Host Hotels & Resorts, Inc. Reports Results for 2022; RevPAR Exceeds 2019 for Third Consecutive Quarter; Full Year Performance Finishes at High End of Q3 Guidance
02/15/2023
OPERATING RESULTS
(unaudited, in millions, except per share and hotel statistics)
Quarter ended |
Percent Change |
Percent Change |
Year ended |
Percent Change |
Percent Change |
|||||||||||||||||||||||||||
2022 | 2021 | vs. Q4 2021 |
vs. Q4 2019⁽²⁾ |
2022 | 2021 | vs. 2021 | vs. 2019⁽²⁾ |
|||||||||||||||||||||||||
Revenues | $ | 1,263 | $ | 998 | 26.6 | % | (5.3 | )% | $ | 4,907 | $ | 2,890 | 69.8 | % | (10.3 | )% | ||||||||||||||||
All |
1,267 | 967 | 31.0 | % | 1.1 | % | 4,944 | 2,912 | 69.8 | % | (1.7 | )% | ||||||||||||||||||||
All Owned Hotel Total RevPAR⁽¹⁾ | 325.88 | 249.28 | 30.7 | % | 0.1 | % | 320.39 | 189.70 | 68.9 | % | (2.7 | )% | ||||||||||||||||||||
All Owned Hotel RevPAR⁽¹⁾ | 196.82 | 152.91 | 28.7 | % | 0.6 | % | 196.33 | 120.33 | 63.2 | % | (2.8 | )% | ||||||||||||||||||||
Net income (loss) | $ | 149 | $ | 323 | (53.9 | )% | $ | 643 | $ | (11 | ) | N/M | ||||||||||||||||||||
EBITDAre⁽¹⁾ | 364 | 247 | 47.4 | % | 1,504 | 542 | 177.5 | % | ||||||||||||||||||||||||
Adjusted EBITDAre⁽¹⁾ | 364 | 242 | 50.4 | % | 1,498 | 532 | 181.6 | % | ||||||||||||||||||||||||
Diluted earnings (loss) per common share | 0.20 | 0.45 | (55.6 | )% | 0.88 | (0.02 | ) | N/M | ||||||||||||||||||||||||
NAREIT FFO per diluted share⁽¹⁾ | 0.44 | 0.26 | 69.2 | % | 1.79 | 0.60 | 198.3 | % | ||||||||||||||||||||||||
Adjusted FFO per diluted share⁽¹⁾ | 0.44 | 0.29 | 51.7 | % | 1.79 | 0.61 | 193.4 | % | ||||||||||||||||||||||||
* Additional detail on the Company’s results, including data for 22 domestic markets and top 40 hotels by Total RevPAR, is available in the Fourth Quarter 2022 Supplemental Financial Information on the Company’s website at www.hosthotels.com.
(1) NAREIT Funds From Operations (“FFO”) per diluted share, Adjusted FFO per diluted share, EBITDAre, Adjusted EBITDAre and
(2) Presentation includes comparisons to 2019 operating results in order to allow investors to better understand the trajectory and timing of recovery from the COVID-19 impacts on hotel operations.
N/M = Not Meaningful
Risoleo continued, “Over the course of the year, we continued to successfully allocate capital through acquisitions, dispositions, and reinvestment in our portfolio. We made additional progress on our three key strategic objectives, which include redefining the operating model, gaining market share through comprehensive renovations, and strategically allocating capital to development ROI projects. We reinstated and twice increased our quarterly dividend, bringing the total dividends declared for the year to
2022 HIGHLIGHTS:
- All
Owned Hotel Total RevPAR was$320.39 andAll Owned Hotel RevPAR was$196.33 for full year 2022, with each of the second, third and fourth quarters exceeding 2019 results in the respective quarters. Average room rates for full year 2022 exceeded 2019 by 15.3%. - Achieved GAAP operating profit margin of 15.8% for full year 2022, an improvement of 120 basis points compared to 2019 and
All Owned Hotel EBITDA margin of 31.8% for 2022 exceeded the 2019 margin by 220 basis points. - Acquired the 125-room
Four Seasons Resort and Residences Jackson Hole for$315 million in the fourth quarter. The luxury ski resort inJackson Hole, Wyoming also features an additional 44 private residences, the owners of which may participate in a rental program through the resort. - Acquired a 49% non-controlling ownership interest in a joint venture with
Noble Investment Group , a leading private hospitality asset manager, for$35 million of cash and the issuance of approximately$56 million ofHost L.P. operating partnership units. - Disposed of four hotels for
$672 million , and issued bridge loans to buyers totaling$413 million , further reducing the Company's future capital expenditure needs with regards to those properties. - Completed projects at four properties under the
Marriott Transformational Capital Program , bringing the total completed to 14 of the 16 properties in the program. Also opened the brand-new 2.3-acreRiver Falls Water Park and the 60,000 square-foot meeting space expansion at theOrlando World Center Marriott , with the projects completed ahead of schedule and under budget. - Repaid the
$683 million outstanding on the revolver portion of the Company's credit facility. - Reinstated and twice increased the quarterly dividend, resulting in total dividends declared in 2022 of
$0.53 per common share, including a$0.20 per share special dividend. - Introduced the Company's 2050 vision of becoming a net positive company, in conjunction with the issuance of its 2022 Corporate Responsibility Report.
Results for Fourth Quarter 2022
- All
Owned Hotel Total RevPAR was$325.88 andAll Owned Hotel RevPAR was$196.82 in the fourth quarter, a 0.1% and 0.6% increase, respectively, over the fourth quarter of 2019. Average room rates were 15.6% above fourth quarter 2019, driven by continued strong leisure demand, while also benefiting from growth in urban markets. Fourth quarter and full year operations were affected by Hurricane Ian and the resulting closure of two properties, as discussed in detail below. - Generated GAAP net income of
$149 million in the fourth quarter and GAAP operating profit margin of 14.0%, an improvement of 160 basis points compared to the fourth quarter of 2019. Achieved All Owned Hotel EBITDA of$373 million and Adjusted EBITDAre of$364 million , both of which exceeded 2019 fourth quarter results.- The strong improvement in rate but more normalized staffing levels led to
All Owned Hotel EBITDA margin of 29.5% for the fourth quarter, exceeding the fourth quarter 2019 margin by 110 basis points. Food and beverage results benefited from continued strong contributions from group business toBanquet and Catering revenues.
Subsequent Events
- On
January 4, 2023 , the Company amended and restated its$2.5 billion credit facility, extending the maturities and maintaining similar terms to the prior agreement. The amended facility reflects no increase in pricing and bears interest pursuant to a credit ratings-based grid ranging from 0.725% to 1.600% over the applicable adjusted term SOFR and adds pricing incentives linked to portfolio sustainability initiatives. - January Comparable hotel RevPAR is estimated to be
$184 .
HURRICANE IAN UPDATE
As previously discussed, Hurricane Ian caused significant damage at The Ritz-Carlton,
The Company estimates that Hurricane Ian negatively impacted its full year revenues by approximately
BALANCE SHEET
The Company maintains a robust balance sheet, with the following balances at
- Total assets of
$12.3 billion . - Debt balance of
$4.2 billion , with an average maturity of 5.2 years, an average interest rate of 4.4%, and no significant maturities untilApril 2024 , after taking into account the amended credit facility agreement completedJanuary 4, 2023 . - Total available liquidity of approximately
$2.4 billion , including furniture, fixtures and equipment escrow reserves of$200 million and$1.5 billion available under the revolver portion of the credit facility.
SHARE REPURCHASE PROGRAM AND DIVIDENDS
During the fourth quarter, the Company repurchased 1.7 million shares at an average price of
The Company paid a fourth quarter cash dividend of
HOTEL BUSINESS MIX UPDATE
The Company’s customers fall into three broad groups: transient, group and contract business, which accounted for approximately 65%, 32%, and 3% respectively, of its 2022 room sales, similar to the mix in 2019.
Leisure demand continued to contribute to improvements in the fourth quarter compared to 2019, while group maintained strong rate increases compared to the fourth quarter of 2019. The following are the results for transient, group and contract business in comparison to 2019 performance, for the Company's current portfolio:
Quarter ended |
Year ended |
|||||||||||||||||||||||
Transient | Group | Contract | Transient | Group | Contract | |||||||||||||||||||
Room nights (in thousands) | 1,448 | 954 | 153 | 5,870 | 3,751 | 564 | ||||||||||||||||||
Percentage change in room nights vs. same period in 2019 | (17.6 | )% | (7.8 | )% | 33.8 | % | (16.3 | )% | (15.8 | )% | 16.1 | % | ||||||||||||
Rooms Revenues (in millions) | $ | 488 | $ | 247 | $ | 30 | $ | 1,967 | $ | 957 | $ | 106 | ||||||||||||
Percentage change in revenues vs. same period in 2019 | 0.6 | % | 1.7 | % | 21.2 | % | 2.8 | % | (10.6 | )% | 4.7 | % | ||||||||||||
Capital Expenditures
The following presents the Company’s capital expenditures spend for 2022 and the forecast for 2023 (in millions):
Year ended |
2023 Full Year Forecast | |||||||||||
Actual | Low-end of range | High-end of range | ||||||||||
ROI - |
$ | 88 | $ | 25 | $ | 35 | ||||||
All other return on investment ("ROI") projects | 219 | 225 | 265 | |||||||||
Total ROI Projects | 307 | 250 | 300 | |||||||||
Renewals and Replacements ("R&R") | 185 | 250 | 300 | |||||||||
492 | 500 | 600 | ||||||||||
R&R - Insurable Reconstruction | 12 | 100 | 125 | |||||||||
Total Capital Expenditures | $ | 504 | $ | 600 | $ | 725 | ||||||
The Company invested heavily in capital expenditures in the early phases of the recovery in order to minimize future disruption and believes these renovations will continue to position these hotels to capture additional revenue. The Company received
2023 OUTLOOK
Current macroeconomic headwinds and concerns surrounding the potential for an economic slowdown are competing with a lodging recovery. Further improvement in operations will be dependent on the ability to maintain high-rated business in resort markets, as well as the continued improvement of group, business transient and international inbound travel. There is significant uncertainty related to broader macroeconomic trends in the second half of 2023, which is reflected in the wider range included in the guidance provided below.
The full year forecast is bolstered by first quarter RevPAR growth which is anticipated to be between 24% and 27%, as a result of benefiting from easier comparisons due to the impact of the Omicron variant on first quarter 2022 operations. For the remaining three quarters, the Company expects year-over-year RevPAR percentage changes to be:
- Down low-single digits at the low end of the guidance range; to
- Up low-single digits at the high end of the range.
Additionally, margins are expected to decline in comparison to 2022 driven by wage inflation, closer to stable staffing levels, higher insurance and utility expenses, lower attrition and cancelation fees, and occupancy below 2019 levels.
For periods starting on or after
As a result, the Company anticipates its 2023 operating results as compared to 2022 will be in the following range:
Full Year 2023 Guidance | |||||||||
Low-end of range | High-end of range | Change vs. 2022 | |||||||
$ | 322 | $ | 341 | 1.2% to 7.2% | |||||
199 | 211 | 2.0% to 8.0% | |||||||
Total revenues under GAAP | 4,977 | 5,265 | 1.4% to 7.3% | ||||||
Operating profit margin under GAAP | 12.1 | % | 14.5 | % | (370) bps to (130) bps | ||||
28.2 | % | 29.7 | % | (360) bps to (210) bps | |||||
Based upon the above parameters, the Company estimates its 2023 guidance as follows:
Full Year 2023 Guidance | |||||||
Low-end of range | High-end of range | ||||||
Net income (in millions) | $ | 489 | $ | 652 | |||
Adjusted EBITDAre(in millions) | 1,380 | 1,545 | |||||
Diluted earnings per common share | 0.67 | 0.90 | |||||
NAREIT FFO per diluted share | 1.60 | 1.82 | |||||
Adjusted FFO per diluted share | 1.60 | 1.83 | |||||
See the 2023 Forecast Schedules and the Notes to Financial Information for items that may affect forecast results.
ABOUT
Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements which include, but may not be limited to, our expectations regarding the impact of the COVID-19 pandemic on our business, the recovery of travel and the lodging industry, the impact of Hurricane Ian and 2023 estimates with respect to our business, including our anticipated capital expenditures and financial and operating results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to those described in the Company’s annual report on Form 10-K and other filings with the
* This press release contains registered trademarks that are the exclusive property of their respective owners. None of the owners of these trademarks has any responsibility or liability for any information contained in this press release.
*** Tables to Follow ***
Condensed Consolidated Balance Sheets
(unaudited, in millions, except shares and per share amounts)
2022 |
2021 |
|||||||
ASSETS | ||||||||
Property and equipment, net | $ | 9,748 | $ | 9,994 | ||||
Right-of-use assets | 556 | 551 | ||||||
Assets held for sale | — | 270 | ||||||
Due from managers | 94 | 113 | ||||||
Advances to and investments in affiliates | 132 | 42 | ||||||
Furniture, fixtures and equipment replacement fund | 200 | 144 | ||||||
Notes receivable | 413 | — | ||||||
Other | 459 | 431 | ||||||
Cash and cash equivalents | 667 | 807 | ||||||
Total assets | $ | 12,269 | $ | 12,352 | ||||
LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY | ||||||||
Debt⁽¹⁾ | ||||||||
Senior notes | $ | 3,115 | $ | 3,109 | ||||
Credit facility, including the term loans of |
994 | 1,673 | ||||||
Mortgage and other debt | 106 | 109 | ||||||
Total debt | 4,215 | 4,891 | ||||||
Lease liabilities | 568 | 564 | ||||||
Accounts payable and accrued expenses | 372 | 85 | ||||||
Due to managers | 67 | 42 | ||||||
Other | 168 | 198 | ||||||
Total liabilities | 5,390 | 5,780 | ||||||
Redeemable non-controlling interests - Host Hotels & |
164 | 126 | ||||||
Common stock, par value |
7 | 7 | ||||||
Additional paid-in capital | 7,717 | 7,702 | ||||||
Accumulated other comprehensive loss | (75 | ) | (76 | ) | ||||
Deficit | (939 | ) | (1,192 | ) | ||||
Total equity of |
6,710 | 6,441 | ||||||
Non-redeemable non-controlling interests—other consolidated partnerships | 5 | 5 | ||||||
Total equity | 6,715 | 6,446 | ||||||
Total liabilities, non-controlling interests and equity | $ | 12,269 | $ | 12,352 | ||||
(1) Please see our Fourth Quarter 2022 Supplemental Financial Information for more detail on our debt balances and financial covenant ratios under our credit facility and senior notes indentures.
Condensed Consolidated Statements of Operations
(unaudited, in millions, except per share amounts)
Quarter ended |
Year ended |
|||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Revenues | ||||||||||||||||
Rooms | $ | 763 | $ | 621 | $ | 3,014 | $ | 1,858 | ||||||||
Food and beverage | 386 | 269 | 1,418 | 674 | ||||||||||||
Other | 114 | 108 | 475 | 358 | ||||||||||||
Total revenues | 1,263 | 998 | 4,907 | 2,890 | ||||||||||||
Expenses | ||||||||||||||||
Rooms | 188 | 164 | 727 | 488 | ||||||||||||
Food and beverage | 253 | 192 | 928 | 505 | ||||||||||||
Other departmental and support expenses | 308 | 269 | 1,181 | 890 | ||||||||||||
Management fees | 67 | 38 | 217 | 97 | ||||||||||||
Other property-level expenses | 74 | 68 | 325 | 307 | ||||||||||||
Depreciation and amortization | 166 | 165 | 664 | 762 | ||||||||||||
Corporate and other expenses⁽¹⁾ | 30 | 26 | 107 | 99 | ||||||||||||
Gain on insurance and business interruption settlements | — | (3 | ) | (17 | ) | (8 | ) | |||||||||
Total operating costs and expenses | 1,086 | 919 | 4,132 | 3,140 | ||||||||||||
Operating profit (loss) | 177 | 79 | 775 | (250 | ) | |||||||||||
Interest income | 14 | — | 30 | 2 | ||||||||||||
Interest expense | (43 | ) | (63 | ) | (156 | ) | (191 | ) | ||||||||
Other gains (losses) | (2 | ) | 302 | 17 | 306 | |||||||||||
Equity in earnings (losses) of affiliates | — | (5 | ) | 3 | 31 | |||||||||||
Income (loss) before income taxes | 146 | 313 | 669 | (102 | ) | |||||||||||
Benefit (provision) for income taxes | 3 | 10 | (26 | ) | 91 | |||||||||||
Net income (loss) | 149 | 323 | 643 | (11 | ) | |||||||||||
Less: Net income attributable to non-controlling interests | (2 | ) | (3 | ) | (10 | ) | — | |||||||||
Net income (loss) attributable to |
$ | 147 | $ | 320 | $ | 633 | $ | (11 | ) | |||||||
Basic earnings per common share | $ | 0.21 | $ | 0.45 | $ | 0.89 | $ | (0.02 | ) | |||||||
Diluted earnings per common share | $ | 0.20 | $ | 0.45 | $ | 0.88 | $ | (0.02 | ) | |||||||
(1) Corporate and other expenses include the following items:
Quarter ended |
Year ended |
|||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
General and administrative costs | $ | 23 | $ | 21 | $ | 81 | $ | 81 | ||||||||
Non-cash stock-based compensation expense | 7 | 5 | 26 | 18 | ||||||||||||
Total | $ | 30 | $ | 26 | $ | 107 | $ | 99 |
Earnings (Loss) per Common Share
(unaudited, in millions, except per share amounts)
Quarter ended |
Year ended |
|||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Net income (loss) | $ | 149 | $ | 323 | $ | 643 | $ | (11 | ) | |||||||
Less: Net income attributable to non-controlling interests | (2 | ) | (3 | ) | (10 | ) | — | |||||||||
Net income (loss) attributable to |
$ | 147 | $ | 320 | $ | 633 | $ | (11 | ) | |||||||
Basic weighted average shares outstanding | 715.0 | 714.0 | 714.7 | 710.3 | ||||||||||||
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 2.7 | 2.1 | 2.8 | — | ||||||||||||
Diluted weighted average shares outstanding⁽¹⁾ | 717.7 | 716.1 | 717.5 | 710.3 | ||||||||||||
Basic earnings (loss) per common share | $ | 0.21 | $ | 0.45 | $ | 0.89 | $ | (0.02 | ) | |||||||
Diluted earnings (loss) per common share | $ | 0.20 | $ | 0.45 | $ | 0.88 | $ | (0.02 | ) | |||||||
(1) Dilutive securities may include shares granted under comprehensive stock plans, preferred operating partnership units (“OP Units”) held by minority partners and other non-controlling interests that have the option to convert their limited partnership interests to common OP Units. No effect is shown for any securities that were anti-dilutive for the period.
All
As of |
Quarter ended |
Quarter ended |
||||||||||||||||||||||||||||||||||
Location | No. of Properties |
No. of Rooms |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Percent Change in RevPAR |
Percent Change in Total RevPAR |
||||||||||||||||||||||||
4 | 2,007 | $ | 566.33 | 70.7 | % | $ | 400.27 | $ | 610.91 | $ | 527.16 | 74.1 | % | $ | 390.37 | $ | 605.51 | 2.5 | % | 0.9 | % | |||||||||||||||
2 | 1,033 | 632.51 | 56.8 | 359.45 | 600.78 | 644.57 | 61.3 | 395.08 | 615.59 | (9.0 | ) | (2.4 | ) | |||||||||||||||||||||||
1 | 446 | 503.06 | 52.8 | 265.77 | 601.87 | 463.81 | 66.2 | 307.26 | 674.17 | (13.5 | ) | (10.7 | ) | |||||||||||||||||||||||
2 | 2,448 | 458.37 | 62.1 | 284.45 | 538.94 | 443.69 | 41.5 | 184.28 | 337.70 | 54.4 | 59.6 | |||||||||||||||||||||||||
5 | 1,850 | 328.02 | 51.0 | 167.44 | 318.80 | 381.12 | 59.8 | 228.07 | 486.75 | (26.6 | ) | (34.5 | ) | |||||||||||||||||||||||
4 | 1,822 | 371.87 | 73.2 | 272.22 | 617.02 | 351.10 | 72.4 | 254.15 | 533.26 | 7.1 | 15.7 | |||||||||||||||||||||||||
2 | 2,486 | 400.42 | 84.6 | 338.82 | 490.08 | 308.49 | 50.9 | 157.02 | 228.46 | 115.8 | 114.5 | |||||||||||||||||||||||||
3 | 1,067 | 284.41 | 78.9 | 224.39 | 353.32 | 259.39 | 62.7 | 162.73 | 258.96 | 37.9 | 36.4 | |||||||||||||||||||||||||
3 | 3,288 | 260.81 | 70.3 | 183.47 | 356.03 | 233.02 | 60.4 | 140.85 | 253.78 | 30.3 | 40.3 | |||||||||||||||||||||||||
2 | 767 | 303.76 | 67.3 | 204.34 | 337.97 | 269.59 | 69.4 | 186.99 | 304.02 | 9.3 | 11.2 | |||||||||||||||||||||||||
2 | 810 | 236.57 | 83.0 | 196.33 | 304.40 | 193.17 | 77.1 | 148.92 | 235.12 | 31.8 | 29.5 | |||||||||||||||||||||||||
5 | 3,238 | 263.84 | 65.2 | 171.95 | 254.52 | 200.64 | 43.5 | 87.34 | 124.51 | 96.9 | 104.4 | |||||||||||||||||||||||||
3 | 1,562 | 247.44 | 65.8 | 162.89 | 231.90 | 187.43 | 61.3 | 114.85 | 155.98 | 41.8 | 48.7 | |||||||||||||||||||||||||
6 | 4,162 | 231.97 | 62.7 | 145.39 | 218.72 | 170.71 | 53.4 | 91.10 | 127.43 | 59.6 | 71.6 | |||||||||||||||||||||||||
2 | 916 | 230.54 | 66.5 | 153.24 | 271.96 | 194.01 | 61.4 | 119.16 | 199.80 | 28.6 | 36.1 | |||||||||||||||||||||||||
2 | 1,315 | 214.72 | 57.4 | 123.18 | 171.44 | 171.61 | 46.4 | 79.56 | 104.93 | 54.8 | 63.4 | |||||||||||||||||||||||||
2 | 1,495 | 239.76 | 61.6 | 147.71 | 214.21 | 208.73 | 60.8 | 126.85 | 157.79 | 16.4 | 35.8 | |||||||||||||||||||||||||
1 | 1,333 | 211.90 | 68.7 | 145.57 | 229.12 | 176.86 | 54.7 | 96.81 | 141.52 | 50.4 | 61.9 | |||||||||||||||||||||||||
2 | 1,512 | 216.59 | 63.2 | 136.97 | 218.39 | 158.61 | 63.8 | 101.24 | 144.11 | 35.3 | 51.5 | |||||||||||||||||||||||||
2 | 810 | 183.46 | 72.3 | 132.59 | 209.53 | 164.89 | 70.3 | 115.89 | 180.31 | 14.4 | 16.2 | |||||||||||||||||||||||||
5 | 1,942 | 190.61 | 65.1 | 123.99 | 181.23 | 164.16 | 58.6 | 96.20 | 135.32 | 28.9 | 33.9 | |||||||||||||||||||||||||
3 | 1,340 | 178.57 | 56.1 | 100.12 | 146.12 | 156.62 | 49.1 | 76.97 | 106.82 | 30.1 | 36.8 | |||||||||||||||||||||||||
Other | 10 | 3,061 | 287.36 | 60.5 | 173.85 | 275.44 | 302.89 | 53.9 | 163.16 | 242.55 | 6.6 | 13.6 | ||||||||||||||||||||||||
Domestic | 73 | 40,710 | 303.91 | 65.9 | 200.33 | 331.98 | 273.72 | 57.3 | 156.75 | 255.79 | 27.8 | 29.8 | ||||||||||||||||||||||||
International | 5 | 1,499 | 169.63 | 59.7 | 101.26 | 158.39 | 98.32 | 49.5 | 48.66 | 71.32 | 108.1 | 122.1 | ||||||||||||||||||||||||
All Locations | 78 | 42,209 | 299.58 | 65.7 | 196.82 | 325.88 | 268.31 | 57.0 | 152.91 | 249.28 | 28.7 | 30.7 | ||||||||||||||||||||||||
All
As of |
Quarter ended |
Quarter ended |
||||||||||||||||||||||||||||||||||
Location | No. of Properties |
No. of Rooms |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Percent Change in RevPAR |
Percent Change in Total RevPAR |
||||||||||||||||||||||||
4 | 2,007 | $ | 566.33 | 70.7 | % | $ | 400.27 | $ | 610.91 | $ | 434.72 | 79.6 | % | $ | 346.15 | $ | 530.96 | 15.6 | % | 15.1 | % | |||||||||||||||
2 | 1,033 | 632.51 | 56.8 | 359.45 | 600.78 | 391.17 | 79.5 | 310.94 | 511.31 | 15.6 | 17.5 | |||||||||||||||||||||||||
1 | 446 | 503.06 | 52.8 | 265.77 | 601.87 | 334.64 | 62.4 | 208.94 | 497.75 | 27.2 | 20.9 | |||||||||||||||||||||||||
2 | 2,448 | 458.37 | 62.1 | 284.45 | 538.94 | 328.06 | 64.4 | 211.35 | 424.70 | 34.6 | 26.9 | |||||||||||||||||||||||||
5 | 1,850 | 328.02 | 51.0 | 167.44 | 318.80 | 316.16 | 69.9 | 220.85 | 482.42 | (24.2 | ) | (33.9 | ) | |||||||||||||||||||||||
4 | 1,822 | 371.87 | 73.2 | 272.22 | 617.02 | 293.33 | 72.6 | 213.00 | 489.76 | 27.8 | 26.0 | |||||||||||||||||||||||||
2 | 2,486 | 400.42 | 84.6 | 338.82 | 490.08 | 364.42 | 91.2 | 332.47 | 511.30 | 1.9 | (4.1 | ) | ||||||||||||||||||||||||
3 | 1,067 | 284.41 | 78.9 | 224.39 | 353.32 | 249.68 | 81.7 | 204.11 | 320.66 | 9.9 | 10.2 | |||||||||||||||||||||||||
3 | 3,288 | 260.81 | 70.3 | 183.47 | 356.03 | 228.60 | 74.2 | 169.53 | 325.13 | 8.2 | 9.5 | |||||||||||||||||||||||||
2 | 767 | 303.76 | 67.3 | 204.34 | 337.97 | 255.26 | 80.8 | 206.16 | 342.15 | (0.9 | ) | (1.2 | ) | |||||||||||||||||||||||
2 | 810 | 236.57 | 83.0 | 196.33 | 304.40 | 219.68 | 86.6 | 190.20 | 316.27 | 3.2 | (3.8 | ) | ||||||||||||||||||||||||
5 | 3,238 | 263.84 | 65.2 | 171.95 | 254.52 | 243.16 | 76.6 | 186.27 | 274.75 | (7.7 | ) | (7.4 | ) | |||||||||||||||||||||||
3 | 1,562 | 247.44 | 65.8 | 162.89 | 231.90 | 217.47 | 78.6 | 170.85 | 238.50 | (4.7 | ) | (2.8 | ) | |||||||||||||||||||||||
6 | 4,162 | 231.97 | 62.7 | 145.39 | 218.72 | 264.99 | 83.1 | 220.14 | 311.62 | (34.0 | ) | (29.8 | ) | |||||||||||||||||||||||
2 | 916 | 230.54 | 66.5 | 153.24 | 271.96 | 224.95 | 71.8 | 161.48 | 308.69 | (5.1 | ) | (11.9 | ) | |||||||||||||||||||||||
2 | 1,315 | 214.72 | 57.4 | 123.18 | 171.44 | 204.05 | 76.8 | 156.81 | 232.64 | (21.4 | ) | (26.3 | ) | |||||||||||||||||||||||
2 | 1,495 | 239.76 | 61.6 | 147.71 | 214.21 | 232.38 | 81.1 | 188.38 | 285.32 | (21.6 | ) | (24.9 | ) | |||||||||||||||||||||||
1 | 1,333 | 211.90 | 68.7 | 145.57 | 229.12 | 185.82 | 76.5 | 142.21 | 209.94 | 2.4 | 9.1 | |||||||||||||||||||||||||
2 | 1,512 | 216.59 | 63.2 | 136.97 | 218.39 | 193.12 | 59.9 | 115.62 | 173.80 | 18.5 | 25.7 | |||||||||||||||||||||||||
2 | 810 | 183.46 | 72.3 | 132.59 | 209.53 | 175.95 | 78.8 | 138.71 | 231.69 | (4.4 | ) | (9.6 | ) | |||||||||||||||||||||||
5 | 1,942 | 190.61 | 65.1 | 123.99 | 181.23 | 176.32 | 70.9 | 124.95 | 188.16 | (0.8 | ) | (3.7 | ) | |||||||||||||||||||||||
3 | 1,340 | 178.57 | 56.1 | 100.12 | 146.12 | 167.45 | 62.9 | 105.31 | 174.21 | (4.9 | ) | (16.1 | ) | |||||||||||||||||||||||
Other | 10 | 3,061 | 287.36 | 60.5 | 173.85 | 275.44 | 215.17 | 71.2 | 153.24 | 243.16 | 13.4 | 13.3 | ||||||||||||||||||||||||
Domestic | 73 | 40,710 | 303.91 | 65.9 | 200.33 | 331.98 | 262.95 | 75.7 | 199.01 | 331.45 | 0.7 | 0.2 | ||||||||||||||||||||||||
International | 5 | 1,499 | 169.63 | 59.7 | 101.26 | 158.39 | 149.12 | 70.1 | 104.55 | 165.87 | (3.2 | ) | (4.5 | ) | ||||||||||||||||||||||
All Locations | 78 | 42,209 | 299.58 | 65.7 | 196.82 | 325.88 | 259.16 | 75.5 | 195.63 | 325.60 | 0.6 | 0.1 | ||||||||||||||||||||||||
All
As of |
Year ended |
Year ended |
||||||||||||||||||||||||||||||||||
Location | No. of Properties |
No. of Rooms |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Percent Change in RevPAR |
Percent Change in Total RevPAR |
||||||||||||||||||||||||
4 | 2,007 | $ | 560.86 | 74.7 | % | $ | 418.70 | $ | 646.24 | $ | 486.22 | 69.0 | % | $ | 335.71 | $ | 512.44 | 24.7 | % | 26.1 | % | |||||||||||||||
2 | 1,033 | 621.56 | 61.3 | 380.89 | 635.56 | 579.59 | 57.6 | 334.13 | 528.42 | 14.0 | 20.3 | |||||||||||||||||||||||||
1 | 446 | 527.16 | 65.3 | 344.37 | 749.99 | 494.80 | 59.9 | 296.61 | 609.54 | 16.1 | 23.0 | |||||||||||||||||||||||||
2 | 2,448 | 410.76 | 63.8 | 262.20 | 508.78 | 413.95 | 30.9 | 127.96 | 231.90 | 104.9 | 119.4 | |||||||||||||||||||||||||
5 | 1,850 | 418.86 | 62.2 | 260.47 | 509.76 | 407.02 | 56.1 | 228.20 | 442.49 | 14.1 | 15.2 | |||||||||||||||||||||||||
4 | 1,822 | 368.20 | 70.1 | 258.18 | 568.19 | 316.35 | 60.5 | 191.42 | 393.86 | 34.9 | 44.3 | |||||||||||||||||||||||||
2 | 2,486 | 333.65 | 72.8 | 242.88 | 345.93 | 235.96 | 38.7 | 91.33 | 121.50 | 165.9 | 184.7 | |||||||||||||||||||||||||
3 | 1,067 | 288.81 | 79.4 | 229.44 | 337.54 | 241.56 | 53.6 | 129.52 | 187.07 | 77.1 | 80.4 | |||||||||||||||||||||||||
3 | 3,288 | 272.28 | 74.6 | 203.24 | 371.28 | 222.93 | 49.1 | 109.43 | 180.41 | 85.7 | 105.8 | |||||||||||||||||||||||||
2 | 767 | 271.65 | 69.5 | 188.91 | 324.19 | 214.87 | 56.3 | 121.00 | 195.68 | 56.1 | 65.7 | |||||||||||||||||||||||||
2 | 810 | 218.52 | 80.6 | 176.19 | 270.04 | 176.82 | 63.3 | 111.97 | 169.50 | 57.3 | 59.3 | |||||||||||||||||||||||||
5 | 3,238 | 259.57 | 61.7 | 160.13 | 230.71 | 171.93 | 42.6 | 73.18 | 92.16 | 118.8 | 150.3 | |||||||||||||||||||||||||
3 | 1,562 | 240.66 | 65.1 | 156.57 | 217.31 | 180.19 | 43.4 | 78.19 | 100.43 | 100.2 | 116.4 | |||||||||||||||||||||||||
6 | 4,162 | 230.88 | 63.0 | 145.42 | 211.87 | 161.21 | 36.9 | 59.55 | 81.05 | 144.2 | 161.4 | |||||||||||||||||||||||||
2 | 916 | 219.41 | 65.6 | 143.96 | 227.21 | 182.84 | 49.4 | 90.34 | 138.95 | 59.4 | 63.5 | |||||||||||||||||||||||||
2 | 1,315 | 229.92 | 62.4 | 143.52 | 188.58 | 182.40 | 32.5 | 59.27 | 74.16 | 142.2 | 154.3 | |||||||||||||||||||||||||
2 | 1,495 | 244.35 | 58.5 | 142.90 | 193.67 | 185.65 | 43.3 | 80.46 | 100.33 | 77.6 | 93.0 | |||||||||||||||||||||||||
1 | 1,333 | 200.59 | 66.2 | 132.74 | 198.18 | 144.71 | 41.9 | 60.68 | 84.82 | 118.8 | 133.6 | |||||||||||||||||||||||||
2 | 1,512 | 199.52 | 66.3 | 132.30 | 206.09 | 159.93 | 46.6 | 74.53 | 107.51 | 77.5 | 91.7 | |||||||||||||||||||||||||
2 | 810 | 181.81 | 72.2 | 131.35 | 205.87 | 156.30 | 58.5 | 91.40 | 129.46 | 43.7 | 59.0 | |||||||||||||||||||||||||
5 | 1,942 | 182.97 | 63.8 | 116.73 | 163.85 | 146.57 | 59.4 | 87.04 | 118.95 | 34.1 | 37.7 | |||||||||||||||||||||||||
3 | 1,340 | 182.33 | 61.9 | 112.85 | 163.64 | 151.40 | 43.9 | 66.49 | 86.94 | 69.7 | 88.2 | |||||||||||||||||||||||||
Other | 10 | 3,061 | 320.85 | 60.7 | 194.89 | 294.37 | 315.90 | 47.9 | 151.34 | 225.39 | 28.8 | 30.6 | ||||||||||||||||||||||||
Domestic | 73 | 40,710 | 301.54 | 66.4 | 200.26 | 327.32 | 261.08 | 47.4 | 123.66 | 195.06 | 61.9 | 67.8 | ||||||||||||||||||||||||
International | 5 | 1,499 | 162.33 | 55.1 | 89.51 | 130.24 | 90.03 | 33.4 | 30.10 | 43.52 | 197.4 | 199.3 | ||||||||||||||||||||||||
All Locations | 78 | 42,209 | 297.42 | 66.0 | 196.33 | 320.39 | 256.73 | 46.9 | 120.33 | 189.70 | 63.2 | 68.9 | ||||||||||||||||||||||||
All
As of |
Year ended |
Year ended |
||||||||||||||||||||||||||||||||||
Location | No. of Properties |
No. of Rooms |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Percent Change in RevPAR |
Percent Change in Total RevPAR |
||||||||||||||||||||||||
4 | 2,007 | $ | 560.86 | 74.7 | % | $ | 418.70 | $ | 646.24 | $ | 409.40 | 88.1 | % | $ | 360.59 | $ | 565.89 | 16.1 | % | 14.2 | % | |||||||||||||||
2 | 1,033 | 621.56 | 61.3 | 380.89 | 635.56 | 365.48 | 80.3 | 293.65 | 475.18 | 29.7 | 33.8 | |||||||||||||||||||||||||
1 | 446 | 527.16 | 65.3 | 344.37 | 749.99 | 372.94 | 73.5 | 274.07 | 613.80 | 25.6 | 22.2 | |||||||||||||||||||||||||
2 | 2,448 | 410.76 | 63.8 | 262.20 | 508.78 | 295.49 | 69.1 | 204.18 | 415.24 | 28.4 | 22.5 | |||||||||||||||||||||||||
5 | 1,850 | 418.86 | 62.2 | 260.47 | 509.76 | 334.73 | 72.0 | 241.11 | 501.85 | 8.0 | 1.6 | |||||||||||||||||||||||||
4 | 1,822 | 368.20 | 70.1 | 258.18 | 568.19 | 292.50 | 71.9 | 210.32 | 476.62 | 22.8 | 19.2 | |||||||||||||||||||||||||
2 | 2,486 | 333.65 | 72.8 | 242.88 | 345.93 | 310.83 | 84.6 | 262.90 | 404.86 | (7.6 | ) | (14.6 | ) | |||||||||||||||||||||||
3 | 1,067 | 288.81 | 79.4 | 229.44 | 337.54 | 259.35 | 84.0 | 217.78 | 331.66 | 5.4 | 1.8 | |||||||||||||||||||||||||
3 | 3,288 | 272.28 | 74.6 | 203.24 | 371.28 | 249.41 | 79.4 | 198.02 | 360.49 | 2.6 | 3.0 | |||||||||||||||||||||||||
2 | 767 | 271.65 | 69.5 | 188.91 | 324.19 | 248.70 | 85.2 | 211.79 | 356.91 | (10.8 | ) | (9.2 | ) | |||||||||||||||||||||||
2 | 810 | 218.52 | 80.6 | 176.19 | 270.04 | 217.01 | 85.7 | 185.91 | 305.37 | (5.2 | ) | (11.6 | ) | |||||||||||||||||||||||
5 | 3,238 | 259.57 | 61.7 | 160.13 | 230.71 | 245.82 | 81.5 | 200.27 | 288.52 | (20.0 | ) | (20.0 | ) | |||||||||||||||||||||||
3 | 1,562 | 240.66 | 65.1 | 156.57 | 217.31 | 217.88 | 78.0 | 169.88 | 242.18 | (7.8 | ) | (10.3 | ) | |||||||||||||||||||||||
6 | 4,162 | 230.88 | 63.0 | 145.42 | 211.87 | 279.18 | 82.4 | 230.14 | 321.91 | (36.8 | ) | (34.2 | ) | |||||||||||||||||||||||
2 | 916 | 219.41 | 65.6 | 143.96 | 227.21 | 221.33 | 75.3 | 166.61 | 276.13 | (13.6 | ) | (17.7 | ) | |||||||||||||||||||||||
2 | 1,315 | 229.92 | 62.4 | 143.52 | 188.58 | 225.12 | 82.4 | 185.50 | 250.12 | (22.6 | ) | (24.6 | ) | |||||||||||||||||||||||
2 | 1,495 | 244.35 | 58.5 | 142.90 | 193.67 | 239.93 | 83.1 | 199.32 | 288.47 | (28.3 | ) | (32.9 | ) | |||||||||||||||||||||||
1 | 1,333 | 200.59 | 66.2 | 132.74 | 198.18 | 187.65 | 79.0 | 148.30 | 216.97 | (10.5 | ) | (8.7 | ) | |||||||||||||||||||||||
2 | 1,512 | 199.52 | 66.3 | 132.30 | 206.09 | 185.33 | 69.7 | 129.14 | 189.71 | 2.4 | 8.6 | |||||||||||||||||||||||||
2 | 810 | 181.81 | 72.2 | 131.35 | 205.87 | 184.71 | 82.7 | 152.76 | 251.41 | (14.0 | ) | (18.1 | ) | |||||||||||||||||||||||
5 | 1,942 | 182.97 | 63.8 | 116.73 | 163.85 | 177.93 | 72.0 | 128.14 | 185.48 | (8.9 | ) | (11.7 | ) | |||||||||||||||||||||||
3 | 1,340 | 182.33 | 61.9 | 112.85 | 163.64 | 173.47 | 72.9 | 126.48 | 190.45 | (10.8 | ) | (14.1 | ) | |||||||||||||||||||||||
Other | 10 | 3,061 | 320.85 | 60.7 | 194.89 | 294.37 | 226.14 | 74.6 | 168.70 | 262.68 | 15.5 | 12.1 | ||||||||||||||||||||||||
Domestic | 73 | 40,710 | 301.54 | 66.4 | 200.26 | 327.32 | 261.48 | 78.5 | 205.38 | 335.37 | (2.5 | ) | (2.4 | ) | ||||||||||||||||||||||
International | 5 | 1,499 | 162.33 | 55.1 | 89.51 | 130.24 | 153.01 | 70.9 | 108.44 | 160.74 | (17.5 | ) | (19.0 | ) | ||||||||||||||||||||||
All Locations | 78 | 42,209 | 297.42 | 66.0 | 196.33 | 320.39 | 257.96 | 78.3 | 201.91 | 329.17 | (2.8 | ) | (2.7 | ) | ||||||||||||||||||||||
(1) To facilitate a quarter-to-quarter comparison of our operations, we typically present certain operating statistics and operating results for the periods included in this presentation on a comparable hotel basis. However, due to the COVID-19 pandemic and its effects on operations there is little comparability between periods. For this reason, we temporarily suspended our comparable hotel presentation and instead present hotel operating results for all consolidated hotels and, to facilitate comparisons between periods, we are presenting in these tables statistics which include the following adjustments: (1) operating results are presented for all consolidated properties owned as of
(2)
Results by Location Compared to 2021 - actual, based on ownership period(1)
As of |
||||||||||||||||||||||||||||||||||||
2022 | 2021 | Quarter ended |
Quarter ended |
|||||||||||||||||||||||||||||||||
Location | No. of Properties |
No. of Properties |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Percent Change in RevPAR |
Percent Change in Total RevPAR |
||||||||||||||||||||||||
4 | 4 | $ | 566.33 | 70.7 | % | $ | 400.27 | $ | 610.91 | $ | 527.16 | 74.1 | % | $ | 390.37 | $ | 605.51 | 2.5 | % | 0.9 | % | |||||||||||||||
2 | 3 | 632.51 | 56.8 | 359.45 | 600.78 | 532.47 | 64.2 | 342.06 | 523.37 | 5.1 | 14.8 | |||||||||||||||||||||||||
1 | 1 | 503.06 | 52.8 | 265.77 | 601.87 | 463.81 | 66.2 | 307.26 | 674.17 | (13.5 | ) | (10.7 | ) | |||||||||||||||||||||||
2 | 2 | 458.37 | 62.1 | 284.45 | 538.94 | 443.69 | 41.5 | 184.28 | 337.70 | 54.4 | 59.6 | |||||||||||||||||||||||||
5 | 5 | 328.02 | 51.0 | 167.44 | 318.80 | 381.12 | 59.8 | 228.07 | 486.75 | (26.6 | ) | (34.5 | ) | |||||||||||||||||||||||
4 | 4 | 371.87 | 73.2 | 272.22 | 617.02 | 351.10 | 72.4 | 254.15 | 533.26 | 7.1 | 15.7 | |||||||||||||||||||||||||
2 | 3 | 400.42 | 84.6 | 338.82 | 490.08 | 274.12 | 52.4 | 143.72 | 207.84 | 135.7 | 135.8 | |||||||||||||||||||||||||
3 | 3 | 284.41 | 78.9 | 224.39 | 353.32 | 244.74 | 65.4 | 160.01 | 255.05 | 40.2 | 38.5 | |||||||||||||||||||||||||
3 | 3 | 260.81 | 70.3 | 183.47 | 356.03 | 233.02 | 60.4 | 140.85 | 253.78 | 30.3 | 40.3 | |||||||||||||||||||||||||
2 | 2 | 303.76 | 67.3 | 204.34 | 337.97 | 235.14 | 68.6 | 161.39 | 243.02 | 26.6 | 39.1 | |||||||||||||||||||||||||
2 | 2 | 236.57 | 83.0 | 196.33 | 304.40 | 193.17 | 77.1 | 148.92 | 235.12 | 31.8 | 29.5 | |||||||||||||||||||||||||
5 | 5 | 263.84 | 65.2 | 171.95 | 254.52 | 200.64 | 43.5 | 87.34 | 124.51 | 96.9 | 104.4 | |||||||||||||||||||||||||
3 | 4 | 247.44 | 65.8 | 162.89 | 231.90 | 180.45 | 59.1 | 106.70 | 143.91 | 52.7 | 61.1 | |||||||||||||||||||||||||
6 | 6 | 231.97 | 62.7 | 145.39 | 218.72 | 170.28 | 53.4 | 90.94 | 127.26 | 59.9 | 71.9 | |||||||||||||||||||||||||
2 | 2 | 230.54 | 66.5 | 153.24 | 271.96 | 190.63 | 61.2 | 116.76 | 198.88 | 31.3 | 36.7 | |||||||||||||||||||||||||
2 | 2 | 214.72 | 57.4 | 123.18 | 171.44 | 171.61 | 46.4 | 79.56 | 104.93 | 54.8 | 63.4 | |||||||||||||||||||||||||
2 | 3 | 239.76 | 61.6 | 147.71 | 214.21 | 197.82 | 62.1 | 122.77 | 145.26 | 20.3 | 47.5 | |||||||||||||||||||||||||
1 | 1 | 211.90 | 68.7 | 145.57 | 229.12 | 176.86 | 54.7 | 96.81 | 141.52 | 50.4 | 61.9 | |||||||||||||||||||||||||
2 | 2 | 216.59 | 63.2 | 136.97 | 218.39 | 158.61 | 63.8 | 101.24 | 144.11 | 35.3 | 51.5 | |||||||||||||||||||||||||
2 | 2 | 183.46 | 72.3 | 132.59 | 209.53 | 169.72 | 66.8 | 113.36 | 175.32 | 17.0 | 19.5 | |||||||||||||||||||||||||
5 | 5 | 190.61 | 65.1 | 123.99 | 181.23 | 164.16 | 58.6 | 96.20 | 135.32 | 28.9 | 33.9 | |||||||||||||||||||||||||
3 | 3 | 178.57 | 56.1 | 100.12 | 146.12 | 156.62 | 49.1 | 76.97 | 106.82 | 30.1 | 36.8 | |||||||||||||||||||||||||
Other | 10 | 9 | 279.55 | 60.7 | 169.77 | 266.93 | 252.47 | 53.9 | 136.14 | 194.56 | 24.7 | 37.2 | ||||||||||||||||||||||||
Domestic | 73 | 76 | 303.39 | 65.9 | 200.06 | 331.42 | 262.69 | 57.4 | 150.85 | 242.64 | 32.6 | 36.6 | ||||||||||||||||||||||||
International | 5 | 5 | 169.63 | 59.7 | 101.26 | 158.39 | 98.32 | 49.5 | 48.66 | 71.32 | 108.1 | 122.1 | ||||||||||||||||||||||||
All Locations | 78 | 81 | 299.08 | 65.7 | 196.55 | 325.33 | 258.03 | 57.2 | 147.50 | 237.08 | 33.3 | 37.2 | ||||||||||||||||||||||||
Results by Location Compared to 2019 - actual, based on ownership period(1)
As of |
||||||||||||||||||||||||||||||||||||
2022 | 2019 | Quarter ended |
Quarter ended |
|||||||||||||||||||||||||||||||||
Location | No. of Properties |
No. of Properties |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Percent Change in RevPAR |
Percent Change in Total RevPAR |
||||||||||||||||||||||||
4 | 4 | $ | 566.33 | 70.7 | % | $ | 400.27 | $ | 610.91 | $ | 434.72 | 79.6 | % | $ | 346.15 | $ | 517.77 | 15.6 | % | 18.0 | % | |||||||||||||||
2 | 3 | 632.51 | 56.8 | 359.45 | 600.78 | 345.79 | 79.0 | 273.07 | 438.79 | 31.6 | 36.9 | |||||||||||||||||||||||||
1 | 1 | 503.06 | 52.8 | 265.77 | 601.87 | 334.64 | 62.4 | 208.94 | 497.75 | 27.2 | 20.9 | |||||||||||||||||||||||||
2 | 1 | 458.37 | 62.1 | 284.45 | 538.94 | 189.16 | 63.0 | 119.23 | 300.42 | 138.6 | 79.4 | |||||||||||||||||||||||||
5 | 5 | 328.02 | 51.0 | 167.44 | 318.80 | 316.16 | 69.9 | 220.85 | 482.42 | (24.2 | ) | (33.9 | ) | |||||||||||||||||||||||
4 | 3 | 371.87 | 73.2 | 272.22 | 617.02 | 293.33 | 72.6 | 213.00 | 489.76 | 27.8 | 26.0 | |||||||||||||||||||||||||
2 | 3 | 400.42 | 84.6 | 338.82 | 490.08 | 335.19 | 90.2 | 302.22 | 449.65 | 12.1 | 9.0 | |||||||||||||||||||||||||
3 | 6 | 284.41 | 78.9 | 224.39 | 353.32 | 209.25 | 80.2 | 167.91 | 272.84 | 33.6 | 29.5 | |||||||||||||||||||||||||
3 | 3 | 260.81 | 70.3 | 183.47 | 356.03 | 223.97 | 74.9 | 167.84 | 321.40 | 9.3 | 10.8 | |||||||||||||||||||||||||
2 | — | 303.76 | 67.3 | 204.34 | 337.97 | — | — | — | — | — | — | |||||||||||||||||||||||||
2 | 2 | 236.57 | 83.0 | 196.33 | 304.40 | 219.68 | 86.6 | 190.20 | 316.27 | 3.2 | (3.8 | ) | ||||||||||||||||||||||||
5 | 5 | 263.84 | 65.2 | 171.95 | 254.52 | 243.16 | 76.6 | 186.27 | 274.75 | (7.7 | ) | (7.4 | ) | |||||||||||||||||||||||
3 | 4 | 247.44 | 65.8 | 162.89 | 231.90 | 207.41 | 76.1 | 157.94 | 218.58 | 3.1 | 6.1 | |||||||||||||||||||||||||
6 | 7 | 231.97 | 62.7 | 145.39 | 218.72 | 261.28 | 82.2 | 214.69 | 305.40 | (32.3 | ) | (28.4 | ) | |||||||||||||||||||||||
2 | 3 | 230.54 | 66.5 | 153.24 | 271.96 | 211.84 | 67.4 | 142.76 | 282.58 | 7.3 | (3.8 | ) | ||||||||||||||||||||||||
2 | 2 | 214.72 | 57.4 | 123.18 | 171.44 | 204.05 | 76.8 | 156.81 | 232.64 | (21.4 | ) | (26.3 | ) | |||||||||||||||||||||||
2 | 3 | 239.76 | 61.6 | 147.71 | 214.21 | 234.76 | 78.9 | 185.19 | 264.50 | (20.2 | ) | (19.0 | ) | |||||||||||||||||||||||
1 | 1 | 211.90 | 68.7 | 145.57 | 229.12 | 185.82 | 76.5 | 142.21 | 209.94 | 2.4 | 9.1 | |||||||||||||||||||||||||
2 | 2 | 216.59 | 63.2 | 136.97 | 218.39 | 193.12 | 59.9 | 115.62 | 173.80 | 18.5 | 25.7 | |||||||||||||||||||||||||
2 | 4 | 183.46 | 72.3 | 132.59 | 209.53 | 181.35 | 80.1 | 145.28 | 243.70 | (8.7 | ) | (14.0 | ) | |||||||||||||||||||||||
5 | 4 | 190.61 | 65.1 | 123.99 | 181.23 | 176.32 | 70.9 | 124.95 | 188.16 | (0.8 | ) | (3.7 | ) | |||||||||||||||||||||||
3 | 3 | 178.57 | 56.1 | 100.12 | 146.12 | 167.45 | 62.9 | 105.31 | 174.21 | (4.9 | ) | (16.1 | ) | |||||||||||||||||||||||
Other | 10 | 6 | 279.55 | 60.7 | 169.77 | 266.93 | 168.78 | 73.7 | 124.47 | 185.53 | 36.4 | 43.9 | ||||||||||||||||||||||||
Domestic | 73 | 75 | 303.39 | 65.9 | 200.06 | 331.42 | 248.81 | 76.4 | 190.10 | 311.83 | 5.2 | 6.3 | ||||||||||||||||||||||||
International | 5 | 5 | 169.63 | 59.7 | 101.26 | 158.39 | 149.12 | 70.1 | 104.55 | 165.87 | (3.2 | ) | (4.5 | ) | ||||||||||||||||||||||
All Locations | 78 | 80 | 299.08 | 65.7 | 196.55 | 325.33 | 245.89 | 76.2 | 187.38 | 307.26 | 4.9 | 5.9 | ||||||||||||||||||||||||
Results by Location Compared to 2021 - actual, based on ownership period(1)
As of |
||||||||||||||||||||||||||||||||||||
2022 | 2021 | Year ended |
Year ended |
|||||||||||||||||||||||||||||||||
Location | No. of Properties |
No. of Properties |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Percent Change in RevPAR |
Percent Change in Total RevPAR |
||||||||||||||||||||||||
4 | 4 | $ | 560.86 | 74.7 | % | $ | 418.70 | $ | 646.24 | $ | 486.22 | 69.0 | % | $ | 335.71 | $ | 509.02 | 24.7 | % | 27.0 | % | |||||||||||||||
2 | 3 | 585.71 | 62.7 | 367.36 | 607.26 | 489.24 | 59.1 | 289.20 | 449.18 | 27.0 | 35.2 | |||||||||||||||||||||||||
1 | 1 | 527.16 | 65.3 | 344.37 | 749.99 | 494.80 | 59.9 | 296.61 | 609.54 | 16.1 | 23.0 | |||||||||||||||||||||||||
2 | 2 | 410.76 | 63.8 | 262.20 | 508.78 | 361.22 | 30.5 | 110.24 | 205.66 | 137.9 | 147.4 | |||||||||||||||||||||||||
5 | 5 | 418.86 | 62.2 | 260.47 | 509.76 | 407.02 | 56.1 | 228.20 | 442.49 | 14.1 | 15.2 | |||||||||||||||||||||||||
4 | 4 | 368.20 | 70.1 | 258.18 | 568.19 | 316.35 | 60.5 | 191.42 | 393.86 | 34.9 | 44.3 | |||||||||||||||||||||||||
2 | 3 | 317.20 | 67.9 | 215.38 | 305.31 | 220.05 | 36.9 | 81.23 | 108.52 | 165.1 | 181.3 | |||||||||||||||||||||||||
3 | 3 | 288.81 | 79.4 | 229.44 | 337.54 | 202.69 | 55.4 | 112.37 | 161.97 | 104.2 | 108.4 | |||||||||||||||||||||||||
3 | 3 | 272.28 | 74.6 | 203.24 | 371.28 | 222.93 | 49.1 | 109.43 | 180.41 | 85.7 | 105.8 | |||||||||||||||||||||||||
2 | 2 | 271.65 | 69.5 | 188.91 | 324.19 | 200.48 | 61.9 | 124.02 | 183.98 | 52.3 | 76.2 | |||||||||||||||||||||||||
2 | 2 | 218.52 | 80.6 | 176.19 | 270.04 | 176.82 | 63.3 | 111.97 | 169.50 | 57.3 | 59.3 | |||||||||||||||||||||||||
5 | 5 | 259.57 | 61.7 | 160.13 | 230.71 | 171.93 | 42.6 | 73.18 | 92.16 | 118.8 | 150.3 | |||||||||||||||||||||||||
3 | 4 | 232.43 | 63.8 | 148.19 | 204.51 | 172.35 | 42.9 | 73.96 | 94.30 | 100.4 | 116.9 | |||||||||||||||||||||||||
6 | 6 | 230.88 | 63.0 | 145.42 | 211.87 | 159.47 | 36.7 | 58.60 | 79.73 | 148.1 | 165.7 | |||||||||||||||||||||||||
2 | 2 | 219.41 | 65.6 | 143.96 | 227.21 | 169.40 | 47.9 | 81.07 | 126.67 | 77.6 | 79.4 | |||||||||||||||||||||||||
2 | 2 | 229.92 | 62.4 | 143.52 | 188.58 | 182.40 | 32.5 | 59.27 | 74.16 | 142.2 | 154.3 | |||||||||||||||||||||||||
2 | 3 | 240.63 | 56.9 | 136.95 | 184.93 | 188.00 | 34.8 | 65.48 | 78.90 | 109.1 | 134.4 | |||||||||||||||||||||||||
1 | 1 | 200.59 | 66.2 | 132.74 | 198.18 | 144.71 | 41.9 | 60.68 | 84.82 | 118.8 | 133.6 | |||||||||||||||||||||||||
2 | 2 | 199.52 | 66.3 | 132.30 | 206.09 | 159.93 | 46.6 | 74.53 | 107.51 | 77.5 | 91.7 | |||||||||||||||||||||||||
2 | 2 | 181.81 | 72.2 | 131.35 | 205.87 | 170.29 | 51.1 | 87.04 | 123.23 | 50.9 | 67.1 | |||||||||||||||||||||||||
5 | 5 | 182.97 | 63.8 | 116.73 | 163.85 | 146.57 | 59.4 | 87.04 | 118.95 | 34.1 | 37.7 | |||||||||||||||||||||||||
3 | 3 | 182.33 | 61.9 | 112.85 | 163.64 | 151.40 | 43.9 | 66.49 | 86.94 | 69.7 | 88.2 | |||||||||||||||||||||||||
Other | 10 | 9 | 268.65 | 61.1 | 164.13 | 242.02 | 197.12 | 44.3 | 87.35 | 121.09 | 87.9 | 99.9 | ||||||||||||||||||||||||
Domestic | 73 | 76 | 296.15 | 66.1 | 195.67 | 319.08 | 242.31 | 46.1 | 111.67 | 173.72 | 75.2 | 83.7 | ||||||||||||||||||||||||
International | 5 | 5 | 162.33 | 55.1 | 89.51 | 130.24 | 90.03 | 33.4 | 30.10 | 43.52 | 197.4 | 199.3 | ||||||||||||||||||||||||
All Locations | 78 | 81 | 292.23 | 65.7 | 191.97 | 312.55 | 238.73 | 45.7 | 109.05 | 169.58 | 76.0 | 84.3 | ||||||||||||||||||||||||
Results by Location Compared to 2019 - actual, based on ownership period(1)
As of |
||||||||||||||||||||||||||||||||||||
2022 | 2019 | Year ended |
Year ended |
|||||||||||||||||||||||||||||||||
Location | No. of Properties |
No. of Properties |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Percent Change in RevPAR |
Percent Change in Total RevPAR |
||||||||||||||||||||||||
4 | 4 | $ | 560.86 | 74.7 | % | $ | 418.70 | $ | 646.24 | $ | 409.40 | 88.1 | % | $ | 360.59 | $ | 552.27 | 16.1 | % | 17.0 | % | |||||||||||||||
2 | 3 | 585.71 | 62.7 | 367.36 | 607.26 | 307.46 | 79.6 | 244.73 | 385.98 | 50.1 | 57.3 | |||||||||||||||||||||||||
1 | 1 | 527.16 | 65.3 | 344.37 | 749.99 | 372.94 | 73.5 | 274.07 | 613.80 | 25.6 | 22.2 | |||||||||||||||||||||||||
2 | 1 | 410.76 | 63.8 | 262.20 | 508.78 | 184.12 | 67.9 | 125.02 | 302.71 | 109.7 | 68.1 | |||||||||||||||||||||||||
5 | 5 | 418.86 | 62.2 | 260.47 | 509.76 | 334.73 | 72.0 | 241.11 | 501.85 | 8.0 | 1.6 | |||||||||||||||||||||||||
4 | 3 | 368.20 | 70.1 | 258.18 | 568.19 | 275.09 | 73.3 | 201.56 | 434.38 | 28.1 | 30.8 | |||||||||||||||||||||||||
2 | 3 | 317.20 | 67.9 | 215.38 | 305.31 | 286.04 | 84.7 | 242.37 | 358.87 | (11.1 | ) | (14.9 | ) | |||||||||||||||||||||||
3 | 6 | 288.81 | 79.4 | 229.44 | 337.54 | 213.66 | 83.4 | 178.29 | 273.94 | 28.7 | 23.2 | |||||||||||||||||||||||||
3 | 3 | 272.28 | 74.6 | 203.24 | 371.28 | 234.08 | 80.1 | 187.40 | 339.98 | 8.5 | 9.2 | |||||||||||||||||||||||||
2 | — | 271.65 | 69.5 | 188.91 | 324.19 | — | — | — | — | — | — | |||||||||||||||||||||||||
2 | 2 | 218.52 | 80.6 | 176.19 | 270.04 | 217.01 | 85.7 | 185.91 | 305.37 | (5.2 | ) | (11.6 | ) | |||||||||||||||||||||||
5 | 5 | 259.57 | 61.7 | 160.13 | 230.71 | 245.82 | 81.5 | 200.27 | 288.52 | (20.0 | ) | (20.0 | ) | |||||||||||||||||||||||
3 | 4 | 232.43 | 63.8 | 148.19 | 204.51 | 200.47 | 76.5 | 153.40 | 212.46 | (3.4 | ) | (3.7 | ) | |||||||||||||||||||||||
6 | 7 | 230.88 | 63.0 | 145.42 | 211.87 | 274.62 | 81.6 | 224.18 | 314.31 | (35.1 | ) | (32.6 | ) | |||||||||||||||||||||||
2 | 3 | 219.41 | 65.6 | 143.96 | 227.21 | 200.53 | 73.3 | 147.04 | 237.50 | (2.1 | ) | (4.3 | ) | |||||||||||||||||||||||
2 | 2 | 229.92 | 62.4 | 143.52 | 188.58 | 225.12 | 82.4 | 185.50 | 250.12 | (22.6 | ) | (24.6 | ) | |||||||||||||||||||||||
2 | 3 | 240.63 | 56.9 | 136.95 | 184.93 | 236.51 | 81.7 | 193.34 | 267.61 | (29.2 | ) | (30.9 | ) | |||||||||||||||||||||||
1 | 1 | 200.59 | 66.2 | 132.74 | 198.18 | 187.65 | 79.0 | 148.30 | 216.97 | (10.5 | ) | (8.7 | ) | |||||||||||||||||||||||
2 | 2 | 199.52 | 66.3 | 132.30 | 206.09 | 185.33 | 69.7 | 129.14 | 189.71 | 2.4 | 8.6 | |||||||||||||||||||||||||
2 | 4 | 181.81 | 72.2 | 131.35 | 205.87 | 190.60 | 79.9 | 152.21 | 238.76 | (13.7 | ) | (13.8 | ) | |||||||||||||||||||||||
5 | 4 | 182.97 | 63.8 | 116.73 | 163.85 | 177.93 | 72.0 | 128.14 | 185.48 | (8.9 | ) | (11.7 | ) | |||||||||||||||||||||||
3 | 3 | 182.33 | 61.9 | 112.85 | 163.64 | 173.47 | 72.9 | 126.48 | 190.45 | (10.8 | ) | (14.1 | ) | |||||||||||||||||||||||
Other | 10 | 6 | 268.65 | 61.1 | 164.13 | 242.02 | 172.67 | 76.2 | 131.56 | 194.80 | 24.8 | 24.2 | ||||||||||||||||||||||||
Domestic | 73 | 75 | 296.15 | 66.1 | 195.67 | 319.08 | 242.72 | 78.9 | 191.50 | 305.55 | 2.2 | 4.4 | ||||||||||||||||||||||||
International | 5 | 5 | 162.33 | 55.1 | 89.51 | 130.24 | 153.01 | 70.9 | 108.44 | 160.74 | (17.5 | ) | (19.0 | ) | ||||||||||||||||||||||
All Locations | 78 | 80 | 292.23 | 65.7 | 191.97 | 312.55 | 240.28 | 78.7 | 189.00 | 301.23 | 1.6 | 3.8 | ||||||||||||||||||||||||
(1) Represents the results of the portfolio for the time period of our ownership, including dispositions through their date of disposal and acquisitions beginning as of the date of acquisition.
Schedule of
(unaudited, in millions, except hotel statistics)
Quarter ended |
Year ended |
|||||||||||||||||||||||
2022 | 2021 | 2019 | 2022 | 2021 | 2019 | |||||||||||||||||||
Number of hotels | 78 | 78 | 76 | 78 | 78 | 76 | ||||||||||||||||||
Number of rooms | 42,209 | 42,209 | 41,821 | 42,209 | 42,209 | 41,821 | ||||||||||||||||||
Change in |
30.7 | % | — | — | 68.9 | % | — | — | ||||||||||||||||
Change in |
28.7 | % | — | — | 63.2 | % | — | — | ||||||||||||||||
Operating profit (loss) margin⁽²⁾ | 14.0 | % | 7.9 | % | 12.4 | % | 15.8 | % | (8.7 | )% | 14.6 | % | ||||||||||||
All |
29.5 | % | 28.4 | % | 28.4 | % | 31.8 | % | 23.55 | % | 29.6 | % | ||||||||||||
Food and beverage profit margin⁽²⁾ | 34.5 | % | 28.6 | % | 32.8 | % | 34.6 | % | 25.1 | % | 32.0 | % | ||||||||||||
All |
34.1 | % | 30.3 | % | 33.5 | % | 34.8 | % | 26.1 | % | 33.3 | % | ||||||||||||
Net income (loss) | $ | 149 | $ | 323 | $ | 81 | $ | 643 | $ | (11 | ) | $ | 932 | |||||||||||
Depreciation and amortization | 166 | 165 | 175 | 664 | 762 | 676 | ||||||||||||||||||
Interest expense | 43 | 63 | 90 | 156 | 191 | 222 | ||||||||||||||||||
Provision (benefit) for income taxes | (3 | ) | (10 | ) | 8 | 26 | (91 | ) | 30 | |||||||||||||||
Gain on sale of property and corporate level income/expense | 18 | (271 | ) | 13 | 51 | (240 | ) | (283 | ) | |||||||||||||||
Severance expense (reversal) at hotel properties | — | (5 | ) | — | 2 | (10 | ) | — | ||||||||||||||||
All |
— | 9 | (11 | ) | 31 | 85 | (88 | ) | ||||||||||||||||
All Owned Hotel EBITDA⁽¹⁾ | $ | 373 | $ | 274 | $ | 356 | $ | 1,573 | $ | 686 | $ | 1,489 | ||||||||||||
(1) See the Notes to Financial Information for a discussion of non-GAAP measures and the limitations on their use. All
(2) Profit margins are calculated by dividing the applicable operating profit by the related revenue amount. GAAP profit margins are calculated using amounts presented in the unaudited condensed consolidated statements of operations. All
Quarter ended |
Quarter ended |
||||||||||||||||||||||||||||||||||
Adjustments | Adjustments | ||||||||||||||||||||||||||||||||||
GAAP Results | All |
Depreciation and corporate level items | All |
GAAP Results | Severance at hotel properties | All |
Depreciation and corporate level items | All |
|||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||
Room | $ | 763 | $ | 2 | $ | — | $ | 765 | $ | 621 | $ | — | $ | (28 | ) | $ | — | $ | 593 | ||||||||||||||||
Food and beverage | 386 | — | — | 386 | 269 | — | (4 | ) | — | 265 | |||||||||||||||||||||||||
Other | 114 | 2 | — | 116 | 108 | — | 1 | — | 109 | ||||||||||||||||||||||||||
Total revenues | 1,263 | 4 | — | 1,267 | 998 | — | (31 | ) | — | 967 | |||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||
Room | 188 | 2 | — | 190 | 164 | — | (14 | ) | — | 150 | |||||||||||||||||||||||||
Food and beverage | 253 | 1 | — | 254 | 192 | — | (7 | ) | — | 185 | |||||||||||||||||||||||||
Other | 449 | 1 | — | 450 | 375 | 5 | (19 | ) | — | 361 | |||||||||||||||||||||||||
Depreciation and amortization | 166 | — | (166 | ) | — | 165 | — | — | (165 | ) | — | ||||||||||||||||||||||||
Corporate and other expenses | 30 | — | (30 | ) | — | 26 | — | — | (26 | ) | — | ||||||||||||||||||||||||
Gain on insurance and business interruption settlements | — | — | — | — | (3 | ) | — | — | — | (3 | ) | ||||||||||||||||||||||||
Total expenses | 1,086 | 4 | (196 | ) | 894 | 919 | 5 | (40 | ) | (191 | ) | 693 | |||||||||||||||||||||||
Operating Profit - All Owned |
$ | 177 | $ | — | $ | 196 | $ | 373 | $ | 79 | $ | (5 | ) | $ | 9 | $ | 191 | $ | 274 |
Quarter ended |
Quarter ended |
|||||||||||||||||||||||||||||||
Adjustments | Adjustments | |||||||||||||||||||||||||||||||
GAAP Results | All |
Depreciation and corporate level items | All |
GAAP Results | All |
Depreciation and corporate level items | All |
|||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||
Room | $ | 763 | $ | 2 | $ | — | $ | 765 | $ | 813 | $ | (60 | ) | $ | — | $ | 753 | |||||||||||||||
Food and beverage | 386 | — | — | 386 | 424 | (20 | ) | — | 404 | |||||||||||||||||||||||
Other | 114 | 2 | — | 116 | 97 | (1 | ) | — | 96 | |||||||||||||||||||||||
Total revenues | 1,263 | 4 | — | 1,267 | 1,334 | (81 | ) | — | 1,253 | |||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||
Room | 188 | 2 | — | 190 | 209 | (24 | ) | — | 185 | |||||||||||||||||||||||
Food and beverage | 253 | 1 | — | 254 | 285 | (17 | ) | — | 268 | |||||||||||||||||||||||
Other | 449 | 1 | — | 450 | 473 | (29 | ) | — | 444 | |||||||||||||||||||||||
Depreciation and amortization | 166 | — | (166 | ) | — | 175 | — | (175 | ) | — | ||||||||||||||||||||||
Corporate and other expenses | 30 | — | (30 | ) | — | 27 | — | (27 | ) | — | ||||||||||||||||||||||
Gain on insurance and business interruption settlements | — | — | — | — | (1 | ) | — | 1 | — | |||||||||||||||||||||||
Total expenses | 1,086 | 4 | (196 | ) | 894 | 1,168 | (70 | ) | (201 | ) | 897 | |||||||||||||||||||||
Operating Profit - All Owned |
$ | 177 | $ | — | $ | 196 | $ | 373 | $ | 166 | $ | (11 | ) | $ | 201 | $ | 356 |
Year ended |
Year ended |
|||||||||||||||||||||||||||||||||||||||
Adjustments | Adjustments | |||||||||||||||||||||||||||||||||||||||
GAAP Results | Severance at hotel properties | All |
Depreciation and corporate level items | All |
GAAP Results | Severance at hotel properties | All |
Depreciation and corporate level items | All |
|||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||||
Room | $ | 3,014 | $ | — | $ | 16 | $ | — | $ | 3,030 | $ | 1,858 | $ | — | $ | (11 | ) | $ | — | $ | 1,847 | |||||||||||||||||||
Food and beverage | 1,418 | — | 10 | — | 1,428 | 674 | — | 17 | — | 691 | ||||||||||||||||||||||||||||||
Other | 475 | — | 11 | — | 486 | 358 | — | 16 | — | 374 | ||||||||||||||||||||||||||||||
Total revenues | 4,907 | — | 37 | — | 4,944 | 2,890 | — | 22 | — | 2,912 | ||||||||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||||||||||
Room | 727 | — | (7 | ) | — | 720 | 488 | 1 | (32 | ) | — | 457 | ||||||||||||||||||||||||||||
Food and beverage | 928 | — | 3 | — | 931 | 505 | — | 5 | — | 510 | ||||||||||||||||||||||||||||||
Other | 1,723 | (2 | ) | 10 | — | 1,731 | 1,294 | 9 | (36 | ) | — | 1,267 | ||||||||||||||||||||||||||||
Depreciation and amortization | 664 | — | — | (664 | ) | — | 762 | — | — | (762 | ) | — | ||||||||||||||||||||||||||||
Corporate and other expenses | 107 | — | — | (107 | ) | — | 99 | — | — | (99 | ) | — | ||||||||||||||||||||||||||||
Gain on insurance and business interruption settlements | (17 | ) | — | — | 6 | (11 | ) | (8 | ) | — | — | — | (8 | ) | ||||||||||||||||||||||||||
Total expenses | 4,132 | (2 | ) | 6 | (765 | ) | 3,371 | 3,140 | 10 | (63 | ) | (861 | ) | 2,226 | ||||||||||||||||||||||||||
Operating Profit - All Owned |
$ | 775 | $ | 2 | $ | 31 | $ | 765 | $ | 1,573 | $ | (250 | ) | $ | (10 | ) | $ | 85 | $ | 861 | $ | 686 |
Year ended |
Year ended |
|||||||||||||||||||||||||||||||||||
Adjustments | Adjustments | |||||||||||||||||||||||||||||||||||
GAAP Results | Severance at hotel properties | All |
Depreciation and corporate level items | All |
GAAP Results | All |
Depreciation and corporate level items | All |
||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||
Room | $ | 3,014 | $ | — | $ | 16 | $ | — | $ | 3,030 | $ | 3,431 | $ | (348 | ) | $ | — | $ | 3,083 | |||||||||||||||||
Food and beverage | 1,418 | — | 10 | — | 1,428 | 1,647 | (88 | ) | — | 1,559 | ||||||||||||||||||||||||||
Other | 475 | — | 11 | — | 486 | 391 | (6 | ) | — | 385 | ||||||||||||||||||||||||||
Total revenues | 4,907 | — | 37 | — | 4,944 | 5,469 | (442 | ) | — | 5,027 | ||||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||||||
Room | 727 | — | (7 | ) | — | 720 | 873 | (123 | ) | — | 750 | |||||||||||||||||||||||||
Food and beverage | 928 | — | 3 | — | 931 | 1,120 | (80 | ) | — | 1,040 | ||||||||||||||||||||||||||
Other | 1,723 | (2 | ) | 10 | — | 1,731 | 1,899 | (151 | ) | — | 1,748 | |||||||||||||||||||||||||
Depreciation and amortization | 664 | — | — | (664 | ) | — | 676 | — | (676 | ) | — | |||||||||||||||||||||||||
Corporate and other expenses | 107 | — | — | (107 | ) | — | 107 | — | (107 | ) | — | |||||||||||||||||||||||||
Gain on insurance and business interruption settlements | (17 | ) | — | — | 6 | (11 | ) | (5 | ) | — | 5 | — | ||||||||||||||||||||||||
Total expenses | 4,132 | (2 | ) | 6 |