Press Release

Apple Hospitality REIT Reports Results of Operations for Second Quarter 2019

Company Release - 8/5/2019 4:15 PM ET

RICHMOND, Va.--(BUSINESS WIRE)-- Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced results of operations for the second quarter ended June 30, 2019.

Selected Statistical and Financial Data

As of and For the Three and Six Months Ended June 30

(Unaudited) (in thousands, except statistical and per share amounts)(1)

 

Three Months Ended

 

Six Months Ended

June 30,

 

June 30,

2019

 

2018

 

% Change

 

2019

 

2018

 

% Change

 

 

Net income(2)

$

62,090

$

67,630

(8.2%)

$

100,241

$

109,812

(8.7%)

Net income per share(2)

$

0.28

$

0.29

(3.4%)

$

0.45

$

0.48

(6.2%)

 

 

Adjusted EBITDAre(2)

$

126,451

$

130,915

(3.4%)

$

227,118

$

231,129

(1.7%)

Comparable Hotels Adjusted Hotel EBITDA(2)

$

134,940

$

135,586

(0.5%)

$

242,138

$

242,120

-

Comparable Hotels Adjusted Hotel EBITDA Margin %(2)

 

39.6%

 

40.0%

(40 bps)

 

37.9%

 

38.2%

(30 bps)

Modified funds from operations (MFFO)(2)

$

110,190

$

117,313

(6.1%)

$

194,914

$

205,215

(5.0%)

MFFO per share(2)

$

0.49

$

0.51

(3.9%)

$

0.87

$

0.89

(2.2%)

 

 

Average Daily Rate (ADR) (Actual)

$

141.60

$

139.58

1.4%

$

139.09

$

137.09

1.5%

Occupancy (Actual)

 

81.4%

 

81.7%

(0.4%)

 

77.6%

 

78.2%

(0.8%)

Revenue Per Available Room (RevPAR) (Actual)

$

115.30

$

114.09

1.1%

$

107.95

$

107.20

0.7%

 

 

Comparable Hotels ADR

$

141.60

$

140.94

0.5%

$

139.62

$

138.49

0.8%

Comparable Hotels Occupancy

 

81.4%

 

81.9%

(0.6%)

 

77.8%

 

78.4%

(0.8%)

Comparable Hotels RevPAR

$

115.30

$

115.44

(0.1%)

$

108.58

$

108.62

-

 

 

Distributions paid

$

67,155

$

69,060

(2.8%)

$

134,343

$

138,204

(2.8%)

Distributions paid per share

$

0.30

$

0.30

-

$

0.60

$

0.60

-

 
Total debt outstanding

$

1,389,267

Total debt to total capitalization (3)

 

28.1%

(1)

Explanations of and reconciliations to net income determined in accordance with generally accepted accounting principles ("GAAP") of non-GAAP financial measures, Adjusted EBITDAre, Comparable Hotels Adjusted Hotel EBITDA and MFFO, are included below.

(2)

On January 1, 2019, the Company adopted the Financial Accounting Standards Board’s Accounting Standards Update No. 2016-02, Leases (Topic 842). Under the new lease accounting standard, the Company classified four ground leases as finance leases that were previously classified as operating leases in accordance with the previous accounting standard. See discussion below for additional information on the adoption of the new lease accounting standard.

(3)

Total debt outstanding divided by total debt outstanding plus equity market capitalization based on the Company’s closing share price of $15.86 on June 30, 2019.

Comparable Hotels is defined as the 234 hotels owned by the Company as of June 30, 2019. For hotels acquired during the periods noted, the Company has included, as applicable, results of those hotels for periods prior to the Company's ownership, and for dispositions, results have been excluded for the Company's period of ownership. Results for periods prior to the Company's ownership have not been included in the Company's actual Consolidated Financial Statements and are included only for comparison purposes. Results included for periods prior to the Company's ownership are based on information from the prior owner of each hotel and have not been audited or adjusted.

Justin Knight, President and Chief Executive Officer of Apple Hospitality REIT, commented, “Despite ongoing supply and cost pressures across the lodging industry, we continued to produce results in line with our expectations. Through portfolio optimization, strategic revenue management and effective cost control measures, we increased actual RevPAR from the same period last year and generated one of the best Comparable Hotels Adjusted Hotel EBITDA Margins in the sector of 39.6 percent for the second quarter of this year. Demand remains healthy across the majority of our markets, generally keeping pace with new supply, and we anticipate steady fundamentals in the third quarter. We will continue to diligently work to maximize the performance of our hotels and pursue opportunities that will further enhance the strength of our Company.”

Portfolio Activity

The Company has outstanding contracts for the potential purchase of seven hotels for a combined total expected purchase price of approximately $216 million, including purchase contracts the Company entered into in July 2019 for a Hilton Garden Inn to be constructed in Madison, Wisconsin, and an existing independent boutique hotel in downtown Richmond, Virginia. The anticipated purchase price of the Hilton Garden Inn to be constructed in Madison, Wisconsin, next to the University of Wisconsin-Madison, is approximately $50 million. The Company expects the hotel will have 176 guest rooms and construction will be completed in late 2020 or early 2021. The existing hotel in downtown Richmond, Virginia, is an independent boutique hotel with 55 guest rooms and an anticipated gross purchase price of approximately $7 million. If all conditions to closing are met, the Company anticipates acquiring the Richmond hotel before the end of 2019. As previously announced, the other five hotels under contract are currently under development and the Company anticipates acquiring the five hotels over the next 12 to 24 months from June 30, 2019, if all conditions to closing are met. There are many conditions to closing under each of the contracts that have not yet been satisfied, and there can be no assurance that closings on the seven hotels will occur.

Capital Improvements

Apple Hospitality consistently reinvests in its hotels to maintain and enhance each property’s relevance and competitive position within its respective market. During the six months ended June 30, 2019, the Company invested approximately $33 million in capital expenditures. The Company plans to continue to reinvest in its hotels and anticipates investing an additional $45 million to $55 million in capital improvements during the remainder of 2019, which includes various scheduled renovation projects at approximately 15 to 20 properties, including the Company’s full-service Marriott in Richmond, Virginia.

Adoption of New Lease Accounting Standard

On January 1, 2019, the Company adopted Accounting Standards Update No. 2016-02, Leases (Topic 842). Under this standard, lessees are required to recognize most leases on their balance sheets as right-of-use assets and lease liabilities. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Under the new standard, four of the Company’s ground leases that were previously classified as operating leases under the previous accounting standard are classified as financing leases under Topic 842. For these finance leases, effective January 1, 2019, the Company recognizes depreciation and amortization expense and interest and other expense, net in the Company’s consolidated statements of operations, instead of operating ground lease expense. While the total expense recognized over the life of a lease is unchanged, the timing of expense recognition for these finance leases results in higher expense during the earlier years of the lease and lower expense during the later years of the lease. For the three and six months ended June 30, 2019, the Company recognized approximately $2.1 million and $4.0 million of interest expense, respectively, and approximately $1.1 million and $2.2 million of amortization expense, respectively, associated with these four finance leases. Under the previous accounting standard, the Company would have recognized approximately $1.8 million and $3.4 million of cash operating ground lease expense and $1.1 million and $2.2 million of non-cash straight-line ground lease expense and amortization of intangible lease expense during the three and six months ended June 30, 2019, respectively. As a result of the new lease standard, at June 30, 2019, the Company’s balance sheet reflects finance ground lease assets, net, of approximately $142.7 million, operating lease assets, net, of approximately $28.9 million and associated combined lease liabilities of approximately $176.0 million.

Balance Sheet

As of June 30, 2019, Apple Hospitality had approximately $1.4 billion of total outstanding indebtedness with a current combined weighted-average interest rate of approximately 3.8 percent for the remainder of 2019. Excluding unamortized debt issuance costs and fair value adjustments, the Company’s total outstanding indebtedness is comprised of approximately $462 million in property-level debt secured by 29 hotels and $928 million outstanding on its unsecured credit facilities. Apple Hospitality’s undrawn capacity on its unsecured credit facilities at June 30, 2019 was approximately $232 million. The Company’s total debt to total capitalization at June 30, 2019 was approximately 28 percent, which provides Apple Hospitality with financial flexibility to fund capital requirements and pursue opportunities in the marketplace. The Company’s weighted-average debt maturities are 5 years, and the weighted-average maturity of its effectively fixed-rate debt is 4 years at a weighted-average interest rate of 4.0 percent.

Shareholder Distributions

Apple Hospitality paid distributions of $0.30 per common share during the three-month period ended June 30, 2019. Based on the Company’s common share closing price of $15.20 on August 1, 2019, the annualized distribution rate of $1.20 per common share represents an annual yield of approximately 7.9 percent. The Company’s Board of Directors, in consultation with management, will continue to regularly monitor the Company’s distribution rate relative to the performance of its hotels, capital improvement needs, varying economic cycles, acquisitions and dispositions. At its discretion, the Company’s Board of Directors may make adjustments as determined to be prudent in relation to other cash requirements of the Company.

2019 Outlook

Apple Hospitality is providing its operational and financial outlook for 2019. This outlook, which is based on management’s current view of both operating and economic fundamentals of the Company’s existing portfolio of hotels, does not take into account any unanticipated developments in its business or changes in its operating environment, nor does it take into account any unannounced hotel acquisitions or dispositions. As compared to previously provided 2019 guidance, the Company is narrowing its guidance at both ends of the range for Comparable Hotels RevPAR Change by 25 bps and Comparable Hotels Adjusted Hotel EBITDA Margin % by 20 bps. The Company is maintaining the low end of the range and decreasing the high end of the range by $4 million for Net Income and Adjusted EBITDAre. The reduction in the midpoint of the Company’s guidance for Net Income and Adjusted EBITDAre is a result of higher anticipated general and administrative expenses associated with outperformance of the Company’s relative shareholder return metrics, which are components of the Company’s incentive plans. Comparable Hotels RevPAR Change and Comparable Hotels Adjusted Hotel EBITDA Margin % guidance include properties acquired, as if the hotels were owned as of January 1, 2018, and exclude completed dispositions since January 1, 2018. For the full year 2019, the Company anticipates:

2019 Guidance(1)

Low-End

 

 

High-End

 

 

 

 

Net Income

$167 Million

 

 

$188 Million

 

 

 

 

Comparable Hotels RevPAR Change

(0.75%)

 

 

0.75%

 

 

 

 

Comparable Hotels Adjusted Hotel EBITDA Margin %

36.4%

 

 

37.0%

 

 

 

 

Adjusted EBITDAre

$425 Million

 

 

$441 Million

(1)

Explanations of and reconciliations to net income guidance of Adjusted EBITDAre guidance are included below.

Second Quarter 2019 Earnings Conference Call

The Company will host a quarterly conference call for investors and interested parties on Tuesday, August 6, 2019, at 9:00 a.m. Eastern Time. The conference call will be accessible by telephone and the internet. To access the call, participants from within the U.S. should dial 877-407-9039, and participants from outside the U.S. should dial 201-689-8470. Participants may also access the call via live webcast by visiting the Investor Information section of the Company's website at ir.applehospitalityreit.com. A replay of the call will be available from approximately 12:00 p.m. Eastern Time on August 6, 2019, through 11:59 p.m. Eastern Time on August 27, 2019. To access the replay, the domestic dial-in number is 844-512-2921, the international dial-in number is 412-317-6671, and the passcode is 13692023. The archive of the webcast will be available on the Company's website for a limited time.

About Apple Hospitality REIT, Inc.

Apple Hospitality REIT, Inc. (NYSE: APLE) is a publicly traded real estate investment trust (REIT) that owns one of the largest and most diverse portfolios of upscale, rooms-focused hotels in the United States. Apple Hospitality’s portfolio consists of 234 hotels with more than 30,000 guest rooms located in 87 markets throughout 34 states. Franchised with industry-leading brands, the Company’s portfolio comprises 108 Marriott-branded hotels, 125 Hilton-branded hotels and one Hyatt-branded hotel. For more information, please visit www.applehospitalityreit.com.

Apple Hospitality REIT Non-GAAP Financial Measures

The Company considers the following non-GAAP financial measures useful to investors as key supplemental measures of its operating performance: Funds from Operations (“FFO”); Modified FFO (“MFFO”); Earnings Before Interest, Income Taxes, Depreciation and Amortization (“EBITDA”); Earnings Before Interest, Income Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”); Adjusted EBITDAre (“Adjusted EBITDAre”); and Adjusted Hotel EBITDA (“Adjusted Hotel EBITDA”). These non-GAAP financial measures should be considered along with, but not as alternatives to, net income (loss), cash flow from operations or any other operating GAAP measure. FFO, MFFO, EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel EBITDA are not necessarily indicative of funds available to fund the Company’s cash needs, including its ability to make cash distributions. Although FFO, MFFO, EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel EBITDA, as calculated by the Company, may not be comparable to FFO, MFFO, EBITDA, EBITDAre, Adjusted EBITDAre and Adjusted Hotel EBITDA, as reported by other companies that do not define such terms exactly as the Company defines such terms, the Company believes these supplemental measures are useful to investors when comparing the Company’s results between periods and with other REITs. Reconciliations of these non-GAAP financial measures to net income (loss) are provided in the following pages.

Forward-Looking Statements Disclaimer

Certain statements contained in this press release, other than historical facts, may be considered forward-looking statements. These forward-looking statements are predictions and generally can be identified by use of statements that include phrases such as “may,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “target,” “goal,” “plan,” “should,” “will,” “predict,” “potential,” “outlook,” “strategy,” and similar expressions that convey the uncertainty of future events or outcomes. Such statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Apple Hospitality to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the ability of Apple Hospitality to effectively acquire and dispose of properties; the ability of Apple Hospitality to successfully integrate pending transactions and implement its operating strategy; changes in general political, economic and competitive conditions and specific market conditions; adverse changes in the real estate and real estate capital markets; financing risks; litigation risks; regulatory proceedings or inquiries; and changes in laws or regulations or interpretations of current laws and regulations that impact Apple Hospitality’s business, assets or classification as a real estate investment trust. Although Apple Hospitality believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore there can be no assurance that such statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Apple Hospitality or any other person that the results or conditions described in such statements or the objectives and plans of Apple Hospitality will be achieved. In addition, Apple Hospitality’s qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code. Readers should carefully review Apple Hospitality’s financial statements and the notes thereto, as well as the risk factors described in Apple Hospitality’s filings with the Securities and Exchange Commission, including, but not limited to, in the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Any forward-looking statement that Apple Hospitality makes speaks only as of the date of such statement. Apple Hospitality undertakes no obligation to publicly update or revise any forward-looking statements or cautionary factors, as a result of new information, future events, or otherwise, except as required by law.

For additional information or to receive press releases by email, visit www.applehospitalityreit.com.

Apple Hospitality REIT, Inc.
Consolidated Balance Sheets
(in thousands, except share data)
 
 

June 30,

 

December 31,

2019

 

2018

(unaudited)

 

 

Assets
Investment in real estate, net of accumulated depreciation and amortization of $971,738 and $909,893, respectively

$

4,858,103

 

$

4,816,410

 

Restricted cash-furniture, fixtures and other escrows

 

33,199

 

 

33,632

 

Due from third party managers, net

 

52,214

 

 

29,091

 

Other assets, net

 

45,323

 

 

49,539

 

Total Assets

$

4,988,839

 

$

4,928,672

 

 
Liabilities
Debt, net

$

1,384,314

 

$

1,412,242

 

Finance lease liabilities

 

163,508

 

 

-

 

Accounts payable and other liabilities

 

88,949

 

 

107,420

 

Total Liabilities

 

1,636,771

 

 

1,519,662

 

 
Shareholders' Equity
Preferred stock, authorized 30,000,000 shares; none issued and outstanding

 

-

 

 

-

 

Common stock, no par value, authorized 800,000,000 shares; issued and outstanding 223,869,190 and 223,997,348 shares, respectively

 

4,493,598

 

 

 

4,495,073

 

Accumulated other comprehensive income (loss)

 

(6,158

)

 

10,006

 

Distributions greater than net income

 

(1,135,372

)

 

(1,096,069

)

Total Shareholders' Equity

 

3,352,068

 

 

3,409,010

 

 
Total Liabilities and Shareholders' Equity

$

4,988,839

 

$

4,928,672

 

Note:

The Consolidated Balance Sheets and corresponding footnotes can be found in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019.

Apple Hospitality REIT, Inc.
Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

(in thousands, except per share data)

 

Three Months Ended

 

Six Months Ended

June 30,

 

June 30,

2019

 

2018

 

2019

 

2018

Revenues:
Room

$

315,232

 

$

319,022

 

$

594,702

 

$

593,858

 

Food and beverage

 

15,692

 

 

16,518

 

 

30,707

 

 

32,228

 

Other

 

10,193

 

 

9,174

 

 

19,495

 

 

17,017

 

Total revenue

 

341,117

 

 

344,714

 

 

644,904

 

 

643,103

 

 
Expenses:
Hotel operating expense:
Operating

 

80,166

 

 

81,242

 

 

155,746

 

 

157,196

 

Hotel administrative

 

26,967

 

 

26,558

 

 

52,597

 

 

51,660

 

Sales and marketing

 

30,831

 

 

28,168

 

 

58,525

 

 

53,500

 

Utilities

 

9,561

 

 

10,247

 

 

19,500

 

 

20,530

 

Repair and maintenance

 

13,041

 

 

13,476

 

 

25,907

 

 

25,929

 

Franchise fees

 

14,752

 

 

14,781

 

 

27,863

 

 

27,514

 

Management fees

 

11,872

 

 

12,059

 

 

22,501

 

 

22,531

 

Total hotel operating expense

 

187,190

 

 

186,531

 

 

362,639

 

 

358,860

 

Property taxes, insurance and other

 

18,823

 

 

18,681

 

 

38,031

 

 

35,910

 

Operating ground lease

 

423

 

 

2,912

 

 

828

 

 

5,762

 

General and administrative

 

8,308

 

 

6,721

 

 

16,445

 

 

13,598

 

Loss on impairment of depreciable real estate assets

 

-

 

 

3,135

 

 

-

 

 

3,135

 

Depreciation and amortization

 

48,109

 

 

45,743

 

 

96,059

 

 

90,583

 

Total expense

 

262,853

 

 

263,723

 

 

514,002

 

 

507,848

 

 
Gain (loss) on sale of real estate

 

(161

)

 

-

 

 

1,052

 

 

-

 

 
Operating income

 

78,103

 

 

80,991

 

 

131,954

 

 

135,255

 

 
Interest and other expense, net

 

(15,857

)

 

(13,210

)

 

(31,351

)

 

(25,129

)

 
Income before income taxes

 

62,246

 

 

67,781

 

 

100,603

 

 

110,126

 

 
Income tax expense

 

(156

)

 

(151

)

 

(362

)

 

(314

)

 
Net income

$

62,090

 

$

67,630

 

$

100,241

 

$

109,812

 

 
Other comprehensive income (loss):
Interest rate derivatives

 

(10,120

)

 

1,740

 

 

(16,164

)

 

8,032

 

 
Comprehensive income

$

51,970

 

$

69,370

 

$

84,077

 

$

117,844

 

 
Basic and diluted net income per common share

$

0.28

 

$

0.29

 

$

0.45

 

$

0.48

 

 
Weighted average common shares outstanding - basic and diluted

 

223,899

 

 

230,342

 

 

223,915

 

 

230,428

 

Note:

The Consolidated Statements of Operations and Comprehensive Income and corresponding footnotes can be found in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019.

Apple Hospitality REIT, Inc.
Comparable Hotels Operating Metrics and Statistical Data
(Unaudited)
(in thousands except statistical data)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

June 30,

 

June 30,

2019

 

2018

 

% Change

 

2019

 

2018

 

% Change

 
Total revenue

$

341,051

 

$

338,581

 

0.7%

$

639,060

 

$

633,657

 

0.9%

 

 

Total operating expenses

 

206,111

 

 

202,995

 

1.5%

 

396,922

 

 

391,537

 

1.4%

 

 

Adjusted Hotel EBITDA

$

134,940

 

$

135,586

 

(0.5%)

$

242,138

 

$

242,120

 

-

Adjusted Hotel EBITDA Margin %

 

39.6

%

 

40.0

%

(40 bps)

 

37.9

%

 

38.2

%

(30 bps)

 

 

 

 

ADR (Comparable Hotels)

$

141.60

 

$

140.94

 

0.5%

$

139.62

 

$

138.49

 

0.8%

Occupancy (Comparable Hotels)

 

81.4

%

 

81.9

%

(0.6%)

 

77.8

%

 

78.4

%

(0.8%)

RevPAR (Comparable Hotels)

$

115.30

 

$

115.44

 

(0.1%)

$

108.58

 

$

108.62

 

-

 

 

ADR (Actual)

$

141.60

 

$

139.58

 

1.4%

$

139.09

 

$

137.09

 

1.5%

Occupancy (Actual)

 

81.4

%

 

81.7

%

(0.4%)

 

77.6

%

 

78.2

%

(0.8%)

RevPAR (Actual)

$

115.30

 

$

114.09

 

1.1%

$

107.95

 

$

107.20

 

0.7%

 
Reconciliation to Actual Results
 
Total Revenue (Actual)

$

341,117

 

$

344,714

 

$

644,904

 

$

643,103

 

Revenue from acquisitions prior to ownership

 

-

 

 

4,065

 

 

1,149

 

 

9,668

 

Revenue from dispositions

 

-

 

 

(10,132

)

 

(6,861

)

 

(18,982

)

Lease revenue intangible amortization

 

(66

)

 

(66

)

 

(132

)

 

(132

)

Comparable Hotels Total Revenue

$

341,051

 

$

338,581

 

$

639,060

 

$

633,657

 

 
Adjusted Hotel EBITDA (AHEBITDA) (Actual)

$

134,759

 

$

137,636

 

$

243,563

 

$

244,727

 

AHEBITDA from acquisitions prior to ownership

 

-

 

 

1,379

 

 

310

 

 

3,528

 

AHEBITDA from dispositions

 

181

 

 

(3,429

)

 

(1,735

)

 

(6,135

)

Comparable Hotels AHEBITDA

$

134,940

 

$

135,586

 

$

242,138

 

$

242,120

 

Note:

Comparable Hotels is defined as the 234 hotels owned by the Company as of June 30, 2019. For hotels acquired during the periods noted, the Company has included, as applicable, results of those hotels for periods prior to the Company's ownership, and for dispositions, results have been excluded for the Company's period of ownership. Results for periods prior to the Company's ownership have not been included in the Company's actual Consolidated Financial Statements and are included only for comparison purposes. Results included for periods prior to the Company's ownership are based on information from the prior owner of each hotel and have not been audited or adjusted.

 

Reconciliation of net income to non-GAAP financial measures and a discussion of the Company’s adoption of Accounting Standards Update No. 2016-02, Leases, on January 1, 2019 are included in the following pages.

Apple Hospitality REIT, Inc.
Comparable Hotels Quarterly Operating Metrics and Statistical Data
(Unaudited)
(in thousands except statistical data)
 

Three Months Ended

9/30/2017

 

12/31/2017

 

3/31/2018

 

6/30/2018

 

9/30/2018

 

12/31/2018

 

3/31/2019

 

6/30/2019

 
Total revenue

$

327,354

 

$

288,753

 

$

295,076

 

$

338,581

 

$

326,521

 

$

290,016

 

$

298,009

 

$

341,051

 

 
Total operating expenses

 

198,098

 

 

187,119

 

 

188,542

 

 

202,995

 

 

202,263

 

 

189,244

 

 

190,811

 

 

206,111

 

 
Adjusted Hotel EBITDA

$

129,256

 

$

101,634

 

$

106,534

 

$

135,586

 

$

124,258

 

$

100,772

 

$

107,198

 

$

134,940

 

Adjusted Hotel EBITDA Margin %

 

39.5

%

 

35.2

%

 

36.1

%

 

40.0

%

 

38.1

%

 

34.7

%

 

36.0

%

 

39.6

%

 
 
ADR (Comparable Hotels)

$

139.34

 

$

131.80

 

$

135.76

 

$

140.94

 

$

138.91

 

$

132.94

 

$

137.41

 

$

141.60

 

Occupancy (Comparable Ho