BHR - Braemar Hotels & Resorts Reports Second Quarter 2019 Results
DALLAS, July 31, 2019 /PRNewswire/ -- Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today reported the following results and performance measures for the second quarter ended June 30, 2019. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company's hotel portfolio as of June 30, 2019 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, 2019, with the second quarter ended June 30, 2018 (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 6.9%
FINANCIAL AND OPERATING HIGHLIGHTS
- Net loss attributable to common stockholders for the quarter was $7.0 million or $0.22 per diluted share.
- Comparable RevPAR for all hotels decreased 2.3% to $232.94 during the quarter.
- Comparable RevPAR for all hotels not under renovation decreased 1.9% to $252.39 during the quarter.
- Comparable RevPAR for all hotels excluding Marriott Seattle Waterfront and The Notary Hotel increased 0.8% to $245.53 during the quarter.
- Adjusted funds from operations (AFFO) was $0.42 per diluted share for the quarter.
- Adjusted EBITDAre was $32.8 million for the quarter.
- Subsequent to quarter end, the Company announced the planned opening of The Clancy Hotel, an Autograph Collection property, in downtown San Francisco. The re-branded property, a conversion of the Courtyard San Francisco Downtown, is expected to officially open in January 2020.
- Subsequent to quarter end, the Company announced the opening of The Notary Hotel, an Autograph Collection property, in downtown Philadelphia. The re-branded property is a conversion of the Courtyard Philadelphia Downtown hotel.
- Capex invested during the quarter was $36.1 million.
UPDATE ON BUSINESS INTERRUPTION INCOME
During the quarter, the Company recognized $6.6 million of business interruption ("BI") income for the Ritz-Carlton St. Thomas related to lost profits for the period of March 2019 through May 2019 due to the impact of Hurricane Irma.
The Company will continue to work with its insurers on the claims at the Ritz-Carlton St. Thomas and expects to continue to receive additional BI income through at least the reopening of the property which is scheduled for the fourth quarter of 2019.
PLANNED OPENING OF THE CLANCY HOTEL
On July 11, 2019, the Company announced the planned opening of The Clancy Hotel in January 2020. Located in San Francisco's vibrant South of Market district, the former Courtyard San Francisco Downtown is undergoing a rebranding and renovation of approximately $30 million to create The Clancy Hotel. The hotel will join Marriott International's Autograph Collection Hotels, a diverse portfolio of independent hotels around the world that reflect unique vision, design, and environments.
OPENING OF THE NOTARY HOTEL
On July 17, 2019, the Company announced the opening of The Notary Hotel, an Autograph Collection property, in downtown Philadelphia. This is the new branding for the former Courtyard Philadelphia Downtown. Listed on the National Register of Historic Places, the deluxe hotel has undergone an approximate $20 million renovation, fusing Philadelphia's unique soul with its historic legacy and now joins Marriott International's Autograph Collection, a diverse portfolio of independent hotels around the world that reflect unique vision, design, and environments.
CAPITAL STRUCTURE
At June 30, 2019, the Company had total assets of $1.8 billion and $1.1 billion of mortgage loans of which $49 million related to its joint venture partner's share of the mortgage loan on the Capital Hilton and Hilton La Jolla Torrey Pines. The Company's total combined mortgage loans had a blended average interest rate of 4.7%.
PORTFOLIO REVPAR
As of June 30, 2019, the portfolio consisted of thirteen properties. During the second quarter of 2019, nine 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 (9 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 decreased 2.3% to $232.94 for all hotels on a 1.4% increase in ADR and a 3.7% decrease in occupancy.
- Comparable RevPAR decreased 1.9% to $252.39 for all hotels not under renovation on a 1.9% decrease in ADR and relatively flat 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. To help investors better understand the substantial seasonality in the Company's portfolio, 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, 2019, 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, 2019. The dividend, which equates to an annual rate of $0.64 per share, was paid on July 15, 2019, to shareholders of record as of June 28, 2019.
"We continue to diligently execute on our strategy of focusing on the luxury hotel segment," said Richard J. Stockton, Braemar's President and Chief Executive Officer. "Demand continues to be strong in our markets, with limited new supply, and we believe our portfolio has several factors that position us well to outperform. We are executing on our business plan of converting two of our properties to Autograph Collection hotels, with The Notary Hotel in Philadelphia now open and our Courtyard San Francisco Downtown scheduled to convert to The Clancy Hotel in January 2020. Looking ahead, our portfolio of luxury hotels and resorts has unique aspects that are expected to result in RevPAR performance that may not necessarily track the broader market, and we are committed to enhancing shareholder value and focused on delivering solid operational performance in the second half of 2019."
The Company plans to host an Investor Day on October 3, 2019 at the St. Regis Hotel in New York City. More information will be forthcoming about this event.
INVESTOR CONFERENCE CALL AND SIMULCAST
Braemar will conduct a conference call on Thursday, August 1, 2019, at 11:00 a.m. ET. The number to call for this interactive teleconference is (323) 794-2093. A replay of the conference call will be available through Thursday, August 8, 2019, by dialing (719) 457-0820 and entering the confirmation number, 4291364.
The Company will also provide an online simulcast and rebroadcast of its second quarter 2019 earnings release conference call. The live broadcast of Braemar's quarterly conference call will be available online at the Company's web site, www.bhrreit.com on Thursday, August 1, 2019, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.
We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.
Braemar Hotels & Resorts 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 federal securities regulations. Forward-looking statements in this press release may include, among others, statements about the implied share price for the Company's common stock. 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 Braemar'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 conditions 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 Braemar's filings with the Securities and Exchange Commission.
The forward-looking statements included in this press release are only made as of the date of this press release. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. 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.
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) (unaudited) |
June 30, |
December 31, |
ASSETS |
Investments in hotel properties, gross |
$ |
1,748,734 |
$ |
1,562,806 |
Accumulated depreciation |
(288,319) |
(262,905) |
Investments in hotel properties, net |
1,460,415 |
1,299,901 |
Cash and cash equivalents |
80,360 |
182,578 |
Restricted cash |
70,064 |
75,910 |
Accounts receivable, net of allowance of $119 and $101, respectively |
19,266 |
12,739 |
Inventories |
2,321 |
1,862 |
Prepaid expenses |
8,246 |
4,409 |
Investment in Ashford Inc., at fair value |
6,195 |
10,114 |
Investment in OpenKey |
1,821 |
1,766 |
Derivative assets |
911 |
772 |
Other assets |
10,847 |
13,831 |
Operating lease right-of-use assets |
82,353 |
— |
Intangible assets, net |
5,208 |
27,678 |
Due from related party, net |
875 |
— |
Due from third-party hotel managers |
11,557 |
4,927 |
Total assets |
$ |
1,760,439 |
$ |
1,636,487 |
LIABILITIES AND EQUITY |
Liabilities: |
Indebtedness, net |
$ |
1,047,681 |
$ |
985,873 |
Accounts payable and accrued expenses |
85,542 |
64,116 |
Dividends and distributions payable |
9,334 |
8,514 |
Due to Ashford Inc., net |
4,030 |
4,001 |
Due to related party, net |
— |
224 |
Due to third-party hotel managers |
3,154 |
1,633 |
Operating lease liabilities |
60,779 |
— |
Other liabilities |
27,991 |
29,033 |
Total liabilities |
1,238,511 |
1,093,394 |
5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 4,965,850 shares issued and outstanding at June 30, 2019 and December 31, 2018 |
106,123 |
106,123 |
Redeemable noncontrolling interests in operating partnership |
42,075 |
44,885 |
Equity: |
Preferred stock, $0.01 value, 50,000,000 shares authorized: |
Series D Cumulative Preferred Stock, 1,600,000 shares issued and outstanding at June 30, 2019 and December 31, 2018 |
16 |
16 |
Common stock, $0.01 par value, 200,000,000 shares authorized, 32,879,913 and 32,511,660 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively |
329 |
325 |
Additional paid-in capital |
516,700 |
512,545 |
Accumulated deficit |
(137,775) |
(115,410) |
Total stockholders' equity of the Company |
379,270 |
397,476 |
Noncontrolling interest in consolidated entities |
(5,540) |
(5,391) |
Total equity |
373,730 |
392,085 |
Total liabilities and equity |
$ |
1,760,439 |
$ |
1,636,487 |
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) |
Three Months Ended |
Six Months Ended |
June 30, |
June 30, |
2019 |
2018 |
2019 |
2018 |
REVENUE |
Rooms |
$ |
75,121 |
$ |
78,439 |
$ |
151,852 |
$ |
143,946 |
Food and beverage |
25,790 |
25,393 |
57,904 |
48,893 |
Other |
17,605 |
17,286 |
37,268 |
30,768 |
Total hotel revenue |
118,516 |
121,118 |
247,024 |
223,607 |
Other |
— |
— |
5 |
— |
Total revenue |
118,516 |
121,118 |
247,029 |
223,607 |
EXPENSES |
Hotel operating expenses: |
Rooms |
16,833 |
16,652 |
33,815 |
31,570 |
Food and beverage |
19,394 |
17,287 |
41,604 |
32,907 |
Other expenses |
36,335 |
33,768 |
75,230 |
63,432 |
Management fees |
4,166 |
4,501 |
8,582 |
8,118 |
Total hotel operating expenses |
76,728 |
72,208 |
159,231 |
136,027 |
Property taxes, insurance and other |
5,206 |
6,077 |
12,666 |
11,681 |
Depreciation and amortization |
18,474 |
14,811 |
35,160 |
27,817 |
Impairment charges |
— |
59 |
— |
71 |
Advisory services fee: |
Base advisory fee |
2,860 |
2,313 |
5,520 |
4,420 |
Reimbursable expenses |
681 |
499 |
1,261 |
919 |
Incentive fee |
(1,105) |
691 |
209 |
861 |
Non-cash stock/unit-based compensation |
1,961 |
1,377 |
3,431 |
3,924 |
Transaction costs |
70 |
461 |
704 |
949 |
Corporate, general and administrative: |
Non-cash stock/unit-based compensation |
19 |
— |
38 |
— |
Other general and administrative |
913 |
1,206 |
2,020 |
1,234 |
Total operating expenses |
105,807 |
99,702 |
220,240 |
187,903 |
Gain (loss) on sale of hotel property |
9 |
15,711 |
9 |
15,711 |
OPERATING INCOME (LOSS) |
12,718 |
37,127 |
26,798 |
51,415 |
Equity in earnings (loss) of unconsolidated entity |
(51) |
(62) |
(101) |
(65) |
Interest income |
287 |
230 |
649 |
430 |
Other income (expense) |
(139) |
(63) |
(256) |
(126) |
Interest expense |
(13,034) |
(11,603) |
(26,047) |
(20,794) |
Amortization of loan costs |
(1,021) |
(1,075) |
(2,201) |
(2,063) |
Write-off of loan costs and exit fees |
— |
(4,176) |
(312) |
(4,178) |
Unrealized gain (loss) on investments |
(4,626) |
(6,024) |
(3,919) |
(5,496) |
Unrealized gain (loss) on derivatives |
654 |
(298) |
(218) |
(225) |
INCOME (LOSS) BEFORE INCOME TAXES |
(5,212) |
14,056 |
(5,607) |
18,898 |
Income tax (expense) benefit |
(411) |
(1,202) |
(1,338) |
(1,774) |
NET INCOME (LOSS) |
(5,623) |
12,854 |
(6,945) |
17,124 |
(Income) loss from consolidated entities attributable to noncontrolling interest |
248 |
(89) |
149 |
(47) |
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
865 |
(1,235) |
1,305 |
(1,527) |
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY |
(4,510) |
11,530 |
(5,491) |
15,550 |
Preferred dividends |
(2,532) |
(1,708) |
(5,064) |
(3,415) |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS |
$ |
(7,042) |
$ |
9,822 |
$ |
(10,555) |
$ |
12,135 |
INCOME (LOSS) PER SHARE – BASIC AND DILUTED |
Basic: |
Net income (loss) attributable to common stockholders |
$ |
(0.22) |
$ |
0.30 |
$ |
(0.34) |
$ |
0.37 |
Weighted average common shares outstanding – basic |
32,307 |
32,006 |
32,213 |
31,845 |
Diluted: |
Net income (loss) attributable to common stockholders |
$ |
(0.22) |
$ |
0.29 |
$ |
(0.34) |
$ |
0.37 |
Weighted average common shares outstanding – diluted |
32,307 |
38,588 |
32,213 |
31,853 |
Dividends declared per common share: |
$ |
0.16 |
$ |
0.16 |
$ |
0.32 |
$ |
0.32 |
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre (in thousands) (unaudited) |
Three Months Ended |
Six Months Ended |
June 30, |
June 30, |
2019 |
2018 |
2019 |
2018 |
Net income (loss) |
$ |
(5,623) |
$ |
12,854 |
$ |
(6,945) |
$ |
17,124 |
Interest expense and amortization of loan costs |
14,055 |
12,678 |
28,248 |
22,857 |
Depreciation and amortization |
18,474 |
14,811 |
35,160 |
27,817 |
Income tax expense (benefit) |
411 |
1,202 |
1,338 |
1,774 |
Equity in (earnings) loss of unconsolidated entity |
51 |
62 |
101 |
65 |
Company's portion of EBITDA of OpenKey |
(48) |
(62) |
(97) |
(64) |
EBITDA |
27,320 |
41,545 |
57,805 |
69,573 |
Impairment charges on real estate |
— |
59 |
— |
71 |
(Gain) loss on sale of hotel property |
(9) |
(15,711) |
(9) |
(15,711) |
EBITDAre |
27,311 |
25,893 |
57,796 |
53,933 |
Amortization of favorable (unfavorable) contract assets (liabilities) |
118 |
49 |
237 |
92 |
Transaction and management conversion costs |
235 |
462 |
869 |
965 |
Other (income) expense |
139 |
63 |
256 |
126 |
Write-off of loan costs and exit fees |
— |
4,176 |
312 |
4,178 |
Unrealized (gain) loss on investments |
4,626 |
6,024 |
3,919 |
5,496 |
Unrealized (gain) loss on derivatives |
(654) |
298 |
218 |
225 |
Non-cash stock/unit-based compensation |
2,021 |
1,442 |
3,549 |
4,035 |
Legal, advisory and settlement costs |
75 |
197 |
146 |
(944) |
Advisory services incentive fee |
(1,105) |
691 |
209 |
861 |
Uninsured hurricane and wildfire related costs |
— |
(55) |
— |
412 |
Company's portion of adjustments to EBITDAre of OpenKey |
7 |
2 |
18 |
2 |
Adjusted EBITDAre |
$ |
32,773 |
$ |
39,242 |
$ |
67,529 |
$ |
69,381 |
BRAEMAR HOTELS & RESORTS 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, |
2019 |
2018 |
2019 |
2018 |
Net income (loss) |
$ |
(5,623) |
$ |
12,854 |
$ |
(6,945) |
$ |
17,124 |
(Income) loss from consolidated entities attributable to noncontrolling interest |
248 |
(89) |
149 |
(47) |
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership |
865 |
(1,235) |
1,305 |
(1,527) |
Preferred dividends |
(2,532) |
(1,708) |
(5,064) |
(3,415) |
Net income (loss) attributable to common stockholders |
(7,042) |
9,822 |
(10,555) |
12,135 |
Depreciation and amortization on real estate |
17,669 |
14,052 |
33,573 |
26,310 |
Impairment charges on real estate |
— |
59 |
— |
71 |
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership |
(865) |
1,235 |
(1,305) |
1,527 |
Equity in (earnings) loss of unconsolidated entity |
51 |
62 |
101 |
65 |
(Gain) loss on sale of hotel property |
(9) |
(15,711) |
(9) |
(15,711) |
Company's portion of FFO of OpenKey |
(49) |
(63) |
(100) |
(65) |
FFO available to common stockholders and OP unitholders |
9,755 |
9,456 |
21,705 |
24,332 |
Series B Cumulative Convertible Preferred Stock dividends |
1,707 |
1,708 |
3,414 |
3,415 |
Transaction and management conversion costs |
235 |
462 |
869 |
965 |
Other (income) expense |
139 |
63 |
256 |
126 |
Interest expense accretion on refundable membership club deposits |
213 |
150 |
438 |
150 |
Write-off of loan costs and exit fees |
— |
4,176 |
312 |
4,178 |
Amortization of loan costs |
1,003 |
1,050 |
2,158 |
2,014 |
Unrealized (gain) loss on investments |
4,626 |
6,024 |
3,919 |
5,496 |
Unrealized (gain) loss on derivatives |
(654) |
298 |
218 |
225 |
Non-cash stock/unit-based compensation |
2,021 |
1,442 |
3,549 |
4,035 |
Legal, advisory and settlement costs |
75 |
197 |
146 |
(944) |
Advisory services incentive fee |
(1,105) |
691 |
209 |
861 |
Uninsured hurricane and wildfire related costs |
— |
(55) |
— |
412 |
Company's portion of adjustments to FFO of OpenKey |
8 |
2 |
19 |
2 |
Adjusted FFO available to common stockholders and OP unitholders |
$ |
18,023 |
$ |
25,664 |
$ |
37,212 |
$ |
45,267 |
Adjusted FFO per diluted share available to common stockholders and OP unitholders |
$ |
0.42 |
$ |
0.60 |
$ |
0.86 |
$ |
1.06 |
Weighted average diluted shares |
43,347 |
42,743 |
43,412 |
42,593 |
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES SUMMARY OF INDEBTEDNESS JUNE 30, 2019 (dollars in thousands) (unaudited) |
Lender |
Hotels |
Maturity |
Interest Rate |
Fixed-Rate |
Floating-Rate |
Total |
Comparable TTM |
Comparable TTM EBITDA |
BAML secured revolving credit facility |
Various |
November 2019 |
Base Rate(3) + 1.25% to 2.50% or LIBOR + 2.25% to 3.50% |
$ |
— |
$ |
— |
(1) |
$ |
— |
N/A |
N/A |
Apollo |
Ritz-Carlton St. Thomas |
December 2019 |
LIBOR + 4.95% |
— |
42,000 |
(2) |
42,000 |
$ |
11,440 |
27.2 |
% |
Credit Agricole |
Pier House |
March 2020 |
LIBOR + 2.25% |
— |
70,000 |
(4) |
70,000 |
11,680 |
16.7 |
% |
JPMorgan |
Park Hyatt Beaver Creek |
April 2020 |
LIBOR + 2.75% |
— |
67,500 |
(5) |
67,500 |
10,010 |
14.8 |
% |
BAML |
See footnote |
June 2020 |
LIBOR + 2.16% |
— |
435,000 |
(6) |
435,000 |
48,008 |
11.0 |
% |
BAML |
Hotel Yountville |
May 2022 |
LIBOR + 2.55% |
— |
51,000 |
51,000 |
5,680 |
11.1 |
% |
BAML |
Bardessono |
August 2022 |
LIBOR + 2.55% |
— |
40,000 |
40,000 |
5,826 |
14.6 |
% |
BAML |
Ritz-Carlton Sarasota |
April 2023 |
LIBOR + 2.65% |
— |
100,000 |
100,000 |
12,870 |
12.9 |
% |
BAML |
Ritz-Carlton Lake Tahoe |
January 2024 |
LIBOR + 2.10% |
— |
54,000 |
54,000 |
8,513 |
15.8 |
% |
Prudential |
Capital Hilton and Hilton Torrey Pines |
February 2024 |
LIBOR + 1.70% |
— |
195,000 |
195,000 |
29,364 |
15.1 |
% |
Total |
$ |
— |
$ |
1,054,500 |
$ |
1,054,500 |
$ |
143,391 |
13.6 |
% |
Percentage |
— |
% |
100.0 |
% |
100.0 |
% |
Weighted average interest rate |
— |
% |
4.71 |
% |
4.71 |
% |
All indebtedness is non-recourse with the exception of the secured revolving credit facility. |
(1) |
This credit facility has two one-year extension options subject to advance notice, certain conditions and a 0.25% extension fee beginning November 2019. |
(2) |
This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the second was exercised in December 2018. |
(3) |
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%. |
(4) |
This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the third was exercised in March 2019. |
(5) |
This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the first was exercised in April 2019. |
(6) |
This mortgage loan has five one-year extension options subject to satisfaction of certain conditions. This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, San Francisco Courtyard Downtown, Seattle Marriott Waterfront and The Notary Hotel. |
(7) |
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED JUNE 30, 2019 (dollars in thousands) (unaudited) |
Lender |
Hotels |
2019 |
2020 |
2021 |
2022 |
2023 |
Thereafter |
Total |
BAML secured revolving credit facility |
Various |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
Credit Agricole |
Pier House |
— |
70,000 |
— |
— |
— |
— |
70,000 |
Apollo |
Ritz-Carlton St. Thomas |
— |
42,000 |
— |
— |
— |
— |
42,000 |
JPMorgan |
Park Hyatt Beaver Creek |
— |
— |
— |
67,500 |
— |
— |
67,500 |
BAML |
Hotel Yountville |
— |
— |
— |
51,000 |
— |
— |
51,000 |
BAML |
Bardessono |
— |
— |
— |
40,000 |
— |
— |
40,000 |
BAML |
Ritz-Carlton Sarasota |
— |
— |
— |
— |
98,000 |
— |
98,000 |
BAML |
Ritz-Carlton Lake Tahoe |
— |
— |
— |
— |
— |
54,000 |
54,000 |
Prudential |
Capital Hilton and Hilton Torrey Pines |
— |
— |
— |
— |
— |
195,000 |
195,000 |
BAML |
See footnote 1 |
— |
— |
— |
— |
— |
435,000 |
435,000 |
Principal due in future periods |
$ |
— |
$ |
112,000 |
$ |
— |
$ |
158,500 |
$ |
98,000 |
$ |
684,000 |
$ |
1,052,500 |
Scheduled amortization payments remaining |
— |
— |
500 |
1,000 |
500 |
— |
2,000 |
Total indebtedness |
$ |
— |
$ |
112,000 |
$ |
500 |
$ |
159,500 |
$ |
98,500 |
$ |
684,000 |
$ |
1,054,500 |
(1) |
This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, San Francisco Courtyard Downtown, Seattle Marriott Waterfront and The Notary Hotel. |
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES KEY PERFORMANCE INDICATORS (unaudited) |
ALL HOTELS: |
Three Months Ended June 30, |
Actual |
Non- |
Comparable |
Actual |
Non- |
Comparable |
Actual |
Comparable |
2019 |
2019 |
2019 |
2018 |
2018 |
2018 |
% Variance |
% Variance |
Rooms revenue (in thousands) |
$ |
75,017 |
$ |
— |
$ |
75,017 |
$ |
78,439 |
$ |
153 |
$ |
78,592 |
(4.36) |
% |
(4.55) |
% |
RevPAR |
$ |
232.94 |
$ |
— |
$ |
232.94 |
$ |
236.85 |
$ |
(94.89) |
$ |
238.46 |
(1.65) |
% |
(2.31) |
% |
Occupancy |
80.18 |
% |
— |
% |
80.18 |
% |
84.90 |
% |
(427.73) |
% |
83.23 |
% |
(5.56) |
% |
(3.66) |
% |
ADR |
$ |
290.53 |
$ |
— |
$ |
290.53 |
$ |
278.96 |
$ |
(22.18) |
$ |
286.50 |
4.15 |
% |
1.41 |
% |
ALL HOTELS: |
Six Months Ended June 30, |
Actual |
Non- |
Comparable |
Actual |
Non- |
Comparable |
Actual |
Comparable |
2019 |
2019 |
2019 |
2018 |
2018 |
2018 |
% Variance |
% Variance |
Rooms revenue (in thousands) |
$ |
151,266 |
$ |
1,719 |
$ |
152,985 |
$ |
143,946 |
$ |
11,474 |
$ |
155,420 |
5.09 |
% |
(1.57) |
% |
RevPAR |
$ |
236.04 |
$ |
722.13 |
$ |
237.83 |
$ |
223.45 |
$ |
1,018.48 |
$ |
237.11 |
5.63 |
% |
0.30 |
% |
Occupancy |
77.84 |
% |
77.52 |
% |
77.84 |
% |
81.87 |
% |
(0.28) |
% |
80.46 |
% |
(4.92) |
% |
(3.26) |
% |
ADR |
$ |
303.23 |
$ |
931.53 |
$ |
305.55 |
$ |
272.91 |
NM |
$ |
294.68 |
11.11 |
% |
3.69 |
% |
NOTES: |
(1) |
The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2019, 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. |
(3) |
The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton. |
ALL HOTELS NOT UNDER RENOVATION: |
Three Months Ended June 30, |
Actual |
Non- |
Comparable |
Actual |
Non- |
Comparable |
Actual |
Comparable |
2019 |
2019 |
2019 |
2018 |
2018 |
2018 |
% Variance |
% Variance |
Rooms revenue (in thousands) |
$ |
56,042 |
$ |
— |
$ |
56,042 |
$ |
56,965 |
$ |
153 |
$ |
57,118 |
(1.62) |
% |
(1.88) |
% |
RevPAR |
$ |
252.39 |
$ |
— |
$ |
252.39 |
$ |
254.72 |
$ |
(94.89) |
$ |
257.25 |
(0.91) |
% |
(1.89) |
% |
Occupancy |
83.41 |
% |
— |
% |
83.41 |
% |
85.90 |
% |
(427.73) |
% |
83.43 |
% |
(2.90) |
% |
(0.02) |
% |
ADR |
$ |
302.61 |
$ |
— |
$ |
302.61 |
$ |
296.51 |
$ |
(22.18) |
$ |
308.32 |
2.05 |
% |
(1.85) |
% |
ALL HOTELS NOT UNDER RENOVATION: |
Six Months Ended June 30, |
Actual |
Non- |
Comparable |
Actual |
Non- |
Comparable |
Actual |
Comparable |
2019 |
2019 |
2019 |
2018 |
2018 |
2018 |
% Variance |
% Variance |
Rooms revenue (in thousands) |
$ |
107,009 |
$ |
1,719 |
$ |
108,728 |
$ |
96,541 |
$ |
11,474 |
$ |
108,015 |
10.84 |
% |
0.66 |
% |
RevPAR |
$ |
243.61 |
$ |
722.13 |
$ |
246.19 |
$ |
224.32 |
$ |
1,018.48 |
$ |
244.58 |
8.60 |
% |
0.66 |
% |
Occupancy |
79.93 |
% |
77.52 |
% |
79.92 |
% |
82.10 |
% |
(0.28) |
% |
80.00 |
% |
(2.64) |
% |
(0.10) |
% |
ADR |
$ |
304.77 |
$ |
931.53 |
$ |
308.05 |
$ |
273.22 |
NM |
$ |
305.71 |
11.55 |
% |
0.76 |
% |
NOTES: |
(1) |
The above comparable information assumes the nine hotel properties owned and included in the Company's operations at June 30, 2019, and not under renovation during the three months ended June 30, 2019, 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) |
The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton. |
(4) |
Excluded Hotels Under Renovation: |
Park Hyatt Beaver Creek, The Notary Hotel, San Francisco Courtyard Downtown, St. Thomas Ritz-Carlton |
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES HOTEL EBITDA (dollars in thousands) (unaudited) |
ALL HOTELS: |
Three Months Ended |
Six Months Ended |
June 30, |
June 30, |
2019 |
2018 |
% Variance |
2019 |
2018 |
% Variance |
Total hotel revenue |
$ |
118,412 |
$ |
121,118 |
(2.23) |
% |
$ |
246,438 |
$ |
223,607 |
10.21 |
% |
Non-comparable adjustments |
— |
(399) |
2,671 |
24,417 |
Comparable total hotel revenue |
$ |
118,412 |
$ |
120,719 |
(1.91) |
% |
$ |
249,109 |
$ |
248,024 |
0.44 |
% |
Hotel EBITDA |
$ |
38,149 |
$ |
43,721 |
(12.74) |
% |
$ |
77,838 |
$ |
77,326 |
0.66 |
% |
Non-comparable adjustments |
138 |
(4,502) |
744 |
2,553 |
Comparable hotel EBITDA |
$ |
38,287 |
$ |
39,219 |
(2.38) |
% |
$ |
78,582 |
$ |
79,879 |
(1.62) |
% |
Hotel EBITDA margin |
32.22 |
% |
36.10 |
% |
(3.88) |
% |
31.59 |
% |
34.58 |
% |
(2.99) |
% |
Comparable hotel EBITDA margin |
32.33 |
% |
32.49 |
% |
(0.16) |
% |
31.55 |
% |
32.21 |
% |
(0.66) |
% |
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests |
$ |
2,527 |
$ |
2,365 |
6.85 |
% |
$ |
4,393 |
$ |
4,355 |
0.87 |
% |
Hotel EBITDA attributable to the Company and OP unitholders |
$ |
35,622 |
$ |
41,356 |
(13.86) |
% |
$ |
73,445 |
$ |
72,971 |
0.65 |
% |
Comparable hotel EBITDA attributable to the Company and OP unitholders |
$ |
35,760 |
$ |
36,854 |
(2.97) |
% |
$ |
74,189 |
$ |
75,524 |
(1.77) |
% |
NOTES: |
(1) |
The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2019, 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. |
(3) |
The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton. |
(4) |
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
ALL HOTELS |
Three Months Ended |
Six Months Ended |
June 30, |
June 30, |
2019 |
2018 |
% Variance |
2019 |
2018 |
% Variance |
Total hotel revenue |
$ |
87,234 |
$ |
87,280 |
(0.05) |
% |
$ |
172,351 |
$ |
148,146 |
16.34 |
% |
Non-comparable adjustments |
— |
(399) |
2,671 |
24,417 |
Comparable total hotel revenue |
$ |
87,234 |
$ |
86,881 |
0.41 |
% |
$ |
175,022 |
$ |
172,563 |
1.42 |
% |
Hotel EBITDA |
$ |
26,162 |
$ |
31,503 |
(16.95) |
% |
$ |
50,114 |
$ |
48,999 |
2.28 |
% |
Non-comparable adjustments |
138 |
(4,502) |
744 |
2,553 |
Comparable hotel EBITDA |
$ |
26,300 |
$ |
27,001 |
(2.60) |
% |
$ |
50,858 |
$ |
51,552 |
(1.35) |
% |
Hotel EBITDA margin |
29.99 |
% |
36.09 |
% |
(6.10) |
% |
29.08 |
% |
33.07 |
% |
(3.99) |
% |
Comparable hotel EBITDA margin |
30.15 |
% |
31.08 |
% |
(0.93) |
% |
29.06 |
% |
29.87 |
% |
(0.81) |
% |
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests |
$ |
2,527 |
$ |
2,365 |
6.85 |
% |
$ |
4,393 |
$ |
4,355 |
0.87 |
% |
Hotel EBITDA attributable to the Company and OP unitholders |
$ |
23,635 |
$ |
29,138 |
(18.89) |
% |
$ |
45,721 |
$ |
44,644 |
2.41 |
% |
Comparable hotel EBITDA attributable to the Company and OP unitholders |
$ |
23,773 |
$ |
24,636 |
(3.50) |
% |
$ |
46,465 |
$ |
47,197 |
(1.55) |
% |
NOTES: |
(1) |
The above comparable information assumes the nine hotel properties owned and included in the Company's operations at June 30, 2019, and not under renovation during the three months ended June 30, 2019, 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) |
The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton. |
(4) |
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
(5) |
Excluded Hotels Under Renovation: |
Park Hyatt Beaver Creek, The Notary Hotel, San Francisco Courtyard Downtown, St. Thomas Ritz-Carlton |
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY (in thousands, except operating information) (unaudited) |
Three Months Ended June 30, |
Actual |
Non- |
Comparable |
Actual |
Non- |
Comparable |
Actual |
Comparable |
2019 |
2019 |
2019 |
2018 |
2018 |
2018 |
% Variance |
% Variance |
CAPITAL HILTON WASHINGTON D.C. |
Selected Financial Information: |
Rooms revenue |
$ |
12,363 |
$ |
— |
$ |
12,363 |
$ |
12,791 |
$ |
— |
$ |
12,791 |
(3.35) |
% |
(3.35) |
% |
Total hotel revenue |
$ |
17,229 |
$ |
— |
$ |
17,229 |
$ |
17,024 |
$ |
— |
$ |
17,024 |
1.20 |
% |
1.20 |
% |
Hotel EBITDA |
$ |
6,020 |
$ |
— |
$ |
6,020 |
$ |
6,138 |
$ |
— |
$ |
6,138 |
(1.92) |
% |
(1.92) |
% |
Hotel EBITDA margin |
34.94 |
% |
34.94 |
% |
36.05 |
% |
36.05 |
% |
(1.11) |
% |
(1.11) |
% |
Selected Operating Information: |
RevPAR |
$ |
247.01 |
$ |
— |
$ |
247.01 |
$ |
255.58 |
$ |
— |
$ |
255.58 |
(3.35) |
% |
(3.35) |
% |
Occupancy |
93.56 |
% |
— |
% |
93.56 |
% |
91.78 |
% |
— |
% |
91.78 |
% |
1.94 |
% |
1.94 |
% |
ADR |
$ |
264.01 |
$ |
— |
$ |
264.01 |
$ |
278.46 |
$ |
— |
$ |
278.46 |
(5.19) |
% |
(5.19) |
% |
LA JOLLA HILTON TORREY PINES |
Selected Financial Information: |
Rooms revenue |
$ |
6,696 |
$ |
— |
$ |
6,696 |
$ |
6,417 |
$ |
— |
$ |
6,417 |
4.35 |
% |
4.35 |
% |
Total hotel revenue |
$ |
12,020 |
$ |
— |
$ |
12,020 |
$ |
10,801 |
$ |
— |
$ |
10,801 |
11.29 |
% |
11.29 |
% |
Hotel EBITDA |
$ |
4,087 |
$ |
— |
$ |
4,087 |
$ |
3,323 |
$ |
— |
$ |
3,323 |
22.99 |
% |
22.99 |
% |
Hotel EBITDA margin |
34.00 |
% |
34.00 |
% |
30.77 |
% |
30.77 |
% |
3.23 |
% |
3.23 |
% |
Selected Operating Information: |
RevPAR |
$ |
186.77 |
$ |
— |
$ |
186.77 |
$ |
178.99 |
$ |
— |
$ |
178.99 |
4.35 |
% |
4.35 |
% |
Occupancy |
84.23 |
% |
— |
% |
84.23 |
% |
85.33 |
% |
— |
% |
85.33 |
% |
(1.29) |
% |
(1.29) |
% |
ADR |
$ |
221.73 |
$ |
— |
$ |
221.73 |
$ |
209.77 |
$ |
— |
$ |
209.77 |
5.70 |
% |
5.70 |
% |
CHICAGO SOFITEL MAGNIFICENT MILE |
Selected Financial Information: |
Rooms revenue |
$ |
8,229 |
$ |
— |
$ |
8,229 |
$ |
7,783 |
$ |
— |
$ |
7,783 |
5.73 |
% |
5.73 |
% |
Total hotel revenue |
$ |
11,043 |
$ |
— |
$ |
11,043 |
$ |
10,723 |
$ |
— |
$ |
10,723 |
2.98 |
% |
2.98 |
% |
Hotel EBITDA |
$ |
3,947 |
$ |
— |
$ |
3,947 |
$ |
3,576 |
$ |
— |
$ |
3,576 |
10.37 |
% |
10.37 |
% |
Hotel EBITDA margin |
35.74 |
% |
35.74 |
% |
33.35 |
% |
33.35 |
% |
2.39 |
% |
2.39 |
% |
Selected Operating Information: |
RevPAR |
$ |
217.89 |
$ |
— |
$ |
217.89 |
$ |
206.09 |
$ |
— |
$ |
206.09 |
5.73 |
% |
5.73 |
% |
Occupancy |
91.62 |
% |
— |
% |
91.62 |
% |
85.23 |
% |
— |
% |
85.23 |
% |
7.50 |
% |
7.50 |
% |
ADR |
$ |
237.81 |
$ |
— |
$ |
237.81 |
$ |
241.81 |
$ |
— |
$ |
241.81 |
(1.65) |
% |
(1.65) |
% |
BARDESSONO HOTEL AND SPA |
Selected Financial Information: |
Rooms revenue |
$ |
3,560 |
$ |
— |
$ |
3,560 |
$ |
3,770 |
$ |
— |
$ |
3,770 |
(5.57) |
% |
(5.57) |
% |
Total hotel revenue |
$ |
4,922 |
$ |
— |
$ |
4,922 |
$ |
5,232 |
$ |
— |
$ |
5,232 |
(5.93) |
% |
(5.93) |
% |
Hotel EBITDA |
$ |
1,639 |
$ |
— |
$ |
1,639 |
$ |
1,732 |
$ |
(2) |
$ |
1,730 |
(5.37) |
% |
(5.26) |
% |
Hotel EBITDA margin |
33.30 |
% |
33.30 |
% |
33.10 |
% |
33.07 |
% |
0.20 |
% |
0.23 |
% |
Selected Operating Information: |
RevPAR |
$ |
630.91 |
$ |
— |
$ |
630.91 |
$ |
668.14 |
$ |
— |
$ |
668.14 |
(5.57) |
% |
(5.57) |
% |
Occupancy |
73.89 |
% |
— |
% |
73.89 |
% |
79.28 |
% |
— |
% |
79.28 |
% |
(6.80) |
% |
(6.80) |
% |
ADR |
$ |
853.83 |
$ |
— |
$ |
853.83 |
$ |
842.76 |
$ |
— |
$ |
842.76 |
1.31 |
% |
1.31 |
% |
KEY WEST PIER HOUSE RESORT |
Selected Financial Information: |
Rooms revenue |
$ |
4,802 |
$ |
— |
$ |
4,802 |
$ |
4,510 |
$ |
— |
$ |
4,510 |
6.47 |
% |
6.47 |
% |
Total hotel revenue |
$ |
6,391 |
$ |
— |
$ |
6,391 |
$ |
5,905 |
$ |
— |
$ |
5,905 |
8.23 |
% |
8.23 |
% |
Hotel EBITDA |
$ |
3,148 |
$ |
— |
$ |
3,148 |
$ |
2,659 |
$ |
4 |
$ |
2,663 |
18.39 |
% |
18.21 |
% |
Hotel EBITDA margin |
49.26 |
% |
49.26 |
% |
45.03 |
% |
45.10 |
% |
4.23 |
% |
4.16 |
% |
Selected Operating Information: |
RevPAR |
$ |
371.61 |
$ |
— |
$ |
371.61 |
$ |
349.02 |
$ |
— |
$ |
349.02 |
6.47 |
% |
6.47 |
% |
Occupancy |
82.28 |
% |
— |
% |
82.28 |
% |
80.85 |
% |
— |
% |
80.85 |
% |
1.77 |
% |
1.77 |
% |
ADR |
$ |
451.65 |
$ |
— |
$ |
451.65 |
$ |
431.70 |
$ |
— |
$ |
431.70 |
4.62 |
% |
4.62 |
% |
HOTEL YOUNTVILLE |
Selected Financial Information: |
Rooms revenue |
$ |
3,200 |
$ |
— |
$ |
3,200 |
$ |
3,458 |
$ |
— |
$ |
3,458 |
(7.46) |
% |
(7.46) |
% |
Total hotel revenue |
$ |
4,049 |
$ |
— |
$ |
4,049 |
$ |
4,159 |
$ |
— |
$ |
4,159 |
(2.64) |
% |
(2.64) |
% |
Hotel EBITDA |
$ |
1,789 |
$ |
— |
$ |
1,789 |
$ |
1,780 |
$ |
(1) |
$ |
1,779 |
0.51 |
% |
0.56 |
% |
Hotel EBITDA margin |
44.18 |
% |
44.18 |
% |
42.80 |
% |
42.77 |
% |
1.38 |
% |
1.41 |
% |
Selected Operating Information: |
RevPAR |
$ |
439.58 |
$ |
— |
$ |
439.58 |
$ |
475.01 |
$ |
— |
$ |
475.01 |
(7.46) |
% |
(7.46) |
% |
Occupancy |
75.82 |
% |
— |
% |
75.82 |
% |
80.23 |
% |
— |
% |
80.23 |
% |
(5.50) |
% |
(5.50) |
% |
ADR |
$ |
579.73 |
$ |
— |
$ |
579.73 |
$ |
592.04 |
$ |
— |
$ |
592.04 |
(2.08) |
% |
(2.08) |
% |
PARK HYATT BEAVER CREEK |
Selected Financial Information: |
Rooms revenue |
$ |
1,376 |
$ |
— |
$ |
1,376 |
$ |
1,761 |
$ |
— |
$ |
1,761 |
(21.86) |
% |
(21.86) |
% |
Total hotel revenue |
$ |
4,520 |
$ |
— |
$ |
4,520 |
$ |
5,237 |
$ |
— |
$ |
5,237 |
(13.69) |
% |
(13.69) |
% |
Hotel EBITDA |
$ |
532 |
$ |
— |
$ |
532 |
$ |
(670) |
$ |
— |
$ |
(670) |
179.40 |
% |
179.40 |
% |
Hotel EBITDA margin |
11.77 |
% |
11.77 |
% |
(12.79) |
% |
(12.79) |
% |
24.56 |
% |
24.56 |
% |
Selected Operating Information: |
RevPAR |
$ |
79.57 |
$ |
— |
$ |
79.57 |
$ |
101.82 |
$ |
— |
$ |
101.82 |
(21.85) |
% |
(21.85) |
% |
Occupancy |
37.08 |
% |
— |
% |
37.08 |
% |
43.29 |
% |
— |
% |
43.29 |
% |
(14.35) |
% |
(14.35) |
% |
ADR |
$ |
214.60 |
$ |
— |
$ |
214.60 |
$ |
235.20 |
$ |
— |
$ |
235.20 |
(8.76) |
% |
(8.76) |
% |
THE NOTARY HOTEL |
Selected Financial Information: |
Rooms revenue |
$ |
7,257 |
$ |
— |
$ |
7,257 |
$ |
8,351 |
$ |
— |
$ |
8,351 |
(13.10) |
% |
(13.10) |
% |
Total hotel revenue |
$ |
8,416 |
$ |
— |
$ |
8,416 |
$ |
10,373 |
$ |
— |
$ |
10,373 |
(18.87) |
% |
(18.87) |
% |
Hotel EBITDA |
$ |
3,139 |
$ |
— |
$ |
3,139 |
$ |
4,597 |
$ |
— |
$ |
4,597 |
(31.72) |
% |
(31.72) |
% |
Hotel EBITDA margin |
37.30 |
% |
37.30 |
% |
44.32 |
% |
44.32 |
% |
(7.02) |
% |
(7.02) |
% |
Selected Operating Information: |
RevPAR |
$ |
159.81 |
$ |
— |
$ |
159.81 |
$ |
183.90 |
$ |
— |
$ |
183.90 |
(13.10) |
% |
(13.10) |
% |
Occupancy |
70.75 |
% |
— |
% |
70.75 |
% |
92.14 |
% |
— |
% |
92.14 |
% |
(23.21) |
% |
(23.21) |
% |
ADR |
$ |
225.89 |
$ |
— |
$ |
225.89 |
$ |
199.59 |
$ |
— |
$ |
199.59 |
13.18 |
% |
13.18 |
% |
SAN FRANCISCO COURTYARD DOWNTOWN |
Selected Financial Information: |
Rooms revenue |
$ |
10,340 |
$ |
— |
$ |
10,340 |
$ |
9,890 |
$ |
— |
$ |
9,890 |
4.55 |
% |
4.55 |
% |
Total hotel revenue |
$ |
11,113 |
$ |
— |
$ |
11,113 |
$ |
11,371 |
$ |
— |
$ |
11,371 |
(2.27) |
% |
(2.27) |
% |
Hotel EBITDA |
$ |
3,890 |
$ |
— |
$ |
3,890 |
$ |
3,890 |
$ |
— |
$ |
3,890 |
— |
% |
— |
% |
Hotel EBITDA margin |
35.00 |
% |
35.00 |
% |
34.21 |
% |
34.21 |
% |
0.79 |
% |
0.79 |
% |
Selected Operating Information: |
RevPAR |
$ |
277.16 |
$ |
— |
$ |
277.16 |
$ |
265.07 |
$ |
— |
$ |
265.07 |
4.56 |
% |
4.56 |
% |
Occupancy |
92.40 |
% |
— |
% |
92.40 |
% |
91.47 |
% |
— |
% |
91.47 |
% |
1.02 |
% |
1.02 |
% |
ADR |
$ |
299.97 |
$ |
— |
$ |
299.97 |
$ |
289.77 |
$ |
— |
$ |
289.77 |
3.52 |
% |
3.52 |
% |
SARASOTA RITZ-CARLTON |
Selected Financial Information: |
Rooms revenue |
$ |
6,642 |
$ |
— |
$ |
6,642 |
$ |
6,297 |
$ |
318 |
$ |
6,615 |
5.48 |
% |
0.41 |
% |
Total hotel revenue |
$ |
15,825 |
$ |
— |
$ |
15,825 |
$ |
15,127 |
$ |
1,024 |
$ |
16,151 |
4.61 |
% |
(2.02) |
% |
Hotel EBITDA |
$ |
2,955 |
$ |
— |
$ |
2,955 |
$ |
3,023 |
$ |
323 |
$ |
3,346 |
(2.25) |
% |
(11.69) |
% |
Hotel EBITDA margin |
18.67 |
% |
18.67 |
% |
19.98 |
% |
20.72 |
% |
(1.31) |
% |
(2.05) |
% |
Selected Operating Information: |
RevPAR |
$ |
274.39 |
$ |
— |
$ |
274.39 |
$ |
269.02 |
$ |
(348.08) |
$ |
273.29 |
2.00 |
% |
0.40 |
% |
Occupancy |
70.07 |
% |
— |
% |
70.07 |
% |
76.86 |
% |
(89.97) |
% |
77.29 |
% |
(8.83) |
% |
(9.34) |
% |
ADR |
$ |
391.60 |
$ |
— |
$ |
391.60 |
$ |
350.00 |
$ |
(386.86) |
$ |
353.56 |
11.89 |
% |
10.76 |
% |
LAKE TAHOE RITZ-CARLTON |
Selected Financial Information: |
Rooms revenue |
$ |
2,649 |
$ |
— |
$ |
2,649 |
$ |
— |
$ |
2,724 |
$ |
2,724 |
— |
% |
(2.75) |
% |
Total hotel revenue |
$ |
5,823 |
$ |
— |
$ |
5,823 |
$ |
— |
$ |
5,774 |
$ |
5,774 |
— |
% |
0.85 |
% |
Hotel EBITDA |
$ |
(1,447) |
$ |
138 |
$ |
(1,309) |
$ |
— |
$ |
(375) |
$ |
(375) |
— |
% |
(249.07) |
% |
Hotel EBITDA margin |
(24.85) |
% |
(22.48) |
% |
— |
% |
(6.49) |
% |
(24.85) |
% |
(15.99) |
% |
Selected Operating Information: |
RevPAR |
$ |
171.23 |
$ |
— |
$ |
171.23 |
$ |
— |
$ |
176.08 |
$ |
176.08 |
— |
% |
(2.75) |
% |
Occupancy |
48.03 |
% |
— |
% |
48.03 |
% |
— |
% |
45.64 |
% |
45.64 |
% |
— |
% |
5.24 |
% |
ADR |
$ |
356.48 |
$ |
— |
$ |
356.48 |
$ |
— |
$ |
385.83 |
$ |
385.83 |
— |
% |
(7.61) |
% |
SEATTLE MARRIOTT WATERFRONT |
Selected Financial Information: |
Rooms revenue |
$ |
7,901 |
$ |
— |
$ |
7,901 |
$ |
9,050 |
$ |
— |
$ |
9,050 |
(12.70) |
% |
(12.70) |
% |
Total hotel revenue |
$ |
9,932 |
$ |
— |
$ |
9,932 |
$ |
11,112 |
$ |
— |
$ |
11,112 |
(10.62) |
% |
(10.62) |
% |
Hotel EBITDA |
$ |
4,024 |
$ |
— |
$ |
4,024 |
$ |
4,821 |
$ |
— |
$ |
4,821 |
(16.53) |
% |
(16.53) |
% |
Hotel EBITDA margin |
40.52 |
% |
40.52 |
% |
43.39 |
% |
43.39 |
% |
(2.87) |
% |
(2.87) |
% |
Selected Operating Information: |
RevPAR |
$ |
240.51 |
$ |
— |
$ |
240.51 |
$ |
275.48 |
$ |
— |
$ |
275.48 |
(12.69) |
% |
(12.69) |
% |
Occupancy |
87.83 |
% |
— |
% |
87.83 |
% |
91.35 |
% |
— |
% |
91.35 |
% |
(3.85) |
% |
(3.85) |
% |
ADR |
$ |
273.83 |
$ |
— |
$ |
273.83 |
$ |
301.58 |
$ |
— |
$ |
301.58 |
(9.20) |
% |
(9.20) |
% |
ST. THOMAS RITZ-CARLTON |
Selected Financial Information: |
Rooms revenue |
$ |
2 |
$ |
— |
$ |
2 |
$ |
1,472 |
$ |
— |
$ |
1,472 |
(99.86) |
% |
(99.86) |
% |
Total hotel revenue |
$ |
7,129 |
$ |
— |
$ |
7,129 |
$ |
6,857 |
$ |
— |
$ |
6,857 |
3.97 |
% |
3.97 |
% |
Hotel EBITDA |
$ |
4,426 |
$ |
— |
$ |
4,426 |
$ |
4,401 |
$ |
— |
$ |
4,401 |
0.57 |
% |
0.57 |
% |
Hotel EBITDA margin |
62.08 |
% |
62.08 |
% |
64.18 |
% |
64.18 |
% |
(2.10) |
% |
(2.10) |
% |
Selected Operating Information: |
RevPAR |
$ |
— |
$ |
— |
$ |
— |
$ |
195.59 |
$ |
— |
$ |
195.59 |
(100.00) |
% |
(100.00) |
% |
Occupancy |
— |
% |
— |
% |
— |
% |
74.56 |
% |
— |
% |
74.56 |
% |
(100.00) |
% |
(100.00) |
% |
ADR |
$ |
— |
$ |
— |
$ |
— |
$ |
262.32 |
$ |
— |
$ |
262.32 |
(100.00) |
% |
(100.00) |
% |
TAMPA RENAISSANCE |
Selected Financial Information: |
Rooms revenue |
$ |
— |
$ |
— |
$ |
— |
$ |
2,889 |
$ |
(2,889) |
$ |
— |
(100.00) |
% |
— |
% |
Total hotel revenue |
$ |
— |
$ |
— |
$ |
— |
$ |
7,197 |
$ |
(7,197) |
$ |
— |
(100.00) |
% |
— |
% |
Hotel EBITDA |
$ |
— |
$ |
— |
$ |
— |
$ |
4,451 |
$ |
(4,451) |
$ |
— |
(100.00) |
% |
— |
% |
Hotel EBITDA margin |
— |
% |
— |
% |
61.85 |
% |
— |
% |
(61.85) |
% |
— |
% |
Selected Operating Information: |
RevPAR |
$ |
— |
$ |
— |
$ |
— |
$ |
161.68 |
$ |
(161.68) |
$ |
— |
(100.00) |
% |
— |
% |
Occupancy |
— |
% |
— |
% |
— |
% |
81.93 |
% |
(81.93) |
% |
— |
% |
(100.00) |
% |
— |
% |
ADR |
$ |
— |
$ |
— |
$ |
— |
$ |
197.34 |
$ |
(197.34) |
$ |
— |
(100.00) |
% |
— |
% |
BRAEMAR PROPERTIES TOTAL |
Selected Financial Information: |
Rooms revenue |
$ |
75,017 |
$ |
— |
$ |
75,017 |
$ |
78,439 |
$ |
153 |
$ |
78,592 |
(4.36) |
% |
(4.55) |
% |
Total hotel revenue |
$ |
118,412 |
$ |
— |
$ |
118,412 |
$ |
121,118 |
$ |
(399) |
$ |
120,719 |
(2.23) |
% |
(1.91) |
% |
Hotel EBITDA |
$ |
38,149 |
$ |
138 |
$ |
38,287 |
$ |
43,721 |
$ |
(4,502) |
$ |
39,219 |
(12.74) |
% |
(2.38) |
% |
Hotel EBITDA margin |
32.22 |
% |
32.33 |
% |
36.10 |
% |
32.49 |
% |
(3.88) |
% |
(0.16) |
% |
Selected Operating Information: |
RevPAR |
$ |
232.94 |
$ |
— |
$ |
232.94 |
$ |
236.85 |
$ |
(94.89) |
$ |
238.46 |
(1.65) |
% |
(2.31) |
% |
Occupancy |
80.18 |
% |
— |
% |
80.18 |
% |
84.90 |
% |
(427.73) |
% |
83.23 |
% |
(5.56) |
% |
(3.66) |
% |
ADR |
$ |
290.53 |
$ |
— |
$ |
290.53 |
$ |
278.96 |
$ |
(22.18) |
$ |
286.50 |
4.15 |
% |
1.41 |
% |
NOTES: |
(1) |
The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2019, 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. |
(3) |
The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton. |
(4) |
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES |
Six Months Ended June 30, |
Actual |
Non- |
Comparable |
Actual |
Non- |
Comparable |
Actual |
Comparable |
2019 |
2019 |
2019 |
2018 |
2018 |
2018 |
% Variance |
% Variance |
CAPITAL HILTON WASHINGTON D.C. |
Selected Financial Information: |
Rooms revenue |
$ |
21,071 |
$ |
— |
$ |
21,071 |
$ |
21,752 |
$ |
— |
$ |
21,752 |
(3.13) |
% |
(3.13) |
% |
Total hotel revenue |
$ |
30,880 |
$ |
— |
$ |
30,880 |
$ |
30,608 |
$ |
— |
$ |
30,608 |
0.89 |
% |
0.89 |
% |
Hotel EBITDA |
$ |
9,017 |
$ |
— |
$ |
9,017 |
$ |
9,240 |
$ |
— |
$ |
9,240 |
(2.41) |
% |
(2.41) |
% |
Hotel EBITDA margin |
29.20 |
% |
29.20 |
% |
30.19 |
% |
30.19 |
% |
(0.99) |
% |
(0.99) |
% |
Selected Operating Information: |
RevPAR |
$ |
211.66 |
$ |
— |
$ |
211.66 |
$ |
218.50 |
$ |
— |
$ |
218.50 |
(3.13) |
% |
(3.13) |
% |
Occupancy |
84.23 |
% |
— |
% |
84.23 |
% |
85.19 |
% |
— |
% |
85.19 |
% |
(1.13) |
% |
(1.13) |
% |
ADR |
$ |
251.28 |
$ |
— |
$ |
251.28 |
$ |
256.48 |
$ |
— |
$ |
256.48 |
(2.03) |
% |
(2.03) |
% |
LA JOLLA HILTON TORREY PINES |
Selected Financial Information: |
Rooms revenue |
$ |
13,243 |
$ |
— |
$ |
13,243 |
$ |
12,892 |
$ |
— |
$ |
12,892 |
2.72 |
% |
2.72 |
% |
Total hotel revenue |
$ |
24,356 |
$ |
— |
$ |
24,356 |
$ |
23,813 |
$ |
— |
$ |
23,813 |
2.28 |
% |
2.28 |
% |
Hotel EBITDA |
$ |
8,553 |
$ |
— |
$ |
8,553 |
$ |
8,182 |
$ |
— |
$ |
8,182 |
4.53 |
% |
4.53 |
% |
Hotel EBITDA margin |
35.12 |
% |
35.12 |
% |
34.36 |
% |
34.36 |
% |
0.76 |
% |
0.76 |
% |
Selected Operating Information: |
RevPAR |
$ |
185.70 |
$ |
— |
$ |
185.70 |
$ |
180.78 |
$ |
— |
$ |
180.78 |
2.72 |
% |
2.72 |
% |
Occupancy |
83.26 |
% |
— |
% |
83.26 |
% |
85.79 |
% |
— |
% |
85.79 |
% |
(2.95) |
% |
(2.95) |
% |
ADR |
$ |
223.03 |
$ |
— |
$ |
223.03 |
$ |
210.72 |
$ |
— |
$ |
210.72 |
5.84 |
% |
5.84 |
% |
CHICAGO SOFITEL MAGNIFICENT MILE |
Selected Financial Information: |
Rooms revenue |
$ |
11,552 |
$ |
— |
$ |
11,552 |
$ |
11,202 |
$ |
— |
$ |
11,202 |
3.12 |
% |
3.12 |
% |
Total hotel revenue |
$ |
15,800 |
$ |
— |
$ |
15,800 |
$ |
15,603 |
$ |
— |
$ |
15,603 |
1.26 |
% |
1.26 |
% |
Hotel EBITDA |
$ |
2,569 |
$ |
— |
$ |
2,569 |
$ |
2,433 |
$ |
— |
$ |
2,433 |
5.59 |
% |
5.59 |
% |
Hotel EBITDA margin |
16.26 |
% |
16.26 |
% |
15.59 |
% |
15.59 |
% |
0.67 |
% |
0.67 |
% |
Selected Operating Information: |
RevPAR |
$ |
153.79 |
$ |
— |
$ |
153.79 |
$ |
149.13 |
$ |
— |
$ |
149.13 |
3.12 |
% |
3.12 |
% |
Occupancy |
79.42 |
% |
— |
% |
79.42 |
% |
74.22 |
% |
— |
% |
74.22 |
% |
7.01 |
% |
7.01 |
% |
ADR |
$ |
193.63 |
$ |
— |
$ |
193.63 |
$ |
200.94 |
$ |
— |
$ |
200.94 |
(3.64) |
% |
(3.64) |
% |
BARDESSONO HOTEL AND SPA |
Selected Financial Information: |
Rooms revenue |
$ |
5,799 |
$ |
— |
$ |
5,799 |
$ |
6,118 |
$ |
— |
$ |
6,118 |
(5.21) |
% |
(5.21) |
% |
Total hotel revenue |
$ |
8,495 |
$ |
— |
$ |
8,495 |
$ |
9,404 |
$ |
— |
$ |
9,404 |
(9.67) |
% |
(9.67) |
% |
Hotel EBITDA |
$ |
2,146 |
$ |
— |
$ |
2,146 |
$ |
2,780 |
$ |
(4) |
$ |
2,776 |
(22.81) |
% |
(22.69) |
% |
Hotel EBITDA margin |
25.26 |
% |
25.26 |
% |
29.56 |
% |
29.52 |
% |
(4.30) |
% |
(4.26) |
% |
Selected Operating Information: |
RevPAR |
$ |
516.75 |
$ |
— |
$ |
516.75 |
$ |
545.17 |
$ |
— |
$ |
545.17 |
(5.21) |
% |
(5.21) |
% |
Occupancy |
71.32 |
% |
— |
% |
71.32 |
% |
75.34 |
% |
— |
% |
75.34 |
% |
(5.34) |
% |
(5.34) |
% |
ADR |
$ |
724.51 |
$ |
— |
$ |
724.51 |
$ |
723.58 |
$ |
— |
$ |
723.58 |
0.13 |
% |
0.13 |
% |
KEY WEST PIER HOUSE RESORT |
Selected Financial Information: |
Rooms revenue |
$ |
10,835 |
$ |
— |
$ |
10,835 |
$ |
9,983 |
$ |
— |
$ |
9,983 |
8.53 |
% |
8.53 |
% |
Total hotel revenue |
$ |
13,950 |
$ |
— |
$ |
13,950 |
$ |
12,932 |
$ |
— |
$ |
12,932 |
7.87 |
% |
7.87 |
% |
Hotel EBITDA |
$ |
7,275 |
$ |
— |
$ |
7,275 |
$ |
6,510 |
$ |
8 |
$ |
6,518 |
11.75 |
% |
11.61 |
% |
Hotel EBITDA margin |
52.15 |
% |
52.15 |
% |
50.34 |
% |
50.40 |
% |
1.81 |
% |
1.75 |
% |
Selected Operating Information: |
RevPAR |
$ |
421.56 |
$ |
— |
$ |
421.56 |
$ |
388.41 |
$ |
— |
$ |
388.41 |
8.53 |
% |
8.53 |
% |
Occupancy |
85.02 |
% |
— |
% |
85.02 |
% |
83.34 |
% |
— |
% |
83.34 |
% |
2.02 |
% |
2.02 |
% |
ADR |
$ |
495.83 |
$ |
— |
$ |
495.83 |
$ |
466.08 |
$ |
— |
$ |
466.08 |
6.38 |
% |
6.38 |
% |
HOTEL YOUNTVILLE |
Selected Financial Information: |
Rooms revenue |
$ |
5,091 |
$ |
— |
$ |
5,091 |
$ |
5,574 |
$ |
— |
$ |
5,574 |
(8.67) |
% |
(8.67) |
% |
Total hotel revenue |
$ |
6,613 |
$ |
— |
$ |
6,613 |
$ |
7,579 |
$ |
— |
$ |
7,579 |
(12.75) |
% |
(12.75) |
% |
Hotel EBITDA |
$ |
2,285 |
$ |
— |
$ |
2,285 |
$ |
3,021 |
$ |
(2) |
$ |
3,019 |
(24.36) |
% |
(24.31) |
% |
Hotel EBITDA margin |
34.55 |
% |
34.55 |
% |
39.86 |
% |
39.83 |
% |
(5.31) |
% |
(5.28) |
% |
Selected Operating Information: |
RevPAR |
$ |
351.59 |
$ |
— |
$ |
351.59 |
$ |
384.95 |
$ |
— |
$ |
384.95 |
(8.67) |
% |
(8.67) |
% |
Occupancy |
70.45 |
% |
— |
% |
70.45 |
% |
75.82 |
% |
— |
% |
75.82 |
% |
(7.08) |
% |
(7.08) |
% |
ADR |
$ |
499.07 |
$ |
— |
$ |
499.07 |
$ |
507.70 |
$ |
— |
$ |
507.70 |
(1.70) |
% |
(1.70) |
% |
PARK HYATT BEAVER CREEK |
Selected Financial Information: |
Rooms revenue |
$ |
10,973 |
$ |
— |
$ |
10,973 |
$ |
11,558 |
$ |
— |
$ |
11,558 |
(5.06) |
% |
(5.06) |
% |
Total hotel revenue |
$ |
22,619 |
$ |
— |
$ |
22,619 |
$ |
23,396 |
$ |
— |
$ |
23,396 |
(3.32) |
% |
(3.32) |
% |
Hotel EBITDA |
$ |
7,150 |
$ |
— |
$ |
7,150 |
$ |
6,378 |
$ |
— |
$ |
6,378 |
12.10 |
% |
12.10 |
% |
Hotel EBITDA margin |
31.61 |
% |
31.61 |
% |
27.26 |
% |
27.26 |
% |
4.35 |
% |
4.35 |
% |
Selected Operating Information: |
RevPAR |
$ |
319.08 |
$ |
— |
$ |
319.08 |
$ |
336.07 |
$ |
— |
$ |
336.07 |
(5.06) |
% |
(5.06) |
% |
Occupancy |
58.34 |
% |
— |
% |
58.34 |
% |
60.78 |
% |
— |
% |
60.78 |
% |
(4.01) |
% |
(4.01) |
% |
ADR |
$ |
546.91 |
$ |
— |
$ |
546.91 |
$ |
552.92 |
$ |
— |
$ |
552.92 |
(1.09) |
% |
(1.09) |
% |
THE NOTARY HOTEL |
Selected Financial Information: |
Rooms revenue |
$ |
11,494 |
$ |
— |
$ |
11,494 |
$ |
14,504 |
$ |
— |
$ |
14,504 |
(20.75) |
% |
(20.75) |
% |
Total hotel revenue |
$ |
13,690 |
$ |
— |
$ |
13,690 |
$ |
17,996 |
$ |
— |
$ |
17,996 |
(23.93) |
% |
(23.93) |
% |
Hotel EBITDA |
$ |
3,780 |
$ |
— |
$ |
3,780 |
$ |
7,195 |
$ |
— |
$ |
7,195 |
(47.46) |
% |
(47.46) |
% |
Hotel EBITDA margin |
27.61 |
% |
27.61 |
% |
39.98 |
% |
39.98 |
% |
(12.37) |
% |
(12.37) |
% |
Selected Operating Information: |
RevPAR |
$ |
127.26 |
$ |
— |
$ |
127.26 |
$ |
160.58 |
$ |
— |
$ |
160.58 |
(20.75) |
% |
(20.75) |
% |
Occupancy |
64.66 |
% |
— |
% |
64.66 |
% |
86.29 |
% |
— |
% |
86.29 |
% |
(25.07) |
% |
(25.07) |
% |
ADR |
$ |
196.82 |
$ |
— |
$ |
196.82 |
$ |
186.09 |
$ |
— |
$ |
186.09 |
5.77 |
% |
5.77 |
% |
SAN FRANCISCO COURTYARD DOWNTOWN |
Selected Financial Information: |
Rooms revenue |
$ |
20,948 |
$ |
— |
$ |
20,948 |
$ |
18,055 |
$ |
— |
$ |
18,055 |
16.02 |
% |
16.02 |
% |
Total hotel revenue |
$ |
23,154 |
$ |
— |
$ |
23,154 |
$ |
20,651 |
$ |
— |
$ |
20,651 |
12.12 |
% |
12.12 |
% |
Hotel EBITDA |
$ |
7,856 |
$ |
— |
$ |
7,856 |
$ |
6,965 |
$ |
— |
$ |
6,965 |
12.79 |
% |
12.79 |
% |
Hotel EBITDA margin |
33.93 |
% |
33.93 |
% |
33.73 |
% |
33.73 |
% |
0.20 |
% |
0.20 |
% |
Selected Operating Information: |
RevPAR |
$ |
282.29 |
$ |
— |
$ |
282.29 |
$ |
243.54 |
$ |
— |
$ |
243.54 |
15.91 |
% |
15.91 |
% |
Occupancy |
90.42 |
% |
— |
% |
90.42 |
% |
86.29 |
% |
— |
% |
86.29 |
% |
4.79 |
% |
4.79 |
% |
ADR |
$ |
312.20 |
$ |
— |
$ |
312.20 |
$ |
282.23 |
$ |
— |
$ |
282.23 |
10.62 |
% |
10.62 |
% |
SARASOTA RITZ-CARLTON |
Selected Financial Information: |
Rooms revenue |
$ |
15,605 |
$ |
— |
$ |
15,605 |
$ |
6,297 |
$ |
9,492 |
$ |
15,789 |
147.82 |
% |
(1.17) |
% |
Total hotel revenue |
$ |
36,180 |
$ |
— |
$ |
36,180 |
$ |
15,127 |
$ |
20,452 |
$ |
35,579 |
139.17 |
% |
1.69 |
% |
Hotel EBITDA |
$ |
8,885 |
$ |
— |
$ |
8,885 |
$ |
3,023 |
$ |
5,700 |
$ |
8,723 |
193.91 |
% |
1.86 |
% |
Hotel EBITDA margin |
24.56 |
% |
24.56 |
% |
19.98 |
% |
24.52 |
% |
4.58 |
% |
0.04 |
% |
Selected Operating Information: |
RevPAR |
$ |
324.12 |
$ |
— |
$ |
324.12 |
$ |
269.02 |
$ |
382.06 |
$ |
327.94 |
20.48 |
% |
(1.16) |
% |
Occupancy |
76.52 |
% |
— |
% |
76.52 |
% |
76.86 |
% |
78.86 |
% |
77.89 |
% |
(0.44) |
% |
(1.76) |
% |
ADR |
$ |
423.60 |
$ |
— |
$ |
423.60 |
$ |
350.00 |
$ |
484.46 |
$ |
421.02 |
21.03 |
% |
0.61 |
% |
LAKE TAHOE RITZ-CARLTON |
Selected Financial Information: |
Rooms revenue |
$ |
10,796 |
$ |
1,719 |
$ |
12,515 |
$ |
— |
$ |
10,153 |
$ |
10,153 |
— |
% |
23.26 |
% |
Total hotel revenue |
$ |
18,832 |
$ |
2,671 |
$ |
21,503 |
$ |
— |
$ |
18,502 |
$ |
18,502 |
— |
% |
16.22 |
% |
Hotel EBITDA |
$ |
3,095 |
$ |
744 |
$ |
3,839 |
$ |
— |
$ |
3,348 |
$ |
3,348 |
— |
% |
14.67 |
% |
Hotel EBITDA margin |
16.43 |
% |
17.85 |
% |
— |
% |
18.10 |
% |
16.43 |
% |
(0.25) |
% |
Selected Operating Information: |
RevPAR |
$ |
380.29 |
$ |
722.13 |
$ |
406.73 |
$ |
— |
$ |
329.97 |
$ |
329.97 |
— |
% |
23.26 |
% |
Occupancy |
62.96 |
% |
77.52 |
% |
64.08 |
% |
— |
% |
59.56 |
% |
59.56 |
% |
— |
% |
7.59 |
% |
ADR |
$ |
604.06 |
$ |
931.53 |
$ |
634.70 |
$ |
— |
$ |
554.01 |
$ |
554.01 |
— |
% |
14.56 |
% |
SEATTLE MARRIOTT WATERFRONT |
Selected Financial Information: |
Rooms revenue |
$ |
13,017 |
$ |
— |
$ |
13,017 |
$ |
14,552 |
$ |
— |
$ |
14,552 |
(10.55) |
% |
(10.55) |
% |
Total hotel revenue |
$ |
17,245 |
$ |
— |
$ |
17,245 |
$ |
18,543 |
$ |
— |
$ |
18,543 |
(7.00) |
% |
(7.00) |
% |
Hotel EBITDA |
$ |
6,289 |
$ |
— |
$ |
6,289 |
$ |
7,313 |
$ |
— |
$ |
7,313 |
(14.00) |
% |
(14.00) |
% |
Hotel EBITDA margin |
36.47 |
% |
36.47 |
% |
39.44 |
% |
39.44 |
% |
(2.97) |
% |
(2.97) |
% |
Selected Operating Information: |
RevPAR |
$ |
199.22 |
$ |
— |
$ |
199.22 |
$ |
222.70 |
$ |
— |
$ |
222.70 |
(10.54) |
% |
(10.54) |
% |
Occupancy |
81.80 |
% |
— |
% |
81.80 |
% |
84.02 |
% |
— |
% |
84.02 |
% |
(2.64) |
% |
(2.64) |
% |
ADR |
$ |
243.54 |
$ |
— |
$ |
243.54 |
$ |
265.06 |
$ |
— |
$ |
265.06 |
(8.12) |
% |
(8.12) |
% |
ST. THOMAS RITZ-CARLTON |
Selected Financial Information: |
Rooms revenue |
$ |
842 |
$ |
— |
$ |
842 |
$ |
3,288 |
$ |
— |
$ |
3,288 |
(74.39) |
% |
(74.39) |
% |
Total hotel revenue |
$ |
14,624 |
$ |
— |
$ |
14,624 |
$ |
13,418 |
$ |
— |
$ |
13,418 |
8.99 |
% |
8.99 |
% |
Hotel EBITDA |
$ |
8,938 |
$ |
— |
$ |
8,938 |
$ |
7,789 |
$ |
— |
$ |
7,789 |
14.75 |
% |
14.75 |
% |
Hotel EBITDA margin |
61.12 |
% |
61.12 |
% |
58.05 |
% |
58.05 |
% |
3.07 |
% |
3.07 |
% |
Selected Operating Information: |
RevPAR |
$ |
313.81 |
$ |
— |
$ |
313.81 |
$ |
219.33 |
$ |
— |
$ |
219.33 |
43.08 |
% |
43.08 |
% |
Occupancy |
81.06 |
% |
— |
% |
81.06 |
% |
75.18 |
% |
— |
% |
75.18 |
% |
7.82 |
% |
7.82 |
% |
ADR |
$ |
387.14 |
$ |
— |
$ |
387.14 |
$ |
291.72 |
$ |
— |
$ |
291.72 |
32.71 |
% |
32.71 |
% |
TAMPA RENAISSANCE |
Selected Financial Information: |
Rooms revenue |
$ |
— |
$ |
— |
$ |
— |
$ |
8,171 |
$ |
(8,171) |
$ |
— |
(100.00) |
% |
— |
% |
Total hotel revenue |
$ |
— |
$ |
— |
$ |
— |
$ |
14,537 |
$ |
(14,537) |
$ |
— |
(100.00) |
% |
— |
% |
Hotel EBITDA |
$ |
— |
$ |
— |
$ |
— |
$ |
6,497 |
$ |
(6,497) |
$ |
— |
(100.00) |
% |
— |
% |
Hotel EBITDA margin |
— |
% |
— |
% |
44.69 |
% |
— |
% |
(44.69) |
% |
— |
% |
Selected Operating Information: |
RevPAR |
$ |
— |
$ |
— |
$ |
— |
$ |
184.70 |
$ |
(184.70) |
$ |
— |
(100.00) |
% |
— |
% |
Occupancy |
— |
% |
— |
% |
— |
% |
85.59 |
% |
(85.59) |
% |
— |
% |
(100.00) |
% |
— |
% |
ADR |
$ |
— |
$ |
— |
$ |
— |
$ |
215.80 |
$ |
(215.80) |
$ |
— |
(100.00) |
% |
— |
% |
BRAEMAR PROPERTIES TOTAL |
Selected Financial Information: |
Rooms revenue |
$ |
151,266 |
$ |
1,719 |
$ |
152,985 |
$ |
143,946 |
$ |
11,474 |
$ |
155,420 |
5.09 |
% |
(1.57) |
% |
Total hotel revenue |
$ |
246,438 |
$ |
2,671 |
$ |
249,109 |
$ |
223,607 |
$ |
24,417 |
$ |
248,024 |
10.21 |
% |
0.44 |
% |
Hotel EBITDA |
$ |
77,838 |
$ |
744 |
$ |
78,582 |
$ |
77,326 |
$ |
2,553 |
$ |
79,879 |
0.66 |
% |
(1.62) |
% |
Hotel EBITDA margin |
31.59 |
% |
31.55 |
% |
34.58 |
% |
32.21 |
% |
(2.99) |
% |
(0.66) |
% |
Selected Operating Information: |
RevPAR |
$ |
236.04 |
$ |
722.13 |
$ |
237.83 |
$ |
223.45 |
$ |
1,018.48 |
$ |
237.11 |
5.63 |
% |
0.30 |
% |
Occupancy |
77.84 |
% |
77.52 |
% |
77.84 |
% |
81.87 |
% |
(0.28) |
% |
80.46 |
% |
(4.92) |
% |
(3.26) |
% |
ADR |
$ |
303.23 |
$ |
931.53 |
$ |
305.55 |
$ |
272.91 |
NM |
$ |
294.68 |
11.11 |
% |
3.69 |
% |
NOTES: |
(1) |
The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2019, 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. |
(3) |
The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton. |
(4) |
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY (in thousands, except operating information) (unaudited) |
TTM Ended June 30, |
Actual |
Non- |
Comparable |
2019 |
2019 |
2019 |
CAPITAL HILTON WASHINGTON D.C. |
Selected Financial Information: |
Rooms revenue |
$ |
38,510 |
$ |
— |
$ |
38,510 |
Total hotel revenue |
$ |
55,353 |
$ |
— |
$ |
55,353 |
Hotel EBITDA |
$ |
13,525 |
$ |
— |
$ |
13,525 |
Hotel EBITDA margin |
24.43 |
% |
24.43 |
% |
Selected Operating Information: |
RevPAR |
$ |
191.83 |
$ |
— |
$ |
191.83 |
Occupancy |
83.05 |
% |
— |
% |
83.05 |
% |
ADR |
$ |
230.98 |
$ |
— |
$ |
230.98 |
LA JOLLA HILTON TORREY PINES |
Selected Financial Information: |
Rooms revenue |
$ |
26,655 |
$ |
— |
$ |
26,655 |
Total hotel revenue |
$ |
47,014 |
$ |
— |
$ |
47,014 |
Hotel EBITDA |
$ |
15,839 |
$ |
— |
$ |
15,839 |
Hotel EBITDA margin |
33.69 |
% |
33.69 |
% |
Selected Operating Information: |
RevPAR |
$ |
185.35 |
$ |
— |
$ |
185.35 |
Occupancy |
84.08 |
% |
— |
% |
84.08 |
% |
ADR |
$ |
220.44 |
$ |
— |
$ |
220.44 |
CHICAGO SOFITEL MAGNIFICENT MILE |
Selected Financial Information: |
Rooms revenue |
$ |
26,259 |
$ |
— |
$ |
26,259 |
Total hotel revenue |
$ |
35,595 |
$ |
— |
$ |
35,595 |
Hotel EBITDA |
$ |
7,799 |
$ |
— |
$ |
7,799 |
Hotel EBITDA margin |
21.91 |
% |
21.91 |
% |
Selected Operating Information: |
RevPAR |
$ |
173.35 |
$ |
— |
$ |
173.35 |
Occupancy |
81.73 |
% |
— |
% |
81.73 |
% |
ADR |
$ |
212.11 |
$ |
— |
$ |
212.11 |
BARDESSONO HOTEL AND SPA |
Selected Financial Information: |
Rooms revenue |
$ |
13,527 |
$ |
— |
$ |
13,527 |
Total hotel revenue |
$ |
18,784 |
$ |
— |
$ |
18,784 |
Hotel EBITDA |
$ |
5,830 |
$ |
(4) |
$ |
5,826 |
Hotel EBITDA margin |
31.04 |
% |
31.02 |
% |
Selected Operating Information: |
RevPAR |
$ |
597.75 |
$ |
— |
$ |
597.75 |
Occupancy |
74.78 |
% |
— |
% |
74.78 |
% |
ADR |
$ |
799.33 |
$ |
— |
$ |
799.33 |
KEY WEST PIER HOUSE RESORT |
Selected Financial Information: |
Rooms revenue |
$ |
18,974 |
$ |
— |
$ |
18,974 |
Total hotel revenue |
$ |
24,627 |
$ |
— |
$ |
24,627 |
Hotel EBITDA |
$ |
11,672 |
$ |
8 |
$ |
11,680 |
Hotel EBITDA margin |
47.40 |
% |
47.43 |
% |
Selected Operating Information: |
RevPAR |
$ |
366.08 |
$ |
— |
$ |
366.08 |
Occupancy |
81.83 |
% |
— |
% |
81.83 |
% |
ADR |
$ |
447.36 |
$ |
— |
$ |
447.36 |
HOTEL YOUNTVILLE |
Selected Financial Information: |
Rooms revenue |
$ |
11,696 |
$ |
— |
$ |
11,696 |
Total hotel revenue |
$ |
14,604 |
$ |
— |
$ |
14,604 |
Hotel EBITDA |
$ |
5,682 |
$ |
(2) |
$ |
5,680 |
Hotel EBITDA margin |
38.91 |
% |
38.89 |
% |
Selected Operating Information: |
RevPAR |
$ |
400.54 |
$ |
— |
$ |
400.54 |
Occupancy |
72.03 |
% |
— |
% |
72.03 |
% |
ADR |
$ |
556.07 |
$ |
— |
$ |
556.07 |
PARK HYATT BEAVER CREEK |
Selected Financial Information: |
Rooms revenue |
$ |
17,764 |
$ |
— |
$ |
17,764 |
Total hotel revenue |
$ |
39,515 |
$ |
— |
$ |
39,515 |
Hotel EBITDA |
$ |
10,010 |
$ |
— |
$ |
10,010 |
Hotel EBITDA margin |
25.33 |
% |
25.33 |
% |
Selected Operating Information: |
RevPAR |
$ |
256.16 |
$ |
— |
$ |
256.16 |
Occupancy |
60.52 |
% |
— |
% |
60.52 |
% |
ADR |
$ |
423.23 |
$ |
— |
$ |
423.23 |
THE NOTARY HOTEL |
Selected Financial Information: |
Rooms revenue |
$ |
25,097 |
$ |
— |
$ |
25,097 |
Total hotel revenue |
$ |
30,677 |
$ |
— |
$ |
30,677 |
Hotel EBITDA |
$ |
10,623 |
$ |
— |
$ |
10,623 |
Hotel EBITDA margin |
34.63 |
% |
34.63 |
% |
Selected Operating Information: |
RevPAR |
$ |
137.80 |
$ |
— |
$ |
137.80 |
Occupancy |
72.20 |
% |
— |
% |
72.20 |
% |
ADR |
$ |
190.86 |
$ |
— |
$ |
190.86 |
SAN FRANCISCO COURTYARD DOWNTOWN |
Selected Financial Information: |
Rooms revenue |
$ |
39,925 |
$ |
— |
$ |
39,925 |
Total hotel revenue |
$ |
44,436 |
$ |
— |
$ |
44,436 |
Hotel EBITDA |
$ |
14,725 |
$ |
— |
$ |
14,725 |
Hotel EBITDA margin |
33.14 |
% |
33.14 |
% |
Selected Operating Information: |
RevPAR |
$ |
266.79 |
$ |
— |
$ |
266.79 |
Occupancy |
88.70 |
% |
— |
% |
88.70 |
% |
ADR |
$ |
300.77 |
$ |
— |
$ |
300.77 |
SARASOTA RITZ-CARLTON |
Selected Financial Information: |
Rooms revenue |
$ |
26,581 |
$ |
(40) |
$ |
26,541 |
Total hotel revenue |
$ |
63,285 |
$ |
(380) |
$ |
62,905 |
Hotel EBITDA |
$ |
13,004 |
$ |
(134) |
$ |
12,870 |
Hotel EBITDA margin |
20.55 |
% |
20.46 |
% |
Selected Operating Information: |
RevPAR |
$ |
273.78 |
$ |
— |
$ |
273.36 |
Occupancy |
72.67 |
% |
— |
% |
72.67 |
% |
ADR |
$ |
376.72 |
$ |
— |
$ |
376.14 |
LAKE TAHOE RITZ-CARLTON |
Selected Financial Information: |
Rooms revenue |
$ |
10,796 |
$ |
12,764 |
$ |
23,560 |
Total hotel revenue |
$ |
18,832 |
$ |
24,604 |
$ |
43,436 |
Hotel EBITDA |
$ |
3,095 |
$ |
5,418 |
$ |
8,513 |
Hotel EBITDA margin |
16.43 |
% |
19.60 |
% |
Selected Operating Information: |
RevPAR |
$ |
380.29 |
$ |
379.21 |
$ |
379.70 |
Occupancy |
62.96 |
% |
73.88 |
% |
68.88 |
% |
ADR |
$ |
604.06 |
$ |
513.26 |
$ |
551.23 |
SEATTLE MARRIOTT WATERFRONT |
Selected Financial Information: |
Rooms revenue |
$ |
30,153 |
$ |
— |
$ |
30,153 |
Total hotel revenue |
$ |
38,593 |
$ |
— |
$ |
38,593 |
Hotel EBITDA |
$ |
14,861 |
$ |
— |
$ |
14,861 |
Hotel EBITDA margin |
38.51 |
% |
38.51 |
% |
Selected Operating Information: |
RevPAR |
$ |
228.84 |
$ |
— |
$ |
228.84 |
Occupancy |
83.70 |
% |
— |
% |
83.70 |
% |
ADR |
$ |
273.40 |
$ |
— |
$ |
273.40 |
ST. THOMAS RITZ-CARLTON |
Selected Financial Information: |
Rooms revenue |
$ |
4,158 |
$ |
— |
$ |
4,158 |
Total hotel revenue |
$ |
22,840 |
$ |
— |
$ |
22,840 |
Hotel EBITDA |
$ |
11,440 |
$ |
— |
$ |
11,440 |
Hotel EBITDA margin |
50.09 |
% |
50.09 |
% |
Selected Operating Information: |
RevPAR |
$ |
242.68 |
$ |
— |
$ |
242.68 |
Occupancy |
83.01 |
% |
— |
% |
83.01 |
% |
ADR |
$ |
292.36 |
$ |
— |
$ |
292.36 |
TAMPA RENAISSANCE |
Selected Financial Information: |
Rooms revenue |
$ |
— |
$ |
— |
$ |
— |
Total hotel revenue |
$ |
74 |
$ |
(74) |
$ |
— |
Hotel EBITDA |
$ |
28 |
$ |
(28) |
$ |
— |
Hotel EBITDA margin |
37.84 |
% |
— |
% |
Selected Operating Information: |
RevPAR |
$ |
— |
$ |
— |
$ |
— |
Occupancy |
— |
% |
— |
% |
— |
% |
ADR |
$ |
— |
$ |
— |
$ |
— |
BRAEMAR PROPERTIES TOTAL |
Selected Financial Information: |
Rooms revenue |
$ |
290,095 |
$ |
12,724 |
$ |
302,819 |
Total hotel revenue |
$ |
454,229 |
$ |
24,150 |
$ |
478,379 |
Hotel EBITDA |
$ |
138,133 |
$ |
5,258 |
$ |
143,391 |
Hotel EBITDA margin |
30.41 |
% |
29.97 |
% |
Selected Operating Information: |
RevPAR |
$ |
227.49 |
$ |
378.01 |
$ |
231.36 |
Occupancy |
79.28 |
% |
73.88 |
% |
79.14 |
% |
ADR |
$ |
286.95 |
$ |
511.64 |
$ |
292.34 |
NOTES: |
(1) |
The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2019, 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. |
(3) |
The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton. |
(4) |
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS (dollars in thousands) (unaudited) |
Actual |
Non- |
Comparable |
Actual |
Non- |
Comparable |
Actual |
Non- |
Comparable |
Actual |
Non- |
Comparable |
2019 |
2019 |
2019 |
2019 |
2019 |
2019 |
2018 |
2018 |
2018 |
2018 |
2018 |
2018 |
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 |
$ |
118,412 |
$ |
— |
$ |
118,412 |
$ |
128,026 |
$ |
2,671 |
$ |
130,697 |
$ |
98,945 |
$ |
10,535 |
$ |
109,480 |
$ |
108,846 |
$ |
10,944 |
$ |
119,790 |
Hotel EBITDA |
$ |
38,149 |
$ |
138 |
$ |
38,287 |
$ |
39,689 |
$ |
606 |
$ |
40,295 |
$ |
26,950 |
$ |
2,301 |
$ |
29,251 |
$ |
33,345 |
$ |
2,213 |
$ |
35,558 |
Hotel EBITDA Margin |
32.22 |
% |
32.33 |
% |
31.00 |
% |
30.83 |
% |
27.24 |
% |
26.72 |
% |
30.64 |
% |
29.68 |
% |
EBITDA % of Total TTM |
27.6 |
% |
26.7 |
% |
28.7 |
% |
28.1 |
% |
19.5 |
% |
20.4 |
% |
24.2 |
% |
24.8 |
% |
JV Interests in EBITDA |
$ |
2,527 |
$ |
— |
$ |
2,527 |
$ |
1,866 |
$ |
— |
$ |
1,866 |
$ |
1,519 |
$ |
— |
$ |
1,519 |
$ |
1,429 |
$ |
— |
$ |
1,429 |
Actual |
Non- |
Comparable |
2019 |
2019 |
2019 |
TTM |
TTM |
TTM |
Total Hotel Revenue |
$ |
454,229 |
$ |
24,150 |
$ |
478,379 |
Hotel EBITDA |
$ |
138,133 |
$ |
5,258 |
$ |
143,391 |
Hotel EBITDA Margin |
30.41 |
% |
29.97 |
% |
EBITDA % of Total TTM |
100.0 |
% |
100.0 |
% |
JV Interests in EBITDA |
$ |
7,341 |
$ |
— |
$ |
7,341 |
NOTES: |
(1) |
The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2019, 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. |
(3) |
The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton. |
(4) |
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES TOTAL ENTERPRISE VALUE JUNE 30, 2019 (in thousands, except share price) (unaudited) |
June 30, 2019 |
Common stock shares outstanding |
32,880 |
Partnership units outstanding (common stock equivalents) |
4,807 |
Combined common stock shares and partnership units outstanding |
37,687 |
Common stock price |
$ |
9.90 |
Market capitalization |
$ |
373,101 |
Series B cumulative convertible preferred stock |
$ |
124,146 |
Series D cumulative preferred stock |
$ |
40,000 |
Indebtedness |
$ |
1,054,500 |
Joint venture partner's share of consolidated indebtedness |
$ |
(48,750) |
Net working capital (see below) |
$ |
(75,230) |
Total enterprise value (TEV) |
$ |
1,467,767 |
Ashford Inc. Investment: |
Common stock shares owned |
195 |
Common stock price |
$ |
31.79 |
Market value of Ashford Inc. investment |
$ |
6,195 |
Cash and cash equivalents |
$ |
73,916 |
Restricted cash |
$ |
68,041 |
Accounts receivable, net |
$ |
17,709 |
Prepaid expenses |
$ |
7,902 |
Due from third-party hotel managers, net |
$ |
8,695 |
Market value of Ashford Inc. investment |
$ |
6,195 |
Total current assets |
$ |
182,458 |
Accounts payable, net & accrued expenses |
$ |
94,760 |
Dividends and distributions payable |
$ |
9,334 |
Due to affiliates, net |
$ |
3,134 |
Total current liabilities |
$ |
107,228 |
Net working capital* |
$ |
75,230 |
* Includes the Company's pro rata share of net working capital in joint ventures. |
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a) |
2019 |
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
Rooms |
Actual |
Actual |
Estimated |
Estimated |
Park Hyatt Beaver Creek |
190 |
x |
x |
The Notary Hotel |
499 |
x |
x |
San Francisco Courtyard Downtown |
410 |
x |
x |
x |
x |
St. Thomas Ritz-Carlton |
180 |
x |
x |
x |
x |
Total |
3 |
4 |
3 |
2 |
(a) |
Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2019 are included in this table. |
Exhibit 1 |
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) |
2019 |
2019 |
2018 |
2018 |
June 30, 2019 |
2nd Quarter |
1st Quarter |
4th Quarter |
3rd Quarter |
TTM |
Net income (loss) |
$ |
12,770 |
$ |
16,470 |
$ |
6,525 |
$ |
14,567 |
$ |
50,332 |
Non-property adjustments |
(9) |
— |
(26) |
— |
(35) |
Interest income |
(77) |
(62) |
(61) |
(57) |
(257) |
Interest expense |
4,965 |
4,856 |
4,342 |
4,100 |
18,263 |
Amortization of loan costs |
209 |
345 |
284 |
279 |
1,117 |
Depreciation and amortization |
18,474 |
16,686 |
15,092 |
14,474 |
64,726 |
Income tax expense (benefit) |
422 |
115 |
(353) |
(44) |
140 |
Non-hotel EBITDA ownership expense |
1,395 |
1,279 |
1,147 |
26 |
3,847 |
Hotel EBITDA including amounts attributable to noncontrolling interest |
38,149 |
39,689 |
26,950 |
33,345 |
138,133 |
Non-comparable adjustments |
138 |
606 |
2,301 |
2,213 |
5,258 |
Comparable hotel EBITDA |
$ |
38,287 |
$ |
40,295 |
$ |
29,251 |
$ |
35,558 |
$ |
143,391 |
Exhibit 1 |
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES |
Three Months Ended June 30, 2019 |
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 |
The Notary Hotel |
Plano Marriott Legacy Town Center |
San Francisco Courtyard Downtown |
Sarasota Ritz-Carlton |
Lake Tahoe Ritz-Carlton |
Seattle Marriott Waterfront |
St. Thomas Ritz-Carlton |
Tampa Renaissance |
Hotel Total |
Corporate / Allocated |
Braemar Hotels & Resorts Inc. |
Net income (loss) |
$ 4,005 |
$ 2,301 |
$ 2,258 |
$ 191 |
$ 2,510 |
$ 404 |
$ (1,875) |
$ 829 |
$ — |
$ 1,419 |
$ (1,058) |
$ (3,260) |
$ 2,903 |
$ 2,143 |
$ — |
$ 12,770 |
$ (18,393) |
$ (5,623) |
Non-property adjustments |
— |
— |
— |
— |
— |
(9) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(9) |
9 |
— |
Interest income |
(17) |
(21) |
— |
— |
— |
— |
— |
(3) |
— |
(4) |
(19) |
— |
(13) |
— |
— |
(77) |
77 |
— |
Interest expense |
— |
— |
— |
508 |
— |
648 |
887 |
— |
— |
— |
1,509 |
625 |
— |
788 |
— |
4,965 |
8,069 |
13,034 |
Amortization of loan cost |
— |
— |
— |
34 |
— |
36 |
— |
— |
— |
— |
79 |
32 |
— |
28 |
— |
209 |
812 |
1,021 |
Depreciation and amortization |
2,015 |
1,408 |
1,652 |
795 |
631 |
697 |
1,076 |
2,031 |
— |
2,459 |
2,417 |
1,126 |
1,002 |
1,165 |
— |
18,474 |
— |
18,474 |
Income tax expense (benefit) |
— |
380 |
— |
— |
— |
— |
— |
2 |
— |
— |
— |
— |
— |
40 |
— |
422 |
(11) |
411 |
Non-hotel EBITDA ownership expense |
17 |
19 |
37 |
111 |
7 |
13 |
444 |
280 |
— |
16 |
27 |
30 |
132 |
262 |
— |
1,395 |
(1,395) |
— |
Hotel EBITDA including amounts attributable to noncontrolling interest |
6,020 |
4,087 |
3,947 |
1,639 |
3,148 |
1,789 |
532 |
3,139 |
— |
3,890 |
2,955 |
(1,447) |
4,024 |
4,426 |
— |
38,149 |
(10,832) |
27,317 |
Less: EBITDA adjustments attributable to consolidated noncontrolling interest |
(1,505) |
(1,022) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(2,527) |
2,527 |
— |
Equity in earnings (loss) of unconsolidated entities |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
51 |
51 |
Company's portion of EBITDA of OpenKey |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(48) |
(48) |
Hotel EBITDA attributable to the Company and OP unitholders |
$ 4,515 |
$ 3,065 |
$ 3,947 |
$ 1,639 |
$ 3,148 |
$ 1,789 |
$ 532 |
$ 3,139 |
$ — |
$ 3,890 |
$ 2,955 |
$ (1,447) |
$ 4,024 |
$ 4,426 |
$ — |
$ 35,622 |
$ (8,302) |
$ 27,320 |
Non-comparable adjustments |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
138 |
— |
— |
— |
138 |
Comparable hotel EBITDA |
$ 6,020 |
$ 4,087 |
$ 3,947 |
$ 1,639 |
$ 3,148 |
$ 1,789 |
$ 532 |
$ 3,139 |
$ — |
$ 3,890 |
$ 2,955 |
$ (1,309) |
$ 4,024 |
$ 4,426 |
$ — |
$ 38,287 |
ALL HOTELS NOT UNDER RENOVATION: |
Hotel EBITDA including amounts attributable to noncontrolling interest |
$ 6,020 |
$ 4,087 |
$ 3,947 |
$ 1,639 |
$ 3,148 |
$ 1,789 |
$ — |
$ — |
$ — |
$ — |
$ 2,955 |
$ (1,447) |
$ 4,024 |
$ — |
$ — |
$ 26,162 |
Non-comparable adjustments |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
138 |
— |
— |
— |
138 |
Comparable hotel EBITDA |
$ 6,020 |
$ 4,087 |
$ 3,947 |
$ 1,639 |
$ 3,148 |
$ 1,789 |
$ — |
$ — |
$ — |
$ — |
$ 2,955 |
$ (1,309) |
$ 4,024 |
$ — |
$ — |
$ 26,300 |
HOTEL EBITDA BY LOAN POOL |
Credit Agricole (Pier House) |
$ — |
$ — |
$ — |
$ — |
$ 3,148 |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ 3,148 |
BAML (Bardessono) |
— |
— |
— |
1,639 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
1,639 |
BAML (Hotel Yountville) |
— |
— |
— |
— |
— |
1,789 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
1,789 |
Apollo (Ritz-Carlton St. Thomas) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
4,426 |
— |
4,426 |
Prudential (Capital Hilton and Hilton Torrey Pines) |
6,020 |
4,087 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
10,107 |
BAML Pool (see footnote 5) |
— |
— |
3,947 |
— |
— |
— |
— |
3,139 |
— |
3,890 |
— |
— |
4,024 |
— |
— |
15,000 |
JP Morgan (Park Hyatt Beaver Creek) |
— |
— |
— |
— |
— |
— |
532 |
— |
— |
— |
— |
— |
— |
— |
— |
532 |
BAML (Ritz-Carlton Sarasota) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
2,955 |
— |
— |
— |
— |
2,955 |
BAML (Ritz-Carlton Lake Tahoe) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(1,309) |
— |
— |
— |
(1,309) |
Total |
$ 6,020 |
$ 4,087 |
$ 3,947 |
$ 1,639 |
$ 3,148 |
$ 1,789 |
$ 532 |
$ 3,139 |
$ — |
$ 3,890 |
$ 2,955 |
(1,309) |
$ 4,024 |
$ 4,426 |
$ — |
$ 38,287 |
NOTES: |
(1) |
The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2019, 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. |
(3) |
The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton. |
(4) |
Excluded Hotels Under Renovation: |
Park Hyatt Beaver Creek, The Notary Hotel, San Francisco Courtyard Downtown, St. Thomas Ritz-Carlton |
(5) |
This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, San Francisco Courtyard Downtown, Seattle Marriott Waterfront and The Notary Hotel. |
Exhibit 1 |
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES |
Three Months Ended March 31, 2019 |
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 |
The Notary Hotel |
Plano Marriott Legacy Town Center |
San Francisco Courtyard Downtown |
Sarasota Ritz-Carlton |
Lake Tahoe Ritz-Carlton |
Seattle Marriott Waterfront |
St. Thomas Ritz-Carlton |
Tampa Renaissance |
Hotel Total |
Corporate / Allocated |
Braemar Hotels & Resorts Inc. |
Net income (loss) |
$ 1,060 |
$ 3,021 |
$ (3,422) |
$ (931) |
$ 3,556 |
$ (880) |
$ 4,533 |
$ (1,232) |
$ — |
$ 1,648 |
$ 1,968 |
$ 2,697 |
$ 1,253 |
$ 3,199 |
$ — |
$ 16,470 |
$ (17,792) |
$ (1,322) |
Non-property adjustments |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
Interest income |
(10) |
(19) |
— |
— |
— |
— |
— |
(2) |
— |
(3) |
(16) |
— |
(12) |
— |
— |
(62) |
62 |
— |
Interest expense |
— |
— |
— |
505 |
— |
644 |
885 |
— |
— |
— |
1,514 |
525 |
— |
783 |
— |
4,856 |
8,157 |
13,013 |
Amortization of loan cost |
— |
— |
— |
34 |
— |
36 |
138 |
— |
— |
— |
78 |
32 |
— |
27 |
— |
345 |
835 |
1,180 |
Depreciation and amortization |
1,939 |
1,396 |
1,694 |
796 |
556 |
683 |
1,009 |
1,867 |
— |
2,313 |
2,354 |
942 |
1,001 |
136 |
— |
16,686 |
— |
16,686 |
Income tax expense (benefit) |
— |
45 |
— |
— |
— |
— |
— |
2 |
— |
— |
— |
— |
— |
68 |
— |
115 |
812 |
927 |
Hotel EBITDA including amounts attributable to noncontrolling interest |
2,997 |
4,466 |
(1,378) |
507 |
4,127 |
496 |
6,618 |
641 |
— |
3,966 |
5,930 |
4,542 |
2,265 |
4,512 |
— |
39,689 |
(9,205) |
30,484 |
Less: EBITDA adjustments attributable to consolidated noncontrolling interest |
(749) |
(1,117) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(1,866) |
1,866 |
— |
Equity in earnings (loss) of unconsolidated entities |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
50 |
50 |
Company's portion of EBITDA of OpenKey |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(49) |
(49) |
Hotel EBITDA attributable to the Company and OP unitholders |
$ 2,248 |
$ 3,349 |
$ (1,378) |
$ 507 |
$ 4,127 |
$ 496 |
$ 6,618 |
$ 641 |
$ — |
$ 3,966 |
$ 5,930 |
$ 4,542 |
$ 2,265 |
$ 4,512 |
$ — |
$ 37,823 |
$ (7,338) |
$ 30,485 |
Non-comparable adjustments |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
606 |
— |
— |
— |
606 |
Comparable hotel EBITDA |
$ 2,997 |
$ 4,466 |
$ (1,378) |
$ 507 |
$ 4,127 |
$ 496 |
$ 6,618 |
$ 641 |
$ — |
$ 3,966 |
$ 5,930 |
$ 5,148 |
$ 2,265 |
$ 4,512 |
$ — |
$ 40,295 |
HOTEL EBITDA BY LOAN POOL |
Credit Agricole (Pier House) |
$ — |
$ — |
$ — |
$ — |
$ 4,127 |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ 4,127 |
BAML (Bardessono) |
— |
— |
— |
507 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
507 |
BAML (Hotel Yountville) |
— |
— |
— |
— |
— |
496 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
496 |
Apollo (Ritz-Carlton St. Thomas) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
4,512 |
— |
4,512 |
Prudential (Capital Hilton and Hilton Torrey Pines) |
2,997 |
4,466 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
7,463 |
BAML Pool (see footnote 4) |
— |
— |
(1,378) |
— |
— |
— |
— |
641 |
— |
3,966 |
— |
— |
2,265 |
— |
— |
5,494 |
JP Morgan (Park Hyatt Beaver Creek) |
— |
— |
— |
— |
— |
— |
6,618 |
— |
— |
— |
— |
— |
— |
— |
— |
6,618 |
BAML (Ritz-Carlton Sarasota) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
5,930 |
— |
— |
— |
— |
5,930 |
BAML (Ritz-Carlton Lake Tahoe) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
5,148 |
— |
— |
— |
5,148 |
Total |
$ 2,997 |
$ 4,466 |
$ (1,378) |
$ 507 |
$ 4,127 |
$ 496 |
$ 6,618 |
$ 641 |
$ — |
$ 3,966 |
$ 5,930 |
$ 5,148 |
$ 2,265 |
$ 4,512 |
$ — |
$ 40,295 |
NOTES: |
(1) |
The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2019, 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. |
(3) |
The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton. |
(4) |
This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, San Francisco Courtyard Downtown, Seattle Marriott Waterfront and The Notary Hotel. |
Exhibit 1 |
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES |
Three Months Ended December 31, 2018 |
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 |
The Notary Hotel |
Plano Marriott Legacy Town Center |
San Francisco Courtyard Downtown |
Sarasota Ritz-Carlton |
Lake Tahoe Ritz-Carlton |
Seattle Marriott Waterfront |
St. Thomas Ritz-Carlton |
Tampa Renaissance |
Hotel Total |
Corporate / Allocated |
Braemar Hotels & Resorts Inc. |
Net income (loss) |
$ 712 |
$ 2,419 |
$ 827 |
$ 45 |
$ 2,493 |
$ 5 |
$ (943) |
$ 1,821 |
$ 9 |
$ (200) |
$ (394) |
$ — |
$ 1,807 |
$ (2,120) |
$ 44 |
$ 6,525 |
$ (20,438) |
$ (13,913) |
Non-property adjustments |
— |
— |
— |
— |
— |
— |
— |
— |
(9) |
— |
— |
— |
— |
— |
(17) |
(26) |
26 |
— |
Interest income |
(10) |
(16) |
— |
— |
— |
— |
— |
(5) |
— |
(4) |
(15) |
— |
(11) |
— |
— |
(61) |
61 |
— |
Interest expense |
— |
— |
— |
496 |
— |
632 |
871 |
— |
— |
— |
1,565 |
— |
— |
778 |
— |
4,342 |
8,267 |
12,609 |
Amortization of loan cost |
— |
— |
— |
34 |
— |
36 |
137 |
— |
— |
— |
77 |
— |
— |
— |
— |
284 |
819 |
1,103 |
Depreciation and amortization |
1,883 |
1,423 |
1,724 |
751 |
536 |
686 |
933 |
1,505 |
— |
2,238 |
2,253 |
— |
1,024 |
136 |
— |
15,092 |
— |
15,092 |
Income tax expense (benefit) |
— |
(382) |
— |
— |
— |
— |
— |
84 |
— |
— |
— |
— |
— |
(55) |
— |
(353) |
271 |
(82) |
Non-hotel EBITDA ownership expense |
57 |
(9) |
28 |
219 |
(344) |
13 |
17 |
(187) |
— |
453 |
151 |
— |
(5) |
754 |
— |
1,147 |
(1,147) |
— |
Hotel EBITDA including amounts attributable to noncontrolling interest |
2,642 |
3,435 |
2,579 |
1,545 |
2,685 |
1,372 |
1,015 |
3,218 |
— |
2,487 |
3,637 |
— |
2,815 |
(507) |
27 |
26,950 |
(12,141) |
14,809 |
Less: EBITDA adjustments attributable to consolidated noncontrolling interest |
(660) |
(859) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(1,519) |
1,519 |
— |
Equity in earnings (loss) of unconsolidated entities |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
88 |
88 |
Company's portion of EBITDA of OpenKey |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(77) |
(77) |
Hotel EBITDA attributable to the Company and OP unitholders |
$ 1,982 |
$ 2,576 |
$ 2,579 |
$ 1,545 |
$ 2,685 |
$ 1,372 |
$ 1,015 |
$ 3,218 |
$ — |
$ 2,487 |
$ 3,637 |
$ — |
$ 2,815 |
$ (507) |
$ 27 |
$ 25,431 |
$ (10,611) |
$ 14,820 |
Non-comparable adjustments |
— |
— |
— |
(2) |
4 |
(1) |
— |
— |
— |
— |
— |
2,327 |
— |
— |
(27) |
2,301 |
Comparable hotel EBITDA |
$ 2,642 |
$ 3,435 |
$ 2,579 |
$ 1,543 |
$ 2,689 |
$ 1,371 |
$ 1,015 |
$ 3,218 |
$ — |
$ 2,487 |
$ 3,637 |
$ 2,327 |
$ 2,815 |
$ (507) |
$ — |
$ 29,251 |
HOTEL EBITDA BY LOAN POOL |
Credit Agricole (Pier House) |
$ — |
$ — |
$ — |
$ — |
$ 2,689 |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ 2,689 |
BAML (Bardessono) |
— |
— |
— |
1,543 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
1,543 |
BAML (Hotel Yountville) |
— |
— |
— |
— |
— |
1,371 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
1,371 |
Apollo (Ritz-Carlton St. Thomas) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(507) |
— |
(507) |
Prudential (Capital Hilton and Hilton Torrey Pines) |
2,642 |
3,435 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
6,077 |
BAML Pool (see footnote 4) |
— |
— |
2,579 |
— |
— |
— |
— |
3,218 |
— |
2,487 |
— |
— |
2,815 |
— |
— |
11,099 |
JP Morgan (Park Hyatt Beaver Creek) |
— |
— |
— |
— |
— |
— |
1,015 |
— |
— |
— |
— |
— |
— |
— |
— |
1,015 |
BAML (Ritz-Carlton Sarasota) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
3,637 |
— |
— |
— |
— |
3,637 |
BAML (Ritz-Carlton Lake Tahoe) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
2,327 |
— |
— |
— |
2,327 |
Total |
$ 2,642 |
$ 3,435 |
$ 2,579 |
$ 1,543 |
$ 2,689 |
$ 1,371 |
$ 1,015 |
$ 3,218 |
$ — |
$ 2,487 |
$ 3,637 |
$ 2,327 |
$ 2,815 |
$ (507) |
$ — |
$ 29,251 |
NOTES: |
(1) |
The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2019, 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. |
(3) |
The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton. |
(4) |
This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, San Francisco Courtyard Downtown, Seattle Marriott Waterfront and The Notary Hotel. |
Exhibit 1 |
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES |
Three Months Ended September 30, 2018 |
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 |
The Notary Hotel |
Plano Marriott Legacy Town Center |
San Francisco Courtyard Downtown |
Sarasota Ritz-Carlton |
Lake Tahoe Ritz-Carlton |
Seattle Marriott Waterfront |
St. Thomas Ritz-Carlton |
Tampa Renaissance |
Hotel Total |
Corporate / Allocated |
Braemar Hotels & Resorts Inc. |
Net income (loss) |
$ 245 |
$ 2,351 |
$ 1,021 |
$ 1,078 |
$ 1,217 |
$ 924 |
$ (28) |
$ 2,186 |
$ — |
$ 2,463 |
$ (3,506) |
$ — |
$ 4,721 |
$ 1,896 |
$ (1) |
$ 14,567 |
$ (15,193) |
$ (626) |
Non-property adjustments |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
Interest income |
(8) |
(15) |
— |
— |
— |
— |
— |
(5) |
— |
(2) |
(16) |
— |
(11) |
— |
— |
(57) |
57 |
— |
Interest expense |
— |
— |
— |
468 |
— |
605 |
834 |
— |
— |
— |
1,437 |
— |
— |
756 |
— |
4,100 |
7,890 |
11,990 |
Amortization of loan cost |
— |
— |
— |
33 |
— |
35 |
135 |
— |
— |
— |
76 |
— |
— |
— |
— |
279 |
815 |
1,094 |
Depreciation and amortization |
1,828 |
1,401 |
1,625 |
691 |
485 |
671 |
916 |
1,429 |
— |
1,917 |
2,344 |
— |
1,031 |
136 |
— |
14,474 |
— |
14,474 |
Income tax expense (benefit) |
(200) |
108 |
— |
— |
— |
— |
— |
6 |
— |
— |
— |
— |
— |
42 |
— |
(44) |
784 |
740 |
Non-hotel EBITDA ownership expense |
1 |
6 |
5 |
(131) |
10 |
(210) |
(12) |
9 |
— |
4 |
147 |
— |
16 |
179 |
2 |
26 |
(26) |
— |
Hotel EBITDA including amounts attributable to noncontrolling interest |
1,866 |
3,851 |
2,651 |
2,139 |
1,712 |
2,025 |
1,845 |
3,625 |
— |
4,382 |
482 |
— |
5,757 |
3,009 |
1 |
33,345 |
(5,673) |
27,672 |
Less: EBITDA adjustments attributable to consolidated noncontrolling interest |
(467) |
(962) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(1,429) |
1,429 |
— |
Equity in earnings (loss) of unconsolidated entities |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
81 |
81 |
Company's portion of EBITDA of OpenKey |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(79) |
(79) |
Hotel EBITDA attributable to the Company and OP unitholders |
$ 1,399 |
$ 2,889 |
$ 2,651 |
$ 2,139 |
$ 1,712 |
$ 2,025 |
$ 1,845 |
$ 3,625 |
$ — |
$ 4,382 |
$ 482 |
$ — |
$ 5,757 |
$ 3,009 |
$ 1 |
$ 31,916 |
$ (4,242) |
$ 27,674 |
Non-comparable adjustments |
— |
— |
— |
(2) |
4 |
(1) |
— |
— |
— |
— |
(134) |
2,347 |
— |
— |
(1) |
2,213 |
Comparable hotel EBITDA |
$ 1,866 |
$ 3,851 |
$ 2,651 |
$ 2,137 |
$ 1,716 |
$ 2,024 |
$ 1,845 |
$ 3,625 |
$ — |
$ 4,382 |
$ 348 |
$ 2,347 |
$ 5,757 |
$ 3,009 |
$ — |
$ 35,558 |
HOTEL EBITDA BY LOAN POOL |
Credit Agricole (Pier House) |
$ — |
$ — |
$ — |
$ — |
$ 1,716 |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ — |
$ 1,716 |
BAML (Bardessono) |
— |
— |
— |
2,137 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
2,137 |
BAML (Hotel Yountville) |
— |
— |
— |
— |
— |
2,024 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
2,024 |
Apollo (Ritz-Carlton St. Thomas) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
3,009 |
— |
3,009 |
Prudential (Capital Hilton and Hilton Torrey Pines) |
1,866 |
3,851 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
5,717 |
BAML Pool (see footnote 4) |
— |
— |
2,651 |
— |
— |
— |
— |
3,625 |
— |
4,382 |
— |
— |
5,757 |
— |
— |
16,415 |
JP Morgan (Park Hyatt Beaver Creek) |
— |
— |
— |
— |
— |
— |
1,845 |
— |
— |
— |
— |
— |
— |
— |
— |
1,845 |
BAML (Ritz-Carlton Sarasota) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
348 |
— |
— |
— |
— |
348 |
BAML (Ritz-Carlton Lake Tahoe) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
2,347 |
— |
— |
— |
2,347 |
Total |
$ 1,866 |
$ 3,851 |
$ 2,651 |
$ 2,137 |
$ 1,716 |
$ 2,024 |
$ 1,845 |
$ 3,625 |
$ — |
$ 4,382 |
$ 348 |
$ 2,347 |
$ 5,757 |
$ 3,009 |
$ — |
$ 35,558 |
NOTES: |
(1) |
The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2019, 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. |
(3) |
The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton. |
(4) |
This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, San Francisco Courtyard Downtown, Seattle Marriott Waterfront and The Notary Hotel. |
Exhibit 1 |
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES |
Three Months Ended June 30, 2018 |
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 |
The Notary Hotel |
Plano Marriott Legacy Town Center |
San Francisco Courtyard Downtown |
Sarasota Ritz-Carlton |
Lake Tahoe Ritz-Carlton |
Seattle Marriott Waterfront |
St. Thomas Ritz-Carlton |
Tampa Renaissance |
Hotel Total |
Corporate / Allocated |
Braemar Hotels & Resorts Inc. |
Net income (loss) |
$ 4,054 |
$ 1,843 |
$ 1,180 |
$ 146 |
$ 2,186 |
$ 245 |
$ (2,507) |
$ 3,176 |
$ — |
$ 1,906 |
$ (719) |
$ — |
$ 3,777 |
$ 3,523 |
$ 19,813 |
$ 38,623 |
$ (25,769) |
$ 12,854 |
Non-property adjustments |
— |
— |
229 |
— |
60 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(15,712) |
(15,423) |
15,423 |
— |
Interest income |
(7) |
(10) |
— |
— |
— |
— |
— |
(3) |
— |
(1) |
(11) |
— |
(7) |
— |
— |
(39) |
39 |
— |
Interest expense |
— |
— |
520 |
443 |
— |
576 |
796 |
— |
— |
— |
1,270 |
— |
— |
730 |
— |
4,335 |
7,268 |
11,603 |
Amortization of loan cost |
— |
— |
— |
33 |
— |
35 |
134 |
— |
— |
— |
75 |
— |
— |
— |
— |
277 |
798 |
1,075 |
Depreciation and amortization |
1,832 |
1,421 |
1,593 |
665 |
458 |
667 |
852 |
1,474 |
— |
1,974 |
2,294 |
— |
1,046 |
177 |
358 |
14,811 |
— |
14,811 |
Income tax expense (benefit) |
299 |
69 |
— |
— |
— |
— |
— |
4 |
— |
— |
— |
— |
— |
10 |
— |
382 |
820 |
1,202 |
Non-hotel EBITDA ownership expense |
(40) |
— |
54 |
445 |
(45) |
257 |
55 |
(54) |
— |
11 |
114 |
— |
5 |
(39) |
(8) |
755 |
(755) |
— |
Hotel EBITDA including amounts attributable to noncontrolling interest |
6,138 |
3,323 |
3,576 |
1,732 |
2,659 |
1,780 |
(670) |
4,597 |
— |
3,890 |
3,023 |
— |
4,821 |
4,401 |
4,451 |
43,721 |
(2,176) |
41,545 |
Less: EBITDA adjustments attributable to consolidated noncontrolling interest |
(1,535) |
(831) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(2,366) |
2,366 |
— |
Equity in earnings (loss) of unconsolidated entities |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
62 |
62 |
Company's portion of EBITDA of OpenKey |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(62) |
(62) |
Hotel EBITDA attributable to the Company and OP unitholders |
$ 4,603 |
$ 2,492 |
$ 3,576 |
$ 1,732 |
$ 2,659 |
$ 1,780 |
$ (670) |
$ 4,597 |
$ — |
$ 3,890 |
$ 3,023 |
$ — |
$ 4,821 |
$ 4,401 |
$ 4,451 |
$ 41,355 |
$ 190 |
$ 41,545 |
Non-comparable adjustments |
— |
— |
— |
(2) |
4 |
(1) |
— |
— |
— |
— |
323 |
(375) |
— |
— |
(4,451) |
(4,502) |
Comparable hotel EBITDA |
$ 6,138 |
$ 3,323 |
$ 3,576 |
$ 1,730 |
$ 2,663 |
$ 1,779 |
$ (670) |
$ 4,597 |
$ — |
$ 3,890 |
$ 3,346 |
$ (375) |
$ 4,821 |
$ 4,401 |
$ — |
$ 39,219 |
ALL HOTELS NOT UNDER RENOVATION: |
Hotel EBITDA including amounts attributable to noncontrolling interest |
$ 6,138 |
$ 3,323 |
$ 3,576 |
$ 1,732 |
$ 2,659 |
$ 1,780 |
$ — |
$ — |
$ — |
$ — |
$ 3,023 |
$ — |
$ 4,821 |
$ — |
$ 4,451 |
$ 31,503 |
Non-comparable adjustments |
— |
— |
— |
(2) |
4 |
(1) |
— |
— |
— |
— |
323 |
(375) |
— |
— |
(4,451) |
(4,502) |
Comparable hotel EBITDA |
$ 6,138 |
$ 3,323 |
$ 3,576 |
$ 1,730 |
$ 2,663 |
$ 1,779 |
$ — |
$ — |
$ — |
$ — |
$ 3,346 |
$ (375) |
$ 4,821 |
$ — |
$ — |
$ 27,001 |
NOTES: |
(1) |
The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2019, 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. |
(3) |
The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton. |
(4) |
Excluded Hotels Under Renovation: |
Park Hyatt Beaver Creek, The Notary Hotel, San Francisco Courtyard Downtown, St. Thomas Ritz-Carlton |
Exhibit 1 |
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES |
Six Months Ended June 30, 2019 |
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 |
The Notary Hotel |
Plano Marriott Legacy Town Center |
San Francisco Courtyard Downtown |
Sarasota Ritz-Carlton |
Lake Tahoe Ritz-Carlton |
Seattle Marriott Waterfront |
St. Thomas Ritz-Carlton |
Tampa Renaissance |
Hotel Total |
Corporate / Allocated |
Braemar Hotels & Resorts Inc. |
Net income (loss) |
$ 5,065 |
$ 5,322 |
$ (1,164) |
$ (740) |
$ 6,066 |
$ (476) |
$ 2,658 |
$ (403) |
$ — |
$ 3,067 |
$ 910 |
$ (563) |
$ 4,156 |
$ 5,342 |
$ — |
$ 29,240 |
$ (36,185) |
$ (6,945) |
Non-property adjustments |
— |
— |
— |
— |
— |
(9) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(9) |
9 |
— |
Interest income |
(27) |
(40) |
— |
— |
— |
— |
— |
(5) |
— |
(7) |
(35) |
— |
(25) |
— |
— |
(139) |
139 |
— |
Interest expense |
— |
— |
— |
1,013 |
— |
1,292 |
1,772 |
— |
— |
— |
3,023 |
1,150 |
— |
1,571 |
— |
9,821 |
16,226 |
26,047 |
Amortization of loan cost |
— |
— |
— |
68 |
— |
72 |
138 |
— |
— |
— |
157 |
64 |
— |
55 |
— |
554 |
1,647 |
2,201 |
Depreciation and amortization |
3,954 |
2,804 |
3,346 |
1,591 |
1,187 |
1,380 |
2,085 |
3,898 |
— |
4,772 |
4,771 |
2,068 |
2,003 |
1,301 |
— |
35,160 |
— |
35,160 |
Income tax expense (benefit) |
— |
425 |
— |
— |
— |
— |
— |
4 |
— |
— |
— |
— |
— |
108 |
— |
537 |
801 |
1,338 |
Non-hotel EBITDA ownership expense |
25 |
42 |
387 |
214 |
22 |
26 |
497 |
286 |
— |
24 |
59 |
376 |
155 |
561 |
— |
2,674 |
(2,674) |
— |
Hotel EBITDA including amounts attributable to noncontrolling interest |
9,017 |
8,553 |
2,569 |
2,146 |
7,275 |
2,285 |
7,150 |
3,780 |
— |
7,856 |
8,885 |
3,095 |
6,289 |
8,938 |
— |
77,838 |
(20,037) |
57,801 |
Less: EBITDA adjustments attributable to consolidated noncontrolling interest |
(2,254) |
(2,139) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(4,393) |
4,393 |
— |
Equity in earnings (loss) of unconsolidated entities |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
101 |
101 |
Company's portion of EBITDA of OpenKey |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(97) |
(97) |
Hotel EBITDA attributable to the Company and OP unitholders |
$ 6,763 |
$ 6,414 |
$ 2,569 |
$ 2,146 |
$ 7,275 |
$ 2,285 |
$ 7,150 |
$ 3,780 |
$ — |
$ 7,856 |
$ 8,885 |
$ 3,095 |
$ 6,289 |
$ 8,938 |
$ — |
$ 73,445 |
$ (15,640) |
$ 57,805 |
Non-comparable adjustments |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
744 |
— |
— |
— |
744 |
Comparable hotel EBITDA |
$ 9,017 |
$ 8,553 |
$ 2,569 |
$ 2,146 |
$ 7,275 |
$ 2,285 |
$ 7,150 |
$ 3,780 |
$ — |
$ 7,856 |
$ 8,885 |
$ 3,839 |
$ 6,289 |
$ 8,938 |
$ — |
$ 78,582 |
ALL HOTELS NOT UNDER RENOVATION: |
Hotel EBITDA including amounts attributable to noncontrolling interest |
$ 9,017 |
$ 8,553 |
$ 2,569 |
$ 2,146 |
$ 7,275 |
$ 2,285 |
$ — |
$ — |
$ — |
$ — |
$ 8,885 |
$ 3,095 |
$ 6,289 |
$ — |
$ — |
$ 50,114 |
Non-comparable adjustments |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
744 |
— |
— |
— |
744 |
Comparable hotel EBITDA |
$ 9,017 |
$ 8,553 |
$ 2,569 |
$ 2,146 |
$ 7,275 |
$ 2,285 |
$ — |
$ — |
$ — |
$ — |
$ 8,885 |
$ 3,839 |
$ 6,289 |
$ — |
$ — |
$ 50,858 |
NOTES: |
(1) |
The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2019, 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. |
(3) |
The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton. |
(4) |
Excluded Hotels Under Renovation: |
Park Hyatt Beaver Creek, The Notary Hotel, San Francisco Courtyard Downtown, St. Thomas Ritz-Carlton |
Exhibit 1 |
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES |
Six Months Ended June 30, 2018 |
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 |
The Notary Hotel |
Plano Marriott Legacy Town Center |
San Francisco Courtyard Downtown |
Sarasota Ritz-Carlton |
Lake Tahoe Ritz-Carlton |
Seattle Marriott Waterfront |
St. Thomas Ritz-Carlton |
Tampa Renaissance |
Hotel Total |
Corporate / Allocated |
Braemar Hotels & Resorts Inc. |
Net income (loss) |
$ 5,388 |
$ 5,116 |
$ (2,170) |
$ (64) |
$ 5,262 |
$ 208 |
$ 2,823 |
$ 4,167 |
$ 74 |
$ 3,260 |
$ (719) |
$ — |
$ 5,234 |
$ 5,847 |
$ 20,958 |
$ 55,384 |
$ (38,260) |
$ 17,124 |
Non-property adjustments |
— |
— |
229 |
— |
60 |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(15,700) |
(15,411) |
15,411 |
— |
Interest income |
(12) |
(17) |
— |
— |
— |
— |
— |
(4) |
— |
(1) |
(11) |
— |
(10) |
(1) |
(1) |
(57) |
57 |
— |
Interest expense |
— |
— |
1,299 |
858 |
— |
1,083 |
1,530 |
— |
— |
— |
1,270 |
— |
— |
1,418 |
— |
7,458 |
13,336 |
20,794 |
Amortization of loan cost |
— |
— |
— |
65 |
— |
70 |
266 |
— |
— |
— |
75 |
— |
— |
— |
— |
476 |
1,587 |
2,063 |
Depreciation and amortization |
3,601 |
2,859 |
3,019 |
1,312 |
1,223 |
1,331 |
1,688 |
3,017 |
— |
3,648 |
2,294 |
— |
2,095 |
436 |
1,294 |
27,817 |
— |
27,817 |
Income tax expense (benefit) |
299 |
193 |
— |
— |
— |
— |
— |
6 |
— |
— |
— |
— |
— |
38 |
— |
536 |
1,238 |
1,774 |
Non-hotel EBITDA ownership expense |
(36) |
31 |
56 |
609 |
(35) |
329 |
71 |
9 |
(74) |
58 |
114 |
— |
(6) |
51 |
(54) |
1,123 |
(1,123) |
— |
Hotel EBITDA including amounts attributable to noncontrolling interest |
9,240 |
8,182 |
2,433 |
2,780 |
6,510 |
3,021 |
6,378 |
7,195 |
— |
6,965 |
3,023 |
— |
7,313 |
7,789 |
6,497 |
77,326 |
(7,754) |
69,572 |
Less: EBITDA adjustments attributable to consolidated noncontrolling interest |
(2,310) |
(2,046) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(4,356) |
4,356 |
— |
Equity in earnings (loss) of unconsolidated entities |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
65 |
65 |
Company's portion of EBITDA of OpenKey |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(64) |
(64) |
Hotel EBITDA attributable to the Company and OP unitholders |
$ 6,930 |
$ 6,136 |
$ 2,433 |
$ 2,780 |
$ 6,510 |
$ 3,021 |
$ 6,378 |
$ 7,195 |
$ — |
$ 6,965 |
$ 3,023 |
$ — |
$ 7,313 |
$ 7,789 |
$ 6,497 |
$ 72,970 |
$ (3,397) |
$ 69,573 |
Non-comparable adjustments |
— |
— |
— |
(4) |
8 |
(2) |
— |
— |
— |
— |
5,700 |
3,348 |
— |
— |
(6,497) |
2,553 |
Comparable hotel EBITDA |
$ 9,240 |
$ 8,182 |
$ 2,433 |
$ 2,776 |
$ 6,518 |
$ 3,019 |
$ 6,378 |
$ 7,195 |
$ — |
$ 6,965 |
$ 8,723 |
$ 3,348 |
$ 7,313 |
$ 7,789 |
$ — |
$ 79,879 |
ALL HOTELS NOT UNDER RENOVATION: |
Hotel EBITDA including amounts attributable to noncontrolling interest |
$ 9,240 |
$ 8,182 |
$ 2,433 |
$ 2,780 |
$ 6,510 |
$ 3,021 |
$ — |
$ — |
$ — |
$ — |
$ 3,023 |
$ — |
$ 7,313 |
$ — |
$ 6,497 |
$ 48,999 |
Non-comparable adjustments |
— |
— |
— |
(4) |
8 |
(2) |
— |
— |
— |
— |
5,700 |
3,348 |
— |
— |
(6,497) |
2,553 |
Comparable hotel EBITDA |
$ 9,240 |
$ 8,182 |
$ 2,433 |
$ 2,776 |
$ 6,518 |
$ 3,019 |
$ — |
$ — |
$ — |
$ — |
$ 8,723 |
$ 3,348 |
$ 7,313 |
$ — |
$ — |
$ 51,552 |
NOTES: |
(1) |
The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2019, 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. |
(3) |
The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton. |
(4) |
Excluded Hotels Under Renovation: |
Park Hyatt Beaver Creek, The Notary Hotel, San Francisco Courtyard Downtown, St. Thomas Ritz-Carlton |
SOURCE Braemar Hotels & Resorts Inc.