RLJ Lodging Trust Reports First Quarter 2015 Results

BETHESDA, Md.–(hospitalitybusinessnews.com)– RLJ Lodging Trust today reported results for the three months ended March 31, 2015.

First Quarter Highlights

  • Pro forma RevPAR increased 5.3%, Pro forma ADR increased 6.0%, and Pro forma Occupancy decreased 0.7%
  • Pro forma Hotel EBITDA Margin increased 36 basis points to 32.6%
  • Pro forma Consolidated Hotel EBITDA increased 10.7% to $85.0 million
  • Adjusted FFO increased 25.7% to $67.3 million
  • Sold a portfolio of 20 non-strategic assets for $230.3 million
  • Increased cash dividend by 10.0% over the prior quarter to $0.33 per share

“Our portfolio’s market diversification has been instrumental to our continuous growth,” commented Thomas J. Baltimore, Jr., President and Chief Executive Officer. “This quarter we saw double-digit RevPAR growth across 10 of our markets. Given our market diversification and recent non-strategic asset sales, we have established a solid platform and remain very bullish on the future of our portfolio.”

Financial and Operating Results

Pro forma RevPAR for the three months ended March 31, 2015, increased 5.3% over the comparable period in 2014, driven by a Pro forma ADR increase of 6.0% and a Pro forma Occupancy decrease of 0.7%. Several of the Company’s markets achieved double-digit RevPAR growth including San Antonio, Portland, South Florida, and Northern California, which experienced RevPAR growth of 23.6%, 20.2%, 14.5%, and 12.0%, respectively.

Pro forma Hotel EBITDA Margin for the three months ended March 31, 2015, increased 36 basis points over the comparable period in 2014 to 32.6%.

Pro forma Consolidated Hotel EBITDA includes the results of non-comparable hotels. For the three months ended March 31, 2015, Pro forma Consolidated Hotel EBITDA increased $8.2 million to $85.0 million, representing a 10.7% increase over the comparable period in 2014.

Adjusted EBITDA for the three months ended March 31, 2015, increased $13.7 million to $81.1 million, representing a 20.3% increase over the comparable period in 2014.

Adjusted FFO for the three months ended March 31, 2015, increased $13.7 million to $67.3 million, representing a 25.7% increase over the comparable period in 2014.

Adjusted FFO per diluted share and unit for the three months ended March 31, 2015, was $0.51 based on the Company’s diluted weighted-average common shares and units outstanding of 133.2 million.

Non-recurring items which are noteworthy for the three months ended March 31, 2015, included a gain of $22.3 million related to 20 hotels sold during the quarter.

Non-recurring items are included in net income attributable to common shareholders but have been excluded from Adjusted EBITDA and Adjusted FFO, as applicable. A complete listing of non-recurring items is provided in the Non-GAAP reconciliation tables at the end of this press release for the three months ended March 31, 2015 and 2014.

Net income attributable to common shareholders for the three months ended March 31, 2015, was $47.9 million compared to $11.9 million for the comparable period in 2014.

Net cash flow from operating activities for the three months ended March 31, 2015, totaled $44.1 million compared to $31.6 million for the comparable period in 2014.

Dispositions

During the three months ended March 31, 2015, the Company sold a portfolio of 20 hotels. The Company sold the portfolio on February 23, 2015, for a total sale price of $230.3 million and recorded a gain of $22.3 million.

Balance Sheet

As of March 31, 2015, the Company had $339.8 million of unrestricted cash on its balance sheet, $300.0 million available on its revolving credit facility, and $1.4 billion of debt outstanding. The Company’s ratio of net debt to Adjusted EBITDA for the trailing twelve month period ended March 31, 2015, was 3.0 times.

Dividends

The Company’s Board of Trustees declared a cash dividend of $0.33 per common share of beneficial interest. This dividend represents a 10.0% increase to the prior quarter’s cash dividend. The dividend was paid on April 15, 2015, to shareholders of record as of March 31, 2015.

Subsequent Events

On May 1, 2015, the Company’s Board of Trustees authorized a share repurchase program to acquire up to $200.0 million of the Company’s common shares.

2015 Outlook

The Company’s outlook remains the same. The outlook excludes potential future acquisitions and dispositions, which could result in a material change to the Company’s outlook. The 2015 outlook is also based on a number of other assumptions, many of which are outside the Company’s control and all of which are subject to change.

Pro forma operating guidance includes results for periods prior to the Company’s ownership and therefore assumes the hotels were owned since January 1, 2014. Pro forma guidance removes income from hotels that have been sold.

For the full year 2015, the Company anticipates:

Current Outlook
Pro forma RevPAR growth (1) 5.0% to 6.75%
Pro forma Hotel EBITDA Margin (1) 36.0% to 37.0%
Pro forma Consolidated Hotel EBITDA $405.0M to $425.0M
Corporate Cash General & Administrative $26.0M to $27.0M

(1) Excludes non-comparable hotels. Properties closed for renovations are considered non-comparable and therefore are excluded for periods in which they are closed.

 

RLJ Lodging Trust
Non-GAAP and Accounting Commentary

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

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

Funds From Operations (“FFO”)

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

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

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

EBITDA is defined as net income or loss excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sales of assets; and (3) depreciation and amortization. The Company considers EBITDA useful to an investor in evaluating and facilitating comparisons of its operating performance between periods and between REITs by removing the impact of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results. In addition, EBITDA is used as one measure in determining the value of hotel acquisitions and dispositions. The Company presents EBITDA attributable to common shareholders, which includes OP units, because the OP units are redeemable for common shares of the Company. The Company believes it is meaningful for the investor to understand EBITDA attributable to all common shares and OP units.

Hotel EBITDA

With respect to Consolidated Hotel EBITDA, the Company believes that excluding the effect of corporate-level expenses and 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 results for periods prior to ownership, includes non-comparable hotels which were not open for operation or were closed for renovations for comparable periods, and excludes sold hotels. Pro forma Hotel EBITDA excludes the results of non-comparable hotels.

Adjustments to FFO and EBITDA

The Company adjusts FFO and EBITDA for certain additional items, such as transaction and pursuit costs, the amortization of share based compensation, and certain other expenses that the Company considers outside the normal course of business. The Company believes that Adjusted FFO and Adjusted EBITDA provide useful supplemental information to investors regarding its ongoing operating performance that, when considered with net income, FFO and EBITDA, is beneficial to an investor’s understanding of its operating performance. The Company adjusts FFO and EBITDA for the following items, as applicable:

  • Transaction and Pursuit Costs: The Company excludes transaction and pursuit costs expensed during the period because it believes they do not reflect the underlying performance of the Company.
  • Non-Cash Expenses: The Company excludes the effect of certain non-cash items because it believes they do not reflect the underlying performance of the Company. The Company has excluded the amortization of share based compensation, non-cash gain or loss on the disposal of assets, non-cash debt extinguishment costs, and the accelerated amortization of deferred financing fees.
RLJ Lodging Trust
Consolidated Balance Sheets

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

March 31, December 31,
2015 2014
(unaudited)
Assets
Investment in hotel and other properties, net $ 3,511,032 $ 3,518,803
Cash and cash equivalents 339,774 262,458
Restricted cash reserves 56,795 63,054
Hotel and other receivables, net of allowance of $189 and $166, respectively 30,820 25,691
Deferred financing costs, net 10,411 11,421
Deferred income tax asset 7,502 7,502
Prepaid expense and other assets 36,698 42,115
Assets of hotel properties held for sale 197,335
Total assets $ 3,993,032 $ 4,128,379
Liabilities and Equity
Mortgage loans $ 403,319 $ 532,747
Term loans 1,025,000 1,025,000
Accounts payable and other liabilities 119,995 129,388
Deferred income tax liability 7,861 7,879
Advance deposits and deferred revenue 12,385 9,984
Accrued interest 2,755 2,783
Distributions payable 46,490 42,114
Total liabilities 1,617,805 1,749,895
Equity
Shareholders’ equity:
Preferred shares of beneficial interest, $0.01 par value, 50,000,000 shares authorized; zero shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 132,165,308 and 131,964,706 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively 1,321 1,319
Additional paid-in-capital 2,422,013 2,419,731
Accumulated other comprehensive loss (23,047 ) (13,644 )
Distributions in excess of net earnings (42,510 ) (46,415 )
Total shareholders’ equity 2,357,777 2,360,991
Noncontrolling interest
Noncontrolling interest in joint venture 6,226 6,295
Noncontrolling interest in Operating Partnership 11,224 11,198
Total noncontrolling interest 17,450 17,493
Total equity 2,375,227 2,378,484
Total liabilities and equity $ 3,993,032 $ 4,128,379
RLJ Lodging Trust
Consolidated Statements of Operations

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

(unaudited)

For the three months ended March 31,
2015 2014
Revenue
Operating revenue
Room revenue $ 232,559 $ 206,025
Food and beverage revenue 28,993 23,367
Other operating department revenue 8,853 6,981
Total revenue $ 270,405 $ 236,373
Expense
Operating expense
Room expense $ 54,086 $ 47,521
Food and beverage expense 20,764 16,873
Management and franchise fee expense 28,042 24,813
Other operating expense 60,581 56,376
Total property operating expense 163,473 145,583
Depreciation and amortization 37,203 32,876
Property tax, insurance and other 20,043 17,252
General and administrative 10,399 10,129
Transaction and pursuit costs 135 1,484
Total operating expense 231,253 207,324
Operating income 39,152 29,049
Other income 90 110
Interest income 445 323
Interest expense (13,508 ) (14,646 )
Income from continuing operations before income tax expense 26,179 14,836
Income tax expense (375 ) (294 )
Income from continuing operations 25,804 14,542
Gain (loss) on disposal of hotel properties 22,298 (2,557 )
Net income 48,102 11,985
Net (income) loss attributable to noncontrolling interests
Noncontrolling interest in consolidated joint venture 69 34
Noncontrolling interest in common units of Operating Partnership (321 ) (87 )
Net income attributable to common shareholders $ 47,850 $ 11,932
Basic per common share data
Net income per share attributable to common shareholders $ 0.36 $ 0.10
Weighted-average number of common shares 131,272,611 121,740,962
Diluted per common share data
Net income per share attributable to common shareholders $ 0.36 $ 0.10
Weighted-average number of common shares 132,286,542 122,867,755

Note:

The Statement of Comprehensive Income and corresponding footnotes can be found in the Company’s Quarterly Report on Form 10-Q.
RLJ Lodging Trust
Reconciliation of Net Income to Non-GAAP Measures

(Amounts in thousands, except per share data)

(unaudited)

Funds From Operations (FFO)
For the three months ended March 31,
2015 2014
Net income $ 48,102 $ 11,985
Depreciation and amortization 37,203 32,876
(Gain) loss on disposal of hotel properties (22,298 ) 2,557
Noncontrolling interest in consolidated joint venture 69 34
Adjustments related to consolidated joint venture (1) (42 ) (46 )
FFO attributable to common shareholders 63,034 47,406
Transaction and pursuit costs 135 1,484
Amortization of share based compensation 4,023 3,573
Loan related costs (2) 90 1,073
Adjusted FFO $ 67,282 $ 53,536
Adjusted FFO per common share and unit-basic $ 0.51 $ 0.44
Adjusted FFO per common share and unit-diluted $ 0.51 $ 0.43
Basic weighted-average common shares and units outstanding (3) 132,167 122,635
Diluted weighted-average common shares and units outstanding (3) 133,181 123,762

Note:

(1) Includes depreciation and amortization expense allocated to the noncontrolling interest in the joint venture.
(2) Represents debt extinguishment costs and accelerated amortization of deferred financing fees.
(3) Includes 0.9 million operating partnership units.
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 three months ended March 31,
2015 2014
Net income $ 48,102 $ 11,985
Depreciation and amortization 37,203 32,876
Interest expense, net (1) 13,497 14,638
Income tax expense 375 294
Noncontrolling interest in consolidated joint venture 69 34
Adjustments related to consolidated joint venture (2) (42 ) (46 )
EBITDA 99,204 59,781
Transaction and pursuit costs 135 1,484
(Gain) loss on disposal of hotel properties (22,298 ) 2,557
Amortization of share based compensation 4,023 3,573
Adjusted EBITDA $ 81,064 $ 67,395
General and administrative (3) 6,376 6,555
Operating results from noncontrolling interest in joint venture (27 ) 12
Other corporate adjustments (160 ) 15
Consolidated Hotel EBITDA 87,253 73,977
Pro forma adjustments – Income from sold properties (2,213 ) (5,979 )
Pro forma adjustments – Income from prior ownership 8,793
Pro forma Consolidated Hotel EBITDA 85,040 76,791
Non-comparable hotels (4) (4,554 ) (1,743 )
Pro forma Hotel EBITDA $ 80,486 $ 75,048

Note:

(1) Interest expense is net of interest income, excludes amounts attributable to investment in loans of $0.4 million for the three months ended March 31, 2015, and $0.3 million for the three months ended March 31, 2014.
(2) Includes depreciation, amortization, and interest expense allocated to the noncontrolling interest in the joint venture.
(3) General and administrative expenses exclude amortization of share based compensation, which is reflected in Adjusted EBITDA.
(4) Reflects the results of five non-comparable hotels that were not open for the entirety of the comparable periods: Residence Inn Atlanta Midtown/Georgia Tech, Courtyard Waikiki Beach, Hilton Cabana Miami Beach, Courtyard San Francisco Union Square, and the SpringHill Suites Downtown Houston.
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
March 31, 2015

Secured Debt
Barclays Bank – 3 hotels 10 Jun 2015 Fixed 5.55 % $ 20,109
Capmark Financial Group – 1 hotel 10 Jul 2015 Fixed 5.50 % 6,172
Barclays Bank – 1 hotel 10 Sep 2015 Fixed 5.44 % 10,038
PNC Bank – 5 hotels 4 May 2017 Floating 2.53 % 74,000
Wells Fargo – 4 hotels 3 Sep 2020 Floating (2) 4.19 % 150,000
Wells Fargo – 4 hotels 3 Oct 2021 Floating (2) 4.06 % 143,000
Weighted Average / Secured Total 3.96 % $ 403,319
Unsecured Debt
Credit Facility 4 Nov 2017 Floating % $
2013 Five-Year Term Loan 5 Aug 2018 Floating (2)(3) 3.07 % 400,000
2012 Five-Year Term Loan 5 Mar 2019 Floating (2)(4) 2.37 % 400,000
2013 Seven-Year Term Loan 7 Nov 2019 Floating (2) 4.04 % 225,000
2014 Seven-Year Term Loan 7 Jan 2022 Floating %
Weighted Average / Unsecured Total 3.01 % $ 1,025,000
Weighted Average / Total Debt 3.28 % $ 1,428,319

Note:

(1) Interest rates as of March 31, 2015.
(2) The floating interest rate is hedged with an interest rate swap.
(3) Reflects interest rate swap on $350.0 million.
(4) Reflects interest rate swap on $275.0 million.
RLJ Lodging Trust
Acquisitions

(unaudited)

Acquisitions Location Acquisition Date Management Company Rooms

Gross Purchase
Price
($ in millions)

%
Interest

2015 Acquisitions
No assets acquired to date.
2014 Acquisitions
Hyatt House Charlotte Center City Charlotte, NC Mar 12, 2014 Hyatt Affiliate 163 $ 32.5 100 %
Hyatt House Cypress Anaheim Cypress, CA Mar 12, 2014 Hyatt Affiliate 142 14.8 100 %
Hyatt House Emeryville SF Bay Area Emeryville, CA Mar 12, 2014 Hyatt Affiliate 234 39.3 100 %
Hyatt House San Diego Sorrento Mesa San Diego, CA Mar 12, 2014 Hyatt Affiliate 193 36.0 100 %
Hyatt House San Jose Silicon Valley San Jose, CA Mar 12, 2014 Hyatt Affiliate 164 44.2 100 %
Hyatt House San Ramon San Ramon, CA Mar 12, 2014 Hyatt Affiliate 142 20.8 100 %
Hyatt House Santa Clara Santa Clara, CA Mar 12, 2014 Hyatt Affiliate 150 40.6 100 %
Hyatt Market Street The Woodlands The Woodlands, TX Mar 12, 2014 Hyatt Corporation 70 25.8 100 %
Hyatt Place Fremont Silicon Valley Fremont, CA Mar 12, 2014 Hyatt Affiliate 151 23.5 100 %
Hyatt Place Madison Downtown Madison, WI Mar 12, 2014 Hyatt Affiliate 151 35.1 100 %
Courtyard Portland City Center Portland, OR May 22, 2014 Sage Hospitality 256 67.0 100 %
Embassy Suites Irvine Orange County Irvine, CA May 22, 2014 Sage Hospitality 293 53.0 100 %
Hilton Cabana Miami Beach Miami Beach, FL Jun 19, 2014 Highgate Hotels 231 71.7 100 %
Hyatt Atlanta Midtown Atlanta, GA Jul 14, 2014 Interstate Hotels and Resorts 194 49.5 100 %
DoubleTree Grand Key Resort (1) Key West, FL Sep 11, 2014 Interstate Hotels and Resorts 215 77.0 100 %
Total Acquisitions 2,749 $ 630.7

Note:

(1)

Purchase price does not include $1.3 million paid for five condominium units.
RLJ Lodging Trust
Pro forma Operating Statistics — Top 50 Assets

(Amounts in thousands, except rooms)

(unaudited)

For the trailing twelve months ended March 31, 2015
Property City/State # of Rooms

Pro forma Consolidated
Hotel EBITDA

DoubleTree NYC Metropolitan New York, NY 764 $ 17,536
Marriott Louisville Downtown Louisville, KY 616 16,936
Courtyard Austin Dtwn Conv Ctr Austin, TX 270 10,079
Hilton New York Fashion District New York, NY 280 10,004
Hilton Garden Inn New York W 35th St New York, NY 298 9,846
Courtyard Chicago Downtown Mag Mile Chicago, IL 306 7,408
Courtyard Portland City Center Portland, OR 256 7,027
Embassy Suites Tampa Dtwn Conv Ctr Tampa, FL 360 6,418
Courtyard Waikiki Beach Waikiki, HI 403 6,294
Renaissance Pittsburgh Hotel Pittsburgh, PA 300 6,197
Fairfield Inn & Suites DC Downtown Washington, DC 198 5,791
Hilton Garden Inn SF Oakland Bay Bridge Emeryville, CA 278 5,780
DoubleTree Grand Key Resort Key West, FL 216 5,555
Marriott Denver South @ Park Meadows Lone Tree, CO 279 5,439
Residence Inn Austin Dtwn Conv Ctr Austin, TX 179 5,334
Courtyard Charleston Historic District Charleston, SC 176 5,324
Courtyard New York Manhattan Upper East New York, NY 226 4,988
Hyatt House San Jose Silicon Valley San Jose, CA 164 4,895
Hilton Cabana Miami Beach, FL 231 4,858
Courtyard Houston By The Galleria Houston, TX 190 4,758
Embassy Suites Boston Waltham Waltham, MA 275 4,737
Hilton Garden Inn New Orleans Conv Ctr New Orleans, LA 286 4,678
Residence Inn Bethesda Downtown Bethesda, MD 188 4,671
Marriott Denver Airport @ Gateway Park Aurora, CO 238 4,645
Hilton Garden Inn Los Angeles Hollywood Los Angeles, CA 160 4,635
Renaissance Ft Lauderdale Plantation Plantation, FL 250 4,540
Hyatt House Emeryville SF Bay Area Emeryville, CA 234 4,475
Homewood Suites Washington DC Downtown Washington, DC 175 4,433
Marriott Austin South Austin, TX 211 4,181
Hyatt House Santa Clara Santa Clara, CA 150 4,161
Embassy Suites Los Angeles Downey Downey, CA 219 4,039
Residence Inn National Harbor DC Oxon Hill, MD 162 3,998
Courtyard Houston Dtwn Conv Ctr Houston, TX 191 3,949
Residence Inn Houston By The Galleria Houston, TX 146 3,622
Embassy Suites Irvine Orange Cnty Arprt Irvine, CA 293 3,617
Residence Inn Houston Dtwn Conv Ctr Houston, TX 171 3,502
Renaissance Boulder Flatiron Hotel Broomfield, CO 232 3,351
Hampton Inn Houston Near The Galleria Houston, TX 176 3,329
Residence Inn Chicago Oak Brook Oak Brook, IL 156 3,254
Hyatt House Charlotte Center City Charlotte, NC 163 3,192
Residence Inn Louisville Downtown Louisville, KY 140 3,178
Hyatt Market Street The Woodlands Spring, TX 70 3,067
Hyatt Atlanta Midtown Atlanta, GA 194 3,056
Embassy Suites West Palm Beach Central West Palm Beach, FL 194 3,014
Hyatt House San Diego Sorrento Mesa San Diego, CA 193 3,009
Hyatt Place Fremont Silicon Valley Fremont, CA 151 2,970
Marriott Chicago Midway Chicago, IL 200 2,949
Hilton Garden Inn Bloomington Bloomington, IN 168 2,844
Hyatt House Dallas Lincoln Park Dallas, TX 155 2,615
Fairfield Inn & Suites Key West Key West, FL 106 2,180
Top 50 Assets 11,637 260,357
Other (1)

8,800

125,189

Total Portfolio

20,437

$

385,546

Note:

The information above includes results for periods prior to the Company’s ownership. The information above has not been audited and is presented only for comparison purposes. Results reflect 100% of DoubleTree NYC Metropolitan financial results, which have not been adjusted to reflect the noncontrolling interest in the joint venture.

(1)

Reflects 74 hotels, excludes two pending hotel conversions scheduled to open in the third quarter of 2015.

RLJ Lodging Trust
Pro forma Operating Statistics

(unaudited)

For the three months ended March 31, 2015
Top Markets Occupancy ADR RevPAR

% of
Hotel
EBITDA

# of Hotels 2015 2014 Var 2015 2014 Var 2015 2014 Var Q1
NYC 5 91.6 % 93.3 % (1.7 )% $ 170.38 $ 179.27 (5.0 )% $ 156.11 $ 167.18 (6.6 )% 2 %
Chicago 15 62.4 % 65.0 % (4.1 )% 128.39 117.19 9.6 % 80.09 76.22 5.1 % 4 %
Austin 13 77.8 % 81.5 % (4.6 )% 176.96 166.48 6.3 % 137.67 135.70 1.5 % 13 %
Denver 13 65.7 % 69.7 % (5.8 )% 129.72 122.92 5.5 % 85.19 85.68 (0.6 )% 7 %
Houston 9 74.3 % 73.3 % 1.3 % 168.01 161.41 4.1 % 124.79 118.35 5.4 % 8 %
Washington, DC 7 70.9 % 68.4 % 3.6 % 165.98 164.89 0.7 % 117.62 112.79 4.3 % 6 %
Other 59 76.7 % 75.9 % 1.0 % 162.37 149.05 8.9 % 124.49 113.11 10.1 % 60 %
Total 121 75.1 % 75.6 % (0.7 )% $ 159.48 $ 150.41 6.0 % $ 119.71 $ 113.70 5.3 % 100 %
Service Level Occupancy ADR RevPAR

% of
Hotel
EBITDA

# of Hotels 2015 2014 Var 2015 2014 Var 2015 2014 Var Q1
Focused-Service 100 73.8 % 74.4 % (0.8 )% $ 153.29 $ 143.52 6.8 % $ 113.12 $ 106.77 5.9 % 70 %
Compact Full-Service 20 79.2 % 80.2 % (1.3 )% 173.91 166.73 4.3 % 137.70 133.71 3.0 % 25 %
Full-Service 1 69.9 % 64.6 % 8.2 % 172.47 163.11 5.7 % 120.56 105.40 14.4 % 5 %
Total 121 75.1 % 75.6 % (0.7 )% $ 159.48 $ 150.41 6.0 % $ 119.71 $ 113.70 5.3 % 100 %
Chain Scale Occupancy ADR RevPAR

% of
Hotel
EBITDA

# of Hotels 2015 2014 Var 2015 2014 Var 2015 2014 Var Q1
Upper Upscale 18 75.7 % 75.1 % 0.7 % $ 171.68 $ 162.02 6.0 % $ 129.95 $ 121.75 6.7 % 27 %
Upscale 85 75.4 % 76.3 % (1.2 )% 157.08 148.50 5.8 % 118.37 113.25 4.5 % 63 %
Upper Midscale 17 72.7 % 72.2 % 0.7 % 150.16 141.23 6.3 % 109.17 102.01 7.0 % 10 %
Midscale 1 58.8 % 75.3 % (21.9 )% 83.85 64.95 29.1 % 49.30 48.89 0.8 %

0

%

Total 121 75.1 % 75.6 % (0.7 )% $ 159.48 $ 150.41 6.0 % $ 119.71 $ 113.70 5.3 % 100 %
Flags Occupancy ADR RevPAR

% of
Hotel
EBITDA

# of Hotels 2015 2014 Var 2015 2014 Var 2015 2014 Var Q1
Residence Inn 28 74.9 % 76.9 % (2.6 )% $ 148.43 $ 138.17 7.4 % $ 111.22 $ 106.29 4.6 % 17 %
Courtyard 22 73.4 % 73.1 % 0.4 % 157.65 148.14 6.4 % 115.65 108.23 6.9 % 18 %
Hyatt House 11 73.1 % 77.0 % (5.0 )% 160.31 145.47 10.2 % 117.20 111.97 4.7 % 8 %
Hilton Garden Inn 9 78.1 % 75.9 % 2.9 % 162.61 157.03 3.6 % 126.99 119.21 6.5 % 9 %
Fairfield Inn & Suites 8 73.6 % 68.7 % 7.2 % 159.28 151.68 5.0 % 117.22 104.17 12.5 % 5 %
SpringHill Suites 8 69.4 % 70.4 % (1.5 )% 122.36 116.88 4.7 % 84.87 82.28 3.1 % 4 %
Embassy Suites 7 79.4 % 79.4 % 0.0 % 172.17 160.59 7.2 % 136.65 127.43 7.2 % 10 %
Hampton Inn 7 74.4 % 77.2 % (3.6 )% 144.07 135.45 6.4 % 107.23 104.53 2.6 % 5 %
Marriott 5 69.7 % 70.2 % (0.7 )% 163.33 151.99 7.5 % 113.79 106.67 6.7 % 10 %
Renaissance 3 72.3 % 68.6 % 5.5 % 167.90 158.16 6.2 % 121.39 108.44 11.9 % 4 %
DoubleTree 3 88.2 % 92.2 % (4.3 )% 181.04 180.91 0.1 % 159.72 166.77 (4.2 )% 3 %
Hyatt 2 75.1 % 71.6 % 4.9 % 203.80 190.56 6.9 % 153.02 136.36 12.2 % 2 %
Hyatt Place 2 80.5 % 78.6 % 2.5 % 146.81 129.66 13.2 % 118.24 101.90 16.0 % 2 %
Hilton 1 96.5 % 98.6 % (2.1 )% 186.84 196.37 (4.9 )% 180.26 193.56 (6.9 )% 1 %
Homewood Suites 1 66.9 % 60.1 % 11.4 % 209.45 208.83 0.3 % 140.06 125.41 11.7 % 1 %
Other 4 60.1 % 66.8 % (10.0 )% 141.52 128.97 9.7 % 85.07 86.16 (1.3 )% 1 %
Total 121 75.1 % 75.6 % (0.7 )% $ 159.48 $ 150.41 6.0 % $ 119.71 $ 113.70 5.3 % 100 %
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