RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today reported results for
the three and nine months ended September 30, 2014.
Third Quarter Highlights
-
Pro forma RevPAR increased 9.6%, Pro forma ADR increased 4.6%, and Pro
forma Occupancy increased 4.8%
-
Pro forma Hotel EBITDA Margin increased 201 basis points to 36.8%
-
Pro forma Consolidated Hotel EBITDA increased 16.0% to $109.4 million
-
Adjusted FFO increased 34.2% to $87.4 million
-
Acquired two hotels in attractive high-growth markets for more than
$125 million
-
Increased cash dividend by 36.4% to $0.30 per share for the quarter
“Our results this quarter illustrate that our disciplined investment
strategy and our focus on operational excellence continue to drive solid
growth for our portfolio,” commented Thomas J. Baltimore, Jr., President
and Chief Executive Officer. “With the completion of our recent
financing, we further strengthened our balance sheet and increased our
flexibility for future growth. Our strong results have allowed us to
increase our dividend meaningfully and continue to deliver significant
value to our shareholders.”
Financial and Operating Results
Performance metrics such as Occupancy, Average Daily Rate (“ADR”),
Revenue Per Available Room (“RevPAR”), Hotel EBITDA, and Hotel EBITDA
Margin are pro forma. The prefix “pro forma” as defined by the Company,
denotes operating results which include results for periods prior to its
ownership. Pro forma RevPAR and Pro forma Hotel EBITDA Margin are
reported on a comparable basis and therefore exclude hotels sold during
the period and non-comparable hotels that were not open for operation or
closed for renovations for comparable periods. Explanations of EBITDA,
Adjusted EBITDA, Hotel EBITDA, FFO, and Adjusted FFO, as well as
reconciliations of those measures to net income or loss, if applicable,
are included at the end of this release.
Pro forma RevPAR for the three months ended September 30, 2014,
increased 9.6% over the comparable period in 2013, driven by a Pro forma
ADR increase of 4.6% and a Pro forma Occupancy increase of 4.8%. Several
of the Company’s top six markets achieved double digit RevPAR growth.
Austin, Denver, Washington D.C., and Houston experienced RevPAR growth
of 14.1%, 11.1%, 10.8%, and 10.4%, respectively. For the nine months
ended September 30, 2014, Pro forma RevPAR increased 7.5% over the
comparable period in 2013, driven by a Pro forma ADR increase of 3.7%
and a Pro forma Occupancy increase of 3.7%.
Pro forma Hotel EBITDA Margin for the three months ended
September 30, 2014, increased 201 basis points over the comparable
period in 2013 to 36.8%. For the nine months ended September 30, 2014,
Pro forma Hotel EBITDA Margin increased 101 basis points over the
comparable period in 2013 to 35.9%, adjusted to normalize 2013 ground
rent at the Courtyard Waikiki Beach.
Pro forma Consolidated Hotel EBITDA includes the results of
non-comparable hotels. For the three months ended September 30, 2014,
Pro forma Consolidated Hotel EBITDA increased $15.1 million to $109.4
million, representing a 16.0% increase over the comparable period in
2013. For the nine months ended September 30, 2014, Pro forma
Consolidated Hotel EBITDA increased $29.7 million to $307.9 million,
representing a 10.7% increase over the comparable period in 2013,
adjusted to normalize 2013 ground rent at the Courtyard Waikiki Beach.
Adjusted EBITDA for the three months ended September 30, 2014,
increased $20.9 million to $101.6 million, representing a 25.8% increase
over the comparable period in 2013. For the nine months ended September
30, 2014, Adjusted EBITDA increased $42.5 million to $276.7 million,
representing an increase of 18.1% over the comparable period in 2013.
Adjusted FFO for the three months ended September 30, 2014,
increased $22.3 million to $87.4 million, representing a 34.2% increase
over the comparable period in 2013. For the nine months ended September
30, 2014, Adjusted FFO increased $50.6 million to $234.6 million,
representing an increase of 27.5% over the comparable period in 2013.
Adjusted FFO per diluted share and unit for the three and nine months
ended September 30, 2014, was $0.66 and $1.83, respectively, based on
the Company’s diluted weighted-average common shares and units
outstanding of 133.3 million and 128.2 million for each period,
respectively.
Non-recurring items which are noteworthy for the three months
ended September 30, 2014, include an impairment loss of $9.2 million
related to certain hotels being marketed for sale.
Non-recurring items are included in net income attributable to common
shareholders but have been excluded from Adjusted EBITDA and Adjusted
FFO, as applicable. A complete listing is provided in the Non-GAAP
reconciliation tables for the three and nine months ended September 30,
2014 and 2013.
Net income attributable to common shareholders for the three
months ended September 30, 2014, was $36.8 million compared to $36.5
million for the comparable period in 2013. For the nine months ended
September 30, 2014, net income attributable to common shareholders was
$101.6 million, compared to $85.5 million for the comparable period in
2013.
Net cash flow from operating activities for the nine months ended
September 30, 2014, totaled $224.1 million compared to $185.2 million
for the comparable period in 2013.
Acquisitions
During the three months ended September 30, 2014, the Company acquired
two hotels in attractive high-growth markets: the 194-room Hyatt Atlanta
Midtown in Atlanta, Georgia, and the 215-room DoubleTree Grand Key
Resort in Key West, Florida.
On July 14, 2014, the Company acquired the 194-room Hyatt Atlanta
Midtown in an off-market transaction for a total purchase price of $49.5
million, or approximately $255,000 per key. The Company expects that the
purchase price will represent a forward capitalization rate of
approximately 8.0% based on the hotel's projected 2015 net operating
income.
On September 11, 2014, the Company acquired the 215-room DoubleTree
Grand Key Resort in an off-market transaction for a purchase price of
$77.0 million, or approximately $358,000 per key. The Company plans to
spend an estimated $7.0 million on renovation upgrades in 2015. The
Company expects that the purchase price and pending capital expenditures
will represent a forward capitalization rate of approximately 8.0% based
on the hotel's projected 2016 net operating income.
Balance Sheet
As of September 30, 2014, the Company had $274.4 million of unrestricted
cash on its balance sheet, $300.0 million available on its revolving
credit facility, and approximately $1.6 billion of debt outstanding. The
Company’s ratio of net debt to Adjusted EBITDA for the trailing twelve
month period ended September 30, 2014, was 3.5 times.
Dividends
The Company’s Board of Trustees declared a cash dividend of $0.30 per
common share of beneficial interest. This dividend represents a 36.4%
increase to the prior quarter's regular cash dividend. The dividend was
paid on October 15, 2014, to shareholders of record as of September 30,
2014.
Subsequent Events
In October 2014, the Company originated four mortgage loans totaling
$143.0 million and used the proceeds to retire five mortgage loans. The
new mortgages bear a floating rate of LIBOR plus 225 basis points.
2014 Outlook
The Company’s outlook has been updated to reflect the portfolio's strong
performance and recent acquisitions. The outlook excludes potential
future acquisitions and dispositions, which could result in a material
change to the Company’s outlook. The 2014 outlook is also based on a
number of other assumptions, many of which are outside the Company’s
control and all of which are subject to change.
Pro forma operating statistics include results for periods prior to the
Company’s ownership and therefore assume the hotels were owned since
January 1, 2013. Pro forma Consolidated Hotel EBITDA includes
approximately $12.2 million of prior ownership Hotel EBITDA for recently
acquired hotels that is not included in the Company’s Adjusted EBITDA or
Adjusted FFO. Pro forma guidance removes income from hotels that were
sold.
For the full year 2014, the Company anticipates:
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Current Outlook
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Prior Outlook
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Pro forma RevPAR growth (1)
|
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6.0% to 8.0%
|
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5.0% to 7.0%
|
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Pro forma Hotel EBITDA Margin (1)
|
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35.1% to 36.1%
|
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34.7% to 35.7%
|
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Pro forma Consolidated Hotel EBITDA
|
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$390.0M to $410.0M
|
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$380.0M to $400.0M
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(1) Excludes non-comparable hotels. Properties closed for
renovations are considered non-comparable and therefore are
excluded for periods in which they are closed.
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Earnings Call
The Company will conduct its quarterly analyst and investor conference
call on November 4, 2014, at 11:00 a.m. (Eastern Time). The conference
call can be accessed by dialing (877) 407-3982 or (201) 493-6780 for
international participants and requesting RLJ Lodging Trust’s third
quarter earnings conference call. Additionally, a live webcast of the
conference call will be available through the Company’s website at http://rljlodgingtrust.com.
A replay of the conference call webcast will be archived and available
online through the Investor Relations section of the Company’s website.
About Us
RLJ Lodging Trust is a self-advised, publicly traded real estate
investment trust focused on acquiring premium-branded, focused-service
and compact full-service hotels. The Company owns 150 properties,
comprised of 148 hotels with more than 23,300 rooms and two planned
hotel conversions, located in 21 states and the District of Columbia.
Forward Looking Statements
The following information contains certain statements, other than
purely historical information, including estimates, projections,
statements relating to the Company’s business plans, objectives and
expected operating results, and the assumptions upon which those
statements are based, that are “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933, as amended and Section 21E of
the Securities Exchange Act of 1934, as amended. These forward-looking
statements generally are identified by the use of the words “believe,”
“project,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “will,”
“will continue,” “intend,” “should,” “may,” or similar expressions.
Although the Company believes that the expectations reflected in such
forward-looking statements are based upon reasonable assumptions,
beliefs and expectations, such forward-looking statements are not
predictions of future events or guarantees of future performance and the
Company’s actual results could differ materially from those set forth in
the forward-looking statements. Some factors that might cause such a
difference include the following: the current global economic
uncertainty, increased direct competition, changes in government
regulations or accounting rules, changes in local, national, and global
real estate conditions, declines in the lodging industry, seasonality of
the lodging industry, risks related to natural disasters, such as
earthquakes and hurricanes, hostilities, including future terrorist
attacks or fear of hostilities that affect travel, the Company’s ability
to obtain lines of credit or permanent financing on satisfactory terms,
changes in interest rates, access to capital through offerings of the
Company’s common and preferred shares of beneficial interest, or debt,
the Company’s ability to identify suitable acquisitions, the Company’s
ability to close on identified acquisitions and integrate those
businesses, and inaccuracies of the Company’s accounting estimates.
Given these uncertainties, undue reliance should not be placed on such
statements. Except as required by law, the Company undertakes no
obligation to update or revise publicly any forward-looking statements,
whether as a result of new information, future events or otherwise. The
Company cautions investors not to place undue reliance on these
forward-looking statements and urge investors to carefully review the
disclosures the Company makes concerning risks and uncertainties in the
sections entitled “Risk Factors,” “Forward-Looking Statements,” and
“Management’s Discussion and Analysis of Financial Condition and Results
of Operations” in the Company’s Annual Report, as well as risks,
uncertainties and other factors discussed in other documents filed by
the Company with the SEC.
For additional information or to receive press releases via email,
please visit our website:
http://rljlodgingtrust.com
RLJ Lodging Trust
Non-GAAP and Accounting Commentary
Non-Generally Accepted Accounting Principles (“GAAP”) Financial
Measures
The Company considers the following non-GAAP financial measures useful
to investors as key supplemental measures of its performance: (1) FFO,
(2) Adjusted FFO, (3) EBITDA, (4) Adjusted EBITDA, and (5) Hotel EBITDA.
These non-GAAP financial measures should be considered along with, but
not as alternatives to, net income or loss as a measure of its operating
performance. FFO, Adjusted FFO, EBITDA, Adjusted EBITDA, and Hotel
EBITDA as calculated by the Company, may not be comparable to other
companies that do not define such terms exactly as the Company.
Funds From Operations (“FFO”)
The Company calculates FFO in accordance with standards established by
the National Association of Real Estate Investment Trusts, or NAREIT,
which defines FFO as net income or loss (calculated in accordance with
GAAP), excluding gains or losses from sales of real estate, impairment,
items classified by GAAP as extraordinary, the cumulative effect of
changes in accounting principles, plus depreciation and amortization,
and adjustments for unconsolidated partnerships and joint ventures.
Historical cost accounting for real estate assets implicitly assumes
that the value of real estate assets diminishes predictably over time.
Since real estate values instead have historically risen or fallen with
market conditions, most real estate industry investors consider FFO to
be helpful in evaluating a real estate company’s operations. The Company
believes that the presentation of FFO provides useful information to
investors regarding the Company’s operating performance and can
facilitate comparisons of operating performance between periods and
between real estate investment trusts (“REITs”), even though FFO does
not represent an amount that accrues directly to common shareholders.
The Company’s calculation of FFO may not be comparable to measures
calculated by other companies who do not use the NAREIT definition of
FFO or do not calculate FFO per diluted share in accordance with NAREIT
guidance. Additionally, FFO may not be helpful when comparing the
Company to non-REITs. The Company presents FFO attributable to common
shareholders, which includes unitholders of limited partnership interest
(“OP units”) in RLJ Lodging Trust, L.P., the Company’s operating
partnership, because the OP units are redeemable for common shares of
the Company. The Company believes it is meaningful for the investor to
understand FFO attributable to all common shares and OP units.
Earnings Before Interest, Taxes, Depreciation and Amortization
(“EBITDA”)
EBITDA is defined as net income or loss excluding: (1) interest expense;
(2) provision for income taxes, including income taxes applicable to
sales of assets; and (3) depreciation and amortization. The Company
considers EBITDA useful to an investor in evaluating and facilitating
comparisons of its operating performance between periods and between
REITs by removing the impact of its capital structure (primarily
interest expense) and asset base (primarily depreciation and
amortization) from its operating results. In addition, EBITDA is used as
one measure in determining the value of hotel acquisitions and
dispositions. The Company presents EBITDA attributable to common
shareholders, which includes OP units, because the OP units are
redeemable for common shares of the Company. The Company believes it is
meaningful for the investor to understand EBITDA attributable to all
common shares and OP units.
Hotel EBITDA
With respect to Hotel EBITDA, the Company believes that excluding the
effect of corporate-level expenses and non-cash items provides a more
complete understanding of the operating results over which individual
hotels and operators have direct control. The Company believes
property-level results provide investors with supplemental information
about the ongoing operational performance of the Company’s hotels and
the effectiveness of third-party management companies.
Pro forma Hotel EBITDA includes hotel results from prior ownership
periods and excludes non-comparable hotels which were not open for
operation or were closed for renovations for comparable periods. Pro
forma Consolidated Hotel EBITDA includes hotel results from prior
ownership periods and includes the results of non-comparable hotels
which were not open for operation or were closed for renovations during
the comparable periods.
Adjustments to FFO and EBITDA
The Company adjusts FFO and EBITDA for certain additional items, such as
transaction and pursuit costs, the amortization of share based
compensation, and certain other expenses that the Company considers
outside the normal course of business. The Company believes that
Adjusted FFO and Adjusted EBITDA provide useful supplemental information
to investors regarding its ongoing operating performance that, when
considered with net income, FFO and EBITDA, is beneficial to an
investor’s understanding of its operating performance. The Company
adjusts FFO and EBITDA for the following items, as applicable:
-
Transaction and Pursuit Costs: The Company excludes transaction
and pursuit costs expensed during the period because it believes they
do not reflect the underlying performance of the Company.
-
Non-Cash Expenses: The Company excludes the effect of certain
non-cash items because it believes they do not reflect the underlying
performance of the Company. The Company has excluded the amortization
of share based compensation, non-cash gain or loss on the disposal of
assets, non-cash gain or loss on the extinguishment of indebtedness,
non-cash gain on foreclosure, the accelerated amortization of deferred
management and financing fees, and impairment loss.
-
Other Non-operational Expenses: The Company excludes the effect
of certain non-operational expenses because it believes they do not
reflect the underlying performance of the Company. The Company has
excluded the loss on defeasance and legal expenses it considered
outside the normal course of business.
New Accounting Treatment for Discontinued Operations
The Company adopted Financial Accounting Standards Board Accounting
Standards Update 2014-08, Reporting Discontinued Operations and
Disclosures of Disposals of Components of an Entity. Going forward,
the Company will only classify dispositions in discontinued operations
if they represent a strategic shift in operations (e.g., disposal of a
major line of business). The 14 assets sold during the nine months ended
September 30, 2014, do not represent a strategic shift in operations for
the Company.
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RLJ Lodging Trust
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Consolidated Balance Sheets
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(Amounts in thousands, except share and per share data)
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|
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September 30,
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December 31,
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|
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2014
|
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2013
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(unaudited)
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|
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Assets
|
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|
|
|
|
|
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Investment in hotels and other properties, net
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$
|
3,704,801
|
|
|
$
|
3,241,163
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|
|
Cash and cash equivalents
|
|
274,440
|
|
|
332,248
|
|
|
Restricted cash reserves
|
|
59,484
|
|
|
62,430
|
|
|
Hotel and other receivables, net of allowance of $233 and $234,
respectively
|
|
37,574
|
|
|
22,762
|
|
|
Deferred financing costs, net
|
|
9,866
|
|
|
11,599
|
|
|
Deferred income tax asset
|
|
2,941
|
|
|
2,529
|
|
|
Purchase deposits
|
|
1,000
|
|
|
7,246
|
|
|
Prepaid expense and other assets
|
|
43,882
|
|
|
37,997
|
|
|
Total assets
|
|
$
|
4,133,988
|
|
|
$
|
3,717,974
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
Mortgage loans
|
|
$
|
533,335
|
|
|
$
|
559,665
|
|
|
Term loans
|
|
1,025,000
|
|
|
850,000
|
|
|
Accounts payable and accrued expense
|
|
125,752
|
|
|
115,011
|
|
|
Deferred income tax liability
|
|
3,325
|
|
|
3,548
|
|
|
Advance deposits and deferred revenue
|
|
13,074
|
|
|
9,851
|
|
|
Accrued interest
|
|
2,711
|
|
|
2,695
|
|
|
Distributions payable
|
|
41,834
|
|
|
30,870
|
|
|
Total liabilities
|
|
1,745,031
|
|
|
1,571,640
|
|
|
Equity
|
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|
|
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|
|
|
Shareholders’ equity:
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|
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|
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Preferred shares of beneficial interest, $0.01 par value, 50,000,000
shares authorized; zero shares issued and outstanding at September
30, 2014 and December 31, 2013, respectively
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—
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|
|
—
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|
Common shares of beneficial interest, $0.01 par value, 450,000,000
shares authorized; 132,024,296 and 122,640,042 shares issued and
outstanding at September 30, 2014 and December 31, 2013, respectively
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1,319
|
|
|
1,226
|
|
|
Additional paid-in-capital
|
|
2,417,759
|
|
|
2,178,004
|
|
|
Accumulated other comprehensive loss
|
|
(7,287
|
)
|
|
(5,941
|
)
|
|
Distributions in excess of net earnings
|
|
(40,369
|
)
|
|
(45,522
|
)
|
|
Total shareholders’ equity
|
|
2,371,422
|
|
|
2,127,767
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|
|
Noncontrolling interest
|
|
|
|
|
|
|
|
Noncontrolling interest in joint venture
|
|
6,226
|
|
|
7,306
|
|
|
Noncontrolling interest in Operating Partnership
|
|
11,309
|
|
|
11,261
|
|
|
Total noncontrolling interest
|
|
17,535
|
|
|
18,567
|
|
|
Total equity
|
|
2,388,957
|
|
|
2,146,334
|
|
|
Total liabilities and equity
|
|
$
|
4,133,988
|
|
|
$
|
3,717,974
|
|
|
|
|
|
|
|
|
|
|
|
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RLJ Lodging Trust
|
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Consolidated Statements of Operations
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(Amounts in thousands, except share and per share data)
|
|
(unaudited)
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|
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|
|
|
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|
|
For the three months ended
|
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For the nine months ended
|
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|
|
September 30,
|
|
September 30,
|
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|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room revenue
|
|
$
|
261,895
|
|
|
$
|
221,318
|
|
|
$
|
727,367
|
|
|
$
|
635,157
|
|
|
Food and beverage revenue
|
|
27,076
|
|
|
22,907
|
|
|
77,924
|
|
|
71,206
|
|
|
Other operating department revenue
|
|
8,695
|
|
|
7,891
|
|
|
23,795
|
|
|
21,446
|
|
|
Total revenue
|
|
297,666
|
|
|
252,116
|
|
|
829,086
|
|
|
727,809
|
|
|
Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room expense
|
|
57,012
|
|
|
49,388
|
|
|
158,669
|
|
|
139,550
|
|
|
Food and beverage expense
|
|
19,397
|
|
|
16,629
|
|
|
55,016
|
|
|
50,406
|
|
|
Management fee expense
|
|
11,569
|
|
|
8,773
|
|
|
32,639
|
|
|
25,524
|
|
|
Other operating expense
|
|
83,273
|
|
|
74,482
|
|
|
234,281
|
|
|
213,919
|
|
|
Total property operating expense
|
|
171,251
|
|
|
149,272
|
|
|
480,605
|
|
|
429,399
|
|
|
Depreciation and amortization
|
|
37,243
|
|
|
31,551
|
|
|
105,541
|
|
|
94,748
|
|
|
Impairment loss
|
|
9,200
|
|
|
—
|
|
|
9,200
|
|
|
—
|
|
|
Property tax, insurance and other
|
|
17,874
|
|
|
16,628
|
|
|
53,064
|
|
|
47,873
|
|
|
General and administrative
|
|
11,029
|
|
|
8,961
|
|
|
31,293
|
|
|
26,839
|
|
|
Transaction and pursuit costs
|
|
480
|
|
|
478
|
|
|
4,375
|
|
|
2,822
|
|
|
Total operating expense
|
|
247,077
|
|
|
206,890
|
|
|
684,078
|
|
|
601,681
|
|
|
Operating income
|
|
50,589
|
|
|
45,226
|
|
|
145,008
|
|
|
126,128
|
|
|
Other income
|
|
48
|
|
|
164
|
|
|
563
|
|
|
334
|
|
|
Interest income
|
|
337
|
|
|
241
|
|
|
1,622
|
|
|
777
|
|
|
Interest expense
|
|
(13,858
|
)
|
|
(16,511
|
)
|
|
(42,646
|
)
|
|
(50,170
|
)
|
|
Gain on foreclosure
|
|
—
|
|
|
4,831
|
|
|
—
|
|
|
4,831
|
|
|
Income from continuing operations before income tax expense
|
|
37,116
|
|
|
33,951
|
|
|
104,547
|
|
|
81,900
|
|
|
Income tax expense
|
|
(374
|
)
|
|
(181
|
)
|
|
(1,162
|
)
|
|
(752
|
)
|
|
Income from continuing operations
|
|
36,742
|
|
|
33,770
|
|
|
103,385
|
|
|
81,148
|
|
|
Income from discontinued operations
|
|
—
|
|
|
3,158
|
|
|
—
|
|
|
5,349
|
|
|
Gain (loss) on disposal of hotel properties
|
|
322
|
|
|
—
|
|
|
(975
|
)
|
|
—
|
|
|
Net income
|
|
37,064
|
|
|
36,928
|
|
|
102,410
|
|
|
86,497
|
|
|
Net income attributable to non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interest in consolidated joint venture
|
|
(57
|
)
|
|
(166
|
)
|
|
(102
|
)
|
|
(321
|
)
|
|
Noncontrolling interest in common units of Operating Partnership
|
|
(247
|
)
|
|
(293
|
)
|
|
(712
|
)
|
|
(700
|
)
|
|
Net income attributable to common shareholders
|
|
$
|
36,760
|
|
|
$
|
36,469
|
|
|
$
|
101,596
|
|
|
$
|
85,476
|
|
|
Basic per common share data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations attributable to common
shareholders, including loss on disposal of hotel properties
|
|
$
|
0.28
|
|
|
$
|
0.27
|
|
|
$
|
0.80
|
|
|
$
|
0.68
|
|
|
Discontinued operations
|
|
—
|
|
|
0.03
|
|
|
—
|
|
|
0.05
|
|
|
Net income per share attributable to common shareholders
|
|
$
|
0.28
|
|
|
$
|
0.30
|
|
|
$
|
0.80
|
|
|
$
|
0.73
|
|
|
Weighted-average number of common shares
|
|
131,106,440
|
|
|
121,594,219
|
|
|
126,070,309
|
|
|
116,697,417
|
|
|
Diluted per common share data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations attributable to common
shareholders, including loss on disposal of hotel properties
|
|
$
|
0.28
|
|
|
$
|
0.27
|
|
|
$
|
0.79
|
|
|
$
|
0.67
|
|
|
Discontinued operations
|
|
—
|
|
|
0.03
|
|
|
—
|
|
|
0.05
|
|
|
Net income per share attributable to common shareholders
|
|
$
|
0.28
|
|
|
$
|
0.30
|
|
|
$
|
0.79
|
|
|
$
|
0.72
|
|
|
Weighted-average number of common shares
|
|
132,386,843
|
|
|
122,750,121
|
|
|
127,297,901
|
|
|
117,797,670
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
The Statement of Comprehensive Income and corresponding footnotes
can be found in the Company’s Quarterly Report on Form 10-Q.
|
|
|
|
|
|
RLJ Lodging Trust
|
|
Reconciliation of Net Income to Non-GAAP Measures
|
|
(Amounts in thousands, except per share data)
|
|
(unaudited)
|
|
|
|
Funds From Operations (FFO)
|
|
|
|
|
|
|
|
|
|
For the three months ended
|
|
For the nine months ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Net income
|
|
$
|
37,064
|
|
|
$
|
36,928
|
|
|
$
|
102,410
|
|
|
$
|
86,497
|
|
|
Depreciation and amortization
|
|
37,243
|
|
|
31,551
|
|
|
105,541
|
|
|
94,748
|
|
|
(Gain) Loss on disposal of hotel properties
|
|
(322
|
)
|
|
—
|
|
|
975
|
|
|
—
|
|
|
Gain on extinguishment of indebtedness
|
|
—
|
|
|
(3,277
|
)
|
|
—
|
|
|
(5,702
|
)
|
|
Impairment loss
|
|
9,200
|
|
|
—
|
|
|
9,200
|
|
|
—
|
|
|
Noncontrolling interest in joint venture
|
|
(57
|
)
|
|
(166
|
)
|
|
(102
|
)
|
|
(321
|
)
|
|
Adjustments related to discontinued operations (1)
|
|
—
|
|
|
35
|
|
|
—
|
|
|
191
|
|
|
Adjustments related to joint venture (2)
|
|
(47
|
)
|
|
(121
|
)
|
|
(139
|
)
|
|
(363
|
)
|
|
FFO attributable to common shareholders
|
|
83,081
|
|
|
64,950
|
|
|
217,885
|
|
|
175,050
|
|
|
Gain on foreclosure
|
|
—
|
|
|
(4,831
|
)
|
|
—
|
|
|
(4,831
|
)
|
|
Transaction and pursuit costs
|
|
480
|
|
|
478
|
|
|
4,375
|
|
|
2,822
|
|
|
Amortization of share based compensation
|
|
3,851
|
|
|
3,344
|
|
|
11,244
|
|
|
9,691
|
|
|
Loan related costs (3)
|
|
—
|
|
|
1,046
|
|
|
1,073
|
|
|
1,046
|
|
|
Other expenses (4)
|
|
—
|
|
|
133
|
|
|
—
|
|
|
157
|
|
|
Adjusted FFO
|
|
$
|
87,412
|
|
|
$
|
65,120
|
|
|
$
|
234,577
|
|
|
$
|
183,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO per common share and unit-basic
|
|
$
|
0.66
|
|
|
$
|
0.53
|
|
|
$
|
1.85
|
|
|
$
|
1.56
|
|
|
Adjusted FFO per common share and unit-diluted
|
|
$
|
0.66
|
|
|
$
|
0.53
|
|
|
$
|
1.83
|
|
|
$
|
1.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted-average common shares and units outstanding (5)
|
|
132,000
|
|
|
122,488
|
|
|
126,964
|
|
|
117,591
|
|
|
Diluted weighted-average common shares and units outstanding (5)
|
|
133,281
|
|
|
123,644
|
|
|
128,192
|
|
|
118,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
(1)
|
|
Includes depreciation and amortization expense from discontinued
operations.
|
|
(2)
|
|
Includes depreciation and amortization expense allocated to the
noncontrolling interest in the joint venture.
|
|
(3)
|
|
Represents loss on defeasance and accelerated amortization of
deferred financing fees.
|
|
(4)
|
|
Represents accelerated deferred management expense and legal
expenses outside the normal course of operations.
|
|
(5)
|
|
Includes 0.9 million operating partnership units.
|
|
|
|
|
|
|
|
RLJ Lodging Trust
|
|
Reconciliation of Net Income to Non-GAAP Measures
|
|
(Amounts in thousands)
|
|
(unaudited)
|
|
|
|
Earnings Before Interest, Taxes, Depreciation and Amortization
(EBITDA)
|
|
|
|
|
|
|
For the three months ended
September 30,
|
|
|
For the nine months ended
September 30,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
Net income
|
|
|
$
|
37,064
|
|
|
|
$
|
36,928
|
|
|
|
$
|
102,410
|
|
|
|
$
|
86,497
|
|
|
Depreciation and amortization
|
|
|
|
37,243
|
|
|
|
|
31,551
|
|
|
|
|
105,541
|
|
|
|
|
94,748
|
|
|
Interest expense, net (1)
|
|
|
|
13,850
|
|
|
|
|
16,501
|
|
|
|
|
41,991
|
|
|
|
|
50,149
|
|
|
Income tax expense
|
|
|
|
374
|
|
|
|
|
181
|
|
|
|
|
1,162
|
|
|
|
|
752
|
|
|
Noncontrolling interest in joint venture
|
|
|
|
(57
|
)
|
|
|
|
(166
|
)
|
|
|
|
(102
|
)
|
|
|
|
(321
|
)
|
|
Adjustments related to discontinued operations (2)
|
|
|
|
—
|
|
|
|
|
66
|
|
|
|
|
—
|
|
|
|
|
563
|
|
|
Adjustments related to joint venture (3)
|
|
|
|
(47
|
)
|
|
|
|
(121
|
)
|
|
|
|
(139
|
)
|
|
|
|
(363
|
)
|
|
EBITDA
|
|
|
|
88,427
|
|
|
|
|
84,940
|
|
|
|
|
250,863
|
|
|
|
|
232,025
|
|
|
Gain on foreclosure
|
|
|
|
—
|
|
|
|
|
(4,831
|
)
|
|
|
|
—
|
|
|
|
|
(4,831
|
)
|
|
Transaction and pursuit costs
|
|
|
|
480
|
|
|
|
|
478
|
|
|
|
|
4,375
|
|
|
|
|
2,822
|
|
|
Gain on extinguishment of indebtedness
|
|
|
|
—
|
|
|
|
|
(3,277
|
)
|
|
|
|
—
|
|
|
|
|
(5,702
|
)
|
|
Impairment loss
|
|
|
|
9,200
|
|
|
|
|
—
|
|
|
|
|
9,200
|
|
|
|
|
—
|
|
|
(Gain) loss on disposal of hotel properties
|
|
|
|
(322
|
)
|
|
|
|
—
|
|
|
|
|
975
|
|
|
|
|
—
|
|
|
Amortization of share based compensation
|
|
|
|
3,851
|
|
|
|
|
3,344
|
|
|
|
|
11,244
|
|
|
|
|
9,691
|
|
|
Other expenses (4)
|
|
|
|
—
|
|
|
|
|
133
|
|
|
|
|
—
|
|
|
|
|
157
|
|
|
Adjusted EBITDA
|
|
|
$
|
101,636
|
|
|
|
$
|
80,787
|
|
|
|
$
|
276,657
|
|
|
|
$
|
234,162
|
|
|
General and administrative (5)
|
|
|
|
7,178
|
|
|
|
|
5,617
|
|
|
|
|
20,049
|
|
|
|
|
17,148
|
|
|
Operating results from noncontrolling interest in joint venture
|
|
|
|
104
|
|
|
|
|
287
|
|
|
|
|
241
|
|
|
|
|
684
|
|
|
Residential income
|
|
|
|
(11
|
)
|
|
|
|
(188
|
)
|
|
|
|
23
|
|
|
|
|
(420
|
)
|
|
Pro forma adjustments (6)
|
|
|
|
368
|
|
|
|
|
11,776
|
|
|
|
|
12,176
|
|
|
|
|
37,954
|
|
|
Income from sold properties
|
|
|
|
29
|
|
|
|
|
(4,055
|
)
|
|
|
|
(1,181
|
)
|
|
|
|
(11,663
|
)
|
|
Other corporate adjustments
|
|
|
|
93
|
|
|
|
|
67
|
|
|
|
|
(48
|
)
|
|
|
|
331
|
|
|
Pro forma Consolidated Hotel EBITDA
|
|
|
|
109,397
|
|
|
|
|
94,291
|
|
|
|
|
307,917
|
|
|
|
|
278,196
|
|
|
Non-comparable hotels (7)
|
|
|
|
(933
|
)
|
|
|
|
(356
|
)
|
|
|
|
(2,111
|
)
|
|
|
|
(642
|
)
|
|
Pro forma Hotel EBITDA
|
|
|
$
|
108,464
|
|
|
|
$
|
93,935
|
|
|
|
$
|
305,806
|
|
|
|
$
|
277,554
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
(1)
|
|
Interest expense is net of interest income, excludes amounts
attributable to investment in loans of $0.3 million and $1.0 million
for the three and nine months ended September 30, 2014,
respectively, and $0.2 million and $0.8 million for the three and
nine months ended September 30, 2013, respectively.
|
|
(2)
|
|
Includes depreciation, amortization, and interest expense from
discontinued operations.
|
|
(3)
|
|
Includes depreciation, amortization, and interest expense allocated
to the noncontrolling interest in the joint venture.
|
|
(4)
|
|
Represents accelerated deferred management expense and legal
expenses outside the normal course of operations.
|
|
(5)
|
|
General and administrative expenses exclude amortization of share
based compensation, which is reflected in Adjusted EBITDA.
|
|
(6)
|
|
Reflects prior ownership results of recent acquisitions and
normalizes ground rent for the Courtyard Waikiki Beach. For nine
months ended September 30, 2013, Pro forma Hotel EBITDA for
Courtyard Waikiki Beach was reduced by $1.6 million.
|
|
(7)
|
|
Reflects the results of Residence Inn Atlanta Midtown/Georgia Tech,
Hyatt Atlanta Midtown, and Hilton Cabana Miami Beach, which were not
open for the entirety of the comparable periods. Also reflects the
results of Fairfield Inn & Suites Key West during three months ended
September 30, 2014 and 2013, since it was closed for a comprehensive
renovation during Q3 2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RLJ Lodging Trust
|
|
Consolidated Debt Summary
|
|
(Amounts in thousands)
|
|
(unaudited)
|
|
|
|
|
|
Loan
|
|
|
Base Term
(Years)
|
|
|
Maturity
(incl. extensions)
|
|
|
Floating/
Fixed
|
|
|
Interest
Rate (1)
|
|
|
Balance as of
September 30, 2014
|
|
Secured Debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capmark Financial Group - 1 hotel
|
|
|
10
|
|
|
May 2015
|
|
|
Fixed
|
|
|
5.55
|
%
|
|
|
$
|
10,615
|
|
Capmark Financial Group - 1 hotel
|
|
|
10
|
|
|
Jun 2015
|
|
|
Fixed
|
|
|
5.55
|
%
|
|
|
|
4,605
|
|
Barclays Bank - 12 hotels
|
|
|
10
|
|
|
Jun 2015
|
|
|
Fixed
|
|
|
5.55
|
%
|
|
|
|
108,576
|
|
Barclays Bank - 4 hotels
|
|
|
10
|
|
|
Jun 2015
|
|
|
Fixed
|
|
|
5.60
|
%
|
|
|
|
27,030
|
|
Capmark Financial Group - 1 hotel
|
|
|
10
|
|
|
Jul 2015
|
|
|
Fixed
|
|
|
5.50
|
%
|
|
|
|
6,273
|
|
Barclays Bank - 1 hotel
|
|
|
10
|
|
|
Sep 2015
|
|
|
Fixed
|
|
|
5.44
|
%
|
|
|
|
10,236
|
|
Wells Fargo - 5 hotels (2)
|
|
|
3
|
|
|
Oct 2016
|
|
|
Floating
|
|
|
3.76
|
%
|
|
|
|
142,000
|
|
PNC Bank - 5 hotels
|
|
|
4
|
|
|
May 2017
|
|
|
Floating
|
|
|
2.51
|
%
|
|
|
|
74,000
|
|
Wells Fargo - 4 hotels
|
|
|
3
|
|
|
Sep 2020
|
|
|
Floating (3)
|
|
|
4.19
|
%
|
|
|
|
150,000
|
|
Secured Total / Weighted Average
|
|
|
|
|
|
|
|
|
|
|
|
4.27
|
%
|
|
|
$
|
533,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured Debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Facility
|
|
|
4
|
|
|
Nov 2017
|
|
|
Floating
|
|
|
—
|
%
|
|
|
$
|
—
|
|
2013 Five-Year Term Loan
|
|
|
5
|
|
|
Aug 2018
|
|
|
Floating (3)(4)
|
|
|
3.07
|
%
|
|
|
|
400,000
|
|
2012 Five-Year Term Loan
|
|
|
5
|
|
|
Mar 2019
|
|
|
Floating (3)(5)
|
|
|
1.71
|
%
|
|
|
|
400,000
|
|
Seven-Year Term Loan
|
|
|
7
|
|
|
Nov 2019
|
|
|
Floating (3)
|
|
|
4.04
|
%
|
|
|
|
225,000
|
|
Unsecured Total / Weighted Average
|
|
|
|
|
|
|
|
|
|
|
|
2.75
|
%
|
|
|
$
|
1,025,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt / Weighted Average
|
|
|
|
|
|
|
|
|
|
|
|
3.27
|
%
|
|
|
$
|
1,558,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
(1)
|
|
Interest rates as of September 30, 2014.
|
|
(2)
|
|
In October 2014, the Company refinanced these mortgage loans. See
"Subsequent Events" section for more information.
|
|
(3)
|
|
The floating interest rate is hedged with an interest rate swap.
|
|
(4)
|
|
Reflects interest rate swap on $350.0 million.
|
|
(5)
|
|
Interest rate does not reflect forward interest rate swap. Forward
swap only applicable to $275.0 million.
|
|
|
|
|
|
|
|
RLJ Lodging Trust
|
|
Acquisitions
|
|
(unaudited)
|
|
|
|
|
|
2014 Acquisitions
|
|
|
Location
|
|
|
Acquisition Date
|
|
|
Management
Company
|
|
|
Rooms
|
|
|
Gross Purchase
Price
($ in millions) (1)
|
|
|
% Interest
|
|
Hyatt House Charlotte Center City
|
|
|
Charlotte, NC
|
|
|
Mar 12, 2014
|
|
|
Hyatt Affiliate
|
|
|
163
|
|
|
$
|
32.5
|
|
|
100
|
%
|
|
Hyatt House Cypress Anaheim
|
|
|
Cypress, CA
|
|
|
Mar 12, 2014
|
|
|
Hyatt Affiliate
|
|
|
142
|
|
|
|
14.8
|
|
|
100
|
%
|
|
Hyatt House Emeryville SF Bay Area
|
|
|
Emeryville, CA
|
|
|
Mar 12, 2014
|
|
|
Hyatt Affiliate
|
|
|
234
|
|
|
|
39.3
|
|
|
100
|
%
|
|
Hyatt House San Diego Sorrento Mesa
|
|
|
San Diego, CA
|
|
|
Mar 12, 2014
|
|
|
Hyatt Affiliate
|
|
|
193
|
|
|
|
36.0
|
|
|
100
|
%
|
|
Hyatt House San Jose Silicon Valley
|
|
|
San Jose, CA
|
|
|
Mar 12, 2014
|
|
|
Hyatt Affiliate
|
|
|
164
|
|
|
|
44.2
|
|
|
100
|
%
|
|
Hyatt House San Ramon
|
|
|
San Ramon, CA
|
|
|
Mar 12, 2014
|
|
|
Hyatt Affiliate
|
|
|
142
|
|
|
|
20.8
|
|
|
100
|
%
|
|
Hyatt House Santa Clara
|
|
|
Santa Clara, CA
|
|
|
Mar 12, 2014
|
|
|
Hyatt Affiliate
|
|
|
150
|
|
|
|
40.6
|
|
|
100
|
%
|
|
Hyatt Market Street The Woodlands
|
|
|
The Woodlands, TX
|
|
|
Mar 12, 2014
|
|
|
Hyatt Corporation
|
|
|
70
|
|
|
|
25.8
|
|
|
100
|
%
|
|
Hyatt Place Fremont Silicon Valley
|
|
|
Fremont, CA
|
|
|
Mar 12, 2014
|
|
|
Hyatt Affiliate
|
|
|
151
|
|
|
|
23.5
|
|
|
100
|
%
|
|
Hyatt Place Madison Downtown
|
|
|
Madison, WI
|
|
|
Mar 12, 2014
|
|
|
Hyatt Affiliate
|
|
|
151
|
|
|
|
35.1
|
|
|
100
|
%
|
|
Courtyard Portland City Center
|
|
|
Portland, OR
|
|
|
May 22, 2014
|
|
|
Sage Hospitality
|
|
|
256
|
|
|
|
67.0
|
|
|
100
|
%
|
|
Embassy Suites Irvine Orange County
|
|
|
Irvine, CA
|
|
|
May 22, 2014
|
|
|
Sage Hospitality
|
|
|
293
|
|
|
|
53.0
|
|
|
100
|
%
|
|
Hilton Cabana Miami Beach
|
|
|
Miami Beach, FL
|
|
|
Jun 19, 2014
|
|
|
Highgate Hotels
|
|
|
231
|
|
|
|
71.7
|
|
|
100
|
%
|
|
Hyatt Atlanta Midtown
|
|
|
Atlanta, GA
|
|
|
Jul 14, 2014
|
|
|
Interstate Hotels and Resorts
|
|
|
194
|
|
|
|
49.5
|
|
|
100
|
%
|
|
DoubleTree Grand Key Resort (2)
|
|
|
Key West, FL
|
|
|
Sep 11, 2014
|
|
|
Interstate Hotels and Resorts
|
|
|
215
|
|
|
|
77.0
|
|
|
100
|
%
|
|
Total Acquisitions
|
|
|
|
|
|
|
|
|
|
|
|
2,749
|
|
|
$
|
630.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 Acquisitions
|
|
|
Location
|
|
|
Acquisition Date
|
|
|
Management
Company
|
|
|
Rooms
|
|
|
Gross Purchase
Price
($ in millions) (1)
|
|
|
% Interest
|
|
Courtyard Houston Downtown Convention Center
|
|
|
Houston, TX
|
|
|
Mar 19, 2013
|
|
|
White Lodging Services
|
|
|
191
|
|
|
$
|
34.4
|
|
|
100
|
%
|
|
Residence Inn Houston Downtown Convention Center
|
|
|
Houston, TX
|
|
|
Mar 19, 2013
|
|
|
White Lodging Services
|
|
|
171
|
|
|
|
29.5
|
|
|
100
|
%
|
|
Humble Tower Apartments (3)
|
|
|
Houston, TX
|
|
|
Mar 19, 2013
|
|
|
N/A
|
|
|
82
|
|
|
|
15.6
|
|
|
100
|
%
|
|
Courtyard Waikiki Beach
|
|
|
Honolulu, HI
|
|
|
Jun 17, 2013
|
|
|
Highgate Hotels
|
|
|
399
|
|
|
|
75.3
|
|
|
100
|
%
|
|
Vantaggio Suites Cosmo (4)
|
|
|
San Francisco, CA
|
|
|
Jun 21, 2013
|
|
|
N/A
|
|
|
150
|
|
|
|
29.5
|
|
|
100
|
%
|
|
Residence Inn Atlanta Midtown/Georgia Tech (5)
|
|
|
Atlanta, GA
|
|
|
Aug 6, 2013
|
|
|
Interstate Hotels and Resorts
|
|
|
78
|
|
|
|
5.0
|
|
|
100
|
%
|
|
SpringHill Suites Portland Hillsboro
|
|
|
Hillsboro, OR
|
|
|
Oct 8, 2013
|
|
|
InnVentures
|
|
|
106
|
|
|
|
24.0
|
|
|
100
|
%
|
|
Total Acquisitions
|
|
|
|
|
|
|
|
|
|
|
|
1,177
|
|
|
$
|
213.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
(1)
|
|
Gross purchase price does not include net closing adjustments.
Please refer to the 10-Q for the net purchase price.
|
|
(2)
|
|
Purchase price does not include $1.3 million paid for five
condominium units.
|
|
(3)
|
|
This property is currently not open for operations. Conversion to a
SpringHill Suites is in progress.
|
|
(4)
|
|
This property is currently not open for operations. Conversion to a
Courtyard by Marriott is in progress.
|
|
(5)
|
|
The Company was the successful bidder at a foreclosure sale of the
property collateralizing the non-performing loan. The purchase price
equates to the original amount paid for the mortgage note in
November 2009. In October 2014, the property reopened after a
comprehensive renovation as a 90-room hotel.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RLJ Lodging Trust
|
|
Pro forma Operating Statistics — Top 50 Assets
|
|
(Amounts in thousands, except rooms)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
For the trailing twelve months ended September 30, 2014
|
|
|
|
|
|
|
|
|
|
Property
|
|
City/State
|
|
# of Rooms
|
|
EBITDA
|
|
DoubleTree NYC Metropolitan
|
|
New York, NY
|
|
764
|
|
$
|
19,539
|
|
Marriott Louisville Downtown
|
|
Louisville, KY
|
|
616
|
|
15,223
|
|
Hilton New York Fashion District
|
|
New York, NY
|
|
280
|
|
10,558
|
|
Hilton Garden Inn New York W 35th St
|
|
New York, NY
|
|
298
|
|
10,525
|
|
Courtyard Austin Dtwn Conv Ctr
|
|
Austin, TX
|
|
270
|
|
9,557
|
|
Courtyard Chicago Downtown Mag Mile
|
|
Chicago, IL
|
|
306
|
|
6,645
|
|
Courtyard Waikiki Beach
|
|
Honolulu, HI
|
|
403
|
|
6,216
|
|
Courtyard Portland City Center
|
|
Portland, OR
|
|
256
|
|
6,156
|
|
Fairfield Inn & Suites DC Downtown
|
|
Washington, DC
|
|
198
|
|
6,053
|
|
Renaissance Pittsburgh Hotel
|
|
Pittsburgh, PA
|
|
300
|
|
6,045
|
|
Embassy Suites Tampa Dtwn Conv Ctr
|
|
Tampa, FL
|
|
360
|
|
5,783
|
|
Residence Inn Austin Dtwn Conv Ctr
|
|
Austin, TX
|
|
179
|
|
5,323
|
|
Courtyard New York Manhattan Upper East
|
|
New York, NY
|
|
226
|
|
4,966
|
|
Hilton Garden Inn SF Oakland Bay Bridge
|
|
Emeryville, CA
|
|
278
|
|
4,927
|
|
Courtyard Charleston Historic District
|
|
Charleston, SC
|
|
176
|
|
4,855
|
|
Marriott Denver Airport @ Gateway Park
|
|
Aurora, CO
|
|
238
|
|
4,848
|
|
Embassy Suites Boston Waltham
|
|
Waltham, MA
|
|
275
|
|
4,721
|
|
Courtyard Houston By The Galleria
|
|
Houston, TX
|
|
190
|
|
4,702
|
|
Marriott Denver South @ Park Meadows
|
|
Lone Tree, CO
|
|
279
|
|
4,661
|
|
Hilton Garden Inn Los Angeles Hollywood
|
|
Los Angeles, CA
|
|
160
|
|
4,567
|
|
Hyatt House Emeryville SF Bay Area
|
|
Emeryville, CA
|
|
234
|
|
4,483
|
|
Hyatt House Santa Clara
|
|
Santa Clara, CA
|
|
150
|
|
4,464
|
|
Residence Inn Bethesda Downtown
|
|
Bethesda, MD
|
|
187
|
|
4,461
|
|
Hilton Garden Inn New Orleans Conv Ctr
|
|
New Orleans, LA
|
|
286
|
|
4,396
|
|
Homewood Suites Washington DC Downtown
|
|
Washington, DC
|
|
175
|
|
4,394
|
|
DoubleTree Grand Key Resort
|
|
Key West, FL
|
|
215
|
|
4,370
|
|
Embassy Suites Los Angeles Downey
|
|
Downey, CA
|
|
219
|
|
4,158
|
|
Hyatt House San Jose Silicon Valley
|
|
San Jose, CA
|
|
164
|
|
4,116
|
|
Residence Inn National Harbor DC
|
|
Oxon Hill, MD
|
|
162
|
|
3,975
|
|
Marriott Austin South
|
|
Austin, TX
|
|
211
|
|
3,762
|
|
Renaissance Ft Lauderdale Plantation
|
|
Plantation, FL
|
|
250
|
|
3,715
|
|
Courtyard Houston Dtwn Conv Ctr
|
|
Houston, TX
|
|
191
|
|
3,692
|
|
Hampton Inn Houston Near The Galleria
|
|
Houston, TX
|
|
176
|
|
3,377
|
|
Residence Inn Chicago Oak Brook
|
|
Oak Brook, IL
|
|
156
|
|
3,359
|
|
Residence Inn Houston Dtwn Conv Ctr
|
|
Houston, TX
|
|
171
|
|
3,353
|
|
Renaissance Boulder Flatiron Hotel
|
|
Broomfield, CO
|
|
232
|
|
3,278
|
|
Embassy Suites Irvine Orange Cnty Arprt
|
|
Irvine, CA
|
|
293
|
|
3,247
|
|
Hyatt House San Diego Sorrento Mesa
|
|
San Diego, CA
|
|
193
|
|
3,129
|
|
Marriott Chicago Midway
|
|
Chicago, IL
|
|
200
|
|
3,054
|
|
Residence Inn Houston By The Galleria
|
|
Houston, TX
|
|
146
|
|
3,035
|
|
Hilton Garden Inn Bloomington
|
|
Bloomington, IN
|
|
168
|
|
3,005
|
|
Hyatt House Charlotte Center City
|
|
Charlotte, NC
|
|
163
|
|
2,947
|
|
Residence Inn Louisville Downtown
|
|
Louisville, KY
|
|
140
|
|
2,891
|
|
Hyatt Place Madison Downtown
|
|
Madison, WI
|
|
151
|
|
2,878
|
|
Hampton Inn Garden City
|
|
Garden City, NY
|
|
143
|
|
2,867
|
|
Hilton Garden Inn Pittsburgh Univ Pl
|
|
Pittsburgh, PA
|
|
202
|
|
2,696
|
|
Hyatt House Dallas Lincoln Park
|
|
Dallas, TX
|
|
155
|
|
2,598
|
|
Residence Inn Indy Dtwn On The Canal
|
|
Indianapolis, IN
|
|
134
|
|
2,572
|
|
SpringHill Suites Portland Hillsboro
|
|
Hillsboro, OR
|
|
106
|
|
2,401
|
|
Hyatt House Houston Galleria
|
|
Houston, TX
|
|
147
|
|
2,178
|
|
Top 50 Assets
|
|
|
|
11,572
|
|
248,721
|
|
Other (1)
|
|
|
|
11,786
|
|
146,361
|
|
Total Portfolio
|
|
|
|
23,358
|
|
$
|
395,082
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
The information above has not been audited and is presented
only for comparison purposes. Results reflect 100% of DoubleTree
NYC Metropolitan financial results, which have not been adjusted
to reflect the noncontrolling interest in the joint venture.
|
|
(1) Reflects 98 hotels. Disposed hotels and two planned hotel
conversions which are underway are not included.
|
|
|
|
|
|
RLJ Lodging Trust
|
|
Pro forma Operating Statistics
|
|
(unaudited)
|
|
|
|
For the three months ended September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of Hotel
|
|
Top Markets
|
|
|
|
Occupancy
|
|
ADR
|
|
RevPAR
|
|
EBITDA
|
|
|
|
# of Hotels
|
|
2014
|
|
|
2013
|
|
|
Var
|
|
|
2014
|
|
|
2013
|
|
Var
|
|
|
2014
|
|
|
2013
|
|
Var
|
|
Q3
|
|
NYC
|
|
5
|
|
97.3
|
%
|
|
97.5
|
%
|
|
(0.2
|
)%
|
|
$
|
247.22
|
|
$
|
243.70
|
|
1.4
|
%
|
|
$
|
240.66
|
|
$
|
237.66
|
|
1.3
|
%
|
|
12
|
%
|
|
Chicago
|
|
21
|
|
83.4
|
%
|
|
79.9
|
%
|
|
4.4
|
%
|
|
|
137.47
|
|
|
131.86
|
|
4.3
|
%
|
|
|
114.64
|
|
|
105.30
|
|
8.9
|
%
|
|
12
|
%
|
|
Austin
|
|
14
|
|
79.2
|
%
|
|
72.8
|
%
|
|
8.8
|
%
|
|
|
136.87
|
|
|
130.46
|
|
4.9
|
%
|
|
|
108.46
|
|
|
95.02
|
|
14.1
|
%
|
|
8
|
%
|
|
Denver
|
|
13
|
|
88.8
|
%
|
|
83.6
|
%
|
|
6.2
|
%
|
|
|
134.50
|
|
|
128.67
|
|
4.5
|
%
|
|
|
119.44
|
|
|
107.55
|
|
11.1
|
%
|
|
9
|
%
|
|
Houston
|
|
9
|
|
81.6
|
%
|
|
73.1
|
%
|
|
11.6
|
%
|
|
|
148.74
|
|
|
150.37
|
|
(1.1
|
)%
|
|
|
121.32
|
|
|
109.93
|
|
10.4
|
%
|
|
6
|
%
|
|
Washington DC
|
|
7
|
|
82.3
|
%
|
|
76.8
|
%
|
|
7.2
|
%
|
|
|
166.70
|
|
|
161.22
|
|
3.4
|
%
|
|
|
137.20
|
|
|
123.78
|
|
10.8
|
%
|
|
6
|
%
|
|
Other
|
|
75
|
|
81.4
|
%
|
|
78.3
|
%
|
|
4.0
|
%
|
|
|
138.08
|
|
|
128.93
|
|
7.1
|
%
|
|
|
112.45
|
|
|
100.92
|
|
11.4
|
%
|
|
47
|
%
|
|
Total
|
|
144
|
|
83.3
|
%
|
|
79.5
|
%
|
|
4.8
|
%
|
|
$
|
149.16
|
|
$
|
142.60
|
|
4.6
|
%
|
|
$
|
124.32
|
|
$
|
113.43
|
|
9.6
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of Hotel
|
|
Service Level
|
|
|
|
Occupancy
|
|
ADR
|
|
RevPAR
|
|
EBITDA
|
|
|
|
# of Hotels
|
|
2014
|
|
|
2013
|
|
|
Var
|
|
|
2014
|
|
|
2013
|
|
Var
|
|
|
2014
|
|
|
2013
|
|
Var
|
|
Q3
|
|
Focused-Service
|
|
122
|
|
83.4
|
%
|
|
78.9
|
%
|
|
5.7
|
%
|
|
$
|
141.71
|
|
$
|
135.24
|
|
4.8
|
%
|
|
$
|
118.19
|
|
$
|
106.76
|
|
10.7
|
%
|
|
73
|
%
|
|
Compact Full-Service
|
|
21
|
|
84.4
|
%
|
|
82.7
|
%
|
|
2.1
|
%
|
|
|
170.21
|
|
|
163.52
|
|
4.1
|
%
|
|
|
143.73
|
|
|
135.20
|
|
6.3
|
%
|
|
23
|
%
|
|
Full Service
|
|
1
|
|
72.5
|
%
|
|
69.1
|
%
|
|
4.9
|
%
|
|
|
170.02
|
|
|
154.35
|
|
10.2
|
%
|
|
|
123.29
|
|
|
106.65
|
|
15.6
|
%
|
|
4
|
%
|
|
Total
|
|
144
|
|
83.3
|
%
|
|
79.5
|
%
|
|
4.8
|
%
|
|
$
|
149.16
|
|
$
|
142.60
|
|
4.6
|
%
|
|
$
|
124.32
|
|
$
|
113.43
|
|
9.6
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of Hotel
|
|
Chain Scale
|
|
|
|
Occupancy
|
|
ADR
|
|
RevPAR
|
|
EBITDA
|
|
|
|
# of Hotels
|
|
2014
|
|
|
2013
|
|
|
Var
|
|
|
2014
|
|
|
2013
|
|
Var
|
|
|
2014
|
|
|
2013
|
|
Var
|
|
Q3
|
|
Upper Upscale
|
|
18
|
|
80.9
|
%
|
|
78.9
|
%
|
|
2.6
|
%
|
|
$
|
158.68
|
|
$
|
149.82
|
|
5.9
|
%
|
|
$
|
128.42
|
|
$
|
118.21
|
|
8.6
|
%
|
|
21
|
%
|
|
Upscale
|
|
104
|
|
84.6
|
%
|
|
80.6
|
%
|
|
5.0
|
%
|
|
|
150.79
|
|
|
144.59
|
|
4.3
|
%
|
|
|
127.63
|
|
|
116.54
|
|
9.5
|
%
|
|
71
|
%
|
|
Upper Midscale
|
|
21
|
|
79.3
|
%
|
|
73.5
|
%
|
|
8.0
|
%
|
|
|
123.13
|
|
|
118.48
|
|
3.9
|
%
|
|
|
97.70
|
|
|
87.04
|
|
12.2
|
%
|
|
8
|
%
|
|
Midscale
|
|
1
|
|
92.1
|
%
|
|
92.0
|
%
|
|
0.2
|
%
|
|
|
86.45
|
|
|
68.20
|
|
26.8
|
%
|
|
|
79.66
|
|
|
62.73
|
|
27.0
|
%
|
|
0
|
%
|
|
Total
|
|
144
|
|
83.3
|
%
|
|
79.5
|
%
|
|
4.8
|
%
|
|
$
|
149.16
|
|
$
|
142.60
|
|
4.6
|
%
|
|
$
|
124.32
|
|
$
|
113.43
|
|
9.6
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of Hotel
|
|
Flags
|
|
|
|
Occupancy
|
|
ADR
|
|
RevPAR
|
|
EBITDA
|
|
|
|
# of Hotels
|
|
2014
|
|
|
2013
|
|
|
Var
|
|
|
2014
|
|
|
2013
|
|
Var
|
|
|
2014
|
|
|
2013
|
|
Var
|
|
Q3
|
|
Residence Inn
|
|
33
|
|
85.7
|
%
|
|
81.0
|
%
|
|
5.9
|
%
|
|
$
|
132.91
|
|
$
|
128.52
|
|
3.4
|
%
|
|
$
|
113.93
|
|
$
|
104.07
|
|
9.5
|
%
|
|
16
|
%
|
|
Courtyard
|
|
33
|
|
83.2
|
%
|
|
78.4
|
%
|
|
6.1
|
%
|
|
|
147.22
|
|
|
141.60
|
|
4.0
|
%
|
|
|
122.53
|
|
|
111.05
|
|
10.3
|
%
|
|
23
|
%
|
|
Hyatt House
|
|
11
|
|
86.0
|
%
|
|
85.2
|
%
|
|
1.0
|
%
|
|
|
152.05
|
|
|
137.00
|
|
11.0
|
%
|
|
|
130.82
|
|
|
116.73
|
|
12.1
|
%
|
|
9
|
%
|
|
Fairfield Inn & Suites
|
|
10
|
|
79.5
|
%
|
|
71.9
|
%
|
|
10.6
|
%
|
|
|
117.03
|
|
|
113.30
|
|
3.3
|
%
|
|
|
93.06
|
|
|
81.43
|
|
14.3
|
%
|
|
4
|
%
|
|
SpringHill Suites
|
|
10
|
|
83.2
|
%
|
|
77.0
|
%
|
|
8.1
|
%
|
|
|
111.71
|
|
|
110.39
|
|
1.2
|
%
|
|
|
92.95
|
|
|
84.97
|
|
9.4
|
%
|
|
5
|
%
|
|
Hilton Garden Inn
|
|
9
|
|
82.1
|
%
|
|
78.4
|
%
|
|
4.8
|
%
|
|
|
174.16
|
|
|
165.43
|
|
5.3
|
%
|
|
|
143.00
|
|
|
129.63
|
|
10.3
|
%
|
|
9
|
%
|
|
Hampton Inn
|
|
8
|
|
80.1
|
%
|
|
75.1
|
%
|
|
6.6
|
%
|
|
|
130.81
|
|
|
125.80
|
|
4.0
|
%
|
|
|
104.72
|
|
|
94.51
|
|
10.8
|
%
|
|
4
|
%
|
|
Marriott
|
|
6
|
|
77.8
|
%
|
|
74.6
|
%
|
|
4.3
|
%
|
|
|
151.21
|
|
|
140.86
|
|
7.3
|
%
|
|
|
117.65
|
|
|
105.11
|
|
11.9
|
%
|
|
9
|
%
|
|
Embassy Suites
|
|
7
|
|
80.7
|
%
|
|
80.1
|
%
|
|
0.8
|
%
|
|
|
142.03
|
|
|
131.35
|
|
8.1
|
%
|
|
|
114.67
|
|
|
105.17
|
|
9.0
|
%
|
|
5
|
%
|
|
Renaissance
|
|
3
|
|
82.3
|
%
|
|
79.1
|
%
|
|
4.1
|
%
|
|
|
155.52
|
|
|
147.01
|
|
5.8
|
%
|
|
|
127.98
|
|
|
116.24
|
|
10.1
|
%
|
|
3
|
%
|
|
Hyatt Place
|
|
2
|
|
90.5
|
%
|
|
89.9
|
%
|
|
0.7
|
%
|
|
|
153.49
|
|
|
139.15
|
|
10.3
|
%
|
|
|
138.93
|
|
|
125.14
|
|
11.0
|
%
|
|
2
|
%
|
|
DoubleTree
|
|
3
|
|
93.3
|
%
|
|
92.3
|
%
|
|
1.1
|
%
|
|
|
219.53
|
|
|
215.90
|
|
1.7
|
%
|
|
|
204.77
|
|
|
199.28
|
|
2.8
|
%
|
|
6
|
%
|
|
Homewood Suites
|
|
2
|
|
82.1
|
%
|
|
76.4
|
%
|
|
7.5
|
%
|
|
|
164.53
|
|
|
156.42
|
|
5.2
|
%
|
|
|
135.06
|
|
|
119.44
|
|
13.1
|
%
|
|
1
|
%
|
|
Hilton
|
|
1
|
|
98.8
|
%
|
|
99.6
|
%
|
|
(0.8
|
)%
|
|
|
260.88
|
|
|
268.37
|
|
(2.8
|
)%
|
|
|
257.83
|
|
|
267.40
|
|
(3.6
|
)%
|
|
2
|
%
|
|
Hyatt
|
|
1
|
|
80.5
|
%
|
|
77.4
|
%
|
|
4.0
|
%
|
|
|
290.48
|
|
|
265.30
|
|
9.5
|
%
|
|
|
233.74
|
|
|
205.24
|
|
13.9
|
%
|
|
1
|
%
|
|
Other
|
|
5
|
|
75.1
|
%
|
|
71.0
|
%
|
|
5.8
|
%
|
|
|
114.83
|
|
|
103.13
|
|
11.3
|
%
|
|
|
86.21
|
|
|
73.18
|
|
17.8
|
%
|
|
1
|
%
|
|
Total
|
|
144
|
|
83.3
|
%
|
|
79.5
|
%
|
|
4.8
|
%
|
|
$
|
149.16
|
|
$
|
142.60
|
|
4.6
|
%
|
|
$
|
124.32
|
|
$
|
113.43
|
|
9.6
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
The information above includes results for periods prior to the
Company's ownership. The information has not been audited and is
presented only for comparison purposes. Results reflect 100% of
DoubleTree NYC Metropolitan financial results, which have not been
adjusted to reflect the noncontrolling interest in the joint
venture. All results exclude disposed hotels, two planned hotel
conversions, and four non-comparable hotels: Residence Inn Atlanta
Midtown/Georgia Tech, Hilton Cabana Miami Beach, Hyatt Atlanta
Midtown, and Fairfield Inn & Suites Key West.
|
|
|
|
|
|
RLJ Lodging Trust
|
|
Pro forma Operating Statistics
|
|
(unaudited)
|
|
|
|
For the nine months ended September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of Hotel
|
|
Top Markets
|
|
|
|
Occupancy
|
|
ADR
|
|
RevPAR
|
|
EBITDA
|
|
|
|
# of Hotels
|
|
2014
|
|
|
2013
|
|
|
Var
|
|
|
2014
|
|
|
2013
|
|
Var
|
|
|
2014
|
|
|
2013
|
|
Var
|
|
Q3YTD
|
|
NYC
|
|
5
|
|
96.0
|
%
|
|
96.8
|
%
|
|
(0.8
|
)%
|
|
$
|
231.69
|
|
$
|
230.96
|
|
0.3
|
%
|
|
$
|
222.42
|
|
$
|
223.56
|
|
(0.5
|
)%
|
|
11
|
%
|
|
Chicago
|
|
21
|
|
75.7
|
%
|
|
73.5
|
%
|
|
2.9
|
%
|
|
|
129.36
|
|
|
127.91
|
|
1.1
|
%
|
|
|
97.90
|
|
|
94.04
|
|
4.1
|
%
|
|
9
|
%
|
|
Austin
|
|
14
|
|
81.3
|
%
|
|
76.7
|
%
|
|
6.0
|
%
|
|
|
148.66
|
|
|
142.86
|
|
4.1
|
%
|
|
|
120.87
|
|
|
109.60
|
|
10.3
|
%
|
|
9
|
%
|
|
Denver
|
|
13
|
|
79.8
|
%
|
|
74.5
|
%
|
|
7.2
|
%
|
|
|
129.57
|
|
|
124.91
|
|
3.7
|
%
|
|
|
103.44
|
|
|
93.02
|
|
11.2
|
%
|
|
8
|
%
|
|
Houston
|
|
9
|
|
79.1
|
%
|
|
76.0
|
%
|
|
4.2
|
%
|
|
|
159.78
|
|
|
154.44
|
|
3.5
|
%
|
|
|
126.45
|
|
|
117.32
|
|
7.8
|
%
|
|
7
|
%
|
|
Washington DC
|
|
7
|
|
78.5
|
%
|
|
73.5
|
%
|
|
6.9
|
%
|
|
|
172.23
|
|
|
171.72
|
|
0.3
|
%
|
|
|
135.23
|
|
|
126.15
|
|
7.2
|
%
|
|
6
|
%
|
|
Other
|
|
75
|
|
79.5
|
%
|
|
76.8
|
%
|
|
3.5
|
%
|
|
|
140.10
|
|
|
132.05
|
|
6.1
|
%
|
|
|
111.32
|
|
|
101.38
|
|
9.8
|
%
|
|
50
|
%
|
|
Total
|
|
144
|
|
80.4
|
%
|
|
77.5
|
%
|
|
3.7
|
%
|
|
$
|
149.55
|
|
$
|
144.22
|
|
3.7
|
%
|
|
$
|
120.17
|
|
$
|
111.75
|
|
7.5
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of Hotel
|
|
Service Level
|
|
|
|
Occupancy
|
|
ADR
|
|
RevPAR
|
|
EBITDA
|
|
|
|
# of Hotels
|
|
2014
|
|
|
2013
|
|
|
Var
|
|
|
2014
|
|
|
2013
|
|
Var
|
|
|
2014
|
|
|
2013
|
|
Var
|
|
Q3YTD
|
|
Focused-Service
|
|
122
|
|
80.0
|
%
|
|
76.6
|
%
|
|
4.4
|
%
|
|
$
|
141.47
|
|
$
|
136.46
|
|
3.7
|
%
|
|
$
|
113.19
|
|
$
|
104.58
|
|
8.2
|
%
|
|
72
|
%
|
|
Compact Full-Service
|
|
21
|
|
82.4
|
%
|
|
81.0
|
%
|
|
1.8
|
%
|
|
|
170.99
|
|
|
164.51
|
|
3.9
|
%
|
|
|
140.98
|
|
|
133.23
|
|
5.8
|
%
|
|
24
|
%
|
|
Full Service
|
|
1
|
|
71.8
|
%
|
|
70.3
|
%
|
|
2.1
|
%
|
|
|
182.12
|
|
|
173.07
|
|
5.2
|
%
|
|
|
130.78
|
|
|
121.69
|
|
7.5
|
%
|
|
4
|
%
|
|
Total
|
|
144
|
|
80.4
|
%
|
|
77.5
|
%
|
|
3.7
|
%
|
|
$
|
149.55
|
|
$
|
144.22
|
|
3.7
|
%
|
|
$
|
120.17
|
|
$
|
111.75
|
|
7.5
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of Hotel
|
|
Chain Scale
|
|
|
|
Occupancy
|
|
ADR
|
|
RevPAR
|
|
EBITDA
|
|
|
|
# of Hotels
|
|
2014
|
|
|
2013
|
|
|
Var
|
|
|
2014
|
|
|
2013
|
|
Var
|
|
|
2014
|
|
|
2013
|
|
Var
|
|
Q3YTD
|
|
Upper Upscale
|
|
18
|
|
78.6
|
%
|
|
77.5
|
%
|
|
1.5
|
%
|
|
$
|
162.51
|
|
$
|
154.48
|
|
5.2
|
%
|
|
$
|
127.79
|
|
$
|
119.66
|
|
6.8
|
%
|
|
22
|
%
|
|
Upscale
|
|
104
|
|
81.4
|
%
|
|
78.4
|
%
|
|
3.9
|
%
|
|
|
149.65
|
|
|
144.69
|
|
3.4
|
%
|
|
|
121.85
|
|
|
113.44
|
|
7.4
|
%
|
|
69
|
%
|
|
Upper Midscale
|
|
21
|
|
76.7
|
%
|
|
71.4
|
%
|
|
7.3
|
%
|
|
|
128.25
|
|
|
124.86
|
|
2.7
|
%
|
|
|
98.30
|
|
|
89.18
|
|
10.2
|
%
|
|
9
|
%
|
|
Midscale
|
|
1
|
|
87.0
|
%
|
|
85.5
|
%
|
|
1.7
|
%
|
|
|
73.77
|
|
|
66.13
|
|
11.6
|
%
|
|
|
64.19
|
|
|
56.57
|
|
13.5
|
%
|
|
0
|
%
|
|
Total
|
|
144
|
|
80.4
|
%
|
|
77.5
|
%
|
|
3.7
|
%
|
|
$
|
149.55
|
|
$
|
144.22
|
|
3.7
|
%
|
|
$
|
120.17
|
|
$
|
111.75
|
|
7.5
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of Hotel
|
|
Flags
|
|
|
|
Occupancy
|
|
ADR
|
|
RevPAR
|
|
EBITDA
|
|
|
|
# of Hotels
|
|
2014
|
|
|
2013
|
|
|
Var
|
|
|
2014
|
|
|
2013
|
|
Var
|
|
|
2014
|
|
|
2013
|
|
Var
|
|
Q3YTD
|
|
Residence Inn
|
|
33
|
|
82.5
|
%
|
|
78.1
|
%
|
|
5.6
|
%
|
|
$
|
134.64
|
|
$
|
130.93
|
|
2.8
|
%
|
|
$
|
111.07
|
|
$
|
102.24
|
|
8.6
|
%
|
|
17
|
%
|
|
Courtyard
|
|
33
|
|
78.6
|
%
|
|
76.0
|
%
|
|
3.4
|
%
|
|
|
145.92
|
|
|
141.50
|
|
3.1
|
%
|
|
|
114.76
|
|
|
107.60
|
|
6.7
|
%
|
|
22
|
%
|
|
Hyatt House
|
|
11
|
|
83.1
|
%
|
|
82.8
|
%
|
|
0.4
|
%
|
|
|
148.33
|
|
|
135.18
|
|
9.7
|
%
|
|
|
123.32
|
|
|
111.93
|
|
10.2
|
%
|
|
8
|
%
|
|
Fairfield Inn & Suites
|
|
10
|
|
75.7
|
%
|
|
70.9
|
%
|
|
6.8
|
%
|
|
|
127.09
|
|
|
124.93
|
|
1.7
|
%
|
|
|
96.27
|
|
|
88.60
|
|
8.7
|
%
|
|
4
|
%
|
|
SpringHill Suites
|
|
10
|
|
78.3
|
%
|
|
72.9
|
%
|
|
7.3
|
%
|
|
|
112.06
|
|
|
111.01
|
|
0.9
|
%
|
|
|
87.70
|
|
|
80.94
|
|
8.4
|
%
|
|
4
|
%
|
|
Hilton Garden Inn
|
|
9
|
|
80.8
|
%
|
|
77.9
|
%
|
|
3.6
|
%
|
|
|
168.46
|
|
|
163.59
|
|
3.0
|
%
|
|
|
136.05
|
|
|
127.47
|
|
6.7
|
%
|
|
9
|
%
|
|
Hampton Inn
|
|
8
|
|
79.1
|
%
|
|
73.7
|
%
|
|
7.4
|
%
|
|
|
133.71
|
|
|
128.73
|
|
3.9
|
%
|
|
|
105.79
|
|
|
94.85
|
|
11.5
|
%
|
|
4
|
%
|
|
Marriott
|
|
6
|
|
74.5
|
%
|
|
72.5
|
%
|
|
2.8
|
%
|
|
|
154.77
|
|
|
147.27
|
|
5.1
|
%
|
|
|
115.34
|
|
|
106.81
|
|
8.0
|
%
|
|
9
|
%
|
|
Embassy Suites
|
|
7
|
|
80.6
|
%
|
|
79.7
|
%
|
|
1.1
|
%
|
|
|
149.80
|
|
|
139.47
|
|
7.4
|
%
|
|
|
120.81
|
|
|
111.22
|
|
8.6
|
%
|
|
6
|
%
|
|
Renaissance
|
|
3
|
|
76.3
|
%
|
|
76.0
|
%
|
|
0.5
|
%
|
|
|
157.17
|
|
|
147.49
|
|
6.6
|
%
|
|
|
119.97
|
|
|
112.04
|
|
7.1
|
%
|
|
3
|
%
|
|
Hyatt Place
|
|
2
|
|
86.7
|
%
|
|
87.3
|
%
|
|
(0.7
|
)%
|
|
|
140.21
|
|
|
127.32
|
|
10.1
|
%
|
|
|
121.54
|
|
|
111.13
|
|
9.4
|
%
|
|
1
|
%
|
|
DoubleTree
|
|
3
|
|
93.6
|
%
|
|
91.7
|
%
|
|
2.0
|
%
|
|
|
213.22
|
|
|
210.25
|
|
1.4
|
%
|
|
|
199.47
|
|
|
192.74
|
|
3.5
|
%
|
|
6
|
%
|
|
Homewood Suites
|
|
2
|
|
79.8
|
%
|
|
76.5
|
%
|
|
4.2
|
%
|
|
|
171.48
|
|
|
166.33
|
|
3.1
|
%
|
|
|
136.79
|
|
|
127.31
|
|
7.4
|
%
|
|
2
|
%
|
|
Hilton
|
|
1
|
|
98.9
|
%
|
|
99.8
|
%
|
|
(0.9
|
)%
|
|
|
249.14
|
|
|
254.52
|
|
(2.1
|
)%
|
|
|
246.50
|
|
|
254.02
|
|
(3.0
|
)%
|
|
2
|
%
|
|
Hyatt
|
|
1
|
|
81.6
|
%
|
|
78.5
|
%
|
|
4.0
|
%
|
|
|
290.63
|
|
|
268.35
|
|
8.3
|
%
|
|
|
237.27
|
|
|
210.61
|
|
12.7
|
%
|
|
1
|
%
|
|
Other
|
|
5
|
|
72.6
|
%
|
|
66.0
|
%
|
|
10.1
|
%
|
|
|
115.21
|
|
|
108.76
|
|
5.9
|
%
|
|
|
83.69
|
|
|
71.78
|
|
16.6
|
%
|
|
2
|
%
|
|
Total
|
|
144
|
|
80.4
|
%
|
|
77.5
|
%
|
|
3.7
|
%
|
|
$
|
149.55
|
|
$
|
144.22
|
|
3.7
|
%
|
|
$
|
120.17
|
|
$
|
111.75
|
|
7.5
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
|
|
The information above includes results for periods prior to the
Company's ownership. The information has not been audited and is
presented only for comparison purposes. Results reflect 100% of
DoubleTree NYC Metropolitan financial results, which have not been
adjusted to reflect the noncontrolling interest in the joint
venture. All results exclude disposed hotels, two planned hotel
conversions, and four non-comparable hotels: Residence Inn Atlanta
Midtown/Georgia Tech, Hilton Cabana Miami Beach, Hyatt Atlanta
Midtown, and Fairfield Inn & Suites Key West (Q3 only). Fairfield
Inn & Suites Key West was closed for a comprehensive renovation
during Q3 2014 and therefore its results during the three months
ended September 30, 2014 and 2013 are excluded in the table above.
|
Copyright Business Wire 2014