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As Of Filer Filing For·On·As Docs:Size 2/23/21 Pebblebrook Hotel Trust 8-K:2,9 2/23/21 13:1.1M |
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OPERATING STATUS OF HOTELS AND RESORTS | § 38 hotels and resorts currently open, which is approximately three-fourths of the Company’s portfolio; these 38 properties accounted for 73% of the Company’s 2019 Hotel EBITDA § As expected,
demand softened in November and December of 2020 compared with prior months due to the typical seasonal winter slowdown in travel and increased government restrictions in response to the dramatic rise in COVID infections nationwide. § The softer demand trends continued into January 2021. However, the Company is encouraged that hotel demand and booking trends for February and March have improved materially from January. § The Company’s remaining suspended hotels are expected to re-open in the coming months as demand recovers. | |||||||
AVERAGE MONTHLY CASH BURN | § During the fourth quarter of 2020, monthly cash burn at the Company’s hotels averaged in the range of its previous estimate of $5 to $8 million, with December running at approximately $9 million, due to typical winter seasonality and a dramatic rise in COVID-19 cases and government restrictions. § Total monthly corporate cash burn in the fourth quarter of 2020 averaged in the range of its previous estimate, running at $16 to $21 million. | |||||||
BALANCE SHEET & LIQUIDITY | §
In December, the Company issued $500.0 million of convertible senior unsecured notes with a 1.75% coupon and reopened the securities in Q1 raising an additional $263.75 million. Proceeds from these offerings increased the Company’s liquidity and reduced near term outstanding debt. § On February 18, 2021, the Company and its lending partners agreed to amend its credit agreements to waive financial covenants until the first quarter of 2022 and provide substantially less restrictive covenants and increased investment flexibility through the end of the first quarter of 2023. §
Currently, the Company has cash on hand of approximately $127 million and liquidity of approximately $770 million, which includes $643.2 million available on the Company’s $650.0 million revolving credit facility. § Net debt to depreciated book value at the end of Q4 2020 was 39%. | |||||||
Q1 2021 OUTLOOK | § Given the uncertainties related to the pandemic, its impact on travel, and variable and unpredictable government restrictions,
the Company is unable to provide an outlook for 2021 at this time. § Based on our January preliminary results, and February’s results and trends, the Company anticipates Q1 2021 revenues will likely be roughly in-line with Q4 2020, with Same-Property Room Revenues currently estimated to decline 80% to 81% compared with Q1 2019. |
“ | As
we close what has been an unprecedented year, I am incredibly proud of our hotel team members and corporate employees in all that we accomplished throughout 2020. From the onset of COVID-19, we quickly rallied together to mitigate the pandemic's effects by successfully reducing costs and capitalizing on our strategic initiatives. Despite the challenging environment, we completed approximately $400 million of property dispositions at very attractive values. We successfully issued $750 million of highly attractive convertible notes, which significantly enhanced our liquidity, allowed us to pay down near-term debt maturities and provided for future debt to equity conversion at very favorable equity pricing. We also completed numerous transformative property renovations and redevelopments, including San Diego Mission Bay Resort, Viceroy Santa Monica Hotel, Chaminade Resort & Spa, Hotel Zena Washington DC, Le Parc Suite Hotel West Hollywood and Viceroy Washington DC. And
in November, we launched Curator Hotel & Resort Collection with six industry-leading hotel operators as founding members. We believe that Curator will generate significant future value for our shareholders as we rapidly add new member hotels and increase the cost-saving offerings and benefits provided by Curator. 2020 marked the most challenging year for the hotel industry in decades, and the most challenging ever for Pebblebrook. However, our combined strategic actions and tireless hard work have set the foundation for 2021, which we expect to be a year of gradual recovery as leisure and business travel demand returns. We are cautiously optimistic that we will return to profitability in the second half of this year, and we feel confident we are in a great position for significant growth and investment opportunities in the years ahead. - Jon E. Bortz, Chairman, President and
Chief Executive Officer of Pebblebrook Hotel Trust | |||||||
Fourth Quarter | Year Ended December
31, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
($ in millions except per share and RevPAR data) | |||||||||||||||||
Net income (loss) | ($173.2) | $19.6 | ($392.6) | $115.7 | |||||||||||||
Same-Property
Room Revenues(1) | $48.0 | $235.1 | $279.8 | $1,019.8 | |||||||||||||
Same-Property Room Revenues growth rate | (79.6%) | (72.6%) | |||||||||||||||
Same-Property Total Revenues(1) | $74.0 | $353.2 | $429.0 | $1,490.5 | |||||||||||||
Same-Property Total Revenues growth rate | (79.1%) | (71.2%) | |||||||||||||||
Same-Property Total Expenses(1) | $93.9 | $251.8 | $468.4 | $1,014.5 | |||||||||||||
Same-Property Total Expense growth rate | (62.7%) | (53.8%) | |||||||||||||||
Same-Property EBITDA(1) | ($19.9) | $101.4 | ($39.4) | $476.0 | |||||||||||||
Same-Property EBITDA growth rate | (119.7%) | (108.3%) | |||||||||||||||
Adjusted
EBITDAre(1) | ($27.9) | $100.1 | ($69.7) | $478.7 | |||||||||||||
Adjusted EBITDAre growth rate | (127.8%) | (114.6%) | |||||||||||||||
Adjusted FFO(1) | ($65.4) | $71.3 | ($191.4) | $344.1 | |||||||||||||
Adjusted FFO per diluted share(1) | ($0.50) | $0.54 | ($1.46) | $2.63 | |||||||||||||
Adjusted FFO per diluted share growth rate | (192.6%) | (155.5%) | |||||||||||||||
(1)
See tables later in this press release for a description of same-property information and reconciliations from net income (loss) to non-GAAP financial measures, including Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), EBITDA for Real Estate ("EBITDAre"), Adjusted EBITDAre, Funds from Operations ("FFO"), FFO per share, Adjusted FFO and Adjusted FFO per share. For the details as to which hotels are included in Same-Property Room Revenues, Total Revenues, Expenses and EBITDA appearing in the table above and elsewhere in this press release, refer to the Same-Property Statistical Data table footnotes later in this press
release. |
Pebblebrook Hotel Trust | |||||||||||
Consolidated Balance Sheets | |||||||||||
($ in thousands, except share and per-share data) | |||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||
ASSETS | |||||||||||
Assets: | |||||||||||
Investment in hotel properties, net | $ | 5,882,022 | $ | 6,332,587 | |||||||
Cash and cash equivalents | 124,274 | 30,098 | |||||||||
Restricted cash | 12,026 | 26,777 | |||||||||
Hotel receivables (net of allowance for doubtful accounts of $183 and $738, respectively) | 10,225 | 49,619 | |||||||||
Prepaid expenses and other assets | 47,819 | 59,474 | |||||||||
Total assets | $ | 6,076,366 | $ | 6,498,555 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Liabilities: | |||||||||||
Unsecured revolving credit facilities | $ | 40,000 | $ | 165,000 | |||||||
Unsecured term loans, net of unamortized deferred financing costs | 1,766,545 | 1,964,657 | |||||||||
Senior convertible notes, net of unamortized debt discount and deferred financing costs | 374,333 | — | |||||||||
Senior unsecured notes, net of unamortized deferred financing costs | 99,593 | 99,563 | |||||||||
Accounts payable, accrued expenses and other liabilities | 226,446 | 260,166 | |||||||||
Lease liabilities - operating leases | 255,106 | 256,271 | |||||||||
Deferred revenues | 36,057 | 57,704 | |||||||||
Accrued interest | 4,653 | 4,694 | |||||||||
Distribution payable | 9,307 | 58,564 | |||||||||
Total liabilities | 2,812,040 | 2,866,619 | |||||||||
Commitments and contingencies | |||||||||||
Shareholders' Equity: | |||||||||||
Preferred shares of beneficial interest, $0.01 par value (liquidation preference $510,000 at December 31, 2020 and December 31, 2019), 100,000,000 shares authorized; 20,400,000 shares issued and outstanding at December 31, 2020 and December 31, 2019 | 204 | 204 | |||||||||
Common shares of beneficial interest, $0.01 par value, 500,000,000 shares authorized; 130,673,300 shares issued and outstanding at December 31, 2020 and 130,484,956 shares issued and outstanding at December 31, 2019 | 1,307 | 1,305 | |||||||||
Additional paid-in capital | 4,169,870 | 4,069,410 | |||||||||
Accumulated other comprehensive income (loss) | (60,071) | (24,715) | |||||||||
Distributions in excess of retained earnings | (853,973) | (424,996) | |||||||||
Total shareholders' equity | 3,257,337 | 3,621,208 | |||||||||
Non-controlling interests | 6,989 | 10,728 | |||||||||
Total equity | 3,264,326 | 3,631,936 | |||||||||
Total liabilities and equity | $ | 6,076,366 | $ | 6,498,555 |
Pebblebrook Hotel Trust | |||||||||||||||||||||||
Consolidated Statements of Operations | |||||||||||||||||||||||
($ in thousands, except share and per-share data) | |||||||||||||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Room | $ | 48,160 | $ | 252,048 | $ | 287,439 | $ | 1,103,947 | |||||||||||||||
Food and beverage | 13,257 | 95,781 | 95,892 | 370,584 | |||||||||||||||||||
Other operating | 12,792 | 31,580 | 59,557 | 137,682 | |||||||||||||||||||
Total revenues | $ | 74,209 | $ | 379,409 | $ | 442,888 | $ | 1,612,213 | |||||||||||||||
Expenses: | |||||||||||||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||
Room | $ | 16,381 | $ | 66,148 | $ | 91,771 | $ | 275,855 | |||||||||||||||
Food and beverage | 11,554 | 65,297 | 77,698 | 260,278 | |||||||||||||||||||
Other direct and indirect | 38,501 | 107,418 | 209,957 | 438,035 | |||||||||||||||||||
Total hotel operating expenses | 66,436 | 238,863 | 379,426 | 974,168 | |||||||||||||||||||
Depreciation and amortization | 56,516 | 57,504 | 224,560 | 234,880 | |||||||||||||||||||
Real estate taxes, personal property taxes, property insurance, and ground rent | 29,160 | 31,004 | 114,333 | 125,013 | |||||||||||||||||||
General and administrative | 6,899 | 8,294 | 45,158 | 34,047 | |||||||||||||||||||
Transaction costs | 70 | 1,103 | 10,544 | 8,679 | |||||||||||||||||||
Impairment loss | 53,986 | — | 74,556 | — | |||||||||||||||||||
(Gain) loss on sale of hotel properties | — | (2,819) | (117,401) | (2,819) | |||||||||||||||||||
(Gain) loss and other operating expenses | 668 | 2,684 | 4,421 | 8,903 | |||||||||||||||||||
Total operating expenses | 213,735 | 336,633 | 735,597 | 1,382,871 | |||||||||||||||||||
Operating income (loss) | (139,526) | 42,776 | (292,709) | 229,342 | |||||||||||||||||||
Interest expense | (28,902) | (23,962) | (104,098) | (108,474) | |||||||||||||||||||
Other | 75 | 6 | 517 | 29 | |||||||||||||||||||
Income (loss) before income taxes | (168,353) | 18,820 | (396,290) | 120,897 | |||||||||||||||||||
Income tax (expense) benefit | (4,834) | 752 | 3,697 | (5,172) | |||||||||||||||||||
Net income (loss) | (173,187) | 19,572 | (392,593) | 115,725 | |||||||||||||||||||
Net income (loss) attributable to non-controlling interests | (329) | 29 | (864) | 283 | |||||||||||||||||||
Net income (loss) attributable to the Company | (172,858) | 19,543 | (391,729) | 115,442 | |||||||||||||||||||
Distributions to preferred shareholders | (8,139) | (8,139) | (32,556) | (32,556) | |||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | (180,997) | $ | 11,404 | $ | (424,285) | $ | 82,886 | |||||||||||||||
Net income (loss) per share available to common shareholders, basic | $ | (1.39) | $ | 0.08 | $ | (3.25) | $ | 0.63 | |||||||||||||||
Net income (loss) per share available to common shareholders, diluted | $ | (1.39) | $ | 0.08 | $ | (3.25) | $ | 0.63 | |||||||||||||||
Weighted-average number of common shares, basic | 130,673,300 | 130,484,956 | 130,610,015 | 130,471,670 | |||||||||||||||||||
Weighted-average number of common shares, diluted | 130,673,300 | 130,669,494 | 130,610,015 | 130,718,306 |
Pebblebrook Hotel Trust | |||||||||||||||||||||||
Reconciliation of Net Income (Loss) to FFO and Adjusted FFO | |||||||||||||||||||||||
($ in thousands, except share and per-share data) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net income (loss) | $ | (173,187) | $ | 19,572 | $ | (392,593) | $ | 115,725 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Depreciation and amortization | 56,408 | 57,396 | 224,124 | 234,591 | |||||||||||||||||||
(Gain) loss on sale of hotel properties | — | (2,819) | (117,401) | (2,819) | |||||||||||||||||||
Impairment loss | 53,986 | — | 74,556 | — | |||||||||||||||||||
FFO | $ | (62,793) | $ | 74,149 | $ | (211,314) | $ | 347,497 | |||||||||||||||
Distribution to preferred shareholders | (8,139) | (8,139) | (32,556) | (32,556) | |||||||||||||||||||
FFO available to common share and unit holders | $ | (70,932) | $ | 66,010 | $ | (243,870) | $ | 314,941 | |||||||||||||||
Transaction costs | 70 | 1,103 | 10,544 | 8,679 | |||||||||||||||||||
Non-cash ground rent | 910 | 701 | 3,730 | 3,975 | |||||||||||||||||||
Management/franchise contract transition costs | 196 | 1,143 | 814 | 5,927 | |||||||||||||||||||
Interest expense adjustment for acquired liabilities | 1,205 | 213 | 1,981 | 902 | |||||||||||||||||||
Finance lease adjustment | 808 | 1,000 | 3,213 | 3,193 | |||||||||||||||||||
Non-cash amortization of acquired intangibles | 607 | (290) | (322) | (1,340) | |||||||||||||||||||
Gain on insurance settlement | — | — | — | (672) | |||||||||||||||||||
Business interruption proceeds | — | — | — | 672 | |||||||||||||||||||
Non-cash interest expense | 1,380 | 1,379 | 5,502 | 6,140 | |||||||||||||||||||
One-time operation suspension expenses | (707) | — | 9,997 | — | |||||||||||||||||||
Non-cash canceled share-based compensation | — | — | 16,001 | — | |||||||||||||||||||
Early extinguishment of debt | 1,024 | — | 1,024 | 1,698 | |||||||||||||||||||
Adjusted FFO available to common share and unit holders | $ | (65,439) | $ | 71,259 | $ | (191,386) | $ | 344,115 | |||||||||||||||
FFO per common share - basic | $ | (0.54) | $ | 0.50 | $ | (1.86) | $ | 2.41 | |||||||||||||||
FFO per common share - diluted | $ | (0.54) | $ | 0.50 | $ | (1.86) | $ | 2.40 | |||||||||||||||
Adjusted FFO per common share - basic | $ | (0.50) | $ | 0.54 | $ | (1.46) | $ | 2.63 | |||||||||||||||
Adjusted FFO per common share - diluted | $ | (0.50) | $ | 0.54 | $ | (1.46) | $ | 2.63 | |||||||||||||||
Weighted-average number of basic common shares and units | 130,934,016 | 130,854,912 | 130,870,731 | 130,841,626 | |||||||||||||||||||
Weighted-average number of fully diluted common shares and units | 130,934,016 | 131,039,450 | 130,870,731 | 131,088,262 | |||||||||||||||||||
This
press release includes certain non-GAAP financial measures. These measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from similarly titled non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP. Funds from Operations (“FFO”) - FFO represents net income (computed in accordance with GAAP), excluding gains or losses from sales of properties, plus real estate-related depreciation and amortization and after adjustments for unconsolidated partnerships. The Company considers FFO a useful measure of performance for an equity REIT because it facilitates an understanding of the Company's operating performance without giving effect to real estate depreciation and amortization, which assume that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, the Company believes that FFO provides a meaningful indication of its performance. The Company also considers FFO an appropriate performance measure given its wide use by investors and analysts. The Company computes FFO in accordance with standards established by the Board of Governors of Nareit in its March 1995 White Paper (as amended in November 1999 and April 2002), which may differ from the methodology for calculating FFO utilized by other equity REITs and, accordingly, may not be comparable to that of other REITs. Further, FFO does not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations or other commitments and uncertainties, nor is it indicative of funds available to fund the Company’s cash needs, including its ability to make distributions. The Company presents FFO per diluted share calculations that are based on the outstanding dilutive common shares plus the outstanding Operating Partnership units for the periods presented. The Company also evaluates its performance by reviewing Adjusted FFO because it believes that adjusting FFO to exclude certain recurring and non-recurring items described below provides useful supplemental information regarding the Company's ongoing operating performance and that the presentation of Adjusted FFO, when combined with the primary GAAP presentation of net income (loss), more completely describes the Company's operating performance. The Company adjusts FFO available to common share and unit holders for the following items, which may occur in any period, and refers to this measure as Adjusted FFO: - Transaction costs: The Company excludes transaction costs expensed during the period because it believes that including these costs in FFO does not reflect the underlying financial performance of the Company and its hotels. - Non-cash ground rent: The Company excludes the non-cash ground rent expense, which is primarily made up of the straight-line rent impact from a ground lease. - Management/franchise contract transition costs: The Company excludes one-time management and/or franchise contract transition costs expensed during the period because it believes that including these costs in FFO does not reflect the underlying financial performance of the Company and its hotels. - Interest expense adjustment for acquired liabilities: The Company excludes interest expense adjustment for acquired liabilities assumed in connection with acquisitions, because it believes that including these non-cash adjustments in FFO does not reflect the underlying financial performance of the Company. - Finance lease adjustment: The Company excludes the effect of non-cash interest expense from finance leases because it believes that including these non-cash adjustments in FFO does not reflect the underlying financial performance of the Company. - Non-cash amortization of acquired intangibles: The Company excludes the non-cash amortization of acquired intangibles, which includes but is not limited to the amortization of favorable and unfavorable leases or management agreements and above/below market real estate tax reduction agreements because it believes that including these non-cash adjustments in FFO does not reflect the underlying financial performance of the Company. - Gain on insurance settlement: The Company excludes the gain on insurance settlement because the Company believes that including this adjustment in FFO does not reflect the underlying financial performance of the Company and its hotels. - Business interruption proceeds: The Company includes business interruption proceeds because the Company believes that including these proceeds reflects the underlying financial performance of the Company and its hotels. - Non-cash interest expense, one-time operation suspension expenses, non-cash canceled share-based compensation and early extinguishment of debt: The Company excludes these items because the Company believes that including these adjustments in FFO does not reflect the underlying financial performance of the Company and its hotels. The Company’s presentation of FFO in accordance with the Nareit White Paper, and as adjusted by the Company, should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the Company’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity. |
Pebblebrook Hotel Trust | |||||||||||||||||||||||
Reconciliation of Net Income
(Loss) to EBITDA, EBITDAre and Adjusted EBITDAre | |||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net income (loss) | $ | (173,187) | $ | 19,572 | $ | (392,593) | $ | 115,725 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Interest expense | 28,902 | 23,962 | 104,098 | 108,474 | |||||||||||||||||||
Income tax expense (benefit) | 4,834 | (752) | (3,697) | 5,172 | |||||||||||||||||||
Depreciation and amortization | 56,516 | 57,504 | 224,560 | 234,880 | |||||||||||||||||||
EBITDA | $ | (82,935) | $ | 100,286 | $ | (67,632) | $ | 464,251 | |||||||||||||||
(Gain) loss on sale of hotel properties | — | (2,819) | (117,401) | (2,819) | |||||||||||||||||||
Impairment loss | 53,986 | — | 74,556 | — | |||||||||||||||||||
EBITDAre | $ | (28,949) | $ | 97,467 | $ | (110,477) | $ | 461,432 | |||||||||||||||
Transaction costs | 70 | 1,103 | 10,544 | 8,679 | |||||||||||||||||||
Non-cash ground rent | 910 | 701 | 3,730 | 3,975 | |||||||||||||||||||
Management/franchise contract transition costs | 196 | 1,143 | 814 | 5,927 | |||||||||||||||||||
Non-cash amortization of acquired intangibles | 607 | (290) | (322) | (1,340) | |||||||||||||||||||
Gain on insurance settlement | — | — | — | (672) | |||||||||||||||||||
Business interruption proceeds | — | — | — | 672 | |||||||||||||||||||
One-time operation suspension expenses | (707) | — | 9,997 | — | |||||||||||||||||||
Non-cash canceled share-based compensation | — | — | 16,001 | — | |||||||||||||||||||
Adjusted
EBITDAre | $ | (27,873) | $ | 100,124 | $ | (69,713) | $ | 478,673 | |||||||||||||||
This
press release includes certain non-GAAP financial measures. These measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from similarly titled non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations determined in accordance with GAAP. Earnings before Interest, Taxes, and Depreciation and Amortization ("EBITDA") - The
Company believes that EBITDA provides investors a useful financial measure to evaluate its operating performance, excluding the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization). Earnings before Interest, Taxes, and Depreciation and Amortization for Real Estate ("EBITDAre") - The Company believes that EBITDAre provides investors a useful financial measure to evaluate its operating performance, and the Company presents 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 adjusts EBITDA for the following items, which may occur in any period, and refers to these measures as Adjusted EBITDAre: (1) gains or losses on the disposition of depreciated property, including gains or losses on change of control; (2) 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 (3) adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates. The Company also evaluates its performance
by reviewing Adjusted EBITDAre because it believes that adjusting EBITDAre to exclude certain recurring and non-recurring items described below provides useful supplemental information regarding the Company's ongoing operating performance and that the presentation of Adjusted EBITDAre, when combined with the primary GAAP presentation of net income (loss), more completely describes the Company's operating performance. The Company adjusts EBITDAre for the following items, which may occur in any period, and refers to these measures
as Adjusted EBITDAre: - Transaction costs: The Company excludes transaction costs expensed during the period because it believes that including these costs in EBITDAre does not reflect the underlying financial performance of the Company and its hotels. - Non-cash ground rent: The Company excludes the non-cash ground rent expense, which is primarily made up of the straight-line rent impact from a ground lease. - Management/franchise contract
transition costs: The Company excludes one-time management and/or franchise contract transition costs expensed during the period because it believes that including these costs in EBITDAre does not reflect the underlying financial performance of the Company and its hotels. - Non-cash amortization of acquired intangibles: The Company excludes the non-cash amortization of acquired intangibles, which includes but is not limited to the amortization of favorable and unfavorable leases or management agreements and above/below market real estate tax
reduction agreements because it believes that including these non-cash adjustments in EBITDAre does not reflect the underlying financial performance of the Company and its hotels. - Gain on insurance settlement: The Company excludes the gain on insurance settlement because the Company believes that including this adjustment in EBITDAre does not reflect the underlying financial performance of the Company and its hotels. - Business interruption proceeds: The
Company includes business interruption proceeds because the Company believes that including these proceeds reflects the underlying financial performance of the Company and its hotels. - One-time operation suspension expenses and non-cash canceled share-based compensation: The Company excludes these items because it believes that including these costs in EBITDAre does not reflect the underlying financial performance of the Company and its hotels. The
Company’s presentation of EBITDAre, and as adjusted by the Company, should not be considered as an alternative to net income (computed in accordance with GAAP) as an indicator of the Company’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of its liquidity. |
Pebblebrook Hotel Trust | |||||||||||||||||||||||||||||||||||
Strategic Disposition Program Summary | |||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Date of disposition | Sales price ($ in millions) | EBITDA multiple | Net operating capitalization rate | Sales price per key ($ in thousands) | |||||||||||||||||||||||||||||||
Hotel dispositions: | |||||||||||||||||||||||||||||||||||
Park
Central San Francisco and Park Central New York / WestHouse New York | 11/30/2018 | $ | 715.0 | 16.5 | x | 5.1 | % | $ | 443 | ||||||||||||||||||||||||||
Gild Hall, New York | 11/30/2018 | 38.8 | 15.8 | x | 5.3 | % | 298 | ||||||||||||||||||||||||||||
Embassy Suites Philadelphia Center City | 11/30/2018 | 67.0 | 11.0 | x | 8.1 | % | 233 | ||||||||||||||||||||||||||||
The Grand Hotel Minneapolis | 12/4/2018 | 30.0 | 8.5 | x | 10.4 | % | 214 | ||||||||||||||||||||||||||||
The Liaison Capitol Hill | 2/14/2019 | 111.0 | 16.9 | x | 4.9 | % | 324 | ||||||||||||||||||||||||||||
Hotel Palomar Washington, DC | 2/22/2019 | 141.5 | 14.9 | x | 5.9 | % | 422 | ||||||||||||||||||||||||||||
Onyx Hotel | 5/29/2019 | 58.3 | 15.3 | x | 5.9 | % | 521 | ||||||||||||||||||||||||||||
Hotel Amarano Burbank | 7/16/2019 | 72.9 | 15.8 | x | 5.7 | % | 552 | ||||||||||||||||||||||||||||
Rouge Hotel | 9/12/2019 | 42.0 | 17.4 | x | 5.0 | % | 307 | ||||||||||||||||||||||||||||
Hotel Madera | 9/26/2019 | 23.3 | 14.3 | x | 5.7 | % | 284 | ||||||||||||||||||||||||||||
Topaz Hotel | 11/22/2019 | 33.1 | 19.5 | x | 4.4 | % | 334 | ||||||||||||||||||||||||||||
InterContinental Buckhead Atlanta / Sofitel Washington DC Lafayette Square | 3/6/2020 | 331.0 | 14.2 | x | 6.1 | % | 502 | ||||||||||||||||||||||||||||
Union Station Hotel Nashville, Autograph Collection | 7/29/2020 | 56.0 | 8.1 | x | 11.1 | % | 448 | ||||||||||||||||||||||||||||
Total / Average | $ | 1,720 | 14.8 | x | 5.82 | % | $ | 410 | |||||||||||||||||||||||||||
The
EBITDA multiple and net operating capitalization rate are based on the applicable hotel's estimated trailing twelve-month operating performance for 2018. The net operating income capitalization rate is based on an assumed annual capital reserve of 4.0% of total hotel revenues. The EBITDA Multiple and net operating capitalization rate for Hotel Amarano Burbank reflect an estimated adjustment for the annualized impact of real estate taxes for California's Proposition 13 because the Company believes the adjusted hotel results for this period provide investors and analysts with an understanding of the hotel-level operating performance. These hotel results for the respective periods may include information reflecting operational performance prior to the Company's ownership of the hotels. Any differences are a result of rounding. The information above has not been audited and is presented only for comparison purposes. |
Pebblebrook Hotel Trust | |||||||||||||||||||||||
Same-Property Statistical Data | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Same-Property Occupancy | 20.5 | % | 79.4 | % | 25.0 | % | 82.3 | % | |||||||||||||||
Increase/(Decrease) | (74.2 | %) | (69.6 | %) | |||||||||||||||||||
Same-Property ADR | $ | 195.34 | $ | 247.02 | $ | 232.61 | $ | 258.10 | |||||||||||||||
Increase/(Decrease) | (20.9 | %) | (9.9 | %) | |||||||||||||||||||
Same-Property RevPAR | $ | 40.01 | $ | 196.01 | $ | 58.13 | $ | 212.51 | |||||||||||||||
Increase/(Decrease) | (79.6 | %) | (72.6 | %) | |||||||||||||||||||
Same-Property Total RevPAR | $ | 61.64 | $ | 294.53 | $ | 89.14 | $ | 310.62 | |||||||||||||||
Increase/(Decrease) | (79.1 | %) | (71.3 | %) | |||||||||||||||||||
Notes: | |||||||||||||||||||||||
While
the operations of many of the Company's hotels were temporarily suspended beginning in March 2020, this schedule of hotel results for the three months ended December 31 includes information from all of the hotels the Company owned as of December 31, 2020 but excludes Hotel Zena Washington DC, formerly known as Donovan Hotel, for Q4 in both 2020 and 2019 because it was closed during the fourth quarter of 2019 for renovation. This schedule of hotel results for the year ended December 31 includes information from all of the hotels the Company owned as of December 31, 2020 but excludes Hotel Zena Washington DC, formerly
known as Donovan Hotel, for Q1, Q2 and Q4 in both 2020 and 2019 because it was closed during the first and second quarters of 2020 and the fourth quarter of 2019 for renovation and also excludes Union Station Hotel Nashville, Autograph Collection for Q3 and Q4 in both 2020 and 2019 due to its sale in the third quarter of 2020. Any differences are a result of rounding. The information above has not been audited and is presented only for comparison purposes. |
Pebblebrook Hotel Trust | |||||||||||
Same-Property Statistical Data - by Market | |||||||||||
(Unaudited) | |||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||
2020 | 2020 | ||||||||||
Same-Property RevPAR variance to prior-year period: | |||||||||||
Southern Florida | (28.5 | %) | (35.5 | %) | |||||||
San Diego | (64.8 | %) | (60.0 | %) | |||||||
Boston | (73.6 | %) | (76.5 | %) | |||||||
Portland | (79.5 | %) | (75.3 | %) | |||||||
Other | (80.9 | %) | (75.1 | %) | |||||||
Los Angeles | (82.3 | %) | (73.0 | %) | |||||||
Washington DC | (92.5 | %) | (84.1 | %) | |||||||
Seattle | (94.2 | %) | (85.7 | %) | |||||||
Chicago | (98.1 | %) | (88.0 | %) | |||||||
San Francisco | (98.3 | %) | (80.5 | %) | |||||||
East Coast | (68.0 | %) | (69.2 | %) | |||||||
West Coast | (84.2 | %) | (73.1 | %) | |||||||
Notes: | |||||||||||
While
the operations of many of the Company's hotels were temporarily suspended beginning in March 2020, this schedule of hotel results for the three months ended December 31 includes information from all of the hotels the Company owned as of December 31, 2020 but excludes Hotel Zena Washington DC, formerly known as Donovan Hotel, for Q4 in both 2020 and 2019 because it was closed during the fourth quarter of 2019 for renovation. This schedule of hotel results for the year ended December 31 includes information from all of the hotels the Company owned as of December 31, 2020 but excludes Hotel Zena Washington DC, formerly
known as Donovan Hotel, for Q1, Q2 and Q4 in both 2020 and 2019 because it was closed during the first and second quarters of 2020 and the fourth quarter of 2019 for renovation and also excludes Union Station Hotel Nashville, Autograph Collection for Q3 and Q4 in both 2020 and 2019 due to its sale in the third quarter of 2020. "Other" includes Nashville, TN; New York City, NY; Philadelphia, PA; and Santa Cruz, CA. Any differences are a result of rounding. The information above has not been audited and is presented only for comparison purposes. |
Pebblebrook Hotel Trust | |||||||||||||||||||||||
Hotel Operational Data | |||||||||||||||||||||||
Schedule of Same-Property Results | |||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Same-Property Revenues: | |||||||||||||||||||||||
Room | $ | 48,022 | $ | 235,083 | $ | 279,768 | $ | 1,019,751 | |||||||||||||||
Food and beverage | 13,225 | 87,751 | 90,425 | 339,391 | |||||||||||||||||||
Other | 12,727 | 30,399 | 58,834 | 131,367 | |||||||||||||||||||
Total hotel revenues | 73,974 | 353,233 | 429,027 | 1,490,509 | |||||||||||||||||||
Same-Property Expenses: | |||||||||||||||||||||||
Room | $ | 16,204 | $ | 62,084 | $ | 89,157 | $ | 254,233 | |||||||||||||||
Food and beverage | 11,488 | 60,416 | 74,464 | 239,598 | |||||||||||||||||||
Other direct | 2,696 | 5,682 | 11,670 | 23,510 | |||||||||||||||||||
General and administrative | 9,177 | 28,089 | 54,495 | 114,354 | |||||||||||||||||||
Information and telecommunication systems | 3,229 | 5,340 | 14,810 | 21,151 | |||||||||||||||||||
Sales and marketing | 7,799 | 27,046 | 45,182 | 110,247 | |||||||||||||||||||
Management fees | 1,853 | 10,908 | 10,645 | 45,069 | |||||||||||||||||||
Property operations and maintenance | 6,845 | 11,846 | 29,582 | 47,531 | |||||||||||||||||||
Energy and utilities | 5,516 | 8,349 | 23,389 | 34,694 | |||||||||||||||||||
Property taxes | 18,882 | 19,200 | 76,235 | 74,921 | |||||||||||||||||||
Other fixed expenses | 10,227 | 12,827 | 38,773 | 49,227 | |||||||||||||||||||
Total hotel expenses | 93,916 | 251,787 | 468,402 | 1,014,535 | |||||||||||||||||||
Same-Property EBITDA | $ | (19,942) | $ | 101,446 | $ | (39,375) | $ | 475,974 | |||||||||||||||
Same-Property EBITDA Margin | (27.0 | %) | 28.7 | % | (9.2 | %) | 31.9 | % | |||||||||||||||
Notes: | |||||||||||||||||||||||
While
the operations of many of the Company's hotels were temporarily suspended beginning in March 2020, this schedule of hotel results for the three months ended December 31 includes information from all of the hotels the Company owned as of December 31, 2020 but excludes Hotel Zena Washington DC, formerly known as Donovan Hotel, for Q4 in both 2020 and 2019 because it was closed during the fourth quarter of 2019 for renovation. This schedule of hotel results for the year ended December 31 includes information from all of the hotels the Company owned as of December 31, 2020 but excludes Hotel Zena Washington DC, formerly
known as Donovan Hotel, for Q1, Q2 and Q4 in both 2020 and 2019 because it was closed during the first and second quarters of 2020 and the fourth quarter of 2019 for renovation and also excludes Union Station Hotel Nashville, Autograph Collection for Q3 and Q4 in both 2020 and 2019 due to its sale in the third quarter of 2020. Any differences are a result of rounding. The information above has not been audited and is presented only for comparison purposes. |
Pebblebrook Hotel Trust | ||||||||||||||||||||||||||||||||
Historical Operating Data | ||||||||||||||||||||||||||||||||
($ in millions except ADR and RevPAR data) | ||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||
Historical Operating Data: | ||||||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||||||||||||||||||||||||
2019 | 2019 | 2019 | 2019 | 2019 | ||||||||||||||||||||||||||||
Occupancy | 75 | % | 87 | % | 87 | % | 79 | % | 82 | % | ||||||||||||||||||||||
ADR | $ | 251 | $ | 268 | $ | 263 | $ | 247 | $ | 258 | ||||||||||||||||||||||
RevPAR | $ | 189 | $ | 233 | $ | 230 | $ | 194 | $ | 211 | ||||||||||||||||||||||
Hotel Revenues | $ | 331.5 | $ | 406.0 | $ | 398.5 | $ | 355.0 | $ | 1,491.0 | ||||||||||||||||||||||
Hotel EBITDA | $ | 90.0 | $ | 147.1 | $ | 137.0 | $ | 102.0 | $ | 476.0 | ||||||||||||||||||||||
Hotel EBITDA Margin | 27.2 | % | 36.2 | % | 34.4 | % | 28.7 | % | 31.9 | % | ||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | ||||||||||||||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2020 | ||||||||||||||||||||||||||||
Occupancy | 56 | % | 3 | % | 20 | % | 20 | % | 25 | % | ||||||||||||||||||||||
ADR | $ | 250 | $ | 266 | $ | 216 | $ | 195 | $ | 232 | ||||||||||||||||||||||
RevPAR | $ | 139 | $ | 9 | $ | 42 | $ | 40 | $ | 57 | ||||||||||||||||||||||
Hotel Revenues | $ | 252.8 | $ | 22.3 | $ | 77.0 | $ | 74.2 | $ | 426.2 | ||||||||||||||||||||||
Hotel EBITDA | $ | 39.0 | $ | (40.6) | $ | (19.3) | $ | (20.5) | $ | (41.3) | ||||||||||||||||||||||
Hotel EBITDA Margin | 15.4 | % | (182.2) | % | (25.1) | % | (27.7) | % | (9.7) | % | ||||||||||||||||||||||
Notes: | ||||||||||||||||||||||||||||||||
These
historical hotel operating results include information for all of the hotels the Company owned as of December 31, 2020 as if they were owned as of January 1, 2019. The information above does not reflect the Company's corporate general and administrative expense, interest expense, property acquisition costs, depreciation and amortization, taxes and other expenses. Any differences are a result of rounding. The information above has not been audited and is presented only for comparison purposes. |
Pebblebrook Hotel Trust | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Historical Hotel Same-Property Hotel EBITDA by Property | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Hotel EBITDA $ in millions, Hotel EBITDA per key $ in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel EBITDA | 2020 Hotel EBITDA per Key | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio / Hotel | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Urban Lifestyle | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Urban Iconic | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Liberty, a Luxury Collection Hotel, Boston | $ | 6.1 | $ | 9.6 | $ | 13.3 | $ | 15.8 | $ | 17.2 | $ | 18.2 | $ | 18.5 | $ | 19.0 | $ | 21.4 | $ | 21.2 | $ | 0.3 | $ | 1.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
The Nines, a Luxury Collection Hotel, Portland | 6.2 | 8.0 | 8.9 | 10.8 | 12.8 | 15.2 | 15.6 | 15.8 | 15.6 | 13.0 | (0.6) | (1.8) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Colonnade Coral Gables, Autograph Collection | 1.9 | 2.1 | 1.8 | 3.1 | 3.4 | 3.6 | 3.9 | 4.0 | 4.5 | 4.1 | (0.3) | (1.9) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sir Francis Drake | 3.4 | 5.0 | 8.4 | 10.1 | 15.0 | 16.4 | 17.3 | 15.8 | 12.1 | 13.4 | (1.2) | (2.9) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Argonaut Hotel | 5.2 | 6.5 | 8.5 | 10.2 | 11.8 | 13.0 | 13.0 | 11.7 | 12.9 | 14.6 | (1.5) | (6.0) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Heathman Hotel | 1.5 | 1.6 | 1.9 | 2.4 | 3.0 | 5.7 | 4.4 | 4.3 | 3.4 | 4.2 | (0.9) | (6.0) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Spero | 0.4 | 1.9 | 3.5 | 4.4 | 6.3 | 6.2 | 6.5 | 5.7 | 6.6 | 7.8 | (1.5) | (6.4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Monaco Washington DC | 5.5 | 6.9 | 7.6 | 7.9 | 7.9 | 8.1 | 8.1 | 9.9 | 8.6 | 7.9 | (1.4) | (7.6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mondrian Los Angeles | 7.9 | 8.9 | 7.4 | 8.2 | 11.0 | 12.2 | 12.6 | 11.8 | 8.6 | 7.6 | (2.0) | (8.5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Monaco Seattle | 2.2 | 2.9 | 3.4 | 5.2 | 6.2 | 6.7 | 6.1 | 6.1 | 6.4 | 5.6 | (1.7) | (9.0) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Viceroy Santa Monica Hotel | 3.0 | 5.8 | 6.9 | 7.6 | 8.2 | 8.4 | 7.8 | 7.0 | 6.6 | 6.2 | (2.9) | (17.2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Vitale | 4.0 | 6.0 | 7.4 | 7.3 | 8.6 | 11.0 | 10.3 | 9.8 | 8.0 | 7.5 | (4.0) | (20.0) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Urban Iconic total | $ | 47.3 | $ | 65.2 | $ | 79.0 | $ | 93.0 | $ | 111.4 | $ | 124.7 | $ | 124.1 | $ | 120.9 | $ | 114.7 | $ | 113.1 | $ | (17.7) | $ | (6.3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Urban Contemporary | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Montrose West Hollywood | $ | 3.9 | $ | 4.3 | $ | 4.2 | $ | 5.5 | $ | 5.9 | $ | 5.9 | $ | 6.5 | $ | 5.9 | $ | 3.9 | $ | 4.7 | $ | 0.3 | $ | 2.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Villa Florence San Francisco on Union Square | 3.9 | 5.3 | 7.4 | 8.3 | 9.3 | 8.8 | 9.4 | 7.7 | 9.5 | 10.4 | 0.2 | 1.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grafton on Sunset | 1.9 | 2.2 | 2.2 | 2.0 | 1.5 | 0.9 | 2.8 | 2.8 | 2.8 | 2.8 | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Marker San Francisco | 3.3 | 5.3 | 5.7 | 6.9 | 7.7 | 7.6 | 5.9 | 6.8 | 7.5 | 7.7 | (0.1) | (0.5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Le Parc Suite Hotel | 4.2 | 4.5 | 4.7 | 5.3 | 5.6 | 6.1 | 7.0 | 6.1 | 6.1 | 5.8 | (0.1) | (0.6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Solamar Hotel | 5.2 | 6.3 | 6.5 | 6.3 | 6.5 | 7.4 | 7.7 | 7.3 | 7.3 | 7.0 | (0.4) | (1.7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chamberlain West Hollywood Hotel | 1.0 | 3.4 | 3.8 | 4.1 | 4.8 | 4.8 | 5.2 | 4.4 | 3.1 | 3.7 | (0.2) | (1.7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Harbor Court Hotel San Francisco | 2.7 | 4.0 | 3.7 | 4.9 | 5.8 | 6.1 | 5.6 | 3.9 | 4.3 | 5.6 | (0.3) | (2.3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Le Méridien Delfina Santa Monica | 5.3 | 6.8 | 6.9 | 8.0 | 9.9 | 11.7 | 13.8 | 13.4 | 12.7 | 11.2 | (0.8) | (2.6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
George Hotel | 4.2 | 4.6 | 4.1 | 4.1 | 4.3 | 5.2 | 5.7 | 6.3 | 5.7 | 5.3 | (0.5) | (3.6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Chicago Downtown, Autograph Collection | 5.5 | 5.3 | 7.3 | 8.4 | 8.5 | 10.4 | 12.4 | 12.3 | 12.6 | 12.2 | (1.4) | (4.0) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sofitel Philadelphia at Rittenhouse Square | 4.3 | 6.0 | 6.7 | 6.5 | 7.4 | 8.6 | 9.2 | 8.6 | 8.3 | 8.0 | (1.5) | (4.9) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
W Los Angeles - West Beverly Hills | 5.6 | 6.9 | 8.0 | 8.7 | 8.9 | 9.5 | 12.3 | 11.5 | 10.2 | 8.4 | (2.0) | (6.7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Vintage Portland | 1.3 | 1.9 | 1.8 | 2.7 | 3.4 | 3.1 | 4.2 | 4.1 | 3.1 | 2.8 | (0.9) | (7.7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
W Boston | 3.8 | 4.4 | 5.8 | 6.2 | 8.1 | 9.6 | 9.3 | 9.2 | 7.9 | 8.1 | (2.6) | (10.9) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Vintage Seattle | 1.8 | 2.2 | 2.4 | 2.7 | 2.6 | 3.5 | 3.4 | 3.5 | 3.5 | 3.0 | (1.5) | (12.0) |
Viceroy Washington DC | 3.3 | 3.6 | 3.4 | 3.2 | 3.2 | 3.0 | 3.6 | 5.8 | 5.5 | 4.9 | (2.3) | (12.9) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Palomar Los Angeles Beverly Hills | 2.3 | 2.9 | 3.9 | 3.8 | 4.5 | 4.2 | 6.2 | 4.0 | 7.4 | 5.7 | (4.2) | (15.9) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revere Hotel Boston Common | 3.3 | 6.1 | 5.7 | 9.2 | 11.7 | 13.3 | 12.2 | 12.6 | 12.4 | 11.8 | (6.1) | (17.1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Roger New York | 6.2 | 6.4 | 5.0 | 7.5 | 8.2 | 7.3 | 5.8 | 5.7 | 5.3 | 4.1 | (4.5) | (23.2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Urban Contemporary total | $ | 73.0 | $ | 92.4 | $ | 99.2 | $ | 114.3 | $ | 127.8 | $ | 137.0 | $ | 148.2 | $ | 141.9 | $ | 139.1 | $ | 133.2 | $ | (28.9) | $ | (7.0) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
"Unofficial Z Collection" | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Zetta San Francisco | N/A | N/A | N/A | $ | 2.8 | $ | 5.4 | $ | 6.2 | $ | 5.6 | $ | 5.5 | $ | 6.0 | $ | 6.0 | $ | (0.3) | $ | (2.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Zephyr Fisherman's Wharf | 7.3 | 8.7 | 11.2 | 12.1 | 12.1 | 12.6 | 16.2 | 13.1 | 13.7 | 16.8 | (1.1) | (3.0) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Hotel Zags | 2.7 | 3.3 | 3.9 | 4.5 | 5.6 | 6.5 | 6.7 | 5.4 | 3.8 | 3.3 | (1.0) | (5.7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Zeppelin San Francisco | N/A | 2.3 | 2.7 | 3.4 | 4.0 | 4.0 | 3.3 | 6.3 | 7.5 | 7.7 | (1.2) | (6.1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Zoe Fisherman's Wharf | N/A | N/A | 5.2 | 6.6 | 7.9 | 8.2 | 7.8 | 3.6 | 7.7 | 8.9 | (1.5) | (6.8) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Zena Washington DC | 4.0 | 4.6 | 3.8 | 4.3 | 5.2 | 5.8 | 6.1 | 6.4 | 5.1 | 3.8 | (2.3) | (12.0) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Zelos San Francisco | 1.3 | 3.0 | 3.8 | 4.6 | 6.2 | 7.3 | 5.9 | 7.2 | 6.9 | 8.4 | (2.5) | (12.4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
"Unofficial Z Collection" total | $ | 15.3 | $ | 21.9 | $ | 30.6 | $ | 38.3 | $ | 46.4 | $ | 50.6 | $ | 51.6 | $ | 47.5 | $ | 50.7 | $ | 54.9 | $ | (9.9) | $ | (6.8) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Urban Lifestyle total | $ | 135.6 | $ | 179.5 | $ | 208.8 | $ | 245.6 | $ | 285.6 | $ | 312.3 | $ | 323.9 | $ | 310.3 | $ | 304.5 | $ | 301.2 | $ | (56.5) | $ | (6.7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Urban Major Brand | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Embassy Suites San Diego Bay - Downtown | $ | 7.6 | $ | 8.2 | $ | 8.8 | $ | 8.9 | $ | 9.5 | $ | 11.3 | $ | 11.3 | $ | 11.1 | $ | 11.7 | $ | 10.4 | $ | (0.2) | $ | (0.6) |
Hilton San Diego Gaslamp Quarter | 7.6 | 8.5 | 8.8 | 8.9 | 9.5 | 10.5 | 10.9 | 11.1 | 11.6 | 10.5 | (0.4) | (1.4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Westin San Diego Gaslamp Quarter | 8.4 | 8.2 | 9.7 | 11.2 | 12.7 | 14.6 | 16.9 | 16.0 | 14.4 | 14.2 | (1.3) | (2.9) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Westin Copley Place, Boston | 21.3 | 23.5 | 24.4 | 25.8 | 28.7 | 32.7 | 33.3 | 31.5 | 28.5 | 32.9 | (4.4) | (5.5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hyatt Regency Boston Harbor | 6.2 | 6.7 | 7.3 | 7.7 | 9.3 | 11.1 | 10.8 | 10.8 | 10.7 | 10.1 | (2.2) | (8.1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Westin Michigan Avenue Chicago | 14.7 | 15.8 | 16.7 | 16.0 | 18.0 | 19.4 | 17.9 | 13.1 | 12.0 | 9.9 | (9.5) | (12.6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Urban Major Brand total | $ | 65.8 | $ | 70.9 | $ | 75.7 | $ | 78.5 | $ | 87.7 | $ | 99.6 | $ | 101.1 | $ | 93.6 | $ | 88.9 | $ | 88.0 | $ | (18.0) | $ | (6.2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Unique Lifestyle Resorts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LaPlaya Beach Resort & Club | $ | 5.7 | $ | 7.6 | $ | 8.7 | $ | 10.7 | $ | 12.4 | $ | 15.7 | $ | 16.2 | $ | 11.8 | $ | 16.5 | $ | 17.7 | $ | 14.0 | $ | 74.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Southernmost Beach Resort | 9.0 | 10.4 | 10.8 | 14.1 | 17.6 | 19.9 | 21.1 | 17.9 | 19.3 | 20.3 | 12.7 | 48.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Marker Key West Harbor Resort | N/A | N/A | N/A | N/A | N/A | 4.8 | 5.8 | 4.6 | 5.6 | 6.0 | 3.1 | 32.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
L'Auberge Del Mar | 4.6 | 5.4 | 5.6 | 7.7 | 8.1 | 9.9 | 9.3 | 9.4 | 9.5 | 7.3 | 2.7 | 22.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paradise Point Resort & Spa | 8.3 | 11.8 | 13.7 | 14.8 | 16.1 | 16.7 | 14.7 | 16.8 | 17.5 | 15.3 | 4.6 | 10.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Skamania Lodge | 4.4 | 4.8 | 5.2 | 6.0 | 6.8 | 7.7 | 8.1 | 9.0 | 9.5 | 10.3 | 1.2 | 4.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chaminade Resort & Spa | 3.3 | 3.6 | 3.7 | 4.3 | 4.7 | 5.0 | 4.8 | 5.2 | 5.4 | 4.4 | (1.1) | (7.1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Diego Mission Bay Resort | 4.4 | 4.7 | 5.2 | 5.5 | 7.0 | 7.9 | 8.3 | 8.8 | 8.1 | 5.5 | (4.2) | (11.8) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unique Lifestyle Resorts total | $ | 39.7 | $ | 48.3 | $ | 52.9 | $ | 63.1 | $ | 72.7 | $ | 87.6 | $ | 88.3 | $ | 83.5 | $ | 91.4 | $ | 86.8 | $ | 33.0 | $ | 17.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Hotel EBITDA | $ | 241.1 | $ | 298.7 | $ | 337.4 | $ | 387.2 | $ | 446.0 | $ | 499.5 | $ | 513.3 | $ | 487.4 | $ | 484.8 | $ | 476.0 | $ | (41.5) | $ | (3.1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Note: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
These
historical Same-Property Hotel EBITDA results include available information for all of the hotels the Company owned or had an ownership interest in as of February 23, 2021. These historical operating results include periods prior to the Company's ownership of the hotels. The information above does not reflect the Company's corporate general and administrative expense, interest expense, property acquisition costs, depreciation and amortization, taxes and other expenses. The parking garage at Revere Hotel Boston Common was sold on June 23, 2017. The historical results for Revere Hotel Boston Common have been adjusted to reflect the estimated impact of excluding the parking-related income. Border indicates Hotel EBITDA for the year in which the hotel was acquired by the Company. The information above has not been audited and is presented only for comparison purposes. Any differences are a result of rounding. |
This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
2/24/21 | ||||
Filed on / For Period end: | 2/23/21 | 10-K, 8-K | ||
2/18/21 | 4, 8-K | |||
2/9/21 | 8-K, SC 13G | |||
2/3/21 | 424B5, 8-K | |||
1/25/21 | 8-K | |||
12/31/20 | 10-K | |||
12/15/20 | 8-K | |||
11/17/20 | ||||
7/29/20 | 8-K | |||
3/6/20 | 8-K | |||
12/31/19 | 10-K | |||
1/1/19 | 4 | |||
6/23/17 | 8-K | |||
List all Filings |