Ashford Prime Reports Fourth Quarter And Year End 2016 Results
STRATEGIC OVERVIEW
- Focused strategy of investing in luxury hotels and resorts
- Targets conservative leverage levels of 45% Net Debt to Gross Assets
- Highly-aligned management team and advisory structure
- Dividend yield of approximately 4.8%
FINANCIAL AND OPERATING HIGHLIGHTS
- Net loss attributable to common stockholders for the quarter was
$0.6 million or$0.03 per diluted share. For the full year of 2016, net income attributable to common stockholders was$15.5 million or$0.55 per diluted share. - Comparable RevPAR for all hotels not under renovation increased 3.6% to
$199.59 during the fourth quarter. For the full year of 2016, comparable RevPAR for all hotels not under renovation increased 2.4% to$216.34 . - Adjusted EBITDA was
$21.6 million for the quarter, which reflected 31% growth over the prior-year quarter. Adjusted EBITDA for the full year of 2016 was$101.4 million , which reflected a 15% growth rate over 2015. - Adjusted funds from operations (AFFO) was
$0.34 per diluted share for the quarter as compared with$0.20 per diluted share from the prior-year quarter, an increase of 70%. For the full year of 2016, AFFO per diluted share was$1.73 compared with$1.50 for the full year of 2015, an increase of 15% over the prior year. - On
November 14, 2016 , the Company announced that it had entered into a new$100 million secured credit facility which replaces the Company's previous credit facility that was scheduled to mature inNovember 2016 - Subsequent to quarter end, on
January 24, 2017 , the Company announced that it had refinanced three mortgage loans with existing outstanding balances totaling approximately$334 million with a new loan totaling$365 million - Capex invested in the quarter was
$6.8 million
REFINED STRATEGY TO ENHANCE SHAREHOLDER VALUE
Subsequent to quarter end, on
- Focused Portfolio: Going forward, the Company's portfolio will be predominantly focused on investing in the luxury chain scale segment. The Company will continue to target acquisitions of hotels with a RevPAR of at least 2.0x the national average. As a result, four hotels have been designated as non-core to the portfolio, including the
Courtyard Philadelphia Downtown Hotel ,Courtyard San Francisco Downtown Hotel ,Renaissance Tampa Hotel andMarriott Legacy Center Hotel inPlano, Texas . The Company intends to either reposition or opportunistically sell these hotels in the future if conditions warrant. The Company will also simultaneously pursue new acquisitions in order to grow the portfolio consistent with its stated strategy.
- Increased Dividend: The Company's 2017 dividend policy will be amended commencing with the first quarter by increasing the expected quarterly cash dividend for the Company's common stock by 33%, from
$0.12 per diluted share to$0.16 per diluted share. This equates to an annual rate of$0.64 per diluted share, representing a 4.8% yield based on the closing stock price onFebruary 21, 2017 .
- Reaffirming Conservative Leverage: The Company will continue to target conservative leverage, with a target leverage level of 45% Net Debt to Gross Assets.
- Strong Liquidity: The Company will continue to focus on having access to liquidity for both opportunistic investments and as a hedge against economic uncertainty. The Company will target holding 10-15% of its gross debt balance in cash.
AMENDED ADVISORY AGREEMENT WITH ASHFORD INC.
Subsequent to quarter end, on
- Removal of the tax gross-up provision and the 1.1 times multiple from the calculation of the termination fee.
- The revenues and allocated expenses of
Ashford Inc. used to calculate the termination fee will be publicly disclosed on a quarterly basis. A full calculation of the termination fee under both the existing third amended and restated advisory agreement and the proposed fourth amended and restated advisory agreement was included in the proxy statement that was filed by the Company with theSEC onFebruary 21, 2017 in connection with obtaining stockholder approval of the amended agreement. - The termination provisions of the advisory agreement have been amended and, specifically, a change in a majority of the Company's incumbent directors no longer triggers a termination fee.
- The advisor's right under the existing advisory agreement to appoint a "Designated Chief Executive Officer" has been eliminated. The role of the recently appointed CEO of
Ashford Prime ,Richard Stockton , is not impacted by the removal of this provision, and he will continue to serve as CEO in the same capacity as he has since his appointment onNovember 14, 2016 . - In addition to the termination fee, a payment of
$45 million would be owed toAshford Inc. in the event the amended agreement is terminated prior to any incremental growth in the hotel portfolio. This amount will reduce ratably to zero over time based on incremental asset growth. - At the effective date of the amended agreement, the Company will pay
Ashford Inc. $5.0 million in cash.
The Company's board of directors, acting upon the unanimous recommendation of a special committee of independent directors, unanimously approved the amended agreement, and resolved to recommend that the Company's stockholders approve the amended agreement. The special committee exclusively negotiated the amended agreement on behalf of the Company with the assistance of independent legal and financial advisors. The amended agreement will not become effective unless it is approved by the Company's stockholders.
A summary of the terms of the amended agreement and the complete amended agreement can be found in the Company's Current Report on Form 8-K filed with the
ANNOUNCED SETTLEMENT WITH SESSA CAPITAL
Subsequent to quarter end, on
CORPORATE GOVERNANCE ENHANCEMENTS
In August, after initiating significant outreach and feedback from shareholders, the Company announced that its Board of Directors took a series of actions which are intended to enhance the Company's corporate governance. The enhanced governance measures include:
- Adoption of a majority voting standard for uncontested director elections and a plurality voting standard in contested director elections to be voted on at the next shareholder meeting;
- Separate the roles of Chairman and CEO;
- Prohibit share recycling with respect to share forfeitures, stock options and stock appreciation rights under the Company's stock plan by executives and directors;
- Implementation of a mandatory equity award retention period for executives and directors;
- Adoption of a proxy access resolution which would enable a shareholder, or a group of not more than 20 shareholders, who have continuously owned 3% or more of the Company's common stock for a minimum of 3 years to include nominees in its proxy materials for the greater of two or 20% of the Board; and
- Addition of up to two independent directors to the Board.
CAPITAL STRUCTURE
At
On
Subsequent to quarter end, on
PORTFOLIO REVPAR
As of
- Comparable RevPAR increased 2.4% to
$191.04 for all hotels on a 0.3% decrease in ADR and a 2.7% increase in occupancy - Comparable RevPAR increased 3.6% to
$199.59 for hotels not under renovation on a 0.3% increase in ADR and a 3.3% increase in occupancy
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year
COMMON STOCK DIVIDEND
On
On
"We are pleased with our strong fourth quarter performance, highlighted by solid RevPAR, EBITDA and AFFO growth," said
INVESTOR CONFERENCE CALL AND SIMULCAST
The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2016 earnings release conference call. The live broadcast of
Substantially all of our non-current assets consist of real estate investments secured by real estate. 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 industry investors consider supplemental measures of performance, which are not measures of operating performance under GAAP, to assist in evaluating a real estate company's operations. These supplemental measures include FFO, AFFO, EBITDA, and
Ashford has created an
Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the implied share price for the Company's common stock. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; our ability to successfully complete and integrate acquisitions, and manage our planned growth, and the degree and nature of our competition. These and other risk factors are more fully discussed in
The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.
|
||||||
CONSOLIDATED BALANCE SHEETS |
||||||
(in thousands, except share amounts) |
||||||
(unaudited) |
||||||
|
|
|||||
2016 |
2015 |
|||||
ASSETS |
||||||
Investments in hotel properties, gross |
$ 1,258,412 |
$ 1,315,621.00 |
||||
Accumulated depreciation |
(243,880) |
(224,142) |
||||
Investments in hotel properties, net |
1,014,532 |
1,091,479 |
||||
Cash and cash equivalents |
126,790 |
105,039 |
||||
Restricted cash |
37,855 |
33,135 |
||||
Accounts receivable, net of allowance of |
18,194 |
13,370 |
||||
Inventories |
1,479 |
1,451 |
||||
Note receivable |
8,098 |
8,098 |
||||
Deferred costs, net |
1,020 |
755 |
||||
Prepaid expenses |
3,669 |
3,132 |
||||
Investment in securities investment fund |
- |
48,365 |
||||
Investment in |
8,407 |
10,377 |
||||
Derivative assets |
1,149 |
753 |
||||
Other assets |
2,249 |
2,543 |
||||
Intangible asset, net |
22,846 |
23,160 |
||||
Due from Ashford Trust OP, net |
488 |
- |
||||
Due from |
2,289 |
- |
||||
Due from related party, net |
377 |
371 |
||||
Due from third-party hotel managers |
7,555 |
10,722 |
||||
Total assets |
$ 1,256,997 |
$ 1,352,750 |
||||
LIABILITIES AND EQUITY |
||||||
Liabilities: |
||||||
Indebtedness, net |
$ 764,616 |
$ 835,592 |
||||
Accounts payable and accrued expenses |
44,791 |
43,568 |
||||
Dividends payable |
5,038 |
3,439 |
||||
Unfavorable management contract liabilities |
- |
158 |
||||
Due to Ashford Trust OP, net |
- |
528 |
||||
Due to |
5,085 |
6,369 |
||||
Due to affiliate |
2,500 |
- |
||||
Due to third-party hotel managers |
973 |
1,158 |
||||
Intangible liability, net |
3,625 |
3,682 |
||||
Other liabilities |
1,432 |
1,181 |
||||
Total liabilities |
828,060 |
895,675 |
||||
5.50% Series B cumulative convertible preferred stock, |
||||||
outstanding at |
65,960 |
62,248 |
||||
Redeemable noncontrolling interests in operating partnership |
59,544 |
61,781 |
||||
Equity: |
||||||
Common stock, |
||||||
outstanding at |
260 |
285 |
||||
Additional paid-in capital |
401,790 |
438,347 |
||||
Accumulated deficit |
(93,254) |
(99,773) |
||||
Total stockholders' equity of the Company |
308,796 |
338,859 |
||||
Noncontrolling interest in consolidated entities |
(5,363) |
(5,813) |
||||
Total equity |
303,433 |
333,046 |
||||
Total liabilities and equity |
$ 1,256,997 |
$ 1,352,750 |
|
||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||
(in thousands, except per share amounts) |
||||||||||
(unaudited) |
||||||||||
Three Months Ended |
Year Ended |
|||||||||
December 31, |
December 31, |
|||||||||
2016 |
2015 |
2016 |
2015 |
|||||||
REVENUE |
||||||||||
Rooms |
$ 65,066 |
$ 62,575 |
$ 287,844 |
$ 255,443 |
||||||
Food and beverage |
23,596 |
21,526 |
95,618 |
79,894 |
||||||
Other |
5,290 |
4,023 |
22,267 |
14,061 |
||||||
Total hotel revenue |
93,952 |
88,124 |
405,729 |
349,398 |
||||||
Other |
25 |
36 |
128 |
147 |
||||||
Total revenue |
93,977 |
88,160 |
405,857 |
349,545 |
||||||
EXPENSES |
||||||||||
Hotel operating expenses |
||||||||||
Rooms |
15,700 |
14,446 |
65,541 |
56,341 |
||||||
Food and beverage |
16,815 |
14,609 |
68,471 |
53,535 |
||||||
Other expenses |
26,191 |
24,337 |
113,114 |
93,742 |
||||||
Management fees |
3,498 |
3,485 |
15,456 |
14,049 |
||||||
Total hotel operating expenses |
62,204 |
56,877 |
262,582 |
217,667 |
||||||
Property taxes, insurance and other |
5,862 |
4,736 |
20,539 |
# |
18,517 |
|||||
Depreciation and amortization |
11,555 |
11,440 |
45,897 |
43,824 |
||||||
Advisory services fee: |
||||||||||
Base advisory fee |
2,009 |
2,135 |
8,343 |
8,648 |
||||||
Incentive fee |
(772) |
3,822 |
- |
3,822 |
||||||
Reimbursable expenses |
771 |
411 |
2,798 |
1,827 |
||||||
Non-cash stock/unit-based compensation |
594 |
1,745 |
3,814 |
3,592 |
||||||
Transaction costs |
(44) |
283 |
457 |
538 |
||||||
Corporate, general and administrative: |
||||||||||
Non-cash stock/unit-based compensation |
- |
- |
271 |
254 |
||||||
Other general and administrative |
(2,128) |
1,324 |
14,015 |
4,880 |
||||||
Total operating expenses |
80,051 |
82,773 |
358,716 |
303,569 |
||||||
OPERATING INCOME |
13,926 |
5,387 |
47,141 |
45,976 |
||||||
Equity in earnings (loss) of unconsolidated entity |
- |
1,292 |
(2,587) |
(2,927) |
||||||
Interest income |
35 |
13 |
167 |
34 |
||||||
Gain on sale of hotel property |
- |
- |
26,359 |
- |
||||||
Other income (expense) |
(77) |
- |
(165) |
1,233 |
||||||
Interest expense |
(9,052) |
(9,029) |
(37,712) |
(35,254) |
||||||
Amortization of loan costs |
(763) |
(740) |
(3,169) |
(2,575) |
||||||
Write-off of loan costs and exit fees |
- |
- |
(2,595) |
(54) |
||||||
Unrealized loss on investments |
(879) |
(1,988) |
(1,970) |
(7,609) |
||||||
Unrealized gain (loss) on derivatives |
(1,793) |
(1,151) |
425 |
(3,252) |
||||||
INCOME (LOSS) BEFORE INCOME TAXES |
1,397 |
(6,216) |
25,894 |
(4,428) |
||||||
Income tax (expense) benefit |
(552) |
108 |
(1,574) |
(263) |
||||||
NET INCOME (LOSS) |
845 |
(6,108) |
24,320 |
(4,691) |
||||||
Income from consolidated entities attributable to noncontrolling interest |
(536) |
(1,346) |
(3,105) |
(2,414) |
||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
95 |
1,064 |
(1,899) |
393 |
||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY |
404 |
(6,390) |
19,316 |
(6,712) |
||||||
Preferred dividends |
(994) |
(893) |
(3,860) |
(1,986) |
||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS |
$ (590) |
$ (7,283) |
$ 15,456 |
$ (8,698) |
||||||
INCOME (LOSS) PER SHARE – BASIC AND DILUTED |
||||||||||
Basic: |
||||||||||
Net income (loss) attributable to common stockholders |
$ (0.03) |
$ (0.26) |
$ 0.57 |
$ (0.34) |
||||||
Weighted average common shares outstanding – basic |
25,532 |
28,331 |
26,648 |
25,888 |
||||||
Diluted: |
||||||||||
Net income (loss) attributable to common stockholders |
$ (0.03) |
$ (0.26) |
$ 0.55 |
$ (0.34) |
||||||
31,195.00 |
||||||||||
Weighted average common shares outstanding – diluted |
25,532 |
28,331 |
31,195 |
25,888 |
||||||
Dividends declared per common share: |
$ 0.12 |
$ 0.10 |
$ 0.46 |
$ 0.35 |
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES |
|||||||||
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA |
|||||||||
(in thousands) |
|||||||||
(unaudited) |
|||||||||
Three Months Ended |
Year Ended |
||||||||
December 31, |
December 31, |
||||||||
2016 |
2015 |
2016 |
2015 |
||||||
Net income (loss) |
$ 845 |
$ (6,108) |
$ 24,320 |
$ (4,691) |
|||||
Income from consolidated entities attributable to noncontrolling interest |
(536) |
(1,346) |
(3,105) |
(2,414) |
|||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
95 |
1,064 |
(1,899) |
393 |
|||||
Net income (loss) attributable to the Company |
404 |
(6,390) |
19,316 |
(6,712) |
|||||
Interest income |
(35) |
(13) |
(167) |
(34) |
|||||
Interest expense and amortization of loan costs |
9,393 |
9,385 |
39,232 |
36,309 |
|||||
Depreciation and amortization |
10,838 |
10,729 |
43,054 |
40,950 |
|||||
Income tax expense (benefit) |
552 |
(108) |
1,574 |
263 |
|||||
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership |
(95) |
(1,064) |
1,899 |
(393) |
|||||
EBITDA available to the Company and OP unitholders |
21,057 |
12,539 |
104,908 |
70,383 |
|||||
Amortization of favorable (unfavorable) contract assets (liabilities) |
37 |
(39) |
106 |
(158) |
|||||
Write-off of loan costs and exit fees |
- |
- |
2,595 |
54 |
|||||
Transaction costs |
(44) |
378 |
457 |
633 |
|||||
Gain on insurance settlements |
- |
(21) |
- |
(21) |
|||||
Gain on sale of hotel property |
- |
- |
(26,359) |
- |
|||||
Unrealized loss on investments |
879 |
1,988 |
1,970 |
7,609 |
|||||
Unrealized (gain) loss on derivatives |
1,791 |
1,151 |
(427) |
3,248 |
|||||
Other (income) expense |
77 |
- |
165 |
(1,233) |
|||||
Non-cash, non-employee stock/unit-based compensation |
615 |
# |
1,745 |
4,156 |
3,846 |
||||
Legal, advisory and settlement costs |
(2,862) |
61 |
11,194 |
973 |
|||||
Company's portion of unrealized (gain) loss of investment in securities investment fund |
- |
(1,292) |
2,587 |
2,927 |
|||||
Adjusted EBITDA available to the Company and OP unitholders |
$ 21,550 |
$ 16,510 |
$ 101,352 |
$ 88,261 |
|||||
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO |
|||||||||
(in thousands, except per share amounts) |
|||||||||
(unaudited) |
|||||||||
Three Months Ended |
Year Ended |
||||||||
December 31, |
December 31, |
||||||||
2016 |
2015 |
2016 |
2015 |
||||||
Net income (loss) |
$ 845 |
$ (6,108) |
$ 24,320 |
$ (4,691) |
|||||
Income from consolidated entities attributable to noncontrolling interest |
(536) |
(1,346) |
(3,105) |
(2,414) |
|||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
95 |
1,064 |
(1,899) |
393 |
|||||
Preferred dividends |
(994) |
(893) |
(3,860) |
(1,986) |
|||||
Net income (loss) attributable to common stockholders |
(590) |
(7,283) |
15,456 |
(8,698) |
|||||
Depreciation and amortization on real estate |
10,838 |
10,729 |
43,054 |
40,950 |
|||||
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership |
(95) |
(1,064) |
1,899 |
(393) |
|||||
Gain on sale of hotel property |
- |
- |
(26,359) |
- |
|||||
FFO available to common stockholders and OP unitholders |
10,153 |
2,382 |
34,050 |
31,859 |
|||||
Preferred dividends |
994 |
893 |
3,860 |
1,986 |
|||||
Unrealized loss on investments |
879 |
1,988 |
1,970 |
7,609 |
|||||
Unrealized (gain) loss on derivatives |
1,791 |
1,151 |
(427) |
3,248 |
|||||
Other (income) expense |
77 |
- |
165 |
(1,233) |
|||||
Transaction costs |
(44) |
378 |
457 |
633 |
|||||
Non-cash, non-employee stock/unit-based compensation |
615 |
1,745 |
4,156 |
3,846 |
|||||
Gain on insurance settlements |
- |
(21) |
- |
(21) |
|||||
Legal, advisory and settlement costs |
(2,862) |
61 |
11,194 |
973 |
|||||
Write-off of loan costs and exit fees |
- |
- |
2,595 |
54 |
|||||
Company's portion of unrealized (gain) loss of investment in securities investment fund |
- |
(1,292) |
2,587 |
2,927 |
|||||
Adjusted FFO available to the Company and OP unitholders |
$ 11,603 |
$ 7,285 |
$ 60,607 |
$ 51,881 |
|||||
Adjusted FFO per diluted share available to the Company and OP unitholders |
$ 0.34 |
$ 0.20 |
$ 1.73 |
$ 1.50 |
|||||
Weighted average diluted shares |
33,891 |
36,091 |
34,999 |
34,542 |
|
||||||||||||||
SUMMARY OF INDEBTEDNESS |
||||||||||||||
|
||||||||||||||
(dollars in thousands) |
||||||||||||||
(unaudited) |
||||||||||||||
Comparable |
Comparable |
|||||||||||||
Fixed-Rate |
Floating-Rate |
Total |
TTM Hotel |
TTM EBITDA |
||||||||||
Indebtedness |
Maturity |
Interest Rate |
Debt |
Debt |
Debt |
EBITDA (7) |
Debt Yield |
|||||||
GACC Sofitel - 1 hotel |
|
LIBOR + 2.30% |
$ - |
$ 80,000 |
(1) |
$ 80,000 |
$ 8,400 |
10.5% |
||||||
Credit Agricole Pier House - 1 hotel |
|
LIBOR + 2.25% |
- |
70,000 |
(2) |
70,000 |
10,229 |
14.6% |
||||||
Wachovia Philly CY - 1 hotel |
|
5.91% |
32,879 |
(3) |
- |
32,879 |
12,557 |
38.2% |
||||||
Wachovia 3 - 1 hotel |
|
5.95% |
55,915 |
(3) |
- |
55,915 |
12,790 |
22.9% |
||||||
Wachovia 7 - 3 hotels |
|
5.95% |
245,307 |
(3) |
- |
245,307 |
32,913 |
13.4% |
||||||
Column Financial Bardessono - 1 hotel |
|
LIBOR + 4.95% |
- |
40,000 |
(2) |
40,000 |
5,029 |
12.6% |
||||||
Apollo |
|
LIBOR + 4.95% |
- |
42,000 |
(2) |
42,000 |
8,813 |
21.0% |
||||||
TIF Philly CY - 1 hotel |
|
12.85% |
8,098 |
- |
8,098 |
N/A |
N/A |
|||||||
Aareal - 2 hotels |
|
LIBOR + 2.65% |
- |
192,765 |
(4) |
192,765 |
30,344 |
15.7% |
||||||
Secured revolving credit facility - Various |
|
Base Rate(6)+ 1.25% to 2.50% or LIBOR + 2.25% to 3.50% |
- |
- |
(5) |
- |
N/A |
N/A |
||||||
Total |
$ 342,199 |
$ 424,765 |
$ 766,964 |
$ 121,075 |
15.8% |
|||||||||
Percentage |
44.6% |
55.4% |
100.0% |
|||||||||||
Weighted average interest rate |
6.11% |
3.73% |
4.80% |
|||||||||||
(6)Base Rate, as defined in the secured revolving credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5%, or (iii) LIBOR + 1.0%. |
||||||||||||||
(7)See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES |
|||||||||||||||
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED |
|||||||||||||||
DECEMBER 31, 2016 |
|||||||||||||||
(in thousands) |
|||||||||||||||
(unaudited) |
|||||||||||||||
2017 |
2018 |
2019 |
2020 |
2021 |
Thereafter |
Total |
|||||||||
Senior credit facility - Various |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
||||||||
Wachovia Philly CY - 1 hotel |
32,532 |
- |
- |
- |
- |
- |
32,532 |
||||||||
Wachovia 3 - 1 hotel |
55,682 |
- |
- |
- |
- |
- |
55,682 |
||||||||
Wachovia 7 - 3 hotels |
242,202 |
- |
- |
- |
- |
- |
242,202 |
||||||||
TIF Philly CY - 1 hotel |
- |
8,098 |
- |
- |
- |
- |
8,098 |
||||||||
GACC Sofitel - 1 hotel |
- |
- |
80,000 |
- |
- |
- |
80,000 |
||||||||
Credit Agricole Pier House - 1 hotel |
- |
- |
- |
70,000 |
- |
- |
70,000 |
||||||||
Column Financial Bardessono - 1 hotel |
- |
- |
- |
40,000 |
- |
- |
40,000 |
||||||||
Apollo |
- |
- |
- |
42,000 |
- |
- |
42,000 |
||||||||
Aareal - 2 hotels |
- |
- |
- |
- |
177,486 |
- |
177,486 |
||||||||
Principal due in future periods |
$ 330,416 |
$ 8,098 |
$ 80,000 |
$ 152,000 |
$ 177,486 |
$ - |
$ 748,000 |
||||||||
Scheduled amortization payments remaining |
6,677 |
2,939 |
3,120 |
3,312 |
2,916 |
- |
18,964 |
||||||||
Total indebtedness |
$ 337,093 |
$ 11,037 |
$ 83,120 |
$ 155,312 |
$ 180,402 |
$ - |
$ 766,964 |
|
||||||||||||||||||
KEY PERFORMANCE INDICATORS |
||||||||||||||||||
(unaudited) |
||||||||||||||||||
ALL HOTELS: |
Three Months Ended |
|||||||||||||||||
|
||||||||||||||||||
Actual |
Non- |
Comparable |
Actual |
Non- |
Comparable |
Actual |
Comparable |
|||||||||||
2016 |
2016 |
2016 |
2015 |
2015 |
2015 |
% Variance |
% Variance |
|||||||||||
Rooms revenue (in thousands) |
$ 65,066 |
$ - |
$ 65,066 |
$ 62,575 |
$ 958 |
$ 63,533 |
3.98% |
2.41% |
||||||||||
RevPAR |
$ 191.04 |
$ - |
$ 191.04 |
$ 178.74 |
$ (100.82) |
$ 186.54 |
6.88% |
2.41% |
||||||||||
Occupancy |
80.70% |
0.00% |
80.70% |
78.59% |
78.65% |
78.58% |
2.68% |
2.70% |
||||||||||
ADR |
$ 236.73 |
$ - |
$ 236.73 |
$ 227.45 |
$ (128.18) |
$ 237.38 |
4.08% |
(0.27%) |
||||||||||
ALL HOTELS: |
Year Ended |
|||||||||||||||||
|
||||||||||||||||||
Actual |
Non- |
Comparable |
Actual |
Non- |
Comparable |
Actual |
Comparable |
|||||||||||
2016 |
2016 |
2016 |
2015 |
2015 |
2015 |
% Variance |
% Variance |
|||||||||||
Rooms revenue (in thousands) |
$ 287,844 |
$ (6,969) |
$ 280,875 |
$ 255,443 |
$ 18,001 |
$ 273,444 |
12.68% |
2.72% |
||||||||||
RevPAR |
$ 205.54 |
$ (153.16) |
$ 207.30 |
$ 186.76 |
$ (1,065.69) |
$ 202.43 |
10.05% |
2.41% |
||||||||||
Occupancy |
82.94% |
(83.73%) |
82.91% |
82.32% |
78.18% |
82.37% |
0.74% |
0.65% |
||||||||||
ADR |
$ 247.83 |
$ (182.92) |
$ 250.03 |
$ 226.87 |
$ (1,363.14) |
$ 245.74 |
9.24% |
1.75% |
||||||||||
NOTES: |
||||||||||||||||||
(1) |
The above comparable information assumes the eleven hotel properties owned and included in the Company's operations at |
|||||||||||||||||
(2) |
All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. |
|||||||||||||||||
ALL HOTELS |
Three Months Ended |
|||||||||||||||||
NOT UNDER RENOVATION: |
|
|||||||||||||||||
Actual |
Non- |
Comparable |
Actual |
Non- |
Comparable |
Actual |
Comparable |
|||||||||||
2016 |
2016 |
2016 |
2015 |
2015 |
2015 |
% Variance |
% Variance |
|||||||||||
Rooms revenue (in thousands) |
$ 58,816 |
$ - |
$ 58,816 |
$ 55,844 |
$ 958 |
$ 56,802 |
5.32% |
3.55% |
||||||||||
RevPAR |
$ 199.59 |
$ - |
$ 199.59 |
$ 183.59 |
$ (100.82) |
$ 192.76 |
8.72% |
3.55% |
||||||||||
Occupancy |
80.83% |
0.00% |
80.83% |
78.28% |
78.65% |
78.26% |
3.27% |
3.28% |
||||||||||
ADR |
$ 246.92 |
$ - |
$ 246.92 |
$ 234.54 |
$ (128.18) |
$ 246.29 |
5.28% |
0.26% |
||||||||||
ALL HOTELS |
Year Ended |
|||||||||||||||||
NOT UNDER RENOVATION: |
|
|||||||||||||||||
Actual |
Non- |
Comparable |
Actual |
Non- |
Comparable |
Actual |
Comparable |
|||||||||||
2016 |
2016 |
2016 |
2015 |
2015 |
2015 |
% Variance |
% Variance |
|||||||||||
Rooms revenue (in thousands) |
$ 260,584 |
$ (6,969) |
$ 253,615 |
$ 228,982 |
$ 18,001 |
$ 246,983 |
13.80% |
2.69% |
||||||||||
RevPAR |
$ 213.98 |
$ (153.16) |
$ 216.34 |
$ 193.14 |
$ (1,065.69) |
$ 211.33 |
10.79% |
2.37% |
||||||||||
Occupancy |
83.10% |
(83.73%) |
83.08% |
82.28% |
78.18% |
82.34% |
1.01% |
0.90% |
||||||||||
ADR |
$ 257.48 |
$ (182.92) |
$ 260.40 |
$ 234.74 |
$ (1,363.14) |
$ 256.67 |
9.69% |
1.45% |
||||||||||
NOTES: |
||||||||||||||||||
(1) |
The above comparable information assumes the ten hotel properties owned and included in the Company's operations at |
|||||||||||||||||
(2) |
All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. |
|||||||||||||||||
(3) |
Excluded Hotels Under Renovation: |
|||||||||||||||||
Courtyard |
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES |
|||||||||||||
HOTEL EBITDA |
|||||||||||||
(dollars in thousands) |
|||||||||||||
(unaudited) |
|||||||||||||
ALL HOTELS: |
Three Months Ended |
Year Ended |
|||||||||||
|
|
||||||||||||
2016 |
2015 |
% Variance |
2016 |
2015 |
% Variance |
||||||||
Total hotel revenue |
$ 93,952 |
$ 88,124 |
6.61% |
$ 405,729 |
$ 349,398 |
16.12% |
|||||||
Non-comparable adjustments |
- |
4,324 |
(7,995) |
40,926 |
|||||||||
Comparable total hotel revenue |
$ 93,952 |
$ 92,448 |
1.63% |
$ 397,734 |
$ 390,324 |
1.90% |
|||||||
Hotel EBITDA |
$ 26,326 |
$ 27,043 |
(2.65%) |
$ 124,239 |
$ 114,469 |
8.54% |
|||||||
Non-comparable adjustments |
- |
(1,290) |
(3,164) |
2,318 |
|||||||||
Comparable Hotel EBITDA |
$ 26,326 |
$ 25,753 |
2.22% |
$ 121,075 |
$ 116,787 |
3.67% |
|||||||
Hotel EBITDA Margin |
28.02% |
30.69% |
(2.67%) |
30.62% |
32.76% |
(2.14%) |
|||||||
Comparable Hotel EBITDA Margin |
28.02% |
27.86% |
0.16% |
30.44% |
29.92% |
0.52% |
|||||||
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests |
$ 1,722 |
$ 1,339 |
28.60% |
$ 7,586 |
$ 6,954 |
9.09% |
|||||||
Hotel EBITDA attributable to the Company and OP unitholders |
$ 24,604 |
$ 25,704 |
(4.28%) |
$ 116,653 |
$ 107,515 |
8.50% |
|||||||
Comparable Hotel EBITDA attributable to the Company and OP unitholders |
$ 24,604 |
$ 24,414 |
0.78% |
$ 113,489 |
$ 109,833 |
3.33% |
|||||||
NOTES: |
|||||||||||||
(1) |
The above comparable information assumes the eleven hotel properties owned and included in the Company's operations at |
||||||||||||
(2) |
All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. The financial |
||||||||||||
(a) Management fee expense was adjusted to reflect current contractual rates. |
|||||||||||||
(3) |
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
||||||||||||
ALL HOTELS |
|||||||||||||
NOT UNDER RENOVATION: |
|||||||||||||
Three Months Ended |
Year Ended |
||||||||||||
|
|
||||||||||||
2016 |
2015 |
% Variance |
2016 |
2015 |
% Variance |
||||||||
Total hotel revenue |
$ 86,372 |
$ 79,814 |
8.22% |
$ 373,086 |
$ 317,354 |
17.56% |
|||||||
Non-comparable adjustments |
- |
4,324 |
(7,995) |
40,926 |
|||||||||
Comparable total hotel revenue |
$ 86,372 |
$ 84,138 |
2.66% |
$ 365,091 |
$ 358,280 |
1.90% |
|||||||
Hotel EBITDA |
$ 23,532 |
$ 23,789 |
(1.08%) |
$ 111,682 |
$ 101,944 |
9.55% |
|||||||
Non-comparable adjustments |
- |
(1,290) |
(3,164) |
2,318 |
|||||||||
Comparable Hotel EBITDA |
$ 23,532 |
$ 22,499 |
4.59% |
$ 108,519 |
$ 104,262 |
4.08% |
|||||||
Hotel EBITDA Margin |
27.24% |
29.81% |
(2.56%) |
29.93% |
32.12% |
(2.19%) |
|||||||
Comparable Hotel EBITDA Margin |
27.24% |
26.74% |
0.50% |
29.72% |
29.10% |
0.62% |
|||||||
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests |
$ 1,722 |
$ 1,339 |
28.60% |
$ 7,586 |
$ 6,954 |
9.09% |
|||||||
Hotel EBITDA attributable to the Company and OP unitholders |
$ 21,810 |
$ 22,450 |
(2.85%) |
$ 104,096 |
$ 94,990 |
9.59% |
|||||||
Comparable Hotel EBITDA attributable to the Company and OP unitholders |
$ 21,810 |
$ 21,160 |
3.07% |
$ 100,933 |
$ 97,308 |
3.73% |
|||||||
NOTES: |
|||||||||||||
(1) |
The above comparable information assumes the ten hotel properties owned and included in the Company's operations at |
||||||||||||
(2) |
All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. The financial |
||||||||||||
(a) Management fee expense was adjusted to reflect current contractual rates. |
|||||||||||||
(3) |
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
||||||||||||
(4) |
Excluded Hotels Under Renovation: |
||||||||||||
Courtyard |
|
|||||||||||||||||
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY |
|||||||||||||||||
(in thousands, except operating information) |
|||||||||||||||||
(unaudited) |
|||||||||||||||||
THE FOLLOWING TABLE PRESENTS SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY: |
|||||||||||||||||
Three Months Ended |
|||||||||||||||||
Actual |
Non- |
Comparable |
Actual |
Non- |
Comparable |
Actual |
Comparable |
||||||||||
2016 |
2016 |
2016 |
2015 |
2015 |
2015 |
% Variance |
% Variance |
||||||||||
CAPITAL HILTON |
|||||||||||||||||
Selected Financial Information: |
|||||||||||||||||
Rooms Revenue |
$ 10,055 |
$ - |
$ 10,055 |
$ 8,738 |
$ - |
$ 8,738 |
15.07% |
15.07% |
|||||||||
Total Hotel Revenue |
$ 14,389 |
$ - |
$ 14,389 |
$ 12,440 |
$ - |
$ 12,440 |
15.67% |
15.67% |
|||||||||
|
$ 4,096 |
$ - |
$ 4,096 |
$ 3,033 |
$ - |
$ 3,033 |
35.05% |
35.05% |
|||||||||
|
28.47% |
- |
28.47% |
24.38% |
- |
24.38% |
4.09% |
4.09% |
|||||||||
Selected Operating Information: |
|||||||||||||||||
RevPAR |
$ 198.71 |
$ - |
$ 198.71 |
$ 172.70 |
$ - |
$ 172.70 |
15.06% |
15.06% |
|||||||||
Occupancy |
87.00% |
0.00% |
87.00% |
79.48% |
0.00% |
79.48% |
9.47% |
9.47% |
|||||||||
ADR |
$ 228.39 |
$ - |
$ 228.39 |
$ 217.29 |
$ - |
$ 217.29 |
5.11% |
5.11% |
|||||||||
|
|||||||||||||||||
Selected Financial Information: |
|||||||||||||||||
Rooms Revenue |
$ 5,184 |
$ - |
$ 5,184 |
$ 5,072 |
$ - |
$ 5,072 |
2.21% |
2.21% |
|||||||||
Total Hotel Revenue |
$ 10,062 |
$ - |
$ 10,062 |
$ 9,266 |
$ - |
$ 9,266 |
8.59% |
8.59% |
|||||||||
|
$ 2,790 |
$ - |
$ 2,790 |
$ 2,321 |
$ - |
$ 2,321 |
20.21% |
20.21% |
|||||||||
|
27.73% |
- |
27.73% |
25.05% |
- |
25.05% |
2.68% |
2.68% |
|||||||||
Selected Operating Information: |
|||||||||||||||||
RevPAR |
$ 143.01 |
$ - |
$ 143.01 |
$ 139.93 |
$ - |
$ 139.93 |
2.21% |
2.21% |
|||||||||
Occupancy |
82.73% |
0.00% |
82.73% |
83.68% |
0.00% |
83.68% |
(1.13%) |
(1.13%) |
|||||||||
ADR |
$ 172.86 |
$ - |
$ 172.86 |
$ 167.22 |
$ - |
$ 167.22 |
3.38% |
3.38% |
|||||||||
|
|||||||||||||||||
Selected Financial Information: |
|||||||||||||||||
Rooms Revenue |
$ 7,032 |
$ - |
$ 7,032 |
$ 6,605 |
$ - |
$ 6,605 |
6.46% |
6.46% |
|||||||||
Total Hotel Revenue |
$ 9,577 |
$ - |
$ 9,577 |
$ 9,350 |
$ - |
$ 9,350 |
2.43% |
2.43% |
|||||||||
|
$ 2,187 |
$ - |
$ 2,187 |
$ 2,093 |
$ - |
$ 2,093 |
4.49% |
4.49% |
|||||||||
|
22.84% |
- |
22.84% |
22.39% |
- |
22.39% |
0.45% |
0.45% |
|||||||||
Selected Operating Information: |
|||||||||||||||||
RevPAR |
$ 184.17 |
$ - |
$ 184.17 |
$ 173.00 |
$ - |
$ 173.00 |
6.46% |
6.46% |
|||||||||
Occupancy |
84.04% |
0.00% |
84.04% |
77.84% |
0.00% |
77.84% |
7.95% |
7.95% |
|||||||||
ADR |
$ 219.15 |
$ - |
$ 219.15 |
$ 222.24 |
$ - |
$ 222.24 |
(1.39%) |
(1.39%) |
|||||||||
BARDESSONO HOTEL AND SPA |
|||||||||||||||||
Selected Financial Information: |
|||||||||||||||||
Rooms Revenue |
$ 3,629 |
$ - |
$ 3,629 |
$ 3,290 |
$ - |
$ 3,290 |
10.30% |
10.30% |
|||||||||
Total Hotel Revenue |
$ 4,868 |
$ - |
$ 4,868 |
$ 4,740 |
$ - |
$ 4,740 |
2.70% |
2.70% |
|||||||||
|
$ 1,431 |
$ - |
$ 1,431 |
$ 1,250 |
$ - |
$ 1,250 |
14.48% |
14.48% |
|||||||||
|
29.40% |
- |
29.40% |
26.37% |
- |
26.37% |
3.02% |
3.02% |
|||||||||
Selected Operating Information: |
|||||||||||||||||
RevPAR |
$ 636.22 |
$ - |
$ 636.22 |
$ 576.80 |
$ - |
$ 576.80 |
10.30% |
10.30% |
|||||||||
Occupancy |
83.59% |
0.00% |
83.59% |
77.98% |
0.00% |
77.98% |
7.19% |
7.19% |
|||||||||
ADR |
$ 761.11 |
$ - |
$ 761.11 |
$ 739.68 |
$ - |
$ 739.68 |
2.90% |
2.90% |
|||||||||
|
|||||||||||||||||
Selected Financial Information: |
|||||||||||||||||
Rooms Revenue |
$ 4,527 |
$ - |
$ 4,527 |
$ 4,581 |
$ - |
$ 4,581 |
(1.18%) |
(1.18%) |
|||||||||
Total Hotel Revenue |
$ 5,679 |
$ - |
$ 5,679 |
$ 5,691 |
$ - |
$ 5,691 |
(0.21%) |
(0.21%) |
|||||||||
|
$ 2,469 |
$ - |
$ 2,469 |
$ 2,385 |
$ - |
$ 2,385 |
3.52% |
3.52% |
|||||||||
|
43.48% |
- |
43.48% |
41.91% |
- |
41.91% |
1.57% |
1.57% |
|||||||||
Selected Operating Information: |
|||||||||||||||||
RevPAR |
$ 346.56 |
$ - |
$ 346.56 |
$ 350.64 |
$ - |
$ 350.64 |
(1.16%) |
(1.16%) |
|||||||||
Occupancy |
83.40% |
0.00% |
83.40% |
89.11% |
0.00% |
89.11% |
(6.41%) |
(6.41%) |
|||||||||
ADR |
$ 415.56 |
$ - |
$ 415.56 |
$ 393.50 |
$ - |
$ 393.50 |
5.61% |
5.61% |
|||||||||
|
|||||||||||||||||
Selected Financial Information: |
|||||||||||||||||
Rooms Revenue |
$ 6,250 |
$ - |
$ 6,250 |
$ 6,731 |
$ - |
$ 6,731 |
(7.15%) |
(7.15%) |
|||||||||
Total Hotel Revenue |
$ 7,580 |
$ - |
$ 7,580 |
$ 8,310 |
$ - |
$ 8,310 |
(8.78%) |
(8.78%) |
|||||||||
|
$ 2,794 |
$ - |
$ 2,794 |
$ 3,254 |
$ - |
$ 3,254 |
(14.14%) |
(14.14%) |
|||||||||
|
36.86% |
- |
36.86% |
39.16% |
- |
39.16% |
(2.30%) |
(2.30%) |
|||||||||
Selected Operating Information: |
|||||||||||||||||
RevPAR |
$ 136.15 |
$ - |
$ 136.15 |
$ 146.62 |
$ - |
$ 146.62 |
(7.14%) |
(7.14%) |
|||||||||
Occupancy |
79.86% |
0.00% |
79.86% |
80.63% |
0.00% |
80.63% |
(0.96%) |
(0.96%) |
|||||||||
ADR |
$ 170.49 |
$ - |
$ 170.49 |
$ 181.85 |
$ - |
$ 181.85 |
(6.25%) |
(6.25%) |
|||||||||
|
|||||||||||||||||
Selected Financial Information: |
|||||||||||||||||
Rooms Revenue |
$ 4,642 |
$ - |
$ 4,642 |
$ 4,811 |
$ - |
$ 4,811 |
(3.51%) |
(3.51%) |
|||||||||
Total Hotel Revenue |
$ 7,848 |
$ - |
$ 7,848 |
$ 7,858 |
$ - |
$ 7,858 |
(0.13%) |
(0.13%) |
|||||||||
|
$ 2,698 |
$ - |
$ 2,698 |
$ 2,568 |
$ - |
$ 2,568 |
5.06% |
5.06% |
|||||||||
|
34.38% |
- |
34.38% |
32.68% |
- |
32.68% |
1.70% |
1.70% |
|||||||||
Selected Operating Information: |
|||||||||||||||||
RevPAR |
$ 124.89 |
$ - |
$ 124.89 |
$ 129.44 |
$ - |
$ 129.44 |
(3.52%) |
(3.52%) |
|||||||||
Occupancy |
67.98% |
0.00% |
67.98% |
66.92% |
0.00% |
66.92% |
1.59% |
1.59% |
|||||||||
ADR |
$ 183.71 |
$ - |
$ 183.71 |
$ 193.43 |
$ - |
$ 193.43 |
(5.03%) |
(5.03%) |
|||||||||
|
|||||||||||||||||
Selected Financial Information: |
|||||||||||||||||
Rooms Revenue |
$ 8,147 |
$ - |
$ 8,147 |
$ 8,252 |
$ - |
$ 8,252 |
(1.27%) |
(1.27%) |
|||||||||
Total Hotel Revenue |
$ 9,295 |
$ - |
$ 9,295 |
$ 9,653 |
$ - |
$ 9,653 |
(3.71%) |
(3.71%) |
|||||||||
|
$ 1,987 |
$ - |
$ 1,987 |
$ 3,014 |
$ - |
$ 3,014 |
(34.07%) |
(34.07%) |
|||||||||
|
21.38% |
- |
21.38% |
31.22% |
- |
31.22% |
(9.85%) |
(9.85%) |
|||||||||
Selected Operating Information: |
|||||||||||||||||
RevPAR |
$ 218.63 |
$ - |
$ 218.63 |
$ 221.48 |
$ - |
$ 221.48 |
(1.29%) |
(1.29%) |
|||||||||
Occupancy |
88.07% |
0.00% |
88.07% |
86.25% |
0.00% |
86.25% |
2.11% |
2.11% |
|||||||||
ADR |
$ 248.26 |
$ - |
$ 248.26 |
$ 256.79 |
$ - |
$ 256.79 |
(3.32%) |
(3.32%) |
|||||||||
|
|||||||||||||||||
Selected Financial Information: |
|||||||||||||||||
Rooms Revenue |
$ - |
$ - |
$ - |
$ 2,807 |
$ (2,807) |
$ - |
(100.00%) |
0.00% |
|||||||||
Total Hotel Revenue |
$ - |
$ - |
$ - |
$ 3,382 |
$ (3,382) |
$ - |
(100.00%) |
0.00% |
|||||||||
|
$ - |
$ - |
$ |
$ 1,289 |
$ (1,289) |
$ - |
(100.00%) |
0.00% |
|||||||||
|
0.00% |
0.00% |
0.00% |
38.11% |
(38.11%) |
0.00% |
(38.11%) |
0.00% |
|||||||||
Selected Operating Information: |
|||||||||||||||||
RevPAR |
$ - |
$ - |
$ - |
$ 122.07 |
$ (122.07) |
$ - |
(100.00%) |
0.00% |
|||||||||
Occupancy |
0.00% |
0.00% |
0.00% |
74.76% |
(74.76%) |
0.00% |
(100.00%) |
0.00% |
|||||||||
ADR |
$ - |
$ - |
$ - |
$ 163.27 |
$ (163.27) |
$ - |
(100.00%) |
0.00% |
|||||||||
|
|||||||||||||||||
Selected Financial Information: |
|||||||||||||||||
Rooms Revenue |
$ 5,693 |
$ - |
$ 5,693 |
$ 5,550 |
$ - |
$ 5,550 |
2.58% |
2.58% |
|||||||||
Total Hotel Revenue |
$ 8,212 |
$ - |
$ 8,212 |
$ 8,033 |
$ - |
$ 8,033 |
2.23% |
2.23% |
|||||||||
|
$ 3,048 |
$ - |
$ 3,048 |
$ 2,925 |
$ - |
$ 2,925 |
4.21% |
4.21% |
|||||||||
|
37.12% |
- |
37.12% |
36.41% |
- |
36.41% |
0.70% |
0.70% |
|||||||||
Selected Operating Information: |
|||||||||||||||||
RevPAR |
$ 172.85 |
$ - |
$ 172.85 |
$ 168.50 |
$ - |
$ 168.50 |
2.58% |
2.58% |
|||||||||
Occupancy |
78.97% |
0.00% |
78.97% |
76.52% |
0.00% |
76.52% |
3.20% |
3.20% |
|||||||||
ADR |
$ 218.89 |
$ - |
$ 218.89 |
$ 220.21 |
$ - |
$ 220.21 |
(0.60%) |
(0.60%) |
|||||||||
|
|||||||||||||||||
Selected Financial Information: |
|||||||||||||||||
Rooms Revenue |
$ 6,141 |
$ - |
$ 6,141 |
$ 2,642 |
$ 3,765 |
$ 6,407 |
132.44% |
(4.15%) |
|||||||||
Total Hotel Revenue |
$ 10,797 |
$ - |
$ 10,797 |
$ 3,884 |
$ 7,706 |
$ 11,590 |
177.99% |
(6.84%) |
|||||||||
|
$ 1,189 |
$ - |
$ 1,189 |
$ 1,489 |
$ (1) |
$ 1,488 |
(20.15%) |
(20.09%) |
|||||||||
|
11.01% |
- |
11.01% |
38.34% |
(0.01%) |
12.84% |
(27.33%) |
(1.83%) |
|||||||||
Selected Operating Information: |
|||||||||||||||||
RevPAR |
$ 370.82 |
$ - |
$ 370.82 |
$ 863.30 |
$ 278.91 |
$ 386.89 |
(57.05%) |
(4.15%) |
|||||||||
Occupancy |
69.38% |
0.00% |
69.38% |
73.17% |
72.02% |
72.23% |
(5.18%) |
(3.95%) |
|||||||||
ADR |
$ 534.49 |
$ - |
$ 534.49 |
$ 1,179.85 |
$ 387.25 |
$ 535.61 |
(54.70%) |
(0.21%) |
|||||||||
|
|||||||||||||||||
Selected Financial Information: |
|||||||||||||||||
Rooms Revenue |
$ 3,766 |
$ - |
$ 3,766 |
$ 3,496 |
$ - |
$ 3,496 |
7.72% |
7.72% |
|||||||||
Total Hotel Revenue |
$ 5,645 |
$ - |
$ 5,645 |
$ 5,517 |
$ - |
$ 5,517 |
2.32% |
2.32% |
|||||||||
|
$ 1,637 |
$ - |
$ 1,637 |
$ 1,422 |
$ - |
$ 1,422 |
15.12% |
15.12% |
|||||||||
|
29.00% |
- |
29.00% |
25.77% |
- |
25.77% |
3.22% |
3.22% |
|||||||||
Selected Operating Information: |
|||||||||||||||||
RevPAR |
$ 139.77 |
$ - |
$ 139.77 |
$ 129.65 |
$ - |
$ 129.65 |
7.80% |
7.80% |
|||||||||
Occupancy |
77.38% |
0.00% |
77.38% |
74.55% |
0.00% |
74.55% |
3.79% |
3.79% |
|||||||||
ADR |
$ 180.63 |
$ - |
$ 180.63 |
$ 173.90 |
$ - |
$ 173.90 |
3.87% |
3.87% |
|||||||||
PRIME PROPERTIES TOTAL |
|||||||||||||||||
Selected Financial Information: |
|||||||||||||||||
Rooms Revenue |
$ 65,066 |
$ - |
$ 65,066 |
$ 62,575 |
$ 958 |
$ 63,533 |
3.98% |
2.41% |
|||||||||
Total Hotel Revenue |
$ 93,952 |
$ - |
$ 93,952 |
$ 88,124 |
$ 4,324 |
$ 92,448 |
6.61% |
1.63% |
|||||||||
|
$ 26,326 |
$ - |
$ 26,326 |
$ 27,043 |
$ (1,290) |
$ 25,753 |
(2.65%) |
2.22% |
|||||||||
|
28.02% |
- |
28.02% |
30.69% |
(29.83%) |
27.86% |
(2.67%) |
0.16% |
|||||||||
Selected Operating Information: |
|||||||||||||||||
RevPAR |
$ 191.04 |
$ - |
$ 191.04 |
$ 178.74 |
$ (100.82) |
$ 186.54 |
6.88% |
2.41% |
|||||||||
Occupancy |
80.70% |
0.00% |
80.70% |
78.59% |
78.65% |
78.58% |
2.68% |
2.70% |
|||||||||
ADR |
$ 236.73 |
$ - |
$ 236.73 |
$ 227.45 |
$ (128.18) |
$ 237.38 |
4.08% |
(0.27%) |
|||||||||
NOTES: |
|||||||||||||||||
(1) |
The above comparable information assumes the eleven hotel properties owned and included in the Company's operations at |
||||||||||||||||
(2) |
All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. The financial |
||||||||||||||||
(a) Management fee expense was adjusted to reflect current contractual rates. |
|||||||||||||||||
(3) |
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
|
||||||||||||||||||
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY |
||||||||||||||||||
(in thousands, except operating information) |
||||||||||||||||||
(unaudited) |
||||||||||||||||||
THE FOLLOWING TABLE PRESENTS SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY: |
||||||||||||||||||
Year Ended |
||||||||||||||||||
Actual |
Non- comparable adjustments |
Comparable |
Actual |
Non- comparable adjustments |
Comparable |
Actual |
Comparable |
|||||||||||
2016 |
2016 |
2016 |
2015 |
2015 |
2015 |
% Variance |
% Variance |
|||||||||||
CAPITAL HILTON |
||||||||||||||||||
Selected Financial Information: |
||||||||||||||||||
Rooms Revenue |
$ 41,137 |
$ - |
$ 41,137 |
$ 38,045 |
$ - |
$ 38,045 |
8.13% |
8.13% |
||||||||||
Total Hotel Revenue |
$ 58,612 |
$ - |
$ 58,612 |
$ 54,423 |
$ - |
$ 54,423 |
7.70% |
7.70% |
||||||||||
|
$ 17,422 |
$ - |
$ 17,422 |
$ 15,297 |
$ - |
$ 15,297 |
13.89% |
13.89% |
||||||||||
|
29.72% |
- |
29.72% |
28.11% |
- |
28.11% |
1.62% |
1.62% |
||||||||||
Selected Operating Information: |
||||||||||||||||||
RevPAR |
$ 204.36 |
$ - |
$ 204.36 |
$ 189.88 |
$ - |
$ 189.88 |
7.62% |
7.62% |
||||||||||
Occupancy |
88.59% |
0.00% |
88.59% |
85.43% |
0.00% |
85.43% |
3.69% |
3.69% |
||||||||||
ADR |
$ 230.69 |
$ - |
$ 230.69 |
$ 222.26 |
$ - |
$ 222.26 |
3.79% |
3.79% |
||||||||||
|
||||||||||||||||||
Selected Financial Information: |
||||||||||||||||||
Rooms Revenue |
$ 23,564 |
$ - |
$ 23,564 |
$ 23,463 |
$ - |
$ 23,463 |
0.43% |
0.43% |
||||||||||
Total Hotel Revenue |
$ 42,058 |
$ - |
$ 42,058 |
$ 40,541 |
$ - |
$ 40,541 |
3.74% |
3.74% |
||||||||||
|
$ 12,922 |
$ - |
$ 12,922 |
$ 12,520 |
$ - |
$ 12,520 |
3.21% |
3.21% |
||||||||||
|
30.72% |
- |
30.72% |
30.88% |
- |
30.88% |
(0.16%) |
(0.16%) |
||||||||||
Selected Operating Information: |
||||||||||||||||||
RevPAR |
$ 163.41 |
$ - |
$ 163.41 |
$ 163.15 |
$ - |
$ 163.15 |
0.16% |
0.16% |
||||||||||
Occupancy |
83.83% |
0.00% |
83.83% |
85.35% |
0.00% |
85.35% |
(1.78%) |
(1.78%) |
||||||||||
ADR |
$ 194.93 |
$ - |
$ 194.93 |
$ 191.16 |
$ - |
$ 191.16 |
1.97% |
1.97% |
||||||||||
|
||||||||||||||||||
Selected Financial Information: |
||||||||||||||||||
Rooms Revenue |
$ 27,026 |
$ - |
$ 27,026 |
$ 26,980 |
$ - |
$ 26,980 |
0.17% |
0.17% |
||||||||||
Total Hotel Revenue |
$ 36,879 |
$ - |
$ 36,879 |
$ 37,322 |
$ - |
$ 37,322 |
(1.19%) |
(1.19%) |
||||||||||
|
$ 8,400 |
$ - |
$ 8,400 |
$ 8,360 |
$ - |
$ 8,360 |
0.48% |
0.48% |
||||||||||
|
22.78% |
- |
22.78% |
22.40% |
- |
22.40% |
0.38% |
0.38% |
||||||||||
Selected Operating Information: |
||||||||||||||||||
RevPAR |
$ 177.93 |
$ - |
$ 177.93 |
$ 178.11 |
$ - |
$ 178.11 |
(0.10%) |
(0.10%) |
||||||||||
Occupancy |
82.42% |
0.00% |
82.42% |
80.03% |
0.00% |
80.03% |
2.98% |
2.98% |
||||||||||
ADR |
$ 215.89 |
$ - |
$ 215.89 |
$ 222.55 |
$ - |
$ 222.55 |
(2.99%) |
(2.99%) |
||||||||||
BARDESSONO HOTEL AND SPA |
||||||||||||||||||
Selected Financial Information: |
||||||||||||||||||
Rooms Revenue |
$ 14,047 |
$ - |
$ 14,047 |
$ 6,855 |
$ 5,914 |
$ 12,769 |
104.92% |
10.01% |
||||||||||
Total Hotel Revenue |
$ 18,934 |
$ - |
$ 18,934 |
$ 9,684 |
$ 8,806 |
$ 18,490 |
95.52% |
2.40% |
||||||||||
|
$ 5,029 |
$ - |
$ 5,029 |
$ 2,900 |
$ 1,054 |
$ 3,954 |
73.41% |
27.19% |
||||||||||
|
26.56% |
- |
26.56% |
29.95% |
11.97% |
21.38% |
(3.39%) |
5.18% |
||||||||||
Selected Operating Information: |
||||||||||||||||||
RevPAR |
$ 619.02 |
$ - |
$ 619.02 |
$ 628.17 |
$ 504.69 |
$ 564.23 |
(1.46%) |
9.71% |
||||||||||
Occupancy |
84.37% |
0.00% |
84.37% |
79.69% |
77.82% |
78.72% |
5.87% |
7.18% |
||||||||||
ADR |
$ 733.66 |
$ - |
$ 733.66 |
$ 788.25 |
$ 648.53 |
$ 716.73 |
(6.92%) |
2.36% |
||||||||||
|
||||||||||||||||||
Selected Financial Information: |
||||||||||||||||||
Rooms Revenue |
$ 18,766 |
$ - |
$ 18,766 |
$ 18,549 |
$ - |
$ 18,549 |
1.17% |
1.17% |
||||||||||
Total Hotel Revenue |
$ 23,435 |
$ - |
$ 23,435 |
$ 23,192 |
$ - |
$ 23,192 |
1.05% |
1.05% |
||||||||||
|
$ 10,229 |
$ - |
$ 10,229 |
$ 9,730 |
$ - |
$ 9,730 |
5.13% |
5.13% |
||||||||||
|
43.65% |
- |
43.65% |
41.95% |
- |
41.95% |
1.69% |
1.69% |
||||||||||
Selected Operating Information: |
||||||||||||||||||
RevPAR |
$ 361.08 |
$ - |
$ 361.08 |
$ 357.88 |
$ - |
$ 357.88 |
0.89% |
0.89% |
||||||||||
Occupancy |
87.90% |
0.00% |
87.90% |
90.15% |
0.00% |
90.15% |
(2.50%) |
(2.50%) |
||||||||||
ADR |
$ 410.79 |
$ - |
$ 410.79 |
$ 396.99 |
$ - |
$ 396.99 |
3.48% |
3.48% |
||||||||||
|
||||||||||||||||||
Selected Financial Information: |
||||||||||||||||||
Rooms Revenue |
$ 27,260 |
$ - |
$ 27,260 |
$ 26,461 |
$ - |
$ 26,461 |
3.02% |
3.02% |
||||||||||
Total Hotel Revenue |
$ 32,643 |
$ - |
$ 32,643 |
$ 32,044 |
$ - |
$ 32,044 |
1.87% |
1.87% |
||||||||||
|
$ 12,557 |
$ - |
$ 12,557 |
$ 12,525 |
$ - |
$ 12,525 |
0.26% |
0.26% |
||||||||||
|
38.47% |
- |
38.47% |
39.09% |
- |
39.09% |
(0.62%) |
(0.62%) |
||||||||||
Selected Operating Information: |
||||||||||||||||||
RevPAR |
$ 149.26 |
$ - |
$ 149.26 |
$ 145.28 |
$ - |
$ 145.28 |
2.74% |
2.74% |
||||||||||
Occupancy |
81.80% |
0.00% |
81.80% |
82.62% |
0.00% |
82.62% |
(0.98%) |
(0.98%) |
||||||||||
ADR |
$ 182.46 |
$ - |
$ 182.46 |
$ 175.85 |
$ - |
$ 175.85 |
3.76% |
3.76% |
||||||||||
|
||||||||||||||||||
Selected Financial Information: |
||||||||||||||||||
Rooms Revenue |
$ 19,899 |
$ - |
$ 19,899 |
$ 20,263 |
$ - |
$ 20,263 |
(1.80%) |
(1.80%) |
||||||||||
Total Hotel Revenue |
$ 32,001 |
$ - |
$ 32,001 |
$ 32,033 |
$ - |
$ 32,033 |
(0.10%) |
(0.10%) |
||||||||||
|
$ 11,021 |
$ - |
$ 11,021 |
$ 11,088 |
$ - |
$ 11,088 |
(0.60%) |
(0.60%) |
||||||||||
|
34.44% |
- |
34.44% |
34.61% |
- |
34.61% |
(0.17%) |
(0.17%) |
||||||||||
Selected Operating Information: |
||||||||||||||||||
RevPAR |
$ 134.58 |
$ - |
$ 134.58 |
$ 137.41 |
$ - |
$ 137.41 |
(2.06%) |
(2.06%) |
||||||||||
Occupancy |
70.57% |
0.00% |
70.57% |
71.03% |
0.00% |
71.03% |
(0.65%) |
(0.65%) |
||||||||||
ADR |
$ 190.70 |
$ - |
$ 190.70 |
$ 193.45 |
$ - |
$ 193.45 |
(1.43%) |
(1.43%) |
||||||||||
|
||||||||||||||||||
Selected Financial Information: |
||||||||||||||||||
Rooms Revenue |
$ 36,249 |
$ - |
$ 36,249 |
$ 35,988 |
$ - |
$ 35,988 |
0.73% |
0.73% |
||||||||||
Total Hotel Revenue |
$ 41,365 |
$ - |
$ 41,365 |
$ 41,938 |
$ - |
$ 41,938 |
(1.37%) |
(1.37%) |
||||||||||
|
$ 12,790 |
$ - |
$ 12,790 |
$ 13,695 |
$ - |
$ 13,695 |
(6.61%) |
(6.61%) |
||||||||||
|
30.92% |
- |
30.92% |
32.66% |
- |
32.66% |
(1.74%) |
(1.74%) |
||||||||||
Selected Operating Information: |
||||||||||||||||||
RevPAR |
$ 244.54 |
$ - |
$ 244.54 |
$ 243.45 |
$ - |
$ 243.45 |
0.45% |
0.45% |
||||||||||
Occupancy |
89.55% |
0.00% |
89.55% |
91.10% |
0.00% |
91.10% |
(1.70%) |
(1.70%) |
||||||||||
ADR |
$ 273.07 |
$ - |
$ 273.07 |
$ 267.24 |
$ - |
$ 267.24 |
2.18% |
2.18% |
||||||||||
|
||||||||||||||||||
Selected Financial Information: |
||||||||||||||||||
Rooms Revenue |
$ 6,969 |
$ (6,969) |
$ - |
$ 14,153 |
$ (14,153) |
$ - |
(50.76%) |
0.00%
|
||||||||||
Total Hotel Revenue |
$ 7,995 |
$ (7,995) |
$ - |
$ 16,259 |
$ (16,259) |
$ - |
(50.83%) |
0.00% |
||||||||||
|
$ 3,164 |
$ (3,164) |
$ - |
$ 6,403 |
$ (6,403) |
$ - |
(50.59%) |
0.00% |
||||||||||
|
39.57% |
(39.57%) |
0.00% |
39.38% |
(39.38%) |
0.00% |
0.19% |
0.00% |
||||||||||
Selected Operating Information: |
||||||||||||||||||
RevPAR |
$ 153.16 |
$ (153.16) |
$ - |
$ 155.10 |
$ (155.10) |
$ - |
(1.25%) |
0.00% |
||||||||||
Occupancy |
83.73% |
(83.73%) |
0.00% |
79.39% |
(79.39%) |
0.00% |
5.47% |
0.00% |
||||||||||
ADR |
$ 182.92 |
$ (182.92) |
$ - |
$ 195.37 |
$ (195.37) |
$ - |
(6.37%) |
0.00% |
||||||||||
|
||||||||||||||||||
Selected Financial Information: |
||||||||||||||||||
Rooms Revenue |
$ 28,748 |
$ - |
$ 28,748 |
$ 27,419 |
$ - |
$ 27,419 |
4.85% |
4.85% |
||||||||||
Total Hotel Revenue |
$ 37,648 |
$ - |
$ 37,648 |
$ 36,144 |
$ - |
$ 36,144 |
4.16% |
4.16% |
||||||||||
|
$ 15,115 |
$ - |
$ 15,115 |
$ 14,662 |
$ - |
$ 14,662 |
3.09% |
3.09% |
||||||||||
|
40.15% |
- |
40.15% |
40.57% |
- |
40.57% |
(0.42%) |
(0.42%) |
||||||||||
Selected Operating Information: |
||||||||||||||||||
RevPAR |
$ 219.40 |
$ - |
$ 219.40 |
$ 209.84 |
$ - |
$ 209.84 |
4.56% |
4.56% |
||||||||||
Occupancy |
83.07% |
0.00% |
83.07% |
82.22% |
0.00% |
82.22% |
1.03% |
1.03% |
||||||||||
ADR |
$ 264.10 |
$ - |
$ 264.10 |
$ 255.20 |
$ - |
$ 255.20 |
3.49% |
3.49% |
||||||||||
|
||||||||||||||||||
Selected Financial Information: |
||||||||||||||||||
Rooms Revenue |
$ 27,795 |
$ - |
$ 27,795 |
$ 2,642 |
$ 26,240 |
$ 28,882 |
952.04% |
(3.76%) |
||||||||||
Total Hotel Revenue |
$ 50,278 |
$ - |
$ 50,278 |
$ 3,884 |
$ 48,379 |
$ 52,263 |
1194.49% |
(3.80%) |
||||||||||
|
$ 8,813 |
$ - |
$ 8,813 |
$ 1,489 |
$ 7,667 |
$ 9,156 |
491.87% |
(3.75%) |
||||||||||
|
17.53% |
- |
17.53% |
38.34% |
15.85% |
17.52% |
(20.81%) |
0.01% |
||||||||||
Selected Operating Information: |
||||||||||||||||||
RevPAR |
$ 421.90 |
$ - |
$ 421.90 |
$ 863.30 |
$ 418.91 |
$ 439.61 |
(51.13%) |
(4.03%) |
||||||||||
Occupancy |
78.46% |
0.00% |
78.46% |
73.17% |
80.01% |
79.69% |
7.23% |
(1.55%) |
||||||||||
ADR |
$ 537.75 |
$ - |
$ 537.75 |
$ 1,179.85 |
$ 523.57 |
$ 551.63 |
(54.42%) |
(2.52%) |
||||||||||
|
||||||||||||||||||
Selected Financial Information: |
||||||||||||||||||
Rooms Revenue |
$ 16,384 |
$ - |
$ 16,384 |
$ 14,625 |
$ - |
$ 14,625 |
12.03% |
12.03% |
||||||||||
Total Hotel Revenue |
$ 23,881 |
$ - |
$ 23,881 |
$ 21,934 |
$ - |
$ 21,934 |
8.88% |
8.88% |
||||||||||
|
$ 6,777 |
$ - |
$ 6,777 |
$ 5,800 |
$ - |
$ 5,800 |
16.84% |
16.84% |
||||||||||
|
28.38% |
- |
28.38% |
26.44% |
- |
26.44% |
1.94% |
1.94% |
||||||||||
Selected Operating Information: |
||||||||||||||||||
RevPAR |
$ 152.79 |
$ - |
$ 152.79 |
$ 136.75 |
$ - |
$ 136.75 |
11.73% |
11.73% |
||||||||||
Occupancy |
81.22% |
0.00% |
81.22% |
77.96% |
0.00% |
77.96% |
4.17% |
4.17% |
||||||||||
ADR |
$ 188.12 |
$ - |
$ 188.12 |
$ 175.40 |
$ - |
$ 175.40 |
7.25% |
7.25% |
||||||||||
PRIME PROPERTIES TOTAL |
||||||||||||||||||
Selected Financial Information: |
||||||||||||||||||
Rooms Revenue |
$ 287,844 |
$ (6,969) |
$ 280,875 |
$ 255,443 |
$ 18,001 |
$ 273,444 |
12.68% |
2.72% |
||||||||||
Total Hotel Revenue |
$ 405,729 |
$ (7,995) |
$ 397,734 |
$ 349,398 |
$ 40,926 |
$ 390,324 |
16.12% |
1.90% |
||||||||||
|
$ 124,239 |
$ (3,164) |
$ 121,075 |
$ 114,469 |
$ 2,318 |
$ 116,787 |
8.54% |
3.67% |
||||||||||
|
30.62% |
39.57% |
30.44% |
32.76% |
5.66% |
29.92% |
(2.14%) |
0.52% |
||||||||||
Selected Operating Information: |
||||||||||||||||||
RevPAR |
$ 205.54 |
$ (153.16) |
$ 207.30 |
$ 186.76 |
$ (1,065.69) |
$ 202.43 |
10.05% |
2.41% |
||||||||||
Occupancy |
82.94% |
(83.73%) |
82.91% |
82.32% |
78.18% |
82.37% |
0.74% |
0.65% |
||||||||||
ADR |
$ 247.83 |
$ (182.92) |
$ 250.03 |
$ 226.87 |
$ (1,363.14) |
$ 245.74 |
9.24% |
1.75% |
||||||||||
NOTES: |
||||||||||||||||||
(1) |
The above comparable information assumes the eleven hotel properties owned and included in the Company's operations at the periods presented. Non-comparable adjustments include pre-acquisition results from hotels acquired during the period offset by results from hotels sold during the period. |
|||||||||||||||||
(2) |
All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. The financial K/A filed on included in our Current Report on Form 8-K/A filed on |
|||||||||||||||||
(a) Management fee expense was adjusted to reflect current contractual rates. |
||||||||||||||||||
(3) |
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
|
|||||||||||||||||||||||||||
HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS |
|||||||||||||||||||||||||||
(dollars in thousands) |
|||||||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||||||
Actual |
Non- comparable adjustments |
Comparable |
Actual |
Non- adjustments |
Comparable |
Actual |
Non- comparable adjustments |
Comparable |
Actual |
Non-comparable adjustments |
Comparable |
||||||||||||||||
2016 |
2016 |
2016 |
2016 |
2016 |
2016 |
2016 |
2016 |
2016 |
2016 |
2016 |
2016 |
||||||||||||||||
4th Quarter |
4th Quarter |
4th Quarter |
3rd Quarter |
3rd Quarter |
3rd Quarter |
2nd Quarter |
2nd Quarter |
2nd Quarter |
1st Quarter |
1st Quarter |
1st Quarter |
||||||||||||||||
|
$ 93,952 |
$ - |
$ 93,952 |
$ 99,618 |
$ - |
$ 99,618 |
$ 112,395 |
$ (4,808) |
$ 107,587 |
$ 99,764 |
$ (3,187) |
$ 96,577 |
|||||||||||||||
|
$ 26,326 |
$ - |
$ 26,326 |
$ 29,971 |
$ 4 |
$ 29,975 |
$ 38,485 |
$ (1,940) |
$ 36,545 |
$ 29,457 |
$ (1,228) |
$ 28,229 |
|||||||||||||||
|
28.02% |
- |
28.02% |
30.09% |
- |
30.09% |
34.24% |
40.35% |
33.97% |
29.53% |
38.53% |
29.23% |
|||||||||||||||
EBITDA % of Total TTM |
21.2% |
0.0% |
21.7% |
24.1% |
(0.1%) |
24.8% |
31.0% |
61.3% |
30.2% |
23.7% |
38.8% |
23.3% |
|||||||||||||||
JV Interests in EBITDA |
$ 1,722 |
$ - |
$ 1,722 |
$ 1,688 |
$ - |
$ 1,688 |
$ 2,416 |
$ - |
$ 2,416 |
$ 1,760 |
$ - |
$ 1,760 |
|||||||||||||||
Actual |
Non- comparable adjustments |
Comparable |
|||||||||||||||||||||||||
2016 |
2016 |
2016 |
|||||||||||||||||||||||||
TTM |
TTM |
TTM |
|||||||||||||||||||||||||
|
$ 405,729 |
$ (7,995) |
$ 397,734 |
||||||||||||||||||||||||
|
$ 124,239 |
$ (3,164) |
$ 121,075 |
||||||||||||||||||||||||
|
30.62% |
39.57% |
30.44% |
||||||||||||||||||||||||
EBITDA % of Total TTM |
100.0% |
100.0% |
100.0% |
||||||||||||||||||||||||
JV Interests in EBITDA |
$ 7,586 |
$ - |
$ 7,586 |
||||||||||||||||||||||||
NOTES: |
|||||||||||||||||||||||||||
(1) |
The above comparable information assumes the eleven hotel properties owned and included in the Company's operations at acquisition results from hotels acquired during the period offset by results from hotels sold during the period. |
||||||||||||||||||||||||||
(2) |
All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. The financial statements for the reviewed by our auditors and were included in our Current Report on Form 8-K/A filed on |
||||||||||||||||||||||||||
(a) Management fee expense was adjusted to reflect current contractual rates. |
|||||||||||||||||||||||||||
(3) |
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES |
|
TOTAL ENTERPRISE VALUE |
|
|
|
(in thousands, except share price) |
|
(unaudited) |
|
|
|
2016 |
|
End of quarter common shares outstanding |
26,022 |
Partnership units outstanding (common stock equivalents) |
4,944 |
Combined common shares and partnership units outstanding |
30,965 |
Common stock price at quarter end |
$ 13.65 |
Market capitalization at quarter end |
$ 422,678 |
Series B convertible preferred stock |
$ 72,271 |
Debt on balance sheet date |
$ 766,964 |
Joint venture partner's share of consolidated debt |
$ (48,191) |
Net working capital (see below) |
$ (142,836) |
Total enterprise value (TEV) |
$ 1,070,886 |
|
|
Common stock owned at end of quarter |
195 |
Common stock price at quarter end |
$ 43.14 |
Market value of |
$ 8,407 |
Cash and cash equivalents |
$ 122,656 |
Restricted cash |
$ 35,964 |
Accounts receivable, net |
$ 17,029 |
Prepaid expenses |
$ 3,502 |
Due from affiliates, net |
$ (4,431) |
Due from third-party hotel managers, net |
$ 6,802 |
Market value of |
$ 8,407 |
Total current assets |
$ 189,929 |
Accounts payable, net & accrued expenses |
$ 42,055 |
Dividends payable |
$ 5,038 |
Total current liabilities |
$ 47,093 |
Net working capital* |
$ 142,836 |
* Includes the Company's pro rata share of net working capital in joint ventures. |
|
||||||||||||||
Anticipated Capital Expenditures Calendar (a) |
||||||||||||||
2016 |
2017 |
|||||||||||||
Rooms |
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
||||||
Actual |
Actual |
Actual |
Actual |
Estimated |
Estimated |
Estimated |
Estimated |
|||||||
Courtyard |
405 |
x |
x |
x |
x |
x |
||||||||
Courtyard Philadelphia Downtown |
499 |
x |
x |
|||||||||||
Hilton Capital |
547 |
x |
||||||||||||
Sofitel Chicago Magnificent Mile |
415 |
x |
||||||||||||
(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2016-2017 are included in these tables. |
Exhibit 1 |
|||||||||||||
|
|||||||||||||
RECONCILIATION OF NET INCOME TO HOTEL EBITDA |
|||||||||||||
(in thousands) |
|||||||||||||
(unaudited) |
|||||||||||||
2016 |
2016 |
2016 |
2016 |
December 31, 2016 |
|||||||||
4th Quarter |
3rd Quarter |
2nd Quarter |
1st Quarter |
TTM |
|||||||||
Net income |
$ 12,615 |
$ 42,999 |
$ 25,004 |
$ 15,585 |
$ 96,203 |
||||||||
(Income) loss from consolidated entities attributable to noncontrolling interests |
(971) |
(965) |
(1,700) |
(1,120) |
(4,756) |
||||||||
Net income attributable to the Company |
11,644 |
42,034 |
23,304 |
14,465 |
91,447 |
||||||||
Non-property adjustments |
1 |
(26,358) |
9 |
32 |
(26,316) |
||||||||
Interest income |
(10) |
(9) |
(8) |
(8) |
(35) |
||||||||
Interest expense |
1,672 |
1,655 |
1,623 |
1,607 |
6,557 |
||||||||
Amortization of loan costs |
135 |
133 |
130 |
256 |
654 |
||||||||
Depreciation and amortization |
11,555 |
11,175 |
11,263 |
11,904 |
45,897 |
||||||||
Income tax expense (benefit) |
(21) |
53 |
(92) |
(30) |
(90) |
||||||||
Non-Hotel EBITDA ownership expense |
379 |
323 |
556 |
111 |
1,369 |
||||||||
Income from consolidated entities attributable to noncontrolling interests |
971 |
965 |
1,700 |
1,120 |
4,756 |
||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
26,326 |
29,971 |
38,485 |
29,457 |
124,239 |
||||||||
Non-comparable adjustments |
- |
4 |
(1,940) |
(1,228) |
(3,164) |
||||||||
Comparable Hotel EBITDA |
$ 26,326 |
$ 29,975 |
$ 36,545 |
$ 28,229 |
$ 121,075 |
||||||||
NOTES: |
|||||||||||||
(1) |
The above comparable information assumes the eleven hotel properties owned and included in the Company's operations at December 31, 2016, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotels acquired during the period offset by results from hotels sold during the period. |
||||||||||||
(2) |
All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. |
||||||||||||
Adjustments have been made to the pre-acquisition results as indicated below: |
|||||||||||||
(a) Management fee expense was adjusted to reflect current contractual rates |
Exhibit 1 |
|||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA |
|||||||||||||||||||||||||||||
(in thousands) |
|||||||||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||||||||
Three months Ended December 31, 2016 |
|||||||||||||||||||||||||||||
Capital Hilton |
Hilton Torrey Pines |
Sofitel Magnificent Mile |
Bardessono Hotel & Spa |
Resort |
Courtyard Downtown |
Marriott Legacy Center |
San Francisco Courtyard Downtown |
Courtyard Downtown |
Marriott Waterfront |
St. Thomas Ritz-Carlton |
Renaissance |
Hotel Total |
Corporate / Allocated |
Ashford Hospitality |
|||||||||||||||
Net income (loss) |
$ 2,448 |
$ 1,204 |
$ 586 |
$ 663 |
$ 1,781 |
$ 818 |
$ 1,533 |
$ 1,160 |
$ - |
$ 2,078 |
$ (353) |
$ 697 |
$ 12,615 |
$ (11,770) |
$ 845 |
||||||||||||||
Income from consolidated entities attributable to noncontrolling interests |
(645) |
(326) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(971) |
435 |
(536) |
||||||||||||||
Net loss attributable to redeemable noncontrolling interests in operating partnership |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
95 |
95 |
||||||||||||||
Net income (loss) attributable to the Company |
1,803 |
878 |
586 |
663 |
1,781 |
818 |
1,533 |
1,160 |
- |
2,078 |
(353) |
697 |
11,644 |
(11,240) |
404 |
||||||||||||||
Non-property adjustments |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
1 |
- |
1 |
(1) |
- |
||||||||||||||
Interest Income |
- |
- |
- |
- |
- |
(1) |
(1) |
(4) |
- |
(3) |
(1) |
- |
(10) |
(25) |
(35) |
||||||||||||||
Interest expense |
- |
- |
586 |
- |
- |
496 |
- |
- |
- |
- |
590 |
- |
1,672 |
7,380 |
9,052 |
||||||||||||||
Amortization of loan cost |
- |
- |
- |
- |
- |
8 |
- |
- |
- |
- |
127 |
- |
135 |
628 |
763 |
||||||||||||||
Depreciation and amortization |
1,582 |
1,512 |
951 |
610 |
687 |
1,470 |
1,174 |
825 |
- |
964 |
831 |
949 |
11,555 |
- |
11,555 |
||||||||||||||
Income tax expense (benefit) |
29 |
(32) |
- |
- |
- |
(2) |
- |
- |
- |
- |
(16) |
- |
(21) |
573 |
552 |
||||||||||||||
Non-Hotel EBITDA ownership expense |
37 |
106 |
64 |
158 |
1 |
5 |
(8) |
6 |
- |
9 |
10 |
(9) |
379 |
(379) |
- |
||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interests |
645 |
326 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
971 |
(971) |
- |
||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
4,096 |
2,790 |
2,187 |
1,431 |
2,469 |
2,794 |
2,698 |
1,987 |
- |
3,048 |
1,189 |
1,637 |
26,326 |
(4,035) |
22,291 |
||||||||||||||
Less: EBITDA adjustments attributable to non-controlling interest |
(379) |
(372) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(751) |
(388) |
(1,139) |
||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interests |
(645) |
(326) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(971) |
971 |
- |
||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interest in operating partnership |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(95) |
(95) |
||||||||||||||
Hotel EBITDA attributable to the Company and OP unitholders |
$ 3,072 |
$ 2,092 |
$ 2,187 |
$ 1,431 |
$ 2,469 |
$ 2,794 |
$ 2,698 |
$ 1,987 |
$ - |
$ 3,048 |
$ 1,189 |
$ 1,637 |
$ 24,604 |
$ (3,547) |
$ 21,057 |
||||||||||||||
Non-comparable adjustments |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||||||||||
Comparable Hotel EBITDA |
$ 4,096 |
$ 2,790 |
$ 2,187 |
$ 1,431 |
$ 2,469 |
$ 2,794 |
$ 2,698 |
$ 1,987 |
$ - |
$ 3,048 |
$ 1,189 |
$ 1,637 |
$ 26,326 |
||||||||||||||||
ALL HOTELS NOT UNDER RENOVATION: |
|||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
$ 4,096 |
$ 2,790 |
$ 2,187 |
$ 1,431 |
$ 2,469 |
$ - |
$ 2,698 |
$ 1,987 |
$ - |
$ 3,048 |
$ 1,189 |
$ 1,637 |
$ 23,532 |
||||||||||||||||
Non-comparable adjustments |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||||||||||
Comparable Hotel EBITDA |
$ 4,096 |
$ 2,790 |
$ 2,187 |
$ 1,431 |
$ 2,469 |
$ - |
$ 2,698 |
$ 1,987 |
$ - |
$ 3,048 |
$ 1,189 |
$ 1,637 |
$ 23,532 |
||||||||||||||||
NOTES: |
|||||||||||||||||||||||||||||
(1) The above comparable information assumes the eleven hotel properties owned and included in the Company's operations at December 31, 2016, |
|||||||||||||||||||||||||||||
were owned as of the beginning of each of the periods presented. |
|||||||||||||||||||||||||||||
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. |
|||||||||||||||||||||||||||||
Adjustments have been made to the pre-acquisition results as indicated below: |
|||||||||||||||||||||||||||||
(a) Management fee expense was adjusted to reflect current contractual rates |
|||||||||||||||||||||||||||||
(3) Excluded Hotels Under Renovation: |
|||||||||||||||||||||||||||||
Courtyard Philadelphia |
Exhibit 1 |
|||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA |
|||||||||||||||||||||||||||||
(in thousands) |
|||||||||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||||||||
Three months Ended December 31, 2015 |
|||||||||||||||||||||||||||||
Capital Hilton Washington DC |
La Jolla Hilton Torrey Pines |
Chicago Sofitel Magnificent Mile |
Bardessono Hotel & Spa |
Key West Pier House Resort |
Philadelphia Courtyard Downtown |
Plano Marriott Legacy Town Center |
San Francisco Courtyard Downtown |
Seattle Courtyard Downtown |
Seattle Marriott Waterfront |
St. Thomas Ritz-Carlton |
Tampa Renaissance |
Hotel Total |
Corporate / Allocated |
|
|||||||||||||||
Net income (loss) |
$ 1,311 |
$ 1,001 |
$ (223) |
$ 461 |
$ 1,757 |
$ 1,286 |
$ 1,486 |
$ 2,435 |
$ 779 |
$ 1,797 |
$ 1,032 |
$ 564 |
$ 13,686 |
$ (19,794) |
$ (6,108) |
||||||||||||||
Income from consolidated entities attributable to noncontrolling interests |
(358) |
(274) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(632) |
(714) |
(1,346) |
||||||||||||||
Net loss attributable to redeemable noncontrolling interests in operating partnership |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
1,064 |
1,064 |
||||||||||||||
Net income (loss) attributable to the Company |
953 |
727 |
(223) |
461 |
1,757 |
1,286 |
1,486 |
2,435 |
779 |
1,797 |
1,032 |
564 |
13,054 |
(19,444) |
(6,390) |
||||||||||||||
Non-property adjustments |
(21) |
(1) |
- |
- |
- |
- |
- |
- |
(1) |
- |
5 |
- |
(18) |
18 |
- |
||||||||||||||
Interest Income |
- |
(1) |
- |
- |
- |
(1) |
- |
(3) |
- |
(2) |
(1) |
- |
(8) |
(5) |
(13) |
||||||||||||||
Interest expense |
- |
- |
516 |
- |
- |
505 |
- |
- |
- |
- |
104 |
- |
1,125 |
7,904 |
9,029 |
||||||||||||||
Amortization of loan cost |
- |
- |
177 |
- |
- |
8 |
- |
- |
- |
- |
10 |
- |
195 |
545 |
740 |
||||||||||||||
Depreciation and amortization |
1,562 |
1,499 |
1,584 |
578 |
662 |
1,448 |
1,035 |
578 |
533 |
976 |
114 |
871 |
11,440 |
- |
11,440 |
||||||||||||||
Income tax expense (benefit) |
69 |
(196) |
- |
- |
- |
4 |
- |
- |
- |
- |
37 |
- |
(86) |
(22) |
(108) |
||||||||||||||
Non-Hotel EBITDA ownership expense |
112 |
18 |
39 |
211 |
(34) |
4 |
47 |
4 |
(22) |
154 |
188 |
(13) |
708 |
(708) |
- |
||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interests |
358 |
275 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
633 |
(633) |
- |
||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
3,033 |
2,321 |
2,093 |
1,250 |
2,385 |
3,254 |
2,568 |
3,014 |
1,289 |
2,925 |
1,489 |
1,422 |
27,043 |
(12,345) |
14,698 |
||||||||||||||
Less: EBITDA adjustments attributable to non-controlling interest |
(400) |
(307) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(707) |
(388) |
(1,095) |
||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interests |
(358) |
(274) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(632) |
632 |
- |
||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interest in operating partnership |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(1,064) |
(1,064) |
||||||||||||||
Hotel EBITDA attributable to the Company and OP unitholders |
$ 2,275 |
$ 1,740 |
$ 2,093 |
$ 1,250 |
$ 2,385 |
$ 3,254 |
$ 2,568 |
$ 3,014 |
$ 1,289 |
$ 2,925 |
$ 1,489 |
$ 1,422 |
$ 25,704 |
$ (13,165) |
$ 12,539 |
||||||||||||||
Non-comparable adjustments |
- |
- |
- |
- |
- |
- |
- |
- |
(1,289) |
- |
(1) |
- |
(1,290) |
||||||||||||||||
Comparable Hotel EBITDA |
$ 3,033 |
$ 2,321 |
$ 2,093 |
$ 1,250 |
$ 2,385 |
$ 3,254 |
$ 2,568 |
$ 3,014 |
$ - |
$ 2,925 |
$ 1,488 |
$ 1,422 |
$ 25,753 |
||||||||||||||||
ALL HOTELS NOT UNDER RENOVATION: |
|||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
$ 3,033 |
$ 2,321 |
$ 2,093 |
$ 1,250 |
$ 2,385 |
$ - |
$ 2,568 |
$ 3,014 |
$ 1,289 |
$ 2,925 |
$ 1,489 |
$ 1,422 |
$ 23,789 |
||||||||||||||||
Non-comparable adjustments |
- |
- |
- |
- |
- |
- |
- |
- |
(1,289) |
- |
(1) |
- |
(1,290) |
||||||||||||||||
Comparable Hotel EBITDA |
$ 3,033 |
$ 2,321 |
$ 2,093 |
$ 1,250 |
$ 2,385 |
$ - |
$ 2,568 |
$ 3,014 |
$ - |
$ 2,925 |
$ 1,488 |
$ 1,422 |
$ 22,499 |
||||||||||||||||
NOTES: |
|||||||||||||||||||||||||||||
(1) The above comparable information assumes the eleven hotel properties owned and included in the Company's operations at December 31, 2016 |
|||||||||||||||||||||||||||||
were owned as of the beginning of each of the periods presented. |
|||||||||||||||||||||||||||||
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. |
|||||||||||||||||||||||||||||
Adjustments have been made to the pre-acquisition results as indicated below: |
|||||||||||||||||||||||||||||
(a) Management fee expense was adjusted to reflect current contractual rates |
|||||||||||||||||||||||||||||
(3) Excluded Hotels Under Renovation: |
|||||||||||||||||||||||||||||
Courtyard Philadelphia |
Exhibit 1 |
|||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA |
|||||||||||||||||||||||||||||
(in thousands) |
|||||||||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||||||||
Year Ended December 31, 2016 |
|||||||||||||||||||||||||||||
Capital Hilton Washington DC |
La Jolla Hilton Torrey Pines |
Chicago Sofitel Magnificent Mile |
Bardessono Hotel & Spa |
Key West Pier House Resort |
Philadelphia Courtyard Downtown |
Plano Marriott Legacy Town Center |
San Francisco Courtyard Downtown |
Seattle Courtyard Downtown |
Seattle Marriott Waterfront |
St. Thomas Ritz-Carlton |
Tampa Renaissance |
Hotel Total |
Corporate / Allocated |
|
|||||||||||||||
Net income (loss) |
$ 11,234 |
$ 6,883 |
$ 1,766 |
$ 1,942 |
$ 7,511 |
$ 4,434 |
$ 6,649 |
$ 10,091 |
$ 28,725 |
$ 11,288 |
$ 2,661 |
$ 3,019 |
$ 96,203 |
$ (71,883) |
$ 24,320 |
||||||||||||||
Income from consolidated entities attributable to noncontrolling interests |
(2,940) |
(1,816) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(4,756) |
1,651 |
(3,105) |
||||||||||||||
Net loss attributable to redeemable noncontrolling interests in operating partnership |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(1,899) |
(1,899) |
||||||||||||||
Net income (loss) attributable to the Company |
8,294 |
5,067 |
1,766 |
1,942 |
7,511 |
4,434 |
6,649 |
10,091 |
28,725 |
11,288 |
2,661 |
3,019 |
91,447 |
(72,131) |
19,316 |
||||||||||||||
Non-property adjustments |
- |
- |
- |
- |
- |
- |
- |
- |
(26,359) |
- |
43 |
- |
(26,316) |
26,316 |
- |
||||||||||||||
Interest Income |
(1) |
(1) |
- |
- |
- |
(3) |
(2) |
(15) |
- |
(10) |
(3) |
- |
(35) |
(132) |
(167) |
||||||||||||||
Interest expense |
- |
- |
2,261 |
- |
- |
1,977 |
- |
- |
- |
- |
2,319 |
- |
6,557 |
31,155 |
37,712 |
||||||||||||||
Amortization of loan cost |
- |
- |
119 |
- |
- |
31 |
- |
- |
- |
- |
504 |
- |
654 |
2,515 |
3,169 |
||||||||||||||
Depreciation and amortization |
6,269 |
6,008 |
4,152 |
2,398 |
2,703 |
5,853 |
4,324 |
2,676 |
834 |
3,803 |
3,147 |
3,730 |
45,897 |
- |
45,897 |
||||||||||||||
Income tax expense (benefit) |
29 |
(121) |
- |
- |
- |
18 |
- |
- |
- |
- |
(16) |
- |
(90) |
1,664 |
1,574 |
||||||||||||||
Non-Hotel EBITDA ownership expense |
(109) |
153 |
102 |
689 |
15 |
247 |
50 |
38 |
(36) |
34 |
158 |
28 |
1,369 |
(1,369) |
- |
||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interests |
2,940 |
1,816 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
4,756 |
(4,756) |
- |
||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
17,422 |
12,922 |
8,400 |
5,029 |
10,229 |
12,557 |
11,021 |
12,790 |
3,164 |
15,115 |
8,813 |
6,777 |
124,239 |
(16,738) |
107,501 |
||||||||||||||
Less: EBITDA adjustments attributable to non-controlling interest |
(1,415) |
(1,415) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(2,830) |
(1,662) |
(4,492) |
||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interests |
(2,940) |
(1,816) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(4,756) |
4,756 |
- |
||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interest in operating partnership |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
1,899 |
1,899 |
||||||||||||||
Hotel EBITDA attributable to the Company and OP unitholders |
$ 13,067 |
$ 9,691 |
$ 8,400 |
$ 5,029 |
$ 10,229 |
$ 12,557 |
$ 11,021 |
$ 12,790 |
$ 3,164 |
$ 15,115 |
$ 8,813 |
$ 6,777 |
$ 116,653 |
$ (11,745) |
$ 104,908 |
||||||||||||||
Non-comparable adjustments |
- |
- |
- |
- |
- |
- |
- |
- |
(3,164) |
- |
- |
- |
(3,164) |
||||||||||||||||
Comparable Hotel EBITDA |
$ 17,422 |
$ 12,922 |
$ 8,400 |
$ 5,029 |
$ 10,229 |
$ 12,557 |
$ 11,021 |
$ 12,790 |
$ - |
$ 15,115 |
$ 8,813 |
$ 6,777 |
$ 121,075 |
||||||||||||||||
ALL HOTELS NOT UNDER RENOVATION: |
|||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
$ 17,422 |
$ 12,922 |
$ 8,400 |
$ 5,029 |
$ 10,229 |
$ - |
$ 11,021 |
$ 12,790 |
$ 3,164 |
$ 15,115 |
$ 8,813 |
$ 6,777 |
$ 111,682 |
||||||||||||||||
Non-comparable adjustments |
- |
- |
- |
- |
- |
- |
- |
- |
(3,164) |
- |
- |
- |
(3,164) |
||||||||||||||||
Comparable Hotel EBITDA |
$ 17,422 |
$ 12,922 |
$ 8,400 |
$ 5,029 |
$ 10,229 |
$ - |
$ 11,021 |
$ 12,790 |
$ - |
$ 15,115 |
$ 8,813 |
$ 6,777 |
$ 108,518 |
||||||||||||||||
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES |
|||||||||||||||||||||||||||||
HOTEL EBITDA BY LOAN POOL |
|||||||||||||||||||||||||||||
(in thousands) |
|||||||||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||||||||
GACC Sofitel - 1 hotel |
$ - |
$ - |
$ 8,400 |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ 8,400 |
||||||||||||||||
Credit Agricole Pier House - 1 hotel |
- |
- |
- |
- |
10,229 |
- |
- |
- |
- |
- |
- |
- |
10,229 |
||||||||||||||||
Wachovia Philly CY - 1 hotel |
- |
- |
- |
- |
- |
12,557 |
- |
- |
- |
- |
- |
- |
12,557 |
||||||||||||||||
Wachovia 3 - 1 hotel |
- |
- |
- |
- |
- |
- |
- |
12,790 |
- |
- |
- |
- |
12,790 |
||||||||||||||||
Wachovia 7 - 3 hotels |
- |
- |
- |
- |
- |
- |
11,021 |
- |
- |
15,115 |
- |
6,777 |
32,913 |
||||||||||||||||
Column Financial - 1 hotel |
- |
- |
- |
5,029 |
- |
- |
- |
- |
- |
- |
- |
- |
5,029 |
||||||||||||||||
Apollo - 1 hotel |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
8,813 |
- |
8,813 |
||||||||||||||||
Aareal - 2 hotels |
17,422 |
12,922 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
30,344 |
||||||||||||||||
Total |
$ 17,422 |
$ 12,922 |
$ 8,400 |
$ 5,029 |
$ 10,229 |
$ 12,557 |
$ 11,021 |
$ 12,790 |
$ - |
$ 15,115 |
$ 8,813 |
$ 6,777 |
$ 121,075 |
||||||||||||||||
NOTES: |
|||||||||||||||||||||||||||||
(1) The above comparable information assumes the eleven hotel properties owned and included in the Company's operations at December 31, 2016, |
|||||||||||||||||||||||||||||
were owned as of the beginning of each of the periods presented. |
|||||||||||||||||||||||||||||
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. |
|||||||||||||||||||||||||||||
Adjustments have been made to the pre-acquisition results as indicated below: |
|||||||||||||||||||||||||||||
(a) Management fee expense was adjusted to reflect current contractual rates |
|||||||||||||||||||||||||||||
(3) Excluded Hotels Under Renovation: |
|||||||||||||||||||||||||||||
Courtyard Philadelphia |
Exhibit 1 |
|||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA |
|||||||||||||||||||||||||||||
(in thousands) |
|||||||||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||||||||
Year Ended December 31, 2015 |
|||||||||||||||||||||||||||||
Capital Hilton Washington DC |
La Jolla Hilton Torrey Pines |
Chicago Sofitel Magnificent Mile |
Bardessono Hotel & Spa |
Key West Pier House Resort |
Philadelphia Courtyard Downtown |
Plano Marriott Legacy Town Center |
San Francisco Courtyard Downtown |
Seattle Courtyard Downtown |
Seattle Marriott Waterfront |
St. Thomas Ritz-Carlton |
Tampa Renaissance |
Hotel Total |
Corporate / Allocated |
|
|||||||||||||||
Net income (loss) |
$ 8,222 |
$ 6,684 |
$ (714) |
$ 1,358 |
$ 7,124 |
$ 4,691 |
$ 6,854 |
$ 11,415 |
$ 4,453 |
$ 10,441 |
$ 1,032 |
$ 2,820 |
$ 64,380 |
$ (69,071) |
$ (4,691) |
||||||||||||||
Income from consolidated entities attributable to noncontrolling interests |
(2,173) |
(1,766) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(3,939) |
1,525 |
(2,414) |
||||||||||||||
Net loss attributable to redeemable noncontrolling interests in operating partnership |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
393 |
393 |
||||||||||||||
Net income (loss) attributable to the Company |
6,049 |
4,918 |
(714) |
1,358 |
7,124 |
4,691 |
6,854 |
11,415 |
4,453 |
10,441 |
1,032 |
2,820 |
60,441 |
(67,153) |
(6,712) |
||||||||||||||
Non-property adjustments |
(19) |
(1) |
(1) |
1 |
- |
- |
- |
1 |
(1) |
(2) |
4 |
1 |
(17) |
17 |
- |
||||||||||||||
Interest Income |
(1) |
(2) |
- |
- |
- |
(2) |
(1) |
(13) |
- |
(7) |
- |
(2) |
(28) |
(6) |
(34) |
||||||||||||||
Interest expense |
- |
- |
2,022 |
- |
- |
2,013 |
- |
- |
- |
- |
104 |
- |
4,139 |
31,115 |
35,254 |
||||||||||||||
Amortization of loan cost |
- |
- |
698 |
- |
- |
32 |
- |
- |
- |
- |
10 |
- |
740 |
1,835 |
2,575 |
||||||||||||||
Depreciation and amortization |
6,524 |
5,819 |
6,296 |
1,177 |
2,629 |
5,761 |
4,109 |
2,278 |
2,091 |
4,004 |
114 |
3,022 |
43,824 |
- |
43,824 |
||||||||||||||
Income tax expense (benefit) |
69 |
(25) |
- |
- |
- |
16 |
- |
- |
- |
- |
37 |
- |
97 |
166 |
263 |
||||||||||||||
Non-Hotel EBITDA ownership expense |
502 |
45 |
59 |
364 |
(23) |
14 |
126 |
14 |
(140) |
226 |
188 |
(41) |
1,334 |
(1,334) |
- |
||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interests |
2,173 |
1,766 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
3,939 |
(3,939) |
- |
||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
15,297 |
12,520 |
8,360 |
2,900 |
9,730 |
12,525 |
11,088 |
13,695 |
6,403 |
14,662 |
1,489 |
5,800 |
114,469 |
(39,299) |
75,170 |
||||||||||||||
Less: EBITDA adjustments attributable to non-controlling interest |
(1,650) |
(1,365) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(3,015) |
(1,379) |
(4,394) |
||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interests |
(2,173) |
(1,766) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(3,939) |
3,939 |
- |
||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interest in operating partnership |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(393) |
(393) |
||||||||||||||
Hotel EBITDA attributable to the Company and OP unitholders |
$ 11,474 |
$ 9,389 |
$ 8,360 |
$ 2,900 |
$ 9,730 |
$ 12,525 |
$ 11,088 |
$ 13,695 |
$ 6,403 |
$ 14,662 |
$ 1,489 |
$ 5,800 |
$ 107,515 |
$ (37,132) |
$ 70,383 |
||||||||||||||
Non-comparable adjustments |
- |
- |
- |
1,054 |
- |
- |
- |
- |
(6,403) |
- |
7,667 |
- |
2,318 |
||||||||||||||||
Comparable Hotel EBITDA |
$ 15,297 |
$ 12,520 |
$ 8,360 |
$ 3,954 |
$ 9,730 |
$ 12,525 |
$ 11,088 |
$ 13,695 |
$ - |
$ 14,662 |
$ 9,156 |
$ 5,800 |
$ 116,787 |
||||||||||||||||
ALL HOTELS NOT UNDER RENOVATION: |
|||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest |
$ 15,297 |
$ 12,520 |
$ 8,360 |
$ 2,900 |
$ 9,730 |
$ - |
$ 11,088 |
$ 13,695 |
$ 6,403 |
$ 14,662 |
$ 1,489 |
$ 5,800 |
$ 101,944 |
||||||||||||||||
Non-comparable adjustments |
- |
- |
- |
1,054 |
- |
- |
- |
- |
(6,403) |
- |
7,667 |
- |
2,318 |
||||||||||||||||
Comparable Hotel EBITDA |
$ 15,297 |
$ 12,520 |
$ 8,360 |
$ 3,954 |
$ 9,730 |
$ - |
$ 11,088 |
$ 13,695 |
$ - |
$ 14,662 |
$ 9,156 |
$ 5,800 |
$ 104,262 |
||||||||||||||||
NOTES: |
|||||||||||||||||||||||||||||
(1) The above comparable information assumes the eleven hotel properties owned and included in the Company's operations at December 31, 2016 |
|||||||||||||||||||||||||||||
were owned as of the beginning of each of the periods presented. |
|||||||||||||||||||||||||||||
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. |
|||||||||||||||||||||||||||||
Adjustments have been made to the pre-acquisition results as indicated below: |
|||||||||||||||||||||||||||||
(a) Management fee expense was adjusted to reflect current contractual rates |
|||||||||||||||||||||||||||||
(3) Excluded Hotels Under Renovation: |
|||||||||||||||||||||||||||||
Courtyard Philadelphia |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ashford-prime-reports-fourth-quarter-and-year-end-2016-results-300412008.html
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