RLJ Lodging Trust Reports Fourth Quarter and Full Year 2019 Results
RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today reported results for the three months and year ended December 31, 2019.
Fourth Quarter Highlights
Pro forma RevPAR decrease of 0.5% Pro forma Hotel EBITDA Margin of 30.0% Net income of $34.9 million Adjusted EBITDA of $96.3 million Adjusted FFO per diluted common share and unit of $0.41 Repurchased 0.7 million common shares for approximately $12.2 millionFull Year Highlights
Pro forma RevPAR increase of 0.7% Pro forma Hotel EBITDA Margin of 31.8% Net income of $129.4 million Adjusted EBITDA of $462.5 million Adjusted FFO per diluted common share and unit of $2.03 Strategically reshaped portfolio with sale of 47 non-core hotels for approximately $724 million Executed Wyndham termination agreement and received $35.0 million payment Refinanced $1.4 billion of debt, reducing borrowing costs and extending maturities Repurchased 4.6 million common shares for approximately $77.8 million“2019 was a transformational year for RLJ as we successfully executed on our strategic plan to reshape our portfolio, enhance operating metrics, and improve our growth profile,” commented Leslie D. Hale, President and Chief Executive Officer. “As we enter 2020, our portfolio is uniquely positioned with tangible catalysts despite choppy fundamentals. We have a fortress balance sheet, which enables us to be nimble, and significant investment capacity, which allows us to pursue multiple value creation opportunities in both the near and long-term. RLJ is well positioned to create value in all phases of the lodging cycle.”
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.
Pro forma RevPAR for the fourth quarter declined 0.5% from the comparable period in 2018. The Company's top performing markets were Louisville, Tampa, and Orlando with Pro forma RevPAR growth of 21.8%, 20.4%, and 9.0%, respectively. For the full year, the Company's top performing markets were Louisville, Austin, and Charleston with Pro forma RevPAR growth of 26.2%, 6.3%, and 5.4%, respectively.
Net Income for the fourth quarter was $34.9 million, an increase of $7.0 million from the comparable period in 2018.
Adjusted EBITDA for the fourth quarter was $96.3 million, a decrease of $17.6 million from the comparable period in 2018. For the three months ended December 31, 2018, adjusted EBITDA included $17.2 million from sold hotels.
Non-recurring items for the fourth quarter included an impairment loss of $13.5 million related to two hotel properties. The impairment loss is included in net income attributable to common shareholders but is excluded for the purpose of calculating Adjusted EBITDA and Adjusted FFO.
Financial and Operating Highlights
($ in millions, except ADR, RevPAR, and per share amounts)
(unaudited)
For the three months ended
December 31,
For the year ended
December 31,
2019
2018
Change
2019
2018
Change
Operational Overview: (1)
Pro forma ADR
$179.56
$181.72
(1.2)%
$182.96
$182.53
0.2%
Pro forma Occupancy
75.7%
75.2%
0.7%
79.0%
78.6%
0.4%
Pro forma RevPAR
$135.87
$136.62
(0.5)%
$144.51
$143.55
0.7%
Financial Overview:
Total Revenues
$347.1
$399.9
(13.2)%
$1,566.2
$1,761.2
(11.1)%
Pro forma Hotel Revenue
$342.1
$339.8
0.7%
$1,419.2
$1,398.8
1.5%
Net Income (2)
$34.9
$27.9
25.1%
$129.4
$190.9
(32.2)%
Pro forma Hotel EBITDA
$102.6
$106.0
(3.2)%
$450.7
$451.5
(0.2)%
Pro forma Hotel EBITDA Margin
30.0%
31.2%
(119) bps
31.8%
32.3%
(52) bps
Adjusted EBITDA (3)
$96.3
$113.8
(15.4)%
$462.5
$522.1
(11.4)%
Adjusted FFO
$69.3
$84.9
(18.5)%
$350.3
$395.7
(11.5)%
Adjusted FFO Per Diluted Common Share and Unit
$0.41
$0.49
(16.3)%
$2.03
$2.26
(10.2)%
Note:
(1) Pro forma statistics reflect the Company's 103 hotel portfolio as of February 25, 2020.
(2) Net Income for the three months ended December 31, 2019 and 2018, included $19.5 million and $5.1 million respectively, from sold hotels. Net Income for the year ended December 31, 2019 and 2018, included $18.1 million and $81.9 million respectively, from sold hotels.
(3) Adjusted EBITDA for the three months ended December 31, 2018 included $17.2 million from sold hotels. Adjusted EBITDA for the year ended December 31, 2019 and 2018, included $47.0 million and $106.2 million respectively, from sold hotels.
Fourth Quarter Disposition
On November 22, 2019, the Company sold five hotels in Austin, TX for a total sales price of $67.6 million. The sold portfolio included the following hotels:
211-room Marriott Austin South 152-room SpringHill Suites Austin South 110-room Courtyard Austin South 66-room Residence Inn Austin South 63-room Fairfield Inn & Suites Austin SouthFull Year Dispositions
For the year ended December 31, 2019, the Company sold 47 properties in five separate transactions consisting of:
21 hotel portfolio with 2,555 rooms in June 2019 255-room Embassy Suites Myrtle Beach Oceanfront Resort and the 385-room Hilton Myrtle Beach Resort in Myrtle Beach, SC in June 2019 18 hotel portfolio with 2,119 rooms in August 2019 108-room Residence Inn Columbia in September 2019 5 hotel portfolio with 602 rooms in Austin, TX in November 2019Share Repurchases
For the three months ended December 31, 2019, the Company repurchased 0.7 million shares of its common stock at an average price per share of $16.52 for approximately $12.2 million.
For the year ended December 31, 2019, the Company repurchased 4.6 million shares of its common stock at an average price per share of $17.01 for approximately $77.8 million.
Subsequent to year-end, the Company repurchased approximately 1.5 million shares of its common stock for approximately $24.5 million.
The Company's existing repurchase program will expire on February 29, 2020. On February 14, 2020, the Company's Board of Trustees authorized a new one year $250.0 million share repurchase program that will expire on February 28, 2021.
Balance Sheet
As of December 31, 2019, the Company had $882.5 million of unrestricted cash on its balance sheet, $600.0 million in capacity on its revolving credit facility, and $2.2 billion of debt outstanding.
The Company’s ratio of net debt to Adjusted EBITDA for the year ended December 31, 2019, was 3.1x.
Dividends
The Company’s Board of Trustees declared a cash dividend of $0.33 per common share of beneficial interest in the fourth quarter. The dividend was paid on January 15, 2020, to shareholders of record as of December 31, 2019. For the year ended December 31, 2019, the Company declared total dividends 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, 2020, to shareholders of record as of December 31, 2019. For the year ended December 31, 2019, the Company declared total dividends of $1.95 per Series A cumulative convertible preferred share.
Full Year Impact from Dispositions
The following table shows the impact of the sale of 47 non-core hotels in 2019 on Adjusted FFO and Adjusted EBITDA.
As Reported
for the Year Ended
December 31, 2019
Impact of
Dispositions
As Adjusted
for the Year Ended
December 31, 2019
Adjusted FFO
$350.3M
($46.2M)
$304.1M
Adjusted EBITDA
$462.5M
($47.0M)
$415.5M
The Company has provided the pro forma operating results of its current 103 hotel portfolio for all four quarters and full year 2019 in the pro forma supplemental presentation posted to the Company's Investor Relations website at http://investor.rljlodgingtrust.com.
2020 Outlook
The Company’s outlook includes only hotels owned as of February 25, 2020. The outlook does not incorporate the refinancing of the $475 million senior unsecured notes or any incremental share repurchases, as both are future transactions that will be influenced by market dynamics at the time of execution. Future acquisitions or dispositions are also not assumed in the Company's outlook.
For the full year 2020, the Company anticipates:
Current Outlook
Pro forma RevPAR growth
-1.5% to +0.5%
Pro forma Hotel EBITDA Margin
29.4% to 31.0%
Pro forma Consolidated Hotel EBITDA
$413.0M to $443.0M
Corporate Cash General & Administrative Expense
$35.0M to $36.0M
Adjusted EBITDA
$378.0M to $408.0M
Adjusted FFO per Diluted Share and Unit
$1.62 to $1.77
Additionally, the Company's full year 2020 outlook includes:
Interest expense of $88.0 million to $90.0 million Capital expenditures related to renovations in the range of $90.0 million to $110.0 million Cash income tax expense of $3.0 million to $4.0 million Diluted weighted average common shares and units of 169.5 millionThe Company's outlook for Pro forma Hotel EBITDA margin at the midpoint includes an impact of 65 basis points from increases in insurance premiums and property taxes.
For the first quarter 2020, the Company expects Pro forma Consolidated Hotel EBITDA to be between $89.0 million to $94.0 million and Adjusted EBITDA to be between $83.0 million to $88.0 million.
Earnings Call
The Company will conduct its quarterly analyst and investor conference call on February 26, 2020, at 10:00 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 Trust’s fourth quarter earnings conference call. Additionally, a live webcast of the conference call will be available through the Company’s website at http://www.rljlodgingtrust.com. A replay of the conference call webcast will be archived and available online through the Investor Relations page of the Company’s 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 103 hotels with approximately 22,570 rooms, located in 23 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 Company’s 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 Company’s 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 Company’s ability to obtain lines of credit or permanent financing on satisfactory terms, changes in interest rates, access to capital through offerings of the Company’s common and preferred shares of beneficial interest, or debt, the Company’s ability to identify suitable acquisitions, the Company’s ability to close on identified acquisitions and integrate those businesses, and inaccuracies of the Company’s 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 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report, as well as risks, uncertainties and other factors discussed in other documents filed by the Company with the Securities and Exchange Commission.
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 company’s operations. The Company believes that the presentation of FFO provides useful information to investors regarding the Company’s operating performance and can facilitate comparisons of operating performance between periods and between real estate investment trusts (“REITs”), even though FFO does not represent an amount that accrues directly to common shareholders.
The Company’s calculation of FFO may not be comparable to measures calculated by other companies who do not use the NAREIT definition of FFO or do not calculate FFO per diluted share in accordance with NAREIT guidance. Additionally, FFO may not be helpful when comparing the Company to non-REITs. The Company presents FFO attributable to common shareholders, which includes unitholders of limited partnership interest (“OP units”) in RLJ Lodging Trust, L.P., the Company’s operating partnership, because the OP units are redeemable for common shares of the Company. The Company believes it is meaningful for the investor to understand FFO attributable to all common shares and OP units.
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, 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 investor’s 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, non-cash income taxes, and unrealized gains and loss related to interest rate hedges Other Non-Operational Expenses: The Company excludes the effect of certain non-operational expenses representing income and expenses outside the normal course of operationsHotel EBITDA and Hotel EBITDA Margin
With respect to Consolidated Hotel EBITDA, the Company believes that excluding the effect of corporate-level expenses and certain non-cash items provides a more complete understanding of the operating results over which individual hotels and operators have direct control. The Company believes property-level results provide investors with supplemental information about the ongoing operational performance of the Company’s hotels and the effectiveness of third-party management companies.
Pro forma Consolidated Hotel EBITDA includes 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 years ended December 31, 2019 and 2018, respectively, no hotels were acquired.
Pro forma adjustments: Sold hotels
For the years ended December 31, 2019 and 2018, pro forma adjustments included the following sold hotels:
Embassy Suites Boston Marlborough in February 2018 Sheraton Philadelphia Society Hill Hotel in March 2018 Embassy Suites Napa Valley in July 2018 DoubleTree Hotel Columbia in August 2018 The Vinoy Renaissance St. Petersburg Resort & Golf Club in August 2018 DoubleTree by Hilton Burlington Vermont in September 2018 Holiday Inn San Francisco - Fisherman's Wharf in October 2018 Courtyard Austin Airport in June 2019 Courtyard Boulder Longmont in June 2019 Courtyard Fort Lauderdale SW Miramar in June 2019 Courtyard Salt Lake City Airport in June 2019 Fairfield Inn & Suites San Antonio Downtown Market in June 2019 Hampton Inn Fort Walton Beach in June 2019 Hampton Inn West Palm Beach Airport Central in June 2019 Hampton Inn & Suites Clearwater St. Petersburg Ulmerton Road in June 2019 Hampton Inn & Suites Denver Tech Center in June 2019 Hilton Garden Inn Bloomington in June 2019 Hilton Garden Inn Durham Raleigh Research Triangle Park in June 2019 Hilton Garden Inn West Palm Beach Airport in June 2019 Residence Inn Chicago Oak Brook in June 2019 Residence Inn Detroit Novi in June 2019 Residence Inn Fort Lauderdale Plantation in June 2019 Residence Inn Fort Lauderdale SW Miramar in June 2019 Residence Inn Longmont Boulder in June 2019 Residence Inn Salt Lake City Airport in June 2019 Residence Inn San Antonio Downtown Market Square in June 2019 Residence Inn Silver Spring in June 2019 SpringHill Suites Boulder Longmont in June 2019 Embassy Suites Myrtle Beach Oceanfront Resort in June 2019 Hilton Myrtle Beach Resort in June 2019 Courtyard Austin Northwest Arboretum in August 2019 Courtyard Boulder Louisville in August 2019 Courtyard Denver West Golden in August 2019 Courtyard Louisville Northeast in August 2019 Courtyard South Bend Mishawaka in August 2019 Hampton Inn Houston Galleria in August 2019 Hyatt House Austin Arboretum in August 2019 Hyatt House Houston Galleria in August 2019 Hyatt House Dallas Lincoln Park in August 2019 Hyatt House Dallas Uptown in August 2019 Residence Inn Austin Northwest Arboretum in August 2019 Residence Inn Austin North Parmer Lane in August 2019 Residence Inn Boulder Louisville in August 2019 Residence Inn Denver West Golden in August 2019 Residence Inn Louisville Northeast in August 2019 SpringHill Suites Austin North Parmer Lane in August 2019 SpringHill Suites Louisville Hurstbourne North in August 2019 SpringHill Suites South Bend Mishawaka in August 2019 Residence Inn Columbia in September 2019 Courtyard Austin South in November 2019 Fairfield Inn & Suites Austin South Airport in November 2019 Marriott Austin South in November 2019 Residence Inn Austin South in November 2019 SpringHill Suites Austin South in November 2019
RLJ Lodging Trust
Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)
(unaudited)
December 31,
2019
December 31,
2018
Assets
Investment in hotel properties, net
$
4,614,966
$
5,378,651
Investment in unconsolidated joint ventures
15,171
22,279
Cash and cash equivalents
882,474
320,147
Restricted cash reserves
44,686
64,695
Hotel and other receivables, net of allowance of $251 and $598, respectively
39,762
52,115
Lease right-of-use assets
144,358
—
Deferred income tax asset, net
51,447
44,629
Intangible assets, net
—
52,448
Prepaid expense and other assets
58,536
67,367
Total assets
$
5,851,400
$
6,002,331
Liabilities and Equity
Debt, net
$
2,195,707
$
2,202,676
Accounts payable and other liabilities
183,408
203,833
Advance deposits and deferred revenue
57,459
25,411
Lease liabilities
121,154
—
Accrued interest
3,024
7,913
Distributions payable
64,165
65,557
Total liabilities
2,624,917
2,505,390
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, 2019 and 2018
366,936
366,936
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 169,852,246 and 174,019,616 shares issued and outstanding at December 31, 2019 and 2018, respectively
1,699
1,740
Additional paid-in capital
3,127,982
3,195,381
Accumulated other comprehensive (loss) income
(19,514
)
16,195
Distributions in excess of net earnings
(274,769
)
(150,476
)
Total shareholders’ equity
3,202,334
3,429,776
Noncontrolling interest:
Noncontrolling interest in consolidated joint ventures
14,065
11,908
Noncontrolling interest in the Operating Partnership
10,084
10,827
Total noncontrolling interest
24,149
22,735
Preferred equity in a consolidated joint venture, liquidation value of $45,544 at December 31, 2018
—
44,430
Total equity
3,226,483
3,496,941
Total liabilities and equity
$
5,851,400
$
6,002,331
Note:
The corresponding notes to the consolidated financial statements can be found in the Company’s Annual Report on Form 10-K.
RLJ Lodging Trust
Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(unaudited)
For the three months ended
December 31,
For the year ended
December 31,
2019
2018
2019
2018
Revenues
Operating revenues
Room revenue
$
286,364
$
334,933
$
1,317,085
$
1,473,047
Food and beverage revenue
44,348
47,668
177,499
205,518
Other revenue
16,362
17,297
71,608
82,659
Total revenues
347,074
399,898
1,566,192
1,761,224
Expenses
Operating expenses
Room expense
75,341
85,231
329,077
364,820
Food and beverage expense
32,662
35,707
134,206
157,156
Management and franchise fee expense
24,421
30,377
120,797
138,143
Other operating expense
84,369
96,784
373,130
417,110
Total property operating expenses
216,793
248,099
957,210
1,077,229
Depreciation and amortization
48,929
58,212
211,584
241,641
Impairment loss
13,500
—
13,500
—
Property tax, insurance and other
28,692
30,641
119,287
135,059
General and administrative
11,065
11,136
45,252
49,195
Transaction costs
438
(123
)
1,211
2,057
Total operating expenses
319,417
347,965
1,348,044
1,505,181
Other income
304
276
1,242
2,791
Interest income
3,785
1,552
8,720
4,891
Interest expense
(22,662
)
(22,870
)
(91,295
)
(101,643
)
Gain (loss) on sale of hotel properties, net
16,572
(2,016
)
(9,300
)
30,941
(Loss) gain on extinguishment of indebtedness, net
(214
)
(14
)
(214
)
5,996
Income before equity in income (loss) from unconsolidated joint ventures
25,442
28,861
127,301
199,019
Equity in income (loss) from unconsolidated joint ventures
1,245
(1
)
(1,673
)
636
Income before income tax benefit (expense)
26,687
28,860
125,628
199,655
Income tax benefit (expense)
8,225
(942
)
3,751
(8,793
)
Net income
34,912
27,918
129,379
190,862
Net (income) loss attributable to noncontrolling interests:
Noncontrolling interest in consolidated joint ventures
(70
)
(186
)
289
(17
)
Noncontrolling interest in the Operating Partnership
(159
)
(93
)
(487
)
(719
)
Preferred distributions - consolidated joint venture
—
—
(186
)
(1,483
)
Redemption of preferred equity - consolidated joint venture
—
(373
)
(1,153
)
—
Net income attributable to RLJ
34,683
27,266
127,842
188,643
Preferred dividends
(6,279
)
(6,279
)
(25,115
)
(25,115
)
Net income attributable to common shareholders
$
28,404
$
20,987
$
102,727
$
163,528
Basic per common share data:
Net income per share attributable to common shareholders
$
0.17
$
0.12
$
0.59
$
0.93
Weighted-average number of common shares
169,241,536
174,141,263
171,287,086
174,225,130
Diluted per common share data:
Net income per share attributable to common shareholders
$
0.17
$
0.12
$
0.59
$
0.93
Weighted-average number of common shares
169,376,667
174,194,141
171,388,476
174,316,405
Note:
The Statements of Comprehensive Income and corresponding notes to the consolidated financial statements can be found in the Company’s Annual Report on Form 10-K.
RLJ Lodging Trust
Reconciliation of Non-GAAP Measures
(Amounts in thousands, except per share data)
(unaudited)
Funds From Operations (FFO) Attributable to Common Shareholders and Unitholders
For the three months ended
December 31,
For the year ended
December 31,
2019
2018
2019
2018
Net income
$
34,912
$
27,918
$
129,379
$
190,862
Preferred dividends
(6,279
)
(6,279
)
(25,115
)
(25,115
)
Preferred distributions - consolidated joint venture
—
(373
)
(186
)
(1,483
)
Redemption of preferred equity - consolidated joint venture
—
—
(1,153
)
—
Depreciation and amortization
48,929
58,212
211,584
241,641
Impairment loss
13,500
—
13,500
—
(Gain) loss on sale of hotel properties, net
(16,572
)
2,016
9,300
(30,941
)
Noncontrolling interest in consolidated joint ventures
(70
)
(186
)
289
(17
)
Adjustments related to consolidated joint ventures (1)
(74
)
(74
)
(298
)
(307
)
Adjustments related to unconsolidated joint ventures (2)
(355
)
646
4,379
2,644
FFO
73,991
81,880
341,679
377,284
Transaction costs
438
(123
)
1,211
2,057
Loss (gain) on extinguishment of indebtedness, net
214
14
214
(5,996
)
Amortization of share-based compensation
2,751
2,529
11,459
12,251
Non-cash income tax (benefit) expense
(9,768
)
413
(6,818
)
6,584
Other expenses (3)
1,641
228
2,538
3,558
Adjusted FFO
$
69,267
$
84,941
$
350,283
$
395,738
Adjusted FFO per common share and unit-basic
$
0.41
$
0.49
$
2.04
$
2.26
Adjusted FFO per common share and unit-diluted
$
0.41
$
0.49
$
2.03
$
2.26
Basic weighted-average common shares and units outstanding (4)
170,014
174,915
172,060
174,999
Diluted weighted-average common shares and units outstanding (4)
170,149
174,968
172,161
175,090
Note:
(1)
Includes depreciation and amortization expense allocated to the noncontrolling interest in the consolidated joint ventures.
(2)
Includes our ownership interest in the depreciation and amortization expense and loss on sale of the unconsolidated joint ventures.
(3)
Represents income and expenses outside of the normal course of operations, including debt modification and extinguishment costs, hurricane-related costs that were not reimbursed by insurance, unrealized gains and losses on certain discontinued cash flow hedges, activist shareholder costs, executive transition costs, receipts of pre-merger employee tax credits, and non-cash changes to pre-merger insurance reserves.
(4)
Includes 0.8 million weighted-average operating partnership units for the three months ended December 31, 2019 and 2018, respectively, and 0.8 million and weighted-average operating partnership units for the years ended December 31, 2019 and 2018, respectively.
RLJ Lodging Trust
Reconciliation of Non-GAAP Measures
(Amounts in thousands)
(unaudited)
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
For the three months ended
December 31,
For the year ended
December 31,
2019
2018
2019
2018
Net income
$
34,912
$
27,918
$
129,379
$
190,862
Depreciation and amortization
48,929
58,212
211,584
241,641
Interest expense, net
18,877
21,319
82,575
96,752
Income tax (benefit) expense
(8,225
)
941
(3,751
)
8,793
Adjustments related to unconsolidated joint ventures (1)
620
773
2,799
3,152
EBITDA
95,113
109,163
422,586
541,200
(Gain) loss on sale of hotel properties, net
(16,572
)
2,016
9,300
(30,941
)
Impairment loss
13,500
—
13,500
—
(Gain) loss on sale of unconsolidated joint ventures (2)
(851
)
—
2,075
—
EBITDAre
91,190
111,179
447,461
510,259
Transaction costs
438
(123
)
1,211
2,057
Loss (gain) on extinguishment of indebtedness, net
214
14
214
(5,996
)
Amortization of share-based compensation
2,751
2,529
11,459
12,251
Other expenses (3)
1,660
228
2,144
3,558
Adjusted EBITDA
96,253
113,827
462,489
522,129
General and administrative (4)
8,314
8,593
33,784
33,802
Other corporate adjustments (5)
84
1,354
2,182
2,478
Consolidated Hotel EBITDA
104,651
123,774
498,455
558,409
Pro forma adjustments - income from sold hotels
(2,058
)
(17,820
)
(47,777
)
(106,876
)
Pro forma Consolidated Hotel EBITDA
102,593
105,954
450,678
451,533
Pro forma adjustments - income from non-comparable hotels
—
—
—
—
Pro forma Hotel EBITDA
$
102,593
$
105,954
$
450,678
$
451,533
Note:
(1)
Includes our ownership interest of the interest, depreciation, and amortization expense of the unconsolidated joint ventures.
(2)
Includes our ownership interest in the loss on sale of the unconsolidated joint ventures associated with two resort hotel properties sold by the Company in Myrtle Beach, SC.
(3)
Represents income and expenses outside of the normal course of operations, including debt modification and extinguishment costs, hurricane-related costs that were not reimbursed by insurance, activist shareholder costs, executive transition costs, receipts of pre-merger employee tax credits, and non-cash changes to pre-merger insurance reserves.
(4)
Excludes amortization of share-based compensation and activist shareholder costs reflected in Adjusted EBITDA.
(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.
RLJ Lodging Trust
Reconciliation of Non-GAAP Measures
(Amounts in thousands)
(unaudited)
Pro forma Hotel EBITDA Margin
For the three months ended
December 31,
For the year ended
December 31,
2019
2018
2019
2018
Total revenue
$
347,074
$
399,898
$
1,566,192
$
1,761,224
Pro forma adjustments - revenue from sold hotels
(4,864
)
(59,623
)
(145,553
)
(358,664
)
Other corporate adjustments / non-hotel revenue
(141
)
(465
)
(1,464
)
(3,758
)
Pro forma Hotel Revenue
$
342,069
$
339,810
$
1,419,175
$
1,398,802
Pro forma Hotel EBITDA
$
102,593
$
105,954
$
450,678
$
451,533
Pro forma Hotel EBITDA Margin
30.0
%
31.2
%
31.8
%
32.3
%
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, 2019 (2)
Secured Debt
Mortgage Loan - 1 hotel
10
Jun 2022
Fixed
5.25
%
$
30,760
Mortgage Loan - 2 hotels
10
Oct 2022
Fixed
4.95
%
55,836
Mortgage Loan - 1 hotel
10
Oct 2022
Fixed
4.95
%
32,095
Mortgage Loan - 1 hotel
10
Oct 2022
Fixed
4.94
%
28,351
Mortgage Loan - 7 hotels
3
Apr 2024
Floating (3)
3.33
%
200,000
Mortgage Loan - 3 hotels
5
Apr 2026
Floating (3)
2.88
%
96,000
Mortgage Loan - 4 hotels
5
Apr 2026
Floating (3)(5)
3.38
%
85,000
Weighted-Average / Secured Total
3.72
%
$
528,042
Unsecured Debt
Revolver (4)
4
May 2025
Floating
3.21
%
$
—
$150 Million Term Loan Maturing 2022
7
Jan 2022
Floating (3)
3.08
%
150,000
$400 Million Term Loan Maturing 2023
5
Jan 2023
Floating (3)
3.78
%
400,000
$225 Million Term Loan Maturing 2023
5
Jan 2023
Floating (3)
3.78
%
225,000
$400 Million Term Loan Maturing 2025
5
May 2025
Floating (3)(5)
2.92
%
400,000
Senior Unsecured Notes
10
Jun 2025
Fixed
6.00
%
474,888
Weighted-Average / Unsecured Total
4.15
%
$
1,649,888
Weighted-Average / Gross Debt
4.04
%
$
2,177,930
Note:(1)
Interest rates as of December 31, 2019.
(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, 2019, there was $600.0 million of capacity on the revolver, which is charged an unused commitment fee of 0.25% annually.
(5)
Reflects an interest rate swap of $83.8 million on the $85.0 million loan and $399.0 million on the $400.0 million term loan.
RLJ Lodging Trust
Pro forma Operating Statistics - Top 60 Assets
(unaudited)
Property
City/State
# of Rooms
Pro forma Consolidated
Hotel EBITDA
Marriott Louisville Downtown
Louisville, KY
620
$16,398
The Knickerbocker New York
New York, NY
330
12,781
San Francisco Marriott Union Square
San Francisco, CA
401
11,921
Wyndham San Diego Bayside
San Diego, CA
600
10,823
Wyndham Boston Beacon Hill
Boston, MA
304
9,670
The Mills House Wyndham Grand Hotel
Charleston, SC
216
9,630
Courtyard Austin Downtown Convention Center
Austin, TX
270
9,439
Embassy Suites San Francisco Airport - Waterfront
Burlingame, CA
340
8,916
Wyndham New Orleans - French Quarter
New Orleans, LA
374
8,274
Embassy Suites Los Angeles - International Airport South
El Segundo, CA
349
8,200
Embassy Suites San Francisco Airport - South San Francisco
South San Francisco, CA
312
8,128
DoubleTree Grand Key Resort
Key West, FL
216
7,873
Embassy Suites Fort Lauderdale 17th Street
Fort Lauderdale, FL
361
7,633
Wyndham Philadelphia Historic District
Philadelphia, PA
364
7,338
Courtyard San Francisco
San Francisco, CA
166
7,230
Courtyard Portland City Center
Portland, OR
256
7,155
Embassy Suites Mandalay Beach - Hotel & Resort
Oxnard, CA
250
7,134
Courtyard Waikiki Beach
Honolulu, HI
403
6,856
Embassy Suites Tampa Downtown Convention Center
Tampa, FL
360
6,749
Residence Inn Palo Alto Los Altos
Los Altos, CA
156
6,729
Hilton Garden Inn San Francisco Oakland Bay Bridge
Emeryville, CA
278
6,525
Renaissance Pittsburgh Hotel
Pittsburgh, PA
300
6,495
Hyatt House Emeryville San Francisco Bay Area
Emeryville, CA
234
6,304
Embassy Suites Deerfield Beach - Resort & Spa
Deerfield Beach, FL
244
6,030
Wyndham Santa Monica At the Pier
Santa Monica, CA
132
5,986
Fairfield Inn & Suites Washington DC Downtown
Washington, DC
198
5,811
Hyatt House Santa Clara
Santa Clara, CA
150
5,699
DoubleTree Suites by Hilton Austin
Austin, TX
188
5,642
Courtyard Charleston Historic District
Charleston, SC
176
5,605
Hyatt House San Jose Silicon Valley
San Jose, CA
164
5,325
Wyndham Houston - Medical Center Hotel & Suites
Houston, TX
287
5,219
Courtyard Chicago Downtown Magnificent Mile
Chicago, IL
306
5,077
Residence Inn Bethesda Downtown
Bethesda, MD
188
5,043
Embassy Suites Milpitas Silicon Valley
Milpitas, CA
266
4,985
Embassy Suites Atlanta - Buckhead
Atlanta, GA
316
4,851
Hyatt Centric Midtown Atlanta
Atlanta, GA
194
4,825
Marriott Denver South @ Park Meadows
Lone Tree, CO
279
4,577
Homewood Suites Washington DC Downtown
Washington, DC
175
4,566
Hyatt House San Diego Sorrento Mesa
San Diego, CA
193
4,563
Embassy Suites Irvine Orange County
Irvine, CA
293
4,561
Residence Inn Austin Downtown Convention Center
Austin, TX
179
4,547
DoubleTree Metropolitan Hotel New York City
New York, NY
764
4,328
Embassy Suites Orlando - International Drive South/Convention Center
Orlando, FL
244
4,290
Embassy Suites Los Angeles Downey
Downey, CA
220
4,243
Hilton Garden Inn New Orleans Convention Center
New Orleans, LA
286
4,206
Embassy Suites Dallas - Love Field
Dallas, TX
248
4,131
Hilton Cabana Miami Beach
Miami Beach, FL
231
4,099
Embassy Suites Boston Waltham
Waltham, MA
275
4,049
Hyatt Place Washington DC Downtown K Street
Washington, DC
164
4,025
Residence Inn National Harbor Washington DC
Oxon Hill, MD
162
3,989
Embassy Suites Minneapolis - Airport
Bloomington, MN
310
3,855
Renaissance Fort Lauderdale Plantation Hotel
Plantation, FL
250
3,853
Hyatt House San Ramon
San Ramon, CA
142
3,841
Embassy Suites Miami - International Airport
Miami, FL
318
3,810
Renaissance Boulder Flatiron Hotel
Broomfield, CO
232
3,808
Embassy Suites Phoenix - Biltmore
Phoenix, AZ
232
3,669
Marriott Denver Airport @ Gateway Park
Aurora, CO
238
3,615
Hilton Garden Inn Los Angeles Hollywood
Los Angeles, CA
160
3,445
Wyndham Pittsburgh University Center
Pittsburgh, PA
251
3,423
Hyatt Place Fremont Silicon Valley
Fremont, CA
151
3,290
Top 60 Assets
16,266
365,082
Other (43 Assets)
6,311
85,596
Total Portfolio
22,577
$450,678
Note: For the trailing twelve months ended December 31, 2019. 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, 2019 and 2018
# of
Hotels
Occupancy
ADR
RevPAR
Top Markets
2019
2018
Var
2019
2018
Var
2019
2018
Var
Northern California
12
79.0
%
80.4
%
(1.8
)%
$
228.13
$
222.84
2.4
%
$
180.18
$
179.22
0.5
%
Southern California
9
78.3
%
78.0
%
0.3
%
164.23
171.55
(4.3
)%
128.54
133.81
(3.9
)%
South Florida
8
81.1
%
81.4
%
(0.3
)%
169.33
169.12
0.1
%
137.35
137.58
(0.2
)%
New York City
5
92.7
%
92.1
%
0.6
%
257.82
274.52
(6.1
)%
239.06
252.92
(5.5
)%
Washington, DC
5
77.6
%
77.5
%
0.0
%
207.01
198.05
4.5
%
160.54
153.53
4.6
%
Chicago
13
68.0
%
67.6
%
0.6
%
135.74
136.42
(0.5
)%
92.26
92.19
0.1
%
Houston
9
65.4
%
66.2
%
(1.1
)%
133.16
140.41
(5.2
)%
87.09
92.89
(6.2
)%
Austin
3
74.3
%
73.8
%
0.7
%
222.36
214.67
3.6
%
165.23
158.47
4.3
%
Louisville
2
64.9
%
56.2
%
15.5
%
169.68
160.93
5.4
%
110.21
90.51
21.8
%
Denver
5
67.2
%
63.8
%
5.4
%
133.67
136.57
(2.1
)%
89.84
87.09
3.2
%
Other
32
74.3
%
73.7
%
0.7
%
162.57
164.26
(1.0
)%
120.72
121.13
(0.3
)%
Total
103
75.7
%
75.2
%
0.7
%
$
179.56
$
181.72
(1.2
)%
$
135.87
$
136.62
(0.5
)%
# of
Hotels
Occupancy
ADR
RevPAR
Service Level
2019
2018
Var
2019
2018
Var
2019
2018
Var
Focused-Service
58
73.5
%
74.0
%
(0.6
)%
$
171.69
$
171.45
0.1
%
$
126.27
$
126.82
(0.4
)%
Compact Full-Service
44
77.7
%
77.2
%
0.6
%
185.47
189.66
(2.2
)%
144.13
146.51
(1.6
)%
Full-Service
1
67.4
%
52.2
%
29.1
%
174.66
169.47
3.1
%
117.64
88.42
33.0
%
Total
103
75.7
%
75.2
%
0.7
%
$
179.56
$
181.72
(1.2
)%
$
135.87
$
136.62
(0.5
)%
# of
Hotels
Occupancy
ADR
RevPAR
Chain Scale
2019
2018
Var
2019
2018
Var
2019
2018
Var
Upper Upscale
34
75.1
%
73.5
%
2.2
%
$
174.60
$
176.23
(0.9
)%
$
131.06
$
129.44
1.2
%
Upscale
59
76.3
%
76.3
%
0.0
%
178.12
180.70
(1.4
)%
135.94
137.93
(1.4
)%
Upper Midscale
8
70.2
%
72.4
%
(3.1
)%
155.16
153.13
1.3
%
108.98
110.94
(1.8
)%
Other
2
83.7
%
86.3
%
(3.1
)%
352.66
356.93
(1.2
)%
295.15
308.12
(4.2
)%
Total
103
75.7
%
75.2
%
0.7
%
$
179.56
$
181.72
(1.2
)%
$
135.87
$
136.62
(0.5
)%
# of
Hotels
Occupancy
ADR
RevPAR
Flags
2019
2018
Var
2019
2018
Var
2019
2018
Var
Embassy Suites
21
76.5
%
76.3
%
0.3
%
$
166.99
$
170.09
(1.8
)%
$
127.82
$
129.85
(1.6
)%
Courtyard
14
76.4
%
75.7
%
0.9
%
182.87
180.19
1.5
%
139.67
136.34
2.4
%
Residence Inn
14
69.8
%
71.8
%
(2.7
)%
166.53
163.23
2.0
%
116.30
117.14
(0.7
)%
Wyndham
8
76.0
%
75.9
%
0.2
%
164.02
169.58
(3.3
)%
124.71
128.74
(3.1
)%
Hyatt House
7
80.7
%
82.1
%
(1.8
)%
192.68
195.35
(1.4
)%
155.44
160.41
(3.1
)%
Marriott
5
71.1
%
62.7
%
13.3
%
194.97
192.41
1.3
%
138.58
120.66
14.9
%
Fairfield Inn & Suites
5
70.7
%
75.0
%
(5.7
)%
162.03
157.24
3.0
%
114.61
117.96
(2.8
)%
Hilton Garden Inn
5
71.0
%
73.1
%
(2.8
)%
164.61
167.94
(2.0
)%
116.94
122.69
(4.7
)%
DoubleTree
4
91.3
%
90.1
%
1.4
%
220.10
232.08
(5.2
)%
201.05
209.16
(3.9
)%
SpringHill Suites
3
65.1
%
60.4
%
7.7
%
129.39
135.70
(4.6
)%
84.24
82.01
2.7
%
Hyatt Place
3
74.5
%
71.5
%
4.2
%
178.35
184.54
(3.4
)%
132.93
131.96
0.7
%
Renaissance
3
70.6
%
73.3
%
(3.7
)%
169.81
167.74
1.2
%
119.93
122.98
(2.5
)%
Hampton Inn
2
73.0
%
71.7
%
1.8
%
145.99
146.19
(0.1
)%
106.61
104.87
1.7
%
Homewood Suites
2
74.9
%
73.0
%
2.6
%
172.74
167.83
2.9
%
129.39
122.52
5.6
%
Hyatt
2
72.0
%
74.7
%
(3.6
)%
197.24
196.16
0.5
%
141.98
146.48
(3.1
)%
Hilton
1
78.2
%
75.5
%
3.6
%
173.52
185.12
(6.3
)%
135.65
139.76
(2.9
)%
Other
4
78.0
%
79.1
%
(1.4
)%
288.42
299.28
(3.6
)%
224.87
236.75
(5.0
)%
Total
103
75.7
%
75.2
%
0.7
%
$
179.56
$
181.72
(1.2
)%
$
135.87
$
136.62
(0.5
)%
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, 2019 and 2018
# of
Hotels
Occupancy
ADR
RevPAR
Top Markets
2019
2018
Var
2019
2018
Var
2019
2018
Var
Northern California
12
84.1
%
83.3
%
0.9
%
$
237.97
$
229.81
3.6
%
$
200.19
$
191.52
4.5
%
Southern California
9
83.3
%
84.3
%
(1.2
)%
178.51
180.10
(0.9
)%
148.71
151.84
(2.1
)%
South Florida
8
82.3
%
85.1
%
(3.3
)%
178.37
178.47
(0.1
)%
146.82
151.93
(3.4
)%
New York City
5
90.1
%
90.1
%
0.0
%
230.65
235.99
(2.3
)%
207.71
212.52
(2.3
)%
Washington, DC
5
80.2
%
80.9
%
(0.9
)%
208.72
205.50
1.6
%
167.31
166.28
0.6
%
Chicago
13
72.9
%
70.8
%
3.0
%
138.96
143.23
(3.0
)%
101.31
101.38
(0.1
)%
Houston
9
69.4
%
69.8
%
(0.6
)%
139.77
144.89
(3.5
)%
96.96
101.10
(4.1
)%
Austin
3
77.7
%
74.3
%
4.6
%
221.85
218.27
1.6
%
172.34
162.08
6.3
%
Louisville
2
70.7
%
57.8
%
22.3
%
176.08
170.70
3.2
%
124.43
98.61
26.2
%
Denver
5
73.4
%
73.5
%
(0.1
)%
143.86
143.62
0.2
%
105.56
105.51
0.1
%
Other
32
77.2
%
77.3
%
(0.2
)%
167.13
166.39
0.4
%
129.01
128.70
0.2
%
Total
103
79.0
%
78.6
%
0.4
%
$
182.96
$
182.53
0.2
%
$
144.51
$
143.55
0.7
%
# of
Hotels
Occupancy
ADR
RevPAR
Service Level
2019
2018
Var
2019
2018
Var
2019
2018
Var
Focused-Service
58
77.7
%
77.6
%
0.1
%
$
175.24
$
175.00
0.1
%
$
136.23
$
135.86
0.3
%
Compact Full-Service
44
80.4
%
80.7
%
(0.3
)%
188.60
188.11
0.3
%
151.65
151.73
(0.1
)%
Full-Service
1
69.7
%
53.5
%
30.1
%
184.51
181.54
1.6
%
128.53
97.19
32.2
%
Total
103
79.0
%
78.6
%
0.4
%
$
182.96
$
182.53
0.2
%
$
144.51
$
143.55
0.7
%
# of
Hotels
Occupancy
ADR
RevPAR
Chain Scale
2019
2018
Var
2019
2018
Var
2019
2018
Var
Upper Upscale
34
78.0
%
77.4
%
0.8
%
$
184.10
$
182.34
1.0
%
$
143.59
$
141.15
1.7
%
Upscale
59
79.9
%
79.8
%
0.1
%
179.63
180.12
(0.3
)%
143.49
143.75
(0.2
)%
Upper Midscale
8
76.4
%
75.2
%
1.5
%
159.95
160.62
(0.4
)%
122.13
120.83
1.1
%
Other
2
81.7
%
81.0
%
0.9
%
297.55
296.90
0.2
%
242.99
240.35
1.1
%
Total
103
79.0
%
78.6
%
0.4
%
$
182.96
$
182.53
0.2
%
$
144.51
$
143.55
0.7
%
# of
Hotels
Occupancy
ADR
RevPAR
Flags
2019
2018
Var
2019
2018
Var
2019
2018
Var
Embassy Suites
21
79.6
%
80.4
%
(1.0
)%
$
176.80
$
176.24
0.3
%
$
140.67
$
141.63
(0.7
)%
Courtyard
14
79.6
%
78.5
%
1.3
%
182.35
181.64
0.4
%
145.09
142.67
1.7
%
Residence Inn
14
75.1
%
76.0
%
(1.2
)%
167.65
167.31
0.2
%
125.95
127.23
(1.0
)%
Wyndham
8
79.8
%
79.4
%
0.5
%
171.47
172.78
(0.8
)%
136.75
137.11
(0.3
)%
Hyatt House
7
84.2
%
85.9
%
(2.0
)%
202.75
199.33
1.7
%
170.74
171.26
(0.3
)%
Marriott
5
74.6
%
67.2
%
11.1
%
206.87
201.00
2.9
%
154.36
135.04
14.3
%
Fairfield Inn & Suites
5
79.0
%
78.3
%
0.9
%
166.01
165.14
0.5
%
131.14
129.31
1.4
%
Hilton Garden Inn
5
75.9
%
76.2
%
(0.3
)%
169.12
170.63
(0.9
)%
128.37
129.96
(1.2
)%
DoubleTree
4
91.0
%
90.2
%
1.0
%
205.39
210.81
(2.6
)%
186.95
190.07
(1.6
)%
SpringHill Suites
3
71.0
%
68.8
%
3.2
%
138.62
137.99
0.5
%
98.47
94.98
3.7
%
Hyatt Place
3
77.0
%
79.2
%
(2.7
)%
186.07
187.13
(0.6
)%
143.32
148.17
(3.3
)%
Renaissance
3
74.5
%
77.3
%
(3.7
)%
170.62
169.02
0.9
%
127.06
130.68
(2.8
)%
Hampton Inn
2
76.1
%
74.7
%
1.9
%
149.62
151.92
(1.5
)%
113.85
113.45
0.4
%
Homewood Suites
2
79.4
%
77.5
%
2.5
%
180.34
178.27
1.2
%
143.20
138.11
3.7
%
Hyatt
2
77.4
%
79.0
%
(2.1
)%
203.67
195.81
4.0
%
157.66
154.78
1.9
%
Hilton
1
75.1
%
81.2
%
(7.5
)%
193.01
200.42
(3.7
)%
145.01
162.79
(10.9
)%
Other
4
76.1
%
74.8
%
1.7
%
253.79
256.83
(1.2
)%
193.10
192.21
0.5
%
Total
103
79.0
%
78.6
%
0.4
%
$
182.96
$
182.53
0.2
%
$
144.51
$
143.55
0.7
%
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200225006057/en/