BETHESDA, Md., Nov. 7, 2024 /PRNewswire/ -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH), a lodging real estate investment trust that owns a portfolio of 36 premium hotels and resorts in the United States, today announced results of operations for the quarter ended September 30, 2024.

Third Quarter 2024 Highlights

  • Net Income: Net income was $26.6 million, or $0.11 per diluted share.
  • Comparable Revenues: $285.1 million, increased 2.5% compared to the third quarter of 2023.
  • Comparable RevPAR: $214.44, increased 2.8% compared to the third quarter of 2023.
  • Comparable Hotel Adjusted EBITDA: $82.3 million, increased 2.2% compared to the third quarter of 2023.
  • Comparable Hotel Adjusted EBITDA Margin: 28.85%, decreased 9 basis points compared to the third quarter of 2023.
  • Adjusted EBITDA: $75.6 million, increased 3.3% compared to the third quarter of 2023.
  • Adjusted FFO per Share: $0.26, equal to the third quarter of 2023.
  • Debt Financing: The Company repaid its $73.3 million mortgage loan secured by the Courtyard New York Manhattan/Midtown East in August 2024. Additionally, the Company extended the maturity date of its $300 million unsecured term loan by one year to January 2026.
  • Share Repurchases: The Company repurchased 0.7 million shares of its common stock at a weighted average price of $8.14 per share for a total consideration of approximately $5.4 million during the third quarter of 2024.

"Third quarter operating results were largely in line with our expectations, with group revenues increasing over 15% compared to last year. As expected, Total RevPAR growth was more closely aligned with RevPAR growth this quarter as compared to the first half of this year due to the nature of the significant concentration in citywide group business this quarter. While our hotels in South Florida, New Orleans and Charleston sustained no damage from Hurricane Helene in September, the business interruption held back our company-wide third quarter RevPAR and Total RevPAR growth by 35 basis points.

We are updating our full-year guidance range for RevPAR from a range of 1.5% to 3.0% to a range of 1.5% to 2.0% to reflect current transient trends and the impacts of Hurricanes Helene and Milton. We expect full-year Total RevPAR growth will continue to be approximately 150bp basis points higher. Importantly, we are reiterating the midpoint of our full-year Adjusted EBITDA guidance and increasing the midpoint of our Adjusted FFO per share guidance.

Looking ahead, we continue to be keenly focused on maximizing free cash flow from our portfolio and a key component of that strategy is to recycle capital from non-core properties into more attractive investments such as additional on-strategy investments, share repurchases, and high return-on-investment projects."

- Jeffrey J. Donnelly, Chief Executive Officer of DiamondRock Hospitality Company

Operating Results

Please see "Non-GAAP Financial Measures" attached to this press release for an explanation of the terms "EBITDAre," "Adjusted EBITDA," "Hotel Adjusted EBITDA," "Hotel Adjusted EBITDA Margin," "FFO" and "Adjusted FFO" and a reconciliation of these measures to net income. Comparable operating results include all hotels currently owned for all periods presented. See "Reconciliation of Comparable Operating Results" attached to this press release for a reconciliation to historical amounts.

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

Change

2024

2023

Change

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

Comparable Operating Results (1)







ADR

$          282.02

$          273.28

3.2 %

$          282.56

$          280.98

0.6 %

Occupancy

76.0 %

76.4 %

(0.4) %

74.1 %

73.3 %

0.8 %

RevPAR

$          214.44

$          208.66

2.8 %

$          209.31

$          206.07

1.6 %

Total RevPAR

$          317.67

$          310.54

2.3 %

$          318.32

$          308.80

3.1 %

Room Revenues

$            192.5

$            186.9

3.0 %

$            559.5

$            547.4

2.2 %

Total Revenues

$            285.1

$            278.2

2.5 %

$            850.8

$            820.3

3.7 %

Hotel Adjusted EBITDA

$              82.3

$              80.5

2.2 %

$            243.2

$            238.2

2.1 %

Hotel Adjusted EBITDA Margin

28.85 %

28.94 %

(9 bps)

28.58 %

29.04 %

(46 bps)

Available Rooms

897,552

895,743

1,809

2,672,871

2,656,299

16,572









Actual Operating Results (2)







Total Revenues

$            285.1

$            276.5

3.1 %

$            850.8

$            811.3

4.9 %

Net income

$              26.6

$              27.3

(2.6) %

$              59.5

$              75.7

(21.4) %

Earnings per diluted share

$              0.11

$              0.12

(8.3) %

$              0.25

$              0.32

(21.9) %

Adjusted EBITDA

$              75.6

$              73.2

3.3 %

$            221.7

$            214.4

3.4 %

Adjusted FFO

$              55.7

$              54.6

2.0 %

$            164.2

$            159.9

2.7 %

Adjusted FFO per diluted share

$              0.26

$              0.26

— %

$              0.77

$              0.75

2.7 %

(1)

Amounts represent the pre-acquisition operating results for Chico Hot Springs Resort from January 1, 2023 to July 31, 2023. The pre-acquisition operating results were obtained from the seller of the hotel during the acquisition due diligence process. We have made no adjustments to the amounts provided to us by the seller. The pre-acquisition operating results were not audited or reviewed by the Company's independent auditors.


(2)

Actual operating results include the operating results of all hotels for the Company's respective ownership periods.

Capital Expenditures

The Company currently expects to spend approximately $85 million on capital improvements at its hotels in 2024. The Company has invested approximately $58.4 million in capital improvements at its hotels during the nine months ended September 30, 2024. Significant projects in 2024 include the following:

  • Hotel Champlain Burlington: The Company completed the rebranding and repositioning of the Hilton Burlington Lake Champlain to Hotel Champlain Burlington, a Curio Collection by Hilton in July 2024.
  • Westin San Diego Bayview: The Company completed a comprehensive renovation of the hotel's guestrooms during the second quarter of 2024.
  • Bourbon Orleans Hotel: The Company completed a comprehensive renovation of the hotel's guestrooms during the third quarter of 2024.
  • Orchards Inn Sedona: The Company commenced the repositioning of Orchards Inn as the Cliffs at L'Auberge on November 1, 2024. The repositioning will integrate the hotel with the adjacent L'Auberge de Sedona and include construction of a new pool connecting the two properties, renovation of the guestrooms and creation of a new arrival experience and new outdoor event space. The Company expects to complete the project in 2025.

Balance Sheet and Liquidity

As of September 30, 2024, the Company had total debt outstanding of $1.1 billion, consisting of $800.0 million of unsecured term loans and $297.9 million of property-specific mortgage debt, with a weighted average interest rate of 5.60%. During the quarter ended September 30, 2024, the Company repaid the $73.3 million mortgage loan secured by the Courtyard New York Manhattan/Midtown East with cash on hand and exercised its right to extend the maturity date of its $300.0 million unsecured term loan for one year to January 3, 2026. The Company has no debt maturities until May 2025 and full availability on its $400.0 million revolving credit facility.

The Company ended the quarter with $591.7 million of liquidity, comprised of $75.3 million of unrestricted corporate cash, $116.4 million of unrestricted cash at its hotels and full availability of its revolving credit facility.

Share Repurchase Program

The Company has in place a Share Repurchase Program that provides for share repurchases in open market transactions.  During the quarter ended September 30, 2024, the Company repurchased 0.7 million shares of its common stock at an average price of $8.14 per share for a total purchase price of $5.4 million, bringing the total shares purchased year to date through September 30, 2024, to 3.1 million shares at an average price of $8.33 per share for a total purchase price of $26.0 million. The Company currently has $174.0 million of remaining capacity under its $200.0 million share repurchase program.

Dividends

The Company declared a quarterly cash dividend of $0.03 per common share, which was paid on October 11, 2024 to shareholders of record as of September 30, 2024. The Company paid a quarterly dividend of $0.515625 per share on its 8.250% Series A Cumulative Redeemable Preferred Stock on September 30, 2024 to shareholders of record as of September 20, 2024.

Guidance

The Company has updated its full year outlook for 2024. The outlook is based on the current economic and operating environment for its existing portfolio of hotels and does not take into account any unanticipated impacts to it the business or operations.  Achievement of the anticipated results is subject to the risks disclosed in the Company's filings with the U.S. Securities and Exchange Commission, which may cause actual results to differ materially from the anticipated results expressed or implied below.

Previous Guidance

Revised Guidance

Change at
Midpoint

Metric

Low End

High End

Low End

High End

Comparable RevPAR Growth

1.5 %

3.0 %

1.5 %

2.0 %

(0.5 %)

Comparable Total RevPAR Growth

3.0 %

4.5 %

3.0 %

3.5 %

(0.5 %)

Adjusted EBITDA

$278 million

$290 million

$281 million

$287 million

-

Adjusted FFO

$201.5 million

$213.5 million

$205 million

$210 million

-

Adjusted FFO per share

$0.95 per share

$1.00 per share

$0.97 per share

$0.99 per share

+$0.005

The guidance above incorporates the following assumptions:

  • Corporate expenses of $30.5 million to $31.5 million, excluding executive transition costs which are excluded from Adjusted EBITDA and Adjusted FFO;
  • Interest expense of approximately $66 million;
  • Income tax expense of $0.5 million to $1.5 million;
  • 212.1 million weighted average diluted shares; and
  • 3,570,423 available rooms.

Earnings Call

The Company will host a conference call to discuss its third quarter results on Friday, November 8, 2024, at 9:00 a.m. Eastern Time (ET). The conference call will be accessible by telephone and through the internet. Interested individuals are requested to register for the call by visiting https://investor.drhc.com. A replay of the conference call webcast will be archived and available online.

About the Company

DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in leisure destinations and top gateway markets. The Company currently owns 36 premium quality hotels with over 9,700 rooms. The Company has strategically positioned its portfolio to be operated both under leading global brand families as well as independent boutique hotels in the lifestyle segment. For further information on the Company and its portfolio, please visit DiamondRock Hospitality Company's website at www.drhc.com.

This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "believe," "expect," "intend," "project," "forecast," "plan" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: the adverse impact of any future pandemic, epidemic or outbreak of any highly infectious disease on the U.S., regional and global economies, travel, the hospitality industry, and the financial condition and results of operations of the Company and its hotels; national and local economic and business conditions, including the potential for additional terrorist attacks, that will affect occupancy rates at the Company's hotels and the demand for hotel products and services; operating risks associated with the hotel business; relationships with property managers; the ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in travel patterns, taxes and government regulations which influence or determine wages, prices, construction procedures and costs; and other risk factors contained in the Company's filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.

DIAMONDROCK HOSPITALITY COMPANY 

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)


September 30, 2024

December 31, 2023

ASSETS

(unaudited)

Property and equipment, net

$                  2,727,299

$                 2,755,195

Right-of-use assets

96,512

97,692

Restricted cash

44,493

45,576

Due from hotel managers

167,959

144,689

Prepaid and other assets

69,773

73,940

Cash and cash equivalents

75,287

121,595

Total assets

$                  3,181,323

$                 3,238,687




LIABILITIES AND EQUITY


Liabilities:


Debt, net of unamortized debt issuance costs

1,097,215

1,177,005

Lease liabilities

114,387

112,866

Due to hotel managers

126,011

116,522

Deferred rent

72,576

69,209

Unfavorable contract liabilities, net

58,622

59,866

Accounts payable and accrued expenses

39,944

39,563

Distributions declared and unpaid

6,664

6,324

Deferred income related to key money, net

8,026

8,349

Total liabilities

1,523,445

1,589,704

Equity:


Preferred stock, $0.01 par value; 10,000,000 shares authorized;


    8.250% Series A Cumulative Redeemable Preferred Stock (liquidation
     preference $25.00 per share), 4,760,000 shares issued and outstanding at
     September 30, 2024 and December 31, 2023

48

48

     Common stock, $0.01 par value; 400,000,000 shares authorized; 207,276,487
     and 209,627,197 shares issued and outstanding at September 30, 2024 and
     December 31, 2023, respectively

2,073

2,096

Additional paid-in capital

2,269,938

2,291,297

Accumulated other comprehensive loss

(5,997)

(2,036)

Distributions in excess of earnings

(616,934)

(649,330)

Total stockholders' equity

1,649,128

1,642,075

Noncontrolling interests

8,750

6,908

Total equity

1,657,878

1,648,983

Total liabilities and equity

$                  3,181,323

$                 3,238,687

                      

DIAMONDROCK HOSPITALITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

(unaudited)


Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

Revenues:






Rooms

$                192,471

$               186,334

$               559,465

$              544,325

Food and beverage

65,787

64,723

212,279

192,869

Other

26,871

25,463

79,088

74,126

Total revenues

285,129

276,520

850,832

811,320

Operating Expenses:






Rooms

47,919

45,773

139,472

131,092

Food and beverage

47,319

45,428

145,275

134,486

Other departmental and support expenses

67,357

65,952

199,774

193,365

Management fees

7,093

7,323

20,411

19,196

Franchise fees

10,117

8,913

29,710

26,393

Other property-level expenses

24,752

25,704

78,558

76,755

Depreciation and amortization

28,356

27,683

84,542

82,995

Impairment losses

1,596

—

1,596

941

Corporate expenses

7,660

7,526

45,083

23,677

Business interruption insurance income

—

(537)

—

(647)

Total operating expenses, net

242,169

233,765

744,421

688,253








Interest expense

16,986

15,973

49,434

48,712

Interest (income) and other (income) expense, net

(1,001)

(772)

(3,265)

(1,717)

  Total other expenses, net

15,985

15,201

46,169

46,995

Income before income taxes

26,975

27,554

60,242

76,072

Income tax expense

(418)

(224)

(696)

(420)

Net income

26,557

27,330

59,546

75,652

Less:  Net income attributable to noncontrolling interests

(125)

(58)

(256)

(259)

Net income attributable to the Company

26,432

27,272

59,290

75,393

Distributions to preferred stockholders

(2,454)

(2,454)

(7,362)

(7,362)

Net income attributable to common stockholders

$                  23,978

$                 24,818

$                 51,928

$                68,031

Earnings per share:






Earnings per share available to common stockholders - basic

$                       0.11

$                     0.12

$                     0.25

$                    0.32

Earnings per share available to common stockholders - diluted

$                       0.11

$                     0.12

$                     0.25

$                    0.32








Weighted-average number of common shares outstanding:






Basic

209,339,807

211,490,571

210,729,779

211,525,596

Diluted

210,208,081

212,204,989

211,600,114

212,129,712

Non-GAAP Financial Measures

We use the following non-GAAP financial measures that we believe are useful to investors as key measures of our operating performance: EBITDA, EBITDAre, Adjusted EBITDA, Hotel Adjusted EBITDA, FFO and Adjusted FFO. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with U.S. GAAP. EBITDA, EBITDAre, Adjusted EBITDA, Hotel Adjusted EBITDA, FFO and Adjusted FFO, as calculated by us, may not be comparable to other companies that do not define such terms exactly as the Company.

Use and Limitations of Non-GAAP Financial Measures

Our management and Board of Directors use EBITDA, EBITDAre, Adjusted EBITDA, Hotel Adjusted EBITDA, FFO and Adjusted FFO to evaluate the performance of our hotels and to facilitate comparisons between us and other lodging REITs, hotel owners who are not REITs and other capital intensive companies. The use of these non-GAAP financial measures has certain limitations. These non-GAAP financial measures as presented by us, may not be comparable to non-GAAP financial measures as calculated by other real estate companies. These measures do not reflect certain expenses or expenditures that we incurred and will incur, such as depreciation, interest and capital expenditures. We compensate for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of our operating performance. Our reconciliations to the most comparable U.S. GAAP financial measures, and our consolidated statements of operations and comprehensive income and consolidated statements of cash flows, include interest expense, capital expenditures, and other excluded items, all of which should be considered when evaluating our performance, as well as the usefulness of our non-GAAP financial measures.

These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with U.S. GAAP. They should not be considered as alternatives to operating profit, cash flow from operations, or any other operating performance measure prescribed by U.S. GAAP. These non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our U.S. GAAP results and the reconciliations to the corresponding U.S. GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. We strongly encourage investors to review our financial information in its entirety and not to rely on a single financial measure.

EBITDA and EBITDAre

EBITDA represents net income (calculated in accordance with U.S. GAAP) excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; and (3) depreciation and amortization. The Company computes EBITDAre in accordance with the National Association of Real Estate Investment Trusts ("Nareit") guidelines, as defined in its September 2017 white paper "Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate." EBITDAre represents net income (calculated in accordance with U.S. GAAP) adjusted for: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; (3) depreciation and amortization; (4) gains or losses on the disposition of depreciated property including gains or losses on change of control; (5) impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate; and (6) adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates.

We believe EBITDA and EBITDAre are useful to an investor in evaluating our operating performance because they help investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization, and in the case of EBITDAre, impairment and gains or losses on dispositions of depreciated property) from our operating results. In addition, covenants included in our debt agreements use EBITDA as a measure of financial compliance. We also use EBITDA and EBITDAre as measures in determining the value of hotel acquisitions and dispositions.

FFO

The Company computes FFO in accordance with standards established by Nareit, which defines FFO as net income (calculated in accordance with U.S. GAAP) excluding gains or losses from sales of properties and impairment losses, plus real estate related depreciation and amortization. The Company believes that the presentation of FFO provides useful information to investors regarding its operating performance because it is a measure of the Company's operations without regard to specified non-cash items, such as real estate related depreciation and amortization and gains or losses on the sale of assets. The Company also uses FFO as one measure in assessing its operating results.

Adjustments to EBITDAre and FFO

We adjust EBITDAre and FFO when evaluating our performance because we believe that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance and that the presentation of Adjusted EBITDA and Adjusted FFO when combined with U.S. GAAP net income, EBITDAre and FFO, is beneficial to an investor's complete understanding of our consolidated and property-level operating performance.  We adjust EBITDAre and FFO for the following items:

  • Non-Cash Lease Expense and Other Amortization: We exclude the non-cash expense incurred from the straight line recognition of expense from our ground leases and other contractual obligations and the non-cash amortization of our favorable and unfavorable contracts, originally recorded in conjunction with certain hotel acquisitions. We exclude these non-cash items because they do not reflect the actual cash amounts due to the respective lessors in the current period and they are of lesser significance in evaluating our actual performance for that period.
  • Cumulative Effect of a Change in Accounting Principle: The Financial Accounting Standards Board promulgates new accounting standards that require or permit the consolidated statement of operations and comprehensive income to reflect the cumulative effect of a change in accounting principle. We exclude the effect of these adjustments, which include the accounting impact from prior periods, because they do not reflect the Company's actual underlying performance for the current period.
  • Gains or Losses from Early Extinguishment of Debt: We exclude the effect of gains or losses recorded on the early extinguishment of debt because these gains or losses result from transaction activity related to the Company's capital structure that we believe are not indicative of the ongoing operating performance of the Company or our hotels.
  • Hotel Acquisition Costs: We exclude hotel acquisition costs expensed during the period because we believe these transaction costs are not reflective of the ongoing performance of the Company or our hotels.
  • Severance Costs: We exclude corporate severance costs, or reversals thereof, incurred with the termination of corporate-level employees and severance costs incurred at our hotels related to lease terminations or structured severance programs because we believe these costs do not reflect the ongoing performance of the Company or our hotels.
  • Hotel Manager Transition Items: We exclude the transition items associated with a change in hotel manager because we believe these items do not reflect the ongoing performance of the Company or our hotels.
  • Hotel Pre-Opening Costs: We exclude the pre-opening costs associated with the redevelopment or rebranding of a hotel because we believe these items do not reflect the ongoing performance of the Company or our hotels.
  • Other Items: From time to time we incur costs or realize gains that we consider outside the ordinary course of business and that we do not believe reflect the ongoing performance of the Company or our hotels. Such items may include, but are not limited to the following: lease preparation costs incurred to prepare vacant space for marketing; management or franchise contract termination fees; gains or losses from legal settlements; costs incurred related to natural disasters; and gains on property insurance claim settlements, other than income related to business interruption insurance.

In addition, to derive Adjusted FFO we exclude any unrealized fair value adjustments to interest rate swaps.  We exclude these non-cash amounts because they do not reflect the underlying performance of the Company.

Hotel Adjusted EBITDA

We believe that Hotel Adjusted EBITDA provides our investors a useful financial measure to evaluate our hotel operating performance, excluding the impact of our capital structure (primarily interest), our asset base (primarily depreciation and amortization), and our corporate-level expenses.  With respect to Hotel Adjusted EBITDA, we believe that excluding the effect of corporate-level expenses provides a more complete understanding of the operating results over which individual hotels and third-party management companies have direct control.  We believe property-level results provide investors with supplemental information on the ongoing operational performance of our hotels and effectiveness of the third-party management companies operating our business on a property-level basis. Hotel Adjusted EBITDA margins are calculated as Hotel Adjusted EBITDA divided by total hotel revenues. 

        

Reconciliations of Non-GAAP Measures

EBITDA, EBITDAre, Adjusted EBITDA and Hotel Adjusted EBITDA

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


Three Months Ended September 30,

Nine Months Ended September 30,          

2024

2023

2024

2023

Net income

$                  26,557

$                27,330

$                59,546

$                75,652

Interest expense

16,986

15,973

49,434

48,712

Income tax expense

418

224

696

420

Real estate related depreciation and amortization

28,356

27,683

84,542

82,995

EBITDA

72,317

71,210

194,218

207,779

Impairment losses

1,596

—

1,596

941

EBITDAre

73,913

71,210

195,814

208,720

Non-cash lease expense and other amortization

1,531

1,533

4,604

4,620

Severance costs

—

—

20,362

—

Hotel pre-opening costs

156

496

925

1,038

Adjusted EBITDA

75,600

73,239

221,705

214,378

Corporate expenses

7,660

7,526

24,721

23,677

Interest (income) and other (income) expense, net

(1,001)

(772)

(3,265)

(1,717)

Hotel Adjusted EBITDA

$                  82,259

$                79,993

$              243,161

$              236,338

 

Full Year 2024 Guidance

Low End

High End

Net income

$                     71,305

$                     77,305

Interest expense

65,683

65,683

Income tax expense

500

1,500

Real estate related depreciation and amortization

116,000

115,000

EBITDA/EBITDAre

253,488

259,488

Non-cash lease expense and other amortization

6,200

6,200

Severance costs

20,362

20,362

Hotel pre-opening costs

950

950

Adjusted EBITDA

$                   281,000

$                   287,000

 

FFO and Adjusted FFO

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

Three Months Ended September 30,

Nine Months Ended September 30,          

2024

2023

2024

2023

Net income

$                 26,557

$                27,330

$                59,546

$                75,652

Real estate related depreciation and amortization

28,356

27,683

84,542

82,995

Impairment losses

1,596

—

1,596

941

FFO

56,509

55,013

145,684

159,588

Distribution to preferred stockholders

(2,454)

(2,454)

(7,362)

(7,362)

FFO available to common stock and unit holders

54,055

52,559

138,322

152,226

Non-cash lease expense and other amortization

1,531

1,533

4,604

4,620

Severance costs

—

—

20,362

—

Hotel pre-opening costs

156

496

925

1,038

Fair value adjustments to interest rate swaps

—

—

—

2,033

Adjusted FFO available to common stock and unit holders

$                 55,742

$                54,588

$              164,213

$              159,917

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

$                      0.26

$                    0.26

$                    0.77

$                    0.75

 

Full Year 2024 Guidance

Low End

High End

Net income

$                     71,305

$                     77,305

Real estate related depreciation and amortization

116,000

115,000

FFO

187,305

192,305

Distribution to preferred stockholders

(9,817)

(9,817)

FFO available to common stock and unit holders

177,488

182,488

Non-cash lease expense and other amortization

6,200

6,200

Severance costs

20,362

20,362

Hotel pre-opening costs

950

950

Adjusted FFO available to common stock and unit holders

$                   205,000

$                   210,000

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

$                          0.97

$                          0.99

    

Reconciliation of Comparable Operating Results

The following presents the revenues, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin together with comparable prior year results (in thousands):      


Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

Revenues

$          285,129

$          276,520

$          850,832

$          811,320

Hotel revenues from prior ownership (1)

—

1,642

—

8,935

Comparable Revenues

$          285,129

$          278,162

$          850,832

$          820,255








Hotel Adjusted EBITDA

$            82,259

$            79,993

$          243,161

$          236,338

Hotel Adjusted EBITDA from prior ownership (1)

—

499

—

1,825

Comparable Hotel Adjusted EBITDA

$            82,259

$            80,492

$          243,161

$          238,163








Hotel Adjusted EBITDA Margin

28.85 %

28.93 %

28.58 %

29.13 %

Comparable Hotel Adjusted EBITDA Margin

28.85 %

28.94 %

28.58 %

29.04 %

(1)

Amounts represent the pre-acquisition operating results for Chico Hot Springs Resort from January 1, 2023 to July 31, 2023.  The pre-acquisition operating results were obtained from the seller of the hotel during the acquisition due diligence process. We have made no adjustments to the amounts provided to us by the seller. The pre-acquisition operating results were not audited or reviewed by the Company's independent auditors.

 

Selected Quarterly Comparable Operating Information

The following tables are presented to provide investors with selected quarterly comparable operating information for the Company's existing portfolio of hotels.


Quarter 1, 2023

Quarter 2, 2023

Quarter 3, 2023

Quarter 4, 2023

Full Year 2023

ADR

$          276.43

$          292.67

$          273.28

$          282.57

$          281.36

Occupancy

66.9 %

76.6 %

76.4 %

68.4 %

72.1 %

RevPAR

$          185.00

$          224.27

$          208.66

$          193.16

$          202.81

Total RevPAR

$          282.28

$          333.24

$          310.54

$          294.05

$          305.08

Revenues (in thousands)

$        247,034

$        295,059

$        278,162

$        263,547

$     1,083,802

Hotel Adjusted EBITDA (in thousands)

$          63,336

$          94,335

$          80,492

$          64,817

$        302,980

Hotel Adjusted EBITDA Margin

25.64 %

31.97 %

28.94 %

24.59 %

27.96 %

Available Rooms

875,126

885,430

895,743

896,260

3,552,559

 

Quarter 1, 2024

Quarter 2, 2024

Quarter 3, 2024

ADR

$          269.53

$          294.55

$          282.02

Occupancy

68.4 %

77.8 %

76.0 %

RevPAR

$          184.23

$          229.21

$          214.44

Total RevPAR

$          288.92

$          348.37

$          317.67

Revenues (in thousands)

$        256,423

$        309,280

$        285,129

Hotel Adjusted EBITDA (in thousands)

$          61,414

$          99,488

$          82,259

Hotel Adjusted EBITDA Margin

23.95 %

32.17 %

28.85 %

Available Rooms

887,523

887,796

897,552

 

Market Capitalization as of September 30, 2024

(in thousands)

Enterprise Value




Common equity capitalization (at September 30, 2024 closing price of $8.73/share)

$              1,841,475

Preferred equity capitalization (at liquidation value of $25.00/share)

119,000

Consolidated debt (face amount)

1,097,866

Cash and cash equivalents

(75,287)

Total enterprise value

$              2,983,054

Share Reconciliation




Common shares outstanding

207,276

Operating partnership units

1,135

Unvested restricted stock held by management and employees

622

Share grants under deferred compensation plan

1,904

Combined shares and units

210,937

 

Debt Summary as of September 30, 2024

(dollars in thousands)

Loan

Interest Rate

Term

Outstanding
Principal

Maturity

Worthington Renaissance Fort Worth Hotel

3.66 %

Fixed

72,267

May 2025

Hotel Clio

4.33 %

Fixed

55,025

July 2025

Westin Boston Seaport District

4.36 %

Fixed

170,574

November 2025

Unsecured term loan

SOFR + 1.35% (1)

Variable

500,000

January 2028

Unsecured term loan

SOFR + 1.35% (2)

Variable

300,000

January 2026 (3)

Senior unsecured credit facility

SOFR + 1.40%

Variable

—

September 2026 (4)

Total debt




1,097,866

     Unamortized debt issuance costs (5)




(651)

Debt, net of unamortized debt issuance costs


$    1,097,215










Weighted-average interest rate of fixed rate debt

4.44 %





Total weighted-average interest rate (6)

5.60 %














(1)

Interest rate as of September 30, 2024 was 5.93%, which includes the effect of interest rate swaps.

(2)

Interest rate as of September 30, 2024 was 6.31%.

(3)

In September 2024, we exercised our option to extend the maturity by an additional year to January 2026.

(4)

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

(5)

Excludes debt issuance costs related to our senior unsecured credit facility, which are included within Other Assets on the accompanying consolidated balance sheet.

(6)

Weighted-average interest rate includes the effect of interest rate swaps.

 

Operating Statistics – Third Quarter

Number
of Rooms

ADR

Occupancy

RevPAR

3Q 2024

3Q 2023

B/(W) 2023

3Q 2024

3Q 2023

B/(W) 2023

3Q 2024

3Q 2023

B/(W) 2023


























Atlanta Marriott Alpharetta

318

$         151.36

$         154.82

(2.2) %

65.5 %

69.4 %

(3.9) %

$          99.12

$         107.43

(7.7) %

Bourbon Orleans Hotel

220

$         205.99

$         201.95

2.0 %

51.1 %

66.4 %

(15.3) %

$         105.26

$         134.04

(21.5) %

Cavallo Point, The Lodge at the Golden Gate

142

$         603.32

$         589.26

2.4 %

66.8 %

57.8 %

9.0 %

$         402.94

$         340.41

18.4 %

Chicago Marriott Downtown Magnificent Mile

1,200

$         277.90

$         250.00

11.2 %

73.8 %

71.4 %

2.4 %

$         205.06

$         178.61

14.8 %

Chico Hot Springs Resort & Day Spa

117

$         231.43

$         184.10

25.7 %

77.8 %

84.3 %

(6.5) %

$         180.10

$         155.29

16.0 %

Courtyard Denver Downtown

177

$         234.62

$         241.09

(2.7) %

86.2 %

82.6 %

3.6 %

$         202.34

$         199.12

1.6 %

Courtyard New York Manhattan/Fifth Avenue

189

$         313.09

$         299.95

4.4 %

91.9 %

97.2 %

(5.3) %

$         287.59

$         291.65

(1.4) %

Courtyard New York Manhattan/Midtown East

321

$         361.67

$         356.68

1.4 %

92.6 %

91.2 %

1.4 %

$         334.84

$         325.19

3.0 %

Embassy Suites by Hilton Bethesda

272

$         171.55

$         159.76

7.4 %

72.9 %

73.8 %

(0.9) %

$         125.15

$         117.93

6.1 %

Havana Cabana Key West

106

$         200.26

$         236.66

(15.4) %

67.9 %

78.0 %

(10.1) %

$         135.93

$         184.58

(26.4) %

Henderson Beach Resort

269

$         448.94

$         470.03

(4.5) %

61.5 %

67.4 %

(5.9) %

$         276.32

$         316.76

(12.8) %

Henderson Park Inn

37

$         629.44

$         648.09

(2.9) %

69.4 %

80.5 %

(11.1) %

$         437.13

$         521.86

(16.2) %

Hilton Garden Inn New York/Times Square Central

282

$         280.91

$         276.77

1.5 %

90.2 %

97.0 %

(6.8) %

$         253.27

$         268.48

(5.7) %

Hotel Champlain Burlington

258

$         292.90

$         323.75

(9.5) %

90.5 %

86.1 %

4.4 %

$         264.96

$         278.74

(4.9) %

Hotel Clio

199

$         330.21

$         331.92

(0.5) %

84.1 %

77.4 %

6.7 %

$         277.62

$         256.83

8.1 %

Hotel Emblem San Francisco

96

$         184.77

$         234.01

(21.0) %

66.3 %

70.3 %

(4.0) %

$         122.53

$         164.57

(25.5) %

Kimpton Hotel Palomar Phoenix

242

$         173.90

$         164.84

5.5 %

70.0 %

76.1 %

(6.1) %

$         121.69

$         125.47

(3.0) %

Kimpton Shorebreak Fort Lauderdale Beach Resort

96

$         137.87

$         134.25

2.7 %

56.1 %

46.4 %

9.7 %

$          77.34

$          62.25

24.2 %

Kimpton Shorebreak Huntington Beach Resort

157

$         367.61

$         378.69

(2.9) %

87.2 %

85.0 %

2.2 %

$         320.50

$         321.77

(0.4) %

L'Auberge de Sedona

88

$         698.04

$         765.90

(8.9) %

58.8 %

54.6 %

4.2 %

$         410.76

$         418.24

(1.8) %

Lake Austin Spa Resort

40

$         980.21

$         983.07

(0.3) %

49.6 %

53.1 %

(3.5) %

$         485.84

$         521.72

(6.9) %

Margaritaville Beach House Key West

186

$         301.33

$         313.67

(3.9) %

72.0 %

77.8 %

(5.8) %

$         216.95

$         244.18

(11.2) %

Orchards Inn Sedona

70

$         234.32

$         240.57

(2.6) %

44.5 %

49.4 %

(4.9) %

$         104.21

$         118.79

(12.3) %

Salt Lake City Marriott Downtown at City Creek

510

$         183.42

$         181.37

1.1 %

66.6 %

61.6 %

5.0 %

$         122.22

$         111.69

9.4 %

The Dagny Boston

403

$         313.80

$         292.31

7.4 %

91.5 %

86.5 %

5.0 %

$         287.06

$         252.93

13.5 %

The Gwen

311

$         326.58

$         320.89

1.8 %

79.0 %

79.9 %

(0.9) %

$         257.90

$         256.33

0.6 %

The Hythe Vail

344

$         293.87

$         282.10

4.2 %

66.3 %

65.0 %

1.3 %

$         194.73

$         183.45

6.1 %

The Landing Lake Tahoe Resort & Spa

82

$         555.15

$         569.67

(2.5) %

80.7 %

76.9 %

3.8 %

$         448.01

$         437.83

2.3 %

The Lindy Renaissance Charleston Hotel

167

$         314.33

$         326.08

(3.6) %

83.7 %

88.9 %

(5.2) %

$         262.97

$         289.98

(9.3) %

The Lodge at Sonoma Resort

182

$         442.44

$         490.51

(9.8) %

80.9 %

68.3 %

12.6 %

$         358.04

$         334.84

6.9 %

Tranquility Bay Beachfront Resort

103

$         452.06

$         495.75

(8.8) %

72.8 %

79.3 %

(6.5) %

$         328.98

$         393.05

(16.3) %

Westin Boston Waterfront

793

$         283.29

$         250.75

13.0 %

91.5 %

92.4 %

(0.9) %

$         259.28

$         231.78

11.9 %

Westin Fort Lauderdale Beach Resort

433

$         176.75

$         187.46

(5.7) %

69.5 %

58.6 %

10.9 %

$         122.83

$         109.90

11.8 %

Westin San Diego Bayview

436

$         237.94

$         223.42

6.5 %

83.2 %

85.5 %

(2.3) %

$         198.01

$         191.04

3.6 %

Westin Washington D.C. City Center

410

$         221.11

$         185.80

19.0 %

71.1 %

81.5 %

(10.4) %

$         157.14

$         151.37

3.8 %

Worthington Renaissance Fort Worth Hotel

504

$         193.88

$         186.10

4.2 %

67.0 %

70.4 %

(3.4) %

$         129.91

$         130.98

(0.8) %

Comparable Total (1)

9,760

$         282.02

$         273.28

3.2 %

76.0 %

76.4 %

(0.4) %

$         214.44

$         208.66

2.8 %













(1)

Amounts include the pre-acquisition operating results of Chico Hot Springs Resort & Day Spa acquired in 2023. 

       

Operating Statistics – Year to Date

Number
of Rooms

ADR

Occupancy

RevPAR

YTD 2024

YTD 2023

B/(W) 2023

YTD 2024

YTD 2023

B/(W) 2023

YTD 2024

YTD 2023

B/(W) 2023


























Atlanta Marriott Alpharetta

318

$         157.67

$         154.52

2.0 %

64.8 %

68.5 %

(3.7) %

$         102.15

$         105.84

(3.5) %

Bourbon Orleans Hotel

220

$         240.93

$         236.68

1.8 %

68.7 %

76.9 %

(8.2) %

$         165.54

$         182.12

(9.1) %

Cavallo Point, The Lodge at the Golden Gate

142

$         578.72

$         590.72

(2.0) %

59.9 %

55.8 %

4.1 %

$         346.52

$         329.54

5.2 %

Chicago Marriott Downtown Magnificent Mile

1,200

$         252.74

$         246.14

2.7 %

62.5 %

60.7 %

1.8 %

$         158.06

$         149.41

5.8 %

Chico Hot Springs Resort & Day Spa

117

$         205.30

$         176.15

16.5 %

74.0 %

75.4 %

(1.4) %

$         152.00

$         132.75

14.5 %

Courtyard Denver Downtown

177

$         207.97

$         220.51

(5.7) %

79.3 %

78.4 %

0.9 %

$         164.84

$         172.83

(4.6) %

Courtyard New York Manhattan/Fifth Avenue

189

$         279.65

$         270.33

3.4 %

89.9 %

95.1 %

(5.2) %

$         251.53

$         257.20

(2.2) %

Courtyard New York Manhattan/Midtown East

321

$         324.06

$         314.26

3.1 %

92.6 %

90.5 %

2.1 %

$         299.98

$         284.44

5.5 %

Embassy Suites by Hilton Bethesda

272

$         175.22

$         163.58

7.1 %

71.8 %

71.9 %

(0.1) %

$         125.78

$         117.54

7.0 %

Havana Cabana Key West

106

$         305.80

$         305.56

0.1 %

78.8 %

84.2 %

(5.4) %

$         241.10

$         257.20

(6.3) %

Henderson Park Resort

269

$         427.29

$         458.10

(6.7) %

58.9 %

61.7 %

(2.8) %

$         251.66

$         282.64

(11.0) %

Henderson Park Inn

37

$         592.59

$         627.97

(5.6) %

70.5 %

70.2 %

0.3 %

$         417.70

$         440.90

(5.3) %

Hilton Garden Inn New York/Times Square Central

282

$         249.13

$         252.61

(1.4) %

89.8 %

89.4 %

0.4 %

$         223.67

$         225.73

(0.9) %

Hotel Champlain Burlington

258

$         238.69

$         252.40

(5.4) %

74.3 %

76.2 %

(1.9) %

$         177.25

$         192.25

(7.8) %

Hotel Clio

199

$         311.61

$         320.35

(2.7) %

77.7 %

71.2 %

6.5 %

$         242.10

$         227.96

6.2 %

Hotel Emblem San Francisco

96

$         206.22

$         245.70

(16.1) %

62.6 %

67.0 %

(4.4) %

$         129.00

$         164.55

(21.6) %

Kimpton Hotel Palomar Phoenix

242

$         224.89

$         221.99

1.3 %

76.0 %

76.0 %

— %

$         170.98

$         168.72

1.3 %

Kimpton Shorebreak Fort Lauderdale Beach Resort

96

$         201.68

$         217.03

(7.1) %

74.5 %

66.3 %

8.2 %

$         150.23

$         143.81

4.5 %

Kimpton Shorebreak Huntington Beach Resort

157

$         328.41

$         338.09

(2.9) %

83.8 %

81.3 %

2.5 %

$         275.26

$         274.92

0.1 %

L'Auberge de Sedona

88

$         845.89

$         907.24

(6.8) %

66.0 %

60.0 %

6.0 %

$         558.05

$         544.22

2.5 %

Lake Austin Spa Resort

40

$      1,020.45

$      1,071.67

(4.8) %

59.2 %

58.5 %

0.7 %

$         604.45

$         627.30

(3.6) %

Margaritaville Beach House Key West

186

$         402.31

$         403.61

(0.3) %

84.1 %

84.3 %

(0.2) %

$         338.15

$         340.19

(0.6) %

Orchards Inn Sedona

70

$         282.06

$         281.82

0.1 %

56.5 %

59.6 %

(3.1) %

$         159.41

$         167.87

(5.0) %

Salt Lake City Marriott Downtown at City Creek

510

$         192.95

$         190.89

1.1 %

68.5 %

63.3 %

5.2 %

$         132.09

$         120.75

9.4 %

The Dagny Boston

403

$         274.31

$         292.40

(6.2) %

85.9 %

75.0 %

10.9 %

$         235.63

$         219.35

7.4 %

The Gwen

311

$         295.55

$         299.15

(1.2) %

75.5 %

74.5 %

1.0 %

$         223.12

$         222.97

0.1 %

The Hythe Vail

344

$         418.51

$         435.10

(3.8) %

64.5 %

61.1 %

3.4 %

$         269.93

$         265.81

1.5 %

The Landing Lake Tahoe Resort & Spa

82

$         436.36

$         472.57

(7.7) %

64.2 %

53.0 %

11.2 %

$         279.94

$         250.32

11.8 %

The Lindy Renaissance Charleston Hotel

167

$         342.25

$         352.01

(2.8) %

88.1 %

89.2 %

(1.1) %

$         301.38

$         313.99

(4.0) %

The Lodge at Sonoma Resort

182

$         410.10

$         455.78

(10.0) %

66.3 %

62.7 %

3.6 %

$         271.77

$         285.78

(4.9) %

Tranquility Bay Beachfront Resort 

103

$         623.30

$         652.82

(4.5) %

76.0 %

77.8 %

(1.8) %

$         473.45

$         507.60

(6.7) %

Westin Boston Waterfront

793

$         263.76

$         243.78

8.2 %

86.4 %

85.3 %

1.1 %

$         228.01

$         207.90

9.7 %

Westin Fort Lauderdale Beach Resort

433

$         257.19

$         274.94

(6.5) %

79.3 %

73.3 %

6.0 %

$         203.94

$         201.56

1.2 %

Westin San Diego Bayview

436

$         231.87

$         214.93

7.9 %

73.3 %

79.9 %

(6.6) %

$         170.02

$         171.62

(0.9) %

Westin Washington D.C. City Center

410

$         241.24

$         216.66

11.3 %

72.6 %

75.9 %

(3.3) %

$         175.11

$         164.39

6.5 %

Worthington Renaissance Fort Worth Hotel

504

$         207.28

$         194.08

6.8 %

71.2 %

74.5 %

(3.3) %

$         147.54

$         144.59

2.0 %

Comparable Total (1)

9,760

$         282.56

$         280.98

0.6 %

74.1 %

73.3 %

0.8 %

$         209.31

$         206.07

1.6 %













(1)

Amounts include the pre-acquisition operating results of Chico Hot Springs Resort & Day Spa acquired in 2023. 

 

Hotel Adjusted EBITDA Reconciliation - Third Quarter 2024







Net Income /
(Loss)

Plus:

Plus:

Plus:

Equals: Hotel
Adjusted EBITDA


Total Revenues

Depreciation

Interest Expense

Adjustments (1)

Atlanta Marriott Alpharetta

$                   4,071

$                   1,067

$                      382

$                         —

$                         —

$                   1,449

Bourbon Orleans Hotel

$                   2,800

$                     (900)

$                      937

$                         —

$                           3

$                         40

Cavallo Point, The Lodge at the Golden Gate

$                 12,730

$                   2,108

$                   1,453

$                         —

$                         94

$                   3,655

Chicago Marriott Downtown Magnificent Mile

$                 34,444

$                   8,595

$                   3,212

$                           6

$                    (397)

$                 11,416

Chico Hot Springs Resort & Day Spa

$                   4,661

$                       818

$                      418

$                         —

$                           1

$                   1,237

Courtyard Denver Downtown

$                   3,623

$                   1,245

$                      374

$                         —

$                         —

$                   1,619

Courtyard New York Manhattan/Fifth Avenue

$                   5,128

$                       323

$                      358

$                         —

$                      253

$                       934

Courtyard New York Manhattan/Midtown East

$                 10,264

$                   2,894

$                      538

$                       340

$                         —

$                   3,772

Embassy Suites by Hilton Bethesda

$                   3,633

$                 (1,403)

$                      576

$                         —

$                   1,448

$                       621

Havana Cabana Key West

$                   2,003

$                     (405)

$                      323

$                         —

$                         —

$                       (82)

Henderson Beach Resort

$                 11,403

$                   1,800

$                   1,096

$                         —

$                         —

$                   2,896

Henderson Park Inn

$                   2,361

$                       801

$                      277

$                         —

$                         —

$                   1,078

Hilton Garden Inn New York/Times Square Central

$                   7,388

$                   1,320

$                      653

$                         —

$                         —

$                   1,973

Hotel Champlain Burlington

$                   8,454

$                   2,440

$                      780

$                         —

$                         —

$                   3,220

Hotel Clio

$                   8,134

$                   1,185

$                      853

$                       620

$                           5

$                   2,663

Hotel Emblem San Francisco

$                   1,369

$                     (271)

$                      295

$                         —

$                         —

$                         24

Kimpton Hotel Palomar Phoenix

$                   4,801

$                     (116)

$                      506

$                         —

$                      193

$                       583

Kimpton Shorebreak Fort Lauderdale Beach Resort

$                   1,473

$                     (752)

$                      366

$                         —

$                         —

$                     (386)

Kimpton Shorebreak Huntington Beach Resort

$                   6,243

$                   2,127

$                      340

$                         —

$                         —

$                   2,467

L'Auberge de Sedona

$                   5,963

$                       482

$                      390

$                         —

$                         —

$                       872

Lake Austin Spa Resort

$                   4,304

$                     (146)

$                      701

$                         —

$                         —

$                       555

Margaritaville Beach House Key West

$                   5,405

$                       566

$                      763

$                         —

$                         —

$                   1,329

Orchards Inn Sedona

$                   1,409

$                       (61)

$                         87

$                         —

$                         42

$                         68

Salt Lake City Marriott Downtown at City Creek

$                   7,878

$                   1,700

$                      945

$                         —

$                         11

$                   2,656

The Dagny Boston

$                 11,684

$                   3,575

$                   1,532

$                         —

$                         —

$                   5,107

The Gwen

$                 11,137

$                   2,661

$                      745

$                         —

$                         —

$                   3,406

The Hythe Vail

$                 11,180

$                   2,628

$                   1,168

$                         —

$                         —

$                   3,796

The Landing Lake Tahoe Resort & Spa

$                   5,727

$                   2,424

$                      214

$                         —

$                         —

$                   2,638

The Lindy Renaissance Charleston Hotel

$                   5,152

$                   1,717

$                      362

$                         —

$                         —

$                   2,079

The Lodge at Sonoma Resort

$                   9,283

$                   2,736

$                      492

$                         —

$                         —

$                   3,228

Tranquility Bay Beachfront Resort

$                   4,099

$                       589

$                      456

$                         —

$                         —

$                   1,045

Westin Boston Seaport District

$                 26,731

$                   3,680

$                   2,412

$                   1,949

$                    (122)

$                   7,919

Westin Fort Lauderdale Beach Resort

$                 11,670

$                     (354)

$                   1,046

$                         —

$                         —

$                       692

Westin San Diego Bayview

$                 10,390

$                   2,014

$                   1,361

$                         —

$                         —

$                   3,375

Westin Washington D.C. City Center

$                   7,335

$                       430

$                   1,035

$                         —

$                         —

$                   1,465

Worthington Renaissance Fort Worth Hotel

$                 10,799

$                   1,239

$                      910

$                       701

$                         —

$                   2,850

Comparable Total

$               285,129

$                 48,756

$                 28,356

$                   3,616

$                   1,531

$                 82,259

(1)

Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities.

 

Hotel Adjusted EBITDA Reconciliation - Third Quarter 2023




Net Income /
(Loss)

Plus:

Plus:

Plus:

Equals: Hotel


Total Revenues

Depreciation

Interest Expense

Adjustments (1)

Adjusted EBITDA

Atlanta Marriott Alpharetta

$                   4,328

$                   1,018

$                      367

$                         —

$                         —

$                   1,385

Bourbon Orleans Hotel

$                   3,437

$                         76

$                      866

$                         —

$                           6

$                      948

Cavallo Point, The Lodge at the Golden Gate

$                 11,114

$                   1,348

$                   1,410

$                         —

$                         94

$                   2,852

Chicago Marriott Downtown Magnificent Mile

$                 32,302

$                   8,332

$                   3,517

$                           6

$                    (397)

$                 11,458

Chico Hot Springs Resort & Day Spa

$                   2,595

$                      357

$                      195

$                         —

$                         —

$                      552

Courtyard Denver Downtown

$                   3,562

$                   1,386

$                      372

$                         —

$                         —

$                   1,758

Courtyard New York Manhattan/Fifth Avenue

$                   5,327

$                      780

$                      350

$                         —

$                      253

$                   1,383

Courtyard New York Manhattan/Midtown East

$                   9,921

$                   2,073

$                      519

$                      895

$                         —

$                   3,487

Embassy Suites by Hilton Bethesda

$                   3,361

$                 (1,765)

$                      570

$                         —

$                   1,463

$                      268

Havana Cabana Key West

$                   2,517

$                       (35)

$                      290

$                         —

$                         —

$                      255

Henderson Beach Resort

$                 11,721

$                   2,034

$                   1,015

$                         —

$                         —

$                   3,049

Henderson Park Inn

$                   2,846

$                   1,071

$                      283

$                         —

$                         —

$                   1,354

Hilton Garden Inn New York/Times Square Central

$                   7,700

$                   2,341

$                      646

$                         —

$                         —

$                   2,987

Hotel Champlain Burlington

$                   8,421

$                   3,555

$                      551

$                         —

$                         —

$                   4,106

Hotel Clio

$                   7,679

$                      836

$                      768

$                      635

$                           5

$                   2,244

Hotel Emblem San Francisco

$                   1,684

$                    (263)

$                      296

$                         —

$                         —

$                         33

Kimpton Hotel Palomar Phoenix

$                   4,724

$                    (200)

$                      496

$                         —

$                      178

$                      474

Kimpton Shorebreak Fort Lauderdale Beach Resort

$                   1,022

$                    (938)

$                      312

$                         —

$                         —

$                    (626)

Kimpton Shorebreak Huntington Beach Resort

$                   6,203

$                   2,048

$                      381

$                         —

$                         —

$                   2,429

L'Auberge de Sedona

$                   5,950

$                      641

$                      362

$                         —

$                         —

$                   1,003

Lake Austin Spa Resort

$                   4,543

$                      118

$                      647

$                         —

$                         —

$                      765

Margaritaville Beach House Key West

$                   5,933

$                      934

$                      775

$                         —

$                         —

$                   1,709

Orchards Inn Sedona

$                   1,586

$                           6

$                         93

$                         —

$                         42

$                      141

Salt Lake City Marriott Downtown at City Creek

$                   7,630

$                   2,035

$                      677

$                         —

$                         11

$                   2,723

The Dagny Boston

$                 10,420

$                   2,096

$                   1,522

$                         —

$                         —

$                   3,618

The Gwen

$                 10,747

$                   2,725

$                   1,030

$                         —

$                         —

$                   3,755

The Hythe Vail

$                 10,420

$                   1,897

$                   1,201

$                         —

$                         —

$                   3,098

The Landing Lake Tahoe Resort & Spa

$                   5,767

$                   2,676

$                      135

$                         —

$                         —

$                   2,811

The Lindy Renaissance Charleston Hotel

$                   5,507

$                   1,798

$                      477

$                         —

$                         —

$                   2,275

The Lodge at Sonoma Resort

$                   8,746

$                   2,337

$                      635

$                         —

$                         —

$                   2,972

Tranquility Bay Beachfront Resort

$                   4,888

$                      713

$                      449

$                         —

$                         —

$                   1,162

Westin Boston Seaport District

$                 26,082

$                   3,135

$                   2,473

$                   1,999

$                    (122)

$                   7,485

Westin Fort Lauderdale Beach Resort

$                 10,846

$                 (1,632)

$                   1,028

$                         —

$                         —

$                    (604)

Westin San Diego Bayview

$                 10,006

$                   2,585

$                      850

$                         —

$                         —

$                   3,435

Westin Washington D.C. City Center

$                   6,826

$                    (244)

$                   1,026

$                         —

$                         —

$                      782

Worthington Renaissance Fort Worth Hotel

$                 10,159

$                      651

$                   1,099

$                      718

$                         —

$                   2,468

Total

$               276,520

$                 46,525

$                 27,683

$                   4,253

$                   1,533

$                 79,993

Add: Prior Ownership Results (2)

$                   1,642

$                      424

$                         75

$                         —

$                         —

$                      499

Comparable Total

$               278,162

$                 46,949

$                 27,758

$                   4,253

$                   1,533

$                 80,492

(1)

Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities.

(2)

Represents the pre-acquisition operating results of Chico Hot Springs Resort & Day Spa acquired in 2023. 

 

Hotel Adjusted EBITDA Reconciliation - Year to Date 2024


Total Revenues

Net Income /
(Loss)

Plus: Depreciation

Plus: Interest
Expense

Plus: Adjustments (1)

Equals: Hotel
Adjusted EBITDA



Atlanta Marriott Alpharetta

$              12,834

$                   3,517

$                   1,105

$                         —

$                             —

$                   4,622

Bourbon Orleans Hotel

$              12,619

$                   1,550

$                   2,694

$                         —

$                           (23)

$                   4,221

Cavallo Point, The Lodge at the Golden Gate

$              35,223

$                   4,283

$                   4,324

$                         —

$                          281

$                   8,888

Chicago Marriott Downtown Magnificent Mile

$              87,188

$                 15,319

$                   9,685

$                         18

$                     (1,192)

$                 23,830

Chico Hot Springs Resort & Day Spa

$              11,647

$                       620

$                   1,201

$                         —

$                               4

$                   1,825

Courtyard Denver Downtown

$                 8,907

$                   2,587

$                   1,085

$                         —

$                             —

$                   3,672

Courtyard New York Manhattan/Fifth Avenue

$              13,391

$                     (239)

$                   1,041

$                         —

$                          760

$                   1,562

Courtyard New York Manhattan/Midtown East

$              27,378

$                   4,630

$                   1,554

$                   2,086

$                             —

$                   8,270

Embassy Suites by Hilton Bethesda

$              10,703

$                 (4,368)

$                   1,789

$                         —

$                       4,368

$                   1,789

Havana Cabana Key West

$                 9,310

$                   1,607

$                   1,065

$                         —

$                             —

$                   2,672

Henderson Beach Resort

$              33,139

$                   4,697

$                   3,249

$                         —

$                             —

$                   7,946

Henderson Park Inn

$                 6,668

$                   2,029

$                      818

$                         —

$                             —

$                   2,847

Hilton Garden Inn New York/Times Square Central

$              19,628

$                   2,301

$                   1,953

$                         —

$                             —

$                   4,254

Hotel Champlain Burlington

$              16,841

$                   2,233

$                   1,975

$                         —

$                             —

$                   4,208

Hotel Clio

$              21,936

$                   1,623

$                   2,497

$                   1,859

$                             14

$                   5,993

Hotel Emblem San Francisco

$                 4,242

$                     (621)

$                      910

$                         —

$                             —

$                       289

Kimpton Hotel Palomar Phoenix

$              18,527

$                   2,791

$                   1,471

$                         —

$                          584

$                   4,846

Kimpton Shorebreak Fort Lauderdale Beach Resort

$                 7,106

$                     (577)

$                   1,074

$                         —

$                             —

$                       497

Kimpton Shorebreak Huntington Beach Resort

$              16,997

$                   4,991

$                   1,061

$                         —

$                             —

$                   6,052

L'Auberge de Sedona

$              23,127

$                   5,303

$                   1,121

$                         —

$                             —

$                   6,424

Lake Austin Spa Resort

$              15,421

$                   1,550

$                   2,083

$                         —

$                             —

$                   3,633

Margaritaville Beach House Key West

$              23,317

$                   7,386

$                   2,064

$                         —

$                             —

$                   9,450

Orchards Inn Sedona

$                 6,020

$                   1,047

$                      265

$                         —

$                          126

$                   1,438

Salt Lake City Marriott Downtown at City Creek

$              25,304

$                   6,425

$                   2,828

$                         —

$                             49

$                   9,302

The Dagny Boston

$              29,043

$                   5,278

$                   4,718

$                         —

$                             —

$                   9,996

The Gwen

$              28,076

$                   3,722

$                   2,475

$                         —

$                             —

$                   6,197

The Hythe Vail

$              39,671

$                 12,333

$                   3,520

$                         —

$                             —

$                 15,853

The Landing Lake Tahoe Resort & Spa

$              11,198

$                   2,967

$                      653

$                         —

$                             —

$                   3,620

The Lindy Renaissance Charleston Hotel

$              17,153

$                   6,395

$                   1,143

$                         —

$                             —

$                   7,538

The Lodge at Sonoma Resort

$              22,026

$                   4,471

$                   1,615

$                         —

$                             —

$                   6,086

Tranquility Bay Beachfront Resort

$              17,150

$                   4,048

$                   1,361

$                         —

$                             —

$                   5,409

Westin Boston Seaport District

$              77,585

$                   7,568

$                   7,336

$                   5,842

$                        (367)

$                 20,379

Westin Fort Lauderdale Beach Resort

$              52,237

$                 10,671

$                   3,182

$                         —

$                             —

$                 13,853

Westin San Diego Bayview

$              26,838

$                   4,099

$                   3,761

$                         —

$                             —

$                   7,860

Westin Washington D.C. City Center

$              24,830

$                   2,968

$                   3,231

$                         —

$                             —

$                   6,199

Worthington Renaissance Fort Worth Hotel

$              37,552

$                   6,809

$                   2,635

$                   2,100

$                             —

$                 11,544

Comparable Total

$            850,832

$               142,013

$                 84,542

$                 11,905

$                       4,604

$               243,161

(1)

Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities.

 

Hotel Adjusted EBITDA Reconciliation - Year to Date 2023




Net Income
/(Loss)

Plus:

Plus:

Plus:

Equals: Hotel


Total Revenues

Depreciation

Interest Expense

Adjustments (1)

Adjusted EBITDA

Atlanta Marriott Alpharetta

$                 12,584

$                   3,080

$                   1,090

$                         —

$                         —

$                   4,170

Bourbon Orleans Hotel

$                 13,449

$                   2,831

$                   2,553

$                         —

$                         19

$                   5,403

Cavallo Point, The Lodge at the Golden Gate

$                 33,762

$                   4,447

$                   4,198

$                         —

$                      281

$                   8,926

Chicago Marriott Downtown Magnificent Mile

$                 79,569

$                 14,293

$                 10,709

$                         18

$                 (1,192)

$                 23,828

Chico Hot Springs Resort & Day Spa

$                   2,595

$                      357

$                      195

$                         —

$                         —

$                      552

Courtyard Denver Downtown

$                   9,215

$                   2,899

$                   1,126

$                         —

$                         —

$                   4,025

Courtyard New York Manhattan/Fifth Avenue

$                 13,671

$                      874

$                   1,097

$                         —

$                      760

$                   2,731

Courtyard New York Manhattan/Midtown East

$                 25,890

$                   3,351

$                   1,524

$                   2,672

$                         —

$                   7,547

Embassy Suites by Hilton Bethesda

$                 10,113

$                 (4,917)

$                   1,713

$                         —

$                   4,409

$                   1,205

Havana Cabana Key West

$                   9,856

$                   2,294

$                      877

$                         —

$                         —

$                   3,171

Henderson Beach Resort

$                 32,520

$                   4,492

$                   3,047

$                         —

$                         —

$                   7,539

Henderson Park Inn

$                   7,044

$                   2,210

$                      785

$                         —

$                         —

$                   2,995

Hilton Garden Inn New York/Times Square Central

$                 19,308

$                   3,322

$                   1,929

$                         —

$                         —

$                   5,251

Hotel Champlain Burlington

$                 17,899

$                   4,837

$                   1,679

$                         —

$                         —

$                   6,516

Hotel Clio

$                 19,814

$                      118

$                   2,490

$                   1,898

$                         14

$                   4,520

Hotel Emblem San Francisco

$                   5,224

$                    (740)

$                      890

$                         —

$                         —

$                      150

Kimpton Hotel Palomar Phoenix

$                 18,580

$                   2,724

$                   1,646

$                         —

$                      538

$                   4,908

Kimpton Shorebreak Fort Lauderdale Beach Resort

$                   6,168

$                    (751)

$                      921

$                         —

$                         —

$                      170

Kimpton Shorebreak Huntington Beach Resort

$                 16,579

$                   4,662

$                   1,177

$                         —

$                         —

$                   5,839

L'Auberge de Sedona

$                 21,566

$                   4,622

$                   1,106

$                         —

$                         —

$                   5,728

Lake Austin Spa Resort

$                 15,462

$                   1,837

$                   1,916

$                         —

$                         —

$                   3,753

Margaritaville Beach House Key West

$                 23,355

$                   7,819

$                   2,366

$                         —

$                         —

$                 10,185

Orchards Inn Sedona

$                   6,225

$                   1,106

$                      273

$                         —

$                      126

$                   1,505

Salt Lake City Marriott Downtown at City Creek

$                 23,233

$                   6,549

$                   1,912

$                         —

$                         32

$                   8,493

The Dagny Boston

$                 27,018

$                   3,674

$                   4,195

$                         —

$                         —

$                   7,869

The Gwen

$                 27,126

$                   3,510

$                   3,163

$                         —

$                         —

$                   6,673

The Hythe Vail

$                 37,727

$                 11,374

$                   3,603

$                         —

$                         —

$                 14,977

The Landing Lake Tahoe Resort & Spa

$                 10,074

$                   2,520

$                      666

$                         —

$                         —

$                   3,186

The Lindy Renaissance Charleston Hotel

$                 17,758

$                   6,584

$                   1,418

$                         —

$                         —

$                   8,002

The Lodge at Sonoma Resort

$                 23,812

$                   4,918

$                   1,933

$                         —

$                         —

$                   6,851

Tranquility Bay Beachfront Resort

$                 18,222

$                   4,401

$                   1,315

$                         —

$                         —

$                   5,716

Westin Boston Seaport District

$                 71,511

$                   5,271

$                   7,421

$                   5,969

$                    (367)

$                 18,294

Westin Fort Lauderdale Beach Resort

$                 50,066

$                   9,178

$                   3,096

$                         —

$                         —

$                 12,274

Westin San Diego Bayview

$                 27,124

$                   6,023

$                   2,561

$                         —

$                         —

$                   8,584

Westin Washington D.C. City Center

$                 22,481

$                   1,435

$                   3,070

$                         —

$                         —

$                   4,505

Worthington Renaissance Fort Worth Hotel

$                 34,720

$                   4,824

$                   3,335

$                   2,145

$                         —

$                 10,304

Total

$               811,320

$               136,028

$                 82,995

$                 12,702

$                   4,620

$               236,338

Add: Prior Ownership Results (2)

$                   8,935

$                   1,300

$                      525

$                         —

$                         —

$                   1,825

Comparable Total

$               820,255

$               137,328

$                 83,520

$                 12,702

$                   4,620

$               238,163

(1)

Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities.

(2)

Represents the pre-acquisition operating results of Chico Hot Springs Resort & Day Spa acquired in 2023. 

 

Cision View original content:https://www.prnewswire.com/news-releases/diamondrock-hospitality-company-reports-third-quarter-2024-results-302299186.html

SOURCE DiamondRock Hospitality Company

Copyright 2024 PR Newswire

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