Host Hotels & Resorts, Inc. Reports Strong Third Quarter 2022 Operating Results; Acquires Four Seasons Resort and Residences Jackson Hole
11/02/2022
Operating Results
(unaudited, in millions, except per share and hotel statistics)
Quarter ended |
Percent Change |
Percent Change |
Year-to-date ended |
Percent Change |
Percent Change |
|||||||||||||||||||||||||||
2022 | 2021 | vs. Q3 2021 |
vs. Q3 2019⁽²⁾ |
2022 | 2021 | vs. 2021 |
vs. 2019⁽²⁾ |
|||||||||||||||||||||||||
Revenues | $ | 1,189 | $ | 844 | 40.9 | % | (5.8 | )% | $ | 3,644 | $ | 1,892 | 92.6 | % | (11.9 | )% | ||||||||||||||||
All |
1,187 | 798 | 48.7 | % | 4.9 | % | 3,609 | 1,884 | 91.6 | % | (3.1 | )% | ||||||||||||||||||||
All |
306.11 | 206.75 | 48.1 | % | 3.8 | % | 313.58 | 164.64 | 90.5 | % | (4.1 | )% | ||||||||||||||||||||
All |
192.06 | 135.28 | 42.0 | % | 1.4 | % | 193.38 | 106.56 | 81.5 | % | (4.4 | )% | ||||||||||||||||||||
Net income (loss) | $ | 116 | $ | (120 | ) | N/M | $ | 494 | $ | (334 | ) | N/M | ||||||||||||||||||||
EBITDAre⁽¹⁾ | 328 | 179 | 83.2 | % | 1,140 | 295 | 286.4 | % | ||||||||||||||||||||||||
Adjusted EBITDAre⁽¹⁾ | 328 | 177 | 85.3 | % | 1,134 | 290 | 291.0 | % | ||||||||||||||||||||||||
Diluted earnings (loss) per common share | 0.16 | (0.17 | ) | N/M | 0.68 | (0.47 | ) | N/M | ||||||||||||||||||||||||
NAREIT FFO per diluted share⁽¹⁾ | 0.38 | 0.20 | 90.0 | % | 1.35 | 0.33 | 309.1 | % | ||||||||||||||||||||||||
Adjusted FFO per diluted share⁽¹⁾ | 0.38 | 0.20 | 90.0 | % | 1.35 | 0.33 | 309.1 | % |
* Additional detail on the Company’s results, including data for 22 domestic markets, is available in the Third Quarter 2022 Supplemental Financial Information on the Company’s website at www.hosthotels.com.
Risoleo continued, “In November, we completed another acquisition, buying the
Highlights:
- All
Owned Hotel Total RevPAR was$306.11 andAll Owned Hotel RevPAR was$192.06 in the third quarter, a 3.8% and 1.4% increase, respectively, over third quarter of 2019. Average room rates were 15.8% above third quarter 2019, driven by continued strong leisure demand, while also benefiting from growth in urban markets, driven by increased group and business travel. - Generated GAAP net income of
$116 million in the third quarter and GAAP operating profit margin for the quarter was 12.4%, an improvement of 150 basis points compared to the third quarter of 2019. Achieved All Owned Hotel EBITDA of$341 million and Adjusted EBITDAre of$328 million , both of which exceeded 2019 third quarter results.- The strong improvement in rate and more normalized staffing levels led to
All Owned Hotel EBITDA margin of 28.7% for the third quarter, exceeding the third quarter 2019 margin by 250 basis points. GAAP operating profit margin andAll Owned Hotel EBITDA margin benefited from receipt of business interruption insurance proceeds of$10 million related to theOrlando World Center Marriott , which, net of management fees, increased margins by 60 basis points. - During the third quarter, sold the
Chicago Marriott Suites Downers Grove for$16 million , including$2 million of furniture fixtures & equipment ("FF&E") funds retained by the Company. The hotel was expected to have capital expenditures needs of approximately$15 million within the next five years. - Subsequent to quarter end, acquired the 125-room
Four Seasons Resort and Residences Jackson Hole for$315 million . 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. The resort, located steps from the gondola at the base of theJackson Hole Mountain Resort , offers nearly 9,000 square feet of indoor meeting space, three upscale food and beverage outlets plus a pool café, two retail outlets and a 16-treatment room alpine spa.
Balance Sheet
The Company maintains a robust balance sheet, with the following balances at
- Total assets of
$12.2 billion . - Debt balance of
$4.2 billion , with an average maturity of 4.8 years, an average interest rate of 4.1%, and no significant maturities until 2024. - Total available liquidity of approximately
$2.6 billion , including FF&E escrow reserves of$187 million and$1.5 billion available under the revolver portion of the credit facility. Following the cash acquisition of theFour Seasons Resort and Residences Jackson Hole that was completed subsequent to quarter end, the Company's total available liquidity was approximately$2.2 billion .
Dividend
The Company paid a third quarter cash dividend of
Operating Results
- All
Owned Hotel RevPAR surpassed third quarter 2019 RevPAR, as strong leisure demand for resorts and hotels located in the Company’s Sunbelt markets andHawaii continued. Results also benefited from group revenues surpassing third quarter 2019, as group demand improved quarter over quarter and rates exceeded 2019. - Food and beverage revenues for the Company's current portfolio exceeded 2019 for the first time since the onset of the pandemic, improving approximately 3.8%, compared to the third quarter of 2019.
Banquet and Catering revenues improved 6% compared to 2019 driven by higher contributions from group business, and outlet revenues also exceeded 2019. - Hiring pace improved in the third quarter compared to the second quarter, leading to staffing more aligned with operators' desired levels.
- While the majority of the Company’s properties in
Florida were affected by Hurricane Ian in September, the most significant damage sustained during the storm occurred at The Ritz-Carlton,Naples andHyatt Regency Coconut Point Resort and Spa . Due to evacuation mandates and/or loss of commercial power, five of the Company’s properties inFlorida were temporarily closed, three of which reopened within days. Due to proximity of the event to quarter end, operating results for the third quarter 2022 were not materially impacted, however the impact will carry into the fourth quarter as well as into 2023, as The Ritz-Carlton,Naples andHyatt Regency Coconut Point Resort and Spa remain closed. The Company is still evaluating the complete property and business interruption impacts of the storm. Despite a brief loss of commercial power and damage to the property’s grounds, pools and amenities, theHyatt Regency Coconut Point has remained open to first responders and the hotel is expected to reopen to guests in mid-November, as a phased reopening, with the waterpark reopening during the second quarter of 2023. The Ritz-Carlton,Naples is expected to remain closed for the remainder of the year and into 2023, with a phased reopening strategy being evaluated.
The Company’s customers fall into three broad groups: transient, group and contract business, which accounted for approximately 61%, 35%, and 4%, respectively, of its 2019 room sales.
While leisure demand continued to contribute to improvements in the third quarter compared to 2019, group demand also moved closer to 2019 levels, while maintaining a strong increase in rate compared to the third quarter of 2019. The following are the sequential results for transient, group and contract business in comparison to 2019 performance, for the Company's current portfolio:
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Quarter ended |
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Transient | Group | Contract | Transient | Group | Contract | |||||||||||||||||||
Room nights (in thousands) | 1,557 | 991 | 151 | 1,581 | 1,116 | 138 | ||||||||||||||||||
Percentage change in room nights vs. same period in 2019 |
(18.4 | )% | (2.6 | )% | 21.2 | % | (10.3 | )% | (8.4 | )% | 12.4 | % | ||||||||||||
Rooms Revenues (in millions) | $ | 487 | $ | 229 | $ | 28 | $ | 529 | $ | 289 | $ | 26 | ||||||||||||
Percentage change in revenues vs. same period in 2019 |
1.7 | % | 3.3 | % | 9.4 | % | 9.7 | % | (2.9 | )% | 2.1 | % |
Capital Expenditures
The following presents the Company’s capital expenditures spend for the third quarter and the forecast for full year 2022 (in millions):
Year-to-date ended |
2022 Full Year Forecast | |||||||||||
Actual | Low-end of range | High-end of range | ||||||||||
ROI - |
$ | 70 | $ | 90 | $ | 115 | ||||||
ROI - All other ROI projects | 170 | 230 | 240 | |||||||||
Total ROI project spend | 240 | 320 | 355 | |||||||||
Renewals and Replacements | 117 | 180 | 220 | |||||||||
Total Capital Expenditures | $ | 357 | $ | 500 | $ | 575 |
The Company invested heavily in capital expenditures in the early phases of recovery in order to minimize future disruption and believes these renovations will position these hotels to capture additional revenue during the lodging recovery. In 2022, the Company expects to complete renovations to 4,000 guestrooms, approximately 33,000 square feet of meeting space and approximately 81,000 square feet of public space. The Company received
2022 Outlook
The Company estimates, based on information currently available, that Hurricane Ian will negatively impact its full year revenues by approximately
Full Year 2022 Guidance(1) | |||||||||||
Low-end of range |
High-end of range |
Change vs. 2021 | Change vs. 2019 | ||||||||
All |
$ | 313 | $ | 316 | 70.0% to 71.7% | (4.0)% to (3.0)% | |||||
All |
193 | 195 | 63.7% to 65.4% | (3.75)% to (2.75)% | |||||||
Total revenues under GAAP | 4,855 | 4,903 | 68.0% to 69.7% | (11.2)% to (10.3)% | |||||||
Operating profit margin under GAAP | 15.3 | % | 15.8 | % | 2,400 bps to 2,450 bps | 70 bps to 120 bps | |||||
All |
31.6 | % | 31.9 | % | 820 bps to 850 bps | 190 bps to 220 bps |
___________
(1)
Based upon the above parameters, the Company estimates its full year 2022 guidance as follows:
Full Year 2022 Guidance | |||||||
Low-end of range | High-end of range | ||||||
Net income (in millions) | $ | 617 | $ | 645 | |||
Adjusted EBITDAre (in millions) | 1,470 | 1,500 | |||||
Diluted earnings per common share | 0.85 | 0.89 | |||||
NAREIT FFO per diluted share | 1.75 | 1.79 | |||||
Adjusted FFO per diluted share | 1.75 | 1.79 |
See the 2022 Full Year Forecast Schedule 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 2022 estimates with respect to our business are identified by their use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “plan,” “predict,” “project,” “will,” “continue” and other similar terms and phrases, including references to assumptions and forecasts of future 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: the duration and scope of the COVID-19 pandemic and its short and longer-term impact on the demand for travel, transient and group business, and levels of consumer confidence; actions governments, businesses and individuals take in response to the pandemic, including limiting travel or the size of gatherings; general economic uncertainty in
* 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)
ASSETS | ||||||||
Property and equipment, net | $ | 9,481 | $ | 9,994 | ||||
Right-of-use assets | 558 | 551 | ||||||
Assets held for sale | — | 270 | ||||||
Due from managers | 118 | 113 | ||||||
Advances to and investments in affiliates | 138 | 42 | ||||||
Furniture, fixtures and equipment replacement fund | 187 | 144 | ||||||
Notes receivable | 413 | — | ||||||
Other | 389 | 431 | ||||||
Cash and cash equivalents | 883 | 807 | ||||||
Total assets | $ | 12,167 | $ | 12,352 | ||||
LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY | ||||||||
Debt⁽¹⁾ | ||||||||
Senior notes | $ | 3,113 | $ | 3,109 | ||||
Credit facility, including the term loans of |
993 | 1,673 | ||||||
Mortgage and other debt | 108 | 109 | ||||||
Total debt | 4,214 | 4,891 | ||||||
Lease liabilities | 570 | 564 | ||||||
Accounts payable and accrued expenses | 162 | 85 | ||||||
Due to managers | 74 | 42 | ||||||
Other | 165 | 198 | ||||||
Total liabilities | 5,185 | 5,780 | ||||||
Redeemable non-controlling interests - Host Hotels & |
165 | 126 | ||||||
Common stock, par value 714.9 million shares and 714.1 million shares issued and outstanding, respectively |
7 | 7 | ||||||
Additional paid-in capital | 7,738 | 7,702 | ||||||
Accumulated other comprehensive loss | (77 | ) | (76 | ) | ||||
Deficit | (856 | ) | (1,192 | ) | ||||
Total equity of |
6,812 | 6,441 | ||||||
Non-redeemable non-controlling interests—other consolidated partnerships |
5 | 5 | ||||||
Total equity | 6,817 | 6,446 | ||||||
Total liabilities, non-controlling interests and equity | $ | 12,167 | $ | 12,352 | ||||
___________
(1) Please see our Third 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-to-date ended |
|||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Revenues | ||||||||||||||||
Rooms | $ | 746 | $ | 557 | $ | 2,251 | $ | 1,237 | ||||||||
Food and beverage | 330 | 191 | 1,032 | 405 | ||||||||||||
Other | 113 | 96 | 361 | 250 | ||||||||||||
Total revenues | 1,189 | 844 | 3,644 | 1,892 | ||||||||||||
Expenses | ||||||||||||||||
Rooms | 190 | 150 | 539 | 324 | ||||||||||||
Food and beverage | 230 | 146 | 675 | 313 | ||||||||||||
Other departmental and support expenses | 300 | 252 | 873 | 621 | ||||||||||||
Management fees | 48 | 27 | 150 | 59 | ||||||||||||
Other property-level expenses | 90 | 82 | 252 | 239 | ||||||||||||
Depreciation and amortization | 164 | 263 | 498 | 597 | ||||||||||||
Corporate and other expenses⁽¹⁾ | 29 | 24 | 77 | 73 | ||||||||||||
Gain on insurance and business interruption settlements |
(10 | ) | (5 | ) | (17 | ) | (5 | ) | ||||||||
Total operating costs and expenses | 1,041 | 939 | 3,047 | 2,221 | ||||||||||||
Operating profit (loss) | 148 | (95 | ) | 597 | (329 | ) | ||||||||||
Interest income | 10 | 1 | 17 | 2 | ||||||||||||
Interest expense | (40 | ) | (43 | ) | (113 | ) | (128 | ) | ||||||||
Other gains | 5 | 2 | 19 | 4 | ||||||||||||
Equity in earnings (losses) of affiliates | (1 | ) | 2 | 3 | 36 | |||||||||||
Income (loss) before income taxes | 122 | (133 | ) | 523 | (415 | ) | ||||||||||
Benefit (provision) for income taxes | (6 | ) | 13 | (29 | ) | 81 | ||||||||||
Net income (loss) | 116 | (120 | ) | 494 | (334 | ) | ||||||||||
Less: Net (income) loss attributable to non- controlling interests |
(2 | ) | 1 | (8 | ) | 3 | ||||||||||
Net income (loss) attributable to |
$ | 114 | $ | (119 | ) | $ | 486 | $ | (331 | ) | ||||||
Basic and diluted earnings (loss) per common share | $ | 0.16 | $ | (0.17 | ) | $ | 0.68 | $ | (0.47 | ) | ||||||
___________
(1) Corporate and other expenses include the following items:
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Year-to-date ended |
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2022 | 2021 | 2022 | 2021 | |||||||||||||
General and administrative costs | $ | 20 | $ | 20 | $ | 58 | $ | 60 | ||||||||
Non-cash stock-based compensation expense | 9 | 4 | 19 | 13 | ||||||||||||
Total | $ | 29 | $ | 24 | $ | 77 | $ | 73 |
Earnings (Loss) per Common Share
(unaudited, in millions, except per share amounts)
Quarter ended |
Year-to-date ended |
|||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Net income (loss) | $ | 116 | $ | (120 | ) | $ | 494 | $ | (334 | ) | ||||||
Less: Net (income) loss attributable to non- controlling interests |
(2 | ) | 1 | (8 | ) | 3 | ||||||||||
Net income (loss) attributable to |
$ | 114 | $ | (119 | ) | $ | 486 | $ | (331 | ) | ||||||
Basic weighted average shares outstanding | 714.9 | 713.9 | 714.7 | 709.0 | ||||||||||||
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market | 2.7 | — | 2.7 | — | ||||||||||||
Diluted weighted average shares outstanding⁽¹⁾ | 717.6 | 713.9 | 717.4 | 709.0 | ||||||||||||
Basic and diluted earnings (loss) per common share | $ | 0.16 | $ | (0.17 | ) | $ | 0.68 | $ | (0.47 | ) |
___________
(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 |
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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 | $ | 565.30 | 73.6 | % | $ | 416.12 | $ | 643.06 | $ | 514.34 | 82.8 | % | $ | 425.86 | $ | 635.28 | (2.3 | )% | 1.2 | % | |||||||||||||||
2 | 1,033 | 457.43 | 50.2 | 229.66 | 427.55 | 424.80 | 53.9 | 229.17 | 390.19 | 0.2 | 9.6 | |||||||||||||||||||||||||
1 | 446 | 487.53 | 67.0 | 326.67 | 707.75 | 465.60 | 68.7 | 319.90 | 683.35 | 2.1 | 3.6 | |||||||||||||||||||||||||
5 | 1,850 | 330.56 | 53.9 | 178.01 | 340.62 | 314.16 | 45.2 | 141.93 | 286.62 | 25.4 | 18.8 | |||||||||||||||||||||||||
2 | 2,448 | 327.78 | 61.4 | 201.23 | 427.58 | 332.90 | 37.4 | 124.35 | 228.19 | 61.8 | 87.4 | |||||||||||||||||||||||||
4 | 1,822 | 251.77 | 58.1 | 146.25 | 372.05 | 245.88 | 57.7 | 141.92 | 321.83 | 3.0 | 15.6 | |||||||||||||||||||||||||
3 | 1,067 | 303.74 | 86.4 | 262.42 | 372.72 | 263.40 | 72.4 | 190.80 | 263.83 | 37.5 | 41.3 | |||||||||||||||||||||||||
2 | 2,486 | 309.77 | 84.3 | 260.99 | 351.90 | 238.23 | 45.3 | 107.97 | 138.91 | 141.7 | 153.3 | |||||||||||||||||||||||||
3 | 3,288 | 292.38 | 85.4 | 249.83 | 440.67 | 247.61 | 72.1 | 178.55 | 281.14 | 39.9 | 56.7 | |||||||||||||||||||||||||
2 | 767 | 233.32 | 68.3 | 159.46 | 289.77 | 210.96 | 58.1 | 122.67 | 207.76 | 30.0 | 39.5 | |||||||||||||||||||||||||
2 | 810 | 221.65 | 85.9 | 190.48 | 286.56 | 191.85 | 79.1 | 151.74 | 223.07 | 25.5 | 28.5 | |||||||||||||||||||||||||
5 | 3,238 | 237.56 | 65.7 | 156.01 | 223.72 | 185.06 | 37.1 | 68.65 | 96.94 | 127.3 | 130.8 | |||||||||||||||||||||||||
3 | 1,562 | 263.27 | 79.3 | 208.86 | 286.41 | 200.33 | 63.2 | 126.61 | 159.82 | 65.0 | 79.2 | |||||||||||||||||||||||||
2 | 1,315 | 264.88 | 81.9 | 216.97 | 274.62 | 202.49 | 53.5 | 108.25 | 130.03 | 100.4 | 111.2 | |||||||||||||||||||||||||
6 | 4,162 | 244.45 | 71.3 | 174.35 | 249.76 | 165.10 | 50.0 | 82.54 | 105.04 | 111.2 | 137.8 | |||||||||||||||||||||||||
2 | 1,495 | 263.46 | 63.8 | 167.99 | 223.00 | 202.75 | 60.3 | 122.31 | 149.10 | 37.3 | 49.6 | |||||||||||||||||||||||||
2 | 916 | 214.33 | 67.2 | 144.06 | 219.78 | 187.15 | 58.9 | 110.22 | 162.40 | 30.7 | 35.3 | |||||||||||||||||||||||||
2 | 810 | 183.46 | 72.8 | 133.57 | 199.97 | 163.07 | 64.8 | 105.67 | 146.59 | 26.4 | 36.4 | |||||||||||||||||||||||||
2 | 1,512 | 190.72 | 64.5 | 122.96 | 194.39 | 181.30 | 55.8 | 101.18 | 149.13 | 21.5 | 30.3 | |||||||||||||||||||||||||
1 | 1,333 | 163.33 | 63.6 | 103.87 | 158.20 | 136.76 | 54.3 | 74.30 | 91.66 | 39.8 | 72.6 | |||||||||||||||||||||||||
3 | 1,340 | 197.50 | 76.5 | 151.18 | 214.65 | 169.25 | 65.4 | 110.75 | 141.64 | 36.5 | 51.5 | |||||||||||||||||||||||||
5 | 1,942 | 176.72 | 62.1 | 109.74 | 149.01 | 149.60 | 66.6 | 99.67 | 133.88 | 10.1 | 11.3 | |||||||||||||||||||||||||
Other | 9 | 2,936 | 261.04 | 63.6 | 166.04 | 240.26 | 250.39 | 55.3 | 138.36 | 193.81 | 20.0 | 24.0 | ||||||||||||||||||||||||
Domestic | 72 | 40,585 | 278.18 | 69.9 | 194.55 | 311.41 | 244.92 | 56.6 | 138.57 | 211.96 | 40.4 | 46.9 | ||||||||||||||||||||||||
International | 5 | 1,499 | 200.98 | 62.0 | 124.66 | 162.44 | 90.99 | 51.4 | 46.77 | 66.43 | 166.5 | 144.5 | ||||||||||||||||||||||||
All Locations | 77 | 42,084 | 275.73 | 69.7 | 192.06 | 306.11 | 239.89 | 56.4 | 135.28 | 206.75 | 42.0 | 48.1 |
All
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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 | $ | 565.30 | 73.6 | % | $ | 416.12 | $ | 643.06 | $ | 385.51 | 91.5 | % | $ | 352.78 | $ | 554.15 | 18.0 | % | 16.0 | % | |||||||||||||||
2 | 1,033 | 457.43 | 50.2 | 229.66 | 427.55 | 259.69 | 76.2 | 197.80 | 341.68 | 16.1 | 25.1 | |||||||||||||||||||||||||
1 | 446 | 487.53 | 67.0 | 326.67 | 707.75 | 363.69 | 69.0 | 251.05 | 516.90 | 30.1 | 36.9 | |||||||||||||||||||||||||
5 | 1,850 | 330.56 | 53.9 | 178.01 | 340.62 | 242.93 | 61.6 | 149.63 | 302.07 | 19.0 | 12.8 | |||||||||||||||||||||||||
2 | 2,448 | 327.78 | 61.4 | 201.23 | 427.58 | 250.13 | 61.0 | 152.55 | 315.38 | 31.9 | 35.6 | |||||||||||||||||||||||||
4 | 1,822 | 251.77 | 58.1 | 146.25 | 372.05 | 197.07 | 57.9 | 114.19 | 287.59 | 28.1 | 29.4 | |||||||||||||||||||||||||
3 | 1,067 | 303.74 | 86.4 | 262.42 | 372.72 | 271.42 | 86.6 | 235.06 | 344.41 | 11.6 | 8.2 | |||||||||||||||||||||||||
2 | 2,486 | 309.77 | 84.3 | 260.99 | 351.90 | 291.70 | 92.3 | 269.15 | 381.03 | (3.0 | ) | (7.6 | ) | |||||||||||||||||||||||
3 | 3,288 | 292.38 | 85.4 | 249.83 | 440.67 | 256.92 | 83.5 | 214.41 | 372.78 | 16.5 | 18.2 | |||||||||||||||||||||||||
2 | 767 | 233.32 | 68.3 | 159.46 | 289.77 | 213.65 | 84.4 | 180.39 | 304.72 | (11.6 | ) | (4.9 | ) | |||||||||||||||||||||||
2 | 810 | 221.65 | 85.9 | 190.48 | 286.56 | 207.13 | 88.2 | 182.60 | 295.52 | 4.3 | (3.0 | ) | ||||||||||||||||||||||||
5 | 3,238 | 237.56 | 65.7 | 156.01 | 223.72 | 211.15 | 84.4 | 178.19 | 254.63 | (12.4 | ) | (12.1 | ) | |||||||||||||||||||||||
3 | 1,562 | 263.27 | 79.3 | 208.86 | 286.41 | 232.68 | 87.4 | 203.30 | 288.11 | 2.7 | (0.6 | ) | ||||||||||||||||||||||||
2 | 1,315 | 264.88 | 81.9 | 216.97 | 274.62 | 260.45 | 90.2 | 234.96 | 291.64 | (7.7 | ) | (5.8 | ) | |||||||||||||||||||||||
6 | 4,162 | 244.45 | 71.3 | 174.35 | 249.76 | 270.46 | 84.9 | 229.73 | 308.58 | (24.1 | ) | (19.1 | ) | |||||||||||||||||||||||
2 | 1,495 | 263.46 | 63.8 | 167.99 | 223.00 | 246.21 | 89.9 | 221.40 | 302.19 | (24.1 | ) | (26.2 | ) | |||||||||||||||||||||||
2 | 916 | 214.33 | 67.2 | 144.06 | 219.78 | 213.63 | 76.6 | 163.58 | 237.84 | (11.9 | ) | (7.6 | ) | |||||||||||||||||||||||
2 | 810 | 183.46 | 72.8 | 133.57 | 199.97 | 165.72 | 83.6 | 138.47 | 222.85 | (3.5 | ) | (10.3 | ) | |||||||||||||||||||||||
2 | 1,512 | 190.72 | 64.5 | 122.96 | 194.39 | 165.01 | 66.6 | 109.84 | 155.81 | 11.9 | 24.8 | |||||||||||||||||||||||||
1 | 1,333 | 163.33 | 63.6 | 103.87 | 158.20 | 156.82 | 77.0 | 120.78 | 175.05 | (14.0 | ) | (9.6 | ) | |||||||||||||||||||||||
3 | 1,340 | 197.50 | 76.5 | 151.18 | 214.65 | 184.28 | 84.5 | 155.64 | 218.16 | (2.9 | ) | (1.6 | ) | |||||||||||||||||||||||
5 | 1,942 | 176.72 | 62.1 | 109.74 | 149.01 | 170.32 | 67.0 | 114.07 | 159.84 | (3.8 | ) | (6.8 | ) | |||||||||||||||||||||||
Other | 9 | 2,936 | 261.04 | 63.6 | 166.04 | 240.26 | 198.34 | 79.1 | 156.91 | 241.19 | 5.8 | (0.4 | ) | |||||||||||||||||||||||
Domestic | 72 | 40,585 | 278.18 | 69.9 | 194.55 | 311.41 | 240.95 | 79.7 | 191.95 | 299.74 | 1.4 | 3.9 | ||||||||||||||||||||||||
International | 5 | 1,499 | 200.98 | 62.0 | 124.66 | 162.44 | 159.14 | 75.9 | 120.86 | 166.88 | 3.1 | (2.7 | ) | |||||||||||||||||||||||
All Locations | 77 | 42,084 | 275.73 | 69.7 | 192.06 | 306.11 | 238.14 | 79.5 | 189.39 | 294.96 | 1.4 | 3.8 |
All
As of |
Year-to-date ended |
Year-to-date 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 | $ | 559.15 | 76.0 | % | $ | 424.91 | $ | 657.89 | $ | 470.97 | 67.4 | % | $ | 317.20 | $ | 480.87 | 34.0 | % | 36.8 | % | |||||||||||||||
2 | 1,033 | 618.23 | 62.8 | 388.09 | 647.24 | 555.80 | 56.4 | 313.58 | 499.04 | 23.8 | 29.7 | |||||||||||||||||||||||||
1 | 446 | 533.33 | 69.5 | 370.85 | 799.91 | 506.77 | 57.8 | 293.02 | 587.76 | 26.6 | 36.1 | |||||||||||||||||||||||||
5 | 1,850 | 442.56 | 65.9 | 291.82 | 570.66 | 416.57 | 54.8 | 228.24 | 426.68 | 27.9 | 33.7 | |||||||||||||||||||||||||
2 | 2,448 | 395.30 | 64.4 | 254.71 | 498.62 | 398.72 | 27.3 | 108.98 | 196.25 | 133.7 | 154.1 | |||||||||||||||||||||||||
4 | 1,822 | 366.88 | 69.1 | 253.45 | 551.73 | 301.23 | 56.5 | 170.12 | 346.53 | 49.0 | 59.2 | |||||||||||||||||||||||||
3 | 1,067 | 290.28 | 79.6 | 231.14 | 331.60 | 234.10 | 50.5 | 118.33 | 162.84 | 95.3 | 103.6 | |||||||||||||||||||||||||
2 | 2,486 | 305.98 | 68.8 | 210.55 | 297.35 | 200.01 | 34.6 | 69.19 | 85.45 | 204.3 | 248.0 | |||||||||||||||||||||||||
3 | 3,288 | 275.85 | 76.1 | 209.91 | 376.43 | 218.39 | 45.3 | 98.85 | 155.68 | 112.4 | 141.8 | |||||||||||||||||||||||||
2 | 767 | 261.29 | 70.3 | 183.71 | 319.55 | 190.23 | 51.9 | 98.76 | 159.17 | 86.0 | 100.8 | |||||||||||||||||||||||||
2 | 810 | 212.19 | 79.8 | 169.40 | 258.46 | 169.58 | 58.7 | 99.52 | 147.38 | 70.2 | 75.4 | |||||||||||||||||||||||||
5 | 3,238 | 258.02 | 60.5 | 156.14 | 222.68 | 161.96 | 42.2 | 68.41 | 81.26 | 128.2 | 174.0 | |||||||||||||||||||||||||
3 | 1,562 | 238.34 | 64.8 | 154.44 | 212.39 | 176.19 | 37.4 | 65.84 | 81.71 | 134.6 | 159.9 | |||||||||||||||||||||||||
2 | 1,315 | 234.51 | 64.1 | 150.37 | 194.36 | 188.47 | 27.8 | 52.43 | 63.79 | 186.8 | 204.7 | |||||||||||||||||||||||||
6 | 4,162 | 230.51 | 63.1 | 145.43 | 208.62 | 155.78 | 31.4 | 48.92 | 63.32 | 197.3 | 229.5 | |||||||||||||||||||||||||
2 | 1,495 | 246.01 | 57.4 | 141.27 | 186.74 | 173.03 | 37.5 | 64.82 | 80.96 | 117.9 | 130.6 | |||||||||||||||||||||||||
2 | 916 | 215.60 | 65.3 | 140.83 | 212.13 | 177.75 | 45.4 | 80.62 | 118.44 | 74.7 | 79.1 | |||||||||||||||||||||||||
2 | 810 | 181.26 | 72.2 | 130.94 | 204.64 | 152.57 | 54.5 | 83.14 | 112.32 | 57.5 | 82.2 | |||||||||||||||||||||||||
2 | 1,512 | 194.11 | 67.3 | 130.73 | 201.94 | 160.63 | 40.8 | 65.54 | 95.17 | 99.5 | 112.2 | |||||||||||||||||||||||||
1 | 1,333 | 196.59 | 65.3 | 128.42 | 187.76 | 128.95 | 37.6 | 48.51 | 65.71 | 164.7 | 185.7 | |||||||||||||||||||||||||
3 | 1,340 | 183.44 | 63.9 | 117.14 | 169.54 | 149.35 | 42.1 | 62.95 | 80.24 | 86.1 | 111.3 | |||||||||||||||||||||||||
5 | 1,942 | 180.33 | 63.4 | 114.29 | 158.00 | 140.32 | 59.7 | 83.73 | 113.03 | 36.5 | 39.8 | |||||||||||||||||||||||||
Other | 9 | 2,936 | 264.87 | 61.2 | 162.17 | 233.33 | 243.29 | 45.3 | 110.15 | 156.34 | 47.2 | 49.2 | ||||||||||||||||||||||||
Domestic | 72 | 40,585 | 296.19 | 66.6 | 197.36 | 320.69 | 249.37 | 44.0 | 109.63 | 169.48 | 80.0 | 89.2 | ||||||||||||||||||||||||
International | 5 | 1,499 | 159.59 | 53.6 | 85.55 | 120.75 | 85.10 | 28.0 | 23.85 | 34.15 | 258.8 | 253.6 | ||||||||||||||||||||||||
All Locations | 77 | 42,084 | 292.25 | 66.2 | 193.38 | 313.58 | 245.57 | 43.4 | 106.56 | 164.64 | 81.5 | 90.5 |
All
As of |
Year-to-date ended |
Year-to-date 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 | $ | 559.15 | 76.0 | % | $ | 424.91 | $ | 657.89 | $ | 401.92 | 90.9 | % | $ | 365.45 | $ | 577.41 | 16.3 | % | 13.9 | % | |||||||||||||||
2 | 1,033 | 618.23 | 62.8 | 388.09 | 647.24 | 356.95 | 80.6 | 287.82 | 463.01 | 34.8 | 39.8 | |||||||||||||||||||||||||
1 | 446 | 533.33 | 69.5 | 370.85 | 799.91 | 383.37 | 77.2 | 296.02 | 652.91 | 25.3 | 22.5 | |||||||||||||||||||||||||
5 | 1,850 | 442.56 | 65.9 | 291.82 | 570.66 | 340.73 | 72.8 | 247.94 | 507.99 | 17.7 | 12.3 | |||||||||||||||||||||||||
2 | 2,448 | 395.30 | 64.4 | 254.71 | 498.62 | 285.49 | 70.7 | 201.76 | 412.06 | 26.2 | 21.0 | |||||||||||||||||||||||||
4 | 1,822 | 366.88 | 69.1 | 253.45 | 551.73 | 292.22 | 71.7 | 209.42 | 472.19 | 21.0 | 16.8 | |||||||||||||||||||||||||
3 | 1,067 | 290.28 | 79.6 | 231.14 | 331.60 | 262.50 | 84.7 | 222.39 | 335.37 | 3.9 | (1.1 | ) | ||||||||||||||||||||||||
2 | 2,486 | 305.98 | 68.8 | 210.55 | 297.35 | 290.81 | 82.3 | 239.46 | 368.99 | (12.1 | ) | (19.4 | ) | |||||||||||||||||||||||
3 | 3,288 | 275.85 | 76.1 | 209.91 | 376.43 | 255.81 | 81.2 | 207.62 | 372.41 | 1.1 | 1.1 | |||||||||||||||||||||||||
2 | 767 | 261.29 | 70.3 | 183.71 | 319.55 | 246.64 | 86.6 | 213.69 | 361.89 | (14.0 | ) | (11.7 | ) | |||||||||||||||||||||||
2 | 810 | 212.19 | 79.8 | 169.40 | 258.46 | 216.10 | 85.4 | 184.46 | 301.70 | (8.2 | ) | (14.3 | ) | |||||||||||||||||||||||
5 | 3,238 | 258.02 | 60.5 | 156.14 | 222.68 | 246.65 | 83.1 | 204.99 | 293.15 | (23.8 | ) | (24.0 | ) | |||||||||||||||||||||||
3 | 1,562 | 238.34 | 64.8 | 154.44 | 212.39 | 218.02 | 77.8 | 169.55 | 243.43 | (8.9 | ) | (12.8 | ) | |||||||||||||||||||||||
2 | 1,315 | 234.51 | 64.1 | 150.37 | 194.36 | 231.59 | 84.3 | 195.17 | 256.01 | (23.0 | ) | (24.1 | ) | |||||||||||||||||||||||
6 | 4,162 | 230.51 | 63.1 | 145.43 | 208.62 | 284.01 | 82.2 | 233.51 | 323.40 | (37.7 | ) | (35.5 | ) | |||||||||||||||||||||||
2 | 1,495 | 246.01 | 57.4 | 141.27 | 186.74 | 242.40 | 83.8 | 203.01 | 289.54 | (30.4 | ) | (35.5 | ) | |||||||||||||||||||||||
2 | 916 | 215.60 | 65.3 | 140.83 | 212.13 | 220.18 | 76.5 | 168.33 | 265.16 | (16.3 | ) | (20.0 | ) | |||||||||||||||||||||||
2 | 810 | 181.26 | 72.2 | 130.94 | 204.64 | 187.48 | 84.0 | 157.49 | 258.05 | (16.9 | ) | (20.7 | ) | |||||||||||||||||||||||
2 | 1,512 | 194.11 | 67.3 | 130.73 | 201.94 | 183.18 | 73.0 | 133.69 | 195.06 | (2.2 | ) | 3.5 | ||||||||||||||||||||||||
1 | 1,333 | 196.59 | 65.3 | 128.42 | 187.76 | 188.24 | 79.9 | 150.35 | 219.33 | (14.6 | ) | (14.4 | ) | |||||||||||||||||||||||
3 | 1,340 | 183.44 | 63.9 | 117.14 | 169.54 | 175.15 | 76.3 | 133.61 | 195.92 | (12.3 | ) | (13.5 | ) | |||||||||||||||||||||||
5 | 1,942 | 180.33 | 63.4 | 114.29 | 158.00 | 178.46 | 72.4 | 129.22 | 184.58 | (11.6 | ) | (14.4 | ) | |||||||||||||||||||||||
Other | 9 | 2,936 | 264.87 | 61.2 | 162.17 | 233.33 | 193.56 | 76.5 | 148.07 | 222.10 | 9.5 | 5.1 | ||||||||||||||||||||||||
Domestic | 72 | 40,585 | 296.19 | 66.6 | 197.36 | 320.69 | 258.57 | 79.6 | 205.77 | 333.27 | (4.1 | ) | (3.8 | ) | ||||||||||||||||||||||
International | 5 | 1,499 | 159.59 | 53.6 | 85.55 | 120.75 | 154.30 | 71.1 | 109.74 | 159.00 | (22.0 | ) | (24.1 | ) | ||||||||||||||||||||||
All Locations | 77 | 42,084 | 292.25 | 66.2 | 193.38 | 313.58 | 255.20 | 79.3 | 202.32 | 327.00 | (4.4 | ) | (4.1 | ) |
___________
(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 are suspending 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) Hotel RevPAR is calculated as room revenues divided by the available room nights.
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 | $ | 565.30 | 73.6 | % | $ | 416.12 | $ | 643.06 | $ | 514.34 | 82.8 | % | $ | 425.86 | $ | 635.28 | (2.3 | )% | 1.2 | % | |||||||||||||||
2 | 3 | 457.43 | 50.2 | 229.66 | 427.55 | 364.54 | 55.2 | 201.40 | 333.79 | 14.0 | 28.1 | |||||||||||||||||||||||||
1 | 1 | 487.53 | 67.0 | 326.67 | 707.75 | 465.60 | 68.7 | 319.90 | 683.35 | 2.1 | 3.6 | |||||||||||||||||||||||||
5 | 5 | 330.56 | 53.9 | 178.01 | 340.62 | 314.16 | 45.2 | 141.93 | 286.62 | 25.4 | 18.8 | |||||||||||||||||||||||||
2 | 2 | 327.78 | 61.4 | 201.23 | 427.58 | 332.90 | 37.4 | 124.35 | 228.19 | 61.8 | 87.4 | |||||||||||||||||||||||||
4 | 4 | 251.77 | 58.1 | 146.25 | 372.05 | 245.88 | 57.7 | 141.92 | 321.83 | 3.0 | 15.6 | |||||||||||||||||||||||||
3 | 5 | 303.74 | 86.4 | 262.42 | 372.72 | 218.60 | 71.1 | 155.40 | 216.04 | 68.9 | 72.5 | |||||||||||||||||||||||||
2 | 3 | 309.77 | 84.3 | 260.99 | 351.90 | 217.90 | 46.2 | 100.72 | 130.88 | 159.1 | 168.9 | |||||||||||||||||||||||||
3 | 3 | 292.38 | 85.4 | 249.83 | 440.67 | 247.61 | 72.1 | 178.55 | 281.14 | 39.9 | 56.7 | |||||||||||||||||||||||||
2 | 1 | 233.32 | 68.3 | 159.46 | 289.77 | 181.59 | 57.2 | 103.84 | 162.10 | 53.6 | 78.8 | |||||||||||||||||||||||||
2 | 2 | 221.65 | 85.9 | 190.48 | 286.56 | 191.85 | 79.1 | 151.74 | 223.07 | 25.5 | 28.5 | |||||||||||||||||||||||||
5 | 5 | 237.56 | 65.7 | 156.01 | 223.72 | 185.06 | 37.1 | 68.65 | 96.94 | 127.3 | 130.8 | |||||||||||||||||||||||||
3 | 4 | 253.75 | 77.8 | 197.54 | 269.26 | 191.01 | 62.4 | 119.27 | 149.38 | 65.6 | 80.3 | |||||||||||||||||||||||||
2 | 2 | 264.88 | 81.9 | 216.97 | 274.62 | 202.49 | 53.5 | 108.25 | 130.03 | 100.4 | 111.2 | |||||||||||||||||||||||||
6 | 7 | 244.45 | 71.3 | 174.35 | 249.76 | 163.42 | 50.0 | 81.72 | 104.30 | 113.4 | 139.5 | |||||||||||||||||||||||||
2 | 3 | 263.46 | 63.8 | 167.99 | 223.00 | 204.56 | 48.1 | 98.46 | 117.58 | 70.6 | 89.7 | |||||||||||||||||||||||||
2 | 3 | 214.33 | 67.2 | 144.06 | 219.78 | 169.41 | 60.6 | 102.70 | 156.44 | 40.3 | 40.5 | |||||||||||||||||||||||||
2 | 4 | 183.46 | 72.8 | 133.57 | 199.97 | 178.31 | 56.6 | 100.94 | 142.30 | 32.3 | 40.5 | |||||||||||||||||||||||||
2 | 2 | 190.72 | 64.5 | 122.96 | 194.39 | 181.30 | 55.8 | 101.18 | 149.13 | 21.5 | 30.3 | |||||||||||||||||||||||||
1 | 1 | 163.33 | 63.6 | 103.87 | 158.20 | 136.76 | 54.3 | 74.30 | 91.66 | 39.8 | 72.6 | |||||||||||||||||||||||||
3 | 3 | 197.50 | 76.5 | 151.18 | 214.65 | 169.25 | 65.4 | 110.75 | 141.64 | 36.5 | 51.5 | |||||||||||||||||||||||||
5 | 4 | 176.72 | 62.1 | 109.74 | 149.01 | 149.60 | 66.6 | 99.67 | 133.88 | 10.1 | 11.3 | |||||||||||||||||||||||||
Other | 9 | 8 | 261.04 | 63.6 | 166.04 | 240.26 | 203.77 | 53.2 | 108.38 | 150.97 | 53.2 | 59.1 | ||||||||||||||||||||||||
Domestic | 72 | 79 | 277.68 | 69.9 | 194.13 | 310.58 | 233.85 | 55.7 | 130.18 | 196.75 | 49.1 | 57.9 | ||||||||||||||||||||||||
International | 5 | 5 | 200.98 | 62.0 | 124.66 | 162.44 | 90.99 | 51.4 | 46.77 | 66.43 | 166.5 | 144.5 | ||||||||||||||||||||||||
All Locations | 77 | 84 | 275.25 | 69.6 | 191.66 | 305.33 | 229.68 | 55.5 | 127.54 | 192.63 | 50.3 | 58.5 |
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 | $ | 565.30 | 73.6 | % | $ | 416.12 | $ | 643.06 | $ | 385.51 | 91.5 | % | $ | 352.78 | $ | 543.42 | 18.0 | % | 18.3 | % | |||||||||||||||
2 | 3 | 457.43 | 50.2 | 229.66 | 427.55 | 235.65 | 73.9 | 174.18 | 294.09 | 31.8 | 45.4 | |||||||||||||||||||||||||
1 | 1 | 487.53 | 67.0 | 326.67 | 707.75 | 363.69 | 69.0 | 251.05 | 516.90 | 30.1 | 36.9 | |||||||||||||||||||||||||
5 | 5 | 330.56 | 53.9 | 178.01 | 340.62 | 242.93 | 61.6 | 149.63 | 302.07 | 19.0 | 12.8 | |||||||||||||||||||||||||
2 | 1 | 327.78 | 61.4 | 201.23 | 427.58 | 155.29 | 59.2 | 91.97 | 231.78 | 118.8 | 84.5 | |||||||||||||||||||||||||
4 | 3 | 251.77 | 58.1 | 146.25 | 372.05 | 187.65 | 58.4 | 109.56 | 266.45 | 33.5 | 39.6 | |||||||||||||||||||||||||
3 | 6 | 303.74 | 86.4 | 262.42 | 372.72 | 226.14 | 85.8 | 194.13 | 288.91 | 35.2 | 29.0 | |||||||||||||||||||||||||
2 | 3 | 309.77 | 84.3 | 260.99 | 351.90 | 271.11 | 92.0 | 249.40 | 341.59 | 4.6 | 3.0 | |||||||||||||||||||||||||
3 | 4 | 292.38 | 85.4 | 249.83 | 440.67 | 235.94 | 84.9 | 200.22 | 347.13 | 24.8 | 26.9 | |||||||||||||||||||||||||
2 | — | 233.32 | 68.3 | 159.46 | 289.77 | — | — | — | — | — | — | |||||||||||||||||||||||||
2 | 2 | 221.65 | 85.9 | 190.48 | 286.56 | 207.13 | 88.2 | 182.60 | 295.52 | 4.3 | (3.0 | ) | ||||||||||||||||||||||||
5 | 5 | 237.56 | 65.7 | 156.01 | 223.72 | 211.15 | 84.4 | 178.19 | 254.63 | (12.4 | ) | (12.1 | ) | |||||||||||||||||||||||
3 | 4 | 253.75 | 77.8 | 197.54 | 269.26 | 217.96 | 85.2 | 185.76 | 259.62 | 6.3 | 3.7 | |||||||||||||||||||||||||
2 | 2 | 264.88 | 81.9 | 216.97 | 274.62 | 260.45 | 90.2 | 234.96 | 291.64 | (7.7 | ) | (5.8 | ) | |||||||||||||||||||||||
6 | 7 | 244.45 | 71.3 | 174.35 | 249.76 | 266.18 | 84.2 | 224.20 | 301.99 | (22.2 | ) | (17.3 | ) | |||||||||||||||||||||||
2 | 4 | 263.46 | 63.8 | 167.99 | 223.00 | 243.62 | 91.4 | 222.58 | 293.17 | (24.5 | ) | (23.9 | ) | |||||||||||||||||||||||
2 | 3 | 214.33 | 67.2 | 144.06 | 219.78 | 199.70 | 72.7 | 145.09 | 217.46 | (0.7 | ) | 1.1 | ||||||||||||||||||||||||
2 | 4 | 183.46 | 72.8 | 133.57 | 199.97 | 168.45 | 85.0 | 143.25 | 215.95 | (6.8 | ) | (7.4 | ) | |||||||||||||||||||||||
2 | 2 | 190.72 | 64.5 | 122.96 | 194.39 | 165.01 | 66.6 | 109.84 | 155.81 | 11.9 | 24.8 | |||||||||||||||||||||||||
1 | 1 | 163.33 | 63.6 | 103.87 | 158.20 | 156.82 | 77.0 | 120.78 | 175.05 | (14.0 | ) | (9.6 | ) | |||||||||||||||||||||||
3 | 3 | 197.50 | 76.5 | 151.18 | 214.65 | 184.28 | 84.5 | 155.64 | 218.16 | (2.9 | ) | (1.6 | ) | |||||||||||||||||||||||
5 | 4 | 176.72 | 62.1 | 109.74 | 149.01 | 170.32 | 67.0 | 114.07 | 159.84 | (3.8 | ) | (6.8 | ) | |||||||||||||||||||||||
Other | 9 | 6 | 261.04 | 63.6 | 166.04 | 240.26 | 172.44 | 80.7 | 139.19 | 195.48 | 19.3 | 22.9 | ||||||||||||||||||||||||
Domestic | 72 | 77 | 277.68 | 69.9 | 194.13 | 310.58 | 229.97 | 80.9 | 186.05 | 283.16 | 4.3 | 9.7 | ||||||||||||||||||||||||
International | 5 | 5 | 200.98 | 62.0 | 124.66 | 162.44 | 159.14 | 75.9 | 120.86 | 166.88 | 3.1 | (2.7 | ) | |||||||||||||||||||||||
All Locations | 77 | 82 | 275.25 | 69.6 | 191.66 | 305.33 | 227.93 | 80.8 | 184.06 | 279.60 | 4.1 | 9.2 |
Results by Location Compared to 2021 - actual, based on ownership period(1)
As of |
||||||||||||||||||||||||||||||||||||
2022 | 2021 | Year-to-date ended |
Year-to-date 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 | $ | 559.15 | 76.0 | % | $ | 424.91 | $ | 657.89 | $ | 470.97 | 67.4 | % | $ | 317.20 | $ | 476.28 | 34.0 | % | 38.1 | % | |||||||||||||||
2 | 3 | 573.01 | 64.5 | 369.80 | 609.25 | 472.94 | 57.4 | 271.38 | 424.17 | 36.3 | 43.6 | |||||||||||||||||||||||||
1 | 1 | 533.33 | 69.5 | 370.85 | 799.91 | 506.77 | 57.8 | 293.02 | 587.76 | 26.6 | 36.1 | |||||||||||||||||||||||||
5 | 5 | 442.56 | 65.9 | 291.82 | 570.66 | 416.57 | 54.8 | 228.24 | 426.68 | 27.9 | 33.7 | |||||||||||||||||||||||||
2 | 2 | 395.30 | 64.4 | 254.71 | 498.62 | 313.90 | 26.5 | 83.14 | 157.35 | 206.4 | 216.9 | |||||||||||||||||||||||||
4 | 4 | 366.88 | 69.1 | 253.45 | 551.73 | 301.23 | 56.5 | 170.12 | 346.53 | 49.0 | 59.2 | |||||||||||||||||||||||||
3 | 5 | 290.28 | 79.6 | 231.14 | 331.60 | 190.62 | 53.1 | 101.25 | 138.42 | 128.3 | 139.6 | |||||||||||||||||||||||||
2 | 3 | 288.08 | 63.5 | 182.96 | 256.78 | 189.90 | 31.7 | 60.17 | 75.05 | 204.1 | 242.2 | |||||||||||||||||||||||||
3 | 3 | 275.85 | 76.1 | 209.91 | 376.43 | 218.39 | 45.3 | 98.85 | 155.68 | 112.4 | 141.8 | |||||||||||||||||||||||||
2 | 1 | 261.29 | 70.3 | 183.71 | 319.55 | 181.39 | 58.7 | 106.44 | 156.20 | 72.6 | 104.6 | |||||||||||||||||||||||||
2 | 2 | 212.19 | 79.8 | 169.40 | 258.46 | 169.58 | 58.7 | 99.52 | 147.38 | 70.2 | 75.4 | |||||||||||||||||||||||||
5 | 5 | 258.02 | 60.5 | 156.14 | 222.68 | 161.96 | 42.2 | 68.41 | 81.26 | 128.2 | 174.0 | |||||||||||||||||||||||||
3 | 4 | 227.82 | 63.1 | 143.86 | 196.43 | 168.03 | 37.4 | 62.92 | 77.59 | 128.6 | 153.2 | |||||||||||||||||||||||||
2 | 2 | 234.51 | 64.1 | 150.37 | 194.36 | 188.47 | 27.8 | 52.43 | 63.79 | 186.8 | 204.7 | |||||||||||||||||||||||||
6 | 7 | 230.51 | 63.1 | 145.43 | 208.62 | 153.68 | 31.5 | 48.40 | 62.82 | 200.4 | 232.1 | |||||||||||||||||||||||||
2 | 3 | 240.93 | 55.5 | 133.65 | 175.93 | 180.00 | 25.7 | 46.18 | 56.54 | 189.4 | 211.2 | |||||||||||||||||||||||||
2 | 3 | 215.60 | 65.3 | 140.83 | 212.13 | 161.62 | 44.3 | 71.60 | 107.52 | 96.7 | 97.3 | |||||||||||||||||||||||||
2 | 4 | 181.26 | 72.2 | 130.94 | 204.64 | 170.45 | 48.0 | 81.83 | 111.31 | 60.0 | 83.8 | |||||||||||||||||||||||||
2 | 2 | 194.11 | 67.3 | 130.73 | 201.94 | 160.63 | 40.8 | 65.54 | 95.17 | 99.5 | 112.2 | |||||||||||||||||||||||||
1 | 1 | 196.59 | 65.3 | 128.42 | 187.76 | 128.95 | 37.6 | 48.51 | 65.71 | 164.7 | 185.7 | |||||||||||||||||||||||||
3 | 3 | 183.44 | 63.9 | 117.14 | 169.54 | 149.35 | 42.1 | 62.95 | 80.24 | 86.1 | 111.3 | |||||||||||||||||||||||||
5 | 4 | 180.33 | 63.4 | 114.29 | 158.00 | 140.32 | 59.7 | 83.73 | 113.03 | 36.5 | 39.8 | |||||||||||||||||||||||||
Other | 9 | 8 | 264.87 | 61.2 | 162.17 | 233.33 | 170.49 | 40.8 | 69.58 | 94.34 | 133.1 | 147.3 | ||||||||||||||||||||||||
Domestic | 72 | 79 | 293.77 | 66.1 | 194.23 | 314.75 | 233.25 | 42.4 | 98.82 | 150.74 | 96.5 | 108.8 | ||||||||||||||||||||||||
International | 5 | 5 | 159.59 | 53.6 | 85.55 | 120.75 | 85.10 | 28.0 | 23.85 | 34.15 | 258.8 | 253.6 | ||||||||||||||||||||||||
All Locations | 77 | 84 | 289.98 | 65.7 | 190.46 | 308.03 | 230.09 | 41.9 | 96.43 | 147.02 | 97.5 | 109.5 |
Results by Location Compared to 2019 - actual, based on ownership period(1)
As of |
||||||||||||||||||||||||||||||||||||
2022 | 2019 | Year-to-date ended |
Year-to-date 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 | $ | 559.15 | 76.0 | % | $ | 424.91 | $ | 657.89 | $ | 401.92 | 90.9 | % | $ | 365.45 | $ | 563.64 | 16.3 | % | 16.7 | % | |||||||||||||||
2 | 3 | 573.01 | 64.5 | 369.80 | 609.25 | 293.90 | 79.8 | 234.60 | 367.10 | 57.6 | 66.0 | |||||||||||||||||||||||||
1 | 1 | 533.33 | 69.5 | 370.85 | 799.91 | 383.37 | 77.2 | 296.02 | 652.91 | 25.3 | 22.5 | |||||||||||||||||||||||||
5 | 5 | 442.56 | 65.9 | 291.82 | 570.66 | 340.73 | 72.8 | 247.94 | 507.99 | 17.7 | 12.3 | |||||||||||||||||||||||||
2 | 1 | 395.30 | 64.4 | 254.71 | 498.62 | 182.58 | 69.5 | 126.97 | 303.48 | 100.6 | 64.3 | |||||||||||||||||||||||||
4 | 3 | 366.88 | 69.1 | 253.45 | 551.73 | 270.22 | 73.4 | 198.47 | 419.43 | 27.7 | 31.5 | |||||||||||||||||||||||||
3 | 6 | 290.28 | 79.6 | 231.14 | 331.60 | 214.91 | 84.4 | 181.37 | 273.04 | 27.4 | 21.5 | |||||||||||||||||||||||||
2 | 3 | 288.08 | 63.5 | 182.96 | 256.78 | 268.13 | 82.9 | 222.31 | 328.43 | (17.7 | ) | (21.8 | ) | |||||||||||||||||||||||
3 | 4 | 275.85 | 76.1 | 209.91 | 376.43 | 236.69 | 81.5 | 192.90 | 345.20 | 8.8 | 9.0 | |||||||||||||||||||||||||
2 | — | 261.29 | 70.3 | 183.71 | 319.55 | — | — | — | — | — | — | |||||||||||||||||||||||||
2 | 2 | 212.19 | 79.8 | 169.40 | 258.46 | 216.10 | 85.4 | 184.46 | 301.70 | (8.2 | ) | (14.3 | ) | |||||||||||||||||||||||
5 | 5 | 258.02 | 60.5 | 156.14 | 222.68 | 246.65 | 83.1 | 204.99 | 293.15 | (23.8 | ) | (24.0 | ) | |||||||||||||||||||||||
3 | 4 | 227.82 | 63.1 | 143.86 | 196.43 | 198.58 | 76.6 | 152.16 | 210.78 | (5.5 | ) | (6.8 | ) | |||||||||||||||||||||||
2 | 2 | 234.51 | 64.1 | 150.37 | 194.36 | 231.59 | 84.3 | 195.17 | 256.01 | (23.0 | ) | (24.1 | ) | |||||||||||||||||||||||
6 | 7 | 230.51 | 63.1 | 145.43 | 208.62 | 279.15 | 81.5 | 227.38 | 315.49 | (36.0 | ) | (33.9 | ) | |||||||||||||||||||||||
2 | 4 | 240.93 | 55.5 | 133.65 | 175.93 | 237.01 | 82.6 | 195.81 | 268.56 | (31.7 | ) | (34.5 | ) | |||||||||||||||||||||||
2 | 3 | 215.60 | 65.3 | 140.83 | 212.13 | 197.94 | 74.8 | 148.13 | 226.05 | (4.9 | ) | (6.2 | ) | |||||||||||||||||||||||
2 | 4 | 181.26 | 72.2 | 130.94 | 204.64 | 193.39 | 79.8 | 154.29 | 235.46 | (15.1 | ) | (13.1 | ) | |||||||||||||||||||||||
2 | 2 | 194.11 | 67.3 | 130.73 | 201.94 | 183.18 | 73.0 | 133.69 | 195.06 | (2.2 | ) | 3.5 | ||||||||||||||||||||||||
1 | 1 | 196.59 | 65.3 | 128.42 | 187.76 | 188.24 | 79.9 | 150.35 | 219.33 | (14.6 | ) | (14.4 | ) | |||||||||||||||||||||||
3 | 3 | 183.44 | 63.9 | 117.14 | 169.54 | 175.15 | 76.3 | 133.61 | 195.92 | (12.3 | ) | (13.5 | ) | |||||||||||||||||||||||
5 | 4 | 180.33 | 63.4 | 114.29 | 158.00 | 178.46 | 72.4 | 129.22 | 184.58 | (11.6 | ) | (14.4 | ) | |||||||||||||||||||||||
Other | 9 | 6 | 264.87 | 61.2 | 162.17 | 233.33 | 173.68 | 76.9 | 133.48 | 197.30 | 21.5 | 18.3 | ||||||||||||||||||||||||
Domestic | 72 | 77 | 293.77 | 66.1 | 194.23 | 314.75 | 240.89 | 79.7 | 191.94 | 303.24 | 1.2 | 3.8 | ||||||||||||||||||||||||
International | 5 | 5 | 159.59 | 53.6 | 85.55 | 120.75 | 154.30 | 71.1 | 109.74 | 159.00 | (22.0 | ) | (24.1 | ) | ||||||||||||||||||||||
All Locations | 77 | 82 | 289.98 | 65.7 | 190.46 | 308.03 | 238.59 | 79.4 | 189.51 | 298.97 | 0.5 | 3.0 |
(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-to-date ended |
|||||||||||||||||||||||
2022 | 2021 | 2019 | 2022 | 2021 | 2019 | |||||||||||||||||||
Number of hotels | 77 | 76 | 75 | 77 | 76 | 75 | ||||||||||||||||||
Number of rooms | 42,084 | 41,861 | 41,696 | 42,084 | 41,861 | 41,696 | ||||||||||||||||||
Change in |
48.1 | % | — | — | 90.5 | % | — | — | ||||||||||||||||
Change in |
42.0 | % | — | — | 81.5 | % | — | — | ||||||||||||||||
Operating profit (loss) margin⁽²⁾ | 12.4 | % | (11.3 | )% | 10.9 | % | 16.4 | % | (17.4 | )% | 15.3 | % | ||||||||||||
All |
28.7 | % | 24.9 | % | 26.2 | % | 32.7 | % | 21.1 | % | 30.2 | % | ||||||||||||
Food and beverage profit margin⁽²⁾ | 30.3 | % | 23.6 | % | 23.8 | % | 34.6 | % | 22.7 | % | 31.7 | % | ||||||||||||
All profit margin⁽²⁾ |
30.3 | % | 24.3 | % | 25.2 | % | 35.1 | % | 23.2 | % | 33.2 | % | ||||||||||||
Net income (loss) | $ | 116 | $ | (120 | ) | $ | 372 | $ | 494 | $ | (334 | ) | $ | 851 | ||||||||||
Depreciation and amortization | 164 | 263 | 165 | 498 | 597 | 501 | ||||||||||||||||||
Interest expense | 40 | 43 | 46 | 113 | 128 | 132 | ||||||||||||||||||
Provision (benefit) for income taxes | 6 | (13 | ) | 4 | 29 | (81 | ) | 22 | ||||||||||||||||
Gain on sale of property and corporate level income/expense |
15 | 19 | (263 | ) | 32 | 31 | (296 | ) | ||||||||||||||||
Severance expense (reversal) at hotel properties |
— | (2 | ) | — | 2 | (5 | ) | — | ||||||||||||||||
All |
— | 8 | (28 | ) | 11 | 62 | (87 | ) | ||||||||||||||||
All Owned Hotel EBITDA⁽¹⁾ | $ | 341 | $ | 198 | $ | 296 | $ | 1,179 | $ | 398 | $ | 1,123 |
___________
(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 Owned Hotel adjustments |
Depreciation and corporate level items |
All Owned |
GAAP Results |
Severance at hotel properties |
All Owned Hotel adjustments |
Depreciation and corporate level items |
All Owned |
|||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||
Room | $ | 746 | $ | (2 | ) | $ | — | $ | 744 | $ | 557 | $ | — | $ | (36 | ) | $ | — | $ | 521 | |||||||||||||||
Food and beverage |
330 | — | — | 330 | 191 | — | (7 | ) | — | 184 | |||||||||||||||||||||||||
Other | 113 | — | — | 113 | 96 | — | (3 | ) | — | 93 | |||||||||||||||||||||||||
Total revenues | 1,189 | (2 | ) | — | 1,187 | 844 | — | (46 | ) | — | 798 | ||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||
Room | 190 | (1 | ) | — | 189 | 150 | 1 | (16 | ) | — | 135 | ||||||||||||||||||||||||
Food and beverage |
230 | — | — | 230 | 146 | 1 | (8 | ) | — | 139 | |||||||||||||||||||||||||
Other | 438 | (1 | ) | — | 437 | 361 | — | (30 | ) | — | 331 | ||||||||||||||||||||||||
Depreciation and amortization |
164 | — | (164 | ) | — | 263 | — | — | (263 | ) | — | ||||||||||||||||||||||||
Corporate and other expenses |
29 | — | (29 | ) | — | 24 | — | — | (24 | ) | — | ||||||||||||||||||||||||
Gain on insurance and business interruption settlements |
(10 | ) | — | — | (10 | ) | (5 | ) | — | — | — | (5 | ) | ||||||||||||||||||||||
Total expenses | 1,041 | (2 | ) | (193 | ) | 846 | 939 | 2 | (54 | ) | (287 | ) | 600 | ||||||||||||||||||||||
Operating Profit - All Owned |
$ | 148 | $ | — | $ | 193 | $ | 341 | $ | (95 | ) | $ | (2 | ) | $ | 8 | $ | 287 | $ | 198 | |||||||||||||||
Quarter ended |
Quarter ended |
|||||||||||||||||||||||||||||||
Adjustments | Adjustments | |||||||||||||||||||||||||||||||
GAAP Results |
All Owned Hotel adjustments |
Depreciation and corporate level items |
All Owned |
GAAP Results |
All Owned Hotel adjustments |
Depreciation and corporate level items |
All Owned |
|||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||
Room | $ | 746 | $ | (2 | ) | $ | — | $ | 744 | $ | 830 | $ | (104 | ) | $ | — | $ | 726 | ||||||||||||||
Food and beverage |
330 | — | — | 330 | 341 | (23 | ) | — | 318 | |||||||||||||||||||||||
Other | 113 | — | — | 113 | 91 | (3 | ) | — | 88 | |||||||||||||||||||||||
Total revenues | 1,189 | (2 | ) | — | 1,187 | 1,262 | (130 | ) | — | 1,132 | ||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||
Room | 190 | (1 | ) | — | 189 | 221 | (34 | ) | — | 187 | ||||||||||||||||||||||
Food and beverage |
230 | — | — | 230 | 260 | (22 | ) | — | 238 | |||||||||||||||||||||||
Other | 438 | (1 | ) | — | 437 | 457 | (46 | ) | — | 411 | ||||||||||||||||||||||
Depreciation and amortization |
164 | — | (164 | ) | — | 165 | — | (165 | ) | — | ||||||||||||||||||||||
Corporate and other expenses |
29 | — | (29 | ) | — | 26 | — | (26 | ) | — | ||||||||||||||||||||||
Gain on insurance and business interruption settlements |
(10 | ) | — | — | (10 | ) | (4 | ) | — | 4 | — | |||||||||||||||||||||
Total expenses | 1,041 | (2 | ) | (193 | ) | 846 | 1,125 | (102 | ) | (187 | ) | 836 | ||||||||||||||||||||
Operating Profit - All Owned |
$ | 148 | $ | — | $ | 193 | $ | 341 | $ | 137 | $ | (28 | ) | $ | 187 | $ | 296 |
Year-to-date ended |
Year-to-date ended |
|||||||||||||||||||||||||||||||||||||||
Adjustments | Adjustments | |||||||||||||||||||||||||||||||||||||||
GAAP Results |
Severance at hotel properties |
All Owned Hotel adjustments |
Depreciation and corporate level items |
All Owned |
GAAP Results |
Severance at hotel properties |
All Owned Hotel adjustments |
Depreciation and corporate level items |
All Owned |
|||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||||
Room | $ | 2,251 | $ | — | $ | (28 | ) | $ | — | $ | 2,223 | $ | 1,237 | $ | — | $ | (20 | ) | $ | — | $ | 1,217 | ||||||||||||||||||
Food and beverage |
1,032 | — | (5 | ) | — | 1,027 | 405 | — | 7 | — | 412 | |||||||||||||||||||||||||||||
Other | 361 | — | (2 | ) | — | 359 | 250 | — | 5 | — | 255 | |||||||||||||||||||||||||||||
Total revenues | 3,644 | — | (35 | ) | — | 3,609 | 1,892 | — | (8 | ) | — | 1,884 | ||||||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||||||||||
Room | 539 | — | (16 | ) | — | 523 | 324 | 1 | (24 | ) | — | 301 | ||||||||||||||||||||||||||||
Food and beverage |
675 | — | (8 | ) | — | 667 | 313 | 1 | 2 | — | 316 | |||||||||||||||||||||||||||||
Other | 1,275 | (2 | ) | (22 | ) | — | 1,251 | 919 | 3 | (48 | ) | — | 874 | |||||||||||||||||||||||||||
Depreciation and amortization |
498 | — | — | (498 | ) | — | 597 | — | — | (597 | ) | — | ||||||||||||||||||||||||||||
Corporate and other expenses |
77 | — | — | (77 | ) | — | 73 | — | — | (73 | ) | — | ||||||||||||||||||||||||||||
Gain on insurance and business interruption settlements |
(17 | ) | — | — | 6 | (11 | ) | (5 | ) | — | — | — | (5 | ) | ||||||||||||||||||||||||||
Total expenses | 3,047 | (2 | ) | (46 | ) | (569 | ) | 2,430 | 2,221 | 5 | (70 | ) | (670 | ) | 1,486 | |||||||||||||||||||||||||
Operating Profit - All Owned |
$ | 597 | $ | 2 | $ | 11 | $ | 569 | $ | 1,179 | $ | (329 | ) | $ | (5 | ) | $ | 62 | $ | 670 | $ | 398 | ||||||||||||||||||
Year-to-date ended |
Year-to-date ended |
|||||||||||||||||||||||||||||||||||
Adjustments | Adjustments | |||||||||||||||||||||||||||||||||||
GAAP Results |
Severance at hotel properties |
All Owned Hotel adjustments |
Depreciation and corporate level items |
All Owned |
GAAP Results |
All Owned Hotel adjustments |
Depreciation and corporate level items |
All Owned |
||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||
Room | $ | 2,251 | $ | — | $ | (28 | ) | $ | — | $ | 2,223 | $ | 2,618 | $ | (316 | ) | $ | — | $ | 2,302 | ||||||||||||||||
Food and beverage |
1,032 | — | (5 | ) | — | 1,027 | 1,223 | (80 | ) | — | 1,143 | |||||||||||||||||||||||||
Other | 361 | — | (2 | ) | — | 359 | 294 | (15 | ) | — | 279 | |||||||||||||||||||||||||
Total revenues | 3,644 | — | (35 | ) | — | 3,609 | 4,135 | (411 | ) | — | 3,724 | |||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||||||
Room | 539 | — | (16 | ) | — | 523 | 664 | (105 | ) | — | 559 | |||||||||||||||||||||||||
Food and beverage |
675 | — | (8 | ) | — | 667 | 835 | (72 | ) | — | 763 | |||||||||||||||||||||||||
Other | 1,275 | (2 | ) | (22 | ) | — | 1,251 | 1,426 | (147 | ) | — | 1,279 | ||||||||||||||||||||||||
Depreciation and amortization |
498 | — | — | (498 | ) | — | 501 | — | (501 | ) | — | |||||||||||||||||||||||||
Corporate and other expenses |
77 | — | — | (77 | ) | — | 80 | — | (80 | ) | — | |||||||||||||||||||||||||
Gain on insurance and business interruption settlements |
(17 | ) | — | — | 6 | (11 | ) | (4 | ) | — | 4 | — | ||||||||||||||||||||||||
Total expenses | 3,047 | (2 | ) | (46 | ) | (569 | ) | 2,430 | 3,502 | (324 | ) | (577 | ) | 2,601 | ||||||||||||||||||||||
Operating Profit - All Owned |
$ | 597 | $ | 2 | $ | 11 | $ | 569 | $ | 1,179 | $ | 633 | $ | (87 | ) | $ | 577 | $ | 1,123 |
Reconciliation of Net Income (Loss) to
EBITDA, EBITDAre and Adjusted EBITDAre (1)
(unaudited, in millions)
Quarter ended |
Year-to-date ended |
|||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Net income (loss) | $ | 116 | $ | (120 | ) | $ | 494 | $ | (334 | ) | ||||||
Interest expense | 40 | 43 | 113 | 128 | ||||||||||||
Depreciation and amortization | 164 | 171 | 498 | 505 | ||||||||||||
Income taxes | 6 | (13 | ) | 29 | (81 | ) | ||||||||||
EBITDA | 326 | 81 | 1,134 | 218 | ||||||||||||
Gain on dispositions⁽²⁾ | (5 | ) | — | (18 | ) | — | ||||||||||
Non-cash impairment expense | — | 92 | — | 92 | ||||||||||||
Equity investment adjustments: | ||||||||||||||||
Equity in (earnings) losses of affiliates | 1 | (2 | ) | (3 | ) | (36 | ) | |||||||||
Pro rata EBITDAre of equity investments⁽³⁾ | 6 | 8 | 27 | 21 | ||||||||||||
EBITDAre | 328 | 179 | 1,140 | 295 | ||||||||||||
Adjustments to EBITDAre: | ||||||||||||||||
Gain on property insurance settlement | — | — | (6 | ) | — | |||||||||||
Severance expense (reversal) at hotel properties |
— | (2 | ) | — | (5 | ) | ||||||||||
Adjusted EBITDAre | $ | 328 | $ | 177 | $ | 1,134 | $ | 290 | ||||||||
___________
(1) See the Notes to Financial Information for discussion of non-GAAP measures.
(2) Reflects the sale of four hotels in 2022.
(3) Pro rata EBITDAre of equity investments and pro rata FFO of equity investments for the year-to-date ended
Reconciliation of Diluted Earnings (Loss) per Common Share to
NAREIT and Adjusted Funds From Operations per Diluted Share (1)
(unaudited, in millions, except per share amounts)
Quarter ended |
Year-to-date ended |
|||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Net income (loss) | $ | 116 | $ | (120 | ) | $ | 494 | $ | (334 | ) | ||||||
Less: Net (income) loss attributable to non- controlling interests |
(2 | ) | 1 | (8 | ) | 3 | ||||||||||
Net income (loss) attributable to |
114 | (119 | ) | 486 | (331 | ) | ||||||||||
Adjustments: | ||||||||||||||||
Gain on dispositions⁽²⁾ | (5 | ) | — | (18 | ) | — | ||||||||||
Gain on property insurance settlement | — | — | (6 | ) | — | |||||||||||
Depreciation and amortization | 164 | 171 | 497 | 504 | ||||||||||||
Non-cash impairment expense | — | 92 | — | 92 | ||||||||||||
Equity investment adjustments: | ||||||||||||||||
Equity in (earnings) losses of affiliates | 1 | (2 | ) | (3 | ) | (36 | ) | |||||||||
Pro rata FFO of equity investments⁽³⁾ | 4 | 6 | 21 | 16 | ||||||||||||
Consolidated partnership adjustments: | ||||||||||||||||
FFO adjustment for non-controlling partnerships |
(1 | ) | — | (1 | ) | (1 | ) | |||||||||
FFO adjustments for non-controlling interests of |
(2 | ) | (3 | ) | (6 | ) | (6 | ) | ||||||||
NAREIT FFO | 275 | 145 | 970 | 238 | ||||||||||||
Adjustments to NAREIT FFO: | ||||||||||||||||
Severance expense (reversal) at hotel properties |
— | (2 | ) | — | (5 | ) | ||||||||||
Adjusted FFO | $ | 275 | $ | 143 | $ | 970 | $ | 233 | ||||||||
For calculation on a per share basis:⁽⁴⁾ | ||||||||||||||||
Diluted weighted average shares outstanding - EPS |
717.6 | 713.9 | 717.4 | 709.0 | ||||||||||||
Assuming issuance of common shares granted under the comprehensive stock plans |
— | 1.6 | — | 1.6 | ||||||||||||
Diluted weighted average shares outstanding - NAREIT FFO and Adjusted FFO |
717.6 | 715.5 | 717.4 | 710.6 | ||||||||||||
Diluted earnings (loss) per common share | $ | 0.16 | $ | (0.17 | ) | $ | 0.68 | $ | (0.47 | ) | ||||||
NAREIT FFO per diluted share | $ | 0.38 | $ | 0.20 | $ | 1.35 | $ | 0.33 | ||||||||
Adjusted FFO per diluted share | $ | 0.38 | $ | 0.20 | $ | 1.35 | $ | 0.33 |
___________
(1-3) Refer to corresponding footnote on the Reconciliation of Net Income (Loss) to EBITDA, EBITDAre and Adjusted EBITDAre.
(4) Diluted earnings (loss) per common share, NAREIT FFO per diluted share and Adjusted FFO per diluted share are adjusted for the effects of dilutive securities. Dilutive securities may include shares granted under comprehensive stock plans, preferred OP units held by non-controlling 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 securities if they are anti-dilutive.
Reconciliation of Net Income to
EBITDA, EBITDAre and Adjusted EBITDAre and Diluted Earnings per Common Share to
NAREIT and Adjusted Funds From Operations per Diluted Share for Full Year 2022 Forecasts (1)
(unaudited, in millions)
Full Year 2022 | ||||||||
Low-end of range | High-end of range | |||||||
Net income | $ | 617 | $ | 645 | ||||
Interest expense | 158 | 158 | ||||||
Depreciation and amortization | 663 | 663 | ||||||
Income taxes | 30 | 32 | ||||||
EBITDA | 1,468 | 1,498 | ||||||
Gain on dispositions | (18 | ) | (18 | ) | ||||
Equity investment adjustments: | ||||||||
Equity in (earnings) losses of affiliates | (8 | ) | (8 | ) | ||||
Pro rata EBITDAre of equity investments | 34 | 34 | ||||||
EBITDAre | 1,476 | 1,506 | ||||||
Adjustments to EBITDAre: | ||||||||
Gain on property insurance settlement | (6 | ) | (6 | ) | ||||
Adjusted EBITDAre | $ | 1,470 | $ | 1,500 |
Full Year 2022 | ||||||||
Low-end of range | High-end of range | |||||||
Net income | $ | 617 | $ | 645 | ||||
Less: Net income attributable to non-controlling interests | (10 | ) | (10 | ) | ||||
Net income attributable to |
607 | 635 | ||||||
Adjustments: | ||||||||
Gain on dispositions | (18 | ) | (18 | ) | ||||
Gain on property insurance settlement | (6 | ) | (6 | ) | ||||
Depreciation and amortization | 662 | 662 | ||||||
Equity investment adjustments: | ||||||||
Equity in earnings of affiliates | (8 | ) | (8 | ) | ||||
Pro rata FFO of equity investments | 27 | 27 | ||||||
Consolidated partnership adjustments: | ||||||||
FFO adjustment for non-controlling partnerships | (1 | ) | (1 | ) | ||||
FFO adjustment for non-controlling interests of |
(9 | ) | (9 | ) | ||||
NAREIT FFO and Adjusted FFO | $ | 1,254 | $ | 1,282 | ||||
Diluted weighted average shares outstanding - EPS, NAREIT FFO and Adjusted FFO | 717.4 | 717.4 | ||||||
Diluted earnings per common share | $ | 0.85 | $ | 0.89 | ||||
NAREIT and Adjusted FFO per diluted share | $ | 1.75 | $ | 1.79 |
___________
(1) The Forecasts are based on the below assumptions:
- All
Owned Hotel RevPAR will increase 63.7% to 65.4% compared to 2021 for the low and high end of the forecast range. - All
Owned Hotel EBITDA margins will increase 820 to 850 basis points compared to 2021 for the low and high ends of the forecastedAll Owned Hotel RevPAR range, respectively. - We expect to spend approximately
$500 million to$575 million on capital expenditures. - There will be no additional hotel acquisitions or dispositions in 2022.
- The Ritz-Carlton,
Naples will remain closed due to Hurricane Ian for the fourth quarter andHyatt Regency Coconut Point Resort and Spa will remain closed for part of the fourth quarter.
For a discussion of items that may affect forecast results, see the Notes to Financial Information.
Schedule of
(unaudited, in millions)
Full Year 2022 | ||||||||
Low-end of range | High-end of range | |||||||
Operating profit margin (2) | 15.3 | % | 15.8 | % | ||||
All |
31.6 | % | 31.9 | % | ||||
Net income | $ | 617 | $ | 645 | ||||
Depreciation and amortization | 663 | 663 | ||||||
Interest expense | 158 | 158 | ||||||
Provision for income taxes | 30 | 32 | ||||||
Gain on sale of property and corporate level income/expense | 42 | 42 | ||||||
Severance expense at hotel properties | 2 | 2 | ||||||
All |
11 | 11 | ||||||
All |
$ | 1,523 | $ | 1,553 |
___________
(1) See "Reconciliation of Net Income to EBITDA, EBITDAre and Adjusted EBITDAre and Diluted Earnings per Common Share to NAREIT and Adjusted Funds From Operations per Diluted Share for Full Year 2022 Forecasts" for other forecast assumptions. 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
Low-end of range | High-end of range | ||||||||||||||||||||||||||||||
Adjustments | Adjustments | ||||||||||||||||||||||||||||||
GAAP Results | Severance at hotel properties |
All Owned Hotel adjustments |
Depreciation and corporate level items |
All Owned |
GAAP Results | Severance at hotel properties |
All Owned Hotel adjustments |
Depreciation and corporate level items |
All Owned |
||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||
Rooms | $ | 2,993 | $ | — | $ | (28 | ) | $ | — | $ | 2,965 | $ | 3,024 | $ | — | $ | (28 | ) | $ | — | $ | 2,996 | |||||||||
Food and beverage | 1,402 | — | (5 | ) | — | 1,397 | 1,415 | — | (5 | ) | — | 1,410 | |||||||||||||||||||
Other | 460 | — | (2 | ) | — | 458 | 464 | — | (2 | ) | — | 462 | |||||||||||||||||||
Total revenues | 4,855 | — | (35 | ) | — | 4,820 | 4,903 | — | (35 | ) | — | 4,868 | |||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||
Hotel expenses | 3,356 | (2 | ) | (46 | ) | — | 3,308 | 3,374 | (2 | ) | (46 | ) | — | 3,326 | |||||||||||||||||
Depreciation | 663 | — | — | (663 | ) | — | 663 | — | — | (663 | ) | — | |||||||||||||||||||
Corporate and other expenses | 108 | — | — | (108 | ) | — | 108 | — | — | (108 | ) | — | |||||||||||||||||||
Gain on insurance and business interruption settlements | (17 | ) | — | — | 6 | (11 | ) | (17 | ) | — | — | 6 | (11 | ) | |||||||||||||||||
Total expenses | 4,110 | (2 | ) | (46 | ) | (765 | ) | 3,297 | 4,128 | (2 | ) | (46 | ) | (765 | ) | 3,315 | |||||||||||||||
Operating Profit - All |
$ | 745 | $ | 2 | $ | 11 | $ | 765 | $ | 1,523 | $ | 775 | $ | 2 | $ | 11 | $ | 765 | $ | 1,553 |
Notes to Financial Information
Forecasts
Our forecast of net income, earnings per diluted share, NAREIT and Adjusted FFO per diluted share, EBITDA, EBITDAre, Adjusted EBITDAre and
All
To facilitate a quarter-to-quarter comparison of our operations, we typically present certain operating statistics (i.e., Total RevPAR, RevPAR, average daily rate and average occupancy) and operating results (revenues, expenses, hotel EBITDA and associated margins) for the periods included in this presentation on a comparable hotel basis in order to enable our investors to better evaluate our operating performance (discussed in “Hotel Property Level Operating Results” below). However, due to the COVID-19 pandemic and its effects on operations, there is little comparability between periods. For this reason, we temporarily are suspending our comparable hotel presentation and instead present hotel operating results for all consolidated hotels and, to facilitate comparisons between periods, we are presenting results, referred to as "All
Foreign Currency Translation
Operating results denominated in foreign currencies are translated using the prevailing exchange rates on the date of the transaction, or monthly based on the weighted average exchange rate for the period. Therefore, hotel statistics and results for non-
Non-GAAP Financial Measures
Included in this press release are certain “non-GAAP financial measures,” which are measures of our historical or future financial performance that are not calculated and presented in accordance with GAAP, within the meaning of applicable
NAREIT FFO and NAREIT FFO per Diluted Share
We present NAREIT FFO and NAREIT FFO per diluted share as non-GAAP measures of our performance in addition to our earnings per share (calculated in accordance with GAAP). We calculate NAREIT FFO per diluted share as our NAREIT FFO (defined as set forth below) for a given operating period, as adjusted for the effect of dilutive securities, divided by the number of fully diluted shares outstanding during such period, in accordance with NAREIT guidelines. Effective
We believe that NAREIT FFO per diluted share is a useful supplemental measure of our operating performance and that the presentation of NAREIT FFO per diluted share, when combined with the primary GAAP presentation of earnings per share, provides beneficial information to investors. By excluding the effect of real estate depreciation, amortization, impairment expense and gains and losses from sales of depreciable real estate, all of which are based on historical cost accounting and which may be of lesser significance in evaluating current performance, we believe that such measures can facilitate comparisons of operating performance between periods and with other REITs, even though NAREIT FFO per diluted share does not represent an amount that accrues directly to holders of our common stock. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. As noted by NAREIT in its Funds From Operations White Paper – 2018 Restatement, the primary purpose for including FFO as a supplemental measure of operating performance of a REIT is to address the artificial nature of historical cost depreciation and amortization of real estate and real estate-related assets mandated by GAAP. For these reasons, NAREIT adopted the FFO metric in order to promote a uniform industry-wide measure of REIT operating performance.
Adjusted FFO per Diluted Share
We also present Adjusted FFO per diluted share when evaluating our performance because management believes that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance. Management historically has made the adjustments detailed below in evaluating our performance, in our annual budget process and for our compensation programs. We believe that the presentation of Adjusted FFO per diluted share, when combined with both the primary GAAP presentation of diluted earnings per share and FFO per diluted share as defined by NAREIT, provides useful supplemental information that is beneficial to an investor’s understanding of our operating performance. We adjust NAREIT FFO per diluted share for the following items, which may occur in any period, and refer to this measure as Adjusted FFO per diluted share:
- Gains and Losses on the Extinguishment of Debt – We exclude the effect of finance charges and premiums associated with the extinguishment of debt, including the acceleration of the write-off of deferred financing costs from the original issuance of the debt being redeemed or retired and incremental interest expense incurred during the refinancing period. We also exclude the gains on debt repurchases and the original issuance costs associated with the retirement of preferred stock. We believe that these items are not reflective of our ongoing finance costs.
- Acquisition Costs – Under GAAP, costs associated with completed property acquisitions that are considered business combinations are expensed in the year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company.
- Litigation Gains and Losses – We exclude the effect of gains or losses associated with litigation recorded under GAAP that we consider outside the ordinary course of business. We believe that including these items is not consistent with our ongoing operating performance.
- Severance Expense –In certain circumstances, we will add back hotel-level severance expenses when we do not believe that such expenses are reflective of the ongoing operation of our properties. Situations that would result in a severance add-back include, but are not limited to, (i) costs incurred as part of a broad-based reconfiguration of the operating model with the specific hotel operator for a portfolio of hotels and (ii) costs incurred at a specific hotel due to a broad-based and significant reconfiguration of a hotel and/or its workforce. We do not add back corporate-level severance costs or severance costs at an individual hotel that we consider to be incurred in the normal course of business.
In unusual circumstances, we also may adjust NAREIT FFO for gains or losses that management believes are not representative of the Company’s current operating performance. For example, in 2017, as a result of the reduction of the
EBITDA
Earnings before Interest Expense, Income Taxes, Depreciation and Amortization (“EBITDA”) is a commonly used measure of performance in many industries. Management believes EBITDA provides useful information to investors regarding our results of operations because it helps us and our investors evaluate the ongoing operating performance of our properties after removing the impact of the Company’s capital structure (primarily interest expense) and its asset base (primarily depreciation and amortization). Management also believes the use of EBITDA facilitates comparisons between us and other lodging REITs, hotel owners that are not REITs and other capital-intensive companies. Management uses EBITDA to evaluate property-level results and as one measure in determining the value of acquisitions and dispositions and, like FFO and Adjusted FFO per diluted share, it is widely used by management in the annual budget process and for our compensation programs.
EBITDAre and Adjusted EBITDAre
We present EBITDAre in accordance with NAREIT guidelines, as defined in its
We make additional adjustments to EBITDAre when evaluating our performance because we believe that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance. We believe that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income, is beneficial to an investor’s understanding of our operating performance. Adjusted EBITDAre also is similar to the measure used to calculate certain credit ratios for our credit facility and senior notes. We adjust EBITDAre for the following items, which may occur in any period, and refer to this measure as Adjusted EBITDAre:
- Property Insurance Gains – We exclude the effect of property insurance gains reflected in our consolidated statements of operations because we believe that including them in Adjusted EBITDAre is not consistent with reflecting the ongoing performance of our assets. In addition, property insurance gains could be less important to investors given that the depreciated asset book value written off in connection with the calculation of the property insurance gain often does not reflect the market value of real estate assets.
- Acquisition Costs – Under GAAP, costs associated with completed property acquisitions that are considered business combinations are expensed in the year incurred. We exclude the effect of these costs because we believe they are not reflective of the ongoing performance of the Company.
- Litigation Gains and Losses – We exclude the effect of gains or losses associated with litigation recorded under GAAP that we consider outside the ordinary course of business. We believe that including these items is not consistent with our ongoing operating performance.
- Severance Expense – In certain circumstances, we will add back hotel-level severance expenses when we do not believe that such expenses are reflective of the ongoing operation of our properties. Situations that would result in a severance add-back include, but are not limited to, (i) costs incurred as part of a broad-based reconfiguration of the operating model with the specific hotel operator for a portfolio of hotels and (ii) costs incurred at a specific hotel due to a broad-based and significant reconfiguration of a hotel and/or its workforce. We do not add back corporate-level severance costs or severance costs at an individual hotel that we consider to be incurred in the normal course of business.
In unusual circumstances, we also may adjust EBITDAre for gains or losses that management believes are not representative of the Company’s current operating performance. The last adjustment of this nature was a 2013 exclusion of a gain from an eminent domain claim.
Limitations on the Use of NAREIT FFO per Diluted Share, Adjusted FFO per Diluted Share, EBITDA, EBITDAre and Adjusted EBITDAre
We calculate EBITDAre and NAREIT FFO per diluted share in accordance with standards established by NAREIT, which may not be comparable to measures calculated by other companies that do not use the NAREIT definition of EBITDAre and FFO or do not calculate FFO per diluted share in accordance with NAREIT guidance. In addition, although EBITDAre and FFO per diluted share are useful measures when comparing our results to other REITs, they may not be helpful to investors when comparing us to non-REITs. We also calculate Adjusted FFO per diluted share and Adjusted EBITDAre, which are not in accordance with NAREIT guidance and may not be comparable to measures calculated by other REITs or by other companies. This information should not be considered as an alternative to net income, operating profit, cash from operations or any other operating performance measure calculated in accordance with GAAP. Cash expenditures for various long-term assets (such as renewal and replacement capital expenditures), interest expense (for EBITDA, EBITDAre and Adjusted EBITDAre purposes only), severance expense related to significant property-level reconfiguration and other items have been, and will be, made and are not reflected in the EBITDA, EBITDAre, Adjusted EBITDAre, NAREIT FFO per diluted share and Adjusted FFO per diluted share presentations. Management compensates for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of our operating performance. Our consolidated statements of operations and consolidated statements of cash flows in the Company’s annual report on Form 10-K and quarterly reports on Form 10-Q include interest expense, capital expenditures, and other excluded items, all of which should be considered when evaluating our performance, as well as the usefulness of our non-GAAP financial measures. Additionally, NAREIT FFO per diluted share, Adjusted FFO per diluted share, EBITDA, EBITDAre and Adjusted EBITDAre should not be considered as a measure of our liquidity or indicative of funds available to fund our cash needs, including our ability to make cash distributions. In addition, NAREIT FFO per diluted share and Adjusted FFO per diluted share do not measure, and should not be used as a measure of, amounts that accrue directly to stockholders’ benefit.
Similarly, EBITDAre, Adjusted EBITDAre, NAREIT FFO and Adjusted FFO per diluted share include adjustments for the pro rata share of our equity investments and NAREIT FFO and Adjusted FFO per diluted share include adjustments for the pro rata share of non-controlling partners in consolidated partnerships. Our equity investments consist of interests ranging from 11% to 67% in eight domestic and international partnerships that own a total of 26 properties and a vacation ownership development. Due to the voting rights of the outside owners, we do not control and, therefore, do not consolidate these entities. The non-controlling partners in consolidated partnerships primarily consist of the approximate 1% interest in
We present certain operating results for our hotels, such as hotel revenues, expenses, food and beverage profit, and EBITDA (and the related margins), on a hotel-level basis as supplemental information for our investors. Our hotel results reflect the operating results of our hotels as discussed in “All Owned Hotel Operating Statistics and Results” above. We present
Because of the elimination of corporate-level costs and expenses, gains or losses on disposition, certain severance expenses and depreciation and amortization expense, the hotel operating results we present do not represent our total revenues, expenses, operating profit or net income and should not be used to evaluate our performance as a whole. Management compensates for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of our operating performance. Our consolidated statements of operations include such amounts, all of which should be considered by investors when evaluating our performance.
While management believes that presentation of
Chief Financial Officer (240) 744-5267 |
Investor Relations (240) 744-5117 ir@hosthotels.com |
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Source: Host Hotels & Resorts, Inc.