DALLAS, Feb. 26, 2020 /PRNewswire/ -- Braemar Hotels
& Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today
reported financial results and performance measures for the fourth
quarter and full year ended December
31, 2019. The comparable performance measurements for
Occupancy, Average Daily Rate (ADR), Revenue Per Available Room
(RevPAR), and Hotel EBITDA assume each of the hotel properties in
the Company's hotel portfolio as of December
31, 2019 were owned as of the beginning of each of the
periods presented. Unless otherwise stated, all reported
results compare the fourth quarter ended December 31, 2019 with the fourth quarter ended
December 31, 2018 (see discussion
below). The reconciliation of non-GAAP financial measures is
included in the financial tables accompanying this press
release.
STRATEGIC OVERVIEW
- Focused strategy of investing in luxury hotels and resorts
- Targets conservative leverage levels of 45% Net Debt to Gross
Assets
- Highly-aligned management team and advisory structure
- Dividend yield of approximately 8.8%
FINANCIAL AND OPERATING HIGHLIGHTS
- Net income attributable to common stockholders for the quarter
was $12.7 million or $0.36 per diluted share. For the full year of
2019, net loss attributable to common stockholders was $9.8 million or $0.32 per diluted share.
- Actual RevPAR for all hotels increased 9.9% to $223.70 during the quarter.
- Comparable RevPAR for all hotels increased 6.2% to $223.70 during the quarter.
- Adjusted funds from operations (AFFO) was $0.27 per diluted share for the quarter, an
increase of 93% over the prior-year quarter.
- Adjusted EBITDAre was $25.5
million for the quarter, an increase of 25% over the
prior-year quarter.
- During the quarter, the Company sold 19,897 shares of Ashford
Inc. (NYSE American: AINC) ("Ashford") common stock to Ashford for
net proceeds of approximately $0.6
million. Additionally, during the quarter, the Company
distributed its remaining 174,983 shares of Ashford common stock on
a pro-rata basis to its common shareholders and unitholders.
- During the quarter, the Company announced it had refinanced its
mortgage loan for the 142-room Pier House Resort & Spa in
Key West, Florida.
- During the quarter, the Company announced it had entered into a
new secured credit facility to replace its previous secured credit
facility.
- During the quarter, the Company announced the opening of The
Maple Grove Presidential Villa at the Bardessono Hotel & Spa in
Yountville, CA.
- During the quarter, the Company announced that it had reopened
its 180-room Ritz-Carlton St. Thomas hotel in St. Thomas, USVI on
November 22, 2019.
- Capex invested during the quarter was $28.1 million, bringing the total capex invested
for the full year to $136.3
million.
UPDATE ON BUSINESS INTERRUPTION INCOME
During
the quarter, the Company recognized $2.8
million of business interruption ("BI") income for the
Ritz-Carlton St. Thomas related to lost profits for the period of
September 2019 through November 2019 due to the impact of Hurricane
Irma. BI income for the full year 2019 totaled $19.3 million and related to lost profits for the
period of December 2018 through
November 2019. The Company will continue to work with its
insurers on the claims at the Ritz-Carlton St. Thomas.
OPENING OF THE MAPLE GROVE PRESIDENTIAL VILLA
On
October 3, 2019, the Company
announced the opening of The Maple Grove Presidential Villa at the
Bardessono Hotel & Spa in Yountville,
California. The spacious Presidential Villa is available in
its entirety, offering 3,705 square feet of space including three
bedrooms at a published rate of $9,000 per night. The Presidential Villa is
also available as three separate large, one-bedroom suites: the
Flint Villa, the Jaspe Villa, and the Quartole Villa. Each separate
suite boasts a distinctive great room, stately king bedroom, spa
bathroom and courtyard.
REOPENING OF THE PRESTIGIOUS RITZ-CARLTON ST.
THOMAS
On December 2, 2019,
the Company announced it had reopened its 180-room Ritz-Carlton St.
Thomas hotel in St. Thomas, USVI as planned on November
22, 2019. The property, which had been operating with
minimal operations since being struck by Hurricane Irma in
September 2017, underwent
approximately $100 million in
renovations that were substantially funded by insurance
proceeds. The renovation included guestrooms, guest
bathrooms, public space, meeting space, ballroom, lobby, F&B
outlets as well as several infrastructure projects.
Additionally, during the renovation, several new amenities were
added including expanding the meeting space pre-function area,
renovating the lobby, expanding the retail space, repositioning the
hotel's signature restaurant - Alloro, renovating the Kid's Club,
adding a centralized café and market, constructing a family pool
with splash pad, and adding 11 luxury pool cabanas.
CAPITAL STRUCTURE
At December
31, 2019, the Company had total assets of $1.8 billion and $1.1
billion of mortgage loans of which $49 million related to its joint venture
partner's share of the mortgage loan on the Capital Hilton and
Hilton La Jolla Torrey Pines. The Company's total combined
mortgage loans had a blended average interest rate of
4.0%.
On October 2, 2019, the Company
announced that it entered into a stock purchase agreement with
Ashford under which Ashford purchased 19,897 shares of its common
stock for $30 per share, resulting in
total proceeds of approximately $0.6
million to the Company. The purchase price reflected a
premium of approximately 20% based on the closing price of Ashford
common stock on October 1,
2019. Due to the parameters of the private letter ruling from
the Internal Revenue Service received by the Company, Ashford was
only able to acquire the shares held by the Company's taxable REIT
subsidiary. Additionally, on November
5, 2019, the Company distributed its remaining 174,983
shares of Ashford common stock to its common shareholders and
unitholders through a pro-rata, taxable dividend.
On October 3, 2019, the Company
announced that it had refinanced its mortgage loan for the 142-room
Pier House Resort & Spa in Key West,
Florida, which had an existing outstanding balance of
$70 million, a floating interest rate
of LIBOR + 2.25%, and a final maturity date in March 2020.
The new, non-recourse loan totals $80
million and has a five-year term. The loan is interest only
and provides for a floating interest rate of LIBOR + 1.85%.
The Company's next hard maturity is not until April 2022.
On October 28, 2019, the Company
announced that it had entered into a new $75
million secured credit facility, which replaced the
Company's previous credit facility that was scheduled to mature in
November 2019. The new credit facility provides for a
three-year revolving line of credit and bears interest at a range
of LIBOR + 2.25%-3.50%, depending on the leverage level of the
Company. There are two, one-year extension options, subject
to the satisfaction of certain conditions. The new credit
facility includes the opportunity to expand the borrowing capacity
by up to $175 million to an aggregate
size of $250 million.
On December 4, 2019, the Company
entered into separate equity distribution agreements with B. Riley
FBR, Inc. and Janney Montgomery Scott LLC, relating to our shares
of 5.50% Series B Cumulative Convertible Preferred Stock, (the
"Series B Preferred Stock"). As part of this "at-the-market"
("ATM") equity offering program, the Company may offer and sell,
from time to time, up to an aggregate of $40
million of its Series B Preferred Stock. Since the
inception of the ATM program, the Company has sold $1.25 million of its Series B Preferred Stock at
an average price of $19.02 and
expects to use the proceeds for general corporate purposes.
Also during the quarter, the Company filed a registration
statement for the issuance of up to $700
million of Series E or Series M non-traded perpetual
preferred stock that the Company expects will permit it to issue
securities through the financial advisor and registered investment
advisor networks over the next 3 years, market conditions
permitting. The Company is currently targeting to raise
$350 million over that period, and
has registered a larger amount to allow for a dividend reinvestment
program, as well as the potential for a more favorable reception to
the offering concurrent with a more attractive hotel investment
market. That registration statement is now effective. Ashford
Securities, a division of Ashford Inc., has been established and
licensed by FINRA as a broker-dealer, in order to act as
dealer-manager on behalf of the Company in respect of the Series E
and Series M non-traded preferred stock. The Company expects
to use any proceeds from the sale of the Series E or Series M
non-traded perpetual preferred stock for general corporate purposes
and to enable the Company to continue to grow at a time when the
retail capital markets are strong and the traditional equity
markets are less favorable.
PORTFOLIO REVPAR
As of December 31, 2019, the portfolio consisted of
thirteen hotels. During the fourth quarter of 2019, eleven of
the Company's hotels were not under renovation. The Company
believes reporting its operating metrics for its hotels on a
comparable total basis (all 13 hotels) and comparable not under
renovation basis (11 hotels) is a measure that reflects a
meaningful and focused comparison of the operating results in its
portfolio. Details of each category are provided in the
tables attached to this release.
- Comparable RevPAR increased 6.2% to $223.70 for all hotels on a 4.5% increase in ADR
and a 1.7% increase in occupancy.
- Comparable RevPAR increased 4.8% to $219.11 for all hotels not under renovation on a
2.1% increase in ADR and a 2.7% increase in occupancy.
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY
TRENDS
The Company believes year-over-year Comparable Hotel
EBITDA and Comparable Hotel EBITDA Margin comparisons are more
meaningful to gauge the performance of the Company's hotels than
sequential quarter-over-quarter comparisons. To help
investors better understand the substantial seasonality in the
Company's portfolio, the Company provides quarterly detail on its
Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the
current and certain prior-year periods based upon the number of
hotels in the Company's portfolio as of the end of the current
period. As the Company's portfolio mix changes from time to
time so will the seasonality for Comparable Hotel EBITDA and
Comparable Hotel EBITDA Margin. The details of the quarterly
calculations for the previous four quarters for the thirteen hotels
are provided in the table attached to this release.
COMMON STOCK DIVIDEND
On December 5, 2019, the Company announced that its
Board of Directors declared a quarterly cash dividend of $0.16
per diluted share for the Company's common stock for the fourth
quarter ending December 31, 2019. The
dividend, which equates to an annual rate of $0.64 per share, was paid on January 15, 2020, to shareholders of record as of
December 31, 2019.
"We continue to diligently execute on our strategic objectives
focusing on the luxury hotel segment," said Richard J. Stockton, Braemar's President and
Chief Executive Officer. "Throughout 2019, we consistently made
progress on our portfolio repositioning, capital investment, and
the asset management front. We recently completed the
renovation of the Ritz-Carlton St. Thomas, which reopened in
November, and also completed The Maple Grove Presidential Villa at
the Bardessono. We remain excited that the renovation and
rebranding of the Courtyard Downtown San Francisco to The Clancy,
an Autograph Collection Hotel, will be completed this May.
Additionally, with our recent refinancing activity, we have pushed
out our debt maturities while also lowering our cost of debt.
We will continue to look for opportunities to maximize value for
our shareholders and remain focused on delivering solid operational
performance. Heading into 2020, we believe our portfolio is
well-positioned and has unique aspects that are expected to result
in opportunities for RevPAR outperformance."
INVESTOR CONFERENCE CALL AND SIMULCAST
Braemar will
conduct a conference call on Thursday,
February 27, 2020 at 11:00 a.m.
ET. The number to call for this interactive teleconference
is (201) 493-6725. A replay of the conference call will be
available through Thursday, March 5,
2020, by dialing (412) 317-6671 and entering the
confirmation number, 13697612.
The Company will also provide an online simulcast and
rebroadcast of its fourth quarter 2019 earnings release conference
call. The live broadcast of Braemar's quarterly conference
call will be available online at the Company's web
site, www.bhrreit.com on Thursday,
February 27, 2020, beginning at 11:00
a.m. ET. The online replay will follow shortly after
the call and continue for approximately one year.
We use certain non-GAAP measures, in addition to the required
GAAP presentations, as we believe these measures improve the
understanding of our operational results and make comparisons of
operating results among peer real estate investment trusts more
meaningful. Non-GAAP financial measures, which should not be relied
upon as a substitute for GAAP measures, used in this press release
are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel
EBITDA. Please refer to our most recently filed Annual Report
on Form 10-K for a more detailed description of how these non-GAAP
measures are calculated. The reconciliations of non-GAAP
measures to the closest GAAP measures are provided below and
provide further details of our results for the period being
reported.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities. Securities
will be offered only by means of a registration statement and
prospectus which can be found at www.sec.gov.
* * * * *
Braemar Hotels & Resorts is a real estate investment trust
(REIT) focused on investing in luxury hotels and resorts.
Ashford has created an Ashford App for the hospitality REIT
investor community. The Ashford App is available for free
download at Apple's App Store and
the Google Play Store by searching "Ashford."
Certain statements and assumptions in this press release
contain or are based upon "forward-looking" information and are
being made pursuant to the safe harbor provisions of the federal
securities regulations. Forward-looking statements in this
press release may include, among others, statements about
the implied share price for the Company's common stock. When
we use the words "will likely result," "may," "anticipate,"
"estimate," "should," "expect," "believe," "intend," or similar
expressions, we intend to identify forward-looking
statements. Such statements are subject to numerous
assumptions and uncertainties, many of which are outside Braemar's
control.
These forward-looking statements are subject to known and
unknown risks and uncertainties, which could cause actual results
to differ materially from those anticipated, including, without
limitation: general conditions of the capital markets and the
market price of our common stock; changes in our business or
investment strategy; availability, terms and deployment of capital;
availability of qualified personnel; changes in our industry and
the market in which we operate, interest rates or the general
economy; our ability to successfully complete and integrate
acquisitions, and manage our planned growth, and the degree and
nature of our competition. These and other risk factors are
more fully discussed in Braemar's filings with the Securities and
Exchange Commission.
The forward-looking statements included in this press release
are only made as of the date of this press release. The
Company can give no assurance that these forward-looking statements
will be attained or that any deviation will not occur. We are
not obligated to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or circumstances, changes in expectations or otherwise.
BRAEMAR HOTELS
& RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands,
except share and per share amounts)
(unaudited)
|
|
|
|
|
|
December 31,
2019
|
|
December 31,
2018
|
ASSETS
|
|
|
|
Investments in hotel
properties, gross
|
$
|
1,791,174
|
|
|
$
|
1,562,806
|
|
Accumulated
depreciation
|
(309,752)
|
|
|
(262,905)
|
|
Investments in hotel
properties, net
|
1,481,422
|
|
|
1,299,901
|
|
Cash and cash
equivalents
|
71,995
|
|
|
182,578
|
|
Restricted
cash
|
58,388
|
|
|
75,910
|
|
Accounts receivable,
net of allowance of $153 and $101, respectively
|
19,053
|
|
|
12,739
|
|
Inventories
|
2,794
|
|
|
1,862
|
|
Prepaid
expenses
|
4,992
|
|
|
4,409
|
|
Investment in Ashford
Inc., at fair value
|
—
|
|
|
10,114
|
|
Investment in
OpenKey
|
1,899
|
|
|
1,766
|
|
Derivative
assets
|
582
|
|
|
772
|
|
Other
assets
|
13,018
|
|
|
13,831
|
|
Operating lease
right-of-use assets
|
82,596
|
|
|
—
|
|
Intangible assets,
net
|
5,019
|
|
|
27,678
|
|
Due from related
parties, net
|
551
|
|
|
—
|
|
Due from third-party
hotel managers
|
16,638
|
|
|
4,927
|
|
Total
assets
|
$
|
1,758,947
|
|
|
$
|
1,636,487
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Liabilities:
|
|
|
|
Indebtedness,
net
|
$
|
1,058,486
|
|
|
$
|
985,873
|
|
Accounts payable and
accrued expenses
|
94,919
|
|
|
64,116
|
|
Dividends and
distributions payable
|
9,143
|
|
|
8,514
|
|
Due to Ashford Inc.,
net
|
4,344
|
|
|
4,001
|
|
Due to related
parties, net
|
—
|
|
|
224
|
|
Due to third-party
hotel managers
|
1,685
|
|
|
1,633
|
|
Operating lease
liabilities
|
61,118
|
|
|
—
|
|
Other
liabilities
|
17,508
|
|
|
29,033
|
|
Total
liabilities
|
1,247,203
|
|
|
1,093,394
|
|
|
|
|
|
5.50% Series B
Cumulative Convertible Preferred Stock, $0.01 par value, 5,008,421
and 4,965,850 shares issued and
outstanding at December 31, 2019 and 2018, respectively
|
106,920
|
|
|
106,123
|
|
Redeemable
noncontrolling interests in operating partnership
|
41,570
|
|
|
44,885
|
|
Equity:
|
|
|
|
Preferred stock,
$0.01 value, 50,000,000 shares authorized:
|
|
|
|
Series D Cumulative
Preferred Stock, 1,600,000 shares issued and outstanding at
December 31, 2019 and 2018
|
16
|
|
|
16
|
|
Common stock, $0.01
par value, 200,000,000 shares authorized, 32,885,217 and 32,511,660
shares issued and outstanding at December 31, 2019 and 2018,
respectively
|
329
|
|
|
325
|
|
Additional paid-in
capital
|
519,551
|
|
|
512,545
|
|
Accumulated
deficit
|
(150,629)
|
|
|
(115,410)
|
|
Total stockholders'
equity of the Company
|
369,267
|
|
|
397,476
|
|
Noncontrolling
interest in consolidated entities
|
(6,013)
|
|
|
(5,391)
|
|
Total
equity
|
363,254
|
|
|
392,085
|
|
Total liabilities and
equity
|
$
|
1,758,947
|
|
|
$
|
1,636,487
|
|
BRAEMAR HOTELS
& RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
REVENUE
|
|
|
|
|
|
|
|
Rooms
|
$
|
75,188
|
|
|
$
|
64,471
|
|
|
$
|
303,848
|
|
|
$
|
282,775
|
|
Food and
beverage
|
30,759
|
|
|
24,607
|
|
|
115,085
|
|
|
94,671
|
|
Other
|
15,754
|
|
|
9,867
|
|
|
68,674
|
|
|
53,952
|
|
Total hotel
revenue
|
121,701
|
|
|
98,945
|
|
|
487,607
|
|
|
431,398
|
|
Other
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
Total
revenue
|
121,701
|
|
|
98,945
|
|
|
487,614
|
|
|
431,398
|
|
EXPENSES
|
|
|
|
|
|
|
|
Hotel operating
expenses:
|
|
|
|
|
|
|
|
Rooms
|
18,217
|
|
|
14,304
|
|
|
70,297
|
|
|
62,498
|
|
Food and
beverage
|
23,354
|
|
|
17,308
|
|
|
85,679
|
|
|
66,386
|
|
Other
expenses
|
39,632
|
|
|
32,610
|
|
|
151,063
|
|
|
128,100
|
|
Management
fees
|
4,031
|
|
|
3,567
|
|
|
16,573
|
|
|
15,648
|
|
Total hotel operating
expenses
|
85,234
|
|
|
67,789
|
|
|
323,612
|
|
|
272,632
|
|
Property taxes,
insurance and other
|
7,629
|
|
|
7,511
|
|
|
27,985
|
|
|
26,027
|
|
Depreciation and
amortization
|
18,121
|
|
|
15,092
|
|
|
70,112
|
|
|
57,383
|
|
Impairment
charges
|
—
|
|
|
—
|
|
|
—
|
|
|
71
|
|
Advisory services
fee:
|
|
|
|
|
|
|
|
Base advisory
fee
|
2,664
|
|
|
2,496
|
|
|
10,834
|
|
|
9,424
|
|
Reimbursable
expenses
|
383
|
|
|
624
|
|
|
2,289
|
|
|
2,072
|
|
Incentive
fee
|
(77)
|
|
|
(206)
|
|
|
—
|
|
|
2,035
|
|
Non-cash
stock/unit-based compensation
|
1,978
|
|
|
1,241
|
|
|
7,404
|
|
|
6,481
|
|
Transaction
costs
|
—
|
|
|
—
|
|
|
704
|
|
|
949
|
|
Corporate, general
and administrative:
|
|
|
|
|
|
|
|
Non-cash
stock/unit-based compensation
|
18
|
|
|
—
|
|
|
384
|
|
|
304
|
|
Other general and
administrative
|
1,784
|
|
|
1,238
|
|
|
5,051
|
|
|
3,933
|
|
Total operating
expenses
|
117,734
|
|
|
95,785
|
|
|
448,375
|
|
|
381,311
|
|
Gain (loss) on
insurance settlement, disposition of assets and sale of hotel
property
|
26,319
|
|
|
27
|
|
|
25,165
|
|
|
15,738
|
|
OPERATING INCOME
(LOSS)
|
30,286
|
|
|
3,187
|
|
|
64,404
|
|
|
65,825
|
|
Equity in earnings
(loss) of unconsolidated entity
|
(50)
|
|
|
(88)
|
|
|
(199)
|
|
|
(234)
|
|
Interest
income
|
189
|
|
|
632
|
|
|
1,087
|
|
|
1,602
|
|
Other income
(expense)
|
(13,577)
|
|
|
(63)
|
|
|
(13,947)
|
|
|
(253)
|
|
Interest
expense
|
(11,518)
|
|
|
(12,609)
|
|
|
(50,164)
|
|
|
(45,393)
|
|
Amortization of loan
costs
|
(1,095)
|
|
|
(1,103)
|
|
|
(4,343)
|
|
|
(4,260)
|
|
Write-off of loan
costs and exit fees
|
—
|
|
|
—
|
|
|
(647)
|
|
|
(4,178)
|
|
Unrealized gain
(loss) on investments
|
13,262
|
|
|
(4,672)
|
|
|
7,872
|
|
|
(8,010)
|
|
Unrealized gain
(loss) on derivatives
|
(131)
|
|
|
721
|
|
|
(1,103)
|
|
|
(82)
|
|
INCOME (LOSS)
BEFORE INCOME TAXES
|
17,366
|
|
|
(13,995)
|
|
|
2,960
|
|
|
5,017
|
|
Income tax (expense)
benefit
|
(271)
|
|
|
82
|
|
|
(1,764)
|
|
|
(2,432)
|
|
NET INCOME
(LOSS)
|
17,095
|
|
|
(13,913)
|
|
|
1,196
|
|
|
2,585
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(282)
|
|
|
(274)
|
|
|
(2,032)
|
|
|
(2,016)
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
(1,563)
|
|
|
1,826
|
|
|
1,207
|
|
|
751
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO THE COMPANY
|
15,250
|
|
|
(12,361)
|
|
|
371
|
|
|
1,320
|
|
Preferred
dividends
|
(2,545)
|
|
|
(2,083)
|
|
|
(10,142)
|
|
|
(7,205)
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
12,705
|
|
|
$
|
(14,444)
|
|
|
$
|
(9,771)
|
|
|
$
|
(5,885)
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) PER
SHARE – BASIC AND DILUTED
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
|
0.38
|
|
|
$
|
(0.44)
|
|
|
$
|
(0.32)
|
|
|
$
|
(0.19)
|
|
Weighted average
common shares outstanding – basic
|
32,376
|
|
|
32,058
|
|
|
32,289
|
|
|
31,944
|
|
Diluted:
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
|
0.36
|
|
|
$
|
(0.44)
|
|
|
$
|
(0.32)
|
|
|
$
|
(0.19)
|
|
Weighted average
common shares outstanding – diluted
|
38,995
|
|
|
32,058
|
|
|
32,289
|
|
|
31,944
|
|
Dividends declared
per common share:
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
$
|
0.64
|
|
|
$
|
0.64
|
|
BRAEMAR HOTELS
& RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND
ADJUSTED EBITDAre
(in thousands)
(unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net income
(loss)
|
$
|
17,095
|
|
|
$
|
(13,913)
|
|
|
$
|
1,196
|
|
|
$
|
2,585
|
|
Interest expense and
amortization of loan costs
|
12,613
|
|
|
13,712
|
|
|
54,507
|
|
|
49,653
|
|
Depreciation and
amortization
|
18,121
|
|
|
15,092
|
|
|
70,112
|
|
|
57,383
|
|
Income tax expense
(benefit)
|
271
|
|
|
(82)
|
|
|
1,764
|
|
|
2,432
|
|
Equity in (earnings)
loss of unconsolidated entity
|
50
|
|
|
88
|
|
|
199
|
|
|
234
|
|
Company's portion of
EBITDA of OpenKey
|
(48)
|
|
|
(77)
|
|
|
(195)
|
|
|
(220)
|
|
EBITDA
|
48,102
|
|
|
14,820
|
|
|
127,583
|
|
|
112,067
|
|
Impairment charges on
real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
71
|
|
Gain (loss) on
insurance settlement, disposition of assets and sale of hotel
property
|
(26,319)
|
|
|
(27)
|
|
|
(25,165)
|
|
|
(15,738)
|
|
EBITDAre
|
21,783
|
|
|
14,793
|
|
|
102,418
|
|
|
96,400
|
|
Amortization of
favorable (unfavorable) contract assets (liabilities)
|
285
|
|
|
52
|
|
|
651
|
|
|
195
|
|
Transaction and
conversion costs
|
893
|
|
|
2,000
|
|
|
2,076
|
|
|
2,965
|
|
Other (income)
expense
|
13,577
|
|
|
63
|
|
|
13,947
|
|
|
253
|
|
Write-off of loan
costs and exit fees
|
—
|
|
|
—
|
|
|
647
|
|
|
4,178
|
|
Unrealized (gain)
loss on investments
|
(13,262)
|
|
|
4,672
|
|
|
(7,872)
|
|
|
8,010
|
|
Unrealized (gain)
loss on derivatives
|
131
|
|
|
(721)
|
|
|
1,103
|
|
|
82
|
|
Non-cash
stock/unit-based compensation
|
2,035
|
|
|
1,295
|
|
|
7,943
|
|
|
7,004
|
|
Legal, advisory and
settlement costs
|
93
|
|
|
426
|
|
|
527
|
|
|
(241)
|
|
Advisory services
incentive fee
|
(77)
|
|
|
(2,241)
|
|
|
—
|
|
|
—
|
|
Uninsured hurricane
and wildfire related costs
|
—
|
|
|
—
|
|
|
—
|
|
|
412
|
|
Company's portion of
adjustments to EBITDAre of OpenKey
|
3
|
|
|
8
|
|
|
25
|
|
|
7
|
|
Adjusted
EBITDAre
|
$
|
25,461
|
|
|
$
|
20,347
|
|
|
$
|
121,465
|
|
|
$
|
119,265
|
|
BRAEMAR HOTELS
& RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS
("FFO") AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net income
(loss)
|
$
|
17,095
|
|
|
$
|
(13,913)
|
|
|
$
|
1,196
|
|
|
$
|
2,585
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(282)
|
|
|
(274)
|
|
|
(2,032)
|
|
|
(2,016)
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
(1,563)
|
|
|
1,826
|
|
|
1,207
|
|
|
751
|
|
Preferred
dividends
|
(2,545)
|
|
|
(2,545)
|
|
|
(10,142)
|
|
|
(7,205)
|
|
Net income (loss)
attributable to common stockholders
|
12,705
|
|
|
(14,906)
|
|
|
(9,771)
|
|
|
(5,885)
|
|
Depreciation and
amortization on real estate
|
17,324
|
|
|
14,320
|
|
|
66,933
|
|
|
54,350
|
|
Impairment charges on
real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
71
|
|
Net income (loss)
attributable to redeemable noncontrolling interests in operating
partnership
|
1,563
|
|
|
(1,826)
|
|
|
(1,207)
|
|
|
(751)
|
|
Equity in (earnings)
loss of unconsolidated entity
|
50
|
|
|
88
|
|
|
199
|
|
|
234
|
|
Gain (loss) on
insurance settlement, disposition of assets and sale of hotel
property
|
(26,319)
|
|
|
(27)
|
|
|
(25,165)
|
|
|
(15,738)
|
|
Company's portion of
FFO of OpenKey
|
(50)
|
|
|
(78)
|
|
|
(201)
|
|
|
(224)
|
|
FFO available to
common stockholders and OP unitholders
|
5,273
|
|
|
(2,429)
|
|
|
30,788
|
|
|
32,057
|
|
Series B Cumulative
Convertible Preferred Stock dividends
|
1,720
|
|
|
1,707
|
|
|
6,842
|
|
|
6,829
|
|
Transaction and
conversion costs
|
893
|
|
|
2,000
|
|
|
2,076
|
|
|
2,965
|
|
Other (income)
expense
|
13,577
|
|
|
63
|
|
|
13,947
|
|
|
253
|
|
Interest expense
accretion on refundable membership club deposits
|
213
|
|
|
300
|
|
|
864
|
|
|
676
|
|
Write-off of loan
costs and exit fees
|
—
|
|
|
—
|
|
|
647
|
|
|
4,178
|
|
Amortization of loan
costs
|
1,076
|
|
|
1,080
|
|
|
4,263
|
|
|
4,164
|
|
Unrealized (gain)
loss on investments
|
(13,262)
|
|
|
4,672
|
|
|
(7,872)
|
|
|
8,010
|
|
Unrealized (gain)
loss on derivatives
|
131
|
|
|
(721)
|
|
|
1,103
|
|
|
82
|
|
Non-cash
stock/unit-based compensation
|
2,035
|
|
|
1,295
|
|
|
7,943
|
|
|
7,004
|
|
Legal, advisory and
settlement costs
|
93
|
|
|
426
|
|
|
527
|
|
|
(241)
|
|
Advisory services
incentive fee
|
(77)
|
|
|
(2,241)
|
|
|
—
|
|
|
—
|
|
Uninsured hurricane
and wildfire related costs
|
—
|
|
|
—
|
|
|
—
|
|
|
412
|
|
Company's portion of
adjustments to FFO of OpenKey
|
4
|
|
|
8
|
|
|
28
|
|
|
7
|
|
Adjusted FFO
available to common stockholders and OP unitholders
|
$
|
11,676
|
|
|
$
|
6,160
|
|
|
$
|
61,156
|
|
|
$
|
66,396
|
|
Adjusted FFO per
diluted share available to common stockholders and OP
unitholders
|
$
|
0.27
|
|
|
$
|
0.14
|
|
|
$
|
1.41
|
|
|
$
|
1.55
|
|
Weighted average
diluted shares
|
43,381
|
|
|
43,026
|
|
|
43,387
|
|
|
42,787
|
|
BRAEMAR HOTELS
& RESORTS INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
DECEMBER 31, 2019
(dollars in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lender
|
|
Hotels
|
|
Maturity
|
|
Interest
Rate
|
|
Fixed-
Rate
Debt
|
|
Floating-
Rate
Debt
|
|
Total
Debt
|
|
Comparable
TTM
Hotel
EBITDA(6)
|
|
Comparable
TTM
EBITDA
Debt Yield
|
JPMorgan
|
|
Park Hyatt Beaver
Creek
|
|
April 2020
|
|
LIBOR +
2.75%
|
|
$
|
—
|
|
|
$
|
67,500
|
|
(1)
|
$
|
67,500
|
|
|
$
|
10,142
|
|
|
15.0
|
%
|
BAML
|
|
See
footnote
|
|
June 2020
|
|
LIBOR +
2.16%
|
|
—
|
|
|
435,000
|
|
(2)
|
435,000
|
|
|
$
|
45,517
|
|
|
10.5
|
%
|
Apollo
|
|
Ritz-Carlton, St.
Thomas
|
|
August
2021
|
|
LIBOR +
4.95%
|
|
—
|
|
|
42,500
|
|
(3)
|
42,500
|
|
|
11,399
|
|
|
26.8
|
%
|
BAML
|
|
Hotel
Yountville
|
|
May 2022
|
|
LIBOR +
2.55%
|
|
—
|
|
|
51,000
|
|
|
51,000
|
|
|
6,202
|
|
|
12.2
|
%
|
BAML
|
|
Bardessono
|
|
August
2022
|
|
LIBOR +
2.55%
|
|
—
|
|
|
40,000
|
|
|
40,000
|
|
|
5,610
|
|
|
14.0
|
%
|
BAML secured
revolving credit facility
|
|
N/A
|
|
October
2022
|
|
Base Rate(5) + 1.25%
to 2.50%
or LIBOR + 2.25% to 3.50%
|
|
—
|
|
|
—
|
|
(4)
|
—
|
|
|
N/A
|
|
N/A
|
BAML
|
|
Ritz-Carlton,
Sarasota
|
|
April 2023
|
|
LIBOR +
2.65%
|
|
—
|
|
|
100,000
|
|
|
100,000
|
|
|
13,626
|
|
|
13.6
|
%
|
BAML
|
|
Ritz-Carlton, Lake
Tahoe
|
|
January
2024
|
|
LIBOR +
2.10%
|
|
—
|
|
|
54,000
|
|
|
54,000
|
|
|
8,064
|
|
|
14.9
|
%
|
Prudential
|
|
Capital Hilton and
Hilton
Torrey Pines
|
|
February
2024
|
|
LIBOR +
1.70%
|
|
—
|
|
|
195,000
|
|
|
195,000
|
|
|
29,836
|
|
|
15.3
|
%
|
BAML
|
|
Pier House
Resort
|
|
September
2024
|
|
LIBOR +
1.85%
|
|
—
|
|
|
80,000
|
|
|
80,000
|
|
|
11,700
|
|
|
14.6
|
%
|
Total
|
|
|
|
|
|
|
|
$
|
—
|
|
|
$
|
1,065,000
|
|
|
$
|
1,065,000
|
|
|
$
|
142,096
|
|
|
13.3
|
%
|
Percentage
|
|
|
|
|
|
|
|
—
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
Weighted average
interest rate
|
|
|
|
|
|
|
|
—
|
%
|
|
4.04
|
%
|
|
4.04
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All indebtedness is
non-recourse with the exception of the secured revolving credit
facility.
(1) This
mortgage loan has three one-year extension options subject to
satisfaction of certain conditions, of which the first was
exercised in April 2019.
(2) This
mortgage loan has five one-year extension options subject to
satisfaction of certain conditions. This mortgage loan is secured
by the Chicago Sofitel Magnificent Mile, San Francisco
Courtyard
Downtown, Seattle Marriott Waterfront and The Notary
Hotel.
(3) This
mortgage loan has three one-year extension options subject to
satisfaction of certain conditions.
(4) This
credit facility has two one-year extension options subject to
advance notice, certain conditions and a 0.25% extension fee
beginning October 2022.
(5) Base
Rate, as defined in the secured revolving credit facility
agreement, is the greater of (i) the prime rate set by Bank of
America, or (ii) federal funds rate + 0.5%, or (iii) LIBOR +
1.0%.
(6) See
Exhibit 1 for reconciliation of net income (loss) to hotel
EBITDA.
|
BRAEMAR HOTELS
& RESORTS INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE
EXERCISED
DECEMBER 31, 2019
(dollars in thousands)
(unaudited)
|
|
Lender
|
|
Hotels
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Total
|
BAML secured
revolving
credit facility
|
|
N/A
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
JPMorgan
|
|
Park Hyatt Beaver
Creek
|
|
—
|
|
|
—
|
|
|
67,500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67,500
|
|
BAML
|
|
Hotel
Yountville
|
|
—
|
|
|
—
|
|
|
51,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51,000
|
|
BAML
|
|
Bardessono
|
|
—
|
|
|
—
|
|
|
40,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40,000
|
|
BAML
|
|
Ritz-Carlton,
Sarasota
|
|
—
|
|
|
—
|
|
|
—
|
|
|
98,000
|
|
|
—
|
|
|
—
|
|
|
98,000
|
|
BAML
|
|
Ritz-Carlton, Lake
Tahoe
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54,000
|
|
|
—
|
|
|
54,000
|
|
Prudential
|
|
Capital Hilton and
Hilton
Torrey Pines
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
195,000
|
|
|
—
|
|
|
195,000
|
|
Apollo
|
|
Ritz-Carlton, St.
Thomas
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42,500
|
|
|
—
|
|
|
42,500
|
|
BAML
|
|
Pier House
Resort
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
80,000
|
|
|
—
|
|
|
80,000
|
|
BAML
|
|
See footnote
1
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
435,000
|
|
|
435,000
|
|
Principal due in
future periods
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
158,500
|
|
|
$
|
98,000
|
|
|
$
|
371,500
|
|
|
$
|
435,000
|
|
|
$
|
1,063,000
|
|
Scheduled
amortization
payments remaining
|
|
|
|
—
|
|
|
500
|
|
|
1,000
|
|
|
500
|
|
|
—
|
|
|
—
|
|
|
2,000
|
|
Total
indebtedness
|
|
|
|
$
|
—
|
|
|
$
|
500
|
|
|
$
|
159,500
|
|
|
$
|
98,500
|
|
|
$
|
371,500
|
|
|
$
|
435,000
|
|
|
$
|
1,065,000
|
|
|
(1) This
mortgage loan is secured by the Chicago Sofitel Magnificent Mile,
San Francisco Courtyard Downtown, Seattle Marriott Waterfront and
The Notary Hotel.
|
BRAEMAR HOTELS
& RESORTS INC. AND SUBSIDIARIES KEY PERFORMANCE
INDICATORS (unaudited)
|
|
|
ALL
HOTELS:
|
|
|
|
Three Months Ended
December 31,
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
74,753
|
|
|
$
|
—
|
|
|
$
|
74,753
|
|
|
$
|
64,471
|
|
|
$
|
5,538
|
|
|
$
|
70,009
|
|
|
15.95
|
%
|
|
6.78
|
%
|
|
RevPAR
|
$
|
223.70
|
|
|
$
|
—
|
|
|
$
|
223.70
|
|
|
$
|
203.51
|
|
|
$
|
354.11
|
|
|
$
|
210.59
|
|
|
9.92
|
%
|
|
6.23
|
%
|
|
Occupancy
|
76.46
|
%
|
|
—
|
%
|
|
76.46
|
%
|
|
75.58
|
%
|
|
67.79
|
%
|
|
75.22
|
%
|
|
1.16
|
%
|
|
1.65
|
%
|
|
ADR
|
$
|
292.58
|
|
|
$
|
—
|
|
|
$
|
292.58
|
|
|
$
|
269.24
|
|
|
$
|
522.33
|
|
|
$
|
279.97
|
|
|
8.67
|
%
|
|
4.50
|
%
|
ALL
HOTELS:
|
|
|
|
Year Ended
December 31,
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
302,469
|
|
|
$
|
1,719
|
|
|
$
|
304,188
|
|
|
$
|
282,775
|
|
|
$
|
22,479
|
|
|
$
|
305,254
|
|
|
6.96
|
%
|
|
(0.35)
|
%
|
|
RevPAR
|
$
|
232.56
|
|
|
$
|
722.13
|
|
|
$
|
233.45
|
|
|
$
|
221.17
|
|
|
$
|
528.35
|
|
|
$
|
231.06
|
|
|
5.15
|
%
|
|
1.03
|
%
|
|
Occupancy
|
78.85
|
%
|
|
77.52
|
%
|
|
78.85
|
%
|
|
81.31
|
%
|
|
54.04
|
%
|
|
80.43
|
%
|
|
(3.03)
|
%
|
|
(1.96)
|
%
|
|
ADR
|
$
|
294.93
|
|
|
$
|
931.53
|
|
|
$
|
296.07
|
|
|
$
|
272.02
|
|
|
$
|
977.62
|
|
|
$
|
287.29
|
|
|
8.42
|
%
|
|
3.06
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
(1) The above
comparable information assumes the thirteen hotel properties owned
and included in the Company's operations at December 31, 2019,
were owned as of the
beginning of each of the periods presented. Non-comparable
adjustments include pre-acquisition results from hotel properties
acquired during the period offset by results
from hotel properties sold during the period.
(2) All
pre-acquisition information was obtained from the prior owner. The
Company performed a limited review of the information as part of
its analysis of the acquisition.
(3) The above
information does not include the operations of ten condominium
units not owned by the Lake Tahoe Ritz-Carlton.
|
ALL HOTELS
NOT UNDER
RENOVATION:
|
|
Three Months Ended
December 31,
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
63,134
|
|
|
$
|
—
|
|
|
$
|
63,134
|
|
|
$
|
54,657
|
|
|
$
|
5,538
|
|
|
$
|
60,195
|
|
|
15.51
|
%
|
|
4.88
|
%
|
|
RevPAR
|
$
|
219.11
|
|
|
$
|
—
|
|
|
$
|
219.11
|
|
|
$
|
200.77
|
|
|
$
|
354.11
|
|
|
$
|
209.11
|
|
|
9.13
|
%
|
|
4.78
|
%
|
|
Occupancy
|
76.37
|
%
|
|
—
|
%
|
|
76.37
|
%
|
|
74.75
|
%
|
|
67.79
|
%
|
|
74.37
|
%
|
|
2.17
|
%
|
|
2.69
|
%
|
|
ADR
|
$
|
286.91
|
|
|
$
|
—
|
|
|
$
|
286.91
|
|
|
$
|
268.58
|
|
|
$
|
522.33
|
|
|
$
|
281.15
|
|
|
6.82
|
%
|
|
2.05
|
%
|
ALL HOTELS
NOT UNDER
RENOVATION:
|
|
Year Ended
December 31,
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
258,598
|
|
|
$
|
1,719
|
|
|
$
|
260,317
|
|
|
$
|
239,139
|
|
|
$
|
22,479
|
|
|
$
|
261,618
|
|
|
8.14
|
%
|
|
(0.50)
|
%
|
|
RevPAR
|
$
|
226.84
|
|
|
$
|
722.13
|
|
|
$
|
227.88
|
|
|
$
|
217.49
|
|
|
$
|
528.35
|
|
|
$
|
229.07
|
|
|
4.30
|
%
|
|
(0.52)
|
%
|
|
Occupancy
|
77.68
|
%
|
|
77.52
|
%
|
|
77.68
|
%
|
|
80.63
|
%
|
|
54.04
|
%
|
|
79.64
|
%
|
|
(3.66)
|
%
|
|
(2.46)
|
%
|
|
ADR
|
$
|
292.01
|
|
|
$
|
931.53
|
|
|
$
|
293.34
|
|
|
$
|
269.72
|
|
|
$
|
977.62
|
|
|
$
|
287.62
|
|
|
8.26
|
%
|
|
1.99
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
(1) The above
comparable information assumes the eleven hotel properties owned
and included in the Company's operations at December 31, 2019,
and not under renovation
during the three months ended
December 31, 2019, were owned as of the beginning of the
periods presented. Non-comparable adjustments include
pre-acquisition results
from hotel properties acquired during
the period offset by results from hotel properties sold during the
period.
(2) All
pre-acquisition information was obtained from the prior owner. The
Company performed a limited review of the information as part of
its analysis of the acquisition.
(3) The above
information does not include the operations of ten condominium
units not owned by the Lake Tahoe Ritz-Carlton.
(4) Excluded Hotels
Under Renovation:
San Francisco Courtyard
Downtown, St. Thomas Ritz-Carlton
|
BRAEMAR HOTELS
& RESORTS INC. AND SUBSIDIARIES
HOTEL EBITDA
(dollars in thousands)
(unaudited)
|
|
|
|
|
ALL
HOTELS:
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2019
|
|
2018
|
|
%
Variance
|
|
2019
|
|
2018
|
|
%
Variance
|
|
Total hotel
revenue
|
$
|
121,265
|
|
|
$
|
98,945
|
|
|
22.56
|
%
|
|
$
|
486,228
|
|
|
$
|
431,398
|
|
|
12.71
|
%
|
|
Non-comparable
adjustments
|
—
|
|
|
10,535
|
|
|
|
|
2,671
|
|
|
45,896
|
|
|
|
|
Comparable total
hotel revenue
|
$
|
121,265
|
|
|
$
|
109,480
|
|
|
10.76
|
%
|
|
$
|
488,899
|
|
|
$
|
477,294
|
|
|
2.43
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
|
30,063
|
|
|
$
|
26,950
|
|
|
11.55
|
%
|
|
$
|
141,318
|
|
|
$
|
137,621
|
|
|
2.69
|
%
|
|
Non-comparable
adjustments
|
(44)
|
|
|
2,301
|
|
|
|
|
778
|
|
|
7,067
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
30,019
|
|
|
$
|
29,251
|
|
|
2.63
|
%
|
|
$
|
142,096
|
|
|
$
|
144,688
|
|
|
(1.79)
|
%
|
|
Hotel EBITDA
margin
|
24.79
|
%
|
|
|
27.24
|
%
|
|
(2.45)
|
%
|
|
29.06
|
%
|
|
31.90
|
%
|
|
(2.84)
|
%
|
|
Comparable hotel
EBITDA margin
|
24.75
|
%
|
|
26.72
|
%
|
|
(1.97)
|
%
|
|
29.06
|
%
|
|
30.31
|
%
|
|
(1.25)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
adjustments attributable to consolidated noncontrolling
interests
|
$
|
1,521
|
|
|
$
|
1,519
|
|
|
0.13
|
%
|
|
$
|
7,459
|
|
|
$
|
7,304
|
|
|
2.12
|
%
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
28,542
|
|
|
$
|
25,431
|
|
|
12.23
|
%
|
|
$
|
133,859
|
|
|
$
|
130,317
|
|
|
2.72
|
%
|
|
Comparable hotel
EBITDA attributable to the Company and OP unitholders
|
$
|
28,498
|
|
|
$
|
27,732
|
|
|
2.76
|
%
|
|
$
|
134,637
|
|
|
$
|
137,384
|
|
|
(2.00)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
(1) The above
comparable information assumes the thirteen hotel properties owned
and included in the Company's operations at December 31, 2019,
were owned as of the
beginning of each of the periods
presented. Non-comparable adjustments include pre-acquisition
results from hotel properties acquired during the period offset by
results
from hotel properties sold during
the period.
(2) All
pre-acquisition information was obtained from the prior owner. The
Company performed a limited review of the information as part of
its analysis of the acquisition.
(3) The above
information does not include the operations of ten condominium
units not owned by the Lake Tahoe Ritz-Carlton.
(4) See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
ALL HOTELS
NOT UNDER RENOVATION:
|
Three Months
Ended
|
|
Year
Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
2019
|
|
2018
|
|
%
Variance
|
|
2019
|
|
2018
|
|
|
%
Variance
|
Total hotel
revenue
|
$
|
104,365
|
|
|
$
|
87,478
|
|
|
19.30
|
%
|
|
$
|
415,939
|
|
|
$
|
367,831
|
|
|
13.08
|
%
|
Non-comparable
adjustments
|
—
|
|
|
10,535
|
|
|
|
|
2,671
|
|
|
45,896
|
|
|
|
Comparable total
hotel revenue
|
$
|
104,365
|
|
|
$
|
98,013
|
|
|
6.48
|
%
|
|
$
|
418,610
|
|
|
$
|
413,727
|
|
|
1.18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
|
26,465
|
|
|
$
|
24,970
|
|
|
5.99
|
%
|
|
$
|
115,671
|
|
|
$
|
113,496
|
|
|
1.92
|
%
|
Non-comparable
adjustments
|
152
|
|
|
2,301
|
|
|
|
|
778
|
|
|
7,067
|
|
|
|
Comparable hotel
EBITDA
|
$
|
26,617
|
|
|
$
|
27,271
|
|
|
(2.40)
|
%
|
|
$
|
116,449
|
|
|
$
|
120,563
|
|
|
(3.41)
|
%
|
Hotel EBITDA
margin
|
25.36
|
%
|
|
28.54
|
%
|
|
(3.18)
|
%
|
|
27.81
|
%
|
|
30.86
|
%
|
|
(3.05)
|
%
|
Comparable hotel
EBITDA margin
|
25.50
|
%
|
|
27.82
|
%
|
|
(2.32)
|
%
|
|
27.82
|
%
|
|
29.14
|
%
|
|
(1.32)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
adjustments attributable to consolidated noncontrolling
interests
|
$
|
1,521
|
|
|
$
|
1,519
|
|
|
0.13
|
%
|
|
$
|
7,459
|
|
|
$
|
7,304
|
|
|
2.12
|
%
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
24,944
|
|
|
$
|
23,451
|
|
|
6.37
|
%
|
|
$
|
108,212
|
|
|
$
|
106,192
|
|
|
1.90
|
%
|
Comparable hotel
EBITDA attributable to the Company and OP unitholders
|
$
|
25,096
|
|
|
$
|
25,752
|
|
|
(2.55)
|
%
|
|
$
|
108,990
|
|
|
$
|
113,259
|
|
|
(3.77)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
(1) The above
comparable information assumes the eleven hotel properties owned
and included in the Company's operations at December 31, 2019,
and not under renovation
during the three months ended
December 31, 2019, were owned as of the beginning of the
periods presented. Non-comparable adjustments include
pre-acquisition results
from hotel properties acquired
during the period offset by results from hotel properties sold
during the period.
(2) All
pre-acquisition information was obtained from the prior owner. The
Company performed a limited review of the information as part of
its analysis of the acquisition.
(3) The above
information does not include the operations of ten condominium
units not owned by the Lake Tahoe Ritz-Carlton.
(4) See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
(5) Excluded Hotels
Under Renovation:
San Francisco
Courtyard Downtown, St. Thomas Ritz-Carlton
|
|
|
|
BRAEMAR HOTELS
& RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
|
|
|
|
Three Months Ended
December 31,
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
%
Variance
|
|
%
Variance
|
|
CAPITAL HILTON
WASHINGTON D.C.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
8,775
|
|
|
$
|
—
|
|
|
$
|
8,775
|
|
|
$
|
8,801
|
|
|
$
|
—
|
|
|
$
|
8,801
|
|
|
(0.30)
|
%
|
|
(0.30)
|
%
|
|
Total hotel
revenue
|
$
|
13,450
|
|
|
$
|
—
|
|
|
$
|
13,450
|
|
|
$
|
12,842
|
|
|
$
|
—
|
|
|
$
|
12,842
|
|
|
4.73
|
%
|
|
4.73
|
%
|
|
Hotel
EBITDA
|
$
|
2,836
|
|
|
$
|
—
|
|
|
$
|
2,836
|
|
|
$
|
2,642
|
|
|
$
|
—
|
|
|
$
|
2,642
|
|
|
7.34
|
%
|
|
7.34
|
%
|
|
Hotel EBITDA
margin
|
21.09
|
%
|
|
|
|
21.09
|
%
|
|
20.57
|
%
|
|
|
|
20.57
|
%
|
|
0.52
|
%
|
|
0.52
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
173.43
|
|
|
$
|
—
|
|
|
$
|
173.43
|
|
|
$
|
173.93
|
|
|
$
|
—
|
|
|
$
|
173.93
|
|
|
(0.29)
|
%
|
|
(0.29)
|
%
|
|
Occupancy
|
78.12
|
%
|
|
—
|
%
|
|
78.12
|
%
|
|
77.49
|
%
|
|
—
|
%
|
|
77.49
|
%
|
|
0.81
|
%
|
|
0.81
|
%
|
|
ADR
|
$
|
222.00
|
|
|
$
|
—
|
|
|
$
|
222.00
|
|
|
$
|
224.45
|
|
|
$
|
—
|
|
|
$
|
224.45
|
|
|
(1.09)
|
%
|
|
(1.09)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA JOLLA HILTON
TORREY PINES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
5,355
|
|
|
$
|
—
|
|
|
$
|
5,355
|
|
|
$
|
5,801
|
|
|
$
|
—
|
|
|
$
|
5,801
|
|
|
(7.69)
|
%
|
|
(7.69)
|
%
|
|
Total hotel
revenue
|
$
|
11,030
|
|
|
$
|
—
|
|
|
$
|
11,030
|
|
|
$
|
10,871
|
|
|
$
|
—
|
|
|
$
|
10,871
|
|
|
1.46
|
%
|
|
1.46
|
%
|
|
Hotel
EBITDA
|
$
|
3,248
|
|
|
$
|
—
|
|
|
$
|
3,248
|
|
|
$
|
3,435
|
|
|
$
|
—
|
|
|
$
|
3,435
|
|
|
(5.44)
|
%
|
|
(5.44)
|
%
|
|
Hotel EBITDA
margin
|
29.45
|
%
|
|
|
|
29.45
|
%
|
|
31.60
|
%
|
|
|
|
31.60
|
%
|
|
(2.15)
|
%
|
|
(2.15)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
147.74
|
|
|
$
|
—
|
|
|
$
|
147.74
|
|
|
$
|
160.03
|
|
|
$
|
—
|
|
|
$
|
160.03
|
|
|
(7.68)
|
%
|
|
(7.68)
|
%
|
|
Occupancy
|
76.63
|
%
|
|
—
|
%
|
|
76.63
|
%
|
|
79.79
|
%
|
|
—
|
%
|
|
79.79
|
%
|
|
(3.96)
|
%
|
|
(3.96)
|
%
|
|
ADR
|
$
|
192.79
|
|
|
$
|
—
|
|
|
$
|
192.79
|
|
|
$
|
200.57
|
|
|
$
|
—
|
|
|
$
|
200.57
|
|
|
(3.88)
|
%
|
|
(3.88)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHICAGO SOFITEL
MAGNIFICENT MILE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
6,313
|
|
|
$
|
—
|
|
|
$
|
6,313
|
|
|
$
|
6,550
|
|
|
$
|
—
|
|
|
$
|
6,550
|
|
|
(3.62)
|
%
|
|
(3.62)
|
%
|
|
Total hotel
revenue
|
$
|
8,753
|
|
|
$
|
—
|
|
|
$
|
8,753
|
|
|
$
|
9,031
|
|
|
$
|
—
|
|
|
$
|
9,031
|
|
|
(3.08)
|
%
|
|
(3.08)
|
%
|
|
Hotel
EBITDA
|
$
|
1,610
|
|
|
$
|
—
|
|
|
$
|
1,610
|
|
|
$
|
2,579
|
|
|
$
|
—
|
|
|
$
|
2,579
|
|
|
(37.57)
|
%
|
|
(37.57)
|
%
|
|
Hotel EBITDA
margin
|
18.39
|
%
|
|
|
|
18.39
|
%
|
|
28.56
|
%
|
|
|
|
28.56
|
%
|
|
(10.17)
|
%
|
|
(10.17)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
165.33
|
|
|
$
|
—
|
|
|
$
|
165.33
|
|
|
$
|
171.54
|
|
|
$
|
—
|
|
|
$
|
171.54
|
|
|
(3.62)
|
%
|
|
(3.62)
|
%
|
|
Occupancy
|
79.82
|
%
|
|
—
|
%
|
|
79.82
|
%
|
|
76.74
|
%
|
|
—
|
%
|
|
76.74
|
%
|
|
4.01
|
%
|
|
4.01
|
%
|
|
ADR
|
$
|
207.14
|
|
|
$
|
—
|
|
|
$
|
207.14
|
|
|
$
|
223.54
|
|
|
$
|
—
|
|
|
$
|
223.54
|
|
|
(7.34)
|
%
|
|
(7.34)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BARDESSONO HOTEL
AND SPA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
3,476
|
|
|
$
|
—
|
|
|
$
|
3,476
|
|
|
$
|
3,461
|
|
|
$
|
—
|
|
|
$
|
3,461
|
|
|
0.43
|
%
|
|
0.43
|
%
|
|
Total hotel
revenue
|
$
|
4,790
|
|
|
$
|
—
|
|
|
$
|
4,790
|
|
|
$
|
4,731
|
|
|
$
|
—
|
|
|
$
|
4,731
|
|
|
1.25
|
%
|
|
1.25
|
%
|
|
Hotel
EBITDA
|
$
|
1,353
|
|
|
$
|
—
|
|
|
$
|
1,353
|
|
|
$
|
1,545
|
|
|
$
|
(2)
|
|
|
$
|
1,543
|
|
|
(12.43)
|
%
|
|
(12.31)
|
%
|
|
Hotel EBITDA
margin
|
28.25
|
%
|
|
|
|
28.25
|
%
|
|
32.66
|
%
|
|
|
|
32.61
|
%
|
|
(4.41)
|
%
|
|
(4.36)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
581.32
|
|
|
$
|
—
|
|
|
$
|
581.32
|
|
|
$
|
606.76
|
|
|
$
|
—
|
|
|
$
|
606.76
|
|
|
(4.19)
|
%
|
|
(4.19)
|
%
|
|
Occupancy
|
74.53
|
%
|
|
—
|
%
|
|
74.53
|
%
|
|
76.42
|
%
|
|
—
|
%
|
|
76.42
|
%
|
|
(2.47)
|
%
|
|
(2.47)
|
%
|
|
ADR
|
$
|
779.96
|
|
|
$
|
—
|
|
|
$
|
779.96
|
|
|
$
|
793.98
|
|
|
$
|
—
|
|
|
$
|
793.98
|
|
|
(1.77)
|
%
|
|
(1.77)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY WEST PIER
HOUSE RESORT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
5,062
|
|
|
$
|
—
|
|
|
$
|
5,062
|
|
|
$
|
4,589
|
|
|
$
|
—
|
|
|
$
|
4,589
|
|
|
10.31
|
%
|
|
10.31
|
%
|
|
Total hotel
revenue
|
$
|
6,587
|
|
|
$
|
—
|
|
|
$
|
6,587
|
|
|
$
|
5,961
|
|
|
$
|
—
|
|
|
$
|
5,961
|
|
|
10.50
|
%
|
|
10.50
|
%
|
|
Hotel
EBITDA
|
$
|
2,883
|
|
|
$
|
—
|
|
|
$
|
2,883
|
|
|
$
|
2,685
|
|
|
$
|
4
|
|
|
$
|
2,689
|
|
|
7.37
|
%
|
|
7.21
|
%
|
|
Hotel EBITDA
margin
|
43.77
|
%
|
|
|
|
43.77
|
%
|
|
45.04
|
%
|
|
|
|
45.11
|
%
|
|
(1.27)
|
%
|
|
(1.34)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
387.46
|
|
|
$
|
—
|
|
|
$
|
387.46
|
|
|
$
|
351.27
|
|
|
$
|
—
|
|
|
$
|
351.27
|
|
|
10.30
|
%
|
|
10.30
|
%
|
|
Occupancy
|
86.41
|
%
|
|
—
|
%
|
|
86.41
|
%
|
|
78.41
|
%
|
|
—
|
%
|
|
78.41
|
%
|
|
10.20
|
%
|
|
10.20
|
%
|
|
ADR
|
$
|
448.43
|
|
|
$
|
—
|
|
|
$
|
448.43
|
|
|
$
|
447.97
|
|
|
$
|
—
|
|
|
$
|
447.97
|
|
|
0.10
|
%
|
|
0.10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTEL
YOUNTVILLE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
3,007
|
|
|
$
|
—
|
|
|
$
|
3,007
|
|
|
$
|
2,943
|
|
|
$
|
—
|
|
|
$
|
2,943
|
|
|
2.17
|
%
|
|
2.17
|
%
|
|
Total hotel
revenue
|
$
|
3,747
|
|
|
$
|
—
|
|
|
$
|
3,747
|
|
|
$
|
3,633
|
|
|
$
|
—
|
|
|
$
|
3,633
|
|
|
3.14
|
%
|
|
3.14
|
%
|
|
Hotel
EBITDA
|
$
|
1,422
|
|
|
$
|
—
|
|
|
$
|
1,422
|
|
|
$
|
1,372
|
|
|
$
|
(1)
|
|
|
$
|
1,371
|
|
|
3.64
|
%
|
|
3.72
|
%
|
|
Hotel EBITDA
margin
|
37.95
|
%
|
|
|
|
37.95
|
%
|
|
37.76
|
%
|
|
|
|
37.74
|
%
|
|
0.19
|
%
|
|
0.21
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
408.68
|
|
|
$
|
—
|
|
|
$
|
408.68
|
|
|
$
|
399.86
|
|
|
$
|
—
|
|
|
$
|
399.86
|
|
|
2.21
|
%
|
|
2.21
|
%
|
|
Occupancy
|
69.47
|
%
|
|
—
|
%
|
|
69.47
|
%
|
|
71.33
|
%
|
|
—
|
%
|
|
71.33
|
%
|
|
(2.61)
|
%
|
|
(2.61)
|
%
|
|
ADR
|
$
|
588.28
|
|
|
$
|
—
|
|
|
$
|
588.28
|
|
|
$
|
560.57
|
|
|
$
|
—
|
|
|
$
|
560.57
|
|
|
4.94
|
%
|
|
4.94
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARK HYATT BEAVER
CREEK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
4,150
|
|
|
$
|
—
|
|
|
$
|
4,150
|
|
|
$
|
3,613
|
|
|
$
|
—
|
|
|
$
|
3,613
|
|
|
14.86
|
%
|
|
14.86
|
%
|
|
Total hotel
revenue
|
$
|
9,000
|
|
|
$
|
—
|
|
|
$
|
9,000
|
|
|
$
|
8,168
|
|
|
$
|
—
|
|
|
$
|
8,168
|
|
|
10.19
|
%
|
|
10.19
|
%
|
|
Hotel
EBITDA
|
$
|
1,105
|
|
|
$
|
—
|
|
|
$
|
1,105
|
|
|
$
|
1,015
|
|
|
$
|
—
|
|
|
$
|
1,015
|
|
|
8.87
|
%
|
|
8.87
|
%
|
|
Hotel EBITDA
margin
|
12.28
|
%
|
|
|
|
12.28
|
%
|
|
12.43
|
%
|
|
|
|
12.43
|
%
|
|
(0.15)
|
%
|
|
(0.15)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
237.42
|
|
|
$
|
—
|
|
|
$
|
237.42
|
|
|
$
|
206.71
|
|
|
$
|
—
|
|
|
$
|
206.71
|
|
|
14.86
|
%
|
|
14.86
|
%
|
|
Occupancy
|
52.87
|
%
|
|
—
|
%
|
|
52.87
|
%
|
|
51.51
|
%
|
|
—
|
%
|
|
51.51
|
%
|
|
2.64
|
%
|
|
2.64
|
%
|
|
ADR
|
$
|
449.05
|
|
|
$
|
—
|
|
|
$
|
449.05
|
|
|
$
|
401.30
|
|
|
$
|
—
|
|
|
$
|
401.30
|
|
|
11.90
|
%
|
|
11.90
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE NOTARY
HOTEL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
7,847
|
|
|
$
|
—
|
|
|
$
|
7,847
|
|
|
$
|
6,466
|
|
|
$
|
—
|
|
|
$
|
6,466
|
|
|
21.36
|
%
|
|
21.36
|
%
|
|
Total hotel
revenue
|
$
|
9,738
|
|
|
$
|
—
|
|
|
$
|
9,738
|
|
|
$
|
8,161
|
|
|
$
|
—
|
|
|
$
|
8,161
|
|
|
19.32
|
%
|
|
19.32
|
%
|
|
Hotel
EBITDA
|
$
|
3,333
|
|
|
$
|
118
|
|
|
$
|
3,451
|
|
|
$
|
3,218
|
|
|
$
|
—
|
|
|
$
|
3,218
|
|
|
3.57
|
%
|
|
7.24
|
%
|
|
Hotel EBITDA
margin
|
34.23
|
%
|
|
|
|
35.44
|
%
|
|
39.43
|
%
|
|
|
|
39.43
|
%
|
|
(5.20)
|
%
|
|
(3.99)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
170.92
|
|
|
$
|
—
|
|
|
$
|
170.92
|
|
|
$
|
140.84
|
|
|
$
|
—
|
|
|
$
|
140.84
|
|
|
21.36
|
%
|
|
21.36
|
%
|
|
Occupancy
|
81.00
|
%
|
|
—
|
%
|
|
81.00
|
%
|
|
71.84
|
%
|
|
—
|
%
|
|
71.84
|
%
|
|
12.75
|
%
|
|
12.75
|
%
|
|
ADR
|
$
|
211.01
|
|
|
$
|
—
|
|
|
$
|
211.01
|
|
|
$
|
196.04
|
|
|
$
|
—
|
|
|
$
|
196.04
|
|
|
7.64
|
%
|
|
7.64
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAN FRANCISCO
COURTYARD DOWNTOWN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
9,158
|
|
|
$
|
—
|
|
|
$
|
9,158
|
|
|
$
|
8,149
|
|
|
$
|
—
|
|
|
$
|
8,149
|
|
|
12.38
|
%
|
|
12.38
|
%
|
|
Total hotel
revenue
|
$
|
9,825
|
|
|
$
|
—
|
|
|
$
|
9,825
|
|
|
$
|
9,004
|
|
|
$
|
—
|
|
|
$
|
9,004
|
|
|
9.12
|
%
|
|
9.12
|
%
|
|
Hotel
EBITDA
|
$
|
2,678
|
|
|
$
|
(196)
|
|
|
$
|
2,482
|
|
|
$
|
2,487
|
|
|
$
|
—
|
|
|
$
|
2,487
|
|
|
7.68
|
%
|
|
(0.20)
|
%
|
|
Hotel EBITDA
margin
|
27.26
|
%
|
|
|
|
25.26
|
%
|
|
27.62
|
%
|
|
|
|
27.62
|
%
|
|
(0.36)
|
%
|
|
(2.36)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
242.79
|
|
|
$
|
—
|
|
|
$
|
242.79
|
|
|
$
|
216.04
|
|
|
$
|
—
|
|
|
$
|
216.04
|
|
|
12.38
|
%
|
|
12.38
|
%
|
|
Occupancy
|
85.56
|
%
|
|
—
|
%
|
|
85.56
|
%
|
|
80.29
|
%
|
|
—
|
%
|
|
80.29
|
%
|
|
6.56
|
%
|
|
6.56
|
%
|
|
ADR
|
$
|
283.75
|
|
|
$
|
—
|
|
|
$
|
283.75
|
|
|
$
|
269.08
|
|
|
$
|
—
|
|
|
$
|
269.08
|
|
|
5.45
|
%
|
|
5.45
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SARASOTA
RITZ-CARLTON
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
7,430
|
|
|
$
|
—
|
|
|
$
|
7,430
|
|
|
$
|
6,332
|
|
|
$
|
—
|
|
|
$
|
6,332
|
|
|
17.34
|
%
|
|
17.34
|
%
|
|
Total hotel
revenue
|
$
|
18,197
|
|
|
$
|
—
|
|
|
$
|
18,197
|
|
|
$
|
15,872
|
|
|
$
|
—
|
|
|
$
|
15,872
|
|
|
14.65
|
%
|
|
14.65
|
%
|
|
Hotel
EBITDA
|
$
|
4,462
|
|
|
$
|
—
|
|
|
$
|
4,462
|
|
|
$
|
3,637
|
|
|
$
|
—
|
|
|
$
|
3,637
|
|
|
22.68
|
%
|
|
22.68
|
%
|
|
Hotel EBITDA
margin
|
24.52
|
%
|
|
|
|
24.52
|
%
|
|
22.91
|
%
|
|
|
|
22.91
|
%
|
|
1.61
|
%
|
|
1.61
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
303.60
|
|
|
$
|
—
|
|
|
$
|
303.60
|
|
|
$
|
258.77
|
|
|
$
|
—
|
|
|
$
|
258.77
|
|
|
17.32
|
%
|
|
17.32
|
%
|
|
Occupancy
|
81.42
|
%
|
|
—
|
%
|
|
81.42
|
%
|
|
73.98
|
%
|
|
—
|
%
|
|
73.98
|
%
|
|
10.06
|
%
|
|
10.06
|
%
|
|
ADR
|
$
|
372.87
|
|
|
$
|
—
|
|
|
$
|
372.87
|
|
|
$
|
349.79
|
|
|
$
|
—
|
|
|
$
|
349.79
|
|
|
6.60
|
%
|
|
6.60
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LAKE TAHOE
RITZ-CARLTON
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
5,862
|
|
|
$
|
—
|
|
|
$
|
5,862
|
|
|
$
|
—
|
|
|
$
|
5,538
|
|
|
$
|
5,538
|
|
|
—
|
%
|
|
5.85
|
%
|
|
Total hotel
revenue
|
$
|
11,213
|
|
|
$
|
—
|
|
|
$
|
11,213
|
|
|
$
|
—
|
|
|
$
|
10,609
|
|
|
$
|
10,609
|
|
|
—
|
%
|
|
5.69
|
%
|
|
Hotel
EBITDA
|
$
|
1,853
|
|
|
$
|
34
|
|
|
$
|
1,887
|
|
|
$
|
—
|
|
|
$
|
2,327
|
|
|
$
|
2,327
|
|
|
—
|
%
|
|
(18.91)
|
%
|
|
Hotel EBITDA
margin
|
16.53
|
%
|
|
|
|
16.83
|
%
|
|
—
|
%
|
|
|
|
21.93
|
%
|
|
16.53
|
%
|
|
(5.10)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
374.80
|
|
|
$
|
—
|
|
|
$
|
374.80
|
|
|
$
|
—
|
|
|
$
|
354.11
|
|
|
$
|
354.11
|
|
|
—
|
%
|
|
5.84
|
%
|
|
Occupancy
|
64.26
|
%
|
|
—
|
%
|
|
64.26
|
%
|
|
—
|
%
|
|
67.79
|
%
|
|
67.79
|
%
|
|
—
|
%
|
|
(5.21)
|
%
|
|
ADR
|
$
|
583.27
|
|
|
$
|
—
|
|
|
$
|
583.27
|
|
|
$
|
—
|
|
|
$
|
522.33
|
|
|
$
|
522.33
|
|
|
—
|
%
|
|
11.67
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEATTLE MARRIOTT
WATERFRONT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
5,857
|
|
|
$
|
—
|
|
|
$
|
5,857
|
|
|
$
|
6,101
|
|
|
$
|
—
|
|
|
$
|
6,101
|
|
|
(4.00)
|
%
|
|
(4.00)
|
%
|
|
Total hotel
revenue
|
$
|
7,860
|
|
|
$
|
—
|
|
|
$
|
7,860
|
|
|
$
|
8,134
|
|
|
$
|
—
|
|
|
$
|
8,134
|
|
|
(3.37)
|
%
|
|
(3.37)
|
%
|
|
Hotel
EBITDA
|
$
|
2,360
|
|
|
$
|
—
|
|
|
$
|
2,360
|
|
|
$
|
2,815
|
|
|
$
|
—
|
|
|
$
|
2,815
|
|
|
(16.16)
|
%
|
|
(16.16)
|
%
|
|
Hotel EBITDA
margin
|
30.03
|
%
|
|
|
|
30.03
|
%
|
|
34.61
|
%
|
|
|
|
34.61
|
%
|
|
(4.58)
|
%
|
|
(4.58)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
176.36
|
|
|
$
|
—
|
|
|
$
|
176.36
|
|
|
$
|
183.70
|
|
|
$
|
—
|
|
|
$
|
183.70
|
|
|
(4.00)
|
%
|
|
(4.00)
|
%
|
|
Occupancy
|
75.30
|
%
|
|
—
|
%
|
|
75.30
|
%
|
|
78.67
|
%
|
|
—
|
%
|
|
78.67
|
%
|
|
(4.28)
|
%
|
|
(4.28)
|
%
|
|
ADR
|
$
|
234.20
|
|
|
$
|
—
|
|
|
$
|
234.20
|
|
|
$
|
233.52
|
|
|
$
|
—
|
|
|
$
|
233.52
|
|
|
0.29
|
%
|
|
0.29
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ST. THOMAS
RITZ-CARLTON
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
2,461
|
|
|
$
|
—
|
|
|
$
|
2,461
|
|
|
$
|
1,665
|
|
|
$
|
—
|
|
|
$
|
1,665
|
|
|
47.81
|
%
|
|
47.81
|
%
|
|
Total hotel
revenue
|
$
|
7,075
|
|
|
$
|
—
|
|
|
$
|
7,075
|
|
|
$
|
2,463
|
|
|
$
|
—
|
|
|
$
|
2,463
|
|
|
187.25
|
%
|
|
187.25
|
%
|
|
Hotel
EBITDA
|
$
|
920
|
|
|
$
|
—
|
|
|
$
|
920
|
|
|
$
|
(507)
|
|
|
$
|
—
|
|
|
$
|
(507)
|
|
|
281.46
|
%
|
|
281.46
|
%
|
|
Hotel EBITDA
margin
|
13.00
|
%
|
|
|
|
13.00
|
%
|
|
(20.58)
|
%
|
|
|
|
(20.58)
|
%
|
|
33.58
|
%
|
|
33.58
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
296.19
|
|
|
$
|
—
|
|
|
$
|
296.19
|
|
|
$
|
242.95
|
|
|
$
|
—
|
|
|
$
|
242.95
|
|
|
21.91
|
%
|
|
21.91
|
%
|
|
Occupancy
|
38.13
|
%
|
|
—
|
%
|
|
38.13
|
%
|
|
82.74
|
%
|
|
—
|
%
|
|
82.74
|
%
|
|
(53.92)
|
%
|
|
(53.92)
|
%
|
|
ADR
|
$
|
776.76
|
|
|
$
|
—
|
|
|
$
|
776.76
|
|
|
$
|
293.63
|
|
|
$
|
—
|
|
|
$
|
293.63
|
|
|
164.54
|
%
|
|
164.54
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAMPA
RENAISSANCE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
Total hotel
revenue
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
74
|
|
|
$
|
(74)
|
|
|
$
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
Hotel
EBITDA
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
27
|
|
|
$
|
(27)
|
|
|
$
|
—
|
|
|
(100.00)
|
%
|
|
—
|
%
|
|
Hotel EBITDA
margin
|
—
|
%
|
|
|
|
—
|
%
|
|
—
|
%
|
|
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
Occupancy
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
ADR
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRAEMAR PROPERTIES
TOTAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
74,753
|
|
|
$
|
—
|
|
|
$
|
74,753
|
|
|
$
|
64,471
|
|
|
$
|
5,538
|
|
|
$
|
70,009
|
|
|
15.95
|
%
|
|
6.78
|
%
|
|
Total hotel
revenue
|
$
|
121,265
|
|
|
$
|
—
|
|
|
$
|
121,265
|
|
|
$
|
98,945
|
|
|
$
|
10,535
|
|
|
$
|
109,480
|
|
|
22.56
|
%
|
|
10.76
|
%
|
|
Hotel
EBITDA
|
$
|
30,063
|
|
|
$
|
(44)
|
|
|
$
|
30,019
|
|
|
$
|
26,950
|
|
|
$
|
2,301
|
|
|
$
|
29,251
|
|
|
11.55
|
%
|
|
2.63
|
%
|
|
Hotel EBITDA
margin
|
24.79
|
%
|
|
|
|
24.75
|
%
|
|
27.24
|
%
|
|
|
|
26.72
|
%
|
|
(2.45)
|
%
|
|
(1.97)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
223.70
|
|
|
$
|
—
|
|
|
$
|
223.70
|
|
|
$
|
203.51
|
|
|
$
|
354.11
|
|
|
$
|
210.59
|
|
|
9.92
|
%
|
|
6.23
|
%
|
|
Occupancy
|
76.46
|
%
|
|
—
|
%
|
|
76.46
|
%
|
|
75.58
|
%
|
|
67.79
|
%
|
|
75.22
|
%
|
|
1.16
|
%
|
|
1.65
|
%
|
|
ADR
|
$
|
292.58
|
|
|
$
|
—
|
|
|
$
|
292.58
|
|
|
$
|
269.24
|
|
|
$
|
522.33
|
|
|
$
|
279.97
|
|
|
8.67
|
%
|
|
4.50
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
(1)
The above comparable information assumes the thirteen hotel
properties owned and included in the Company's operations at
December 31, 2019, were owned as of the beginning of each of
the periods
presented. Non-comparable adjustments
include pre-acquisition results from hotel properties acquired
during the period offset by results from hotel properties sold
during the period.
(2)
All pre-acquisition information was obtained from the prior owner.
The Company performed a limited review of the information as part
of its analysis of the acquisition.
(3)
The above information does not include the operations of ten
condominium units not owned by the Lake Tahoe
Ritz-Carlton.
(4)
See Exhibit 1 for reconciliation of net income (loss) to hotel
EBITDA.
|
BRAEMAR HOTELS
& RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
|
|
|
Year Ended
December 31,
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
|
2018
|
|
%
Variance
|
|
%
Variance
|
|
CAPITAL HILTON
WASHINGTON D.C.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
38,735
|
|
|
$
|
—
|
|
|
$
|
38,735
|
|
|
$
|
39,191
|
|
|
$
|
—
|
|
|
$
|
39,191
|
|
|
(1.16)
|
%
|
|
(1.16)
|
%
|
|
Total hotel
revenue
|
$
|
57,285
|
|
|
$
|
—
|
|
|
$
|
57,285
|
|
|
$
|
55,081
|
|
|
$
|
—
|
|
|
$
|
55,081
|
|
|
4.00
|
%
|
|
4.00
|
%
|
|
Hotel
EBITDA
|
$
|
14,141
|
|
|
$
|
—
|
|
|
$
|
14,141
|
|
|
$
|
13,748
|
|
|
$
|
—
|
|
|
$
|
13,748
|
|
|
2.86
|
%
|
|
2.86
|
%
|
|
Hotel EBITDA
margin
|
24.69
|
%
|
|
|
|
24.69
|
%
|
|
24.96
|
%
|
|
|
|
24.96
|
%
|
|
(0.27)
|
%
|
|
(0.27)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
192.95
|
|
|
$
|
—
|
|
|
$
|
192.95
|
|
|
$
|
195.22
|
|
|
$
|
—
|
|
|
$
|
195.22
|
|
|
(1.16)
|
%
|
|
(1.16)
|
%
|
|
Occupancy
|
82.95
|
%
|
|
—
|
%
|
|
82.95
|
%
|
|
83.53
|
%
|
|
—
|
%
|
|
83.53
|
%
|
|
(0.69)
|
%
|
|
(0.69)
|
%
|
|
ADR
|
$
|
232.62
|
|
|
$
|
—
|
|
|
$
|
232.62
|
|
|
$
|
233.73
|
|
|
$
|
—
|
|
|
$
|
233.73
|
|
|
(0.47)
|
%
|
|
(0.47)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA JOLLA HILTON
TORREY PINES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
25,822
|
|
|
$
|
—
|
|
|
$
|
25,822
|
|
|
$
|
26,304
|
|
|
$
|
—
|
|
|
$
|
26,304
|
|
|
(1.83)
|
%
|
|
(1.83)
|
%
|
|
Total hotel
revenue
|
$
|
46,973
|
|
|
$
|
—
|
|
|
$
|
46,973
|
|
|
$
|
46,471
|
|
|
$
|
—
|
|
|
$
|
46,471
|
|
|
1.08
|
%
|
|
1.08
|
%
|
|
Hotel
EBITDA
|
$
|
15,695
|
|
|
$
|
—
|
|
|
$
|
15,695
|
|
|
$
|
15,468
|
|
|
$
|
—
|
|
|
$
|
15,468
|
|
|
1.47
|
%
|
|
1.47
|
%
|
|
Hotel EBITDA
margin
|
33.41
|
%
|
|
|
|
33.41
|
%
|
|
33.29
|
%
|
|
|
|
33.29
|
%
|
|
0.12
|
%
|
|
0.12
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
179.56
|
|
|
$
|
—
|
|
|
$
|
179.56
|
|
|
$
|
182.91
|
|
|
$
|
—
|
|
|
$
|
182.91
|
|
|
(1.83)
|
%
|
|
(1.83)
|
%
|
|
Occupancy
|
83.06
|
%
|
|
—
|
%
|
|
83.06
|
%
|
|
85.33
|
%
|
|
—
|
%
|
|
85.33
|
%
|
|
(2.66)
|
%
|
|
(2.66)
|
%
|
|
ADR
|
$
|
216.18
|
|
|
$
|
—
|
|
|
$
|
216.18
|
|
|
$
|
214.34
|
|
|
$
|
—
|
|
|
$
|
214.34
|
|
|
0.86
|
%
|
|
0.86
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHICAGO SOFITEL
MAGNIFICENT MILE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
25,366
|
|
|
$
|
—
|
|
|
$
|
25,366
|
|
|
$
|
25,909
|
|
|
$
|
—
|
|
|
$
|
25,909
|
|
|
(2.10)
|
%
|
|
(2.10)
|
%
|
|
Total hotel
revenue
|
$
|
34,770
|
|
|
$
|
—
|
|
|
$
|
34,770
|
|
|
$
|
35,398
|
|
|
$
|
—
|
|
|
$
|
35,398
|
|
|
(1.77)
|
%
|
|
(1.77)
|
%
|
|
Hotel
EBITDA
|
$
|
7,169
|
|
|
$
|
—
|
|
|
$
|
7,169
|
|
|
$
|
7,663
|
|
|
$
|
—
|
|
|
$
|
7,663
|
|
|
(6.45)
|
%
|
|
(6.45)
|
%
|
|
Hotel EBITDA
margin
|
20.62
|
%
|
|
|
|
20.62
|
%
|
|
21.65
|
%
|
|
|
|
21.65
|
%
|
|
(1.03)
|
%
|
|
(1.03)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
167.46
|
|
|
$
|
—
|
|
|
$
|
167.46
|
|
|
$
|
171.04
|
|
|
$
|
—
|
|
|
$
|
171.04
|
|
|
(2.09)
|
%
|
|
(2.09)
|
%
|
|
Occupancy
|
82.35
|
%
|
|
—
|
%
|
|
82.35
|
%
|
|
79.15
|
%
|
|
—
|
%
|
|
79.15
|
%
|
|
4.04
|
%
|
|
4.04
|
%
|
|
ADR
|
$
|
203.34
|
|
|
$
|
—
|
|
|
$
|
203.34
|
|
|
$
|
216.11
|
|
|
$
|
—
|
|
|
$
|
216.11
|
|
|
(5.91)
|
%
|
|
(5.91)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BARDESSONO HOTEL
AND SPA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
13,633
|
|
|
$
|
—
|
|
|
$
|
13,633
|
|
|
$
|
13,846
|
|
|
$
|
—
|
|
|
$
|
13,846
|
|
|
(1.54)
|
%
|
|
(1.54)
|
%
|
|
Total hotel
revenue
|
$
|
19,060
|
|
|
$
|
—
|
|
|
$
|
19,060
|
|
|
$
|
19,693
|
|
|
$
|
—
|
|
|
$
|
19,693
|
|
|
(3.21)
|
%
|
|
(3.21)
|
%
|
|
Hotel
EBITDA
|
$
|
5,610
|
|
|
$
|
—
|
|
|
$
|
5,610
|
|
|
$
|
6,464
|
|
|
$
|
(8)
|
|
|
$
|
6,456
|
|
|
(13.21)
|
%
|
|
(13.10)
|
%
|
|
Hotel EBITDA
margin
|
29.43
|
%
|
|
|
|
29.43
|
%
|
|
32.82
|
%
|
|
|
|
32.78
|
%
|
|
(3.39)
|
%
|
|
(3.35)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
595.19
|
|
|
$
|
—
|
|
|
$
|
595.19
|
|
|
$
|
611.84
|
|
|
$
|
—
|
|
|
$
|
611.84
|
|
|
(2.72)
|
%
|
|
(2.72)
|
%
|
|
Occupancy
|
75.11
|
%
|
|
—
|
%
|
|
75.11
|
%
|
|
76.77
|
%
|
|
—
|
%
|
|
76.77
|
%
|
|
(2.16)
|
%
|
|
(2.16)
|
%
|
|
ADR
|
$
|
792.41
|
|
|
$
|
—
|
|
|
$
|
792.41
|
|
|
$
|
796.93
|
|
|
$
|
—
|
|
|
$
|
796.93
|
|
|
(0.57)
|
%
|
|
(0.57)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY WEST PIER
HOUSE RESORT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
19,235
|
|
|
$
|
—
|
|
|
$
|
19,235
|
|
|
$
|
18,122
|
|
|
$
|
—
|
|
|
$
|
18,122
|
|
|
6.14
|
%
|
|
6.14
|
%
|
|
Total hotel
revenue
|
$
|
25,056
|
|
|
$
|
—
|
|
|
$
|
25,056
|
|
|
$
|
23,609
|
|
|
$
|
—
|
|
|
$
|
23,609
|
|
|
6.13
|
%
|
|
6.13
|
%
|
|
Hotel
EBITDA
|
$
|
11,700
|
|
|
$
|
—
|
|
|
$
|
11,700
|
|
|
$
|
10,907
|
|
|
$
|
16
|
|
|
$
|
10,923
|
|
|
7.27
|
%
|
|
7.11
|
%
|
|
Hotel EBITDA
margin
|
46.70
|
%
|
|
|
|
46.70
|
%
|
|
46.20
|
%
|
|
|
|
46.27
|
%
|
|
0.50
|
%
|
|
0.43
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
371.12
|
|
|
$
|
—
|
|
|
$
|
371.12
|
|
|
$
|
349.64
|
|
|
$
|
—
|
|
|
$
|
349.64
|
|
|
6.14
|
%
|
|
6.14
|
%
|
|
Occupancy
|
82.14
|
%
|
|
—
|
%
|
|
82.14
|
%
|
|
81.00
|
%
|
|
—
|
%
|
|
81.00
|
%
|
|
1.41
|
%
|
|
1.41
|
%
|
|
ADR
|
$
|
451.84
|
|
|
$
|
—
|
|
|
$
|
451.84
|
|
|
$
|
431.67
|
|
|
$
|
—
|
|
|
$
|
431.67
|
|
|
4.67
|
%
|
|
4.67
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTEL
YOUNTVILLE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
12,054
|
|
|
$
|
—
|
|
|
$
|
12,054
|
|
|
$
|
12,179
|
|
|
$
|
—
|
|
|
$
|
12,179
|
|
|
(1.03)
|
%
|
|
(1.03)
|
%
|
|
Total hotel
revenue
|
$
|
15,305
|
|
|
$
|
—
|
|
|
$
|
15,305
|
|
|
$
|
15,570
|
|
|
$
|
—
|
|
|
$
|
15,570
|
|
|
(1.70)
|
%
|
|
(1.70)
|
%
|
|
Hotel
EBITDA
|
$
|
6,202
|
|
|
$
|
—
|
|
|
$
|
6,202
|
|
|
$
|
6,418
|
|
|
$
|
(4)
|
|
|
$
|
6,414
|
|
|
(3.37)
|
%
|
|
(3.31)
|
%
|
|
Hotel EBITDA
margin
|
40.52
|
%
|
|
|
|
40.52
|
%
|
|
41.22
|
%
|
|
|
|
41.19
|
%
|
|
(0.70)
|
%
|
|
(0.67)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
412.82
|
|
|
$
|
—
|
|
|
$
|
412.82
|
|
|
$
|
417.08
|
|
|
$
|
—
|
|
|
$
|
417.08
|
|
|
(1.02)
|
%
|
|
(1.02)
|
%
|
|
Occupancy
|
73.91
|
%
|
|
—
|
%
|
|
73.91
|
%
|
|
74.70
|
%
|
|
—
|
%
|
|
74.70
|
%
|
|
(1.06)
|
%
|
|
(1.06)
|
%
|
|
ADR
|
$
|
558.52
|
|
|
$
|
—
|
|
|
$
|
558.52
|
|
|
$
|
558.38
|
|
|
$
|
—
|
|
|
$
|
558.38
|
|
|
0.03
|
%
|
|
0.03
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARK HYATT BEAVER
CREEK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
18,209
|
|
|
$
|
—
|
|
|
$
|
18,209
|
|
|
$
|
18,349
|
|
|
$
|
—
|
|
|
$
|
18,349
|
|
|
(0.76)
|
%
|
|
(0.76)
|
%
|
|
Total hotel
revenue
|
$
|
40,688
|
|
|
$
|
—
|
|
|
$
|
40,688
|
|
|
$
|
40,292
|
|
|
$
|
—
|
|
|
$
|
40,292
|
|
|
0.98
|
%
|
|
0.98
|
%
|
|
Hotel
EBITDA
|
$
|
10,142
|
|
|
$
|
—
|
|
|
$
|
10,142
|
|
|
$
|
9,238
|
|
|
$
|
—
|
|
|
$
|
9,238
|
|
|
9.79
|
%
|
|
9.79
|
%
|
|
Hotel EBITDA
margin
|
24.93
|
%
|
|
|
|
24.93
|
%
|
|
22.93
|
%
|
|
|
|
22.93
|
%
|
|
2.00
|
%
|
|
2.00
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
262.57
|
|
|
$
|
—
|
|
|
$
|
262.57
|
|
|
$
|
264.59
|
|
|
$
|
—
|
|
|
$
|
264.59
|
|
|
(0.76)
|
%
|
|
(0.76)
|
%
|
|
Occupancy
|
59.06
|
%
|
|
—
|
%
|
|
59.06
|
%
|
|
61.73
|
%
|
|
—
|
%
|
|
61.73
|
%
|
|
(4.33)
|
%
|
|
(4.33)
|
%
|
|
ADR
|
$
|
444.54
|
|
|
$
|
—
|
|
|
$
|
444.54
|
|
|
$
|
428.59
|
|
|
$
|
—
|
|
|
$
|
428.59
|
|
|
3.72
|
%
|
|
3.72
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE NOTARY
HOTEL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
26,016
|
|
|
$
|
—
|
|
|
$
|
26,016
|
|
|
$
|
28,107
|
|
|
$
|
—
|
|
|
$
|
28,107
|
|
|
(7.44)
|
%
|
|
(7.44)
|
%
|
|
Total hotel
revenue
|
$
|
31,887
|
|
|
$
|
—
|
|
|
$
|
31,887
|
|
|
$
|
34,983
|
|
|
$
|
—
|
|
|
$
|
34,983
|
|
|
(8.85)
|
%
|
|
(8.85)
|
%
|
|
Hotel
EBITDA
|
$
|
9,850
|
|
|
$
|
—
|
|
|
$
|
9,850
|
|
|
$
|
14,038
|
|
|
$
|
—
|
|
|
$
|
14,038
|
|
|
(29.83)
|
%
|
|
(29.83)
|
%
|
|
Hotel EBITDA
margin
|
30.89
|
%
|
|
|
|
30.89
|
%
|
|
40.13
|
%
|
|
|
|
40.13
|
%
|
|
(9.24)
|
%
|
|
(9.24)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
142.84
|
|
|
$
|
—
|
|
|
$
|
142.84
|
|
|
$
|
154.32
|
|
|
$
|
—
|
|
|
$
|
154.32
|
|
|
(7.44)
|
%
|
|
(7.44)
|
%
|
|
Occupancy
|
72.15
|
%
|
|
—
|
%
|
|
72.15
|
%
|
|
82.92
|
%
|
|
—
|
%
|
|
82.92
|
%
|
|
(12.99)
|
%
|
|
(12.99)
|
%
|
|
ADR
|
$
|
197.97
|
|
|
$
|
—
|
|
|
$
|
197.97
|
|
|
$
|
186.10
|
|
|
$
|
—
|
|
|
$
|
186.10
|
|
|
6.38
|
%
|
|
6.38
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAN FRANCISCO
COURTYARD DOWNTOWN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
40,576
|
|
|
$
|
—
|
|
|
$
|
40,576
|
|
|
$
|
37,032
|
|
|
$
|
—
|
|
|
$
|
37,032
|
|
|
9.57
|
%
|
|
9.57
|
%
|
|
Total hotel
revenue
|
$
|
44,167
|
|
|
$
|
—
|
|
|
$
|
44,167
|
|
|
$
|
41,933
|
|
|
$
|
—
|
|
|
$
|
41,933
|
|
|
5.33
|
%
|
|
5.33
|
%
|
|
Hotel
EBITDA
|
$
|
14,248
|
|
|
$
|
—
|
|
|
$
|
14,248
|
|
|
$
|
13,834
|
|
|
$
|
—
|
|
|
$
|
13,834
|
|
|
2.99
|
%
|
|
2.99
|
%
|
|
Hotel EBITDA
margin
|
32.26
|
%
|
|
|
|
32.26
|
%
|
|
32.99
|
%
|
|
|
|
32.99
|
%
|
|
(0.73)
|
%
|
|
(0.73)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
271.14
|
|
|
$
|
—
|
|
|
$
|
271.14
|
|
|
$
|
247.58
|
|
|
$
|
—
|
|
|
$
|
247.58
|
|
|
9.52
|
%
|
|
9.52
|
%
|
|
Occupancy
|
89.99
|
%
|
|
—
|
%
|
|
89.99
|
%
|
|
86.66
|
%
|
|
—
|
%
|
|
86.66
|
%
|
|
3.84
|
%
|
|
3.84
|
%
|
|
ADR
|
$
|
301.30
|
|
|
$
|
—
|
|
|
$
|
301.30
|
|
|
$
|
285.70
|
|
|
$
|
—
|
|
|
$
|
285.70
|
|
|
5.46
|
%
|
|
5.46
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SARASOTA
RITZ-CARLTON
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
27,931
|
|
|
$
|
—
|
|
|
$
|
27,931
|
|
|
$
|
17,273
|
|
|
$
|
9,451
|
|
|
$
|
26,724
|
|
|
61.70
|
%
|
|
4.52
|
%
|
|
Total hotel
revenue
|
$
|
65,524
|
|
|
$
|
—
|
|
|
$
|
65,524
|
|
|
$
|
42,232
|
|
|
$
|
20,073
|
|
|
$
|
62,305
|
|
|
55.15
|
%
|
|
5.17
|
%
|
|
Hotel
EBITDA
|
$
|
13,626
|
|
|
$
|
—
|
|
|
$
|
13,626
|
|
|
$
|
7,142
|
|
|
$
|
5,567
|
|
|
$
|
12,709
|
|
|
90.79
|
%
|
|
7.22
|
%
|
|
Hotel EBITDA
margin
|
20.80
|
%
|
|
|
|
20.80
|
%
|
|
16.91
|
%
|
|
|
|
20.40
|
%
|
|
3.89
|
%
|
|
0.40
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
287.68
|
|
|
$
|
—
|
|
|
$
|
287.68
|
|
|
$
|
238.74
|
|
|
$
|
382.06
|
|
|
$
|
275.25
|
|
|
20.50
|
%
|
|
4.52
|
%
|
|
Occupancy
|
73.40
|
%
|
|
—
|
%
|
|
73.40
|
%
|
|
71.47
|
%
|
|
78.86
|
%
|
|
73.36
|
%
|
|
2.70
|
%
|
|
0.05
|
%
|
|
ADR
|
$
|
391.92
|
|
|
$
|
—
|
|
|
$
|
391.92
|
|
|
$
|
334.02
|
|
|
$
|
484.46
|
|
|
$
|
375.23
|
|
|
17.33
|
%
|
|
4.45
|
%
|
|
LAKE TAHOE
RITZ-CARLTON
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
22,362
|
|
|
$
|
1,719
|
|
|
$
|
24,081
|
|
|
$
|
—
|
|
|
$
|
21,199
|
|
|
$
|
21,199
|
|
|
—
|
%
|
|
13.59
|
%
|
|
Total hotel
revenue
|
$
|
41,894
|
|
|
$
|
2,671
|
|
|
$
|
44,565
|
|
|
$
|
—
|
|
|
$
|
40,434
|
|
|
$
|
40,434
|
|
|
—
|
%
|
|
10.22
|
%
|
|
Hotel
EBITDA
|
$
|
7,286
|
|
|
$
|
778
|
|
|
$
|
8,064
|
|
|
$
|
—
|
|
|
$
|
8,021
|
|
|
$
|
8,021
|
|
|
—
|
%
|
|
0.54
|
%
|
|
Hotel EBITDA
margin
|
17.39
|
%
|
|
|
|
18.09
|
%
|
|
—
|
%
|
|
|
|
19.84
|
%
|
|
17.39
|
%
|
|
(1.75)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
374.76
|
|
|
$
|
722.13
|
|
|
$
|
388.09
|
|
|
$
|
—
|
|
|
$
|
341.64
|
|
|
$
|
341.64
|
|
|
—
|
%
|
|
13.60
|
%
|
|
Occupancy
|
67.39
|
%
|
|
77.52
|
%
|
|
67.78
|
%
|
|
—
|
%
|
|
66.64
|
%
|
|
66.64
|
%
|
|
—
|
%
|
|
1.71
|
%
|
|
ADR
|
$
|
556.11
|
|
|
$
|
931.53
|
|
|
$
|
572.58
|
|
|
$
|
—
|
|
|
$
|
512.66
|
|
|
$
|
512.66
|
|
|
—
|
%
|
|
11.69
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEATTLE MARRIOTT
WATERFRONT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
29,235
|
|
|
$
|
—
|
|
|
$
|
29,235
|
|
|
$
|
31,688
|
|
|
$
|
—
|
|
|
$
|
31,688
|
|
|
(7.74)
|
%
|
|
(7.74)
|
%
|
|
Total hotel
revenue
|
$
|
37,497
|
|
|
$
|
—
|
|
|
$
|
37,497
|
|
|
$
|
39,891
|
|
|
$
|
—
|
|
|
$
|
39,891
|
|
|
(6.00)
|
%
|
|
(6.00)
|
%
|
|
Hotel
EBITDA
|
$
|
14,250
|
|
|
$
|
—
|
|
|
$
|
14,250
|
|
|
$
|
15,885
|
|
|
$
|
—
|
|
|
$
|
15,885
|
|
|
(10.29)
|
%
|
|
(10.29)
|
%
|
|
Hotel EBITDA
margin
|
38.00
|
%
|
|
|
|
38.00
|
%
|
|
39.82
|
%
|
|
|
|
39.82
|
%
|
|
(1.82)
|
%
|
|
(1.82)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
221.87
|
|
|
$
|
—
|
|
|
$
|
221.87
|
|
|
$
|
240.49
|
|
|
$
|
—
|
|
|
$
|
240.49
|
|
|
(7.74)
|
%
|
|
(7.74)
|
%
|
|
Occupancy
|
83.22
|
%
|
|
—
|
%
|
|
83.22
|
%
|
|
84.80
|
%
|
|
—
|
%
|
|
84.80
|
%
|
|
(1.86)
|
%
|
|
(1.86)
|
%
|
|
ADR
|
$
|
266.62
|
|
|
$
|
—
|
|
|
$
|
266.62
|
|
|
$
|
283.59
|
|
|
$
|
—
|
|
|
$
|
283.59
|
|
|
(5.98)
|
%
|
|
(5.98)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ST. THOMAS
RITZ-CARLTON
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
3,295
|
|
|
$
|
—
|
|
|
$
|
3,295
|
|
|
$
|
6,604
|
|
|
$
|
—
|
|
|
$
|
6,604
|
|
|
(50.11)
|
%
|
|
(50.11)
|
%
|
|
Total hotel
revenue
|
$
|
26,122
|
|
|
$
|
—
|
|
|
$
|
26,122
|
|
|
$
|
21,634
|
|
|
$
|
—
|
|
|
$
|
21,634
|
|
|
20.75
|
%
|
|
20.75
|
%
|
|
Hotel
EBITDA
|
$
|
11,399
|
|
|
$
|
—
|
|
|
$
|
11,399
|
|
|
$
|
10,291
|
|
|
$
|
—
|
|
|
$
|
10,291
|
|
|
10.77
|
%
|
|
10.77
|
%
|
|
Hotel EBITDA
margin
|
43.64
|
%
|
|
|
|
43.64
|
%
|
|
47.57
|
%
|
|
|
|
47.57
|
%
|
|
(3.93)
|
%
|
|
(3.93)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
299.87
|
|
|
$
|
—
|
|
|
$
|
299.87
|
|
|
$
|
224.31
|
|
|
$
|
—
|
|
|
$
|
224.31
|
|
|
33.69
|
%
|
|
33.69
|
%
|
|
Occupancy
|
48.61
|
%
|
|
—
|
%
|
|
48.61
|
%
|
|
79.20
|
%
|
|
—
|
%
|
|
79.20
|
%
|
|
(38.62)
|
%
|
|
(38.62)
|
%
|
|
ADR
|
$
|
616.91
|
|
|
$
|
—
|
|
|
$
|
616.91
|
|
|
$
|
283.22
|
|
|
$
|
—
|
|
|
$
|
283.22
|
|
|
117.82
|
%
|
|
117.82
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAMPA
RENAISSANCE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,171
|
|
|
$
|
(8,171)
|
|
|
$
|
—
|
|
|
(100.00)
|
%
|
|
—
|
%
|
|
Total hotel
revenue
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14,611
|
|
|
$
|
(14,611)
|
|
|
$
|
—
|
|
|
(100.00)
|
%
|
|
—
|
%
|
|
Hotel
EBITDA
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,525
|
|
|
$
|
(6,525)
|
|
|
$
|
—
|
|
|
(100.00)
|
%
|
|
—
|
%
|
|
Hotel EBITDA
margin
|
—
|
%
|
|
|
|
—
|
%
|
|
44.66
|
%
|
|
|
|
—
|
%
|
|
(44.66)
|
%
|
|
—
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
184.70
|
|
|
$
|
(184.70)
|
|
|
$
|
—
|
|
|
(100.00)
|
%
|
|
—
|
%
|
|
Occupancy
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
85.59
|
%
|
|
(85.59)
|
%
|
|
—
|
%
|
|
(100.00)
|
%
|
|
—
|
%
|
|
ADR
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
215.80
|
|
|
$
|
(215.80)
|
|
|
$
|
—
|
|
|
(100.00)
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRAEMAR PROPERTIES
TOTAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
302,469
|
|
|
$
|
1,719
|
|
|
$
|
304,188
|
|
|
$
|
282,775
|
|
|
$
|
22,479
|
|
|
$
|
305,254
|
|
|
6.96
|
%
|
|
(0.35)
|
%
|
|
Total hotel
revenue
|
$
|
486,228
|
|
|
$
|
2,671
|
|
|
$
|
488,899
|
|
|
$
|
431,398
|
|
|
$
|
45,896
|
|
|
$
|
477,294
|
|
|
12.71
|
%
|
|
2.43
|
%
|
|
Hotel
EBITDA
|
$
|
141,318
|
|
|
$
|
778
|
|
|
$
|
142,096
|
|
|
$
|
137,621
|
|
|
$
|
7,067
|
|
|
$
|
144,688
|
|
|
2.69
|
%
|
|
(1.79)
|
%
|
|
Hotel EBITDA
margin
|
29.06
|
%
|
|
|
|
29.06
|
%
|
|
31.90
|
%
|
|
|
|
30.31
|
%
|
|
(2.84)
|
%
|
|
(1.25)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
232.56
|
|
|
$
|
722.13
|
|
|
$
|
233.45
|
|
|
$
|
221.17
|
|
|
$
|
528.35
|
|
|
$
|
231.06
|
|
|
5.15
|
%
|
|
1.03
|
%
|
|
Occupancy
|
78.85
|
%
|
|
77.52
|
%
|
|
78.85
|
%
|
|
81.31
|
%
|
|
54.04
|
%
|
|
80.43
|
%
|
|
(3.03)
|
%
|
|
(1.96)
|
%
|
|
ADR
|
$
|
294.93
|
|
|
$
|
931.53
|
|
|
$
|
296.07
|
|
|
$
|
272.02
|
|
|
$
|
977.62
|
|
|
$
|
287.29
|
|
|
8.42
|
%
|
|
3.06
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
(1)
The above comparable information assumes the thirteen hotel
properties owned and included in the Company's operations at
December 31, 2019, were owned as of the beginning of each of
the periods
presented.
Non-comparable adjustments include pre-acquisition results from
hotel properties acquired during the period offset by results from
hotel properties sold during the period.
(2)
All pre-acquisition information was obtained from the prior owner.
The Company performed a limited review of the information as part
of its analysis of the acquisition.
(3)
The above information does not include the operations of ten
condominium units not owned by the Lake Tahoe
Ritz-Carlton.
(4)
See Exhibit 1 for reconciliation of net income (loss) to hotel
EBITDA.
|
BRAEMAR HOTELS
& RESORTS INC. AND SUBSIDIARIES
HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS
(dollars in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
4th
Quarter
|
|
4th
Quarter
|
|
4th
Quarter
|
|
3rd
Quarter
|
|
3rd
Quarter
|
|
3rd
Quarter
|
|
2nd
Quarter
|
|
2nd
Quarter
|
|
2nd
Quarter
|
|
1st
Quarter
|
|
1st
Quarter
|
|
1st
Quarter
|
Total Hotel
Revenue
|
$
|
121,265
|
|
|
$
|
—
|
|
|
$
|
121,265
|
|
|
$
|
118,525
|
|
|
$
|
—
|
|
|
$
|
118,525
|
|
|
$
|
118,412
|
|
|
$
|
—
|
|
|
$
|
118,412
|
|
|
$
|
128,026
|
|
|
$
|
2,671
|
|
|
$
|
130,697
|
|
Hotel
EBITDA
|
$
|
30,063
|
|
|
$
|
(44)
|
|
|
$
|
30,019
|
|
|
$
|
33,417
|
|
|
$
|
11
|
|
|
$
|
33,428
|
|
|
$
|
38,149
|
|
|
$
|
161
|
|
|
$
|
38,310
|
|
|
$
|
39,689
|
|
|
$
|
650
|
|
|
$
|
40,339
|
|
Hotel EBITDA
Margin
|
24.79
|
%
|
|
|
|
24.75
|
%
|
|
28.19
|
%
|
|
|
|
28.20
|
%
|
|
32.22
|
%
|
|
|
|
32.35
|
%
|
|
31.00
|
%
|
|
|
|
30.86
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of Total
TTM
|
21.3
|
%
|
|
|
|
21.1
|
%
|
|
23.6
|
%
|
|
|
|
23.5
|
%
|
|
27.0
|
%
|
|
|
|
27.0
|
%
|
|
28.1
|
%
|
|
|
|
28.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV Interests in
EBITDA
|
$
|
1,521
|
|
|
$
|
—
|
|
|
$
|
1,521
|
|
|
$
|
1,545
|
|
|
$
|
—
|
|
|
$
|
1,545
|
|
|
$
|
2,527
|
|
|
$
|
—
|
|
|
$
|
2,527
|
|
|
$
|
1,866
|
|
|
$
|
—
|
|
|
$
|
1,866
|
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
|
|
|
2019
|
|
2019
|
|
2019
|
|
|
|
|
TTM
|
|
TTM
|
|
TTM
|
|
|
Total Hotel
Revenue
|
|
$
|
486,228
|
|
|
$
|
2,671
|
|
|
$
|
488,899
|
|
|
|
Hotel
EBITDA
|
|
$
|
141,318
|
|
|
$
|
778
|
|
|
$
|
142,096
|
|
|
|
Hotel EBITDA
Margin
|
|
29.06
|
%
|
|
|
|
29.06
|
%
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of Total
TTM
|
|
100.0
|
%
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
JV Interests in
EBITDA
|
|
$
|
7,459
|
|
|
$
|
—
|
|
|
$
|
7,459
|
|
|
|
NOTES:
|
(1) The above
comparable information assumes the thirteen hotel properties owned
and included in the Company's operations at December 31, 2019,
were owned as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotel properties acquired during the period offset by results from
hotel properties sold during the period.
|
(2) All
pre-acquisition information was obtained from the prior owner. The
Company performed a limited review of the information as part of
its analysis of the acquisition.
|
(3) The above
information does not include the operations of ten condominium
units not owned by the Lake Tahoe Ritz-Carlton.
|
(4) See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
BRAEMAR HOTELS
& RESORTS INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
DECEMBER 31, 2019
(in thousands, except share price)
(unaudited)
|
|
|
|
December 31,
2019
|
|
Common stock shares
outstanding
|
32,885
|
Partnership units
outstanding (common stock equivalents)
|
4,538
|
Combined common stock
shares and partnership units outstanding
|
37,423
|
Common stock
price
|
$
|
8.93
|
|
Market
capitalization
|
$
|
334,187
|
|
Series B cumulative
convertible preferred stock
|
$
|
125,211
|
|
Series D cumulative
preferred stock
|
$
|
40,000
|
|
Indebtedness
|
$
|
1,065,000
|
|
Joint venture
partner's share of consolidated indebtedness
|
$
|
(48,750)
|
|
Net working capital
(see below)
|
$
|
(49,327)
|
|
Total enterprise
value (TEV)
|
$
|
1,466,321
|
|
|
|
Cash and cash
equivalents
|
$
|
65,118
|
|
Restricted
cash
|
$
|
56,442
|
|
Accounts receivable,
net
|
$
|
18,086
|
|
Prepaid
expenses
|
$
|
4,814
|
|
Due from third-party
hotel managers, net
|
$
|
15,138
|
|
Total current
assets
|
$
|
159,598
|
|
|
|
Accounts payable, net
& accrued expenses
|
$
|
97,339
|
|
Dividends and
distributions payable
|
$
|
9,143
|
|
Due to affiliates,
net
|
$
|
3,789
|
|
Total current
liabilities
|
$
|
110,271
|
|
|
|
Net working
capital*
|
$
|
49,327
|
|
|
|
|
|
|
|
* Includes the
Company's pro rata share of net working capital in joint
ventures.
|
BRAEMAR HOTELS
& RESORTS INC. AND SUBSIDIARIES
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)
|
|
|
|
2019
|
2020
|
|
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
|
Rooms
|
Actual
|
Actual
|
Actual
|
Actual
|
Estimated
|
Estimated
|
Estimated
|
Estimated
|
Park Hyatt Beaver
Creek
|
190
|
|
|
x
|
x
|
|
|
|
|
|
The Notary
Hotel
|
499
|
|
x
|
x
|
x
|
|
|
|
|
|
Ritz-Carlton
Sarasota
|
266
|
|
|
|
|
|
|
|
x
|
x
|
San Francisco
Courtyard Downtown
|
410
|
|
x
|
x
|
x
|
x
|
x
|
x
|
|
|
St. Thomas
Ritz-Carlton
|
180
|
|
x
|
x
|
x
|
x
|
|
|
|
|
Seattle Marriott
Waterfront
|
358
|
|
|
|
|
|
|
|
|
x
|
Total
|
|
3
|
4
|
4
|
2
|
1
|
1
|
1
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Only hotels which
have had or are expected to have significant capital expenditures
that could result in
displacement in 2019 or 2020 are
included in this table.
|
Exhibit
1
|
BRAEMAR HOTELS
& RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
|
December 31,
2019
|
|
4th
Quarter
|
|
3rd
Quarter
|
|
2nd
Quarter
|
|
1st
Quarter
|
|
TTM
|
Net income
(loss)
|
$
|
31,519
|
|
|
$
|
9,196
|
|
|
$
|
12,770
|
|
|
$
|
16,470
|
|
|
$
|
69,955
|
|
Non-property
adjustments
|
(26,320)
|
|
|
1,441
|
|
|
(9)
|
|
|
—
|
|
|
(24,888)
|
|
Interest
income
|
(69)
|
|
|
(79)
|
|
|
(77)
|
|
|
(62)
|
|
|
(287)
|
|
Interest
expense
|
5,210
|
|
|
4,829
|
|
|
4,965
|
|
|
4,856
|
|
|
19,860
|
|
Amortization of loan
costs
|
309
|
|
|
229
|
|
|
209
|
|
|
345
|
|
|
1,092
|
|
Depreciation and
amortization
|
18,310
|
|
|
16,831
|
|
|
18,474
|
|
|
16,686
|
|
|
70,301
|
|
Income tax expense
(benefit)
|
(173)
|
|
|
(78)
|
|
|
422
|
|
|
115
|
|
|
286
|
|
Non-hotel EBITDA
ownership expense
|
1,277
|
|
|
1,048
|
|
|
1,395
|
|
|
1,279
|
|
|
4,999
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
30,063
|
|
|
33,417
|
|
|
38,149
|
|
|
39,689
|
|
|
141,318
|
|
Non-comparable
adjustments
|
(44)
|
|
|
11
|
|
|
161
|
|
|
650
|
|
|
778
|
|
Comparable hotel
EBITDA
|
$
|
30,019
|
|
|
$
|
33,428
|
|
|
$
|
38,310
|
|
|
$
|
40,339
|
|
|
$
|
142,096
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
1
|
BRAEMAR HOTELS
& RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
Three Months Ended
December 31, 2019
|
|
Capital Hilton
Washington D.C.
|
|
La Jolla Hilton
Torrey Pines
|
|
Chicago Sofitel
Magnificent Mile
|
|
Bardessono Hotel
& Spa
|
|
Key West Pier
House Resort
|
|
Hotel
Yountville
|
|
Park Hyatt Beaver
Creek
|
|
The Notary
Hotel
|
|
Plano Marriott
Legacy Town Center
|
|
San Francisco
Courtyard Downtown
|
|
Sarasota
Ritz-Carlton
|
|
Lake Tahoe
Ritz-Carlton
|
|
Seattle Marriott
Waterfront
|
|
St. Thomas
Ritz-Carlton
|
|
Tampa
Renaissance
|
|
Hotel
Total
|
|
Corporate /
Allocated
|
|
Braemar Hotels
& Resorts Inc.
|
Net income
(loss)
|
$
827
|
|
$
1,921
|
|
$
(92)
|
|
$
(99)
|
|
$
1,413
|
|
$
176
|
|
$
(862)
|
|
$
891
|
|
$
—
|
|
$
(313)
|
|
$
1,316
|
|
$
(150)
|
|
$
1,301
|
|
$
25,190
|
|
$
—
|
|
$
31,519
|
|
$
(14,424)
|
|
$
17,095
|
Non-property
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
(89)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(26,231)
|
|
—
|
|
(26,320)
|
|
26,320
|
|
—
|
Interest
income
|
(13)
|
|
(17)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(9)
|
|
—
|
|
(4)
|
|
(16)
|
|
—
|
|
(9)
|
|
(1)
|
|
—
|
|
(69)
|
|
69
|
|
—
|
Interest
expense
|
—
|
|
—
|
|
—
|
|
448
|
|
755
|
|
572
|
|
794
|
|
—
|
|
—
|
|
—
|
|
1,359
|
|
544
|
|
—
|
|
738
|
|
—
|
|
5,210
|
|
6,308
|
|
11,518
|
Amortization of loan
cost
|
—
|
|
—
|
|
—
|
|
35
|
|
69
|
|
37
|
|
—
|
|
—
|
|
—
|
|
—
|
|
81
|
|
33
|
|
—
|
|
54
|
|
—
|
|
309
|
|
786
|
|
1,095
|
Depreciation and
amortization
|
1,987
|
|
1,406
|
|
1,659
|
|
858
|
|
730
|
|
604
|
|
1,223
|
|
2,245
|
|
—
|
|
2,859
|
|
1,496
|
|
1,243
|
|
988
|
|
1,012
|
|
—
|
|
18,310
|
|
(189)
|
|
18,121
|
Income tax expense
(benefit)
|
—
|
|
(87)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(52)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(34)
|
|
—
|
|
(173)
|
|
444
|
|
271
|
Non-hotel EBITDA
ownership expense
|
35
|
|
25
|
|
43
|
|
111
|
|
5
|
|
33
|
|
(50)
|
|
258
|
|
—
|
|
136
|
|
226
|
|
183
|
|
80
|
|
192
|
|
—
|
|
1,277
|
|
(1,277)
|
|
—
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
2,836
|
|
3,248
|
|
1,610
|
|
1,353
|
|
2,883
|
|
1,422
|
|
1,105
|
|
3,333
|
|
—
|
|
2,678
|
|
4,462
|
|
1,853
|
|
2,360
|
|
920
|
|
—
|
|
30,063
|
|
18,037
|
|
48,100
|
Less: EBITDA
adjustments attributable to consolidated noncontrolling
interest
|
(709)
|
|
(811)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,520)
|
|
1,520
|
|
—
|
Equity in earnings
(loss) of unconsolidated entities
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
50
|
|
50
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(48)
|
|
(48)
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
2,127
|
|
$
2,437
|
|
$
1,610
|
|
$
1,353
|
|
$
2,883
|
|
$
1,422
|
|
$
1,105
|
|
$
3,333
|
|
$
—
|
|
$
2,678
|
|
$
4,462
|
|
$
1,853
|
|
$
2,360
|
|
$
920
|
|
$
—
|
|
$
28,543
|
|
$
19,559
|
|
$
48,102
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
118
|
|
—
|
|
(196)
|
|
—
|
|
34
|
|
—
|
|
—
|
|
—
|
|
(44)
|
|
|
|
|
Comparable hotel
EBITDA
|
$
2,836
|
|
$
3,248
|
|
$
1,610
|
|
$
1,353
|
|
$
2,883
|
|
$
1,422
|
|
$
1,105
|
|
$
3,451
|
|
$
—
|
|
$
2,482
|
|
$
4,462
|
|
$
1,887
|
|
$
2,360
|
|
$
920
|
|
$
—
|
|
$
30,019
|
|
|
|
|
ALL HOTELS NOT
UNDER RENOVATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
$
2,836
|
|
$
3,248
|
|
$
1,610
|
|
$
1,353
|
|
$
2,883
|
|
$
1,422
|
|
$
1,105
|
|
$
3,333
|
|
$
—
|
|
$
—
|
|
$
4,462
|
|
$
1,853
|
|
$
2,360
|
|
$
—
|
|
$
—
|
|
$
26,465
|
|
|
|
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
118
|
|
—
|
|
—
|
|
—
|
|
34
|
|
—
|
|
—
|
|
—
|
|
152
|
|
|
|
|
Comparable hotel
EBITDA
|
$
2,836
|
|
$
3,248
|
|
$
1,610
|
|
$
1,353
|
|
$
2,883
|
|
$
1,422
|
|
$
1,105
|
|
$
3,451
|
|
$
—
|
|
$
—
|
|
$
4,462
|
|
$
1,887
|
|
$
2,360
|
|
$
—
|
|
$
—
|
|
$
26,617
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPARABLE HOTEL
EBITDA BY LOAN POOL
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BAML (Pier
House)
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
2,883
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
2,883
|
|
|
|
|
BAML
(Bardessono)
|
—
|
|
—
|
|
—
|
|
1,353
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,353
|
|
|
|
|
BAML (Hotel
Yountville)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,422
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,422
|
|
|
|
|
Apollo (Ritz-Carlton
St. Thomas)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
920
|
|
—
|
|
920
|
|
|
|
|
Prudential (Capital
Hilton and Hilton Torrey Pines)
|
2,836
|
|
3,248
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6,084
|
|
|
|
|
BAML Pool (see
footnote 5)
|
—
|
|
—
|
|
1,610
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3,451
|
|
—
|
|
2,482
|
|
—
|
|
—
|
|
2,360
|
|
—
|
|
—
|
|
9,903
|
|
|
|
|
JP Morgan (Park Hyatt
Beaver Creek)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,105
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,105
|
|
|
|
|
BAML (Ritz-Carlton
Sarasota)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4,462
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4,462
|
|
|
|
|
BAML (Ritz-Carlton
Lake Tahoe)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,887
|
|
—
|
|
—
|
|
—
|
|
1,887
|
|
|
|
|
Total
|
$
2,836
|
|
$
3,248
|
|
$
1,610
|
|
$
1,353
|
|
$
2,883
|
|
$
1,422
|
|
$
1,105
|
|
$
3,451
|
|
$
—
|
|
$
2,482
|
|
$
4,462
|
|
1,887
|
|
$
2,360
|
|
$
920
|
|
$
—
|
|
$
30,019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the thirteen hotel
properties owned and included in the Company's operations at
December 31, 2019, were owned as of the beginning of each of the
periods presented. Non-comparable adjustments include
pre-acquisition results from hotel properties acquired
during the period offset by results from hotel properties sold
during the period.
(2) All pre-acquisition information was obtained from the prior
owner. The Company performed a limited review of the information as
part of its analysis of the acquisition.
(3) The above information does not include the operations of ten
condominium units not owned by the Lake Tahoe Ritz-Carlton.
(4) Excluded Hotels Under Renovation:
San Francisco Courtyard Downtown, St. Thomas Ritz-Carlton
(5) This mortgage loan is secured by the Chicago Sofitel
Magnificent Mile, San Francisco Courtyard Downtown, Seattle
Marriott Waterfront and The Notary Hotel.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
1
|
BRAEMAR HOTELS
& RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
Three Months Ended
September 30, 2019
|
|
Capital Hilton
Washington D.C.
|
|
La Jolla Hilton
Torrey Pines
|
|
Chicago Sofitel
Magnificent Mile
|
|
Bardessono Hotel
& Spa
|
|
Key West Pier
House Resort
|
|
Hotel
Yountville
|
|
Park Hyatt Beaver
Creek
|
|
The Notary
Hotel
|
|
Plano Marriott
Legacy Town Center
|
|
San Francisco
Courtyard Downtown
|
|
Sarasota
Ritz-Carlton
|
|
Lake Tahoe
Ritz-Carlton
|
|
Seattle Marriott
Waterfront
|
|
St. Thomas
Ritz-Carlton
|
|
Tampa
Renaissance
|
|
Hotel
Total
|
|
Corporate /
Allocated
|
|
Braemar Hotels
& Resorts Inc.
|
Net income
(loss)
|
$
328
|
|
$
2,574
|
|
$
1,232
|
|
$
803
|
|
$
824
|
|
$
1,168
|
|
$
(187)
|
|
$
(981)
|
|
$
—
|
|
$
985
|
|
$
(2,710)
|
|
$
430
|
|
$
4,667
|
|
$
63
|
|
$
—
|
|
$
9,196
|
|
$
(18,150)
|
|
$
(8,954)
|
Non-property
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,186
|
|
—
|
|
—
|
|
(23)
|
|
—
|
|
—
|
|
278
|
|
—
|
|
1,441
|
|
(1,441)
|
|
—
|
Interest
income
|
(17)
|
|
(18)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(6)
|
|
—
|
|
(5)
|
|
(18)
|
|
—
|
|
(14)
|
|
(1)
|
|
—
|
|
(79)
|
|
79
|
|
—
|
Interest
expense
|
—
|
|
—
|
|
—
|
|
491
|
|
9
|
|
625
|
|
861
|
|
—
|
|
—
|
|
—
|
|
1,465
|
|
600
|
|
—
|
|
778
|
|
—
|
|
4,829
|
|
7,770
|
|
12,599
|
Amortization of loan
cost
|
—
|
|
—
|
|
—
|
|
35
|
|
—
|
|
37
|
|
—
|
|
—
|
|
—
|
|
—
|
|
80
|
|
32
|
|
—
|
|
45
|
|
—
|
|
229
|
|
818
|
|
1,047
|
Depreciation and
amortization
|
1,974
|
|
1,406
|
|
1,654
|
|
659
|
|
698
|
|
592
|
|
1,187
|
|
2,226
|
|
—
|
|
2,724
|
|
1,448
|
|
1,115
|
|
985
|
|
163
|
|
—
|
|
16,831
|
|
—
|
|
16,831
|
Income tax expense
(benefit)
|
—
|
|
(87)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3
|
|
—
|
|
(78)
|
|
233
|
|
155
|
Non-hotel EBITDA
ownership expense
|
3
|
|
19
|
|
104
|
|
123
|
|
11
|
|
73
|
|
26
|
|
306
|
|
—
|
|
10
|
|
37
|
|
161
|
|
(37)
|
|
212
|
|
—
|
|
1,048
|
|
(1,048)
|
|
—
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
2,288
|
|
3,894
|
|
2,990
|
|
2,111
|
|
1,542
|
|
2,495
|
|
1,887
|
|
2,737
|
|
—
|
|
3,714
|
|
279
|
|
2,338
|
|
5,601
|
|
1,541
|
|
—
|
|
33,417
|
|
(11,739)
|
|
21,678
|
Less: EBITDA
adjustments attributable to consolidated noncontrolling
interest
|
(572)
|
|
(973)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,545)
|
|
1,545
|
|
—
|
Equity in earnings
(loss) of unconsolidated entities
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
48
|
|
48
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(50)
|
|
(50)
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
1,716
|
|
$
2,921
|
|
$
2,990
|
|
$
2,111
|
|
$
1,542
|
|
$
2,495
|
|
$
1,887
|
|
$
2,737
|
|
$
—
|
|
$
3,714
|
|
$
279
|
|
$
2,338
|
|
$
5,601
|
|
$
1,541
|
|
$
—
|
|
$
31,872
|
|
$
(10,196)
|
|
$
21,676
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(118)
|
|
—
|
|
129
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
11
|
|
|
|
|
Comparable hotel
EBITDA
|
$
2,288
|
|
$
3,894
|
|
$
2,990
|
|
$
2,111
|
|
$
1,542
|
|
$
2,495
|
|
$
1,887
|
|
$
2,619
|
|
$
—
|
|
$
3,843
|
|
$
279
|
|
$
2,338
|
|
$
5,601
|
|
$
1,541
|
|
$
—
|
|
$
33,428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPARABLE HOTEL
EBITDA BY LOAN POOL
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BAML (Pier
House)
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
1,542
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
1,542
|
|
|
|
|
BAML
(Bardessono)
|
—
|
|
—
|
|
—
|
|
2,111
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,111
|
|
|
|
|
BAML (Hotel
Yountville)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,495
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,495
|
|
|
|
|
Apollo (Ritz-Carlton
St. Thomas)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,541
|
|
—
|
|
1,541
|
|
|
|
|
Prudential (Capital
Hilton and Hilton Torrey Pines)
|
2,288
|
|
3,894
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6,182
|
|
|
|
|
BAML Pool (see
footnote 4)
|
—
|
|
—
|
|
2,990
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,619
|
|
—
|
|
3,843
|
|
—
|
|
—
|
|
5,601
|
|
—
|
|
—
|
|
15,053
|
|
|
|
|
JP Morgan (Park Hyatt
Beaver Creek)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,887
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,887
|
|
|
|
|
BAML (Ritz-Carlton
Sarasota)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
279
|
|
—
|
|
—
|
|
—
|
|
—
|
|
279
|
|
|
|
|
BAML (Ritz-Carlton
Lake Tahoe)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,338
|
|
—
|
|
—
|
|
—
|
|
2,338
|
|
|
|
|
Total
|
$
2,288
|
|
$
3,894
|
|
$
2,990
|
|
$
2,111
|
|
$
1,542
|
|
$
2,495
|
|
$
1,887
|
|
$
2,619
|
|
$
—
|
|
$
3,843
|
|
$
279
|
|
$
2,338
|
|
$
5,601
|
|
$
1,541
|
|
$
—
|
|
$
33,428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the thirteen hotel
properties owned and included in the Company's operations at
December 31, 2019, were owned as of the beginning of each of the
periods presented. Non-comparable adjustments include
pre-acquisition results from hotel properties acquired
during the period offset by results from hotel properties sold
during the period.
(2) All pre-acquisition information was obtained from the prior
owner. The Company performed a limited review of the information as
part of its analysis of the acquisition.
(3) The above information does not include the operations of ten
condominium units not owned by the Lake Tahoe Ritz-Carlton.
(4) This mortgage loan is secured by the Chicago Sofitel
Magnificent Mile, San Francisco Courtyard Downtown, Seattle
Marriott Waterfront and The Notary Hotel.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
1
|
BRAEMAR HOTELS
& RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
Three Months Ended
June 30, 2019
|
|
Capital Hilton
Washington D.C.
|
|
La Jolla Hilton
Torrey Pines
|
|
Chicago Sofitel
Magnificent Mile
|
|
Bardessono Hotel
& Spa
|
|
Key West Pier
House Resort
|
|
Hotel
Yountville
|
|
Park Hyatt Beaver
Creek
|
|
The Notary
Hotel
|
|
Plano Marriott
Legacy Town Center
|
|
San Francisco
Courtyard Downtown
|
|
Sarasota
Ritz-Carlton
|
|
Lake Tahoe
Ritz-Carlton
|
|
Seattle Marriott
Waterfront
|
|
St. Thomas
Ritz-Carlton
|
|
Tampa
Renaissance
|
|
Hotel
Total
|
|
Corporate /
Allocated
|
|
Braemar Hotels
& Resorts Inc.
|
Net income
(loss)
|
$
4,005
|
|
$
2,301
|
|
$
2,258
|
|
$
191
|
|
$
2,510
|
|
$
404
|
|
$
(1,875)
|
|
$
829
|
|
$
—
|
|
$
1,419
|
|
$
(1,058)
|
|
$
(3,260)
|
|
$
2,903
|
|
$
2,143
|
|
$
—
|
|
$
12,770
|
|
$
(18,393)
|
|
$
(5,623)
|
Non-property
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(9)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(9)
|
|
9
|
|
—
|
Interest
income
|
(17)
|
|
(21)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(3)
|
|
—
|
|
(4)
|
|
(19)
|
|
—
|
|
(13)
|
|
—
|
|
—
|
|
(77)
|
|
77
|
|
—
|
Interest
expense
|
—
|
|
—
|
|
—
|
|
508
|
|
—
|
|
648
|
|
887
|
|
—
|
|
—
|
|
—
|
|
1,509
|
|
625
|
|
—
|
|
788
|
|
—
|
|
4,965
|
|
8,069
|
|
13,034
|
Amortization of loan
cost
|
—
|
|
—
|
|
—
|
|
34
|
|
—
|
|
36
|
|
—
|
|
—
|
|
—
|
|
—
|
|
79
|
|
32
|
|
—
|
|
28
|
|
—
|
|
209
|
|
812
|
|
1,021
|
Depreciation and
amortization
|
2,015
|
|
1,408
|
|
1,652
|
|
795
|
|
631
|
|
697
|
|
1,076
|
|
2,031
|
|
—
|
|
2,459
|
|
2,417
|
|
1,126
|
|
1,002
|
|
1,165
|
|
—
|
|
18,474
|
|
—
|
|
18,474
|
Income tax expense
(benefit)
|
—
|
|
380
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
40
|
|
—
|
|
422
|
|
(11)
|
|
411
|
Non-hotel EBITDA
ownership expense
|
17
|
|
19
|
|
37
|
|
111
|
|
7
|
|
13
|
|
444
|
|
280
|
|
—
|
|
16
|
|
27
|
|
30
|
|
132
|
|
262
|
|
—
|
|
1,395
|
|
(1,395)
|
|
—
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
6,020
|
|
4,087
|
|
3,947
|
|
1,639
|
|
3,148
|
|
1,789
|
|
532
|
|
3,139
|
|
—
|
|
3,890
|
|
2,955
|
|
(1,447)
|
|
4,024
|
|
4,426
|
|
—
|
|
38,149
|
|
(10,832)
|
|
27,317
|
Less: EBITDA
adjustments attributable to consolidated noncontrolling
interest
|
(1,505)
|
|
(1,022)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2,527)
|
|
2,527
|
|
—
|
Equity in earnings
(loss) of unconsolidated entities
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
51
|
|
51
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(48)
|
|
(48)
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
4,515
|
|
$
3,065
|
|
$
3,947
|
|
$
1,639
|
|
$
3,148
|
|
$
1,789
|
|
$
532
|
|
$
3,139
|
|
$
—
|
|
$
3,890
|
|
$
2,955
|
|
$
(1,447)
|
|
$
4,024
|
|
$
4,426
|
|
$
—
|
|
$
35,622
|
|
$
(8,302)
|
|
$
27,320
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
23
|
|
—
|
|
138
|
|
—
|
|
—
|
|
—
|
|
161
|
|
|
|
|
Comparable hotel
EBITDA
|
$
6,020
|
|
$
4,087
|
|
$
3,947
|
|
$
1,639
|
|
$
3,148
|
|
$
1,789
|
|
$
532
|
|
$
3,139
|
|
$
—
|
|
$
3,913
|
|
$
2,955
|
|
$
(1,309)
|
|
$
4,024
|
|
$
4,426
|
|
$
—
|
|
$
38,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPARABLE HOTEL
EBITDA BY LOAN POOL
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BAML (Pier
House)
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
3,148
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
3,148
|
|
|
|
|
BAML
(Bardessono)
|
—
|
|
—
|
|
—
|
|
1,639
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,639
|
|
|
|
|
BAML (Hotel
Yountville)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,789
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,789
|
|
|
|
|
Apollo (Ritz-Carlton
St. Thomas)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4,426
|
|
—
|
|
4,426
|
|
|
|
|
Prudential (Capital
Hilton and Hilton Torrey Pines)
|
6,020
|
|
4,087
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
10,107
|
|
|
|
|
BAML Pool (see
footnote 4)
|
—
|
|
—
|
|
3,947
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3,139
|
|
—
|
|
3,913
|
|
—
|
|
—
|
|
4,024
|
|
—
|
|
—
|
|
15,023
|
|
|
|
|
JP Morgan (Park Hyatt
Beaver Creek)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
532
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
532
|
|
|
|
|
BAML (Ritz-Carlton
Sarasota)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,955
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,955
|
|
|
|
|
BAML (Ritz-Carlton
Lake Tahoe)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,309)
|
|
—
|
|
—
|
|
—
|
|
(1,309)
|
|
|
|
|
Total
|
$
6,020
|
|
$
4,087
|
|
$
3,947
|
|
$
1,639
|
|
$
3,148
|
|
$
1,789
|
|
$
532
|
|
$
3,139
|
|
$
—
|
|
$
3,913
|
|
$
2,955
|
|
$
(1,309)
|
|
$
4,024
|
|
$
4,426
|
|
$
—
|
|
$
38,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the thirteen hotel
properties owned and included in the Company's operations at
December 31, 2019, were owned as of the beginning of each of the
periods presented. Non-comparable adjustments include
pre-acquisition results from hotel properties acquired
during the period offset by results from hotel properties sold
during the period.
(2) All pre-acquisition information was obtained from the prior
owner. The Company performed a limited review of the information as
part of its analysis of the acquisition.
(3) The above information does not include the operations of ten
condominium units not owned by the Lake Tahoe Ritz-Carlton.
(4) This mortgage loan is secured by the Chicago Sofitel
Magnificent Mile, San Francisco Courtyard Downtown, Seattle
Marriott Waterfront and The Notary Hotel.
|
Exhibit
1
|
BRAEMAR HOTELS
& RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
Three Months Ended
March 31, 2019
|
|
Capital Hilton
Washington D.C.
|
|
La Jolla Hilton
Torrey Pines
|
|
Chicago Sofitel
Magnificent Mile
|
|
Bardessono Hotel
& Spa
|
|
Key West Pier
House Resort
|
|
Hotel
Yountville
|
|
Park Hyatt Beaver
Creek
|
|
The Notary
Hotel
|
|
Plano Marriott
Legacy Town Center
|
|
San Francisco
Courtyard Downtown
|
|
Sarasota
Ritz-Carlton
|
|
Lake Tahoe
Ritz-Carlton
|
|
Seattle Marriott
Waterfront
|
|
St. Thomas
Ritz-Carlton
|
|
Tampa
Renaissance
|
|
Hotel
Total
|
|
Corporate /
Allocated
|
|
Braemar Hotels
& Resorts Inc.
|
Net income
(loss)
|
$
1,060
|
|
$
3,021
|
|
$
(3,422)
|
|
$
(931)
|
|
$
3,556
|
|
$
(880)
|
|
$
4,533
|
|
$
(1,232)
|
|
$
—
|
|
$
1,648
|
|
$
1,968
|
|
$
2,697
|
|
$
1,253
|
|
$
3,199
|
|
$
—
|
|
$
16,470
|
|
$
(17,792)
|
|
$
(1,322)
|
Non-property
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Interest
income
|
(10)
|
|
(19)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2)
|
|
—
|
|
(3)
|
|
(16)
|
|
—
|
|
(12)
|
|
—
|
|
—
|
|
(62)
|
|
62
|
|
—
|
Interest
expense
|
—
|
|
—
|
|
—
|
|
505
|
|
—
|
|
644
|
|
885
|
|
—
|
|
—
|
|
—
|
|
1,514
|
|
525
|
|
—
|
|
783
|
|
—
|
|
4,856
|
|
8,157
|
|
13,013
|
Amortization of loan
cost
|
—
|
|
—
|
|
—
|
|
34
|
|
—
|
|
36
|
|
138
|
|
—
|
|
—
|
|
—
|
|
78
|
|
32
|
|
—
|
|
27
|
|
—
|
|
345
|
|
835
|
|
1,180
|
Depreciation and
amortization
|
1,939
|
|
1,396
|
|
1,694
|
|
796
|
|
556
|
|
683
|
|
1,009
|
|
1,867
|
|
—
|
|
2,313
|
|
2,354
|
|
942
|
|
1,001
|
|
136
|
|
—
|
|
16,686
|
|
—
|
|
16,686
|
Income tax expense
(benefit)
|
—
|
|
45
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
68
|
|
—
|
|
115
|
|
812
|
|
927
|
Non-hotel EBITDA
ownership expense
|
8
|
|
23
|
|
350
|
|
103
|
|
15
|
|
13
|
|
53
|
|
6
|
|
—
|
|
8
|
|
32
|
|
346
|
|
23
|
|
299
|
|
—
|
|
1,279
|
|
(1,279)
|
|
—
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
2,997
|
|
4,466
|
|
(1,378)
|
|
507
|
|
4,127
|
|
496
|
|
6,618
|
|
641
|
|
—
|
|
3,966
|
|
5,930
|
|
4,542
|
|
2,265
|
|
4,512
|
|
—
|
|
39,689
|
|
(9,205)
|
|
30,484
|
Less: EBITDA
adjustments attributable to consolidated noncontrolling
interest
|
(749)
|
|
(1,117)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,866)
|
|
1,866
|
|
—
|
Equity in earnings
(loss) of unconsolidated entities
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
50
|
|
50
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(49)
|
|
(49)
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
2,248
|
|
$
3,349
|
|
$
(1,378)
|
|
$
507
|
|
$
4,127
|
|
$
496
|
|
$
6,618
|
|
$
641
|
|
$
—
|
|
$
3,966
|
|
$
5,930
|
|
$
4,542
|
|
$
2,265
|
|
$
4,512
|
|
$
—
|
|
$
37,823
|
|
$
(7,338)
|
|
$
30,485
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
44
|
|
—
|
|
606
|
|
—
|
|
—
|
|
—
|
|
650
|
|
|
|
|
Comparable hotel
EBITDA
|
$
2,997
|
|
$
4,466
|
|
$
(1,378)
|
|
$
507
|
|
$
4,127
|
|
$
496
|
|
$
6,618
|
|
$
641
|
|
$
—
|
|
$
4,010
|
|
$
5,930
|
|
$
5,148
|
|
$
2,265
|
|
$
4,512
|
|
$
—
|
|
$
40,339
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPARABLE HOTEL
EBITDA BY LOAN POOL
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BAML (Pier
House)
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
4,127
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
4,127
|
|
|
|
|
BAML
(Bardessono)
|
—
|
|
—
|
|
—
|
|
507
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
507
|
|
|
|
|
BAML (Hotel
Yountville)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
496
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
496
|
|
|
|
|
Apollo (Ritz-Carlton
St. Thomas)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4,512
|
|
—
|
|
4,512
|
|
|
|
|
Prudential (Capital
Hilton and Hilton Torrey Pines)
|
2,997
|
|
4,466
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
7,463
|
|
|
|
|
BAML Pool (see
footnote 4)
|
—
|
|
—
|
|
(1,378)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
641
|
|
—
|
|
4,010
|
|
—
|
|
—
|
|
2,265
|
|
—
|
|
—
|
|
5,538
|
|
|
|
|
JP Morgan (Park Hyatt
Beaver Creek)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6,618
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6,618
|
|
|
|
|
BAML (Ritz-Carlton
Sarasota)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5,930
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5,930
|
|
|
|
|
BAML (Ritz-Carlton
Lake Tahoe)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5,148
|
|
—
|
|
—
|
|
—
|
|
5,148
|
|
|
|
|
Total
|
$
2,997
|
|
$
4,466
|
|
$
(1,378)
|
|
$
507
|
|
$
4,127
|
|
$
496
|
|
$
6,618
|
|
$
641
|
|
$
—
|
|
$
4,010
|
|
$
5,930
|
|
$
5,148
|
|
$
2,265
|
|
$
4,512
|
|
$
—
|
|
$
40,339
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the thirteen hotel
properties owned and included in the Company's operations at
December 31, 2019, were owned as of the beginning of each of the
periods presented. Non-comparable adjustments include
pre-acquisition results from hotel properties acquired
during the period offset by results from hotel properties sold
during the period.
(2) All pre-acquisition information was obtained from the prior
owner. The Company performed a limited review of the information as
part of its analysis of the acquisition.
(3) The above information does not include the operations of ten
condominium units not owned by the Lake Tahoe Ritz-Carlton.
(4) This mortgage loan is secured by the Chicago Sofitel
Magnificent Mile, San Francisco Courtyard Downtown, Seattle
Marriott Waterfront and The Notary Hotel.
|
Exhibit
1
|
BRAEMAR HOTELS
& RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
|
Three Months Ended
December 31, 2018
|
|
Capital
Hilton
Washington
D.C.
|
|
La Jolla Hilton
Torrey Pines
|
|
Chicago Sofitel
Magnificent Mile
|
|
Bardessono Hotel
& Spa
|
|
Key West Pier
House Resort
|
|
Hotel
Yountville
|
|
Park Hyatt Beaver
Creek
|
|
The Notary
Hotel
|
|
Plano Marriott
Legacy Town Center
|
|
San Francisco
Courtyard Downtown
|
|
Sarasota
Ritz-Carlton
|
|
Lake Tahoe
Ritz-Carlton
|
|
Seattle Marriott
Waterfront
|
|
St. Thomas
Ritz-Carlton
|
|
Tampa
Renaissance
|
|
Hotel
Total
|
|
Corporate /
Allocated
|
|
Braemar Hotels
& Resorts Inc.
|
Net income
(loss)
|
$
712
|
|
$
2,419
|
|
$
827
|
|
$
45
|
|
$
2,493
|
|
$
5
|
|
$
(943)
|
|
$
1,821
|
|
$
9
|
|
$
(200)
|
|
$
(394)
|
|
$
—
|
|
$
1,807
|
|
$
(2,120)
|
|
$
44
|
|
$
6,525
|
|
$
(20,438)
|
|
$
(13,913)
|
Non-property
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(9)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(17)
|
|
(26)
|
|
26
|
|
—
|
Interest
income
|
(10)
|
|
(16)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(5)
|
|
—
|
|
(4)
|
|
(15)
|
|
—
|
|
(11)
|
|
—
|
|
—
|
|
(61)
|
|
61
|
|
—
|
Interest
expense
|
—
|
|
—
|
|
—
|
|
496
|
|
—
|
|
632
|
|
871
|
|
—
|
|
—
|
|
—
|
|
1,565
|
|
—
|
|
—
|
|
778
|
|
—
|
|
4,342
|
|
8,267
|
|
12,609
|
Amortization of loan
cost
|
—
|
|
—
|
|
—
|
|
34
|
|
—
|
|
36
|
|
137
|
|
—
|
|
—
|
|
—
|
|
77
|
|
—
|
|
—
|
|
—
|
|
—
|
|
284
|
|
819
|
|
1,103
|
Depreciation and
amortization
|
1,883
|
|
1,423
|
|
1,724
|
|
751
|
|
536
|
|
686
|
|
933
|
|
1,505
|
|
—
|
|
2,238
|
|
2,253
|
|
—
|
|
1,024
|
|
136
|
|
—
|
|
15,092
|
|
—
|
|
15,092
|
Income tax expense
(benefit)
|
—
|
|
(382)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
84
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(55)
|
|
—
|
|
(353)
|
|
271
|
|
(82)
|
Non-hotel EBITDA
ownership expense
|
57
|
|
(9)
|
|
28
|
|
219
|
|
(344)
|
|
13
|
|
17
|
|
(187)
|
|
—
|
|
453
|
|
151
|
|
—
|
|
(5)
|
|
754
|
|
—
|
|
1,147
|
|
(1,147)
|
|
—
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
2,642
|
|
3,435
|
|
2,579
|
|
1,545
|
|
2,685
|
|
1,372
|
|
1,015
|
|
3,218
|
|
—
|
|
2,487
|
|
3,637
|
|
—
|
|
2,815
|
|
(507)
|
|
27
|
|
26,950
|
|
(12,141)
|
|
14,809
|
Less: EBITDA
adjustments attributable to consolidated noncontrolling
interest
|
(660)
|
|
(859)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,519)
|
|
1,519
|
|
—
|
Equity in earnings
(loss) of unconsolidated entities
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
88
|
|
88
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(77)
|
|
(77)
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
1,982
|
|
$
2,576
|
|
$
2,579
|
|
$
1,545
|
|
$
2,685
|
|
$
1,372
|
|
$
1,015
|
|
$
3,218
|
|
$
—
|
|
$
2,487
|
|
$
3,637
|
|
$
—
|
|
$
2,815
|
|
$
(507)
|
|
$
27
|
|
$
25,431
|
|
$
(10,611)
|
|
$
14,820
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
(2)
|
|
4
|
|
(1)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,327
|
|
—
|
|
—
|
|
(27)
|
|
2,301
|
|
|
|
|
Comparable hotel
EBITDA
|
$
2,642
|
|
$
3,435
|
|
$
2,579
|
|
$
1,543
|
|
$
2,689
|
|
$
1,371
|
|
$
1,015
|
|
$
3,218
|
|
$
—
|
|
$
2,487
|
|
$
3,637
|
|
$
2,327
|
|
$
2,815
|
|
$
(507)
|
|
$
—
|
|
$
29,251
|
|
|
|
|
ALL HOTELS NOT
UNDER RENOVATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
$
2,642
|
|
$
3,435
|
|
$
2,579
|
|
$
1,545
|
|
$
2,685
|
|
$
1,372
|
|
$
1,015
|
|
$
3,218
|
|
$
—
|
|
$
—
|
|
$
3,637
|
|
$
—
|
|
$
2,815
|
|
$
—
|
|
$
27
|
|
$
24,970
|
|
|
|
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
(2)
|
|
4
|
|
(1)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,327
|
|
—
|
|
—
|
|
(27)
|
|
2,301
|
|
|
|
|
Comparable hotel
EBITDA
|
$
2,642
|
|
$
3,435
|
|
$
2,579
|
|
$
1,543
|
|
$
2,689
|
|
$
1,371
|
|
$
1,015
|
|
$
3,218
|
|
$
—
|
|
$
—
|
|
$
3,637
|
|
$
2,327
|
|
$
2,815
|
|
$
—
|
|
$
—
|
|
$
27,271
|
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the thirteen hotel
properties owned and included in the Company's operations at
December 31, 2019, were owned as of the beginning of each of the
periods presented. Non-comparable adjustments include
pre-acquisition results from hotel properties acquired
during the period offset by results from hotel properties sold
during the period.
(2) All pre-acquisition information was obtained from the prior
owner. The Company performed a limited review of the information as
part of its analysis of the acquisition.
(3) The above information does not include the operations of ten
condominium units not owned by the Lake Tahoe Ritz-Carlton.
(4) Excluded Hotels Under Renovation:
San Francisco Courtyard Downtown, St. Thomas
Ritz-Carlton
|
Exhibit
1
|
BRAEMAR HOTELS
& RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
|
Year Ended
December 31, 2019
|
|
Capital Hilton
Washington D.C.
|
|
La Jolla Hilton
Torrey Pines
|
|
Chicago Sofitel
Magnificent Mile
|
|
Bardessono Hotel
& Spa
|
|
Key West Pier
House Resort
|
|
Hotel
Yountville
|
|
Park Hyatt Beaver
Creek
|
|
The Notary
Hotel
|
|
Plano Marriott
Legacy Town Center
|
|
San Francisco
Courtyard Downtown
|
|
Sarasota
Ritz-Carlton
|
|
Lake Tahoe
Ritz-Carlton
|
|
Seattle Marriott
Waterfront
|
|
St. Thomas
Ritz-Carlton
|
|
Tampa
Renaissance
|
|
Hotel
Total
|
|
Corporate /
Allocated
|
|
Braemar Hotels
& Resorts Inc.
|
Net income
(loss)
|
$
6,220
|
|
$
9,817
|
|
$
(24)
|
|
$
(36)
|
|
$
8,303
|
|
$
868
|
|
$
1,609
|
|
$
(493)
|
|
$
—
|
|
$
3,739
|
|
$
(484)
|
|
$
(283)
|
|
$
10,124
|
|
$
30,595
|
|
$
—
|
|
$
69,955
|
|
$
(68,759)
|
|
$
1,196
|
Non-property
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
(89)
|
|
(9)
|
|
—
|
|
1,186
|
|
—
|
|
—
|
|
(23)
|
|
—
|
|
—
|
|
(25,953)
|
|
—
|
|
(24,888)
|
|
24,888
|
|
—
|
Interest
income
|
(57)
|
|
(75)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(20)
|
|
—
|
|
(16)
|
|
(69)
|
|
—
|
|
(48)
|
|
(2)
|
|
—
|
|
(287)
|
|
287
|
|
—
|
Interest
expense
|
—
|
|
—
|
|
—
|
|
1,952
|
|
764
|
|
2,489
|
|
3,427
|
|
—
|
|
—
|
|
—
|
|
5,847
|
|
2,294
|
|
—
|
|
3,087
|
|
—
|
|
19,860
|
|
30,304
|
|
50,164
|
Amortization of loan
cost
|
—
|
|
—
|
|
—
|
|
138
|
|
69
|
|
146
|
|
138
|
|
—
|
|
—
|
|
—
|
|
318
|
|
129
|
|
—
|
|
154
|
|
—
|
|
1,092
|
|
3,251
|
|
4,343
|
Depreciation and
amortization
|
7,915
|
|
5,616
|
|
6,659
|
|
3,108
|
|
2,615
|
|
2,576
|
|
4,495
|
|
8,369
|
|
—
|
|
10,355
|
|
7,715
|
|
4,426
|
|
3,976
|
|
2,476
|
|
—
|
|
70,301
|
|
(189)
|
|
70,112
|
Income tax expense
(benefit)
|
—
|
|
251
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(42)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
77
|
|
—
|
|
286
|
|
1,478
|
|
1,764
|
Non-hotel EBITDA
ownership expense
|
63
|
|
86
|
|
534
|
|
448
|
|
38
|
|
132
|
|
473
|
|
850
|
|
—
|
|
170
|
|
322
|
|
720
|
|
198
|
|
965
|
|
—
|
|
4,999
|
|
(4,999)
|
|
—
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
14,141
|
|
15,695
|
|
7,169
|
|
5,610
|
|
11,700
|
|
6,202
|
|
10,142
|
|
9,850
|
|
—
|
|
14,248
|
|
13,626
|
|
7,286
|
|
14,250
|
|
11,399
|
|
—
|
|
141,318
|
|
(13,739)
|
|
127,579
|
Less: EBITDA
adjustments attributable to consolidated noncontrolling
interest
|
(3,535)
|
|
(3,924)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(7,459)
|
|
7,459
|
|
—
|
Equity in earnings
(loss) of unconsolidated entities
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
199
|
|
199
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(195)
|
|
(195)
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
10,606
|
|
$
11,771
|
|
$
7,169
|
|
$
5,610
|
|
$
11,700
|
|
$
6,202
|
|
$
10,142
|
|
$
9,850
|
|
$
—
|
|
$
14,248
|
|
$
13,626
|
|
$
7,286
|
|
$
14,250
|
|
$
11,399
|
|
$
—
|
|
$
133,859
|
|
$
(6,276)
|
|
$
127,583
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
778
|
|
—
|
|
—
|
|
—
|
|
778
|
|
|
|
|
Comparable hotel
EBITDA
|
$
14,141
|
|
$
15,695
|
|
$
7,169
|
|
$
5,610
|
|
$
11,700
|
|
$
6,202
|
|
$
10,142
|
|
$
9,850
|
|
$
—
|
|
$
14,248
|
|
$
13,626
|
|
$
8,064
|
|
$
14,250
|
|
$
11,399
|
|
$
—
|
|
$
142,096
|
|
|
|
|
ALL HOTELS NOT
UNDER RENOVATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
$
14,141
|
|
$
15,695
|
|
$
7,169
|
|
$
5,610
|
|
$
11,700
|
|
$
6,202
|
|
$
10,142
|
|
$
9,850
|
|
$
—
|
|
$
—
|
|
$
13,626
|
|
$
7,286
|
|
$
14,250
|
|
$
—
|
|
$
—
|
|
$
115,671
|
|
|
|
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
778
|
|
—
|
|
—
|
|
—
|
|
778
|
|
|
|
|
Comparable hotel
EBITDA
|
$
14,141
|
|
$
15,695
|
|
$
7,169
|
|
$
5,610
|
|
$
11,700
|
|
$
6,202
|
|
$
10,142
|
|
$
9,850
|
|
$
—
|
|
$
—
|
|
$
13,626
|
|
$
8,064
|
|
$
14,250
|
|
$
—
|
|
$
—
|
|
$
116,449
|
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the thirteen hotel
properties owned and included in the Company's operations at
December 31, 2019, were owned as of the beginning of each of the
periods presented. Non-comparable adjustments include
pre-acquisition results from hotel properties
acquired during the period offset by results from hotel properties
sold during the period.
(2) All pre-acquisition information was obtained from the prior
owner. The Company performed a limited review of the information as
part of its analysis of the acquisition.
(3) The above information does not include the operations of ten
condominium units not owned by the Lake Tahoe Ritz-Carlton.
(4) Excluded Hotels Under Renovation:
San Francisco Courtyard Downtown, St. Thomas
Ritz-Carlton
|
Exhibit
1
|
BRAEMAR HOTELS
& RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
|
Year Ended
December 31, 2018
|
|
Capital Hilton
Washington D.C.
|
|
La Jolla Hilton
Torrey Pines
|
|
Chicago Sofitel
Magnificent Mile
|
|
Bardessono Hotel
& Spa
|
|
Key West Pier
House Resort
|
|
Hotel
Yountville
|
|
Park Hyatt Beaver
Creek
|
|
The Notary
Hotel
|
|
Plano Marriott
Legacy Town Center
|
|
San Francisco
Courtyard Downtown
|
|
Sarasota
Ritz-Carlton
|
|
Lake Tahoe
Ritz-Carlton
|
|
Seattle Marriott
Waterfront
|
|
St. Thomas
Ritz-Carlton
|
|
Tampa
Renaissance
|
|
Hotel
Total
|
|
Corporate /
Allocated
|
|
Braemar Hotels
& Resorts Inc.
|
Net income
(loss)
|
$
6,345
|
|
$
9,886
|
|
$
(322)
|
|
$
1,059
|
|
$
8,972
|
|
$
1,137
|
|
$
1,852
|
|
$
8,174
|
|
$
83
|
|
$
5,523
|
|
$
(4,619)
|
|
$
—
|
|
$
11,762
|
|
$
5,623
|
|
$
21,001
|
|
$
76,476
|
|
$
(73,891)
|
|
$
2,585
|
Non-property
adjustments
|
—
|
|
—
|
|
229
|
|
—
|
|
60
|
|
—
|
|
—
|
|
—
|
|
(9)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(15,717)
|
|
(15,437)
|
|
15,437
|
|
—
|
Interest
income
|
(30)
|
|
(48)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(14)
|
|
—
|
|
(7)
|
|
(42)
|
|
—
|
|
(32)
|
|
(1)
|
|
(1)
|
|
(175)
|
|
175
|
|
—
|
Interest
expense
|
—
|
|
—
|
|
1,299
|
|
1,822
|
|
—
|
|
2,320
|
|
3,235
|
|
—
|
|
—
|
|
—
|
|
4,272
|
|
—
|
|
—
|
|
2,952
|
|
—
|
|
15,900
|
|
29,493
|
|
45,393
|
Amortization of loan
cost
|
—
|
|
—
|
|
—
|
|
132
|
|
—
|
|
141
|
|
538
|
|
—
|
|
—
|
|
—
|
|
228
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,039
|
|
3,221
|
|
4,260
|
Depreciation and
amortization
|
7,312
|
|
5,683
|
|
6,368
|
|
2,754
|
|
2,244
|
|
2,688
|
|
3,537
|
|
5,951
|
|
—
|
|
7,803
|
|
6,891
|
|
—
|
|
4,150
|
|
708
|
|
1,294
|
|
57,383
|
|
—
|
|
57,383
|
Income tax expense
(benefit)
|
99
|
|
(81)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
96
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
25
|
|
—
|
|
139
|
|
2,293
|
|
2,432
|
Non-hotel EBITDA
ownership expense
|
22
|
|
28
|
|
89
|
|
697
|
|
(369)
|
|
132
|
|
76
|
|
(169)
|
|
(74)
|
|
515
|
|
412
|
|
—
|
|
5
|
|
984
|
|
(52)
|
|
2,296
|
|
(2,296)
|
|
—
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
13,748
|
|
15,468
|
|
7,663
|
|
6,464
|
|
10,907
|
|
6,418
|
|
9,238
|
|
14,038
|
|
—
|
|
13,834
|
|
7,142
|
|
—
|
|
15,885
|
|
10,291
|
|
6,525
|
|
137,621
|
|
(25,568)
|
|
112,053
|
Less: EBITDA
adjustments attributable to consolidated noncontrolling
interest
|
(3,437)
|
|
(3,867)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(7,304)
|
|
7,304
|
|
—
|
Equity in earnings
(loss) of unconsolidated entities
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
234
|
|
234
|
Company's portion of
EBITDA of OpenKey
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(220)
|
|
(220)
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
10,311
|
|
$
11,601
|
|
$
7,663
|
|
$
6,464
|
|
$
10,907
|
|
$
6,418
|
|
$
9,238
|
|
$
14,038
|
|
$
—
|
|
$
13,834
|
|
$
7,142
|
|
$
—
|
|
$
15,885
|
|
$
10,291
|
|
$
6,525
|
|
$
130,317
|
|
$
(18,250)
|
|
$
112,067
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
(8)
|
|
16
|
|
(4)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5,566
|
|
8,022
|
|
—
|
|
—
|
|
(6,525)
|
|
7,067
|
|
|
|
|
Comparable hotel
EBITDA
|
$
13,748
|
|
$
15,468
|
|
$
7,663
|
|
$
6,456
|
|
$
10,923
|
|
$
6,414
|
|
$
9,238
|
|
$
14,038
|
|
$
—
|
|
$
13,834
|
|
$
12,708
|
|
$
8,022
|
|
$
15,885
|
|
$
10,291
|
|
$
—
|
|
$
144,688
|
|
|
|
|
ALL HOTELS NOT
UNDER RENOVATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
$
13,748
|
|
$
15,468
|
|
$
7,663
|
|
$
6,464
|
|
$
10,907
|
|
$
6,418
|
|
$
9,238
|
|
$
14,038
|
|
$
—
|
|
$
—
|
|
$
7,142
|
|
$
—
|
|
$
15,885
|
|
$
—
|
|
$
6,525
|
|
$
113,496
|
|
|
|
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
(8)
|
|
16
|
|
(4)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5,566
|
|
8,022
|
|
—
|
|
—
|
|
(6,525)
|
|
7,067
|
|
|
|
|
Comparable hotel
EBITDA
|
$
13,748
|
|
$
15,468
|
|
$
7,663
|
|
$
6,456
|
|
$
10,923
|
|
$
6,414
|
|
$
9,238
|
|
$
14,038
|
|
$
—
|
|
$
—
|
|
$
12,708
|
|
$
8,022
|
|
$
15,885
|
|
$
—
|
|
$
—
|
|
$
120,563
|
|
|
|
|
|
NOTES:
(1) The above comparable information assumes the thirteen hotel
properties owned and included in the Company's operations at
December 31, 2019, were owned as of the beginning of each of the
periods presented. Non-comparable adjustments include
pre-acquisition results from hotel properties acquired
during the period offset by results from hotel properties sold
during the period.
(2) All pre-acquisition information was obtained from the prior
owner. The Company performed a limited review of the information as
part of its analysis of the acquisition.
(3) The above information does not include the operations of ten
condominium units not owned by the Lake Tahoe Ritz-Carlton.
(4) Excluded Hotels Under Renovation:
San Francisco Courtyard Downtown, St. Thomas
Ritz-Carlton
|
View original
content:http://www.prnewswire.com/news-releases/braemar-hotels--resorts-reports-fourth-quarter-and-year-end-2019-results-301012103.html
SOURCE Braemar Hotels & Resorts Inc.