Exhibit 99.1
DiamondRock Hospitality Company
Supplemental Information
June 17, 2005
DiamondRock Hospitality Company
Supplemental Information
June 17, 2005
TABLE OF CONTENTS
| PAGE | ||
CORPORATE INFORMATION | ||
The Company | 3 | |
Board of Directors and Executive Officers | 4 | |
Equity Research Coverage | 5 | |
FINANCIAL HIGHLIGHTS | ||
Supplemental Financial Data | 6 | |
Condensed Consolidated Statement of Operations | 7 | |
Condensed Consolidated Balance Sheet | 8 | |
Condensed Consolidated Statement of Cash Flows | 9 | |
Non-GAAP Financial Measures | 10 | |
Reconciliation of Net Income to EBITDA and Adjusted EBITDA | 11 | |
Reconciliation of Net Income to Property-Level EBITDA and Adjusted EBITDA | 12 | |
Reconciliation of Net Income to Funds From Operations (FFO) and Adjusted FFO | 13 | |
Pro Forma Financial Information Including 5 Recent Acquisitions | 14 | |
Debt Summary | 15 | |
PORTFOLIO DATA | ||
Portfolio Summary at June 17, 2005 and August 1, 2005 | 16 | |
Selected Financial and Operating Information by Property (Owned as of June 17, 2005) | 17 - 18 | |
Selected Financial and Operating Information by Property (Acquired Subsequent to June 17, 2005) | 19 - 20 | |
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| Supplemental Information June 17, 2005 | |
CORPORATE INFORMATION
The Company
DiamondRock Hospitality Company is a self-advised real estate company that owns, acquires and invests in upper upscale and upscale hotel properties located primarily in North America. To a lesser extent, we may invest, on a selective basis, in premium limited service and extended stay hotel properties in urban locations. We began operations in July 2004 when we completed a private placement of our common stock. As of the end of the fiscal quarter, we had seven hotels, comprising 2,357 rooms, located in the following markets: New York City (2 hotels), Washington D.C., Los Angeles, Salt Lake City, Northern California and Lexington, Kentucky. Subsequent to the end of the fiscal quarter, we acquired seven hotels, comprising an additional 3,280 rooms, located in Los Angeles, Fort Worth, Texas, St. Thomas, U.S. Virgin Islands, Atlanta, Georgia (2 hotels), Vail, Colorado and Oak Brook, Illinois.
Our senior management team has extensive experience and a broad network of relationships in the hotel industry, which we believe provides us with ongoing access to hotel property investment opportunities and enables us to quickly identify and consummate acquisitions. We also have an investment sourcing relationship with Marriott International, a leading worldwide hotel brand, franchise and management company. We believe that our ability to implement our business strategies is greatly enhanced by the continuing source of additional acquisition opportunities generated by this relationship, as many of the properties that Marriott brings to our attention are offered to us through “off market” transactions, meaning that they are not made generally available to other hospitality companies.
We began operations in July 2004 and became a public reporting company in May 2005. We are listed on the New York Stock Exchange under the symbol “DRH”.
Fiscal Year End:
December 31
Number of Full-Time Employees:
11
Corporate Headquarters:
10400 Fernwood Road, Suite 300
Bethesda, MD 20817
(301) 380-7100
Company Contact: | At Financial Relations Board: | |
Mark Brugger | Georganne Palffy | |
Chief Financial Officer | Financial Relations Board | |
(301) 380-7100 | (312) 640-6768 |
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| Supplemental Information June 17, 2005 | |
Board of Directors and Executive Officers
William W. McCarten
Chairman of the Board, Chief Executive Officer and Director
John L. Williams
President, Chief Operating Officer and Director
Daniel J. Altobello
Director and Chairman of the Compensation Committee
W. Robert Grafton
Lead Director and Chairman of the Audit Committee
Gilbert T. Ray
Director and Chairman of the Nominating and Corporate Governance Committee
Maureen L. McAvey
Director
Mark W. Brugger
Executive Vice President, Chief Financial Officer and Treasurer
Michael D. Schecter
General Counsel and Secretary
Sean M. Mahoney
Chief Accounting Officer and Corporate Controller
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| Supplemental Information June 17, 2005 | |
Equity Research Coverage
Firm | Analyst | Telephone | ||
| Citigroup Smith Barney | Michael Rietbrock | (212) 816-7777 | ||
| Friedman, Billings, Ramsey, & Co. | Gustavo Sarago | (703) 469-1042 | ||
| JMP Securities | William C. Marks | (415) 835-8944 | ||
| Wachovia Securities | Jeffrey J. Donnelly | (617) 603-4262 | ||
DiamondRock Hospitality is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding DiamondRock Hospitality’s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of DiamondRock Hospitality or its management. DiamondRock Hospitality does not by its reference here imply its endorsement of, or concurrence with, such information, conclusions or recommendations.
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| Supplemental Information June 17, 2005 | |
FINANCIAL HIGHLIGHTS
Supplemental Financial Data
(in thousands, except per share information)
| June 17, 2005 | ||||
Capitalization | ||||
Common shares outstanding | 46,349 | |||
Common shares outstanding, held by Marriott International | 4,429 | |||
Restricted shares outstanding, held by management and directors | 1,159 | |||
Combined shares outstanding | 51,936 | |||
Common stock price at June 17, 2005 | $ | 11.55 | ||
Common equity capitalization | $ | 599,865 | ||
Consolidated debt | 159,309 | |||
Cash and cash equivalents | (273,125 | ) | ||
Total enterprise value | $ | 486,049 | ||
Dividends Per Share | ||||
Common dividends declared (holders of record on June 17, 2005) | $ | 0.0326 | ||
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| Supplemental Information June 17, 2005 | |
Condensed Consolidated Statement of Operations for the Fiscal Quarter Ended
June 17, 2005 and the Period from January 1, 2005 to June 17, 2005
| Fiscal Quarter Ended June 17, 2005 | Period from January 1, 2005 to June 17, 2005 | |||||||
| (Unaudited) | (Unaudited) | |||||||
Rooms | $ | 23,833,517 | $ | 42,501,868 | ||||
Food and beverage | 7,791,155 | 14,205,252 | ||||||
Other | 1,891,044 | 3,157,377 | ||||||
Total revenues | 33,515,716 | 59,864,497 | ||||||
Operating Expenses: | ||||||||
Rooms | 5,598,776 | 10,586,057 | ||||||
Food and beverage | 5,680,917 | 10,762,154 | ||||||
Management fees | 1,210,846 | 2,109,011 | ||||||
Other hotel expenses | 12,746,028 | 24,360,713 | ||||||
Depreciation and amortization | 4,340,984 | 8,703,130 | ||||||
Corporate expenses | 5,937,309 | 7,946,739 | ||||||
Total operating expenses | 35,514,860 | 64,467,804 | ||||||
Operating loss | (1,999,144 | ) | (4,603,307 | ) | ||||
Other Expenses (Income): | ||||||||
Interest income | (284,049 | ) | (560,827 | ) | ||||
Interest expense | 3,630,470 | 6,484,739 | ||||||
Total other expenses/(income) | 3,346,421 | 5,923,912 | ||||||
Loss before income taxes | (5,345,565 | ) | (10,527,219 | ) | ||||
Income tax expense | (478,990 | ) | (558,847 | ) | ||||
Net loss | $ | (5,824,555 | ) | $ | (11,086,066 | ) | ||
Loss per share: | ||||||||
Basic and diluted | $ | (0.20 | ) | $ | (0.44 | ) | ||
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| Supplemental Information June 17, 2005 | |
Condensed Consolidated Balance Sheet as of June 17, 2005 and December 31, 2004
| June 17, 2005 | December 31, 2004 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
Property and equipment, at cost | $ | 355,586,800 | $ | 286,727,306 | ||||
Less: accumulated depreciation | (9,821,511 | ) | (1,084,867 | ) | ||||
| 345,765,289 | 285,642,439 | |||||||
Deferred financing costs, net | 2,512,687 | 1,344,378 | ||||||
Restricted cash | 19,551,276 | 17,482,515 | ||||||
Due from hotel managers | 3,190,795 | 2,626,262 | ||||||
Purchase deposits and pre-acquisition costs | 11,295,442 | 3,272,219 | ||||||
Prepaid and other assets | 2,350,923 | 4,340,259 | ||||||
Cash and cash equivalents | 273,125,031 | 76,983,107 | ||||||
Total assets | $ | 657,791,443 | $ | 391,691,179 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Liabilities: | ||||||||
Mortgage debt, at face amount | $ | 156,439,719 | $ | 177,827,573 | ||||
Debt premium | 2,869,507 | 2,944,237 | ||||||
Total debt | 159,309,226 | 180,771,810 | ||||||
Deferred income related to key money | 6,425,826 | 2,490,385 | ||||||
Unfavorable lease liability | 5,458,848 | 5,776,946 | ||||||
Due to hotel managers | 680,226 | 3,985,795 | ||||||
Dividends declared and unpaid | 1,693,125 | — | ||||||
Accounts payable and accrued expenses | 7,668,851 | 3,078,825 | ||||||
Total other liabilities | 21,926,876 | 15,331,951 | ||||||
Shareholders’ Equity: | ||||||||
Preferred stock, $.01 par value; 10,000,000 shares authorized; no shares issued and outstanding | — | — | ||||||
Common stock, $.01 par value; 100,000,000 shares authorized; 50,815,864 and 21,020,100 shares issued and outstanding at June 17, 2005 December 31, 2004, respectively | 508,159 | 210,201 | ||||||
Additional paid-in capital | 489,250,873 | 197,494,842 | ||||||
Accumulated deficit | (13,203,691 | ) | (2,117,625 | ) | ||||
Total shareholders’ equity | 476,555,341 | 195,587,418 | ||||||
Total liabilities and shareholders’ equity | $ | 657,791,443 | $ | 391,691,179 | ||||
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| Supplemental Information June 17, 2005 | |
Condensed Statement of Cash Flows for the Period from January 1, 2005 to June 17, 2005
| Period from January 1, 2005 to June 17, 2005 | ||||
| (Unaudited) | ||||
Cash flows from operating activities: | ||||
Net loss | $ | (11,086,066 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
Property depreciation and amortization | 8,703,130 | |||
Non-cash straight line ground rent | 3,180,110 | |||
Non-cash financing costs as interest | 960,062 | |||
Market value adjustment to interest rate caps | (8,445 | ) | ||
Amortization of debt premium and unfavorable lease liability | (140,577 | ) | ||
Amortization of deferred income and corporate depreciation | (64,559 | ) | ||
Stock-based compensation | 4,969,510 | |||
Income tax expense | 558,847 | |||
Changes in assets and liabilities: | ||||
Prepaid expenses and other assets | 1,438,934 | |||
Due to/from hotel managers | (3,870,102 | ) | ||
Accounts payable and accrued expenses | (371,406 | ) | ||
Net cash provided by operating activities | 4,269,438 | |||
Cash flows from investing activities: | ||||
Hotel acquisition and capital expenditures | (65,806,012 | ) | ||
Receipt of deferred key money | 4,000,000 | |||
Cash paid for restricted cash at acquisition | (10,000,000 | ) | ||
Change in restricted cash | 879,924 | |||
Purchase deposits and pre-acquisition costs | (10,927,784 | ) | ||
Net cash used in investing activities | (81,853,872 | ) | ||
Cash flows from financing activities: | ||||
Proceeds from mortgage debt | 44,000,000 | |||
Repayments of mortgage debt | (56,948,685 | ) | ||
Scheduled mortgage debt principal payments | (1,387,854 | ) | ||
Payment of financing costs | (2,128,371 | ) | ||
Proceeds from sale of common stock | 291,799,785 | |||
Payment of costs related to sale of common stock | (1,608,517 | ) | ||
Net cash provided by financing activities | 273,726,358 | |||
Net increase in cash and cash equivalents | 196,141,924 | |||
Cash and cash equivalents, beginning of period | 76,983,107 | |||
Cash and cash equivalents, end of period | $ | 273,125,031 | ||
Supplemental Disclosure of Cash Flow Information: | ||||
Cash paid for interest | $ | 5,962,359 | ||
Cash paid for income taxes | $ | 1,114,363 | ||
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| Supplemental Information June 17, 2005 | |
Non-GAAP Financial Measures
We use the following four non-GAAP financial measures that we believe are useful to investors as key measures of our operating performance: (1) EBITDA (2) Adjusted EBITDA, (3) FFO and (4) Adjusted FFO.
EBITDA represents net income (loss) excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; and (3) depreciation and amortization. We believe EBITDA is useful to an investor in evaluating our operating performance because it helps investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization) from our operating results. We also use EBITDA as one measure in determining the value of hotel acquisitions and dispositions.
Management also evaluates our performance by reviewing adjusted EBITDA because the Company believes that the exclusion of certain additional recurring and non-recurring items described below provides useful supplemental information regarding our ongoing operating performance and that the presentation of Adjusted EBITDA, when combined with the primary GAAP presentation of net income, is beneficial to a complete understanding of our operating performance. We adjust EBITDA for the following items, which may occur in any period, and refer to this measure as Adjusted EBITDA:
| • | Straight Line Ground Rent: We exclude the non-cash expense incurred from straight lining the rent from our ground lease obligations. |
| • | The impact of fully vested irrevocable commitments to issue 382,500 shares of stock to our five senior executive officers made in connection with the initial public offering and expensed in the second quarter. These were one-time grants and do not reflect the underlying performance of the Company. |
| • | Cumulative effect of a change in accounting principle — Infrequently, the Financial Accounting Standards Board (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 because they do not reflect our actual performance for that period. |
| • | Impairment Losses — We exclude the effect of impairment losses recorded because we believe that including them in EBITDA is not consistent with reflecting the ongoing performance of our remaining assets. In addition, we believe that impairment charges are similar to gains (losses) on dispositions and depreciation expense, both of which are also excluded from EBITDA. |
We compute FFO in accordance with standards established by NAREIT, which defines FFO as net income (loss) (determined in accordance with GAAP), excluding gains (losses) from sales of property, plus depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures (which are calculated to reflect FFO on the same basis). We believe that the presentation of FFO provides useful information to investors regarding our operating performance because it is a measure of our operations without regard to specified non-cash items, such as real estate depreciation and amortization and gain or loss on sale of assets. We also use FFO as one measure in determining our results after taking into account the impact of our capital structure.
Management also evaluates our performance by reviewing adjusted FFO because the Company believes that the exclusion of certain additional recurring and non-recurring items described below provides useful supplemental information regarding our ongoing operating performance and that the presentation of Adjusted FFO, when combined with the primary GAAP presentation of net income, is beneficial to a complete understanding of our operating performance. We adjust FFO for the following items, which may occur in any period, and refer to this measure as Adjusted FFO:
| • | Straight Line Ground Rent: We exclude the non-cash expense incurred from straight lining the rent from our ground lease obligations. |
| • | The impact of fully vested irrevocable commitments to issue 382,500 shares of stock to our five senior executive officers made in connection with the initial public offering and expensed in the second quarter. These were one-time grants and do not reflect the underlying performance of the Company. |
| • | Cumulative effect of a change in accounting principle — Infrequently, the Financial Accounting Standards Board (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 because they do not reflect our actual performance for that period. |
| • | Impairment Losses — We exclude the effect of impairment losses recorded because we believe that including them in EBITDA is not consistent with reflecting the ongoing performance of our remaining assets. In addition, we believe that impairment charges are similar to gains (losses) on dispositions and depreciation expense, both of which are also excluded from EBITDA. |
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| Supplemental Information June 17, 2005 | |
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
| Fiscal Quarter Ended June 17, 2005 | Period from January 1, 2005 | |||||||
Net loss | $ | (5,824,555 | ) | $ | (11,086,066 | ) | ||
Interest expense | 3,630,470 | 6,484,739 | ||||||
Income tax expense | 478,990 | 558,847 | ||||||
Depreciation and amortization | 4,340,984 | 8,703,130 | ||||||
EBITDA | $ | 2,625,889 | $ | 4,660,650 | ||||
Non-cash ground rent | 1,590,055 | 3,180,110 | ||||||
Initial public offering stock grants | 3,736,250 | 3,736,250 | ||||||
Adjusted EBITDA | $ | 7,952,194 | $ | 11,577,010 | ||||
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| Supplemental Information June 17, 2005 | |
Reconciliation of Net Income to Property-Level EBITDA and Adjusted EBITDA
Fiscal Quarter June 17, 2005 | Fiscal Quarter Ended June 18, 2004 | Period from January 1, 2005 to June 17, 2005 | Period from January 1, 2004 to June 18, 2004 | |||||||||||||
Total revenues | $ | 33,515,716 | $ | 30,452,313 | $ | 59,864,497 | $ | 54,543,727 | ||||||||
Net loss | $ | (5,824,555 | ) | $ | (972,067 | ) | $ | (11,086,066 | ) | $ | (8,171,077 | ) | ||||
Interest expense | 3,630,470 | 1,278,083 | 6,484,739 | 4,278,687 | ||||||||||||
Interest income | (284,049 | ) | — | (560,827 | ) | — | ||||||||||
Income tax expense | 478,990 | 50,000 | 558,847 | 100,000 | ||||||||||||
Corporate expenses | 5,937,309 | 2,103,870 | 7,946,739 | 4,200,000 | ||||||||||||
Depreciation and amortization | 4,340,984 | 4,111,377 | 8,703,130 | 8,224,336 | ||||||||||||
Property EBITDA | $ | 8,279,149 | $ | 6,571,263 | $ | 12,046,562 | $ | 8,631,946 | ||||||||
Margin | 24.7 | % | 21.6 | % | 20.1 | % | 15.8 | % | ||||||||
Non-cash ground rent | 1,590,055 | 1,590,055 | 3,180,110 | 3,180,110 | ||||||||||||
Adjusted EBITDA | $ | 9,869,204 | $ | 8,161,318 | $ | 15,226,672 | $ | 11,812,056 | ||||||||
Margin | 29.4 | % | 26.8 | % | 25.4 | % | 21.7 | % | ||||||||
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| Supplemental Information June 17, 2005 | |
Reconciliation of Net Income to Funds From Operations (FFO) and Adjusted FFO
| Fiscal Quarter Ended June 17, 2005 | Period from January 1, 2005 to June 17, 2005 | |||||||
Net loss | $ | (5,824,555 | ) | $ | (11,086,066 | ) | ||
Depreciation and amortization | 4,340,984 | 8,703,130 | ||||||
FFO | $ | (1,483,571 | ) | $ | (2,382,936 | ) | ||
FFO per Share (Basic and Diluted) | $ | (0.05 | ) | $ | (0.10 | ) | ||
Non-cash ground rent | 1,590,055 | 3,180,110 | ||||||
Initial public offering stock grants | 3,736,250 | 3,736,250 | ||||||
Adjusted EBITDA | $ | 3,842,734 | $ | 4,533,424 | ||||
Adjusted FFO per Share (Basic and Diluted) | $ | 0.13 | $ | 0.18 | ||||
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| Supplemental Information June 17, 2005 | |
Pro Forma Financial Information for the Fiscal Quarters Ended June 17, 2005 and June 18, 2004 and the Periods from January 3, 2004 to June 18, 2004 and January 1, 2005 to June 17, 2005
(UNAUDITED)
The acquired properties (excluding Buckhead SpringHill Suites and Oak Brook Hills Resort and Conference Center) are included in our results of operations from the respective dates of acquisition. The following unaudited pro forma results of operations reflect these transactions as if each had occurred on the first day of the fiscal period presented. In our opinion, all significant adjustments necessary to reflect the effects of the acquisitions have been made; however, a preliminary allocation of the purchase price to land and buildings was made, and we will finalize the allocation after all information is obtained.
Fiscal Quarter Ended | Fiscal Quarter Ended | Period from January 1, 2005 to | Period from January 3, 2004 to | ||||||||||||
Revenues | $ | 72,011,528 | $ | 66,967,952 | $ | 147,010,254 | $ | 136,163,997 | |||||||
Hotel level expenses | 54,746,082 | 52,442,120 | 109,009,160 | 104,946,631 | |||||||||||
Depreciation and amortization | 6,809,929 | 6,580,323 | 14,170,855 | 13,640,398 | |||||||||||
Corporate expenses | 5,850,609 | 2,103,870 | 7,946,739 | 4,200,000 | |||||||||||
Interest expenses, net | 3,583,204 | 3,831,069 | 7,122,599 | 7,763,401 | |||||||||||
Income tax benefit (provision) | 1,594,258 | (1,163,405 | ) | (85,000 | ) | (100,000 | ) | ||||||||
Net income | $ | 2,615,962 | $ | 847,165 | $ | 8,675,901 | $ | 5,513,566 | |||||||
EBITDA | $ | 11,698,886 | $ | 12,421,962 | $ | 30,615,182 | $ | 27,017,365 | |||||||
Adjusted EBITDA | $ | 17,025,191 | $ | 14,012,017 | $ | 37,531,542 | $ | 30,197,475 | |||||||
FFO | $ | 9,425,891 | $ | 7,427,488 | $ | 22,846,756 | $ | 19,153,964 | |||||||
Adjusted FFO | $ | 14,752,196 | $ | 13,033,793 | $ | 29,763,116 | $ | 26,350,324 | |||||||
Adjusted FFO per Share (Basic and Diluted) | $ | 0.51 | $ | 1.19 | |||||||||||
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| Supplemental Information June 17, 2005 | |
Debt Summary
(dollars in thousands)
Property | Interest Rate | Spread to LIBOR | Loan Amount | Maturity | |||||||
Properties Owned as of June 17, 2005 | |||||||||||
Courtyard Manhattan / Midtown East | 5.195% | Fixed | $ | 44,568 | December 2009 | ||||||
Marriott Salt Lake City Downtown | 5.500% | Fixed | 38,554 | December 2014 | |||||||
Courtyard Manhattan / Fifth Avenue | 5.950% | 270bps | 23,000 | January 2007 | |||||||
Marriott Griffin Gate Resort | 5.110% | Fixed | 30,746 | January 2010 | |||||||
Bethesda Marriott Suites | 7.690% | Fixed | 19,572 | February 2023 | |||||||
Subtotal - Properties Owned as of June 17, 2005 | 5.68% (weighted average) | $ | 156,440 | 7 yrs. (weighted average) | |||||||
Properties Acquired after June 17, 2005 | |||||||||||
Marriott Los Angeles Airport | 5.300% | Fixed | $ | 82,600 | June 2015 | ||||||
Marriott Frenchman’s Reef & Morning Star Beach Resort | 5.440% | Fixed | 62,500 | July 2015 | |||||||
Renaissance Worthington | 5.400% | Fixed | 57,400 | June 2015 | |||||||
Subtotal - Properties Acquired after June 17, 2005 | 5.37% (weighted average) | $ | 202,500 | 10 yrs. (weighted average) | |||||||
Total Debt Outstanding - Including Acquisitions after June 17, 2005 | |||||||||||
Loan Balance | $ | 358,940 | |||||||||
Weighted Average Interest Rate | 5.50 | % | |||||||||
Weighted Average Maturity | 9 years | ||||||||||
Fixed Interest Rate Debt to Total Debt | 93.6 | % | |||||||||
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| Supplemental Information June 17, 2005 | |
PORTFOLIO DATA
Portfolio Summary at June 17, 2005 and August 1, 2005
Property | Location | Number of Rooms | % of Total Rooms | ||||
| Properties Owned as of June 17, 2005 | |||||||
Salt Lake City Marriott Downtown | Salt Lake City, UT | 510 | 9 | % | |||
Torrance Marriott | Los Angeles County, CA | 487 | 9 | % | |||
Marriott Griffin Gate Resort | Lexington, KY | 408 | 7 | % | |||
Courtyard Manhattan / Midtown East | New York, NY | 307 | 5 | % | |||
Bethesda Marriott Suites | Bethesda, MD | 274 | 5 | % | |||
Courtyard Manhattan / Fifth Avenue | New York, NY | 189 | 3 | % | |||
The Lodge at Sonoma, a Renaissance Resort & Spa | Sonoma, CA | 182 | 3 | % | |||
Subtotal - Properties Owned as of June 17, 2005 | 2,357 | 42 | % | ||||
| Properties Acquired after June 17, 2005 | |||||||
Marriott Los Angeles Airport | Los Angeles, CA | 1,004 | 18 | % | |||
Frenchman’s Reef & Morning Star Marriott Beach Resort | St. Thomas, U.S. Virgin Islands | 504 | 9 | % | |||
Renaissance Worthington | Fort Worth, TX | 504 | 9 | % | |||
Oak Brook Hills Resort & Conference Center | Oak Brook, IL | 384 | 7 | % | |||
Vail Marriott Mountain Resort & Spa | Vail, CO | 346 | 6 | % | |||
Marriott Atlanta Alpharetta | Alpharetta, GA | 318 | 6 | % | |||
SpringHill Suites Buckhead | Atlanta, GA | 220 | 4 | % | |||
Subtotal - Properties Acquired after June 17, 2005 | 3,280 | 58 | % | ||||
| Total Portfolio as of August 1, 2005 | 5,637 | 100 | % | ||||
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| Supplemental Information June 17, 2005 | |
Selected Financial and Operating Information by Property
Properties Owned as of June 17, 2005
(in thousands, except selected operating information)
The following tables present, except where noted, selected financial and operating information by property for the fiscal quarter ended June 17, 2005, the period from January 1, 2005 to June 17, 2005, and the comparable periods during 2004. None of these properties were owned by DiamondRock Hospitality during the 2004 comparison period. Adjusted Property EBITDA reflects property net operating income excluding the non-cash expense incurred from straight lining the rent from our ground lease obligations (where applicable) plus depreciation and amortization.
| Fiscal Second Quarter | Fiscal First Half | |||||||||||||||||||||
| Ended June 17, 2005 | Ended June 18, 2004 | % Change | Ended June 17, 2005 | Ended June 18, 2004 | % Change | |||||||||||||||||
SALT LAKE CITY MARRIOTT DOWNTOWN |
| |||||||||||||||||||||
Selected Financial Information: | ||||||||||||||||||||||
Total Revenues | $ | 5,336 | $ | 5,024 | 6.2 | % | $ | 10,822 | $ | 10,173 | 6.4 | % | ||||||||||
Adjusted Property EBITDA | $ | 1,346 | $ | 1,311 | 2.6 | % | $ | 2,760 | $ | 2,647 | 4.3 | % | ||||||||||
Selected Operating Information: | ||||||||||||||||||||||
Average Occupancy | 71.8 | % | 65.4 | % | 6.4 | pts | 70.2 | % | 68.0 | % | 2.2 | pts | ||||||||||
ADR | $ | 116.37 | $ | 114.42 | 1.7 | % | $ | 119.62 | $ | 115.89 | 3.2 | % | ||||||||||
RevPAR | $ | 83.55 | $ | 74.83 | 11.7 | % | $ | 83.98 | $ | 78.80 | 6.6 | % | ||||||||||
TORRANCE MARRIOTT | ||||||||||||||||||||||
Selected Financial Information: | ||||||||||||||||||||||
Total Revenues | $ | 4,853 | $ | 4,761 | 1.9 | % | $ | 9,933 | $ | 9,303 | 6.8 | % | ||||||||||
Adjusted Property EBITDA | $ | 1,031 | $ | 1,168 | (11.7 | )% | $ | 2,373 | $ | 2,085 | 13.8 | % | ||||||||||
Selected Operating Information: | ||||||||||||||||||||||
Average Occupancy | 78.9 | % | 74.9 | % | 4 | pts | 79.9 | % | 75.4 | % | 4.5 | pts | ||||||||||
ADR | $ | 100.26 | $ | 98.45 | 1.8 | % | $ | 103.81 | $ | 99.31 | 4.5 | % | ||||||||||
RevPAR | $ | 79.11 | $ | 73.74 | 7.3 | % | $ | 82.95 | $ | 74.87 | 10.8 | % | ||||||||||
MARRIOTT GRIFFIN GATE RESORT |
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Selected Financial Information: | ||||||||||||||||||||||
Total Revenues | $ | 6,775 | $ | 6,246 | 8.5 | % | $ | 10,320 | $ | 9,605 | 7.4 | % | ||||||||||
Adjusted Property EBITDA | $ | 2,264 | $ | 1,866 | 21.3 | % | $ | 2,408 | $ | 1,956 | 23.1 | % | ||||||||||
Selected Operating Information: | ||||||||||||||||||||||
Average Occupancy | 74.3 | % | 78.5 | % | -4.2 | pts | 63.2 | % | 64.1 | % | -0.9 | pts | ||||||||||
ADR | $ | 132.24 | $ | 117.33 | 12.7 | % | $ | 119.54 | $ | 107.45 | 11.3 | % | ||||||||||
RevPAR | $ | 98.25 | $ | 92.14 | 6.6 | % | $ | 75.60 | $ | 68.90 | 9.7 | % | ||||||||||
COURTYARD MANHATTAN / MIDTOWN EAST |
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Selected Financial Information: | ||||||||||||||||||||||
Total Revenues | $ | 5,436 | $ | 4,925 | 10.4 | % | $ | 9,730 | $ | 8,680 | 12.1 | % | ||||||||||
Adjusted Property EBITDA | $ | 2,213 | $ | 1,782 | 24.2 | % | $ | 3,425 | $ | 2,680 | 27.8 | % | ||||||||||
Selected Operating Information: | ||||||||||||||||||||||
Average Occupancy | 90.5 | % | 93.6 | % | -3.1 | pts | 87.7 | % | 88.8 | % | -1.1 | pts | ||||||||||
ADR | $ | 221.77 | $ | 193.82 | 14.4 | % | $ | 203.88 | $ | 179.06 | 13.9 | % | ||||||||||
RevPAR | $ | 200.78 | $ | 181.42 | 10.7 | % | $ | 178.84 | $ | 159.00 | 12.5 | % | ||||||||||
17
| Supplemental Information June 17, 2005 | |
Selected Financial and Operating Information by Property
Properties Owned as of June 17, 2005
(in thousands, except selected operating information)
The following tables present, except where noted, selected financial and operating information by property for the fiscal quarter ended June 17, 2005, the period from January 1, 2005 to June 17, 2005, and the comparable periods during 2004. None of these properties were owned by DiamondRock Hospitality during the 2004 comparison period. Adjusted Property EBITDA reflects property net operating income excluding the non-cash expense incurred from straight lining the rent from our ground lease obligations (where applicable) plus depreciation and amortization.
| Fiscal Second Quarter | Fiscal First Half | |||||||||||||||||||||
| Ended June 17, 2005 | Ended June 18, 2004 | % Change | Ended June 17, 2005 | Ended June 18, 2004 | % Change | |||||||||||||||||
BETHESDA MARRIOTT SUITES |
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Selected Financial Information: | ||||||||||||||||||||||
Total Revenues | $ | 4,172 | $ | 3,846 | 8.5 | % | $ | 7,403 | $ | 7,098 | 4.3 | % | ||||||||||
Adjusted Property EBITDA | $ | 1,295 | $ | 1,237 | 4.7 | % | $ | 2,093 | $ | 1,979 | 5.8 | % | ||||||||||
Selected Operating Information: | ||||||||||||||||||||||
Average Occupancy | 84.4 | % | 82.2 | % | 2.2 | pts | 72.7 | % | 74.6 | % | -1.9 | pts | ||||||||||
ADR | $ | 166.95 | $ | 152.39 | 9.6 | % | $ | 169.10 | $ | 155.13 | 9.0 | % | ||||||||||
RevPAR | $ | 140.88 | $ | 125.24 | 12.5 | % | $ | 122.99 | $ | 115.74 | 6.3 | % | ||||||||||
COURTYARD MANHATTAN / FIFTH AVENUE |
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Selected Financial Information: (This property received the Courtyard brand in January 2005. During the comparable periods of 2004, the property was branded as a Clarion for a portion of the period and unaffiliated the remainder.) |
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Total Revenues | $ | 2,955 | $ | 1,659 | 78.1 | % | $ | 5,024 | $ | 3,990 | 25.9 | % | ||||||||||
Adjusted Property EBITDA | $ | 1,052 | $ | 439 | 139.5 | % | $ | 1,583 | $ | 372 | 325.5 | % | ||||||||||
Selected Operating Information: | ||||||||||||||||||||||
Average Occupancy | 93.2 | % | 95.2 | % | -2 | pts | 89.9 | % | 85.8 | % | 4.1 | pts | ||||||||||
ADR | $ | 200.36 | $ | 136.57 | 46.7 | % | $ | 189.31 | $ | 129.48 | 46.2 | % | ||||||||||
RevPAR | $ | 186.75 | $ | 130.06 | 43.6 | % | $ | 170.27 | $ | 111.11 | 53.2 | % | ||||||||||
THE LODGE AT SONOMA, A RENAISSANCE RESORT & SPA |
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Selected Financial Information: | ||||||||||||||||||||||
Total Revenues | $ | 3,989 | $ | 3,319 | 20.2 | % | $ | 6,633 | $ | 5,695 | 16.5 | % | ||||||||||
Adjusted Property EBITDA | $ | 805 | $ | 484 | 66.4 | % | $ | 603 | $ | 217 | 178.3 | % | ||||||||||
Selected Operating Information: | ||||||||||||||||||||||
Average Occupancy | 77.7 | % | 67.5 | % | 10.2 | pts | 66.2 | % | 59.5 | % | 6.7 | pts | ||||||||||
ADR | $ | 195.25 | $ | 182.70 | 6.9 | % | $ | 181.36 | $ | 170.24 | 6.5 | % | ||||||||||
RevPAR | $ | 151.76 | $ | 123.29 | 23.1 | % | $ | 120.03 | $ | 101.35 | 18.4 | % | ||||||||||
18
| Supplemental Information June 17, 2005 | |
Selected Financial and Operating Information by Property
Properties Acquired Subsequent to June 17, 2005
(in thousands, except selected operating information)
The following tables present, except where noted, selected financial and operating information by property for the fiscal quarter ended June 17, 2005, the period from January 1, 2005 to June 17, 2005, and the comparable periods during 2004. None of these properties were owned by DiamondRock Hospitality during the 2004 comparison period. Adjusted Property EBITDA reflects property net operating income excluding the non-cash expense incurred from straight lining the rent from our ground lease obligations (where applicable) plus depreciation and amortization.
| Fiscal Second Quarter | Fiscal First Half | |||||||||||||||||||||
| Ended June 17, 2005 | Ended June 18, 2004 | % Change | Ended June 17, 2005 | Ended June 18, 2004 | % Change | |||||||||||||||||
MARRIOTTT LOS ANGELES AIRPORT |
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Selected Financial Information: |
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Total Revenues | $ | 11,229 | $ | 11,114 | 1.0 | % | $ | 23,600 | $ | 22,860 | 3.2 | % | ||||||||||
Adjusted Property EBITDA | $ | 2,481 | $ | 2,612 | (5.0 | )% | $ | 6,136 | $ | 5,925 | 3.6 | % | ||||||||||
Selected Operating Information: |
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Average Occupancy | 73.9 | % | 78.8 | % | -4.9 | pts | 77.3 | % | 79.1 | % | -1.8 | pts | ||||||||||
ADR | $ | 103.78 | $ | 93.76 | 10.7 | % | $ | 103.73 | $ | 98.43 | 5.4 | % | ||||||||||
RevPAR | $ | 76.69 | $ | 73.88 | 3.8 | % | $ | 80.13 | $ | 77.86 | 2.9 | % | ||||||||||
FRENCHMAN’S REEF & MORNING STAR MARRIOTT BEACH RESORT |
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Selected Financial Information: (This property reports results on a monthly basis. The historical results presented here represent the calendar quarters ended June 30, 2005 and 2004, and the calendar first half ended June 30, 2005 and 2004.) |
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Total Revenues | $ | 12,043 | $ | 11,420 | 5.5 | % | $ | 26,449 | $ | 24,213 | 9.2 | % | ||||||||||
Adjusted Property EBITDA | $ | 3,043 | $ | 2,391 | 27.3 | % | $ | 8,529 | $ | 7,011 | 21.7 | % | ||||||||||
Selected Operating Information: |
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Average Occupancy | 85.8 | % | 90.0 | % | -4.2 | pts | 85.9 | % | 80.6 | % | 5.3 | pts | ||||||||||
ADR | $ | 181.80 | $ | 157.83 | 15.2 | % | $ | 221.74 | $ | 202.92 | 9.3 | % | ||||||||||
RevPAR | $ | 156.03 | $ | 142.00 | 9.9 | % | $ | 190.39 | $ | 163.58 | 16.4 | % | ||||||||||
RENAISSANCE WORTHINGTON |
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Selected Financial Information: |
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Total Revenues | $ | 9,251 | $ | 7,925 | 16.7 | % | $ | 17,408 | $ | 16,094 | 8.2 | % | ||||||||||
Adjusted Property EBITDA | $ | 2,520 | $ | 1,879 | 34.1 | % | $ | 4,552 | $ | 3,945 | 15.4 | % | ||||||||||
Selected Operating Information: |
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Average Occupancy | 82.6 | % | 77.0 | % | 5.6 | pts | 80.4 | % | 78.1 | % | 2.3 | pts | ||||||||||
ADR | $ | 156.85 | $ | 139.54 | 12.4 | % | $ | 152.01 | $ | 138.44 | 9.8 | % | ||||||||||
RevPAR | $ | 129.56 | $ | 107.44 | 20.6 | % | $ | 122.15 | $ | 108.06 | 13.0 | % | ||||||||||
19
| Supplemental Information June 17, 2005 | |
Selected Financial and Operating Information by Property
Properties Acquired Subsequent to June 17, 2005
(in thousands, except selected operating information)
The following tables present, except where noted, selected financial and operating information by property for the fiscal quarter ended June 17, 2005, the period from January 1, 2005 to June 17, 2005, and the comparable periods during 2004. None of these properties were owned by DiamondRock Hospitality during the 2004 comparison period. Adjusted Property EBITDA reflects property net operating income excluding the non-cash expense incurred from straight lining the rent from our ground lease obligations (where applicable) plus depreciation and amortization.
| Fiscal Second Quarter | Fiscal First Half | |||||||||||||||||||||
| Ended June 17, 2005 | Ended June 18, 2004 | % Change | Ended June 17, 2005 | Ended June 18, 2004 | % Change | |||||||||||||||||
OAK BROOK HILLS RESORT & CONFERENCE CENTER |
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Selected Financial Information: (Audited numbers not currently available.) |
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VAIL MARRIOTT MOUNTAIN RESORT & SPA |
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Selected Financial Information: (This property reports results on a monthly basis. The historical results presented here represent the calendar quarters ended June 30, 2005 and 2004, and the calendar first half ended June 30, 2005 and 2004.) |
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Total Revenues | $ | 3,068 | $ | 3,538 | (13.3 | )% | $ | 12,998 | $ | 12,456 | 4.4 | % | ||||||||||
Adjusted Property EBITDA | $ | (361 | ) | $ | (44 | ) | (713.2 | )% | $ | 4,143 | $ | 3,635 | 14.0 | % | ||||||||
Selected Operating Information: |
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Average Occupancy | 43.8 | % | 49.1 | % | -5.3 | pts | 63.2 | % | 64.7 | % | -1.5 | pts | ||||||||||
ADR | $ | 128.36 | $ | 124.08 | 3.4 | % | $ | 238.39 | $ | 216.49 | 10.1 | % | ||||||||||
RevPAR | $ | 56.23 | $ | 60.96 | (7.8 | )% | $ | 150.63 | $ | 140.15 | 7.5 | % | ||||||||||
MARRIOTT ATLANTA ALPHARETTA |
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Selected Financial Information: |
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Total Revenues | $ | 3,270 | $ | 2,923 | 11.9 | % | $ | 6,700 | $ | 5,998 | 11.7 | % | ||||||||||
Adjusted Property EBITDA | $ | 1,047 | $ | 853 | 22.8 | % | $ | 2,137 | $ | 1,696 | 26.0 | % | ||||||||||
Selected Operating Information: |
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Average Occupancy | 61.6 | % | 61.2 | % | 0.4 | pts | 61.7 | % | 61.7 | % | 0 | pts | ||||||||||
ADR | $ | 133.77 | $ | 120.47 | 11.0 | % | $ | 133.25 | $ | 121.53 | 9.6 | % | ||||||||||
RevPAR | $ | 82.40 | $ | 73.73 | 11.8 | % | $ | 82.18 | $ | 74.95 | 9.6 | % | ||||||||||
SPRINGHILL SUITES BUCKHEAD |
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Selected Financial Information: (This property opened on July 1, 2005 and therefore has no operating history.) |
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20