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DiamondRock Hospitality Company Reports Fourth Quarter and Full Year 2020 Results

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DiamondRock Hospitality Company (NYSE: DRH) announced significant financial losses for Q4 and the full year 2020, impacted heavily by the COVID-19 pandemic. The company reported a net loss of $208.3 million in Q4, with a 75.2% drop in total revenues compared to 2019. Adjusted EBITDA was ($14.9) million, declining by $77.6 million versus the previous year. Liquidity improved to $481.7 million. The company has resumed operations at some hotels but suspended others due to ongoing travel demand challenges. Future capital expenditure is estimated at $50 million for essential projects in 2021.

Positive
  • Liquidity increased by $47.2 million to $481.7 million.
  • Hotel Adjusted EBITDA improved by 56.3% from Q3 2020.
  • Issued common stock for net proceeds of $86.8 million, enhancing financial flexibility.
Negative
  • Net loss of $208.3 million for Q4, representing a significant loss per diluted share of $1.04.
  • Comparable total revenues decreased by 75.2% from Q4 2019.
  • Adjusted EBITDA decreased by $77.6 million from 2019.
  • RevPAR dropped 77.1% in Q4, indicating severe occupancy challenges.

BETHESDA, Md., Feb. 24, 2021 /PRNewswire/ -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH), a lodging-focused real estate investment trust that owns a portfolio of 31 premium hotels in the United States, today announced results of operations for the quarter and year ended December 31, 2020.

Fourth Quarter 2020 Highlights:

  • Net Loss: Net loss was $208.3 million and loss per diluted share was $1.04.
  • Comparable Revenues: Comparable total revenues decreased 75.2% from the comparable period of 2019.
  • Comparable RevPAR: RevPAR decreased 77.1% from the comparable period of 2019.
  • Hotel Adjusted EBITDA: Hotel Adjusted EBITDA was ($7.6) million, a 56.3% improvement from the third quarter 2020.
  • Adjusted EBITDA: Adjusted EBITDA was ($14.9) million, a decrease of $77.6 million from 2019.
  • Adjusted FFO: Adjusted FFO was ($8.3) million and Adjusted FFO per diluted share was ($0.04).
  • ATM Equity Offering Program: The Company issued common stock under its "at-the-market" equity offering program during the year ended December 31, 2020. The Company opportunistically sold 10.7 million shares of its common stock at an average price of $8.23 per share for net proceeds of $86.8 million.
  • Liquidity: The Company's liquidity increased during the quarter by $47.2 million to $481.7 million, comprised of $111.8 million of unrestricted corporate cash, $24.9 million of unrestricted cash at its hotels and $345.0 million of capacity on the Company's revolving credit facility.

Full Year 2020 Highlights:

  • Net Loss: Net loss was $396.0 million and loss per diluted share was $1.97.
  • Comparable Revenues: Comparable total revenues decreased 68.1% from the comparable period of 2019.
  • Comparable RevPAR: RevPAR decreased 70.3% from the comparable period of 2019.
  • Hotel Adjusted EBITDA: Hotel Adjusted EBITDA was ($37.5) million, a 113.5% decrease from the comparable period of 2019.
  • Adjusted EBITDA: Adjusted EBITDA was ($64.5) million, a decrease of $324.9 million from 2019.
  • Adjusted FFO: Adjusted FFO was ($85.3) million and Adjusted FFO per diluted share was ($0.42).

Recent Developments:

  • In January 2021, the Company successfully secured additional amendments to the agreements for its $400 million revolving credit facility and its $400 million unsecured term loans which extended the waiver of financial covenants to December 2021 and extended the modification of certain financial covenants through March 2023.

"Our fourth quarter results put a long-awaited bookend on the most challenging year in the history of our company and industry," said Mark W. Brugger, President and Chief Executive Officer of DiamondRock Hospitality Company. "I am incredibly proud of how the DiamondRock team navigated the hardships in 2020 brought on by COVID-19, working tirelessly to serve our fellow employees, valued guests and shareholders.  While the path of vaccine distribution remains uncertain at this time, it is nonetheless clear that 2021 will ultimately be a year of much-anticipated recovery in the travel industry.  During 2020, the Company advantageously took actions to improve its portfolio by unencumbering numerous hotels of long-term management agreements and bolstering its strong balance sheet with additional liquidity in order to emerge from this period stronger, with a better portfolio, and positioned to opportunistically grow."

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 exclude Frenchman's Reef & Morning Star Marriott Beach Resort ("Frenchman's Reef") for all periods presented due to the closure of the hotel.  See "Reconciliation of Comparable Operating Results" attached to this press release for a reconciliation to historical amounts.


Quarter Ended December 31,


Year Ended December 31,


2020

2019

Change


2020

2019

Change


($ amounts in millions, except hotel statistics and per share amounts)

Comparable Operating Results (1)








ADR

$

200.95


$

247.02


(18.7)

%


$

207.68


$

238.63


(13.0)

%

Occupancy

21.8

%

77.4

%

(55.6)

%


27.0

%

79.1

%

(52.1)

%

RevPAR

$

43.78


$

191.08


(77.1)

%


$

55.99


$

188.75


(70.3)

%

Total RevPAR

$

66.86


$

268.93


(75.1)

%


$

85.24


$

267.81


(68.2)

%

Revenues

$

59.0


$

237.5


(75.2)

%


$

299.5


$

938.1


(68.1)

%

Hotel Adjusted EBITDA

$

(7.6)


$

69.4


(111.0)

%


$

(37.5)


$

278.6


(113.5)

%

Hotel Adjusted EBITDA Margin

(12.86)

%

29.23

%

(4,209) bps


(12.52)

%

29.70

%

(4,222) bps

Available Rooms

883,200


883,200


—



3,513,600


3,502,809


10,791










Actual Operating Results








Revenues

$

59.0


$

237.5


(75.2)

%


$

299.5


$

938.1


(68.1)

%

Net (loss) income

$

(208.3)


$

134.6


(254.8)

%


$

(396.0)


$

184.2


(315.0)

%

(Loss) Earnings per diluted share

$

(1.04)


$

0.66


(257.6)

%


$

(1.97)


$

0.90


(318.9)

%

Adjusted EBITDA

$

(14.9)


$

62.7


(123.8)

%


$

(64.5)


$

260.4


(124.8)

%

Adjusted FFO

$

(8.3)


$

54.7


(115.2)

%


$

(85.3)


$

217.0


(139.3)

%

Adjusted FFO per diluted share

$

(0.04)


$

0.27


(114.8)

%


$

(0.42)


$

1.07


(139.3)

%



(1)

Comparable operating results exclude Frenchman's Reef for all periods presented and does not adjust for hotels that have suspended operations.

Hotel Adjusted EBITDA for the three months ended December 31, 2020 benefited from $2.2 million of business interruption insurance income recognized as a result of the Company's insurance claim for cancellation of bookings due to COVID-19.

Hotel Operations Update

Due to the decline in travel demand from the impact of COVID-19, the Company suspended operations at 20 of its 30 previously operating properties (which excludes Frenchman's Reef, where redevelopment has been paused) throughout March and early April.  The Company resumed operations at 12 hotels by the end of the second quarter and another five hotels by the end of the third quarter as governmental orders were modified or lifted and leisure demand began to return.  On January 3, 2021, the Company re-suspended operations at the Chicago Marriott Downtown Magnificent Mile due to lack of travel demand and new governmental restrictions put in place.  The Company currently expects to reopen its four closed hotels, located in New York City and Chicago, in the second quarter of 2021. The Company will continue to aggressively manage costs at its hotels and ensure appropriate cleanliness and safety protocols.  The Company is carefully monitoring demand trends and adjusted sales strategies and staffing to respond rapidly in a changing environment.

The following table identifies each of the Company's hotels that has suspended operations and the date of reopening, if applicable:

Property


# of Rooms


Date of Suspension


Date of Reopening

Renaissance Charleston Historic District Hotel


166


4/6/2020


5/14/2020

Orchards Inn Sedona


70


3/31/2020


5/15/2020

Courtyard Denver Downtown


177


3/20/2020


6/1/2020

JW Marriott Denver Cherry Creek


199


3/22/2020


6/1/2020

Havana Cabana Key West


106


3/23/2020


6/1/2020

Barbary Beach House Key West


184


3/23/2020


6/1/2020

The Landing Lake Tahoe Resort & Spa


82


3/23/2020


6/5/2020

The Gwen Chicago


311


3/31/2020


6/10/2020

Vail Marriott Mountain Resort


344


3/20/2020


6/12/2020

Hotel Palomar Phoenix


242


3/31/2020


6/21/2020

Cavallo Point, The Lodge at the Golden Gate


142


3/17/2020


6/24/2020

Hotel Emblem San Francisco


96


3/23/2020


6/26/2020

The Lodge at Sonoma Renaissance Resort & Spa


182


3/21/2020


7/1/2020

Hilton Burlington Lake Champlain


258


3/31/2020


7/16/2020

Hilton Boston Downtown/Faneuil Hall


403


3/23/2020


7/31/2020

Chicago Marriott Downtown Magnificent Mile (1)


1,200


4/10/2020


9/1/2020

Westin Boston Waterfront


793


3/25/2020


9/3/2020

Courtyard New York Manhattan/Fifth Avenue


189


3/27/2020


-

Hilton Garden Inn New York Times Square Central


282


3/29/2020


-

The Lexington Hotel


725


3/29/2020


-









 (1)

On January 3, 2021, the Company suspended operations again at the Chicago Marriott Downtown Magnificent Mile due to lack of travel demand and new governmental restrictions put in place.

 

The following tables provide operating information for the Company's portfolio throughout the fourth quarter:


October 2020


November 2020


December 2020


Fourth Quarter 2020

Hotels Open and Operating the Entire Period

Number of Hotels

27



27



27



27


Occupancy

29.4

%


21.4

%


23.7

%


24.9

%

ADR

$200.31



$193.64



$208.14



$200.95


RevPAR

$58.97



$41.48



$49.32



$50.02


Total RevPAR

$88.88



$66.62



$73.24



$76.35


Resorts Open and Operating the Entire Period

Number of Hotels

12



12



12



12


Occupancy

48.0

%


37.3

%


42.2

%


42.5

%

ADR

$285.60



$272.14



$299.87



$286.52


RevPAR

$137.08



$101.43



$126.50



$121.89


Total RevPAR

$214.02



$166.20



$185.00



$188.65


 

Management and Franchise Agreement Changes

In August 2020, the Company entered into an agreement with Marriott International, Inc. modifying several franchise and management contracts.  Key benefits of the agreement include: (i) the conversion of five hotels from brand-managed to franchise with new terminable-at-will management agreements with third-party hotel operators, (ii) a new franchise agreement for the Vail Marriott Mountain Resort to upbrand the resort to a Luxury Collection hotel in 2021, (iii) an option to upbrand the JW Marriott Denver Cherry Creek to a Luxury Collection hotel and (iv) an amendment to the Autograph Collection franchise agreement for The Lexington Hotel to provide a termination right in 2021 subject to a fee.  The agreement results in the Company having 29 of its 31 hotels unencumbered by long-term brand management agreements.

Earlier in 2020, the Company converted the Westin Boston Waterfront Hotel from brand-managed to a franchise with a third-party operator.  The Company also changed management of the Hilton Boston Downtown to the same third-party operator in order to complex operations of the two hotels and realize substantial cost synergies.

Frenchman's Reef Update

Frenchman's Reef sustained significant damage in 2017 from two hurricanes and the Company received approximately $240 million in insurance proceeds for property damage and lost income.  The rebuild of the resort was suspended in mid-March 2020 as the COVID-19 pandemic took hold. In late 2020, the Company initiated a process to explore alternatives for completing the rebuild, including finding a capital partner, and it expects to complete that process later in 2021. Net loss for the three months and year ended December 31, 2020 includes an impairment loss of $174.1 million related to Frenchman's Reef.  Under U.S. GAAP, the Company was required to recognize the impairment loss as a result of its determination during the fourth quarter that it was more likely than not that the Company would not hold the property for its remaining useful life.   

Capital Expenditures

Due to the COVID-19 pandemic, the Company has canceled or deferred a significant portion of the planned capital improvements at its operating hotels and paused the rebuild of Frenchman's Reef & Morning Star Marriott Beach Resort. The Company invested approximately $7.2 million and $47.1 million in capital improvements at its operating hotels during the three months and year ended December 31, 2020, respectively.  The Company spent approximately $40.9 million on the rebuild of Frenchman's Reef & Morning Star Marriott Beach Resort during the year ended December 31, 2020.

DiamondRock continues to be extremely selective with capital expenditures to preserve liquidity. In 2021, the Company expects to spend approximately $50 million on necessary capital improvements and a select few transformational projects with attractive returns on investment. Significant projects in 2021 include the following:

  • The Lodge at Sonoma: The Company is completing a renovation to reposition and rebrand the hotel to an Autograph Collection Hotel in the third quarter 2021. The renovation includes a new Michael Mina restaurant.
  • Vail Marriott Mountain Resort: The Company plans to complete the final phase of a multi-year renovation to rebrand the hotel as a Luxury Collection Hotel in the fourth quarter of 2021.
  • JW Marriott Denver Cherry Creek: The Company plans to complete renovations in the second half of 2021 to rebrand the hotel as a Luxury Collection Hotel.

Balance Sheet and Liquidity

As of December 31, 2020, the Company's liquidity was $481.7 million, an increase of $47.2 million during the quarter, and is comprised of $111.8 million of unrestricted corporate cash, $24.9 million of unrestricted cash at its hotels and $345.0 million of capacity on its senior unsecured credit facility.  As of December 31, 2020, the Company had $1.0 billion of total debt outstanding, which consisted of $597.7 million of property-specific, non-recourse mortgage debt, $400.0 million of unsecured term loans and $55.0 million outstanding on its $400.0 million senior unsecured credit facility.  The Company has no debt maturities until 2022.

In August and September 2020, the Company completed a public offering of a total of 4.8 million shares of 8.250% Series A Cumulative Redeemable Preferred Stock with a $25.00 per share liquidation preference for net proceeds of approximately $114.5 million.  In December 2020, the Company issued 10.7 million shares of its common stock under its "at-the-market" equity offering program at an average price of $8.23 per share for net proceeds of $86.8 million.  No shares have been issued subsequent to December 31, 2020.  The combined proceeds of these offerings are fully available for investment and are expected to be utilized to fund capital projects with attractive returns on investment.

Dividends

The Company declared a quarterly dividend of $0.515625 per share on its 8.250% Series A Cumulative Redeemable Preferred Stock to shareholders of record as of December 18, 2020.  This dividend was paid on December 31, 2020. 

The Company has suspended its quarterly common stock cash dividends. The resumption in quarterly common dividends will be determined by the Company's Board of Directors after considering the Company's obligations under its various financing agreements, projected taxable income, compliance with its debt covenants, long-term operating projections, expected capital requirements and risks affecting the Company's business.

Environmental, Social & Governance Achievements

The Company is focused on the important areas of its environmental, social impact and governance ("ESG").  DiamondRock earned several achievements related to its ESG program in 2020.  The Company was recognized by the Global Real Estate Sustainability Benchmarking Survey ("GRESB") as Global Listed Sector Leader among all public lodging REITs and received Five Green Stars.  Additionally, DiamondRock achieved ISS ESG Corporate Rating's Prime status in 2020, a performance-based rating reserved for the top performing companies in the worldwide real estate sector.  The Company continued its leadership position for high quality ESG disclosures, receiving ISS QualityScore ratings for Environmental, Social, and Governance all within the top third of the real estate sector.

Earnings Call

The Company will host a conference call to discuss its fourth quarter and full year results on Thursday, February 25, 2021, at 9:00 a.m. Eastern Time (ET).  To participate in the live call, investors are invited to dial 844-287-6622 (for domestic callers) or 530-379-4559 (for international callers).  The participant passcode is 9379244. A live webcast of the call will be available via the investor relations section of DiamondRock Hospitality Company's website at www.drhc.com or www.earnings.com. A replay of the webcast will also be archived on the website for one week.

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 top gateway markets and destination resort locations.  The Company owns 31 premium quality hotels with over 10,000 rooms. The Company has strategically positioned its hotels to be operated both under leading global brand families as well as unique 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, including statements related to the expected duration of closure of Frenchman's Reef & Morning Star Marriott Beach Resort. 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; risks associated with the level of the Company's indebtedness and its ability to obtain covenant waivers on its credit agreements for its senior unsecured credit facility and unsecured term loans; 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)
(unaudited)



December 31, 2020


December 31, 2019

ASSETS




Property and equipment, net

$

2,817,356



$

3,026,769


Right-of-use assets

96,673



98,145


Restricted cash

23,050



57,268


Due from hotel managers

69,495



91,207


Prepaid and other assets (1)

28,403



29,853


Cash and cash equivalents

111,796



122,524


Total assets

$

3,146,773



$

3,425,766


LIABILITIES AND EQUITY




Liabilities:




Mortgage and other debt, net of unamortized debt issuance costs

$

595,149



$

616,329


Unsecured term loans, net of unamortized debt issuance costs

398,550



398,770


Senior unsecured credit facility

55,000



75,000


Total debt

1,048,699



1,090,099






Deferred income related to key money, net

10,946



11,342


Unfavorable contract liabilities, net

64,796



67,422


Deferred rent

56,344



52,012


Lease liabilities

104,973



103,625


Due to hotel managers

95,548



72,445


Distributions declared and unpaid

138



25,815


Accounts payable and accrued expenses (2)

46,404



81,944


Total liabilities

1,427,848



1,504,704


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 and no shares issues and outstanding at December 31, 2020 and 2019, respectively

48



—


Common stock, $0.01 par value; 400,000,000 shares authorized; 210,073,514 and 200,207,795 shares issued and outstanding at December 31, 2020 and 2019, respectively

2,101



2,002


Additional paid-in capital

2,285,491



2,089,349


Accumulated deficit

(576,531)



(178,861)


Total stockholders' equity

1,711,109



1,912,490


Noncontrolling interests

7,816



8,572


Total equity

1,718,925



1,921,062


Total liabilities and equity

$

3,146,773



$

3,425,766




(1)

Includes $2.4 million and $10.7 million of insurance receivables, $10.7 million and $9.8 million of prepaid expenses and $15.3 million and $9.4 million of other assets as of December 31, 2020 and 2019, respectively.



(2)

Includes $2.6 million and $28.7 million of deferred tax liabilities, $15.2 million and $18.9 million of accrued property taxes, $3.9 million and $13.1 million of accrued capital expenditures and $24.7 million and $21.2 million of other accrued liabilities as of December 31, 2020 and 2019, respectively.

 

 

DIAMONDROCK HOSPITALITY COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(unaudited)



Three Months Ended December 31,


Year Ended December 31,


2020


2019


2020


2019

Revenues:








Rooms

$

38,670



$

168,758



$

196,736



$

661,153


Food and beverage

12,037



53,458



68,566



215,261


Other

8,340



15,303



34,186



61,677


Total revenues

59,047



237,519



299,488



938,091


Operating Expenses:








Rooms

14,015



42,356



68,603



166,937


Food and beverage

12,546



34,048



58,391



137,916


Management fees

934



6,730



3,578



25,475


Franchise fees

1,729



6,971



10,131



26,932


Other hotel expenses

41,872



91,550



213,631



333,505


Depreciation and amortization

27,319



30,305



114,716



118,110


Impairment losses

174,120



—



174,120



—


Corporate expenses

7,751



7,446



27,401



28,231


Business interruption insurance income

(2,208)



—



(2,208)



(8,822)


Gain on property insurance settlement

—



(144,192)



—



(144,192)


Total operating expenses, net

278,078



75,214



668,363



684,092










Interest and other income, net

(449)



(687)



(391)



(1,197)


Interest expense

10,330



8,320



53,995



46,584


Loss on early extinguishment of debt

—



—



—



2,373


  Total other expenses, net

9,881



7,633



53,604



47,760


(Loss) income before income taxes

(228,912)



154,672



(422,479)



206,239


Income tax benefit (expense)

20,599



(20,089)



26,452



(22,028)


Net (loss) income

(208,313)



134,583



(396,027)



184,211


Less:  Net loss (income) attributable to noncontrolling interests

871



(530)



1,652



(724)


Net (loss) income attributable to the Company

(207,442)



134,053



(394,375)



183,487


Distributions to preferred stockholders

(2,455)



—



(3,300)



—


Net (loss) income attributable to common stockholders

$

(209,897)



$

134,053



$

(397,675)



$

183,487


(Loss) earnings per share:








Net (loss) income per share available to common stockholders - basic

$

(1.04)



$

0.67



$

(1.97)



$

0.91


Net (loss) income per share available to common stockholders - diluted

$

(1.04)



$

0.66



$

(1.97)



$

0.90










Weighted-average number of common shares outstanding:








Basic

203,684,881



201,389,874



201,670,721



202,009,750

Diluted

203,684,881



202,269,377



201,670,721



202,741,630

 

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 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 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 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 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, EBITDAre and FFO

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.

The Company computes FFO in accordance with standards established by the Nareit, which defines FFO as net income determined 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.

Hotel EBITDA

Hotel EBITDA represents net income excluding:  (1) interest expense, (2) income taxes, (3) depreciation and amortization, (4) corporate general and administrative expenses (shown as corporate expenses on the consolidated statements of operations), and (5) hotel acquisition costs. We believe that Hotel 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 (corporate expenses and hotel acquisition costs).  With respect to Hotel 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.

Adjustments to EBITDAre, FFO and Hotel EBITDA

We adjust EBITDAre, FFO and Hotel EBITDA 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, Adjusted FFO and Hotel Adjusted EBITDA when combined with U.S. GAAP net income, EBITDAre, FFO and Hotel EBITDA, is beneficial to an investor's complete understanding of our consolidated and property-level operating performance.  Hotel Adjusted EBITDA margins are calculated as Hotel Adjusted EBITDA divided by total hotel revenues.  We adjust EBITDAre, FFO and Hotel EBITDA 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 and service providers 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 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.
  • 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: pre-opening costs incurred with newly developed hotels; 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 fair value adjustments to interest rate swaps.  We exclude these non-cash amounts because they do not reflect the underlying performance of the Company.

Reconciliations of Non-GAAP Measures

EBITDA, EBITDAre and Adjusted EBITDA

The following tables are reconciliations of our GAAP net income to EBITDA, EBITDAre and Adjusted EBITDA (in thousands):          


Three Months Ended December 31,


Year Ended December 31,


2020


2019


2020


2019

Net (loss) income

$

(208,313)



$

134,583



$

(396,027)



$

184,211


Interest expense

10,330



8,320



53,995



46,584


Income tax (benefit) expense

(20,599)



20,089



(26,452)



22,028


Real estate related depreciation and amortization

27,319



30,305



114,716



118,110


EBITDA

(191,263)



193,297



(253,768)



370,933


Impairment losses

174,120



—



174,120



—


EBITDAre

(17,143)



193,297



(79,648)



370,933


Non-cash lease expense and other amortization

1,737



1,765



6,910



7,013


Professional fees and pre-opening costs related to Frenchman's Reef (1)

594


9,079



1,012



20,524


Hotel manager transition items (2)

27



2,708



(434)



3,758


Gain on property insurance settlement

—



(144,192)



—



(144,192)


Loss on early extinguishment of debt

—



—



—



2,373


Severance costs (3)

(112)



—



7,648



—


Adjusted EBITDA

$

(14,897)



$

62,657



$

(64,512)



$

260,409




(1)

Represents pre-opening costs related to the re-opening of Frenchman's Reef & Morning Star Marriott Beach Resort, as well as legal and professional fees and other costs incurred at Frenchman's Reef & Morning Star Marriott Beach Resort as a result of Hurricane Irma that are not covered by insurance.

(2)

Amount for the year ended December 31, 2020 is offset by a downward adjustment of $0.6 million to the termination fees for the Sheraton Suites Key West (now known as Barbary Beach House Key West) franchise agreement and $1.4 million of accelerated amortization of the unfavorable management agreement liability related to the manager transition at the Renaissance Charleston Historic District Hotel. Three months and year ended December 31, 2019 include $2.5 million related to the termination of the franchise agreement for Sheraton Suites Key West. 

(3)

Three months and year ended December 31, 2020 consists of severance costs incurred with the elimination of positions at our hotels, which are classified within other hotel expenses on the consolidated statement of operations.

 

Hotel EBITDA and Hotel Adjusted EBITDA

The following table is a reconciliation of our GAAP net income to Hotel EBITDA and Hotel Adjusted EBITDA (in thousands):      


Three Months Ended December 31,


Year Ended December 31,


2020


2019


2020


2019

Net (loss) income

$

(208,313)



$

134,583



$

(396,027)



$

184,211


Interest expense

10,330



8,320



53,995



46,584


Income tax (benefit) expense

(20,599)



20,089



(26,452)



22,028


Real estate related depreciation and amortization

27,319



30,305



114,716



118,110


EBITDA

(191,263)



193,297



(253,768)



370,933


Corporate expenses

7,751



7,446



27,401



28,231


Interest and other (income) expense, net

(449)



(687)



(391)



(1,197)


Loss on early extinguishment of debt

—



—



—



2,373


Professional fees and pre-opening costs related to Frenchman's Reef (1)

594


9,079



1,012



20,524


Impairment losses

174,120



—



174,120



—


Gain on property insurance settlement

—



(144,192)



—



(144,192)


Hotel EBITDA

(9,247)



64,943



(51,626)



276,672


Non-cash lease expense and other amortization

1,737



1,765



6,910



7,013


Hotel manager transition items (2)

27



2,708



(434)



3,758


Severance costs (3)

(112)



—



7,648



—


Hotel Adjusted EBITDA

$

(7,595)



$

69,416



$

(37,502)



$

287,443




(1)

Represents pre-opening costs related to the re-opening of Frenchman's Reef & Morning Star Marriott Beach Resort, as well as legal and professional fees and other costs incurred at Frenchman's Reef & Morning Star Marriott Beach Resort as a result of Hurricane Irma that are not covered by insurance.

(2)

Amount for the year ended December 31, 2020 is offset by a downward adjustment of $0.6 million to the termination fees for the Sheraton Suites Key West (now known as Barbary Beach House Key West) franchise agreement and $1.4 million of accelerated amortization of the unfavorable management agreement liability related to the manager transition at the Renaissance Charleston Historic District Hotel. Three months and year ended December 31, 2019 include $2.5 million related to the termination of the franchise agreement for Sheraton Suites Key West. 

(3)

Three months and year ended December 31, 2020 consists of severance costs incurred with the elimination of positions at our hotels, which are classified within other hotel expenses on the consolidated statement of operations.

 

FFO and Adjusted FFO

The following tables are reconciliations of our GAAP net income to FFO and Adjusted FFO (in thousands):


Three Months Ended  December 31,


Year Ended December 31,


2020


2019


2020


2019

Net (loss) income

$

(208,313)



$

134,583



$

(396,027)



$

184,211


Real estate related depreciation and amortization

27,319



30,305



114,716



118,110


Impairment losses

174,120



—



174,120



—


FFO

(6,874)



164,888



(107,191)



302,321


Distribution to preferred stockholders

(2,455)



—



(3,300)



—


FFO available to common stock and unit holders

(9,329)



164,888



(110,491)



302,321


Non-cash lease expense and other amortization

1,737



1,765



6,910



7,013


Professional fees and pre-opening costs related to Frenchman's Reef  (1)

594


9,079



1,012



20,524


Hotel manager transition items (2)

27



2,708



(434)



3,758


Gain on property insurance settlement, net of income tax

—



(121,525)



—



(121,525)


Loss on early extinguishment of debt

—



—



—



2,373


Severance costs (3)

(112)



—



7,648



—


Fair value adjustments to interest rate swaps

(1,257)



(2,245)



10,072



2,545


Adjusted FFO available to common stock and unit holders

$

(8,340)



$

54,670



$

(85,283)



$

217,009


Adjusted FFO available to common stock and unit holders, per diluted share

$

(0.04)



$

0.27



$

(0.42)



$

1.07




(1)

Represents pre-opening costs related to the re-opening of Frenchman's Reef & Morning Star Marriott Beach Resort, as well as legal and professional fees and other costs incurred at Frenchman's Reef & Morning Star Marriott Beach Resort as a result of Hurricane Irma that are not covered by insurance.

(2)

Amount for the year ended December 31, 2020 is offset by a downward adjustment of $0.6 million to the termination fees for the Sheraton Suites Key West (now known as Barbary Beach House Key West) franchise agreement and $1.4 million of accelerated amortization of the unfavorable management agreement liability related to the manager transition at the Renaissance Charleston Historic District Hotel. Three months and year ended December 31, 2019 include $2.5 million related to the termination of the franchise agreement for Sheraton Suites Key West. 

(3)

Three months and year ended December 31, 2020 consists of severance costs incurred with the elimination of positions at our hotels, which are classified within other hotel expenses on the consolidated statement of operations.

 

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 Frenchman's Reef & Morning Star Marriott Beach Resort due to the closure of the hotel (in thousands):         


Three Months Ended December 31,


Year Ended December 31,


2020


2019


2020


2019

Revenues

$

59,047



$

237,519



$

299,488



$

938,091


Hotel revenues from Frenchman's Reef & Morning Star Marriott Beach Resort

—



—



—



—


Comparable Revenues

$

59,047



$

237,519



$

299,488



$

938,091










Hotel Adjusted EBITDA

$

(7,595)



$

69,416



$

(37,502)



$

287,443


Hotel Adjusted EBITDA from Frenchman's Reef & Morning Star Marriott Beach Resort

—



—



—



(8,799)


Comparable Hotel Adjusted EBITDA

$

(7,595)



$

69,416



$

(37,502)



$

278,644










Hotel Adjusted EBITDA Margin

(12.86)

%


29.23

%


(12.52)

%


30.64

%

Comparable Hotel Adjusted EBITDA Margin

(12.86)

%


29.23

%


(12.52)

%


29.70

%

 

Selected Quarterly Comparable Operating Information

The following tables are presented to provide investors with selected quarterly comparable operating information.  The operating information excludes Frenchman's Reef & Morning Star Marriott Beach Resort for all periods.


Quarter 1, 2020

Quarter 2, 2020

Quarter 3, 2020

Quarter 4, 2020

Full Year 2020

ADR

$

216.42


$

175.74


$

201.82


$

200.95


$

207.68


Occupancy

59.1

%

8.5

%

18.6

%

21.8

%

27.0

%

RevPAR

$

127.98


$

14.99


$

37.55


$

43.78


$

55.99


Revenues (in thousands)

$

169,995


$

20,379


$

50,067


$

59,047


$

299,488


Hotel Adjusted EBITDA (in thousands)

$

17,823


$

(30,362)


$

(17,368)


$

(7,595)


$

(37,502)


Hotel Adjusted EBITDA Margin

10.48

%

(148.99)

%

(34.69)

%

(12.86)

%

(12.52)

%

Available Rooms

873,600


873,600


883,200


883,200


3,513,600


 


Quarter 1, 2019

Quarter 2, 2019

Quarter 3, 2019

Quarter 4, 2019

Full Year 2019

ADR

$

216.38


$

250.23


$

238.50


$

247.02


$

238.63


Occupancy

73.2

%

83.1

%

82.7

%

77.4

%

79.1

%

RevPAR

$

158.30


$

208.02


$

197.14


$

191.08


$

188.75


Revenues (in thousands)

$

202,375


$

257,918


$

240,279


$

237,519


$

938,091


Hotel Adjusted EBITDA (in thousands)

$

47,125


$

88,353


$

73,750


$

69,416


$

278,644


% of full Year

16.91

%

31.71

%

26.47

%

24.91

%

100.0

%

Hotel Adjusted EBITDA Margin

23.29

%

34.26

%

30.69

%

29.23

%

29.70

%

Available Rooms

863,264


873,145


883,200


883,200


3,502,809


 

 


Market Capitalization as of December 31, 2020

(in thousands)

Enterprise Value






Common equity capitalization (at December 31, 2020 closing price of $8.25/share)


1,749,805


Consolidated debt (face amount)


1,052,702


Cash and cash equivalents


(111,796)


Total enterprise value


$

2,690,711


Share Reconciliation






Common shares outstanding


210,074


Unvested restricted stock held by management and employees


557


Share grants under deferred compensation plan


1,467


Combined shares outstanding


212,098






 

 

Debt Summary as of December 31, 2020

(dollars in thousands)

Loan


Interest Rate as of December 31, 2020


Term


Outstanding Principal


Maturity

Salt Lake City Marriott Downtown at City Creek


LIBOR + 3.25 (1)


Variable


47,250



January 2022 (2)

Westin Washington D.C. City Center


3.99%


Fixed


58,282



January 2023

The Lodge at Sonoma Renaissance Resort & Spa


3.96%


Fixed


26,268



April 2023

Westin San Diego Downtown


3.94%


Fixed


60,261



April 2023

Courtyard New York Manhattan / Midtown East


4.40%


Fixed


79,535



August 2024

Worthington Renaissance Fort Worth Hotel


3.66%


Fixed


79,214



May 2025

JW Marriott Denver Cherry Creek


4.33%


Fixed


60,052



July 2025

Westin Boston Waterfront


4.36%


Fixed


186,840



November 2025

Unamortized debt issuance costs






(2,553)




Total mortgage and other debt, net of unamortized debt issuance costs






595,149













Unsecured term loan


LIBOR + 2.35% (3)


Variable


350,000



July 2024

Unsecured term loan


LIBOR + 2.35% (4)


Fixed


50,000



October 2023

Unamortized debt issuance costs






(1,450)




Unsecured term loans, net of unamortized debt issuance costs




398,550













Senior unsecured credit facility


LIBOR + 2.40% (5)


Variable


55,000



July 2023 (6)










Total debt, net of unamortized debt issuance costs






$

1,048,699




Weighted-average interest rate of fixed rate debt


4.23

%







Total weighted-average interest rate


3.89

%



















(1)

LIBOR is subject to a floor of 1.0%.

(2)

The loan may be extended for an additional year upon satisfaction of certain conditions.

(3)

The Company entered into an interest rate swap agreement in July 2019 to fix LIBOR at 1.70% for $175 million of the term loan through July 2024.  Effective June 9, 2020, LIBOR is subject to a floor of 0.25%.  Effective January 20, 2021, the spread increased to 2.40%.

(4)

The Company entered into an interest rate swap agreement in January 2019 to fix LIBOR at 2.41% through October 2023.  Effective January 20, 2021, the spread increased to 2.40%.

(5)

Effective June 9, 2020, LIBOR is subject to a floor of 0.25%.  Effective January 20, 2021, the spread increased to 2.55%.

(6)

May be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions.

 

 



Operating Statistics – October


Number of Rooms

ADR


Occupancy


RevPAR


October 2020

October 2019

B/(W) 2019


October 2020

October 2019

B/(W) 2019


October 2020

October 2019

B/(W) 2019














Atlanta Marriott Alpharetta

318


$

98.41


$

166.04


(40.7)

%


18.3

%

79.9

%

(61.6)

%


$

18.04


$

132.66


(86.4)

%

Barbary Beach House Key West

184


$

198.94


$

217.48


(8.5)

%


37.4

%

37.6

%

(0.2)

%


$

74.32


$

81.79


(9.1)

%

Bethesda Marriott Suites

272


$

106.59


$

197.37


(46.0)

%


20.9

%

77.4

%

(56.5)

%


$

22.26


$

152.74


(85.4)

%

Cavallo Point, The Lodge at the Golden Gate

142


$

563.83


$

518.12


8.8

%


37.3

%

61.0

%

(23.7)

%


$

210.06


$

316.14


(33.6)

%

Chicago Marriott Downtown Magnificent Mile

1,200


$

135.59


$

277.07


(51.1)

%


10.8

%

86.1

%

(75.3)

%


$

14.67


$

238.43


(93.8)

%

Courtyard Denver Downtown

177


$

105.12


$

236.71


(55.6)

%


34.1

%

83.9

%

(49.8)

%


$

35.83


$

198.49


(81.9)

%

Courtyard New York Manhattan/Midtown East

321


$

122.92


$

310.55


(60.4)

%


36.0

%

98.4

%

(62.4)

%


$

44.27


$

305.53


(85.5)

%

Havana Cabana Key West

106


$

166.83


$

178.80


(6.7)

%


75.0

%

93.2

%

(18.2)

%


$

125.20


$

166.61


(24.9)

%

Hilton Boston Downtown/Faneuil Hall

403


$

138.65


$

366.32


(62.2)

%


27.3

%

95.8

%

(68.5)

%


$

37.82


$

350.83


(89.2)

%

Hilton Burlington Lake Champlain

258


$

195.31


$

240.36


(18.7)

%


43.1

%

90.4

%

(47.3)

%


$

84.18


$

217.19


(61.2)

%

Hotel Emblem San Francisco

96


$

143.96


$

272.37


(47.1)

%


17.2

%

87.4

%

(70.2)

%


$

24.82


$

237.96


(89.6)

%

Hotel Palomar Phoenix

242


$

139.68


$

220.15


(36.6)

%


44.0

%

84.2

%

(40.2)

%


$

61.46


$

185.42


(66.9)

%

JW Marriott Denver Cherry Creek

199


$

210.24


$

278.74


(24.6)

%


49.0

%

80.8

%

(31.8)

%


$

103.09


$

225.29


(54.2)

%

Kimpton Shorebreak Resort

157


$

245.20


$

247.94


(1.1)

%


61.0

%

77.6

%

(16.6)

%


$

149.63


$

192.36


(22.2)

%

L'Auberge de Sedona

88


$

970.38


$

817.81


18.7

%


87.0

%

80.9

%

6.1

%


$

844.10


$

661.63


27.6

%

Orchards Inn Sedona

70


$

307.68


$

293.70


4.8

%


85.5

%

77.5

%

8.0

%


$

263.01


$

227.65


15.5

%

Renaissance Charleston Historic District Hotel

166


$

203.68


$

322.81


(36.9)

%


73.0

%

82.6

%

(9.6)

%


$

148.66


$

266.66


(44.3)

%

Salt Lake City Marriott Downtown at City Creek

510


$

110.77


$

171.02


(35.2)

%


25.3

%

79.3

%

(54.0)

%


$

28.07


$

135.70


(79.3)

%

The Gwen Hotel

311


$

187.05


$

314.23


(40.5)

%


21.3

%

89.6

%

(68.3)

%


$

39.75


$

281.51


(85.9)

%

The Landing Lake Tahoe Resort & Spa

82


$

338.04


$

311.93


8.4

%


78.6

%

52.0

%

26.6

%


$

265.56


$

162.23


63.7

%

The Lodge at Sonoma Renaissance Resort & Spa

182


$

242.52


$

356.73


(32.0)

%


41.6

%

78.6

%

(37.0)

%


$

100.97


$

280.29


(64.0)

%

Vail Marriott Mountain Resort

344


$

196.09


$

157.09


24.8

%


23.9

%

50.4

%

(26.5)

%


$

46.93


$

79.19


(40.7)

%

Westin Boston Waterfront

793


$

134.70


$

292.89


(54.0)

%


14.5

%

87.1

%

(72.6)

%


$

19.53


$

255.19


(92.3)

%

Westin Fort Lauderdale Beach Resort

433


$

158.97


$

179.32


(11.3)

%


40.1

%

78.7

%

(38.6)

%


$

63.68


$

141.17


(54.9)

%

Westin San Diego Downtown

436


$

130.30


$

184.42


(29.3)

%


33.4

%

73.6

%

(40.2)

%


$

43.47


$

135.75


(68.0)

%

Westin Washington D.C. City Center

410


$

119.91


$

250.39


(52.1)

%


10.8

%

94.9

%

(84.1)

%


$

12.91


$

237.51


(94.6)

%

Worthington Renaissance Fort Worth Hotel

504


$

142.72


$

194.18


(26.5)

%


32.0

%

79.9

%

(47.9)

%


$

45.63


$

155.14


(70.6)

%

Total Open for Entire Period - 27 Hotels

8,404


$

200.31


$

260.52


(23.1)

%


29.4

%

81.6

%

(52.2)

%


$

58.97


$

212.50


(72.2)

%














Total Closed for Entire Period - 3 Hotels

1,196


$

—


$

310.93


(100.0)

%


—

%

96.1

%

(96.1)

%


$

—


$

298.74


(100.0)

%














Resorts - 12 Hotels

2,212


$

285.60


$

276.67


3.2

%


48.0

%

71.1

%

(23.1)

%


$

137.08


$

196.63


(30.3)

%














Portfolio Total

9,600


$

200.31


$

267.76


(25.2)

%


25.8

%

83.4

%

(57.6)

%


$

51.62


$

223.24


(76.9)

%

 

 


Operating Statistics – November


Number of Rooms

ADR


Occupancy


RevPAR


November 2020

November 2019

B/(W) 2019


November 2020

November 2019

B/(W) 2019


November 2020

November 2019

B/(W) 2019



























Atlanta Marriott Alpharetta

318


$

93.67


$

159.37


(41.2)

%


16.6

%

66.4

%

(49.8)

%


$

15.52


$

105.83


(85.3)

%

Barbary Beach House Key West

184


$

209.85


$

223.47


(6.1)

%


38.4

%

67.0

%

(28.6)

%


$

80.63


$

149.71


(46.1)

%

Bethesda Marriott Suites

272


$

103.69


$

165.41


(37.3)

%


18.2

%

72.6

%

(54.4)

%


$

18.83


$

120.11


(84.3)

%

Cavallo Point, The Lodge at the Golden Gate

142


$

535.79


$

502.73


6.6

%


31.2

%

67.4

%

(36.2)

%


$

167.03


$

338.69


(50.7)

%

Chicago Marriott Downtown Magnificent Mile

1,200


$

130.58


$

227.08


(42.5)

%


4.1

%

72.9

%

(68.8)

%


$

5.37


$

165.64


(96.8)

%

Courtyard Denver Downtown

177


$

93.55


$

172.08


(45.6)

%


23.8

%

68.2

%

(44.4)

%


$

22.29


$

117.38


(81.0)

%

Courtyard New York Manhattan/Midtown East

321


$

113.62


$

271.48


(58.1)

%


27.2

%

97.4

%

(70.2)

%


$

30.96


$

264.32


(88.3)

%

Havana Cabana Key West

106


$

168.37


$

201.38


(16.4)

%


72.6

%

90.5

%

(17.9)

%


$

122.31


$

182.31


(32.9)

%

Hilton Boston Downtown/Faneuil Hall

403


$

128.45


$

260.04


(50.6)

%


8.9

%

86.5

%

(77.6)

%


$

11.49


$

224.93


(94.9)

%

Hilton Burlington Lake Champlain

258


$

126.91


$

152.60


(16.8)

%


22.0

%

80.6

%

(58.6)

%


$

27.89


$

122.95


(77.3)

%

Hotel Emblem San Francisco

96


$

139.19


$

255.39


(45.5)

%


12.2

%

87.9

%

(75.7)

%


$

16.96


$

224.53


(92.4)

%

Hotel Palomar Phoenix

242


$

142.45


$

194.48


(26.8)

%


31.2

%

87.5

%

(56.3)

%


$

44.44


$

170.26


(73.9)

%

JW Marriott Denver Cherry Creek

199


$

203.40


$

235.81


(13.7)

%


27.7

%

75.0

%

(47.3)

%


$

56.42


$

176.92


(68.1)

%

Kimpton Shorebreak Resort

157


$

212.66


$

228.66


(7.0)

%


44.6

%

67.7

%

(23.1)

%


$

94.91


$

154.82


(38.7)

%

L'Auberge de Sedona

88


$

884.26


$

728.72


21.3

%


76.2

%

79.5

%

(3.3)

%


$

673.58


$

579.38


16.3

%

Orchards Inn Sedona

70


$

269.16


$

259.83


3.6

%


72.0

%

74.6

%

(2.6)

%


$

193.80


$

193.88


—

%

Renaissance Charleston Historic District Hotel

166


$

184.04


$

272.27


(32.4)

%


62.8

%

87.8

%

(25.0)

%


$

115.56


$

238.97


(51.6)

%

Salt Lake City Marriott Downtown at City Creek

510


$

99.36


$

176.65


(43.8)

%


18.5

%

59.8

%

(41.3)

%


$

18.41


$

105.58


(82.6)

%

The Gwen Hotel

311


$

152.64


$

251.43


(39.3)

%


13.7

%

81.1

%

(67.4)

%


$

20.88


$

203.90


(89.8)

%

The Landing Lake Tahoe Resort & Spa

82


$

301.71


$

254.24


18.7

%


54.7

%

49.1

%

5.6

%


$

164.96


$

124.85


32.1

%

The Lodge at Sonoma Renaissance Resort & Spa

182


$

237.00


$

279.50


(15.2)

%


28.1

%

71.9

%

(43.8)

%


$

66.59


$

200.92


(66.9)

%

Vail Marriott Mountain Resort

344


$

214.23


$

169.71


26.2

%


17.3

%

40.6

%

(23.3)

%


$

37.03


$

68.82


(46.2)

%

Westin Boston Waterfront

793


$

127.77


$

236.77


(46.0)

%


11.3

%

73.7

%

(62.4)

%


$

14.46


$

174.61


(91.7)

%

Westin Fort Lauderdale Beach Resort

433


$

158.16


$

203.24


(22.2)

%


29.7

%

86.8

%

(57.1)

%


$

46.99


$

176.42


(73.4)

%

Westin San Diego Downtown

436


$

132.41


$

176.35


(24.9)

%


26.0

%

72.3

%

(46.3)

%


$

34.43


$

127.46


(73.0)

%

Westin Washington D.C. City Center

410


$

120.30


$

194.10


(38.0)

%


7.9

%

86.1

%

(78.2)

%


$

9.55


$

167.04


(94.3)

%

Worthington Renaissance Fort Worth Hotel

504


$

134.70


$

185.97


(27.6)

%


28.5

%

74.6

%

(46.1)

%


$

38.38


$

138.83


(72.4)

%

Total Open for Entire Period - 27 Hotels

8,404


$

193.64


$

224.68


(13.8)

%


21.4

%

74.7

%

(53.3)

%


$

41.48


$

167.92


(75.3)

%














Total Closed for Entire Period - 3 Hotels

1,196


$

—


$

264.40


(100.0)

%


—

%

95.2

%

(95.2)

%


$

—


$

251.79


(100.0)

%














Resorts - 12 Hotels

2,212


$

272.14


$

253.94


7.2

%


37.3

%

71.6

%

(34.3)

%


$

101.43


$

181.78


(44.2)

%














Portfolio Total

9,600


$

193.64


$

230.77


(16.1)

%


18.8

%

77.3

%

(58.5)

%


$

36.31


$

178.37


(79.6)

%

 

 


Operating Statistics – December


Number of Rooms

ADR


Occupancy


RevPAR


December 2020

December 2019

B/(W) 2019


December 2020

December 2019

B/(W) 2019


December 2020

December 2019

B/(W) 2019



























Atlanta Marriott Alpharetta

318


$

83.91


$

152.59


(45.0)

%


13.5

%

51.6

%

(38.1)

%


$

11.32


$

78.66


(85.6)

%

Barbary Beach House Key West

184


$

291.77


$

323.66


(9.9)

%


66.7

%

69.4

%

(2.7)

%


$

194.63


$

224.53


(13.3)

%

Bethesda Marriott Suites

272


$

102.42


$

148.24


(30.9)

%


13.4

%

64.2

%

(50.8)

%


$

13.77


$

95.13


(85.5)

%

Cavallo Point, The Lodge at the Golden Gate

142


$

507.92


$

449.98


12.9

%


10.0

%

62.2

%

(52.2)

%


$

51.00


$

279.88


(81.8)

%

Chicago Marriott Downtown Magnificent Mile

1,200


$

127.37


$

174.36


(26.9)

%


5.7

%

62.8

%

(57.1)

%


$

7.23


$

109.57


(93.4)

%

Courtyard Denver Downtown

177


$

87.96


$

142.57


(38.3)

%


27.9

%

60.0

%

(32.1)

%


$

24.51


$

85.51


(71.3)

%

Courtyard New York Manhattan/Midtown East

321


$

117.67


$

348.30


(66.2)

%


31.3

%

96.7

%

(65.4)

%


$

36.77


$

336.75


(89.1)

%

Havana Cabana Key West

106


$

215.11


$

262.44


(18.0)

%


73.9

%

80.7

%

(6.8)

%


$

159.01


$

211.81


(24.9)

%

Hilton Boston Downtown/Faneuil Hall

403


$

105.76


$

191.77


(44.9)

%


11.8

%

79.7

%

(67.9)

%


$

12.51


$

152.87


(91.8)

%

Hilton Burlington Lake Champlain

258


$

124.32


$

135.88


(8.5)

%


11.2

%

66.7

%

(55.5)

%


$

13.87


$

90.62


(84.7)

%

Hotel Emblem San Francisco

96


$

133.82


$

199.46


(32.9)

%


7.5

%

76.7

%

(69.2)

%


$

10.03


$

153.01


(93.4)

%

Hotel Palomar Phoenix

242


$

124.11


$

159.86


(22.4)

%


33.7

%

76.9

%

(43.2)

%


$

41.85


$

122.87


(65.9)

%

JW Marriott Denver Cherry Creek

199


$

197.45


$

200.82


(1.7)

%


24.7

%

75.1

%

(50.4)

%


$

48.71


$

150.82


(67.7)

%

Kimpton Shorebreak Resort

157


$

191.16


$

206.49


(7.4)

%


34.2

%

59.4

%

(25.2)

%


$

65.39


$

122.61


(46.7)

%

L'Auberge de Sedona

88


$

731.00


$

610.04


19.8

%


75.3

%

69.1

%

6.2

%


$

550.12


$

421.75


30.4

%

Orchards Inn Sedona

70


$

266.26


$

243.85


9.2

%


46.2

%

56.2

%

(10.0)

%


$

122.95


$

137.10


(10.3)

%

Renaissance Charleston Historic District Hotel

166


$

203.46


$

223.82


(9.1)

%


58.6

%

84.6

%

(26.0)

%


$

119.13


$

189.33


(37.1)

%

Salt Lake City Marriott Downtown at City Creek

510


$

100.14


$

156.38


(36.0)

%


25.9

%

57.3

%

(31.4)

%


$

25.95


$

89.68


(71.1)

%

The Gwen Hotel

311


$

155.40


$

224.38


(30.7)

%


18.1

%

81.0

%

(62.9)

%


$

28.17


$

181.81


(84.5)

%

The Landing Lake Tahoe Resort & Spa

82


$

358.73


$

410.19


(12.5)

%


27.7

%

51.5

%

(23.8)

%


$

99.21


$

211.39


(53.1)

%

The Lodge at Sonoma Renaissance Resort & Spa

182


$

205.61


$

261.81


(21.5)

%


12.0

%

65.2

%

(53.2)

%


$

24.60


$

170.68


(85.6)

%

Vail Marriott Mountain Resort

344


$

396.44


$

598.62


(33.8)

%


56.4

%

63.2

%

(6.8)

%


$

223.58


$

378.40


(40.9)

%

Westin Boston Waterfront

793


$

121.78


$

186.40


(34.7)

%


11.9

%

62.8

%

(50.9)

%


$

14.50


$

117.04


(87.6)

%

Westin Fort Lauderdale Beach Resort

433


$

197.64


$

208.03


(5.0)

%


46.4

%

87.2

%

(40.8)

%


$

91.78


$

181.35


(49.4)

%

Westin San Diego Downtown

436


$

150.43


$

164.13


(8.3)

%


16.9

%

63.9

%

(47.0)

%


$

25.36


$

104.82


(75.8)

%

Westin Washington D.C. City Center

410


$

116.12


$

161.17


(28.0)

%


4.4

%

72.3

%

(67.9)

%


$

5.06


$

116.57


(95.7)

%

Worthington Renaissance Fort Worth Hotel

504


$

149.45


$

174.07


(14.1)

%


39.9

%

60.9

%

(21.0)

%


$

59.59


$

105.96


(43.8)

%

Total Open for Entire Period - 27 Hotels

8,404


$

208.14


$

220.89


(5.8)

%


23.7

%

68.1

%

(44.4)

%


$

49.32


$

150.52


(67.2)

%














Total Closed for Entire Period - 3 Hotels

1,196


$

—


$

335.93


(100.0)

%


—

%

94.2

%

(94.2)

%


$

—


$

316.57


(100.0)

%














Resorts - 12 Hotels

2,212


$

299.87


$

307.93


(2.6)

%


42.2

%

70.7

%

(28.5)

%


$

126.50


$

217.62


(41.9)

%














Portfolio Total 

9,600


$

208.14


$

239.81


(13.2)

%


20.7

%

71.4

%

(50.7)

%


$

43.17


$

171.21


(74.8)

%

 

 


Operating Statistics – Fourth Quarter


Number of Rooms

ADR


Occupancy


RevPAR


4Q 2020

4Q 2019

B/(W) 2019


4Q 2020

4Q 2019

B/(W) 2019


4Q 2020

4Q 2019

B/(W) 2019



























Atlanta Marriott Alpharetta

318


$

92.73


$

160.31


(42.2)

%


16.1

%

65.9

%

(49.8)

%


$

14.95


$

105.72


(85.9)

%

Barbary Beach House Key West

184


$

245.65


$

262.62


(6.5)

%


47.6

%

57.9

%

(10.3)

%


$

116.92


$

152.03


(23.1)

%

Bethesda Marriott Suites

272


$

104.53


$

171.89


(39.2)

%


17.5

%

71.4

%

(53.9)

%


$

18.28


$

122.69


(85.1)

%

Cavallo Point, The Lodge at the Golden Gate

142


$

545.66


$

490.30


11.3

%


26.1

%

63.5

%

(37.4)

%


$

142.43


$

311.28


(54.2)

%

Chicago Marriott Downtown Magnificent Mile

1,200


$

132.34


$

231.59


(42.9)

%


6.9

%

74.0

%

(67.1)

%


$

9.13


$

171.27


(94.7)

%

Courtyard Denver Downtown

177


$

96.36


$

189.47


(49.1)

%


28.6

%

70.7

%

(42.1)

%


$

27.60


$

133.97


(79.4)

%

Courtyard New York Manhattan/Midtown East

321


$

118.55


$

310.44


(61.8)

%


31.6

%

97.5

%

(65.9)

%


$

37.40


$

302.61


(87.6)

%

Havana Cabana Key West

106


$

183.60


$

212.18


(13.5)

%


73.9

%

88.1

%

(14.2)

%


$

135.65


$

186.96


(27.4)

%

Hilton Boston Downtown/Faneuil Hall

403


$

128.66


$

278.31


(53.8)

%


16.1

%

87.3

%

(71.2)

%


$

20.71


$

243.07


(91.5)

%

Hilton Burlington Lake Champlain

258


$

165.57


$

181.60


(8.8)

%


25.4

%

79.2

%

(53.8)

%


$

42.13


$

143.81


(70.7)

%

Hotel Emblem San Francisco

96


$

140.34


$

244.13


(42.5)

%


12.3

%

84.0

%

(71.7)

%


$

17.27


$

204.96


(91.6)

%

Hotel Palomar Phoenix

242


$

135.59


$

192.45


(29.5)

%


36.4

%

82.8

%

(46.4)

%


$

49.30


$

159.40


(69.1)

%

JW Marriott Denver Cherry Creek

199


$

205.28


$

239.49


(14.3)

%


33.9

%

77.0

%

(43.1)

%


$

69.55


$

184.42


(62.3)

%

Kimpton Shorebreak Resort

157


$

221.69


$

229.55


(3.4)

%


46.6

%

68.2

%

(21.6)

%


$

103.40


$

156.62


(34.0)

%

L'Auberge de Sedona

88


$

867.12


$

724.32


19.7

%


79.5

%

76.5

%

3.0

%


$

689.44


$

553.98


24.5

%

Orchards Inn Sedona

70


$

284.85


$

268.22


6.2

%


67.8

%

69.4

%

(1.6)

%


$

193.25


$

186.13


3.8

%

Renaissance Charleston Historic District Hotel

166


$

197.41


$

272.57


(27.6)

%


64.8

%

85.0

%

(20.2)

%


$

127.92


$

231.57


(44.8)

%

Salt Lake City Marriott Downtown at City Creek

510


$

103.83


$

168.38


(38.3)

%


23.3

%

65.5

%

(42.2)

%


$

24.20


$

110.37


(78.1)

%

The Gwen Hotel

311


$

167.49


$

265.22


(36.8)

%


17.7

%

83.9

%

(66.2)

%


$

29.70


$

222.61


(86.7)

%

The Landing Lake Tahoe Resort & Spa

82


$

329.56


$

327.30


0.7

%


53.6

%

50.9

%

2.7

%


$

176.70


$

166.60


6.1

%

The Lodge at Sonoma Renaissance Resort & Spa

182


$

235.20


$

302.54


(22.3)

%


27.2

%

71.9

%

(44.7)

%


$

64.02


$

217.47


(70.6)

%

Vail Marriott Mountain Resort

344


$

315.63


$

342.90


(8.0)

%


32.7

%

51.5

%

(18.8)

%


$

103.22


$

176.63


(41.6)

%

Westin Boston Waterfront

793


$

128.55


$

244.57


(47.4)

%


12.6

%

74.6

%

(62.0)

%


$

16.18


$

182.36


(91.1)

%

Westin Fort Lauderdale Beach Resort

433


$

174.35


$

197.38


(11.7)

%


38.8

%

84.2

%

(45.4)

%


$

67.70


$

166.20


(59.3)

%

Westin San Diego Downtown

436


$

135.51


$

175.45


(22.8)

%


25.4

%

69.9

%

(44.5)

%


$

34.42


$

122.63


(71.9)

%

Westin Washington D.C. City Center

410


$

119.32


$

205.91


(42.1)

%


7.7

%

84.4

%

(76.7)

%


$

9.17


$

173.78


(94.7)

%

Worthington Renaissance Fort Worth Hotel

504


$

143.19


$

185.65


(22.9)

%


33.5

%

71.8

%

(38.3)

%


$

47.97


$

133.25


(64.0)

%

Total Open for Entire Period - 27 Hotels

8,404


$

200.95


$

236.68


(15.1)

%


24.9

%

74.8

%

(49.9)

%


$

50.02


$

177.08


(71.8)

%














Total Closed for Entire Period - 3 Hotels

1,196


$

—


$

304.09


(100.0)

%


—

%

95.2

%

(95.2)

%


$

—


$

289.44


(100.0)

%














Resorts - 12 Hotels

2,212


$

286.52


$

279.68


2.4

%


42.5

%

71.1

%

(28.6)

%


$

121.89


$

198.86


(38.7)

%














Portfolio Total

9,600


$

200.95


$

247.02


(18.7)

%


21.8

%

77.4

%

(55.6)

%


$

43.78


$

191.08


(77.1)

%

 

 


Operating Statistics – Year to Date


Number of Rooms

ADR


Occupancy


RevPAR


YTD 2020

YTD 2019

B/(W) 2019


YTD 2020

YTD 2019

B/(W) 2019


YTD 2020

YTD 2019

B/(W) 2019



























Atlanta Marriott Alpharetta

318


$

142.88


$

165.41


(13.6)

%


21.9

%

71.0

%

(49.1)

%


$

31.24


$

117.46


(73.4)

%

Bethesda Marriott Suites

272


$

141.72


$

175.72


(19.3)

%


22.0

%

72.6

%

(50.6)

%


$

31.25


$

127.58


(75.5)

%

Courtyard New York Manhattan/Midtown East

321


$

145.67


$

261.60


(44.3)

%


55.6

%

96.1

%

(40.5)

%


$

80.98


$

251.32


(67.8)

%

Kimpton Shorebreak Resort

157


$

234.09


$

259.74


(9.9)

%


52.6

%

76.0

%

(23.4)

%


$

123.14


$

197.50


(37.7)

%

L'Auberge de Sedona

88


$

672.88


$

627.73


7.2

%


64.2

%

78.1

%

(13.9)

%


$

432.27


$

489.99


(11.8)

%

Salt Lake City Marriott Downtown at City Creek

510


$

144.88


$

172.21


(15.9)

%


23.0

%

68.5

%

(45.5)

%


$

33.33


$

117.88


(71.7)

%

Westin Fort Lauderdale Beach Resort

433


$

212.84


$

202.58


5.1

%


41.8

%

82.4

%

(40.6)

%


$

88.96


$

166.99


(46.7)

%

Westin San Diego Downtown

436


$

168.15


$

190.09


(11.5)

%


35.7

%

79.0

%

(43.3)

%


$

60.04


$

150.12


(60.0)

%

Westin Washington D.C. City Center

410


$

176.61


$

206.61


(14.5)

%


19.6

%

86.3

%

(66.7)

%


$

34.65


$

178.26


(80.6)

%

Worthington Renaissance Fort Worth Hotel

504


$

168.14


$

186.10


(9.7)

%


29.9

%

74.5

%

(44.6)

%


$

50.31


$

138.67


(63.7)

%

Total Open for Entire Period - 10 Hotels

3,449


$

197.00


$

210.31


(6.3)

%


32.8

%

78.3

%

(45.5)

%


$

64.67


$

164.60


(60.7)

%














Total Partially Open During Period - 20 Hotels

6,151


$

215.99


$

254.26


(15.1)

%


23.7

%

79.6

%

(55.9)

%


$

51.13


$

202.30


(74.7)

%














Resorts - 12 Hotels

2,212


$

285.16


$

274.53


3.9

%


39.8

%

75.5

%

(35.7)

%


$

113.39


$

207.28


(45.3)

%














Portfolio Total

9,600


$

207.68


$

238.63


(13.0)

%


27.0

%

79.1

%

(52.1)

%


$

55.99


$

188.75


(70.3)

%

  

 

Hotel Adjusted EBITDA Reconciliation




Fourth Quarter 2020







Plus:

Plus:

Plus:

Equals:



Days of

Operation

Total Revenues


Net Income / (Loss)

Depreciation

Interest Expense

Adjustments (1)

Hotel Adjusted

EBITDA

Atlanta Marriott Alpharetta


92

$

534



$

(782)


$

355


$

—


$

—


$

(427)


Barbary Beach House Key West


92

$

2,624



$

391


$

171


$

—


$

—


$

562


Bethesda Marriott Suites


92

$

526



$

(2,668)


$

518


$

—


$

1,503


$

(647)


Cavallo Point, The Lodge at the Golden Gate


92

$

3,876



$

(1,968)


$

1,839


$

—


$

94


$

(35)


Chicago Marriott Downtown Magnificent Mile


92

$

1,520



$

(3,966)


$

4,122


$

79


$

(397)


$

(162)


Courtyard Denver Downtown


92

$

600



$

(543)


$

376


$

—


$

—


$

(167)


Courtyard New York Manhattan/Fifth Avenue


—

$

45



$

(1,909)


$

330


$

—


$

253


$

(1,326)


Courtyard New York Manhattan/Midtown East


92

$

1,122



$

(3,483)


$

473


$

948


$

—


$

(2,062)


Frenchman's Reef & Morning Star Marriott Beach Resort


—

$

—



$

—


$

—


$

—


$

—


$

—


Havana Cabana Key West


92

$

1,920



$

199


$

266


$

—


$

—


$

465


Hilton Boston Downtown/Faneuil Hall


92

$

1,178



$

(2,228)


$

1,200


$

—


$

—


$

(1,028)


Hilton Burlington Lake Champlain


92

$

928



$

(700)


$

638


$

—


$

—


$

(62)


Hilton Garden Inn New York/Times Square Central


—

$

(104)



$

(2,347)


$

844


$

—


$

—


$

(1,503)


Hotel Emblem San Francisco


92

$

184



$

(858)


$

309


$

—


$

—


$

(549)


Hotel Palomar Phoenix


92

$

1,845



$

(899)


$

672


$

28


$

286


$

87


JW Marriott Denver Cherry Creek


92

$

2,247



$

(1,734)


$

789


$

675


$

6


$

(264)


Kimpton Shorebreak Resort


92

$

2,216



$

(109)


$

410


$

—


$

—


$

301


L'Auberge de Sedona


92

$

7,897



$

2,856


$

646


$

—


$

—


$

3,502


Orchards Inn Sedona


92

$

1,749



$

529


$

85


$

—


$

42


$

656


Renaissance Charleston Historic District Hotel


92

$

2,301



$

115


$

460


$

—


$

—


$

575


Salt Lake City Marriott Downtown at City Creek


92

$

1,623



$

(1,345)


$

548


$

533


$

—


$

(264)


The Gwen Hotel


92

$

1,320



$

(1,625)


$

1,097


$

—


$

—


$

(528)


The Landing Lake Tahoe Resort & Spa


92

$

1,999



$

(29)


$

416


$

—


$

—


$

387


The Lexington Hotel


—

$

73



$

(5,060)


$

1,977


$

6


$

8


$

(3,069)


The Lodge at Sonoma Renaissance Resort & Spa


92

$

2,005



$

(1,414)


$

507


$

273


$

—


$

(634)


Vail Marriott Mountain Resort


92

$

4,835



$

(4)


$

1,110


$

—


$

—


$

1,106


Westin Boston Waterfront


92

$

2,269



$

(5,260)


$

2,552


$

2,128


$

(60)


$

(640)


Westin Fort Lauderdale Beach Resort


92

$

6,041



$

(1,051)


$

1,074


$

—


$

—


$

23


Westin San Diego Downtown


92

$

1,701



$

(2,348)


$

1,076


$

617


$

—


$

(655)


Westin Washington D.C. City Center


92

$

409



$

(2,971)


$

1,319


$

635


$

—


$

(1,017)


Worthington Renaissance Fort Worth Hotel


92

$

3,564



$

(2,126)


$

1,140


$

765


$

2


$

(219)


Total



$

59,047



$

(43,337)


$

27,319


$

6,687


$

1,737


$

(7,595)


Less: Frenchman's Reef & Morning Star Marriott Beach Resort



$

—



$

—


$

—


$

—


$

—


$

—


Comparable Total



$

59,047



$

(43,337)


$

27,319


$

6,687


$

1,737


$

(7,595)




(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 favorable and unfavorable contract liabilities.

 

 

Hotel Adjusted EBITDA Reconciliation



Fourth Quarter 2019






Plus:

Plus:

Plus:

Equals:



Total Revenues


Net Income / (Loss)

Depreciation

InterestExpense

Adjustments (1)

Hotel Adjusted EBITDA

Atlanta Marriott Alpharetta


$

4,627



$

1,159


$

407


$

—


$

—


$

1,566


Barbary Beach House Key West


$

2,989



$

(177)


$

534


$

—


$

—


$

357


Bethesda Marriott Suites


$

4,288



$

(660)


$

468


$

—


$

1,514


$

1,322


Cavallo Point, The Lodge at the Golden Gate


$

10,010



$

924


$

1,814


$

—


$

94


$

2,832


Chicago Marriott Downtown Magnificent Mile


$

29,038



$

4,750


$

4,248


$

5


$

(397)


$

8,606


Courtyard Denver Downtown


$

2,425



$

726


$

325


$

—


$

—


$

1,051


Courtyard New York Manhattan/Fifth Avenue


$

4,770



$

545


$

451


$

—


$

253


$

1,249


Courtyard New York Manhattan/Midtown East


$

9,211



$

1,385


$

704


$

965


$

—


$

3,054


Frenchman's Reef & Morning Star Marriott Beach Resort


$

—



$

—


$

—


$

—


$

—


$

—


Havana Cabana Key West


$

2,420



$

412


$

238


$

—


$

—


$

650


Hilton Boston Downtown/Faneuil Hall


$

10,002



$

2,660


$

1,223


$

—


$

—


$

3,883


Hilton Burlington Lake Champlain


$

4,542



$

1,217


$

501


$

—


$

—


$

1,718


Hilton Garden Inn New York/Times Square Central


$

8,153



$

2,185


$

840


$

—


$

—


$

3,025


Hotel Emblem San Francisco


$

2,254



$

320


$

285


$

—


$

—


$

605


Hotel Palomar Phoenix


$

6,693



$

1,159


$

681


$

38


$

293


$

2,171


JW Marriott Denver Cherry Creek


$

5,049



$

(235)


$

823


$

688


$

6


$

1,282


Kimpton Shorebreak Resort


$

3,661



$

246


$

439


$

—


$

40


$

725


L'Auberge de Sedona


$

7,610



$

1,936


$

594


$

—


$

—


$

2,530


Orchards Inn Sedona


$

1,840



$

176


$

238


$

—


$

42


$

456


Renaissance Charleston Historic District Hotel


$

4,172



$

1,225


$

423


$

—


$

(32)


$

1,616


Salt Lake City Marriott Downtown at City Creek


$

7,968



$

1,676


$

549


$

603


$

—


$

2,828


The Gwen Hotel


$

8,722



$

1,156


$

1,157


$

—


$

—


$

2,313


The Landing Lake Tahoe Resort & Spa


$

1,904



$

(176)


$

411


$

—


$

—


$

235


The Lexington Hotel


$

21,013



$

2,524


$

3,610


$

6


$

8


$

6,148


The Lodge at Sonoma Renaissance Resort & Spa


$

5,622



$

537


$

505


$

279


$

—


$

1,321


Vail Marriott Mountain Resort


$

8,139



$

764


$

1,098


$

—


$

—


$

1,862


Westin Boston Waterfront


$

22,364



$

796


$

2,551


$

2,171


$

(60)


$

5,458


Westin Fort Lauderdale Beach Resort


$

12,746



$

1,860


$

1,634


$

—


$

—


$

3,494


Westin San Diego Downtown


$

7,227



$

170


$

1,151


$

633


$

—


$

1,954


Westin Washington D.C. City Center


$

8,004



$

444


$

1,370


$

658


$

—


$

2,472


Worthington Renaissance Fort Worth Hotel


$

10,056



$

781


$

1,033


$

781


$

2


$

2,597


Total


$

237,519



$

30,485


$

30,305


$

6,827


$

1,763


$

69,416


Less: Frenchman's Reef & Morning Star Marriott Beach Resort


$

—



$

—


$

—


$

—


$

—


$

—


Comparable Total


$

237,519



$

30,485


$

30,305


$

6,827


$

1,763


$

69,416




(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 favorable and unfavorable contract liabilities.

 

 

Hotel Adjusted EBITDA Reconciliation




Year to Date 2020







Plus:

Plus:

Plus:

Equals:



Days of Operation

Total Revenues


Net Income / (Loss)

Depreciation

Interest Expense

Adjustments (1)

Hotel Adjusted EBITDA

Atlanta Marriott Alpharetta


366

$

5,227



$

(1,965)


$

1,446


$

—


$

—


$

(519)


Barbary Beach House Key West


296

$

10,133



$

(617)


$

2,198


$

—


$

—


$

1,581


Bethesda Marriott Suites


366

$

4,081



$

(10,458)


$

2,245


$

—


$

6,024


$

(2,189)


Cavallo Point, The Lodge at the Golden Gate


267

$

15,295



$

(7,731)


$

7,385


$

—


$

375


$

29


Chicago Marriott Downtown Magnificent Mile


222

$

15,979



$

(29,941)


$

16,681


$

249


$

(1,589)


$

(14,600)


Courtyard Denver Downtown


293

$

2,938



$

(1,710)


$

1,469


$

—


$

—


$

(241)


Courtyard New York Manhattan/Fifth Avenue


86

$

2,421



$

(7,547)


$

1,441


$

—


$

1,014


$

(5,092)


Courtyard New York Manhattan/Midtown East


366

$

9,792



$

(10,092)


$

2,251


$

3,823


$

—


$

(4,018)


Frenchman's Reef & Morning Star Marriott Beach Resort


—

$

—



$

—


$

—


$

—


$

—


$

—


Havana Cabana Key West


296

$

6,752



$

567


$

1,065


$

—


$

—


$

1,632


Hilton Boston Downtown/Faneuil Hall


236

$

7,767



$

(7,451)


$

4,886


$

—


$

—


$

(2,565)


Hilton Burlington Lake Champlain


259

$

3,760



$

(3,366)


$

2,271


$

—


$

—


$

(1,095)


Hilton Garden Inn New York/Times Square Central


88

$

3,172



$

(8,689)


$

3,380


$

—


$

—


$

(5,309)


Hotel Emblem San Francisco


271

$

2,247



$

(2,292)


$

1,271


$

—


$

—


$

(1,021)


Hotel Palomar Phoenix


284

$

9,881



$

(2,418)


$

2,689


$

144


$

1,152


$

1,567


JW Marriott Denver Cherry Creek


295

$

8,291



$

(6,934)


$

2,912


$

2,706


$

24


$

(1,292)


Kimpton Shorebreak Resort


366

$

10,517



$

534


$

1,641


$

—


$

27


$

2,202


L'Auberge de Sedona


366

$

20,540



$

3,819


$

2,646


$

—


$

—


$

6,465


Orchards Inn Sedona


321

$

4,404



$

142


$

462


$

—


$

168


$

772


Renaissance Charleston Historic District Hotel


328

$

7,403



$

(617)


$

1,738


$

—


$

(85)


$

1,036


Salt Lake City Marriott Downtown at City Creek


366

$

10,289



$

(3,869)


$

2,211


$

2,244


$

—


$

586


The Gwen Hotel


295

$

8,192



$

(7,415)


$

4,424


$

—


$

—


$

(2,991)


The Landing Lake Tahoe Resort & Spa


292

$

8,662



$

874


$

1,668


$

—


$

—


$

2,542


The Lexington Hotel


88

$

8,930



$

(24,290)


$

11,085


$

25


$

32


$

(13,148)


The Lodge at Sonoma Renaissance Resort & Spa


264

$

7,939



$

(5,573)


$

1,882


$

1,095


$

—


$

(2,596)


Vail Marriott Mountain Resort


282

$

21,247



$

469


$

4,457


$

—


$

—


$

4,926


Westin Boston Waterfront


204

$

19,820



$

(24,453)


$

10,314


$

8,533


$

(240)


$

(5,846)


Westin Fort Lauderdale Beach Resort


366

$

29,116



$

608


$

4,336


$

—


$

—


$

4,944


Westin San Diego Downtown


366

$

13,384



$

(5,731)


$

4,461


$

2,478


$

—


$

1,208


Westin Washington D.C. City Center


366

$

6,431



$

(11,290)


$

5,278


$

2,560


$

—


$

(3,452)


Worthington Renaissance Fort Worth Hotel


366

$

14,878



$

(8,616)


$

4,523


$

3,067


$

8


$

(1,018)


Total



$

299,488



$

(186,052)


$

114,716


$

26,924


$

6,910


$

(37,502)


Less: Frenchman's Reef & Morning Star Marriott Beach Resort



$

—



$

—


$

—


$

—


$

—


$

—


Comparable Total



$

299,488



$

(186,052)


$

114,716


$

26,924


$

6,910


$

(37,502)




(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 favorable and unfavorable contract liabilities.

 

 

Hotel Adjusted EBITDA Reconciliation



Year to Date 2019






Plus:

Plus:

Plus:

Equals:



Total Revenues


Net Income / (Loss)

Depreciation

Interest Expense

Adjustments (1)

Hotel Adjusted EBITDA

Atlanta Marriott Alpharetta


$

19,586



$

5,050


$

1,796


$

—


$

—


$

6,846


Barbary Beach House Key West


$

15,895



$

3,380


$

1,567


$

—


$

—


$

4,947


Bethesda Marriott Suites


$

17,339



$

(2,691)


$

1,890


$

—


$

6,069


$

5,268


Cavallo Point, The Lodge at the Golden Gate


$

40,610



$

3,298


$

7,371


$

—


$

315


$

10,984


Chicago Marriott Downtown Magnificent Mile


$

112,262



$

16,876


$

16,710


$

116


$

(1,589)


$

32,113


Courtyard Denver Downtown


$

11,306



$

4,133


$

1,206


$

—


$

—


$

5,339


Courtyard New York Manhattan/Fifth Avenue


$

16,187



$

26


$

1,781


$

—


$

1,014


$

2,821


Courtyard New York Manhattan/Midtown East


$

30,424



$

1,315


$

2,781


$

3,856


$

—


$

7,952


Frenchman's Reef & Morning Star Marriott Beach Resort


$

—



$

8,799


$

—


$

—


$

—


$

8,799


Havana Cabana Key West


$

9,771



$

2,447


$

979


$

—


$

—


$

3,426


Hilton Boston Downtown/Faneuil Hall


$

42,339



$

11,784


$

4,931


$

—


$

—


$

16,715


Hilton Burlington Lake Champlain


$

18,572



$

5,134


$

2,002


$

—


$

—


$

7,136


Hilton Garden Inn New York/Times Square Central


$

26,375



$

3,916


$

3,349


$

—


$

—


$

7,265


Hotel Emblem San Francisco


$

7,904



$

643


$

1,153


$

—


$

—


$

1,796


Hotel Palomar Phoenix


$

24,701



$

3,478


$

2,671


$

154


$

1,177


$

7,480


JW Marriott Denver Cherry Creek


$

19,429



$

(1,179)


$

2,798


$

2,751


$

24


$

4,394


Kimpton Shorebreak Resort


$

17,365



$

3,832


$

1,485


$

—


$

162


$

5,479


L'Auberge de Sedona


$

26,868



$

5,623


$

2,119


$

—


$

—


$

7,742


Orchards Inn Sedona


$

7,730



$

1,061


$

951


$

—


$

168


$

2,180


Renaissance Charleston Historic District Hotel


$

15,738



$

4,663


$

1,665


$

—


$

(126)


$

6,202


Salt Lake City Marriott Downtown at City Creek


$

31,554



$

6,796


$

2,228


$

2,421


$

—


$

11,445


The Gwen Hotel


$

34,431



$

5,185


$

4,442


$

—


$

—


$

9,627


The Landing Lake Tahoe Resort & Spa


$

9,522



$

118


$

1,590


$

—


$

—


$

1,708


The Lexington Hotel


$

68,886



$

745


$

14,305


$

23


$

32


$

15,105


The Lodge at Sonoma Renaissance Resort & Spa


$

24,645



$

3,771


$

2,076


$

1,119


$

—


$

6,966


Vail Marriott Mountain Resort


$

36,128



$

6,827


$

4,133


$

—


$

—


$

10,960


Westin Boston Waterfront


$

93,355



$

7,082


$

9,817


$

8,677


$

(240)


$

25,336


Westin Fort Lauderdale Beach Resort


$

50,992



$

9,083


$

6,487


$

—


$

—


$

15,570


Westin San Diego Downtown


$

33,560



$

4,939


$

4,548


$

2,534


$

—


$

12,021


Westin Washington D.C. City Center


$

33,242



$

2,518


$

5,319


$

2,643


$

—


$

10,480


Worthington Renaissance Fort Worth Hotel


$

41,375



$

6,378


$

3,960


$

3,120


$

8


$

13,466


Total


$

938,091



$

135,030


$

118,110


$

27,414


$

7,014


$

287,443


Less: Frenchman's Reef & Morning Star Marriott Beach Resort


$

—



$

(8,799)


$

—


$

—


$

—


$

(8,799)


Comparable Total


$

938,091



$

126,231


$

118,110


$

27,414


$

7,014


$

278,644




(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 favorable and unfavorable contract liabilities.

 

 

Cision View original content:http://www.prnewswire.com/news-releases/diamondrock-hospitality-company-reports-fourth-quarter-and-full-year-2020-results-301234999.html

SOURCE DiamondRock Hospitality Company

FAQ

What are DiamondRock Hospitality's (DRH) fourth quarter 2020 financial results?

The company reported a net loss of $208.3 million for Q4 2020, with total revenues down 75.2% compared to Q4 2019.

How did DiamondRock (DRH) perform in 2020 compared to 2019?

For the full year 2020, DiamondRock reported a net loss of $396 million, a 68.1% decrease in total revenues from 2019.

What is the status of DiamondRock Hospitality's liquidity as of December 31, 2020?

The company's liquidity increased to $481.7 million, comprised of unrestricted cash and available credit.

What actions has DiamondRock (DRH) taken to manage its properties during the pandemic?

The company suspended operations at many hotels but has resumed operations at 12 properties by Q3 2020.

What is the expected capital expenditure for DiamondRock Hospitality in 2021?

The company expects to spend approximately $50 million on necessary capital improvements and selective transformative projects in 2021.

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DiamondRock Hospitality Company

NYSE:DRH

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