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News

RLJ Lodging Trust Reports Fourth Quarter and Full Year 2018 Results

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RLJ Lodging Trust (the Company) (NYSE: RLJ) today reported results for the three months and year ended December 31, 2018.

Fourth Quarter Highlights

  • Pro forma RevPAR decrease of 3.0%
  • Pro forma Hotel EBITDA Margin of 31.2%
  • Net income of $27.9 million
  • Adjusted EBITDA of $113.8 million
  • Adjusted FFO per diluted common share and unit of $0.49
  • Repurchased 1.2 million common shares for approximately $21.8 million

Full Year Highlights

  • Pro forma RevPAR decrease of 0.8%
  • Pro forma Hotel EBITDA Margin of 32.8%
  • Net income of $190.9 million
  • Adjusted EBITDA of $522.1 million
  • Adjusted FFO per diluted common share and unit of $2.26
  • Repurchased 1.8 million common shares for approximately $32.1 million, inclusive of 0.6 million common shares repurchased in the first quarter of 2019
  • Sold seven hotels for approximately $533 million at a 16.5x trailing EBITDA multiple
  • Repaid $635 million of indebtedness, exceeding our $500 million debt reduction objective

2018 was a transformational year for RLJ as we successfully executed on our strategic initiatives to position the Company for growth in 2019 and beyond, commented Leslie D. Hale, President and Chief Executive Officer. During the year, we sold seven hotels at an EBITDA multiple of 16.5x, paid down $635 million in debt, and took meaningful strides to position our portfolio for long-term growth. Additionally, we successfully redeployed the net proceeds from the sale of the Holiday Inn Fisherman’s Wharf to repurchase 1.8 million common shares at a significant discount to net asset value. We remain encouraged by our portfolio positioning in 2019 and our team’s ability to identify and execute on opportunities to drive shareholder value.

Financial and Operating Results

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

         
For the three months and year ended December 31, 2018 and 2017
($ in millions, except ADR, RevPAR, and per share amounts)
(unaudited)
 

For the quarter ended December 31,

For the year ended December 31,

2018

   

2017

   

Change

2018

   

2017

   

Change

 
Operational Overview:
Total Revenues $399.9 $462.5 (13.5)% $1,761.2 $1,356.3

29.9%

 
Pro forma ADR $170.71 $170.32

0.2%

$172.83 $172.54

0.2%

Pro forma Occupancy 73.7% 76.2% (3.2)% 77.7% 78.4% (0.9)%
Pro forma RevPAR $125.86 $129.77 (3.0)% $134.27 $135.31 (0.8)%
 
Financial Overview:
Net Income $27.9 $7.4 277.9% $190.9 $75.7 152.0%
 
Pro forma Hotel EBITDA $123.4 $135.7 (9.0)% $541.7 $570.2 (5.0)%
Pro forma Hotel EBITDA Margin 31.2%

33.4%

-221 bps 32.8% 34.3% -150 bps
Adjusted EBITDA (1) $113.8 $136.5 (16.6)% $522.1 $427.6 22.1%
 
Adjusted FFO (1) $84.9 $99.4 (14.6)% $395.7 $339.1 16.7%
Adjusted FFO Per Diluted Common Share and Unit $0.49 $0.57

(14.0)%

$2.26 $2.40

(5.8)%

 

Note:

(1) For the year ended December 31, 2018, sold hotels contributed $16.7 million and $15.7 million to Adjusted EBITDA and Adjusted FFO, respectively.

 

The Company’s fourth quarter was impacted by the significant hurricane demand in Houston and South Florida during the fourth quarter of 2017, which held back RevPAR growth by approximately 180 basis points. Excluding this impact and the 115 basis points of renovation disruption, RevPAR growth would have been flat. The Company’s top performing markets were New York City and Chicago with Pro forma RevPAR growth of 3.2% and 2.3%, respectively.

Full Year Dispositions

For the year ended December 31, 2018, the Company sold the following seven hotels for $532.9 million in aggregate at a blended EBITDA multiple of 16.5x, inclusive of required and planned capital expenditures.

  • 229-room Embassy Suites Boston – Marlborough for $23.7 million in February 2018
  • 364-room Sheraton Philadelphia Society Hill for $95.5 million in March 2018
  • 205-room Embassy Suites Napa Valley for $102.0 million in July 2018
  • 152-room DoubleTree Hotel Columbia for $12.9 million in August 2018
  • 362-room The Vinoy Renaissance St. Petersburg Resort & Golf Club for total consideration of $188.5 million in August 2018
  • 309-room DoubleTree by Hilton Burlington Vermont for $35.0 million in September 2018
  • Remaining 243-room Annex building of the Holiday Inn San Francisco – Fisherman’s Wharf for $75.3 million in October 2018.

Fourth Quarter Disposition

The Holiday Inn San Francisco – Fisherman’s Wharf consists of two separate buildings, the 342-room Columbus Street building and the 243-room Annex building. On October 31, 2018, the ground lease under the Columbus Street building expired and the building was transferred to the lessor in accordance with the ground lease. On October 15, 2018, the Company separately sold the remaining Annex building for a contractual sales price of $75.3 million, of which the Company’s pro rata share was approximately $30.4 million.

Share Repurchases

The Company has repurchased 1.8 million shares of its common stock at an average price of $18.35 per share since it began repurchasing shares in November 2018. The Company repurchased 1.2 million shares of its common stock at an average price of $18.76 for a total purchase price of $21.8 million during the fourth quarter of 2018. Subsequent to December 31, 2018, the Company repurchased 0.6 million shares of its common stock at an average price of $17.54 per share.

The Company’s existing repurchase program expired at the end of February. On February 15, 2019, the Company’s Board of Trustees authorized a new one year $250 million share repurchase program.

Balance Sheet

As of December 31, 2018, the Company had $320.1 million of unrestricted cash on its balance sheet, $600.0 million available on its revolving credit facility, and $2.2 billion of debt outstanding.

The Companys ratio of net debt to Adjusted EBITDA for the year ended December 31, 2018, was 3.7x.

Dividends

The Companys Board of Trustees declared a cash dividend of $0.33 per common share of beneficial interest in the fourth quarter. The dividend was paid on January 15, 2019, to shareholders of record as of December 31, 2018. For the year ended December 31, 2018, the Company declared a total cash dividend of $1.32 per common share of beneficial interest.

The Company’s Board of Trustees declared a preferred dividend of $0.4875 on its Series A cumulative convertible preferred shares. The dividend was paid on January 31, 2019, to shareholders of record as of December 31, 2018. For the year ended December 31, 2018, the Company declared a total dividend of $1.95 per Series A cumulative convertible preferred share.

Subsequent Events

On February 15, 2019, the Company redeemed all $45.0 million of preferred equity associated with The Knickerbocker hotel redevelopment in cash.

2019 Outlook

The Companys outlook includes only hotels owned as of February 28, 2019. Potential future acquisitions or dispositions could result in a material change to the Companys outlook.

For the full year 2019, the Company anticipates:

       
      Current Outlook
Pro forma RevPAR growth     0.0% to +2.0%
Pro forma Hotel EBITDA Margin 31.6% to 32.6%
Pro forma Consolidated Hotel EBITDA $522.0M to $552.0M
Corporate Cash General & Administrative $35.0M to $36.0M
Adjusted EBITDA $487.0M to $517.0M

Adjusted FFO per Diluted Share and Unit

    $2.15 to $2.30
 

Additionally, key assumptions underlying the Company’s full year 2019 outlook include:

  • Net interest expense of $88 million to $90 million
  • Capital expenditures related to renovations in the range of $90 million to $110 million and approximately 40 bps to 50 bps of renovation-related RevPAR disruption
  • Cash income tax expense of $3 million to $4 million

For the first quarter 2019, the Company anticipates Pro forma Consolidated Hotel EBITDA of $110 million to $115 million and Adjusted EBITDA of $101.5 million to $106.5 million.

Earnings Call

The Company will conduct its quarterly analyst and investor conference call on March 1, 2019, at 9:00 a.m. (Eastern Time). The conference call can be accessed by dialing (877) 407-3982 or (201) 493-6780 for international participants and requesting RLJ Lodging Trusts fourth quarter earnings conference call. Additionally, a live webcast of the conference call will be available through the Companys website at https://www.rljlodgingtrust.com. A replay of the conference call webcast will be archived and available online through the Investor Relations page of the Companys website.

About Us

RLJ Lodging Trust is a self-advised, publicly traded real estate investment trust that owns primarily premium-branded, high-margin, focused-service and compact full-service hotels. The Company’s portfolio consists of 150 hotels with approximately 28,600 rooms, located in 25 states and the District of Columbia and an ownership interest in one unconsolidated hotel with 171 rooms.

Forward Looking Statements

The following information contains certain statements, other than purely historical information, including estimates, projections, statements relating to the Companys business plans, objectives and expected operating results, and the assumptions upon which those statements are based, that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally are identified by the use of the words believe, project, expect, anticipate, estimate, plan, may, will, will continue, intend, should, or similar expressions. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs, and expectations, such forward- looking statements are not predictions of future events or guarantees of future performance and the Companys actual results could differ materially from those set forth in the forward-looking statements. Some factors that might cause such a difference include the following: the current global economic uncertainty, increased direct competition, changes in government regulations or accounting rules, changes in local, national, and global real estate conditions, declines in the lodging industry, seasonality of the lodging industry, risks related to natural disasters, such as earthquakes and hurricanes, hostilities, including future terrorist attacks or fear of hostilities that affect travel, the Companys ability to obtain lines of credit or permanent financing on satisfactory terms, changes in interest rates, access to capital through offerings of the Companys common and preferred shares of beneficial interest, or debt, the Companys ability to identify suitable acquisitions, the Companys ability to close on identified acquisitions and integrate those businesses, and inaccuracies of the Companys accounting estimates. Given these uncertainties, undue reliance should not be placed on such statements. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The Company cautions investors not to place undue reliance on these forward-looking statements and urges investors to carefully review the disclosures the Company makes concerning risks and uncertainties in the sections entitled Risk Factors, Forward-Looking Statements, and Managements Discussion and Analysis of Financial Condition and Results of Operations in the Companys Annual Report, as well as risks, uncertainties and other factors discussed in other documents filed by the Company with the Securities and Exchange Commission.

For additional information or to receive press releases via email, please visit our website: https://www.rljlodgingtrust.com

RLJ Lodging Trust Non-GAAP and Accounting Commentary

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

The Company considers the following non-GAAP financial measures useful to investors as key supplemental measures of its performance: (1) FFO, (2) Adjusted FFO, (3) EBITDA, (4) EBITDAre, (5) Adjusted EBITDA, (6) Hotel EBITDA, and (7) Hotel EBITDA Margin. These Non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss as a measure of its operating performance. FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA, and Hotel EBITDA Margin as calculated by the Company, may not be comparable to other companies that do not define such terms exactly as the Company.

Funds From Operations (FFO)

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

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

EBITDA and EBITDAre

Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”) is defined as net income or loss excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sales of assets; and (3) depreciation and amortization. The Company considers EBITDA useful to an investor in evaluating and facilitating comparisons of its operating performance between periods and between REITs by removing the impact of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results. In addition, EBITDA is used as one measure in determining the value of hotel acquisitions and dispositions.

In addition to EBITDA, the Company presents EBITDAre in accordance with NAREIT guidelines, which defines EBITDAre as net income or loss (calculated in accordance with GAAP) excluding interest expense, income tax expense, depreciation and amortization expense, gains or losses from sales of real estate, impairment, and adjustments for unconsolidated partnerships and joint ventures. The Company believes that the presentation of EBITDAre provides useful information to investors regarding the Company’s operating performance and can facilitate comparisons of operating performance between periods and between REITs.

Adjustments to FFO and EBITDA

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

  • Transaction Costs: The Company excludes transaction costs expensed during the period.
  • Non-Cash Expenses: The Company excludes the effect of certain non-cash items such as the amortization of share-based compensation and non-cash income taxes.
  • Other Non-Operational Expenses: The Company excludes the effect of certain non-operational expenses representing income and expenses outside the normal course of operations.

The Company previously presented Adjusted EBITDA with adjustments for noncontrolling interests in consolidated joint ventures. The rationale for including 100% of Adjusted EBITDA for consolidated joint ventures with noncontrolling interests is that the full amount of any debt of these consolidated joint ventures is reported in our consolidated balance sheet and metrics using debt to EBITDA provide a better understanding of the Companys leverage. This is also consistent with NAREITs definition of EBITDAre.

Hotel EBITDA and Hotel EBITDA Margin

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

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

Pro forma adjustments: Acquired hotels

For the year ended December 31, 2018, no hotels were acquired.

The Company acquired the following hotels in August 2017 in conjunction with the FelCor merger:

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

Pro forma adjustments: Sold hotels

For the year ended December 31, 2018, the following hotels were sold:

  • Embassy Suites Boston – Marlborough was sold in February 2018
  • Sheraton Philadelphia Society Hill Hotel was sold in March 2018
  • Embassy Suites Napa Valley was sold in July 2018
  • DoubleTree Hotel Columbia was sold in August 2018
  • The Vinoy Renaissance St. Petersburg Resort & Golf Club was sold in August 2018
  • DoubleTree by Hilton Burlington Vermont was sold in September 2018
  • Holiday Inn San Francisco – Fisherman’s Wharf in October 2018

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

  • The Fairmont Copley Plaza was sold in December 2017
       

RLJ Lodging Trust Consolidated Balance Sheets (Amounts in thousands, except share and per share data)

(unaudited)

 

December 31, 2018

December 31, 2017

 
Assets
Investment in hotel properties, net $ 5,378,651 $ 5,791,925
Investment in unconsolidated joint ventures 22,279 23,885
Cash and cash equivalents 320,147 586,470
Restricted cash reserves 64,695 72,606
Hotel and other receivables, net of allowance of $598 and $510, respectively 52,115 60,011
Deferred income tax asset, net 47,395 56,761
Intangible assets, net 52,448 133,211
Prepaid expense and other assets 67,367   69,936  
Total assets $ 6,005,097   $ 6,794,805  
Liabilities and Equity
Debt, net $ 2,202,676 $ 2,880,488
Accounts payable and other liabilities 203,833 225,664
Deferred income tax liability 2,766 5,547
Advance deposits and deferred revenue 25,411 30,463
Accrued interest 7,913 17,081
Distributions payable 65,557   65,284  
Total liabilities 2,508,156 3,224,527
Equity
Shareholders equity:
Preferred shares of beneficial interest, $0.01 par value, 50,000,000 shares authorized
Series A Cumulative Convertible Preferred Shares, $0.01 par value, 12,950,000 shares authorized; 12,879,475 shares issued and outstanding, liquidation value of $328,266, at December 31, 2018 and 2017 366,936 366,936
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 174,019,616 and 174,869,046 shares issued and outstanding at December 31, 2018 and 2017, respectively 1,740 1,749
Additional paid-in capital 3,195,381 3,208,002
Accumulated other comprehensive income 16,195 8,846
Distributions in excess of net earnings (150,476 ) (82,566 )
Total shareholders equity 3,429,776 3,502,967
Noncontrolling interest:
Noncontrolling interest in consolidated joint ventures 11,908 11,700
Noncontrolling interest in the Operating Partnership 10,827   11,181  
Total noncontrolling interest 22,735   22,881  
Preferred equity in a consolidated joint venture, liquidation value of $45,544 and $45,430 at December 31, 2018 and 2017, respectively 44,430   44,430  
Total equity 3,496,941   3,570,278  
Total liabilities and equity $ 6,005,097   $ 6,794,805  
 

Note:

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

 
       

RLJ Lodging Trust Consolidated Statements of Operations (Amounts in thousands, except share and per share data)

(unaudited)

 

For the quarter ended December 31,

For the year ended December 31,

2018

   

2017

2018

   

2017

Revenues
Operating revenues
Room revenue $ 334,933 $ 376,131 $ 1,473,047 $ 1,146,882
Food and beverage revenue 47,668 66,280 205,518 157,672
Other revenue 17,297   20,079   82,659   51,707  
Total revenues $ 399,898   $ 462,490   $ 1,761,224   $ 1,356,261  
Expenses
Operating expenses
Room expense $ 85,231 $ 94,206 $ 364,820 $ 270,729
Food and beverage expense 35,707 47,456 157,156 113,914
Management and franchise fee expense 30,377 36,523 138,143 122,633
Other operating expense 96,784   109,595   417,110   304,595  

Total property operating expenses

248,099 287,780 1,077,229 811,871
Depreciation and amortization 58,212 64,856 241,641 186,993
Property tax, insurance and other 30,641 30,477 135,059 91,406
General and administrative 11,136 11,695 49,195 40,453
Transaction costs (123 ) 7,476   2,057   44,398  
Total operating expenses 347,965   402,284   1,505,181   1,175,121  
Other income 276 (55 ) 2,791 269
Interest income 1,552 682 4,891 2,987
Interest expense (22,870 ) (29,795 ) (101,643 ) (78,322 )

Loss (gain) on sale of hotel properties, net

(2,016 ) 9,029 30,941 8,980

Loss (gain) on extinguishment of indebtedness, net

(14 )

5,996

Gain on settlement of an investment in loan

 

 

 

 

2,670

 
Income before equity in income from unconsolidated joint ventures 28,861 40,067 199,019 117,724

Equity in loss (income) from unconsolidated joint ventures

(1 ) 76   636   133  
Income before income tax expense 28,860 40,143 199,655 117,857
Income tax expense (942 ) (32,756 ) (8,793 ) (42,118 )
Net income 27,918 7,387 190,862 75,739
Net income attributable to noncontrolling interests:
Noncontrolling interest in consolidated joint ventures (186 ) (123 ) (17 ) (117 )
Noncontrolling interest in the Operating Partnership (93 ) 27 (719 ) (291 )
Preferred distributions – consolidated joint venture (373 ) (374 ) (1,483 ) (496 )
Net income attributable to RLJ 27,266 6,917 188,643 74,835
Preferred dividends (6,279 ) (6,279 ) (25,115 ) (8,372 )
Net income attributable to common shareholders $ 20,987   $ 638   $ 163,528   $ 66,463  
Basic per common share data:
Net income per share attributable to common shareholders $ 0.12   $

  $ 0.93   $ 0.47  
Weighted-average number of common shares 174,141,263   174,147,522   174,225,130   140,616,838  
Diluted per common share data:
Net income per share attributable to common shareholders $ 0.12   $

  $ 0.93   $ 0.47  
Weighted-average number of common shares 174,194,141   174,210,578   174,316,405  

 

140,694,049  
 

Note:

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

 
       

RLJ Lodging Trust Reconciliation of Net Income to Non-GAAP Measures (Amounts in thousands, except per share data)

(unaudited)

 

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

 

For the quarter ended December 31,

For the year ended December 31,

2018

   

2017

2018

   

2017

 
Net income $ 27,918 $ 7,387 $ 190,862 $ 75,739
Preferred dividends (6,279 ) (6,279 ) (25,115 ) (8,372 )
Preferred distributions – consolidated joint venture (373 ) (374 ) (1,483 ) (496 )
Depreciation and amortization 58,212 64,856 241,641 186,993
Loss (gain) on sale of hotel properties, net 2,016 (9,029 ) (30,941 ) (8,980 )
Noncontrolling interest in consolidated joint ventures (186 ) (123 ) (17 ) (117 )
Adjustments related to consolidated joint ventures (1) (74 ) (85 ) (307 ) (193 )
Adjustments related to unconsolidated joint ventures (2) 646   707   2,644   900  
FFO 81,880 57,060 377,284 245,474
Transaction costs (123 ) 7,476 2,057 44,398
Loss (gain) on extinguishment of indebtedness, net 14

(5,996 )

Gain on settlement of an investment in loan

(2,670 )
Amortization of share-based compensation 2,529 2,642 12,251 10,607
Non-cash income tax expense 413 31,775 6,584 39,747
Other expenses (3) 228   475   3,558   1,591  
Adjusted FFO $ 84,941   $ 99,428   $ 395,738   $ 339,147  
 
Adjusted FFO per common share and unit-basic $ 0.49 $ 0.57 $ 2.26 $ 2.40
Adjusted FFO per common share and unit-diluted $ 0.49 $ 0.57 $ 2.26 $ 2.40
 
Basic weighted-average common shares and units outstanding (4) 174,915 174,921 174,999 141,248
Diluted weighted-average common shares and units outstanding (4) 174,968 174,984 175,090 141,325

 

Note:

(1)   Includes depreciation and amortization expense allocated to the noncontrolling interest in the consolidated joint ventures.
(2) Includes our ownership interest of the depreciation and amortization expense of the unconsolidated joint ventures.
(3) Represents income and expenses outside of the normal course of operations, including debt modification costs, debt extinguishment costs, the accelerated amortization of deferred financing costs, hurricane-related costs that were not reimbursed by insurance, executive transition costs, receipts of prior year employee tax credits, and activist shareholder costs.
(4) Includes 0.8 million weighted-average operating partnership units for the three months ended December 31, 2018 and 2017, respectively, and 0.8 million and 0.6 million weighted-average operating partnership units for the years ended December 31, 2018 and 2017, respectively.
 
       

RLJ Lodging Trust Reconciliation of Net Income to Non-GAAP Measures (Amounts in thousands)

(unaudited)

 

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

 

For the quarter ended, December 31,

For the year ended, December 31,

2018

   

2017

2018

   

2017

 
Net income $ 27,918 $ 7,387 $ 190,862 $ 75,739
Depreciation and amortization 58,212 64,856 241,641 186,993
Interest expense, net (1) 21,319 29,114 96,752 76,703
Income tax expense 941 32,756 8,793 42,118
Adjustments related to unconsolidated joint ventures (2) 773   837   3,152   1,072  
EBITDA 109,163 134,950 541,200 382,625

Loss (gain) on sale of hotel properties, net

2,016   (9,029 ) (30,941 ) (8,980 )
EBITDAre 111,179 125,921 510,259 373,645
Transaction costs (123 ) 7,476 2,057 44,398

Loss (gain) on extinguishment of indebtedness, net

14

(5,996 )

Gain on settlement of an investment in loan

(2,670 )
Amortization of share-based compensation 2,529 2,642 12,251 10,607
Other expenses (3) 228   475   3,558   1,591  
Adjusted EBITDA 113,827 136,514 522,129 427,571
General and administrative (4) 8,593 9,053 33,802 29,846
Other corporate adjustments (5) 1,354   698   2,478   392  
Consolidated Hotel EBITDA 123,774   146,265   558,409   457,809  
Pro forma adjustments – income from sold hotels (344 ) (10,564 ) (16,738 ) (16,605 )
Pro forma adjustments – income from prior ownership of acquired hotels (6)

 

 

  129,027  
Pro forma Consolidated Hotel EBITDA 123,430   135,701   541,671   570,231  
Pro forma adjustments – income from non-comparable hotels

 

 

 

 
Pro forma Hotel EBITDA $ 123,430   $ 135,701   $ 541,671   $ 570,231  
 

Note:

(1)   Interest expense is net of interest income, excluding amounts attributable to investment in loans of $1.4 million for the year ended December 31, 2017.
(2) Includes our ownership interest of the interest, depreciation, and amortization expense of the unconsolidated joint ventures.
(3) Represents income and expenses outside of the normal course of operations, including debt modification costs, debt extinguishment costs, hurricane-related costs that were not reimbursed by insurance, executive transition costs, receipts of prior year employee tax credits, and activist shareholder costs.
(4) Excludes amortization of share-based compensation and activist shareholder costs.
(5) Other corporate adjustments include property-level adjustments and certain revenues and expenses at corporate entities. These items include interest income, amortization of deferred management fees, key money amortization, ground rent amortization, legal fees, revenues and expenses associated with non-hotel properties, income (loss) from unconsolidated entities, internal lease rent expense, and other items.
(6) The information above includes results for periods prior to the Company’s ownership. The information has not been audited and is presented only for comparison purposes.
 
       

RLJ Lodging Trust Reconciliation of Non-GAAP Measures (Amounts in thousands)

(unaudited)

 

Pro forma Hotel EBITDA Margin

 

For the quarter ended December 31,

For the year ended December 31,

2018

   

2017

2018

   

2017

 
Total revenue $ 399,898 $ 462,490 $ 1,761,224 $ 1,356,261
Pro forma adjustments – Revenue from sold hotels (4,111 ) (56,068 ) (105,121 ) (79,897 )
Pro forma adjustments – Revenue from prior ownership of acquired hotels (1)

388,015
Other corporate adjustments / non-hotel revenue (464 ) (502 ) (3,759 ) (1,052 )
Pro forma Hotel Revenue $ 395,323   $ 405,920   $ 1,652,344   $ 1,663,327  
 
Pro forma Hotel EBITDA $ 123,430   $ 135,701   $ 541,671   $ 570,231  
 
Pro forma Hotel EBITDA Margin 31.2 % 33.4 % 32.8 % 34.3 %
 

Note:

(1)  

The information above includes results for periods prior to the Company’s ownership. The information has not been audited and is presented only for comparison purposes.

 
                 

RLJ Lodging Trust Consolidated Debt Summary (Amounts in thousands)

(unaudited)

 

Loan

   

Base Term (Years)

   

Maturity (incl. extensions)

   

Floating/ Fixed

 

Interest Rate (1)

   

Balance as of December 31, 2018 (2)

 
Secured Debt
Mortgage loan – 4 hotels 3 Oct 2021 Floating (3) 4.09% $ 150,000
Mortgage loan – 4 hotels 2 Mar 2022 Floating (3) 4.05% 140,250
Mortgage loan – 1 hotel 10 Jun 2022 Fixed 5.25% 31,423
Mortgage loan – 2 hotels 10 Oct 2022 Fixed 4.95% 57,068
Mortgage loan – 1 hotel 10 Oct 2022 Fixed 4.95% 32,803
Mortgage loan – 1 hotel 10 Oct 2022 Fixed 4.94% 28,978
Mortgage loan – 5 hotels 5 Mar 2023 Floating 4.60%     85,000
Weighted-Average / Secured Total 4.43% $ 525,522
 
Unsecured Debt
Revolver (4) 4 Apr 2021 Floating 4.00% $

$400 Million Term Loan Maturing 2021 5 Apr 2021 Floating (3)(5) 3.11% 400,000
$150 Million Term Loan Maturing 2022 7 Jan 2022 Floating (3) 3.08% 150,000
$400 Million Term Loan Maturing 2021 5 Jan 2023 Floating (3)(5) 3.22% 400,000
$225 Million Term Loan Maturing 2023 5 Jan 2023 Floating (3) 3.44% 225,000
Senior Unsecured Notes 10     Jun 2025     Fixed   6.00%     475,000
Weighted-Average / Unsecured Total 4.01% $ 1,650,000
                       
Weighted-Average / Total Debt                 4.11%     $ 2,175,522
 

Note:

(1)   Interest rates as of December 31, 2018.
(2) Excludes the impact of fair value adjustments and deferred financing costs.
(3) The floating interest rate is hedged with an interest rate swap.
(4) As of December 31, 2018, there was $600.0 million of borrowing capacity on the Revolver, which is charged an unused commitment fee of 0.30% annually.
(5) Reflects interest rate swap on $350.0 million.
 
                 

RLJ Lodging Trust Pro forma Operating Statistics Top 60 Assets (unaudited)

 

Property

         

City/State

   

# of Rooms

   

Pro forma Consolidated Hotel EBITDA

 
The Knickerbocker New York New York, NY 330 $13,025
Wyndham San Diego Bayside San Diego, CA 600 9,969
Marriott Louisville Downtown Louisville, KY 616 9,876
Wyndham Boston Beacon Hill Boston, MA 304 9,449
The Mills House Wyndham Grand Hotel Charleston, SC 216 8,882
Embassy Suites San Francisco Airport – Waterfront Burlingame, CA 340 8,703
San Francisco Marriott Union Square San Francisco, CA 401 8,490
Courtyard Austin Downtown Convention Center Austin, TX 270 8,191
Embassy Suites Fort Lauderdale 17th Street Fort Lauderdale, FL 361 8,113
Embassy Suites Los Angeles – International Airport South El Segundo, CA 349 8,073
Hilton Myrtle Beach Resort Myrtle Beach, SC 385 7,984
Embassy Suites Mandalay Beach – Hotel & Resort Oxnard, CA 250 7,861
DoubleTree Metropolitan Hotel New York City New York, NY 764 7,850
Wyndham New Orleans – French Quarter New Orleans, LA 374 7,840
Courtyard Portland City Center Portland, OR 256 7,729
DoubleTree Grand Key Resort Key West, FL 216 7,372
Courtyard Chicago Downtown Magnificent Mile Chicago, IL 306 7,274
Residence Inn Palo Alto Los Altos Los Altos, CA 156 7,187
Embassy Suites Myrtle Beach – Oceanfront Resort Myrtle Beach, SC 255 7,117
Courtyard San Francisco San Francisco, CA 166 7,062
Renaissance Pittsburgh Hotel Pittsburgh, PA 300 6,623
Hilton Garden Inn San Francisco Oakland Bay Brg Emeryville, CA 278 6,549
Embassy Suites Deerfield Beach – Resort & Spa Deerfield Beach, FL 244 6,508
Embassy Suites San Francisco Airport – South San Francisco South San Francisco, CA 312 6,405
Wyndham Philadelphia Historic District Philadelphia, PA 364 6,315
Wyndham Santa Monica At the Pier Santa Monica, CA 132 6,235
Courtyard Waikiki Beach Honolulu, HI 403 6,204
Hyatt House Emeryville San Francisco Bay Area Emeryville, CA 234 6,168
Embassy Suites Tampa Downtown Convention Center Tampa, FL 360 6,152
Fairfield Inn & Suites Washington DC Downtown Washington, DC 198 6,127
Hyatt House San Jose Silicon Valley San Jose, CA 164 5,999
Hyatt House Santa Clara Santa Clara, CA 150 5,972
Marriott Denver South @ Park Meadows Lone Tree, CO 279 5,695
Hilton Cabana Miami Beach Miami Beach, FL 231 5,461
Embassy Suites Boston Waltham Waltham, MA 275 5,425
Wyndham Houston – Medical Center Hotel & Suites Houston, TX 287 5,380
Embassy Suites Atlanta – Buckhead Atlanta, GA 316 5,318
Renaissance Fort Lauderdale Plantation Hotel Plantation, FL 250 5,240
Residence Inn Bethesda Downtown Bethesda, MD 188 5,206
Hyatt House San Diego Sorrento Mesa San Diego, CA 193 5,072
DoubleTree Suites by Hilton Austin Austin, TX 188 5,042
Courtyard Charleston Historic District Charleston, SC 176 5,027
Residence Inn Austin Downtown Convention Center Austin, TX 179 4,907
Hilton Garden Inn Los Angeles Hollywood Los Angeles, CA 160 4,784
Embassy Suites Irvine Orange County Irvine, CA 293 4,600
Embassy Suites Orlando – International Drive South/Convention Center Orlando, FL 244 4,590
Homewood Suites Washington DC Downtown Washington, DC 175 4,521
Embassy Suites Los Angeles Downey Downey, CA 220 4,509
Embassy Suites Milpitas Silicon Valley Milpitas, CA 266 4,352
Hyatt Place Washington DC Downtown K Street Washington, DC 164 4,202
Embassy Suites Dallas – Love Field Dallas, TX 248 4,108
Renaissance Boulder Flatiron Hotel Broomfield, CO 232 4,106
Marriott Denver Airport @ Gateway Park Aurora, CO 238 4,017
Hyatt Place Fremont Silicon Valley Fremont, CA 151 3,960
Embassy Suites Miami – International Airport Miami, FL 318 3,898
Embassy Suites Phoenix – Biltmore Phoenix, AZ 232 3,762
Wyndham Pittsburgh University Center Pittsburgh, PA 251 3,718
Embassy Suites Minneapolis – Airport Bloomington, MN 310 3,711
Residence Inn National Harbor Washington DC Oxon Hill, MD 162 3,648
Hilton Garden Inn New Orleans Convention Center New Orleans, LA 286     3,448

Top 60 Assets

16,566 371,011
Other (90 Assets) 12,031     170,660
Total Portfolio 28,597     $541,671
 

Note: For the trailing twelve months ended December 31, 2018. Results reflect 100% of the financial results of three consolidated joint ventures and exclude the Chateau LeMoyne-French Quarter New Orleans, which is an unconsolidated hotel. Amounts in thousands, except rooms. The information has not been audited and is presented only for comparison purposes.

               

RLJ Lodging Trust

Pro forma Operating Statistics (unaudited)

 

For the three months ended December 31, 2018 and 2017

 

 

   

 

   

 

 

   

 

   

 

 

   

 

   

 

# of Hotels

Occupancy

ADR

RevPAR

Top Markets

2018

2017

Var

2018

2017

Var

2018

2017

Var

Northern California 12 80.4 % 81.3 % (1.1 )% $ 222.84 $ 219.87 1.3 % $ 179.22 $ 178.74 0.3 %
South Florida 13 82.1 % 85.6 % (4.0 )% 160.57 165.24 (2.8 )% 131.88 141.43 (6.8 )%
Southern California 9 78.0 % 82.0 % (4.9 )% 171.55 166.03 3.3 % 133.81 136.12 (1.7 )%
Austin 14 71.6 % 75.8 % (5.5 )% 159.44 163.22 (2.3 )% 114.08 123.64 (7.7 )%
Denver 13 65.3 % 68.9 % (5.2 )% 128.03 133.46 (4.1 )% 83.54 91.90 (9.1 )%
New York City 5 92.1 % 92.6 % (0.5 )% 274.52 264.74 3.7 % 252.92 245.05 3.2 %
Washington, DC 7 76.1 % 78.3 % (2.8 )% 184.80 186.01 (0.7 )% 140.61 145.64 (3.5 )%
Chicago 14 68.8 % 65.7 % 4.7 % 135.82 139.06 (2.3 )% 93.40 91.32 2.3 %
Houston 11 66.7 % 74.4 % (10.4 )% 134.64 143.09 (5.9 )% 89.75 106.47 (15.7 )%
Louisville 5 58.1 % 67.8 % (14.3 )% 141.73 148.97 (4.9 )% 82.33 101.00 (18.5 )%
Other 47 71.2 %     72.6 %     (2.0 )%   156.26       154.85     0.9 %   111.19       112.43     (1.1 )%
Total 150 73.7 %     76.2 %     (3.2 )% $ 170.71     $ 170.32     0.2 % $ 125.86     $ 129.77     (3.0 )%
 

Service Level

# of Hotels

Occupancy

ADR

RevPAR

2018

2017

Var

2018

2017

Var

2018

2017

Var

Focused-Service 102 72.6 % 75.0 % (3.2 )% $ 155.50 $ 157.01 (1.0 )% $ 112.88 $ 117.80 (4.2 )%
Compact Full-Service 45 77.1 % 79.4 % (2.9 )% 189.24 186.89 1.3 % 145.89 148.45 (1.7 )%
Full-Service 3 53.2 %     57.2 %     (7.1 )%   142.98       142.85     0.1 %   76.00       81.75     (7.0 )%
Total 150 73.7 %     76.2 %     (3.2 )% $ 170.71     $ 170.32     0.2 % $ 125.86     $ 129.77     (3.0 )%
 

Chain Scale

# of Hotels

Occupancy

ADR

RevPAR

2018

2017

Var

2018

2017

Var

2018

2017

Var

Upper Upscale 37 72.1 % 75.8 % (4.8 )% $ 173.15 $ 171.72 0.8 % $ 124.84 $ 130.10 (4.0 )%
Upscale 96 74.7 % 76.7 % (2.7 )% 166.88 167.61 (0.4 )% 124.58 128.53 (3.1 )%
Upper Midscale 15 71.4 % 72.0 % (0.9 )% 138.05 141.87 (2.7 )% 98.56 102.18 (3.5 )%
Other 2 86.3 %     85.1 %     1.4 %   356.93       330.57     8.0 %   308.12       281.45     9.5 %
Total 150 73.7 %     76.2 %     (3.2 )% $ 170.71     $ 170.32     0.2 % $ 125.86     $ 129.77     (3.0 )%
 

Flags

# of Hotels

Occupancy

ADR

RevPAR

2018

2017

Var

2018

2017

Var

2018

2017

Var

Residence Inn 29 73.4 % 78.1 % (6.1 )% $ 146.46 $ 149.53 (2.1 )% $ 107.44 $ 116.82 (8.0 )%
Courtyard 24 72.8 % 75.2 % (3.1 )% 165.38 165.53 (0.1 )% 120.46 124.41 (3.2 )%
Embassy Suites 22 76.0 % 81.0 % (6.2 )% 168.42 165.45 1.8 % 127.95 134.02 (4.5 )%
Hyatt House 11 79.5 % 79.4 % 0.1 % 173.61 174.14 (0.3 )% 137.95 138.25 (0.2 )%
Hilton Garden Inn 8 73.0 % 72.9 % 0.0 % 159.40 159.96 (0.3 )% 116.30 116.68 (0.3 )%
SpringHill Suites 8 59.6 % 67.9 % (12.1 )% 122.93 127.09 (3.3 )% 73.31 86.27 (15.0 )%
Wyndham 8 75.9 % 74.8 % 1.5 % 169.58 170.32 (0.4 )% 128.74 127.38 1.1 %
Fairfield Inn & Suites 7 73.3 % 74.2 % (1.3 )% 148.15 150.82 (1.8 )% 108.61 111.97 (3.0 )%
Hampton Inn 7 71.1 % 73.1 % (2.6 )% 128.30 132.14 (2.9 )% 91.28 96.54 (5.4 )%
Marriott 6 63.3 % 67.3 % (6.0 )% 188.76 189.71 (0.5 )% 119.46 127.75 (6.5 )%
DoubleTree 4 90.1 % 90.2 % (0.1 )% 232.08 232.38 (0.1 )% 209.16 209.64 (0.2 )%
Renaissance 3 73.3 % 74.0 % (0.9 )% 167.74 171.72 (2.3 )% 122.98 127.10 (3.2 )%
Hyatt Place 3 71.5 % 77.7 % (8.0 )% 184.54 183.29 0.7 % 131.96 142.44 (7.4 )%
Homewood Suites 2 73.0 % 70.2 % 4.0 % 167.83 171.41 (2.1 )% 122.52 120.36 1.8 %
Hilton 2 56.6 % 54.4 % 3.9 % 148.25 151.25 (2.0 )% 83.85 82.34 1.8 %
Hyatt 2 74.7 % 75.4 % (0.9 )% 196.16 191.01 2.7 % 146.48 143.93 1.8 %
Other 4 79.1 %     74.8 %     5.7 %   299.28       289.35     3.4 %   236.75       216.51     9.3 %
Total 150 73.7 %     76.2 %     (3.2 )% $ 170.71     $ 170.32     0.2 % $ 125.86     $ 129.77     (3.0 )%
 

Note: Results reflect 100% of the financial results of three consolidated joint ventures and exclude the Chateau LeMoyne-French Quarter New Orleans, which is an unconsolidated hotel. The information has not been audited and is presented only for comparison purposes.

               

RLJ Lodging Trust Pro forma Operating Statistics (unaudited)

 

For the year ended December 31, 2018 and 2017

 

Top Markets

# of Hotels

Occupancy

ADR

RevPAR

2018

   

2017

   

Var

2018

   

2017

   

Var

2018

   

2017

   

Var

Northern California 12 83.3 % 84.6 % (1.5 )% $ 229.81 $ 223.95 2.6 % $ 191.52 $ 189.40 1.1 %
South Florida 13 85.4 % 83.9 % 1.8 % 169.87 168.26 1.0 % 145.11 141.23 2.7 %
Southern California 9 84.3 % 85.6 % (1.5 )% 180.10 178.81 0.7 % 151.84 152.99 (0.8 )%
Austin 14 74.1 % 77.1 % (3.9 )% 161.52 165.83 (2.6 )% 119.75 127.92 (6.4 )%
Denver 13 74.0 % 76.2 % (2.8 )% 138.32 140.57 (1.6 )% 102.41 107.09 (4.4 )%
New York City 5 90.1 % 89.2 % 0.9 % 235.99 231.51 1.9 % 212.52 206.57 2.9 %
Washington, DC 7 81.0 % 79.9 % 1.4 % 189.63 195.13 (2.8 )% 153.64 155.89 (1.4 )%
Chicago 14 71.4 % 68.0 % 5.1 % 142.08 142.42 (0.2 )% 101.50 96.83 4.8 %
Houston 11 69.9 % 71.5 % (2.2 )% 139.38 145.44 (4.2 )% 97.49 104.06 (6.3 )%
Louisville 5 60.7 % 68.3 % (11.1 )% 151.07 157.25 (3.9 )% 91.65 107.36 (14.6 )%
Other 47 75.9 %     76.6 %     (1.0 )%   160.39       159.75     0.4 %   121.69       122.36     (0.5 )%
Total 150 77.7 %     78.4 %     (0.9 )% $ 172.83     $ 172.54     0.2 % $ 134.27     $ 135.31     (0.8 )%
 

Service Level

# of Hotels

Occupancy

ADR

RevPAR

2018

2017

Var

2018

2017

Var

2018

2017

Var

Focused-Service 102 76.7 % 77.2 % (0.6 )% $ 159.49 $ 160.55 (0.7 )% $ 122.41 $ 123.92 (1.2 )%
Compact Full-Service 45 80.5 % 81.2 % (0.8 )% 187.63 185.72 1.0 % 151.13 150.85 0.2 %
Full-Service 3 59.9 %     64.6 %     (7.3 )%   172.31       173.37     (0.6 )%   103.16       111.99     (7.9 )%
Total 150 77.7 %     78.4 %     (0.9 )% $ 172.83     $ 172.54     0.2 % $ 134.27     $ 135.31     (0.8 )%
 

Chain Scale

# of Hotels

Occupancy

ADR

RevPAR

2018

2017

Var

2018

2017

Var

2018

2017

Var

Upper Upscale 37 76.6 % 78.2 % (2.0 )% $ 180.87 $ 178.94 1.1 % $ 138.55 $ 139.87 (0.9 )%
Upscale 96 78.5 % 79.0 % (0.7 )% 167.44 167.87 (0.3 )% 131.47 132.68 (0.9 )%
Upper Midscale 15 75.5 % 74.1 % 1.9 % 145.93 150.74 (3.2 )% 110.12 111.63 (1.4 )%
Other 2 81.0 %     79.9 %     1.4 %   296.90       284.48     4.4 %   240.35       227.18     5.8 %
Total 150 77.7 %     78.4 %     (0.9 )% $ 172.83     $ 172.54     0.2 % $ 134.27     $ 135.31     (0.8 )%
 

Flags

# of Hotels

Occupancy

ADR

RevPAR

2018

2017

Var

2018

2017

Var

2018

2017

Var

Residence Inn 29 78.1 % 79.1 % (1.4 )% $ 151.09 $ 153.33 (1.5 )% $ 117.93 $ 121.35 (2.8 )%
Courtyard 24 76.9 % 78.0 % (1.4 )% 167.45 167.72 (0.2 )% 128.78 130.83 (1.6 )%
Embassy Suites 22 80.1 % 81.7 % (2.0 )% 176.57 174.29 1.3 % 141.37 142.39 (0.7 )%
Hyatt House 11 82.0 % 81.5 % 0.7 % 177.52 175.02 1.4 % 145.62 142.60 2.1 %
Hilton Garden Inn 8 76.2 % 74.1 % 2.7 % 162.19 160.96 0.8 % 123.51 119.31 3.5 %
SpringHill Suites 8 66.7 % 70.6 % (5.6 )% 127.32 131.98 (3.5 )% 84.93 93.23 (8.9 )%
Wyndham 8 79.4 % 78.5 % 1.0 % 172.78 174.18 (0.8 )% 137.11 136.78 0.2 %
Fairfield Inn & Suites 7 76.9 % 76.1 % 1.1 % 153.48 161.60 (5.0 )% 118.08 122.97 (4.0 )%
Hampton Inn 7 76.1 % 74.9 % 1.7 % 138.44 139.78 (1.0 )% 105.39 104.67 0.7 %
Marriott 6 67.9 % 71.8 % (5.4 )% 195.80 195.29 0.3 % 132.94 140.14 (5.1 )%
DoubleTree 4 90.2 % 91.0 % (0.9 )% 210.81 209.24 0.7 % 190.07 190.41 (0.2 )%
Renaissance 3 77.3 % 76.3 % 1.4 % 169.02 166.90 1.3 % 130.68 127.30 2.7 %
Hyatt Place 3 79.2 % 81.9 % (3.3 )% 187.13 184.45 1.5 % 148.17 151.10 (1.9 )%
Homewood Suites 2 77.5 % 77.8 % (0.5 )% 178.27 184.19 (3.2 )% 138.11 143.35 (3.7 )%
Hilton 2 68.6 % 67.9 % 1.1 % 172.10 170.27 1.1 % 118.06 115.54 2.2 %
Hyatt 2 79.0 % 78.3 % 0.9 % 195.81 187.94 4.2 % 154.78 147.17 5.2 %
Other 4 74.8 %     72.5 %     3.2 %   256.83       251.29     2.2 %   192.21       182.27     5.5 %
Total 150 77.7 %     78.4 %     (0.9 )% $ 172.83     $ 172.54     0.2 % $ 134.27     $ 135.31     (0.8 )%
 

Note: Results reflect 100% of the financial results of three consolidated joint ventures and exclude the Chateau LeMoyne-French Quarter New Orleans, which is an unconsolidated hotel. The information above includes results for periods prior to the Company’s ownership. Wyndham hotels reclassified to Upscale to conform with Smith Travel Research chain scale definitions. The information has not been audited and is presented only for comparison purposes.

Sean Mahoney, Executive Vice President and Chief Financial Officer –
(301) 280-7774

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