Host Hotels & Resorts, Inc. Reports Strong Second Quarter 2022 Operating Results Surpassing 2019 RevPAR; Announces Second Consecutive Doubling of Quarterly Dividend to $0.12 Per Share
08/03/2022
Operating Results
(unaudited, in millions, except per share and hotel statistics)
Quarter ended |
Percent Change |
Percent Change |
Year-to-date ended |
Percent Change |
Percent Change |
|||||||||||||||||||||||||||
2022 | 2021 | vs. Q2 2021 |
vs. Q2 2019⁽²⁾ |
2022 | 2021 | vs. 2021 | vs. 2019⁽²⁾ | |||||||||||||||||||||||||
Revenues | $ | 1,381 | $ | 649 | 112.8 | % | (6.9 | )% | $ | 2,455 | $ | 1,048 | 134.3 | % | (14.5 | )% | ||||||||||||||||
All |
1,373 | 657 | 109.0 | % | 3.7 | % | 2,426 | 1,088 | 123.0 | % | (6.6 | )% | ||||||||||||||||||||
All |
355.88 | 171.23 | 107.8 | % | 2.7 | % | 315.94 | 142.57 | 121.6 | % | (7.6 | )% | ||||||||||||||||||||
All |
219.30 | 110.65 | 98.2 | % | 3.7 | % | 193.26 | 91.58 | 111.0 | % | (7.1 | )% | ||||||||||||||||||||
Net income (loss) | $ | 260 | $ | (61 | ) | N/M | $ | 378 | $ | (214 | ) | N/M | ||||||||||||||||||||
EBITDAre⁽¹⁾ | 506 | 111 | 355.9 | % | 812 | 116 | 600.0 | % | ||||||||||||||||||||||||
Adjusted EBITDAre⁽¹⁾ | 500 | 110 | 354.5 | % | 806 | 113 | 613.3 | % | ||||||||||||||||||||||||
Diluted earnings (loss) per common share | 0.36 | (0.09 | ) | N/M | 0.52 | (0.30 | ) | N/M | ||||||||||||||||||||||||
NAREIT FFO per diluted share⁽¹⁾ | 0.58 | 0.12 | 383.3 | % | 0.97 | 0.13 | 646.2 | % | ||||||||||||||||||||||||
Adjusted FFO per diluted share⁽¹⁾ | 0.58 | 0.12 | 383.3 | % | 0.97 | 0.13 | 646.2 | % |
* Additional detail on the Company’s results, including data for 22 domestic markets, is available in the Second Quarter 2022 Supplemental Financial Information available on the Company’s website at www.hosthotels.com.
_____________________
(1) | NAREIT Funds From Operations (“FFO”) per diluted share, Adjusted FFO per diluted share, EBITDAre, Adjusted EBITDAre and |
(2) | Presentation includes comparisons to 2019 operating results in order to allow investors to better understand the trajectory and timing of any recovery from the COVID-19 impacts on hotel operations. |
N/M = Not Meaningful |
Highlights:
- All
Owned Hotel Total RevPAR was$355.88 andAll Owned Hotel RevPAR was$219.30 in the second quarter, reflecting continued sequential improvement. Improvements were driven by leisure travel, which drove strong rates at resort properties leading to average room rates of$296.91 as well as significant improvements in food and beverage and other revenues. At the same time, recovery at the Company's urban markets accelerated, fueled by an increase in group demand compared to the first quarter of 2022. - Generated GAAP net income of
$260 million in the second quarter, an increase of$142 million from the first quarter, driven by the improvement in operations. GAAP operating profit margin for the quarter was 23.7%, an improvement of 480 basis points compared to the second quarter of 2019. Achieved All Owned Hotel EBITDA of$510 million and Adjusted EBITDAre of$500 million , both of which exceeded 2019 second quarter results, benefiting from continued positive quarterly sequential improvements in RevPAR and operations.- The strong improvements in rate combined with a reduction in hotel expenses compared to 2019 led to
All Owned Hotel EBITDA margin of 37.1% for the second quarter, exceeding the second quarter 2019 margin by 480 basis points. - As previously announced, sold the
Sheraton New York Times Square Hotel in April for$373 million , which includes a$250 million bridge loan provided by the Company to the buyer, with an initial term of six months and three potential six-month extensions. Also soldYVE Hotel Miami for$50 million , including$1 million of FF&E funds. - Preliminary forecast
All Owned Hotel RevPAR for July is expected to be approximately flat to 2019 with RevPAR of approximately$195 , reflecting normal seasonality.
Balance Sheet
The Company maintains a robust balance sheet, with the following balances at
- Total assets of
$12.0 billion . - Debt balance of
$4.2 billion , with an average maturity of 5 years, an average interest rate of 3.7%, and no significant maturities until 2024. - Total available liquidity of approximately
$2.4 billion , including furniture fixtures & equipment ("FF&E") escrow reserves of$179 million and$1.5 billion available under the revolver portion of the credit facility.
Dividend and Share Repurchase Program
The Company paid a second quarter cash dividend of
On
Operating Results
- All
Owned Hotel RevPAR improved 31% compared to the first quarter of 2022 and surpassed second quarter 2019 RevPAR for the first time. Strong leisure demand for resorts and hotels located in the Company’s Sunbelt markets andHawaii continued, while results also benefited from accelerated improvement at the Company's urban markets compared to first quarter of 2022. Hotels inNew York ,Washington, D.C. andSan Francisco /San Jose experienced marked improvement in RevPAR compared to the first quarter, driven by improvements in group and transient business. - All
Owned Hotel average room rates continued to hold strong, surpassing 2019 rates throughout the quarter, and average occupancy continued to close the gap to 2019. - Food and beverage revenues for the Company's current portfolio improved approximately 37%, compared to the first quarter.
Banquet and Catering revenues improved as group room nights were down only 8.5% to 2019, compared to being down 42% to 2019 in the first quarter of 2022. - Hiring pace improved in the second quarter compared to the first quarter, but continues to lag demand. The Company expects hotel operating costs to increase as hiring pace catches up with demand.
The Company’s customers fall into three broad groups: transient, group and contract business, which accounted for approximately 61%, 35%, and 4%, respectively, of its 2019 room sales.
While leisure demand continued to contribute to improvements in the second quarter compared to the first quarter of 2022, a resurgence in group demand also helped shift the second quarter mix of business closer to 2019 levels. The following are the sequential results for transient, group and contract business in comparison to 2019 performance, for the Company's current portfolio:
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Transient | Group | Contract | Transient | Group | Contract | |||||||||||||||||||
Room nights (in thousands) | 1,592 | 1,118 | 138 | 1,278 | 682 | 123 | ||||||||||||||||||
Percentage change in room nights vs. same period in 2019 |
(10.3 | )% | (8.5 | )% | 12.4 | % | (19.1 | )% | (42.0 | )% | (1.4 | )% | ||||||||||||
Rooms Revenues (in millions) | $ | 531 | $ | 288 | $ | 26 | $ | 432 | $ | 184 | $ | 21 | ||||||||||||
Percentage change in revenues vs. same period in 2019 |
9.6 | % | (2.9 | )% | 2.1 | % | (3.2 | )% | (39.2 | )% | (12.7 | )% |
Capital Expenditures
The following presents the Company’s capital expenditures spend for the second quarter and the forecast for full year 2022 (in millions):
Year-to-date ended |
2022 Full Year Forecast | |||||||||||
Actual | Low-end of range | High-end of range | ||||||||||
ROI - |
$ | 46 | $ | 90 | $ | 115 | ||||||
ROI - All other ROI projects | 116 | 230 | 240 | |||||||||
Total ROI project spend | 162 | 320 | 355 | |||||||||
Renewals and Replacements | 78 | 180 | 220 | |||||||||
Total Capital Expenditures | $ | 240 | $ | 500 | $ | 575 |
The Company invested heavily in capital expenditures in the early phases of recovery in order to minimize future disruption and believes these renovations will position these hotels to capture additional revenue during the lodging recovery. In 2022, the Company expects to complete renovations to 4,400 guestrooms, approximately 49,000 square feet of meeting space and approximately 123,000 square feet of public space. The Company received
2022 Outlook
The Company anticipates its full year 2022 operating results, as compared to 2021 and 2019, will be in the following range:
Full Year 2022 Guidance | |||||||||||
Low-end of range | High-end of range | Change vs. 2021 | Change vs. 2019 | ||||||||
All |
$ | 307 | $ | 314 | 66.6% to 70.4% | (5.5)% to (3.3)% | |||||
All |
191 | 195 | 62.5% to 65.9% | (4.5)% to (2.5)% | |||||||
Total revenues under GAAP | 4,781 | 4,889 | 65.4% to 69.2% | (12.6)% to (10.6)% | |||||||
Operating profit margin under GAAP | 15.1 | % | 16.1 | % | 2,380 bps to 2,480 bps | 50 bps to 150 bps | |||||
All |
31.5 | % | 32.1 | % | 810 bps to 870 bps | 190 bps to 250 bps |
Based upon the above parameters, the Company estimates its full year 2022 guidance as follows:
Full Year 2022 Guidance | |||||||
Low-end of range | High-end of range | ||||||
Net income (in millions) | $ | 588 | $ | 652 | |||
Adjusted EBITDAre (in millions) | 1,445 | 1,510 | |||||
Diluted earnings per common share | 0.81 | 0.90 | |||||
NAREIT FFO per diluted share | 1.71 | 1.80 | |||||
Adjusted FFO per diluted share | 1.71 | 1.80 |
See the 2022 Full Year Forecast Schedule and the Notes to Financial Information for items that may affect forecast results.
About
Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements which include, but may not be limited to, our expectations regarding the impact of the COVID-19 pandemic on our business, the recovery of travel and the lodging industry and 2022 estimates with respect to our business, are identified by their use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “plan,” “predict,” “project,” “will,” “continue” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: the duration and scope of the COVID-19 pandemic and its short and longer-term impact on the demand for travel, transient and group business, and levels of consumer confidence; actions governments, businesses and individuals take in response to the pandemic, including limiting travel or the size of gatherings; general economic uncertainty in
* This press release contains registered trademarks that are the exclusive property of their respective owners. None of the owners of these trademarks has any responsibility or liability for any information contained in this press release.
*** Tables to Follow ***
Condensed Consolidated Balance Sheets
(unaudited, in millions, except shares and per share amounts)
ASSETS | ||||||||
Property and equipment, net | $ | 9,538 | $ | 9,994 | ||||
Right-of-use assets | 560 | 551 | ||||||
Assets held for sale | — | 270 | ||||||
Due from managers | 164 | 113 | ||||||
Advances to and investments in affiliates | 126 | 42 | ||||||
Furniture, fixtures and equipment replacement fund | 179 | 144 | ||||||
Notes receivable | 413 | — | ||||||
Other | 365 | 431 | ||||||
Cash and cash equivalents | 699 | 807 | ||||||
Total assets | $ | 12,044 | $ | 12,352 | ||||
LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY | ||||||||
Debt⁽¹⁾ | ||||||||
Senior notes | $ | 3,112 | $ | 3,109 | ||||
Credit facility, including the term loans of |
992 | 1,673 | ||||||
Mortgage and other debt | 108 | 109 | ||||||
Total debt | 4,212 | 4,891 | ||||||
Lease liabilities | 572 | 564 | ||||||
Accounts payable and accrued expenses | 113 | 85 | ||||||
Due to managers | 35 | 42 | ||||||
Other | 167 | 198 | ||||||
Total liabilities | 5,099 | 5,780 | ||||||
Redeemable non-controlling interests - Host Hotels & |
163 | 126 | ||||||
Common stock, par value 714.9 million shares and 714.1 million shares issued and outstanding, respectively |
7 | 7 | ||||||
Additional paid-in capital | 7,729 | 7,702 | ||||||
Accumulated other comprehensive loss | (74 | ) | (76 | ) | ||||
Deficit | (885 | ) | (1,192 | ) | ||||
Total equity of |
6,777 | 6,441 | ||||||
Non-redeemable non-controlling interests—other consolidated partnerships |
5 | 5 | ||||||
Total equity | 6,782 | 6,446 | ||||||
Total liabilities, non-controlling interests and equity | $ | 12,044 | $ | 12,352 |
___________
(1) Please see our Second Quarter 2022 Supplemental Financial Information for more detail on our debt balances and financial covenant ratios under our credit facility and senior notes indentures.
Condensed Consolidated Statements of Operations
(unaudited, in millions, except per share amounts)
Quarter ended |
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2022 | 2021 | 2022 | 2021 | |||||||||||||
Revenues | ||||||||||||||||
Rooms | $ | 850 | $ | 423 | $ | 1,505 | $ | 680 | ||||||||
Food and beverage | 405 | 137 | 702 | 214 | ||||||||||||
Other | 126 | 89 | 248 | 154 | ||||||||||||
Total revenues | 1,381 | 649 | 2,455 | 1,048 | ||||||||||||
Expenses | ||||||||||||||||
Rooms | 189 | 109 | 349 | 174 | ||||||||||||
Food and beverage | 245 | 105 | 445 | 167 | ||||||||||||
Other departmental and support expenses | 300 | 209 | 573 | 369 | ||||||||||||
Management fees | 62 | 21 | 102 | 32 | ||||||||||||
Other property-level expenses | 78 | 79 | 162 | 157 | ||||||||||||
Depreciation and amortization | 162 | 169 | 334 | 334 | ||||||||||||
Corporate and other expenses⁽¹⁾ | 25 | 25 | 48 | 49 | ||||||||||||
Gain on insurance and business interruption settlements |
(7 | ) | — | (7 | ) | — | ||||||||||
Total operating costs and expenses | 1,054 | 717 | 2,006 | 1,282 | ||||||||||||
Operating profit (loss) | 327 | (68 | ) | 449 | (234 | ) | ||||||||||
Interest income | 6 | — | 7 | 1 | ||||||||||||
Interest expense | (37 | ) | (43 | ) | (73 | ) | (85 | ) | ||||||||
Other gains | 1 | 3 | 14 | 2 | ||||||||||||
Equity in earnings of affiliates | 2 | 25 | 4 | 34 | ||||||||||||
Income (loss) before income taxes | 299 | (83 | ) | 401 | (282 | ) | ||||||||||
Benefit (provision) for income taxes | (39 | ) | 22 | (23 | ) | 68 | ||||||||||
Net income (loss) | 260 | (61 | ) | 378 | (214 | ) | ||||||||||
Less: Net (income) loss attributable to non- controlling interests |
(4 | ) | 1 | (6 | ) | 2 | ||||||||||
Net income (loss) attributable to |
$ | 256 | $ | (60 | ) | $ | 372 | $ | (212 | ) | ||||||
Basic and diluted earnings (loss) per common share | $ | 0.36 | $ | (0.09 | ) | $ | 0.52 | $ | (0.30 | ) |
___________
(1) Corporate and other expenses include the following items:
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2022 | 2021 | 2022 | 2021 | |||||||||||||
General and administrative costs | $ | 20 | $ | 20 | $ | 38 | $ | 40 | ||||||||
Non-cash stock-based compensation expense | 5 | 5 | 10 | 9 | ||||||||||||
Total | $ | 25 | $ | 25 | $ | 48 | $ | 49 |
Earnings (Loss) per Common Share
(unaudited, in millions, except per share amounts)
Quarter ended |
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2022 | 2021 | 2022 | 2021 | |||||||||||||
Net income (loss) | $ | 260 | $ | (61 | ) | $ | 378 | $ | (214 | ) | ||||||
Less: Net (income) loss attributable to non- controlling interests |
(4 | ) | 1 | (6 | ) | 2 | ||||||||||
Net income (loss) attributable to |
$ | 256 | $ | (60 | ) | $ | 372 | $ | (212 | ) | ||||||
Basic weighted average shares outstanding | 714.8 | 707.6 | 714.6 | 706.6 | ||||||||||||
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market |
2.2 | — | 2.2 | — | ||||||||||||
Diluted weighted average shares outstanding⁽¹⁾ | 717.0 | 707.6 | 716.8 | 706.6 | ||||||||||||
Basic and diluted earnings (loss) per common share | $ | 0.36 | $ | (0.09 | ) | $ | 0.52 | $ | (0.30 | ) |
___________
(1) Dilutive securities may include shares granted under comprehensive stock plans, preferred operating partnership units (“OP Units”) held by minority partners and other non-controlling interests that have the option to convert their limited partnership interests to common OP Units. No effect is shown for any securities that were anti-dilutive for the period.
All
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Location | No. of Properties |
No. of Rooms |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Percent Change in RevPAR |
Percent Change in Total RevPAR |
||||||||||||||||||||||||
2 | 1,033 | $ | 618.60 | 67.4 | % | $ | 416.89 | $ | 697.72 | $ | 574.38 | 60.9 | % | $ | 349.81 | $ | 550.03 | 19.2 | % | 26.9 | % | |||||||||||||||
4 | 2,007 | 567.20 | 78.0 | 442.56 | 690.02 | 457.70 | 78.5 | 359.35 | 543.98 | 23.2 | 26.8 | |||||||||||||||||||||||||
1 | 446 | 572.46 | 81.1 | 463.99 | 974.04 | 559.42 | 68.9 | 385.55 | 730.42 | 20.3 | 33.4 | |||||||||||||||||||||||||
5 | 1,850 | 411.67 | 70.2 | 288.94 | 596.48 | 404.15 | 66.5 | 268.58 | 506.14 | 7.6 | 17.8 | |||||||||||||||||||||||||
4 | 1,822 | 367.35 | 75.5 | 277.29 | 612.01 | 311.33 | 61.6 | 191.85 | 382.50 | 44.5 | 60.0 | |||||||||||||||||||||||||
2 | 2,448 | 402.61 | 73.8 | 297.06 | 580.59 | 427.88 | 27.0 | 115.67 | 204.69 | 156.8 | 183.6 | |||||||||||||||||||||||||
3 | 1,067 | 278.61 | 87.4 | 243.48 | 354.78 | 210.29 | 57.0 | 119.76 | 164.13 | 103.3 | 116.2 | |||||||||||||||||||||||||
2 | 767 | 272.13 | 80.7 | 219.57 | 383.03 | 200.85 | 56.9 | 114.34 | 174.39 | 92.0 | 119.6 | |||||||||||||||||||||||||
3 | 3,288 | 271.84 | 81.0 | 220.07 | 391.37 | 194.88 | 46.0 | 89.63 | 134.93 | 145.5 | 190.1 | |||||||||||||||||||||||||
2 | 2,486 | 326.39 | 80.3 | 261.97 | 385.41 | 181.25 | 38.5 | 69.86 | 79.52 | 275.0 | 384.7 | |||||||||||||||||||||||||
2 | 810 | 229.82 | 86.6 | 199.08 | 303.95 | 160.86 | 59.6 | 95.82 | 147.30 | 107.8 | 106.4 | |||||||||||||||||||||||||
5 | 3,238 | 286.32 | 77.0 | 220.58 | 312.13 | 152.55 | 40.4 | 61.69 | 68.15 | 257.6 | 358.0 | |||||||||||||||||||||||||
1 | 1,333 | 219.22 | 76.4 | 167.55 | 237.37 | 125.59 | 44.8 | 56.27 | 77.37 | 197.8 | 206.8 | |||||||||||||||||||||||||
2 | 916 | 228.38 | 75.8 | 173.05 | 266.99 | 178.08 | 42.2 | 75.16 | 112.17 | 130.2 | 138.0 | |||||||||||||||||||||||||
2 | 1,512 | 202.69 | 70.3 | 142.44 | 213.86 | 154.53 | 39.2 | 60.58 | 87.18 | 135.1 | 145.3 | |||||||||||||||||||||||||
6 | 4,162 | 237.03 | 72.7 | 172.26 | 236.43 | 147.45 | 30.6 | 45.12 | 59.89 | 281.8 | 294.7 | |||||||||||||||||||||||||
2 | 810 | 186.06 | 77.5 | 144.28 | 236.30 | 154.11 | 55.3 | 85.28 | 114.63 | 69.2 | 106.1 | |||||||||||||||||||||||||
2 | 1,495 | 277.40 | 60.7 | 168.38 | 223.59 | 145.54 | 37.1 | 53.93 | 70.34 | 212.2 | 217.9 | |||||||||||||||||||||||||
4 | 1,816 | 240.04 | 71.8 | 172.32 | 237.59 | 149.79 | 33.2 | 49.78 | 59.22 | 246.2 | 301.2 | |||||||||||||||||||||||||
5 | 1,942 | 184.11 | 67.1 | 123.53 | 175.70 | 141.99 | 61.3 | 87.08 | 117.76 | 41.9 | 49.2 | |||||||||||||||||||||||||
2 | 1,315 | 228.80 | 74.6 | 170.62 | 218.92 | 166.90 | 22.2 | 37.13 | 45.54 | 359.6 | 380.7 | |||||||||||||||||||||||||
3 | 1,340 | 188.02 | 69.4 | 130.52 | 189.86 | 133.42 | 43.3 | 57.76 | 74.07 | 126.0 | 156.3 | |||||||||||||||||||||||||
Other | 9 | 2,936 | 262.88 | 69.1 | 181.67 | 265.61 | 250.31 | 47.6 | 119.18 | 172.74 | 52.4 | 53.8 | ||||||||||||||||||||||||
Domestic | 73 | 40,839 | 301.01 | 74.4 | 223.98 | 363.76 | 249.31 | 45.8 | 114.26 | 176.81 | 96.0 | 105.7 | ||||||||||||||||||||||||
International | 5 | 1,499 | 155.80 | 59.0 | 91.91 | 140.79 | 66.34 | 19.2 | 12.75 | 19.99 | 620.8 | 604.4 | ||||||||||||||||||||||||
All Locations | 78 | 42,338 | 296.91 | 73.9 | 219.30 | 355.88 | 246.52 | 44.9 | 110.65 | 171.23 | 98.2 | 107.8 |
All
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Location | No. of Properties |
No. of Rooms |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Percent Change in RevPAR |
Percent Change in Total RevPAR |
||||||||||||||||||||||||
2 | 1,033 | $ | 618.60 | 67.4 | % | $ | 416.89 | $ | 697.72 | $ | 339.61 | 80.5 | % | $ | 273.24 | $ | 450.92 | 52.6 | % | 54.7 | % | |||||||||||||||
4 | 2,007 | 567.20 | 78.0 | 442.56 | 690.02 | 384.31 | 92.3 | 354.62 | 577.55 | 24.8 | 19.5 | |||||||||||||||||||||||||
1 | 446 | 572.46 | 81.1 | 463.99 | 974.04 | 414.11 | 84.1 | 348.40 | 753.61 | 33.2 | 29.2 | |||||||||||||||||||||||||
5 | 1,850 | 411.67 | 70.2 | 288.94 | 596.48 | 313.53 | 73.9 | 231.56 | 496.76 | 24.8 | 20.1 | |||||||||||||||||||||||||
4 | 1,822 | 367.35 | 75.5 | 277.29 | 612.01 | 277.88 | 74.6 | 207.40 | 488.38 | 33.7 | 25.3 | |||||||||||||||||||||||||
2 | 2,448 | 402.61 | 73.8 | 297.06 | 580.59 | 280.14 | 72.2 | 202.14 | 411.47 | 47.0 | 41.1 | |||||||||||||||||||||||||
3 | 1,067 | 278.61 | 87.4 | 243.48 | 354.78 | 255.87 | 84.6 | 216.50 | 326.84 | 12.5 | 8.5 | |||||||||||||||||||||||||
2 | 767 | 272.13 | 80.7 | 219.57 | 383.03 | 248.55 | 91.2 | 226.69 | 382.10 | (3.1 | ) | 0.2 | ||||||||||||||||||||||||
3 | 3,288 | 271.84 | 81.0 | 220.07 | 391.37 | 257.34 | 83.0 | 213.66 | 394.65 | 3.0 | (0.8 | ) | ||||||||||||||||||||||||
2 | 2,486 | 326.39 | 80.3 | 261.97 | 385.41 | 317.33 | 82.7 | 262.29 | 420.05 | (0.1 | ) | (8.2 | ) | |||||||||||||||||||||||
2 | 810 | 229.82 | 86.6 | 199.08 | 303.95 | 247.35 | 89.7 | 221.94 | 366.74 | (10.3 | ) | (17.1 | ) | |||||||||||||||||||||||
5 | 3,238 | 286.32 | 77.0 | 220.58 | 312.13 | 278.76 | 91.5 | 255.04 | 367.23 | (13.5 | ) | (15.0 | ) | |||||||||||||||||||||||
1 | 1,333 | 219.22 | 76.4 | 167.55 | 237.37 | 196.98 | 81.0 | 159.65 | 233.90 | 5.0 | 1.5 | |||||||||||||||||||||||||
2 | 916 | 228.38 | 75.8 | 173.05 | 266.99 | 224.95 | 80.6 | 181.28 | 299.04 | (4.5 | ) | (10.7 | ) | |||||||||||||||||||||||
2 | 1,512 | 202.69 | 70.3 | 142.44 | 213.86 | 186.37 | 75.1 | 139.94 | 200.21 | 1.8 | 6.8 | |||||||||||||||||||||||||
6 | 4,162 | 237.03 | 72.7 | 172.26 | 236.43 | 272.24 | 83.4 | 227.04 | 321.62 | (24.1 | ) | (26.5 | ) | |||||||||||||||||||||||
2 | 810 | 186.06 | 77.5 | 144.28 | 236.30 | 180.64 | 82.7 | 149.41 | 248.11 | (3.4 | ) | (4.8 | ) | |||||||||||||||||||||||
2 | 1,495 | 277.40 | 60.7 | 168.38 | 223.59 | 277.53 | 87.6 | 243.15 | 342.58 | (30.8 | ) | (34.7 | ) | |||||||||||||||||||||||
4 | 1,816 | 240.04 | 71.8 | 172.32 | 237.59 | 237.05 | 82.5 | 195.46 | 278.10 | (11.8 | ) | (14.6 | ) | |||||||||||||||||||||||
5 | 1,942 | 184.11 | 67.1 | 123.53 | 175.70 | 181.69 | 74.6 | 135.49 | 193.31 | (8.8 | ) | (9.1 | ) | |||||||||||||||||||||||
2 | 1,315 | 228.80 | 74.6 | 170.62 | 218.92 | 234.35 | 85.1 | 199.47 | 271.52 | (14.5 | ) | (19.4 | ) | |||||||||||||||||||||||
3 | 1,340 | 188.02 | 69.4 | 130.52 | 189.86 | 176.07 | 79.4 | 139.88 | 210.69 | (6.7 | ) | (9.9 | ) | |||||||||||||||||||||||
Other | 9 | 2,936 | 262.88 | 69.1 | 181.67 | 265.61 | 196.30 | 81.4 | 159.88 | 238.44 | 13.6 | 11.4 | ||||||||||||||||||||||||
Domestic | 73 | 40,839 | 301.01 | 74.4 | 223.98 | 363.76 | 261.79 | 82.2 | 215.26 | 353.07 | 4.1 | 3.0 | ||||||||||||||||||||||||
International | 5 | 1,499 | 155.80 | 59.0 | 91.91 | 140.79 | 158.97 | 69.7 | 110.79 | 169.04 | (17.0 | ) | (16.7 | ) | ||||||||||||||||||||||
All Locations | 78 | 42,338 | 296.91 | 73.9 | 219.30 | 355.88 | 258.66 | 81.8 | 211.52 | 346.49 | 3.7 | 2.7 |
All
As of |
Year-to-date ended |
Year-to-date ended |
||||||||||||||||||||||||||||||||||
Location | No. of Properties |
No. of Rooms |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR |
Percent Change in RevPAR |
Percent Change in Total RevPAR |
||||||||||||||||||||||||
2 | 1,033 | $ | 677.26 | 69.1 | % | $ | 468.18 | $ | 758.30 | $ | 618.08 | 57.7 | % | $ | 356.49 | $ | 554.37 | 31.3 | % | 36.8 | % | |||||||||||||||
4 | 2,007 | 556.16 | 77.2 | 429.37 | 665.43 | 440.07 | 59.4 | 261.61 | 401.86 | 64.1 | 65.6 | |||||||||||||||||||||||||
1 | 446 | 555.35 | 70.8 | 393.31 | 846.75 | 534.27 | 52.3 | 279.35 | 539.18 | 40.8 | 57.0 | |||||||||||||||||||||||||
5 | 1,850 | 485.09 | 72.1 | 349.66 | 687.58 | 455.98 | 59.7 | 272.11 | 497.88 | 28.5 | 38.1 | |||||||||||||||||||||||||
4 | 1,822 | 412.40 | 74.7 | 307.94 | 643.07 | 330.65 | 55.8 | 184.62 | 359.23 | 66.8 | 79.0 | |||||||||||||||||||||||||
2 | 2,448 | 427.24 | 66.0 | 281.89 | 534.73 | 454.91 | 22.2 | 101.17 | 180.02 | 178.6 | 197.0 | |||||||||||||||||||||||||
3 | 1,067 | 282.52 | 76.2 | 215.25 | 310.70 | 206.74 | 39.4 | 81.50 | 111.51 | 164.1 | 178.6 | |||||||||||||||||||||||||
2 | 767 | 274.92 | 71.3 | 196.03 | 334.68 | 177.66 | 48.8 | 86.61 | 134.48 | 126.3 | 148.9 | |||||||||||||||||||||||||
3 | 3,288 | 265.79 | 71.3 | 189.62 | 343.77 | 184.52 | 31.6 | 58.33 | 91.91 | 225.1 | 274.0 | |||||||||||||||||||||||||
2 | 2,486 | 303.32 | 61.0 | 184.91 | 269.63 | 169.79 | 29.1 | 49.48 | 58.28 | 273.7 | 362.6 | |||||||||||||||||||||||||
2 | 810 | 206.81 | 76.7 | 158.68 | 244.18 | 151.04 | 48.3 | 72.98 | 108.91 | 117.4 | 124.2 | |||||||||||||||||||||||||
5 | 3,238 | 269.82 | 57.9 | 156.21 | 222.15 | 152.25 | 44.9 | 68.30 | 73.29 | 128.7 | 203.1 | |||||||||||||||||||||||||
1 | 1,333 | 212.83 | 66.2 | 140.90 | 202.78 | 121.54 | 29.1 | 35.40 | 52.52 | 298.0 | 286.1 | |||||||||||||||||||||||||
2 | 916 | 216.27 | 64.4 | 139.18 | 208.25 | 170.43 | 38.5 | 65.58 | 96.09 | 112.2 | 116.7 | |||||||||||||||||||||||||
2 | 1,512 | 195.73 | 68.8 | 134.67 | 205.78 | 142.95 | 33.2 | 47.42 | 67.74 | 184.0 | 203.8 | |||||||||||||||||||||||||
6 | 4,162 | 221.94 | 58.9 | 130.72 | 187.71 | 144.98 | 21.9 | 31.82 | 42.11 | 310.8 | 345.7 | |||||||||||||||||||||||||
2 | 810 | 180.13 | 72.0 | 129.60 | 207.01 | 145.54 | 49.3 | 71.70 | 94.90 | 80.8 | 118.1 | |||||||||||||||||||||||||
2 | 1,495 | 235.57 | 54.2 | 127.70 | 168.31 | 137.77 | 25.8 | 35.60 | 46.33 | 258.7 | 263.3 | |||||||||||||||||||||||||
4 | 1,816 | 210.41 | 56.0 | 117.93 | 161.24 | 138.56 | 24.7 | 34.28 | 41.10 | 244.0 | 292.4 | |||||||||||||||||||||||||
5 | 1,942 | 182.12 | 64.0 | 116.60 | 162.56 | 134.73 | 56.1 | 75.63 | 102.44 | 54.2 | 58.7 | |||||||||||||||||||||||||
2 | 1,315 | 211.55 | 55.1 | 116.53 | 153.56 | 162.69 | 14.8 | 24.06 | 30.12 | 384.4 | 409.9 | |||||||||||||||||||||||||
3 | 1,340 | 173.91 | 57.4 | 99.84 | 146.61 | 127.52 | 30.3 | 38.66 | 49.03 | 158.3 | 199.1 | |||||||||||||||||||||||||
Other | 9 | 2,936 | 266.94 | 60.0 | 160.20 | 229.80 | 238.33 | 40.2 | 95.81 | 137.29 | 67.2 | 67.4 | ||||||||||||||||||||||||
Domestic | 73 | 40,839 | 305.26 | 64.8 | 197.94 | 323.87 | 252.11 | 37.5 | 94.51 | 147.17 | 109.4 | 120.1 | ||||||||||||||||||||||||
International | 5 | 1,499 | 133.14 | 49.3 | 65.66 | 99.56 | 75.57 | 16.1 | 12.19 | 17.74 | 438.6 | 461.2 | ||||||||||||||||||||||||
All Locations | 78 | 42,338 | 300.59 | 64.3 | 193.26 | 315.94 | 249.34 | 36.7 | 91.58 | 142.57 | 111.0 | 121.6 |
All
As of |
Year-to-date ended |
Year-to-date ended |
||||||||||||||||||||||||||||||||||
Location | No. of Properties |
No. of Rooms |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR |
Percent Change in RevPAR |
Percent Change in Total RevPAR |
||||||||||||||||||||||||
2 | 1,033 | $ | 677.26 | 69.1 | % | $ | 468.18 | $ | 758.30 | $ | 402.26 | 82.9 | % | $ | 333.47 | $ | 524.52 | 40.4 | % | 44.6 | % | |||||||||||||||
4 | 2,007 | 556.16 | 77.2 | 429.37 | 665.43 | 410.35 | 90.6 | 371.89 | 589.24 | 15.5 | 12.9 | |||||||||||||||||||||||||
1 | 446 | 555.35 | 70.8 | 393.31 | 846.75 | 391.86 | 81.4 | 318.88 | 722.04 | 23.3 | 17.3 | |||||||||||||||||||||||||
5 | 1,850 | 485.09 | 72.1 | 349.66 | 687.58 | 379.76 | 78.4 | 297.90 | 612.66 | 17.4 | 12.2 | |||||||||||||||||||||||||
4 | 1,822 | 412.40 | 74.7 | 307.94 | 643.07 | 327.86 | 78.6 | 257.82 | 566.03 | 19.4 | 13.6 | |||||||||||||||||||||||||
2 | 2,448 | 427.24 | 66.0 | 281.89 | 534.73 | 299.99 | 75.6 | 226.78 | 461.20 | 24.3 | 15.9 | |||||||||||||||||||||||||
3 | 1,067 | 282.52 | 76.2 | 215.25 | 310.70 | 257.81 | 83.8 | 215.95 | 330.77 | (0.3 | ) | (6.1 | ) | |||||||||||||||||||||||
2 | 767 | 274.92 | 71.3 | 196.03 | 334.68 | 262.77 | 87.8 | 230.62 | 390.95 | (15.0 | ) | (14.4 | ) | |||||||||||||||||||||||
3 | 3,288 | 265.79 | 71.3 | 189.62 | 343.77 | 255.23 | 80.0 | 204.18 | 372.23 | (7.1 | ) | (7.6 | ) | |||||||||||||||||||||||
2 | 2,486 | 303.32 | 61.0 | 184.91 | 269.63 | 290.28 | 77.3 | 224.37 | 362.87 | (17.6 | ) | (25.7 | ) | |||||||||||||||||||||||
2 | 810 | 206.81 | 76.7 | 158.68 | 244.18 | 220.90 | 83.9 | 185.41 | 304.83 | (14.4 | ) | (19.9 | ) | |||||||||||||||||||||||
5 | 3,238 | 269.82 | 57.9 | 156.21 | 222.15 | 265.11 | 82.5 | 218.62 | 312.73 | (28.5 | ) | (29.0 | ) | |||||||||||||||||||||||
1 | 1,333 | 212.83 | 66.2 | 140.90 | 202.78 | 203.37 | 81.3 | 165.38 | 241.84 | (14.8 | ) | (16.2 | ) | |||||||||||||||||||||||
2 | 916 | 216.27 | 64.4 | 139.18 | 208.25 | 223.51 | 76.4 | 170.75 | 279.04 | (18.5 | ) | (25.4 | ) | |||||||||||||||||||||||
2 | 1,512 | 195.73 | 68.8 | 134.67 | 205.78 | 191.24 | 76.2 | 145.81 | 215.02 | (7.6 | ) | (4.3 | ) | |||||||||||||||||||||||
6 | 4,162 | 221.94 | 58.9 | 130.72 | 187.71 | 291.25 | 80.8 | 235.43 | 330.93 | (44.5 | ) | (43.3 | ) | |||||||||||||||||||||||
2 | 810 | 180.13 | 72.0 | 129.60 | 207.01 | 198.45 | 84.2 | 167.15 | 275.94 | (22.5 | ) | (25.0 | ) | |||||||||||||||||||||||
2 | 1,495 | 235.57 | 54.2 | 127.70 | 168.31 | 240.24 | 80.6 | 193.67 | 283.11 | (34.1 | ) | (40.5 | ) | |||||||||||||||||||||||
4 | 1,816 | 210.41 | 56.0 | 117.93 | 161.24 | 199.76 | 71.5 | 142.77 | 203.93 | (17.4 | ) | (20.9 | ) | |||||||||||||||||||||||
5 | 1,942 | 182.12 | 64.0 | 116.60 | 162.56 | 182.15 | 75.2 | 136.92 | 197.16 | (14.8 | ) | (17.5 | ) | |||||||||||||||||||||||
2 | 1,315 | 211.55 | 55.1 | 116.53 | 153.56 | 215.31 | 81.3 | 174.95 | 237.90 | (33.4 | ) | (35.5 | ) | |||||||||||||||||||||||
3 | 1,340 | 173.91 | 57.4 | 99.84 | 146.61 | 169.71 | 72.1 | 122.41 | 184.62 | (18.4 | ) | (20.6 | ) | |||||||||||||||||||||||
Other | 9 | 2,936 | 266.94 | 60.0 | 160.20 | 229.80 | 191.01 | 75.2 | 143.57 | 212.39 | 11.6 | 8.2 | ||||||||||||||||||||||||
Domestic | 73 | 40,839 | 305.26 | 64.8 | 197.94 | 323.87 | 266.87 | 79.4 | 211.99 | 348.75 | (6.6 | ) | (7.1 | ) | ||||||||||||||||||||||
International | 5 | 1,499 | 133.14 | 49.3 | 65.66 | 99.56 | 151.58 | 68.7 | 104.09 | 155.00 | (36.9 | ) | (35.8 | ) | ||||||||||||||||||||||
All Locations | 78 | 42,338 | 300.59 | 64.3 | 193.26 | 315.94 | 263.29 | 79.1 | 208.13 | 341.83 | (7.1 | ) | (7.6 | ) |
___________
(1) To facilitate a quarter-to-quarter comparison of our operations, we typically present certain operating statistics and operating results for the periods included in this presentation on a comparable hotel basis. However, due to the COVID-19 pandemic and its effects on operations there is little comparability between periods. For this reason, we temporarily are suspending our comparable hotel presentation and instead present hotel operating results for all consolidated hotels and, to facilitate comparisons between periods, we are presenting in these tables statistics which include the following adjustments: (1) operating results are presented for all consolidated properties owned as of
(2) Hotel RevPAR is calculated as room revenues divided by the available room nights.
N/M = Not meaningful
Results by Location Compared to 2021 - actual, based on ownership period(1)
As of |
||||||||||||||||||||||||||||||||||||
2022 | 2021 | Quarter ended |
Quarter ended |
|||||||||||||||||||||||||||||||||
Location | No. of Properties |
No. of Properties |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR |
Percent Change in RevPAR |
Percent Change in Total RevPAR |
||||||||||||||||||||||||
2 | 3 | $ | 596.12 | 68.2 | % | $ | 406.35 | $ | 676.00 | $ | 496.88 | 61.3 | % | $ | 304.64 | $ | 469.79 | 33.4 | % | 43.9 | % | |||||||||||||||
4 | 4 | 567.20 | 78.0 | 442.56 | 690.02 | 457.70 | 78.5 | 359.35 | 543.98 | 23.2 | 26.8 | |||||||||||||||||||||||||
1 | 1 | 572.46 | 81.1 | 463.99 | 974.04 | 559.42 | 68.9 | 385.55 | 730.42 | 20.3 | 33.4 | |||||||||||||||||||||||||
5 | 5 | 411.67 | 70.2 | 288.94 | 596.48 | 404.15 | 66.5 | 268.58 | 506.14 | 7.6 | 17.8 | |||||||||||||||||||||||||
4 | 4 | 367.35 | 75.5 | 277.29 | 612.01 | 311.33 | 61.6 | 191.85 | 382.50 | 44.5 | 60.0 | |||||||||||||||||||||||||
2 | 2 | 402.61 | 73.8 | 297.06 | 580.59 | 354.97 | 26.3 | 93.22 | 171.52 | 218.7 | 238.5 | |||||||||||||||||||||||||
3 | 5 | 278.61 | 87.4 | 243.48 | 354.78 | 171.25 | 63.5 | 108.66 | 147.12 | 124.1 | 141.2 | |||||||||||||||||||||||||
2 | 1 | 272.13 | 80.7 | 219.57 | 383.03 | 182.04 | 58.2 | 105.99 | 149.09 | 107.2 | 156.9 | |||||||||||||||||||||||||
3 | 3 | 271.84 | 81.0 | 220.07 | 391.37 | 194.88 | 46.0 | 89.63 | 134.93 | 145.5 | 190.1 | |||||||||||||||||||||||||
2 | 3 | 313.84 | 78.3 | 245.88 | 361.64 | 172.42 | 32.6 | 56.16 | 63.98 | 337.8 | 465.3 | |||||||||||||||||||||||||
2 | 2 | 229.82 | 86.6 | 199.08 | 303.95 | 160.86 | 59.6 | 95.82 | 147.30 | 107.8 | 106.4 | |||||||||||||||||||||||||
5 | 5 | 286.32 | 77.0 | 220.58 | 312.13 | 152.55 | 40.4 | 61.69 | 68.15 | 257.6 | 358.0 | |||||||||||||||||||||||||
1 | 1 | 219.22 | 76.4 | 167.55 | 237.37 | 125.59 | 44.8 | 56.27 | 77.37 | 197.8 | 206.8 | |||||||||||||||||||||||||
2 | 3 | 228.38 | 75.8 | 173.05 | 266.99 | 157.97 | 42.4 | 67.01 | 101.80 | 158.2 | 162.3 | |||||||||||||||||||||||||
2 | 2 | 202.69 | 70.3 | 142.44 | 213.86 | 154.53 | 39.2 | 60.58 | 87.18 | 135.1 | 145.3 | |||||||||||||||||||||||||
6 | 7 | 237.03 | 72.7 | 172.26 | 236.43 | 145.03 | 30.8 | 44.69 | 59.49 | 285.4 | 297.5 | |||||||||||||||||||||||||
2 | 4 | 186.06 | 77.5 | 144.28 | 236.30 | 172.58 | 49.5 | 85.50 | 115.83 | 68.8 | 104.0 | |||||||||||||||||||||||||
2 | 3 | 277.40 | 60.7 | 168.38 | 223.59 | 145.54 | 20.4 | 29.70 | 38.73 | 467.0 | 477.2 | |||||||||||||||||||||||||
4 | 4 | 240.04 | 71.8 | 172.32 | 237.59 | 149.79 | 33.2 | 49.78 | 59.22 | 246.2 | 301.2 | |||||||||||||||||||||||||
5 | 4 | 184.11 | 67.1 | 123.53 | 175.70 | 141.99 | 61.3 | 87.08 | 117.76 | 41.9 | 49.2 | |||||||||||||||||||||||||
2 | 2 | 228.80 | 74.6 | 170.62 | 218.92 | 166.90 | 22.2 | 37.13 | 45.54 | 359.6 | 380.7 | |||||||||||||||||||||||||
3 | 3 | 188.02 | 69.4 | 130.52 | 189.86 | 133.42 | 43.3 | 57.76 | 74.07 | 126.0 | 156.3 | |||||||||||||||||||||||||
Other | 9 | 6 | 262.88 | 69.1 | 181.67 | 265.61 | 145.72 | 40.7 | 59.29 | 78.10 | 206.4 | 240.1 | ||||||||||||||||||||||||
Domestic | 73 | 77 | 300.15 | 74.3 | 223.13 | 362.11 | 231.73 | 43.8 | 101.54 | 155.37 | 119.8 | 133.1 | ||||||||||||||||||||||||
International | 5 | 5 | 155.80 | 59.0 | 91.91 | 140.79 | 66.34 | 19.2 | 12.75 | 19.99 | 620.8 | 604.4 | ||||||||||||||||||||||||
All Locations | 78 | 82 | 296.11 | 73.8 | 218.53 | 354.36 | 229.38 | 43.0 | 98.71 | 151.06 | 121.4 | 134.6 |
Results by Location Compared to 2019 - actual, based on ownership period(1)
As of |
||||||||||||||||||||||||||||||||||||
2022 | 2019 | Quarter ended |
Quarter ended |
|||||||||||||||||||||||||||||||||
Location | No. of Properties |
No. of Properties |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR |
Percent Change in RevPAR |
Percent Change in Total RevPAR |
||||||||||||||||||||||||
2 | 3 | $ | 596.12 | 68.2 | % | $ | 406.35 | $ | 676.00 | $ | 299.54 | 80.6 | % | $ | 241.56 | $ | 390.25 | 68.2 | % | 73.2 | % | |||||||||||||||
4 | 4 | 567.20 | 78.0 | 442.56 | 690.02 | 384.31 | 92.3 | 354.62 | 563.56 | 24.8 | 22.4 | |||||||||||||||||||||||||
1 | 1 | 572.46 | 81.1 | 463.99 | 974.04 | 414.11 | 84.1 | 348.40 | 753.61 | 33.2 | 29.2 | |||||||||||||||||||||||||
5 | 5 | 411.67 | 70.2 | 288.94 | 596.48 | 313.53 | 73.9 | 231.56 | 496.76 | 24.8 | 20.1 | |||||||||||||||||||||||||
4 | 5 | 367.35 | 75.5 | 277.29 | 612.01 | 249.43 | 76.0 | 189.69 | 415.48 | 46.2 | 47.3 | |||||||||||||||||||||||||
2 | 1 | 402.61 | 73.8 | 297.06 | 580.59 | 177.39 | 70.7 | 125.33 | 295.11 | 137.0 | 96.7 | |||||||||||||||||||||||||
3 | 7 | 278.61 | 87.4 | 243.48 | 354.78 | 208.87 | 84.8 | 177.09 | 266.80 | 37.5 | 33.0 | |||||||||||||||||||||||||
2 | — | 272.13 | 80.7 | 219.57 | 383.03 | — | — | — | — | — | — | |||||||||||||||||||||||||
3 | 4 | 271.84 | 81.0 | 220.07 | 391.37 | 239.00 | 82.2 | 196.35 | 358.12 | 12.1 | 9.3 | |||||||||||||||||||||||||
2 | 3 | 313.84 | 78.3 | 245.88 | 361.64 | 292.59 | 84.9 | 248.42 | 378.93 | (1.0 | ) | (4.6 | ) | |||||||||||||||||||||||
2 | 2 | 229.82 | 86.6 | 199.08 | 303.95 | 247.35 | 89.7 | 221.94 | 366.74 | (10.3 | ) | (17.1 | ) | |||||||||||||||||||||||
5 | 5 | 286.32 | 77.0 | 220.58 | 312.13 | 278.76 | 91.5 | 255.04 | 367.23 | (13.5 | ) | (15.0 | ) | |||||||||||||||||||||||
1 | 1 | 219.22 | 76.4 | 167.55 | 237.37 | 196.98 | 81.0 | 159.65 | 233.90 | 5.0 | 1.5 | |||||||||||||||||||||||||
2 | 4 | 228.38 | 75.8 | 173.05 | 266.99 | 204.14 | 81.8 | 166.91 | 253.29 | 3.7 | 5.4 | |||||||||||||||||||||||||
2 | 2 | 202.69 | 70.3 | 142.44 | 213.86 | 186.37 | 75.1 | 139.94 | 200.21 | 1.8 | 6.8 | |||||||||||||||||||||||||
6 | 7 | 237.03 | 72.7 | 172.26 | 236.43 | 267.87 | 82.7 | 221.55 | 313.95 | (22.3 | ) | (24.7 | ) | |||||||||||||||||||||||
2 | 5 | 186.06 | 77.5 | 144.28 | 236.30 | 187.76 | 76.8 | 144.13 | 224.53 | 0.1 | 5.2 | |||||||||||||||||||||||||
2 | 4 | 277.40 | 60.7 | 168.38 | 223.59 | 269.77 | 87.9 | 237.25 | 323.53 | (29.0 | ) | (30.9 | ) | |||||||||||||||||||||||
4 | 6 | 240.04 | 71.8 | 172.32 | 237.59 | 224.69 | 83.8 | 188.34 | 257.40 | (8.5 | ) | (7.7 | ) | |||||||||||||||||||||||
5 | 4 | 184.11 | 67.1 | 123.53 | 175.70 | 181.69 | 74.6 | 135.49 | 193.31 | (8.8 | ) | (9.1 | ) | |||||||||||||||||||||||
2 | 2 | 228.80 | 74.6 | 170.62 | 218.92 | 234.35 | 85.1 | 199.47 | 271.52 | (14.5 | ) | (19.4 | ) | |||||||||||||||||||||||
3 | 3 | 188.02 | 69.4 | 130.52 | 189.86 | 176.07 | 79.4 | 139.88 | 210.69 | (6.7 | ) | (9.9 | ) | |||||||||||||||||||||||
Other | 9 | 7 | 262.88 | 69.1 | 181.67 | 265.61 | 174.42 | 80.8 | 140.93 | 200.82 | 28.9 | 32.3 | ||||||||||||||||||||||||
Domestic | 73 | 85 | 300.15 | 74.3 | 223.13 | 362.11 | 246.13 | 82.3 | 202.61 | 322.61 | 10.1 | 12.2 | ||||||||||||||||||||||||
International | 5 | 5 | 155.80 | 59.0 | 91.91 | 140.79 | 158.97 | 69.7 | 110.79 | 169.04 | (17.0 | ) | (16.7 | ) | ||||||||||||||||||||||
All Locations | 78 | 90 | 296.11 | 73.8 | 218.53 | 354.36 | 243.96 | 82.0 | 199.93 | 318.12 | 9.3 | 11.4 |
Results by Location Compared to 2021 - actual, based on ownership period(1)
As of |
||||||||||||||||||||||||||||||||||||
2022 | 2021 | Year-to-date ended |
Year-to-date ended |
|||||||||||||||||||||||||||||||||
Location | No. of Properties |
No. of Properties |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR |
Percent Change in RevPAR |
Percent Change in Total RevPAR |
||||||||||||||||||||||||
2 | 3 | $ | 609.44 | 70.9 | % | $ | 432.20 | $ | 690.16 | $ | 525.00 | 58.5 | % | $ | 306.95 | $ | 470.12 | 40.8 | % | 46.8 | % | |||||||||||||||
4 | 4 | 556.16 | 77.2 | 429.37 | 665.43 | 440.07 | 59.4 | 261.61 | 394.93 | 64.1 | 68.5 | |||||||||||||||||||||||||
1 | 1 | 555.35 | 70.8 | 393.31 | 846.75 | 534.27 | 52.3 | 279.35 | 539.18 | 40.8 | 57.0 | |||||||||||||||||||||||||
5 | 5 | 485.09 | 72.1 | 349.66 | 687.58 | 455.98 | 59.7 | 272.11 | 497.88 | 28.5 | 38.1 | |||||||||||||||||||||||||
4 | 4 | 412.40 | 74.7 | 307.94 | 643.07 | 330.65 | 55.8 | 184.62 | 359.23 | 66.8 | 79.0 | |||||||||||||||||||||||||
2 | 2 | 427.24 | 66.0 | 281.89 | 534.73 | 293.63 | 20.2 | 59.36 | 116.46 | 374.9 | 359.1 | |||||||||||||||||||||||||
3 | 5 | 282.52 | 76.2 | 215.25 | 310.70 | 167.63 | 44.0 | 73.73 | 98.96 | 191.9 | 214.0 | |||||||||||||||||||||||||
2 | 1 | 274.92 | 71.3 | 196.03 | 334.68 | 181.24 | 59.9 | 108.65 | 151.16 | 80.4 | 121.4 | |||||||||||||||||||||||||
3 | 3 | 265.79 | 71.3 | 189.62 | 343.77 | 184.52 | 31.6 | 58.33 | 91.91 | 225.1 | 274.0 | |||||||||||||||||||||||||
2 | 3 | 276.49 | 56.1 | 155.17 | 222.91 | 162.82 | 24.3 | 39.56 | 46.67 | 292.2 | 377.7 | |||||||||||||||||||||||||
2 | 2 | 206.81 | 76.7 | 158.68 | 244.18 | 151.04 | 48.3 | 72.98 | 108.91 | 117.4 | 124.2 | |||||||||||||||||||||||||
5 | 5 | 269.82 | 57.9 | 156.21 | 222.15 | 152.25 | 44.9 | 68.30 | 73.29 | 128.7 | 203.1 | |||||||||||||||||||||||||
1 | 1 | 212.83 | 66.2 | 140.90 | 202.78 | 121.54 | 29.1 | 35.40 | 52.52 | 298.0 | 286.1 | |||||||||||||||||||||||||
2 | 3 | 216.27 | 64.4 | 139.18 | 208.25 | 154.95 | 36.0 | 55.79 | 82.65 | 149.5 | 152.0 | |||||||||||||||||||||||||
2 | 2 | 195.73 | 68.8 | 134.67 | 205.78 | 142.95 | 33.2 | 47.42 | 67.74 | 184.0 | 203.8 | |||||||||||||||||||||||||
6 | 7 | 221.94 | 58.9 | 130.72 | 187.71 | 142.47 | 22.1 | 31.47 | 41.73 | 315.4 | 349.8 | |||||||||||||||||||||||||
2 | 4 | 180.13 | 72.0 | 129.60 | 207.01 | 165.27 | 43.6 | 72.11 | 95.56 | 79.7 | 116.6 | |||||||||||||||||||||||||
2 | 3 | 228.61 | 51.8 | 118.39 | 155.01 | 137.77 | 14.2 | 19.61 | 25.51 | 503.9 | 507.6 | |||||||||||||||||||||||||
4 | 4 | 210.41 | 56.0 | 117.93 | 161.24 | 138.56 | 24.7 | 34.28 | 41.10 | 244.0 | 292.4 | |||||||||||||||||||||||||
5 | 4 | 182.12 | 64.0 | 116.60 | 162.56 | 134.73 | 56.1 | 75.63 | 102.44 | 54.2 | 58.7 | |||||||||||||||||||||||||
2 | 2 | 211.55 | 55.1 | 116.53 | 153.56 | 162.69 | 14.8 | 24.06 | 30.12 | 384.4 | 409.9 | |||||||||||||||||||||||||
3 | 3 | 173.91 | 57.4 | 99.84 | 146.61 | 127.52 | 30.3 | 38.66 | 49.03 | 158.3 | 199.1 | |||||||||||||||||||||||||
Other | 9 | 6 | 266.94 | 60.0 | 160.20 | 229.80 | 141.77 | 34.0 | 48.19 | 63.11 | 232.5 | 264.1 | ||||||||||||||||||||||||
Domestic | 73 | 77 | 302.36 | 64.3 | 194.28 | 316.79 | 232.76 | 35.5 | 82.63 | 126.99 | 135.1 | 149.5 | ||||||||||||||||||||||||
International | 5 | 5 | 133.14 | 49.3 | 65.66 | 99.56 | 75.57 | 16.1 | 12.19 | 17.74 | 438.6 | 461.2 | ||||||||||||||||||||||||
All Locations | 78 | 82 | 297.88 | 63.7 | 189.88 | 309.35 | 230.43 | 34.9 | 80.37 | 123.48 | 136.2 | 150.5 |
Results by Location Compared to 2019 - actual, based on ownership period(1)
As of |
||||||||||||||||||||||||||||||||||||
2022 | 2019 | Year-to-date ended |
Year-to-date ended |
|||||||||||||||||||||||||||||||||
Location | No. of Properties |
No. of Properties |
Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Average Room Rate |
Average Occupancy Percentage |
RevPAR | Total RevPAR | Percent Change in RevPAR |
Percent Change in Total RevPAR |
||||||||||||||||||||||||
2 | 3 | $ | 609.44 | 70.9 | % | $ | 432.20 | $ | 690.16 | $ | 322.71 | 83.1 | % | $ | 268.20 | $ | 407.70 | 61.2 | % | 69.3 | % | |||||||||||||||
4 | 4 | 556.16 | 77.2 | 429.37 | 665.43 | 410.35 | 90.6 | 371.89 | 573.91 | 15.5 | 15.9 | |||||||||||||||||||||||||
1 | 1 | 555.35 | 70.8 | 393.31 | 846.75 | 391.86 | 81.4 | 318.88 | 722.04 | 23.3 | 17.3 | |||||||||||||||||||||||||
5 | 5 | 485.09 | 72.1 | 349.66 | 687.58 | 379.76 | 78.4 | 297.90 | 612.66 | 17.4 | 12.2 | |||||||||||||||||||||||||
4 | 5 | 412.40 | 74.7 | 307.94 | 643.07 | 296.68 | 80.1 | 237.53 | 486.65 | 29.6 | 32.1 | |||||||||||||||||||||||||
2 | 1 | 427.24 | 66.0 | 281.89 | 534.73 | 193.57 | 74.8 | 144.76 | 339.92 | 94.7 | 57.3 | |||||||||||||||||||||||||
3 | 7 | 282.52 | 76.2 | 215.25 | 310.70 | 209.76 | 83.7 | 175.65 | 265.93 | 22.5 | 16.8 | |||||||||||||||||||||||||
2 | — | 274.92 | 71.3 | 196.03 | 334.68 | — | — | — | — | — | — | |||||||||||||||||||||||||
3 | 4 | 265.79 | 71.3 | 189.62 | 343.77 | 237.09 | 79.8 | 189.18 | 344.22 | 0.2 | (0.1 | ) | ||||||||||||||||||||||||
2 | 3 | 276.49 | 56.1 | 155.17 | 222.91 | 266.36 | 78.3 | 208.64 | 321.80 | (25.6 | ) | (30.7 | ) | |||||||||||||||||||||||
2 | 2 | 206.81 | 76.7 | 158.68 | 244.18 | 220.90 | 83.9 | 185.41 | 304.83 | (14.4 | ) | (19.9 | ) | |||||||||||||||||||||||
5 | 5 | 269.82 | 57.9 | 156.21 | 222.15 | 265.11 | 82.5 | 218.62 | 312.73 | (28.5 | ) | (29.0 | ) | |||||||||||||||||||||||
1 | 1 | 212.83 | 66.2 | 140.90 | 202.78 | 203.37 | 81.3 | 165.38 | 241.84 | (14.8 | ) | (16.2 | ) | |||||||||||||||||||||||
2 | 4 | 216.27 | 64.4 | 139.18 | 208.25 | 197.37 | 75.6 | 149.16 | 228.98 | (6.7 | ) | (9.1 | ) | |||||||||||||||||||||||
2 | 2 | 195.73 | 68.8 | 134.67 | 205.78 | 191.24 | 76.2 | 145.81 | 215.02 | (7.6 | ) | (4.3 | ) | |||||||||||||||||||||||
6 | 7 | 221.94 | 58.9 | 130.72 | 187.71 | 286.10 | 80.0 | 228.99 | 322.35 | (42.9 | ) | (41.8 | ) | |||||||||||||||||||||||
2 | 5 | 180.13 | 72.0 | 129.60 | 207.01 | 206.28 | 77.3 | 159.48 | 244.63 | (18.7 | ) | (15.4 | ) | |||||||||||||||||||||||
2 | 4 | 228.61 | 51.8 | 118.39 | 155.01 | 233.09 | 78.2 | 182.20 | 256.05 | (35.0 | ) | (39.5 | ) | |||||||||||||||||||||||
4 | 6 | 210.41 | 56.0 | 117.93 | 161.24 | 189.47 | 73.2 | 138.60 | 191.07 | (14.9 | ) | (15.6 | ) | |||||||||||||||||||||||
5 | 4 | 182.12 | 64.0 | 116.60 | 162.56 | 182.15 | 75.2 | 136.92 | 197.16 | (14.8 | ) | (17.5 | ) | |||||||||||||||||||||||
2 | 2 | 211.55 | 55.1 | 116.53 | 153.56 | 215.31 | 81.3 | 174.95 | 237.90 | (33.4 | ) | (35.5 | ) | |||||||||||||||||||||||
3 | 3 | 173.91 | 57.4 | 99.84 | 146.61 | 169.71 | 72.1 | 122.41 | 184.62 | (18.4 | ) | (20.6 | ) | |||||||||||||||||||||||
Other | 9 | 7 | 266.94 | 60.0 | 160.20 | 229.80 | 174.23 | 75.2 | 131.09 | 198.06 | 22.2 | 16.0 | ||||||||||||||||||||||||
Domestic | 73 | 85 | 302.36 | 64.3 | 194.28 | 316.79 | 246.29 | 79.1 | 194.79 | 312.95 | (0.3 | ) | 1.2 | |||||||||||||||||||||||
International | 5 | 5 | 133.14 | 49.3 | 65.66 | 99.56 | 151.58 | 68.7 | 104.09 | 155.00 | (36.9 | ) | (35.8 | ) | ||||||||||||||||||||||
All Locations | 78 | 90 | 297.88 | 63.7 | 189.88 | 309.35 | 243.88 | 78.8 | 192.15 | 308.34 | (1.2 | ) | 0.3 |
(1) Represents the results of the portfolio for the time period of our ownership, including dispositions through their date of disposal and acquisitions beginning as of the date of acquisition.
Schedule of
(unaudited, in millions, except hotel statistics)
Quarter ended |
Year-to-date ended |
|||||||||||||||||||||||
2022 | 2021 | 2019 | 2022 | 2021 | 2019 | |||||||||||||||||||
Number of hotels | 78 | 77 | 76 | 78 | 77 | 76 | ||||||||||||||||||
Number of rooms | 42,338 | 42,115 | 41,950 | 42,338 | 42,115 | 41,950 | ||||||||||||||||||
Change in |
107.8 | % | — | — | 121.6 | % | — | — | ||||||||||||||||
Change in |
98.2 | % | — | — | 111.0 | % | — | — | ||||||||||||||||
Operating profit (loss) margin⁽²⁾ | 23.7 | % | (10.5 | )% | 18.9 | % | 18.3 | % | (22.3 | )% | 17.3 | % | ||||||||||||
All |
37.1 | % | 23.0 | % | 32.3 | % | 34.6 | % | 18.4 | % | 31.9 | % | ||||||||||||
Food and beverage profit margin⁽²⁾ | 39.5 | % | 23.4 | % | 35.4 | % | 36.6 | % | 22.0 | % | 34.8 | % | ||||||||||||
All profit margin⁽²⁾ |
39.7 | % | 24.6 | % | 36.5 | % | 37.3 | % | 22.4 | % | 36.3 | % | ||||||||||||
Net income (loss) | $ | 260 | $ | (61 | ) | $ | 290 | $ | 378 | $ | (214 | ) | $ | 479 | ||||||||||
Depreciation and amortization | 162 | 169 | 166 | 334 | 334 | 336 | ||||||||||||||||||
Interest expense | 37 | 43 | 43 | 73 | 85 | 86 | ||||||||||||||||||
Provision (benefit) for income taxes | 39 | (22 | ) | 16 | 23 | (68 | ) | 18 | ||||||||||||||||
Gain on sale of property and corporate level income/expense |
10 | (3 | ) | (44 | ) | 17 | 12 | (33 | ) | |||||||||||||||
Severance expense (reversal) at hotel properties |
— | (1 | ) | — | 2 | (3 | ) | — | ||||||||||||||||
All |
2 | 26 | (44 | ) | 12 | 54 | (58 | ) | ||||||||||||||||
All Owned Hotel EBITDA⁽¹⁾ | $ | 510 | $ | 151 | $ | 427 | $ | 839 | $ | 200 | $ | 828 |
___________
(1) See the Notes to Financial Information for a discussion of non-GAAP measures and the limitations on their use. All
(2) Profit margins are calculated by dividing the applicable operating profit by the related revenue amount. GAAP profit margins are calculated using amounts presented in the unaudited condensed consolidated statements of operations. All
Quarter ended |
Quarter ended |
||||||||||||||||||||||||||||||||||
Adjustments | Adjustments | ||||||||||||||||||||||||||||||||||
GAAP Results | All |
Depreciation and corporate level items |
All |
GAAP Results | Severance at hotel properties | All |
Depreciation and corporate level items |
All |
|||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||
Room | $ | 850 | $ | (5 | ) | $ | — | $ | 845 | $ | 423 | $ | — | $ | 1 | $ | — | $ | 424 | ||||||||||||||||
Food and beverage |
405 | (2 | ) | — | 403 | 137 | — | 5 | — | 142 | |||||||||||||||||||||||||
Other | 126 | (1 | ) | — | 125 | 89 | — | 2 | — | 91 | |||||||||||||||||||||||||
Total revenues | 1,381 | (8 | ) | — | 1,373 | 649 | — | 8 | — | 657 | |||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||
Room | 189 | (3 | ) | — | 186 | 109 | — | (7 | ) | — | 102 | ||||||||||||||||||||||||
Food and beverage |
245 | (2 | ) | — | 243 | 105 | — | 2 | — | 107 | |||||||||||||||||||||||||
Other | 440 | (5 | ) | — | 435 | 309 | 1 | (13 | ) | — | 297 | ||||||||||||||||||||||||
Depreciation and amortization |
162 | — | (162 | ) | — | 169 | — | — | (169 | ) | — | ||||||||||||||||||||||||
Corporate and other expenses |
25 | — | (25 | ) | — | 25 | — | — |