Condor Hospitality Trust Reports Second Quarter 2021 Results

Condor Hospitality Trust, Inc. (NYSE American: CDOR) today announced results of operations for the second quarter 2021.

SECOND QUARTER 2021 FINANCIAL HIGHLIGHTS

  • Portfolio Revenue Per Available Room (RevPAR): The 15 hotels Same-Store RevPAR in the second quarter 2021 increased 161.7% to $77.22 compared to the second quarter 2020. Same-Store Average Daily Rate (ADR) increased 22.5% to $106.62 and Same-Store occupancy increased 113.7% to 72.43% in the second quarter 2021 compared to the same period in 2020. June 2021 RevPAR was $82.85 based on an occupancy of 75.0% and a $110.42 ADR.
  • Net Loss: Net Loss Attributable to Common Shareholders was ($9.9) million or ($0.82) per diluted share in the second quarter 2021 compared to ($6.3) million or ($0.53) per diluted share for the same period in 2020.
  • Adjusted EBITDAre*: Adjusted EBITDAre increased in the second quarter 2021 588.5% to $6.2 million from ($1.3) million for the same period in 2020.
  • Adjusted Funds from Operations*: Adjusted Funds from Operations increased $6.9 million in the second quarter 2021 to $3.7 million or $0.25 per diluted share a 218.8% increase when compared to ($3.2) million or ($0.26) per diluted share in the same period in 2020.
  • Same-Store Hotel EBITDA*: Same-Store Hotel EBITDA was $5.0 million in the second quarter 2021, an increase of 3,432% from the same period in 2020. Margin grew 3,830 bps to 35.2% in the second quarter 2021 compared to (3.1%) in the same period in 2020.

MANAGEMENT COMMENTARY

Bill Blackham, Condor’s Chief Executive Officer, commented: “Condor’s investment strategy of investing in premium branded newer high-quality hotels located primarily in secondary markets in locations attractive to both leisure and business transient customers has been the driver for outstanding performance in the second quarter of 2021, similar to prior periods. Strong leisure demand combined with the modest return of business transient demand enabled the Condor portfolio to achieve occupancy of over 72% with an ADR of almost $107 resulting in a $77 RevPAR. Our cost savings initiatives, combined with the improving market conditions that allowed aggressive ADR pricing, resulted in significantly improved bottom line results. Hotel EBITDA was approximately $5 million for the quarter with margins exceeding 35% and while a very good result, more importantly, while this is an extremely large improvement to the second quarter in 2020, it represents 64.3% of the 2019 second quarter Hotel EBITDA, and in June 2021 80.7% of June 2019 and compared to 39.9% margins in the second quarter of 2019.

While net income is not a widely followed metric in the REIT space, it is important to point out that the $(9.7) million net income (loss) in the quarter is as a result of a $10.2 million charge for derivative valuations linked to our $10.0 million loan with conversion rights to common stock. On a proforma basis, if this non-cash continuously adjusting charge was eliminated, adjusted net income would be $0.5 million compared to the $(6.2) million in the same quarter in the prior year and $(0.8) million in the same period in 2019. Additionally noteworthy is that the sequential monthly portfolio improvement that began 14 months ago in May 2020, and accelerated in the second quarter, is continuing to improve with our July 2021 portfolio occupancy of 75% with a $120 ADR and RevPAR in excess of $90. Those metrics compare to the July 2019 occupancy of 81.6%, ADR of $117.14 and RevPAR of $95.60.

On June 21, 2021, the Company announced that its board of directors is evaluating strategic alternatives to enhance shareholder value and that a marketing process is being led by Hodges Ward Elliott. The Company does not intend to discuss or disclose developments with respect to the process unless and until otherwise determined that further disclosure is appropriate or required by regulation or law. No formalized timetable has been established for the completion of the strategic review.”

 

Condor Hospitality Trust

Selected Statistical and Financial Data

As of and for the six months ended June 30,

(in thousands except statistical and per share amounts)

 
 

(Unaudited)

(Unaudited)

 

Three months ended June 30,

Six months ended June 30,

 

2021

2020

2019

2021

2020

2019

Net Loss

 

$

(9,704)

$

(6,198)

$

(1,270)

$

(11,891)

$

(9,223)

$

(1,255)

Diluted Earnings (Loss) per Share

 

$

(0.82)

$

(0.53)

$

(0.12)

$

(1.02)

$

(0.80)

$

(0.13)

Adjusted EBITDAre*

 

$

6,194

$

(1,268)

$

6,277

$

7,040

$

1,457

$

12,389

Hotel EBITDA – Same-Store*

 

$

4,965

$

(149)

$

7,727

$

6,961

$

3,918

$

15,517

Hotel EBITDA Margin – Same-Store*

 

35.2%

-3.1%

39.9%

29.3%

20.0%

39.9%

Adjusted FFO*

 

$

3,743

$

(3,151)

$

3,384

$

2,417

$

(2,102)

$

6,873

Adjusted FFO per Diluted Share*

 

$

0.25

$

(0.26)

$

0.28

$

0.19

$

(0.18)

$

0.57

Same-Store RevPAR*

 

$

77.22

$

29.50

$

104.63

$

65.26

$

56.18

$

105.47

Same-Store Occupancy*

 

72.43%

33.89%

82.64%

65.98%

49.94%

81.24%

Same-Store ADR*

 

$

106.62

$

87.05

$

126.62

$

98.91

$

112.49

$

129.83

The following table summarizes key hotel statistics during the second quarter of 2021 compared to the second quarter of 2020 and 2019:

 
 

April 2021

May 2021

June 2021

Three
Months
ended
June 30,
2021

April 2020

May 2020

June 2020

Three
Months
ended
June 30,
2020

April 2019

May 2019

June 2019

Three
Months
ended
June 30,
2019

Same-Store ADR*

 

$

104.27

$

105.02

$

110.42

$

106.62

$

87.78

$

84.35

$

88.80

$

87.05

$

131.76

$

123.19

$

124.84

$

126.62

Same-Store Occupancy*

 

70.80%

71.49%

75.02%

72.43%

17.75%

35.55%

48.76%

33.89%

83.81%

81.39%

82.76%

82.64%

Same-Store RevPAR*

 

$

73.82

$

75.08

$

82.85

$

77.22

$

15.58

$

29.99

$

43.30

$

29.50

$

110.43

$

100.27

$

103.35

$

104.63

Hotel EBITDA – Same-Store*

 

$

1,397

$

1,610

$

1,958

$

4,965

$

(601)

$

14

$

438

$

(149)

$

2,834

$

2,467

$

2,426

$

7,727

Hotel EBITDA Margin – Same-Store*

 

31.4%

34.5%

39.2%

35.2%

-72.8%

0.8%

19.2%

-3.1%

42.1%

39.0%

38.5%

39.9%

*Please see the Reg. G reconciliation tables at the end of this release. Financial data presented above includes results from prior to our 100% ownership of Atlanta Aloft.

OPERATIONS UPDATE

  • All Hotels Open: All of Condor’s hotels remain open with expanded and repetitive health and sanitation measures in place. The Company in 2020 had closed 2 of its hotels in April but resumed full operations in July 2020.
  • Enhanced Asset Management Efforts: The Company working together with its third-party management companies has expanded sales efforts to capture demand related to medical, hospital and university services and for the numerous disaster recovery and infrastructure improvement and reconstruction projects that create demand in our hotel markets. We continue to aggressively pursue leisure, government, athletic and local and regional business related to travel in our hotel markets. Since March 2020, the Company, working with our third-party management companies, have implemented cost elimination/cost reduction initiatives at our hotels through a variety of measures involving labor, services, amenities, contracts, and taxes. As a result of these initiatives, Hotel EBITDA has been positive generally increasing each month from May 2020 through the end of June 2021 and our hotel EBITDA margins have generally improved each month from negative in April 2020 to 39.2% in June 2021.
 
 

May
2020

June
2020

July
2020

August
2020

September
2020

October
2020

November
2020

December
2020

January
2021

February
2021

March
2021

April
2021

May
2021

June
2021

Hotel EBITDA

 

$

14

$

438

$

385

$

772

$

405

$

701

$

180

$

164

$

299

$

532

$

1,165

$

1,397

$

1,610

$

1,958

Hotel EBITDA Margin

 

0.8%

19.2%

13.8%

25.2%

13.5%

21.8%

7.0%

6.5%

11.0%

18.9%

28.4%

31.4%

34.5%

39.2%

CASH FLOW BEFORE CAPITAL EXPENDITURES

The Company’s results from hotel operations significantly exceeded the amount required to cover debt service costs for the second quarter of 2021 and resulted in positive cash flow of 1.4 million.

 

(in thousands)

 

Three months ended
June 30, 2021

One month ended
June 30, 2021

Hotel EBITDA

 

$

4,965

$

1,958

Less: recurring general and administrative expense, excluding stock compensation expense

 

(1,039)

(351)

Less: unallocated hotel and property operations expense

 

(89)

(37)

Adjusted Corporate EBITDA

 

$

3,837

$

1,570

Less: debt service costs

 

(2,479)

(920)

Cash flow

 

$

1,358

$

650

CORPORATE LOAN FACILITY

On November 19, 2020 the Company amended the credit agreement for its $130 million revolving credit facility. The key modifications and enhancements include:

  • Loan maturity was extended to January 2, 2023
  • Financial covenant compliance was suspended until September 30, 2021
  • Debt yield and leverage ratio covenants were eliminated and replaced with a borrowing base debt service coverage ratio
  • The debt service and fixed charge covenants, when applicable on September 30, 2021, were eased from 1.5X to 1.0X and ramp up to 1.5X on September 30, 2022. Importantly, beginning with the September 30, 2021 calculations, quarterly figures are annualized until the quarter ending June 30, 2022 which will use the trailing 12 months figures
  • Borrowing availability was increased to $13.4 million
  • Dividends suspension was modified to allow the payment of common and preferred dividends when defined financial conditions are achieved.

BALANCE SHEET AND CAPITAL MARKETS ACTIVITY

As of June 30, 2021, the Company had cash and cash equivalents (including restricted cash) of $11.8 million and available revolver borrowing capacity of $8.3 million. As of June 30, 2021, the Company had total outstanding long-term debt of $169.2 million associated with assets held for use with a weighted average maturity of 1.6 years and a weighted average interest rate of 4.34%.

CAPITAL INVESTMENTS

The Company invested $0.2 million in capital improvements throughout the portfolio in the three months ended June 30, 2021 to upgrade its properties and maintain brand standards.

OUTLOOK AND GUIDANCE

The Company has suspended guidance until further notice.

DIVIDENDS

On November 19, 2020, the Company amended its credit facility to permit payment of cash dividends to common and preferred shareholder when defined financial conditions are achieved. The Company has not currently met the financial conditions permitting payment of cash dividends.

About Condor Hospitality Trust, Inc.

Condor Hospitality Trust, Inc. (NYSE American: CDOR) is a self-administered real estate investment trust that specializes in the investment and ownership of upper midscale and upscale, premium-branded, select-service, extended-stay, and limited-service hotels in the top 100 Metropolitan Statistical Areas (“MSAs”) with a particular focus on the top 20 to 60 MSAs. The Company currently owns 15 hotels in 8 states. Condor’s hotels are franchised by a number of the industry’s most well-regarded brand families including Hilton, Marriott, and InterContinental Hotels.

SELECTED FINANCIAL DATA:

Condor Hospitality Trust, Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands, except share and per share data)

As of

June 30, 2021 (unaudited)

December 31, 2020

Assets

Investment in hotel properties, net

$

261,036

$

265,831

Cash and cash equivalents

6,419

3,686

Restricted cash, property escrows

5,342

3,794

Accounts receivable, net

1,175

652

Prepaid expenses and other assets

1,765

1,230

Total Assets

$

275,737

$

275,193

Liabilities and Equity

Liabilities

Accounts payable, accrued expenses, and other liabilities

$

8,096

$

5,372

Dividends and distributions payable

1,091

762

Land option liability

8,497

8,497

Derivative liabilities, at fair value

632

880

Convertible debt, at fair value

25,369

16,875

Long-term debt, net of deferred financing costs

167,795

166,526

Total Liabilities

211,480

198,912

Equity

Shareholders’ Equity

Preferred stock, 40,000,000 shares authorized:

6.25% Series E, 925,000 shares authorized, $.01 par value, 925,000 shares outstanding, liquidation preference of $10,341 and $10,012

10,050

10,050

Common stock, $.01 par value, 200,000,000 shares authorized; 12,026,108 and 12,014,743 shares outstanding

120

120

Additional paid-in capital

233,529

233,332

Accumulated deficit

(179,480)

(167,263)

Total Shareholders’ Equity

64,219

76,239

Noncontrolling interest in consolidated partnership (Condor Hospitality Limited Partnership), redemption value of $26 and $17

38

42

Total Equity

64,257

76,281

Total Liabilities and Equity

$

275,737

$

275,193

Condor Hospitality Trust, Inc. and Subsidiaries

Consolidated Statements of Operations

(In thousands, except per share data)

Three months ended June 30,

Six months ended June 30,

2021

2020

2019

2021

2020

2019

Revenue

Room rentals and other hotel services

$

14,108

$

4,811

$

16,177

$

23,752

$

18,038

$

32,080

Operating Expenses

Hotel and property operations

9,232

5,089

9,755

16,911

14,904

19,548

Depreciation and amortization

2,648

2,777

2,394

5,291

5,487

4,756

General and administrative

1,151

1,014

1,572

2,411

2,207

3,235

Acquisition and terminated transactions

7

14

Strategic alternatives, net

383

80

834

423

224

834

Total operating expenses

13,414

8,960

14,562

25,036

22,822

28,387

Operating income (loss)

694

(4,149)

1,615

(1,284)

(4,784)

3,693

Net loss on disposition of assets

(10)

(1)

(16)

(13)

(10)

23

Equity in earnings of joint venture

166

80

679

Net gain (loss) on derivatives and convertible debt

(10,234)

19

(456)

(8,246)

(740)

(693)

Other income (expense), net

2,357

(58)

(24)

2,399

(86)

(53)

Interest expense

(2,484)

(2,070)

(2,094)

(4,693)

(4,050)

(4,257)

Loss before income taxes

(9,677)

(6,259)

(809)

(11,837)

(9,590)

(608)

Income tax benefit (expense)

(27)

61

(461)

(54)

367

(647)

Net loss

(9,704)

(6,198)

(1,270)

(11,891)

(9,223)

(1,255)

Loss attributable to noncontrolling interest

4

2

6

4

3

7

Net loss attributable to controlling interests

(9,700)

(6,196)

(1,264)

(11,887)

(9,220)

(1,248)

Dividends undeclared on preferred stock

(166)

(144)

(144)

(329)

(289)

(289)

Net loss attributable to common shareholders

$

(9,866)

$

(6,340)

$

(1,408)

$

(12,216)

$

(9,509)

$

(1,537)

Earnings (Loss) per Share

Total – Basic Earnings (Loss) per Share

$

(0.82)

$

(0.53)

$

(0.12)

$

(1.02)

$

(0.80)

$

(0.13)

Total – Diluted Earnings (Loss) per Share

$

(0.82)

$

(0.53)

$

(0.12)

$

(1.02)

$

(0.80)

$

(0.13)

Reconciliation of Non-GAAP Financial Measures (Unaudited)

Non-GAAP financial measures are measures of our historical financial performance that are different from measures calculated and presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We report Funds from Operations (“FFO”), Adjusted FFO (“AFFO”), Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”), EBITDA for real estate (“EBITDAre”), Adjusted EBITDAre, and Hotel EBITDA as non-GAAP measures that we believe are useful to investors as key measures of our operating results and which management uses to facilitate a periodic evaluation of our operating results relative to those of our peers. Our non-GAAP measures should not be considered as an alternative to U.S. GAAP net earnings as an indication of financial performance or to U.S. GAAP cash flows from operating activities as a measure of liquidity. Additionally, these measures are not indicative of funds available to fund cash needs or our ability to make cash distributions as they have not been adjusted to consider cash requirements for capital expenditures, property acquisitions, debt service obligations, or other commitments.

FFO and AFFO

The following table reconciles net loss to FFO and AFFO for the three and six months ended June 30, 2021 and 2020. (in thousands). All amounts presented include our portion of the results of our unconsolidated Atlanta JV.

 
 

Three months ended June 30,

Six months ended June 30,

Reconciliation of Net loss to FFO and AFFO

 

2021

2020

2019

2021

2020

2019

Net loss

 

$

(9,704)

$

(6,198)

$

(1,270)

$

(11,891)

$

(9,223)

$

(1,255)

Depreciation and amortization expense

 

2,648

2,777

2,394

5,291

5,487

4,756

Depreciation and amortization expense from JV

 

299

145

596

Net loss on disposition of assets

 

10

1

16

13

10

(23)

FFO

 

(7,046)

(3,420)

1,439

(6,587)

(3,581)

4,074

Dividends undeclared on preferred stock

 

(166)

(144)

(144)

(329)

(289)

(289)

FFO attributable to common shares and common units

 

(7,212)

(3,564)

1,295

(6,916)

(3,870)

3,785

Net (gain) loss on derivatives and convertible debt

 

10,234

(19)

456

8,246

740

693

Net loss on derivatives from JV

 

1

Acquisition and terminated transactions expense

 

7

14

Strategic alternatives, net

 

383

80

834

423

224

834

Stock-based compensation expense

 

112

82

424

211

166

760

Amortization of deferred financing fees

 

226

270

322

453

545

695

Amortization of deferred financing fees from JV

 

46

93

91

AFFO attributable to common shares and common units

 

$

3,743

$

(3,151)

$

3,384

$

2,417

$

(2,102)

$

6,873

 

FFO attributable to common shares and common units – Basic and Diluted

 

$

(7,212)

$

(3,564)

$

1,295

$

(6,916)

$

(3,870)

$

3,785

Preferred dividends and fair value adjustments

 

180

FFO attributable to common shares and common units – Diluted

 

$

(7,212)

$

(3,564)

$

1,295

$

(6,916)

$

(3,870)

$

3,965

 

FFO per common share and common unit – Basic

 

$

(0.60)

$

(0.30)

$

0.11

$

(0.58)

$

(0.32)

$

0.32

FFO per common share and common unit – Diluted

 

$

(0.60)

$

(0.30)

$

0.11

$

(0.58)

$

(0.32)

$

0.32

 

Weighted average common shares and common units – Basic FFO

 

12,007,954

11,965,998

11,905,973

12,002,290

11,960,813

11,892,782

Weighted average common shares and common units – Diluted FFO

 

12,007,954

11,965,998

11,922,198

12,002,290

11,960,813

12,587,456

 

AFFO attributable to common shares and common units – Basic

 

$

3,743

$

(3,151)

$

3,384

$

2,417

$

(2,102)

$

6,873

2020 Note interest

 

247

621

2016 Note interest

 

17

16

32

Series E Preferred Stock dividends

 

166

144

289

AFFO attributable to common shares and common units – Diluted

 

$

4,173

$

(3,151)

$

3,544

$

3,038

$

(2,102)

$

7,194

 

AFFO per common share and common unit – Basic

 

$

0.31

$

(0.26)

$

0.28

$

0.20

$

(0.18)

$

0.58

AFFO per common share and common unit – Diluted

 

$

0.25

$

(0.26)

$

0.28

$

0.19

$

(0.18)

$

0.57

 

Weighted average common shares and common units – Basic AFFO

 

12,007,954

11,965,998

11,905,973

12,002,290

11,960,813

11,892,782

Weighted average common shares and common units – Diluted AFFO

 

32,923,721

11,965,998

12,687,578

16,055,818

11,960,816

12,684,725

We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”), which defines FFO as net earnings or loss computed in accordance with GAAP, excluding gains or losses from sales of real estate assets, impairment, and the depreciation and amortization of real estate assets. FFO is calculated both for the Company in total and as FFO attributable to common shares and common units, which is FFO reduced by preferred stock dividends. AFFO is FFO attributable to common shares and common units adjusted to exclude items we do not believe are representative of the results from our core operations, including non-cash gains or losses on derivatives and convertible debt, stock-based compensation expense, amortization of certain fees, losses on debt extinguishment, and in-kind dividends above stated rates, and cash charges for acquisition and equity transaction and strategic alternatives costs. All REITs do not calculate FFO and AFFO in the same manner; therefore, our calculation may not be the same as the calculation of FFO and AFFO for similar REITs.

We consider FFO to be a useful additional measure of performance for an equity REIT because it facilitates an understanding of the operating performance of our properties without giving effect to real estate depreciation and amortization, which assumes that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, we believe that FFO provides a meaningful indication of our performance. We believe that AFFO provides useful supplemental information to investors regarding our ongoing operating performance that, when considered with net income and FFO, is beneficial to an investor’s understanding of our operating performance. We present FFO and AFFO per common share and common unit because our common units are redeemable for common shares. We believe it is meaningful for the investor to understand FFO and AFFO applicable to common shares and common units.

EBITDA, EBITDAre, Adjusted EBITDAre, Hotel EBITDA and Hotel EBITDA Proforma

The following table reconciles net loss to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA for the three and six months ended June 30, 2021 and 2020 (in thousands). All amounts present our portion of the results of our unconsolidated Atlanta JV.

 
 

Three months ended June 30,

Six months ended June 30,

Reconciliation of Net loss to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA

 

2021

2020

2019

2021

2020

2019

Net loss

 

$

(9,704)

$

(6,198)

$

(1,270)

$

(11,891)

$

(9,223)

$

(1,255)

Interest expense

 

2,484

2,070

2,094

4,693

4,050

4,257

Interest expense from JV

 

562

225

1,109

Income tax expense (benefit)

 

27

(61)

461

54

(367)

647

Depreciation and amortization expense

 

2,648

2,777

2,394

5,291

5,487

4,756

Depreciation and amortization expense from JV

 

299

145

596

EBITDA

 

(4,545)

(1,412)

4,540

(1,853)

317

10,110

Net loss on disposition of assets

 

10

1

16

13

10

(23)

EBITDAre

 

(4,535)

(1,411)

4,556

(1,840)

327

10,087

Net loss (gain) on derivatives and convertible debt

 

10,234

(19)

456

8,246

740

693

Net loss on derivative from JV

 

1

Stock-based compensation expense

 

112

82

424

211

166

760

Acquisition and terminated transactions expense

 

7

14

Strategic alternatives, net

 

383

80

834

423

224

834

Adjusted EBITDAre

 

6,194

(1,268)

6,277

7,040

1,457

12,389

General and administrative expense, excluding stock compensation expense

 

1,039

932

1,148

2,200

2,041

2,475

Other (income) expense, net

 

(2,357)

58

24

(2,399)

86

53

Unallocated hotel and property operations expense

 

89

129

22

120

223

67

Hotel EBITDA

 

$

4,965

$

(149)

$

7,471

$

6,961

$

3,807

$

14,984

 

Revenue

 

$

14,108

$

4,811

$

16,177

$

23,752

$

18,038

$

32,080

JV revenue

 

2,546

1,218

5,646

Condor and JV revenue

 

$

14,108

$

4,811

$

18,723

$

23,752

$

19,256

$

37,726

Hotel EBITDA as a percentage of revenue

 

35.2%

-3.1%

39.9%

29.3%

19.8%

39.7%

We calculate EBITDA, EBITDAre, and Adjusted EBITDAre by adding back to net earnings or loss certain non-operating expenses and certain non-cash charges which are based on historical cost accounting that we believe may be of limited significance in evaluating current performance. We believe these adjustments can help eliminate the accounting effects of depreciation and amortization and financing decisions and facilitate comparisons of core operating profitability between periods. In calculating EBITDA, we add back to net earnings or loss interest expense, loss on debt extinguishment, income tax expense, and depreciation and amortization expense. NAREIT adopted EBITDAre in order to promote an industry-wide measure of REIT operating performance. We adjust EBITDA by adding back net gain/loss on disposition of assets and impairment charges to calculate EBITDAre. To calculate Adjusted EBITDAre, we adjust EBITDAre to add back acquisition and terminated transactions expense and equity transactions and strategic alternatives expense, which are cash charges. We also add back stock –based compensation expense and gain/loss on derivatives and convertible debt, which are non-cash charges. EBITDA, EBITDAre, and Adjusted EBITDAre, as presented, may not be comparable to similarly titled measures of other companies.

We believe EBITDA, EBITDAre, and Adjusted EBITDAre to be useful additional measures of our operating performance, excluding the impact of our capital structure (primarily interest expense), our asset base (primarily depreciation and amortization expense), and other items we do not believe are representative of the results from our core operations.

The Company further excludes general and administrative expenses, other non-operating income or expense, and certain hotel and property operations expenses that are not allocated to individual properties in assessing hotel performance (primarily certain general liability and other insurance costs, land lease costs, and office and banking fees) from Adjusted EBITDAre to calculate Hotel EBITDA. Hotel EBITDA, as presented, may not be comparable to similarly titled measures of other companies.

Hotel EBITDA is intended to isolate property level operational performance over which the Company’s hotel operators have direct control. We believe Hotel EBITDA is helpful to investors as it better communicates the comparability of our hotels’ operating results for all of the Company’s hotel properties and is used by management to measure the performance of the Company’s hotels and the effectiveness of the operators of the hotels.

Same-Store Revenue and Hotel EBITDA

The following tables present our same-store revenue, Hotel EBITDA, and Hotel EBITDA margin broken down by property type for the three and six months ended June 30, 2021 and 2020 (in thousands) and reconcile these same-store measures to total revenue and Hotel EBITDA as presented above. Same-store results include all our hotels owned at December 31, 2020. Results for the hotels for periods prior to our ownership were provided to us by prior owners and have not been adjusted by us or audited or reviewed by our independent auditors. All amounts presented include our portion of the results of our unconsolidated Atlanta Aloft JV. Results for periods prior to the Company’s ownership have not been included in the Company’s actual consolidated financial statements and are included here only for comparison purposes.

Revenue – Reconciliation of Actual to Same-Store

Three months ended June 30,

Six months ended June 30,

2021

2020

2019

2021

2020

2019

Condor and JV Revenue – Actual

$

14,108

$

4,811

$

18,723

$

23,752

$

19,256

$

37,726

Revenue earned on properties disposed of prior to June 30, 2021 during the period of ownership

(272)

Revenue earned related to joint venture interest in the Atlanta JV prior to acquisition of this interest on February 14, 2020

637

304

1,412

Total Revenue – Same-Store

$

14,108

$

4,811

$

19,360

$

23,752

$

19,560

$

38,866

Hotel EBITDA – Reconciliation of Actual to Same-Store

Three months ended June 30,

Six months ended June 30,

2021

2020

2020

2021

2020

2020

Condor and JV Hotel EBITDA – Actual

$

4,965

$

(149)

$

7,471

$

6,961

$

3,807

$

14,984

Hotel EBITDA earned on properties disposed of prior to June 30, 2021 during the period of ownership

(63)

Hotel EBITDA earned related to joint venture interest in the Atlanta JV prior to acquisition of this interest on February 14, 2020

256

111

596

Total Hotel EBITDA – Same-Store

$

4,965

$

(149)

$

7,727

$

6,961

$

3,918

$

15,517

Hotel EBITDA Margin Same-Store

Three months ended June 30,

Six months ended June 30,

2021

2020

2019

2021

2020

2019

Total Hotel EBITDA Margin

35.2%

-3.1%

39.9%

29.3%

20.0%

39.9%

The following tables present our monthly results presented reconciling net income (loss) to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA, as well as Hotel EBITDA Same-Store and Hotel EBITDA Same-Store margins.

 

Reconciliation of Net loss to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA

 

Month
ending
July 31,
2020

Month
ending
Aug 31,
2020

Month
ending
Sept 30,
2020

Month
ending
Oct 31,
2020

Month
ending
Nov 30,
2020

Month
ending
Dec 31,
2020

Month
ending
January 30,
2021

Month
ending
February 28,
2021

Month
ending
March 31,
2021

Month
ending
April 30,
2021

Month
ending
May 31,
2021

Month
ending
June 30,
2021

Net income (loss)

 

$

(1,670)

$

(1,816)

$

(1,321)

$

4,365

$

(1,826)

$

(7,578)

$

(1,662)

$

(1,529)

$

1,004

$

(451)

$

(361)

$

(8,892)

Interest expense

 

707

708

688

743

794

791

755

693

761

764

797

923

Income tax expense (benefit)

 

9

9

9

9

9

(53)

9

9

9

9

9

9

Depreciation and amortization expense

 

926

926

927

903

904

882

880

881

882

881

883

884

EBITDA

 

$

(28)

$

(173)

$

303

$

6,020

$

(119)

$

(5,958)

$

(18)

$

54

$

2,656

$

1,203

$

1,328

$

(7,076)

Net loss (gain) on disposition of assets

 

1

1

1

2

2

1

2

3

5

2

EBITDAre

 

$

(28)

$

(172)

$

304

$

6,021

$

(117)

$

(5,956)

$

(17)

$

56

$

2,656

$

1,206

$

1,333

$

(7,074)

Net loss (gain) on derivatives and convertible debt

 

(3)

(3)

(126)

(3)

(3)

5,728

(1,988)

(4)

(4)

10,242

Stock-based compensation expense

 

10

23

37

(123)

17

43

17

17

65

25

34

53

Strategic alternatives, net

 

40

494

602

(5,577)

11

40

196

119

68

Adjusted EBITDAre

 

$

19

$

342

$

817

$

318

$

(103)

$

(174)

$

$

73

$

773

$

1,423

$

1,482

$

3,289

General and administrative expense, excluding stock compensation expense

 

337

405

81

324

318

326

278

456

427

346

341

352

Other expense (income), net

 

2

1

(499)

34

(61)

2

(2)

(1)

(39)

(394)

(242)

(1,721)

Unallocated hotel and property operations expense

 

27

24

6

25

26

10

23

4

4

22

29

38

Hotel EBITDA – Same-Store

 

$

385

$

772

$

405

$

701

$

180

$

164

$

299

$

532

$

1,165

$

1,397

$

1,610

$

1,958

 

Revenue

 

$

2,782

$

3,058

$

3,001

$

3,215

$

2,560

$

2,534

$

2,729

$

2,817

$

4,098

$

4,451

$

4,664

$

4,993

JV Revenue

 

Condor and JV Revenue

 

2,782

3,058

3,001

3,215

2,560

2,534

2,729

2,817

4,098

4,451

4,664

4,993

Revenue earned on properties owned at December 31, 2020 prior to ownership

 

Total Revenue – Same-Store

 

$

2,782

$

3,058

$

3,001

$

3,215

$

2,560

$

2,534

$

2,729

$

2,817

$

4,098

$

4,451

$

4,664

$

4,993

Hotel EBITDA – Same-Store as a percentage of revenue

 

13.8%

25.2%

13.5%

21.8%

7.0%

6.5%

11.0%

18.9%

28.4%

31.4%

34.5%

39.2%

 

Reconciliation of Net income (loss) to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA

 

Month ending
April 30, 2020

Month ending
May 31, 2020

Month ending
June 30, 2020

Net income (loss)

 

$

(2,628)

$

(1,999)

$

(1,571)

Interest expense

 

696

698

676

Interest expense from JV

 

Income tax expense (benefit)

 

9

9

(79)

Depreciation and amortization expense

 

925

926

926

Depreciation and amortization expense from JV

 

EBITDA

 

$

(998)

$

(366)

$

(48)

Net loss on disposition of assets

 

1

EBITDAre

 

$

(997)

$

(366)

$

(48)

Net loss on derivatives and convertible debt

 

(1)

(18)

Stock-based compensation expense

 

18

18

46

Strategic alternatives, net

 

11

17

52

Adjusted EBITDAre

 

$

(969)

$

(331)

$

32

General and administrative expense, excluding stock compensation expense

 

343

313

276

Other expense, net

 

2

(2)

58

Unallocated hotel and property operations expense

 

23

34

72

Hotel EBITDA

 

$

(601)

$

14

$

438

 

Revenue

 

$

825

$

1,706

$

2,280

JV Revenue

 

Condor and JV Revenue

 

825

1,706

2,280

Revenue earned on properties owned at December 31, 2020 prior to ownership

 

Total Revenue – Same-Store

 

$

825

$

1,706

$

2,280

Hotel EBITDA – Same-Store as a percentage of revenue

 

-72.8%

0.8%

19.2%

 

Reconciliation of Net loss to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA

 

Month ending
April 30, 2019

Month ending
May 31, 2019

Month ending
June 30, 2019

Net income (loss)

 

$

347

$

(163)

$

(1,454)

Interest expense

 

715

699

680

Interest expense from JV

 

262

182

118

Income tax expense (benefit)

 

12

5

444

Depreciation and amortization expense

 

796

799

799

Depreciation and amortization expense from JV

 

100

99

100

EBITDA

 

$

2,232

$

1,621

$

687

Net loss (gain) on disposition of assets

 

5

4

7

EBITDAre

 

$

2,237

$

1,625

$

694

Net loss (gain) on derivatives and convertible debt

 

456

Stock-based compensation expense

 

142

141

141

Acquisition and terminated transactions expense

 

7

Strategic alternatives, net

 

834

Adjusted EBITDAre

 

$

2,386

$

1,766

$

2,125

General and administrative expense, excluding stock compensation expense

 

312

603

233

Other expense (income), net

 

10

5

9

Unallocated hotel and property operations expense

 

36

23

(37)

Hotel EBITDA

 

$

2,744

$

2,397

$

2,330

 

Hotel EBITDA earned on properties owned at December 31, 2020 prior to ownership

 

90

70

96

Hotel EBITDA – Same-Store

 

$

2,834

$

2,467

$

2,426

 

Revenue

 

$

5,664

$

5,331

$

5,182

JV Revenue

 

849

800

897

Condor and JV Revenue

 

6,513

6,131

6,079

Revenue earned on properties owned at December 31, 2020 prior to ownership

 

212

201

224

Total Revenue – Same-Store

 

$

6,725

$

6,332

$

6,303

Hotel EBITDA – Same-Store as a percentage of revenue

 

42.1%

39.0%

38.5%

 
 

Three months ended June 30,

 

2021

2020

2019

Net loss

 

$

(9,704)

$

(6,198)

$

(1,270)

Less: Net gain (loss) on derivatives and convertible debt

 

(10,234)

19

(456)

Proforma Net gain (loss) excluding net gain (loss) on derivatives and convertible debt

 

$

530

$

(6,217)

$

(814)

Condor Hospitality Trust, Inc. Operating Statistics

The following tables present our same-store occupancy, ADR, and RevPAR for all our hotels owned at December 31, 2020. Same-store occupancy, ADR, and RevPAR reflect the performance of hotels during the entire period, regardless of our ownership during the period presented. Results for the hotels for periods prior to our ownership were provided to us by prior owners and have not been adjusted by us or audited or reviewed by our independent auditors. The performance metrics for the hotel acquired through our Atlanta JV, also presented below, reflect 100% of the operating results of the property, including our interest and the interest of our partner.

 
 

Three months ended June 30,

 

2021

2020

2019

 

Occupancy

ADR

RevPAR

Occupancy

ADR

RevPAR

Occupancy

ADR

RevPAR

Solomons Hilton Garden Inn

 

60.59%

$

108.12

$

65.51

2.00%

$

69.50

$

1.39

79.63%

$

122.54

$

97.58

Atlanta Hotel Indigo

 

56.45%

$

95.50

$

53.91

39.91%

$

83.55

$

33.34

80.41%

$

103.57

$

83.29

Jacksonville Courtyard by Marriott

 

70.66%

$

113.07

$

79.90

42.40%

$

85.17

$

36.11

77.59%

$

121.99

$

94.65

San Antonio SpringHill Suites

 

67.11%

$

114.68

$

76.96

17.13%

$

74.68

$

12.79

83.09%

$

131.15

$

108.97

Leawood Aloft

 

56.50%

$

97.24

$

54.94

3.37%

$

74.45

$

2.51

76.59%

$

136.63

$

104.65

Lexington Home2 Suites

 

74.83%

$

109.35

$

81.82

31.27%

$

86.81

$

27.15

82.94%

$

126.55

$

104.96

Round Rock Home2 Suites

 

77.64%

$

93.40

$

72.51

34.45%

$

69.47

$

23.93

85.09%

$

119.48

$

101.66

Tallahassee Home2 Suites

 

77.33%

$

113.19

$

87.53

39.94%

$

94.07

$

37.57

92.61%

$

121.54

$

112.55

South Haven Home2 Suites

 

92.88%

$

115.36

$

107.15

43.45%

$

88.53

$

38.47

93.94%

$

122.93

$

115.48

Lake Mary Hampton Inn & Suites

 

68.98%

$

111.46

$

76.89

21.67%

$

94.70

$

20.52

79.95%

$

131.65

$

105.25

Austin Residence Inn

 

87.90%

$

97.01

$

85.28

54.84%

$

97.94

$

53.72

87.66%

$

136.99

$

120.09

El Paso Fairfield Inn

 

90.64%

$

102.28

$

92.71

25.66%

$

83.76

$

21.50

84.89%

$

104.95

$

89.09

Austin TownePlace Suites

 

94.82%

$

91.40

$

86.67

35.39%

$

82.04

$

29.03

76.86%

$

115.84

$

89.03

Summerville Home2 Suites

 

96.04%

$

113.56

$

109.07

51.94%

$

94.47

$

49.07

85.28%

$

138.39

$

118.02

Atlanta Aloft

 

51.37%

$

120.93

$

62.12

22.77%

$

81.78

$

18.62

79.81%

$

146.54

$

116.95

Total Same-Store Portfolio

 

72.43%

$

106.62

$

77.22

33.89%

$

87.05

$

29.50

82.64%

$

126.62

$

104.63

 
 

Six months ended June 30,

 

2021

2020

2019

 

Occupancy

ADR

RevPAR

Occupancy

ADR

RevPAR

Occupancy

ADR

RevPAR

Solomons Hilton Garden Inn

 

57.72%

$

101.04

$

58.32

58.50%

$

123.06

$

71.99

76.34%

$

124.37

$

94.95

Atlanta Hotel Indigo

 

53.07%

$

89.61

$

47.56

53.69%

$

95.35

$

51.19

77.42%

$

110.78

$

85.76

Jacksonville Courtyard by Marriott

 

69.97%

$

99.18

$

69.39

56.30%

$

107.67

$

60.62

79.06%

$

123.47

$

97.61

San Antonio SpringHill Suites

 

55.92%

$

103.74

$

58.01

39.58%

$

119.70

$

47.38

83.40%

$

135.42

$

112.95

Leawood Aloft

 

46.08%

$

89.66

$

41.32

47.63%

$

123.11

$

58.64

69.03%

$

133.38

$

92.08

Lexington Home2 Suites

 

69.08%

$

96.78

$

66.85

45.79%

$

97.02

$

44.42

78.09%

$

115.40

$

90.11

Round Rock Home2 Suites

 

72.18%

$

84.50

$

60.99

46.96%

$

94.54

$

44.40

84.59%

$

119.77

$

101.31

Tallahassee Home2 Suites

 

78.56%

$

107.40

$

84.38

54.13%

$

120.50

$

65.23

93.76%

$

127.77

$

119.79

South Haven Home2 Suites

 

89.63%

$

105.04

$

94.14

59.70%

$

103.23

$

61.63

91.37%

$

117.42

$

107.28

Lake Mary Hampton Inn & Suites

 

68.03%

$

107.87

$

73.38

45.23%

$

136.66

$

61.81

84.36%

$

143.96

$

121.45

Austin Residence Inn

 

79.63%

$

89.67

$

71.40

61.74%

$

115.30

$

71.18

84.17%

$

140.11

$

117.93

El Paso Fairfield Inn

 

78.52%

$

90.84

$

71.32

49.94%

$

102.84

$

51.36

84.69%

$

104.72

$

88.69

Austin TownePlace Suites

 

82.83%

$

86.18

$

71.39

48.66%

$

98.91

$

48.13

74.43%

$

114.93

$

85.54

Summerville Home2 Suites

 

78.91%

$

108.26

$

85.43

59.60%

$

108.69

$

64.78

83.52%

$

131.56

$

109.88

Atlanta Aloft

 

45.13%

$

116.55

$

52.60

39.08%

$

133.19

$

52.05

79.98%

$

163.51

$

130.78

Total Same-Store Portfolio

 

65.98%

$

98.91

$

65.26

49.94%

$

112.49

$

56.18

81.24%

$

129.83

$

105.47

           

Condor Hospitality Trust, Inc.

Property List | As of June 30, 2021

           

New Investment Platform | Acquired from January 1, 2012 – June 30, 2021

 

Hotel Name

 

City

 

State

 

Rooms

 

Acquisition Date

 

Purchase Price
(in millions)

1

 

Hilton Garden Inn

 

Dowell/Solomons

 

MD

 

100

 

05/25/2012

 

$11.5

2

 

SpringHill Suites

 

San Antonio

 

TX

 

116

 

10/01/2015

 

$17.5

3

 

Courtyard by Marriott

 

Jacksonville

 

FL

 

120

 

10/02/2015

 

$14.0

4

 

Hotel Indigo

 

College Park

 

GA

 

142

 

10/02/2015

 

$11.0

5

 

Aloft1

 

Atlanta

 

GA

 

254

 

08/22/2016

 

$43.6

6

 

Aloft

 

Leawood

 

KS

 

156

 

12/14/2016

 

$22.5

7

 

Home2 Suites

 

Lexington

 

KY

 

103

 

03/24/2017

 

$16.5

8

 

Home2 Suites

 

Round Rock

 

TX

 

91

 

03/24/2017

 

$16.8

9

 

Home2 Suites

 

Tallahassee

 

FL

 

132

 

03/24/2017

 

$21.5

10

 

Home2 Suites

 

Southaven

 

MS

 

105

 

04/14/2017

 

$19.0

11

 

Hampton Inn & Suites

 

Lake Mary

 

FL

 

130

 

06/19/2017

 

$19.3

12

 

Fairfield Inn & Suites

 

El Paso

 

TX

 

124

 

08/31/2017

 

$16.4

13

 

Residence Inn

 

Austin

 

TX

 

120

 

08/31/2017

 

$22.4

14

 

TownePlace Suites

 

Austin

 

TX

 

122

 

01/18/2018

 

$19.8

15

 

Home2 Suites

 

Summerville

 

SC

 

93

 

02/21/2018

 

$16.3

 

Total Portfolio | June 30, 2021

     

1,908

   

$288.1

           

1 | Represents the purchase statistics from the purchase of this hotel by the originally 80% owned unconsolidated joint venture. The Company purchased the remaining 20% interest in the joint venture from our joint venture partner on February 14, 2020 for $7.3 million.

           
           

55 Dispositions | For Period January 1, 2015 – June 30, 2021

 

Hotel Name

 

City

 

State

 

Rooms

 

Disposition Date

 

Gross Proceeds
(in millions)

1

 

Super 8

 

West Plains

 

MO

 

49

 

01/15/2015

 

$1.5

2

 

Super 8

 

Green Bay

 

WI

 

83

 

01/29/2015

 

$2.2

3

 

Super 8

 

Columbus

 

GA

 

74

 

03/16/2015

 

$0.9

4

 

Sleep Inn & Suites

 

Omaha

 

NE

 

90

 

03/19/2015

 

$2.9

5

 

Savannah Suites

 

Chamblee

 

GA

 

120

 

04/01/2015

 

$4.4

6

 

Savannah Suites

 

Augusta

 

GA

 

172

 

04/01/2015

 

$3.4

7

 

Super 8

 

Batesville

 

AR

 

49

 

04/30/2015

 

$1.5

8

 

Days Inn

 

Ashland

 

KY

 

63

 

07/01/2015

 

$2.2

9

 

Comfort Inn

 

Alexandria

 

VA

 

150

 

07/13/2015

 

$12.0

10

 

Days Inn

 

Alexandria

 

VA

 

200

 

07/13/2015

 

$6.5

11

 

Super 8

 

Manhattan

 

KS

 

85

 

08/28/2015

 

$3.2

12

 

Quality Inn

 

Sheboygan

 

WI

 

59

 

10/06/2015

 

$2.3

13

 

Super 8

 

Hays

 

KS

 

76

 

10/14/2015

 

$1.9

14

 

Days Inn

 

Glasgow

 

KY

 

58

 

10/16/2015

 

$1.8

15

 

Super 8

 

Tomah

 

WI

 

65

 

10/21/2015

 

$1.4

16

 

Rodeway Inn

 

Fayetteville

 

NC

 

120

 

11/03/2015

 

$2.6

17

 

Savannah Suites

 

Savannah

 

GA

 

160

 

12/22/2015

 

$4.0

 

Total 2015

     

1,673

   

$54.7

18

 

Super 8

 

Kirksville

 

MO

 

61

 

01/04/2016

 

$1.5

19

 

Super 8

 

Lincoln

 

NE

 

133

 

01/07/2016

 

$2.8

20

 

Savannah Suites

 

Greenville

 

SC

 

170

 

01/08/2016

 

$2.7

21

 

Super 8

 

Portage

 

WI

 

61

 

03/30/2016

 

$2.4

22

 

Super 8

 

O’Neill

 

NE

 

72

 

04/25/2016

 

$1.7

23

 

Quality Inn

 

Culpeper

 

VA

 

49

 

05/10/2016

 

$2.2

24

 

Super 8

 

Storm Lake

 

IA

 

59

 

05/19/2016

 

$2.8

25

 

Clarion Inn

 

Cleveland

 

TN

 

59

 

05/24/2016

 

$2.2

26

 

Super 8

 

Coralville

 

IA

 

84

 

05/26/2016

 

$3.4

27

 

Super 8

 

Keokuk

 

IA

 

61

 

05/27/2016

 

$2.2

28

 

Comfort Inn

 

Chambersburg

 

PA

 

63

 

06/06/2016

 

$2.1

29

 

Super 8

 

Pittsburg

 

KS

 

64

 

08/08/2016

 

$1.6

30

 

Super 8

 

Mount Pleasant

 

IA

 

54

 

09/09/2016

 

$1.9

31

 

Quality Inn

 

Danville

 

KY

 

63

 

09/19/2016

 

$2.3

32

 

Super 8

 

Menomonie

 

WI

 

81

 

09/26/2016

 

$3.0

33

 

Comfort Inn

 

Glasgow

 

KY

 

60

 

10/14/2016

 

$2.4

34

 

Days Inn

 

Sioux Falls

 

SD

 

86

 

11/04/2016

 

$2.1

35

 

Comfort Inn

 

Shelby

 

NC

 

76

 

11/07/2016

 

$4.1

36

 

Comfort Inn

 

Rocky Mount

 

VA

 

61

 

11/17/2016

 

$2.2

37

 

Days Inn

 

Farmville

 

VA

 

59

 

11/17/2016

 

$2.4

38

 

Comfort Suites

 

Marion

 

IN

 

62

 

11/18/2016

 

$3.0

39

 

Comfort Inn

 

Farmville

 

VA

 

50

 

11/30/2016

 

$2.6

40

 

Quality Inn

 

Princeton

 

WV

 

50

 

12/05/2016

 

$2.1

41

 

Super 8

 

Burlington

 

IA

 

62

 

12/21/2016

 

$2.8

42

 

Savannah Suites

 

Atlanta

 

GA

 

164

 

12/22/2016

 

$2.9

 

Total 2016

     

1,864

   

$61.4

43

 

Comfort Inn

 

New Castle

 

PA

 

79

 

03/27/2017

 

$2.5

44

 

Super 8

 

Billings

 

MT

 

106

 

03/28/2017

 

$4.2

45

 

Comfort Inn

 

Harlan

 

KY

 

61

 

04/03/2017

 

$1.9

46

 

Comfort Suites

 

Lafayette

 

IN

 

62

 

04/18/2017

 

$3.9

47

 

Key West Inn

 

Key Largo

 

FL

 

40

 

05/17/2017

 

$7.6

48

 

Quality Inn

 

Morgantown

 

WV

 

81

 

08/30/2017

 

$2.6

49

 

Days Inn

 

Bossier City

 

LA

 

176

 

09/13/2017

 

$1.4

50

 

Comfort Inn & Suites

 

Warsaw

 

IN

 

71

 

12/20/2017

 

$5.0

 

Total 2017

     

676

   

$29.1

51

 

Supertel Inn/Conference Center

 

Creston

 

IA

 

41

 

01/25/2018

 

$2.1

52

 

Comfort Suites

 

South Bend

 

IN

 

135

 

03/15/2018

 

$6.1

53

 

Comfort Suites

 

Ft. Wayne

 

IN

 

127

 

05/30/2018

 

$7.1

54

 

Super 8

 

Creston

 

IA

 

121

 

08/30/2018

 

$5.1

 

Total 2018

     

424

   

$20.4

55

 

Quality Inn

 

Solomons

 

MD

 

59

 

03/22/2019

 

$4.3

 

Total 2019

     

59

   

$4.3

           
 

Total Dispositions

     

4,696

   

$169.9

           

Acquisitions | For Period January 1, 2015 – June 30, 2021

 

Hotel Name

 

City

 

State

 

Rooms

 

Acquisition Date

 

Purchase Price
(in millions)

1

 

SpringHill Suites

 

San Antonio

 

TX

 

116

 

10/01/2015

 

$17.5

2

 

Courtyard by Marriott

 

Jacksonville

 

FL

 

120

 

10/02/2015

 

$14.0

3

 

Hotel Indigo

 

College Park

 

GA

 

142

 

10/02/2015

 

$11.0

4

 

Aloft1

 

Atlanta

 

GA

 

254

 

08/22/2016

 

$43.6

5

 

Aloft

 

Leawood

 

KS

 

156

 

12/14/2016

 

$22.5

6

 

Home2 Suites

 

Lexington

 

KY

 

103

 

03/24/2017

 

$16.5

7

 

Home2 Suites

 

Round Rock

 

TX

 

91

 

03/24/2017

 

$16.8

8

 

Home2 Suites

 

Tallahassee

 

FL

 

132

 

03/24/2017

 

$21.5

9

 

Home2 Suites

 

Southaven

 

MS

 

105

 

04/14/2017

 

$19.0

10

 

Hampton Inn & Suites

 

Lake Mary

 

FL

 

130

 

06/19/2017

 

$19.3

11

 

Fairfield Inn & Suites

 

El Paso

 

TX

 

124

 

08/31/2017

 

$16.4

12

 

Residence Inn

 

Austin

 

TX

 

120

 

08/31/2017

 

$22.4

13

 

TownePlace Suites

 

Austin

 

TX

 

122

 

01/18/2018

 

$19.8

14

 

Home2 Suites

 

Summerville

 

SC

 

93

 

02/21/2018

 

$16.3

 

Total Acquisitions

     

1,808

   

$276.6

           
                         

1 | Represents the purchase statistics from the purchase of this hotel by the originally 80% owned unconsolidated joint venture. The Company purchased the remaining 20% interest in the joint venture from our joint venture partner on February 14, 2020 for $7.3 million.