Ashford Prime Reports Second Quarter 2017 Results
Comparable RevPAR for all Hotels Not Under Renovation Increased 2.7% Comparable Hotel EBITDA Margin for all Hotels Not Under Renovation Increased 109 bps Comparable Hotel EBITDA Flow-Through for all Hotels Not Under Renovation was 80% Completed Acquisition of Hotel Yountville Announced Stockholder Approval of Amended Advisory Agreement with Ashford Inc. Announced Further Progress on Non-Core Hotels Strategy Announced Extension of Ground Lease at Hilton La Jolla Torrey Pines
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DALLAS, Aug. 2, 2017 /PRNewswire/ -- Ashford Hospitality Prime, Inc. (NYSE: AHP) ("Ashford Prime" or the "Company") today reported the following results and performance measures for the second quarter ended June 30, 2017. The performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA are comparable assuming each of the hotel properties in the Company's hotel portfolio as of June 30, 2017 were owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2017, with the second quarter ended June 30, 2016 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
STRATEGIC OVERVIEW
- Focused strategy of investing in luxury hotels and resorts
- Targets conservative leverage levels of 45% Net Debt to Gross Assets
- Highly-aligned management team and advisory structure
- Dividend yield of approximately 6%
FINANCIAL AND OPERATING HIGHLIGHTS
- Net loss attributable to common stockholders for the quarter was $2.6 million or $0.09 per diluted share
- Comparable RevPAR for all hotels increased 0.4% to $223.24 during the second quarter
- Comparable RevPAR for all hotels not under renovation increased 2.7% to $235.54 during the second quarter
- Comparable Hotel EBITDA Margin for all hotels not under renovation increased 109 basis points for the quarter
- Comparable Hotel EBITDA flow-through for all hotels not under renovation was 80% for the quarter
- Adjusted funds from operations (AFFO) was $0.50 per diluted share for the quarter as compared with $0.60 per diluted share from the prior-year quarter
- Adjusted EBITDA was $30.8 million for the quarter
- During the quarter, the Company completed the acquisition of the 80-room Hotel Yountville in Yountville, California for $96.5 million. Concurrent with the completion of the acquisition, the Company financed the hotel with a $51.0 million non-recourse mortgage loan. The loan is interest only and provides for a floating interest rate of LIBOR + 2.55% with a five-year term.
- During the quarter, the Company announced that at its Annual Meeting of Stockholders, its stockholders approved the Company's amended and restated advisory agreement with Ashford Inc. (NYSE American: AINC) with over 95% of shares voted approving the amendment. The amended agreement significantly lowers the termination fee and addresses other investor feedback.
- During the quarter, the Company announced that it entered into an agreement with Marriott to convert its Courtyard Philadelphia Downtown hotel to an Autograph Collection property
- During the quarter, the Company reached an agreement with the City of San Diego for an extension of the ground lease at the Hilton La Jolla Torrey Pines hotel. The lease, which was scheduled to expire in 2043, was extended by 24 years and will now expire in 2067. Additionally, the Company has options to further extend the ground lease by either 10 or 20 additional years depending on the amount of capital expenditures invested in the hotel during the term.
- Capex invested during the quarter was $12.5 million
UPDATE ON ACQUISITIONS
On May 11, 2017, the Company completed the acquisition of the 80-room Hotel Yountville in Yountville, California for $96.5 million. Concurrent with the completion of the acquisition, the Company financed the hotel with a $51.0 million non-recourse mortgage loan. The loan is interest only and provides for a floating interest rate of LIBOR + 2.55% with a five-year term. The property will be managed by Remington Lodging.
UPDATE ON ASSET MANAGEMENT INITIATIVES
On June 19, 2017, the Company announced that it had reached an agreement with the City of San Diego for an extension of the ground lease at the Hilton La Jolla Torrey Pines hotel. The lease, which had an expiration of 2043, was extended by 24 years and now expires in 2067. Through this agreement, the Company was also able to secure options to further extend the ground lease by either 10 or 20 additional years depending on the amount of capital expenditures invested in the hotel during the term.
UPDATE ON NON-CORE HOTELS STRATEGY
Consistent with the announcement of its refined strategy of focusing on luxury hotels and resorts, the Company has been exploring opportunities to either reposition its non-core hotels to better fit that strategy or to opportunistically sell them if conditions warrant.
To that end, on June 20, 2017, the Company announced that it had entered into an agreement with Marriott to convert its Courtyard Philadelphia Downtown hotel (the "Courtyard Philadelphia") to an Autograph Collection property. The agreement with Marriott calls for the Courtyard Philadelphia to be converted to an Autograph hotel by June 30, 2019 pursuant to a conversion Product Improvement Plan ("PIP") currently estimated to involve approximately $23 million of capital expenditures - including updates to the guestrooms, guest bathrooms, corridors, lobby, restaurant, and meeting space – which will create a distinctive theme and style for the property that is commensurate with the Autograph Collection product. Marriott will continue to manage the property after the conversion.
AMENDED ADVISORY AGREEMENT WITH ASHFORD INC.
On June 12, 2017, the Company announced that at its Annual Meeting of Stockholders, held on June 9, 2017, its stockholders approved the Company's amended and restated advisory agreement with Ashford Inc. with over 95% of shares voted approving the amendment. The amended agreement significantly lowers the termination fee and addresses other investor feedback. Highlights of the amended agreement include the following:
- Removal of the tax gross-up provision and the 1.1 times multiple from the calculation of the termination fee.
- The revenues and allocated expenses of Ashford Inc. used to calculate the termination fee will be publicly disclosed on a quarterly basis.
- The termination provisions of the advisory agreement have been amended and, specifically, a change in a majority of the Company's incumbent directors no longer triggers a termination fee.
- The advisor's right under the existing advisory agreement to appoint a "Designated Chief Executive Officer" has been eliminated. The role of the current CEO of Ashford Prime, Richard Stockton, is not impacted by the removal of this provision, and he will continue to serve as CEO in the same capacity as he has since his appointment on November 14, 2016.
- In addition to the termination fee, a payment of $45 million would be owed to Ashford Inc. in the event the amended agreement is terminated prior to any incremental growth in the hotel portfolio. This amount will reduce ratably to zero over time based on incremental asset growth. Currently, with the completion of the two acquisitions this year, this potential payment has been reduced to $35.9 million.
CAPITAL STRUCTURE
At June 30, 2017, the Company had total assets of $1.5 billion. As of June 30, 2017, the Company had $915 million of mortgage debt of which $48 million related to its joint venture partner's share of debt on the Capital Hilton and Hilton La Jolla Torrey Pines. The Company's total combined debt had a blended average interest rate of 4.1%.
PORTFOLIO REVPAR
As of June 30, 2017, the portfolio consisted of thirteen properties. During the second quarter of 2017, eleven of the Company's hotels were not under renovation. The Company believes reporting its operating metrics for its hotels on a comparable total basis (all 13 hotels) and comparable not under renovation basis (11 hotels) is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio. Details of each category are provided in the tables attached to this release.
- Comparable RevPAR increased 0.4% to $223.24 for all hotels on a 0.6% increase in ADR and a 0.2% decrease in occupancy
- Comparable RevPAR increased 2.7% to $235.54 for hotels not under renovation on a 2.3% increase in ADR and 0.4% increase in occupancy
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company's hotels than sequential quarter-over-quarter comparisons. Given the substantial seasonality in the Company's portfolio, to help investors better understand this seasonality, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company's portfolio as of the end of the current period. As the Company's portfolio mix changes from time to time so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin. The details of the quarterly calculations for the previous four quarters for the thirteen hotels are provided in the table attached to this release.
COMMON STOCK DIVIDEND
On June 14, 2017, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.16 per diluted share for the Company's common stock for the second quarter ending June 30, 2017. The dividend, which equates to an annual rate of $0.64 per share, is payable on July 17, 2017, to shareholders of record as of June 30, 2017.
"Our second quarter RevPAR results for all hotels not under renovation were solid and outperformed the luxury segment as a whole," commented Richard J. Stockton, Ashford Prime's President and Chief Executive Officer. "With the recent acquisitions of the Hotel Yountville, the Park Hyatt Beaver Creek Resort & Spa and the announced upbranding of the Courtyard Philadelphia to an Autograph Collection property, we continue to successfully execute on our refined strategy to grow our portfolio within the luxury chain scale segment in a manner that we believe is accretive to long-term shareholder returns."
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford Hospitality Prime, Inc. will conduct a conference call on Thursday, August 3, 2017, at 11:00 a.m. ET. The number to call for this interactive teleconference is (719) 325-4778. A replay of the conference call will be available through Thursday, August 10, 2017, by dialing (719) 457-0820 and entering the confirmation number, 9811300.
The Company will also provide an online simulcast and rebroadcast of its second quarter 2017 earnings release conference call. The live broadcast of Ashford Hospitality Prime's quarterly conference call will be available online at the Company's web site, www.ahpreit.com on Thursday, August 3, 2017, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.
Substantially all of our non-current assets consist of real estate investments secured by real estate. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider supplemental measures of performance, which are not measures of operating performance under GAAP, to assist in evaluating a real estate company's operations. These supplemental measures include FFO, AFFO, EBITDA, and Hotel EBITDA. FFO is computed in accordance with our interpretation of standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the NAREIT definition differently than us. None of FFO, AFFO, EBITDA or Hotel EBITDA represents cash generated from operating activities as determined by GAAP and should not be considered as an alternative to a) GAAP net income (loss) as an indication of our financial performance or b) GAAP cash flows from operating activities as a measure of our liquidity, nor are such measures indicative of funds available to satisfy our cash needs, including our ability to make cash distributions. However, management believes FFO, AFFO, EBITDA, and Hotel EBITDA to be meaningful measures of a REIT's performance and should be considered along with, but not as an alternative to, net income and cash flow as a measure of our operating performance.
* * * * *
Ashford Hospitality Prime is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.
Ashford has created an Ashford App for the hospitality REIT investor community. The Ashford App is available for free download at Apple's App Store and the Google Play Store by searching "Ashford."
Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the implied share price for the Company's common stock. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Prime's control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; our ability to successfully complete and integrate acquisitions, and manage our planned growth, and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Prime's filings with the Securities and Exchange Commission. EBITDA is defined as net income before interest, taxes, depreciation and amortization. EBITDA yield is defined as trailing twelve month EBITDA divided by the purchase price. A capitalization rate is determined by dividing the property's annual net operating income by the purchase price. Net operating income is the property's funds from operations minus a capital expense reserve of either 4% or 5% of gross revenues. Hotel EBITDA flow-through is the change in Hotel EBITDA divided by the change in total revenues. Hotel EBITDA Margin is Hotel EBITDA divided by total revenues. Funds from operations ("FFO"), as defined by the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT") in April 2002, represents net income (loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of properties and extraordinary items as defined by GAAP, plus depreciation and amortization of real estate assets, and net of adjustments for the portion of these items related to unconsolidated entities and joint ventures.
The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise
|
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES | |||||||
|
CONSOLIDATED BALANCE SHEETS | |||||||
|
(in thousands, except share amounts) | |||||||
|
(unaudited) | |||||||
|
June 30, 2017 |
December 31, 2016 | ||||||
|
ASSETS |
|||||||
|
Investments in hotel properties, gross |
$ |
1,518,286 |
$ |
1,258,412 |
|||
|
Accumulated depreciation |
(265,807) |
(243,880) |
|||||
|
Investments in hotel properties, net |
1,252,479 |
1,014,532 |
|||||
|
Cash and cash equivalents |
129,675 |
126,790 |
|||||
|
Restricted cash |
34,793 |
37,855 |
|||||
|
Accounts receivable, net of allowance of $92 and $96, respectively |
18,607 |
18,194 |
|||||
|
Inventories |
1,780 |
1,479 |
|||||
|
Note receivable |
8,098 |
8,098 |
|||||
|
Deferred costs, net |
835 |
1,020 |
|||||
|
Prepaid expenses |
5,764 |
3,669 |
|||||
|
Investment in Ashford Inc., at fair value |
9,935 |
8,407 |
|||||
|
Derivative assets |
218 |
1,149 |
|||||
|
Other assets |
5,542 |
2,249 |
|||||
|
Intangible assets, net |
22,684 |
22,846 |
|||||
|
Due from Ashford Trust OP, net |
— |
488 |
|||||
|
Due from AQUA U.S. Fund |
— |
2,289 |
|||||
|
Due from related party, net |
321 |
377 |
|||||
|
Due from third-party hotel managers |
8,227 |
7,555 |
|||||
|
Total assets |
$ |
1,498,958 |
$ |
1,256,997 |
|||
|
LIABILITIES AND EQUITY |
|||||||
|
Liabilities: |
|||||||
|
Indebtedness, net |
$ |
907,002 |
$ |
764,616 |
|||
|
Accounts payable and accrued expenses |
54,604 |
44,791 |
|||||
|
Dividends and distributions payable |
8,356 |
5,038 |
|||||
|
Due to Ashford Trust OP, net |
1 |
— |
|||||
|
Due to Ashford Inc. |
3,889 |
5,085 |
|||||
|
Due to affiliate |
— |
2,500 |
|||||
|
Due to third-party hotel managers |
2,583 |
973 |
|||||
|
Intangible liability, net |
3,597 |
3,625 |
|||||
|
Other liabilities |
1,520 |
1,432 |
|||||
|
Total liabilities |
981,552 |
828,060 |
|||||
|
5.50% Series B cumulative convertible preferred stock, $0.01 par value, 4,965,850 and 2,890,850 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively |
106,129 |
65,960 |
|||||
|
Redeemable noncontrolling interests in operating partnership |
47,550 |
59,544 |
|||||
|
Equity: |
|||||||
|
Common stock, $0.01 par value, 200,000,000 shares authorized, 31,952,536 and 26,021,552 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively |
319 |
260 |
|||||
|
Additional paid-in capital |
467,866 |
401,790 |
|||||
|
Accumulated deficit |
(99,060) |
(93,254) |
|||||
|
Total stockholders' equity of the Company |
369,125 |
308,796 |
|||||
|
Noncontrolling interest in consolidated entities |
(5,398) |
(5,363) |
|||||
|
Total equity |
363,727 |
303,433 |
|||||
|
Total liabilities and equity |
$ |
1,498,958 |
$ |
1,256,997 |
|||
|
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES | |||||||||||||||
|
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
|
(in thousands, except per share amounts) | |||||||||||||||
|
(unaudited) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
June 30, |
June 30, | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
REVENUE |
|||||||||||||||
|
Rooms |
$ |
79,449 |
$ |
79,583 |
$ |
146,867 |
$ |
148,834 |
|||||||
|
Food and beverage |
27,980 |
27,051 |
52,453 |
51,916 |
|||||||||||
|
Other |
8,626 |
5,761 |
13,991 |
11,409 |
|||||||||||
|
Total hotel revenue |
116,055 |
112,395 |
213,311 |
212,159 |
|||||||||||
|
Other |
37 |
37 |
77 |
70 |
|||||||||||
|
Total revenue |
116,092 |
112,432 |
213,388 |
212,229 |
|||||||||||
|
EXPENSES |
|||||||||||||||
|
Hotel operating expenses |
|||||||||||||||
|
Rooms |
17,613 |
17,096 |
33,410 |
32,915 |
|||||||||||
|
Food and beverage |
19,263 |
18,267 |
36,124 |
35,712 |
|||||||||||
|
Other expenses |
32,021 |
30,335 |
59,752 |
58,674 |
|||||||||||
|
Management fees |
4,209 |
4,331 |
7,754 |
8,138 |
|||||||||||
|
Total hotel operating expenses |
73,106 |
70,029 |
137,040 |
135,439 |
|||||||||||
|
Property taxes, insurance and other |
5,370 |
4,514 |
10,444 |
9,557 |
|||||||||||
|
Depreciation and amortization |
13,469 |
11,263 |
25,440 |
23,167 |
|||||||||||
|
Advisory services fee: |
|||||||||||||||
|
Base advisory fee |
2,276 |
2,206 |
4,279 |
4,231 |
|||||||||||
|
Reimbursable expenses |
532 |
645 |
1,079 |
1,297 |
|||||||||||
|
Incentive fee |
— |
285 |
— |
285 |
|||||||||||
|
Non-cash stock/unit-based compensation |
335 |
2,699 |
(1,350) |
2,086 |
|||||||||||
|
Contract modification cost |
5000 |
— |
5000 |
— |
|||||||||||
|
Transaction costs |
2,066 |
438 |
6,394 |
438 |
|||||||||||
|
Corporate, general and administrative: |
|||||||||||||||
|
Non-cash stock/unit-based compensation |
227 |
221 |
245 |
221 |
|||||||||||
|
Other general and administrative |
1,304 |
9,617 |
5,160 |
13,540 |
|||||||||||
|
Total operating expenses |
103,685 |
101,917 |
193,731 |
190,261 |
|||||||||||
|
OPERATING INCOME (LOSS) |
12,407 |
10,515 |
19,657 |
21,968 |
|||||||||||
|
Equity in earnings (loss) of unconsolidated entity |
— |
63 |
— |
(2,587) |
|||||||||||
|
Interest income |
165 |
50 |
277 |
82 |
|||||||||||
|
Other income (expense) |
(113) |
— |
(270) |
(10) |
|||||||||||
|
Interest expense |
(8,582) |
(9,879) |
(15,735) |
(19,632) |
|||||||||||
|
Amortization of loan costs |
(1,349) |
(758) |
(2,398) |
(1,639) |
|||||||||||
|
Write-off of loan costs and exit fees |
— |
— |
(1,963) |
— |
|||||||||||
|
Unrealized gain (loss) on investments |
(1,563) |
860 |
1,528 |
(633) |
|||||||||||
|
Unrealized gain (loss) on derivatives |
(100) |
2,597 |
(998) |
6,130 |
|||||||||||
|
INCOME (LOSS) BEFORE INCOME TAXES |
865 |
3,448 |
98 |
3,679 |
|||||||||||
|
Income tax (expense) benefit |
(479) |
(1,156) |
(1) |
(1,526) |
|||||||||||
|
NET INCOME (LOSS) |
386 |
2,292 |
97 |
2,153 |
|||||||||||
|
(Income) loss from consolidated entities attributable to noncontrolling interest |
(1,614) |
80 |
(1,593) |
(65) |
|||||||||||
|
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
343 |
(184) |
598 |
(34) |
|||||||||||
|
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY |
(885) |
2,188 |
(898) |
2,054 |
|||||||||||
|
Preferred dividends |
(1,707) |
(978) |
(3,380) |
(1,872) |
|||||||||||
|
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS |
$ |
(2,592) |
$ |
1,210 |
$ |
(4,278) |
$ |
182 |
|||||||
|
INCOME (LOSS) PER SHARE – BASIC AND DILUTED |
|||||||||||||||
|
Basic: |
|||||||||||||||
|
Net income (loss) attributable to common stockholders |
$ |
(0.09) |
$ |
0.04 |
$ |
(0.16) |
$ |
— |
|||||||
|
Weighted average common shares outstanding – basic |
31,469 |
27,916 |
29,380 |
28,121 |
|||||||||||
|
Diluted: |
|||||||||||||||
|
Net income (loss) attributable to common stockholders |
$ |
(0.09) |
$ |
0.04 |
$ |
(0.16) |
$ |
— |
|||||||
|
Weighted average common shares outstanding – diluted |
31,469 |
32,418 |
29,380 |
28,224 |
|||||||||||
|
Dividends declared per common share: |
$ |
0.16 |
$ |
0.12 |
$ |
0.32 |
$ |
0.22 |
|||||||
|
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES | |||||||||||||||
|
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA | |||||||||||||||
|
(in thousands) | |||||||||||||||
|
(unaudited) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
June 30, |
June 30, | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Net income (loss) |
$ |
386 |
$ |
2,292 |
$ |
97 |
$ |
2,153 |
|||||||
|
(Income) loss from consolidated entities attributable to noncontrolling interest |
(1,614) |
80 |
(1,593) |
(65) |
|||||||||||
|
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
343 |
(184) |
598 |
(34) |
|||||||||||
|
Net income (loss) attributable to the Company |
(885) |
2,188 |
(898) |
2,054 |
|||||||||||
|
Interest income |
(163) |
(50) |
(275) |
(82) |
|||||||||||
|
Interest expense and amortization of loan costs |
9,463 |
10,230 |
17,227 |
20,459 |
|||||||||||
|
Depreciation and amortization |
12,752 |
10,557 |
24,003 |
21,757 |
|||||||||||
|
Income tax expense (benefit) |
394 |
1,156 |
(107) |
1,526 |
|||||||||||
|
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership |
(343) |
184 |
(598) |
34 |
|||||||||||
|
EBITDA available to the Company and OP unitholders |
21,218 |
24,265 |
39,352 |
45,748 |
|||||||||||
|
Amortization of favorable (unfavorable) contract assets (liabilities) |
44 |
(23) |
93 |
(62) |
|||||||||||
|
Transaction and management conversion costs |
2,112 |
438 |
6,440 |
438 |
|||||||||||
|
Other (income) expense |
113 |
— |
270 |
10 |
|||||||||||
|
Write-off of loan costs and exit fees |
— |
— |
1,963 |
— |
|||||||||||
|
Unrealized (gain) loss on investments |
1,563 |
(860) |
(1,528) |
633 |
|||||||||||
|
Unrealized (gain) loss on derivatives |
100 |
(2,597) |
998 |
(6,130) |
|||||||||||
|
Non-cash stock/unit-based compensation |
597 |
2,920 |
(1,071) |
2,307 |
|||||||||||
|
Legal, advisory and settlement costs |
3 |
8,913 |
2,948 |
12,226 |
|||||||||||
|
Contract modification cost |
5,000 |
— |
5,000 |
— |
|||||||||||
|
Software implementation costs |
79 |
— |
79 |
— |
|||||||||||
|
Company's portion of unrealized (gain) loss of investment in securities investment fund |
— |
(63) |
— |
2,587 |
|||||||||||
|
Adjusted EBITDA available to the Company and OP unitholders |
$ |
30,829 |
$ |
32,993 |
$ |
54,544 |
$ |
57,757 |
|||||||
|
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES | |||||||||||||||
|
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO | |||||||||||||||
|
(in thousands, except per share amounts) | |||||||||||||||
|
(unaudited) | |||||||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||||||
|
June 30, |
June 30, | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Net income (loss) |
$ |
386 |
$ |
2,292 |
$ |
97 |
$ |
2,153 |
|||||||
|
(Income) loss from consolidated entities attributable to noncontrolling interest |
(1,614) |
80 |
(1,593) |
(65) |
|||||||||||
|
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
343 |
(184) |
598 |
(34) |
|||||||||||
|
Preferred dividends |
(1,707) |
(978) |
(3,380) |
(1,872) |
|||||||||||
|
Net income (loss) attributable to common stockholders |
(2,592) |
1,210 |
(4,278) |
182 |
|||||||||||
|
Depreciation and amortization on real estate |
12,752 |
10,557 |
24,003 |
21,757 |
|||||||||||
|
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership |
(343) |
184 |
(598) |
34 |
|||||||||||
|
FFO available to common stockholders and OP unitholders |
9,817 |
11,951 |
19,127 |
21,973 |
|||||||||||
|
Preferred dividends |
1,707 |
978 |
3,380 |
1,872 |
|||||||||||
|
Transaction and management conversion costs |
2,112 |
438 |
6,440 |
438 |
|||||||||||
|
Other (income) expense |
113 |
— |
270 |
10 |
|||||||||||
|
Write-off of loan costs and exit fees |
— |
— |
1,963 |
— |
|||||||||||
|
Unrealized (gain) loss on investments |
1,563 |
(860) |
(1,528) |
633 |
|||||||||||
|
Unrealized (gain) loss on derivatives |
100 |
(2,597) |
998 |
(6,130) |
|||||||||||
|
Non-cash stock/unit-based compensation |
597 |
2,920 |
(1,071) |
2,307 |
|||||||||||
|
Legal, advisory and settlement costs |
3 |
8,913 |
2,948 |
12,226 |
|||||||||||
|
Contract modification cost |
5,000 |
— |
5,000 |
— |
|||||||||||
|
Software implementation costs |
79 |
— |
79 |
— |
|||||||||||
|
Company's portion of unrealized (gain) loss of investment in securities investment fund |
— |
(63) |
— |
2,587 |
|||||||||||
|
Adjusted FFO available to the Company and OP unitholders |
$ |
21,091 |
$ |
21,680 |
$ |
37,606 |
$ |
35,916 |
|||||||
|
Adjusted FFO per diluted share available to the Company and OP unitholders |
$ |
0.50 |
$ |
0.60 |
$ |
0.95 |
$ |
0.99 |
|||||||
|
Weighted average diluted shares |
42,556 |
36,152 |
39,426 |
36,319 |
|||||||||||
|
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
|
SUMMARY OF INDEBTEDNESS | |||||||||||||||||||||||
|
JUNE 30, 2017 | |||||||||||||||||||||||
|
(dollars in thousands) | |||||||||||||||||||||||
|
(unaudited) | |||||||||||||||||||||||
|
Indebtedness |
Maturity |
Interest Rate |
Fixed-RateDebt |
Floating-RateDebt |
TotalDebt |
ComparableTTM HotelEBITDA (8) |
ComparableTTMEBITDADebt Yield | ||||||||||||||||
|
Column Financial Bardessono - 1 hotel |
December 2017 |
LIBOR + 4.95% |
$ |
— |
$ |
40,000 |
(1) |
$ |
40,000 |
$ |
5,151 |
12.9 |
% | ||||||||||
|
Apollo Ritz-Carlton St. Thomas - 1 hotel |
December 2017 |
LIBOR + 4.95% |
— |
42,000 |
(1) |
42,000 |
8,814 |
21.0 |
% | ||||||||||||||
|
GACC Sofitel - 1 hotel |
March 2018 |
LIBOR + 2.30% |
— |
80,000 |
(2) |
80,000 |
7,252 |
9.1 |
% | ||||||||||||||
|
Credit Agricole Pier House - 1 hotel |
March 2018 |
LIBOR + 2.25% |
— |
70,000 |
(3) |
70,000 |
10,522 |
15.0 |
% | ||||||||||||||
|
TIF Philly CY - 1 hotel |
June 2018 |
12.85% |
8,098 |
— |
8,098 |
N/A |
N/A |
||||||||||||||||
|
Morgan Stanley Pool - 5 hotels |
February 2019 |
LIBOR + 2.58% |
— |
365,000 |
(4) |
365,000 |
58,020 |
15.9 |
% | ||||||||||||||
|
JPMorgan Park Hyatt Beaver Creek - 1 hotel |
April 2019 |
LIBOR + 2.75% |
— |
67,500 |
(1) |
67,500 |
10,198 |
15.1 |
% | ||||||||||||||
|
Aareal - 2 hotels |
November 2019 |
LIBOR + 2.65% |
— |
191,408 |
(5) |
191,408 |
33,097 |
17.3 |
% | ||||||||||||||
|
Secured revolving credit facility - various |
November 2019 |
Base Rate(7) + 1.25% to 2.50% orLIBOR + 2.25% to 3.50% |
— |
— |
(6) |
— |
N/A |
N/A |
|||||||||||||||
|
BAML Hotel Yountville - 1 hotel |
May 2022 |
LIBOR + 2.55% |
— |
51,000 |
51,000 |
6,530 |
12.8 |
% | |||||||||||||||
|
Total |
$ |
8,098 |
$ |
906,908 |
$ |
915,006 |
$ |
139,584 |
15.3 |
% | |||||||||||||
|
Percentage |
0.9 |
% |
99.1 |
% |
100 |
% |
|||||||||||||||||
|
Weighted average interest rate |
12.85 |
% |
3.99 |
% |
4.07 |
% |
|||||||||||||||||
|
All indebtedness is non-recourse with the exception of the secured revolving credit facility. | |
|
(1) |
This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. |
|
(2) |
This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the second was exercised in March 2017. |
|
(3) |
This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the first was exercised in March 2017. |
|
(4) |
On January 18, 2017, we refinanced three mortgage loans totaling $333.7 million set to mature in April 2017 with a new $365.0 million loan with a two-year initial term and five one-year extension options subject to the satisfaction of certain conditions. The new loan is interest only and bears interest at a rate of LIBOR + 2.58%. |
|
(5) |
This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. |
|
(6) |
This credit facility has two one-year extension options subject to advance notice, certain conditions and a 0.25% extension fee beginning November 2019. |
|
(7) |
Base Rate, as defined in the secured revolving credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5%, or (iii) LIBOR + 1.0%. |
|
(8) |
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
|
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||
|
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED | ||||||||||||||||||||||||||||
|
JUNE 30, 2017 | ||||||||||||||||||||||||||||
|
(dollars in thousands) | ||||||||||||||||||||||||||||
|
(unaudited) | ||||||||||||||||||||||||||||
|
2017 |
2018 |
2019 |
2020 |
2021 |
Thereafter |
Total | ||||||||||||||||||||||
|
Secured revolving credit facility - various |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
||||||||||||||
|
TIF Philly CY - 1 hotel |
— |
8,098 |
— |
— |
— |
— |
8,098 |
|||||||||||||||||||||
|
GACC Sofitel - 1 hotel |
— |
— |
80,000 |
— |
— |
— |
80,000 |
|||||||||||||||||||||
|
Credit Agricole Pier House - 1 hotel |
— |
— |
— |
70,000 |
— |
— |
70,000 |
|||||||||||||||||||||
|
Column Financial Bardessono - 1 hotel |
— |
— |
— |
40,000 |
— |
— |
40,000 |
|||||||||||||||||||||
|
Apollo Ritz-Carlton St. Thomas - 1 hotel |
— |
— |
— |
42,000 |
— |
— |
42,000 |
|||||||||||||||||||||
|
Aareal - 2 hotels |
— |
— |
— |
— |
177,486 |
— |
177,486 |
|||||||||||||||||||||
|
Morgan Stanley Pool - 5 hotels |
— |
— |
— |
— |
— |
365,000 |
365,000 |
|||||||||||||||||||||
|
JPMorgan Park Hyatt Beaver Creek - 1 hotel |
— |
— |
— |
— |
— |
67,500 |
67,500 |
|||||||||||||||||||||
|
BAML Hotel Yountville - 1 hotel |
— |
— |
— |
— |
— |
51,000 |
51,000 |
|||||||||||||||||||||
|
Principal due in future periods |
$ |
— |
$ |
8,098 |
$ |
80,000 |
$ |
152,000 |
$ |
177,486 |
$ |
483,500 |
$ |
901,084 |
||||||||||||||
|
Scheduled amortization payments remaining |
1,635 |
2,939 |
3,120 |
3,312 |
2,916 |
— |
13,922 |
|||||||||||||||||||||
|
Total indebtedness |
$ |
1,635 |
$ |
11,037 |
$ |
83,120 |
$ |
155,312 |
$ |
180,402 |
$ |
483,500 |
$ |
915,006 |
||||||||||||||
|
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||
|
KEY PERFORMANCE INDICATORS | ||||||||||||||||||||||||||||||
|
(unaudited) | ||||||||||||||||||||||||||||||
|
ALL HOTELS: |
||||||||||||||||||||||||||||||
|
Three Months Ended June 30, 2017 | ||||||||||||||||||||||||||||||
|
Actual |
Non-comparableAdjustments |
Comparable |
Actual |
Non-comparableAdjustments |
Comparable |
Actual |
Comparable | |||||||||||||||||||||||
|
2017 |
2017 |
2017 |
2016 |
2016 |
2016 |
% Variance |
% Variance | |||||||||||||||||||||||
|
Rooms revenue (in thousands) |
$ |
79,449 |
$ |
1,285 |
$ |
80,734 |
$ |
79,583 |
$ |
820 |
$ |
80,403 |
(0.17) |
% |
0.41 |
% | ||||||||||||||
|
RevPAR |
$ |
221.65 |
$ |
401.52 |
$ |
223.24 |
$ |
221.29 |
$ |
450.53 |
$ |
222.44 |
0.16 |
% |
0.36 |
% | ||||||||||||||
|
Occupancy |
84.07 |
% |
77.72 |
% |
84.01 |
% |
86.47 |
% |
(363.30) |
% |
84.21 |
% |
(2.78) |
% |
(0.24) |
% | ||||||||||||||
|
ADR |
$ |
263.65 |
$ |
516.64 |
$ |
265.72 |
$ |
255.90 |
$ |
(124.01) |
$ |
264.16 |
3.03 |
% |
0.59 |
% | ||||||||||||||
|
ALL HOTELS: |
||||||||||||||||||||||||||||||
|
Six Months Ended June 30, 2017 | ||||||||||||||||||||||||||||||
|
Actual |
Non-comparableAdjustments |
Comparable |
Actual |
Non-comparableAdjustments |
Comparable |
Actual |
Comparable | |||||||||||||||||||||||
|
2017 |
2017 |
2017 |
2016 |
2016 |
2016 |
% Variance |
% Variance | |||||||||||||||||||||||
|
Rooms revenue (in thousands) |
$ |
146,867 |
$ |
13,507 |
$ |
160,374 |
$ |
148,834 |
$ |
10,310 |
$ |
159,144 |
(1.32) |
% |
0.77 |
% | ||||||||||||||
|
RevPAR |
$ |
212.35 |
$ |
491.16 |
$ |
223.01 |
$ |
206.93 |
$ |
2,832.54 |
$ |
220.15 |
2.62 |
% |
1.30 |
% | ||||||||||||||
|
Occupancy |
81.35 |
% |
80.63 |
% |
81.33 |
% |
82.12 |
% |
(120.11) |
% |
81.10 |
% |
(0.94) |
% |
0.28 |
% | ||||||||||||||
|
ADR |
$ |
261.03 |
$ |
609.13 |
$ |
274.22 |
$ |
251.98 |
$ |
(2,358.29) |
$ |
271.45 |
3.59 |
% |
1.02 |
% | ||||||||||||||
|
NOTES: | ||||||||||||||||||||||||||||||
|
(1) |
The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. | |||||||||||||||||||||||||||||
|
(2) |
All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. | |||||||||||||||||||||||||||||
|
ALL HOTELS NOT UNDER RENOVATION: |
Three Months Ended June 30, 2017 | |||||||||||||||||||||||||||||
|
Actual |
Non-comparableAdjustments |
Comparable |
Actual |
Non-comparableAdjustments |
Comparable |
Actual |
Comparable | |||||||||||||||||||||||
|
2017 |
2017 |
2017 |
2016 |
2016 |
2016 |
% Variance |
% Variance | |||||||||||||||||||||||
|
Rooms revenue (in thousands) |
$ |
66,511 |
$ |
1,285 |
$ |
67,796 |
$ |
65,181 |
$ |
820 |
$ |
66,001 |
2.04 |
% |
2.72 |
% | ||||||||||||||
|
RevPAR |
$ |
233.67 |
$ |
401.52 |
$ |
235.54 |
$ |
227.89 |
$ |
450.53 |
$ |
229.30 |
2.54 |
% |
2.72 |
% | ||||||||||||||
|
Occupancy |
85.39 |
% |
77.72 |
% |
85.31 |
% |
87.82 |
% |
(363.30) |
% |
84.97 |
% |
(2.77) |
% |
0.40 |
% | ||||||||||||||
|
ADR |
$ |
273.64 |
$ |
516.64 |
$ |
276.10 |
$ |
259.49 |
$ |
(124.01) |
$ |
269.86 |
5.45 |
% |
2.31 |
% | ||||||||||||||
|
ALL HOTELS NOT UNDER RENOVATION: |
||||||||||||||||||||||||||||||
|
Six Months Ended June 30, 2017 | ||||||||||||||||||||||||||||||
|
Actual |
Non-comparableAdjustments |
Comparable |
Actual |
Non-comparableAdjustments |
Comparable |
Actual |
Comparable | |||||||||||||||||||||||
|
2017 |
2017 |
2017 |
2016 |
2016 |
2016 |
% Variance |
% Variance | |||||||||||||||||||||||
|
Rooms revenue (in thousands) |
$ |
120,481 |
$ |
13,506 |
$ |
133,987 |
$ |
119,816 |
$ |
10,310 |
$ |
130,126 |
0.56 |
% |
2.97 |
% | ||||||||||||||
|
RevPAR |
$ |
221.06 |
$ |
491.16 |
$ |
234.04 |
$ |
209.46 |
$ |
2,832.54 |
$ |
226.04 |
5.54 |
% |
3.54 |
% | ||||||||||||||
|
Occupancy |
82.45 |
% |
80.63 |
% |
82.36 |
% |
82.72 |
% |
(120.11) |
% |
81.43 |
% |
(0.33) |
% |
1.14 |
% | ||||||||||||||
|
ADR |
$ |
268.11 |
$ |
609.13 |
$ |
284.15 |
$ |
253.22 |
$ |
(2,358.29) |
$ |
277.58 |
5.88 |
% |
2.37 |
% | ||||||||||||||
|
NOTES: | ||||||||||||||||||||||||||||||
|
(1) |
The above comparable information assumes the eleven hotel properties owned and included in the Company's operations at June 30, 2017, and not under renovation during the three months ended June 30, 2017, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. | |||||||||||||||||||||||||||||
|
(2) |
All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. | |||||||||||||||||||||||||||||
|
(3) |
Excluded Hotels Under Renovation: | |||||||||||||||||||||||||||||
|
Plano Marriott Legacy Town Center, San Francisco Courtyard Downtown | ||||||||||||||||||||||||||||||
|
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES | ||||||||||||||||||||||
|
HOTEL EBITDA | ||||||||||||||||||||||
|
(dollars in thousands) | ||||||||||||||||||||||
|
(unaudited) | ||||||||||||||||||||||
|
ALL HOTELS: |
Three Months Ended |
Six Months Ended | ||||||||||||||||||||
|
June 30, |
June 30, | |||||||||||||||||||||
|
2017 |
2016 |
% Variance |
2017 |
2016 |
% Variance | |||||||||||||||||
|
Total hotel revenue |
$ |
116,055 |
$ |
112,395 |
3.26 |
% |
$ |
213,311 |
$ |
212,159 |
0.54 |
% | ||||||||||
|
Non-comparable adjustments |
1,571 |
4,178 |
23,086 |
21,915 |
||||||||||||||||||
|
Comparable total hotel revenue |
$ |
117,626 |
$ |
116,573 |
0.90 |
% |
$ |
236,397 |
$ |
234,074 |
0.99 |
% | ||||||||||
|
Hotel EBITDA |
$ |
38,371 |
$ |
38,485 |
(0.30) |
% |
$ |
67,102 |
$ |
67,942 |
(1.24) |
% | ||||||||||
|
Non-comparable adjustments |
562 |
(645) |
8,291 |
5,632 |
||||||||||||||||||
|
Comparable hotel EBITDA |
$ |
38,933 |
$ |
37,840 |
2.89 |
% |
$ |
75,393 |
$ |
73,574 |
2.47 |
% | ||||||||||
|
Hotel EBITDA margin |
33.06 |
% |
34.24 |
% |
(1.18) |
% |
31.46 |
% |
32.02 |
% |
(0.56) |
% | ||||||||||
|
Comparable hotel EBITDA margin |
33.10 |
% |
32.46 |
% |
0.64 |
% |
31.89 |
% |
31.43 |
% |
0.46 |
% | ||||||||||
|
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests |
$ |
2,641 |
$ |
2,416 |
9.31 |
% |
$ |
4,865 |
$ |
4,176 |
16.49 |
% | ||||||||||
|
Hotel EBITDA attributable to the Company and OP unitholders |
$ |
35,730 |
$ |
36,069 |
(0.94) |
% |
$ |
62,237 |
$ |
63,766 |
(2.40) |
% | ||||||||||
|
Comparable hotel EBITDA attributable to the Company and OP unitholders |
$ |
36,292 |
$ |
35,424 |
2.45 |
% |
$ |
70,528 |
$ |
69,398 |
1.63 |
% | ||||||||||
|
NOTES: | ||||||||||||||||||||||
|
(1) |
The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. | |||||||||||||||||||||
|
(2) |
All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. | |||||||||||||||||||||
|
Adjustments have been made to the pre-aquisition results as indicated below: | ||||||||||||||||||||||
|
(a) Management fee expense was adjusted to reflect current contractual rates. | ||||||||||||||||||||||
|
(3) |
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. | |||||||||||||||||||||
|
ALL HOTELS NOT UNDER RENOVATION: |
Three Months Ended |
Six Months Ended | ||||||||||||||||||||
|
June 30, |
June 30, | |||||||||||||||||||||
|
2017 |
2016 |
% Variance |
2017 |
2016 |
% Variance | |||||||||||||||||
|
Total hotel revenue |
$ |
98,301 |
$ |
93,412 |
5.23 |
% |
$ |
177,377 |
$ |
173,857 |
2.02 |
% | ||||||||||
|
Non-comparable adjustments |
1,571 |
4,178 |
23,086 |
21,915 |
||||||||||||||||||
|
Comparable total hotel revenue |
$ |
99,872 |
$ |
97,590 |
2.34 |
% |
$ |
200,463 |
$ |
195,772 |
2.40 |
% | ||||||||||
|
Hotel EBITDA |
$ |
32,552 |
$ |
31,945 |
1.90 |
% |
$ |
54,989 |
$ |
54,896 |
0.17 |
% | ||||||||||
|
Non-comparable adjustments |
562 |
(645) |
8,291 |
5,632 |
||||||||||||||||||
|
Comparable hotel EBITDA |
$ |
33,114 |
$ |
31,300 |
5.80 |
% |
$ |
63,280 |
$ |
60,528 |
4.55 |
% | ||||||||||
|
Hotel EBITDA margin |
33.11 |
% |
34.20 |
% |
(1.09) |
% |
31.00 |
% |
31.58 |
% |
(0.58) |
% | ||||||||||
|
Comparable hotel EBITDA margin |
33.16 |
% |
32.07 |
% |
1.09 |
% |
31.57 |
% |
30.92 |
% |
0.65 |
% | ||||||||||
|
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests |
$ |
2,641 |
$ |
2,416 |
9.31 |
% |
$ |
4,865 |
$ |
4,176 |
16.49 |
% | ||||||||||
|
Hotel EBITDA attributable to the Company and OP unitholders |
$ |
29,911 |
$ |
29,529 |
1.29 |
% |
$ |
50,124 |
$ |
50,720 |
(1.17) |
% | ||||||||||
|
Comparable hotel EBITDA attributable to the Company and OP unitholders |
$ |
30,473 |
$ |
28,884 |
5.50 |
% |
$ |
58,415 |
$ |
56,352 |
3.66 |
% | ||||||||||
|
NOTES: | ||||||||||||||||||||||
|
(1) |
The above comparable information assumes the eleven hotel properties owned and included in the Company's operations at June 30, 2017, and not under renovation during the three months ended June 30, 2017, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. | |||||||||||||||||||||
|
(2) |
All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. | |||||||||||||||||||||
|
Adjustments have been made to the pre-aquisition results as indicated below: | ||||||||||||||||||||||
|
(a) Management fee expense was adjusted to reflect current contractual rates. | ||||||||||||||||||||||
|
(3) |
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. | |||||||||||||||||||||
|
(4) |
Excluded Hotels Under Renovation: | |||||||||||||||||||||
|
Plano Marriott Legacy Town Center, San Francisco Courtyard Downtown | ||||||||||||||||||||||
|
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||
|
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY | ||||||||||||||||||||||||||||||
|
(in thousands, except operating information) | ||||||||||||||||||||||||||||||
|
(unaudited) | ||||||||||||||||||||||||||||||
|
Three Months Ended June 30, | ||||||||||||||||||||||||||||||
|
Actual |
Non-comparableAdjustments |
Comparable |
Actual |
Non-comparableAdjustments |
Comparable |
Actual |
Comparable | |||||||||||||||||||||||
|
2017 |
2017 |
2017 |
2016 |
2016 |
2016 |
% Variance |
% Variance | |||||||||||||||||||||||
|
CAPITAL HILTON WASHINGTON D.C. |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
12,516 |
$ |
— |
$ |
12,516 |
$ |
12,136 |
$ |
— |
$ |
12,136 |
3.13 |
% |
3.13 |
% | ||||||||||||||
|
Total hotel revenue |
$ |
16,997 |
$ |
— |
$ |
16,997 |
$ |
17,030 |
$ |
— |
$ |
17,030 |
(0.19) |
% |
(0.19) |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
6,248 |
$ |
— |
$ |
6,248 |
$ |
6,483 |
$ |
— |
$ |
6,483 |
(3.62) |
% |
(3.62) |
% | ||||||||||||||
|
Hotel EBITDA margin |
36.76 |
% |
36.76 |
% |
38.07 |
% |
38.07 |
% |
(1.31) |
% |
(1.31) |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
250.07 |
$ |
— |
$ |
250.07 |
$ |
242.48 |
$ |
— |
$ |
242.48 |
3.13 |
% |
3.13 |
% | ||||||||||||||
|
Occupancy |
94.65 |
% |
— |
% |
94.65 |
% |
93.96 |
% |
— |
% |
93.96 |
% |
0.73 |
% |
0.73 |
% | ||||||||||||||
|
ADR |
$ |
264.22 |
$ |
— |
$ |
264.22 |
$ |
258.05 |
$ |
— |
$ |
258.05 |
2.39 |
% |
2.39 |
% | ||||||||||||||
|
LA JOLLA HILTON TORREY PINES |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
6,124 |
$ |
— |
$ |
6,124 |
$ |
5,808 |
$ |
— |
$ |
5,808 |
5.44 |
% |
5.44 |
% | ||||||||||||||
|
Total hotel revenue |
$ |
11,570 |
$ |
— |
$ |
11,570 |
$ |
10,410 |
$ |
— |
$ |
10,410 |
11.14 |
% |
11.14 |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
4,318 |
$ |
— |
$ |
4,318 |
$ |
3,182 |
$ |
— |
$ |
3,182 |
35.70 |
% |
35.70 |
% | ||||||||||||||
|
Hotel EBITDA margin |
37.32 |
% |
37.32 |
% |
30.57 |
% |
30.57 |
% |
6.75 |
% |
6.75 |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
170.80 |
$ |
— |
$ |
170.80 |
$ |
162.00 |
$ |
— |
$ |
162.00 |
5.43 |
% |
5.43 |
% | ||||||||||||||
|
Occupancy |
84.76 |
% |
— |
% |
84.76 |
% |
84.20 |
% |
— |
% |
84.20 |
% |
0.67 |
% |
0.67 |
% | ||||||||||||||
|
ADR |
$ |
201.50 |
$ |
— |
$ |
201.50 |
$ |
192.40 |
$ |
— |
$ |
192.40 |
4.73 |
% |
4.73 |
% | ||||||||||||||
|
CHICAGO SOFITEL MAGNIFICENT MILE |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
7,824 |
$ |
— |
$ |
7,824 |
$ |
8,326 |
$ |
— |
$ |
8,326 |
(6.03) |
% |
(6.03) |
% | ||||||||||||||
|
Total hotel revenue |
$ |
10,386 |
$ |
— |
$ |
10,386 |
$ |
11,370 |
$ |
— |
$ |
11,370 |
(8.65) |
% |
(8.65) |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
3,215 |
$ |
— |
$ |
3,215 |
$ |
3,910 |
$ |
— |
$ |
3,910 |
(17.77) |
% |
(17.77) |
% | ||||||||||||||
|
Hotel EBITDA margin |
30.96 |
% |
30.96 |
% |
34.39 |
% |
34.39 |
% |
(3.43) |
% |
(3.43) |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
207.17 |
$ |
— |
$ |
207.17 |
$ |
220.45 |
$ |
— |
$ |
220.45 |
(6.02) |
% |
(6.02) |
% | ||||||||||||||
|
Occupancy |
89.18 |
% |
— |
% |
89.18 |
% |
89.10 |
% |
— |
% |
89.10 |
% |
0.09 |
% |
0.09 |
% | ||||||||||||||
|
ADR |
$ |
232.31 |
$ |
— |
$ |
232.31 |
$ |
247.43 |
$ |
— |
$ |
247.43 |
(6.11) |
% |
(6.11) |
% | ||||||||||||||
|
BARDESSONO HOTEL AND SPA |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
3,829 |
$ |
— |
$ |
3,829 |
$ |
3,704 |
$ |
— |
$ |
3,704 |
3.37 |
% |
3.37 |
% | ||||||||||||||
|
Total hotel revenue |
$ |
5,053 |
$ |
— |
$ |
5,053 |
$ |
5,000 |
$ |
— |
$ |
5,000 |
1.06 |
% |
1.06 |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
1,571 |
$ |
— |
$ |
1,571 |
$ |
1,539 |
$ |
— |
$ |
1,539 |
2.08 |
% |
2.08 |
% | ||||||||||||||
|
Hotel EBITDA margin |
31.09 |
% |
31.09 |
% |
30.78 |
% |
30.78 |
% |
0.31 |
% |
0.31 |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
678.78 |
$ |
— |
$ |
678.78 |
$ |
656.49 |
$ |
— |
$ |
656.49 |
3.40 |
% |
3.40 |
% | ||||||||||||||
|
Occupancy |
81.81 |
% |
— |
% |
81.81 |
% |
86.69 |
% |
— |
% |
86.69 |
% |
(5.63) |
% |
(5.63) |
% | ||||||||||||||
|
ADR |
$ |
829.66 |
$ |
— |
$ |
829.66 |
$ |
757.29 |
$ |
— |
$ |
757.29 |
9.56 |
% |
9.56 |
% | ||||||||||||||
|
KEY WEST PIER HOUSE RESORT |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
4,687 |
$ |
— |
$ |
4,687 |
$ |
4,605 |
$ |
— |
$ |
4,605 |
1.78 |
% |
1.78 |
% | ||||||||||||||
|
Total hotel revenue |
$ |
6,161 |
$ |
— |
$ |
6,161 |
$ |
5,796 |
$ |
— |
$ |
5,796 |
6.30 |
% |
6.30 |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
2,715 |
$ |
— |
$ |
2,715 |
$ |
2,416 |
$ |
— |
$ |
2,416 |
12.38 |
% |
12.38 |
% | ||||||||||||||
|
Hotel EBITDA margin |
44.07 |
% |
44.07 |
% |
41.68 |
% |
41.68 |
% |
2.39 |
% |
2.39 |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
362.69 |
$ |
— |
$ |
362.69 |
$ |
356.38 |
$ |
— |
$ |
356.38 |
1.77 |
% |
1.77 |
% | ||||||||||||||
|
Occupancy |
84.82 |
% |
— |
% |
84.82 |
% |
87.47 |
% |
— |
% |
87.47 |
% |
(3.03) |
% |
(3.03) |
% | ||||||||||||||
|
ADR |
$ |
427.58 |
$ |
— |
$ |
427.58 |
$ |
407.43 |
$ |
— |
$ |
407.43 |
4.95 |
% |
4.95 |
% | ||||||||||||||
|
HOTEL YOUNTVILLE |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
1,982 |
$ |
1,285 |
$ |
3,267 |
$ |
— |
$ |
3,619 |
$ |
3,619 |
— |
% |
(9.73) |
% | ||||||||||||||
|
Total hotel revenue |
$ |
2,355 |
$ |
1,571 |
$ |
3,926 |
$ |
— |
$ |
4,406 |
$ |
4,406 |
— |
% |
(10.89) |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
984 |
$ |
572 |
$ |
1,556 |
$ |
— |
$ |
1,990 |
$ |
1,990 |
— |
% |
(21.81) |
% | ||||||||||||||
|
Hotel EBITDA margin |
41.78 |
% |
39.63 |
% |
— |
% |
45.17 |
% |
41.78 |
% |
(5.54) |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
485.76 |
$ |
401.52 |
$ |
448.73 |
$ |
— |
$ |
497.08 |
$ |
497.08 |
— |
% |
(9.73) |
% | ||||||||||||||
|
Occupancy |
77.33 |
% |
77.72 |
% |
77.50 |
% |
— |
% |
90.47 |
% |
90.47 |
% |
— |
% |
(14.34) |
% | ||||||||||||||
|
ADR |
$ |
628.17 |
$ |
516.64 |
$ |
579.01 |
$ |
— |
$ |
549.46 |
$ |
549.46 |
— |
% |
5.38 |
% | ||||||||||||||
|
PARK HYATT BEAVER CREEK |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
1,717 |
$ |
— |
$ |
1,717 |
$ |
— |
$ |
1,434 |
$ |
1,434 |
— |
% |
19.74 |
% | ||||||||||||||
|
Total hotel revenue |
$ |
4,946 |
$ |
— |
$ |
4,946 |
$ |
— |
$ |
4,580 |
$ |
4,580 |
— |
% |
7.99 |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
(447) |
$ |
— |
$ |
(447) |
$ |
— |
$ |
(695) |
$ |
(695) |
— |
% |
35.68 |
% | ||||||||||||||
|
Hotel EBITDA margin |
(9.04) |
% |
(9.04) |
% |
— |
% |
(15.17) |
% |
(9.04) |
% |
6.13 |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
99.29 |
$ |
— |
$ |
99.29 |
$ |
— |
$ |
82.96 |
$ |
82.96 |
— |
% |
19.68 |
% | ||||||||||||||
|
Occupancy |
43.91 |
% |
— |
% |
43.91 |
% |
— |
% |
41.37 |
% |
41.37 |
% |
— |
% |
6.14 |
% | ||||||||||||||
|
ADR |
$ |
226.13 |
$ |
— |
$ |
226.13 |
$ |
— |
$ |
200.53 |
$ |
200.53 |
— |
% |
12.77 |
% | ||||||||||||||
|
PHILADELPHIA COURTYARD DOWNTOWN |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
7,781 |
$ |
— |
$ |
7,781 |
$ |
7,736 |
$ |
— |
$ |
7,736 |
0.58 |
% |
0.58 |
% | ||||||||||||||
|
Total hotel revenue |
$ |
9,425 |
$ |
— |
$ |
9,425 |
$ |
9,254 |
$ |
— |
$ |
9,254 |
1.85 |
% |
1.85 |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
4,194 |
$ |
— |
$ |
4,194 |
$ |
3,985 |
$ |
— |
$ |
3,985 |
5.24 |
% |
5.24 |
% | ||||||||||||||
|
Hotel EBITDA margin |
44.50 |
% |
44.50 |
% |
43.06 |
% |
43.06 |
% |
1.44 |
% |
1.44 |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
171.35 |
$ |
— |
$ |
171.35 |
$ |
170.37 |
$ |
— |
$ |
170.37 |
0.58 |
% |
0.58 |
% | ||||||||||||||
|
Occupancy |
87.65 |
% |
— |
% |
87.65 |
% |
87.54 |
% |
— |
% |
87.54 |
% |
0.13 |
% |
0.13 |
% | ||||||||||||||
|
ADR |
$ |
195.50 |
$ |
— |
$ |
195.50 |
$ |
194.62 |
$ |
— |
$ |
194.62 |
0.45 |
% |
0.45 |
% | ||||||||||||||
|
PLANO MARRIOTT LEGACY TOWN CENTER |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
5,218 |
$ |
— |
$ |
5,218 |
$ |
5,301 |
$ |
— |
$ |
5,301 |
(1.57) |
% |
(1.57) |
% | ||||||||||||||
|
Total hotel revenue |
$ |
8,878 |
$ |
— |
$ |
8,878 |
$ |
8,491 |
$ |
— |
$ |
8,491 |
4.56 |
% |
4.56 |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
3,036 |
$ |
— |
$ |
3,036 |
$ |
3,073 |
$ |
— |
$ |
3,073 |
(1.20) |
% |
(1.20) |
% | ||||||||||||||
|
Hotel EBITDA margin |
34.20 |
% |
34.20 |
% |
36.19 |
% |
36.19 |
% |
(1.99) |
% |
(1.99) |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
141.95 |
$ |
— |
$ |
141.95 |
$ |
144.18 |
$ |
— |
$ |
144.18 |
(1.55) |
% |
(1.55) |
% | ||||||||||||||
|
Occupancy |
76.19 |
% |
— |
% |
76.19 |
% |
74.00 |
% |
— |
% |
74.00 |
% |
2.96 |
% |
2.96 |
% | ||||||||||||||
|
ADR |
$ |
186.30 |
$ |
— |
$ |
186.30 |
$ |
194.84 |
$ |
— |
$ |
194.84 |
(4.38) |
% |
(4.38) |
% | ||||||||||||||
|
SAN FRANCISCO COURTYARD DOWNTOWN |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
7,720 |
$ |
— |
$ |
7,720 |
$ |
9,101 |
$ |
— |
$ |
9,101 |
(15.17) |
% |
(15.17) |
% | ||||||||||||||
|
Total hotel revenue |
$ |
8,876 |
$ |
— |
$ |
8,876 |
$ |
10,492 |
$ |
— |
$ |
10,492 |
(15.40) |
% |
(15.40) |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
2,783 |
$ |
— |
$ |
2,783 |
$ |
3,467 |
$ |
— |
$ |
3,467 |
(19.73) |
% |
(19.73) |
% | ||||||||||||||
|
Hotel EBITDA margin |
31.35 |
% |
31.35 |
% |
33.04 |
% |
33.04 |
% |
(1.69) |
% |
(1.69) |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
208.40 |
$ |
— |
$ |
208.40 |
$ |
246.94 |
$ |
— |
$ |
246.94 |
(15.61) |
% |
(15.61) |
% | ||||||||||||||
|
Occupancy |
81.72 |
% |
— |
% |
81.72 |
% |
88.44 |
% |
— |
% |
88.44 |
% |
(7.60) |
% |
(7.60) |
% | ||||||||||||||
|
ADR |
$ |
255.03 |
$ |
— |
$ |
255.03 |
$ |
279.22 |
$ |
— |
$ |
279.22 |
(8.66) |
% |
(8.66) |
% | ||||||||||||||
|
SEATTLE COURTYARD DOWNTOWN |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
— |
$ |
— |
$ |
— |
$ |
4,233 |
$ |
(4,233) |
$ |
— |
(100.00) |
% |
— |
% | ||||||||||||||
|
Total hotel revenue |
$ |
— |
$ |
— |
$ |
— |
$ |
4,808 |
$ |
(4,808) |
$ |
— |
(100.00) |
% |
— |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
10 |
$ |
(10) |
$ |
— |
$ |
1,940 |
$ |
(1,940) |
$ |
— |
(99.48) |
% |
— |
% | ||||||||||||||
|
Hotel EBITDA margin |
— |
% |
— |
% |
40.35 |
% |
— |
% |
(40.35) |
% |
— |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
— |
$ |
— |
$ |
— |
$ |
186.07 |
$ |
(186.07) |
$ |
— |
(100.00) |
% |
— |
% | ||||||||||||||
|
Occupancy |
— |
% |
— |
% |
— |
% |
89.45 |
% |
(89.45) |
% |
— |
% |
(100.00) |
% |
— |
% | ||||||||||||||
|
ADR |
$ |
— |
$ |
— |
$ |
— |
$ |
208.01 |
$ |
(208.01) |
$ |
— |
(100.00) |
% |
— |
% | ||||||||||||||
|
SEATTLE MARRIOTT WATERFRONT |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
8,761 |
$ |
— |
$ |
8,761 |
$ |
7,882 |
$ |
— |
$ |
7,882 |
11.15 |
% |
11.15 |
% | ||||||||||||||
|
Total hotel revenue |
$ |
11,668 |
$ |
— |
$ |
11,668 |
$ |
10,500 |
$ |
— |
$ |
10,500 |
11.12 |
% |
11.12 |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
4,922 |
$ |
— |
$ |
4,922 |
$ |
4,510 |
$ |
— |
$ |
4,510 |
9.14 |
% |
9.14 |
% | ||||||||||||||
|
Hotel EBITDA margin |
42.18 |
% |
42.18 |
% |
42.95 |
% |
42.95 |
% |
(0.77) |
% |
(0.77) |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
268.92 |
$ |
— |
$ |
268.92 |
$ |
241.92 |
$ |
— |
$ |
241.92 |
11.16 |
% |
11.16 |
% | ||||||||||||||
|
Occupancy |
92.66 |
% |
— |
% |
92.66 |
% |
87.03 |
% |
— |
% |
87.03 |
% |
6.47 |
% |
6.47 |
% | ||||||||||||||
|
ADR |
$ |
290.22 |
$ |
— |
$ |
290.22 |
$ |
277.98 |
$ |
— |
$ |
277.98 |
4.40 |
% |
4.40 |
% | ||||||||||||||
|
ST. THOMAS RITZ-CARLTON |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
7,329 |
$ |
— |
$ |
7,329 |
$ |
6,612 |
$ |
— |
$ |
6,612 |
10.84 |
% |
10.84 |
% | ||||||||||||||
|
Total hotel revenue |
$ |
14,096 |
$ |
— |
$ |
14,096 |
$ |
13,272 |
$ |
— |
$ |
13,272 |
6.21 |
% |
6.21 |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
3,110 |
$ |
— |
$ |
3,110 |
$ |
2,546 |
$ |
— |
$ |
2,546 |
22.15 |
% |
22.15 |
% | ||||||||||||||
|
Hotel EBITDA margin |
22.06 |
% |
22.06 |
% |
19.18 |
% |
19.18 |
% |
2.88 |
% |
2.88 |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
447.41 |
$ |
— |
$ |
447.41 |
$ |
403.68 |
$ |
— |
$ |
403.68 |
10.83 |
% |
10.83 |
% | ||||||||||||||
|
Occupancy |
81.25 |
% |
— |
% |
81.25 |
% |
85.05 |
% |
— |
% |
85.05 |
% |
(4.47) |
% |
(4.47) |
% | ||||||||||||||
|
ADR |
$ |
550.68 |
$ |
— |
$ |
550.68 |
$ |
474.64 |
$ |
— |
$ |
474.64 |
16.02 |
% |
16.02 |
% | ||||||||||||||
|
TAMPA RENAISSANCE |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
3,961 |
$ |
— |
$ |
3,961 |
$ |
4,139 |
$ |
— |
$ |
4,139 |
(4.30) |
% |
(4.30) |
% | ||||||||||||||
|
Total hotel revenue |
$ |
5,644 |
$ |
— |
$ |
5,644 |
$ |
5,972 |
$ |
— |
$ |
5,972 |
(5.49) |
% |
(5.49) |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
1,712 |
$ |
— |
$ |
1,712 |
$ |
1,434 |
$ |
— |
$ |
1,434 |
19.39 |
% |
19.39 |
% | ||||||||||||||
|
Hotel EBITDA margin |
30.33 |
% |
30.33 |
% |
24.01 |
% |
24.01 |
% |
6.32 |
% |
6.32 |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
148.59 |
$ |
— |
$ |
148.59 |
$ |
155.23 |
$ |
— |
$ |
155.23 |
(4.28) |
% |
(4.28) |
% | ||||||||||||||
|
Occupancy |
82.51 |
% |
— |
% |
82.51 |
% |
81.54 |
% |
— |
% |
81.54 |
% |
1.19 |
% |
1.19 |
% | ||||||||||||||
|
ADR |
$ |
180.08 |
$ |
— |
$ |
180.08 |
$ |
190.37 |
$ |
— |
$ |
190.37 |
(5.41) |
% |
(5.41) |
% | ||||||||||||||
|
PRIME PROPERTIES TOTAL |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
79,449 |
$ |
1,285 |
$ |
80,734 |
$ |
79,583 |
$ |
820 |
$ |
80,403 |
(0.17) |
% |
0.41 |
% | ||||||||||||||
|
Total hotel revenue |
$ |
116,055 |
$ |
1,571 |
$ |
117,626 |
$ |
112,395 |
$ |
4,178 |
$ |
116,573 |
3.26 |
% |
0.90 |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
38,371 |
$ |
562 |
$ |
38,933 |
$ |
38,485 |
$ |
(645) |
$ |
37,840 |
(0.30) |
% |
2.89 |
% | ||||||||||||||
|
Hotel EBITDA margin |
33.06 |
% |
33.10 |
% |
34.24 |
% |
32.46 |
% |
(1.18) |
% |
0.64 |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
221.65 |
$ |
401.52 |
$ |
223.24 |
$ |
221.29 |
$ |
450.53 |
$ |
222.44 |
0.16 |
% |
0.36 |
% | ||||||||||||||
|
Occupancy |
84.07 |
% |
77.72 |
% |
84.01 |
% |
86.47 |
% |
363.30 |
% |
84.21 |
% |
(2.78) |
% |
(0.24) |
% | ||||||||||||||
|
ADR |
$ |
263.65 |
$ |
516.64 |
$ |
265.72 |
$ |
255.90 |
$ |
(124.01) |
$ |
264.16 |
3.03 |
% |
0.59 |
% | ||||||||||||||
|
NOTES: | ||||||||||||||||||||||||||||||
|
(1) |
The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. | |||||||||||||||||||||||||||||
|
(2) |
All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. | |||||||||||||||||||||||||||||
|
Adjustments have been made to the pre-aquisition results as indicated below: | ||||||||||||||||||||||||||||||
|
(a) Management fee expense was adjusted to reflect current contractual rates. | ||||||||||||||||||||||||||||||
|
(3) |
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. | |||||||||||||||||||||||||||||
|
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||
|
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY | ||||||||||||||||||||||||||||||
|
(in thousands, except operating information) | ||||||||||||||||||||||||||||||
|
(unaudited) | ||||||||||||||||||||||||||||||
|
Six Months Ended June 30, | ||||||||||||||||||||||||||||||
|
Actual |
Non-comparableAdjustments |
Comparable |
Actual |
Non-comparableAdjustments |
Comparable |
Actual |
Comparable | |||||||||||||||||||||||
|
2017 |
2017 |
2017 |
2016 |
2016 |
2016 |
% Variance |
% Variance | |||||||||||||||||||||||
|
CAPITAL HILTON WASHINGTON D.C. |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
23,390 |
$ |
— |
$ |
23,390 |
$ |
21,363 |
$ |
— |
$ |
21,363 |
9.49 |
% |
9.49 |
% | ||||||||||||||
|
Total hotel revenue |
$ |
32,832 |
$ |
— |
$ |
32,832 |
$ |
30,796 |
$ |
— |
$ |
30,796 |
6.61 |
% |
6.61 |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
11,253 |
$ |
— |
$ |
11,253 |
$ |
10,098 |
$ |
— |
$ |
10,098 |
11.44 |
% |
11.44 |
% | ||||||||||||||
|
Hotel EBITDA margin |
34.27 |
% |
34.27 |
% |
32.79 |
% |
32.79 |
% |
1.48 |
% |
1.48 |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
234.96 |
$ |
— |
$ |
234.96 |
$ |
213.41 |
$ |
— |
$ |
213.41 |
10.10 |
% |
10.10 |
% | ||||||||||||||
|
Occupancy |
90.59 |
% |
— |
% |
90.59 |
% |
87.71 |
% |
— |
% |
87.71 |
% |
3.28 |
% |
3.28 |
% | ||||||||||||||
|
ADR |
$ |
259.36 |
$ |
— |
$ |
259.36 |
$ |
243.32 |
$ |
— |
$ |
243.32 |
6.59 |
% |
6.59 |
% | ||||||||||||||
|
LA JOLLA HILTON TORREY PINES |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
12,249 |
$ |
— |
$ |
12,249 |
$ |
11,633 |
$ |
— |
$ |
11,633 |
5.30 |
% |
5.30 |
% | ||||||||||||||
|
Total hotel revenue |
$ |
22,806 |
$ |
— |
$ |
22,806 |
$ |
21,249 |
$ |
— |
$ |
21,249 |
7.33 |
% |
7.33 |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
8,205 |
$ |
— |
$ |
8,205 |
$ |
6,607 |
$ |
— |
$ |
6,607 |
24.19 |
% |
24.19 |
% | ||||||||||||||
|
Hotel EBITDA margin |
35.98 |
% |
35.98 |
% |
31.09 |
% |
31.09 |
% |
4.89 |
% |
4.89 |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
171.76 |
$ |
— |
$ |
171.76 |
$ |
162.22 |
$ |
— |
$ |
162.22 |
5.88 |
% |
5.88 |
% | ||||||||||||||
|
Occupancy |
82.33 |
% |
— |
% |
82.33 |
% |
81.07 |
% |
— |
% |
81.07 |
% |
1.55 |
% |
1.55 |
% | ||||||||||||||
|
ADR |
$ |
208.62 |
$ |
— |
$ |
208.62 |
$ |
200.10 |
$ |
— |
$ |
200.10 |
4.26 |
% |
4.26 |
% | ||||||||||||||
|
CHICAGO SOFITEL MAGNIFICENT MILE |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
11,297 |
$ |
— |
$ |
11,297 |
$ |
11,943 |
$ |
— |
$ |
11,943 |
(5.41) |
% |
(5.41) |
% | ||||||||||||||
|
Total hotel revenue |
$ |
15,172 |
$ |
— |
$ |
15,172 |
$ |
16,630 |
$ |
— |
$ |
16,630 |
(8.77) |
% |
(8.77) |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
2,039 |
$ |
— |
$ |
2,039 |
$ |
3,187 |
$ |
— |
$ |
3,187 |
(36.02) |
% |
(36.02) |
% | ||||||||||||||
|
Hotel EBITDA margin |
13.44 |
% |
13.44 |
% |
19.16 |
% |
19.16 |
% |
(5.72) |
% |
(5.72) |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
150.39 |
$ |
— |
$ |
150.39 |
$ |
158.13 |
$ |
— |
$ |
158.13 |
(4.89) |
% |
(4.89) |
% | ||||||||||||||
|
Occupancy |
77.94 |
% |
— |
% |
77.94 |
% |
77.08 |
% |
— |
% |
77.08 |
% |
1.12 |
% |
1.12 |
% | ||||||||||||||
|
ADR |
$ |
192.96 |
$ |
— |
$ |
192.96 |
$ |
205.14 |
$ |
— |
$ |
205.14 |
(5.94) |
% |
(5.94) |
% | ||||||||||||||
|
BARDESSONO HOTEL AND SPA |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
6,286 |
$ |
— |
$ |
6,286 |
$ |
5,994 |
$ |
— |
$ |
5,994 |
4.87 |
% |
4.87 |
% | ||||||||||||||
|
Total hotel revenue |
$ |
8,537 |
$ |
— |
$ |
8,537 |
$ |
8,452 |
$ |
— |
$ |
8,452 |
1.01 |
% |
1.01 |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
1,804 |
$ |
— |
$ |
1,804 |
$ |
1,682 |
$ |
— |
$ |
1,682 |
7.25 |
% |
7.25 |
% | ||||||||||||||
|
Hotel EBITDA margin |
21.13 |
% |
21.13 |
% |
19.90 |
% |
19.90 |
% |
1.23 |
% |
1.23 |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
560.20 |
$ |
— |
$ |
560.20 |
$ |
531.19 |
$ |
— |
$ |
531.19 |
5.46 |
% |
5.46 |
% | ||||||||||||||
|
Occupancy |
78.77 |
% |
— |
% |
78.77 |
% |
81.00 |
% |
— |
% |
81.00 |
% |
(2.75) |
% |
(2.75) |
% | ||||||||||||||
|
ADR |
$ |
711.15 |
$ |
— |
$ |
711.15 |
$ |
655.79 |
$ |
— |
$ |
655.79 |
8.44 |
% |
8.44 |
% | ||||||||||||||
|
KEY WEST PIER HOUSE RESORT |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
10,369 |
$ |
— |
$ |
10,369 |
$ |
10,449 |
$ |
— |
$ |
10,449 |
(0.77) |
% |
(0.77) |
% | ||||||||||||||
|
Total hotel revenue |
$ |
13,138 |
$ |
— |
$ |
13,138 |
$ |
12,868 |
$ |
— |
$ |
12,868 |
2.10 |
% |
2.10 |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
6,377 |
$ |
— |
$ |
6,377 |
$ |
6,084 |
$ |
— |
$ |
6,084 |
4.82 |
% |
4.82 |
% | ||||||||||||||
|
Hotel EBITDA margin |
48.54 |
% |
48.54 |
% |
47.28 |
% |
47.28 |
% |
1.26 |
% |
1.26 |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
403.42 |
$ |
— |
$ |
403.42 |
$ |
404.32 |
$ |
— |
$ |
404.32 |
(0.22) |
% |
(0.22) |
% | ||||||||||||||
|
Occupancy |
87.11 |
% |
— |
% |
87.11 |
% |
90.17 |
% |
— |
% |
90.17 |
% |
(3.39) |
% |
(3.39) |
% | ||||||||||||||
|
ADR |
$ |
463.09 |
$ |
— |
$ |
463.09 |
$ |
448.39 |
$ |
— |
$ |
448.39 |
3.28 |
% |
3.28 |
% | ||||||||||||||
|
HOTEL YOUNTVILLE |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
1,982 |
$ |
3,473 |
$ |
5,455 |
$ |
— |
$ |
5,953 |
$ |
5,953 |
— |
% |
(8.37) |
% | ||||||||||||||
|
Total hotel revenue |
$ |
2,355 |
$ |
4,276 |
$ |
6,631 |
$ |
— |
$ |
7,302 |
$ |
7,302 |
— |
% |
(9.19) |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
983 |
$ |
1,233 |
$ |
2,216 |
$ |
— |
$ |
2,647 |
$ |
2,647 |
— |
% |
(16.28) |
% | ||||||||||||||
|
Hotel EBITDA margin |
41.74 |
% |
33.42 |
% |
— |
% |
36.25 |
% |
41.74 |
% |
(2.83) |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
485.76 |
$ |
333.88 |
$ |
376.67 |
$ |
— |
$ |
408.89 |
$ |
408.89 |
— |
% |
(7.88) |
% | ||||||||||||||
|
Occupancy |
77.33 |
% |
75.52 |
% |
76.03 |
% |
— |
% |
85.63 |
% |
85.63 |
% |
— |
% |
(11.21) |
% | ||||||||||||||
|
ADR |
$ |
628.17 |
$ |
442.11 |
$ |
495.43 |
$ |
— |
$ |
477.53 |
$ |
477.53 |
— |
% |
3.75 |
% | ||||||||||||||
|
PARK HYATT BEAVER CREEK |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
1,717 |
$ |
10,034 |
$ |
11,751 |
$ |
— |
$ |
11,326 |
$ |
11,326 |
— |
% |
3.75 |
% | ||||||||||||||
|
Total hotel revenue |
$ |
4,946 |
$ |
18,810 |
$ |
23,756 |
$ |
— |
$ |
22,608 |
$ |
22,608 |
— |
% |
5.08 |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
(447) |
$ |
7,068 |
$ |
6,621 |
$ |
— |
$ |
6,153 |
$ |
6,153 |
— |
% |
7.61 |
% | ||||||||||||||
|
Hotel EBITDA margin |
(9.04) |
% |
27.87 |
% |
— |
% |
27.22 |
% |
(9.04) |
% |
0.65 |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
99.29 |
$ |
586.82 |
$ |
341.71 |
$ |
— |
$ |
327.53 |
$ |
327.53 |
— |
% |
4.33 |
% | ||||||||||||||
|
Occupancy |
43.91 |
% |
83.74 |
% |
63.72 |
% |
— |
% |
61.48 |
% |
61.48 |
% |
— |
% |
3.64 |
% | ||||||||||||||
|
ADR |
$ |
226.13 |
$ |
700.74 |
$ |
536.30 |
$ |
— |
$ |
532.76 |
$ |
532.76 |
— |
% |
0.66 |
% | ||||||||||||||
|
PHILADELPHIA COURTYARD DOWNTOWN |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
12,741 |
$ |
— |
$ |
12,741 |
$ |
12,801 |
$ |
— |
$ |
12,801 |
(0.47) |
% |
(0.47) |
% | ||||||||||||||
|
Total hotel revenue |
$ |
15,547 |
$ |
— |
$ |
15,547 |
$ |
15,519 |
$ |
— |
$ |
15,519 |
0.18 |
% |
0.18 |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
5,777 |
$ |
— |
$ |
5,777 |
$ |
5,682 |
$ |
— |
$ |
5,682 |
1.67 |
% |
1.67 |
% | ||||||||||||||
|
Hotel EBITDA margin |
37.16 |
% |
37.16 |
% |
36.61 |
% |
36.61 |
% |
0.55 |
% |
0.55 |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
141.07 |
$ |
— |
$ |
141.07 |
$ |
140.95 |
$ |
— |
$ |
140.95 |
0.09 |
% |
0.09 |
% | ||||||||||||||
|
Occupancy |
81.23 |
% |
— |
% |
81.23 |
% |
81.43 |
% |
— |
% |
81.43 |
% |
(0.25) |
% |
(0.25) |
% | ||||||||||||||
|
ADR |
$ |
173.67 |
$ |
— |
$ |
173.67 |
$ |
173.11 |
$ |
— |
$ |
173.11 |
0.32 |
% |
0.32 |
% | ||||||||||||||
|
PLANO MARRIOTT LEGACY TOWN CENTER |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
10,324 |
$ |
— |
$ |
10,324 |
$ |
10,518 |
$ |
— |
$ |
10,518 |
(1.84) |
% |
(1.84) |
% | ||||||||||||||
|
Total hotel revenue |
$ |
17,437 |
$ |
— |
$ |
17,437 |
$ |
17,033 |
$ |
— |
$ |
17,033 |
2.37 |
% |
2.37 |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
6,092 |
$ |
— |
$ |
6,092 |
$ |
6,050 |
$ |
— |
$ |
6,050 |
0.69 |
% |
0.69 |
% | ||||||||||||||
|
Hotel EBITDA margin |
34.94 |
% |
34.94 |
% |
35.52 |
% |
35.52 |
% |
(0.58) |
% |
(0.58) |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
141.19 |
$ |
— |
$ |
141.19 |
$ |
143.05 |
$ |
— |
$ |
143.05 |
(1.30) |
% |
(1.30) |
% | ||||||||||||||
|
Occupancy |
74.00 |
% |
— |
% |
74.00 |
% |
71.48 |
% |
— |
% |
71.48 |
% |
3.53 |
% |
3.53 |
% | ||||||||||||||
|
ADR |
$ |
190.81 |
$ |
— |
$ |
190.81 |
$ |
200.12 |
$ |
— |
$ |
200.12 |
(4.65) |
% |
(4.65) |
% | ||||||||||||||
|
SAN FRANCISCO COURTYARD DOWNTOWN |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
16,062 |
$ |
— |
$ |
16,062 |
$ |
18,500 |
$ |
— |
$ |
18,500 |
(13.18) |
% |
(13.18) |
% | ||||||||||||||
|
Total hotel revenue |
$ |
18,497 |
$ |
— |
$ |
18,497 |
$ |
21,269 |
$ |
— |
$ |
21,269 |
(13.03) |
% |
(13.03) |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
6,021 |
$ |
— |
$ |
6,021 |
$ |
6,996 |
$ |
— |
$ |
6,996 |
(13.94) |
% |
(13.94) |
% | ||||||||||||||
|
Hotel EBITDA margin |
32.55 |
% |
32.55 |
% |
32.89 |
% |
32.89 |
% |
(0.34) |
% |
(0.34) |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
218.55 |
$ |
— |
$ |
218.55 |
$ |
250.98 |
$ |
— |
$ |
250.98 |
(12.92) |
% |
(12.92) |
% | ||||||||||||||
|
Occupancy |
80.52 |
% |
— |
% |
80.52 |
% |
88.08 |
% |
— |
% |
88.08 |
% |
(8.58) |
% |
(8.58) |
% | ||||||||||||||
|
ADR |
$ |
271.44 |
$ |
— |
$ |
271.44 |
$ |
284.93 |
$ |
— |
$ |
284.93 |
(4.73) |
% |
(4.73) |
% | ||||||||||||||
|
SEATTLE COURTYARD DOWNTOWN |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
— |
$ |
— |
$ |
— |
$ |
6,969 |
$ |
(6,969) |
$ |
— |
(100.00) |
% |
— |
% | ||||||||||||||
|
Total hotel revenue |
$ |
— |
$ |
— |
$ |
— |
$ |
7,995 |
$ |
(7,995) |
$ |
— |
(100.00) |
% |
— |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
10 |
$ |
(10) |
$ |
— |
$ |
3,168 |
$ |
(3,168) |
$ |
— |
(99.68) |
% |
— |
% | ||||||||||||||
|
Hotel EBITDA margin |
— |
% |
— |
% |
39.62 |
% |
— |
% |
(39.62) |
% |
— |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
— |
$ |
— |
$ |
— |
$ |
153.16 |
$ |
(153.16) |
$ |
— |
(100.00) |
% |
— |
% | ||||||||||||||
|
Occupancy |
— |
% |
— |
% |
— |
% |
83.73 |
% |
(83.73) |
% |
— |
% |
(100.00) |
% |
— |
% | ||||||||||||||
|
ADR |
$ |
— |
$ |
— |
$ |
— |
$ |
182.92 |
$ |
(182.92) |
$ |
— |
(100.00) |
% |
— |
% | ||||||||||||||
|
SEATTLE MARRIOTT WATERFRONT |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
14,174 |
$ |
— |
$ |
14,174 |
$ |
12,868 |
$ |
— |
$ |
12,868 |
10.15 |
% |
10.15 |
% | ||||||||||||||
|
Total hotel revenue |
$ |
19,166 |
$ |
— |
$ |
19,166 |
$ |
17,365 |
$ |
— |
$ |
17,365 |
10.37 |
% |
10.37 |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
7,489 |
$ |
— |
$ |
7,489 |
$ |
6,681 |
$ |
— |
$ |
6,681 |
12.09 |
% |
12.09 |
% | ||||||||||||||
|
Hotel EBITDA margin |
39.07 |
% |
39.07 |
% |
38.47 |
% |
38.47 |
% |
0.60 |
% |
0.60 |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
218.74 |
$ |
— |
$ |
218.74 |
$ |
197.50 |
$ |
— |
$ |
197.50 |
10.75 |
% |
10.75 |
% | ||||||||||||||
|
Occupancy |
86.98 |
% |
— |
% |
86.98 |
% |
80.30 |
% |
— |
% |
80.30 |
% |
8.32 |
% |
8.32 |
% | ||||||||||||||
|
ADR |
$ |
251.48 |
$ |
— |
$ |
251.48 |
$ |
245.97 |
$ |
— |
$ |
245.97 |
2.24 |
% |
2.24 |
% | ||||||||||||||
|
ST. THOMAS RITZ-CARLTON |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
17,072 |
$ |
— |
$ |
17,072 |
$ |
16,449 |
$ |
— |
$ |
16,449 |
3.79 |
% |
3.79 |
% | ||||||||||||||
|
Total hotel revenue |
$ |
29,771 |
$ |
— |
$ |
29,771 |
$ |
29,590 |
$ |
— |
$ |
29,590 |
0.61 |
% |
0.61 |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
7,519 |
$ |
— |
$ |
7,519 |
$ |
7,517 |
$ |
— |
$ |
7,517 |
0.03 |
% |
0.03 |
% | ||||||||||||||
|
Hotel EBITDA margin |
25.26 |
% |
25.26 |
% |
25.40 |
% |
25.40 |
% |
(0.14) |
% |
(0.14) |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
523.99 |
$ |
— |
$ |
523.99 |
$ |
502.10 |
$ |
— |
$ |
502.10 |
4.36 |
% |
4.36 |
% | ||||||||||||||
|
Occupancy |
79.97 |
% |
— |
% |
79.97 |
% |
82.26 |
% |
— |
% |
82.26 |
% |
(2.78) |
% |
(2.78) |
% | ||||||||||||||
|
ADR |
$ |
655.24 |
$ |
— |
$ |
655.24 |
$ |
610.37 |
$ |
— |
$ |
610.37 |
7.35 |
% |
7.35 |
% | ||||||||||||||
|
TAMPA RENAISSANCE |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
9,204 |
$ |
— |
$ |
9,204 |
$ |
9,347 |
$ |
— |
$ |
9,347 |
(1.53) |
% |
(1.53) |
% | ||||||||||||||
|
Total hotel revenue |
$ |
13,107 |
$ |
— |
$ |
13,107 |
$ |
13,393 |
$ |
— |
$ |
13,393 |
(2.14) |
% |
(2.14) |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
3,980 |
$ |
— |
$ |
3,980 |
$ |
4,190 |
$ |
— |
$ |
4,190 |
(5.01) |
% |
(5.01) |
% | ||||||||||||||
|
Hotel EBITDA margin |
30.37 |
% |
30.37 |
% |
31.28 |
% |
31.28 |
% |
(0.91) |
% |
(0.91) |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
173.56 |
$ |
— |
$ |
173.56 |
$ |
175.28 |
$ |
— |
$ |
175.28 |
(0.98) |
% |
(0.98) |
% | ||||||||||||||
|
Occupancy |
83.29 |
% |
— |
% |
83.29 |
% |
84.87 |
% |
— |
% |
84.87 |
% |
(1.86) |
% |
(1.86) |
% | ||||||||||||||
|
ADR |
$ |
208.37 |
$ |
— |
$ |
208.37 |
$ |
206.53 |
$ |
— |
$ |
206.53 |
0.89 |
% |
0.89 |
% | ||||||||||||||
|
PRIME PROPERTIES TOTAL |
||||||||||||||||||||||||||||||
|
Selected Financial Information: |
||||||||||||||||||||||||||||||
|
Rooms revenue |
$ |
146,867 |
$ |
13,507 |
$ |
160,374 |
$ |
148,834 |
$ |
10,310 |
$ |
159,144 |
(1.32) |
% |
0.77 |
% | ||||||||||||||
|
Total hotel revenue |
$ |
213,311 |
$ |
23,086 |
$ |
236,397 |
$ |
212,159 |
$ |
21,915 |
$ |
234,074 |
0.54 |
% |
0.99 |
% | ||||||||||||||
|
Hotel EBITDA |
$ |
67,102 |
$ |
8,291 |
$ |
75,393 |
$ |
67,942 |
$ |
5,632 |
$ |
73,574 |
(1.24) |
% |
2.47 |
% | ||||||||||||||
|
Hotel EBITDA margin |
31.46 |
% |
31.89 |
% |
32.02 |
% |
31.43 |
% |
(0.56) |
% |
0.46 |
% | ||||||||||||||||||
|
Selected Operating Information: |
||||||||||||||||||||||||||||||
|
RevPAR |
$ |
212.35 |
$ |
491.16 |
$ |
223.01 |
$ |
206.93 |
$ |
2,832.54 |
$ |
220.15 |
2.62 |
% |
1.30 |
% | ||||||||||||||
|
Occupancy |
81.35 |
% |
80.63 |
% |
81.33 |
% |
82.12 |
% |
120.11 |
% |
81.10 |
% |
(0.94) |
% |
0.28 |
% | ||||||||||||||
|
ADR |
$ |
261.03 |
$ |
609.13 |
$ |
274.22 |
$ |
251.98 |
$ |
(2,358.29) |
$ |
271.45 |
3.59 |
% |
1.02 |
% | ||||||||||||||
|
NOTES: | ||||||||||||||||||||||||||||||
|
(1) |
The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. | |||||||||||||||||||||||||||||
|
(2) |
All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. | |||||||||||||||||||||||||||||
|
Adjustments have been made to the pre-aquisition results as indicated below: | ||||||||||||||||||||||||||||||
|
(a) Management fee expense was adjusted to reflect current contractual rates. | ||||||||||||||||||||||||||||||
|
(3) |
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. | |||||||||||||||||||||||||||||
|
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES | ||||||||||||
|
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY | ||||||||||||
|
(in thousands, except operating information) | ||||||||||||
|
(unaudited) | ||||||||||||
|
TTM Ended June 30, | ||||||||||||
|
Actual |
Non-comparableAdjustments |
Comparable | ||||||||||
|
2017 |
2017 |
2017 | ||||||||||
|
CAPITAL HILTON WASHINGTON D.C. |
||||||||||||
|
Selected Financial Information: |
||||||||||||
|
Rooms revenue |
$ |
43,165 |
$ |
— |
$ |
43,165 |
||||||
|
Total hotel revenue |
$ |
60,648 |
$ |
— |
$ |
60,648 |
||||||
|
Hotel EBITDA |
$ |
18,577 |
$ |
— |
$ |
18,577 |
||||||
|
Hotel EBITDA margin |
30.63 |
% |
30.63 |
% | ||||||||
|
Selected Operating Information: |
||||||||||||
|
RevPAR |
$ |
215.02 |
$ |
— |
$ |
215.02 |
||||||
|
Occupancy |
90.02 |
% |
— |
% |
90.02 |
% | ||||||
|
ADR |
$ |
238.86 |
$ |
— |
$ |
238.86 |
||||||
|
LA JOLLA HILTON TORREY PINES |
||||||||||||
|
Selected Financial Information: |
||||||||||||
|
Rooms revenue |
$ |
24,181 |
$ |
— |
$ |
24,181 |
||||||
|
Total hotel revenue |
$ |
43,615 |
$ |
— |
$ |
43,615 |
||||||
|
Hotel EBITDA |
$ |
14,520 |
$ |
— |
$ |
14,520 |
||||||
|
Hotel EBITDA margin |
33.29 |
% |
33.29 |
% | ||||||||
|
Selected Operating Information: |
||||||||||||
|
RevPAR |
$ |
168.14 |
$ |
— |
$ |
168.14 |
||||||
|
Occupancy |
84.47 |
% |
— |
% |
84.47 |
% | ||||||
|
ADR |
$ |
199.07 |
$ |
— |
$ |
199.07 |
||||||
|
CHICAGO SOFITEL MAGNIFICENT MILE |
||||||||||||
|
Selected Financial Information: |
||||||||||||
|
Rooms revenue |
$ |
26,379 |
$ |
— |
$ |
26,379 |
||||||
|
Total hotel revenue |
$ |
35,421 |
$ |
— |
$ |
35,421 |
||||||
|
Hotel EBITDA |
$ |
7,252 |
$ |
— |
$ |
7,252 |
||||||
|
Hotel EBITDA margin |
20.47 |
% |
20.47 |
% | ||||||||
|
Selected Operating Information: |
||||||||||||
|
RevPAR |
$ |
174.15 |
$ |
— |
$ |
174.15 |
||||||
|
Occupancy |
82.86 |
% |
— |
% |
82.86 |
% | ||||||
|
ADR |
$ |
210.18 |
$ |
— |
$ |
210.18 |
||||||
|
BARDESSONO HOTEL AND SPA |
||||||||||||
|
Selected Financial Information: |
||||||||||||
|
Rooms revenue |
$ |
14,339 |
$ |
— |
$ |
14,339 |
||||||
|
Total hotel revenue |
$ |
19,019 |
$ |
— |
$ |
19,019 |
||||||
|
Hotel EBITDA |
$ |
5,151 |
$ |
— |
$ |
5,151 |
||||||
|
Hotel EBITDA margin |
27.08 |
% |
27.08 |
% | ||||||||
|
Selected Operating Information: |
||||||||||||
|
RevPAR |
$ |
633.64 |
$ |
— |
$ |
633.64 |
||||||
|
Occupancy |
83.28 |
% |
— |
% |
83.28 |
% | ||||||
|
ADR |
$ |
760.87 |
$ |
— |
$ |
760.87 |
||||||
|
KEY WEST PIER HOUSE RESORT |
||||||||||||
|
Selected Financial Information: |
||||||||||||
|
Rooms revenue |
$ |
18,686 |
$ |
— |
$ |
18,686 |
||||||
|
Total hotel revenue |
$ |
23,705 |
$ |
— |
$ |
23,705 |
||||||
|
Hotel EBITDA |
$ |
10,522 |
$ |
— |
$ |
10,522 |
||||||
|
Hotel EBITDA margin |
44.39 |
% |
44.39 |
% | ||||||||
|
Selected Operating Information: |
||||||||||||
|
RevPAR |
$ |
360.51 |
$ |
— |
$ |
360.51 |
||||||
|
Occupancy |
86.38 |
% |
— |
% |
86.38 |
% | ||||||
|
ADR |
$ |
417.38 |
$ |
— |
$ |
417.38 |
||||||
|
HOTEL YOUNTVILLE |
||||||||||||
|
Selected Financial Information: |
||||||||||||
|
Rooms revenue |
$ |
1,982 |
$ |
11,218 |
$ |
13,200 |
||||||
|
Total hotel revenue |
$ |
2,355 |
$ |
13,385 |
$ |
15,740 |
||||||
|
Hotel EBITDA |
$ |
984 |
$ |
5,546 |
$ |
6,530 |
||||||
|
Hotel EBITDA margin |
41.78 |
% |
41.49 |
% | ||||||||
|
Selected Operating Information: |
||||||||||||
|
RevPAR |
$ |
485.76 |
$ |
446.52 |
$ |
452.01 |
||||||
|
Occupancy |
77.33 |
% |
82.37 |
% |
81.67 |
% | ||||||
|
ADR |
$ |
628.17 |
$ |
542.08 |
$ |
553.47 |
||||||
|
PARK HYATT BEAVER CREEK |
||||||||||||
|
Selected Financial Information: |
||||||||||||
|
Rooms revenue |
$ |
1,717 |
$ |
17,485 |
$ |
19,202 |
||||||
|
Total hotel revenue |
$ |
4,946 |
$ |
36,351 |
$ |
41,297 |
||||||
|
Hotel EBITDA |
$ |
(447) |
$ |
10,645 |
$ |
10,198 |
||||||
|
Hotel EBITDA margin |
(9.04) |
% |
24.69 |
% | ||||||||
|
Selected Operating Information: |
||||||||||||
|
RevPAR |
$ |
99.29 |
$ |
335.88 |
$ |
276.89 |
||||||
|
Occupancy |
43.91 |
% |
69.52 |
% |
63.14 |
% | ||||||
|
ADR |
$ |
226.13 |
$ |
483.11 |
$ |
438.55 |
||||||
|
PHILADELPHIA COURTYARD DOWNTOWN |
||||||||||||
|
Selected Financial Information: |
||||||||||||
|
Rooms revenue |
$ |
27,200 |
$ |
— |
$ |
27,200 |
||||||
|
Total hotel revenue |
$ |
32,671 |
$ |
— |
$ |
32,671 |
||||||
|
Hotel EBITDA |
$ |
12,651 |
$ |
— |
$ |
12,651 |
||||||
|
Hotel EBITDA margin |
38.72 |
% |
38.72 |
% | ||||||||
|
Selected Operating Information: |
||||||||||||
|
RevPAR |
$ |
149.34 |
$ |
— |
$ |
149.34 |
||||||
|
Occupancy |
81.71 |
% |
— |
% |
81.71 |
% | ||||||
|
ADR |
$ |
182.78 |
$ |
— |
$ |
182.78 |
||||||
|
PLANO MARRIOTT LEGACY TOWN CENTER |
||||||||||||
|
Selected Financial Information: |
||||||||||||
|
Rooms revenue |
$ |
19,705 |
$ |
— |
$ |
19,705 |
||||||
|
Total hotel revenue |
$ |
32,407 |
$ |
— |
$ |
32,407 |
||||||
|
Hotel EBITDA |
$ |
11,063 |
$ |
— |
$ |
11,063 |
||||||
|
Hotel EBITDA margin |
34.14 |
% |
34.14 |
% | ||||||||
|
Selected Operating Information: |
||||||||||||
|
RevPAR |
$ |
133.63 |
$ |
— |
$ |
133.63 |
||||||
|
Occupancy |
71.81 |
% |
— |
% |
71.81 |
% | ||||||
|
ADR |
$ |
186.08 |
$ |
— |
$ |
186.08 |
||||||
|
SAN FRANCISCO COURTYARD DOWNTOWN |
||||||||||||
|
Selected Financial Information: |
||||||||||||
|
Rooms revenue |
$ |
33,811 |
$ |
— |
$ |
33,811 |
||||||
|
Total hotel revenue |
$ |
38,591 |
$ |
— |
$ |
38,591 |
||||||
|
Hotel EBITDA |
$ |
11,815 |
$ |
— |
$ |
11,815 |
||||||
|
Hotel EBITDA margin |
30.62 |
% |
30.62 |
% | ||||||||
|
Selected Operating Information: |
||||||||||||
|
RevPAR |
$ |
228.43 |
$ |
— |
$ |
228.43 |
||||||
|
Occupancy |
85.80 |
% |
— |
% |
85.80 |
% | ||||||
|
ADR |
$ |
266.24 |
$ |
— |
$ |
266.24 |
||||||
|
SEATTLE COURTYARD DOWNTOWN |
||||||||||||
|
Selected Financial Information: |
||||||||||||
|
Rooms revenue |
$ |
— |
$ |
— |
$ |
— |
||||||
|
Total hotel revenue |
$ |
— |
$ |
— |
$ |
— |
||||||
|
Hotel EBITDA |
$ |
6 |
$ |
(6) |
$ |
— |
||||||
|
Hotel EBITDA margin |
— |
% |
— |
% | ||||||||
|
Selected Operating Information: |
||||||||||||
|
RevPAR |
$ |
— |
$ |
— |
$ |
— |
||||||
|
Occupancy |
— |
% |
— |
% |
— |
% | ||||||
|
ADR |
$ |
— |
$ |
— |
$ |
— |
||||||
|
SEATTLE MARRIOTT WATERFRONT |
||||||||||||
|
Selected Financial Information: |
||||||||||||
|
Rooms revenue |
$ |
30,053 |
$ |
— |
$ |
30,053 |
||||||
|
Total hotel revenue |
$ |
39,450 |
$ |
— |
$ |
39,450 |
||||||
|
Hotel EBITDA |
$ |
15,923 |
$ |
— |
$ |
15,923 |
||||||
|
Hotel EBITDA margin |
40.36 |
% |
40.36 |
% | ||||||||
|
Selected Operating Information: |
||||||||||||
|
RevPAR |
$ |
229.99 |
$ |
— |
$ |
229.99 |
||||||
|
Occupancy |
86.40 |
% |
— |
% |
86.40 |
% | ||||||
|
ADR |
$ |
266.21 |
$ |
— |
$ |
266.21 |
||||||
|
ST. THOMAS RITZ-CARLTON |
||||||||||||
|
Selected Financial Information: |
||||||||||||
|
Rooms revenue |
$ |
28,418 |
$ |
— |
$ |
28,418 |
||||||
|
Total hotel revenue |
$ |
50,458 |
$ |
— |
$ |
50,458 |
||||||
|
Hotel EBITDA |
$ |
8,814 |
$ |
— |
$ |
8,814 |
||||||
|
Hotel EBITDA margin |
17.47 |
% |
17.47 |
% | ||||||||
|
Selected Operating Information: |
||||||||||||
|
RevPAR |
$ |
432.54 |
$ |
— |
$ |
432.54 |
||||||
|
Occupancy |
77.31 |
% |
— |
% |
77.31 |
% | ||||||
|
ADR |
$ |
559.48 |
$ |
— |
$ |
559.48 |
||||||
|
TAMPA RENAISSANCE |
||||||||||||
|
Selected Financial Information: |
||||||||||||
|
Rooms revenue |
$ |
16,241 |
$ |
— |
$ |
16,241 |
||||||
|
Total hotel revenue |
$ |
23,595 |
$ |
— |
$ |
23,595 |
||||||
|
Hotel EBITDA |
$ |
6,568 |
$ |
— |
$ |
6,568 |
||||||
|
Hotel EBITDA margin |
27.84 |
% |
27.84 |
% | ||||||||
|
Selected Operating Information: |
||||||||||||
|
RevPAR |
$ |
151.88 |
$ |
— |
$ |
151.88 |
||||||
|
Occupancy |
80.43 |
% |
— |
% |
80.43 |
% | ||||||
|
ADR |
$ |
188.84 |
$ |
— |
$ |
188.84 |
||||||
|
PRIME PROPERTIES TOTAL |
||||||||||||
|
Selected Financial Information: |
||||||||||||
|
Rooms revenue |
$ |
285,877 |
$ |
28,703 |
$ |
314,580 |
||||||
|
Total hotel revenue |
$ |
406,881 |
$ |
49,736 |
$ |
456,617 |
||||||
|
Hotel EBITDA |
$ |
123,399 |
$ |
16,185 |
$ |
139,584 |
||||||
|
Hotel EBITDA margin |
30.33 |
% |
30.57 |
% | ||||||||
|
Selected Operating Information: |
||||||||||||
|
RevPAR |
$ |
208.25 |
$ |
371.89 |
$ |
216.96 |
||||||
|
Occupancy |
82.57 |
% |
73.71 |
% |
82.09 |
% | ||||||
|
ADR |
$ |
252.22 |
$ |
504.56 |
$ |
264.28 |
||||||
|
NOTES: | ||||||||||||
|
(1) |
The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. | |||||||||||
|
(2) |
All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. | |||||||||||
|
Adjustments have been made to the pre-aquisition results as indicated below: | ||||||||||||
|
(a) Management fee expense was adjusted to reflect current contractual rates. | ||||||||||||
|
(3) |
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. | |||||||||||
|
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||
|
HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS | |||||||||||||||||||||||||||||||||||||||||||||||
|
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
|
(unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
|
Actual |
Non-comparableAdjustments |
Comparable |
Actual |
Non-comparableAdjustments |
Comparable |
Actual |
Non-comparableAdjustments |
Comparable |
Actual |
Non-comparableAdjustments |
Comparable | ||||||||||||||||||||||||||||||||||||
|
2017 |
2017 |
2017 |
2017 |
2017 |
2017 |
2016 |
2016 |
2016 |
2016 |
2016 |
2016 | ||||||||||||||||||||||||||||||||||||
|
2nd Quarter |
2nd Quarter |
2nd Quarter |
1st Quarter |
1st Quarter |
1st Quarter |
4th Quarter |
4th Quarter |
4th Quarter |
3rd Quarter |
3rd Quarter |
3rd Quarter | ||||||||||||||||||||||||||||||||||||
|
Total Hotel Revenue |
$ |
116,055 |
$ |
1,571 |
$ |
117,626 |
$ |
97,256 |
$ |
21,515 |
$ |
118,771 |
$ |
93,952 |
$ |
12,797 |
$ |
106,749 |
$ |
99,618 |
$ |
13,853 |
$ |
113,471 |
|||||||||||||||||||||||
|
Hotel EBITDA |
$ |
38,371 |
$ |
562 |
$ |
38,933 |
$ |
28,731 |
$ |
7,729 |
$ |
36,460 |
$ |
26,326 |
$ |
3,333 |
$ |
29,659 |
$ |
29,971 |
$ |
4,561 |
$ |
34,532 |
|||||||||||||||||||||||
|
Hotel EBITDA Margin |
33.06 |
% |
33.10 |
% |
29.54 |
% |
30.70 |
% |
28.02 |
% |
27.78 |
% |
30.09 |
% |
30.43 |
% | |||||||||||||||||||||||||||||||
|
EBITDA % of Total TTM |
31.1 |
% |
28.0 |
% |
23.3 |
% |
26.1 |
% |
21.3 |
% |
21.2 |
% |
24.3 |
% |
24.7 |
% | |||||||||||||||||||||||||||||||
|
JV Interests in EBITDA |
$ |
2,642 |
$ |
— |
$ |
2,642 |
$ |
2,223 |
$ |
— |
$ |
2,223 |
$ |
1,722 |
$ |
— |
$ |
1,722 |
$ |
1,688 |
$ |
— |
$ |
1,688 |
|||||||||||||||||||||||
|
Actual |
Non-comparableAdjustments |
Comparable |
|||||||||||||||||||||||||||||||||||||||||||||
|
2017 |
2017 |
2017 |
|||||||||||||||||||||||||||||||||||||||||||||
|
TTM |
TTM |
TTM |
|||||||||||||||||||||||||||||||||||||||||||||
|
Total Hotel Revenue |
$ |
406,881 |
$ |
49,736 |
$ |
456,617 |
|||||||||||||||||||||||||||||||||||||||||
|
Hotel EBITDA |
$ |
123,399 |
$ |
16,185 |
$ |
139,584 |
|||||||||||||||||||||||||||||||||||||||||
|
Hotel EBITDA Margin |
30.33 |
% |
30.57 |
% |
|||||||||||||||||||||||||||||||||||||||||||
|
EBITDA % of Total TTM |
100.0 |
% |
100.0 |
% |
|||||||||||||||||||||||||||||||||||||||||||
|
JV Interests in EBITDA |
$ |
8,275 |
$ |
— |
$ |
8,275 |
|||||||||||||||||||||||||||||||||||||||||
|
NOTES: | |
|
(1) |
The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. |
|
(2) |
All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. |
|
Adjustments have been made to the pre-aquisition results as indicated below: | |
|
(a) Management fee expense was adjusted to reflect current contractual rates. | |
|
(3) |
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
|
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES | |||
|
TOTAL ENTERPRISE VALUE | |||
|
JUNE 30, 2017 | |||
|
(in thousands, except share price) | |||
|
(unaudited) | |||
|
June 30, 2017 | |||
|
End of quarter common shares outstanding |
31,953 |
||
|
Partnership units outstanding (common stock equivalents) |
5,367 |
||
|
Combined common shares and partnership units outstanding |
37,320 |
||
|
Common stock price at quarter end |
$ |
10.29 |
|
|
Market capitalization at quarter end |
$ |
384,023 |
|
|
Series B convertible preferred stock |
$ |
124,146 |
|
|
Debt on balance sheet date |
$ |
915,006 |
|
|
Joint venture partner's share of consolidated debt |
$ |
(47,852) |
|
|
Net working capital (see below) |
$ |
(133,617) |
|
|
Total enterprise value (TEV) |
$ |
1,241,706 |
|
|
Ashford Inc. Investment: |
|||
|
Common stock owned at end of quarter |
195 |
||
|
Common stock price at quarter end |
$ |
50.98 |
|
|
Market value of Ashford Inc. investment |
$ |
9,935 |
|
|
Cash and cash equivalents |
$ |
123,668 |
|
|
Restricted cash |
$ |
32,783 |
|
|
Accounts receivable, net |
$ |
17,176 |
|
|
Prepaid expenses |
$ |
5,482 |
|
|
Due from affiliates, net |
$ |
(3,569) |
|
|
Due from third-party hotel managers, net |
$ |
5,860 |
|
|
Market value of Ashford Inc. investment |
$ |
9,935 |
|
|
Total current assets |
$ |
191,335 |
|
|
Accounts payable and accrued expenses |
$ |
49,362 |
|
|
Dividends and distributions payable |
$ |
8,356 |
|
|
Total current liabilities |
$ |
57,718 |
|
|
Net working capital* |
$ |
133,617 |
|
|
* Includes the Company's pro rata share of net working capital in joint ventures. | |||
|
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES | ||||||
|
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a) | ||||||
|
2017 | ||||||
|
Rooms |
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter | ||
|
Actual |
Actual |
Estimated |
Estimated | |||
|
Philadelphia Courtyard Downtown |
499 |
x |
||||
|
San Francisco Courtyard Downtown |
405 |
x |
x |
x |
x | |
|
Capital Hilton Washington D.C. |
550 |
x | ||||
|
Plano Marriott Legacy Town Center |
404 |
x |
x |
x | ||
|
Key West Pier House Resort |
142 |
x |
x | |||
|
Chicago Sofitel Magnificent Mile |
415 |
x |
x | |||
|
(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2017 are included in this table. | ||||||
|
Exhibit 1 | |||||||||||||||||||
|
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES | |||||||||||||||||||
|
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA | |||||||||||||||||||
|
(in thousands) | |||||||||||||||||||
|
(unaudited) | |||||||||||||||||||
|
2017 |
2017 |
2016 |
2016 |
June 30, 2017 | |||||||||||||||
|
2nd Quarter |
1st Quarter |
4th Quarter |
3rd Quarter |
TTM | |||||||||||||||
|
Net income (loss) |
$ |
21,607 |
$ |
14,951 |
$ |
12,615 |
$ |
42,999 |
$ |
92,172 |
|||||||||
|
(Income) loss from consolidated entities attributable to noncontrolling interest |
(1,825) |
(1,444) |
(971) |
(965) |
(5,205) |
||||||||||||||
|
Net income (loss) attributable to the Company |
19,782 |
13,507 |
11,644 |
42,034 |
86,967 |
||||||||||||||
|
Non-property adjustments |
— |
— |
1 |
(26,358) |
(26,357) |
||||||||||||||
|
Interest income |
(10) |
(10) |
(10) |
(9) |
(39) |
||||||||||||||
|
Interest expense |
2,204 |
1,280 |
1,672 |
1,655 |
6,811 |
||||||||||||||
|
Amortization of loan costs |
271 |
130 |
135 |
133 |
669 |
||||||||||||||
|
Depreciation and amortization |
13,468 |
11,851 |
11,555 |
11,175 |
48,049 |
||||||||||||||
|
Income tax expense (benefit) |
366 |
133 |
(21) |
53 |
531 |
||||||||||||||
|
Non-hotel EBITDA ownership expense |
465 |
396 |
379 |
323 |
1,563 |
||||||||||||||
|
Income (loss) from consolidated entities attributable to noncontrolling interest |
1,825 |
1,444 |
971 |
965 |
5,205 |
||||||||||||||
|
Hotel EBITDA including amounts attributable to noncontrolling interest |
38,371 |
28,731 |
26,326 |
29,971 |
123,399 |
||||||||||||||
|
Non-comparable adjustments |
562 |
7,729 |
3,333 |
4,561 |
16,185 |
||||||||||||||
|
Comparable hotel EBITDA |
$ |
38,933 |
$ |
36,460 |
$ |
29,659 |
$ |
34,532 |
$ |
139,584 |
|||||||||
|
Exhibit 1 | |||||||||||||||||||||||||||||||||
|
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
|
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA | |||||||||||||||||||||||||||||||||
|
(in thousands) | |||||||||||||||||||||||||||||||||
|
(unaudited) | |||||||||||||||||||||||||||||||||
|
Three Months Ended June 30, 2017 | |||||||||||||||||||||||||||||||||
|
Capital Hilton Washington D.C. |
La Jolla Hilton Torrey Pines |
Chicago Sofitel Magnificent Mile |
Bardessono Hotel & Spa |
Key West Pier House Resort |
Hotel Yountville |
Park Hyatt Beaver Creek |
Philadelphia Courtyard Downtown |
Plano Marriott Legacy Town Center |
San Francisco Courtyard Downtown |
Seattle Courtyard Downtown |
Seattle Marriott Waterfront |
St. Thomas Ritz-Carlton |
Tampa Renaissance |
Hotel Total |
Corporate / Allocated |
Ashford Hospitality Prime, Inc. | |||||||||||||||||
|
Net income (loss) |
$ 4,433 |
$ 2,643 |
$ 1,416 |
$ 785 |
$ 1,995 |
$ 297 |
$ (2,032) |
$ 2,548 |
$ 1,792 |
$ 1,605 |
$ 10 |
$ 3,895 |
$ 1,435 |
$ 785 |
$ 21,607 |
$ (21,221) |
$ 386 | ||||||||||||||||
|
(Income) loss from consolidated entities attributable to noncontrolling interest |
(1,141) |
(684) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(1,825) |
211 |
(1,614) | ||||||||||||||||
|
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
344 |
344 | ||||||||||||||||
|
Net income (loss) attributable to the Company |
3,292 |
1,959 |
1,416 |
785 |
1,995 |
297 |
(2,032) |
2,548 |
1,792 |
1,605 |
10 |
3,895 |
1,435 |
785 |
19,782 |
(20,666) |
(884) | ||||||||||||||||
|
Non-property adjustments |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— | ||||||||||||||||
|
Interest income |
(4) |
(1) |
— |
— |
— |
— |
— |
— |
— |
(1) |
— |
(3) |
(1) |
— |
(10) |
(155) |
(165) | ||||||||||||||||
|
Interest expense |
— |
— |
669 |
— |
— |
258 |
644 |
— |
— |
— |
— |
— |
633 |
— |
2,204 |
6,378 |
8,582 | ||||||||||||||||
|
Amortization of loan cost |
— |
— |
— |
— |
— |
11 |
128 |
— |
— |
— |
— |
— |
132 |
— |
271 |
1,078 |
1,349 | ||||||||||||||||
|
Depreciation and amortization |
1,582 |
1,509 |
1,123 |
627 |
713 |
365 |
812 |
1,519 |
1,241 |
1,141 |
— |
1,013 |
885 |
938 |
13,468 |
1 |
13,469 | ||||||||||||||||
|
Income tax expense (benefit) |
184 |
154 |
— |
— |
— |
— |
— |
5 |
— |
— |
— |
— |
23 |
— |
366 |
113 |
479 | ||||||||||||||||
|
Non-hotel EBITDA ownership expense |
53 |
13 |
7 |
159 |
7 |
53 |
1 |
122 |
3 |
38 |
— |
17 |
3 |
(11) |
465 |
(465) |
— | ||||||||||||||||
|
Income (loss) from consolidated entities attributable to noncontrolling interest |
1,141 |
684 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
1,825 |
(1,825) |
— | ||||||||||||||||
|
Hotel EBITDA including amounts attributable to noncontrolling interest |
6,248 |
4,318 |
3,215 |
1,571 |
2,715 |
984 |
(447) |
4,194 |
3,036 |
2,783 |
10 |
4,922 |
3,110 |
1,712 |
38,371 |
(15,541) |
22,830 | ||||||||||||||||
|
Less: EBITDA adjustments attributable to noncontrolling interest |
(421) |
(396) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(817) |
(451) |
(1,268) | ||||||||||||||||
|
(Income) loss from consolidated entities attributable to noncontrolling interest |
(1,141) |
(684) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(1,825) |
1,825 |
— | ||||||||||||||||
|
Net income (loss) attributable to redeemablenoncontrolling interests in operating partnership |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(344) |
(344) | ||||||||||||||||
|
Hotel EBITDA attributable to the Company and OP unitholders |
$ 4,686 |
$ 3,238 |
$ 3,215 |
$ 1,571 |
$ 2,715 |
$ 984 |
$ (447) |
$ 4,194 |
$ 3,036 |
$ 2,783 |
$ 10 |
$ 4,922 |
$ 3,110 |
$ 1,712 |
$ 35,729 |
$ (14,511) |
$ 21,218 | ||||||||||||||||
|
Non-comparable adjustments |
— |
— |
— |
— |
— |
572 |
— |
— |
— |
(10) |
— |
— |
— |
562 |
|||||||||||||||||||
|
Comparable hotel EBITDA |
$ 6,248 |
$ 4,318 |
$ 3,215 |
$ 1,571 |
$ 2,715 |
$ 1,556 |
$ (447) |
$ 4,194 |
$ 3,036 |
$ 2,783 |
$ — |
$ 4,922 |
$ 3,110 |
$ 1,712 |
$ 38,933 |
||||||||||||||||||
|
ALL HOTELS NOT UNDER RENOVATION: |
|||||||||||||||||||||||||||||||||
|
Hotel EBITDA including amounts attributable to noncontrolling interest |
$ 6,248 |
$ 4,318 |
$ 3,215 |
$ 1,571 |
$ 2,715 |
$ 984 |
$ (447) |
$ 4,194 |
$ — |
$ — |
$ 10 |
$ 4,922 |
$ 3,110 |
$ 1,712 |
$ 32,552 |
||||||||||||||||||
|
Non-comparable adjustments |
— |
— |
— |
— |
— |
572 |
— |
— |
— |
— |
(10) |
— |
— |
— |
562 |
||||||||||||||||||
|
Comparable hotel EBITDA |
$ 6,248 |
$ 4,318 |
$ 3,215 |
$ 1,571 |
$ 2,715 |
$ 1,556 |
$ (447) |
$ 4,194 |
$ — |
$ — |
$ — |
$ 4,922 |
$ 3,110 |
$ 1,712 |
$ 33,114 |
||||||||||||||||||
|
HOTEL EBITDA BY LOAN POOL |
|||||||||||||||||||||||||||||||||
|
(in thousands) |
|||||||||||||||||||||||||||||||||
|
(unaudited) |
|||||||||||||||||||||||||||||||||
|
GACC Sofitel - 1 hotel |
$ — |
$ — |
$ 3,215 |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ 3,215 |
||||||||||||||||||
|
Credit Agricole Pier House - 1 hotel |
— |
— |
— |
— |
2,715 |
— |
— |
— |
— |
— |
— |
— |
— |
2,715 |
|||||||||||||||||||
|
Column Financial Bardessono - 1 hotel |
— |
— |
— |
1,571 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
1,571 |
||||||||||||||||||
|
BAML Hotel Yountville - 1 hotel |
1,556 |
1,556 |
|||||||||||||||||||||||||||||||
|
Apollo Ritz-Carlton St Thomas - 1 hotel |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
3,110 |
— |
3,110 |
||||||||||||||||||
|
Aareal - 2 hotels |
6,248 |
4,318 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
10,566 |
||||||||||||||||||
|
Morgan Stanley Pool -5 hotels |
— |
— |
— |
— |
— |
— |
— |
4,194 |
3,036 |
2,783 |
— |
4,922 |
— |
1,712 |
16,647 |
||||||||||||||||||
|
JP Morgan Park Hyatt Beaver Creek -1 hotel |
— |
— |
— |
— |
— |
— |
(447) |
— |
— |
— |
— |
— |
— |
— |
(447) |
||||||||||||||||||
|
Total |
$ 6,248 |
$ 4,318 |
$ 3,215 |
$ 1,571 |
$ 2,715 |
$ 1,556 |
$ (447) |
$ 4,194 |
$ 3,036 |
$ 2,783 |
— |
$ 4,922 |
$ 3,110 |
$ 1,712 |
$ 38,933 |
||||||||||||||||||
|
NOTES: | |||||||||||||||||||||||||||||||||
|
(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. | |||||||||||||||||||||||||||||||||
|
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. | |||||||||||||||||||||||||||||||||
|
Adjustments have been made to the pre-aquisition results as indicated below: | |||||||||||||||||||||||||||||||||
|
(a) Management fee expense was adjusted to reflect current contractual rates. | |||||||||||||||||||||||||||||||||
|
(3) Excluded Hotels Under Renovation: | |||||||||||||||||||||||||||||||||
|
Plano Marriott Legacy Town Center, San Francisco Courtyard Downtown | |||||||||||||||||||||||||||||||||
|
Exhibit 1 | |||||||||||||||||||||||||||||||||
|
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
|
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA | |||||||||||||||||||||||||||||||||
|
(in thousands) | |||||||||||||||||||||||||||||||||
|
(unaudited) | |||||||||||||||||||||||||||||||||
|
Three Months Ended March 31, 2017 | |||||||||||||||||||||||||||||||||
|
Capital Hilton Washington D.C. |
La Jolla Hilton Torrey Pines |
Chicago Sofitel Magnificent Mile |
Bardessono Hotel & Spa |
Key West Pier House Resort |
Hotel Yountville |
Park Hyatt Beaver Creek |
Philadelphia Courtyard Downtown |
Plano Marriott Legacy Town Center |
San Francisco Courtyard Downtown |
Seattle Courtyard Downtown |
Seattle Marriott Waterfront |
St. Thomas Ritz-Carlton |
Tampa Renaissance |
Hotel Total |
Corporate / Allocated |
Ashford Hospitality Prime, Inc. | |||||||||||||||||
|
Net income (loss) |
$ 3,286 |
$ 2,265 |
$ (2,768) |
$ (547) |
$ 2,963 |
$ — |
$ (7) |
$ 10 |
$ 1,867 |
$ 2,217 |
$ — |
$ 1,570 |
$ 2,749 |
$ 1,346 |
$ 14,951 |
$ (15,240) |
$ (289) | ||||||||||||||||
|
(Income) loss from consolidated entities attributable to noncontrolling interest |
(854) |
(590) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(1,444) |
1,465 |
21 | ||||||||||||||||
|
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
255 |
255 | ||||||||||||||||
|
Net income (loss) attributable to the Company |
2,432 |
1,675 |
(2,768) |
(547) |
2,963 |
— |
(7) |
10 |
1,867 |
2,217 |
— |
1,570 |
2,749 |
1,346 |
13,507 |
(13,520) |
(13) | ||||||||||||||||
|
Non-property adjustments |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— | ||||||||||||||||
|
Interest income |
(2) |
(1) |
— |
— |
— |
— |
— |
— |
— |
(3) |
— |
(3) |
(1) |
— |
(10) |
(102) |
(112) | ||||||||||||||||
|
Interest expense |
— |
— |
617 |
— |
— |
— |
7 |
54 |
— |
— |
— |
— |
602 |
— |
1,280 |
5,873 |
7,153 | ||||||||||||||||
|
Amortization of loan cost |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
130 |
— |
130 |
919 |
1,049 | ||||||||||||||||
|
Depreciation and amortization |
1,588 |
1,518 |
972 |
618 |
689 |
— |
— |
1,507 |
1,188 |
989 |
— |
994 |
855 |
933 |
11,851 |
120 |
11,971 | ||||||||||||||||
|
Income tax expense (benefit) |
— |
94 |
(1) |
— |
— |
— |
— |
2 |
(1) |
— |
— |
— |
39 |
— |
133 |
(611) |
(478) | ||||||||||||||||
|
Non-hotel EBITDA ownership expense |
133 |
11 |
4 |
162 |
10 |
— |
— |
10 |
2 |
35 |
— |
6 |
34 |
(11) |
396 |
(396) |
— | ||||||||||||||||
|
Income (loss) from consolidated entities attributable to noncontrolling interest |
854 |
590 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
1,444 |
(1,444) |
— | ||||||||||||||||
|
Hotel EBITDA including amounts attributable to noncontrolling interest |
5,005 |
3,887 |
(1,176) |
233 |
3,662 |
— |
— |
1,583 |
3,056 |
3,238 |
— |
2,567 |
4,408 |
2,268 |
28,731 |
(9,161) |
19,570 | ||||||||||||||||
|
Less: EBITDA adjustments attributable to noncontrolling interest |
(397) |
(382) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(779) |
(402) |
(1,181) | ||||||||||||||||
|
(Income) loss from consolidated entities attributable to noncontrolling interest |
(854) |
(590) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(1,444) |
1,444 |
— | ||||||||||||||||
|
Net income (loss) attributable to redeemablenoncontrolling interests in operating partnership |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(255) |
(255) | ||||||||||||||||
|
Hotel EBITDA attributable to the Company and OP unitholders |
$ 3,754 |
$ 2,915 |
$ (1,176) |
$ 233 |
$ 3,662 |
$ — |
$ — |
$ 1,583 |
$ 3,056 |
$ 3,238 |
$ — |
$ 2,567 |
$ 4,408 |
$ 2,268 |
$ 26,508 |
$ (8,374) |
$ 18,134 | ||||||||||||||||
|
Non-comparable adjustments |
— |
— |
— |
— |
— |
661 |
7,068 |
— |
— |
— |
— |
— |
— |
— |
7,729 |
||||||||||||||||||
|
Comparable hotel EBITDA |
$ 5,005 |
$ 3,887 |
$ (1,176) |
$ 233 |
$ 3,662 |
$ 661 |
$ 7,068 |
$ 1,583 |
$ 3,056 |
$ 3,238 |
$ — |
$ 2,567 |
$ 4,408 |
$ 2,268 |
$ 36,460 |
||||||||||||||||||
|
HOTEL EBITDA BY LOAN POOL |
|||||||||||||||||||||||||||||||||
|
(in thousands) |
|||||||||||||||||||||||||||||||||
|
(unaudited) |
|||||||||||||||||||||||||||||||||
|
GACC Sofitel - 1 hotel |
$ — |
$ — |
$ (1,176) |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ (1,176) |
||||||||||||||||||
|
Credit Agricole Pier House - 1 hotel |
— |
— |
— |
— |
3,662 |
— |
— |
— |
— |
— |
— |
— |
— |
3,662 |
|||||||||||||||||||
|
Column Financial Bardessono - 1 hotel |
— |
— |
— |
233 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
233 |
||||||||||||||||||
|
BAML Hotel Yountville - 1 hotel |
661 |
661 |
|||||||||||||||||||||||||||||||
|
Apollo Ritz-Carlton St Thomas - 1 hotel |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
4,408 |
— |
4,408 |
||||||||||||||||||
|
Aareal - 2 hotels |
5,005 |
3,887 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
8,892 |
||||||||||||||||||
|
Morgan Stanley Pool -5 hotels |
— |
— |
— |
— |
— |
— |
— |
1,583 |
3,056 |
3,238 |
— |
2,567 |
— |
2,268 |
12,712 |
||||||||||||||||||
|
JP Morgan Park Hyatt Beaver Creek -1 hotel |
— |
— |
— |
— |
— |
— |
7,068 |
— |
— |
— |
— |
— |
— |
— |
7,068 |
||||||||||||||||||
|
Total |
$ 5,005 |
$ 3,887 |
$ (1,176) |
$ 233 |
$ 3,662 |
$ 661 |
$ 7,068 |
$ 1,583 |
$ 3,056 |
$ 3,238 |
$ — |
$ 2,567 |
$ 4,408 |
$ 2,268 |
$ 36,460 |
||||||||||||||||||
|
NOTES: | |||||||||||||||||||||||||||||||||
|
(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. | |||||||||||||||||||||||||||||||||
|
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. Adjustments have been made to the pre-aquisition results as indicated below: | |||||||||||||||||||||||||||||||||
|
(a) Management fee expense was adjusted to reflect current contractual rates. | |||||||||||||||||||||||||||||||||
|
Exhibit 1 | |||||||||||||||||||||||||||||||||
|
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
|
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA | |||||||||||||||||||||||||||||||||
|
(in thousands) | |||||||||||||||||||||||||||||||||
|
(unaudited) | |||||||||||||||||||||||||||||||||
|
Three Months Ended December 31, 2016 | |||||||||||||||||||||||||||||||||
|
Capital Hilton Washington D.C. |
La Jolla Hilton Torrey Pines |
Chicago Sofitel Magnificent Mile |
Bardessono Hotel & Spa |
Key West Pier House Resort |
Hotel Yountville |
Park Hyatt Beaver Creek |
Philadelphia Courtyard Downtown |
Plano Marriott Legacy Town Center |
San Francisco Courtyard Downtown |
Seattle Courtyard Downtown |
Seattle Marriott Waterfront |
St. Thomas Ritz-Carlton |
Tampa Renaissance |
Hotel Total |
Corporate / Allocated |
Ashford Hospitality Prime, Inc. | |||||||||||||||||
|
Net income (loss) |
$ 2,448 |
$ 1,204 |
$ 586 |
$ 663 |
$ 1,781 |
$ — |
$ — |
$ 818 |
$ 1,533 |
$ 1,160 |
$ — |
$ 2,078 |
$ (353) |
$ 697 |
$ 12,615 |
$ (11,770) |
$ 845 | ||||||||||||||||
|
(Income) loss from consolidated entities attributable to noncontrolling interest |
(645) |
(326) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(971) |
435 |
(536) | ||||||||||||||||
|
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
95 |
95 | ||||||||||||||||
|
Net income (loss) attributable to the Company |
1,803 |
878 |
586 |
663 |
1,781 |
— |
— |
818 |
1,533 |
1,160 |
— |
2,078 |
(353) |
697 |
11,644 |
(11,240) |
404 | ||||||||||||||||
|
Non-property adjustments |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
1 |
— |
1 |
(1) |
— | ||||||||||||||||
|
Interest income |
— |
— |
— |
— |
— |
— |
— |
(1) |
(1) |
(4) |
— |
(3) |
(1) |
— |
(10) |
(25) |
(35) | ||||||||||||||||
|
Interest expense |
— |
— |
586 |
— |
— |
— |
— |
496 |
— |
— |
— |
— |
590 |
— |
1,672 |
7,380 |
9,052 | ||||||||||||||||
|
Amortization of loan cost |
— |
— |
— |
— |
— |
— |
— |
8 |
— |
— |
— |
— |
127 |
— |
135 |
628 |
763 | ||||||||||||||||
|
Depreciation and amortization |
1,582 |
1,512 |
951 |
610 |
687 |
— |
— |
1,470 |
1,174 |
825 |
— |
964 |
831 |
949 |
11,555 |
— |
11,555 | ||||||||||||||||
|
Income tax expense (benefit) |
29 |
(32) |
— |
— |
— |
— |
— |
(2) |
— |
— |
— |
— |
(16) |
— |
(21) |
573 |
552 | ||||||||||||||||
|
Non-hotel EBITDA ownership expense |
37 |
106 |
64 |
158 |
1 |
— |
— |
5 |
(8) |
6 |
— |
9 |
10 |
(9) |
379 |
(379) |
— | ||||||||||||||||
|
Income (loss) from consolidated entities attributable to noncontrolling interest |
645 |
326 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
971 |
(971) |
— | ||||||||||||||||
|
Hotel EBITDA including amounts attributable to noncontrolling interest |
4,096 |
2,790 |
2,187 |
1,431 |
2,469 |
— |
— |
2,794 |
2,698 |
1,987 |
— |
3,048 |
1,189 |
1,637 |
26,326 |
(4,035) |
22,291 | ||||||||||||||||
|
Less: EBITDA adjustments attributable to noncontrolling interest |
(379) |
(372) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(751) |
(388) |
(1,139) | ||||||||||||||||
|
(Income) loss from consolidated entities attributable to noncontrolling interest |
(645) |
(326) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(971) |
971 |
— | ||||||||||||||||
|
Net income (loss) attributable to redeemablenoncontrolling interests in operating partnership |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(95) |
(95) | ||||||||||||||||
|
Hotel EBITDA attributable to the Company and OP unitholders |
$ 3,072 |
$ 2,092 |
$ 2,187 |
$ 1,431 |
$ 2,469 |
$ — |
$ — |
$ 2,794 |
$ 2,698 |
$ 1,987 |
$ — |
$ 3,048 |
$ 1,189 |
$ 1,637 |
$ 24,604 |
$ (3,547) |
$ 21,057 | ||||||||||||||||
|
Non-comparable adjustments |
— |
— |
— |
— |
— |
1,567 |
1,766 |
— |
— |
— |
— |
— |
— |
— |
3,333 |
||||||||||||||||||
|
Comparable hotel EBITDA |
$ 4,096 |
$ 2,790 |
$ 2,187 |
$ 1,431 |
$ 2,469 |
$ 1,567 |
$ 1,766 |
$ 2,794 |
$ 2,698 |
$ 1,987 |
$ — |
$ 3,048 |
$ 1,189 |
$ 1,637 |
$ 29,659 |
||||||||||||||||||
|
HOTEL EBITDA BY LOAN POOL |
|||||||||||||||||||||||||||||||||
|
(in thousands) |
|||||||||||||||||||||||||||||||||
|
(unaudited) |
|||||||||||||||||||||||||||||||||
|
GACC Sofitel - 1 hotel |
$ — |
$ — |
$ 2,187 |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ 2,187 |
||||||||||||||||||
|
Credit Agricole Pier House - 1 hotel |
— |
— |
— |
— |
2,469 |
— |
— |
— |
— |
— |
— |
— |
— |
2,469 |
|||||||||||||||||||
|
Column Financial Bardessono - 1 hotel |
— |
— |
— |
1,431 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
1,431 |
||||||||||||||||||
|
BAML Hotel Yountville - 1 hotel |
1,567 |
1,567 |
|||||||||||||||||||||||||||||||
|
Apollo Ritz-Carlton St Thomas - 1 hotel |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
1,189 |
— |
1,189 |
||||||||||||||||||
|
Aareal - 2 hotels |
4,096 |
2,790 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
6,886 |
||||||||||||||||||
|
Morgan Stanley Pool -5 hotels |
— |
— |
— |
— |
— |
— |
— |
2,794 |
2,698 |
1,987 |
— |
3,048 |
— |
1,637 |
12,164 |
||||||||||||||||||
|
JP Morgan Park Hyatt Beaver Creek -1 hotel |
— |
— |
— |
— |
— |
— |
1,766 |
— |
— |
— |
— |
— |
— |
— |
1,766 |
||||||||||||||||||
|
Total |
$ 4,096 |
$ 2,790 |
$ 2,187 |
$ 1,431 |
$ 2,469 |
$ 1,567 |
$ 1,766 |
$ 2,794 |
$ 2,698 |
$ 1,987 |
$ — |
$ 3,048 |
$ 1,189 |
$ 1,637 |
$ 29,659 |
||||||||||||||||||
|
NOTES: | |||||||||||||||||||||||||||||||||
|
(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. | |||||||||||||||||||||||||||||||||
|
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. | |||||||||||||||||||||||||||||||||
|
Adjustments have been made to the pre-aquisition results as indicated below: | |||||||||||||||||||||||||||||||||
|
(a) Management fee expense was adjusted to reflect current contractual rates. | |||||||||||||||||||||||||||||||||
|
Exhibit 1 | |||||||||||||||||||||||||||||||||
|
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
|
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA | |||||||||||||||||||||||||||||||||
|
(in thousands) | |||||||||||||||||||||||||||||||||
|
(unaudited) | |||||||||||||||||||||||||||||||||
|
Three Months Ended September 30, 2016 | |||||||||||||||||||||||||||||||||
|
Capital Hilton Washington D.C. |
La Jolla Hilton Torrey Pines |
Chicago Sofitel Magnificent Mile |
Bardessono Hotel & Spa |
Key West Pier House Resort |
Hotel Yountville |
Park Hyatt Beaver Creek |
Philadelphia Courtyard Downtown |
Plano Marriott Legacy Town Center |
San Francisco Courtyard Downtown |
Seattle Courtyard Downtown |
Seattle Marriott Waterfront |
St. Thomas Ritz-Carlton |
Tampa Renaissance |
Hotel Total |
Corporate / Allocated |
Ashford Hospitality Prime, Inc. | |||||||||||||||||
|
Net income (loss) |
$ 1,697 |
$ 1,937 |
$ 1,515 |
$ 1,137 |
$ 987 |
$ — |
$ — |
$ 2,090 |
$ 1,211 |
$ 3,114 |
$ 26,356 |
$ 4,426 |
$ (1,488) |
$ 17 |
$ 42,999 |
$ (21,677) |
$ 21,322 | ||||||||||||||||
|
(Income) loss from consolidated entities attributable to noncontrolling interest |
(457) |
(508) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(965) |
(1,539) |
(2,504) | ||||||||||||||||
|
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(1,960) |
(1,960) | ||||||||||||||||
|
Net income (loss) attributable to the Company |
1,240 |
1,429 |
1,515 |
1,137 |
987 |
— |
— |
2,090 |
1,211 |
3,114 |
26,356 |
4,426 |
(1,488) |
17 |
42,034 |
(25,176) |
16,858 | ||||||||||||||||
|
Non-property adjustments |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(26,359) |
— |
1 |
— |
(26,358) |
26,358 |
— | ||||||||||||||||
|
Interest income |
— |
— |
— |
— |
— |
— |
— |
(1) |
(1) |
(4) |
— |
(2) |
(1) |
— |
(9) |
(41) |
(50) | ||||||||||||||||
|
Interest expense |
— |
— |
572 |
— |
— |
— |
— |
499 |
— |
— |
— |
— |
584 |
— |
1,655 |
7,373 |
9,028 | ||||||||||||||||
|
Amortization of loan cost |
— |
— |
— |
— |
— |
— |
— |
8 |
— |
— |
— |
— |
125 |
— |
133 |
634 |
767 | ||||||||||||||||
|
Depreciation and amortization |
1,586 |
1,504 |
931 |
605 |
678 |
— |
— |
1,467 |
1,055 |
673 |
— |
952 |
778 |
946 |
11,175 |
— |
11,175 | ||||||||||||||||
|
Income tax expense (benefit) |
— |
71 |
— |
— |
— |
— |
— |
13 |
— |
— |
— |
— |
(31) |
— |
53 |
(557) |
(504) | ||||||||||||||||
|
Non-hotel EBITDA ownership expense |
(55) |
13 |
8 |
174 |
11 |
— |
— |
5 |
8 |
24 |
(1) |
10 |
139 |
(13) |
323 |
(323) |
— | ||||||||||||||||
|
Income (loss) from consolidated entities attributable to noncontrolling interest |
457 |
508 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
965 |
(965) |
— | ||||||||||||||||
|
Hotel EBITDA including amounts attributable to noncontrolling interest |
3,228 |
3,525 |
3,026 |
1,916 |
1,676 |
— |
— |
4,081 |
2,273 |
3,807 |
(4) |
5,386 |
107 |
950 |
29,971 |
7,303 |
37,274 | ||||||||||||||||
|
Less: EBITDA adjustments attributable to noncontrolling interest |
(372) |
(352) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(724) |
(407) |
(1,131) | ||||||||||||||||
|
(Income) loss from consolidated entities attributable to noncontrolling interest |
(457) |
(508) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(965) |
965 |
— | ||||||||||||||||
|
Net income (loss) attributable to redeemablenoncontrolling interests in operating partnership |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
1,960 |
1,960 | ||||||||||||||||
|
Hotel EBITDA attributable to the Company and OP unitholders |
$ 2,399 |
$ 2,665 |
$ 3,026 |
$ 1,916 |
$ 1,676 |
$ — |
$ — |
$ 4,081 |
$ 2,273 |
$ 3,807 |
$ (4) |
$ 5,386 |
$ 107 |
$ 950 |
$ 28,282 |
$ 9,821 |
$ 38,103 | ||||||||||||||||
|
Non-comparable adjustments |
— |
— |
— |
— |
2,746 |
1,811 |
— |
— |
— |
4 |
— |
— |
— |
4,561 |
|||||||||||||||||||
|
Comparable hotel EBITDA |
$ 3,228 |
$ 3,525 |
$ 3,026 |
$ 1,916 |
$ 1,676 |
$ 2,746 |
$ 1,811 |
$ 4,081 |
$ 2,273 |
$ 3,807 |
$ — |
$ 5,386 |
$ 107 |
$ 950 |
$ 34,532 |
||||||||||||||||||
|
HOTEL EBITDA BY LOAN POOL |
|||||||||||||||||||||||||||||||||
|
(in thousands) |
|||||||||||||||||||||||||||||||||
|
(unaudited) |
|||||||||||||||||||||||||||||||||
|
GACC Sofitel - 1 hotel |
$ — |
$ — |
$ 3,026 |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ 3,026 |
||||||||||||||||||
|
Credit Agricole Pier House - 1 hotel |
— |
— |
— |
— |
1,676 |
— |
— |
— |
— |
— |
— |
— |
— |
1,676 |
|||||||||||||||||||
|
Column Financial Bardessono - 1 hotel |
— |
— |
— |
1,916 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
1,916 |
||||||||||||||||||
|
BAML Hotel Yountville - 1 hotel |
2,746 |
2,746 |
|||||||||||||||||||||||||||||||
|
Apollo Ritz-Carlton St Thomas - 1 hotel |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
107 |
— |
107 |
||||||||||||||||||
|
Aareal - 2 hotels |
3,228 |
3,525 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
6,753 |
||||||||||||||||||
|
Morgan Stanley Pool -5 hotels |
— |
— |
— |
— |
— |
— |
— |
4,081 |
2,273 |
3,807 |
— |
5,386 |
— |
950 |
16,497 |
||||||||||||||||||
|
JP Morgan Park Hyatt Beaver Creek -1 hotel |
— |
— |
— |
— |
— |
— |
1,811 |
— |
— |
— |
— |
— |
— |
— |
1,811 |
||||||||||||||||||
|
Total |
$ 3,228 |
$ 3,525 |
$ 3,026 |
$ 1,916 |
$ 1,676 |
$ 2,746 |
$ 1,811 |
$ 4,081 |
$ 2,273 |
$ 3,807 |
$ — |
$ 5,386 |
$ 107 |
$ 950 |
$ 34,532 |
||||||||||||||||||
|
NOTES: | |||||||||||||||||||||||||||||||||
|
(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. | |||||||||||||||||||||||||||||||||
|
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. | |||||||||||||||||||||||||||||||||
|
Adjustments have been made to the pre-aquisition results as indicated below: |
|||||||||||||||||||||||||||||||||
|
(a) Management fee expense was adjusted to reflect current contractual rates. |
|||||||||||||||||||||||||||||||||
|
Exhibit 1 | |||||||||||||||||||||||||||||||||
|
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
|
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA | |||||||||||||||||||||||||||||||||
|
(in thousands) | |||||||||||||||||||||||||||||||||
|
(unaudited) | |||||||||||||||||||||||||||||||||
|
Three Months Ended June 30, 2016 | |||||||||||||||||||||||||||||||||
|
Capital Hilton Washington D.C. |
La Jolla Hilton Torrey Pines |
Chicago Sofitel Magnificent Mile |
Bardessono Hotel & Spa |
Key West Pier House Resort |
Hotel Yountville |
Park Hyatt Beaver Creek |
Philadelphia Courtyard Downtown |
Plano Marriott Legacy Town Center |
San Francisco Courtyard Downtown |
Seattle Courtyard Downtown |
Seattle Marriott Waterfront |
St. Thomas Ritz-Carlton |
Tampa Renaissance |
Hotel Total |
Corporate / Allocated |
Ashford Hospitality Prime, Inc. | |||||||||||||||||
|
Net income (loss) |
$ 4,822 |
$ 1,755 |
$ 2,435 |
$ 760 |
$ 1,738 |
$ — |
$ — |
$ 1,784 |
$ 2,017 |
$ 2,871 |
$ 1,642 |
$ 3,565 |
$ 1,094 |
$ 521 |
$ 25,004 |
$ (22,712) |
$ 2,292 | ||||||||||||||||
|
(Income) loss from consolidated entities attributable to noncontrolling interest |
(1,238) |
(462) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(1,700) |
1,780 |
80 | ||||||||||||||||
|
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(184) |
(184) | ||||||||||||||||
|
Net income (loss) attributable to the Company |
3,584 |
1,293 |
2,435 |
760 |
1,738 |
— |
— |
1,784 |
2,017 |
2,871 |
1,642 |
3,565 |
1,094 |
521 |
23,304 |
(21,116) |
2,188 | ||||||||||||||||
|
Non-property adjustments |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
9 |
— |
9 |
(9) |
— | ||||||||||||||||
|
Interest income |
— |
— |
— |
— |
— |
— |
— |
(1) |
(1) |
(4) |
— |
(2) |
— |
— |
(8) |
(42) |
(50) | ||||||||||||||||
|
Interest expense |
— |
— |
554 |
— |
— |
— |
— |
496 |
— |
— |
— |
— |
573 |
— |
1,623 |
8,256 |
9,879 | ||||||||||||||||
|
Amortization of loan cost |
— |
— |
— |
— |
— |
— |
— |
8 |
— |
— |
— |
— |
122 |
— |
130 |
628 |
758 | ||||||||||||||||
|
Depreciation and amortization |
1,558 |
1,494 |
916 |
597 |
676 |
— |
— |
1,458 |
1,051 |
595 |
295 |
939 |
758 |
926 |
11,263 |
— |
11,263 | ||||||||||||||||
|
Income tax expense (benefit) |
— |
(85) |
— |
— |
— |
— |
— |
5 |
— |
— |
— |
— |
(12) |
— |
(92) |
1,248 |
1,156 | ||||||||||||||||
|
Non-hotel EBITDA ownership expense |
103 |
18 |
5 |
182 |
2 |
— |
— |
235 |
6 |
5 |
3 |
8 |
2 |
(13) |
556 |
(556) |
— | ||||||||||||||||
|
Income (loss) from consolidated entities attributable to noncontrolling interest |
1,238 |
462 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
1,700 |
(1,700) |
— | ||||||||||||||||
|
Hotel EBITDA including amounts attributable to noncontrolling interest |
6,483 |
3,182 |
3,910 |
1,539 |
2,416 |
— |
— |
3,985 |
3,073 |
3,467 |
1,940 |
4,510 |
2,546 |
1,434 |
38,485 |
(13,291) |
25,194 | ||||||||||||||||
|
Less: EBITDA adjustments attributable to noncontrolling interest |
(366) |
(350) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(716) |
(397) |
(1,113) | ||||||||||||||||
|
(Income) loss from consolidated entities attributable to noncontrolling interest |
(1,238) |
(462) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(1,700) |
1,700 |
— | ||||||||||||||||
|
Net income (loss) attributable to redeemablenoncontrolling interests in operating partnership |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
184 |
184 | ||||||||||||||||
|
Hotel EBITDA attributable to the Company and OP unitholders |
$ 4,879 |
$ 2,370 |
$ 3,910 |
$ 1,539 |
$ 2,416 |
$ — |
$ — |
$ 3,985 |
$ 3,073 |
$ 3,467 |
$ 1,940 |
$ 4,510 |
$ 2,546 |
$ 1,434 |
$ 36,069 |
$ (11,804) |
$ 24,265 | ||||||||||||||||
|
Non-comparable adjustments |
— |
— |
— |
— |
1,990 |
(695) |
— |
— |
— |
(1,940) |
— |
— |
— |
(645) |
|||||||||||||||||||
|
Comparable hotel EBITDA |
$ 6,483 |
$ 3,182 |
$ 3,910 |
$ 1,539 |
$ 2,416 |
$ 1,990 |
$ (695) |
$ 3,985 |
$ 3,073 |
$ 3,467 |
$ — |
$ 4,510 |
$ 2,546 |
$ 1,434 |
$ 37,840 |
||||||||||||||||||
|
ALL HOTELS NOT UNDER RENOVATION: |
|||||||||||||||||||||||||||||||||
|
Hotel EBITDA including amounts attributable to noncontrolling interest |
$ 6,483 |
$ 3,182 |
$ 3,910 |
$ 1,539 |
$ 2,416 |
$ — |
$ — |
$ 3,985 |
$ — |
$ — |
$ 1,940 |
$ 4,510 |
$ 2,546 |
$ 1,434 |
$ 31,945 |
||||||||||||||||||
|
Non-comparable adjustments |
— |
— |
— |
— |
— |
1,990 |
(695) |
— |
— |
— |
(1,940) |
— |
— |
— |
(645) |
||||||||||||||||||
|
Comparable hotel EBITDA |
$ 6,483 |
$ 3,182 |
$ 3,910 |
$ 1,539 |
$ 2,416 |
$ 1,990 |
$ (695) |
$ 3,985 |
$ — |
$ — |
$ — |
$ 4,510 |
$ 2,546 |
$ 1,434 |
$ 31,300 |
||||||||||||||||||
|
NOTES: | |||||||||||||||||||||||||||||||||
|
(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. | |||||||||||||||||||||||||||||||||
|
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.Adjustments have been made to the pre-aquisition results as indicated below:(a) Management fee expense was adjusted to reflect current contractual rates. | |||||||||||||||||||||||||||||||||
|
(3) Excluded Hotels Under Renovation: | |||||||||||||||||||||||||||||||||
|
Plano Marriott Legacy Town Center, San Francisco Courtyard Downtown | |||||||||||||||||||||||||||||||||
|
Exhibit 1 | |||||||||||||||||||||||||||||||||
|
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
|
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA | |||||||||||||||||||||||||||||||||
|
(in thousands) | |||||||||||||||||||||||||||||||||
|
(unaudited) | |||||||||||||||||||||||||||||||||
|
Six Months Ended June 30, 2017 | |||||||||||||||||||||||||||||||||
|
Capital Hilton Washington D.C. |
La Jolla Hilton Torrey Pines |
Chicago Sofitel Magnificent Mile |
Bardessono Hotel & Spa |
Key West Pier House Resort |
Hotel Yountville |
Park Hyatt Beaver Creek |
Philadelphia Courtyard Downtown |
Plano Marriott Legacy Town Center |
San Francisco Courtyard Downtown |
Seattle Courtyard Downtown |
Seattle Marriott Waterfront |
St. Thomas Ritz-Carlton |
Tampa Renaissance |
Hotel Total |
Corporate / Allocated |
Ashford Hospitality Prime, Inc. | |||||||||||||||||
|
Net income (loss) |
$ 7,719 |
$ 4,908 |
$ (1,352) |
$ 238 |
$ 4,958 |
$ 297 |
$ (2,039) |
$ 2,558 |
$ 3,659 |
$ 3,822 |
$ 10 |
$ 5,465 |
$ 4,184 |
$ 2,131 |
$ 36,558 |
$ (36,461) |
$ 97 | ||||||||||||||||
|
(Income) loss from consolidated entities attributable to noncontrolling interest |
(1,995) |
(1,274) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(3,269) |
1,676 |
(1,593) | ||||||||||||||||
|
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
598 |
598 | ||||||||||||||||
|
Net income (loss) attributable to the Company |
5,724 |
3,634 |
(1,352) |
238 |
4,958 |
297 |
(2,039) |
2,558 |
3,659 |
3,822 |
10 |
5,465 |
4,184 |
2,131 |
33,289 |
(34,187) |
(898) | ||||||||||||||||
|
Non-property adjustments |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— | ||||||||||||||||
|
Interest income |
(6) |
(2) |
— |
— |
— |
— |
— |
— |
— |
(4) |
— |
(6) |
(2) |
— |
(20) |
(257) |
(277) | ||||||||||||||||
|
Interest expense |
— |
— |
1,286 |
— |
— |
258 |
651 |
54 |
— |
— |
— |
— |
1,235 |
— |
3,484 |
12,251 |
15,735 | ||||||||||||||||
|
Amortization of loan cost |
— |
— |
— |
— |
— |
11 |
128 |
— |
— |
— |
— |
— |
262 |
— |
401 |
1,997 |
2,398 | ||||||||||||||||
|
Depreciation and amortization |
3,170 |
3,027 |
2,095 |
1,245 |
1,402 |
365 |
812 |
3,026 |
2,429 |
2,130 |
— |
2,007 |
1,740 |
1,871 |
25,319 |
121 |
25,440 | ||||||||||||||||
|
Income tax expense (benefit) |
184 |
248 |
(1) |
— |
— |
— |
— |
7 |
(1) |
— |
— |
— |
62 |
— |
499 |
(498) |
1 | ||||||||||||||||
|
Non-hotel EBITDA ownership expense |
186 |
24 |
11 |
321 |
17 |
52 |
1 |
132 |
5 |
73 |
— |
23 |
38 |
(22) |
861 |
(861) |
— | ||||||||||||||||
|
Income (loss) from consolidated entities attributable to noncontrolling interest |
1,995 |
1,274 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
3,269 |
(3,269) |
— | ||||||||||||||||
|
Hotel EBITDA including amounts attributable to noncontrolling interest |
11,253 |
8,205 |
2,039 |
1,804 |
6,377 |
983 |
(447) |
5,777 |
6,092 |
6,021 |
10 |
7,489 |
7,519 |
3,980 |
67,102 |
(24,703) |
42,399 | ||||||||||||||||
|
Less: EBITDA adjustments attributable to noncontrolling interest |
(818) |
(778) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(1,596) |
(853) |
(2,449) | ||||||||||||||||
|
(Income) loss from consolidated entities attributable to noncontrolling interest |
(1,995) |
(1,274) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(3,269) |
3,269 |
— | ||||||||||||||||
|
Net income (loss) attributable to redeemablenoncontrolling interests in operating partnership |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(598) |
(598) | ||||||||||||||||
|
Hotel EBITDA attributable to the Company and OP unitholders |
$ 8,440 |
$ 6,153 |
$ 2,039 |
$ 1,804 |
$ 6,377 |
$ 983 |
$ (447) |
$ 5,777 |
$ 6,092 |
$ 6,021 |
$ 10 |
$ 7,489 |
$ 7,519 |
$ 3,980 |
$ 62,237 |
$ (22,885) |
$ 39,352 | ||||||||||||||||
|
Non-comparable adjustments |
— |
— |
— |
— |
— |
1,233 |
7,068 |
— |
— |
— |
(10) |
— |
— |
— |
8,291 |
||||||||||||||||||
|
Comparable hotel EBITDA |
$ 11,253 |
$ 8,205 |
$ 2,039 |
$ 1,804 |
$ 6,377 |
$ 2,216 |
$ 6,621 |
$ 5,777 |
$ 6,092 |
$ 6,021 |
$ — |
$ 7,489 |
$ 7,519 |
$ 3,980 |
$ 75,393 |
||||||||||||||||||
|
ALL HOTELS NOT UNDER RENOVATION: |
|||||||||||||||||||||||||||||||||
|
Hotel EBITDA including amounts attributable to noncontrolling interest |
$ 11,253 |
$ 8,205 |
$ 2,039 |
$ 1,804 |
$ 6,377 |
$ 983 |
$ (447) |
$ 5,777 |
$ — |
$ — |
$ 10 |
$ 7,489 |
$ 7,519 |
$ 3,980 |
$ 54,989 |
||||||||||||||||||
|
Non-comparable adjustments |
— |
— |
— |
— |
— |
1,233 |
7,068 |
— |
— |
— |
(10) |
— |
— |
— |
8,291 |
||||||||||||||||||
|
Comparable hotel EBITDA |
$ 11,253 |
$ 8,205 |
$ 2,039 |
$ 1,804 |
$ 6,377 |
$ 2,216 |
$ 6,621 |
$ 5,777 |
$ — |
$ — |
$ — |
$ 7,489 |
$ 7,519 |
$ 3,980 |
$ 63,280 |
||||||||||||||||||
|
NOTES: | |||||||||||||||||||||||||||||||||
|
(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. | |||||||||||||||||||||||||||||||||
|
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. | |||||||||||||||||||||||||||||||||
|
Adjustments have been made to the pre-aquisition results as indicated below: | |||||||||||||||||||||||||||||||||
|
(a) Management fee expense was adjusted to reflect current contractual rates. | |||||||||||||||||||||||||||||||||
|
(3) Excluded Hotels Under Renovation: | |||||||||||||||||||||||||||||||||
|
Plano Marriott Legacy Town Center, San Francisco Courtyard Downtown | |||||||||||||||||||||||||||||||||
|
Exhibit 1 | |||||||||||||||||||||||||||||||||
|
ASHFORD HOSPITALITY PRIME, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
|
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA | |||||||||||||||||||||||||||||||||
|
(in thousands) | |||||||||||||||||||||||||||||||||
|
(unaudited) | |||||||||||||||||||||||||||||||||
|
Six Months Ended June 30, 2016 | |||||||||||||||||||||||||||||||||
|
Capital Hilton Washington D.C. |
La Jolla Hilton Torrey Pines |
Chicago Sofitel Magnificent Mile |
Bardessono Hotel & Spa |
Key West Pier House Resort |
Hotel Yountville |
Park Hyatt Beaver Creek |
Philadelphia Courtyard Downtown |
Plano Marriott Legacy Town Center |
San Francisco Courtyard Downtown |
Seattle Courtyard Downtown |
Seattle Marriott Waterfront |
St. Thomas Ritz-Carlton |
Tampa Renaissance |
Hotel Total |
Corporate / Allocated |
Ashford Hospitality Prime, Inc. | |||||||||||||||||
|
Net income (loss) |
$ 7,089 |
$ 3,741 |
$ (335) |
$ 142 |
$ 4,743 |
$ — |
$ — |
$ 1,526 |
$ 3,905 |
$ 5,816 |
$ 2,369 |
$ 4,783 |
$ 4,505 |
$ 2,305 |
$ 40,589 |
$ (38,436) |
$ 2,153 | ||||||||||||||||
|
(Income) loss from consolidated entities attributable to noncontrolling interest |
(1,838) |
(982) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(2,820) |
2,755 |
(65) | ||||||||||||||||
|
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(34) |
(34) | ||||||||||||||||
|
Net income (loss) attributable to the Company |
5,251 |
2,759 |
(335) |
142 |
4,743 |
— |
— |
1,526 |
3,905 |
5,816 |
2,369 |
4,783 |
4,505 |
2,305 |
37,769 |
(35,715) |
2,054 | ||||||||||||||||
|
Non-property adjustments |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
41 |
— |
41 |
(41) |
— | ||||||||||||||||
|
Interest income |
— |
— |
— |
— |
— |
— |
— |
(2) |
(1) |
(8) |
— |
(4) |
(1) |
— |
(16) |
(66) |
(82) | ||||||||||||||||
|
Interest expense |
— |
— |
1,104 |
— |
— |
— |
— |
982 |
— |
— |
— |
— |
1,144 |
— |
3,230 |
16,402 |
19,632 | ||||||||||||||||
|
Amortization of loan cost |
— |
— |
119 |
— |
— |
— |
— |
16 |
— |
— |
— |
— |
251 |
— |
386 |
1,253 |
1,639 | ||||||||||||||||
|
Depreciation and amortization |
3,101 |
2,993 |
2,267 |
1,184 |
1,338 |
— |
— |
2,917 |
2,095 |
1,178 |
834 |
1,886 |
1,540 |
1,834 |
23,167 |
— |
23,167 | ||||||||||||||||
|
Income tax expense (benefit) |
— |
(159) |
— |
— |
— |
— |
— |
7 |
— |
— |
— |
— |
30 |
— |
(122) |
1,648 |
1,526 | ||||||||||||||||
|
Non-hotel EBITDA ownership expense |
(92) |
32 |
32 |
356 |
3 |
— |
— |
236 |
51 |
10 |
(35) |
16 |
7 |
51 |
667 |
(667) |
— | ||||||||||||||||
|
Income (loss) from consolidated entities attributable to noncontrolling interest |
1,838 |
982 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
2,820 |
(2,820) |
— | ||||||||||||||||
|
Hotel EBITDA including amounts attributable to noncontrolling interest |
10,098 |
6,607 |
3,187 |
1,682 |
6,084 |
— |
— |
5,682 |
6,050 |
6,996 |
3,168 |
6,681 |
7,517 |
4,190 |
67,942 |
(20,006) |
47,936 | ||||||||||||||||
|
Less: EBITDA adjustments attributable to noncontrolling interest |
(670) |
(686) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(1,356) |
(866) |
(2,222) | ||||||||||||||||
|
(Income) loss from consolidated entities attributable to noncontrolling interest |
(1,838) |
(982) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(2,820) |
2,820 |
— | ||||||||||||||||
|
Net income (loss) attributable to redeemablenoncontrolling interests in operating partnership |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
34 |
34 | ||||||||||||||||
|
Hotel EBITDA attributable to the Company and OP unitholders |
$ 7,590 |
$ 4,939 |
$ 3,187 |
$ 1,682 |
$ 6,084 |
$ — |
$ — |
$ 5,682 |
$ 6,050 |
$ 6,996 |
$ 3,168 |
$ 6,681 |
$ 7,517 |
$ 4,190 |
$ 63,766 |
$ (18,018) |
$ 45,748 | ||||||||||||||||
|
Non-comparable adjustments |
— |
— |
— |
— |
2,647 |
6,153 |
— |
— |
— |
(3,168) |
— |
— |
— |
5,632 |
|||||||||||||||||||
|
Comparable hotel EBITDA |
$ 10,098 |
$ 6,607 |
$ 3,187 |
$ 1,682 |
$ 6,084 |
$ 2,647 |
$ 6,153 |
$ 5,682 |
$ 6,050 |
$ 6,996 |
$ — |
$ 6,681 |
$ 7,517 |
$ 4,190 |
$ 73,574 |
||||||||||||||||||
|
ALL HOTELS NOT UNDER RENOVATION: |
|||||||||||||||||||||||||||||||||
|
Hotel EBITDA including amounts attributable to noncontrolling interest |
$ 10,098 |
$ 6,607 |
$ 3,187 |
$ 1,682 |
$ 6,084 |
$ — |
$ — |
$ 5,682 |
$ — |
$ — |
$ 3,168 |
$ 6,681 |
$ 7,517 |
$ 4,190 |
$ 54,896 |
||||||||||||||||||
|
Non-comparable adjustments |
— |
— |
— |
— |
— |
2,647 |
6,153 |
— |
— |
— |
(3,168) |
— |
— |
— |
5,632 |
||||||||||||||||||
|
Comparable hotel EBITDA |
$ 10,098 |
$ 6,607 |
$ 3,187 |
$ 1,682 |
$ 6,084 |
$ 2,647 |
$ 6,153 |
$ 5,682 |
$ — |
$ — |
$ — |
$ 6,681 |
$ 7,517 |
$ 4,190 |
$ 60,528 |
||||||||||||||||||
|
NOTES: | |||||||||||||||||||||||||||||||||
|
(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2017, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. | |||||||||||||||||||||||||||||||||
|
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. | |||||||||||||||||||||||||||||||||
|
Adjustments have been made to the pre-aquisition results as indicated below: | |||||||||||||||||||||||||||||||||
|
(a) Management fee expense was adjusted to reflect current contractual rates. | |||||||||||||||||||||||||||||||||
|
(3) Excluded Hotels Under Renovation: | |||||||||||||||||||||||||||||||||
|
Plano Marriott Legacy Town Center, San Francisco Courtyard Downtown | |||||||||||||||||||||||||||||||||
View original content:http://www.prnewswire.com/news-releases/ashford-prime-reports-second-quarter-2017-results-300498693.html
SOURCE Ashford Hospitality Prime, Inc.
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