Market Overview

RLJ Lodging Trust Reports Second Quarter 2018 Results

Share:

- Sold Embassy Suites Napa Valley for $102 million (post
quarter-end); valued at nearly 15x trailing EBITDA

- RevPAR growth of 1.3%

- Pro forma Hotel EBITDA Margin of 35.0%

RLJ Lodging Trust (the "Company") (NYSE:RLJ) today reported results for
the three and six months ended June 30, 2018.

Highlights

  • Sold Embassy Suites Napa Valley for $102 million, representing a
    valuation of nearly 15x trailing EBITDA, subsequent to quarter-end
  • Pro forma RevPAR increased 1.3%, Pro forma ADR increased 1.0%, and Pro
    forma Occupancy increased 0.3%
  • Pro forma Hotel EBITDA Margin of 35.0%
  • Net income increased 51.6% to $64.4 million
  • Adjusted EBITDA increased 54.1% to $159.8 million
  • Adjusted FFO per diluted common share and unit increased 2.8% to $0.73

"We continued the successful execution of our asset disposition strategy
with our recent sale of the Embassy Suites Napa Valley," commented Ross
H. Bierkan, President and Chief Executive Officer. "With an unwavering
focus, we have made meaningful progress in accomplishing our strategic
objectives. Over the past year, we have generated $400 million from
assets sales at an average EBITDA multiple of approximately 15x. With a
healthy disposition pipeline, we are on pace to meet our incremental
asset sales objective for 2018. Our leverage continues to be at our
target and we have nearly realized our G&A synergies. With solid
momentum and a talented team in place, I am confident that RLJ is well
positioned to unlock meaningful value for shareholders in the years to
come."

Financial and Operating Results

Performance metrics such as Occupancy, Average Daily Rate ("ADR"),
Revenue Per Available Room ("RevPAR"), Hotel EBITDA, and Hotel EBITDA
Margin are Pro forma. The prefix "Pro forma" as defined by the Company,
denotes operating results which include results for periods prior to its
ownership and excludes sold hotels. Pro forma RevPAR and Pro forma Hotel
EBITDA Margin are reported on a comparable basis and therefore exclude
any hotels sold during the period and non-comparable hotels that were
not open for operation or were closed for renovation for comparable
periods. Explanations of EBITDA, EBITDAre, Adjusted EBITDA, Hotel
EBITDA, Hotel EBITDA Margin, FFO, and Adjusted FFO, as well as
reconciliations of those measures to net income or loss, if applicable,
are included within this release.

Net income for the three months ended June 30, 2018, increased
$21.9 million to $64.4 million, representing a 51.6% increase over the
comparable period in 2017. For the six months ended June 30, 2018, net
income increased $24.0 million to $88.3 million, representing a 37.4%
increase over the comparable period in 2017.

Pro forma RevPAR for the three months ended June 30, 2018,
increased 1.3% over the comparable period in 2017, driven by a Pro forma
ADR increase of 1.0%, and by a Pro forma Occupancy increase of 0.3%.
Excluding Louisville, Austin, and Denver, which experienced softness in
the quarter, Pro forma RevPAR growth was 2.6%. For the six months ended
June 30, 2018, Pro forma RevPAR increased 0.4% over the comparable
period in 2017, driven by a Pro forma ADR increase of 0.1% and by a Pro
forma Occupancy increase of 0.2%.

Pro forma Hotel EBITDA Margin for the three months ended June 30,
2018, was 35.0%, a decrease of 79 basis points over the comparable
period in 2017. Increases in real estate taxes and insurance expense
impacted Pro forma Hotel EBITDA Margin by approximately 45 basis points.
For the six months ended June 30, 2018, Pro forma Hotel EBITDA Margin
decreased 122 basis points over the comparable period in 2017 to 32.3%.

Pro forma Hotel EBITDA for the three months ended June 30, 2018,
was $169.3 million, largely flat with the comparable period in 2017. For
the three months ended June 30, 2017, Pro forma Hotel EBITDA includes
results from prior ownership of $60.0 million from the hotel properties
acquired pursuant to the FelCor merger.

For the six months ended June 30, 2018, Pro forma Hotel EBITDA decreased
$9.3 million to $293.3 million, representing a 3.1% decrease over the
comparable period in 2017. For the six months ended June 30, 2018, Pro
forma Hotel EBITDA includes results from prior ownership of $106.7
million from the hotel properties acquired pursuant to the FelCor merger.

Adjusted FFO for the three months ended June 30, 2018, increased
$39.2 million to $127.9 million, representing a 44.1% increase over the
comparable period in 2017. For the six months ended June 30, 2018,
Adjusted FFO increased $56.2 million to $209.4 million, representing a
36.7% increase over the comparable period in 2017.

Adjusted FFO per diluted common share and unit for the three
months ended June 30, 2018, increased $0.02 to $0.73, representing a
2.8% increase over the comparable period in 2017. For the six months
ended June 30, 2018, Adjusted FFO per diluted common share and unit
decreased $0.03 to $1.20, representing a 2.4% decrease over the
comparable period in 2017.

Adjusted EBITDA for the three months ended June 30, 2018,
increased $56.1 million to $159.8 million, representing a 54.1% increase
over the comparable period in 2017. For the six months ended June 30,
2018, Adjusted EBITDA increased $93.0 million to $275.6 million,
representing a 50.9% increase over the comparable period in 2017.

Non-recurring items and other adjustments which were noteworthy
for the three months ended June 30, 2018, include $3.5 million of other
expenses outside of the normal course of operations, including certain
costs associated with shareholder activism. For the six months ended
June 30, 2018, non-recurring items and other adjustments which were
noteworthy also include a gain on extinguishment of indebtedness of $7.7
million.

Non-recurring items are included in net income but are excluded from
Adjusted EBITDA and Adjusted FFO, as applicable. A complete listing of
non-recurring items is provided in the Non-GAAP reconciliation tables
located in this press release.

Net cash flow from operating activities totaled $195.8 million
for the six months ended June 30, 2018, representing a 38.3% increase
over the comparable period in 2017.

Balance Sheet

As of June 30, 2018, the Company had $382.5 million of unrestricted cash
on its balance sheet, $350.0 million available on its revolving credit
facility, and $2.5 billion of debt outstanding.

The Company's ratio of net debt to Adjusted EBITDA for the
trailing twelve-month period ended June 30, 2018, was 3.9x.

Dividends

The Company's Board of Trustees declared a cash dividend of $0.33 per
common share of beneficial interest in the second quarter. The dividend
was paid on July 13, 2018, to shareholders of record as of June 29, 2018.

The Company's Board of Trustees declared a preferred dividend of $0.4875
on its Series A cumulative convertible preferred shares. The dividend
was paid on July 31, 2018, to shareholders of record as of June 29, 2018.

Subsequent Events

On July 13, 2018, the Company sold the Embassy Suites Napa Valley for
$102.0 million and paid off $25.9 million in outstanding first mortgage
associated with the asset.

On July 20, 2018, the Company paid down its revolving credit facility by
$75.0 million. Following the payment, the remaining outstanding balance
on the revolving credit facility was $175.0 million.

2018 Outlook

The Company's outlook includes all hotels owned as of August 7, 2018.
Potential future acquisitions or dispositions could result in a material
change to the Company's outlook. The 2018 outlook is also based on a
number of other assumptions, many of which are outside the Company's
control and all of which are subject to change.

The Company's 2018 outlook revisions only reflect the sale of the
Embassy Suites Napa Valley. No other adjustments have been made.

For the full year 2018, the Company anticipates:

                 
        Current Outlook       Prior Outlook
Pro forma RevPAR growth       -0.5% to +1.0%       -0.5% to +1.0%
Pro forma Hotel EBITDA Margin 31.25% to 32.5% 31.25% to 32.5%
Pro forma Consolidated Hotel EBITDA $555M to $586M $562M to $593M
Adjusted EBITDA $519M to $550M $524M to $555M
Corporate Cash General & Administrative       $37M to $39M       $37M to $39M
 

Earnings Call

The Company will conduct its quarterly analyst and investor conference
call on August 8, 2018, at 9:00 a.m. (Eastern Time). The conference call
can be accessed by dialing (877) 407-3982 or (201) 493-6780 for
international participants and requesting RLJ Lodging Trust's second
quarter earnings conference call. Additionally, a live webcast of the
conference call will be available through the Company's website at http://www.rljlodgingtrust.com.
A replay of the conference call webcast will be archived and available
online through the Investor Relations page of the Company's website.

About Us

RLJ Lodging Trust is a self-advised, publicly traded real estate
investment trust that owns primarily premium-branded, high-margin,
focused-service and compact full-service hotels. The Company's portfolio
consists of 154 hotels with approximately 30,000 rooms located in 26
states and the District of Columbia and an ownership interest in one
unconsolidated hotel with 171 rooms.

Forward Looking Statements

The following information contains certain statements, other than
purely historical information, including estimates, projections,
statements relating to the Company's business plans, objectives and
expected operating results, and the assumptions upon which those
statements are based, that are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933, as amended and Section 21E of
the Securities Exchange Act of 1934, as amended. These forward-looking
statements generally are identified by the use of the words "believe,"
"project," "expect," "anticipate," "estimate," "plan," "may," "will,"
"will continue," "intend," "should," or similar expressions. Although
the Company believes that the expectations reflected in such
forward-looking statements are based upon reasonable assumptions,
beliefs, and expectations, such forward-looking statements are not
predictions of future events or guarantees of future performance and the
Company's actual results could differ materially from those set forth in
the forward-looking statements. Some factors that might cause such a
difference include the following: the current global economic
uncertainty, increased direct competition, changes in government
regulations or accounting rules, changes in local, national, and global
real estate conditions, declines in the lodging industry, seasonality of
the lodging industry, risks related to natural disasters, such as
earthquakes and hurricanes, hostilities, including future terrorist
attacks or fear of hostilities that affect travel, the Company's ability
to obtain lines of credit or permanent financing on satisfactory terms,
changes in interest rates, access to capital through offerings of the
Company's common and preferred shares of beneficial interest, or debt,
the Company's ability to identify suitable acquisitions, the Company's
ability to close on identified acquisitions and integrate those
businesses, and inaccuracies of the Company's accounting estimates.
Given these uncertainties, undue reliance should not be placed on such
statements. Except as required by law, the Company undertakes no
obligation to update or revise publicly any forward-looking statements,
whether as a result of new information, future events, or otherwise. The
Company cautions investors not to place undue reliance on these
forward-looking statements and urges investors to carefully review the
disclosures the Company makes concerning risks and uncertainties in the
sections entitled "Risk Factors," "Forward-Looking Statements," and
"Management's Discussion and Analysis of Financial Condition and Results
of Operations" in the Company's Annual Report, as well as risks,
uncertainties, and other factors discussed in other documents filed by
the Company with the Securities and Exchange Commission.

For additional information or to receive press releases via email,
please visit our website:
http://www.rljlodgingtrust.com

RLJ Lodging Trust

Non-GAAP and Accounting Commentary

Non-Generally Accepted Accounting Principles
("GAAP") Financial Measures

The Company considers the following non-GAAP financial measures useful
to investors as key supplemental measures of its performance: (1) FFO,
(2) Adjusted FFO, (3) EBITDA, (4) EBITDAre,
(5) Adjusted EBITDA, (6) Hotel EBITDA, and (7) Hotel EBITDA Margin.
These non-GAAP financial measures should be considered along with, but
not as alternatives to, net income or loss as a measure of its operating
performance. FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted
EBITDA, Hotel EBITDA, and Hotel EBITDA Margin as calculated by the
Company, may not be comparable to other companies that do not define
such terms exactly as the Company.

FFO

The Company calculates Funds from Operations ("FFO") in accordance with
standards established by the National Association of Real Estate
Investment Trusts, or NAREIT, which defines FFO as net income or loss
(calculated in accordance with GAAP), excluding gains or losses from
sales of real estate, impairment, the cumulative effect of changes in
accounting principles, plus depreciation and amortization, and
adjustments for unconsolidated partnerships and joint ventures.
Historical cost accounting for real estate assets implicitly assumes
that the value of real estate assets diminishes predictably over time.
Since real estate values instead have historically risen or fallen with
market conditions, most real estate industry investors consider FFO to
be helpful in evaluating a real estate company's operations. The Company
believes that the presentation of FFO provides useful information to
investors regarding the Company's operating performance and can
facilitate comparisons of operating performance between periods and
between real estate investment trusts ("REITs"), even though FFO does
not represent an amount that accrues directly to common shareholders.

The Company's calculation of FFO may not be comparable to measures
calculated by other companies who do not use the NAREIT definition of
FFO or do not calculate FFO per diluted share in accordance with NAREIT
guidance. Additionally, FFO may not be helpful when comparing the
Company to non-REITs. The Company presents FFO attributable to common
shareholders, which includes unitholders of limited partnership interest
("OP units") in RLJ Lodging Trust, L.P., the Company's operating
partnership, because the OP units are redeemable for common shares of
the Company. The Company believes it is meaningful for the investor to
understand FFO attributable to all common shares and OP units.

EBITDA and EBITDAre

Earnings Before Interest, Taxes, Depreciation, and Amortization
("EBITDA") is defined as net income or loss excluding: (1) interest
expense; (2) provision for income taxes, including income taxes
applicable to sales of assets; and (3) depreciation and amortization.
The Company considers EBITDA useful to an investor in evaluating and
facilitating comparisons of its operating performance between periods
and between REITs by removing the impact of its capital structure
(primarily interest expense) and asset base (primarily depreciation and
amortization) from its operating results. In addition, EBITDA is used as
one measure in determining the value of hotel acquisitions and
dispositions.

In addition to EBITDA, the Company presents EBITDAre in
accordance with NAREIT guidelines, which defines EBITDAre as net
income or loss (calculated in accordance with GAAP) excluding interest
expense, income tax expense, depreciation and amortization expense,
gains or losses from sales of real estate, impairment, and adjustments
for unconsolidated partnerships and joint ventures. The Company believes
that the presentation of EBITDAre provides useful information to
investors regarding the Company's operating performance and can
facilitate comparisons of operating performance between periods and
between REITs.

Adjustments to FFO and EBITDAre

The Company adjusts FFO and EBITDAre for certain items that the
Company considers outside the normal course of operations or
extraordinary. The Company believes that Adjusted FFO and Adjusted
EBITDA provide useful supplemental information to investors regarding
its ongoing operating performance that, when considered with net income
or loss, FFO, EBITDA, and EBITDAre, are beneficial to an
investor's understanding of its operating performance. The Company
adjusts FFO and EBITDAre for the following items:

  • Transaction Costs: The Company excludes transaction costs
    expensed during the period.
  • Non-Cash Expenses: The Company excludes the effect of certain
    non-cash items such as the amortization of share-based compensation
    and non-cash income taxes.
  • Other Non-Operational Expenses: The Company excludes the effect
    of certain non-operational expenses representing income and expenses
    outside of the normal course of operations, including debt
    modification costs, hurricane-related costs that are not reimbursed by
    insurance, executive transition costs, and activist shareholder costs.

The Company previously presented Adjusted EBITDA in a similar manner,
with the exception of the adjustments for noncontrolling interests in
consolidated joint ventures. The rationale for including 100% of
Adjusted EBITDA for consolidated joint ventures with noncontrolling
interests is that the full amount of any debt of these consolidated
joint ventures is reported in our consolidated balance sheet and metrics
using debt to EBITDA provide a better understanding of the Company's
leverage. This is also consistent with NAREIT's definition of EBITDAre.

Hotel EBITDA and Hotel EBITDA Margin

With respect to Consolidated Hotel EBITDA, the Company believes that
excluding the effect of corporate-level expenses and certain non-cash
items provides a more complete understanding of the operating results
over which individual hotels and operators have direct control. The
Company believes property-level results provide investors with
supplemental information about the ongoing operational performance of
the Company's hotels and the effectiveness of its third-party management
companies.

Pro forma Consolidated Hotel EBITDA includes prior ownership information
provided by the sellers of the hotels for periods prior to our
acquisition of the hotels, which has not been audited and excludes
results from sold hotels as applicable. Pro forma Hotel EBITDA and Pro
forma Hotel EBITDA Margin exclude the results of any non-comparable
hotels that were under renovation or not open for the entirety of the
comparable periods. The following is a summary of pro forma hotel
adjustments:

Pro forma adjustments: Acquired hotels

For the six months ended June 30, 2018, no hotels were acquired.

The Company acquired the following hotels in August 2017 in conjunction
with the FelCor merger:

  • DoubleTree Suites by Hilton Austin
  • DoubleTree Suites by Hilton Orlando - Lake Buena Vista
  • Embassy Suites Atlanta - Buckhead
  • Embassy Suites Birmingham
  • Embassy Suites Boston - Marlborough
  • Embassy Suites Dallas - Love Field
  • Embassy Suites Deerfield Beach - Resort & Spa
  • Embassy Suites Fort Lauderdale 17th Street
  • Embassy Suites Los Angeles - International Airport/South
  • Embassy Suites Mandalay Beach - Hotel & Resort
  • Embassy Suites Miami - International Airport
  • Embassy Suites Milpitas Silicon Valley
  • Embassy Suites Minneapolis - Airport
  • Embassy Suites Myrtle Beach - Oceanfront Resort
  • Embassy Suites Napa Valley
  • Embassy Suites Orlando - International Drive South/Convention Center
  • Embassy Suites Phoenix - Biltmore
  • Embassy Suites San Francisco Airport - South San Francisco
  • Embassy Suites San Francisco Airport - Waterfront
  • Embassy Suites Secaucus - Meadowlands
  • Hilton Myrtle Beach Resort
  • Holiday Inn San Francisco - Fisherman's Wharf
  • San Francisco Marriott Union Square
  • DoubleTree by Hilton Burlington Vermont, formerly the Sheraton
    Burlington Hotel & Conference Center
  • Sheraton Philadelphia Society Hill Hotel
  • The Fairmont Copley Plaza
  • The Knickerbocker, New York
  • The Mills House Wyndham Grand Hotel, Charleston
  • The Vinoy Renaissance St. Petersburg Resort & Golf Club
  • Wyndham Boston Beacon Hill
  • Wyndham Houston - Medical Center Hotel & Suites
  • Wyndham New Orleans - French Quarter
  • Wyndham Philadelphia Historic District
  • Wyndham Pittsburgh University Center
  • Wyndham San Diego Bayside
  • Wyndham Santa Monica At the Pier

Pro forma adjustments: Sold hotels

For the six months ended June 30, 2018, the following hotels were sold:

  • Embassy Suites Boston - Marlborough was sold in February 2018
  • Sheraton Philadelphia Society Hill Hotel was sold in March 2018

For the year ended December 31, 2017, the following hotel was sold:

  • The Fairmont Copley Plaza was sold in December 2017
 
RLJ Lodging Trust
Consolidated Balance Sheets

(Amounts in thousands, except share and per share data)

(unaudited)

 
 
    June 30,
2018
   

December 31,

2017

Assets
Investment in hotel properties, net $ 5,534,069 $ 5,791,925
Investment in unconsolidated joint ventures 23,488 23,885
Cash and cash equivalents 382,455 586,470
Restricted cash reserves 78,222 72,606
Hotel and other receivables, net of allowance of $649 and $510,
respectively
73,617 60,011
Deferred income tax asset, net 55,632 56,761
Intangible assets, net 125,453 133,211
Prepaid expense and other assets 74,870 69,936
Assets of hotel properties held for sale, net   99,415      
Total assets $ 6,447,221   $ 6,794,805  
Liabilities and Equity
Debt, net $ 2,569,066 $ 2,880,488
Accounts payable and other liabilities 208,336 225,664
Deferred income tax liability 5,547 5,547
Advance deposits and deferred revenue 31,725 30,463
Accrued interest 8,126 17,081
Distributions payable   65,852     65,284  
Total liabilities 2,888,652 3,224,527
Equity
Shareholders' equity:
Preferred shares of beneficial interest, $0.01 par value, 50,000,000
shares authorized
Series A Cumulative Convertible Preferred Shares, $0.01 par value,
12,950,000 shares authorized; 12,879,475 shares issued and
outstanding, liquidation value of $328,266, at June 30, 2018 and
December 31, 2017
366,936 366,936
Common shares of beneficial interest, $0.01 par value, 450,000,000
shares authorized; 175,278,298 and 174,869,046 shares issued and
outstanding at June 30, 2018 and December 31, 2017, respectively
1,753 1,749
Additional paid-in capital 3,213,049 3,208,002
Accumulated other comprehensive income 33,639 8,846
Distributions in excess of net earnings   (123,808 )   (82,566 )
Total shareholders' equity 3,491,569 3,502,967
Noncontrolling interest:
Noncontrolling interest in consolidated joint ventures 11,595 11,700
Noncontrolling interest in the Operating Partnership   10,975     11,181  
Total noncontrolling interest   22,570     22,881  
Preferred equity in a consolidated joint venture, liquidation value
of $45,487 and $45,430 at June 30, 2018 and December 31, 2017,
respectively
  44,430     44,430  
Total equity   3,558,569     3,570,278  
Total liabilities and equity $ 6,447,221   $ 6,794,805  
 

Note:

The corresponding notes to the consolidated financial statements
can be found in the Company's Quarterly Report on Form 10-Q.

 
               
RLJ Lodging Trust
Consolidated Statements of Operations

(Amounts in thousands, except share and per share data)

(unaudited)

 
 

For the three months ended

June 30,

For the six months ended

June 30,

2018 2017 2018 2017
Revenue
Operating revenue
Room revenue $ 403,232 $ 253,739 $ 760,877 $ 478,704
Food and beverage revenue 58,444 29,121 110,639 55,812
Other revenue   23,015     9,424     42,769     18,000  
Total revenue $ 484,691   $ 292,284   $ 914,285   $ 552,516  
Expense
Operating expense
Room expense $ 94,459 $ 55,221 $ 184,428 $ 107,143
Food and beverage expense 42,406 20,101 83,669 39,398
Management and franchise fee expense 37,252 29,626 72,928 56,539
Other operating expense   108,556     59,058     214,679     116,880  
Total property operating expense 282,673 164,006 555,704 319,960
Depreciation and amortization 61,648 38,240 123,056 76,905
Property tax, insurance and other 35,537 18,152 70,036 37,310
General and administrative 15,523 10,129 26,436 19,252
Transaction costs   247     3,691     1,920     4,316  
Total operating expense   395,628     234,218     777,152     457,743  
Operating income 89,063 58,066 137,133 94,773
Other income 565 73 1,657 214
Interest income 960 664 2,190 1,149
Interest expense (25,443 ) (14,548 ) (54,144 ) (28,877 )
Gain on extinguishment of indebtedness   7         7,666      
Income before equity in income from unconsolidated joint ventures 65,152 44,255 94,502 67,259
Equity in income from unconsolidated joint ventures   799         418      
Income before income tax expense 65,951 44,255 94,920 67,259
Income tax expense   (2,354 )   (1,821 )   (3,696 )   (2,987 )
Income from operations 63,597 42,434 91,224 64,272
Gain (loss) on sale of hotel properties   796     30     (2,938 )   (30 )
Net income 64,393 42,464 88,286 64,242
Net (income) loss attributable to noncontrolling interests:
Noncontrolling interest in consolidated joint ventures (55 ) (29 ) 179 37
Noncontrolling interest in the Operating Partnership (254 ) (189 ) (327 ) (275 )
Preferred distributions - consolidated joint venture   (370 )       (735 )    
Net income attributable to RLJ 63,714 42,246 87,403 64,004
Preferred dividends   (6,279 )       (12,557 )    
Net income attributable to common shareholders $ 57,435   $ 42,246   $ 74,846   $ 64,004  
Basic per common share data:
Net income per share attributable to common shareholders $ 0.33   $ 0.34   $ 0.43   $ 0.51  
Weighted-average number of common shares   174,238,854     123,785,735     174,216,387     123,760,096  
Diluted per common share data:
Net income per share attributable to common shareholders $ 0.33   $ 0.34   $ 0.43   $ 0.51  
Weighted-average number of common shares   174,364,547     123,871,762     174,316,348     123,856,388  
 

Note:

The Statements of Comprehensive Income and corresponding notes to
the consolidated financial statements can be found in the
Company's Quarterly Report on Form 10-Q.

 
 
RLJ Lodging Trust
Reconciliation of Non-GAAP Measures

(Amounts in thousands, except per share data)

(unaudited)

 
 

FFO Attributable to Common Shareholders and Unitholders

 
   

For the three months ended

June 30,

   

For the six months ended

June 30,

2018     2017 2018     2017
Net income $ 64,393 $ 42,464 $ 88,286 $ 64,242
Preferred dividends (6,279 ) (12,557 )
Preferred distributions - consolidated joint venture (370 ) (735 )
Depreciation and amortization 61,648 38,240 123,056 76,905
(Gain) loss on sale of hotel properties (796 ) (30 ) 2,938 30
Noncontrolling interest in consolidated joint ventures (55 ) (29 ) 179 37
Adjustments related to consolidated joint ventures (1) (80 ) (30 ) (155 ) (62 )
Adjustments related to unconsolidated joint ventures (2)   669         1,337      
FFO 119,130 80,615 202,349 141,152
Transaction costs 247 3,691 1,920 4,316
Gain on extinguishment of indebtedness (7 ) (7,666 )
Amortization of share-based compensation 3,172 3,134 5,686 5,469
Non-cash income tax expense 1,826 1,323 2,929 2,261
Other expenses (3)   3,547         4,168      
Adjusted FFO $ 127,915   $ 88,763   $ 209,386   $ 153,198  
 
Adjusted FFO per common share and unit-basic $ 0.73 $ 0.71 $ 1.20 $ 1.23
Adjusted FFO per common share and unit-diluted $ 0.73 $ 0.71 $ 1.20 $ 1.23
 
Basic weighted-average common shares and units outstanding (4) 175,013 124,344 174,990 124,319
Diluted weighted-average common shares and units outstanding (4) 175,138 124,431 175,090 124,415
 

Note:

(1)   Includes depreciation and amortization expense allocated to the
noncontrolling interest in the consolidated joint ventures.
(2) Includes our ownership interest of the depreciation and amortization
expense of the unconsolidated joint ventures.
(3) Represents income and expenses outside of the normal course of
operations, including debt modification costs, hurricane-related
costs that are not reimbursed by insurance, executive transition
costs, and activist shareholder costs.
(4) Includes 0.8 million and 0.6 million weighted-average operating
partnership units for the three and six month periods ended June 30,
2018 and 2017, respectively.
 
 
RLJ Lodging Trust
Reconciliation of Non-GAAP Measures

(Amounts in thousands)

(unaudited)

 
Earnings Before Interest, Taxes, Depreciation and Amortization
(EBITDA)
 
   

For the three months ended

June 30,

   

For the six months ended

June 30,

2018     2017 2018     2017
Net income $ 64,393 $ 42,464 $ 88,286 $ 64,242
Depreciation and amortization 61,648 38,240 123,056 76,905
Interest expense, net (1) 24,483 14,399 51,954 28,716
Income tax expense 2,354 1,821 3,696 2,987
Adjustments related to unconsolidated joint ventures (2)   796         1,591      
EBITDA 153,674 96,924 268,583 172,850
(Gain) loss on sale of hotel properties   (796 )   (30 )   2,938     30  
EBITDAre 152,878 96,894 271,521 172,880
Transaction costs 247 3,691 1,920 4,316
Gain on extinguishment of indebtedness (7 ) (7,666 )
Amortization of share-based compensation 3,172 3,134 5,686 5,469
Other expenses (3)   3,547         4,168      
Adjusted EBITDA 159,837 103,719 275,629 182,665
General and administrative (4) 12,351 6,995 20,750 13,783
Other corporate adjustments   (3,144 )   (356 )   (2,762 )   (356 )
Consolidated Hotel EBITDA   169,044     110,358     293,617     196,092  
Pro forma adjustments - loss (income) from sold hotels 233 (76 ) (346 ) (249 )
Pro forma adjustments - income from prior ownership of acquired
hotels (5)
      59,966         106,724  
Pro forma Consolidated Hotel EBITDA   169,277     170,248     293,271     302,567  
Pro forma adjustments - income from non-comparable hotels                
Pro forma Hotel EBITDA $ 169,277   $ 170,248   $ 293,271   $ 302,567  
 

Note:

(1)   Excludes amounts attributable to investment in loans of $0.5 million
and $1.0 million for the three and six months ended June 30, 2017,
respectively.
(2) Includes our ownership interest of the interest, depreciation, and
amortization expense of the unconsolidated joint ventures.
(3) Represents income and expenses outside of the normal course of
operations, including debt modification costs, hurricane-related
costs that are not reimbursed by insurance, executive transition
costs, and activist shareholder costs.
(4) General and administrative expenses exclude amortization of
share-based compensation reflected in Adjusted EBITDA.
(5) The information above includes results for periods prior to the
Company's ownership. The information has not been audited and is
presented only for comparison purposes.
 
       
RLJ Lodging Trust
Reconciliation of Non-GAAP Measures

(Amounts in thousands)

(unaudited)

 
 
Pro forma Hotel EBITDA Margin
 

For the three months ended

June 30,

For the six months ended

June 30,

2018     2017 2018     2017
Total revenue $ 484,691 $ 292,284 $ 914,285 $ 552,516
Pro forma adjustments - net revenue from sold hotels 142 (2 ) (5,755 ) (12 )
Pro forma adjustments - revenue from prior ownership of acquired
hotels (1)
183,436 349,215
Other corporate adjustments / non-hotel revenue   (1,212 )   (15 )   (1,626 )   (29 )
Pro forma Hotel Revenue $ 483,621   $ 475,703   $ 906,904   $ 901,690  
 
Pro forma Hotel EBITDA $ 169,277   $ 170,248   $ 293,271   $ 302,567  
 
Pro forma Hotel EBITDA Margin 35.0 % 35.8 % 32.3 % 33.6 %
 

Note:

(1)   The information above includes results for periods prior to the
Company's ownership. The information has not been audited and is
presented only for comparison purposes.
 
                   
RLJ Lodging Trust
Consolidated Debt Summary

(Amounts in thousands)

(unaudited)

 
 
Loan

Base Term

(Years)

   

Maturity

(incl. extensions)

   

Floating /

Fixed

   

Interest

Rate (1)

Balance as of

June 30, 2018 (2)

Secured Debt
Scotiabank - 1 hotel 4 Nov 2018 Floating 4.76 % $ 85,000
Wells Fargo - 4 hotels 3 Oct 2021 Floating (3) 4.07 % 150,000
Wells Fargo - 4 hotels 2 Mar 2022 Floating (3) 4.04 % 141,750
Wells Fargo - 1 hotel 10 Jun 2022 Fixed 5.25 % 31,735
PNC - 3 hotels 10 Oct 2022 Fixed 4.95 % 83,522
Wells Fargo - 1 hotel 10 Oct 2022 Fixed 4.95 % 33,137
Prudential - 1 hotel 10 Oct 2022 Fixed 4.94 % 29,273
PNC - 5 hotels 5     Mar 2023     Floating     4.19 %   85,000
Weighted-Average / Secured Total 4.43 % $ 639,417
 
Unsecured Debt
Revolver (4) 4 Apr 2021 Floating 3.59 % $ 250,000
$400 Million Term Loan Maturing 2021 5 Apr 2021 Floating (3)(5) 3.06 % 400,000
$150 Million Term Loan Maturing 2022 7 Jan 2022 Floating (3) 3.08 % 150,000
$400 Million Term Loan Maturing 2023 5 Jan 2023 Floating (3)(5) 3.17 % 400,000
$225 Million Term Loan Maturing 2023 5 Jan 2023 Floating (3) 3.44 % 225,000
Senior Unsecured Notes 10     Jun 2025     Fixed     6.00 %   475,000
Weighted-Average / Unsecured Total 3.93 % $ 1,900,000
   
Weighted-Average / Gross Debt 4.06 % $ 2,539,417
 

Note:

(1)   Interest rates as of June 30, 2018.
(2) Excludes the impact of fair value adjustments and deferred financing
costs.
(3) The floating interest rate is hedged with an interest rate swap.
(4) As of June 30, 2018, there was $350.0 million of borrowing capacity
on the revolver, which is charged an unused commitment fee of 0.30%
annually.
(5) Reflects interest rate swap on $350.0 million.
 
                 
RLJ Lodging Trust
Pro forma Operating Statistics - Top 60 Assets

(unaudited)

 
 
Property       City/State       # of Rooms      

Pro forma Consolidated

Hotel EBITDA

The Knickerbocker New York New York, NY 330 $12,487
Marriott Louisville Downtown Louisville, KY 616 11,623
Wyndham San Diego Bayside San Diego, CA 600 9,954
The Vinoy Renaissance St. Petersburg Resort & Golf Club St Petersburg, FL 362 9,428
San Francisco Marriott Union Square San Francisco, CA 401 9,354
The Mills House Wyndham Grand Hotel Charleston, SC 216 9,172
Wyndham Boston Beacon Hill Boston, MA 304 9,093
DoubleTree Metropolitan Hotel New York City New York, NY 764 9,068
Embassy Suites San Francisco Airport - Waterfront Burlingame, CA 340 8,591
Embassy Suites Tampa Downtown Convention Center Tampa, FL 360 8,471
Embassy Suites Los Angeles - International Airport South El Segundo, CA 349 8,443
Courtyard Austin Downtown Convention Center Austin, TX 270 8,427
Embassy Suites Mandalay Beach - Hotel & Resort Oxnard, CA 250 8,188
Courtyard Portland City Center Portland, OR 256 8,182
Embassy Suites Fort Lauderdale 17th Street Fort Lauderdale, FL 361 8,055
Wyndham New Orleans - French Quarter New Orleans, LA 374 7,856
Hilton Myrtle Beach Resort Myrtle Beach, SC 385 7,758
DoubleTree Grand Key Resort Key West, FL 216 7,506
Embassy Suites Myrtle Beach - Oceanfront Resort Myrtle Beach, SC 255 7,088
Residence Inn Palo Alto Los Altos Los Altos, CA 156 6,873
Courtyard San Francisco San Francisco, CA 166 6,829
Wyndham Santa Monica At the Pier Santa Monica, CA 132 6,722
Wyndham Philadelphia Historic District Philadelphia, PA 364 6,669
Courtyard Chicago Downtown Magnificent Mile Chicago, IL 306 6,431
Embassy Suites Deerfield Beach - Resort & Spa Deerfield Beach, FL 244 6,411
Embassy Suites San Francisco Airport - South San Francisco South San Francisco, CA 312 6,242
Hilton Garden Inn San Francisco Oakland Bay Brg Emeryville, CA 278 6,213
Hyatt House Emeryville San Francisco Bay Area Emeryville, CA 234 6,183
Renaissance Pittsburgh Hotel Pittsburgh, PA 300 6,143
Fairfield Inn & Suites Washington DC Downtown Washington, DC 198 6,058
Hyatt House Santa Clara Santa Clara, CA 150 5,995
Wyndham Houston - Medical Center Hotel & Suites Houston, TX 287 5,877
Hyatt House San Jose Silicon Valley San Jose, CA 164 5,861
Hilton Cabana Miami Beach Miami Beach, FL 231 5,729
Marriott Denver South @ Park Meadows Lone Tree, CO 279 5,470
Courtyard Waikiki Beach Honolulu, HI 403 5,460
Embassy Suites Boston Waltham Waltham, MA 275 5,375
Embassy Suites Atlanta - Buckhead Atlanta, GA 316 5,355
Renaissance Fort Lauderdale Plantation Hotel Plantation, FL 250 5,316
Residence Inn Bethesda Downtown Bethesda, MD 188 5,249
DoubleTree Suites by Hilton Austin Austin, TX 188 5,235
Embassy Suites Irvine Orange County Irvine, CA 293 5,030
Embassy Suites Los Angeles Downey Downey, CA 220 5,019
Hyatt House San Diego Sorrento Mesa San Diego, CA 193 4,833
Residence Inn Austin Downtown Convention Center Austin, TX 179 4,776
Embassy Suites Milpitas Silicon Valley Milpitas, CA 266 4,746
Hilton Garden Inn Los Angeles Hollywood Los Angeles, CA 160 4,716
Courtyard Charleston Historic District Charleston, SC 176 4,680
Marriott Denver Airport @ Gateway Park Aurora, CO 238 4,645
Homewood Suites Washington DC Downtown Washington, DC 175 4,636
Renaissance Boulder Flatiron Hotel Broomfield, CO 232 4,635
Embassy Suites Orlando - International Drive South/Convention Center Orlando, FL 244 4,606
Hyatt Place Washington DC Downtown K Street Washington, DC 164 4,293
Embassy Suites Dallas - Love Field Dallas, TX 248 4,288
Embassy Suites Minneapolis - Airport Bloomington, MN 310 4,190
Hyatt Place Fremont Silicon Valley Fremont, CA 151 4,057
Hilton Garden Inn New Orleans Convention Center New Orleans, LA 286 4,019
Residence Inn National Harbor Washington DC Oxon Hill, MD 162 3,881
Wyndham Pittsburgh University Center Pittsburgh, PA 251 3,765
Embassy Suites Phoenix - Biltmore Phoenix, AZ 232       3,684
Top 60 Assets 16,610 384,939
Other (94 Assets) 13,395       195,357
Total Portfolio 30,005       $580,296
 

Note: For the trailing twelve months ended June 30, 2018.
Results reflect 100% of the financial results of three consolidated
joint ventures and exclude the Chateau LeMoyne-French Quarter New
Orleans, which is an unconsolidated hotel, and the Embassy Suites Napa
Valley, which was sold subsequent to June 30, 2018. Amounts in
thousands, except rooms. The information above includes results for
periods prior to the Company's ownership. The information has not been
audited and is presented only for comparison purposes.

 
RLJ Lodging Trust
Pro forma Operating Statistics
 
 
For the three months ended June 30, 2018 and June 30, 2017
 
Top Markets    

# of

Hotels

    Occupancy     ADR     RevPAR
2018     2017     Var 2018     2017     Var 2018     2017     Var
Northern California 14 85.0 % 87.8 % (3.2 )% $ 228.31 $ 214.95 6.2 % $ 193.96 $ 188.71 2.8 %
South Florida 13 86.5 % 83.1 % 4.1 % 158.72 154.55 2.7 % 137.23 128.42 6.9 %
Southern California 9 86.5 % 86.4 % 0.1 % 182.54 181.26 0.7 % 157.88 156.68 0.8 %
Austin 14 80.3 % 79.3 % 1.2 % 162.73 171.56 (5.1 )% 130.63 136.05 (4.0 )%
Houston 11 74.3 % 69.3 % 7.2 % 143.43 138.68 3.4 % 106.58 96.09 10.9 %
Washington, DC 8 87.7 % 85.3 % 2.7 % 208.11 208.74 (0.3 )% 182.42 178.15 2.4 %
Denver 13 78.5 % 80.5 % (2.5 )% 143.95 145.28 (0.9 )% 112.97 116.96 (3.4 )%
Chicago 14 78.4 % 76.0 % 3.2 % 152.40 154.88 (1.6 )% 119.49 117.64 1.6 %
Louisville 5 67.1 % 75.4 % (11.0 )% 181.37 187.27 (3.2 )% 121.72 141.28 (13.8 )%
New York City 5 91.7 % 91.1 % 0.7 % 250.44 243.91 2.7 % 229.71 222.21 3.4 %
Other 49 80.9 %     80.6 %     0.4 %   167.60       166.52     0.6 %   135.60       134.18     1.1 %
Total 155 81.9 %     81.7 %     0.3 % $ 179.06     $ 177.28     1.0 % $ 146.72     $ 144.78     1.3 %
 
 
Service Level

# of

Hotels

Occupancy ADR RevPAR
2018 2017 Var 2018 2017 Var 2018 2017 Var
Focused-Service 102 82.0 % 80.3 % 2.1 % $ 165.60 $ 165.65 0.0 % $ 135.71 $ 132.95 2.1 %
Compact Full-Service 48 83.5 % 83.9 % (0.5 )% 190.82 187.15 2.0 % 159.37 157.05 1.5 %
Full-Service 5 70.7 %     76.5 %     (7.6 )%   200.08       194.06     3.1 %   141.37       148.43     (4.8 )%
Total 155 81.9 %     81.7 %     0.3 % $ 179.06     $ 177.28     1.0 % $ 146.72     $ 144.78     1.3 %
 
 
Chain Scale

# of

Hotels

Occupancy ADR RevPAR
2018 2017 Var 2018 2017 Var 2018 2017 Var
Upper Upscale 39 80.3 % 81.5 % (1.4 )% $ 186.14 $ 182.82 1.8 % $ 149.53 $ 148.96 0.4 %
Upscale 98 82.9 % 81.9 % 1.2 % 173.11 172.33 0.5 % 143.49 141.10 1.7 %
Upper Midscale 16 82.4 % 80.6 % 2.2 % 167.95 166.70 0.7 % 138.39 134.36 3.0 %
Other 2 81.8 %     83.9 %     (2.6 )%   300.88       286.11     5.2 %   245.99       240.08     2.5 %
Total 155 81.9 %     81.7 %     0.3 % $ 179.06     $ 177.28     1.0 % $ 146.72     $ 144.78     1.3 %
 
 
Flags

# of

Hotels

Occupancy ADR RevPAR
2018 2017 Var 2018 2017 Var 2018 2017 Var
Residence Inn 29 83.2 % 80.8 % 2.9 % $ 155.78 $ 158.25 (1.6 )% $ 129.54 $ 127.82 1.3 %
Courtyard 24 81.8 % 81.9 % (0.1 )% 175.78 173.95 1.1 % 143.77 142.38 1.0 %
Embassy Suites 23 82.7 % 83.2 % (0.7 )% 178.26 174.67 2.1 % 147.35 145.39 1.3 %
Hyatt House 11 85.9 % 83.4 % 3.0 % 178.41 174.83 2.0 % 153.33 145.88 5.1 %
Hilton Garden Inn 8 81.0 % 77.7 % 4.3 % 164.74 162.27 1.5 % 133.52 126.04 5.9 %
SpringHill Suites 8 74.1 % 73.4 % 1.0 % 132.45 135.15 (2.0 )% 98.17 99.21 (1.0 )%
Wyndham 8 83.5 % 82.5 % 1.1 % 185.71 185.67 0.0 % 154.99 153.21 1.2 %
Fairfield Inn & Suites 7 82.7 % 79.7 % 3.9 % 166.33 175.83 (5.4 )% 137.64 140.08 (1.7 )%
Hampton Inn 7 81.4 % 76.5 % 6.3 % 142.36 143.02 (0.5 )% 115.84 109.43 5.9 %
Marriott 6 73.4 % 78.1 % (6.1 )% 202.65 202.27 0.2 % 148.76 158.05 (5.9 )%
DoubleTree 6 87.5 % 88.8 % (1.5 )% 202.55 198.61 2.0 % 177.17 176.40 0.4 %
Renaissance 4 80.5 % 80.5 % 0.0 % 188.56 182.97 3.1 % 151.82 147.37 3.0 %
Hyatt Place 3 84.7 % 86.3 % (1.9 )% 203.11 194.99 4.2 % 171.95 168.35 2.1 %
Homewood Suites 2 84.9 % 85.4 % (0.6 )% 203.33 201.82 0.7 % 172.55 172.29 0.2 %
Hilton 2 76.4 % 76.8 % (0.5 )% 178.08 176.08 1.1 % 136.05 135.21 0.6 %
Hyatt 2 80.6 % 78.8 % 2.4 % 196.85 185.80 5.9 % 158.71 146.32 8.5 %
Other 5 81.9 %     84.5 %     (3.1 )%   234.14       218.76     7.0 %   191.67       184.81     3.7 %
Total 155 81.9 %     81.7 %     0.3 % $ 179.06     $ 177.28     1.0 % $ 146.72     $ 144.78     1.3 %
 

Note: Results reflect 100% of the financial results of three
consolidated joint ventures and exclude the Chateau LeMoyne-French
Quarter New Orleans, which is an
unconsolidated hotel. The
information above includes results for periods prior to the Company's
ownership. The information has not been audited and is presented
only
for comparison purposes.

 
RLJ Lodging Trust
Pro forma Operating Statistics
 
 
For the six months ended June 30, 2018 and June 30, 2017
 
Top Markets    

# of

Hotels

    Occupancy     ADR     RevPAR
2018     2017     Var 2018     2017     Var 2018     2017     Var
Northern California 14 81.9 % 84.3 % (2.9 )% $ 222.21 $ 217.34 2.2 % $ 181.97 $ 183.28 (0.7 )%
South Florida 13 89.0 % 85.6 % 4.1 % 192.63 186.44 3.3 % 171.52 159.54 7.5 %
Southern California 9 85.2 % 84.9 % 0.4 % 177.39 177.19 0.1 % 151.22 150.45 0.5 %
Austin 14 78.5 % 79.4 % (1.2 )% 170.26 177.31 (4.0 )% 133.59 140.82 (5.1 )%
Houston 11 73.8 % 70.8 % 4.1 % 144.15 151.90 (5.1 )% 106.32 107.61 (1.2 )%
Washington, DC 8 81.2 % 77.8 % 4.3 % 191.91 201.07 (4.6 )% 155.78 156.42 (0.4 )%
Denver 13 73.1 % 74.9 % (2.5 )% 137.17 137.02 0.1 % 100.26 102.68 (2.4 )%
Chicago 14 69.0 % 65.1 % 6.0 % 139.31 140.80 (1.1 )% 96.12 91.61 4.9 %
Louisville 5 62.9 % 68.1 % (7.6 )% 162.38 170.25 (4.6 )% 102.15 115.89 (11.9 )%
New York City 5 87.7 % 85.5 % 2.5 % 214.50 210.65 1.8 % 188.04 180.12 4.4 %
Other 49 76.9 %     77.4 %     (0.7 )%   165.25       163.90     0.8 %   127.06       126.87     0.1 %
Total 155 78.6 %     78.4 %     0.2 % $ 176.12     $ 175.90     0.1 % $ 138.41     $ 137.91     0.4 %
 
 
Service Level

# of

Hotels

Occupancy ADR RevPAR
2018 2017 Var 2018 2017 Var 2018 2017 Var
Focused-Service 102 78.0 % 76.8 % 1.6 % $ 161.48 $ 163.64 (1.3 )% $ 126.01 $ 125.71 0.2 %
Compact Full-Service 48 81.1 % 81.4 % (0.3 )% 190.12 187.65 1.3 % 154.23 152.74 1.0 %
Full-Service 5 64.9 %     69.4 %     (6.4 )%   186.99       182.10     2.7 %   121.37       126.34     (3.9 )%
Total 155 78.6 %     78.4 %     0.2 % $ 176.12     $ 175.90     0.1 % $ 138.41     $ 137.91     0.4 %
 
 
Chain Scale

# of

Hotels

Occupancy ADR RevPAR
2018 2017 Var 2018 2017 Var 2018 2017 Var
Upper Upscale 39 78.1 % 78.8 % (0.9 )% $ 190.14 $ 187.53 1.4 % $ 148.46 $ 147.70 0.5 %
Upscale 98 79.1 % 78.5 % 0.7 % 166.79 167.70 (0.5 )% 131.93 131.67 0.2 %
Upper Midscale 16 77.7 % 77.0 % 0.9 % 163.75 166.21 (1.5 )% 127.26 127.99 (0.6 )%
Other 2 76.1 %     73.7 %     3.3 %   268.06       263.76     1.6 %   204.04       194.36     5.0 %
Total 155 78.6 %     78.4 %     0.2 % $ 176.12     $ 175.90     0.1 % $ 138.41     $ 137.91     0.4 %
 
 
Flags

# of

Hotels

Occupancy ADR RevPAR
2018 2017 Var 2018 2017 Var 2018 2017 Var
Residence Inn 29 79.6 % 78.1 % 1.9 % $ 155.20 $ 157.93 (1.7 )% $ 123.48 $ 123.28 0.2 %
Courtyard 24 78.2 % 78.1 % 0.1 % 166.94 168.68 (1.0 )% 130.60 131.79 (0.9 )%
Embassy Suites 23 81.3 % 81.7 % (0.4 )% 184.63 181.67 1.6 % 150.12 148.37 1.2 %
Hyatt House 11 83.7 % 80.8 % 3.6 % 176.10 174.40 1.0 % 147.43 140.92 4.6 %
Hilton Garden Inn 8 77.3 % 74.2 % 4.2 % 163.49 163.23 0.2 % 126.45 121.19 4.3 %
SpringHill Suites 8 68.9 % 70.5 % (2.3 )% 129.31 134.94 (4.2 )% 89.10 95.19 (6.4 )%
Wyndham 8 78.9 % 78.1 % 1.0 % 173.99 175.11 (0.6 )% 137.22 136.72 0.4 %
Fairfield Inn & Suites 7 77.7 % 76.0 % 2.1 % 163.27 174.76 (6.6 )% 126.78 132.88 (4.6 )%
Hampton Inn 7 77.7 % 73.7 % 5.4 % 143.18 144.01 (0.6 )% 111.24 106.11 4.8 %
Marriott 6 69.1 % 73.0 % (5.3 )% 199.67 201.73 (1.0 )% 137.98 147.26 (6.3 )%
DoubleTree 6 83.8 % 86.3 % (2.8 )% 190.64 185.30 2.9 % 159.84 159.86 0.0 %
Renaissance 4 79.2 % 77.9 % 1.6 % 197.40 193.08 2.2 % 156.28 150.44 3.9 %
Hyatt Place 3 80.1 % 82.0 % (2.4 )% 187.37 186.88 0.3 % 150.01 153.24 (2.1 )%
Homewood Suites 2 75.9 % 78.5 % (3.2 )% 185.27 191.61 (3.3 )% 140.70 150.32 (6.4 )%
Hilton 2 70.4 % 69.2 % 1.8 % 181.73 173.44 4.8 % 127.99 119.94 6.7 %
Hyatt 2 81.2 % 79.4 % 2.3 % 198.61 193.49 2.6 % 161.27 153.60 5.0 %
Other 5 76.6 %     78.2 %     (2.0 )%   217.02       209.74     3.5 %   166.32       164.02     1.4 %
Total 155 78.6 %     78.4 %     0.2 % $ 176.12     $ 175.90     0.1 % $ 138.41     $ 137.91     0.4 %
 

Note: Results reflect 100% of the financial results of three
consolidated joint ventures and exclude the Chateau LeMoyne-French
Quarter New Orleans, which is an
unconsolidated hotel. The
information above includes results for periods prior to the Company's
ownership. Wyndham hotels reclassified to Upscale to conform with
Smith
Travel Research chain scale definitions. The information has not been
audited and is presented only for comparison purposes.

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