Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): August 3, 2017
 
RLJ LODGING TRUST
(Exact name of registrant as specified in its charter)
 
Maryland
 
001-35169
 
27-4706509
(State or other jurisdiction of incorporation)
 
(Commission File Number)
 
(IRS Employer Identification Number)
 
3 Bethesda Metro Center
Suite 1000
Bethesda, MD
 
20814
(Address of principal executive offices)
 
(Zip Code)
 
(301) 280-7777
(Registrant’s telephone number, including area code)
 
Not applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
o      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


















Item 2.02.       Results of Operations and Financial Condition.
 
On August 3, 2017, RLJ Lodging Trust (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2017.  A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
 
The information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
 
Item 9.01.       Financial Statements and Exhibits.
 
(a)  Not applicable.
 
(b)  Not applicable.
 
(c)  Not applicable.
 
(d)  The following exhibits are filed as part of this report:
 
Exhibit
Number
 
Description
99.1

 
Press release dated August 3, 2017, issued by RLJ Lodging Trust, providing financial results for the quarter ended June 30, 2017.
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
RLJ LODGING TRUST
 
 
Dated: August 3, 2017
By:
/s/ Ross H. Bierkan
 
 
Ross H. Bierkan
 
 
President, Chief Executive Officer, Chief Investment Officer and Trustee

EXHIBIT LIST
 
Exhibit
Number
 
Description
99.1

 
Press release dated August 3, 2017, issued by RLJ Lodging Trust, providing financial results for the quarter ended June 30, 2017.



Exhibit
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Press Release
 


RLJ Lodging Trust Reports Second Quarter 2017 Results

- Net income of $42.5 million
- Pro forma Hotel EBITDA Margin of 37.7%
- Pro forma Consolidated Hotel EBITDA of $110.3 million



Bethesda, MD, August 3, 2017 – RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today reported results for the three and six months ended June 30, 2017.
 
Highlights
Net income decreased 27.7% to $42.5 million
Pro forma RevPAR decreased 3.4%, Pro forma Occupancy decreased 2.1%, and Pro forma ADR decreased 1.2%
Pro forma Hotel EBITDA Margin of 37.7%
Pro forma Consolidated Hotel EBITDA of $110.3 million

“As expected, the second quarter was soft as a result of a few transitory headwinds including convention center closures in three of our top markets and the Easter holiday shift, which was less favorable to our business centric customer mix,” commented Ross H. Bierkan, President and Chief Executive Officer. “Despite the revenue pressure, our margin decline of only 150 basis points was better than we anticipated and is a testament to our team’s hard work and our resilient operating model. With margins of 37.7%, we continue to produce one of the strongest margins in the lodging space while also generating significant cash flow. With our most challenging quarter now behind us, we look forward to lapping easier comps starting late in the third quarter and benefiting from a number of tailwinds next year.”

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

Net income for the three months ended June 30, 2017, decreased $16.3 million to $42.5 million, representing a 27.7% decrease over the comparable period in 2016. For the six months ended June 30, 2017, net income decreased $19.8 million to $64.2 million, representing a 23.6% decrease over the comparable period in 2016. Net income for the three and six months ended June 30, 2016, includes results from sold hotels.


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Pro forma RevPAR for the three months ended June 30, 2017, decreased 3.4% over the comparable period in 2016, driven by a Pro forma Occupancy decrease of 2.1% and a Pro forma ADR decrease of 1.2%. For the six months ended June 30, 2017, Pro forma RevPAR decreased 2.1% over the comparable period in 2016, driven by a Pro forma Occupancy decrease of 1.5% and a Pro forma ADR decrease of 0.6%.

Pro forma Hotel EBITDA Margin for the three months ended June 30, 2017, decreased 150 basis points over the comparable period in 2016 to 37.7%. For the six months ended June 30, 2017, Pro forma Hotel EBITDA Margin decreased 148 basis points over the comparable period in 2016 to 35.4%.

Pro forma Consolidated Hotel EBITDA for the three months ended June 30, 2017, decreased $8.3 million to $110.3 million, representing a 7.0% decrease over the comparable period in 2016. For the six months ended June 30, 2017, Pro forma Consolidated Hotel EBITDA decreased $13.3 million to $195.8 million, representing a 6.4% decrease over the comparable period in 2016.

Adjusted FFO for the three months ended June 30, 2017, decreased $13.4 million to $88.8 million, representing a 13.1% decrease over the comparable period in 2016. For the six months ended June 30, 2017, Adjusted FFO decreased $19.7 million to $153.2 million, representing an 11.4% decrease over the comparable period in 2016. Adjusted FFO for the three and six months ended June 30, 2016, includes results from sold hotels.

Adjusted FFO per diluted common share and unit for the three months ended June 30, 2017, decreased $0.11 to $0.71, representing a 13.4% decrease over the comparable period in 2016. For the six months ended June 30, 2017, Adjusted FFO per diluted common share and unit decreased $0.16 to $1.23, representing an 11.5% decrease over the comparable period in 2016.

Adjusted EBITDA for the three months ended June 30, 2017, decreased $13.5 million to $103.7 million, representing an 11.5% decrease over the comparable period in 2016. Adjusted EBITDA for the three months ended June 30, 2016, includes results from sold hotels of approximately $5.4 million. For the six months ended June 30, 2017, Adjusted EBITDA decreased $20.5 million to $182.6 million, representing a 10.1% decrease over the comparable period in 2016. Adjusted EBITDA for the six months ended June 30, 2016, includes results from sold hotels of approximately $7.2 million.

Net cash flow from operating activities for the six months ended June 30, 2017, totaled $141.5 million, compared to $164.2 million for the comparable period in 2016.

Balance Sheet
As of June 30, 2017, the Company had $479.9 million of unrestricted cash on its balance sheet, $400.0 million available on its revolving credit facility, and $1.6 billion of debt outstanding. The Company’s ratio of net debt to Adjusted EBITDA, pro forma for dispositions, for the trailing twelve month period ended June 30, 2017, was 3.1 times.


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Dividends
The Company’s Board of Trustees declared a cash dividend of $0.33 per common share of beneficial interest in the second quarter. The dividend was paid on July 14, 2017, to shareholders of record as of June 30, 2017.

Share Buyback
For the three and six months ended June 30, 2017, the Company did not repurchase any shares. As of June 30, 2017, the Company's authorized share buyback program had a remaining capacity of $201.5 million.

Subsequent Events
In connection with the proposed merger with FelCor Lodging Trust Incorporated, the Company filed with the SEC a registration statement on Form S-4 (File No. 333-218439) that includes a joint proxy statement of the Company and FelCor that also constitutes a prospectus of the Company. The registration statement was declared effective by the Securities and Exchange Commission on July 18, 2017, and the joint proxy/prospectus has been mailed or otherwise disseminated to the Company’s shareholders.

2017 Outlook
The Company’s outlook has been updated to reflect a more cautionary outlook for the second half of the year. The updated outlook excludes potential future acquisitions and dispositions, which could result in a material change to the Company’s outlook. The 2017 outlook is also based on a number of other assumptions, many of which are outside the Company’s control and all of which are subject to change.

Pro forma guidance removes income from hotels that have been sold. During the six months ended June 30, 2017, the Company did not acquire or sell any hotels.

For the full year 2017, the Company anticipates:

 
Current Outlook
Prior Outlook
Pro forma RevPAR growth
-2.0% to -1.0%
-1.0% to +1.0%
Pro forma Hotel EBITDA Margin
34.5% to 35.0%
34.5% to 35.5%
Pro forma Consolidated Hotel EBITDA
$375.0M to $385.0M
$380.0M to $400.0M
Corporate Cash General & Administrative
$27.5M to $28.5M
$27.5M to $28.5M

Earnings Call
The Company will conduct its quarterly analyst and investor conference call on August 4, 2017, at 10:00 a.m. (Eastern Time). The conference call can be accessed by dialing (877) 407-3982 or (201) 493-6780 for international participants and requesting RLJ Lodging Trust’s second quarter earnings conference call. Additionally, a live webcast of the conference call will be available through the Company’s website at http://rljlodgingtrust.com. A replay of the conference call webcast will be archived and available online through the Investor Relations page of the Company’s website.

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About Us
RLJ Lodging Trust is a self-advised, publicly traded real estate investment trust focused on acquiring premium-branded, focused-service and compact full-service hotels. The Company owns 122 hotels with approximately 20,100 rooms, located in 21 states and the District of Columbia.

Forward Looking Statements
The following information contains certain statements, other than purely historical information, including estimates, projections, statements relating to the Company’s business plans, objectives and expected operating results, and the assumptions upon which those statements are based, that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally are identified by the use of the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “will,” “will continue,” “intend,” “should,” or similar expressions. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs, and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance and the Company’s actual results could differ materially from those set forth in the forward-looking statements. Some factors that might cause such a difference include the following: the current global economic uncertainty, increased direct competition, changes in government regulations or accounting rules, changes in local, national, and global real estate conditions, declines in the lodging industry, seasonality of the lodging industry, risks related to natural disasters, such as earthquakes and hurricanes, hostilities, including future terrorist attacks or fear of hostilities that affect travel, the Company’s ability to obtain lines of credit or permanent financing on satisfactory terms, changes in interest rates, access to capital through offerings of the Company’s common and preferred shares of beneficial interest, or debt, the Company’s ability to identify suitable acquisitions, the Company’s ability to close on identified acquisitions and integrate those businesses, and inaccuracies of the Company’s accounting estimates. Given these uncertainties, undue reliance should not be placed on such statements. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The Company cautions investors not to place undue reliance on these forward-looking statements and urges investors to carefully review the disclosures the Company makes concerning risks and uncertainties in the sections entitled “Risk Factors,” “Forward-Looking Statements,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report, as well as risks, uncertainties and other factors discussed in other documents filed by the Company with the SEC.
 
###
 Additional Contacts:
Leslie D. Hale, Chief Operating Officer and Chief Financial Officer – (301) 280-7774
For additional information or to receive press releases via email, please visit our website:
 http://rljlodgingtrust.com


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RLJ Lodging Trust
Non-GAAP and Accounting Commentary
 
Non-Generally Accepted Accounting Principles (“GAAP”) Financial Measures
The Company considers the following non-GAAP financial measures useful to investors as key supplemental measures of its performance: (1) FFO, (2) Adjusted FFO, (3) EBITDA, (4) Adjusted EBITDA, (5) Hotel EBITDA, and (6) Hotel EBITDA Margin. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss as a measure of its operating performance. FFO, Adjusted FFO, EBITDA, Adjusted EBITDA, Hotel EBITDA, and Hotel EBITDA Margin as calculated by the Company, may not be comparable to other companies that do not define such terms exactly as the Company.
 
Funds From Operations (“FFO”)
The Company calculates FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which defines FFO as net income or loss (calculated in accordance with GAAP), excluding gains or losses from sales of real estate, impairment, the cumulative effect of changes in accounting principles, plus depreciation and amortization, and adjustments for unconsolidated partnerships and joint ventures. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most real estate industry investors consider FFO to be helpful in evaluating a real estate company’s operations. The Company believes that the presentation of FFO provides useful information to investors regarding the Company’s operating performance and can facilitate comparisons of operating performance between periods and between real estate investment trusts (“REITs”), even though FFO does not represent an amount that accrues directly to common shareholders.
 
The Company’s calculation of FFO may not be comparable to measures calculated by other companies who do not use the NAREIT definition of FFO or do not calculate FFO per diluted share in accordance with NAREIT guidance. Additionally, FFO may not be helpful when comparing the Company to non-REITs. The Company presents FFO attributable to common shareholders, which includes unitholders of limited partnership interest (“OP units”) in RLJ Lodging Trust, L.P., the Company’s operating partnership, because the OP units are redeemable for common shares of the Company. The Company believes it is meaningful for the investor to understand FFO attributable to all common shares and OP units.
 
Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”)
EBITDA is defined as net income or loss excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sales of assets; and (3) depreciation and amortization. The Company considers EBITDA useful to an investor in evaluating and facilitating comparisons of its operating performance between periods and between REITs by removing the impact of its capital structure (primarily interest expense) and asset base (primarily depreciation and amortization) from its operating results.


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In addition, EBITDA is used as one measure in determining the value of hotel acquisitions and dispositions. The Company presents EBITDA attributable to common shareholders, which includes OP units, because the OP units are redeemable for common shares of the Company. The Company believes it is meaningful for the investor to understand EBITDA attributable to all common shares and OP units.

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

Transaction and Pursuit Costs: The Company excludes transaction and pursuit costs expensed during the period.
Non-Cash Expenses: The Company excludes the effect of certain non-cash items. The Company has excluded the amortization of share-based compensation, non-cash gain or loss on the sale of assets, and certain non-cash income taxes.
Other Non-Operational Expenses: The Company excludes the effect of certain non-operational expenses. The Company excludes property-level severance costs, debt modification and extinguishment costs, and other income and expenses outside the normal course of operations.

Hotel EBITDA and Hotel EBITDA Margin
With respect to Consolidated Hotel EBITDA, the Company believes that excluding the effect of corporate-level expenses and certain non-cash items provides a more complete understanding of the operating results over which individual hotels and operators have direct control. The Company believes property-level results provide investors with supplemental information about the ongoing operational performance of the Company’s hotels and the effectiveness of its third-party management companies.
 
Pro forma Consolidated Hotel EBITDA includes unadjusted prior ownership information provided by the sellers of the hotels for periods prior to our acquisition of the hotels, which has not been audited and excludes results from sold hotels as applicable. Pro forma Hotel EBITDA and Pro forma Hotel EBITDA Margin exclude the results of any non-comparable hotels that were under renovation or not open for the entirety of the comparable periods. The following is a summary of pro forma hotel adjustments:

Pro forma adjustments: Sold hotels
Hotels sold during the year ended December 31, 2016, are noted below:
Holiday Inn Express Merrillville was sold in February 2016
SpringHill Suites Bakersfield was sold in November 2016
Hilton Garden Inn New York 35th Street was sold in December 2016
Hilton New York Fashion District was sold in December 2016

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RLJ Lodging Trust
Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)
 
June 30,
2017
 
December 31, 2016
 
(unaudited)
 
 
Assets
 

 
 

Investment in hotel properties, net
$
3,323,705

 
$
3,368,674

Cash and cash equivalents
479,879

 
456,672

Restricted cash reserves
60,697

 
67,206

Hotel and other receivables, net of allowance of $181 and $182, respectively
34,408

 
26,018

Deferred income tax asset
42,353

 
44,614

Prepaid expense and other assets
60,624

 
60,209

Total assets
$
4,001,666

 
$
4,023,393

Liabilities and Equity
 

 
 

Debt, net
$
1,582,114

 
$
1,582,715

Accounts payable and other liabilities
127,064

 
137,066

Deferred income tax liability
11,430

 
11,430

Advance deposits and deferred revenue
10,492

 
11,975

Accrued interest
3,918

 
3,444

Distributions payable
41,914

 
41,486

Total liabilities
1,776,932

 
1,788,116

Equity
 

 
 

Shareholders’ equity:
 

 
 

Preferred shares of beneficial interest, $0.01 par value, 50,000,000 shares authorized; zero shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively

 

Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 124,639,939 and 124,364,178 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively
1,246

 
1,244

Additional paid-in capital
2,191,661

 
2,187,333

Accumulated other comprehensive loss
(1,069
)
 
(4,902
)
Retained earnings
19,674

 
38,249

Total shareholders’ equity
2,211,512

 
2,221,924

Noncontrolling interest:
 

 
 

Noncontrolling interest in consolidated joint venture
5,936

 
5,973

Noncontrolling interest in the Operating Partnership
7,286

 
7,380

Total noncontrolling interest
13,222

 
13,353

Total equity
2,224,734

 
2,235,277

Total liabilities and equity
$
4,001,666

 
$
4,023,393


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



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RLJ Lodging Trust
Consolidated Statements of Operations
(Amounts in thousands, except share and per share data)
(unaudited)
 
For the three months ended June 30,
 
For the six months ended June 30,
 
2017
 
2016
 
2017
 
2016
Revenue
 

 
 

 
 
 
 
Operating revenue
 

 
 

 
 
 
 
Room revenue
$
253,739

 
$
277,039

 
$
478,704

 
$
516,552

Food and beverage revenue
29,121

 
30,047

 
55,812

 
56,601

Other operating department revenue
9,424

 
10,026

 
18,000

 
19,130

Total revenue
$
292,284

 
$
317,112

 
$
552,516

 
$
592,283

Expense
 

 
 

 
 
 
 
Operating expense
 

 
 

 
 
 
 
Room expense
$
55,221

 
$
59,085

 
$
107,143

 
$
114,113

Food and beverage expense
20,101

 
20,525

 
39,398

 
40,342

Management and franchise fee expense
29,626

 
32,762

 
56,539

 
61,263

Other operating expense
59,058

 
61,950

 
116,880

 
121,971

Total property operating expense
164,006

 
174,322

 
319,960

 
337,689

Depreciation and amortization
38,240

 
40,849

 
76,905

 
81,579

Property tax, insurance and other
18,152

 
19,302

 
37,310

 
39,457

General and administrative
10,129

 
6,658

 
19,252

 
16,307

Transaction and pursuit costs
3,691

 
80

 
4,316

 
159

Total operating expense
234,218

 
241,211

 
457,743

 
475,191

Operating income
58,066

 
75,901

 
94,773

 
117,092

Other income (expense)
73

 
(326
)
 
214

 
(24
)
Interest income
664

 
414

 
1,149

 
810

Interest expense
(14,548
)
 
(14,789
)
 
(28,877
)
 
(29,681
)
Income before income tax expense
44,255

 
61,200

 
67,259

 
88,197

Income tax expense
(1,821
)
 
(2,482
)
 
(2,987
)
 
(3,958
)
Income from operations
42,434

 
58,718

 
64,272

 
84,239

Gain (loss) on sale of hotel properties
30

 
22

 
(30
)
 
(150
)
Net income
42,464

 
58,740

 
64,242

 
84,089

Net (income) loss attributable to noncontrolling interests
 

 
 

 
 
 
 
Noncontrolling interest in consolidated joint venture
(29
)
 
(37
)
 
37

 
25

Noncontrolling interest in the Operating Partnership
(189
)
 
(256
)
 
(275
)
 
(370
)
Net income attributable to common shareholders
$
42,246

 
$
58,447

 
$
64,004

 
$
83,744

Basic per common share data:
 
 
 
 
 
 
 
Net income per share attributable to common shareholders
$
0.34

 
$
0.47

 
$
0.51

 
$
0.67

Weighted-average number of common shares
123,785,735

 
123,544,034

 
123,760,096

 
123,641,928

Diluted per common share data:
 
 
 
 
 
 
 
Net income per share attributable to common shareholders
$
0.34

 
$
0.47

 
$
0.51

 
$
0.67

Weighted-average number of common shares
123,871,762

 
123,942,846

 
123,856,388

 
124,051,956

 

Note:
The Statements of Comprehensive Income and corresponding notes can be found in the Company’s Quarterly Report on Form 10-Q.


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RLJ Lodging Trust
Reconciliation of Non-GAAP Measures
(Amounts in thousands, except per share data)
(unaudited)

Funds From Operations (FFO) Attributable to Common Shareholders and Unitholders
 
For the three months ended June 30,
 
For the six months ended June 30,
 
2017
 
2016
 
2017
 
2016
Net income
$
42,464

 
$
58,740

 
$
64,242

 
$
84,089

Depreciation and amortization
38,240

 
40,849

 
76,905

 
81,579

(Gain) loss on sale of hotel properties
(30
)
 
(22
)
 
30

 
150

Noncontrolling interest in consolidated joint venture
(29
)
 
(37
)
 
37

 
25

Adjustments related to consolidated joint venture (1)
(30
)
 
(39
)
 
(62
)
 
(78
)
FFO
80,615

 
99,491

 
141,152

 
165,765

Transaction and pursuit costs
3,691

 
80

 
4,316

 
159

Amortization of share-based compensation
3,134

 
(578
)
 
5,469

 
2,014

Non-cash income tax expense
1,323

 
1,897

 
2,261

 
3,028

Loan related costs (2)

 
906

 

 
1,247

Other expenses (3)

 
330

 

 
686

Adjusted FFO
$
88,763

 
$
102,126


$
153,198

 
$
172,899

 
 
 
 
 
 
 
 
Adjusted FFO per common share and unit-basic
$
0.71

 
$
0.82

 
$
1.23

 
$
1.39

Adjusted FFO per common share and unit-diluted
$
0.71

 
$
0.82

 
$
1.23

 
$
1.39

 
 
 
 
 
 
 
 
Basic weighted-average common shares and units outstanding (4)
124,344

 
124,103

 
124,319

 
124,296

Diluted weighted-average common shares and units outstanding (4)
124,431

 
124,502

 
124,415

 
124,706


Note:
(1) Includes depreciation and amortization expense allocated to the noncontrolling interest in the joint venture.
(2)  Represents debt modification costs.
(3) Represents expenses outside of the normal course of operations, including property-level severance costs.
(4)  Includes 0.6 million weighted-average operating partnership units for each of the three months ended June 30, 2017 and 2016, and 0.6 million and 0.7 million weighted-average operating partnership units for the six months ended June 30, 2017 and 2016, respectively.


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RLJ Lodging Trust
Reconciliation of Non-GAAP Measures
(Amounts in thousands)
(unaudited)
 
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)
 
For the three months ended June 30,
 
For the six months ended June 30,
 
2017
 
2016
 
2017
 
2016
Net income
$
42,464

 
$
58,740

 
$
64,242

 
$
84,089

Depreciation and amortization
38,240

 
40,849

 
76,905

 
81,579

Interest expense, net (1)
14,399

 
14,782

 
28,716

 
29,668

Income tax expense
1,821

 
2,482

 
2,987

 
3,958

Noncontrolling interest in consolidated joint venture
(29
)
 
(37
)
 
37

 
25

Adjustments related to consolidated joint venture (2)
(30
)
 
(39
)
 
(62
)
 
(78
)
EBITDA
96,865

 
116,777

 
172,825

 
199,241

Transaction and pursuit costs
3,691

 
80

 
4,316

 
159

(Gain) loss on sale of hotel properties
(30
)
 
(22
)
 
30

 
150

Amortization of share-based compensation
3,134

 
(578
)
 
5,469

 
2,014

Loan related costs (3)

 
582

 

 
924

Other expenses (4)

 
330

 

 
686

Adjusted EBITDA
103,660

 
117,169

 
182,640

 
203,174

General and administrative (5)
6,995

 
7,069

 
13,783

 
13,784

Operating results from noncontrolling interest in joint venture
59

 
76

 
25

 
53

Other corporate adjustments
(356
)
 
(359
)
 
(356
)
 
(623
)
Consolidated Hotel EBITDA
110,358

 
123,955

 
196,092

 
216,388

Pro forma adjustments - income from sold hotels
(76
)
 
(5,420
)
 
(249
)
 
(7,232
)
Pro forma Consolidated Hotel EBITDA
110,282

 
118,535

 
195,843

 
209,156

Pro forma Hotel EBITDA
$
110,282

 
$
118,535

 
$
195,843

 
$
209,156


Note:
(1) Excludes amounts attributable to investment in loans of $0.5 million and $1.0 million for the three and six months ended June 30,
2017, respectively, and $0.4 million and $0.8 million for the three and six months ended June 30, 2016, respectively.
(2) Includes depreciation and amortization expense allocated to the noncontrolling interest in the joint venture.
(3) Represents debt modification costs.
(4) Represents expenses outside of the normal course of operations, including property-level severance costs.
(5) General and administrative expenses exclude amortization of share-based compensation and other non-recurring expenses reflected in Adjusted EBITDA.


10

https://cdn.kscope.io/51c5459574f3422da8603b52320e27d1-image0a17.jpg

RLJ Lodging Trust
Reconciliation of Non-GAAP Measures
(Amounts in thousands)
(unaudited)
 
Pro forma Hotel EBITDA Margin
 
For the three months ended June 30,
 
For the six months ended June 30,
 
2017
 
2016
 
2017
 
2016
Total revenue
$
292,284

 
$
317,112

 
$
552,516

 
$
592,283

Pro forma adjustments - revenue from sold hotels

 
(14,934
)
 

 
(25,895
)
Other corporate adjustments
(17
)
 
(15
)
 
(42
)
 
(30
)
Pro forma Hotel Revenue
$
292,267

 
$
302,163

 
$
552,474

 
$
566,358

 
 
 
 
 
 
 
 
Pro forma Hotel EBITDA
$
110,282

 
$
118,535

 
$
195,843

 
$
209,156

 
 
 
 
 
 
 
 
Pro forma Hotel EBITDA Margin
37.7
%
 
39.2
%
 
35.4
%
 
36.9
%


11

https://cdn.kscope.io/51c5459574f3422da8603b52320e27d1-image0a17.jpg

RLJ Lodging Trust
Consolidated Debt Summary
(Amounts in thousands)
(unaudited)
Loan
Base Term (Years)
Maturity
(incl. extensions)
Floating / Fixed
Interest Rate (1)
 
Balance as of
June 30, 2017 (2)
Secured Debt
 
 
 
 
 
 
Wells Fargo - 4 hotels
3
Oct 2021
Floating (3)
4.03
%
 
$
150,000

Wells Fargo - 4 hotels
2
Mar 2022
Floating (3)
4.04
%
 
144,750

Wells Fargo - 1 hotel (4)
10
Jun 2022
Fixed
5.25
%
 
32,347

PNC Bank - 5 hotels
5
Mar 2023
Floating
3.32
%
 
85,000

Weighted-Average / Secured Total
 
 
 
3.98
%
 
$
412,097

 
 
 
 
 
 
 
Unsecured Debt
 
 
 
 
 
 
Revolver (5)
4
Apr 2021
Floating
2.72
%
 
$

$400 Million Term Loan Maturing 2019
5
Mar 2019
Floating (3)
2.72
%
 
400,000

$225 Million Term Loan Maturing 2019
7
Nov 2019
Floating (3)
4.04
%
 
225,000

$400 Million Term Loan Maturing 2021
5
Apr 2021
Floating (3)(6)
3.00
%
 
400,000

$150 Million Term Loan Maturing 2022
7
Jan 2022
Floating (3)
3.43
%
 
150,000

Weighted-Average / Unsecured Total
 
 
 
3.16
%
 
$
1,175,000

 
 
 
 
 
 
 
Weighted-Average / Total Debt
 
 
 
3.37
%
 
$
1,587,097


Note:
(1) Interest rates as of June 30, 2017.
(2) Excludes deferred financing costs.
(3) The floating interest rate is hedged with an interest rate swap.
(4) Excludes the $0.9 million impact of a fair value adjustment.
(5) There is $400.0 million of borrowing capacity on the Revolver, which is charged an unused commitment fee of 0.30% annually.
(6) Reflects interest rate swap on $350.0 million.





12

https://cdn.kscope.io/51c5459574f3422da8603b52320e27d1-image0a17.jpg

RLJ Lodging Trust
Pro forma Operating Statistics - Top 60 Assets
(unaudited)
Property
City/State
 # of Rooms
Pro forma Consolidated Hotel EBITDA
Marriott Louisville Downtown
Louisville, KY
616

$
14,512

DoubleTree Metropolitan Hotel New York City
New York, NY
764

10,446

Courtyard Austin Downtown Convention Center
Austin, TX
270

9,494

Courtyard Portland City Center
Portland, OR
256

8,712

DoubleTree Grand Key Resort
Key West, FL
216

7,860

Embassy Suites Tampa Downtown Convention Center
Tampa, FL
360

7,656

Courtyard Chicago Downtown Magnificent Mile
Chicago, IL
306

7,243

Courtyard Waikiki Beach
Honolulu, HI
403

6,913

Fairfield Inn & Suites Washington DC Downtown
Washington, DC
198

6,728

Hyatt House Emeryville San Francisco Bay Area
Emeryville, CA
234

6,437

Courtyard San Francisco
San Francisco, CA
166

6,308

Residence Inn Palo Alto Los Altos
Los Altos, CA
156

6,305

Embassy Suites Boston Waltham
Waltham, MA
275

6,231

Hilton Garden Inn San Francisco Oakland Bay Brg
Emeryville, CA
278

6,046

Hyatt House San Jose Silicon Valley
San Jose, CA
164

6,040

Marriott Denver South @ Park Meadows
Lone Tree, CO
279

5,954

Renaissance Pittsburgh Hotel
Pittsburgh, PA
300

5,823

Courtyard Charleston Historic District
Charleston, SC
176

5,390

Hilton Cabana Miami Beach
Miami Beach, FL
231

5,371

Embassy Suites Los Angeles Downey
Downey, CA
220

5,321

Residence Inn Austin Downtown Convention Center
Austin, TX
179

5,118

Homewood Suites Washington DC Downtown
Washington, DC
175

5,068

Renaissance Fort Lauderdale Plantation Hotel
Plantation, FL
250

5,023

Hyatt House Santa Clara
Santa Clara, CA
150

4,897

Residence Inn Bethesda Downtown
Bethesda, MD
188

4,826

Marriott Denver Airport @ Gateway Park
Aurora, CO
238

4,686

Hilton Garden Inn Los Angeles Hollywood
Los Angeles, CA
160

4,650

Embassy Suites Irvine Orange County
Irvine, CA
293

4,438

Hyatt Place Washington DC Downtown K Street
Washington, DC
164

4,408

Hyatt House San Diego Sorrento Mesa
San Diego, CA
193

4,223

Hilton Garden Inn New Orleans Convention Center
New Orleans, LA
286

4,153

Renaissance Boulder Flatiron Hotel
Broomfield, CO
232

4,104

Hyatt Place Fremont Silicon Valley
Fremont, CA
151

4,075

Marriott Austin South
Austin, TX
211

3,916

Residence Inn National Harbor Washington DC
Oxon Hill, MD
162

3,881

Fairfield Inn & Suites Key West
Key West, FL
106

3,718

Hyatt House Charlotte Center City
Charlotte, NC
163

3,679

Hyatt Atlanta Midtown
Atlanta, GA
194

3,546

Courtyard Atlanta Buckhead
Atlanta, GA
181

3,420

Embassy Suites West Palm Beach Central
West Palm Beach, FL
194

3,329

Residence Inn Indianapolis Downtown On The Canal
Indianapolis, IN
134

3,238

Homewood Suites Seattle Lynnwood
Lynnwood, WA
170

3,233

Courtyard Houston Downtown Convention Center
Houston, TX
191

3,231

Courtyard Houston By The Galleria
Houston, TX
190

3,059

SpringHill Suites Portland Hillsboro
Hillsboro, OR
106

2,992

Residence Inn Houston Downtown Convention Center
Houston, TX
171

2,984

Hyatt House San Ramon
San Ramon, CA
142

2,978

Residence Inn Louisville Downtown
Louisville, KY
140

2,918

Hilton Garden Inn Bloomington
Bloomington, IN
168

2,899

Residence Inn Chicago Oak Brook
Oak Brook, IL
156

2,868

Hyatt House Cypress Anaheim
Cypress, CA
142

2,763

Hyatt Place Madison Downtown
Madison, WI
151

2,758

Courtyard Indianapolis @ The Capitol
Indianapolis, IN
124

2,758

Residence Inn Detroit Novi
Novi, MI
107

2,462

Hampton Inn Garden City
Garden City, NY
143

2,460

Residence Inn Fort Lauderdale Plantation
Plantation, FL
138

2,428

Courtyard Austin Airport
Austin, TX
150

2,424

Hyatt House Dallas Lincoln Park
Dallas, TX
155

2,380

Hyatt House Dallas Uptown
Dallas, TX
141

2,309

Hilton Garden Inn Pittsburgh University Place
Pittsburgh, PA
202

2,261

Top 60 Assets
 
12,759

285,351

Other (62 Assets)
 
7,379

101,682

Total Portfolio
 
20,138

$
387,033

Note: For the trailing twelve months ended June 30, 2017. Results reflect 100% of DoubleTree Metropolitan Hotel New York City financial results, which have not been adjusted to reflect the noncontrolling interest in the joint venture. Amounts in thousands, except rooms.

13

https://cdn.kscope.io/51c5459574f3422da8603b52320e27d1-image0a17.jpg

RLJ Lodging Trust
Pro forma Operating Statistics

For the three months ended June 30, 2017
Top Markets
 
# of Hotels
 
Occupancy
 
ADR
 
RevPAR
2017
2016
Var
2017
2016
Var
2017
2016
Var
Northern California
 
8

 
85.9
%
89.9
%
(4.5
)%
 
$
214.76

$
217.16

(1.1
)%
 
$
184.51

$
195.27

(5.5
)%
South Florida
 
10

 
83.9
%
84.4
%
(0.6
)%
 
157.85

152.24

3.7
 %
 
132.38

128.47

3.0
 %
Austin
 
13

 
78.5
%
83.8
%
(6.4
)%
 
165.20

169.39

(2.5
)%
 
129.60

141.98

(8.7
)%
Denver
 
13

 
80.5
%
82.0
%
(1.9
)%
 
145.28

142.43

2.0
 %
 
116.96

116.84

0.1
 %
Washington, DC
 
8

 
85.3
%
85.8
%
(0.6
)%
 
208.74

203.63

2.5
 %
 
178.15

174.79

1.9
 %
Chicago
 
14

 
76.0
%
75.0
%
1.3
 %
 
154.88

159.36

(2.8
)%
 
117.64

119.49

(1.6
)%
Louisville
 
5

 
75.4
%
80.2
%
(5.9
)%
 
187.27

191.91

(2.4
)%
 
141.28

153.91

(8.2
)%
Southern California
 
5

 
87.6
%
86.7
%
1.1
 %
 
173.87

167.17

4.0
 %
 
152.32

144.88

5.1
 %
Houston
 
10

 
68.4
%
69.5
%
(1.6
)%
 
138.29

158.50

(12.7
)%
 
94.53

110.12

(14.2
)%
New York City
 
3

 
94.9
%
96.3
%
(1.4
)%
 
227.84

235.81

(3.4
)%
 
216.32

227.14

(4.8
)%
Other
 
33

 
80.5
%
82.4
%
(2.3
)%
 
160.36

162.20

(1.1
)%
 
129.04

133.66

(3.5
)%
Total
 
122

 
80.8
%
82.6
%
(2.1
)%
 
$
171.28

$
173.42

(1.2
)%
 
$
138.47

$
143.28

(3.4
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service Level
 
# of Hotels
 
Occupancy
 
ADR
 
RevPAR
2017
2016
Var
2017
2016
Var
2017
2016
Var
Focused-Service
 
102

 
80.3
%
82.3
%
(2.5
)%
 
$
165.65

$
167.77

(1.3
)%
 
$
132.95

$
138.11

(3.7
)%
Compact Full-Service
 
19

 
83.6
%
84.1
%
(0.6
)%
 
182.11

184.39

(1.2
)%
 
152.31

155.13

(1.8
)%
Full-Service
 
1

 
72.9
%
78.0
%
(6.5
)%
 
221.76

222.99

(0.6
)%
 
161.62

173.83

(7.0
)%
Total
 
122

 
80.8
%
82.6
%
(2.1
)%
 
$
171.28

$
173.42

(1.2
)%
 
$
138.47

$
143.28

(3.4
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Chain Scale
 
# of Hotels
 
Occupancy
 
ADR
 
RevPAR
2017
2016
Var
2017
2016
Var
2017
2016
Var
Upper Upscale
 
17

 
79.5
%
80.9
%
(1.8
)%
 
$
175.74

$
177.10

(0.8
)%
 
$
139.64

$
143.26

(2.5
)%
Upscale
 
89

 
81.8
%
83.8
%
(2.3
)%
 
172.07

174.32

(1.3
)%
 
140.75

146.01

(3.6
)%
Upper Midscale
 
15

 
76.9
%
79.5
%
(3.2
)%
 
159.45

160.78

(0.8
)%
 
122.69

127.83

(4.0
)%
Midscale
 
1

 
81.1
%
61.8
%
31.2
 %
 
97.47

114.38

(14.8
)%
 
79.08

70.71

11.8
 %
Total
 
122

 
80.8
%
82.6
%
(2.1
)%
 
$
171.28

$
173.42

(1.2
)%
 
$
138.47

$
143.28

(3.4
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Flags
 
# of Hotels
 
Occupancy
 
ADR
 
RevPAR
2017
2016
Var
2017
2016
Var
2017
2016
Var
Courtyard
 
24

 
81.9
%
82.8
%
(1.1
)%
 
$
173.95

$
177.16

(1.8
)%
 
$
142.38

$
146.65

(2.9
)%
Residence Inn
 
29

 
80.8
%
84.0
%
(3.9
)%
 
158.25

158.65

(0.2
)%
 
127.82

133.29

(4.1
)%
Hyatt House
 
11

 
83.4
%
86.7
%
(3.8
)%
 
174.83

173.38

0.8
 %
 
145.88

150.32

(3.0
)%
Marriott
 
5

 
75.8
%
79.2
%
(4.3
)%
 
183.11

185.70

(1.4
)%
 
138.79

147.06

(5.6
)%
Embassy Suites
 
6

 
83.3
%
84.1
%
(0.9
)%
 
170.37

167.30

1.8
 %
 
141.90

140.62

0.9
 %
Hilton Garden Inn
 
8

 
77.7
%
80.8
%
(3.9
)%
 
162.27

168.59

(3.7
)%
 
126.04

136.24

(7.5
)%
DoubleTree
 
3

 
93.7
%
93.1
%
0.7
 %
 
219.46

226.10

(2.9
)%
 
205.65

210.50

(2.3
)%
Fairfield Inn & Suites
 
7

 
79.7
%
80.7
%
(1.3
)%
 
175.83

175.40

0.2
 %
 
140.08

141.59

(1.1
)%
Renaissance
 
3

 
79.3
%
78.5
%
1.0
 %
 
165.86

169.75

(2.3
)%
 
131.48

133.19

(1.3
)%
SpringHill Suites
 
8

 
73.4
%
76.3
%
(3.8
)%
 
135.15

139.78

(3.3
)%
 
99.21

106.66

(7.0
)%
Hampton Inn
 
7

 
76.5
%
80.4
%
(4.8
)%
 
143.02

146.49

(2.4
)%
 
109.43

117.77

(7.1
)%
Hyatt Place
 
3

 
86.3
%
88.3
%
(2.2
)%
 
194.99

191.87

1.6
 %
 
168.35

169.37

(0.6
)%
Homewood Suites
 
2

 
85.4
%
81.2
%
5.1
 %
 
201.82

206.06

(2.1
)%
 
172.29

167.42

2.9
 %
Hilton
 
1

 
80.6
%
84.7
%
(4.8
)%
 
186.97

184.27

1.5
 %
 
150.71

156.10

(3.5
)%
Hyatt
 
2

 
78.8
%
76.9
%
2.5
 %
 
185.80

201.21

(7.7
)%
 
146.32

154.64

(5.4
)%
Other
 
3

 
71.3
%
65.4
%
9.1
 %
 
141.31

157.63

(10.4
)%
 
100.75

103.03

(2.2
)%
Total
 
122

 
80.8
%
82.6
%
(2.1
)%
 
$
171.28

$
173.42

(1.2
)%
 
$
138.47

$
143.28

(3.4
)%
Note: Results reflect 100% of DoubleTree Metropolitan Hotel New York City financial results, which have not been adjusted to reflect the noncontrolling interest in the joint venture.



14

https://cdn.kscope.io/51c5459574f3422da8603b52320e27d1-image0a17.jpg

RLJ Lodging Trust
Pro forma Operating Statistics

For the six months ended June 30, 2017
Top Markets
 
# of Hotels
 
Occupancy
 
ADR
 
RevPAR
2017
2016
Var
2017
2016
Var
2017
2016
Var
Northern California
 
8

 
81.9
%
87.5
%
(6.4
)%

$
216.71

$
218.49

(0.8
)%

$
177.48

$
191.15

(7.2
)%
South Florida
 
10

 
86.6
%
86.7
%
(0.1
)%

186.58

186.15

0.2
 %

161.62

161.38

0.2
 %
Austin
 
13

 
78.7
%
81.6
%
(3.6
)%

170.14

173.47

(1.9
)%

133.87

141.60

(5.5
)%
Denver
 
13

 
74.9
%
75.3
%
(0.5
)%

137.02

135.85

0.9
 %

102.68

102.31

0.4
 %
Washington, DC
 
8

 
77.8
%
76.3
%
2.0
 %

201.07

191.66

4.9
 %

156.42

146.23

7.0
 %
Chicago
 
14

 
65.1
%
64.8
%
0.5
 %

140.80

146.70

(4.0
)%

91.61

94.99

(3.6
)%
Louisville
 
5

 
68.1
%
76.9
%
(11.5
)%

170.25

173.25

(1.7
)%

115.89

133.22

(13.0
)%
Southern California
 
5

 
86.7
%
84.0
%
3.1
 %

171.13

166.12

3.0
 %

148.31

139.59

6.2
 %
Houston
 
10

 
69.9
%
70.3
%
(0.7
)%

151.79

159.96

(5.1
)%

106.03

112.53

(5.8
)%
New York City
 
3

 
91.2
%
93.2
%
(2.1
)%

190.94

198.43

(3.8
)%

174.10

184.88

(5.8
)%
Other

33


78.6
%
78.8
%
(0.4
)%

160.10

158.97

0.7
 %

125.76

125.34

0.3
 %
Total

122


77.6
%
78.8
%
(1.5
)%

$
169.15

$
170.18

(0.6
)%

$
131.34

$
134.10

(2.1
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service Level

# of Hotels

Occupancy

ADR

RevPAR
2017
2016
Var
2017
2016
Var
2017
2016
Var
Focused-Service

102


76.8
%
78.2
%
(1.8
)%

$
163.64

$
164.48

(0.5
)%

$
125.71

$
128.62

(2.3
)%
Compact Full-Service
 
19

 
81.8
%
81.0
%
1.0
 %
 
181.80

183.82

(1.1
)%
 
148.71

148.93

(0.1
)%
Full-Service
 
1

 
64.7
%
75.6
%
(14.4
)%

199.88

196.27

1.8
 %

129.26

148.32

(12.8
)%
Total
 
122

 
77.6
%
78.8
%
(1.5
)%

$
169.15

$
170.18

(0.6
)%

$
131.34

$
134.10

(2.1
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Chain Scale
 
# of Hotels
 
Occupancy
 
ADR
 
RevPAR
2017
2016
Var
2017
2016
Var
2017
2016
Var
Upper Upscale
 
17

 
77.0
%
77.7
%
(0.9
)%
 
$
178.88

$
179.36

(0.3
)%
 
$
137.76

$
139.42

(1.2
)%
Upscale
 
89

 
78.5
%
79.8
%
(1.6
)%
 
168.03

169.25

(0.7
)%
 
131.96

135.11

(2.3
)%
Upper Midscale
 
15

 
73.4
%
75.3
%
(2.5
)%
 
158.83

158.47

0.2
 %
 
116.52

119.28

(2.3
)%
Midscale
 
1

 
63.9
%
53.0
%
20.7
 %
 
92.94

107.10

(13.2
)%
 
59.40

56.73

4.7
 %
Total
 
122

 
77.6
%
78.8
%
(1.5
)%
 
$
169.15

$
170.18

(0.6
)%
 
$
131.34

$
134.10

(2.1
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Flags
 
# of Hotels
 
Occupancy
 
ADR
 
RevPAR
2017
2016
Var
2017
2016
Var
2017
2016
Var
Courtyard
 
24

 
78.1
%
78.2
%
(0.2
)%
 
$
168.68

$
170.81

(1.2
)%
 
$
131.79

$
133.65

(1.4
)%
Residence Inn
 
29

 
78.1
%
79.3
%
(1.6
)%
 
157.93

157.84

0.1
 %
 
123.28

125.21

(1.5
)%
Hyatt House
 
11

 
80.8
%
85.9
%
(6.0
)%
 
174.40

172.79

0.9
 %
 
140.92

148.45

(5.1
)%
Marriott
 
5

 
69.8
%
75.1
%
(7.0
)%
 
172.81

173.94

(0.7
)%
 
120.67

130.62

(7.6
)%
Embassy Suites
 
6

 
84.1
%
82.4
%
2.0
 %
 
182.62

178.16

2.5
 %
 
153.58

146.89

4.6
 %
Hilton Garden Inn
 
8

 
74.2
%
76.3
%
(2.7
)%
 
163.23

167.17

(2.4
)%
 
121.19

127.55

(5.0
)%
DoubleTree
 
3

 
90.7
%
90.6
%
0.1
 %
 
198.28

204.04

(2.8
)%
 
179.83

184.81

(2.7
)%
Fairfield Inn & Suites
 
7

 
76.0
%
77.2
%
(1.5
)%
 
174.76

171.40

2.0
 %
 
132.88

132.30

0.4
 %
Renaissance
 
3

 
74.8
%
72.2
%
3.5
 %
 
167.72

170.14

(1.4
)%
 
125.38

122.88

2.0
 %
SpringHill Suites
 
8

 
70.5
%
72.6
%
(2.9
)%
 
134.94

137.28

(1.7
)%
 
95.19

99.70

(4.5
)%
Hampton Inn
 
7

 
73.7
%
76.2
%
(3.3
)%
 
144.01

145.97

(1.3
)%
 
106.11

111.24

(4.6
)%
Hyatt Place
 
3

 
82.0
%
85.1
%
(3.6
)%
 
186.88

179.36

4.2
 %
 
153.24

152.59

0.4
 %
Homewood Suites
 
2

 
78.5
%
71.5
%
9.7
 %
 
191.61

193.42

(0.9
)%
 
150.32

138.30

8.7
 %
Hilton
 
1

 
84.2
%
85.7
%
(1.7
)%
 
206.14

218.88

(5.8
)%
 
173.63

187.50

(7.4
)%
Hyatt
 
2

 
79.4
%
75.9
%
4.6
 %
 
193.49

205.11

(5.7
)%
 
153.60

155.62

(1.3
)%
Other
 
3

 
62.0
%
58.6
%
5.8
 %
 
144.01

157.20

(8.4
)%
 
89.25

92.08

(3.1
)%
Total
 
122

 
77.6
%
78.8
%
(1.5
)%
 
$
169.15

$
170.18

(0.6
)%
 
$
131.34

$
134.10

(2.1
)%
Note: Results reflect 100% of DoubleTree Metropolitan Hotel New York City financial results, which have not been adjusted to reflect the noncontrolling interest in the joint venture.


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