | 2,985,717 | |
(1) | As presented on Form 10-K to be filed in February 2022. |
(2) | As presented on Form 10-Q filed on November 4, 2021. |
(3) | As presented on Form 10-Q filed on August 4, 2021. |
(4) | As presented on Form 10-Q filed on May 5, 2021. |
(5) | As presented on Form 10-K filed on February 12, 2021. |
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CORPORATE FINANCIAL INFORMATION | | Page 11 | ||||||
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Supplemental Financial Information |
Consolidated Statements of Operations
Q4 and FY 2021/2020
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| | Quarter Ended December 31, | | Year Ended December 31, | ||||||||
(In thousands, except per share data) |
| 2021 |
| 2020 | | 2021 | | 2020 | ||||
Revenues | | | | | | | | | | | | |
Room | | $ | 116,097 | | $ | 21,987 | | $ | 352,974 | | $ | 169,522 |
Food and beverage | | | 36,368 | | | 4,588 | | | 83,915 | | | 54,900 |
Other operating | | | 21,421 | | | 10,785 | | | 72,261 | | | 43,484 |
Total revenues | | | 173,886 | | | 37,360 | | | 509,150 | | | 267,906 |
Operating expenses | | | | | | | | | | | | |
Room | | | 32,031 | | | 11,940 | | | 98,723 | | | 76,977 |
Food and beverage | | | 30,719 | | | 8,607 | | | 79,807 | | | 63,140 |
Other operating | | | 4,465 | | | 1,353 | | | 14,399 | | | 7,636 |
Advertising and promotion | | | 10,356 | | | 3,294 | | | 31,156 | | | 23,741 |
Repairs and maintenance | | | 11,220 | | | 5,585 | | | 33,898 | | | 27,084 |
Utilities | | | 5,747 | | | 4,073 | | | 20,745 | | | 17,311 |
Franchise costs | | | 3,886 | | | 723 | | | 11,354 | | | 7,060 |
Property tax, ground lease and insurance | | | 16,318 | | | 16,873 | | | 64,139 | | | 76,848 |
Other property-level expenses | | | 23,238 | | | 2,745 | | | 71,415 | | | 49,854 |
Corporate overhead | | | 8,203 | | | 5,735 | | | 40,269 | | | 28,149 |
Depreciation and amortization | | | 32,598 | | | 32,761 | | | 128,682 | | | 137,051 |
Impairment losses | | | 1,671 | | | 13,478 | | | 2,685 | | | 146,944 |
Total operating expenses | | | 180,452 | | | 107,167 | | | 597,272 | | | 661,795 |
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Interest and other income (loss) | | | 13 | | | 85 | | | (343) | | | 2,836 |
Interest expense | | | (7,201) | | | (10,108) | | | (30,898) | | | (53,307) |
Gain on sale of assets | | | 152,524 | | | 34,109 | | | 152,524 | | | 34,298 |
(Loss) gain on extinguishment of debt, net | | | (428) | | | 6,356 | | | (57) | | | 6,146 |
Income (loss) before income taxes | | | 138,342 | | | (39,365) | | | 33,104 | | | (403,916) |
Income tax provision, net | | | (18) | | | (15) | | | (109) | | | (6,590) |
Net income (loss) | | | 138,324 | | | (39,380) | | | 32,995 | | | (410,506) |
(Income) loss from consolidated joint venture attributable to noncontrolling interest | | | (335) | | | 1,381 | | | 1,303 | | | 5,817 |
Preferred stock dividends and redemption charges | | | (3,349) | | | (3,208) | | | (20,638) | | | (12,830) |
Income (loss) attributable to common stockholders | | $ | 134,640 | | $ | (41,207) | | $ | 13,660 | | $ | (417,519) |
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Basic and diluted per share amounts: | | | | | | | | | | | | |
Basic and diluted income (loss) attributable to common stockholders per common share | | $ | 0.61 | | $ | (0.19) | | $ | 0.06 | | $ | (1.93) |
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Basic and diluted weighted average common shares outstanding | | | 217,870 | | | 214,257 | | | 216,296 | | | 215,934 |
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Distributions declared per common share | | $ | — | | $ | — | | $ | — | | $ | 0.05 |
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CORPORATE FINANCIAL INFORMATION | | Page 12 | ||||||
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Supplemental Financial Information |
Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest
Q4 and FY 2021/2020
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| | Quarter Ended December 31, | | Year Ended December 31, | ||||||||
(In thousands) |
| 2021 |
| 2020 | | 2021 | | 2020 | ||||
Net income (loss) | | $ | 138,324 | | $ | (39,380) | | $ | 32,995 | | $ | (410,506) |
Operations held for investment: | | | | | | | | | | | | |
Depreciation and amortization | | | 32,598 | | | 32,761 | | | 128,682 | | | 137,051 |
Interest expense | | | 7,201 | | | 10,108 | | | 30,898 | | | 53,307 |
Income tax provision, net | | | 18 | | | 15 | | | 109 | | | 6,590 |
Gain on sale of assets, net | | | (152,524) | | | (34,109) | | | (152,442) | | | (34,298) |
Impairment losses - hotel properties | | | 1,671 | | | 13,478 | | | 2,685 | | | 144,642 |
EBITDAre | | | 27,288 | | | (17,127) | | | 42,927 | | | (103,214) |
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Operations held for investment: | | | | | | | | | | | | |
Amortization of deferred stock compensation | | | 2,212 | | | 2,067 | | | 12,788 | | | 9,576 |
Amortization of right-of-use assets and liabilities | | | (340) | | | (337) | | | (1,344) | | | (1,260) |
Finance lease obligation interest - cash ground rent | | | (351) | | | (351) | | | (1,404) | | | (1,404) |
Property-level severance | | | (284) | | | 748 | | | (284) | | | 2,880 |
Property-level severance related to sold hotels | | | — | | | 2,333 | | | 4,562 | | | 8,158 |
Loss (gain) on extinguishment of debt, net | | | 428 | | | (6,356) | | | 57 | | | (6,146) |
Prior year property tax adjustments, net | | | — | | | (490) | | | (1,384) | | | (276) |
Lawsuit settlement cost | | | 21 | | | — | | | 712 | | | — |
CEO transition costs | | | 815 | | | — | | | 8,791 | | | — |
Hurricane-related losses | | | 2,612 | | | — | | | 4,233 | | | — |
Impairment loss - abandoned development costs | | | — | | | — | | | — | | | 2,302 |
Noncontrolling interest: | | | | | | | | | | | | |
(Income) loss from consolidated joint venture attributable to noncontrolling interest | | | (335) | | | 1,381 | | | 1,303 | | | 5,817 |
Depreciation and amortization | | | (791) | | | (810) | | | (3,198) | | | (3,228) |
Interest expense | | | (160) | | | (224) | | | (661) | | | (1,194) |
Amortization of right-of-use asset and liability | | | 73 | | | 73 | | | 290 | | | 290 |
Lawsuit settlement cost | | | (5) | | | — | | | (178) | | | — |
Impairment loss - abandoned development costs | | | — | | | — | | | — | | | (449) |
Adjustments to EBITDAre, net | | | 3,895 | | | (1,966) | | | 24,283 | | | 15,066 |
Adjusted EBITDAre, excluding noncontrolling interest | | $ | 31,183 | | $ | (19,093) | | $ | 67,210 | | $ | (88,148) |
| ||||||||
CORPORATE FINANCIAL INFORMATION | | Page 13 | ||||||
| | |
Supplemental Financial Information |
Reconciliation of Net Income (Loss) to FFO and Adjusted FFO Attributable to Common Stockholders
Q4 and FY 2021/2020
| | | | | | | | | | | | |
| | Quarter Ended December 31, | | Year Ended December 31, | ||||||||
(In thousands, except per share data) |
| 2021 |
| 2020 | | 2021 | | 2020 | ||||
Net income (loss) | | $ | 138,324 | | $ | (39,380) | | $ | 32,995 | | $ | (410,506) |
Preferred stock dividends and redemption charges | | | (3,349) | | | (3,208) | | | (20,638) | | | (12,830) |
Operations held for investment: | | | | | | | | | | | | |
Real estate depreciation and amortization | | | 31,976 | | | 32,133 | | | 126,182 | | | 134,555 |
Gain on sale of assets, net | | | (152,524) | | | (34,109) | | | (152,442) | | | (34,298) |
Impairment losses - hotel properties | | | 1,671 | | | 13,478 | | | 2,685 | | | 144,642 |
Noncontrolling interest: | | | | | | | | | | | | |
(Income) loss from consolidated joint venture attributable to noncontrolling interest | | | (335) | | | 1,381 | | | 1,303 | | | 5,817 |
Real estate depreciation and amortization | | | (791) | | | (810) | | | (3,198) | | | (3,228) |
FFO attributable to common stockholders | | | 14,972 | | | (30,515) | | | (13,113) | | | (175,848) |
| | | | | | | | | | | | |
Operations held for investment: | | | | | | | | | | | | |
Real estate amortization of right-of-use assets and liabilities | | | 87 | | | 78 | | | 336 | | | 376 |
Noncash interest on derivatives, net | | | (1,211) | | | (794) | | | (3,405) | | | 4,740 |
Property-level severance | | | (284) | | | 748 | | | (284) | | | 2,880 |
Property-level severance related to sold hotels | | | — | | | 2,333 | | | 4,562 | | | 8,158 |
Loss (gain) on extinguishment of debt, net | | | 428 | | | (6,356) | | | 57 | | | (6,146) |
Prior year property tax adjustments, net | | | — | | | (490) | | | (1,384) | | | (276) |
Lawsuit settlement cost | | | 21 | | | — | | | 712 | | | — |
Preferred stock redemption charges | | | — | | | — | | | 6,640 | | | — |
CEO transition costs | | | 815 | | | — | | | 8,791 | | | — |
Amortization of deferred stock compensation associated with CEO transition costs | | | — | | | — | | | 1,117 | | | — |
Hurricane-related losses | | | 2,612 | | | — | | | 4,233 | | | — |
Impairment loss - abandoned development costs | | | — | | | — | | | — | | | 2,302 |
Noncash income tax provision, net | | | — | | | — | | | — | | | 7,415 |
Noncontrolling interest: | | | | | | | | | | | | |
Real estate amortization of right-of-use asset and liability | | | 73 | | | 73 | | | 290 | | | 290 |
Noncash interest on derivatives, net | | | 1 | | | — | | | (19) | | | (27) |
Lawsuit settlement cost | | | (5) | | | — | | | (178) | | | — |
Impairment loss - abandoned development costs | | | — | | | — | | | — | | | (449) |
Adjustments to FFO attributable to common stockholders, net | | | 2,537 | | | (4,408) | | | 21,468 | | | 19,263 |
Adjusted FFO attributable to common stockholders | | $ | 17,509 | | $ | (34,923) | | $ | 8,355 | | $ | (156,585) |
FFO attributable to common stockholders per diluted share | | $ | 0.07 | | $ | (0.14) | | $ | (0.06) | | $ | (0.81) |
Adjusted FFO attributable to common stockholders per diluted share | | $ | 0.08 | | $ | (0.16) | | $ | 0.04 | | $ | (0.73) |
| | | | | | | | | | | | |
Basic weighted average shares outstanding | | | 217,870 | | | 214,257 | | | 216,296 | | | 215,934 |
Shares associated with unvested restricted stock awards | | | 445 | | | 185 | | | 326 | | | — |
Diluted weighted average shares outstanding | | | 218,315 | | | 214,442 | | | 216,622 | | | 215,934 |
| ||||||||
CORPORATE FINANCIAL INFORMATION | | Page 14 | ||||||
| | |
Supplemental Financial Information |
Pro Forma Consolidated Statements of Operations
Q4 2021 – Q1 2021, FY 2021
| | | | | | | | | | | | | | | |
| Quarter Ended (1) | | Year Ended (1) | ||||||||||||
(Unaudited and in thousands, except per share data) | December 31, | | September 30, | | June 30, | | March 31, | | December 31, | ||||||
| 2021 |
| 2021 |
| 2021 |
| 2021 |
| 2021 | ||||||
Revenues | | | | | | | | | | | | | | | |
Room | $ | 109,295 | | $ | 109,132 | | $ | 79,826 | | $ | 31,791 | | $ | 330,044 | |
Food and beverage | | 35,189 | | | 26,233 | | | 14,996 | | | 4,870 | | | 81,288 | |
Other operating | | 20,701 | | | 20,985 | | | 16,874 | | | 11,042 | | | 69,602 | |
Total revenues | | 165,185 | | | 156,350 | | | 111,696 | | | 47,703 | | | 480,934 | |
| | | | | | | | | | | | | | | |
Operating Expenses | | | | | | | | | | | | | | | |
Room | | 30,366 | | | 28,821 | | | 21,523 | | | 10,612 | | | 91,322 | |
Food and beverage | | 29,965 | | | 24,401 | | | 15,328 | | | 5,803 | | | 75,497 | |
Other expenses | | 70,103 | | | 66,307 | | | 51,400 | | | 37,807 | | | 225,617 | |
Corporate overhead | | 8,203 | | | 15,422 | | | 9,467 | | | 7,177 | | | 40,269 | |
Depreciation and amortization | | 30,855 | | | 30,271 | | | 30,361 | | | 28,369 | | | 119,856 | |
Impairment losses | | 1,671 | | | 1,014 | | | — | | | — | | | 2,685 | |
Total operating expenses | | 171,163 | | | 166,236 | | | 128,079 | | | 89,768 | | | 555,246 | |
| | | | | | | | | | | | | | | |
Interest and other income (loss) | | 13 | | | 2 | | | 21 | | | (379) | | | (343) | |
Interest expense | | (6,440) | | | (7,019) | | | (7,100) | | | (6,693) | | | (27,252) | |
(Loss) gain on extinguishment of debt, net | | (292) | | | 61 | | | 88 | | | 222 | | | 79 | |
Loss before income taxes | | (12,697) | | | (16,842) | | | (23,374) | | | (48,915) | | | (101,828) | |
Income tax provision, net | | (18) | | | (25) | | | (23) | | | (43) | | | (109) | |
Net loss | $ | (12,715) | | $ | (16,867) | | $ | (23,397) | | $ | (48,958) | | $ | (101,937) | |
| | | | | | | | | | | | | | | |
Adjusted EBITDAre, excluding noncontrolling interest (2) | $ | 30,379 | | $ | 32,882 | | $ | 17,016 | | $ | (11,335) | | $ | 68,942 | |
| | | | | | | | | | | | | | | |
Adjusted FFO attributable to common stockholders (3) | $ | 17,115 | | $ | 19,781 | | $ | 996 | | $ | (24,928) | | $ | 12,964 | |
| | | | | | | | | | | | | | | |
Adjusted FFO attributable to common stockholders per diluted share (3) | $ | 0.08 | | $ | 0.09 | | $ | — | | $ | (0.11) | | $ | 0.06 |
(1) | Includes the Company's ownership results for the 14 Hotel Portfolio plus the Montage Healdsburg and the Four Seasons Resort Napa Valley acquired in April 2021 and December 2021, respectively. Excludes the Company's ownership results for the Renaissance Westchester, the Embassy Suites La Jolla and the Hyatt Centric Chicago Magnificent Mile due to their sales in October 2021, December 2021 and February 2022, respectively. |
(2) | Adjusted EBITDAre, excluding noncontrolling interest reconciliations for the first, second, third and fourth quarters of 2021, along with the year ended December 31, 2021 can be found on pages 18, 20, 22, 24 and 26, respectively, in this supplemental package. |
(3) | Adjusted FFO attributable to common stockholders and Adjusted FFO attributable to common stockholders per diluted share reconciliations for the first, second, third and fourth quarters of 2021, along with the year ended December 31, 2021 can be found on pages 19, 21, 23, 25 and 27, respectively, in this supplemental package. |
| ||||||||
CORPORATE FINANCIAL INFORMATION | | Page 15 | ||||||
| | |
Supplemental Financial Information |
Pro Forma Consolidated Statements of Operations
Q4 2020 – Q1 2020, FY 2020
| | | | | | | | | | | | | | | |
| Quarter Ended (1) | | Year Ended (1) | ||||||||||||
(Unaudited and in thousands, except per share data) | December 31, | | September 30, | | June 30, | | March 31, | | December 31, | ||||||
| 2020 | | 2020 |
| 2020 |
| 2020 |
| 2020 | ||||||
Revenues | | | | | | | | | | | | | | | |
Room | $ | 19,090 | | $ | 12,139 | | $ | 1,522 | | $ | 104,407 | | $ | 137,158 | |
Food and beverage | | 4,396 | | | 1,920 | | | 142 | | | 42,122 | | | 48,580 | |
Other operating | | 10,200 | | | 9,742 | | | 5,853 | | | 13,610 | | | 39,405 | |
Total revenues | | 33,686 | | | 23,801 | | | 7,517 | | | 160,139 | | | 225,143 | |
| | | | | | | | | | | | | | | |
Operating Expenses | | | | | | | | | | | | | | | |
Room | | 9,835 | | | 8,137 | | | 4,213 | | | 33,827 | | | 56,012 | |
Food and beverage | | 6,541 | | | 5,471 | | | 3,996 | | | 35,241 | | | 51,249 | |
Other expenses | | 26,693 | | | 34,673 | | | 32,592 | | | 66,068 | | | 160,026 | |
Corporate overhead | | 5,735 | | | 6,582 | | | 8,438 | | | 7,394 | | | 28,149 | |
Depreciation and amortization | | 28,812 | | | 28,399 | | | 28,444 | | | 28,502 | | | 114,157 | |
Impairment loss – abandoned development costs | | — | | | — | | | — | | | 2,302 | | | 2,302 | |
Total operating expenses | | 77,616 | | | 83,262 | | | 77,683 | | | 173,334 | | | 411,895 | |
| | | | | | | | | | | | | | | |
Interest and other income | | 85 | | | 139 | | | 306 | | | 2,306 | | | 2,836 | |
Interest expense | | (6,704) | | | (8,021) | | | (8,349) | | | (13,668) | | | (36,742) | |
Loss on extinguishment of debt | | — | | | (210) | | | — | | | — | | | (210) | |
Loss before income taxes | | (50,549) | | | (67,553) | | | (78,209) | | | (24,557) | | | (220,868) | |
Income tax (provision) benefit, net | | (15) | | | 83 | | | 12 | | | (6,670) | | | (6,590) | |
Net loss | $ | (50,564) | | $ | (67,470) | | $ | (78,197) | | $ | (31,227) | | $ | (227,458) | |
| | | | | | | | | | | | | | | |
Adjusted EBITDAre, excluding noncontrolling interest (2) | $ | (12,135) | | $ | (26,945) | | $ | (36,141) | | $ | 20,636 | | $ | (54,585) | |
| | | | | | | | | | | | | | | |
Adjusted FFO attributable to common stockholders (3) | $ | (24,890) | | $ | (41,038) | | $ | (50,450) | | $ | 8,603 | | $ | (107,775) | |
| | | | | | | | | | | | | | | |
Adjusted FFO attributable to common stockholders per diluted share (3) | $ | (0.11) | | $ | (0.19) | | $ | (0.23) | | $ | 0.04 | | $ | (0.50) |
(1) | Includes the Company's ownership results for the 14 Hotel Portfolio. Excludes the Company's ownership results for the Renaissance Harborplace, the Renaissance Los Angeles Airport, the Renaissance Westchester, the Embassy Suites La Jolla and the Hyatt Centric Chicago Magnificent Mile due to their sales in July 2020, December 2020, October 2021, December 2021 and February 2022, respectively. In addition, excludes the Company's ownership results for the Hilton Times Square due to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder, as well as the elimination of interest expense and loss on extinguishment of debt on the mortgage loan secured by the Renaissance Washington DC due to its repayment in December 2020. |
(2) | Adjusted EBITDAre, excluding noncontrolling interest reconciliation for the year ended December 31, 2020 can be found on page 29 in this supplemental package. |
(3) | Adjusted FFO attributable to common stockholders and Adjusted FFO attributable to common stockholders per diluted share reconciliations for the year ended December 31, 2020 can be found on page 30 in this supplemental package. |
| ||||||||
CORPORATE FINANCIAL INFORMATION | | Page 16 | ||||||
| | |
Supplemental Financial Information |
Pro Forma Consolidated Statements of Operations
Q4 2019 – Q1 2019, FY 2019
| | | | | | | | | | | | | | | |
| Quarter Ended (1) | | Year Ended (1) | ||||||||||||
(Unaudited and in thousands, except per share data) | December 31, | | September 30, | | June 30, | | March 31, | | December 31, | ||||||
| 2019 |
| 2019 |
| 2019 |
| 2019 |
| 2019 | ||||||
Revenues | | | | | | | | | | | | | | | |
Room | $ | 146,091 | | $ | 154,749 | | $ | 162,344 | | $ | 139,113 | | $ | 602,297 | |
Food and beverage | | 56,751 | | | 52,248 | | | 64,255 | | | 60,410 | | | 233,664 | |
Other operating | | 16,891 | | | 17,284 | | | 15,958 | | | 14,729 | | | 64,862 | |
Total revenues | | 219,733 | | | 224,281 | | | 242,557 | | | 214,252 | | | 900,823 | |
| | | | | | | | | | | | | | | |
Operating Expenses | | | | | | | | | | | | | | | |
Room | | 38,332 | | | 39,734 | | | 39,538 | | | 37,078 | | | 154,682 | |
Food and beverage | | 38,511 | | | 37,324 | | | 40,203 | | | 39,578 | | | 155,616 | |
Other expenses | | 74,504 | | | 73,681 | | | 75,606 | | | 73,773 | | | 297,564 | |
Corporate overhead | | 7,275 | | | 7,395 | | | 8,078 | | | 7,516 | | | 30,264 | |
Depreciation and amortization | | 28,406 | | | 28,483 | | | 27,850 | | | 27,697 | | | 112,436 | |
Total operating expenses | | 187,028 | | | 186,617 | | | 191,275 | | | 185,642 | | | 750,562 | |
| | | | | | | | | | | | | | | |
Interest and other income | | 3,060 | | | 3,762 | | | 4,811 | | | 4,924 | | | 16,557 | |
Interest expense | | (6,880) | | | (9,074) | | | (11,634) | | | (10,149) | | | (37,737) | |
Income before income taxes | | 28,885 | | | 32,352 | | | 44,459 | | | 23,385 | | | 129,081 | |
Income tax (provision) benefit, net | | (1,034) | | | 749 | | | (2,676) | | | 3,112 | | | 151 | |
Net income | $ | 27,851 | | $ | 33,101 | | $ | 41,783 | | $ | 26,497 | | $ | 129,232 | |
| | | | | | | | | | | | | | | |
Adjusted EBITDAre, excluding noncontrolling interest (2) | $ | 63,741 | | $ | 67,984 | | $ | 82,942 | | $ | 60,733 | | $ | 275,400 | |
| | | | | | | | | | | | | | | |
Adjusted FFO attributable to common stockholders (3) | $ | 50,816 | | $ | 56,124 | | $ | 69,103 | | $ | 47,281 | | $ | 223,324 | |
| | | | | | | | | | | | | | | |
Adjusted FFO attributable to common stockholders per diluted share (3) | $ | 0.23 | | $ | 0.26 | | $ | 0.32 | | $ | 0.22 | | $ | 1.03 |
(1) | Includes the Company's ownership results for the 14 Hotel Portfolio. Excludes the Company's ownership results for the Courtyard by Marriott Los Angeles, the Renaissance Harborplace, the Renaissance Los Angeles Airport, the Renaissance Westchester, the Embassy Suites La Jolla and the Hyatt Centric Chicago Magnificent Mile due to their sales in October 2019, July 2020, December 2020, October 2021, December 2021 and February 2022, respectively. In addition, excludes the Company's ownership results for the Hilton Times Square due to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder, as well as the elimination of interest expense on the mortgage loan secured by the Renaissance Washington DC due to its repayment in December 2020. |
(2) | Adjusted EBITDAre, excluding noncontrolling interest reconciliation for the year ended December 31, 2019 can be found on page 32 in this supplemental package. |
(3) | Adjusted FFO attributable to common stockholders and Adjusted FFO attributable to common stockholders per diluted share reconciliations for the year ended December 31, 2019 can be found on page 33 in this supplemental package. |
| ||||||||
CORPORATE FINANCIAL INFORMATION | | Page 17 | ||||||
| | |
Supplemental Financial Information |
Pro Forma Reconciliation of Net Loss to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest
Q1 2021
| | | | | | | | | | | | | | | | | |
| Quarter Ended March 31, 2021 | ||||||||||||||||
| | | | Disposition: | | Disposition: | | Held for Sale: | | | | | | | |||
| | | | Renaissance | | Embassy Suites | | Hyatt Centric | | Equity | | Pro | |||||
(In thousands) | Actual (1) | | Westchester (2) | | La Jolla (2) | | Chicago (3) | | Transactions (4) | | Forma (5) | ||||||
| | | | | | | | | | | | | | | | | |
Net loss | $ | (55,287) | | $ | 1,346 | | $ | 1,588 | | $ | 3,395 | | $ | — | | $ | (48,958) |
Operations held for investment: | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | 30,770 | | | (268) | | | (988) | | | (1,145) | | | — | | | 28,369 |
Interest expense | | 7,649 | | | — | | | (605) | | | (351) | | | — | | | 6,693 |
Income tax provision, net | | 43 | | | — | | | — | | | — | | | — | | | 43 |
Loss on sale of assets | | 70 | | | — | | | — | | | — | | | — | | | 70 |
EBITDAre | | (16,755) | | | 1,078 | | | (5) | | | 1,899 | | | — | | | (13,783) |
| | | | | | | | | | | | | | | | | |
Operations held for investment: | | | | | | | | | | | | | | | | | |
Amortization of deferred stock compensation | | 2,752 | | | — | | | — | | | — | | | — | | | 2,752 |
Amortization of right-of-use assets and liabilities | | (331) | | | — | | | — | | | — | | | — | | | (331) |
Finance lease obligation interest - cash ground rent | | (351) | | | — | | | — | | | 351 | | | — | | | — |
Gain on extinguishment of debt | | (222) | | | — | | | — | | | — | | | — | | | (222) |
Prior year property tax adjustments, net | | (827) | | | — | | | — | | | — | | | — | | | (827) |
Noncontrolling interest: | | | | | | | | | | | | | | | | | |
Loss from consolidated joint venture attributable to noncontrolling interest | | 1,975 | | | — | | | — | | | — | | | — | | | 1,975 |
Depreciation and amortization | | (810) | | | — | | | — | | | — | | | — | | | (810) |
Interest expense | | (161) | | | — | | | — | | | — | | | — | | | (161) |
Amortization of right-of-use asset and liability | | 72 | | | — | | | — | | | — | | | — | | | 72 |
Adjustments to EBITDAre, net | | 2,097 | | | — | | | — | | | 351 | | | — | | | 2,448 |
| | | | | | | | | | | | | | | | | |
Adjusted EBITDAre, excluding noncontrolling interest | $ | (14,658) | | $ | 1,078 | | $ | (5) | | $ | 2,250 | | $ | — | | $ | (11,335) |
*Footnotes on page 19
| ||||||||
CORPORATE FINANCIAL INFORMATION | | Page 18 | ||||||
| | |
Supplemental Financial Information |
Pro Forma Reconciliation of Net Loss to FFO and Adjusted FFO Attributable to Common Stockholders
Q1 2021
| | | | | | | | | | | | | | | | | |
| Quarter Ended March 31, 2021 | ||||||||||||||||
| | | | Disposition: | | Disposition: | | Held for Sale: | | | | | | | |||
| | | | Renaissance | | Embassy Suites | | Hyatt Centric | | Equity | | Pro | |||||
(In thousands, except per share data) | Actual (1) | | Westchester (2) | | La Jolla (2) | | Chicago (3) | | Transactions (4) | | Forma (5) | ||||||
| | | | | | | | | | | | | | | | | |
Net loss | $ | (55,287) | | $ | 1,346 | | $ | 1,588 | | $ | 3,395 | | $ | — | | $ | (48,958) |
Preferred stock dividends | | (3,207) | | | — | | | — | | | — | | | 21 | | | (3,186) |
Operations held for investment: | | | | | | | | | | | | | | | | | |
Real estate depreciation and amortization | | 30,143 | | | (268) | | | (988) | | | (1,145) | | | — | | | 27,742 |
Loss on sale of assets | | 70 | | | — | | | — | | | — | | | — | | | 70 |
Noncontrolling interest: | | | | | | | | | | | | | | | | | |
Loss from consolidated joint venture attributable to noncontrolling interest | | 1,975 | | | — | | | — | | | — | | | — | | | 1,975 |
Real estate depreciation and amortization | | (810) | | | — | | | — | | | — | | | — | | | (810) |
FFO attributable to common stockholders | | (27,116) | | | 1,078 | | | 600 | | | 2,250 | | | 21 | | | (23,167) |
| | | | | | | | | | | | | | | | | |
Operations held for investment: | | | | | | | | | | | | | | | | | |
Real estate amortization of right-of-use assets and liabilities | | 85 | | | — | | | — | | | — | | | — | | | 85 |
Noncash interest on derivatives, net | | (869) | | | — | | | — | | | — | | | — | | | (869) |
Gain on extinguishment of debt | | (222) | | | — | | | — | | | — | | | — | | | (222) |
Prior year property tax adjustments, net | | (827) | | | — | | | — | | | — | | | — | | | (827) |
Noncontrolling interest: | | | | | | | | | | | | | | | | | |
Real estate amortization of right-of-use asset and liability | | 72 | | | — | | | — | | | — | | | — | | | 72 |
Adjustments to FFO attributable to common stockholders, net | | (1,761) | | | — | | | — | | | — | | | — | | | (1,761) |
| | | | | | | | | | | | | | | | | |
Adjusted FFO attributable to common stockholders | $ | (28,877) | | $ | 1,078 | | $ | 600 | | $ | 2,250 | | $ | 21 | | $ | (24,928) |
| | | | | | | | | | | | | | | | | |
FFO attributable to common stockholders per diluted share | $ | (0.13) | | | | | | | | | | | | | | $ | (0.11) |
| | | | | | | | | | | | | | | | | |
Adjusted FFO attributable to common stockholders per diluted share | $ | (0.13) | | | | | | | | | | | | | | $ | (0.11) |
| | | | | | | | | | | | | | | | | |
Basic weighted average shares outstanding | | 214,438 | | | | | | | | | | | | 2,914 | | | 217,352 |
Shares associated with unvested restricted stock awards | | 210 | | | | | | | | | | | | — | | | 210 |
Diluted weighted average shares outstanding | | 214,648 | | | | | | | | | | | | 2,914 | | | 217,562 |
(1) | Actual represents the Company's ownership results for the 17 hotels owned by the Company as of March 31, 2021. |
(2) | Disposition represents the Company's ownership results for the Renaissance Westchester and the Embassy Suites La Jolla prior to their sales in October 2021 and December 2021, respectively. |
(3) | Held for Sale represents the Company’s ownership results for the Hyatt Centric Chicago Magnificent Mile prior to its sale in February 2022. |
(4) | Equity Transactions represent the reduction in preferred stock dividends due to the redemptions of the 6.95% Series E and 6.45% Series F Cumulative Redeemable Preferred Stocks in June 2021 and August 2021, respectively, offset by the issuance of the 6.125% Series H and 5.70% Series I Cumulative Redeemable Preferred Stocks in May 2021 and July 2021, respectively. It also includes the issuance of 2,913,682 shares of common stock in the second quarter of 2021. |
(5) | Pro Forma represents the Company's ownership results for the 14 Hotel Portfolio, as well as the preferred stock transactions and common stock issuances in 2021. |
| ||||||||
CORPORATE FINANCIAL INFORMATION | | Page 19 | ||||||
| | |
Supplemental Financial Information |
Pro Forma Reconciliation of Net Loss to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest
Q2 2021
| | | | | | | | | | | | | | | | | |
| Quarter Ended June 30, 2021 | ||||||||||||||||
| | | | Disposition: | | Disposition: | | Held for Sale: | | | | | | | |||
| | | | Renaissance | | Embassy Suites | | Hyatt Centric | | Equity | | Pro | |||||
(In thousands) | Actual (1) | | Westchester (2) | | La Jolla (2) | | Chicago (3) | | Transactions (4) | | Forma (5) | ||||||
| | | | | | | | | | | | | | | | | |
Net loss | $ | (27,918) | | $ | 1,201 | | $ | 531 | | $ | 2,789 | | $ | — | | $ | (23,397) |
Operations held for investment: | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | 32,729 | | | (271) | | | (955) | | | (1,142) | | | — | | | 30,361 |
Interest expense | | 8,065 | | | — | | | (614) | | | (351) | | | — | | | 7,100 |
Income tax provision, net | | 23 | | | — | | | — | | | — | | | — | | | 23 |
EBITDAre | | 12,899 | | | 930 | | | (1,038) | | | 1,296 | | | — | | | 14,087 |
| | | | | | | | | | | | | | | | | |
Operations held for investment: | | | | | | | | | | | | | | | | | |
Amortization of deferred stock compensation | | 4,659 | | | — | | | — | | | — | | | — | | | 4,659 |
Amortization of right-of-use assets and liabilities | | (338) | | | — | | | — | | | — | | | — | | | (338) |
Finance lease obligation interest - cash ground rent | | (351) | | | — | | | — | | | 351 | | | — | | | — |
Gain on extinguishment of debt | | (88) | | | — | | | — | | | — | | | — | | | (88) |
Prior year property tax adjustments, net | | (1,162) | | | — | | | — | | | 154 | | | — | | | (1,008) |
Noncontrolling interest: | | | | | | | | | | | | | | | | | |
Loss from consolidated joint venture attributable to noncontrolling interest | | 596 | | | — | | | — | | | — | | | — | | | 596 |
Depreciation and amortization | | (806) | | | — | | | — | | | — | | | — | | | (806) |
Interest expense | | (159) | | | — | | | — | | | — | | | — | | | (159) |
Amortization of right-of-use asset and liability | | 73 | | | — | | | — | | | — | | | — | | | 73 |
Adjustments to EBITDAre, net | | 2,424 | | | — | | | — | | | 505 | | | — | | | 2,929 |
| | | | | | | | | | | | | | | | | |
Adjusted EBITDAre, excluding noncontrolling interest | $ | 15,323 | | $ | 930 | | $ | (1,038) | | $ | 1,801 | | $ | — | | $ | 17,016 |
*Footnotes on page 21
| ||||||||
CORPORATE FINANCIAL INFORMATION | | Page 20 | ||||||
| | |
Supplemental Financial Information |
Pro Forma Reconciliation of Net Loss to FFO and Adjusted FFO Attributable to Common Stockholders
Q2 2021
| | | | | | | | | | | | | | | | | |
| Quarter Ended June 30, 2021 | ||||||||||||||||
| | | | Disposition: | | Disposition: | | Held for Sale: | | | | | | | |||
| | | | Renaissance | | Embassy Suites | | Hyatt Centric | | Equity | | Pro | |||||
(In thousands, except per share data) | Actual (1) | | Westchester (2) | | La Jolla (2) | | Chicago (3) | | Transactions (4) | | Forma (5) | ||||||
| | | | | | | | | | | | | | | | | |
Net loss | $ | (27,918) | | $ | 1,201 | | $ | 531 | | $ | 2,789 | | $ | — | | $ | (23,397) |
Preferred stock dividends and redemption charge | | (7,795) | | | — | | | — | | | — | | | 4,317 | | | (3,478) |
Operations held for investment: | | | | | | | | | | | | | | | | | |
Real estate depreciation and amortization | | 32,104 | | | (271) | | | (955) | | | (1,142) | | | — | | | 29,736 |
Noncontrolling interest: | | | | | | | | | | | | | | | | | |
Loss from consolidated joint venture attributable to noncontrolling interest | | 596 | | | — | | | — | | | — | | | — | | | 596 |
Real estate depreciation and amortization | | (806) | | | — | | | — | | | — | | | — | | | (806) |
FFO attributable to common stockholders | | (3,819) | | | 930 | | | (424) | | | 1,647 | | | 4,317 | | | 2,651 |
| | | | | | | | | | | | | | | | | |
Operations held for investment: | | | | | | | | | | | | | | | | | |
Real estate amortization of right-of-use assets and liabilities | | 77 | | | — | | | — | | | — | | | — | | | 77 |
Noncash interest on derivatives, net | | (709) | | | — | | | — | | | — | | | — | | | (709) |
Gain on extinguishment of debt | | (88) | | | — | | | — | | | — | | | — | | | (88) |
Prior year property tax adjustments, net | | (1,162) | | | — | | | — | | | 154 | | | — | | | (1,008) |
Preferred stock redemption charge | | 4,016 | | | — | | | — | | | — | | | (4,016) | | | — |
Noncontrolling interest: | | | | | | | | | | | | | | | | | |
Real estate amortization of right-of-use asset and liability | | 73 | | | — | | | — | | | — | | | — | | | 73 |
Adjustments to FFO attributable to common stockholders, net | | 2,207 | | | — | | | — | | | 154 | | | (4,016) | | | (1,655) |
| | | | | | | | | | | | | | | | | |
Adjusted FFO attributable to common stockholders | $ | (1,612) | | $ | 930 | | $ | (424) | | $ | 1,801 | | $ | 301 | | $ | 996 |
| | | | | | | | | | | | | | | | | |
FFO attributable to common stockholders per diluted share | $ | (0.02) | | | | | | | | | | | | | | $ | 0.01 |
| | | | | | | | | | | | | | | | | |
Adjusted FFO attributable to common stockholders per diluted share | $ | (0.01) | | | | | | | | | | | | | | $ | 0.00 |
| | | | | | | | | | | | | | | | | |
Basic weighted average shares outstanding | | 215,113 | | | | | | | | | | | | 2,470 | | | 217,583 |
Shares associated with unvested restricted stock awards | | 352 | | | | | | | | | | | | — | | | 352 |
Diluted weighted average shares outstanding | | 215,465 | | | | | | | | | | | | 2,470 | | | 217,935 |
(1) | Actual represents the Company's ownership results for the 18 hotels owned by the Company as of June 30, 2021. |
(2) | Disposition represents the Company's ownership results for the Renaissance Westchester and the Embassy Suites La Jolla prior to their sales in October 2021 and December 2021, respectively. |
(3) | Held for Sale represents the Company’s ownership results for the Hyatt Centric Chicago Magnificent Mile prior to its sale in February 2022. |
(4) | Equity Transactions represent the reduction in preferred stock dividends due to the redemptions of the 6.95% Series E and 6.45% Series F Cumulative Redeemable Preferred Stocks in June 2021 and August 2021, respectively, offset by the issuance of the 6.125% Series H and 5.70% Series I Cumulative Redeemable Preferred Stocks in May 2021 and July 2021, respectively. It also includes the issuance of 2,913,682 shares of common stock in the second quarter of 2021. |
(5) | Pro Forma represents the Company's ownership results for the 14 Hotel Portfolio plus the Montage Healdsburg acquired in April 2021, as well as the preferred stock transactions and common stock issuances in 2021. |
| ||||||||
CORPORATE FINANCIAL INFORMATION | | Page 21 | ||||||
| | |
Supplemental Financial Information |
Pro Forma Reconciliation of Net Loss to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest
Q3 2021
| | | | | | | | | | | | | | | | | |
| Quarter Ended September 30, 2021 | ||||||||||||||||
| | | | Disposition: | | Disposition: | | Held for Sale: | | | | | | | |||
| | | | Renaissance | | Embassy Suites | | Hyatt Centric | | Equity | | Pro | |||||
(In thousands) | Actual (1) | | Westchester (2) | | La Jolla (2) | | Chicago (3) | | Transactions (4) | | Forma (5) | ||||||
| | | | | | | | | | | | | | | | | |
Net loss | $ | (22,124) | | $ | 4,870 | | $ | (738) | | $ | 1,125 | | $ | — | | $ | (16,867) |
Operations held for investment: | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | 32,585 | | | (269) | | | (906) | | | (1,139) | | | — | | | 30,271 |
Interest expense | | 7,983 | | | — | | | (613) | | | (351) | | | — | | | 7,019 |
Income tax provision, net | | 25 | | | — | | | — | | | — | | | — | | | 25 |
Loss on sale of assets | | 12 | | | — | | | — | | | — | | | — | | | 12 |
Impairment losses - hotel properties | | 1,014 | | | — | | | — | | | — | | | — | | | 1,014 |
EBITDAre | | 19,495 | | | 4,601 | | | (2,257) | | | (365) | | | — | | | 21,474 |
| | | | | | | | | | | | | | | | | |
Operations held for investment: | | | | | | | | | | | | | | | | | |
Amortization of deferred stock compensation | | 3,165 | | | — | | | — | | | — | | | — | | | 3,165 |
Amortization of right-of-use assets and liabilities | | (335) | | | — | | | — | | | — | | | — | | | (335) |
Finance lease obligation interest - cash ground rent | | (351) | | | — | | | — | | | 351 | | | — | | | — |
Property-level severance related to held for sale/sold hotels | | 4,562 | | | (4,562) | | | — | | | — | | | — | | | — |
Gain on extinguishment of debt | | (61) | | | — | | | — | | | — | | | — | | | (61) |
Prior year property tax adjustments, net | | 605 | | | — | | | — | | | (248) | | | — | | | 357 |
Lawsuit settlement cost | | 691 | | | — | | | — | | | — | | | — | | | 691 |
CEO transition costs | | 7,976 | | | — | | | — | | | — | | | — | | | 7,976 |
Hurricane-related losses | | 1,621 | | | — | | | — | | | — | | | — | | | 1,621 |
Noncontrolling interest: | | | | | | | | | | | | | | | | | |
Income from consolidated joint venture attributable to noncontrolling interest | | (933) | | | — | | | — | | | — | | | — | | | (933) |
Depreciation and amortization | | (791) | | | — | | | — | | | — | | | — | | | (791) |
Interest expense | | (181) | | | — | | | — | | | — | | | — | | | (181) |
Amortization of right-of-use asset and liability | | 72 | | | — | | | — | | | — | | | — | | | 72 |
Lawsuit settlement cost | | (173) | | | — | | | — | | | — | | | — | | | (173) |
Adjustments to EBITDAre, net | | 15,867 | | | (4,562) | | | — | | | 103 | | | — | | | 11,408 |
| | | | | | | | | | | | | | | | | |
Adjusted EBITDAre, excluding noncontrolling interest | $ | 35,362 | | $ | 39 | | $ | (2,257) | | $ | (262) | | $ | — | | $ | 32,882 |
*Footnotes on page 23
| ||||||||
CORPORATE FINANCIAL INFORMATION | | Page 22 | ||||||
| | |
Supplemental Financial Information |
Pro Forma Reconciliation of Net Loss to FFO and Adjusted FFO Attributable to Common Stockholders
Q3 2021
| | | | | | | | | | | | | | | | | |
| Quarter Ended September 30, 2021 | ||||||||||||||||
| | | | Disposition: | | Disposition: | | Held for Sale: | | | | | | | |||
| | | | Renaissance | | Embassy Suites | | Hyatt Centric | | Equity | | Pro | |||||
(In thousands, except per share data) | Actual (1) | | Westchester (2) | | La Jolla (2) | | Chicago (3) | | Transactions (4) | | Forma (5) | ||||||
| | | | | | | | | | | | | | | | | |
Net loss | $ | (22,124) | | $ | 4,870 | | $ | (738) | | $ | 1,125 | | $ | — | | $ | (16,867) |
Preferred stock dividends and redemption charge | | (6,287) | | | — | | | — | | | — | | | 2,937 | | | (3,350) |
Operations held for investment: | | | | | | | | | | | | | | | | | |
Real estate depreciation and amortization | | 31,959 | | | (269) | | | (906) | | | (1,139) | | | — | | | 29,645 |
Loss on sale of assets | | 12 | | | — | | | — | | | — | | | — | | | 12 |
Impairment losses - hotel properties | | 1,014 | | | — | | | — | | | — | | | — | | | 1,014 |
Noncontrolling interest: | | | | | | | | | | | | | | | | | |
Income from consolidated joint venture attributable to noncontrolling interest | | (933) | | | — | | | — | | | — | | | — | | | (933) |
Real estate depreciation and amortization | | (791) | | | — | | | — | | | — | | | — | | | (791) |
FFO attributable to common stockholders | | 2,850 | | | 4,601 | | | (1,644) | | | (14) | | | 2,937 | | | 8,730 |
| | | | | | | | | | | | | | | | | |
Operations held for investment: | | | | | | | | | | | | | | | | | |
Real estate amortization of right-of-use assets and liabilities | | 87 | | | — | | | — | | | — | | | — | | | 87 |
Noncash interest on derivatives, net | | (616) | | | — | | | — | | | — | | | — | | | (616) |
Property-level severance related to held for sale/sold hotels | | 4,562 | | | (4,562) | | | — | | | — | | | — | | | — |
Gain on extinguishment of debt | | (61) | | | — | | | — | | | — | | | — | | | (61) |
Prior year property tax adjustments, net | | 605 | | | — | | | — | | | (248) | | | — | | | 357 |
Lawsuit settlement cost | | 691 | | | — | | | — | | | — | | | — | | | 691 |
Preferred stock redemption charge | | 2,624 | | | — | | | — | | | — | | | (2,624) | | | — |
CEO transition costs | | 7,976 | | | — | | | — | | | — | | | — | | | 7,976 |
Amortization of deferred stock compensation associated with CEO transition costs | | 1,117 | | | — | | | — | | | — | | | — | | | 1,117 |
Hurricane-related losses | | 1,621 | | | — | | | — | | | — | | | — | | | 1,621 |
Noncontrolling interest: | | | | | | | | | | | | | | | | | |
Real estate amortization of right-of-use asset and liability | | 72 | | | — | | | — | | | — | | | — | | | 72 |
Noncash interest on derivatives, net | | (20) | | | — | | | — | | | — | | | — | | | (20) |
Lawsuit settlement cost | | (173) | | | — | | | — | | | — | | | — | | | (173) |
Adjustments to FFO attributable to common stockholders, net | | 18,485 | | | (4,562) | | | — | | | (248) | | | (2,624) | | | 11,051 |
| | | | | | | | | | | | | | | | | |
Adjusted FFO attributable to common stockholders | $ | 21,335 | | $ | 39 | | $ | (1,644) | | $ | (262) | | $ | 313 | | $ | 19,781 |
| | | | | | | | | | | | | | | | | |
FFO attributable to common stockholders per diluted share | $ | 0.01 | | | | | | | | | | | | | | $ | 0.04 |
| | | | | | | | | | | | | | | | | |
Adjusted FFO attributable to common stockholders per diluted share | $ | 0.10 | | | | | | | | | | | | | | $ | 0.09 |
| | | | | | | | | | | | | | | | | |
Basic weighted average shares outstanding | | 217,709 | | | | | | | | | | | | — | | | 217,709 |
Shares associated with unvested restricted stock awards | | 296 | | | | | | | | | | | | — | | | 296 |
Diluted weighted average shares outstanding | | 218,005 | | | | | | | | | | | | — | | | 218,005 |
(1) | Actual represents the Company's ownership results for the 18 hotels owned by the Company as of September 30, 2021. |
(2) | Disposition represents the Company's ownership results for the Renaissance Westchester and the Embassy Suites La Jolla prior to their sales in October 2021 and December 2021, respectively. |
(3) | Held for Sale represents the Company’s ownership results for the Hyatt Centric Chicago Magnificent Mile prior to its sale in February 2022. |
(4) | Equity Transactions represent the reduction in preferred stock dividends due to the redemption of the 6.45% Series F Cumulative Redeemable Preferred Stock in August 2021, offset by the issuance of the 5.70% Series I Cumulative Redeemable Preferred Stock in July 2021. |
(5) | Pro Forma represents the Company's ownership results for the 14 Hotel Portfolio plus the Montage Healdsburg acquired in April 2021, as well as the preferred stock transactions in 2021. |
| ||||||||
CORPORATE FINANCIAL INFORMATION | | Page 23 | ||||||
| | |
Supplemental Financial Information |
Pro Forma Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest
Q4 2021
| | | | | | | | | | | | | | |
| Quarter Ended December 31, 2021 | |||||||||||||
| | | | Disposition: | | Disposition: | | Held for Sale: | | | | |||
| | | | Renaissance | | Embassy Suites | | Hyatt Centric | | Pro | ||||
(In thousands) | Actual (1) | | Westchester (2) | | La Jolla (2) | | Chicago (3) | | Forma (4) | |||||
| | | | | | | | | | | | | | |
Net income | $ | 138,324 | | $ | (3,492) | | $ | (148,978) | | $ | 1,431 | | $ | (12,715) |
Operations held for investment: | | | | | | | | | | | | | | |
Depreciation and amortization | | 32,598 | | | — | | | (603) | | | (1,140) | | | 30,855 |
Interest expense | | 7,201 | | | — | | | (410) | | | (351) | | | 6,440 |
Income tax provision, net | | 18 | | | — | | | — | | | — | | | 18 |
Gain on sale of assets | | (152,524) | | | 3,733 | | | 148,791 | | | — | | | — |
Impairment losses - hotel properties | | 1,671 | | | — | | | — | | | — | | | 1,671 |
EBITDAre | | 27,288 | | | 241 | | | (1,200) | | | (60) | | | 26,269 |
| | | | | | | | | | | | | | |
Operations held for investment: | | | | | | | | | | | | | | |
Amortization of deferred stock compensation | | 2,212 | | | — | | | — | | | — | | | 2,212 |
Amortization of right-of-use assets and liabilities | | (340) | | | — | | | — | | | — | | | (340) |
Finance lease obligation interest - cash ground rent | | (351) | | | — | | | — | | | 351 | | | — |
Property-level severance | | (284) | | | — | | | — | | | — | | | (284) |
Loss on extinguishment of debt | | 428 | | | — | | | (136) | | | — | | | 292 |
Lawsuit settlement cost | | 21 | | | — | | | — | | | — | | | 21 |
CEO transition costs | | 815 | | | — | | | — | | | — | | | 815 |
Hurricane-related losses | | 2,612 | | | — | | | — | | | — | | | 2,612 |
Noncontrolling interest: | | | | | | | | | | | | | | |
Income from consolidated joint venture attributable to noncontrolling interest | | (335) | | | — | | | — | | | — | | | (335) |
Depreciation and amortization | | (791) | | | — | | | — | | | — | | | (791) |
Interest expense | | (160) | | | — | | | — | | | — | | | (160) |
Amortization of right-of-use asset and liability | | 73 | | | — | | | — | | | — | | | 73 |
Lawsuit settlement cost | | (5) | | | — | | | — | | | — | | | (5) |
Adjustments to EBITDAre, net | | 3,895 | | | — | | | (136) | | | 351 | | | 4,110 |
| | | | | | | | | | | | | | |
Adjusted EBITDAre, excluding noncontrolling interest | $ | 31,183 | | $ | 241 | | $ | (1,336) | | $ | 291 | | $ | 30,379 |
*Footnotes on page 25
| ||||||||
CORPORATE FINANCIAL INFORMATION | | Page 24 | ||||||
| | |
Supplemental Financial Information |
Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders
Q4 2021
| | | | | | | | | | | | | | |
| Quarter Ended December 31, 2021 | |||||||||||||
| | | | Disposition: | | Disposition: | | Held for Sale: | | | | |||
| | | | Renaissance | | Embassy Suites | | Hyatt Centric | | Pro | ||||
(In thousands, except per share data) | Actual (1) | | Westchester (2) | | La Jolla (2) | | Chicago (3) | | Forma (4) | |||||
| | | | | | | | | | | | | | |
Net income | $ | 138,324 | | $ | (3,492) | | $ | (148,978) | | $ | 1,431 | | $ | (12,715) |
Preferred stock dividends | | (3,349) | | | — | | | — | | | — | | | (3,349) |
Operations held for investment: | | | | | | | | | | | | | | |
Real estate depreciation and amortization | | 31,976 | | | — | | | (603) | | | (1,140) | | | 30,233 |
Gain on sale of assets | | (152,524) | | | 3,733 | | | 148,791 | | | — | | | — |
Impairment losses - hotel properties | | 1,671 | | | — | | | — | | | — | | | 1,671 |
Noncontrolling interest: | | | | | | | | | | | | | | |
Income from consolidated joint venture attributable to noncontrolling interest | | (335) | | | — | | | — | | | — | | | (335) |
Real estate depreciation and amortization | | (791) | | | — | | | — | | | — | | | (791) |
FFO attributable to common stockholders | | 14,972 | | | 241 | | | (790) | | | 291 | | | 14,714 |
| | | | | | | | | | | | | | |
Operations held for investment: | | | | | | | | | | | | | | |
Real estate amortization of right-of-use assets and liabilities | | 87 | | | — | | | — | | | — | | | 87 |
Noncash interest on derivatives, net | | (1,211) | | | — | | | — | | | — | | | (1,211) |
Property-level severance | | (284) | | | — | | | — | | | — | | | (284) |
Loss on extinguishment of debt | | 428 | | | — | | | (136) | | | — | | | 292 |
Lawsuit settlement cost | | 21 | | | — | | | — | | | — | | | 21 |
CEO transition costs | | 815 | | | — | | | — | | | — | | | 815 |
Hurricane-related losses | | 2,612 | | | — | | | — | | | — | | | 2,612 |
Noncontrolling interest: | | | | | | | | | | | | | | |
Real estate amortization of right-of-use asset and liability | | 73 | | | — | | | — | | | — | | | 73 |
Noncash interest on derivatives, net | | 1 | | | — | | | — | | | — | | | 1 |
Lawsuit settlement cost | | (5) | | | — | | | — | | | — | | | (5) |
Adjustments to FFO attributable to common stockholders, net | | 2,537 | | | — | | | (136) | | | — | | | 2,401 |
| | | | | | | | | | | | | | |
Adjusted FFO attributable to common stockholders | $ | 17,509 | | $ | 241 | | $ | (926) | | $ | 291 | | $ | 17,115 |
| | | | | | | | | | | | | | |
FFO attributable to common stockholders per diluted share | $ | 0.07 | | | | | | | | | | | $ | 0.07 |
| | | | | | | | | | | | | | |
Adjusted FFO attributable to common stockholders per diluted share | $ | 0.08 | | | | | | | | | | | $ | 0.08 |
| | | | | | | | | | | | | | |
Basic weighted average shares outstanding | | 217,870 | | | | | | | | | | | | 217,870 |
Shares associated with unvested restricted stock awards | | 445 | | | | | | | | | | | | 445 |
Diluted weighted average shares outstanding | | 218,315 | | | | | | | | | | | | 218,315 |
(1) | Actual represents the Company's ownership results for the 17 hotels owned by the Company as of December 31, 2021, as well as results for the Renaissance Westchester and the Embassy Suites La Jolla prior to their sales in October 2021 and December 2021, respectively. |
(2) | Disposition represents the Company's ownership results for the Renaissance Westchester and the Embassy Suites La Jolla prior to their sales in October 2021 and December 2021, respectively. |
(3) | Held for Sale represents the Company's ownership results for the Hyatt Centric Chicago Magnificent Mile prior to its sale in February 2022. |
(4) | Pro Forma represents the Company's ownership results for the 16 Hotel Portfolio. |
| ||||||||
CORPORATE FINANCIAL INFORMATION | | Page 25 | ||||||
| | |
Supplemental Financial Information |
Pro Forma Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest
FY 2021
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2021 | ||||||||||||||||
| | | | Disposition: | | Disposition: | | Held for Sale: | | | | | | | |||
| | | | Renaissance | | Embassy Suites | | Hyatt Centric | | Equity | | Pro | |||||
(In thousands) | Actual (1) | | Westchester (2) | | La Jolla (2) | | Chicago (3) | | Transactions (4) | | Forma (5) | ||||||
| | | | | | | | | | | | | | | | | |
Net income | $ | 32,995 | | $ | 3,925 | | $ | (147,597) | | $ | 8,740 | | $ | — | | $ | (101,937) |
Operations held for investment: | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | 128,682 | | | (808) | | | (3,452) | | | (4,566) | | | — | | | 119,856 |
Interest expense | | 30,898 | | | — | | | (2,242) | | | (1,404) | | | — | | | 27,252 |
Income tax provision, net | | 109 | | | — | | | — | | | — | | | — | | | 109 |
Gain on sale of assets, net | | (152,442) | | | 3,733 | | | 148,791 | | | — | | | — | | | 82 |
Impairment losses - hotel properties | | 2,685 | | | — | | | — | | | — | | | — | | | 2,685 |
EBITDAre | | 42,927 | | | 6,850 | | | (4,500) | | | 2,770 | | | — | | | 48,047 |
| | | | | | | | | | | | | | | | | |
Operations held for investment: | | | | | | | | | | | | | | | | | |
Amortization of deferred stock compensation | | 12,788 | | | — | | | — | | | — | | | — | | | 12,788 |
Amortization of right-of-use assets and liabilities | | (1,344) | | | — | | | — | | | — | | | — | | | (1,344) |
Finance lease obligation interest - cash ground rent | | (1,404) | | | — | | | — | | | 1,404 | | | — | | | — |
Property-level severance | | (284) | | | — | | | — | | | — | | | — | | | (284) |
Property-level severance related to sold hotels | | 4,562 | | | (4,562) | | | — | | | — | | | — | | | — |
Loss on extinguishment of debt, net | | 57 | | | — | | | (136) | | | — | | | — | | | (79) |
Prior year property tax adjustments, net | | (1,384) | | | — | | | — | | | (94) | | | — | | | (1,478) |
Lawsuit settlement cost | | 712 | | | — | | | — | | | — | | | — | | | 712 |
CEO transition costs | | 8,791 | | | — | | | — | | | — | | | — | | | 8,791 |
Hurricane-related losses | | 4,233 | | | — | | | — | | | — | | | — | | | 4,233 |
Noncontrolling interest: | | | | | | | | | | | | | | | | | |
Loss from consolidated joint venture attributable to noncontrolling interest | | 1,303 | | | — | | | — | | | — | | | — | | | 1,303 |
Depreciation and amortization | | (3,198) | | | — | | | — | | | — | | | — | | | (3,198) |
Interest expense | | (661) | | | — | | | — | | | — | | | — | | | (661) |
Amortization of right-of-use asset and liability | | 290 | | | — | | | — | | | — | | | — | | | 290 |
Lawsuit settlement cost | | (178) | | | — | | | — | | | — | | | — | | | (178) |
Adjustments to EBITDAre, net | | 24,283 | | | (4,562) | | | (136) | | | 1,310 | | | — | | | 20,895 |
| | | | | | | | | | | | | | | | | |
Adjusted EBITDAre, excluding noncontrolling interest | $ | 67,210 | | $ | 2,288 | | $ | (4,636) | | $ | 4,080 | | $ | — | | $ | 68,942 |
*Footnotes on page 28
| ||||||||
CORPORATE FINANCIAL INFORMATION | | Page 26 | ||||||
| | |
Supplemental Financial Information |
Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders
FY 2021
| | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2021 | ||||||||||||||||
| | | | Disposition: | | Disposition: | | Held for Sale: | | | | | | | |||
| | | | Renaissance | | Embassy Suites | | Hyatt Centric | | Equity | | Pro | |||||
(In thousands, except per share data) | Actual (1) | | Westchester (2) | | La Jolla (2) | | Chicago (3) | | Transactions (4) | | Forma (5) | ||||||
| | | | | | | | | | | | | | | | | |
Net income | $ | 32,995 | | $ | 3,925 | | $ | (147,597) | | $ | 8,740 | | $ | — | | $ | (101,937) |
Preferred stock dividends and redemption charges | | (20,638) | | | — | | | — | | | — | | | 7,275 | | | (13,363) |
Operations held for investment: | | | | | | | | | | | | | | | | | |
Real estate depreciation and amortization | | 126,182 | | | (808) | | | (3,452) | | | (4,566) | | | — | | | 117,356 |
Gain on sale of assets, net | | (152,442) | | | 3,733 | | | 148,791 | | | — | | | — | | | 82 |
Impairment losses - hotel properties | | 2,685 | | | — | | | — | | | — | | | — | | | 2,685 |
Noncontrolling interest: | | | | | | | | | | | | | | | | | |
Loss from consolidated joint venture attributable to noncontrolling interest | | 1,303 | | | — | | | — | | | — | | | — | | | 1,303 |
Real estate depreciation and amortization | | (3,198) | | | — | | | — | | | — | | | — | | | (3,198) |
FFO attributable to common stockholders | | (13,113) | | | 6,850 | | | (2,258) | | | 4,174 | | | 7,275 | | | 2,928 |
| | | | | | | | | | | | | | | | | |
Operations held for investment: | | | | | | | | | | | | | | | | | |
Real estate amortization of right-of-use assets and liabilities | | 336 | | | — | | | — | | | — | | | — | | | 336 |
Noncash interest on derivatives, net | | (3,405) | | | — | | | — | | | — | | | — | | | (3,405) |
Property-level severance | | (284) | | | — | | | — | | | — | | | — | | | (284) |
Property-level severance related to sold hotels | | 4,562 | | | (4,562) | | | — | | | — | | | — | | | — |
Loss on extinguishment of debt, net | | 57 | | | — | | | (136) | | | — | | | — | | | (79) |
Prior year property tax adjustments, net | | (1,384) | | | — | | | — | | | (94) | | | — | | | (1,478) |
Lawsuit settlement cost | | 712 | | | — | | | — | | | — | | | — | | | 712 |
Preferred stock redemption charges | | 6,640 | | | — | | | — | | | — | | | (6,640) | | | — |
CEO transition costs | | 8,791 | | | — | | | — | | | — | | | — | | | 8,791 |
Amortization of deferred stock compensation associated with CEO transition costs | | 1,117 | | | — | | | — | | | — | | | — | | | 1,117 |
Hurricane-related losses | | 4,233 | | | — | | | — | | | — | | | — | | | 4,233 |
Noncontrolling interest: | | | | | | | | | | | | | | | | | |
Real estate amortization of right-of-use asset and liability | | 290 | | | — | | | — | | | — | | | — | | | 290 |
Noncash interest on derivatives, net | | (19) | | | — | | | — | | | — | | | — | | | (19) |
Lawsuit settlement cost | | (178) | | | — | | | — | | | — | | | — | | | (178) |
Adjustments to FFO attributable to common stockholders, net | | 21,468 | | | (4,562) | | | (136) | | | (94) | | | (6,640) | | | 10,036 |
| | | | | | | | | | | | | | | | | |
Adjusted FFO attributable to common stockholders | $ | 8,355 | | $ | 2,288 | | $ | (2,394) | | $ | 4,080 | | $ | 635 | | $ | 12,964 |
| | | | | | | | | | | | | | | | | |
FFO attributable to common stockholders per diluted share | $ | (0.06) | | | | | | | | | | | | | | $ | 0.01 |
| | | | | | | | | | | | | | | | | |
Adjusted FFO attributable to common stockholders per diluted share | $ | 0.04 | | | | | | | | | | | | | | $ | 0.06 |
| | | | | | | | | | | | | | | | | |
Basic weighted average shares outstanding | | 216,296 | | | | | | | | | | | | 1,334 | | | 217,630 |
Shares associated with unvested restricted stock awards | | 326 | | | | | | | | | | | | — | | | 326 |
Diluted weighted average shares outstanding | | 216,622 | | | | | | | | | | | | 1,334 | | | 217,956 |
*Footnotes on page 28
| ||||||||
CORPORATE FINANCIAL INFORMATION | | Page 27 | ||||||
| | |
Supplemental Financial Information |
Pro Forma Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest,
FFO and Adjusted FFO Attributable to Common Stockholders
FY 2021 Footnotes
(1) | Actual represents the Company's ownership results for the 17 hotels owned by the Company as of December 31, 2021, as well as the Renaissance Westchester and the Embassy Suites La Jolla prior to their sales in October 2021 and December 2021, respectively. |
(2) | Disposition represents the Company's ownership results for the Renaissance Westchester and the Embassy Suites La Jolla prior to their sales in October 2021 and December 2021, respectively. |
(3) | Held for Sale represents the Company's ownership results for the Hyatt Centric Chicago Magnificent Mile prior to its sale in February 2022. |
(4) | Equity Transactions represent the reduction in preferred stock dividends due to the redemptions of the 6.95% Series E and 6.45% Series F Cumulative Redeemable Preferred Stocks in June 2021 and August 2021, respectively, offset by the issuance of the 6.125% Series H and 5.70% Series I Cumulative Redeemable Preferred Stocks in May 2021 and July 2021, respectively. It also includes the issuance of 2,913,682 shares of common stock in the second quarter of 2021. |
(5) | Pro Forma represents the Company's ownership results for the 16 Hotel Portfolio, as well as the preferred stock transactions and common stock issuances in 2021. |
| ||||||||
CORPORATE FINANCIAL INFORMATION | | Page 28 | ||||||
| | |
Supplemental Financial Information |
Pro Forma Reconciliation of Net Loss to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest
FY 2020
| | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2020 | |||||||||||||||||
| | | Disposition: | Disposition: | Disposition: | Disposition: | Disposition: | Held for Sale: | | | | | ||||||
| | | Renaissance | Renaissance | Hilton | Renaissance | Embassy Suites | Hyatt Centric | Debt & Equity | Pro | ||||||||
(In thousands) | Actual (1) | Harborplace (2) | Los Angeles (2) | Times Square (2) | Westchester (2) | La Jolla (2) | Chicago (3) | Transactions (4) | Forma (5) | |||||||||
| | | | | | | | | | | | | | | | | | |
Net loss | $ | (410,506) | $ | 23,386 | $ | (29,132) | $ | 134,845 | $ | 28,051 | $ | 5,403 | $ | 13,876 | $ | 6,619 | $ | (227,458) |
Operations held for investment: | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | 137,051 | | (2,622) | | (3,897) | | (4,667) | | (2,447) | | (4,152) | | (5,109) | | — | | 114,157 |
Interest expense | | 53,307 | | — | | — | | (6,079) | | — | | (2,496) | | (1,404) | | (6,586) | | 36,742 |
Income tax provision, net | | 6,590 | | — | | — | | — | | — | | — | | — | | — | | 6,590 |
Gain on sale of assets | | (34,298) | | 189 | | 34,109 | | — | | — | | — | | — | | — | | — |
Impairment losses – hotel properties | | 144,642 | | (18,100) | | — | | (107,857) | | (18,685) | | — | | — | | — | | — |
EBITDAre | | (103,214) | | 2,853 | | 1,080 | | 16,242 | | 6,919 | | (1,245) | | 7,363 | | 33 | | (69,969) |
| | | | | | | | | | | | | | | | | | |
Operations held for investment: | | | | | | | | | | | | | | | | | | |
Amortization of deferred stock compensation | | 9,576 | | — | | — | | — | | — | | — | | — | | — | | 9,576 |
Amortization of right-of-use assets and liabilities | | (1,260) | | — | | — | | (34) | | — | | — | | — | | — | | (1,294) |
Finance lease obligation interest - cash ground rent | | (1,404) | | — | | — | | — | | — | | — | | 1,404 | | — | | — |
Gain on extinguishment of debt, net | | (6,146) | | — | | — | | 6,389 | | — | | — | | — | | (33) | | 210 |
Property-level severance | | 11,038 | | — | | (109) | | (5,639) | | (2,391) | | — | | (19) | | — | | 2,880 |
Prior year property tax adjustments, net | | (276) | | 57 | | 481 | | — | | — | | — | | 212 | | — | | 474 |
Impairment loss - abandoned development costs | | 2,302 | | — | | — | | — | | — | | — | | — | | — | | 2,302 |
Noncontrolling interest: | | | | | | | | | | | | | | | | | | |
Loss from consolidated joint venture attributable to noncontrolling interest | | 5,817 | | — | | — | | — | | — | | — | | — | | — | | 5,817 |
Depreciation and amortization | | (3,228) | | — | | — | | — | | — | | — | | — | | — | | (3,228) |
Interest expense | | (1,194) | | — | | — | | — | | — | | — | | — | | — | | (1,194) |
Amortization of right-of-use asset and liability | | 290 | | — | | — | | — | | — | | — | | — | | — | | 290 |
Impairment loss - abandoned development costs | | (449) | | — | | — | | — | | — | | — | | — | | — | | (449) |
Adjustments to EBITDAre, net | | 15,066 | | 57 | | 372 | | 716 | | (2,391) | | — | | 1,597 | | (33) | | 15,384 |
| | | | | | | | | | | | | | | | | | |
Adjusted EBITDAre, excluding noncontrolling interest | $ | (88,148) | $ | 2,910 | $ | 1,452 | $ | 16,958 | $ | 4,528 | $ | (1,245) | $ | 8,960 | $ | — | $ | (54,585) |
*Footnotes on Page 31
| ||||||||
CORPORATE FINANCIAL INFORMATION | | Page 29 | ||||||
| | |
Supplemental Financial Information |
Pro Forma Reconciliation of Net Loss to FFO and Adjusted FFO Attributable to Common Stockholders
FY 2020
| | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2020 | |||||||||||||||||
| | | Disposition: | Disposition: | Disposition: | Disposition: | Disposition: | Held for Sale: | | | | | ||||||
| | | Renaissance | Renaissance | Hilton | Renaissance | Embassy Suites | Hyatt Centric | Debt & Equity | Pro | ||||||||
(In thousands, except per share data) | Actual (1) | Harborplace (2) | Los Angeles (2) | Times Square (2) | Westchester (2) | La Jolla (2) | Chicago (3) | Transactions (4) | Forma (5) | |||||||||
| | | | | | | | | | | | | | | | | | |
Net loss | $ | (410,506) | $ | 23,386 | $ | (29,132) | $ | 134,845 | $ | 28,051 | $ | 5,403 | $ | 13,876 | $ | 6,619 | $ | (227,458) |
Preferred stock dividends | | (12,830) | | — | | — | | — | | — | | — | | — | | 86 | | (12,744) |
Operations held for investment: | | | | | | | | | | | | | | | | | | |
Real estate depreciation and amortization | | 134,555 | | (2,622) | | (3,897) | | (4,667) | | (2,447) | | (4,152) | | (5,109) | | — | | 111,661 |
Gain on sale of assets | | (34,298) | | 189 | | 34,109 | | — | | — | | — | | — | | — | | — |
Impairment losses – hotel properties | | 144,642 | | (18,100) | | — | | (107,857) | | (18,685) | | — | | — | | — | | — |
Noncontrolling interest: | | | | | | | | | | | | | | | | | | |
Loss from consolidated joint venture attributable to noncontrolling interest | | 5,817 | | — | | — | | — | | — | | — | | — | | — | | 5,817 |
Real estate depreciation and amortization | | (3,228) | | — | | — | | — | | — | | — | | — | | — | | (3,228) |
FFO attributable to common stockholders | | (175,848) | | 2,853 | | 1,080 | | 22,321 | | 6,919 | | 1,251 | | 8,767 | | 6,705 | | (125,952) |
| | | | | | | | | | | | | | | | | | |
Operations held for investment: | | | | | | | | | | | | | | | | | | |
Real estate amortization of right-of-use assets and liabilities | | 376 | | — | | — | | (34) | | — | | — | | — | | — | | 342 |
Noncash interest on derivatives and finance lease obligation, net | | 4,740 | | — | | — | | — | | — | | — | | — | | — | | 4,740 |
Gain on extinguishment of debt, net | | (6,146) | | — | | — | | 6,389 | | — | | — | | — | | (33) | | 210 |
Property-level severance | | 11,038 | | — | | (109) | | (5,639) | | (2,391) | | — | | (19) | | — | | 2,880 |
Prior year property tax adjustments, net | | (276) | | 57 | | 481 | | — | | — | | — | | 212 | | — | | 474 |
Impairment loss - abandoned development costs | | 2,302 | | — | | — | | — | | — | | — | | — | | — | | 2,302 |
Noncash income tax provision, net | | 7,415 | | — | | — | | — | | — | | — | | — | | — | | 7,415 |
Noncontrolling interest: | | | | | | | | | | | | | | | | | | |
Real estate amortization of right-of-use asset and liability | | 290 | | — | | — | | — | | — | | — | | — | | — | | 290 |
Noncash interest on derivatives, net | | (27) | | — | | — | | — | | — | | — | | — | | — | | (27) |
Impairment loss - abandoned development costs | | (449) | | — | | — | | — | | — | | — | | — | | — | | (449) |
Adjustments to FFO attributable to common stockholders, net | | 19,263 | | 57 | | 372 | | 716 | | (2,391) | | — | | 193 | | (33) | | 18,177 |
| | | | | | | | | | | | | | | | | | |
Adjusted FFO attributable to common stockholders | $ | (156,585) | $ | 2,910 | $ | 1,452 | $ | 23,037 | $ | 4,528 | $ | 1,251 | $ | 8,960 | $ | 6,672 | $ | (107,775) |
| | | | | | | | | | | | | | | | | | |
FFO attributable to common stockholders per diluted share | $ | (0.81) | | | | | | | | | | | | | | | $ | (0.58) |
| | | | | | | | | | | | | | | | | | |
Adjusted FFO attributable to common stockholders per diluted share | $ | (0.73) | | | | | | | | | | | | | | | $ | (0.50) |
| | | | | | | | | | | | | | | | | | |
Basic weighted average shares outstanding | | 215,934 | | | | | | | | | | | | | | 1,172 | | 217,106 |
Shares associated with unvested restricted stock awards | | — | | | | | | | | | | | | | | — | | — |
Diluted weighted average shares outstanding | | 215,934 | | | | | | | | | | | | | | 1,172 | | 217,106 |
*Footnotes on Page 31
| | |||||||
CORPORATE FINANCIAL INFORMATION | | Page 30 | ||||||
| | |
Supplemental Financial Information |
Pro Forma Reconciliation of Net Loss to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest,
FFO and Adjusted FFO Attributable to Common Stockholders
FY 2020 Footnotes
(1) | Actual represents the Company's ownership results for the 17 hotels owned by the Company as of December 31, 2020, as well as results for the Renaissance Harborplace and the Renaissance Los Angeles Airport prior to their sales in July 2020 and December 2020, respectively. In addition, Actual includes the Company's ownership results for the Hilton Times Square prior to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder. |
(2) | Disposition represents the Company's ownership results for the Renaissance Harborplace, the Renaissance Los Angeles Airport, the Renaissance Westchester and the Embassy Suites La Jolla prior to their sales in July 2020, December 2020, October 2021 and December 2021, respectively. In addition, Disposition includes the Company's ownership results for the Hilton Times Square prior to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder. |
(3) | Held for Sale represents the Company’s ownership results for the Hyatt Centric Chicago Magnificent Mile prior to its sale in February 2022. |
(4) | Debt & Equity Transactions represent the elimination of interest expense and loss on extinguishment of debt on the mortgage loan secured by the Renaissance Washington DC due to its repayment in December 2020, along with the reduction in preferred stock dividends due to the redemptions of the 6.95% Series E and 6.45% Series F Cumulative Redeemable Preferred Stocks in June 2021 and August 2021, respectively, offset by the issuance of the 6.125% Series H and 5.70% Series I Cumulative Redeemable Preferred Stocks in May 2021 and July 2021, respectively. It also includes the reduction of 9,770,081 shares of common stock repurchased in the first quarter of 2020, offset by the issuance of 2,913,682 shares of common stock in the second quarter of 2021. |
(5) | Pro Forma represents the Company's ownership results for the 14 Hotel Portfolio, as well as the Renaissance Washington DC loan repayment in 2020, the preferred stock transactions in 2021, the common stock repurchases in 2020, and the common stock issuances in 2021. |
| ||||||||
CORPORATE FINANCIAL INFORMATION | | Page 31 | ||||||
| | |
Supplemental Financial Information |
Pro Forma Reconciliation of Net Income to EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest
FY 2019
| | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2019 | |||||||||||||||||||
| | | Disposition: | Disposition: | Disposition: | Disposition: | Disposition: | Disposition: | Held for Sale: | | | | ||||||||
| | | Courtyard by | Renaissance | Renaissance | Hilton | Renaissance | Embassy Suites | Hyatt Centric | Debt & Equity | Pro | |||||||||
(In thousands) | Actual (1) | Marriott L.A. (2) | Harborplace (2) | Los Angeles (2) | Times Square (2) | Westchester (2) | La Jolla (2) | Chicago (3) | Transactions (4) | Forma (5) | ||||||||||
| | | | | | | | | | | | | | | | | | | | |
Net income | $ | 142,793 | $ | (44,979) | $ | 21,507 | $ | (3,331) | $ | 7,284 | $ | 2,288 | $ | (3,485) | $ | 369 | $ | 6,786 | $ | 129,232 |
Operations held for investment: | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | 147,748 | | (760) | | (6,719) | | (4,205) | | (10,157) | | (3,541) | | (4,144) | | (5,786) | | — | | 112,436 |
Interest expense | | 54,223 | | (955) | | — | | — | | (4,799) | | — | | (2,544) | | (1,402) | | (6,786) | | 37,737 |
Income tax benefit, net | | (151) | | — | | — | | — | | — | | — | | — | | — | | — | | (151) |
Gain on sale of assets | | (42,935) | | 42,935 | | — | | — | | — | | — | | — | | — | | — | | — |
Impairment loss | | 24,713 | | — | | (24,713) | | — | | — | | — | | — | | — | | — | | — |
EBITDAre | | 326,391 | | (3,759) | | (9,925) | | (7,536) | | (7,672) | | (1,253) | | (10,173) | | (6,819) | | — | | 279,254 |
| | | | | | | | | | | | | | | | | | | | |
Operations held for investment: | | | | | | | | | | | | | | | | | | | | |
Amortization of deferred stock compensation | | 9,313 | | — | | — | | — | | — | | — | | — | | — | | — | | 9,313 |
Amortization of right-of-use assets and liabilities | | (782) | | — | | — | | — | | (239) | | — | | — | | — | | — | | (1,021) |
Finance lease obligation interest - cash ground rent | | (2,175) | | 772 | | — | | — | | — | | — | | — | | 1,403 | | — | | — |
Prior year property tax adjustments, net | | 168 | | — | | — | | 9 | | — | | — | | 21 | | 327 | | — | | 525 |
Prior owner contingency funding | | (900) | | — | | — | | — | | — | | — | | — | | — | | — | | (900) |
Noncontrolling interest: | | | | | | | | | | | | | | | | | | | | |
Income from consolidated joint venture attributable to noncontrolling interest | | (7,060) | | — | | — | | — | | — | | — | | — | | — | | — | | (7,060) |
Depreciation and amortization | | (2,875) | | — | | — | | — | | — | | — | | — | | — | | — | | (2,875) |
Interest expense | | (2,126) | | — | | — | | — | | — | | — | | — | | — | | — | | (2,126) |
Amortization of right-of-use asset and liability | | 290 | | — | | — | | — | | — | | — | | — | | — | | — | | 290 |
Adjustments to EBITDAre, net | | (6,147) | | 772 | | — | | 9 | | (239) | | — | | 21 | | 1,730 | | — | | (3,854) |
| | | | | | | | | | | | | | | | | | | | |
Adjusted EBITDAre, excluding noncontrolling interest | $ | 320,244 | $ | (2,987) | $ | (9,925) | $ | (7,527) | $ | (7,911) | $ | (1,253) | $ | (10,152) | $ | (5,089) | $ | — | $ | 275,400 |
*Footnotes on Page 34
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CORPORATE FINANCIAL INFORMATION | | Page 32 | ||||||
| | |
Supplemental Financial Information |
Pro Forma Reconciliation of Net Income to FFO and Adjusted FFO Attributable to Common Stockholders
FY 2019
| | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2019 | |||||||||||||||||||
| | | Disposition: | Disposition: | Disposition: | Disposition: | Disposition: | Disposition: | Held for Sale: | | | | ||||||||
| | | Courtyard by | Renaissance | Renaissance | Hilton | Renaissance | Embassy Suites | Hyatt Centric | Debt & Equity | Pro | |||||||||
(In thousands, except per share data) | Actual (1) | Marriott L.A. (2) | Harborplace (2) | Los Angeles (2) | Times Square (2) | Westchester (2) | La Jolla (2) | Chicago (3) | Transactions (4) | Forma (5) | ||||||||||
| | | | | | | | | | | | | | | | | | | | |
Net income | $ | 142,793 | $ | (44,979) | $ | 21,507 | $ | (3,331) | $ | 7,284 | $ | 2,288 | $ | (3,485) | $ | 369 | $ | 6,786 | $ | 129,232 |
Preferred stock dividends | | (12,830) | | — | | — | | — | | — | | — | | — | | — | | 86 | | (12,744) |
Operations held for investment: | | | | | | | | | | | | | | | | | | | | |
Real estate depreciation and amortization | | 145,260 | | (760) | | (6,719) | | (4,205) | | (10,157) | | (3,541) | | (4,144) | | (5,786) | | — | | 109,948 |
Gain on sale of assets | | (42,935) | | 42,935 | | — | | — | | — | | — | | — | | — | | — | | — |
Impairment loss – hotel properties | | 24,713 | | — | | (24,713) | | — | | — | | — | | — | | — | | — | | — |
Noncontrolling interest: | | | | | | | | | | | | | | | | | | | | |
Income from consolidated joint venture attributable to noncontrolling interest | | (7,060) | | — | | — | | — | | — | | — | | — | | — | | — | | (7,060) |
Real estate depreciation and amortization | | (2,875) | | — | | — | | — | | — | | — | | — | | — | | — | | (2,875) |
FFO attributable to common stockholders | | 247,066 | | (2,804) | | (9,925) | | (7,536) | | (2,873) | | (1,253) | | (7,629) | | (5,417) | | 6,872 | | 216,501 |
| | | | | | | | | | | | | | | | | | | | |
Operations held for investment: | | | | | | | | | | | | | | | | | | | | |
Real estate amortization of right-of-use assets and liabilities | | 590 | | — | | — | | — | | (239) | | ��� | | — | | — | | — | | 351 |
Noncash interest on derivatives and finance lease obligations, net | | 6,051 | | (183) | | — | | — | | — | | — | | — | | 1 | | — | | 5,869 |
Prior year property tax adjustments, net | | 168 | | — | | — | | 9 | | — | | — | | 21 | | 327 | | — | | 525 |
Prior owner contingency funding | | (900) | | — | | — | | — | | — | | — | | — | | — | | — | | (900) |
Noncash income tax provision, net | | 688 | | — | | — | | — | | — | | — | | — | | — | | — | | 688 |
Noncontrolling interest: | | | | | | | | | | | | | | | | | | | | |
Real estate amortization of right-of-use asset and liability | | 290 | | — | | — | | — | | — | | — | | — | | — | | — | | 290 |
Adjustments to FFO attributable to common stockholders, net | | 6,887 | | (183) | | — | | 9 | | (239) | | — | | 21 | | 327 | | — | | 6,823 |
| | | | | | | | | | | | | | | | | | | | |
Adjusted FFO attributable to common stockholders | $ | 253,953 | $ | (2,987) | $ | (9,925) | $ | (7,527) | $ | (3,112) | $ | (1,253) | $ | (7,608) | $ | (5,089) | $ | 6,872 | $ | 223,324 |
| | | | | | | | | | | | | | | | | | | | |
FFO attributable to common stockholders per diluted share | $ | 1.09 | | | | | | | | | | | | | | | | | $ | 1.00 |
| | | | | | | | | | | | | | | | | | | | |
Adjusted FFO attributable to common stockholders per diluted share | $ | 1.12 | | | | | | | | | | | | | | | | | $ | 1.03 |
| | | | | | | | | | | | | | | | | | | | |
Basic weighted average shares outstanding | | 225,681 | | | | | | | | | | | | | | | | (8,954) | | 216,727 |
Shares associated with unvested restricted stock awards | | 276 | | | | | | | | | | | | | | | | — | | 276 |
Diluted weighted average shares outstanding | | 225,957 | | | | | | | | | | | | | | | | (8,954) | | 217,003 |
*Footnotes on Page 34
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CORPORATE FINANCIAL INFORMATION | | Page 33 | ||||||
| | |
Supplemental Financial Information |
Pro Forma Reconciliation of Net Income to EBITDAre, Adjusted EBITDAre, Excluding Noncontrolling Interest,
FFO and Adjusted FFO Attributable to Common Stockholders
FY 2019 Footnotes
(1) | Actual represents the Company's ownership results for the 20 hotels owned by the Company as of December 31, 2019, as well as results for the Courtyard by Marriott Los Angeles prior to its sale in October 2019. |
(2) | Disposition represents the Company's ownership results for the Courtyard by Marriott Los Angeles, the Renaissance Harborplace, the Renaissance Los Angeles Airport, the Renaissance Westchester and the Embassy Suites La Jolla prior to their sales in October 2019, July 2020, December 2020, October 2021 and December 2021, respectively. In addition, Disposition includes the Company's ownership results for the Hilton Times Square prior to the assignment-in-lieu agreement executed in December 2020 between the Company and the hotel's mortgage holder, which transferred the Company's leasehold interest in the hotel to the mortgage holder. |
(3) | Held for Sale represents the Company’s ownership results for the Hyatt Centric Chicago Magnificent Mile prior to its sale in February 2022. |
(4) | Debt & Equity Transactions represent the reduction in interest expense on the mortgage loan secured by the Renaissance Washington DC due to its repayment in December 2020, along with the reduction in preferred stock dividends due to the redemptions of the 6.95% Series E and 6.45% Series F Cumulative Redeemable Preferred Stocks in June 2021 and August 2021, respectively, offset by the issuance of the 6.125% Series H and 5.70% Series I Cumulative Redeemable Preferred Stocks in May 2021 and July 2021, respectively. It also includes the reduction of 3,783,936 shares of common stock repurchased in the second, third and fourth quarters of 2019 and the 9,770,081 shares repurchased in the first quarter of 2020, offset by the issuance of 2,913,682 shares of common stock in the second quarter of 2021. |
(5) | Pro Forma represents the Company's ownership results for the 14 Hotel Portfolio, as well as the Renaissance Washington DC loan repayment in 2020, the preferred stock transactions in 2021, the common stock repurchases in 2019 and 2020, and the common stock issuances in 2021. |
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CORPORATE FINANCIAL INFORMATION | | Page 34 | ||||||
| | |
| |
Supplemental Financial Information |
| ||||||||
CAPITALIZATION | | Page 35 | ||||||
| | |
Supplemental Financial Information |
Comparative Capitalization
Q4 2021 – Q4 2020
| | | | | | | | | | | | | | | | |
| | December 31, | | September 30, | | June 30, | | March 31, | | December 31, | | |||||
(In thousands, except per share data) |
| 2021 |
| 2021 |
| 2021 |
| 2021 |
| 2020 | | |||||
| | | | | | | | | | | | | | | | |
Common Share Price & Dividends | | | | | | | | | | | | | | | | |
At the end of the quarter | | $ | 11.73 | | $ | 11.94 | | $ | 12.42 | | $ | 12.46 | | $ | 11.33 | |
High during quarter ended | | $ | 13.23 | | $ | 12.48 | | $ | 13.55 | | $ | 13.57 | | $ | 11.42 | |
Low during quarter ended | | $ | 10.48 | | $ | 10.68 | | $ | 11.90 | | $ | 10.25 | | $ | 7.27 | |
Common dividends per share | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | |
| | | | | | | | | | | | | | | | |
Common Shares & Units | | | | | | | | | | | | | | | | |
Common shares outstanding | | | 219,334 | | | 219,334 | | | 219,043 | | | 216,175 | | | 215,593 | |
Units outstanding | | | — | | | — | | | — | | | — | | | — | |
Total common shares and units outstanding | | | 219,334 | | | 219,334 | | | 219,043 | | | 216,175 | | | 215,593 | |
| | | | | | | | | | | | | | | | |
Capitalization | | | | | | | | | | | | | | | | |
Market value of common equity | | $ | 2,572,785 | | $ | 2,618,845 | | $ | 2,720,515 | | $ | 2,693,542 | | $ | 2,442,673 | |
Liquidation value of preferred equity - Series E | | | — | | | — | | | — | | | 115,000 | | | 115,000 | |
Liquidation value of preferred equity - Series F | | | — | | | — | | | 75,000 | | | 75,000 | | | 75,000 | |
Liquidation value of preferred equity - Series G | | | 66,250 | | | 66,250 | | | 66,250 | | | — | | | — | |
Liquidation value of preferred equity - Series H | | | 115,000 | | | 115,000 | | | 115,000 | | | — | | | — | |
Liquidation value of preferred equity - Series I | | | 100,000 | | | 100,000 | | | — | | | — | | | — | |
Consolidated debt | | | 611,437 | | | 745,484 | | | 746,303 | | | 747,113 | | | 747,945 | |
Consolidated total capitalization | | | 3,465,472 | | | 3,645,579 | | | 3,723,068 | | | 3,630,655 | | | 3,380,618 | |
| | | | | | | | | | | | | | | | |
Noncontrolling interest in consolidated debt | | | (55,000) | | | (55,000) | | | (55,000) | | | (55,000) | | | (55,000) | |
Pro rata total capitalization | | $ | 3,410,472 | | $ | 3,590,579 | | $ | 3,668,068 | | $ | 3,575,655 | | $ | 3,325,618 | |
| | | | | | | | | | | | | | | | |
Consolidated debt to consolidated total capitalization | | | 17.6 | % | | 20.4 | % | | 20.0 | % | | 20.6 | % | | 22.1 | % |
Pro rata debt to pro rata total capitalization | | | 16.3 | % | | 19.2 | % | | 18.8 | % | | 19.4 | % | | 20.8 | % |
Consolidated debt and preferred equity to consolidated total capitalization | | | 25.8 | % | | 28.2 | % | | 26.9 | % | | 25.8 | % | | 27.7 | % |
Pro rata debt and preferred equity to pro rata total capitalization | | | 24.6 | % | | 27.1 | % | | 25.8 | % | | 24.7 | % | | 26.5 | % |
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CAPITALIZATION | | Page 36 | ||||||
| | |
Supplemental Financial Information |
Consolidated Debt Summary Schedule
| | | | | | | | | | | | |
(In thousands) | | | | Interest Rate / | | Maturity | | | December 31, 2021 | | | Balance At |
Debt |
| Collateral |
| Spread |
| Date (6) |
| | Balance |
| | Maturity |
| | | | | | | | | | | | |
Fixed Rate Debt | | | | | | | | | | | | |
Term Loan Facility (1) | | Unsecured | | 3.94% | | 09/03/2023 | | $ | 19,400 | | $ | 19,400 |
Term Loan Facility (1) | | Unsecured | | 4.20% | | 01/31/2024 | | | 88,900 | | | 88,900 |
Secured Mortgage Debt | | JW Marriott New Orleans | | 4.15% | | 12/11/2024 | | | 78,137 | | | 72,071 |
Series A Senior Notes (2) | | Unsecured | | 5.94% | | 01/10/2026 | | | 90,000 | | | 90,000 |
Series B Senior Notes (2) | | Unsecured | | 6.04% | | 01/10/2028 | | | 115,000 | | | 115,000 |
Total Fixed Rate Debt | | | | | | | | | 391,437 | | | 385,371 |
Variable Rate Debt | | | | | | | | | | | | |
Secured Mortgage Debt (3) | | Hilton San Diego Bayfront | | 1.14% | | 12/09/2023 | | | 220,000 | | | 220,000 |
Credit Facility (1) | | Unsecured | | L + 1.40% - 2.40% | | 04/14/2023 | | | — | | | — |
Total Variable Rate Debt | | | | | | | | | 220,000 | | | 220,000 |
| | | | | | | | | | | | |
TOTAL CONSOLIDATED DEBT | | | | | | | | $ | 611,437 | | $ | 605,371 |
| | | | | | | | | | | | |
Preferred Stock | | | | | | | | | | | | |
Series G cumulative redeemable preferred (4) | | | | Variable | | perpetual | | $ | 66,250 | | | |
Series H cumulative redeemable preferred | | | | 6.125% | | perpetual | | | 115,000 | | | |
Series I cumulative redeemable preferred | | | | 5.70% | | perpetual | | | 100,000 | | | |
Total Preferred Stock | | | | | | | | $ | 281,250 | | | |
| | | | | | | | | | | | |
Debt Statistics | | | | | | | | | | | | |
% Fixed Rate Debt | | | | | | | | | 64.0 | % | | |
% Floating Rate Debt | | | | | | | | | 36.0 | % | | |
Average Interest Rate (5) | | | | | | | | | 3.69 | % | | |
Weighted Average Maturity of Debt (6) | | | | | | | | | 3.2 years | | | |
(1) | The Company executed amendments to the agreement governing its revolving credit facility and term loan facilities in July 2020, December 2020, July 2021 and November 2021. The November 2021 amendment extended the covenant relief period from the first quarter of 2022 to the third quarter of 2022, with the first quarterly covenant test as of the period ended September 30, 2022. Subject to certain conditions, the November 2021 amendment also provides the Company with the right, exercisable one time each with respect to its term loans, to request an extension of the applicable maturity date by twelve months upon the payment of an extension fee of 0.15% of the principal amount being extended. Under the terms of the July 2020 amendment, a 25-basis point LIBOR floor was added for the remaining term of the facilities and the applicable LIBOR margin was increased to 225 basis points for the revolving credit facility and 220 basis points for the term loan facilities, the high points of the pricing grid. The December 2020 amendment fixed the applicable LIBOR margin at 240 basis points for the revolving credit facility and 235 basis points for the term loan facilities. After the covenant relief period, the LIBOR margin will revert back to the original terms of the pricing grid with a range of 140 to 225 basis points for the revolving credit facility and 135 to 220 basis points for the term loan facilities, depending on the Company’s leverage ratios. The interest rates presented reflect the terms of the amended agreements and the effects of the Company’s interest rate derivative agreements. |
(2) | The Company executed amendments to the agreement governing the Senior Notes in July 2020, December 2020, July 2021 and November 2021. The November 2021 amendment extended the covenant relief period from the first quarter of 2022 to the third quarter of 2022, with the first quarterly covenant test as of the period ended September 30, 2022. The July and December 2020 amendments increased the annual interest rates on the Senior Notes by 1.0% and an additional 0.25%, respectively. After the covenant relief period, the interest rates on the Senior Notes will decrease by 0.25% until the Company’s leverage ratio is below 5.0x. The interest rates presented reflect the terms of the amended agreements. |
(3) | In December 2021, the Company exercised its second option to extend the maturity of the $220.0 million loan secured by the Hilton San Diego Bayfront from December 2021 to December 2022. The Company intends to exercise the remaining one-year option to further extend the maturity date from December 2022 to December 2023. |
(4) | The Series G cumulative redeemable preferred stock has an initial dividend rate equal to the Montage Healdsburg's annual net operating income yield on the Company's investment in the hotel. During the fourth quarter of 2021, this equated to a cash dividend of $0.061713 per share. For 2021, this equated to cash dividends totaling $0.233685, reflecting a pro-rated amount for the days outstanding in the applicable dividend period. |
(5) | Average Interest Rate is calculated based on rates at December 31, 2021, and includes the effect of the Company's interest rate derivative agreements. |
(6) | Maturity date assumes the exercise of all available extensions for the term loans and the loan secured by the Hilton San Diego Bayfront. By extending these loans, the Company's weighted average maturity of debt increases from 2.6 years to 3.2 years. |
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CAPITALIZATION | | Page 37 | ||||||
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Supplemental Financial Information |
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PROPERTY-LEVEL DATA | | Page 38 | ||||||
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Supplemental Financial Information |
Hotel Information as of February 22, 2022
| | | | | | | | | | | | | | |
Hotel |
| Location |
| Brand |
| Number of |
| % of Total |
| Interest |
| Year Acquired | ||
| | | | | | | | | | | | | | |
1 |
| Hilton San Diego Bayfront (1) (2) | | California | | Hilton | | 1,190 | | 14.65% | | Leasehold | | 2011 |
2 | | Boston Park Plaza | | Massachusetts | | Independent | | 1,060 | | 13.05% | | Fee Simple | | 2013 |
3 | | Hyatt Regency San Francisco | | California | | Hyatt | | 821 | | 10.10% | | Fee Simple | | 2013 |
4 | | Renaissance Washington DC | | Washington DC | | Marriott | | 807 | | 9.93% | | Fee Simple | | 2005 |
5 | | Renaissance Orlando at SeaWorld® | | Florida | | Marriott | | 781 | | 9.61% | | Fee Simple | | 2005 |
6 | | Wailea Beach Resort | | Hawaii | | Marriott | | 547 | | 6.73% | | Fee Simple | | 2014 |
7 | | JW Marriott New Orleans (3) | | Louisiana | | Marriott | | 501 | | 6.17% | | Fee Simple | | 2011 |
8 | | Marriott Boston Long Wharf | | Massachusetts | | Marriott | | 415 | | 5.11% | | Fee Simple | | 2007 |
9 | | Renaissance Long Beach | | California | | Marriott | | 374 | | 4.60% | | Fee Simple | | 2005 |
10 | | Embassy Suites Chicago | | Illinois | | Hilton | | 368 | | 4.53% | | Fee Simple | | 2002 |
11 | | Hilton Garden Inn Chicago Downtown/Magnificent Mile | | Illinois | | Hilton | | 361 | | 4.44% | | Fee Simple | | 2012 |
12 | | The Bidwell Marriott Portland | | Oregon | | Marriott | | 258 | | 3.18% | | Fee Simple | | 2000 |
13 | | Hilton New Orleans St. Charles | | Louisiana | | Hilton | | 252 | | 3.10% | | Fee Simple | | 2013 |
14 | | Oceans Edge Resort & Marina | | Florida | | Independent | | 175 | | 2.15% | | Fee Simple | | 2017 |
15 | | Montage Healdsburg | | California | | Montage | | 130 | | 1.60% | | Fee Simple | | 2021 |
16 | | Four Seasons Resort Napa Valley | | California | | Four Seasons | | 85 | | 1.05% | | Fee Simple | | 2021 |
| | | | | | | | | | | | | | |
| | Total 16 Hotel Portfolio | | | | | | 8,125 | | 100% | | | | |
(1) | The Company owns 75% of the joint venture that owns the Hilton San Diego Bayfront. |
(2) | The ground lease at the Hilton San Diego Bayfront matures in 2071. |
(3) | Hotel is subject to a municipal airspace lease that matures in 2044 and applies only to certain balcony space fronting Canal Street that is not integral to the hotel’s operations. |
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PROPERTY-LEVEL DATA | | Page 39 | ||||||
| | |
Supplemental Financial Information |
PROPERTY-LEVEL OPERATING STATISTICS
| ||||||||
PROPERTY-LEVEL OPERATING STATISTICS | | Page 40 | ||||||
| | |
Supplemental Financial Information |
Property-Level Operating Statistics
Q4 2021/2020
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | ADR | | Occupancy | | | RevPAR | |||||||||||||||
| | Hotels sorted by number of rooms | | For the Quarter Ended December 31, | | For the Quarter Ended December 31, | | For the Quarter Ended December 31, | ||||||||||||||||
| | |
| 2021 | |
| 2020 |
| Change |
| 2021 |
| 2020 |
| Change |
| 2021 |
| 2020 |
| Change | |||
1 | | Hilton San Diego Bayfront | | $ | 217.13 | | $ | 118.11 | | 83.8% | | 59.3% | | 29.7% | | 99.7% | | $ | 128.76 | | $ | 35.08 | | 267.0% |
2 | | Boston Park Plaza | | $ | 194.84 | | $ | 143.98 | | 35.3% | | 58.7% | | 17.5% | | 235.4% | | $ | 114.37 | | $ | 25.20 | | 353.8% |
3 | | Hyatt Regency San Francisco | | $ | 204.53 | | $ | 173.02 | | 18.2% | | 56.4% | | 10.7% | | 427.1% | | $ | 115.35 | | $ | 18.51 | | 523.2% |
4 | | Renaissance Washington DC | | $ | 189.31 | | $ | 119.33 | | 58.6% | | 35.3% | | 3.3% | | 969.7% | | $ | 66.83 | | $ | 3.94 | | 1,596.2% |
5 | | Renaissance Orlando at SeaWorld® | | $ | 159.64 | | $ | 115.21 | | 38.6% | | 50.9% | | 10.5% | | 384.8% | | $ | 81.26 | | $ | 12.10 | | 571.6% |
6 | | Wailea Beach Resort | | $ | 642.20 | | $ | 493.09 | | 30.2% | | 74.4% | | 14.1% | | 427.7% | | $ | 477.80 | | $ | 69.53 | | 587.2% |
7 | | JW Marriott New Orleans | | $ | 219.85 | | $ | 134.04 | | 64.0% | | 49.4% | | 29.2% | | 69.2% | | $ | 108.61 | | $ | 39.14 | | 177.5% |
8 | | Marriott Boston Long Wharf | | $ | 305.86 | | $ | 223.79 | | 36.7% | | 60.2% | | 11.2% | | 437.5% | | $ | 184.13 | | $ | 25.06 | | 634.8% |
9 | | Renaissance Long Beach (4) | | $ | 171.56 | | $ | 143.39 | | 19.6% | | 69.2% | | 18.6% | | 272.0% | | $ | 118.72 | | $ | 26.67 | | 345.1% |
10 | | Embassy Suites Chicago | | $ | 167.80 | | $ | 124.89 | | 34.4% | | 63.7% | | 9.7% | | 556.7% | | $ | 106.89 | | $ | 12.11 | | 782.7% |
11 | | Hilton Garden Inn Chicago Downtown/Magnificent Mile | | $ | 149.61 | | $ | — | | 100.0% | | 49.7% | | 0.0% | | 100.0% | | $ | 74.36 | | $ | — | | 100.0% |
12 | | The Bidwell Marriott Portland | | $ | 145.22 | | $ | 129.96 | | 11.7% | | 40.9% | | 3.5% | | 1,068.6% | | $ | 59.39 | | $ | 4.55 | | 1,205.3% |
13 |
| Hilton New Orleans St. Charles | | $ | 187.62 | | $ | 107.50 | | 74.5% | | 45.4% | | 22.6% | | 100.9% | | $ | 85.18 | | $ | 24.30 | | 250.5% |
14 | | Oceans Edge Resort & Marina | | $ | 416.41 | | $ | 234.38 | | 77.7% | | 74.3% | | 52.8% | | 40.7% | | $ | 309.39 | | $ | 123.75 | | 150.0% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 14 Hotel Portfolio (1) | | $ | 245.53 | | $ | 163.71 | | 50.0% | | 55.6% | | 16.0% | | 247.5% | | $ | 136.51 | | $ | 26.19 | | 421.2% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Non-comparable Hotels (2) | | | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg | | $ | 1,084.66 | | | N/A | | 100.0% | | 62.8% | | N/A | | 100.0% | | $ | 681.17 | | | N/A | | 100.0% |
| | Four Seasons Resort Napa Valley | | $ | 1,577.64 | | | N/A | | 100.0% | | 42.6% | | N/A | | 100.0% | | $ | 672.07 | | | N/A | | 100.0% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 16 Hotel Portfolio (3) | | $ | 264.39 | | | | | | | 55.7% | | | | | | $ | 147.27 | | | | | |
*Footnotes on page 51
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PROPERTY-LEVEL OPERATING STATISTICS | | Page 41 | ||||||
| | |
Supplemental Financial Information |
Property-Level Operating Statistics
Q4 2021/2019
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | ADR | | Occupancy | | | RevPAR | |||||||||||||||
| | Hotels sorted by number of rooms | | For the Quarter Ended December 31, | | For the Quarter Ended December 31, | | For the Quarter Ended December 31, | ||||||||||||||||
| | |
| 2021 | |
| 2019 |
| Change |
| 2021 |
| 2019 |
| Change |
| 2021 |
| 2019 |
| Change | |||
1 | | Hilton San Diego Bayfront | | $ | 217.13 | | $ | 217.65 | | (0.2)% | | 59.3% | | 82.4% | | (28.0)% | | $ | 128.76 | | $ | 179.34 | | (28.2)% |
2 | | Boston Park Plaza | | $ | 194.84 | | $ | 200.21 | | (2.7)% | | 58.7% | | 88.1% | | (33.4)% | | $ | 114.37 | | $ | 176.39 | | (35.2)% |
3 | | Hyatt Regency San Francisco | | $ | 204.53 | | $ | 319.68 | | (36.0)% | | 56.4% | | 88.2% | | (36.1)% | | $ | 115.35 | | $ | 281.96 | | (59.1)% |
4 | | Renaissance Washington DC | | $ | 189.31 | | $ | 238.17 | | (20.5)% | | 35.3% | | 73.4% | | (51.9)% | | $ | 66.83 | | $ | 174.82 | | (61.8)% |
5 | | Renaissance Orlando at SeaWorld® | | $ | 159.64 | | $ | 174.42 | | (8.5)% | | 50.9% | | 81.2% | | (37.3)% | | $ | 81.26 | | $ | 141.63 | | (42.6)% |
6 | | Wailea Beach Resort | | $ | 642.20 | | $ | 505.64 | | 27.0% | | 74.4% | | 89.8% | | (17.1)% | | $ | 477.80 | | $ | 454.06 | | 5.2% |
7 | | JW Marriott New Orleans | | $ | 219.85 | | $ | 208.88 | | 5.3% | | 49.4% | | 82.6% | | (40.2)% | | $ | 108.61 | | $ | 172.53 | | (37.0)% |
8 | | Marriott Boston Long Wharf | | $ | 305.86 | | $ | 314.91 | | (2.9)% | | 60.2% | | 84.4% | | (28.7)% | | $ | 184.13 | | $ | 265.78 | | (30.7)% |
9 | | Renaissance Long Beach | | $ | 171.56 | | $ | 179.29 | | (4.3)% | | 69.2% | | 77.8% | | (11.1)% | | $ | 118.72 | | $ | 139.49 | | (14.9)% |
10 | | Embassy Suites Chicago | | $ | 167.80 | | $ | 183.68 | | (8.6)% | | 63.7% | | 93.7% | | (32.0)% | | $ | 106.89 | | $ | 172.11 | | (37.9)% |
11 | | Hilton Garden Inn Chicago Downtown/Magnificent Mile | | $ | 149.61 | | $ | 166.74 | | (10.3)% | | 49.7% | | 87.6% | | (43.3)% | | $ | 74.36 | | $ | 146.06 | | (49.1)% |
12 | | The Bidwell Marriott Portland | | $ | 145.22 | | $ | 170.52 | | (14.8)% | | 40.9% | | 65.1% | | (37.2)% | | $ | 59.39 | | $ | 111.01 | | (46.5)% |
13 |
| Hilton New Orleans St. Charles | | $ | 187.62 | | $ | 172.91 | | 8.5% | | 45.4% | | 67.8% | | (33.0)% | | $ | 85.18 | | $ | 117.23 | | (27.3)% |
14 | | Oceans Edge Resort & Marina | | $ | 416.41 | | $ | 233.25 | | 78.5% | | 74.3% | | 84.4% | | (12.0)% | | $ | 309.39 | | $ | 196.86 | | 57.2% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 14 Hotel Portfolio (1) | | $ | 245.53 | | $ | 242.39 | | 1.3% | | 55.6% | | 82.9% | | (32.9)% | | $ | 136.51 | | $ | 200.94 | | (32.1)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Non-comparable Hotels (2) | | | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg | | $ | 1,084.66 | | | N/A | | 100.0% | | 62.8% | | N/A | | 100.0% | | $ | 681.17 | | | N/A | | 100.0% |
| | Four Seasons Resort Napa Valley | | $ | 1,577.64 | | | N/A | | 100.0% | | 42.6% | | N/A | | 100.0% | | $ | 672.07 | | | N/A | | 100.0% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 16 Hotel Portfolio (3) | | $ | 264.39 | | | | | | | 55.7% | | | | | | $ | 147.27 | | | | | |
*Footnotes on page 51
| ||||||||
PROPERTY-LEVEL OPERATING STATISTICS | | Page 42 | ||||||
| | |
Supplemental Financial Information |
Property-Level Operating Statistics
October 2021/2020
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | ADR | | Occupancy | | | RevPAR | |||||||||||||||
| | Hotels sorted by number of rooms | | October | | October | | October | ||||||||||||||||
| | |
| 2021 | |
| 2020 |
| Change |
| 2021 |
| 2020 |
| Change |
| 2021 |
| 2020 |
| Change | |||
1 | | Hilton San Diego Bayfront | | $ | 245.20 | | $ | 162.23 | | 51.1% | | 56.1% | | 21.0% | | 167.1% | | $ | 137.56 | | $ | 34.07 | | 303.8% |
2 | | Boston Park Plaza | | $ | 234.85 | | $ | 139.90 | | 67.9% | | 69.8% | | 22.9% | | 204.8% | | $ | 163.93 | | $ | 32.04 | | 411.6% |
3 | | Hyatt Regency San Francisco | | $ | 207.52 | | $ | 170.26 | | 21.9% | | 61.8% | | 15.1% | | 309.3% | | $ | 128.25 | | $ | 25.71 | | 398.8% |
4 | | Renaissance Washington DC | | $ | 213.72 | | $ | 117.29 | | 82.2% | | 31.7% | | 4.8% | | 560.4% | | $ | 67.75 | | $ | 5.63 | | 1,103.4% |
5 | | Renaissance Orlando at SeaWorld® | | $ | 161.77 | | $ | 111.81 | | 44.7% | | 44.3% | | 7.0% | | 532.9% | | $ | 71.66 | | $ | 7.83 | | 815.2% |
6 | | Wailea Beach Resort | | $ | 517.00 | | $ | — | | 100.0% | | 68.2% | | 0.0% | | 100.0% | | $ | 352.59 | | $ | — | | 100.0% |
7 | | JW Marriott New Orleans | | $ | 208.78 | | $ | 135.22 | | 54.4% | | 47.9% | | 28.2% | | 69.9% | | $ | 100.01 | | $ | 38.13 | | 162.3% |
8 | | Marriott Boston Long Wharf | | $ | 376.25 | | $ | 230.98 | | 62.9% | | 64.1% | | 18.7% | | 242.8% | | $ | 241.18 | | $ | 43.19 | | 458.4% |
9 | | Renaissance Long Beach | | $ | 181.33 | | $ | 142.93 | | 26.9% | | 71.7% | | 28.8% | | 149.0% | | $ | 130.01 | | $ | 41.16 | | 215.9% |
10 | | Embassy Suites Chicago | | $ | 200.50 | | $ | 134.20 | | 49.4% | | 61.6% | | 12.1% | | 409.1% | | $ | 123.51 | | $ | 16.24 | | 660.5% |
11 | | Hilton Garden Inn Chicago Downtown/Magnificent Mile | | $ | 177.02 | | $ | — | | 100.0% | | 56.5% | | 0.0% | | 100.0% | | $ | 100.02 | | $ | — | | 100.0% |
12 | | The Bidwell Marriott Portland | | $ | 155.65 | | $ | 140.31 | | 10.9% | | 38.1% | | 2.7% | | 1,311.1% | | $ | 59.30 | | $ | 3.79 | | 1,464.6% |
13 |
| Hilton New Orleans St. Charles | | $ | 202.55 | | $ | 117.89 | | 71.8% | | 47.7% | | 29.0% | | 64.5% | | $ | 96.62 | | $ | 34.19 | | 182.6% |
14 | | Oceans Edge Resort & Marina | | $ | 331.88 | | $ | 198.95 | | 66.8% | | 61.4% | | 40.5% | | 51.6% | | $ | 203.77 | | $ | 80.57 | | 152.9% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 14 Hotel Portfolio (1) | | $ | 249.30 | | $ | 152.80 | | 63.2% | | 55.9% | | 15.6% | | 258.3% | | $ | 139.36 | | $ | 23.84 | | 484.6% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Non-comparable Hotels (2) | | | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg | | $ | 1,284.31 | | | N/A | | 100.0% | | 72.8% | | N/A | | 100.0% | | $ | 934.98 | | | N/A | | 100.0% |
| | Four Seasons Resort Napa Valley | | $ | — | | | N/A | | 0.0% | | 0.0% | | N/A | | 0.0% | | $ | — | | | N/A | | 0.0% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 16 Hotel Portfolio (3) | | $ | 270.99 | | | | | | | 56.2% | | | | | | $ | 152.30 | | | | | |
*Footnotes on page 51
| ||||||||
PROPERTY-LEVEL OPERATING STATISTICS | | Page 43 | ||||||
| | |
Supplemental Financial Information |
Property-Level Operating Statistics
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | ADR | | Occupancy | | | RevPAR | |||||||||||||||
| | Hotels sorted by number of rooms | | October | | October | | October | ||||||||||||||||
| | |
| 2021 | |
| 2019 |
| Change |
| 2021 |
| 2019 |
| Change |
| 2021 |
| 2019 |
| Change | |||
1 | | Hilton San Diego Bayfront | | $ | 245.20 | | $ | 259.55 | | (5.5)% | | 56.1% | | 83.9% | | (33.1)% | | $ | 137.56 | | $ | 217.76 | | (36.8)% |
2 | | Boston Park Plaza | | $ | 234.85 | | $ | 254.87 | | (7.9)% | | 69.8% | | 98.0% | | (28.8)% | | $ | 163.93 | | $ | 249.77 | | (34.4)% |
3 | | Hyatt Regency San Francisco | | $ | 207.52 | | $ | 350.80 | | (40.8)% | | 61.8% | | 96.4% | | (35.9)% | | $ | 128.25 | | $ | 338.17 | | (62.1)% |
4 | | Renaissance Washington DC | | $ | 213.72 | | $ | 281.89 | | (24.2)% | | 31.7% | | 87.5% | | (63.8)% | | $ | 67.75 | | $ | 246.65 | | (72.5)% |
5 | | Renaissance Orlando at SeaWorld® | | $ | 161.77 | | $ | 179.07 | | (9.7)% | | 44.3% | | 82.8% | | (46.5)% | | $ | 71.66 | | $ | 148.27 | | (51.7)% |
6 | | Wailea Beach Resort | | $ | 517.00 | | $ | 429.32 | | 20.4% | | 68.2% | | 90.9% | | (25.0)% | | $ | 352.59 | | $ | 390.25 | | (9.7)% |
7 | | JW Marriott New Orleans | | $ | 208.78 | | $ | 230.90 | | (9.6)% | | 47.9% | | 90.7% | | (47.2)% | | $ | 100.01 | | $ | 209.43 | | (52.2)% |
8 | | Marriott Boston Long Wharf | | $ | 376.25 | | $ | 390.87 | | (3.7)% | | 64.1% | | 92.3% | | (30.6)% | | $ | 241.18 | | $ | 360.77 | | (33.1)% |
9 | | Renaissance Long Beach | | $ | 181.33 | | $ | 192.85 | | (6.0)% | | 71.7% | | 83.2% | | (13.8)% | | $ | 130.01 | | $ | 160.45 | | (19.0)% |
10 | | Embassy Suites Chicago | | $ | 200.50 | | $ | 240.59 | | (16.7)% | | 61.6% | | 94.8% | | (35.0)% | | $ | 123.51 | | $ | 228.08 | | (45.8)% |
11 | | Hilton Garden Inn Chicago Downtown/Magnificent Mile | | $ | 177.02 | | $ | 226.03 | | (21.7)% | | 56.5% | | 91.9% | | (38.5)% | | $ | 100.02 | | $ | 207.72 | | (51.8)% |
12 | | The Bidwell Marriott Portland | | $ | 155.65 | | $ | 198.56 | | (21.6)% | | 38.1% | | 84.4% | | (54.9)% | | $ | 59.30 | | $ | 167.58 | | (64.6)% |
13 |
| Hilton New Orleans St. Charles | | $ | 202.55 | | $ | 183.52 | | 10.4% | | 47.7% | | 74.0% | | (35.5)% | | $ | 96.62 | | $ | 135.80 | | (28.9)% |
14 | | Oceans Edge Resort & Marina | | $ | 331.88 | | $ | 180.00 | | 84.4% | | 61.4% | | 80.5% | | (23.7)% | | $ | 203.77 | | $ | 144.90 | | 40.6% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 14 Hotel Portfolio (1) | | $ | 249.30 | | $ | 270.24 | | (7.7)% | | 55.9% | | 89.2% | | (37.3)% | | $ | 139.36 | | $ | 241.05 | | (42.2)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Non-comparable Hotels (2) | | | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg | | $ | 1,284.31 | | | N/A | | 100.0% | | 72.8% | | N/A | | 100.0% | | $ | 934.98 | | | N/A | | 100.0% |
| | Four Seasons Resort Napa Valley | | $ | — | | | N/A | | 0.0% | | 0.0% | | N/A | | 0.0% | | $ | — | | | N/A | | 0.0% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 16 Hotel Portfolio (3) | | $ | 270.99 | | | | | | | 56.2% | | | | | | $ | 152.30 | | | | | |
*Footnotes on page 51
| ||||||||
PROPERTY-LEVEL OPERATING STATISTICS | | Page 44 | ||||||
| | |
| |
Supplemental Financial Information |
Property-Level Operating Statistics
November 2021/2020
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | ADR | | Occupancy | | | RevPAR | |||||||||||||||
| | Hotels sorted by number of rooms | | November | | November | | November | ||||||||||||||||
| | |
| 2021 | |
| 2020 |
| Change |
| 2021 |
| 2020 |
| Change |
| 2021 |
| 2020 |
| Change | |||
1 | | Hilton San Diego Bayfront | | $ | 226.90 | | $ | 103.39 | | 119.5% | | 63.0% | | 50.5% | | 24.8% | | $ | 142.95 | | $ | 52.21 | | 173.8% |
2 | | Boston Park Plaza | | $ | 183.29 | | $ | 143.00 | | 28.2% | | 58.8% | | 14.9% | | 294.6% | | $ | 107.77 | | $ | 21.31 | | 405.7% |
3 | | Hyatt Regency San Francisco | | $ | 209.69 | | $ | 171.62 | | 22.2% | | 51.2% | | 11.5% | | 345.2% | | $ | 107.36 | | $ | 19.74 | | 443.9% |
4 | | Renaissance Washington DC | | $ | 212.85 | | $ | 119.95 | | 77.4% | | 42.2% | | 2.7% | | 1,463.0% | | $ | 89.82 | | $ | 3.24 | | 2,672.2% |
5 | | Renaissance Orlando at SeaWorld® | | $ | 154.99 | | $ | 121.11 | | 28.0% | | 47.9% | | 10.9% | | 339.4% | | $ | 74.24 | | $ | 13.20 | | 462.4% |
6 | | Wailea Beach Resort | | $ | 575.83 | | $ | 483.10 | | 19.2% | | 70.9% | | 19.1% | | 271.2% | | $ | 408.26 | | $ | 92.27 | | 342.5% |
7 | | JW Marriott New Orleans | | $ | 232.97 | | $ | 139.98 | | 66.4% | | 50.3% | | 41.8% | | 20.3% | | $ | 117.18 | | $ | 58.51 | | 100.3% |
8 | | Marriott Boston Long Wharf | | $ | 278.12 | | $ | 220.06 | | 26.4% | | 58.7% | | 7.8% | | 652.6% | | $ | 163.26 | | $ | 17.16 | | 851.4% |
9 | | Renaissance Long Beach | | $ | 173.04 | | $ | 141.27 | | 22.5% | | 74.1% | | 18.4% | | 302.7% | | $ | 128.22 | | $ | 25.99 | | 393.3% |
10 | | Embassy Suites Chicago | | $ | 163.92 | | $ | 110.27 | | 48.7% | | 59.1% | | 8.5% | | 595.3% | | $ | 96.88 | | $ | 9.37 | | 933.9% |
11 | | Hilton Garden Inn Chicago Downtown/Magnificent Mile | | $ | 144.23 | | $ | — | | 100.0% | | 45.7% | | 0.0% | | 100.0% | | $ | 65.91 | | $ | — | | 100.0% |
12 | | The Bidwell Marriott Portland | | $ | 143.55 | | $ | 134.27 | | 6.9% | | 44.6% | | 2.7% | | 1,551.9% | | $ | 64.02 | | $ | 3.63 | | 1,663.6% |
13 |
| Hilton New Orleans St. Charles | | $ | 183.02 | | $ | 99.78 | | 83.4% | | 48.8% | | 21.8% | | 123.9% | | $ | 89.31 | | $ | 21.75 | | 310.6% |
14 | | Oceans Edge Resort & Marina | | $ | 398.09 | | $ | 201.20 | | 97.9% | | 74.4% | | 54.0% | | 37.8% | | $ | 296.18 | | $ | 108.65 | | 172.6% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 14 Hotel Portfolio (1) | | $ | 237.82 | | $ | 153.18 | | 55.3% | | 55.9% | | 19.7% | | 183.8% | | $ | 132.94 | | $ | 30.18 | | 340.5% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Non-comparable Hotels (2) | | | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg | | $ | 934.38 | | | N/A | | 100.0% | | 64.8% | | N/A | | 100.0% | | $ | 605.48 | | | N/A | | 100.0% |
| | Four Seasons Resort Napa Valley | | $ | — | | | N/A | | 0.0% | | — | | N/A | | 0.0% | | $ | — | | | N/A | | 0.0% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 16 Hotel Portfolio (3) | | $ | 250.85 | | | | | | | 56.0% | | | | | | $ | 140.48 | | | | | |
*Footnotes on page 51
| ||||||||
PROPERTY-LEVEL OPERATING STATISTICS | | Page 45 | ||||||
| | |
Supplemental Financial Information |
Property-Level Operating Statistics
November 2021/2019
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | ADR | | Occupancy | | | RevPAR | |||||||||||||||
| | Hotels sorted by number of rooms | | November | | November | | November | ||||||||||||||||
| | |
| 2021 | |
| 2019 |
| Change |
| 2021 |
| 2019 |
| Change |
| 2021 |
| 2019 |
| Change | |||
1 | | Hilton San Diego Bayfront | | $ | 226.90 | | $ | 218.55 | | 3.8% | | 63.0% | | 87.1% | | (27.7)% | | $ | 142.95 | | $ | 190.36 | | (24.9)% |
2 | | Boston Park Plaza | | $ | 183.29 | | $ | 187.43 | | (2.2)% | | 58.8% | | 90.4% | | (35.0)% | | $ | 107.77 | | $ | 169.44 | | (36.4)% |
3 | | Hyatt Regency San Francisco | | $ | 209.69 | | $ | 338.77 | | (38.1)% | | 51.2% | | 86.8% | | (41.0)% | | $ | 107.36 | | $ | 294.05 | | (63.5)% |
4 | | Renaissance Washington DC | | $ | 212.85 | | $ | 237.37 | | (10.3)% | | 42.2% | | 74.5% | | (43.4)% | | $ | 89.82 | | $ | 176.84 | | (49.2)% |
5 | | Renaissance Orlando at SeaWorld® | | $ | 154.99 | | $ | 174.88 | | (11.4)% | | 47.9% | | 76.2% | | (37.1)% | | $ | 74.24 | | $ | 133.26 | | (44.3)% |
6 | | Wailea Beach Resort | | $ | 575.83 | | $ | 427.43 | | 34.7% | | 70.9% | | 88.1% | | (19.5)% | | $ | 408.26 | | $ | 376.57 | | 8.4% |
7 | | JW Marriott New Orleans | | $ | 232.97 | | $ | 210.15 | | 10.9% | | 50.3% | | 82.7% | | (39.2)% | | $ | 117.18 | | $ | 173.79 | | (32.6)% |
8 | | Marriott Boston Long Wharf | | $ | 278.12 | | $ | 298.87 | | (6.9)% | | 58.7% | | 82.7% | | (29.0)% | | $ | 163.26 | | $ | 247.17 | | (33.9)% |
9 | | Renaissance Long Beach | | $ | 173.04 | | $ | 180.82 | | (4.3)% | | 74.1% | | 80.9% | | (8.4)% | | $ | 128.22 | | $ | 146.28 | | (12.3)% |
10 | | Embassy Suites Chicago | | $ | 163.92 | | $ | 175.71 | | (6.7)% | | 59.1% | | 91.3% | | (35.3)% | | $ | 96.88 | | $ | 160.42 | | (39.6)% |
11 | | Hilton Garden Inn Chicago Downtown/Magnificent Mile | | $ | 144.23 | | $ | 153.63 | | (6.1)% | | 45.7% | | 87.0% | | (47.5)% | | $ | 65.91 | | $ | 133.66 | | (50.7)% |
12 | | The Bidwell Marriott Portland | | $ | 143.55 | | $ | 165.54 | | (13.3)% | | 44.6% | | 69.4% | | (35.7)% | | $ | 64.02 | | $ | 114.88 | | (44.3)% |
13 |
| Hilton New Orleans St. Charles | | $ | 183.02 | | $ | 177.04 | | 3.4% | | 48.8% | | 71.4% | | (31.7)% | | $ | 89.31 | | $ | 126.41 | | (29.3)% |
14 | | Oceans Edge Resort & Marina | | $ | 398.09 | | $ | 223.52 | | 78.1% | | 74.4% | | 83.9% | | (11.3)% | | $ | 296.18 | | $ | 187.53 | | 57.9% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 14 Hotel Portfolio (1) | | $ | 237.82 | | $ | 234.29 | | 1.5% | | 55.9% | | 83.5% | | (33.1)% | | $ | 132.94 | | $ | 195.63 | | (32.0)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Non-comparable Hotels (2) | | | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg | | $ | 934.38 | | | N/A | | 100.0% | | 64.8% | | N/A | | 100.0% | | $ | 605.48 | | | N/A | | 100.0% |
| | Four Seasons Resort Napa Valley | | $ | — | | | N/A | | 0.0% | | 0.0% | | N/A | | 0.0% | | $ | — | | | N/A | | 0.0% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 16 Hotel Portfolio (3) | | $ | 250.85 | | | | | | | 56.0% | | | | | | $ | 140.48 | | | | | |
*Footnotes on page 51
| ||||||||
PROPERTY-LEVEL OPERATING STATISTICS | | Page 46 | ||||||
| | |
Supplemental Financial Information |
Property-Level Operating Statistics
December 2021/2020
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | ADR | | Occupancy | | | RevPAR | |||||||||||||||
| | Hotels sorted by number of rooms | | December | | December | | December | ||||||||||||||||
| | |
| 2021 | |
| 2020 |
| Change |
| 2021 |
| 2020 |
| Change |
| 2021 |
| 2020 |
| Change | |||
1 | | Hilton San Diego Bayfront | | $ | 180.34 | | $ | 106.74 | | 69.0% | | 59.0% | | 18.3% | | 222.4% | | $ | 106.40 | | $ | 19.53 | | 444.8% |
2 | | Boston Park Plaza | | $ | 149.92 | | $ | 151.42 | | (1.0)% | | 47.5% | | 14.5% | | 227.6% | | $ | 71.21 | | $ | 21.96 | | 224.3% |
3 | | Hyatt Regency San Francisco | | $ | 196.67 | | $ | 183.22 | | 7.3% | | 56.0% | | 5.6% | | 900.0% | | $ | 110.14 | | $ | 10.26 | | 973.5% |
4 | | Renaissance Washington DC | | $ | 135.19 | | $ | 122.61 | | 10.3% | | 32.1% | | 2.5% | | 1,184.0% | | $ | 43.40 | | $ | 3.07 | | 1,313.7% |
5 | | Renaissance Orlando at SeaWorld® | | $ | 161.66 | | $ | 112.33 | | 43.9% | | 60.3% | | 13.5% | | 346.7% | | $ | 97.48 | | $ | 15.16 | | 543.0% |
6 | | Wailea Beach Resort | | $ | 797.90 | | $ | 500.96 | | 59.3% | | 84.1% | | 23.4% | | 259.4% | | $ | 671.03 | | $ | 117.22 | | 472.5% |
7 | | JW Marriott New Orleans | | $ | 217.66 | | $ | 118.83 | | 83.2% | | 49.9% | | 17.9% | | 178.8% | | $ | 108.61 | | $ | 21.27 | | 410.6% |
8 | | Marriott Boston Long Wharf | | $ | 254.88 | | $ | 208.54 | | 22.2% | | 57.7% | | 7.0% | | 724.3% | | $ | 147.07 | | $ | 14.60 | | 907.3% |
9 | | Renaissance Long Beach (4) | | $ | 158.54 | | $ | 149.27 | | 6.2% | | 62.0% | | 8.7% | | 612.6% | | $ | 98.29 | | $ | 12.99 | | 656.7% |
10 | | Embassy Suites Chicago | | $ | 142.28 | | $ | 125.69 | | 13.2% | | 70.2% | | 8.4% | | 735.7% | | $ | 99.88 | | $ | 10.56 | | 845.8% |
11 | | Hilton Garden Inn Chicago Downtown/Magnificent Mile | | $ | 121.62 | | $ | — | | 100.0% | | 46.9% | | 0.0% | | 100.0% | | $ | 57.04 | | $ | — | | 100.0% |
12 | | The Bidwell Marriott Portland | | $ | 137.13 | | $ | 122.40 | | 12.0% | | 40.2% | | 5.1% | | 688.2% | | $ | 55.13 | | $ | 6.24 | | 783.5% |
13 |
| Hilton New Orleans St. Charles | | $ | 175.13 | | $ | 99.26 | | 76.4% | | 39.7% | | 16.8% | | 136.3% | | $ | 69.53 | | $ | 16.68 | | 316.8% |
14 | | Oceans Edge Resort & Marina | | $ | 491.15 | | $ | 283.97 | | 73.0% | | 87.1% | | 63.9% | | 36.3% | | $ | 427.79 | | $ | 181.46 | | 135.7% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 14 Hotel Portfolio (1) | | $ | 249.26 | | $ | 192.47 | | 29.5% | | 55.1% | | 12.9% | | 327.1% | | $ | 137.34 | | $ | 24.83 | | 453.1% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Non-comparable Hotels (2) | | | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg | | $ | 984.12 | | | N/A | | 100.0% | | 50.8% | | N/A | | 100.0% | | $ | 499.93 | | | N/A | | 100.0% |
| | Four Seasons Resort Napa Valley | | $ | 1,577.64 | | | N/A | | 100.0% | | 42.6% | | N/A | | 100.0% | | $ | 672.07 | | | N/A | | 100.0% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 16 Hotel Portfolio (3) | | $ | 270.93 | | | | | | | 54.9% | | | | | | $ | 148.74 | | | | | |
*Footnotes on page 51
| ||||||||
PROPERTY-LEVEL OPERATING STATISTICS | | Page 47 | ||||||
| | |
Supplemental Financial Information |
Property-Level Operating Statistics
December 2021/2019
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | ADR | | Occupancy | | | RevPAR | |||||||||||||||
| | Hotels sorted by number of rooms | | December | | December | | December | ||||||||||||||||
| | |
| 2021 | |
| 2019 |
| Change |
| 2021 |
| 2019 |
| Change |
| 2021 |
| 2019 |
| Change | |||
1 | | Hilton San Diego Bayfront | | $ | 180.34 | | $ | 170.63 | | 5.7% | | 59.0% | | 76.4% | | (22.8)% | | $ | 106.40 | | $ | 130.36 | | (18.4)% |
2 | | Boston Park Plaza | | $ | 149.92 | | $ | 144.51 | | 3.7% | | 47.5% | | 76.0% | | (37.5)% | | $ | 71.21 | | $ | 109.83 | | (35.2)% |
3 | | Hyatt Regency San Francisco | | $ | 196.67 | | $ | 263.65 | | (25.4)% | | 56.0% | | 81.6% | | (31.4)% | | $ | 110.14 | | $ | 215.14 | | (48.8)% |
4 | | Renaissance Washington DC | | $ | 135.19 | | $ | 173.53 | | (22.1)% | | 32.1% | | 58.3% | | (44.9)% | | $ | 43.40 | | $ | 101.17 | | (57.1)% |
5 | | Renaissance Orlando at SeaWorld® | | $ | 161.66 | | $ | 169.47 | | (4.6)% | | 60.3% | | 84.4% | | (28.6)% | | $ | 97.48 | | $ | 143.03 | | (31.8)% |
6 | | Wailea Beach Resort | | $ | 797.90 | | $ | 656.06 | | 21.6% | | 84.1% | | 90.4% | | (7.0)% | | $ | 671.03 | | $ | 593.08 | | 13.1% |
7 | | JW Marriott New Orleans | | $ | 217.66 | | $ | 180.78 | | 20.4% | | 49.9% | | 74.6% | | (33.1)% | | $ | 108.61 | | $ | 134.86 | | (19.5)% |
8 | | Marriott Boston Long Wharf | | $ | 254.88 | | $ | 241.74 | | 5.4% | | 57.7% | | 78.3% | | (26.3)% | | $ | 147.07 | | $ | 189.28 | | (22.3)% |
9 | | Renaissance Long Beach | | $ | 158.54 | | $ | 161.35 | | (1.7)% | | 62.0% | | 69.5% | | (10.8)% | | $ | 98.29 | | $ | 112.14 | | (12.4)% |
10 | | Embassy Suites Chicago | | $ | 142.28 | | $ | 134.20 | | 6.0% | | 70.2% | | 94.8% | | (25.9)% | | $ | 99.88 | | $ | 127.22 | | (21.5)% |
11 | | Hilton Garden Inn Chicago Downtown/Magnificent Mile | | $ | 121.62 | | $ | 114.93 | | 5.8% | | 46.9% | | 83.8% | | (44.0)% | | $ | 57.04 | | $ | 96.31 | | (40.8)% |
12 | | The Bidwell Marriott Portland | | $ | 137.13 | | $ | 121.57 | | 12.8% | | 40.2% | | 41.5% | | (3.1)% | | $ | 55.13 | | $ | 50.45 | | 9.3% |
13 |
| Hilton New Orleans St. Charles | | $ | 175.13 | | $ | 154.48 | | 13.4% | | 39.7% | | 58.1% | | (31.7)% | | $ | 69.53 | | $ | 89.75 | | (22.5)% |
14 | | Oceans Edge Resort & Marina | | $ | 491.15 | | $ | 290.47 | | 69.1% | | 87.1% | | 88.7% | | (1.8)% | | $ | 427.79 | | $ | 257.65 | | 66.0% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 14 Hotel Portfolio (1) | | $ | 249.26 | | $ | 218.44 | | 14.1% | | 55.1% | | 76.2% | | (27.7)% | | $ | 137.34 | | $ | 166.45 | | (17.5)% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Non-comparable Hotels (2) | | | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg | | $ | 984.12 | | | N/A | | 100.0% | | 50.8% | | N/A | | 100.0% | | $ | 499.93 | | | N/A | | 100.0% |
| | Four Seasons Resort Napa Valley | | $ | 1,577.64 | | | N/A | | 100.0% | | 42.6% | | N/A | | 100.0% | | $ | 672.07 | | | N/A | | 100.0% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 16 Hotel Portfolio (3) | | $ | 270.93 | | | | | | | 54.9% | | | | | | $ | 148.74 | | | | | |
*Footnotes on page 51
| ||||||||
PROPERTY-LEVEL OPERATING STATISTICS | | Page 48 | ||||||
| | |
Supplemental Financial Information |
Property-Level Operating Statistics
FY 2021/2020
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | ADR | | Occupancy | | | RevPAR | |||||||||||||||
| | Hotels sorted by number of rooms | | For the Year Ended December 31, | | For the Year Ended December 31, | | For the Year Ended December 31, | ||||||||||||||||
| | |
| 2021 | |
| 2020 |
| Change |
| 2021 |
| 2020 |
| Change |
| 2021 |
| 2020 |
| Change | |||
1 | | Hilton San Diego Bayfront | | $ | 207.14 | | $ | 192.17 | | 7.8% | | 47.9% | | 26.8% | | 78.7% | | $ | 99.22 | | $ | 51.50 | | 92.7% |
2 | | Boston Park Plaza | | $ | 177.24 | | $ | 146.44 | | 21.0% | | 39.8% | | 23.9% | | 66.5% | | $ | 70.54 | | $ | 35.00 | | 101.5% |
3 | | Hyatt Regency San Francisco | | $ | 200.40 | | $ | 298.61 | | (32.9)% | | 35.1% | | 17.6% | | 99.4% | | $ | 70.34 | | $ | 52.56 | | 33.8% |
4 | | Renaissance Washington DC | | $ | 151.24 | | $ | 215.98 | | (30.0)% | | 40.9% | | 15.4% | | 165.6% | | $ | 61.86 | | $ | 33.26 | | 86.0% |
5 | | Renaissance Orlando at SeaWorld® | | $ | 149.15 | | $ | 181.69 | | (17.9)% | | 40.7% | | 17.1% | | 138.0% | | $ | 60.70 | | $ | 31.07 | | 95.4% |
6 | | Wailea Beach Resort | | $ | 613.15 | | $ | 541.90 | | 13.1% | | 66.0% | | 22.5% | | 193.3% | | $ | 404.68 | | $ | 121.93 | | 231.9% |
7 | | JW Marriott New Orleans | | $ | 187.16 | | $ | 192.13 | | (2.6)% | | 43.4% | | 26.3% | | 65.0% | | $ | 81.23 | | $ | 50.53 | | 60.8% |
8 | | Marriott Boston Long Wharf | | $ | 315.93 | | $ | 229.18 | | 37.9% | | 41.3% | | 21.9% | | 88.6% | | $ | 130.48 | | $ | 50.19 | | 160.0% |
9 | | Renaissance Long Beach (4) | | $ | 175.21 | | $ | 159.10 | | 10.1% | | 62.5% | | 33.1% | | 88.8% | | $ | 109.51 | | $ | 52.66 | | 108.0% |
10 | | Embassy Suites Chicago | | $ | 170.14 | | $ | 124.00 | | 37.2% | | 45.9% | | 21.1% | | 117.5% | | $ | 78.09 | | $ | 26.16 | | 198.5% |
11 | | Hilton Garden Inn Chicago Downtown/Magnificent Mile | | $ | 149.33 | | $ | 98.81 | | 51.1% | | 38.0% | | 11.6% | | 227.6% | | $ | 56.75 | | $ | 11.46 | | 395.2% |
12 | | The Bidwell Marriott Portland (5) | | $ | 152.70 | | $ | 140.79 | | 8.5% | | 28.3% | | 10.5% | | 169.5% | | $ | 43.21 | | $ | 14.78 | | 192.4% |
13 |
| Hilton New Orleans St. Charles | | $ | 149.86 | | $ | 150.62 | | (0.5)% | | 38.5% | | 28.3% | | 36.0% | | $ | 57.70 | | $ | 42.63 | | 35.4% |
14 | | Oceans Edge Resort & Marina | | $ | 403.92 | | $ | 271.75 | | 48.6% | | 77.8% | | 46.7% | | 66.6% | | $ | 314.25 | | $ | 126.91 | | 147.6% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 14 Hotel Portfolio (1) | | $ | 236.92 | | $ | 215.43 | | 10.0% | | 44.5% | | 22.1% | | 101.4% | | $ | 105.43 | | $ | 47.61 | | 121.4% |
| | | | | | | | | | | �� | | | | | | | | | | | | | |
| | Non-comparable Hotels (2) | | | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg | | $ | 1,092.35 | | | N/A | | 100.0% | | 52.2% | | N/A | | 100.0% | | $ | 570.21 | | | N/A | | 100.0% |
| | Four Seasons Resort Napa Valley | | $ | 1,577.64 | | | N/A | | 100.0% | | 42.6% | | N/A | | 100.0% | | $ | 672.07 | | | N/A | | 100.0% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 16 Hotel Portfolio (3) | | $ | 254.22 | | | | | | | 44.7% | | | | | | $ | 113.64 | | | | | |
*Footnotes on page 51
| ||||||||
PROPERTY-LEVEL OPERATING STATISTICS | | Page 49 | ||||||
| | |
Supplemental Financial Information |
Property-Level Operating Statistics
FY 2021/2019
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | ADR | | Occupancy | | | RevPAR | |||||||||||||||
| | Hotels sorted by number of rooms | | For the Year Ended December 31, | | For the Year Ended December 31, | | For the Year Ended December 31, | ||||||||||||||||
| | |
| 2021 | |
| 2019 |
| Change |
| 2021 |
| 2019 |
| Change |
| 2021 |
| 2019 |
| Change | |||
1 | | Hilton San Diego Bayfront (5) | | $ | 207.14 | | $ | 247.20 | | (16.2)% | | 47.9% | | 81.4% | | (41.2)% | | $ | 99.22 | | $ | 201.22 | | (50.7)% |
2 | | Boston Park Plaza | | $ | 177.24 | | $ | 213.07 | | (16.8)% | | 39.8% | | 90.6% | | (56.1)% | | $ | 70.54 | | $ | 193.04 | | (63.5)% |
3 | | Hyatt Regency San Francisco (5) | | $ | 200.40 | | $ | 322.08 | | (37.8)% | | 35.1% | | 89.0% | | (60.6)% | | $ | 70.34 | | $ | 286.65 | | (75.5)% |
4 | | Renaissance Washington DC | | $ | 151.24 | | $ | 232.64 | | (35.0)% | | 40.9% | | 78.1% | | (47.6)% | | $ | 61.86 | | $ | 181.69 | | (66.0)% |
5 | | Renaissance Orlando at SeaWorld® | | $ | 149.15 | | $ | 168.18 | | (11.3)% | | 40.7% | | 78.9% | | (48.4)% | | $ | 60.70 | | $ | 132.69 | | (54.3)% |
6 | | Wailea Beach Resort | | $ | 613.15 | | $ | 478.47 | | 28.1% | | 66.0% | | 91.2% | | (27.6)% | | $ | 404.68 | | $ | 436.36 | | (7.3)% |
7 | | JW Marriott New Orleans | | $ | 187.16 | | $ | 206.47 | | (9.4)% | | 43.4% | | 83.9% | | (48.3)% | | $ | 81.23 | | $ | 173.23 | | (53.1)% |
8 | | Marriott Boston Long Wharf | | $ | 315.93 | | $ | 332.29 | | (4.9)% | | 41.3% | | 86.7% | | (52.4)% | | $ | 130.48 | | $ | 288.10 | | (54.7)% |
9 | | Renaissance Long Beach | | $ | 175.21 | | $ | 189.85 | | (7.7)% | | 62.5% | | 81.6% | | (23.4)% | | $ | 109.51 | | $ | 154.92 | | (29.3)% |
10 | | Embassy Suites Chicago | | $ | 170.14 | | $ | 189.98 | | (10.4)% | | 45.9% | | 90.0% | | (49.0)% | | $ | 78.09 | | $ | 170.98 | | (54.3)% |
11 | | Hilton Garden Inn Chicago Downtown/Magnificent Mile | | $ | 149.33 | | $ | 170.37 | | (12.3)% | | 38.0% | | 84.2% | | (54.9)% | | $ | 56.75 | | $ | 143.45 | | (60.4)% |
12 | | The Bidwell Marriott Portland | | $ | 152.70 | | $ | 186.05 | | (17.9)% | | 28.3% | | 80.1% | | (64.7)% | | $ | 43.21 | | $ | 149.03 | | (71.0)% |
13 |
| Hilton New Orleans St. Charles | | $ | 149.86 | | $ | 169.29 | | (11.5)% | | 38.5% | | 74.3% | | (48.2)% | | $ | 57.70 | | $ | 125.78 | | (54.1)% |
14 | | Oceans Edge Resort & Marina (5) | | $ | 403.92 | | $ | 242.04 | | 66.9% | | 77.8% | | 88.7% | | (12.3)% | | $ | 314.25 | | $ | 214.69 | | 46.4% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 14 Hotel Portfolio (1) | | $ | 236.92 | | $ | 247.90 | | (4.4)% | | 44.5% | | 84.4% | | (47.3)% | | $ | 105.43 | | $ | 209.23 | | (49.6)% |
| | | ��� | | | | | | | | | | | | | | | | | | | | | |
| | Non-comparable Hotels (2) | | | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg | | $ | 1,092.35 | | | N/A | | 100.0% | | 52.2% | | N/A | | 100.0% | | $ | 570.21 | | | N/A | | 100.0% |
| | Four Seasons Resort Napa Valley | | $ | 1,577.64 | | | N/A | | 100.0% | | 42.6% | | N/A | | 100.0% | | $ | 672.07 | | | N/A | | 100.0% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | 16 Hotel Portfolio (3) | | $ | 254.22 | | | | | | | 44.7% | | | | | | $ | 113.64 | | | | | |
*Footnotes on page 51
| ||||||||
PROPERTY-LEVEL OPERATING STATISTICS | | Page 50 | ||||||
| | |
Supplemental Financial Information |
Property-Level Operating Statistics
Q4, October, November, December and FY 2021/2020 and 2021/2019 Footnotes
(1) | 14 Hotel Portfolio includes the same hotels owned during the reporting periods, except the Hyatt Centric Chicago Magnificent Mile, which was considered held for sale due to its sale in February 2022. |
(2) | Non-comparable Hotels includes the Company's ownership results for the Montage Healdsburg and the Four Seasons Resort Napa Valley, acquired in April 2021 and December 2021, respectively. The newly-developed hotels are considered non-comparable as they did not open until December 2020 and October 2021, respectively. Operating statistics for FY 2021 include prior ownership results obtained by the Company from the prior owner of the Montage Healdsburg during the due diligence period before acquiring the hotel. The Company performed a limited review of the information as part of its analysis of the acquisition. |
(3) | 16 Hotel Portfolio includes all hotels owned by the Company as of December 31, 2021, except the Hyatt Centric Chicago Magnificent Mile, which was considered held for sale due to its sale in February 2022. |
(4) | Excludes the effects of adjustments to airline crew revenue totaling $(0.4) million and $(23,000) recorded in June 2020 and December 2020, respectively. |
(5) | Operating statistics for FY 2020 are impacted by a room renovation at The Bidwell Marriott Portland. Operating statistics for FY 2019 are impacted by room renovations at the Hilton San Diego Bayfront, the Hyatt Regency San Francisco and the Oceans Edge Resort & Marina. |
| ||||||||
PROPERTY-LEVEL OPERATING STATISTICS | | Page 51 | ||||||
| | |
Supplemental Financial Information |
PROPERTY-LEVEL ADJUSTED EBITDAre &
ADJUSTED EBITDAre MARGINS
| ||||||||
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 52 | ||||||
| | |
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
Q4 2021
| | | | | | | | | | | | | | | | | | | | | | |
| | Hotels sorted by number of rooms | | For the Quarter Ended December 31, 2021 | ||||||||||||||||||
| | (In thousands) | | | | | | Plus: | | Plus: | | Plus: | | Equals: | | Hotel | ||||||
| | | | Total | | Net Income / | | Other | | | | | | Hotel Adjusted | | Adjusted EBITDAre | ||||||
| | |
| Revenues |
| (Loss) |
| Adjustments (1a) |
| Depreciation |
| Interest Expense |
| EBITDAre |
| Margins | ||||||
1 | | Hilton San Diego Bayfront | | $ | 24,359 | | $ | 1,342 | | $ | (269) | | $ | 3,162 | | $ | 643 | | $ | 4,878 | | 20.0% |
2 | | Boston Park Plaza | | | 17,193 | | | (1,838) | | | — | | | 4,481 | | | — | | | 2,643 | | 15.4% |
3 | | Hyatt Regency San Francisco | | | 12,124 | | | (4,277) | | | — | | | 3,199 | | | — | | | (1,078) | | (8.9)% |
4 | | Renaissance Washington DC | | | 7,067 | | | (3,436) | | | (94) | | | 2,040 | | | — | | | (1,490) | | (21.1)% |
5 | | Renaissance Orlando at SeaWorld® | | | 12,045 | | | 340 | | | (6) | | | 2,168 | | | — | | | 2,502 | | 20.8% |
6 | | Wailea Beach Resort | | | 33,700 | | | 10,602 | | | 1 | | | 4,054 | | | — | | | 14,657 | | 43.5% |
7 | | JW Marriott New Orleans | | | 6,419 | | | (1,184) | | | 831 | | | 1,604 | | | 845 | | | 2,096 | | 32.7% |
8 | | Marriott Boston Long Wharf | | | 9,932 | | | (163) | | | (29) | | | 2,806 | | | — | | | 2,614 | | 26.3% |
9 | | Renaissance Long Beach | | | 5,326 | | | 794 | | | (126) | | | 768 | | | — | | | 1,436 | | 27.0% |
10 | | Embassy Suites Chicago | | | 4,359 | | | (30) | | | — | | | 752 | | | — | | | 722 | | 16.6% |
11 | | Hilton Garden Inn Chicago Downtown/Magnificent Mile | | | 2,824 | | | (674) | | | 6 | | | 576 | | | — | | | (92) | | (3.3)% |
12 | | The Bidwell Marriott Portland | | | 1,826 | | | (547) | | | — | | | 807 | | | — | | | 260 | | 14.2% |
13 |
| Hilton New Orleans St. Charles | | | 2,304 | | | (1,704) | | | 1,753 | | | 612 | | | — | | | 661 | | 28.7% |
14 | | Oceans Edge Resort & Marina | | | 7,136 | | | 2,157 | | | — | | | 891 | | | — | | | 3,048 | | 42.7% |
15 | | Montage Healdsburg | | | 14,236 | | | 251 | | | — | | | 2,252 | | | — | | | 2,503 | | 17.6% |
16 | | Four Seasons Resort Napa Valley | | | 2,852 | | | (426) | | | — | | | 426 | | | — | | | — | | 0.0% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 16 Hotel Portfolio (2) | | | 163,702 | | | 1,207 | | | 2,067 | | | 30,598 | | | 1,488 | | | 35,360 | | 21.6% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Less: Non-comparable Hotels (3) | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg | | | (14,236) | | | (251) | | | — | | | (2,252) | | | — | | | (2,503) | | 17.6% |
| | Four Seasons Resort Napa Valley | | | (2,852) | | | 426 | | | — | | | (426) | | | — | | | — | | 0.0% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 14 Hotel Portfolio (4) | | | 146,614 | | | 1,382 | | | 2,067 | | | 27,920 | | | 1,488 | | | 32,857 | | 22.4% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Non-comparable Hotels (3) | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg | | | 14,236 | | | 251 | | | — | | | 2,252 | | | — | | | 2,503 | | 17.6% |
| | Four Seasons Resort Napa Valley | | | 2,852 | | | (426) | | | — | | | 426 | | | — | | | — | | 0.0% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Held for Sale/Sold/Disposed Hotels (5) | | | 8,701 | | | (1,349) | | | (351) | | | 1,743 | | | 761 | | | 804 | | 9.2% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (6) | | $ | 172,403 | | $ | (142) | | $ | 1,716 | | $ | 32,341 | | $ | 2,249 | | $ | 36,164 | | 21.0% |
*Footnotes on pages 56 and 57
| ||||||||
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 53 | ||||||
| | |
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
Q4 2020
| | | | | | | | | | | | | | | | | | | | | | |
| | Hotels sorted by number of rooms | | For the Quarter Ended December 31, 2020 | ||||||||||||||||||
| | (In thousands) | | | | | | Plus: | | Plus: | | Plus: | | Equals: | | Hotel | ||||||
| | | | Total | | Net Income / | | Other | | | | | | Hotel Adjusted | | Adjusted EBITDAre | ||||||
| | |
| Revenues |
| (Loss) |
| Adjustments (1b) |
| Depreciation |
| Interest Expense |
| EBITDAre (7) |
| Margins (7) | ||||||
1 | | Hilton San Diego Bayfront | | $ | 7,564 | | $ | (5,528) | | $ | (467) | | $ | 3,241 | | $ | 896 | | $ | (1,858) | | (24.6)% |
2 | | Boston Park Plaza | | | 3,245 | | | (6,638) | | | — | | | 4,518 | | | — | | | (2,120) | | (65.3)% |
3 | | Hyatt Regency San Francisco | | | 2,086 | | | (6,934) | | | (169) | | | 3,269 | | | — | | | (3,834) | | (183.8)% |
4 | | Renaissance Washington DC | | | 527 | | | (6,100) | | | 637 | | | 1,898 | | | 1,615 | | | (1,950) | | (370.0)% |
5 | | Renaissance Orlando at SeaWorld® | | | 1,856 | | | (4,063) | | | 8 | | | 2,423 | | | — | | | (1,632) | | (87.9)% |
6 | | Wailea Beach Resort | | | 4,780 | | | (4,072) | | | (204) | | | 4,068 | | | — | | | (208) | | (4.4)% |
7 | | JW Marriott New Orleans | | | 2,297 | | | (2,576) | | | (21) | | | 1,613 | | | 866 | | | (118) | | (5.1)% |
8 | | Marriott Boston Long Wharf | | | 1,363 | | | (4,310) | | | (103) | | | 2,780 | | | — | | | (1,633) | | (119.8)% |
9 | | Renaissance Long Beach | | | 1,180 | | | (1,318) | | | (28) | | | 940 | | | — | | | (406) | | (34.4)% |
10 | | Embassy Suites Chicago | | | 609 | | | (1,089) | | | (56) | | | 760 | | | — | | | (385) | | (63.2)% |
11 | | Hilton Garden Inn Chicago Downtown/Magnificent Mile | | | 171 | | | (1,064) | | | (12) | | | 669 | | | — | | | (407) | | (238.0)% |
12 | | The Bidwell Marriott Portland | | | 137 | | | (1,881) | | | (16) | | | 870 | | | — | | | (1,027) | | (749.6)% |
13 |
| Hilton New Orleans St. Charles | | | 734 | | | (927) | | | (5) | | | 621 | | | — | | | (311) | | (42.4)% |
14 | | Oceans Edge Resort & Marina | | | 3,354 | | | 85 | | | — | | | 882 | | | — | | | 967 | | 28.8% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 14 Hotel Portfolio (4) | | | 29,903 | | | (46,415) | | | (436) | | | 28,552 | | | 3,377 | | | (14,922) | | (49.9)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Held for Sale/Sold/Disposed Hotels (5) | | | 3,674 | | | (14,188) | | | 1,451 | | | 3,949 | | | 1,789 | | | (6,999) | | (190.5)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (6) | | $ | 33,577 | | $ | (60,603) | | $ | 1,015 | | $ | 32,501 | | $ | 5,166 | | $ | (21,921) | | (65.3)% |
*Footnotes on pages 56 and 57
| ||||||||
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 54 | ||||||
| | |
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
Q4 2019
| | | | | | | | | | | | | | | | | | | | | | |
| | Hotels sorted by number of rooms | | For the Quarter Ended December 31, 2019 | ||||||||||||||||||
| | (In thousands) | | | | | | Plus: | | Plus: | | Plus: | | Equals: | | Hotel | ||||||
| | | | Total | | | | Other | | | | | | Hotel Adjusted | | Adjusted EBITDAre | ||||||
| | |
| Revenues |
| Net Income |
| Adjustments (1c) |
| Depreciation |
| Interest Expense |
| EBITDAre (7) |
| Margins (7) | ||||||
1 | | Hilton San Diego Bayfront | | $ | 34,249 | | $ | 3,958 | | $ | (289) | | $ | 3,210 | | $ | 1,908 | | $ | 8,787 | | 25.7% |
2 | | Boston Park Plaza | | | 25,458 | | | 2,958 | | | — | | | 4,516 | | | — | | | 7,474 | | 29.4% |
3 | | Hyatt Regency San Francisco | | | 31,798 | | | 4,797 | | | 370 | | | 3,196 | | | — | | | 8,363 | | 26.3% |
4 | | Renaissance Washington DC | | | 20,358 | | | 2,191 | | | — | | | 2,105 | | | 1,680 | | | 5,976 | | 29.4% |
5 | | Renaissance Orlando at SeaWorld® | | | 21,113 | | | 4,862 | | | — | | | 2,601 | | | — | | | 7,463 | | 35.3% |
6 | | Wailea Beach Resort | | | 31,502 | | | 8,488 | | | — | | | 3,936 | | | — | | | 12,424 | | 39.4% |
7 | | JW Marriott New Orleans | | | 10,680 | | | 1,996 | | | 2 | | | 1,599 | | | 885 | | | 4,482 | | 42.0% |
8 | | Marriott Boston Long Wharf | | | 14,973 | | | 2,717 | | | — | | | 2,738 | | | — | | | 5,455 | | 36.4% |
9 | | Renaissance Long Beach | | | 6,698 | | | 760 | | | — | | | 987 | | | — | | | 1,747 | | 26.1% |
10 | | Embassy Suites Chicago | | | 6,682 | | | 1,184 | | | (5) | | | 744 | | | — | | | 1,923 | | 28.8% |
11 | | Hilton Garden Inn Chicago Downtown/Magnificent Mile | | | 5,322 | | | 789 | | | (41) | | | 670 | | | — | | | 1,418 | | 26.6% |
12 | | The Bidwell Marriott Portland | | | 2,980 | | | 358 | | | — | | | 404 | | | — | | | 762 | | 25.6% |
13 |
| Hilton New Orleans St. Charles | | | 3,072 | | | 92 | | | — | | | 637 | | | — | | | 729 | | 23.7% |
14 | | Oceans Edge Resort & Marina | | | 4,826 | | | 628 | | | — | | | 807 | | | — | | | 1,435 | | 29.7% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 14 Hotel Portfolio (4) | | | 219,711 | | | 35,778 | | | 37 | | | 28,150 | | | 4,473 | | | 68,438 | | 31.1% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Held for Sale/Sold/Disposed Hotels (5) | | | 53,219 | | | 1,021 | | | (416) | | | 8,858 | | | 2,262 | | | 11,725 | | 22.0% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (6) | | $ | 272,930 | | $ | 36,799 | | $ | (379) | | $ | 37,008 | | $ | 6,735 | | $ | 80,163 | | 29.4% |
*Footnotes on pages 56 and 57
| ||||||||
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 55 | ||||||
| | |
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
Q4 2021/2020/2019 Footnotes
(In thousands)
(1) | Other Adjustments include: |
a) | Other Adjustments of $1,716 for the fourth quarter of 2021 include: Hilton San Diego Bayfront $(269), including $(290) amortization of the operating lease right-of-use assets and liabilities and $21 lawsuit settlement costs; Renaissance Washington DC $(94) COVID-19-related severance accrual adjustment; Renaissance Orlando at SeaWorld® $(6) COVID-19-related severance accrual adjustment; Wailea Beach Resort $1 COVID-19-related severance; JW Marriott New Orleans $831, including $2 amortization of the operating lease right-of-use assets and liabilities, $859 Hurricane Ida-related losses and $(30) COVID-19-related severance accrual adjustment; Marriott Boston Long Wharf $(29) COVID-19-related severance accrual adjustment; Renaissance Long Beach $(126) COVID-19-related severance accrual adjustment; Hilton Garden Inn Chicago Downtown/Magnificent Mile $6 amortization of the operating lease right-of-use assets and liabilities; Hilton New Orleans St. Charles $1,753 Hurricane Ida-related losses; and Held for Sale/Sold/Disposed Hotels $(351) finance lease obligation - cash ground rent. |
b) | Other Adjustments of $1,015 for the fourth quarter of 2020 include: Hilton San Diego Bayfront $(467), including $(290) amortization of the operating lease right-of-use assets and liabilities and $(177) credit card merchant class action settlement proceeds; Hyatt Regency San Francisco $(169), including $4 COVID-19-related severance and $(173) credit card merchant class action settlement proceeds; Renaissance Washington DC $637, including $752 COVID-19-related severance and $(115) credit card merchant class action settlement proceeds; Renaissance Orlando at SeaWorld® $8, including $94 COVID-19-related severance and $(86) credit card merchant class action settlement proceeds; Wailea Beach Resort $(204), including $(120) COVID-19-related severance accrual adjustment and $(84) credit card merchant class action settlement proceeds; JW Marriott New Orleans $(21), including $3 amortization of the operating lease right-of-use assets and liabilities, $27 COVID-19-related severance and $(51) credit card merchant class action settlement proceeds; Marriott Boston Long Wharf $(103), including $(28) COVID-19-related severance accrual adjustment and $(75) credit card merchant class action settlement proceeds; Renaissance Long Beach $(28), including $(9) prior year property tax credit, $15 COVID-19-related severance and $(34) credit card merchant class action settlement proceeds; Embassy Suites Chicago $(56) credit card merchant class action settlement proceeds; Hilton Garden Inn Chicago Downtown/Magnificent Mile $(12), including $8 amortization of the operating lease right-of-use assets and liabilities and $(20) credit card merchant class action settlement proceeds; The Bidwell Marriott Portland $(16) credit card merchant class action settlement proceeds; Hilton New Orleans St. Charles $(5), including $2 COVID-19-related severance and $(7) credit card merchant class action settlement proceeds; and Held for Sale/Sold/Disposed Hotels $1,451, including $(9) amortization of the operating lease right-of-use assets and liabilities, $(351) finance lease obligation interest - cash ground rent, $(481) prior year property tax credit, $2,335 COVID-19-related severance, $109 legal fees and $(152) credit card merchant class action settlement proceeds. |
c) | Other Adjustments of $(379) for the fourth quarter of 2019 include: Hilton San Diego Bayfront $(289) amortization of the operating lease right-of-use assets and liabilities; Hyatt Regency San Francisco $370 taxes assessed on commercial rents; JW Marriott New Orleans $2 amortization of the operating lease right-of-use assets and liabilities; Embassy Suites Chicago $(5) prior year property tax credit; Hilton Garden Inn Chicago Downtown/Magnificent Mile $(41), including $9 amortization of the operating lease right-of-use assets and liabilities and $(50) prior year property tax credit; and Held for Sale/Sold/Disposed Hotels $(416), including $57 amortization of the operating lease right-of-use assets and liabilities, $(407) finance lease obligation interest - cash ground rent and $(66) prior year property tax credit. |
(2) | 16 Hotel Portfolio includes all hotels owned by the Company as of December 31, 2021, except the Hyatt Centric Chicago Magnificent Mile, which was considered held for sale due to its sale in February 2022. |
(3) | Non-comparable Hotels includes the Company's ownership results for the Montage Healdsburg and the Four Seasons Resort Napa Valley, acquired in April 2021 and December 2021, respectively. The newly-developed hotels are considered non-comparable as they did not open until December 2020 and October 2021, respectively. |
| ||||||||
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 56 | ||||||
| | |
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
Q4 2021/2020/2019 Footnotes (continued)
(In thousands)
(4) | 14 Hotel Portfolio includes the same hotels owned during the fourth quarters of 2021, 2020 and 2019, except the Hyatt Centric Chicago Magnificent Mile, which was considered held for sale due to its sale in February 2022. |
(5) | Held for Sale/Sold/Disposed Hotels for the fourth quarter of 2021 includes results for the Hyatt Centric Chicago Magnificent Mile considered held for sale as of December 31, 2021 due to its sale in February 2022, along with the Embassy Suites La Jolla and the Renaissance Westchester, sold in December 2021 and October 2021, respectively. Held for Sale/Sold/Disposed Hotels for the fourth quarter of 2020 also includes results for the Renaissance Los Angeles Airport sold in December 2020 and the Hilton Times Square, assigned to its mortgage holder in December 2020. Held for Sale/Sold/Disposed Hotels for the fourth quarter of 2019 also includes results for the Renaissance Harborplace and the Courtyard by Marriott Los Angeles, sold in July 2020 and October 2019, respectively. |
(6) | Actual Portfolio includes results for 19 hotels, 19 hotels and 21 hotels owned by the Company during the quarters ended December 31, 2021, 2020 and 2019, respectively. |
(7) | Both Hotel Adjusted EBITDAre and Hotel Adjusted EBITDAre Margins are presented excluding any prior year property tax assessments and credits, net of any appeal fees. In the fourth quarter of 2020, a total of $(490) in prior year property tax credits were received at the Renaissance Long Beach and the Held for Sale/Sold/Disposed hotels. In the fourth quarter of 2019, a total of $(121) in prior year property tax credits were received at the Embassy Suites Chicago, the Hilton Garden Inn Chicago Downtown/Magnificent Mile and the Held for Sale/Sold/Disposed Hotels. |
| ||||||||
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 57 | ||||||
| | |
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
October 2021
| | | | | | | | | | | | | | | | | | | | | | |
| | Hotels sorted by number of rooms | | For the Month of October 2021 | ||||||||||||||||||
| | (In thousands) | | | | | | Plus: | | Plus: | | Plus: | | Equals: | | Hotel | ||||||
| | | | Total | | Net Income / | | Other | | | | | | Hotel Adjusted | | Adjusted EBITDAre | ||||||
| | |
| Revenues |
| (Loss) |
| Adjustments (1a) |
| Depreciation |
| Interest Expense |
| EBITDAre |
| Margins | ||||||
1 | | Hilton San Diego Bayfront | | $ | 8,131 | | $ | 959 | | $ | (75) | | $ | 1,054 | | $ | 209 | | $ | 2,147 | | 26.4% |
2 | | Boston Park Plaza | | | 7,664 | | | 684 | | | — | | | 1,495 | | | — | | | 2,179 | | 28.4% |
3 | | Hyatt Regency San Francisco | | | 4,409 | | | (1,043) | | | — | | | 1,065 | | | — | | | 22 | | 0.5% |
4 | | Renaissance Washington DC | | | 2,026 | | | (1,157) | | | — | | | 622 | | | — | | | (535) | | (26.4)% |
5 | | Renaissance Orlando at SeaWorld® | | | 3,722 | | | 48 | | | — | | | 722 | | | — | | | 770 | | 20.7% |
6 | | Wailea Beach Resort | | | 9,386 | | | 2,360 | | | — | | | 1,347 | | | — | | | 3,707 | | 39.5% |
7 | | JW Marriott New Orleans | | | 1,945 | | | (228) | | | 18 | | | 535 | | | 285 | | | 610 | | 31.4% |
8 | | Marriott Boston Long Wharf | | | 4,130 | | | 698 | | | — | | | 932 | | | — | | | 1,630 | | 39.5% |
9 | | Renaissance Long Beach | | | 1,927 | | | 316 | | | — | | | 256 | | | — | | | 572 | | 29.7% |
10 | | Embassy Suites Chicago | | | 1,657 | | | 227 | | | — | | | 251 | | | — | | | 478 | | 28.8% |
11 | | Hilton Garden Inn Chicago Downtown/Magnificent Mile | | | 1,229 | | | — | | | 2 | | | 192 | | | — | | | 194 | | 15.8% |
12 | | The Bidwell Marriott Portland | | | 599 | | | (121) | | | — | | | 269 | | | — | | | 148 | | 24.7% |
13 |
| Hilton New Orleans St. Charles | | | 861 | | | (1,038) | | | 1,100 | | | 204 | | | — | | | 266 | | 30.9% |
14 | | Oceans Edge Resort & Marina | | | 1,725 | | | 133 | | | — | | | 297 | | | — | | | 430 | | 24.9% |
15 | | Montage Healdsburg | | | 6,270 | | | 1,202 | | | — | | | 748 | | | — | | | 1,950 | | 31.1% |
16 | | Four Seasons Resort Napa Valley | | | — | | | — | | | — | | | — | | | — | | | — | | 0.0% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 16 Hotel Portfolio (2) | | | 55,681 | | | 3,040 | | | 1,045 | | | 9,989 | | | 494 | | | 14,568 | | 26.2% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Less: Non-comparable Hotels (3) | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg | | | (6,270) | | | (1,202) | | | — | | | (748) | | | — | | | (1,950) | | 31.1% |
| | Four Seasons Resort Napa Valley | | | — | | | — | | | — | | | — | | | — | | | — | | 0.0% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 14 Hotel Portfolio (4) | | | 49,411 | | | 1,838 | | | 1,045 | | | 9,241 | | | 494 | | | 12,618 | | 25.5% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Non-comparable Hotels (3) | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg | | | 6,270 | | | 1,202 | | | — | | | 748 | | | — | | | 1,950 | | 31.1% |
| | Four Seasons Resort Napa Valley | | | — | | | — | | | — | | | — | | | — | | | — | | 0.0% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Held for Sale/Sold/Disposed Hotels (5) | | | 3,764 | | | (339) | | | (117) | | | 682 | | | 322 | | | 548 | | 14.6% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (6) | | $ | 59,445 | | $ | 2,701 | | $ | 928 | | $ | 10,671 | | $ | 816 | | $ | 15,116 | | 25.4% |
*Footnotes on page 61
| ||||||||
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 58 | ||||||
| | |
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
October 2020
| | | | | | | | | | | | | | | | | | | | | | |
| | Hotels sorted by number of rooms | | For the Month of October 2020 | ||||||||||||||||||
| | (In thousands) | | | | | | Plus: | | Plus: | | Plus: | | Equals: | | Hotel | ||||||
| | | | Total | | | | Other | | | | | | Hotel Adjusted | | Adjusted EBITDAre | ||||||
| | |
| Revenues |
| Net Loss |
| Adjustments (1b) |
| Depreciation |
| Interest Expense |
| EBITDAre |
| Margins | ||||||
1 | | Hilton San Diego Bayfront | | $ | 2,217 | | $ | (1,970) | | $ | (273) | | $ | 1,081 | | $ | 323 | | $ | (839) | | (37.8)% |
2 | | Boston Park Plaza | | | 1,372 | | | (2,442) | | | — | | | 1,507 | | | — | | | (935) | | (68.1)% |
3 | | Hyatt Regency San Francisco | | | 953 | | | (2,181) | | | — | | | 1,094 | | | — | | | (1,087) | | (114.1)% |
4 | | Renaissance Washington DC | | | 171 | | | (2,150) | | | — | | | 635 | | | 546 | | | (969) | | (566.7)% |
5 | | Renaissance Orlando at SeaWorld® | | | 511 | | | (1,518) | | | — | | | 834 | | | — | | | (684) | | (133.9)% |
6 | | Wailea Beach Resort | | | 26 | | | (2,350) | | | 3 | | | 1,354 | | | — | | | (993) | | (3,819.2)% |
7 | | JW Marriott New Orleans | | | 776 | | | (842) | | | 1 | | | 538 | | | 292 | | | (11) | | (1.4)% |
8 | | Marriott Boston Long Wharf | | | 740 | | | (1,467) | | | (27) | | | 927 | | | — | | | (567) | | (76.6)% |
9 | | Renaissance Long Beach | | | 633 | | | (379) | | | — | | | 313 | | | — | | | (66) | | (10.4)% |
10 | | Embassy Suites Chicago | | | 260 | | | (693) | | | — | | | 254 | | | — | | | (439) | | (168.8)% |
11 | | Hilton Garden Inn Chicago Downtown/Magnificent Mile | | | 52 | | | (665) | | | 3 | | | 223 | | | — | | | (439) | | (844.2)% |
12 | | The Bidwell Marriott Portland | | | 39 | | | (567) | | | — | | | 230 | | | — | | | (337) | | (864.1)% |
13 |
| Hilton New Orleans St. Charles | | | 318 | | | (311) | | | — | | | 207 | | | — | | | (104) | | (32.7)% |
14 | | Oceans Edge Resort & Marina | | | 773 | | | (269) | | | — | | | 294 | | | — | | | 25 | | 3.2% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 14 Hotel Portfolio (4) | | | 8,841 | | | (17,804) | | | (293) | | | 9,491 | | | 1,161 | | | (7,445) | | (84.2)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Held for Sale/Sold/Disposed Hotels (5) | | | 1,717 | | | (7,493) | | | 2,038 | | | 1,534 | | | 1,019 | | | (2,902) | | (169.0)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (6) | | $ | 10,558 | | $ | (25,297) | | $ | 1,745 | | $ | 11,025 | | $ | 2,180 | | $ | (10,347) | | (98.0)% |
*Footnotes on page 61
| ||||||||
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 59 | ||||||
| | |
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
October 2019
| | | | | | | | | | | | | | | | | | | | | | |
| | Hotels sorted by number of rooms | | For the Month of October 2019 | ||||||||||||||||||
| | (In thousands) | | | | | | Plus: | | Plus: | | Plus: | | Equals: | | Hotel | ||||||
| | | | Total | | Net Income / | | Other | | | | | | Hotel Adjusted | | Adjusted EBITDAre | ||||||
| | |
| Revenues |
| (Loss) |
| Adjustments (1c) |
| Depreciation |
| Interest Expense |
| EBITDAre |
| Margins | ||||||
1 | | Hilton San Diego Bayfront | | $ | 13,227 | | $ | 2,959 | | $ | (97) | | $ | 1,070 | | $ | 664 | | $ | 4,596 | | 34.7% |
2 | | Boston Park Plaza | | | 11,553 | | | 3,290 | | | — | | | 1,500 | | | — | | | 4,790 | | 41.5% |
3 | | Hyatt Regency San Francisco | | | 12,508 | | | 2,777 | | | 136 | | | 1,059 | | | — | | | 3,972 | | 31.8% |
4 | | Renaissance Washington DC | | | 9,252 | | | 2,399 | | | — | | | 717 | | | 561 | | | 3,677 | | 39.7% |
5 | | Renaissance Orlando at SeaWorld® | | | 7,165 | | | 1,750 | | | — | | | 867 | | | — | | | 2,617 | | 36.5% |
6 | | Wailea Beach Resort | | | 9,408 | | | 1,994 | | | — | | | 1,310 | | | — | | | 3,304 | | 35.1% |
7 | | JW Marriott New Orleans | | | 4,281 | | | 1,164 | | | 1 | | | 527 | | | 299 | | | 1,991 | | 46.5% |
8 | | Marriott Boston Long Wharf | | | 6,535 | | | 2,148 | | | — | | | 911 | | | — | | | 3,059 | | 46.8% |
9 | | Renaissance Long Beach | | | 2,600 | | | 385 | | | — | | | 328 | | | — | | | 713 | | 27.4% |
10 | | Embassy Suites Chicago | | | 2,946 | | | 958 | | | — | | | 249 | | | — | | | 1,207 | | 41.0% |
11 | | Hilton Garden Inn Chicago Downtown/Magnificent Mile | | | 2,515 | | | 820 | | | 3 | | | 223 | | | — | | | 1,046 | | 41.6% |
12 | | The Bidwell Marriott Portland | | | 1,505 | | | 487 | | | — | | | 135 | | | — | | | 622 | | 41.3% |
13 |
| Hilton New Orleans St. Charles | | | 1,179 | | | 133 | | | — | | | 212 | | | — | | | 345 | | 29.3% |
14 | | Oceans Edge Resort & Marina | | | 1,257 | | | (34) | | | — | | | 265 | | | — | | | 231 | | 18.4% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 14 Hotel Portfolio (4) | | | 85,931 | | | 21,230 | | | 43 | | | 9,373 | | | 1,524 | | | 32,170 | | 37.4% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Held for Sale/Sold/Disposed Hotels (5) | | | 20,790 | | | 2,362 | | | (153) | | | 2,956 | | | 807 | | | 5,972 | | 28.7% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (6) | | $ | 106,721 | | $ | 23,592 | | $ | (110) | | $ | 12,329 | | $ | 2,331 | | $ | 38,142 | | 35.7% |
*Footnotes on page 61
| ||||||||
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 60 | ||||||
| | |
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
October 2021/2020/2019 Footnotes
(In thousands)
(1) | Other Adjustments include: |
a) | Other Adjustments of $928 for October 2021 include: Hilton San Diego Bayfront $(75), including $(96) amortization of the operating lease right-of-use assets and liabilities and $21 lawsuit settlement cost; JW Marriott New Orleans $18 Hurricane Ida-related losses; Hilton Garden Inn Chicago Downtown/Magnificent Mile $2 amortization of the operating lease right-of-use assets and liabilities; Hilton New Orleans St. Charles $1,100 Hurricane Ida-related losses; and Held for Sale/Sold/Disposed Hotels $(117) finance lease obligation interest - cash ground rent. |
b) | Other Adjustments of $1,745 for October 2020 include: Hilton San Diego Bayfront $(273), including $(96) amortization of the operating lease right-of-use assets and liabilities and $(177) credit card merchant class action settlement proceeds; Wailea Beach Resort $3 COVID-19-related severance; JW Marriott New Orleans $1 amortization of the operating lease right-of-use assets and liabilities; Marriott Boston Long Wharf $(27) COVID-19-related severance accrual adjustment; Hilton Garden Inn Chicago Downtown/Magnificent Mile $3 amortization of the operating lease right-of-use assets and liabilities; and Held for Sale/Sold/Disposed Hotels $2,038, including $(3) amortization of the operating lease right-of-use assets and liabilities, $(117) finance lease obligation interest - cash ground rent, $2,210 COVID-19-related severance and $(52) credit card merchant class action settlement proceeds. |
c) | Other Adjustments of $(110) for October 2019 include: Hilton San Diego Bayfront $(97) amortization of the operating lease right-of-use assets and liabilities; Hyatt Regency San Francisco $136 taxes assessed on commercial rents; JW Marriott New Orleans $1 amortization of the operating lease right-of-use assets and liabilities; Hilton Garden Inn Chicago Downtown/Magnificent Mile $3 amortization of the operating lease right-of-use assets and liabilities; and Held for Sale/Sold/Disposed Hotels $(153), including $20 amortization of the operating lease right-of-use assets and liabilities and $(173) finance lease obligation interest - cash ground rent. |
(2) | 16 Hotel Portfolio includes all hotels owned by the Company as of December 31, 2021, except the Hyatt Centric Chicago Magnificent Mile, which was considered held for sale due to its sale in February 2022. |
(3) | Non-comparable Hotels includes the Company's ownership results for the Montage Healdsburg and the Four Seasons Resort Napa Valley, acquired in April 2021 and December 2021, respectively. The newly-developed hotels are considered non-comparable as they did not open until December 2020 and October 2021, respectively. |
(4) | 14 Hotel Portfolio includes the same hotels owned during October 2021, 2020 and 2019, except the Hyatt Centric Chicago Magnificent Mile, which was considered held for sale due to its sale in February 2022. |
(5) | Held for Sale/Sold/Disposed Hotels for October 2021 includes results for the Hyatt Centric Chicago Magnificent Mile considered held for sale as of December 31, 2021 due to its sale in February 2022, along with the Embassy Suites La Jolla and the Renaissance Westchester, sold in December 2021 and October 2021, respectively. Held for Sale/Sold/Disposed Hotels for October 2020 also includes results for the Renaissance Los Angeles Airport, sold in December 2020 and the Hilton Times Square, assigned to its mortgage holder in December 2020. Held for Sale/Sold/Disposed Hotels for October 2019 also includes results for the Renaissance Harborplace and the Courtyard by Marriott Los Angeles, sold in July 2020 and October 2019, respectively. |
(6) | Actual Portfolio includes results for 18 hotels, 19 hotels and 21 hotels owned by the Company during the months ended October 31, 2021, 2020 and 2019, respectively. |
| ||||||||
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 61 | ||||||
| | |
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
November 2021
| | | | | | | | | | | | | | | | | | | | | | |
| | Hotels sorted by number of rooms | | For the Month of November 2021 | ||||||||||||||||||
| | (In thousands) | | | | | | Plus: | | Plus: | | Plus: | | Equals: | | Hotel | ||||||
| | | | Total | | Net Income / | | Other | | | | | | Hotel Adjusted | | Adjusted EBITDAre | ||||||
| | |
| Revenues |
| (Loss) |
| Adjustments (1a) |
| Depreciation |
| Interest Expense |
| EBITDAre |
| Margins | ||||||
1 | | Hilton San Diego Bayfront | | $ | 8,009 | | $ | 286 | | $ | (97) | | $ | 1,054 | | $ | 209 | | $ | 1,452 | | 18.1% |
2 | | Boston Park Plaza | | | 5,534 | | | (909) | | | — | | | 1,484 | | | — | | | 575 | | 10.4% |
3 | | Hyatt Regency San Francisco | | | 3,797 | | | (1,493) | | | — | | | 1,064 | | | — | | | (429) | | (11.3)% |
4 | | Renaissance Washington DC | | | 3,415 | | | (563) | | | — | | | 701 | | | — | | | 138 | | 4.0% |
5 | | Renaissance Orlando at SeaWorld® | | | 3,380 | | | (246) | | | — | | | 722 | | | — | | | 476 | | 14.1% |
6 | | Wailea Beach Resort | | | 9,637 | | | 2,482 | | | — | | | 1,354 | | | — | | | 3,836 | | 39.8% |
7 | | JW Marriott New Orleans | | | 2,275 | | | (718) | | | 689 | | | 533 | | | 276 | | | 780 | | 34.3% |
8 | | Marriott Boston Long Wharf | | | 2,995 | | | (374) | | | — | | | 936 | | | — | | | 562 | | 18.8% |
9 | | Renaissance Long Beach | | | 1,787 | | | 456 | | | — | | | 256 | | | — | | | 712 | | 39.8% |
10 | | Embassy Suites Chicago | | | 1,321 | | | (109) | | | — | | | 251 | | | — | | | 142 | | 10.7% |
11 | | Hilton Garden Inn Chicago Downtown/Magnificent Mile | | | 837 | | | (290) | | | 2 | | | 192 | | | — | | | (96) | | (11.5)% |
12 | | The Bidwell Marriott Portland | | | 647 | | | (216) | | | — | | | 269 | | | — | | | 53 | | 8.2% |
13 |
| Hilton New Orleans St. Charles | | | 805 | | | (10) | | | 34 | | | 205 | | | — | | | 229 | | 28.4% |
14 | | Oceans Edge Resort & Marina | | | 2,271 | | | 580 | | | — | | | 297 | | | — | | | 877 | | 38.6% |
15 | | Montage Healdsburg | | | 4,692 | | | 25 | | | — | | | 751 | | | — | | | 776 | | 16.5% |
16 | | Four Seasons Resort Napa Valley | | | — | | | — | | | — | | | — | | | — | | | — | | 0.0% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 16 Hotel Portfolio (2) | | | 51,402 | | | (1,099) | | | 628 | | | 10,069 | | | 485 | | | 10,083 | | 19.6% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Less: Non-comparable Hotels (3) | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg | | | (4,692) | | | (25) | | | — | | | (751) | | | — | | | (776) | | 16.5% |
| | Four Seasons Resort Napa Valley | | | — | | | — | | | — | | | — | | | — | | | — | | 0.0% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 14 Hotel Portfolio (4) | | | 46,710 | | | (1,124) | | | 628 | | | 9,318 | | | 485 | | | 9,307 | | 19.9% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Non-comparable Hotels (3) | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg | | | 4,692 | | | 25 | | | — | | | 751 | | | — | | | 776 | | 16.5% |
| | Four Seasons Resort Napa Valley | | | — | | | — | | | — | | | — | | | — | | | — | | 0.0% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Held for Sale/Sold/Disposed Hotels (5) | | | 3,356 | | | (356) | | | (117) | | | 681 | | | 315 | | | 523 | | 15.6% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (6) | | $ | 54,758 | | $ | (1,455) | | $ | 511 | | $ | 10,750 | | $ | 800 | | $ | 10,606 | | 19.4% |
*Footnotes on page 65
| ||||||||
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 62 | ||||||
| | |
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
November 2020
| | | | | | | | | | | | | | | | | | | | | | |
| | Hotels sorted by number of rooms | | For the Month of November 2020 | ||||||||||||||||||
| | (In thousands) | | | | | | Plus: | | Plus: | | Plus: | | Equals: | | Hotel | ||||||
| | | | Total | | | | Other | | | | | | Hotel Adjusted | | Adjusted EBITDAre | ||||||
| | |
| Revenues |
| Net Loss |
| Adjustments (1b) |
| Depreciation |
| Interest Expense |
| EBITDAre |
| Margins | ||||||
1 | | Hilton San Diego Bayfront | | $ | 3,301 | | $ | (1,791) | | $ | (97) | | $ | 1,080 | | $ | 319 | | $ | (489) | | (14.8)% |
2 | | Boston Park Plaza | | | 1,019 | | | (2,709) | | | — | | | 1,506 | | | — | | | (1,203) | | (118.1)% |
3 | | Hyatt Regency San Francisco | | | 627 | | | (2,500) | | | 4 | | | 1,093 | | | — | | | (1,403) | | (223.8)% |
4 | | Renaissance Washington DC | | | 180 | | | (1,896) | | | (115) | | | 635 | | | 544 | | | (832) | | (462.2)% |
5 | | Renaissance Orlando at SeaWorld® | | | 587 | | | (1,385) | | | 39 | | | 835 | | | — | | | (511) | | (87.1)% |
6 | | Wailea Beach Resort | | | 2,040 | | | (1,134) | | | (215) | | | 1,357 | | | — | | | 8 | | 0.4% |
7 | | JW Marriott New Orleans | | | 1,009 | | | (669) | | | (50) | | | 537 | | | 282 | | | 100 | | 9.9% |
8 | | Marriott Boston Long Wharf | | | 330 | | | (1,589) | | | (76) | | | 926 | | | — | | | (739) | | (223.9)% |
9 | | Renaissance Long Beach | | | 382 | | | (355) | | | (19) | | | 313 | | | — | | | (61) | | (16.0)% |
10 | | Embassy Suites Chicago | | | 166 | | | (730) | | | — | | | 254 | | | — | | | (476) | | (286.7)% |
11 | | Hilton Garden Inn Chicago Downtown/Magnificent Mile | | | 59 | | | (649) | | | 3 | | | 223 | | | — | | | (423) | | (716.9)% |
12 | | The Bidwell Marriott Portland | | | 37 | | | (587) | | | (16) | | | 268 | | | — | | | (335) | | (905.4)% |
13 |
| Hilton New Orleans St. Charles | | | 232 | | | (286) | | | (6) | | | 207 | | | — | | | (85) | | (36.6)% |
14 | | Oceans Edge Resort & Marina | | | 991 | | | (100) | | | — | | | 294 | | | — | | | 194 | | 19.6% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 14 Hotel Portfolio (4) | | | 10,960 | | | (16,380) | | | (548) | | | 9,528 | | | 1,145 | | | (6,255) | | (57.1)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Held for Sale/Sold/Disposed Hotels (5) | | | 1,261 | | | (4,929) | | | (159) | | | 1,523 | | | 401 | | | (3,164) | | (250.9)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (6) | | $ | 12,221 | | $ | (21,309) | | $ | (707) | | $ | 11,051 | | $ | 1,546 | | $ | (9,419) | | (77.1)% |
*Footnotes on page 65
| ||||||||
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 63 | ||||||
| | |
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
November 2019
| | | | | | | | | | | | | | | | | | | | | | |
| | Hotels sorted by number of rooms | | For the Month of November 2019 | ||||||||||||||||||
| | (In thousands) | | | | | | Plus: | | Plus: | | Plus: | | Equals: | | Hotel | ||||||
| | | | Total | | Net Income / | | Other | | | | | | Hotel Adjusted | | Adjusted EBITDAre | ||||||
| | |
| Revenues |
| (Loss) |
| Adjustments (1c) |
| Depreciation |
| Interest Expense |
| EBITDAre (7) |
| Margins (7) | ||||||
1 | | Hilton San Diego Bayfront | | $ | 11,634 | | $ | 1,439 | | $ | (97) | | $ | 1,068 | | $ | 619 | | $ | 3,029 | | 26.0% |
2 | | Boston Park Plaza | | | 7,466 | | | 165 | | | — | | | 1,506 | | | — | | | 1,671 | | 22.4% |
3 | | Hyatt Regency San Francisco | | | 11,057 | | | 1,858 | | | 100 | | | 1,066 | | | — | | | 3,024 | | 27.3% |
4 | | Renaissance Washington DC | | | 6,594 | | | 651 | | | — | | | 691 | | | 560 | | | 1,902 | | 28.8% |
5 | | Renaissance Orlando at SeaWorld® | | | 6,332 | | | 1,299 | | | — | | | 868 | | | — | | | 2,167 | | 34.2% |
6 | | Wailea Beach Resort | | | 9,194 | | | 2,186 | | | — | | | 1,313 | | | — | | | 3,499 | | 38.1% |
7 | | JW Marriott New Orleans | | | 3,513 | | | 603 | | | 1 | | | 530 | | | 289 | | | 1,423 | | 40.5% |
8 | | Marriott Boston Long Wharf | | | 4,532 | | | 466 | | | — | | | 912 | | | — | | | 1,378 | | 30.4% |
9 | | Renaissance Long Beach | | | 2,232 | | | 340 | | | — | | | 330 | | | — | | | 670 | | 30.0% |
10 | | Embassy Suites Chicago | | | 2,076 | | | 237 | | | (5) | | | 249 | | | — | | | 481 | | 23.2% |
11 | | Hilton Garden Inn Chicago Downtown/Magnificent Mile | | | 1,595 | | | 73 | | | 3 | | | 223 | | | — | | | 299 | | 18.7% |
12 | | The Bidwell Marriott Portland | | | 1,028 | | | 136 | | | — | | | 135 | | | — | | | 271 | | 26.4% |
13 |
| Hilton New Orleans St. Charles | | | 1,064 | | | 76 | | | — | | | 213 | | | — | | | 289 | | 27.2% |
14 | | Oceans Edge Resort & Marina | | | 1,532 | | | 148 | | | — | | | 268 | | | — | | | 416 | | 27.2% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 14 Hotel Portfolio (4) | | | 69,849 | | | 9,677 | | | 2 | | | 9,372 | | | 1,468 | | | 20,519 | | 29.4% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Held for Sale/Sold/Disposed Hotels (5) | | | 16,895 | | | (248) | | | (98) | | | 2,948 | | | 718 | | | 3,320 | | 19.7% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (6) | | $ | 86,744 | | $ | 9,429 | | $ | (96) | | $ | 12,320 | | $ | 2,186 | | $ | 23,839 | | 27.5% |
*Footnotes on page 65
| ||||||||
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 64 | ||||||
| | |
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
November 2021/2020/2019 Footnotes
(In thousands)
(1) | Other Adjustments include: |
a) | Other Adjustments of $511 for November 2021 include: Hilton San Diego Bayfront $(97) amortization of the operating lease right-of-use assets and liabilities; JW Marriott New Orleans $689, including $1 amortization of operating lease right-of-use assets and liabilities and $688 Hurricane Ida-related losses; Hilton Garden Inn Chicago Downtown/Magnificent Mile $2 amortization of the operating lease right-of-use assets and liabilities; Hilton New Orleans St Charles $34 Hurricane Ida-related losses; and Held for Sale/Sold/Disposed Hotels $(117) finance lease obligation - cash ground rent. |
b) | Other Adjustments of $(707) for November 2020 include: Hilton San Diego Bayfront $(97) amortization of the operating lease right-of-use assets and liabilities; Hyatt Regency San Francisco $4 COVID-19-related severance; Renaissance Washington DC $(115) credit card merchant class action settlement proceeds; Renaissance Orlando at SeaWorld® $39, including $125 COVID-19-related severance and $(86) credit card merchant class action settlement proceeds; Wailea Beach Resort $(215), including $(131) COVID-19-related severance accrual adjustment and $(84) credit card merchant class action settlement proceeds; JW Marriott New Orleans $(50), including $1 amortization of the operating lease right-of-use assets and liabilities and $(51) credit card merchant class action settlement proceeds; Marriott Boston Long Wharf $(76), including $(1) COVID-19-related severance accrual adjustment and $(75) credit card merchant class action settlement proceeds; Renaissance Long Beach $(19), including $15 COVID-19-related severance and $(34) credit card merchant class action settlement proceeds; Hilton Garden Inn Chicago Downtown/Magnificent Mile $3 amortization of the operating lease right-of-use assets and liabilities; The Bidwell Marriott Portland $(16) credit card merchant class action settlement proceeds; Hilton New Orleans St. Charles $(6), including $1 COVID-19-related severance and $(7) credit card merchant class action settlement proceeds; and Held for Sale/Sold/Disposed Hotels $(159), including $(3) amortization of the operating lease right-of-use assets and liabilities, $(117) finance lease obligation - cash ground rent, $3 COVID-19-related severance, $58 legal fees and $(100) credit card merchant class action settlement proceeds. |
c) | Other Adjustments of $(96) for November 2019 include: Hilton San Diego Bayfront $(97) amortization of the operating lease right-of-use assets and liabilities; Hyatt Regency San Francisco $100 taxes assessed on commercial rents; JW Marriott New Orleans $1 amortization of the operating lease right-of-use assets and liabilities; Embassy Suites Chicago $(5) prior year property tax credit; Hilton Garden Inn Chicago Downtown/Magnificent Mile $3 amortization of the operating lease right-of-use assets and liabilities; and Held for Sale/Sold/Disposed Hotels $(98), including $19 amortization of the operating lease right-of-use assets and liabilities and $(117) finance lease obligation interest - cash ground rent. |
(2) | 16 Hotel Portfolio includes all hotels owned by the Company as of December 31, 2021, except the Hyatt Centric Chicago Magnificent Mile, which was considered held for sale due to its sale in February 2022. |
(3) | Non-comparable Hotels includes the Company's ownership results for the Montage Healdsburg and the Four Seasons Resort Napa Valley, acquired in April 2021 and December 2021, respectively. The newly-developed hotels are considered non-comparable as they did not open until December 2020 and October 2021, respectively. |
(4) | 14 Hotel Portfolio includes the same hotels owned during November 2021, 2020 and 2019, except the Hyatt Centric Chicago Magnificent Mile, which was considered held for sale due to its sale in February 2022. |
(5) | Held for Sale/Sold/Disposed Hotels for November 2021 includes results for the Hyatt Centric Chicago Magnificent Mile considered held for sale as of December 31, 2021 due to its sale in February 2022 and the Embassy Suites La Jolla, sold in December 2021. Held for Sale/Sold/Disposed Hotels for November 2020 also includes results for the Renaissance Westchester and the Renaissance Los Angeles Airport, sold in October 2021 and December 2020, respectively, and the Hilton Times Square, assigned to its mortgage holder in December 2020. Held for Sale/Sold/Disposed Hotels for November 2019 also includes results for the Renaissance Harborplace, sold in July 2020. |
(6) | Actual Portfolio includes results for 17 hotels, 19 hotels and 20 hotels owned by the Company during the months ended November 30, 2021, 2020 and 2019, respectively. |
(7) | Both Hotel Adjusted EBITDAre and Hotel Adjusted EBITDAre Margins are presented excluding any prior year property tax assessments and credits, net of any appeal fees. In November 2019 a $(5) prior year property tax credit was received at the Embassy Suites Chicago. |
| ||||||||
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 65 | ||||||
| | |
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
December 2021
| | | | | | | | | | | | | | | | | | | | | | |
| | Hotels sorted by number of rooms | | For the Month of December 2021 | ||||||||||||||||||
| | (In thousands) | | | | | | Plus: | | Plus: | | Plus: | | Equals: | | Hotel | ||||||
| | | | Total | | Net Income / | | Other | | | | | | Hotel Adjusted | | Adjusted EBITDAre | ||||||
| | |
| Revenues |
| (Loss) |
| Adjustments (1a) |
| Depreciation |
| Interest Expense |
| EBITDAre |
| Margins | ||||||
1 | | Hilton San Diego Bayfront | | $ | 8,219 | | $ | 97 | | $ | (97) | | $ | 1,054 | | $ | 225 | | $ | 1,279 | | 15.6% |
2 | | Boston Park Plaza | | | 3,995 | | | (1,613) | | | — | | | 1,502 | | | — | | | (111) | | (2.8)% |
3 | | Hyatt Regency San Francisco | | | 3,918 | | | (1,741) | | | — | | | 1,070 | | | — | | | (671) | | (17.1)% |
4 | | Renaissance Washington DC | | | 1,626 | | | (1,716) | | | (94) | | | 717 | | | — | | | (1,093) | | (67.2)% |
5 | | Renaissance Orlando at SeaWorld® | | | 4,943 | | | 538 | | | (6) | | | 724 | | | — | | | 1,256 | | 25.4% |
6 | | Wailea Beach Resort | | | 14,677 | | | 5,760 | | | 1 | | | 1,353 | | | — | | | 7,114 | | 48.5% |
7 | | JW Marriott New Orleans | | | 2,199 | | | (238) | | | 124 | | | 536 | | | 284 | | | 706 | | 32.1% |
8 | | Marriott Boston Long Wharf | | | 2,807 | | | (487) | | | (29) | | | 938 | | | — | | | 422 | | 15.0% |
9 | | Renaissance Long Beach | | | 1,612 | | | 22 | | | (126) | | | 256 | | | — | | | 152 | | 9.4% |
10 | | Embassy Suites Chicago | | | 1,381 | | | (148) | | | — | | | 250 | | | — | | | 102 | | 7.4% |
11 | | Hilton Garden Inn Chicago Downtown/Magnificent Mile | | | 758 | | | (384) | | | 2 | | | 192 | | | — | | | (190) | | (25.1)% |
12 | | The Bidwell Marriott Portland | | | 580 | | | (210) | | | — | | | 269 | | | — | | | 59 | | 10.2% |
13 |
| Hilton New Orleans St. Charles | | | 638 | | | (656) | | | 619 | | | 203 | | | — | | | 166 | | 26.0% |
14 | | Oceans Edge Resort & Marina | | | 3,140 | | | 1,444 | | | — | | | 297 | | | — | | | 1,741 | | 55.4% |
15 | | Montage Healdsburg | | | 3,274 | | | (976) | | | — | | | 753 | | | — | | | (223) | | (6.8)% |
16 | | Four Seasons Resort Napa Valley | | | 2,852 | | | (426) | | | — | | | 426 | | | — | | | — | | 0.0% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 16 Hotel Portfolio (2) | | | 56,619 | | | (734) | | | 394 | | | 10,540 | | | 509 | | | 10,709 | | 18.9% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Less: Non-comparable Hotels (3) | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg | | | (3,274) | | | 976 | | | — | | | (753) | | | — | | | 223 | | (6.8)% |
| | Four Seasons Resort Napa Valley | | | (2,852) | | | 426 | | | — | | | (426) | | | — | | | — | | 0.0% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 14 Hotel Portfolio (4) | | | 50,493 | | | 668 | | | 394 | | | 9,361 | | | 509 | | | 10,932 | | 21.7% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Non-comparable Hotels (3) | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg | | | 3,274 | | | (976) | | | — | | | 753 | | | — | | | (223) | | (6.8)% |
| | Four Seasons Resort Napa Valley | | | 2,852 | | | (426) | | | — | | | 426 | | | — | | | — | | 0.0% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Held for Sale/Sold/Disposed Hotels (5) | | | 1,581 | | | (654) | | | (117) | | | 380 | | | 124 | | | (267) | | (16.9)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (6) | | $ | 58,200 | | $ | (1,388) | | $ | 277 | | $ | 10,920 | | $ | 633 | | $ | 10,442 | | 17.9% |
*Footnotes on pages 69 and 70
| ||||||||
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 66 | ||||||
| | |
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
December 2020
| | | | | | | | | | | | | | | | | | | | | | |
| | Hotels sorted by number of rooms | | For the Month of December 2020 | ||||||||||||||||||
| | (In thousands) | | | | | | Plus: | | Plus: | | Plus: | | Equals: | | Hotel | ||||||
| | | | Total | | Net Income / | | Other | | | | | | Hotel Adjusted | | Adjusted EBITDAre | ||||||
| | |
| Revenues |
| (Loss) |
| Adjustments (1b) |
| Depreciation |
| Interest Expense |
| EBITDAre (7) |
| Margins (7) | ||||||
1 | | Hilton San Diego Bayfront | | $ | 2,046 | | $ | (1,767) | | $ | (97) | | $ | 1,080 | | $ | 254 | | $ | (530) | | (25.9)% |
2 | | Boston Park Plaza | | | 854 | | | (1,487) | | | — | | | 1,505 | | | — | | | 18 | | 2.1% |
3 | | Hyatt Regency San Francisco | | | 506 | | | (2,253) | | | (173) | | | 1,082 | | | — | | | (1,344) | | (265.6)% |
4 | | Renaissance Washington DC | | | 176 | | | (2,054) | | | 752 | | | 628 | | | 525 | | | (149) | | (84.7)% |
5 | | Renaissance Orlando at SeaWorld® | | | 758 | | | (1,160) | | | (31) | | | 754 | | | — | | | (437) | | (57.7)% |
6 | | Wailea Beach Resort | | | 2,714 | | | (588) | | | 8 | | | 1,357 | | | — | | | 777 | | 28.6% |
7 | | JW Marriott New Orleans | | | 512 | | | (1,065) | | | 28 | | | 538 | | | 292 | | | (207) | | (40.4)% |
8 | | Marriott Boston Long Wharf | | | 293 | | | (1,254) | | | — | | | 927 | | | — | | | (327) | | (111.6)% |
9 | | Renaissance Long Beach | | | 165 | | | (584) | | | (9) | | | 314 | | | — | | | (279) | | (169.1)% |
10 | | Embassy Suites Chicago | | | 183 | | | 334 | | | (56) | | | 252 | | | — | | | 530 | | 289.6% |
11 | | Hilton Garden Inn Chicago Downtown/Magnificent Mile | | | 60 | | | 250 | | | (18) | | | 223 | | | — | | | 455 | | 758.3% |
12 | | The Bidwell Marriott Portland | | | 61 | | | (727) | | | — | | | 372 | | | — | | | (355) | | (582.0)% |
13 |
| Hilton New Orleans St. Charles | | | 184 | | | (330) | | | 1 | | | 207 | | | — | | | (122) | | (66.3)% |
14 | | Oceans Edge Resort & Marina | | | 1,590 | | | 454 | | | — | | | 294 | | | — | | | 748 | | 47.0% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 14 Hotel Portfolio (4) | | | 10,102 | | | (12,231) | | | 405 | | | 9,533 | | | 1,071 | | | (1,222) | | (12.1)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Held for Sale/Sold/Disposed Hotels (5) | | | 696 | | | (1,766) | | | (428) | | | 892 | | | 369 | | | (933) | | (134.1)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (6) | | $ | 10,798 | | $ | (13,997) | | $ | (23) | | $ | 10,425 | | $ | 1,440 | | $ | (2,155) | | (20.0)% |
*Footnotes on pages 69 and 70
| ||||||||
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 67 | ||||||
| | |
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
December 2019
| | | | | | | | | | | | | | | | | | | | | | |
| | Hotels sorted by number of rooms | | For the Month of December 2019 | ||||||||||||||||||
| | (In thousands) | | | | | | Plus: | | Plus: | | Plus: | | Equals: | | Hotel | ||||||
| | | | Total | | Net Income / | | Other | | | | | | Hotel Adjusted | | Adjusted EBITDAre | ||||||
| | |
| Revenues |
| (Loss) |
| Adjustments (1c) |
| Depreciation |
| Interest Expense |
| EBITDAre (7) |
| Margins (7) | ||||||
1 | | Hilton San Diego Bayfront | | $ | 9,388 | | $ | (440) | | $ | (95) | | $ | 1,072 | | $ | 625 | | $ | 1,162 | | 12.4% |
2 | | Boston Park Plaza | | | 6,439 | | | (497) | | | — | | | 1,510 | | | — | | | 1,013 | | 15.7% |
3 | | Hyatt Regency San Francisco | | | 8,233 | | | 162 | | | 134 | | | 1,071 | | | — | | | 1,367 | | 16.6% |
4 | | Renaissance Washington DC | | | 4,512 | | | (859) | | | — | | | 697 | | | 559 | | | 397 | | 8.8% |
5 | | Renaissance Orlando at SeaWorld® | | | 7,616 | | | 1,813 | | | — | | | 866 | | | — | | | 2,679 | | 35.2% |
6 | | Wailea Beach Resort | | | 12,900 | | | 4,308 | | | — | | | 1,313 | | | — | | | 5,621 | | 43.6% |
7 | | JW Marriott New Orleans | | | 2,886 | | | 229 | | | — | | | 542 | | | 297 | | | 1,068 | | 37.0% |
8 | | Marriott Boston Long Wharf | | | 3,906 | | | 103 | | | — | | | 915 | | | — | | | 1,018 | | 26.1% |
9 | | Renaissance Long Beach | | | 1,866 | | | 35 | | | — | | | 329 | | | — | | | 364 | | 19.5% |
10 | | Embassy Suites Chicago | | | 1,660 | | | (11) | | | — | | | 246 | | | — | | | 235 | | 14.2% |
11 | | Hilton Garden Inn Chicago Downtown/Magnificent Mile | | | 1,212 | | | (104) | | | (47) | | | 224 | | | — | | | 73 | | 6.0% |
12 | | The Bidwell Marriott Portland | | | 447 | | | (265) | | | — | | | 134 | | | — | | | (131) | | (29.3)% |
13 |
| Hilton New Orleans St. Charles | | | 829 | | | (117) | | | — | | | 212 | | | — | | | 95 | | 11.5% |
14 | | Oceans Edge Resort & Marina | | | 2,037 | | | 514 | | | — | | | 274 | | | — | | | 788 | | 38.7% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 14 Hotel Portfolio (4) | | | 63,931 | | | 4,871 | | | (8) | | | 9,405 | | | 1,481 | | | 15,749 | | 24.6% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Held for Sale/Sold/Disposed Hotels (5) | | | 15,534 | | | (1,093) | | | (165) | | | 2,954 | | | 737 | | | 2,433 | | 15.7% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (6) | | $ | 79,465 | | $ | 3,778 | | $ | (173) | | $ | 12,359 | | $ | 2,218 | | $ | 18,182 | | 22.9% |
*Footnotes on pages 69 and 70
| ||||||||
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 68 | ||||||
| | |
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
December 2021/2020/2019 Footnotes
(In thousands)
(1) | Other Adjustments include: |
a) | Other Adjustments of $277 for December 2021 include: Hilton San Diego Bayfront $(97) amortization of the operating lease right-of-use assets and liabilities; Renaissance Washington DC $(94) COVID-19-related severance accrual adjustment; Renaissance Orlando at SeaWorld® $(6) COVID-19-related severance accrual adjustment; Wailea Beach Resort $1 COVID-19-related severance; JW Marriott New Orleans $124, including $1 amortization of the operating lease right-of-use assets and liabilities, $153 Hurricane Ida-related losses and $(30) COVID-19-related severance accrual adjustment; Marriott Boston Long Wharf $(29) COVID-19-related severance accrual adjustment; Renaissance Long Beach $(126) COVID-19-related severance accrual adjustment; Hilton Garden Inn Chicago Downtown/Magnificent Mile $2 amortization of the operating lease right-of-use assets and liabilities; Hilton New Orleans St. Charles $619 Hurricane Ida-related losses; and Held for Sale/Sold/Disposed Hotels $(117) finance lease obligation - cash ground rent. |
b) | Other Adjustments of $(23) for December 2020 include: Hilton San Diego Bayfront $(97) amortization of the operating lease right-of-use assets and liabilities; Hyatt Regency San Francisco $(173) credit card merchant class action settlement proceeds; Renaissance Washington DC $752 COVID-19-related severance; Renaissance Orlando at SeaWorld® $(31) COVID-19-related severance accrual adjustment; Wailea Beach Resort $8 COVID-19-related severance; JW Marriott New Orleans $28, including $1 amortization of the operating lease right-of-use assets and liabilities and $27 COVID-19-related severance; Renaissance Long Beach $(9) prior year property tax credit; Embassy Suites Chicago $(56) credit card merchant class action settlement proceeds; Hilton Garden Inn Chicago Downtown/Magnificent Mile $(18), including $2 amortization of the operating lease right-of-use assets and liabilities and $(20) credit card merchant class action settlement proceeds; Hilton New Orleans St. Charles $1 COVID-19-related severance; and Held for Sale/Sold/Disposed Hotels $(428), including $(3) amortization of the operating lease right-of-use assets and liabilities, $(117) finance lease obligation interest - cash ground rent, $(481) prior year property tax credit, $122 COVID-19-related severance and $51 legal fees. |
c) | Other Adjustments of $(173) for December 2019 include: Hilton San Diego Bayfront $(95) amortization of the operating lease right-of-use assets and liabilities; Hyatt Regency San Francisco $134 taxes assessed on commercial rents; Hilton Garden Inn Chicago Downtown/Magnificent Mile $(47), including $3 amortization of the operating lease right-of-use assets and liabilities and $(50) prior year property tax credit; and Held for Sale/Sold/Disposed Hotels $(165), including $18 amortization of the operating lease right-of-use assets and liabilities, $(117) finance lease obligation interest - cash ground rent and $(66) prior year property tax credit. |
(2) | 16 Hotel Portfolio includes all hotels owned by the Company as of December 31, 2021, except the Hyatt Centric Chicago Magnificent Mile, which was considered held for sale due to its sale in February 2022. |
(3) | Non-comparable Hotels includes the Company's ownership results for the Montage Healdsburg and the Four Seasons Resort Napa Valley, acquired in April 2021 and December 2021, respectively. The newly-developed hotels are considered non-comparable as they did not open until December 2020 and October 2021, respectively. |
(4) | 14 Hotel Portfolio includes the same hotels owned during December 2021, 2020 and 2019, except the Hyatt Centric Chicago Magnificent Mile, which was considered held for sale due to its sale in February 2022. |
(5) | Held for Sale/Sold/Disposed Hotels for December 2021 includes results for the Hyatt Centric Chicago Magnificent Mile considered held for sale as of December 31, 2021 due to its sale in February 2022 and the Embassy Suites La Jolla, sold in December 2021. Held for Sale/Sold/Disposed Hotels for December 2020 also includes results for the Renaissance Westchester and the Renaissance Los Angeles Airport, sold in October 2021 and December 2020, respectively, and the Hilton Times Square, assigned to its mortgage holder in December 2020. Held for Sale/Sold/Disposed Hotels for December 2019 also includes results for the Renaissance Harborplace, sold in July 2020. |
Both Hotel Adjusted EBITDAre and Hotel Adjusted EBITDAre Margins are presented excluding any prior year property tax assessments and credits, net of any appeal fees. In December 2020, a total of $(490) in prior year property tax credits were received at the Renaissance Long Beach and the Held for Sale/Sold/Disposed Hotels. In December 2019, a total of $(116) in prior year property tax credits were received at the Hilton Garden Inn Chicago Downtown/Magnificent Mile and the Held for Sale/Sold/Disposed Hotels. | | |||||||
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 69 | ||||||
| | |
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
December 2021/2020/2019 Footnotes (continued)
(In thousands)
(6) | Actual Portfolio includes results for 18 hotels, 19 hotels and 20 hotels owned by the Company during the months ended December 31, 2021, 2020 and 2019. |
(7) | Both Hotel Adjusted EBITDAre and Hotel Adjusted EBITDAre Margins are presented excluding any prior year property tax assessments and credits, net of any appeal fees. In December 2020, a total of $(490) in prior year property tax credits were received at the Renaissance Long Beach and the Held for Sale/Sold/Disposed Hotels. In December 2019, a total of $(116) in prior year property tax credits were received at the Hilton Garden Inn Chicago Downtown/Magnificent Mile and the Held for Sale/Sold/Disposed Hotels. |
| ||||||||
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 70 | ||||||
| | |
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
FY 2021
| | | | | | | | | | | | | | | | | | | | | | |
| | Hotels sorted by number of rooms | | For the Year Ended December 31, 2021 | ||||||||||||||||||
| | (In thousands) | | | | | | Plus: | | Plus: | | Plus: | | Equals: | | Hotel | ||||||
| | | | Total | | Net Income / | | Other | | | | | | Hotel Adjusted | | Adjusted EBITDAre | ||||||
| | |
| Revenues |
| (Loss) |
| Adjustments (1a) |
| Depreciation |
| Interest Expense |
| EBITDAre (2) |
| Margins (2) | ||||||
1 | | Hilton San Diego Bayfront | | $ | 67,799 | | $ | (5,191) | | $ | (446) | | $ | 12,790 | | $ | 2,645 | | $ | 9,798 | | 14.5% |
2 | | Boston Park Plaza | | | 38,516 | | | (21,170) | | | — | | | 17,920 | | | — | | | (3,250) | | (8.4)% |
3 | | Hyatt Regency San Francisco | | | 28,252 | | | (22,290) | | | — | | | 12,842 | | | — | | | (9,448) | | (33.4)% |
4 | | Renaissance Washington DC | | | 22,959 | | | (9,189) | | | (166) | | | 7,671 | | | — | | | (1,684) | | (7.3)% |
5 | | Renaissance Orlando at SeaWorld® | | | 33,725 | | | (5,434) | | | (6) | | | 8,753 | | | — | | | 3,313 | | 9.8% |
6 | | Wailea Beach Resort | | | 110,486 | | | 30,937 | | | 1 | | | 16,332 | | | — | | | 47,270 | | 42.8% |
7 | | JW Marriott New Orleans | | | 19,133 | | | (6,446) | | | 1,260 | | | 6,432 | | | 3,385 | | | 4,631 | | 24.2% |
8 | | Marriott Boston Long Wharf | | | 27,048 | | | (7,197) | | | (29) | | | 11,154 | | | — | | | 3,928 | | 14.5% |
9 | | Renaissance Long Beach | | | 18,366 | | | 2,433 | | | (132) | | | 3,164 | | | — | | | 5,465 | | 29.8% |
10 | | Embassy Suites Chicago | | | 12,618 | | | (2,656) | | | 189 | | | 3,016 | | | — | | | 549 | | 4.4% |
11 | | Hilton Garden Inn Chicago Downtown/Magnificent Mile | | | 8,555 | | | (3,404) | | | 197 | | | 2,366 | | | — | | | (841) | | (9.8)% |
12 | | The Bidwell Marriott Portland | | | 5,100 | | | (4,063) | | | — | | | 3,232 | | | — | | | (831) | | (16.3)% |
13 |
| Hilton New Orleans St. Charles | | | 6,481 | | | (4,522) | | | 2,944 | | | 2,466 | | | — | | | 888 | | 13.7% |
14 | | Oceans Edge Resort & Marina | | | 29,053 | | | 8,935 | | | — | | | 3,542 | | | — | | | 12,477 | | 42.9% |
15 | | Montage Healdsburg | | | 45,424 | | | (4,257) | | | — | | | 10,240 | | | — | | | 5,983 | | 13.2% |
16 | | Four Seasons Resort Napa Valley | | | 2,852 | | | (426) | | | — | | | 426 | | | — | | | — | | 0.0% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 16 Hotel Portfolio (3) | | | 476,367 | | | (53,940) | | | 3,812 | | | 122,346 | | | 6,030 | | | 78,248 | | 16.4% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Less: Non-comparable Hotels (4) | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg | | | (45,424) | | | 4,257 | | | — | | | (10,240) | | | — | | | (5,983) | | 13.2% |
| | Four Seasons Resort Napa Valley | | | (2,852) | | | 426 | | | — | | | (426) | | | — | | | — | | 0.0% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 14 Hotel Portfolio (5) | | | 428,091 | | | (49,257) | | | 3,812 | | | 111,680 | | | 6,030 | | | 72,265 | | 16.9% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Non-comparable Hotels (4) | | | | | | | | | | | | | | | | | | | | |
| | Montage Healdsburg | | | 39,669 | | | 1,036 | | | — | | | 6,715 | | | — | | | 7,751 | | 19.5% |
| | Four Seasons Resort Napa Valley | | | 2,852 | | | (426) | | | — | | | 426 | | | — | | | — | | 0.0% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Held for Sale/Sold/Disposed Hotels (6) | | | 28,216 | | | (17,456) | | | 3,310 | | | 8,826 | | | 3,646 | | | (1,674) | | (5.9)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (7) | | $ | 498,828 | | $ | (66,103) | | $ | 7,122 | | $ | 127,647 | | $ | 9,676 | | $ | 78,342 | | 15.7% |
*Footnotes on pages 74 and 75
| ||||||||
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 71 | ||||||
| | |
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
FY 2020
| | | | | | | | | | | | | | | | | | | | | | |
| | Hotels sorted by number of rooms | | For the Year Ended December 31, 2020 | ||||||||||||||||||
| | (In thousands) | | | | | | Plus: | | Plus: | | Plus: | | Equals: | | Hotel | ||||||
| | | | Total | | | | Other | | | | | | Hotel Adjusted | | Adjusted EBITDAre | ||||||
| | |
| Revenues |
| Net Loss |
| Adjustments (1b) |
| Depreciation |
| Interest Expense |
| EBITDAre (2) |
| Margins (2) | ||||||
1 | | Hilton San Diego Bayfront | | $ | 40,331 | | $ | (21,476) | | $ | (1,311) | | $ | 12,911 | | $ | 4,778 | | $ | (5,098) | | (12.6)% |
2 | | Boston Park Plaza | | | 18,625 | | | (30,190) | | | (179) | | | 18,066 | | | — | | | (12,303) | | (66.1)% |
3 | | Hyatt Regency San Francisco | | | 23,529 | | | (22,945) | | | (87) | | | 13,003 | | | — | | | (10,029) | | (42.6)% |
4 | | Renaissance Washington DC | | | 16,109 | | | (23,910) | | | 1,113 | | | 7,933 | | | 6,586 | | | (8,278) | | (51.4)% |
5 | | Renaissance Orlando at SeaWorld® | | | 20,702 | | | (13,361) | | | 632 | | | 10,129 | | | — | | | (2,600) | | (12.6)% |
6 | | Wailea Beach Resort | | | 34,943 | | | (12,237) | | | 70 | | | 16,095 | | | — | | | 3,928 | | 11.2% |
7 | | JW Marriott New Orleans | | | 12,657 | | | (10,166) | | | 91 | | | 6,485 | | | 3,480 | | | (110) | | (0.9)% |
8 | | Marriott Boston Long Wharf | | | 11,576 | | | (18,345) | | | 60 | | | 11,023 | | | — | | | (7,262) | | (62.7)% |
9 | | Renaissance Long Beach | | | 9,100 | | | (5,103) | | | 261 | | | 3,858 | | | — | | | (984) | | (10.8)% |
10 | | Embassy Suites Chicago | | | 4,581 | | | (7,412) | | | 175 | | | 3,010 | | | — | | | (4,227) | | (92.3)% |
11 | | Hilton Garden Inn Chicago Downtown/Magnificent Mile | | | 2,357 | | | (7,255) | | | 290 | | | 2,692 | | | — | | | (4,273) | | (181.3)% |
12 | | The Bidwell Marriott Portland (8) | | | 1,577 | | | (5,267) | | | (16) | | | 1,945 | | | — | | | (3,338) | | (211.7)% |
13 |
| Hilton New Orleans St. Charles | | | 4,717 | | | (3,028) | | | 4 | | | 2,535 | | | — | | | (489) | | (10.4)% |
14 | | Oceans Edge Resort & Marina | | | 13,523 | | | (90) | | | (13) | | | 3,447 | | | — | | | 3,344 | | 24.7% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 14 Hotel Portfolio (5) | | | 214,327 | | | (180,785) | | | 1,090 | | | 113,132 | | | 14,844 | | | (51,719) | | (24.1)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Held for Sale/Sold/Disposed Hotels (6) | | | 42,763 | | | (72,474) | | | 6,189 | | | 22,894 | | | 9,979 | | | (33,412) | | (78.1)% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (7) | | $ | 257,090 | | $ | (253,259) | | $ | 7,279 | | $ | 136,026 | | $ | 24,823 | | $ | (85,131) | | (33.1)% |
*Footnotes on pages 74 and 75
| ||||||||
PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 72 | ||||||
| | |
Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
FY 2019
| | | | | | | | | | | | | | | | | | | | | | |
| | Hotels sorted by number of rooms | | For the Year Ended December 31, 2019 | ||||||||||||||||||
| | (In thousands) | | | | | | Plus: | | Plus: | | Plus: | | Equals: | | Hotel | ||||||
| | | | Total | | | | Other | | | | | | Hotel Adjusted | | Adjusted EBITDAre | ||||||
| | |
| Revenues |
| Net Income |
| Adjustments (1c) |
| Depreciation |
| Interest Expense |
| EBITDAre (2) |
| Margins (2) | ||||||
1 | | Hilton San Diego Bayfront (8) | | $ | 152,719 | | $ | 28,149 | | $ | (1,158) | | $ | 11,500 | | $ | 8,505 | | $ | 46,996 | | 30.8% |
2 | | Boston Park Plaza | | | 105,052 | | | 14,887 | | | — | | | 17,916 | | | — | | | 32,803 | | 31.2% |
4 | | Hyatt Regency San Francisco (8) | | | 121,322 | | | 18,705 | | | 1,383 | | | 12,559 | | | — | | | 32,647 | | 26.9% |
3 | | Renaissance Washington DC | | | 84,784 | | | 8,081 | | | — | | | 9,400 | | | 6,786 | | | 24,267 | | 28.6% |
5 | | Renaissance Orlando at SeaWorld® | | | 83,699 | | | 18,525 | | | — | | | 10,333 | | | — | | | 28,858 | | 34.5% |
6 | | Wailea Beach Resort | | | 123,311 | | | 33,797 | | | — | | | 15,643 | | | — | | | 49,440 | | 40.1% |
7 | | JW Marriott New Orleans | | | 41,877 | | | 7,511 | | | 1 | | | 6,413 | | | 3,540 | | | 17,465 | | 41.7% |
8 | | Marriott Boston Long Wharf | | | 61,638 | | | 12,357 | | | — | | | 10,868 | | | — | | | 23,225 | | 37.7% |
9 | | Renaissance Long Beach | | | 29,280 | | | 5,099 | | | — | | | 3,874 | | | — | | | 8,973 | | 30.6% |
10 | | Embassy Suites Chicago | | | 26,293 | | | 4,486 | | | 157 | | | 2,984 | | | — | | | 7,627 | | 29.0% |
11 | | Hilton Garden Inn Chicago Downtown/Magnificent Mile | | | 20,760 | | | 2,742 | | | 217 | | | 2,637 | | | — | | | 5,596 | | 27.0% |
12 | | The Bidwell Marriott Portland | | | 15,628 | | | 4,266 | | | — | | | 1,605 | | | — | | | 5,871 | | 37.6% |
13 |
| Hilton New Orleans St. Charles | | | 13,140 | | | 934 | | | — | | | 2,529 | | | — | | | 3,463 | | 26.4% |
14 | | Oceans Edge Resort & Marina (8) | | | 21,228 | | | 3,230 | | | 189 | | | 3,157 | | | — | | | 6,576 | | 31.0% |
| | | | | | | | | | | | | | | | | | | | | | |
| | 14 Hotel Portfolio (5) | | | 900,731 | | | 162,769 | | | 789 | | | 111,418 | | | 18,831 | | | 293,807 | | 32.6% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Add: Held for Sale/Sold/Disposed Hotels (6) | | | 214,344 | | | 2,125 | | | (2,293) | | | 35,312 | | | 9,700 | | | 44,844 | | 20.9% |
| | | | | | | | | | | | | | | | | | | | | | |
| | Actual Portfolio (7) | | $ | 1,115,075 | | $ | 164,894 | | $ | (1,504) | | $ | 146,730 | | $ | 28,531 | | $ | 338,651 | | 30.4% |
*Footnotes on pages 74 and 75
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PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 73 | ||||||
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Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
FY 2021/2020/2019 Footnotes
(In thousands)
(1) | Other Adjustments include: |
a) | Other Adjustments of $7,122 for 2021 include: Hilton San Diego Bayfront $(446), including $(1,158) amortization of the operating lease right-of-use assets and liabilities and $712 lawsuit settlement costs; Renaissance Washington DC $(166), including $(72) prior year property tax credit and $(94) COVID-19-related severance accrual adjustment; Renaissance Orlando at SeaWorld® $(6) COVID-19-related severance accrual adjustment; Wailea Beach Resort $1 COVID-19-related severance; JW Marriott New Orleans $1,260, including $1 amortization of the operating lease right-of-use assets and liabilities, $1,289 Hurricane Ida-related losses and $(30) COVID-19-related severance accrual adjustment; Marriott Boston Long Wharf $(29) COVID-19-related severance accrual adjustment; Renaissance Long Beach $(132), including $(6) prior year property tax credit and $(126) COVID-19-related severance accrual adjustment; Embassy Suites Chicago $189 prior year property tax assessment; Hilton Garden Inn Chicago Downtown/Magnificent Mile $197, including $23 amortization of the operating lease right-of-use assets and liabilities and $174 prior year property tax assessment; Hilton New Orleans St. Charles $2,944 Hurricane Ida-related losses; and Held for Sale/Sold/Disposed Hotels $3,310, including $(1,404) finance obligation lease - cash ground rent, $94 prior year property tax assessment, $58 legal fees and $4,562 severance. |
b) | Other Adjustments of $7,279 for 2020 include: Hilton San Diego Bayfront $(1,311), including $(1,160) amortization of the operating lease right-of-use assets and liabilities, $26 COVID-19-related severance and $(177) credit card merchant class action settlement proceeds; Boston Park Plaza $(179), including $60 COVID-19-related severance and $(239) credit card merchant class action settlement proceeds; Hyatt Regency San Francisco $(87), including $76 COVID-19-related severance, $10 taxes assessed on commercial rents and $(173) credit card merchant class action settlement proceeds; Renaissance Washington DC $1,113, including $1,228 COVID-19-related severance and $(115) credit card merchant class action settlement proceeds; Renaissance Orlando at SeaWorld® $632, including $718 COVID-19-related severance and $(86) credit card merchant class action settlement proceeds; Wailea Beach Resort $70, including $154 COVID-19-related severance and $(84) credit card merchant class action settlement proceeds; JW Marriott New Orleans $91, including $1 amortization of the operating lease right-of-use assets and liabilities, $141 COVID-19-related severance and $(51) credit card merchant class action settlement proceeds; Marriott Boston Long Wharf $60, including $135 COVID-19-related severance and $(75) credit card merchant class action settlement proceeds; Renaissance Long Beach $261, including $(21) prior year property tax credit, $316 COVID-19-related severance and $(34) credit card merchant class action settlement proceeds; Embassy Suites Chicago $175, including $215 prior year property tax net assessment, $16 COVID-19-related severance and $(56) credit card merchant class action settlement proceeds; Hilton Garden Inn Chicago Downtown/Magnificent Mile $290, including $31 amortization of the operating lease right-of-use assets and liabilities, $279 prior year property tax assessment and $(20) credit card merchant class action settlement proceeds; The Bidwell Marriott Portland $(16) credit card merchant class action settlement proceeds; Hilton New Orleans St. Charles $4, including $11 COVID-19-related severance and $(7) credit card merchant class action settlement proceeds; Oceans Edge Resort & Marina $(13) credit card merchant class action settlement proceeds; and Held for Sale/Sold/Disposed Hotels $6,189, including $35 amortization of the operating lease right-of-use assets and liabilities, $(1,404) finance lease obligation - cash ground rent, $(748) prior year property tax credit, $8,157 COVID-19-related severance, $624 legal fees and $(475) credit card merchant class action settlement proceeds. |
c) | Other Adjustments of $(1,504) for 2019 include: Hilton San Diego Bayfront $(1,158) amortization of the operating lease right-of-use assets and liabilities; Hyatt Regency San Francisco $1,383 taxes assessed on commercial rents; JW Marriott New Orleans $1 amortization of the operating lease right-of-use assets and liabilities; Embassy Suites Chicago $157 prior year property tax net assessment; Hilton Garden Inn Chicago Downtown/Magnificent Mile $217, including $39 amortization of the operating lease right-of-use assets and liabilities and $178 prior year property tax net assessment; Oceans Edge Resort & Marina $189 prior year property tax assessment; and Held for Sale/Sold/Disposed Hotels $(2,293), including $238 amortization of the operating lease right-of-use assets and liabilities, $(2,175) finance lease obligation interest - cash ground rent and $(356) prior year property tax credit. |
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PROPERTY-LEVEL ADJUSTED EBITDAre & ADJUSTED EBITDAre MARGINS | | Page 74 | ||||||
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Supplemental Financial Information |
Property-Level Adjusted EBITDAre and Adjusted EBITDAre Margins
FY 2021/2020/2019 Footnotes (continued)
(In thousands)
(2) | Both Hotel Adjusted EBITDAre and Hotel Adjusted EBITDAre Margins are presented excluding any prior year property tax assessments and credits, net of any appeal fees. In 2021, a total of $379 in prior year property tax net assessments were received at the Embassy Suites Chicago, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Renaissance Long Beach, the Renaissance Washington DC and the Held for Sale/Sold/Disposed Hotels. In 2020, a total of $(275) in prior year property tax net credits were received at the Embassy Suites Chicago, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Renaissance Long Beach and the Held for Sale/Sold/Disposed Hotels. In 2019, a total of $168 in prior year property tax net assessments were received at the Embassy Suites Chicago, the Hilton Garden Inn Chicago Downtown/Magnificent Mile, the Oceans Edge Resort & Marina and the Held for Sale/Sold/Disposed Hotels. |
(3) | 16 Hotel Portfolio includes all hotels owned by the Company as of December 31, 2021, except the Hyatt Centric Chicago Magnificent Mile, which was considered held for sale due to its sale in February 2022. |
(4) | Non-comparable Hotels includes the Company's ownership results for the Montage Healdsburg and the Four Seasons Resort Napa Valley, acquired in April 2021 and December 2021, respectively. The newly-developed hotels are considered non-comparable as they did not open until December 2020 and October 2021, respectively. In addition, 2021 includes prior ownership results for the Montage Healdsburg. The Company obtained prior ownership results from the hotel's previous owner during the due diligence period before the Company’s acquisition was completed. The Company performed a limited review of the information as part of its analysis of the acquisition. The Company determined the amount to include as pro forma depreciation expense by allocating the Company's purchase price of the hotel between the various components of the hotel (i.e. land, building, furniture, fixtures and equipment and intangible assets) based on a purchase price allocation report provided by an independent valuation specialist. Depreciable assets were then given lives ranging from two to forty years. |
(5) | 14 Hotel Portfolio includes the same hotels owned during 2021, 2020 and 2019, except the Hyatt Centric Chicago Magnificent Mile, which was considered held for sale due to its sale in February 2022. |
(6) | Held for Sale/Sold/Disposed Hotels for 2021 includes results for the Hyatt Centric Chicago Magnificent Mile considered held for sale as of December 31, 2021 due to its sale in February 2022, along with the Embassy Suites La Jolla and the Renaissance Westchester, sold in December 2021 and October 2021, respectively. Held for Sale/Sold/Disposed Hotels for 2020 also includes results for the Renaissance Harborplace and the Renaissance Los Angeles Airport, sold in July 2020 and December 2020, respectively, and the Hilton Times Square, assigned to its mortgage holder in December 2020. Held for Sale/Sold/Disposed Hotels for 2019 also includes results for the Courtyard by Marriott Los Angeles, sold in October 2019. |
(7) | Actual Portfolio includes results for 19 hotels, 20 hotels and 21 hotels owned by the Company during 2021, 2020 and 2019, respectively. |
(8) | Hotel Adjusted EBITDAre for 2020 is impacted by a room renovation at The Bidwell Marriott Portland. Hotel Adjusted EBITDAre for 2019 is impacted by room renovations at the Hilton San Diego Bayfront, the Hyatt Regency San Francisco and the Oceans Edge Resort & Marina. |
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