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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

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

BETHESDA, Md., Feb. 15, 2023 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (NASDAQ: HST) (the “Company”), the nation’s largest lodging real estate investment trust (“REIT”), today announced results for fourth quarter and full year 2022.


OPERATING RESULTS
(unaudited, in millions, except per share and hotel statistics)

    Quarter ended
December 31,
    Percent
Change
    Percent
Change
    Year ended
December 31,
    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 Owned Hotel revenues⁽¹⁾     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 All Owned Hotel revenues are non-GAAP (U.S. generally accepted accounting principles) financial measures within the meaning of the rules of the Securities and Exchange Commission (“SEC”). See the Notes to Financial Information on why the Company believes these supplemental measures are useful, reconciliations to the most directly comparable GAAP measure, and the limitations on the use of these supplemental measures. Additionally, All Owned Hotel results and statistics include adjustments for dispositions and acquisitions. See Hotel Operating Data for RevPAR results of the portfolio based on the Company's ownership period, without these adjustments.
(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

 

James F. Risoleo, President and Chief Executive Officer, said, “We ended 2022 with strong operating improvements, driven by continued rate strength across our portfolio. In the fourth quarter, our RevPAR was $197, representing a 0.6% increase over the fourth quarter of 2019. Our results this quarter were driven by rate increases of 15.6% compared to the same period in 2019, despite the macroeconomic uncertainty.”

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 $0.53 per share. Subsequent to year end, we amended and restated our existing $2.5 billion credit facility to further enhance the strength and flexibility of our balance sheet. We are optimistic about the future of travel, and believe we are very well positioned to continue to improve the quality and EBITDA growth profile of our portfolio.”

2022 HIGHLIGHTS:

  • All Owned Hotel Total RevPAR was $320.39 and All 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 in Jackson 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 of Host 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-acre River Falls Water Park and the 60,000 square-foot meeting space expansion at the Orlando 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 and All 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 to Banquet 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, Naples and Hyatt Regency Coconut Point Resort and Spa. The Hyatt Regency Coconut Point remained open to first responders and reopened to guests on November 7, 2022, as part of a phased reopening. The pool facilities reopening is currently in progress and targeted for completion by June 2023. The Ritz-Carlton, Naples remains closed, and the Company is targeting a phased reopening strategy beginning in summer 2023. The Company is still evaluating the complete property and business interruption impacts of the storm, but currently estimates the total property damage and remediation costs resulting from the storm to be approximately $200 million to $220 million, across all of the affected Florida properties. The Company is insured for $325 million per named windstorm, with a $15 million deductible, resulting in potential insurance recovery of approximately $310 million for covered costs. Provided planned reopening dates can be maintained, the Company believes this coverage should be sufficient to cover substantially all of the property remediation and reconstruction costs and the near-term loss of business. However, it is possible that the insurance coverage may not be sufficient to cover the entirety of the business interruption caused by the storm. As of February 15, 2023, the Company has received approximately $50 million of insurance proceeds related to these claims.

The Company estimates that Hurricane Ian negatively impacted its full year revenues by approximately $39 million, of which $33 million was in the fourth quarter, All Owned Hotel RevPAR by 60 basis points, with a 220 basis points impact in the fourth quarter, and net income and Adjusted EBITDAre by $18 million, of which $15 million was in the fourth quarter. The impact also reduced full year operating profit margin under GAAP by an estimated 20 basis points, with an 80 basis points impact in the fourth quarter, and All Owned Hotel EBITDA margin by 10 basis points, with a 40 basis points impact in the fourth quarter.

BALANCE SHEET

The Company maintains a robust balance sheet, with the following balances at December 31, 2022:

  • 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 until April 2024, after taking into account the amended credit facility agreement completed January 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 $15.93 per share through its common share repurchase program for a total of $27 million. The Company has approximately $973 million of remaining capacity under the repurchase program, wherein the common stock may be purchased from time to time, depending upon market conditions.

The Company paid a fourth quarter cash dividend of $0.32 per share on its common stock on January 17, 2023 to stockholders of record on December 30, 2022, which included a $0.20 per share special dividend. On February 15, 2023, the Company announced a regular quarterly cash dividend of $0.12 per share on its common stock. The dividend will be paid on April 17, 2023 to stockholders of record on March 31, 2023. All future dividends, including any special dividends, are subject to approval by the Company’s Board of Directors.

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 December 31, 2022     Year ended December 31, 2022  
    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
December 31, 2022
    2023 Full Year Forecast  
                   
    Actual     Low-end of range     High-end of range  
ROI - Marriott Transformational Capital Program   $ 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  
R&R and ROI Capital expenditures     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 $2 million of operating profit guarantees in the fourth quarter and $10 million for full year 2022 under the Marriott Transformational Capital Program. The Company expects to receive $2 million of operating guarantees in the first half of 2023. The projects at the final two properties, Marriott Marquis San Diego Marina and Washington Marriott at Metro Center, are expected to complete in the first half of 2023. Additionally, the 2023 forecast for capital expenditures includes $100 million to $125 million for hurricane restoration work.

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 January 1, 2023, the Company will cease presentation of All Owned Hotel results and return to a comparable hotel presentation for its hotel level results. Please see Notes to Financial Information for a full description of how the comparable hotel set is determined. Management believes this will provide investors with a better understanding of underlying growth trends for the Company’s current portfolio, without impact from properties that experienced closures lasting one month or longer due to renovations or property damage sustained. The Company has removed Hyatt Regency Coconut Point Resort and Spa and The Ritz-Carlton, Naples from its comparable operations in its full year 2023 forecast due to closures caused by Hurricane Ian.

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
Comparable Hotel Total RevPAR $ 322     $ 341     1.2% to 7.2%
Comparable Hotel RevPAR   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
Comparable Hotel EBITDA margin   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 HOST HOTELS & RESORTS

Host Hotels & Resorts, Inc. is an S&P 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels. The Company currently owns 73 properties in the United States and five properties internationally totaling approximately 42,200 rooms. The Company also holds non-controlling interests in seven domestic and one international joint ventures. Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands such as Marriott®, Ritz-Carlton®, Westin®, Sheraton®, W®, St. Regis®, The Luxury Collection®, Hyatt®, Fairmont®, Hilton®, Four Seasons®, Swissôtel®, ibis® and Novotel®, as well as independent brands. For additional information, please visit the Company’s website at www.hosthotels.com.

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 SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of February 15, 2023 and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.

* 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 ***

Host Hotels & Resorts, Inc., herein referred to as “we,” “Host Inc.,” or the “Company,” is a self-managed and self-administered real estate investment trust that owns hotel properties. We conduct our operations as an umbrella partnership REIT through an operating partnership, Host Hotels & Resorts, L.P. (“Host LP”), of which we are the sole general partner. When distinguishing between Host Inc. and Host LP, the primary difference is approximately 1% of the partnership interests in Host LP held by outside partners as of December 31, 2022, which are non-controlling interests in Host LP in our consolidated balance sheets and are included in net (income) loss attributable to non-controlling interests in our consolidated statements of operations. Readers are encouraged to find further detail regarding our organizational structure in our annual report on Form 10-K.

 

HOST HOTELS & RESORTS, INC. 
Condensed Consolidated Balance Sheets
(unaudited, in millions, except shares and per share amounts)

    December 31,
2022
    December 31,
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 $998 and $997, respectively     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 & Resorts, L.P.     164       126  
             
Host Hotels & Resorts, Inc. stockholders’ equity:            
Common stock, par value $0.01, 1,050 million shares authorized, 713.4 million shares and 714.1 million shares issued and outstanding, respectively     7       7  
Additional paid-in capital     7,717       7,702  
Accumulated other comprehensive loss     (75 )     (76 )
Deficit     (939 )     (1,192 )
Total equity of Host Hotels & Resorts, Inc. stockholders     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.

 

HOST HOTELS & RESORTS, INC.
Condensed Consolidated Statements of Operations
(unaudited, in millions, except per share amounts)

    Quarter ended
December 31,
    Year ended
December 31,
 
    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 Host Inc.   $ 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 December 31,     Year ended December 31,  
    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  

 

HOST HOTELS & RESORTS, INC.
Earnings (Loss) per Common Share
(unaudited, in millions, except per share amounts)

    Quarter ended December 31,     Year ended December 31,  
    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 Host Inc.   $ 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.

 

HOST HOTELS & RESORTS, INC.
Hotel Operating Data for Consolidated Hotels(1)(2)

All Owned Hotel Results by Location Compared to 2021

  As of December 31, 2022   Quarter ended December 31, 2022   Quarter ended December 31, 2021          
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
 
Maui/Oahu   4     2,007   $ 566.33     70.7 % $ 400.27   $ 610.91   $ 527.16     74.1 % $ 390.37   $ 605.51     2.5 %   0.9 %
Miami   2     1,033     632.51     56.8     359.45     600.78     644.57     61.3     395.08     615.59     (9.0 )   (2.4 )
Jacksonville   1     446     503.06     52.8     265.77     601.87     463.81     66.2     307.26     674.17     (13.5 )   (10.7 )
Orlando   2     2,448     458.37     62.1     284.45     538.94     443.69     41.5     184.28     337.70     54.4     59.6  
Florida Gulf Coast   5     1,850     328.02     51.0     167.44     318.80     381.12     59.8     228.07     486.75     (26.6 )   (34.5 )
Phoenix   4     1,822     371.87     73.2     272.22     617.02     351.10     72.4     254.15     533.26     7.1     15.7  
New York   2     2,486     400.42     84.6     338.82     490.08     308.49     50.9     157.02     228.46     115.8     114.5  
Los Angeles/ Orange County   3     1,067     284.41     78.9     224.39     353.32     259.39     62.7     162.73     258.96     37.9     36.4  
San Diego   3     3,288     260.81     70.3     183.47     356.03     233.02     60.4     140.85     253.78     30.3     40.3  
Austin   2     767     303.76     67.3     204.34     337.97     269.59     69.4     186.99     304.02     9.3     11.2  
Philadelphia   2     810     236.57     83.0     196.33     304.40     193.17     77.1     148.92     235.12     31.8     29.5  
Washington, D.C. (CBD)   5     3,238     263.84     65.2     171.95     254.52     200.64     43.5     87.34     124.51     96.9     104.4  
Chicago   3     1,562     247.44     65.8     162.89     231.90     187.43     61.3     114.85     155.98     41.8     48.7  
San Francisco/ San Jose   6     4,162     231.97     62.7     145.39     218.72     170.71     53.4     91.10     127.43     59.6     71.6  
Northern Virginia   2     916     230.54     66.5     153.24     271.96     194.01     61.4     119.16     199.80     28.6     36.1  
Seattle   2     1,315     214.72     57.4     123.18     171.44     171.61     46.4     79.56     104.93     54.8     63.4  
Boston   2     1,495     239.76     61.6     147.71     214.21     208.73     60.8     126.85     157.79     16.4     35.8  
New Orleans   1     1,333     211.90     68.7     145.57     229.12     176.86     54.7     96.81     141.52     50.4     61.9  
San Antonio   2     1,512     216.59     63.2     136.97     218.39     158.61     63.8     101.24     144.11     35.3     51.5  
Atlanta   2     810     183.46     72.3     132.59     209.53     164.89     70.3     115.89     180.31     14.4     16.2  
Houston   5     1,942     190.61     65.1     123.99     181.23     164.16     58.6     96.20     135.32     28.9     33.9  
Denver   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 Owned Hotel Results by Location Compared to 2019

  As of December 31, 2022   Quarter ended December 31, 2022   Quarter ended December 31, 2019          
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
 
Maui/Oahu   4     2,007   $ 566.33     70.7 % $ 400.27   $ 610.91   $ 434.72     79.6 % $ 346.15   $ 530.96     15.6 %   15.1 %
Miami   2     1,033     632.51     56.8     359.45     600.78     391.17     79.5     310.94     511.31     15.6     17.5  
Jacksonville   1     446     503.06     52.8     265.77     601.87     334.64     62.4     208.94     497.75     27.2     20.9  
Orlando   2     2,448     458.37     62.1     284.45     538.94     328.06     64.4     211.35     424.70     34.6     26.9  
Florida Gulf Coast   5     1,850     328.02     51.0     167.44     318.80     316.16     69.9     220.85     482.42     (24.2 )   (33.9 )
Phoenix   4     1,822     371.87     73.2     272.22     617.02     293.33     72.6     213.00     489.76     27.8     26.0  
New York   2     2,486     400.42     84.6     338.82     490.08     364.42     91.2     332.47     511.30     1.9     (4.1 )
Los Angeles/ Orange County   3     1,067     284.41     78.9     224.39     353.32     249.68     81.7     204.11     320.66     9.9     10.2  
San Diego   3     3,288     260.81     70.3     183.47     356.03     228.60     74.2     169.53     325.13     8.2     9.5  
Austin   2     767     303.76     67.3     204.34     337.97     255.26     80.8     206.16     342.15     (0.9 )   (1.2 )
Philadelphia   2     810     236.57     83.0     196.33     304.40     219.68     86.6     190.20     316.27     3.2     (3.8 )
Washington, D.C. (CBD)   5     3,238     263.84     65.2     171.95     254.52     243.16     76.6     186.27     274.75     (7.7 )   (7.4 )
Chicago   3     1,562     247.44     65.8     162.89     231.90     217.47     78.6     170.85     238.50     (4.7 )   (2.8 )
San Francisco/ San Jose   6     4,162     231.97     62.7     145.39     218.72     264.99     83.1     220.14     311.62     (34.0 )   (29.8 )
Northern Virginia   2     916     230.54     66.5     153.24     271.96     224.95     71.8     161.48     308.69     (5.1 )   (11.9 )
Seattle   2     1,315     214.72     57.4     123.18     171.44     204.05     76.8     156.81     232.64     (21.4 )   (26.3 )
Boston   2     1,495     239.76     61.6     147.71     214.21     232.38     81.1     188.38     285.32     (21.6 )   (24.9 )
New Orleans   1     1,333     211.90     68.7     145.57     229.12     185.82     76.5     142.21     209.94     2.4     9.1  
San Antonio   2     1,512     216.59     63.2     136.97     218.39     193.12     59.9     115.62     173.80     18.5     25.7  
Atlanta   2     810     183.46     72.3     132.59     209.53     175.95     78.8     138.71     231.69     (4.4 )   (9.6 )
Houston   5     1,942     190.61     65.1     123.99     181.23     176.32     70.9     124.95     188.16     (0.8 )   (3.7 )
Denver   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 Owned Hotel Results by Location Compared to 2021

  As of December 31, 2022   Year ended December 31, 2022   Year ended December 31, 2021          
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
 
Maui/Oahu   4     2,007   $ 560.86     74.7 % $ 418.70   $ 646.24   $ 486.22     69.0 % $ 335.71   $ 512.44     24.7 %   26.1 %
Miami   2     1,033     621.56     61.3     380.89     635.56     579.59     57.6     334.13     528.42     14.0     20.3  
Jacksonville   1     446     527.16     65.3     344.37     749.99     494.80     59.9     296.61     609.54     16.1     23.0  
Orlando   2     2,448     410.76     63.8     262.20     508.78     413.95     30.9     127.96     231.90     104.9     119.4  
Florida Gulf Coast   5     1,850     418.86     62.2     260.47     509.76     407.02     56.1     228.20     442.49     14.1     15.2  
Phoenix   4     1,822     368.20     70.1     258.18     568.19     316.35     60.5     191.42     393.86     34.9     44.3  
New York   2     2,486     333.65     72.8     242.88     345.93     235.96     38.7     91.33     121.50     165.9     184.7  
Los Angeles/ Orange County   3     1,067     288.81     79.4     229.44     337.54     241.56     53.6     129.52     187.07     77.1     80.4  
San Diego   3     3,288     272.28     74.6     203.24     371.28     222.93     49.1     109.43     180.41     85.7     105.8  
Austin   2     767     271.65     69.5     188.91     324.19     214.87     56.3     121.00     195.68     56.1     65.7  
Philadelphia   2     810     218.52     80.6     176.19     270.04     176.82     63.3     111.97     169.50     57.3     59.3  
Washington, D.C. (CBD)   5     3,238     259.57     61.7     160.13     230.71     171.93     42.6     73.18     92.16     118.8     150.3  
Chicago   3     1,562     240.66     65.1     156.57     217.31     180.19     43.4     78.19     100.43     100.2     116.4  
San Francisco/ San Jose   6     4,162     230.88     63.0     145.42     211.87     161.21     36.9     59.55     81.05     144.2     161.4  
Northern Virginia   2     916     219.41     65.6     143.96     227.21     182.84     49.4     90.34     138.95     59.4     63.5  
Seattle   2     1,315     229.92     62.4     143.52     188.58     182.40     32.5     59.27     74.16     142.2     154.3  
Boston   2     1,495     244.35     58.5     142.90     193.67     185.65     43.3     80.46     100.33     77.6     93.0  
New Orleans   1     1,333     200.59     66.2     132.74     198.18     144.71     41.9     60.68     84.82     118.8     133.6  
San Antonio   2     1,512     199.52     66.3     132.30     206.09     159.93     46.6     74.53     107.51     77.5     91.7  
Atlanta   2     810     181.81     72.2     131.35     205.87     156.30     58.5     91.40     129.46     43.7     59.0  
Houston   5     1,942     182.97     63.8     116.73     163.85     146.57     59.4     87.04     118.95     34.1     37.7  
Denver   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 Owned Hotel Results by Location Compared to 2019

  As of December 31, 2022   Year ended December 31, 2022   Year ended December 31, 2019          
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
 
Maui/Oahu   4     2,007   $ 560.86     74.7 % $ 418.70   $ 646.24   $ 409.40     88.1 % $ 360.59   $ 565.89     16.1 %   14.2 %
Miami   2     1,033     621.56     61.3     380.89     635.56     365.48     80.3     293.65     475.18     29.7     33.8  
Jacksonville   1     446     527.16     65.3     344.37     749.99     372.94     73.5     274.07     613.80     25.6     22.2  
Orlando   2     2,448     410.76     63.8     262.20     508.78     295.49     69.1     204.18     415.24     28.4     22.5  
Florida Gulf Coast   5     1,850     418.86     62.2     260.47     509.76     334.73     72.0     241.11     501.85     8.0     1.6  
Phoenix   4     1,822     368.20     70.1     258.18     568.19     292.50     71.9     210.32     476.62     22.8     19.2  
New York   2     2,486     333.65     72.8     242.88     345.93     310.83     84.6     262.90     404.86     (7.6 )   (14.6 )
Los Angeles/ Orange County   3     1,067     288.81     79.4     229.44     337.54     259.35     84.0     217.78     331.66     5.4     1.8  
San Diego   3     3,288     272.28     74.6     203.24     371.28     249.41     79.4     198.02     360.49     2.6     3.0  
Austin   2     767     271.65     69.5     188.91     324.19     248.70     85.2     211.79     356.91     (10.8 )   (9.2 )
Philadelphia   2     810     218.52     80.6     176.19     270.04     217.01     85.7     185.91     305.37     (5.2 )   (11.6 )
Washington, D.C. (CBD)   5     3,238     259.57     61.7     160.13     230.71     245.82     81.5     200.27     288.52     (20.0 )   (20.0 )
Chicago   3     1,562     240.66     65.1     156.57     217.31     217.88     78.0     169.88     242.18     (7.8 )   (10.3 )
San Francisco/ San Jose   6     4,162     230.88     63.0     145.42     211.87     279.18     82.4     230.14     321.91     (36.8 )   (34.2 )
Northern Virginia   2     916     219.41     65.6     143.96     227.21     221.33     75.3     166.61     276.13     (13.6 )   (17.7 )
Seattle   2     1,315     229.92     62.4     143.52     188.58     225.12     82.4     185.50     250.12     (22.6 )   (24.6 )
Boston   2     1,495     244.35     58.5     142.90     193.67     239.93     83.1     199.32     288.47     (28.3 )   (32.9 )
New Orleans   1     1,333     200.59     66.2     132.74     198.18     187.65     79.0     148.30     216.97     (10.5 )   (8.7 )
San Antonio   2     1,512     199.52     66.3     132.30     206.09     185.33     69.7     129.14     189.71     2.4     8.6  
Atlanta   2     810     181.81     72.2     131.35     205.87     184.71     82.7     152.76     251.41     (14.0 )   (18.1 )
Houston   5     1,942     182.97     63.8     116.73     163.85     177.93     72.0     128.14     185.48     (8.9 )   (11.7 )
Denver   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 December 31, 2022 but do not include the results of operations for properties sold or held-for-sale as of the reporting date; and (2) operating results for acquisitions as of December 31, 2022 are reflected for full calendar years, to include results for periods prior to our ownership. For these hotels, since the year-over-year comparison includes periods prior to our ownership, the changes will not necessarily correspond to changes in our actual results. See the Notes to Financial Information – All Owned Hotel Operating Statistics and Results for further information on these statistics. See the tables that follow for the Company’s actual operating statistics without these adjustments. The AC Hotel Scottsdale North is a new development hotel that opened in January 2021 and The Laura Hotel in Houston re-opened under new management in November 2021. Therefore, no adjustments were made for results of these hotels for periods prior to their openings. CBD of a location refers to the central business district.
(2) Hotel RevPAR is calculated as room revenues divided by the available room nights. Hotel Total RevPAR is calculated by dividing the sum of rooms, food and beverage and other revenues by the available room nights.


Results by Location Compared to 2021 - actual, based on ownership period(1)

  As of December 31,                                          
  2022   2021   Quarter ended December 31, 2022   Quarter ended December 31, 2021          
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
 
Maui/Oahu   4     4   $ 566.33     70.7 % $ 400.27   $ 610.91   $ 527.16     74.1 % $ 390.37   $ 605.51     2.5 %   0.9 %
Miami   2     3     632.51     56.8     359.45     600.78     532.47     64.2     342.06     523.37     5.1     14.8  
Jacksonville   1     1     503.06     52.8     265.77     601.87     463.81     66.2     307.26     674.17     (13.5 )   (10.7 )
Orlando   2     2     458.37     62.1     284.45     538.94     443.69     41.5     184.28     337.70     54.4     59.6  
Florida Gulf Coast   5     5     328.02     51.0     167.44     318.80     381.12     59.8     228.07     486.75     (26.6 )   (34.5 )
Phoenix   4     4     371.87     73.2     272.22     617.02     351.10     72.4     254.15     533.26     7.1     15.7  
New York   2     3     400.42     84.6     338.82     490.08     274.12     52.4     143.72     207.84     135.7     135.8  
Los Angeles/ Orange County   3     3     284.41     78.9     224.39     353.32     244.74     65.4     160.01     255.05     40.2     38.5  
San Diego   3     3     260.81     70.3     183.47     356.03     233.02     60.4     140.85     253.78     30.3     40.3  
Austin   2     2     303.76     67.3     204.34     337.97     235.14     68.6     161.39     243.02     26.6     39.1  
Philadelphia   2     2     236.57     83.0     196.33     304.40     193.17     77.1     148.92     235.12     31.8     29.5  
Washington, D.C. (CBD)   5     5     263.84     65.2     171.95     254.52     200.64     43.5     87.34     124.51     96.9     104.4  
Chicago   3     4     247.44     65.8     162.89     231.90     180.45     59.1     106.70     143.91     52.7     61.1  
San Francisco/ San Jose   6     6     231.97     62.7     145.39     218.72     170.28     53.4     90.94     127.26     59.9     71.9  
Northern Virginia   2     2     230.54     66.5     153.24     271.96     190.63     61.2     116.76     198.88     31.3     36.7  
Seattle   2     2     214.72     57.4     123.18     171.44     171.61     46.4     79.56     104.93     54.8     63.4  
Boston   2     3     239.76     61.6     147.71     214.21     197.82     62.1     122.77     145.26     20.3     47.5  
New Orleans   1     1     211.90     68.7     145.57     229.12     176.86     54.7     96.81     141.52     50.4     61.9  
San Antonio   2     2     216.59     63.2     136.97     218.39     158.61     63.8     101.24     144.11     35.3     51.5  
Atlanta   2     2     183.46     72.3     132.59     209.53     169.72     66.8     113.36     175.32     17.0     19.5  
Houston   5     5     190.61     65.1     123.99     181.23     164.16     58.6     96.20     135.32     28.9     33.9  
Denver   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 December 31,                                          
  2022   2019   Quarter ended December 31, 2022   Quarter ended December 31, 2019          
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
 
Maui/Oahu   4     4   $ 566.33     70.7 % $ 400.27   $ 610.91   $ 434.72     79.6 % $ 346.15   $ 517.77     15.6 %   18.0 %
Miami   2     3     632.51     56.8     359.45     600.78     345.79     79.0     273.07     438.79     31.6     36.9  
Jacksonville   1     1     503.06     52.8     265.77     601.87     334.64     62.4     208.94     497.75     27.2     20.9  
Orlando   2     1     458.37     62.1     284.45     538.94     189.16     63.0     119.23     300.42     138.6     79.4  
Florida Gulf Coast   5     5     328.02     51.0     167.44     318.80     316.16     69.9     220.85     482.42     (24.2 )   (33.9 )
Phoenix   4     3     371.87     73.2     272.22     617.02     293.33     72.6     213.00     489.76     27.8     26.0  
New York   2     3     400.42     84.6     338.82     490.08     335.19     90.2     302.22     449.65     12.1     9.0  
Los Angeles/ Orange County   3     6     284.41     78.9     224.39     353.32     209.25     80.2     167.91     272.84     33.6     29.5  
San Diego   3     3     260.81     70.3     183.47     356.03     223.97     74.9     167.84     321.40     9.3     10.8  
Austin   2         303.76     67.3     204.34     337.97                          
Philadelphia   2     2     236.57     83.0     196.33     304.40     219.68     86.6     190.20     316.27     3.2     (3.8 )
Washington, D.C. (CBD)   5     5     263.84     65.2     171.95     254.52     243.16     76.6     186.27     274.75     (7.7 )   (7.4 )
Chicago   3     4     247.44     65.8     162.89     231.90     207.41     76.1     157.94     218.58     3.1     6.1  
San Francisco/ San Jose   6     7     231.97     62.7     145.39     218.72     261.28     82.2     214.69     305.40     (32.3 )   (28.4 )
Northern Virginia   2     3     230.54     66.5     153.24     271.96     211.84     67.4     142.76     282.58     7.3     (3.8 )
Seattle   2     2     214.72     57.4     123.18     171.44     204.05     76.8     156.81     232.64     (21.4 )   (26.3 )
Boston   2     3     239.76     61.6     147.71     214.21     234.76     78.9     185.19     264.50     (20.2 )   (19.0 )
New Orleans   1     1     211.90     68.7     145.57     229.12     185.82     76.5     142.21     209.94     2.4     9.1  
San Antonio   2     2     216.59     63.2     136.97     218.39     193.12     59.9     115.62     173.80     18.5     25.7  
Atlanta   2     4     183.46     72.3     132.59     209.53     181.35     80.1     145.28     243.70     (8.7 )   (14.0 )
Houston   5     4     190.61     65.1     123.99     181.23     176.32     70.9     124.95     188.16     (0.8 )   (3.7 )
Denver   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 December 31,                                          
  2022   2021   Year ended December 31, 2022   Year ended December 31, 2021          
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
 
Maui/Oahu   4     4   $ 560.86     74.7 % $ 418.70   $ 646.24   $ 486.22     69.0 % $ 335.71   $ 509.02     24.7 %   27.0 %
Miami   2     3     585.71     62.7     367.36     607.26     489.24     59.1     289.20     449.18     27.0     35.2  
Jacksonville   1     1     527.16     65.3     344.37     749.99     494.80     59.9     296.61     609.54     16.1     23.0  
Orlando   2     2     410.76     63.8     262.20     508.78     361.22     30.5     110.24     205.66     137.9     147.4  
Florida Gulf Coast   5     5     418.86     62.2     260.47     509.76     407.02     56.1     228.20     442.49     14.1     15.2  
Phoenix   4     4     368.20     70.1     258.18     568.19     316.35     60.5     191.42     393.86     34.9     44.3  
New York   2     3     317.20     67.9     215.38     305.31     220.05     36.9     81.23     108.52     165.1     181.3  
Los Angeles/ Orange County   3     3     288.81     79.4     229.44     337.54     202.69     55.4     112.37     161.97     104.2     108.4  
San Diego   3     3     272.28     74.6     203.24     371.28     222.93     49.1     109.43     180.41     85.7     105.8  
Austin   2     2     271.65     69.5     188.91     324.19     200.48     61.9     124.02     183.98     52.3     76.2  
Philadelphia   2     2     218.52     80.6     176.19     270.04     176.82     63.3     111.97     169.50     57.3     59.3  
Washington, D.C. (CBD)   5     5     259.57     61.7     160.13     230.71     171.93     42.6     73.18     92.16     118.8     150.3  
Chicago   3     4     232.43     63.8     148.19     204.51     172.35     42.9     73.96     94.30     100.4     116.9  
San Francisco/ San Jose   6     6     230.88     63.0     145.42     211.87     159.47     36.7     58.60     79.73     148.1     165.7  
Northern Virginia   2     2     219.41     65.6     143.96     227.21     169.40     47.9     81.07     126.67     77.6     79.4  
Seattle   2     2     229.92     62.4     143.52     188.58     182.40     32.5     59.27     74.16     142.2     154.3  
Boston   2     3     240.63     56.9     136.95     184.93     188.00     34.8     65.48     78.90     109.1     134.4  
New Orleans   1     1     200.59     66.2     132.74     198.18     144.71     41.9     60.68     84.82     118.8     133.6  
San Antonio   2     2     199.52     66.3     132.30     206.09     159.93     46.6     74.53     107.51     77.5     91.7  
Atlanta   2     2     181.81     72.2     131.35     205.87     170.29     51.1     87.04     123.23     50.9     67.1  
Houston   5     5     182.97     63.8     116.73     163.85     146.57     59.4     87.04     118.95     34.1     37.7  
Denver   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 December 31,                                          
  2022   2019   Year ended December 31, 2022   Year ended December 31, 2019          
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
 
Maui/Oahu   4     4   $ 560.86     74.7 % $ 418.70   $ 646.24   $ 409.40     88.1 % $ 360.59   $ 552.27     16.1 %   17.0 %
Miami   2     3     585.71     62.7     367.36     607.26     307.46     79.6     244.73     385.98     50.1     57.3  
Jacksonville   1     1     527.16     65.3     344.37     749.99     372.94     73.5     274.07     613.80     25.6     22.2  
Orlando   2     1     410.76     63.8     262.20     508.78     184.12     67.9     125.02     302.71     109.7     68.1  
Florida Gulf Coast   5     5     418.86     62.2     260.47     509.76     334.73     72.0     241.11     501.85     8.0     1.6  
Phoenix   4     3     368.20     70.1     258.18     568.19     275.09     73.3     201.56     434.38     28.1     30.8  
New York   2     3     317.20     67.9     215.38     305.31     286.04     84.7     242.37     358.87     (11.1 )   (14.9 )
Los Angeles/ Orange County   3     6     288.81     79.4     229.44     337.54     213.66     83.4     178.29     273.94     28.7     23.2  
San Diego   3     3     272.28     74.6     203.24     371.28     234.08     80.1     187.40     339.98     8.5     9.2  
Austin   2         271.65     69.5     188.91     324.19                          
Philadelphia   2     2     218.52     80.6     176.19     270.04     217.01     85.7     185.91     305.37     (5.2 )   (11.6 )
Washington, D.C. (CBD)   5     5     259.57     61.7     160.13     230.71     245.82     81.5     200.27     288.52     (20.0 )   (20.0 )
Chicago   3     4     232.43     63.8     148.19     204.51     200.47     76.5     153.40     212.46     (3.4 )   (3.7 )
San Francisco/ San Jose   6     7     230.88     63.0     145.42     211.87     274.62     81.6     224.18     314.31     (35.1 )   (32.6 )
Northern Virginia   2     3     219.41     65.6     143.96     227.21     200.53     73.3     147.04     237.50     (2.1 )   (4.3 )
Seattle   2     2     229.92     62.4     143.52     188.58     225.12     82.4     185.50     250.12     (22.6 )   (24.6 )
Boston   2     3     240.63     56.9     136.95     184.93     236.51     81.7     193.34     267.61     (29.2 )   (30.9 )
New Orleans   1     1     200.59     66.2     132.74     198.18     187.65     79.0     148.30     216.97     (10.5 )   (8.7 )
San Antonio   2     2     199.52     66.3     132.30     206.09     185.33     69.7     129.14     189.71     2.4     8.6  
Atlanta   2     4     181.81     72.2     131.35     205.87     190.60     79.9     152.21     238.76     (13.7 )   (13.8 )
Houston   5     4     182.97     63.8     116.73     163.85     177.93     72.0     128.14     185.48     (8.9 )   (11.7 )
Denver   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.

 

 

HOST HOTELS & RESORTS, INC. 
Schedule of All Owned Hotel Results (1)
(unaudited, in millions, except hotel statistics)

    Quarter ended December 31,     Year ended December 31,  
    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 All Owned Hotel Total RevPAR     30.7 %                 68.9 %            
Change in All Owned Hotel RevPAR     28.7 %                 63.2 %            
Operating profit (loss) margin⁽²⁾     14.0 %     7.9 %     12.4 %     15.8 %     (8.7 )%     14.6 %
All Owned Hotel EBITDA margin⁽²⁾     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 Owned Hotel food and beverage profit margin⁽²⁾     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 Owned Hotel adjustments⁽¹⁾           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 Owned Hotel adjustments represent the following items: (i) the elimination of results of operations of our hotels sold or held-for-sale as of December 31, 2022, which operations are included in our unaudited condensed consolidated statements of operations as continuing operations and (ii) the addition of results for periods prior to our ownership for hotels acquired as of December 31, 2022. All Owned Hotel results also include the results of our leased office buildings and other non-hotel revenue and expense items. The AC Hotel Scottsdale North is a new development hotel that opened in January 2021 and The Laura Hotel in Houston re-opened under new management in November 2021. Therefore, no adjustments were made for results of these hotels for periods prior to their openings.
(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 Owned Hotel margins are calculated using amounts presented in the following tables, which include reconciliations to the applicable GAAP results:

  Quarter ended December 31, 2022     Quarter ended December 31, 2021  
        Adjustments                 Adjustments        
  GAAP Results     All Owned Hotel adjustments     Depreciation and corporate level items     All Owned Hotel Results     GAAP Results     Severance at hotel properties     All Owned Hotel adjustments     Depreciation and corporate level items     All Owned Hotel Results  
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 Hotel EBITDA $ 177     $     $ 196     $ 373     $ 79     $ (5 )   $ 9     $ 191     $ 274  

 

    Quarter ended December 31, 2022     Quarter ended December 31, 2019  
          Adjustments                 Adjustments        
    GAAP Results     All Owned Hotel adjustments     Depreciation and corporate level items     All Owned Hotel Results     GAAP Results     All Owned Hotel adjustments     Depreciation and corporate level items     All Owned Hotel Results  
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 Hotel EBITDA   $ 177     $     $ 196     $ 373     $ 166     $ (11 )   $ 201     $ 356  

 

    Year ended December 31, 2022     Year ended December 31, 2021  
          Adjustments                 Adjustments        
    GAAP Results     Severance at hotel properties     All Owned Hotel adjustments     Depreciation and corporate level items     All Owned Hotel Results     GAAP Results     Severance at hotel properties     All Owned Hotel adjustments     Depreciation and corporate level items     All Owned Hotel Results  
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 Hotel EBITDA   $ 775     $ 2     $ 31     $ 765     $ 1,573     $ (250 )   $ (10 )   $ 85     $ 861     $ 686  

 

    Year ended December 31, 2022     Year ended December 31, 2019  
          Adjustments                 Adjustments        
    GAAP Results     Severance at hotel properties     All Owned Hotel adjustments     Depreciation and corporate level items     All Owned Hotel Results     GAAP Results     All Owned Hotel adjustments     Depreciation and corporate level items     All Owned Hotel Results  
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       (765 )     3,371       4,670       (354 )     (778 )     3,538  
Operating Profit - All Owned Hotel EBITDA   $ 775     $ 2     $ 31     $ 765     $ 1,573     $ 799     $ (88 )   $ 778     $ 1,489  



HOST HOTELS & RESORTS, INC.
Reconciliation of Net Income (Loss) to
EBITDA, EBITDAre and Adjusted EBITDAre (1)
(unaudited, in millions)

    Quarter ended December 31,     Year ended December 31,  
    2022