Comparable Total Revenues 3.8% Above
2023
Raises Midpoint of Full Year
Guidance
BETHESDA, Md., May 2, 2024
/PRNewswire/ -- DiamondRock Hospitality Company (the "Company")
(NYSE: DRH), a lodging-focused real estate investment trust that
owns a portfolio of 36 premium hotels and resorts in the United States, today announced results of
operations for the quarter ended March 31,
2024.
First Quarter 2024 Highlights
- Net Income: Net income was $8.4
million and earnings per diluted share was $0.03.
- Comparable Revenues: Comparable total revenues were
$256.4 million, a 3.8% increase from
2023.
- Comparable RevPAR: Comparable RevPAR was $184.23, a 0.4% decrease from 2023.
- Comparable Hotel Adjusted EBITDA: Comparable Hotel
Adjusted EBITDA was $61.4 million, a
3.0% decrease from 2023.
- Comparable Hotel Adjusted EBITDA Margin: Comparable
Hotel Adjusted EBITDA margin was 23.95%, a 169 basis point decrease
from 2023.
- Adjusted EBITDA: Adjusted EBITDA was $53.6 million, a 3.2% decrease from 2023.
- Adjusted FFO: Adjusted FFO was $36.0 million and Adjusted FFO per diluted share
was $0.17.
Recent Development
On April 15, 2024, the Company
announced leadership changes and a simplified organizational
structure to drive continued business momentum. Jeffrey Donnelly, previously Executive Vice
President and Chief Financial Officer, was appointed Chief
Executive Officer, succeeding Mark
Brugger, who departed the Company. Briony Quinn, previously
Senior Vice President and Treasurer, was named Executive Vice
President, Chief Financial Officer and Treasurer, succeeding Mr.
Donnelly. Justin Leonard, formerly
Executive Vice President and Chief Operating Officer, was appointed
President. Mr. Leonard will maintain his role as Chief Operating
Officer and assumed the responsibilities previously overseen by
Troy Furbay, Executive Vice
President and Chief Investment Officer, who departed the
Company. In addition, Mr. Donnelly was appointed to the
Company's Board of Directors on May 2,
2024.
With these changes DiamondRock reduced its executive team
structure from six to four members, including the Company's
Executive Vice President and General Counsel, who previously
announced his intention to retire effective June 30, 2024.
"I am excited to have the opportunity to
collaborate with the Board and our highly experienced executive
team to create value for our shareholders. I want to thank Messrs.
Brugger and Furbay for their contributions to DiamondRock over
their careers and wish them success in their future endeavors. We
remain committed to our current strategy to create long-term
shareholder value through the acquisition, active-ownership, and
disposition of value-added resort and urban hotel real estate. We
expect this focus will drive superior relative performance over the
long term.
First quarter total revenue growth was largely
in line with our original expectations as strong food and beverage
sales from the 10.2% increase in group room nights offset much of
the softer top-line growth at a number of our luxury resorts.
Despite the revenue mix shift towards less profitable channels, the
team was able to tightly control expenses and deliver first quarter
Adjusted FFO per share in line with our expectation.
We enjoyed healthy group sales production in
the quarter and concluded with 85% of our budgeted full-year group
revenues on the books. We are raising our full-year earnings
guidance to incorporate the savings associated with our streamlined
leadership structure and confidence in our group pace."
- Jeffrey J.
Donnelly, Chief Executive Officer of DiamondRock Hospitality
Company
Operating Results
Please see "Non-GAAP Financial Measures" attached to this
press release for an explanation of the terms "EBITDAre," "Adjusted
EBITDA," "Hotel Adjusted EBITDA," "Hotel Adjusted EBITDA Margin,"
"FFO" and "Adjusted FFO" and a reconciliation of these measures to
net income. Comparable operating results include all hotels
currently owned for all periods presented. See
"Reconciliation of Comparable Operating Results" attached to this
press release for a reconciliation to historical amounts.
|
Quarter Ended March
31,
|
|
Change
From
|
|
|
2024
|
|
2023
|
|
2023
|
|
|
($ amounts in millions,
except hotel statistics and per share amounts)
|
|
Comparable Operating
Results (1)
|
|
|
|
|
|
|
|
ADR
|
$
269.53
|
|
$
276.43
|
|
(2.5) %
|
|
|
Occupancy
|
68.4 %
|
|
66.9 %
|
|
1.5 %
|
|
|
RevPAR
|
$
184.23
|
|
$
185.00
|
|
(0.4) %
|
|
|
Total RevPAR
|
$
288.92
|
|
$
282.28
|
|
2.4 %
|
|
|
Room
Revenues
|
$
163.5
|
|
$
161.9
|
|
1.0 %
|
|
|
Total
Revenues
|
$
256.4
|
|
$
247.0
|
|
3.8 %
|
|
|
Hotel Adjusted
EBITDA
|
$
61.4
|
|
$
63.3
|
|
(3.0) %
|
|
|
Hotel Adjusted EBITDA
Margin
|
23.95 %
|
|
25.64 %
|
|
(169 bps)
|
|
|
Available
Rooms
|
887,523
|
|
875,126
|
|
12,397
|
|
|
|
|
|
|
|
|
|
Actual Operating
Results (2)
|
|
|
|
|
|
|
|
Total
Revenues
|
$
256.4
|
|
$
243.6
|
|
5.3 %
|
|
|
Net income
|
$
8.4
|
|
$
9.2
|
|
(8.7) %
|
|
|
Earnings per diluted
share
|
$
0.03
|
|
$
0.03
|
|
0.0 %
|
|
|
Adjusted
EBITDA
|
$
53.6
|
|
$
55.4
|
|
(3.2) %
|
|
|
Adjusted FFO
|
$
36.0
|
|
$
38.0
|
|
(5.3) %
|
|
|
Adjusted FFO per
diluted share
|
$
0.17
|
|
$
0.18
|
|
(5.6) %
|
|
|
|
|
(1)
|
Amounts represent the
pre-acquisition operating results for Chico Hot Springs Resort from
January 1, 2023 to March 31, 2023. The pre-acquisition
operating results were obtained from the seller of the hotel during
the acquisition due diligence process. We have made no adjustments
to the amounts provided to us by the seller. The pre-acquisition
operating results were not audited or reviewed by the Company's
independent auditors.
|
|
(2)
|
Actual operating
results include the operating results of all hotels for the
Company's respective ownership periods.
|
Capital Expenditures
The Company invested approximately $18.9
million in capital improvements at its hotels during the
three months ended March 31, 2024.
The Company continues to expect to spend approximately $100 million on capital improvements at its
hotels in 2024. Significant projects in 2024 include the
following:
- Westin San Diego
Bayview: In late 2023, the Company commenced a
comprehensive renovation of the hotel's guestrooms, which is
expected to be completed in the second quarter of 2024.
- Hilton Burlington Lake
Champlain: In 2023, the Company commenced a
repositioning of the hotel to rebrand it as a Curio Collection by
Hilton hotel. The repositioning is expected to be completed in the
summer of 2024 and includes a new restaurant concept by a
well-known, award-winning chef.
- Orchards Inn Sedona: The Company expects to
commence a repositioning of Orchards Inn as the Cliffs at L'Auberge
in 2024. The project will integrate the hotel with the adjacent
L'Auberge de Sedona and include construction of a new pool
connecting the two properties, renovation of the guestrooms and
creation of a new arrival experience and new outdoor event space.
The project is expected to be completed in 2025.
- The Landing Lake Tahoe Resort and Spa: The
Company expects to commence a renovation of the property to
accommodate 14 new keys and construct an adjacent indoor/outdoor
event space to be completed in 2025.
Balance Sheet and Liquidity
The Company ended the quarter with $628.5
million of liquidity, comprised of $120.1 million of unrestricted corporate cash,
$108.4 million of unrestricted cash
at its hotels and full capacity on its $400
million senior unsecured credit facility. As of
March 31, 2024, the Company had
$1.2 billion of total debt
outstanding, which consisted of $800.0
million of unsecured term loans and $375.7 million of property-specific, non-recourse
mortgage debt.
Dividends
The Company declared a quarterly cash dividend of $0.03 per common share, which was was paid on
April 12, 2024 to shareholders of
record as of March 29, 2024.
The Company paid a quarterly dividend of $0.515625 per share on its 8.250% Series A
Cumulative Redeemable Preferred Stock on March 29, 2024 to shareholders of record as of
March 18, 2024.
Guidance
The Company is providing annual guidance for 2024, but does not
undertake to update it for any developments in its business.
Achievement of the anticipated results is subject to the risks
disclosed in the Company's filings with the U.S. Securities and
Exchange Commission.
The Company is revising its annual guidance for 2024and now
expects full year 2024 results to be as
follows:
|
Previous
Guidance
|
Revised
Guidance
|
Change at
Midpoint
|
|
|
Metric
|
Low
End
|
High
End
|
Low
End
|
High
End
|
|
|
|
Comparable RevPAR
Growth
|
2.0 %
|
4.0 %
|
2.0 %
|
4.0 %
|
-
|
|
|
Adjusted
EBITDA
|
$260 million
|
$290 million
|
$270 million
|
$290 million
|
+ $5.0
million
|
|
|
Adjusted FFO
|
$187 million
|
$217 million
|
$194 million
|
$214 million
|
+ $2.0
million
|
|
|
Adjusted FFO per share
(based
on 213.5 million diluted shares)
|
$0.88 per
share
|
$1.02 per
share
|
$0.91 per
share
|
$1.00 per
share
|
+$0.01 per
share
|
|
The guidance above incorporates the following assumptions:
- Corporate expenses of $29.5
million to $30.5 million,
which excludes expected executive transition costs which will be
excluded from Adjusted EBITDA and Adjusted FFO;
- Interest expense of $65.2 million
to $66.2 million;
- Income tax expense of zero to $1.0
million; and
- 3,571,062 available rooms.
Earnings Call
The Company will host a conference call to discuss its first
quarter results on Friday, May 3,
2024, at 9:00 a.m. Eastern
Time (ET). The conference call will be accessible by
telephone and through the internet. Interested individuals
are requested to register for the call by visiting
https://investor.drhc.com. A replay of the conference call webcast
will be archived and available online.
About the Company
DiamondRock Hospitality Company is a self-advised real estate
investment trust (REIT) that is an owner of a leading portfolio of
geographically diversified hotels concentrated in leisure
destinations and top gateway markets. The Company currently
owns 36 premium quality hotels with over 9,700 rooms. The Company
has strategically positioned its portfolio to be operated both
under leading global brand families as well as independent boutique
hotels in the lifestyle segment. For further information on
the Company and its portfolio, please visit DiamondRock Hospitality
Company's website at www.drhc.com.
This press release contains forward-looking statements within
the meaning of federal securities laws and regulations. These
forward-looking statements are identified by their use of terms and
phrases such as "believe," "expect," "intend," "project,"
"forecast," "plan" and other similar terms and phrases, including
references to assumptions and forecasts of future results.
Forward-looking statements are not guarantees of future performance
and involve known and unknown risks, uncertainties and other
factors which may cause the actual results to differ materially
from those anticipated at the time the forward-looking statements
are made. These risks include, but are not limited to: the adverse
impact of the novel coronavirus (COVID-19) on the U.S., regional
and global economies, travel, the hospitality industry, and the
financial condition and results of operations of the Company and
its hotels; national and local economic and business conditions,
including the potential for additional terrorist attacks, that will
affect occupancy rates at the Company's hotels and the demand for
hotel products and services; operating risks associated with the
hotel business; relationships with property managers; the ability
to compete effectively in areas such as access, location, quality
of accommodations and room rate structures; changes in travel
patterns, taxes and government regulations which influence or
determine wages, prices, construction procedures and costs; and
other risk factors contained in the Company's filings with the
Securities and Exchange Commission. Although the Company believes
the expectations reflected in such forward-looking statements are
based upon reasonable assumptions, it can give no assurance that
the expectations will be attained or that any deviation will not be
material. All information in this release is as of the date of this
release, and the Company undertakes no obligation to update any
forward-looking statement to conform the statement to actual
results or changes in the Company's expectations.
|
DIAMONDROCK
HOSPITALITY COMPANY
CONSOLIDATED BALANCE SHEETS
(in thousands,
except share and per share amounts)
|
|
|
March 31,
2024
|
|
December 31,
2023
|
|
ASSETS
|
(unaudited)
|
|
|
|
Property and equipment,
net
|
$
2,750,573
|
|
$
2,755,195
|
|
Right-of-use
assets
|
97,151
|
|
97,692
|
|
Restricted
cash
|
45,180
|
|
45,576
|
|
Due from hotel
managers
|
155,744
|
|
144,689
|
|
Prepaid and other
assets
|
70,085
|
|
73,940
|
|
Cash and cash
equivalents
|
120,064
|
|
121,595
|
|
Total
assets
|
$
3,238,797
|
|
$
3,238,687
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Liabilities:
|
|
|
|
|
Debt, net of
unamortized debt issuance costs
|
1,174,733
|
|
1,177,005
|
|
Lease
liabilities
|
113,201
|
|
112,866
|
|
Due to hotel
managers
|
119,178
|
|
116,522
|
|
Deferred
rent
|
70,638
|
|
69,209
|
|
Unfavorable contract
liabilities, net
|
59,452
|
|
59,866
|
|
Accounts payable and
accrued expenses
|
37,926
|
|
39,563
|
|
Distributions declared
and unpaid
|
6,186
|
|
6,324
|
|
Deferred income related
to key money, net
|
8,241
|
|
8,349
|
|
Total
liabilities
|
1,589,555
|
|
1,589,704
|
|
Equity:
|
|
|
|
|
Preferred stock, $0.01
par value; 10,000,000 shares authorized;
|
|
|
|
|
8.250% Series A Cumulative Redeemable Preferred Stock
(liquidation
preference $25.00 per share), 4,760,000 shares issued and
outstanding at
March 31, 2024 and December 31, 2023
|
48
|
|
48
|
|
Common
stock, $0.01 par value; 400,000,000 shares authorized;
210,064,433
and 209,627,197 shares issued and outstanding at March 31, 2024
and
December 31, 2023, respectively
|
2,100
|
|
2,096
|
|
Additional paid-in
capital
|
2,290,288
|
|
2,291,297
|
|
Accumulated other
comprehensive income
|
(781)
|
|
(2,036)
|
|
Distributions in excess
of earnings
|
(649,757)
|
|
(649,330)
|
|
Total stockholders'
equity
|
1,641,898
|
|
1,642,075
|
|
Noncontrolling
interests
|
7,344
|
|
6,908
|
|
Total
equity
|
1,649,242
|
|
1,648,983
|
|
Total liabilities and
equity
|
$
3,238,797
|
|
$
3,238,687
|
|
DIAMONDROCK
HOSPITALITY COMPANY
|
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands,
except share and per share amounts)
(unaudited)
|
|
|
Three Months Ended
March 31,
|
|
2024
|
|
2023
|
|
Revenues:
|
|
|
|
|
Rooms
|
$
163,507
|
|
$
160,673
|
|
Food and
beverage
|
68,381
|
|
59,777
|
|
Other
|
24,535
|
|
23,103
|
|
Total
revenues
|
256,423
|
|
243,553
|
|
Operating
Expenses:
|
|
|
|
|
Rooms
|
43,968
|
|
40,203
|
|
Food and
beverage
|
47,239
|
|
43,150
|
|
Other departmental and
support expenses
|
64,600
|
|
61,968
|
|
Management
fees
|
5,310
|
|
4,988
|
|
Franchise
fees
|
9,026
|
|
8,077
|
|
Other property-level
expenses
|
26,618
|
|
24,117
|
|
Depreciation and
amortization
|
28,313
|
|
27,472
|
|
Corporate
expenses
|
8,904
|
|
7,867
|
|
Total operating
expenses, net
|
233,978
|
|
217,842
|
|
|
|
|
|
Interest
expense
|
16,246
|
|
17,172
|
|
Interest (income) and
other (income) expense, net
|
(1,069)
|
|
(423)
|
|
Total other
expenses, net
|
15,177
|
|
16,749
|
|
Income before income
taxes
|
7,268
|
|
8,962
|
|
Income tax
benefit
|
1,090
|
|
226
|
|
Net
income
|
8,358
|
|
9,188
|
|
Less: Net income
attributable to noncontrolling interests
|
(30)
|
|
(32)
|
|
Net income
attributable to the Company
|
8,328
|
|
9,156
|
|
Distributions to
preferred stockholders
|
(2,454)
|
|
(2,454)
|
|
Net income
attributable to common stockholders
|
$
5,874
|
|
$
6,702
|
|
Earnings per
share:
|
|
|
|
|
Earnings per share
available to common stockholders - basic
|
$
0.03
|
|
$
0.03
|
|
Earnings per share
available to common stockholders - diluted
|
$
0.03
|
|
$
0.03
|
|
|
|
|
|
Weighted-average
number of common shares outstanding:
|
|
|
|
|
Basic
|
211,669,343
|
|
211,411,519
|
|
Diluted
|
212,342,467
|
|
211,814,722
|
Non-GAAP Financial Measures
We use the following non-GAAP financial measures that we believe
are useful to investors as key measures of our operating
performance: EBITDA, EBITDAre, Adjusted EBITDA, Hotel
Adjusted EBITDA, FFO and Adjusted FFO. These measures should not be
considered in isolation or as a substitute for measures of
performance in accordance with U.S. GAAP. EBITDA,
EBITDAre, Adjusted EBITDA, Hotel Adjusted EBITDA, FFO and
Adjusted FFO, as calculated by us, may not be comparable to other
companies that do not define such terms exactly as the Company.
Use and Limitations of Non-GAAP Financial
Measures
Our management and Board of Directors use EBITDA,
EBITDAre, Adjusted EBITDA, Hotel Adjusted EBITDA, FFO and
Adjusted FFO to evaluate the performance of our hotels and to
facilitate comparisons between us and other lodging REITs, hotel
owners who are not REITs and other capital intensive companies. The
use of these non-GAAP financial measures has certain limitations.
These non-GAAP financial measures as presented by us, may not be
comparable to non-GAAP financial measures as calculated by other
real estate companies. These measures do not reflect certain
expenses or expenditures that we incurred and will incur, such as
depreciation, interest and capital expenditures. We compensate for
these limitations by separately considering the impact of these
excluded items to the extent they are material to operating
decisions or assessments of our operating performance. Our
reconciliations to the most comparable U.S. GAAP financial
measures, and our consolidated statements of operations and
comprehensive income and consolidated statements of cash flows,
include interest expense, capital expenditures, and other excluded
items, all of which should be considered when evaluating our
performance, as well as the usefulness of our non-GAAP financial
measures.
These non-GAAP financial measures are used in addition to and in
conjunction with results presented in accordance with U.S. GAAP.
They should not be considered as alternatives to operating profit,
cash flow from operations, or any other operating performance
measure prescribed by U.S. GAAP. These non-GAAP financial measures
reflect additional ways of viewing our operations that we believe,
when viewed with our U.S. GAAP results and the reconciliations to
the corresponding U.S. GAAP financial measures, provide a more
complete understanding of factors and trends affecting our business
than could be obtained absent this disclosure. We strongly
encourage investors to review our financial information in its
entirety and not to rely on a single financial measure.
EBITDA and EBITDAre
EBITDA represents net income (calculated in accordance with U.S.
GAAP) excluding: (1) interest expense; (2) provision for
income taxes, including income taxes applicable to sale of assets;
and (3) depreciation and amortization. The Company
computes EBITDAre in accordance with the National
Association of Real Estate Investment Trusts ("Nareit") guidelines,
as defined in its September 2017
white paper "Earnings Before Interest, Taxes, Depreciation and
Amortization for Real Estate." EBITDAre represents net
income (calculated in accordance with U.S. GAAP) adjusted for:
(1) interest expense; (2) provision for income taxes,
including income taxes applicable to sale of assets;
(3) depreciation and amortization; (4) gains or losses on
the disposition of depreciated property including gains or losses
on change of control; (5) impairment write-downs of depreciated
property and of investments in unconsolidated affiliates caused by
a decrease in value of depreciated property in the affiliate; and
(6) adjustments to reflect the entity's share of EBITDAre of
unconsolidated affiliates.
We believe EBITDA and EBITDAre are useful to an investor
in evaluating our operating performance because they help investors
evaluate and compare the results of our operations from period to
period by removing the impact of our capital structure (primarily
interest expense) and our asset base (primarily depreciation and
amortization, and in the case of EBITDAre, impairment and
gains or losses on dispositions of depreciated property) from our
operating results. In addition, covenants included in our debt
agreements use EBITDA as a measure of financial compliance. We also
use EBITDA and EBITDAre as measures in determining the value
of hotel acquisitions and dispositions.
FFO
The Company computes FFO in accordance with standards
established by Nareit, which defines FFO as net income (calculated
in accordance with U.S. GAAP) excluding gains or losses from sales
of properties and impairment losses, plus real estate related
depreciation and amortization. The Company believes that the
presentation of FFO provides useful information to investors
regarding its operating performance because it is a measure of the
Company's operations without regard to specified non-cash items,
such as real estate related depreciation and amortization and gains
or losses on the sale of assets. The Company also uses FFO as
one measure in assessing its operating results.
Adjustments to EBITDAre and FFO
We adjust EBITDAre and FFO when evaluating our
performance because we believe that the exclusion of certain
additional items described below provides useful supplemental
information to investors regarding our ongoing operating
performance and that the presentation of Adjusted EBITDA and
Adjusted FFO when combined with U.S. GAAP net income,
EBITDAre and FFO, is beneficial to an investor's complete
understanding of our consolidated and property-level operating
performance. We adjust EBITDAre and FFO for the
following items:
- Non-Cash Lease Expense and Other Amortization: We
exclude the non-cash expense incurred from the straight line
recognition of expense from our ground leases and other contractual
obligations and the non-cash amortization of our favorable and
unfavorable contracts, originally recorded in conjunction with
certain hotel acquisitions. We exclude these non-cash items because
they do not reflect the actual cash amounts due to the respective
lessors in the current period and they are of lesser significance
in evaluating our actual performance for that period.
- Cumulative Effect of a Change in Accounting Principle:
The Financial Accounting Standards Board promulgates new accounting
standards that require or permit the consolidated statement of
operations and comprehensive income to reflect the cumulative
effect of a change in accounting principle. We exclude the effect
of these adjustments, which include the accounting impact from
prior periods, because they do not reflect the Company's actual
underlying performance for the current period.
- Gains or Losses from Early Extinguishment of Debt: We
exclude the effect of gains or losses recorded on the early
extinguishment of debt because these gains or losses result from
transaction activity related to the Company's capital structure
that we believe are not indicative of the ongoing operating
performance of the Company or our hotels.
- Hotel Acquisition Costs: We exclude hotel acquisition
costs expensed during the period because we believe these
transaction costs are not reflective of the ongoing performance of
the Company or our hotels.
- Severance Costs: We exclude corporate severance costs,
or reversals thereof, incurred with the termination of
corporate-level employees and severance costs incurred at our
hotels related to lease terminations or structured severance
programs because we believe these costs do not reflect the ongoing
performance of the Company or our hotels.
- Hotel Manager Transition Items: We exclude the
transition items associated with a change in hotel manager because
we believe these items do not reflect the ongoing performance of
the Company or our hotels.
- Hotel Pre-Opening Costs: We exclude the pre-opening
costs associated with the redevelopment or rebranding of a hotel
because we believe these items do not reflect the ongoing
performance of the Company or our hotels.
- Other Items: From time to time we incur costs or realize
gains that we consider outside the ordinary course of business and
that we do not believe reflect the ongoing performance of the
Company or our hotels. Such items may include, but are not limited
to the following: lease preparation costs incurred to prepare
vacant space for marketing; management or franchise contract
termination fees; gains or losses from legal settlements; costs
incurred related to natural disasters; and gains on property
insurance claim settlements, other than income related to business
interruption insurance.
In addition, to derive Adjusted FFO we exclude any unrealized
fair value adjustments to interest rate swaps. We exclude
these non-cash amounts because they do not reflect the underlying
performance of the Company.
Hotel Adjusted EBITDA
We believe that Hotel Adjusted EBITDA provides our investors a
useful financial measure to evaluate our hotel operating
performance, excluding the impact of our capital structure
(primarily interest), our asset base (primarily depreciation and
amortization), and our corporate-level expenses. With respect
to Hotel Adjusted EBITDA, we believe that excluding the effect of
corporate-level expenses provides a more complete understanding of
the operating results over which individual hotels and third-party
management companies have direct control. We believe
property-level results provide investors with supplemental
information on the ongoing operational performance of our hotels
and effectiveness of the third-party management companies operating
our business on a property-level basis. Hotel Adjusted EBITDA
margins are calculated as Hotel Adjusted EBITDA divided by total
hotel revenues.
Reconciliations of Non-GAAP Measures
EBITDA, EBITDAre, Adjusted EBITDA and Hotel Adjusted
EBITDA
The following tables are reconciliations of our GAAP net income
to EBITDA, EBITDAre and Adjusted EBITDA and Hotel Adjusted EBITDA
(in thousands):
|
Three Months Ended
March 31,
|
|
|
2024
|
|
2023
|
|
|
Net
income
|
$
8,358
|
|
$
9,188
|
|
|
Interest
expense
|
16,246
|
|
17,172
|
|
|
Income tax
benefit
|
(1,090)
|
|
(226)
|
|
|
Real estate related
depreciation and amortization
|
28,313
|
|
27,472
|
|
|
EBITDA/EBITDAre
|
51,827
|
|
53,606
|
|
|
Non-cash lease expense
and other amortization
|
1,518
|
|
1,550
|
|
|
Hotel pre-opening
costs
|
234
|
|
216
|
|
|
Adjusted
EBITDA
|
53,579
|
|
55,372
|
|
|
Corporate
expenses
|
8,904
|
|
7,867
|
|
|
Interest (income) and
other (income) expense, net
|
(1,069)
|
|
(423)
|
|
|
Hotel Adjusted
EBITDA
|
$
61,414
|
|
$
62,816
|
|
|
|
Full Year 2024
Guidance
|
|
Low
End
|
|
High
End
|
|
Net
income
|
$
86,817
|
|
$
108,817
|
|
Interest
expense
|
66,183
|
|
65,183
|
|
Income tax
expense
|
—
|
|
1,000
|
|
Real estate related
depreciation and amortization
|
110,000
|
|
108,000
|
|
EBITDA/EBITDAre
|
263,000
|
|
283,000
|
|
Non-cash lease expense
and other amortization
|
6,200
|
|
6,200
|
|
Hotel pre-opening
costs
|
800
|
|
800
|
|
Adjusted
EBITDA
|
$
270,000
|
|
$
290,000
|
FFO and Adjusted FFO
The following tables are reconciliations of our GAAP net income
to FFO and Adjusted FFO (in thousands):
|
Three Months Ended
March 31,
|
|
2024
|
|
2023
|
|
|
Net
income
|
$
8,358
|
|
$
9,188
|
|
|
Real estate related
depreciation and amortization
|
28,313
|
|
27,472
|
|
|
FFO
|
36,671
|
|
36,660
|
|
|
Distribution to
preferred stockholders
|
(2,454)
|
|
(2,454)
|
|
|
FFO available to
common stock and unit holders
|
34,217
|
|
34,206
|
|
|
Non-cash lease expense
and other amortization
|
1,518
|
|
1,550
|
|
|
Hotel pre-opening
costs
|
234
|
|
216
|
|
|
Fair value adjustments
to interest rate swaps
|
—
|
|
2,014
|
|
|
Adjusted FFO
available to common stock and unit holders
|
$
35,969
|
|
$
37,986
|
|
|
Adjusted FFO
available to common stock and unit holders, per diluted
share
|
$
0.17
|
|
$
0.18
|
|
|
|
Full Year 2024
Guidance
|
|
Low
End
|
|
High
End
|
|
Net
income
|
$
86,817
|
|
$
108,817
|
|
Real estate related
depreciation and amortization
|
110,000
|
|
108,000
|
|
FFO
|
196,817
|
|
216,817
|
|
Distribution to
preferred stockholders
|
(9,817)
|
|
(9,817)
|
|
FFO available to
common stock and unit holders
|
187,000
|
|
207,000
|
|
Non-cash lease expense
and other amortization
|
6,200
|
|
6,200
|
|
Hotel pre-opening
costs
|
800
|
|
800
|
|
Adjusted FFO
available to common stock and unit holders
|
$
194,000
|
|
$
214,000
|
|
Adjusted FFO
available to common stock and unit holders, per diluted
share
|
$
0.91
|
|
$
1.00
|
Reconciliation of Comparable Operating Results
The following presents the revenues, Hotel Adjusted EBITDA and
Hotel Adjusted EBITDA Margin together with comparable prior year
results, which excludes the results for our 2021 dispositions (in
thousands):
|
Three Months Ended
March 31,
|
|
2024
|
|
2023
|
|
Revenues
|
$
256,423
|
|
$
243,553
|
|
Hotel revenues from
prior ownership (1)
|
—
|
|
3,481
|
|
Comparable
Revenues
|
$
256,423
|
|
$
247,034
|
|
|
|
|
|
Hotel Adjusted
EBITDA
|
$
61,414
|
|
$
62,816
|
|
Hotel Adjusted EBITDA
from prior ownership (1)
|
—
|
|
520
|
|
Comparable Hotel
Adjusted EBITDA
|
$
61,414
|
|
$
63,336
|
|
|
|
|
|
Hotel Adjusted
EBITDA Margin
|
23.95 %
|
|
25.79 %
|
|
Comparable Hotel
Adjusted EBITDA Margin
|
23.95 %
|
|
25.64 %
|
|
|
|
(1)
|
Amounts represent the
pre-acquisition operating results for Chico Hot Springs Resort from
January 1, 2023 to March 31, 2023. The pre-acquisition
operating results were obtained from the seller of the hotel during
the acquisition due diligence process. We have made no adjustments
to the amounts provided to us by the seller. The pre-acquisition
operating results were not audited or reviewed by the Company's
independent auditors.
|
Selected Quarterly Comparable Operating Information
The following tables are presented to provide investors with
selected quarterly comparable operating information. The
operating information includes historical quarterly operating
results for our portfolio.
|
Quarter 1,
2023
|
Quarter 2,
2023
|
Quarter 3,
2023
|
Quarter 4,
2023
|
Full Year
2023
|
|
ADR
|
$
276.43
|
$
292.67
|
$
273.28
|
$
282.57
|
$
281.36
|
|
Occupancy
|
66.9 %
|
76.6 %
|
76.4 %
|
68.4 %
|
72.1 %
|
|
RevPAR
|
$
185.00
|
$
224.27
|
$
208.66
|
$
193.16
|
$
202.81
|
|
Total RevPAR
|
$
282.28
|
$
333.24
|
$
310.54
|
$
294.05
|
$
305.08
|
|
Revenues (in
thousands)
|
$
247,034
|
$
295,059
|
$
278,162
|
$
263,547
|
$ 1,083,802
|
|
Hotel Adjusted EBITDA
(in thousands)
|
$
63,336
|
$
94,335
|
$
80,492
|
$
64,817
|
$
302,980
|
|
Hotel Adjusted EBITDA
Margin
|
25.64 %
|
31.97 %
|
28.94 %
|
24.59 %
|
27.96 %
|
|
Available
Rooms
|
875,126
|
885,430
|
895,743
|
896,260
|
3,552,559
|
|
Quarter 1,
2024
|
|
ADR
|
$
269.53
|
|
Occupancy
|
68.4 %
|
|
RevPAR
|
$
184.23
|
|
Total RevPAR
|
$
288.92
|
|
Revenues (in
thousands)
|
$
256,423
|
|
Hotel Adjusted EBITDA
(in thousands)
|
$
61,414
|
|
Hotel Adjusted EBITDA
Margin
|
23.95 %
|
|
Available
Rooms
|
887,523
|
|
Market
Capitalization as of March 31, 2024
|
|
(in
thousands)
|
|
Enterprise
Value
|
|
|
|
|
|
|
Common equity
capitalization (at March 31, 2024 closing price of
$9.61/share)
|
|
$
2,053,739
|
|
Preferred equity
capitalization (at liquidation value of $25.00/share)
|
|
119,000
|
|
Consolidated debt (face
amount)
|
|
1,175,728
|
|
Cash and cash
equivalents
|
|
(120,064)
|
|
Total enterprise
value
|
|
$
3,228,403
|
|
Share
Reconciliation
|
|
|
|
|
|
|
Common shares
outstanding
|
|
210,064
|
|
Operating partnership
units
|
|
1,037
|
|
Unvested restricted
stock held by management and employees
|
|
716
|
|
Share grants under
deferred compensation plan
|
|
1,891
|
|
Combined shares and
units
|
|
213,708
|
|
Debt Summary as of
March 31, 2024
|
|
(dollars in
thousands)
|
|
|
Loan
|
|
Interest
Rate
|
|
Term
|
|
Outstanding
Principal
|
|
Maturity
|
|
Courtyard New York
Manhattan / Midtown East
|
|
4.40 %
|
|
Fixed
|
|
$
73,879
|
|
August 2024
|
|
Worthington Renaissance
Fort Worth Hotel
|
|
3.66 %
|
|
Fixed
|
|
73,240
|
|
May 2025
|
|
Hotel Clio
|
|
4.33 %
|
|
Fixed
|
|
55,735
|
|
July 2025
|
|
Westin Boston Seaport
District
|
|
4.36 %
|
|
Fixed
|
|
172,874
|
|
November
2025
|
|
Unsecured term
loan
|
|
SOFR + 1.35%
(1)
|
|
Variable
|
|
500,000
|
|
January 2028
|
|
Unsecured term
loan
|
|
SOFR + 1.35%
(1)
|
|
Variable
|
|
300,000
|
|
January 2025
(2)
|
|
Senior unsecured credit
facility
|
|
SOFR + 1.40%
|
|
Variable
|
|
—
|
|
September 2026
(2)
|
|
Total debt
|
|
|
|
|
|
1,175,728
|
|
|
|
Unamortized debt issuance
costs (3)
|
|
|
|
|
|
(995)
|
|
|
|
Debt, net of
unamortized debt issuance costs
|
|
|
|
$
1,174,733
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
interest rate of fixed rate debt
|
|
4.09 %
|
|
|
|
|
|
|
|
Total weighted-average
interest rate (4)
|
|
5.22 %
|
|
|
|
|
|
|
|
(1)
|
Interest rate as of
March 31, 2024 was 6.78%, which excludes effect of interest rate
swaps.
|
|
(2)
|
Maturity date may be
extended for an additional year upon the payment of applicable fees
and the satisfaction of certain customary conditions.
|
|
(3)
|
Excludes debt issuance
costs related to our senior unsecured credit facility, which are
included within Other Assets on the accompanying consolidated
balance sheet.
|
|
(4)
|
Weighted-average
interest rate includes effect of interest rate swaps.
|
|
Operating Statistics
– First Quarter
|
|
Number
of Rooms
|
ADR
|
|
Occupancy
|
|
RevPAR
|
|
1Q
2024
|
1Q
2023
|
B/(W)
2023
|
|
1Q
2024
|
1Q
2023
|
B/(W)
2023
|
|
1Q
2024
|
1Q
2023
|
B/(W)
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta Marriott
Alpharetta
|
318
|
$
165.66
|
$
159.23
|
4.0 %
|
|
59.1 %
|
62.6 %
|
(3.5) %
|
|
$
97.96
|
$
99.61
|
(1.7) %
|
|
Bourbon Orleans
Hotel
|
220
|
$
261.57
|
$
260.14
|
0.5 %
|
|
76.6 %
|
80.9 %
|
(4.3) %
|
|
$
200.49
|
$
210.46
|
(4.7) %
|
|
Cavallo Point, The
Lodge at the Golden Gate
|
142
|
$
550.92
|
$
567.94
|
(3.0) %
|
|
51.0 %
|
52.7 %
|
(1.7) %
|
|
$
281.13
|
$
299.21
|
(6.0) %
|
|
Chicago Marriott
Downtown Magnificent Mile
|
1,200
|
$
173.13
|
$
188.98
|
(8.4) %
|
|
46.3 %
|
39.5 %
|
6.8 %
|
|
$
80.22
|
$
74.71
|
7.4 %
|
|
Chico Hot Springs
Resort & Day Spa
|
117
|
$
180.03
|
$
164.87
|
9.2 %
|
|
71.7 %
|
73.2 %
|
(1.5) %
|
|
$
129.16
|
$
120.72
|
7.0 %
|
|
Courtyard Denver
Downtown
|
177
|
$
156.97
|
$
178.98
|
(12.3) %
|
|
67.8 %
|
69.1 %
|
(1.3) %
|
|
$
106.42
|
$
123.67
|
(13.9) %
|
|
Courtyard New York
Manhattan/Fifth Avenue
|
189
|
$
208.12
|
$
201.95
|
3.1 %
|
|
89.0 %
|
93.5 %
|
(4.5) %
|
|
$
185.26
|
$
188.81
|
(1.9) %
|
|
Courtyard New York
Manhattan/Midtown East
|
321
|
$
248.51
|
$
233.43
|
6.5 %
|
|
91.1 %
|
87.9 %
|
3.2 %
|
|
$
226.49
|
$
205.28
|
10.3 %
|
|
Embassy Suites by
Hilton Bethesda
|
272
|
$
158.71
|
$
142.06
|
11.7 %
|
|
58.9 %
|
61.6 %
|
(2.7) %
|
|
$
93.52
|
$
87.57
|
6.8 %
|
|
Havana Cabana Key
West
|
106
|
$
407.80
|
$
379.67
|
7.4 %
|
|
85.6 %
|
87.9 %
|
(2.3) %
|
|
$
349.24
|
$
333.90
|
4.6 %
|
|
Henderson Beach
Resort
|
266
|
$
324.06
|
$
361.12
|
(10.3) %
|
|
40.5 %
|
42.7 %
|
(2.2) %
|
|
$
131.20
|
$
154.33
|
(15.0) %
|
|
Henderson Park
Inn
|
37
|
$
410.42
|
$
479.08
|
(14.3) %
|
|
57.2 %
|
42.5 %
|
14.7 %
|
|
$
234.65
|
$
203.43
|
15.3 %
|
|
Hilton Burlington Lake
Champlain
|
258
|
$
147.57
|
$
165.81
|
(11.0) %
|
|
56.2 %
|
63.2 %
|
(7.0) %
|
|
$
82.96
|
$
104.76
|
(20.8) %
|
|
Hilton Garden Inn New
York/Times Square Central
|
282
|
$
181.91
|
$
193.29
|
(5.9) %
|
|
89.7 %
|
85.3 %
|
4.4 %
|
|
$
163.18
|
$
164.87
|
(1.0) %
|
|
Hotel Clio
|
199
|
$
266.77
|
$
298.34
|
(10.6) %
|
|
65.2 %
|
61.8 %
|
3.4 %
|
|
$
173.98
|
$
184.29
|
(5.6) %
|
|
Hotel Emblem San
Francisco
|
96
|
$
254.29
|
$
284.99
|
(10.8) %
|
|
58.8 %
|
63.7 %
|
(4.9) %
|
|
$
149.50
|
$
181.55
|
(17.7) %
|
|
Kimpton Hotel Palomar
Phoenix
|
242
|
$
274.39
|
$
301.38
|
(9.0) %
|
|
81.9 %
|
73.7 %
|
8.2 %
|
|
$
224.84
|
$
222.03
|
1.3 %
|
|
Kimpton Shorebreak Fort
Lauderdale Beach Resort
|
96
|
$
259.42
|
$
273.10
|
(5.0) %
|
|
89.1 %
|
87.5 %
|
1.6 %
|
|
$
231.18
|
$
239.00
|
(3.3) %
|
|
Kimpton Shorebreak
Huntington Beach Resort
|
157
|
$
286.87
|
$
292.14
|
(1.8) %
|
|
78.5 %
|
75.6 %
|
2.9 %
|
|
$
225.25
|
$
220.94
|
2.0 %
|
|
L'Auberge de
Sedona
|
88
|
$
860.57
|
$
958.17
|
(10.2) %
|
|
65.0 %
|
57.5 %
|
7.5 %
|
|
$
559.03
|
$
550.94
|
1.5 %
|
|
Lake Austin Spa
Resort
|
40
|
$ 1,000.12
|
$ 1,122.11
|
(10.9) %
|
|
57.6 %
|
55.7 %
|
1.9 %
|
|
$
576.17
|
$
624.64
|
(7.8) %
|
|
Margaritaville Beach
House Key West
|
186
|
$
512.43
|
$
495.09
|
3.5 %
|
|
91.8 %
|
85.1 %
|
6.7 %
|
|
$
470.35
|
$
421.38
|
11.6 %
|
|
Orchards Inn
Sedona
|
70
|
$
296.11
|
$
291.48
|
1.6 %
|
|
57.2 %
|
59.5 %
|
(2.3) %
|
|
$
169.25
|
$
173.50
|
(2.4) %
|
|
Salt Lake City Marriott
Downtown at City Creek
|
510
|
$
198.29
|
$
199.71
|
(0.7) %
|
|
65.7 %
|
67.2 %
|
(1.5) %
|
|
$
130.36
|
$
134.17
|
(2.8) %
|
|
The Dagny
Boston
|
403
|
$
194.24
|
$
228.24
|
(14.9) %
|
|
76.8 %
|
49.0 %
|
27.8 %
|
|
$
149.23
|
$
111.77
|
33.5 %
|
|
The Gwen
|
311
|
$
213.40
|
$
222.60
|
(4.1) %
|
|
65.9 %
|
65.2 %
|
0.7 %
|
|
$
140.71
|
$
145.07
|
(3.0) %
|
|
The Hythe
Vail
|
344
|
$
629.06
|
$
627.60
|
0.2 %
|
|
76.4 %
|
84.2 %
|
(7.8) %
|
|
$
480.78
|
$
528.21
|
(9.0) %
|
|
The Landing Lake Tahoe
Resort & Spa
|
82
|
$
332.66
|
$
362.47
|
(8.2) %
|
|
46.7 %
|
31.0 %
|
15.7 %
|
|
$
155.36
|
$
112.33
|
38.3 %
|
|
The Lindy Renaissance
Charleston Hotel
|
167
|
$
319.79
|
$
333.13
|
(4.0) %
|
|
86.6 %
|
84.5 %
|
2.1 %
|
|
$
276.82
|
$
281.51
|
(1.7) %
|
|
The Lodge at Sonoma
Resort
|
182
|
$
311.09
|
$
361.03
|
(13.8) %
|
|
45.4 %
|
54.5 %
|
(9.1) %
|
|
$
141.10
|
$
196.63
|
(28.2) %
|
|
Tranquility Bay
Beachfront Resort
|
103
|
$
809.20
|
$
813.34
|
(0.5) %
|
|
75.5 %
|
74.1 %
|
1.4 %
|
|
$
610.81
|
$
602.42
|
1.4 %
|
|
Westin Boston
Waterfront
|
793
|
$
219.87
|
$
203.87
|
7.8 %
|
|
78.0 %
|
71.7 %
|
6.3 %
|
|
$
171.40
|
$
146.25
|
17.2 %
|
|
Westin Fort Lauderdale
Beach Resort
|
433
|
$
330.31
|
$
348.32
|
(5.2) %
|
|
87.6 %
|
87.9 %
|
(0.3) %
|
|
$
289.51
|
$
306.27
|
(5.5) %
|
|
Westin San Diego
Bayview
|
436
|
$
218.22
|
$
214.73
|
1.6 %
|
|
61.3 %
|
73.9 %
|
(12.6) %
|
|
$
133.84
|
$
158.76
|
(15.7) %
|
|
Westin Washington D.C.
City Center
|
410
|
$
216.86
|
$
214.83
|
0.9 %
|
|
69.2 %
|
68.0 %
|
1.2 %
|
|
$
149.98
|
$
146.02
|
2.7 %
|
|
Worthington Renaissance
Fort Worth Hotel
|
504
|
$
209.20
|
$
196.60
|
6.4 %
|
|
69.9 %
|
74.1 %
|
(4.2) %
|
|
$
146.33
|
$
145.65
|
0.5 %
|
|
Comparable Total
(1)
|
9,757
|
$
269.53
|
$
276.43
|
(2.5) %
|
|
68.4 %
|
66.9 %
|
1.5 %
|
|
$
184.23
|
$
185.00
|
(0.4) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Amounts include the
pre-acquisition operating results of Chico Hot Springs Resort &
Day Spa acquired in 2023.
|
|
|
Hotel Adjusted
EBITDA Reconciliation - First Quarter 2024
|
|
|
|
|
|
|
|
Net Income /
(Loss)
|
Plus:
|
Plus:
|
Plus:
|
Equals: Hotel
Adjusted EBITDA
|
|
|
Total
Revenues
|
|
Depreciation
|
Interest
Expense
|
Adjustments
(1)
|
|
Atlanta Marriott
Alpharetta
|
|
$
4,186
|
|
$
1,090
|
$
375
|
$
—
|
$
—
|
$
1,465
|
|
Bourbon Orleans
Hotel
|
|
$
4,991
|
|
$
1,314
|
$
874
|
$
—
|
$
(29)
|
$
2,159
|
|
Cavallo Point, The
Lodge at the Golden Gate
|
|
$
9,847
|
|
$
(66)
|
$
1,461
|
$
—
|
$
94
|
$
1,489
|
|
Chicago Marriott
Downtown Magnificent Mile
|
|
$
19,287
|
|
$
(1,577)
|
$
3,415
|
$
6
|
$
(397)
|
$
1,447
|
|
Chico Hot Springs
Resort & Day Spa
|
|
$
3,329
|
|
$
(256)
|
$
387
|
$
—
|
$
2
|
$
133
|
|
Courtyard Denver
Downtown
|
|
$
1,986
|
|
$
168
|
$
381
|
$
—
|
$
—
|
$
549
|
|
Courtyard New York
Manhattan/Fifth Avenue
|
|
$
3,301
|
|
$
(941)
|
$
359
|
$
—
|
$
253
|
$
(329)
|
|
Courtyard New York
Manhattan/Midtown East
|
|
$
6,928
|
|
$
(569)
|
$
526
|
$
875
|
$
—
|
$
832
|
|
Embassy Suites by
Hilton Bethesda
|
|
$
2,640
|
|
$
(2,035)
|
$
575
|
$
—
|
$
1,462
|
$
2
|
|
Havana Cabana Key
West
|
|
$
4,135
|
|
$
1,464
|
$
298
|
$
—
|
$
—
|
$
1,762
|
|
Henderson Beach
Resort
|
|
$
6,719
|
|
$
(957)
|
$
1,062
|
$
—
|
$
—
|
$
105
|
|
Henderson Park
Inn
|
|
$
1,278
|
|
$
(117)
|
$
274
|
$
—
|
$
—
|
$
157
|
|
Hilton Burlington Lake
Champlain
|
|
$
2,676
|
|
$
(810)
|
$
574
|
$
—
|
$
—
|
$
(236)
|
|
Hilton Garden Inn New
York/Times Square Central
|
|
$
4,946
|
|
$
(536)
|
$
650
|
$
—
|
$
—
|
$
114
|
|
Hotel Clio
|
|
$
5,429
|
|
$
(1,034)
|
$
845
|
$
621
|
$
5
|
$
437
|
|
Hotel Emblem San
Francisco
|
|
$
1,627
|
|
$
(36)
|
$
302
|
$
—
|
$
—
|
$
266
|
|
Kimpton Hotel Palomar
Phoenix
|
|
$
7,730
|
|
$
2,247
|
$
501
|
$
—
|
$
197
|
$
2,945
|
|
Kimpton Shorebreak Fort
Lauderdale Beach Resort
|
|
$
3,298
|
|
$
486
|
$
357
|
$
—
|
$
—
|
$
843
|
|
Kimpton Shorebreak
Huntington Beach Resort
|
|
$
5,006
|
|
$
981
|
$
380
|
$
—
|
$
—
|
$
1,361
|
|
L'Auberge de
Sedona
|
|
$
7,339
|
|
$
1,627
|
$
386
|
$
—
|
$
—
|
$
2,013
|
|
Lake Austin Spa
Resort
|
|
$
4,837
|
|
$
312
|
$
681
|
$
—
|
$
—
|
$
993
|
|
Margaritaville Beach
House Key West
|
|
$
10,107
|
|
$
4,200
|
$
766
|
$
—
|
$
—
|
$
4,966
|
|
Orchards Inn
Sedona
|
|
$
2,032
|
|
$
415
|
$
88
|
$
—
|
$
42
|
$
545
|
|
Salt Lake City Marriott
Downtown at City Creek
|
|
$
8,402
|
|
$
2,156
|
$
918
|
$
—
|
$
11
|
$
3,085
|
|
The Dagny
Boston
|
|
$
6,425
|
|
$
(1,116)
|
$
1,530
|
$
—
|
$
—
|
$
414
|
|
The Gwen
|
|
$
5,473
|
|
$
(1,865)
|
$
949
|
$
—
|
$
—
|
$
(916)
|
|
The Hythe
Vail
|
|
$
20,496
|
|
$
9,508
|
$
1,181
|
$
—
|
$
—
|
$
10,689
|
|
The Landing Lake Tahoe
Resort & Spa
|
|
$
2,159
|
|
$
(114)
|
$
219
|
$
—
|
$
—
|
$
105
|
|
The Lindy Renaissance
Charleston Hotel
|
|
$
5,275
|
|
$
1,700
|
$
394
|
$
—
|
$
—
|
$
2,094
|
|
The Lodge at Sonoma
Resort
|
|
$
4,538
|
|
$
(639)
|
$
618
|
$
—
|
$
—
|
$
(21)
|
|
Tranquility Bay
Beachfront Resort
|
|
$
7,158
|
|
$
1,937
|
$
453
|
$
—
|
$
—
|
$
2,390
|
|
Westin Boston Seaport
District
|
|
$
21,101
|
|
$
(1,199)
|
$
2,484
|
$
1,953
|
$
(122)
|
$
3,116
|
|
Westin Fort Lauderdale
Beach Resort
|
|
$
24,022
|
|
$
8,261
|
$
1,083
|
$
—
|
$
—
|
$
9,344
|
|
Westin San Diego
Bayview
|
|
$
7,677
|
|
$
802
|
$
1,068
|
$
—
|
$
—
|
$
1,870
|
|
Westin Washington D.C.
City Center
|
|
$
7,466
|
|
$
353
|
$
1,048
|
$
—
|
$
—
|
$
1,401
|
|
Worthington Renaissance
Fort Worth Hotel
|
|
$
12,577
|
|
$
2,174
|
$
851
|
$
702
|
$
—
|
$
3,727
|
|
Comparable
Total
|
|
$
256,423
|
|
$
27,328
|
$
28,313
|
$
4,157
|
$
1,518
|
$
61,414
|
|
|
|
(1)
|
Includes non-cash
expenses incurred by the hotels due to the straight lining of the
rent from ground lease obligations and the non-cash amortization of
intangible assets and liabilities.
|
|
|
Hotel Adjusted
EBITDA Reconciliation - First Quarter 2023
|
|
|
|
|
Net Income /
(Loss)
|
Plus:
|
Plus:
|
Plus:
|
Equals:
Hotel
|
|
|
Total
Revenues
|
|
Depreciation
|
Interest
Expense
|
Adjustments
(1)
|
Adjusted
EBITDA
|
|
Atlanta Marriott
Alpharetta
|
|
$
4,017
|
|
$
939
|
$
364
|
$
—
|
$
—
|
$
1,303
|
|
Bourbon Orleans
Hotel
|
|
$
5,064
|
|
$
1,429
|
$
837
|
$
—
|
$
6
|
$
2,272
|
|
Cavallo Point, The
Lodge at the Golden Gate
|
|
$
10,393
|
|
$
894
|
$
1,392
|
$
—
|
$
94
|
$
2,380
|
|
Chicago Marriott
Downtown Magnificent Mile
|
|
$
15,284
|
|
$
(2,595)
|
$
3,654
|
$
6
|
$
(397)
|
$
668
|
|
Courtyard Denver
Downtown
|
|
$
2,198
|
|
$
276
|
$
377
|
$
—
|
$
—
|
$
653
|
|
Courtyard New York
Manhattan/Fifth Avenue
|
|
$
3,263
|
|
$
(755)
|
$
345
|
$
—
|
$
253
|
$
(157)
|
|
Courtyard New York
Manhattan/Midtown East
|
|
$
6,206
|
|
$
(1,002)
|
$
501
|
$
886
|
$
—
|
$
385
|
|
Embassy Suites by
Hilton Bethesda
|
|
$
2,565
|
|
$
(2,163)
|
$
575
|
$
—
|
$
1,477
|
$
(111)
|
|
Havana Cabana Key
West
|
|
$
4,001
|
|
$
1,543
|
$
278
|
$
—
|
$
—
|
$
1,821
|
|
Henderson Beach
Resort
|
|
$
6,557
|
|
$
(1,008)
|
$
999
|
$
—
|
$
—
|
$
(9)
|
|
Henderson Park
Inn
|
|
$
1,071
|
|
$
(249)
|
$
252
|
$
—
|
$
—
|
$
3
|
|
Hilton Burlington Lake
Champlain
|
|
$
3,272
|
|
$
(430)
|
$
568
|
$
—
|
$
—
|
$
138
|
|
Hilton Garden Inn New
York/Times Square Central
|
|
$
4,752
|
|
$
(235)
|
$
639
|
$
—
|
$
—
|
$
404
|
|
Hotel Clio
|
|
$
5,353
|
|
$
(921)
|
$
862
|
$
629
|
$
5
|
$
575
|
|
Hotel Emblem San
Francisco
|
|
$
2,001
|
|
$
(30)
|
$
297
|
$
—
|
$
—
|
$
267
|
|
Kimpton Hotel Palomar
Phoenix
|
|
$
7,654
|
|
$
1,981
|
$
660
|
$
—
|
$
181
|
$
2,822
|
|
Kimpton Shorebreak Fort
Lauderdale Beach Resort
|
|
$
3,175
|
|
$
583
|
$
304
|
$
—
|
$
—
|
$
887
|
|
Kimpton Shorebreak
Huntington Beach Resort
|
|
$
4,527
|
|
$
780
|
$
412
|
$
—
|
$
—
|
$
1,192
|
|
L'Auberge de
Sedona
|
|
$
6,862
|
|
$
1,435
|
$
361
|
$
—
|
$
—
|
$
1,796
|
|
Lake Austin Spa
Resort
|
|
$
4,950
|
|
$
456
|
$
628
|
$
—
|
$
—
|
$
1,084
|
|
Margaritaville Beach
House Key West
|
|
$
9,221
|
|
$
4,078
|
$
800
|
$
—
|
$
—
|
$
4,878
|
|
Orchards Inn
Sedona
|
|
$
2,048
|
|
$
439
|
$
92
|
$
—
|
$
42
|
$
573
|
|
Salt Lake City Marriott
Downtown at City Creek
|
|
$
8,291
|
|
$
2,492
|
$
567
|
$
—
|
$
11
|
$
3,070
|
|
The Dagny
Boston
|
|
$
4,786
|
|
$
(1,544)
|
$
1,124
|
$
—
|
$
—
|
$
(420)
|
|
The Gwen
|
|
$
5,589
|
|
$
(1,514)
|
$
1,083
|
$
—
|
$
—
|
$
(431)
|
|
The Hythe
Vail
|
|
$
21,895
|
|
$
10,653
|
$
1,202
|
$
—
|
$
—
|
$
11,855
|
|
The Landing Lake Tahoe
Resort & Spa
|
|
$
1,553
|
|
$
(560)
|
$
223
|
$
—
|
$
—
|
$
(337)
|
|
The Lindy Renaissance
Charleston Hotel
|
|
$
5,401
|
|
$
1,874
|
$
465
|
$
—
|
$
—
|
$
2,339
|
|
The Lodge at Sonoma
Resort
|
|
$
6,105
|
|
$
396
|
$
657
|
$
—
|
$
—
|
$
1,053
|
|
Tranquility Bay
Beachfront Resort
|
|
$
6,982
|
|
$
2,039
|
$
429
|
$
—
|
$
—
|
$
2,468
|
|
Westin Boston Seaport
District
|
|
$
18,031
|
|
$
(1,865)
|
$
2,470
|
$
1,981
|
$
(122)
|
$
2,464
|
|
Westin Fort Lauderdale
Beach Resort
|
|
$
22,987
|
|
$
8,306
|
$
1,054
|
$
—
|
$
—
|
$
9,360
|
|
Westin San Diego
Bayview
|
|
$
8,700
|
|
$
2,013
|
$
855
|
$
—
|
$
—
|
$
2,868
|
|
Westin Washington D.C.
City Center
|
|
$
6,707
|
|
$
(63)
|
$
1,020
|
$
—
|
$
—
|
$
957
|
|
Worthington Renaissance
Fort Worth Hotel
|
|
$
12,092
|
|
$
1,907
|
$
1,126
|
$
712
|
$
—
|
$
3,745
|
|
Total
|
|
$
243,553
|
|
$
29,579
|
$
27,472
|
$
4,214
|
$
1,550
|
$
62,816
|
|
Add: Prior Ownership
Results (2)
|
|
$
3,481
|
|
$
295
|
$
225
|
$
—
|
$
—
|
$
520
|
|
Comparable
Total
|
|
$
247,034
|
|
$
29,874
|
$
27,697
|
$
4,214
|
$
1,550
|
$
63,336
|
|
|
|
(1)
|
Includes non-cash
expenses incurred by the hotels due to the straight lining of the
rent from ground lease obligations and the non-cash amortization of
intangible assets and liabilities.
|
|
(2)
|
Represents the
pre-acquisition operating results of Chico Hot Springs Resort &
Day Spa acquired in 2023.
|
View original
content:https://www.prnewswire.com/news-releases/diamondrock-hospitality-company-reports-first-quarter-2024-results-302134879.html
SOURCE DiamondRock Hospitality Company
