RLJ Lodging Trust Results

RLJ Lodging Trust Reports Fourth Quarter and Full Year 2017 Results

Fourth quarter Pro forma RevPAR increased 4.0% - Sold Fairmont Copley Plaza Boston for $170 million - Completed transformative merger with FelCor Lodging Trust

RLJ Lodging Trust

RLJ Lodging Trust (NYSE: RLJ) yesterday reported results for the quarter and year ended December 31, 2017.

Fourth Quarter Highlights

  • Sold Fairmont Copley Plaza Boston for $170.0 million
  • Net income was $7.4 million, which includes $7.5 million of transaction costs and $31.8 million of non-cash income tax expense
  • Pro forma RevPAR increased 4.0%, Pro forma ADR increased 1.0%, and Pro forma Occupancy increased 2.9%
  • Pro forma Hotel EBITDA Margin of 32.0%
  • Pro forma Consolidated Hotel EBITDA of $143.0 million
  • Adjusted EBITDA of $136.2 million
  • Adjusted FFO of $99.4 million

Full Year Highlights

  • Completed merger with FelCor Lodging Trust (“FelCor”)
  • Net income was $75.7 million, which includes $44.4 million of transaction costs and $39.7 million of non-cash income tax expense
  • Pro forma RevPAR decreased 0.5%, Pro forma ADR decreased 0.4% and Pro forma Occupancy was flat
  • Pro forma Hotel EBITDA Margin of 33.1%
  • Pro forma Consolidated Hotel EBITDA of $605.9 million
  • Adjusted EBITDA of $427.2 million
  • Adjusted FFO of $339.1 million
  • Declared cash dividends of $1.32 per common share
  • Declared cash dividends of $0.975 per Series A Preferred Share

“We are very pleased with our fourth quarter results which exceeded our expectations. We are also continuing to demonstrate the value creation potential from the FelCor merger,” commented Ross H. Bierkan, President and Chief Executive Officer. “Combining our recent sale of the Fairmont Copley Plaza Boston, the post year-end disposition of the Embassy Suites Marlborough, and another asset that we have under contract, we will reach our initial goal of selling at least $300 million in assets. Our disposition pipeline is strong, and we are encouraged by our progress and ability to pay down debt with the proceeds. We remain focused on executing on our key strategic priorities of realizing synergies, selling non-core assets, optimizing the balance sheet, and opportunistically reinvesting in our hotels.”

Financial and Operating Results

The prefix “Pro forma” as defined by the Company, denotes operating results which include results for periods prior to its ownership and excludes sold hotels. Pro forma RevPAR and Pro forma Hotel EBITDA Margin are reported on a comparable basis and therefore exclude any hotels sold during the period and non-comparable hotels that were not open for operation or were closed for renovation for comparable periods. Explanations of EBITDA, Adjusted EBITDA, Hotel EBITDA, Hotel EBITDA Margin, FFO, and Adjusted FFO, as well as reconciliations of those measures to net income or loss, if applicable, are included within this release.

Net income for the quarter ended December 31, 2017, decreased $68.4 million to $7.4 million, representing a 90.3% decrease over the comparable period in 2016. Net income included transaction costs of $7.5 million related primarily to the FelCor merger and $31.8 million of non-cash income tax expense related primarily to the change in tax rates from the recently passed tax reform bill.

For the year ended December 31, 2017, net income decreased $125.6 million to $75.7 million, representing a 62.4% decrease over the comparable period in 2016. Net income included transaction costs of $44.4 million related primarily to the FelCor merger and $39.7 million of non-cash income tax expense related primarily to the change in tax rates from the recently passed tax reform bill.

Pro forma RevPAR for the quarter ended December 31, 2017, increased 4.0% over the comparable period in 2016, driven by a Pro forma ADR increase of 1.0%, and a Pro forma Occupancy increase of 2.9%. Adjusting for post hurricane related business, Pro forma RevPAR for the fourth quarter would have increased 1.7%. The Company's top performing markets were Houston, South Florida, and Louisville, with Pro forma RevPAR growth of 20.7%, 15.2%, and 11.4%, respectively.

For the year ended December 31, 2017, Pro forma RevPAR decreased 0.5% over the comparable period in 2016, driven by a Pro forma ADR decrease of 0.4% and flat occupancy.

Pro forma Hotel EBITDA Margin for the quarter ended December 31, 2017, decreased 97 basis points over the comparable period in 2016 to 32.0%. Adjusting for real estate taxes, insurance and operational disruption related to our Courtyard Chicago Downtown Magnificent Mile hotel, Pro Forma Hotel EBITDA margin would have been slightly positive.

For the year ended December 31, 2017, Pro forma Hotel EBITDA Margin decreased 123 basis points over the comparable period in 2016 to 33.1%.

Pro forma Consolidated Hotel EBITDA for the quarter ended December 31, 2017, increased $1.1 million to $143.0 million, representing a 0.8% increase over the comparable period in 2016.

For the year ended December 31, 2017, Pro forma Consolidated Hotel EBITDA decreased $25.8 million to $605.9 million, representing a 4.1% decrease over the comparable period in 2016. Pro forma Consolidated Hotel EBITDA includes prior ownership of $153.2 million from the recently acquired FelCor hotels.

Adjusted FFO for the quarter ended December 31, 2017, increased $25.0 million to $99.4 million, representing a 33.6% increase over the comparable period in 2016. For the year ended December 31, 2017, Adjusted FFO increased $6.4 million to $339.1 million, representing a 1.9% increase over the comparable period in 2016. For the year ended December 31, 2017, Adjusted FFO includes four months of operations from the recently acquired FelCor hotels.

Adjusted FFO per diluted common share and unit for the quarter ended December 31, 2017, was $0.57, representing a 5.0% decrease over the comparable period in 2016. Adjusted FFO per diluted common share and unit for the year ended December 31, 2017, was $2.40, representing a 10.1% decrease over the comparable period in 2016.

Adjusted EBITDA for the quarter ended December 31, 2017, increased $47.2 million to $136.2 million, representing a 53.1% increase over the comparable period in 2016. For the year ended December 31, 2017, Adjusted EBITDA increased $34.8 million to $427.2 million, representing an 8.9% increase over the comparable period in 2016. For the year ended December 31, 2017, Adjusted EBITDA includes four months of ownership from the recently acquired FelCor hotels.

Non-recurring items and other adjustments which were noteworthy for the quarter ended December 31, 2017 include transaction costs of $7.5 million primarily related to the FelCor merger and $31.8 million of non-cash income tax expense related primarily to the change in tax rates from the recently passed tax reform bill.

Non-recurring items are included in net income attributable to common shareholders but are excluded from Adjusted EBITDA and Adjusted FFO, as applicable. A complete listing of non-recurring items is provided in the Non-GAAP reconciliation tables located in this press release.

Net cash flow from operating activities for the year ended December 31, 2017, totaled $260.6 million, compared to $331.4 million for the comparable period in 2016.

Dispositions

During the year ended December 31, 2017, the Company sold the 383-room Fairmont Copley Plaza Boston for $170.0 million in December 2017. The Company's Pro forma Consolidated Hotel EBITDA excludes $10.5 million in hotel EBITDA for the year ended December 31, 2017, which is inclusive of the period prior to hotel ownership.

Balance Sheet

As of December 31, 2017, the Company had $586.5 million of unrestricted cash on its balance sheet, $600.0 million available on its revolving credit facility, and $2.8 billion of debt outstanding. The Company’s ratio of net debt to Adjusted EBITDA for the year ended December 31, 2017, was 3.9 times (excluding preferred equity).

Dividends

The Company’s Board of Trustees declared a cash dividend of $0.33 per common share of beneficial interest in the fourth quarter. The dividend was paid on January 12, 2018, to shareholders of record as of December 29, 2017. For the year ended December 31, 2017, the Company declared a total dividend of $1.32 per common share of beneficial interest.

The Company's Board of Trustees declared a preferred dividend of $0.4875 on its Series A cumulative convertible preferred shares (“Series A Preferred Shares”). The dividend was paid on January 31, 2018, to shareholders of record as of December 29, 2017. For the year ended December 31, 2017, the Company declared a total dividend of $0.975 per Series A Preferred Share.

Subsequent Events

On January 25, 2018, the Company amended three of its unsecured term loans with an aggregate principal amount of $775.0 million. The maturity date of its $400.0 million unsecured term loan due March 2019 and its $225.0 million unsecured term loan due November 2019 were both extended to January 2023. Both term loans were amended to include more favorable pricing. The Company also amended its $150.0 million unsecured term loan due January 2022 with more favorable pricing.

On February 21, 2018, the Company closed on the sale of the Embassy Suites Marlborough for $23.7 million.

2018 Outlook

The Company’s outlook includes only hotels owned as of February 27, 2018. Potential future acquisitions or dispositions could result in a material change to the Company’s outlook. The outlook includes capital expenditures related to renovations and ROI projects in the range of $130 million to $140 million, which the Company anticipates will result in approximately 100 basis points of RevPAR disruption. The outlook also assumes 50 basis points of RevPAR headwinds related to tough comps from last year's hurricane efforts. On the margin front, the outlook assumes 60 to 70 basis points of headwinds from property taxes and insurance increases, partially driven by the impact from Proposition 13 on FelCor's California hotels.

For the full year 2018, the Company anticipates:

           
          Current Outlook
Pro forma RevPAR growth         -1.0% to +1.0%
Pro forma Hotel EBITDA Margin        

31.25% to 32.5%

Pro forma Consolidated Hotel EBITDA        

$565.0M to $600.0M

Adjusted EBITDA        

$527.0M to $562.0M

Corporate Cash General & Administrative        

$37.0M to $39.0M

           

RLJ Lodging Trust is a self-advised, publicly traded real estate investment trust focused on acquiring premium-branded, focused-service and compact full-service hotels. The Company's portfolio consists of 156 hotels with approximately 30,570 rooms, located in 26 states and the District of Columbia and an ownership interest in one unconsolidated hotel with 171 rooms.

RLJ Lodging Trust

Non-GAAP and Accounting Commentary

Non-Generally Accepted Accounting Principles (“Non-GAAP”) Financial Measures

The Company considers the following non-GAAP financial measures useful to investors as key supplemental measures of its performance: (1) FFO, (2) Adjusted FFO, (3) EBITDA, (4) Adjusted EBITDA, (5) Hotel EBITDA, and (6) Hotel EBITDA Margin. These Non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss as a measure of its operating performance. FFO, Adjusted FFO, EBITDA, Adjusted EBITDA, Hotel EBITDA, and Hotel EBITDA Margin as calculated by the Company, may not be comparable to other companies that do not define such terms exactly as the Company.

Funds From Operations (“FFO”)

The Company calculates FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which defines FFO as net income or loss (calculated in accordance with GAAP), excluding gains or losses from sales of real estate, impairment, the cumulative effect of changes in accounting principles, plus depreciation and amortization, and adjustments for unconsolidated partnerships and joint ventures. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most real estate industry investors consider FFO to be helpful in evaluating a real estate company’s operations. The Company believes that the presentation of FFO provides useful information to investors regarding the Company’s operating performance and can facilitate comparisons of operating performance between periods and between real estate investment trusts (“REITs”), even though FFO does not represent an amount that accrues directly to common shareholders.

The Company’s calculation of FFO may not be comparable to measures calculated by other companies who do not use the NAREIT definition of FFO or do not calculate FFO per diluted share in accordance with NAREIT guidance. Additionally, FFO may not be helpful when comparing the Company to non-REITs. The Company presents FFO attributable to common shareholders, which includes unitholders of limited partnership interest (“OP units”) in RLJ Lodging Trust, L.P., the Company’s operating partnership, because the OP units are redeemable for common shares of the Company. The Company believes it is meaningful for the investor to understand FFO attributable to all common shares and OP units.

Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”)

EBITDA is defined as net income or loss excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sales of assets; and (3) depreciation and amortization. The Company considers EBITDA useful to an investor in evaluating and facilitating comparisons of its operating performance between periods and between REITs by removing the impact of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results.

In addition, EBITDA is used as one measure in determining the value of hotel acquisitions and dispositions. The Company presents EBITDA attributable to common shareholders, which includes OP units, because the OP units are redeemable for common shares of the Company. The Company believes it is meaningful for the investor to understand EBITDA attributable to all common shares and OP units.

Adjustments to FFO and EBITDA

The Company adjusts FFO and EBITDA for certain items that the Company considers either outside the normal course of operations or extraordinary. The Company believes that Adjusted FFO and Adjusted EBITDA provide useful supplemental information to investors regarding its ongoing operating performance that, when considered with net income, FFO, and EBITDA, is beneficial to an investor’s understanding of its operating performance. The Company adjusts FFO and EBITDA for the following items:

  • Transaction Costs: The Company excludes transaction costs expensed during the period.
  • Non-Cash Expenses: The Company excludes the effect of certain non-cash items. The Company has excluded the amortization of share-based compensation, non-cash gain or loss on the sale of assets, and certain non-cash income taxes.
  • Other Non-Operational Expenses: The Company excludes the effect of certain non-operational expenses. The Company excludes hurricane-related costs not reimbursed by insurance, property-level severance costs, debt modification and extinguishment costs, and other income and expenses outside the normal course of operations.

Hotel EBITDA and Hotel EBITDA Margin

With respect to Consolidated Hotel EBITDA, the Company believes that excluding the effect of corporate-level expenses and certain non-cash items provides a more complete understanding of the operating results over which individual hotels and operators have direct control. The Company believes property-level results provide investors with supplemental information about the ongoing operational performance of the Company’s hotels and the effectiveness of third-party management companies.

Pro forma Consolidated Hotel EBITDA includes unadjusted prior ownership information provided by the sellers of the hotels for periods prior to our acquisition of the hotels, which has not been audited and excludes sold hotels as applicable. Pro forma Hotel EBITDA and Pro forma Hotel EBITDA Margin exclude the results of non-comparable hotels that were under renovation or not open for the entirety of the comparable periods. The following is a summary of pro forma hotel adjustments:

Pro forma adjustments: Acquired hotels

No hotels were acquired during the year ended December 31, 2016. The Company acquired the following hotels in August 2017 in conjunction with the FelCor merger:

  • DoubleTree Suites by Hilton Austin
  • DoubleTree Suites by Hilton Orlando - Lake Buena Vista
  • Embassy Suites Atlanta - Buckhead
  • Embassy Suites Birmingham
  • Embassy Suites Boston - Marlborough
  • Embassy Suites Dallas - Love Field
  • Embassy Suites Deerfield Beach - Resort & Spa
  • Embassy Suites Fort Lauderdale 17th Street
  • Embassy Suites Los Angeles - International Airport/South
  • Embassy Suites Mandalay Beach - Hotel & Resort
  • Embassy Suites Miami - International Airport
  • Embassy Suites Milpitas Silicon Valley
  • Embassy Suites Minneapolis - Airport
  • Embassy Suites Myrtle Beach - Oceanfront Resort
  • Embassy Suites Napa Valley
  • Embassy Suites Orlando - International Drive South/Convention Center
  • Embassy Suites Phoenix - Biltmore
  • Embassy Suites San Francisco Airport - South San Francisco
  • Embassy Suites San Francisco Airport - Waterfront
  • Embassy Suites Secaucus - Meadowlands
  • Hilton Myrtle Beach Resort
  • Holiday Inn San Francisco - Fisherman's Wharf
  • San Francisco Marriott Union Square
  • DoubleTree by Hilton Burlington Vermont, formerly Sheraton Burlington Hotel & Conference Center
  • Sheraton Philadelphia Society Hill Hotel
  • The Fairmont Copley Plaza, Boston
  • The Knickerbocker, New York
  • The Mills House Wyndham Grand Hotel, Charleston
  • The Vinoy Renaissance St. Petersburg Resort & Golf Club
  • Wyndham Boston Beacon Hill
  • Wyndham Houston - Medical Center Hotel & Suites
  • Wyndham New Orleans - French Quarter
  • Wyndham Philadelphia Historic District
  • Wyndham Pittsburgh University Center
  • Wyndham San Diego Bayside
  • Wyndham Santa Monica At The Pier

Pro forma adjustments: Sold hotels

For the year ended December 31, 2017, the following hotel was sold:

  • The Fairmont Copley Plaza Boston was sold in December 2017

For the year ended December 31, 2016, the following hotels were sold:

  • Holiday Inn Express Merrillville was sold in February 2016
  • SpringHill Suites Bakersfield was sold in November 2016
  • Hilton Garden Inn New York 35th Street was sold in December 2016
  • Hilton New York Fashion District was sold in December 2016
 

RLJ Lodging Trust

Consolidated Balance Sheets

(Amounts in thousands, except share and per share data)

 
   

December 31,

2017

 

December 31,

2016

Assets        
Investment in hotel properties, net   $ 5,791,925     $ 3,367,776  
Investment in unconsolidated joint ventures     23,885        
Cash and cash equivalents     586,470       456,672  
Restricted cash reserves     72,606       67,206  
Hotel and other receivables, net of allowance of $510 and $182, respectively     60,011       26,018  
Deferred income tax asset, net     56,761       44,614  
Intangible assets, net     133,211       898  
Prepaid expense and other assets     69,936       60,209  
Total assets   $ 6,794,805     $ 4,023,393  
Liabilities and Equity        
Debt, net   $ 2,880,488     $ 1,582,715  
Accounts payable and other liabilities     225,664       137,066  
Deferred income tax liability     5,547       11,430  
Advance deposits and deferred revenue     30,463       11,975  
Accrued interest     17,081       3,444  
Distributions payable     65,284       41,486  
Total liabilities     3,224,527       1,788,116  
Equity        
Shareholders’ equity:        
Preferred shares of beneficial interest, $0.01 par value, 50,000,000 shares authorized        
Series A Cumulative Convertible Preferred Shares, $0.01 par value, 12,950,000 shares authorized; 12,879,475 shares issued and outstanding, liquidation value of $328,266 at December 31, 2017     366,936        
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 174,869,046 and 124,364,178 shares issued and outstanding at December 31, 2017 and 2016, respectively     1,749       1,244  
Additional paid-in capital     3,208,002       2,187,333  
Accumulated other comprehensive income (loss)     8,846       (4,902 )
(Distributions in excess of net earnings) retained earnings     (82,566 )     38,249  
Total shareholders’ equity     3,502,967       2,221,924  
Noncontrolling interest:        
Noncontrolling interest in consolidated joint ventures     11,700       5,973  
Noncontrolling interest in the Operating Partnership     11,181       7,380  
Total noncontrolling interest     22,881       13,353  
Preferred equity in a consolidated joint venture, liquidation value of $45,430 at December 31, 2017     44,430        
Total equity     3,570,278       2,235,277  
Total liabilities and equity   $ 6,794,805     $ 4,023,393  
                 

Note:

The corresponding notes to the consolidated financial statements can be found in the Company’s Annual Report on Form 10-K.
 
 

RLJ Lodging Trust

Consolidated Statements of Operations

(Amounts in thousands, except share and per share data)

 
   

For the quarter ended

December 31,

 

For the year ended

December 31,

    2017   2016   2017   2016
    (unaudited)   (unaudited)        
Revenue                
Operating revenue                
Room revenue   $ 376,131     $ 233,427     $ 1,146,882     $ 1,010,637  
Food and beverage revenue     66,280       29,088       157,672       111,691  
Other revenue     20,079       8,938       51,707       37,667  
Total revenue   $ 462,490     $ 271,453     $ 1,356,261     $ 1,159,995  
Expense                
Operating expense                
Room expense   $ 94,206     $ 54,872     $ 270,729     $ 228,656  
Food and beverage expense     47,456       20,112       113,914       79,589  
Management and franchise fee expense     36,523       27,340       122,633       118,210  
Other operating expense     109,595       57,521       304,595       241,654  
Total property operating expense     287,780       159,845       811,871       668,109  
Depreciation and amortization     64,856       39,968       186,993       162,500  
Property tax, insurance and other     30,477       17,249       91,406       77,281  
General and administrative     11,695       7,994       40,453       31,516  
Transaction costs     7,476       (65 )     44,398       192  
Total operating expense     402,284       224,991       1,175,121       939,598  
Operating income     60,206       46,462       181,140       220,397  
Other income (expense)     (55 )     215       269       303  
Interest income     682       454       2,987       1,695  
Interest expense     (29,795 )     (14,587 )     (78,322 )     (58,820 )
Gain on settlement of investment in loan                 2,670        
Income before equity in income from unconsolidated joint ventures     31,038       32,544       108,744       163,575  
Equity in income from unconsolidated joint ventures     76             133        
Income before income tax expense     31,114       32,544       108,877       163,575  
Income tax expense     (32,756 )     (2,793 )     (42,118 )     (8,190 )
Income (loss) from operations     (1,642 )     29,751       66,759       155,385  
Gain on sale of hotel properties     9,029       46,084       8,980       45,929  

Net income

    7,387       75,835       75,739       201,314  

Net income (loss) attributable to noncontrolling interests:

               
Noncontrolling interest in consolidated joint ventures     (123 )     (48 )     (117 )     (55 )
Noncontrolling interest in the Operating Partnership     27       (354 )     (291 )     (907 )
Preferred distributions - consolidated joint venture     (374 )           (496 )      
Net income attributable to RLJ     6,917       75,433       74,835       200,352  
Preferred dividends     (6,279 )           (8,372 )      
Net income attributable to common shareholders   $ 638     $ 75,433     $ 66,463     $ 200,352  
Basic per common share data:                
Net income attributable to common shareholders   $     $ 0.61     $ 0.47     $ 1.61  
Weighted-average number of common shares     174,147,522       123,698,633       140,616,838       123,651,003  
Diluted per common share data:                
Net income attributable to common shareholders   $     $ 0.61     $ 0.47     $ 1.61  
Weighted-average number of common shares     174,210,578       123,757,660       140,694,049       123,879,007  
                                 

Note:

The Statements of Comprehensive Income and corresponding notes can be found in the Company’s Annual Report on Form 10-K.
 
 

RLJ Lodging Trust

Reconciliation of Net Income to Non-GAAP Measures

(Amounts in thousands, except per share data)

(unaudited)

 

Funds From Operations (FFO) Attributable to Common Shareholders and Unitholders

 
   

For the quarter ended

December 31,

 

For the year ended

December 31,

    2017   2016   2017   2016
Net income   $ 7,387     $ 75,835     $ 75,739     $ 201,314  
Preferred dividends     (6,279 )           (8,372 )      
Preferred distributions - consolidated joint venture     (374 )           (496 )      
Gain on sale of hotel properties     (9,029 )     (46,084 )     (8,980 )     (45,929 )
Depreciation and amortization     64,856       39,968       186,993       162,500  
Noncontrolling interest in consolidated joint ventures     (123 )     (48 )     (117 )     (55 )
Adjustments related to consolidated joint ventures (1)     (85 )     (35 )     (193 )     (152 )
Adjustments related to unconsolidated joint ventures (2)     707             900        
FFO     57,060       69,636       245,474       317,678  
Non-cash income tax expense     31,775       2,784       39,747       7,001  
Transaction costs     7,476       (65 )     44,398       192  
Gain on settlement of investment in loan                 (2,670 )      
Amortization of share-based compensation     2,642       2,055       10,607       5,990  
Loan related costs (3)                       1,247  
Other expenses (4)     475             1,591       604  
Adjusted FFO   $ 99,428     $ 74,410     $ 339,147     $ 332,712  
                 
Adjusted FFO per common share and unit-basic   $ 0.57     $ 0.60     $ 2.40     $ 2.68  
Adjusted FFO per common share and unit-diluted   $ 0.57     $ 0.60     $ 2.40     $ 2.67  
                 
Basic weighted-average common shares and units outstanding (5)     174,921       124,257       141,248       124,257  
Diluted weighted-average common shares and units outstanding (5)     174,984       124,316       141,325       124,485  
                                 

Note:

(1)   Includes depreciation and amortization expense allocated to the noncontrolling interest in joint ventures.
(2)   Includes our ownership interest of the depreciation and amortization expense of the unconsolidated joint ventures.
(3)   Represents debt modification costs, debt extinguishment costs, and accelerated amortization of deferred financing costs.
(4)   Represents income and expenses outside the normal course of operations, including hurricane-related costs not reimbursed by insurance and property-level severance costs.
(5)   Includes 0.8 million and 0.6 million weighted-average operating partnership units for the quarter ended December 31, 2017 and 2016, respectively, and 0.6 million weighted-average operating partnership units for the years ended December 31, 2017 and 2016, respectively.
     
 

RLJ Lodging Trust

Reconciliation of Net Income to Non-GAAP Measures

(Amounts in thousands)

(unaudited)

 

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)

 
   

For the quarter ended

December 31,

 

For the year ended

December 31,

    2017   2016   2017   2016
Net income   $ 7,387     $ 75,835     $ 75,739     $ 201,314  
Depreciation and amortization     64,856       39,968       186,993       162,500  
Interest expense, net (1)     29,114       14,579       76,703       58,793  
Income tax expense     32,756       2,793       42,118       8,190  
Noncontrolling interest in consolidated joint ventures     (123 )     (48 )     (117 )     (55 )
Adjustments related to consolidated joint ventures (2)     (148 )     (35 )     (275 )     (152 )
Adjustments related to unconsolidated joint ventures (3)     837             1,072        
EBITDA     134,679       133,092       382,233       430,590  
Transaction costs     7,476       (65 )     44,398       192  
Gain on sale of hotel properties     (9,029 )     (46,084 )     (8,980 )     (45,929 )
Gain on settlement of investment in loan                 (2,670 )      
Amortization of share-based compensation     2,642       2,055       10,607       5,990  
Loan related costs (4)                       924  
Other expenses (5)     475             1,591       604  
Adjusted EBITDA     136,243       88,998       427,179       392,371  
General and administrative (6)     9,053       5,938       29,846       25,016  
Operating results from noncontrolling interest in joint venture     (566 )     84       (679 )     207  
Other corporate adjustments     1,535       (174 )     1,464       (1,142 )
Consolidated Hotel EBITDA     146,265       94,846       457,809       416,452  
Pro forma adjustments - income from sold hotels     (3,259 )     (3,980 )     (5,034 )     (16,106 )
Pro forma adjustments - income from prior ownership of acquired hotels (7)           51,057       153,161       231,418  
Pro forma Consolidated Hotel EBITDA     143,006       141,923       605,936       631,764  
Pro forma adjustments - income from non-comparable hotels                        
Pro forma Hotel EBITDA   $ 143,006     $ 141,923     $ 605,936     $ 631,764  
                                 

Note:

(1)  

Excludes amounts attributable to investment in loans of $1.4 million for the year ended December 31, 2017, and $0.4 million and $1.7 million for the quarter and year ended December 31, 2016, respectively.

(2)   Includes interest, depreciation and amortization expense allocated to the noncontrolling interest in joint ventures.
(3)   Includes our ownership interest of the interest, depreciation and amortization expense of the unconsolidated joint ventures.
(4)   Represents debt modification costs and debt extinguishment costs.
(5)   Represents income and expenses outside the normal course of operations, including hurricane-related costs not reimbursed by insurance and property-level severance costs.
(6)   General and administrative expenses exclude amortization of share-based compensation and other non-recurring expenses reflected in Adjusted EBITDA.
(7)   The information above includes results for periods prior to the Company's ownership. The information has not been audited and is presented only for comparison purposes.
     
 
RLJ Lodging Trust
Reconciliation of Non-GAAP Measures

(Amounts in thousands)

(unaudited)

 

Pro forma Hotel EBITDA Margin

 
   

For the quarter ended

December 31,

 

For the year ended

December 31,

    2017   2016   2017   2016
Total revenue   $ 462,490     $ 271,453     $ 1,356,261     $ 1,159,995  
Pro forma adjustments - Revenue from sold hotels    

(14,890

)     (11,573 )     (20,438 )     (52,279 )
Pro forma adjustments - Revenue from prior ownership of acquired hotels (1)          

170,767

     

496,065

     

732,891

 
Other corporate adjustments / non-hotel revenue     (503 )    

(15

)    

(1,052

)    

(55

)
Pro forma Hotel Revenue   $ 447,097     $

430,632

    $ 1,830,836     $ 1,840,552  
                 
Pro forma Hotel EBITDA   $ 143,006     $ 141,923     $ 605,936     $ 631,764  
                 
Pro forma Hotel EBITDA Margin     32.0 %     33.0 %     33.1 %     34.3 %
                                 

Note:

(1)   The information above includes results for periods prior to the Company's ownership. The information has not been audited and is presented only for comparison purposes.
     
 
RLJ Lodging Trust
Consolidated Debt Summary

(Amounts in thousands)

(unaudited)

 
Loan  

Base Term

(Years)

 

Maturity (incl.

extensions)

 

Floating /

Fixed

 

Interest Rate

(1)

 

Balance as of

December 31, 2017 (2)

Secured Debt                    
Scotiabank - 1 hotel   4   Nov 2018   Floating   4.23%   $ 85,000
Wells Fargo - 4 hotels   3   Oct 2021   Floating (3)   4.05%     150,000
Wells Fargo - 4 hotels   2   Mar 2022   Floating (3)   4.04%     143,250
Wells Fargo - 1 hotel   10   Jun 2022   Fixed   5.25%     32,052
PNC - 3 hotels   10   Oct 2022   Fixed   4.95%     84,378
Wells Fargo - 1 hotel   10   Oct 2022   Fixed   4.95%     33,476
Prudential - 1 hotel   10   Oct 2022   Fixed   4.94%     29,573
PNC - 5 hotels   5   Mar 2023   Floating   3.66%     85,000
Senior Secured Notes - 9 hotels   10   Mar 2023   Fixed   5.63%     524,010
Weighted-Average / Secured Total               4.89%   $ 1,166,739
                     
Unsecured Debt                    
Revolver (4)   4   Apr 2021   Floating   3.16%   $
$400 Million Term Loan Maturing 2019 (6)   5   Mar 2019 (6)   Floating (3)   3.35%     400,000
$225 Million Term Loan Maturing 2019 (6)   7   Nov 2019 (6)   Floating (3)   4.24%     225,000
$400 Million Term Loan Maturing 2021   5   Apr 2021   Floating (3)(5)   3.14%     400,000
$150 Million Term Loan Maturing 2022   7   Jan 2022   Floating (3)   3.43%     150,000
Senior Unsecured Notes   10   Jun 2025   Fixed   6.00%     475,000
Weighted-Average / Unsecured Total               4.19%   $ 1,650,000
                     
Weighted-Average / Total Debt               4.48%   $ 2,816,739
                     

Note:

(1)   Interest rates as of December 31, 2017.
(2)   Excludes the impact of fair value adjustments and deferred financing costs.
(3)   The floating interest rate is hedged with an interest rate swap.
(4)   There is $600.0 million of borrowing capacity on the Revolver, which is charged an unused commitment fee of 0.30% annually.
(5)   Reflects interest rate swap on $350.0 million.
(6)   In January 2018, the Company secured an amendment extending the maturity date to January 2023.
     
 
RLJ Lodging Trust
Pro forma Operating Statistics — Top 60 Assets

(unaudited)

 
Property   City/State   # of Rooms  

Pro forma Consolidated

Hotel EBITDA

Marriott Louisville Downtown   Louisville, KY   616   $ 14,285
The Knickerbocker Hotel New York   New York, NY   330     11,291
San Francisco Marriott Union Square   San Francisco, CA   401     10,678
Wyndham San Diego Bayside   San Diego, CA   600     10,119
The Vinoy Renaissance St. Petersburg Resort & Golf Club   St Petersburg, FL   362     9,602
Wyndham Boston Beacon Hill   Boston, MA   304     9,201
Embassy Suites Los Angeles - International Airport South   El Segundo, CA   349     9,178
DoubleTree Metropolitan Hotel New York City   New York, NY   764     9,161
Courtyard Austin Downtown Convention Center   Austin, TX   270     8,943
Embassy Suites San Francisco Airport - Waterfront   Burlingame, CA   340     8,868
The Mills House Wyndham Grand Hotel, Charleston   Charleston, SC   216     8,664
Courtyard Portland City Center   Portland, OR   256     8,461
Embassy Suites Mandalay Beach - Hotel & Resort   Oxnard, CA   250     8,130
Embassy Suites Tampa Downtown Convention Center   Tampa, FL   360     8,068
DoubleTree Grand Key Resort   Key West, FL   216     7,873
Embassy Suites Fort Lauderdale 17th Street   Fort Lauderdale, FL   361     7,753
Embassy Suites San Francisco Airport - South San Francisco   South San Francisco, CA   312     7,737
Hilton Myrtle Beach Resort   Myrtle Beach, SC   385     7,377
Wyndham New Orleans - French Quarter   New Orleans, LA   374     7,352
Embassy Suites Napa Valley   Napa, CA   205     7,013
Embassy Suites Myrtle Beach - Oceanfront Resort   Myrtle Beach, SC   255     6,755
Embassy Suites Milpitas Silicon Valley   Milpitas, CA   266     6,684
Wyndham Santa Monica At the Pier   Santa Monica, CA   132     6,681
Wyndham Philadelphia Historic District   Philadelphia, PA   364     6,669
Fairfield Inn & Suites Washington DC Downtown   Washington, DC   198     6,616
Courtyard San Francisco   San Francisco, CA   166     6,599
Residence Inn Palo Alto Los Altos   Los Altos, CA   156     6,589
Sheraton Philadelphia Society Hill Hotel   Philadelphia, PA   364     6,504
Hyatt House Emeryville San Francisco Bay Area   Emeryville, CA   234     6,432
DoubleTree Suites by Hilton Austin   Austin, TX   188     6,227
Renaissance Pittsburgh Hotel   Pittsburgh, PA   300     6,053
Hilton Garden Inn San Francisco Oakland Bay Brg   Emeryville, CA   278     6,045
Embassy Suites Deerfield Beach - Resort & Spa   Deerfield Beach, FL   244     6,001
Embassy Suites Boston Waltham   Waltham, MA   275     5,822
Wyndham Houston - Medical Center Hotel & Suites   Houston, TX   287     5,821
Hyatt House San Jose Silicon Valley   San Jose, CA   164     5,792
Marriott Denver South @ Park Meadows   Lone Tree, CO   279     5,679
Courtyard Waikiki Beach   Honolulu - Oahu, HI   403     5,466
Hilton Cabana Miami Beach   Miami Beach, FL   231     5,410
Courtyard Chicago Downtown Magnificent Mile   Chicago, IL   306     5,387
Embassy Suites Los Angeles Downey   Downey, CA   220     5,313
Embassy Suites Atlanta - Buckhead   Atlanta, GA   316     5,199
Renaissance Fort Lauderdale Plantation Hotel   Plantation, FL   250     5,172
Residence Inn Bethesda Downtown   Bethesda, MD   188     5,074
Hyatt House Santa Clara   Santa Clara, CA   150     5,051
Courtyard Charleston Historic District   Charleston, SC   176     5,037
Holiday Inn San Francisco - Fisherman's Wharf   San Francisco, CA   585     5,017
Homewood Suites Washington DC Downtown   Washington, DC   175     5,001
Residence Inn Austin Downtown Convention Center   Austin, TX   179     4,946
Embassy Suites Irvine Orange County   Irvine, CA   293     4,909
Marriott Denver Airport @ Gateway Park   Aurora, CO   238     4,864
Hilton Garden Inn Los Angeles Hollywood   Los Angeles, CA   160     4,733
Hyatt House San Diego Sorrento Mesa   San Diego, CA   193     4,567
Renaissance Boulder Flatiron Hotel   Broomfield, CO   232     4,432
Hyatt Place Washington DC Downtown K Street   Washington, DC   164     4,427
Embassy Suites Minneapolis - Airport   Bloomington, MN   310     4,353
Embassy Suites Orlando - International Drive South/Convention Center   Orlando, FL   244     4,255
Hyatt Place Fremont Silicon Valley   Fremont, CA   151     4,023
Hilton Garden Inn New Orleans Convention Center   New Orleans, LA   286     3,995
DoubleTree by Hilton Burlington Vermont   South Burlington, VT   309     3,310
Top 60 Assets       17,180     396,664

Other (97 Assets)

      13,621     209,272
Total Portfolio       30,801   $ 605,936
               

Note: For the trailing twelve months ended December 31, 2017. Results reflect 100% of the financial results of three consolidated joint ventures and exclude the Chateau LeMoyne-French Quarter New Orleans, which is an unconsolidated hotel. Amounts in thousands, except rooms. The information above includes results for periods prior to the Company's ownership. The information has not been audited and is presented only for comparison purposes.

 
 
RLJ Lodging Trust
Pro forma Operating Statistics

(unaudited)

 

For the quarter ended December 31, 2017

 
Top Markets  

# of

Hotels

  Occupancy   ADR   RevPAR  

% of

Hotel

EBITDA

    2017   2016   Var   2017   2016   Var   2017   2016   Var   Q4
Northern California   14   80.9 %   83.2 %   (2.7 )%   $ 217.36   $ 211.24   2.9 %   $ 175.89   $ 175.71   0.1 %   13 %
Southern California   9   82.0 %   78.9 %   3.9 %     166.03     165.34   0.4 %     136.12     130.51   4.3 %   8 %
South Florida   13   85.6 %   78.3 %   9.3 %     165.24     156.80   5.4 %     141.43     122.73   15.2 %   9 %
Austin   14   75.8 %   73.8 %   2.6 %     163.22     166.54   (2.0 )%     123.64     122.94   0.6 %   7 %
Denver   13   68.9 %   69.3 %   (0.7 )%     133.46     129.50   3.1 %     91.90     89.80   2.3 %   5 %
Washington, DC   8   76.6 %   74.3 %   3.1 %     179.30     179.45   (0.1 )%     137.30     133.26   3.0 %   5 %
Houston   11   74.4 %   64.1 %   16.1 %     143.09     137.55   4.0 %     106.47     88.18   20.7 %   5 %
Chicago   14   65.7 %   66.3 %   (0.9 )%     139.06     145.96   (4.7 )%     91.32     96.75   (5.6 )%   4 %
Louisville   5   67.8 %   63.7 %   6.5 %     148.97     142.42   4.6 %     101.00     90.69   11.4 %   4 %
New York City   5   92.6 %   89.1 %   3.9 %     264.74     267.22   (0.9 )%     245.05     238.04   2.9 %   9 %
Other   51   71.8 %   70.3 %   2.1 %     157.21     155.59   1.0 %     112.91     109.43   3.2 %   31 %
Total   157   75.8 %   73.6 %   2.9 %   $ 171.36   $ 169.64   1.0 %   $ 129.89   $ 124.91   4.0 %   100 %
                                             
Service Level  

# of

Hotels

  Occupancy   ADR   RevPAR  

% of

Hotel

EBITDA

    2017   2016   Var   2017   2016   Var   2017   2016   Var   Q4
Focused-Service   102   75.0 %   73.6 %   2.0 %   $ 157.01   $ 155.41   1.0 %   $ 117.80   $ 114.33   3.0 %   45 %
Compact Full-Service   49   79.0 %   75.7 %   4.3 %     187.25     186.32   0.5 %     147.85     141.07   4.8 %   49 %
Full-Service   6   61.7 %   61.5 %   0.2 %     160.71     154.93   3.7 %     99.09     95.30   4.0 %   6 %
Total   157   75.8 %   73.6 %   2.9 %   $ 171.36   $ 169.64   1.0 %   $ 129.89   $ 124.91   4.0 %   100 %
                                             
Chain Scale  

# of

Hotels

  Occupancy   ADR   RevPAR  

% of

Hotel

EBITDA

    2017   2016   Var   2017   2016   Var   2017   2016   Var   Q4
Upper Upscale   49   74.7 %   71.5 %   4.5 %   $ 171.84   $ 169.78   1.2 %   $ 128.42   $ 121.39   5.8 %   45 %
Upscale   90   76.9 %   75.7 %   1.7 %     167.74     166.29   0.9 %     129.07     125.84   2.6 %   46 %
Upper Midscale   16   73.4 %   73.1 %   0.4 %     156.57     154.40   1.4 %     114.97     112.94   1.8 %   5 %
Other   2   85.1 %   77.5 %   9.8 %     330.57     346.05   (4.5 )%     281.45     268.32   4.9 %   4 %
Total   157   75.8 %   73.6 %   2.9 %   $ 171.36   $ 169.64   1.0 %   $ 129.89   $ 124.91   4.0 %   100 %
                                             
Flags  

# of

Hotels

  Occupancy   ADR   RevPAR  

% of

Hotel

EBITDA

    2017   2016   Var   2017   2016   Var   2017   2016   Var   Q4
Residence Inn   29   78.1 %   74.4 %   5.0 %   $ 149.53   $ 147.20   1.6 %   $ 116.82   $ 109.50   6.7 %   11 %
Courtyard   24   75.2 %   74.0 %   1.6 %     165.53     166.08   (0.3 )%     124.41     122.89   1.2 %   13 %
Embassy Suites   24   80.4 %   74.6 %   7.8 %     167.61     167.14   0.3 %     134.74     124.62   8.1 %   20 %
Hyatt House   11   79.4 %   80.4 %   (1.3 )%     174.14     167.99   3.7 %     138.25     135.06   2.4 %   7 %
Hilton Garden Inn   8   72.9 %   71.5 %   2.0 %     159.96     157.34   1.7 %     116.68     112.54   3.7 %   4 %
SpringHill Suites   8   67.9 %   65.9 %   3.0 %     127.09     126.88   0.2 %     86.27     83.60   3.2 %   2 %
Wyndham   8   74.8 %   71.7 %   4.4 %     170.32     168.32   1.2 %     127.38     120.63   5.6 %   10 %
Fairfield Inn & Suites   7   74.2 %   72.7 %   2.1 %     150.82     153.16   (1.5 )%     111.97     111.37   0.5 %   2 %
Hampton Inn   7   73.1 %   70.9 %   3.0 %     132.14     125.65   5.2 %     96.54     89.14   8.3 %   3 %
Marriott   6   67.3 %   68.8 %   (2.1 )%     189.71     186.68   1.6 %     127.75     128.41   (0.5 )%   6 %
DoubleTree   6  

82.6

%  

84.9

%  

(2.8

)%

   

213.13

   

207.75

 

2.6

%    

176.02

   

176.46

 

(0.2

)%

  6 %
Renaissance   4   73.4 %   70.8 %   3.6 %     184.37     181.31   1.7 %     135.30     128.41   5.4 %   5 %
Hyatt Place   3   77.7 %   81.8 %   (4.9 )%     183.29     176.58   3.8 %     142.44     144.37   (1.3 )%   2 %
Homewood Suites   2   70.2 %   71.8 %   (2.3 )%     171.41     172.75   (0.8 )%     120.36     124.10   (3.0 )%   1 %
Hilton   2   54.4 %   50.4 %   8.0 %     151.25     143.28   5.6 %     82.34     72.23   14.0 %   1 %
Hyatt   2   75.4 %   75.1 %   0.4 %     191.01     186.15   2.6 %     143.93     139.73   3.0 %   1 %
Other   6  

74.9

%   73.7 %  

1.7

%

   

233.41

   

231.85

 

0.7

%    

174.91

   

170.82

 

2.4

%   6 %
Total   157   75.8 %   73.6 %   2.9 %   $ 171.36   $ 169.64   1.0 %   $ 129.89   $ 124.91   4.0 %   100 %
                                                                 

Note: Results reflect 100% of the financial results of three consolidated joint ventures and exclude the Chateau LeMoyne-French Quarter New Orleans, which is an unconsolidated hotel. The information above includes results for periods prior to the Company's ownership. The information has not been audited and is presented only for comparison purposes. Percentages may not sum to 100% due to rounding.

 
 
RLJ Lodging Trust
Pro forma Operating Statistics

(unaudited)

 

For the year ended December 31, 2017

 
Top Markets  

# of

Hotels

  Occupancy   ADR   RevPAR  

% of

Hotel

EBITDA

    2017   2016   Var   2017   2016   Var   2017   2016   Var   FY
Northern California   14   85.0 %   87.0 %   (2.3 )%   $ 221.47   $ 222.68   (0.5 )%   $ 188.15   $ 193.72   (2.9 )%   15 %
Southern California   9   85.6 %   83.3 %   2.7 %     178.88     176.21   1.5 %     153.05     146.76   4.3 %   9 %
South Florida   13   83.9 %   83.0 %   1.1 %     168.26     166.71   0.9 %     141.23     138.44   2.0 %   9 %
Austin   14   77.1 %   78.3 %   (1.5 )%     165.83     169.31   (2.1 )%     127.92     132.56   (3.5 )%   7 %
Denver   13   76.2 %   76.7 %   (0.7 )%     140.57     137.89   1.9 %     107.09     105.83   1.2 %   5 %
Washington, DC   8   78.7 %   77.5 %   1.5 %     187.61     184.06   1.9 %     147.59     142.60   3.5 %   5 %
Houston   11   71.5 %   68.9 %   3.9 %     145.44     147.83   (1.6 )%     104.06     101.82   2.2 %   4 %
Chicago   14   68.0 %   68.5 %   (0.7 )%     142.42     149.69   (4.9 )%     96.83     102.51   (5.5 )%   4 %
Louisville   5   68.3 %   72.2 %   (5.4 )%     157.25     157.59   (0.2 )%     107.36     113.75   (5.6 )%   4 %
New York City   5   89.2 %   88.3 %   1.1 %     231.51     236.25   (2.0 )%     206.57     208.50   (0.9 )%   5 %
Other   51   75.9 %   75.9 %   (0.1 )%     161.42     161.72   (0.2 )%     122.48     122.78   (0.2 )%   33 %
Total   157   78.3 %   78.3 %   %   $ 173.57   $ 174.31   (0.4 )%   $ 135.82   $ 136.45   (0.5 )%   100 %
                                             
Service Level  

# of

Hotels

  Occupancy   ADR   RevPAR  

% of

Hotel

EBITDA

    2017   2016   Var   2017   2016   Var   2017   2016   Var   FY
Focused-Service   102   77.2 %   77.8 %   (0.8 )%   $ 160.55   $ 161.16   (0.4 )%   $ 123.92   $ 125.34   (1.1 )%   46 %
Compact Full-Service   49   81.2 %   80.0 %   1.5 %     186.51     188.09   (0.8 )%     151.40     150.49   0.6 %   46 %
Full-Service   6   67.4 %   71.1 %   (5.2 )%     175.29     173.04   1.3 %     118.21     123.05   (3.9 )%   8 %
Total   157   78.3 %   78.3 %   %   $ 173.57   $ 174.31   (0.4 )%   $ 135.82   $ 136.45   (0.5 )%   100 %
                                             
Chain Scale  

# of

Hotels

  Occupancy   ADR   RevPAR  

% of

Hotel

EBITDA

    2017   2016   Var   2017   2016   Var   2017   2016   Var   FY
Upper Upscale   49   77.5 %   77.1 %   0.6 %   $ 177.82   $ 178.34   (0.3 )%   $ 137.89   $ 137.42   0.3 %   47 %
Upscale   90   79.1 %   79.7 %   (0.8 )%     167.45     168.09   (0.4 )%     132.39     134.01   (1.2 )%   45 %
Upper Midscale   16   77.2 %   77.5 %   (0.3 )%     164.65     167.40   (1.6 )%     127.18     129.70   (1.9 )%   6 %
Other   2   79.9 %   74.9 %   6.6 %     284.48     293.56   (3.1 )%     227.18     219.92   3.3 %   2 %
Total   157   78.3 %   78.3 %   %   $ 173.57   $ 174.31   (0.4 )%   $ 135.82   $ 136.45   (0.5 )%   100 %
                                             
Flags  

# of

Hotels

  Occupancy   ADR   RevPAR  

% of

Hotel

EBITDA

    2017   2016   Var   2017   2016   Var   2017   2016   Var   FY
Residence Inn   29   79.1 %   78.9 %   0.3 %   $ 153.33   $ 152.96   0.2 %   $ 121.35   $ 120.71   0.5 %   11 %
Courtyard   24   78.0 %   78.3 %   (0.3 )%     167.72     169.72   (1.2 )%     130.83     132.85   (1.5 )%   13 %
Embassy Suites   24   81.3 %   79.7 %   2.0 %     176.29     176.52   (0.1 )%     143.26     140.64   1.9 %   22 %
Hyatt House   11   81.5 %   84.2 %   (3.2 )%     175.02     172.35   1.6 %     142.60     145.09   (1.7 )%   6 %
Hilton Garden Inn   8   74.1 %   75.2 %   (1.5 )%     160.96     162.89   (1.2 )%     119.31     122.57   (2.7 )%   4 %
SpringHill Suites   8   70.6 %   71.9 %   (1.8 )%     131.98     133.30   (1.0 )%     93.23     95.84   (2.7 )%   2 %
Wyndham   8   78.5 %   76.5 %   2.7 %     174.26     173.96   0.2 %     136.84     133.00   2.9 %   10 %
Fairfield Inn & Suites   7   76.1 %   76.8 %   (0.9 )%     161.60     162.64   (0.6 )%     122.97     124.92   (1.6 )%   3 %
Hampton Inn   7   74.9 %   75.0 %   (0.1 )%     139.78     139.97   (0.1 )%     104.67     104.93   (0.2 )%   2 %
Marriott   6   71.8 %   75.4 %   (4.8 )%     195.29     196.39   (0.6 )%     140.14     148.07   (5.4 )%   7 %
DoubleTree   6  

85.8

%  

86.7

%  

(1.1

)%    

191.99

   

193.44

 

(0.8

)%    

164.65

   

167.72

  (1.8 )%   5 %
Renaissance   4   75.6 %   75.7 %   (0.2 )%     184.54     184.75   (0.1 )%     139.47     139.91   (0.3 )%   4 %
Hyatt Place   3   81.9 %   85.3 %   (4.0 )%     184.45     180.00   2.5 %     151.10     153.60   (1.6 )%   2 %
Homewood Suites   2   77.8 %   75.3 %   3.4 %     184.19     184.65   (0.3 )%     143.35     139.05   3.1 %   1 %
Hilton   2   67.9 %   68.8 %   (1.3 )%     170.27     167.49   1.7 %     115.54     115.19   0.3 %   2 %
Hyatt   2   78.3 %   75.3 %   4.0 %     187.94     196.53   (4.4 )%     147.17     147.93   (0.5 )%   1 %
Other   6  

77.0

%  

75.8

%  

1.5

%    

216.04

   

223.05

 

(3.1

)%    

166.28

   

169.17

 

(1.7

)%   5 %
Total   157   78.3 %   78.3 %  

%   $ 173.57   $ 174.31   (0.4 )%   $ 135.82   $ 136.45   (0.5 )%   100 %
                                             

Note: Results reflect 100% of the financial results of three consolidated joint ventures and exclude the Chateau LeMoyne-French Quarter New Orleans, which is an unconsolidated hotel. The information above includes results for periods prior to the Company's ownership. The information has not been audited and is presented only for comparison purposes. Percentages may not sum to 100% due to rounding.

 



Logos, product and company names mentioned are the property of their respective owners.