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    DIAMONDROCK HOSPITALITY COMPANY REPORTS THIRD QUARTER 2024 RESULTS

    11/7/24 4:05:00 PM ET
    $DRH
    Real Estate Investment Trusts
    Real Estate
    Get the next $DRH alert in real time by email

    BETHESDA, Md., Nov. 7, 2024 /PRNewswire/ -- DiamondRock Hospitality Company (the "Company") (NYSE:DRH), a lodging real estate investment trust that owns a portfolio of 36 premium hotels and resorts in the United States, today announced results of operations for the quarter ended September 30, 2024.

    Third Quarter 2024 Highlights

    • Net Income: Net income was $26.6 million, or $0.11 per diluted share.
    • Comparable Revenues: $285.1 million, increased 2.5% compared to the third quarter of 2023.
    • Comparable RevPAR: $214.44, increased 2.8% compared to the third quarter of 2023.
    • Comparable Hotel Adjusted EBITDA: $82.3 million, increased 2.2% compared to the third quarter of 2023.
    • Comparable Hotel Adjusted EBITDA Margin: 28.85%, decreased 9 basis points compared to the third quarter of 2023.
    • Adjusted EBITDA: $75.6 million, increased 3.3% compared to the third quarter of 2023.
    • Adjusted FFO per Share: $0.26, equal to the third quarter of 2023.
    • Debt Financing: The Company repaid its $73.3 million mortgage loan secured by the Courtyard New York Manhattan/Midtown East in August 2024. Additionally, the Company extended the maturity date of its $300 million unsecured term loan by one year to January 2026.
    • Share Repurchases: The Company repurchased 0.7 million shares of its common stock at a weighted average price of $8.14 per share for a total consideration of approximately $5.4 million during the third quarter of 2024.

    "Third quarter operating results were largely in line with our expectations, with group revenues increasing over 15% compared to last year. As expected, Total RevPAR growth was more closely aligned with RevPAR growth this quarter as compared to the first half of this year due to the nature of the significant concentration in citywide group business this quarter. While our hotels in South Florida, New Orleans and Charleston sustained no damage from Hurricane Helene in September, the business interruption held back our company-wide third quarter RevPAR and Total RevPAR growth by 35 basis points.

    We are updating our full-year guidance range for RevPAR from a range of 1.5% to 3.0% to a range of 1.5% to 2.0% to reflect current transient trends and the impacts of Hurricanes Helene and Milton. We expect full-year Total RevPAR growth will continue to be approximately 150bp basis points higher. Importantly, we are reiterating the midpoint of our full-year Adjusted EBITDA guidance and increasing the midpoint of our Adjusted FFO per share guidance.

    Looking ahead, we continue to be keenly focused on maximizing free cash flow from our portfolio and a key component of that strategy is to recycle capital from non-core properties into more attractive investments such as additional on-strategy investments, share repurchases, and high return-on-investment projects."

    - Jeffrey J. Donnelly, Chief Executive Officer of DiamondRock Hospitality Company

    Operating Results

    Please see "Non-GAAP Financial Measures" attached to this press release for an explanation of the terms "EBITDAre," "Adjusted EBITDA," "Hotel Adjusted EBITDA," "Hotel Adjusted EBITDA Margin," "FFO" and "Adjusted FFO" and a reconciliation of these measures to net income. Comparable operating results include all hotels currently owned for all periods presented. See "Reconciliation of Comparable Operating Results" attached to this press release for a reconciliation to historical amounts.



    Three Months Ended September 30,



    Nine Months Ended September 30,



    2024



    2023

    Change



    2024

    2023

    Change



    ($ amounts in millions, except hotel statistics and per share amounts)

    Comparable Operating Results (1)

















    ADR

    $          282.02



    $          273.28

    3.2 %



    $          282.56

    $          280.98

    0.6 %

    Occupancy

    76.0 %



    76.4 %

    (0.4) %



    74.1 %

    73.3 %

    0.8 %

    RevPAR

    $          214.44



    $          208.66

    2.8 %



    $          209.31

    $          206.07

    1.6 %

    Total RevPAR

    $          317.67



    $          310.54

    2.3 %



    $          318.32

    $          308.80

    3.1 %

    Room Revenues

    $            192.5



    $            186.9

    3.0 %



    $            559.5

    $            547.4

    2.2 %

    Total Revenues

    $            285.1



    $            278.2

    2.5 %



    $            850.8

    $            820.3

    3.7 %

    Hotel Adjusted EBITDA

    $              82.3



    $              80.5

    2.2 %



    $            243.2

    $            238.2

    2.1 %

    Hotel Adjusted EBITDA Margin

    28.85 %



    28.94 %

    (9 bps)



    28.58 %

    29.04 %

    (46 bps)

    Available Rooms

    897,552



    895,743

    1,809



    2,672,871

    2,656,299

    16,572



















    Actual Operating Results (2)

















    Total Revenues

    $            285.1



    $            276.5

    3.1 %



    $            850.8

    $            811.3

    4.9 %

    Net income

    $              26.6



    $              27.3

    (2.6) %



    $              59.5

    $              75.7

    (21.4) %

    Earnings per diluted share

    $              0.11



    $              0.12

    (8.3) %



    $              0.25

    $              0.32

    (21.9) %

    Adjusted EBITDA

    $              75.6



    $              73.2

    3.3 %



    $            221.7

    $            214.4

    3.4 %

    Adjusted FFO

    $              55.7



    $              54.6

    2.0 %



    $            164.2

    $            159.9

    2.7 %

    Adjusted FFO per diluted share

    $              0.26



    $              0.26

    — %



    $              0.77

    $              0.75

    2.7 %

    (1)

    Amounts represent the pre-acquisition operating results for Chico Hot Springs Resort from January 1, 2023 to July 31, 2023. The pre-acquisition operating results were obtained from the seller of the hotel during the acquisition due diligence process. We have made no adjustments to the amounts provided to us by the seller. The pre-acquisition operating results were not audited or reviewed by the Company's independent auditors.





    (2)

    Actual operating results include the operating results of all hotels for the Company's respective ownership periods.

    Capital Expenditures

    The Company currently expects to spend approximately $85 million on capital improvements at its hotels in 2024. The Company has invested approximately $58.4 million in capital improvements at its hotels during the nine months ended September 30, 2024. Significant projects in 2024 include the following:

    • Hotel Champlain Burlington: The Company completed the rebranding and repositioning of the Hilton Burlington Lake Champlain to Hotel Champlain Burlington, a Curio Collection by Hilton in July 2024.
    • Westin San Diego Bayview: The Company completed a comprehensive renovation of the hotel's guestrooms during the second quarter of 2024.
    • Bourbon Orleans Hotel: The Company completed a comprehensive renovation of the hotel's guestrooms during the third quarter of 2024.
    • Orchards Inn Sedona: The Company commenced the repositioning of Orchards Inn as the Cliffs at L'Auberge on November 1, 2024. The repositioning will integrate the hotel with the adjacent L'Auberge de Sedona and include construction of a new pool connecting the two properties, renovation of the guestrooms and creation of a new arrival experience and new outdoor event space. The Company expects to complete the project in 2025.

    Balance Sheet and Liquidity

    As of September 30, 2024, the Company had total debt outstanding of $1.1 billion, consisting of $800.0 million of unsecured term loans and $297.9 million of property-specific mortgage debt, with a weighted average interest rate of 5.60%. During the quarter ended September 30, 2024, the Company repaid the $73.3 million mortgage loan secured by the Courtyard New York Manhattan/Midtown East with cash on hand and exercised its right to extend the maturity date of its $300.0 million unsecured term loan for one year to January 3, 2026. The Company has no debt maturities until May 2025 and full availability on its $400.0 million revolving credit facility.

    The Company ended the quarter with $591.7 million of liquidity, comprised of $75.3 million of unrestricted corporate cash, $116.4 million of unrestricted cash at its hotels and full availability of its revolving credit facility.

    Share Repurchase Program

    The Company has in place a Share Repurchase Program that provides for share repurchases in open market transactions.  During the quarter ended September 30, 2024, the Company repurchased 0.7 million shares of its common stock at an average price of $8.14 per share for a total purchase price of $5.4 million, bringing the total shares purchased year to date through September 30, 2024, to 3.1 million shares at an average price of $8.33 per share for a total purchase price of $26.0 million. The Company currently has $174.0 million of remaining capacity under its $200.0 million share repurchase program.

    Dividends

    The Company declared a quarterly cash dividend of $0.03 per common share, which was paid on October 11, 2024 to shareholders of record as of September 30, 2024. The Company paid a quarterly dividend of $0.515625 per share on its 8.250% Series A Cumulative Redeemable Preferred Stock on September 30, 2024 to shareholders of record as of September 20, 2024.

    Guidance

    The Company has updated its full year outlook for 2024. The outlook is based on the current economic and operating environment for its existing portfolio of hotels and does not take into account any unanticipated impacts to it the business or operations.  Achievement of the anticipated results is subject to the risks disclosed in the Company's filings with the U.S. Securities and Exchange Commission, which may cause actual results to differ materially from the anticipated results expressed or implied below.



    Previous Guidance

    Revised Guidance

    Change at

    Midpoint



    Metric

    Low End

    High End

    Low End

    High End





    Comparable RevPAR Growth

    1.5 %

    3.0 %

    1.5 %

    2.0 %

    (0.5 %)



    Comparable Total RevPAR Growth

    3.0 %

    4.5 %

    3.0 %

    3.5 %

    (0.5 %)



    Adjusted EBITDA

    $278 million

    $290 million

    $281 million

    $287 million

    -



    Adjusted FFO

    $201.5 million

    $213.5 million

    $205 million

    $210 million

    -



    Adjusted FFO per share

    $0.95 per share

    $1.00 per share

    $0.97 per share

    $0.99 per share

    +$0.005



    The guidance above incorporates the following assumptions:

    • Corporate expenses of $30.5 million to $31.5 million, excluding executive transition costs which are excluded from Adjusted EBITDA and Adjusted FFO;
    • Interest expense of approximately $66 million;
    • Income tax expense of $0.5 million to $1.5 million;
    • 212.1 million weighted average diluted shares; and
    • 3,570,423 available rooms.

    Earnings Call

    The Company will host a conference call to discuss its third quarter results on Friday, November 8, 2024, at 9:00 a.m. Eastern Time (ET). The conference call will be accessible by telephone and through the internet. Interested individuals are requested to register for the call by visiting https://investor.drhc.com. A replay of the conference call webcast will be archived and available online.

    About the Company

    DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in leisure destinations and top gateway markets. The Company currently owns 36 premium quality hotels with over 9,700 rooms. The Company has strategically positioned its portfolio to be operated both under leading global brand families as well as independent boutique hotels in the lifestyle segment. For further information on the Company and its portfolio, please visit DiamondRock Hospitality Company's website at www.drhc.com.

    This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "believe," "expect," "intend," "project," "forecast," "plan" 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 adverse impact of any future pandemic, epidemic or outbreak of any highly infectious disease on the U.S., regional and global economies, travel, the hospitality industry, and the financial condition and results of operations of the Company and its hotels; national and local economic and business conditions, including the potential for additional terrorist attacks, that will affect occupancy rates at the Company's hotels and the demand for hotel products and services; operating risks associated with the hotel business; relationships with property managers; the ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in travel patterns, taxes and government regulations which influence or determine wages, prices, construction procedures and costs; and other risk factors contained in the Company's filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.

    DIAMONDROCK HOSPITALITY COMPANY 



    CONSOLIDATED BALANCE SHEETS

    (in thousands, except share and per share amounts)





    September 30, 2024



    December 31, 2023

    ASSETS

    (unaudited)





    Property and equipment, net

    $                  2,727,299



    $                 2,755,195

    Right-of-use assets

    96,512



    97,692

    Restricted cash

    44,493



    45,576

    Due from hotel managers

    167,959



    144,689

    Prepaid and other assets

    69,773



    73,940

    Cash and cash equivalents

    75,287



    121,595

    Total assets

    $                  3,181,323



    $                 3,238,687









    LIABILITIES AND EQUITY







    Liabilities:







    Debt, net of unamortized debt issuance costs

    1,097,215



    1,177,005

    Lease liabilities

    114,387



    112,866

    Due to hotel managers

    126,011



    116,522

    Deferred rent

    72,576



    69,209

    Unfavorable contract liabilities, net

    58,622



    59,866

    Accounts payable and accrued expenses

    39,944



    39,563

    Distributions declared and unpaid

    6,664



    6,324

    Deferred income related to key money, net

    8,026



    8,349

    Total liabilities

    1,523,445



    1,589,704

    Equity:







    Preferred stock, $0.01 par value; 10,000,000 shares authorized;







        8.250% Series A Cumulative Redeemable Preferred Stock (liquidation

         preference $25.00 per share), 4,760,000 shares issued and outstanding at

         September 30, 2024 and December 31, 2023

    48



    48

         Common stock, $0.01 par value; 400,000,000 shares authorized; 207,276,487

         and 209,627,197 shares issued and outstanding at September 30, 2024 and

         December 31, 2023, respectively

    2,073



    2,096

    Additional paid-in capital

    2,269,938



    2,291,297

    Accumulated other comprehensive loss

    (5,997)



    (2,036)

    Distributions in excess of earnings

    (616,934)



    (649,330)

    Total stockholders' equity

    1,649,128



    1,642,075

    Noncontrolling interests

    8,750



    6,908

    Total equity

    1,657,878



    1,648,983

    Total liabilities and equity

    $                  3,181,323



    $                 3,238,687

                          

    DIAMONDROCK HOSPITALITY COMPANY



    CONSOLIDATED STATEMENTS OF OPERATIONS

    (in thousands, except share and per share amounts)

    (unaudited)





    Three Months Ended September 30,



    Nine Months Ended September 30,



    2024



    2023



    2024



    2023

    Revenues:















    Rooms

    $                192,471



    $               186,334



    $               559,465



    $              544,325

    Food and beverage

    65,787



    64,723



    212,279



    192,869

    Other

    26,871



    25,463



    79,088



    74,126

    Total revenues

    285,129



    276,520



    850,832



    811,320

    Operating Expenses:















    Rooms

    47,919



    45,773



    139,472



    131,092

    Food and beverage

    47,319



    45,428



    145,275



    134,486

    Other departmental and support expenses

    67,357



    65,952



    199,774



    193,365

    Management fees

    7,093



    7,323



    20,411



    19,196

    Franchise fees

    10,117



    8,913



    29,710



    26,393

    Other property-level expenses

    24,752



    25,704



    78,558



    76,755

    Depreciation and amortization

    28,356



    27,683



    84,542



    82,995

    Impairment losses

    1,596



    —



    1,596



    941

    Corporate expenses

    7,660



    7,526



    45,083



    23,677

    Business interruption insurance income

    —



    (537)



    —



    (647)

    Total operating expenses, net

    242,169



    233,765



    744,421



    688,253

















    Interest expense

    16,986



    15,973



    49,434



    48,712

    Interest (income) and other (income) expense, net

    (1,001)



    (772)



    (3,265)



    (1,717)

      Total other expenses, net

    15,985



    15,201



    46,169



    46,995

    Income before income taxes

    26,975



    27,554



    60,242



    76,072

    Income tax expense

    (418)



    (224)



    (696)



    (420)

    Net income

    26,557



    27,330



    59,546



    75,652

    Less:  Net income attributable to noncontrolling interests

    (125)



    (58)



    (256)



    (259)

    Net income attributable to the Company

    26,432



    27,272



    59,290



    75,393

    Distributions to preferred stockholders

    (2,454)



    (2,454)



    (7,362)



    (7,362)

    Net income attributable to common stockholders

    $                  23,978



    $                 24,818



    $                 51,928



    $                68,031

    Earnings per share:















    Earnings per share available to common stockholders - basic

    $                       0.11



    $                     0.12



    $                     0.25



    $                    0.32

    Earnings per share available to common stockholders - diluted

    $                       0.11



    $                     0.12



    $                     0.25



    $                    0.32

















    Weighted-average number of common shares outstanding:















    Basic

    209,339,807



    211,490,571



    210,729,779



    211,525,596

    Diluted

    210,208,081



    212,204,989



    211,600,114



    212,129,712

    Non-GAAP Financial Measures

    We use the following non-GAAP financial measures that we believe are useful to investors as key measures of our operating performance: EBITDA, EBITDAre, Adjusted EBITDA, Hotel Adjusted EBITDA, FFO and Adjusted FFO. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with U.S. GAAP. EBITDA, EBITDAre, Adjusted EBITDA, Hotel Adjusted EBITDA, FFO and Adjusted FFO, as calculated by us, may not be comparable to other companies that do not define such terms exactly as the Company.

    Use and Limitations of Non-GAAP Financial Measures

    Our management and Board of Directors use EBITDA, EBITDAre, Adjusted EBITDA, Hotel Adjusted EBITDA, FFO and Adjusted FFO to evaluate the performance of our hotels and to facilitate comparisons between us and other lodging REITs, hotel owners who are not REITs and other capital intensive companies. The use of these non-GAAP financial measures has certain limitations. These non-GAAP financial measures as presented by us, may not be comparable to non-GAAP financial measures as calculated by other real estate companies. These measures do not reflect certain expenses or expenditures that we incurred and will incur, such as depreciation, interest and capital expenditures. We compensate 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 reconciliations to the most comparable U.S. GAAP financial measures, and our consolidated statements of operations and comprehensive income and consolidated statements of cash flows, 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.

    These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with U.S. GAAP. They should not be considered as alternatives to operating profit, cash flow from operations, or any other operating performance measure prescribed by U.S. GAAP. These non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our U.S. GAAP results and the reconciliations to the corresponding U.S. GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. We strongly encourage investors to review our financial information in its entirety and not to rely on a single financial measure.

    EBITDA and EBITDAre

    EBITDA represents net income (calculated in accordance with U.S. GAAP) excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; and (3) depreciation and amortization. The Company computes EBITDAre in accordance with the National Association of Real Estate Investment Trusts ("Nareit") guidelines, as defined in its September 2017 white paper "Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate." EBITDAre represents net income (calculated in accordance with U.S. GAAP) adjusted for: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; (3) depreciation and amortization; (4) gains or losses on the disposition of depreciated property including gains or losses on change of control; (5) impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate; and (6) adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates.

    We believe EBITDA and EBITDAre are useful to an investor in evaluating our operating performance because they help investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization, and in the case of EBITDAre, impairment and gains or losses on dispositions of depreciated property) from our operating results. In addition, covenants included in our debt agreements use EBITDA as a measure of financial compliance. We also use EBITDA and EBITDAre as measures in determining the value of hotel acquisitions and dispositions.

    FFO

    The Company computes FFO in accordance with standards established by Nareit, which defines FFO as net income (calculated in accordance with U.S. GAAP) excluding gains or losses from sales of properties and impairment losses, plus real estate related depreciation and amortization. The Company believes that the presentation of FFO provides useful information to investors regarding its operating performance because it is a measure of the Company's operations without regard to specified non-cash items, such as real estate related depreciation and amortization and gains or losses on the sale of assets. The Company also uses FFO as one measure in assessing its operating results.

    Adjustments to EBITDAre and FFO

    We adjust EBITDAre and FFO 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 and that the presentation of Adjusted EBITDA and Adjusted FFO when combined with U.S. GAAP net income, EBITDAre and FFO, is beneficial to an investor's complete understanding of our consolidated and property-level operating performance.  We adjust EBITDAre and FFO for the following items:

    • Non-Cash Lease Expense and Other Amortization: We exclude the non-cash expense incurred from the straight line recognition of expense from our ground leases and other contractual obligations and the non-cash amortization of our favorable and unfavorable contracts, originally recorded in conjunction with certain hotel acquisitions. We exclude these non-cash items because they do not reflect the actual cash amounts due to the respective lessors in the current period and they are of lesser significance in evaluating our actual performance for that period.
    • Cumulative Effect of a Change in Accounting Principle: The Financial Accounting Standards Board promulgates new accounting standards that require or permit the consolidated statement of operations and comprehensive income to reflect the cumulative effect of a change in accounting principle. We exclude the effect of these adjustments, which include the accounting impact from prior periods, because they do not reflect the Company's actual underlying performance for the current period.
    • Gains or Losses from Early Extinguishment of Debt: We exclude the effect of gains or losses recorded on the early extinguishment of debt because these gains or losses result from transaction activity related to the Company's capital structure that we believe are not indicative of the ongoing operating performance of the Company or our hotels.
    • Hotel Acquisition Costs: We exclude hotel acquisition costs expensed during the period because we believe these transaction costs are not reflective of the ongoing performance of the Company or our hotels.
    • Severance Costs: We exclude corporate severance costs, or reversals thereof, incurred with the termination of corporate-level employees and severance costs incurred at our hotels related to lease terminations or structured severance programs because we believe these costs do not reflect the ongoing performance of the Company or our hotels.
    • Hotel Manager Transition Items: We exclude the transition items associated with a change in hotel manager because we believe these items do not reflect the ongoing performance of the Company or our hotels.
    • Hotel Pre-Opening Costs: We exclude the pre-opening costs associated with the redevelopment or rebranding of a hotel because we believe these items do not reflect the ongoing performance of the Company or our hotels.
    • Other Items: From time to time we incur costs or realize gains that we consider outside the ordinary course of business and that we do not believe reflect the ongoing performance of the Company or our hotels. Such items may include, but are not limited to the following: lease preparation costs incurred to prepare vacant space for marketing; management or franchise contract termination fees; gains or losses from legal settlements; costs incurred related to natural disasters; and gains on property insurance claim settlements, other than income related to business interruption insurance.

    In addition, to derive Adjusted FFO we exclude any unrealized fair value adjustments to interest rate swaps.  We exclude these non-cash amounts because they do not reflect the underlying performance of the Company.

    Hotel Adjusted EBITDA

    We believe that Hotel Adjusted EBITDA provides our investors a useful financial measure to evaluate our hotel operating performance, excluding the impact of our capital structure (primarily interest), our asset base (primarily depreciation and amortization), and our corporate-level expenses.  With respect to Hotel Adjusted EBITDA, we believe that excluding the effect of corporate-level expenses provides a more complete understanding of the operating results over which individual hotels and third-party management companies have direct control.  We believe property-level results provide investors with supplemental information on the ongoing operational performance of our hotels and effectiveness of the third-party management companies operating our business on a property-level basis. Hotel Adjusted EBITDA margins are calculated as Hotel Adjusted EBITDA divided by total hotel revenues. 

            

    Reconciliations of Non-GAAP Measures



    EBITDA, EBITDAre, Adjusted EBITDA and Hotel Adjusted EBITDA



    The following tables are reconciliations of our GAAP net income to EBITDA, EBITDAre and Adjusted EBITDA and Hotel Adjusted EBITDA (in thousands):      





    Three Months Ended September 30,



    Nine Months Ended September 30,          



    2024



    2023





    2024



    2023

    Net income

    $                  26,557



    $                27,330





    $                59,546



    $                75,652

    Interest expense

    16,986



    15,973





    49,434



    48,712

    Income tax expense

    418



    224





    696



    420

    Real estate related depreciation and amortization

    28,356



    27,683





    84,542



    82,995

    EBITDA

    72,317



    71,210





    194,218



    207,779

    Impairment losses

    1,596



    —





    1,596



    941

    EBITDAre

    73,913



    71,210





    195,814



    208,720

    Non-cash lease expense and other amortization

    1,531



    1,533





    4,604



    4,620

    Severance costs

    —



    —





    20,362



    —

    Hotel pre-opening costs

    156



    496





    925



    1,038

    Adjusted EBITDA

    75,600



    73,239





    221,705



    214,378

    Corporate expenses

    7,660



    7,526





    24,721



    23,677

    Interest (income) and other (income) expense, net

    (1,001)



    (772)





    (3,265)



    (1,717)

    Hotel Adjusted EBITDA

    $                  82,259



    $                79,993





    $              243,161



    $              236,338

     



    Full Year 2024 Guidance



    Low End



    High End

    Net income

    $                     71,305



    $                     77,305

    Interest expense

    65,683



    65,683

    Income tax expense

    500



    1,500

    Real estate related depreciation and amortization

    116,000



    115,000

    EBITDA/EBITDAre

    253,488



    259,488

    Non-cash lease expense and other amortization

    6,200



    6,200

    Severance costs

    20,362



    20,362

    Hotel pre-opening costs

    950



    950

    Adjusted EBITDA

    $                   281,000



    $                   287,000

     

    FFO and Adjusted FFO



    The following tables are reconciliations of our GAAP net income to FFO and Adjusted FFO (in thousands): 



    Three Months Ended September 30,



    Nine Months Ended September 30,          



    2024



    2023





    2024



    2023

    Net income

    $                 26,557



    $                27,330





    $                59,546



    $                75,652

    Real estate related depreciation and amortization

    28,356



    27,683





    84,542



    82,995

    Impairment losses

    1,596



    —





    1,596



    941

    FFO

    56,509



    55,013





    145,684



    159,588

    Distribution to preferred stockholders

    (2,454)



    (2,454)





    (7,362)



    (7,362)

    FFO available to common stock and unit holders

    54,055



    52,559





    138,322



    152,226

    Non-cash lease expense and other amortization

    1,531



    1,533





    4,604



    4,620

    Severance costs

    —



    —





    20,362



    —

    Hotel pre-opening costs

    156



    496





    925



    1,038

    Fair value adjustments to interest rate swaps

    —



    —





    —



    2,033

    Adjusted FFO available to common stock and unit holders

    $                 55,742



    $                54,588





    $              164,213



    $              159,917

    Adjusted FFO available to common stock and unit holders, per diluted share

    $                      0.26



    $                    0.26





    $                    0.77



    $                    0.75

     



    Full Year 2024 Guidance



    Low End



    High End

    Net income

    $                     71,305



    $                     77,305

    Real estate related depreciation and amortization

    116,000



    115,000

    FFO

    187,305



    192,305

    Distribution to preferred stockholders

    (9,817)



    (9,817)

    FFO available to common stock and unit holders

    177,488



    182,488

    Non-cash lease expense and other amortization

    6,200



    6,200

    Severance costs

    20,362



    20,362

    Hotel pre-opening costs

    950



    950

    Adjusted FFO available to common stock and unit holders

    $                   205,000



    $                   210,000

    Adjusted FFO available to common stock and unit holders, per diluted share

    $                          0.97



    $                          0.99

        

    Reconciliation of Comparable Operating Results



    The following presents the revenues, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin together with comparable prior year results (in thousands):      





    Three Months Ended September 30,

    Nine Months Ended September 30,



    2024



    2023



    2024



    2023

    Revenues

    $          285,129



    $          276,520



    $          850,832



    $          811,320

    Hotel revenues from prior ownership (1)

    —



    1,642



    —



    8,935

    Comparable Revenues

    $          285,129



    $          278,162



    $          850,832



    $          820,255

















    Hotel Adjusted EBITDA

    $            82,259



    $            79,993



    $          243,161



    $          236,338

    Hotel Adjusted EBITDA from prior ownership (1)

    —



    499



    —



    1,825

    Comparable Hotel Adjusted EBITDA

    $            82,259



    $            80,492



    $          243,161



    $          238,163

















    Hotel Adjusted EBITDA Margin

    28.85 %



    28.93 %



    28.58 %



    29.13 %

    Comparable Hotel Adjusted EBITDA Margin

    28.85 %



    28.94 %



    28.58 %



    29.04 %

    (1)

    Amounts represent the pre-acquisition operating results for Chico Hot Springs Resort from January 1, 2023 to July 31, 2023.  The pre-acquisition operating results were obtained from the seller of the hotel during the acquisition due diligence process. We have made no adjustments to the amounts provided to us by the seller. The pre-acquisition operating results were not audited or reviewed by the Company's independent auditors.

     

    Selected Quarterly Comparable Operating Information



    The following tables are presented to provide investors with selected quarterly comparable operating information for the Company's existing portfolio of hotels.





    Quarter 1, 2023

    Quarter 2, 2023

    Quarter 3, 2023

    Quarter 4, 2023

    Full Year 2023

    ADR

    $          276.43

    $          292.67

    $          273.28

    $          282.57

    $          281.36

    Occupancy

    66.9 %

    76.6 %

    76.4 %

    68.4 %

    72.1 %

    RevPAR

    $          185.00

    $          224.27

    $          208.66

    $          193.16

    $          202.81

    Total RevPAR

    $          282.28

    $          333.24

    $          310.54

    $          294.05

    $          305.08

    Revenues (in thousands)

    $        247,034

    $        295,059

    $        278,162

    $        263,547

    $     1,083,802

    Hotel Adjusted EBITDA (in thousands)

    $          63,336

    $          94,335

    $          80,492

    $          64,817

    $        302,980

    Hotel Adjusted EBITDA Margin

    25.64 %

    31.97 %

    28.94 %

    24.59 %

    27.96 %

    Available Rooms

    875,126

    885,430

    895,743

    896,260

    3,552,559

     



    Quarter 1, 2024

    Quarter 2, 2024

    Quarter 3, 2024

    ADR

    $          269.53

    $          294.55

    $          282.02

    Occupancy

    68.4 %

    77.8 %

    76.0 %

    RevPAR

    $          184.23

    $          229.21

    $          214.44

    Total RevPAR

    $          288.92

    $          348.37

    $          317.67

    Revenues (in thousands)

    $        256,423

    $        309,280

    $        285,129

    Hotel Adjusted EBITDA (in thousands)

    $          61,414

    $          99,488

    $          82,259

    Hotel Adjusted EBITDA Margin

    23.95 %

    32.17 %

    28.85 %

    Available Rooms

    887,523

    887,796

    897,552

     

    Market Capitalization as of September 30, 2024

    (in thousands)

    Enterprise Value











    Common equity capitalization (at September 30, 2024 closing price of $8.73/share)



    $              1,841,475

    Preferred equity capitalization (at liquidation value of $25.00/share)



    119,000

    Consolidated debt (face amount)



    1,097,866

    Cash and cash equivalents



    (75,287)

    Total enterprise value



    $              2,983,054

    Share Reconciliation











    Common shares outstanding



    207,276

    Operating partnership units



    1,135

    Unvested restricted stock held by management and employees



    622

    Share grants under deferred compensation plan



    1,904

    Combined shares and units



    210,937

     

    Debt Summary as of September 30, 2024

    (dollars in thousands)

    Loan



    Interest Rate



    Term



    Outstanding

    Principal



    Maturity

    Worthington Renaissance Fort Worth Hotel



    3.66 %



    Fixed



    72,267



    May 2025

    Hotel Clio



    4.33 %



    Fixed



    55,025



    July 2025

    Westin Boston Seaport District



    4.36 %



    Fixed



    170,574



    November 2025

    Unsecured term loan



    SOFR + 1.35% (1)



    Variable



    500,000



    January 2028

    Unsecured term loan



    SOFR + 1.35% (2)



    Variable



    300,000



    January 2026 (3)

    Senior unsecured credit facility



    SOFR + 1.40%



    Variable



    —



    September 2026 (4)

    Total debt











    1,097,866





         Unamortized debt issuance costs (5)











    (651)





    Debt, net of unamortized debt issuance costs







    $    1,097,215























    Weighted-average interest rate of fixed rate debt



    4.44 %













    Total weighted-average interest rate (6)



    5.60 %































    (1)

    Interest rate as of September 30, 2024 was 5.93%, which includes the effect of interest rate swaps.

    (2)

    Interest rate as of September 30, 2024 was 6.31%.

    (3)

    In September 2024, we exercised our option to extend the maturity by an additional year to January 2026.

    (4)

    Maturity date may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions.

    (5)

    Excludes debt issuance costs related to our senior unsecured credit facility, which are included within Other Assets on the accompanying consolidated balance sheet.

    (6)

    Weighted-average interest rate includes the effect of interest rate swaps.

     



    Operating Statistics – Third Quarter



    Number

    of Rooms

    ADR



    Occupancy



    RevPAR



    3Q 2024

    3Q 2023

    B/(W) 2023



    3Q 2024

    3Q 2023

    B/(W) 2023



    3Q 2024

    3Q 2023

    B/(W) 2023





















































    Atlanta Marriott Alpharetta

    318

    $         151.36

    $         154.82

    (2.2) %



    65.5 %

    69.4 %

    (3.9) %



    $          99.12

    $         107.43

    (7.7) %

    Bourbon Orleans Hotel

    220

    $         205.99

    $         201.95

    2.0 %



    51.1 %

    66.4 %

    (15.3) %



    $         105.26

    $         134.04

    (21.5) %

    Cavallo Point, The Lodge at the Golden Gate

    142

    $         603.32

    $         589.26

    2.4 %



    66.8 %

    57.8 %

    9.0 %



    $         402.94

    $         340.41

    18.4 %

    Chicago Marriott Downtown Magnificent Mile

    1,200

    $         277.90

    $         250.00

    11.2 %



    73.8 %

    71.4 %

    2.4 %



    $         205.06

    $         178.61

    14.8 %

    Chico Hot Springs Resort & Day Spa

    117

    $         231.43

    $         184.10

    25.7 %



    77.8 %

    84.3 %

    (6.5) %



    $         180.10

    $         155.29

    16.0 %

    Courtyard Denver Downtown

    177

    $         234.62

    $         241.09

    (2.7) %



    86.2 %

    82.6 %

    3.6 %



    $         202.34

    $         199.12

    1.6 %

    Courtyard New York Manhattan/Fifth Avenue

    189

    $         313.09

    $         299.95

    4.4 %



    91.9 %

    97.2 %

    (5.3) %



    $         287.59

    $         291.65

    (1.4) %

    Courtyard New York Manhattan/Midtown East

    321

    $         361.67

    $         356.68

    1.4 %



    92.6 %

    91.2 %

    1.4 %



    $         334.84

    $         325.19

    3.0 %

    Embassy Suites by Hilton Bethesda

    272

    $         171.55

    $         159.76

    7.4 %



    72.9 %

    73.8 %

    (0.9) %



    $         125.15

    $         117.93

    6.1 %

    Havana Cabana Key West

    106

    $         200.26

    $         236.66

    (15.4) %



    67.9 %

    78.0 %

    (10.1) %



    $         135.93

    $         184.58

    (26.4) %

    Henderson Beach Resort

    269

    $         448.94

    $         470.03

    (4.5) %



    61.5 %

    67.4 %

    (5.9) %



    $         276.32

    $         316.76

    (12.8) %

    Henderson Park Inn

    37

    $         629.44

    $         648.09

    (2.9) %



    69.4 %

    80.5 %

    (11.1) %



    $         437.13

    $         521.86

    (16.2) %

    Hilton Garden Inn New York/Times Square Central

    282

    $         280.91

    $         276.77

    1.5 %



    90.2 %

    97.0 %

    (6.8) %



    $         253.27

    $         268.48

    (5.7) %

    Hotel Champlain Burlington

    258

    $         292.90

    $         323.75

    (9.5) %



    90.5 %

    86.1 %

    4.4 %



    $         264.96

    $         278.74

    (4.9) %

    Hotel Clio

    199

    $         330.21

    $         331.92

    (0.5) %



    84.1 %

    77.4 %

    6.7 %



    $         277.62

    $         256.83

    8.1 %

    Hotel Emblem San Francisco

    96

    $         184.77

    $         234.01

    (21.0) %



    66.3 %

    70.3 %

    (4.0) %



    $         122.53

    $         164.57

    (25.5) %

    Kimpton Hotel Palomar Phoenix

    242

    $         173.90

    $         164.84

    5.5 %



    70.0 %

    76.1 %

    (6.1) %



    $         121.69

    $         125.47

    (3.0) %

    Kimpton Shorebreak Fort Lauderdale Beach Resort

    96

    $         137.87

    $         134.25

    2.7 %



    56.1 %

    46.4 %

    9.7 %



    $          77.34

    $          62.25

    24.2 %

    Kimpton Shorebreak Huntington Beach Resort

    157

    $         367.61

    $         378.69

    (2.9) %



    87.2 %

    85.0 %

    2.2 %



    $         320.50

    $         321.77

    (0.4) %

    L'Auberge de Sedona

    88

    $         698.04

    $         765.90

    (8.9) %



    58.8 %

    54.6 %

    4.2 %



    $         410.76

    $         418.24

    (1.8) %

    Lake Austin Spa Resort

    40

    $         980.21

    $         983.07

    (0.3) %



    49.6 %

    53.1 %

    (3.5) %



    $         485.84

    $         521.72

    (6.9) %

    Margaritaville Beach House Key West

    186

    $         301.33

    $         313.67

    (3.9) %



    72.0 %

    77.8 %

    (5.8) %



    $         216.95

    $         244.18

    (11.2) %

    Orchards Inn Sedona

    70

    $         234.32

    $         240.57

    (2.6) %



    44.5 %

    49.4 %

    (4.9) %



    $         104.21

    $         118.79

    (12.3) %

    Salt Lake City Marriott Downtown at City Creek

    510

    $         183.42

    $         181.37

    1.1 %



    66.6 %

    61.6 %

    5.0 %



    $         122.22

    $         111.69

    9.4 %

    The Dagny Boston

    403

    $         313.80

    $         292.31

    7.4 %



    91.5 %

    86.5 %

    5.0 %



    $         287.06

    $         252.93

    13.5 %

    The Gwen

    311

    $         326.58

    $         320.89

    1.8 %



    79.0 %

    79.9 %

    (0.9) %



    $         257.90

    $         256.33

    0.6 %

    The Hythe Vail

    344

    $         293.87

    $         282.10

    4.2 %



    66.3 %

    65.0 %

    1.3 %



    $         194.73

    $         183.45

    6.1 %

    The Landing Lake Tahoe Resort & Spa

    82

    $         555.15

    $         569.67

    (2.5) %



    80.7 %

    76.9 %

    3.8 %



    $         448.01

    $         437.83

    2.3 %

    The Lindy Renaissance Charleston Hotel

    167

    $         314.33

    $         326.08

    (3.6) %



    83.7 %

    88.9 %

    (5.2) %



    $         262.97

    $         289.98

    (9.3) %

    The Lodge at Sonoma Resort

    182

    $         442.44

    $         490.51

    (9.8) %



    80.9 %

    68.3 %

    12.6 %



    $         358.04

    $         334.84

    6.9 %

    Tranquility Bay Beachfront Resort

    103

    $         452.06

    $         495.75

    (8.8) %



    72.8 %

    79.3 %

    (6.5) %



    $         328.98

    $         393.05

    (16.3) %

    Westin Boston Waterfront

    793

    $         283.29

    $         250.75

    13.0 %



    91.5 %

    92.4 %

    (0.9) %



    $         259.28

    $         231.78

    11.9 %

    Westin Fort Lauderdale Beach Resort

    433

    $         176.75

    $         187.46

    (5.7) %



    69.5 %

    58.6 %

    10.9 %



    $         122.83

    $         109.90

    11.8 %

    Westin San Diego Bayview

    436

    $         237.94

    $         223.42

    6.5 %



    83.2 %

    85.5 %

    (2.3) %



    $         198.01

    $         191.04

    3.6 %

    Westin Washington D.C. City Center

    410

    $         221.11

    $         185.80

    19.0 %



    71.1 %

    81.5 %

    (10.4) %



    $         157.14

    $         151.37

    3.8 %

    Worthington Renaissance Fort Worth Hotel

    504

    $         193.88

    $         186.10

    4.2 %



    67.0 %

    70.4 %

    (3.4) %



    $         129.91

    $         130.98

    (0.8) %

    Comparable Total (1)

    9,760

    $         282.02

    $         273.28

    3.2 %



    76.0 %

    76.4 %

    (0.4) %



    $         214.44

    $         208.66

    2.8 %



























    (1)

    Amounts include the pre-acquisition operating results of Chico Hot Springs Resort & Day Spa acquired in 2023. 

           



    Operating Statistics – Year to Date



    Number

    of Rooms

    ADR



    Occupancy



    RevPAR



    YTD 2024

    YTD 2023

    B/(W) 2023



    YTD 2024

    YTD 2023

    B/(W) 2023



    YTD 2024

    YTD 2023

    B/(W) 2023





















































    Atlanta Marriott Alpharetta

    318

    $         157.67

    $         154.52

    2.0 %



    64.8 %

    68.5 %

    (3.7) %



    $         102.15

    $         105.84

    (3.5) %

    Bourbon Orleans Hotel

    220

    $         240.93

    $         236.68

    1.8 %



    68.7 %

    76.9 %

    (8.2) %



    $         165.54

    $         182.12

    (9.1) %

    Cavallo Point, The Lodge at the Golden Gate

    142

    $         578.72

    $         590.72

    (2.0) %



    59.9 %

    55.8 %

    4.1 %



    $         346.52

    $         329.54

    5.2 %

    Chicago Marriott Downtown Magnificent Mile

    1,200

    $         252.74

    $         246.14

    2.7 %



    62.5 %

    60.7 %

    1.8 %



    $         158.06

    $         149.41

    5.8 %

    Chico Hot Springs Resort & Day Spa

    117

    $         205.30

    $         176.15

    16.5 %



    74.0 %

    75.4 %

    (1.4) %



    $         152.00

    $         132.75

    14.5 %

    Courtyard Denver Downtown

    177

    $         207.97

    $         220.51

    (5.7) %



    79.3 %

    78.4 %

    0.9 %



    $         164.84

    $         172.83

    (4.6) %

    Courtyard New York Manhattan/Fifth Avenue

    189

    $         279.65

    $         270.33

    3.4 %



    89.9 %

    95.1 %

    (5.2) %



    $         251.53

    $         257.20

    (2.2) %

    Courtyard New York Manhattan/Midtown East

    321

    $         324.06

    $         314.26

    3.1 %



    92.6 %

    90.5 %

    2.1 %



    $         299.98

    $         284.44

    5.5 %

    Embassy Suites by Hilton Bethesda

    272

    $         175.22

    $         163.58

    7.1 %



    71.8 %

    71.9 %

    (0.1) %



    $         125.78

    $         117.54

    7.0 %

    Havana Cabana Key West

    106

    $         305.80

    $         305.56

    0.1 %



    78.8 %

    84.2 %

    (5.4) %



    $         241.10

    $         257.20

    (6.3) %

    Henderson Park Resort

    269

    $         427.29

    $         458.10

    (6.7) %



    58.9 %

    61.7 %

    (2.8) %



    $         251.66

    $         282.64

    (11.0) %

    Henderson Park Inn

    37

    $         592.59

    $         627.97

    (5.6) %



    70.5 %

    70.2 %

    0.3 %



    $         417.70

    $         440.90

    (5.3) %

    Hilton Garden Inn New York/Times Square Central

    282

    $         249.13

    $         252.61

    (1.4) %



    89.8 %

    89.4 %

    0.4 %



    $         223.67

    $         225.73

    (0.9) %

    Hotel Champlain Burlington

    258

    $         238.69

    $         252.40

    (5.4) %



    74.3 %

    76.2 %

    (1.9) %



    $         177.25

    $         192.25

    (7.8) %

    Hotel Clio

    199

    $         311.61

    $         320.35

    (2.7) %



    77.7 %

    71.2 %

    6.5 %



    $         242.10

    $         227.96

    6.2 %

    Hotel Emblem San Francisco

    96

    $         206.22

    $         245.70

    (16.1) %



    62.6 %

    67.0 %

    (4.4) %



    $         129.00

    $         164.55

    (21.6) %

    Kimpton Hotel Palomar Phoenix

    242

    $         224.89

    $         221.99

    1.3 %



    76.0 %

    76.0 %

    — %



    $         170.98

    $         168.72

    1.3 %

    Kimpton Shorebreak Fort Lauderdale Beach Resort

    96

    $         201.68

    $         217.03

    (7.1) %



    74.5 %

    66.3 %

    8.2 %



    $         150.23

    $         143.81

    4.5 %

    Kimpton Shorebreak Huntington Beach Resort

    157

    $         328.41

    $         338.09

    (2.9) %



    83.8 %

    81.3 %

    2.5 %



    $         275.26

    $         274.92

    0.1 %

    L'Auberge de Sedona

    88

    $         845.89

    $         907.24

    (6.8) %



    66.0 %

    60.0 %

    6.0 %



    $         558.05

    $         544.22

    2.5 %

    Lake Austin Spa Resort

    40

    $      1,020.45

    $      1,071.67

    (4.8) %



    59.2 %

    58.5 %

    0.7 %



    $         604.45

    $         627.30

    (3.6) %

    Margaritaville Beach House Key West

    186

    $         402.31

    $         403.61

    (0.3) %



    84.1 %

    84.3 %

    (0.2) %



    $         338.15

    $         340.19

    (0.6) %

    Orchards Inn Sedona

    70

    $         282.06

    $         281.82

    0.1 %



    56.5 %

    59.6 %

    (3.1) %



    $         159.41

    $         167.87

    (5.0) %

    Salt Lake City Marriott Downtown at City Creek

    510

    $         192.95

    $         190.89

    1.1 %



    68.5 %

    63.3 %

    5.2 %



    $         132.09

    $         120.75

    9.4 %

    The Dagny Boston

    403

    $         274.31

    $         292.40

    (6.2) %



    85.9 %

    75.0 %

    10.9 %



    $         235.63

    $         219.35

    7.4 %

    The Gwen

    311

    $         295.55

    $         299.15

    (1.2) %



    75.5 %

    74.5 %

    1.0 %



    $         223.12

    $         222.97

    0.1 %

    The Hythe Vail

    344

    $         418.51

    $         435.10

    (3.8) %



    64.5 %

    61.1 %

    3.4 %



    $         269.93

    $         265.81

    1.5 %

    The Landing Lake Tahoe Resort & Spa

    82

    $         436.36

    $         472.57

    (7.7) %



    64.2 %

    53.0 %

    11.2 %



    $         279.94

    $         250.32

    11.8 %

    The Lindy Renaissance Charleston Hotel

    167

    $         342.25

    $         352.01

    (2.8) %



    88.1 %

    89.2 %

    (1.1) %



    $         301.38

    $         313.99

    (4.0) %

    The Lodge at Sonoma Resort

    182

    $         410.10

    $         455.78

    (10.0) %



    66.3 %

    62.7 %

    3.6 %



    $         271.77

    $         285.78

    (4.9) %

    Tranquility Bay Beachfront Resort 

    103

    $         623.30

    $         652.82

    (4.5) %



    76.0 %

    77.8 %

    (1.8) %



    $         473.45

    $         507.60

    (6.7) %

    Westin Boston Waterfront

    793

    $         263.76

    $         243.78

    8.2 %



    86.4 %

    85.3 %

    1.1 %



    $         228.01

    $         207.90

    9.7 %

    Westin Fort Lauderdale Beach Resort

    433

    $         257.19

    $         274.94

    (6.5) %



    79.3 %

    73.3 %

    6.0 %



    $         203.94

    $         201.56

    1.2 %

    Westin San Diego Bayview

    436

    $         231.87

    $         214.93

    7.9 %



    73.3 %

    79.9 %

    (6.6) %



    $         170.02

    $         171.62

    (0.9) %

    Westin Washington D.C. City Center

    410

    $         241.24

    $         216.66

    11.3 %



    72.6 %

    75.9 %

    (3.3) %



    $         175.11

    $         164.39

    6.5 %

    Worthington Renaissance Fort Worth Hotel

    504

    $         207.28

    $         194.08

    6.8 %



    71.2 %

    74.5 %

    (3.3) %



    $         147.54

    $         144.59

    2.0 %

    Comparable Total (1)

    9,760

    $         282.56

    $         280.98

    0.6 %



    74.1 %

    73.3 %

    0.8 %



    $         209.31

    $         206.07

    1.6 %



























    (1)

    Amounts include the pre-acquisition operating results of Chico Hot Springs Resort & Day Spa acquired in 2023. 

     





    Hotel Adjusted EBITDA Reconciliation - Third Quarter 2024















    Net Income /

    (Loss)

    Plus:

    Plus:

    Plus:

    Equals: Hotel

    Adjusted EBITDA





    Total Revenues



    Depreciation

    Interest Expense

    Adjustments (1)

    Atlanta Marriott Alpharetta



    $                   4,071



    $                   1,067

    $                      382

    $                         —

    $                         —

    $                   1,449

    Bourbon Orleans Hotel



    $                   2,800



    $                     (900)

    $                      937

    $                         —

    $                           3

    $                         40

    Cavallo Point, The Lodge at the Golden Gate



    $                 12,730



    $                   2,108

    $                   1,453

    $                         —

    $                         94

    $                   3,655

    Chicago Marriott Downtown Magnificent Mile



    $                 34,444



    $                   8,595

    $                   3,212

    $                           6

    $                    (397)

    $                 11,416

    Chico Hot Springs Resort & Day Spa



    $                   4,661



    $                       818

    $                      418

    $                         —

    $                           1

    $                   1,237

    Courtyard Denver Downtown



    $                   3,623



    $                   1,245

    $                      374

    $                         —

    $                         —

    $                   1,619

    Courtyard New York Manhattan/Fifth Avenue



    $                   5,128



    $                       323

    $                      358

    $                         —

    $                      253

    $                       934

    Courtyard New York Manhattan/Midtown East



    $                 10,264



    $                   2,894

    $                      538

    $                       340

    $                         —

    $                   3,772

    Embassy Suites by Hilton Bethesda



    $                   3,633



    $                 (1,403)

    $                      576

    $                         —

    $                   1,448

    $                       621

    Havana Cabana Key West



    $                   2,003



    $                     (405)

    $                      323

    $                         —

    $                         —

    $                       (82)

    Henderson Beach Resort



    $                 11,403



    $                   1,800

    $                   1,096

    $                         —

    $                         —

    $                   2,896

    Henderson Park Inn



    $                   2,361



    $                       801

    $                      277

    $                         —

    $                         —

    $                   1,078

    Hilton Garden Inn New York/Times Square Central



    $                   7,388



    $                   1,320

    $                      653

    $                         —

    $                         —

    $                   1,973

    Hotel Champlain Burlington



    $                   8,454



    $                   2,440

    $                      780

    $                         —

    $                         —

    $                   3,220

    Hotel Clio



    $                   8,134



    $                   1,185

    $                      853

    $                       620

    $                           5

    $                   2,663

    Hotel Emblem San Francisco



    $                   1,369



    $                     (271)

    $                      295

    $                         —

    $                         —

    $                         24

    Kimpton Hotel Palomar Phoenix



    $                   4,801



    $                     (116)

    $                      506

    $                         —

    $                      193

    $                       583

    Kimpton Shorebreak Fort Lauderdale Beach Resort



    $                   1,473



    $                     (752)

    $                      366

    $                         —

    $                         —

    $                     (386)

    Kimpton Shorebreak Huntington Beach Resort



    $                   6,243



    $                   2,127

    $                      340

    $                         —

    $                         —

    $                   2,467

    L'Auberge de Sedona



    $                   5,963



    $                       482

    $                      390

    $                         —

    $                         —

    $                       872

    Lake Austin Spa Resort



    $                   4,304



    $                     (146)

    $                      701

    $                         —

    $                         —

    $                       555

    Margaritaville Beach House Key West



    $                   5,405



    $                       566

    $                      763

    $                         —

    $                         —

    $                   1,329

    Orchards Inn Sedona



    $                   1,409



    $                       (61)

    $                         87

    $                         —

    $                         42

    $                         68

    Salt Lake City Marriott Downtown at City Creek



    $                   7,878



    $                   1,700

    $                      945

    $                         —

    $                         11

    $                   2,656

    The Dagny Boston



    $                 11,684



    $                   3,575

    $                   1,532

    $                         —

    $                         —

    $                   5,107

    The Gwen



    $                 11,137



    $                   2,661

    $                      745

    $                         —

    $                         —

    $                   3,406

    The Hythe Vail



    $                 11,180



    $                   2,628

    $                   1,168

    $                         —

    $                         —

    $                   3,796

    The Landing Lake Tahoe Resort & Spa



    $                   5,727



    $                   2,424

    $                      214

    $                         —

    $                         —

    $                   2,638

    The Lindy Renaissance Charleston Hotel



    $                   5,152



    $                   1,717

    $                      362

    $                         —

    $                         —

    $                   2,079

    The Lodge at Sonoma Resort



    $                   9,283



    $                   2,736

    $                      492

    $                         —

    $                         —

    $                   3,228

    Tranquility Bay Beachfront Resort



    $                   4,099



    $                       589

    $                      456

    $                         —

    $                         —

    $                   1,045

    Westin Boston Seaport District



    $                 26,731



    $                   3,680

    $                   2,412

    $                   1,949

    $                    (122)

    $                   7,919

    Westin Fort Lauderdale Beach Resort



    $                 11,670



    $                     (354)

    $                   1,046

    $                         —

    $                         —

    $                       692

    Westin San Diego Bayview



    $                 10,390



    $                   2,014

    $                   1,361

    $                         —

    $                         —

    $                   3,375

    Westin Washington D.C. City Center



    $                   7,335



    $                       430

    $                   1,035

    $                         —

    $                         —

    $                   1,465

    Worthington Renaissance Fort Worth Hotel



    $                 10,799



    $                   1,239

    $                      910

    $                       701

    $                         —

    $                   2,850

    Comparable Total



    $               285,129



    $                 48,756

    $                 28,356

    $                   3,616

    $                   1,531

    $                 82,259

    (1)

    Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities.

     





    Hotel Adjusted EBITDA Reconciliation - Third Quarter 2023









    Net Income /

    (Loss)

    Plus:

    Plus:

    Plus:

    Equals: Hotel





    Total Revenues



    Depreciation

    Interest Expense

    Adjustments (1)

    Adjusted EBITDA

    Atlanta Marriott Alpharetta



    $                   4,328



    $                   1,018

    $                      367

    $                         —

    $                         —

    $                   1,385

    Bourbon Orleans Hotel



    $                   3,437



    $                         76

    $                      866

    $                         —

    $                           6

    $                      948

    Cavallo Point, The Lodge at the Golden Gate



    $                 11,114



    $                   1,348

    $                   1,410

    $                         —

    $                         94

    $                   2,852

    Chicago Marriott Downtown Magnificent Mile



    $                 32,302



    $                   8,332

    $                   3,517

    $                           6

    $                    (397)

    $                 11,458

    Chico Hot Springs Resort & Day Spa



    $                   2,595



    $                      357

    $                      195

    $                         —

    $                         —

    $                      552

    Courtyard Denver Downtown



    $                   3,562



    $                   1,386

    $                      372

    $                         —

    $                         —

    $                   1,758

    Courtyard New York Manhattan/Fifth Avenue



    $                   5,327



    $                      780

    $                      350

    $                         —

    $                      253

    $                   1,383

    Courtyard New York Manhattan/Midtown East



    $                   9,921



    $                   2,073

    $                      519

    $                      895

    $                         —

    $                   3,487

    Embassy Suites by Hilton Bethesda



    $                   3,361



    $                 (1,765)

    $                      570

    $                         —

    $                   1,463

    $                      268

    Havana Cabana Key West



    $                   2,517



    $                       (35)

    $                      290

    $                         —

    $                         —

    $                      255

    Henderson Beach Resort



    $                 11,721



    $                   2,034

    $                   1,015

    $                         —

    $                         —

    $                   3,049

    Henderson Park Inn



    $                   2,846



    $                   1,071

    $                      283

    $                         —

    $                         —

    $                   1,354

    Hilton Garden Inn New York/Times Square Central



    $                   7,700



    $                   2,341

    $                      646

    $                         —

    $                         —

    $                   2,987

    Hotel Champlain Burlington



    $                   8,421



    $                   3,555

    $                      551

    $                         —

    $                         —

    $                   4,106

    Hotel Clio



    $                   7,679



    $                      836

    $                      768

    $                      635

    $                           5

    $                   2,244

    Hotel Emblem San Francisco



    $                   1,684



    $                    (263)

    $                      296

    $                         —

    $                         —

    $                         33

    Kimpton Hotel Palomar Phoenix



    $                   4,724



    $                    (200)

    $                      496

    $                         —

    $                      178

    $                      474

    Kimpton Shorebreak Fort Lauderdale Beach Resort



    $                   1,022



    $                    (938)

    $                      312

    $                         —

    $                         —

    $                    (626)

    Kimpton Shorebreak Huntington Beach Resort



    $                   6,203



    $                   2,048

    $                      381

    $                         —

    $                         —

    $                   2,429

    L'Auberge de Sedona



    $                   5,950



    $                      641

    $                      362

    $                         —

    $                         —

    $                   1,003

    Lake Austin Spa Resort



    $                   4,543



    $                      118

    $                      647

    $                         —

    $                         —

    $                      765

    Margaritaville Beach House Key West



    $                   5,933



    $                      934

    $                      775

    $                         —

    $                         —

    $                   1,709

    Orchards Inn Sedona



    $                   1,586



    $                           6

    $                         93

    $                         —

    $                         42

    $                      141

    Salt Lake City Marriott Downtown at City Creek



    $                   7,630



    $                   2,035

    $                      677

    $                         —

    $                         11

    $                   2,723

    The Dagny Boston



    $                 10,420



    $                   2,096

    $                   1,522

    $                         —

    $                         —

    $                   3,618

    The Gwen



    $                 10,747



    $                   2,725

    $                   1,030

    $                         —

    $                         —

    $                   3,755

    The Hythe Vail



    $                 10,420



    $                   1,897

    $                   1,201

    $                         —

    $                         —

    $                   3,098

    The Landing Lake Tahoe Resort & Spa



    $                   5,767



    $                   2,676

    $                      135

    $                         —

    $                         —

    $                   2,811

    The Lindy Renaissance Charleston Hotel



    $                   5,507



    $                   1,798

    $                      477

    $                         —

    $                         —

    $                   2,275

    The Lodge at Sonoma Resort



    $                   8,746



    $                   2,337

    $                      635

    $                         —

    $                         —

    $                   2,972

    Tranquility Bay Beachfront Resort



    $                   4,888



    $                      713

    $                      449

    $                         —

    $                         —

    $                   1,162

    Westin Boston Seaport District



    $                 26,082



    $                   3,135

    $                   2,473

    $                   1,999

    $                    (122)

    $                   7,485

    Westin Fort Lauderdale Beach Resort



    $                 10,846



    $                 (1,632)

    $                   1,028

    $                         —

    $                         —

    $                    (604)

    Westin San Diego Bayview



    $                 10,006



    $                   2,585

    $                      850

    $                         —

    $                         —

    $                   3,435

    Westin Washington D.C. City Center



    $                   6,826



    $                    (244)

    $                   1,026

    $                         —

    $                         —

    $                      782

    Worthington Renaissance Fort Worth Hotel



    $                 10,159



    $                      651

    $                   1,099

    $                      718

    $                         —

    $                   2,468

    Total



    $               276,520



    $                 46,525

    $                 27,683

    $                   4,253

    $                   1,533

    $                 79,993

    Add: Prior Ownership Results (2)



    $                   1,642



    $                      424

    $                         75

    $                         —

    $                         —

    $                      499

    Comparable Total



    $               278,162



    $                 46,949

    $                 27,758

    $                   4,253

    $                   1,533

    $                 80,492

    (1)

    Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities.

    (2)

    Represents the pre-acquisition operating results of Chico Hot Springs Resort & Day Spa acquired in 2023. 

     





    Hotel Adjusted EBITDA Reconciliation - Year to Date 2024





    Total Revenues



    Net Income /

    (Loss)

    Plus: Depreciation

    Plus: Interest

    Expense

    Plus: Adjustments (1)

    Equals: Hotel

    Adjusted EBITDA







    Atlanta Marriott Alpharetta



    $              12,834



    $                   3,517

    $                   1,105

    $                         —

    $                             —

    $                   4,622

    Bourbon Orleans Hotel



    $              12,619



    $                   1,550

    $                   2,694

    $                         —

    $                           (23)

    $                   4,221

    Cavallo Point, The Lodge at the Golden Gate



    $              35,223



    $                   4,283

    $                   4,324

    $                         —

    $                          281

    $                   8,888

    Chicago Marriott Downtown Magnificent Mile



    $              87,188



    $                 15,319

    $                   9,685

    $                         18

    $                     (1,192)

    $                 23,830

    Chico Hot Springs Resort & Day Spa



    $              11,647



    $                       620

    $                   1,201

    $                         —

    $                               4

    $                   1,825

    Courtyard Denver Downtown



    $                 8,907



    $                   2,587

    $                   1,085

    $                         —

    $                             —

    $                   3,672

    Courtyard New York Manhattan/Fifth Avenue



    $              13,391



    $                     (239)

    $                   1,041

    $                         —

    $                          760

    $                   1,562

    Courtyard New York Manhattan/Midtown East



    $              27,378



    $                   4,630

    $                   1,554

    $                   2,086

    $                             —

    $                   8,270

    Embassy Suites by Hilton Bethesda



    $              10,703



    $                 (4,368)

    $                   1,789

    $                         —

    $                       4,368

    $                   1,789

    Havana Cabana Key West



    $                 9,310



    $                   1,607

    $                   1,065

    $                         —

    $                             —

    $                   2,672

    Henderson Beach Resort



    $              33,139



    $                   4,697

    $                   3,249

    $                         —

    $                             —

    $                   7,946

    Henderson Park Inn



    $                 6,668



    $                   2,029

    $                      818

    $                         —

    $                             —

    $                   2,847

    Hilton Garden Inn New York/Times Square Central



    $              19,628



    $                   2,301

    $                   1,953

    $                         —

    $                             —

    $                   4,254

    Hotel Champlain Burlington



    $              16,841



    $                   2,233

    $                   1,975

    $                         —

    $                             —

    $                   4,208

    Hotel Clio



    $              21,936



    $                   1,623

    $                   2,497

    $                   1,859

    $                             14

    $                   5,993

    Hotel Emblem San Francisco



    $                 4,242



    $                     (621)

    $                      910

    $                         —

    $                             —

    $                       289

    Kimpton Hotel Palomar Phoenix



    $              18,527



    $                   2,791

    $                   1,471

    $                         —

    $                          584

    $                   4,846

    Kimpton Shorebreak Fort Lauderdale Beach Resort



    $                 7,106



    $                     (577)

    $                   1,074

    $                         —

    $                             —

    $                       497

    Kimpton Shorebreak Huntington Beach Resort



    $              16,997



    $                   4,991

    $                   1,061

    $                         —

    $                             —

    $                   6,052

    L'Auberge de Sedona



    $              23,127



    $                   5,303

    $                   1,121

    $                         —

    $                             —

    $                   6,424

    Lake Austin Spa Resort



    $              15,421



    $                   1,550

    $                   2,083

    $                         —

    $                             —

    $                   3,633

    Margaritaville Beach House Key West



    $              23,317



    $                   7,386

    $                   2,064

    $                         —

    $                             —

    $                   9,450

    Orchards Inn Sedona



    $                 6,020



    $                   1,047

    $                      265

    $                         —

    $                          126

    $                   1,438

    Salt Lake City Marriott Downtown at City Creek



    $              25,304



    $                   6,425

    $                   2,828

    $                         —

    $                             49

    $                   9,302

    The Dagny Boston



    $              29,043



    $                   5,278

    $                   4,718

    $                         —

    $                             —

    $                   9,996

    The Gwen



    $              28,076



    $                   3,722

    $                   2,475

    $                         —

    $                             —

    $                   6,197

    The Hythe Vail



    $              39,671



    $                 12,333

    $                   3,520

    $                         —

    $                             —

    $                 15,853

    The Landing Lake Tahoe Resort & Spa



    $              11,198



    $                   2,967

    $                      653

    $                         —

    $                             —

    $                   3,620

    The Lindy Renaissance Charleston Hotel



    $              17,153



    $                   6,395

    $                   1,143

    $                         —

    $                             —

    $                   7,538

    The Lodge at Sonoma Resort



    $              22,026



    $                   4,471

    $                   1,615

    $                         —

    $                             —

    $                   6,086

    Tranquility Bay Beachfront Resort



    $              17,150



    $                   4,048

    $                   1,361

    $                         —

    $                             —

    $                   5,409

    Westin Boston Seaport District



    $              77,585



    $                   7,568

    $                   7,336

    $                   5,842

    $                        (367)

    $                 20,379

    Westin Fort Lauderdale Beach Resort



    $              52,237



    $                 10,671

    $                   3,182

    $                         —

    $                             —

    $                 13,853

    Westin San Diego Bayview



    $              26,838



    $                   4,099

    $                   3,761

    $                         —

    $                             —

    $                   7,860

    Westin Washington D.C. City Center



    $              24,830



    $                   2,968

    $                   3,231

    $                         —

    $                             —

    $                   6,199

    Worthington Renaissance Fort Worth Hotel



    $              37,552



    $                   6,809

    $                   2,635

    $                   2,100

    $                             —

    $                 11,544

    Comparable Total



    $            850,832



    $               142,013

    $                 84,542

    $                 11,905

    $                       4,604

    $               243,161

    (1)

    Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities.

     





    Hotel Adjusted EBITDA Reconciliation - Year to Date 2023









    Net Income

    /(Loss)

    Plus:

    Plus:

    Plus:

    Equals: Hotel





    Total Revenues



    Depreciation

    Interest Expense

    Adjustments (1)

    Adjusted EBITDA

    Atlanta Marriott Alpharetta



    $                 12,584



    $                   3,080

    $                   1,090

    $                         —

    $                         —

    $                   4,170

    Bourbon Orleans Hotel



    $                 13,449



    $                   2,831

    $                   2,553

    $                         —

    $                         19

    $                   5,403

    Cavallo Point, The Lodge at the Golden Gate



    $                 33,762



    $                   4,447

    $                   4,198

    $                         —

    $                      281

    $                   8,926

    Chicago Marriott Downtown Magnificent Mile



    $                 79,569



    $                 14,293

    $                 10,709

    $                         18

    $                 (1,192)

    $                 23,828

    Chico Hot Springs Resort & Day Spa



    $                   2,595



    $                      357

    $                      195

    $                         —

    $                         —

    $                      552

    Courtyard Denver Downtown



    $                   9,215



    $                   2,899

    $                   1,126

    $                         —

    $                         —

    $                   4,025

    Courtyard New York Manhattan/Fifth Avenue



    $                 13,671



    $                      874

    $                   1,097

    $                         —

    $                      760

    $                   2,731

    Courtyard New York Manhattan/Midtown East



    $                 25,890



    $                   3,351

    $                   1,524

    $                   2,672

    $                         —

    $                   7,547

    Embassy Suites by Hilton Bethesda



    $                 10,113



    $                 (4,917)

    $                   1,713

    $                         —

    $                   4,409

    $                   1,205

    Havana Cabana Key West



    $                   9,856



    $                   2,294

    $                      877

    $                         —

    $                         —

    $                   3,171

    Henderson Beach Resort



    $                 32,520



    $                   4,492

    $                   3,047

    $                         —

    $                         —

    $                   7,539

    Henderson Park Inn



    $                   7,044



    $                   2,210

    $                      785

    $                         —

    $                         —

    $                   2,995

    Hilton Garden Inn New York/Times Square Central



    $                 19,308



    $                   3,322

    $                   1,929

    $                         —

    $                         —

    $                   5,251

    Hotel Champlain Burlington



    $                 17,899



    $                   4,837

    $                   1,679

    $                         —

    $                         —

    $                   6,516

    Hotel Clio



    $                 19,814



    $                      118

    $                   2,490

    $                   1,898

    $                         14

    $                   4,520

    Hotel Emblem San Francisco



    $                   5,224



    $                    (740)

    $                      890

    $                         —

    $                         —

    $                      150

    Kimpton Hotel Palomar Phoenix



    $                 18,580



    $                   2,724

    $                   1,646

    $                         —

    $                      538

    $                   4,908

    Kimpton Shorebreak Fort Lauderdale Beach Resort



    $                   6,168



    $                    (751)

    $                      921

    $                         —

    $                         —

    $                      170

    Kimpton Shorebreak Huntington Beach Resort



    $                 16,579



    $                   4,662

    $                   1,177

    $                         —

    $                         —

    $                   5,839

    L'Auberge de Sedona



    $                 21,566



    $                   4,622

    $                   1,106

    $                         —

    $                         —

    $                   5,728

    Lake Austin Spa Resort



    $                 15,462



    $                   1,837

    $                   1,916

    $                         —

    $                         —

    $                   3,753

    Margaritaville Beach House Key West



    $                 23,355



    $                   7,819

    $                   2,366

    $                         —

    $                         —

    $                 10,185

    Orchards Inn Sedona



    $                   6,225



    $                   1,106

    $                      273

    $                         —

    $                      126

    $                   1,505

    Salt Lake City Marriott Downtown at City Creek



    $                 23,233



    $                   6,549

    $                   1,912

    $                         —

    $                         32

    $                   8,493

    The Dagny Boston



    $                 27,018



    $                   3,674

    $                   4,195

    $                         —

    $                         —

    $                   7,869

    The Gwen



    $                 27,126



    $                   3,510

    $                   3,163

    $                         —

    $                         —

    $                   6,673

    The Hythe Vail



    $                 37,727



    $                 11,374

    $                   3,603

    $                         —

    $                         —

    $                 14,977

    The Landing Lake Tahoe Resort & Spa



    $                 10,074



    $                   2,520

    $                      666

    $                         —

    $                         —

    $                   3,186

    The Lindy Renaissance Charleston Hotel



    $                 17,758



    $                   6,584

    $                   1,418

    $                         —

    $                         —

    $                   8,002

    The Lodge at Sonoma Resort



    $                 23,812



    $                   4,918

    $                   1,933

    $                         —

    $                         —

    $                   6,851

    Tranquility Bay Beachfront Resort



    $                 18,222



    $                   4,401

    $                   1,315

    $                         —

    $                         —

    $                   5,716

    Westin Boston Seaport District



    $                 71,511



    $                   5,271

    $                   7,421

    $                   5,969

    $                    (367)

    $                 18,294

    Westin Fort Lauderdale Beach Resort



    $                 50,066



    $                   9,178

    $                   3,096

    $                         —

    $                         —

    $                 12,274

    Westin San Diego Bayview



    $                 27,124



    $                   6,023

    $                   2,561

    $                         —

    $                         —

    $                   8,584

    Westin Washington D.C. City Center



    $                 22,481



    $                   1,435

    $                   3,070

    $                         —

    $                         —

    $                   4,505

    Worthington Renaissance Fort Worth Hotel



    $                 34,720



    $                   4,824

    $                   3,335

    $                   2,145

    $                         —

    $                 10,304

    Total



    $               811,320



    $               136,028

    $                 82,995

    $                 12,702

    $                   4,620

    $               236,338

    Add: Prior Ownership Results (2)



    $                   8,935



    $                   1,300

    $                      525

    $                         —

    $                         —

    $                   1,825

    Comparable Total



    $               820,255



    $               137,328

    $                 83,520

    $                 12,702

    $                   4,620

    $               238,163

    (1)

    Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities.

    (2)

    Represents the pre-acquisition operating results of Chico Hot Springs Resort & Day Spa acquired in 2023. 

     

    Cision View original content:https://www.prnewswire.com/news-releases/diamondrock-hospitality-company-reports-third-quarter-2024-results-302299186.html

    SOURCE DiamondRock Hospitality Company

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