Hotel News Resource Mobile Edition



« | »

Chesapeake Lodging Trust Reports Q4 2017 Results

Comparable Adjusted Hotel EBITDA Margin: 40 basis point decrease to 29.9% for the 21-hotel portfolio and 10 basis point decrease to 33.4% for the 14-hotel portfolio over the same period in 2016.

Chesapeake Lodging Trust (NYSE:CHSP), a lodging real estate investment trust (REIT), reported yesterday its financial results for the quarter ended December 31, 2017.

HIGHLIGHTS

“We are pleased with our results for the fourth quarter which were in line with our provided outlook. During the quarter, our hotels located in New Orleans and Santa Barbara were negatively impacted by Hurricane Nate and wildfires, respectively. Despite these negative impacts, RevPAR for our 14-hotel portfolio increased 1.2% over 2016, which was the strongest RevPAR quarterly growth rate of 2017 for our stabilized portfolio,” said James L. Francis, Chesapeake Lodging Trust’s President and Chief Executive Officer.

Mr. Francis continued, “As we begin 2018, we are cautiously optimistic that the pro-growth political agenda, including the recent passing of the Tax Cuts and Jobs Act of 2017, will positively impact lodging demand as we proceed through the year. Furthermore, we believe the headwinds we experienced throughout 2017, resulting from the temporary closure of the Moscone Center in San Francisco and the three significant guestroom renovations, will provide tailwinds and position our hotel portfolio for outperformance relative to the U.S. lodging industry in 2018 and beyond.”

CONSOLIDATED FINANCIAL RESULTS

The following is a summary of the consolidated financial results for the three months and year ended December 31, 2017 and 2016 (in millions, except share and per share amounts):

                 
        Three Months Ended December 31,       Year Ended December 31,
        2017   2016       2017   2016
Total revenue       $ 142.7     $ 145.1         $ 598.3     $ 619.7
                         
Net income available to common shareholders       $ 27.6     $ 9.7         $ 66.5     $ 67.0
Net income per diluted common share       $ 0.46     $ 0.16         $ 1.11     $ 1.13
                         
Adjusted Hotel EBITDA       $ 42.5     $ 44.1         $ 188.6     $ 203.7
                         
Adjusted Corporate EBITDA       $ 37.3     $ 39.0         $ 169.5     $ 184.5
                         
AFFO available to common shareholders       $ 28.4     $ 28.4         $ 128.6     $ 140.4
AFFO per diluted common share       $ 0.48     $ 0.48         $ 2.17     $ 2.39
                         
Weighted-average number of diluted common shares outstanding       59,311,061     58,737,275         59,255,244     58,717,647
                               

HOTEL OPERATING RESULTS

As of December 31, 2017, the Trust owned 21 hotels. The Trust uses the term “comparable” to refer to metrics that include only those hotels owned for the entirety of the two periods being compared. Since The Hotel Minneapolis, Autograph Collection was sold on November 8, 2017, it has been excluded from the hotel portfolio metrics below. During 2017, the following seven of the Trust’s 21 hotels were negatively effected as a result of (1) the negative impact on lodging demand in San Francisco resulting from the temporary closure and expansion of the Moscone Center and/or (2) significant guestroom renovations undergoing during the year: Le Meridien San Francisco, JW Marriott San Francisco Union Square, Hyatt Centric Fisherman’s Wharf, Hotel Adagio San Francisco, Autograph Collection, Boston Marriott Newton, Hilton Denver City Center, and Hyatt Regency Mission Bay Spa and Marina. As such, the Trust is reporting key operating metrics for a 14-hotel portfolio in addition to the 21-hotel portfolio. Included in the following table are comparisons of the key operating metrics for the 21-hotel portfolio and the 14-hotel portfolio for the three months and year ended December 31, 2017 and 2016 (in thousands, except for ADR and RevPAR):

                 
        Three Months Ended December 31,       Year Ended December 31,
        2017       2016       Change       2017       2016       Change

21-Hotel Portfolio

                                               
Comparable Occupancy       80.5 %       80.0 %       50 bps       83.1 %       83.9 %       (80) bps
Comparable ADR       $ 219.48         $ 220.21         (0.3)%       $ 225.21         $ 228.58         (1.5)%
Comparable RevPAR       $ 176.73         $ 176.15         0.3%       $ 187.22         $ 191.89         (2.4)%
Comparable Adjusted Hotel EBITDA       $ 42,219         $ 42,990         (1.8)%       $ 185,862         $ 199,169         (6.7)%
Comparable Adjusted Hotel EBITDA Margin       29.9 %       30.3 %       (40) bps       31.6 %       32.9 %       (130) bps

14-Hotel Portfolio

                                               
Comparable Occupancy       82.6 %       81.2 %       140 bps       84.9 %       84.0 %       90 bps
Comparable ADR       $ 217.94         $ 219.02         (0.5)%       $ 222.17         $ 226.01         (1.7)%
Comparable RevPAR       $ 179.91         $ 177.78         1.2%       $ 188.67         $ 189.95         (0.7)%
Comparable Adjusted Hotel EBITDA       $ 27,120         $ 27,358         (0.9)%       $ 117,300         $ 122,226         (4.0)%
Comparable Adjusted Hotel EBITDA Margin       33.4 %       33.5 %       (10) bps       34.9 %       35.6 %       (70) bps
                                                         

Hotel EBITDA, Adjusted Hotel EBITDA, Adjusted Hotel EBITDA Margin, Corporate EBITDA, Adjusted Corporate EBITDA, FFO, FFO available to common shareholders and AFFO available to common shareholders are non-GAAP financial measures within the meaning of the rules of the Securities and Exchange Commission. See the discussion included in this press release for information regarding these non-GAAP financial measures.

DISPOSITION ACTIVITY

On November 8, 2017, the Trust sold the 222-room The Hotel Minneapolis, Autograph Collection located in Minneapolis, Minnesota for $46.3 million, including sold working capital, which resulted in a gain on sale of $6.1 million. The Trust acquired The Hotel Minneapolis, Autograph Collection in October 2012 for $46.0 million, or approximately $207,000 per key. The sale price of $46.0 million, or approximately $207,000 per key, represented a 6.2% trailing twelve month NOI cap rate (after factoring in a needed 2018 renovation estimated at $5.0 million, the sale price represented a 5.6% NOI cap rate).

DIVIDENDS

On October 13, 2017, the Trust paid a dividend in the amount of $0.40 per share to its common shareholders of record as of September 29, 2017. On December 18, 2017, the Trust declared a dividend in the amount of $0.40 per share payable to its common shareholders of record as of December 29, 2017. The dividend was paid on January 12, 2018.

2018 OUTLOOK

The Trust’s 2018 outlook is as follows, and assumes no future acquisitions, dispositions, or financing transactions (in millions, except RevPAR and per share amounts):

                 
       

First Quarter
2018 Outlook

     

Full Year
2018 Outlook

        Low       High       Low       High
CONSOLIDATED:                                
                                 
Net income available to common shareholders       $ 3.9         $ 5.6         $ 62.9         $ 69.4  
Net income per diluted common share       $ 0.06         $ 0.09         $ 1.06         $ 1.17  
                                 
Adjusted Corporate EBITDA       $ 29.6         $ 31.1         $ 175.5         $ 183.0  
                                 
AFFO available to common shareholders       $ 23.1         $ 24.9         $ 138.1         $ 144.6  
AFFO per diluted common share       $ 0.39         $ 0.42         $ 2.33         $ 2.43  
                                 
Corporate cash general and administrative expense       $ 3.0         $ 3.2         $ 10.8         $ 11.8  
Corporate non-cash general and administrative expense       $ 2.0         $ 2.0         $ 7.6         $ 7.6  
                                 
Weighted-average number of diluted common shares outstanding       59.5         59.5         59.4         59.4  
                                 
HOTEL PORTFOLIO:                                
                                 
RevPAR       $ 168.00         $ 172.00         $ 193.00         $ 197.00  
RevPAR change as compared to 2017(1)       1.0 %       3.0 %       3.0 %       5.0 %
Adjusted Hotel EBITDA       $ 34.5         $ 36.2         $ 193.8         $ 202.3  
Adjusted Hotel EBITDA Margin       26.2 %       27.0 %       32.1 %       32.9 %
Adjusted Hotel EBITDA Margin change as compared to 2017(1)       (75) bps       0 bps       50 bps       125 bps
                                 
_____________
(1)   The comparable 2017 period excludes results of operations for The Hotel Minneapolis, Autograph Collection, which was sold on November 8, 2017.
     

ABOUT CHESAPEAKE LODGING TRUST

Chesapeake Lodging Trust is a self-advised lodging real estate investment trust (REIT) focused on investments primarily in upper-upscale hotels in major business and convention markets and, on a selective basis, premium select-service hotels in urban settings or unique locations in the United States. The Trust owns 21 hotels with an aggregate of 6,479 rooms in eight states and the District of Columbia.

 
CHESAPEAKE LODGING TRUST
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
         
        December 31,
        2017       2016
                 
                 
ASSETS                
Property and equipment, net       $ 1,823,217         $ 1,882,869  
Intangible assets, net       35,256         35,835  
Cash and cash equivalents       44,314         43,060  
Restricted cash       30,602         36,128  
Accounts receivable, net       20,769         19,966  
Prepaid expenses and other assets       21,202         17,516  
Total assets       $ 1,975,360         $ 2,035,374  
                 
LIABILITIES AND SHAREHOLDERS’ EQUITY                
Long-term debt       $ 829,552         $ 737,310  
Accounts payable and accrued expenses       65,783         64,581  
Other liabilities       31,597         44,808  
Total liabilities       926,932         846,699  
                 
Commitments and contingencies                
                 

Preferred shares, $.01 par value; 100,000,000 shares authorized; Series A Cumulative Redeemable Preferred Shares; no shares and 5,000,000 shares issued and outstanding, respectively

              50  

Common shares, $.01 par value; 400,000,000 shares authorized; 59,941,088 shares and 59,671,964 shares issued and outstanding, respectively

      599         597  
Additional paid-in capital       1,190,250         1,304,364  
Cumulative dividends in excess of net income       (144,734 )       (116,297 )
Accumulated other comprehensive income (loss)       2,313         (39 )
Total shareholders’ equity       1,048,428         1,188,675  
Total liabilities and shareholders’ equity       $ 1,975,360         $ 2,035,374  
                 
                 
SUPPLEMENTAL CREDIT INFORMATION:                
Fixed charge coverage ratio(1)       3.00         3.24  
Leverage ratio(1)       39.2 %       31.9 %
______________
(1)   Calculated as defined under the Trust’s revolving credit facility.
     
 
CHESAPEAKE LODGING TRUST
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
                 
       

Three Months Ended
December 31,

     

Year Ended
December 31,

        2017       2016       2017       2016
        (unaudited)                
REVENUE                                
Rooms       $ 106,402         $ 107,505         $ 450,812         $ 465,796  
Food and beverage       29,095         30,135         118,715         125,987  
Other       7,158         7,488         28,740         27,916  
Total revenue       142,655         145,128         598,267         619,699  
                                 
EXPENSES                                
Hotel operating expenses:                                
Rooms       26,361         26,383         107,183         108,292  
Food and beverage       21,760         22,662         88,454         92,075  
Other direct       1,321         1,438         5,457         6,275  
Indirect       36,784         50,440         194,212         208,756  
Total hotel operating expenses       86,226         100,923         395,306         415,398  
Depreciation and amortization       18,978         18,864         76,230         74,661  
Air rights contract amortization       130         130         520         520  
Corporate general and administrative       5,252         5,093         19,050         19,167  
Total operating expenses       110,586         125,010         491,106         509,746  
                                 
Operating income       32,069         20,118         107,161         109,953  
                                 
Interest expense       (8,950 )       (7,954 )       (33,939 )       (31,846 )
Gain on sale of hotel       6,102                 6,102         598  
                                 
Income before income taxes       29,221         12,164         79,324         78,705  
                                 
Income tax expense       (1,619 )       (17 )       (3,089 )       (1,999 )
                                 
Net income       27,602         12,147         76,235         76,706  
                                 
Preferred share dividends               (2,422 )       (5,274 )       (9,688 )
Write-off of issuance costs of redeemed preferred shares                       (4,419 )        
Net income available to common shareholders       $ 27,602         $ 9,725         $ 66,542         $ 67,018  
                                 
Net income per common share:                                
Basic       $ 0.47         $ 0.16         $ 1.12         $ 1.13  
Diluted       $ 0.46         $ 0.16         $ 1.11         $ 1.13  
                                 
Weighted-average number of common shares outstanding:                                
Basic       59,044,308         58,737,275         59,029,490         58,717,647  
Diluted       59,311,061         58,737,275         59,255,244         58,717,647  
                                         
 
CHESAPEAKE LODGING TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
         
        Year Ended December 31,
        2017       2016
                 
Cash flows from operating activities:                
Net income       $ 76,235         $ 76,706  
Adjustments to reconcile net income to net cash provided by operating activities:                
Depreciation and amortization       76,230         74,661  
Air rights contract amortization       520         520  
Write-off of unfavorable contract liability       (11,815 )        
Deferred financing costs amortization       1,682         1,850  
Gain on sale of hotel       (6,102 )       (598 )
Share-based compensation       7,497         9,507  
Other       (593 )       (796 )
Changes in assets and liabilities:                
Accounts receivable, net       (1,093 )       (4,363 )
Prepaid expenses and other assets       (1,976 )       329  
Accounts payable and accrued expenses       1,283         1,801  
Other liabilities       1,667         (47 )
Net cash provided by operating activities       143,535         159,570  
                 
Cash flows from investing activities:                
Disposition of hotels, net of cash sold       45,991         2,028  
Improvements and additions to hotels       (55,051 )       (32,015 )
Change in restricted cash       5,526         4,233  
Net cash used in investing activities       (3,534 )       (25,754 )
                 
Cash flows from financing activities:                
Redemption of preferred shares       (125,000 )        
Borrowings under revolving credit facility       315,000         185,000  
Repayments under revolving credit facility       (310,000 )       (235,000 )
Proceeds from issuance of unsecured term loan       225,000          
Proceeds from issuance of mortgage debt               150,000  
Principal prepayments on mortgage debt               (122,220 )
Scheduled principal payments on mortgage debt       (137,657 )       (10,940 )
Payment of deferred financing costs       (1,783 )       (952 )
Payment of dividends to common shareholders       (95,909 )       (94,480 )
Payment of dividends to preferred shareholders       (7,320 )       (9,688 )
Repurchase of common shares       (1,078 )       (3,020 )
Net cash used in financing activities       (138,747 )       (141,300 )
Net increase (decrease) in cash       1,254         (7,484 )
Cash and cash equivalents, beginning of period       43,060         50,544  
Cash and cash equivalents, end of period       $ 44,314         $ 43,060  
                         
 

CHESAPEAKE LODGING TRUST

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(in thousands, except per share data)

(unaudited)

 
The following table reconciles net income to Hotel EBITDA, Adjusted Hotel EBITDA, and Adjusted Hotel EBITDA Margin for the 21-hotel portfolio for the three months and year ended December 31, 2017 and 2016:
                   
          Three Months Ended

December 31,

      Year Ended

December 31,

          2017       2016       2017       2016
Net income       $ 27,602         $ 12,147         $ 76,235         $ 76,706  

Add:

Interest expense

      8,950         7,954         33,939         31,846  
  Income tax expense       1,619         17         3,089         1,999  
  Depreciation and amortization       18,978         18,864         76,230         74,661  
  Air rights contract amortization       130         130         520         520  
  Corporate general and administrative       5,252         5,093         19,050         19,167  
Hotel EBITDA       62,531         44,205         209,063         204,899  
                                   

Less:

Non-cash amortization(1)

      (129 )       (155 )       (594 )       (620 )
  Hilton Denver City Center change in management(2)       (13,769 )               (13,769 )        
  Gain on sale of hotel       (6,102 )               (6,102 )       (598 )
Adjusted Hotel EBITDA       42,531         44,050         188,598         203,681  

Less:

Hotel EBITDA of hotel sold(3)

      (312 )       (1,060 )       (2,736 )       (4,512 )
Comparable Adjusted Hotel EBITDA(4)       $ 42,219         $ 42,990         $ 185,862         $ 199,169  
Total revenue       $ 142,655         $ 145,128         $ 598,267         $ 619,699  

Less:

Total revenue of hotel sold(3)

      (1,444 )       (3,324 )       (10,601 )       (13,832 )
Comparable total revenue(4)       $ 141,211         $ 141,804         $ 587,666         $ 605,867  
Comparable Adjusted Hotel EBITDA Margin(4)       29.9 %       30.3 %       31.6 %       32.9 %
_____________
(1)   Reflects non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, and unfavorable contract liability.
(2)   Reflects (1) a non-cash write-off of an unfavorable contract liability, (2) a settlement gain, and (3) transition-related expenses, all of which are in connection with the change in management at the Hilton Denver City Center (formerly the Denver Marriott City Center).
(3)   Reflects results of operations for The Hotel Minneapolis, Autograph Collection, which was sold on November 8, 2017.
(4)   The Trust uses the term “comparable” to refer to metrics that include only those hotels owned for the entirety of the two periods being compared.
 
The following table reconciles net income to Corporate EBITDA and Adjusted Corporate EBITDA for the three months and year ended December 31, 2017 and 2016:
                   
          Three Months Ended

December 31,

      Year Ended

December 31,

          2017       2016       2017       2016
Net income       $ 27,602         $ 12,147         $ 76,235         $ 76,706  

Add:

Interest expense

      8,950         7,954         33,939         31,846  
  Income tax expense       1,619         17         3,089         1,999  
  Depreciation and amortization       18,978         18,864         76,230         74,661  
Corporate EBITDA       57,149         38,982         189,493         185,212  

Less:

Non-cash amortization(1)

      2         (25 )       (74 )       (101 )
  Hilton Denver City Center change in management(2)       (13,769 )               (13,769 )        
  Gain on sale of hotel       (6,102 )               (6,102 )       (598 )
Adjusted Corporate EBITDA       $ 37,280         $ 38,957         $ 169,548         $ 184,513  
_____________
(1)   Reflects non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, unfavorable contract liability, and air rights contract.
(2)   Reflects (1) a non-cash write-off of an unfavorable contract liability, (2) a settlement gain, and (3) transition-related expenses, all of which are in connection with the change in management at the Hilton Denver City Center (formerly the Denver Marriott City Center).
 
The following table reconciles net income to FFO, FFO available to common shareholders, and AFFO available to common shareholders for the three months and year ended December 31, 2017 and 2016:
                   
         

Three Months Ended
December 31,

     

Year Ended
December 31,

          2017       2016       2017       2016
Net income       $ 27,602         $ 12,147         $ 76,235         $ 76,706  

Add:

Depreciation and amortization

      18,978         18,864         76,230         74,661  

Less:

Gain on sale of hotel

      (6,102 )               (6,102 )       (598 )
FFO       40,478         31,011         146,363         150,769  
                                   

Less:

Preferred share dividends

              (2,422 )       (5,274 )       (9,688 )
  Write-off of issuance costs of redeemed preferred shares                       (4,419 )        
  Dividends declared on unvested time-based awards       (123 )       (126 )       (494 )       (561 )
  Undistributed earnings allocated to unvested time-based awards       (20 )                        
FFO available to common shareholders       40,335         28,463         136,176         140,520  
                                   

Add:

Write-off of issuance costs of redeemed preferred shares

                      4,419          
  Tax Cuts and Jobs Act income tax adjustment       1,057                 1,057          

Less:

Non-cash amortization(1)

      2         (25 )       (74 )       (101 )
  Hilton Denver City Center change in management(2)       (13,018 )               (13,018 )        
AFFO available to common shareholders       $ 28,376         $ 28,438         $ 128,560         $ 140,419  
                                   
FFO per common share:                                
Basic       $ 0.68         $ 0.48         $ 2.31         $ 2.39  
Diluted       $ 0.68         $ 0.48         $ 2.30         $ 2.39  
                                   
AFFO per common share:                                
Basic       $ 0.48         $ 0.48         $ 2.18         $ 2.39  
Diluted       $ 0.48         $ 0.48         $ 2.17         $ 2.39  
_____________
(1)   Reflects non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, unfavorable contract liability, and air rights contract.
(2)   Reflects (1) a non-cash write-off of an unfavorable contract liability, (2) a settlement gain, and (3) transition-related expenses, all of which are in connection with the change in management at the Hilton Denver City Center (formerly the Denver Marriott City Center).
 
The following table reconciles forecasted net income to Hotel EBITDA, Adjusted Hotel EBITDA, and Adjusted Hotel EBITDA Margin for the 21-hotel portfolio for the three months ending March 31, 2018 and year ending December 31, 2018:
                   
          Three Months Ending

March 31, 2018

      Year Ending

December 31, 2018

          Low       High       Low       High
Net income       $ 3,970         $ 5,720         $ 63,380         $ 69,880  

Add:

Interest expense

      8,900         8,900         35,600         35,600  
  Income tax expense (benefit)       (2,600 )       (2,800 )       1,250         2,250  
  Depreciation and amortization       19,230         19,230         75,000         75,000  
  Air rights contract amortization       130         130         520         520  
  Corporate general and administrative       4,900         5,100         18,300         19,300  
Hotel EBITDA       34,530         36,280         194,050         202,550  
                                   

Less:

Non-cash amortization(1)

      (80 )       (80 )       (300 )       (300 )
Adjusted Hotel EBITDA       $ 34,450         $ 36,200         $ 193,750         $ 202,250  
                                   
Total revenue       $ 131,350         $ 134,200         $ 603,000         $ 615,250  
                                   
Adjusted Hotel EBITDA Margin       26.2 %       27.0 %       32.1 %       32.9 %
_____________
(1)   Reflects non-cash amortization of ground lease asset, deferred franchise costs, and deferred key money.
 
The following table reconciles forecasted net income to Corporate EBITDA and Adjusted Corporate EBITDA for the three months ending March 31, 2018 and year ending December 31, 2018:
                   
          Three Months Ending
March 31, 2018
      Year Ending
December 31, 2018
          Low       High       Low       High
Net income       $ 3,970         $ 5,720         $ 63,380         $ 69,880

Add:

Interest expense

      8,900         8,900         35,600         35,600
  Income tax expense (benefit)       (2,600 )       (2,800 )       1,250         2,250
  Depreciation and amortization       19,230         19,230         75,000         75,000
Corporate EBITDA       29,500         31,050         175,230         182,730
                                   

Add:

Non-cash amortization(1)

      50         50         220         220
Adjusted Corporate EBITDA       $ 29,550         $ 31,100         $ 175,450         $ 182,950
_____________
(1)   Reflects non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, and air rights contract.
 
The following table reconciles forecasted net income to FFO, FFO available to common shareholders, and AFFO available to common shareholders for the three months ending March 31, 2018 and year ending December 31, 2018:
                   
          Three Months Ending
March 31, 2018
      Year Ending
December 31, 2018
          Low       High       Low       High
Net income       $ 3,970         $ 5,720         $ 63,380         $ 69,880  

Add:

Depreciation and amortization

      19,230         19,230         75,000         75,000  
FFO       23,200         24,950         138,380         144,880  
                                   

Less:

Dividends declared on unvested time-based awards

      (120 )       (120 )       (480 )       (480 )
  Undistributed earnings allocated to unvested time-based awards                                
FFO available to common shareholders       23,080         24,830         137,900         144,400  

Add:

Non-cash amortization(1)

      50         50         220         220  
AFFO available to common shareholders       $ 23,130         $ 24,880         $ 138,120         $ 144,620  
                                   
FFO per common share:                                
Basic       $ 0.39         $ 0.42         $ 2.33         $ 2.44  
Diluted       $ 0.39         $ 0.42         $ 2.32         $ 2.43  
                                   
AFFO per common share:                                
Basic       $ 0.39         $ 0.42         $ 2.34         $ 2.45  
Diluted       $ 0.39         $ 0.42         $ 2.33         $ 2.43  
                                   
Weighted-average number of common shares outstanding:                                
Basic       59,108         59,108         59,145         59,145  
Diluted       59,464         59,464         59,394         59,394  
_____________
(1)   Reflects non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, and air rights contract.
                         
CHESAPEAKE LODGING TRUST                        
CURRENT HOTEL PORTFOLIO                        
                         
Hotel       Location       Rooms       Acquisition Date
1       Hyatt Regency Boston       Boston, MA       502       March 18, 2010
2       Hilton Checkers Los Angeles       Los Angeles, CA       193       June 1, 2010
3       Boston Marriott Newton       Newton, MA       430       July 30, 2010
4       Le Meridien San Francisco       San Francisco, CA       360       December 15, 2010
5       Homewood Suites Seattle Convention Center       Seattle, WA       195       May 2, 2011
6       W Chicago – City Center       Chicago, IL       403       May 10, 2011
7       Hotel Indigo San Diego Gaslamp Quarter       San Diego, CA       210       June 17, 2011
8       Courtyard Washington Capitol Hill/Navy Yard       Washington, DC       204       June 30, 2011
9       Hotel Adagio San Francisco, Autograph Collection       San Francisco, CA       171       July 8, 2011
10       Hilton Denver City Center       Denver, CO       613       October 3, 2011
11       Hyatt Herald Square New York       New York, NY       122       December 22, 2011
12       W Chicago – Lakeshore       Chicago, IL       520       August 21, 2012
13       Hyatt Regency Mission Bay Spa and Marina       San Diego, CA       429       September 7, 2012
14       Hyatt Place New York Midtown South       New York, NY       185       March 14, 2013
15       W New Orleans – French Quarter       New Orleans, LA       97       March 28, 2013
16       Le Meridien New Orleans       New Orleans, LA       410       April 25, 2013
17       Hyatt Centric Fisherman’s Wharf       San Francisco, CA       316       May 31, 2013
18       Hyatt Centric Santa Barbara       Santa Barbara, CA       200       June 27, 2013
19       JW Marriott San Francisco Union Square       San Francisco, CA       344       October 1, 2014
20       Royal Palm South Beach Miami, a Tribute Portfolio Resort       Miami Beach, FL       393       March 9, 2015
21       Ace Hotel and Theater Downtown Los Angeles       Los Angeles, CA       182       April 30, 2015
                        6,479        

Posted by on February 16, 2018.

Categories: Financial

« | »




Recent Posts


Pages